2011 annual general meeting – management report€¦ · value profile – corporate culture...

Reference (apr02) 1

2011 Annual General Meeting – Management ReportMunich, May 26, 2011

Richard Mayer (Spokesperson of the Executive Board) – Günther C. Binder (CFO)

Reference (apr02) 2

Overview

Business Performance

Business Model & Strategy

Q1 2011 Financials

Share

2010 Financials

OutlookBig hit among customers - Wacker Neuson presents itself as a mergedcompany for the first time at bauma 2010 (Munich, Germany)

Holding

Reference (apr02) 3

Recovery remains strong

€ million

0

50

100

150

200

250

Q1 Q2 Q3 Q4

2007 2008 2009 2010

+9%

+31%

-34%-16% -8% +11%

+34%

2010 vs. 2008

2010 vs. 2009

+32%

Strong performance: Q4 2010 exceeds Q4 2008

Reference (apr02) 4

2004 2005 2006 2007 2008 2009 2010

Quick turnaround in 2010 – exceeding own forecast

Multi-year comparison 2004 – 20101

€ million

1 Figures according to IFRS, 2 Neuson Kramer only included in Q4 (start of consolidation: October 1, 2007)3 Pro forma – as if the two companies had been consolidated for the entire year 2007

411.2503.2

619.3

742.12

870.3

597.0Acquisition Weidemann

Acquisition Ground Heaters

Merger

979.53

757.9

+27%

Reference (apr02) 5

Benefit from high R&D expenses in upswing

0

5

10

15

20

25

30

2007 2008 2009 20100

0,5

1

1,5

2

2,5

3

3,5

4

R&D expenses R&D expenses/Revenue

R&D expenses and ratio 2007 – 2010

As a %€ million

Reference (apr02) 6

2010 innovations (selection of product highlights from 2010)

Reference (apr02)

3rd place (I)Parametric plate model for

multibody simulations MKS

7

Encouraging innovation: Hermann Wacker 2010 Innovation Prize

1st place – Telescopic handlerWeidemann T4512 Kramer Allrad 1245

>

3rd place (II) – A method for selecting optimum excitation parameters

for vibratory rollers

2nd place – EH 25 World’s most powerful, lightest

and most ergonomic electronic breaker

Reference (apr02) 8

Powerful customer proposition – full lineup of equipment & services

Compact equipment

Mobile excavators

Light equipment Services

After-market

Wheel loaders (articulated steering)

Wheel loaders for agriculture

Wheel loaders (all-wheel steering)

Track excavators

Dumpers

Skid-steer loaders

Rental in Central and Eastern Europe

Over 40 product groups

Telehandlers for agriculture

Telehandlers Tele wheel loaders

Over 250 product groups

Utility

Concrete technology Soil and asphalt compaction

Demolition

Reference (apr02) 9

Wacker Neuson USA

Wacker Neuson at “ConExpo” fair in Las Vegas in March 2011:visitors were impressed by broad portfolio and latest innovations

Reference (apr02) 10

Wacker Neuson US light equipment: R&D, production and logistics sites

Norton Shores (production)

Menomonee Falls (headquarters, production, R&D)

Germantown (logistics center)

Reference (apr02)

Summary: Wacker Neuson future growth in the Americas

Long company history → strong brand name Established distribution network Market recovery and rental fleet replacements New demand from non-traditional markets Energy, Utilities, Industrial

Using broad product and knowledge focus / key core competency Expanding manufacturing excellence and cost competitiveness

11


Global launch of compact equipment continued

To be observed

May 2011 (focus on Americas)


Expanding capacity to meet rising demand (Austria)

Today: Linz-Leonding (Austria)

Mini excavators Skid-steer loaders Track dumpers

2012: Hörsching (Austria)

Mini excavators Skid-steer loaders Track and wheel dumpers

Capacity will be doubled

Capacity limit reached before financial crisis Construction starts 2011


Overview


Holding

Q1 2011 Financials

Share

2010 Financials

Outlook


Executive Board in October 2010, on the 3-year anniversary of the merger


Strategies embedded in corporate values

Value profile

Guiding frame

Goals

Strategy

Stra

tegi

c gu

idin

g fra

mes

Qualität Innovation

CharakterLeistung

What we want to achieve

How we want to be

Functional strategies

Culture / values / …

VALUE PROPOSITION

(USP) Above average

profitVALUE CHAIN

ARCHITECTURE

KEY RESOURCES

SECURINGCORE

COMPETENCIES

Financing structure

Organization & cost structure

Markets (segments,

regions)

Products/services

& earnings model

Com-petitors

Market and competitive strategy for each SBU1

Shareholder structure → vision/targets

Kund

e

Quality

Character

Innovation

Performance

Customer

• Supply chain• Organization and processes

• Costs• Financing

How (not)?

