Private Equity Newsletter Quarterly Special | Edition 1/2018 Dear Clients

PRIVATE EQUITY

Newsletter QUARTERLY SPECIAL | EDITION 1/2018

CLOSED DEALS for 2017 and the fi rst quarter of 2018 within the German-speaking region

NEW DEAL FLOW January 2017 - March 2018 in German-speaking region

MOST RECENT STUDIES by Roland Berger Private Equity Newsletter Quarterly Special | Edition 1/2018 Dear Clients,

Dr. Sascha Haghani dear Friends,

We hope that you had a successful start into the first months of 2018, closing recent deals and investigating new opportunities. In this edition of our PE Newsletter, we want to look back at a successful year 2017 and share our expectations for the remainder of 2018.

PE-related deal activity in the German-speaking region has been particularly good in 2017 with Christof Huth 204 closed deals (up from 168 closed deals in the previous year) and a promising start into 2018 with 45 closed deals by the end of Q1/2018. New deal flow has held up well since beginning of 2017, the only exception being August 2017 as vacation month; February 2018 displayed a very strong deal flow with 66 deals and there are indications for a positive outlook for the remaining year 2018. The majority of deal activity continued to be with Industrial Products and Consumer goods, followed by Health- care and IT/Telecommunication.

From a political perspective, uncertainty has thus far continued in 2018, driven by Brexit negotiations, Catalonia’s separatist movement as well as new protectionist measures in form of tariffs by Sven Kleindienst the US government. On the positive side, German chancellor Angela Merkel and her partners have finally formed a new grand coalition government ending several months of intense negotiations. Despite of the political uncertainty, capital markets remain strong – except for small corrections in Q1/2018 – and many economists expect a continued robust economic development in Europe.

Two months ago, our “European Private Equity Outlook 2018” has been published, a study for which Roland Berger interviewed private equity professionals throughout Europe. The study indi- cates a positive outlook for 2018, which is, however, slightly more cautious than in the previous year. Jan Felsen Pharma & Healthcare, Business Services & Logistics and Technology, Media & Telecommunication (TMT) are the top three industries expected to see PE-driven M&A deals in 2018. Current multiples paid are considered overvalued or slightly overvalued by the vast majority (93%) of PE professionals – Nevertheless, c.30% of surveyed professionals expect valuation multiples to further increase in 2018. Add-on acquisitions and digitalization/Industry 4.0 are expected to be the most important portfolio improvement/value creation measures in 2018.

Furthermore, a range of notable studies has been published by Roland Berger, which address Dr. Thorsten Groth amongst others the future disruption potential, e.g., in the automotive industry (“Automotive disruption radar #3 – Mobility services move up a gear”; “Selling commercial off-road vehicles – Key insights for OEMs, dealers and leasing companies”). In addition, recent studies provide insights into upcom- ing technology trends such as artificial intelligence (“AI think, therefore AI am – Are we ready for the next revolution in technology?”), supply chain planning (“Supply Chain Planning 4.0 – Supercharge your supply chain planning performance”) as well as automation (“Robotics Process Automation in Finance”). Moreover, we are happy to announce that we have expanded our senior team in Investor Support with the appointment of Marc Hesse as Principal. Marc Hesse Roland Berger’s Investor Support Practice wishes you many new opportunities and success with your transactions, on which we will, of course, be happy to support you.

Yours sincerely

Dr. Sascha Christof Sven Jan Dr. Thorsten Marc Dr. Gerd Dr. Gerd Sievers Haghani Huth Kleindienst Felsen Groth Hesse Sievers

2 Roland Berger Private Equity Newsletter Quarterly Special | Edition 1/2018

Increased Closed deals for 2017 and the first quarter of 2018 overall deal The number of closed deals in 2017 amounted to 204, representing the highest number of deals activity in 2017 - within the past 16 years, representing a YoY growth of c.21%. With respect to the first quarter of 2018, the number of closed deals has been at 45, being slightly lower compared to the number of 2018 started 53 closed deals in Q1/2017. more moderately In 2017, the leading deal makers in terms of number of deals were AFINUM, AUCTUS, Bregal, HANNOVER Finanz, KKR and Waterland with 5 deals each, followed by Equistone and IK Investment Partners with 4 deals. Furthermore, a number of private equity companies concluded 3 acquisitions each, including Ardian, Capvis, CGD Management, EQT and The Carlyle Group.

