11-2019 investor presentation q3 2019 final · investor presentation i 7 world...

Rosenbauer Group

Person

Date

Investor & Analyst Presentation I Q3 2019 Financial Figures

Sebastian Wolf I CFO

November 12, 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. Q3 2019 financial figures

3. Outlook

Q&A

Rosenbauer Group at a glance


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


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

UNITED ARAB EMIRATESDubai

MIDDLE EAST/

AFRICA

CHINAKunming

SINGAPORESingapore

PHILIPPINESMandaluyong City

BRUNEI

AUSTRALIABrisbane

ASIA/

AUSTRALIA

Production

Sales / Service

Around 280 sales partners worldwide


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)


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%


Selected megatrends driving the firefighting

industry

■ Global warming

■ Higher scale of devastation from

hydrological and meteorological

incidents

■ Non-fire emergency calls to

become more relevant

■ Tighter rules on exhaust

emissions, local bans of diesel

cars

Neo ecology / Mobility Urbanization Silver Society / Gender Shift

■ Since 2007 more than half of

the world population lives in

cities

■ This portion will grow to 60% by

2030 and to 74% by 2050

according to the UN

■ Emergency vehicles will need to

have compact dimensions, high

agility and excellent navigation /

communication tools

■ Demographic development will

significantly influence the

availability of firefighters

■ In addition ‘individualization’

threatens volunteerism and

unpaid work

■ Redefinition of usability and

functionality of fire trucks and

other fire-fighting equipment


Innovative CFT Technology anticipates

relevant megatrends

Features & functionality:

■ Adjustable ground clearance for easy access for driver and crew; easy driving in rough

terrain

■ One-button operation & focus on main functions simplify the operations

■ High-performance LED lighting provides 20 times more luminosity than conventional fire-

fighting vehicles

■ The CFT is equipped with WLAN access point and the Rosenbauer deployment

management system EMEREC

■ Two electric engines reduce noise and pollution; for a longer use a range extender is

additionally installed

Series production readiness:

■ 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

■ Particular interest from members of the “C40 Cities

Climate Leadership Goals”

■ Market launch planned for 2021

100%

Rosenbauer


Simulator – Product portfolio

Panther simulator ERDS simulator

New: Aerial Ladder Tactical Simulator■ Significant expansion of the simulator portfolio

■ Virtual reality simulator to practice the safe and proper put-up of aerial

ladders

■ Big selection of cities, operation sites and places of installation

■ Demanding trainings can be implemented in a more simple way, in shorter

time and at lower cost

■ Documentation and evaluation of training results

■ 100% safety for emergency personnel

■ Trainings on a virtual reality simulator contribute to the preservation of

climate and environment


Rosenbauer at the Interschutz 2020

■ 15 -20 June 2020, Hanover(Capital Markets Day: June 16, 2020)

■ World´s leading trade fair for

firefighting and rescue services,

more than 150.000 visitors

■ Positioning as the No. 1 system

provider

■ Focus: City; with Municipal line-up

■ More than 30 vehicles on display

■ Digital solutions and simulators

■ Innovations in the field of personal

safety equipment

■ Preventive fire protection

■ 4,679 m2 in halls 27, 13 and in the

outdoor area

Q3 2019 financial figures


Highlights

■ Rosenbauer Group expands business volume significantly in the first nine

months 2019, revenues increase by 11% to € 614.5 million

■ Especially shipments in North America, Central Europe and Asia turn out to be

higher, Near East with declines

■ Despite a strong operating performance EBIT is at € 15.1 million, while cost of

materials and personnel expenses are high in line with production

■ EBIT reaches € 9.9 million in Q3, which is twice as much as in the first half-year

■ Strong finish expected as profit generation speeds up

■ Order intake with € 784.1 million on the same level as last year ensuring a

high utilization of the production facilities

■ Order backlog of € 1,223.8 million marks a new all-time-high

■ Managing board increases target for total revenues to more than € 980 million,

EBIT margin to land at around 5.1% for the full year


Financial figures

€ million 1-9/2017 1-9/2018 1-9/2019 � 2018/2019

Revenues 604.5 552.0 614.5 +11%

EBIT 14.8 17.0 15.1 1 -11%

EBIT margin 2.5% 3.1% 2.5% -

EBT 13.9 11.7 9.9 2 -15%

Net profit for the period 11.1 10.6 9.0 -15%

Cash flow from

operating activities-50.7 -83.4 -136.3 -63%

Without application of IFRS 16:

1) EBIT: 14.9 m€

2) EBT: 10.0 m€


Revenues and EBIT quarterly

219.5

268.0

181.9

211.7 210.9

243.1

162.4

190.3199.3

357.4

175.8

218.8 219.9

365.3

8.5

19.6

5.8

12.1

6.3

1.1

8.9 7.0

31.8

2.13.1

9.9

34.9

Q3

/16

Q4

/16

Q1

/17

Q2

/17

Q3

/17

Q4

/17

Q1

/18

Q2

/18

Q3

/18

Q4

/18

Q1

/19

Q2

/19

Q3

/19

Q4

/19

Revenues EBIT

-3.1

€ million


Revenue development

■ Rosenbauer Group

with significantly

increased revenues

in 1-9/2019

■ 4 out of 6 business

segments achieve

higher volumes

■ Area NOMA and Area

CEEU show

strongest gains

€ million

Area Revenue

Q3 201948.4 60.0 82.6 195.9

Group Revenues

Q3 20198% 10% 13% 32%

Group Revenues

Q3 201813% 12% 13% 28%

17.3

3%

3%

210.3

34%

31%

552.0+40.8 -21.6

-6.4 +7.9

+41.0 +0.8 614.5

1-9/2018 SFP 1-9/2019CEEU MENA NISA APAC NOMA

+11.3%


EBIT development

NOMAMENA1-9/2018 CEEU NISA SFPAPAC 1-9/2019

Area EBIT

Q3 20197.4 -2.5 0.3 3.4 8.2 -1.7

Group EBIT

Q3 201949% -17% 2% 23% 54% -11%

Group EBIT

Q3 201821% 36% 0% 22% 32% -11%

■ High cost of

materials and

personnel expenses

weigh on EBIT

■ Areas CEEU and

NOMA improve in

line with volume

growth

■ Area MENA with a

sharp decline

CEEU MENA NISA APAC NOMA

€ million

17.0

+3.8 -8.6

+0.4 -0.4

+2.8 +0.1 15.1

-11.2%


Accounting ratios

€ million / % Sep. 30, 2018 Dec. 31, 2018 Sep. 30, 2019� FY 2018/

H1 2019

Total assets 756.3 782.3 954.2 +22%

Equity ratio 29.7% 30.3% 24.4% 1 -

Capital employed (ø) 518.1 498.6 615.0 +23%

ROCE 3.3% 9.8% 2.5% -

Net debt 293.7 231.5 425.6 +84%

Gearing ratio 130.6% 97.6% 182.9% -

Without application of IFRS 16:

1) Equity ratio: 25.0%


Trade Working Capital

TRADE WORKING CAPITAL€ m i l l i o n

Trade Working Capital€ million

1) Guidance 20192) adjusted by the effect from IFRS 15

433.2 2 Inventories 502.2

165.3 + Receivables 184.7

97.4 2 - Advance payments 98.8

61.0 - Trade payables 50.4

440.1 Trade Working Capital 537.7

Q3 2018 Q3 2019

■ Long throughput times of 8 to 12 months

■ Prepayments averaging 10%

■ Average payment term of 70 days

401.7440.1

537.7

847,6909,4

9801

47.4% 48.4%54.9%

0%

20%

40%

60%

80%

100%

120%

140%

160%

0

250

500

750

1000

Q1-3 2017 Q1-3 2018 Q1-3 2019

Trade Working Capital

Annual Revenue

Trade Working Capital / Annual Revenue


13.9

16.9

11.811.3 11.0

10.210.7

11.512.5 12.6

Q3 2015 Q3 2016 Q3 2017 Q3 2018 Q3 2019

Investments Depreciation and amortization

Investments

CAPEX, depreciation and amortization€ million

■ Modernisation Leonding, aerials production Karlsruhe

Outlook


Order intake / backlog

Order intake/backlog

€ millionOrder intake Q3 2019

by Area (Q3 2018)

CEEU35% (30%)

NISA11% (9%)

MENA9% (13%)

NOMA20% (24%)

APAC22% (21%)

SFP3% (3%)

