5.9% EBIT margin pre PPA. 45 locations. +10% CAGR since In a nutshell. ElringKlinger. Headquartered in Dettingen/Erms, close to Stuttgart

Size: px

Start display at page:

Download "5.9% EBIT margin pre PPA. 45 locations. +10% CAGR since In a nutshell. ElringKlinger. Headquartered in Dettingen/Erms, close to Stuttgart"

Godfrey Anderson
5 years ago
Views:

1 Corporate Presentation April 2019

2 ElringKlinger In a nutshell Headquartered in Dettingen/Erms, close to Stuttgart 2018 sales: EUR 1,699 mn 45 locations 5.9% EBIT margin pre PPA Family as a strong anchor shareholder More than 10,000 employees +10% CAGR since 2005 Founded in 1879 Corporate Presentation April

3 Markets Megatrends trigger technological transformation process Urbanization Safety systems Scarcity of resources Globalization Technological progress Global megatrends transform the automotive industry Autonomous driving Efficient propulsion Connectivity Climate change Shared mobility Corporate Presentation April

4 Markets EU tightens CO 2 limits until 2030 even further CO 2 limits in g/km USA g CO 2 /km average fleet emissions EU g CO 2 /km average fleet emissions EU % reduction of average fleet emissions (base year: 2021) EU % reduction of average fleet emissions (base year: 2021) China g CO 2 /km average fleet emissions South Korea g CO 2 /km average fleet emissions Japan g CO 2 /km average fleet emissions Source: Fraunhofer ISI, ElringKlinger research Corporate Presentation April

5 Markets New drive trains will be single growth trigger from 2025 onward Global light vehicle production per drivetrain in million units CAGR +2% for realizing the potential Managing the growth Combustion Hybrids Full electric Source: PWC Autofacts, ElringKlinger research Corporate Presentation April

6 Group strategy Managing the growth in classical business areas Cylinder-head gaskets Specialty gaskets Shielding technology Plastic housing modules Strong market positions associated with technological niches Benefiting from global production network Utilizing profound and detailed product and process know-how Concentrating on improved processes to avoid additional costs Optimizing inventories Repayment of financial debt Disciplined investments for managing the growth Stable growth path of sales in the medium term according to market development Corporate Presentation April

Group strategy Generating future growth in new business areas Battery systems Fuel cell systems

cell contacting systems Cooperation with battery manufacturers Next step: industrialization PEM fuel

production line Strategic minority stake in engineering service provider hofer powertrain Currently

further contracts ramping up Next step: further ramp-ups and new contracts expected Focused capex

7 Group strategy Generating future growth in new business areas Battery systems Fuel cell systems Electric drive unit Structural lightweighting Established e-mobility supplier due to series orders for cell contacting systems Cooperation with battery manufacturers Next step: industrialization PEM fuel cell stack ready for marketing Components available as well Next step: installation of automated production line Strategic minority stake in engineering service provider hofer powertrain Currently set-up of small series production Unique production technology Series orders in delivery phase, further contracts ramping up Next step: further ramp-ups and new contracts expected Focused capex spending Strong growth of e-mobility areas from 2020/21 on with lightweighting further ramping up Corporate Presentation April

8 Group strategy ElringKlinger s sales structure of products will change Sales split (actual and ambition) in % of total sales Actual 2018 Ambition 2030 Structural lightweight and e-mobility products Aftermarket 7% Non-Automotive products 9% 5% 79% Functional components Aftermarket Structural lightweight and e-mobility products Non-Automotive products ~10% >25% ~10% <55% Functional components Corporate Presentation April

9 Group strategy Nominated e-mobility volumes create a healthy basis for future sales Nominated volumes* in EUR million 1,000 ~10% ~20% ~10% ~30% ~10% ~30% Strong growth particularly in the battery business Acceleration especially after ramp-up year 2019 ~20% ~20% ~60% ~70% ~60% ~60% Includes systems as well as components nominations by different OEMs worldwide 2019e 2020e 2021e 2022e 2023e EDU Fuel cell systems Battery systems and components * Scheduled revenues in e-mobility products according to received OEM nomination letters, final revenues dependent on definitely called volumes Corporate Presentation April

10 Group strategy Major new contract wins for new business fields New US OEM New US OEM New US OEM Chinese OEMs Cross-car beam SOP 2020 Cross-car beam SOP 2020 # Front-end carrier Battery system SOP 2020 Fuel cell systems More than 20 development projects Corporate Presentation April

