[PPT] - The European Leader in Lift Truck Attachments March 5, 2008 Star PowerPoint Presentation

SLIDE 1

The European Leader in Lift Truck Attachments

March 5, 2008 Star conference - Milan

SLIDE 2

Bolzoni at a glance

SLIDE 3

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Growth is ahead of us

Lift Truck Manufacturers (OEM) Dealers of Lift Trucks & Material Handling Components End users (Logistics, I ndustrial, Large Retail companies) Logistics (2004-’08E CAGR: 6.4% ) Material Handling Components Lift Truck(* ) Attachments & Lift Tables Manufacturers

(* ) Defined as “Counterbalanced Lift Trucks”

SLIDE 4

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Lift Truck Attachments

Our product lines

PRODUCTS STRATEGI C BUSI NESS UNI T

Material Handling Components

2007 Net Sales €145,6m (* ) (% ) 125,1M€ (86% ) 10,5M€ (7% ) 3,5M€ (2% )

1 Lift Tables 2 Hand Pallet Trucks 3

(* ) Includes € 5,6m (4%) of Other Revenues (Rental business and Customer care)

PHASE OUT in 2008

Forks 4

0,9M€ (1% ) START UP in 2007

SLIDE 5

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Bolzoni’s Core Business

I ntelligent Paper Clamp Multipallet Clamp I ntelligent Carton Clamp

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 months (4.8 Euro mln) of Meyer Group

Net sales (€m)

Auramo acquisition I PO and Meyer acquisition Brudi acquisition

CAGR 1997-2007: 16,1%

Our consolidated net sales increased by 16,1% (CAGR) from 1997 to 2007
Excluding the effect of Meyer acquisition, the growth in the period 2003-2007 is 10,9% (CAGR)

32,7 37,4 41,8 53,2 76,2 78,9 75,1 84 94,7 107,1

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

145,6

1997 2003 2004 2005 2006 2007 1999 2000 2001 2002 1998

SLIDE 7

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Our Growth: both organic and external

2003 2004

Joint Venture Agreement with Tiger Technology (H.K.) and opening of a commercial/ production site in China

Acquisition of the Finnish Auramo OY (a leader in Europe in fork Lift Truck Attachments for pulp and paper industry) Acquisition of “Brudi” business unit (& trademark) in USA

2001

Banca I ntesa acquires/ subscribes 30% of share capital

1945

Brothers Livio and Luigi Bolzoni start production of mechanical equipment for agricultural purposes

1991

Acquisition of Elman (Spanish manufacturer of Lift Truck Attachments)

1987

I ncorporation of Teko (manufacturer of Hand pallet trucks and Lift tables founded by Roberto Scotti) Opening of a new commercial Subsidiary in UK

1989

Opening of a new commercial subsidiary in USA (Chicago) Start of production activity in 1990

2002

Sale of masts activity (non- core business)

2006

Approval of listing process at Borsa I taliana (STAR segment)

A new stage for organic and external growth Acquisition of the German Hans H. Meyer GMBH, leader in Europe in Fork Lift Truck Attachments

2007

Start-up of the new business: forks

SLIDE 8

Business overview

SLIDE 9

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We are leader in Lift Truck Attachments market

The leader in Lift Truck Attachments market in

Europe with about 40% market share

Cost leadership allows us to further consolidate
ur position in Europe
Second player in the USA with 12%, and n°2 in

the World with about 25% market share

The World leader in Integral Sideshifters with

about 81% market share

Lift Truck Attachments in Europe (Mkt share % ) Lift Truck Attachments worldwide (Mkt share % ) I ntegral Sideshifters worldwide (Mkt share% )

Bolzoni 81,0% Others 19,0% Bolzoni-Meyer 40,00% Kaup 25,50% Others 6,20% Cascade 28,30% Cascade 50,70% Bolzoni-Meyer 25,30% Kaup 14,70% Others 9,30%

SLIDE 10

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Breakdown of Bolzoni revenues by segment (2007) Lift truck manufacturers: Market Share % Bolzoni’s Customers (* )

Consolidated portfolio of OEM customers

(ca.28% of total revenues in 2007) with a high retention rate (more than 7 years for most of them)

Toyota Ind. Equipment is the leader in Lift Truck

market, controlling about 22% of the market

Sales to Dealer customers (72% on total

revenues in 2007): well-diversified portfolio of

ver 3,000 customers

Consolidated relations with a Broad client portfolio

OEM 28,1% Dealers 71,9% Ot hers 29% Crown 6% Nissan 4% Nacco 10% Linde 15% Jungheinrich 8% Mit subishi 6% Toyot a 22%

