Investor Call Results H1 2017

Similar documents
Investor Call Half-Year Results 2015

Investor Call Annual Results 2016

Investor Call Half-Year Results 2016

Press conference on the business development of the MAHLE Group for the business year April 17, MAHLE

GROUP MANAGEMENT REPORT

Schaeffler AG Deutsche Bank dbaccess IAA Cars Conference

HELLA Investor Update FY 2017/18

First Quarter - Fiscal 2010 Earnings Call

HELLA Investor Update Q1 2015/16

Air Berlin PLC 11 th November 2015 Analyst Conference 3rd Quarter 2015

Record result and excellent cash flow in Conference Call Fiscal Year 2017 Düsseldorf, 15. March 2018

Schaeffler AG 17 th GCC Kepler Cheuvreux. Jan 17, 2018 Frankfurt

HELLA Investor Update H1 FY 2016/17

AT&S First choice for advanced applications Conference Call Q /18 January 31, am CET

HELLA Investor Update May 2017

HELLA Investor Update 9M FY 2017/18

Interim announcement 1 st Half-year 2015

ElringKlinger Group. Mobilität erfahren Zukunft entwickeln. Experience mobility Drive the future. Conference Call Results Third Quarter 2009

HELLA Investor Update H1 FY 2018/19

2011 Annual Results. Martin Hirzel, Chief Executive Officer (CEO)

Kongsberg Automotive ASA. Fourth quarter 2015 February 12, 2016

HELLA Investor Update FY 2016/17

HELLA Investor Update H1 FY 2017/18

February 29 th, FY 2015 Results Presentation

Mobilität erfahren Zukunft entwickeln. Experience mobility Drive the future.

Conference Call Q Düsseldorf / 7 November 2017

1 st Quarter, 2014 Danfoss delivers strong first quarter

FUCHS PETROLUB AG The leading independent lubricants manufacturer of the world

Schaeffler Group. BNP Paribas High Yield and Leveraged Finance Conference London January 14, 2014

Schaeffler Group Mobility for tomorrow Klaus Rosenfeld Chief Executive Officer

H Results. Jacques Aschenbroich Chairman and CEO. July 26, July 26, 2016 I 1

KONE Q JULY 19, 2017 HENRIK EHRNROOTH, PRESIDENT & CEO ILKKA HARA, CFO

Zwei Antriebswelten. Eine Strategie Embracing both worlds combustion and electric

FUCHS GROUP. In Motion. Investor Presentation, January 2018 Dagmar Steinert, CFO Thomas Altmann, Head of Investor Relations

Part 1 Executing our strategy

Interim announcement 1 st half-year

Conference Call Results Q November 5, 2014

Jacques Aschenbroich, Valeo s Chairman and Chief Executive Officer, commented:

Interim announcement 1 st quarter 2016

April 2015 A LEADING TECH COMPANY

Full Year Results 2013

HELLA KGaA Hueck & Co

Schaeffler AG Results H Conference Call August 11, 2016 Herzogenaurach

Second Quarter 2017 Earnings Conference Call

TI Fluid Systems plc Half Year Results Presentation for TI Fluid Systems plc. 8 August 2018

FINANCIAL REPORT 30 NOVEMBER ST HALF OF FISCAL YEAR 2017/2018

Press release on the business development of the MAHLE Group in 2013

KONE Q APRIL 25, 2018 HENRIK EHRNROOTH, PRESIDENT & CEO ILKKA HARA, CFO

Conference Call H1 2017/18

1 st Half-year, 2014 Danfoss delivers good half-year results

VOLVO CAR GROUP results presentation January March 2018

Q in brief. Strong organic sales development. Electromechanical products up 30% Strong EBIT growth of 12%

Deutsche Bank Global Auto Industry Conference

Interim announcement 1st-3rd quarter 2018

Annual General Meeting Fiscal Year 2013

MAKING MODERN LIVING POSSIBLE Q Danfoss delivers solid Q1 performance.