11 Group strategy Higher degree of vertical integration results in higher content per car Content per car in EUR Present Future EUR Content per car ,000 EUR ( EUR incl. cross-car beam) Corporate Presentation April

12 Financials

13 FY 2018 Sound order situation, strong organic growth Order intake in EUR million Sales in EUR million +0.2% +2.1% , , FX M&A Organic % % Q Q Q FX M&A Organic Q Major currencies affecting sales: Turkish Lira, Brazilian Real and US Dollar With regard to the order intake, first signs of a downcycle to be seen in Q Corporate Presentation April

14 FY 2018: Sales Sales increase primarily driven by strong demand in NAFTA Growth LV production vs. sales ElringKlinger (FX adjusted) in % Sales by region in EUR million resp. % NAFTA 27.8% +15.5% 1.1% -1.0% Market EK Market EK FY 2018 Q % Europe +1.2% -0.4% Market EK FY 2018 Asia +1.4% -1.3% Market EK FY % 21% 11% 5% 15% % % 25% 30% Germany Rest of Europe NAFTA Asia-Pacific South America and Rest of World Corporate Presentation April

15 FY 2018: Sales International diversified customer base Sales by customer group in % of total sales Other 30% (38%) Aftermarket 9% (9%) Tier 1 16% (14%) 9% EUR 1,699 million 6% American OEMs 18% (19%) 5% 3% 10% 7% French OEMs 5% (4%) German OEMs 22% (16%) Corporate Presentation April

16 FY 2018 Earnings still affected by NAFTA demand and high raw material prices EBITDA in EUR million EBIT pre PPA in EUR million % % Hug sale (net) NAFTA Raw mats + tariffs Switzerland Aftermarket Others % % 12 Q Q Q Q Earnings include the proceeds from the Hug and the new enerday sale Migration in Switzerland now completed, final optimization of cost structure in 2019 Corporate Presentation April

17 FY 2018: Important factors on earnings level Strongly increasing commodity prices burden earnings Commodity price in EUR per ton 2,400 2,000 6,000 Ø2017 Ø2018 Ø2017 Ø2018 Ø2017 Ø2018 Asia Western Europe NAFTA 1,600 1,200 2, Aluminum Esp. in business unit Shielding Technology Impact by US tariffs Steel alloy surcharge Esp. in business units Cylinderhead and Specialty Gaskets Impact by US tariffs Polyamide (PA6.6) Esp. in business unit Lightweighting/Elastomer Global shortage of supply due to high demand Countermeasures Extending the penetration rate of price escalation clauses in contracts Successful renegotiations on pricing Broadening the range of global suppliers Corporate Presentation April

18 FY 2018: Important factors on earnings level The path of resolving the high-demand situation in NAFTA ElringKlinger NAFTA sales in EUR mn (left-hand side) LV production NAFTA in thousand units (right-hand side) ,000 4,500 0 Q Q Q Q Q Q Q Q [ ] 0 Production Installation of additional production lines Logistics Personnel Optimization of logistics processes Hiring additional personnel and implementing training programs Sales Gradual adjustment of product prices Cost Optimizing fixed cost base EBIT improvement due to enhanced execution Countermeasures Support of local entities in execution Successful renegotiations on pricing Broadening the range of global suppliers Corporate Presentation April

19 FY 2018 EPS negative in Q4 2018, but positive operating free cash flow Earnings per share (EPS) in EUR Dividend per share in EUR Operating free cash flow in EUR million % -29.4% EPS Dividend % % Q Q Q Q EPS affected by taxes Operating free cash flow in Q4 improved Corporate Presentation April

20 FY 2018: Segments Profitability of Engineered Plastics persistently on high level Sales in EUR million EBIT margin in % Original Equipment (OE) +1.8% Aftermarket +1.8% 1,382 1, Engineered Plastics +6.0% Industrial Parks & Services (sales only) Industrial Parks Services Corporate Presentation April

21 FY 2018: Balance Sheet Well-balanced debt structure Net financial debt in EUR million Maturity structure as of Dec. 31, 2018 in EUR mn +10.4% Current financial debt Non-current financial debt Cash and cash equivalents Cash and cash equivalents -190 Credit lines unused Credit lines used Current (2019) Noncurrent ( ) Noncurrent (beyond 2023) Corporate Presentation April

Japan USA/Canada India Southeast Asia Mexico Capex (in PPE)/ratio in EUR million/in % South America South

