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SEMPERIT GROUPINVESTOR PRESENTATIONQ1 201519 May 2015
Highlights (p. 3)
Outlook (p. 13)
Appendix (p. 16)
Agenda
2 Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations
Financial Performance (p. 7)
Satisfying start in 2015
3
Medical and Industrial sectors with satisfactory performances
Organic volume growth through strong sales performance
Strong sales compensate low price levels
Like-for-like growth1)
Revenue +2.1% to EUR 217.5m EBITDA -0.9% to EUR 26.7m EBIT +8.3% to EUR 20.1m Earnings after tax +6.4% to EUR 13.6m1)
Disclosed Q1 2015 figures for EBITDA and EBIT below Q1 2014 levels due to the change of the consolidation method for Siam Sempermed Corp. Ltd (SSC); increase for Earnings after tax
Like-for-like growth in challenging times
Revenue by segment Q1 2015 (vs. Q1 2014)
Sempermed42% (49%)
Semperform15% (13%)
Semper-trans18% (15%)
Semperflex25% (23%)
Europe66% (61%)
Asia, Africa, others13% (16%)
North & South America 21% (23%)
Revenue by region Q1 2015 (vs. Q1 2014)
Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations
1) Q1 2015 vs. Q1 2014 like-for-like (excl. SSC). The like-for-like figures are for information purposes. The figures provide for a backward projection as best as possible.
Medical Sector:Sempermed on track
4
Global gloves market with unchanged growth
Focus of Sempermed on profitable quality growth
Surgical gloves with almost stable demand
Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations
Thailand: Production continues close to full capacity
Malaysia: new factory construction is on track,
lower capacity due to modernisation of some production lines
Sales
Production
Industrial Sector:Growth against negative market trends
5 Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations
Excellent sales performance despite economic headwinds
Hydraulic hoses with strong volume growth, new capacities well utilised
Industrial hoses negatively effected by Eastern Europe / Russia
Next expansion program started
Solid volume growth in challenging environment
Successful entry in new markets and acquisition of new customers
Capacities well utilised – expansion in Poland on track
Semperflex
Sempertrans
Acquisition of German Leeser strengthens market position
Weak demand in Russia and Eastern Europe
Drop in infrastructure investments weighed on demand in handrails
Semperform
Highlights (p. 3)
Outlook (p. 13)
Appendix (p. 16)
Agenda
6
Financial Performance (p. 7)
Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations
in EUR m
Revenue
EBITDA
EBITDA margin
EBIT
EBIT margin
Earnings after tax
Earnings per share in EUR2)
Like-for-like growth in Q1 2015 vs Q1 2014
7
Q1 2014(reported)
+/- due to change in
consolidation method
Q1 2014(like-for-
like)
Change in EUR m
(like-for-like)
Change in %
(like-for-like)
Q1 2015
232.7 -19.8 212.9 +4.6 +2.1% 217.5
33.4 -6.4 27.0 -0.2 -0.9% 26.7
14.4% -1.7 PP 12.7% --- -0.4 PP 12.3%
22.3 -3.7 18.6 +1.5 +8.3% 20.1
9.6% -0.9 PP 8.7% --- +0.5 PP 9.2%
13.1 -0.3 12.8 +0.8 +6.4% 13.6
0.64 -0.01 0.62 0.04 +6.3% 0.66
Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations
Key Financials Semperit Group (like-for-like)1)
1) The like-for-like figures (excluding Siam Sempermed Corp. Ltd.) are for information purposes. The figures provide for a backward projection as best as possible.
2) Attributable to the shareholders of Semperit AG Holding.
in EUR m
Revenue
EBITDA
EBITDA margin
EBIT
EBIT margin
Earnings after tax
Earnings per share in EUR2)
Investments
Employees (at reporting date)3)
Q1 2015: Strong starting quarter
8
Q1 2015 Q1 2014(like-for-like) %
91.4 94.3 -3.1%
8.7 9.3 -6.0%
9.6% 9.9% -0.3 PP
5.9 6.2 -4.6%
6.5% 6.6% -0.1 PP
Medical Sector Industrial Sector
Q1 2015 Q1 2014 %
126.1 118.6 +6.3%
22.6 23.2 -2.5%
18.0% 19.6% -1.6 PP
19.0 18.0 +5.6%
15.1% 15.2% -0.1 PP
Q1 2015 Q1 2014(like-for-like) %
217.5 212.9 +2.1%
26.7 27.0 -0.9%
12.3% 12.7% -0.4 PP
20.1 18.6 +8.3%
9.2% 8.7% +0.5 PP
13.6 12.8 +6.4%
0.66 0.62 +6.3%
14.5 8.8 +64.5%
6,889 5,944 +15.9%
Semperit Group1)
1) Including Corporate Center: costs of EUR 4.8m in Q 1 2015 (EUR 5.6m in Q1 2014). The like-for-like figures (excl. SSC) are for information purposes. The figures provide for a backward projection as best as possible.
