Keybanc Industrial, Automotive, and Transportation Conference - May 29, 2013

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Keybanc Industrial, Automotive, and Transportation Conference - May 29, 2013 Lincoln Electric Holdings, Inc. Update KeyBanc Industrial, Automotive, and Transportation Conference - May 29, 2013 John M. Stropki Executive Chairman Vincent K. Petrella SVP and Chief Financial Officer Safe Harbor & Reg-G Forward-Looking Statements: Statements made during this presentation which are not historical facts may be considered forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied. Forward-looking statements generally can be identified by the use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “forecast,” “guidance” or words of similar meaning. For further information concerning issues that could materially affect financial performance related to forward-looking statements, please refer to Lincoln Electric’s quarterly earnings releases and periodic filings with the Securities and Exchange Commission, which can be found on www.sec.gov or on www.lincolnelectric.com. Non-GAAP Measures: Our management uses non-GAAP financial measures in assessing and evaluating the Company’s performance, which exclude items we consider unusual or special items. We believe the use of such financial measures and information may be useful to investors. Non-GAAP financial measures should be read in conjunction with the GAAP financial measures, as non-GAAP measures are a supplement to, and not a replacement for, GAAP financial measures. Please refer to the attached schedule for a reconciliation of non-GAAP financial measures to the related GAAP financial measures. 2 A Proud History 3 World-Class Arc Welding and Cutting Products Virtual and Automated welding MIG & TIG consumables Soldering Welding and Consumables Brazing alloys PowerPower Wave Wave ® 65% AC/DCAC/DC 1000 1000 ® SD Welding Equipment 35% Stainless, Nickel & High Alloy Welder/Generator – consumables, Submerged Arc, Engine Drive Stick Electrodes, Cobalt Fume extractor CNC Cutting Gas regulators, welding Flux-Cored Wire System guns and torches, accessories Plasma cutter Orbital TIG welding 4 Lincoln Electric: Dynamic and Evolving Company 45 Manufacturing Facilities in 19 Countries CLEVELAND, OHIO MISSISSAUGA, CANADA PORT TALBOT, WALES GLOBAL HEADQUARTERS DZIERZONIOW, POLAND Consumables Consumables OREL, RUSSIA Consumables & Consumables CLEVELAND, OHIO TORONTO, CANADA ESSEN, GERMANY Gas Apparatus REGIONAL HEADQUARTERS Equipment & Consumables Pipe Mill Welding Systems BIELAWA, POLAND LUAN COUNTY, CHINA North America Consumables CLEVELAND, OHIO Equipment RENO, NEVADA NIJMEGEN, NETHERLANDS LOS ANGELES, CALIFORNIA Equipment, Consumables Consumables JINZHOU, CHINA CNC Cutting Equipment & Automation Gas Apparatus Consumables MENTOR, OHIO BALTIMORE, MARYLAND SAN DIEGO, CALIFORNIA ZHENGZHOU, CHINA Consumables Consumables MTSENSK, RUSSIA Automated Welding Systems Consumables Consumables FT. LORAMIE, OHIO MASON, OHIO NANJING, CHINA SAN DIEGO, CALIFORNIA Automated solutions REGIONAL HEADQUARTERS ISTANBUL, TURKEY Pipe Cutting Equipment Harris Products Group Consumables Consumables ANAHEIM, CALIFORNIA MASON, OHIO SHEFFIELD, UNITED KINGDOM AREZZO, ITALY Accessories Consumables Consumables Consumables TIJUANA, MEXICO GAINESVILLE, GEORGIA CHERTSEY, UNITED KINGDOM SHANGHAI, CHINA Consumables & Accessories GENOVA, ITALY Gas Apparatus Consumables Equipment Equipment & Consumables TORREON, MEXICO ROUEN, FRANCE SHANGHAI, CHINA Equipment & Consumables MEXICO CITY, MEXICO LISBON, PORTUGAL Consumables REGIONAL HEADQUARTERS Consumables Consumables Asia Pacific BARCELONA, SPAIN BOGOTA, COLOMBIA REGIONAL HEADQUARTERS Consumables Europe, Middle East, Africa & Russia MARACAY, VENEZUELA CHENNAI, INDIA Consumables Consumables GUARULHOS, BRAZIL GLOBAL HEADQUARTERS Consumables JAKARTA, INDONESIA Lincoln Electric Consumables Cleveland, Ohio USA SAO PAULO, BRAZIL Brazing Consumables REGIONAL HEADQUARTERS SAO PAULO, BRAZIL North America REGIONAL HEADQUARTERS Cleveland, Ohio USA South America South America Sao Paulo, Brazil Europe, Middle East, Africa & Russia Barcelona, Spain Asia Pacific Shanghai, China Harris Products Group Mason, Ohio USA 5 Global Sales Shift to BRICs Sales by Destination 2002 2012 BRIC 3% BRIC 15% Rest of World 30% North North America America Rest of World 30% 67% 55% BRIC= Brazil, Russia, India, China North America = United States, Canada, Mexico 6 Lincoln Electric’s “2020 Vision” “2020 Vision” Goals • >$4B Net Sales • >15% Operating Margin • Average 15% ROIC (through the cycle) • 15% Operating Working Capital 7 Strategic Growth Drivers PROFITABLE GROWTH IMPROVED PROFITABILITY & RETURNS • Leverage breadth of product and • Cost improvements process solutions • Operational excellence • Penetrate attractive, high-growth global end