Strategic business units Product portfolio Target markets Regions

Distribution channels

What and where (not)?

UnabhängigkeiLong‐term view and independence

1 SBU = Strategic Business Units


Value profile – corporate culture inspired by family philosophy

Responsibility to the environment and society as a whole

Values that guide our business success and inspire our daily dealings within and beyond company walls

Equal opportunities for all employees

Values underpin our guiding frame, goals and strategy

Daily dealings inspired by the values typical of a mid-sized family-owned company

Brand values

Customer

Innovation Quality

Character Performance

Customer

“WHAT we want to achieve”

“HOW we want to be”


Strategic goals for 2015

Strategy for

2015

Establish a market share we can defend Become one of the market’s top players

Maintain ongoing innovation Sustain and expand development capabilities

Ensure best possible customer experience Position ourselves as the best choice

Achieve best-in-class production Achieve best-in-class logistics Build lean structures and processes

Concentrate on strategic business units Distribution – spotlight on users processes and

market needs

Market penetration, selling power

Innovation

Being “easy to deal with”

Efficiency

Greater focus


Focusing on core markets and megatrends

Americas Europe Asia

Focus our Asia-Pacific strategy on China and Australia

In China: target existing offering and adapted products at main construction industry

In China: keep an eye on future market opportunities for compact equipment

Use and expand existing sales channels

Execute active go-to-market strategy for light equipment

Exploit compact growth opportunities

Expand our presence in South America, capitalizing on growing mechanizing of construction sites

Increase market share

Defend and expand leadership position

Focus on core competencies

Increase market share beyond central Europe

Expand agricultural offering for farmyards, stalls and pastures

→ Rising demand for Weidemann products


Overview


Holding

Q1 2011 Financials

Share

2010 Financials

Outlook


Research and Development Center and company headquarters in Munich, Germany


Former structure

Leadership and organizational structure are not uniform: Holding structures already in place within the Group but the German company still organized as a parent company

More difficult to compare individual units

New strategy kicks off a corporate change process

Wacker Neuson SE(parent company)

Germany(including inland distribution, export, logistics, production)

100%

over 30 operating companies

(operations dropped down into separate legal entities)


New holding structure

Wacker Neuson SECentralized, Group-wide functions

(Group Controlling, Group Accounting, Treasury, Legal, Internal Audit, Real Estate, Investor Relations)

Operating companies (operations dropped down into separate legal entities)

Sales Germany Sales Europe Production Germany

…(over 30 existing

affiliates)

Wacker Neuson SE will remain the sole owner of the new companies. In financial terms, the new legal structure does not affect the Group’s net assets and earnings situation.

These measures shall not result in any changes for shareholders in our company.

The wholly owned American affiliate, Wacker Neuson Corporation, also transitioned from a parent company to a holding structure on January 1, 2011.

100%

Group Executive Board


Reorganization in line with our strategy

Create a clear, uniform leadership and organizational structure that is transparent across the Group

Improve transparency without increasing administrative costs

Boost employee motivation/sense of identification - increased focus on innovation (of products) and efficiency (of production processes) in our strategic business units

Encourage entrepreneurial spirit, sense of direct leadership and responsibility for results

Increase flexibility in creating or adapting general business framework

Align Group structure with key success factors

→ “structure follows strategy”


Overview

Wacker Neuson: EDGE Innovation Award 2010 for Vertical Digging System (VDS)



Q1 2011 Financials

Share

2010 Financials

Outlook

Holding


Gearing down to just 1.7 % – Group is virtually debt-free

-50

50

150

250

350

450

550

650

750

850

950

2005 2006 2007 2008 2009 2010 -5

15

35

55

75

95

Net debt Equity before minorities Gearing Equity ratio (before minorities)

