IR_120920_UBS_final

A leading player in the European ITC* Distribution Industry * Information Technology, Telecommunication, Consumer Electronics Prof. Dr. Gustavo Möller-Hergt, CEO Thomas C. Weissmann, Chairman

2 | UBS Conference “Best of Switzerland”, 2012

Disclaimer

§  The present management presentation in both oral and written form (together the „Presentation“) has been prepared by ALSO-Actebis Holding AG (“ALSO-Actebis”)

§  The Presentation contains selected information and does not purport to be complete. Any estimates and projections involve significant elements of subjective judgement and analysis, which may or may not be correct. Accordingly, each recipient, prior to making any decision with regard to business relations with ALSO-Actebis, should conduct an investigation of its own regarding the chances and risks connected with such relations. Neither ALSO-Actebis nor any of its affiliates, members, employees or agents, or any of its direct or indirect shareholders provide – or have the authority to provide – any guarantee or warranty (expressed or implied) or assume any responsibility or liability whatsoever with respect to the authenticity, origin, validity, accuracy or completeness of the information and data contained or made in the Presentation, or assume any obligation for damages, losses or costs resulting from any errors or omissions contained in the Presentation.

§  ALSO-Actebis does not assume any obligation to update and/or revise the Presentation or the information upon which it has been based.


Introduction

§ No. 3 in Europe in ITC distribution §  6.2 bn EUR net sales in 2011 §  Market presence in 12 countries §  Market leader in 7 out of 12 countries

§ Result from a merger between ALSO (CH) and Actebis (D) §  Companies merged on February 8, 2011 §  Integration project successfully completed during first half of 2012

§ Both ALSO and Actebis are long term players in this industry §  ALSO founded in Hergiswil, Switzerland, in 1984 §  Quoted on Swiss stock exchange since 1986

§  Actebis founded in Soest, Germany, in 1986 §  Previously privately held


Market leader in 7 countries

Country Pos. Country Pos.

Germany 1 Norway 2

Switzerland 1 Austria 2

Denmark 1 France 3

Finland 1 Sweden 3

Estonia 1 Netherlands 7

Latvia 1

Lithuania 1


Leading distributor for leading vendors

ITC Distribution Industry – Structure, Value proposition, Attractiveness, Risks


ITC Distribution – Important part of value chain

HW/SW Vendors (Apple, Cisco, Dell, HP, IBM, Microsoft, Samsung…) „c

hann

el“

Business Users large medium small

Corporate Resellers

ITC-Distributors (ALSO-Actebis, Ingram, TechData, …)

VARs Retailers

Private Users (SOHO)


European ITC market 2009 – players & segments

0 1 2 3 4 5 6 7 8 9 10

Tech Data

Ingram

ALSO-Actebis

Avnet

Esprinet

DCC SerCom

Westcoast

IT 45%

TC 35%

CE 20%

Market segments

Net Sales 2009 bn €

Top 8 distributors represent < 50% of total distribution market

Total distribution market 2009

> 60 bn €


ITC Distribution – Sustainable value proposition

§ 24 hour availability §  Stock management, logistics not a core competence of reseller

§ Choice §  „Multi-Vendor“ end user infrastructure

§ Credit §  Resellers need to finance cash cycle

§ Supply Chain Management §  Complex „purchase-to-ship“ process, different for each vendor

§ Customer Breath for Vendors §  Distributors reach more than 100‘000 resellers accross Europe

à Even DELL (previously direct marketer) has turned to distributors


ITC Distribution – Very profitable business

§  Assumptions §  Sales 100 §  GM = 5% §  EBIT = 1.5%

§  Traditional view §  „ROS“ = Return

on Sales

§  Alternative views §  „ROMA“ =

Return on margin

§  „ROVA“ = Return on value added

0%

20%

40%

60%

80%

100%

EBIT = 1.5%

of Sales

EBIT = 43% of

Value Added

COGS

OPEX

EBIT

ROS „ROMA“ „ROVA“

EBIT

GM

EBIT = 30% of

Gross Margin


ITC Distribution – Resilient sales/margin model

0 10 20 30 40 50-2-10123456

0

20

40

60

80

100

120

0 10 20 30 40 50

Revenue decline % Revenue decline %

Value (Index) Value (Index)

Sales COGS

Gross Profit OPEX

EBIT

With 30% lower sales still break-even EBIT !


