Thyssenkrupp Ag · XETR:TKA
Thyssenkrupp — Q1 2013/14 Earnings Presentation
62 slides from Thyssenkrupp's earnings presentation, March 2014
Slide 1: Presentation Facts & Figures March 2014
Presentation Facts & Figures March 2014 Developing the future.
Slide 2: Agenda
Agenda Presentation slides 2-14 • Key Figures, Strategic Way Forward and Group Outlook • Group Performance, Financials and Conclusion Facts & Figures slides 18-61 Presentation ThyssenKrupp March 2014 1 Developing the future.
Slide 3: Highlights
Highlights SWF SWF / – All financial targets met or exceeded • EBIT adjusted more than doubling yoy • Group & CapGoods with EBIT adjusted margins up yoy and qoq • NFD down to €4.5 bn, Gearing down to ~136% Progress in de-risking • VDM and AST vs loan note swap • Steel USA sale • Steel Americas EBITD
Slide 4: Q1 2013/14: Targets Achieved
Q1 2013/14: Targets Achieved SWF EBIT adjusted FCF before divest. NFD (Group) million € million € million € billion € (85)* (5.0) (4.5) ~200 247 ~80 107 (280) Q1 Target Actual Q1 Target Actual Q1 Target Actual Q4 Target Actual 12/13 Q1 13/14 12/13 Q1 13/14 12/13 Q1 13/14 12/13 Q1 13/14 Wel
Slide 5: CapGoods Driving Growth in Order Intake
CapGoods Driving Growth in Order Intake Order intake – continuing operations (million €) Group incl. Steel Americas +6% +18% yoy qoq +10%* 10,671 10,063 9,059 Book-to-bill: 1.2 • CT: yoy first signs of 560 Steel 609 recovery of European auto Americas 491 • ET: again record order intake mainly driven
Slide 6: EBIT adjusted – More Than Doubling the Prior-Year Quarter
EBIT adjusted – More Than Doubling the Prior-Year Quarter EBIT adjusted – continuing operations (million €) Group incl. Steel Americas +131% +59% yoy qoq +155%* • CT: increase from efficiency 247 & restructuring measures 155 107 • ET: efficiency & restructuring efforts gaining traction 164 173 • IS:
Slide 7: Bottom Line Moving Towards Breakeven
towards Net loss Bottom Line Moving Towards Breakeven breakeven €(1.5) bn Net loss reconciliation (million €) €(5.0) bn thereof: 2011/12 2012/13 2013/14E ThyssenKrupp AG’s stockholders: €(251) m 247 (36) 211 (27) (440) thereof: Taxes EPS* ThyssenKrupp AG’s stockholders: €(64) m (0.47) €/sh (256) (69
Slide 8: Confirming Outlook FY
Confirming Outlook FY (incl. Steel Americas, excl. AST and VDM) EBIT adj. ~€1 bn >Q1 €247 m Q1 2013/14 Q2E H2E FY 2013/14E FCF before divest & • Elevator, Industrial Solutions: DB settlement paym. ~breakeven high visibility given high order book • Components, Materials businesses: limited visibility
Slide 9: Agenda
Agenda Presentation slides 2-14 • Key Figures, Strategic Way Forward and Group Outlook • Group Performance, Financials and Conclusion Facts & Figures slides 18-61 Presentation ThyssenKrupp March 2014 8 Developing the future.
