rosenbauer group · 2020. 8. 13. · investor presentation i 13. level 1. level 2. level 3....

Rosenbauer Group

PersonDate

Investor & Analyst Presentation I H1 2020 Financial FiguresSebastian Wolf I CFO

August 14, 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.This presentation may not be reproduced, transmitted, or distributed(neither in its entirety nor in part). Unless otherwise stated, all information(including financial statements and forecasts) is the property ofRosenbauer and may therefore be changed without prior notification byRosenbauer.All decisions based on information included in the Rosenbauerpresentation are the sole responsibility of the user. Rosenbauer acceptsno liability for the actions and consequences resulting from the use of thepresentation.None of the information provided in the presentation constitutes, or isintended to be, an invitation to buy or trade in Rosenbauer shares.

Agenda

1. Rosenbauer Group at a glance

2. H1 2020 financial figures

3. Outlook

Q&A

Rosenbauer Group at a glance

Bilanzpressekonferenz I 5

Equity story

■ Globally leading system provider of fire-fightingequipment and preventive fire protection

■ First moverpioneeringsustainabilitytechnologies

■ Hybrid fire truck„RevolutionaryTechnology“ (RT)

■ 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 geographiesand products

■ High R&D expenditures, Rosenbauer Group holdsmore 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

■ A premier producer offire-fighitng vehicles

■ 16 % RB marketshare (global marketvolume 2018: ~ 19,500 units)


Global network of production facilities, sales and service offices

ProductionSales / Service

Around 250 sales partners worldwide.

EUROPEAUSTRIALeondingNeidlingGrazTelfs

FRANCEMeyzieu

GERMANYKarlsruheLuckenwaldeMogendorf and GladbeckBad Abbach-LengfeldViersen

ITALYRoveretoAndrian

POLANDWarsaw

RUSSIAMoscow

SLOVENIARadgona

SPAINLinaresMadrid

SCHWITZERLANDOberglatt

UNITED KINGDOMHolmfirth

AMERICALyons / South-DakotaFremont / NebraskaWyoming / MinnesotaRosenbauer America

MIDDLE EAST/ AFRICASAUDI-ARABIADschiddaKAECRiad

SOUTH AFRICAHalfway House

ASIA/AUSTRALIACHINAKunming

SINGAPORESingapore

PHILIPPINESMandaluyong

BRUNEI

AUSTRALIABrisbane



World firefighting vehicle market 2009-2018

Fire-fighting vehicle market worldwideApproximate number of vehicles in thousands

Fire-fighting vehiclemarket worldwideGlobal annual volumein EUR billion

16 16 15 1617

21.5 2219 21 19.5

2009 1110 1614 201812 1513 17

+2.2%p.a.

3 3 2.8 3.13.4

3.74.2 4.3 4.3

4.8

15102009 111 12 13 1614 17 2018

+5.4%p.a.

541.8595.7

541.6645.1

737.9813.8

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 GroupRevenuesin EUR million



Leading system provider for fire protection(Product segments and % of group revenues; as of Dec. 31 2019)

7%

9%

6%

16%

16%

40%

Municipalvehicles

ARFFvehicles

Aerials

Industrialvehicles

Vehicles78%

Fire & SafetyEquipment

Customer Service

Stationary FireProtection

2%4% sonstige Umsätze



Comparison of competitors 2018/19

■ Global annual volume € 4,800 million (2017: € 4.250 million)■ Appr. 19,500 vehicles (2017: appr. 21,100)

■ Buyers are mainly public institutions■ Consolidation of North-American markets favors US producers■ Share of revenues of the top-10-companies appr. 70%

0 100 200 300 400 500 600 700 800 900 1000

Desautel / France (2018/19)Ziegler Group ***) / Germany (2018/19)

Spartan / USA (2018/19)Iturri Group / Spain (2018/19)

Magirus Group**) / Germany (2018/19)NAFFCO / UAE (2018/19)

REV Group*) / USA (2018/19)Morita Corp / Japan (2018/19)

Rosenbauer Group / Austria (2019)Pierce Oshkosh / USA (2018/19)

Ranking of fire fighting vehicle manufacturer (revenue in € million)

*Owner of E One, KME, Ferrara ** Owner CNH Industrial Group*** Owner CIMC / ChinaSource: Latest annual financial statements / estimates / (August 2020)


First pre-series vehicles of the RT model to be handed over in September

Strong feedback and initial orders from premium customers

Berlin fire service

Brandweer Amsterdam

Dubai Civil Defence

Oslo Fire Brigade

L.A. Fire Department

Pre-reservationsfor 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■ The first pre-series vehicles (Amsterdam, Berlin,

Dubai) are going to be presented at a big launch event on 23 September 2020.


