Francotyp-Postalia Holding AG. Financial Statements 2009

Transcription

1 Francotyp-Postalia Holdg AG

2 AGENDA Summary 2009 Strategy & Markets Appendix 2/26

3 Summary 2009

4 Important Steps 2009 First success: EBITDA le with expectations and strong free cash flow Advancement strategy Restructurgand cost cuttg programme Changes Management Board Difficult economic situation 4/26

5 Stronger EBITDA and Fancial Strength Key Figures million Revenues EBITDA before restructurg % revenues EBITDA % revenues Net Loss Free Cash Flow Installed Base 267, ,805 Revenue decles by by 9.4% 9.4% due due to to difficult difficult economic situation Development stalled base base due due to to difficult difficult economical environment EBITDA at at the the upper upper end end the the guidance Successful cost cost cuttg cuttgand restructurg programme reason reason for for improvement pritability Write-down freesort 12.5m 12.5m leads leads to to net net loss loss -16.6m Strong Strong free free cash cash flow flow 9.8m 9.8m 5/26

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7 Difficult Economic Situation Burdened Revenues Revenues 142.4* % 129.0* million % Germany VSG freesort iab million International Production Germany * Segments accordg to IFRS 8. Differences to total revenues are not shown here IFRS IFRS 8 8 requires requires change change reportg reportg system system Worldwide Worldwide revenue revenue burden burden with with Loss Loss high high volume volume serter serter busess busess the the Netherlands Netherlands and and difficult difficult economic economic environment environment ( -4.2m) ( -4.2m) Negative Negative currency currency effect effect combation combation with with challenges challenges recession recession UK UK ( -2.1m) ( -2.1m) Difficult Difficult economic economic environment environment US US ( -2.8m) ( -2.8m) freesort freesort and and iab iab on on previous previous year s year s level, level, but but VSG VSG recorded recorded decrease decrease revenue revenue ( -2.2m) ( -2.2m) Production Production shows shows decrease decrease revenues revenues -1.7m -1.7m 7/26

8 Essential Improvement EBITDA million Changes % Revenues Change ventories Own work capitalised * before morities ** after morities n/a Total output Material expenses % revenue Gross prit Personnel expenses % revenue Operatg expenses./. come EBITDA before restructurg % revenue EBITDA % revenue Depreciation EBITA Amortisation / Write-down EBIT Interest result Fancial result Tax result n/a n/a Net prit/loss* EPS ( )** m 13.4m less less revenues revenuesmeans a decrease decrease 9.4% 9.4% Change Change ventories ventoriesdue due to to workg workg capital capital project project Material Material expenses expenses ( -10.8m) ( -10.8m) decles decles due due to to lower lower revenues, revenues, less less change change ventories ventories and and own own work work capitalised capitalised Standortsicherungsvertrag (site (sitecontuation agreement) agreement) ( -2.5m) ( -2.5m) and andheadcount reduction reduction show show impact impact on on personnel personnel expenses expenses EBITDA EBITDAbefore and and after after restructurg restructurg at at the the upper upper end end the the guidance guidance Restructurg Restructurg costs costsconsists consists 1.4m 1.4m Write-down Write-down freesort freesort by by 12.5m 12.5m 8/26

9 Consolidated Balance Sheet million Cash and cash equivalents Securities Trade receivables Inventories Deferred taxes Other assets Tangible assets Intangible assets Trade payables Other liabilities Fancial liabilities Provisions Significantly Significantly improved improved cash cash and and cash cash equivalents equivalents Inventories Inventories and and trade trade receivables receivables reduced reduced by by 5m, 5m, respectively, respectively, because because the the WoC WoC project project Write-down Write-down on on goodwill goodwill freesort freesort ( 12.5m) ( 12.5m) Loan Loan redemption redemption will will contue contue to to decrease decrease fancial fancial liabilities liabilities as as planned planned Net Net debt debt 41.1m 41.1m ( 51.8m ( 51.8m 2008) 2008) Equity Equity ratio ratio 11.4% 11.4% (19.1% (19.1% 2008) 2008) Equity Assets Equity and Liabilities 9/26

10 Strong Free Cash Flow million Cash flow from operatg activities Change comparision to 2008: Cash flow from vestg activities there: R&D Tangible assets -3.6* -1.3 Intangible assets -3.8** -0.6 Leased ventories Corporate acquisitions EBITDA Change Workg Capital Change provisions + 2,4m + 1.1m - 4.7m Free cash flow Cash flow from fancg activities Cash and cash equivalents 7.0*** 12.4*** *cludg 1.9m Fancial lease ** cludg 1.4m SCO-project, 0.4m DEX acquisition *** cludg 0.7m securities (2008: 0.7m). Excludg restricted cash 17,9m (2008: 15.6m) 10/26

11 Strategy & Markets

12 Multiple Growth Strategy FP the Comg Years Markets Expansion to emergg markets New growth opportunities through shift to digital solutions Growth markets Push mail services Products 12/26

13 Change Market Due to two Major Developments Market segments A B C <200 letters/day 200 2,000 letters/day >2,000 letters/day 2.5% * Markets Emergg markets Traditional markets Digital Solutions Mail Services Products -0.4% Change frankg methods Down shift -16.3% *Market growth (US market CAGR USPS, Installed Base) 13/26

14 Strong Market Position FP Group Mature Markets Global Market Frankg Maches Installed base: 2.6m FP Market Share Frankg Maches 9.9% global market share 260k Installed base Installed base >80 countries worldwide FP Market Share 2006 Changes % 2009 Germany 44.8% % US 4.1% % UK 7.0% % Scandavia 15.5% % Global 9.2% % 14/26

