Präsentation Q1 2013

Transcription

1st Quarter Results 2013
Detlef Borghardt, CEO
Wilfried Trepels, CFO
May 16, 2013
Agenda
2
1
SAF-HOLLAND at a glance
3
2
Strategy and market positioning
9
3
Financial information
16
4
Appendix
30
General information
• One of the leading global producers and
suppliers of key systems and components for
the trailer, truck, bus, and recreational vehicle
industries
• 31 subsidiaries including 17 manufacturing
facilities on five continents
• ~3,100 employees
• ~9,000 Aftermarket spare parts and service
stations around the world
Components and systems
Kingpins
Fifth wheels
Key financial information Q1/2013 / FY 2012*
•
•
•
•
•
3
Sales: €210.1mn (-3.0%) / €859.6mn
Suspensions
Adjusted EBIT*: €13.8mn (-4.2%) / €58.2mn
Adjusted EPS: €0.19 (+35.7%) / €0.68
Landing gear
Operating cash flow before income tax: €11.1mn (+79.0%) / €59.5mn
Equity ratio: 37.4% (+0.5%-points) / 36.9%
* Please refer to page 31 for detailed information on EBIT adjustments
Axle systems
History
• 1881: SAF Group was founded, beginning with the production
and supply of ploughs and other agricultural products
• 1910: Holland Group was founded, beginning its business with
the production of pressure release hitches
connecting horses to ploughs
• 2006: Merger between SAF Group and Holland Group
• 2007: IPO of SAF-HOLLAND (Prime standard)
• 2008: Acquisition of Georg Fischer Verkehrstechnik GmbH
(second-leading manufacturer of fifth wheels in Europe)
and landing leg business of US manufacturer AustinWestran
• 2010: Private equity company Pamplona Capital Partners I, LP
sold its remaining shares (34.5%) and inclusion of
SAF-HOLLAND in the SDAX
• 2011: Capital increase to 41.2mn shares (from 20.7mn)
• 2012: Capital increase to 45.4mn shares (from 41.2mn)
Shareholder Structure1) (in %)
Free float
100%
thereof institutional investor
5.06%
thereof Members of
Management Board and
Board of Directors
4.61%
As of May 16, 2013
4
1) After capital increase on December 3, 2013
Organisational structure
Trailer Systems
Business Unit
5
Powered Vehicle Systems
Business Unit
Aftermarket
Business Unit
Sales 2012:
€473.5mn (55.1% of group sales)
Sales Q1/2013:
Sales 2012:
Sales Q1/2013:
Sales 2012:
Sales Q1/2013:
•
•
•
•
• Fifth wheels
• Suspensions (Truck, Bus & RV)
• Tag axles
• Global aftermarket and
service network
Axle systems
Landing gears
Kingpins and coupling products
Suspensions
A global player
Core sales regions
Production sites
Germany
Bessenbach/Keilberg
Wörth am Main
Bessenbach/Frauengrund
Singen
Canada
Woodstock
Norwich
China
Xiamen
Australia
USA
Melton
Holland
Muskegon
Warrenton South
Warrenton North
Wylie
Dumas
Brazil
Jaguariuna
6
India
South Africa
Johannesburg
Tamilnadu
(Joint Venture)
Management board
Detlef
Borghardt
•
•
•
•
7
CEO since 2011
Previously Mr.
Borghardt was Head
of the Trailer Systems
Business Unit
He joined in 2000, as
Head of Sales,
Services, and
Marketing
Before, Mr. Borghardt
held various leadership positions with
Alusuisse-Lonza
Wilfried
Trepels
•
•
•
CFO since 2005
Previously, he was a
member of the
management board of
Dürr Systems and of
Schenck Process
In addition, he has
worked for Dürkopp
Adler as Director of
Finance and
Accounting
Jack
Gisinger
•
•
Head of the Powered
Vehicle Systems
Business Unit and
Head of Group
Engineering since
2007
Mr. Gisinger joined the
Group in 1980 and has
held various
engineering and
management positions
Steffen
Schewerda
•
•
•
Head of the Trailer
Systems Business Unit
since 2011 and
member of the
management board
since 2007
He joined the Group in
1997
Previously, Mr.
