Specific strategic initiatives in addition to MWBs Core strategy to be backed by three specific work streams 1 2 3 Modular Space growth Dynamic Pricing Mergers and acquisitions, strategy outsourcing • FIN and SWE: Maintain clear • Dynamic pricing implemented in • Regional market share plays an market leading positions, all Nordic countries by Q2/14 important role in rental continuous development consider bolt-on acquisitions • Increases pricing control • NOR and DEN: Continue to • Also, consolidated markets tend • Increases confidence in prices strengthen positions to outperform fragmented ones and pricing structure through • Baltics: Drive promising modular consistent methodology • Successful rental companies are space market development able to develop customer-centric • Target to extend rental periods, offerings for various types of • Germany: Capitalise on the increase sales and gain market outsourcing transactions significant opportunities, share introduction of Nordic modules, • Outsourcing to be driven as far • Implementation in Germany targeted acquisitions as it is economically justifiable planned for 2015 16
Additional information for investors/stakeholders Cramo has decided to disclose additional information related to its equipment rental and modular space operations on an annual basis Non-allocated Financial year 2013 Equipment Modular and Group rental space* EUR 1'000 eliminations Sales 577 670 81 058 -1 412 657 315 EBITDA 143 987 38 248 -8 419 173 816 % of sales 24,9 % 47,2 % 26,4 % Depreciation -81 384 -12 278 -205 -93 868 EBITA 62 603 25 970 -8 624 79 948 % of sales 10,8 % 32,0 % 12,2 % Invested capital 678 602 204 199 -12 618 870 183 * As for 2013, the modular space product area covers only the modular space Nordic organisation. As for 2014, the financial information for modular space will also include the Baltic and German operations. In 2013, the sales of modular space in the Baltic countries, in addition to the sales of modular space presented above, was about EUR 0.7million. 17
In addition to organic growth, growth will be sought actively through acquisitions Strategy outline Recent key mergers and acquisitions • Acquisitions are an integral part of Cramo’s growth Lambertsson AS Kranpunkten AS strategy • Acquisition of Norwegian rental businesses in 2/2013 • Cramo will be an active player in the European consolidation • Continuous evaluation of potential targets Theisen Baumaschinen AG • Focus on synergistic targets and shareholder • Entry to German equipment rental market value in 1/2011 Equipment rental • Targeted acquisitions to strengthen position C/S RaumCenter GmbH • Focus on existing markets • Entry to German modular space market in 4/2014 Modular space • Active search of synergistic acquisitions in Germany / Fortrent Central Europe • JV in Ukraine and Russia with Ramirent in 2013 • Limited number of targets available in the Nordics • No relevant targets in the Baltics Cramo has executed 39 business combinations • Entry to new adjacent markets via acquisitions is an since 2006 option 18
Summary: Cramo Group’s strategy Vision The role model in all rental Targets Sales growth ROE-% EBITA-% Profit distribution policy: Gearing faster than the > 12 % over a > 15 % of sales over stability, with appr. maximum 100 % a business cycle market business cycle 40 % of EPS Strategy crystallization: Cramo People living the Cramo Story Must-Win Battles Drive Cramo Performance Win Central European Deliver Cramo Story Management market Core purpose Contribute to customers’ success by preventing and solving problems – Making lives easier Values Creativity Credibility Commitment 19
CRAMO PLC Capital Markets Day FINANCIAL TARGETS AND THEIR REALIZATION WITH MUST-WIN BATTLES Martti Ala-Härkönen, CFO 9 September 2014 FOR A GREAT DAY AT WORK
Implementation of previous MWBs in 2010-2013 has brought Cramo close to its financial targets Profitability Leverage Sales Return on Equity Payout Policy EBITA-% > 15% Gearing Sales growth ROE > 12% over Payout policy: over the maximum 100% faster than the the business Stability, with business cycle market cycle approx. 40 % of EPS CAGRs 2009-2013 Target Level Target Level Target Level 1.01 0.94 8.3 % 7.5 % 0.60 0.60 5.4 % Target Level 0.42 0.00 0.09 0.30 113.4 % 10.1 % 103.4 % -0.06 -0.6 % 12.2 % 11.3 % 78.7 % 10.5 % 72.9 % 65.1 % 5.9 % -12.1 % -1.18 7.0 % 3.9 % EPS DPS 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Market* Cramo Rental Sales * Nominal rental market growth in current Cramo countries Source: ERA, management estimates 21
Criteria in deciding a Must-Win Battle Touches a Designed pivotal through a top- improvement down and point in the down-top company process Implementable MWB#1 MWB#2 Focused down to all Understandable ordinary Communicable operations MWB#3 Impacts focally Genuine on profitability Cramo-like and growth The most important issues for Must-Win Battles are that they are focused, implementable across the organisation and that they are spot-on to enhance profitability and growth to drive value creation 22
Cramo’s newly-defined MWBs will deliver the financial targets 1 • Deliver Cramo Story : Excel in • Drive higher sales through true customer focus through Cramo differentiation from competitors − A further People enhanced Cramo brand and corporate culture 2 • Drive Cramo Performance • Improve profitability by promoting Management: Drive continuous efficiency improvement, operational excellence entrepreneurial mindset and best practice throughout all key operations sharing across the organisation 3 • Win Central European • Winning Central Europe key to reach Group market: Implement Cramo financial targets and to capture long-term Rental Concept and drive potential in Europe’s largest rental market profitable growth Concepts, processes and systems implemented during the previous strategy period 2010-13 provide a strong foundation to win the new MWBs 23