Slide 10: CapGoods and Group With Margins Up QoQ and YoY
CapGoods and Group With Margins Up QoQ and YoY EBIT adjusted (million €); EBIT adjusted margin (%) Comp. 4.6 5.3 4.5 2.6 Materials 3.9 2.0 2.0 3.1 1.4 1.2 Techn. 76 Services 63 81 58 64 40 58 62 34 42 11.0 11.0 11.2 11.3 10.5 2.4 Elevator 1.3 1.8 Steel 188 175 0.9 Techn. 169 146 172 0.4 62 19 Europe
Slide 11: Moving Towards Gearing Target <100% by Higher Equity
towards Net loss Moving Towards Gearing Target <100% by Higher Equity… breakeven €(1.5) bn Equity reconciliation (million €) €(5.0) bn 2011/12 2012/13 2013/14E Gearing 879 (69) 54 (120) 136.2% Gearing 200.1% 11 3,273 Net loss Actuarial gains from pensions & F/X Others 2,518 similar obligations Capit
Slide 12: And Further Deleveraging by M&A and Operations
… And Further Deleveraging by M&A and Operations Q1 2013/14 (million €) (5,038) (4,459) BCF Group: €30 m Gearing Target • CT: €(41) m <100% • ET: €51 m Gearing • IS: €264 m • MX: €(236) m 136.2% • SE: €182 m Gearing • AM: €(178) m 200.1% 878 (237) FCF (62) Others NFD FCF before divest (85) Dec 2013
Slide 13: Continuing Tight NWC Management
Continuing Tight NWC Management with Reduced Volatility and Increased Efficiency Development Operating NWC TK Group (billion €) Development Operating NWC 93 Inventories 82 (1.2) +1.0 (1.0) A/R, A/P, advance 71 (0.1) (0.6) +0.1 payments, net x qoq changes 00 (3) (1) (4) (2) (5) (3) Q3 Q4 Q1 Q2 Q3 Q4
Slide 14: Outlook Q2
Outlook Q2 (incl. Steel Americas, excl. AST and VDM) EBIT adj.: >Q1 (Q1 2013/14: €247 m, Q2 2012/13: €196 m) FCF before divest & mid 3-digit million € negative: DB settlement payment: qoq: strong customer payments already in Q1; interest payments in Q2 H1: ramp Steel USA; relining BF#S2; Group s
Slide 15: Value Upside from Performance & De-Risking
CT return to previous margin levels Value Upside from Performance & De-Risking • performance measures • ramping new plants in BIC ET closing margin gap to peers • while leveraging growth opportunities Value Upside IS leveraging growth opportunities Cultural change and leadership • while main
Slide 16: Financial Calendar – FY 2013/14
Financial Calendar – FY 2013/14 March Roadshows London (3rd), Madrid (4th), US East Coast (6-7th), Zurich (7th) Conferences Citi Global Resources Conference, London (13th) BoA ML Global Industrials & EU Autos Conference, London (19th) April Conferences Exane 9th Basic Materials CEO Seminar, Lond
Slide 17: Contact Details ThyssenKrupp Investor Relations
Contact Details ThyssenKrupp Investor Relations Phone numbers +49 201-844- Dr. Claus Ehrenbeck -536464 Head of Investor Relations Christian Schulte -536966 To be added to the IR Manager (Deputy Head) IR mailing list, send us a brief e-mail Rainer Hecker -538830 with your details! IR Manager E-mail:
Slide 18: Agenda Appendix
Agenda Appendix Presentation ThyssenKrupp March 2014 17 Developing the future.
Slide 19: ThyssenKrupp – Strategic Way Forward
ThyssenKrupp – Strategic Way Forward Company Portfolio Change Performance Financial Strategic Push Positioning Optimization Management Orientation Stability Diversified Industrial Closed Brazil Auto Systems Mission Statement (“Leitbild”) Continuous benchmarking Significant cash flow Inor
Slide 20: SWF: Progress in Change, Performance and Financial Situation
SWF: Progress in Change, Performance and Financial Situation Company Positioning Portfolio Optimization + Management Change + Performance Orientation Financial Stability + Strategic Push New Supervisory Board Chairman with compliance ~€850 m ~€2.3 bn* and corporate governance as top priority ~€850
Slide 21: ThyssenKrupp – Continuing Operations
