VBH Holding AG German Equity Forum Fall 2010 Analyst Conference

Transcription

1 VBH Holding AG German Equity Forum Fall 2010 Analyst Conference Korntal-Münchingen, November 2010 Company Presentation November

2 Agenda 1 VBH. The Brand. 2 Interim report Q / Forecast Window market: energy efficiency and sustainable future 4 VBH. The Share. 5 Appendix: - Details Q3 Report - Consolidated Financial Statement 2009 Company Presentation November

3 VBH. The Brand. The Expert Brand VBH is the expert brand for door and window hardware. As largest globally operating wholesaler and with a demand-based product range of hardware and accessories for fabrication and installation of windows, doors and furniture we are the most important international partner for the German hardware industry. VBH is the brand which creates more value. Over members of staff in more than 130 branches across over 41 countries work at it. Company Presentation November

4 VBH. The Brand. The Claim Simply Everything. Everything Simple. Company Presentation November

5 VBH. The Brand. Simply Everything. VBH has the most comprehensive product range for manufacturing and installation of windows and doors. VBH is partnered with the world s strongest brands for this sector and expertly complements their product range with its greenteq products. Company Presentation November

6 VBH. The Brand. Everything Simple. We put emphasis on innovative services. In everything we do we want to make our customers lives easier. Company Presentation November

7 VBH. The Company. Position in the process chain 1) VBH acts as an intermediary between component manufacturers and window producers Raw Material Suppliers Component Manufacturers Dealer/ Logistic Partner Window Producer Mounting Company End user Wood Alu Steel Oil Sand Profile Fittings Hardware Chemistry Tools Fixing Material Glass Production intermediary trade Logistic Partner Small, middle industrial producers (Wood, Alu, PVC, Steel) System Provider (Alu, Steel, PVC) Architects, Planers Pure mounting businesses Integrated window producer/ Mounting companies End users (private, commercial) 1) Here using the example of window manufacturing; analogue for door manufacturing Company Presentation November

8 VBH. The Company. Strategy is based on three healthy pillars Simply Everything. Everything Simple. Broad international compilation with consistent market appearance Successful product range and own brand politics i Unique selling position through extensive service offers choice The expert brand for window and door hardware Company Presentation November

9 VBH. The Company. Increasing internationalization Business Concept - Presence in 42 Countries Active in 42 countries with more than 50 % foreign sales in 2009 The only dealer with worldwide sales network No. 1 or No. 2 in established markets Argentina Austria Belarus Belgium Bosnia Bulgaria Caucasus China Croatia Cyprus Czech Republic Estonia Germany Greece Great Britain Hungary India Ireland Italia Kazakhstan Kosovo Kuwait Latvia Lithuania Malaysia Mexico Moldova Montenegro Netherlands Panama Poland Romania Russia Serbia Singapore Slovakia Slovenia Spain Thailand Turkey Ukraine UAE Company Presentation November

10 VBH. The Company. Development opportunities for VBH Group Asia Region Singapore as Far East Centre Management-Centre Administration Centre Product range for Asia Pacific and management of procurement activities Central warehouse IT Centre Cash-Pooling India China Thailand Malaysia Singapore "Start-ups" develop according to plan; Coaching via Singapore accelerates the process. Company Presentation November

11 VBH. The Company. Development opportunities for VBH Group Middle East Region Turkey Armenia Azerbaijan Uzbekistan Promising growth market Starting point for doing business in Middle East, Central Asia and North Africa Turkey Egypt Syria Jordan Irak Kuwait Turkmenistan Afghanistan Iran Pakistan Saudi Arabia UAE India Sudan Company Presentation November

12 VBH. The Company. Response to New Challenges. Growth Potential: Region South and Central America South and Central America So far represented in Mexico and Argentina Central warehouse planned in Panama in Free Zone From there deliveries to other South and Central American countries Mexico Panama Argentina Company Presentation November

13 VBH. The Company. Strategy is based on three healthy pillars Simply Everything. Everything Simple. Broad international compilation with consistent market appearance Successful product range and own brand politics i Unique selling position through extensive service offers choice The expert brand for window and door hardware Company Presentation November

