Zumtobel Group AG Roadshow presentation. September 2016

Transcription

1 Zumtobel Group AG Roadshow presentation September 2016

2 Nr. 2 AGENDA Company description & Positioning of the Zumtobel Group Growth drivers & Lighting market dynamics Corporate Strategy & Financial targets Annual results FY 2015/16

3 Nr. 3 Timeline: from family firm to global lighting group Dr. Walter Zumtobel establishes Elektrogeräte und Kunstharzpresswerk W. Zumtobel KG in Dornbirn, Austria The company becomes a stock corporation Acquisition of luminaire manufacturer Staff, based in Germany Jürg Zumtobel becomes Chairman of the Supervisory Board LED share of revenues reaches 50% Acquisition of acdc lighting, UK / First international design award for a Zumtobel product Initial public offering (IPO) New business models in the spheres of smart, connected lighting and light as a service Jules Thorn founds the Electric Lamp Service Company Zumtobel Licht GmbH and Tridonic Bauelemente GmbH become independent subgroups Acquisition of Thorn Lighting Group, UK Onset of LED activities CEO Ulrich Schumacher introduces a new organisational structure

4 A portrait The Zumtobel Group: A global player in the lighting industry Nr. 4 Brands: Thorn, Tridonic, Zumtobel, acdc and Reiss A leading position in the European professional lighting market Sales in over 100 countries 1,356.5 million in annual revenues * 58.7 million in operating earnings (adjusted EBIT) * 14 production plants on four continents Around 6,800 employees * FY 2015/16

5 Zumtobel Group AG Roadshow Presentation 2016 The Zumtobel Group covers a major part of the value chain Strong brands with broad market access Nr. 5 LED module LED driver Sensors, controls, hard & software Luminaire Lighting management (user interface & apps) Lighting solution Premium Segment* Performance Segment Budget Segment * Market segementation Europe

6 Nr. 6 Thorn the performance brand for international volume business Wembley Stadium London, UK Toven Tunnel Nordland, Norway Office lighting Automarocchi Transport, Italy Emilia School Sweden Quality supplier delivering cost effective solutions = value for money. Luminaires with excellent functionality and proven technology, easy to install and use Comprehensive portfolio of indoor and outdoor lighting (applications include offices, retail, industry, schools, roads, tunnels, sports facilities) Target groups: electricians and electrical consultants, wholesalers and contractors, businesses and municipalities Strongest market presence: UK & Ireland, Scandinavia, France, Australia & New Zealand, Hong Kong; revenues ca. 400 million Strongest growth potential: D-A-CH region, Middle East, China

7 Nr. 7 Tridonic the electronic heart of intelligent, connected lighting Tridonic is the Group-wide specialist in innovative lighting components and systems Product portfolio: LED modules, LED drivers, electronic control gear, sensors, lighting control & management, software solutions Complete solutions for lighting operation and control New business potential in IoT the Internet of Things: communication, data management and additional services via the lighting infrastructure Target group: OEM supplier to luminaire manufacturers worldwide, wholesalers Revenues: around 400 million thereof approx 80% with customers outside the Zumtobel Group connecdim Intelligent lighting management solution for > 250 DALI devices Configured via the cloud Accessible online any time, anywhere ready2mains Luminaires can be digitally dimmed via the existing mains system. An efficient solution for retrofitting existing installations

8 Nr. 8 Zumtobel the premium brand for architectural lighting Museo Jumex Mexico City, Mexico Façade and ambient lighting Lech am Arlberg, Austria Spar flagship store Budapest, Hungary Audi production lighting Györ, Hungary Integrated lighting solutions including lighting management with the focus on project business Outstanding design, innovative technology and comprehensive applications expertise Working in close collaboration with leading international architects, lighting designers and artists Portfolio covers all applications in and around buildings; currently expanding into the outdoor and residential sectors Target groups: lighting designers and electrical consultants, architects, electricians, major businesses, private and public investors Strongest market presence: Austria, Switzerland, UK & Ireland, Benelux and Italy; revenues ca. 550 million Strongest growth potential: Germany, USA, Middle East, Asia

