Annual Press Conference. Düsseldorf March 27, 2017

Transcription

1 Annual Press Conference Düsseldorf March 27, 2017

2 Strategic report New paths to tomorrow Fiscal year 2016 Dividend and share Outlook 2017 Appendix 2

3 Strategic report We are passionate about SMEs Long-term investment in SME hidden champions in German-speaking countries Diversified portfolio with 45 companies in German-speaking countries 3

4 Strategic report SME culture in the INDUS Group INDUS Holding AG Entrepreneurship Long-term perspective Stability Portfolio companies Fairness Short channels Dependability INDUS invests in thoroughly tested business models with a long-term perspective. The subsidiaries develop their operations actively and independently. 4

5 Strategic report Growth with COMPASS 2020 Sustainable success since

6 Strategic report Implementing COMPASS 2020 Growth acquisition in the high-yielding construction segment HEITZ (Construction/Infrastructure) 7 strategic complementary acquisitions to strengthen our portfolio CAETEC (for IPETRONIK) COMPUTEC (for BUDDE) CREAPHYS (for M. BRAUN) IN-SITU (for MIKROP) MBH Solutions (for ANCOTECH) ZWEICOM (for HAUFF) WIESAUPLAST-PMC de México Continued drive towards internationalization Continuation of the investment drive Expanding our focus to promote innovation 6

7 Strategic report Broad portfolio as a core strategic element Ensure 8 acquisitions in 4 segments Stability through diversification 11 companies 10 companies 10 companies 5 companies 9 companies 7

8 Strategic report Where INDUS s acquisition activity is to be concentrated Medical engineering/life science Transportation engineering and logistics Energy and environmental technology Automation Expanded to include the growth industries construction and safety technology 8

9 Strategic report Two other hidden champions on board at the INDUS Group 9

10 Growth acquisitions Acquisition in 2016 Edge and wrapping veneer made of genuine wood for the furniture and construction industries Sales 2016: approx. 28 million Employees: 295 Locations: Melle (D), Heath (USA), Pusztaszabolcs (HU) Guido and Ralf Heitz remain managing directors 10

11 Growth acquisitions Acquisition in 2017 Supplier of measurement and test systems for vibration control and analysis for the automotive, the electrical and electronics equipment industry and the aerospace industry Sales 2016: approx. 12 million Employees: 63 Locations: Hanover (D), Farnham (GB), Montesson (FR), Verona/ New Jersey (USA), Peking (CN) Dr. Walter Klie remains managing director 11

12 Complementary acquisitions Strengthening the portfolio through second-level acquisitions TR Metalltechnik WIESAUPLAST- PMC de México* * Acquisition of the remaining shares (55%) 12

13 Complementary acquisitions in 2016 Construction/Infrastructure Strategic addition for ANCOTECH Strategic addition for HAUFF Software specialist for report programs, 2D and 3D paint editors and 3D viewing programs Specialist for the development and production of passive components for fiber optic infrastructure Strategic investment in digital infrastructure segment 13

14 Complementary acquisitions in 2016 Engineering Strategic addition for BUDDE Strategic addition for M.BRAUN Control/automation solutions for conveyor technology, special plant engineering, process technology Organic electronic systems: Ultra high vacuum systems and components for thin film deposition, thermal evaporators, vacuum sublimation systems Increase competitiveness of investments 14

15 Complementary acquisitions in 2016 Automotive Technology & Medical Engineering/Life Science Strategic addition for IPETRONIK Strategic addition for MIKROP Specialist for data loggers and measurement modules for automobile development (special strengths in drive train and thermal management sectors) Digital image processing, 2D and 3D measurement technology for industrial, medical and scientific applications Complementary investments to open up new lines of business 15

16 Growth acquisitions Strengthening of portfolio History of acquisitions Continuing to expand in 2016 and 2017 TR Metalltechnik WIESAUPLAST- PMC de México* * Acquisition of the remaining shares (55%) 16

17 Strengthening the portfolio through internationalization Driving factors A variety of business models requires a variety of internationalization strategies 17