€ 784.1m

698,6

588,8654,4

789,9 784,1846,1

803,5 803,4

1.093,6

1.223,8

1-9/2015 1-9/2016 1-9/2017 1-9/2018 1-9/2019

Order intake Order backlog


Outlook

■ Global economic growth will slow down further in 2019, according to the IMF

■ Worldwide economic activity remains weak, production activities decrease to levels as at the time of the

global financial crisis

■ Economic and geopolitical tensions curb world trade

■ 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

■ A massive order book supports the high utilisation of capacity of the production sites

and gives Rosenbauer Group a strong visibility in the markets for the remaining quarter

and 2020

■ 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


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


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


Revenues and EBIT (in € million)

627.5602.9 604.5

552.0

614.5

27.6 27.3

14.817.0

15.1

0

10

20

30

40

50

60

70

0

100

200

300

400

500

600

700

1-9/2015 1-9/2016 1-9/2017 1-9/2018 1-9/2019

Revenues EBIT

4.4% 4.5%EBIT margin 2.4% 3.1% 2.5%


Balance sheet structure (in € million)

208.4

366.3

502.2 102.8

0.0

0.0

197.1210.0

248.0181.4

180.0

204.0

689.7756.3

954.2

Q3/2017Q3/2018Q3/2019

Assets

Receivablesand otherassets

Constructioncontracts

Inventories269.7 312.1

442.5

234.7224.8

232.7136.8165.8

231.3

48.553.6

47.7

689.7756.3

954.2

Q3/2017 Q3/2018 Q3/2019

Provisions

Liabilitiesand otherdebt

Equity

Interest-bearingliabilities


Refinancing strategy: Bonded loan as a

long-term basis

■ Basic financing of growth strategy by a

bonded loan

■ Shift from short-term to long-term

maturities

■ Diversification of creditors

64%

21%5% 5% 2% 3%

24%15% 4%

18%1%

38%

2019 2020 2021 2022 2023 >2023

Maturity profile:

Maturity profile2018/12/31

Maturity proflie2019/06

■ Significant improvement of the maturity profile by a bonded loan and an additional OeKB loan

■ Seasonal increase of net debt as per 2019/06

■ Sale of accounts receivable to lower

balance sheet total

■ Target: Improvement of working capital

management (cash conversion cycle)


Number of employees (reporting date)

In addition, Rosenbauer employs approximately 370 temporary employees.

1,385

1,399

1,351

1,398

1,510

736

781

823

826

841

647

800

851

897

962

299

340

349

425

468

3,067

3,320

3,374

3,546

3,781

Sept 30, 2015

Sept 30, 2016

Sept 30, 2017

Sept 30, 2018

Sept 30, 2019

Austria USA Germany Rest of the world


Rosenbauer share

* Rosenbauer Beteiligungsverwaltung GmbH

1-9/2018 1-9/2019

Highest price € 57.2 45.6

Lowest price € 44.5 33.1

Closing price € 50.2 39.3

Market capitalization € million 341.4 267.2

Dividend € 1.0 1.25

Earnings per share € 0.64 0.31

BVG *51%Free float

44%

Investor FR5%

Indizes: ATPX, AFA, AIGS, AP8, AXGP, NAP8, NTFA, TAP8, TFA, VOX, WBI

€ 25

€ 30

€ 35

€ 40

€ 45

€ 50

Jan Feb Mar Apr May Jun Jul Aug Sep

Rosenbauer EURO ATXPrime index.


Financial calendar

November 12, 2019 Publication of the Interim Statement Q3/2019

November 12, 2019 RCB Institutional Lunch, Vienna

November 27, 2019 Shareholders‘ Day (for retail investors), Leonding

January 22, 2020 Kepler Cheuvreux German Corporate Conference, Frankfurt

February 12, 2020 Publication of the preliminary results 2019

April 3, 2020 Publication of the results 2019

May 11, 2020 28th Annual General Meeting, Linz

May 19, 2020 Publication of the Interim Statement Q1/2020

June 16, 2020 Capital Markets Day, Hannover (INTERSCHUTZ trade fair)

August 14, 2020 Publication of the Half-year Financial Report 2020

November 17, 2020 Publication of the Interim Statement Q3/2020

11-2019 investor presentation q3 2019 final · investor presentation i 7 world...

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