2) Attributable to the shareholders of Semperit AG Holding 3) Number of employees excl. Siam Sempermed Corp. Ltd.
4.6 2.3 +99.3%
3,428 2,589 +32.4%
8.8 6.0 +48.7%
3,350 3,263 +2.7%
Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations
Medical Sector:Decline due to change of the consolidation method
Like-for-like stable development
Negative price effects due to raw material weakness Stated figures show a decline due to equity
consolidation of joint venture company SSC from 2015 on
Higher personnel expenses and up-front costs for new factory in Malaysia affected earnings
Strong price competition and higher third party sourcing puts operative margin under pressure
9
in EUR m Q1 2015 Q1 2014like-for-like1) Change
Revenue 91.4 94.3 -3.1%
EBITDA 8.7 9.3 -6.0%
EBITDA margin 9.6% 9.9% -0.3 PP
EBIT 5.9 6.2 -4.6%
EBIT margin 6.5% 6.6% -0.1 PP
Key Financials Sempermed (like-for-like)
Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations
in EUR m Q1 2015 Q1 2014(reported) Change
Revenue 91.4 114.1 -19.9%
EBITDA 8.7 15.8 -44.5%
EBITDA margin 9.6% 13.8% -4.2 PP
EBIT 5.9 9.9 -40.5%
EBIT margin 6.5% 8.7% -2.2 PP
Key Financials Sempermed (reported)
1) The like-for-like figures (excl. SSC) are for information purposes. The figures provide for a backward projection as best as possible.
Industrial Sector:Strong results in challenging times
10
Semperflex
Sempertrans
Semperform
Volume growth through implementation of strategic customer initiatives
Improvement of efficiency and use of economies of scale driven by strong production and sales performance
Excellent margins against market trends
Moderate volume growth but negative price effects
Profile business under margin pressure due to weakness in Russia and Eastern Europe
Satisfying EBIT margins
Volume growth offsets negative price effects for raw material
Profitability supported by very good utilisation and production efficiency, especially in Europe
Increase in earnings and margins despite higher marketing expenses
in EUR m Q1 2015 Q1 2014 Change
Revenue 55.4 52.9 +4.7%
EBIT 11.4 10.4 +9.6%
EBIT margin 20.6% 19.6% +1.0 PP
in EUR m Q1 2015 Q1 2014 Change
Revenue 38.9 35.0 +10.9%
EBIT 4.7 3.8 +23.4%
EBIT margin 12.0% 10.8% +1.2 PP
in EUR m Q1 2015 Q1 2014 Change
Revenue 31.8 30.6 +3.9%
EBIT 2.9 3.8 -22.9%
EBIT margin 9.2% 12.4% -3.2 PP
Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations
Strong cash position and solid balance sheet
Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations11
1) excl. non-controlling interest
in EUR m Q1 2015 Q1 2014 % FY 2014
Gross cash flow 20.1 27.0 -25.5% 104.7
Cash flow from operating activities -5.5 19.3 – 89.2
Cash flow from investing activities -14.4 -8.9 +62.9% -72.7
High equity ratio
Strong cash position
Positive gross cash flow
in EUR m 31.3.2015 31.12.2014 % 31.3.2014
Cash / cash equivalents 103.6 115.6 -10.3% 188.1
Corporate Schuldschein loan and liabilities to banks
140.3 137.5 +2.0% 136.8
Net debt (-) / liquidity (+) -36.6 -22.0 -66.8% +51.4
in EUR m 31.3.2015 31.12.2014 % 31.3.2014
Total assets 900.5 831.9 +8.2% 866.2
Equity1) 501.8 449.4 +11.7% 424.2
Equity ratio 55.7% 54.0% +1.7 PP 49.0%
Highlights (p. 3)
Outlook (p. 13)
Appendix (p. 16)
Agenda
12
Financial Performance (p. 7)
Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations
Outlook 2015:Largely good development in a challenging environment
13 Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations
Western Europe: weak Euro, low oil prices and low interest rates support potential recovery
Weakness in Eastern Europe and Russia continues
USA: stable and very good development
Asia / Emerging Markets: unchanged and comparably low demand
Currency-related price increase for raw materials to be expected
Economic recovery to be expected in the second half of 2015
Semperit started with well filled order books into Q2 2015 Attractive development of revenue and earnings in the first months of 2015 Overall, a satisfactory first half of 2015 is expected
Medical Sector Focus on profitable quality growth Limited visibility in Thai joint venture
Industrial Sector Successful sales initiatives to be continued Additional capacities at Semperflex
and Sempertrans already well utilised Challenging environment for
Semperform (global construction industry and Eastern Europe remain weak)
Satisfactory development of Semperit Group to be expected
Unchanged growth targets
Average of double-digit volume growth 2015-2020 (CAGR)
EBITDA margin of 12 - 15% EBIT margin of 8 - 11%
Contact and financial calendar
14
DisclaimerThe information provided in this presentation does not constitute an offer for the sale of securities nor an invitation tosubmit an offer to purchase shares of Semperit AG Holding, but exclusively serves information purposes.Rounding differences in the totalling of rounded amounts and percentages may arise from the use of automatic dataprocessing.The forecasts, plans and forward-looking statements contained in this report are based on the knowledge andinformation available and the assessments made at the time that this report was prepared. As is true of all forward-looking statements, these statements are subject to risk and uncertainties. As a result, the actual events may deviatesignificantly from these expectations. No liability whatsoever is assumed for the accuracy of projections or for theachievement of planned targets or for any other forward-looking statements.