ThyssenKrupp – Continuing Operations (incl. Steel Americas, excl. AST and VDM) ThyssenKrupp FY 2012/13: Sales €38.6 bn • EBIT adj. €598 m • Employees 156,856 Components Sales: €5.7 bn Elevator €6.2 bn Industrial €5.6 bn Technology EBIT adj.: €244 m Technology €675 m Solutions €640 m Components for
Slide 22: 5 Year Performance Track Record
5 Year Performance Track Record EBIT adjusted, EBIT adjusted margin (million €, %) 3.0 3.6 2.4 2.0 Materials 7.3 6.5 (1.1) 382 533 311 Services 236 Comp. 5.3 4.3 (139) Techn. (1.9) 301 503 453 244 8.8 (86) 6.8 0.9 1.133 2.2 1.5 Steel 731 247 Europe 84 143 12.5 12.2 11.0 Elevator 11.3 10.3 Techn. 598
Slide 23: Systematic Benchmarking Aiming at Best-in-Class Operations
Systematic Benchmarking Aiming at Best-in-Class Operations Selected Peers / Relevant Peer Segments Components • Chassis & Powertrain: Materials Technology Continental; NSK (JPN); TRW (USA) Services • ArcelorMittal / Distribution Solutions • Industry: • Klöckner SKF (Industrial); • Reliance Titan Int
Slide 24: ThyssenKrupp – Diversified Industrial Group
ThyssenKrupp – Diversified Industrial Group Leading market One integrated Active portfolio positions company management Diversified Industrial Company Benchmark Profitable Capital performance growth efficiency Leading Engineering Competence Presentation ThyssenKrupp March 2014 23 Developing the futu
Slide 25: Leading Engineering Competence Supports Better for More
ThyssenKrupp’s Leading Engineering Competence Supports Better for More Demand Demand Drivers Business opportunities Constraints (“more”) (“better”) Demography Climate change Reduced CO2 More consumer emissions, and capital Leading renewable goods engineering energies expertise Urbanization Finite Mo
Slide 26: Structure and Elements of ThyssenKrupp Compliance Program
Structure and Elements of ThyssenKrupp Compliance Program Compliance Culture Tone from the Top Compliance Commitment Compliance Responsibility Integrate Compliance in business processes Inform & Advise Identify Report & Act Group Policy Statements/ Risk analysis Corrective actions Guidance Notes Com
Slide 27: Key Financials (I)
Key Financials (I) Continuing Ops. incl. Steel Americas (Steel USA as disp. group), 2012/13 2013/14 excl. Inoxum Q1 Q2 Q3 Q4 FY Q1 Order intake €m 10,063 10,113 9,401 9,059 38,636 10,671 Sales €m 9,189 9,540 9,920 9,910 38,559 9,109 EBITDA €m 371 228 358 206 1,163 468 EBITDA adjusted €m 382 467 411
Slide 28: Key Financials (II)
Key Financials (II) Continuing Ops. incl. Steel Americas (Steel USA as disp. group), 2012/13 2013/14 excl. Inoxum Q1 Q2 Q3 Q4 FY Q1 TK Value Added** €m (1,852) Ø Capital Employed** €m 17,102 16,137 15,253 14,594 14,594 12,192 Goodwill** €m 3,493 Capital expenditures* €m 334 287 239 453 1,313 232 Dep
Slide 29: Key Financials
Key Financials Group incl. Steel Americas & Inoxum 2012/13 2013/14 Q1 Q2 Q3 Q4 FY Q1 Order intake €m 11,202 10,113 9,401 9,059 39,774 10,671 Sales €m 10,412 9,540 9,920 9,910 39,782 9,109 EBITDA €m 444 226 358 192 1,222 655 EBITDA adjusted €m 313 466 413 418 1,609 505 EBIT €m 169 (50) 37 (694) (538)
Slide 30: Special Items
Special Items Business Area 2012/13 2013/14 (million €) Q1 Q2 Q3 Q4 FY Q1 Impairment (37) (7) (44) Disposal effect 3 1 4 CT Restructuring 1 (1) (2) (30) (32) (7) Others (1) Asset disposals (1) Impairment 1 (4) (11) (14) ET Restructuring (9) (17) (23) (49) (41) Others 1 (2) (1) Impairment 2 2 (9) IS
Slide 31: Sustainable Efficiency Gains to Support EBIT Target