Finances and assets in strong position 2005 – 2010

€ million As a %


2010 2009 2008 2007pro forma4

Revenue 757.9 597.0 870.3 979.5

Gross profit margin 33.1% 30.8% 33.7% 35.4%

SG&A (before o. income/expenses) of revenue1 (218.4) (203.3) (235.0) (240.8)

SG&A (before o. income/expenses) of revenue1 (28.8%) (34.0%) (27.0%) (24.6%)

EBIT margin 4.8%2 (2.1%) 2,3 6.7% 11.5%

Net profit margin 3.2% (2.1%)3 4.3% 7.6%

Net profit per share in € 0.34 (1.57) 0.53 -

EBITDA margin 10.3% 4.6% 11.6% 16.1%

Number of employees 3,142 3,059 3,665 3,659

Equity ratio (before minorities) 80.6% 81.2% 77.1% 75.0%

Working capital of revenue 35.5% 36.5% 34.9% 27.7%

Gearing 1.7% (3.2%) 6.5% (4.7%)

Net debt 13.7 (24.9) 59.0 (43.1)

4-year comparison

Key figures: 2010 exceeds forecast

€ million

1 Incl. Research and development expenses2 Incl. PPA (Purchase Price Allocation) on EBIT - 2010: EUR 3.5 million (2009: EUR 4.4 million)3 Figures 2009 excluding impairment of EUR 100.3 million4 Pro-forma figures as if Neuson Kramer subgroup had been consolidated in full in fiscal 2007 (consolidation as of October 1, 2007)


Revenue up in all segments

Revenue Europe€ million

Revenue Americas€ million

Revenue Asia€ million

2009 2010

+20.0%

465.7 558.6

2009 2010

+63.0%

103.1168.1

2009 2010

+10.7%28.2 31.2

Revenue light equipment€ million

Revenue compact equipment€ million

Revenue services€ million

2009 2010

+38.9%

213.5

296.6

2009 2010

+33.9%

205.3274.8

2009 2010

+5.0%183.3 192.4

Reference (apr02)

Compact equipment 36.0 (34.1)

Light equipment 38.8 (35.5)

Services25.2 (30.4)

Agriculture12.4 (13.6)

27

Revenue by region and business segment

Regions Business segments1

As a % (previous year)

1 Consolidated sales before discounts

Asia4.1 (4.7)

Europe73.7 (78.0)

Americas22.2 (17.3)


Reference (apr02)

0

20

40

60

80

100

120

140

160

2007 2008 2009 20100

5

10

15

20

25

Revenue EM Revenue BRIC Ratio EM Ratio BRIC

Emerging markets1 gaining importance

As a % of Group revenue

Increased ratios: revenues in EM/BRIC as a percentage of Group revenue

+38%

Revenue in € million

1 May 2010, Dow Jones classified the following 35 countries as emerging markets: Argentina, Bahrain, Brazil, Bulgaria, Chile, China, Colombia, Czech Republic, Egypt, Estonia, Hungary, India, Indonesia, Jordan, Kuwait, Latvia, Lithuania, Malaysia, Mauritius, Mexico, Morocco, Oman, Pakistan, Peru, Philippines, Poland, Qatar, Romania, Russia, Slovakia, South Africa, Sri Lanka, Thailand, Turkey, United Arab Emirates

2010 EM: 15%of total

revenues

2010 BRIC: 5%of total revenue

28

Reference (apr02)

Comfortable liquidity situation despite increased capex

Change in cash and cash equivalents 2010

85.0

96.3

44.9 -85.2

-10.32.2 36.6

24.9

13.7

29

-51.4

Cash and cash equivalents Dec. 31, 09

Cash flow from

investingactivities

Cash flow from

financingactivities

Effect of exchange

rates

Cash and cash equivalents Dec. 31, 10

Net cashposition

Dec. 31,09

Net debt position

Dec. 31,10

€ million

Cash flow from

operatingactivitiesbefore WorkingCapital

investments

WorkingCapital

Investments

Cash flow from

operatingActivities

after WorkingCapital

investments


Capital expenditure1

Capex and cash flow development

€ million

Ongoing investments in own rental fleet in Central Europe

R&D center/Headquarters in Munich; purchase of land and preparation for new facility in Hörsching (A)

Expansion of sales and service stations

Capex 2010: EUR 85 million (2009: EUR 43.4 m)