9 Nr. 9 acdc the innovative, dynamic brand for high-end LED projects Knightsbridge Estate London, UK The Regent Bridge Edinburgh, UK The Woodland Spa Burnley, UK Atlantis Palm Hotel Dubai, UAE Supplier of LED luminaires specialising in façade lighting and lighting solutions for hotels and restaurants Creative, dynamic architectural lighting for high-prestige settings; specialist in colour change and dynamic lighting Established in the UK in 2001, acquired by the Zumtobel Group in 2015: the ideal addition to the Group s brand and product portfolio, for the project business in particular Outstanding client relationships with lighting designers, architects and interior designers Strongest market presence: UK, Middle East; revenues 17 million in 2015 Strongest growth potential: international, via the Zumtobel Group sales organisation

10 Nr. 10 Reiss the specialist for luminaires with higher protection Supplier of luminaires and luminaire components, primarily for industrial applications Product portfolio: moisture-proof luminaires and battens, compact luminaires, surface-mounted and recessed luminaires, trunking systems and diffusers Focus on modern lighting technology, higher protection International OEM supplier to luminaire manufacturers worldwide; revenues approx. 20 million in 2015 FAD LED Moisture-proof luminaire LIP-E Recessed luminaire RCO Compact surface- and wall-mounted luminaire RLS Surface-mounted luminaire

11 Market share analysis - Lighting Segment of Zumtobel Group: Leading shares in European markets (ca 80% of Lighting Brand revenues) Nr. 11 Regional revenue distribution* Market Share Rank America Austria 29% 1 Middle East & Africa 3,0% Switzerland 22% 1 Asia & Pacific 10,3% 6,0% 29,0% D/A/CH UK Sweden 12% 14% 1 2 Southern Europe 14,2% France Benelux 10% 9% 2 2 Denmark 9% 5 Benelux & Eastern Europe 11,3% 26,3% Northern Europe CEE* Norway Germany 9% 7% 7% Italy 6% 4 * FY 2015/16 figures * CEE includes PL, CZ, SK, HU, CRO, SI, RO

12 Nr. 12 AGENDA Company description & Positioning of the Zumtobel Group Growth drivers & Lighting market dynamics Corporate Strategy & Financial targets Annual results FY 2015/16

13 Zumtobel Group AG Roadshow Presentation 2016 The professional lighting market is experiencing growth throughout 2020 Strong brands cover all customer segments Nr. 13 Global general lighting market*: EUR billion Light sources Residential lighting fixtures and controls Professional lighting fixtures, controls and related services approx. EUR 37 billion in 2016 Total global general lighting market estimated at EUR billion Zumtobel Group is focused in the market for professional lighting fixtures and controls (exception: Tridonic LED modules) Global market size for professional lighting fixtures and controls and related services is estimated at approx. EUR 37 billion in 2016 This market (professional lighting fixtures & controls & services) is estimated to grow globally by 3-4% from 2015 to 2020 *Global general lighting market excluding Automotive and Backlighting Source: Growth expectation and market size based on BCG and Zumtobel Group market intelligence 2015

14 Zumtobel Group AG Roadshow Presentation 2016 Regional development of global lighting market: Asia is the fastest growing market, driven by high LEDization Nr. 14 Professional Lighting Fixtures & Controls Market in EUR bn CAGR Ʃ 3-4% 2-3% In Europe and Americas modest growth expected Asia is strengthening its position as the largest regional market EUROPE % The Asian market is vital for global players growth AMERICAS ASIA % Competitive players (local and international) increasingly developing in Asia, leading to cost pressure globally AUS+NZ AFRICA % 5% Source: Zumtobel Group Market Research (based on BCG and McKinsey reports) & Investor Relations

15 Nr. 15 AGENDA Company description & Positioning of the Zumtobel Group Growth drivers & Lighting market dynamics Corporate Strategy & Financial targets Annual results FY 2015/16

16 Nr. 16 Key trends Major developments through 2020 What it takes to stay competitive Global professional lighting market is expected to grow by 3-4% through 2020 Cost pressure globally expected due to increasingly competitive players, e.g., from the cost-sensitive Asian markets By 2020, at least 80% of professional luminaires sold will be LED By 2020, 25% of professional luminaires sold will be part of a connected lighting system The growth of professional connected-lighting systems will create new opportunities for high-end professional services Competitive cost base Continuous work on the cost base is required to stay competitive Speed Strong need to substantially reduce the time from product idea to concrete offering ( time to market ) Innovation Innovation is a key driver to stay ahead of commoditization Connectivity and Services Connected lighting systems and services increasingly become game changer in the industry