MWB#1 will drive Cramo’s sales. And strengthen its position as the first choice for c ustomers… • Drive higher sales through true differentiation from competitors 1 • Further enhance Cramo brand and corporate culture Deliver Cramo • Customer promises on delivery precision and fast problem-solving. Product and Story solution deliveries acc. to Cramo Rental Concept provide the underlying foundation Work stream Objectives / actions Financial impact Make Cramo People live Strengthen corporate culture and • promote strong values the Cramo Story Sales • Best-of-class committed and satisfied personnel through training, incentives, and enabling personal development Deliver processes and • Ability to measure delivery precision Sales systems to support the and four-hour fix promise Cramo Story • Transportation management − Direct c. optimized delivery process at depots Build foundation for • Continuous strengthening of Cramo differentiation − brand by delivering customer promises Sales everyday strengthen Cramo brand • “Win customers on instant emotion, and corporate culture keep them on trust” 24
…and enable Cramo to grow organically faster than the rebounding European rental market Nominal rental growth estimates for 2014 Nominal rental market growth in Europe 6% 15% Cramo countries % change from previous year in nominal terms Nominal rental growth estimate for 2014 4% 10% 5,3 % 4,6 % 2% 2,9 % 5% 2,7 % 2,4 % 2,2 % 2,2 % 2,2 % 1,7 % 0,8 % 0,3 % 0% 0% -4,5 % -2% -5% -4% -10% -6% UK Germany Poland Norway Finland Sweden Denmark Belgium Italy France Spain Netherlands -15% 2007 2008 2009 2010 2011 2012 2013E 2014E 2015E The European Equipment Rental Market In early 2014, a delay in recovery has been experienced, but base case for 2015-16 remains Source: European Rental Association, ERA Convention, June 2014 25
MWB#2 will enhance efficiency and improve Cramo’s profitability in all key operations throughout Group • Improve profitability by promoting continuous efficiency improvement, entrepreneurial Drive Cramo 2 mindset and best practice sharing throughout the organisation Performance • Drive operational excellence and continuous learning and improvement through Management a harmonised Performance Management Model in all key operations Work stream Objectives / actions Financial impact Sales Depot operations • Harmonised Performance Management on depot operations, districts and regions in all OpCos • Common management practices Direct c. • Continuous learning and best practice sharing Still significant Indirect c. • Promote entrepreneurial mindset in daily operations improvement potential • Enhanced employees’ profit awareness and their although a lot has ability to affect the result in operations Depr. been done already! The focus of implementing performance management has so far been on depot operations… 26
...and now MWB#2 success will be spread throughout all Cramo’s key operations Work stream Objectives / actions Financial impact Repair and • Harmonised steering model, KPIs and management systematics implemented maintenance Direct c. • Roll-out first in Nordic countries, thereafter in whole Group Purchasing Depr. • Drive cost savings in all key purchases • Drive performance management in purchasing process Indirect c. • Implement e-procurement Sales Modular space • Harmonised steering model, KPIs and management systematics implemented processes • Roll-out first in Nordic countries, Direct c. thereafter in whole Group Sales management • Harmonised steering model, KPIs and management systematics implemented Sales • Whole organisation to take part in sales, synergies with depot operations 27
MWB#3 will enable Cramo to win Central European market − Key to reaching targets and securing long-term potential • Drive profitable growth by implementing Cramo Rental Concept Win Central 3 • Drive growth within modular space European • Capture long-term potential in Europe’s largest rental market Market Work Stream Objectives / actions Financial impact Implement business • Complete transition to a multi-category, Sales customer-focused rental company model change − • Strengthen business with focus on Transition program achieving Top-3 position in each district Depr. Also non- • Establish growth enablers (systems, recurring processes etc.) Indirect c. costs • Grow the business organically and with targeted acquisitions Sales Benchmark with • Process development, benefit harvesting Nordics, harvest • Cramo Performance Management Direct c. (MWB#2) and district development benefits • Drive growth in modular space business Indirect c. • Depot of the year benchmarking 28
Steps to higher profitability (illustrative) EBITA margin target to be achieved through strategy implementation and other measures Fleet utilisation Fleet and cost improvement inflation Price Group financial target: optimisation EBITA margin > 15% MWB#3 MWB#2 EBITA-% MWB#1 Depends also on market conditions Current level 29
New MWBs together with operating leverage will enable Cramo to meet its financial targets Line item MWB Illustration of operating leverage* Sales Sales Growth: #1, #2, #3 100 + 5 = 105 + 5% Direct costs Gross Margin: #1, #2, #3 65% 65% Indirect costs Indirect Costs: #2, #3 6x - 40 -40 Depreciation Capital Costs: #2 o - 14 -14 EBITA EBITA Growth: #1, #2, #3 11 14 + 30% Operating leverage Success in MWBs will positively impact Cramo multiplies the impact of Group’s sales and different cost items growth on profitability * The above example is illustrative, seeking to only highlight the potential impact of operating leverage. Of important note is that full leverage is achieved only if potential increase in sales can be generated with the existing fleet size and cost base. Of further note is that the above equation does not consider price increases 30
Over-the-cycle EBITA margin target > 15% Illustration of cyclicality Key message Cramo’s profitability fluctuates EBITA-% due to cyclicality of customer industries and operating leverage Cramo targets over-the-cycle EBITA margin of >15% Above 15% Higher margins in upturn, in good cycle lower in downturn Target Level Clearly > 15 % EBITA 15 % margin in good cycle Below 15% in Enhanced flexibilities built in downturn business model, improved resilience to demand changes Groundwork for enhanced profitability completed with MWBs in 2010-13 Enhanced flexibilities built in business model Time 31
