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Presentation CMD 2019 1 Wifi code: EpirocCMD Epiroc Capital Markets Day 2019 Mattias Olsson, Senior Vice President Corporate Communications Safety first! Practicalities Purpose Today’s presenters Mattias Per Helena Martin Sami Jose Breakout Anders Olsson Lindberg Hedblom Hjerpe Niiranen Sanchez sessions: Lindén SVP Corporate President and SVP Mining and SVP M&A and President President Intelligent mining SVP Controlling Communications CEO Infrastructure Strategy Underground Rock Drilling Solutions and infrastructure. and Finance Excavation (CFO) Start Q&A Q&A Break 6 Video 7 Epiroc Group Per Lindberg, President and CEO Epiroc’s key strengths Leading Strong and High and resilient Driving the future History of value productivity proven operating aftermarket in intelligent creation for all partner in model exposure mining and stakeholders attractive niches infrastructure 9 Leading global productivity partner Epiroc in brief • We provide customers in selected niches of the global mining and infrastructure with – innovative, safe and sustainable drill rigs, rock excavation and construction equipment, and tools – world class service to enhance productivity – solutions for automation and interoperability • We are a 146-year old start-up with >14 000 employees collaborating with customers in +150 countries • We have a strong, proven and value-creating business model – Annual* revenues of BSEK 41.1 – Operating margin* of 20.1% – ROCE* of 29.5% *12 months until September 2019, reported All rights reserved by Epiroc. 10 …in attractive niches Exposure to hard rock applications Mining Infrastructure 76% of order intake* 24% of order intake* Surface civil Underground civil Deconstruction and Underground mining Surface mining Exploration engineering and engineering recycling urban development Customer characteristics Customer characteristics • Large customers • Large number of customers • High expenditure per customer, while limited share of customer’s total • Lower expenditure per customer capex and opex • Equipment moving from worksite to worksite • Equipment remain in the mine, only moving within the site • More project-based business • Continuous operations *January - September 2019 11 Strong and proven operating model Focus and agility Focused and High degree of Strong services Flexible Sharp focus on decentralized direct sales and business manufacturing innovation business services philosophy Quick and ~85% direct sales Aftermarket 75% of product cost Leadership in efficient 65% of revenues for equipment is automation, decision-making purchased digitalization and battery Focused and decentralized businesses 2 segments and 7 divisions Equipment & Service Tools & Attachments Surface and Underground Rock Mining and Rock Hydraulic Drilling Solutions Rocktec Rock Drilling Tools Exploration Drilling Excavation Excavation Service Attachment Tools Product companies, customer centers and distribution centers 13 Always close to our customers Global presence with high degree of direct sales and service Sales in +150 countries Revenues by region* North Asia / America Australia 22% 26% Top 10 customers represented 18% of revenues in 2018 South Africa / America Top 10 markets Middle 16% % of revenues 2018 East Australia 11% 13% USA 10% Europe Canada 8% 23% Russia 7% Chile 5% South Africa 5% *12 months until September 2019 China 5% Equipment & Service production facility India 4% Peru 3% Tools & Attachments production facility Sweden 3% 14 High proportion of recurring business Revenues Harsh environments leads to significant maintenance requirements Equipment Service Tools & Attachments 26% 35% 65% Aftermarket 39% Our service offering optimize our customer’s productivity and lowers the total cost of operations 12 months until September 2019 15 Attractive mix of revenues Growing aftermarket making us more resilient 60.000 75 70 71 67 70 55.000 65 63 65 50.000 60 45.000 41 127 55 40.000 38 285 50 35.000 45 31 364 14 645 40 30.000 28 663 14 463 27 102 35 10 016 25.000 8 768 7 989 30 20.000 25 15.000 20 26 482 23 822 15 10.000 19 895 19 113 21 348 10 5.000 5 0 0 2015 2016 2017 2018 2019 RTM Equipment revenues, MSEK Aftermarket share of revenues, % Aftermarket revenues, MSEK Average aftermarket share of revenues, % 16 Driving the future in intelligent mining and infrastructure Leadership in automation, digitalization and battery • Market leading offering in automation and information Increasing levels of machine automation management solutions • Strong market attention for 6th Sense • 60% of equipment delivered with rig control system • 3 400 machines delivered with connectivity Mixed fleet automation • 43 projects for automation underground Fleet