17 Nr. 17 Corporate strategy: 3 phases for profitable growth Completed In progress Initial phase Focus starting in FY 2014/15 Focus starting in FY 2015/16 Focus starting in FY 2016/17 Strategic redirection and restructuring Provide initial growth impetus & improve profitability Develop new business models for smart lighting Merge the sales organizations of Zumtobel and Thorn Reduce excess capacity in manufacturing Exit outdated technologies (e.g., magnetic ballasts) Establish group-wide purchasing organization Introduce a platform strategy Strengthen the technology position Optimize the sales organization Create growth through systematic multi-brand sales approach Develop a competitive global production network Establish and expand technology partnerships Make initial acquisitions of complementary companies Create new offerings in the field of smart connected lighting (Internet of Things) Develop towards a full service provider o o o Hard- and software elements Lighting controls and beyond Comprehensive service portfolio incl. performance contracting Close product portfolio gaps Increase M&A activity for strategic development of the global brand portfolio

18 Nr. 18 Strategic focus topics 1 Multi-brand strategy / Sales channels aligned with customer target groups 2 Global, competitive production network 3 Establishment of innovative business models in the area of Internet of Things 4 Establishment of a service business: Light as a service 5 Efficient, lean corporate structures

19 Nr. 19 Success factor multi-brand projects Greater customer satisfaction and larger-volume projects 1 MICHELIN URBALAD Ladoux, France Thorn for offices and conference rooms Zumtobel for corridors and foyer Total volume: EUR 390,000 ACADEMIC HOSPITAL MARIA MIDDELARES Ghent, Belgium Thorn for offices, treatment rooms and corridors Zumtobel for recreation rooms, underground car park and corridors Total volume: EUR 1.28 million ARAB CENTER FOR RESEARCH AND POLICY STUDIES (ACRPS) Qatar Thorn for back office, car park and outdoor areas Zumtobel for offices and classrooms Total volume: EUR 2.4 million SKYLAB Geneva, Switzerland Thorn for corridors, sanitary facilities and utility rooms Zumtobel for foyer, corridors, underground car park, emergency lighting, conference rooms and offices Total volume: EUR 578,000

20 Nr. 20 Clear customer focus through 4-channel sales 1 acdc Specialising in: Hospitality, Facade & Amenity SPECIFIERS Thorn Zumtobel Architects, lighting designers, electrical consultants END USERS Thorn Zumtobel Key accounts mainly from retail and industry Municipal specifiers particularly for road lighting TRADE Thorn Thorn Zumtobel Smaller projects ( soft spec ) Stock business with wholesalers ( over the counter ) Smaller projects ( soft spec ) Electricians Wholesalers OEM Reiss Tridonic Specialising in luminaires with higher protection Luminaire manufacturers worldwide

21 Nr. 21 Determined to further unlock full potential in Global Operations Progress report Global Operations 2 Restructuring measures 2013 Closure of Fürstenfeld, AUT Closure of Melbourne, AUS Highland USA Les Andelys FRA Spennymoor GB Barrowford (acdc) GB Usingen GER Lemgo GER 2014 Closure of Tianjin, CN Closure of Landskrona, SWE Closure of Ennenda, CH Sale of connection technology business, Innsbruck, AUT Guanghzou CHN 2015 Sale of magnetics business, Auckland, NZL Restructuring of Lemgo, GER 2016 Announcement of closure of Usingen, GER Key Luminaire plant Components plant Shenzhen CHN Utilization rate in Luminaire plants ca. 75% 65% below 50% 2013/ / /17* Production volume > 100 million Production volume > 50 million Production volume < 50 million Dornbirn AUT Jennersdorf AUT Wetherill Park, Sydney AUS Auckland NZL * Estimated figures

22 Nr. 22 Establishing innovative business models in the Internet of Things 3 Lighting beyond Illumination Many different opportunities for new business models LED World Connected Lighting Lighting already installed in all buildings: ideal basis for new services Additional customer benefits through: - energy savings - reduced complexity - added value through data management

