Capital Increase and Strategy Dr. Till Reuter - CEO KUKA AG, Automatica 2010
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1 Capital Increase and Strategy Dr. Till Reuter - CEO KUKA AG, Automatica 2010
2 Strategy Boost shareholder value Systems Robotics Advanced Robotics Industrial Robotics Strong positions 1 #2 Body-in-white Europe #2 Body-in-white USA Leading position through quality and innovation Strong reputation among customers #1 Europe (Automotive and General Industry) Among Top 3 worldwide Strategic targets BRIC Nations: expand market share Adjust capacity at Augsburg location Lightweight robot: next development stage - for health care and assembly Penetrate market for healthcare robotics and high-tech operating systems (market size: USD billion by 2014) Introduce new generation of industrial robots Safeguard automotive business Expand general industry business 1) KUKA and IFR (International federation of robotics) 2) 2009 study by BCC Research KUKA Aktiengesellschaft Seite 2 I 08. Juni 2010
3 Capital increase Transaction overview (I) Offering structure Public offer in Germany International private placement with institutional investors according to Regulation S Transaction structure A 1 for 6 rights issue of 4,655,441 new no par value bearer shares of KUKA AG Subscription price for new shares amounts to EUR 9.75 per share Gross proceeds total approx. EUR 45.4mn Firm subscription commitments from core shareholders totalling approx. EUR 9.5mn EUR 7.5mn from Grenzebach Maschinenbau GmbH EUR 2mn from Wyser-Pratte Management Co., Inc Further backstop commitment from Grenzebach Maschinenbau GmbH of EUR 7.5mn 1 Upfront placement of 730k shares valuing EUR 7.1mn not subscribed for by core shareholders Full dividend entitlement for new shares from January 1, 2010 Consortium Joint Bookrunner: UniCredit and Commerzbank 1) Backstop commitment for the rump placement if the total subscription and placement amount does not exceed EUR23mn KUKA Aktiengesellschaft Seite 3 I 08. Juni 2010
4 Capital increase Transaction overview (II) Use of proceeds Strengthening of balance sheet and funding working capital requirements Development and expansion of the newly formed business unit Advanced Robotics Funding further growth in the business segments Robotics and Systems Lock-up 6 months soft lock-up period for the company 6 months soft lock-up period for Grenzebach Maschinenbau GmbH Timetable 07 June: 09 June: 18 June: 22 June: 23 June: 25 June: Announcement of the transaction Beginning of subscription period and rights trading End of subscription rights trading End of subscription period Rump placement Settlement / start trading of new shares KUKA Aktiengesellschaft Seite 4 I 08. Juni 2010
5 Capital increase Shareholder structure Shareholder structure pre rights issue Shareholder structure post rights issue 1 Grenzebach 26.6% Grenzebach 25.2% Free float 60.6% KUKA 4.5% Wyser- Pratte 8.3% Free float 63.2% Wyser- Pratte 7.8% KUKA 3.9% 1) Calculation is based on firm subscription commitments of core shareholders KUKA Aktiengesellschaft Seite 5 I 08. Juni 2010
6 Strategy Increase value by profitable growth strategy 1 New generation of Expand BRIC 1 business 2 industrial robots to safeguard market position automotive and expand general industry Increase valuation of 3 KUKA 4 Establish Advanced Robotics business unit Continue comprehensive cost reduction program 1) BRIC: Brasil, Russia, India and China KUKA Aktiengesellschaft Seite 6 I 08. Juni 2010
7 1 New generation of industrial robots: QUANTEC New benchmark for customer value QUANTEC establishes a new industry standard Significantly lower production costs (e.g. hardware replaced by software) KUKA QUANTEC KR C4 Strong increase in customer value Fewer robot types, therefore complexity substantially reduced Easy to use through plug & automate Increase applications through innovation focus smartpad WorkVisual KUKA Aktiengesellschaft Seite 7 I 08. Juni 2010
