rosenbauer group · 2019. 5. 10. · investor presentation i 7 world firefighting vehicle market in...
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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
Investor Presentation I 5
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
Investor Presentation I 6
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.
Investor Presentation I 7
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)
Investor Presentation I 8
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%
Investor Presentation I 9
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
Investor Presentation I 11
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
Investor Presentation I 12
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
Investor Presentation I 13
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
Investor Presentation I 14
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€
Investor Presentation I 15
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%
Investor Presentation I 16
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
Investor Presentation I 17
■ 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
Investor Presentation I 19
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
Investor Presentation I 20
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
Investor Presentation I 23
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
Investor Presentation I 24
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
Investor Presentation I 25
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
Investor Presentation I 26
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.
Investor Presentation I 27
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
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