balance sheet press conference, stuttgart 13 december 2011
TRANSCRIPT
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Growing Profitably Securing the
FutureBalance Sheet Press Conference, Stuttgart, 13 December 2011
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Agenda
1. Highlights 2011 (Dr. Hubert Lienhard)
2. Financial Results 2011 (Dr. Hermann Jung)
3. Outlook (Dr. Hubert Lienhard)
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2011: Another Good Year
Orders Received Sales
Equity quota
6,358 million 5,594 million
22.1%
Net income
200 million
Operational result
416 million
Net debt
-52 million
= Net Assets
consolidated*
*Consolidated by figures from non-recurring results.
+ 20 % + 8 % + 18 %
+ 64 %+ 18 %
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Looking Back: Our Challenges for 2011
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Mastering Rapid Expansion
Investment in value creation continues on a high level with211 million worldwide.
Targeted workforce expansion in the Group continues.
2,100 employees trained internally to become specialists andsenior executives.
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Access to regional growth markets:turbine production in Manaus
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New turbine production plantin St. Plten, Austria
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Workforce Expansion in the GroupFocusing on Growth Markets
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Keeping the Speed of Innovation on a High Level
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Voith Development and Production Center for CFK inGarching near Munich
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Innovations Pay Off: With ATMOS Technology
Back to the Top of the Tissue Market
Revolution in tissue making 40 percent less investment costs
60 percent less energyconsumption
100 percent recyclable
Developed by Voith inSo Paulo, Brazil
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Opening up new markets:Worlds first commercial wave power plantenters service in Mutriku (Spain)
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Voith is one of the few companies of a comparablesize with a Corporate Service Center in Shanghai
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Intensifying Local Value Creation:Expansion of Voith Paper City Kunshan
2012 2012 2012
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Hybrid Development Center in the USA: Researchfor local requirements. Goal: Hybrid-drive buses for
the US-American market.
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Our Philosophy: Contributing to the Sustainable
Development of National Economies
Voith products are used in key positions of essential valueadded chains.
With our products and solutions we are making a vital
contribution to:
- Protecting resources- Providing good living conditions for millions of people- Further development of economy and society
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No Energy Transition Without Hydro Power
Major orders for classichydro power in growth andemerging markets:
Belo Monte, Teles Pires(Brazil)
Saratovskaya (RUS)Yang Qu, Yan Tan (China)
Orders for pumped storage
plants as a backbone of energytransition:
Frades II, PortugalHongrin-Lman, France
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No Sustainable Mobility Without
Public Transport
Orders for:Public transport projects in:Washington D.C. and Chicago,Monorail So Paulo,Helsinki Tram
DIWA transmissions for buses in:So Paulo, Panama, Singapore,Macao
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Resource-Sparing Production for Modern Paper
Mills First Voith Eco-Mill Enters Service
Bereit fr die Zukunft | Bilanzpressekonferenz | 13.12.2011
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Preserving Identity, Values and Universal
Management Structures
Voith an attractive employer
Binding social standards worldwide
Education and further training as an obligation
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Long-term staff loyalty worldwide:
313 Voithians in Shanghai celebrate 10 and
more years at Voith
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Focus on Employee Safety
Ziel
Oct 11
3.8
2010/11
4.7
2009/10
6.7
2008/09
13.9
2007/08
19.4
2006/07
22.8
Work Accidents per Million Working HoursVoith Group
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We are committed to training and education: Voithcelebrates 100 years of employee training and
openes career perspectives for approx. 1 250 young
people in 2011
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Conclusion 2011: Voith Has Utilized its Opportunities
and can continue to grow with its own strength
Achieved record results
Kept up high tempo
Preserved values and culture of the family-owned company
Voith:
We stayed true to ourselves.
