wacker neuson group working side by side with our …...mini excavators mobile cranes compactors...
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1
Wacker Neuson Group – Working side by side with our customers
Why Wacker Neuson? 01
What makes us strong? 02
Where are we heading? 03
Appendix: Financial results H1/19 04
2
Why Wacker Neuson?
Maximum productivity & machine uptime
Comfortable & intuitive machine handling
Operator health & safety
Service, Partnership, Reliability
Attractive total cost of ownership
We align growth with our customers’ needs
4
We drive innovation to improve our customers’ processes
5
Dual View Dumper Zero emissionVertical Digging System Onsite Box – mobile shop
Connected products Remote-control steeringHand-arm vibrations Modular design
Wireless handling with no
emissions
Cockpit rotatable by 180°
Shorter process
times due to exact vertical digging
On-site support for
our customers
Flexibility with one battery fitting 7
products
Give your machines a
voice!
Operating equipmentwithout any
time restrictions
Maximizing operator comfort
We see our customers as our partners
6
Strong customer involvement in R&D
Sophisticated value engineering
Voice
of customer
Technical
benchmarking
Early involvement
of all functions
Front Loading
With our accelerated
customer-oriented
product development
process, we provide our
customers with the right
features and the best
quality at the best price.
Teamwork at every step of the value chain
Research & Development
We are a one-stop provider with an unrivaled offering
7
Light Equipment (LE) Compact Equipment (CE)
Different product groups
same customers
27%of Group sales1
53%of Group sales1
AcademyUsed Machines2Repair2 &
Maintenance2Rental Service2 Genuine PartsConcrete
solutions
Financial Solutions E-Store2 Telematics
Services
20%of Group sales1
1 FY 2018. 2 In selected countries.
Competitors include
Ammann
Bomag
Husqvarna
Weber MT
Customers trust in our longstanding expertise in LE
8
Demolition
Light Equipment (LE)
27%of Group sales1
CompactionConcrete technology
Power & Lighting Pumps
Heaters
€ 1,800Average price of a LE product1
In 1930, Wacker invented
the electric rammer. The
term "wacker packer" is still
used on construction sites.
1 FY 2018.
Customers opt for the advantages of compact equipment
9
Telehandlers Wheel loaders
Compact Equipment (CE)
53%of Group sales2
Dumpers Backhoe loaders Skid steers / Compact track loaders
Excavators
€ 32,000Average price of a CE product2
Urbanization,
limited space and
mechanization are
driving demand for
compact equipment
in construction and
agriculture.
Competitors include
Kubota
Takeuchi
Yanmar
Manitou
JCB
Bobcat (Doosan)
1 own estimates, based on underlying data from CECE and Off-Highway Research 2 FY 2018.
EUR 18 Bnexpected value of global compact
construction equipment market
accessible to Wacker Neuson in 20251
Market leaders trust in the WN Group’s high quality products
10
OEM (APAC)OEM (global2)Sales (EMENA & CIS1)
Wacker Neuson produces
for Caterpillar2
Kramer3 distributes
via JD’s dealer network
Wacker Neuson produces
for John Deere
Wacker Neuson produces
for Würth
OEM (Europe)
1 Commonwealth of Independent States. 2 Not in Japan, phasing out. 3 Kramer “green line” only.
Service is key to our customers’ success
Academy
Used Machines2Repair2 &
Maintenance2
Financial Solutions
Rental Service2
E-Store2
Genuine Parts
Telematics
Concrete Solutions
Comprehensive services Collaborative relationship
We are there for our customers, listening,
sharing our expertise and working closely
with them to find the best solutions.
140 sales
and service
locations
Service, Partnership,
Reliability
Customer proximity
20%of Group sales1
>500service technicians
in close proximity
to our customers
111 FY 2018. 2 In selected countries.
12
What makes us strong?
We serve our markets with three strong brands
13
Construction, gardening/landscaping, maintenance/repairs etc. Agriculture, horse breeders, tree nurseries etc.
