Rosenbauer Group
Person
Date
Investor & Analyst Presentation I FY 2019 Financial Figures
Sebastian Wolf I CFO
April 3, 2020
Rosenbauer Group
Investor Presentation I 2
Disclaimer
This presentation was produced by Rosenbauer International AG(Rosenbauer for short) for informational purposes only. Despite thegreatest care taken by Rosenbauer, no guarantee is given for thecorrectness and completeness of the content.
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Agenda
1. Rosenbauer Group at a glance
2. FY 2019 financial figures
3. Outlook
Q&A
Rosenbauer Group at a glance
Bilanzpressekonferenz I 5
Equity story
■ System provider of fire-fighting equipment and
preventive fire protection
■ Globally leading
producer of fire-fighting
vehicles
■ 16% RB market share
(global market volume
2018: ~ 19,500 pcs)
■ First mover
pioneering
sustainability
technologies
■ Lighthouse-project
„Concept Fire Truck“
■ Present in around 120 countries
■ 9 Production sites in Europe, 3 in the US and
4 in Asia
■ Around 250 sales
partners worldwide■ Broad diversification
by geographies
and products
■ High R&D expenditures, Rosenbauer Group holds
more than 200 patents
■ Above-the-market growth over the last 10 years
■ Sustainable dividend policy, safe dividend
payments
GLOBAL MARKET LEADER INNOVATION LEADER
UNRIVALLED WORLDWIDE NETWORK RESILIENT BUSINESS MODEL
Investor Presentation
Investor Presentation I 6
Selected megatrends driving the fire-
fighting industry
Neo-ecology / Mobility
■ 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
Urbanization
■ 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
Silver society / Gender shift
■ Demographic development will
significantly influence the availability
of firefighters
■ In addition ‚individualization‘ is
threatening volunteerism and unpaid
work
■ Redefinition of the usability and
functionality of fire trucks and other
fire-fighting equipment
Investor Presentation I 7
Innovative CFT technology receives
excellent market response
Strong feedback and initial orders from
premium customers
Berlin fire service
Brandweer Amsterdam
Dubai Civil Defence
Oslo Fire Brigade
L.A. Fire Department
Pre-reservations
for 2021/2022
■ Canberra
■ Portland
■ Las Vegas
■ Vancouver
Successful series implementation
■ Series development going according to plan
■ Leading technology partners on board:
Volvo Penta, BMW, Knorr-Bremse, TTTech, AVL
■ Plans are in place to unveil the first pre-series
vehicles in September 2020.
Investor Presentation I 8
Strategic partnership with DJI for digital
emergency management
Da-Jiang Innovations Science and Technology Co., Ltd (DJI) is
the world market leader for civil drones and aerial imaging
technology.
The global partnership encompasses the following:
■ Globally exclusive sales partner for DJI drones with regards to fire
brigades
■ Integration of DJI Enterprise drones in the Rosenbauer Group’s secure
server landscape hosted in Europe
■ Further development of the EMEREC deployment management software
for the live display of aerial recordings
■ Offer of complete packages for blue light organizations, specially tailored
to their needs
■ Joint development of hardware and software to create a comprehensive
and optimal solution for emergency services
Investor Presentation I 9
Drones as flying sensor systems
Supporting deployments with an increased field
of vision
■ Major damage situations such as floods, forest fires,
avalanches, etc.
■ Quick situational management and exploration
■ People searches
Protecting crews through risk assessment
■ No need to enter hazardous areas
■ Pollutant measurement
Real-time overview of situation
■ Improvement of digital situational management
■ Quick and easy to use
Investor Presentation I 10
COVID-19 pandemic:
Risks to Rosenbauer Group
Disruptions
No permanent disruptions so far.
Risks
Customer acceptances
■ Single cases in Austria
■ Temporary official shut-downs in France, Spain (emergency services)
and South-Africa
Supply chain
■ Announced supply disruptions for engines and chassis
Staff
■ Concerns and uncertainty
■ Sick leave still below the previous year’s seasonal level
Regulation
■ Procedural specifications (travel ban, minimum distances, etc.)