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27Ready for the Future | Balance Sheet Press Conference | 13/12/2011
Agenda
1. Highlights 2011 (Dr. Hubert Lienhard)
2. Financial Result 2011 (Dr. Hermann Jung)
3. Outlook (Dr. Hubert Lienhard)
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Orders Received: Robust Increase
Orders Received Group(in millions)
2008/2009 2010/2011
Good value of previous year topped byapprox. 20 percent
Book-to-bill rate continues to be >1
Orders in hand rise to 6 billion (previous
year 5.4 billion)
2009/2010
4,9585,300
6,358
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2008/2009
2009/2010
2010/2011
2008/2009
2009/2010
2010/2011
2,000
1,500
1,000
500
2,000
1,500
1,000
500
2,000
1,500
1,000
500
2,000
1,500
1,000
500
Strong New Business in All Four Group Divisions
Voith Hydro Voith Industrial Services
Voith Paper Voith Turbo
Orders Received Group Divisions
(in millions)
2008/2009
2009/2010
2010/2011
Voith Hydro benefits from positivedevelopment of hydro power market
Slight increase at Voith Industrial Services
Voith Paper on high level with stable new
business
Dramatic rise of orders received for Voith
Turbo, carried by Industry and Road2008/2009*
2009/2010*
2010/2011
*Values of previous year adapted due to modified reporting structure.
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Balanced Regional Distribution
2,000
1,500
1,000
500
2,000
1,500
1,000
500
2,000
1,500
1,000
500
2,000
1,500
1,000
500
Germany Other Europe
America Asia
Orders Received Regions*
(in millions)
2008/2009
2009/2010
2010/2011
2008/2009
2009/2010
2010/2011
2008/2009
2009/2010
2010/2011
2008/2009
2009/2010
2010/2011
Increase in Europe underlines strongposition of Voith in developed markets
Increase of region America due to major
hydro power projects in Brazil
Healthy regional distribution
*Without other regions.
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Sales: Continuous Growth
Growth accelerated compared to previousyears in light of positive development of
world economy
Voith benefits from balanced product
portfolio and broad regional positioning
5,0855,198
5,594
Sales Group
(in millions)
2008/2009 2010/20112009/2010
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Growth in All Four Group Divisions
2,000
1,500
1,000
500
2,000
1,500
1,000
500
2,000
1,500
1,000
500
2,000
1,500
1,000
500
Voith Hydro Voith Industrial Services
Voith Paper Voith Turbo
Sales Group Divisions
(in millions)
Voith Hydro benefits from strong marketposition in emerging markets
Voith Industrial Services grows owing to
positive development in nearly all
customer industries
Asia a key sales driver for Voith Paper
Voith Turbo with growth in all business
divisions
2008/2009
2009/2010
2010/2011
2008/2009
2009/2010
2010/2011
2008/2009
2009/2010
2010/2011
2008/2009*
2009/2010*
2010/2011
*Values of previous year adjusted due to modification of internalreporting structure.
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1,500
1,000
500
1,500
1,000
500
Broad Regional Distribution Significant Growth in
Germany and Asia
Germany Other Europe
America Asia
Sales Regions*
(in millions)
1,500
1,000
500
1,500
1,000
500
Early involvement in growth marketspays off
Europe (incl. Germany) remains important
sales market
*Without other regions.
