Rosenbauer Group · 2019. 5. 10. · Investor Presentation I 7 World firefighting vehicle market in...

Rosenbauer Group

Person

Date

Investor & Analyst Presentation I Q1 2019 Financial Figures

Sebastian Wolf I CFO

May 13, 2019

Rosenbauer Group

Investor Presentation I 2

Disclaimer

This presentation was produced by Rosenbauer International AG(Rosenbauer for short) for informational purposes only. Despite thegreatest care taken by Rosenbauer, no guarantee is given for thecorrectness and completeness of the content.

This presentation may not be reproduced, transmitted, or distributed(neither in its entirety nor in part). Unless otherwise stated, all information(including financial statements and forecasts) is the property ofRosenbauer and may therefore be changed without prior notification byRosenbauer.

All decisions based on information included in the Rosenbauerpresentation are the sole responsibility of the user. Rosenbauer acceptsno liability for the actions and consequences resulting from the use of thepresentation.

None of the information provided in the presentation constitutes, or isintended to be, an invitation to buy or trade in Rosenbauer shares.

Agenda

1. Rosenbauer Group at a glance

2. Q1 2019 financial figures

3. Outlook

Q&A

Rosenbauer Group at a glance


Rosenbauer Group equity story

Global market leader■ Full-range supplier of fire fighting

equipment and preventive fire protection

■ World´s largest producer of fire fighting

vehicles

■ Global market volume: ~ 21,100 vehicles

(2017), ~ 15% RB market share

■ Present in around 130

countries

■ 9 Production sites in Europe,

3 in the US and 4 in Asia

■ Around 280 sales partners

worldwide

Unrivalled worldwide networkInnovation leader ■ High R&D expenditures,

holding > 180 patents

■ First mover pioneering

sustainability technologies

■ Lighthouse project “Concept

Fire Truck”

Resilient business model ■ Above-the-market growth over the last 10

years

■ Sustainable dividend policy, safe dividend

payments

■ Broad diversification by geographies and

products


Global network of production facilities,

sales and service offices

AUSTRIALeonding

Neidling

Graz

Telfs

FRANCEChambéry

GERMANYKarlsruhe

Luckenwalde

Mogendorf &

Gladbeck

Viersen

ITALYRovereto

POLANDWarsaw

RUSSIAMoscow

EUROPESLOVENIARadgona

SPAINLinares

Madrid

SWITZERLANDOberglatt

UKHolmfirth

Lyons / South-Dakota

Fremont / Nebraska

Wyoming / Minnesota

Rosenbauer America

AMERICA

SAUDI-ARABIADschidda

KAEC

Riad

SOUTH-AFRICAHalfway House

MIDDLE EAST/

AFRICA

CHINAKunming

SINGAPORESingapore

PHILIPPINESMandaluyong City

BRUNEI

AUSTRALIABrisbane

ASIA/

AUSTRALIA

Production

Sales / Service

Around 280 sales partners worldwide.


World firefighting vehicle market in 2017

■ Global annual volume € 4,250 million (2016: € 4.259 million)

■ Appr. 21,100 vehicles (2016: appr. 19,500)

■ Buyers are mainly public institutions

■ Rosenbauer Group worldwide No. 1

■ Share of revenues of the top-10-companies appr. 80%

0 100 200 300 400 500 600 700 800 900

Desautel / France (2017)

Iturri Group / Spain (2017)

Spartan / USA (2018)

Ziegler Group ***) / Germany (2017)

Magirus Group**) / Germany (2017)

NAFFCO / UAE (2016)

REV Group*) / USA (2017/18)

Morita Corp / Japan (2017/18)

Pierce Oshkosh / USA (2017/18)

Rosenbauer Group / Austria (2018)

Ranking of fire fighting vehicle manufacturer (revenue in € million)

*Owner of E One, KME, Ferrara

** Owner CNH Industrial Group

*** Owner CIMC / China

Source: Latest annual financial statements / estimates / (May 2019)


Full-range supplier(Product segments and % of group revenues; as of Dec 31, 2018)