FUCHS PETROLUB SE The leading independent lubricants manufacturer of the world

Valmet focus on profitability improvement

Conference Call on Q November 6, 2018

Georg Fischer Financial Analysts Conference 2013 financial year. Yves Serra /

FUCHS PETROLUB SE The leading independent lubricants manufacturer of the world

Interim financial report 2013

SMART STEEL. Q Results. Detlef Borghardt, CEO Dr. Matthias Heiden, CFO. August 14, 2018

BUSINESS REPORT. for the first three months of the 2006 business year (unaudited)

Analyst Presentation 6M 2017

Results Q Schaeffler AG. Conference Call November 8, 2017 Herzogenaurach

Interim announcement First quarter 2018

STRATEGICALLY POSITIONED FOR GROWTH.

2017 Financial highlights in EURO.

Financial Year 2011 Results. Frankfurt. Schaeffler Group March 20, 2012

SMART STEEL. Q Results. Detlef Borghardt, CEO Dr. Matthias Heiden, CFO. November 8, 2018

Conference Call FY 2016/17 Preliminary results for the Financial Year 2016/17

Air Berlin PLC 13 th August Analyst Call 2nd Quarter 2015

Annual 2014 Report. Insert URL here.

Siltronic Roadshow Presentation. May / June 2018

INTERIM PRESENTATION Q October 2018

Investor and Analyst Meeting. December 10, 2015

FUCHS PETROLUB SE The leading independent lubricants manufacturer of the world

Q Results. Lars Brorsen (CEO) Christoph Hobo (CFO) November 22, 2018

KONE Q OCTOBER 26, 2017 HENRIK EHRNROOTH, PRESIDENT & CEO ILKKA HARA, CFO

The LEONI Group. 1 st Quarter The Quality Connection

TomTom Q results. Harold Goddijn - CEO & Marina Wyatt - CFO 18 February 2011

Investor and Analyst presentation Senvion S.A.

2006 Credit Suisse Conference

Schaeffler Group back to profitable growth

July 26, 2017 LafargeHolcim Ltd 2015

Siemens Gamesa Renewable Energy Q3 18 Results

Business Update. USPP Conference Miami. Luis Damasceno Group CFO Michael Williams Group Finance Director & Treasurer January 2019

Interim announcement 1st to 3rd quarter 2015

FINANCIAL STATEMENT AUGUST 31, ST QUARTER FISCAL YEAR 2018/2019

2014 Results Conference Call. 9 th March, 2015

Results FY 2017 Schaeffler AG. Conference Call March 7, 2018 Munich

Jahrespressekonferenz Annual Press Conference February 6, Daimler AG

Capital Market Days 2011 August 23-24

FY 2018 FINANCIAL RESULTS

Third quarter Vestas Wind Systems A/S. Copenhagen, 7 November 2018

New York Presentation

FUCHS GROUP. Setting Standards - Worldwide. Company Presentation, March 2017 Dagmar Steinert, CFO Thomas Altmann, Head of Investor Relations

FINANCIAL STATEMENT 28 FEBRUARY RD QUARTER FISCAL YEAR 2017/2018

First Quarter 2015 Earnings Conference. May 4, 2015

Transcription:

Investor Call Results H1 2017 September 22nd, 2017 Michael Frick Corporate EVP and CFO Philipp Kuckuck VP Corporate Finance 1

Disclaimer This presentation was prepared with reasonable care. However, no responsibility can be assumed for the correctness of the provided information. In addition, this document contains summary information only and does not purport to be comprehensive and is not intended to be (and should not be construed as) the sole basis of any analysis or other evaluation. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, targets, estimates and opinions contained herein. By accepting this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company s business. This presentation may contain forward-looking statements and information on the business development of MAHLE. These statements are based on assumptions relating to the development of the economies of individual countries, and in particular of the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of publication. The estimates given involve a degree of risk, and the actual developments of e.g. sales, results and financial situation may differ from those forecasted. We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superseded. This presentation does not constitute an offer or invitation to subscribe for, or purchase any bonds issued by and neither this presentation nor anything in it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This presentation does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The information contained in this presentation is not for publication, release or distribution in the United States, Australia, Canada or Japan and, subject to certain exceptions, the securities referred to herein may not be offered or sold in the United States, Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan. 2

Highlights Successful development of dual strategy with focus on existing market position and future mobility trends Organic sales growth of 6% y-o-y, earnings and equity ratio negatively impacted by one-off items and FX effects Strengthened systems competence with regard to e-mobility by the takeover of electronics specialist Nagares Presentation of MAHLE Efficient Electric Transport (MEET) setting trends for urban mobility Improved financing profile due to successful refinancing of matured Schuldschein MAHLE will be a driver of e-mobility, just as it already is in the conventional market today 3

