Investor Presentation • Mar 19, 2012
Investor Presentation
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Gordon Riske
This document has been prepared by KION GROUP GmbH (the "Company") solely for informational purposes. For the purposes of this notice, the presentation that follows shall mean and include the slides that follow, the oral presentation of the slides by the Company or any person on behalf of the Company, any question-and-answer session that follows the oral presentation, hard copies of this document and any materials distributed at, or in connection with the presentation (collectively, the "Presentation"). By attending the meeting at which the Presentation is made, or by reading the Presentation, you will be deemed to have (i) agreed to all of the following restrictions and made the following undertakings, and (ii) acknowledged that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the Presentation.
The Presentation is private and confidential and may not be reproduced, redistributed or disclosed in any way in whole or in part to any other person without the prior written consent of the Company.
None of the Company, the companies in the Company's group or any of their respective directors, officers, employees, agents or any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of the Presentation or its contents or otherwise arising in connection with the Presentation. The information and opinions contained in this Presentation do not purport to be comprehensive, are provided as at the date of the document and are subject to change without notice. The Company is not under any obligation to update or keep current the information contained in the Presentation.
The Presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to purchase, subscribe to or acquire, securities of the Company, or an inducement to enter into investment activity in the United States or in any other jurisdiction in which such offer, solicitation, inducement or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction. No part of this Presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.
Any offering of securities is only addressed and directed at persons in member states of the European Economic Area who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) ("Qualified Investors"). Any offering of securities is directed only at, investment professionals (i) who have professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") and high net worth entities falling withinArticle 49(2)(a) to (d) of the Order or (ii) to whom it may otherwise be lawfully communicated (all such persons together being referred to as "Relevant Persons"). This Presentation must not be acted on or relied on by persons who are not Qualified Investors or Relevant Persons. Any investment activity to which this communication relates is available only to Qualified Investors and Relevant Persons and will be engaged in only with Qualified Investors and Relevant Persons.
To the extent available, the industry, market and competitive position data contained in this Presentation come from official or third party sources. Thirdparty industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this Presentation come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the market in which the Company operates. While the Company believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this Presentation.
Statements in the Presentation, including those regarding the possible or assumed future or other performance of the Company or its group or its industryor other trend projections, constitute forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of the Company. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no assurance is given that such forward-looking statements will prove to have been correct. They speak only as at the date of the Presentation and the Company undertakes no obligation to update these forward-looking statements.
| 1 | H i h l i h & A h i 2 0 1 1 t t g g s c e v e m e n s |
G d R i k o r o n s e |
|---|---|---|
| 2 | U d F i i l 2 0 1 1 t p a e n a n c a s |
H l d P i a r a n g e r |
| 3 | O l k t u o o |
G d R i k o r o n s e |
2Adjusted for one-off items and PPA
| i i I € l l n m o n s |
2 0 0 8 |
2 0 0 9 |
2 0 1 0 |
2 0 1 1 |
|---|---|---|---|---|
| R e v e n u e |
4, 4 5 5 |
3, 0 8 4 |
3, 3 4 5 |
4, 3 6 8 |
| 2 E B I T D A d j. a Ma in rg |
7 0 9 1 5. 6 % |
3 1 1 1 0. 1 % |
4 6 2 1 3. 1 % |
6 6 5 1 5. 2 % |
| 2 E B I T d j. a Ma in rg |
3 5 8 9 % 7. |
( ) 2 9 ( 0. 9 ) % |
1 3 9 3. 9 % |
3 6 5 8. 3 % |
Separate voluntary reporting of results according to business split based on an additional steering and reporting model
Separate legal set-up with dedicated organization, personnel and infrastructure
Implementation in two phases:
1Germany, France, UK, Spain, Italy
| S t t a s u |
|
|---|---|
| 1 ) F S i f d d 7 t c a p e s o n e v u |
|
| E i i l i d d f f h i d t t t s n g e m p o y e e s m g r a e a n n e s a r e x w |
|
| 4 3 0 0 0 U i f 1 6 i i l d d l l l f d t t t t t n s r o m e n e s e a a e a n e g a r a n s e r r e v u y |
|
| S S S @ i l i d F f L I d i d t t t t p e c a e s o w a r e a n o p e r a e p r o c e s s e s r e a o -o p e r a e z v y - |
|
| f f f T i i i h b k i d t t t t r a n s e r o r e n a n c n g c o n r a c s w a n n g p a r n e r s a g r e e |
|
| A i d i i d f i d t t t c c o u n n g a n r e p o r n g r e q u r e m e n s e n e |
|
| I T L i d D M i i f i i f l i d G t t t t t o e a a g r a o n v a n o e x s n g p o r o o e x e c u e |
1) Two entities in Germany (KION FS, STILL); 2 in France: (Fenwick, STILL), 1 in UK, 1 in Spain, 1 in Italy
Growth markets gain importance
March 19, 2012 | Update Call FY 2011
Industrial trucks order intake (in units)
KION revenue and order intake shares in BRIC countries have doubled
WEU ROW China Brazil Russia India Total order intake in 2011: 144,744 units
| 1 H i h l i h & A h i 2 0 1 1 G t t g g s c e v e m e n s o |
d r o n |
R i k s e |
|---|---|---|
| ---------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------ | ----------------------- |
3 Outlook
Gordon Riske
FTE including apprentices and new acquisitions (Sterling – UK, Cailotto – Italy, Voltas – India, Manusom – France and Liftec - Russia, in total +627 FTE).
