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KUKA Aktiengesellschaft Company Presentation 2017

KUKA Aktiengesellschaft Company Presentation 2017
KUKA KUKA Aktiengesellschaft Aktiengesellschaft Company Presentation 2017 Company Presentation 2017 Company Presentation www.kuka.com Page: 1 Strategy – Boost value of KUKA KUKA Systems Swisslog KUKA Robotics Industries Systems Product Cell Solution Integrated software solutions and modular product platform Robotics Application and industry Systems and process Systems and expertise expertise expertise process expertise Global market access Company Presentation www.kuka.com Page: 2 Key market of smart KUKA products and solutions Product Cell (small) Solution (big) General Industry Company Presentation www.kuka.com Page: 3 Automotive Electronics Consumer Goods Metal Industry Logistics/ ECommerce Healthcare Service Robotics Digital Domains Competition – Leading positions in Robotics and Systems Robotics – Automotive Robotics – General Industry Systems – Automotive/BodyinWhite Market position Robotics Market position Robotics Market position Systems • Worldwide: 1 • Worldwide: among Top 5 • 1 in the U.S. • Europe: 1 • Europe: among Top 3 • 2 in Europe Main competitors Main competitors Main competitors Yaskawa, Fanuc, ABB, Adept, Stäubli, etc. Comau, Thyssen, FFT, EBZ, etc. Fanuc, Yaskawa, ABB, Nachi, Comau, etc. Note: Non accessible market incl. Africa, Australia, Asia (except China/India), OEM tool shops Source: IFR market data, 2015 Source: CMS database, KUKA estimates Company Presentation www.kuka.com Page: 4 Robotics – Growth through innovation and quality Strategy and Key Facts 1 • Balanced business structure • General Industry 42, Automotive 38 and service 20 KUKA QUANTEC KR C4 • Strong key customers in automotive • Daimler, VW, BMW and FORD • Expansion in General Industry • 100 control of service business smartPAD Software 1) Split orders received FY15 Company Presentation www.kuka.com Page: 5 Robotics – Low robot penetration in General Industry and emerging markets Robot density Robots per 10,000 employees 1,276 1,218 1,147 606 392 213 170 93 125 33 24 68 5 1 Japan USA Germany UK China Brazil India Automotive General Industry Source: IFR World Robotics 2015 (published September 2016) Company Presentation www.kuka.com Page: 6 Industry 4.0: KUKA offers a complete solution and creates ecosystems in a new way Company Presentation www.kuka.com Page: 7 Industry 4.0: Evolution of KUKA’s product portfolio KUKA the robot, process and cloud/ software company KUKA the robot Logistics process Company Welding … Robot System • Robot Process • Robot Process • Robot Process • System • Different systems • Connected • Connected • Connected • Connected • Intelligent • Intelligent • Intelligent • Optimized • Optimized • Digital Domain • Digital Domain Company Presentation www.kuka.com Page: 8 Growth potential in healthcare and service robotics Health Care/Medical Production and Assembly 1 • Diagnosis together with Siemens • LBR iiwa in assembly and production processes • Radiation therapy together with • Mobile solutions with robots in logistics Accuray and Forte • Active with partners in other segments (e.g. rehabilitation) 1) LBR iiwa – intelligent industrial work assistant Company Presentation www.kuka.com Page: 9 Systems – Strategy KUKA Systems Systems Industries • Arc Laser Solutions • Automotive Solutions (Body Structure, Bonding Technoloy, Assembly Test) • Casting Solutions • Advanced Technology Solutions • Advanced Welding Solutions • Aerospace Solutions • Technology Solutions Europe/USA Revenue share today Asia Revenue potential Company Presentation www.kuka.com Page: 10 Swisslog – Supplier of solutions for complex