Rosenbauer Group
Person
Date
CEElection Investor Conference
Sebastian Wolf I CFO
October 8, 2019
Rosenbauer Group
Investor Presentation I 2
Disclaimer
This presentation was produced by Rosenbauer International AG (Rosenbauer for short) forinformational purposes only. Despite the greatest care taken by Rosenbauer, no guarantee isgiven for the correctness and completeness of the content.
This presentation may not be reproduced, transmitted, or distributed (neither in its entirety nor inpart). Unless otherwise stated, all information (including financial statements and forecasts) is theproperty of Rosenbauer and may therefore be changed without prior notification by Rosenbauer.
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None of the information provided in the presentation constitutes, or is intended to be, an invitationto buy or trade in Rosenbauer shares.
Agenda
1. Rosenbauer Group at a glance
2. H1 2019 financial figures
3. Outlook
Q&A
Rosenbauer Group at a glance
Investor Presentation I 5
Rosenbauer Group equity story
Global market leader ■ Full-range supplier of fire fighting
equipment and preventive fire
protection
■ World´s largest producer of fire fighting
vehicles
■ Global market volume: ~ 21,100
vehicles (2017), ~ 15% RB market share
■ Present in around 130
countries
■ 9 Production sites in
Europe, 3 in the US and 4
in Asia
■ Around 280 sales partners
worldwide
Unrivalled worldwide networkInnovation leader ■ High R&D expenditures,
holding
> 180 patents
■ First mover pioneering
sustainability technologies
■ Lighthouse project “Concept
Fire Truck”
Resilient business model■ Above-the-market growth over the last
10 years
■ Sustainable dividend policy, safe
dividend payments
■ Broad diversification by geographies
and products
Investor Presentation I 6
Global network of production facilities, sales and
service offices
AUSTRIALeonding
Neidling
Graz
Telfs
FRANCEChambéry
GERMANYKarlsruhe
Luckenwalde
Mogendorf &
Gladbeck
Viersen
ITALYRovereto
POLANDWarsaw
RUSSIAMoscow
EUROPESLOVENIARadgona
SPAINLinares
Madrid
SWITZERLANDOberglatt
UKHolmfirth
Lyons / South-Dakota
Fremont / Nebraska
Wyoming / Minnesota
Rosenbauer America
AMERICA
SAUDI-ARABIADschidda
KAEC
Riad
SOUTH-AFRICAHalfway House
UNITED ARAB EMIRATESDubai
MIDDLE EAST/
AFRICA
CHINAKunming
SINGAPORESingapore
PHILIPPINESMandaluyong City
BRUNEI
AUSTRALIABrisbane
ASIA/
AUSTRALIA
Production
Sales / Service
Around 280 sales partners worldwide
Investor Presentation I 7
World firefighting vehicle market in 2017
■ Global annual volume € 4,250 million (2016: € 4.259 million)
■ Appr. 21,100 vehicles (2016: appr. 19,500)
■ Buyers are mainly public institutions
■ Rosenbauer Group worldwide No. 1
■ Share of revenues of the top-10-companies appr. 80%
0 100 200 300 400 500 600 700 800 900
Desautel / France (2017)
Iturri Group / Spain (2017)
Spartan / USA (2018)
Ziegler Group ***) / Germany (2017)
Magirus Group**) / Germany (2017)
NAFFCO / UAE (2016)
REV Group*) / USA (2017/18)
Morita Corp / Japan (2017/18)
Pierce Oshkosh / USA (2017/18)
Rosenbauer Group / Austria (2018)
Ranking of fire fighting vehicle manufacturer (revenue in € million)
*Owner of E One, KME, Ferrara
** Owner CNH Industrial Group
*** Owner CIMC / China
Source: Latest annual financial statements / estimates / (May 2019)
Investor Presentation I 8
Full-range supplier(Product segments and % of group revenues; as of Dec 31, 2018)
Municipal Vehicles
33%
Industrial Vehicles
12%
ARFF Vehicles
11%
Aerials
20%
Fire & Safety
Equipment
8%
Stationary Fire
Protection
3%
Firefighting
Components
3%
Customer Service
7%
Others: 3%
Investor Presentation I 9
Selected megatrends driving the firefighting industry
■ Global warming
■ Higher scale of devastation from
hydrological and meteorological
incidents
■ Non-fire emergency calls to
become more relevant
