Rosenbauer Group. Person. Date. Investors presentation April 6, 2018

Transcription

1 Rosenbauer Group Person Investors presentation April 6, 2018 Date

2 Industry development In 2017, world firefighting market falls behind strong global GDP growth Better investment climate and increased demand in key markets indicate slight increase Strongest sales regions are Europe, North America, and Asia Countries highly dependent on the price of oil show the first signs of recovery, but procurement volumes are still significantly below the highs Demand in North America increases by 10% Procurement volumes again exceeding long-term average at around 4,300 vehicles European firefighting market continues to portray an ambivalent picture Demand in Western European countries consistently positive, it remains at a low level in Eastern Europe and Russia Germany +10%, sales of firetrucks in Austria above average again China and India are the largest growth markets in Asia Slide 2

3 Highlights Consolidated revenues satisfactory in difficult environment Decline in demand due to low oil prices and political unrest continues to have an effect Deliveries to Asian, African, and European countries partially compensate EBIT down on the previous year due to declining delivery volume and non-recurring effects Higher start-up costs at the platform manufacturer Rosenbauer Rovereto Amortization and depreciation Infor and customer base Rosenbauer Rovereto Reorganization of the staff structure in Austria Extraordinary expenses at Rosenbauer Deutschland Distribution policy still geared towards sustainability Dividend proposal of 1.0 per share takes into account lower earnings Record incoming orders of 970 million allows for excellent utilization capacity forecast in the current year Slide 3

4 Production, service, and sales facilities Karlsruhe / Germany Luckenwalde / Germany Mogendorf & Gladbeck / Germany Oberglatt / Switzerland Chambéry / France Leonding / Austria Neidling / Austria Radgona / Slovenia Moscow / Russia Holmfirth / UK Madrid / Spain Linares / Spain Rovereto / Italy Singapore Rosenbauer America Lyons / SD Brunei Fremont / NB Wyoming / MN Brisbane Riyadh / Saudi Arabia Production Sales / service Jeddah / Saudi Arabia KAEC / Saudi Arabia Halfway House / South Africa Slide 4

5 Long-term development work Long-term development work based on systematic innovation management and intensive market observation Open innovation culture: Employees as an important source of ideas, customers involved, cooperation with educational and research institutions Products right for the market with recognizable value added for users Traditionally high R&D ratio between 2% and 3.5% Capitalization rate 2017 around 15% Opportunities of Industry 4.0 being actively leveraged 20,0 15,0 10,0 5,0 0,0 19,4 18,6 15,9 14,5 12,6 3,5% 3,4% 2,9% 2,7% 2.6% R&D expenses R&D ratio million 4,0% 3,5% 3,0% 2,5% 2,0% Slide 5

6 Strong demand for new PANTHER generation Produced in the fourth generation Strong global representation Presentation of the new PANTHER 8x8 in October 2017 PANTHER 8x8 with optimized driving and firefighting performance Positive incoming orders for the new PANTHER 8x8 32 PANTHER 8x8 for airports in Austria, France, Germany, the Netherlands, Spain, Poland, China, and India All Schiphol Group ARFF vehicles by Rosenbauer from PANTHER in high-end design with extensive special equipment New fleet with optimum life cycle performance Slide 6

7 Simulators also encounter very positive market response Simulators on offer since 2013 PANTHER simulators are available in four different configurations, mobile version in implementation Significantly reduced training costs Train in an environmentally friendly manner High training efficiency No risk Same control technology like the fire truck Reference projects: Johannesburg, Paris, Ansbach (US army), Cairo, Dusseldorf Full-size PANTHER simulator rented to FRAPORT training center in Slovenia Slide 7

8 New simulator center in Paris receives extremely positive feedback Slide 8

9 Firefighting helmet HEROS-titan very successful 1992 market launch of HEROS product range 2015 new generation of helmets HEROS-titan The only helmet worldwide, which is at home in three worlds of standards - Certifications according to EN / NFPA / AS-NZS Development, expertise, tools at Rosenbauer Production volume doubled since 2012: 37,800 pc. / 2017: 76,000 pc., the trend is rising Slide 9

10 Boosting E-Technology initiative CFT - A concept study of the fire truck of the future Low emissions noise and pollutants thanks to alternative drive concept Multi-functional basic concept allows universal applications Ergonomically optimized expansion optimized through new kind of fire truck architecture Positive feedback from customers confirms chosen path New company Rosenbauer E-Technology Development GmbH (RED) for the development of an e-kit for fire trucks, founded based on the CFT concept Slide 10