automation tasks Warehouse Distribution Solutions Healthcare Solutions • Hospital pneumatic tube systems • Storage and retrieval machines for pallet and smallpart highbay for transporting drugs, laboratory warehouses samples and blood products • Driverless container transportation systems (laundry, meals) • Warehouse systems: from small • Automation solutions for hospital parts to single items to pallets pharmacies • Ensuring the right medications reach the right patients at the right time Company Presentation www.kuka.com Page: 11 Swisslog – KUKA technology complements Swisslog knowhow Vision Sales Split of KUKA AGV Swisslog 19 Systems 50 Robotics 31 Automotive 50 General Industry 50 Uniform software platform via KUKA Sunrise and Swisslog WM6 Company Presentation www.kuka.com Page: 12 KUKA Group – Key financial figures 3,422.3 Order Received Sales Revenue 2,965.9 2,948.9 2,838.9 (€ mn) (€ mn) 2,229.0 2,095.7 1,881.9 1,889.6 1,774.5 1,739.2 +81,1 +69.6 2012 2013 2014 2015 2012 2013 2014 2015 2016 2016 1 194.3 2,048.9 EBIT Order Backlog 1 166.0 (€ mn) (€ mn) 142.0 1,702.5 1,639.0 135.6 127.2 120.4 109.8 991.6 909.4 +51.2 100 2012 2013 2014 2015 2012 2013 2014 2015 2016 2016 1) incl. PPA Company Presentation www.kuka.com Page: 13 KUKA Group – Key financial figures Order Received (€ mn) Sales Revenue (€ mn) 700.8 904.8 987.5 893.4 967.3 794.9 710.9 704.1 746.5 629.1 +29.6 +25.7 Q1/16 Q2/16 Q3/16 Q1/17 Q4/16 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 EBIT Margin () Order Backlog (€ mn) 1 1 4.7 5.3 2,169.5 2,048.9 2,264.1 1 1 5.1 5.1 5.0 1,923.0 1,733.4 +30.6 Q4/15 Q2/16 Q3/16 Q4/16 Q1/17 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 1) Adjusted Company Presentation www.kuka.com Page: 14 Outlook 2017: KUKA Group financial results EBIT margin Sales revenues 1 5.5 €3.1 billion 1) Before purchase price allocation for Swisslog and before futureoriented investments Company Presentation www.kuka.com Page: 15 Outlook – KUKA 2020 Development Sales revenues €4 – 4.5 billion New products/ Internet of things EBIT margin KUKA Industries Sales revenues 7.5 €2.9 billion General Industry Swisslog/ China Ecommerce 2016 2020 Company Presentation www.kuka.com Page: 16 China – largest robot market 1 1 Robots sold in China Robot density Robots per 10,000 employees 160,000 92 1 million 90,000 more robots 57,096 68,556 49 36,560 22,987 22,577 2011 2012 2013 2014 2015 2016e 2019e China Europe 2 3 Demographic development Wage development () 14 2010 19 70 11 10 8 2050e 12 55 33 2000 2004 2008 2012 Under 15 1560 Over 60 Industrial wages Work productivity 1) IFR World Robotics 2015 (published September 2016) 2) KPMG, China 360, 2013 3) Deutsche Bank Research Company Presentation www.kuka.com Page: 17 General Industry – Accelerating growth Acquisitions Segments/Products Structure Company Presentation www.kuka.com Page: 18 KUKA Industries – robots and plant engineering out of one hand • Arc and Laser Solutions • Casting Solutions • Advanced Welding Solutions • Technology Solutions • Customer Service and Technology Services Company Presentation www.kuka.com Page: 19 KUKA and Swisslog – High level of sales synergies Development of Swisslog’s sales () €1 billion 1 Integration KUKA Swisslog € 551 millon Ecommerce Logistics 2006 2014 2015 2020 Swisslog KUKA + Swisslog 1) Sales of Swisslog FY14: CHF 669.6 million = € 551 million (Average exchange rate EUR/CHF in FY14: 1,215) Company Presentation www.kuka.com Page: 20 New products – We build the future of Internet of things Today Tomorrow New product lines (small robots and low cost) Safe mobility Internet of things Company Presentation www.kuka.com Page: 21 NEW PRODUCTS 1 2 KUKA – New PLM and ERP systems 1 PLM system • Global standardization