With the future always in sight.Sustainable and responsible

Annual Report 2015

Always acting consciouslyWith sights set to the future

Sustainability is more than just a buzzword for WAREMA, it is an expression of our awareness of future challenges. With our innovative product solutions, we facilitate active SunLight Management in buildings. The users benefit from a greater quality of life, energy efficiency and the preservation of their property's value.

The highest quality requirements, environ-mentally conscious use of resources and fair working conditions are of key importance to us. We create a common added value so it is not just us as a company, but also the en-vironment and society, that benefit from our business.

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WAREMA Annual Report 2015

03 Key figures of the WAREMA Group

04 Letter from the Executive Board

05 The year 2015 in review

06 SunLight Management

08 Always the best performance

10 Always a reliable partner

12 Report of the Supervisory Board

13 Imprint

Contents

WAREMA has been developing and producing tech-nical sun shading products for over 60 years. Over the decades, we have amassed extensive expertise in all aspects of SunLight Management. Our solu-tions support an efficient and sustainable future.

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SunLight Management with solutions made for the future

Technical sun shading systems − For windows and facades

− For living and working spaces

− For balconies, patios and open spaces

Intelligent control systems − Radio systems

− Central control systems

− Bus systems, room automation

Consultation and service − Sales and marketing support

− Planning guides

− After-sales service

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WAREMA Annual Report 2015

Key figures of the WAREMA Group

▶ WAREMA Sonnenschutztechnik GmbH

▶ Wings Professional Project GmbH

▶ WAREMA Kunststofftechnik und Maschinenbau GmbH

− WAREMA Plastic Technology Hungary Kft.

WAREMA Renkhoff SE

▶ WAREMA International GmbH

− WAREMA Austria GmbH − WAREMA France SARL − WAREMA Iberia S.L. − WAREMA Korea Yuhan Hoesa − WAREMA Nederland B.V. − WAREMA Schweiz GmbH − WAREMA Sun Shading Systems

(Shanghai) Co., Ltd.

in EUR '000 2015 2014 2013 2012 2011

Earnings performance

Revenue 418,948 403,956 376,998 372,438 375,920

Operating performance 421,905 417,905 393,276 384,361 385,275

Staff costs 187,711 186,637 176,628 168,334 154,896

Material costs 157,209 156,819 150,460 144,906 150,262

Result from ordinary activities 9,430 15,398 5,963 11,100 26,715

EBIT (operating result) 16,473 18,272 10,279 14,148 26,602

Net income 4,079 9,125 2,467 7,316 18,075

Assets and financial position

Fixed assets 115,206 123,141 121,168 115,903 102,020

Current assets 140,577 127,547 117,846 126,420 134,613

Equity 119.396 119,317 112,020 111,685 108,579

Total assets 257,445 252,496 240,474 243,907 238,630

Investments (without long-term financial assets) 16,678 16,292 18,788 23,208 32,050

Depreciation and amortisation 15,504 15,208 14,976 14,163 11,868

Net cash from operating activities 29,143 33,032 21,389 13,291 25,458

Key figures

Return on sales before taxes (%) 2.1 3.7 1.4 2.8 6.9

EBIT in % of sales 3.9 4.5 2.7 3.8 7.1

Equity ratio (%) 46.4 47.3 46.6 45.8 45.5

The Executive Board of WAREMA Renkhoff SE: Michael Müller (Executive Vice President Manufacturing), Harald Freund (Vice Chairman of the Executive Board), Angelique Renkhoff-Mücke (Chief Executive Officer), Thomas Schauberger (Executive Vice President International).

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Letter from the Executive Board

Ladies and Gentlemen,Dear Friends and Partners, 2015 was certainly an eventful and demanding year. It was marked by terrorist attacks in Paris and across the world, by the VW emmissions scandal and, above all, by the refu- gee crisis. In spite of the widespread skepticism, Chancellor Angela Merkel has again and again emphasised her confi-dence and her resolve through the mantra "We can do it!" The simplicity and, at the same time, the gravity of these four simple words have presented Germany with great chal-lenges. At the same time, they have motivated many people to work courageously and to volunteer to help.