Further product launches in fall 2020

Although INTERSCHUTZ has been rescheduled for 14 - 19 June 2021 Rosenbauer Group is going to launch its product innovations via alternative channels.

Most products will be presented until year-end, either virtually or live at fairs.

Roadmap to product launches■ 14 September: Innovations in aerials (opening ceremony of fully-robotized ladder welding,

Karlsruhe)■ 8 - 10 October: Novelties from aerials and equipment (Florian trade fair, Dresden)■ 29, 30 October: Innovations in municipal (Retter trade fair, Wels)


COVID-19 pandemic:Risks to Rosenbauer Group

DisruptionsNo permanent disruptions so far.

RisksCustomer acceptances■ Single delays ■ Currently no official shut-downs of service locations or production sitesSupply chain■ Suppliers of chassis have restarted their production, single delays in

the US Staff■ Initial concerns and uncertainty vanishing, sick leave on low levelsRegulation■ Procedural specifications (travel ban, minimum distances, protective

mask obligation, no business trips etc.)

Normal operationLiquidityITEnergy supply, waste


Level1

Level 2

Level3

COVID-19 pandemic: Rosenbauer trafficlight system – Main measures*

■ Minimum distance of 1 meter or mouth / nose protection, no handshakes, hand disinfection

■ Avoid face-to-face meetings, hold online meetings instead■ External visitors are given access only to predefined areas■ Home office is recommended, whereever feasible

■ Mouth / nose protection mandatory■ Meetings must be held online■ No groups of more than 5 people

■ Minimum distance of 2 meters■ No external visitors■ Limited maximum occupancy of offices and meeting rooms

*) Selection. The measures of the three security levels are complimentary.

H1 2020 financial figures


Rosenbauer Group highlights

■ The Rosenbauer Group increases revenues by 16 % to € 458,0 million in the first six months 2020, which marks a new all-time-high with regards to the reporting period■ All sales areas contribute to revenue growth; foremost Area NISA, Area MENA

and Area NOMA ■ In spite of the COVID-19 pandemic EBIT improves to € 5.4 million

■ Financial strain from the global health crisis amounts to € 9 million ■ As TWC efforts show first results net debt remains stable year-on-year,

operating cash flow is significantly better■ Order intake with € 455.3 million on the same level as revenues, order backlog

still rock solid■ Against this backdrop Rosenbauer management expects revenues 2020 to