Schewerda served as
head of materials
management, logistics, and production at
the Group's facility in
Keilberg
Alexander
Geis
•
•
Head of the Aftermarket Business Unit
since 2009 and
member of the
management board
since 2011
His career at SAFHOLLAND started in
1995. At last he was
Vice President
Aftermarket and
deputy member of the
management board
Agenda
8
1
3
2
9
3
16
4
Appendix
30
Right setup to achieve further growth
9
1
Participation in growing markets
2
Globally strong market position in oligopolistic markets
3
Unique selling model with direct access to strong end customer base
4
Strong Aftermarket business supports independence from cycles in truck industry
5
Strong financial profile as basis for further growth
1 Participation in growing markets
Global heavy truck production in thousand*
CAGR
2010 - 2015
2,500
Total: 4.6%
Increase in truck and trailer production is
mainly driven by:
2,000
1,500
BRIC: 2.3%
1,000
North
America: 6.8%
500
• Pent-up demand in Europe and North
America
Europe: 13.4%
0
2008
2009
Europe
North America
2010E
Global trailer production in thousand*
BRIC
1,000
2,500
2015E
CAGR
2010 - 2015
Total: 7.4%
2,000
750
BRIC: 5.1%
1,500
500
1,000
• Continuous increase of transport
volume worldwide
• Expansion of infrastructure and strong
market growth in BRIC countries
• Outsourcing of production
North
America: 11.1%
250
500
Europe: 10.2%
0 0
2008
2008

2009
2010E
2009
2010E
Europe
America
Europe North
North
America BRIC
BRIC
2015E
2015E
Different product life cycles in truck and trailer markets balances volatility across the cycle
10 Source: L.E.K. Consulting, February 2011
* includes Europe, North America and BRIC countries (Brazil, Russia, India, China) accounting for c. 90% of total global truck and trailer market
2 Strong market position in oligopolistic markets remains unchanged
in 2012
2010
Market shares
Powered
Vehicle Systems
Trailer Systems
SAF-HOLLAND
Market Position
Aftermarket
2012
Europe
North America
Europe
North
America
SAFHOLLAND
Σ Top 3
SAFΣ Top 3
HOLLAND
Axles
#2
#3
35%
84%
5%
Suspensions
#2
#3
25%
80%
Kingpins
#2
#1
26%
Landing
gears
n/a
#1
Fifth wheel
#2
Truck
suspensions
Service
points
Market shares
SAF-HOLLAND
Market Position
Europe
North America
Europe
North
America
SAFHOLLAND
Σ Top 3
SAFHOLLAND
Σ Top 3
98%
#2
#3
40%
90%
7%
92%
11%
82%
#2
#3
36%
91%
15%
84%
86%
85%
88%
#2
#1
15%
89%
92%
96%
0%
90%
58%
96%
n/a
#1
3%
88%
45%
89%
#1
17%
93%
50%
100%
#2
#1
17%
96%
51%
100%
n/a
#2
0%
85%
6%
36%
n/a
#2
0%
90%
6%
39%
#1
#1
#1
#1
Approx. 9,000 aftermarket points
Approx. 9,000 aftermarket points
SAF-HOLLAND market
share growth/loss
11 Source: L.E.K. Consulting, March 2013
≥3 ppt loss
≥3 ppt growth
3 Unique selling model with direct access to strong end customer base
Customer feedback on needs
Brands representing
superior product
performance and
aftermarket service
Push
Pull
End Users
OEM
Sales
Sales
Sales focus on fleet managers
Axle Systems – Approx. 80% of the axle purchasing decisions are specified by end user
End users choose SAF-HOLLAND because of…
•
•
•
•
Excellence in quality, design and manufacturing
Superior quality and performance
Leadership in technological innovation
High standards of safety
12 Source: L.E.K Consulting, February 2011
• Lower total costs of ownership and higher efficiency
to end user driven by
– leading technologies
– cost of ownership
– and lightweight components
4 Strong Aftermarket business supports independence from cycles in
truck industry
North America
approx. 3,600
Europe (incl. Russia)
approx. 4,300
Strong performance in sales and adj. EBIT margin
in €mn
350
40%
300.0
300
35%
30%
250
228.5
25%
204.5
200
180.8
20%
146.2
150
15.7%
14.3%
100
14.5%
16.3%
15-16%
15%
10%
12.1%
51.6
50
5%
0
0%
2009
2010
2011
Sales
2012
Q1/2013
Adj. EBIT margin*
Target
2015
Installed base of axles and fifth wheels supply is relevant for
the spare parts business
in thousand
RoW
approx. 1,100
2,500
2,000
• # 1 in number of worldwide aftermarket service network in
Europe and North America with around 9,000 Aftermarket
spare parts and service stations
• Extensive service network as one of the key drivers for the
strong access to OEMs and end users as well as significant
barrier to entry for new competitors
1,500
1,000
500
0
1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011
Axles
13 * Please refer to page 31 for detailed information on EBIT adjustments
Fifth wheels
5 Strong financial profile as basis for further growth
Strong financial profile
Conservative financing structure
New financing structure
• Improved Covenants
• Unsecured financing
• Reduction of the bank syndicate
from 14 to 8 banks
Prime standard bond
• Diversification of financing
• Further independence of banks
• Additional sector of private investors
Dividend policy
• Further improvement of the equity
ratio to approximately 40%
• Dividend payment of 40-50% of the
available net earnings when equity
ratio meets about 40% reported in
the annual financial statements
Realization of growth potential
Trailer Systems
• Own axle production in N.A.