and harmonization of process steps at Systems • Standardized, global database for all Systems projects • Benefits: Reduction in project costs, purchasing synergies, more flexible use and better utilization of resources 2 2 ERP system • Global introduction of a standardized ERP system in all KUKA subsidiaries 2 • ERP is the basis for KUKA’s strategic transformation and Internet of things • Benefits: Networking of business units, more shared services, Sales support, higher efficiency through standardization KUKA is transforming into a global technology group and is ready for Internet of things 1) PLM – Product Lifecycle Management 2) ERP – Enterprise Ressource Planning Company Presentation www.kuka.com Page: 22 Disclaimer The presentation contains forecasts based on assumptions and estimates by the management of KUKA Aktiengesellschaft. Even if the company management is of the opinion that these assumptions and estimates are valid, the actual future development and the actual future results may vary considerably from these assumptions and estimates due to numerous factors. These factors may include, for example, changes in the overall economic situation, exchange rates and interest rates, and changes affecting individual markets. KUKA Aktiengesellschaft provides no guarantee that the future development and the future results actually achieved will correspond to the assumptions and estimates stated here and accepts no liability if they should fail to do so. © Copyright 2017 – KUKA Aktiengesellschaft – All rights reserved. Company Presentation www.kuka.com Page: 23 Company Presentation – Backup Company Presentation www.kuka.com Page: 24 KUKA Group – CEO Dr. Till Reuter • Since 18.12.2014 Member of the Board of Directors of Swisslog Holding AG • Since 01.10.2009 Chairman of the executive board KUKA Aktiengesellschaft, Augsburg • 2008 Founded RINVEST AG, Pfäffikon, Switzerland Chairman of the board of directors • 1999 – 2008 Morgan Stanley, Deutsche Bank, Lehman Brothers Investment Banker • 1997 – 1999 Shearman Sterling, Frankfurt and Düsseldorf Lawyer • 1995 – 1997 Kelley Drye Warren, New York and Xavier Bernardes Braganca, Sáo Paulo Business lawyer • 1994 Degree University of Konstanz Study of laws • 1993 Degree University of St. Gallen Business Administration (lic. oec. HSG) Company Presentation www.kuka.com Page: 25 KUKA Group – CFO Peter Mohnen • Since 01.08.2012 Member of the executive board KUKA Aktiengesellschaft, Augsburg • 2006 – 2012 Several Supervisory Board Memberships, i.a. Panrusgaz (Joint Venture E.ON – Gazprom) • 2009 – 2012 E.ON Hungária ZRt., Budapest/Hungary CFO • 2007 – 2008 E.ON Földgáz Storage ZRt., Budapest/Hungary CFO • 2006 – 2012 E.ON Földgáz Trade ZRt., Budapest/Hungary CFO • 1993 – 2006 E.ON Ruhrgas AG, Essen Leading management positions in financial accounting, group consolidation, planning and analysis Leadership of several national and international projects • 1993 Master in Business Administrations University Saarbrücken University Bari/Italy Company Presentation www.kuka.com Page: 26 KUKA Group – Shareholder structure Other institutional and private investors 5.4 Midea Group 94.6 Company Presentation www.kuka.com Page: 27 KUKA Group – Solid and long term liability structure Financing (03/16) (in € million) Syndicated bank loan 230 250 Promissory note loan Standard Poor’s: BB+ (stable) and Moody’s: Ba1 (stable) Company Presentation www.kuka.com Page: 28 1 PPA depreciation for Swisslog Expected development (€ million) 60 10 8 1 2015 2016/2017 20182024 20252034 1) PPA – purchase price allocation Company Presentation www.kuka.com Page: 29 Promissory note loan (Schuldscheindarlehen) – Summary of terms Amount €250 mn (two tranches) Tranche