Kverneland Group. Rogaland på børs. Enter the Future of Farming. - Enter the world of. Kverneland Group

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1 Kverneland Group Rogaland på børs Enter the Future of Farming - Enter the world of Kverneland Group 1

2 Kverneland Group s Vision Leading in grass and arable implements player in Western Europe and Central Eastern Europe / CIS through distinct dealer coverage and commitment 2

3 Kverneland Group s International Presence 3

4 Business Structure & Manufactoring Competence 4

5 BA Plough Equipment BA Plough Equipment - Ploughs Located in Klepp, Norway 5

6 BA Soil Equipment BA Arable Soil Equipment Located in Soest, Germany Seeders, Conservation Tillage, Harrows, Cultivators 6

7 BA Crop Care Equipment BA Crop Care Located in Nieuw-Vennep The Netherlands Sprayers and Spreaders 7

8 BA Grass Equipment BA Grass Equipment: Located in Kerteminde Denmark Forage, Bale and Feeding equipment KvG Mechatronics Located in Nieuw-Vennep The Netherlands 8

9 BA After Sales Central Distribution Centres: Metz (France) Klepp (Norway) Satellite warehouses: St. Helens (UK) Barcelona (Spain) Spare Parts Key numbers, 2008 Total turnover EUR Number of unique articles:

10 KvG Daqing Kverneland Group s new plant in China, Daqing Facts about KvG Daqing Established in m2 manufacturing surface 20 employees 10

11 Kverneland Group Presentation of Q Ingvald Løyning, CEO Friedrich Pehle, CFO

12 Key issues Q EBITDA ended at EUR 10.3 Mill, the second best quarter since the all time high of Q Profit before tax of EUR 7.3 Mill compared to EUR 3.1 Mill in Q (+135%). Operating revenues increased by EUR 11.3 Mill from Q to Q As in Q1 2011, business area Arable and business area Grass achieved higher sales in Q than in Turnover in bale equipment was similar to last year s level. Sales in CIS and CEE developed positively with the notable exception of Belarus. Order intake exceeded 2nd quarter 2010 by 6%, excluding Belarus the increase was 13%. All core markets recorded stronger order intake in Q than in Q except for Germany which in 2010 was only moderately affected by the crisis. Net working capital remained stable resulting in a positive net cash flow from operating activities of EUR 7.0 Mill. In order to obtain an efficient sales process outside our core markets Kverneland Group launched a global sales company. 12

13 Business Area Arable Operating revenues (EUR Mill) 71,2 75, ,6 58,0 52,0 57,5 52,6 45,2 44,2 38,2 EBITDA 1Q (EUR Mill) 2Q 3Q 4Q ,4 8,3 5,5 5,4 1,3 3,6 2,9 2,2-1,0-1,2 1Q 2Q 3Q 4Q 13

14 Business Area Grass Operating revenues (EUR Mill) ,7 51,0 45,4 50,1 31,3 32,0 28,3 28,2 16,1 18,1 1Q 2Q 3Q 4Q EBITDA (EUR Mill) 3,6 4, ,4 0,1 0,1 0,3 0,4-1,5-3,3-3,2 1Q 2Q 3Q 4Q 14

15 Business Area Crop Care Operating revenues (EUR Mill) 16,5 14,1 19, ,3 11,4 10,4 12,2 5,6 5,2 5,6 1Q 2Q 3Q 4Q EBITDA (EUR Mill) 2, ,2 0,7 0,9 0,0 0,0 0,3-0,6-1,7-1,2 1Q 2Q 3Q 4Q 15

