Embed Size (px)
DESCRIPTION
Citation preview
PALFINGER AG
Presentation on the first half of 2013
August 2013
-50
50100150200250300350400450500
ONGOING MARKET VOLATILITY
Flexibility and internationality as bases for success
2Acc. to IFRS in EUR million.
REVENUE (HALF YEAR)AREA UNITSEUROPEAN UNITS
2005 2006 2007 2008 2009 2010 2011
0
2012 2013
HIGHLIGHTS HY1
HY1 highly pleasing, given the difficult economic situation» Internationalization has proven successful, growth takes place outside Europe » Growth boost in Marine business area » Leading market position solidified
Revenue increased by 2.2% to EUR 475.1 million
EBIT raised by 5.2% to EUR 39.1 million» Declines in European core markets» Significant increases in the AREA UNITS segment and the Marine business area» One-time effect from acquisition of larger interest in subsidiary
3
STRATEGIC HIGHLIGHTS HY1
Joint venture in China» First orders received after dealer conference» Construction project for production hall to be launched shortly
Palfinger Dreggen» Offshore cranes have been expanding portfolio since acquisition in Q4 2012» 2 orders totalling approx. EUR 90 million received
Palfinger Platforms Italy» Joint venture opens up large market segment for access platforms (trucks of up to 3.5 tonnes)
Flexibility» Measures implemented are proving successful in the current situation » Strategy continued in all areas, including administration
Innovations presented at bauma trade fair
4
STRATEGIC OBJECTIVES 2017
Growth, primarily in BRIC countries
Development of China into second domestic market
Global balance of production and proximity to customers
Consolidation of leading position in the marine and offshore areas
Maintaining innovation leadership worldwide
Meeting customers’ expectations through customized solutions
Adjustment of production sites and technologies in Europe
5
Revenue target 2017: approx. EUR 1.8 billion
STRATEGY
6
PALFINGER AT A GLANCE
Leading international manufacturer of innovative lifting solutions » World market leader in loader cranes, marine cranes, wind cranes
and container handling systems» Leading specialist in timber and recycling cranes, tail lifts,
truck mounted forklifts and high-tech railway systems
Global sales and services network (more than 200 general importers/dealers and 4,500 sales and services centres worldwide)
Global procurement, production and assembly (29 manufacturing and assembly locations)
Strategic pillars: innovation – internationalization – flexibility
7
Maintaining and expanding the Group’s competitive advantage
INTERNATIONALIZATION
REVENUE HY1 2012
67.5% EUROPEAN UNITS
REVENUE HY1 2013
32.5% AREA UNITS
8
68.0% EUROPEAN UNITS
32.0% AREA UNITS
SEGMENTS
9
SEGMENT FINANCIALS
SEGMENT REVENUEHY1 2012 HY1 2013 %
EUROPEAN UNITS 316.0 320.9 + 1.5%AREA UNITS 149.0 154.2 + 3.5%
VENTURES – – –
SEGMENT EBITHY1 2012 HY1 2013 %
EUROPEAN UNITS 43.5 44.7 + 2.7%AREA UNITS 3.0 3.8 + 27.4%
VENTURES (7.6) (8.8) (15.9%)
10Acc. to IFRS in EUR million. Minor rounding differences may occur.
EUROPEAN UNITS SEGMENT
Economic environment remains difficult in Europe» Business units Railway Systems and Production posted increases » Other business units recorded declines in revenue
Global Marine business area compensates declines in Europe » Offshore cranes (Palfinger Dreggen) since December 2012» 2 large-scale orders in Q1
Almost all business units with positive result despite declining revenue
11
Revenue increased by 3.5%» Positive trend in North America continues» South America as a growth market; also due to additional product groups» Asia recorded substantial increases, still at a low level» Weak environment noticeable in India, expansion will be continued » Capacity expansion in CIS planned to support further growth
EBIT increased by 27.4% to EUR 3.8 million
AREA UNITS SEGMENT
12
VENTURES UNIT
Focus on further internationalization» Development of the regions India, South America, Russia
and the Marine business area» Potential acquisitions and partnerships
Continuation of cost-related and structural programmes
13
KEY FINANCIALS
14
FINANCIAL HIGHLIGHTS
HY1 2011 HY1 2012 HY1 2013 %
Revenue 414.3 465.1 475.1 + 2.2%
EBITDA 50.1 52.2 54.0 + 3.6%
EBITDA margin 12.1% 11.2% 11.4% –
EBIT 36.0 37.2 39.1 + 5.2%
EBIT margin 8.7% 8.0% 8.2% –
Result before income tax 30.1 31.8 32.2 + 1.2%
Consolidated net result for the period 22.6 23.9 24.7 + 3.5%
15Acc. to IFRS in EUR million. Minor rounding differences may occur.
QUARTERLY FIGURES
Steady upward trend with record revenue
EBIT margin 6.5% 5.4% 7.2% 7.9% 9.4% 7.8% 7.0% 7.9% 8.1% 6.6% 6.7% 8.0% 8.4%
168 168187 192
223 210 222 224241
223247
226249
15.120.9
16.5 15.5 17.7 19.514.8 16.5 18.1
21.113.5
9.111.0
-50
0
50
100
150
200
250
Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13-10
0
10
20
30
40
50
Revenue EBIT
16Acc. to IFRS in EUR million. Minor rounding differences may occur.