14 VBH. The Company. Simply everything for the window technology Material required per window unit (excerpt from example PVC) 1.2) Chemistry 1. Foam Silicone Adhesive Type Fixing Material Profile Roller shutter box Roller shutter profile Accessory profile for connection windows Cover profile Window sill (interior/ exterior) Window fitting screws Hardware Hardware screws 12. Window handle Window Anchor Hardware 13. (e.g. Tilt & Turn) Nails 14. Glazing blocks Dowels Tools and Others 11. Tools Glass Profiles 1) Not considered: special requirements like fly screens etc. 2) In case of wood windows additionally rain, window sills, sealings, lacquer/glaze, aluminium plating etc. Company Presentation November

15 VBH. The Company. Simply Everything About Windows and Doors Technologies Company Presentation November

16 VBH. The Company. Brand Hierarchy with greenteq Al les einfach. Einfach alles. VBH brand-name products What is our position with greenteq? Quality like a brand, prices 10% less with good margin for VBH! low-end provider price aggressive low-end provider Company simrit International Presentation Preferred Distributor Conference November Seite

17 VBH. The Company. Simply everything own brand greenteq. VBH s powerful own brand greenteq range provides an effective supplement to our existing and ongoing program of powerful brand products. With greenteq we offer a wide range of products characterised by high quality, good value for money and a distinctive brand appearance. The brand name is made up of our corporate colour, the word technology and the letter Q which stands for our quality standards. Already 1,800 articles on sale Target: 10% of turnover with greenteq products until 2013 (in 2010 in Germany already 6%) Company Presentation November

18 VBH. The Company. Simply everything own brand greenteq. Company Presentation November

19 VBH. The Company. Simply everything own brand greenteq. Company Presentation November

20 VBH. The Company. Strategy is based on three healthy pillars Simply Everything. Everything Simple. Broad international compilation with consistent market appearance Successful product range and own brand politics i Unique selling position through extensive service offers choice The expert brand for window and door hardware Company Presentation November

21 VBH. The Company. Everything simple with innovative services. Customer portal vbh24 With one portal we offer many services - Everything simple The components are: - to enquire and order articles - to follow-up orders - to find articles - to discover the product range - to enlarge knowledge - to strenghten presentation - Finden statt suchen a groundbreaking tool for finding products mit der VBH Wissensdatenbank Company Presentation November

22 VBH. The Company. Logos electronical data transfer to VBH Company Presentation November

23 VBH. The Company. Logos electronical data transfer to VBH Germany and Abroad 614 Connection points at customers (Scanner & EDI) Austria 4 Germany 551 Belgium 1 Switzerland 1 Czech Republic 14 France 1 Luxemburg 1 Netherlands 1 Spain 3 Poland 2 Russia 7 Greece 11 Estlonia 5 Tyrol 5 Italy 4 UK 3 Company Presentation November

24 VBH. The Company. Logos 480 downloads from App Store within few weeks!!! Order directly from construction site within settled sortiment Features: - Availablity - Items with pictures - One finger operation - Find every er item in maximum m 3 steps Requirements: - Smartphone minimum Windows Mobile 6.0 or Apple iphone - Internetflatrate or volumebased internetrate recommended Company Presentation November

25 VBH. The Company. Everything simple with innovative services. Online-Tool for CE-Marking for windows and doors: CE-fix Window and door producers save their own time and cost-intensive tests through the VBH System leadership Effective from February 1, 2010 obligation for all window and door producers Europe-wide to CE-mark their products Business solution in cooperation with ift Rosenheim Database with over 652 components and millions of combinations In expert modus certificated constructions can be adjusted to individual customer demands All CE-documents can be individually adjusted and are with one click available Company Presentation November

26 VBH. The Company. Everything simple with innovative services. VBH knowledge database Idea: many problems in daily life of manufacturer or installer have already been solved, but there is no documentation. That is why we are building a Wikipedia for the craftsmen. Online forum with collective knowledge of experts, craftsmen and our own know-how. Customers may comment and discuss articles under the categories FAQ, Wiki of fittings and News. Customers may contact different experts by posting or ing their questions. Weekly newsletter for all clients. On average 2,200 hits per month Company Presentation November