22 Group ElringKlinger represented in all important auto regions Production locations of global top 15 OEMs ( ) ElringKlinger production sites ( ) Germany France Spain UK Italy Eastern Europe/ Turkey China Korea Japan USA/Canada India Southeast Asia Mexico Capex (in PPE)/ratio in EUR million/in % South America South Africa ,1 11,7 11,0 9,3 9, Corporate Presentation April

23 Group Focused R&D activities, inventories drive working capital R&D in EUR million R&D ratio in % of total sales 5.0% 4.7% 4.8% 4.6% 5.1% thereof capitalized R&D highlights Integration of tools implies a technological lead position in the development of ideas Main focus: lightweight components, e-mobility 590 R&D employees at sites of parent company 80 new international patents in 2018 Target R&D ratio (incl. capitalization): 5 6% of total sales, capitalization rate ~20% Net working capital (NWC) in EUR million NWC ratio in % of total sales 35% 35% 34% 33% 33% Trade receivables Inventories Working capital highlights Inventories mainly impacted by rising raw material prices and sales growth Organizational measures with positive impact Mid-term indication: Slight step-by-step improvement Current contract assets/liabilities: reclassifications according to IFRS 15 since 2018 Current contract assets Trade payables Current contract liabilities Corporate Presentation April

24 Group strategy Optimizing working capital for improving cash flow Working Capital Optimization Trade receivables Inventories Trade payables Strategic approach: Balancing trade receivables and trade payables Targets: Reduction of share of overdue receivables Reduction of payment periods to <60 days Strategic approach: Optimizing inventories in different locations worldwide Targets: Focus on supplier-owned inventories Increase of inventory turnover Strategic approach: Improving payment terms of trade payables Targets: Extending payment terms to 60 days Corporate Presentation April

25 Group strategy On the way to improve the debt structure Earnings Capex Net working capital Mid-term Short- and mid-term Short- and mid-term Improvement of operating free cash flow Corporate Presentation April

26 Outlook

27 Outlook 2019: Markets Increasing pessimism on FY 2019 with two different half-years Forecasts global auto production 2019 in % Forecast auto production China (Mar. 2019) in % 5,9 5,4 4,9 3,7 3,5 3,3 6,1 11,2-3,5-4,5-5,7-1,5-2,1-2,8 Q1 Q2 Q3 Q4-12,1 Estimation in Jan. 19 Feb. 19 Mar. 19-3,2 Q1 Q2 Q3 Q4 Source: JP Morgan, IHS, PWC Autofacts, ElringKlinger research From a market perspective, the start into 2019 will be quite difficult While H1 is supposed to be very weak, H2 will represent a strong recovery (incl. base effect) Corporate Presentation April

1% 0% to +1% in a challenging environment

sales: 2 4 %-points above global markets

margin pre PPA: ~ 4 5% EBIT margin pre PPA:

28 Outlook 2019: Group 2019 A year of transformation 2019 Global LV production: 0 1% 0% to +1% in a challenging environment Mid-term LV production CAGR: +2% Organic sales: 2 4 %-points above global markets Organic sales: above global markets EBIT margin pre PPA: ~ 4 5% EBIT margin pre PPA: Successive improvement Corporate Presentation April

29 Outlook 2019: Group Further indicators for FY 2019 and in the medium term FY 2018 actual FY 2019 expected Mid-term ROCE in % 5.5% Below prior year level Increasing based on earnings and NWC improvements R&D costs (incl. capitalization) Capex (in PPE) Net working capital (NWC) in % of total sales 5.1% ~ 5-6% ~ 5-6% in % of total sales 9.6% Below 9% Ongoing disciplined approach in % of total sales 33.4% Below prior year level Slight step-by-step improvement Operating FCF in EUR million Positive Positive Equity ratio in % of total assets 42.8% 40-50% 40-50% Net debt/ebitda 3.7 Below prior year level <2.0 Corporate Presentation April

30 Appendix

ElringKlinger Structural overview ElringKlinger Group Sales EUR 1,699 million EBIT (pre PPA) EUR 100.2 million Employees 10,429 EBIT margin (pre PPA) 5.