Having the courage and the determination to tackle prob-lems are values that are also firmly rooted at WAREMA. We demonstrated this once again in our anniversary year, during which we looked back over 60 years of our com-

Angelique Renkhoff-Mücke Chief Executive Officer

pany's history. We have the challenges, trends and oppor-tunities of the future in sight and will reach out for them with purpose. This includes, first and foremost, the topic 'working world 4.0', which brings with it the digitalisation of manufacturing and business processes. This will change our structures in a sustainable way over the coming years. We have already reached an important milestone in this respect: the introduction of myWAREMA.

The hot summer of last year drew attention to how current the changing climate of our planet is. Thermal protection of buildings in the summer months will, in future, take on an even greater role, above all against the backdrop of the increasingly stringent energy consumption requirements for residential and commercial buildings. Our high-quality and sophisticated solutions for active SunLight Management provide the answer to this. We have the benefit of an in-tensive exchange of information and partnership with our

customers. We would like to provide them with the highest standard of product quality, individual consultation and first-class service.

Let's head towards the future together. We are at your side. You can rely on us, as has been the case for the past 60 years. On behalf of the Executive Board of the WAREMA Group, I would like to warmly thank you for your trust, your commitment and your loyalty.

Conservatory awning W20: secudrive®, the innovative guide technology, delivers total shading without annoying light gaps.

CO2-neutral heating is possible thanks to the investment in a heating and technology centre at our Dillberg II location.

The WAREMA project collection has been awarded two prizes.

The year 2015 in review In 2015, WAREMA looked back on 60 years of successful company history. This was cele-brated at the WAREMA summer party for employees, but also during the partner dialogue with the WAREMA Expert Partners, which took place in Fulda at the end of the year.

In February, the industry's annual highlight, the leading global trade fair R+T, was on the agenda. The SunLight Manager presented its innovative power at one of the largest trade fair stands with over 1,100 square metres. From the very first of these trade fairs, 50 years ago, WAREMA has been a faithful participant at the leading global trade fair for roller shutters, doors and sun shading systems. We presented the expert audience with, amongst other things, the new conservatory awning W20, a further improvement to the venetian blind window systems, the new WAREMA Colour World, the fast patio motor STM and the inside project collection. This won the German Design Award as well as the ICONIC award.

Through the investment in a cogeneration unit as well as a heating and technology centre, WAREMA was able to further reduce its climate emissions in 2015. Specially with the new wood-chip heating system, which is operated with renewable fuels, our Dillberg II location in Marktheidenfeld is now heated CO2-neutrally. The energy requirements for future buildings could also be provided for with renewable energy.

WAREMA Annual Report 2015

SunLight Management More than just sun shading

The goals of the 2015 UN climate confer-ence in Paris to reduce global warming make it clear how important it is to reduce the global energy consumption. This calls for future-ready, sustainable buildings. SunLight Management makes a significant contribu-tion to this. Building certifications identify buildings with low levels of energy con-

sumption. An example of this is the Hum-boldtHafenEins office complex in Berlin. The buildings are fitted with WAREMA external venetian blinds, vertical louvre blinds and control systems. It was the first building in Germany to be given the German Sustainable Building Council's (DGNB) highest, platinum award.

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WAREMA Annual Report 2015

Smart efficiency to make you feel at home Sustainability is not only a necessary requirement. More importantly, energy and resource-conscious ac-tion develops into a way of life. The desire to make a personal contribution is growing. For many people, this goes hand-in-hand with modern, smart living. Sun shading solutions that can be controlled at the touch of a button provide the desired indoor climate and an individual, feel-good atmosphere in seconds. Intelligent control systems take over operation almost completely automatically and, above all, energy-efficiently.

Living outsideNowadays, people place the same high demands on their outdoor living spaces as they do on the indoors. In the warmer months, the living room is relocated to the balcony or patio.

Regardless of whether you choose WAREMA pergola, articulated arm or cassette awnings, high-quality sun shading will create a relaxed atmosphere at any time of the day. The made-to-measure fabrics used in our prod-ucts will be eye-catchers in any garden. In the evenings, lighting accessories such as chic LED strips and radiant heaters provide additional comfort.

Always the right serviceIndividual products require made-to-measure service. We will be at your side with targeted services both before and after purchase. Alongside factory repairs and maintenance agreements in various grades, we also support our specialist dealers to inspire their customer after purchase, regardless whether this is with replace-ment parts from the online shop or with competent advice from our helpline.