27 Agenda 1 VBH. The Brand. 2 Interim report Q / Forecast Window market: energy efficiency and sustainable future 4 VBH. The Share. 5 Appendix: - Details Q3 Report - Consolidated Financial Statement 2009 Company Presentation November

28 VBH key figures third quarter Sales and Earnings Q Q yoy in % M M yoy in % 2009 Revenues In m 221,8 240,6 8,5% 558,1 585,8 5,0% 754,1 EBITDA In m 10,6 15,1 42,5% 17,4 18,9 8,6% 23,8 EBITDA margin 4,8% 6,3% 3,1% 3,2% 3,2% EBIT In m 9,1 13,6 49,5% 12,8 14,3 11,7% 17,8 EBIT margin 4,1% 5,7% 2,3% 2,4% 2,4% EBT In m 7,3 11,4 56,2% 7,8 8,1 3,8% 10,5 Net result after minorities In m 5,2 7,6 46,2% 5,2 5,4 3,8% 6,3 Company Presentation November

29 VBH key figures third quarter Key Figures M M yoy in % 2009 Cash flow from operating activity In m 3,0-13,7 0,0% 33,6 Cash flow from investing activity In m -5,3-3,4 0,0% -9,2 Free Cash Flow In m -2,4-17,0 0,0% 24,4 Cash flow from financing activity In m 2,3 11,4 0,0% -23,5 Total investments In m 6,2 3,0-51,6% 11,6 Working Capital In m 196,0 201,3 2,7% 167,6 Capital employed In m 279,5 281,7 0,8% 263,2 ROCE 4,6% 5,1% 6,8% Net debt In m 126,8 127,7 0,7% 103,7 Gearing 99,1% 96,0% 79,3% Rt Return on equity (ROE) 43% 4,3% 43% 4,3% 52% 5,2% Number of employees ,1% Company Presentation November

30 VBH key figures third quarter Balance Sheet M M yoy in % 2009 Long-term assets In m 99,0 97,5-1,5% 99,2 Short-term assets In m 281,0 296,2 5,4% 251,5 Equity In m 127,9 133,0 4,0% 130,8 Book value In m 120,0 124,9 4,1% 122,2 Long-term liabilities In m 112,2 112,9 0,6% 89,3 Short-term liabilities In m 139,9 147,8 5,6% 130,6 Balance sheet total In m 380,0 393,7 3,6% 350,7 Company Presentation November

31 VBH key figures third quarter Share data Q Q yoy in % M M yoy in % 2009 Earnings per share diluted In 0,11 0,16 45,5% 0,11 0,12 0,0% 0,14 Earnings per share undiluted In 0,11 0,16 45,5% 0,11 0,12 0,0% 0,14 Dividend per share In 0,05 Book value per share In 2,62 2,72 3,8% 2,66 Equity per share In 2,79 2,90 3,9% 2,85 Share price at year-end In 3,96 4,35 9,8% 4,00 Shares outstanding In Tsd Market capitalization at year-end In m 181,6 199,6 9,9% 183,5 Company Presentation November

32 Turning point in many of the markets abroad reached Western and Central Eastern Europa still weak einfach. Alles Einfach alles /201009/2010 return on sales Czech Republik Kazakhstan Belarus NL Spain Poland Balkan States Russia Hungary UK Baltic Statest -40% -30% -20% -10% 0% 10% Other 20% 30% 40% Greece Ukraine Romania markets change in turnover Belgium Ireland Italy turnover volume in Company Presentation November

33 VBH The Segments Germany Germany In m Q Q % 9M M 2010 % Total revenue 112,9 122,3 8,3% 278,7 303,5 8,9% EBITDA 5,0 7,9 58,0% 6,0 11,6 93,3% EBIT 4,6 7,6 65,2% 4,8 10,5 118,8% Segm ent assets 125,4 119,1 Segm ent liabilities 139,7 127,1 Number of employees Company Presentation November

34 VBH The Segments Western Europe Western Europe In m Q Q % 9M M 2010 % Total revenue 34,8 32,8-5,7% 109,2 98,6-9,7% EBITDA -0,3-0,5-66,7% 0,6-2,1-450,0% EBIT -0,8-0,8 00% 0,0% -0,5-3,1-520,0% 0% Segment assets 103,6 87,2 Segm ent liabilities 78,0 79,2 Number of employees Company Presentation November

