Presentazione assemblea 27042012 ENG con dividendi

Presentazione assemblea 27042012 ENG con dividendi

Annual Shareholder Meeting
Bolzoni S.p.A.
i
Podenzano, 27th April 2012
The ntelligent move
1
Financials 2011
Roberto Scotti
2
Net sales breakdown: last 3 years
+ 22,7%
CAGR
115,8
+24,7%
93,5
76,9
+31,1%
12,8
10,9
9,9
8,2
8,2
6,3
+21,6%
92,2
75,5
62,4
Fork clamps
31/12/2009
EUROPE
31/12/2010
NORTH AMERICA
31/12/2011
REST OF THE WORLD
3
Net sales trend – CAGR
2009 – 2011
+23%
1998 – 2008:
+14%
IPO
145,6
141,1
115,8
107,1
94,7
76,2
53,2
37,4
41,8
1998
1999
2000
(1)
2001
78,9
(2)
2002
75,1
93,5
84
76,9
(3)
2003
2004
2005
2006
2007
2008
2009
(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
2010
2011
4
Main performance indicators
Thousands of Euro
TURNOVER
year 2010
year 2011
% Var.
2011 vs 2010
93.526
115.834
23,9%
EBITDA
6.486
9.119
40,6%
EBITDA margin %
6,9%
7,9%
EBIT
1.073
3.666
EBIT margin %
1,1%
3,2%
46
2.909
0,0%
2,5%
(438)
1.592
-0,5%
1,4%
RESULT BEFORE TAXES
margin %
GROUP RESULT AFTER TA XES
margin %
241,7%
6223,9%
n.c
Turnover increase: +23,9% YoY
Strong EBITDA increase: +40,6%
EBIT improves by 241,7% YoY
Net result YoY passed from a loss of 0.438 millions of Euro to a profit of 1.592 millions of Euros.
5
Net financial position
Thousands of Euro
OPENING NET FINANCIAL POSITION 01.01.2011
Net result
Change in reserves
Depreciation
Change in net working capital
(22.191)
1.592
105
4.947
(1.965)
- Inventories
- Trade receivables
- Trade payables
- Others
(1.398)
(2.346)
1.291
488
Net capital expenditure
(5.653)
Change in investment in Eurolift
(480)
Investment in Xin Huaxin
(1.265)
FREE CASH FLOW
(2.719)
Equity and third parts changes
CLOSING NET FINANCIAL POSITION 31.12.2011
2.438
(22.472)
The net financial position was 22.2 million Euro at 31.12.2010 and it is 22.5 million Euro at 31.12.2011.
6
Net financial position analysis
3.764
6.644
1.265
480
2.438
1.889
1.965
22.472
22.191
Net result
Change in reserve
Depreciation
Net debt
Dec 10
1.592
105
4.947
Operating Change in
Capex
cash flow net working
(China
capital
excluded)
Thousands of Euro
Cash and cash equivalent
CapexXin Huaxin
Eurolift
Equity and
China plant investment investment third parts
changes
31.12.2010
3.817
31.12.2011
6.716
Current portion of long term debts
(12.780)
(13.135)
Net financial position - short term
(8.963)
(6.419)
60
60
(13.288)
(16.113)
Net financial position - M/L term
(13.228)
(16.053)
Net financial position
(22.191)
(22.472)
Financial assets held to maturity
Non current portion of long term debts
Net debt
Dec 11
7
Consolidated assets and liabilities
31.12.2010
31.12.2011
Thousands of Euro
Net fixed assets
44.992
46.698
Net working capital
18.074
21.123
Leaving indemnity and other reserves
(5.364)
(5.640)
Net capital employed
Net Equity
Minority interest
Net financial position
Net Debt / Equity
57.702
62.181
34.532
36.494
979
3.215
22.191
22.472
0,62
0,57
Waste paper bale clamp
8
Bolzoni SpA: Main performance indicators
Thousands of Euro
TURNOVER
year 2010
year 2011
% Var.
