D i s c l a i m e r This presentation does not constitute an offer of securities for sale in the United States of America or any other jurisdiction. Certain information contained in this document may include projections and forecasts. They express objectives based on current assessments and estimates of the Group s executive management which are subject to numerous factors, risks and uncertainties. Consequently, reported figures and assessments may differ significantly from projected figures. The following factors among others set out in the Reference Document (Document de Référence) filed with the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) on April 18, 2013 which is available on Kering s website at www.kering.com may cause actual figures to differ materially from projected figures: any unfavourable development affecting consumer spending in the activities of the Group in France and abroad, notably for products and services sold by the Luxury Goods and Sport & Lifestyle brands, the events, crises, fears, and resulting costs of complying with environmental, health and safety regulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets; exchange rate and other risks related to international activities; risks arising from current or future litigation. Kering gives no commitment to updating and/or revising and/or commenting any projections and forecasts, or their impact on the results and perspectives of the Group, which may be contained in this presentation. The information contained in this document has been selected by the Group s executive management to present Kering s full-year 2013 results. This document has not been independently verified. Kering makes no representation or undertaking as to the accuracy or completeness of such information. None of the Kering or any of its affiliates representatives shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. IN NO WAY DOES KERING ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED IN THIS PRESENTATION. READERS ARE ADVISED TO REVIEW THE COMPANY'S REFERENCE DOCUMENT AND THE COMPANY'S APPLICABLE AMF FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISION. 2
François-Henri Pinault Chairman & CEO 3
2 0 1 3, a y e a r o f t r a n s f o r m a t i o n s Jean-François Palus Group Managing Director 4
2 0 1 3 a n n u a l r e s u l t s Solid performances in a year of investments Solid operating and financial performances from continuing activities Luxury division: Sustained increase in comparable revenues, up 7% Further increase in recurring operating income, up 4% Record level of operating profitability: 26.0% Sport & Lifestyle division: year of change impacting operating performances For the Group: Excluding exceptional acquisition of exclusive Tokyo commercial real-estate asset: 1bn of operating FCF, up 8%... with net capex up more than 20% Solid financial structure, with net debt to EBITDA ratio of 1.7x, together with a further drop in cost of debt Further increase in income from recurring operations, up 5%, adjusted for indexation of PPR 2008 bond 5
2 0 1 3 a n n u a l r e s u l t s Operating performances by division In m Change (%) Revenue Reported Comparable (*) Recurring Operating Income Change (%) Recurring Operating margin (%) Luxury 6,470 +4.2% +7.2% 1,683 +4.4% 26.0% Sport & Lifestyle 3,247-8.1% -2.8% 200-34.3% 6.2% Corporate & others 31 - - (133) -6.4% - Kering total 9,748 +0.1% +4.0% 1,750-2.3% 18.0% Luxury division Further progression in both revenue and operating income across brands Solid performances from DOS (up 8%). Satisfactory momentum in wholesale (up 5%), undergoing further streamlining, particularly at Gucci Sport & Lifestyle division Puma: Brand relaunch ongoing, in an adverse European market environment Improving trends toward year-end at both Volcom and Electric * At constant perimeter and exchange rates 6
