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20171114 Capital Markets Day 2017 Epiroc Split Update Atlas Copco Group - Epiroc split update Capital Markets Day 2017 Hans Ola Meyer, CFO 2 Agenda 11. Rationale for the split 21. Carve-out and listing project 31. Financials Update on the split Capital Markets Day 2017 3 Strategic rationale and business benefits Split the Group into one INDUSTRIAL and one MINING/INFRASTRUCTURE company Both businesses are global leaders . A fully focused, dedicated in their respective areas management can – serve customers even better – drive growth and profitability The businesses have different end- . The synergies between the two markets and different demand drivers businesses are limited . A separation into two world-leading The businesses have different demand listed companies will facilitate a fair patterns valuation on the stock market Update on the split Capital Markets Day 2017 4 Two world class companies Atlas Copco Epiroc ~34 500 BSEK 84 21%* ~12 500 BSEK 30 19%* Industry Employees Revenue Operating Mining Infrastructure Employees Revenue Operating margin margin * Indicative 12 month figures at September 30, 2017 Update on the split Capital Markets Day 2017 5 Two world class companies Operating margin (EBIT), % 30% 25% 20% 15% EBIT margin EBIT 10% 5% 0% 2009 2010 2011 2012 2013 2014 2015 2016 H1 2017 Atlas Copco excluding MR Atlas Copco MR Large cap global multi industrials Mining and construction equipment companies Large cap global multi industrials: 3M, ABB, Alfa Laval, Assa Abloy, Caterpillar, Danaher, Deere, Dover, Eaton, Emerson, Fortive, Geberit, General Electric, Graco, Hitachi, Honeywell, Illinois Tool Works, Komatsu, Kone, Legrand, Mitsubishi Heavy Industries, Nordson, Parker-Hannifin, Rockwell Automation, Rolls-Royce, Roper Technologies, Sandvik, Schindler, Schneider Electric, Siemens, SKF, Smiths Group, Trelleborg, United Technologies, Volvo, Wartsila, Weir and Xylem Mining and construction equipment companies: Caterpillar, Komatsu, Metso, Sandvik and Weir Source: FactSet and Company filings 6 Two world class companies Cash generation 30% 25% ) / Sales / ) 20% NWC ∆ - +/ 15% Capex - 10% (EBITDA 5% 0% 2009 2010 2011 2012 2013 2014 2015 2016 H1 2017 Atlas Copco excluding MR Atlas Copco MR Large cap global multi industrials Mining and construction equipment companies Large cap global multi industrials: 3M, ABB, Alfa Laval, Assa Abloy, Caterpillar, Danaher, Deere, Dover, Eaton, Emerson, Fortive, Geberit, General Electric, Graco, Hitachi, Honeywell, Illinois Tool Works, Komatsu, Kone, Legrand, Mitsubishi Heavy Industries, Nordson, Parker-Hannifin, Rockwell Automation, Rolls-Royce, Roper Technologies, Sandvik, Schindler, Schneider Electric, Siemens, SKF, Smiths Group, Trelleborg, United Technologies, Volvo, Wartsila, Weir and Xylem Mining and construction equipment companies: Caterpillar, Komatsu, Metso, Sandvik and Weir Source: FactSet and Company filings 7 Two world class companies Organic sales growth, indexed 220 200 180 160 CAGR ~ 5% 140 ~ 5% ~ 3% Organic sales developement sales Organic 120 ~ 1% 100 80 2009 2010 2011 2012 2013 2014 2015 2016 H1 2017 Atlas Copco excluding MR Atlas Copco MR Large cap global multi industrials Mining and construction equipment companies Large cap global multi industrials: 3M, ABB, Alfa Laval, Assa Abloy, Caterpillar, Danaher, Deere, Dover, Eaton, Emerson, Fortive, Geberit, General Electric, Graco, Honeywell, Illinois Tool Works, Kone, Legrand, Nordson, Parker-Hannifin, Rockwell Automation, Rolls-Royce, Roper Technologies, Sandvik, Schindler, Schneider Electric, Siemens, SKF, Smiths Group, Trelleborg, United Technologies, Volvo, Wartsila, Weir and Xylem Mining and construction equipment companies: Caterpillar, Metso, Sandvik and Weir Source: FactSet and Company filings 8 Carve-out project Update on the split Capital Markets Day 2017 9 The startingscope point BOARD OF DIRECTORS PRESIDENT AND CEO GROUP MANAGEMENT BUSINESS AREAS AND CORPORATE FUNCTIONS COMPRESSOR VACUUM INDUSTRIAL MINING AND ROCK POWER TECHNIQUE TECHNIQUE TECHNIQUE EXCAVATION TECHNIQUE TECHNIQUE • Compressor Technique • Vacuum Technique • Industrial Technique Service • Mining and Rock • Power Technique Service Service Service • MVI Tools and Excavation Service • Specialty Rental • Industrial Air • Semiconductor Service Assembly Systems • UndergroundPortable Air Rock • Portable Energy Excavation • Oil-free Air • Semiconductor • General Industry Tools and – Incl Handheld equipment • Construction Tools • Professional Air • High Vacuum Assembly Systems • SurfacePower and and Flow Exploration Drilling • Gas and Process • Industrial Vacuum • Chicago Pneumatic Tools • Drilling Solutions • Medical Gas Solutions • Industrial Assembly Solutions • Rocktec • Airtec • Rock Drilling Tools Divisions generally conduct business through product