Normal operation
Liquidity
IT
Energy supply, waste
Investor Presentation I 11
COVID-19 pandemic:
Measures
Permanent crisis management team at Group level
■ Ongoing situational assessment, communication and crisis
management to safeguard operations and protect employee health
Rigid health management
■ Early travel bans
■ Comprehensive set of “coronavirus” procedures
■ More broadly defined “Rosenbauer quarantine” successfully slows
the rate of infection (84 RB quarantines compared with 12 official
quarantine cases)
Production cutback in Austria
■ Company holidays brought forward (April 6–17 instead of August)
■ Then short-time work; continuation of production with rotating, half-
size teams to improve operational responsiveness
FY 2019 financial and non-financial figures
Investor Presentation I 13
Industry development
■ The global firefighting industry held its ground despite the weakening global economy
in 2019, performing robustly and lagging the general business cycle
■ The strongest sales regions were Europe, North America and Asia
■ Countries highly dependent on the price of oil showed signs of weakening, and some
procurement volumes were down compared with 2019
■ Demand in North America is once again exceeding the long-term average of around
4,000 vehicles
■ This is driven by a public sector that continues to be highly active
■ High procurement volumes on the European firefighting market as well; numbers are
also increasing considerably in Germany, with Austria also very satisfactory
■ The first programs for the modernization of fire department structures were launched in
central and eastern European countries; the project landscape in southern and
southeastern Europe is also very lively
■ Business in Asia is declining, with China stagnating as expected
Investor Presentation I 14
Rosenbauer Group highlights
■ The Rosenbauer Group grew as planned in 2019, with revenues increasing by 7.6% to
€ 978.1 million
■ Central and eastern Europe in particular as well as North America recorded more
deliveries; growth here amounted to 24% and 16% respectively
■ The last three months of 2019 represented the new strongest quarter in the company’s
history, with revenues of € 363.6 million
■ EBIT increased year-on-year to € € 51.9 million
■ This is due to a high production output and good product mix
■ Profitability was impaired by delayed deliveries and exchange rate differences
■ At € 1,073.0 million, incoming orders again reached the record level of 2018, ensuring
strong capacity utilization at the production facilities in the current year
■ Dividend policy geared toward sustainability
■ Dividend proposal of € 0.80 per share anticipates economic uncertainties due to the
COVID-19 pandemic
Investor Presentation I 15
World firefighting vehicle market 2009-2018
Fire-fighting vehicle
market worldwide
Approximate number
of vehicles in thousands
Fire-fighting vehicle
market worldwide
Global annual volume
in EUR billion
1616 15 16
17
21.522
1921 19.5
2009 1110 1614 201812 1513 17
+2.2%
p.a.
3 3 2.8 3.13.4
3.7
4.24.3 4.3
4.8
15102009 111 12 13 1614 17 2018
+5.4%
p.a.
541.8
595.7541.6
645.1
737.9784.9
865.4870.8
847.6909.4
978.1
2019161514132009 10 11 12 17 18
+5.9%
p.a.