8 1 Secure automotive and expand general industry Opportunities from shifts in market structure Secure automotive BRIC/ emerging markets: Growth in car sales lead to expansion of OEMs local manufacturing facilities Europe: investments in new production technologies (e.g. automation in final assembly) Expand general industry Low Robot density 1 in general industry provides growth opportunities x 8 1,034 1) Robots per 10,000 worker; IFR World Robotics General Industry Automotive KUKA Aktiengesellschaft Seite 8 I 08. Juni 2010
9 2 BRIC markets: expand market share Orders in BRIC more than doubled in Q1/10 Russia 2010 GDP growth forecast 1 : 3% Automotive market to : 15% KUKA: 17 employees China 2010 GDP growth forecast 1 : 9% Automotive market to : 5% KUKA: 138 employees Brazil 2010 GDP growth forecast 1 : 5% Automotive market to : 3% KUKA: 55 employees India 2010 GDP growth forecast 1 : 6% Automotive market to : 9% KUKA: 57 employees 1) Forecast for 2010, Germany Trade & Invest 2) Boston Consulting Group, 2010 KUKA Aktiengesellschaft Seite 9 I 08. Juni 2010
10 3 Establish Advanced Robotics Bundling future projects of KUKA Automotive General industry KUKA s strong market position based on quality and innovation Lightweight robots Development Industrial robots Assembly Established Health care Established New products from the Advanced Robotics unit secure KUKA's profitable growth strategy Target markets health care and assembly are highly profitable KUKA Aktiengesellschaft Seite 10 I 08. Juni 2010
11 4 Cost reduction program Increase of recurring savings in 2010 ( millions) Cost reduction targets ~70 ~ Areas of activity Processes and structures - Reduction of personnel costs/ overhead Lean production - Capacity flexibilization Purchasing Design to cost - e.g. Quantec Indirect costs e.g. external service providers, etc Recurring cost reduction targets One-off cost reduction targets 1) Cumulated 2009 and 2010 KUKA Aktiengesellschaft Seite 11 I 08. Juni 2010
12 Outlook Positive operating EBIT in 2010 Summary Capital increase is a key building block to secure financing until March 31, Strategic road map clearly defined and in execution Long-term: transform from automotive components supplier to a hightech company Outlook for 2010 Economic recovery and turnaround continuing Recurring cost savings of million planned for 2010 Mid single-digit growth in sales Positive operating EBIT (before special items) 1) Prerequisite: Capital injection and refinancing of convertible bond by August 31, ) Cumulative 2009 and 2010 KUKA Aktiengesellschaft Seite 12 I 08. Juni 2010
13 New generation of industrial robots: QUANTEC Manfred Gundel - CEO Robotics
14 New generation of industrial robots: QUANTEC Lower production costs and higher customer value New generation of industrial robots: Lower manufacturing costs and higher customer value Number of robot types for largest market segment reduced by 50% Payload and reach extended KR C4 More applications and reduction of complexity - plug and automate KUKA QUANTEC smartpad WorkVisual KUKA Aktiengesellschaft Seite 14 I 08. Juni 2010
15 New generation of industrial robots: QUANTEC Trendsetting technology New mechanics (QUANTEC) kg = one robot series 25% less space 12% lighter 25% shorter cycle time 25% less energy New controller (KR C4) Software replaces hardware Open interfaces & standards Quick integration of new apps Integrated safety for new human-machine applications Energy consumption cut by up to 90% New software (WorkVisual) Efficient programming Faster startup Plug&Play New operator interface (smartpad) One operator interface for several robots Different national standards integrated 6D mouse enables efficient programming KUKA Aktiengesellschaft Seite 15 I 08. Juni 2010
16 New generation of industrial robots: QUANTEC Robot generations compared Up to 12% lighter and requires 25% less space - reach and payload unchanged Lighter materials improve dynamic performance and cut cycle times by up to 25% Energy consumption cut by up to 25% Smaller footprint expands application possibilities in manufacturing QUANTEC enables compact cell concepts in the high payload area KUKA Aktiengesellschaft Seite 16 I 08. Juni 2010
