Rosenbauer Konzern Rosenbauer Group · Investor presentation, September 2017sdfsdfdsf Page 16...
Transcript of Rosenbauer Konzern Rosenbauer Group · Investor presentation, September 2017sdfsdfdsf Page 16...
Rosenbauer Konzern
PersonDatum
Sebastian Wolf | CFO Gerda Königstorfer | Head of Investor Relations
Rosenbauer Group
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Content
1. Q3’2017 Financial Update2. Product and market highlights3. Outlook4. Appendix
■ Profile & Strategy 2020
■ Investment Proposition
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Q3’2017 Financial Update
■ Revenue stable with 604.5 € mn■ Growth in some European countries compensate lower demand due to political
unrest and low oil price
■ Expansion of business in Fire & Safety Equipment segment
■ Turnaround initiated – EBIT in Q3’2017 rose by 42% to 12,1 € mn■ EBIT with 14,8 € mn (Q1-3) impacted by lower revenue in major
markets and one-off effects ■ Exchange rate effects
■ Weak capacity utilization resulting in lower coverage of fixed costs
■ One-time costs for the reorganization of the staff structure in Austria
■ Start-up costs at new Group companies
■ Impairment loss on intangible assets
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New Board
CTODaniel Tomaschko
CoC Operations Technical Functions & QMPurchase, Logistic & RSCM Stationary protection
CFOSebastian Wolf
Finance & Accounting Controlling ITInvestor RelationsLegal & ComplianceInternal Audit
CSO Andreas Zeller
Area CEEUArea NISAArea APACArea NOMAArea MENAService, Sales & Administration
CEO Dieter Siegel
Global PMEquipmentCorporate DevelopmentHuman Resources Global Marketing Group Communication
Product and market highlights
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Strong momentum especially from the new PANTHER generation
■ Produced in its fourth generation■ Strong worldwide presence
■ Presentation of the new PANTHER 8x8 in October 2017■ PANTHER 8x8 now with optimized driving and extinguishing performance
■ Positive order intake of the new PANTHER 8x8■ 29 PANTHER 8x8 for Airports in Austria, France, Germany, Netherlands,
Portugal, China, and Dubai
■ All Schiphol Group ARFF vehicles from Rosenbauer by 2020■ 18 PANTHER in high-end design with a wide range of special equipment
■ New fleet with optimum life cycle performance
Per 01/2017
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Highlights in 2017
■ Rosenbauer makes important contribution to disaster protection in Germany■ General order for 306 group firefighting vehicles with a total volume of 50 € mn
■ Strengthen the service activities in Germany ■ New Service Center in North Rhine-Westphalia got off to a very good start
■ Fire helmet HEROS-titan very successful ■ Annual volume ~ 70,000 helmets
■ 50% increase in comparison to the years before
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Strengthening the E-technology initiative
■ Concept study of the fire truck of the future■ Low emissions – noise and pollutants – thanks to alternative drive concept
■ Multi-functional basic concept allows universal applications
■ Ergonomically optimized through new kind of fire truck architecture
■ Positive feedback from customers confirms chosen path ■ Pre-production development project started■ New company Rosenbauer E-Technology Development GmbH (RED)
founded to develop an e-kit for fire fighting vehicles on the basis of the CFT concept
Q1-3’2017 Financial Update
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EBIT impacted by one-off effects
517.3562.0
627.5602.9 604.5
28.031.6
27.6 27.3
14.8
0
10
20
30
40
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60
70
0
100
200
300
400
500
600
700
1-9/2013 1-9/2014 1-9/2015 1-9/2016 1-9/2017
RevenuesEBIT
5.4% 5.6% 4.4%EBIT margin 4.5% 2.5%
in € mn
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Seasonality effect with stronger quarterly impact in 2017
194.9
251.8
191.3
225.6210.6
237.9
172.0
211.3219.5
268.2
181.9
211.7 210.8
11.7
16.7
6.0
15.9
5.7
23,0
3.4
15.5
8.5
19.6
(3.1)
5.8
12.1
-5
0
5
10
15
20
25
Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/170
50
100
150
200
250
300
Revenues EBIT
in € mn
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Q1-3’2017 Financial summary
in € mn Q1-3’2016 Q1-3’2017 in %
Revenues 602.9 604.5 0%
EBIT 27.3 14.8 (46%)
EBIT margin 4.5% 2.5% (44%)
EBT 25.3 13.9 (45%)
Net profit of the period 19.6 11.1 (43%)
Cash flow from operatingactivities (24.7) (50.7) -
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Q1-3’2017 Revenues by regional segment
Revenues Q1-3’/2017(Q1-3’2016)
CEEU32% (33%)
NISA9% (9%)
MENA10% (11%)
NOMA25% (26%)
APAC21% (19%)
SFP3% (2%)
NOMA
NISA
CEEU
APAC
MENA
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Resilient balance sheet
in € mn Sept 30, 2016 FY 2016 Sept 30, 2017
Total assets 708.9 650.6 689.7
Equity in % of total assets 32.1% 37.2% 34.0%
Capital employed (ø) 506.7 470.2 504.8
ROCE 5.4% 10.0% 2.9%
ROE 11.1% 18.8% 5.8%
Net debt 266.5 171.3 254.0
Gearing ratio 117.2% 70.8% 108.2%
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Strong capital position
148.3
199.0
253.9266.5
254.0
178.8194.8
211.7227.3
234.7
83.0%
102.2%119.9% 117.2%
108.2%
0%
50%
100%
150%
200%
250%
300%
0
50
100
150
200
250
300
1-9/2013 1-9/2014 1-9/2015 1-9/2016 1-9/2017
Net debt Equity Gearing Ratio
in € mn
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Rosenbauer share
* Rosenbauer Beteiligungsverwaltung GmbH
Q1-3’2016 Q1-3’2017
Market capitalization € mn 365.6 387.6
Dividend € 1.5 1.2
Earnings per share € 1.8 0.5BVG *51%Free float
44%
Investor FR5%
40,0
50,0
60,0
70,0
Jan Feb Mrz Apr Mai Jun Jul Aug Sep
Rosenbauer EURO ATXPrime index.