2 0 1 3 a n n u a l r e s u l t s In 2013, Kering has completed its transformation Further key milestones reached in the Group s transformation Luxury division: Integration of new brands and strengthening of organic growth Sport & Lifestyle division: New management teams, brand positionings redefined Growing responsibilities of shared functions, to enhance support across all brands Further steps reached in the reshaping of Kering s assets portfolio First half: Disposal of Redcats assets, notably the international ones, completed June: Groupe Fnac listing December: Disposal of La Redoute announced 7
A n a l y s i s o f F Y 2 0 1 3 r e s u l t s Jean-Marc Duplaix Chief Financial Officer 8
Luxury division 2 0 1 3 r e v e n u e : + 7. 2 % c o m p a r a b l e Solid growth across all brands in 2013 In m 2013 Change Revenue 6,470 +4.2% Recurring operating income Recurring operating income margin 1,683 26.0% +4.4% +0.1pt Quarterly revenue performance + 6.4% + 9.4% + 5.6% + 7.4% 1,775 1,523 1,555 1,617 EBITDA EBITDA margin 1,913 29.6% +5.4% Gross CAPEX 436 +29.1% Q1 Q2 Q3 Q4 X%: comparable change Satisfactory revenue progression for the Division, confirmed in the second half in a tougher environment, with Q4 sales trends improving quarter-on-quarter Sustained momentum in mature regions (up 8%), driven by Japan and North America Operating margin at new all-time high, improving across all brands Retail network expansion continues: 1,149 DOS as of 2013 year end (+191 units*) * Of which 53 Pomellato and Dodo DOS consolidated as of Q3 13 and 7 Qeelin DOS in Q1 13 9
2 0 1 3 r e v e n u e : + 2. 2 % c o m p a r a b l e Brand elevation strategy continues In m 2013 Change Revenue 3,561-2.1% Quarterly revenue performance + 4.0% + 4.1% + 0.6% + 0.2% Recurring operating income Recurring operating income margin 1,132 31.8% +0.5% +0.8pt 866 889 865 941 EBITDA EBITDA margin 1,276 35.8% +1.2% Gross CAPEX 215 +5.2% Ongoing brand elevation strategy continues: Streamlining of wholesale distribution network Brand upscaling gathering pace on key Asian markets Q1 Q2 Q3 Q4 X%: comparable change Sustained growth in handbags sales (up 7% in DOS), led by newly introduced leather styles, such as Lady Lock and Bamboo Shopper Further increase in gross margin, also at comparable exchange rates, fuelled by product mix improvements, allowing reinvestment to nurture Gucci s long-term development Operating investments focused on retail excellence (refurbishments, store buybacks, CRM) and supply chain 10
2 0 1 3 r e v e n u e : + 1 3. 8 % c o m p a r a b l e A new threshold is reached In m 2013 Change Revenue 1,016 +7.5% Quarterly revenue performance + 8.8% + 17.2% + 15.8% + 13.4% Recurring operating income Recurring operating income margin 331 32.5% +10.2% +0.7pt 229 237 259 291 EBITDA EBITDA margin 355 34.9% +10.7% Gross CAPEX 62 +50.1% Q1 Q2 Q3 Q4 X%: comparable change A new stage in the brand s development, reflecting successful, consistent strategy Balanced growth across mature and emerging markets, led by solid progression in leather goods (up 15%), and outstanding performance of Men s lines (now >30% of sales) Recurring operating income at a new record, despite higher operating expenses to further bolster brand awareness Sustained progression in operating investments to selectively expand retail network and give brand means to fuel its long-term development 11
2 0 1 3 r e v e n u e : + 2 1. 6 % c o m p a r a b l e A year of investments and strong growth In m 2013 Change Revenue 557 +17.8% Quarterly revenue performance + 18.7 % + 14.4% + 12.0% + 42.0% Recurring operating income Recurring operating income margin 77 13.8% +17.8% +0.1pt 127 128 139 162 EBITDA EBITDA margin 93 16.7% +22.7% Gross CAPEX 65 3.0x Sharp surge in sales: Driven by successful creative renewal of Couture activities with Perfume & Cosmetics licensing revenue broadly flat Men s and Women s Ready-to-Wear collections very well received (up 53%); accelerating momentum across DOS network quarter after quarter Recurring operating income up, in a year of investments: Redefinition of the overall brand positioning and image Q1 Q2 Q3 Q4 X%: comparable change Significant expansion of the DOS network (26 net openings), together with refurbishment of existing stores, translating into a threefold increase in capex 12
