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Oddo Bhf German Conference RELAUNCH ODDO BHF GERMAN CONFERENCE Frankfurt/Main, 21/22 Feb. 2018 01 GESCO PROFILE IN BRIEF 1989 Founding 4 17 GROUP PORTFOLIO > € 500 million LONG‐TERM SEGMENTS COMPANIES GROUP SALES Investor Market leaders & Future oriented established players end markets based on 100% ~ 2,500 PORTFOLIO MEGA TRENDS EMPLOYEES WORLDWIDE TAKEOVER INDUSTRIAL Group UP TO 3 36 Acquisitions „HIDDEN German SITES WORLDWIDE per year CHAMPIONS“ „MITTELSTAND“ 2 01 SEGMENTS IN BRIEF Production process technology Resource technology Dynamically growing markets, high degree Consolidating markets, focus on niches of innovation, automation, „batch size 1“ and customer service Robotics and automation solutions in Customised preparation of primary machine and plant construction, technology‐ materials, e. g. materials supply, intense manufacturing services transport and loading technology Health and infrastructure technology Mobility technology Not very cyclical, relatively resilient to Cyclical automotive market, positive economic fluctuation outlook driven by technological leaps, Components, modules and primary products e. g. electromobility for providers for mass markets close to end Tools and moulds, components, parts etc. customers for vehicle industry 3 01 SHARE PRICE DEVELOPMENT 5 YEARS THE SHARE GESCO Share (incl. div.) vs. SDAX and DAX (%) 240 220 SDAX +124.4% 200 180 160 DAX +61.4% GESCO +51.3% 140 12.02.2018 120 € 31.15 01.01.2013 € 22.68 100 80 4 01 SHARE PRICE DEVELOPMENT YTD THE SHARE GESCO Share (incl. div.) vs. SDAX and DAX (%) GESCO +38.1% ANALYSTS‘ STATEMENTS SDAX +22.2% DAX +5.9% 180 GSC Research: 41.00 €/ buy / 21.11.2017 170 160 Bankhaus Lampe: 40.00 €/ buy / 08.02.2018 150 Oddo BHF: 38.00 €/ buy / 08.02.2018 140 130 SMC Research: 35.80 €/ hold / 14.12.2017 120 Equinet: 35.80 €/ accumulate / 08.02.2018 110 12.02.2018 01.01.2017 € 31.15 GESCO 100 € 22.55 SDAX 90 DAX 5 01PORTFOLIO PORTFOLIO STRATEGY 2022 STRATEGY 2022 Starting point PORTFOLIO Long‐standing successful STRATEGY RELAUNCH business model had been losing momentum 2022 since 2012/2013. Action In 2016/2017 we set a lot of actions in motion in order to lead GESCO back to the path of profitable growth. 6 01PORTFOLIO PORTFOLIO STRATEGY 2022 STRATEGY 2022 Phase of analysis terminated 01 02 03 04 ANALYSE ANALYSE STRUCTURING OF BENCHMARK FOR SITUATION MEGA TRENDS SEGMENTS EACH COMPANY Are our existing business model Which markets are attractive Which competences are How do we secure leading and our role as shareholders still for us? the basis on which we shape positions and margines? suitable to achieve our goals? our future? DECISION Q1/2016 DECISION Q1/2016 DECISION Q2/2016 DECISION Q3/2016 • the business model had to be • growth markets related to • GESCO competences • Competitive benchmarking further developed in order to mega trends identified realised for each company realize improvement potential • focus put on 4 end customer • Portfolio reshaped into • optimisation potential • GESCO had to take a more market segments 4 Group segments identified active part in its shareholder • basis for focussed growth • support needs substantiated role • strategy foresees up to 3 • resulting gaps quantified acquisitions per year 7 01PORTFOLIO PORTFOLIO STRATEGY 2022 STRATEGY 2022 Optimizations started 05 06 07 08 MANAGEMENT GROWTH LEVER MANAGEMENT VALUES & CULTURE LEVER Which mix of measures helps us METHOD DEVELOPED to get better? How do we best fulfil our How can the holding generate How can we preserve values duties as a shareholder? added value while maintaining and at the same time develop high degrees of liberty? a strong culture of performance and results? DECISION Q4/2016 DECISION 03‐04/2016 DECISION 03‐04/2016 DECISION 03‐04/2016 • robust organization: • concrete actions developed • annual strategy meetings • cultural change has been placement of managing and anchored in planning used as kick‐off for initiated directors & key positions • focus on revenue growth and strategic planning • operational degrees of • prioritization on investments competitiveness • ambitious 3 year targets freedom have been retained for growth & competitiveness • Increase cash flow through agreed with the Managing • stronger focus on obligation • consultative support to the new focus on working capital Directors and achievement have been portfolio companies • consulting by portfolio put in place managers in financial and technical topics & projects 8 01 ACQUISITION 2016/2017 M&A Profile Pickhardt & Gerlach Group A REFINING ACQUISITION ~ €30 m HIDDEN CHAMPION SALES Leading supplier in Europe FIELD OF USPs: BUSINESS QUALITY LEADER & DEDICATED CUSTOMER SERVICE 41 processing of strip steel STAFF with brass, copper, nickel & zinc SPECIALTY CUSTOMER SECTORS high degree of automation, production electronics, home accessories, interior fittings, packaging, SIGNING: DEC. 2016 office supply, household