2008/2009
2009/2010
201/2011
2008/2009
2009/2010
2010/2011
2008/2009
2009/2010
2010/2011
2008/2009
2009/2010
2010/2011
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Operational result before
non-recurring result Group
(in millions)
Operational Result: Operative Profitability in Group
Significantly Increased
Income grows disproportionately to sales All Group Divisions with two-digit increase
in income
2008/2009 2010/20112009/2010
324353
416
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Net Income Group
(in millions)
Net Income: Robust Growth in Profit
Profitability further improved: Net incomegrows by 64 percent
Increase driven by higher sales, improved
order situation and moderate cost
development
2008/2009 2010/20112009/2010
77
121
200
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132
Net Debt Group
(in millions)
Net Debt: Further Reduced
0
-52
2008/2009 2010/20112009/2010
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Investments and R & D Expenditure:
Continue on High Level
3.8 percent investment quota inproduction and market positioning
4.6 percent R&D quota
Just under 50 percent of investments in
Germany, other focal areas forinvestment: Asia and America
Research focus on: resource-sparing
technologies
Investments Group
(in millions)
2008/2009 2010/20112009/2010
Research and Development Group
(in millions)
255234
211
254 266 259
2008/2009 2010/20112009/2010
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Employees: Noticeable Workforce Expansion
Targeted and demand-oriented workforceexpansion in Germany and in Asian
growth regions
Training schemes strengthened further:
1,246 apprentices and students worldwide
Employees Group
as at September 30
2008/2009 2010/20112009/2010
39,32939,754
40,691
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2010-09-30
2,408
1,858
227
323
3,494
784
1,140
1,217
353
5,902
Consolidated Balance Sheet Assets
in millions
Non-current assets
Property, plant equipment and intangible assets
Financial assets
Other non-current assets
Current assets
Inventories
Trade receivables
Cash and marketable securities
Other current assets
Total assets
2011-09-30
2,478
1,881
322
275
3,338
822
1,151
977
388
5,816
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Consolidated Balance Sheet - Liabilities
in millions
Equity
Non-current liabilities
Provisions
Financial liabilities
Other non-current liabilities
Current liabilities
Provisions
Financial liabilities
Other current liabilities
Total liabilities
2010-09-30
1,107
2,015
573
1,180
262
2,780
362
296
2,122
5,902
2011-09-30
1,287
1,762
579
934
249
2,767
330
327
2,110
5,816
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Consolidated Statement of Income (1)
in millions 2010/11 2009/10
Sales 5 594 5 198
Increase in inventories and capitalized costs 27 -5
Total output 5 621 5 193
Cost of material -2 309 -2 081
Value added 3 312 3 112
HR expenses -1 983-1 851
Depreciation -189 -163
Other operating expenses (balance) -724 -745
Operational result before non-recurring result 416 353
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Consolidated Statement of Income (2)
in millions
Operational result before non-recurring result
+ Non-recurring result
Operational result
+ Income from investments/other financial income
+ Interest result (balance)
Income before taxes
Taxes
Net income
2009/10
353
-13
340
-35
-71
234
-113
121
2010/11
416
-14
402
2
-82
322
-122
200
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Consolidated Cash Flow Statement
in millions
Net income
+ Depreciation
+ Changes in provisions and accruals
+ Other non-cash items
+ Changes in other operating assets and liabilities
+ Gains/losses from sales of non-current assets and securities
Cash flow from operating activities
2009/10
121
206
6
16
44
-3
390
2010/11
200
192
-13
-20
-106
-9
244
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Voith 2011: Strong Figures Good Financial Basis
Financial power of the Group has been strengthenedsustainably solid foundation for financing future growth
Order books are well filled high utilization of our
capacities is secured
Profitability significantly improved continuation ofsustainable and profitable course for growth
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Agenda
1. Highlights 2011 (Dr. Hubert Lienhard)2. Figures 2011 (Dr. Hermann Jung)
3. Outlook (Dr. Hubert Lienhard)
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The Environment Remains Challenging
Continuation of Euro and US-Dollar debt crisis
Capital market environment remains unstable
Predicted slowdown of global economy
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Voith is Prepared
High order backlog
Emerged even stronger after the crisis in 2008
In financial health and independent
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Voith in comparison*
80
90
100
110
120
130
140
150
2011201020092008
Operational result Voith **
Sales Voith
GDP Germany
Even Stronger After the Crisis Result Quality Significantly Improved
* Indexed representation: value index : 2008=100; Source: Voith, Statistisches Bundesamt Deutschland, IMF.
** Adjusted by figures from non-recurring results.
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Significant Operative Improvements Since 2008
Net debt reduced to zero, i. e. net assets
Equity ratio increased to more than 22 %
Liabilities reduced by 300 million
Group sales rose by 685 million
Return on sales and on capital employed further increased
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Financial Healthy and Independent
Satisfactory liquidity Good equity base
Good access to loan capital
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Our Credo for the Next Few Months
What happens, happens
... Voith is prepared.
Operative and strategic freedom for Voith is secured.
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Outlook 2012: Another Good Year for Voith
Orders received Sales
Equity ratio Net income
Operational result
Net debt
0
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