Results Q May 12, Dr.-Ing. Georg Sick (CEO and President) - Mag. Günther C. Binder (CFO) Reference (apr02)

Transcription

1 Results Q May 12, 2010 Dr.-Ing. Georg Sick (CEO and President) - Mag. Günther C. Binder (CFO) 1

2 Overview Summary Q Financials Q1 Outlook Wacker Neuson on bauma fair in April: visitors were impressed by broad portfolio and latest innovations 2

3 Summary recovery of economy visable Q1 10 vs. Q1 09 Harsh winter in first 2 months in Europe, strong March business Revenues up by 9.5 percent to EUR million, negative earnings as planned Recovery of economy drives product sales worldwide Significant sales growth in Light Equipment, USA and Asia Increase in order income for Compact Equipment but supplier delivery delays Service sales dependend on weather - > effect on margins High equity ratio of 78,9 percent Q1 10 vs. Q4 09 Market turned further positive, bauma in April confirms upswing Low net financial debt Further reduction of short labour Equipment sales exceed Q

4 Light Equipment and USA early in cycle Quarterly/monthly comparison Q3 08 Q1 10 (Sales Light Equipment in million) (Domestic Sales USA in USD) Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Light Equipment Compact Equipment. 03/09 10/09 11/09 12/09 01/10 02/10 03/10 03/09 10/09 11/09 12/09 01/10 02/10 03/10 4

5 Manpower capacity and sales development Figures measuring manpower capacity 120% 100% Increasing manpower capacity due to high order income Short labour reduction 23% 15% 7% 0% 80% Mar. 31/09 Dec.31/09 Mar.31/10 June 10 60% Number of employees (Jobs) 40% 20% 3,375 3,059 3,090 0% Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Sales Manpower capacity* Mar. 31/09. Dec.31/09 Mar.31/10 *Jobs, including short labour effects and layoffs (incl. temporary workers) 5

6 2010: Wacker Neuson share outperformed indices Peer group Indices (As a %) ISIN DE000WACK012 WKN WACK01 Reuters WACGn.DE Bloomberg WAC GR Indices SDAX, DAXplus family, CDAX, GEX, Classic All Shares Share Prime All Share Key figures share in EUR High (01-03) Low (01-03) Average (01-03) Book value per share Mar 31, 10 Q1/

7 Overview Summary Q Financials Q1 Outlook bauma highlight: Wacker Neuson s largest most powerful vibratory plate DPU 130 7

8 Sales and earnings increases yoy Sales EBITDA +9.5% Q1/ Q1/09 Q1/10 100% Q1/10 EBIT Profit for the period Q1/09 Q1/10 Q1/09 Q1/

9 Recovery of economy drives product sales worldwide Sales Europe Sales Americas Sales Asia +2.2% % % Q1/09 Q1/10 Sales Light Equipment Sales Compact Equipment Q1/09 Q1/10 Q1/09 Q1/10 Sales Services % % % Q1/09 Q1/10 Q1/09 Q1/10 Q1/09 Q1/10 9

10 US recovery and LE sales changes breakdown Regions Business segments 1 (as a % (previous year)) (as a % (previous year)) Asia 4.9 (4.3) Service 24.6 (27.5) Europe 73.2 (78.4) Compact Equipment 36.3 (39.5) America 21.9 (17.3) Light Equipment 39.1 (33.0) 1 Consolidated sales before discounts 10

11 Signs of recovery in both markets Sales split yoy Construction sales % Agricultural sales 1 (as a %) Agriculture 15.2 (19.7) %. Q1/09 Q4/09 Q1/ Q1/09 Q4/09 Q1/10 1 New machines sales only, excluding Service. Construction business contains light and compact equipment sales Service 24.6 (27.5) Construction 60.2 (52.8) 11

12 Cost base prepared for upswing Quarterly comparison Q1 08 Q1 10 (as a %) 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% -10,0% -20,0% Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09* Q1/10 *Q4: adjusted by impairment (EUR million) Gross margin EBITDA margin EBIT margin 12

13 Recovery triggers investments and working capital increase Investment fixed assets and depreciation Investments fixed assets 23.0 Depreciation Net financial position Mar,31/10 Q1/09 Q1/10 Dec,31/ Free and operative cash flow Working capital Q1/09 Free Cash flow 3.8 Operative Cash flow Q1/ % Dec,31/09 Mar,31/10 13

14 Overview Summary Q Financials Q1 Outlook 2010: EuroTest award for Wacker Neuson rebar tier 14

15 Global launch of compact equipment continued April 2010 To be observed New New 15

16 Outlook bauma in April 2010 confirmed turnaround (units) Order backlog compact equipment +235% yoy Market dynamics more visible Focus on maintaining strong asset and financial position Bauma order volume: > +25% to 2007 Increasing construction activity Building up inventories to be prepared for more bouyant upswing (supplier risk) Sales in Compact Equipment expected to increase in Q2 and Q3 due to high orders Positive effects from infrastructure programs Forecast revenue confirmed: > 5% for 2010, double-digit growth 2011 with positive earning trend 03/09 04/09 05/09 06/09 07/09 08/09 09/09 10/09 11/09 12/09 01/10 02/10 03/10 Continuous investigation of acquisition targets and alliances 16

17 Appendix

18 Income Statement -> PPA effects (extract) Income Statement 1 Q1/10 excl. PPA PPA 2 Q1/10 incl. PPA Q1/09 incl. PPA Sales Gross profit 45.6 (0.003) Gross margin (in %) Sales and service expenses (34.1) - (34.1) (37.5) Research and development expenses (4.4) (0.8) (5.2) (6.0) General administrative expenses (13.0) (0.08) (13.1) (13.3) Other expenses (1.1) - (1.1) (2.1) EBIT (5.0) (0.9) (5.9) (22.6) EBIT margin (in %) (3.4) - (3.9) (16.4) EBT (5.7) (1.0) (6.7) (23.0) Taxes on income Profit after minority interests (5.0) (0.7) (5.7) (16.6) 1 Without Other Income and Other Expense 2 PPA = Purchase Price Allocation 18

19 Cash flow situation after starting to invest again Cash flow statement (extract) Q1/10 Q1/09 EBT (6.7) (23.0) Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Change in cash and cash equivalents Cash and cash equivalents at the beginning of period Cash and cash equivalents at the end of period (2.3) (25.1) 7.5 (18.7) (8.3) Free Cash flow (27.4) (4.5) 19

20 Financial Calendar 2010 and IR Contact Financial Calendar May 13 Conference, London May 19 Conference Munich May 20 May 28 August 13 November 12 German & Austrian Conference, Frankfurt AGM, Munich Publication of 6M report Publication of 9M report IR Contact Investor Relations Department Preussenstrasse 41, Munich, Germany Phone: , Fax:

21 Disclaimer This presentation contains facts and forecasts that relate to the future development of the Wacker Neuson Group and its companies. The forecasts are estimates that we have made on the basis of all information available to us at this moment in time. Should the assumptions underlying these forecasts prove not to be correct, actual events may deviate from expectations as set forth at the present time. 21