Sustainable Efficiency Gains to Support EBIT Target FY 2013/14 and Mid-Term Upside Ramp-up Efficiency Gains 2015 Efficiency Gains 2015 by Business Area million € 850 Corporate 2,300 150 Industrial Solutions ~6% achieved Steel Europe ~15% ~27% Q1: ~200 700 Components Technology ~14% ~13% 850 ~14% Ste
Slide 32: Improving Capex Allocation Geared to CapGoods Businesses
Improving Capex Allocation Geared to CapGoods Businesses Cash flows from investing activities incl. Steel Americas (billion €) CapGoods thereof: CT Growth SE: ~10% Materials ET IS: ~15% Maint. CT: ~60% IS ~10 MX SE ~34 ~38 3.7 AM in % in % ~33 ~62 ~9 thereof: ~7 ~8 SE: ~45% 3.2 CT: ~15% ET: ~10% 2.5
Slide 33: Solid Financial Situation
Solid Financial Situation Liquidity analysis and maturity profile of gross financial debt as of December 31, 2013 (million €) Incl. syndicated loan facility of €2.5 bn 7,626 for which a waiver of gearing covenant was granted (gearing ratio < 150% at FY end); facility due July 1, 2014 Available commi
Slide 34: Change in Innovation Ambition
Change in Innovation Ambition R&D expenses TK Group The InCar®plus Project 2013/2014 Further increase by all Business Areas planned Highlights: • 30 projects with more than 40 individual solutions • Green, cost-competitive, lightweight, 644 647 high-performing Order related R&D cost 331 343 • Body
Slide 35: Accrued Pension and Similar Obligations
Accrued Pension and Similar Obligations Accrued pension and similar obligations (in €m) Accrued pension & similar obligations expected to decrease over time (in €m) Other accrued pension- Assumption: unchanged discount rate 7,696* related obligation 7,345* 302 7,345* 252 Accrued postretirement 850 o
Slide 36: Majority of Pension Plans in Germany
Majority of Pension Plans in Germany Funded status of defined benefit obligation Development of accrued pension liabilities (FY 2012/13, in €m) (FY 2012/13, in €m) Germany Outside Germany 2,054 (199) exp. return 6.00 exp. return 5.76 DBO 6,238 6,039 5,773 6,424 2,183 (1,855) 57 385 594 Defined Plan
Slide 37: Mature Pension Schemes: Benefit Payments Higher Than Costs
Mature Pension Schemes: Benefit Payments Higher Than Costs Elements of Change in Accrued Pensions and Similar Obligations (in €m) / Position in Key Financial Statements (12) 29 (1) (1) (115) 151 7,696* 297 (566) Net periodic Net periodic pension cost postretirement cost (34) €321 m €27 m (100) 7,345
Slide 38: Components Technology – Q1 2013/14 Highlights
Components Technology – Q1 2013/14 Highlights Order intake in €m Quarterly order intake auto components EBIT in €m; EBIT adj. margin in % Q1 2013/14: seasonally lower orders with EBIT EBIT adjusted continuing high demand from China and the US 81 63 58 64 1,539 1,492 1,439 42 1,360 65 1,324 56 43 44
Slide 39: Components Technology
Components Technology Key figures 2012/13 2013/14 Q1 Q2 Q3 Q4 FY Q1 Order intake €m 1,324 1,360 1,539 1,492 5,715 1,439 Sales €m 1,345 1,360 1,517 1,490 5,712 1,428 EBITDA €m 108 130 145 95 478 120 EBITDA adjusted €m 107 129 145 126 506 129 EBIT €m 43 65 44 21 173 56 EBIT adjusted €m 42 63 81 58 244
Slide 40: Components Technology: Light Vehicles Production
Components Technology: Light Vehicles Production (in million) Light Commercial and Passenger Cars World Germany Europe (w/o Germany) Actual Forecast Actual Forecast Actual Forecast +3%* 92.9 89.1 +/-0%* +2%* 82.3 85.1 79.3 72.7 74.9 13.9 14.7 5.7 5.4 5.5 5.5 5.7 5.7 13.7 13.3 5.4 13.1 13.0 13.0 2010
Slide 41: Elevator Technology – Q1 2013/14 Highlights
Elevator Technology – Q1 2013/14 Highlights Order intake in €m Units under Maintenance EBIT in €m; EBIT adj. margin in % FY: 6,520 EBIT EBIT adjusted 1,801 CAGR >1.1 m 1,616 1,633 1,696 1,575 +4.8% 188 169 172 175 ~0.8 m 146 11.2 11.3 11.0 10.5 11.0 Record 171 154 153 133 133 Q1 Q4 Q1 2004/05 2012/1
