The European Leader in Lift Truck Attachments March 5, 2008 Star - PowerPoint PPT Presentation

The European Leader in Lift Truck Attachments March 5, 2008 Star conference - Milan

Bolzoni at a glance

Growth is ahead of us Logistics (2004-’08E CAGR: 6.4% ) Material Handling Components Lift Truck (* ) Attachments & Lift Tables Manufacturers Dealers of Lift Truck Manufacturers Lift Trucks & (OEM) Material Handling Components End users (Logistics, I ndustrial, Large Retail companies) (* ) Defined as “Counterbalanced Lift Trucks” – 3 –

Our product lines STRATEGI C BUSI NESS Material Handling Components UNI T 4 3 1 2 Forks Lift Truck Attachments Hand Pallet Trucks Lift Tables PRODUCTS 2007 Net Sales 125,1M€ 10,5M€ 3,5M€ 0,9M€ €145,6m (* ) (7% ) (2% ) (86% ) (1% ) (% ) PHASE OUT START UP in 2008 in 2007 (* ) Includes € 5,6m (4%) of Other Revenues (Rental business and Customer care) – 4 –

Bolzoni’s Core Business I ntelligent Paper Clamp I ntelligent Carton Clamp Multipallet Clamp – 5 –

Net sales trend ● Our consolidated net sales increased by 16,1% (CAGR) from 1997 to 2007 ● Excluding the effect of Meyer acquisition, the growth in the period 2003-2007 is 10,9% (CAGR) Net sales (€m) CAGR 1997-2007: 16,1% 145,6 107,1 94,7 (4) 84 78,9 76,2 75,1 (2) (1) (3) 53,2 41,8 37,4 32,7 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Brudi Auramo I PO and Meyer acquisition acquisition acquisition (1) Includes (for 10 months) the acquisition of the Finnish company Auramo OY, a leading manufacturer of Lift Truck attachments (pulp & paper clamps) (2) Includes acquisition of Brudi – 6 – (3) Sale of masts activity (4) Includes 2 months (4.8 Euro mln) of Meyer Group

Our Growth: both organic and external Banca I ntesa acquires/ Approval of listing subscribes 30% of share capital Brothers Livio and Luigi process at Borsa Bolzoni start production of I taliana (STAR mechanical equipment for segment) agricultural purposes Acquisition of “Brudi” Start-up of the new Opening of a new business unit (& commercial subsidiary in business: forks USA (Chicago) trademark) in USA Start of production activity in 1990 1945 1987 1989 1991 2001 2002 2006 2007 2003 2004 A new stage for organic and Sale of masts external growth Acquisition of Elman activity (non- Acquisition of the (Spanish core business ) German Hans H. I ncorporation of Teko manufacturer of Lift (manufacturer of Hand Meyer GMBH, leader pallet trucks and Lift Truck Attachments) in Europe in Fork Lift tables founded by Roberto Scotti) Truck Attachments Opening of a new commercial Subsidiary in UK Acquisition of the Finnish Auramo OY (a Joint Venture Agreement with Tiger leader in Europe in fork Lift Truck Technology (H.K.) and opening of a Attachments for pulp and paper commercial/ production site in China industry) – 7 –

Business overview

We are leader in Lift Truck Attachments market ● The leader in Lift Truck Attachments market in Lift Truck Attachments in Europe Europe with about 40% market share (Mkt share % ) Cascade ● Cost leadership allows us to further consolidate 28,30% our position in Europe ● Bolzoni-Meyer Second player in the USA with 12%, and n°2 in 40,00% the World with about 25% market share ● The World leader in Integral Sideshifters with Kaup about 81% market share 25,50% Others 6,20% Lift Truck Attachments worldwide I ntegral Sideshifters worldwide (Mkt share % ) (Mkt share% ) Others 9,30% Others 19,0% Kaup 14,70% Cascade 50,70% Bolzoni-Meyer Bolzoni 81,0% 25,30% – 9 –

Consolidated relations with a Broad client portfolio ● Consolidated portfolio of OEM customers Breakdown of Bolzoni revenues by segment (2007) (ca.28% of total revenues in 2007) with a high retention rate (more than 7 years for most of them) OEM 28,1% ● Toyota Ind. Equipment is the leader in Lift Truck market, controlling about 22% of the market ● Sales to Dealer customers (72% on total Dealers 71,9% revenues in 2007): well-diversified portfolio of over 3,000 customers Lift truck manufacturers: Bolzoni’s Customers (* ) Market Share % Company Years with Bolzoni Toyot a Ot hers 22% Linde > 10 29% Nacco M.H. S.p.A. > 10 Jungheinrich AG / GmbH > 10 Linde Toyota Ind. Equipment 9 Nissan 15% Nacco M.H. USA 8 4% Nacco OM Carrelli Elevatori 8 Crown 10% 6% Mitsubishi 6 Mit subishi Jungheinrich 6% 8% – 10 –

Global presence ● Relevant market coverage in main markets: about 80% of worldwide market for Lift Trucks (o/w 74% with direct presence) ● Products are marketed to more than 40 countries, thanks to our 20 companies and consolidated relations with a network of 11 independent distributors ● 7 production sites: Italy, Spain, Finland, Estonia, USA, China and Germany; partial outsourcing with third party manufacturers in Europe, USA and potentially in Far East Production sites Commercial subsidiary Associated company Exclusive Distributors Indipendent distributor Meyer Group Source: Bolzoni - Marketing Dept. – 11 –