Purification 1% E-Mobility 1% Shielding Technology 24% Cylinder-head Gaskets 11% Specialty Gaskets 19% Lightweighting/Elastomer 27% 7% of Group sales 1% of Group sales <1% of Group

31 ElringKlinger Structural overview ElringKlinger Group Sales EUR 1,699 million EBIT (pre PPA) EUR million Employees 10,429 EBIT margin (pre PPA) 5.9 % 83% of Group sales Original Equipment Sales: EUR 1,408 million Employees: 9,232 9% of Group sales Aftermarket Sales: EUR 159 million Employees: 203 Others <1% Exhaust Gas Purification 1% E-Mobility 1% Shielding Technology 24% Cylinder-head Gaskets 11% Specialty Gaskets 19% Lightweighting/Elastomer 27% 7% of Group sales 1% of Group sales <1% of Group sales Engineered Plastics Sales: EUR 118 million Employees: 784 Services Sales: EUR 10 million Employees: 204 Industrial Parks Sales: EUR 4 million Employees: 2 All figures refer to FY 2018 Corporate Presentation April

32 Group FY 2018 Consolidated income statement Sales revenue 1,699 1,664 Cost of sales -1,329-1,256 Gross profit Gross margin in % Selling expenses General and administrative expenses Research and development costs Other operating income Other operating expenses Operating result (EBIT) Finance income Finance costs Share of result of associates -5 0 Net finance costs Earnings before taxes (EBT) Income tax expenses Net income of which: attributable to non-controlling interests 4 4 of which: attributable to shareholders of ElringKlinger AG Basic and diluted earnings per share (EPS) in EUR All figures in EUR million unless otherwise describe, differences due to rounding Corporate Presentation April

33 Group FY 2018 Consolidated statement of financial position Assets As of Dec 31, 2018 As of Dec 31, 2017 Intangible assets Property, plant, and equipment Investment property Financial assets 3 1 Shares in associates Non-current income tax assets 0 0 Other non-current assets 15 4 Deferred tax assets Non-current assets 1,257 1,188 Inventories Current contract assets 6 0 Trade receivables Current income tax assets 9 7 Other current assets Cash and cash equivalents Current assets Assets held for sale 6 62 Total assets 2,080 2,022 Liabilities and equity As of Dec 31, 2018 As of Dec 31, 2017 Share capital Capital reserves Revenue reserves Other reserves Equity attr. to shareh. of ElringKlinger AG Non-controlling interest in equity Equity Provisions for pensions Non-current provisions Non-current financial liabilities Deferred tax liabilities Other non-current liabilities 12 4 Non-current liabilities Current provisions Trade payables Current financial liabilities Current contract liabilities 10 0 Tax payable Other current liabilities Current liabilities Liabilities in connection with assets held for sale 0 24 Total liabilities and equity 2,080 2,022 All figures in EUR million unless otherwise describe, differences due to rounding Corporate Presentation April

34 Group FY 2018 Consolidated statement of cash flows Earnings before taxes (EBT) Depreciation/amortization (less writeups) of non-current assets Net interest Change in provisions -6 7 Gains/losses on disposal of non-current assets 0 1 Share of result of associates 5 0 Change in inventories, trade receivables and other assets not resulting from financing and investing activities Change in trade payables and other liabilities not resulting from financing and investing activities Income taxes paid Interest paid Interest received 1 0 Other non-cash expenses and income Net cash from operating activities Proceeds from disposals of PPE, intangible assets and investment property 1 1 Proceeds from disposals of financial assets 3 3 Proceeds from the disposal of subsidiaries 57 0 Payments for investments in intangible assets Payments for investments in PPE and investment property Payments for investments in financial assets -3-3 Payments for the acquisition of associates 0-29 Payments made/received for the acquisition of subsidiaries and other entities 0 1 Net cash from investing activities Dividends paid to shareholders and to non-controlling interests Proceeds from addition of long-term loans Payments for the repayment of long-term loans Changes in current loans Net cash from financing activities Changes in cash 1 12 Effects of currency exchange rates on cash -1-3 Cash at beginning of the period Cash at end of period (as per financial statement) All figures in EUR million unless otherwise describe, differences due to rounding Corporate Presentation April

35 Group Last 5 years Key figures Order intake 1,735 1,732 1,694 1,615 1,419 Order backlog 1,020 1, Sales 1,699 1,664 1,557 1,507 1,326 EBITDA (Adjusted) EBIT pre PPA (Adjusted) EBIT margin pre PPA in % EBIT (reported) EBT Net income attributable to shareholders Earnings per share in EUR Dividend per share in EUR Capex (in PPE) Operating free cash flow ROCE in % Net working capital Equity ratio in % Net financial debt Employees (as at Dec. 31) 10,429 9,611 8,591 7,912 7,255 All figures in EUR million unless otherwise describe, differences due to rounding Corporate Presentation April