2011 vs 2010
50.170
61.357
22,3%
EBITDA
4.114
4.816
17,1%
EBITDA margin %
8,2%
7,8%
EBIT
1.353
2.088
EBIT margin %
2,7%
3,4%
863
2.472
1,7%
4,0%
421
1.463
0,8%
2,4%
RESULT BEFORE TAXES
margin %
NET RESULT AFTER TAXES
margin %
54,3%
186,6%
247,7%
Turnover increase: +22,3% YoY
EBITDA increase: +17,1%
EBIT improves by 54,3% YoY
Net result YoY passed from 0.421 of millions of Euros to 1.463 millions of Euros.
9
Bolzoni SpA: Net financial position
Thousands of Euro
OPENING NET FINANCIAL POSITION 01.01.2011
(15.359)
Net Result
Change in reserve
Depreciation
1.463
465
2.566
Change in net working capital
(773)
-
Inventories
Trade receivables
Trade payables
Others
(1.071)
(2.995)
2.843
450
Net capital expenditure
(1.387)
Change in investment in Eurolift
136
Change in investment in Eurolift
(5.893)
FREE CASH FLOW
(3.422)
Equity and third parts changes
CLOSING NET FINANCIAL POSITION 31.12.2011
177
(18.605)
The net financial position was 15.4 million Euro at 31.12.2010 and it is 18.6 million Euro at 31.12.2011.
The amount includes 5.9 millions of Euro of investments in subsidiaries.
10
Bolzoni SpA: Net financial position analysis
15.359
5.893
177
18.605
Investment
in
subsidiaries
Equity
changes
Net debt Dec
11
4.495
1.387
136
Capex
Long term
financial
assets
773
Net result
Change in reserve
Depreciation
Net debt Dec Operating
10
cash flow
1.463
465
2.566
Change in
net working
capital
Thousands of Euro
Cash and cash equivalent
Current portion of long term debts
31.12.2010
31.12.2011
707
1.362
(5.878)
(6.488)
(5.171)
(5.126)
0
0
(10.188)
(13.479)
Net financial position - M/L term
(10.188)
(13.479)
Net financial position
(15.359)
(18.605)
Net financial position - short term
Financial assets held to maturity
Non current portion of long term debts
11
Bolzoni SpA: Consolidated assets and liabilities
31.12.2010
31.12.2011
Thousands of Euro
Net fixed assets
Net working capital
Leaving indemnity and other reserves
Net capital employed
54.036
58.057
1.743
2.554
(2.264)
(2.211)
53.515
58.401
Net Equity
38.156
39.796
Net financial position
15.359
18.605
0,40
0,47
Net Debt / Equity
Bale clamp
12
Preliminary figures 2012
Roberto Scotti
13
Lift truck world attachment market
164.267
170.000
156.626
155.380
144.643
150.000
124.226
145.754
130.000
110.000
90.000
70.000
50.000
Avg Q 2010
Q1 2011
Avg Q 2010
West Europe
Q2 2011
Q1 2011
Q3 2011
Q2 2011
Q3 2011
Q4 2011
Q4 2011
Q1 2012
Q1 2012
Q1 2012
vs
Q4 2011
Q1 2012
vs
Q1 2011
20.671
28.204
28.509
23.237
25.356
27.042
6,6%
-4,1%
USA and CANADA
18.839
21.828
24.626
23.633
26.378
23.392
-11,3%
7,2%
Asia
67.644
82.458
85.605
75.498
70.130
82.501
17,6%
0,1%
Rest of the world
World
17.073
24.136
25.527
23.386
22.779
22.445
-1,5%
-7,0%
124.226
156.626
164.267
145.754
144.643
155.380
7,4%
-0,8%
14
Lift truck attachment market: Europe and North America
West Europe
USA and CANADA
