CEWE Stiftung & Co. KGaA — Earnings Release 2017

Nov 10, 2017

Results Q3 2017 CEWE Stiftung & Co. KGaA

Analyst Conference Call Oldenburg

November 10, 2017

This presentation contains forward-looking statements that are based on current assumptions and forecasts of the management of CEWE. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.

All numbers are calculated as exactly as possible and rounded for the presentation. Due to this, rounding errors might occur.

Dr. Olaf Holzkämper CFO

Dr. Christian Friege CEO

Highlights Q3 2017	Q3 2016	Q3 2017	Comment
Photofinishing
Sales Volume Turnover EBIT EBIT w/o one-offs	in photo m. in EUR m.	529 95.4 5.6 3.6	532 96.3 4.1 4.2	 At 0.6% higher than 2016, volume is in line with annual target  Added-value products drive increase in turnover and profitability  Special items in previous Q3 2016: initial supply for business partners (1.8 EUR m.) and sale of property in Poland (0.3 EUR m.)
Commercial Online-Print
Turnover EBIT EBIT w/o one-offs	in EUR m.	19.7 -0.3 0.1	20.2 0.4 0.5	 Online-printing turnover up by only 2.6% due to still weak UK business (Brexit)  EBIT operationally up by +0.4 EUR m.
Retail
Turnover EBIT	in EUR m.	12.9 0.0	13.0 -0.1	 Focus on profitability and photofinishing successful  EBIT on already improved previous year's level
Other
Turnover EBIT	in EUR m.	0.6 -0.8	0.8 -0.9	 Segment "Other" covers administrative costs for company structure, supervisory board costs, IR costs, real estate, futalis
Group
Turnover EBIT EBIT w/o one-offs	in EUR m.	128.6 4.5 3.1	130.3 3.6 4.0	 Group turnover up by 1.3% supported by all business segments  Reported EBIT below previous year's level due to last year's special items
Free Cash Flow	in EUR m.	-1.9	-36.8	 Higher outflow of funds from investment activities ("Saxopark"- property in Dresden) decreases free cash flow
ROCE	%	20.6	19.3	 ROCE remains on strong level
Equity ratio	%	57.1	57.0	 Solid equity ratio

► Also Q3 confirms the annual targets for 2017

Rounding differences may occur.

EBIT contribution of Q1-3 and Q4

Distribution of profits Q1-3 vs. Q4

Group-EBIT in Euro millions

EBIT-growth Q4

in Euro millions

► Even a decline in the Q4 profit would be sufficient to reach the target corridor

Rounding errors may result

Agenda

1. Results

- Photofinishing

• Commercial Online-Print
• Retail
• Other
• Group
• 1. Financial Report (P&L-Details, Balance Sheet, Cash Flow, Return On Capital)
• 1. Outlook
• 1. Q&A

2017 Product Innovations

► 27 product innovations in seven categories

CEWE Apps

CEWE PHOTOBOOK pure

• ► The small CEWE PHOTO BOOK variant, ideal for all smartphone users
• ► Simply choose 22 photos, add a title and personal dedication and you're done!

Refinement: New Formats and Paper Qualities

► Refinements available for more hard cover formats and on premium matt paper

Full Finishing (Refinement): Backgrounds with Effect Varnish

► Raised outlines now also available in an all-over, pre-arranged design for hard covers

CEWE CARDS: Refinement and Editable, Refined Text

• ► Larger range of CEWE cards that can be refined
• ► Personal editable text passages can also be refined to design

A2 Wall Calendar: Premium Matt / with a High-Gloss Finish

Design Elements for Many Products

► New design elements for CEWE PHOTO BOOKS, CEWE CARDS and other photo gifts

Smartphone Cases

• ► Three new materials for even more diversity in your choice of a personal mobile phone covers
• ► Always the latest models from all the smaprtphone manufacturers: iPhone 8 and X also already available

Advent Calendar to Fill Yourself

► Chocolate, cosmetics, vouchers, toys or jewellery: whatever it is that makes your loved ones happy – there's a place for it in an Advent calendar you fill yourself

Photos Q3

• ► Q3 volume slightly better than expected range
• ► Increase is driven by On-Site Finishing and CEWE PHOTOBOOKS

Photos Q1-3

► Q1-3 volume in expected range, especially given the seasonal shift continuously strengthening Q4