35 VBH The Segments Eastern Europe Eastern Europe In m Q Q % 9M M 2010 % Total revenue 72,9 84,9 16,5% 164,0 180,3 9,9% EBITDA 7,9 9,8 24,1% 15,1 12,4-17,9% EBIT 7,4 9,4 27,0% 13,8 11,1-19,6% Segment assets 107,4 118,3 Segm ent liabilities 48,3 54,7 Number of employees Company Presentation November

36 VBH The Segments Other markets Other markets In m Q Q % 9M M 2010 % Total revenue 8,0 7,4-7,5% 20,0 21,7 8,5% EBITDA -0,9-1,0-11,1% -1,0 0,1 110,0% EBIT -0,9-1,1-22,2% 2% -1,2-0,1 91,7% Segm ent assets 22,6 27,8 Segm ent liabilities 31,4 38,1 Number of employees Company Presentation November

37 VBH The Segments Corporate Services / Consolidation Corporate Services / Consolidation In m Q Q % 9M M 2010 % Total revenue -6,8-6,8 0,0% -13,8-18,3 32,6% EBITDA -1,1-1,0 9,1% -3,3-3,1 6,1% EBIT -1,2-1,4-16,7% -4,1-4,1 0,0% Segm ent assets 21,0 41,3 Segm ent liabilities -45,3-38,4 Number of employees Company Presentation November

38 Turnover development by end of october 2010: Sales in line with expectations and forecast Company Presentation November

39 Forecast 2010 remains difficult little recovery in comparison with the full business year 2009 expected Forecast business year 2010 Developments in Germany are set to be more positive than in many other regions. Earnings will improve sharply yearon-year. Significant market declines are expected for Western Europe in Italy, Ireland, Greece and the Benelux countries. Singledigit growth is forecasted for the UK. Overall, falls in sales of around 10 % are still to be expected for the segment. Problems at the VBH companies in Belgium and Italy that have been tackled but are still having an effect will negatively impact earnings. Central Eastern Europe is still dominated by a weak economy. There are signs of stabilisation at a low level, no significant recovery is in sight as yet. However, the CIS nations benefiting from factors including improved exchange rates are still showing positive development, meaning that sales growth of more than 10% is expected over the year as a whole for the Eastern Europe segment. As expected, however, in view of the ongoing pressure on margins in the first half, it will not be possible to attain quite the level of earnings of the previous year. In the Other Markets segment, VBH will continue to grow despite downward trends and will also be spurred on by VBH Turkey, newly acquired at the beginning of 2009, and the expansion of activities in the existing markets. However, the VBH organisation in China will not be able to return to its earlier successes until The earnings situation in the Other Markets segment should improve year-on-year. From a current perspective, year-on-year sales growth of approximately 5 % to almost 800 million is to be expected for the VBH Group in the current financial year. Subject to the above assumptions and supported by the developments of the last few months, an operating result at the same level as the previous year is expected at tthe end of fthe year at tthe very least. Due to ongoing difficulties in individual markets, the carrying amounts are being monitored. The performance of the companies affected will be analysed intensively on the basis of agreed budget figures for subsequent year and assimilated in the consolidated annual financial statements as part of the work on the annual financial statements. From a current perspective, we cannot rule out the possibility of adjustments to these carrying amounts as at the end of the year. Working capital is being optimised further. Company Presentation November

40 Agenda 1 VBH. The Brand. 2 Interim report Q / Forecast Window market: energy efficiency and sustainable future 4 VBH. The Share. 5 Appendix: - Details Q3 Report - Consolidated Financial Statement 2009 Company Presentation November

41 Window Market: a Sustainable Future Basic Assumptions Prof. Gerd Hauser*: Higher energy efficiency in the building sector is the key solution to our energy problems. Potential of energy saving measures has ten times the effect of investment t in renewable energy EU building sector - is responsible for 40% of the total energy consumption - causes 1/3 of EU s total CO2 emissions Russia: Huge building modernisation necessary China: Building Boom, but: new Chinese building causes four times more energy consumption per sqm than in Europe (dena); by 2015: 50% of all buildings will be less than 15 yrs old VBH supplies its customers with energy efficient technology (eg windows; mechanical ventilation systems; seals) * Prof. Gerd Hauser, Director of the German Society of Rational Energy Use (GRE) at a VFF conference Company Presentation November