exceed previous year´s figure moderately, EBIT margin between 4% and 5%


Financial figures

€ million 1-6/2018 1-6/2019 1-6/2020 2019/ 2020

Revenues 352.7 394.6 458.0 +16%

EBIT 10.1 5.2 5.4 +4%

EBIT margin 2.9% 1.3% 1.2% -

EBT 6.1 2.0 2.5 +25%

Net profit for the period 5.3 1.6 2.2 +38%

Cash flow from operating activities -39.4 -115.7 -34.0 +71%


Revenues and EBIT quarterly

211,7 210,9243,1

162,4190,3 199,3

357,4

175,8

218,8 219,9

363,6

232,9 225,1

5,8

12,1

6,3

1,1

8,97,0

31,8

2,1 3,1

9,9

36,8

4,3

1,1051015202530354045505560

0

50

100

150

200

250

300

350

400

450

500

Q2/

17

Q3/

17

Q4/

17

Q1/

18

Q2/

18

Q3/

18

Q4/

18

Q1/

19

Q2/

19

Q3/

19

Q4/

19

Q1/

20

Q2/

20

Revenues EBIT

€ million


Revenues development

NOMAH1 19 CEEU SFPAPAC H1 20

Area RevenueH1 2020 139.0 38.753.5 60.4 153.6 12.8

Area RevenueH1 2019 131.0 29.838.4 56.0 128.7 10.7

Order IntakeH1 2020

CEEU MENANISA APAC NOMA

€ million

394.6 +8.0 +15.1 +8.9 +4.4+24.9 +2.1 458.0

+16.1%

67.952.7 33.8 125.8 12.5162.6

■ Rosenbauer Group with revenues at a new all-time-high in 1-6/2020

■ All businesssegments contributeto revenue growth

■ Area NISA, Area MENA and Area NOMA showstrongest increases


EBIT development

NOMAH1 2019 CEEU SFPAPAC H1 2020

Area EBITH1 2020 1.3 0.9-0.6 -1.9 6.9 -1.2

Area EBITH1 2019 3.9 -2.3-0.5 1.3 4.6 -1.8

CEEU MENANISA APAC NOMA

€ million

5.2

-2,6 -0.1

+3.2

-3.2

+2.3+0.6 5,4

+3.8%

■ In spite of theCOVID-19 pandemic EBIT improves in 1-6/2020

■ Area MENA andArea NOMA withbiggest increases

■ Financial strainfrom the global health crisisamounts to € 9 million


Financial strain from COVID-19 pandemic

0

2

4

6

8

10

12

14

- € 3.3 millionEffect on further production sites in Europe and Asia

- € 5 millionLost revenues, reduction of contribution margin

- € 3.7 millionDecrease of productive hours

Main production

sitesin Austria

€ 3 millionCompensation from AMS

(short time work)


Investments

CAPEX, depreciation and amortization€ million

■ New pump test bench at plant II in Leonding■ Welding robot for aerial ladder production in Karlsruhe■ Procurement of SAP ERP licenses

11,0

7,78,2

6,8 7,07,07,8

8,4 8,3 8,6

H1 2016 H1 2017 H1 2018 H1 2019 H1 2020

Investments Depreciation and amortization


Accounting ratios

€ million / % Jun. 30, 2019 Dec. 31, 2019 Jun. 30, 2020 FY 2019/ H1 2020

Total assets 900.8 977.5 989.5 +1%

Equity ratio 25.1% 25.9% 25.2% -

Capital employed (ø) 597.2 603.8 696.7 +15%

ROCE 0.9% 8.6% 0.8% -

ROE 0.9% 18.6% 1.0% -

Net debt 396.8 342.5 393.4 +15%

Gearing ratio 175.6% 135.1% 158.1% -

1) Total assets without application of IFRS 16: 957.2 m€2) Equity ratio without application of IFRS 16: 26.0%3) Net debt without application of IFRS 16: 360.9 m€4) Gearing ratio without application of IFRS 16: 144.9%

1

2

3

4


Balance sheet structure (in € million)

328,6466,1478,3478,3

186,5

231,1291,7291,7 181,1

203,6219,5187,2

696,2

900,8989,5957,2

H1/2018H1/2019H1/2020H1/2020w/o IFRS 16

Assets

Receivablesand otherassets

Inventories 266,6413,8 427,2 394,7

220,7

225,9 248,9 249,1152,1

207,2260,2 260,2

56,8

53,953,2 53,2

696,2

900,8989,5 957,2

H1/2018 H1/2019 H1/2020 H1/2020w/o IFRS 16

Provisions

Liabilities andother debt

Equity

Interest-bearingliabilities


■ Long throughput times of 8 to 12 months■ Prepayments averaging 15%■ Average payment term of 78 days

Trade working capital and Financing

FINANCING€ m i l l i o n

TRADE WORKING CAPITAL€ m i l l i o n

Trade Working Capital€ million

Financing€ million

388,6

514,9 505,6

909,4978,1 > 978,1 *

42,7%

52,6% 51,7%

0%

20%

40%

60%

80%

0

250

500

750

1000

H1 2018 H1 2019 H1 2020

Trade Working CapitalAnnual RevenueTrade Working Capital / Annual Revenue

245,5

396,8 393,4

220,7 225,9 248,9

111,2%

175,6%

158,1%

50,00%

70,00%

90,00%

110,00%

130,00%

150,00%

170,00%

190,00%

0

50

100

150

200

250

300

350

400

H1 2018 H1 2019 H1 2020

Net debtEquityGearing Ratio

*) Guidance 2020


Outlook


Order intake / backlog

Order intake/backlog€ million

Order intake H1 2020by Area (H1 2019)

