Rosenbauer Konzern Group

Transcription

1 Rosenbauer Konzern Group Investor & Analyst Presentation I Half Year Figures 2018 Person Sebastian Wolf I CFO Datum August 10, 2018

2 Agenda 1. Rosenbauer Group at a glance 2. New product launches 3. 1H18 Financial results 4. Outlook

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 New product launches

8 A new, extreme off-road special fire engine for the industry The TIGON - A new special fire engine for industrial companies An extreme off-road vehicle with backbone tube chassis from Tatra ( Tatra Force ) Extremely flexible due to modular fire service installations Extremely robust thanks to uncompromising Rosenbauer quality Full off-road mobility, drivability on desert sand Pump and roll capability Output of 700 hp 0 to 80 km/h in under 35 seconds High speed of 120 km/h Drive power for N130 HYDROMATIC 1200 Space for a team of 1+4 Page 8

9 XS 3.0 The new generation of revolving ladders Maximum safety and performance The new XS 3.0 offers an unbeatable working range of 16.6 m ( m) Setting up a revolving ladder is made much easier thanks to the large working range Changing vehicles is no longer necessary Even large building facades can be reached without re-positioning A rescue cage for all uses: all attachments are stored in the vehicle A rescue cage for all ladders: the same cage is used from the L20 to the L64 Page 9

10 Developing future e-technology CFT - A concept study of the fire truck of the future Low emissions based on alternative driving concept Multi-functionality allows for universal application Ergonomically optimised expansion through new kind of fire truck architecture Positive feedback from customers New company Rosenbauer E-Technology Development GmbH (RED) for the development of an e-kit for fire trucks, founded on CFT concept Series development initiated; in talks with model regions Slide 10

11 H Financial Figures

12 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 Folie 12

13 Highlights Rosenbauer Group reported a satisfactory sales performance of million in the first half of 2018 Using IFRS 15 for the first time led to sales being posted later in the year, effect approx. 50 million (as of 30/6/2018) Declining shipments to several countries in Asia as well as Central and Eastern Europe, the Middle East and Stationary Fire Protection with significantly higher volumes EBIT heading in the right direction at 10.1 million 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 over the 1 billion euro mark Increased efficiency and cost reduction remain the key focus Folie 13

14 Financial figures (in milliono) million 1-6/ / /2018 Δ 17/18 1-6/2018 (w/o IFRS 15) Revenues % EBIT >100 % 17.4 EBIT margin 4.9 % 0.7 % 2.9 % - 4.3% EBT % 13.4 Net profit for the period Cash flow from operating activities % % Folie 14

15 Revenues and EBIT (in million) / / / / / /2018 w/o IFRS 15 0 EBIT margin 5.6 % 5.3 % 4.9 % 0.7 % 2.9 % 4.3 % Revenues EBIT Folie 15

16 Revenues and EBIT quarterly (in million) Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 0 Revenues EBIT Folie 16

17 Distribution of revenues 1-6/2018 (1-6/2017) Areas Product groups APAC 13% (19%) SFP 3% (3%) CEEU 32% (34%) Equipment 8% (9%) Customer Service 7% (6%) SFP 3% (2%) Others 4% (5%) NOMA 28% (26%) NISA 12% (11%) Vehicles 78% (78%) MENA 12% (7%) Folie 17

18 Accounting ratios in million / % Jun. 30, 2017 Dec. 31, 2017 Jun. 30, 2018 Jun. 30, 2018 (w/o IFRS 15) Total assets Equity ratio 33.6 % 38.2 % 31.7 % 33.3 % Capital employed (ø) ROCE 0.5 % 4.5 % 2.0 % 3.5 ROE 1.6 % 8.8 % 2.7 % 5.6 Net debt Gearing ratio % 77.0 % % Folie 18

19 Balance sheet structure (in million) Receivables and other assets Liabilities and other debts Prodution contracts Provisions Inventories Interest-bearing liabilities Assets Equity H w/o IFRS 15 H H H w/o IFRS 15 Assets Equity and liabilities Folie 19

20 Investments and depreciation and amortization (in million) H H H H H 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) Folie 20

21 Trade working capital and financing (in million) Trade Working Capital Financing >900 * >900 * 80% % % ~ 45% ~ 47% % 40% % 107.6% 111.2% 103.4% % H H H H w/o IFRS 15 Trade Working Capital Annual Revenue Trade Working Capital / Annual Revenue 0% 0 H H H H w/o IFRS 15 Net debt Equity Gearing Ratio *) Forecasted annual revenue 2018 Folie 21

22 Outlook

23 Order intake/backlog (in million) Order intake Order backlog as of 30/6 1-6/ , / / / / Folie 23

24 Outlook The world fire service market follows the continued strong growth of global GDP However, the threat of a trade war and potential tariff spiral have clouded the economic forecast 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 Strategy for profitable growth through geographic focus, efficiency and technology leadership Dynamic growth in incoming orders in H supports the high utilisation of capacity of the production sites Higher sales and much better operating results in : EBIT margin > 5% targeted; group sales > 900 million Page 24

25 Thank you!

26 Appendix

27 New 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 Folie 27

28 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 28

29 Number of employees (reporting date) June 30, , ,471 June 30, , ,315 June 30, , ,261 June 30, , ,016 June 30, , ,761 Austria USA Germany Rest of the World In addition, Rosenbauer employs approximately 300 temporary employees. Folie 29

30 Rosenbauer share 1-6/ /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 60,0 50,0 40,0 Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jun 18 Rosenbauer EURO ATXPrime index. Indizes: ATPX, AFA, AIGS, AP8, AXGP, NAP8, NTFA, TAP8, TFA, VOX, WBI Folie 30

31 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. Folie 31