Year2012 Third quarter results · 2018. 1. 24. · Industries Corp, one of the world’s most...
Transcript of Year2012 Third quarter results · 2018. 1. 24. · Industries Corp, one of the world’s most...
Year 2012
Third quarter results
1
Third quarter results
November 13th, 2012
The intelligent moveThe intelligent move
Recent market trend
2
124.226
156.626
164.267
145.754 144.643
155.380
149.168
142.024
70.000
90.000
110.000
130.000
150.000
170.000
Lift trucks world market trend
World market trend
Numberof lifttruckssold
50.000
70.000
Avg Q 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
3
Avg Q 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
Q3 2012
vs
Q2 2012
Q3 2012
vs
Q3 2011
West Europe 20.671 28.204 28.509 23.237 25.356 27.042 24.030 21.656 -9,9% -6,8%
USA and CANADA 18.839 21.828 24.626 23.633 26.378 23.392 24.890 24.852 -0,2% 5,2%
Asia 67.644 82.458 85.605 75.498 70.130 82.501 78.862 71.280 -9,6% -5,6%
Rest of the world 17.073 24.136 25.527 23.386 22.779 22.445 21.386 24.236 13,3% 3,6%
World 124.226 156.626 164.267 145.754 144.643 155.380 149.168 142.024 -4,8% -2,6%
20.671
28.204 28.509
23.237
25.356 27.042
24.030 21.656
18.839 21.828
24.626
23.633
26.378 23.392
24.890 24.852
17.000
22.000
27.000
32.000
37.000
West European and American marketWest Europe
USA and CANADA
World market trend
Numberoflift truckssold
12.000
17.000
Avg Q 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
4
Avg Q 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
Q3 2012
vs
Q2 2012
Q3 2012
vs
Q3 2011
West Europe 20.671 28.204 28.509 23.237 25.356 27.042 24.030 21.656 -9,9% -6,8%
USA and CANADA 18.839 21.828 24.626 23.633 26.378 23.392 24.890 24.852 -0,2% 5,2%
Asia 67.644 82.458 85.605 75.498 70.130 82.501 78.862 71.280 -9,6% -5,6%
Rest of the world 17.073 24.136 25.527 23.386 22.779 22.445 21.386 24.236 13,3% 3,6%
World 124.226 156.626 164.267 145.754 144.643 155.380 149.168 142.024 -4,8% -2,6%
Financials 2012
5
9,4 10,5
Net sales breakdown: Net sales breakdown: 30.09.2012 30.09.2012 vsvs 30.09.201130.09.2011
+ 3,4%
86,6 89,5
+12,1%
+25,5%
Net Sales Net Sales –– Geographic breakdownGeographic breakdown(30.09.2011 (30.09.2011 –– 30.09.201230.09.2012;; €€//MlnMln))
30/09/2011 30/09/2012
68,9 68,5
8,3 10,4
EUROPE NORTH AMERICA REST OF THE WORLD
6
+25,5%
-0,5%
Net sales breakdown: Net sales breakdown: Q3 Q3 2012 2012 vsvs Q3 Q3 20112011
+ 1,4%
28,5 28,9+13,6%
+28,0%
Net Sales Net Sales –– Geographic breakdownGeographic breakdown(3(3rdrd Quarter Quarter 2011 2011 –– 33rdrd Quarter 2012;Quarter 2012; €€//MlnMln))
3rd quarter 2011 3rd quarter 2012
22,5 21,6
3,0 3,8
3,1 3,5
EUROPE NORTH AMERICA REST OF THE WORLD
7
-3,8%
Main performance indicators: Main performance indicators: 30 September30 September
Thousands of Euro
30 Sept
2011
30 Sept
2012
% Var.
2012
vs 2011
TURNOVER 86.590 89.505 3,4%
EBITDA 7.280 7.997 9,8%
EBIT 3.311 3.806 15,0%
8
EBIT 3.311 3.806 15,0%
RESULT BEFORE TAXES 2.545 2.726 7,1%
NET RESULT 1.336 1.272 -4,8%
OF WHICH THIRD PARTIES (99) 26 n.c.
GROUP RESULT 1.237 1.298 4,9%
Main performance indicators: Main performance indicators: 33rdrd quarterquarter
Thousands of Euro
3rd quarter
2011
3rd quarter
2012% Var.
2012
vs 2011
TURNOVER 28.520 28.913 1,4%
EBITDA 2.603 2.762 6,1%
EBIT 1.248 1.274 2,1%
9
EBIT 1.248 1.274 2,1%
RESULT BEFORE TAXES 1.188 768 -35,4%
NET RESULT 714 221 -69,0%
OF WHICH THIRD PARTIES (30) 39 n.c.