CEEU36% (36%)

NISA11% (10%)

MENA15% (10%)

NOMA28% (19%)

APAC7% (23%)

SFP3% (2%)

€ 455.3m

376,5458,3

525,4571,1

455,3

812,9 812,0

1.030,5

1.229,4

1.118,2

1-6/2016 1-6/2017 1-6/2018 1-6/2019 1-6/2020

Order intake Order backlog


Regional Group order development

Strong foothold in municipal markets proves favorable Mitigation of lockdown supports recovery of

business, mainly in Central Europe

Vivid project landscape Uncertainty about final approvals of budgets

Order intake increases by 22 % year-on-year Local hubs are fully operational Low oil price as a persisting challenge

Significant slowdown in all product segments Standstill in China, project delays in other markets Local authorities to support local businesses

Order intake increases by 19 % yoy Equipment sales tripled Strong governmental business


Outlook

■ The COVID-19 pandemic has a more severe impact on economic activity than anticipated. For this reason the IMF has lowered its outlook even further in June. The contraction of the global economy is now set at -4.9% in 2020.

■ The economic recovery is projected to be more gradual, with a higher-than-usual degree of uncertainty.

■ The world fire service market follows the economic cycle with a delay of several months.

■ Although demand has slowed down in Q2 2020, the sector should be able to assert itself due to full order books.

■ North-American and Central-European markets should continue their stable performance.

■ Rosenbauer management expects revenues 2020 to exceed previous year´s figure slightly, EBIT margin between 4% and 5%

Thank you for your attention!

Q&A

Appendix


Executive board

Daniel TomaschkoCTO

Supply Chain ManagementCentral TechnicsCenter of CompetenceOperationsStationary Fire Protection

Sebastian WolfCFO

AuditControllingAccounting/TaxTreasuryLegal & Compliance & InsuranceExport FinanceInvestor Relations/CSRIT

Andreas ZellerCSO

Area CEEUArea NISAArea APACArea NOMAArea MENACustomer Service Sales Administration

Dieter SiegelCEO

Corporate DevelopmentHuman ResourcesStrategyInnovation & Marketing Group CommunicationFire & Safety EquipmentProduct Management


Segment reporting by areas

CEEU: Central & Eastern EuropeNISA: Northern Europe, Iberia, South America, AfricaMENA: Middle East & North AfricaAPAC: Asia, Pacific, Australia, ChinaNOMA: North & Middle America


Number of employees (reporting date)

In addition, Rosenbauer employs approximately 300 temporary employees.

1.384

1.335

1.366

1.457

1.597

766

781

828

846

880

779

845

867

928

975

332

354

410

452

515

June 30, 2016

June 30, 2017

June 30, 2018

June 30, 2019

June 30, 2020

Austria USA Germany Rest of the world

3,471

3,315

3,261

3,683

3,967


Rosenbauer share

* Rosenbauer Beteiligungsverwaltung GmbH

1-6/2019 1-6/2020

Highest price € 45.6 45.4

Lowest price € 33.1 23.0

Closing price € 42.5 32.7

Market capitalization € million 289.0 222.4

Dividend € 1.25 0.8

Earnings per share € -0.4 -0.5

BVG *51%Free float

44%

InvestorFR5%

Indizes: ATPX, AFA, AIGS, AP8, AXGP, NAP8, NTFA, TAP8, TFA, VOX, WBI

15 €20 €25 €30 €35 €40 €45 €50 €

Jan Feb Mar Apr May Jun

Rosenbauer EURO ATXPrime index.

ATX Prime -29.7%; ROS -18.5%


Financial calendar

November 17, 2020 Publication of the Interim Statement Q3/2020

rosenbauer group · 2020. 8. 13. · investor presentation i 13. level 1. level 2. level 3....

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