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IP - Investoren- und Analystenpräsentation FY 2023 (Englisch)

Company: Leifheit AG Date: 2024-03-27 Language: English Register to download
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# **Investor Presentation FY 2023**

**27 March 2024**

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#### **Disclaimer**

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This presentation contains forward-looking statements which are based on the management's current estimates with regard to future developments. Such statements are subject to risks and uncertainties which are beyond Leifheit's ability to control or estimate precisely, such as statements on the future market environment and economic conditions, the behavior of other market participants and government measures.

If one of these uncertain or unforeseeable factors occurs or the assumptions on which these statements are based prove inaccurate, actual results could differ materially from the results cited explicitly or contained implicitly in these statements. Leifheit neither intends to, nor does it accept any specific obligation to update forward-looking statements to reflect events or developments after the date of this presentation.

Leifheit AG shall not assume any warranty for the information provided in this presentation being up-to-date, accurate, complete or of good quality or for the suitability of the information for specific purposes.

Any liability of Leifheit AG for loss caused by the use or non-use of the information provided or by wrong or incomplete information is excluded.

#### **Experienced Management Board**

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#### **Previous experience**

- Brings more than 25 years of international experience in leading positions in marketing, sales and management
- Formerly responsible for the global Health Care Business at Beiersdorf AG

#### **Core competencies**

• General Management, brand building & implementation of change strategies

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#### **Previous experience**

- Many years of experience as CTO at Igus GmbH and Stoba Präzisionstechnik
- Various technical management positions at Robert Bosch GmbH

#### **Core competencies**

• Digitalization, IoT, Industry 4.0, implementation of lean production systems, agile "Scrum" methods

![](_page_2_Picture_13.jpeg)

#### **Previous experience**

- Responsible for Controlling, IT/Business processes and internal sales services as Vice president finance at Leifheit AG
- Years of experience as Head of Controlling at Leifheit AG

#### **Core competencies**

• IT, Finance & Controlling

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### **Executive Summary FY 2023**

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**Group turnover up by 2.7% to 258 m€** – despite difficult economic conditions and weak consumption

Significant **improvement in gross margin** by 3.4 pp to 42.1%

**Group EBIT significantly increased by 3.2 m€ to 6.0 m€**  despite one-off compensation payment and other expenses totaling m€ 2.7 in connection with changes to the Board of Management

**Free cash flow up by 3.3 m€ to 12.1 m€** due to improvement in working capital

**Dividend proposal for 2023: 0,95 € + special dividend 0,10 €**

**Forecast 2024: turnover and earnings growth**

### **Leifheit Group structure**

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### **Consumer climate: stabilisation at a low level**

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• **Consumer demand in Europe** is expected to remain weak, especially for non-food household products

## **Group turnover up 2.7 % in FY 2023 despite continuing difficult market environment**

Group turnover by segment, region

in m€

|                       | Group | Household | Wellbeing | Private Label |
|-----------------------|-------|-----------|-----------|---------------|
| Turnover<br>in m€     | 258.3 | 211.9     | 16.4      | 30.0          |
| Growth '23<br>vs. '22 | 2.7%  | 3.8%      | 1,5%      | -3,9%         |

|                       | Germany | Central<br>Europe | Eastern<br>Europe | Rest of<br>world |
|-----------------------|---------|-------------------|-------------------|------------------|
| Turnover<br>in m€     | 103.7   | 114.4             | 34.9              | 5.3              |
| Growth '23<br>vs. '22 | 4.9%    | 2.9%              | 2.1%              | -27.4%           |

![](_page_6_Picture_5.jpeg)

- **Group turnover up 2.7 %** in FY 2023 despite continuing difficult market environment
- Household and Wellbeing segments above previous year's level, Private Label down slightly

#### Success story 2023

## **New record year for Leifheit Pegasus standing dryers**

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- Part of the Leifheit product family **for 20 years**
- New record number of **1.8 million Pegasus dryers** sold in 2023
- Introduction of the **premium model Pegasus 150 Solid Slim Black** meets the current color trend and is aimed at a target group that places high demands on design and aesthetics
- Our marketing campaigns as well as investments in lean and efficient production contributed to this success story and led to **growth of 4.6% in the laundry care category**

