Orders received increased to EUR 1.2 billion and …...Orders received increased to EUR 1.2 billion and Comparable EBITA to EUR 52 million Interim Review, January–March 2020 April

Orders received increased to EUR 1.2 billion and Comparable EBITA to EUR 52 million

Interim Review, January–March 2020

April 23, 2020

Pasi Laine, President and CEO

Kari Saarinen, CFO

Interim Review, January–March 2020

Agenda

April 23, 2020 © Valmet | Interim Review, January–March 20202

1

2

3

4

Q1/2020 in brief

Development of the business lines

Financial development

Dividend proposal, guidance and short-term market outlook

Q1/2020 in brief

Q1/2020 in brief


Order backlog increased to EUR 3.6 billion

Orders received increased to EUR 697 million in capital business2

Gearing was -22%

Comparable EBITA increased to EUR 52 million and margin was 6.3%

Orders received increased to EUR 514 million in stable business1

Net sales increased to EUR 821 million

GL&V and J&L Fiber Services Inc. have been consolidated into Valmet’s financials as of the acquisition dates, i.e. April 1, 2019 and May 1, 2019 respectively.

1) Stable business = Services business line and Automation business line. For Automation, this figure includes internal orders received from other business lines.

2) Capital business = Pulp and Energy business line and Paper business line

Valmet in Q1/2020


Orders received by area Orders received by business lineOrders received

EUR 1,187 million

Net sales

EUR 821 million

Comparable EBITA

EUR 52 million

Comparable EBITA margin

6.3%

Order backlog

EUR 3,557 million

Employees

13,568

34%

8%

32%

27%

Services

Automation

Pulp and Energy

Paper

12%

22%

33%

21%

12%

North America

South America

EMEA

China

Asia-Pacific

Orders received increased to EUR 1,187 million in Q1/2020


• In stable business1, orders received increased to EUR 514 million in Q1/2020

• In capital business, orders received increased to EUR 697 million in Q1/2020

• Orders received increased in both developed and emerging markets in Q1/2020

• South America, China and Asia-Pacific together accounted for 55% of orders received

Orders received (EUR million)

1) Including internal orders received for the Automation business line.

1,1011,023

466 480 580781 725 793 803

692 788 8571,005

796 743 727890 865 940 1,026

8351,083 1,058 1,009

1,187

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7

Q4/1

7

Q1/1

8

Q2/1

8

Q3/1

8

Q4/1

8

Q1/1

9

Q2/1

9

Q3/1

9

Q4/1

9

Q1/2

0

Orders received (LHS) Last 4 quarters (RHS)

Stable business orders received totaled EUR 1,928 million during last four quarters


• Total orders received in stable business increased by EUR 53 million in Q1/2020

1) Including internal orders received for the Automation business line.

Orders received (EUR million) in stable business1

267 273 242 273 293 307252 267

313 321264 284

355 321 284 282346 344

300 325 358 371 335395 398

95

78 75

81 88

8087

88103

75 101

93 102

81109

103 10497

112 116

267 273242

273293

402

330 342

394 409

344372

443 424

359383

439 445

381

435461 474

433

507 514

0

300

600

900

1,200

1,500

1,800

2,100

0

100

200

300

400

500

600

700

Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20

Services (LHS) Automation, total (including internal) (LHS) Last 4 quarters (RHS)

Order backlog at EUR 3,557 million at the end of Q1/2020


• Order backlog was EUR 223 million higher than at the end of Q4/2019

• Approximately 60% of the order backlog is currently expected to be realized as net sales during 2020

(at the end of Q1/2019, ~65% during 2019)

• Approximately 30% of the order backlog relates to stable business (~30% at the end of Q1/2019)

Order backlog (EUR million)

Stable business

Capital business

~70%

~30%

Structure of order backlog

1,972

2,4062,312

1,998 2,0642,208

2,117 2,0742,207

2,106 2,1922,283

2,704 2,714 2,720

2,4582,583 2,621

2,791 2,8293,001

3,2163,425

3,333

3,557

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7

Q4/1

7

Q1/1

8

Q2/1

8

Q3/1

8

Q4/1

8

Q1/1

9

Q2/1

9

Q3/1

9

Q4/1

9

Q1/2

0

Development of the business lines

Services: Orders received and net sales increased


Net sales (EUR million)Orders received (EUR million)

