Creating Europe’s largest supplier of spare parts and accessories for the agricultural sector
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- Bu səhifədəki naviqasiya:
- Grene and Kramp merging
- Value-creating combination
- Kramp excl. 50% of Russia Grene excl. 50% of Russia Group
- Merger highlights
- Long-term development of Kramp
- Future presentation in Schouw Co. accounts
- Kramp Management
- Ambitious business plan
- 2013 COMBINED OUTLOOK
- Five synergy streams Expanding product ranges
- Margin increase through scale
- Reducing capital employed
- Impact on Schouw Co. figures
- No changes to guidance in Schouw Co. but Grene will no longer be part of consolidated revenue and EBIT.
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Grene and Kramp merger Creating Europe’s largest supplier of spare parts and accessories for the agricultural sector Investor Presentation
Grene and Kramp merging • Leading European suppliers of spare parts and accessories for the agricultural sector • Grene: Nordic region and Poland • Kramp: All western European countries • The perfect geographical match • Nine central warehouses covering 22 European countries • Creates new possibilities for customers by extending assortments and product lines • One strong distribution partner for suppliers throughout Europe • Value-creating combination • Building ‘bigger and stronger businesses’ key strategic target for Schouw & Co. • Optimising Grene by becoming part of the leading European agro supplier 29.08.2013 MERGER OF GRENE AND KRAMP 2
Revenues 403 165
577 EBITDA
51 17 68 - margin 12.7%
10.1% 11.8%
2012 key figures, EURm Nine distribution centers covers 22 European countries. Existing Kramp in blue, Grene’s in orange and Russian JV in turquoise Merger highlights • In kind contribution of Grene into Kramp • Schouw & Co. gets 20% ownership interest in the combined entity • No changes to existing shareholder base • Shareholder agreement • Management has full operational responsibility • Kramp Management controls 51% of the votes • Dividend policy secures cash flow to owners • Four person Supervisory Board with one member appointed by Schouw & Co. and an independent chairman
• Long-term development of Kramp • All parties committed to long-term value creation • No pre-defined exit strategy • Part of the business plan is to evaluate opportunities for entering new markets and making attractive long- term investments • Future presentation in Schouw & Co. accounts • Recognised as associate in P/L and balance sheet, i.e. not included in consolidated revenue, EBIT etc. • No change in level of information and guidance Kramp mgmt.
NPM Capital
Schouw & Co.
Kramp Groep B.V. 20% 32% 48% Wholly owned subsidiaries, including former Grene country units
Controlled by Kramp executive management.
A privately-owned Dutch PE company with a long-term investment horizon. Acquired 40% of Kramp in 2008. Schouw & Co. Danish industrial conglomerate listed on NASDAQ OMX in Copenhagen. Acquired Grene in 1988. 29.08.2013 MERGER OF GRENE AND KRAMP 3
Ambitious business plan • Market ambition • To become the world’s leading parts distributor to the agro aftermarket • Top 1 position in all major European markets in combination with healthy profitability • Continued focus on further strengthening the European core business ‐ Market-leading positions in all developed Western European and Nordic markets ‐ Continued profitable growth in Eastern European markets resulting in medium-term market leadership ‐ Joint development of new customer segments • Opportunistic growth outside of Europe • Business model ambition • Core strengths: by far the biggest assortment for the agro aftermarket in combination with superior scale in outbound logistics to dealers and end customers • Unique value creating solutions for both customers and suppliers fueled by core strengths and technology leadership ‐ One stop shop – close to the market ‐ By far the biggest assortment ‐ Best service in the industry in combination with second-to-none user-friendliness • No. 1 for customers in terms of ease of dealing with (choice, speed, user-friendliness) • No. 1 for suppliers in terms of relevance, service and market support 29.08.2013 MERGER OF GRENE AND KRAMP 4
Revenue
approx. EUR 625m EBITDA
approx. EUR 70m Kramp ex. Russia Grene ex. Russia Russia JV Group pro forma Revenues 403 165
9 577 EBITDA
51 17 0 68 EBITDA margin 12.7% 10.1%
3.1% 11.8% Net debt/EBITDA 1.8 3.3
n/a 2.2 Solvency
42% 34%
22% 39% Number of employees 1.400 800
50 2.250 Number of countries 15 6
22 Number of warehouses 4 4
9 Number of customers 66,000 15,400
800 82,200 Number of products 635,000 250,000 30,000 700,000 Total orders per day 10,500 2,150
50 12,700 2017 FINANCIAL AMBITION Revenue
EUR 1bn EBITDA
>13% 2012 key figures, EURm Five synergy streams Expanding product ranges • Introducing Grene products to Kramp markets (e.g. workwear, animal husbandry, combine) • Introducing Kramp products to Grene markets (e.g. tractor parts, forest and garden)
• Increasing partnerships (full range of non-OE parts to OE dealers) • Supplying OE production processes (i.e. OEs are customers) • Distributing OE parts throughout Europe (i.e. OEs are suppliers)
• Better purchasing conditions • Retendering existing comparable articles • Integrating private label ranges • Concentration of “A brand” suppliers
• Warehouse optimisation • Simplifying logistics • Streamlining IT platforms • Benchmark catalogue and content management Reducing capital employed • Optimising inventory management • Increasing stock turn Annual potential synergies in the range of EUR 10-30m for the combined business 29.08.2013 MERGER OF GRENE AND KRAMP 5 GR
WING TOP
-LINE GR O WING TOP
-LINE INCR
EASIN G PR OFI T INCR EASIN G PR OFI T FREEIN G C AP IT AL
Impact on Schouw & Co. figures DKK million BEFORE
AFTER Revenue
~13,500 ~12,000
… … … Operating profit (EBIT) 680-770
605-685 Profit from associates ~0 *
… … Profit from discontinued operations ~270 ~520
29.08.2013 MERGER OF GRENE AND KRAMP 6
The combined entity’s profit (after tax) in the period between closing and year-end 2013 will be recognised as profit from associates. Profit from associates will be subject to additional depreciation due to the accounting treatment of any purchase price adjustment. Profit (after tax) in Grene until closing and the accounting profit computed when transferring ownership to Kramp will be recognised in profit from discontinued operations. With closing in Q4 this is expected to be in the region of DKK 250m. In addition, profit from discontinued operations also includes the effect from the divestment of Martin Professional of approx. DKK 270m. Aktieselskabet Schouw & Co. Chr. Filtenborgs Plads 1 DK-8000 Aarhus C T +45 86 11 22 22 F +45 86 11 33 22 schouw@schouw.dk www.schouw.dk Yüklə 43,13 Kb. Dostları ilə paylaş:
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