Slide 1: Capital Markets Day 2022
I indutrade CAPITAL MARKETS DAY 2022
Slide 2: Agenda
13:05 Strategic update Bo Annvik 13:45 Finance and governance Patrik Johnson 14:10 Sustainability update Desiré Haglund 14:30 Break 14:45 Business Area Flow Technology Per-Olow Jansson 15:05 From MD to Business Unit Leader Anders Edenhammar 15:25 Rubin Medical Karl-Johan Öhman 15:45 Acquisition stra
Slide 3: Bo Annvik, President and CEO
Bo Annvik President and CEO Board member
Slide 4: Group Management
Group Management Per-Olow Jansson Göte Mattsson Joakim Skantze Patrik Stolpe Robert Timmer Markus Rüedin Juha Kujala Peter Rowlands Flow Technology Fluids & Mechanical Industrial Measurement & Benelux DACH Finland UK Solutions Components Sensor Technology --------------------------------------------
Slide 5: Strong development last 5 years
Strong development last 5 years Net sales Organic growth 22 000 16% +4% 20 000 26 14% 18 000 12% 16 000 10% 14 000 Billion SEK, R12Q3 p.a. last 5 years 12 000 8% 10 000 6% 2017 2018 2019 2020 2021 No of companies EBITA margin EBITA margin Net Sales, SEK m added +60 12.9% Annual growth last 5 years:
Slide 6: Balanced diversification
Balanced diversification No of companies No of product areas ~ 200 +14 ~8,600 57% 43% of Net Sales 2021 employees in >30 Companies with Proprietary brands of Net Sales 2021 8,200 Companies with Trading brands No of customer 10 largest segments companies countries employees +12 20% of annual sales 6
Slide 7: Agile through a business cycle
Agile through a business cycle Flexibility to make decisions adapted to the local conditions Capital light and people light businesses No or low segment dependency Focus on technically advanced products with a recurring sales pattern Strong exposure to growth segments 7
Slide 8: Growth and resilience combined
Growth and resilience combined Net Sales, SEK m EBITA margin Performance vs Swedish industrials 22 000 16% during the financial crisis 20 000 Swedish 14% KPI industrials* Indutrade 18 000 16 000 12% Sales development 08-09, % -8.8 -7.5 14 000 10% 12 000 • Organic sales development -18.5 -15.0 8% 08-
Slide 9: The world we operate in
The world we operate in Underinvested Sustainability & Geopolitical Efficiency and infrastructure Electrification developments optimisation • Metro areas • Resources & raw • Demographic and social • Digitalisation • Water and waste materials change • Technological • Energy • Circularity • Regionalis
Slide 10: Evolution – not revolution!
Evolution – not revolution! 1978-1990 1990-2010 2010-present Strengthen footprint in home markets and Nordic focus Expansion in Europe increasing geographical scope Balance between the Acquiring technical trading companies Adding manufacturing companies both, especially organic growth potential Incr
Slide 11: A strong strategic platform to build from
A strong strategic platform to build from Vision Business objective Strategic direction Strategic focus areas Value based foundation 11
Slide 12: Positioned for continued value-creation
Positioned for continued value-creation Capture organic Strong engagement and support with our companies to capture profitable and growth potential value-creating organic growth opportunities Increasing acquisition Stepwise increasing acquisition capabilities, targeting companies with good ambition
Slide 13: Organic growth – a foundation for long-term value-creation
Organic growth – a foundation for long-term value-creation! Proof of customer Dynamic workplace Accretive for De-risking value – quality growing and profits and return stamp of the attracting talent offering! 13
Slide 14: Develop
Develop Success factors Right leadership for each company “Strong engagement and support with Ambitious objectives and strategy our companies to capture profitable plans and value-creating organic growth Investments in sustainable business- opportunities” and product development Access to kn
Slide 15: Acquire
Acquire Success factors Opportunity oriented Be selective “Continue to increase number of Stable and profitable history acquisitions, targeting stable and Right values and culture profitable companies with leading Sustainable and leading position positions in niche markets and good Conti
Slide 16: Group strategic focus areas
Group strategic focus areas Knowledge- Decarbonisation People Professional Scalability sharing as a business development opportunity ownership • Leadership development • Indutrade Portal • Company CO2 reductions • Operational • Management structures • Indutrade Academy • Networks and clusters • Inno
Slide 17: Ensuring scalability
Ensuring scalability ” Management structures • Business unit structure • Establishing management teams in companies Securing capabilities to • Recruitment and onboarding of key roles identify, acquire, onboard and Boards support a steady inflow of • Board compositions new companies • Board training
Slide 18: Decarbonisation – a key priority!
