1. No category

Company Presentation
BackUp
KUKA AKTIENGESELLSCHAFT
Company Presentation
2014
page 1
KUKA Aktiengesellschaft
www.kuka.com
Strategy
Boost value of KUKA
KUKA Systems
KUKA Robotics
Systems
Industries
(Solution)
(Cell)
 Safeguard automotive business
Focused
strategy
 Increase general industry business
 Strengthen global positioning
1) LBR iiwa – intelligent industrial work assistant
KUKA Aktiengesellschaft
page 2
Industrial
Robotics
Service Robotics
Medical Robotics
 Penetration of
LBR iiwa1
 Penetration
health care
segment
 Penetration
service
robotics
Competition
Leading positions in Robotics and Systems
Robotics - Automotive
Robotics - General Industry
Systems - Body-in-White
KUKA
KUKA
KUKA
Market position Robotics
 Worldwide: #1
 Europe: #1
Main competitors:
Fanuc, Yaskawa, ABB, Nachi, Comau, etc.
Source: IFR market data
Market position Robotics
 Worldwide: among Top 5
 Europe: among Top 3
Main competitors:
Yaskawa, Fanuc, ABB, Adept, Stäubli, etc.
Main competitors:
Comau, Thyssen, FFT, EBZ, etc.
Source: IFR market data
Global market share of articulated robots in 2013: ~14%
Note: Non accessible market incl. Africa, Australia, Asia
(except China/India), OEM tool shops
Source: CMS database, KUKA estimates
Source: IFR market data, final figures 2013
KUKA Aktiengesellschaft
Market position Systems
 #1 in the U.S.
 #2 in Europe
page 3
Robotics
Growth through innovation and quality
KUKA QUANTEC
KR C4
Strategy and key facts
 Balanced business structure1
 Automotive 40%, General Industry 42%
and service 18%
 Strong key customers in automotive
 Daimler, VW, BMW and FORD
 Focused industries in General Industry
 Food, electronics, plastics, foundry, arc
welding, machine tools, T1/ others
 100% control of service business
 Quantec/ KRC4 sets new industry standard
smartPAD
Software
1) Split orders received FY13
KUKA Aktiengesellschaft
page 4
Robotics
Advantage of QUANTEC
Year
1980
2000
2010
Production costs
100%
30%
20%
Weight
100%
50%
40%
Number of parts
100%
30%
20%
Assembly hours
100%
20%
15%
Maintenance
100%
30%
30%
Performance
100%
200%
300%
KUKA Aktiengesellschaft
page 5
Robotics
Opportunity - Low robot density in general industry
Robot density
(number of robots per 10,000 employees)
Automotive
Strategy – Increased share in
general industry
General Industry
1,520
Expansion of
product portFocus on
folio
10 regions /
Reduction of
countries
cyclical effect and
sustainable
increase
in profitability
1,140
214
154
281
14
Japan
Germany
China
48
1
India
Source: IFR World Robotics 2013
KUKA Aktiengesellschaft
page 6
Focus on 7
customers
segments
KUKA development
Hardware – Software – Solution – Processes
Service
Robotics
…
…
Emerging markets
KR C4
General Industry
(e.g. aerospace, laser, gluing…)
Weight classes
Vision
Haptics
Hardware development
KUKA Aktiengesellschaft
page 7
Alema
Human-robot
cooperation
Automotive
KR C2
+
Sensors
Solutions from KUKA
Software development
Sunrise
Service robotics and medical robotics
Growth potential in health care / service robotics
Health care
Service Robotic
Production and assembly
 Diagnosis together with
Siemens
 KUKA youBot
 LBR iiwa1 in assembly and
production processes
 Radiation therapy together
with Accuray and Forte
 Lightweight robot (LBR iiwa1)
fast research interface
 Entertainment
 Active with partners in other
segments (e.g. rehabilitation)
1) LBR iiwa – intelligent industrial work assistant
KUKA Aktiengesellschaft
page 8
 Mobile solutions with
robots in logistics
Development of robots
Innovation
New technologies are opening up new markets
4th Robotic Revolution
Intelligent and perceptive
robot systems
3rd Robotic Revolution
Mobility
2nd Robotic Revolution
Sensitive, safe robot-based
automation (LBR iiwa)
1st Robotic Revolution
Industrial automation
Industry 4.0
Future
KUKA Aktiengesellschaft
page 9
KUKA software
Sunrise opens up new markets for KUKA
KUKA
customers
KUKA Cloud
Services
Software
KUKA robots
KUKA Aktiengesellschaft
page 10
Systems - strategy
Units of focus in automotive und general industry
Tools and
dies
KTPO
Units
Europe/
USA
Body-inWhite
Assembly
&Test
Aero
Logistics
Mobility
Revenue share today
Revenue potential
Asia
KUKA Aktiengesellschaft
Technology
Solutions
page 11
Others
KUKA Group
Key financial figures
Order received
(€ million)
+47.0%
1,553.0
1,279.9