Market trends and strategic positioning Dual strategy focus on existing market position and future mobility trends Strengthen our existing market position Shape the future in a changing mobility world HVAC Highly efficient combustion engines Emerging Markets New projects Thermal management Commercial Vehicles & Off-Highway Aftermarket Electric drives & Power electronics Electric auxiliaries 4 HVAC: Heating, Ventilation and Air Conditioning

Market trends and strategic positioning Strategic evolution of business portfolio Acquisition Divestment +21.1% Sales CAGR 2013-2016 Industrial filtration Forging activities Sinter component business Turbocharger Business BMTS Expansion of business into test systems for automotive aftermarket Acquire competence in automotive thermal components Complement mechatronics activities with e.g. electric drives Advance of strategic commitment in CO 2 reduction via WHR-system* Added a strong expertise in the mechatronics division MAHLE is now global no. 2 supplier for automotive thermal components Thermal Expansion of North American powertrain operations Acquire competence in thermoelectrics technology Acquire competence in vehicle electronics Strengthening presence in workshop equipment and services 2013 2014 2015 2016 2017 * WHR = Waste heat recovery system 5

Market trends and strategic positioning MAHLE start-up activities fertilizing an innovation culture Acquisition Cooperation Creation The start-up market is monitored to identify potential investments Innovative start-ups are screened to identify areas of cooperation Programs to develop corporate start-ups were initiated German start-up acquired in February 2017 Thermoelectric solutions to cool & heat batteries, etc. TinyInspektor is a German start-up with Israeli DNA Artificial intelligence technologies to boost shop floor production 6

HV Coolant Heate r icond Cabin Air Evapo. Chiller Chiller HV Coolant Heater < 60 C Oil cooler (<15 C) Battery < 40 C Market trends and strategic positioning Current developments addressing all crucial issues related to powertrain and air conditioning technology Optimization ICE Hybrid Alternative drives Friction reduced engine components CNG Components for alternative fuels Liquid management modules Compressor E-Compressor Climate system for R744 refrigerant R&D expenses (EUR mn) Battery cooling Quick charge 753 657 552 375 384 6,1% 5,6% 5,7% 6,0% 5,8% 2014 2015 2016 H1 2016 H1 2017 9,0% 8,0% 7,0% 6,0% 5,0% 4,0% 48 volt drive system Cooling Air LT radiator LT radiat or Heater Core Electronics Heat pump Intake and exhaust systems for fuel cell vehicles 7

Market trends and strategic positioning MAHLE s demonstrator vehicle a new experience in urban mobility MAHLE Efficient Electric Transport 48-volt traction drive optimized for urban mobility Intelligent thermal management Climate neutral R744 air conditioning circuit Efficient thermoelectric heat pump Innovative individualrelated interior tempering Range + km + km + km + km 8

Financial results H1 2017 All business units contributed to the strong organic sales growth of 6% Sales (EUR mn) + 5.9% +373 6,563 6,196 +108-114 +1.7% Exchange rate effects -1.8% M&A +6.0% Organic growth Jan Jun 2016 Jan Jun 2017 9

Financial results H1 2017 Organic sales growth twice as high as market growth but earnings impacted by one-off effects MAHLE Group Key financials H1 2017 Sales EBITDA 6,563 mn 431 mn EBITDA margin 6.6 % Group sales grew by 5.9% as expected organic sales growth outperformed market growth** Earnings negatively impacted by warranty provisions Equity ratio temporarily below target range Net income Equity ratio Net debt/ EBITDA* Still strong net debt/ EBITDA ratio Successful increased refinancing of Schuldschein -20 mn 31.0% 1.4x * EBITDA for H1 2017 calculated on the basis of trailing 12 months EBITDA **According to IHS, light vehicle production H1 2017 +2.8% 10

Financial results H1 2017 Balanced portfolio and global footprint Profit Centers 14.8% (-0.5pp) Aftermarket 7.6% (+0.2pp) Division Mechatronics 3.1% By business unit Engine Systems and Components 22.4% (+0.3pp) Sales split H1 2017 Total: EUR 6.6 bn South America 5.2% (+1.0pp) Asia/Pacific 18.8% (+1.0pp) Africa 0.4% By region Europe 49.0% (-2.5pp) Thermal Management 34.7% Filtration and Engine Peripherals 17.4% North America 26.6% (+0.5pp) and (%) = Sales share H1 2017 vs. H1 2016 11