Other Luxury brands 2 0 1 3 r e v e n u e : + 11. 3 % c o m p a r a b l e An ensemble of brands achieving significant growth In m 2013 Change Revenue 1,337 +15.7% Quarterly revenue performance + 6.9% + 18.7% + 9.4% + 11.4% Recurring operating income Recurring operating income margin 1 10.7% +19.6% +0.3pt 301 302 354 380 EBITDA EBITDA margin 190 14.2% +19.6% Gross CAPEX 94 +33.3% Q1 Q2 Q3 Q4 X%: comparable change Solid progression across brands, driven by Alexander McQueen, Stella McCartney, Brioni and Boucheron Redefinition of Balenciaga s brand universe bearing fruit since the second half Further rise in operating margin, while integrating new brands (Pomellato, Qeelin and Christopher Kane) Targeted retail investments, to bolster presence of main brands in high-potential regions 13
Sport & Lifestyle division 2 0 1 3 r e v e n u e : - 2. 8 % c o m p a r a b l e A year of transition In m 2013 Change Revenue 3,247-8.1% Quarterly revenue performance - 2.5% - 3.9% - 0.9% - 4.1% Recurring operating income Recurring operating income margin 200 6.2% -34.3% -2.4pts 843 7 896 764 EBITDA EBITDA margin 258 8.0% -30.3% Gross CAPEX 75-17.9% Q1 Q2 Q3 Q4 X%: comparable change 2013 characterized by: Wide-ranging initiatives to clean up inventory levels, weighing on gross margins combined with ongoing weakness in Western Europe Textile and Sporting Goods markets In-depth review of organization and product offering ongoing at Puma Promising brand repositionings at both Volcom and Electric, with improved revenue trends in the second half of the Year 14
2 0 1 3 r e v e n u e : - 2. 8 % c o m p a r a b l e New stages in transformation In m 2013 Change Revenue 3,002-8.2% Quarterly revenue performance - 2.3% - 4.0% - 0.8% - 4.5% Recurring operating income Recurring operating income margin 192 6.4% -33.8% -2.5pts 782 692 825 703 EBITDA EBITDA margin 246 8.2% -29.7% Gross CAPEX 68-16.6% Q1 Q2 Q3 Q4 X%: comparable change Revenue in line with FY guidance Difficult trends in Western Europe and footwear category Solid revenue increase in retail network Lower gross margin, partly offset by better control of operating charges, within framework of Transformation and Cost reduction program Ongoing initiatives to reinforce R&D and product innovation Better structured brand ahead of ambitious relaunch, relying on clearer offer and positioning 15
F i n a n c i a l p e r f o r m a n c e In m 2013 2012 Recurring operating income 1,750 1,792 1 Other non-recurring operating income and expenses Net financial charges Corporate income tax Share in earnings of associates (3) (212) (235) 2 1 2 (25) (148) (298) 37 of which Puma goodwill impairment 280m Puma/Volcom other nonrecurring expenses 110m Net loss from discontinued operations (822) 3 (276) 2 Consolidated net income Of which: net income, Group share Net income, Group share, from continuing operations excluding non-recurring items 40 1,082 50 1,048 1,229 1,269 a -64 m change of which Decrease in cost of net debt + 36m Fair value remeasurement changes - 93m Net income, Group share, per share (in euro) Net income per share from continuing operations, Group share, excluding non-recurring items (in euro) 0.39 9.76 8.32 10.07 3 of which Fnac - 256m Redcats - 562m 16
F r e e c a s h f l o w f r o m o p e r a t i o n s In m 2013 2012 Cash flow before taxes, dividends and interest Change in working capital requirement (excluding taxes) Corporate income tax paid 1,983 (75) (383) 2,001 (273) (362) Net cash flow from operating activities 1,525 1,366 Acquisition of fixed operating assets Sale of fixed operating assets (678) 11 (2) 6 Free cash flow from operations 858 930 17
