FIRST HALF RESULT- YEAR 2013 August 27 th , 2013 FIRST HALF 2013 2 - - PowerPoint PPT Presentation

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FIRST HALF RESULT- YEAR 2013 August 27 th , 2013 FIRST HALF 2013 2 - - PowerPoint PPT Presentation

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FIRST HALF RESULT- YEAR 2013 August 27 th , 2013 FIRST HALF 2013 2 30.06.2013: Main Features REVENUE UP DESPITE THE WEAK REFERENCE MARKET: Despite the decline by 5,6% of the West Europe lift truck market (the 75% of Bolzonis

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FIRST HALF RESULT- YEAR 2013

August 27th, 2013

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FIRST HALF 2013

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30.06.2013: Main Features

REVENUE UP DESPITE THE WEAK REFERENCE MARKET: Despite the decline by 5,6% of the West Europe lift truck market (the 75% of Bolzoni’s turnover): Q2 2013 revenue came in at € 30,8 M, +1,4% H1 2013 revenue came in at € 60,9 M, +0,5% INVESTMENT AND EXPENSES TO SUPPORT THE GROWTH The H1 2013 had investments both in structure and staff. The investments will both support the increase of the capacity in China and the increase in the US market in order to seize the

  • pportunities arising from the Toyota- Cascade operation.
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RECENT MARKET TREND

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World market trend

Avg Q 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q2 2013 vs Q1 2013 Q2 2013 vs Q2 2013 West Europe 26.327 27.042 24.030 21.656 24.357 24.893 23.318

  • 6,3%
  • 3,0%

USA and CANADA 24.116 23.392 24.890 24.852 29.149 24.335 27.478 12,9% 10,4% Asia 78.423 82.501 78.862 71.280 65.013 79.505 87.419 10,0% 10,9% Rest of the world 23.957 36.588 21.386 10.093 8.571 23.770 23.415

  • 1,5%

9,5% World 152.823 169.523 149.168 142.024 127.090 152.503 161.630 6,0% 8,4%

152.823 169.523 149.168 142.024 127.090 152.503 161.630 50.000 70.000 90.000 110.000 130.000 150.000 170.000 190.000 Avg Q 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013

Lift trucks world market trend

World

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World market trend

Avg Q 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q2 2013 vs Q1 2013 Q2 2013 vs Q2 2013 West Europe 26.327 27.042 24.030 21.656 24.357 24.893 23.318

  • 6,3%
  • 3,0%

USA and CANADA 24.116 23.392 24.890 24.852 29.149 24.335 27.478 12,9% 10,4% Asia 78.423 82.501 78.862 71.280 65.013 79.505 87.419 10,0% 10,9% Rest of the world 23.957 36.588 21.386 24.236 8.571 23.770 23.415

  • 1,5%

9,5% World 152.823 169.523 149.168 142.024 127.090 152.503 161.630 6,0% 8,4% 26.327 27.042 24.030 21.656 24.357 24.893 23.318 24.116 23.392 24.890 24.852 29.149 24.335 27.478

12.000 17.000 22.000 27.000 32.000 37.000 Avg Q 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013

West European and American market

West Europe USA and CANADA

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FINANCIALS - FIRST HALF 2013

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Net sales breakdown: 30.06.2012 vs 30.06.2013

30.06.2012 30.06.2013 46,9 45,4 6,6 6,7 7,0 8,8 EUROPE NORTH AMERICA REST OF THE WORLD

0,5%

+24,4% +1,6%

  • 3,3%

60,9 60,6

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Net sales breakdown: Q2 2012 vs Q2 2013

2nd quarter 2012 2nd quarter 2013 23,4 22,4 3,2 3,8 3,8 4,7 EUROPE NORTH AMERICA REST OF THE WORLD

  • 4,2%

+23,3% +16,8%

30,8 1,4% 30,4

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Consolidated income statement: 1st half

TURNOVER: 0,5 % YOY EBITDA

  • 21,9%

YOY, mainly explained by: € 450 M of new costs that support to increase

  • f

the commercial and technical structure and the new attachment production plant in China. 70 basis point

  • f

marginality reduction due to the reference market decline. Thousands of Euro 30.06.2012 30.06.2013 % Var. 2013 vs 2012 TURNOVER 60.592 60.866 0,5% EBITDA 5.235 4.090

  • 21,9%

EBITDA margin % 8,6% 6,7% EBIT 2.532 1.331

  • 47,4%

EBIT margin % 4,2% 2,2% RESULT BEFORE TAXES 1.958 359

  • 81,7%

margin % 3,2% 0,6% GROUP RESULT AFTER TAXES 1.038 (97) n.c margin % 1,7%

  • 0,2%
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Consolidated income statement: 2nd quarter

