Arbonia Ag · SIX:ARBN
Arbonia — Merger or Acquisition (September 2016)
27 slides from Arbonia's merger presentation, Sep 15, 2016
Slide 1: Combination with Looser Holding AG
Combination with Looser Holding AG September 15, 2016 This communication is not for distribution in the United States, Canada, Australia or Japan. Neither this communication nor the public purchase and exchange offer for all publicly held shares in Looser Holding AG constitutes an offer to sell or t
Slide 2: Risks, Disclaimer and forward-looking Statements
Risks, Disclaimer and forward-looking Statements RISK FACTORS: the public tender offer and the investment into shares of AFG Arbonia-Forster-Group entails risks. You should carefully read the risk factors published at: www.afg.ch/de/servicenavigation/publikationen. Disclaimer These written materials
Slide 3: Introductory note
Introductory note Rudolf Huber, Chairman & Acting CEO, Looser Holding AG 3
Slide 4: Looser Holding AG: A strong niche player
Looser Holding AG A strong niche player Founded in 2004, Looser Holding AG (“Looser”) is an international industrial holding company headquartered in Arbon, Switzerland, and listed on the Swiss stock exchange since June 17, 2008 The Group is active in three business divisions specializing in Doo
Slide 5: Looser Holding AG Business overview
Looser Holding AG Business overview Looser Holding AG Industrial Doors Coatings Services A leading interior door A leading Swiss supplier for Specialist companies manufacturer in • Modular space systems in niche markets Business description • Germany • Self-erecting cranes • Wood coatings • Poland •
Slide 6: Strategic assessment resulting in the proposed combination with AFG
Looser Holding AG Strategic assessment resulting in the proposed combination with AFG In August 2015, Looser announced to review its strategic options The review focused on standalone options as well as potential business combinations Following initial discussions and subsequent negotiations w
Slide 7: Combination with Looser Holding – Transaction rationale
Combination with Looser Holding – Transaction rationale Alexander von Witzleben, Chairman & CEO a.i., AFG Arbonia-Forster-Holding AG 7
Slide 8: Combination of AFG and Looser: Transaction highlights
Combination of AFG and Looser Transaction highlights 1 A leading market position for 2 Improved business and financial interior doors in Central Europe profile of new Arbonia Group Transformation of AFG’s interior door Integration of Looser in AFG holding and business from a pure Swiss market fo
Slide 9: Transaction procedures: Legal structure
Transaction procedures Legal structure On September 14, 2016, AFG entered into a share purchase agreement with Purchase of members of the Looser and Stocker-Looser families as well as the board 53%1 of all and management of Looser Holding regarding the purchase of 53.4%1 of the Looser shares share
Slide 10: Strategic rationale: A leading position for interior doors in Central Europe
1 Strategic rationale A leading position for interior doors in Central Europe Combined market position for interior doors in Central Europe Product portfolio complementarity AFG with strong position Segment Special doors Standard doors in home market Looser with strong position in home markets Premi
Slide 11: Improved business profile of Arbonia Group
2 Strategic rationale Improved business profile of Arbonia Group Arbonia Group (former AFG) Building Industrial Windows Doors Technology Services A leading position for hydro- A leading position for A leading position for interior Highly profitable service nic heat transfer in Europe windows in Cent
Slide 12: New Arbonia with stronger financial profile
2 Strategic rationale New Arbonia with stronger financial profile Pro-forma aggregation of net sales Pro-forma aggregation of EBITDA CHF M CHF M 1'378 ~1’300 165 1'212 436 ~110 102 93 45 941 57 AFG Looser Pro- Looser 2015 Growth Pro- AFG Looser Pro- Looser 2015 Growth Pro- 2015 2015 forma dives- aft
