Rosenbauer Group. Group results 2012 April 2013

Transcription

1 Rosenbauer Group Group results 2012 April 2013

2 New appointment to Executive Board Günter Kitzmüller Change of generations in Executive Board now complete Member of the Executive Board with effect from February 1, 2013 After 30 years at Rosenbauer, the long-serving Executive Board Member Robert Kastil, retires as planned at the end of September 2013 Gradually takeover of the functions currently exercised by Robert Kastil. Experienced financial manager Recent position as Executive Manager at the Fischer Sports Group in Ried, Austria Between 1990 and 2008, also as Executive Manager with Trench Austria GmbH in Leonding Page 2

3 Highlights Record revenues of m despite severe downturns in some markets Rise of 19% thanks to international export business Tougher price competition impacts EBIT negatively EBIT 38,6 m (6.0% margin) less than expected, due to one-off effects Higher start-up costs for US chassis Commander Termination of contract with Brazilian airport operator incurs 3.1 m of expense Terminated due to differing interpretations of tender specifications Without the one-off effects, the EBIT margin is in the dimension of 7% Current order trend assures capacity utilization until mid-2014 Order intake of m in 2012 (2011: m ) at a high level again New major order worth m received from Saudi Arabia Page 3

4 Developments in the sector Fire-equipment sector realizing effects of financial and economic crisis Budget cuts in developed countries leading to severe reduction in some markets Growth mainly in emerging markets with high need for safety products North America Largest single market did not recover in 2012 Market volume 30% below average Gentle uptrend points no significant recovery in 2013 Europe Austria: Market volume at the level of last year (15% below several years average) Germany: Market volume slightly increased last year still below several-year average German market remained hotly contested fierce price competition Asia India and China continuing at high level Middle East Still needs technical catch-up investment in safety infrastructure Page 4

5 Investments in the future 1 New Plant in Leonding/Doppl Lease of an additional production facility near Leonding (A) Total area 52,000 m², including 15,000 m² production space and 5,000 m² office space Enlarge existing productions space by 60% In future the aircraft rescue fire fighting vehicles PANTHER, and the municipal vehicle AT will be produced in the new Plant Put into service from the third quarter of 2013 onwards Plant Leonding New international service center at the Leonding facility (A) Plant Neidling New 9,400 m² building under construction at the Neidling site (A) Extra warehouse space; enlargement of component production Plant Luckenwalde Additional production space at Luckenwalde facility (D) Page 5

6 Investments in the future 2 Expansion in Slovenia (Plant Gornja Radgona) Acquisition adds manufacturing capacity for implementing growth strategy 90-percent stake in Slovenian superstructure manufacturer Mettis International Extension of the service network in France New service center Metz-Service18 set up in Chambéry, France Page 6

7 Production facilities and sales companies Karlsruhe / Germany Luckenwalde / Germany Oberglatt / Switzerland Chambery / France Leonding / Austria Traun / Austria Neidling / Austria Gornja Radgona / Slovenia Moscow / Russia Madrid / Spain Linares / Spain Singapore Rosenbauer America Brunei Lyons / SD Fremont / NB Wyoming / MN Halfway House / South Africa Production Sale /Service Page 7

8 Research & Development (in m ) 16 4,00% ,50% ,00% % 2.6% 2.6% 2.1% 2,5% 2.3% ,50% 2,00% R&D expense R&D ratio Page 8

9 TWISTER-cross fire fighting boot Rosenbauer launches its first-ever anklelength boot with a Class C shaft height Meets needs of fire fighting and rescue services Also suitable for inside attack Ankle guard, steel insert and steel cap protect wearer from injury Waterproof leather makes the boot substantially watertight Innovative BOA lacing system makes the boot quick to put on and take off Page 9

10 Operating segments by region 1 in m Austria USA Germany Rest of Europe Asia Page 10

11 Operating segments by region 2 Austria 54% of Group revenues generated by exports from Austria Revenues up 33% on increased shipments to Arab world USA Export shipments compensating for weakness of domestic market Outlays on new Commander and termination of Brazil contract shaved 7.8 m off EBIT Germany Slight increase in sales volumes revenues up 6% to m Order placement on the rise following period when clients were reluctant to purchase due to anti-trust proceedings Page 11

12 Operating segments by region 3 Rest of Europe Spain: Exports only part-compensating for collapse of Spanish market Switzerland: Revenues up on increased deliveries of fire fighting vehicles and turntable ladders Slovenia: First consolidated as of Dec 1, 2012 (Revenue Dec 2012: 0,4 m ) Asia Shipments to Hong Kong, Singapore and neighbouring countries Revenues, of 13.4 m, are at normal level Page 12