• Orders received increased compared with Q1/2019

- Orders received of the acquired businesses amounted to EUR 37 million in Q1/2020

- Orders received increased in all other areas except Asia-Pacific, where orders received remained at the previous year’s level

- Orders received increased in Energy and Environmental, and Performance Parts, remained at the previous year’s level in Rolls,

and decreased in Mill Improvements, and Fabrics

• Net sales increased compared with Q1/2019

- Net sales of the acquired businesses amounted to EUR 37 million in Q1/2020

• COVID-19 had a negative impact on net sales in field services, mill improvement projects and energy services

2019:

EUR 1,459 million

2019:

EUR 1,374 million

2018:

EUR 1,315 million

2018:

EUR 1,219 million

267273242

273293

307

252267

313321

264284

355

321

284282

346344

300325

358371

335395398

0

200

400

600

800

1,000

1,200

1,400

1,600

0

50

100

150

200

250

300

350

400

Q1

/14

Q2

/14

Q3

/14

Q4

/14

Q1

/15

Q2

/15

Q3

/15

Q4

/15

Q1

/16

Q2

/16

Q3

/16

Q4

/16

Q1

/17

Q2

/17

Q3

/17

Q4

/17

Q1

/18

Q2

/18

Q3

/18

Q4

/18

Q1

/19

Q2

/19

Q3

/19

Q4

/19

Q1

/20

Orders received (LHS) Orders received, last 4 quarters (RHS)

224251

235

278

242

304

268

314

257

304286

316

252

302284

340

247

325

282

366

276

361336

400

295

0

200

400

600

800

1,000

1,200

1,400

1,600

0

50

100

150

200

250

300

350

400

Q1

/14

Q2

/14

Q3

/14

Q4

/14

Q1

/15

Q2

/15

Q3

/15

Q4

/15

Q1

/16

Q2

/16

Q3

/16

Q4

/16

Q1

/17

Q2

/17

Q3

/17

Q4

/17

Q1

/18

Q2

/18

Q3

/18

Q4

/18

Q1

/19

Q2

/19

Q3

/19

Q4

/19

Q1

/20

Net sales (LHS) Net sales, last 4 quarters (RHS)

Automation1: Orders received and net sales increased


1) Comments refer to orders received and net sales including also internal orders received and internal net sales.


2019:

EUR 416 million

2019:

EUR 393 million

2018:

EUR 386 million

2018:

EUR 357 million


- Orders received increased in South America and China, and decreased in Asia-Pacific, North America and EMEA

- Orders received increased in both Pulp and Paper, and Energy and Process


• COVID-19 caused access restrictions to some customer sites

8570 67 66

82 72 78 7291

62

91 82 8470

94 9582 86 96 92

10

8 8 156

79 16

12

13

911 18

11

15 821 12

17 2495

78 7581

8880

87 88

103

75

10193

102

81

109103 104

97

112 116

0

60

120

180

240

300

360

420

480

0

20

40

60

80

100

120

140

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7

Q4/1

7

Q1/1

8

Q2/1

8

Q3/1

8

Q4/1

8

Q1/1

9

Q2/1

9

Q3/1

9

Q4/1

9

Q1/2

0

Orders received, internal (from other business lines)Orders received, externalOrders received, total (including internal)Orders received, last 4 quarters (RHS)

68 66

95

5873 65

94

5973

60

104

5976

64

106

6482 75

120

69

11 6

6

9

84

5

128

8

11

10

14

9

18

9

1312

17

11

7972

101

66

8169

99

7280

68

115

69

90

73

124

73

9588

137

80

0

60

120

180

240

300

360

420

0

20

40

60

80

100

120

140

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7

Q4/1

7

Q1/1

8

Q2/1

8

Q3/1

8

Q4/1

8

Q1/1

9

Q2/1

9

Q3/1

9

Q4/1

9

Q1/2

0

Net sales, internal (from other business lines)Net sales, externalNet sales, total (including internal)Net sales, last 4 quarters (RHS)