■ Tighter rules on exhaust
emissions, local bans of diesel
cars
Neo ecology / Mobility Urbanization Silver Society / Gender Shift
■ Since 2007 more than half of
the world population lives in
cities
■ This portion will grow to 60% by
2030 and to 74% by 2050
according to the UN
■ Emergency vehicles will need to
have compact dimensions, high
agility and excellent navigation /
communication tools
■ Demographic development will
significantly influence the
availability of firefighters
■ In addition ‘individualization’
threatens volunteerism and
unpaid work
■ Redefinition of usability and
functionality of fire trucks and
other fire-fighting equipment
Investor Presentation I 10
Innovative CFT Technology anticipates relevant
megatrends
Features & functionality:
■ Adjustable ground clearance for easy access for driver and crew; easy driving in rough terrain
■ One-button operation & focus on main functions simplify the operations
■ An integrated high-performance LED ambient lighting provides 20 times more luminosity than
conventional fire-fighting vehicles
■ The CFT is equipped with WLAN access point as well as the Rosenbauer deployment
management system EMEREC
■ Two electric engines reduce noise and pollution; the electric drive is sufficient for 30 minutes,
for a fluent, longer use a range extender is additionally installed
Series production readiness:
■ Volvo Penta to adapt proven electronic driveline to the performance requirements of a fire
service application
■ “Innovation partnership” with Berlin Fire Department
■ Global market for innovative CFT technology to reach around 3,200 vehicles in 2030, with 700
to 800 units running in Europe already by 2025
■ Particular interest from members of the “C40 Cities Climate Leadership Goals”
■ Market launch planned for 2021
100%
Rosenbauer
Investor Presentation I 11
Simulator – Product portfolio
Panther simulator
ERDS simulator Aerial simulator
Investor Presentation I 12
Aerial Ladder Tactical Simulator – Putting aerial ladder
training to the next level
■ Significant expansion of the simulator portfolio (PANTHER Tactical
Simulators and Emergency Response Driving Simulator, ERDS )
■ Innovative virtual reality simulator to practice the safe and proper put-up of
aerial ladders
■ Big selection of cities, operation sites and places of installation
■ Demanding trainings can be implemented in a more simple way, in a shorter time and at a
lower cost
■ Documentation and evaluation of training results
■ 100% safety for emergency personnel
■ Trainings on a virtual reality simulator
contribute to the preservation of climate and
environment
■ Sales launch: September 2019
Investor Presentation I 13
Rosenbauer at the Interschutz 2020
■ 15 -20 June 2020, Hanover(Capital Markets Day: June 16, 2020)
■ World´s leading trade fair for
firefighting and rescue services,
more than 150.000 visitors
■ Positioning as the No. 1 system
provider
■ Focus: City; with Municipal line-up
■ More than 30 vehicles on display
■ Digital solutions and simulators
■ Innovations in the field of personal
safety equipment
■ Preventive fire protection
■ 4,679 m2 in halls 27, 13 and in the
outdoor area
H1 2019 financial figures
Investor Presentation I 15
Highlights
■ Rosenbauer Group grows strongly in the first six months 2019, revenues
increase by 12% to € 394.6 million
■ Especially shipments in North America, Central Europe and Asia turn out to be higher, Near
East with declines
■ Preparation for planned increase in production in the second half-year
weighing on profitability, EBIT falls to € 5.2 million
■ Higher expenses for personnel and material, “short” June shows even a negative EBIT
■ On the contrary new accounting standard IFRS 16 has only a marginal effect
■ Order intake with € 571.1 million clearly above previous year ensuring a very
high utilization of the production facilities
