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PALFINGER AG
Presentation on the first three quarters of 2013
November 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 Q1–Q3
Growth in spite of difficult economic situation» Positive development outside Europe and in the Marine business area» Internationalization enabled consolidation of leading market position » Moderate upward trend in Europe in Q3
Revenue increased by 4.0% to EUR 716.1 million
EBIT raised by 7.8% to EUR 56.0 million» Declines in Europe» Significant increases in the AREA UNITS segment and in the Marine business area
3
STRATEGY
4
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 (30 manufacturing and assembly locations)
Strategic pillars: innovation – internationalization – flexibility
Maintaining and expanding the Group’s competitive advantage
5
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
6
Revenue target 2017: approx. EUR 1.8 billion
STRATEGIC HIGHLIGHTS 2013
Joint Ventures with SANY» Sany Palfinger: positive sales development in China» Palfinger Sany: dealers and first sales in CIS
PALFINGER DREGGEN» Offshore cranes have been expanding portfolio since acquisition in Q4 2012» 2 orders totalling approx. EUR 90 million received
MCT ENG» Takeover of operations of this longstanding supplier» Manufacturing capacities and know-how for marine and offshore cranes
Palfinger Platforms Italy» Joint venture opens up large market segment for access platforms (trucks of up to 3.5 tonnes)
7
PARTNERSHIP WITH THE SANY GROUP, CHINA
SANY is the largest heavy equipment manufacturer in China
2 joint ventures started operations approx. one year ago
Expansion of partnership planned through mutual shareholdings» Economic interests of 10% each» PALFINGER AG:
One half: new shares (from authorized capital)Other half: existing shares from the Palfinger familyPrice: EUR 29 per share
» Structure planned to be reflected in supervisory bodies » Contract documentation and required approvals still outstanding
8
INTERNATIONALIZATION
REVENUE Q1–Q3 2012
66.9% EUROPEAN UNITS
REVENUE Q1–Q3 2013
33.1% AREA UNITS
9
67.3% EUROPEAN UNITS
32.7% AREA UNITS
SEGMENTS
10
SEGMENT FINANCIALS
SEGMENT REVENUEQ1–Q3 2012 Q1–Q3 2013 %
EUROPEAN UNITS 463.0 479.2 + 3.5%AREA UNITS 225.3 236.9 + 5.2%
VENTURES – – –
SEGMENT EBITQ1–Q3 2012 Q1–Q3 2013 %
EUROPEAN UNITS 58.1 62.3 + 7.1%AREA UNITS 6.2 7.3 + 17.6%
VENTURES (10.8) (13.2) (22.8%)
11Acc. to IFRS in EUR million. Minor rounding differences may occur.
EUROPEAN UNITS SEGMENT
Economic environment remains difficult in Europe» Business units Access Platforms, Railway Systems and Production posted increases » Strategic measures supported further development» 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
12
Revenue increased in all areas» 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» Capacity expansion in CIS planned to support further growth
EBIT increased by 17.6% to EUR 7.3 million
AREA UNITS SEGMENT
13
VENTURES UNIT
Focus on further internationalization» Development of the regions South America and Russia and the Marine business area» Potential acquisitions and partnerships
Continuation of cost-related and structural programmes
14
KEY FINANCIALS
15
FINANCIAL HIGHLIGHTS
Q1–Q3 2011 Q1–Q3 2012 Q1–Q3 2013 %
Revenue 624.0 688.2 716.1 + 4.0%
EBITDA 73.5 74.4 79.3 + 6.6%
EBITDA margin 11.8% 10.8% 11.1% –
EBIT 52.4 52.0 56.0 + 7.8%
EBIT margin 8.4% 7.5% 7.8% –
Result before income tax 43.3 43.9 46.3 + 5.4%
Consolidated net result for the period 32.7 31.7 34.3 + 8.0%
16Acc. to IFRS in EUR million. Minor rounding differences may occur.
QUARTERLY FIGURES
Steady upward trend with record revenue
EBITmargin 5.4% 7.2% 7.9% 9.4% 7.8% 7.0% 7.9% 8.1% 6.6% 6.7% 8.0% 8.4% 7.0%
168187 192
223210 222 224
241223
247226
249 241
16.5 15.5 17.7 19.514.8 16.5 18.1
21.116.9
20.915.113.5
9.10
50
100
150
200
250
Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/130
10
20
30
40
50
Revenue EBIT
17Acc. to IFRS in EUR million. Minor rounding differences may occur.
CAPITAL EMPLOYED*
* Average.
306 323 378 392 422
158 133118 149
182
0
100
200
300
400
500
600
Q1–Q3 2009 Q1–Q3 2010 Q1–Q3 2011 Q1–Q3 2012 Q1–Q3 2013
Net Working Capital (as percentage of revenue)
Non-current operating assets
(27%) (16%)(15%) (16%)
464 456542
496
18Acc. to IFRS in EUR million. Minor rounding differences may occur.
