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Palfinger AG H1 2014
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PALFINGER AG
Presentation on the first half of 2014
Vienna, 7 August 2014
HERBERT ORTNER, CEO
2
5 CONTINETS – 7 OCEANS
EMEALoader cranesTimber and recycling cranesTail liftsAccess platformsContainer handling systemsTruck mounted forkliftsRailway systems
NORTH AMERICALoader cranesTimber and recycling cranesTail liftsAccess platformsContainer handling systemsTruck mounted forkliftsRailway systems
CISLoader cranesTimber and recycling cranesContainer handling systemsRailway systemsMobile cranes
ASIA & PACIFICLoader cranesContainer handling systemsRailway systems
SOUTH AMERICALoader cranesTimber and recycling cranesTail liftsContainer handling systemsRailway systems
MARINE
MARINE
MARINEMARINE
3
MARINE
ONGOING MARKET VOLATILITY
Internationalization as basis for revenue growthFlexibility as basis for profitability
4Acc. to IFRS in EUR million.
REVENUE, GROWTH AND VOLATILITY (HALF YEAR)AREA UNITS from 2006 to 2014: + 385% EUROPEAN UNITS from 2006 to 2014: + 62%
-50
50100150200250300350400450500550
2006 2007 2008 2009 2010 2011 2012 2013 2014
0
163.1m
377.0m
232.5m
33.6m
+ 61% – 51% + 106%
HIGHLIGHTS HY1
HY1 satisfactory in light of economic situation» Internationalization proved its worth, growth achieved primarily in Europe » Growth boost in Marine business area» Leading market position expanded further
Increase in revenue of 13.7% to EUR 540.1 million
EBIT rose by 4.9% to EUR 41.0 million» Increase in sales in Europe, for the first time also in Southern Europe » Increase of approx. 10% in the marine business » AREA UNITS made up for weak first quarter
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STRATEGIC HIGHLIGHTS HY1
Joint venture in China» Sales development highly satisfactory» Construction of new production plant near Shanghai about to be completed» Start of operations in the fourth quarter of 2014» Cross shareholding with SANY completed
HIDRO-GRUBERT» Minority shareholding in Argentinian manufacturer of access platforms» Option to acquire a majority interest» Staff of 200, revenue in 2013: USD 16.1 million
Increasing flexibility and capital employed management» Measures implemented proved their worth in the current situation» Continuation in all fields, including administration
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STRATEGIC OBJECTIVES 2017
Growth, primarily in BRIC countries
Completion of product portfolio in all regions
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
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Revenue target 2017: approx. EUR 1.8 billion
STRATEGY
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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
Maintaining and expanding the Group’s competitive advantage
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INTERNATIONALIZATION (1)
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STRATEGIC TARGET
ASIA & PACIFICCIS
EMEA
AMERICAS
REVENUE HY1 2014
EMEA
AMERICAS
ASIA & PACIFICCIS
⅓ ⅓
⅓
60.7%25.9%
13.4%
INTERNATIONALIZATION (2)
REVENUE 2009 REVENUE HY1 2014
11
CIS 4.3%
4.1% AFRICA AND MIDDLE EAST
51.6% EUROPEAN UNION
18.3% NORTH AMERICA
7.6% CENTRAL AND
SOUTH AMERICA
9.1%FAR EAST
5.0% REST OF EUROPECIS 0.4%
2.1% AFRICA ANDMIDDLE EAST
71.7% EUROPEAN UNION
12.3% NORTH AMERICA
7.0% CENTRAL AND
SOUTH AMERICA
FAR EAST 3.5%
3.2% REST OF EUROPE
SEGMENTS
12
SEGMENT FINANCIALS
SEGMENT REVENUEHY1 2013 HY1 2014 %
EUROPEAN UNITS 320.9 377.0 + 17.5%AREA UNITS 154.2 163.1 + 5.8%
VENTURES – – –
SEGMENT EBITHY1 2013 HY1 2014 %
EUROPEAN UNITS 44.7 46.8 + 4.8%AREA UNITS 3.8 2.8 (27.7%)
VENTURES (8.8) (8.4) + 3.7%
13Acc. to IFRS in EUR million. Minor rounding differences may occur.
EUROPEAN UNITS SEGMENT
Still a mixed picture in Europe, but strong increase in revenue of 17.5%» Business units Loader Cranes, EPSILON,
Railway Systems and Production posted increases» Other business units stagnated or recorded declines in revenue » Germany, Austria, Switzerland and the Netherlands saw growth rates,
market in Southern Europe stimulated for the first time in years» Weaker performance in France, Denmark and South Africa » Incoming orders in Europe suggest a slowdown in market dynamics
Continuous growth in global Marine business area» New Boats business unit with production facilities in Vietnam
» Starting on1 August, all marine business activities under joint management
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Revenue increased by 5.8%» North America marked by harsh winter, Q2 extremely successful again» South America suffered losses caused by exchange rate developments
and reduction in public funding» Asia reported substantial increases, sales in China above budget» New production facilities in CIS planned, construction to start in the first half of 2015
Negative EBIT of Q1 compensated, EUR 2.8 million in HY1 2014
AREA UNITS SEGMENT
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VENTURES UNIT
Focus on integration of companies acquired in 2013 » Cross shareholding with SANY» Interest in HIDRO-GRUBERT» Preparation of integration of PM-Group» Introduction of access platforms in China» Consolidation of Marine and Systems/Megarme» Preparation of further acquisitions for the Marine business area
Continuation of cost-related and structural programmes
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KEY FINANCIALSCHRISTOPH KAML, CFO
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KEY FIGURES
HY1 2012 HY1 2013 HY1 2014 %
Revenue 465.1 475.1 540.1 + 13.7%
EBITDA 52.2 54.0 58.1 + 7.5%
EBITDA margin 11.2% 11.4% 10.8% –
EBIT 37.2 39.1 41.0 + 4.9%
EBIT margin 8.0% 8.2% 7.6% –
Result before income tax 31.8 32.2 35.6 + 10.5%
Consolidated net result for the period 23.9 24.7 24.6 (0.3%)
18Acc. to IFRS in EUR million Minor rounding differences may occur.
