Rosenbauer Konzern Group

Transcription

1 Rosenbauer Konzern Group Investor & Analyst Presentation I Q Financial Figures Person Sebastian Wolf I CFO Datum November 13, 2018

2 Agenda 1. Rosenbauer Group at a glance 2. Q Financial results 3. Outlook Q&A Session

3 Rosenbauer Group at a glance Slide 3

4 Full-range supplier (product segments and % of Group revenues; as of Dec 31, 2017) Municipal Vehicles 46% Fire & Safety Equipment 9% Industrial Vehicles 4% Firefighting Components 3% ARFF Vehicles 8% Stationary Fire Protection 3% Aerials 18% Customer Service 6% Others 3% Page 4

5 Global network of production facilities, sales and service offices EUROPE AMERICA Lyons / South-Dakota Fremont / Nebraska Wyoming / Minnesota Rosenbauer America AUSTRIA Leonding Neidling Graz Telfs FRANCE Chambéry GERMANY Karlsruhe Luckenwalde Mogendorf & Gladbeck Viersen ITALY Rovereto POLAND Warsaw RUSSIA Moscow SLOVENIA Radgona SPAIN Linares Madrid SWITZERLAND Oberglatt UK Holmfirth ASIA/ AUSTRALIA CHINA Kunming SINGAPORE Singapore PHILIPPINES Mandaluyong City MIDDLE EAST/ AFRICA BRUNEI AUSTRALIA Brisbane SAUDI-ARABIA Dschidda KAEC Riad SOUTH-AFRICA Halfway House Production Sales / Service Page 5

6 World firefighting vehicle market in 2016 Global annual volume 4,259 million (2015: million) Appr. 19,500 vehicles (2015: appr. 22,000) Buyers are mainly public institutions Rosenbauer Group worldwide No. 1 Share of revenues of the top-10-companies appr. 80% Ranking of fire fighting vehicle manufacturer (revenue in million) Rosenbauer Group / Austria (2017) Pierce Oshkosh / USA (2016/17) Morita Corp / Japan (2016/17) REV Group*) / USA (2016/17) Spartan**) / USA (2017) Magirus Group***) / Germany (2016) Ziegler Group ****) / Germany (2016) Iturri Group / Spain (2015) Chase Enterprise / Thailand (2016) Empl Fahrzeugwerk*****) / Austria (2016) *Owner of E One, KME, Ferrara ** Acqúisition of Smeal in January 2017, annual turnover of approx. 100 m$ *** Owner CNH Industrial Group **** Owner CIMC / China ***** estimated fire fighting turnover Source: Latest annual financial statements / estimates / UNO statistics 2016 (May 2018) Page 6

7 Q Financial Figures

8 Using IFRS 15 for the first time - Later revenue recognition (To 31/12/2017) Percentage of Completion Method Period-of-time related revenue recognition in the income statement according to production status - Aliquot revenues and partial profits in the income statement - Construction contracts in the balance sheet Income statement Status of construction contract t (From 1/1/2018) Completed Contract Method Date-related, later sales recognition in the income statement with delivery - Income statement: Revenues Inventory, WiP Result* - Balance sheet: Construction contracts = 0 Inventories *) through lack of partial profits Income statement Page 8

9 PoC effects flattening out in line with 12M business cyclicality in mio PoC effects Q1 Q1-2 Q1-3 FY 1-3/ / / /2018 on EBIT on Revenues IFRS 15 was first applied in the reporting period under the modified retrospective approach According to this approach PoC effects need to be presented only in the first year of introduction With regards to Rosenbauer Group, the new accounting standard is primarily relevant for the production of firefighting vehicles 12M business cyclicality: First half-year characterised by stockpiling, second half-year by stock reduction Page 9

10 Highlights Rosenbauer Group reported a sound sales performance of million in the first nine months of 2018 Using IFRS 15 for the first time led to sales being posted later in the year, effect approx. 56 million (as of 30/9/2018) Declining shipments to several countries in Asia as well as Central and Eastern Europe; the Middle East, Western Europe and Stationary Fire Protection with significantly higher volumes EBIT rises to 17.0 million IFRS 15 effect approx. 8.5 million (as of 30/9/2018) Increased production capacity with inventories of finished goods and work in progress; improved coverage of fixed costs Incoming orders continues to grow dynamically, order backlog close to 1.1 billion euro Strong finish to a strong year expected Page 10

11 Financial figures (in million) million 1-9/ / /2018 Δ 17/18 1-9/2018 (w/o IFRS 15) Revenues % EBIT % 25.5 EBIT margin 4.5 % 2.5 % 3.1 % % EBT % 20.2 Net profit for the period Cash flow from operating activities % % Page 11

12 Revenues and EBIT (in million) / / / / / /2018 w/o IFRS 15 0 EBIT margin 5.6 % 4.4 % 4.5 % 2.4 % 3.1 % 4.2 % Revenues EBIT Page 12

13 Revenues and EBIT quarterly (in million) Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/ Revenues EBIT Page 13

14 Distribution of revenues 1-9/2018 (1-9/2017) Areas Product groups APAC 13% (21%) SFP 3% (2%) CEEU 31% (32%) Equipment 8% (9%) Customer Service 8% (6%) SFP 3% (3%) Others 3% (4%) NOMA 28% (25%) NISA 12% (10%) Vehicles 78% (78%) MENA 13% (10%) Page 14

