Results Q3 2016 - Wacker Neuson · 2019-09-20 · Results Q3 2016. Agenda 2 Outlook Overview Q3/16...
Transcript of Results Q3 2016 - Wacker Neuson · 2019-09-20 · Results Q3 2016. Agenda 2 Outlook Overview Q3/16...
Cem Peksaglam (CEO) – Günther C. Binder (CFO)
November 10, 2016
Results Q3 2016
Agenda
2
Outlook
Overview Q3/16
and 9M/16
Financials Q3/16
and 9M/16
Q3 and 9M/16 Financials
Q3/16: Revenue and profits above prev. year level
Revenue: +2% yoy to € 316 m (adjusted for currency effects: +3%)
EBITDA: +14% yoy to € 36 m; margin: 11.6% (Q3/15: 10.3%)
EBIT: +25% yoy to € 19 m; margin: 6.1% (Q3/15: 5.0%)
EPS: +42% yoy to € 0.17 (Q3/15: € 0.12)
9M/16: Resilient performance against weak economic backdrop
Revenue: 0% yoy to € 1,014 m (adjusted for currency effects: +1%)
EBITDA: -7% yoy to € 121 m; margin: 11.9% (9M/15: 12.8%)
EBIT: -14% yoy to € 70 m; margin: 6.9% (9M/15: 8.0%)
EPS: -16% yoy to € 0.65 (9M/15: € 0.77)
3
(Revenue in € m; EBIT margin as a %)(Revenue in € m; EBIT margin as a %)
Long-term growth trends, revenue and EBIT margin
4
Revenue and EBIT margin Q3 (2012–2016) Revenue and EBIT margin 9M (2012–2016)
+25%+24%
+9%-2% +2% -0%
9M/16: Mixed picture in regions and business segments1
730.7 761.9
9M/15 9M/16
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Europe2
+4% (+6%)
320.4293.5
9M/15 9M/16
Light equipment3
-8% (-6%)
254.1217.1
9M/15 9M/16
Americas2
-15% (-13%)
506.6 520.8
9M/15 H1/16
Compact equipment3
+3% (+4%)
32.6 34.5
9M/15 9M/16
Asia-Pacific2
+6% (+10%)
207.1 215.9
9M/15 9M/16
Services3
+4% (+6%)
1 In brackets: adjusted for currency effects; 2 Nominal, after cash discounts; 3 Nominal, before cash discounts
(€ m)
(€ m)
(€ m)
(€ m)
(€ m)
(€ m)
Construction and other industries
Agriculture
Services
9M/16 9M/15
66% 66%
13% 14%
21% 20%
Agriculture business (Weidemann, Kramer, Claas)
9M/15 9M/16
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(in € m)
140.5137.2
Slow recovery in agriculture segment
Q1/16 vs. Q1/15: -11 %
Q2/16 vs. Q2/15: +1%
Q3/16 vs. Q3/15: +7%
(2015 vs. 2014: -2%)
-2%
Revenue breakdown for 9M/16 Revenue1 9M/16 vs. 9M/15
(% of revenue)
1 Nominal, before cash discounts
Agenda
7
Outlook
Overview Q3/16
and 9M/16
Financials Q3/16
and 9M/16
Q3/16: Revenue and profit increase (on low Q3/15 basis)
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Q3/16 As % of
revenue
Q3/15 As % of
revenueChange in %1
Revenue 315.7 100.0 311.0 100.0 1.5 (2.6)
Gross profit 88.7 28.1 86.3 27.7 2.8
Sales and service expenses 46.8 14.8 44.8 14.4 4.5
Research and development expenses 8.3 2.6 8.0 2.6 3.9
General administrative expenses 15.7 5.0 19.1 6.1 -17.5
Operating expenses2 70.8 22.4 71.8 23.1 -1.4
EBITDA 36.5 11.6 32.1 10.3 13.7
EBIT 19.3 6.1 15.5 5.0 24.5 (23.6)
Net profit 12.0 3.8 8.5 2.7 41.2
Net profit per share in € 0.17 - 0.12 - 41.6
Income statement (extract)
(€ m)
1 in brackets: adjusted for discount currency effects
2 without other income/expenses
31.734.0
15.5
22.4
17.3
33.4
19.39.8%8.9%
5.0%6.3%
5.5%
8.8%
6.1%
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
14,0%
16,0%
18,0%
20,0%
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16
EBIT EBIT margin
Q3/16: Development of profit since Q1/15
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EBIT development Q1/15-Q3/16
(EBIT in € m; EBIT margin as a %)
Revenue in € m 324.3 382.1 311.0 357.9 316.4 381.4 315.7
Volatility in revenues and earnings due to changing product and regional mix qoq
9M/16: Resilient performance against weak economic backdrop
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9M/16 As % of
revenue
9M/15 As % of
revenueChange in %1
Revenue 1,013.5 100.0 1,017.4 100.0 -0.4 (1.1)
Gross profit 283.5 28.0 293.9 28.9 -3.5
Sales and service expenses 143.4 14.1 138.7 13.6 3.4
Research and development expenses 26.7 2.6 25.3 2.5 5.6
General administrative expenses 49.6 4.9 54.3 5.3 -8.7
Operating expenses2 219.8 21.7 218.3 21.5 0.7