Our diversified sales organization responds to regional needs
Direct sales &
rent to sell1 DealersKey accounts
& rental firmseCommerce1
Country-specific sales with long-standing customer relationships
1 In selected countries.14
We drive electrification in our industry
EZ17e
DW15e
DT10e
AP1840e AP2560e
AS60e
AP1850e
ACBe
Full portfolio of zero emission products
ChangeWe are well prepared for the
shift to zero emission
construction sites
“If we learn early enough that
ambitious climate demands will
be imposed, we can drive
innovation forward by
demanding zero-emission
solutions from machinery
manufacturers, equipment
suppliers and contractors.”1
1 Ole Henrik Ystehede, director of EBA (Contractors Association - Building and Construction) for Oslo/Akershus/Østfold.
Through a smart and
innovative procurement
strategy, the City of Oslo
reduces climate gas
emissions at
construction sites.
15
Digitalization creates new opportunities for our business
Connected products –
always a step ahead
Pinpointing location –
connected jobsites
Give your machines a voice
Increasing runtime –
predictive maintenance
Transparency –
Real-time data analysis
Increasing efficiency –
smart products
Optimizing utilization
16
Our diversified business balances out cyclical fluctuations
17
Focus on maintenance & repair
of infrastructure large infrastructure
projects have no major impact on our
business
Rental equipment as buffering alternative to purchasing new
machines maximum flexibility for customers
Only small investment volumes
required
Broad customer base, diversified target industries
Different cycles in agriculture & construction
Resilience to cyclical
fluctuations
1 Source: Off-Highway Research, April 2019. 2 FY 2018
15%of Group sales
from agriculture2
>10different target
industries
0
400
800
1,200
1,600
2,000
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
Global equipment sales (units) Revenue WN Group (€ million)
-33%
1
+39%
[units] [€ m]
Where are we heading?
We are on a steady growth path
Revenue development
597758
9921,092 1,160
1,2841,375 1,361
1,5341,707
CAGR +12.4%[€ m]
19
>2 bnrevenue
Strategy
2022targets
2 timesmarket growth
+11%
Internationalization – plenty of room to grow
20
357.5
397.8
2017 2018
1,129.8
1,248.9
2017 2018
46.6
59.8
2017 2018
+11%
+28%
73%of Group sales1
4%of Group sales123%
of Group sales1
AMERICAS
EUROPE
APAC
[€ m]
[€ m]
[€ m]
1 FY 2018.
Financing programs set up to enable future growth
Extension of anchor dealer network for LE
& CE
Skid steers as door opener for compact equipment
Large potential for
further market share gains
Americas – Anchor dealer strategy to accelerate our growth
21
Light Equipment
Compact Equipment
Services
1 Source: CECE, Off-Highway, 2018. 2 John McClelland, ARA vice president, May 2019.
81,00089,000 91,000
2016 2017 2020e
Skid steer market North America1 (units)
60 yearsin the US light equipment market with
high market shares
“The equipment [...] rental industry is
growing and continues to expand faster
than the overall economy. […] In the
U.S., equipment and event rental
revenue is expected to grow another
4.2 percent in 2020, 4.3 percent in
2021 and 4.7 percent in 2022 to reach
$63.5 billion.”2
2018
Europe – We are striving to increase market shares
22
Light Equipment
Compact Equipment
Services
2018
Further strengthening of
our market position
Gaining significant market
shares in UK & France (i.a.)
Expansion in agriculture with Weidemann and
Kramer
Game changer
We have redefined
safety and accelerated our
customers’ processes with
our dual view dumpers
“The market is maturing and
growing, which is encouraging.
Businesses across Europe
increasingly use rental as part of
their competitive toolkit as it
makes better use of capital,
minimizes environmental impact
and provides access to new
equipment and expertise […].”1
1 Michel Petitjean, Secretary-General of the ERA, ERA Market Report 2018.
Major market shares in DACH –
plenty of room for growth
in other regions
Europe – We are growing our business in the ag sector
23
All-wheel steering
Articulated steering
Our customers are mainly dairy and
cattle farmers who work in confined
spaces such as stables.
They require small, highly
maneuverable machines with a
minimal turning radius and
outstanding stability.