■ Successful bonded loan secures a solid basis for growth also in the long run
■ Managing board aims at more than € 950 million revenues and about 5.5% EBIT
margin for the full year
Investor Presentation I 16
Financial figures
€ million 1-6/2017 1-6/2018 1-6/2019 � 2018/2019
Revenues 393.6 352.7 394.6 +11.9%
EBIT 2.7 10.1 5.2 1 -48.5%
EBIT margin 0.7% 2.9% 1.3% -
EBT 3.7 6.1 2.0 2 -67.2%
Net profit for the period 3.4 5.3 1.6 -69.8%
Cash flow from
operating activities-51.7 -39.4 -115.7 -
Without application of IFRS 16:
1) EBIT: 5.1 m€
2) EBT: 2.1 m€
Investor Presentation I 17
Revenues and EBIT quarterly
211.3219.5
268.0
181.9
211.7 210.9
243.1
162.4
190.3199.3
357.4
175.8
218.8
15.5
8.5
19.6
5.8
12.1
6.3
1.1
8.9 7.0
31.8
2.13.1
Q2/1
6
Q3/1
6
Q4/1
6
Q1/1
7
Q2/1
7
Q3/1
7
Q4/1
7
Q1/1
8
Q2/1
8
Q3/1
8
Q4/1
8
Q1/1
9
Q2/1
9
Revenues EBIT
-3.1
€ million
Investor Presentation I 18
Revenue development
■ Rosenbauer
Group with strong
growth in H1 2019
■ 3 out of 6
business
segments achieve
higher volumes
■ Area NOMA and
Area CEEU
account for the
biggest increases
€ million
Area Revenue
H1 201929.8 38.4 56.0 128.7
Group Revenues
H1 20198% 10% 14% 32%
Group Revenues
H1 201812% 12% 14% 28%
10.7
3%
3%
131.0
33%
31%
352.7+19.8 -13.6 -2.5 +7.6
+31.2 -0.6 394.6
H1 2018 SFP H1 2019CEEU MENA NISA APAC NOMA
+11.9%
Investor Presentation I 19
EBIT development
NOMAMENAH1 2018 CEEU NISA SFPAPAC H1 2019
Area EBIT
H1 20193.9 -2.3 -0.5 1.3 4.6 -1.8
Group EBIT
H1 201975% -44% -10% 25% 88% -34%
Group EBIT
H1 201855% 23% -11% -2% 46% -11%
■ Higher expenses
for personnel and
material weigh on
EBIT
■ “Short” June
closes with - € 1
million (June 2018:
€ 3.7 million)
■ Area APAC
increases
revenues and EBIT
CEEU MENA NISA APAC NOMA
€ million
10.1 -1.6
-4.7
+0.6
+1.5 0 -0.75.2
-48.5%
Investor Presentation I 20
Accounting ratios
€ million / % Jun. 30, 2018 Dec. 31, 2018 Jun. 30, 2019� FY 2018/
H1 2019
Total assets 696.2 782.3 900.8 +15.2%
Equity ratio 31.7% 30.3% 25.1%1 -
Capital employed (ø) 493.2 498.6 597.2 +19.8%
ROCE 2.0% 9.8% 0.9% -
ROE 2.7% 18.4% 0.9% -
Net debt 245.5 231.5 396.8 +71.4%
Gearing ratio 111.2% 97.6% 175.6% -
Without application of IFRS 16:
1) Equity ratio: 25.8%
Investor Presentation I 21
Balance sheet structure (in € million)
224.7328.6
466.198.5
0.0
0.0179.9186.5
231.1 182.3181.1
203.6
685.4696.2
900.8
H1/2017H1/2018H1/2019
Assets
Receivablesand otherassets
Constructioncontracts
Inventories
261.4 266.6
413.8
230.3 220.7
225.9135.9 152.1
207.2
57.7 56.8
53.9
685.4 696.2
900.8
H1/2017 H1/2018 H1/2019
Provisions
Liabilitiesand otherdebt
Equity
Interest-bearingliabilities
Investor Presentation I 22
■ Long throughput times of 8 to 12 months
■ Prepayments averaging 10%
■ Average payment term of 70 days
Trade working capital and financing
FINANCING€ m i l l i o n
TRADE WORKING CAPITAL€ m i l l i o n
Trade Working Capital
€ million
Financing
€ million
*) Guidance 2019
406.0 388.6
514.9
847.6
909.4950.0 *
47.9%
42.7%
54.2%
0%
20%
40%
60%
80%
0
250
500
750
1000
H1 2017 H1 2018 H1 2019
Trade Working Capital
Annual Revenue
Trade Working Capital / Annual Revenue
247.9 245.5
396.8
230.3220.7 225.9
107.6% 111.2%
175.6%
0
50
100
150
200
250
300
350
400
H1 2017 H1 2018 H1 2019
Net debt
Equity
Gearing Ratio
■ Strong increase of inventories and current
receivables
■ Basic financing by a bonded loan
Investor Presentation I 23
Refinancing strategy: Bonded loan as a long-term basis
■ Basic financing of growth strategy
by a bonded loan
■ Shift from short-term to long-term
maturities
■ Diversification of creditors
64%
21%5% 5%
2% 3%
24%15% 4%
18%1%
38%
2019 2020 2021 2022 2023 >2023
Maturity profile:
Maturity profile2018/12/31
Maturity proflie2019/06
■ Significant improvement of the maturity profile by a bonded loan and an additional OeKB loan
■ Seasonal increase of net debt as per 2019/06