I Amount: €142.5 mn Maturity: October 09, 2020 Interest rate: 1.15 p.a. Tranche II Amount: €107.5 mn Maturity: October 10, 2022 Interest rate: 1.61 p.a. Redemption Price 100, payable in one sum on maturity of each fixedterm tranche Company Presentation www.kuka.com Page: 30 Robotics – Product portfolio KR Quantec LBR iiwa KR AGILUS Light Small Low High Heavy Special Medium Weight Robots Payloads Payloads Duty Models Payloads (714 kg) (10 kg) (516 kg) (80300 kg) (3001300 kg) (3060 kg) Company Presentation www.kuka.com Page: 31 Robotics – Innovation leadership for 40 years First First First First First Electromagnetic Robot Longrange Robot Entertainment Robot Lightweight Agilus Small with six axes: “Famulus” Heavy payload Robot Robot Payloads efficiently/ speed First First First First First Singlearm Robot Robot remote Cooperative Robot Titan KR 3 without parallelogram diagnostics via Internet Robots (1,000 kg) First First First First Real time PCbased Integration of Safe Quantec Robot controller Soft PLC Robots KR C4 1973 1985 1996 1998 1999 2000 2003 2004 2005 2006 2007 2010 2016 2012 Company Presentation www.kuka.com Page: 32 Robotics – Examples of customer in General Industry Company Presentation www.kuka.com Page: 33 Robotics – Close and longterm customer relationship globally Automotive General Industry Food Consumer Goods Solar Retail Medical Electronics Engineering Aircraft Other Segments Company Presentation www.kuka.com Page: 34 Robotics – Global market of robots Global sales of Industrial Robots 414 (Tsd) Total CAGR 23.9 Other robots 253 220 CAGR 28.5 178 100 Articulated robots 166 160 88 CAGR 24.6 121 60 153 141 2009 2010 2011 2012 2013 2014 2015 2018e Source: IFR World Robotics 2014 (published September 2015) Company Presentation www.kuka.com Page: 35 Robotics – 100 control of service revenue Development of orders received Service offerings (€ mn) • Product portfolio throughout the life cycle 177.0 162.6 • Spare parts 144.3 137.2 121.5 • Technical/Robotic consulting 96.5 • Expert programming on site • Repair service on site 2015 2010 2011 2012 2013 2014 • Retooling concepts • Maintenance management • Hotline support 24/7 • Training worldwide (KUKA colleges) • Close cooperation of sales and service Company Presentation www.kuka.com Page: 36 Robotics – Key figures Q1/17 Orders received Sales revenues Ebit Margin (€ mn) (€ mn) () 11.0 1,088.8 993.5 10.1 891.2 909.6 +22.2 +9.2 90bp 2016 2015 2015 2016 2015 2016 272.1 307.4 10.1 210.4 9.5 241.7 +27.2 +29.3 60bp Q1/16 Q4/16 Q1/16 Q1/17 Q1/16 Q1/17 Company Presentation www.kuka.com Page: 37 Robotics – Access to high growth potential Strategy • Product development for Robotics and Systems • Develop medical robotic and hightech surgery systems Focus • Lightweight robot: next development stage – for health care and assembly • Increasing range of applications Features of lightweight Robot • Sensitivity • Safety Company Presentation www.kuka.com Page: 38 Robotics – LBR iiwa creates new markets Company Presentation www.kuka.com Page: 39 Robotics – Growth potential in the automotive Power train Press shop Body Shop Paint shop Final assembly Number of robots 40 – 100 7 – 15 40 – 50 400 – 600 10 – 20 per segment Spot welding • • Laser welding • Handling • Gluing Assembly Handling Painting Assembly •••• Robot applications • Riveting • Welding • Press linking • Sealing • Handling • Handling • Machining Body transfer • • … Degree of • Medium to high • High • Very high • Very high • Very low automation Company Presentation www.kuka.com Page: 40 Systems – Portfolio Company Presentation www.kuka.com Page: 41 Body Structure Bonding Technology Assembly Test Aerospace Solutions Sensitive Assembly Systems Global megatrends