Bolzoni S.p.A. Shareholders meeting Podenzano, April 29th 2010 - - PowerPoint PPT Presentation

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Bolzoni S.p.A. Shareholders meeting Podenzano, April 29th 2010 - - PowerPoint PPT Presentation

Dec 02, 2023 526 likes •811 views

Bolzoni S.p.A. Shareholders meeting Podenzano, April 29th 2010 2009 Management Report Roberto Scotti Action Plan 2009 TARGETS TARGETS 2009 2010 2009 2010 Balancing costs Balancing costs and and incomes (Break (Break- -even

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SLIDE 1

Bolzoni S.p.A. Shareholders’ meeting

Podenzano, April 29th 2010

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SLIDE 2

2009 Management Report

Roberto Scotti

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SLIDE 3

– 3 –

Action Plan 2009

TARGETS TARGETS Balancing Balancing costs costs and and incomes incomes (Break (Break-

  • even

even at 83 at 83 mln mln/ / € €) ) NFP under control NFP under control 2009 2009 2010 2010 Managing Managing the new the new growth growth New New external external growth growth

  • pportunities
  • pportunities
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SLIDE 4

– 4 –

  • Structural reductions:

1) Closing down of production site in Spain* 2) Closing down of production site in Estonia* 3) Lay-offs in Meyer GmbH Germany* 4) Lay-offs in Auramo Oy Finland* 5) Lay-offs in Bolzoni Auramo Inc. USA 6) Merging of Bolzoni Auramo and Meyer ‘s commercial subsidiaries in UK 7) Merging of Bolzoni Auramo and Meyer ‘s commercial subsidiaries in Sweden 8) Temporary staff not confirmed

Re Re-

  • organization
  • rganization

Action plan 2009

* The total one-off costs for personnel indemnity has been 2.787 thousands of Euro

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SLIDE 5

– 5 –

Action plan 2009

Re Re-

  • organization
  • rganization
  • Temporary personnel cost reductions:

1) No new recruitments 2) No wage increase for merit 3) No overtime 4) Cassa Integrazione Guadagni or short working time in Italy, Finland, Germany and Spain 5) Reduction of the variable part of the salaries 6) Make or buy choices 7) Early retirement plan 8) 10% reduction of Board members’ fees Temporary and permanent actions on personnel costs have produced a saving on an annual basis of approx. 15 million euros

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SLIDE 6

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Project of Project of costs costs reduction reduction

Action plan 2009

  • Lower structural costs:

22% vs 2008 reduction of general costs, commercial costs and administrative costs Savings on P&L on annual basis: 2,9 million euros

  • Reduction in purchases costs:

Positive effect on purchasing costs due to economic downturn

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SLIDE 7

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Break-even point reduction

125.414 100.049 83.178

  • 20.000

40.000 60.000 80.000 100.000 120.000 2008 2009 2009 full operational Thousands of Euro

VAR vs 2008:

  • 20%

VAR vs 2008:

  • 34%

New Break-even turnover

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SLIDE 8

– 8 –

Action plan 2009

Process Process innovation innovation and new and new models models design design

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SLIDE 9

2009 Bolzoni financials

Roberto Scotti

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SLIDE 10

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Net sales breakdown: 2009 vs 2008

Net Sales Net Sales – – Geographic breakdown Geographic breakdown ( ( € €/ / Mln Mln) )

  • 45,5%

141,1 76,9

116,4 11,8 12,9 62,4 6,3 8,2

31.12.2008 31.12.2009 EUROPA NORTH AMERICA REST OF THE WORLD

  • 36,2%
  • 46,4%
  • 46,2%
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SLIDE 11

– 11 –

Main performance indicators: 31 December

(* ) one-off cost excluded for 2.787 thousands of Euro

Thousands of Euro 31.12.2008 31.12.2009

% Var. 2009 vs 2008

31.12.2009 (* )

