Wacker Neuson Group Our way to success€¦ · our Dual View dumpers 1 Source: Off-Highway...
Transcript of Wacker Neuson Group Our way to success€¦ · our Dual View dumpers 1 Source: Off-Highway...
Wacker Neuson Group – Our way to success
Q3/2020
Wacker Neuson in a nutshell
2
Customer centricity
Innovative products &
services
Diversified sales
channels
Strong growth
potential
Solid financial
base
Resilience to cyclicality
Innovation leader for
sustainable solutions
3
Who we are 02
Our way to success in different
markets03
Innovation is part of our DNA 04
1 Cost reduction & efficiency enhancement program.
Putting the customer first 01
Financials Q3/20 05
Putting the customer first
Maximum productivity & machine uptime
Comfortable & intuitive machine handling
Operator health & safety
Service, Partnership, Reliability
Attractive total cost of ownership
Empowering our customers benefits our growth
5
We drive innovation to improve our customers’ processes
6
Dual View Dumper Zero emissionVertical Digging System Remote-control steering
Connected products Self-driving equipmentHand-arm vibrations Modular design
Wireless handling with no
emissions
Cockpit rotatable by 180°
Shorter process
times due to exact vertical digging
Autonomous control and
digital performance
record
Flexibility with one battery fitting 7
products
Give your machines a
voice!
Operating equipmentwithout any
time restrictions
Maximizing operator comfort
We see our customers as our partners
7
Strong customer involvement in R&D
Sophisticated value engineering
Voice
of Customer
Technical
benchmarking
Early involvement
of all functions
Front Loading
With our accelerated
customer-oriented
product development
process, we provide our
customers with the right
features and the best
quality at the best price.
Teamwork at every step of the value chain
Research & Development
Who we are
We are a one-stop provider with an unrivaled offering
9
Light Equipment (LE) Compact Equipment (CE)
Different product groups
same customers
25%of Group sales1
55%of Group sales1
AcademyUsed Machines2Repair2 &
Maintenance2Rental Service2 Genuine PartsConcrete
solutions
Financial Solutions E-Store2 Telematics
Services
20%of Group sales1
1 FY 2019. 2 In selected countries.
Competitors include
Ammann
Bomag
Husqvarna
Weber MT
Customers trust in our longstanding expertise in LE
10
Demolition
Light Equipment (LE)
25%of Group sales1
CompactionConcrete technology
Power & Lighting Pumps
Heaters
€ 2,000Average price of an LE product1
In 1930, Wacker invented
the electric rammer. The
term "wacker packer" is still
used on construction sites.
1 FY 2019.
Customers opt for the advantages of compact equipment
11
Telehandlers Wheel loaders
Compact Equipment (CE)
55%of Group sales2
Dumpers Backhoe loaders Skid steers / Compact track loaders
Excavators
€ 36,000Average price of a CE product2
Urbanization,
limited space and
mechanization are
driving demand for
compact equipment
in construction and
agriculture.
Competitors include
Kubota
Takeuchi
Yanmar
Manitou
JCB
Bobcat (Doosan)
1 own estimates, based on underlying data from CECE and Off-Highway Research 2 FY 2019.
EUR 18 Bnexpected value of global compact
construction equipment market
accessible to Wacker Neuson in 20251
Service is key to our customers’ success
Academy
Used Machines2Repair2 &
Maintenance2
Financial Solutions
Rental Service2
E-Store2
Genuine Parts
Telematics
Concrete Solutions
Comprehensive services Collaborative relationship
We are there for our customers, listening,
sharing our expertise and working closely
with them to find the best solutions.
Service, Partnership,Reliability
Customer proximity
20%of Group sales1
>550service technicians
in close proximity
to our customers
121 FY 2019. 2 In selected countries.
We serve our markets with three strong brands
13
Construction, gardening/landscaping, maintenance/repairs, etc. Agriculture, horse breeders, tree nurseries, etc.
