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Tognum Annual Press ConferenceFinancial Year 2009 and Outlook
Stuttgart, 11 March 2010
Slide 2 | Annual Press Conference | 11 March 2010
Agenda
1. Welcome
2. Business model and strategy
3. Financial statement 2009
4. Outlook
5. Questions and answers
Slide 3 | Annual Press Conference | 11 March 2010
1909
100 years technology leader
1933 1969 2002 2005 2006 2007 2009
L‘Orange DaimlerChrysler-Off-Highway
Tognum “Home ofPower Brands”
100 yearsMTU
MTU Friedrichshafen
IndependentGroup IPO
1918
Luftfahrzeug-Motorenbau GmbH
Slide 4 | Annual Press Conference | 11 March 2010
Strong brands consolidated in one group
Products
Fuel cell systems Injectionsystems
OE diesel systems
Brands
OE gas systemsDiesel engines andcomplete propulsion systems
Engines Onsite Energy Components
Slide 5 | Annual Press Conference | 11 March 2010
End markets*
OE components
Onsite Energy
Oil & Gas
Marine
Industrial
Defense
After Sales/Other
Uniquely balanced business portfolio and globalpresence
– Highly attractive end markets with high barriers to entry
– Broad and well balanced portfolio with >20 different application areas
– Long-term growth perspectives in the fields of energy/power, raw materials/infrastructure andindustrial development in emerging countries
Split by region (2009)
29%
20%
24%
8%
19%
Rest of World
Europew/o Germany
Asia/Pacific
NAFTA
Germany
* Without Rotorion propeller shaft business, which was deconsolidated as of 31 October 2009.
Applications*
Injection Systems
Fuel Cell
Diesel PowerGen
Gas PowerGen
Oil & Gas
Yacht
Naval / Governmental
Commercial
Rail
Mining
C&I
Agriculture
Trucks
Medium / Light
Heavy
Spare Parts
Service / Repairs
Slide 6 | Annual Press Conference | 11 March 2010
Order book and project business2009 orders in Engines segment
Engines forhigh speed vessels
Supply drive units forFrench railways
Engines for BOXERarmoured vehicles
Rail drive systems forIrish Rail
Gensets forseaport in Yemen
Slide 7 | Annual Press Conference | 11 March 2010
Order book and project business2009 orders in Onsite Energy segment
Emergency gensets forRussian nuclear power plant
Biogas fuel cell forautomotive supplier
Emergency power systems atGerman nuclear power plant
Slide 8 | Annual Press Conference | 11 March 2010
2009: strategic achievements
► Divestment of Rotorion allows full focus on Off-Highway activities.
► Launch of S1600 closes product gap in lower power range.
► Market introduction of own family of gensets secures future growth inOnsite Energy.
► Additional products and services expand After Sales.
► New operations in Spain, India and Joint Venture in China drive regionalexpansion.
► Inherent operational flexibility helps manage output decline withoutshort-time work.