Optimised capital structure enables growth and attractive ROE through financial leverage Gearing Net financing cost* Net debt to EBITDA Target Level 113 % 5.9 % 5.7 % 3.6x 103 % 5.3 % 5.1 % 5.1 % 3.1x 92 % 89 % 4.5 % 4.2 % 79 % 3.8 % 2.5x 73 % 3.6 % 3.6 % 2.4x 2.3x 65 % 2.1x 1.9x 2009 2010 2011 2012 Q2/2013 2013 Q2/2014 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 2009 2010 2011 2012 Q2/2013 2013 Q2/2014 Optimised capital structure and Continuously decreasing net cost of Net debt to EBITDA the only financial leverage financing since 2012 remaining financial covenant in refinanced long-term loan facilities Current level includes headroom to Current R12 months net financing finance further future growth cost 3.6 % Current level well below threshold Decreasing Q2 level compared to Acquisition-friendly covenant 2013 Annual business cycle impacts the quarterly gearing levels * Net financing cost = Rolling 12-month net finance costs divided by 12-month average net debt 32
Target: Attractive returns to shareholders, increasing share liquidity Share price and trading volume since 9/2012 Key message Price ( € ) Volume* • Cramo’s share price has Ex-date for • increased 65% during the past 20.0 300 000 2013 dividend two years • Average trading volumes have • Hartwall family decreases 18.0 250 000 its stake in Cramo by increased significantly during approximately 10.9% last 12 months 16.0 • Free float currently about 84% 200 000 • Dividend per share € 0.60 for • Increased liquidity 14.0 the financial year 2013 following Hartwall divestment 150 000 12.0 100 000 10.0 50 000 8.0 6.0 0 9/2012 3/2013 6/2013 9/2013 3/2014 6/2014 12/2012 12/2013 *100-day rolling average of daily total trading volumes, Hartwall divestment capped 33
CRAMO PLC Capital Markets Day CRAMO STORY AND DYNAMIC PRICING Erik Bengtsson, EVP, Scandinavia Per Lundquist, SVP, Operations 9 September 2014 FOR A GREAT DAY AT WORK
Why a Cramo story? Eat or be eaten We need to differentiate us from the competition. FOR A GREAT DAY AT WORK 35
Why a Cramo story? Our customers listen increasingly to their hearts We need a strong brand image. A strong brand image enables us to sell more at the same price, or to take out a higher price than the competition. FOR A GREAT DAY AT WORK 36
Why a Cramo story? A brand entails expectations that we must live up to So we win the customer on his instant emotion (brand perception) and keep him on trust (meeting the expectations). FOR A GREAT DAY AT WORK 37
Why a Cramo story? The Cramo story is not about marketing It ’ s about corporate culture It ’ s about how we act – towards our customers and among ourselves. And it will help us fly. FOR A GREAT DAY AT WORK 38
What do we want to achieve? CRAMO IS THE ROLE MODEL FOR ALL RENTAL FOR A GREAT DAY AT WORK 39
Our promise to our customers A GREAT DAY AT WORK FOR A GREAT DAY AT WORK 40
How do we make it happen? We are always responsive If the customer is not happy APPRECIATE CRITICISM with our service, he or she can Be not afraid of criticism. It helps us uncover blind spots and find tell our Ombudsman and get a solutions to whatever is going wrong. bonus for helping us improve. FOR A GREAT DAY AT WORK 41
How do we make it happen? We are always there for you SURPRISINGLY GOOD COMPENSATION Sometimes things go wrong. That we can ’ t change. Don ’ t imagine you ’ re If the customer cannot use our doing something special for a equipment as planned due to customer by making things how they should have been in the first place. late or incomplete delivery he You need to do something extra. or she will be compensated. FOR A GREAT DAY AT WORK 42
How do we make it happen? We are always on time PROBLEM-SOLVING BUILDS TRUST Not being able to rely on our If there ’ s a malfunction in any equipment undermines the whole equipment delivered by us, we idea of what we do. But you can turn a negative into a positive by solving will fix or substitute it faster the problem surprisingly fast. than normally expected – or compensate. FOR A GREAT DAY AT WORK 43
CRAMO PLC Capital Markets Day DYNAMIC PRICING Per Lundquist, SVP, Operations 9 September 2014 FOR A GREAT DAY AT WORK
Pricing for the future Right Price TM Rätt Pris TM Riktig Pris TM Ret Pris TM Richtiger Preis TM Reilu Hinta TM FOR A GREAT DAY AT WORK 45
Why RP? Yield management: “the process of making frequent adjustments in the price of a product in response to certain market factors, such as demand or competition .” FOR A GREAT DAY AT WORK 46
What RP? FOR A GREAT DAY AT WORK 47
Why Cramo needed RP? 150K+ customers 350+ depots over 200000 products Operations in over 10 countries Different price lists in each country Gross price lists with discounts used in many cases Local project prices used in too many projects Rental periods were getting shorter and shorter Pricing decisions based on gut feeling rather than science FOR A GREAT DAY AT WORK 48
What to achieve? ” Right price to right Customer, optimised pricing ” - Frequent adjustments in price or a product based on the markets and each customer’s behaviour Pricing control Increase confidence in prices and pricing structure by using consistent methodology Rent by ”Price” versus ” Discount ” Longer rental periods Increase sales and market share FOR A GREAT DAY AT WORK 49
Pricing project in Cramo 2010 2011 06/2012 02/2013 11/2013 04/2014 2015 First signs First Project All Pilot Go-live in All Nordic of vendor kick-off in Swedish launched Central countries declining contact Stockholm depots in Sweden Europe up and margin integrated (Region running trend South) Kick-off for the Nordic- project FOR A GREAT DAY AT WORK 50
CRAMO PLC Capital Markets Day PROFITABLE GROWTH IN FINLAND AND EASTERN EUROPE Tatu Hauhio, EVP 9 September 2014 FOR A GREAT DAY AT WORK
Agenda Profitable growth in Finland and Eastern Europe Overview of business segments Finland and Eastern Europe 1 Recent achievements 2 Key market trends 3 Strategic priorities and targets 4 Summary 5 52
