Shareholders meeting Bolzoni S.p.A. Podenzano, 29th April 2008 - - PowerPoint PPT Presentation

Shareholders’ meeting Bolzoni S.p.A.

Podenzano, 29th April 2008

Management Report Year 2007

– 3 –

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

– 4 –

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 100% 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 NC. 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% MEYER srl I talia 30%

• 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.

Group structure Group structure

– 5 –

We are leader in Lift Truck Attachments market

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

Source: 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

– 6 –

Key performance indicators

thousands of euro 31 Dec 2006 31 Dec 2007 % Var. 2007 vs 2006

TU R N O V E R 107.103 145.638

36,0%

E B ITDA 13.240 17.839

34,7%

E B IT 9.668 12.571

30,0%

R E S U LT B E F O R E TA X E S 8.149 10.042

23,2%

R E S U LT A F TE R TA X E S 4.790 6.722

40,3%

– 7 –

Net sales – Geographic breakdown (31 Dec 2006 – 31 Dec 2007; €/ Mln)

Net sales – Geographic breakdown

VAR: 36,0%

+ 58,3%

• 19,6%

+ 44,1%

8 3 ,5 1 2 0 ,3 1 5 ,4 1 2 ,4 8 ,2 1 2 ,9

3 1 d e c 2 0 0 6 3 1 d e c 2 0 0 7

E U R O P A N O R D A M E R IC A R E S TO D E L M O N D O

+ 58,3%

• 19,6%

+ 44,1%

– 8 –

Net sales trend

CAGR: 24,0% Total net sales of the Group (2005 – 2006 - 2007; €/ Mln)

94,7 107,1 145,6 2005 2006 2007

Var.

• Var. 2007 / 2005:

2007 / 2005: + 53,8% + 53,8%

– 9 –

Ebitda trend

Ebitda (2005 – 2006 - 2007; €/ Mln) CAGR: 28,9% 10,7 13,2 17,8 2005 2006 2007

Var.

• Var. 2007 / 2005:

2007 / 2005: + 66,2% + 66,2%

– 10 –

Ebitda margin trend

Ebitda margin (2005 – 2006 - 2007; % Ebitda/ net sales)

• Ebitda margin includes also 2 months of consolidation of Meyer Group in Year 2006 and 12 months in Year

2007, and the unfavourable rate exchange Euro/ US$

11,3% 12,4% 12,2% 2005 2006 2007

– 11 –

Ebit trend

Ebit (2005 – 2006 - 2007; €/ Mln) CAGR: 30,4%

7,4 9,7 12,6 2005 2006 2007 Var.

• Var. 2007 / 2005:

2007 / 2005: + 70,0% + 70,0%

– 12 –

Net result before taxes trend

Net result before taxes (2005 – 2006 - 2007; €/ Mln) CAGR: 15,2%

7,6 8,1 10,0 2005 2006 2007 Var.

• Var. 2007 / 2005:

2007 / 2005: + 32,6% + 32,6%

– 13 –

Net result after taxes trend

Net result after taxes (2005 – 2006 - 2007; €/ Mln) CAGR: 24,3%

4,4 4,8 6,7 2005 2006 2007

Var.

• Var. 2007 / 2005:

2007 / 2005: + 54,5% + 54,5%

– 14 –

Lift truck market situation

+ 13,0% + 24,5%

• 10,0%

+ 53,4% + 11,9%

• 100.000

200.000 300.000 400.000 500.000 600.000 700.000

W

• rld

China North Am erica East Europe W est Europe

Number of lift truck s

• ld

2007 2006

– 15 –

Capex 2007

Thousands of Euro

Capex 2007 Tangible Intangible Total Euro

Bolzoni S.p.A. 2.963 999 3.962 Auramo Finlandia 371 467 838 Bolzoni Auramo Svezia 46

