rosenbauer group · europe: austria, germany, switzerland, slovenia, spain, russia usa: minnesota,...
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Rosenbauer Group November 2014
Page 2
Highlights 1-9/2014
■ Strong third quarter in difficult market environment ■ Revenues up 5% at € 541.5 million and EBIT increase of 13% to € 31.6 million
■ Rosenbauer Saudi Arabia and Rosenbauer UK included for first time
■ Increased deliveries in US and from Spain
■ EBIT up on same period of previous year at € 31.6 million (1-9/2013: € 28.0 million).
■ Rise in US segment earnings
■ Capitalization of development costs of € 1.8 million
■ Earnings improvement in German segment
■ Expenses in connection with expansion of Plant II squeeze earnings
■ Ongoing rise in order situation ■ Incoming orders increase by 5% to € 632.3 million (1-9/2013: € 599.6 million)
■ Order backlog climbs by 19% to € 760.1 million
■ Rosenbauer expands presence in UK ■ Majority investment in sales and service partner North Fire plc
Page 3
Sector development
■ Fire equipment markets differ again in 2014 ■ No marked improvement expected for 2014 ■ Strong need for security after disasters and in emerging markets
■ North America ■ Development rated positively at start of 2014 not seen in H2 ■ Total volume set to decline slightly in 2014
■ Europe ■ Germany: Market characterized by intensive price competition – volume at level
of recent years ■ Austria: Market volume above level of previous years
■ Asia ■ Brisk demand in India and China
■ Middle East ■ Investment activity still at high level due to security concerns and abundant
natural resources
Page 4
Continuous growth
■ More than a decade of continuous increases in volume ■ Intensified penetration and opening up of existing and new markets
■ 150% increase in sales revenues from € 300 m in 2004 to € 740 m in 2013
■ Corresponding, ongoing location expansion ■ Europe: Austria, Germany, Switzerland, Slovenia, Spain, Russia
■ USA: Minnesota, South Dakota, Nebraska
■ Asia: Singapore
■ Middle East: Saudi Arabia
Leonding/A
Neidling/A
Karlsruhe/D Luckenwalde/D Oberglatt/CH
Radgona/SLO Linares/E
Wyoming/MN/USA Lyons/SD/USA Fremont/NB/USA
Moskau/R
Singapur
Leonding/A
Page 5
Factory of the future
■ Completely new set-up of production in line with the latest standards ■ Need to create reserves for further growth
■ Extra costs due to the high degree of space utilization
■ Production areas enlarged for existing product range
■ Investment volume ~ € 12 million in 2013 / 2014 ■ Acquisition of premises planned for end of 2014 or early 2015
■ Purchase negotiations to be concluded in 2nd half of year
Page 6
PANTHER next generation
■ Ongoing development of PANTHER 4x4 and 6x6 models ■ Improved performance, greater user and operating comfort
■ Debut presentation at Intercuts 2015 in Hanover
Financal data 1-9/2014
Page 8
Highlights 1-9/2014
■ Strong third quarter in difficult market environment ■ Revenues up 5% at € 541.5 million and EBIT increase of 13% to € 31.6 million
■ Rosenbauer Saudi Arabia and Rosenbauer UK included for first time
■ Increased deliveries in US and from Spain
■ EBIT up on same period of previous year at € 31.6 million (1-9/2013: € 28.0 million).
