KUKA AG Presentation Financial results 2012

Transcription

1 KUKA AG Presentation Financial results 2012 March 26, 2013 KUKA Aktiengesellschaft Page 1 I March 26, 2013

2 Highlights 2012 Guidance 2012 exceeded New record levels achieved in 2012 Orders received up 22% to 1.89 billion Revenue up 21% to 1.74 billion EBIT above 100 million threshold for the first time; +51% to million Robotics (10%) and Systems (5%) achieved EBIT target margins Earnings after tax almost doubled: from 29.9 million to 55.6 million Free cash flow up from 6.5 million to 77.1 million Dividend recommendation for 2012: 20 cents per share Full year 2012 Guidance Achievement Revenue 1.65 billion 1.74 billion EBIT margin at least 6% 6.3% KUKA Aktiengesellschaft Page 2 I March 26, 2013

3 Group orders received KUKA significantly ahead of the market in 2012 KUKA Group vs. VDMA 1 Development (%) KUKA Group VDMA Above-average growth in orders received in 2012 High level of orders received in the automotive sector Robotics: new peak level of million in General Industry Robotics vs. VDMA 1 (Robotics + Automation) (%) High level of order backlog of million (31 December 2012) provides high visibility Robotics 22.7 VDMA 1 Robotics and Automation ) German Engineering Federation. Orders received adjusted for price. KUKA Aktiengesellschaft Page 3 I March 26, 2013

4 Group orders received Customer demand strong on a high level Orders received ( million) CAGR 22.5% CAGR 45.8% CAGR 53.0% Share of total (%) Share of total (%) Share of total (%) KUKA Aktiengesellschaft Page 4 I March 26, 2013

5 Group revenue New records for Robotics and Systems Revenue Development ( million) +7.3% +21.1% , ,739.2 Revenue up 21.1% to 1.74 billion in 2012 Revenue development driven by High level of capex of premium automotive companies Revenue in NAFTA region increased more than 50% Robot assembly capacities up to around 25,000 in Augsburg, Hungary and China until YE13 Q4/11 Q4/ KUKA Aktiengesellschaft Page 5 I March 26, 2013

6 Group EBIT margin Disproportionately high increase in profitability EBIT margin Development (%) bp bp 6.3 EBIT margin up to 6.3% in 2012 EBIT margin has improved continuously since the beginning of Robotics and Systems: Both divisions contribute to improved margin Target margin achieved in both divisions Q4/11 Q4/ KUKA Aktiengesellschaft Page 6 I March 26, 2013

7 Group financial results Key figures for Q4/12 and FY12 ( million) Q4/11 Q4/12 Delta FY11 FY12 Delta Revenue % 1, , % Gross operating result ,5% ,9 37.0% as % of revenue EBITDA % % as % of revenue Earnings before interest and tax (EBIT 1 ) % % as % of revenue Earnings after tax % % Capital expenditure % % Net debt (-)/ net liquidity (+) (31.12.) Employees (31.12.) 6,589 7, % 6,589 7, % Cash earnings % % Cash flow from current business operations Free cash flow ) Adjusted to take into consideration finance costs included in operating result (IAS 23 R) KUKA Aktiengesellschaft Page 7 I March 26, 2013

8 Robotics and Systems Target margins 2012 achieved Robotics revenue Systems revenue ( million) +13.8% ( million) +3.4% Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Robotics EBIT margin Systems EBIT margin (%) +100 bp (%) +60 bp Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 KUKA Aktiengesellschaft Page 8 I March 26, 2013

9 KUKA Group KUKA is on a robust and solid footing Revenue and employees Revenue ( million) +21.1% 1, , Employees in high wage countries +7.3% 4,720 5, Net debt/ net liquidity ( million) KUKA stability Order backlog ( million) secures high utilization of capacity Highly disciplined spending policy despite strong growth Break-even EBIT level at around 1.2 billion of revenue Net liquidity position: million ( ) Successful issue of convertible bond ensures attractive interest level long-term Long-term financing assured: Bond 2017 (call option in 2014) Good rating from S&P (B+, positive) and Moody s (B1, positive) Clear strategy for future development of KUKA KUKA Aktiengesellschaft Page 9 I March 26, 2013

