Company Presentation MBB SE Frankfurt, 29 August 2018
As a listed family business, MBB generates exceptional growth through technological expertise Growth Family Capital business markets Technology “ Mittelstand ” competence values 2
MBB has an average growth rate of 20% since IPO Revenues Result +1,251% +788% CAGR +22% CAGR >18% >500 15.1 – 16.2 1.7 37.0 2005 Forecast 2005 Forecast 2018 2018 in millions of € in millions of € IPO: 9 May 2006 based on 2005 financial statements 3
An investment in MBB shares ten years ago is worth more than 1,000x today Value of a depot as of 26 June 2018 with an investment of €/$10,000 in MBB/Berkshire shares one, two, five or ten years ago, assuming a re-investment of all dividends Start 1 year 2 years 5 years 10 years value €10,000 €10,093 €32,616 €43,936 €114,726 (+ 1%) (+ 226%) (+ 339%) (+ 1,047%) $10,000 $11,131 $13,345 $16,512 $23,089 (+ 11%) (+ 33%) (+ 65%) (+ 131%) 4
Investments in our subsidiaries are an important pillar of MBB’s growth Aumann Investments in tangible/intangible assets (excl. M&A) in millions of € 2008 2009 2010 Delignit DTS 2017 2011 2012 ∼€100 million Hanke Tissue 2016 2013 2015 2014 CT Formpolster OBO - Werke 5
Employees are key for MBB’s growth path 2,118 employees +43% thereof 110 apprentices +36% As of 30 June 2018, percentage change vs 31 December 2016 6
Double digit growth due to focus on trends Revenue development in millions of € and CAGR E-mobility IT Security Ecological products for +47% p.a. technology industries +11% p.a. +11% p.a. 46 44 210 53 36 49 35 34 33 44 43 156 28 36 34 31 22 102 107 103 96 20 94 26 22 67 66 09 10 11 12 13 14 15 16 17 18 e 09 10 11 12 13 14 15 16 17 18 e 09 10 11 12 13 14 15 16 17 18 e Cost leadership chemical Tissue products in CEE Mattresses for products +11% p.a. e-commerce +12% p.a. 30 +15% p.a. 27 45 23 20 21 39 20 20 37 18 18 19 18 18 30 14 12 24 12 23 22 23 11 18 9 7 09 10 11 12 13 14 15 16 17 18 e 09 10 11 12 13 14 15 16 17 18 e 09 10 11 12 13 14 15 16 17 18 e 7
Aumann – a pioneer of the e-mobility revolution with potential to dominate the market Aumann AG Revenue development and MBB’s investment strategy Future Strategy > €500m €500m revenues with 75% of e-mobility share Capacity increase based on organic growth and M&A Internationalisation; new site in the US; Expansion of China business Expand technological leadership >€300m 2018 Entry into TecDAX/SDAX 2017 Acquisition of 100% of USK (automation) IPO to strengthen growth potential 2016 Pioneer of e-mobility revolution First traction motor line for mass production 1 First assembly line for battery modules based on leading modular mechanical engineering 2015 Outstanding technology for e-mobility Acquisition of 75% of Aumann entities 2 (core processes for e-mobility) through decades of experience in winding and automation 2013 Greenfield investment in engineering and Long-standing partnership with OEMs/Tier-1s 3 manufacturing site in China with large installed base around the globe €107m 2012 Acquisition of CLAAS Fertigungstechnik based on MBB’s reputation 8
Delignit – One-stop shop for system solutions based on sustainable raw materials Highlight 2018: Market entry into the caravan market Revenue development and MBB’s investment strategy Future Strategy €100m €100m revenues based on organic growth and M&A Increasing margins through higher value creation Diversification into further end markets 2018 Entry into caravan market €53m 2017 Conclusion of two serial delivery contracts for new transporter series of leading OEMs Conclusion of two major contracts in the railway industry Foundation of Delignit North America Market leader for technological system solutions 2016 1 based on sustainable raw materials Largest investment program in the company‘s history 2013 System and development partner Acquisition of DHK automotive and HTZ Holztrocknung 2 Entry into passenger car market for the automotive and other industries 2007 Initial Public Offering in the entry standard and reduction of MBB‘s Excellent growth prospects share to 76.08% 3 due to high visibility in order backlog €23m 2003 Acquisition from the family shareholders who are still invested today 9
