Shareholders meeting Bolzoni S.p.A. Piacenza, 27th April 2007 Group - - PowerPoint PPT Presentation

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Shareholders meeting Bolzoni S.p.A. Piacenza, 27th April 2007 Group - - PowerPoint PPT Presentation

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Shareholders meeting Bolzoni S.p.A. Piacenza, 27th April 2007 Group structure and annual results 2006 Group structure Around 750 employees, of which 250 in Italy Products are marketed to more than 40 countries, thanks to our 20

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SLIDE 1

Shareholders’ meeting Bolzoni S.p.A.

Piacenza, 27th April 2007

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SLIDE 2

Group structure and annual results

2006

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SLIDE 3

– 3 –

Group structure

  • Around 750 employees, of which 250 in Italy
  • Products are marketed to more than 40 countries, thanks to our 20 companies (covering 34 countries), and our

consolidated relations with a network of independent distributor. BOLZONI S.P.A. Headquarter I taly

BOLZONI AURAMO GmbH Germany 100% BOLZONI AURAMO AB Sweden 100% BOLZONI AURAMO Ltd UK 100% BOLZONI AURAMO Sarl France 100% BOLZONI AURAMO srl South I taly 70% BOLZONI AURAMO SL Spain 100% BOLZONI AURAMO BV Benelux 51% BOLZONI AURAMO Z.O.O. Polska 60% AURAMO OY Finland 100% AURAMO BALTI C OU Estonia 100% AURAMO ZA South Africa 40% BOLZONI AURAMO Ltd Canada 100% BOLZONI AURAMO I NCORPORATED USA 100% BOLZONI AURAMO Sa Chile 100% BOLZONI AURAMO Pty Australia 100% EUROLI FT Pty Australia 24,5% BOLZONI AURAMO Shanghai China 60% HANS H. MEYER GmbH Germany 100% MEYER Sarl France 100% HANS H. MEYER Ltd UK 100% MEYER SCANDI NAVI A AB Sweden 60%

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SLIDE 4

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Global Presence

Piacenza (I taly)

Products: Integral Sideshifters, Attachments, Lift Table, Hand Pallet Trucks

Shanghai (China)

Products: : Sideshifters

Chicago (I llinois) US

Products: Sideshifter, Push-Pulls

Helsinki (Finland)

Products: Paper clamps

Barcellona

Products: Hook-on Sideshifters, frames

Tallin (Estonia)

Products: Components

Salzgitter (Germany)

Products: Multipallets, Paper clamp

Commercial subsidiary Production sites Associated company Indipendent distributor Exclusive Distributors

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SLIDE 5

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We are leader in Lift Truck Attachments market

  • We are leader in the European Market for lift truck attachment with a market share of about 40%
  • Cost leadership allows us to further consolidate our position in Europe
  • We are the second operator both in USA market with a market share of 12% and in worldwide with a market share of

25%.

Lift Truck Attachments in Europe (Mkt share % ) Lift Truck Attachments worldwide (Mkt share % )

Fonte: Bain & Co. (2006)

40,00% 25,50% 6,20% 28,30% Bolzoni - Meyer Cascade Kaup Other 50,70% 25,30% 14,70% 9,30%

Cascade Bolzoni - Meyer Kaup Other

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SLIDE 6

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Net sales trend

(1) Includes (for 10 months) the acquisition of the Finnish company Auramo OY, a leading manufacturer of Lift Truck attachments (pulp & paper clamps) (2) Includes acquisition of Brudi (3) Sale of masts activity (4) Includes 2 month (4,8 Euro/mln) of Meyer Group

Net sales (€m)

Acquisition Auramo Listing and Acquisition Meyer Acquisition Brudi

32,7 37,4 41,8 53,2 76,2 78,9 75,1 84,0 94,7 107,1 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

CAGR 1997-2006: 14,1%

(1) (2) (3) (4)

  • Our consolidated net sales increased by 14,1% (CAGR) from 1997 to 2006
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SLIDE 7

– 7 –

Net Sales – Geographic breakdown (2005 – 2006; €/ Mln)

Net Sales – Geographic breakdow n

(1) Includes 2 months of Meyer Group

107,1 €/ MLN 94,7 €/ MLN

(1)

INCREASE:

13,1% 74,7 83,5 15,4 15,4 4,6 8,2

2005 2006

+ 79,6%

  • 0,1%

+ 11,8%

EUROPE NORTHAMERICA REST OF THE WORLD

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SLIDE 8

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Consolidated I ncome Statement

(1) Includes 2 months of Meyer Group 3 1 Dec 2 0 0 6 ( 1) 3 1 Dec 2 0 0 5 Thousands of Euro