N e t f i n a n c i a l d e b t In m Net debt at December 31, 2012 2,492 Free cash flow from operations Net interest paid and dividend received Dividends paid Purchases of Kering shares Purchases of Puma shares Other acquisitions and disposals Other (858) 117 497 39 100 1,155 (99) Net debt at December 31, 2013 3,3 Net debt / EBITDA ratio 1.7x 18
In 3.30 + 6.1% D i v i d e n d Dividend per share (for the FY in reference) 3.50 3.50 + 7.1% 3.75 3.75 2009 2010 2011 2012 2013* Dividend payout 58.6% 59.8% 61.6% 64.0% 52.9% 48.3% 47.6% 41.8% 37.3% 38.5% 2009** 2010** 2011** 2012 2013* % of recurring net income, Group share, from continuing operations % of free cash flow * Subject to May 6, 2014 AGM approval ** Published not restated 19
S t r a t e g y a n d o u t l o o k François-Henri Pinault Chairman and CEO 20
S t r a t e g y a n d o u t l o o k A value-creating transformation In 2013 the Group has completed its in-depth transformation A long-term strategy creating value Net recurring income per share growth 2005-2013: +10% CAGR Sharp improvement in return on capital employed from Luxury division Deleveraging and robust improvement in liquidity profile Geographical breakdown of Group revenue 2005 2013 27% 25% 49% 24% 69% France Europe Others France Europe Others Breakdown of Group recurring operating income by Division 2005 2013 11% 34% 6% 0.4bn Change in the recurring operating income Luxury and Sport & Lifestyle + 1.2bn +18%** p.a 1.75bn 66% 89% Luxury Retail distribution Luxury Sport & Lifestyle EBIT* Luxury 2005 Incremental EBIT* - Luxury EBIT* Sport & Lifestyle 2013 Corporate 2013 EBIT* Kering 2013 * EBIT, defined as Recurring operating income ** CAGR of Luxury division recurring operating income (2005 excl. Luxury corporate) 21
S t r a t e g y a n d o u t l o o k An ensemble of high-potential brands Coherent consumption universe, apparel and accessories Two complementary market segments, Luxury and Sport & Lifestyle Expertise sharing and group effect : strategic marketing, talent management, real estate, media buying, logistics and e-commerce, shared service centers, sustainability Luxury Division 17 brands, with distinct and complementary positioning Respect for values of each and every brand Different stages of maturity Soft and hard synergies Continued vertical integration Sport&Lifestyle Division 5 brands, rooted in Sport-Performance and Sport-Lifestyle universes A global brand, Puma, refocusing on its core field of expertise, Sport, and aligned with its core values Strong competitive positions in specific markets and products Sourcing and product development synergies 2014: Organic growth of revenue and integration of recent acquisitions Medium term: Margin improvement for both Divisions Continuing improvement in return on capital employed at Group level 22
S t r a t e g y a n d o u t l o o k Priorities and action plans for 2014 Luxury: organic growth and operating cash flow generation Gucci Brand elevation strategy bearing fruit Selective development, notably in China, to guarantee success of this strategy Bottega Veneta Sustained growth, nurtured by investments to support brand potential: new product categories gaining ground, selective network expansion Saint Laurent Strong growth to continue, reflecting success of new creative direction and investments made Continued improvement in profitability Other brands Integration and development of recently acquired brands Growth action plans adapted to each brand s stage of maturity 23
S t r a t e g y a n d o u t l o o k Priorities and action plans for 2014 Sport and Lifestyle: action plan to rebuild Puma s momentum Straightforward strategic brand positioning vision: Forever Faster Legitimacy in Sport Performance : Football, Running, Fitness Lifestyle products inspired from Sports 2014 roll-out through dedicated action plans products clients regions organization Footwear offer refocused on key team sports, repositioned running / training offer Lifestyle collections inspired by Puma s heritage and Sport Performance Strong focus on innovation, faster product development, partnering with suppliers Regain market share at key distributors