In the first quarter 2018, Waterland has already completed 3 deals while Beyond Capital Partners, DPE Deutsche Private Equity, H.I.G. Capital, Oaktree, Odewald, Perusa and Ufenau have closed 2 deals each.

204 CLOSED DEALS IN GERMAN-SPEAKING REGION 2001 - 2018 YTD # closed PE-relevant deals Source: Roland Berger

166 168 163 161

136

125 122 119 113 110 104 100

81 79 74

45 40 2011 2017 2012 2015 2013 2016 2014 2001 2010 2007 2002 2005 2003 2006 2009 2008 2004 2018 YTD

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DEAL FLOW PER MONTH IN GERMAN-SPEAKING REGION Jan 2017 - Mar 2018 # deals by status Source: Roland Berger 66

23 51 48

44 43 37 15 7 37 37 12 37 31 34 32 33 15 33 27 19 8 25 17 21 19 26 13 3 19 25 6 12 2 5 36 3 23 15 19 7 16 12 8 16 14 15 14 1 11 11 7 4 6 5 Jan Feb Mar Apr Mai Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

146 101 102 115 128

2017 2018 YTD

Current Rumored Dormant Closed1 Withdrawn

The first quarter of 2018 has seen a considerably lower deal flow of 128 deals, compared to 146 deals in Q1/2017. Moreover, more deals were closed (and signed) in Q1/2017 compared to Q1/2018. However, Q4/2017 developed stronger with 115 deals compared to 89 deals in Q4/2016, resulting in a year with strong PE activity in the DACH region. Most of the 36 current deals in February are still ongoing, indicating a positive outlook for the second quarter of 2018.

1 The difference in “closed” deals in the deal flow statistic (on this page) compared to the “closed deals” statistic (on the preceding page) is due to the time delay between announced deals (in deal flow statistic) and legally closed and signed deals (in closed deals statistic)

4 Roland Berger Private Equity Newsletter Quarterly Special | Edition 1/2018

DEAL FLOW PER MONTH IN GERMAN-SPEAKING REGION Jan 2017 - Mar 2018 # deals by industry Source: Roland Berger 66 4

59 5 4 3 51 8 48 7 7 44 6 43 6 1 6 4 5 1 6 37 22 2 37 37 5 4 8 34 4 11 6 32 3 33 6 1 1 3 4 1 5 4 7 2 27 8 7 7 1 4 7 25 11 5 14 2 9 1 16 3 8 2 5 3 3 7 19 13 17 1 2 6 7 4 1 2 11 4 7 11 2 9 2 5 5 9 4 13 8 10 5 1 9 1 4 10 7 11 3 2 5 4 1 4 2 1 1 1 2 9 6 6 6 5 1 1 4 5 5 3 4 3 4 1 3 3 1 Jan Feb Mar Apr Mai Jun Jul Aug Sep Oct Nov Dez Jan Feb Mar

146 101 102 115 128

2017 2018 YTD

Consumer goods Healthcare Other Chemicals Engineered products Transportation Automotive Energy IT/Telecoms

The PE market in the DACH market continues to see the most activity in the segments Consumer goods as well as Engineered products (23 and 40 deals respectively in Q1/2018). Moreover, an increased deal activity in the Healthcare segment has been observed in 2017, also being reflected in larger transactions, e.g., Alloheim/Nordic Capital. Furthermore, the Automotive industry continuously displays constant deal flows from the PE industry. Yet, the Transportation and Energy segments continue to show rather limited deal flow.