companies, distribution centers and customer centers Update on the split Capital Markets Day 2017 10 The scope BOARD OF DIRECTORS PRESIDENT AND CEO GROUP MANAGEMENT BUSINESS AREAS AND CORPORATE FUNCTIONS COMPRESSOR VACUUM INDUSTRIAL POWER EPIROC TECHNIQUE TECHNIQUE TECHNIQUE TECHNIQUE • Compressor Technique • Vacuum Technique • Industrial Technique Service • Power Technique Service • Service Service Service • MVI Tools and • Specialty Rental • Underground Rock • Industrial Air • Semiconductor Service Assembly Systems • Portable Air Excavation • Oil-free Air • Semiconductor • General Industry Tools and – Incl. Handheld equipment • Surface and Exploration • Professional Air • High Vacuum Assembly Systems • Power and Flow Drilling • Gas and Process • Industrial Vacuum • Chicago Pneumatic Tools • Drilling Solutions • Medical Gas Solutions • Industrial Assembly • Rocktec Solutions • Airtec • Rock Drilling Tools • Hydraulic Attachment Tools Divisions generally conduct business through product companies, distribution centers and customer centers Update on the split Capital Markets Day 2017 11 The carve-out and spin-off project organization Spans the entire world Atlas Copco External Atlas Copco AB Board External advisors KPMG •Shearman & Sterling Programme Owners Roschier •Blink SEB + Deutsche Bank •Brann Steering Committee Mercer •Marsh Dynapac Carve-out EY •+ Locally contracted Programme leaders Program Management Office Work Streams Finance Financial Solutions Tax/Ownership structure Legal & Spin-off Operations HR, Pension & Internal Comm. CorpCom & Brand Strategy Board, CEO and Insurance IT Union Epiroc Corporate Office Holding regions Russia, Central Asia Spain, Portugal, Italy, Western Europe Nordic, Baltic Canada Japan, Korea Turkey & Middle East Morocco & Eastern Europe Greece Greater China / India South East Asia Latin America & Brazil Southern Africa Australia USA Algeria Mongolia Local Project Leaders 78 Local Project Leaders with 250+ Local Team Members Update on the split Capital Markets Day 2017 12 Epiroc carve-out and spin-off timeline Epiroc legal Atlas Copco All Tax and Legal Step structure Audit by AGM Listing on Plans approved established Stand-alone Nasdaq Stockholm Nasdaq Stockholm Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 1. Blueprint and planning 2. Execution and local transactions 3. Stand alone 4. Transition 2017 2018 Atlas Copco - Notice to Atlas - Listing Committee Q4 report, Copco AGM decision, Nasdaq incl. dividend - Information Stockholm proposal brochure on - Publishing of Epiroc dividend listing prospectus proposal, incl. - Capital Markets financial targets, Day, Epiroc capitalization etc. Update on the split Capital Markets Day 2017 13 Epiroc carve-out . The project is on time, no red flags MSEK . Estimated transaction expense 600 – Of which expensed Q2-Q3 in 2017 140 . One-off write-down of IT system in Q3 2017 170 . Estimated tax expense 800 – Net, after deduction of step-up values 500 14 Financials Update on the split Capital Markets Day 2017 15 Epiroc Group – preliminary reporting segments (IFRS) BOARD OF DIRECTORS Revenues by reporting segments PRESIDENT AND CEO GROUP MANAGEMENT BUSINESS AREA AND CORPORATE FUNCTIONS “Tools & Attachments” “EQUIPMENT & “TOOLS & ATTACHMENTS” SERVICE” ~30% • Service • Rock Drilling Tools • Surface and Exploration • Hydraulic Attachments Drilling ~70% • Underground Rock Excavation “Equipment • Drilling Solutions & Service” • Rocktec NOTE! The reporting segments will be confirmed in Q2 2018. Update on the split Capital Markets Day 2017 16 Revenues and Operating profit – Atlas Copco and Epiroc Revenue split Operating profit split Epiroc Epiroc BSEK 30 BSEK ~5.7 19% margin BSEK ~17.8 BSEKBSEK xx 84 21% margin Atlas Copco Atlas Copco NOTE! All figures presented are indicative and based on Sep 30, 2017 financials Update on the split Capital Markets Day 2017 17 Capital employed – Atlas Copco and Epiroc Capital Employed Epiroc BSEK ~20 BSEK ~60 Atlas Copco NOTE! All figures presented are indicative and based on Sep 30, 2017 financials Update on the split Capital Markets Day 2017 18 Capitalization - Atlas Copco and Epiroc . Work in progress, but…. – Both companies share the same history, and has some similar characteristics . strong financial position gives freedom . access to all financial debt markets is important . modest recurring investment need, thanks to business model Update on the split Capital Markets Day 2017 19 Capitalization - Atlas Copco and Epiroc – Customer demand differs…. 220 200 180 160 140 120 100 Organic sales developement sales Organic 80 2009 2010 2011 2012 2013 2014 2015 2016 H1 2017 Atlas Copco excluding MR Atlas Copco MR – This will be reflected in the capitalization of the two companies. A somewhat lower average financial leverage (lower Net
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