42 Window Market: a Sustainable Future Increased Funding in different Countries Federal German Bank for Funding 2009: 8 billion of funding for energy-efficient measures 270,000 jobs secured (min. 1 yr) CO2 reduction of 1.3 million tons/year UK: Pay As You Save Pilot Project: Biggest barrier for householders <> upfront costs of energy-efficient technology PAYS: Cost of investments can be spread through savings on energy bills More countries to follow... Energy-Efficient Renovation How are the funds provided? Loan model: - long-term, reduced-interest loan with a maturity of up to 30 years including up to 5 repayment-free start-up years - fixed interest period of up to 10 years - up to 100% of the financeable costs, - KfW Efficiency House maximum of EUR 75,000 per housing unit - Individual measure - maximum of EUR 50,000 per housing unit Repayment bonus payment on bank account: - 2.5% repayment grant for renovation or refurbishment into a KfW Efficiency House 70, 5% for KfW Efficiency House 100 Grant mode direct payment on bank account: - Individual measures: 5% grant to the investment cost, not more than EUR 2,500 - KfW Efficiency House % grant to the investment cost, not more than EUR 7,500 - KfW Efficiency House % grant to the investment cost, not more than EUR 13, Company Presentation November

43 Window Market: a Sustainable Future The European Window Market: Hidden Potentials 13,7 years Study of the VFF; EU27 plus Norway, Turkey, Switzerland, Russia, Ukraine 1 Window Unit = 1,3m x 1,3m = 1,69m² Company Presentation November

44 Window Market: a Sustainable Future Western Europe: approval for flats in new buildings Flats in new buildings in hundert units change in 2009 / Beglium 56,0 51,6 49,3 41,9-15,0% Danmark 29,0 24,0 15,0 13,0-13,3% Germany 185,3 152,2 164,4 192,3 17,0% Finland 35,5 30,7 24,0 17,5-27,1% France 412,0 400,0 347,0 357,0 2,9% UK 208,7 170,0 116,0 108,0-6,9% Ireland 78,0 51,3 20,0 12,0-40,0% Italy 299,3 280,7 242,8 186,8-23,1% Netherlands 80,2 78,9 71,9 60,6-15,7% Norway 31,0 28,6 20,0 24,0 20,0% Austria 44,0 41,3 42,1 41,7-1,0% Portugal 59,9 52,5 42,3 20,2-52,2% Sweden 36,3 30,4 19,6 21,9 11,7% Spain 795,0 720,0 250,0 150,0-40,0% other 42,6 41,2 41,6 41,9 0,7% Western Europe 2392,8 2153,4 1466,0 1288,8-12,1% Euroconstruct Summerconference Window Unit = 1,3m x 1,3m = 1,69m² Company Presentation November

45 Window Market: a Sustainable Future The German Window Market: Hidden Potentials 29 years Source: Study of the VFF; German Window Industry: 7,200 SME; turnover 8.3 Billion Company Presentation November

46 Window Market: a Sustainable Future The German Window Market: Hidden Potentials Market Growth expected According to an actual study of the VFF, Germany will be one of the few countries in Europe, in which the Window market will grow in 2010 and 2011 For 2010, a growth rate of about 4% is expected According to the Federal Office of Statistics, the approvals for new buildings are also increasing since the 3rd quarter 2010 For 2010, a significant increase of approvals for new biuldings from units to units is expected Company Presentation November

47 Window Market: a Sustainable Future Outlook: Regulatory Framework for the Future New EU Laws By 2020: Newly constructed buildings: very high energy performance necessary Existing buildings: improved energy performance after major renovations More Financial Support EU requirement: National plans for increasing number of nearly zero energy buildings By mid-2011: Member states to present a list of financial incentives, eg subsidies, loan schemes, low interest loans. Energy performance certificates EU requirement: Certification system to measure energy performance of buildings (like German Energieausweis ) Graph.: Typical heat loss of an average family home (built before 1995) Typical heat loss Ventilation 10-20% Heating: 30-35% Floor 5-10% Windows 20-25% Roof 15-20% Wall 20-25% Company Presentation November