EBITDA 121.0 11.9 130.3 12.8 -7.1
EBIT 70.0 6.9 81.2 8.0 -13.8 (-13.5)
Net profit 45.8 4.5 53.7 5.3 -14.7
Net profit per share in € 0.65 - 0.77 - -15.6
Number of employees 4,751 - 4,696 - 1.2
Income statement (extract) and number of employees
(€ m)
1 in brackets: adjusted for discount currency effects
2 without other income/expenses
9M/16: Comparison of EBIT vs. previous year
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1
1 Other income & expense
Lower EBIT mainly due to lower Gross Profit Margin (difficult markets)
(€ m)
0
10
20
30
40
50
60
70
80
EBIT 9M/15 Revenue volume effect Revenue margin effect S,G&A Other EBIT 9M/16
81.2 -1.1 -9.3
-1.5 +0.7 70.0
EBIT-change 9M/16 vs. 9M/15
9M/16: Development of profit per region
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EBIT-change by region 9M/16 vs. 9M/15
(€ m)
-5
5
15
25
35
45
55
65
75
85
EBIT 9M/15 Europe Americas Asia-Pacific Consolidation EBIT 9M/16
9M/16 vs. 9M/15 Europe Americas Asia-Pacific Total
Revenue +4% -15% +6% 0%
EBIT -13% -134% -383% -14%
EBIT Margin (9M/15)1 10.8% (13.0%) -1.2% (2.9%) -16.5% (6.1%) 6.9% (8.0%)
81.2 -12.7
-10.0
-7.7
+19.3 70.0
1 EBIT Margin of regions on total external sales
9M/15 9M/16
9M/16: Investments and cash flow development
9M/15 9M/16
9M/15 9M/16
(€ m)
9M/15 9M/16
(€ m) (€ m)(€ m)
-28.4
10.2
-81.2 -84.1
49.151.0
52.8
94.3
Cash flow from
investment activitiesDepreciation
Cash flow from
operating activitiesFree cash flow
Increase of operating cash flow due to inventory reduction positive free cash flow FY 2016 expected
+4%
4%
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+79%
9M/16: Working capital development
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350 350411
514448
154 181
201
187207
-64 -64 -89 -91 -89
September 30, 2012 September 30, 2013 September 30, 2014 September 30, 2015 September 30, 2016
Inventories Trade receivables Trade payables
Working Capital ratio (3M annualized revenue)
43.3% 42.2% 41.4% 49.0% 44.7%
Inventory program shows results further reduction of Working Capital
(€ m)
+11%
WC: -7%
566610
-2%
-13%
523
467440
Working capital 9M/12 – 9M/16
195 214 199241 224
913 924990
1.046 1.062
21%23%
20%
23%21%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
200
400
600
800
1.000
9M/12 9M/13 9M/14 9M/15 9M/16
Net financial debt Equity before minority interests Gearing as a %
9M/16: Gearing and equity
15
Equity ratio of 67% and gearing of 21%
(€ m)
Equity, net debt and gearing 9M/12 – 9M/16
-7%
Agenda
16
Outlook
Overview Q3/16
and 9M/16
Financials Q3/16
and 9M/16
0
5
10
15
20
25
30
0,0
200,0
400,0
600,0
800,0
1.000,0
1.200,0
1.400,0
1.600,0
2015 2016e
(Revenue in € m; EBIT margin as a %)
Revenue and margins 2015–2016e
1,375
0% to +4%
EBIT margin
7.5%
1,375–1,425
Outlook: Revenue and EBIT at the lower end of forecast
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Europe
North America
Latin America
South Africa and Sub Sahara
Asia
Australia
Agriculture
Construction
Mining
Oil & Gas
Other channels
1
Wacker Neuson Group revenue 2016 vs. PY
High volatility, low visibilityInvestments ~ € 120 m, positive free cash flow
EBIT margin
6.5-7.5%
November 10, 2016 Publication of nine-month report 2016; Analysts' Conference Call
March 16, 2017 Publication of financial results 2017; Press Conference, Munich; Analysts' Conference Call
May 11, 2017 Publication of first-quarter report 2017; Analysts' Conference Call
May 30, 2017 AGM, Munich
August 8, 2017 Publication of half-year report 2017; Analysts' Conference Call
November 9, 2017 Publication of nine-month report 2017; Analysts' Conference Call
Numerous international trade fairs, roadshows and conferences
Financial calendar and IR contact
Financial Calendar
IR contact
Investor Relations Department
Preussenstrasse 41, 80809 Munich, Germany
Phone: +49-89-35402-713, Fax: +49-89-35402-298
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