10 Robotics Market share of KUKA robotics rises to 14.4% KUKA Robotics - development of market share (%) / robots sold 10.0% 11.2% 12.3% 14.3% 12.4% 13.8% 14.4% (robots sold) CAGR KUKA +14.8% (CAGR market +7.9%) 14,445 15,290 6,697 8,258 9,531 8,915 5, Source: International Federation of Robotics KUKA Aktiengesellschaft Page 10 I March 26, 2013 Robots sold KUKA Robotics KUKA Robotics: market share of articulated robots

11 KUKA Group Transformation to global automation company Focus on China Focus on General Industry Product innovation Efficiency Global footprint Product innovation (Quantec/KR C4) Efficiency Financing Stabilization Cost reduction KUKA Aktiengesellschaft Page 11 I March 26, 2013

12 KUKA Group Focus on China Automotive production in China (million units) CAGR +9.8% Source: PwC, January 2013 Expected revenue in China 2015: ~ 300 million (2012: 182 million) Industrial robots sold in China (units) CAGR +18.5% 35,000 26,000 28,000 31,000 22,577 14, e 2013e 2014e 2015e Source: IFR, 2012 KUKA Aktiengesellschaft Page 12 I March 26, 2013

13 KUKA Group Focus on General Industry Food Logistics/Mobility Electronics Aero Expected revenue in General Industry 2015: > 700 million (2012: 465 million) Plastics Arc welding Foundry Machine tools KUKA Aktiengesellschaft Page 13 I 26 March 2013

14 KUKA Group Focus on launch of new products KR 1 5 Arc LBR iiwa 2 Series 2000 Cooperating Robots Titan Quantec Agilus Automotive General Industry xx ) KR KUKA Robotics 2) LBR iiwa Leichtbauroboter intelligent industrial work assistant KUKA Aktiengesellschaft Page 14 I March 26, 2013

15 Outlook 2013 Market development Consensus CAPEX (CAGR +9.7%) VDMA ( billion) (%) VDMA Source: Bloomberg Daimler BMW VW Ford Global sales of industrial robots (1,000 units) CAGR +9.1% 166 > Source: German Engineering Federation Car sales (%) Source: IFR 1 World Robotics e 2014e 2015e India China Asia North America Source: IHS Automotive, October South America Eastern Europe Western Europe 1) International Federation of Robotics 2) German Engineering Federation KUKA Aktiengesellschaft Page 15 I March 26, 2013

16 Outlook 2013 KUKA expects increased market share in 2013 Growth in robot-based automation continues Stable customer portfolio ensures demand from automotive industry on a high level Growth in General Industry: particularly machine tools, arc welding and food Securing leading position through innovation and quality Marketing of KR Agilus in General Industry successfully started Strategic cooperation for lightweight robots started with Daimler Profitability development Increased investment in R&D and expansion in General Industry Focus on process management and expansion of HUB system Guidance Revenue 1.74 billion ~ 1.8 billion EBIT margin 6.3% ~6.5% KUKA Aktiengesellschaft Page 16 I March 26, 2013

17 Disclaimer The presentation contains forecasts based on assumptions and estimates by the management of KUKA Aktiengesellschaft. Even if the company management is of the opinion that these assumptions and estimates are valid, the actual future development and the actual future results may vary considerably from these assumptions and estimates due to numerous factors. These factors may include, for example, changes in the overall economic situation, exchange rates and interest rates, and changes affecting individual markets. KUKA Aktiengesellschaft provides no guarantee that the future development and the future results actually achieved will correspond to the assumptions and estimates stated here and accepts no liability if they should fail to do so. Copyright 2013 KUKA Aktiengesellschaft All rights reserved. KUKA Aktiengesellschaft Page 17 I March 26, 2013

18 IAS 23 R Reconciliation of EBIT ( million) Q4/11 Q1/12 Q2/12 Q3/12 Q4/ Operating result Reconciliation of earnings before interest and tax (EBIT) Finance costs included in cost of goods sold Earnings before interest and tax (EBIT) ) Adjusted to take into consideration finance costs included in operating result (IAS 23 R) KUKA Aktiengesellschaft Page 18 I March 26, 2013