Company Years with Bolzoni

Linde > 10 Nacco M.H. S.p.A. > 10 Jungheinrich AG / GmbH > 10 Toyota Ind. Equipment 9 Nacco M.H. USA 8 OM Carrelli Elevatori 8 Mitsubishi 6

SLIDE 11

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Global presence

Relevant market coverage in main markets: about 80% of worldwide market for Lift Trucks (o/w 74%

with direct presence)

Products are marketed to more than 40 countries, thanks to our 20 companies and consolidated relations

with a network of 11 independent distributors

7 production sites: Italy, Spain, Finland, Estonia, USA, China and Germany; partial outsourcing with third

party manufacturers in Europe, USA and potentially in Far East

Source: Bolzoni - Marketing Dept.

Indipendent distributor Associated company Commercial subsidiary Production sites Exclusive Distributors Meyer Group

SLIDE 12

Business Plan 2007 - 2009

SLIDE 13

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Strategies

Consolidation in Europe and penetration in new growing markets Launch of new products/ services Process innovation to increase profitability 1 2 3 Opportunities for external growth 4

SLIDE 14

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Net Sales – Geographic breakdown (2007 – 2008E – 2009E; €/ Mln)

Net sales breakdown – 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

Our growth is forecasted between + 7.7% and 8.7% (CAGR) from 2007 to 2009 and the main drivers

are: increasing market share, fork business, exploiting Meyer commercial synergies

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 €M 7 €M 15 €M 10 €M

2007 2008 2009 2010

O thers 70,0% B

lzoni

30,0%

Fork Market in Europe in 2010 (Mkt share % )

SLIDE 16

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Synergies with Meyer

Synergies have been evaluated in the following areas:

Research & Development
Production
Purchases
Commercial

(1) Bain and Company Management estimations

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

SLIDE 17

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Opportunities for external growth

Recent acquisition

2006: Lift Truck attachments

manufacturer Our successful acquisitions

1991:Acquisition of Elman (Spanish manufacturer of

Lift Truck Attachments)

2001: Acquisition of the Finnish Auramo OY (a

leader in Europe in fork Lift Truck Attachments for pulp and paper industry)

2002: Acquisition of Brudi business unit and

trademark) in USA Other potential acquisition targets

Forks
Other opportunities

SLIDE 18

Bolzoni Financials

SLIDE 19

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Net Sales – Geographic breakdown (4th quarter 2006 – 4th quarter 2007; €/ Mln)

Net sales breakdown: 4th quarter

INCREASE:

13,1%

8,4%
40,1%

+ 22,4%

26.080 31.910 3.362 2.015 2.865 2.625 4th quarter 2006 4th quarter 2007

E UROP A NORTH A ME RIC A RE S T OF THE W ORLD

SLIDE 20

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

Net sales breakdown 31 December 2007

INCREASE:

36,0% + 58,3%

19,6%

+ 44,1%

83.505 120.308 15.427 12.399 8.171 12.931

31 dec 2006 31 dec 2007

EUROPA NORTH AMERICA REST OF THE WORLD

SLIDE 21

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Consolidated I ncome Statement: 4th quarter

4 t h quart er 2 0 0 6 4 t h quart er 2 0 0 7 2 0 0 7 vs 2 0 0 6 Thousa nds of Euro

Turnover 32.307

1 0 0 ,0 %

36.550

1 0 0 ,0 %

13,1% Other operating revenue 683

2 ,1 %

511

1 ,4 %

25,2%

Tot al revenue 3 2 .9 9 0

1 0 2 ,1 %

3 7 .0 6 1

1 0 1 ,4 %

12,3% Costs for raw m aterial and consum ables (13.536)

4 1 ,9 %

(14.537)

3 9 ,8 %

7,4% Costs for services (7.922)

2 4 ,5 %

(9.210)

2 5 ,2 %

16,3% Personnel expenses (8.056)

2 4 ,9 %

(8.602)

2 3 ,5 %

6,8% Other operating expenses (99)

0 ,3 %

(459)

1 ,3 %

363,6% Result of associated com panies at Net Equity 68

0 ,2 %

33

0 ,1 %

51,5%

Gross Opera t ing Result ( EBI TD A) 3 .4 4 5

1 0 ,7 %

4 .2 8 6

1 1 ,7 %

24,4% Depreciation & Am ortisation (1.009)

3 ,1 %

(1.397)

3 ,8 %

38,5% Provisions and w rite-dow ns (64)

0 ,2 %

(153)