23 Nr. 23 Three core application areas for smart, connected lighting 3 Indoor Navigation Easily guide user to selected area via the user s mobile device People Tracking Track customer shopping behaviour and presence in-store Remote Monitoring Monitor the performance of the lighting infrastructure Space Management Track building user behaviour and presence in building Dynamic Lighting Optimised street lighting in line with traffic and weather conditions In phase one the Zumtobel Group is concentrating on Connected Commerce and Connected Building Advanced Parking Lighing infrastructure used to guide drivers to free parking spaces Cross-brand project group: - Technology development via Tridonic - Applications expertise and pilot projects via Thorn and Zumtobel

24 Nr. 24 Becoming a full service provider: Light as a service LIGHTING MANAGEMENT 4 Benefits for the customer Benefit from energy savings from the outset Financing extends over full term of contract Zumtobel Group looks after all aspects LIGHTING MANAGEMENT Benefit from technological progress through regular updates in the lighting solution We take responsibility for your lighting Flexibility through service upgrade option within existing contract

25 Zumtobel Group AG Roadshow Presentation 2016 Efficient structures - Clearly defined brand profiles, max. synergies Zumtobel Group organizational structure Nr Zumtobel Group* Lighting Segment Components Segment Global Sales 7 regions Global Sales 7 regions Business Division acdc Business Division Thorn Business Division Zumtobel Business Division Special Purpose Products Business Division Controls & Systems Business Division Tridonic Global Operations / 14 plants Group Technology and Product Development Group Purchasing Corporate Functions *simplified illustration

26 Nr. 26 Medium term EBIT target confirmed but more time and effort needed Further increase in profitability driven by additional efficiency improvements in Operations and Sales EBIT adj. margin 2015/16 4.3% Costs of Goods sold R&D Categories & Measures Further adjustments in manufacturing footprint (2 nd phase) Harvesting full benefits from 1 st phase of restructuring Platform approach (standardisation & modularisation) R&D spending (through P&L) as % of sales will remain at similar level Targeted margin impact % SG&A Further increasing sales efficiency (France, Australia, Asia, etc.) operating leverage by topline growth + 2-3% EBIT margin medium term target 8-10% EBIT margin medium term target assuming sales growth CAGR of 3-5% p.a (fx adjusted).

27 Nr. 27 Organic sales growth target of approx. 3-5% p.a. (fx adjusted) Zumtobel Group: Medium-term revenue objectives CAGR ~ 3-5 % approx. EUR 1,550 m EUR 1,357 m Construction activity in Europe is improving Market share gains through Multi-brand & multi channel sales approach Closing of product portfolio gaps Innovations in controls & system 2015/ /19

28 Nr. 28 Key takeaways Entering the second stage of transformation Zumtobel Group Capital Markets Day Uniquely positioned A global player with a leading position in the fragmented professional lighting and components market. We leverage our multi-brand portfolio to create unique value for our customer. Restructuring Story In response to the lost decade: complete reset of the Group s strategy and structure to realise maximum synergies between all brands and functions. Ongoing extensive restructuring & transformation program. European Recovery Story Cycle bottom in European construction is touched as well as concept for multi-brand approach gains momentum. Digitalisation & Connectivity New business opportunities created by the uptake of connected lighting. Management Incentivisation Share price development is key performance indicator. EBIT margin target of 8-10% Mid-term EBIT margin target of 8-10% provides significant upside potential in shareholder value.

29 Nr. 29 AGENDA Company description & Positioning of the Zumtobel Group Growth drivers & Lighting market dynamics Corporate Strategy & Financial targets Q1 results FY 2016/17

30 Zumtobel Group AG Q1 2016/17 06 September 2016

31 Nr. 31 Solid start to the FY with substantial increase in profitability Financials Q1 FY 2016/17 at a glance Fx-adjusted decline of 1.4% in Group revenues with very different regional trends LED share of Group revenues increases to 69.9% (PY 60.2%) Group adj. EBIT increases by 48.6% to EUR 20.1 million (PY EUR 13.5 million) driven by improved cost structure in nearly all functional areas. The main contributions come from: Increase in plant efficiency based on our restructuring measures Good ramp-up of newly introduced products with better profitability Absence of several temporary negative effect from Q1 PY (Spenny, CHF-Hedge) Net profit rose by 36.9% to EUR 12.6 million (PY EUR 9.2 million) Positive free cash flow of EUR 7.4 million (PY minus 35.5 million) Outlook on 2016/17: slight improvement in adjusted Group EBIT (PY EUR 58.7 million)