We strive for long-term stable growth
Revenue development (2010-2019)
758
992 1,0921,160
1,2841,375 1,361
1,5341,710
1,901
CAGR +10.8%[€ m]
14
We attach importance to a solid balance sheet structure
151 As at December 31, 2019.
56%Equity ratio1
1.7Net financial debt/
EBITDA1
Excellent basis
for further profitable growth
Our diversified business dampens cyclical fluctuations
16
Focus on maintenance & repair
of infrastructure →large infrastructure
projects have no major impact on our
business
Rental equipment as buffering alternative to purchasing new
machines→ maximum flexibility for customers
Only small investment volumes
required
Broad customer base, diversified target industries
Different cycles in agriculture & construction
Resilience to cyclical
fluctuations
1 Source: Off-Highway Research, August 2019. 2 FY 2019
16%of Group sales
from agriculture2
>10different target
industries
0
400
800
1,200
1,600
2,000
0
200,000
400,000
600,000
800,000
1,000,000
Global equipment sales (units) Revenue WN Group (€ million)
-33%
1
+39%
[units] [€ m]
Clear-cut strategy
17
Strategy 2022
In light of current developments regarding Covid-19, we
expect the pandemic to continue to have a major impact
into fiscal 2021. Consequently, we expect to achieve our
Strategy 2022 targets one to two years later than
planned.
How we measure success
18
Our way to success in different markets
Our diversified sales organization responds to regional needs
Direct sales &
rent to sell1 DealersKey accounts
& rental firmseCommerce1
Country-specific sales with long-standing customer relationships
1 In selected countries.19
+15%
Internationalization – plenty of room to grow
20
357.5
401.3
459.5
2017 2018 2019
1,129.8 1,248.9
1,379.0
2017 2018 2019
46.6
59.862.6
2017 2018 2019
+10%
+5%
73%of Group sales1
3%of Group sales124%
of Group sales1
AMERICAS
EUROPE
APAC
[€ m]
[€ m]
[€ m]
1 FY 2019.
Europe – We are striving to increase market shares
21
Light Equipment
Compact Equipment
Services
2019
Further strengthening of
our market position
Gaining significant market shares in UK &
France (i.a.)
Expansion in agriculture with Weidemann and
Kramer
Game changer
We have redefined
safety and accelerated our
customers’ processes with
our Dual View dumpers
1 Source: Off-Highway Research, Sept. 2020 2 Charles Messenger, Galtec Ltd.
Major market shares in DACH –
plenty of room for growth
in other regions
Charles Messenger, Galtec Ltd. “It’s a
lovely bit of kit, […] I’m very
impressed so far. It’s going to be
ideal for the winter, no more
sitting out in the open exposed
to the wind and rain, which will
be really nice. Not only that, but
they are safe and will save time
without a doubt.”2
Germany, 29%
France, 19%
United Kingdom, 15%
Italy, 11%
Netherlands, 4%
Belgium, 3%
Sweden, 3%
Norway, 3%
Spain, 3%
Switzerland, 2%Denmark, 2%
Others, 6%
Western Europe:
Relative size of equipment markets1
Europe – We are growing our business in the ag sector
22
All-wheel steering
Articulated steering
Our customers are mainly dairy and
cattle farmers who work in confined
spaces such as stables.
They require small, highly
maneuverable machines with a
minimal turning radius and
outstanding stability.
Development of revenues in the ag sector1
Revenue in € million
1 FY 2019.
+21%growth in CE for the
agricultural sector1
16%of Group sales
from agriculture1
0
100
200
300
2015 2016 2017 2018 2019
+12.6% CAGR
Financing programs set up to enable future growth
Extension of dealer
network for LE & CE
Skid steers as door opener for compact equipment
Large potential for
further market share gains
Americas – A market with huge growth potential
23
Light Equipment
Compact Equipment
Services
1 Source: Off-Highway Research, September 2020.
60 yearsin the US light equipment market with
high market shares
2019
0
50,000
100,000
150,000
200,000
250,000
2019 2020 2021 2022 2023 2024
Forecast sales of construction equipment North America (units)1
APAC – We benefit from structural market changes in China
24
Light Equipment
Compact Equipment
Services
1 Source: Off-Highway Research, Feb. 2020.
0%
20%
40%
60%
80%
100%
Crawler Excavators Wheeled LoadersMini Excavators Mobile CranesCompactors & Pavers Graders & Dozers
Changing market structure in China – compact equipment on the rise1
Mini excavator market China 2019 (units)1
2019
85,000
2019
Serving export markets from
plant in Pinghu, China
Even small market shares would leverage
our sales significantly
Introducing new excavator models
to counteract price pressure
28%of mini excavator
sales worldwide
Innovation is part of our DNA
We drive innovation to improve our customers’ processes
26
Dual View Dumper Zero emissionVertical Digging System Remote-control steering
Connected products Self-driving equipmentHand-arm vibrations Modular design
Wireless handling with no
emissions
Cockpit rotatable by 180°
Shorter process
times due to exact vertical digging
Autonomous control and
digital performance
record
Flexibility with one battery fitting 7
products
Give your machines a
voice!
