Thiel Logistik AG June 19, 2007

Transcription

1 Thiel Logistik AG June 19, 2007

2 Agenda Company Overview New Management Structure Financial Review and Outlook 1

3 Company Profile Business: As an external partner, Thiel Logistik AG, develops holistic logistics and service solutions for trade and industry. Its business segments are Industry Solutions, Air & Ocean and Regional Logistics Services. Founded: 1985 in Luxembourg Revenue: 1,891.4 mn. in 2006 (+2.8% vs. 2005) EBIT-Margin: 1.5% in 2006 (1.5% in 2005) Employees: 8,115 worldwide at more than 350 sites in 42 countries Listing: Frankfurt Stock Exchange (SDAX, ISIN: LU , German SIN: , TGH) Major Shareholder: DELTON AG, Bad Homburg (50.26%) MarketCap: mn. 2

4 Thiel Today Strategy and Group Structure Thiel Group strategy for profitable growth Market leadership in defined market segments Portfolio approach combined with synergy exploitation by Centers of Competence De-centralized market and business responsibilities combined with tight financial systems and controls 3

5 Key Growth Drivers in Logistics Market Perspective Average Development of GDP and Logistics Revenues Industry Perspective Globalization of sourcing, production and distribution markets Increased complexity of logistics as a result of shift in customer needs (e.g. on-demand) Outsourcing of value chain links Concentration on core competencies Cost pressures in bn euros Germany France UK Italy Spain Gross Domestic Product Logistics Revenues Growth in Logistics Contract Logistics in Europe The logistics market has grown stronger and more stable than the overall economy Increasing importance of supply chain management and valueadded services continue to drive market growth In addition, outsourcing activities of corporates foster the market development (currently only 45 % of services outsourced) Commoditization aiming at economies of scale (e.g. Emergence of global networks) Europe Thereof: Germany Source: Die Top 100 der Logistik, IKB, Eurostat, FERI 4

6 Growth Potential Eastern Europe Key Trends Shift of production towards Eastern Europe will continue Economic growth in emerging markets will outpace Western European growth rates Demand for sophisticated logistics services and transport connection will rise significantly Thiel Market Position Thiel general network activities in Eastern Europe with unique standards and wide coverage (Top 3) Long-standing Eastern European expertise with 51 sites in 13 countries Establishment of an Intra-Eastern Europe network Thiel Home regions Sales Orientation Thiel Strengths Network activities serve as platform for solutions currently performed in Western Europe mainly Entering new markets in former GUS Cost leadership by standardization Activities provide strong link in East- West traffic (road and inter-modal) 5

7 Growth Potential Air & Ocean Key Trends Globalization of sourcing activities continues and will increasingly be supplemented by increasing demand from emerging markets Importance of and demand for intercontinental management of supply chains will increase and generate significant efficiency gains High importance of container shipping for international cargo and increasing importance of air-freight market due to specific performance characteristics (e.g. short lead-times) Thiel Market Position Organization of inter-continental air and ocean transports combined with value-added services and freight management solutions generates operating margins above 3 percent Global network with 83 offices and partnerships Member of purchasing alliances to bundle purchasing power (FUTURE, Group 99) Thiel Strengths Highly advanced IT solutions allow integrated handling of processes Long-standing presence in East Asia has been developed in a lasting competitive advantage Focus on medium-sized business customers mirrors own strong corporate culture with high degree of loyalty 6

8 Growth Potential Solutions Key Trends Specialized demand for logistics services resulting from individualization of customer needs Complex solutions require high degree of reliability, reactivity and also cost efficiency Co-ordination activities across the supply chains of market participants will generate significant benefits Thiel Market Position Strong market positions and brands in selected industries based on special networks (Media, Fashion, Steel, Food) Range of customer-specific solutions with highly innovative solutions (Red Bull, Subway, ZF etc.) High share of asset-light business models with high level of integration into customer processes and conceptual logic Seed Raw material Broker of Supply Chain Quality control, compliance, fashion logistics Inventory control system, POTrack, SC simulation Processed materials Transport optimization to manufacturer Manufacturer/ Producer Quality control Transport optimization Combination of components Delivery to POS Disposal Thiel Strengths Long-standing customer relations, partially resulting from successful spin-offs High level of industry-specific knowledge and tools which allow back-/forwardintegration in supply chains of customers Special equipment and infrastructure creating additional barriers of entry (e.g. garment on hanger transportation) Global link via Air & Ocean network 7

9 Agenda Company Overview New Management Structure Financial Review and Outlook 8

10 Strategy unchanged New management structure supports strategy implementation Comprehensive logistics processes Profitable growth Thiel Strategy De-centralized responsibilities Efficient processes New Management structure Strategy implementation Based on business processes Consistent customer orientation and exploitation of synergies 9

11 Strategy implementation in the new management and organizational structure Horizontally: Consistent bundling of similar business processes in the business segments Solutions, Air & Ocean and Road & Rail Focussed market approach and integration of regional or industry-related businesses by standardized logistics, IT and purchasing functions COOs manage business segments as profit centers and assume responsibility to intensify the further integration and development of the Thiel Group Increase in customer orientation and process efficiency Vertically: Efficient division of tasks and responsibilities among Executive Committee, business segments, operating units, and Shared Services 10

12 Evolution of management and organizational structure Numerous Formation of Addition of Re-Organization of acquisitions in segments based Centers of segments based on contract logistics on legal entities Competence and business and freight shared services processes forwarding until starting July