Cramo Finland and Eastern Europe overview Good relative contribution to Group’s performance Share of Group sales in 2013 Business segment Finland Business segment Eastern Europe Fortrent (JV with Ramirent, incl. in EE segment) 15 % 8 % Share of Group EBITA in 2013 22 % 9 % 53
Improving profitability in Finland Sales by product group in 2013 Sales by customer segment in 2013 33 % 5 % 22 % 8 % 21 % 11 % 49 % 16 % 24 % 3 %8 % Tools Construction eq. Access equipment Construction ind. Other industry Public sector Sitehuts Modular space Other Households Other Rolling 12-month sales and EBITA-% Number of employees and depots 140 25% 70 800 20,4 % 19,4 % Quarterly sales (Rolling 12 months, EUR m) 19,1 % 19,2 % 18,8 % 18,8 % 18,6 % 700 Quarterly rolling 12-month EBITA margin 60 120 17,4 % Full-time equivalent (end of period) 16,6 % 20% 16,3 % 15,9 % 600 50 100 14,0 % 14,0 % 13,5 % Number of depots 13,0 % 459 500 12,5 % 12,5 % 11,7 % 15% 40 80 400 30 58 58 57 60 55 55 55 55 55 55 55 55 55 54 53 53 53 53 53 300 102,8 10% 20 200 40 5% 10 100 20 0 0 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 0 0% Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 Depots (LHS) FTE (RHS) Sales (R12m) EBITA-% (R12m) 54
Positive development in Eastern Europe Sales by product group in 2013 Sales by customer segment in 2013 37 % 12 % 36 % 12 %2 % 2 % 80 % 8 % 3 % 4 % 6 % Tools Construction eq. Access equipment Construction ind. Other industry Public sector Sitehuts Modular space Other Households Other Rolling 12-month sales and EBITA-% Number of employees and depots 15,5 % 15,3 % 80 25% 90 700 13,9 % 13,3 % 11,2 % 10,8 % Quarterly sales (Rolling 12 months, EUR m) 9,6 % 9,2 % 80 70 Quarterly rolling 12-month EBITA margin 7,7 % 600 15% 4,6 % Full-time equivalent (end of period) 2,6 % 70 60 500 457 -3,6 % 5% 60 Number of depots -10,9 % 50 400 50 -5% -16,5 % 40 40 -23,0 % 77 77 300 76 76 73 72 71 -15% 66 66 65 65 65 64 63 63 63 63 63 30 30 49,6 200 -34,3 % -25% 20 20 -39,7 % -41,0 % 100 10 -35% 10 0 0 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 0 -45% Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 Depots (LHS) FTE (RHS) Sales (R12m) EBITA-% (R12m) 55
Healthy competitive landscape THE BALTIC CZECH REP. & FINLAND POLAND COUNTRIES SLOVAKIA M € 430 M € 110 M € 350 M € 65 Market size 1 • #1 in the Baltics • #2 in equipment rental • #1 in access • Strong #2 in equipment Market position rental equipment estimate 2 • #1 in modular space • #3 in overall rental Two strong players • Two strong players • Clear market leader • Clear market leaders in • with a number of local both Czech and with a number of local • Mainly smaller national and specialist and specialist Slovakia and local players with competitors competitors a few Western • Otherwise mainly Market • Modular space • Markets in early phase European competitors smaller Western characteristics dominated by a few in modular space European competitors • Markets in early phase product area strong players in modular space • Markets in early phase • A few ”in - house” product area in modular space competitors product area Main competitors 1 Finland and Poland: ERA European Equipment Rental Industry 2013 Report, autumn 2013. Others based on Cramo management estimates 2 Cramo management estimates 56
Fortrent: JV in Russia and Ukraine with Ramirent Sales and EBITA ( € m) Net result ( € m) Key facts Net result • Began operation on 1 March 2013 Sales 2,1 Cramo's share EBITA • Leading equipment rental company in 16,2 14,7 Russia and Ukraine with 22 rental 13,4 13,8 1,0 12,6 outlets and 380 employees 12,1 11,7 0,5 1,1 9,6 0,1 • Finnish limited liability company owned 9,3 0,5 -0,2 -0,2 and controlled 50/50 by Cramo and -0,4 -0,8 -0,3 Ramirent -0,7 -0,8 3,0 -0,9 • The share of the profit of the joint 2,6 2,1 2,0 0,5 0,0 0,0 0,0 -0,2 venture is booked in the consolidated -1,6 Group profit and loss statement above Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 EBITDA using the equity method of accounting • In 2014, sales have decreased due to the weaker market situation in Russia and Ukraine caused by the Ukrainian crisis • Weakening of the Russian rouble and the Ukrainian hryvnia against the euro have also had a negative impact on sales • In H1/2014, Fortrent focused on adjusting its cost base to the weaker market situation and reduced its investment level for 2014 • Efforts to improve profitability will continue in H2/2014, but the Ukrainian crisis continues to pose challenges in this respect Note: Figures before 1 March 2013 are pro forma 57
Agenda Profitable growth in Finland and Eastern Europe Overview of business segments Finland and Eastern Europe 1 Recent achievements 2 Key market trends 3 Strategic priorities and targets 4 Summary 5 58
Recent achievements in Cramo Finland A number of achievements that pave way for profitable growth 1 2 3 Right Price™ Acquisition of OptiRent in Implementation of Cramo - a new way of pricing Finland performance management model • Target to realise growth • Performance management • Dynamic pricing implemented potential in construction model successfully in Q2/2014 equipment rental implemented in depot • Increases pricing control operations • Potential in earth moving • Increases confidence in prices rental business driven by low • Implementation currently on- and pricing structure through rental penetration rate going in repair & maintenance consistent methodology operations as well as in sales • Successful integration to • Target to extend rental management Cramo’s operations in Finland periods, increase sales and completed • Finland has set benchmark gain market share for other Cramo countries 59
Recent achievements in Cramo Eastern Europe Improvements in all Eastern European countries 1 2 3 Modular space in the Implementation of Cramo Optimisation of business Baltic countries performance management structure in CZ and SK model in Poland • Good development in modular • Significant contribution to • Since 2008, construction in space in the Baltics, yet the profitability improvement and CZ&SK has faced severe market is still immature execution of sales strategy development, losing roughly quarter of its value in 5 years • Increasing awareness and • Efficient communication acceptance of MS solutions platform across organisation • Hence, Cramo has adjusted its operations accordingly • Improved business awareness • Platform for growth in place, (depot network, fleet among depot staff aim to further develop the structure, personnel) • Increased discipline in organisation and business • As a result, performance has execution of oper. processes processes been constantly improving and control over pricing 60