#### Success story 2023

## **Success story 2023: Effective campaign with focus on Profi Cleaning system**

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- Successful **Profi campaign** including TV commercial led to increased consumer interest
- The campaign significantly contributed to the **+3.9% growth** in the cleaning category
- **Market shares mechanical Cleaning Germany:**
	- **Fastest growing brand** with +6,6% in a declining market
	- **Strongest market share gains** in core categories of Flat mops and cleaning mops

## **E-commerce growth +12.6% in 2023**

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- **E-commerce fastest growing channel with +12,6%** in 2023 consolidating E-commerce as the second strongest sales channel
- **Expanding our D2C capabilities** to enable profitable growth in key markets in Western Europe

#### Success story 2023

## **New central European logistics hub**

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- **New central European logistics hub** at the logistics site in Chablis, France, which was previously operated exclusively by our subsidiary Birambeau
- Distribution across three logistics locations **brings cost advantages**, **shortens transport routes** to our customers and simultaneously **reduces CO<sup>2</sup> emissions**
- Expanding our D2C capabilities to enable profitable growth in key markets in Western Europe
- **New logistics platform** in operation since October 2023

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# **FY 2023 Financials**

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Financials FY 2023

## **Group turnover up 2.7 % in FY 2023 despite continuing difficult market environment**

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#### Group turnover development by quarters

in m€

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• Successful initiatives deliver solid results despite the challenging economic environment and an unchanged subdued consumer sentiment

## **Household and Wellbeing segments above previous year's level, Private Label down slightly**

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- **Household** segment **up by +3.8%**  due to successful advertising campaigns
- **Wellbeing** segment **up by +1.5%**  after significant decline in previous year
- **Private Label** segment **down by -3.9%,** Birambeau's kitchen products and Herby's laundry care products with declines

## **Back on growth track despite continuing inflation and difficult market environment**

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99 104 <sup>111</sup> <sup>114</sup> <sup>34</sup> <sup>35</sup> 7 5 0 50 100 150 200 250 300 2022 2023 Germany Central Europe Eastern Europe Rest of World Group turnover by region 2022 – 2023 in m€ 251 **258**

#### Group turnover by region

FY 2023

![](_page_14_Figure_6.jpeg)

• **Germany up by +4.9%**

Despite weak consumer climate, turnover growth due to successful advertising campaigns and distribution expansion

• **Central Europe up by +2.9%** 

Significant double-digit sales growth in the Netherlands, due to successful advertising and additional listings, lower volumes in discount promotions in France

#### • **Eastern Europe up by +2.1%**

Romania with double-digit growth rates, back on growth path in the Czech Republic, declines in Poland

## **EBIT increased due to improved gross margin, despite negative one-off effects caused by changes in Management Board**

|                             |    | FY 2022 | FY 2023 | ∆       |
|-----------------------------|----|---------|---------|---------|
| Group turnover              | m€ | 251.5   | 258.3   | 2.7%    |
| Gross margin                | %  | 38.7    | 42.1    | 3.4 pps |
| Foreign currency result     | m€ | 2.9     | -0.6    | >-100%  |
| EBIT                        | m€ | 2.8     | 6.0     | >100%   |
| EBIT margin                 | %  | 1.1     | 2.3     | 1.2 pps |
| Earnings before taxes (EBT) | m€ | 2.3     | 4.7     | >100%   |
| Net result for the period   | m€ | 1.2     | 3.2     | >100%   |
| EPS                         | €  | 0.13    | 0.34    | >100%   |

- One-off effects of 2.7 m€ caused by changes in the Management Board burdened administrative costs
- Despite this, EBIT increased due to successful advertising campaigns for profitable products and gross margin improvement
- Foreign currency result down due to realized exchange rate gains and losses, foreign currency valuations of balance sheet items and change in fair value of forward exchange contracts

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#### Group earnings development

FY 2019 – FY 2023 in m€

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#### **Steadily increasing gross margins**

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- **Improvement in gross margin to 42.1% in FY 2023 (FY 2022: 38.7%)** because of
	- sales price adjustments
	- positive product mix effects due to the focus on effective campaigns for profitable products
	- increasing productivity and efficiency in production and logistics
	- slight decline in procurement and energy costs, although the costs remain at a high level