Development of milk prices in Germany2
Price [cent / kg milk]
1 FY 2018. 2 Source: ife Institut für Ernährungswirtschaft, Kiel, March 2019.
+18%growth in CE for the
agricultural sector1
15%of Group sales
from agriculture1
Ramping up production at
recently opened plant in China
Partnership with John Deere will
help improve utilization rate in
new plant
Even small market shares would leverage
our sales significantly
APAC – We benefit from structural market changes in China
24
Light Equipment
Compact Equipment
Services
1 Source: Off-Highway Research, April 2019.
0%
20%
40%
60%
80%
100%
Crawler Excavators Wheeled LoadersMini Excavators Mobile CranesCompactors & Pavers Graders & Dozers
Changing market structure in China – compact equipment on the rise1
52,100
65,00072,000
2018 2019e 2023e
Mini excavator market China 2018 – 2023e (units)1
2018
Cooperation with John Deere for the sale of
“Deere”-brand mini and compact excavators
initially in China, Australia and selected Southeast
Asian countries.
1 Source: Off-Highway Research, April 2019. 2 May 2019
APAC – In the region for the region
>20 yearsin the Chinese
light equipment market
Our R&D team in
China comprises
18engineers
working on
solutions tailored
to the region2
Excavator: EZ17.Key Chinese players Key International players
Sany
XuGong
(XCMG)
LiuGong
Caterpillar
Volvo
Hitachi
Kobelco
Kubota
Doosan
Hyundai
China – divided competitive landscape
Newly opened production and R&D center in China
25
We benefit from megatrends
- Maintenance of
infrastructure
- Limited space
- Clean air
regulations
- Noise pollution
- Growing
middle class
- Food
- Mechanization
- Infrastructure
- Housing
- Energy efficiency
- Waste
management
- Process
optimization
- Telematics
- Smart products
- Building Infor-
mation Modeling
(BIM)
26
Solid Balance Sheet Structure
271 As at September 30, 2019.
54%Equity ratio1
1.9Net financial debt/
EBITDA1
Excellent basis
for further profitable growth
Clear-cut strategy and experienced management team
28
Martin Lehner
CEO
Responsible for strategy, procurement,
production, technology, quality, investor
relations, corporate communication,
sustainability, compliance, HR and legal
matters.
Alexander Greschner
CSO
Responsible for sales, service and
marketing.
Wilfried Trepels
CFO
Responsible for finance, audit, IT,
Supply Chain and real estate.
Customer-focused strategy
- Streamlining
production sites
29
- Focus on core
areas of expertise
- China as a
growth market
- Development of
digital solutions for
our customers
- Investment in
growth fund for
Industry 4.0
startups
- Expansion of zero
emission product
portfolio
- Employee
development
programs
- Better integration
of sales and
production
- Streamlining the
Group’s internal
supply chain
CUSTOMER CENTRICITY
Share Development
30
The share in 20191
Key figures per share
Dividend payout
1 As at Nov. 5, 2019 2 Peer group: Ashtead, Atlas Copco, Bauer, Caterpillar, Cramo, Deutz, DoosanBobcat, Haulotte,
Husqvarna, John Deere, Komatsu, Manitou, Palfinger, Ramirent, Terex, United Rentals, Volvo.
