Rosenbauer Group Investors presentation Half-year financial results 2015
Company profile Leading manufacturer of firefighting 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 according to DIN and NFPA (US) standards with production facilities in Europe, North America and Asia Industry leader in technology and innovation Others 7% Rosenbauer Group in 2014 Arab world 27% Europe 37% Revenue 784.9 million EBIT 48.4 million Headcount 2.941 employees Asia/ Oceania 12% NAFTA 17% Page 2
Production facilities, sales and service 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 Production Sales /Service Dammam / Saudi Arabia Riyadh / Saudi Arabia Abha / Saudi Arabia Jeddah / Saudi Arabia KAEC / Saudi Arabia Halfway House / South Africa Page 3
Full-liner Vehicles 70% revenues Aerials 9% revenues Components 3% revenues Equipment 10% revenues Customer Service/Others 7% revenues Stationary fire protection 1% revenues As of 2014 Page 4
Firefighting vehicle market Worldwide volume 3,440 million (2012: 3.061 million) p.a. 17.000 vehicles (2012: 16,000) p. a. Most purchasers are public sector clients Rosenbauer worldwide No. 1 Worldwide market share 19.2% (2012: 19.2%) World sales share of Top 10 companies appr. 77% Ranking of firefighting vehicle manufactures (Revenues in million) Rosenbauer Group / Austria (2014) Pierce Oshkosh / USA (2013/14) Morita Corp / Japan (2013/14) Magirus Group / Germany (2013) Iturri Group / Spain (2013/14) E-One / USA (2014) Spartan / USA (2013) Ziegler Group / Germany* (2011) KME / USA (2011) GIMAEX Group / France (2013/14) 0 100 200 300 400 500 600 700 800 Source: Latest annual financial statements / Rosenbauer estimates /UNO statistics 2013 (as of July 2015) Page 5
Half-year financial data
Highlights 2015 Continued positive development despite difficult market environment Record figures for revenues, earnings, and incoming orders in second quarter Revenues up 14% at 416.9 million Increased deliveries to Arabic countries Revenues in North America up 37% EBIT up 10% at 21.9 million Additional expenses for launch of new products and for appearance at trade fair Higher location costs in Austria negatively impact earnings Higher EBIT at US companies has positive effect on EBIT Page 7
Industry development Global market volumes increased Positive indications from developed markets again Strong need for safety in emerging nations following disasters North America Slight upturn in first half of year Fire equipment sector set to recover again in 2015 Europe Germany: intensive price competition shaping market volumes slightly below levels of recent years Austria: Market volumes above levels of recent years Asia Brisk demand in South East Asia and China Middle East Investment activity remains at high level Low oil price partially curbs demand Page 8
Rosenbauer at the Interschutz 2015 Concentrated presentation of innovative firefighting technology Global orientation and technological leadership are key pillars of success Leading position in the fire equipment sector demonstrated again New products meet with positive response from customers More than 50 new PANTHERs sold already (Abu Dhabi, Qatar, Singapore, and India) Page 9
The new developments HEROS-titan The new PANTHER NAUTILUS 4/1 ECO E5000 The new cage FOX S Commander BUFFALO extreme Page 10
The new PANTHER Fourth generation of the successful ARFF Has defined the state-of-the-art for ARFFs over two decades Improved view of the operational scene Reliable crew protection Modern assistance systems for enhanced driving safety More payload space User-optimized control panel First ARFF with 750 hp Euro 6 engine 1,400 PANTHERs produced and delivered to around 90 countries Page 11
Half-year revenues and EBIT (in million) 500,0 50,0 400,0 Revenue EBIT 338.5 367.2 416.9 40,0 300,0 236.7 270.7 30,0 200,0 100,0 14.0 11.8 16.8 20.0 21.9 20,0 10,0 0,0 1-6/2011 1-6/2012 1-6/2013 1-6/2014 1-6/2015 0,0 EBIT margin 5.9 % 4.4% 5.0 % 5.4 % 5.3 % Page 12
Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Revenue and EBIT quarterly (in million) 300 30 250 200 214.8 183.7 178.8 220.6 214.5 194.9 251.8 191.3 225.6 25 20 150 100 155.1 159.5 18.2 154.8 13.1 11.2 14.3 152.7 15.3 11.7 16.7 15.9 15 10 50 0 8.0 8.7 3.7 4.7 6.0 5 0 Revenue EBIT Page 13
Half-year segment reporting Revenue 1-6/2015 (2014) CEEU EBIT 1-6/2015 (2014) (in million) NOMA MENA APAC NISA APAC 17% (22%) CEEU 25% (26%) 7.9 7.5 3.6 2.4 NOMA 22% (18%) NISA 10% (12%) 0.8 CEEU NISA MENA APAC NOMA Others (0.3) MENA 26% (22%) CEEU NISA MENA APAC NOMA Others EBIT 1-6/2015 2.4 0.8 7.9 3.6 7.5 (0.3) EBIT 1-6/2014 2.0 2.7 4.0 7.8 3.5 (0.1) Page 14
Half-year financial data in million 1-6/2015 1-6/2014 in % Revenues 416.9 367.2 +14% EBIT 21.9 20.0 +10% EBIT margin 5.3% 5.4% - EBT 19.5 19.6 (1%) Net profit for the period 15.9 15.4 +3% Cash flow of operating activities (104.3) (85.9) (21%) Page 15
Half-year key balance sheet data in million June 30, 2015 Dec 31, 2014 June 30, 2014 Total assets 711.6 579.9 525.8 Equity in % of total assets 28.6% 34.2% 36.2% Capital employed (ø) 473.1 341.2 330.8 ROCE 4.6% 14.2% 6.0% ROE 9.7% 24.5% 10.3% Net debt 283.6 154.2 161.6 Gearing ratio 139.4% 77.7% 84.9% Page 16
Solid financing (in million) 300 283.6 300% 250 250% 200 169.3 161.6 190.3 203.5 200% 150 134.6 135.4 137.1 127.8 139.4% 150% 100 61.0 98.7% 75.5% 84.9% 100% 50 45.3% 50% 0 1-6/2011 1-6/2012 1-6/2013 1-6/2014 1-6/2015 0% Net debt Equity Gearing ratio Page 17
Trade Working Capital (in million) 900 ~ 860 1) 60% 750 645.1 737.9 784.9 52.3% 45% 600 450 37.6% 541.6 42.4% 38.9% 42.1% 449.8 30% 300 203.7 273.5 286.9 330.3 15% 150 0 1-6/2011 1-6/2012 1-6/2013 1-6/2014 1-6/2015 0% 1) Estimated revenue 2015 Trade Working Capital Revenue per year Trade Working Capital / Revenue per year Page 18
Investments and Depreciation (in million) Investing activities in 2015 the adaption of Plant I Leonding and the new plant in KAEC 51.2 Purchase Plant II in 2014 25.4 >25.0 11.5 8.1 14.7 9.3 10.2 12.6 15.0 2011 2012 2013 2014 2015e Investments Depreciation Page 19
Number of employees (June 30) Additionally, Rosenbauer employs 212 leasing employees. 30.06.2015 1,341 741 635 299 3,016 30.06.2014 1,231 704 610 216 2,761 30.06.2013 1,128 642 557 177 2,504 30.06.2012 1,047 558 535 90 2,230 30.06.2011 977 494 489 102 2,062 Austria USA Germany Rest of the world Page 20
Rosenbauer share 1-6/2015 1-6/2015 1-6/2014 Highest share price in 85.0 69.7 Investor FR 5% Lowest share price in 66.7 57.9 Closing price in 75.7 63.9 Capitalization in mill. 514.4 434.5 Free float 44% BVG * 51% 90,0 80,0 70,0 60,0 * Rosenbauer Beteiligungsverwaltung GmbH 50,0 Jan Feb Mrz Apr Mai Jun Rosenbauer EURO ATXPrime index. Page 21
Outlook
Half-year order intake / backlog (in million) Order intake Order backlog as of June 30 1-6/2015 479.5 30.06.2015 835.7 1-6/2014 438.1 30.06.2014 731.8 1-6/2013 420.4 30.06.2013 682.5 1-6/2012 280.3 30.06.2012 715.8 1-6/2011 281.5 30.06.2011 447.5 Page 23
Outlook Industry facing various challenges Growth predominantly to come from Asia and Middle East Positive trend in demand expected in North America in 2015 Only minor recovery in Europe though with intensive price competition Investments to exceed depreciation again in 2015 Plant I in Leonding to be renovated to boost efficiency US locations expanding capacity and redesigning processes Construction of a production site in KAEC in Saudi Arabia in progress Growth with a solid financial basis Expenses for launch of new products and appearance at world s largest trade fair to influence results for 2015 Focus on improving earnings and reducing working capital Increase in revenues and EBIT of 10% targeted Page 24
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