Slide 9 | Annual Press Conference | 11 March 2010
Tognums Robust Action Planto stabilise our business
Market
– Comprehensive pricing measures
– Special projects for acquisition of new customers
– Exploitation of sales potential in fringe segments
– Strengthening of local sales activities
Contribution to income totalling approx. €50m
Employment
– Reduction of temporary workers and fix-term contractemployees
– Insourcing for optimisation of capacity utilisation
– Adjustment of capacity by flexible working hours
– Internal delegation of employees
– Restrictive staffing of job vacancies
Capacity utilisation without short-time work
Cash and risk management
– „Round table“ for early risk identification concerning
– Customer payment defaults
– Supplier financing problems
– More intensive supplier management
– Net working capital project with top management
Working capital reduced by approx. €250m
Cost reduction/investment planning
– New prioritisation of non-strategic projects
– Extensive cost reductions
– Reduction of investments for non-strategic projects
– Continuous improvement in efficiency due to TOP
Contribution to income totalling approx. €50m
Slide 10 | Annual Press Conference | 11 March 2010
2009: revenues and profit target met in full
► Order intake down 28% to €2,330m
► Revenues decreased by 19% to €2,529m
► Adjusted EBIT margin amounts to 7.9%; adj. EBIT of €199m
► Adjusted net profit amounts to €121m (2008: €264m)
► Adjusted earnings per share at €0.92 (2008: €2.01)
► Dividend proposal of €0.35 per share
► Number of employees declines by 203 to 8,726 employees asat the end of 2009
2007 2008 2009
2,835
-19.3%3,133+10.5%
2,529
2007 2008 2009
Slide 11 | Annual Press Conference | 11 March 2010
Revenues1 (in €m)
Downturn affects all end markets
Order intake1 (in €m)
1 Growth rates FY 2008-2009 before negative fx effects: Order Intake -29%; Revenues: -20%
+4.0%
3,1073,231
-27.9%
2,330
Net income remains positive
Slide 12 | Annual Press Conference | 11 March 2010
EBIT adjusted1 (in €m) Net profit adjusted1 (in €m)
1 Excludes any effects from purchase price allocation, fx valuation, and revaluation ofnet assets of acquisitions
2007 2008 2009
+32.8%
EPS
€2.01 €0.92
199
264
-54.2%
-54.1%
€1.58 +27.2%
121
2007 2008 2009
EBIT margin
13.0% 7.9%
390
+4.4%
407
13.8%
-51.2%
199
672 681
389398 404
294336 192
535
31.12.2007 31.12.2008 31.12.2009
EquityPensionsNet debt
681672535
31.12.2007 31.12.2008 31.12.2009
NWC*960
NWC*819
NWC*711
1,219 1,2791,407
31.12.2007 31.12.2008 31.12.2009
2,361
2,554
2,469
31.12.2007 31.12.2008 31.12.2009
Slide 13 | Annual Press Conference | 11 March 2010
Total assets (in €m) Net assets (in €m)
Funding structure (in €m)Equity (in €m)
Balance sheet figures 2007 to 2009
-3%+8%
+15% -9%
Equity ratio
22.7% 26.3% 27.6%
* Net Working Capital: includes inventories, trade receivables, trade payables and advance payments received.
(92) (192)
(159)382
(336)
12
Slide 14 | Annual Press Conference | 11 March 2010
2009 net debt developmentSignificant reduction in net debt
Net financial debt (in €m) andleverage (based on LTM adjusted EBITDA)
0.7x 0.7x
June 2009dividendpayment
Netfinancial
debt31.12.08
Cashflowfrom
operatingactivities
Netfinancial
debt31.12.09
Cashflowfrom
investingactivities
Net fxvaluation
effects31.12.2007 31.12.2008 31.12.2009
Net debt/adj. LTM EBITDA
Pensions
Netfinancialdebt
1.5x
2.1x
Unrecognisedactuarial gain
336
192
320
332
78
39
8
1.5x
73
294
319
71
40
4
39
0
Slide 15 | Annual Press Conference | 11 March 2010
Consolidated performance 2008 to 2009Tognum Group and segments
in €m Engines OE & C Distribution Holding/Consolidation
TognumGroup
2008
Order intake 2,095.6 1,036.6 561.3 -462.9 3,230.6
Revenue 2,052.5 1,014.6 601.5 -535.5 3,133.1
EBIT adjusted 330.8 60.7 47.8 -32.3 406.9