Quality "Made in Germany"WAREMA offers a wide range of individually manufactured, made-to-measure products that are "Made in Germany". High-quality materials and the latest manufacturing tech-niques form the basis of our sun shading and control solu-tions. With us, everything is done under one roof – from metal processing and powder coating through to the plastic and electrical engineering. This large manufacturing depth requires a high degree of precision combined with flexibility and logistical process reliability from everyone involved in the value chain. Each of our employees contributes to the WAREMA quality through the maintenance and continuous improvement of processes. Our customers can rely on that.

ECOlogicalAs a manufacturing company we also endeavour to take on a role-model function in relation to ecological aspects. For this reason, we are constantly working on the further development of our environmental management system and our eco-efficiency. Through the introduction of an energy management system in 2016, we will comply with the standard DIN EN 50001. This offers us the chance to ensure our manufacturing processes are always energy- efficient and to thus relieve the impact on the environment as well as reduce costs.

The latest manufacturing technologyBy utilising modern processing methods and technologies, we are able to manufacture our products in a resource- efficient manner. We have set ourselves the target of using raw materials efficiently and avoiding waste. We will achieve this, for example, through scrap optimisation for fabrics and metals, powder recycling during the coating process, and the use of energy-saving circulation pumps. One in-vestment in the technical progress of the company was the complete renovation of one of our powder coating plants. At the same time, workplaces were designed according to ergonomic factors.

Always the best performanceFor sustainable solutions

Environmentally-friendlySince 2015, our entire lorry fleet has been low-emission as we now only use vehicles with the emissions class EURO 5 or 6. Steady advances towards the goal of a paperless office have also been made, for example, with the implementation of a centralised document management system.

Solutions for our customersWhether in development, manufacturing, distribution or on the construction site: we con-duct our diverse and demanding activities to the satisfaction of our customers as a team and through constant communication. Through our extensive industry experience and the know-how of our experts, we have great problem-solving expertise for individual require-ments. With our tight network of distributers, we are close to our national and international customers and take their wishes and expectations seriously. Our aim is to offer them com-prehensive and individual advice and support as well as a first-class service.

Certified according to the "ÖKOPROFIT" standard A certified environmental management system was introduced at WAREMA in 2002. In 2015, the cer-tification was once again renewed in accordance with the "ÖKOPROFIT" requirements. We have met the requirements we placed on ourselves in full and have already set new targets and formulated new action plans. In this way, we are able to conserve natural resources and, at the same time, reduce our operating costs. In addition, we also extended our participation in the "Umweltpakt Bayern", an environ- ment protection initiative, in 2015.

Always a reliable partnerThrough responsible actions

Partnership is at our core. As a family-owned company, we have always felt obliged to demonstrate the values reliability and ac-countability, not only towards our customers, but also towards our employees.

They make us strong. Because WAREMA does not just stand for sophisticated solu-tions, it is above all about people. Invest-ment in the qualifications and health of our staff secures the future of our company.

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WAREMA Annual Report 2015

WAREMA SONNENkinder is a holiday childcare for the children of our em-ployees.

Our new powder coating plant offers employees ergonomic advantages thanks to the lower physical strain and improved climate.

Equal opportunities for men and women is on the agenda of the 'Chefsache' initiative.

Safe and healthy Our aim is to create the best possible working conditions for our employees. This includes, above all, safe and ergonomic workplaces. In numerous projects, existing workplaces have been optimised or new workplaces have been created with corresponding ergonomic designs. The health of our employees is close to our hearts. Which is why we are offering an extensive programme as part of the PROvital health initiative. This ranges from exercise classes and free flu jabs through to healthy food in our com-pany restaurant.

An equal-opportunities working worldThrough participation in the 'Chefsache' initiative, we want to make a positive impact on equal opportunities for men and women. This is because we believe that a gender-

balanced workforce secures Germany's competitive ability and is the basis for social prosperity. The aim and aspira-tion of the initiative is, acting as a role-model, to support the necessary societal change with new concepts and approaches. As part of this, we are paying special attention to the advancement of women.

Responsibility to the communityWe view social responsibility and charitable commitment as critical factors for the continued existence of our company. For this reason, we support a number of different projects. The focus of our engagement is on sustainable action, predominantly in areas surrounding or production facilities or distribution sites. For example, we have been supporting 'Lebenshilfe Marktheidenfeld e.V.', a social services centre for people with mental disabilities, for many years.