0 ,4 %

139,1%

Operat ing result 2 .3 7 2

7 ,3 %

2 .7 3 6

7 ,5 %

15,3% Financial incom e and expenses (309)

1 ,0 %

(674)

1 ,8 %

118,1% Exchange rate earnings and losses (270)

0 ,8 %

(441)

1 ,2 %

63,3%

Result before t a x 1 .7 9 3

5 ,5 %

1 .6 2 1

4 ,4 %

9,6%

SLIDE 22

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Consolidated I ncome Statement: 31st December

3 1 Dec 2 0 0 6 3 1 Dec 2 0 0 7 2 0 0 7 vs 2 0 0 6 Thousands of Euro

Turnover 107.103

1 0 0 ,0 %

145.638

1 0 0 ,0 %

36,0% Other operating revenue 1.184

1 ,1 %

2.133

1 ,5 %

80,2%

Total revenue 1 0 8 .2 8 7

1 0 1 ,1 %

1 4 7 .7 7 1

1 0 1 ,5 %

36,5% Costs for raw m aterial and consum ables (42.043)

3 9 ,3 %

(57.755)

3 9 ,7 %

37,4% Costs for services (26.977)

2 5 ,2 %

(34.756)

2 3 ,9 %

28,8% Personnel expenses (25.780)

2 4 ,1 %

(36.451)

2 5 ,0 %

41,4% Other operating expenses (403)

0 ,4 %

(1.092)

0 ,7 %

171,0% Result of associated com panies at Net Equity 156

0 ,1 %

122

0 ,1 %

21,8%

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

1 2 ,4 %

1 7 .8 3 9

1 2 ,2 %

34,7% Depreciation & Am ortisation (3.384)

3 ,2 %

(4.890)

3 ,4 %

44,5% Provisions and w rite-dow ns (188)

0 ,2 %

(378)

0 ,3 %

101,1%

Operating result 9 .6 6 8

9 ,0 %

1 2 .5 7 1

8 ,6 %

30,0% Financial incom e and expenses (737)

0 ,7 %

(1.713)

1 ,2 %

132,4% Exchange rate earnings and losses (782)

0 ,7 %

(816)

0 ,6 %

4,3%

Result before tax 8 .1 4 9

7 ,6 %

1 0 .0 4 2

6 ,9 %

23,2%

SLIDE 23

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Net Financial Position

The negative balance of the net financial position has been increased from 18,3 million Euro at 31.12.2006 to 25,9 million Euro at the end of December 2007. This increase is to support the growth of the business. 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)

SLIDE 24

Shareholders structure

SLIDE 25

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Shareholders structure & share performance

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

Pent a Holding ( * ) Tamburi I nv. Ma rket Banca I nt esa K.P. St aa ck Object if Small Caps Euro ( Lazard) Fidelit y I nt ernat ional Shareholders at 13/02/2008 (%)

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

The share price on 13th February 2008 was € 3,125 (corresponding to a market cap of 80,7 €/mln),

with a variation from 1st January 2008 by -18,41%; the maximum share price has been € 5,88 (on 23rd Apr 2007), the minimum € 2,9375 (on 28th January 2008).

SLIDE 26

Closing Remarks

SLIDE 27

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Bolzoni – Solid Story, Unique Opportunity

Part of logistics market, not a cyclical business, benefits from globalisation
Leader in European Lift Truck Attachments market, N°2 in North America, N°2 in the

World; worldwide leader in Integral Sideshifters

Relevant future growth opportunities: Europe, US, and Far East
Proven track record in integrating acquisitions and further M&A opportunities
Focus on innovation and launch of new products
Highly committed and experienced management team

SLIDE 28

Appendices

SLIDE 29

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Group Structure

Around 770 employees
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 distributors

7 production sites: Italy, Germany, Finland, U.S.A., Spain, Estonia and China and partial outsourcing with

third party manufacturers in Europe, USA and potentially in Far East

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 BV Benelux 51% BOLZONI AURAMO SL Spain 100% BOLZONI AURAMO Srl South I taly 100% 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% 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 taly 30%

SLIDE 30

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Production sites in the most important regions

Consistent surplus-capacity in most of our production

sites; no significant investment planned

Piacenza (I taly)

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

Shanghai (China)

Products: Sideshifters

Chicago (I llinois) US

Products: Sideshifters, Push-Pulls

Helsinki (Finland)

Products: Paper Clamps

Barcellona

Products: Hook-on Sideshifters, Frames

Tallin (Estonia)

Products: Components

Salzgitter (Germany)

Products: Multipallets, Paper Clamps