TURNOVER: 1,4 % YOY EBITDA

  • 21,2%

YOY, mainly explained by: New costs to support the increase

  • f

the commercial and technical structure and the new attachment production plant in China. Marginality reduction due to the reference market decline. Thousands of Euro 2nd quarter 2012 2nd quarter 2013 % Var. 2013 vs 2012 TURNOVER 30.386 30.818 1,4% EBITDA 2.504 1.973

  • 21,2%

EBITDA margin % 8,2% 6,4% EBIT 1.241 593

  • 52,2%

EBIT margin % 4,1% 1,9% RESULT BEFORE TAXES 1.160 (234) n.c margin % 3,8%

  • 0,8%

GROUP RESULT AFTER TAXES 663 (283) n.c margin % 2,2%

  • 0,9%
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Consolidated cash flow statement

NET DEBT has passed from € 26,5M at 31.12.2012 to € 29,2M at 30.06.2013. Financial absorption is mainly determined by investment activities in China and increase in the inventories to support the growth of the next months. NET DEBT has passed from € 28,2M at 31.03.2013 to € 29,2M at 30.06.2013. Net debt has jumped by € 1M mainly for dividend distribution (€ 1,3M) and capex (€ 1,3M). Opposite, the reduction

  • f

net working capital amounted to € 1,3M.

Thousands of Euro

OPENING NET DEBT 01.01.2013 (26.454) Net result (97) Change in reserves (625) Depreciation 2.433 Change in net working capital (678)

  • Inventories

(2.859)

  • Trade receivables

(392)

  • Trade payables

2.062

  • Others

511 Net capital expenditure (3.160) FREE CASH FLOW (2.127) Equity and third parts changes 722 Dividend distribution (1.300) CLOSING NET DEBT 30.06.2013 (29.159)

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Cash flow statement: bridge analysis

Thousands of Euro 31.12.2012 31.03.2013 30.06.2013 Cash and cash equivalent 3.513 2.990 10.626 Current portion of long term debts (16.502) (20.455) (20.433) Net financial position - short term (12.989) (17.465) (9.807) Financial assets held to maturity Non current portion of long term debts (13.465) (10.741) (19.352) Net financial position - M/L term (13.465) (10.741) (19.352) Net financial position (26.454) (28.206) (29.159)

26.454 29.159 678 1.734 1.426 1.300 1.711 722 Net debt Dec 12 Operating cash flow Change in net working capital Capex (China excluded) China Capex Dividend distribution Equity and third parts changes Net debt June 13

Net result

  • 97

Change in reserve

  • 463

Depreciation 2.433

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Working capital and other KPI

26,1 26,7 18,4 18,1 21,1 24,5 26,5 25,4 Accounts payable turnover ratio at 30.06.2013: 80 days vs 81 days at 31.12.2012 and 85 days at 31.03.2013 Accounts receivables turnover ratio at 30.06.2013 : 73 days vs 75 days at 31.12.2012 and 78 days at 31.03.2013 Inventory turnover ratio at 30.06.2013: 69 days, at the same level of 31.03.2013, vs 64 days at 31.12.2012

Million € % on net sales

17,90%18,90% 24,00% 19,30% 18,20% 20,61% 22,01% 20,71%

0% 5% 10% 15% 20% 25% 30%

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Assets and liabilities

Thousands of Euro 31.12.2012 30.06.2013 Net fixed assets 48.181 48.967 Net working capital 24.540 25.423 Leaving indemnity and other reserves (5.140) (4.925) Net capital employed 67.581 69.465 Net Equity 36.875 35.723 Minority interest 4.252 4.583 Net financial position 26.454 29.159 Net Debt / Equity 0,64 0,72

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SHAREHOLDERS STRUCTURE

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Shareholders structure

Market Segment: STAR MTA Specialist: Intermonte Reuters Code : BLZ IM Auditing company: Deloitte Bloomberg Code: BLZ IM Market cap (@ 26 August 2013): €83,7 M Number of shares: 25.993.915 % var. since January 1, 2013: +56,01% Price per share (@ 26 August 2013): 3,22

50,27% 24,17% 2,04% 3,51% 6,04% 6,27% 7,70% Penta Holding (*) Market Covati Agostino K.P. Staack Paolo Mazzoni Lazard Frères Gestion Tamburi Inv.

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Market share trend

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Contacts:

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

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