16 Profit & Loss Account Consolidated Condensed Income Statement (EUR Mill) Q2 Q2 YTD YTD FY Operating revenues 123,2 111,9 253,4 221,4 380,3 Operating expense excluding depreciation and amortisation 112,9 105,1 229,5 208,4 375,6 EBITDA 10,3 6,8 23,9 13,0 4,7 Depreciation and amortisation 2,5 2,3 4,9 4,7 9,7 Impairment 0,0 0,0 0,0 0,0 0,1 Restructuring and reorganisation cost 0,0 0,0 0,0 0,0-0,2 Operating profit/loss (EBIT) 7,8 4,5 19,0 8,3-4,9 Exchange rate gain/loss 1,3 0,5 2,1 3,9 7,0 Interest cost and other financial expenses -2,2-1,9-4,3-4,6-8,9 Profit/loss from associated companies 0,4 0,0 0,3 0,0 0,0 Profit/loss before income tax expense 7,3 3,1 17,1 7,6-6,8 Income tax expense 0,3-0,5-0,9-1,1 2,4 Profit/loss for the period 7,6 2,6 16,2 6,5-4,4 Profit attributable to: Shareholders of the parent company 7,3 2,3 15,7 6,1-4,9 Non-controlling interest 0,3 0,3 0,5 0,4 0,5 Number of shares (in 1 000) Earnings per share 0,05 0,01 0,10 0,04-0,03 Exchange rate 7,7913 7,9375 7,8038 8,0638 8,0476 Earnings per share (NOK) 0,37 0,12 0,79 0,32-0,26 Fully diluted earnings per share (NOK) 0,37 0,12 0,79 0,32-0,26 16

17 Consolidated Balance Sheet CONSOLIDATED BALANCE SHEET As per As per As per (EUR Mill) ASSETS Intangible assets 30,6 26,3 29,6 Fixed assets 62,5 65,2 66,2 Stocks 114,4 93,7 95,7 Accounts Receivable 67,8 63,0 50,3 Other debtors 18,2 7,2 12,5 Cash and deposits 18,4 38,5 33,2 Current assets 218,8 202,4 191,7 Assets held for sale 0,0 0,3 0,0 Assets discontinued operation Total assets 311,9 294,2 287,5 LIABILITIES AND EQUITY Total equity 106,0 99,4 90,0 Interest bearing debt 60,1 61,8 59,9 Other Liabilities 145,8 133,0 137,6 Liabilities discontinued operation Total Liabilities and Equity 311,9 294,2 287,5 Equity ratio 34,0 % 33,8 % 31,3 % Net-interest bearing debt 41,7 23,3 26,7 17

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19 Outlook Q The positive market for agricultural machinery continues and is driven by the good prices for agricultural products, especially for cereals. There is a strong demand for agricultural commodities and corresponding relatively high prices for key crops which again results in solid levels of income for farmers in most of the world s major markets. Even though some key export countries of cereals, like Russia and Ukraine, are reporting higher yields than for the previous season, there are no signs of significant changes in the supply and demand balance and thereby the price trends. On the dairy side prices have climbed to higher levels, but more expensive feed continues to make the income situation less bright than for arable. Still the price recovery from the crisis triggered a significant market recovery for the season 2010/11. The industry outlook remains mainly positive for 2011, but the recent turmoil in the financial markets and signals of weaker global economic development have increased the uncertainty. In addition, the industry must be prepared for higher volatility across markets caused by potential impact from weather and climatic influences on yield as well as special effects from challenges in the national economic development. 19

20 Summary EBITDA ended at EUR 10.3 Mill, the second best quarter since the all time high of Q Profit before tax of EUR 7.3 Mill compared to EUR 3.1 Mill in Q (+135%). Operating revenues increased by EUR 11.3 Mill from Q to Q Turnover in bale equipment similar to last year s level. Sales in CIS and CEE developed positively with the notable exception of Belarus. Order intake exceeded 2nd quarter 2010 by 6%, excluding Belarus the increase was 13%. Net working capital remained stable resulting in a positive net cash flow from operating activities of EUR 7.0 Mill. The positive market for agricultural machinery continues and is driven by the good prices for agricultural products, especially for cereals. There is a strong demand for agricultural commodities and corresponding relatively high prices for key crops. No signs of significant changes in the supply and demand balance and thereby the price trends to be reported. 20

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Annual Report Kverneland skal bli verdens ledende og mest profitable leverandør av kvalitetsutstyr og tjenester til den framsynte bonden

Annual Report Kverneland skal bli verdens ledende og mest profitable leverandør av kvalitetsutstyr og tjenester til den framsynte bonden Annual Report 1999 Kverneland skal bli verdens ledende og mest profitable leverandør av kvalitetsutstyr og tjenester til den framsynte bonden Kverneland shall become the global market leader and the most