■ Sale of accounts receivable to lower
balance sheet total
■ Target: Improvement of working
capital management (cash
conversion cycle)
Investor Presentation I 24
11.0 11.0
7.78.2
6.86.7 7.0
7.88.4 8.3
H1 2015 H1 2016 H1 2017 H1 2018 H1 2019
Investments Depreciation and amortization
Investments
CAPEX, depreciation and amortization€ million
■ Modernisation Leonding, aerials production Karlsruhe
Outlook
Investor Presentation I 26
Order intake / backlog
Order intake/backlog
€ millionOrder intake H1 2019
by Area (H1 2018)
CEEU36% (27%)
NISA10% (9%)
MENA10% (17%)
NOMA19% (24%)
APAC23% (20%)
SFP2% (3%)
€ 571.1m 479.5
376.5
458.3
525.4571.1
835.7 812.9 812.0
1,030.5
1,229.4
1-6/2015 1-6/2016 1-6/2017 1-6/2018 1-6/2019
Order intake Order backlog
Investor Presentation I 27
Outlook
■ Global economic growth will slow down further in 2019, according to the IMF
■ Especially the US-China-EU trade disputes and lower economic activity in Europe are a
burden
■ The world fire service market follows with a delay of several months, full order books
should make the industry resilient
■ Procurement volumes in the North American fire service market could again
well exceed 4,000 vehicles this year
■ European fire service market continues to grow, Asia should also show gains
■ A massive order book supports the high utilisation of capacity of the
production sites and gives Rosenbauer Group a strong visibility in the
markets
■ Strategy for organic growth will continue to be implemented consistently,
focus on local market shares and increase in efficiency
Thank you for your attention!
Appendix
Investor Presentation I 30
Executive board
CTO
Daniel Tomaschko
Supply Chain Mgmt.,
Central Technics,
Center of Competence
Operations,
Stationary Fire
Protection
CFO
Sebastian Wolf
Audit, Controlling,
Accounting/Tax,
Treasury,
Legal & Compliance &
Insurance, Export
Finance, Investor
Relations/CSR,
IT
CSO
Andreas Zeller
Area CEEU
Area NISA
Area APAC
Area NOMA
Area MENA
Customer Service
Sales Administration
CEO
Dieter Siegel
Corporate Development,
Human Resources,
Strategy, Innovation &
Marketing,
Group Communication,
Fire & Safety Equipment
Product Management
Investor Presentation I 31
Segment reporting by Areas
CEEU: Central & Eastern Europe
NISA: Northern Europe, Iberia, South America, Africa
MENA: Middle East & North Africa
APAC: Asia, Pacific, Australia, China
NOMA: North & Middle America
Investor Presentation I 32
Revenues and EBIT (in m€)
416.9
383.4 393.6
352.7
394.6
21.9
18.8
2.7
10.1
5.2
0
10
20
30
40
50
0
100
200
300
400
500
1-6/2015 1-6/2016 1-6/2017 1-6/2018 1-6/2019
Revenues EBIT
5.3 % 4.9% 0.7 %EBIT margin 2.9 % 1.3%
Investor Presentation I 33
Number of employees (reporting date)
In addition, Rosenbauer employs approximately 350 temporary employees.
1,341
1,384
1,335
1,366
1,457
741
766
781
828
846
635
779
845
867
928
299
332
354
410
452
June 30, 2015
June 30, 2016
June 30, 2017
June 30, 2018
June 30, 2019
Austria USA Germany Rest of the World
3,683
3,471
3,315
3,261
3,016
Investor Presentation I 34
Rosenbauer share
* Rosenbauer Beteiligungsverwaltung GmbH
1-6/2018 1-6/2019
Highest price € 57.2 45.6
Lowest price € 44.5 33.1
Closing price € 47.0 42.5
Market capitalization € million 319.6 289.0
Dividend € 1.0 1.25
Earnings per share € 0.1 -0.4
BVG *51%Free float
44%
InvestorFR5%
Indizes: ATPX, AFA, AIGS, AP8, AXGP, NAP8, NTFA, TAP8, TFA, VOX, WBI
30,0
35,0
40,0
45,0
50,0
Jan Feb Mar Apr May Jun
Rosenbauer EURO ATXPrime index.
Investor Presentation I 35
Financial calendar 2019
October 8, 2019 CEElection Investor Conference, Vienna
October 17, 2019 Family Office Day, Vienna
November 12, 2019 Publication of the Interim Statement Q3/2019
November 12, 2019 RCB Institutional Lunch, Vienna
November 27,2019 Shareholders‘ Day (for retail investors), Leonding
(Planned) Roadshow Warsaw