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1 SEMPERIT GROUP INVESTOR PRESENTATION Q1 2014 20 May 2014
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Investor Presentation Q1 2014

Sep 06, 2014

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Page 1: Investor Presentation Q1 2014

1

SEMPERIT GROUPINVESTOR PRESENTATIONQ1 201420 May 2014

Page 2: Investor Presentation Q1 2014

Operational Development (p. 3)

Outlook (p. 12)

Appendix (p. 15)

Agenda

2 Investor Presentation Q1 2014 I 20 May 2014 I Investor Relations

Financial Performance (p. 7)

Page 3: Investor Presentation Q1 2014

Strongest starting quarter in company history

3

Strong development in Medical and Industrial Sectors despite historically low raw material prices

Winning market shares and new customers worldwide by stepped up sales & marketing activities

Continued globalisation of the business shows positive results

Double-digit volume growth and high capacity utilisation

Active raw material management and cost discipline help to compensate negative price effects

Revenue +8.1% to EUR 232.7m in Q1 2014

EBITDA +14.0% to EUR 33.4m, EBIT +18.9% to EUR 22.3m

Q1 2014: On-going growth and high profitabilityRevenue by segment Q1 2014 (vs. Q1 2013)

Sempermed49% (50%)

Semperform13% (13%)

Semper-trans15% (17%)

Semperflex23% (20%)

Europe61% (60%)

Asia, Africa, Others16% (17%)

North and South America 23% (23%)

Revenue by region Q1 2014 (vs. Q1 2013)

Investor Presentation Q1 2014 I 20 May 2014 I Investor Relations

Page 4: Investor Presentation Q1 2014

Medical Sector:Sempermed grows faster than the market

4

Continuous strong market demand

Examination gloves: Non-medical areas with high double-digit sales growth in Europe new listings in retail chains new accounts in industrial areas

Surgical gloves: Sales growth in Europe

High capacity utilisation

Business Development

Investor Presentation Q1 2014 I 20 May 2014 I Investor Relations

Page 5: Investor Presentation Q1 2014

Industrial Sector: Strong performance

5 Investor Presentation Q1 2014 I 20 May 2014 I Investor Relations

Excellent order volume, capacities are well utilised

Hydraulic hoses: Strong in Europe, rebound in the USA

Industrial hoses: Further positive results of intensified globalisation

Capacity expansion in Odry/Czech Republic on track

Sound volume development with focus on steel cord belts

Europe, South America and Africa show good order situation

Capacities well utilised until Q3 2014

Capacity expansion in Bełchatów/Poland on track

Semperflex

Sempertrans

Double-digit volume growth and expansion of market shares

Building profiles and industrial moulded parts with strong sales

Handrails benefit from new product line and increased efficiency

Additional shifts in Germany (building profiles)

Semperform

Page 6: Investor Presentation Q1 2014

Operational Development (p. 3)

Outlook (p. 12)

Appendix (p. 15)

Agenda

6 Investor Presentation Q1 2014 I 20 May 2014 I Investor Relations

Financial Performance (p. 7)

Page 7: Investor Presentation Q1 2014

Excellent start in 2014

7

Q1 2014 Q1 2013 %

114.1 106.8 +6.9%

15.8 12.2 +28.9%

13.8% 11.5% +2.3 pp

9.9 7.1 +39.8%

8.7% 6.7% +2.0 pp

in EUR m

Revenue

EBITDA

EBITDA margin

EBIT

EBIT margin

Earnings after tax

Earnings per share in EUR2)

CAPEX

Employees (at reporting date)

Medical Sector Industrial Sector

Q1 2014 Q1 2013 %

118.6 108.4 +9.4%

23.2 20.3 +14.4%

19.6% 18.7% +0.9 pp

18.0 14.9 +20.5%

15.2% 13.8% +1.4 pp

Q1 2014 Q1 2013 %

232.7 215.2 +8.1%

33.4 29.3 +14.0%

14.4% 13.6% +0.8 pp

22.3 18.8 +18.9%

9.6% 8.7% +0.9 pp

13.1 12.5 +5.0%

0.64 0.60 +6.7%

9.9 9.8 +1.0%

10,788 10,030 +7.6%

Semperit Group1)

Investor Presentation Q1 2014 I 20 May 2014 I Investor Relations

1) Including Corporate Center costs of EUR 5.6m in Q1 2014 (EUR 3.3m in Q1 2013)2) Attributable to the shareholders of Semperit AG Holding