• Full product range of suspension
systems in N.A.
• Strong participation in growing US
disc brake market
• Increase of N.A. market share of up
to 30% in medium term
14
Aftermarket
• Increase of installed product base
driving the Aftermarket business
(…automatically)
• Enlarged product portfolio (A2
brand and 3rd party products)
• Regional expansion of distribution
and sales channels
BRIC
• Taylor-made products for China and
Brazil
• Localized operations
• Increase of market share in strong
growing market environments (e.g.
China 5%)
Agenda
15
1
3
2
9
3
16
4
Appendix
30
Executive Summary – business volume in Q1/2013 according to plan
16 * Adjusted for effects of IAS 19R
1
Group sales of €210.1mn (previous year: €216.6mn) according to plan. Development in line
with budget anticipating weaker 1st half-year 2013 followed by stronger 2nd half-year 2013.
2
Stable adj. EBIT margin of 6.6% (previous year: 6.6%*).
Adj. EBIT of €13.8mn (previous year: €14.8mn*)
3
Ongoing expansion of production capacities in Europe and N.A. for further growth to realize
pent-up demand and to gain further market share
4
Expansion of Aftermarket activities in Central and South America with new Parts
Distribution Center in Mexico and representations in Argentina, Colombia and Peru.
5
Outlook 2013 confirmed
• Sales between €875mn and €900mn.
• Adj. EBIT above €60mn and stable or even increasing adj. EBIT margin.
• No anticipation of any major negative one-time impacts on earnings and therefore significant
improvement of the result for the period of 2013.
• Confirmation of mid-term targets for 2015: Sales €1bn and 10% adjusted EBIT margin.
Business performance – group sales and group adjusted EBIT
Sales in €mn
Adjusted EBIT in €mn*
240
16
216.6
210.1
14.4
13.8
14
200
12
160
10
-6.5mn
120
8
-0.6mn
6
80
4
40
2
0
0
Q1/2012
Q1/2012
Q1/2013
Q1/2013
20
250
216.6
223.7
217.2
202.1
200
16%
210.1
16
150
12
100
8
50
4
14.4
15.3
14.6
13.9
13.8
12%
8%
6.6%
6.8%
6.7%
6.9%
6.6%
4%
0
0
Q1
Q2
Q3
2012
Q4
Q1
2013
0%
Q1
Q2
Q3
2012
Q4
Q1
2013
Business performance – sales by region and business unit
Sales in €mn by region
Sales in €mn by business unit
Trailer Systems
Europe
NorthEurope
America Other
Other
North
America
250
700
31.0
13.5
(4.9%)
(6.2%)
600
200
+39.7%
+3.0%
90.9
349.6%)
(42.0
(55.8%)
150
400
300
100
200
50
100
-4.5%
-5.4%
250
150
210.1
-1.8%
+13.8%
110.2
280.5
(52.5%)
(42.7%)
100
50
54.9
(25.4%)
-6.0%
51.6
(24.6%)
40.8
(18.8%)
-9.1%
37.1
(17.6%)
216.6
210.1
+0.4%
120.9
(55.8%)
121.4
(57.8%)
Q1/2012
Q1/2013
0
0
Q1/2012
Q1-Q3/2011
18
200
333.7
86.0
(50.7%)
(40.9%)
216.6
112.2
246.4
(51.8%)
(39.3%)
Aftermarket
43.3
(6.6%)
13.9
(6.6%)
500
Powered Vehicle Systems
Q1/2013
Q1-Q3/2012
Business performance – Trailer Systems
Sales in €mn
Summary
• Sales of €121.4mn YTD 2013 (YTD 2012: 120.9)
• Sales increase despite challenging market environment in
Europe and still outstanding realization of pent-up demand
