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Annual General Meeting of Vossloh AGMay 28, 2014
2
Annual General Meeting of Vossloh AG 2014Agenda
Introduction of the new Executive Board 1.
Development in fiscal 2013▬ Group KPI‘s
▬ Development in the divisions
▬ Capital expenditures
Development in Q1/2014
Vossloh stock
Authorized capital, profit and loss transfer agreements
2.
Outlook for 2014▬ Status review, operating improvements
▬ Market environment and further internationalization
▬ “One Vossloh”
▬ Motivation and dedication
▬ Further development of our strategy
3.
3
SalesMarketing CommunicationsPersonnelM&A, Corporate Development
PurchasingDevelopmentProductionQuality AssuranceCapital Expenditure
VosslohResponsibilities of the new Executive Board
Vossloh Fastening Systems
Vossloh Rail Services
Vossloh Switch Systems
Vossloh Electrical Systems
Hans M. SchabertChairman of the Executive Board
Volker SchenkExecutive Board member
Oliver SchusterExecutive Board member
Vossloh Locomotives
Vossloh Rail Vehicles
Legal/ComplianceInformation TechnologyAccountingControllingInvestor Relations/Public RelationsInternal AuditTreasury
4
Annual General Meeting of Vossloh AG 2014Agenda
Introduction of the new Executive Board1.
Development in fiscal 2013▬ Group KPI‘s
▬ Development in the divisions
▬ Capital expenditures
Development in Q1/2014
Vossloh stock
Authorized capital, profit and loss transfer agreements
2.
Outlook for 2014▬ Status review, operating improvements
▬ Market environment and further internationalization
▬ “One Vossloh”
▬ Motivation and dedication
▬ Further development of our strategy
3.
5
Vossloh GroupKey data for fiscal 2013
* In accordance with IAS 37, since fiscal 2013 certain obligations in the personnel area (outstanding vacation claims; profitsharing/bonuses; flextime accounts of employees; termination indemnities) are no longer presented under provisions, but insteadunder other liabilities. To ensure comparability, the resulting effects on working capital, capital employed, ROCE and value addedhave been considered in the presentation of the prior year’s figures.
2012 2013 ∆ in %Sales (€ million) 1,243.0 1,321.2 +6.3EBIT (€ million) 97.5 54.2 -44.5EBIT-Marge (%) 7.8 4.1 –ROCE (%) 11.5* (11.9) 6.1 –Value added (€ million) 13.0* (15.4) -21.9 –Group earnings (€ million) 59.2 15.0 -74.7Earnings per share (€) 4.94 1.25 -74.7
6
291.4376.4
451.3460.7
54.6
62.1
0
150
300
450
600
750
900
2012 2013
Rail Infrastructure division, fiscal 2013Fastening Systems records significant growth in sales
+ 13.7%
+ 2.1%
+ 29.1%
Sales Rail ServicesSales Fastening Systems Sales Switch Systems
€ million
792.4
896.0
7
174.6 150.7
119.2111.3
166.8165.7
0
100
200
300
400
500
2012 2013
Transportation division, fiscal 2013Decline in sales due to project delays
- 0.7%
- 13.7%
Sales Vossloh Rail Vehicles(primarily Valencia)
Sales Vossloh Locomotives(primarily Kiel)
Sales Vossloh Electrical Systems
- 6.6%
€ million
451.1425.2
293.7 261.9
Transportation Systems
8
505.7 490.3
0
100
200
300
400
500
600
2012 2013
Vossloh Group, fiscal 2013Equity slightly below prior year
Equity in € million Equity ratio
€ million
33.7%30.9%
9