1,266.1
1,142.3
2009
2010
2011
2012
2013
+ 131.5%
52.0
72.6
2008
2009
2010
2011
2012
2013
Order backlog
(€ million)
109.8
1,774.5
1,078.6
902.1
EBIT
(€ million)
+ 40.2%
1,739.2
1,435.6
1,889.6 1,881.9
903.3
2008
Sales revenues
(€ million)
120.4
+ 82.9%
24.8
542.3
543.5
630.5
2008
2009
2010
909.4
991.6
2012
2013
724.0
-52.6 (incl. 38.6 restructuring
costs in 2009)
2008
2009
KUKA Aktiengesellschaft
2010
2011
2012
2013
page 12
2011
KUKA Group
Key financial figures1
Order received
(€ million)
+ 30.0%
427.7
615.2
570.5
446.1
+18.8%
556.0
EBIT margin
7.4
6.7
6.6
506.1
539.3
446.9
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14
Order backlog
(€ million)
+28.1%
6.8
1,186,7
5.9
1,003.7
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14
1,273.3 1,286.1
991.6
Q1/13 Q4/13 Q1/14 Q2/14 Q3/14
1) Incl. Reis Group and Alema
KUKA Aktiengesellschaft
462.5
454.1
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14
(%)
Sales revenues
(€ million)
page 13
Outlook 20141
Outlook for sales and EBIT margin confirmed
~2.0 billion
~ ~6.5%
6.0%
Sales revenue
EBIT margin
1) Incl. Reis Group and Alema
KUKA Aktiengesellschaft
page 14
Long term growth trends in robot based automation
1
Low robot penetration in emerging markets
Robot density (robots per 10,000 employees)
323
282
152
82
66
49
Japan
Germany
USA
Europe
UK
Source: IFR World Robotics 2013
KUKA Aktiengesellschaft
page 15
Thailand
30
China
9
Brazil
2
India
Long term growth trends in robot based automation
2
Low robot penetration in General Industry
Robot density (robots per 10,000 employees)
Automotive
General Industry
1,520
1,140
1,111
682
214
154
281
82
28
Japan
Germany
USA
UK
Source: IFR World Robotics 2013
KUKA Aktiengesellschaft
page 16
91
14
China
4
Brazil
48
1
India
Long term growth trends in robot based automation
3
Strong capacity increase in emerging markets
Global automobile production
CAGR
(million)
99.8
90.0
83.9
79.2
74.6
2.6
2.5
2.9
other
3.0 %
24.7
China
10.0 %
2.8
2.7
23.1
21.1
2.4
95.3
18.9
16.5
15.3
23.9
24.6
25.4
19.6
21.6
22.5
19.9
19.2
19.7
20.9
22.1
23.2
17.3
19.5
20.2
21.4
22.7
23.6
2011
2012
2013e
2014e
Source: PWC
KUKA Aktiengesellschaft
page 17
2015e
2016e
Asia
(without
China)
5.3 %
Europe
3.1 %
America
6.4 %
Long term growth trends in robot based automation
4
Expansion of service robotic market
KUKA Aktiengesellschaft
page 18
Disclaimer
This presentation contains forward-looking statements based on current assumptions and forecasts made
by KUKA Group management. Any forward-looking statements contained in this presentation represent
our best judgment as to what will occur in the future. Various known and unknown risks, uncertainties and
other factors could lead to material differences between the actual future results, financial situation,
development or performance of the company and the estimates given here. The company assumes no
liability whatsoever to update these forward-looking statements or to conform them to future events or
development.
© Copyright 2014 – KUKA Aktiengesellschaft – All rights reserved.
KUKA Aktiengesellschaft
page 19
Company Presentation
BackUp
KUKA AKTIENGESELLSCHAFT
Company Presentation - Backup
KUKA Aktiengesellschaft
page
20
www.kuka.com
2014
KUKA Group – structure
Global player with worldwide distribution
Plant robot
automated
Robots incl.
applications
Robot cells
Headquarter and R&D
 Augsburg (Germany)
Center sales offices
 Augsburg (Germany)
 Detroit (USA)
General Industry
Automotive
General Industry
Automotive
Orders received
Employees
(% of total)
(% of total)
Assembly
 Augsburg (Germany)
 Obernburg (Germany)
37
2013
 Shanghai (China)
2013
51
 Takson/ Füzesgyarmat
(Hungary)
 Shanghai (China)
Germany
KUKA Aktiengesellschaft
Europe
North America
Asia/ others
page 21
 Detroit (USA)
KUKA Group – management
Structure
Board of Management
Dr. T. Reuter
(CEO)
Systems
L. Drake
F. Klingemann
(Americas)
(Europe/Asia)
KUKA Aktiengesellschaft
P. Mohnen
(CFO)
CTO
Robotics
Dr. B. Liepert
M. Gundel
page 22
KUKA Group – management
CEO/ Dr. Till Reuter
Since 01.10.2009
Chairman of the executive board KUKA Aktiengesellschaft, Augsburg
2008
Founded RINVEST AG, Pfäffikon, Switzerland
Chairman of the board of directors
1999 – 2008
Morgan Stanley, Deutsche Bank, Lehman Brothers
Investment Banker
1997 – 1999
Shearman & Sterling, Frankfurt and Düsseldorf