Design closer to Puma s markets and clients Capitalize on restructured retail network Speed up e-commerce with launch of new website Western Europe (30% of revenue): dedicated action plans towards key distributors EEMEA and Latin America (23% of revenue): consolidate Puma s positions on key markets (India, Russia, Central Asia, Mexico, Argentina, ) North America (22% of revenue): rebalance weight of distributors towards quality wholesale partners to reduce discounts Finalize Puma s transformation and reorganization to boost efficiency: consolidation of teams, regions and logistics hubs Sourcing optimization New management and infrastructure tools (order and reassort, datawarehouse, CRM, ) 24
S t r a t e g y a n d o u t l o o k Priorities and action plans for 2014 Tangible increase in investments to accelerate Puma successful relaunch An ambitious communication and sponsoring program First global communication campaign Sponsoring of leading players and teams New products launches : New references for Fall/Winter 2014 and a comprehensive collection for Spring/Summer 2015 Volcom and Electric, positive signals in the wake of offer and distribution streamlining Product categories refocused and redefined Promising launches of new products More efficient and targeted marketing and merchandising Optimised distribution networks 25
S t r a t e g y and o u t l o o k 2014 outlook Sound fundamentals Structurally growing markets Powerful brands with high potential Rigorous and demanding process in managing, monitoring and allocating resources Outlook for 2014 Puma relaunch Precise, dedicated action plans for each brand, focused on profitable organic growth Flexibility, responsiveness and vigilance Progression in revenue Increase in recurring operating income 26
Appendices 27
2 0 1 3 O p e r a t i n g p e r f o r m a n c e R e p o r t e d f i g u r e s In m CONTINUING OPERATIONS 2013 2012 Change Revenue 9,748 9,736 +0.1% Gross profit 6,091 5,960 +2.2% Gross profit margin 62.5% 61.2% Recurring operating income 1,750 1,792-2.3% Recurring operating income margin 18.0% 18.4% EBITDA 2,046 2,067-1.0% EBITDA margin 21.0% 21.2% 28
2 0 1 3 r e v e n u e Change In m 2013 2012 m % Gucci Bottega Veneta Saint Laurent Other brands 3,560.8 1,015.8 556.9 1,336.7 3,638.8 945.1 472.8 1,155.6 (78.0) 70.7 84.1 181.1-2.1% + 7.5% + 17.8% + 15.7% Luxury division 6,470.2 6,212.3 257.9 + 4.2% Puma 3,001.9 3,270.7 (268.8) - 8.2% Other brands 245.1 261.2 (16.1) - 6.2% Sport & Lifestyle division 3,247.0 3,531.9 (284.9) - 8.1% Corporate 31.2 (7.9) 39.1 - Kering 9,748.4 9,736.3 12.1 + 0.1% 29
Sport & Lifestyle division Luxury division 2 0 1 3 r e v e n u e b y p r o d u c t c a t e g o r y Leather Goods Ready to Wear Footwear Other categories* 58% 11% 14% 17% 86% 6% 6% 2% % 24% 22% 10% Other brands 22% 34% 12% 32% 35% 46% 19% Other brands 78% 4% 18% * Watches, Jewellery and licensing revenue (for the Luxury division). Licensing revenue and accessories (for the SLS division) 30
Luxury division Q 4 2 0 1 3 r e v e n u e : 1, 7 7 5 M + 7. 4 % c o m p a r a b l e ; + 4. 7 % r e p o r t e d X%: comparable growth 1,695m +10% +9% +11% +2% +10% 1,775m Q4 2012 Western Europe North America Japan Asia Pacific Other Countries Q4 2013 % of Q4 13 sales 32% 20% 11% 30% 7% Number of directly operated stores 399 304 315 245 161 197 237 249 Western Europe North America Japan Emerging markets Year end 2012: 958 Year end 2013: 1149* * Of which 53 Pomellato and Dodo DOS consolidated as of Q3 13 and 7 Qeelin DOS in Q1 13 31
Q 4 2 0 1 3 r e v e n u e : 9 4 1 M + 0. 2 % c o m p a r a b l e ; - 5. 5 % r e p o r t e d X%: comparable growth 996m (1%) +3% +8% (4%) +8% 941m Q4 2012 Western Europe North America Japan Asia Pacific Other Countries Q4 2013 % of Q4 13 sales 25% 23% 11% 34% 7% Number of directly operated stores 166 183 109 97 100 116 66 66 Western Europe North America Japan Emerging markets Year end 2012: 429 Year end 2013: 474 32