Financial results H1 2017 Earnings impacted by non-recurring effects EBITDA (EUR mn) 1.022 1.093 1.079 EBITDA influenced by increased material prices and warranty provisions 543 10,3% 9.5% 8.8% 8.8% 431 6.6% Amortization of goodwill and purchase price allocation within EBIT amounting to 1.1% of group sales 2014 2015 2016 H1 2016 H1 2017 EBITDA EBITDA margin EBIT (EUR mn) Additional impacts on net income Lower interest income y-o-y due to positive one-off effects in H1 2016 514 511 473 246 5.2% 4.5% 3.8% 4.0% 130 2.0% Increased tax rate due to higher nondeductible expenses and positive non recurring effects in H1 2016 2014 2015 2016 H1 2016 H1 2017 EBIT EBIT margin 12

Financial results H1 2017 Reduced equity ratio due to one-off effects Equity (EUR mn) 2,555 2,667 2,722 2,743 2,561 Equity ratio is below target ratio due to 37.8% 34.0% 33.9% 33.1% 31.0% 33% Inflated half-year balance sheet total including excess cash from recent Schuldschein 2014 2015 2016 H1 2016 H1 2017 Equity Equity ratio Net debt* (EUR mn) 1.407 1.226 1.314 1.322 701 1.3 1.1 1.3 1.4 0.7 2014 2015 2016 H1 2016 H1 2017 2.0 Negative FX translation effects on equity Higher warranty provisions Net debt/ EBITDA ratio still within conservative target range Commitment to implicit investment grade rating Net debt Net debt / EBITDA** * Net debt = liabilities to banks + bonds cash in hand, bank balances and checks **EBITDA for H1 2017 calculated on the basis of trailing 12 months EBITDA 13

Financial results H1 2017 Adequate cash position after the first six months Cash flow development H1 2017 (EUR mn) Reduced cash flow from operating activities due to cash out from EU antitrust fine and increased working capital 161 +244 272-311 +172 +6 High investments in property, plant, and equipment amounting to EUR 229.4 mn Cash funds at the beginning of the period Incl. short term liabilities & excl. cash on banking accounts > 3 months Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities FX and consolidation effects Cash funds at the end of the period Incl. short term liabilities & excl. cash on banking accounts > 3 months Positive cash flow from financing activities 14

Financial results H1 2017 Well balanced maturity profile and diversified funding mix with different debt instruments MAHLE has continuously increased and diversified its investor base Maturity of EUR 1,600 mn RCF has been extended by one year to July 2022 New EUR 250 mn Schuldschein were issued in June, maturing 2023, 2025 and 2027 769 102 Total financial liabilities: EUR 1,829 mn (incl. liabilities to banks, bonds and certain other liabilities) Other liabilities to banks include ancillary facilities in Mexico and Turkey as well as bilateral loan agreements in Brazil, India and Japan 320 500 137 300 131 99 108 15 66 124 167* 99 93 29 125 74 100 37 0 25 13 20 6 25 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Other liabilities to banks (EUR 435 mn) Bonds (EUR 829 mn) SSD (EUR 565 mn) * EUR 118,5 mn of other liabilities to banks represent short-term drawdowns from RCF maturing in 2022 RCF = Revolving Credit Facility SSD = Schuldscheindarlehen 15

Outlook Full year 2017 sales expected to reach EUR 12.6 bn Passenger cars and light commercial vehicles Medium and heavy duty vehicles World market + 1.9% World market +4.6% Outlook Vehicle Markets* (Forecast 2017 vs. 2016) Europe North America South America Asia/Pacific + 2.8% -2.2% + 14.3% + 2.1% Europe North America South America + 3.7% + 6.2% -1.3% Middle East/ Africa + 7.3% Asia/Pacific + 4.8% Outlook MAHLE Group Group sales expected to grow by 2-3% in 2017 Strong investments in R&D focusing our dual strategy Commitment to target equity ratio of 33% in the following years Improve cost situation and further integrate recent acquisitions 9.941 11.486 12.322 ~12,600 2014 2015 2016 2017e (guidance) *Source: Includes data provided by IHS, www.ihs.com; Copyright [2017], LV and MHD Production August 3 rd 2017 (Comparison Forecast 2017 with Actual 2016) 16

