FIRST HALF RESULT- YEAR 2013 August 27 th , 2013 FIRST HALF 2013 2 - PowerPoint PPT Presentation

FIRST HALF RESULT- YEAR 2013 August 27 th , 2013

FIRST HALF 2013 2

30.06.2013: Main Features � REVENUE UP DESPITE THE WEAK REFERENCE MARKET: Despite the decline by 5,6% of the West Europe lift truck market (the 75% of Bolzoni’s turnover): � Q2 2013 revenue came in at € 30,8 M, +1,4% � H1 2013 revenue came in at € 60,9 M, +0,5% � INVESTMENT AND EXPENSES TO SUPPORT THE GROWTH The H1 2013 had investments both in structure and staff. The investments will both support the increase of the capacity in China and the increase in the US market in order to seize the opportunities arising from the Toyota- Cascade operation. 3

RECENT MARKET TREND 4

World market trend Lift trucks world market trend World 190.000 169.523 161.630 170.000 152.823 152.503 149.168 142.024 150.000 127.090 130.000 110.000 90.000 70.000 50.000 Avg Q 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q2 2013 Q2 2013 Avg Q Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 vs vs 2011 Q1 2013 Q2 2013 West Europe 26.327 27.042 24.030 21.656 24.357 24.893 23.318 -6,3% -3,0% USA and CANADA 24.116 23.392 24.890 24.852 29.149 24.335 27.478 12,9% 10,4% Asia 78.423 82.501 78.862 71.280 65.013 79.505 87.419 10,0% 10,9% Rest of the world 23.957 36.588 21.386 10.093 8.571 23.770 23.415 -1,5% 9,5% World 152.823 169.523 149.168 142.024 127.090 152.503 161.630 6,0% 8,4% 5

World market trend West European and American market West Europe USA and CANADA 37.000 32.000 29.149 27.478 26.327 27.042 24.852 24.893 27.000 24.030 24.116 22.000 24.890 24.335 24.357 23.318 23.392 21.656 17.000 12.000 Avg Q 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q2 2013 Q2 2013 Avg Q Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 vs vs 2011 Q1 2013 Q2 2013 West Europe 26.327 27.042 24.030 21.656 24.357 24.893 23.318 -6,3% -3,0% USA and CANADA 24.116 23.392 24.890 24.852 29.149 24.335 27.478 12,9% 10,4% Asia 78.423 82.501 78.862 71.280 65.013 79.505 87.419 10,0% 10,9% Rest of the world 23.957 36.588 21.386 24.236 8.571 23.770 23.415 -1,5% 9,5% World 152.823 169.523 149.168 142.024 127.090 152.503 161.630 6,0% 8,4% 6

FINANCIALS - FIRST HALF 2013 7

Net sales breakdown: 30.06.2012 vs 30.06.2013 0,5% 60,6 60,9 +24,4% +1,6% 7,0 8,8 6,6 6,7 -3,3% 46,9 45,4 30.06.2012 30.06.2013 EUROPE NORTH AMERICA REST OF THE WORLD 8

Net sales breakdown: Q2 2012 vs Q2 2013 1,4% 30,4 30,8 +23,3% +16,8% 3,8 4,7 3,2 3,8 -4,2% 23,4 22,4 2nd quarter 2012 2nd quarter 2013 EUROPE NORTH AMERICA REST OF THE WORLD 9

Consolidated income statement: 1 st half % Var. Thousands of Euro 30.06.2012 30.06.2013 2013 vs 2012 � TURNOVER: 0,5 % YOY TURNOVER 60.592 60.866 0,5% � EBITDA -21,9% YOY, mainly explained by: EBITDA 5.235 4.090 -21,9% � € 450 M of new costs EBITDA margin % 8,6% 6,7% that support to increase of the commercial and EBIT 2.532 1.331 -47,4% technical structure and EBIT margin % 4,2% 2,2% the new attachment production plant in China. RESULT BEFORE TAXES 1.958 359 -81,7% � 70 basis point of margin % 3,2% 0,6% marginality reduction due to the reference market decline. GROUP RESULT AFTER TAXES 1.038 (97) n.c margin % 1,7% -0,2% 10

