Wacker Neuson Se · XETR:WAC
Wacker Neuson — Q1 2010 Earnings Presentation
21 slides from Wacker Neuson's earnings presentation, May 12, 2010
Slide 1: Results Q1 2010
Results Q1 2010 May 12, 2010 Dr.-Ing. Georg Sick (CEO and President) - Mag. Günther C. Binder (CFO) Reference (apr02) 1
Slide 2: Overview
Overview Summary Q1 2010 Financials Q1 Outlook Wacker Neuson on „bauma“ fair in April: visitors were impressed by broad portfolio and latest innovations Reference (apr02) 2
Slide 3: Summary – recovery of economy visable
Summary – recovery of economy visable Q1 10 vs. Q1 09 – Harsh winter in first 2 months in Europe, strong March business – Revenues up by 9.5 percent to EUR 150.3 million, negative earnings as planned – Recovery of economy drives product sales worldwide – Significant sales growth in Light Equipment
Slide 4: Light Equipment and USA early in cycle
Light Equipment and USA early in cycle Quarterly/monthly comparison Q3 08 – Q1 10 (Sales Light Equipment in € million) (Domestic Sales USA in USD) 90 80 70 60 50 40 30 20 10 …. 0 03/09 10/09 11/09 12/09 01/10 02/10 03/10 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 03/09 10/09 11/09 12/09 01/10 02/10 0
Slide 5: Manpower capacity and sales development
Manpower capacity and sales development Figures measuring manpower capacity Increasing manpower capacity Short labour reduction due to high order income 23% 120% 15% 7% 100% 0% Mar. 31/09 Dec.31/09 Mar.31/10 June 10 80% 60% Number of employees (Jobs) 40% 3,375 3,059 3,090 20% 0% Q1 08 Q2 08 Q3 08 Q4
Slide 6: 2010: Wacker Neuson share outperformed indices
2010: Wacker Neuson share outperformed indices Peer group Indices (As a %) ISIN DE000WACK012 Key figures share Q1/10 WKN WACK01 in EUR Reuters WACGn.DE High (01-03) 9.48 Bloomberg WAC GR Low (01-03) 7.63 Indices SDAX, DAXplus family, CDAX, GEX, Classic All Shares Average (01-03) 8.60 Share Prime All
Slide 7: Overview
Overview Summary Q1 2010 Financials Q1 Outlook „bauma“ highlight: Wacker Neuson’s largest most powerful vibratory plate DPU 130 Reference (apr02) 7
Slide 8: Sales and earnings increases yoy
Sales and earnings increases yoy Sales EBITDA (€ million) (€ million) +9.5% 137.3 150.3 3.7 Q1/09 100% Q1/10 -12.3 100 Q1/09 Q1/10 EBIT Profit for the period (€ million) (€ million) Q1/09 Q1/10 Q1/09 Q1/10 -5.9 -5.7 -16.6 -22.6 Reference (apr02) 8
Slide 9: Recovery of economy drives product sales worldwide
Recovery of economy drives product sales worldwide Sales Europe Sales Americas Sales Asia (€ million) (€ million) (€ million) +2.2% 110.0 +38.4% +25.7% 107.6 23.8 33.0 5.9 7.4 Q1/09 Q1/10 Q1/09 Q1/10 Q1/09 Q1/10 Sales Light Equipment Sales Compact Equipment Sales Services (€ million) (€ million) (€
Slide 10: US recovery and LE sales changes breakdown
US recovery and LE sales changes breakdown Regions Business segments1 (as a % (previous year)) (as a % (previous year)) Asia Service 4.9 (4.3) 24.6 (27.5) Europe Compact Equipment 73.2 (78.4) 36.3 (39.5) America Light Equipment 21.9 (17.3) 39.1 (33.0) 1 Consolidated sales before discounts Reference
Slide 11: Signs of recovery in both markets
Signs of recovery in both markets Sales split yoy (as a %) Construction sales1 Agricultural sales1 Agriculture (€ million) (€ million) 15.2 (19.7) +6.4 % 85.8 91.3 +10.5 % 73.1 27.2 20.8 23.0 …. …. Q1/09 Q4/09 Q1/10 Q1/09 Q4/09 Q1/10 Construction 60.2 (52.8) Service 24.6 (27.5) 1 New machines sales
Slide 12: Cost base prepared for upswing
Cost base prepared for upswing Quarterly comparison Q1 08 – Q1 10 (as a %) 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09* Q1/10 -10,0% *Q4: adjusted by impairment (EUR 100.3 million) -20,0% Gross margin EBITDA margin EBIT margin Reference (apr02) 12
Slide 13: Recovery triggers investments and working capital increase
Recovery triggers investments and working capital increase Investment fixed assets and depreciation Net financial position (€ million) (€ million) Investments fixed assets Depreciation 23.0 +24.9 10.3 9.6 7.3 Mar,31/10 Q1/09 Q1/10 Dec,31/09 -2.0 Free and operative cash flow Working capital (€ millio
Slide 14: Overview
Overview Summary Q1 2010 Financials Q1 Outlook 2010: EuroTest award for Wacker Neuson rebar tier Reference (apr02) 14
Slide 15: Global launch of compact equipment continued
Global launch of compact equipment continued April 2010 To be observed New New Reference (apr02) 15
Slide 16: Outlook – bauma in April 2010 confirmed turnaround
Outlook – bauma in April 2010 confirmed turnaround Order backlog compact equipment Market dynamics more visible (units) Focus on maintaining strong asset and +235% financial position yoy Bauma order volume: > +25% to 2007 Increasing construction activity Building up inventories to be prepa
Slide 17: Appendix
Appendix Reference (apr02)
Slide 18: Income Statement -> PPA effects (extract)
Income Statement -> PPA effects (extract) Income Statement1 (€ million) Q1/10 PPA2 Q1/10 Q1/09 excl. PPA incl. PPA incl. PPA Sales 150.3 - 150.3 137.3 Gross profit 45.6 (0.003) 45.6 31.8 Gross margin (in %) 30.3 - 30.3 23.1 Sales and service expenses (34.1) - (34.1) (37.5) Research and development e
Slide 19: Cash flow situation after starting to invest again
Cash flow situation after starting to invest again Cash flow statement (extract) (€ million) Q1/10 Q1/09 EBT (6.7) (23.0) Cash flow from operating activities (2.3) 3.8 Cash flow from investing activities (25.1) (8.3) Cash flow from financing activities 7.5 14.0 Change in cash and cash equivalents (1
Slide 20: Financial Calendar 2010 and IR Contact
Financial Calendar 2010 and IR Contact Financial Calendar 2010 2010 May 13 Conference, London May 19 Conference Munich May 20 German & Austrian Conference, Frankfurt May 28 AGM, Munich August 13 Publication of 6M report November 12 Publication of 9M report IR Contact Investor Relations Department Pr
Slide 21: Disclaimer
Disclaimer This presentation contains facts and forecasts that relate to the future development of the Wacker Neuson Group and its companies. The forecasts are estimates that we have made on the basis of all information available to us at this moment in time. Should the assumptions underlying these