32 Nr. 32 Substantial positive effects form restructuring and cost saving measures Zumtobel Group Revenues and EBIT development Zumtobel Group Revenues Adjusted EBIT 1) -4.9% (fx-adj. -1.4% % 3.9% % 1.8% 3.1% XXX Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenues 2015/16 In EUR million Revenues 2016/17 In EUR million Adjusted EBIT 2015/16 Adjusted EBIT 2016/17 in EUR million Adjusted EBIT 2015/16 Adjusted EBIT 2016/17 as a % of revenues Revenues FY 2015/16 EUR 1,356.5 million (plus 3.3%) Adjusted EBIT FY 2015/16 EUR 58.7 million (margin of 4.3%) 1) Reported EBIT adjusted for special effects

33 Nr. 33 Sound development in Italy, Austria, the USA and Benelux & CEE Zumtobel Group Regional revenue distribution Revenues in EUR million Q1 2016/17 nominal Change in % FX adjusted Zumtobel Group Regional revenue distribution America 2.8% D/A/CH Middle East & Africa Northern Europe Benelux & Eastern Europe Asia & Pacific 10.0% 4.3% 29.8% D/A/CH Southern Europe Asia & Pacific Southern Europe 15.3% Middle East & Africa % 25.7% America Total Benelux & Eastern Europe Northern Europe

34 Nr. 34 LED share of group revenues increases to 69.9% (Q1 2015/16: 60.2%) Zumtobel Group LED revenue development Zumtobel Group 10.4% XXX LED revenues LED revenues in Q1 2016/17 grow by 10.4% to EUR million LED share of group revenues increases to 69.9% (Q1 2015/16: 60.2%) Lighting Segment increases sales with LED products by 15.6% to EUR million (LED Penetration 69.2%) LED sales in Components Segment decline by 0.5% to EUR 72.9 million (LED Penetration 75.0%) Q1 Q2 Q3 Q4 LED revenues 2015/16 In EUR million LED revenues 2016/17 In EUR million

35 Nr. 35 Fx-adjusted growth and jump in profitability Lighting Segment Revenue and EBIT development Lighting Segment Revenues Adjusted EBIT 1) -2.4% (fx-adj. +1.1% 6,8% 8.5% % % 3.5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenues 2015/16 In EUR million Revenues 2016/17 In EUR million Adjusted EBIT 2015/16 Adjusted EBIT 2016/17 in EUR million Adjusted EBIT 2015/16 Adjusted EBIT 2016/17 as a % of revenues Revenues FY 2015/16 EUR 1,028.4 million (plus 3.9%) Adjusted EBIT FY 2015/16 EUR 48.2 million (margin of 4.7%) 1) Reported EBIT adjusted for special effects

36 Nr. 36 Currency and disposal of signage business burden growth dynamic Components Segment Revenue and EBIT development Components Segment Revenues 12.1% Adjusted EBIT 1) -11.0% (fx-adj. -8.2% 9.0% 9.0% 6.7% % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenues 2015/16 In EUR million Revenues 2016/17 In EUR million Adjusted EBIT 2015/16 Adjusted EBIT 2016/17 in EUR million Adjusted EBIT 2015/16 Adjusted EBIT 2016/17 as a % of revenues Revenues FY 2015/16 EUR million (plus 4.2%) Adjusted EBIT FY 2015/16 EUR 35.0 million (margin of 8.5%) 1) Reported EBIT adjusted for special effects

37 Nr. 37 Simplified illustration to highlight main building blocks of the adj. EBIT development Zumtobel Group adj. EBIT Q1 FY 2015/16 vs. Q1 FY 2016/17 Operations efficiency gains, better mix and material savings (plus absence of Spenny issue and negative CHF-Hedge) 4.8 No further build-up of R&D 1.9 Reduction in selling expenses [in EUR million] Adj. EBIT Q1 2015/16 Gross profit (before R&D) R&D SG&A Adj. EBIT Q1 2016/17

38 Nr. 38 Net profit rose by 36.9% to EUR 12.6 million Zumtobel Group Income statement in EUR million Q1 2016/17 Q1 2015/16 Change in % Revenues Cost of goods sold Gross profit (w/o development) as a % of revenues R&D SG&A expenses Adjusted EBIT as a % of revenues Special effects EBIT as a % of revenues Financial results Profit before tax Income taxes Net profit or loss for the period Special effects related to ongoing restructuring (finetuning) of the sales organisation and adjustments to the global plant network Slightly deteriorating financial result caused by negative effect from the valuation of foreign exchange receivables and liabilities Earnings per share ( in EUR)

