H2apex Group Sca · XETR:H2A
H2apex Group Sca — exceet Group S.E. — Investor Presentation (November 2011)
35 slides from H2apex Group Sca's investor presentation, Nov 23, 2011
Slide 1: exceet Group S.E. Investor Presentation
exceet Group S.E. Investor Presentation 23 November 2011 Exceet Group S.E. | 1420 Luxembourg | Luxembourg
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements based on beliefs of exceet Group SE management. Such statements reflect current views of exceet Group SE with respect to future events and results and are subject to risks and uncertainties. Actual results may vary materially from thos
Slide 3: Table of contents
Table of contents Exceet … at a glance 5 Exceet‟s business / positioning / end markets 6 Exceet‟s financials objectives 8 Exceet‟s financials highlights 9 Exceet‟s 9M 2011 financial review 11 Highlights summary 20 Appendix Financial statements 9M 2011 23 Exceet Group S.E. | 1420 Luxembourg | Luxembo
Slide 4: Exceet's mission statement
Exceet‟s mission statement “We develop and produce customized products and solutions for mission critical applications. To make our products as safe as possible we embed the security in the earliest possible stage of the individual products life cycle.” 16.11.2011 4 Exceet Group S.E. | 1420 Luxembou
Slide 5: Exceet: Who we are… at a glance
Exceet: Who we are… at a glance Application examples PCB Cochlea implant Medical > High reliability requirements technology > Minituarisation Complete system PCB CPU Module > Complete solution to customer development with > Highly customized products integrated PCB Chip Sensor Smartcard Biometry-str
Slide 6: Exceet's business: High barriers to entry
Exceet‟s business: High barriers to entry Certifications Capabilities MedTech, Financial Services, Government Quality / Reliability / Engineering & R&D Skills Operational set-up Customer proximity Flexibility Fast response times High mix / low volume Strong customer relationships Rapid prototyping J
Slide 7: Exceet's end markets
Exceet‟s end markets Exceet is a trusted partner of Blue Chip players that are set to outgrow their end markets Industry CAGR 2010-2015 by „sub-end markets‟ Underlying drivers Cochlea 22,0% Elderly population growth, increasing obesity rate, Hearing aid 9,0% rising patient awareness, technological D
Slide 8: Exceet's financials objectives
Exceet‟s financials objectives 3 pillars: organic growth, M&A, margin expansion 1 Deliver 10-15% 2 Add 10-20% growth 3 Lift medium term organic growth p.a. p.a. through M&A EBITDA margin to 18% > Track record of sustained organic growth > Highly fragmented market > Profit-oriented culture with top 1
Slide 9: Highlights (1)
Highlights (1) Group Sales (€ million) 9M revenues rose 51.5% to 128.9m€ 20.4% 128,9 20.4% organic growth 20.8% 85,1 78,0 9M reported EBITDA grew 64.6% to 21.7m€ 53,1 16.9% EBITDA margin H1 2010 H1 2011 9M 2010 9M 2011 Recurring EBITDA margin 19.1% EBITDA (€ million) 19.1% 9M EBITA rose 75.8% to 17.
Slide 10: Highlights (2)
Highlights (2) 9M Free cash flow* reached 8.4m€, up 114% vs 9M10 Solid Balance sheet, showing net debt of 1.1m€, down from 17.6m€ at the end of Dec 10 Order book reached 104m€ 2011 prospects: exceet continues to see strong demand across its medtech and security solutions. Detailed guidance for FY12
Slide 11: Financial review and analysis
Financial review and analysis 11 Exceet Group S.E. | 1420 Luxembourg | Luxembourg
Slide 12: Revenue bridge from actual 9M 2010 to actual 9M 2011
Revenue bridge from actual 9M 2010 to actual 9M 2011 20.4% 128,9 13,8 111,0 4,2 18,8 92,2 FX rate EUR/CHF: 85,1 7,1 Actual 9M 2010 0.71 Actual 9M 2011 0.81 FX rate EUR/USD : Actual 9M 2010 1.32 Actual 9M 2011 1.41 Actual 9m 10 Scope changes Like-for- Organic Like-for- FX impact 9m 11 Scope changes A