13 Breakdown Group revenues Revenue in Austria 10% Revenue in Austria 7% Export from Austria 37% Foreign subsidiaries 53% Export from Austria 54% Foreign subsidiaries 39% Group revenue 2007: m Group revenue 2012: m Export from Austria increased by 121% Page 13

14 Financial data

15 Group revenue and EBIT(in m ) 700,0 600,0 500,0 400,0 Revenue EBIT ,0 60,0 50,0 40,0 300,0 200, ,0 20,0 100, ,0 0, EBIT margin 4.6% 6.1% 6.8% 7.2% 8.0% 5.4% 8.3% 7.7% 6.0% 0,0 Page 15

16 Financial data in m in % Revenue % EBIT (7%) EBIT margin 6.0% 7.7% - EBT (4%) Net profit Cash flow from operating activities (3.7) (12.8) - Page 16

17 2012 Revenues by regions Others 4% Arab World 28% Europe 40% Asia Oceania 14% NAFTA 14% 2012: Deliveries to 123 countries (2011: 105 countries) Page 17

18 2012 Revenues by products Components 4% Customer Service 5% Equipment 10% Business Development 1% Vehicles 69% Aerials 11% Page 18

19 Key balance sheet data in m Total assets Equity in % of total assets 39.9% 40.6% 42.9% Capital employed (average) ROCE 14.5% 19.6% 27.6% ROE 24.4% 29.4% 42.8% Net debt Gearing ratio 54.4% 41.9% 20.2% Page 19

20 Solid financing Working Capital up to m because of larger production volume ,00% ,8 129,3 145,2 41,90% 93,6 54,40% 80,00% 60,00% ,3 34,10% 41,8 41,90% 26,1 20,20% 60,8 40,00% 20,00% Net debt Equity capital Gearing ratio 0,00% Page 20

21 Investments and depreciation (in m ) Increasing capital investment in production capacity Investments Depreciation Page 21

22 Key stock exchange figures Closing price in Market capitalization in m Dividend per share in 1.2 1) Dividend yield in % Earnings per share in Price/earnings ratio ) Proposal to Annual General Meeting Page 22

23 Development of the Rosenbauer share ,0 46,0 44,0 42,0 40,0 38,0 36,0 34,0 32,0 Free Float 40% Investor GB 5% Investor France 4% 30,0 Jan Feb Mrz Apr Mai Jun Jul Aug Sep Okt Nov Dez Rosenbauer EURO ATXPrime indexed/indiziert Rosenbauer Beteiligungsverwaltung GmbH 51% Coverage: RCB, Cheuvreux, Berenberg Bank Continuous, shareholder-friendly dividend policy Solid market trend Page 23

24 Number of employees Additionally, Rosenbauer employs 279 Leasing employees Austria USA Germany Rest of the world Page 24

25 Outlook

26 Rosenbauer Saudi Arabia Around 3,000 vehicles in service in Saudi Arabia once ongoing contracts have been fulfilled Own production and service organization to be set up in Riyadh, Jeddah and Dammam Jeddah plant Fitting out GTLF pumper trucks (from current contracts) with fire & safety equipment In future, final assembly of fire fighting vehicles for local market Riyadh and Dammam facilities Service location with state-of-the-art repair workshop Handover of vehicles from current contracts Modern training center for Saudi Arabian fire services Mobile service unit already providing ongoing vehicle maintenance, nationwide Revenues of approx. 5 m, and workforce of around 150, targeted by end of 2013 Page 26

27 Order intake / backlog (in m ) Order intake Order backlog as at / / * / / / / / / / / *Order intake 2011 includes an order from Saudi Arabia worth 245 m Page 27

28 Outlook No improvement in sight on world market for fire fighting vehicles Developed markets (USA and parts of Europe) still hesitant about purchasing Sector still growing in countries with high need for safety products and in emerging markets that are investing heavily in infrastructure Growth trajectory to be maintained Good prospects in international project business High order-book levels assuring capacity utilization until mid-2014 Expansion of manufacturing capacity proceeding apace Comprehensive efficiency-boosting project being implemented Consolidating leading market position Aim is to break 700 m revenue barrier and to improve on the 6% EBIT margin achieved in 2012 Page 28

29 Thank you! Rosenbauer International AG 4060 Leonding, Paschinger Str. 90, Austria Tel: , Fax:

30 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. Page 30