RENK Group AG

Investor Presentation • May 15, 2024

Trusted Partner

Q1 2024 Investor & Analyst Presentation

15 May 2024

Disclaimer

By accessing this presentation, you agree to be bound by the following limitations.

This presentation has been prepared for information and background purposes only. It does not constitute or form part of, and should not be construed as, an offer of, a solicitation of an offer to buy, or an invitation to subscribe for, underwrite or otherwise acquire, any securities of RENK Group AG (the "Company", and together with its subsidiaries, the "Group"), nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or with any other contract, commitment or investment decision whatsoever.

Certain financial data included in this presentation consists of non-IFRS financial measures. These non-IFRS financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS. You are cautioned not to place undue reliance on any non-IFRS financial measures included herein. Past events or performances should not be taken as a guarantee or indication of future events or performance. Financial information presented in parentheses denotes the negative of such number presented. Any assumptions, views or opinions (including statements, projections, forecasts or other for-ward-looking statements) contained in this presentation represent the assumptions, views or opinions of the Company as of the date indicated and are subject to change without notice. All information not separately sourced is from Company data and estimates. To the extent available and unless denoted otherwise, the industry and market data contained in this presentation has been derived from Company estimates as well as official or third-party sources. Market and market share data has been derived from Company estimates as well as official or third-party sources. Market and market share data are based on company internal estimates derived from continuous analysis and aggregation of local management feedback on market share and ongoing market development. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the industry and market data, if not labelled otherwise, contained in this presentation are derived from the Company's internal research and estimates based on the knowledge and experience of its management in the markets in which it operates. The Company believes that such research and estimates are reasonable and reliable, but their underlying methodology and assumptions have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this presentation. Information contained in this presentation related to past performance is not an indication of future performance. The information in this presentation is not intended to predict actual results, and no assurances are given with respect thereto.

Certain Information included in this Presentation is taken or derived from third-party market studies or reports, including a market study commissioned by RENK from Roland Berger. Market studies are usually based on certain assumptions and expectations that may not be accurate or appropriate, and their methodology is by nature predictive and speculative and therefore subject to uncertainties. The data reflected in market studies is typically based on other industry publications as well as market research, which itself is based on sampling and subjective judgments by both the researchers and the respondents, including judgments about what types of products and transactions should be included in the relevant market. Accordingly, market studies generally state that the information contained therein is believed to be accurate but that no representation or warranty is given by the market study provider as to the accuracy or completeness of such information and that the opinions and analyses provided in the relevant market study are not representations of fact. The information contained in this presentation has not been independently verified, and no representation or warranty, express or implied, is made by the Company nor its affiliates, advisers, connected persons or any other person as to the fairness, accuracy, completeness or correctness of the information contained herein, and no reliance should be placed on it. Neither the Company nor its affiliates, advisers, connected persons, and/or any third-party provider of industry and market data referred to in this Presentation (including Roland Berger) or any other person accepts any liability for any loss howsoever arising (in negligence or other-wise), directly or indirectly, from this presentation or its contents or otherwise arising in connection with this presentation. This shall not, however, restrict or exclude or limit any duty or liability to a person under any applicable law or regulation of any jurisdiction which may not lawfully be disclaimed (including in relation to fraudulent misrepresentation). This presentation includes "forward-looking statements". These statements contain the words "anticipate", "believe", "intend", "estimate", "expect" or words of similar meaning. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including cost savings and productivity improvement plans) are forward-looking statements. By their nature, such forwardlooking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the market environment in which the Company will operate in the future. These forward-looking statements speak only as of the date of this presentation. Each of the Company, the relevant subsidiaries and their respective agents, employees and advisers, expressly disclaims any obligation or undertaking to update any forward-looking statements contained herein. You are urged to consider these factors carefully in evaluating the forward-looking statements in this presentation and not to place undue reliance on such statements.

This presentation is confidential and its distribution in certain jurisdictions is restricted by law. Therefore, it must not be distributed, published or reproduced (in whole or in part) or disclosed by its recipients to any other person for any purpose without the Company's consent.

The information contained in this presentation is provided as of the date of this presentation and is subject to change without notice.