36 Group Last 5 years Segmental figures Group Sales 1,699 1, , , ,325.8 EBIT (reported) EBIT margin in % Original Equipment Sales 1, , , , ,089.7 EBIT (reported) EBIT margin in % Aftermarket Sales EBIT (reported) EBIT margin in % Engineered Plastics Sales EBIT (reported) EBIT margin in % Services Sales EBIT (reported) EBIT margin in % Industrial Parks Sales EBIT (reported) EBIT margin in % 7.0 n.a. n.a All figures in EUR million unless otherwise describe, differences due to rounding Corporate Presentation April

37 Group Last 5 quarters Key figures Q Q Q Q Q Order intake Order backlog 1,020 1,027 1,038 1,027 1,001 Sales EBITDA EBIT pre PPA EBIT margin pre PPA (in %) EBIT (reported) EBT Net income attributable to shareholders Earnings per share (in EUR) Capex (in PPE) Operating free cash flow 2, Net working capital Equity ratio (in %) Net financial debt Employees (as at quarter-end) 10,429 10,231 9,954 9,618 9,611 All figures in EUR million unless otherwise describe, differences due to rounding Corporate Presentation April

38 Group Last 5 quarters Segmental figures Q Q Q Q Q Group Sales EBIT (reported) EBIT margin (in %) Original Equipment Sales EBIT (reported) EBIT margin (in %) Aftermarket Sales EBIT (reported) EBIT margin (in %) Engineered Plastics Sales EBIT (reported) EBIT margin (in %) Services Sales EBIT (reported) EBIT margin (in %) Industrial Parks Sales EBIT (reported) EBIT margin (in %) All figures in EUR million unless otherwise describe, differences due to rounding Corporate Presentation April

39 Group Product portfolio Cylinder-head Gaskets Specialty Gaskets E-Mobility Battery module PEM fuel cell Electric drive unit (EDU) Shielding Technology Thermal shielding Acoustic shielding Lightweighting/ Elastomer Technology Door module carrier Cockpit cross-car beam Plastic modules (cam cover) Corporate Presentation April

Markets Uncertainties characterize transformation process? Will OEMs Will develop a next generation of combustion engine? Are full-hybrid cars be too costly?

40 Markets Uncertainties characterize transformation process? Will OEMs Will develop a next generation of combustion engine? Are full-hybrid cars be too costly? OEM plans Will regarding fullelectric cars too ambitious? urban and rural demand be different Internal combustion Hybrid Full-electric Will there be a next stage of emission regulations? What will drive customers acceptance of the change? What are the global leading markets for E-mobility? Who will be the player in EV market? How environmentfriendly is total balance of power generation? Corporate Presentation April

Group ElringKlinger already well prepared for transformation Present Bridge Future Internal combustion Hybrid Full-electric Cylinder-head gaskets Specialty gaskets Shielding parts Plastic modules

41 Group ElringKlinger already well prepared for transformation Present Bridge Future Internal combustion Hybrid Full-electric Cylinder-head gaskets Specialty gaskets Shielding parts Plastic modules Structural components Battery components Drivetrain systems Fuel cell systems ElringKlinger with traditional product portfolio, neither to diesel nor to gasoline significantly exposed ElringKlinger with extended range of products ElringKlinger with broadened and transformed product portfolio, based on strong innovation power Corporate Presentation April

42 Group ElringKlinger provides a transformed portfolio Present Future Cylinder-head Gaskets Specialty Gaskets Shielding Technology Lightweighting/Elastomer E-Mobility Underbody protection Cell casing Metalelastomer gaskets Front-end carrier Tank shielding Metallic bipolar plate Brake hat Cross-car beam Cell contact system Dampening pan Door module carrier PEM Fuel cell stack Disk carrier Battery module Engine shielding Side impact protection Electric drive train Functional Components Lightweighting E-Mobility Strategic areas Corporate Presentation April

Group Senior management Theo Becker, CTO (since 2006) Responsible for the business units E-Mobility, New Business Areas, Tooling Technology divisions as well as the corporate units Purchasing, Real