18 Developing our international presence In 29 countries across 5 continents million 6, million 1, million 1,175 Sales and employee figures as at 12/2016, locations as at 03/2017, Europe = EU and Switzerland 18

19 Internationalization 2016 Thrust towards Asia and Europe strengthened BILSTEIN & SIEKERMANN is launching its operations in China via its newly formed national company in Taicang OBUK has taken over the front door panel segment for the French market from door manufacturer Noblesse, Berg (Palatinate), thereby strengthening its presence in France WIESAUPLAST has acquired the remaining 55 % of shares in the distribution company WIESAUPLAST-PMC de México from its existing partner PMC 19

20 New paths to tomorrow COMPASS Next evolutionary stage begins Exploit new technologies and markets Invest in companies at younger stages of development Increase financial resources for R&D activities Support of innovation processes Encourage network between portfolio companies Close collaboration with research institutions and universities 20

21 Promoting innovation with the INDUS model Accompanying SME hidden champions in the long term Property, plant and equipment investments Development Innovation Acquisitions Know-how Strategic sparring Networking Knowledge transfer Financing tasks in shareholder management Accounting, taxation and law at the holding level 21

22 Strategic report New paths to tomorrow Fiscal year 2016 Dividend and share Outlook 2017 Appendix 22

23 Overview of 2016 INDUS record year for the fourth year in a row Growth course confirmed despite complex framework conditions Significant increase in sales and EBIT 1 growth and 7 complementary acquisitions integrated High investment at the previous year s level Continuation of the strategic direction in automotive and metals technology Second step of COMPASS 2020 triggered 23

24 Group target/performance comparison Targets for 2016 Growth targets achieved despite the challenging environment SALES SALES > million (organic growth > 1,400 of > million 1,7%) 1,444.3 million (+4%; 1, % organical) million Voll erreicht Fully (organisch achieved unter (organic Ziel) (organic growth > 1,7%) (+4%; organic growth 0.1%) growth below target) EBIT million million Voll erreicht EBIT Acquisitions million 2 growth acquisitions million 1 growth acquisition Fully achieved In Summe erreicht Acquisitions Up 2 growth to 3 complementary acquisitions 1 growth 7 complementary acquisition Up to 3 complementary acquisitions 7 complementary acquisitions Achieved in total Investments in property, plant, acquisitions Approx. 75 million acquisitions 70.0 million Erreicht Investments and equipment in property, and plant, and intangible equipment assets and Approx. 75 million 70.0 million Achieved intangible assets Equity ratio (in %) > 40% 42.4 % Voll erreicht Equity ratio (in %) > 40% 42.4% Fully achieved Ratio of net debt to EBITDA years 1.9 years Voll erreicht Ratio of net debt to EBITDA years 1.9 years Fully achieved 24

25 Group target/performance comparison Strategic margin target achieved Objective (INDUS Group): EBIT margin 25

26 Target/performance comparison: segments Margin targets 2016 in millions Overall margin targets achieved % 14.3% % % % % 5.4% 250 5% % % 13.5% % % % 13.7% % % % % 50-4% % 8.7% % 10% 5% 0% Sales EBIT EBIT margin Umsatz EBIT EBIT-Marge Umsatz EBIT EBIT-Marge Umsatz EBIT EBIT-Marge Umsatz EBIT EBIT-Marge Single-digit % growth Moderate growth Significant increase Slight increase Previous year s level Fully achieved Just about achieved Achieved Fully achieved Below target figure Previous year s level Noticeable improvement Disproportionately lower growth Slight increase Previous year s level Fully achieved Not achieved Better than expected Achieved Better than expected Previous year s level Above previous year s level Below previous year s level Previous year s level No change Achieved Not achieved Better than expected Slightly under target figure Better than expected 26

27 Economic development 2016 New record sales figure 2016: Significant sales growth of 4.0% 0.1% organic (approx. 0.9 million) 3.9% inorganic (approx million) Q1: Rather cautious start, with quarterly sales of million (+1.5% yoy) 1, , , , ,444.3 Q2: Historic record sales of million (+9.9% yoy) Q3: Continuation of stable business growth at million (+0.3% yoy) Q4: Strong quarter with sales of over million (+4.2% yoy)

