Second quarter 2015 Presentation August 14, 2015 Strictly private and confidential
Troax in brief Financial development, 2011 – 2014PF Overview • Troax is the global market leader of indoor perimeters SALES AND ADJ. EBITA MARGIN ADJ. EBITA AND CASH CONVERSION 2 protection (“mesh panel solutions”) EUR million EUR million • Relative market share is ~2.5x larger than #2 player 113,4% 100 25% 91 20 112,0% 125% 16,7 • Local presence in 31 countries 80 72 20% 86,7% 16 100% 70 82,2% • Troax had a sales CAGR 2011-2014PF of 14.5% and an 12,9 61 organic sales CAGR 2011-2014 of 8.1% 18,4% 18,0% 10,7 60 15% 12 75% 15,2% • Troax had a adj. EBITA CAGR 2011-2014PF of 39.2% and an 40 10% 8 50% 6,2 organic adj. EBITA CAGR 2011-2014 of 29.4% 10,2% • 20 5% 4 25% Strong position in the value chain and low supplier and customer dependency 0 0% 0 0% • 2011 2012 2013 2014 36% of total employees work within sales 2011 2012 2013 2014PF 3 Troax Satech Cash conversion Troax Satech Adj. EBITA margin Product offering Sales by region (2014PF) Sales by end-market (2014PF) Property Machinery and robotics protection New markets Protection 6% A&R Automation & 16% UK Robotics 17% 54% Mainland Warehouse protection and separation Europe MHL 58% Material Nordics Handling & 19% Logistics 30% Residential and commercial safe storage solutions PP Strictly private and confidential 2
Financial targets Financial targets Actuals 2015 Q2 Sales growth “Troax’ objective is to exceed the growth in the Company’s >Market Organic: 8% current markets through organic growth, as well as selective growth M&A: 24% acquisitions” Sales growth Profitability 20% “Troax’ target is to have an operating margin in excess of 20%” 20,7% Adjusted EBITA margin structure Capital <2.5x “ Net debt in relation to EBITDA, excluding temporary 2.4x deviations, shall not exceed 2.5 times.” Net debt to EBITDA “Troax’ target is to pay approximately 50 percent of its net profit Dividend 50% policy in dividends. The dividend proposal shall take into account - Troax ’ long- term development potential, it’s financial position Pay-out ratio and its investment needs.” Strictly private and confidential 3
Summary Q2 2015 • Positive trend from Q1 continued • Organic growth in order intake of 9 per cent in Q2 • Organic sales increase 3 per cent - All regions increased except Continental Europe • Continued good profit development - volume increase - capacity utilization • Positive development in Satech • Amortization of approx. 10 MEUR made during the period Strictly private and confidential 4
Financial highlights, Group 3 Months 3 Months 6 Months 6 Months 12 Months 12 Months 12 Months Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec 1.) Jan-Dec 2.) Jul-Jun M Euro 2015 2014 2015 2014 2014 2014 2014/2015 Order intake 25,8 19,3 51,7 37,9 92,6 96,5 98,7 Sales 25,5 20,0 50,2 37,9 84,5 91,2 96,8 Gross profit 11,2 7,9 21,5 14,8 34,6 38,3 41,4 Gross margin, % 43,9 39,5 42,8 39,1 40,9 42,0 42,8 Operating profit 5,4 4,7 10,4 6,9 13,8 14,9 17,3 Operating margin, % 21,2 23,5 20,7 18,2 16,3 16,3 17,9 Adjusted operating profit 5,4 3,8 10,4 6,2 15,0 16,3 19,2 Adjusted operating margin, % 21,2 19,0 20,7 16,4 17,8 17,9 19,8 Profit after tax 3,0 3,3 5,9 4,7 8,7 8,7 9,7 Adjusted EBITDA 5,9 4,3 11,5 7,3 17,3 18,6 21,4 Adjusted EBITDA margin, % 23,1 21,5 22,9 19,3 20,5 20,4 22,1 Earnings per share after dilution 0,15 0,17 0,30 0,24 0,28 0,28 0,48 Closing rate SEK/EUR 9,22 8,95 9,22 8,95 9,52 9,52 9,22 1.) Column 2014 includes Satech figures as if the acquisition was completed 1 st January 2014. 2.) Column Jul-Jun includes Satech figures as if the acquisition was completed 1 st January 2014. Strictly private and confidential 5
Regional Development Order Intake and Sales Strictly private and confidential 6
Conclusion • Continued good development in the second quarter • Growth in almost all regions • Good capacity utilization and volumes drive profitability • Continued good and stable cash flow Strictly private and confidential 7
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