Page 8: Investor Presentation Q1 2014

Medical Sector:On-going revenue and earnings growth

8

Q1 2014 Q1 2013 Change

Revenue in EUR m 114.1 106.8 +6.9%

EBITDA 15.8 12.2 +28.9%

EBITDA margin 13.8% 11.5% +2.3 pp

EBIT 9.9 7.1 +39.8%

EBIT margin 8.7% 6.7% +2.0 pp

Higher profitability

• Double-digit volume growth with strong sales in Europe and Asia

• Negative price effect due to lower raw material costs• Above average earnings growth

Key Financials Sempermed

Investor Presentation Q1 2014 I 20 May 2014 I Investor Relations

Page 9: Investor Presentation Q1 2014

Industrial Sector:High profitability level continues

9

Semperflex

Sempertrans

Semperform

Double-digit volume growth through strategic customer initiatives

Economies of scale realised Increase in profitability and

earnings growth

Volume growth offset by negative raw material price effects

Good utilisation in Europe and improvements in India and China

Double-digit EBITDA- and EBIT-margin

Increased volumes in almost all business units

Slightly negative price effects Strong results driven by active

procurement and pricing policy as well as lean cost management

in EUR m Q1 2014 Q1 2013 Change (%)

Revenue 52.9 42.4 +24.8%

EBIT 10.4 7.0 +49.4%

EBIT margin 19.6% 16.4% +3.2 pp

Double-digit margins in all segments

in EUR m Q1 2014 Q1 2013 Change (%)

Revenue 35.0 37.2 -5.7%

EBIT 3.8 4.5 -15.9%

EBIT margin 10.8% 12.1% -1.3 pp

in EUR m Q1 2014 Q1 2013 Change (%)

Revenue 30.6 28.9 +6.1%

EBIT 3.8 3.5 +9.6%

EBIT margin 12.4% 12.0% +0.4 pp

Investor Presentation Q1 2014 I 20 May 2014 I Investor Relations

Page 10: Investor Presentation Q1 2014

Strong cash position and very solid balance sheet

Investor Presentation Q1 2014 I 20 May 2014 I Investor Relations10

1) excl. non-controlling interests2) Q1 2013 adjusted, see notes of interim report

in EUR m Q1 2014 Q1 2013 % FY 2013

Gross cash flow 27.0 28.2 -4.2% 116.2

Cash flow from operating activities 19.3 27.0 -28.2% 137.2

Cash flow from investment activities2) -8.9 -8.8 1.1% -47.8

High equity ratio

Rising net liquidity

Positive Cash flow from operating activities

in EUR m 31.3.2014 31.12.2013 % 31.3.2013Cash andcash equivalents 188.1 182.6 +3.1% 145.5

Corporate Schuld-schein loan and bank liabilities

136.8 139.3 -1.8% 112.6

Net liquidity 51.4 43.3 +18.7% 32.9

in EUR m 31.3.2014 31.12.2013 % 31.3.2013

Total assets 866.2 852.1 +1.7% 867.4

Equity1) 424.2 411.5 +3.1% 427.7

Equity ratio 49.0% 48.3% +0.7pp 49.3%

Page 11: Investor Presentation Q1 2014

Operational Development (p. 3)

Outlook (p. 12)

Appendix (p. 15)

Agenda

11 Investor Presentation Q1 2014 I 20 May 2014 I Investor Relations

Financial Performance (p. 7)

Page 12: Investor Presentation Q1 2014

Outlook 2014:Focus on capacity expansion and organic growth

12

Satisfactory development of the Semperit Group expected

Unchanged growth targets

Continuation of today’s good order situation Currently high capacity utilisation – expansions will be available as of

the first half of 2015 Satisfactory development of revenue and earnings expected CAPEX of roughly EUR 50-60 million with a focus on capacity expansion in

Poland and the Czech Republic

Slight improvement of overall economic momentum Raw material prices at historic low – no further decline to be expected

Double-digit average revenue growth 2010-2015 (CAGR) EBITDA margin of 12 - 15% EBIT margin of 8 - 11%

Better market environment

Investor Presentation Q1 2014 I 20 May 2014 I Investor Relations

Page 13: Investor Presentation Q1 2014

Contact and Financial Calendar

13 Investor Presentation Q1 2014 I 20 May 2014 I Investor Relations

Investor [email protected]+43 1 79777 - 210www.semperitgroup.com/en/irModecenterstrasse 22 1031 Vienna, Austria

Financial calendar 2014 of Semperit20 May 2014 Report on Q1 201419 August 2014 Report on H1 201418 November 2014 Report on Q1-3 2014

DisclaimerThe information provided in this presentation does not constitute an offer for the sale of securities nor an invitation to submit an offer to purchase shares of Semperit AG Holding, but exclusively serves information purposes.The forecasts, plans and forward-looking statements contained in this report are based on the knowledge and information 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 deviate significantly from these expectations. No liability whatsoever is assumed for the accuracy of projections or for the achievement of planned targets or for any other forward-looking statements.