Q 4 2 0 1 3 r e v e n u e : 2 9 1 M + 1 3. 4 % c o m p a r a b l e ; + 6. 2 % r e p o r t e d X%: comparable growth +13% +9% +19% 274m +14% +12% 291m Q4 2012 Western Europe North America Japan Asia Pacific Other Countries Q4 2013 % of Q4 13 sales 27% 14% 14% 40% 5% Number of directly operated stores 76 90 39 46 26 27 55 58 Western Europe North America Japan Emerging markets Year end 2012: 196 Year end 2013: 221 33
Q 4 2 0 1 3 r e v e n u e : 1 6 2 M + 4 2. 0 % c o m p a r a b l e ; + 3 6. 1 % r e p o r t e d X%: comparable growth +56% +38% +39% +24% +48% 162m 119m Q4 2012 Western Europe North America Japan Asia Pacific Other Countries Q4 2013 % of Q4 13 sales 40% 23% 7% 22% 8% Number of directly operated stores 46 26 31 10 17 22 21 31 Western Europe North America Japan Emerging markets Year end 2012: 89 Year end 2013: 115 34
Other Luxury brands Q 4 2 0 1 3 r e v e n u e : 3 8 0 M + 11. 4 % c o m p a r a b l e ; + 2 4. 6 % r e p o r t e d X%: comparable growth +13% +16% +5% +11% +5% 380m 305m Q4 2012 Western Europe North America Japan Asia Pacific Other Countries Q4 2013 % of Q4 13 sales 48% 18% 8% 15% 11% 83 118 Number of directly operated stores 94 104 80 25 37 42 Western Europe North America Japan Emerging markets Year end 2012: 2 Year end 2013: 339* * Of which 53 Pomellato and Dodo DOS consolidated as of Q3 13 and 7 Qeelin DOS in Q1 13 35
Sport & Lifestyle division Q 4 2 0 1 3 r e v e n u e : 7 6 4 M - 4. 1 % c o m p a r a b l e ; + 1 2. 0 % r e p o r t e d X%: comparable growth 868m (9%) +7% +1% (4%) (14%) 764m Q4 2012 Western Europe North America Japan Asia Pacific Other Countries Q4 2013 % of Q4 13 sales 24% 29% 13% 15% 19% Of which Other Brands: 61m, +1.5% comparable in Q4 13 36
Q 4 2 0 1 3 r e v e n u e : 7 0 3 M - 4. 5 % c o m p a r a b l e ; - 1 2. 6 % r e p o r t e d X%: comparable growth 805m (9%) +8% +0% (4%) (14%) 703m Q4 2012 Western Europe North America Japan Asia Pacific Other Countries Q4 2013 % of Q4 13 sales 24% 26% 14% 16% 20% 37
2013 r e c u r r i n g o p e r a t i n g i n c o m e Change In m 2013 2012 m % Gucci Bottega Veneta Saint Laurent Other brands 1,131.8 330.6 76.6 143.6 1,126.4 300.1 65.0 120.1 5.4 30.5 11.6 23.5 + 0.5% + 10.2% + 17.8% + 19.6% Luxury division 1,682.6 1,611.6 71.0 + 4.4% Puma 191.9 290.0 (98.1) - 33.8% Other brands 8.5 14.8 (6.3) - 42.6% Sport & Lifestyle division 200.4 304.8 (104.4) - 34.3% Corporate (132.9) (124.9) (8.0) - 6.4% Kering 1,750.1 1,791.5 (41.4) - 2.3% 38
2 0 1 3 E B I T D A Change In m 2013 2012 m % Gucci Bottega Veneta Saint Laurent Other brands 1,275.8 354.8 93.0 189.7 1,260.3 320.6 75.8 158.6 15.5 34.2 17.2 31.1 + 1.2% + 10.7% + 22.7% + 19.6% Luxury division 1,913.3 1,815.3 98.0 + 5.4% Puma 246.4 350.3 (103.9) - 29.7% Other brands 11.9 20.5 (8.6) - 42.0% Sport & Lifestyle division 258.3 370.8 (112.5) - 30.3% Corporate (125.7) (119.5) (6.2) - 5.2% Kering 2,045.9 2,066.6 (20.7) - 1.0% 39
N e t f i n a n c i a l c o s t s a n d i n c o m e t a x 2 0 1 3 In m 2013 2012 Cost of net debt Other financial income and expenses (176) (36) (212) 64 Financial costs (net) (212) (148) In m 2013 2012 Tax on recurring income Tax on non-recurring items (267) 32 (360) 62 Total tax charge (235) (298) Effective tax rate 21.5% 18.4% Recurring tax rate 17.4% 21.9% 40
2 0 1 3 c o n d e n s e d c o n s o l i d a t e d b a l a n c e s h e e t In m 2013 2012 Goodwill, brands & other intangible assets - Net 14,473 14,361 Other net non-current assets Net current assets Provisions (120) 836 (366) (467) 757 (365) CAPITAL EMPLOYED 14,823 14,286 Net assets held for sale (185) 325 SHAREHOLDERS EQUITY 11,196 12,119 NET DEBT 3,3 2,492 41
S o l v e n c y In m 4,367 3,781 3,396 3,3 2.4 2.0 1.8 2,492 1.7 1.2 2009* 2010* 2011* 2012 2013 Net financial debt Net financial debt/ebitda * Published not restated 42
L i q u i d i t y In m 4,126 Net financial debt: 3,3 M 1,392 310 815 61 360 505 Confirmed undrawn credit lines 2014* 2015** 2016** 2017** 2018** Beyond** * Gross debt minus cash & cash equivalents and financing of customer loans ** Gross debt 43
Q & A