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DEALS CLOSED IN 2017 WITHIN THE GERMAN-SPEAKING REGION

TARGET BUYER TARGET BUYER

ACURA Kliniken Rheinland-Pfalz RAD-x (Gilde) AIMD SL Unternehmens- ANDROMEDA Mediznische Systems Laborie Medical Technologies beteiligungsgesellschaft (Investor AB) Altano Gruppe Ufenau artegic Main Capital Partners Apostroph Group Wieners+Wieners (ECM Equity Capital Atotech The Carlyle Group Management) B2B Media Group EMEA Nordwind Capital atms Telefon- und Marketing Services BK Invest Bilfinger Scheven DUBAG Deutsche Barthelmess Fordahl Capital Unternehmensbeteiligungen Chromasens Lakesight Technologies (Ambienta) Böllinger Group TRIGO Group (Ardian) CopyQuick Neuenburg Copytrend (AFINUM) Cine-Mobil LEO Familienholding EBERTLANG Distribution Beyond Capital Partners ConCardis Bain Capital/Advent F.S.V. Fachbetrieb für AVS Verkehrssicherung DBW Advanced Fiber Technology Group DMB Dr. Dieter Murmann Verkehrseinrichtungen auf Straßen (Steadfast Capital) Beteiligungsgesellschaft Frankenpark-Klinik Media Kliniken (Waterland) DefShop Equistone Gebhardt Instruments Trescal (Ardian) Deurotech Produktions PINOVA Capital globits FERNAO Networks (AUCTUS) Duagon DBAG Hulvershorn Eisengiesserei Rheinische Mittelstandsbeteiligung DuoTherm Rolladen BPE Unternehmensbeteiligungen ISOG Management BayBG Bayerische Beteiligungs- EF-Express Flash Europe International (Eurazeo) gesellschaft and Endurance Capital EffiSi HLS Engineering Group JK-Holding VTC Industriebeteiligungen (Aheim Capital and TerVia Invest) Karl Reichenbach Lampe Privatinvest Management Embassy Jewel Bregal Maredo Perusa F24 Armira Partners Modehaus Schneider AppelrathCuepper (OpCapita) Felss Group Capvis NRW Building Technology Bregal Fit Heaven Let‘s Go Fitness (AFINUM) OeBB-Fernbus Flixbus (Silver Lake Partners, General Fitbudget Let‘s Go Fitness (AFINUM) Atlantic, Holtzbrinck Ventures, Daimler Frostkrone Tiefkühlkost EMERAN Venture Capital) Gasser Rassuvin Acrotec (Castik Capital) One Advertising diva-e Digital Value Enterprise GEFASOFT Alpina Capital Partners (EMERAN) Gemaco Capiton Optimed Medizinische Instrumente E-Med Solutions (Westlake Partners) Granit Holding (SCHOCK) IK Investment Partners ORTHOPARC ATOS Kliniken (Waterland) Heidelberger Payment (heidelpay) AnaCap Financial Partners Parallels International Oakley Capital Hensoldt (fka Airbus Defence KKR Peiseler INDUS Holding Electronics) POOL4TOOL Jaegger (KKR) Holzindustrie Fürst zu Fürstenberg European Wood Products Holding PPS Imaging NORD Holding (Flacks Group) Rehazentrum Wilhelmhaven Media Kliniken (Waterland) IMG Electronic & Power Systems HASEC-Elektronik (bm-t Beteiligungs- Klinik am Park management Thüringen) Reutter Steadfast Capital Infinigate H.I.G. Capital SHD Bregal iT-CUBE SYSTEMS SecureLink (Investcorp) Tembit Software Hanse Orga (Waterland) Josef Reis Tempus Capital The Corner Lampe Privatinvest Management Karl Schmidt Odewald univativ Group Triton Partners Kronenbrot Signal Capital Partners URBANA Energietechnik GETEC Energie (EQT) Kunze Gruppe PWK Automotive (HANNOVER Finanz) vonRoll itec FERNAO Networks (AUCTUS) Ledvance IDG Capital Partners, MLS and Yiwu WIDOS Wilhelm Dommer Soehne HANNOVER Finanz/Finexx State-Owned Assets Operation Center World of Travel Reisebuero Mader Kuoni Reisen (EQT) Margarethenhof DOREA Holding (Quadriga Capital) Aerial Procuritas mgw Service Akiem (Ermewa Group and Deutsche Ahlbrandt System GmbH Baldwin Technology Company and BW Asset Management) Forsyth Partners o|con Office Concept Webhelp (KKR) ASI DATAMYTE Quality Management Alpina Capital Partners Optimol Instruments Prüftechnik Virthos Partners Software Division Poggenpohl Adcuram AUVESY Brockhaus Private Equity Presswerk Krefeld HANNOVER Finanz Brenner Medical Clinical Innovations (The Pritzker Productsup Nordwind Capital Group) ProXESS Capvis cardtech Card & POS Service Concardis (Bain Capital/Advent) REIFF Gruppe European Tyres Distribution Carttec Gatekeeper (HKW) (Bain Capital) ciao bella Lizenz Gustoso Gruppe GmbH (AUCTUS) Rhenser Mineralbrunnen Berentzen Brothers CoreMedic SHS Gesellschaft fur SAFECHEM Europe CBPE Capital Beteiligungsmanagement Schustermann & Borenstein Permira Dorma Beschlagtechnik GmbH Flacks Group SLV Ardian Dynasafe International Solix Group Utimaco EQT EuroAvionics Hensoldt (KKR) WEETECH PINOVA Capital evania video Main Capital Partners Well Plus Trade Vertriebs HQ Equita FAM Magdeburger Foerderanlagen und Ceterum-Holding Wer Liefert Was Capvis Baumaschinen GmbH Wilhelm Schulz Precision Castparts Fly&Company Delivery Hero (Rocket Internet) (Berkshire Hathaway) Formel D 3i Xtera Communications H.I.G. Capital Gabo Systemtechnik Bregal Zahnradwerk Pritzwalk Andreas & Pfeiffer Garz & Fricke AFINUM ZGS Bildung Oakley Capital Getronics International Servest (Bottega InvestCo)

