The LEONI Group 2013 The Quality Connection
Contents 1. LEONI Group 2. LEONI Divisions 3. Report 1 st 4 th Quarter 2013 4. Outlook 5. Appendix LEONI AG 2
LEONI Group Divisions 2013 Divisions Sales breakdown and operating margin Sales breakdown per region Wiring Systems Wiring systems and electrical components Total sales: 2.32 billion EBIT: 116 million % margin: 5.0 % Employees: 53,163 Rest of world 2 % NAFTA 10 % BRIC + Korea 19 % Rest of Europe 39 % Germany 30 % Sales 2013: 3.92 billion EBIT 2013: 163 million % margin: 4,2 % Employees: 61,591 Wire & Cable Solutions Wires, cables and cable systems for non automotive applications Total sales: 1.60 billion EBIT: 47 million % margin: 2.9 % Employees: 8,201 Rest of world 6 % BRIC + Korea 16 % Rest of Europe 36 % NAFTA 18 % Germany 24 % LEONI AG 3
LEONI Group Sales long-term overview 5500 5000 5.000 4500 4000 CAGR 16% 3.701 3.809 3.918 4.100 3500 3000 2500 2000 1500 1000 500 307 618 1.114 1.548 2.108 2.367 2.912 2.160 2.956 0 1996 1999 2002 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2016 in million estimated estimated major acquisitions Lucas Rists sales about 100 million Kerpen sales about 116 m Studer Draht- und Kabelwerk AG sales about 84 m Valeo Wiring Systems sales about 574 m LEONI Wiring Systems Korea sales about 121 m LEONI AG 4
LEONI Group External sales 2013 130 516 1089 Germany France Great Britain 701 Rest of Europe 316 BRIC (incl. South Korea) 937 229 NAFTA Others Total 3.9 bn by regions in million LEONI AG 5
LEONI Group EBIT long-term overview 400 350 350 300 250 200 150 100 50 13 41 72 103 CAGR 16% 131 138 56 131 237 238 1 163 >200 0-50 -100-150 1996 1999 2002 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2016 (116) 2 in million estimated estimated 1 Including the exceptional income from the sale of Studer Hard AG of 28 million 2 Adjustment of various pre-year amounts in cash provided by operating activities due to amendment of IAS 19 LEONI AG 6
LEONI Group Key ratios Net income 200 156 157 ROCE 40 100 67 106 30 20 13,9 24,0 20,9 13,2 0 10 0-100 -200 (138) 2009 2010 2011 2012 2013-10 -20 (12.0) 2009 2010 2011 2012 2013 in million in % LEONI AG 7
LEONI Group Net debt / Cash flow Net debt / EBITDA Operating cash flow Free cash flow * 5,0 300 4,0 3,0 250 200 246 212 187 2,0 1,0 - -1,0 1,8 0,7 0,7 0,9 (neg.) 2009 2010 2011 2012 2013 150 100 50 0 142 121 89 51 64 37 2 2009 2010 2011 2012 2013 in million * before dividends, acquisitions and purchase or sale of own shares LEONI AG 8
LEONI Group Gearing Equity and net financial debt Equity Net financial debt 1000 800 737,5 784,0 827,6 600 400 369,1 495,4 481,2 444,6 233,9 249,2 257,0 200 0 2009 2010 2011 2012 2013 Gearing 134 % 92 % 32 % 32 % 31 % in million LEONI AG 9
Wiring Systems LEONI AG 10
Wiring Systems Technical data of a wiring system Length of cable: more than 3,000 meters Number of single cables: up to 1,500 Number of contacts: up to 3,000 Weight: up to 50 kg LEONI AG 11
Wiring Systems Full service provider The division s products and services range from basic cable harnesses to cables for wired sensors to complete ready-to-install wiring systems for cars and commercial vehicles. The product range also comprises high voltage cable harnesses for vehicles with alternative drive technology. Design Electronical Integrated system components wiring systems LEONI AG 12