Operating equipmentwithout any
time restrictions
Maximizing operator comfort
We drive electrification in our industry
EZ17e
DW15e
DT10e
AP1840e AP2560e
AS60e
AP1850e
ACBe
Full portfolio of zero emission products
ChangeWe are well prepared for the
shift to zero emission
construction sites
“If we learn early enough that
ambitious climate demands will
be imposed, we can drive
innovation forward by
demanding zero-emission
solutions from machinery
manufacturers, equipment
suppliers and contractors.”1
1 Ole Henrik Ystehede, director of EBA (Contractors Association - Building and Construction) for Oslo/Akershus/Østfold.
Through a smart and
innovative procurement
strategy, the City of Oslo
reduces climate gas
emissions at
construction sites.
27
Digitalization creates new opportunities for our business
Connected products –
always a step ahead
Pinpointing location –
connected jobsites
Give your machines a voice
Increasing runtime –
predictive maintenance
Transparency –
Real-time data analysis
Increasing efficiency –
smart products
Optimizing utilization
28
Innovation is our answer to a changing world
- Maintenance of
infrastructure
- Limited space
- Clean air
regulations
- Noise pollution
- Growing
middle class
- Food
- Mechanization
- Infrastructure
- Housing
- Energy efficiency
- Waste
management
- Process
optimization
- Telematics
- Smart products
- Building Infor-
mation Modeling
(BIM)
29
30
Financial results Q3/20
416469
435
517468 480
411386 391
10.1%8.9%
7.1%
10.7%
8.8%
5.4%7.0%
5.6% 5.8%
0%
5%
10%
15%
20%
0
100
200
300
400
500
Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20
Revenue and earnings Q3/20
31
-16.5%
Q3/20: Drop in revenue related to coronavirus crisis
Income statement (excerpt)
Q3/20: Comments
Revenue -16.5% yoy (adj. for FX effects: -15.0%)
▪ Single-digit revenue decline in Europe; significant double-digit drop in the
Americas; Asia reports slight growth
▪ Services segment clearly above prior year; H1 growth continues
Gross profit -17.6% yoy (gross profit margin -0.3 PP)
▪ Capacity utilization at production plants due to low sales volumes and
significant inventory reduction below prior year’s levels
▪ Favorable product mix driven by strong services segment, fueled in
particular by higher sales of rental equipment (rent-to-sell)
EBIT -44.7% yoy (EBIT margin: -3.0PP)
▪ Operating costs significantly below prior year; conversely bad debt
allowances amounted to € 7.5 m (attributable to the Americas in particular);
short-time work models cut back significantly relative to Q2/20
▪ Restructuring expenses linked to the cost reduction and efficiency
enhancement program: € 1.7 m; EBIT before restructuring costs: € 24.5 m
(margin: 6.3%)
Earnings per share -56.8% yoy
▪ Financial result slightly below prior year; negative FX effects (€ -1.1 m yoy);
in contrast less negative interest income (€ +0.7 m yoy)