Agenda Profitable growth in Finland and Eastern Europe Overview of business segments Finland and Eastern Europe 1 Recent achievements 2 Key market trends 3 Strategic priorities and targets 4 Summary 5 61
Rental growth to surpass construction in Finland Construction growth estimates Construction vs. Rental growth Key message 110 12% Finnish construction output estimated to grow 10% moderately by ~1.2% per annum over 2014-16 105 8% Construciton volume index (2013=100) % change from previous year in real terms Growth projected to be driven by non-residential 6% construction 100 However, rental growth in 4% Finland expected to clearly surpass construction growth 2% going forward 95 That is, construction industry 0% penetration rate expected to increase 90 -2% Rental is an industrial Rental growth estimate for service business with a -4% 2016 not number of additional growth available 85 drivers to construction 2013 2014F 2015F 2016O -6% 2011 2012 2013 2014F 2015F 2016O Total construction Residential Construction output growth Rental growth Non-residential Civil engineering Source: Construction growth estimates from Euroconstruct, June 2014 and rental estimates from VTT, May 2014 62
High regional and sectorial differences in EE Construction growth in the Baltics Constr. growth in PL, CZ and SK Key message 120 120 Construciton volume index (2013=100) Construciton volume index (2013=100) Total construction output in 115 115 the Baltic countries estimated to decline slightly 110 110 in 2014-15, and turn to 105 105 growth in 2016 100 100 However, good growth predicted for Lithuania 95 95 90 90 Construction decline in EE 2013 2014F 2015F 2016O 2013 2014F 2015F 2016O and LV attributable to civil Estonia Latvia Lithuania Total Baltics Poland Czech Rep. Slovakia engineering, where cycle of EU structural funds plays an Construciton growth (CAGR 2013-16) 10% Construciton growth (CAGR 2013-16) 10% important role 8% 8% 6% 6% Polish construction growth 4% 4% estimated to be one of the 2% 2% strongest in whole Europe 0% 0% -2% -2% High sub-sector specific -4% -4% differences in the Czech and -6% -6% Slovakia Resid. Non-res. Civil eng. Resid. Non-res. Civil eng. Resid. Non-res. Civil eng. Resid. Non-res. Civil eng. Resid. Non-res. Civil eng. Resid. Non-res. Civil eng. Estonia Latvia Lithuania Poland Czech Slovakia Source: Euroconstruct, June 2014 63
Agenda Profitable growth in Finland and Eastern Europe Overview of business segments Finland and Eastern Europe 1 Recent achievements 2 Key market trends 3 Strategic priorities and targets 4 Summary 5 64
Strategic priorities and targets for 2014-16 (Finland) Deliver Cramo Story Drive Cramo Performance Other initiatives 1 Management 2 # • Build stronger brand • Reap benefits from performance • Consider bolt-on acquisitions and management on depot level outsourcing cases to promote • Strengthen corporate culture and profitable growth promote strong values • Continue implementation in repair & maintenance and sales • Continue and reap benefits from • Improve customer service management Right Price™ • Measure and enhance delivery • Introduce performance • Continue investing in and precision and service time management in modular space developing modular space business Increase market Differentiate from Maintain cost- Improve capital Longer rental Optimise prices share competition competitiveness efficiency periods Increase Improve business Organic growth in Increase market Increase prices operational Increase sales agility modular space share efficiency 65
Strategic priorities and targets (Eastern Europe) Deliver Cramo Story Drive Cramo Performance Other initiatives 1 Management 2 # • Build stronger brand • Reap benefits from performance • Implement common business management on depot level intelligence tool in the Baltics • Strengthen corporate culture and promote strong values • Introduce performance • Develop modular space in the management in repair & Baltic countries • Improve customer service maintenance and sales • Implement harmonised rental • Measure and enhance delivery management platform in Poland precision and service time Increase market Differentiate from Maintain cost- Improve capital share competition competitiveness efficiency Increase Organic growth in operational modular space Increase efficiency Improve business Increase prices operational Increase sales agility efficiency 66
Agenda Profitable growth in Finland and Eastern Europe Overview of business segments Finland and Eastern Europe 1 Recent achievements 2 Key market trends 3 Strategic priorities and targets 4 Summary 5 67
Key messages: Finland and Eastern Europe Good financial and operational development in both Finland and Eastern Europe, thanks to successful implementation of previous strategy Improvements in many areas provide a good foundation for future performance Overall construction and rental outlook modest but high regional and sectorial differences New focused strategy will take Cramo to the targeted level Bolt-on acquisitions and outsourcing cases considered to drive profitable growth 68
CRAMO PLC Capital Markets Day PROFITABLE GROWTH IN SWEDEN, NORWAY AND DENMARK Erik Bengtsson, EVP 9 September 2014 FOR A GREAT DAY AT WORK
Agenda Profitable growth in Sweden, Norway and Denmark Overview of business segments Sweden, Norway and Denmark 1 Recent achievements 2 Key market trends 3 Strategic priorities and targets 4 Summary 5 70
Cramo Scandinavia overview Important region generates two- thirds of Group’s sales and EBITA Share of Group sales in 2013 Business segment Sweden Business segment Norway Business segment Denmark 4 % 14 % 48 % Share of Group EBITA in 2013 8 % 63 % 71