GROUP RESULT 684 260 -62,0%
Consolidated Income Statement: Consolidated Income Statement: 30 September30 September
30 Sept
2011
30 Sept
2012
2012
vs
2011
Thousands of Euro
Turnover 86.590 100,0% 89.505 100,0% 3,4%
Other operating revenue 1.009 1,2% 335 0,4% (66,8%)
Total revenue 87.599 101,2% 89.840 100,4% 2,6%
Costs for raw material and consumables (38.910) -44,9% (40.748) -45,5% 4,7%
Costs for services (17.094) -19,7% (16.322) -18,2% (4,5%)
Personnel expenses (23.562) -27,2% (24.393) -27,3% 3,5%
Other operating expenses (685) -0 ,8% (542) -0 ,6% (20,9%)
Result of associated companies at Net Equity (68) -0 ,1% 162 0,2% n.c
Gross Operating Result (EBITDA) 7.280 8,4% 7.997 8,9% 9,8%
10
Gross Operating Result (EBITDA) 7.280 8,4% 7.997 8,9% 9,8%
Depreciation & Amortisation (3.776) -4 ,4% (3.583) -4 ,0% (5,1%)
Provisions and write-downs (193) -0 ,2% (608) -0 ,7% 215,0%
Operating result 3.311 3,8% 3.806 4,3% 15,0%
Financial income and expenses (909) -1,0% (1.247) -1,4% 37,2%
Exchange rate earnings and losses 143 0,2% 167 0,2% n.c
Result before tax 2.545 2,9% 2.726 3,0% 7,1%
Income taxes (1.209) -1,4% (1.454) -1,6% 20,3%
Net result 1.336 1,5% 1.272 1,4% (4,8%)
Third parties result (99) -0 ,1% 26 0,0% n.c
Group result 1.237 1,4% 1.298 1,5% 4,9%
Consolidated Income Statement: Consolidated Income Statement: 33rdrd quarterquarter
3rd quarter
2011
3rd quarter
2012
2012
vs
2011
Thousands of Euro
Turnover 28.520 100,0% 28.913 100,0% 1,4%
Other operating revenue 369 1,3% 69 0,2% (81,3%)
Total revenue 28.889 101,3% 28.982 100,2% 0,3%
Costs for raw material and consumables (12.994) -45,6% (13.051) -45,1% 0,4%
Costs for services (5.634) -19,8% (5.347) -18,5% (5,1%)
Personnel expenses (7.429) -26,0% (7.687) -26,6% 3,5%
Other operating expenses (183) -0 ,6% (157) -0 ,5% (14,2%)
Result of associated companies at Net Equity (46) -0 ,2% 22 0,1% n.c
Gross Operating Result (EBITDA) 2.603 2.762 6,1%
11
Gross Operating Result (EBITDA) 2.603 9,1% 2.762 9,6% 6,1%
Depreciation & Amortisation (1.288) -4 ,5% (1.212) -4 ,2% (5,9%)
Provisions and write-downs (67) -0 ,2% (276) -1,0% 311,9%
Operating result 1.248 4,4% 1.274 4,4% 2,1%
Financial income and expenses (351) -1,2% (401) -1,4% 14,2%
Exchange rate earnings and losses 291 1,0% (105) -0 ,4% n.c
Result before tax 1.188 4,2% 768 2,7% (35,4%)
Income taxes (474) -1,7% (547) -1,9% 15,4%
Net result 714 2,5% 221 0,8% (69,0%)
Third parties result (30) -0 ,1% 39 0,1% n.c
Group result 684 2,4% 260 0,9% (62,0%)
Net financial positionNet financial position
The negative balance of the net financial position has increased from 22,4 million Euros at31.12.2011 to 25,1 million Euros at 30.09.2012.