Lawyer
1995 – 1997
Kelley Drye Warren, New York and Xavier Bernardes Braganca,
Sáo Paulo
Business lawyer
1994
Degree University of Konstanz
Study of laws
1993
Degree University of St. Gallen
Business Administration (lic. oec. HSG)
KUKA Aktiengesellschaft
page 23
KUKA Group – management
CFO/ Peter Mohnen
Since 01.08.2012
Member of the executive board KUKA Aktiengesellschaft, Augsburg
2006 – 2012
Several Supervisory Board Memberships, i.a. Panrusgaz
(Joint Venture E.ON – Gazprom)
2009 – 2012
E.ON Hungária ZRt., Budapest/ Hungary
CFO
2007 – 2008
E.ON Földgáz Storage ZRt., Budapest/ Hungary
CFO
2006 – 2012
E.ON Földgáz Trade ZRt., Budapest/ Hungary
CFO
1993 – 2006
E.ON Ruhrgas AG, Essen
Leading management positions in financial accounting, group consolidation, planning and analysis
Leadership of several national and international projects
1993
Master in Business Administrations
University Saarbrücken & University Bari/ Italy
KUKA Aktiengesellschaft
page 24
KUKA Group – shareholder structure
KUKA AG - German MDAX listed
Grenzebach Group 19.8%
Other institutional and private
investors 62.1%
SWOCTEM GmbH 10.0%
AXA Group 5.0%
Bank of America Group 3.1%
KUKA Aktiengesellschaft
page 25
KUKA Group – liability structure
Liability structure solid and long term
Financing structure
(€ million)
Syndicated loan
Convertible bond
(Maturity December 2018)
(Maturity February 2018)
160
150
Rating of KUKA group: Standard & Poors: BB (stable) and Moody´s: Ba2 (stable)
KUKA Aktiengesellschaft
page 26
KUKA Group – convertible bond
Summary of terms
NOT FOR DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR
JAPAN, OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW
1)
2)
Aggregate Principal
Amount
EUR 150 million, comprising the EUR 58.8
additionally issued Bonds
Denomination
EUR 100,000 (the “Principal Amount”)
Redemption Price
100% of the Principal Amount
Coupon
2.00% per annum, payable semiannually
Maturity
February 12, 2018
ISIN
DE000A1R09V9
Status of the Bonds
The Bonds will constitute direct, unconditional, unsecured and unsubordinated obligations of the
Issuer and will rank pari passu and without any preference among themselves and at least paris
passu with all other unsecured and unsubordinated obligations from borrowings of the issuer,
except as provided by mandatory law.
Conversion Price
EUR 36.8067, initially
Conversion Ratio per
Bond
2,716.8967 shares per Bond initially
(amounting initially to, in the aggregate, 4.075 million shares)
Dividend Protection
Common market dilution adjustment: bondholders will be protected for cash dividends in respect of
any fiscal year that exceeds specified thresholds.
Listing
The Bonds will be traded on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange
1) 12th February 2013
KUKA Aktiengesellschaft
2) 23th July 2013
page 27
million Initially Issued Bonds and EUR 91.2
million
Robotics – product portfolio
Family of modularized, standardized products
Light
Weight
(7-14 kg)
Small
Robots
(-10 kg)
KUKA Aktiengesellschaft
Low
Payloads
(5-16 kg)
Medium
Payloads
(30-60 kg)
High
Payloads
(80-300 kg)
page 28
Heavy
Duty
(300-1300 kg)
Special
Models
Robotics – R&D
Innovation leadership for 40 years
First
First
Electromagnetic Robot
with six axes: „Famulus“
Long-range Robot
Heavy payload Robot
First
First
Real time PC-based
Robot controller
1985
1996
KUKA Aktiengesellschaft
Co-operative
Robots
First
First
Integration of
Soft PLC
1998
1999 2000
Safe
Robots
2003
page 29
Lightweight
Robot
Agilus
Small
payloads
efficiently/
speed
First
First
Robot remote
diagnostics via Internet
First
First
Entertainment Robot
First
Single-arm Robot
without parallelogram
1973
First
2004 2005
Robot Titan
(1,000 kg)
First
Quantec
KR C4
2006 2007 2010
2012
KUKA Aktiengesellschaft
page 30
Global delivery
Service Robotis
Medial robotics
Ind. Business
Development
Metal & Arc
Welding
Machine Tools
Electronics (3C)
Consumer Goods
Automotive
Robotics – growth potential
Focused customer segments
Robot based automation
Robotics – growth market general industry
Examples of customers in general Industry
KUKA Aktiengesellschaft
page 31
Robotics – customers
Close and long-term customer relationships globally
General Industry
Automotive
KUKA Aktiengesellschaft
Food
Consumer Products
Solar
Retail
Medical
Electronics
Engineering
Aircraft/ Vehicle