IR contact Investor Relations contacts Philipp Kuckuck Vice President Corporate Finance Pragstr. 26-46 70376 Stuttgart Germany Verena Sigel Head of Group Financing and Investor Relations Investor Relations: Email: investor.relations@mahle.com Internet: http://www.mahle.com Stefanie Hesse Corporate Finance and Investor Relations 17

Appendix 18

Company overview MAHLE is present in all global core markets enhancing its well-balanced footprint NORTH AMERICA Sales: EUR 1,745 mn (+8.0%) Employees: 16,262 (+4.4%) Production locations: 29 Development locations: 4 26.6% +0.5pp EUROPE Sales: EUR 3,214 mn (+0.7%) Employees: 34,766 (+0.5%) Production locations: 68 (-6) Development locations: 5 49.0% -2.5pp ASIA / PACIFIC Sales: EUR 1,237 mn (+12.2%) 18.8% AFRICA Sales: EUR 25 mn (+8.3%) 0.4% Employees: 16,200 (+0.9%) Production locations: 54 Development locations: 5 +1pp SOUTH AMERICA Sales: EUR 341 mn (+29.9%) 5.2% Employees: 1,044 (-0.9%) Production locations: 2 Development locations: - Employees: 9,024 (-3.4%) Production locations: 13 Development locations: 1 +1pp Countries with MAHLE production locations Development locations Note: Sales and Headcount figures as of June 30, 2017, Locations as of Dec 31, 2016 Sales by country of origin compared to H1 2016, Employees by region compared to Dec 31, 2016 incl. development locations and sales branches 19

Company overview Group structure reflects diversified product portfolio (As of Jun 30, 2017) BUSINESS UNITS DIVISION Engine Systems and Components Filtration and Engine Peripherals Thermal Management Aftermarket Mechatronics Sales: EUR 1,470 mn Sales: EUR 1,144 mn Sales: EUR 2,279 mn Sales: EUR 496 mn Sales: EUR 203 mn Employees: 27,468 Employees: 10,825 Employees: 22,694 Employees: 1,581 Employees: 3,930 PROFIT CENTERS Sales: EUR 971 mn Employees: 10,799 Compressors Engineering Services, Motorsports, and Special Applications Large and small Engine Components Industrial Thermal Management Control Units Front-end Modules 20

Outlook Global vehicle production expected to grow however uncertainty remains due to political risks Production of Medium and Heavy Duty Vehicles and Buses (>6t) [in thousand pcs.] Production of Passenger Cars and Light Commercial Vehicles [in million pcs.] World market Europe North America Forecast 2018 96,1 +1.3 % Forecast 2017 94,9 +1.9 % 22,4 +1.2 %² 22,1 +2.8 %1 17,5 +0.5 % 17,4-2.2 % World market (incl. Middle East/Africa) Forecast 2018 Forecast 2017 Europe North America South America 3,1 Asia/Pacific Middle East / Africa 1 +9.3 % +14.3 % 3,4 50,1 +0.7 % 49,7 +2.1 % 2,7 +10.0 % 2,5 +7.3 % Comparison Forecast 2017 with Actual 2016 South America Asia/Pacific 3.305 3.391-2.5 % +4.6 % 688 +2.9 %² 669 +3.7 %1 554 +10.1 % 503 +6.2 % 95 +9.5 % 87-1.3 % 1.967 2.131-7.7 % +4.8 % ² Comparison Forecast 2018 with Forecast 2017 Source: Includes data provided by IHS, www.ihs.com; Copyright [2017], LV and MHD Production August 3rd 2017 21