The increase in the period is mainly due to the payment of:• dividends to shareholders for 1,039 million Euros;• China investments for 2,8 million Euros;
Thousands of Euro31/12/2011 30/09/2012
Cash and cash equivalent 6.716 5.801
12
Cash and cash equivalent 6.716 5.801
Current portion of long term debts (13.135) (17.126)
Net financial position - short term (6.419) (11.325)
Financial assets held to maturity 60 0
Non current portion of long term debts (16.113) (13.760)
Net financial position - M/L term (16.053) (13.760)
Net financial position (22.472) (25.085)
Consolidated cash flow Consolidated cash flow statement 30.09.2012 statement 30.09.2012
30.09.2012
Thousands of Euro
OPENING NET FINANCIAL POSITION 01.01.2012 (22.472)
Net result 1.298
Change in reserves (257)
Depreciation 3.583
Change in net working capital (2.563)
- Inventories (1.963)
13
- Trade receivables (302) - Trade payables (2.580) - Others 2.282
Net capital expenditure (4.437)
FREE CASH FLOW (2.376)
Equity, other financial assets and third parts changes 802
Dividend distribution (1.039)
CLOSING NET FINANCIAL POSITION 30.09.2012 (25.085)
Cash flow statement: bridge analysisCash flow statement: bridge analysis
14
Consolidated assets and liabilitiesConsolidated assets and liabilities
Thousands of Euro31.12.2011 30.09.2012
Net fixed assets 46.698 48.562
Net working capital 21.123 22.713
Leaving indemnity and other reserves (5.640) (5.269)
Net capital employed 62.181 66.006
Net Equity 36.494 36.792
15
Net Equity 36.494 36.792
Minority interest 3.215 4.129
Net financial position 22.472 25.085
Net Debt / Equity 0,57 0,61
Other Other KPIKPI
Working Capital (Working Capital (€€m)m) Accounts payable turnover ratio (days) Accounts payable turnover ratio (days) (1)(1)
% on Net Sales
115
102
82
9686 82 86 83 81
2006 2007 2008 2009 2010 2011 Q1 2012 H1 2012 30.09.12
17,7
26,1 26,7
18,4 18,121,1
24,6 23,4 22,7
2006 2007 2008 2009 2010 2011 Q1 2012 H1 2012 30.09.12
16
Accounts receivable turnover ratio (days) Accounts receivable turnover ratio (days) (2)(2) Inventory turnover (days) Inventory turnover (days) (2)(2)
(1) On Cost of purchased goods and Cost of services (2) On Sales
16,5% 17,9% 18,9% 24,0% 19,3% 18,2% 20,3% 19,2% 19,1%
8777 77
111
8173
78 76 75
2006 2007 2008 2009 2010 2011 Q1 2012 H1 2012 30.09.2012
69
60 60
86
66
6063 64 64
2006 2007 2008 2009 2010 2011 Q1 2012 H1 2012 30.09.12
Shareholders Shareholders structurestructure
Shareholders at Shareholders at 12/11/201212/11/2012
17
The share price on 12th November 2012 was € 1,88 (corresponding to a market cap of 48,9 €/mln),with a variation from 1st January 2012 by 0,0%.
(*) Shareholders are: Emilio Bolzoni, Franco Bolzoni, PierLuigi Magnelli, Luigi Pisani, Roberto Scotti
Toyota Toyota IndustriesIndustries CorpCorp (TICO) (TICO) agreesagrees toto buybuy 100% 100% ofof CascadeCascade CorpCorp
ReactionReaction ofof the market on the market on Bolzoni Bolzoni sharesshares
-22nd October 2012: TICO and Cascadehave entered a definitive agreement under which TICO would acquire Cascade for USD759 million.
-TICO plans to purchase 100% of the shares of Cascade for USD65 each.
18
- The transaction is projected for completion by 31 December.
-Robert C Warren Jr, Cascade president and CEO, says, "Our company has concluded that the offer being made by Toyota Industries Corp, one of the world’s most admired companies, represents an ideal combination of attractive return to our shareholders, continuing service to our customers and stability and opportunity for our employees."
YearYear 2012: 2012: KION SUPPLIER OF THE YEAR AWARD KION SUPPLIER OF THE YEAR AWARD
KION GROUP:
� Turnover : 4,3 billion Euro in 2011
� European leading provider of forklifts, warehouse equipment and other industrial trucks
� The second largest worldwide provider of forklifts, warehouse equipment and other industrial
19
equipment and other industrial trucks .
� With the brands Linde, STILL, Fenwick, OM, Baoli and Voltas, Kion is present in more than 100 countries.
� Number of employee: about 22.000 people in 2011
� Supplier: 3.500 suppliers worldwide
Reasons for Nomination
- Bolzoni has shown very strong willingness to improve in all aspects, thus becoming an active partner in our KIPS (Kion Group Improvement Process with Suppliers) program from day one.
- Very strong lean mindset, strong focus on internal cost reduction and improvement of quality and delivery service
YearYear 2012: 2012: KION SUPPLIER OF THE YEAR AWARD KION SUPPLIER OF THE YEAR AWARD
20
improvement of quality and delivery service leading to extended long-term agreements between KION and Bolzoni.
- Understanding that joint improvement is not finished when the contract is signed but needs to continue –exemplary attitude among KION suppliers.
Contacts
Contacts:[email protected]+39 0523 555511
Visit our web.site:www.bolzoni-auramo.com
21
The ntelligentmoveThe ntelligentmove