Decarbonisation – a key priority! GROUP LEVEL: COMPANY LEVEL: Focus on strategic decision “Biggest emitters” “Emission cluster” making and climate To address 20 % of To address 80 % of governance total emissions total emissions Carbon literacy Climate Guide and tailored emission reduction initiative
Slide 19: Financial objectives – new EBITA-margin target
Financial objectives – new EBITA-margin target Old New ≥12% ≥14% • Through both organic improvements and • Balance between profitability ambitions and accretive acquisitions, the EBITA margin has ability to invest in growth initiatives stepwise increased over the recent years • Target to be achieved
Slide 20: Financial objectives
Financial objectives EBITA Return On Dividend Growth Net debt/Equity margin Capital Employed payout ratio ≥10% ≥14% ≥20% <100% 30%-50% of Net Profit Last 5 years 11% Last 5 years 12,9% Last 5 years 20% Last 5 years 53%-85% Last 5 years 41% Target measured over a business cycle 20
Slide 21: Key takeaways
Key takeaways Diversified business group with agile 1 and flexible companies, working closely with their customers Strong underlying market forces and focus on 2 New growth segments EBITA margin target Increasing ambition for organic growth and 3 acquisitions ≥14% Over a business cycle 4 Clear set o
Slide 22: IT indutrade
IT indutrade
Slide 23: Patrik Johnson, CFO
I indutrade Patrik Johnson CFO
Slide 24: Long term sustainable profitable growth
Long term sustainable profitable growth Net Sales, SEK m EBITA margin EBITA margin 5 year avg. 22 000 16% 20 000 14% New EBITA margin target 18 000 12% 16 000 Annual growth last 10 years: 14 000 10% 12 000 8% Sales 10 000 8 000 6% +11% p.a. 6 000 4% 4 000 2% EBITA +13% p.a. 2 000 0 0% 2005 2006 2007
Slide 25: 5-year bridge
5-year bridge 2017 - 2021 NET SALES EBITA +11% p.a. +17% p.a. ORGANIC ACQUISITIONS DIVESTMENTS CURRENCY ORGANIC ACQUISITIONS DIVESTMENTS CURRENCY +4% p.a. +7% p.a. -1% p.a. +1% p.a. +8% p.a. +9% p.a. 0% p.a. +0% p.a. 25
Slide 26: Improving organic performance
Improving organic performance 20% Historical organic development 15% Operational Period Growth 10% leverage Organic net sales growth 5% Last 15 years 3.3% 17.0% 0% -5% Last 10 years 3.3% 17.6% -10% -15% -20% Last 5 years 4.1% 24.1% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 202
Slide 27: Successful acquisition track record
Successful acquisition track record No. of acquired companies Financial effects acquisitions 18 300 25,0% 16 250 14 20,0% 12 200 EBITA (MSEK) EBITA margin 15,0% 10 150 8 10,0% 6 100 4 5,0% 50 2 0 0 0,0% No. of acquired companies No. of acquired companies (3 yr avg) Acquired EBITA Acquired EBITA marg
Slide 28: 5-year EBITA margin bridge
5-year EBITA margin bridge 16% 15% 14% 13% The organic 12% improvement is EBITA margin both connected to 11% gross margin 10% improvements and 9% improvement of S&A ratio 8% 7% 6% 2016 Organic Acqui- Divest- Currency 2021 development sitions ments 28
Slide 29: Centralised approach to cash and financing
Centralised approach to cash and financing External banks and credit market Indutrade AB the only company with external financing Operating companies are financed internally Cash pools in 7 countries (Sweden, Norway, Denmark, Finland, UK, Netherlands and Germany) – corresponds to around 75% of
Slide 30: Strong cash flow and stable low debt ratios
Strong cash flow and stable low debt ratios 3 000 160% 2,5 85% 90% 143% 140% 74% 80% 2 500 128% 2,0 70% 119% 120% 63% 61% 2 000 56% 60% 102% 100% 53% MSEK cash flow 1,5 50% 1 500 78% 77% 80% 40% 1,0 60% 1 000 30% 40% 0,5 20% 500 20% 10% 0 0% 0,0 0% 2017 2018 2019 2020 2021 2022 LTM 2017 2018 2019 20
Slide 31: Strong financial position