Slide 42: Elevator Technology
Elevator Technology Key figures 2012/13 2013/14 Q1 Q2 Q3 Q4 FY Q1 Order intake €m 1,616 1,633 1,696 1,575 6,520 1,801 Sales €m 1,532 1,388 1,562 1,673 6,155 1,544 EBITDA €m 190 159 179 176 703 152 EBITDA adjusted €m 188 166 197 201 753 194 EBIT €m 171 133 154 153 611 133 EBIT adjusted €m 169 146 172
Slide 43: Five Initiatives to Improve Performance and Push Growth
Five Initiatives to Improve Performance and Push Growth EBIT margin 15% EBIT margin | €1 bn EBIT Target level 1 Manufacturing | NI Profitability! 1 Service 2 Manufacturing | Modernization | NI Growth Emerging 3 Portfolio | Restructuring 2 4 Markets 5 M&A Growth! Sales Presentation ThyssenKrupp March
Slide 44: Industrial Solutions – Q1 2013/14 Highlights
Industrial Solutions – Q1 2013/14 Highlights Order intake in €m Order backlog in €bn EBIT* in €m; EBIT* adj. margin in % Q1 12/13 incl. ~€1 bn order for fertilizer plants, Q2 12/13 EBIT* 16.4 EBIT* adjusted 2 cement plants with ~€350 m, Q1 13/14 big ticket MS 16.3 15.8 15.5 2,295 14.6 2,002 FY: 5,28
Slide 45: Industrial Solutions
Industrial Solutions Key figures 2012/13 2013/14 Q1 Q2 Q3 Q4 FY Q1 Order intake €m 2,002 1,595 779 907 5,283 2,295 Sales €m 1,306 1,428 1,306 1,602 5,641 1,288 EBITDA €m 155 210 174 179 718 186 EBITDA adjusted €m 155 191 174 183 702 186 EBIT €m 141 198 157 162 658 173 EBIT adjusted €m 140 180 156 16
Slide 46: Industrial Solutions: Selected Orders FY 2012/13
Industrial Solutions: Selected Orders FY 2012/13 Chemicals Mining & Cement Q1: Fertilizer complexes for CF Industries Holding, USA Q2: Cement complex for Holcim, Indonesia Largest order within the last years Indonesian cement market expected to grow at a double-digit rate in 2013 Iowa: ammonia
Slide 47: Materials Services – Q1 2013/14 Highlights
Materials Services – Q1 2013/14 Highlights Order intake* in €m Materials warehousing shipments in 1,000 t EBIT in €m; EBIT adj. margin in % *thereof materials warehousing business ~60% EBIT EBIT adjusted 62 76 40 58 2.6 34 1.4 2.0 2.0 1.2 51 64 36 43 2,988 3,047 1,363 1,427 1,445 2,863 2,842 1,328 1
Slide 48: Materials Services
Materials Services Key figures 2012/13 2013/14 Q1 Q2 Q3 Q4 FY Q1 Order intake €m 2,765 2,988 3,047 2,863 11,663 2,842 Sales €m 2,815 2,923 3,056 2,906 11,700 2,739 EBITDA €m 59 (134) 87 85 96 62 EBITDA adjusted €m 63 80 84 99 326 54 EBIT €m 36 (157) 51 64 (6) 43 EBIT adjusted €m 40 58 62 76 236 34 E
Slide 49: Steel Europe – Q1 2013/14 Highlights
Steel Europe – Q1 2013/14 Highlights Order intake in €m Shipments in 1,000 t EBIT in €m; EBIT adj. margin in % Ø rev/t indexed (Q1 2004/05=100) EBIT EBIT adjusted 135 126 127 123 121 62 42 30 2.4 19 2,620 29 28 2,315 2,177 20 2,403 2,274 3,058 3,093 2,839 2,580 1.8 2,529 9 1.3 0.4 14 0.9 (10) Q1 Q4
Slide 50: Steel Europe
Steel Europe Key figures 2012/13 2013/14 Q1 Q2 Q3 Q4 FY Q1 Order intake €m 2,403 2,620 2,315 2,177 9,515 2,274 Sales €m 2,253 2,512 2,562 2,293 9,620 2,074 EBITDA €m 142 98 119 154 512 126 EBITDA adjusted €m 142 118 166 146 572 126 EBIT €m 29 (10) 14 28 62 20 EBIT adjusted €m 30 9 62 42 143 19 EBIT
Slide 51: Steel Europe: Output, Shipments and Revenues per Metric Ton
Steel Europe: Output, Shipments and Revenues per Metric Ton Crude steel output (incl. share in HKM) 1,000 t/quarter Shipments*: Hot-rolled and cold-rolled products 1,000 t/quarter Cold-rolled HKM share Hot-rolled; incl. slabs 3,324 3,312 2,965 2,986 3,097 2,941 3,146 3,002 3,256 3,002 3,058 3,093 69
Slide 52: Steel: Inventories and Months of Supply