Financial results H1 2017 Income statement (key figures) in million EUR ACTUAL ACTUAL ACTUAL 1-6/2016 1-12/2016 1-6/2017 in % of sales in million EUR in % of sales in million EUR in % of sales CHANGE in million EUR Sales 6,196.4 100.0% 12,321.8 100.0% 6,562.9 100.0% 366.5 Cost of sales and other income and expenses -5,653.3-91.2% -11,242.4-91.2% -6,131.9-93.4% -478.6 EBITDA 543.1 8.8% 1,079.3 8.8% 431.0 6.6% -112.1 Depreciation / amortization of tangible and intangible assets (incl. goodwill) & longterm loans and securities -297.1-4.8% -606.6-4.9% -300.6-4.6% -3.5 EBIT 246.0 4.0% 472.8 3.8% 130.4 2.0% -115.6 Investment result -43.0-0.7% -148.3-1.2% -3.7-0.1% 39.4 Result from interest (incl. pensions) -33.6-0.5% -96.4-0.8% -57.5-0.9% -23.9 Result from activities 169.3 2.7% 228.1 1.9% 69.2 1.1% -100.1 Taxes on income -71.2-1.1% -132.2-1.1% -71.9-1.1% -0.7 Result after taxes on income 98.1 1.6% 95.9 0.8% -2.7 0.0% -100.8 Other taxes -15.5-0.2% -32.9-0.3% -17.4-0.3% -1.9 Net income / Net loss 82.6 1.3% 63.0 0.5% -20.1-0.3% -102.7 22

Financial results H1 2017 Assets ACTUAL 06/30/2016 ACTUAL 12/31/2016 ACTUAL 06/30/2017 CHANGE in million EUR % in million EUR % in million EUR % in million EUR Intangible assets 697.9 8.4% 630.7 7.9% 618.5 7.5% -12.2 Property, plant, and equipment 2,892.5 34.9% 3,029.0 37.7% 2,929.8 35.4% -99.2 Financial assets 159.4 1.9% 90.0 1.1% 115.2 1.4% 25.2 Inventories 1,270.1 15.3% 1,268.8 15.8% 1,315.8 15.9% 46.9 Receivables and other assets 2,484.6 30.0% 2,350.3 29.3% 2,488.0 30.1% 137.6 Cash and cash equivalents 488.2 5.9% 372.5 4.6% 498.4 6.0% 125.9 Prepaid expenses 33.5 0.4% 20.9 0.3% 34.9 0.4% 14.0 Deferred tax assets 197.4 2.4% 196.2 2.4% 204.7 2.5% 8.5 Plan assets 71.3 0.9% 73.6 0.9% 69.1 0.8% -4.5 Total 8,295.0 100.0% 8,032.1 100.0% 8,274.4 100.0% 242.3 23

Financial results H1 2017 Equity and liabilities ACTUAL 06/30/2016 ACTUAL 12/31/2016 ACTUAL 06/30/2017 CHANGE in million EUR % in million EUR % in million EUR % in million EUR Equity 2,742.7 33.1% 2,721.9 33.9% 2,561.0 31.0% -161.0 Badwill 1.8 0.0% 1.5 0.0% 1.4 0.0% -0.1 Accruals for pensions and similar obligations 568.2 6.8% 575.3 7.2% 567.5 6.9% -7.8 Other accruals 1,530.4 18.4% 1,462.5 18.2% 1,640.6 19.8% 178.0 Bonds 829.0 10.0% 829.0 10.3% 829.0 10.0% 0.0 Liabilities to banks 973.2 11.7% 769.3 9.6% 990.8 12.0% 221.5 Trade payables 1,192.6 14.4% 1,256.8 15.6% 1,232.3 14.9% -24.5 Other liabilities 457.2 5.5% 415.6 5.2% 451.8 5.5% 36.2 Total 8,295.0 100.0% 8,032.1 100.0% 8,274.4 100.0% 242.3 24

Financial results H1 2017 Abbreviated cash flow statement ACTUAL ACTUAL ACTUAL [in million EUR] 1-6/2016 1-12/2016 1-6/2017 CHANGE Cash funds at beginning of period 131.3 131.3 161.2 29.9 Cash flows from operating activities 354.7 855.7 244.4-110.3 Cash flows from investing activities -247.7-575.2-311.0-63.2 Cash flows from financing activities -47.1-266.0 171.7 218.8 Total cash flow 59.9 14.5 105.1 45.2 Change in cash funds from exchange rate movements and valuation procedures 61.5 18.9 5.6-56.0 Change in cash funds from changes in the consolidation group -3.5-3.5 0.0 3.5 Cash funds at end of period 249.2 161.2 271.9 22.7 25