Growing with Passion Investor Relations Presentation

Transcription

1 Growing with Passion Investor Relations Presentation Hamburg, November 8, 2016

2 Content 1. Jungheinrich at a Glance 2. World Material Handling Equipment Market 3. Business Model 4. Current Business Trend Strategic Issues and Outlook

3 1 Jungheinrich at a Glance Growing with Passion

4 Jungheinrich at a Glance Independent, family-owned company Leading intralogistics service & solution provider with manufacturing operations No. 2 in Europe, No. 3 in the world Focus on direct sales Single-brand strategy Key figures 2015 Net sales Intralogistics segment Consolidated net sales split by region Incoming orders in million 2, % Net sales 2, % EBIT % New truck business 55% 28% 17% After-sales service Germany other countries 25% 11% 14% Western Europe 50% Net income % Short-term hire and used equipment Eastern Europe 4

5 Dividend Dividend per preferred share in 1 Payout ratio 25.2% 23.5% 26.4% 27.3% 28.6% Figures are retroactively restated due to stock split (1:3) on June 22,

6 2 World Material Handling Equipment Market Jungheinrich is the Number 3 in the World

7 World Material Handling Equipment Market Market Volume Incoming orders in thousand units Europe +8% 373 Worldwide +9% Asia -7% 414 1,094 1, % % 266 North America % +9% Source: WITS, SIMHEM 7

8 World Material Handling Equipment Market Breakdown of Volume by Region 2007 = 951,000 units 2015 = 1,100,000 units Europe 43% thereof Eastern Europe 8% Rest of World Centarl/South America 5% Australia/Africa 4% 9% Asia 28% thereof China 12% North America 20% thereof Eastern Europe Rest of World Centarl/South America 4% Australia/Africa 3% 5% Europe 34% 7% Asia 38% North America 21% thereof China 22% Source: WITS, SIMHEM; based on incoming orders in units. 8

9 World Material Handling Equipment Market Breakdown of Volume by Product Segment Worldwide 2015: 1,100,000 units (2007: 951,000 units) Europe 63% (52%) 18% (28%) 19% (20%) 43% (37%) 17% (18%) 40% (45%) Asia 23% (18%) 17% (16%) North America 60% (66%) The trend towards warehousing equipment continued across all regions Warehousing equipment Battery-powered counterbalanced trucks 47% (40%) 35% (43%) 18% (17%) Internal combustion engine-powered counterbalanced trucks Source: WITS, SIMHEM; based on incoming orders in units. 9

10 World Material Handling Equipment Market Market Structure Comparison Broken Down by Product Segment in 2015 (2007) Europe China 18% (28%) 18% (9%) 63% (52%) 19% (20%) 13% (12%) 69% (79%) Europe and China: Trend towards warehousing equipment; future growth potential for Jungheinrich Warehousing equipment Battery-powered counterbalanced trucks Internal combustion enginepowered counterbalanced trucks Source: WITS; based on incoming orders in units. 10

11 World League Ranking 2015 (2014) Net sales in billion Ranking in Europe 7.5 (6.6) (4.7) Jungheinrich Kion Toyota Toyota Raymond BT Industries Cesab Linde Still Fenwick OM Still Baoli Voltas 2.8 (2.5) (2.1) Toyota1 Kion Jungheinrich Crown1 Hyster-Yale 2.4 (1.9) Crown Hamech 2.3 Hyster Yale Utilev 1 fiscal year April to March. Source: Logistik Journal. 11

12 3 Business Model Jungheinrich is far more than just a Forklift Manufacturer

13 The Jungheinrich Business Model New truck business Development, production and sale of new forklifts including logistics systems and mail-order business, focus on direct sales Financial services Short-term hire Used equipment After-sales service Hire periods: generally 1 day to 24 months Targeted degree of capacity utilization 70% to 80% -Inventory 2015 = 44.5 thousand trucks (+17% yoy) Marketing of used equipment (leasing, short-term hire and trade-ins) Professional reconditioning of forklifts in the Dresden Used Equipment Centre 2015: 4,800 reconditioned trucks 6,400 employees in the global aftersales organization, thereof 4,500 aftersales service engineers 13

14 Divisions: Logistics Systems Business and Mail-Order Business Net Sales in 2015 New truck business Net sales 1,539 million Logistics systems 381 million System trucks Racking Project business 57 million Mail-order business Development of net sales in million 14