- Orders received increased South America and EMEA, and decreased in Asia-Pacific, North America and China

- Orders received increased in both Pulp and Energy

- Marine scrubber orders received totaled EUR 4 million in Q1/2020


• COVID-19 caused some customer site closures and led to some delays in the supply chain network

Pulp and Energy: Orders received and net sales increased



2019:

EUR 1,125 million

2019:

EUR 919 million

2018:

EUR 1,000 million

2018:

EUR 863 million

622

560

9666

138

259

206

261238

180

275247 265

141 122151

192

85

272

451

201 210

395

320

376

0

200

400

600

800

1,000

1,200

1,400

0

100

200

300

400

500

600

700

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7

Q4/1

7

Q1/1

8

Q2/1

8

Q3/1

8

Q4/1

8

Q1/1

9

Q2/1

9

Q3/1

9

Q4/1

9

Q1/2

0


181229 234

312

222 231 215245

181

262

196 187 189 192 200 219 203 205 223 232

160

212 231

315

240

0

200

400

600

800

1,000

1,200

1,400

0

100

200

300

400

500

600

700

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7

Q4/1

7

Q1/1

8

Q2/1

8

Q3/1

8

Q4/1

8

Q1/1

9

Q2/1

9

Q3/1

9

Q4/1

9

Q1/2

0



- Orders received increased in China and EMEA, and decreased in North America, South America and Asia-Pacific

- Orders received increased in Board and Paper, as well as Tissue


• COVID-19 caused some customer site closures and led to some delays in the supply chain network

Paper: Orders received and net sales increased



2019:

EUR 1,043 million

2019:

EUR 913 million

2018:

EUR 1,077 million

2018:

EUR 937 million

212190

128142 149

129

197 199186

109

176

246

314

243

275

203

270

353

299

156182

419

243

199

321

0

150

300

450

600

750

900

1,050

1,200

0

50

100

150

200

250

300

350

400

450

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7

Q4/1

7

Q1/1

8

Q2/1

8

Q3/1

8

Q4/1

8

Q1/1

9

Q2/1

9

Q3/1

9

Q4/1

9

Q1/2

0


114 108 120

186

97

177 185200

157 165138

188

144165 170

304

223237

196

280

186

246

214

267

217

0

150

300

450

600

750

900

1,050

1,200

0

50

100

150

200

250

300

350

400

450

Q1/1

4

Q2/1

4

Q3/1

4

Q4/1

4

Q1/1

5

Q2/1

5

Q3/1

5

Q4/1

5

Q1/1

6

Q2/1

6

Q3/1

6

Q4/1

6

Q1/1

7

Q2/1

7

Q3/1

7

Q4/1

7

Q1/1

8

Q2/1

8

Q3/1

8

Q4/1

8

Q1/1

9

Q2/1

9

Q3/1

9

Q4/1

9

Q1/2

0


Financial development


Key figures

EUR million Q1/2020 Q1/2019 Change 2019

Orders received 1,187 835 42% 3,986

Order backlog1 3,557 3,001 19% 3,333

Net sales 821 686 20% 3,547

Comparable EBITA 52 47 9% 316

% of net sales 6.3% 6.9% 8.9%

EBITA 51 49 3% 315

Operating profit (EBIT) 42 43 -1% 281

% of net sales 5.1% 6.2% 7.9%

Earnings per share, EUR 0.20 0.21 -4% 1.35

Return on capital employed (ROCE) before taxes2 13% 15% 23%

Cash flow provided by operating activities 173 30 >100% 295

Gearing1 -22% -20% -9%

Items affecting comparability: EUR -1 million in Q1/2020 (EUR 2 million in Q1/2019)

1) At the end of period

2) Annualized

Gross profit and SG&A development


Gross profit (EUR million and % of net sales)

• Gross profit was 25% of net sales (26% in Q1/2019)

• Selling, general & administrative (SG&A) expenses increased

− Over 60% of SG&A increase coming from the acquired businesses

− SG&A was 18% of net sales (19% in Q1/2019)

SG&A (EUR million and % of net sales)