Strong financial position Debt maturity Indutrade AB (2022-Q3) 3.5 BSEK 2 000 in unused long term guaranteed credit 1 500 facilities with Swedish bank group Cash pool structures in major 1 000 BBB- 500 Investment grade rating countries with Swedish and stable outlook European banks 0 < 12 mths 12-24
Slide 32: Development and governance in a decentralised environment
Development and governance in a decentralised environment GROUP ~ 20 FTE Business Areas ~ 8 550 FTE ~ 30 FTE < 1% of workforce > 99% of workforce Voluntary company participation in Group initiatives 32
Slide 33: Number of companies
Number of companies GROUP No. companies per Business Area UK 18 MST 21 385 299 196 IC FMS 25 46 Entities with Independent Legal entities operational external orders company groups Flow 30 Finland 12 DACH 13 Benelux 31 33 As of 30 September 2022
Slide 34: Professional governance – cornerstones
Professional governance – cornerstones Performance Company Boards BA & BU structures Portfolio model measurements Appointed by BA Monthly interaction between Full monthly financial Common model to Composition adapted to BA and companies reporting categorize companies company needs BU str
Slide 35: The Business Unit structure
The Business Unit structure GROUP Senior MDs promoted to chair cluster of sister companies Group Business Area Business Area Business Area Business Area Career path for MD’s Business Unit Business Unit Business Unit Business Unit Frees up time for BA manager 34 Business Unit Business Unit Business U
Slide 36: IT indutrade
IT indutrade
Slide 37: Desiré Haglund, Head of Sustainability
Desiré Haglund Head of Sustainability
Slide 38: Supporting our ~200 companies for strategic sustainability work
Supporting our ~200 companies for strategic sustainability work 38
Slide 39: Strategic framework for Sustainability
Updates due to new demands Strategic framework for Sustainability and expectations PEOPLE ENVIROMENT PRODUCTS & CUSTOMERS Focus areas and overall goals 2030 100% CO2 neutral 100% engaged people scope 1 & 2 (GHG) of Indutrade’s companies contributing to sustainable customer value • Employee engagemen
Slide 40: Results 2021 - some examples
Results 2021 - some examples Percentage of companies that have implemented CoC (%) 97 100 100 96 90 80 70 60 50 40 30 20 10 0 2020 2021 Target 2025 40 Read more about the results on Group KPI:s in our Annual report.
Slide 41: Results 2021 - some examples
Results 2021 - some examples PEOPLE PEOPLE Percentage of companies measuring employee engagement (%) Injury frequency rate 100 3,5 100 3,2 90 3,0 80 2,5 70 64 58 60 2,0 1,8 50 1,5 40 30 1,0 20 Target 2025: 0,5 10 Continuous 0 reduction 0,0 towards zero 2020 2021 Target 2025 2020 2021 41 Read more ab
Slide 42: Ambitious climate target
Ambitious climate target Environment Total scope 1 & 2 GHG emissions (tCO2e) 19 924 19 766 TARGET 15 939 CO2 Neutral by 2030 TARGET 20% absolute reduction by 2025 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 42
Slide 43: Results 2021 - some examples
Results 2021 - some examples ENVIRONMENT ENVIRONMENT Share of renewable energy (%) Percentage of companies with KPI:s relating to resource efficiency (%) 60 100 50 100 50 New KPI 2022 90 40 80 Percentage of companies 70 29 that have analysed CO2 60 56 30 24 emissions and from that 50 45 initiated me
Slide 44: Guidance on reducing climate impact throughout the value chain
Guidance on reducing climate impact throughout the value chain Materials developed in dialogue with Indutrade companies 44
Slide 45: Results 2021 - some examples
Results 2021 - some examples PRODUCTS & CUSTOMERS New KPI:s 2022 - Percentage of companies that use a calculated Percentage of companies measuring customer satisfaction (%) CO2 footprint of products in sales offers 100 100 90 80 - Percentage of net sales deriving from product 70 66 66 offerings laun