Slide 13: Outlook of new Arbonia Group
2 Strategic rationale Outlook of new Arbonia Group1 Current AFG Guidance New Arbonia Group (stand-alone) Guidance 2016 2018 2018 Sales +3% sales ~1’000 growth p.a. ~1’400 (CHF M) without Coatings EBITDA ~65 >100 >150 (CHF M) without Coatings Sustainable free cash flows and dividend capacity from 201
Slide 14: Arbonia Group Organization
2 Arbonia Group Organization Board of Directors Chairman A. von Witzleben CEO ad interim A. von Witzleben* CFO Corporate Functions F. Bodmer* Building Technology Windows Doors Industrial Services K. Bartsch* H. Pichler* P. Spirig* / D. Schröder P. Baur * Member of the Group Management Combination wi
Slide 15: Attractive offer for Looser shareholders
3 Attractive offer for Looser shareholders 5.5 AFG shares + CHF 23.00 per 1 Looser share Offer value Offer value in perspective EV/EBITDA Multiple 2016E of construction component suppliers1 Offer Per 1 Looser share 5.5 AFG structure shares plus CHF 23.00 in cash 13.7 12.8 12.3 12.0 Median 10.9 10.7
Slide 16: Financing of transaction
4 Financing of transaction Solid equity ratio of >40% of new Arbonia Group Offer mix and financing of transaction Pro-forma combined balance sheet Incl. Coatings, acquisitions and bridge financing CHF M, 2015 21% in cash (CHF 87 M) 1.500 Current Current liabilities assets 79% in 1.000 Non-current AF
Slide 17: Value creation for AFG shareholders
4 Value creation for AFG shareholders Immediate and long-term positive effect Estimated net income and Immediate EBITDA accretion resulting EPS accretion3 EBITDA (CHF M) Net income (CHF M) ~110 65 AFG Looser Divesture Acquisitions Pro-forma 20164 2017 2018 2019 2020 2016FC 2016FC Coatings (full year
Slide 18: Diverse shareholder structure
Diverse shareholder structure Enhanced free-float with strong shareholder base AFTER the transaction BEFORE the transaction and private placement1 44.7 M shares2 68.2 M shares2 Private placement 3.9% Artemis 18.0% Artemis 27.4% Looser & Stocker-Looser family4 14.9% Free-float Free-float shareholders
Slide 19: Preliminary transaction timeline
Combination of AFG and Looser Preliminary transaction timeline 15/09/2016 Transaction announcement 29/09/2016 Publication offer prospectus 14/10/2016 Start of main offer period 01/11/2016 AFG extraordinary GM 02/11/2016 Looser extraordinary GM 10/11/2016 End of main offer period 17/11/2016 Start of
Slide 20: New Arbonia Group Investment case
New Arbonia Group Investment case A leading building component supplier in Central Europa for Building Technology Strong market positions for core products in Europe Further expansion in growing segments (underfloor heating, ventilation) Expansion of cost leadership through rationalisation o
Slide 21: Questions?
Questions? Combination with Looser Holding | September 15, 2016 21
Slide 22: Thank you
hy ie | & LOOSER Holding Building the Difference Bare - Thank you 22
Slide 23: Looser's Door division fact sheet
Backup Looser’s Door division Fact sheet Business areas Business development Interior doors for Sales (EURM) EBITDA margin Doors Residential buildings 14.8% 15.0% 14.0% 14.3% 13.7% (61%) Non-residential buildings 11.3% 11.6% 188 202 145 155 164 Door 133 frames 112 (39%) 2010 2011 2012 2013 2014
Slide 24: Looser's Industrial Service division fact sheet
Backup Looser’s Industrial Service division All figures without WMS Fact sheet Business areas Business development Modular space Construction/construction systems and Sales (CHFM) EBITDA margin supplier industry event services Industrial prof. trade Event services 26.8% 26.9% 27.4% 27.3% Renta
Slide 25: Notes
Notes Combination with Looser Holding | September 15, 2016 25
Slide 26: Combination with Looser Holding | September 15, 2016
Combination with Looser Holding | September 15, 2016 26
Slide 27: AFG Arbonia-Forster-Holding AG contact details
27 Combination with Looser Holding | September 15, 2016 AFG Arbonia-Forster-Holding AG I Amriswilerstrasse 50 | 9320 Arbon | Schweiz | www.afg.ch