25%

0%

5%

10%

15%

20%

25%

30%

0

50

100

150

200

250

300

Q1/2

014

Q2/2

014

Q3/2

014

Q4/2

014

Q1/2

015

Q2/2

015

Q3/2

015

Q4/2

015

Q1/2

016

Q2/2

016

Q3/2

016

Q4/2

016

Q1/2

017

Q2/2

017

Q3/2

017

Q4/2

017

Q1/2

018

Q2/2

018

Q3/2

018

Q4/2

018

Q1/2

019

Q2/2

019

Q3/2

019

Q4/2

019

Q1/2

020

EUR million (LHS) % of net sales (RHS)

0%

5%

10%

15%

20%

25%

30%

0

50

100

150

200

250

300

Q1/2

014

Q2/2

014

Q3/2

014

Q4/2

014

Q1/2

015

Q2/2

015

Q3/2

015

Q4/2

015

Q1/2

016

Q2/2

016

Q3/2

016

Q4/2

016

Q1/2

017

Q2/2

017

Q3/2

017

Q4/2

017

Q1/2

018

Q2/2

018

Q3/2

018

Q4/2

018

Q1/2

019

Q2/2

019

Q3/2

019

Q4/2

019

Q1/2

020

EUR million (LHS) % of net sales (RHS)

18%

Target 10-12%

Comparable EBITA margin1 development


Net sales and Comparable EBITA, rolling 12 months (EUR million and %)1

• In Q1/2020, net sales and comparable EBITA increased compared with Q1/2019

Comparable EBITA,

rolling 12 months

(EUR million)

121 153 167 182 19433 32 33 106 197 202 196 199 190 194 218 206 219 225 257

1) Rolling 12 months. Carve-out figures for 2013 have been used in the calculation of Q1–Q3/2014 figures. Valmet implemented IFRS 15 – Revenue from Contracts with Customers as of

January 1, 2018 by applying full retrospective method. Thus, figures presented are not fully comparable.

282 291 311 316

1,010 1,005 984 989 1,0071,127

1,2261,357 1,429 1,434 1,451 1,453 1,450 1,447 1,441 1,474 1,469 1,496 1,497 1,525 1,559 1,601 1,666 1,715 1,739

1,490 1,369 1,378 1,484 1,5081,579

1,6251,572 1,591 1,610 1,544 1,473 1,469 1,399 1,435 1,584 1,676 1,762 1,811 1,799 1,720 1,736 1,762 1,832 1,942

2,5002,374 2,363

2,473 2,5152,707

2,851 2,9283,019 3,044 2,995 2,926 2,919 2,846 2,876

3,058 3,1453,257 3,308 3,325 3,279 3,337

3,4293,547

3,682

1.3% 1.3% 1.4%

4.3%4.8%

5.6% 5.9%6.2% 6.4% 6.5%

6.8% 6.7% 6.8% 6.7% 6.7%7.1%

6.6% 6.7% 6.8%

7.7%8.6% 8.7%

9.1%

8.9% 8.7%


Capital business, rolling12 months

Stable business, rolling12 months

Comparable EBITA %,rolling 12 months

320

Cash flow provided by operating activities


• Change in net working capital1 EUR 150 million in Q1/2020

• Cash flow provided by operating activities EUR 173 million in Q1/2020

• CAPEX2 EUR 17 million in Q1/2020

Cash flow provided by operating activities (EUR million)

Valmet implemented IFRS 16 – Leases as of January 1, 2019 by applying the simplified transition method and therefore 2018 figures are not restated.

1) Change in net working capital in the consolidated statement of cash flows.

2) Excluding business combinations and leased assets.