Wiring Systems Sales long-term overview in million 3000 2500 2000 1500 CAGR 18% 1.511 1.225 1.634 2.024 2,206 2.321 2,400 1000 879 954 986 588 500 131 347 0 1996 1999 2002 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 estimated major acquisitions Lucas Rists sales about 100 million Valeo Wiring Systems sales about 574 million LEONI Wiring Systems Korea sales about 121 million LEONI AG 13
Wiring Systems Customers (examples) Passenger cars Commercial vehicles Suppliers LEONI AG 14
Wiring Systems Customer portfolio 2013 JLR 4% Suppliers international 6% BMW 9% Components 2% Asia local 2% Fiat 2% Mercedes-Benz 17% GM / Opel 15% VW Group 9% BA Asia 17% Renault / Nissan 9% Commercial Vehicles 13% PSA 12% LEONI AG 15
Wiring Systems Sales per region Final customer market 2014e Russia 5 % Rest of world 7 % Asia 18 % Europe 50 % Americas 20 % LEONI AG 16
Wiring Systems Light vehicles production Europe North America BRIC Rest of world Total 17,5 17,8 19,0 16,2 16,8 17,7 20,7 20,4 20,7 30,4 32,3 37,8 84,8 87,3 95,1 2013 2014 2016 in million pieces 0,0 10,0 20,0 30,0 40,0 50,0 60,0 70,0 80,0 90,0 100,0 estimated Copyright 2014 IHS, Inc. LEONI AG 17
Wiring Systems Global facilities number of employees approx.: 4,800 2,400 20,700 22,100 3,200 USA France Romania Egypt China Mexico Germany Russia Morocco India Brazil UK Serbia Tunisia South Korea Portugal Slovakia Ukraine number of employees in total: 53,163 Main production sites Competence centre as of December 2014 LEONI AG 18
Wiring Systems Profile No. 1 in Europe No. 4 worldwide Full service provider of wiring systems Cost leadership due to production in low-cost regions in Eastern Europe, North Africa, Asia and Mexico New and follow-on orders from the automotive industry retain growth over many years Our customers represent 70% of the global automobile market LEONI AG 19
Electromobility In June 2010 LEONI set up the business unit Electromobility. Development of cables, cable systems and components for electric vehicles and their infrastructure. LEONI has strengthened its position as a system partner for manufacturers of vehicles with alternative drive technologies. Chevrolet Volt mia citybus Tata Ace LEONI AG 20
Green technology In the medium term, LEONI aims to become the most innovative cable supplier for the green technology market. Sales Wiring Systems Wire & Cable Solutions 160 140 126,8 135,9 123,7 122,4 120 98,9 100 87,2 79,4 92,1 80 60 41,3 40 28,8 20 0 2009 2010 2011 2012 2013 in million Weight optimised wiring systems High voltage cable harnesses for vehicles with alternative drive systems Charging cables for electric vehicles Wires, conductors and special cables for environmentally-friendly markets such as the solar and wind power as well as railway industries LEONI AG 21
Wire & Cable Solutions LEONI AG 22
Wire & Cable Solutions Products and markets Automotive Industry & Healthcare Communication & Infrastructure Electrical Appliances Conductors & Copper Solutions LEONI s products and services portfolio Services Cable System Solutions Cable Assemblies Cable Hybrid Cable Fiber Optics Wire & Strands Optical Fibers R&D / Engineering LEONI AG 23
Key markets Automotive Wire and cables for - wiring systems in cars and commercial vehicles - telematics and multimedia - antenna based communication - propulsion and engines - alternative powertrains - safety applications - ergonomics and lighting - driver assistance and active safety systems in the axle wiring - seat heatings Charging cables for electric vehicles Cables with alternative conductor materials Sales: 800 600 633 672 600 400 200 0 in million 2011 2012 2013 LEONI AG 24