28 Economic development 2016 Regional sales distribution Share of foreign business on a par with prior year at 49.1% Abroad 49.1% Domestic 50.9% Of which: Switzerland 5.8% USA 5.5% China 4.9% UK 3.0% Poland 2.5% Austria 2.4% France 2.3% Domestic EU Third countries 28

29 Economic development 2016 Earnings EBIT grows by 6.3% EBIT margin increases to 10.0% Material cost ratio slightly lower at 44.9% (previous year: 46.9 %) Personnel cost ratio increases due to acquisitions and wage adjustment to 29.8 % (previous year: 28.2%) Earnings hampered by e.g. higher amortizations due to higher investment in the past Earnings after taxes significantly increased by 17.7% to 80.4 million

30 Economic development 2016 Reconciliation to adjusted operating result EBIT margin: 10.0% Adjusted EBIT margin: 10.8% Operating result (EBIT) Depreciation of property, plant, and equipment, and amortization of intangible assets due to fair value adjustments from first-time consolidation* Impact of fair value adjustments on inventory assets/order backlog from first-time consolidation** and incidental acquisitions costs Adjusted operating result (EBIT) *Depreciation/Amortization from fair value adjustments relate to identified assets at fair value in connection with acquisitions made by the INDUS Group. **Impacts of fair value adjustments in inventory assets/order backlog relate to identified added value, included in the purchase price allocation and recognized after initial consolidation. 30

31 Economic development 2016 Investment and amortizations Total investment of million at a high level (previous year: million) Net outflow for acquisitions 29.9 million (previous year: 34.3 million) Investment in property, plant and equipment (-7.2% yoy) and intangible assets (+18.4% yoy) at previous year s level in total Increase in scheduled amortizations (+11.8% yoy) caused by new companies and high investment activity in the past No unscheduled amortizations, no write-ups Amortization Investment 31

32 Economic development 2016 Asset and capital structure Capital ratio increased to 42.4% due to the high year-end result Net liabilities increased by 5.7% in line with the balance sheet structure Record repayment period of 1.9 years retained, thus below the target range of 2.0 to 2.5 years Total assets 1, , Equity Equity ratio (in %) pp Net debt Net debt/ebitda Gearing (in %) pp Working capital Cash and cash equivalents Net liabilities/capital ratio (Gearing) slightly lower 32

33 Economic development 2016 Financing Continuing comfortable financial basis and comprehensive bank commitments enable flexible investment INDUS mainly relies on long-term bank credits and promissory note loans Financial obligations increase slightly to million (previous year: million) Improved interest from operations (+10.7%) due to balanced maturity profile and new issuing with a falling interest rate Minimum capital ratio continues to be comfortably exceeded

34 Economic development 2016 Consolidated statement of cash flows Reduction partly due to budgetary commitment to inventories Interest paid: 11.4% below the previous year because of - fall in interest expenditure due to rolling repayment of higher-interest financial liabilities - new credits with better conditions Outflow for - property, plant and equipment - intangible assets, - Acquisition of HEITZ, ZWEICOM (at Equity), 55% WIESAUPLAST-PMC de México - 5 further strategic complementary acquisitions Increase from -3.1 million to million due to lower net borrowing Cash and cash equivalents at the beginning of the period Operating cash flow Taxes Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Changes in cash and cash equivalents caused by currency exchange rates Cash and cash equivalents at the end of the period 34

35 Economic development 2016 Segments 2016 (in millions) Sales with external third parties EBITDA Deprec./Amort EBIT EBIT margin (in %) Capital expenditure Employees

36 Economic development 2016 Income contributions of the segments Increasing shares from Construction/Infrastructure, Engineering, and Medical Engineering/Life Science Metals Technology 23.9% Construction/ Infrastructure 19.0% Metals Technology 19.8% Construction/ Infrastructure 26.0% Medical Engineering/ Life Sciences 10.2% Engineering 21.2% Automotive Technology 25.8% Medical Engineering/ Life Sciences 13.4% Engineering 27.4% Automotive Technology 13.4% 36