Slide 46: E rc > ADVANCE
E rc > ADVANCE rere ele “e >WELDING \ ¢ The Power To Connect ( INDUTRADE GROUP tier peepa anna — =| a Bren. 46 IIT ndutrade
Slide 47: Accelerating decarbonisation
Accelerating decarbonisation Accelerating to reach our goals and targets… Special focus on biggest emitters Guides and training for climate mapping and emission reductions for all companies Increased follow up Investments that efficiently reduce emissions More focus on products that help c
Slide 48: Power of the Indutrade model
Power of the Indutrade model Access to support and the combined knowledge of the Group ” Decentralised model that enables our companies to focus on its own most important topics – generating strong drive and engagement! 48
Slide 49: IT indutrade
IT indutrade
Slide 50: Per-Olow Jansson, Business Area Manager Flow Technology
Per-Olow Jansson Business Area Manager, Flow Technology Senior Vice President
Slide 51: My background and journey in Indutrade
My background and journey in Indutrade 1987 Sales Manager GPA Flowsystem AB, Sweden 1995 GPA acquired by Indutrade, turnover 35 MSEK 1997 Managing Director 1998 Responsible for GPA Norway, GPA Denmark 2006 Business Unit Leader 2007 Acquired IPS in UK 2017 Acquired Pro-Flex Norway 2021 Business Unit,
Slide 52: GPA – leading provider of flow products and solutions
GPA – leading provider of flow products and solutions Our offer Segments & products Growth GPA Sweden 200 000 30 000 Sales Oms EBT 25 000 150 000 20 000 Education Digital tools Commercial real estate Life science 100 000 15 000 10 000 50 000 5 000 0 0 1996 1999 2002 2005 2008 2011 2014 2017 2020 Kno
Slide 53: High-quality products promoted through the strong GPA brand
High-quality products promoted through the strong GPA brand
Slide 54: Grow with Flow
Grow with Flow “With a passion for people and knowledge we use our entrepreneurial spirit to develop and deliver innovative and sustainable flow solutions that contribute to our customers’ success”
Slide 55: Indutrade Flow Technology today
Indutrade Flow Technology today Net sales Companies Global reach Sales per segment type 2021 in MSEK in the BA 4 300 +30 NET SALES PER CUSTOMER SEGMENT, % Medical technology and 26% 23% pharmaceutical industry Energy Net sales EBITA % Wastewater growth 2021 15.5 7% 18% Process industry 5.6% 12% 14%
Slide 56: Flow companies
Trading Flow companies Manufacturing ESI Group: 550 MSEK, 97 employees Gefa: 294 MSEK, 130 employees Filtration: 41 MSEK, 18 employees Euroflon: 54 MSEK, 20 employees
Slide 57: Med Tech & Pharma
GROWTH AREAS • Pipe systems 367 • Valves Med Tech & Pharma • Pumps 252 • Filters 142 107 • Alflow • Pipe support 60,5 59 • Colly Flowtech • Welding machines • ESI Technology 6% • Sampling systems 2019 2020 2017 2018 2021 2022 YTD of Net Sales 2017 • ESI UK • Single use solutions Net sale (MSEK) of S
Slide 58: Slide 58
Slide 59: Greentech
GROWTH AREAS • Pipe system • Additives • Valves • Skid units Greentech • • Pumps Filters • Gas recycling units • Acti-Chem • Pipe support • Alnab • CRP • Corona Control • Tree-to-Textile • Fagerberg • Battery cells, manufacturing/recycling • GPA • Energy storage system • IPS • District heating • Lym
Slide 60: v
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Slide 61: Where are we going: Strategic plan 2026
Where are we going: 2026 Strategic plan 2026 7,0 MDR 2024 2025 17% 2022 2023 33 companies 36 companies 40 companies 30 companies Organic growth >5% incl Add-ons (1-2/y) Acquisitions ≥5% (3-5/y) Activities • Complement BA team with critical support • Growth plans for each company • Develop resources
Slide 62: Thank you for your attention
Thank you for your attention.