Key markets Industry & Healthcare Cable and cable systems, fiber optics, fiber optical cables, optical and mechanical system components for - plant and mechanical engineering - automation and drives - measurement and control technology - robotics - special vehicles - aerospace - telecommunication - medical devices, medical laser applications - patient monitoring - science Sales: 800 600 400 200 0 333 316 312 2011 2012 2013 in million LEONI AG 25
Key markets Communication & Infrastructure Cables and cable systems for - structural and civil engineering as well as traffic infrastructure (e.g. installation cables) - large plant and refineries (project-specific instrumentation and power cables) - power generation and distribution (solar-, wind-, hydro- und nuclear power) - traffic on board (rolling stock, marine technology) - LAN cable system office (copper and fiber optic cables, systems and accessories) - telecommunication networks Sales: 800 600 400 200 0 424 377 353 2011 2012 2013 in million LEONI AG 26
Key markets Electrical Appliances Cables and cable systems for - small appliances - irons - vacuum cleaners - consumer electronics - washing machines Sales: 800 - refrigerators 600 - tools 400 - lighting industry 130 124 121 200 0 2011 2012 2013 in million LEONI AG 27
Key markets Conductors & Copper Solutions Wires and strands for - special cable industry - heating system manufacturers Round, stranded copper flexibles and braided copper tapes for - carbon brushes - welding equipment - mechanical engineering Sales: 800 600 400 192 153 140 200 0 2011 2012 2013 in million LEONI AG 28
Wire & Cable Solutions Sales long-term overview 2000 in million CAGR 14% 1.678 1.603 1.597 1,700 1500 1.381 1.402 1.322 1.154 1000 936 669 500 177 271 515 0 1996 1999 2002 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 major acquisitions estimated Kerpen Sales about Euro 116 m Studer Draht- und Kabelwerk AG Sales about Euro 84 m LEONI AG 29
Wire & Cable Solutions Customers (examples) Automotive Industry & Healthcare Communications & Infrastructure Electrical Appliances in total about 6.000 customers LEONI AG 30
Wire & Cable Solutions Profile Third largest group in the European cable industry Complete range of technologies and products Leading position in the most important target markets Development of the division into a system supplier LEONI AG 31
Highlights 2013 Strong automotive industry, weak industrial sector Sales record of 3.92 bn Capital spending on property, plant and equipment at record level of 168 m High pre-production spending for 16 new projects in the Wiring Systems Division Restructuring expenses in the amount of 21 m Solid EBIT adjusted in the amount of 199 m (EBIT of 163 m) Strong consolidated net income of 106 m Equity ratio at 34.5 percent LEONI AG 32
1 st 4 th Quarter 2013 Group sales 1200 1000 910,7 969,1 959,0 943,7 967,6 1.011,0 913,1 954,7 957,9 934,0 917,6 in million 990,0 800 600 400 200 0 2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013 Q1 Q2 Q3 Q4 in million The strong demand from the global motor vehicle industry benefited us in both of our divisions Capital goods and other industries still slightly below previous year LEONI AG 33
1 st 4 th Quarter 2013 Group EBIT 100 94,2 1,2 80 60 40 61.4 38,5 67.6 51,3 1 39,3 54,6 53,3 1 36,5 53.5 39,1 1 48,8 20 0 2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013 Q1 Q2 Q3 Q4 in million Reasons for the drop in EBIT: Restructuring expenses Start-up costs for new projects and expenses for IT-Projects 1 Adjustment due to amendment to IAS 19 2 Thereof 29.5 million one-off Studer Hard AG disinvestment (opposing effect in Q2 (1.3) million) LEONI AG 34