# **Declines in procurement costs in 2023 vs. peak in 2022, but raw material and energy prices remain at high levels**

![](_page_17_Figure_2.jpeg)

- Average price increase of main raw materials appr. +41% vs. 2020\* **(+5% vs. previous month**)
- Some **raw material costs** (esp. PP and Cotton) **already with upward trend**
- Price level of 2019/2020 will not be reached in the short term
- **Major pricing impact: increased freight rates from Asia due to red sea crisis**

<sup>\*</sup>Calculation basis: average price 2020 vs. price as of February 2024

## **Free cash flow increased by 3.3 m€ from 8.8 m€ in FY 2022 to 12.1 m€ in FY 2023**

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| in m€                                                    | FY 2022    | FY 2023    | ∆    |
|----------------------------------------------------------|------------|------------|------|
| Cash flow from operating activities                      | 14.0       | 20.8       | 6.8  |
| Cash flow from investment activities                     | -5.3       | -8.7       | -3.4 |
| Cash flow from<br>financing activities                   | -10.6      | -7.1       | 3.5  |
| Free cash flow1                                          | 8.8        | 12.1       | 3.3  |
| in m€                                                    | 31/12/2022 | 31/12/2023 | ∆    |
| Cash and cash equivalents at the end of reporting period | 36.3       | 41.3       | 5.0  |
| Financial liabilities                                    | -          | -          | -    |

- Free cash flow significantly improved by 3.3 m€ in FY 2023 as a result of improved working capital management
- Lower cash outflow from financing activities mainly due to the dividend payment of 6.7 m€ (2022: 10.0 m€)
- With Group liquidity totaling 41.3 m€ and without any liabilities to Banks, the company continues to have a **solid liquidity position**

<sup>1</sup>Cash flow from operating activities and from investment activities, adjusted for incoming and outgoing payments in financial assets and, if existing, from acquisition and divestiture of business divisions.

#### **Group liquidity increased by 5 m€ from 36.3 m€ in 2022 to 41.3 m€ in 2023** Financials FY 2023

![](_page_19_Figure_2.jpeg)

- Improvement in working capital, especially the reduction in inventories
- In addition, investment measures were postponed from Q4 2023 to Q1 2024
- Free cash flow affected in 2023 by one-off effects of 2.7 m€ caused by changes in the Management Board

## **Committed to shareholder returns**

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<sup>1</sup> Based on the particular closing price at year-end <sup>2</sup>Subject to approval at the annual meeting

Bonus/special dividend Dividend

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# **Outlook 2024**

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## **2024: Revision of our corporate strategy, focusing on growth and cost efficiency to position the Group for sustainable success**

| Future Growth     | •<br>Strengthening our brand positioning<br>•<br>Focus on core segments<br>•<br>Strengthen our Innovation pipeline with bigger, better innovation<br>•<br>Stronger internationalization, initially in Europe<br>•<br>Leverage our e-commerce capabilities to maximize our position |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Cost Efficiency   | •<br>Value optimization with revenue growth management<br>•<br>Realize cost efficiencies with Lean Management in Operations<br>•<br>Digitalize business processes                                                                                                                  |
| Corporate Culture | •<br>Create a culture of entrepreneurship, strong cross-organizational cooperation and<br>modern leadership                                                                                                                                                                        |
| Sustainability    | •<br>Holistic responsibility for people, society and the environment with the highest level<br>of corporate integrity                                                                                                                                                              |

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Outlook 2024

### **Celebrating 65th anniversary**

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- We celebrate **65 years of "German brand quality"** and **40 years of Rotary dryer Linomatic** - Made in Germany brand quality
- Further anchor the origin and longtime values of Leifheit in the minds of consumers at the POS
- Additional **1-year warranty** on all items

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#### **Innovation - Expansion of successful black line**

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- Proven quality and stability meet stylish design
- Black Pegasus and tower dryers, as well as Air Board and Classic ironing Boards complement each other perfectly