• Ongoing expansion of production capacities in Europe and
N.A. on track for outstanding pent-up demand and market
share increase
140
120
120.9
121.9
118.7
121.4
112.0
100
80
60
40
20
0
Q1
Q2
Q3
Q4
2012
Q1
2013
Adjusted EBIT in €mn and margin in %*
5
4
6%
4.0
5%
3.9
3.5
2.9
3
3.3%
3.1
4%
3%
3.2%
3.0%
2
2.6%
2.5%
1
2%
1%
0
0%
Q1
Q2
Q3
2012
Q4
Q1
2013
• Decline yoy of adj. EBIT from €4.0mn* to €3.1mn and
adj. EBIT margin yoy from 3.3%* to 2.5%
• Profitability lower due to higher investments in R&D and sales
activities to ensure further growth (R&D effect in Q3/Q4 2012,
additional full-year R&D effect in 2013)
• Development and implementation of measures to improve
profitability
Business performance – Powered Vehicle Systems
Sales in €mn
Summary
• Development in N.A. in line with sales level of the 2nd half-year
2012. Q1/Q2 2012 impacted by strong pent-up demand
• Expected weaker truck sales in Europe and deterioration of
pent-up demand caused by the remaining economic
uncertainties
50
40
40.8
40.9
38.9
37.1
37.0
30
20
10
0
Q1
Q2
Q3
Q4
Q1
2012
2013
6
32%
4.9
5
22%
3.9
4
27%
3.7
3.5
3.3
17%
3
12%
13.2%
2
8.1%
9.5%
10.0%
9.0%
1
7%
2%
0
-3%
Q1
Q2
Q3
2012
Q4
Q1
2013
• Increase yoy of adj. EBIT from €3.3mn * to €3.7mn
and of adj. EBIT margin from 8.1%* to 10.0%
• Strong improvement in profitability due to favorable customer
and product mix in N.A.
Business performance – Aftermarket
Sales in €mn
Summary
• Sales decrease reflects structural effects; high sales volume
in 1st half-year 2012 due to the satisfaction of high demand
which had been generated in 2011 due to bottleneck at a
supplier
• Expansion of Aftermarket activities in Central and South
America with new Parts Distribution Center in Mexico and
representations in Argentina, Colombia and Peru.
70
60
60.9
59.6
54.9
53.1
51.6
50
40
30
20
10
0
Q1
Q2
Q3
Q4
2012
Q1
2013
10
35%
9.0
8.7
8
8.4
8.0
30%
7.4
25%
6
4
20%
14.6%
15.1%
14.3%
16.3%
15%
13.9%
10%
2
5%
0
0%
Q1
Q2
Q3
2012
Q4
Q1
2013
• Increase yoy of adj. EBIT from €8.0mn* to €8.4mn and of
adjusted EBIT margin from 14.6%* to 16.3%
• Strong increase in profitability due to further cost optimization
and improved product mix.
Business performance – operating cash flow
Operating cash flow before income tax in €mn
24
20
16
Prepayments
related to
Q1/2012,
received in
Q4/2011
(€6.0mn)
20.1
17.5
15.8
12
8
6.1
4
0
Q1
Q2
Q3
Q4
2012
Summary
• Operating cash flow of €11.1mn YTD 2013 (YTD 2012: 6.1).
In 2012, early customer payments received already in
December 2011 resulted in reduced cash inflow of appr.
Factoring effect of
€7.4mn in March
€6.0mn in Q1/ 2012.
Average: €14.1mn
• Non-recourse factoring led to positive effect of €7.4mn in
11.1
Q1/2013
• Lower operating cash flow in Q1/2013 caused by increase in
inventories in plant Wylie, USA due to quality problems at one
supplier (Days of inventory increased to 51 days)
Q1
• Net working capital totaled at 10.5% of sales.