37 Segment analysis Construction/Infrastructure Very good industry climate % 13.6% 14,7% 14.2% 14.3% % 12% Continuing construction boom Increased public sector investment Disproportionate demand for energy and construction technology % 2% Growth in high-yielding segment Sales +16.6% EBIT +17.0% Sales EBIT EBIT margin -3% EBIT margin 14.3% Enhancement by acquisitions, including HEITZ Group since June % holding in ZWEICOM by HAUFF TECHNIK Good prospects in the asset portfolio Major contract for WEIGANG for development of the fiber-optic network in northern Hesse Sales with external third parties EBITDA Deprec./Amort EBIT EBIT margin (in %) pp Capital expenditure >

38 Segment analysis Automotive Technology Development hampered, e.g. by Collapse of demand for Spikes (RU boycott) VW exhaust scandal Weak economy in emerging economies, China and USA, agricultural and construction machinery industry Long-term repositioning projects within the segment % % % 5.8% 5.4% % 10% 5% 0% -5% -10% -15% Stabilization in Q Sales EBIT EBIT margin However, total EBIT margin at 5.4% still below the target range of 6 to 8% Positive effects from high call-off figures for production parts and good OEM economy Slight sales growth, partly due to acquisition of CAETEC for IPETRONIK Sales with external third parties EBITDA Deprec./Amort EBIT EBIT margin (in %) pp Capital expenditure

39 Segment analysis Engineering % 13.5% 15% Good development in a generally difficult industry environment Segment sales +4.3% EBIT growth of 6.2% Improved EBIT margin of 13.5% Good earnings situation due to solid volume of orders and very good final quarter % % 11.9% Sales EBIT EBIT margin 10% 5% 0% IEF-WERNER included for the first time for the whole reporting period Investment includes acquisitions for BUDDE (COMPUTEC) and M. BRAUN (CREAPHYS) Growth rate of this segment confirms the COMPASS 2020 strategy Sales with external third parties EBITDA Deprec./Amort EBIT EBIT margin (in %) pp Capital expenditure

40 Segment analysis Medical Engineering/Life Science Good consumer climate Segment sales +11.1% EBIT growth of 2.5% EBIT margin of 13.7% (previous year: 14.9%) Margin hampered by The Swiss franc exchange rate One-off effects from acquisition of NEA, startup of a new production facility in Glauchau (OFA) % 16.9% 16.4% 14.9% 13.7% Sales EBIT EBIT margin 20% 15% 10% 5% 0% -5% -10% -15% -20% Full inclusion of RAGUSE and the strategic complementary acquisition NEA for OFA for the first time Portfolio enhancement due to acquisition of IN-SITU for MIKROP Sales with external third parties EBITDA Deprec./Amort EBIT EBIT margin (in %) #2 pp Capital expenditure

41 Segment analysis Metals technology Sales reduction (-4.3%) because of: Lower material prices (passing on the cost advantages to the customer) Fall in demand for carbide tools (particularly in mining) Ongoing restructuring projects in Swiss holdings. Measures taken, tangible improvements in % 8.6% 9.2% 7.9% 8.7% % 10% 5% 0% -5% Improved EBIT margin of 8.7% especially due to improved results in galvanization and sintering technology Sales EBIT EBIT margin Investment mainly for property, plant and equipment (previous year s investment included development and expansion of production sites) Sales with external third parties EBITDA Deprec./Amort EBIT EBIT margin (in %) pp Capital expenditure

42 Strategic report New paths to tomorrow Fiscal year 2016 Dividend and share Outlook 2017 Appendix 42

43 Dividend and share in 2016 Reliable participation in success INDUS Holding practices a stable dividend policy Dividend of 1.35 per share proposed Total payout by INDUS Holding AG would therefore amount to 33.0 million (corresponding to 42.8% of the net profit) % % 3.1% 2.7% 2.6% Remaining amount to be reinvested in the Group