Steel: Inventories and Months of Supply Inventories and Inventories and Inventories Months of Supply - Germany Months of Supply - USA China Inventories MOS Inventories MOS Inventories [m t] [months] [m st] [months] [m t] Germany: German Steel Traders: January inventories USA: January MSCI inventorie
Slide 53: Premium Product Mix and Attractive Customer Portfolio
Premium Product Mix and Attractive Customer Portfolio Business Model ThyssenKrupp Steel Europe Large Premium Scale Niches Product Mix Steel Europe FY 2012/13 Sales by Industry Steel Europe FY 2012/13 in % of sales in % of sales Tailored Hot Strip Blanks Others Automotive industry Tinplate Packaging
Slide 54: Steel Americas – Q1 2013/14 Highlights
Steel Americas – Q1 2013/14 Highlights Order intake in €m Production & shipments in 1,000 t EBIT in €m EBIT EBIT adjusted 854 887 823 986 998 Slab production 1 CSA 609 Q1 Q4 Q1 560 (44) (17) 509 2012/13 2013/14 (122) (136) 496 (192) 491 (193) 597 692 627 562 718 Shipments Steel USA (821) Q1 Q4 Q1 Q1
Slide 55: Steel Americas
Steel Americas Key figures 2012/13 2013/14 Q1 Q2 Q3 Q4 FY Q1 Order intake €m 560 509 496 491 2,056 609 Sales €m 488 501 472 406 1,867 538 EBITDA €m (87) (12) (162) (205) (467) 29 EBITDA adjusted €m (87) (12) (162) (106) (368) 10 EBIT €m (122) (44) (192) (821) (1,180) 1 EBIT adjusted €m (122) (44) (1
Slide 56: Continuing Tight Inventory Management at All Materials BAs
Continuing Tight Inventory Management at All Materials BAs Steel Europe Materials Services Inventories Steel Americas Inventories (Metals Services, only warehous. bus., ex Mannex) Inventories mt days mt inventories m t days mt inventories m t days 12 120 2,0 DIO 120 2,5 DIO steel products* 250 DIO r
Slide 57: Corporate: Overview
Corporate: Overview Corporate 2012/13 2013/14 Q1 Q2 Q3 Q4 FY Q1 Order intake €m 55 43 43 49 190 42 Sales €m 55 43 43 49 190 42 EBITDA €m (102) (128) (73) (154) (458) (107) EBITDA adjusted €m (88) (110) (83) (105) (386) (94) EBIT €m (112) (139) (83) (166) (500) (116) EBIT adjusted €m (97) (120) (93)
Slide 58: ThyssenKrupp Rating
ThyssenKrupp Rating Long term- Short term- Outlook rating rating Standard & Poor’s BB B negative Moody’s Ba1 Not Prime negative Fitch BB+ B negative Presentation ThyssenKrupp March 2014 57 Developing the future.
Slide 59: Reconciliation of EBIT Q1 2013/14
ThyssenKrupp-specific Key Figures: Reconciliation of EBIT Q1 2013/14 P&L Structure EBIT definition Net sales 9,109 Net sales 9,109 - Cost of sales 1) (7,671) - Cost of sales 1) (7,671) - SG&A 1), R&D (1,296) - 1) SG&A , R&D (1,296) +/- Other income/expense 31 +/- Other income/expense 31 +/- Other ga
Slide 60: Management Compensation Aligned with Shareholder Interest
Management Compensation Aligned with Shareholder Interest Group Board: 50% Group EBIT / 50% ROCE, Performance 25% paid out as phantom stock* with 3 years holding requirement bonus BA Board: 30% Group EBIT, FCF and TKVA / 70% BA EBIT, BCF and TKVA, 20% paid out as phantom stock* with 3 years hold
Slide 61: Our Mission Statement
Our Mission Statement We are ThyssenKrupp – The Technology & Materials Company. Competence and diversity, global reach, and tradition form the basis of our worldwide market leadership. We create value for customers, employees and shareholders. We Meet the Challenges of Tomorrow with our Customers. W
Slide 62: Disclaimer ThyssenKrupp AG
Disclaimer ThyssenKrupp AG “The information set forth and included in this presentation is not provided in connection with an offer or solicitation for the purchase or sale of a security and is intended for informational purposes only. This presentation contains forward-looking statements that are s