15 Expansion to Emergg Markets Markets Industrialised countries use letters more ten. This reflects the opportunities emergg markets and the BRIC countries. 666 Emergg markets Traditional markets Digital Solutions Mail Services Products Letters per habitant p.a India Cha Russian Fed. Thailand Brazil Malaysia Japan Germany UK US Source: UPU, Postal Organisations 15/26

16 New Growth Opportunities Through Shift to Digital Solutions Markets IT Frankg (US) % 68 Emergg markets Traditional markets Digital Solutions Mail Services 60 Products Source: USPS /26

17 Liberalisation Opened a Myriad Possibilities Markets Frankg/Insertg Emergg markets Digital Solutions Stware/Services Traditional Beta Systems markets WebStamp (CH Post) Stware Onle Postage BTA Digital Works Opex Earth Class Mail SmartStamp (Royal Mail) Wcor (Neopost) Inbound mail IBML zazzle Nixdorf Innosource Consolidation / Sortg Eastman Kodak StampIt (DPAG) Elsag Datamat PostMatic Ernst Reer GmbH TrackMyMail Kax QuickSort Click-n-ship (USPS) Duplo Kern Buhr freesort Outbound mail Endicia.com Inscerco Presort BriefGenio Hefter Grützmacher s Satori Stware DuoShare Cendris Stralfors Stamps.com PostCon (TNT) Data-Pac Gunther Böwe Bell & Howell Document CodX Stware Frankg Océ Prter Pegasus Gruppe Hasler Harte-Hanks Management Neopost Ricoh Seiko Epson manufacturers Prt And More iab Insertg Dym RR Donnelley Pitney Bowes o Xerox HP Esker Rena Frama Canon Hybrid Prtst mail Bixolon Asmarc Systems Integram Expedited Astro Samsung Lexmark ecopy Telefrank Videojet Tech. iq letternet Zebra Brother OKI Accu-Sort Systems Automatic Data Nirva Systems Tech. PolyIC Processg QM TechnologiesPrtCom 3M (DPAG) Technology IBM Captaris ReadSt Royal Mail Solystic DHL foxray UPS Cendris Deutsche Post TNT Emtex ecom USPS La Poste FedEx DDD Adobe Service Pot Solutions Microst PIN Group Pitney Bowes Niit Smart Serve IBC omtool Deutsche Post Com DST Systems Xerox SAP Mentana Claimst DATEV CodX Carriers Ikon Office Solutions Stware AuthentiDate D-Trust Oracle Trustweaver TC Trustcenter MailConsult Deutsche Telecom Zöller & Partner Diebold Totemo PGP Corporation GNU Privacy Guard Stware for document PayPal (ebay) Sage Stware creation Consultg Busess Process Outsourcg Stware Solutions Electronic Signatures / Timestamps Mail Services Products 17/26

18 First Results Transmittg FP Strategy Markets Markets Emergg markets Digital Solutions Traditional markets Mail Services Certification ultimail India Launch WebPost UK Products Acquisition Swedish frankg mache busess from Ricoh Start mailone TM US Products 18/26

19 Outlook

20 Outlook 2010 FP Group s strategic focus as a provider solutions for mail management to acquire significance. Increased dovetailg frankg and sertg segments with Solutions and Services segments Development frankg mache strategy and launch stware products. Focus on high-marg products and services with the aim beg able to further improve earngs power the medium and long term. Frankg and Insertg segment will grow organically Good opportunities 22.0 for growth the stware and service segments, dependg on economic and legal conditions. Overall, FP assumes a positive trend the Group's revenue and EBITDA. 20/26

21 Thank you for your attention. We will now be happy to answer your questions. 21/26

22 Appendix

23 FP Stock Information Ma Investors: Quadriga Capital Private Equity Fund II L.P. 22.4% Quadriga Capital Ltd. 3.9% Free Float Amiral Gestion 11.30% Fanciére de l'echiquier 5.11% KBL Richelieu Gestion 4.85% Eric Spoerndli 3.28% ISIN: DE000FHP9000 Segment: Prime Standard/ All Industrial IPO: 30 November 2006 Reuters: FPHG.DE Free Float: 71.18% Shares: 14.7 million Baillie Gifford & Co 3.78% Orsay Asset Management SNC 3.06% Treasury Stock 2.5% 23/26

24 Fancial Calendar Results Q May 2010 Annual General Meetg 1 July 2010 Results Q November /26

25 Contact Saba Prüser Corporate Communication Vice President Investor Relations/ Public Relations Francotyp-Postalia Holdg AG Telephone +49 (0) Fax +49 (0) Address Triftweg Birkenwerder 25/26

26 Disclaimer This report contas forward-lookg statements on the busess development the Francotyp-Postalia Group. These statements are based on assumptions relatg to the development the economic and legal environment dividual countries and economic regions, which we have made on the basis the formation available to us and which we consider to be realistic at the time gog to press. The estimates given entail a degree risk, and the actual developments may differ from those forecast. Consequently, any unexpected fall demand or economic stagnation our key sales markets, such as Western Europe (and especially Germany) or the USA, UK, or Canada, and Sgapore will have a correspondg impact on the development our busess. The same applies the event a significant shift current exchange rates relative to the US dollar, sterlg, Canadian dollars and Sgapore dollars. In addition, expected busess development may vary if the assessments value-enhancg factors and risks presented the 2009 Annual Report develop a way other than we are currently expectg. 26/26