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Results Q1 2018

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Results Q1 2018 RESULTS Q1 2018 Wielton Group Wieluń 22.05.2018 Leading European player • Manufacturer of semi-trailers, trailers and car bodies for road transport and agriculture • One of the youngest and most dynamic 3rd MOSKWA companies in the industry - 22 years old in Europe • Multibrand - A group based on strong MIŃSK local brands WALTROP WIELUŃ • Own, modern R&D facilities – only R&D KIJÓW Centre in Poland, second in Europe AUXERRE 10th • Extensive product portfolio - 11 groups • International service network - over 600 in the world PESCARA service points • Experienced crew - 2,600 people in the Group, 260 engineers ABIDŻAN PRODUCTION CENTRES ASSEMBLY PLANTS TRADE COMPANIES Key data for Q1 2018 • In Q1 2018, sales revenues were close to PLN 0.5 billion (an increase of almost 30% y/y; Q1 2017 Q1 2018 the consolidation of Langendorf brought over PLN 65 million). Volume 3 650 ea. + 20,2 % 4 386 ea. • The EBITDA margin amounted to PLN 33.3 Revenues 380.1 M PLNł + 26,3 % 479,9 M PLN million - compared to Q1 2017 it was higher by EBITDA 28,3 M PLN + 17,7 % 33.3 M PLN nearly 18%. • EBIT exceeding 5.3% (5.7% a year earlier) EBITDA margin 7.4 % - 0,5 pp 6.9 % with a profit of over PLN 25 million - nearly EBIT 21.7 M PLN + 18,0 % 25.6 M PLN PLN 4 million more than the previous year. EBIT margin 5.7 % - 0,4 pp 5.3 % • Net profit amounted to PLN 20.2 million (a year earlier it was PLN 16.4 million), including PLN 2.9 16.4 + 23,2 % 20.2 Net profit M PLN M PLN million due to the asset from the investment bonus. Net margin 4.3 % - 0,1 pp 4.2 % • The achieved net profit was record-breaking, in terms of Q1. Sales and revenues Structure [%] 31,5% 68,5% • In the first quarter of 2018, the Wielton Group +20.2% 4 386 3 650 sold 4,386 road trailers and semi-trailers as PL 3.3% EX +14.9% 1 381 well as agricultural products, an increase of ] PL 1 202 20.2% y/y. 6.7% +22.8% Sales Sales [units EX 2 448 3 005 • Foreign sales in the Wielton Group in Q1 2018 accounted for nearly 70% of the total volume. 1Q 2017 1Q 2018 • The increase in the volume of foreign sales Q1 2017 by 22.8% y/y to 3,005 units was the result of a Q1 2018 very good economic situation in Russia, as well 479,9 as in Germany. +26,3% 27,8% 72,2% 380,1 133,2 • Exports accounted for over 72% of sales +10.2% PL 31,8% EX PL 120,9 revenues, which is an increase of 4 percentage Sales Sales 259,2 +33.8% 346,7 points compared to the previous year revenues revenues EX 68,2% (in PLN millions) PLN(in 1Q 2017 1Q 2018 Market share and sales Poland Product sales headquarters: Sales [units] revenues Wieluń, Poland [in PLN mln] +14,9% 1 381 1 202 115,1 +8,8% 125,2 Market share - Q1 2017 Q1 2018 Q1 2017 Q1 2018 based on vehicle registrations Q1 2018 15,2% • After the first quarter of 2018, the market increased by 9.2% y/y to 6,875 registered vehicles at that time. Q1 2017 16,9% • Increased sales of high volume combinations contributed to reducing market shares, Market size as well as the average price of sales products. Q1 2018 6 875 • Domestic sales amounted to 1,381 units (including AGRO products) - and were higher 3rd by 14.9% compared to the same period last year. position • After the first quarter of 2018, revenues from sales of products on the domestic market increased by 8.8% y/y, reaching PLN 125.2 million. Market share and sales France Product sales Headquarters: Sales [units] revenues Auxerre, France [in PLN mln] 1 463 -5,5% 1 382 168,9 -6,6% 157,8 Market share - Q1 2017 Q1 2018 Q1 2017 Q1 2018 based on vehicle registrations Q1 2018 18,6% • In the first quarter of 2018, the French market increased by 12% y/y Q1 2017 22,0% to 7,137 vehicles. Market size • Fruehauf SAS makes full use of the available production capacities, Q1 2018 which are temporarily limited due to the current investment in a robotic 7 137 1st chassis production line. position • Fruehauf SAS has a portfolio of orders up to 2019. Investments – Fruehauf Market share and sales Italy Product sales Headquarters: Sales [units] revenues Pescara, Italy [in PLN mln] 223 -17,0% 185 20,3 -9,9% 18,3 Market share - Q1 2017 Q1 2018 Q1 2017 Q1 2018 based on vehicle registrations Q1 2018 4,3% Q1 2017 4,7% • After the first quarter of 2018, the Italian market grew by 13.9% y/y, reaching 4,990 