Vossloh Hauptversammlung Mai 2013 US.ppt ... · 4 Vossloh Group, fiscal 2012 Dividend proposed at €2.00 in line with long-term dividend policy 1.30 1.70 2.00 2.00 2.50 2.50 2.00

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

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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