11 Financial data

12 Revenues and EBIT (in million) Revenues EBIT 737,9 813,8 865,4 870,8 847, ,3 39,9 541,8 595,7 49,7 541,6 41,6 645,1 38,6 42,3 48,4 50,6 47, , , Financial 8.0% data 5.4% 8,3% 7.7% 6.0% 5.7% EBIT margin 5.9% 5.8% 5.4% 2.5% Slide 12

13 Breakdown of consolidated revenues 2017 Revenues 2017 (2016) Customer Service 6% (5%) Equipment 9% (9%) Other 3% (4%) SFP 3% (4%) Arabic countries 12% (16%) Other countries 6% (5%) Europe 42% (41%) Vehicles Asia Oceania 79% (80%) 16% (14%) NAFTA 24% (24%) Slide 13

14 Financial figures (in million) million Revenues % EBIT % EBIT margin 5.4% 2.5% - EBT % Net profit for the period % Cash flow from operating activities % Slide 14

15 Segment reporting by area CEEU Revenues 2017 (2016) NOMA APAC 21% (20%) SFP 3% (2%) CEEU 32% (33%) APAC MENA NISA NOMA 25% (24 %) MENA 9% (12 %) NISA 10% (9%) Internationalization continues to advance Regionally adapted market strategies Slide 15

16 Revenues and EBIT quarterly (in million) , ,3 225, , ,5 19,6 181,9 211,7 210,9 243, ,9 15, , , ,0 5,7 3,4 5,8 6, Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Revenues EBIT Slide 16

17 Accounting ratios in / % million Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2017 Total assets Equity ratio 37.0% 37.2% 38.2% Capital employed (ø) ROCE 11.6% 10.0% 4.5% ROE 22.7% 18.8% 8.8% Net debt Gearing ratio 84.4% 70.8% 77.0% Slide 17

18 Investments and depreciation and amortization (in million) 51,2 25,4 10,2 22,1 24,3 12,6 13,9 14,8 21,5 16, Investments Depreciation and amortization The focus of investment activity in 2017 was the reorganization of Leonding plant I, expansion of Rosenbauer Espanola, robotization of ladder production in Karlsruhe (D), new sales and service center in Meltham (GB) and Viersen (D) Slide 18

19 Trade working capital and financing (in million) TRADE WORKING CAPITAL FINANCING ,4 870,8 847,6 345,6 340,7 343,8 225% 200% 175% 150% 125% 100% 75% 50% ,6 191,3 84.4% ,1 171,3 77.0% 70.8% 39,9% 39,1% 40,5% 25% Trade Working Capital Annual Revenue Trade Working Capital / Annual Revenue 0% Net Debt Equity Gearing Ratio High working capital for reasons specific to industry Long throughput times of 8 to 12 months Low prepayments averaging 5% to 10% Average payment term of 57 days Slide 19

20 Number of employees (reporting date) , , , , , , , , , ,651 Austria USA Germany RoW In addition, Rosenbauer employs approximately 200 temporary employees. Headcount year-on-year stable, German and American manufacturing facilities increase. Slide 20

21 Rosenbauer shares Investor FR 5% Highest price Lowest price Free float 44% BVG * 51% Closing price Market capitalization million * Rosenbauer Beteiligungsverwaltung GmbH Dividend ) Dividend yield 2.2% 1.9% Earnings per share ,0 90,0 80,0 70,0 60,0 50,0 40,0 1) Jan Feb Mrz Apr Mai Jun Jul Aug Sep Okt Nov Dez Proposal to the Annual General Meeting Rosenbauer EURO ATXPrime index. Slide 21

22 Outlook

23 Order intake/backlog (in million) Order intake Order backlog as of December Slide 23

24 Outlook Global firefighting market follows amicable economic sentiment, successful industry development prolonged Political risks remain, uncertainty continues regarding the currency landscape Strategy for further internationalization and increase in efficiency will continue to be implemented consistently More proximity to customers and improved exchange of information More efficient structures and faster processes Greater common parts across individual product families Expansion of technology leadership focusing on the development of a vehicle with an alternative drive mechanism Management forecasts higher revenues and significantly better earnings for 2018 EBIT margin targeted at a familiar level Record incoming orders in 2017 generates solid starting position Slide 24

25 Thanks for listening!

26 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. Slide 26