Turnover 107.103

1 0 0 ,0 %

94.697

1 0 0 ,0 %

Other operating revenue 1.184

1 ,1 %

1.086

1 ,1 %

Total revenue 1 0 8 .2 8 7

1 0 1 ,1 %

9 5 .7 8 3

1 0 1 ,1 %

Costs for raw m aterial and consum ables (42.043)

  • 3 9 ,3 %

(37.752)

  • 3 9 ,9 %

Costs for services (26.977)

  • 2 5 ,2 %

(23.470)

  • 2 4 ,8 %

Personnel expenses (25.780)

  • 2 4 ,1 %

(23.253)

  • 2 4 ,6 %

Other operating expenses (403)

  • 0 ,4 %

(709)

  • 0 ,7 %

Result of associated com panies at Net Equity 156

0 ,1 %

136

0 ,1 %

Gross Operating Result ( EBI TDA) 1 3 .2 4 0

1 2 ,4 %

1 0 .7 3 5

1 1 ,3 %

Depreciation & Am ortisation (3.384)

  • 3 ,2 %

(3.282)

  • 3 ,5 %

Provisions and w rite-dow ns (188)

  • 0 ,2 %

(57)

  • 0 ,1 %

Operating result 9 .6 6 8

9 ,0 3 %

7 .3 9 6

7 ,8 %

Financial incom e and expenses (737)

  • 0 ,7 %

(815)

  • 0 ,9 %

Exchange rate earnings and losses (782)

  • 0 ,7 %

992

1 ,0 %

Result before tax 8 .1 4 9

7 ,6 1 %

7 .5 7 3

8 ,0 %

I ncom e tax (3.283)

  • 3 ,1 %

(3.214)

  • 3 ,4 %

Result of continuing activities 4 .8 6 6

4 ,5 %

4 .3 5 9

4 ,6 %

Result of activities to be sold or transferred

0 ,0 % 0 ,0 %

Result of the period 4 .8 6 6

4 ,5 %

4 .3 5 9

4 ,6 %

Attributable to:

Group

4 .7 9 0

4 ,5 %

4 .3 5 0

4 ,6 %

Third parties

7 6

0 ,1 %

9

0 ,0 %

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SLIDE 9

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Growth rate

  • The exchange rate Euro/Dollar brought a exchange rate earning in 2005 for about 992 thousands of

Euro and a exchange rate losses in 2006 for about 782 thousands of Euro.

(1) Includes 2 months of Meyer Group

31 Dec 2006 ( 1) 31 Dec 2005 % Var. 2006 ( 1) vs 2005

TURNOVER 107.103 94.697

13,10%

EBITDA 13.240 10.735

23,33%

EBIT 9.668 7.396

30,72%

RESULT BEFORE TAXES 8.149 7.573

7,61%

RESULT AFTER TAXES 4.866 4.358

11,66%

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SLIDE 10

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Net financial position

Thousands of Euro

31.12.2006 Gruppo Bolzoni 31.12.2006 Gruppo Meyer 31.12.2006 31.12.2005

Cash and cash equivalent 4.328 145 4.473 3.364 Current portion of long term debts (11.081) (4.232) (15.313) (13.144)

Net financial position - short term (6.753) (4.087) (10.840) (9.780)

Financial assets held to maturity 1.425 1.425 1.368 Non current portion of long term debts (8.917) (8.917) (10.078)

Net financial position - M/ L term (7.492) (7.492) (8.710) Net financial position (14.245) (4.087) (18.332) (18.490)

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SLIDE 11

– 11 –

Shareholders structure and share performance

Shareholders structure al 27/04/2007 (%)

(*) Shareholders are: Emilio Bolzoni, Franco Bolzoni, PierLuigi Magnelli, Luigi Pisani, Roberto Scotti

  • The IPO price on June 8° was 3.2 per share.

Share performance 09/06/2006 – 24/04/2007

(Gruppo Lazard)

31,4% 3,6% 6,8% 50,7% 2,1% 2,0% 3,4%

Penta Holding (* ) Tamburi Inv. Market Banca Intesa K.P. Staack F idelity Int Objectif Small Caps Euro

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SLIDE 12

Strategies

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SLIDE 13

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Launch of new products 2 Opportunitiesfor external growth 4 Process innovation to increase profitability 3 Consolidation in Europe and penetration in new grow ing markets 1

Strategies and Use of IPO proceeds

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SLIDE 14

– 14 – 57 72 76 85 146 140 155 163 110 81 2004 2005E 2006E 2007E 2008E

Dealers OEM

On track to start selling FORKS in February 2007

  • Great opportunity to enter a new market valued €240m in 2007 (+10,5% growth in the next years CAGR 2004-’08E)
  • Bolzoni can leverage on consolidated relations with OEM customers and exploit the existing distribution network
  • €7,5m capex planned from 2006 to 2007.