■ From 2009 to 2018 the global firefighting vehicle market has constantly outperformed world GDP, which
grew at an annual average rate of 3.5%
■ In 2018 market volume was about € 4,800 million (2017: € 4,250 million) / 19,500 units (2017: 21,100 units)
■ Rosenbauer holds market shares of 16% (value) and 11% (units) respectively
Rosenbauer Group
Revenues
in EUR million
Investor Presentation I 16
175.8
218.8
219.9
363.6
Revenues and EBIT (in € million)
595.7
541.6
645.1
737.9
813.8
865.4 870.8847.6
909.4
978.1
49.7
41.638.6
42.3
48.450.6
47.0
21.1
48.851.9
0
10
20
30
40
50
60
70
80
90
0
100
200
300
400
500
600
700
800
900
1000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Revenues
EBIT
5.8%8.3% 5.9%7.7% 5.7%EBIT
margin5.4% 2.5% 5.4% 5.3%6.0%
2.1 3.1
9.9
36.8
Q1 Q2 Q3 Q4
Investor Presentation I 17
Revenues development
NOMAMENA2018 CEEU NISA SFPAPAC 2019
Area Revenues
2019343.9 96.6 114.6 146.4 255.4 21.2
Group Revenues
201935% 10% 12% 15% 26% 2%
Group Revenues
2018
CEEU MENA NISA APAC NOMA
€ million
909.4
+67.7 -8.6 -4.4 -19.0
+35.9-3.0 978.1
+7.6%
12% 13% 18% 24% 3%30%
■ Rosenbauer Group
2019 with above-
the-market growth
■ Area CEEU and
Area NOMA
reported
significantly more
deliveries
■ In total 2,078
vehicles were
handed over to
customers, which
account for 78% of
Group revenues
Investor Presentation I 18
EBIT development
NOMAMENA2018 CEEU NISA SFPAPAC 2019
Area EBIT
201923.7 3.1 4.5 9.7 12.6 -1.7
Group EBIT
201945% 6% 9% 19% 24% -3%
Group EBIT
2018
CEEU MENA NISA APAC NOMA
€ million
18% 7% 27% 22% -2%28%
48.8
+10.1 -5.8
+1.0 -3.3 +1.6 -0.5 51.9
+6.4%
■ Increased EBIT
2019 thanks to a
strong operating
performance and
a favorable
product mix
■ Area CEEU with
jump in earnings,
Area NISA
improves
disproportionately
■ Area NOMA in line
with business
expansion
Investor Presentation I 19
22.1
24.3
21.5
18.717.7
13.914.8
16.5 16.7 17.0
2015 2016 2017 2018 2019
Investments Depreciation and amortization
Investments
19.418.6
14.515.2
20.2
3.4%3.5%
2.7% 2.7%
3.0%
2015 2016 2017 2018 2019
R&D expenses R&D ratio
CAPEX, depreciation and
amortization€ million
R&D expenses, ratio of R&D expenses
to sales€ million
■ Capitalization rate 34.4% (2018: 8.6%)
■ Series production readiness CFT, aerial rescue
platform B34 2.0 from Karlsruhe
■ Modernization of plant I in Leonding, new
logistics center in Asten
■ Robotization of endless-welding at Rosenbauer
Brandschutz Germany in Mogendorf
Investor Presentation I 20
Financial figures
€ million 2017 2018 2019 2018/2019
Revenues 847.6 909.4 978.1 +7.6%
EBIT 21.1 48.8 51.9 +6.4%
EBIT margin 2.5% 5.4% 5.3% -
EBT 21.1 43.8 45.5 +3.9%
Net profit for the period 18.5 34.7 34.6 -0.3%
Cash flow from
operating activities28.4 -13.6 -26.6 -95.6%
Investor Presentation I 21
Accounting ratios
€ million / % Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 2018/2019
Total assets 625.4 782.3 977.5 +25.0%
Equity ratio 38.2% 30.3% 25.9% -
Capital employed (ø) 472.6 498.6 603.8 +21.1%
ROCE 4.5% 9.8% 8.6% -
ROE 8.8% 18.4% 18.6% -
Net debt 184.1 231.5 342.5 +47.9%
Gearing ratio 77.0% 97.6% 135.1% -
1
2
3
1) Total assets without application of IFRS 16: 939.7 m€
2) Equity ratio without application of IFRS 16: 26.9%
3) Net debt without application of IFRS 16: 305 m€
Investor Presentation I 22
Balance sheet structure (in € million)
191.2
368.1475.5 75.6
0
0
176.7
234.4
277.2
181.9
179.8
224.8
625.4
782.3
977.5
201720182019
Assets
Receivablesand otherassets
Constructioncontracts
Inventories 204.9 257.6
394.1
239.2237.1
253.4127.6
226.3
276.4
53.7
61.3