Other segments
page 32
Robotics – global market of robots
Growth market Robotics
Global sales of industrial robots
~288
(thousands)
178
166
Total
CAGR 9.5%
Other
Robots
CAGR 9.4%
160
121
113
62
53
104
107
37
60
70
119
76
40
2008
2009
2010
2011
Source: IFR World Robotics, 2013
KUKA Aktiengesellschaft
58
51
20
Articulated
Robots
CAGR 9.4%
~205
page 33
2012
2013
2014e
2017e
Robotics - service
100% control of service revenue
Development of orders received
(€ million)
144.3
121.5
77.3
Service offerings
96.5
 Product portfolio throughout the life cycle
137.2
 Spare parts
96.5
 Technical/ Robotic consulting
 Expert programming on site
 Repair service on site
2009
2010
2010
2011
2012
 Retooling concepts
2013
 Maintenance management
 Hotline support 24/7
 Training worldwide (KUKA colleges)
 Close cooperation of sales and service
KUKA Aktiengesellschaft
page 34
Robotics – financials
Development in Q3/14 and 2013
Order received
Sales revenues
(€ million)
(€ million)
-1.2%
+3.6%
803.1
185.1
178.7
Q3/13
Q3/14
2012
222.4
793.5
179.2
2013
Q3/13
EBIT
(€ million)
+43.1%
18.1
Q3/13
KUKA Aktiengesellschaft
+1.5%
+24.1%
Q3/14
742.6
2012
754.1
2013
EBIT margin
(%)
-3.9%
+11.6
25.9
80.2
77.1
Q3/14
2012
2013
+10.8
+10.1
Q3/13
page 35
Q3/14
2012
+10.2
2013
Healthcare and service robotics
Access to high growth potential
Strategy
 Product development for Robotics and Systems
 Develop medical robotic and high-tech surgery systems
Focus
 Lightweight robot: next development stage - for health care
and assembly
 Increasing range of applications
Features of lightweight robot
 Sensitivity
 Safety
KUKA Aktiengesellschaft
page 36
Service robotics with LBR iiwa
LBR iiwa creates new markets
Product advantages
 Human–machine cooperation enables
automation without safety fences
 Sensitivity increases flexible use of robots
 New concepts enable automation in small
spaces
 Expanded KUKA’s product portfolio in the low
payload range
 Increased user-friendliness with easy-to-use
concept
KUKA Aktiengesellschaft
page 37
Service robotics with LBR iiwa
Revolution in production
KUKA Aktiengesellschaft
page 38
Service robotics with LBR iiwa
Productivity
Collaboration boosts flexibility and productivity
High flexibility at limited
productivity
High productivity at
limited flexibility
Source: Daimler
KUKA Aktiengesellschaft
page 39
High flexibility and high
productivity by
Human-RobotCollaboration
Service robotics with LBR iiwa
High potential in the automotive sector
Powertrain
train
Power
Number of robots
per segment
Robot applications
Degree of automation
Press shop
40-100




Handling
Assembly
Welding
Machining
 Medium to high
400-600
7-15
 Handling
 Press linking
 High







Spot welding
Laser welding
Gluing
Riveting
Handling
Body transfer
…..
 Very high
Based on production of 200,000 cars per year
KUKA Aktiengesellschaft
Body Shop
page 40
Paint shop
40-50
Final assembly
10-20
 Painting
 Sealing
 Assembly
 Handling
 High
 Very low
Systems – range of solutions
Factory of the future: design principles
Factory:
Versatile, highly
flexible and
energy-efficient
factory
Basis for
Industry 4.0
Shop:
Press shop, body shop, assembly
Line:
Welding and assembly line
Cell/station:
Welding cell, inspection and testing cell, KUKA flexFELLOW, KUKA flexTOWER
Process:
Joining, handling, assembling, screw fastening, inserting plugs...
KUKA Aktiengesellschaft
page 41
Systems – range of solutions
Goal: Spontaneous and scalable automation
1
Station no.
1
Expansion
stage
2
Expansion
stage
3
Expansion
stage
4
Capacity
limit
3
4
5
6
7
3
1
Product A
8
4
3
Quantity
Expansion
stage
2
2
3
Product B
2
1
Time
Qualitative representation
KUKA Aktiengesellschaft
page 42
Systems – business development automotive
Growth potential through BRIC and model changes
More car types require more production lines




 Limousine
 Sports car
 Spyder






Fastback car
Station wagon
Limousine
Sports car
Coupe
Convertible





Pickup
Fuel efficient car
Off road
Sports utility
vehicle
Limousine
Subcompact car
Sports car
Convertible
Roadster
1960
KUKA Aktiengesellschaft
 Lighter materials
 Engine downsizing
 Power train
hybridization
 Electric cars
 New transmission
technology (double
clutch/ twin clutch)
 Shorter innovation
cycles for transmissions
Today
page 43
Systems – KTPO
Pay on production activity in the U.S.
