SANDVIK CAPITAL MARKETS DAY 2017

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1 SANDVIK 2017

2 DELIVERING ON OUR PROMISES AHEAD OF PLAN REACHED PROFITABILITY TARGET DELEVERAGED FREEDOM OF CHOICE INVESTING AND WELL POSITIONED FOR GROWTH 2

3 DELIVERING ON OUR PROMISES AHEAD OF PLAN REACHED PROFITABILITY TARGET DELEVERAGED - FREEDOM OF CHOICE INVESTING AND WELL-POSITIONED FOR GROWTH New decentralized structure Improved performance review culture through scorecard system Portfolio consolidation Footprint consolidation 3

4 DELIVERING ON OUR PROMISES AHEAD OF PLAN REACHED PROFITABILITY TARGET DELEVERAGED FREEDOM OF CHOICE INVESTING AND WELL-POSITIONED FOR GROWTH 40 1,2 35 1,0 30 0,8 25 0, ,4 Net debt Net gearing 4

5 DELIVERING ON OUR PROMISES AHEAD OF PLAN REACHED PROFITABILITY TARGET DELEVERAGED - FREEDOM OF CHOICE INVESTING AND WELL POSITIONED FOR GROWTH 50 FTE hired in SMS adjacent offering ~300 MSEK Invested in in SMS adjacent POWDER Grow 3D powder portfolio 5

6 DELIVERING ON OUR PROMISES AHEAD OF PLAN REACHED PROFITABILITY TARGET DELEVERAGED FREEDOM OF CHOICE INVESTING AND WELL POSITIONED FOR GROWTH INCREASED SHAREHOLDER VALUE 6

7 ADJUSTED EBIT % 15% EBIT MARGIN FOR FOUR CONSECUTIVE QUARTERS FROM 7 TO 0 LOSS-MAKING PA ADJUSTED EBIT, MSEK IMPROVING VAREL AND MOBILE CRUSHING BUBBLE SIZE: REVENUES 7 Note: Excluding BA-common costs and PPA:s for Varel (Drilling & Completions) and Mobile Crushing & Screening. All data is based on YTD Q annualized. Visualizing major PA:s and BU:S

8 SUSTAINABILITY RECOGNITIONS OUR OFFERINGS Making our customers more sustainable OUR OPERATIONS Making ourselves more sustainable INNOVATION & PRODUCTIVITY HEALTH & SAFETY ENVIRONMENTAL IMPACT USE, REUSE & RECYCLE GOVERNANCE PARTNERS ENVIRONMENTAL FOOTPRINT PEOPLE AT THE CORE OF OUR BUSINESS FTSE4Good Dow Jones 8

9 ON OUR AGENDA STABILITY CREATE A STABLE PLATFORM PROFITABILITY IMPROVE PERFORMANCE GROWTH GENERATE GROWTH 9

10 EVOLUTION IN OUR WORLD MATERIALS EVOLUTION Carbon fiber Titanium Nickel-based alloys Cobalt-chrome Powder-based materials ELECTRIFICATION & BATTERY EVOLUTION Electrical vehicles Battery driven equipment CONNECTIVITY & AUTOMATION Semi-/fully automated equipment Measuring while machining Predictive maintenance Software solutions EVOLUTION OF MANUFACTURING TECHNIQUES Near-net-shape Multi-axis machining Additive manufacturing DECLINING ORE GRADES & LONGER HAULING DISTANCES Increased volume output Increased efficiency in equipment Increased utilization rates ADDRESSING OF UN GLOBAL GOALS Common global sustainability agenda Measurable impact of sustainable business 10

11 SANDVIK STANDS STRONG INDUSTRY AUTHORITY BASED ON MATERIAL KNOW-HOW Three out of five leading brands in metal cutting industry Leading position in high alloy specialized steel industry LEADING MINING EQUIPMENT SUPPLIER Leading position in underground mining equipment, aftermarket and automation STRIKING POWER Financial strength for M&A in core and adjacent areas R&D-SPEND ABOVE PEER AVERAGE Maintain leading positions and grow in adjacent areas 11 SUSTAINABILITY Incorporated in our products and our operations

12 NEW TECHNOLOGIES SUPPORT PRODUCTIVITY AND SUSTAINABILITY ARGUMENTS $ CUSTOMER PRODUCTIVITY AUTOMINE ELECTRICAL AND BATTERY DRIVEN MINING EQUIPMENT ADDITIVE MANUFACTURING INCL. POWDERS TOOLS FOR NEW MATERIALS AND TECHNIQUES SANDVIK PREMIUM PRICING SAFETY ZERO EMISSIONS REDUCED RAW MATERIAL USAGE LIGHT-WEIGHT PRODUCTS FOR LOWER FUEL CONSUMPTION TIME 12

