Rosenbauer Group Results of the first quarter 2014 May 2014
Company profile Leading manufacturer of fire fighting vehicles in the fire protection and civil defense sector Full-liner covering any needs of the fire services World s largest exporter of fire fighting vehicles Largest sales and service organization in the fire industry Production facilities on three continents (Europe, North America, Asia) Production according to DIN and NFPA (US) standards World s largest provider of specialty vehicles for airports and industry Industry s leader in technology and innovation Mission statement: The fire departments are our core customers! Page 2
Production facilities and sales companies Karlsruhe / Germany Luckenwalde / Germany Oberglatt / Switzerland Chambery / France Leonding / Austria Traun / Austria Neidling / Austria Radgona / Slovenia Moscow / Russia Holmfirth / UK Madrid / Spain Linares / Spain Singapore Rosenbauer America Brunei Lyons / SD Fremont / NB Wyoming / MN Dammam / Saudi Arabia Riyadh / Saudi Arabia Jeddah / Saudi Arabia Halfway House / South Africa Production Sale /Service Page 3
Full-liner Vehicles 70% revenues Aerials 10% revenues Components 3% revenues Equipment 11% revenues Service 5% revenues Business Development 1% revenues As at 2013 Page 4
Fire fighting vehicle market Worldwide volume 3,061 million (2011: 2,800 million) p.a. 16,000 vehicles (2011: 15,000) p. a. Most purchasers are public sector clients Rosenbauer worldwide No. 1 Worldwide market share 19.2% (2011: 18.6%) Ranking of fire fighting vehicle manufacturers (revenues in million) Rosenbauer Group / Austria Pierce Oshkosh / USA Morita Corp / Japan IVECO-Gruppe / Germany E-One / USA Ziegler Gruppe / Germany* KME / USA GIMAEX Group / France Bronto / Finland Ferrara Fire / USA 0 100 200 300 400 500 600 700 800 * Since 11/2013: new owner CIMC / China Source: Latest annual financial statements / Rosenbauer estimates /UNO statistics 2012 (as at April 2014) Page 5
Group revenues and EBIT(in million) 800 Revenues 737.9 80 700 600 500 400 300 200 EBIT 321.3 299.4 372.0 25.1 426.1 30.8 500.3 39.9 541.8 29.4 595.7 49.7 541.6 41.6 645.1 38.6 42.3 70 60 50 40 30 20 100 13.7 19.6 10 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0 Page 6
Investments and Depreciation (in million) Increasing capital investments in production capacity 25.4 15.8 14.7 6.5 8.9 7.3 11.5 8.1 9.3 10.2 2009 2010 2011 2012 2013 Investments Depreciation Page 7
Financal data 1-3/2014
Revenues and EBIT (in million) 200 Revenues 20 150 EBIT 154,8 147,9 15 100 114,2 107,3 115,6 10 50 8,1 6,9 3,7 3,7 4,7 5 0 1-3/2010 1-3/2011 1-3/2012 1-3/2013 1-3/2014 0 EBIT margin 7,1% 6,5% 3,2 % 2.4% 3,2% Page 9
Revenues and EBIT quarterly (in million) 250 25 214,8 220,6 200 183,7 178,8 20 150 155,1 159,5 18,2 154,8 147,9 15 115,6 13,1 14,3 100 11,2 10 50 3,7 8,0 8,7 3,7 4,7 5 0 0 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Revenues EBIT Page 10
Q1 Financial data in million 1-3/2014 1-3/2013 in % Revenues 147.9 154.8 (4%) EBIT 4.7 3.7 +27% EBIT margin 3.2% 2.4% - EBT 5.0 3.4 +47% Order backlog as at March 31 607.5 707.0 (14%) Order intake 139.1 274.8 (49%) Employees as at March 31 2,692 2,456 +10% Page 11
Key balance sheet data in million March 31, 2014 Dec 31, 2013 March 31, 2013 Total assets 499.6 462.3 393.0 Equity in % of total assets 38.2% 35.7% 38.3% Capital employed (ø) 318.4 309.3 259.7 ROCE 1.5% 1.2% 1.4% ROE 2.6% 2.0% 3.1% Net debt 131.6 130.7 95.8 Gearing ratio 69.0% 79.2% 63.7% Page 12
Order intake / backlog (in million) Order intake Order backlog as at March 31 1-3/2014 139,1 31.03.2014 607,5 1-3/2013 274,8 31.03.2013 707,0 1-3/2012 154,7 31.03.2012 734,2 1-3/2011 125,6 31.03.2011 431,5 1-3/2010 116,4 31.03.2010 500,0 Page 13
Number of employees (March 31) Additionally, Rosenbauer employs 274 Leasing employees. 31.03.2014 1,209 679 582 218 2.692 31.03.2013 1,117 628 553 150 2.456 31.03.2012 1,030 548 527 88 2.195 31.03.2011 984 528 482 82 2.076 31.03.2010 910 518 475 84 1.987 Austria USA Germany Rest of the world Page 14
Rosenbauer share 2013 1-3/2014 1-3/2013 Investor FR 5% Highest share price in 69.7 54.8 Lowest share price in 57,9 45.0 Closing price in 67.6 52.5 Capitalization in mill. 459.7 357.0 Free float 44% BVG * 51% 70,0 65,0 60,0 55,0 * Rosenbauer Beteiligungsverwaltung GmbH 50,0 Jan Feb Mrz Rosenbauer EURO ATXPrime indexed/indiziert Page 15
Outlook
Outlook Steady development expected in fire equipment sector Europe at multi-year average level, but with intense price competition Continued recovery in US market Good outlook for international project business Boosting technological leadership Knowledge management works as a think-tank to monitor future trends Preparations for Interschutz 2015 fire equipment tradeshow are in top gear Full order books assure good capacity utilization Consolidation after record year Revenues at same high level as last year s Focus on improving earnings quality (EBIT margin 6 7 %) and working capital Page 17
Thank you! Rosenbauer International AG 4060 Leonding, Paschinger Str. 90, Austria Phone: +43 732 6794-0, Fax: +43 732 6794-89 office@rosenbauer.com www.rosenbauer.com
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