Experienced management team with strong track record

Today's speakers

1. RENK introduction

1. Update on Q1-24 performance

2. Summary and outlook

RENK – Leading provider of drive technologies with high aftermarket share

Trusted Partner

1. RENK introduction

1. Update on Q1-24 performance

2. Summary and outlook

Executive summary Q1 2024

Order intake	Total order backlog at a high level (€4.7bn), strong pipeline
Marine & Industry (M&I)	Conversion of improved order intake accelerates revenue growth, higher Navy-share margin accretive
Vehicle Mobility Solutions (VMS)	Operational improvement measures in Augsburg facilitate strong revenue growth in the VMS segment
Gross margins	Gross margins expanded: Mix and operating leverage
Free Cash Flow	Successful reduction of NWC ratio to ~25%

Total order backlog stands at 4.8x annual revenues

1.8 Fixed order backlog(2) 0.7 Frame order backlog(3) 2.1 Soft order backlog(4) 4.7 Total order backlog LTM revenue coverage(1) 1.8x 0.8x 2.2x 4.8x 1 2 3 4 Significant additional recurring aftermarket business outside of framework contracts Total order backlog (Mar-24), €bn

Commentary

• Fixed order backlog: Stable despite fewer large order wins in VMS. Encouraging order pipeline, including a large contract win in April 2024 1
• Frame order backlog: Aftermarket and new business converted by signed frame contracts. Encouraging increase during Q1 points to further growth potential 2
• Soft order backlog: Highly visible sole source projects and successor business until 2028 – increase driven by concretization of upcoming business 3
• Total order backlog of ~€4.7bn and ~4.8x revenue coverage as of Mar-24 4

Strong revenue growth in defense and aftermarket-related areas

Book-to-bill ratio YoY growth (1)

Gross margin improvement drives EBIT margin expansion

YoY growth Adj. gross profit margin

Adj. EBIT margin Net debt / LTM Adj. EBITDA(3)

• Translation of strong revenue growth into considerable increase in adj. gross profit and adj. gross profit margin:
  • Solid volume growth, higher operating leverage and ongoing efficiency improvements across all segments
  • Mix (Navy, aftermarket) improvement
• Further increase in adj. EBIT to €28m, as other cost items remained stable as a percentage of sales
• Net debt stable despite refinancing-related cash outflows thanks to reduction of NWC ratio

VMS: Accelerating revenue growth on operational improvement YoY growth Adj. EBIT margin

Segment financials, €m Commentary

• Order Intake in VMS significantly lower compared to previous year due to two large order wins in Q1-2023
• Book-to-bill temporarily below 1.0x, but catch up expected in Q2 and Q3, underpinned by a large ~\$100m US contract announced in April 2024
• Significant revenue growth in VMS of 22% YoY due to operational improvement and higher output, especially in Augsburg, as well as solid aftermarket activity
• Increase in EBIT driven by volume growth

M&I: Buoyant Navy market drives growth and margin improvement

YoY growth Adj. EBIT margin

Segment financials, €m

Commentary

• Book-to-bill remains at a high level of 1.24x driven by continued strong order intake in our Navy business
• Significant revenue growth in of 32.9% YoY following strong Navy order intake in 2022 and 2023
• Revenue growth and positive mix effects (Navy and AM) -> Strong increase of adj. EBIT YoY (adj. EBIT margin up 12.4 p.p.)

Slide Bearings: Aftermarket growth and further EBIT margin expansion YoY growth Adj. EBIT margin

Segment financials, €m

Commentary

• Significant growth in order intake of 21.5% YoY due to marine bearings & aftermarket
• Book-to-bill ratio at a healthy level of 1.34x
• Considerable revenue growth in SB segment of 10.5% YoY: Higher demand for e-bearings and aftersales business
• Margin expansion driven by significantly higher share of aftermarket business

Minor adjustments mainly relating to capital market readiness and refinancing

For the period, €m Commentary

	Q1-23	Q1-24
Operating profit	6.7	11.9
PPA depreciation and amortization as well as income / losses from PPA asset disposals	11.2	11.0
Operating profit before PPA depreciation and amortization as well as income / losses from PPA asset disposals	17.9	22.9
M&A activity related costs	0.7	0.0
Capital market readiness costs	-	1 2.2
Other adjustments	0.5	2 2.8
Adj. EBIT	19.1	27.8
Depreciation, amortization and impairment losses (excluding PPA depreciation and amortization)	7.5	7.7
Adj. EBITDA	26.7	35.5