15 The Variety of our Solutions Realization and system integration Material flow analysis Planning and project design Maintenance & Service Forklift trucks (automated) Assistance systems Racking and storage equipment Radio data Shuttle systems Jungheinrich WMS Conveyor system Stacker cranes 15

16 Deliveries by Industry Retail and wholesale (incl. food distribution) 45% 13% 17% 12% 8% 4% 1% Logistics Mechanical, automotive and electrical engineering Food industry (Production) Chemical industry Timber, paper and print industries Other industry sectors Based on incoming orders in units. 16

17 Financial Services Principles and Objectives Business policy Sales policy Risk management Balance sheet Service function for Jungheinrich sales division Substantial financial services profits are stated in sales division New truck business/after-sales services/used equipment Promotion and expansion of new truck business and after-sales services Principle: Every financial service agreement to cover full service and maintenance Permanent customer retention Flexible, customized contracts Matching refinancing (term and interest) Regular creditworthiness checks Quarterly assessment of contractual/residual value risks Transparency and process reliability via Group database Full disclosure on Jungheinrich s consolidated balance sheet 17

18 4 Current Business Trend 2016 Q1-Q3 2016

19 Jungheinrich Highlights Q1-Q Board of Management confirms forecast. Incoming orders, production and net sales post double-digit growth. EBIT benefited from a positive, one-off effect of 4.7 million (Q2 2016), rising by 9% to 166 million. Net income amounted to 107 million up 9% year on year. 19

20 World Material Handling Equipment Market as of Jan. to Sept Growth Rates by Region Europe +13% Western Europe +12% Eastern Europe thereof Russia +28% +20% Asia thereof China +9% North America World +3% +3% +6% World markt in thousand units Q1-Q Q1-Q Source: WITS, SIMHEM; based on incoming orders in units, Q1-Q vs Q1-Q

21 Incoming Orders Of all business fields, in million Some 25% of the growth was due to a rise in orders in the logistics systems business New truck business, in thousand units Very good demand in Europe, Jungheinrich s key market, drove up incoming orders 2, % 2, % 82.4 Q1-Q Q1-Q Q1-Q Q1-Q

22 Production and Orders on Hand New Truck Business Production, in thousand units Orders on hand, in million The order reach is five months % % 689 Q1-Q Q1-Q /31/ /30/

23 Consolidated Net Sales Net sales, in million Net sales from new truck business +14% 1, % 2,185 Net sales from short-term hire and used equipment +18%; about 40% of the rise results from the transfer of used equipment from Jungheinrich China s rental fleet to the joint venture with Heli Q1-Q Q1-Q

24 Earnings before Interest and Taxes EBIT, in million 7.7% EBIT ROS 7.6% EBIT benefits from the positive one-off effect of 4.7 million (Q2 2016) of the deconsolidation of UK-based Boss Manufacturing Ltd. Q1-Q Q1-Q

25 Workforce Trend 13, (+6%) 14,760 6,078 Germany 6,366 7,884 Abroad 8,394 Some 20% of the workforce expansion was due to new sales companies in relation with the acquisition of the respective dealership business (Romania and Chile) 12/31/ /30/2016 In full-time equivalent (FTE), including apprentices, excluding temporary workers. 25

26 5 Strategic Issues and Outlook Jungheinrich is on Course!

27 The Jungheinrich Group s Growth Strategy Goal 2020: ~ 4 billion net sales 27

28 World Material Handling Equipment Market Expected Development in 2016 World Europe Asia +8% % North America +7% % 1,100 1, thereof Eastern Europe -7.2% thereof Eastern Europe -0.4% thereof China -12.8% thereof China +10.2% Source: WITS, SIMHEM; based on incoming orders in units. World: Increase in world market volume. Europe: Very positive development in Western and Eastern Europe. Asia: Warehousing equipment product segment displays positive market development. Slight growth of battery-powered counterbalanced truck segment. As regards the somewhat more stable development of the market for ICs in the interim, it remains to be seen whether it continues in Q Overall, we may witness marginal growth. North America: Slight increase in market volume for warehousing equipment and electric forklifts. Shrinkage of the IC engine-powered truck market. Thanks to the positive development in Q3 2016, full-year growth now seems realistic. 28

29 Jungheinrich Group Forecast for the Financial Year 2016 Confirmed Incoming orders 3.1 bn bn EBIT ROS minimum 7.6% EBT ROS minimum 6.9% Net sales 3.0 bn bn EBIT 228 m m EBT 208 m m ROCE 15% - 20% Capital expenditures in tangible assets 75 m - 85 m Research and development expenditures 60 m - 65 m Dividend policy: Payout ratio of 25% to 30% of net income 29