QUARTERLY FIGURES
Continuation of growth strategy
EBIT margin 9.4% 7.8% 7.0% 7.9% 8.1% 6.6% 6.7% 8.0% 8.4% 7.0% 6.8% 7.5% 7.7%
19Acc. to IFRS in EUR million Minor rounding differences may occur.
223 210 222 224241
223247
226249 241
265 268 273
17.7 19.514.8 16.5 18.1
21.116.9 18.1 20.1 20.9
15.516.520.9
0
50
100
150
200
250
300
Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/140
10
20
30
40
50
Revenue EBIT
322 373 385 424
136 114 157176
200
505
0100200300400500600700
HY1 2010 HY1 2011 HY1 2012 HY1 2013 HY1 2014
Net working capital (in relation to revenue)
Non-current operating assets
CAPITAL EMPLOYED*
Increase through expansion of business volume, net working capital as percentage of revenue at low level
(25%) (15%) (18%) (19%)(19%)
458 488600
542
20
* Average
705
Acc. to IFRS in EUR million Minor rounding differences may occur.
INVESTMENTS
6.610.1
20.216.7
10.414.1 15.0 14.9
17.1
30.7*
05
101520253035
HY1 2010 HY1 2011 HY1 2012 HY1 2013 HY1 2014
Net investments
Depreciation, amortization and impairment
21Acc. to IFRS in EUR million Minor rounding differences may occur.
* Adjusted by acquisition of interest in SANY,total: EUR 140,716 thousand
Equity increased by 22.7%
GEARING RATIO AND EQUITY
22Acc. to IFRS in EUR million Minor rounding differences may occur.
360.7 375.6
157.9 163.4
344.0
194.5239.7
327.9
460.9
313.3
50.4%53.9%49.8%
63.8%
74.6%
0
100
200
300
400
500
HY1 2010 HY1 2011 HY1 2012 HY1 2013 HY1 20140 %
25 %
50 %
75 %
100 %
Net debt Equity Gearing %
FREE CASH FLOWS
HY1 2012 HY1 2013 HY1 2014
EBTDA 46.8 47.1 52.4
+/– Non-cash result from companies at equity (1.0) (5.3) 0.9
+/– Change in working capital (30.4) (13.8) (45.2)
+/– Cash flows from tax payments (3.6) (4.2) (2.9)
Cash flows from operating activities 11.8 23.8 5.2
+/– Cash flows from investing activities (23.9) (18.8) (157.0)
Cash flows after changes in working capital & investments (12.1) 5.0 (151.8)
+/– Cash flows from interest on borrowings adjusted by tax expense 4.0 4.5 4.4
Free cash flows (8.1) 9.5 (147.4)
Cash flows from equity/investor capital (22.2) (19.3) 39.1
Cash flows from net debt 34.3 14.3 112.7
23Acc. to IFRS in EUR million Minor rounding differences may occur.
OUTLOOKHERBERT ORTNER, CEO
24
OUTLOOK AND OBJECTIVES – INTERNALLY
Internationalization strategy to be continued» Completion of product portfolio» Focus on China and Russia
Joint management of Marine business area
Further increase in flexibility» Processes in production and administration, fixed-cost control» Reducing complexity, also in global organizational structure
Alignment of production structures: global–local requirements
25
OUTLOOK AND OBJECTIVES – EXTERNALLY
Economic situation in Europe remains heterogeneous, marked by uncertainty
Growth expected in regions outside Europe, but political tensions influence customers’ investment behaviour
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Once again, record revenue is planned
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 ofpreparation of this presentation. Actual outcomes and results may be different from those predicted.
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BACK UP
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BALANCE SHEET STRUCTURE
376 461254 308236
317
0
500
1000
1500
HY1 2013 HY1 2014
Curent liabilitiesNon-current liabilitiesEquity
432 587
433498
0
500
1000
1500
HY1 2013 HY1 2014
Non-current assets
Current assets
1.085
ASSETS LIABILITIES
865
29Acc. to IFRS in EUR million Minor rounding differences may occur.
1.085865
FINANCING STRUCTURE AS AT 30 JUNE 2014
Ø Interest rate 2.48%
Ø Remaining time to maturity 2.5 years
Financial assets EUR 24.0m
Equity ratio 42.5%
Maturity
30Acc. to IFRS in EUR million Minor rounding differences may occur.
99
52
217
0
50
100
150
200
250
2014 2015 after 2015
PALFINGER SHARES
31
ISIN AT0000758305
Number of sharesthereof own shares
37,593,258291,968
Share price as at end of period EUR 26.80
Market capitalization EUR 1,007.5 m
Earnings per share EUR 0.69
SHAREHOLDER STRUCTURE SHAREHOLDER INFORMATION AS AT 30 JUNE 2014
59%Palfinger family
30%free float
1% PALFINGER AG
10%SANY Group
80
100
120
140
160
180
200
PERFORMANCE OF PALFINGER SHARES SINCE 2013
2 Jan 2013 25 July 2014
PALFINGER AGEUR 24.81
ATX
DAX
32
2 Jan 2014