• Cost incurred in the context of achieving capital market readiness as listing on Frankfurt Stock Exchange was completed during Q1 2024 1
• Other adjustments in Q1 2024 include expenses mainly related to 2
  • Consultancy and advisory expenses
  • Costs relating to refinancing

Reduction of NWC ratio to 25.4%

• NWC as a percentage of sales reduced by 140bps, contrary to normal seasonal patterns
  • Customer receivables stable, despite higher output levels
  • Inventories increased by only 5.5% QoQ (less than proportionate to activity growth)
  • Prepayments increased by €41m
  • Further reduction of NWC ratio targeted in the mid-term

Solid operating cash flow and positive FCF despite refinancing costs

Key cash flow items, €m Commentary

	Q1-23	Q1-24
Adj. EBITDA(1)	26.7	35.5
Adjustments(2)	(1.2)	(5.0)
Income taxes paid	(6.2) 1	(4.9)
Change in net working capital(3)	18.6	3.7 2
Capex(4)	(4.0)	(7.9) 3
Other(5)	(3.9)	3.5
Unlevered free cash flow	30.0	24.9
Interest received	0.5	0.5
Interest payments	(14.9)	(25.3) 4
Free cash flow	15.6	0.1
Acquisitions less cash(6)	(34.9)	-
Change in cash & cash equivalents (post M&A)	(19.3)	0.1

• Q1 2023 tax payments include an aperiodic real estate tax payment (€2.8m) 1
• Slight reduction of net working capital despite business growth 2
• Prepayments have increased by €41m
• Inventories increased by only €18m (5.5%, less than proportionate to business growth)
• Capex amounted to 3.3% of Q1 sales 3
• Higher interest payments include nonrecurring items relating to the prepayment of the high-yield bond (~€10.3m) 4

1. RENK introduction

2. Update on Q1-24 performance

3. Summary and outlook

17

Guidance for 2024 confirmed

Priorities and key challenges for 2024

Output increase VMS	Accelerate execution of five-year order backlog and revenue growth, especially in Augsburg
Operational Excellence Americas	Develop RENK America to the next level to sustain performance: Record order backlog with significant commercial wins in FY-23 to be converted into profitable revenues
NWC optimisation	While NWC is required to facilitate execution of the strong and growing backlog, continue efforts to reduce structural NWC level
Order intake	Promising order pipeline, with attractive national and international project opportunities
Fostering the dialogue with investors	Next event: Eurosatory investor meetings on 18/19 June Conferences/NDRs: NYC, London, Frankfurt, Stockholm Capital Markets Day on 10 September

Financial Calendar Q2/Q3 2024

May 2024:

• Q1 2024 Quarterly Statement (15 May)
• Hauck & Aufhäuser Stockpicker Summit(16/17 May)
• Berenberg Conference NYC (21 May)
• dbAccess Conference Dt. Bank, Frankfurt (22/23 May)

June 2024:

• Stockholm Roadshow (5 June)
• JPM Capital Goods Conference (12 June)
• Eurosatory Paris Investor Meetings (18/19 June)
• Baader Bank A&D Day (24 June)
• Annual General Meeting (26 June)

August 2024:

• H1 2024 Results (13 August)

**********

September 2024:

• ODDO BHF Summer Conference (4 September)
• Capital Markets Day (10 September)
• Berenberg Munich Conference (25 September)
• Baader Munich Conference (26 September)

Q & A SESSION

Questions & Answers?

TRUSTED PARTNER

Your contact

RENK Group / Company presentation / March 2023

Investor Relations

Ingo Schachel, Head of IR Phone: +49 821 5700 1439 E-Mail: investors@renk.com www.ir.renk.com

RENK Group AG

Goegginger Straße 73 D-86159 Augsburg Germany www.renk.com

Management Board: Susanne Wiegand (Chairperson), Dr. Alexander Sagel, Christian Schulz Supervisory Board: Claus von Hermann (Chairperson) Registration Court: District court of Augsburg, HRB 39189 VAT ID number: DE 363351811