6 Roland Berger Private Equity Newsletter Quarterly Special | Edition 1/2018

DEALS CLOSED IN Q1-Q3 2017 WITHIN THE GERMAN-SPEAKING REGION

TARGET BUYER TARGET BUYER

Stoll Giroflex Flokk (Triton Partners) Ecole de Coiffure de Lausanne Groupe Silvya Terrade (Apax Partners) JLS DIGITAL Vinci Capital EMVIA Living Chequers Capital Kaelte Eckert VR Equitypartner Epiontis Precision for Medicine Inc., TPG Capital, Kalimba Aqua Vital (Halder) Oak Investment Partners, J.H. Whitney & klebefieber.de PPS. Imaging GmbH (NORD Holding) Co., TPG Growth Klinik Fleetinsel Hamburg ATOS Kliniken (Waterland) ETT Verpackungstechnik GFEP Kopiervertrieb Rhein Ruhr Apogee Corporation Limited (Equistone) Euro Druckservice DPE Deutsche Private Equity Kreuzfahrtberater Cruise.co.uk (Bridgepoint Gess & Partner JR Personal (AUCTUS) Development Capital) Hanse Haus Equistone Laboratorium Dr. Deppe Invision Private Equity Hora-Werk BWK Unternehmensbeteiligungen Lebara Group Palmarium Advisors ic! berlin brillen PREMIUM Equity Partners MBN Perusa IntelliShop IMCap Partners McGee Pharma PharmaLex (AUCTUS) IT WORKS AFINUM MCI Group Indigo Capital and EMZ Partners JobRouter Main Capital Partners Metabolomic Discoveries Syngenta International (Sevin Rosen Lampenwelt Prject A Ventures Funds/Keating Investments/180 Degree Magnolia International Elvaston Capital Management Capital/The Aurora Funds/Fletcher Meona EMERAM Spaght/Metabolon) Oase Argand Partners Multiweigh Invicto OKS Otto Knauf Fidelium myra Antonio Invest PCS PayCard Service Concardis (Bain Capital) Pferdeklinik in Kirchheim Altano Gruppe (Ufenau) Pinsker Druck und Medien ARCUS Captial Pflegen & Wohnen Hamburg Oaktree PlusServer BC Partners Professional360 Bryanston Group QMS Medicosmetics BlueGem Capital Partners Pumpenfabrik Wangen Silverfleet Capital Sapal Navigator Capital Rehms Building Technology Bregal Schenck Process Blackstone Savedo Deposit Solutions (e.ventures/Greycroft schoen + sandt machinery CGS Management Partners/Peter Thiel/Valar Ventures SGL Carbon (Graphite Electrode Triton Capital Partners Management/FinLab) Business) Schweighofer Fiber GmbH, TowerBrook Capital Partners Simplepay Concardis (Bain Capital) Schweighofer Fiber StarTec Payment & Service Heidelberger Payment (AnaCap Schwerdtfeger Transport Flash Europe International (Eurazeo) Financial Partners) Seeklinik Brunnen AMEOS Gruppe (The Carlyle Group/ Studienkreis IK Investment Partners Quadriga Capital/Omnes Capital) Stuertz Maschinenbau CGS Management SGB-SMIT Group One Equity Partners Technogroup IT-Service Vitruvian Partners Silvan AURELIUS Uroviva International ECM Equity Capital Management SMB Medical Marle International (IK Investment W.AG Funktion + Design CM-CIC Investissement Partners/The Carlyle Group) Wiegmann APEX Capital Spiele Max Palero Capital Wlihelm Altendorf Avedon Capital Partners Sporternahrung Mitteregger HANNOVER Finanz Wolfensberger Fidelium Straesser Group ATESTEO (3i) Klapper Autoteile Alliance Automotive Group (Blackstone) TTI Personaldienstleistung Raiffeisenlandesbank Oberösterreich Lindenfarb Textilveredlung RADIAL Capital Partners UC Point SoftwareOne (KKR) Julius Probst Valco GHM (VR Equitypartner) Vitronet Projekte DBAG WDM (Wolfshagener Draht- und Cross Equity Metallverarbeitung) Xindao Perusa Yeah! PAI Partners A&W Feinbackwaren De Banketgroep (Qualium Investissement) A+F Automation + Fördertechnik CGS Management Alfahosting (European Directories (EDSA)) Triton Partners AWK Group DPE Deutsche Private Equity AZ Elektro CMP Capital Management Partners GmbH Bien-Zenker Equistone BMF Group Rantum Capital Management, Cedarlake Capital Partners Bukh Bremen Alliance Marine SAS (Weinberg Capital Partners) BWTS capiton Career Partner/ Internationale Oakley Capital Hochschule Bad Honnef (iubh) Condecta Paragon Partners Cordier Spezialpapier Value Enhancement Partners CP Corporate Planning HANNOVER Finanz Debitor Inkasso IK Investment Partners Eberhard Hoeckle Jet Investment