37.000
32.000
28.204
28.509
22.000
17.000
27.042
25.356
27.000
23.237
20.671
18.839
26.378
24.626
21.828
23.392
23.633
12.000
Avg Q 2010
Q1 2011
Avg Q 2010
West Europe
20.671
Q2 2011
Q1 2011
28.204
Q3 2011
Q2 2011
28.509
Q3 2011
23.237
Q4 2011
Q4 2011
25.356
Q1 2012
Q1 2012
Q1 2012
vs
Q4 2011
Q1 2012
vs
Q1 2011
27.042
6,6%
-4,1%
USA and CANADA
18.839
21.828
24.626
23.633
26.378
23.392
-11,3%
7,2%
Asia
67.644
82.458
85.605
75.498
70.130
82.501
17,6%
0,1%
Rest of the world
World
17.073
24.136
25.527
23.386
22.779
22.445
-1,5%
-7,0%
124.226
156.626
164.267
145.754
144.643
155.380
7,4%
-0,8%
15
Lift truck attachment market: Asia and Oceania
China
Total Asia (except China) and Oceania
59.784
57.994
55.344
52.000
45.347
51.173
32.000
42.478
31.158
29.332
24.659
27.098
30.503
27.987
12.000
Avg Q 2010
Q1 2010
Avg Q 2010
Q2 2010
Q1 2010
Q3 2010
Q2 2010
Q3 2010
Q4 2010
Q4 2010
Q1 2012
China
45.347
57.994
59.784
51.173
42.478
55.344
Japan
Q1 2012
Q1 2012
vs
Q4 2011
Q1 2012
vs
Q1 2011
30,3%
-4,6%
10.157
10.900
11.945
11.588
12.529
12.425
-0,8%
14,0%
South Korea
3.190
3.573
3.952
3.463
4.894
3.654
-25,3%
2,3%
South-East Asia
3.462
4.548
5.262
4.526
4.609
4.940
7,2%
8,6%
Asia- other countries
5.488
5.443
4.662
4.748
5.620
6.138
9,2%
12,8%
Australia
2.031
2.300
3.046
3.040
2.896
2.928
1,1%
27,3%
333
334
465
622
610
418
-31,5%
25,1%
Total Asia and Oceania
70.007
85.092
89.116
79.160
73.636
85.847
16,6%
0,9%
Total Asia (except China) and
Oceania
24.659
27.098
29.332
27.987
31.158
30.503
-2,1%
12,6%
Oceania - other countries
16
Preliminary turnover: Q1 2012E vs Q1 2011
30.000
25.000
Q1 2012E vs Q1 2011:
+7,9 %
20.000
2011
15.000
2012E
10.000
5.000
JANUARY
FEBRUARY
MARCH
2011
2012E
I QUARTER
var. %
JANUARY
8.169
8.833
FEBRUARY
9.023
9.308
MARCH
10.593
11.852
8,1%
3,2%
11,9%
I QUARTER
27.784
29.992
7,9%
17
Shareholder Structure
Roberto Scotti
20
Shareholders structure
Market segment: STAR MTA
Specialist: Banca IMI
Reuters Code: BLZ IM
Auditing company: Ernst&Young
Bloomberg Code: BLZ IM
Market cap (@ 26 April 2012): 39,0 mln eur
Number of share: 25.993.915
% var. from 1 Jan 2012: -20,21%
Price per share (@ 26 April 2012): 1,5
(*) Shareholders are: Emilio Bolzoni, Franco Bolzoni, PierLuigi Magnelli, Luigi Pisani, Roberto Scotti
21
China Project
Emilio Bolzoni
22
Lift trucks market – volumes 2001 vs 2011
2001
2011
West EU
112.939
97.083
Volumes for lift trucks in the China
market
84.631
North America
China
96.465
have exceeded those of the North
American and West EU markets
combined;
have increased tenfold over the
last 10 years (+27% CAGR 2001 –
2011);
have recorded a +16,6% YoY in
2011 (*)
211.429
19.237
(*) Data source: Bolzoni - Marketing Dept.
23
Rate of Adoption – West Europe vs ChinaWest Europe
Attachments – Value for lift truck in Euro
Euro 2.130
x 7,7
China
Euro 276
(*) Data source: Bolzoni - Marketing Dept.