30 Disclaimer Since developments cannot be foreseen, the actual business trend may deviate from the expectations presented here based on assumptions and estimates made by Jungheinrich company management. Factors that may lead to such deviations include changes in the economic environment, changes in the political and legal environment and within the material handling equipment sector as well as exchange and interest rate fluctuations. Therefore, no responsibility is taken for forward-looking statements made in this presentation and no ensuing liability is assumed. 30

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32 Appendix

33 Development of the Material Handling Equipment Markets of Importance to Jungheinrich China Market volume in 2015 Market volume in % 1 USA Germany France UK Italy +9% +12% 2 +15% +21% 2 +8% Spain Poland Canada Australia Netherlands Turkey Russia +27% 2 +8% -3% +3% +7% 2 +5% -39% 2 European market volume in 2015 still 9% down on pre-crisis level (2007) 0 50, , , , , , units 1 Solely due to the shrinkage of the counterbalanced truck market (in particular ICs), not of the warehousing equipment market pre-crisis level not achieved yet. 33 Units

34 World League Ranking 2015 Net sales in billion Toyota Raymond BT Indust. Cesab Linde Still Fenwick OM Still Baoli Voltas Crown Hamech Hyster Yale Utilev 1.8 Mitsubishi Nippon Y. Caterpillar Rocla Kalmar Cargotec Toyota 1 Kion Jungheinrich Crown1 Hyster-Yale Mitsubishi1 Kalmar Unicarriers1 Anhui Heli Manitou Nichiyu Nissan TCM Atlet 1 fiscal year April to March. Source: Logistik Journal. 34

35 Jungheinrich Group production sites Germany Hungaria China Low-lift trucks Stacker trucks Battery-powered counterbalanced trucks IC engine-powered counterbalanced trucks Reach trucks Order pickers Tow tractors High-rack stackers Stacker cranes Load handling equipment Small-series and customized trucks Control units, batteries and chargers Reconditioning of used equipment 35

36 Appendix Jungheinrich Key Data (I) In million Incoming orders 2,120 2,251 2,357 2,535 2,817 Consolidated net sales 2,001 2,270 2,290 2,498 2,754 - Germany Abroad 1,496 1,663 1,677 1,843 2,053 EBIT EBIT ROS 7.0% 7.8% 7.5% 7.7% 7.7% Capital employed ,047 1,187 ROCE % 21.6% 18.7% 18.4% 17.9% R&D expenditures Capital expenditures Shareholders equity + Financial liabilities Liquid assets and securities, from 2012 onwards: Shareholders equity + Financial liabilities Liquid assets and securities + Provisions for pensions and long-term personnel obligations. 2 Employed interest-bearing capital x Tangible and intangible assets excluding capitalized development expenditures. 36

37 Appendix Jungheinrich Key Data (II) In million Equity ratio (Intralogistics) 39.9% 42.4% 47.1% 46.0% 47.6% Equity ratio (Group) 26.7% 27.3% 30.2% 29.6% 30.6% Net debt Tax ratio 41.1% 28.2% 28.9% 28.2% 30.6% Net income Employees (FTE) 10,178 11,261 11,840 12,549 13,962 - Germany 4,761 5,167 5,356 5,638 6,078 - Abroad 5,417 6,094 6,484 6,911 7,884 Dividend per preferred share 1 1 Figures are retroactively restated due to stock split (1:3) on June 22,

38 General Information Financial Calendar Balance sheet press conference 03/22/2017 Analyst conference 03/22/2017 Interim statement as of 03/31/ /03/ Annual General Meeting 05/16/2017 Dividend payment 05/17/2017 Interim report as of 06/30/ /08/2017 Interim statement as of 09/30/ /07/2017 Contact: Andrea Bleesen Head of Investor Relations Jungheinrich Aktiengesellschaft Friedrich-Ebert Damm Hamburg Telefon Fax Subscribed capital: 102 million subdivided into 54 million non-par-value ordinary shares 48 million non-par-value preferred shares (listed) Stock exchanges: Frankfurt and Hamburg and all other German stock exchanges Securities identification numbers (Preferred shares): ISIN: DE WKN: Ticker abbreviations: Reuters JUNG_p.de Bloomberg JUN3 GR Segment: Branch: Stock index: Prime Standard Industry MDAX 38