At a glance
 Model: Jeep Wrangler
 Chrysler: Toledo / USA
 Start 2006
 Contract period: 14 years (2 models)
 Employees: 245 / 2 shifts
Benefits
 First time a major number of KUKA robots
installed in a U.S. car plant
 Show room for other OEMs
 Track record in continuous efficiency gains
(Harbour report 2010: Best plant in the U.S. for
efficiency and productivity)
KUKA Aktiengesellschaft
page 44
Systems - General Industry (foundry, welding/ laser, battery)
Reis group strengthens KUKA
Acquisition of Reis group
 Reis products are convincing in terms of
quality and innovation
 Strong market position in General Industry
 Foundry, welding/ laser, battery
 Strengthen the presence in China
 Synergies
 Global sales structure
 Efficiency increase
 Transfer of know-how
 Procurement
KUKA Aktiengesellschaft
page 45
Systems - General Industry (aircraft industry)
KUKA + Alema = full range supplier
Alema
 KUKA and Alema become a full-range
supplier in the aircraft industry:
 KUKA: robot, system and mobility
 Alema: drilling and rivet setting
 The aircraft industry offers high growth through
light automation
 Increased revenue share from General
Industry
 Strong global sales structure of KUKA
supports Alema products
KUKA Aktiengesellschaft
page 46
Systems – customers
Close and long-term customer relationships globally
General Industry
Automotive
KUKA Aktiengesellschaft
Aircraft
Jet Engines
Wafer/Microeletronic
Solar Modules
page 47
Automotive
suppliers
Systems – financials
Development in Q3/141 and 2013
Order received
Sales revenues
(€ million) +49.4%
(€ million)
-0.3%
377.8
1,115.1
252.9
Q3/13
Q3/14
2012
+2.0%
+15.2%
1,111.6
281.7
324.5
Q3/13 Q3/14
2013
EBIT
1,025.3
2012
1,045.9
2013
EBIT margin
(€ million)
(%)
+30.5%
21.8
16.7
Q3/13 Q3/14
+27.5%
47.7
2012
60.8
+5.9
+4.7
2013
Q3/13 Q3/14
2012
1) Incl. Reis Group and Alema
KUKA Aktiengesellschaft
+5.8
+6.7
page 48
2013
KUKA Group
Overview key financials 2006-2013
(€ million)
CAGR
Ø
2006
2007
2008
2009
2010
2011
2012
2013
06-13
06-13
Orders received
1.186,4
1.343,8
1.279,9
903,3
1.142,3
1.553,0
1.889,6
1.881,9
6,8%
1.397,5
Sales revenues
1.164,6
1.286,4
1.266,1
902,1
1.078,6
1.435,6
1.739,2
1.774,5
6,2%
1.330,9
16,7
70,4
52,0
-52,6
24,8
72,6
109,8
120,4
32,6%
51,8
1,4
5,5
4,1
-5,8
2,3
5,1
6,3
6,8
-
3,2
205,2
169,4
242,3
317,5
312,5
332,9
339,8
326,2
6,8%
280,7
8,1
41,6
21,5
-16,6
7,9
21,8
32,3
36,9
24,2%
19,2
5.580
5.732
6.171
5.744
5.990
6.589
7.264
7.990
5,3%
6.383
EBIT
in % of sales revenues
Capital employed
ROCE (in %)
Employees (Dec.31)
KUKA Aktiengesellschaft
page 49
Robotics
Overview key financials 2006-2013
(€ million)
CAGR
Ø
2006
2007
2008
2009
2010
2011
2012
2013
06-13
06-13
Orders received
382,3
434,9
464,4
324,3
486,2
654,4
803,1
793,5
11,0%
542,9
Sales revenues
373,3
412,9
474,4
330,5
435,7
616,3
742,6
754,1
10,6%
517,5
22,4
33,6
42,0
-11,5
20,8
51,0
80,2
77,1
19,3%
39,5
6,0
8,1
8,9
-3,5
4,8
8,3
10,8
10,2
7,9%
6,7
Capital employed
92,2
97,1
112,9
120,5
129,1
133,2
140,2
155,6
7,8%
122,6
ROCE (in %)
24,3
34,6
37,2
-9,5
16,1
38,3
57,2
49,6
10,7%
31,0
1.838
2.023
2.261
2.009
2.347
2.753
3.180
3.416
9,3%
2.478
EBIT
in % of sales revenues
Employees (Dec. 31)
KUKA Aktiengesellschaft
page 50
Systems
Overview key financials 2006-2013
(€ million)
CAGR
Ø
2006
2007
2008
2009
2010
2011
2012
2013
06-13
06-13
Orders received
847,8
937,7
854,9
615,4
716,8
916,6
1.115,1
1.111,6
3,9%
889,5
Sales revenues
832,8
900,0
837,5
605,5
695,3
850,7
1.025,3
1.045,9
3,3%
849,1
10,0
37,2
26,8
-28,8
20,0
33,7
47,7
60,8
29,4%
25,9
1,2
4,1
3,2
-4,8
2,9
4,0
4,7
5,8
25,2%
2,6
101,0
73,0
132,7
198,6
192,4
209,6
200,5
141,5
4,9%
156,2
9,9
51,0
20,2
-14,5
10,4
16,1
23,8
43,0
23,3%
20,0
3.620
3.582
3.781
3.534
3.456
3.643
3.902
4.362
2,7%
3.735
EBIT
in % of sales revenues
Capital employed
ROCE (in %)
Employees (Dec. 31)
KUKA Aktiengesellschaft