Launch of new products

Source: Bain & Co. (2006)

Players in Forks Market (% )

167 213 222 235 248 CAGR ‘04-08: 10,5% Vetter 8% MSI 11% Cascade 81%

Forks Market 2004-’08E (€m)

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SLIDE 15

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Business Plan Forks 2007 – 2010

Our growth is forecasted at 62,4% (CAGR) from 2007 to 2010 and the main drivers are:

  • Excellent and long-standing relations with OEM
  • A strong after sale market
  • Internal demand of forks, both from Bolzoni and Meyer
  • New opportunities in other markets employing forks (agriculture, building industry)

CAGR 2007-2010: 62,4%

(1)

3.000 7.000 15.000 10.000

2007 2008 2009 2010

Ot hers 70,0% Bolzoni 30,0%

Fork Markey in Europe in 2010 (Mkt share% )

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SLIDE 16

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Turnover 2006 – 2009

CAGR 2006-2009: 17.1%

(1)

107.103 145.370 172.000 157.800

2006 2007 2008 2009

Our growth is forecasted at +17.1% (CAGR) from 2006 to 2009 and the main drivers are:

  • Increasing market share
  • Fork business
  • Exploiting Meyer commercial synergies
  • Including Meyer proformance turnover in 2006 (€ 28,294,000), the growth is +11,3% between 2007 vs 2006,

+8,6% between 2008 vs 2007 and +9,0% between 2009 vs 2008

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SLIDE 17

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Budget 2007

  • Turnover increases by +35,73%, +11,32% with Meyer
  • Synergies with Meyer will start from Year 2008

Anno 2006

  • incl. 2 mesi Meyer

Anno 2007

  • incl. 12 mesi Meyer

% Var

FATTURATO 107.103 145.370

35,73%

EBITDA % 12,36% 12,40%

0,32%

EBIT % 9,03% 9,20%

1,88%

RISULTATO ANTE IMPOSTE 7,61% 8,50%

11,70%

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SLIDE 18

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Expected synergies: 2,8 €M on EBI TDA

1 2 €3M 2007

Cost Synergies 0,2

0,2 2008

Cost Synergies 0,9

Sales Synergies 0,1

1,1 2009

Cost Synergies 2,4 Sales Synergies 0,4

2,8 0,9 0,6 0,0 Capex and One/ Off Costs

Expected synergies ( € M) Productivity on direct w ork I ndex Synergies for function ( € M)

1 2 €3M Design 0,6 0,4 Purchasing 0,7 1,0 After Sales 0,1 2,8 Catalogue Production Total 50 60 70 80 90 100 110 120 130 140 150 2006 100 2007 102 2008 115 2009 132

Synergies have been evaluated in the following areas:

  • Research & Development
  • Production
  • Purchases
  • Commercial
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SLIDE 19

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Order bookings 1th quarter 2007

S O C IE TA ' 31/ 03/ 2006 C O NS 31/ 03/ 2007 B UDG E T 31/ 03/ 2007 C O NS 2007 VS 2006 2007 VS B DG

V alori in €/000 B O LZO N I S P A 11.176 13.726 14.565 A U R A M O O Y (F IN LA N DIA ) 1.103 1.054 1.281 B A E LM A N (S P A G N A ) 2.197 2.216 2.346 B A IN C (S TA TI U N ITI) 4.230 3.744 3.151 B A G M B H (G E R M A N IA ) 2.032 2.425 2.491 B A S A R L (F R A N C IA ) 2.677 2.476 2.177 B A LTD (R E G N O U N ITO ) 932 1.100 1.294 B A S HA N G HA I (C IN A ) 152 378 514 B A A B (S V E ZIA ) 787 742 895 B A S R L (ITA LIA ) 483 502 493 B A B V (O LA N DA ) 486 543 757 B A S P ZO O (P O LO N IA ) 276 304 347 B A LTD (C A N A DA ) 373 417 517 B A P TY (A U S TR A LIA ) 259 398 258

G RUPPO B O L ZO NI-A URA MO 27.163 30.025 31.086 14,44% 3,53% ME YE R G MB H 5.475 5.582 7.008 28,00% 25,55%

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SLIDE 20

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Consolidated turnover 1 st quarter 2007

25.324 35.218 35.449

  • 5.000

10.000 15.000 20.000 25.000 30.000 35.000 40.000 31/ 03/ 2006 CONS 31/ 03/ 2007 BUDGET 31/ 03/ 2007 CONS

The preliminary turnover on 31.03.2007 is higher than the budget for 0,7% and is higher than the 1st quarter 2006 for 40,0%. With the same consolidating area, the preliminary turnover at the end of March 2007 is higher than that at the end of March 2006 of 9,8% .