44 Dividend and share in 2016 Very stable shareholder base Versicherungskammer Bayern 19.4% H.J. Selzer et al. 6.4% Anchor shareholders support long-term course of business of INDUS Holding Free float 74.2% Luxembourg and UK, each 0.8% Norway 4.1% USA/Canada 16.7% Other Europe 1.2% Germany 77.2% WKN/ISIN / DE Established/IPO 1986/1995 Fiscal year Capital stock 63.6 million Number of shares 24,450,509 no-name bearer shares Last capital increase Free float approx. 74% Stock exchanges XETRA, Düsseldorf, Frankfurt (regulated market); Tradegate Exchange, Berlin, Hamburg, Hanover, Munich, Stuttgart (open market) Index SDAX Design. Sponsors Bankhaus Lampe, Commerzbank *Company details 44

45 Dividend and share in 2016 Analysts estimates Experts predict further upward movement Bankhaus Lampe Feb 17 buy Commerzbank* Feb 17 buy Deutsche Bank Feb 17 buy HSBC Feb 17 buy LBBW Feb 17 hold M.M. Warburg Feb 17 buy Independent Research Feb 17 buy *Study and target course to be updated on publication of the business figures for

46 Dividend and share in 2016 Price performance Very strong performance in a volatile market Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 INDUS Holding AG DAX Index SDAX Performance Index Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 INDUS Holding AG DAX Index SDAX Performance Index Values indexed at 100%, all values incl. dividend 46

47 Strategic report New paths to tomorrow Fiscal year 2016 Dividend and share Outlook 2017 Appendix 47

48 Outlook 2017 The world economy Slight increase in global economic growth (GDP +3.5%) Expansive monetary policy, fiscal policy stimuli Slight growth in demand in developing and emerging economies Continuation of upswing in the German economy (GDP +1.7%) Lively domestic demand, narrow production capacities, growth in exports Good labor market situation Advantageous financing Increased economic risks US change of government, UK to leave the EU, elections in Europe, crisis in Turkey Long-term low interest rate policy Slight increase in growth but rising uncertainty at the same time 48

49 Outlook 2017 INDUS branches and segments Clearly positive tendency continues; investment programs announced will additionally stimulate demand in the public sector Slight growth in sales and improved order situation, uncertainty in view of protectionist measures taken by the US government General upward tendency, opportunities in the automotive sector, but with slightly lower margins than in 2016 Industry environment remains positive, growth continues to be stable; however, slight drop in margins as a result of competitor pressure and austerity measures in the healthcare sector Difficult market environment creates general tendency towards lower margins, earnings for 2017 expected to be the same as

50 Outlook 2017 INDUS Group Second step of COMPASS 2020 triggered continues to set the course Increased focus on supporting innovation and internationalization efforts Continuation of the investment campaign: returned to record levels (approx. 75 million in property, plant and equipment and intangible assets) 1. COMPASS 2020 step as basis for success: Further acquisitions planned (including investments > 50 million) Economic guidance: grow more strongly than the market in total 50

51 Outlook 2017 Guidance on group level Grow more strongly than the market in total Sales 1,444.3 million Sales target > 1.5 billion EBIT million million Acquisitions 1 growth acquisition 2 growth acquisitions 7 complementary acquisitions 4 complementary acquisitions (investements > 50 million ) Investments in property, plant, and equipment and intangible assets 70.0 Mio. million approx. 75 million Equity ratio (in %) 42.4% > 40% Ratio of net debt to EBITDA 1.9 years

52 Outlook 2017 Guidance on segment level in millions Overall slight growth in earnings % % % % % % % % % % % % % % % % % % 10% 5% 0% Sales EBIT EBIT margin Umsatz EBIT EBIT-Marge Umsatz EBIT EBIT-Marge Umsatz EBIT EBIT-Marge Umsatz EBIT EBIT-Marge Organic growth in the single-digit range Slight rise in sales Moderate rise in sales Slight rise in sales Slight rise in sales Proportional earnings increase Slight rise in earnings Slight rise in earnings Slight rise in earnings At previous year s level 12-14% 6-8% 12-14% 13-15% 8-10% 52