▪ Tax rate at 35.5% (Q3/19: 28.6%); mainly due to losses reported by
affiliates for which no deferred taxes could be capitalized; existing deferred
tax assets were partly written down
€ million Q3/20 Q3/19 9M/20 9M/19
Revenue 390.8 468.2 1,187.5 1,420.8
Gross profit 98.0 118.9 302.9 367.7
as a % of revenue 25.1% 25.4% 25.5% 25.9%
Operating costs1 -77.0 -80.6 -227.4 -249.6
as a % of revenue -19.7% -17.2% -19.1% -17.6%
EBIT 22.8 41.2 73.2 127.4
as a % of revenue 5.8% 8.8% 6.2% 9.0%
Financial result -5.6 -5.2 -19.4 -11.6
Taxes on income -6.1 -10.3 -20.0 -35.7
Profit for the period 11.1 25.7 33.8 80.1
Earnings per share (€) 0.16 0.37 0.48 1.14
1 Excl. other income/expenses.
Revenue
[€ m]
EBIT
margin
416469
435
517468 480
411386 391
10.1%8.9%
7.1%
10.7%
8.8%
5.4%7.0%
5.6% 5.8%
0%
5%
10%
15%
20%
0
100
200
300
400
500
Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20
Revenue and earnings 9M/20
32
-16.5%
9M/20: Sales decline related to coronavirus crisis
Income statement (excerpt)
9M/20: Comments
Revenue -16.4% yoy (adj. for FX effects: -16.0%)
▪ Sales decline related to Covid-19, most severe impact in Americas,
central Europe had a balancing effect, Ag business for the Group -3% yoy
▪ Services segment shows positive development (+7% yoy)
Gross profit -17.6% yoy (gross profit margin -0.4 PP)
▪ Lower volumes burden gross profit; measures to soften impact of Covid-19:
cut in production programs, additional company holidays, various models of
short-time work
▪ Favorable product mix thanks to strong services segment
EBIT -42.5% yoy (EBIT margin: -2.8PP)
▪ Operating costs significantly below prior year
▪ Impairment on accounts receivable amounted to € 12.5 m (attributable to
the US in particular)
▪ Restructuring expenses linked to the cost reduction and efficiency
enhancement program sum up to € 3.8 m
▪ EBIT before impairment on US goodwill (€ -9.3 m) and restructuring costs
from CEP (€ -3.8 m) at € 86.3 m (margin of 7.3%)
Earnings per share -57.9% yoy
▪ Financial result significantly below prior year; negative FX effects (€ -8.5 m
yoy); less negative interest income (€ +0.7 m yoy)
▪ Tax rate at 37.2% (Q3/19: 30.8%); Aforementioned negative FX effects and
impairment loss are not tax deductible; write-offs or non-capitalization
of deferred tax assets
€ million Q3/20 Q3/19 9M/20 9M/19
Revenue 390.8 468.2 1,187.5 1,420.8
Gross profit 98.0 118.9 302.9 367.7
as a % of revenue 25.1% 25.4% 25.5% 25.9%
Operating costs1 -77.0 -80.6 -227.4 -249.6
as a % of revenue -19.7% -17.2% -19.1% -17.6%
EBIT 22.8 41.2 73.2 127.4
as a % of revenue 5.8% 8.8% 6.2% 9.0%
Financial result -5.6 -5.2 -19.4 -11.6
Taxes on income -6.1 -10.3 -20.0 -35.7
Profit for the period 11.1 25.7 33.8 80.1
Earnings per share (€) 0.16 0.37 0.48 1.14
1 Excl. other income/expenses.
Revenue
[€ m]
EBIT
margin
Q3/20: Services segment remains on growth path
390.8
14.9
65.9
310.0
Total Q3/20
Asia-Pacific
Americas
Europe
Business development by region and business segment
33
Q3/20: Significant decline in sales in Americas
Revenue Europe -8.2% yoy (adj. for FX effects: -7.7%)
▪ Stable development in DACH region (Wacker Neuson brand), fueled in
particular by gains in the services segment
▪ Growth in UK despite weak demand from major rental chains,
continued market share gains with dumpers
▪ Double-digit decline in revenue in Scandinavia, Southern Europe and
France
▪ Business with compact equipment for agriculture below prior year
(revenue -12.2% yoy)
Revenue Americas -43.1% yoy (adj. for FX effects: -38.8%)
▪ Willingness to invest remains very low among dealers,
key accounts and rental chains due to market uncertainty
▪ Order intake again above prior year; US plant started to gradually ramp
up at the end of Q3/20
Revenue Asia-Pacific +1.4% yoy (adj. for FX effects: +4.3%)
▪ Significant double-digit growth in China, demand for excavators and
light equipment develops positively
▪ Single-digit growth in Australia/New Zealand despite challenging
market conditions
▪ Revenue in Southeast Asia almost halved due to severe impact of the
coronavirus pandemic
79%
17%
4%
100%
-8%
-43%
+1%
-17%
27.1
-12.3
-0.9
22.8
Q3/20: Comments
394.0
106.6
199.6
87.8
Total Q3/20
Services
Compact equipment
Light equipment 22%
51%
27%
100%
-31%
-20%
+9%
-17%
Share yoy EBIT1Revenue [€ m]