page 51
KUKA Group
Key financials1
(€ million)
Q3/13
Q4/13
Q1/14
Q2/14
Q3/14
Delta (yoy)
2012
2013
Delta (yoy)
Orders received
427,7
446,1
615,2
570,5
556,0
30,0%
1.889,6
1.881,9
-0,4%
1.003,7
991.6
1.186,7
1.273,3
1.286,1
28,1%
909,4
991,6
9,0%
Sales revenues
454,1
446,9
462,5
506,1
539,3
18,8%
1.739,2
1.774,5
2,0%
Gross earnings from sales
105,6
176,4
108,0
130,5
137,3
30,0%
385,9
438,5
-
in % of sales revenues
23,3
27,7
23,4
25,8
25,5
-
22,2
24,7
-
30,1
32,9
27,1
34,1
36,8
22,3%
109,8
120,4
9,7%
6,6
7,4
5,9
6,7
6,8
-
6,3
6,8
-
41,2
59,9
37,3
44,3
47,1
14,3%
138,5
158,6
14,5%
9,1
9,8
8,1
8,8
8,7
-
8,0
8,9
-
25,8
27,5
26,0
27,0
27,6
-
26,2
27,5
-
Net debt
135,8
146,5
150,1
129,5
182,4
34,3%
42,8
146,5
-
Employees
7.842
7.990
9.392
9.389
9.588
22,3%
7.264
7.990
10,0%
Capex
14,9
18,0
14,1
13,1
19,7
32,2%
42,8
74,7
-
R&D
17,8
17,6
15,0
20,4
18,4
3,4%
42,6
59,7
-
Order backlog
Earnings before interest and taxes (EBIT)
in % of sales revenues
Earnings before interest, taxes,
depreciation a. am ortization (EBITDA)
in % of sales revenues
Equity ratio (in %)
1) Incl. Reis Group and Alema
KUKA Aktiengesellschaft
page 52
Robotics
Key financials1
(€ million)
Q3/13
Q4/13
Q1/14
Q2/14
Q3/14
Delta (yoy)
2012
2013
Delta (yoy)
Orders received
178,7
194,3
235,6
207,5
185,1
3,6%
803,1
793,5
-1,2%
Order backlog
271,2
280,7
317,4
321,0
284,2
4,8%
248,7
280,7
12,9%
Sales revenues
179,2
183,8
194,5
203,4
222,4
24,1%
742,6
754,1
1,5%
Gross earnings from sales
64,4
109,5
68,1
79,5
85,2
32,3%
238,6
271,4
13,7%
in % of sales revenues
35,9
59,6
35,0
40,0
38,3
-
32,1
36,0
-
18,1
19,4
19,4
22,0
25,9
43,1%
80,2
77,1
-3,9%
10,1
10,6
10,0
10,8
11,6
-
10,8
10,2
-
3.313
3.416
3.501
3.521
3.579
8,0%
3.180
3.416
7,4%
178,7
194,3
235,6
207,5
185,1
3,6%
803,1
793,5
-1,2%
thereof Automotive
66,3
91,7
111,9
81,4
69,8
5,3%
371,0
318,3
-14,2%
thereof General Industry
77,8
70,8
78,2
87,3
76,6
-1,5%
294,9
330,9
12,2%
thereof Service
34,6
31,8
45,5
38,8
38,7
11,8%
137,2
144,3
5,2%
Earnings before interest and tax (EBIT)
in % of sales revenues
Employees
€ million
Orders received
1) Incl. Reis Group and Alema
KUKA Aktiengesellschaft
page 53
Systems
Key financials1
(€ million)
Q3/13
Q4/13
Q1/14
Q2/14
Q3/14
Delta (yoy)
2012
2013
Delta (yoy)
Orders received
252,9
255,4
383,6
376,3
377,8
49,4%
1.115,1
1.111,6
-0,3%
Order backlog
738,7
714,4
872,7
965,0
1.013,9
37,3%
666,1
714,4
7,3%
Sales revenues
281,7
269,5
272,1
306,6
324,5
15,2%
1.025,3
1.045,9
2,0%
Gross earnings from sales
37,0
60,1
39,8
50,7
51,3
38,6%
131,8
150,0
-
in % of sales revenues
13,1
22,3
14,6
16,5
15,8
-
12,9
14,3
-
16,7
17,2
11,8
16,2
21,8
30,5%
47,7
60,8
27,5%
5,9
6,4
4,3
5,3
6,7
-
4,7
5,8
-
4.322
4.362
5.668
5.645
5.738
32,8%
3.902
4.362
11,8%
Earnings before interest and tax (EBIT)
in % of sales revenues
Employees
1) Incl. Reis Group and Alema
KUKA Aktiengesellschaft
page 54
KUKA Group
Income statement1
(€ million)
Q3/13
Q4/13
Q1/14
Q2/14
Q3/14
Delta (yoy)
2012
2013
Delta (yoy)
Sales
454,1
446,9
462,5
506,1
539,3
18,8%
1.739,2
1.774,5
2,0%
Cost of sales
-348,5
-323,3
-354,5
-375,6
-402,0
15,4%
-1.353,3
-1.336,0
-1,3%
Gross income
105,6
123,6
108,0
130,5
137,3
30,0%
385,9
438,5
13,6%
Selling expenses
-30,6
-36,6
-35,7
-39,7
-38,9
27,1%
-119,7
-130,2
8,8%
Research and development costs
-17,8
-17,6
-15,0
-20,4
-18,4
3,4%
-42,6
-59,7
40,1%
General and administrative expenses
-25,5
-29,7
-27,9
-30,3
-37,6
47,5%
-98,6
-110,0
11,6%
Other operating income and expenses
-3,4
-9,3
-2,7
-6,2
-5,7
-
-22,5
-24,9
-
28,3
30,4
26,4
33,2
35,9
26,9%
102,5
113,7
10,9%
1,7
2,6
0,7
0,9
0,9
-47,1%
7,3
6,7
-8,2%
30,0
33,0
27,1
34,1
36,8
22,7%
109,8
120,4
9,7%
Financial results
-5,4
-4,0
-6,0
-16,9
-0,8
-
-12,8
-20,0
56,3%
Earnings before tax
22,9
26,4
20,4
16,3
35,1
53,3%
89,7
93,7
4,5%
Taxes on income
-8,3
-9,7
-8,2
-6,0
-12,5
50,6%
-34,1
