vossloh hauptversammlung mai 2013 us.ppt ... · * cagr 2015–2017 vs. 2009–2011, accessible...
TRANSCRIPT
Annual General Meeting of Vossloh AGMay 29, 2013
2
Rail technology market: prospects up to 2017 Demand within the global rail technology market growing at 2.6% annually
2.8%
7.0%
8.1%
2.0%
2.7%
1.9%
NAFTA Western Europe
Eastern Europe
Asia & Pacific
Africa & Middle East
South America
2.6%Global rail technology
market
* Source: World Rail Market Study forecast 2012 to 2017, UNIFE The European Rail Industry, Roland Berger Strategy Consultants (CAGR 2015–2017 vs. 2009–2011)
3
Vossloh Group, fiscal 2012Annual key data
2011 2012 ∆ in %
Sales (€ million) 1,197.2 1,243.0 +3.8
EBIT (€ million) 97.2 97.5 +0.3
EBIT margin (%) 8.1 7.8 –
ROCE (%) 12.0 11.9 –
Value added (€ million) 16.1 15.4 –4.2
Group earnings (€ million) 56.2 59.2 +5.2
Earnings per share (€) 4.32 4.94 +14.4
4
Vossloh Group, fiscal 2012Dividend proposed at €2.00 in line with long-term dividend policy
1.301.70
2.00 2.002.50 2.50
2.00
1.00
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
2006 2007 2008 2009 2010 2011 2012
€
*
Regular dividend in € Superdividend in € * proposed
5
262.8 291.4
433.0451.3
87.7 54.6
0
200
400
600
800
2011 2012
Rail Infrastructure division, fiscal 2012Sales of €792.4 million above prior year; ongoing poor demand for the services of Vossloh Rail Services
–37.7%
+4.2%
+10.9%
Rail Services salesFastening Systems sales Switch Systems sales
€ mill.
6
279.9 293.7
146.7166.8
0
100
200
300
400
500
2011 2012
Transportation division, fiscal 2012Both business units’ sales up year-on-year
+13.8%
+4.9%
Transportation Systems sales Electrical Systems sales
€ mill.
7
Equity in € million Equity ratio
480.1 505.7
0
100
200
300
400
500
600
2011 2012
Vossloh Group, fiscal 2012Equity topping €500 million
€ mill.
31.733.2
8
Net financial debt in € million Net leverage in %
238.8
200.8
0
50
100
150
200
250
2011 2012
Vossloh Group, fiscal 2012Net financial debt downscaled to €200.8 million
49.7
39.7
€ mill.
9
Vossloh Group, fiscal 2012Free cash flow of €104.1 million at excellent level and clearly above prior year
57.0 45.8139.1 72.954.6138.581.2
138.5
162.6
72.9
104.1
0
30
60
90
120
150
180
2011 2012
€ mill.
Cash flow from operating activities in € million Free cash flow in € million
10
Vossloh Group, fiscal 2012Year-on-year lower capex volume, Rail Infrastructure’s down, Transportation’s slightly up
38.9 34.4
23.724.0
3.02.7
0
10
20
30
40
50
60
70
2011 2012
€ mill.
61.165.6
Others in € mill.Rail Infrastructure in € mill. Transportation in € mill.
11
Vossloh Group, fiscal 2012Order backlog at new all-time high
1,369 1,307
1,126 1,092 1,085
1,496 1,548
0
400
800
1,200
1,600
2006 2007 2008 2009 2010 2011 2012Order backlog in € million
€ mill.
12
Vossloh stock, fiscal 2012Vossloh share price in 2012 underperforming overall market
Vossloh share price in € SDAX (rebased) MDAX (rebased) DAX (rebased)
€
12/31/2011 3/31/2012 6/30/2012 9/30/2012 12/31/2012 4/30/2013
13
Vossloh Group, Q1/2013Key data of first quarter
Q1/2012 Q1/2013 ∆ in %Sales (€ million) 255.7 267.2 +4.5EBIT (€ million) 10.2 9.7 -4.7EBIT margin (%) 4.0 3.6 –ROCE (%) 4.9 [5.0]* 4.4 –Value added (€ million) (10.7) [(10.1)]* (8.8) –Group earnings (€ million) 4.2 1.9 -53.8Earnings per share (€) 0.35 0.16 -53.8
* Prior-year comparatives (published data bracketed) adjusted due to retroactive application of amended pension accrual accounting policy
14
Vossloh Group, prospects 2013: Western Europe Steep sales upswing in Germany and UK, sales rise in France shallower
524.1
0100200300400500600700
2012 2013
Sales forecast
Germany France UK Austria Netherlands
Major Vossloh countries
* CAGR 2015–2017 vs. 2009–2011, accessible market; source: World Rail Market Study forecast 2012 to 2017, UNIFE The European Rail Industry, Roland Berger Strategy Consultants
UNIFE forecast
CAGR +1.9%*
Western Europe
€ mill.