Share yoyRevenue [€ m]2
1 EBIT for regions before consolidation.2 Revenue by business segment before cash discounts.
Further decrease in net working capital
34
▪ Further reduction of inventory levels; marked cut-back in production
programs in response to the Covid-19 pandemic; further reduction in
inventory planned by end of Q4; medium-term target: 25% of sales
▪ Receivables continue to decrease; high levels in previous year partly
due to strong revenue growth especially during the first half of the year
▪ Trade payables at a low level, impacted by capacity reductions
→ Reduction of net working capital continues (see next slide)
Comments
500553
633 645 663603 623
544476
151 144
179155
173147
188171
148
0
100
200
300
400
0
100
200
300
400
500
600
700
Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20
304 303
371413 400
359 345320
273
6759
78 73 7868
77 7664
0
50
100
150
200
0
100
200
300
400
500
Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20
167
213 208 199
164150
189
122 113
50 56 5948 43 37
57
38 35
0
50
100
150
200
0
50
100
150
200
250
Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20
Inventory
Trade payables
Trade receivables
Trade payables
[€ m]
Inventory
[€ m]
DIO1
[days]
Trade receivables
[€ m]
DPO3
[days]
DSO2
[days]
1 Days inventory outstanding = (inventory/(cost of sales*4))*365 days; 2 Days sales outstanding =
(receivables/(revenue*4))*365 days; 3 Days payables outstanding = (payables/(cost of sales*4))*365 days.
-3 -9
-142
-42 -16
84
4
89 87
-160
-120
-80
-40
0
40
80
Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20
Free cash flow in Q3 at € 87 million
35
▪ Reduction of net working capital continues (€ -106.7 m vs. Q2/20); at
40.7%, net working capital as a percentage of revenue1 significantly
below the previous year (48.0%) despite reduced business volume
▪ By contrast, miscellaneous liabilities (related to deferred VAT liabilities
and social security contributions from Q2/20) developed less favorably
▪ Cash flow from investment activities amounted to € -20.7 m for Q3/20
and € -52.6 m for 9M/20 (Q3/19: € -18.0 m; 9M/19: € -59.5 m)
▪ Free cash flow amounted to € 86.5 m for Q3/20 and € 179.4 m for
9M/20 (Q3/19: € -15.5 m; 9M/19: € -200.0 m)
10 10
-115
-28
3
120
22
102107
-150
-100
-50
0
50
100
150
Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20
Comments
638 644
797858
899812 779 743
636
38%34%
46%41%
48%42%
47% 48%41%
0%
20%
40%
60%
80%
100%
0
200
400
600
800
Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20
Net working capital
Free cash flow
Cash flow from operating activities
Free cash flow
[€ m]
Cash flow from operating activities
[€ m]
Net working capital
[€ m]
Net working capital
[as a % of revenue]1
1 Net working capital/annualized revenue for the quarter.
1,200 1,221 1,242 1,188 1,217 1,225 1,240 1,242 1,245
65% 64%58%
52% 54% 56% 54% 55% 58%
0%
20%
40%
60%
80%
100%
0
200
400
600
800
1,000
1,200
1,400
Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20
193 205
358
484513
439 446
363
276
16% 17%
29%
41% 42%36% 36%
29%
22%
0%
20%
40%
60%
80%
0
100
200
300
400
500
Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20
Reduction in gearing, liquidity secured
36
▪ Accelerated reduction in net financial debt; gearing close to target of
below 20%
▪ Ratio of net financial debt to EBITDA still above planned level due to
low profitability
▪ Reduction in total debt; equity ratio increases to 58 percent
▪ Long-term financing: placement of a promissory note
(Schuldscheindarlehen) in the amount of € 50 m in August 2020; short-
term credit lines replaced
▪ Cash3 at end of Q3/20: € 161.8 m (previous year: € 23.5 m)
0.80.7
1.61.5
1.91.7
2.0
1.61.4
0.0
0.5
1.0
1.5
2.0
Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20
Comments
Net financial debt
[€ m]
Equity
[€ m]
Net financial debt and gearing1
Equity and equity ratio
Net financial debt/EBITDA2
1 Net financial debt/equity. 2 Net financial debt/annualized EBITDA for the quarter. 3 Incl. cash equivalents.
Gearing1
Equity ratio
Net financial debt/
EBITDA2 [x]
25
50
75
100
125
Wacker Neuson SDAX DAX Peer group
1.30
0.940.81
1.25
2.06
1.26
0.50 0.50 0.500.60
1.10
0.00
38%53% 62%
48% 53%
0%
-200%
-150%
-100%
-50%
0%
50%
-0.20
0.30
0.80
1.30
1.80
2.30
2.80
2014 2015 2016 2017 2018 2019
EPS in € Dividend per share in € Payout ratio
Share development
37
The share in 20201
Key figures per share
Covid-19: Suspension of dividend payment
1 As at Nov. 23, 2020 2 Peer group: Ashtead, Atlas Copco, Bauer, Caterpillar, Deutz, DoosanBobcat, Haulotte,
Husqvarna, John Deere, Komatsu, Manitou, Palfinger, Terex, United Rentals, Volvo.