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DEALS CLOSED IN Q1/2018 WITHIN THE GERMAN-SPEAKING REGION

TARGET BUYER

7days Marc Staperfeld Silverfleet Capital Partners ABO Flitertechnik Nord Waterlogic (Castik Capital) ACT IT Holding Conet (H.I.G. Capital) AGVS Holding Süd Beteiligungen Air Alliance DPE Deutsche Private Equity Albrecht & Dill Cosmetics ECM Equity Capital Management alphaBit Swiss IT Security AG (Ufenau) ALVI - Alfred Viehhofer Noppies (Vendis Capital) Ascora DRS Investment Bauwerk Boen EGS Beteiligungen Brugg Kabel SOLIFOS (HVD Partners) Competence Call Center Ardian coeo Inkasso Waterland compassio Schones Leben Group (Waterland) CONET Technologies H.I.G. Capital copperING Gehring Technologies (Penta Investments) Dermedis Rigeto Unternehmerkapital Elatec Summit Partners FEBA Automation Piab Invest AB (EQT) Giesserei Albbruck Navigator Capital H. Vollmer LDBS Lichtdienst GmbH (Beyond Capital Partners) Heizkurier Odewald IBYKUS VM Capital Advisors ISPIN MBO (Capiton) KBL DIH Deutsche Industrie-Holding Langer & Laumann Ing.-Buro Odewald Larsen Indoor Light Concept LDBS Lichtdienst (Beyond Capital Partners) Learnship Networks THI Investments navabi Verdane Capital Advisors NL-Holding Oaktree PERLKÖNIG Perlen & Schmuck & Maxburg Capital Partners Zubehör Pferdeklinik Grosswallstadt Altano Gruppe (Ufenau) Ploucquet CONSTANTIA Beteiligungs (CBAG) and TECHTEX Procrea Group NL-Holding (Oaktree) RECAT FINEX SICACV SIF Schroth Safety Products Perusa Secura Industriebeteiligungen Perusa Simply Logistics Systems Floris Capital smava Vitruvian Partners, Runa Capital Swiss Medical Imaging Investment RAD-x (Gilde) Swyx Solutions Waterland Thurn Produkte Quantum Capital UNICEPTA Gesellschaft für Paragon Partners Medienanalyse VTU Holding DPE Deutsche Private Equity MeinAuto Hg Capital

8 Roland Berger Private Equity Newsletter Quarterly Special | Edition 1/2018 Presenting Roland Berger most recent studies

European Private Equity Outlook 2018 The private equity industry anticipates more M&A transactions on the part of PE firms in 2018 than last year, con- fident that the favorable economic outlook will offset economic uncertainties like the ongoing Brexit negotiations. This is among the conclusions reached by the new „European Private Equity Outlook 2018“, a study for which Ro- land Berger interviewed more than 2,500 private equity professionals from around Europe. The most attractive industries for M&A with PE involvement are Pharma, Business Services & Logistics, and Technology, Media & Telecommunications. There is also rising interest from Chinese investors, who benefit from a large home market and access to favorable financing conditions. The outlook shows, that this year, PE firms will likely focus more on selling their existing investments than on making new acquisitions: Divesting existing investments is now top priority. Furthermore, the surveyed professionals cited majority shareholdings in family-owned companies as the main source of acquisition targets, followed by secondary buyouts.