in the automotive industry Automotive megatrends A challenge for the production process High High versatility flexibility Diversification of mobility Autonomous driving Reduction in Reduced model cycles unit costs Optimized Globalization use of space Connectivity Electric cars Company Presentation www.kuka.com Page: 42 Systems – Development automotive More car types require more production lines • Lighter materials • Engine downsizing Number of • Pickup • Power train different car types • Fuel efficient car hybridization • Off road • Electric cars • Fastback car • Sports utility vehicle • New transmission • Station wagon • Limousine technology (double • Limousine clutch/twin clutch) • Subcompact car • Sports car • Shorter innovation • Sports car • Limousine cycles for • Coupe • Convertible • Sports car transmissions • Convertible • Roadster • Spyder 1960 Today Company Presentation www.kuka.com Page: 43 Systems – KUKA Toledo Production Operations At a glance • Model: Jeep Wrangler – JK • Fiat Chrysler – Toledo, Ohio • Start 2006 Benefits • First time a major number of KUKA robots installed in a U.S. car plant – 259 • Show room for other OEMs for all things KUKA • Track record in continuous efficiency gains (Various Harbor reports: Best plant in the U.S. for efficiency and productivity) Company Presentation www.kuka.com Page: 44 Systems – KUKA + Alema = full range suppliers in aerospace ALEMA • KUKA and Alema become a fullrange supplier in the aircraft industry • KUKA: robot, systems and mobility • Alema: drilling and rivet setting • The aircraft industry offers high growth through light automation • Increased revenue share from General Industry • Strong global sales structure of KUKA supports Alema products Company Presentation www.kuka.com Page: 45 Systems – Close and longterm customer relationship globally Automotive General Industry Automotive Aircfraft Jet Engines Suppliers Wafer/ Solar Modules Microeletronic Company Presentation www.kuka.com Page: 46 Systems – Key figures Q1/17 Orders received Sales revenues Ebit Margin (€ mn) (€ mn) () 1,471.7 7.8 1,395.5 1,644.6 6.5 1,428.1 +15.2 5.2 130bp 2016 2015 2015 2016 2015 2016 445.6 368.8 385.5 7.1 291.9 6.5 +15.6 +26.3 +60bp Q1/16 Q1/17 Q1/16 Q1/17 Q1/16 Q1/17 Company Presentation www.kuka.com Page: 47 Swisslog – Key figures Q1/17 1 Orders received Sales revenues EBIT margin (€ mn) (€ mn) () 742.6 620.8 593.5 2 551.8 3,4 2,6 2,1 +34.6 4.4 80bp 2015 2016 2016 2015 2015 2016 159.4 230.2 1,5 136.1 125.7 0,6 +83.1 +17.1 90bp Q1/17 Q1/17 Q1/16 Q1/16 Q1/17 Q1/16 1) Before purchase price allocation 2) Before purchase price allocation and integration costs in 2015 Company Presentation www.kuka.com Page: 48 KUKA Group – Overview key financials 2009 – 2016 Ø 2015 (€ mn) 2009 2010 2011 2012 2013 2014 2016 916 Orders received 903.3 1,142.3 1,553.0 1,889.6 1,881.9 2,229.0 2,838.9 3,422.3 1,982.5 Sales revenues 902.1 1,078.6 1,435.6 1,739.2 1,774.5 2,095.7 2,965.9 2,948.9 1,867.6 EBIT 52.6 24.8 72.6 109.8 120.4 142.0 135.6 127.2 84,9 in of sales revenues 5.8 2.3 5.1 6.3 6.8 6.8 4.6 4.3 Capital employed 317.5 312.5 332.9 339.8 326.2 492.0 676.8 783.0 447,6 ROCE (in ) 16.6 7.9 21.8 32.3 36.9 28.9 20.0 16.2 Employees (Dec.31) 5,744 5,990 6,589 7,264 7,990 12,102 12,300 13,188 8,895.9 Company Presentation www.kuka.com Page: 49 Robotics – Overview key financials 2009 – 2016 Ø (€ mn) 2009 2010 2011 2012 2013 2014 2015 2016 916 Orders received 324.3 486.2 654.4 803.1 793.5 805.5 891.2 1,088.8 730.9 Sales revenues 330.5 435.7 616.3 742.6 754.1 834.6 909.6 993.5 702.1 EBIT 11.5 20.8 51.0 80.2 77.1 88.9 100.2 100.7 63.4 in of sales revenues 3.5 4.8 8.3 10.8 10.2 10.7 11.0 10.1 Capital employed 120.5 129.1 133.2 140.2 155.6 167.3 177.1 