APPENDIX

Income statement

For the period, €m

	Q1 2023	Q1 2024
Revenue	193.9	237.7
Cost of sales excl. PPA(1)	(145.9)	(176.7)
Gross profit before PPA	48.0	61.0
Other operating income	3.7	4.9
Net allowances on financial assets	0.0	0.4
Distribution expenses	(13.3)	(15.2)
General administrative expenses	(15.6)	(23.6)
Other operating expenses	(4.9)	(4.5)
Operating profit before PPA	17.9	22.9
PPA(1)	(11.2)	(11.0)
Operating profit after PPA Other operating expenses	6.7	11.9
Interest expenses	(10.0)	(8.8)
Other financial result	(0.5)	0.7
Financial result	(10.6)	(8.1)
Profit (+) / loss (-) before tax	(3.9)	3.8
Income tax expense	1.9	(6.6)
Profit (+) / loss (-) after tax	(2.0)	(2.8)

Note: Due to commercial rounding of amounts on the basis of € million, minor deviations may occur on addition

Balance sheet – Total assets

As of, €m

	Dec 31, 2023	Mar 31, 2024
Intangible assets	383.9	379.3
Property, plant and equipment	319.0	319.7
Other financial investments	9.4	4.9
Deferred tax assets	18.2	21.4
Other non-current financial assets	0.4	0.3
Other non-current receivables	4.8	5.4
Non-current assets	735.7	731.0
Inventories	326.2	343.8
Trade receivables	163.3	148.6
Contract assets	96.6	109.1
Current income tax receivables	8.6	12.3
Other current financial assets	24.4	28.3
Other current receivables	15.6	21.0
Cash and cash equivalents	102.2	101.8
Current assets	736.9	764.8
Total	1472.6	1495.7

Balance sheet – Total equity and liabilities

As of, €m

	Dec 31, 2023	Mar 31, 2024
Share capital	100.0	100.0
Capital reserves	223.8	225.8
Retained earnings	57.5	54.4
Cumulative other comprehensive income	22.5	23.9
Equity attributable to shareholders of RENK AG	403.8	404.1
Equity attributable to non-controlling interests	0.1	0.1
of which non-controlling interests in consolidated net income for the year	0.0	0.0
Equity	403.9	404.2
Non-current financial liabilities	527.5	526.2
Pension provisions	2.0	0.3
Deferred tax liabilities	73.0	81.5
Contract liabilities, non-current	44.1	43.8
Other non-current provisions	11.0	10.8
Other non-current financial liabilities	3.8	0.3
Other non-current liabilities	0.0	0.0
Non-current liabilities and provisions	661.3	663.0
Current financial liabilities	18.6	6.5
Income tax liabilities	13.2	14.0
Trade payables	123.6	102.8
Contract liabilities, current	171.8	209.4
Current income tax payables	-	-
Other current provisions	40.3	37.8
Other current financial liabilities	1.3	1.4
Other current liabilities	38.5	56.7
Current liabilities and provisions	407.4	428.6
Total	1472.6	1495.7

Note: Due to commercial rounding of amounts on the basis of € million, minor deviations may occur on addition

Cash flow statement

For the period, €m

	Q1 2023	Q1 2024
Cash and cash equivalents at beginning of period	158.7	102.2
Profit (+) / loss(-) before tax	(3.9)	3.8
Income taxes paid	(6.2)	(4.9)
Depreciation and amortization (incl. impairments on investments)	18.7	18.7
Change in pension provisions and liabilities	(2.1)	(3.4)
Gains/losses from asset disposals	(0.1)	0.0
Other non-cash expenses and income	(0.8)	2.2
Change in inventories, receivables, contract assets, liabilities and other provisions	18.2	8.8
Financial result	10.6	8.1
Cash flows from operating activities	34.5	33.3
Payments to acquire property, plant and equipment and intangible assets	(4.0)	(7.9)
Acquisition of subsidiaries less cash(1)	(34.9)	-
Proceeds from asset disposals	0.1	0.0
Cash flows from loans receivable and restricted cash	0.7	3.9
Interest received(2)	0.5	0.5
Cash flows from investing activities	(37.5)	(3.5)
Equity contributions	-	2.0
Change in liabilities cash-pool	-	(2.6)
Cash outflow from the redemption of bonds	-	(520.0)
Proceeds from the raising of financial loans	-	514.8
Interest and lease payments(2)	(15.4)	(25.8)
Cash flows from financing activities	(15.4)	(31.6)
Effect of exchange rate changes on cash and cash equivalents	(0.1)	0.3
Effect of changes in basis of consolidation on cash and cash equivalents	4.9	1.1
Change in cash and cash equivalents	(13.6)	(0.5)
Cash and cash equivalents at end of period	145.1	101.8
Cash flows from loan receivables	0.3	0.3
Restricted cash	7.2	2.6
Gross liquidity at end of period	152.6	104.6
Financial liabilities	(628.4)	(524.1)
Net liquidity at end of period	(475.8)	(419.4)