vehicles registered at that time. Market size Q1 2018 • Viberti recorded a drop in sales due to the shifting of available 4 990 5th production slots to other markets that are currently experiencing position record highs, e.g. Russia or Poland Market share and sales Russia Product sales Headquarters: Sales [units] revenues [in PLN mln] Moscow, Russia 458 +36,3% 40,4 336 +39,3% 29,0 Market share - Q1 2017 Q1 2018 Q1 2017 Q1 2018 based on vehicle registrations Q1 2018 3,8% • The continuing favourable situation on the Russian market translated into increased sales of all products – total sales in the first quarter of 2018 amounted to 458 units. Q1 2017 3,5% • This is 36.3% more compared to the same period last year when 336 units were sold, Market size and resulted in increasing revenues by 39.3% to over PLN 40 million. Q1 2018 6 322 4th • The sale of tipper bodies is not included in the registration statistics (229 items) because these products were sold to truck manufacturers (mainly Scania, Volvo, position and MAN). *Udział w rynku producentów europejskich producentów rynku w *Udział Market share and sales Germany Product sales Headquarters: Sales [units] revenues Waltrop, Germany [in PLN mln] 348 +954,5% 65,6 +2 329,6% 33 2,7 Q1 2017 Q1 2018 Q1 2017 Q1 2018 Market share - based on vehicle registrations Q1 2018 1,6% • In the first quarter of 2018, the consolidated sales of Wielton GmbH and Langendorf amounted to 348 units, and the revenues of the companies reached PLN 65.6 million. Market size • This amount includes the sales of Wielton GmbH (64 units) and Langendorf (284 units) Q1 2018 in the period of January-March 2018. 13 699 • The market size was 13,699 units, and the market share of the Wielton Group was 1.6%. Structure of product portfolio Q1 2018 Q1 2018 Q1 2018 Q1 2018 • 11 product families 34% 21% 12% 10% over 800 configurations • One of the widest product ranges among UNIVERSAL TIPPER COSED-BOX HIGH VOLUME European producers SEMI-TRAILERS SEMI-TRAILERS SEMI-TRAILERS COMBINATIONS • Close cooperation with customers and suppliers to fully match products to the needs of the recipient 1Q 2018 1Q 2018 1Q 2018 1Q 2018 1Q 2018 6% 5% 5% 5% 2% CONTAINER TIPPER TRAILERS AGRO TRAILERS INLOADERS New product group of (including low loader SEMI-TRAILERS Langendorf vehicles and othera) Backlog Backlog WSA order portfolio for 31.03.2018 • portfolio of signed orders that are waiting to be produced and delivered to the customer • determines perspective contract sales Backlog = 15 weeks in the reporting period 4125 open orders 15 weeks = • provides a level of security for planning 267 weekly capacity production work Backlog Germany 540 Wielton S.A. – 15 weeks France 2892 Fruehauf – 24 weeks Langendorf – 24 weeks Poland 4 125 1Q 2018 Consolidated Profits and Margins • Gross margin close to 14% (a year earlier EBITDA EBIT Net profit it was 13.3%) with a nominal value of PLN [PLN m] [PLN m] [PLN m] 67 million, more than 32% higher than a year earlier. • EBITDA higher by 17% higher y/y includes 33,3 the Langendorf result of PLN 4.1 million. 25,6 28,3 +17,7% +8,0% 20,2 21,7 +18,0% +23,2% 16,4 • EBIT increased nominally by PLN 3.9 million, of which PLN 3.3 million was the 7,4% -0,5 pp 6,9% 5,7% -1,3-0,4 pp pp 5,3% 4,3% -0,1 pp 4,2% result of Langendorf. • Net profit of PLN 20.2 million, including 1Q 2017 1Q 2018 1Q 2017 1Q 2018 1Q 2017 1Q 2018 PLN 0.4 million attributable to the minority shareholder Langendorf. EBITDA result structure [PLN m] + 16,2 - 7,7 + 1,2 - 5,4 + 0,7 33,3 28,3 EBITDA 1Q 2017 Increased gross profit on sales Increased sales costs Increased general management Increased depreciation Changes in other revenues and EBITDA 1Q 2018 costs operational costs Summary of consolidated cash flow [PLN m] Operations Investments Finances Total flow Cash at the end of the period 69,9 74,9 40,4 25,7 22,6 17,2 22,3 1Q 2017 1Q 2018 -12,2 -14,1 -5,8 The Group maintains a strong financial position, which is confirmed by the high level of cash at the end of the period - in y/y terms it is an increase of 7.2% Balance sheet breakdown and debts [PLN m] Adequacy of resources and proper structure of financing sources • The balance sheet total exceeded PLN 1 billion (a year earlier it was PLN 852 million, Langendorf contributed PLN 100 million to the balance sheet total).
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