13 CAPABILITY & PROFITABILITY UNSATISFACTORY PERFORMANCE IN SANDVIK MATERIALS TECHNOLOGY High % Kanthal Tube special % Powder % Wire Core & standard Strip % 13 Low Lagging MARKET POSITION Leading Organic revenues, 12M rolling MSEK Organic order intake, 12M rolling MSEK Adj. EBIT %, excl. metals 4%

14 SANDVIK MATERIALS TECHNOLOGY WAY FORWARD SHORT 01. TERM New decentralized structure resulting in FTE reductions New management General cost containment Reduction ~210 FTE:s 02. MID- TO LONG TERM Portfolio trimming Opportunities within new products and segments Operational excellence and optimization of mix Grow Kanthal and Powder Reach ~10% EBIT 03. CONTINUOUS REVIEW OF OPERATIONS AND STRUCTURE IMPLEMENTATION TIME 14

15 ACTIVE PORTFOLIO MANAGEMENT ~10% OF GROUP REVENUES ~4% OF GROUP EBIT MINING SYSTEMS HYPERION ASSUMED CASH INJECTION ~10 BSEK PROCESS SYSTEMS WIRE 15 Including Mining Systems reported in discontinued operations

16 M&A CONSIDERATIONS STRATEGIC IMPORTANCE MARKET POSITION VALUATION IMPACT GROUP Add value through sustainable productivity Mission critical Long-term customer relationships Ability to achieve or maintain No. 1 or 2 position in its industry, together with core offering Near-term acquisitions most likely in Sandvik Machining Solutions Small- to mid-size targets most likely Valuation multiples higher in adjacent areas vs core Safeguard long-term credit rating 16

17 FROM HOUSEKEEPING Y1 Setting the structure Y2 Reinforcing performance culture Y3 Focus on long-term success Portfolio review and decentralization Performance management and improved profitability Next step for profitability and growth 17 TO LEVERAGE ON LEADING POSITIONS

18 PREREQUISITES FOR GROWTH WE CONTROL THREE OUT OF FOUR INNOVATION Maintain leading and improve non-leading market positions MARKET DEVELOPMENT OPERATIONALLY DRIVEN M&A Mandate and entrepreneurship CAPTURE AND CAPITALIZE ON NEW TECHNOLOGIES adjacent to core 18

19 CONTINUE WITH PRODUCT LAUNCHES E.G. COROMANT INTELLIGENT TOOLS PORTFOLIO ADJUSTMENTS SURFACE DRILLING INNOVATION Maintain leading and improve non-leading market positions OPERATIONALLY DRIVEN M&A Mandate and entrepreneurship CAPTURE AND CAPITALIZE ON NEW TECHNOLOGIES adjacent to core 19

20 INNOVATION Maintain leading and improve non-leading market positions OPERATIONALLY DRIVEN M&A Mandate and entrepreneurship CAPTURE AND CAPITALIZE ON NEW TECHNOLOGIES adjacent to core E.G. SMS: METROLOGY, SOFTWARE, DIGITAL MANUFACTURING, ADDITIVE MANUFACTURING SMRT: AUTOMINE, OPTIMINE 20

21 REAP DECENTRALIZATION BENEFITS E.G. MORE OPERATIONALLY DRIVEN M&A WITH GOOD STRATEGIC FIT INNOVATION Maintain leading and improve non-leading market positions OPERATIONALLY DRIVEN M&A Mandate and entrepreneurship CAPTURE AND CAPITALIZE ON NEW TECHNOLOGIES adjacent to core 21

22 KEY PRIORITIES SANDVIK MACHINING SOLUTIONS SANDVIK MINING AND ROCK TECHNOLOGY SANDVIK MATERIALS TECHNOLOGY SANDVIK GROUP Add growth potential through digital solutions in addition to core offering Improve profitability by growing aftermarket and automation business thus reducing earnings volatility Restore profitability short-term through cost actions, and long term by growing sales of high value products Strong focus on capital and cost efficiency 22

23 TOMAS ELIASSON, CFO STABILITY CREATE A STABLE PLATFORM PROFITABILITY IMPROVE PERFORMANCE GROWTH GENERATE GROWTH 23

24 MARKET RECOVERY ORGANIC REVENUES M ROLLING ORGANIC GROWTH % 15% 10% % % % -10% % Revenues, MSEK Revenues 12M rolling, MSEK Organic growth Organic growth, 12M rolling 24

25 INCREASED GROSS MARGIN BUT STILL MORE TO DO ORGANIC GROSS PROFIT ORGANIC GROSS MARGIN 41% % 39% 38% 37% ADDITIONAL SUPPLY CHAIN CONSOLIDATION PRICE MANAGEMENT PRODUCTIVITY % Gross profit, 12M rolling MSEK Gross margin, 12M rolling 25