Note: Due to commercial rounding of amounts on the basis of € million, minor deviations may occur on addition

Endnotes (1/3)

p.4

(1) Market CAGR of ~10% calculated as a blended rate by weighting 2022-27 CAGRs of total addressable market for defense (12.9% as per Renaissance market study) and civil (4.7% as per Roland Berger market study) with the defense / civil revenue split of around 70% / 30% in 2022A. Global defense addressable market defined as total military vehicle and naval addressable markets, incl. new build, upgrade and overhaul, as of 2022A, based on RENK product portfolio used in defense applications, excluding platforms of Chinese origin in-service outside of China and embargoed countries, i.e. Afghanistan, Belarus, Benin, China, Central African Republic, Cuba, DPRK, DRC, Eritrea, Iran, Iraq (not embargoed, but excluded), Libya, Myanmar, Russia, Somalia, South Sudan, Syria, Venezuela, Yemen, Zimbabwe (the "Embargo(ed) Countries"), as per Renaissance market study; global civil addressable market defined as total annual spend in commercial marine & industrial applications (incl. gearboxes, couplings, slide bearings and test systems) including new build and aftermarket comprising service, spare parts and software updates, based on 2022A (as per Roland Berger market study)

(2) Total order backlog comprised of fixed order backlog, frame order backlog and soft order backlog; Fixed order backlog represents with respect to binding customer contracts and purchase orders concluded and/or received the portion of the associated transaction price for which the amount of revenue has not yet been recognized in accordance with IFRS; Frame order backlog includes signed frame contracts or prolongation character of linked frame contracts with fixed annual volumes or volume estimates based on customer information or historical call offs over the entire contract duration, booked for the period of the frame contract term; Soft order backlog includes estimated volumes of sole source projects and successor business until 2027 based on public information and customer information, booked for the period Jan 24 to Dec 27

(3) Based on 2023A revenue split, defense and civil are defined by end market product application

(4) Refers to systems / subsystems, such as transmissions for tracked military vehicles, gearboxes for large naval surface combatants and slide e-bearings, that are critical for the mechanical operation of military vehicles & vessels. Based on being "positioned on 75% of NATO & Allied tracked vehicles" and "RENK provides mission-critical mechanical systems and subsystems at various stages in the lifecycle" (as per Renaissance market study based on 2022)

(5) Includes any product with RENK's presence on tracked military vehicles by number of installed base globally (2022A), excluding platforms of Russian and Chinese origin in-service outside of Russia and China and Embargo Countries (as per Renaissance market study)

(6) Based on 2023A revenues, reconciliation to reported figures: EMEA includes Germany, other EU Countries, other European Countries and Africa; Americas includes Americas; APAC includes Asia and Australia and Oceania

(7) Adj. EBIT is defined as operating profit before the PPA depreciation and amortization as well as income / losses from PPA asset disposals and adjusted for certain items which management considers to be exceptional or non-recurring in nature. EBIT margin and adj. EBIT margin are defined as EBIT or adj. EBIT, as applicable, divided by revenue

(8) 2023A revenue split; New build refers to new product sales; aftermarket refers to depot MRO (maintenance, repair, overhaul) and upgrades of products and platforms, incl. spare parts and other aftermarket services; replacement of installed RENK products in defense applications is considered as aftermarket and in civil applications as new build

p.7

(1) Defined as total order backlog as of Mar-24 / LTM revenue for the period ended March 31, 2024. Total order backlog comprised of fixed order backlog, frame order backlog and soft order backlog