Stable profit generation in Sweden Sales by product group in 2013 Sales by customer segment in 2013 38 % 8 % 23 % 18 % 14 % 52 % 29 % 14 % 3 % 2 % Tools Construction eq. Access equipment Construction ind. Other industry Public sector Sitehuts Modular space Other Households Other Rolling 12-month sales and EBITA-% Number of employees and depots 350 25% 140 900 812 Quarterly sales (Rolling 12 months, EUR m) 19,3 % 18,8 % 800 18,6 % 18,5 % 18,3 % Quarterly rolling 12-month EBITA margin 120 300 17,9 % 17,9 % 17,8 % 17,5 % 17,4 % 17,3 % 17,3 % 17,2 % Full-time equivalent (end of period) 16,8 % 20% 16,4 % 700 15,7 % 14,7 % 100 14,7 % 250 600 Number of depots 15% 80 500 200 116 116 119 119 119 124 125 128 126 126 128 124 121 120 120 120 118 118 312,0 400 60 150 10% 300 40 100 200 20 5% 100 50 0 0 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 0 0% Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 Depots (LHS) FTE (RHS) Sales (R12m) EBITA-% (R12m) 72
Uncertainty in market conditions in Norway Sales by product group in 2013 Sales by customer segment in 2013 27 % 12 % 29 % 20 % 9 %4 % 65 % 24 % 8 %3 % Tools Construction eq. Access equipment Construction ind. Other industry Public sector Sitehuts Modular space Other Households Other Rolling 12-month sales and EBITA-% Number of employees and depots 100 12% 40 300 262 Quarterly sales (Rolling 12 months, EUR m) 90 35 Quarterly rolling 12-month EBITA margin 10% 8,2 % 250 Full-time equivalent (end of period) 80 7,3 % 30 6,9 % 6,8 % 6,7 % 8% 6,3 % 70 6,1 % 200 Number of depots 25 5,0 % 60 6% 4,2 % 3,9 % 20 150 50 34 34 34 34 85,2 32 32 32 4% 31 31 31 31 15 30 2,0 % 29 29 29 29 40 28 1,7 % 27 100 1,2 % 1,1 % 1,1 % 0,9 % 30 10 0,4 % 2% 0,0 % 50 20 5 0% 10 0 0 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 0 -2% Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 Depots (LHS) FTE (RHS) Sales (R12m) EBITA-% (R12m) 73
Signs of upturn in Denmark Sales by product group in 2013 Sales by customer segment in 2013 14 % 21 % 14 % 19 % 29 % 3 % 45 % 7 % 37 % 5 %6 % Tools Construction eq. Access equipment Construction ind. Other industry Public sector Sitehuts Modular space Other Households Other Rolling 12-month sales and EBITA-% Number of employees and depots 45 5% 25 140 0,1 % -1,9 % Quarterly sales (Rolling 12 months, EUR m) 120 -3,9 % -4,1 % 40 -5,1 % -5,3 % 0% Quarterly rolling 12-month EBITA margin 120 -6,2 % -6,1 % 20 Full-time equivalent (end of period) -8,8 % 35 -10,0 % -10,3 % -5% 100 -12,1 % -12,5 % -13,3 % 30 Number of depots -10% 15 80 -18,1 % 25 -15% 60 20 10 20 19 18 18 18 18 17 17 17 17 17 -20% 28,6 15 40 -30,8 % 5 -25% 10 -32,2 % -33,2 % 20 7 7 7 7 7 7 7 -30% 5 0 0 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 0 -35% Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 Depots (LHS) FTE (RHS) Sales (R12m) EBITA-% (R12m) 74
Differences in competitive landscapes SWEDEN NORWAY DENMARK Market size 1 SEK 13.3b NOK 7.2b DKK 3.1b • #2 in overall rental • #3 in equipment rental • Strong #1 both in Market position equipment rental and • #1 in access equipment • #1 in modular space modular space estimate 2 Two strong players with a • Three strong players with a • Fragmented markets • number of local competitors waiting for consolidation number of local and specialist competitors • A few players in modular • A few small players in • Modular space dominated space product area modular space product Market by a few strong players area characteristics • A few ”in - house” competitors “In - house” competitors Main competitors Modular space competitors 1 Source: ERA European Equipment Rental Industry 2013 Report, autumn 2013 2 Cramo management estimates 75
Agenda Profitable growth in Sweden, Norway and Denmark Overview of business segments Sweden, Norway and Denmark 1 Recent achievements 2 Key market trends 3 Strategic priorities and targets 4 Summary 5 76
Recent achievements in Cramo Sweden Improvements in many areas 1 2 3 Right Price™ Speed Rental Success in large projects - a new way of pricing - we go paperless • Market prices in every • Faster customer handling • Separate organisation dealing segment with large projects • Delivery notice to customers • No more traditional price lists • Fortum power plant in • Paperless documentation Värtahamnen (Stockholm) • Increases confidence in prices • Continuous innovation on new and pricing structure through • Power plant in Örtofta ways to serve customers consistent methodology (southern Sweden) • Target to extend rental • Malmfälten (LKAB, Northland) periods, increase sales and gain market share 77
Recent achievements in Cramo Norway Operational efficiency and effectiveness in focus 1 2 3 Right Price™ Improved project Hub structure in place - a new way of pricing knowledge and capabilities • Market prices in every • IKEA, Fornebuporten • Large, efficient hub in segment Lilleström for heavy equipment • Capacity for taking overall • No more traditional price lists project responsibility for • Modern modular space hub in machines, electricity, logistics Loesmoen • Increases confidence in prices etc. and pricing structure through • Transportation solutions in consistent methodology • Increased project execution place knowledge and resourcing • Target to extend rental • Efficient service organisation periods, increase sales and • Good foundation for gain market share operational excellence 78
Recent achievements in Cramo Denmark Strong actions in a challenging market 1 2 3 Right Price™ Speed Rental Growth and success in - a new way of pricing - we go paperless Modular space business • Market prices in every • Faster customer handling • Extended resourcing, segment organisation fully in place • Delivery notice to customers • No more traditional price lists • Success and references in • Paperless documentation delivering also very large • Increased # of new customers • Continuous innovation on new projects (e.g. Copenhagen • Increase in pricing control ways to serve customers Metro) • Applied to all customers • Good order intake, a number except the two largest of new large projects (e.g. Novo Nordisk) • Positive outlook 79