#### Outlook 2024

### **New Product innovation cleaning is coming up**

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#### Outlook 2024

## **Resilience: Managing strained supply chains in production and logistics**

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- Share of Group turnover with products from in-house production **up by +4pp in 2023 to 64%**
- Further increased the **share of European suppliers to 73 %**  (2022: 72%) to reduce risks and dependencies on procurement regions with long delivery times and strained transport routes
- Flexible and efficient factories
	- **Modular concepts** for core products, development of platforms and standardization of production lines
	- **Learning factory**: continuous improvement
	- **Expansion of the production site in Blatná, CZ**
- **Logistics excellence** and improvement of **e-commerce capabilities** to enable growth

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## **2024 forecast Still challenging market environment ahead**

|                        | Forecast 2024                    |
|------------------------|----------------------------------|
| Group turnover         | slightly above the previous year |
| Turnover Household     | slightly above the previous year |
| Turnover Wellbeing     | slightly below the previous year |
| Turnover Private Label | slightly above the previous year |
| Group EBIT             | in a corridor of 10 m€ to 12 m€  |
| Free Cashflow          | about 10 m€                      |

- Continued weak economy and subdued consumer sentiment
- Significant increase in sea freight costs since beginning 2024 with negative impact on earnings, particularly in Q1, but also in FY 2024
- Turnover is expected to decrease slightly in Q1 2024 vs. Q1 2023

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# **Your questions, please.**

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# **Annex**

## **Leifheit is financially solid and pays reliable dividends to shareholders**

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#### **Strong financial structure** in m€

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![](_page_30_Figure_5.jpeg)

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## **Majority of employees based in Europe**

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## **Leifheit makes top quality household products**

![](_page_32_Picture_2.jpeg)

Profi Floor Wiper 4.6 stars

![](_page_32_Figure_4.jpeg)

Profi XL Set 4.5 stars

![](_page_32_Picture_7.jpeg)

Pegasus 150 black 4.7 stars

![](_page_32_Picture_10.jpeg)

Linomatic 600 Deluxe 4.7 stars

![](_page_32_Picture_13.jpeg)

## **Our European production and logistic footprint ensures efficient and reliable supply to customers**

![](_page_33_Figure_2.jpeg)

Annex

## **Distribution in all relevant distribution channels**

![](_page_34_Picture_2.jpeg)

**Top 10 Customers account for 50% of Leifheit's turnover** Blue Chip client base Distribution channels

![](_page_34_Figure_5.jpeg)

## **Long-term financial overview**

| I<br>π | m |  |
|--------|---|--|
|        |   |  |

|                                             |    | 2019  | 2020  | 2021  | 2022  | 2023  |
|---------------------------------------------|----|-------|-------|-------|-------|-------|
| Group turnover                              | m€ | 234.0 | 271.6 | 288.3 | 251.5 | 258.3 |
| Profitability                               |    |       |       |       |       |       |
| ▪<br>Gross margin                           | %  | 43.1  | 45.0  | 42.3  | 38.7  | 42.1  |
| ▪<br>Cash flow<br>from operating activities | m€ | 15.9  | 4.0   | 16.4  | 14.0  | 20.8  |
| ▪<br>Free cash flow                         | m€ | 10.1  | -5.5  | 9.6   | 8.8   | 12.1  |
| ▪<br>EBIT                                   | m€ | 9.9   | 18.8  | 20.1  | 2.8   | 6.0   |
| ▪<br>EBIT margin                            | %  | 4.2   | 6.9   | 7.0   | 1.1   | 2.3   |
| ▪<br>EBT                                    | m€ | 8.5   | 17.7  | 19.3  | 2.3   | 4.7   |
| ▪<br>Net result for the period              | m€ | 5.8   | 12.5  | 14.2  | 1.2   | 3.2   |
| ROCE1<br>▪                                  | %  | 8.2   | 14.1  | 13.8  | 1.8   | 4.5   |

-1

<sup>1</sup> Definition of ROCE changed in 2019, ROCE 2018 adjusted for comparability reasons