2014:

EUR 236 million

2016:

EUR 246 million

2015:

EUR 78 million

2017:

EUR 291 million

2018:

EUR 284 million

2019:

EUR 295 million

43 46

117

30

-20

17 1664

3 33

122

88 94

31

7889

19 3

119143

30

-44

126

182 173

-100

-50

0

50

100

150

200

Q1/2

01

4

Q2/2

01

4

Q3/2

01

4

Q4/2

01

4

Q1/2

01

5

Q2/2

01

5

Q3/2

01

5

Q4/2

01

5

Q1/2

01

6

Q2/2

01

6

Q3/2

01

6

Q4/2

01

6

Q1/2

01

7

Q2/2

01

7

Q3/2

01

7

Q4/2

01

7

Q1/2

01

8

Q2/2

01

8

Q3/2

01

8

Q4/2

01

8

Q1/2

01

9

Q2/2

01

9

Q3/2

01

9

Q4/2

01

9

Q1/2

02

0

Net working capital at -14% of rolling 12 months orders received


• Net working capital EUR -614 million, which equals -14% of rolling 12 months orders received

Net working capital and orders received (EUR million)

Net working capital excluding non-cash net working capital impact from dividend liability.

-235 -249 -345 -353 -317 -265 -244 -238 -194 -181 -265 -294 -378 -335 -370 -387 -384 -362 -427 -474 -459 -342 -421 -426-614

1,1011,023

466 480580

781 725 793 803692

788 8571,005

796 743 727890 865

9401,026

835

1,083 1,058 1,0091,187

-20%

-10%

0%

10%

20%

30%

-1,000

-500

0

500

1,000

1,500

Q1/2

01

4

Q2/2

01

4

Q3/2

01

4

Q4/2

01

4

Q1/2

01

5

Q2/2

01

5

Q3/2

01

5

Q4/2

01

5

Q1/2

01

6

Q2/2

01

6

Q3/2

01

6

Q4/2

01

6

Q1/2

01

7

Q2/2

01

7

Q3/2

01

7

Q4/2

01

7

Q1/2

01

8

Q2/2

01

8

Q3/2

01

8

Q4/2

01

8

Q1/2

01

9

Q2/2

01

9

Q3/2

01

9

Q4/2

01

9

Q1/2

02

0

Net working capital (LHS) Orders received (LHS)

Average net working capital/rolling 12 months orders received (RHS) Net working capital/rolling 12 months orders received (RHS)

Net debt and gearing decreased compared with Q1/2019


Net debt (EUR million) and gearing (%) Equity to assets ratio (%)

• Gearing (-22%) and net debt (EUR -220 million) decreased compared with Q1/2019

• Equity to assets ratio increased compared with Q1/2019

Valmet implemented IFRS 16 – Leases as of January 1, 2019 by applying the simplified transition method and therefore 2018 figures are not restated.

-166

178

52

-100 -102-4

-98

-219

-174

152

60

-90

-220

-21%

21%

6%

-11% -12%

0%

-11%

-23%

-20%

17%

6%

-9%

-22%

-30%

-20%

-10%

0%

10%

20%

30%

-300

-200

-100

0

100

200

300

20

14

20

15

20

16

20

17

Q1/1

8

Q2/1

8

Q3/1

8

Q4/1

8

Q1/1

9

Q2/1

9

Q3/1

9

Q4/1

9

Q1/2

0

Net debt Gearing

42%

36% 37%

42%39%

41%43% 43%

37% 38% 38%41% 41%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

20

14

20

15

20

16

20

17

Q1/1

8

Q2/1

8

Q3/1

8

Q4/1

8

Q1/1

9

Q2/1

9

Q3/1

9

Q4/1

9

Q1/2

0

Capital employed and Comparable ROCE


• Target for Comparable return on capital employed (ROCE): 15–20%

Capital employed (EUR million) and Comparable return on capital employed (ROCE), before taxes1 (%)

Valmet implemented IFRS 16 – Leases as of January 1, 2019 by applying the simplified transition method, and IFRS 15 – Revenue from Contracts with Customers as of January 1, 2018 by applying full retrospective method.

Thus, figures presented are not fully comparable.

1) Rolling 12 months. Carve-out figures for 2013 have been used in the calculation of Q1–Q3/2014 figures.

