Slide 1: Telephone conference
Telephone conference CEO Susanna Campbell 14 August 2014
Slide 2: Q1-2 2014: Continued improvement
Q1-2 2014: Continued improvement ▪ Continued increased market activity, but not gaining momentum ▪ Improved Q2 in majority of holdings ▪ Unchanged positive view of 2014 ▪ Agreement in July to sell SB Seating ▪ High level of transaction activity 2
Slide 3: Increased market activity
Increased market activity ▪ Increased activity from mid-February ▪ Increased order bookings, higher customer activity ▪ In half of the holdings ▪ Q2: trend continues but without gaining momentum ▪ Many markets remain sluggish/stable 3
Slide 4: Improvement in holdings
Improvement in holdings ▪ Q2 better than (small) Q1 ▪ Majority of holdings increase adjusted EBITA ▪ Many bright spots ▪ A couple of companies drag down total (Aibel, Bisnode) ▪ Continued improvement expected ▪ Improvement programmes in several companies 4
Slide 5: Performance in holdings Q2 2014
Performance in holdings Q2 2014 Ratos’s share 100% Ratos’s share excl. Aibel Sales -8% -1% +5% EBITA -15% -3% +8% EBITA excluding items -10% 0% +6% affecting comparability EBT -54% -27% +2% EBT excluding items -12% +10% +27% affecting comparability 5
Slide 6: Performance in holdings Q1-2 2014
Performance in holdings Q1-2 2014 Ratos’s share 100% Ratos’s share excl. Aibel Sales -8% -2% +4% EBITA -23% -13% -2% EBITA excluding items -10% -3% +4% affecting comparability EBT -74% -43% 0% EBT excluding items -10% +15% +36% affecting comparability 6
Slide 7: Overall view of performance
Overall view of performance Arcus-Gruppen Aibel AH Industries GS-Hydro Biolin Scientific Hafa Bathroom Group HENT Bisnode Jøtul Inwido DIAB KVD Euromaint Mobile Climate Control HL Display Nebula Nordic Cinema Group SB Seating 7
Slide 8: Good prospects 2014
Good prospects 2014 ▪ Unchanged view ▪ Steady, slow recovery 2014 ▪ Actions taken provide good starting point for holdings ▪ Conditions exist for increased operating profit 8
Slide 9: Good momentum in transaction market
Good momentum in transaction market ▪ Higher pace – demand for acquisition candidates ▪ IPO market functioning well ▪ Very good access to bank financing ▪ High activity expected in autumn 2014 ▪ High level of activity for Ratos 9
Slide 10: Exit SB Seating – Scandinavia's leading and most profitable office chair manufacturer
Exit SB Seating – Scandinavia’s leading and most profitable office chair manufacturer ▪ Agreement with Triton 5 July – EV approx. NOK 1,925m − Ratos’s shareholding approx. NOK 955m − EV/EBITA LTM approx. 10x (Ekornes c. 8x) ▪ Value creation of approx. SEK 1 billion for Ratos − Exit gain approx. SEK
Slide 11: Q1-2 2014: Steady improvement
Q1-2 2014: Steady improvement ▪ Continued increased market activity, but not gaining momentum ▪ Improved Q2 in majority of holdings ▪ Unchanged positive view of 2014 ▪ Agreement in July to sell SB Seating ▪ High level of transaction activity 11