1 st 4 th Quarter Group net income 70 64,9 1, 2 60 50 40 36.6 45.7 34,7 1 32.9 31,6 1 40.8 41,8 30 20 22,6 23,5 18,0 25.8 1 10 0 2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013 Q1 Q2 Q3 Q4 in million 1 Adjustment due to amendment to IAS 19 2 Thereof 24.1 million one-off LEONI Studer Hard AG disinvestment LEONI AG 35
1 st 4 th Quarter Free cash flow* 200 150 100 121 154 98 50 37 23 0-50 (8) (20) (29) (32) (2) (39) -100 (82) -150 2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013 Q1 Q2 Q3 Q4 in million increase in working capital reduced PAT * Before dividends, acquisitions and purchase or sale of own shares LEONI AG 36
1 st 4 th Quarter 2013 Key figures in million 01/10 31/12 2011 01/10 31/12 01/10 31/12 2012 1 2013 01/01 31/12 2011 01/01 31/12 01/01 31/12 2012 1 2013 Consolidated sales 934.0 917.6 990.0 3,701.5 3,809.0 3,917.9 EBITDA 80.3 68.4 79.7 344.2 354.1 284.1 EBIT 53.5 39.1 48.8 237.1 237.9 163.1 adjusted EBIT 2 58.2 44.4 54.4 260.3 227.5 198.7 EBT 43.7 27.0 40.4 196.3 199.3 131.2 Net income 40.9 25.8 41.8 156.0 157.0 105.9 Equity ratio in % 31.8 32.9 34.5 31.8 32.9 34.5 Net debt 233.9 249.2 257.0 233.9 249.2 257.0 Capital expenditure (incl. acquisitions) 47.7 43.1 73.2 140.1 180.9 168.4 Employees (as at 31/12) 60,745 59,393 61,591 60,745 59,393 61,591 1 Adjustment due to amendment to IAS 19 2 Earnings adjusted for the impact of revaluation as part of allocating the prices of major acquisitions, restructuring, impairment of non-current assets, gains on business acquisitions and derivatives relating to business combinations. LEONI AG 37
1 st 4 th Quarter 2013 Segment reporting Wire & Cable Solutions Wiring Systems LEONI Group in million 2011 2012 1 2013 2011 2012 1 2013 2011 2012 1 2013 External sales 1,677.7 1,602.6 1,596.9 2,023.8 2,206.4 2,321.0 3,701.5 3,809.0 3,917.9 EBIT 90.9 101.3 2 47.1 146.2 136.4 116.1 237.1 237.9 2 163.1 EBIT / external sales 5.4% 6.3% 2.9% 7.2% 6.2% 5.0% 6.4% 6.2% 4.2% 1 Adjustment of various pre-year amounts due to amendment to IAS 19 2 Thereof 28.3 million one-off LEONI Studer Hard AG disinvestment LEONI AG 38
Outlook Forecast 2014 Again numerous new product start-ups above-average in the Wiring Systems Division Capital expenditure (excl. acquisitions) of approx. 200 m Consolidated sales of approx 4.1 bn EBIT > 200 m Equity ratio of approx. 36 percent Return on capital employed of approx.16 percent è Entry into the next phase of growth Medium term perspective Stronger focus on the automotive business Above market growth in Asia and the Americas Extension of range of technologies and customers 2016: sales of 5 bn and EBIT margin of 7 percent è Ensuring profitability and regional balance LEONI AG 39
LEONI Group Consolidated sales by region 100% 90% 80% 70% 1 1 1 0 8 10 17 20 35 15 16 Rest of world 60% 50% 40% 30% 81 67 63 25 Asia Americas Europe 20% 40 10% 0% 2008 2013 2016e 2025e in % LEONI AG 40
Financial calendar 2013 Press Conference on Financial Statements 25 March 2014 Analyst and Investor Meeting 26 March 2014 Annual General Meeting 8 May 2014 Interim Report 1 st Quarter 2014 13 May 2014 Interim Report 2 nd Quarter and 1 st Half 2014 12 August 2014 Interim Report 1 st 3 rd Quarter 2014 11 November 2014 Preliminary Figures 2014 February 2015 LEONI AG 41
