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Results FY 2018

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Results FY 2018 Results FY 2018 Wielton Group April 2019 Leading • Manufacturer of semi-trailers, trailers and car bodies for road transport and European agriculture player • One of the youngest and most dynamic companies in the industry - 23 years old • Multibrand – a Group based on strong local brands Top • Own, modern R&D facilities – the only 10 R&D Centre in Poland, second in Europe in the world • Extensive product portfolio - 12 groups, 800 configurations • International service network - over 600 service points • Experienced team of nearly 3,380 people in the Group, including approx. 300 experienced engineers TRADE COMPANIES ASSEMBLY PLANTS PRODUCTION CENTRES Key events in 2018 1 Acquisition of Lawrence David in September 2018 - incorporation into the Group 2 Real estate purchase in Italy Signing a contract with a consortium of three banks for co- 3 financing the Group's ongoing operations and investment projects Implementation of the Management by Objectives (MBO) programme 4 within the organisation 5 Completion of the KTL project at the plant in Wieluń – process launch Fulfilling the conditions for the permit of the Łódź Special 6 Economic Zone (up to a maximum of 45 million) and obtaining a decision on investment support up to 35% 7 Implementation of the new product family M4 – Curtain Master Significant events impacting 2018 results Launching new investments (temporary New Managing Director at Fruehauf 1 5 cost increase) Increased operating costs related to the 2 Rising costs of raw materials 6 paint shop fire Settling transaction costs related to the 3 Increased wages 7 acquisition of Lawrence David Decrease in operational efficiency due to Recognized assets from the investment 4 high employment turnover - 8 premium implementation of new employees Key data for FY 2018 Key data for FY 2018 FY 2017 FY 2018 Sales revenues over PLN 2 billion Volume 15 109 ea. +21,8 % 18 396 ea. (an increase of 29.5% y/y). Revenues 1 597.2 M PLN +29,5 % 2 068.3 M PLN EBITDA 116.1 M PLN +11,8 % 129.8 M PLN EBITDA profit of PLN 129.8 million (an increase of 11.8% y/y) EBITDA Margin 7.3 % -1,0 pp 6.3 % EBIT 89.0 M PLN +8,0 % 96.1 M PLN EBIT with a profit of PLN 96.1 million (an increase of 8.0% y/y) EBIT Margin 5.6 % -1,0 pp 4.6 % Net profit 83.4 M PLN -14,9 % 71.0 M PLN Net profit amounting to PLN 71.0 million (a decrease of 14.9% y/y) Net margin 5.2 % -1,8 pp 3.4 % Sales and revenues Structure [%] Sales of 18,396 units (an increase of 21.8% y/y) 26,4% 73,6% 18 396 +21.8% 15 109 4.859 Poland Abroad Foreign sales - over 73% of the total volume (an +7.1% Poland 4.535 [30,0%] ] increase of 3.6% y/y) 70,0% units Sales Sales 13.537 [ 10.574 +28.0% Abroad Revenues from foreign sales nearly PLN 1.6 billion FY 2017 FY 2018 (an increase of 36.3% y/y) FY 2017 FY 2018 Higher revenues as a result of: 2 068.3 +29.5% 24.5% 1 597.2 75.5% 506.0 +12.2% • organic growth (+ 76.6%) ] Poland Poland Abroad 451.1 28.2% 1 562.3 in M PLN Min [ Abroad 1 146.1 +36.3% • acquisition (+ 23.4%, PLN 110 million) 71.8% Sales Sales revenues FY 2017 FY 2018 Market share Sales Poland Wielton on the Polish market Market share Sales Product sales revenues based on vehicle registrations [units] [M PLN] 4 859 4 535 +7.1% 419.8 +9.8% 461.1 FY 2018 15.5% FY 2017 15.8% No.3 Market size FY 2018 26,120 FY 2017 FY 2018 FY 2017 FY 2018 Market increase of 9.6% y/y to 