ITC Distribution – Successful risk management

§  Inventory §  Price protection clauses (typically 30 days) §  Active stock turn management

§ Bad debt §  Account receivables insurance §  Highly developed own credit risk management systems

ALSO-Actebis Unit 2010 1 2011

DIO 2 days 19.6 20.7

Total stock provision % of sales 0.18% 0.16%

Annual bad debt 3 % of sales 0.07% 0.06% 1 Actebis only 2 based on annualized December sales 3 actual losses + use of provisions, but excluding A/R insurance premium


ITC Distribution – sector beta clearly below market

Metals &

Mining (D

iv.) N

atural Gas (D

iv.) N

atural Gas U

tility N

ewspaper

Office E

quip/Supplies

Oil/G

as Distribution

Oilfield S

vcs/Equip.

Packaging &

Container

Paper/Forest P

roducts P

etroleum (Integrated)

Petroleum

(Producing)

Pharm

acy Services

IT-Distribution

Chem

ical

1,15

Com

puter Softw

are

Advertising

Financial Svcs. (D

iv.) Food P

rocessing

Electric U

til.

Drug

E-C

omm

erce

Telecom. U

tility Toiletries/C

osmetics

Water U

tility

Biotechnology

Bank

Autom

otive

Household P

roducts Industrial S

ervices Inform

ation Services

IT Services

Machinery

Medical S

ervices M

etal Fabricating

Electronics

Retail (S

oftlines) R

etail Store

Retail/W

holesale Food S

ecurities Brokerage

Sem

iconductor Equip

Shoe

Steel

Pipeline M

LPs

Pow

er P

recious Metals

Precision Instrum

ent P

roperty Managem

ent P

ublic/Private E

quity P

ublishing R

.E.I.T.

Railroad

Recreation

Reinsurance

Restaurant

Source: http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/Betas.htm (Last updated Jan. 2012) Note: Illustrative selection of average, unlevered industry betas

IT-Distribution stocks are more resistent to short-term market trends

Competitive Position & Key Figures


ALSO-Actebis – Principles & Competencies

§ Business Principles §  We provide more customer value than the competition. §  We make only promises we can keep. §  We are personally committed to every one of our customers. §  We cultivate long-term partnerships. §  We measure ourselves against the zero-error principle.

§ Core Competencies §  Customer Value §  Total Quality Management §  Advanced Logistics §  Strategic Use of IT §  NWC Management §  Operational Excellence


A leading player in Europe

ALSO- Actebis

Tech Data (Europe)

Ingram (Europe)

Revenue 2011 (mEUR) 6‘209 1 11‘242 8‘169

Rank in Europe 3 1 2

# countries 12 16 13

# market leader positions 7 5 3

EBIT FY 2011 (reported) 1.08% 1.05% 1.20%

Profitability Index 11 100 97 111

Profitability Index 11 2 100 76 86

1 Actebis 12 months, ALSO 11 months 2 excluding integration costs & PPA from merger

17 | UBS Conference “Best of Switzerland”, 2012 17

Superior profitability

ALSO-Actebis 1

Tech Data (Europe)

Ingram (Europe)

Revenues HY1/12 (m€) 2‘869 5‘600 3‘929

% change YoY (in €) - 7% + 6% 0%

EBIT HY1/12 1.29% 0.95% 0.72%

Profitability Index HY1/12 100 74 56

EBIT change YoY + 15bps + 9bps - 17bps

profitability change YoY + 13% + 10% - 19%

1 YoY data adjusted in 2011 for integration charges

Results First Half Year 2012 1 + 1 > 2


Key figures 1st semester 2012 (mEUR)

HY1-2012 Delta YoY1 Adjusted 3

Net Sales 2’868.5 + 0.4% - 7.0%

EBITDA 49.4 + 36.5% + 11.0%

Net Profit after tax 20.3 + 175.6% + 76.5%

Total Assets 1‘152.0 + 0.3%

Equity-Ratio 31.8% + 9.7%

# Staff 2‘983 -4.6 % 2

1 Previous year Actebis 6 months, ALSO 5 months only 2 Basis FTE, excluding temporary hires 3 Previous year Actebis 6 months, ALSO 6 months, excluding integration charges