-35,4
-
Earnings after taxes
14,6
16,7
12,2
10,3
22,6
54,8%
55,6
58,3
4,9%
Earings from operating activities
Reconcili. to earnings before inter. and tax (EBIT)
Financing costs included in operating sales
Earnings before interest and tax (EBIT)
1) Incl. Reis Group and Alema
KUKA Aktiengesellschaft
page 55
KUKA Group
Assets
(€ million)
30.09.13
31.12.13
31.03.14
30.06.14
30.09.14
Delta
308,5
327,7
397,9
406,0
430,7
39,6%
Non-Current assets
199,3
226,3
293,7
296,4
312,5
56,8%
Intangible assets
95,3
92,5
120,4
116,5
118,9
24,8%
103,8
133,6
167,5
174,9
187,7
80,8%
0,2
0,2
5,8
5,0
5,9
-
4,7
4,8
4,9
5,4
3,2
-31,9%
Deferred taxes
30,4
25,6
26,7
33,5
38,6
27,0%
Finance lease receivables
64,4
61,9
62,8
61,9
65,5
1,7%
9,5
9,1
9,8
8,8
10,9
14,7%
1.089,9
1.049,4
1.103,8
1.032,5
1.079,4
-1,0%
Inventories
203,6
186,2
244,2
265,0
270,0
32,6%
Receivables and other assets
441,1
422,1
431,3
498,2
486,7
10,3%
Trade receivables
160,4
167,5
141,8
168,4
163,4
1,9%
Receivables from construction contracts
239,6
181,1
214,5
254,2
252,5
5,4%
Finance lease receivables
5,3
5,3
5,7
5,9
6,6
24,5%
Income tax receivables
4,0
7,1
6,8
5,3
9,6
140,0%
31,8
61,1
62,5
64,4
54,6
-
445,2
441,1
428,3
269,3
322,7
-27,5%
1.398,4
1.377,1
1.501,7
1.438,5
1.510,1
8,0%
Non-Current assets
Property, plant and equipment
Financial investments
Income tax receivables
Other long-term receivables and other assets
Current assets
Other assets, prepaid expenses and deferred charges
Cash and cash equivalents
Assets
KUKA Aktiengesellschaft
page 56
KUKA Group
Equity and liabilities
(€ million)
30.09.13
31.12.13
31.03.14
30.06.14
30.09.14
Delta
360,1
379,1
390,7
388,5
416,9
15,8%
25,8
27,5
26,0
27,0
27,6
7,0%
Non-current liabilities, provisions and accruals
413,1
400,7
391,3
260,2
269,9
-34,7%
Financial liabilities
300,4
288,1
270,8
135,0
136,6
-54,5%
Other liabilities
13,9
14,7
16,0
16,3
17,2
23,7%
Pensions and similar obligations
76,9
73,4
77,7
81,1
83,4
8,5%
Deferred taxes
21,9
24,5
26,8
27,8
32,7
49,3%
Current liabilities
625,2
597,3
719,7
789,8
823,3
31,7%
Financial liabilities
9,1
6,5
7,4
4,8
3,7
-59,3%
180,7
171,7
198,6
216,9
226,8
25,5%
59,9
52,3
77,5
83,1
76,5
27,7%
134,1
132,7
107,2
126,1
117,0
-12,8%
0,1
0,1
0,1
0,0
0,0
-
126,0
132,2
195,5
206,4
231,0
83,3%
11,0
7,1
11,0
13,7
17,4
58,2%
104,3
94,7
122,4
138,8
150,9
44,7%
1.398,4
1.377,1
1.501,7
1.438,5
1.510,1
8,0%
Equity
Equity ratio (in %)
Trade payables
Advances received
Liabilities from construction contracts
Accounts payable to affiliated companies
Other liabilities and deferred income
Income tax liabilities
Other provisions
Equity and liabilities
KUKA Aktiengesellschaft
page 57
KUKA Group
Cash flow
(€ million)
Q2/13
Q3/13
Q4/13
Q1/14
Q2/14
Q3/14
20,3
-9,5
16,6
12,2
10,3
22,6
7,6
-5,1
6,0
3,8
4,7
4,5
Depreciation/amortization on tangible assets
11,2
-7,1
4,7
6,5
5,7
5,9
Other non-payment-related income
-2,7
1,3
-0,8
-0,7
-5,9
-1,3
Other non-payment-related expenses
13,7
-7,6
11,6
10,8
16,5
50,1
-28,0
38,1
32,6
31,3
0,0
0,0
0,1
0,0
0,1
-21,6
20,0
-11,9
9,9
21,6
Net income after taxes
Depreciation/amortization on intangible assets
Cash Earnings
Result on disposal of assets
Changes in provisions
Delta
(yoy)
Delta
(yoy)
2012
2013
11,3%
55,6
58,3
4,9%
-40,8%
11,4
20,3
78,1%
-47,3%
17,3
17,9
3,5%
-51,9%
-2,7
-2,3
-14,8%
3,9
-71,5%
10,8
21,1
95,4%
35,6
-28,9%
92,4
115,3
24,8%
-0,1
-
0,2
0,3
-
13,7
-
13,4
10,4
-
Changes in current assets and liabilities:
-45,2
19,4
17,6
-15,8
-21,0
-1,8
-96,0%
-18,4
27,9
-251,6%
-109,7
97,1
52,3
17,6
-87,1
28,4
-
41,3
-0,1
-
110,1
-80,5
-4,4
5,4
45,0
-12,1
-
-11,0
67,2
-
-16,3
28,0
91,8
49,7
-10,1
63,7
-
117,9
221,0
-
0,5
-0,2
0,2
0,2
1,9
-1,6
-
2,1
0,7
-
-6,7
0,7
-5,7
-4,5
-0,6
-3,4
-49,3%
-16,7
-17,7
6,0%
Payments for capital expenditure on tangible assets
-10,6
3,8
-35,2
-9,6
-12,5
-16,3
53,8%
-26,1
-57,0