Automotive disruption radar #3: Mobility services move up a gear The Roland Berger automotive disruption radar looks at 27 select indicators that have been measured on a factual basis, including interviews with over 13,000 end users in 13 countries. The third issue of the study confirms that Asian countries like China, Singapore, and South Korea speed up their activities while mature Western markets (and particularly German OEMs) are rather busy protecting themselves by managing the ‘dieselgate’ and NOx emissions crisis. In its newest edition, the automotive disruption radar has named the China as the leading country for introducing autonomous vehicles showing a significant sales increase in the last year. Furthermore, the study reveals that countries are quickly making significant progress in providing a legal framework for testing the new technology on public roads. However, to date, only the US has given the full regulatory go-ahead for autonomous driving.

AI think, therefore AI am – Are we ready for the next revolution in technology? This study sheds light on the fundamental questions around artificial intelligence (AI). What exactly is AI, how does it work and what can companies use it for? Experts from industry and start-ups talk about the future of AI and its business potential. AI for business Suddenly everyone is talking about how artificial intelligence will change the world. An analytic view helps to find out what it will really mean for business. Think of digital personal assistants, real-time translation or data crunching. Carrying along one’s personal AI The artificial intelligence upheaval will peak in the advent of individual and portable AI. Smart applications will develop a deep understanding of who we are and enable us with hyper-personalized services. AI augmented workplaces and their specialists What will be the future of work? Many people believe that giving repetitive tasks to smart machines will free us to reimagine our working roles as human beings. Accordingly, there is nothing to fear. But it is time to prepare.

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Supply Chain Planning 4.0 – Supercharge your supply chain planning performance In a fast-paced and dynamic world, change is the only constant. Manufacturing companies that control their own production must ensure that their supply chain planning (SCP) systems are flexible enough to navigate the comple- xities that this changing world presents, particularly in the age of digitalization. In this study, we first present the results of an extensive survey carried out among supply chain and operations professionals. This looked at the readiness of the supply chain planning setup across the globe. What state is it in, and where do the chief pain points lie? Next, in a special feature, we examine some of the latest trends seen in supply chain planning. We identify four key tendencies: the integration of previously separate planning horizons, the appointment by companies of a „collabo- rative planner“ to oversee the interconnected supply chains of their suppliers and of the company itself, the appli- cation of advanced scenario planning tools, and the use of data analytics to forecast demand better. Finally, we look at the investments required to transform supply chain planning systems, and the tangible and intangible benefits. Generally, we expect to see a payback period of two to four years, with an internal rate of return of 15 to 25 percent.

Selling commercial off-road vehicles – Key insights for OEMs, dealers and leasing companies Following strong growth in the past and a general market decline in 2016, sales of most off-road commercial vehicles are now expected to grow moderately until 2020. While the agriculture segment is still at the bottom of a super-cycle, the construction equipment segment is seeing first signs of recovery. Given these prospects, companies have rightly switched their focus from aggressive growth strategies to making gains in process efficiency. But which specific areas should companies be focusing their efforts on? What are the key success factors when it comes to selling off-road commercial vehicles and how do they differ between the United States and Europe? In this paper we present the results of our recent investigation of this important topic and hear directly from those working in the industry. On the basis of this data we then present our specific recommendations for OEMs, dealers and leasing companies operating in the off-road commercial vehicle market.

Robotics Process Automation in Finance Finance functions have been transforming themselves in recent years, with the aim to evolve from a “data producer” role towards a “strategic business partner” position for internal clients. This transformation requires switching from reactive to proactive data delivery, analyses and decision-making support for internal clients. Robotics Process Automation (RPA) has proved to be a major optimization lever for financial activities. In recent years, Roland Berger has conducted numerous assignments in the field of RPA in finance functions across various industries. RPA is an interesting and effective level to replace repetitive, manual tasks by “robotized” process generating substantial productivity gains around production, control, consolidation and reconciliation tasks. To be fully effective, it needs to come after a process simplification and harmonization effort and should be coupled with an analysis of the long-term end-to- end automation potential of accounting and financial production flows. In addition, an analysis of the expected evolution of HR need is required.

For further information, questions or remarks please contact:

ROLAND BERGER GMBH Investor Support, Sederanger 1, 80538 Munich, Germany Lejla Kalajevac, Phone +49 89 9230-8250, Fax +49 89 5485-8250, [email protected]

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