• 46

Bolzoni Auramo Olanda

• Bolzoni Auramo Germania

11

• 11

Bolzoni Auramo UK 103

• 103

Bolzoni Auramo Australia 26

• 26

Bolzoni Auramo Cile

• Bolzoni Auramo Francia

23 2 25 Bolzoni Auramo Spagna 234 1 235 Bolzoni Auramo Italia 6

• 6

Bolzoni Auramo USA 63

• 63

Bolzoni Auramo Canada 49

• 49

Bolzoni Auramo Polonia 4

• 4

Bolzoni Auramo Shanghai Cina 8

• 8

Gruppo Meyer 827 151 978 TOTAL 4.734 1.620 6.354

– 16 –

Net Financial Position

Thousands of Euro

31.12.2006 31.12.2007

Cash and cash equivalent 4.473 3.061 Current portion of long term debts (15.313) (14.367)

Net financial position - short term (10.840) (11.306)

Financial assets held to maturity 1.425 60 Non current portion of long term debts (8.917) (14.690)

Net financial position - M/ L term (7.492) (14.630) Net financial position (18.332) (25.936)

– 17 –

Allocation of year’s profit

• Euro 245,205 to legal reserve
• Euro 1,558,097 to extraordinary reserve
• Euro 3,100,789 to return on capital (0.12 €/share, +20% vs dividend in 2006)

Pay-out corresponds to 63.2% of Bolzoni S.p.A.’s net profit and to 46.1% of the Group’s net consolidated profit

Preliminary turnover Q1 2008 and future strategies

– 19 –

Net sales (2007 – 2008E – 2009E; thousands of euro)

Net sales – Business Plan 2007-2009

2 0 0 7 2 0 0 8 2 0 0 9

155.000

145.600

158.000 172.000 169.000

– 20 –

35.339 36.978

Q1 2007 Q1 2008

Preli Preliminary Net sales Q1 2008 inary Net sales Q1 2008

VAR: 4,6%

• 2008 turnover is

affected by the Easter shut-down in March which in 2007 fell in April. The seasonly adjusted figure therefore shows a growth of around 8% vs Q1 2007. Net sales (Q1 2007 – Q1 2008E ; thousands of euro)

– 21 –

Strategies

Consolidation of leadership in Europe and penetration in developing markets Launch of new products / services on the market I nnovation in internal processes aimed at optimizing resources and increasing profitability 1 2 3 External opportunities of growth 4

GROWTH DRIVERS GROWTH DRIVERS

– 22 –

Strategies Strategies

• Strengthening Meyer sales structure

–

• pening a new sales branch in Russia

– re-organisation of domestic sales force and also in following countries: Spain-UK-Italy-France

• Strengthening Bolzoni sales structure

– Agreements with exclusive dealers in following countries: Rumania-Thailand-Singapore-Indonesia-Argentina-Uruguay

• Further penetration in Chinese market
• Constant focus on US market

Consolidation of leadership in Europe and penetration in developing markets

1

– 23 –

Launch of new products / services on market

2

Strategies Strategies

• New fork positioners
• New double-pallet handlers
• New Rotators
• New parallel clamps
• New 360° paper roll clamps
• Push Pull

Innovation Innovation

– 24 –

I nnovation in processes to optimize resources and increase profitability

3

• Reorganize purchasing strategies according to LEAN

MANUFACTURING

• Target lead times to customers:

Clamps: 15 days Fork positioners: 10 days Integral side shifters: 5 days Lift tables: 12 days Hook-on side shifters: 10 days

• 5 mln euro reduction in Group inventory
• Transfer of parallel clamp production to USA
• Purchase of components on low cost markets
• Implementation of new ERP software: SAP

Strategies Strategies

– 25 –

Synergies with Meyer

The synergies produced will be in the following areas:

• Research and Development
• Production
• Purchasing
• Sales

(1) Estimates by Bain and Company Capex and one/ off costs 900 600

800 - 900 1.800 - 2.500 100 - 200 200 - 300 500 1000 1500 2000 2500 3000 2007 2008 2009

Sales Synergies Cost synergies 900 – 1.100 (1) 2.000 – 2.800 (1)

Thousands of Euro

– 26 –

External growth opportunities

4

Strategies Strategies

• Plant for components in India
• Fork manufacturer in China