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SECURITIES PROSPECTUS SLM Solutions Group AG - Securities Prospectus SLM Solutions Group 3 3 2 2 1 1 3APR2014072431920

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SECURITIES PROSPECTUS SLM Solutions Group AG - Securities Prospectus SLM Solutions Group 3 3 2 2 1 1 3APR2014072431920 SECURITIES PROSPECTUS SLM Solutions Group AG - Securities Prospectus SLM Solutions Group 3 3 2 2 1 1 3APR2014072431920 Prospectus for the public offering of 4,166,667 newly issued ordinary bearer shares with no-par value (Stuckaktien¨ ) from a capital increase against cash contributions still to be resolved by an extraordinary General Shareholders’ Meeting of the Company expected on April 25, 2014 (evening) and of 5,732,596 existing ordinary bearer shares with no-par value (Stuckaktien¨ ) from the holdings of the Existing Shareholders and of 1,349,019 existing ordinary bearer shares with no-par value (Stuckaktien¨ ) from the holdings of the Existing Shareholders for purposes of a potential over-allotment and at the same time for admission to trading on the regulated market (regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierb¨orse) with simultaneous admission to the sub-segment of the regulated market with additional post-admission obligations (Prime Standard) of the Frankfurt Stock Exchange of up to 4,166,667 newly issued ordinary bearer shares with no-par value (Stuckaktien¨ ) from a capital increase against cash contributions still to be resolved by an extraordinary General Shareholders’ Meeting of the Company expected on April 25, 2014 (evening) and of 13,814,200 existing ordinary bearer shares with no-par value (Stuckaktien¨ ) – each such share with no-par value and a notional interest in the share capital of EUR 1.00 and full dividend rights from January 1, 2014 – of SLM Solutions Group AG Luebeck, Germany International Securities Identification Number (ISIN): DE000A111338 German Securities Identification Number (WKN): A11133 Common Code: 104000436 Trading Symbol: AM3D Joint Global Coordinators and Joint Bookrunners Credit Suisse Deutsche Bank Co-Lead Managers BHF-BANK Canaccord April 25, 2014 TABLE OF CONTENTS TABLE OF CONTENTS ..................................................... i SUMMARY OF THE PROSPECTUS ........................................... 1 Section A – Introduction and Warnings ......................................... 1 Section B – Issuer ........................................................ 1 Section C – Securities ..................................................... 14 Section D – Risks ........................................................ 15 Section E – Offer ........................................................ 18 DEUTSCHE UBERSETZUNG¨ DER ZUSAMMENFASSUNG DES PROSPEKTS .......... 26 Abschnitt A – Einleitung und Warnhinweise ..................................... 26 Abschnitt B – Emittent .................................................... 27 Abschnitt C – Wertpapiere .................................................. 40 Abschnitt D – Risiken ..................................................... 41 Abschnitt E – Angebot ..................................................... 46 RISK FACTORS ........................................................... 54 Market and business related risks ............................................. 54 Risks related to our intellectual property ........................................ 66 Legal, regulatory and tax-related risks .......................................... 71 Risks related to the Offering, the Shares and the shareholder structure .................. 75 GENERAL INFORMATION ................................................. 79 Responsibility for the contents of this Prospectus .................................. 79 Subject matter of this Prospectus ............................................. 79 Forward-looking statements ................................................. 79 Information relating to industry, market and customer data and information from third parties 80 Documents available for inspection ............................................ 81 Information regarding financial data and foreign currency ........................... 81 THE OFFERING .......................................................... 85 Subject matter of the Offering ............................................... 85 Price Range, Offering Period, Offer Price and number of Offer Shares .................. 86 Expected timetable for the Offering ........................................... 87 Information on the Offer Shares .............................................. 88 Existing Shareholders ...................................................... 89 Allotment .............................................................. 89 Stock Exchange admission and commencement of trading ........................... 89 Stabilization measures, Over-Allotment and Greenshoe Option ........................ 90 Lock-up agreements ....................................................... 90 Designated sponsors ....................................................... 91 Paying agent ............................................................ 91 Selling agent ............................................................ 92 Selling restrictions ........................................................ 92 REASONS FOR THE OFFERING, PROCEEDS AND COSTS OF THE OFFERING, USE OF PROCEEDS, AND INTERESTS OF PERSONS PARTICIPATING IN THE OFFERING . 94 Reasons for the Offering and proceeds and costs of the Offering ...................... 94 Use of proceeds .......................................................... 94 Interests of persons participating in the Offering .................................. 95 EARNINGS AND DIVIDENDS PER SHARE; DIVIDEND POLICY ................... 97 CAPITALIZATION, INDEBTEDNESS AND DEBT FINANCING REQUIREMENTS ....... 99 Capitalization and indebtedness .............................................. 99 Net financial indebtedness .................................................. 100 Debt financing requirements ................................................. 101 Statement on Working Capital ............................................... 101 No significant change ...................................................... 101 i DILUTION.............................................................. 102 SELECTED CONSOLIDATED FINANCIAL AND BUSINESS INFORMATION ........... 103 Consolidated income statement information ..................................... 104 Consolidated statement of financial position ..................................... 106 Selected consolidated cash flow statement items .................................. 107 Employees .............................................................. 107 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ............................................... 108 Overview of our business and our Group ........................................ 108 Presentation of financial information and key factors affecting its comparability ............ 109 Significant factors affecting our financial condition and results of operations .............. 110 Key measures of our business ................................................ 115 Other financial information ................................................. 115 Consolidated results of operations ............................................. 118 Selected balance sheet items as of December 31, 2012 and December 31, 2013 (IFRS) ...... 125 Liquidity and capital resources in 2013, 2012 and 2011 (IFRS) ........................ 126 Financing agreements ...................................................... 127 Contractual commitments ................................................... 128 Capital expenditures and investments .......................................... 129 Off-balance sheet arrangements .............................................. 130 Quantitative and qualitative disclosures about market risk ........................... 130 Information from the Unconsolidated Financial Statements in accordance with HGB for the financial years 2012 and 2013 .............................................. 135 MARKET AND INDUSTRY OVERVIEW; COMPETITIVE LANDSCAPE ............... 136 Introduction ............................................................ 136 Overview of overall 3D printing market ......................................... 136 Advantages of additive manufacturing over traditional manufacturing technologies .......... 138 Additive manufacturing – overall market and industry trends and key growth drivers ........ 140 The metal based additive manufacturing market .................................. 141 Competitive landscape ..................................................... 146 Overview of the rapid prototyping market relevant for SLM Group .................... 147 BUSINESS ............................................................... 148 Introduction and overview .................................................. 148 History of the Group ...................................................... 149 Competitive strengths ...................................................... 149 Strategy ................................................................ 152 Business segments, products and services ........................................ 153 Operating site and production ............................................... 156 Research and development .................................................. 157 Intellectual property and licenses ............................................. 158 Procurement and suppliers .................................................. 160 Distribution and marketing .................................................. 160 Employees .............................................................. 161 Customers .............................................................
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