43 Group Senior management Theo Becker, CTO (since 2006) Responsible for the business units E-Mobility, New Business Areas, Tooling Technology divisions as well as the corporate units Purchasing, Real Estate & Facility Management and the Thale plant With ElringKlinger since 1994 Dr. Stefan Wolf, CEO (since 2005) Responsible for Group companies, the corporate units Legal, HR, Strategic Communications, Marketing & Communications and OE Sales as well as the Aftermarket division With ElringKlinger since 1997 Chairman of Baden-Württemberg s Employers Association of the Metal and Electric Industry (Südwestmetall) Member of the Management Board of the German Association of the Automotive Industry (VDA) Reiner Drews, COO (since 2018) Responsible for the business units Cylinder-head Gaskets, Specialty Gaskets, Lightweight/ Elastomer Technology and Shielding Technology, the corporate units Production Management and Quality & Environmental Management as well as ElringKlinger AG plants With ElringKlinger since 2006 Thomas Jessulat, CFO (since 2016) Responsible for the corporate units Finance, Controlling, IT, Logistics and Business Development as well as the Industrial Parks division With ElringKlinger since 2005 Corporate Presentation April

44 Group 140 years of experience and solid shareholder structure History of ElringKlinger in very brief 1879 Paul Lechler establishes a merchandising business in Stuttgart for technical products and gaskets The first Lechler cylinderhead gaskets are produced Elring goes to Asia: The joint venture Changchun Elring Gaskets Co. Ltd. has been founded ElringKlinger founds new plants in UK, Brazil, Mexico, and the U.S ElringKlinger AG intensifies R&D work on fuel cell components, especially on its internal sealing ElringKlinger AG receives its first order for series production of cell contact systems used in lithium-ion batteries ElringKlinger AG acquires a stake in hofer powertrain and thus, extends its portfolio to alternative drive technologies Richard Klinger establishes an engineering office in Vienna Elring production and development moves from Stuttgart to Dettingen/Erms Elring GmbH merges with Automotive Division of Richard Klinger GmbH to ElringKlinger GmbH ElringKlinger GmbH merges with parent company ZWL Grundbesitz- und Beteiligungs-AG and is renamed as ElringKlinger AG Registered shares of ElringKlinger AG are traded at Frankfurt and at Stuttgart Stock Exchange ElringKlinger AG acquires tool maker Hummel Formen GmbH which enables the company to offer structural lightweight components ElringKlinger AG receives first order for full battery system for all-electric solar vehicle. Shareholder structure as at Dec. 31, 2018 Institutional investors Private investors Lechler Family 26.2% 21.8% 52.0% Corporate Presentation April

IR calendar and contact Date Event April 3, 2019 Conference, Baden-Baden April 4, 2019 Conference, Paris May 7, 2019 Q1 2019 May 16, 2019 AGM, Stuttgart August 8, 2019 Q2 2019 November 6, 2019 Q3

45 IR calendar and contact Date Event April 3, 2019 Conference, Baden-Baden April 4, 2019 Conference, Paris May 7, 2019 Q May 16, 2019 AGM, Stuttgart August 8, 2019 Q November 6, 2019 Q From left to right: Heiderose Mall, Christoph Staib, Kathrin Graf (on maternity leave), Sabrina Haufler, Dr. Jens Winter ElringKlinger AG Strategic Communications Max-Eyth-Str Dettingen Germany E: investor-relations@elringklinger.com Investor contacts Dr. Jens Winter Head of Strategic Communications E: jens.winter@elringklinger.com T: Sabrina Haufler Senior Manager Strategic Communications E: sabrina.haufler@elringklinger.com T: Corporate Presentation April

46 Disclaimer Forward-looking statements and predictions This presentation contains statements about the future. These statements are based on current expectations, market evaluations and predictions by the Management Board, and on information that is currently available to them. The statements about the future should not be interpreted as guarantees of the future developments and results that they refer to. Whilst the Management Board is convinced that the statements that have been made, and the convictions and expectations on which they are based, are realistic, they rely on suppositions that may conceivably prove to be incorrect; future results and developments are dependent on a multitude of factors, they involve various risks and imponderabilities that can affect whether the ongoing development deviates from the expectations that have been expressed. These factors include, for example, changes to the general economic and business situation, variations of exchange rates and interest rates, poor acceptance of new products and services, and changes to business strategy. Corporate Presentation April

Conference Call on Q November 6, 2018

Conference Call on Q November 6, 2018 Conference Call on Q3 2018 November 6, 2018 Q3 2018 Headlines Top line growth of +0.5% to EUR 405.8 million, organically up by +5.3% EBIT pre PPA at EUR 23.8 million, EBIT margin pre PPA at 5.9% Solid