15
Vossloh Group, prospects 2013: Northern Europe Sales in Northern Europe stable
84.8
0
20
40
60
80
100
2012 2013
* CAGR 2015–2017 vs. 2009–2011, accessible market; source: World Rail Market Study forecast 2012 to 2017, UNIFE The European Rail Industry, Roland Berger Strategy Consultants
** UNIFE’s definition of Western Europe includes the countries of Northern and Southern Europe as well.
Sweden Norway Denmark Finland
Major Vossloh countriesSales forecast
UNIFE forecast
CAGR +1.9%*
Western Europe**
€ mill.
16
Vossloh Group, prospects 2013: Eastern EuropeEastern Europe generally unchanged
70.2
0
20
40
60
80
100
2012 2013
* CAGR 2015–2017 vs. 2009–2011, accessible market; source: World Rail Market Study forecast 2012 to 2017, UNIFE The European Rail Industry, Roland Berger Strategy Consultants
Poland Russia Czech Republic Hungary
Sales forecast
UNIFE forecast
CAGR +3.2%*
Eastern Europe
CAGR +4.5%*
CIS
€ mill.Major Vossloh countries
17
Vossloh Group, prospects 2013: Southern Europe Poor demand in Southern Europe, sales downtrend continuing
121.9
020406080
100120140
2012 2013
* CAGR 2015–2017 vs. 2009–2011, accessible market; source: World Rail Market Study forecast 2012 to 2017, UNIFE The European Rail Industry, Roland Berger Strategy Consultants
** UNIFE’s definition of Western Europe includes the countries of Northern and Southern Europe as well.
Spain Turkey Italy
€ mill. Sales forecast
UNIFE forecast
CAGR +1.9%*
Western Europe**
Major Vossloh countries
18
Vossloh Group, prospects 2013: Americas Sales uptrend continuing, sales in Brazil rising
125.5
0
40
80
120
160
200
2012 2013
+0.2 %*
United States of America Mexico
Major Vossloh countries in North and Central America
Brazil Argentina Venezuela
in South America
* CAGR 2015–2017 vs. 2009–2011, accessible market; source: World Rail Market Study forecast 2012 to 2017, UNIFE The European Rail Industry, Roland Berger Strategy Consultants
€ mill. Sales forecast
UNIFE forecast
CAGR +2.9%*NAFTA
CAGR +7.5%*
South America
19
Vossloh Group, prospects 2013: Africa & Middle East Steep sales increase of over 25% in several African countries
18.3
0
5
10
15
20
25
30
2012 2013
* CAGR 2015–2017 vs. 2009–2011, accessible market; source: World Rail Market Study forecast 2012 to 2017, UNIFE The European Rail Industry, Roland Berger Strategy Consultants
Sales forecast
UNIFE forecast
CAGR +10.0%*Africa &
Middle East
Morocco Algeria South Africa Tunisia
Major Vossloh countries in Africa
Israel United Arab Emirates
in Middle East
€ mill.
20
Vossloh Group, prospects 2013: Asia & Pacific Climbing sales expected in China, but general downturn likely
* CAGR 2015–2017 vs. 2009–2011, accessible market; source: World Rail Market Study forecast 2012 to 2017, UNIFE The European Rail Industry, Roland Berger Strategy Consultants
€ mill. Sales forecast
China Thailand Kazakhstan India Malaysia
UNIFE forecast
CAGR +0.2%*
Asia & Pacific
Major Vossloh countries
21
Vossloh Group, prospects 2013Growing sales, operating profit at about prior-year level
2012 2013pSales (€ million) 1,243.0 +5%–10%EBIT margin (%) 7.8 6%–8%Average working capital (€ million) 180.3 +>10%Capital expenditures (€ million) 61.1 rising Average capital employed (€ million) 821.0 +10%ROCE (%) 11.9 9%–12%Value added (€ million) 15.4 positive
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Vossloh—Persevering in our purpose