Municipal Vehicles

33%

Industrial Vehicles

12%

ARFF Vehicles

11%

Aerials

20%

Fire & Safety

Equipment

8%

Stationary Fire

Protection

3%

Firefighting

Components

3%

Customer Service

7%

Others: 3%


Developing future e-technology

■ Concept Fire Truck (CFT) on its way to series production readiness

■ Low emissions based on alternative driving concept

■ Multi-functionality allows for universal application

■ Ergonomically optimized expansion through new kind of fire truck architecture

■ Volvo Penta to adapt proven electronic driveline to the performance requirements of a

fire service application

■ “Innovation partnership” with Berlin Fire Department

■ Global market for innovative CFT technology to reach around 3,200 vehicles in 2030,

with 700 to 800 units running in Europe already by 2025

■ CFT technology to be transferred also to other types

of vehicle

■ Particular interest from members of the “C40 Cities

Climate Leadership Goals”

■ 2019 planned roadshows to Canada, France,

Germany, Slovenia, Switzerland and the US

■ Market launch planned for 2021

Q1 2019 financial figures


Highlights

■ Rosenbauer Group starts with a record order intake into 2019

■ With € 338.1 million in new orders, Q1 2019 clearly surpasses the corresponding period of the previous

year

■ Revenues increase by 8.3% to € 175.8 million Q1 2019, EBIT nearly doubles to € 2.1

million

■ Especially Europe, North America and stationary fire protection are growing, whereas Near and Middle

East and Asia are decreasing

■ High production output and favorable product mix

■ Stronger operating performance triggers also higher trade working capital

■ Rosenbauer management optimistic about FY 2019, as incoming orders should allow

for excellent utilization capacity and give resilience in a decelerating business

environment

■ Guidance confirmed – revenues above € 950 million, 5.5% EBIT margin


Revenues and EBIT quarterly

172.0

211.3219.5

267.0

181.9

211.7 210.9

243.1

162.4

190.3199.3

357.4

175,8

3.4

15,5

8.5

19.6

5.8

12.1

6.3

1.1

8.9

7.0

31.8

2,1

Q1

/16

Q2

/16

Q3

/16

Q4

/16

Q1

/17

Q2

/17

Q3

/17

Q4/1

7

Q1

/18

Q2

/18

Q3

/18

Q4

/18

Q1

/19

Revenues EBIT

-3.1

€ million


5,2

6,1

3,7

5,1

3,03,4 3,4

3,94,1 4,1

Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019

Investments Depreciation and amortization

Investments

CAPEX, depreciation and amortization€ million

■ Modernization Leonding, aerials production Karlsruhe


Financial figures

€ million 1-3/2017 1-3/2018 1-3/2019 2018/2019

Revenues 181.9 162.4 175.8 +8.3%

EBIT -3.1 1.1 2.1 1 +90.9%

EBIT margin -1.7% 0.7% 1.2% -

EBT -2.8 0.9 0.7 2 -22.2%

Net profit for the period -2.6 0.8 0.6 -25.0%

Cash flow from

operating activities-49.7 -19.9 -56.6 -184.4%

Impact from application of IFRS 16 insignificant:

1) EBIT: + 67.8T€

2) EBT: - 45.8T€


Accounting ratios

€ million / % Mar. 31, 2018 Dec. 31, 2018 Mar. 31, 2019 2017/2018

Total assets 673.0 782.3 849.4 +8.6%

Equity ratio 33.5% 30.3% 27.8% 1 -

Capital employed (ø) 483.6 498.6 552.5 +10.8%

ROCE 0.2% 9.8% 0.4% -

ROE 0.4% 18.4% 0.3% -

Net debt 211.3 231.5 293.3 +26.7%

Gearing ratio 93.6% 97.6% 124.0% -

Impact from application of IFRS 16:

1) Equity ratio: 27.0%


Balance sheet structure (in € million)

191,2

368,1430,0430,0 75,6

0,0

0,00,0

176,7

234,4

239,8239,8 181,9

179,8

179,7205,3

625,4

782,3

849,4875,1

20172018Q1-3/2019Q1-3/2019with IFRS 16

Assets

Receivablesand otherassets

Constructioncontracts

Inventories 204,9257,6

312,6 312,6

239,2

237,1

236,6 236,6

127,6

226,3

241,8 267,4

53,7

61,3

58,558,5

625,4

782,3

849,4875,1

2017 2018 Q1/2019 Q1/2019with IFRS 16

Provisions

Liabilitiesand otherdebt

Equity

Interest-bearingliabilities


■ Long throughput times of 8 to 12 months

■ Low prepayments averaging 10%

■ Average payment term of 64 days

Trade working capital and financing

227,4211,3

293,3

238,4225,7

236,6

95,4%

63,6%

124,0%

Q1 2017 Q1 2018 Q1 2019

Net Debt

Equity

Gearing Ratio

FINANCING€ m i l l i o n

384,0 362,4

463,7

847,6

909,4950,0 *

45,3%39,8%

48,8%

0%

25%

50%

75%

100%

125%

150%

175%

200%

225%

Q1 2017 Q1 2018 Q1 2019

Trade Working Capital

Annual Revenue

Trade Working Capital / Annual Revenue

TRADE WORKING CAPITAL€ m i l l i o n

Trade Working Capital

€ million

Financing

€ million

*) Guidance 2019

Outlook


Order intake / backlog

Order intake/backlog

€ millionOrder intake Q1 2019

by Area (Q1 2018)