13 New management and organizational structure starting July 1, business segments 12 business units 12

14 Formation of segments and bundling based on business processes SOLUTIONS AIR & OCEAN ROAD & RAIL Fashion Media Industrial Goods Consumer Goods 5 Regions Western Europe Central Europe Eastern Europe Thiel Fashion Lifestyle Thiel Media Thiel Furniture Birkart Air & Ocean Microlog- Südkraft Delacher Quehenberger 13

15 Major customers of business segments Solutions Air & Ocean Road & Rail 14

16 Strategic orientation of business segments Net sales approx. 700 mln EUR Net sales approx. 440 mln EUR Net sales approx. 750 mln. EUR Performance Transfer of sophisticated logistics solutions to existing and new customers Measures to maintain current profitability levels Further professionalization and closer integration of hauls / sites Growth Following customers internationally Opening of special networks Organic growth in the existing network Selective additions in growth markets Value added services Opening towards supra-regional partnerships and cooperations 15

17 Efficient and effective division of tasks and responsibilities in the new management and organizational structure Responsibility to manage the Thiel Group Bundeling of similiar business processes in business segments Integration of alike regional and industry-oriented logistics, IT and purchasing processes in the business segments Logistics services provision, innovation and professionalization of customer solutions and land transportation Bundeling of administrative functions 16

18 Thiel Executive Committee Berndt-Michael Winter Dr. Antonius Wagner Klaus Hrazdira Helmut Kaspers Detlef Kükenshöner CEO CFO COO Solutions COO Air & Ocean COO Road & Rail *1954 * 1961 * 1963 *1965 *1961 Chairman of Thiel Board of Directors since 2002; CEO of DELTON AG since 1999 Vice-Chairman of Thiel Board of Directors since 2002; CFO of DELTON AG since 2002 Executive Member of Thiel Board of Directors since 2006; CEO of Quehenberger Group since 2003; CEO of Birkart Globistics air + ocean since 2007 CEO of Thiel FashionLifestyle since 2006 Previously: Managing Director at Lafarge Group and Mast- Jägermeister AG Previously: Management Positions at Bosch Group and Lafarge Group Previously: Managing Director at US Logistics Group Expeditors Previously: Regional Director Kühne + Nagel; Executive Vice President Oceanfreight Schenker Previously: Managing Director Birkart Globistics; Managing Director System Alliance 17

19 Agenda Company Overview New Management Structure Financial Review and Outlook 18

20 Q Key Developments Pleasing growth in all three business segments Significant improvement in operating earnings Implementation of the new management structure considerably advanced: with the introduction of the new Group structure, Thiel Logistik AG is becoming an integrated logistics group Target of three percent EBIT margin in the medium-term confirmed 19

21 Q Key Financials Sales Q Q FY 2006 FY 2005 Net Sales , ,839.6 Earnings EBIT before Restructuring Costs EBIT Margin 2.6% 2.2% 1.5% 1.5% EBIT Net Result Cash Flow Operating Cash Flow Net Cash Flow (EUR in million) 20

22 Q Sales Analysis % ~ ~ Net sales Q Significant customer project losses e.g. FAG/INA Exchange rate effects Acquisitions Consolidations Additional growth Net sales Q (EUR in million) 21

23 Q EBIT Development since EBIT Q1 Discontinued Operations EBIT Q1 Adj. EBIT Q1 Deconsolidation effect PD Logistics Reorg. Freshnet; Divestment Risks EBIT Q1 Adj. EBIT Q1 Divestment Quehenberger Terminal Restructuring costs EBIT Q1 Adj. (EUR in million) 22

24 Q Segment Reporting Industry Solutions Air & Ocean Regional Logistics Services % Sales % % Segment Result (EUR in million) Proceeds from the disposal of PD Logistics (3.1 million euros) 23

25 Q Income Statement (EUR in million) Q Q FY 2006 FY 2005 Net Sales , ,839.6 Purchased Services , ,189.0 % Net Sales Other Cost of Sales , ,692.6 Gross Profit % Net Sales SG&A % Net Sales Other operating Income, net EBIT before Restructuring Costs % Net Sales Restructuring Costs Interest Expenses, net Income Taxes Net Result

26 Q Balance Sheet as of March 31, 2007 Liabilities and Assets Q FY 2006 Shareholders Equity Q FY 2006 Cash and Cash Equivalents Financial Liabilities Leasing Liabilities Trade Accounts Receivable Trade Accounts Payable Other Assets Other Liabilities, Provisions Intangible and Fixed Assets Bonds Payable Goodwill Shareholders Equity Total Total (EUR in million) 25

27 Q Cash Flow Statement Q Q FY 2006 FY 2005 EBITDA Income Tax Payments Interest Payments Changes in Working Capital Other Changes Operating Cash Flow Capital Expenditure Divestments Acquisitions Other Changes Cash Flow from Investing Activities Net Cash Flow 1) Changes in Bank Borrowings Other Changes Cash Flow from Financing Activities Free Cash Flow 2) (EUR in million) 1) Net Cash Flow = Operating Cash Flow Cash Flow from Investing Activities 2) Free Cash Flow = Operating Cash Flow Capital Expenditure 26

28 Q Outlook Continued growth trend strengthened also by bolt-on acquisitions Continued operating earnings improvement by increase of organic growth y-o-y improvement of gross margin successful implementation of new structure Improvement of net result expected 27

29 Thiel Logistik AG June 19, 2007