Central Europe – Markedly higher results*

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

0

10

20

30

40

50

2011 2012 2011 2012 EBITDA EBT

+ 19% + 47%

mEUR % of Sales ►  Market segments

•  SMB slightly below last year

•  Consumer PC market (excluding tablet computers) substantially below previous year

►  ALSO-Actebis •  Earnings markedly

higher •  Profitability

substantially improved

1.5%

1.8%

0.7%

1.0%

•  2011 Actebis 6 Monate, ALSO nur 5 Monate (Februar-Juni)


-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

-4

-2

0

2

4

6

8

10

12

14

16

2011 2012 2011 2012

EBITDA EBT + 191% + 1464%

mEUR % of Sales

0.5%

1.3%

-0.1%

0.9%

N/E Europe – Results substantially improved*

►  Markets different •  Sweden below last

year (value) •  Denmark, Norway,

Baltics above last year (value)

►  ALSO-Actebis

•  Substantially improved results

•  Turnaround Norway •  „Come Back“ Baltics

* 2011 Actebis 6 Monate, ALSO nur 5 Monate (Februar-Juni)


HY1-2012 markedly better than before merger

0

5

10

15

20

25

30

35

40

2010 2011 2012 2010 2011 2012

EAT mEUR 1

1 2010 ALSO & Actebis combined 2 excluding PPA & integration charges

reported comparable 2

+ 45%

+ 34%

Outlook & Investment Opportunity


Maintain M

Optimize O

Reinvent R

Enhance E

Growth

Capital Structure Profitability

Strategic framework for ALSO-Actebis

§ MORE-Program defines ALSO-Actebis strategy


MORE lifts EBITDA to >130 m€

M

O

R

E

Maßnahme Explanation

integration of the two businesses; in 2011 EBITDA reduction of 5-15% due to one-time effects and restructuring charges

Realisation of synergies; effects depend on identifying synergy levers and exploiting them successfully

Realisation of growth initiatives; effects depend on successful implementation of current and future initiatives

Focussed M&A; effects depend on future M&A decisions to extend value chain

Maintain

Optimize

Reinvent

Enhance

EBITDA (% vs. 2010)

-5 to -15%

+ 10 to 15%

+ 10 to 15%

On top


MORE – EBITDA increase on or above target

70

80

90

100

110

120

130

140

150

160

2010A 2011P 2011A 2012E m-t Plan MORE

EBITDA mEUR

1 ALSO & Actebis figures combined 2 adjusted to include ALSO figures for January 2011

MORE-Plan Actual

Base line

MORE-Plan

105-110

100

85-95

120-130

> 130

102

1 2


Growth opportunities ahead

§ Business expansion §  Share gains §  Industry consolidation §  New Vendors (e.g. Apple, Samsung) §  New product categories (e.g. White Goods, Medium) §  Services

§ Business extension §  Getting closer to the end customer (MPS)

§ New geografical areas §  Focus is on Europe


Earnings perspectives

§ For 2012 EAT of 37 – 43 MEUR expected §  EAT for first half year was 20.4 MEUR §  Equals 77% increase YoY on comparable basis

§ Mid-term EAT goal is 50 – 55 MEUR §  Time frame 2013/2014

§ Additional earnings of 10 MEUR p.a. from 2016 on §  PPA from merger between ALSO and Actebis will lapse in February 2016


Investment opportunity

§ Attractive industry §  Little or no fixed assets §  Low capital requirements §  Technological innovation creates & drives new market segments

§ Attractive business §  Sustainable value proposition §  Resilient business model §  Limited and manageable risks §  Highly profitable (returns on margin, returns on value added)

§ Attractive player §  Very strong competitive position §  Superior profitability §  Untapped growth & earnings potental

Questions & Answers IR Contacts: Prof. Dr. Gustavo Möller-Hergt, CEO

Thomas C. Weissmann, Chairman Company Address: Meierhofstrasse 5, 6032 Emmen Website: www.alsoactebis.com Ticker Symbol: ALSN Next Publication: October 22, 2012 – Q3 figures

Documents

IR_120920_UBS_final