Contact Investor relations Frank Steinhart Phone +49 (0)911-2023-203 Fax +49 (0)911-2023-10203 E-Mail invest@leoni.com Susanne Kertz Phone +49 (0)911-2023-274 Fax +49 (0)911-2023-209 E-Mail invest@leoni.com www.leoni.com LEONI AG 42
Appendix LEONI AG 43
UN Global Compact Declaration of support As a company operating globally, LEONI has made it its mission to ensure observance of human rights and recognised labour standards at our facilities. This form of responsibility was already taken on in 2003 with publication of the LEONI Social Charta, continued in 2007 with the LEONI Code of Ethics and taken further forward in 2011 by joining the UN Global Compact. Further informationen about the Global Compact Communication on Progress can be found on our website www.leoni.com / downloads / corporate responsibility LEONI AG 44
LEONI Group Finance structure Long-term finance Amount End 2013e (in million ) Placed (year) Term (to year) Borrower s note loan 26.5 2008 matures 2015 Borrower s note loan 63.0 73.0 2012 matures 2017 EIB loan 100 2013 matures 2018 Borrower s note loan Borrower s note loan 25.0 12.0 2012 matures 2018 48.5 19.5 2012 matures 2019 Borrower s note loan 25.0 2013 matures 2020 Borrower s note loan 9.0 2012 matures 2022 Total 401.5 Credit lines: short- / medium- / long-term credit lines about: 478.7 million As a matter of principal: no covenants / mortgages LEONI AG 45
Significant key figures in million in million 2009 2010 2011 2012 1 2013 Sales Growth (index 2009 = 100 %) 2,160 100 % 2,956 137 % 3,701 171 % 3,809 176 % 3,918 181 % EBITDA (5) 241 344 354 284 EBIT (116) 131 237 238 163 EBT (157) 90 196 199 131 PAT Growth (index 2009 = 100 %) (138) 100 % 67 > 100 % 156 > 100 % 157 > 100 % 106 > 100 % Depreciation and amortisation 111 110 107 116 121 Cash flow from current business operations 89 142 246 212 187 Investment (cash effective) - Investment in intangible assets and property, plant and equipment - Investment in financial assets and acquisitions Total net debt 495 445 234 249 257 Equity 369 481 737 784 828 Gearing 2 1.3 0.9 0.3 0.3 0.3 Employees (end of period) 49,822 55,156 60,745 59,393 61,591 88 1 102 4 127 3 161 25 154 0 1 Adjustment of various pre-year amounts due to amendment of IAS 19 2 Total net debts / equity LEONI AG 46
Significant key figures in % in % 2009 2010 2011 2012 1 2013 EBITDA (in % of sales) (0.2) 8.2 9.3 9.3 7.3 EBIT (in % of sales) (5.4) 4.4 6.4 6.2 4.2 EBT (in % of sales) (7.3) 3.0 5.3 5.2 3.3 PAT (in % of sales) (6.4) 2.3 4.2 4.1 2.7 Equity (in % of balance sheet total) 21.0 23.8 31.8 32.9 34.5 Investment 2 (in % of depreciation / amortisation) 73 93 128 133 139 ROCE 1 3 (in % ) (12.0) 13.9 24.0 20.9 13.2 ROCE 2 4 (in % ) (10.1) 11.7 19.9 17.2 11.2 ROE 5 (in % ) (37.4) 14.0 21.1 20.0 12.8 1 Adjustment of various pre-year amounts due to amendment of IAS 19 2 investment in intangible assets and property, plant and equipment 3 EBIT / capital employed 4 PAT BI / capital employed 5 PAT / equity LEONI AG 47
Significant key figures per share 2009 2010 2011 2012 4 2013 Shares 1 (million shares) 29.7 29.7 32.7 32.7 32.7 Consolidated net income / net loss ( ) (5.04) 2.26 4.99 4.80 3.23 P/E (factor) neg. 14.6 5.2 6.0 16.8 Dividend (million ) 0.0 20.8 49.0 49.0 32.7 3 Dividend per share ( ) 0.00 0.7 1.50 1.50 1.00 3 Dividend yield 2 (in %) 0.0 2.1 5.8 5.3 1.8 3 BVPS ( ) 13.46 16.20 23.65 24.00 25.3 Market capitalisation 2 (million ) 486 979 841 933 1,775 Share price closed 16.35 32.95 25.75 28.55 54.33 Share price high for the year 17.10 34.81 42.31 40.21 55.08 Share price low for the year 6.36 13.43 21.69 23.42 28.97 1 as per yearend 2 relating to price at yearend 3 subject to approval of shareholders 4 Adjustment of various pre-year amounts due to amendment of IAS 19 LEONI AG 48