Slide 13: Revenue bridge from actual Q3 2010 to actual Q3 2011
Revenue bridge from actual Q3 2010 to actual Q3 2011 50,9 19.7% 7,2 42,0 1,6 6,9 35,1 32,0 3,1 Actual Q3 10 Scope changes Like-for- Organic Like-for- FX impact Q3 11 Scope changes Actual Q3 11 Q3 10 like Q3 10 Growth Q3 11 like Q3 11 Q3 11 Organic revenue growth reached 6.9m€, reflecting +19.7% orga
Slide 14: EBITDA bridge from actual 9M 2010 to actual 9M 2011
EBITDA bridge from actual 9M 2010 to actual 9M 2011 15.5% 13.0% 20.6% 19.1% 16.9% 24,6 22,8 1,0 0,7 2,9 21,7 FX rate EUR/CHF: Actual 9M 2010 0.71 Actual 9M 2011 0.81 10,8 13,2 FX rate EUR/USD : 1,2 12,0 Actual 9M 2010 1.32 Actual 9M 2011 1.41 Actual 9m 10 Scope Like-for- Organic Like-for- FX impact
Slide 15: EBITDA bridge from actual Q3 2010 to actual Q3 2011
EBITDA bridge from actual Q3 2010 to actual Q3 2011 15.8% 11.5% 21.5% 19.6% 18.7% 10,0 0,6 0,5 9,5 9,0 0,3 5,0 5,0 1,0 4,0 Actual Q3 10 Scope Like-for- Organic Like-for- FX impact Scope Recurring Non recurring Actual Q3 11 changes like Q3 10 Growth Q3 11 like Q3 11 Q3 11 changes EBITDA items Q3 11 Q
Slide 16: From EBITDA to Free Cash Flow for 9M 2011
From EBITDA to Free Cash Flow for 9M 2011 21,7 0,3 1,2 0,7 7,9 3,2 8,4 Group reported Non cash Tax paid Interest paid Change in NWC Net Capex Free Cash Flow EBITDA items recorded above EBITDA 9M Free cash flow reached 8.4m€, up 114% vs. 9M10: under the combined impact of rising EBITDA and fairly sta
Slide 17: Net Debt evolution between 12/31/10 and 09/30/11
Net Debt evolution between 12/31/10 and 09/30/11 17,6 0,6 8,4 6,4 20,6 1,1 5,5 Net financial Free Cash Acquisition of Impact of FX Effects of the Others* Net financial debt 31.12.2010 Flow 9M 2011 subsidiaries & non rates on cash Helikos transaction debt 30.09.2011 controlling interests Net debt dec
Slide 18: Reported 9M 2011 vs. medium-term targets
9M 2011: Reported 9M 2011 vs. medium-term targets Group Sales (€ million) Organic Sales Growth Rate (%) 128,9 20.8% 20.4% 85,1 78,0 15.0% 53,1 5.0% 10.0% H1 2010 H1 2011 9M 2010 9M 2011 H1 2011 9M 2011 Medium- term target Recurring EBITDA (€ million) Recurring EBITDA Margin (%) 24,6 18,7% 19,1% 18,0
Slide 19: 'Below EBITDA' items
„Below EBITDA‟ items Depreciation & Amortization charges reached 5.9m€, up 40.5% vs 9M10, due to increase asset base as a result of both organic growth and acquisitions. Despite D&A increase, EBIT (+75.9%) grew faster than EBITDA (+64.6%) Notably, Amortization of PPA* charge reached 1.9m€ in 9M11, u
Slide 20: Highlights
Highlights > Sales revenue up 51.5% to 128.9 m€ in 9M11 (+20.4% organic growth) Strong > EBITDA up 64.6% to 21.7m€: EBITDA margin improved to 16.9% in 9M11 Financials (19.1% ex one-offs) > Free cash flow of +8.4m€ (up 114% vs. 9M10) > Net debt reduced to 1.1m€ at the end of September 2011 > Cash & c
Slide 21: Thank you for your attention
Thank you for your attention 16.11.2011 21 Exceet Group S.E. | 1420 Luxembourg | Luxembourg
Slide 22: Appendix
Appendix 22 Exceet Group S.E. | 1420 Luxembourg | Luxembourg
Slide 23: Group income statement
Group income statement 9 Month 2011 vs. 9 Month 2010 (in €m) 9m 2011 9m 2010 Revenue 128,9 85,1 Cost of sales -95,1 -66,3 Gross profit 33,8 18,7 % margin 26,2% 22,0% Distribution costs -7,4 -5,7 Administrative expenses -11,7 -5,0 Other operating income 1,0 1,0 EBIT 15,8 9,0 % margin 12,3% 10,6% Net
Slide 24: Sales and profit per segment
Sales and profit per segment 9 Month 2011 vs. 9 Month 2010 Corporate Intersegment Group ECMS IDMS ESS an others elimination consolidation 1.1.2011 to 1.1.2010 to 1.1.2011 to 1.1.2010 to 1.1.2010 to 1.1.2011 to 1.1.2011 to 1.1.2010 to 1.1.2010 to 1.1.2011 to 1.1.2011 to 1.1.2010 to [in €m) 30.09.2011