Slide 63: IT indutrade
IT indutrade
Slide 64: Anders Edenhammar, Business Unit Leader
Anders Edenhammar Business Unit Leader & Business Development Manager, Measurement & Sensor Technology
Slide 65: From organic growth and operational leadership to strategic leadership
From Organic growth and Operational leadership to strategic leadership/business development 65
Slide 66: My background and journey in Indutrade
My background and journey in Indutrade • Production engineer with passion for sales and business development Indutrade Measurement & Sensor Technology • Process and manufacturing Industry Business development (John Crane, Freudenberg) Business Unit Leader manager • Instrument Solutions • New pot aqu
Slide 67: Easy-Laser AB
Easy-Laser AB • Manufacturer of Laserbased Measurement- and Alignment systems • Headquarter based in Mölndal, 75 employees covering R&D, Sales/marketing, Production/Supply, Finance-admin and Management. • Rotating machinery/applications in: • Process Ind, Manufacturing, Wind power, Marine ….! • Glob
Slide 68: Sustainable profitable growth over time
Sustainable profitable growth over time Net Sales 2013-2021 MSEK • Focus on organization and company culture 200 192 30,0% 180 164,9 27,4% 155,9 25,0% • Strategic engagement and execution 160 140 150 115,5 20,0% 120 101,5 • Proactivity in all functions/departments 97,3 100 13,9% 89 15,0% 81,6 80 10,
Slide 69: Successful strategy execution
Successful strategy execution From No 3 to No 1 R&D focus with Proactive Sales Supply chain, flow • Drive to a changed active product plan focus of material, mindset through the and Innovation • New distributors/partners production line, company • New technology and and market segment Quality • Peop
Slide 70: From Operational MD to Strategic BUL
From Operational MD to Strategic BUL • From operational to strategic focus Business Unit – Instrument solutions Measurement instruments with global sales through partners and subsidiaries • Leading the MD towards a strategic goal • Indutrades core values and strategy in a Sales 192 MSEK 75 FTEs Sale
Slide 71: Business Development within MST
Business Development within MST Business Development in MST BA Acquisitions • Create organic growth by influencing skills • Search proactively for new potential companies to the MST BA • Network, Web search, exhibitions, Internal MDs • Assist/Benchmark business/strategy plans • Selling the Indutrade
Slide 72: Why still in the Indutrade Family after 16 years?
Why still in the Indutrade Family after 16 years? The strategy and concept works really well Decentralisation built on trust Focus on People and Execution Entrepreneurial touch and feeling Culture, belonging to a business and make impact Personal development inside the organization 72
Slide 73: Thank you!
JIT indutrade
Slide 74: IT indutrade
IT indutrade
Slide 75: Karl-Johan Öhman, Managing Director, Rubin Medical AB
Karl-Johan Öhman Managing Director Rubin Medical AB
Slide 76: Rubin Medical in brief
Rubin Medical in brief • Founded in 2003 • A part of since since 2012 • Diabetes Type 1 – hybrid closed loop with insulin pumps plus CGM • In total 60 employees including 20 sales reps • Head office in Limhamn, Malmö • Markets: Sweden, Norway, Denmark and Finland SUPPLIERS • ISO 13485 – Certified Me
Slide 77: Culture built on our vision
Culture built on our vision We aim to give everyone with diabetes an easier and safer everyday life With heart and professionalism, we create safety for our users, their families and healthcare staff. We provide the tools to lessen the burden of diabetes for our users and their families, reducing th
Slide 78: Diabetes Type 1
Diabetes Type 1 • A life-threatening disease: The body’s beta cells can not produce insulin due to auto immune response. • Insulin regulates the glucose levels in the blood. Insulin must be administered. • There is no cure to this disease. GLUCOSE MEASURING INSULIN DELIVERY • • Blood glucose measure
Slide 79: Business Model
Business Model System Offering: Pump, CGM and Infusion set Sales per product type The business is driven by pump sales => each pump secures 4 years consumable sales 20% OTHER Consumables = Infusion set and CGM PUMP => each user generate sales of 300 000 SEK 80% Tender Business: Regions, Hospitals cl
Slide 80: Sustainable Profitable Growth
Sustainable Profitable Growth 1 000 000 000 +36% 900 000 000 800 000 000 +41% 700 000 000 600 000 000 +61% 500 000 000 400 000 000 +24% 300 000 000 200 000 000 100 000 000 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E Sales, SEK Growth 80
Slide 81: Rubin Medical 2003
Rubin Medical 2003 Animas Launch Animas Animas left Switch Animas to Insulin Pump Vibe & Dexcom market! Tandem Quality system Eversense Launch BIC, CIQ ISO 13485 2003 2009 2017 2018 2020 2022 SWEDEN DENMARK FINLAND 2012 NORWAY Founded Tender agreement Distributor Agreement in 2003 Norway SALES 60
Slide 82: Key drivers behind our growth
Key drivers behind our growth Culture Relationship marketing Focus Strong customer support Long-term commitment Strategic planning Effective supply chain Flexibility Geographical expansion 82
Slide 83: Next steps on our growth journey
Next steps on our growth journey Health economy Result - follow-up in NDR/SDK Market Expansion-project by KOLs National KOL-management Supportive Customer success management: Social media Influencers guidelines - before, during & after pumpstart Pumpsystem as Patient-events T1D standard care => Pati
Slide 84: Thank you!