985 967

902877

1,239 1,2401,214 1,231

1,184 1,1941,167

1,195

1,1121,138 1,141 1,137

1,033 1,0491,079

1,150

1,2371,195

1,239

1,3141,256

1%2% 2%

10% 10%

12%

14% 14%13%

12%

14%13%

14%13%

14%

16% 16%17%

18%

20%

22%

23%24%

23% 23%


Capital employed Comparable ROCE (before taxes), rolling 12 months

Dividend proposal, guidance and short-term market outlook

Dividend proposal


Dividend policy

• Dividend payout at least 50% of net profit

Dividend per share (euro)

Board of Directors’ dividend proposal to the Annual General Meeting

• EUR 0.80 per share

0.150.25

0.350.42

0.550.65

0.80

2013 2014 2015 2016 2017 2018 2019(proposal by

the BoD)

Guidance and short-term market outlook


GoodPulp and Energy

Paper

Good

Pulp

Energy

Board and Paper

Tissue

Guidance

Services

Short-term market outlook

Guidance for 2020

Good

Satisfactory

Good

Satisfactory

Good

Good

Satisfactory

Good

Satisfactory

Q2/2019 Q3/2019

Good

Good

Satisfactory

Good

Satisfactory

Q4/2019

Satisfactory / Weak

Satisfactory

Good

Satisfactory

Q1/2020

Valmet announced on April 16, 2020 that the company withdraws its guidance for 2020 due to increased

uncertainty related to the COVID-19 pandemic.

Good Good Good Good / SatisfactoryAutomation

The short-term market outlook is based on customer activity (50%) and Valmet’s capacity utilization (50%) and is given for the next six months from the end of the respective quarter. The scale is ‘weak–satisfactory–good’.

Upcoming events


Half Year Financial Review January–June 2020

July 23, 2020

www.valmet.com/investors

Annual General Meeting 2020

June 16, 2020 at 1 p.m. EETHelsinki, Finland

Important notice

IMPORTANT: The following applies to this document, the oral presentation of the information in this document by Valmet (the “Company”) or any person on behalf of the Company, and any question-and-answer session

that follows the oral presentation (collectively, the “Information”). In accessing the Information, you agree to be bound by the following terms and conditions.

The Information is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such distribution or use would

be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The Information is not for publication, release or distribution in the United States, the United Kingdom, Australia,

Canada or Japan.

The Information does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase any securities, and nothing contained therein shall form the basis of or be

relied on in connection with any contract or commitment whatsoever, nor does it constitute a recommendation regarding any securities. Prospective investors are required to make their own independent investigations and

appraisals of the business and financial condition of the Company before taking any investment decision with respect to securities of the Company.

No securities of the Company are being offered or sold, directly or indirectly, in or into the United States and no shares in the Company have been, or will be, registered under the Securities Act of 1933, as amended (the

“Securities Act”), or under the securities laws of any state of the United States and, accordingly, may not be offered or sold, directly or indirectly, in or into the United States (as defined in Regulation S under the Securities

Act), unless registered under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act and in compliance with any applicable state securities laws of the United States.

The Information is directed solely at: (i) persons outside the United Kingdom, (ii) persons with professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act

2000 (Financial Promotion) Order 2005 as amended (the “Order”), (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order and (iv) persons to

whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities of the Company or

any member of its group may otherwise lawfully be communicated or caused to be communicated (all such persons in (i)-(iv) above being “Relevant Persons”). Any investment activity to which the Information relates will

only be available to and will only be engaged with Relevant Persons. Any person who is not a Relevant Person should not act or rely on the Information. By accessing the Information, you represent that you are a Relevant

Person.

The Information contains forward-looking statements. All statements other than statements of historical fact included in the Information are forward-looking statements. Forward-looking statements give the Company’s

current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded

by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar

meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results,

performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on

numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future.

No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the Information or the opinions contained therein.

The Information has not been independently verified and will not be updated. The Information, including but not limited to forward-looking statements, applies only as of the date of this document and is not intended to give

any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the Information, including any financial data or forward-looking statements,

and will not publicly release any revisions it may make to the Information that may result from any change in the Company’s expectations, any change in events, conditions or circumstances on which these forward-looking

statements are based, or other events or circumstances arising after the date of this document. Market data used in the Information not attributed to a specific source are estimates of the Company and have not been

independently verified.


Orders received increased to EUR 1.2 billion and …...Orders received increased to EUR 1.2 billion and Comparable EBITA to EUR 52 million Interim Review, January–March 2020 April

Documents