% Var. 2009 (* ) vs 2008

TURNOVER 141.123 76.929

  • 45,5%

76.929

  • 45,5%

EBITDA 14.385 2.719

  • n.c

68

  • 99,5%

EBIT 8.906 8.366

  • n.c

5.579

  • n.c

RESULT BEFORE TAXES 6.087 9.723

  • n.c

6.936

  • n.c

RESULT AFTER TAXES 3.104 8.312

  • n.c

5.525

  • n.c
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SLIDE 12

– 12 –

Consolidated cash flow statement 2009

Thousands of Euro

OPENING NET FINANCIAL POSITION AT 01.01.2009 24.879

  • C

ash flow from operation (3.937) C hange in net working capital: 8.021

  • Inventories

4.963

  • Trade receivables

7.508

  • Trade payables

(3.007)

  • Others

(1.443)

Net capital expenditure (2.717) FREE C ASH FLOW 1.367 Dividends and other Equity changes (762) C LOSING NET FINANCIAL POSITION AT 31.12.2009 24.274

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– 13 –

Consolidated assets and liabilities

Thousands of Euro

3 1.1 2.2 008 31.12.200 9

Net fixed assets 42.651 41.415 Net working capital 26.789 18.376

Net capit al em ployed 6 9.4 40 59 .79 1

Net equity 43.757 34.625 Minorit y interest 804 892 Net financial posit ion 24.879 24.274

Net Debt / Equit y 0.5 7 0.70

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SLIDE 14

2010: preliminary figures and action plan

Roberto Scotti

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World market trend

Number of lift trucks sold

Lift trucks world market trend

110.087 93.009 84.470 75.117 66.018 134.634 50.000 70.000 90.000 110.000 130.000 150.000

Avg Q 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010

Avg Q 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010

  • Var. Q1 2010 / Q4

2009

  • Var. Q1 2010 /

Avearage Q 2009

West Europe 31.316 15.649 14.506 13.500 16.670 17.914 7,5% 18,8% America 30.238 13.875 15.259 16.339 19.840 21.590 8,8% 32,2% Asia 54.971 31.760 40.384 48.827 49.351 62.782 27,2% 47,4% Rest of the world 18.110 4.734 4.968 5.804 7.148 7.801 9,1% 37,7% World 134.634 66.018 75.117 84.470 93.009 110.087 18,4% 38,2%

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World market trend

Number of lift trucks sold West European and American market

12.000 32.000

Avg Q 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010

West Europe America

Avg Q 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010

  • Var. Q1 2010 / Q4

2009

  • Var. Q1 2010 /

Avearage Q 2009

West Europe 31.316 15.649 14.506 13.500 16.670 17.914 7,5% 18,8% America 30.238 13.875 15.259 16.339 19.840 21.590 8,8% 32,2% Asia 54.971 31.760 40.384 48.827 49.351 62.782 27,2% 47,4% Rest of the world 18.110 4.734 4.968 5.804 7.148 7.801 9,1% 37,7% World 134.634 66.018 75.117 84.470 93.009 110.087 18,4% 38,2%

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Turnover Q1 2010 vs Q1 2009

2009 2010 % Var. JANUARY 7.273 4.479

  • 38,4%

FEBRUARY 7.462 7.055

  • 5,5%

MARCH 7.408 7.932 7,1% 1° QUARTER 22.143 19.465

  • 12,1%

Turnover Bolzoni Group Turnover Bolzoni Group (1st Quarter 2009 (1st Quarter 2009 – – 1st Quarter 2010; thousands of 1st Quarter 2010; thousands of € €) )

Bolzoni Group has created Mln € 2.9 of backlog in the first quarter 2010 because the year 2010 estimated sales are +17,3% vs the actual sales of previous year.