CEEU37% (32%)

NISA7% (12%)

MENA15% (3%)

NOMA12% (26%)

APAC27% (24%)

SFP2% (3%)

€ 338.1m

133,9

211,8 207,9236,2

338,1

694,6

861,7

790,6

933,8

1.219,2

1-3/2015 1-3/2016 1-3/2017 1-3/2018 1-3/2019

Order intake Order backlog


Outlook

■ Global economic growth will slow down in 2019, according to the IMF

■ Especially the US-China-EU trade disputes and lower economic activity in Europe are a burden

■ The world fire service market follows with a delay of several months, full order books should make the

industry resilient

■ Procurement volumes in the North American fire service market could again well

exceed 4,000 vehicles this year

■ European fire service market continues to grow, strong demand especially in Austria,

Germany, France and the United Kingdom

■ Near and Middle East with significant recovery

■ A massive order book supports the high utilisation of capacity of the production sites

and gives Rosenbauer Group a strong visibility in the markets

■ Strategy for organic growth will continue to be implemented consistently, focus on

local market shares and increase in efficiency

Thank you for your attention!

We are now ready to take your

questions.

Appendix


Executive board

CTO

Daniel Tomaschko

Supply Chain Mgmt.,

Central Technics,

Center of Competence

Operations,

Stationary Fire

Protection

CFO

Sebastian Wolf

Audit, Controlling,

Accounting/Tax,

Treasury,

Legal & Compliance &

Insurance, Export

Finance, Investor

Relations/CSR,

IT

CSO

Andreas Zeller

Area CEEU

Area NISA

Area APAC

Area NOMA

Area MENA

Customer Service

Sales Administration

CEO

Dieter Siegel

Corporate Development,

Human Resources,

Strategy, Innovation &

Marketing,

Group Communication,

Fire & Safety Equipment

Product Management


Segment reporting by Areas

CEEU: Central & Eastern Europe

NISA: Northern Europe, Iberia, South America, Africa

MENA: Middle East & North Africa

APAC: Asia, Pacific, Australia, China

NOMA: North & Middle America


Number of employees (reporting date)

In addition, Rosenbauer employs approximately 350 temporary employees.

1,213

1,322

1,404

1,367

1,379

1,453

679

743

744

790

841

858

582

651

768

848

878

927

218

285

325

355

392

452

Mar 31, 2014

Mar 31, 2015

Mar 31, 2016

Mar 31, 2017

Mar 31, 2018

Mar 31, 2019

Austria USA Germany Rest of the world

3,360

3,241

3,001

2,692

3,490

3,690


Rosenbauer share

* Rosenbauer Beteiligungsverwaltung GmbH

1-3/2018 1-3/2019

Highest price € 57.2 45.6

Lowest price € 50.0 33.1

Closing price € 51.0 39.5

Market capitalization € million 357.7 268.6

Dividend € 1.2 1.251)

Earnings per share € -0.3 -0.3

BVG *51%Free float

44%

InvestorFR5%

Indizes: ATPX, AFA, AIGS, AP8, AXGP, NAP8, NTFA, TAP8, TFA, VOX, WBI

1) Proposal to the Annual Meeting

30,0

35,0

40,0

45,0

50,0

Jan Feb Mar

Rosenbauer EURO ATXPrime index.


Financial calendar 2019

May 13, 2019 Publication of the Interim Statement 1/2019

May 14, 2019 Small & Mid Cap Forum, London

May 23, 2019 Annual General Meeting

August 9, 2019 Publication of the Half-year Financial Report 2019

September 23, 2019 Baader Investment Conference, Munich

October 17, 2019 Family Office Day, Vienna

November 12, 2019 Publication of the Interim Statement 3/2019

Rosenbauer Group · 2019. 5. 10. · Investor Presentation I 7 World firefighting vehicle market in...

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