0

20

40

60

80

100

120

140

160

2005 2006 2007 2008 2009 2010

Capex Depreciation and amortization Operative cash flow

Cut in investments by 50% in 2009 vs. 2008

Increase in operative cash flow 2009 due to reduction in working capital

1 Property, plant and equipment and intangible assets2 Depreciation 2009: adjusted by impairment (EUR 100.3 million)

2010

2009

Operative cash flow: EUR 44.9 million (2009: EUR 138.3 m)

2


Overview



Q1 2011 Financials

Share

2010 Financials

Outlook

Holding

2011: Four iF awards for compact equipment


Share performance compared with peersShare outperforms indices

2010: Share is up 53%; market capitalization up EUR 336.7 m

ISIN DE000WACK012WKN WACK01 Reuters WACGn.DEBloomberg WAC GRIndices SDAX, DAXpuls family, CDAX, GEX,

Classic All SharesShare Prime All Share

Share indicators in € 2010 2009

High 13.20 9.51

Low 7.63 4.31

Average 10.28 6.96

Year-end 13.00 8.20

Book value per share1 (Dec. 31) 11.86 11.28

Earnings per share1 0.34 -1.57

AGM dividend proposal (May 26, 2011) 0.17 0

1 70,140,000 shares


Around 70 percent of Wacker Neuson is family-owned

Shareholder structure1 Shareholders within free float

Free float32.5

Family shareholders2

67.5

incl. Executive Board1.5

USA + others13.3

Germany54.4Austria10.5Europe (rest of Europe)21.8

1 Share capital/number of shares: 70.14 million as of March 1, 20112 Including Wacker-Werke GmbH & Co. KG, Wacker Familiengesellschaft mbH & Co. KG , VGC Invest GmbH and

Neuson Ecotec GmbH

As a % of total As a regional % of total


Return to dividend payout – our proposal for 2010

20101 2009 2008 2007 2006 2005 2004

Total payment (€ million)

11.9 0 13.33 35.07 24.3 15.6 11.1

Distribution ratio2 (as a %)

50.0 - 32.0 40.0 50.1 49.8 43.2

Eligible shares(in millions)

70.14 70.14 70.14 70.14 39.15 41.11 41.11

Dividend per share (in €)

0.17 0 0.19 0.50 0.62 0.38 0.27

Earnings per share (in €) 0.34 -1.57 0.53 1.1 1.19 0.77 0.65

Dividend per share 2004 – 2010

1 Dividend payment to be proposed at the AGM.2 Based on Group profit/loss for the period before purchase price allocation in 2007 and 2008.

Reference (apr02)

May 2011: Opening of new central office near Warsaw, Poland

35

Overview



Q1 2011 Financials

Share

2010 Financials

Outlook

Holding


Q1 2011 summary – solid upswing proceeds

Q1/11 vs. Q1/10

Good weather conditions → early start to construction season

Earthquake and nuclear catastrophe in Japan

Revenue up by 40.9 percent to EUR 211.8 million, EBITDA margin up to 12.2%

Optimized cost structure → high gross profit margin

High light equipment sales triggered particularly by demand in US

Strong revenue in compact equipment; new orders for agriculture at all-time high

Equity ratio of 76.1%, low net debt

Q1/11 vs. Q4/10

Revenues and earnings exceed Q4 2010, gross margin Q1/11 > Q4/10

Increased forecast

Reference (apr02)

237,8228,2

244,2

212,3

185,6

137,3156,5 149,0 154,2 150,3

205,3196

206,3 211,8

0

50

100

150

200

250

300

Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11-20

-10

0

10

20

30

40

50

60

RevenueEBITDA margin

37

Revenue Q1 2011 exceeds Q4 2010 (against seasonal curve)

Q1 2011: strongest quarter in over 2 years

Revenue in € million EBITDA margin as a %

Seasonal pattern 2008 – 2010 (as % of FY revenues)

2010 2009 2008

Q1 20% 23% 26%

Q2 27% 26% 28%

Q3 26% 25% 24%

Q4 27% 26% 22%

Comparison with Q4 2010

Revenue growth Q1 2011 to Q4 2010 by + 2.7%

Gross profit margin Q1 2011 (34.0%)1 > Q4 2010 (31.5%)

1Q1/11 gross margin excl. service technicians

Reference (apr02)

Delivering on promises:

“In 2011, we plan to match 2008 revenue but exceed 2008 earnings” (Annual Report 2010, p. 6)