Business Plan 2007 - 2009

Strategies 1 2 Consolidation in Europe and Launch of new penetration in new growing products/ services markets 3 4 Process innovation to Opportunities for external increase profitability growth – 13 –

Net sales breakdown – Business Plan 2007-2009 ● Our growth is forecasted between + 7.7% and 8.7% (CAGR) from 2007 to 2009 and the main drivers are: increasing market share, fork business, exploiting Meyer commercial synergies Net Sales – Geographic breakdown (2007 – 2008E – 2009E; €/ Mln) 172.000 169.000 158.000 155.000 145.600 2 0 0 7 2 0 0 8 2 0 0 9 – 14 –

Business Plan Forks 2007 – 2010 Our growth is forecasted at + 62,4% (CAGR) from 2007 to 2010 and the main drivers are: ● Excellent and long-standing relations with OEM ● A strong after sale market ● Internal demand of forks, both from Bolzoni and Meyer ● New opportunities in other markets employing forks (agriculture, building industry) CAGR 2007-2010: Fork Market in Europe in 2010 62,4% (Mkt share % ) 15 €M 10 €M B olzoni 7 €M 30,0% 3 €M (1) O thers 70,0% 2007 2008 2009 2010 – 15 –

Synergies with Meyer Synergies have been evaluated in the following areas: ● Research & Development ● Production ● Purchases ● Commercial Thousands of Euro 3000 2.000 – 2.800 (1) 200 - 300 2500 2000 Sales Synergies 1500 Cost synergies 1.800 - 2.500 900 – 1.100 (1) 1000 100 - 200 500 800 - 900 0 2007 2008 2009 Capex and one/ off costs 900 600 0 (1) Bain and Company Management estimations – 16 –

Opportunities for external growth ● 1991:Acquisition of Elman (Spanish manufacturer of Lift Truck Attachments) ● 2001: Acquisition of the Finnish Auramo OY (a Our successful leader in Europe in fork Lift Truck Attachments for acquisitions pulp and paper industry) ● 2002: Acquisition of Brudi business unit and trademark) in USA ● 2006: Lift Truck attachments Recent acquisition manufacturer ● Forks Other potential acquisition targets ● Other opportunities – 17 –

Bolzoni Financials

Net sales breakdown: 4 th quarter Net Sales – Geographic breakdown (4 th quarter 2006 – 4 th quarter 2007; €/ Mln) INCREASE: 13,1% -8,4% 2.625 -40,1% 2.015 2.865 3.362 + 22,4% 31.910 26.080 4th quarter 4th quarter 2006 2007 E UROP A NORTH A ME RIC A RE S T OF THE W ORLD – 19 –

Net sales breakdown 31 December 2007 Net Sales – Geographic breakdown (31 Dec 2006 – 31 Dec 2007; €/ Mln) INCREASE: 36,0% + 58,3% 12.931 -19,6% 12.399 8.171 15.427 + 44,1% 120.308 83.505 31 dec 2006 31 dec 2007 EUROPA NORTH AMERICA REST OF THE WORLD – 20 –

Consolidated I ncome Statement: 4 th quarter 4 t h 4 t h quart er quart er 2 0 0 7 vs 2 0 0 6 2 0 0 7 2 0 0 6 Thousa nds of Euro Turnover 32.307 36.550 13,1% 1 0 0 ,0 % 1 0 0 ,0 % Other operating revenue 683 511 -25,2% 2 ,1 % 1 ,4 % Tot al revenue 3 2 .9 9 0 3 7 .0 6 1 12,3% 1 0 2 ,1 % 1 0 1 ,4 % Costs for raw m aterial and consum ables (13.536) (14.537) 7,4% - 4 1 ,9 % - 3 9 ,8 % Costs for services (7.922) (9.210) 16,3% - 2 4 ,5 % - 2 5 ,2 % Personnel expenses (8.056) (8.602) 6,8% - 2 4 ,9 % - 2 3 ,5 % Other operating expenses (99) (459) 363,6% - 0 ,3 % - 1 ,3 % Result of associated com panies at Net Equity 68 33 -51,5% 0 ,2 % 0 ,1 % Gross Opera t ing Result ( EBI TD A) 3 .4 4 5 4 .2 8 6 24,4% 1 0 ,7 % 1 1 ,7 % Depreciation & Am ortisation (1.009) (1.397) 38,5% - 3 ,1 % - 3 ,8 % Provisions and w rite-dow ns (64) (153) 139,1% - 0 ,2 % - 0 ,4 % Operat ing result 2 .3 7 2 2 .7 3 6 15,3% 7 ,3 % 7 ,5 % Financial incom e and expenses (309) (674) 118,1% - 1 ,0 % - 1 ,8 % Exchange rate earnings and losses (270) (441) 63,3% - 0 ,8 % - 1 ,2 % Result before t a x 1 .7 9 3 1 .6 2 1 -9,6% 5 ,5 % 4 ,4 % – 21 –