17 New generation of industrial robots: QUANTEC Significant performance advantages Competitive advantages: Greatest coverage in the "high payload" range Only one robot series in the largest market segment QUANTEC is significantly lighter, yet more compact Tailor made for various AUTOMOTIVE and GENERAL INDUSTRY requirements Q X Y KUKA Competitor X Competitor Y KUKA Aktiengesellschaft Seite 17 I 08. Juni 2010
18 New generation of industrial robots - QUANTEC Steps for the change of product program AUTOMATICA world premier Start delivery to automotive Start delivery to general industry K 2010 (international plastics industry fair) GIFA 2011 (international foundry industry fair) Old generation industrial robots completely replaced KUKA Aktiengesellschaft Seite 18 I 08. Juni 2010
19 Automotive, General Industry and BRIC-Nations Martin Sträb - CMO KUKA AG
20 Secure automotive and expand general industry Marketing and sales strategy for profitable growth Growth drivers Automotive: investments in innovative technologies foremost in Europe General industry: - Increasing cost pressure and low robot density drive demand - Strong market position supports distribution of new products in Europe - Focus on 7 core sectors BRIC nations: manufacturing relocations boost demand for robot-based automation solutions KUKA Aktiengesellschaft Seite 20 I 08. Juni 2010
21 Secure automotive Driver of future growth Automotive industry in transition Robotics: orders received strongly increased by +87.1% in Q1/10 Production starts for new models 1 : 247 (2011) and 286 (2012) Number of cars manufactured will grow 4.6% and 9.3% p.a. ( ) 2 New materials in fuel-efficient and lighter vehicles require new manufacturing systems (e.g., electric and hybrid vehicles, etc.) Increased demand for flexible production systems in order to cut costs 1) CSM production forecast 2) J.D.Power KUKA Aktiengesellschaft Seite 21 I 08. Juni 2010
22 Secure automotive OEM FACTORIES and KUKA locations OEM-manufacturing facilities and KUKA locations Americas Europe/ South Africa Asia/ Pacific Argentina Brazil Canada Mexico U.S. Belgium Germany France UK Austria Poland Portugal Rumania Russia Sweden Slovakia Spain South Africa Czech Republic Turkey China India Taiwan Thailand Vietnam KUKA Aktiengesellschaft Seite 22 I 08. Juni 2010
23 Expand general industry High potential due to low robot density KUKA advantages About 60% of all industrial robots were sold to general industry (2008) Robot density (robots per worker): Automotive (Germany): 1,034/ 10,000 General industry: 124/ 10,000 Robot production facilities in Germany and in China USP due to joint system solutions by Robotics and Systems (e.g., solutions including lightweight robots from KUKA) KUKA Aktiengesellschaft Seite 23 I 08. Juni 2010
24 Expand general industry Differentiate by industry and region Focus on following core sectors of general industry: Metalworking Machine tools Food Plastics Foundries Aerospace Solar Mostly targeted countries of core sectors: Germany, China, Italy, Japan, Korea and the U.S. Action plan Penetrate new market segments Systematically expand successful sales matrix (region/sector) Repeat proven solutions Expand network of systems integrators KUKA Aktiengesellschaft Seite 24 I 08. Juni 2010
25 BRIC Nations: expand market share Strong starting position in growth markets Advantages of KUKA Long time strong customer contact and local facilities Strong growth with German OEMs Brazil 1 Founded 1 Founding details: 1997 Headquarters: Sao Paolo 2 Expanded 2 3 Growth 3 Employees total: 55 Locations total: 2 GI: Nestlé, J&J Automotive: VW, Ford Focus: BIW, metal Excellent position in different business segments Focus Russia India Founding details: 2007 Headquarters: Moscow, Togliatti Founding details: 2006 Headquarters: Gurgaon, Pune Employees total:17 Locations total: 2 Employees: 57 Locations total: 3 G: RSM, CTS Automotive: AvtoVAZ Focus: Metal, food GI: Indo Rama, BHEL Automotive: VW, Tata, Mahindra & Mahindra Focus: BIW Expanding local partnering Expanding number of local locations (customer focus & proximity) China Founding details: 2000 Headquarters: Shanghai Employees total: 138 Locations total: 10 GI: Huaheng, Brimet Automotive: VW, Chery, JEE Focus : BIW, tabbaco, metal 1) (S) stands for Systems and (R) for Robotics 2) As of Dec. 31, ) Examples only, information not final KUKA Aktiengesellschaft Seite 25 I 08. Juni 2010