53 Starting at the left: Rudolf Weichert (CFO), Jürgen Abromeit (CEO), Dr. Johannes Schmidt (CTO) 53

54 Strategic report New paths to tomorrow Fiscal year 2016 Dividend and share Outlook 2017 Appendix 54

55 Capital Market INDUS Financial Calendar Press conference on the results of FY 2016 Düsseldorf Analysts' conference on the results of FY 2016 Frankfurt am Main Deutschland Conference (Bankhaus Lampe) Baden-Baden Roadshow Düsseldorf Interim report on Q Publication Annual Shareholders' Meeting 2017 Cologne DSW Anlegerforum (Investor Forum of the German Society for the Protection of Securities Holders) Essen Interim report on Q2/H Publication Commerzbank Sector Conference Frankfurt am Main th Zurich Capital Market Conference Zurich PRIOR Capital Market Conference Dreieich-Götzenhain October 2017 Roadshows London, Paris und Zurich Interim report on Q3/9M 2017 Publication German Equity Forum Frankfurt am Main Roadshow Frankfurt am Main 55

56 Economic development 2016 INDUS at a glance (in millions) SALES 1, , EBITDA EBIT EBIT adj. (after acquisition effects) EBT Operating cash flow Cash flow from operating activity Cash flow from investing activity Cash flow from financing activity > 100 Cash and cash equivalents Earnings after taxes Earnings per share (continued operations, in ) Employees (on average as of ) Investments (number as of ) ,451 8, Total assets 1, , Equity capital Equity ratio (in %) 42.4% 41.9% 0.5 pp Net debt

57 INDUS Portfolio Companies Construction/Infrastructure segment Anchoring and reinforcement technology 34.9 million 99 Diesldorf (CH), Rossens (CH), Köln (D), Lauchhammer (CH) Anchoring and reinforcement technology 15.4 million 108 Neuss (D), Halle (D) Sealants made of silicone and acrylic 38.0 million 123 Reichshof/Hahn (D) Innovative sealing systems for cables and pipes 49.8 million 227 Hermaringen (D), Dubai (VAE) Edge and wrapping veener 16.7 million (since affiliation w ith the Group) 295 Melle (D), Heath (USA), Pusztaszabolcs (HU) Expansion gap profiles for large projects 12.7 million 65 Wülfrath (D), Dubai (VAE) High-quality front door panels 26.4 million 280 Oelde (D), Sittensen, Chociwel (PL), Malacky (SK) Air-conditioning devices, hot-air heating systems, inverter heat pumps, air de-humidifiers 39.8 million 142 Lage (D), Luvia (FIN) Ventilation and air conditioning planning and construction 12.3 million 74 Friedberg (D) Special underground construction for planning and laying cable conduits (data, gas, water, district heating) 23.4 million 155 Bad Königshofen im Grabfeld (D) Powder-coating of facades and ceiling and wall elements 5.2 million 65 Oberviechtach (D) *Sales with external third parties and number of employees in

58 INDUS Portfolio Companies Automotive Technology segment Heating and air-conditioning systems for vehicles 44.7 million 329 Mudau (D), Grand Rapids (USA), Istanbul (TR), Nuenen (NL) Innovative cold extrusion parts, turned parts, and locking screws 16.3 million 114 Hillesheim (D), Taicang (CN) Metal forming and assembly for serial production 8.2 million 54 Schwelm (D) Measurement systems and services for automotive development 38.0 million 225 Baden-Baden (D), Düsseldorf, (D) Eichstätt, Olching (D), Schaffhausen (CH), Wixom (USA) Prototype parts and small series for the automotive industry 11.2 million 104 Osnabrück (D), Shanghai (Kunshan) (CN) Modules and mold construction for the automotive and aviation industries 24.6 million 203 Osnabrück (D), Mühlhausen (D), München (D) Components and assemblies for transmissions, brakes, and engines 79.2 million 690 Driedorf (D), Vinhedo (BR) Tire studs and carbide tools 16.8 million 51 Aichhalden (D) Duct systems for automotive air-conditioning and servo technology 81.7 million Backnang (D), Halle (D), East London (ZA) Plastic components for automotive technology 51.5 million 560 Wiesau (D), San José Iturbide (MEX) *Sales with external third parties and number of employees in