Page 14: Investor Presentation Q1 2014

Operational Development (p. 3)

Outlook (p. 12)

Appendix (p. 15)

Agenda

14 Investor Presentation Q1 2014 I 20 May 2014 I Investor Relations

Financial Performance (p. 7)

Page 15: Investor Presentation Q1 2014

Income Statement

Strong increase of revenue

Decrease in material costs due to active raw material management and lower raw material prices

Rise in personnel expenses due to higher number of employees (esp. Sempermed) and increased wages and salaries

Higher other operating expenses due to higher maintenance costs, outgoing freight charges and strategic projects

Negative financial result due to higher allocations of profit to redeemable non-controlling interests and financial expenses for the corporate Schuldschein loan

Tax rate rises slightly from 17.8% to 19.5%

in EUR m Q1 2014 Q1 2013 Change

Revenue 232.7 215.2 +8.1%

Changes in inventories -2.1 8.2 –

Own work capitalised 0.4 0.2 +76.7%

Other operating income 6.3 6.6 -3.7%

Material costs -124.2 -130.9 -5.1%

Personnel expenses -41.0 -37.3 +9.9%

Other operating expenses -38.7 -32.6 +18.7%

EBITDA 33.4 29.3 +14.0%

Depreciation and amortisation -11.1 -10.6 +5.3%

EBIT 22.3 18.8 +18.9%

Financial result -5.0 -3.0 +66.4%

EBT 17.3 15.7 +9.7%

Income taxes -4.2 -3.3 +27.8%

Earnings after tax 13.1 12.5 +5.0%

EPS (EUR) 0.64 0.60 +6.7%

Key figures income statement Q1 2014 vs. Q1 2013 Highlights Q1 2014

Investor Presentation Q1 2014 I 20 May 2014 I Investor Relations15

Page 16: Investor Presentation Q1 2014

Solid balance sheet structure

16

in EUR m 31.3.2014 31.12.2013 Change

Non-current assets 370.8 372.7 -0.5%

Inventories 140.7 148.4 -5.2%

Trade receivables 127.5 111.2 +14.6%

Other current assets incl. deferred taxes 227.2 219.7 +3.4%

Total assets 866.2 852.1 +1.7%

in EUR m 31.3.2014 31.12.2013 Change

Equity 426.9 414.2 +3.1%

Liabilities from redeemable non-controlling interests 106.6 102.4 +4.1%

Provisions incl. social capital 75.4 73.7 +2.3%

Corporate Schuldschein loan 125.8 125.8 –

Liabilities incl. deferred taxes 131.6 136.1 -3.3%

Equity & Liabilities 866.2 852.1 +1.7%

Highlights Q1 2014Key figures balance sheet Q1 2014 vs. FY 2013

Balance sheet total increases primarily due to higher cash and cash equivalents and trade receivables

Lower inventories

Cash and cash equivalents rose by 3.1% or EUR 5.6m to EUR 188.1m

Trade working capital increases to EUR 199.4m (31.12.2013: EUR 186.6m) ► 21.6% of rolling 12-months-revenues (20.6% on 31.12.2013)

Equity excl. non-controlling interests stands at EUR 424.2m (total equity at 426.9m)

Liabilities and provisions almost unchanged to end of 2013 at EUR 439.3m

Investor Presentation Q1 2014 I 20 May 2014 I Investor Relations

Page 17: Investor Presentation Q1 2014

Key figures 2009-2013

17 Investor Presentation Q1 2014 I 20 May 2014 I Investor Relations

Key performance figures

in EUR m 20091) 20101) 20111) 20121) 2013Revenue 588.1 689.4 820.0 828.6 906.3EBITDA 102.8 112.3 110.0 108.7 132.5EBITDA margin 17.5% 16.3% 13.4% 13.1% 14.6%EBIT 69.6 82.3 80.4 72.5 87.8EBIT margin 11.8% 11.9% 9.8% 8.8% 9.7%Earnings after tax 38.8 45.4 51.8 46.2 54.9Earnings per share (EPS)2), in EUR 1.89 2.21 2.52 2.25 2.65Gross cash flow 92.6 91.0 89.4 85.6 116.2Return on equity 12.5% 12.9% 13.6% 11.4% 13.3%

Balance sheet key figures

2009¹ 2010¹ 2011¹ 2012 2013Balance sheet total 531.5 593.5 616.7 824.5 852.1Equity2) 310.6 351.1 379.4 406.2 411.5Equity ratio 58.4% 59.2% 61.5% 49.3% 48.3%Investments in tangible and intangible assets 22.7 52.5 45.1 41.2 49.7Employees (at balance sheet date) 6,490 7,019 8,025 9,577 10,276

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