53.6
625.4
782.3
977.5
2017 2018 2019
Provisions
Liabilitiesand otherdebts
Equity
Interest-bearingliabilities
Investor Presentation I 23
■ Long throughput times of 8 to 12 months
■ Prepayments averaging 13%
■ Average payment term of 71 days
Trade working capital and Financing
184.1
231.5
342.5
239.2 237.1 253.4
77.0%
97.6%
135.1%
2017 2018 2019
Net Debt
Equity
Gearing Ratio
FINANCING€ m i l l i o n
343.8397.4
467.1
847.6909.4
978.1
40.6% 43.7%47.8%
0%
25%
50%
75%
100%
125%
150%
2017 2018 2019
Trade Working Capital
Annual Revenue
Trade Working Capital / Annual Revenue
TRADE WORKING CAPITAL€ m i l l i o n
Trade Working Capital
€ million
Financing
€ million
Investor Presentation I 24
Sustainability management:
Target attainment status
Employees Environment
Products
and society
Increase sales of
training simulators;
increase variety
Annual savings of
100,000 m² of plastic
film in helmet
production from 2019
AREAS OF ACTIVITY
2018
58.6%
2019
65.6%
2021
target
75%
Workplace accidents per 1 million
working hours
2018
54.6
2019
63.2*2023
target
30
2018
423
2019
473
2023
target
540
of which
5%generated
in-house
+25%
Share of green
electricity in
overall
electricity
consumption
Women
*) The number of accidents has increased in 2019 due to improved recording.
Investor Presentation I 25
Sustainability management:
Measures for 2019 and 2020
■ TCFD (Task Force on Climate-related Financial
Disclosures) Risk analyses with regard to the
climate crisis; Rosenbauer is already a supporter.
■ Two large photovoltaic systems were installed in
Neidling and Leonding and are generating a large
amount of green electricity since January 2020;
additional electricity contracts will be switched to
green electricity.
■ Safety campaigns at the beginning of the year in
Leonding focusing on cut protection. Thanks to
cut-resistant gloves, such injuries fell by 10% in
Austria in 2019.
■ Bee pastures in Leonding and Asten
Investor Presentation I 26
Outlook
Investor Presentation I 27
Order intake / backlog
905.9
816.8
970.0
1,107.7 1,073.0
797.5739,7
882.6
1,052.3
1,149.5
2015 2016 2017 2018 2019
Order intake Order backlog
Order intake/backlog
€ millionOrder intake 2019
by Area (2018)
CEEU34%(34%)
NISA11%(9%)
MENA12%(13%)
NOMA22%(24%)
APAC19%(17%)
SFP2%(3%)
€ 1,073.0 m
Investor Presentation I 28
Liquidity secured
■ Provision of
sufficient
liquidity to all
business
segments
■ Besides day-to-
day solvency
also to achieve
Group strategic
goals
■ Liquidity
secured,
further
measures
planned
38
160
36
109
300 Unused credit lines
Lease liabilities
OeKB used
Bonded loan
Used credit lines
€ million
Net debt
(per Dec 31 2019)
Total funding line642
342
300
Investor Presentation I 29
Outlook
■ The global firefighting industry started 2020 with stable demand.
■ The firefighting markets in North America and Asia in particular as well in the Middle
East showed signs of stronger demand than in the reporting year, and the European
firefighting market was set to reach the high level of 2019 again.
■ The stronger, more global spread of the respiratory disease COVID-19 has considerably
increased the risks to industry demand, supply chains and production capacity. A
serious estimate of the extent of these uncertainties is not yet possible.
■ A guidance on revenues and earnings for the fiscal year 2020 would be too early at this
stage.
■ The Rosenbauer Group has a record order level of more than €1.1 billion – with no
cancellations so far. Customers are mostly public sector institutions, which are very
reliable payers.