  • 12,1%

+7,1%

  • 5,5%
  • 38,4%
  • 5.000

10.000 15.000 20.000 25.000 JANUARY FEBRUARY MARCH 1° QUARTER 2009 2010

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SLIDE 18

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Strategies 2010

Further Further investments investments in China in China Penetration Penetration in in O.E.M. O.E.M. forks forks business / business / Commercialization Commercialization forks forks in USA in USA I nnovation I nnovation in in internal internal processes processes ( ( Six Six-

  • sigma

sigma system, system, Dantotsu Dantotsu project project, , Lean Lean Manufacturing, Manufacturing, Team Center Team Center development development) ) 1 2 3 New New models models design and design and progressing progressing of BAM

  • f BAM synergies

synergies 4

Net Net financial financial position position always under control always under control

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SLIDE 19

Medium term outlook

Em ilio Bolzoni

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Outlook 2009 - 2015

One of the major OEM in worldwide truck business has carried out a market survey from which it emerges that this market will return to 2007 sales volumes in 2014-2015. In particular regarding the western European market, where more than 80% of Bolzoni’s turnover is concentrated, it means that, for these years the CAGR will range from 16,1% (2015) to 19,6% (2014)

2009 vs 2007:

  • 59,2%

CAGR 2009-2015:

+ 16,1%

Western Europe lift trucks sales - Forecast 2009-2015

  • 20.000

40.000 60.000 80.000 100.000 120.000 140.000 160.000 2007 2009 2010 2011 2012 2013 2014 2015 numebr of lift trucks

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World market trend

Number of lift trucks sold

Lift trucks world market trend

110.087 93.009 84.470 75.117 66.018 134.634 50.000 70.000 90.000 110.000 130.000 150.000

Avg Q 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010

Avg Q 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010

  • Var. Q1 2010 / Q4

2009

  • Var. Q1 2010 /

Avearage Q 2009

West Europe 31.316 15.649 14.506 13.500 16.670 17.914 7,5% 18,8% America 30.238 13.875 15.259 16.339 19.840 21.590 8,8% 32,2% Asia 54.971 31.760 40.384 48.827 49.351 62.782 27,2% 47,4% Rest of the world 18.110 4.734 4.968 5.804 7.148 7.801 9,1% 37,7% World 134.634 66.018 75.117 84.470 93.009 110.087 18,4% 38,2%

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– 22 –

World market trend

Number of lift trucks sold West European and American market

12.000 32.000

Avg Q 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010

West Europe America

Avg Q 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010

  • Var. Q1 2010 / Q4

2009

  • Var. Q1 2010 /

Avearage Q 2009

West Europe 31.316 15.649 14.506 13.500 16.670 17.914 7,5% 18,8% America 30.238 13.875 15.259 16.339 19.840 21.590 8,8% 32,2% Asia 54.971 31.760 40.384 48.827 49.351 62.782 27,2% 47,4% Rest of the world 18.110 4.734 4.968 5.804 7.148 7.801 9,1% 37,7% World 134.634 66.018 75.117 84.470 93.009 110.087 18,4% 38,2%

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SLIDE 23

– 23 –

Break-even point reduction

125.414 100.049 83.178

  • 20.000

40.000 60.000 80.000 100.000 120.000 2008 2009 2009 full operational Thousands of Euro

VAR vs 2008:

  • 20%

VAR vs 2008:

  • 34%

New Break-even turnover

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SLIDE 24

– 24 –

Medium term outlook

CAGR 2010/2011/2012: +15,0% CAGR 2010/2011/2012: +15,0% 2010 2010 already already in profit, in profit, 2011 2011 with with an an Ebitda Ebitda margin margin in line in line with with best best years years

Strong cash generation Strong cash generation

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SLIDE 25

Share price trend

Em ilio Bolzoni

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– 26 –

Bolzoni share price/ volumes from 02.01.09 to 26.04.10

Source: Bloomberg

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– 27 –

Contacts

Contacts:

investor.relator@bolzoni-auramo.com + 39 0523 555511

Visit our web.site: www.bolzoni-auramo.com