CEWE PHOTOBOOK

► CEWE PHOTOBOOK increases volume in Q3

Rounding differences may occur

Photos Total by Quarter

Saisonal distribution: CEWE 2013 to 2017

Total share of photos per quarter as a percentage

Rounding differences may occur

Value of Photos Q3

► Continuous increase of turnover per photo in Q3 driven by value added-products

*turnover since 2013 adjusted Rounding differences may occur

Value of Photos Q1-3

► Continuous increase of turnover per photo in Q1-Q3 driven by value added-products

*turnover since 2013 adjusted Rounding differences may occur

Shares in Turnover by Quarter - Photofinishing

Seasonal distribution: CEWE 2013 to 2017

Share in turnover by quarter as a percentage

* Photofinishing turnover approx. on previous year´s level (2015: 415.0 Euro mill.)

Rounding differences may occur

Photofinishing Segment in Q3

Page 24 Turnover EBIT in Euro millions Rounding differences may occur 7.6 4.6 3.8 5.6 4.1 2013 2014 2015 2016 2017 85.3 89.4 91.5 95.4 96.3 2013 2014 2015 2016 2017 +0.9% -26.8% 5.9% 4.3% of turnover

• Growth generated by all significant product groups: CEWE PHOTOBOOK, CEWE CALENDAR, CEWE WALL PICTURES and other photo gifts
• Trend towards these "brand added-value products" slightly increases photofinishing sales overall
• Positive one-off effects affected EBIT in the previous year
• Operative EBIT at 4.2 m. euros before oneoff effects, and thus above that of the previous year (adjusted operative EBIT for Q3 2016: 3.6 m. euros); however, in the previous year also expenses for the presentation at the Photokina

Q3 2017 one-off effects: -0.1 m. euros

PPA effects: -0.1 m. euros (from DeinDesign acquisition)

Q3 2016 one-off effects: +2.0 m. euros

• Sale of property in Graudenz (PL): +0.3 m. euros
• Basic equipment for business partners: +1.8 m. euros
• PPA effects: -0.1 m. euros (from DeinDesign acquisition)

► Q3 turnover above strong previous year

EBIT before Restructuring by Quarter – Photofinishing

*45.0-51.0 Euro mill. group EBIT-target less planned retail, online printing and from segment Others

EBIT 2013: EBIT adjusted to other tax

Photofinishing Segment in Q1-3

► Q1-3 confirms strong EBITlevel of the previous year

• In the period of Q1-3, growth, in particular with photo gifts and CEWE CALENDARS, offsets the decline in sales of the CEWE PHOTOBOOK
• Trend towards these "brand added-value products" slightly increases photofinishing sales overall
• Strong level in previous year thus confirmed
• Reported EBIT even almost operatively offsets the positive one-off effects of the previous year
• Operative EBIT at 5.5 m. euros before one-off effects, and thus above the strong level of the previous year (adjusted operative EBIT for Q1- 3 2016: 4.7 m. euros)

Q1-3 2017 one-off effects: +0.1 m. euros

• PPA effects: -0.3 m. euros (from DeinDesign acquisition)
• Sales revenue from property in Denmark +0.5 m. euros

Q1-3 2016 one-off effects: +1.4 m. euros

• Sale of property in Graudenz (PL): +0.3 m.euros
• Basic equipment for business partners: +2.1 m. euros
• PPA effects: -0.3 m. euros (from DeinDesign acquisition)
• DeinDesign restructuring: -0.2 m. euros
• Goodwill reduction UK (due to Brexit): -0.9 m. euros
• Smilebooks USA sales revenue: 0.4 m. euros

Agenda

1. New Products and Results

• Photofinishing
• - Commercial Online-Print
• Retail
• Other
• Group
• 1. Financial Report (P&L-Details, Balance Sheet, Cash Flow, Return On Capital)
• 1. Outlook
• 1. Q&A

Commercial Online-Print Segment in Q3

Rounding differences may occur

• 2017 Q3 with renewed slight increase in revenue
• In spite of one-year Brexit decision in July, UK business is still mainly marked by currency losses and drops in demand
• Without these 2 effects, COP shows an increase of around 3 to 4% over the same period of the previous year
• Q3 EBIT better than previous year by 0.7 m euros: 0.4 m. euros (2016 Q3: -0.3 m. euros)
• 0.3 m. euros of this improvement result from less PPA-effects than in the previous year (Saxoprint purchase price allocation)
• ► Commercial online printing grows in Q3 in spite of ongoing Brexit-induced declines in the UK