DTS – a class of its own in Cyber Security DTS IT AG Revenue development and MBB’s investment strategy Future Strategy €100m €100m revenues based on organic growth and M&A Further margin increase through managed security services Increase recurring revenues from cloud based services 2018 Start of Security Operations Center (SOC) €46m 2017 Recurring revenues from cloud based services >25% 2016 First time Palo Alto EMEA Partner of the year Extension of Cyber Security portfolio 2015 Leading edge Cyber Security solutions portfolio Offering of cloud-based Cyber Security solutions 1 implemented on premise or from DTS datacentre from DTS datacentre (Palo Alto, Gemalto) 2013 Strategic focus on Cyber Security Long standing loyal vendor partnerships 2 2011 with direct access to top level executives Partnership with Palo Alto Networks 2010 Acquisition of ICSmedia Wide blue chip customer base 3 Strategy shift from co-location to private cloud services with high level of cyber protection requirements €20m 2008 Acquisition by MBB (80%) together with Mgt. (20%) 10
MBB shows strong results in first half of 2018 Revenues Adj. EBITDA +24% +27% 240.2 26.6 193.9 21.0 HY1 HY1 HY1 HY1 2017 2018 2017 2018 in millions of € in millions of € 11
In the second half of 2018, growth is expected to accelerate Revenues EPS 500.0 2.30 – 2.45 240.2 1.0 HY1 Forecast HY1 Forecast 2018 2018 2017 2018 in millions of € in € per share 12
More than € 300 million net cash on a strong balance sheet Balance sheet as of 30 June 2018 in millions of € 705 705 Non-current assets 202 (29%) 487 Equity 132 Current assets** (69%) (19%) 370 Cash* (52%) 165 €313m Other liabilities (24%) Net Cash Financial liabilities 53 (7%) Assets Liabilities * liquidity including securities an gold ** without cash 13
The German Mittelstand is at the verge of a major generational change Upcoming generational changes in the German Mittelstand > 510,000 „A wave of generational changes will roll across the Mittelstand until 2020“ > 230,000 KFW-Mittelstandspanel External acquirer considered Until 2019 Until 2022 Source: KfW-Mittelstandspanel 2017 14
Acquisitions are key to MBB‘s growth model Majority shareholdings Niche players with established business models Long-term value creation potential Highly motivated managers with strong incentives 15
MBB as an acquirer offers substantial benefits to all stakeholders of the company Discrete & lean Long-term Equity Entrepreneurial process perspective financing culture Fully satisfied Committed Fully satisfied Committed sellers employees customers management 2,000+ Phantom IPO employees and Shares participation their workers councils MBO Families success Development (Wojtynia, Utz, Hausmann, etc.) 16
MBB‘s target: €750 million revenues in 2020 Growth targets Revenues in millions of € Revenues +15% p.a. EBITDA margin >10% 750 Increasing Dividends 500 253 SDAX 115 Listing 37 2005 2010 2015 2018 e Target 2020 17
FINANCIAL CALENDAR Commerzbank Sector Conference, Frankfurt 29 August 2018 Berenberg/Goldman Conference, Munich 24 September 2018 Quarterly Report Q3.2018 19 November 2018 German Equity Forum, Frankfurt 26 - 29 November 2018 End of fiscal year 31 December 2018 18
CONTACT MBB SE Joachimsthaler Straße 34 D-10719 Berlin Tel: +49 30 84415 330 Fax: +49 30 84415 333 Mail: request@mbb.com Web: www.mbb.com 19
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