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H1 2017 RESULTS Wieluń – War Saw 11 September 2017

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H1 2017 RESULTS Wieluń – War Saw 11 September 2017 1 Page H1 2017 RESULTS Wieluń – Warsaw 11 September 2017 Manufacturer of semi-trailers, trailers and truck bodies for road transport and LEADING EUROPEAN PLAYER agriculture One of the youngest and the most dynamic companies in the industry – 20-year history rd International Group founded on 3 MOSKWAMOSCOW powerful local brands in Europe We own research-and-development MINSKMIŃSK modern facilities 2 WALTROP WIELUŃ Page KIJÓWKIEV Wide product portfolio – 15 groups t AUXERRE International service network – as 10 many as 200 locations PESCARA Effective sales network: h 75,000 vehicles with Wielton logo in the world MANUFACTURING ASSEMBLY COMMERCIAL Experienced team: ABIDJAN CENTRES PLANTS COMPANIES ABIDŻAN 2,500 people in the Group KEY EVENTS IN 2017 ■ New development strategy ■ Takeover of Langendorf 3 ■ Payment of dividend from 2016 profit Page ■ Works on the architecture of Wielton Group brands ■ Operating flows as the source of investment financing KEY DATA AND EVENTS IN H1 2017 DYNAMIC GROWTH AND INVESTMENTS Half-year The second quarter • Very dynamic income growth • We benefit from the boom by H1 2016 H1 2017 Q2 2016 Q2 2017 strengthening our market position • We use outsourcing to Income 551.8 m PLN +43.3 % 790.8 m PLN 376.6 m PLN +9.1 % 410.7 m PLN maximise our manufacturing potential 4 EBITDA 56.2 m PLN +2.0 % 57.3 m PLN 37.5 m PLN -22.7 % 29.0 m PLN • We have managed the Page Profitability remuneration expectations EBITDA 10.2 -3.0 7.2 10.0 -2.9 7.1% % pp % % pp % actively: an increase in January • Rising costs of raw materials EBIT 45.5 m PLN -2.0 % 44.6 m PLN 31.2 m PLN -26.9 % 22.8 m PLN • Periodic depreciation of the Profitability Russian ruble against major EBIT 8.2 % -2.6 pp 5.6 % 8.3 % -2.7 pp 5.6 % currencies Net profit 34.1 m PLN -6.7 % 31.8 m PLN 24.2 m PLN -36.4 % 15.4 m PLN • Strong Polish zloty – not favourable for exporters Net profitability 6.2 % -2.2 pp 4.0 % 6.4 % -2.7 pp 3.7 % DYNAMIC GROWTH OF SALES AND INCOME H1 Q2 Structure [%] • Dynamic growth of sales and income PL EX 69.6% • We strengthen our position in key +16.9% 7,746 30.4% 6,627 markets – as planned 2,355 ] -2.7% 36.5% 63.5% PL 2,421 3,563 +15.0% 4,096 • Backlog: higher by 25.4% YOY qty PL -6.2% 1,153 [ +28.2% 1,229 Sales 5,391 EX 4,206 5 EX 2,334 +26.1% 2,943 Page 2016H1 2017H1 2016Q2 2017Q2 2017H1 2016H1 PL EX Backlog [qty] 790.8 29.2% 70.8% 13,714 +43.3% FY 12,731 551.8 -0.3% 230.7 42.0% 58.0% 6,168 9,459 +9.1% 410.7 2H 5,813 PL 231.5 376.6 -6.9% 109.8 +74.9% 560.1 PL 118.0 1H 6,918 7,546 Income EX 320.3 [m PLN] [m EX 258.6 +16.4% 300.9 2016H1 2017H1 2016Q2 2017Q2 2015 2016 2017 PRODUCT SALES STRUCTURE THE RICH PRODUCT PORTFOLIO RESPONDS TO THE NEEDS OF ALL CLIENT GROUPS Inloaders – new product group of Langendorf MULTI-PURPOSE DUMPER CONTAINER CARGO 6 40% 18% SEMI-TRAILERS 7% 12% SEMI-TRAILERS CHASSIS SEMI-TRAILERS Page TRUCK DUMPER AGRO TRAILERS INLOADERS 8% BODIES 6% BODIES 5% 4% POLAND CONSISTENT INCREASE OF MARKET SHARES IN POLAND Head office: Sales [qty] Income [m PLN] Wieluń, Polska 2,420 -2.7% 2,355 221.1 -0.8% 219.4 Q2 -6.1%. 1,226 1,153 Q2 112.3 -7.1% 104.3 Q1 1,192 1,202 Q1 108.8 115.1 7 2016H1 2017H1 2016H1 2017H1 Page Market share by vehicle registration • Despite fluctuations in market trends, Wielton recorded stable growth of 2.6% H1 2017 15.9% +0.4pp YOY (by vehicle registration) and increased its share by 0.4pp to 15.9%. H1 2016 15.5% • The presence of Wielton in the majority of product groups ensures increases in Market size the volatile market. H1 2017 rd 12,252 • Significant year-on-year increases in manufacturers in the dumper segment – 3 Wielton keeps its leader position in the dumper segment. place • At the end of the second quarter, the Polish market returned to the level of the previous year. FRANCE FRUEHAUF – THE LEADER OF A FAST-GROWING MARKET Office: Sales [qty] Income [m PLN] Auxerre, France +15.5% 2,817 2,439 308.5 +4.0% 320.9 1,354 Q2 +4.3% 1,298 Q2 153.7 -1.1% 152.0 Q1 1,141 1,463 Q1 168.9 154.8 8 2016H1 2017H1 2016H1 2017H1 Page Market share by vehicle registration H1 2017 21.9% +2.0pp • The French market grew by almost 9% while the number of registered H1 2016 19.9% Fruehauf vehicles increased by 20%. • Market share of the Wielton Group company increased by 2.0pp to Market size H1 2017 st 21.9% which reinforced its position of the leader. 