194.9 152.2 ROCE (in ) 9.5 16.1 38.3 57.2 49.6 53.1 56.6 51.7 Employees (Dec.31) 2,009 2,347 2,753 3,180 3,416 3,644 4,232 4,726 3,288 Company Presentation www.kuka.com Page: 50 Systems – Overview key financials 2009 – 2016 Ø 2015 (€ mn) 2009 2010 2011 2012 2013 2014 2016 916 Orders received 615.4 716.8 916.6 1,115.1 1,111.6 1,456.0 1,428.1 1,644.6 1,125.5 Sales revenues 605.5 695.3 850.7 1,025.3 1,045.9 1,285.6 1,471.7 1,395.5 1,046.9 EBIT 28.8 20.0 33.7 47.7 60.8 80.2 114.7 91.3 52.5 in of sales revenues 4.8 2.9 4.0 4.7 5.8 6.2 7.8 6.5 Capital employed 198.6 192.4 209.6 200.5 141.5 118.1 130.5 213.1 175.5 ROCE (in ) 14.5 10.4 16.1 23.8 43.0 67.9 87.9 42.8 Employees (Dec.31) 3,534 3,456 3,643 3,902 4,362 5,810 5,146 5,189 4,380 Company Presentation www.kuka.com Page: 51 KUKA Group – Key financials Delta Delta (€ mn) Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 (yoy) 2015 2016 (yoy) Orders received 746.5 893,4 987.5 794,9 967.3 29.6 2,838.9 3,422.3 20.6 Order backlog 1,733.4 1.923,0 2,169.5 2,048.9 2,264.1 30.6 1,639.0 2,048.9 25.0 Sales revenues 629.1 704,1 710.9 904.8 790.8 25.7 2,965.9 2,948.9 0.6 Gross earnings from sales 176.6 185,3 186.7 217.9 195.3 10.6 698.0 766.5 9.8 in of sales revenues 28.1 26,3 26.3 24.1 24.7 23.5 26.0 Earnings before interest and taxes (EBIT) 31.4 15,3 35.9 44.6 36.9 17.5 135.6 127.2 6.2 in of sales revenues 5.0 2,2 5.0 4.9 4.7 4.6 4.3 Earnings before interest, taxes, depreciation 48.6 32,9 56.7 67.1 55.5 14.2 259.1 205.3 20.7 a. amortization (EBITDA) in of sales revenues 7.7 4,7 8.0 7.4 7.0 8.7 7.0 Equity ratio (in ) 32.7 32,7 33.5 33.0 33.2 30.8 33.0 7.1 Net debt 179.0 122,2 85.9 113.0 5.0 97.2 199.9 113.0 43.5 Employees 12,433 12.675 13,056 13,188 13,565 9.1 12,300 13,188 7.4 Capex 19.0 22,0 22.2 36.4 15.3 19.5 107,0 99.6 6.9 RD 29.9 33,8 31.2 31.7 31.3 4.7 105,4 126.6 20.1 Company Presentation www.kuka.com Page: 52 Robotics – Key financials Delta Delta 2016 (€ mn) Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 (yoy) 2015 (yoy) Orders received 241.7 252,2 287.1 307.8 307.4 27.2 891.2 1,088.8 22.2 Order backlog 259.6 259,2 334.9 316.1 352.3 35.7 233.4 316.1 35.4 Sales revenues 210.4 248,3 210.3 324.5 272.1 29.3 909.6 993.5 9.2 Gross earnings from sales 85.7 91,8 84.2 102.8 96.3 12.4 345.8 367.5 6.3 in of sales revenues 40.7 37,0 40.0 31.7 35.4 38.0 37.0 Earnings before interest and tax (EBIT) 21.2 25,5 20.6 33.4 25.9 22.2 100.2 100.7 0.5 in of sales revenues 10.1 10,3 9.8 10.3 9.5 11.0 10.1 Employees 4,302 4.311 4.529 4,726 4,923 14.4 4,232 4,726 11.7 Orders received 241.7 252,2 287.1 307.9 307.8 27.2 891.2 1,088.8 22.2 thereof Automotive 83.8 98.0 132.5 128.1 107.3 28.0 339.6 442.4 30.3 thereof General Industry 107.4 103.9 106.6 127.4 143.0 33.1 374.2 444,6 18.8 thereof Service 50.5 50.3 48.6 52.4 57.2 13.3 177.4 201.8 13.8 Company Presentation www.kuka.com Page: 53 Systems – Key financials Delta Delta (€ mn) Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 (yoy) 2015 2016 (yoy) Orders received 385.5 440,0 526.2 292.9 445.6 15.6 1,428.1 1,644.6 15.2 Order backlog 1,006.3 1,134.0 1,263.9 1,139.3 1,240.0 23.6 923.2 1,139.3 23.4 Sales revenues 291.9 313.9 367.8 414.5 368.8 26.3 1,463.3 1,388.1 5.1 Gross earnings from sales 53.9 55.9 64.9 67.7 59.8 10.9 253.7 242.4 4.5 in of sales revenues 18.5 17.8 17.6 16.3 16.2 17.2 17.4 Earnings before interest and tax (EBIT) 19.1 19.7 25.9 26.6 26.3 37.7 114.7 91.3 20.4 in of sales revenues 6.5 6.3 7.0 6.4 7.1 7.8 6.5 Employees 5,176 5.249 5,317 5,189 5,249 1.4 5,146 5,189 0.8 Company Presentation www.kuka.com Page: 54 Swisslog – Key financials Delta Delta (€ mn) Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 (yoy) 2015 2016 (yoy) Orders received 125.7 210.1 199.4 207.4 