Consolidated income statement: 2 nd quarter % Var. 2 nd quarter 2 nd quarter Thousands of Euro 2013 vs 2012 2013 2012 TURNOVER 30.386 30.818 1,4% � TURNOVER: 1,4 % YOY � EBITDA -21,2% YOY, mainly explained by: EBITDA 2.504 1.973 -21,2% EBITDA margin % 8,2% 6,4% � New costs to support the increase of the commercial and EBIT 1.241 593 -52,2% technical structure and EBIT margin % 4,1% 1,9% the new attachment production plant in China. RESULT BEFORE TAXES 1.160 (234) n.c � Marginality reduction margin % 3,8% -0,8% due to the reference market decline. GROUP RESULT AFTER TAXES 663 (283) n.c margin % 2,2% -0,9% 11

Consolidated cash flow statement � NET DEBT has passed from € Thousands of Euro 26,5M at 31.12.2012 to € OPENING NET DEBT 01.01.2013 (26.454) 29,2M at 30.06.2013. Net result (97) � Financial absorption is Change in reserves (625) mainly determined by investment activities in Depreciation 2.433 China and increase in Change in net working capital (678) the inventories to - Inventories (2.859) support the growth of - Trade receivables (392) the next months. - Trade payables 2.062 - Others 511 � NET DEBT has passed from € 28,2M at 31.03.2013 to € Net capital expenditure (3.160) 29,2M at 30.06.2013. FREE CASH FLOW (2.127) � Net debt has jumped by € 1M mainly for Equity and third parts changes 722 dividend distribution (€ 1,3M) and capex (€ Dividend distribution (1.300) 1,3M). Opposite, the CLOSING NET DEBT 30.06.2013 (29.159) reduction of net working capital amounted to € 1,3M. 12

Cash flow statement: bridge analysis 1.300 722 1.426 1.734 1.711 678 Net result -97 Change in reserve -463 29.159 Depreciation 2.433 26.454 Net debt Dec Operating cash Change in net Capex China Capex Dividend Equity and Net debt June 12 flow working capital (China distribution third parts 13 excluded) changes Thousands of Euro 31.12.2012 31.03.2013 30.06.2013 Cash and cash equivalent 3.513 2.990 10.626 Current portion of long term debts (16.502) (20.455) (20.433) Net financial position - short term (12.989) (17.465) (9.807) Financial assets held to maturity 0 0 0 Non current portion of long term debts (13.465) (10.741) (19.352) Net financial position - M/L term (13.465) (10.741) (19.352) 13 Net financial position (26.454) (28.206) (29.159)

Working capital and other KPI % on net sales Million € 30% 24,00% 25% 22,01% 20% 20,71% 20,61% 19,30% 17,90%18,90% 15% 26,7 26,5 26,1 18,20% 25,4 24,5 21,1 10% 18,4 18,1 5% 0% � Accounts payable turnover ratio at 30.06.2013: 80 days vs 81 days at 31.12.2012 and 85 days at 31.03.2013 � Accounts receivables turnover ratio at 30.06.2013 : 73 days vs 75 days at 31.12.2012 and 78 days at 31.03.2013 � Inventory turnover ratio at 30.06.2013: 69 days, at the same level of 31.03.2013, vs 64 days at 31.12.2012 14

Assets and liabilities 31.12.2012 30.06.2013 Thousands of Euro Net fixed assets 48.181 48.967 Net working capital 24.540 25.423 Leaving indemnity and other reserves (5.140) (4.925) Net capital employed 67.581 69.465 Net Equity 36.875 35.723 Minority interest 4.252 4.583 Net financial position 26.454 29.159 Net Debt / Equity 0,64 0,72 15

SHAREHOLDERS STRUCTURE 16

Shareholders structure 24,17% Penta Holding (*) Market Covati Agostino 2,04% 3,51% K.P. Staack Paolo Mazzoni 6,04% 50,27% Lazard Frères Gestion 6,27% Tamburi Inv. 7,70% Market Segment: STAR MTA Specialist : Intermonte Reuters Code : BLZ IM Auditing company: Deloitte Bloomberg Code : BLZ IM Market cap (@ 26 August 2013): €83,7 M Number of shares : 25.993.915 % var. since January 1, 2013 : +56,01% Price per share (@ 26 August 2013): 3,22 17

Market share trend 18

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