12,807 1 place ITALY VIbERTI GROWS TWICE AS FAST AS THE VERY DYNAMIC MARKET Office: Sales [qty] Income [m PLN] Pescara, Italy 483 45.5 +50.9% +35,2% 320 33.7 260 25.2 +29.4% +22.3% Q2 201 Q2 20.6 223 20.3 Q1 119 Q1 13.1 9 Market share 2016H1 2017H1 2016H1 2017H1 Page by vehicle registration H1 2017 5.1% +0.7pp • After an increase of 12% in Q1, the growth on the Italian market H1 2016 4.4% accelerated to 23% YOY. • The sales of Vibert products went up by more than 50% in the first half Market size H1 2017 th of the year. 8,891 5 • The share in the Italian market increased by 0.7pp to 5.1% which place ensured the strengthening the 5th place. • The dynamics of the Italian market is partly fuelled by government programmes to support the investment in the renewal of semi-trailer stock in Italy by SMEs. RUSSIA WIELTON BENEFITS FROM VERY STRONG MARKET INCREASES IN RUSSIA Office: Sales [qty] Income [m PLN] Moscow, Russia 139 +474.8% 799 12.5 +455.7% 69.6 +317.1% 463 +326.7% 40.6 Q2 111 Q2 9.5 336 29.0 10 Q1 28 Q1 3.0 Market share 2016H1 2017H1 2016H1 2017H1 Page by vehicle registration • Nearly six-fold increase in Wielton sales on the market that grows very H1 2017 3.8% -2.1pp H1 2016 5.9% dynamically in 2017, following stagnation in previous years. among • The sales of dumper bodies in cooperation with truck manufacturers, Market size H1 2017 which is a significant part of Wielton sales in Russia, are not included in 10,108 the market share (as the vehicles are registered under the brands of dumper manufacturers). TOP 3 market leaders CONSOLIDATED PROFIT AND PROFITAbILITY DETERMINANTS OF TEMPORARY PROFITAbILITY DECREASE EBITDA EBIT Net profit The following factors lower the profitability: • the growth of raw material costs was key from the perspective of actual profitability levels; • the growth of remuneration costs as the response 56.2 +2.0% 57.3 to the expectations of the staff; 45.5 -2.0% 44.6 • due to our own limited resources, the excellent 34.1 -6.7% 31.8 economic situation forced the need for partial 10.2% -3.0pp 8.2% outsourcing of technological processes, which in 1H 7.2% -2.6pp 6.2% 5.6% -2.2pp 4.0% consequence increased the production costs; • increase in sales costs associated with a sharp 11 2016H1 2017H1 2016H1 2017H1 2016H1 2017H1 increase in turnover on the Russian market; Page • PLN appreciation with simultaneous depreciation of RUB against EUR. When comparing the YOY performances, please note 37.5 the one-off event (PLN 2.5m due to valuation of shares -22.7% 29.0 31.2 -26.9% related to the change in consolidation method) at the 22.8 24.2 -36.4% EBIT level of H1 2016. 10.0% 15.4 2Q -2.9pp 7.1% 8.3% -2.7pp 6.4% There was no ”one-off events” in H1 2017. 5.6% -2.7pp 3.7% The comparability of profitability is harder due to the change in the consolidation method. 2016Q2 2017Q2 2016Q2 2017Q2 2016Q2 2017Q2 EBITDA RESULT STRUCTURE IMPACT OF INDIVIDUAL FACTORS ON EBITDA H1 12 Page Q2 CONSOLIDATED CASHFLOW SOLID CASH POSITION THANKS TO VERY STRONG OPERATING FLOW Operations Investments Financial Total flow Cash for the end activity of the period 64.8 67.2 57.0 34.1 26.0 13 17.1 Page -6.8 -5.2 2016H1 2017H1 -10.2 -25.8 • Broad stream of funds from operations • Distribution of funds for capital expenditure • Dividend payment of PLN 15.1 m BALANCE STRUCTURE AND DEBT CONSTANTLY STRONG FINANCIAL POSITION Basic items of the balance sheet [PLN m] As in previous periods, the financial situation is 885.7 885.7 very good: • In H1 2017 there was a change in the structure of interest debt: the reduction of 424.0 Short-term debt Current assets 574.1 short-term loans by 42.9% to PLN 33.7m, while the long-term credit increased by 36.0 incl. credit, loans, leasing 52.3% to PLN 106.3m; 14 incl. cash and cash 144.2 Long-term debt • the ratio of net debt to EBITDA invariably 108.0 incl. credit, loans, leasing Page equivalents 67.2 at a very safe level of 0.7 as well as the overall debt – slightly above 60%.
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