| fee That yu wh A eee
Slide 85: IT indutrade
IT indutrade
Slide 86: Jonas Halvord, Acquisitions and Business Development
Jonas Halvord Acquisitions and Business Development Senior Vice President
Slide 87: Successful acquirer of value accretive acquisitions
Successful acquirer of value accretive acquisitions Solid track record Strong EBITA contribution Good pipeline generation Indutrade has a track record The EBITA contribution, from A key activity is to of being a very regular acquisitions, has been above continuously develop a acquirer of both standa
Slide 88: Strategic direction acquisitions
Strategic direction acquisitions Maintaining structured opportunity-oriented approach Stepwise expanding geographical scope with focus on Western European base Gradual increase in acquisition capabilities Further strengthening of structured pro-active lead generation Continue to implement a more dif
Slide 89: What we are looking for
What we are looking for Only B2B companies providing value added products or solutions with a clear and competitive offering Sales of 50-500 MSEK (preferably > 100 MSEK) Manufacturing companies with a proprietary product range and technical trading companies Entrepreneurs / Management teams that mat
Slide 90: What we are NOT looking for
What we are NOT looking for B2C focused companies Too small companies Companies with a weak, or unproven, financial history not in line with Indutrade’s financial targets Turnaround situations Start-ups Minority investments/expansion capital Subcontracting manufacturing companies Pur
Slide 91: Type of companies
Type of companies 70% Indutrade will continue to opportunistically acquire both technical trading and of Net Sales manufacturing companies 30% No specific target in terms of split between the two Acquisitions 2019-2022 of Net Sales Pros and cons with both type of companies In recent years th
Slide 92: Additional priority areas
Additional priority areas Seeking candidates in segments with structural growth Med Tech & Pharma Water / Waste water Sustainability (Cleantech) Dare to look at segments / sub-segments less obvious to others Identify ”Hidden champions” in less obvious segments 92
Slide 93: Geographical focus on current Western European base
Geographical focus on current Western European base HQ locations of our companies Net sales per market* Sweden, 35% Sweden, 24% UK & Ireland, 16% Benelux, 11% UK & Ireland, 11% Benelux, 16% Finland, 10% Finland, 8% Norway, 7% Denmark, 7% Denmark, 6% 2021 Switzerland, 4% 2021 Germany, 6% Norway, 5% S
Slide 94: Acquisition projects are team efforts by people!
Acquisition projects are team efforts by people! Broad accumulated experience base throughout the Indutrade organisation Entrepreneurs/former owners as our best ambassadors 94
Slide 95: Onboarding of increased acquisition resources
Onboarding of increased acquisition resources Indutrade has during the past 12 months significantly strengthened the dedicated acquisition resources BUSINESS AREA LEVEL GROUP LEVEL • Dedicated resources to each business area. • 4 full-time professionals. • A combination of 8 full-time and part-time
Slide 96: Pipeline: Lead generation
Pipeline: Lead generation External lead generation Internal lead generation Leveraging the ~200 Examples of transaction advisors portfolio companies’ Close relationships with a vast network of network external transaction advisors in all our geographical home markets. 96
Slide 97: Approach to valuations
Approach to valuations Prudent buyer from a valuation perspective • Continue to implement a more differentiated pricing model with stronger link to organic growth potential and segment attractiveness. • Sharing the risk through earn-out structures. Remain a disciplined buyer with clearly defined • T
Slide 98: A proven acquisition strategy over time
A proven acquisition strategy over time The acquisition strategy is well anchored in the 1 Indutrade business model and values. Indutrade has over several business cycles generated a 2 premium shareholder value by consistently delivering value accretive transactions. The ambition going forward is to
Slide 99: IT indutrade
IT indutrade