markets and regional segments • Favorable mix and portfolio management • Develop distribution channels • Improved working capital efficiency • Ongoing investment in new product development • Grow and train our own technical sales force 8 Leveraging Products & Process Solutions Globally Penetrate Critical Global End Markets + = + + = + + + = + + + =+ = 9 Developing Key Channels • 200 person technical sales force in North America • Similar program launched globally Direct to Industrial Rental Retail End User Distribution Network 10 Innovation is a Major Driver R&D Expenditures • Industry’s most comprehensive R&D $40 program $37 $35 $33 $30 $28 $29 • Approximately 50% of 2012 equipment $26 $27 $24 $25 $22 sales were new products developed $20 and introduced over the last 5 years $20 $19 $15 $10 • Industry-leading technology $5 $0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Lincoln leads the arc welding industry in new product introductions 11 Active Across the Diversified $20B Global Arc Welding Industry $20B 12 Opportunity to Expand Our Presence in Targeted Areas Estimated Regional Market Share 40% North America 35% $4.2B 30% 25% Latin America 20% EMEA $1.6B $5.2B 15% 10% Asia Pacific Estimated Market Share $9.0B 5% 0% 0% 2% 4% 6% 8% 10% Regional Industry Growth Rate 13 Fragmented Global Competitive Landscape Global Market Share Estimates Lincoln Electric Others The top 3 companies ESAB compete in (Colfax) Equipment and Consumables Kemppi Fronius ITW Hyundai Golden Bridge OTC Kobelco Hypertherm Big Bridge Atlantic Panasonic Air Liquide Bohler Messer Victor Technologies (Thermadyne) 14 * Amounts based on the Company's estimate of the total market and include sales of equity affiliates Economic Variables Impacting Our Industry Industrial Production/Capacity Utilization (U.S.) Global Steel Production: 2012-March 2013 (WSA) 140,000 20% 120,000 15% 100,000 10% 80,000 5% 60,000 0% 40,000 YoYGrowth% Production (Mt) 20,000 -5% 0 -10% Global China ROW Global (%) China (%) ROW (%) U.S. Purchasing Manager’s Index: 2009-April 2013 Share of World Crude Steel Production: 2012 70 ROW, 11.7% 60 Russia, 4.6% 50 Ukraine, 2.1% 40 EU-27, 10.9% China, 46.3% 30 Brazil, 2.2% 20 USA, 5.7% Japan, 6.9% South Korea, 7/1/2012 4/1/2009 7/1/2009 1/1/2010 4/1/2010 7/1/2010 1/1/2011 4/1/2011 7/1/2011 1/1/2012 4/1/2012 1/1/2013 4/1/2013 1/1/2009 India, 5.0% 10/1/2012 10/1/2010 10/1/2011 15 10/1/2009 4.5% Global Acquisition Strategy Expands Footprint MGM LEIM Tennessee Rand Electro-Arco Heli JINZHOU JINTAI WELDING METAL CO LTD SLE Acquisition Growth % of Sales 8% 7.0% 6% 5.8% 5.3% 4.9% 4% 3.4% 3.0% 3.0% 2.3% 2.0% 2% 0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 16 Financial Review Vincent K. Petrella SVP and Chief Financial Officer Net Sales ($ in Millions) 2012 Net Sales Mix By Net Sales: 2003-2012 2003-2012 Reportable Segment CAGR % 10.6% Harris $2,853 $334M, South America $2,695 Asia 12% $161M, 6% $2,479 Pacific $2,281 $324M, $2,070 $1,972 11% $1,729 $1,601 $1,333 $1,041 Europe $452M, 16% North America 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 $1.6B, 55% 18 Q1 Sales -- 2013 vs. 2012 ($ in Millions) $727 $719 (1.2%) $ Δ % Δ Volume $(44) (6%) Price $1 - Acq. $40 6% F/X $(6) (1%) Total $(9) (1%) Q1-2012 Q1-2013 On an average sales per shipping day basis – constant dollar sales were relatively steady YoY in Q1 19 LECO Historical Sales Mix Trends Pricing resilience through the cycle 40% 30.1% 28.1% 30% 23.1% 2.6% 3.1% 20.1% 2.3% 1.3%% * 19.7% 5.8% 20% 0.9%% 3.4% 15.7% 9.5% * 8.7% 5.3% 6.9% 7.0% 2.9% 3.2% 0.4% 2.0% 1.9% 5.9% 10% 3.7% (1.2%) 8.0% 15.5% 3.0% (30.2%) 14.1% 14.8% 13.2% 4.9% 4.2% 6.8% 7.8% 1.7% 5.5% 3.0% 1.3% 0% (2.0%) 0.1% (3.9%) (6.0%) (0.8%) -10% (29.8%) -20% (0.5%) -30% (2.9%) -40% 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1-13 Volume Price Acquisition FX * Differences due to rounding 20 Operating Income Margin Track record of expansion on mix improvement, pricing, and internal initiatives Operating Profit Margin – Excluding Special Items: 2003-2012 13.1% 12.2% 12.7% 11.5% 11.0% 9.6% 9.1% 8.3% 6.7% 7.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 21 Please refer to the appendix for reconciliation of non-GAAP measures Operational Excellence is a Key Focus Committed to Continuous Optimization Programs Aligning Platform Improvement for Growth and Margin Expansion • Lean manufacturing and Six Sigma • 8 facilities closed or consolidated since ‘09 – Implemented across the platform – Hundreds of projects completed annually • Realizing benefits from SAP deployments • Cost savings programs • Reshaping regional portfolios to maximize – Sourcing differentiation, value creation and margin – Productivity growth – Waste reduction • Leveraging global network to service growth • Deploying ISO 14001 profitably 22
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