26 LIMITED IMPACT FROM RAW MATERIALS SMS POWDER & BLANKS EXTERNAL SALES INTERNAL SALES CUTTING TOOLS ~50% No exposure ~50% Exposure to price changes SEVERAL SOURCING OPTIONS Own mine, virgin tungsten Recycling External sourcing (spot price) SMT ~35% Hedged fixed price projects Tungsten, carbide & intermediaries SMS Volume Nickel Chrome ~40% Alloy surcharges price changed transfer to customer Nickel SMT Value 0% 20% 40% 60% 80% 100% Molybdenum Iron ~25% Exposure to price changes Steel SMRT SMRT INDIRECT EXPOSURE VIA COMPONENTS/SYSTEMS FROM SUPPLIERS Key raw materials in value (not tonnage) 01 Fixed pricing (12-36 months) STEEL OTHER* 02 Pricing with risk sharing 26 0% 20% 40% 60% 80% 100% *In other: indirect steel exposure Raw material share of revenues

27 CURRENCY EXPOSURE LIMITED HEDGING NET CURRENCY FLOWS, 12M ROLLING MSEK Minimal hedging applied Manufacturing predominantly in EUR & SEK 96% of revenues outside Sweden USD AUD CNY ZAR CAD JPY KRW INR EUR CHF 27

28 ANNUAL PRODUCTIVITY TARGET ~3% 10% 5% 0% -5% -10% -15% SMS SMRT SMT GROUP TARGET 28

29 CONTINUOUS REVIEW OF SG&A COSTS ORGANIC A&S, R&D COSTS MSEK % OF REVENUES 27% % 25% 24% ADDITIONAL FTE REDUCTIONS By optimizing administration, sales and corporate functions Continued decentralization % A&S, R&D COSTS, MSEK 12M rolling % of revenues, 12M rolling 29

30 EBIT MARGIN RECOVERY STRONG MARKET AND EFFICIENCIES ORGANIC EBIT MARGIN, 12M ROLLING 17% 15% 13% CONTINUOUS IMPROVEMENTS STRUCTURAL EFFICIENCY ACTIVITIES PART OF DAILY BUSINESS 11%

31 NET FINANCE TREND SHIFT INTEREST NET, MSEK EQUITY INJECTIONS INTO SUBSIDIARIES 300 TREND SHIFT DEBT AMORTIZATIONS LESS FX-VOLATILITY FROM INTERNAL TRANSACTIONS

32 SHARP EPS RECOVERY EPS, SEK 7,5 REPORTED ADJUSTED 5, , ,5-0, M M 2017 Q1 Q2 Q3 Q4 32

33 STRONG CASH FLOW REDUCED NET WORKING CAPITAL FREE OPERATING CASH FLOW 12M ROLLING NET WORKING CAPITAL % OF REVENUES 5,000 16, % 4,000 14, % 3,000 12,000 2,000 1,000 10, % Free operating cash flow, MSEK Free operating cash flow 12M rolling, MSEK Adjusted EBITA 12M rolling, MSEK 8, NWC, MSEK NWC % of revenues 20% 33

34 STRENGTHENING OF BALANCE SHEET NET DEBT NET GEARING NET DEBT / EBITDA ,4 3, ,2 3,0 1,0 2, ,8 2, ,6 1, ,4 1, Net debt excl. net pension liability MSEK Net pension liability, MSEK Net gearing incl. net pension liabilities Standard & Poor s definition

35 IMPROVED CAPITAL EFFICIENCY INCREASED PACE EBIT% 16 Average 1,1x 3Q17 ROCE % 20% 15 2Q17 1Q17 18% 14 4Q16 16% 13 2Q15 Average 13.2% 3Q16 3Q15 1Q15 4Q15 14% 12 1Q16 2Q % 10 1,00 1,05 1,10 1,15 1,20 CAPITAL TURNOVER 10% 1Q15 1Q16 1Q17 35

36 CAPITAL ALLOCATION PERSPECTIVE DEBT REDUCTION DIVIDEND SHORT TERM IMPACT ON CASH FLOW NWC NET FIN ITEMS TAX CAPEX M&A 36

37 STRONGER MARKET THAN EXPECTED SELF-HELP ACTIONS PARTIALLY OFF-SET BY IMPORTANT INVESTMENTS 55% MARKET-DRIVEN IMPROVEMENT ESTIMATED UNTIL MSEK ORIGINAL PLAN UP UNTIL % NON-MARKET DRIVEN IMPROVEMENT ESTIMATED UNTIL MSEK 37

38 Q&A KEY PRIORITIES SANDVIK MACHINING SOLUTIONS SANDVIK MINING AND ROCK TECHNOLOGY SANDVIK MATERIALS TECHNOLOGY SANDVIK GROUP Add growth potential through digital solutions in addition to core offering Improve profitability by growing aftermarket business and automation thus reducing earnings volatility Restore profitability short-term through cost actions, and long term by growing sales of high value products Strong focus on capital and cost efficiency 38

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