Slide 25: Cash flow statement
Cash flow statement 9 Month 2011 vs. 9 Month 2010 9m 2011 9m 2010 Profit before income tax 17,4 7,9 Depreciation & amortization 5,9 4,2 Other non cash items -0,7 0,4 Interest Income/(expense), net -1,1 1,0 Operating results before changes in net working capital 21,5 13,5 Changes to net working capit
Slide 26: Balance sheet
Balance sheet 9 Month 2011 vs. December 31, 2010 ASSETS unaudited Sept 30, 2011 Dec 31, 2010 Tangible assets 26,0 21,0 Intangible assets 52,3 47,2 Other non current asset 0,3 0,3 Inventories 34,4 22,3 Trade receivables, net 23,6 16,3 Other current receivables 2,6 1,0 Current income tax receivable 1,
Slide 27: History of Exceet
History of Exceet Exceet‟s history Acquisition of Add-on acquisitions AuthentiDate of ECR AG and GS Merger with Card Acquisition of International AG and Swiss PCB AG Factory Group* Winter AG Contec GmbH** 2006 2007 2008 2009 2010 2011 Foundation of AEM Acquisition of Ulrich Reutner Launch of group T
Slide 28: Production site overview
Production site overview Production sites Comments Company Location Key products > Production area: > Production area: Ebbs, > Electronic systems and components 1,000 m² 1,755 m² (2) Austria > Utilisation (1): > Utilisation (1): approx. 70% approx. 75% Paderborn, > Smartcards and card personalisatio
Slide 29: Operational business set-up
Operational business set-up Delivery of tailor-made mission critical solutions and high margin small/medium volume series production Operational footprint Close-to-customer‟ model > Production facilities with advantageous customer proximity > Fast response times through customer proximity > Strong c
Slide 30: Proven and experienced management team
Proven and experienced management team CEO Ulrich Reutner CFO Ulrich Feisst COO Robert Wolny CIO Jan Trommershausen Strategy and Corporate Development Finance, M&A, Legal, IR Operations M&A, Acquisition Integration, HR 2008 Founder VisionCard 2007/2009 AEM technologies; 2002/2006 Assa Abloy Holding,
Slide 31: … supported by a knowledgeable board
… supported by a knowledgeable board Exceet‟s Board Hans Hofstetter Thomas Brauchli Ulrich Reutner Partner at law firm Partner at law firm CEO, Exceet Schoch, Auer & Partner Schoch, Auer & Partner Dirk-Jan Roland Lienau Dr. Hagen Hultzsch Van Ommeren MD Wendel CEO Oranje-Nassau, a Holder of various
Slide 32: Shareholders structure
Shareholders structure Outstanding Number of public shares Class A relevant for Market Cap: 20,523,695 Greenock S.à.r.l (Ventizz) Oranje-Nassau participates B.V Eiflia Holdings GmbH Ulrich Reutner Robert Wolny Roland Lienau Jan Trommershausen Free float 30.61% 34.62% Free float 0.25% Company‟s votin
Slide 33: Transaction & Dilution
TRANSACTION & DILUTION Class A-Shares outstanding: • Total number of class A shares outstanding: 25,175,000 • thereof 5,101,305 treasury shares (“redeemed shares”) held by exceet. A total of 4,651,305 shares will be canceled, according to the company by-laws Remaining total number of class A share
Slide 34: Transaction & Dilution
TRANSACTION & DILUTION Public Warrants: • 20.0 m public warrants outstanding: • Strike price €12 and capped at €17 • Exercise period 5 years from close of business combination July 26th 2011 • We assume that at share price triggers of € 13.0, € 14.0, €15.0,€ 16.0, € 17.0 each, 20% of the warrants wi
Slide 35: Contact: Fabian Rau
Contac: Fabian Rau Vice President Marketing/Investor Relations exceet Group SE 114, avenue Gaston Diderich L-1420 Luxemburg www.exceet.ch ––––––––––––––––––––––––––– Mobile: +41 79 312 59 98 Phone: +41 41 499 93 25 Email: f.rau@exceet.ch 35 Exceet Group S.E. | 1420 Luxembourg | Luxembourg
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