2013
Net working capital in €mn and as % of sales
100
Inventories in €mn and days of inventories
25%
120
80
20%
100
60
15%
40
10%
88.4
89.8
89.8
75
88.2
82.5
93.7
94.8
96.9
94.6
88.2
65
80
55
60
10.2%
10.3%
10.0%
10.2%
10.5%
20
5%
0
0%
Q1
Q2
Q3
2012
22
40
Q4
Q1
2013
51
47
48
47
48
45
35
20
0
25
Q1
Q2
Q3
2012
Q4
Q1
2013
Financials – balance sheet
in €mn
03/31/2013
%
03/31/2012*
%
338.3
60.7%
330.1
61.5%
96.9
17.4%
88.1
16.4%
114.7
20.6%
99.9
18.6%
7.3
1.3%
18.6
3.5%
Total assets
557.2
100.0%
536.7
100.0%
Equity
208.1
37.4%
197.9
36.9%
82.1
14.7%
77.2
14.3%
Interest bearing loans and borrowings
148.2
26.6%
160.4
29.9%
Other current liabilities
118.8
21.3%
101.2
18.9%
Non-current assets
Inventories
Other current assets
Cash and cash equivalents
Other non-current liabilities
Net debt as of March 31, 2013: €140.9mn (03/31/12: €162.7mn)
Financials – profit and loss statement
in €mn
Sales
Q1/2013
%
Q1/2012*
%
210.1 100.0%
216.6
100.0%
Cost of Sales
-170.9
-81.3%
-177.2
-81.8%
Gross Profit
39.2
18.7%
39.4
18.2%
-13.5
-6.4%
-13.2
-6.1%
Administrative expenses
-9.3
-4.4%
-9.9
-4.6%
R&D
-4.8
-2.3%
-4.2
-1.9%
Other
0.3
0.1%
0.2
0.1%
Operating result
11.9
5.7%
12.3
5.7%
Financial result
-1.1
-0.5%
-5.6
-2.6%
Earnings before tax
10.8
5.1%
6.7
3.1%
Income tax
-3.6
-1.7%
-2.8
-1.3%
7.2
3.4%
3.9
1.8%
Selling expenses
Result for the period
Financials – cash flow statement
in €mn
Q1/2013
Q1/2012*
10.7
6.8
Finance result
1.4
5.8
Amortization/depreciation
5.1
5.2
Change in Net Working Capital
-5.9
-11.8
Other items cash flow
-0.2
0.1
Operating cash flow before income tax
11.1
6.1
Income tax paid
-2.2
-2.2
8.9
3.9
Cash flow from investing
-5.6
-3.3
Cash flow from financing
-14.8
-1.3
Effect of f/x changes
0.1
-0.2
Net change in cash
-11.3
-0.9
Result before tax
Operating cash flow
Key financials
in €mn
Q1/2013
Q1/2012*
210.1
216.6
Cost of sales
-170.9
-177.2
Gross profit
39.2
39.4
18.7%
18.2%
8.6
6.0
4.1%
2.8%
Adjusted EPS in €
0.19
0.14
Adjusted EBITDA
17.4
18.0
8.3%
8.3%
13.8
14.4
6.6%
6.6%
11.1
6.1
Sales
Margin
Adjusted result
Margin
Margin
Adjusted EBIT**
Margin
Operating cash flow (before income tax)
** Please refer to page 31 for detailed information on EBIT adjustments
Key financial ratios and figures
Summary
• Significantly improved financial profile through capital increases
• Reduction of interest costs
• Further improvement of the equity ratio
• Further reduction of net debt
• Long-term safeguarding of liquidity
• Increase the diversification of funding sources
• Proven access to capital markets (equity and bond market)
Net financial debt (€mn)
350
303.8
300
250
289.3
302.1
235.2
200
159.7
150
141.8
140.9
2012
Q1/2013
100
50
0
2007
2008
2009
2010
2011
Equity (€mn)*
Net financial debt/ adjusted EBITDA (x)
Equity
Equity ratio
250
80%
197.9
200
208.1
50%
150
16
12
40%
108.2
36.9%
100
37.4%
32.4%
72.1
50
17.3x
70%
60%
175.6
20
30%
8
5.7x
5.6x
20%
19.5%
13.4%
0
2007
2008
23.8
24.9
5.2%
5.1%
2009
2010
4
3.2x
10%
0%
2011
2012
Q1/2013
2.2x
2.0x
2011
2012
0
2007
2008
2009
2010
Share price and shareholder structure
Development of SAF-HOLLAND share price vs. indices (in %)
Shareholder Structure1) (in %)
As of May 16, 2013
Basic Data Share as of March 31, 2012
Share price increase of 16.4% in Q1/2013
ISIN
LU0307018795
• SAF-HOLLAND share price grew at a rate greater than
Number of shares
45,361,112
Closing price
€6.10
• Share price development appreciated positive Annual
Adjusted EPS
€0.19
Financial Statements 2012 in March but also reflected
that of the benchmark indices
uncertainties in the financial policy situation
28 1) Status after capital increase on December 3, 2012
Targets and outlook: Increase in sales and earnings expected for 2013
Targets 2013
Mid-term targets
Growth potential
• Sales between €875mn and €900mn
• Adj. EBIT above €60mn and stable or even increasing adj. EBIT margin
• No anticipation of any major negative one-time impacts on earnings and therefore significant improvement
of actual result for 2013
• Sales: €1bn
• Earnings: 10% adj. EBIT margin
Trailer Systems
+ €100mn sales potential
• Own axle production in N.A.