(2) Fixed order backlog represents with respect to binding customer contracts and purchase orders concluded and/or received the portion of the associated transaction price for which the amount of revenue has not yet been recognized in accordance with IFRS

(3) Frame order backlog includes signed frame contracts with fixed annual volumes or volume estimates based on customer information or historical call offs over the entire contract duration, booked for the period of the frame contract term. The numbers as of 31.03 include a contract with the character of a binding follow-up contract with the amount of €0.3bn

(4) Soft order backlog includes estimated volumes of sole source projects and successor business until 2028 based on public information and customer information, booked for the period Apr 24 to Mar 28

p.8

(1) Book-to-bill ratio defined as order intake / revenue

(2) Fixed order backlog represents with respect to binding customer contracts and purchase orders concluded and/or received the portion of the associated transaction price for which the amount of revenue has not yet been recognized in accordance with IFRS

Endnotes (2/3)

p.9

(1) Adj. EBIT is defined as operating profit before the PPA depreciation and amortization as well as income / losses from PPA asset disposals and adjusted for certain items which management considers to be exceptional or non-recurring in nature. Adj. EBIT margin are defined as adj. EBIT divided by revenue.

(2) Net debt is defined as the sum of bank debt (previous year: senior secured notes) and lease liabilities less cash and cash equivalents based on the carrying amounts in the IFRS financial statements

(3) LTM Adj. EBITDA is defined as operating profit before depreciation, amortization and impairment losses on intangible assets and property, plant and equipment, the PPA depreciation and amortization as well as income / losses from PPA asset disposals and adjusted for certain items which management considers to be exceptional or non-recurring in nature. For a detailed breakdown of EBIT adjustments, please refer to the page "Adjustments to operating profit" (p.13)

p.10

(1) Adj. EBIT is defined as operating profit before the PPA depreciation and amortization as well as income / losses from PPA asset disposals and adjusted for certain items which management considers to be exceptional or non-recurring in nature. Adj. EBIT margin is defined as adj. EBIT divided by revenue. For a detailed breakdown of EBIT adjustments, please refer to the page "Adjustments to operating profit"

p.11

(1) Adj. EBIT is defined as operating profit before the PPA depreciation and amortization as well as income / losses from PPA asset disposals and adjusted for certain items which management considers to be exceptional or non-recurring in nature. Adj. EBIT margin is defined as adj. EBIT divided by revenue. For a detailed breakdown of EBIT adjustments, please refer to the page "Adjustments to operating profit"

p.12

(1) Adj. EBIT is defined as operating profit before the PPA depreciation and amortization as well as income / losses from PPA asset disposals and adjusted for certain items which management considers to be exceptional or non-recurring in nature. Adj. EBIT margin is defined as adj. EBIT divided by revenue. For a detailed breakdown of EBIT adjustments, please refer to the page "Adjustments to operating profit"

p.14

(1) Comprises contract assets and trade receivables excluding customer prepayment receivables

(2) Comprises contract liabilities excluding liabilities from customer prepayment receivables

p.15

(1) Adj. EBITDA is defined as operating profit before depreciation, amortization and impairment losses on intangible assets and property, plant and equipment, the PPA depreciation and amortization as well as income / losses from PPA asset disposals and adjusted for certain items which management considers to be exceptional or non-recurring in nature

(2) For a detailed breakdown of EBIT adjustments, please refer to the page "Adjustments to operating profit" (p.13)

(3) Includes change in inventories, trade receivables and contract assets, and changes in trade payables and contract liabilities

(4) Capex defined as payments to acquire property, plant and equipment and intangible assets

(5) Other reconciliation items include changes in provisions, other receivables and liabilities, unless as these are not attributable to the NWC, as well as other cash and non-cash expenses and income of minor importance.

(6) Previous year's value before final purchase price adjustment

p.17

(1) Adj. EBIT is defined as operating profit before the PPA depreciation and amortization as well as income / losses from PPA asset disposals and adjusted for certain items which management considers to be exceptional or non-recurring in nature. Adj. EBIT margin is defined as adj. EBIT divided by revenue.

Endnotes (3/3)

p.22

(1) Not part of the IAS 34 financial statement.

p.25

(1) Previous year's value before final purchase price adjustment

(2) The disclosure for interest was made on a net basis in the previous year