15 Accounting ratios in million / % Sep. 30, 2016 Sep. 30, 2017 Dec. 31, 2017 Sep. 30, 2018 Sep. 30, 2018 (w/o IFRS 15) Total assets Equity ratio 32.1 % 34.0 % 38.2 % 29.7 % 31.3 % Capital employed (ø) ROCE 5.4 % 2.9 % 4.5 % 3.3 % 4.8 % ROE 11.1% 5.8 % 8.8 % 5.1 % 8.4 % Net debt Gearing ratio % % 77.0 % % % Page 15

16 Balance sheet structure (in million) Assets Receivables and other assets Construction contracts Provisions Liabilities and other debts Equity Inventories Interest-bearing liabilities Q w/o IFRS 15 Q Q Q w/o IFRS 15 Page 16

17 Investments and depreciation (in million) Q Q Q Q Q Investments Depreciation and amortization * The focus of investment activity in Q was the reorganization of Leonding plant I, robotization of ladder production in Karlsruhe (GER) and the acquisition of the formerly rented production site in Wyoming (MN) *) refers to property, plant & equipment and rights/licenses (excluding other intangible assets such as goodwill) Page 17

18 Trade working capital and financing (in million) Trade Working Capital * Financing % 50,0% >900 ** >900 ** 53.6% 51.2% % 60% 40% % 117.2% 108.2% 121.2% % 50 0 Q Q Q Q w/o IFRS 15 Trade Working Capital Annual Revenue Trade Working Capital / Annual Revenue 0% 0 Q Q Q Q w/o IFRS 15 Net debt Equity Gearing Ratio *) Trade Working Capital: Inventories + construction contracts + current receivables advance payments received trade payables **) Forecasted annual revenue 2018 Page 18

19 Outlook

20 Order intake/backlog (in million) Order intake Order backlog as of 30/9 1-9/ , / / / / Page 20

21 Outlook The world fire service market follows the continued strong growth of global GDP However, the expansion has become less balanced and may have peaked in major economies Procurement volumes in the North American fire service market could well exceed 4,000 vehicles this year European fire service market continues to grow, with demand increasing especially in Austria, France and the United Kingdom Near and Middle East with significant recovery Dynamic growth in incoming orders in Q supports the high utilisation of capacity of the production sites 2018 financial targets reiterated: Group sales > 900 million; EBIT margin > 5% Page 21

22 Early Q impressions Preliminary figures signal a very strong October Group manufacturing facilities running at full capacity due to massive order book Extra shifts at Leonding plants to fulfil customer orders and to maximise output Rosenbauer International (on a stand-alone basis) has currently about 290 firefighting vehicles scheduled for shipment and billing Supply chain management remains challenging Page 22

23 Financial calendar 2019 February 12, 2019 Publication of the preliminary results 2018 April 5, 2019 Publication of the results 2018 May 14, 2019 Publication of the Quarterly Report 1/2019 May 23, 2019 Annual General Meeting August 9, 2019 Publication of the Half-year Financial Report 2019 November 12, 2019 Publication of the Quarterly Report 3/2019 Page 23

24 Thank you!

25 Appendix

26 Executive Board CEO Dieter Siegel Corporate Development, Human Resources, Strategy, Innovation & Marketing, Group Communication, Fire & Safety Equipment Product Management CFO Sebastian Wolf Audit, Controlling, Accounting/Tax, Treasury, Legal & Compliance & Insurance, Export Finance, Investor Relations/CSR, CSO Andreas Zeller Area CEEU Area NISA Area APAC Area NOMA Area MENA Customer Service Sales Administration CTO Daniel Tomaschko Supply Chain Mgmt., Central Technics, Center of Competence Operations, Stationary Fire Protection IT Page 26

27 Segment reporting by area CEEU NOMA APAC MENA NISA CEEU: Central & Eastern Europe NISA: Northern Europe, Iberia, South America, Africa MENA: Middle East & North Africa APAC: Asia, Pacific, Australia, China NOMA: North & Middle America Slide 27

28 Number of employees (reporting date) Sept 30, ,546 Sept 30, ,374 Sept 30, ,320 Sept 30, ,067 Sept 30, ,898 Austria USA Germany Rest of the world In addition, Rosenbauer employs approximately 370 temporary employees. Page 28

29 Rosenbauer share 1-9/ /2018 Investor FR 5% Highest price Lowest price Free float 44% BVG * 51% Closing price Market capitalization million * Rosenbauer Beteiligungsverwaltung GmbH Dividend Earnings per share ,0 55,0 50,0 45,0 Jan Feb Mrz Apr Mai Jun Jul Aug Sep Rosenbauer EURO ATXPrime index. Indizes: ATPX, AFA, AIGS, AP8, AXGP, NAP8, NTFA, TAP8, TFA, VOX, WBI Page 29

30 Disclaimer This presentation was produced by Rosenbauer International AG (Rosenbauer for short) for informational purposes only. Despite the greatest care taken by Rosenbauer, no guarantee is given for the correctness 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 of Rosenbauer and may therefore be changed without prior notification by Rosenbauer. All decisions based on information included in the Rosenbauer presentation are the sole responsibility of the user. Rosenbauer accepts no liability for the actions and consequences resulting from the use of the presentation. None of the information provided in the presentation constitutes, or is intended to be, an invitation to buy or trade in Rosenbauer shares. Page 30