230.2 83.1 551.8 742.6 34.6 Order backlog 473.4 538.2 597.5 627.7 707.6 49.5 491.0 624.7 27.2 Sales revenues 136.1 148.4 138.9 170.1 159.4 17.1 620.8 591.2 4.8 Gross earnings from sales 37.2 37.7 38.0 46.7 39.4 5.9 97.7 159.6 63.4 in of sales revenues 27.3 25.4 27.4 27.5 24.7 15.7 26.9 71.3 Earnings before interest and tax (EBIT) 0.7 0.4 1.0 4.0 1.9 45.9 4.8 in of sales revenues 0.5 0.3 0.7 2.4 1.2 7.4 0.8 Employees 2,574 2,654 2,645 2,679 2,714 5.4 2,555 2,679 4.9 Company Presentation www.kuka.com Page: 55 KUKA Group – Income statement Delta Delta (€ mn) Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 (yoy) 2015 2016 (yoy) Sales 629.1 704.1 710.9 904,8 790.8 25,7 2,965.9 2,948.9 0.6 Cost of sales 452.5 518.8 524.2 686,9 595.5 31,6 2,267.9 2,182.4 3.8 Gross income 176.6 185.3 186.7 217,9 195.3 10,6 698.0 766.5 9.8 Selling expenses 60.6 66.3 66.2 74,8 70.5 16,3 251.2 267.9 6.6 Research and development costs 29.9 33.8 31.2 31,7 31.3 4,7 105.4 126.6 20.1 General and administrative expenses 53.3 68.0 49.0 107,4 55.6 4,3 213.1 228.2 7.1 Other operating income and expenses 0.4 0.7 3.6 6,9 0.0 8.2 11.6 Loss from companies consolidated at equity 1.0 1.2 0.8 0,6 1.0 3.5 3.6 2.8 Earings from operating activities 31.4 15.3 35.9 116,4 36.9 17,5 133.0 127.2 4.4 Reconcili. to earnings before inter. and tax (EBIT) Financing costs included in operating sales 0.0 0.0 0.0 0 0.0 2.6 0.0 Earnings before interest and tax (EBIT) 31.4 15.3 35.9 44,6 36.9 17,5 135.6 127.2 6.2 Financial results 1.0 1.0 0.6 5,5 0.9 7.4 4.9 33.8 Earnings before tax 32.4 14.3 36.5 39,1 36.0 11,1 125.6 122.3 2.6 Taxes on income 11.5 4.8 12.0 31,8 9.4 18.3 39.3 36.1 8.1 Earnings after taxes 20.9 9.5 48.5 7,2 26.6 27,3 86.3 86.2 0.1 Company Presentation www.kuka.com Page: 56 KUKA Group – Assets (€ mn) 31 Mar 16 30 Jun 16 30 Sep 16 30 Dec 16 31 Mar 17 NonCurrent assets 812.6 828.2 836.0 838.1 829.9 NonCurrent assets 687.0 694.3 705.3 715.4 711.1 Intangible assets 421.3 424.9 438.9 445.1 443.9 Tangible assets 255.4 260.1 255.2 261.2 257.8 Financial investments 3.8 3.9 4.8 4.9 5.3 Income tax receivables 1.7 1.7 0.0 Deferred taxes 51.1 57.2 59.3 48.8 48.9 Finance lease receivables 60.2 59.5 56.9 57.7 54.0 Other longterm receivables and other assets 12.6 15.5 14.5 16.2 15.9 Current assets 1,557.4 1,516.3 1,574.1 1,705.8 1,777.6 Inventories 316.6 306.5 352.1 318.8 400.4 Receivables and other assets 809.9 834.9 880.1 1,022.8 1,120.3 Trade receivables 330.7 341.1 306.1 353.2 324.6 Receivables from construction contracts 367.0 385.4 430.0 535.7 654.4 Finance lease receivables 8.3 8.7 8.8 9.6 9.6 Income tax receivables 9.4 9.4 38.4 33.4 31.1 Other assets, prepaid expenses and deferred charges 94.5 90.3 96.8 90.9 100.6 Cash and cash equivalents 430.9 374.9 341.9 364.2 256.9 Assets 2,370.0 2,344.5 2,410.1 2,543.9 2,607.5 Company Presentation www.kuka.com Page: 57 KUKA Group – Equity and liabilities (€ mn) 31 Mar 16 30 Jun 16 30 Sep 16 30 Dec 16 31 Mar 17 Equity 775.8 766.2 807.2 840.2 866.4 Equity ratio (in ) 32.7 32.7 33.5 33.0 33.2 Noncurrent liabilities, provisions and accruals 451.8 457.9 455.4 445.6 440.5 Financial liabilities 249.4 249.5 249.5 249.6 249.6 Other liabilities 24.5 26.7 26.9 28.0 27.7 Pensions and similar obligations 124.4 130.2 133.5 122.7 117.7 Deferred taxes 53.5 51.5 45.5 45.3 45.5 Current liabilities 1,142.4 1,120.4 1,147.5 1,258.1 1,300.6 Financial liabilities 2.5 3.2 6.5 1.6 2.3 Trade payables 333.2 335.5 346.4 459.3 522.4 Advances received 79.0 83.0 88.5 95.6 103.4 Liabilities from construction contracts 274.6 257.6 269.6 223.7 235.1 Accounts payable to affiliated companies 0.1 0.0 0.0 0.0 Other liabilities and deferred income 290.7 277.0 284.2 280.0 262.9 Income tax liabilities 35.6 29.3 