Agenda Profitable growth in Sweden, Norway and Denmark Overview of business segments Sweden, Norway and Denmark 1 Recent achievements 2 Key market trends 3 Strategic priorities and targets 4 Summary 5 80
Positive market outlook in Sweden Swedish construction order backlog of selected companies Key message 90 50% Estimates for Swedish construction growth in 2014- 80 40% 15 are strong – driven by residential sector 70 30% Swedish construction order backlog (SEK billion) Brighter outlook can also be 60 seen in the development of 20% construction order backlogs Change in volume, % 50 of large Swedish 10% construction companies 40 Historically, sales trend of 0% Cramo Sweden equipment 30 rental has followed -10% Lag of development in the order 20 approximately backlog with a delay of 2-3 quarters -20% approximately 2-3 quarters 10 Cramo is likely to benefit 0 -30% from the improved Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009 Q4/2009 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 construction environment with a delay Peab NCC Skanska R12M sales growth of Cramo Equipment Rental Sweden (in local currency) Year-on-year change in Swedish construction order backlog Source: Construction growth estimates from Euroconstruct, June 2014 and Sveriges Byggindustrier, June 2014, order backlog data from interim reports of respective companies 81
Also Norway and Denmark expected to recover Construction growth in Norway Construction growth in Denmark Key message 125 125 Estimate for construction output growth in Norway in 2014 downgraded, mainly 120 120 due to drop in residential construction Construciton volume index (2013=100) Construciton volume index (2013=100) 115 115 However, outlook suggests growth to resume in 2015- 16, driven by strong civil 110 110 engineering sector Denmark expected to be 105 105 among the fastest growing construction markets in Europe with an average 100 100 growth of ~3% a year in 2014-16 95 95 Gains in Danish construction volume projected to be seen in all of the three sub- 90 90 sectors 2013 2014F 2015F 2016O 2013 2014F 2015F 2016O Total construction Residential Total construction Residential Non-residential Civil engineering Non-residential Civil engineering Source: Euroconstruct, June 2014 82
Agenda Profitable growth in Sweden, Norway and Denmark Overview of business segments Sweden, Norway and Denmark 1 Recent achievements 2 Key market trends 3 Strategic priorities and targets 4 Summary 5 83
Strategic priorities and targets 2014-16 (Scandinavia) Deliver Cramo Story Drive Cramo Performance Other initiatives 1 Management 2 # • Build stronger brand • Implement weekly meetings in all • Optimise depot footprint depots • Strengthen corporate culture and • Continue and reap benefits from promote strong values • Promote entrepreneurial mindset Right Price™ in daily operations • Measure delivery precision and • Continue and reap benefits from service time • Drive further operational Cramo Carousel – Best-in-town efficiencies and cost optimisations logistics optimisation concept • Build foundation for differentiation Increase market Maintain cost- Improve capital Optimise fixed cost Longer rental Increase prices share competitiveness efficiency base periods Improve Promote sales operational Optimise prices Reduce idle fleet growth efficiency 84
Agenda Profitable growth in Sweden, Norway and Denmark Overview of business segments Sweden, Norway and Denmark 1 Recent achievements 2 Key market trends 3 Strategic priorities and targets 4 Summary 5 85
Key messages: Sweden, Norway and Denmark We have increased our market share in Sweden and Denmark We have achieved improvements in many areas We anticipate a stronger market in 2015 We have successfully implemented two market- changing projects We are looking at bolt-on acquisitions and outsourcing cases to drive profitable growth Driving Cramo Performance Management initiatives will enhance our efficiency Cramo Story will take us to the next level 86
CRAMO PLC Capital Markets Day WIN CENTRAL EUROPEAN MARKET Dirk Schlitzkus, EVP 9 September 2014 FOR A GREAT DAY AT WORK
Agenda Profitable growth in Central Europe Overview of business segment Central Europe 1 Recent achievements 2 Key market trends 3 Strategic priorities and targets 4 Summary 5 88
Cramo Central Europe overview Increasing share of Group’s sales, profit generation in focus Share of Group sales in 2013 Business segment Central Europe 11 % Share of Group EBITA in 2013 -1 % 89
Transition program evident in figures Sales by product group in 2013 Sales by customer segment in 2013 8 % 82 % 10 % 46 % 26 % 15 % 4 % 9 % Tools Construction eq. Access equipment Construction ind. Other industry Public sector Sitehuts Modular space Other Households Other Rolling 12-month sales and EBITA-% Number of employees and depots 90 2% 120 450 0,8 % 395 Quarterly sales (Rolling 12 months, EUR m) 400 80 1% Quarterly rolling 12-month EBITA margin -0,2 % -0,2 % 100 -0,4 % Full-time equivalent (end of period) -0,6 % 350 70 -0,9 % -1,1 % 0% -1,3 % -1,4 % 80 300 60 Number of depots -1% 250 50 60 -2% 200 76,5 40 95 95 95 96 96 90 90 88 86 84 84 83 -3% 40 150 79 77 30 -4,7 % 100 -4% 20 20 50 -5% 10 0 0 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 0 -6% Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 Depots (LHS) FTE (RHS) Sales (R12m) EBITA-% (R12m) Note: Theisen acquisition was completed in February 2011. Hence, rolling 12-month figures are available as of Q1/2012 90
Transition program overview Priority work streams Key actions 1 • New organisation model • Roll-out Cramo rental concept: Strengthen existing – Best-in-town concept business – Multi-category supplier, with focus on access, tools and modular space – Reduction of unprofitable products according to schedule 2 • Implement Cramo’s harmonised systems and processes – Cramo business platform, ERP and CRM implementation Establish enablers • Introduce new sales organisation for delivering the • Introduce new service organisation Cramo concept • Rebrand Theisen 3 • Controlled investments in access equipment and tools – Based on standard roll-out plan, tailored roll-out for each district Roll-out Cramo • During past 12 months, new hubs established in selected best-in-town areas, concept while simultaneously closing smaller depots district by district 4 • Build up modular space business – Acquisition, organic growth, resourcing Grow the business to • Pursue M&A where aligned with multi-category rental model maintain competitive market position 91