200.8 201.2
0
50
100
150
200
250
2012 2013
Vossloh Group, fiscal 2013Net financial indebtedness unchanged from prior year
39.7%41.0%
Net financial indebtedness in € million Net leverage
€ million
10
Vossloh Group, fiscal 2013Capital expenditures increase in connection with ongoing investment programs and provide basis for future growth
Other in € millionRail Infrastructure in € million Transportation in € million
€ million
34.441.9
24.0
24.6
0
10
20
30
40
50
60
70
2012 2013
66.861.1 0.3
2.7
11
Vossloh Group, fiscal 2013Free cash flow of €55.8 million despite earnings decline
154.6
85.9
162.6
122.6104.1
55.8
0
30
60
90
120
150
180
2012 2013
€ million
Cash flow from operating activities in € million Free cash flow in € millionGross cash flow
12
Vossloh GroupProposed dividend for 2013 reflects decline in earnings
1.301.70 2.00 2.00
2.50 2.502.00
0.50
1.00
0,00
0,50
1,00
1,50
2,00
2,50
3,00
3,50
2006 2007 2008 2009 2010 2011 2012 2013
€
*
Ordinary dividends in € Special dividends in € * Proposed dividend
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
13
1,369 1,3071,126 1,092 1,085
1,496 1,5481,728
0
500
1.000
1.500
2.000
2006 2007 2008 2009 2010 2011 2012 2013
Vossloh GroupOrder backlog reaches new record level of €1,728 million
Order backlog in € million
€ million
2,000
1,500
1,000
500
0
14
Vossloh GroupKey data for Q1/2014
* With the conversion from proportional to at-equity consolidation, 2013 amounts have been retrospectively adjusted to be comparable; original prior year‘s amounts in brackets
1-3/2013 1-3/2014 ∆ in %Sales (€ million) 263.4* (267.2) 294.2 +11.7EBIT (€ million) 9.4* (9.7) 6.5 -30.8EBIT margin (%) 3.6 2.2 –ROCE (%) 4.3* (4.4) 3.0 –Incoming orders 227.7 435.2 +91.7Order backlog 1,512.0 1,869.3 +23.6
15
Price trend of Vossloh stock 12/28/2012 – 5/15/2014
Vossloh stock price MDAX (rebased)SDAX (rebased)
VosslohStock price hardly changed since end of 2012, perfomance worse than comparative indices
50
60
70
80
90
100
110
28.12.12 28.02.13 30.04.13 30.06.13 31.08.13 31.10.13 31.12.13 28.02.14 30.04.14
2/17/14Changes in Executive Board announced
3/27/14Successful sale of treasury shares, gross proceeds from issue: €91 million
11/27/13Vossloh Family Group sells block of shares
10/10/13Major order fromSouth Africa
7/23/13EBIT 2013 below prior year’s level, forecast lowered
4/25/13Q1/13: Sales increased, EBIT slightly below prior year; forecast for 2013 confirmed
5/29/13Annual General Meetingelects new Supervisory Board
1/21/13Takeover of switch manufacturerin Brazil and formation of a consortium for construction of a switch plant in Argentina
€
12/28/2012 2/28/2013 4/30/2013 6/30/2013 8/31/2013 10/31/2013 12/31/2013 2/28/2014 4/30/2014
16
Annual General Meeting of Vossloh AG 2014Agenda
Vorstellung des neuen Vorstands1.
Development in fiscal 2013▬ Group KPI‘s
▬ Development in the divisions
▬ Capital expenditures
Development in Q1/2014
Vossloh stock
Authorized capital, profit and loss transfer agreements
2.
Outlook for 2014▬ Status review, operating improvements
▬ Market environment and further internationalization
▬ “One Vossloh”
▬ Motivation and dedication
▬ Further development of our strategy
3.