26,120 units Sales increase of 7.1% y/y with 4,859 product units Market share of 15.5% with 4,038 units Revenue increase of 9.8% y/y to PLN 461.1 million Market share Sales France Fruehauf Product sales revenues Market share Sales [M PLN] based on vehicle registrations [units] 627.6 5 020 +6.6% 5 352 577.3 +8.7% FY 2018 18,3% FY 2017 19,9% No.1 Market size FY 2018 27,979 FY 2017 FY 2018 FY 2017 FY 2018 Market increase of 14.4% y/y to 27,979 units Sales increase of 6.6% y/y with 5,352 product units Market share of 18.3% with 5,118 units Revenue increase of 8.7% y/y to PLN 627.6 million Market share Sales Italy Viberti Market share Sales Product sales revenues[M based on vehicle registrations [units] PLN] 882 -16.1% 740 85.0 -11.2% 75.5 FY 2018 4,8% FY 2017 5,2% No. 5 Market size FY 2018 15,803 FY 2017 FY 2018 FY 2017 FY 2018 Market decrease by 14.4% y/y to 15,803 units Sales decrease by 16.1% y/y with 740 units Market share of 4.8% with 754 units Revenue decrease by 11.2% y/y to PLN 75.5 million Market share Sales Russia * Wielton Russia on the Russian market Market share Sales Product sales revenues based on vehicle registrations [units] [M PLN] 1 972 188.9 1 758 +12.2% 155.0 +21.9% FY 2018 3,0% FY 2017 2,9% No. 8 Market size FY 2018 33,195 FY 2017 FY 2018 FY 2017 FY 2018 *sales to Russian market – not only Wielton Russia Sales increase of12.2% y/y with 1,972 product units Ranks 5th among all European producers in Russia. Market increase of 22.2% y/y to 33,195 units Revenue increase of 21.9% y/y to PLN 188.9 million Ranks 8th among all producers, including local brands Market share of 3.0% with 1,003 units Sales of tipper bodies is not included in the registration statistics (828 units). Market share Sales Germany Langendorf Market share Sales Product sales revenues based on vehicle registrations [units] [M PLN] 1099 234.5 196.0* 1,4% +7.2% FY 2018 1025* +19.6% 1,7% FY 2017 No. 9 Market size FY 2018 51,775 FY 2017 FY 2018 FY 2017 FY 2018 *pro forma of sales and revenues for FY2017 Geographical sales structure [%] Abroad Germany Sales increase of 7.2% y/y with 1,099 product units 43% 1 099 Sales by Langendorf Market share based on registrations - Revenue increase of 19.6% y/y to PLN 57% 1.4% with 746 product units 234.5 million FY 2018 Foreign sales: 43.0% Market share Sales Great Britain Lawrence David Market share Sales Product sales revenues based on vehicle registrations [units] [M PLN] 4 093* 379.4* 3 518* +19.7% FY 2018 10.3% +16.3% 316.9* 1194 4Q 2018 101.5 4Q 2018 FY 2017 9,0% No. 2 Market size FY 2018 23,666 FY 2017 FY 2018 FY 2017 FY 2018 * pro forma of sales and revenues for FY 2017 and FY 2018 Market size: 23,666 units Sales: 1,194 product units in Q4 Market share of 10.3% with 2,433 Revenue of PLN 101.5 million for Q4 registered products (data for the period of January through December) Structure of product portfolio FY 2017 FY 2018 FY 2017 FY 2018 FY 2017 FY 2018 FY 2017 FY 2018 Q4 2018* *3.5% - percentage of all Last Mile products sold by Lawrence David 34% 35% 18% 20% 12% 12% 8% 7% 1% in 2018 in relation to the total sales UNIVERSAL TIPPER SEMI- VAN HIGH VOLUME LAST MILE BODIES of the Wielton Group SEMI-TRAILERS TRAILERS SEMI-TRAILERS COMBINATIONS FY 2017 FY 2018 FY 2017 FY 2018 FY 2017 FY 2018 FY 2017 FY 2018 FY 2017 FY 2018 11% 9% 6% 5% 5% 5% 5% 4% 1% 2% INLOADERS SEMI-TRAILER TIPPER BODIES AGRO TRAILERS New product group of CONTAINER (including low loader Langendorf CHASSIS vehicles and others) Consolidated Profits and Margins 129.8 116.1 +11.8% 96.1 89,0 83,4 +8.0% 71.0 -14.9% The Group's financial results were heavily influenced by one-off 7,3% -1.0 pp 6.3% events. 