Family 58%
Free float 42%
in € 9M/19 9M/18
Adj. earnings per share 1.14 1.09
Book value per share 17.35 17.11
Share price at end of period 16.00 22.08
Market capitalization (€ m) 1,122.2 1,548.7 (Total shares: 70,140,000)
Coverage1 Shareholder structure
Bank TP (€) Recom. Date
Metzler 27.00 Buy July 04, 2019
Commerzbank 23.00 Buy Oct 16, 2019
Warburg 22.90 Buy Oct 17, 2019
Hauck & Aufhäuser 22.50 Buy Oct 17, 2019
Bankhaus Lampe 18.00 Buy Oct 31, 2019
MainFirst 17.00 Neutral Oct 15, 2019
Kepler Cheuvreux 12.00 Reduce Oct 16, 2019
1.30
0.940.81
1.25
2.06
0.50 0.50 0.500.60
38%53%
62%48% 53%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
0.00
0.50
1.00
1.50
2.00
2.50
2014 2015 2016 2017 2018
EPS in € Dividend per share in € Payout ratio
1.10 Special
dividend
0.50
0.60
%
2
75
100
125
150
175
Wacker Neuson SDAX DAX Peer group
-1%
Wrap up
31
Resilience to cyclicality
Focus on maintenance & repair of
infrastructure
Broad customer base, diversified target
industries
Solid base
Growth potentialMegatrends as
business driversGlobal trend towards compact equipment
Growth opportunitiesin Europe, North
America and APAC
Sales channelsDirect sales & rent
to sellDealers
Key accounts & rental firms
eCommerce
Products
Innovation- and market-leading position in light and compact equipment
Future-proof product portfolio
driven by innovation
One-stop shopPioneers in zero
emissionsolutions
Focus on theright products forthe right markets
High equity ratio, family as anchor
shareholders
32
Appendix – Financial results Q3/19
Key figures
33
NWC ratio1: 48.1%
(+9.8 PP yoy)
DIO2: 173 days
(+22 days yoy)
Equity ratio: 54.0%
(-11.3 PP yoy)
September 30, 2019
Revenue yoy
+12%
EBIT yoy
-4%
Op. CF
€ 2 m
FCF
€ -17 m
(margin: 8.6%)
Q3/19
(€ 467 m)
(Q3/18: € -3 m)(Q3/18: € 10 m)
Revenue yoy
+14%
EBIT yoy
+4%
Op. CF
€ -143 m
FCF
€ -203 m
(margin: 8.8%)
9M/19
(€ 1,418 m)
(9M/18: € 9 m)(9M/18: € -26 m)
1 Net working capital/annualized revenue for the quarter.2 Days inventory outstanding: (inventory/annualized cost of sales for the quarter)*365.
379 392 371
455416
466435
516467
10.6%
7.8%6.2%
12.3%
10.1%8.4%
6.9%
10.5%8.6%
0%
5%
10%
15%
20%
25%
0
100
200
300
400
500
600
Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19
Revenue and earnings
34
+12%
Q3/19: Revenue remains on growth path
Income statement (condensed)
Q3/19: Comments
Revenue +12.4% yoy (adj. for FX effects: +11.1%)
▪ Strong growth in all reporting regions
▪ Sustained above-average growth for compact equipment targeted at the
agricultural sector (+23% yoy)
Gross profit +3.5% yoy (gross profit margin -2.2 PP)
▪ Cutbacks in production programs resulted in overcapacity, which
impacted productivity at production plants
▪ Increase in profitability in the US could not be realized within the
planned timeline
▪ Unfavorable product and customer mix for new equipment sales
EBIT -3.8% yoy (EBIT margin: -1.5 PP)
▪ Operating costs increased below average; their share of revenue
decreased by 0.7 PP yoy
▪ Decrease in gross profit margin could not be compensated for
Earnings per share -5.1% yoy
▪ Financial result € 1.6 m down on prior year: Attributable to a rise in
interest expenses caused by an increase in gearing and the initial
application of IFRS 16
▪ Tax rate decreased slightly yoy to 28.6% (Q3/18: 29.3%)
€ m Q3/19 Q3/18 9M/19 9M/18
Revenue 467.2 415.8 1,417.9 1,240.9
Gross profit 117.9 113.9 364.8 339.0
as a % of revenue 25.2% 27.4% 25.7% 27.3%
SG&A incl. other income/expenses -77.7 -72.1 -240.1 -218.6
as a % of revenue -16.6% -17.3% -16.9% -17.6%
EBIT 40.2 41.8 124.7 120.4
as a % of revenue 8.6% 10.1% 8.8% 9.7%
Financial result -4.2 -2.6 -8.9 -7.9
Taxes on income -10.3 -11.5 -35.7 -45.3
Profit for the period1 25.7 27.7 80.1 122.0
EPS (in €) 0.37 0.39 1.14 1.74
Adj. EPS (in €)2 0.37 0.39 1.14 1.09
1 The 9M/2018 period includes an extraordinary earnings contribution of € 45.8 m after tax from the sale of a real
estate company belonging to the Group. 2 Adjusted to discount the extraordinary earnings contribution.