## **Long-term financial overview**

![](_page_36_Picture_2.jpeg)

|                                 |        | 2019       | 2020       | 2021       | 2022       | 2023           |
|---------------------------------|--------|------------|------------|------------|------------|----------------|
| Per share                       |        |            |            |            |            |                |
| Net result for the period, EPS2 | €      | 0.61       | 1.32       | 1.49       | 0.13       | 0.34           |
| Free cash flow                  | €      | 1.06       | -0.57      | 1.00       | 0.92       | 1.27           |
| Dividend<br>Special dividend    | €<br>€ | 0.55<br>-- | 1.05<br>-- | 1.05<br>-- | 0.70<br>-- | 0.952<br>0.102 |
| Investments                     | m€     | 6.0        | 9.6        | 7.3        | 5.4        | 8.9            |
| Depreciation                    | m€     | 8.2        | 8.5        | 7.8        | 7.5        | 9.0            |
|                                 |        | 31/12/2019 | 31/12/2020 | 31/12/2021 | 31/12/2022 | 31/12/2023     |
| Employees                       | No.    | 1,106      | 1,098      | 1,080      | 1,063      | 1,020          |
| Balance sheet total1            | m€     | 214.6      | 230.0      | 238.8      | 216.1      | 203.6          |
| Equity                          | m€     | 96.2       | 100.4      | 111.3      | 112.5      | 103.8          |
| Equity ratio                    | %      | 44.8       | 43.7       | 46.6       | 52.0       | 51.0           |
| Liquidity                       | m€     | 50.3       | 38.8       | 38.1       | 36.3       | 41.3           |

<sup>1</sup> Not including repurchased treasury shares

<sup>2</sup> Dividend proposal

![](_page_37_Figure_1.jpeg)

## **Soehnle awards (selection)**

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Body analysis scales Shape Sense Connect 100 + 200 Blood pressure monitors Systo Monitor 200 + 300

#### **Leifheit – 65 years of passion for housework**

![](_page_39_Picture_2.jpeg)

![](_page_39_Figure_3.jpeg)

## **European competitors by category**

![](_page_40_Picture_2.jpeg)

|           | Cleaning           |            |       |                 | Laundry care |                    |                   |
|-----------|--------------------|------------|-------|-----------------|--------------|--------------------|-------------------|
| Tonkita   | Spontex<br>Swiffer | Rival      |       | Vileda<br>Wenko | Gimi         | Brabantia<br>Juwel | Artweger<br>Stewi |
|           | Kärcher            | Vileda     |       | Metaltex        |              | Rörets             | Blome             |
|           | Kitchen goods      |            |       | Wellbeing       |              |                    |                   |
| Zyliss    | Tescoma            | WMF        | Gefu  | Bosch           |              | Laica              | Tanita            |
|           | Rösle<br>Oxo       | Fackelmann | Lurch | ADE<br>Sanitas  |              | Homedics           | Beurer            |
| Brabantia | Westmark           | Emsa       | Tefal |                 | Withings     |                    | Terraillon        |

#### Annex

## **Significant free float and international investors**

![](_page_41_Picture_2.jpeg)

#### Shareholder structure

![](_page_41_Figure_4.jpeg)

<sup>1</sup> Definition of German stock exchange for indices 2 Including shareholdings of the management board • MKV Verwaltungs GmbH, Grünwald (GER), 10.03%

- Ruthild Loh, Haiger (GER), 8.26%
- Leifheit AG Nassau (GER), treasury shares, 4.85%
- Employee shares subject to a lock-up period 0.03%
- Alantra EQMC Asset Management, SGIIC, SA, Madrid (ES), 15.42%
- Gerlin Participaties Coöperatief U.A., Maarsbergen (NL), 8.53%
- MainFirst SICAV, Senningerberg (LUX), 5.02%
- Blackmoor Ownership Holdings Master Limited, London (UK), 3.52%
- Voting rights under notification threshold 44.34%

#### Annex

#### 1 **ESG: Strategic sustainability goals** Focus on climate neutrality till 2030

![](_page_42_Picture_2.jpeg)