Outlook
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Industry development
■ Firefighting structured and financed differently■ Developed markets procure via tax revenues
■ Emerging markets finance via centrally allocated government budgets
■ Sector facing various different challenges■ Political instabilities cannot be ruled out
■ Moderate increase in North America for 2017 expected
■ CEEU posting stable development■ Investment backlog due to increasing overaging of firefighting vehicles ■ Lack of funding for new firefighting technology in Central and Eastern Europe■ Declining demand in Russia
■ Economic situation and low oil price reducing demand in Asia and Middle East ■ Stable development in some Southeast Asian markets
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Q1-3’ order intake / backlog
599.6
652.2
698.6
588.8
654.4
1-9/2013
1-9/2014
1-9/2015
1-9/2016
1-9/2017
Order intake Order backlog as of September 30
641.2
786.0
846.1
803.5
803.4
Sept 30, 2013
Sept 30, 2014
Sept 30, 2015
Sept 30, 2016
Sept 30, 2017
in € mn
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Outlook
■ Consolidated revenues remaining stable approximately 870 € mn■ EBIT margin of around 3% anticipated for 2017 with
■ Project-related decrease in capacity utilization and change in production program
■ Impact of one-off effects and currency movements
■ Consolidation of market position and earnings improvement ■ Focus on efficiency enhancement and cost reduction■ Higher degree of standardization in products■ Shortening of vehicle lead-times ■ Reduction “trade working capital”
■ Expansion of technology leadership ■ Concept Fire Truck innovation campaign to continue
■ Reduced investment volume 2017 in the Group
Thank you!
Appendix
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Investment proposition
■ Leader in the fire protection and civil defense sector■ World’s largest producer of firefighting vehicles
■ Production according to DIN and NFPA (US) standards
■ Industry leader in technology and innovation
■ Strong growth over the last decade
■ Resilient balance sheet and strong cash generation
■ Attractive dividend policy
Rosenbauer Group in 2016 ■ Revenues 870.8 € mn
■ EBIT 47.0 € mn
■ Headcount 3,375 employees
CEEU33% (26%)
NISA9% (11%)
MENA12% (21%)
NOMA24% (22%)
APAC20% (19%)
SFP2% (1%)
Revenues 2016 (2015)
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426.1
500.3541.8
595.7
541.6
645.1
737.9
813.8865.4 870.8
30.8
39.9
29.4
49.7
41.638.6
42.3
48.450.6
47.0
0
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2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Revenues
EBIT
Strong growth over the last decade
7.2% 6.0%8.0% 7.7%5.4% 8.3%EBIT margin 5.7% 5.9% 5.8% 5.4%
in € mn
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Full-liner – covering any needs of the fire services
Municipal Vehicles55%
Industrial Vehicles3%
ARFF Vehicles11%
Aerials8%
Fire & SafetyEquipment
9%
Stationary FireProtection
2%
FirefightingComponents3%
Customer Service 5%
Others 4%
in % of the Group revenues 2016
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Fremont / NB
Singapore
Leonding / AustriaNeidling / AustriaGraz / AustriaTelfs / Austria
Karlsruhe / GermanyLuckenwalde / Germany
Mogendorf & Gladbeck / GermanyViersen / Germany
Oberglatt / Switzerland
Madrid / SpainLinares / Spain
Production facilities, sales and servicecompanies and locations
Wyoming / MN
Rosenbauer America
Lyons / SD
Halfway House / South Africa
Brunei
Moscow / Russia
Production Sales / Service
Radgona / Slovenia
Chambéry / France
Riad / Saudi Arabia
Dschidda / Saudi Arabia
KAEC / Saudi-Arabia
Holmfirth / UK
Rovereto / Italy
Brisbane /Australia
Kunming / PR China
Mandaluyong City / Philippines
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Headcount as of September 30
1.183
1.291
1.385
1.399
1.351
651
701
736
781
823
571
644
647
800
851
176
262
299
340
349
Sept 30, 2013
Sept 30, 2014
Sept 30, 2015
Sept 30, 2016
Sept 30, 2017
Austria USA Germany Rest of the world
3,374
3,320
3,067
2,898
2,581
► Additionally, Rosenbauer employs about 170 leasing employees.
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Disclaimer
This presentation has been prepared by Rosenbauer International AG forinformation purposes only. Maximum care has been taken to ensure thatthe information contained herein is not untrue, however, RosenbauerInternational AG does not assume any responsibility for its completeaccuracy or correctness.This presentation may not be reproduced, transmitted or distributed (inwhole or in part) by any other person. Unless otherwise stated, all views(including statements and forecasts) are solely those of RosenbauerInternational AG and are subject to change without notice.This presentation is aimed solely at investment professionals who areexpected to make their own investment decisions without placing unduereliance on the information interpreted by Rosenbauer International AG,which under no circumstance accepts any responsibility forconsequences arising from the use of this report.This document does not constitute an offer or invitation to subscribe for orpurchase any securities and neither this document nor anything containedherein shall form the basis of any contract or commitment whatsoever.