| i € n m |
Q / 4 1 0 |
Q / 4 1 1 |
Q 4 / 1 0 vs in % |
2 0 1 0 |
2 |
|---|---|---|---|---|---|
| O d In ke ta r e r |
1, 0 6 4. 4 |
1, 2 1 7. 4 |
1 4. 4 % |
3, 8 5 9. 7 |
4, 6 8 1. |
| Re ve nu e |
1, 0 4 2. 5 |
1, 2 1 1. 7 |
1 6. 2 % |
3, 5 3 4. 5 |
4, 3 6 8. 4 |
| E B I T D A |
1 2 1. 0 |
1 0 3. 2 |
-1 4. % 7 |
3 8 0. 2 |
6 9. 2 5 |
| d j d E B I T D A te u s |
1 4 8. 8 |
1 8 3. 4 |
2 3. 3 % |
4 6 2. 2 |
6 6 5. 3 |
| Ma in rg |
1 4. 3 % |
1 5. 1 % |
1 3. 1 % |
1 5. 2 % |
|
| B I T |
2 8. 8 |
-8 9 |
1 0 0 % >- |
3 4. 6 |
2 1 3. 2 |
| d j d E B I T te s u |
6 2. 7 |
1 0 0 5. |
6 % 7. 5 |
1 3 9. 4 |
3 6 4. 6 |
| Ma in rg |
6. 0 % |
8. 7 % |
3. 9 % |
8. 3 % |
|
| C h F low e e a s |
7 7. 0 |
1 8 4. 1 |
1 0 0 % > |
7 6. 0 |
2 3 4. 2 |
| W C |
6 6 7. 8 |
6 6 0. 7 |
-1 1 % |
6 6 7. 8 |
6 6 0. 7 |
| % f Re o ve nu e |
2 1. 4 % |
1 8. 2 % |
1 8. 9 % |
1 5. 1 % |
|
| i l Ex d i ta tu a p p e n re s |
4 9. 2 |
5 3. 9 |
9. 7 % |
1 2 3. 5 |
1 3 3. 0 |
| ( ) He d F T E t a c ou n in l. ic t c a p p re n e s |
1 9, 9 6 8 |
2 1, 8 6 2 |
9. % 5 |
1 9, 9 6 8 |
2 1, 8 6 2 |
Adjusted EBITDA €m / Adjusted EBITDA margin (%)
Adjusted EBIT €m / Adjusted EBIT margin (%)
March 19, 2012 | Update Call FY 2011
TWC days development (average)
TWC development (averages in €m)
Net financial debt in €m / Leverage (net financial debt / LTM adj. EBITDA)
| 3 | O l k t o o u |
G d R i k o r o n s e |
|---|---|---|
| 2 | U d F i i l 2 0 1 1 t p a e n a n c a s |
H l d P i a r a n g e r |
| 1 | H i h l i h & A h i 2 0 1 1 t t g g s c e v e m e n s |
G d R i k o r o n s e |
The KION Group has started 2012 with the benefit of a significant order backlog. Provided that no severe events have an adverse impact on either the global industrial-truck markets or the Company itself, the KION Group is optimistic that it will manage to achieve further modest year-on-year revenue growth. The measures that it has started to implement – especially those aimed at increasing capacity utilisation at its production plants – should further strengthen its profitability.
The pace of growth in the industrial-truck market is likely to return to more normal levels in 2012 owing to the higher prior-year figures that will then be used in year-on-year comparisons. The sovereign debt crisis in public finances continues to pose a risk to global macroeconomic trends and has had a visible impact on the real economy in recent months, especially in western European countries.
The market for industrial trucks, which form the backbone of the global logistics industry, will retain its appeal over the long term. By expanding its business in emerging markets, the KION Group is excellently placed to benefit from future market trends and developments; and by optimising the structure of its production facilities in Europe, it is laying the foundations underpinning the long-term competitiveness of its trucks.
Contact person for Investor RelationsSilke Glitza-StambergerHead of Investor RelationsPhone +49 (0) 611.770-450E-mail [email protected]
Contact person for Creditor RelationsMaria BabilasHead of Treasury Phone +49 (0) 611.770-462E-mail [email protected]
Contact person for MediaMichael HaugerHead of Corporate CommunicationsPhone +49 (0) 611.770-655E-mail [email protected]
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