Gross profit margin at 2008 level despite lower revenue: EUR 211.8 million in Q1 2011 compared with EUR 228.2 million in Q1 2008

Lower SG&A expenses in Q1 2011 vs. 2008 shows improved cost structure (EUR 2.5 million)

38

Delivering on promises – improvement of gross margin

Q1 comparison 2008 – 2011

as %

-20,0%

-10,0%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

Q1/08 Q1/09 Q1/10 Q1/11

Gross margin EBITDA margin EBIT margin1Q1/11 gross margin excl. service technicians

34.4 % 34.0%

12.9%8.4%

12.2%

7.1%

-9.0%

23.1%

-16.4%

30.3%

2.4%

-3.9%

1


3M/11 As % of revenue

3M/103 As % of revenue

Change in %

Revenue 211.8 100% 150.3 100% +40.9 %

Gross profit 69.1 32.6% 42.4 28.2% +63.1 %

Sales and service expenses (35.6) (16.8%) (30.9) (20.5%) +15.3%

Research and development expenses (5.6) (2.7%) (5.2) (3.4%) +9.3%

General administrative expenses (14.6) (6.9%) (13.1) (8.7%) +11.5%

SG&A incl. oth. inc./oth. exp.1 (54.2) (25.6%) (48.3) (32.1%) +12.2%

EBITDA 25.9 12.2% 3.7 2.4% +606.5%

EBIT2 14.9 7.1% (5.9) (3.9%) -

Net profit 9.0 4.3% (5.7) (3.8%) -

Net profit per share in € 0.13 (0.08) -

Income statement

Strong rise in revenue and earnings (income statement, extract)

€ million

1 Incl. Research and development expenses2 Incl. PPA (Purchase Price Allocation) on EBIT - Q1/2011: EUR -0.9 million (Q1/2010: EUR -0.9 million)3 Expenses for service technicians are reported in the income statement under manufacturing costs for the first time in Q1 2011. Previously, this cost factor was

reported under selling expenses. The equivalent figures from the previous year (Q1 2010) were adjusted by EUR K 3,203.


2011: recovery of economy drives product sales worldwide

Revenue Europe€ million

Revenue Americas€ million

Revenue Asia€ million

Q1/10 Q1/11

+37.7%

110.0151.4

Revenue light equipment€ million

Revenue compact equipment€ million

Revenue services€ million

Q1/10 Q1/11

+60.7%

33.053.0

Q1/10 Q1/11

+0.8%7.4 7.4

Q1/10 Q1/11

+43.5%

59.385.1

Q1/10 Q1/11

+54.0%

55.0

84.6

Q1/10 Q1/11

+18.7%37.2 44.2

Reference (apr02)

Agriculture16.0 (15.2)

Compact equipment 39.6 (36.3)

Light equipment 39.8 (39.1)

Services20.6 (24.6)

41

As a % of revenue – compact equal to light equipment

Regions Business segments1


1 Consolidated sales before discounts

Europe71.5 (73.2)

Asia3.5 (4.9)

Americas25.0 (21.9)



Free cash flow Operative cash flowInvestments fixed assets Depreciation

9.6

Bolstered by strong financial position during upswing

Investments in fixed assets and depreciation Free and operative cash flow

Q1/10 Q1/11

23.015.6

-27.4 -27.7

Q1/10 Q1/11

€ million € million

11.0 -2.3-10.5

Q1 2011 Dec. 31, 10 Q1 2010 Change vs.Dec. 31, 2010

Equity ratio (before minorities) 76.1% 80.6% 78.9% -4.5pp

Working capital in EUR m 301.9 269.3 233.1 12.1%

Gearing 5.0% 1.7% (0.3%) +3.3pp

Net debt in EUR m 41.8 13.7 (2.0) 205%

Reference (apr02)

Working capital investments impacts cash flow

Change in cash and cash equivalents Q1 2011

€ million

Cash flow from

financingactivities

Effect ofexchange

rates

Net debt position

Dec. 31,10

Cash flow from

operatingactivitiesbefore workingcapital

investments

Workingcapital

investments

Cash flow from

operatingactivities

after workingcapital

investments

Cash flow from

investingactivities

Cash andcash

equivalentsDec. 31, 10

Cash andcash

equivalentsMar. 31, 11

Net debt position

Mar. 31, 11

36.6

17.3

-27.8 -10.5

-17.2

17.9

-0.2

26.5

13.7

41.8

43


Overview

Promises Achievements Recent initiatives

International growth strategy

Growing market reach – capitalizing on sales synergies

Introduction of compact class in Americas and increasing market share in Europe (incl. Africa)

