Bolzoni S.p.A. Shareholders meeting Podenzano, April 29th 2010 - PowerPoint PPT Presentation

Bolzoni S.p.A. Shareholders’ meeting Podenzano, April 29th 2010

2009 Management Report Roberto Scotti

Action Plan 2009 TARGETS TARGETS 2009 2010 2009 2010 Balancing costs Balancing costs and and incomes (Break (Break- -even even incomes Managing the new the new Managing at 83 mln mln/ / € €) ) at 83 growth growth New external New external growth growth opportunities opportunities NFP under control NFP under control – 3 –

Action plan 2009 Re- -organization organization Re ● Structural reductions: 1) Closing down of production site in Spain* 2) Closing down of production site in Estonia* 3) Lay-offs in Meyer GmbH Germany* 4) Lay-offs in Auramo Oy Finland* 5) Lay-offs in Bolzoni Auramo Inc. USA 6) Merging of Bolzoni Auramo and Meyer ‘s commercial subsidiaries in UK 7) Merging of Bolzoni Auramo and Meyer ‘s commercial subsidiaries in Sweden 8) Temporary staff not confirmed * The total one-off costs for personnel indemnity has been 2.787 thousands of Euro – 4 –

Action plan 2009 Re- -organization organization Re ● Temporary personnel cost reductions: 1) No new recruitments 2) No wage increase for merit 3) No overtime 4) Cassa Integrazione Guadagni or short working time in Italy, Finland, Germany and Spain 5) Reduction of the variable part of the salaries 6) Make or buy choices 7) Early retirement plan 8) 10% reduction of Board members’ fees Temporary and permanent actions on personnel costs have produced a saving on an annual basis of approx. 15 million euros – 5 –

Action plan 2009 Project of costs costs reduction reduction Project of ● Lower structural costs: 22% vs 2008 reduction of general costs, commercial costs and administrative costs Savings on P&L on annual basis: 2,9 million euros ● Reduction in purchases costs: Positive effect on purchasing costs due to economic downturn – 6 –

New Break-even turnover Break-even point reduction 125.414 120.000 100.049 100.000 Thousands of Euro 83.178 80.000 VAR vs 2008: 60.000 -20% VAR vs 2008: -34% 40.000 20.000 - 2008 2009 2009 full operational – 7 –

Action plan 2009 Process innovation innovation and new and new models models design design Process – 8 –

2009 Bolzoni financials Roberto Scotti

Net sales breakdown: 2009 vs 2008 Net Sales Net Sales – – Geographic breakdown Geographic breakdown ( € ( €/ / Mln Mln) ) -45,5% 141,1 12,9 11,8 76,9 -36,2% -46,4% 8,2 6,3 116,4 -46,2% 62,4 31.12.2008 31.12.2009 EUROPA NORTH AMERICA REST OF THE WORLD – 10 –

Main performance indicators: 31 December 31.12.2009 31.12.2008 31.12.2009 % Var. % Var. (* ) Thousands of Euro 2009 vs 2008 2009 (* ) vs 2008 TURNOVER 141.123 76.929 76.929 -45,5% -45,5% EBITDA 14.385 - 2.719 68 n.c -99,5% EBIT 8.906 - 8.366 - 5.579 n.c n.c RESULT BEFORE TAXES 6.087 - 9.723 - 6.936 n.c n.c RESULT AFTER TAXES 3.104 - 8.312 - 5.525 n.c n.c (* ) one-off cost excluded for 2.787 thousands of Euro – 11 –

Consolidated cash flow statement 2009 Thousands of Euro OPENING NET FINANCIAL POSITION AT 01.01.2009 - 24.879 C ash flow from operation (3.937) C hange in net working capital: 8.021 - Inventories 4.963 - Trade receivables 7.508 - Trade payables (3.007) - Others (1.443) Net capital expenditure (2.717) FREE C ASH FLOW 1.367 Dividends and other Equity changes (762) C LOSING NET FINANCIAL POSITION AT 31.12.2009 - 24.274 – 12 –

Consolidated assets and liabilities Thousands of Euro 3 1.1 2.2 008 31.12.200 9 Net fixed assets 42.651 41.415 Net working capital 26.789 18.376 Net capit al em ployed 6 9.4 40 59 .79 1 Net equity 43.757 34.625 Minorit y interest 804 892 Net financial posit ion 24.879 24.274 Net Debt / Equit y 0.5 7 0.70 – 13 –

2010: preliminary figures and action plan Roberto Scotti

World market trend Lift trucks world market trend 150.000 134.634 Number of lift trucks sold 130.000 110.000 110.087 93.009 84.470 90.000 75.117 70.000 66.018 50.000 Avg Q 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Var. Q1 2010 / Q4 Var. Q1 2010 / Avg Q 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 2009 Avearage Q 2009 West Europe 31.316 15.649 14.506 13.500 16.670 17.914 7,5% 18,8% America 30.238 13.875 15.259 16.339 19.840 21.590 8,8% 32,2% Asia 54.971 31.760 40.384 48.827 49.351 62.782 27,2% 47,4% Rest of the world 18.110 4.734 4.968 5.804 7.148 7.801 9,1% 37,7% World 134.634 66.018 75.117 84.470 93.009 110.087 18,4% 38,2% – 15 –