39 Nr. 39 In contrast to the normal season pattern: positive Free cash flow in Q1 Zumtobel Group Cash flow statement in EUR million Q1 2016/17 Q1 2015/16 Cash flow from operating results Change in working capital Change in other operating items Taxes paid/received Cash flow from operating activities Free cash flow development (cumulative figures in EUR million) 49.8 Proceeds from the sale of non-current assets Capital expenditures on non-current assets Change in current and non-current financial assets Change in liquid funds from changes in the consolidation range Assets held for sale 0 0 Cash flow from investing activities Free cash flow Cash flow from financing activities Effects of exchange rate changes on cash and cash equivalents Change in cash and cash equivalents Q1 H1 Q1-Q3 FY FY 2015/16 FY 2016/17

40 Nr. 40 Continued solid balance sheet structure and secured liquidity position Zumtobel Group Key balance sheet data in EUR million 31 July April 2016 Total assets 1, ,068.6 Net debt Debt coverage ratio Equity Equity ratio in % 31, Gearing in % 41, Investments Working capital As a % of rolling 12 months revenues Net debt totalled EUR million as of 31 Jul 2016 (PY: EUR million) Secure liquidity position backed by: Consortium credit agreement with a term ending November 2020 and a max. volume of EUR 300 million (EUR 95 million drawn by 31 July 2016) Two bilateral credit agreements with a term extending to September 2018 respectively January 2020 (EUR 40 million drawn by 31 July 2016) Unsecured lines of credit totalling EUR 87,1million as of 31 July 2016

41 Nr. 41 Guidance for 2016/17: slight improvement in adjusted Group EBIT Zumtobel Group Outlook Continuing low visibility and high volatility in the market with widely different trends on a regional level Significant Negative foreign exchange translation effects (GBP) will continue to influence the development of revenues Based on the solid first quarter results, the Management Board of the Zumtobel Group expects a slight improvement in adjusted Group EBIT for the full year (previous year: EUR 58.7 million) Activities for 2016/17 will focus on continuation of strategic reorientation and implementation of all necessary restructuring measures

42 Nr. 42 Financial Calendar December 6, 2016 Report on the First Half-Year 2016/17 (1 May October 2016) March 7, 2017 Report on the First Three Quarter 2016/17 (1 May January 2017) June 23, 2017 Annual Results 2016/17 July 11, 2017 Record Date Annual General Meeting July 21, st Annual General Meeting of Zumtobel Group AG July 31, 2017 Ex-Dividend Day August 1, 2017 Record Date Dividend August 2, 2017 Dividend Payout Day September 5, 2017 Report on the First Quarter 2017/18 (1 May July 2017)

43 Zumtobel Group AG Roadshow Presentation September 2016 Thank you for your attention! Nr. 43

44 Nr. 44 Five-Year Overview in EUR million 2015/ / / / /12 Revenues 1, , , , ,280.3 Adjusted EBIT as a % of revenues Net profit/loss for the period as a % of revenues Total assets 1, , , ,036.3 Equity Equity ratio in % Net debt Cash flow from operating results Investments as a % of revenues R&D total as a % of revenues Headcount incl. contract worker (full-time equivalent) 6,761 7,234 7,291 7,162 7,456

45 Nr. 45 Disclaimer The facts and information contained herein constitute forward-looking statements as of the date they were made and based upon assumptions as to future events or circumstances that may not prove to be complete or accurate. By their nature, these statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and are difficult to predict. Therefore, actual outcomes or results may differ materially from what is expressed, implied or forecasted in these statements. Neither Zumtobel Group AG nor any of its directors, officers, employees or advisors nor any other person makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the facts and information contained in this document or the related oral presentation thereof, including responses to questions following the presentation. Neither Zumtobel Group AG nor any of its directors, officers, employees and advisors nor any other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this document, the facts and/or information. Whilst all reasonable care has been taken to ensure the facts stated herein are accurate and that the assumptions and opinions contained herein are fair and reasonable, this document is selective in nature and is intended to provide an introduction to, and overview of, the business of Zumtobel Group AG as of the date this document was made. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by Zumtobel Group AG as being accurate. Contacts: Investor Relations Tel.: +43 (5572)