• Full product range of
suspension systems in N.A.
• Strong participation in
growing US disc brake market
• Increase of N.A. market share
of up to 30% in medium term
• Net Working Capital: <10% of sales
• Capex: < 2% of sales
Aftermarket
• Increase of installed product
base driving the Aftermarket
business (…automatically)
• Enlarged product portfolio
(A2 brand and 3rd party
products)
• Regional expansion of
distribution & sales channels
BRIC Countries
• Taylor-made products for China
and Brazil
• Localized operations
• Increase of market share
in strong growing market
environments (e.g. China 5%)
10% adj. EBIT Margin
Overproportional increase of A.M. share, economies of scale and underproportional increase of overheads.
29
Appendix
30
Reconciliation statement for adjusted EBIT
in €mn
Q1/2013
Q1/2012*
Result of the period
7.2
3.9
Income tax
3.6
2.8
Finance Result
1.4
5.8
Depreciation and amortization from PPA
1.5
1.6
Restructuring and integration costs
0.1
0.3
13.8
14.4
6.6%
6.6%
Adjusted EBIT
in % of sales
Disclaimer
• By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations: The
information in this document has been prepared by SAF-HOLLAND S.A. ("SAF-HOLLAND") for use at a road show presentation by SAF-HOLLAND and does
not constitute a recommendation regarding securities of SAF-HOLLAND.
• No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of
the information, or opinions contained herein. Neither SAF-HOLLAND nor any of SAF-HOLLAND's advisors or representatives shall have any responsibility or
liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection
with this document. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may
change materially.
• This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent
developments may affect the information contained in this document, which neither SAF-HOLLAND nor its advisors are under an obligation to update, revise or
affirm.
• The distribution of this presentation in certain jurisdictions may be restricted by law. Persons into whose possession this presentation comes are required to
inform them-selves about and to observe any such restrictions. In particular, this presentation may not be distributed into the United States, Australia, Japan or
Canada.
• This presentation contains statements concerning the expected future business of SAF-HOLLAND, expected growth prospects and other opportunities for an
increase in value of the company as well as other financial data and certain third-party market data. These forward-looking statements are based on
management's current expectations, estimates and projections and on third-party market data, respectively. They are subject to a number of assumptions and
involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and
developments expressed or implied by such forward-looking statements. Neither SAF-HOLLAND nor its advisors has any obligation to periodically update or
release any revisions to the forward-looking statements contained in this presentation to reflect events or circumstances after the date of this presentation.
• This presentation constitutes neither an offer to sell nor a solicitation to buy any securities in the United States, Germany or any other jurisdiction. Neither this
presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever.
• In particular, this presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities of SAF-HOLLAND in the United States.
Securities of SAF-HOLLAND may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S.
Securities Act of 1933, as amended. SAF-HOLLAND does not intend to conduct a public offering or any placement of securities in the United States.
32
Investor Relations:
SAF-HOLLAND GmbH
Claudia Hoellen
Hauptstraße 26
63856 Bessenbach
Phone +49 6095 301-617
Telefax +49 6095 301-102
Mobile +49 170 306 64 97
[email protected]
www.safholland.com
33

Präsentation Q1 2013

Transcription

Similar documents

1.4 MB

Presentation Q1 2016 - saf

Moving Values. - saf