Consolidated income statement Sales Cost of sales 1 2 2013 2012 1 Change million % million % million % 3,917.9 (3,240.1) 100.0 (82.7) 3,809.0 (3,133.0) 100.0 (82.3) 108.9 (107.1) Gross profit on sales 3 677.8 17.3 675.9 17.7 1.8 0.3 Selling expenses 4 (196.4) (5.0) (192.0) (5.0) (4.4) (2.3) General and administrative expenses 5 (191.0) (4.9) (185.0) (4.9) (6.0) (3.2) Research and development expenses 6 (106.1) (2.7) (92.8) (2.5) (13.3) (14.3) Other operating income 7 10.5 0.3 48.9 1.3 (38.4) (78.6) Other operating expenses 8 (31.3) (0.8) (16.9) (0.4) (14.4) (84.7) Expenses/ income from associated companies and joint ventures 9 (0.3) 0 (0.1) 0 (0.1) > (100) EBIT 10 163.1 4.2 237.9 6.2 (74.7) (31.4) Finance revenue 11 0.5 0.0 4.7 0.1 (4.2) (88.5) Finance costs 12 (32.7) (0.9) (43.4) (1.1) 10.7 24.6 Other income from share investment 13 0.3 0.0 0.1 0 0.1 87.8 Income before taxes 14 131.2 3.3 199.3 5.2 (68.1) (34.2) Income taxes 15 (25.3) (0.6) (42.3) (1.1) 17.0 40.1 Net income / net loss 16 105.9 2.7 157.0 4.1 (51.2) (32.6) 2.9 (3.4) Addition of the individual amounts in million in the above table may deviate from the reported totals due to rounding LEONI AG 49
Consolidated statement of financial position Assets Current assets 31/12/2013 31/12/2012 1 of funds Disposition Addition of the individual amounts in million in the above table may deviate from the reported totals due to rounding Source of funds million % million % million million Cash and cash equivalents 198.0 8.3 298.3 12.5 100.3 Trade receivables and other financial assets 522.2 21.8 478.1 20.0 44.1 Other assets 82.2 3.4 80.6 3.4 1.6 Receivables from income tax 12.3 0.5 11.4 0.5 0.9 Inventories 509.7 21.2 488.5 20.5 21.2 Assets held for sale 8.0 0.3 0 0.0 8.0 Total current assets 1,332.4 55.5 1,356.9 56.9 Property, plant and equipment 709.8 29.6 677.2 28.4 32.5 Intangible assets 82.3 3.4 91.1 3.8 8.8 Goodwill 148.4 6.2 149.4 6.3 0.9 Shares in associated companies and joint ventures 0.5 0 0.7 0 0.3 Trade receivables from long-term development contracts 46.9 2.0 41.8 1.7 5.1 Other financial assets 4.9 0.2 6.5 0.3 1.6 Deferred taxes 57.0 2.4 52.2 2.2 4.8 Other assets 17.7 0.7 10.6 0.4 7.1 Total non-current assets 1,067.4 44.5 1,029.4 43.1 Total assets 2,399.7 100.0 2,386.4 100.0 125.2 111.9 LEONI AG 50
Consolidated statement of financial position Equity and liabilities Current liabilities 31/12/2013 31/12/2012 1 of funds Disposition Source of funds million % million % million million Current financial liabilities and proportion of long-term financial liabilities 41.3 1.7 270.8 11.3 229.5 Trade accounts payable and other financial liabilities 698.7 29.1 639.4 26.8 59.3 Income taxes payable 39.5 1.6 32.6 1.4 6.9 Other current liabilities 147.0 6,1 144.1 6.0 2.9 Provisions 37.1 1.6 35.9 1.5 1.2 Total current liabilities 963.6 40.1 1,122.8 47.0 Long-term loans 413.7 17.2 276.6 11.6 137.0 Long-term financial liabilities 6.8 0.3 6.7 0.3 0.2 Other non-current liabilities 9.3 0.4 11.5 0.5 2.1 Pension provisions 113.3 4.7 113.9 4.8 0.6 Other provisions 22.6 1.0 22.5 0.9 0.1 Deferred taxes 42.8 1.8 48.4 2.0 5.6 Total non-current liabilities 608.5 25.4 479.6 20.1 Equity 827.6 34.5 784.0 32.9 43.6 Total equity and liabilities 2,399.7 100.0 2,386.4 100.0 237.8 251.2 363.2 363.2 Addition of the individual amounts in million in the above table may deviate from the reported totals due to rounding LEONI AG 51