Revenue
[€ m]
EBIT
margin
Q3/19: Above-average growth with light equipment
467.2
14.7
114.9
337.6
Total Q3/19
Asia-Pacific
Americas
Europe
Business development by region and business segment
35
Q3/19: Double-digit growth in all regions
Revenue Europe +10.0% yoy (adj. for FX effects: +9.9%)
▪ Continued above-average growth in England, France, Germany, Austria,
the Czech Republic, Spain and Italy
▪ Gains in particular with dumpers, wheel loaders, telescopic handlers and
compaction technology
▪ Revenue generated with Weidemann- and Kramer-branded compact
equipment for the agricultural sector +23% yoy
▪ EBIT1 was clearly lower than the prior year at € 36.0 m (Q3/18:
€ 47.9 m) due to, among other things, a drop in productivity;
positive effect through consolidation
Revenue Americas +17.6% yoy (adj. for FX effects: +12.7%)
▪ Continued strong growth in worksite technology, esp. generators and
light towers
▪ Significant gains with compact equipment imported from Europe
▪ EBIT1 improved vs. PY (Q3/19: € -1.9 m; Q3/18: € -3.6 m); still affected
by cutbacks in the production program and initial difficulties in rolling out
new processes in the US
Revenue Asia-Pacific +32.4% yoy (adj. for FX effects: +32.4%)
▪ Despite the rise in revenue, earnings did not improve due to strong price
pressure in China (among other things)
▪ Sale of equipment to OEM partner below planned figures due to difficult
market dynamics in China
72%
25%
3%
100%
+10%
+18%
+32%
+12%
36.0
-1.9
-1.3
40.2
Q3/19: Comments
467.2
96.9
248.5
127.1
Total Q3/19
Services
Compact equipment
Light equipment 27%
53%
21%
100%
+17%
+13%
+6%
+12%
share yoy EBIT1Revenue [€ m]
share yoy
1 EBIT for regions before consolidation.2 Revenue by business segment before cash discounts.
Revenue [€ m]2
Inventory and receivables clearly above target, NWC elevated
36
Inventories
Trade payables
Trade receivables
▪ Inventories and trade receivables remained significantly higher than
planned
▪ Trade payables back at prior-year level after temporary rise in Q4/18
through Q2/19 (caused, among other things, by pre-buy engine stock-
building)
▪ Significant rise in net working capital (see next slide)
Comments
439 434 459 462500
553
633 645 663
150 141 153130
151 144
179155
173
0
100
200
300
400
0
100
200
300
400
500
600
700
Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19
249 235273
320 304 303
371413 400
60 5567 64 67
59
78 73 78
0
50
100
150
200
0
100
200
300
400
500
Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19
120134
149163 167
213 208 199
164
41 43 50 46 50 56 59 48 43
0
100
200
300
400
0
100
200
300
Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19
1 Days inventory outstanding = (inventories/(cost of sales*4))*365 days; 2 Days sales outstanding =
(receivables/(revenue*4))*365 days; 3 Days payables outstanding = (payables/(cost of sales*4))*365 days.