23.6 40.0 39.7 Other provisions 126.7 134.8 128.7 157.9 134.8 Equity and liabilities 2,370.0 2,344.5 2,410.1 2,543.9 2,607.5 Company Presentation www.kuka.com Page: 58 KUKA Group – Cash flow (€ mn) 2015 2016 (€ mn) 2015 2016 86.3 86.2 Earnings after taxes Cash flow from investing activities 73.5 97.2 61.2 45.0 Income taxes Free cash flow 95.7 106.8 Net interst 7.4 4.9 Dividend payments 16.9 19.3 Depreciation/amortization on intangible assets 87.8 35.6 Proceeds from payments for the acceptance/repayment of bank loans 227.0 4.1 Depreciation/amortization on tangible assets 35.7 42.5 Payments form grants received 4.1 4.4 Other nonpaymentrelated income 28.5 20.3 10.9 10.0 Interest paid 10.1 7.4 Other nonpaymentrelated expenses 260.8 203.9 Cash Earnings Cash flow from financing activities 204.1 26.4 Result on disposal of assets 11.6 0.6 Paymentrelated change in cash and cash equivalents 299.8 133.2 Changes in provisions 8.8 9.0 Changes in cash and cash equivalents related to acquisitions 0.2 0.2 Changes in current assets and liabilities: Exchangeraterelated and other changes in cash and cash equivalents 4.1 1.0 Changes in inventories 18.4 22.8 Change in cash and cash equivalents 304.1 132.0 53.5 239.1 Changes in receivables and deferred charges Cash and cash equivalents at the beginning of the period 192.1 496.2 56.7 94.4 Changes in liabilities and deferred charges (excl. financial debt) Cash and cash equivalents at the end of the period 496.2 364.2 Income taxes paid 51.9 51.3 Investment/financing matters affecting cash flow 4.1 4.3 Cash flow from operating activities 169.2 9.6 Payments from disposals of fixed assets 9.9 0.2 31.0 50.2 Payments for capital expenditures on intangible assets 76.3 48.7 Payments for capital expenditures on tangible assets 44.4 47.8 Payments for the aquisition of consolidated companies a. other business units 1.6 1.1 Payments for investment in financial investments 14.5 9.0 Payments received from fin. Assets in the course of shortterm funds management 47.2 33.5 Payments received from the sale of consolidated companies and other business units 8.2 7.9 Interest received Note: Based on DRS 21, interest paid and grants received will no longer be shown within the operating cash flow but instead within the financing cash flow. Company Presentation www.kuka.com Page: 59 KUKA Group – Working capital Trade working capital Inventories minus advances received 429 225 223 (€ mn) (€ mn) 194 285 134 265 127 236 178 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Trade receivables and receivables from construction Trade payables and liabilities from construction contracts contracts 889 683 () (€ mn) 658 619 613 522 304 232 341 349 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Company Presentation www.kuka.com Page: 60 KUKA Group – Development of net liquidity Delta Delta (€ mn) Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 (yoy) 2015 2016 (yoy) Noncurrent financial liabilities 249.4 249.5 249.5 249,6 249.6 0.1 294.2 249,6 Current liabilities 2.5 3.2 6.5 1,6 2.3 8.0 2.1 1,6 Cash and cash equivalents 430.9 374.1 341.9 364,2 256.9 40.2 496.2 364,2 Net debt ()/net liquidity (+) 179.0 122.2 85.9 113,0 5.0 199.9 113,0 Company Presentation www.kuka.com Page: 61 KUKA Group – Financial calendar 2017 Annual general meeting May 31 Q2/17 August 02 Q3/17 October 30 Company Presentation www.kuka.com Page: 62 KUKA Group – Investor Relations The KUKA share Investor Relations • Phone +49 (821) 7975226 • ISIN DE0006204407 • Reuters KU2G.DE • Fax +49 (821) 7975213 • Bloomberg KU2 GY (Xetra) • Email: IRkuka.com Kerstin Heinrich Ulrike Steinherr Monika Meiershofer Company Presentation www.kuka.com Page: 63
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