26 Advanced Robotics Bernd Liepert - CTO KUKA AG
27 Advanced Robotics Innovation drives growth and profitability Applications/ services Collaborative (e.g. health care) Sensitive (e.g., final assembly) Demanding (e.g., handling) Established (e.g. welding) Assembly/manufacturing areas (automotive and non-automotive) KUKA is a market leader in automotive (mechanical and plant engineering/robots) Health care systems Small, mediumsized companies Automotive General industry New segments and other industries Market segments KUKA Aktiengesellschaft Seite 27 I 08. Juni 2010
28 Assembly systems Robots used in many areas Power train assembly Rear axle and front axle pre-assembly Chassis and drive component assembly Manufacturing applications: engine, transmission, steering, brakes, roof module, seats, etc. Assembly: painting and car body Assembly of: - Doors - Hoods/ hatches - Fenders - Protective cladding Seam sealing Gluing of hybrid materials (aluminum/ CFRP/ steel) Final assembly Joining chassis modul in car body Door attachment Cockpit installation Windshield preparation and installation Sunroof and glass roof installation Seat installation Gas tank installation Wheel installation Roof liner installation KUKA Aktiengesellschaft Seite 28 I 08. Juni 2010
29 Assembly systems Assembly focus: today Industrial robot cell tomorrow Robot-based assembly Moderately flexible and large footprint Significant engineering and programming expense Fixed automation Little flexibility Expensive customized solutions Extensive engineering Manual labor Very flexible High labor costs Small footprint No protection necessary New application possibilities due to expanded performance capabilities Integrated software simplifies programming and startup KUKA Aktiengesellschaft Seite 29 I 08. Juni 2010
30 Assembly systems Higher share of wallet Revenue potential of robot cells KUKA: robot technology and systems integration under one roof Doubling possible Engineering and application Assembly systems: KUKA can bundle robots and systems integration into one package for automotive Service Service Robot Robot Robots without systems integration Robots with systems integration KUKA Aktiengesellschaft Seite 30 I 08. Juni 2010
31 Health care Applications for strong growing health care market Surgeries General surgery, cardiology, gynecology and urology, etc. Diagnostics Therapeutics Angiographics & cardiac catheters, imaging, etc. Radiation therapy, new therapies, etc. Strong growth with high margin potential Others Rehabilitation, sports medicine, hospital automation, etc. KUKA Aktiengesellschaft Seite 31 I 08. Juni 2010
32 Health care Increasing range of applications Diagnostic Procedural Nursing care Rehabilitation Support Admin. Applications Fully automated patient positing Flexible x-ray C-arm ultrasound Support invasive OP Navigationsupported positioning Patient positioning Patient lifting Equipment and room disinfection Home assisted care Reha-robot Robots helps nurses Pickup and delivery services Automated laboratories (24/7) Document access/ PACS Future applications Existing products KUKA Aktiengesellschaft Seite 32 I 08. Juni 2010
33 Disclaimer This presentation contains forward-looking statements based on assumptions and estimates made by the management of KUKA Aktiengesellschaft. Although management is of the opinion that these assumptions and estimates are accurate, future actual developments and future actual results could deviate significantly from these assumptions and estimates due to a variety of different factors. Some of these factors could, for example, include a change in the overall economic climate, exchange rates and interest rates, as well as changed conditions in the markets themselves. KUKA Aktiengesellschaft makes no guarantees that future developments and actual future results will align with the assumptions and estimates in this presentation, nor does it accept any liability for same. Copyright 2010 KUKA Aktiengesellschaft All rights reserved. KUKA Aktiengesellschaft Seite 33 I 08. Juni 2010
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