2009
Order intake 1,507.7 704.1 501.0 -382.4 2,330.4
Revenue 1,680.5 719.1 524.1 -394.2 2,529.4
EBIT adjusted 136.2 27.1 49.6 -14.3 198.6
Slide 16 | Annual Press Conference | 11 March 2010
Engines segmentPerformance 2008 to 2009
in €m 2008 % ofrevenue
2009 % ofrevenue
Change
Order intake 2,095.6 1,507.7 -28.1%
External revenues 1,701.5 1,392.8 -18.1%
Segment revenues 2,052.5 1,680.5 -18.1%
Marine 671.7 33% 564.6 34% -15.9%
Industrial 408.8 20% 248.4 15% -39.2%
Oil & Gas 94.2 5% 41.9 2% -55.5%
Defense 249.5 12% 180.4 11% -27.7%
After Sales/Other (E) 628.2 31% 645.2 38% +2.7%
Adjusted EBIT 330.8 16.1% 136.2 8.1% -58.8%
Slide 17 | Annual Press Conference | 11 March 2010
Onsite Energy & Components segmentPerformance 2008 to 2009
in €m 2008 % ofrevenue
2009 % ofrevenue
Change
Order intake 1,036.6 704.1 -32.1%
External revenues 843.2 627.0 -25.6%
Segment revenues 1,014.6 719.1 -29.1%
Diesel Systems & Engines 539.4 53% 365.4 51% -32.3%
Gas & Fuel Cell Systems 42.8 4% 37.8 5% -11.7%
After Sales/Other (OE) 49.4 5% 55.9 8% +13.2%
Injection Systems 157.3 16% 120.4 17% -23.5%
Propeller Shafts 225.8 22% 139.5 19% -38.2%
Adjusted EBIT 60.7 6.0% 27.1 3.8% -55.4%
Slide 18 | Annual Press Conference | 11 March 2010
Distribution segmentPerformance 2008 to 2009
in €m 2008 % ofrevenue
2009 % ofrevenue
Change
Order intake 561.3 501.0 -10.7%
External revenues 588.4 509.7 -13.4%
Segment revenues 601.5 524.1 -12.9%
Products 424.0 70% 339.7 65% -19.9%
After Sales/Other (D) 177.5 30% 184.4 35% +3.9%
Adjusted EBIT 47.8 7.9% 49.6 9.5% +3.8%
Strategic growth initiatives
Slide 19 | Annual Press Conference | 11 March 2010
OnsiteEnergy
PropulsionAfterSales
RegionalExpansion
Portfolio
Slide 20 | Annual Press Conference | 11 March 2010
Outlook 2010
►Continuing difficult and volatile environment in many markets
►Revenues expected between €2.3bn and €2.5bn
►Continuing high investments in future projects as well as R&D expenses tosecure technological leadership and future profitability
►Adjusted EBIT margin between 6% and 9%
► Stable dividend payout ratio of >30% of group net income
Contact PR Team
Phone +49 7541 90-4741Fax +49 7541 9090-4741E-mail [email protected]
Contact IR Team
Phone +49 7541 90-3318Fax +49 7541 9090-3318E-mail [email protected]
Tognum AG – 88045 Friedrichshafen/Germany
Financial calendar 2010
11 March Annual Press ConferenceAnalyst Conference Call
13/14 April Analyst Conference
7 May Q1/2010 Report
18 May Annual General Meeting 2010
4 August Q2/2010 Report
3 November Q3/2010 Report
All dates are preliminary and subject to change
Thank you very much
Slide 22 | Annual Press Conference | 11 March 2010
DisclaimerForward-looking statements of this presentation
This release contains forward-looking statements based on assumptions, forecastsand estimates made by Tognum’s executive board of management. Although weassume that the assumptions, forecasts and estimates forming the basis for theseforward-looking statements are realistic, we cannot guarantee that they will prove tobe correct in the future. Assumptions, forecasts and estimates may entail risks anduncertainties which may cause actual results to differ considerably from thoseincluded in forward-looking statements. Factors which may result in suchdiscrepancies include, among other things, changes in the economic and businessenvironment, fluctuations in exchange and interest rates, the introduction ofcompeting products, lack of acceptance for new products or services and changesin corporate strategy. Tognum undertakes no obligation to update and/or to correctand/or to confirm forward-looking statements or to release publicly any updates orcorrections to any forward-looking statements in order to reflect events orcircumstances which occur after the date of this release.