World market trend West European and American market 32.000 Number of lift trucks sold West Europe America 12.000 Avg Q 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Var. Q1 2010 / Q4 Var. Q1 2010 / Avg Q 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 2009 Avearage Q 2009 West Europe 31.316 15.649 14.506 13.500 16.670 17.914 7,5% 18,8% America 30.238 13.875 15.259 16.339 19.840 21.590 8,8% 32,2% Asia 54.971 31.760 40.384 48.827 49.351 62.782 27,2% 47,4% Rest of the world 18.110 4.734 4.968 5.804 7.148 7.801 9,1% 37,7% World 134.634 66.018 75.117 84.470 93.009 110.087 18,4% 38,2% – 16 –

Turnover Q1 2010 vs Q1 2009 Turnover Bolzoni Group Turnover Bolzoni Group (1st Quarter 2009 – – 1st Quarter 2010; thousands of 1st Quarter 2010; thousands of € €) ) (1st Quarter 2009 25.000 -12,1% 20.000 15.000 2009 2010 10.000 +7,1% -38,4% -5,5% 5.000 - JANUARY FEBRUARY MARCH 1° QUARTER 2009 2010 % Var. JANUARY 7.273 4.479 -38,4% FEBRUARY 7.462 7.055 -5,5% MARCH 7.408 7.932 7,1% 1° QUARTER 22.143 19.465 -12,1% Bolzoni Group has created Mln € 2.9 of backlog in the first quarter 2010 because the year 2010 estimated sales are +17,3% vs the actual sales of previous year. – 17 –

Strategies 2010 2 1 Penetration Penetration in in O.E.M. O.E.M. forks forks Further investments investments in China in China Further business / Commercialization Commercialization business / forks in USA forks in USA 4 3 I nnovation in in internal internal processes processes I nnovation ( Six ( Six- -sigma sigma system, system, Dantotsu Dantotsu New models New models design and design and project, , Lean Lean Manufacturing, Manufacturing, project progressing of BAM progressing of BAM synergies synergies Team Center development development) ) Team Center Net financial Net financial position position always under control always under control – 18 –

Medium term outlook Em ilio Bolzoni

Outlook 2009 - 2015 One of the major OEM in worldwide truck business has carried out a market survey from which it emerges that this market will return to 2007 sales volumes in 2014-2015. In particular regarding the western European market, where more than 80% of Bolzoni’s turnover is concentrated, it means that, for these years the CAGR will range from 16,1% (2015) to 19,6% (2014) Western Europe lift trucks sales - Forecast 2009-2015 160.000 2009 vs 2007: -59,2% 140.000 numebr of lift trucks CAGR 2009-2015: 120.000 + 16,1% 100.000 80.000 60.000 40.000 20.000 - 2007 2009 2010 2011 2012 2013 2014 2015 – 20 –

World market trend Lift trucks world market trend 150.000 134.634 Number of lift trucks sold 130.000 110.000 110.087 93.009 84.470 90.000 75.117 70.000 66.018 50.000 Avg Q 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Var. Q1 2010 / Q4 Var. Q1 2010 / Avg Q 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 2009 Avearage Q 2009 West Europe 31.316 15.649 14.506 13.500 16.670 17.914 7,5% 18,8% America 30.238 13.875 15.259 16.339 19.840 21.590 8,8% 32,2% Asia 54.971 31.760 40.384 48.827 49.351 62.782 27,2% 47,4% Rest of the world 18.110 4.734 4.968 5.804 7.148 7.801 9,1% 37,7% World 134.634 66.018 75.117 84.470 93.009 110.087 18,4% 38,2% – 21 –

World market trend West European and American market 32.000 Number of lift trucks sold West Europe America 12.000 Avg Q 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Var. Q1 2010 / Q4 Var. Q1 2010 / Avg Q 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 2009 Avearage Q 2009 West Europe 31.316 15.649 14.506 13.500 16.670 17.914 7,5% 18,8% America 30.238 13.875 15.259 16.339 19.840 21.590 8,8% 32,2% Asia 54.971 31.760 40.384 48.827 49.351 62.782 27,2% 47,4% Rest of the world 18.110 4.734 4.968 5.804 7.148 7.801 9,1% 37,7% World 134.634 66.018 75.117 84.470 93.009 110.087 18,4% 38,2% – 22 –

New Break-even turnover Break-even point reduction 125.414 120.000 100.049 100.000 Thousands of Euro 83.178 80.000 VAR vs 2008: 60.000 -20% VAR vs 2008: -34% 40.000 20.000 - 2008 2009 2009 full operational – 23 –

Medium term outlook CAGR 2010/2011/2012: +15,0% CAGR 2010/2011/2012: +15,0% 2010 already already in profit, in profit, 2010 2011 with with an an Ebitda Ebitda 2011 margin in line margin in line with with best best years years Strong cash generation Strong cash generation – 24 –

Share price trend Em ilio Bolzoni

Bolzoni share price/ volumes from 02.01.09 to 26.04.10 Source: Bloomberg – 26 –

Contacts Contacts: investor.relator@bolzoni-auramo.com + 39 0523 555511 Visit our web.site: www.bolzoni-auramo.com – 27 –