604
(19%)
Increase through expansion of business volume, net working capital as percentage of revenue at low level
INVESTMENTS
10.4 9.2
17.1
34.6
28.1
16.2 16.721.1 22.5 23.3
0
10
20
30
40
Q1–Q3 2009 Q1–Q3 2010 Q1–Q3 2011 Q1–Q3 2012 Q1–Q3 2013
Net investments
Depreciation, amortization and impairment
19Acc. to IFRS in EUR million. Minor rounding differences may occur.
GEARING RATIO AND EQUITY
339.5367.1
187.9
169.8
243.2
152.4161.5
286.9
381.2315.8
63.8%
51.2%48.2% 50.0%
56.3%
050
100150200250300350400450
Q1–Q3 2009 Q1–Q3 2010 Q1–Q3 2011 Q1–Q3 2012 Q1–Q3 20130%
25%
50%
75%
100%
Net debt Equity Gearing %
20Acc. to IFRS in EUR million. Minor rounding differences may occur.
Promissory note loan (Q4 2012) invested into growth
FREE CASH FLOWS
Q1–Q3 2011 Q1–Q3 2012 Q1–Q3 2013
EBTDA 64.3 66.4 69.6+/– Non-cash result from companies at equity (0.3) (2.2) (6.8)+/– Change in working capital (24.9) (23.7) (28.7)+/– Cash flows from tax payments (8.4) (9.5) (5.0)Cash flows from operating activities 30.7 31.0 29.1+/– Cash flows from investing activities (33.8) (36.6) (28.7)Cash flows after changes in working capital & investments (3.1) (5.6) 0.4
+/– Cash flows from interest on borrowings adjusted by tax expense 6.6 5.6 6.6
Free cash flows 3.5 0.0 7.0Cash flows from equity/investor capital (11.6) (22.2) (19.3)Cash flows from net debt 14.7 27.8 18.9
21Acc. to IFRS in EUR million. Minor rounding differences may occur.
OUTLOOK
22
OUTLOOK AND OBJECTIVES – INTERNALLY
Internationalization strategy to be continued» Focus on Brazil, Russia, Marine business area
Further development of the partnership with SANY
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
23
Target: higher contributions to earnings
OUTLOOK AND OBJECTIVES – EXTERNALLY
Economic situation in Europe remains marked by uncertainty
Growth expected in regions outside Europe
Limited visibility, but positive trends noticeable
24
Slight revenue growth expected for 2013
INVESTOR RELATIONS
Herbert Ortner, CEOTel. +43 662 46 [email protected]
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 ofpreparation of this presentation. Actual outcomes and results may be different from those predicted.
25
BACK UP
26
BALANCE SHEET STRUCTURE
367 381
216 253208 225
0
200
400
600
800
1000
Q3 2012 Q3 2013
Current liabilitiesNon-current liabilitiesEquity
405 431
386 429
0
200
400
600
800
1000
Q3 2012 Q3 2013
Current Assets
Non-current Assets
860
ASSETS LIABILITIES
860791 791
27Acc. to IFRS in EUR million. Minor rounding differences may occur.
Long-term financial structure,2012 promissory note loan issued
FINANCING STRUCTURE AS AT 30 SEPTEMBER 2013
Ø Interest rate 3.04%
Ø Remaining time to maturity 2.52 years
Financial assets EUR 13.4m
Equity ratio 44.4%50
22
185
0
50
100
150
200
2013 2014 after 2014
28Acc. to IFRS in EUR million. Minor rounding differences may occur.
Maturity
PALFINGER SHARES
29
ISIN AT0000758305
Number of sharesthereof own shares
35,730,000328,090
Share price as at end of period EUR 28.90
Market capitalization EUR 1,032.6m
Earnings per share EUR 0.97
65%Palfinger family
34%free float
1% PALFINGER AG
SHAREHOLDER STRUCTURE SHAREHOLDER INFORMATION AS AT 30 SEPTEMBER 2013
80
100
120
140
160
180
200
220
240
PERFORMANCE OF PALFINGER SHARES SINCE 2012
2 Jan 2012 31 Oct 2013
PALFINGER AGEUR 27.20
ATX
DAX
30
2 Jan 2013
RESEARCH REPORTS
31
Berenberg Bank HSBC
Deutsche Bank Kepler Cheuvreux
Erste Group RCB
Goldman Sachs UBS
Hauck & Aufhäuser
Earnings Estimates – consensus (EUR million) 2013e 2014e
Revenue 992.6 1,091.3EBIT 76.1 98.6
Earnings per share (EUR) 1.35 1.73
FINANCIAL CALENDAR 2013/2014
32
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