| Analyse our<br>emissions                                                                                                                                                     | Objectives<br>until<br>2030                                                                                                                                                                                                                                          | Emission reduction<br>measures<br>until 2030                                                                                                                                                                                                                                                                                                                                                                                                       | Compensate                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| •<br>Climate balance for our<br>most important sites in<br>scope 1 and scope 2<br>established in 2022<br>•<br>Yearly climate balance<br>in the future to measure<br>progress | •<br>Substantially reduce<br>the emissions of direct<br>greenhouse gases<br>(scope 1 emissions)<br>•<br>100% renewable<br>energies with a<br>electricity mix<br>(scope 2 emissions)<br>•<br>Substantially reduce<br>the emissions of indirect<br>emissions (scope 3) | •<br>Energy:<br>increase efficiency,<br>savings and share of<br>renewable energies<br>•<br>Mobility:<br>reduce of vehicle fleet<br>emissions at our sites,<br>reduce CO<br>emissions<br>2<br>of employees' drive<br>•<br>Products:<br>long-lasting and high<br>quality products with<br>long life cycle, increase<br>recycled share in<br>products, packaging<br>and displays<br>•<br>Distribution:<br>lean production, reduce<br>transport routes | •<br>Compensate non<br>1<br>avoidable emissions<br>by means of certified<br>projects for climate<br>protection | Read more<br>at our<br>sustainability<br>report<br>2023<br>www.leifheit-group.com/en/investor<br>relations/reports-and-presentations/<br>Scope 1: direct emissions from the company's owned<br>or controlled resources e.g. gas, fuel, refrigerants<br>Scope 2: indirect emissions from purchased energy,<br>e.g. electricity<br>Scope 3: indirect emissions in the value chain,<br>(upstream + downstream) |
| 1 Scope<br>1 and scope<br>2 emissions                                                                                                                                        |                                                                                                                                                                                                                                                                      | and supply logistics                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                             |

#### **Our ESG Principles**

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1

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#### **Read more at our sustainability report 2023**

[www.leifheit-group.com/en/investor](https://www.leifheit-group.com/en/investor-relations/reports-and-presentations/)[relations/reports-and-presentations/](https://www.leifheit-group.com/en/investor-relations/reports-and-presentations/)

<sup>1</sup>Scope 1 and scope 2 emissions

Annex

## **Leifheit is frequently top company in home appliances and household goods categories**

![](_page_44_Picture_2.jpeg)

We are pleased that our efforts towards sustainability are being noticed and rewarded by consumers.

- For example, we were awarded the **"Germany's Best Sustainability"** seal once again in 2023 for the third year running. The study was conducted by the IMWF Institut für Management- und Wirtschaftsforschung with research support from the Hamburg Institute of International Economics (HWWI) on behalf of Focus Money and Deutschland Test. The study analyses social listening data for some 19,600 companies and brands. It examines aspects of ecological, economic and social sustainability. The results show who is committed to sustainability from the consumer's point of view.
- As in the two previous years, the FAZ-Institut also once again awarded Leifheit the **"Excellent Sustainability"** certificate. The study analysed social listening data for some 20,000 companies and brands in a similar manner.
- In addition, Leifheit was awarded the **"Maximum Trust 2023"** award once again, achieving the highest ranking in the household products category. The study was conducted by the IMWF Institut für Managementund Wirtschaftsforschung on behalf of Focus Money and Deutschland Test.
- In the **"Sustainability Champions"** study conducted in cooperation with the daily newspaper Die Welt, the Leifheit and Soehnle brands were rated "very sustainable" in the "Household goods/kitchen utensils" sector. The result is based on a consumer survey in which a total of 1,291 companies from 78 sectors were assessed.

#### **Financial calendar and contact**

![](_page_45_Picture_2.jpeg)

#### Financial calendar 2024 Contact

**27 March 2024** Annual reports 2023, sustainability report including non-financial Group report 2023

Investor and analyst conference call

#### **8 May 2024**

Quarterly statement for the period ending 31 March 2024

#### **13-15 May 2024**

Equity Forum – Spring Conference, Frankfurt

**29 May 2024** Annual General Meeting

**8 August 2024** Financial report for the period ending 30 June 2024

**12 November 2024** Quarterly statement for the period ending 30 September 2024

**25-27 November 2024** Deutsche Börse – German Equity Forum 2024, Frankfurt

| Corporate Communications / Investor Relations |                  |  |  |  |
|-----------------------------------------------|------------------|--|--|--|
| Phone:                                        | +49 2604 977-218 |  |  |  |
| E-Mail:                                       | ir@leifheit.com  |  |  |  |

www.leifheit-group.com

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Aktiengesellschaft

Postfach 11 65 D-56377 Nassau