Consolidated cash flow statement page 1 in million 2013 2012 1 Consolidated net income 105.9 157.0 Adjustments to reconcile cash provided by activities Income taxes 25.3 42.3 Net interest 30.5 42.2 Dividend income (0.3) (0.1) Depreciation and amortisation 121.0 116.2 Other non-cash expenses and income 0.3 (14.8) Result of asset disposals and measurement of assets held for sale, gain/(loss) 1.3 (3.2) Gain on disposal of subsidiaries 0 (18.4) Change in operating assets and liabilities, adjusted for the impact of changes in the scope of consolidation Change in receivables and other financial assets (49.1) (7.7) Change in inventories (21.2) 7.1 Change in other assets (8.7) (6.5) Change in provisions (3.9) 4.0 Change in liabilities 40.6 (30.6) Income taxes paid (23.9) (42.8) Interest paid (31.0) (34.3) Interest received 0.4 1.2 Dividends received 0.3 0.1 Cash provided by operating activities 187.4 211.7 Addition of the individual amounts in million in the above table may deviate from the reported totals due to rounding LEONI AG 52
Consolidated cash flow statement page 2 in million 2013 2012 1 Capital expenditures for intangible assets and property, plant and equipment (153.6) (160.6) Acquisitions of subsidiaries net of cash and cash equivalents thereof: Cash paid nil (previous year: (26.6 m) Acquired cash and cash equivalents nil (previous year: 2.1 m) 0.0 (24.5) Capital expenditures for other financial assets 0.0 (0.5) Cash receipts from disposal of assets and disposal of assets held for sale (incl. liabilities) 2.9 9.0 Gain on sale of associated companies 0.0 0.1 Income from the disposal of a business operation / subsidiaries less cash and cash equivalents paid thereof: Disposal proceeds 0.1 (previous year: 51.0 m) Cash and cash equivalents paid nil (previous year: nil) 0.1 50.9 Cash used for capital spending activities (150.7) (125.5) Cash receipts from acceptance of financial debts 165.6 255.0 Cash repayments of financial debts (251.7) (359.6) Dividends paid by LEONI AG (49.0) (49.0) Dividends paid to the non-controlling interest shareholders (0.6) 0.0 Cash used for financing activities (135.7) (153.6) Decrease of cash and cash equivalents (98.9) (67.3) Currency adjustment (1.4) (0.3) Cash and cash equivalents at beginning of period 298.3 366.0 Cash and cash equivalents at end of period 198.0 298.3 Addition of the individual amounts in million in the above table may deviate from the reported totals due to rounding LEONI AG 53
Disclaimer This presentation includes forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realised from the proposals described herein. This presentation contains a number of forward-looking statements including, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation and supply and demand. LEONI has based these forward-looking statements on its views with respect to future events and financial performance. Actual financial performance of the entities described herein could differ materially from that projected in the forwardlooking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information contained in this presentation is subject to change without notice and LEONI does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations. LEONI AG 54
The LEONI Group 2013 The Quality Connection