Family-friendly workplaceWe know it isn't always easy to manage the demands of both family life and a career. Which is why we support parents in the same way we support employees caring for dependent relatives. In order to also push the topic of family-friendly workplaces into view on a state level, WAREMA has been a member of the 'Familienpakt Bayern' since 2015. The compa-nies involved, as well as the Bavarian state government, have the shared goal of improving the quality of life for families in Bavaria in the future.

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Report of the Supervisory Board

The Supervisory Board of WAREMA Renkhoff SE: Bernd Ruppert, Thomas Benz (Vice Chairman), Dr Hanns-Peter Ohl, Dr Christine Alsmann, Dr Axel Bauer (Chairman), Manfred Neubert.

Ladies and Gentlemen,In fiscal year 2015, the Supervisory Board regularly ad-vised the Executive Board and monitored management ac-tivities. In doing this, it adhered to the tenets of responsible and effective corporate governance. The Executive Board provided the Supervisory Board with extensive information about the course of business and the economic situation of the WAREMA Group in three ordinary meetings and in monthly meetings conducted as teleconferences. In addi-tion, the Supervisory Board took decisions in four cases by circular resolution.

The Executive Board regularly provided the Superviso-ry Board with prompt and thorough information in written and verbal reports. These reports included all information relevant to strategy development, planning, corporate busi-ness performance during the fiscal year, the position of the Group, the overall risk situation, risk management and compliance. The Supervisory Board received regular brief-ings on the economic situation of the company and its in-dividual business divisions, on business developments and on corporate planning, and it consulted with the Executive Board on both the state of business and the strategic focus at the company.

Management activities, particularly those requiring the approval of the Supervisory Board, were reviewed in detail by the Board based on written reports submitted by the Ex-ecutive Board. The Supervisory Board then discussed these actions with the Executive Board. Every decision proposed by the Executive Board was met with the approval of the Supervisory Board. The Company made use of the option to consolidate the management report and the notes to the annual financial statements for both WAREMA Renkhoff SE and the entire Group. The annual financial statements and the Group financial statements for WAREMA Renkhoff SE for the year ended 31 December 2015, as well as the com-bined Group and company management report, were audit-ed by the professional auditor Max Zimmerman, based in Augsburg, Germany (holder of a German business adminis-tration degree), who was selected during the General Meet-ing to review the financial statements for fiscal year 2015. These financial statements were certified with an unquali-fied audit opinion. The Supervisory Board closely examined the documents submitted by the Executive Board and the auditor's reports, which were available to all Members of the Supervisory Board. The Supervisory Board approves the results of the yearend financial audit and accepts the annual financial statements prepared by the Executive Board for fis-cal year 2015 as well as the group financial statements and

the management report, which is combined in the Group management report. The annual financial statements for fis-cal year 2015 are thereby adopted. The Executive Board's proposal for the appropriation of the annual net profit has been reviewed by the Supervisory Board, which also dis-cussed the recommendation at length with the Executive Board. On the basis of the Supervisory Board's own review and taking the earnings situation and financial position into consideration, the Supervisory Board has endorsed the pro-posal for the appropriation of profit submitted by the Exe- cutive Board. The conclusive results of the review by the Supervisory Board give no occasion for any objections.

The Supervisory Board wishes to thank the Executive Board, the management of the WAREMA Group as well as all of the employees and the employee representatives for their outstanding personal commitment and excellent per-formance over the past fiscal year.

Marktheidenfeld, 26 April 2016

Dr Axel Bauer, Chairman of the Supervisory Board

Published by WAREMA Renkhoff SE Hans-Wilhelm-Renkhoff-Straße 2 97828 Marktheidenfeld, Germany Tel. +49 9391 20-0 Fax +49 9391 20-2009 E-Mail: info@warema.de www.warema.com

Contact Sandra Achstetter Tel. +49 9391 20-2420 Fax +49 9391 20-162420 E-Mail: sandra.achstetter@warema.de

Design and realisation albert+köpfe Werbeagentur www.albertundkoepfe.de

Photos WAREMAEduardo Perez / Geisendörfer Architekten

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WAREMA Annual Report 2015

WAREMA Renkhoff SE • Hans-Wilhelm-Renkhoff-Straße 2 • 97828 Marktheidenfeld • Germanywww.warema.com • info@warema.de

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