Agenda Profitable growth in Central Europe Overview of business segment Central Europe 1 Recent achievements 2 Key market trends 3 Strategic priorities and targets 4 Summary 5 92
Strategic and operational development in 2011- 2011 2012 H2/2013- • Cramo’s acquisition of • Legal restructuring / new • Implementation of sales Theisen Group in January organisation model in representative structure 2011 place • Implementation of service • Main focus on integration Closure of non-profitable structure in every district • of Theisen Group into depots and non-profitable • Roll-out of the multi-category Cramo Group product segments rental model • Closure of Switzerland – 7 access hubs operations – 4 tools hubs • Modification of operations • Closure of unprofitable according to Cramo Rental depots Concept • Company culture project Modification of operations Integration phase and organisation according Execution of transition plan to Cramo Rental Concept 93
Recent achievements in Cramo Central Europe Building foundation for profitable growth through transition program 1 2 3 Acquisition of C/S Large TWL Ludwigshafen Progress in the transition RaumCenter in Germany modular rental project program • One of the most significant • A four-year contract with • Status of Cramo Rental Concept modular space rental companies German energy company TWL roll-out: 7 access hubs and 4 particularly in the Rhein-Main tools hubs established • TWL rents modular space for its area headquarter operations • Implementation of common ERP • Excellent stepping stone for system and processes in H1/14 • Includes four individual buildings, establishing and further growing total project covers 2.500m2 • CRM system in place in H2/14 MS business in Germany • Major breakthrough for Cramo’s • Implementation of common • Integration proceeding well modular space operations in business intelligence system • Target to further grow MS Central Europe enabling improved business business and reduce seasonal steering together with Cramo fluctuations in Germany Performance Management 94
Agenda Profitable growth in Central Europe Overview of business segment Central Europe 1 Recent achievements 2 Key market trends 3 Strategic priorities and targets 4 Summary 5 95
Large but competitive rental market GERMANY AUSTRIA Market size 1 EUR 3.5b EUR 0.3b • #2 in overall rental • #3 in equipment rental Market position • Modular space: one of the leading estimate 2 companies in the Rhine-Main area Large fragmented market under • Fragmented, quote-driven market • consolidation, four stronger players • Slowly growing, competitive market • Rich competitive landscape: • Rich competitive landscape: – Many types of players Market – Many types of players – Long tail of small locals characteristics – Long tail of small locals Strong OEM presence – – Strong OEM presence • Fragmented modular space market with small and medium-sized companies Main competitors 1 Source: Germany based on ERA European Equipment Rental Industry 2013 Report, autumn 2013 and Austria on management estimates 2 Cramo management estimates 96
Stable construction growth in sight Construction growth in Germany Construction growth in Austria Key message 109 109 German construction estimated to grow steadily by stable ~2% a year in 2014-16 Construciton volume index (2013=100) Construciton volume index (2013=100) 106 106 Similar growth trend projected across the construction sub-sectors Stable, albeit modest growth expected also for Austria 103 103 100 100 97 97 2013 2014F 2015F 2016O 2013 2014F 2015F 2016O Total construction Residential Total construction Residential Non-residential Civil engineering Non-residential Civil engineering Source: Euroconstruct, June 2014 97
Rental penetration still on a low level in Germany Construction industry penetration rate comparison Key message 4,0 % Rental penetration rate in 3,35 % Construction industry penetration rate, 2012 Germany still lower than in 3,5 % Cramo’s main markets and in Europe on average 2,60 % 3,0 % 2,50 % Outsourcing gradually 2,05 % 2,5 % gaining ground. In March 1,70 % 2014, Hochtief sold majority 1,60 % 2,0 % 1,45 % of its Streif Baulogistik rental 1,40 % 1,35 % business to Zeppelin Group 1,15 % 1,05 % 1,5 % 0,95 % 0,85 % Nordic-style outsourcing 0,70 % deals could be one of the 1,0 % 0,50 % drivers of the business 0,5 % model in Germany in the future 0,0 % Sweden Poland Remaining EU27 + EFTA Italy Belgium Spain Netherlands Germany Total Europe Finland France Denmark Norway USA United Kingdom Source: ERA European Equipment Rental Industry 2013 Report, autumn 2013 98
Agenda Profitable growth in Central Europe Overview of business segment Central Europe 1 Recent achievements 2 Key market trends 3 Strategic priorities and targets 4 Summary 5 99
Strategic priorities and targets for 2014-16 Deliver Cramo Story Drive Cramo Performance Other initiatives 1 Management 2 # • Rebranding of Theisen Group in • District by district development • Complete the transition program October 2014 through performance audits • Strengthen the existing container- • Implement processes and • Drive Cramo Performance based business of C/S Raum resources to live up to Cramo Management at depot level • Continue to introduce new Nordic Story promises • Customer focus in depot standard modules to GER market • Build common identity operations and sales management • Support growth and best-in-town • Target to ramp up sales approach through acquisitions Increase market Improve cost- Improve capital Clearly improved Sales growth Increase sales share competitiveness efficiency EBITA margin Increase Strengthen Differentiate from Increase customer Stronger position Improve resilience operational corporate culture competition focus in German MS to seasonality efficiency 100
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