In China each lift truck is equipped with attachments
for the amount of 276 euros compared to average
2,130 euros of an European lift truck; so, in future,
the potential rate of adoption in the attachment
market could almost be 8 times the present
The expected growth rates for the China attachment
market are 20% YoY (*)
24
Project China: the Holding
Bolzoni Spa Headquarters
Italy
Tiger Technologies
China
20%
80%
Huaxin Fork Co.
Ltd
China
Bolzoni Holding
Hong Kong
60%
100%
Bolzoni Auramo Wuxi
China
100%
Lift truck attachments
business
40%
80%
20%
Bolzoni Huaxin
China
60%
Xin Huaxin
China
20%
Fork business
25
Lift truck forks plant
Plant based in Longhua Town (Jing
County, Hebei), 250 km south west
from Beijing
First prototypes in April 2012
25th May 2012: inauguration day
Land size: 45.000 sq.m.
Building size: 16.300 sq.m.
Employees at 3rd year: approx 120
people
Production capacity: 150.000 pcs per
year in Y2015, up to 500.000 pcs per
year following plant modification
Features: low costs, industrial district
skilled in fork manufacturing, steel
factories in the area, facilitated
taxation in the first years of activity
Total investment: 3,8 mln Euros, of
which 1,8 mln paid by Bolzoni S.p.A.
26
Longhua Town fork plant
Longhua Town fork plant
Longhua Town fork plant
Longhua Town fork plant
Lift truck attachments plant
Plant based in Wuxi, 160 km from
Shanghai port
Start-up: September 2012
Land size: 45.200 sq.m.
Building size: 15.000 sq.m.
Employees at 3rd year: approx 150
people
Features: lower costs respect to
suburban area of Shanghai, good
availability of technicians,
favourable logistics, presence of
suppliers in the area, facilitated
taxation in the first years of
activity
Total investment: 8,5 mln Euros, of
which 6,8 mln paid by Bolzoni
S.p.A.
31
Net sales 2012 – 2014 in China
25.000
25.000
Net sales €/000
Production
20.851
Commercial
20.000
20.000
CAGR 09-14E
+72,7%
15.000
15.000
10.000
10.000
5.000
1.356
2.139
5.000
2.566
-
2009
2010
2011
2009
2014E
2010
2011
2014E
25.000
25.000
Domestic&Far East
Attachments
Export (Intercompany)
20.000
20.000
15.000
15.000
10.000
10.000
5.000
5.000
Forks
-
2009
2010
2011
2014E
2009
2010
2011
2014E
32
Three year plans 2012 – 2014 in China
EBITDA growth (thousands of Euro)
4.000
CAGR 10-14
~ 154%
3.500
3.300 – 3.700
Net results growth (thousands of Euro)
2.000 – 2.500
2.500
CAGR 10-14
~ 208%
2.000
3.000
2.500
Attachments
Forks
1.500
2.000
1.000
1.500
1.000
500
26
500
85
-
-
-500
-12
2009
EBITDA margin 17%
2010
2011
2014E
-31
-22
-500
2009
2010
2011
2014E
EBITDA CAGR 2010 – 2014 : +154%
EBITDA margin from a negative 0,9% in 2009 to a positive 17% in 2014; expected EBITDA margin for attachments ~19% and
for forks ~11%
Strong net result increase from a break-even level in 2009 to a profit of 2.000 - 2.500 thousands of Euros in 2014
33
Proposal to the shareholders
Emilio Bolzoni
34
Allocation of the net profit
Euro 73,170 to legal reserve
Euro 350,467 to extraordinary reserve
Distribution of dividends for the amount of 1,039,757
0.04 Euro per share
Coupon Detachment: 21 May, 2012
Dividend Payment: starting May 24, 2012
35
Contacts
Contacts:
investor.relator@bolzoni-auramo.com
+39 0523 555511
Visit our web.site:
www.bolzoni-auramo.com
Thank you!
The ntelligentmove
36