automation Multi machine MINE – 600 drill rigs equipped for complete automation of the automation INSIGHTS MINE drilling process INSIGHTS Single machine MINE – 30% increase in utilization of connected Simba production automation INSIGHTS Tele-remote drills globally Onboard MINE operator assist INSIGHTS functions MINE • Autonomous and teleremote surface drilling in 16 INSIGHTS countries on 5 continents • Leader in battery-electric vehicles with 100 000 hours of operations 17 Value creation Solid revenue growth Improving profitability 50 000 12 000 30 45 000 11 000 41 127 10 000 +12% 25 40 000 +9% 38 285 9 000 8 282 35 000 20.1 8 000 18.9 19.3 20 31 364 18.1 7 385 30 000 28 663 16.8 27 102 7 000 5 930 25 000 6 000 15 5 175 20 000 5 000 4 548 4 000 10 15 000 3 000 10 000 2 000 5 5 000 1 000 0 0 0 2015 2016 2017 2018 Sep. 2019 12M 2015 2016 2017 2018 Sep. 2019 12M Revenues, MSEK Operating margin, % Operating profit, MSEK Operating margin, %, adjusted* *Adjusted for the split costs from Atlas Copco (until 2018), change in provision for 18 long-term incentive programs, and restructuring costs of MSEK 179 in Q3 2019 Sustainability is integrated In our own and customer’s operations Code of Automation Conduct Responsible ”Walk the and efficient talk” value chain Zero Diversity emission 19 Financial goals Goals Description 2015 - 2018 Sept. 2019* Compound Growth Annual revenue growth of 8% over a business cycle annual growth 10% 14% rate Average Industry-best operating margin, with strong resilience over Profitability operating 18.3% 20.1% the cycle margin Improve capital efficiency and resilience. Average ROCE Capital efficiency 25.7% 29.5% Investments and acquisitions shall create value Have an efficient capital structure and have the flexibility to Rating BBB+ Capital structure make selective acquisitions. The goal is to maintain an with a stable outlook investment grade rating Provide long-term stable and rising dividends to its Dividend for 2018 corresponds shareholders. The dividend should correspond to 50% of net Dividend policy to 47% of net profit profit over the cycle *12 months until September 2019, reported 20 This is Epiroc today. Together, we have built it, together we will grow it. United in performance. Inspired by innovation. Uncertainty weighs on near-term robust market Robust production level among Mineral prices at good levels Strong customer focus for customers supporting strong improved productivity – leading to growth in aftermarket strong growth in connectivity and 150 150 automation 140 140 130 130 120 120 Global uncertainty increases 110 110 cautiousness and leads to 100 100 delayed projects 90 90 80 80 70 70 Actions to improve our efficiency 60 60 and resilience 2017 2019f 2020f 2021f 15 Dec. 16 Jun. 16 Mar. 16 Sep. 16 Dec. 17 Jun. 18 Sep. 18 Dec. 17 Mar. 19 Mar. 17 Sep. 19 Jun. 17 Dec. 18 Mar. 18 Jun. 19 Sep. 50 2018 50 Copper production, kt, index Nickel production, kt, index Zinc production, kt, index Epiroc - Mining index, weighted price change Citi: 4Q 2019 Commodities Market Outlook 22 Softer equipment demand, strong aftermarket Orders received, Equipment Orders received, Service Orders received, T&A 5 000 5 000 5 000 4 500 4 500 4 500 4 234 4 054 4 097 4 147 4 000 4 000 4 000 3 713 3 761 3 806 3 601 3 580 3 589 3 500 3 147 3 355 3 442 3 500 3 388 3 500 3 281 3 181 3 142 3 053 3 112 2 982 2 826 3 000 3 000 3 000 2 760 2 676 2 727 2 665 2 341 2 550 2 470 2 500 2 500 2 500 2 306 2 270 2 239 2 197 2 285 2 000 2 000 2 000 1 500 1 500 1 500 1 000 1 000 1 000 500 500 500 0 0 0 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Orders received, Equipment, MSEK Orders received, Service, MSEK Orders received, Tools & Attachments, MSEK 23 Near-term demand expectations Epiroc Q3 Outlook “In the near-term, we expect that the demand will remain largely at the level seen in the third quarter. That said, the economic environment continues to be uncertain.” Medium term - replacement demand Equipment fleet, by year of commissioning • 24% of the equipment is older than 10 years • The average age is about 7 years • Utilization/running hours, maintenance, midlife services, etc. impact the condition of the machines – Average age and running hours vs. expectancy higher for underground equipment 2015 or later 2010-2014 2005-2009 2004 or earlier Data based on orginal commissioning date 25 Long term market dynamics attractive! A growing world… Increases the underlying need for infrastructure and minerals We have a strong position and the right solutions to … with increasing challenges to meet customers’ challenges meet the demand… Driving cost of hard rock excavation Safe and sustainable solutions, increased productivity
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