Investor Relations Semperit GroupStefan [email protected]+43 1 79777 - 210www.semperitgroup.com/en/irModecenterstrasse 22 1031 Vienna, Austria
Financial calendar 2015 of Semperit19 May 2015 Report on Q1 201518 August 2015 Report on H1 201517 November 2015 Report on Q1-3 2015
Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations
Highlights (p. 3)
Outlook (p. 13)
Appendix (p. 16)
Agenda
15
Financial Performance (p. 7)
Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations
in EUR m
Revenue
EBITDA
EBITDA margin
EBIT
EBIT margin
Earnings after tax
Earnings per share in EUR1)
Investments
Employees (at reporting date)2)
Q1 2015 vs. Q1 2014 reported figures
16
Q1 2015 Q1 2014 %
91.4 114.1 -19.9%
8.7 15.8 -44.5%
9.6% 13.8% -4.2 PP
5.9 9.9 -40.5%
6.5% 8.7% -2.2 PP
Medical Sector Industrial Sector
Q1 2015 Q1 2014 %
126.1 118.6 +6.3%
22.6 23.2 -2.5%
18.0% 19.6% -1.6 PP
19.0 18.0 +5.6%
15.1% 15.2% -0.1 PP
Q1 2015 Q1 2014 %
217.5 232.7 -6.5%
26.7 33.4 -20.1%
12.3% 14.4% -2.1 PP
20.1 22.3 -9.9%
9.2% 9.6% -0.4 PP
13.6 13.1 +4.3%
0.66 0.64 +4.2%
14.5 9.9 +46.0%
6,889 10,788 -36.1%
Semperit Group1)
1) Attributable to the shareholders of Semperit AG Holding 2) Number of employees at the end of Q1 2015 excl. Siam Sempermed Corp. Ltd.
4.6 3.4 +33.9%
3,428 7,433 -53.9%
8.8 6.0 +48.7%
3,350 3,263 +2.7%
Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations
Disclosed Q1 2015 figures (Revenue, EBITDA and EBIT) below Q1 2014 levels due to the change of method of consolidation for SSC
Satisfying operative performance
Changes in inventories mainly due to the change of method of consolidation for SSC
Other operating income driven by FX effects
Development of material costs favoured by low price level and active raw material management
Stable personnel expenses: decrease in number of employees due to the change of method of consolidation offset by increase in Malaysia and higher wage/salary costs
Lower other operating expenses due to the change of method of consolidation for SSC
Lower depreciation driven by changed economic life of machines, property, plant, equipment
Income taxes EUR 0.3m higher, tax rate rose from 19.5% to 23.7%1)
Key figures income statement Highlights Q1 2015
Key figures income statement
in EUR m Q1 2015 Q1 2014 ChangeRevenue 217.5 232.7 -6.5%
Changes in inventories -16.5 -2.1 > +100.0%
Own work capitalised 1.0 0.4 > +100.0%
Other op. Income 10.2 6.3 +61.2%
Material costs -112.2 -124.2 -9.7%
Personnel expenses -40.8 -41.0 -0.6%
Other op. Expenses -34.6 -38.7 -10.7%
Shares of profits from joint ventures and associated companies 2.1 0.1 > +100.0%
EBITDA 26.7 33.4 -20.1%
Depreciation -6.6 -11.1 -40.6%
EBIT 20.1 22.3 -9.9%
Financial result -2.0 -5.0 +61.3%
Earnings before tax 18.2 17.3 +5.1%
Income taxes -4.5 -4.2 +7.6%
Earnings after tax 13.6 13.1 +4.3%
EPS (EUR) 0.66 0.64 +4.2%
1) Income tax in relation to earnings before tax and result from redeemable non-controlling interests.