appliances, handicraft & DIY, technology and site CLOSING: JAN. 2017 furniture accessories, sporting goods, automotive state of the art 9 02 FINANCIAL YEAR 2017/2018 ‐ Q1‐Q3 Q1‐Q3 Dynamic development in first nine months • Business activity in capital • Incoming orders and sales • EBIT margin increased • Q4 stronger than expected, goods industry has picked increased significantly, from 5.4% to 7.5 % order intake and sales still up significantly earnings grew • Impact of antitrust on a high level • PORTFOLIO STRATEGY 2022 disporportionately proceedings against • Operating guidance for full in progress, optimisation • Negative one‐off effect due Dörrenberg Edelstahl GmbH financial year significantly projects begin to show to decison of a company currently not quantifiable, increased especially with results to discontinue one of not included in Q3 figures respect to earnings • Portfolio strengthened by its divisions: € ‐2.0 m • Impact of antitrust acquisition of Pickhardt & • Positive one‐off effect due proceedings against Gerlach Group, included to agreement on a tax issue: Dörrenberg Edelstahl GmbH in P+L for the first time €+1.7 m not included in outlook in current financial year 10 02 FINANCIAL FIGURES IN DETAIL Q1‐Q3 Q1‐Q3 Q1‐Q3 Change Remark 2016/2017 2017/2018 Incoming orders €m 376.4 407.9 +8.4 % organic: +1.2 % Sales €m 357.5 404.4 +13.1 % organic: +5.9 % Disproportional growth, better EBITDA €m 35.7 49.4 +38.6 % capacity utilisation, temporary favourable order mix EBIT €m 19.9 31.5 +57.7 % Earnings before tax €m 17.8 29.9 +67.7 % Group net income after minority interest €m 9.7 16.4 +68.2 % Disproportional development Earnings per share pursuant to IFRS € 0.98 1.51 +54.1 % due to higher no. of shares Increase due to capital increase Weighted average number of shares No. 9,969,471 10,832,475 +8.7 % from March 2017 PGW‘s staff included for the first Employees No. 2,526 2,482 ‐1.7 % time (37 employees), Protomaster‘s staff no longer included (115) 11 02 SEGMENT DEVEL0PMENT Q1‐Q3 Q1‐Q3 Q1‐Q3 Segment € m 2016/2017 2017/2018 Incoming orders 53.3 56.0 PRODUCTION PROCESS Lively customer demand; segment benefits from trend Sales 45.2 48.4 to automation; in Q3 increasing number of machines TECHNOLOGY delivered EBIT 1.4 2.0 Incoming orders 173.5 202.2 RESOURCE Extraordinarily strong Q1 with especially favourable Sales 166.4 205.4 environment, normalisation of margins on a high level in TECHNOLOGY Q2 and Q3; Pickhardt & Gerlach included for the first time EBIT 13.7 27.8 HEALTH & Incoming orders 87.2 96.4 Lively customer demand, segment benefits from positive Sales INFRASTRUCTURE 87.8 96.6 development of markets close to end customers TECHNOLOGY EBIT 8.7 9.5 Incoming orders 62.3 53.3 Good demand for parts for serial production, but tool manufacturing clearly declining; negative one‐off effect of Sales MOBILITY 59.7 54.5 € ‐2.0 m because a portfolio company decided to TECHNOLOGY discontinue one of its divisions; segment development EBIT 3.4 ‐0.4 clearly lagging behind initial expectations; Protomaster GmbH sold on 7 Dec. 2017 via MBO 12 02 2017/2018 –Q4(operating business Oct. to Dec. 2017) Q4 ORDER INTAKE Q4: +17% YOY SALES Q4: +15% YOY 160.000 140.000 144 144 120.000 122 125 100.000 80.000 60.000 40.000 20.000 O S O S 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 €‘000 2016 2017 ORDER BACKLOG END OF Q4: Preliminary figures for Q4: better than approx. € 195 m (without order backlog of Protomaster GmbH expected, business activity still on a high level which had been sold in Dec. 2017) O = order intake (left) € million S= Sales (right) € million 13 03 ENVIRONMENT OUTLOOK 2017/2018 OUTLOOK IMPROVED Expectations for full financial year FORECAST GESCO GROUP German GDP 2017 2017/2018 2017/2018 2017/2018 +1,4% to +1,8% 2016/2017 Change Outlook Outlook Outlook Actual yoy 6/2017 1) 11/2017 2) 2/2018 3) 510 approx. Group sales €m 482.5 530 +13% to 530 545 ProductionVDMA forecast Group net income 17 20 +153% €m 7.9 18 after minority interest to 18 to 21 to +166% after years+3% of stagnation Earnings per share 1.57 1.84 +133% € 0.79 1.66 acc. to IFRS 4) to 1.66 to 1.94 to +145% Outlook raised significantly especially with regard to earnings 1) as at annual accounts press conference on 29 June 2017 2) as at financial report H1 from 14 Nov. 2017 3 as at quarterly statement Q3 from 14 Feb. 2018 4) no. of shares increased due to capital increase from March 2017 14 03 OUTLOOK 2017/2018 OUTLOOK Ad‐hoc from 12.12.2017 . Antitrust proceedings against Dörrenberg Edelstahl GmbH, a 90% subsidiary of GESCO. In‐depth analysis in progress. Impact on earnings not yet quantifiable, therefore: . Impact not included in nine months figures 2017/2018 . Impact not included in outlook for full FY 2017/2018 15 03 OUTLOOK OUTLOOK Expected Segment Development for full FY Sales PRODUCTION PROCESS Segment benefits from trend to automation, TECHNOLOGY sales and earnings expected above prev.
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