17
CIS + MongoliaH. M. Schabert
North AmericaH. M. Schabert
Middle EastV. Schenk
Latin AmericaV. Schenk
Sub-SaharaH. M. Schabert
Asia PacificV. Schenk
ChinaV. Schenk
Vossloh GroupRegional division of responsibilities in the Vossloh Group - worldwide
18
1,369 1,3071,126 1,092 1,085
1,496 1,5481,728
1,869
0
500
1.000
1.500
2.000
2006 2007 2008 2009 2010 2011 2012 2013 Q1/2014
Vossloh Group, Q1/2014Further increase in order backlog creates basis for continued growth
Order backlog in € million
€ million
2,000
1,500
1,000
500
0
19
Vossloh Group, forecast 2014 – Western Europe Very strong rise in sales in Germany, sales in France almost unchanged
+10 to +25%
CAGR +1.9%*
UNIFE forecast: Western Europe
• CAGR 2015-2017 compared with 2009-2011, accessible market; source: World Rail Market Study forecast 2012 to 2017, UNIFE The European Rail Industry, Roland Berger Strategy Consultants
589.3
0
200
400
600
800
2013 2014p
Significant countries for Vossloh: GermanyFranceGreat Britain
Sales forecast€ million
20
UNIFE forecast: Western Europe**
Vossloh Group, forecast 2014 – Northern EuropeStrong sales growth in Northern Europe
* CAGR 2015-2017 compared with 2009-2011, accessible market; source: World Rail Market Study forecast 2012 to 2017, UNIFE The European Rail Industry, Roland Berger Strategy Consultants
**According to UNIFE definition, Western Europe also encompasses the countries of Northern Europe and Southern Europe
Significant countries for Vossloh: FinlandNorwaySweden
Sales forecast +10 to +25%
71.7
020
40
6080
100
2013 2014p
CAGR +1.9%*
€ million
21
Vossloh Group, forecast 2014 – Eastern EuropeDevelopment in Eastern Europe restrained, trend almost unchanged compared to prior year
Significant countries for Vossloh: PolandRussiaSerbia
Sales forecast -5 to +5%
UNIFE forecast:Eastern Europe and CIS
CAGR +3.2%*
CAGR +4.5%*
* CAGR 2015-2017 compared with 2009-2011, accessible market; source: World Rail Market Study forecast 2012 to 2017, UNIFE The European Rail Industry, Roland Berger Strategy Consultants
67.4
0
20
40
60
80
2013 2014p
€ million
22
Significant countries for Vossloh: SpainTurkeyItaly
UNIFE forecast: Western Europe**
Vossloh Group, forecast 2014 – Southern Europe Weak demand in Southern Europe, decline in sales continues
98.9
020406080
100120
2013 2014p
Sales forecast -10 to -25%
* CAGR 2015-2017 compared with 2009-2011, accessible market; source: World Rail Market Study forecast 2012 to 2017, UNIFE The European Rail Industry, Roland Berger Strategy Consultants
**According to UNIFE definition, Western Europe also encompasses the countries of Northern Europe and Southern Europe
CAGR +1.9%*
€ million
23
Sales forecast
UNIFE forecast:NAFTA and South America
CAGR +2.9%*
Vossloh Group, forecast 2014 – Americas Very strong sales growth in the Americas
> +25%
Significant countries for Vossloh: USAMexicoBrazilArgentina
CAGR +7.5%*
* CAGR 2015-2017 compared with 2009-2011, accessible market; source: World Rail Market Study forecast 2012 to 2017, UNIFE The European Rail Industry, Roland Berger Strategy Consultants
124.1
0
40
80
120
160
2013 2014p
€ million
24
Vossloh Group, forecast 2014 – Africa & Near EastStrong growth in sales of over 25%
UNIFE forecast:Africa & Near East
CAGR +10.0%** CAGR 2015-2017
compared with 2009-2011, accessible market; source: World Rail Market Study forecast 2012 to 2017, UNIFE The European Rail Industry, Roland Berger Strategy Consultants
22.4
0
10
20
30
40
2013 2014p
Significant countries for Vossloh: Morocco, AlgeriaSouth Africa, IsraelSaudi Arabia
Sales forecast > +25%
€ million
25
Vossloh Group, forecast 2014 – Asia & Pacific Sales decline expected for 2014 after exceptionally high sales in 2013
Sales forecast
UNIFE forecast:Asia & Pacific CAGR
+0.2%** CAGR 2015-2017
compared with 2009-2011, accessible market; source: World Rail Market Study forecast 2012 to 2017, UNIFE The European Rail Industry, Roland Berger Strategy Consultants
314.3
0
100
200
300
400
2013 2014p
Significant countries for Vossloh: ChinaKazakhstanKorea
> -25%€ million
26
Vossloh Group“One Vossloh” – uniform image for the entire Group
27
VosslohMotivation and dedication
28
VosslohSmart performance at Vossloh brings “Smart” rewards!
29
Positioned worldwide