48 Agenda 1 VBH. The Brand. 2 Interim report Q / Forecast Window market: energy efficiency and sustainable future 4 VBH. The Share. 5 Appendix: - Details Q3 Report - Consolidated Financial Statement 2009 Company Presentation November

49 Facts about VBH share: Share price development as at VBH share and index SDAX (100 per ) Development VBH share: Status t SDAX VBH Company Presentation November

50 Facts about VBH share: Share Information Share Information ISIN: DE Non-bearer shares Segment: Regulated Market Prime Standard Index: CDAX Construction Trading: variable in Frankfurt and Stuttgart Market capitalisation ( ): 4.10 approx Mio. Free Float: approx Mio. According to definition German Stock market Major Shareholders: -Lisoma 25.1% - Adwian OHG 20.2% - Ascalon Holding % - Kempen* 4.5 % * Allocated to the Free Float Company Presentation November

51 Financial Calendar / Contact Share Information Financial calendar Analysts conference/german Equity Forum, Frankfurt, Tuesday, 23 November 2010 Press conference on the statement of financial position, Stuttgart Thursday, 31 March 2011 Interim report on the first quarter of 2011 Friday, 13 May 2011 Annual General Meeting, Stuttgart Wednesday, 15 June 2011 Contacts VBH Holding AG Siemensstrasse 38 D Korntal-Münchingen Telephone switchboard: Internet: Investor Relations +49 (0) ir@vbh.de Securities code no ISIN Code: DE Interim report on the first half of 2011 Friday, 12 August 2011 Interim report on the third quarter of 2011 Friday, 11 November 2011 Company Presentation November

52 Thank You for Your Attention! November 2010 Company Presentation November

53 Agenda 1 VBH. The Brand. 2 Interim report Q / Forecast Window market: energy efficiency and sustainable future 4 VBH. The Share. 5 Appendix: - Details Q3 Report - Consolidated Financial Statement 2009 Company Presentation November

54 Appendix: Consolidated Statement of Financial Position by Assets Assets In m Long-term assets Intangibles assets 52,8 50,8 51,4 Property, pant and equipment 30,7 30,2 29,0 Financial assets 19 1,9 36 3,6 22 2,2 Other long-term assets 4,2 4,5 3,6 Deffered tax assets 9,4 10,1 11,3 Total 99,0 99,2 97,5 Short-term assets Inventories 125,6 109,7 140,2 Trade receivables 124,0 96,0 125,4 Trade receivables affiliated companies 4,0 5,3 4,6 Other assets 15,3 24,1 15,0 Cash and cash equivalents 11,3 14,3 9,9 Tax receivables 0,8 2,1 1,1 Total 281,0 251,5 296,2 Total assets 380,0 350,7 393,7 Company Presentation November

55 Appendix: Consolidated Statement of Financial Position by Equity and Liabilities Equity and Liabilities In m Equity Subscribed capital 45,9 45,9 45,9 Capital reserve 41,8 41,8 41,9 Revenue reserve 28,4 35,9 33,3 Profit retained 3,9-1,4 3,8 Equity attributable to shareholders of VBH AG 120,0 122,2 124,9 Minority interests 7,9 8,6 8,1 Treasury stock 0,0 0,0 0,0 Equity 127,9 130,8 133,0 Long-term liabilities Pension provisions 12,4 12,5 12,7 Other long-term provisions 2,9 3,1 2,7 Long-term financial liabilties 91,4 67,9 90,5 Other long-term liabilities 1,8 2,0 2,8 Deffered tax liabilities 3,7 3,8 4,2 Total 112,2 89,3 112,9 Short-term liabilities Short-term provisions 5,0 5,1 6,7 Short term financial liabilties 46,7 50,1 47,1 Advances received 0,7 0,5 0,7 Trade payables 57,6 43,4 68,9 Trade payables affiliated companies 0,0 0,0 0,0 Other short-term liabilities 29,4 30,3 23,6 Tax liabilities 0,5 1,2 0,8 Total 139,9 130,6 147,8 Total equity and liabilities 380,0 350,7 393,7 Company Presentation November