CAPITAL EMPLOYED*
Increase through expansion of business volume, relation to revenue at low level
307 322 373 385 424
162 136114 157
176
0
100
200
300
400
500
600
HY1 2009 HY1 2010 HY1 2011 HY1 2012 HY1 2013
Net working capital (in relation to revenue)
Non-current operating assets
(25%) (25%) (15%) (18%)(19%)469 458 488
600542
17Acc. to IFRS in EUR million. Minor rounding differences may occur.
* Average.
INVESTMENTS
7.1 6.610.1
20.216.7
11.0 10.414.1 15.0 14.9
0
5
10
15
20
25
HY1 2009 HY1 2010 HY1 2011 HY1 2012 HY1 2013
Net investments
Depreciation, amortization and impairment
18Acc. to IFRS in EUR million. Minor rounding differences may occur.
Promissory note loan (Q4 2012) invested into growth
GEARING RATIO AND EQUITY
19Acc. to IFRS in EUR million. Minor rounding differences may occur.
327.9360.7
170.8157.9
239.7163.4
194.5
313.3375.6
288.4
59.2%49.8%50.4%
53.9%
63.8%
050
100
150200250300
350400
HY1 2009 HY1 2010 HY1 2011 HY1 2012 HY1 20130%
25%
50%
75%
100%
Net debt Equity Gearing %
FREE CASH FLOWS
HY1 2011 HY1 2012 HY1 2013
EBTDA 44.2 46.8 47.1+/– Non-cash result from companies at equity 0.7 (1.0) (5.3)+/– Change in working capital (27.5) (30.4) (13.8)+/– Cash flows from tax payments (2.3) (3.6) (4.2)Cash flows from operating activities 15.1 11.8 23.8+/– Cash flows from investing activities (14.7) (23.9) (18.8)Cash flows after changes in working capital & investments 0.4 (12.1) 5.0
+/– Cash flows from interest on borrowings adjusted by tax expense 4.3 4.0 4.5
Free cash flows 4.7 (8.1) 9.5Cash flows from equity/investor capital (11.3) (22.2) (19.3)Cash flows from net debt 10.9 34.3 14.3
20Acc. to IFRS in EUR million. Minor rounding differences may occur.
OUTLOOK
21
OUTLOOK AND OBJECTIVES – INTERNALLY
Internationalization strategy to be continued» Focus on Brazil, Russia, Marine business area
Further development of the joint venture in China
Growth potential in Marine business area
Further increase in flexibility» Processes in production and administration» Reducing complexity, also in global organizational structure
Alignment of production structures: global–local
22
Target: higher contributions to earnings
OUTLOOK AND OBJECTIVES – EXTERNALLY
Economic situation in Europe remains weak, marked by uncertainty
Growth expected in regions outside Europe
Limited visibility, but positive trends noticeable
23
Slight revenue growth still expected for 2013
INVESTOR RELATIONS
Herbert Ortner, CEOPhone +43 662 46 84-2222
Hannes Roither, Company SpokespersonPhone +43 662 46 84-2260
PALFINGER AGFranz-Wolfram-Scherer-Strasse 24
5020 Salzburg www.palfinger.ag
This presentation contains forward-looking statements made on the basis of all information available at the time of preparation of this presentation. Actual outcomes and results may be different from those predicted.
24
BACK UP
25
BALANCE SHEET STRUCTURE
361 376
204 254234 236
0
500
1000
HY1 2012 HY1 2013
Current liabilitiesNon-current liabilitiesEquity
391 432
408 433
0
500
1000
HY1 2012 HY1 2013
Current assets
Non-current assets
865
ASSETS LIABILITIES
799
26Acc. to IFRS in EUR million. Minor rounding differences may occur.
Long-term financial structure,promissory note placed in 2012
865799
FINANCING STRUCTURE AS AT 30 JUNE 2013
Ø Interest rate 3.04%
Ø Remaining time to maturity 2.76 years
Financial assets EUR 14.6m
Equity ratio 43.4%
Maturity
47
22
185
0
50
100
150
200
2013 2014 after 2014
27Acc. to IFRS in EUR million. Minor rounding differences may occur.
PALFINGER SHARES
28
ISIN AT0000758305
Number of sharesthereof own shares
35,730,000328,090
Share price as at end of period EUR 22.00
Market capitalization EUR 786.1m
Earnings per share EUR 0.70
65%Palfinger family
34%free float
1% PALFINGER AG
SHAREHOLDER STRUCTURE SHAREHOLDER INFORMATION AS AT 30 JUNE 2013
80
100
120
140
160
180
200
220
PERFORMANCE OF PALFINGER SHARES SINCE 2012
2 Jan 2012 26 July 2013
PALFINGER AGEUR 23.44
ATX
DAX
29
2 Jan 2013
RESEARCH REPORTS
30
Berenberg Bank HSBC
Deutsche Bank Kepler Cheuvreux
Erste Group RCB
Goldman Sachs UBS
Hauck & Aufhäuser
Earnings Estimates – consensus (EUR million) 2013e 2014e
Revenue 1,011.0 1,102.4EBIT 87.4 107.1
Earnings per share (EUR) 1.48 1.82
FINANCIAL CALENDAR 2013/14
31
8 November 2013 Publication of results for the first three quarters of 2013
17 February 2014 Balance sheet press conference
12 March 2014 Annual General Meeting
14 March 2014 Ex-dividend day
18 March 2014 Dividend payment day
7 May 2014 Publication of results for the first quarter of 2014
7 August 2014 Publication of results for the first half of 2014
7 November 2014 Publication of results for the first three quarters of 2014