17 Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations
Balance sheet: Assets
ASSETS 31.3.2015 31.12.2014Non-current assetsIntangible assets 118,440 112,414Tangible assets 237,232 220,017Investments in joint ventures and associated companies
107,787 91,043
Other financial assets 8,370 8,544Other assets 9,884 4,274Deferred taxes 18,197 19,526
499,910 455,818Current assetsInventories 139,179 127,196Trade receivables 132,679 112,965Other financial assets 5,109 3,469Other assets 13,476 11,624Current tax receivables 6,490 5,269Cash and cash equivalents 103,619 115,574
400,552 376,096TOTAL ASSETS 900,461 831,914
Highlights Q1 2015
Total assets increase driven by investment program and higher trade receivables
Increase in “Investments in joint ventures and associated companies” driven by positive FX development and net results of at-equity shares
Cash and cash equivalents above EUR 100m
Rise in trade working capital (EUR 190.2m) due to increase in trade receivables and inventories
Trade working capital to revenue ratio of 20.8%(year end 2014: 17.1%)
in EUR thousand
18 Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations
Balance sheet: Equity and Liabilities
EQUITY AND LIABILITIES 31.3.2015 31.12.2014EquityShare capital 21,359 21,359Capital reserves 21,503 21,503Revenue reserves 419,202 405,509Currency translation reserve 39,709 1,005
Equity attributable to the shareholders of Semperit AG Holding 501,773 449,377
Non-controlling interests 2,186 2,211503,959 451,587
Non-current provisions and liabilitiesProvisions for pension and severance payments 43,853 43,939Other provisions 15,067 15,051Liabilities from redeemable non-controlling interests 43,676 37,303Corporate Schuldschein loan 129,634 126,615Other financial liabilities 2,378 2,138Other liabilities 732 704Deferred taxes 10,611 9,998
245,951 235,748Current provisions and liabilitiesProvisions for pension and severance payments 2,677 2,676Other provisions 17,384 16,835Corporate Schuldschein loan 1,410 1,335Liabilities to banks 9,209 9,581Trade payables 81,653 80,829Other financial liabilities 17,907 15,944Other liabilities 15,264 12,955Current tax liabilities 5,048 4,424
150,552 144,579EQUITY AND LIABILITIES 900,461 831,914
Highlights Q1 2015
Net debt of EUR 36.6m (year end 2014: EUR 22.0m)
Net debt / EBITDA (annualised) at 0.28, after 0.16 at year end 2014
Solid equity ratio of 55.7% (year end 2014: 54.0%)
Currency translation reserve increased due to currency developments
in EUR thousand
19 Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations
Key figures 2009 – 2014
20
Key performance figures
in EUR m 20091) 20101) 20111) 20121) 2013 2014Revenue 588.1 689.4 820.0 828.6 906.3 930.4EBITDA 102.8 112.3 110.0 108.7 132.5 136.1EBITDA margin 17.5% 16.3% 13.4% 13.1% 14.6% 14.6%EBIT 69.6 82.3 80.4 72.5 87.8 88.5EBIT margin 11.8% 11.9% 9.8% 8.8% 9.7% 9.5%Earnings after tax 38.8 45.4 51.8 46.2 54.9 49.7Earnings per share (EPS)2), in EUR 1.89 2.21 2.52 2.25 2.65 2.42Gross cash flow 92.6 91.0 89.4 85.6 116.2 104.7Return on equity 12.5% 12.9% 13.6% 11.4% 13.3% 11.1%
Balance sheet key figures
2009¹ 2010¹ 2011¹ 2012 2013 2014Balance sheet total 531.5 593.5 616.7 824.5 852.1 831.9Equity2) 310.6 351.1 379.4 406.2 411.5 449.4Equity ratio 58.4% 59.2% 61.5% 49.3% 48.3% 54.0%Investments in tangible and intangible assets 22.7 52.5 45.1 41.2 49.7 74.4Employees (at balance sheet date) 6,490 7,019 8,025 9,577 10,276 6,888
1) 2011 values restated (refer to 2012 annual report, notes 2.18), values for 2009 and 2010 not restated.2) Attributable to the shareholders of Semperit AG Holding
Investor Presentation Q1 2015 I 19 May 2015 I Investor Relations