Trade payables
[€ m]
Inventories
[€ m]
DIO1
[days]
Trade receivables
[€ m]
DPO3
[days]
DSO2
[days]
Free cash flow remains negative
37
Net working capital
Free cash flow
Cash flow from operating activities
▪ Increase in net working capital due to high levels of inventory and trade
receivables coupled with reduction in trade payables (see previous
slide)
▪ Free cash flow at € -203 m after first three quarters of the year
▪ Production cutbacks were more extensive than planned in order to
rapidly reduce inventory levels while minimizing impact on market
prices
▪ Development of cash flow pushed net financial debt up further (see
next slide)
6163
-41
6 10 8
-116
-29
2
-150
-100
-50
0
50
100
150
Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19
Comments
51 46
-45
57
-3 -12
-143
-43 -17
-160
-120
-80
-40
0
40
80
Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19
568 536583 620 638 644
797858 899
38% 34%39%
34%38%
35%
46%42%
48%
0%
20%
40%
60%
80%
100%
0
200
400
600
800
1000
Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19
Free cash flow
[€ m]
Cash flow from operating activities
[€ m]Net working capital
[€ m]
Net working capital
[as a % of revenue]
1,103 1,115 1,122 1,170 1,200 1,221 1,241 1,188 1,217
67% 69%65% 65% 65% 64%
58%53% 54%
0%
20%
40%
60%
80%
100%
0
200
400
600
800
1,000
1,200
1,400
Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19
195148
193 188 193 205
358
484513
18%13%
17% 16% 16% 17%
29%
41% 42%
0%
20%
40%
60%
80%
100%
0
100
200
300
400
500
600
Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19
Increased gearing in balance sheet
38
▪ Negative development of cash flow (see previous slide) pushes net
financial debt up to € 513 m
▪ Gearing1 up further at 42%
▪ Net financial debt / EBITDA2 clearly above target corridor
0.80.7
1.2
0.60.8 0.8
1.61.5
1.9
0.0
0.5
1.0
1.5
2.0
Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19
Net financial debt and gearing1
Equity and equity ratio
Net financial debt/EBITDA2
Comments
Net financial debt
[€ m]
Equity
[€ m]
1 Net financial debt/equity. 2 Net financial debt/annualized EBITDA for the quarter.
Gearing1
Equity ratio
Net financial debt/
EBITDA2 [x]
Outlook for 2019
39
Earnings guidance for 2019 adjusted
Business index for construction sector is cooling markedly Business index for ag sector remains on downward path
2012 2013 2014 2015 2016 2017 2018 2019
1,707
9.4%
5%
10%
15%
0
500
1,000
1,500
2,000
2018 Guidance 2019
1,775–1,850
(upper end)
8.3–8.8%
(prev.: 9.5–10.2%)
+4–8%
Comments
Source: CECE, October 2019 Source: CEMA, October 2019
▪ Recent order intake for the Wacker Neuson Group slightly below prior year
▪ Business indices from CECE and CEMA on a downward tilt, IMF has again
lowered its economic outlook
▪ Revenue guidance for 2019 confirmed with revenue expected at the upper
end of the projected range (previously: in the upper half) and EBIT margin
set in the 8.3 to 8.8 percent range (previously: 9.5 to 10.2 percent range)
▪ At the close of the year, net working capital as a percentage of revenue
expected to be significantly higher than prior year (prev.: slightly higher
than prior year)
▪ Investments are expected at around € 90 m (previously: around € 100 m)
Revenue
[€ m]
EBIT
margin
Financial calendar and contact
40
November 7, 2018 Publication of nine-month report 2019, investors and analysts call
November 11, 2019 Frankfurt roadshow
November 14, 2019 Paris roadshow
January 21, 2020 German Corporate Conference (KeplerCheuvreux), Frankfurt
February 4, 2020 Hamburg investors' day (Montega)
March 16, 2020 Publication of the 2019 Annual Report, press conference, Munich
March 25, 2020 Bankhaus Lampe German Conference, Baden-Baden
April 1, 2020 MainFirst Corporate Conference, Copenhagen
Disclaimer
This report contains forward-looking statements which are based on current estimates and assumptions made by corporate management at Wacker Neuson SE. Forward-looking statements are
characterized by the use of words such as expect, intend, plan, predict, assume, believe, estimate, anticipate and similar formulations. Such statements are not to be understood as in any way
guaranteeing that those expectations will turn out to be accurate. Future performance and the results actually achieved by Wacker Neuson SE and its affiliated companies depend on a number of risks
and uncertainties and may therefore differ materially from forward-looking statements. Many of these factors are outside the Company's control and cannot be accurately estimated in advance, such as
the future economic environment and the actions of competitors and market players. The Company neither plans nor undertakes to update any forward-looking statements.
All rights reserved. Valid November 2019. Wacker Neuson SE accepts no liability for the accuracy and completeness of information provided in this brochure. Reprint only with the written approval of
Wacker Neuson SE in Munich, Germany. The German version shall govern in all instances.
Contact
Wacker Neuson SE
IR contact: +49 - (0)89 - 354 02 - 427
www.wackerneusongroup.com