Alliance with Caterpillar (in addition to CLAAS)

Expansion of agricultural business

Healthy finances and assets

Healthy net debt position despite

increased capex Equity ratio of over 75 percent Over 50% of credit lines not utilized

Ability to quickly identify and capitalize on market opportunities

Early return to profit zone – stronger than before crisis

Own forecast 2010 exceeded Strong order situation allows positive

outlook


Overview

Wacker Neuson 8003 excavator (8t)



Q1 2011 Financials

Share

2010 Financials

Outlook

Holding


Wacker Neuson’s strategy

Market penetration in agriculture (e.g. Italy, Russia)Introduction of new machinesInternational expansion

Alliance Caterpillar (CE)

Strategic alliance for miniexcavators up to 3t (20 years)Growing marketBoth companies to focus on respective areas of expertise

Launch into new markets (CE)

Targets TargetsHigher volumes for greater capacity utilization at production plantsPlatform concept dilutes development and production costsMarket share gains in Europe and the US

Rising demand for foodBiofuels and other renewable resourcesFewer but larger holdings Greater need for machinery

Wider portfolio for agriculture (CE)

Global launch focused on growth markets (outside EU)Development of exclusive dealer network Maximization of potential synergies from mergerMarket share gains

1 2 3 Replacement expenditures (LE)

4

Greater need for innovativelight equipment worldwideIncreased expenditure onreplacement equipmentamong rental firms

Strengthening qualityand innovation leadership positionStrengthening marketposition (esp. inSouth America, Indiaand China)

Wide compact equipment reach in existing markets Extending compact equipment reach to new markets

Reference (apr02)

Q1 08 Q1 09 Q1 10 Q1 11

Order intake in construction Order intake in agriculture

47

New orders indicate high demand for compact equipment

Accumulated new orders Q1 2008 – Q1 2011

Units

+30%

+60%

Reference (apr02)

0,0

200,0

400,0

600,0

800,0

1000,0

1200,0

2007 2008 2009 2010 2011e 2012e0

5

10

15

20

25

30

Outlook – improved forecast for 2011 and 2012

FY 2012 expected to exceed pre-crisis level

Financial targets 2011-2012

Revenue growth 2011 to EUR 880-920 million, EBITDA margin 2011 of 12-13 percent

2011 investments in property, plant and equipment of approximately EUR 100 million

Working capital to revenue ratio 2011 below 35 percent

2012: Revenue > EUR 1 billion, EBITDA margin > 15 percent, investments of approx. EUR 80 million

Revenue € million EBITDA margin as a %

870.3

597.0

979.51

757.9

880 - 920> 1,000

1 Pro forma – as if the two companies had been consolidated for the entire year in 2007 (merger in October 2007)

16.1%

11.6%

4.6%

10.3%

15%

12-13%

48


Financial calendar 2011 and IR contact

IR contact

Investor Relations Department

Preussenstrasse 41, 80809 Munich, Germany

Phone: +49 – 89 – 35402 – 173, Fax: +49 – 89 – 35402 – 298

[email protected]

Financial calendar 2011

January 18 German Corporate Conference Cheuvreux, Frankfurt, GermanyMarch 24 Publication of financial results 2010, press conference, MunichApril 05/06 Capital Market Day, USAApril 07 Roadshow New York, USAApril 19 Roadshow FrankfurtMay 13 Publication of first-quarter report 2011May 13 Analyst conference, FrankfurtMay 17 Pan Europe Forum, London, UKMay 20 German & Austrian Corporate Conference 2011, FrankfurtMay 26 AGM, MunichJune 15 Roadshow ZurichJune 16 Roadshow ViennaJune 21 Roadshow ParisAugust 11 Publication of half-year report 2011November 11 Publication of nine-month 2011


Disclaimer

This presentation contains facts and forecasts that relate to thefuture development of the Wacker Neuson Group and its companies.The forecasts are estimates that we have made on the basis of allinformation available to us at this moment in time. Should theassumptions underlying these forecasts prove not to be correct,actual events may deviate from expectations as set forth at thepresent time.

2011 annual general meeting – management report€¦ · value profile – corporate culture...

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