■ The measures adopted ensure its excellent operational responsiveness and secure its
liquidity.
■ Rosenbauer is regarded as a part of Austria´s critical security infrastructure.
Thank you for your attention!
Q&A
Appendix
Investor Presentation I 32
Executive board
Daniel Tomaschko
CTO
Supply Chain Management
Central Technics
Center of Competence
Operations
Stationary Fire Protection
Sebastian Wolf
CFO
Audit
Controlling
Accounting/Tax
Treasury
Legal & Compliance &
Insurance
Export Finance
Investor Relations/CSR
IT
Andreas Zeller
CSO
Area CEEU
Area NISA
Area APAC
Area NOMA
Area MENA
Customer Service
Sales Administration
Dieter Siegel
CEO
Corporate Development
Human Resources
Strategy
Innovation & Marketing
Group Communication
Fire & Safety Equipment
Product Management
Investor Presentation I 33
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 34
Global network of production facilities,
sales and service offices
Production
Sales / Service
Around 250 sales partners worldwide.
EUROPE
AUSTRIALeonding
Neidling
Graz
Telfs
FRANCEChambéry
GERMANYKarlsruhe
Luckenwalde
Mogendorf and Gladbeck
Bad Abbach-Lengfeld
Viersen
ITALYRovereto
POLANDWarsaw
RUSSIAMoscow
SLOVENIARadgona
SPAINLinares
Madrid
SCHWITZERLANDOberglatt
UNITED KINGDOMHolmfirth
AMERICA
Lyons / South-Dakota
Fremont / Nebraska
Wyoming / Minnesota
Rosenbauer America
MIDDLE EAST/
AFRICA
SAUDI-ARABIADschidda
KAEC
Riad
SOUTH AFRICAHalfway House
ASIA/AUSTRALIA
CHINAKunming
SINGAPORESingapore
PHILIPPINESMandaluyong
BRUNEI
AUSTRALIABrisbane
Investor Presentation I 35
Leading system provider for fire protection(Product segments and % of group revenues; as of Dec. 31 2019)
7%
9%
6%
16%
16%
40%
Municipal
vehicles
ARFF
vehicles
Aerials
Industrial
vehicles
Vehicles
78%
Fire & Safety
Equipment
Customer Service
Stationary Fire
Protection
2%4% sonstige Umsätze
Investor Presentation I 36
Number of employees (reporting date)
In addition, Rosenbauer employs approximately 341 temporary employees.
1.403
1.401
1.350
1.442
1.558
716
793
830
841
829
675
842
853
906
963
292
339
372
432
478
Dec 31, 2015
Dec 31, 2016
Dec 31, 2017
Dec 31, 2018
Dec 31, 2019
Austria USA Germany Rest of the world
3,405
3,375
3.086
3,621
3,828
Investor Presentation I 37
Rosenbauer share
* Rosenbauer Beteiligungsverwaltung GmbH
2018 2019
Highest price € 57.2 45.6
Lowest price € 31.8 33.1
Closing price € 33.3 40.2
Market capitalization € million 226.4 273.4
Dividend € 1.25 0.81)
Dividend yield % 3.8% 2.0%
Earnings per share € 3.7 3.7
BVG *51%Free float
44%
InvestorFR5%
Indizes: ATPX, AFA, AIGS, AP8, AXGP, NAP8, NTFA, TAP8, TFA, VOX, WBI
1) Proposal to the Annual Meeting
€ 25
€ 30
€ 35
€ 40
€ 45
€ 50
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Rosenbauer EURO ATXPrime index.
ATX Prime + 14.8%; ROS +15.5%
Investor Presentation I 38
Financial calendar
April 3, 2020 Publication of the results 2019
May 11, 2020 28th Annual General Meeting, Linz
May 19, 2020 Publication of the Interim Statement Q1/2020
August 14, 2020 Publication of the Half-year Financial Report 2020
November 17, 2020 Publication of the Interim Statement Q3/2020