5,6% -1.0 pp 4.6% 5,2% -1.8pp 3.4% 1-3QFY 2017 2017 1-3QFY 2018 2018 1-3QFY 2017 2017 1-3QFY 2018 2018 1-3QFY 2017 2017 1-3QFY 2018 2018 EBITDA EBIT Net profit [M PLN] [M PLN] [M PLN] EBITDA Breakdown [M PLN] +65.7 -26.7 -21.5 +6.7 -2.6 -7.8 129.8 116.1 EBITDA FY 2017 Increased gross profit on Increased sales cost Increased general Increased depreciation Changes in other Profit on the occasional EBITDA FY 2018 sales overhead costs revenues and operational aquisition of subsidiary costs Summary of Consolidated Cash Flow [M PLN] Operations Investments Finances Total flow Cash at the end of the period 114,8 124,2 66,5 49,4 36,3 21.5 12,3 FY 2017 FY 2018 -14,0 -124,0 -204,7 The Group continues to generate free cash flows from operating activities. Decrease in cash flow is due to an increase in working capital by PLN 63 million. The free cash balance of PLN 36.3 million confirms the financial stability of the Group. Balance Sheet Breakdown and Debts [M PLN] Adequacy of resources and proper structure of financing sources 1414.1 1414.1 362.3 Equity capital Fixed assets 576.8 328.8 Long-term debt 251.0 Including credits, loans and leasing Current assets 837.3 723.0 Short-term debt 132.4 including cash and cash Including credits, loans and leasing equivalents 36.3 Assets Liabilities 2020 Strategic Goals PLN 2.4 billion 25,000 8.0% Sales revenues Sales EBITDA margin Wielton Group sales Wielton sales revenues Wielton Group’s EBITDA Implementing (in thousands) (in PLN billion) margin sales goals (%) 8,9% 25,0 2020 Goal Cel 2020 2,4 7,3% 2020 Goal 8,0% 2,1 18,4 6,3% 15,1 1,6 12,9 1,2 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Projects Completed projects Projects in progress Automated KTL painting line Refrigeration Plant • anti-corrosive protection of chassis and crates by cataphoresis • construction works on the prototype • development of cooling panel technology Assembly line New paint shop Packaging warehouse • Automated spray painting line for anti-corrosive protection of steel and aluminum New welding hall New technologies for cutting and bending metal plates • technology behind producing steel components for trailers and Automated production line in Auxerre semi-trailers • the project will cost PLN 29 million, of which PLN 13 million will be co-financed by the EU via the National Centre for Research and Development Projects to improve operations • automation of production processes • modernisation of the machine park The Wielton Group in 2019 – challenges Operational excellence – utilising the projects completed in 1 2018 • production efficiency and effectiveness • quality • working capital 2 Improving Group management processes • utilising the Group’s operational potential • strategic role of the production plant in Wielun • transferring technologies from the UK 3 Operational plan for Viberti New products 4 • innovative solutions –Amazon and Falcon projects Wielton's response to changes in the industry Initiatives undertaken by the Goals set out in the agreement between Wielton Group to meet new the governments of the European Union environmental standards: Member States and the European Parliament: Reduce CO2 emissions from heavy 1 Involvement in the FALCON 1 goods vehicles by 30% of the 2019 project industry average by 2030.
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