Family 58%
Free float 42%
(Total shares: 70,140,000)
Coverage1 Shareholder structure
in € 9M/20 9M/19
Earnings per share 0.48 1.14
Book value per share 17.75 17.35
Share price at end of period 17.44 16.00
Market capitalization (€ m) 1,223.2 1,122.2
0.50
0.60
Special dividend in €
% -6%
2
Bank TP (€) Recom. Date
Hauck & Aufhäuser 23.50 Buy Nov. 20, 2020
Metzler 22.50 Buy Oct. 14, 2020
Warburg 20.00 Buy Nov. 20, 2020
Jefferies 19.50 Buy Nov. 18, 2020
Berenberg 19.00 Buy Nov. 19, 2020
Bankhaus Lampe 18.00 Buy Nov. 19, 2020
Commerzbank 15.00 Hold Nov. 05, 2020
Kepler Cheuvreux 11.00 Reduce Nov. 19, 2020
2020 – Outlook
38
Guidance for fiscal 2020
▪ Mood in the construction sector continues to recover according to
CECE; revenue in Europe declining at a slower rate than in previous
months
▪ Mood in the agricultural sector back to positive for the first time since
mid-2019 according to the CEMA barometer; the ratings for lawn, garden
and municipal as well as livestock equipment remain negative however
▪ High degree of uncertainty due to renewed global rise in infection rates
and tighter government restrictions
▪ Due to existing uncertainties it is still not feasible to quantify
revenue and earnings guidance published on August 5
− Revenue and EBIT margin expected considerably lower than the
prior-year figures
− Continued reduction of net working capital until end of year, albeit
at a slower pace than in the previous months (previously: net
working capital significantly lower than the prior-year figure)
− Investments of around € 80 m planned
▪ Corona pandemic is expected to continue to have a major impact
into fiscal 2021
▪ Group expects to achieve Strategy 2022 goals one to two years
later than planned
− Revenue > EUR 2 bn
− EBIT margin > 11%
− NWC ratio ≤ 30%
6,5 – 8,5%
2012 2013 2014 2015 2016 2017 2018 2019 2020
Future ExpectationsCurrent Business SituationBusiness Index
Source: CECE, October 2020.
Source: CEMA, October 2020.
Business index for construction
Business index for agriculture
Financial calendar and contact
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November 5, 2020 Publication of nine-month report 2020, investors & analysts call
November 9, 2020 eRoadshow Jefferies, France & Switzerland
November 12, 2020 eRoadshow Metzler, Germany
November 25, 2020 eRoadshow Hauck & Aufhäuser, London
January 13, 2021 eConference Oddo BHF Forum
March 25, 2021 Publication of the annual report 2020, analysts‘ & investors‘ conference call
Numerous other roadshows and conferences
Disclaimer
This report contains forward-looking statements which are based on current estimates and assumptions made by corporate management at Wacker Neuson SE. Forward-looking statements are
characterized by the use of words such as expect, intend, plan, predict, assume, believe, estimate, anticipate and similar formulations. Such statements are not to be understood as in any way
guaranteeing that those expectations will turn out to be accurate. Future performance and the results actually achieved by Wacker Neuson SE and its affiliated companies depend on a number of risks
and uncertainties and may therefore differ materially from forward-looking statements. Many of these factors are outside the Company's control and cannot be accurately estimated in advance, such as
the future economic environment and the actions of competitors and market players. The Company neither plans nor undertakes to update any forward-looking statements.
All rights reserved. Valid November 2020. Wacker Neuson SE accepts no liability for the accuracy and completeness of information provided in this brochure. Reprint only with the written approval of
Wacker Neuson SE in Munich, Germany. The German version shall govern in all instances.
Contact
Wacker Neuson SE
Contact IR: +49 - (0)89 - 354 02 - 427
www.wackerneusongroup.com