118,4%
Payment due to investm. Funds as part of short-term financial management
-16,6
0,0
0,0
-13,8
36,1
8,1
-
-0,1
-16,6
-
0,0
0,0
-35,0
0,0
-13,8
-2,2
-
0,0
-35,0
-
Cash flow from investing activities
-16,8
4,3
-75,7
-27,7
11,1
-15,4
-8,3%
-40,8
-125,6
207,8%
Free cash flow
-33,1
32,3
16,1
22,0
1,0
48,3
-
77,1
95,4
-
-6,8
0,0
0,0
0,0
-10,2
0,0
-
0,0
-6,8
-
Proceeds from/ payments for the acceptance/repayment of bank loans
0,0
0,0
-0,4
0,0
0,0
0,0
-
-1,0
-0,4
-
Payment for capital increase
0,0
0,0
0,0
0,0
0,0
0,0
-
0,0
0,0
-
Cashinflow from sell of treasury stock
0,0
0,0
0,0
0,0
0,0
0,0
-
0,0
0,0
-
-15,5
15,5
111,0
0,0
-173,0
0,0
-
0,0
111,0
-
2,3
-3,0
1,3
-17,7
0,8
-0,8
-
0,0
0,0
-
10,5
-11,2
-123,4
-38,6
-161,5
-0,8
-
-1,0
-0,4
-60,0%
-22,6
21,1
-3,1
-16,6
-160,5
47,5
-
76,1
199,2
-
0,0
0,0
0,0
4,3
0,0
1,2
-
0,0
0,0
-
-1,1
0,8
-1,0
-0,5
1,5
4,7
-
-0,6
-2,4
-
Change in cash and cash equivalents
-23,7
21,9
-4,1
-12,8
-159,0
53,4
-
75,5
196,8
-
(of that net increase/decrease in restricted cash)
-14,9
14,9
0,0
5,1
-5,1
0,0
-
(-)
Cash and cash equivalents at the beginning of the period
318,8
308,6
445,2
441,1
0,0
0,0
-
168,8
244,3
44,7%
Cash and cash equivalents at the end of the period
308,6
445,2
435,0
428,3
-159,0
53,4
-82,7%
244,3
435,0
78,1%
Changes in inventories
Changes in receivables and deferred charges
Changes in liabilities and deferred charges (without debts)
Cash flow from operating activities
Payments from disposals of fixed assets
Payments for capital expenditure on intangible assets
Payments for investment in consolidated companies
Dividend payments
Payments for purchase of shares of the convertible bond
Payments for repaying liabilities due to banks
Cash flow from financing activities
Payment-related change in cash and cash equivalents
Changes in cash and cash equivalents related to acquisitions
Exchange-rate-related and other changes in cash and cash equivalents
KUKA Aktiengesellschaft
page 58
-
KUKA Group
Working capital
Inventories minus Advances received
Trade Working capital
(€ million)
(€ million)
213
236
208
109
178
187
128
127
134
77
2009
2010
2011
2012
2013
2009
2010
2011 2012
2013
Note: Trade Working capital = Inventories – Advances received + Trade receivables + Receivables
from construction contracts – Trade payables – Liabilities from construction contracts
Trade receivables and Receivables from construction contracts
(€ million)
292
340
341
349
Trade payables and liabilities from construction contracts
(€ million)
2011
2012
128
2010
2011
2012
2013
2009
Note: Construction contracts that meet the criteria of IAS 11 are recognized
according to the percentage-of-completion (PoC) method
KUKA Aktiengesellschaft
232
188
239
2009
304
261
page 59
2010
2013
KUKA Group
Development of net liquidity
(€ million)
Q3/13
Q4/13
Q1/14
Q2/14
Q3/14
Delta (yoy)
2012
2013
Delta (yoy)
Non-current financial liabilities
-300,4
-288,1
-270,8
-135,0
-136,6
-54,5%
-194,9
-288,1
47,8%
-9,1
-6,5
-7,4
-4,8
-3,7
-59,3%
-6,6
-6,5
-1,5%
Cash and cash equivalents
445,2
441,1
428,3
269,3
322,7
-27,5%
244,3
441,1
80,6%
Net debt (-)/ net liquidity (+)
135,8
146,5
150,1
129,5
182,4
34,3%
42,8
146,5
-
Current liabilities
KUKA Aktiengesellschaft
page 60
KUKA Group
Financial calendar
2015
Preliminary figures for 2014
February 11
Press conference presenting the annual financial statement
March 25
Q1/15 interim report
May 6
Annual general meeting, Augsburg
June 10
Q2/15 interim report
August 5
Q3/15 interim report
November 11
KUKA Aktiengesellschaft
page 61
KUKA AG
Investor Relations
The KUKA Share
KUKA Convertible Bond
ISIN DE0006204407
ISIN DE000A1R09V9
Reuters KU2G.DE
Bloomberg KU2 GY (Xetra)
Investor Relations
Phone +49 (821) 797-5226
Fax +49 (821) 797-5213
[email protected]
Andreas Spitzauer
KUKA Aktiengesellschaft
page 62
Kerstin Heinrich
Ulrike Steinherr