59 INDUS Portfolio Companies Engineering segment Robotic hands and automation systems for manufacturers 19.0 million 139 Overath (D), Regensburg (D), Plymouth (USA) Specialist for logistics and material flows 51.3 million 214 Energy technology company 27.2 million 210 Bielefeld (D), Delmenhorst (D), Kamen (D), Murrhardt (D), Schmalkalden (D) Burbach (D), Barcelona (ES), Casablanca (MA), Cernusco (IT), Korolev (RUS), Newbury (GB), Sandton (ZA), Shanghai (CN), Singapur (SG), Toronto (CD) Innovative valve technology for highly demanding industrial applications 20.8 million 142 Vlotho (D) Fueling technology and repair shop solutions 28.5 million 222 Flensburg (D), Humble (USA), Mumbai (IND), Shanghai (CN), Sheffield (GB) Components for automation technology 22.1 million 149 Furtwangen (D) Special machinery for vehicle assembly 13.4 million 292 Ebersbach-Neugersdorf (D), Montgomery (USA), Changchun (CN) Inert gas glovebox systems for industry and research 63.0 million 296 Garching (D), Dresde, (D), Mansfield (GB), Seoul (ROK), Shanghai (CN), Stratham (USA) Measurement and test systems for vibration control and analysis approx. 12 million 63 Hanover (D), Farnham (GB), Montesson (FR), Verona/New Jersey (USA), Peking (CN) International construction of towers 10.2 million 43 Berlin (D) *Sales with external third parties and number of employees in

60 INDUS Portfolio Companies Medical Engineering/Life Science segment Assembly of non-woven fabric products for medical, cosmetic, cleaning, and personal hygiene products 28.4 million 189 Hösbach (D), Königswalde (D), Lubań (PL) Miniaturized precision optics 12.9 million 120 Wittenbach (CH), Sauerlach (D), Kać (SRB) Compression hosiery, bandages, and made-tomeasure orthotic devices 70.5 million 609 Bamberg (D), Glauchau, Maastricht (NL), Salzburg (A) Customized solutions for surgical drapes, gowns, textile surgery consumables 11.5 million 442 Ascheberg-Herbern (D), Douar Takad/Sidi-Bibi (MA), Cisnadie (RO) Manufacturing and selling of wheels, rollers, tires, rehabilitation accessories 23.7 million 139 Borgholzhausen (D), Houten (NL), Silkeborg (DK), Xiamen (CN) *Sales with external third parties and number of employees in

61 INDUS Portfolio Companies Metals Technology segment Steel and aluminum building modules for the rail industry 22.2 million 155 Reinach (CH), Berlin (D) Carbide tools for road construction and mining, tunnel and underground construction, farming, etc million 270 Aichhalden (D), Charlotte (USA), Taicang (CN) Casing for medical engineering systems and professional coffee machines 23.2 million 167 Bättwil bei Basel (CH) Cold working parts and stud welding technology 16.3 million 111 Ennepetal (D), Moskau (RUS), Žacléř (CZ) Hydraulic blocks and systems 7.4 million 53 Münsingen (D) Power transmission technology, stirring technology, plant engineering 5.4 million 29 Munderkingen (D) Metal processing and forming technology 43.7 million 313 Bad Marienberg (D), Eichenstruth (D) Components and assemblies made from metal and plastic, galvanic finishing 39.2 million 360 Aichhalden (D), Rickenbach (CH) Stainless steel blasting agents for surface treatments 23.5 million 54 Hattingen (D), Brantford (CD) *Sales with external third parties and number of employees in