■ Rise in US segment earnings
■ Capitalization of development costs of € 1.8 million
■ Earnings improvement in German segment
■ Expenses in connection with expansion of Plant II squeeze earnings
■ Ongoing rise in order situation ■ Incoming orders increase by 5% to € 632.3 million (1-9/2013: € 599.6 million)
■ Order backlog climbs by 19% to € 760.1 million
■ Rosenbauer expands presence in UK ■ Majority investment in sales and service partner North Fire plc
Page 9
Revenues and EBIT (in € million)
421.2
368.5
430.2
517.3 541.5
33.3
23.3 20.5
28.0 31.6
0,0
10,0
20,0
30,0
40,0
50,0
60,0
0,0
100,0
200,0
300,0
400,0
500,0
600,0
1-9/2010 1-9/2011 1-9/2012 1-9/2013 1-9/2014
RevenuesEBIT
7.9% 6.3% 4.8% EBIT margin 5.4% 5.8%
Page 10
Revenues and EBIT quarterly (in € million)
159,5
214,8
154,8
183,7 178,8
220,6
147,9
206,4
187,2
8,7
18,2
3,7
13,1
11,2
14,3
4,7
15,3
11,7
0
5
10
15
20
25
0
50
100
150
200
250 Q
3/12
Q4/
12
Q1/
13
Q2/
13
Q3/
13
Q4/
13
Q1/
14
Q2/
14
Q3/
14
Revenues EBIT
Page 11
Financial data (in € million)
1-9 / 2014 1-9 / 2013 in %
541.5 517.3 + 5%
EBIT 31.6 28.0 + 13%
EBIT margin 5.8% 5.4% -
EBT 30.5 27.6 + 11%
Net profit for the period 24.0 19.4 + 24%
Cash flow from operating activities (115.0) (29.0) -
■ Cash flow distinctly negative due to the seasonal increase in working capital during the financial year
■ Cash flow expected to improve by the year-end
Page 12
Key balance sheet data (in € million)
Sept 30, 2014 Dec 12, 2013 Sept 30, 2013
Total assets 587.4 415.6 493.9
Equity in % of total assets 33.2% 45.2% 36.2%
Capital employed (ø) 352.9 285.7 326.7
ROCE 9.0% 14.8% 8.6%
ROE 16.0% 23.4% 15.9%
Net debt 199.0 48.8 148.3
Gearing ratio 102.2% 25.9% 83.0%
■ High level of working capital results from the several-month-long turnaround times
■ Increased numbers of shipments shortly before the end of the quarter
Page 13
Number of employees (September 30)
938
1,017
1,100
1,183
1,291
517
516
604
651
701
499
498
558
571
644
83
81
91
176
262
30.09.2010
30.09.2011
30.09.2012
30.09.2013
30.09.2014
Austria USA Germany Rest of the world
2,581
2,353
2,112
■ Headcount growth mainly in production-related areas at the plants in Austria, Saudi Arabia and the USA
■ In addition about 300 temporary employees are working for the Group
2,037
2,898
Page 14
Investments and Depreciation (in € million)
11,5 14,7
25,4
~ 45
~ 15
8,1 9,3 10,2
15,0
2011 2012 2013 2014e 2015e
Investments Depreciation
Purchase Plant II in
2014
Extr
aord
. inv
estm
ent
Plan
t II
Page 15
Rosenbauer share
1-9/2014 1-9/2013
Highest share price in € 70.1 59.9
Lowest share price in € 67.0 45.0
Closing price in € 70.0 58.0
Capitalization in € mill. 476.0 394.4
BVG * 51%
Free float 44%
Investor FR 5%
* Rosenbauer Beteiligungsverwaltung GmbH
50,0
55,0
60,0
65,0
70,0
75,0
Jan Feb Mrz Apr Mai Jun Jul Aug SepRosenbauer EURO ATXPrime indexed
Outlook
Page 17
Order intake / backlog (in € million
Order intake Order backlog
367.4
456.1
400.6
599.6
632.3
1-9/2010
1-9/2011
1-9/2012
1-9/2013
1-9/2014
453.4
478.0
676.0
641.2
760.1
30.09.2010
30.09.2011
30.09.2012
30.09.2013
30.09.2014
Page 18
Outlook
■ Stable development forecast for fire equipment sector ■ Europe at average level, however intensive price competition
■ Still no sign of market recovery in US
■ Good project landscape in international business
■ Extension of technology leadership ■ Preparations for fire equipment trade fair “Interschutz 2015” well under way
■ Full order books ensure capacity utilization ■ As successful as last year
■ 2014 revenues at least on par with previous year
■ Improvement in 2013 EBIT margin of 5.7%
Rosenbauer International AG 4060 Leonding, Paschinger Str. 90, Austria Phone: +43 732 6794-0, Fax: +43 732 6794-89 [email protected] www.rosenbauer.com
Thank you!
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Disclaimer
This presentation has been prepared by Rosenbauer International AG for information purposes only. Maximum care has been taken to ensure that the information contained herein is not untrue, however, Rosenbauer International AG does not assume any responsibility for its complete accuracy or correctness.
This presentation may not be reproduced, transmitted or distributed (in whole or in part) by any other person. Unless otherwise stated, all views (including statements and forecasts) are solely those of Rosenbauer International AG and are subject to change without notice.
This presentation is aimed solely at investment professionals who are expected to make their own investment decisions without placing undue reliance on the information interpreted by Rosenbauer International AG, which under no circumstance accepts any responsibility for consequences arising from the use of this report.
This document does not constitute an offer or invitation to subscribe for or purchase any securities and neither this document nor anything contained herein shall form the basis of any contract or commitment whatsoever.