56 Appendix: Statement of Comprehensive Income for the Period by Statement of Comprehensive Income for the Period In m Q Q M M Sales 221,8 240,6 558,1 585,8 Changes in finished goods, w ork in progress / capitalized payments 0,0 0,0 0,0 0,0 TOP 221,8 240,6 558,1 585,8 Costs of raw materials, supplies and purchased merchandise 170,5 181,3 421,5 446,5 GOP 51,3 59,3 136,6 139,3 Personnel expenses 23,0 23,6 69,1 69,9 Other operating income 1,7 2,3 9,1 10,5 Other operating expenses 19,4 22,9 59,2 61,0 EBITDA 10,6 15,1 17,4 18,9 Depreciation / Amortization 1,5 1,5 4,6 4,6 EBIT 9,1 13,6 12,8 14,3 Income from investments 0,0 0,0 0,0 0,0 Other interest and similar income 0,1 0,1 0,4 0,3 Interest and similar expenses 1,9 2,3 5,4 6,5 Depreciation on financial assets and securities 0,0 0,0 0,0 0,0 Financial result -1,8-2,2-5,0-6,2 EBT 7,3 11,4 7,8 8,1 Current taxes 1,8 1,4 4,3 3,4 Deferred taxes 0,0 2,1-2,3-0,9 EAT 5,5 7,9 5,8 5,6 Minorities 0,3 0,3 0,6 0,2 Net result after Minorities 5,2 7,6 5,2 5,4 EPS in 0,11 0,16 0,11 0,12 EPS diluted in 0,11 0,16 0,11 0,12 Company Presentation November

57 Appendix: Statement of Cash Flows for the Period by Statement of Cash Flows for the Period In m Cash flow from operating activity 3,0-13,7 Cash flow from investing activity -5,3-3,4 Free Cash Flow -2,4-17,0 Cash flow from financing activity 2,3 11,4 Changes in cash and cash equivalents and changes ow ing to exchange gains/losses -2,2 1,2 Cash and cash equivalents at the beginning of the period 13,4 14,3 Cash and cash equivalents at the end of the period 11,3 9,9 Company Presentation November

58 Agenda 1 VBH. The Brand. 2 Interim report Q / Forecast Window market: energy efficiency and sustainable future 4 VBH. The Share. 5 Appendix: - Details Q3 Report - Consolidated Financial Statement 2009 Company Presentation November

59 Turnover 2009: Stable turnover in Germany (excluding export business), in total turnover decrease of 12.6 % 2009: Relation of turnover abroad : domestic = 50 % : 50 % Turnover Development In m Deutschland Germany Western Europa Europe Eastern Ost Europa Europe Sonstige Other markets Märkte Corporates/Konsolidierung Corporates/Consolidation Turnover VBH Group , Company Presentation November

60 EBIT Decline due to lower gross operating profit, one-time effects in Greece and still a unsatisfactory situation in Italy EBIT Germany EBIT Europe EBIT Other markets EBIT Holding EBIT Group (in m) (in m) (in m) (in m) (in m) Company Presentation November

61 VBH Deutschland GmbH: Total gross profit decreased -4.3% yoy; Margin decreased to 21.0% Development e e of Gross Profit and Margin Gross profit Rohertrag Gross Profit Rohertragsmarge Gross Profit Margin % Gross Profit; Gross Profit Margin; 21.0% 20.0% % % % % Company Presentation November

62 Financial Key figures 2009 Cash flow Equity ratio from operating activities In m In m Eigenkapital Equity it Eigenkapitalquote Equity ratioit t Company Presentation November

63 Financial Key figures 2009 Net financial liabilities Net debts In m Nettobankverbindlichkeiten net financial liabilities Wandelgenussscheine convertible bonds Company Presentation November

64 Financial Key figures 2009 Eigenkapital Equity Nettoverschuldung debts Gearingre rein in %% % Number of employees Inland Ausland % 200% % % ,087 1,156 1,257 1,758 1,934 1, % % 644 1, Company Presentation November

65 Financial Key figures 2009 Stocks In m Vorräte Stockslinke Skala Lagerumschlag Stock rotationrechte Skala Trade receivables In m Forderungen Receivables Laufzeit DSO in Tagen Company Presentation November

66 Thank You for Your Attention! November 2010 Company Presentation November