Commercial Online-Print Segment in Q1-3

• 2017 Q1-3 with a decline in turnover in the UK, also due to Brexit-induced currency losses and drops in demand
• Without the UK Brexit effect, COP shows a slight increase of around 1 to 2% against the same period of the previous year
• Weaker sales than planned see earnings drop against those of the previous year
• Earnings supported by reduced PPA effects from the Saxoprint purchase price allocation of -0.5 m. euros (2016 Q1-3: -1.3 m. euros)
• ► Commercial online printing struggles with Brexit-induced declines in the UK in the first nine months of 2017

Commercial Online-Print

Turnover (in Euro millions)

► Commercial Online-Print is also expected to grow in sales in 2017 in most markets, an exception could be the British market after the Brexit decision

CEWE takes over online printing company LASERLINE

• LASERLINE expected to contribute 15 million euros to turnover in 2018
• As of 2019, LASERLINE to contribute positively to Group earnings
• Contribution to earnings is not yet expected to be positive in 2018
• LASERLINE operates in Berlin and has a staff of more than 160 employees
• LASERLINE has an outstanding customer base, a comprehensive product range, highquality technical facilities
• Takeover still needs to be authorised by the relevant Monopolies and Mergers Commission
• ► CEWE continues to grow in commercial online printing
• ► Takeover enables CEWE to generate mutual growth and achieve better purchase conditions and other economies of scale

Agenda

1. Results

• Photofinishing
• Commercial Online-Print

- Retail

• Other
• Group
• 1. Financial Report (P&L-Details, Balance Sheet, Cash Flow, Return On Capital)
• 1. Outlook
• 1. Q&A

Retail* Segment in Q3

in Euro millions

Rounding differences may occur

Decline in turnover due to a generally more difficult market situation for photo hardware and re-positioning of retailing (new hardware price strategy and focus on photofinishing products) appears to be bottoming out: turnover in Q3 consistent with previous year

• Repositioning, particularly of business in Poland, continues to pay off: CEWE RETAIL continues with earnings improved over previous lossgenerating years
• Good starting point for the important fourth (Christmas) quarter

► Re-positioning of retailing successful

EBIT*

Retail* Segment in Q1-3

in Euro millions

Rounding differences may occur

Fundamentally difficult situation on the market for photo hardware and repositioning of retailing with the new price strategy (away from lowest prices with low margins) and focus on photofinishing products reduces hardware turnover

• Repositioning, particularly of business in Poland, continues to pay off: CEWE RETAIL continues with earnings improved over previous lossgenerating years
• Good starting point for the important fourth (Christmas) quarter

► Re-positioning of retailing successful

EBIT*

Agenda

1. Results

• Photofinishing
• Commercial Online-Print
• Retail

- Other

• Group
• 1. Financial Report (P&L-Details, Balance Sheet, Cash Flow, Return On Capital)
• 1. Outlook
• 1. Q&A

Business Segment Other in Q3 Structural and corporate costs and profits arising from real

Turnover in Euro millions 0.2 0.6 0.8 2013 2014 2015 2016 2017 +34.6%

T	2013	2014	2015	2016	2017
BI E		-0.5	-0.6	-0.8	-0.9

Rounding differences may occur.

estate property and the acquisition of stocks are shown in the "Other" business segment.

Since August 2015 (date of initial consolidation), futalis has been reported in this business segment since the business activities cannot be allocated to the other business segments.

The 0.8 m. euro in reported turnover exclusively allocated to futalis (Q3 2016: 0.6 m. euros)

EBIT due to slightly higher structural/corporate costs in Q3 nearly on level of previous year

► "Other" business segment almost the same as in the previous year

Business Segment Other in Q1-3 Structural and corporate costs and profits arising from real

EBIT -0.7 -1.3 -2.2 -2.3 2013 2014 2015 2016 2017

Rounding differences may occur.

estate property and the acquisition of stocks are shown in the "Other" business segment.

Since August 2015 (date of initial consolidation), futalis has been reported in this business segment since the business activities cannot be allocated to the other business segments.

The 2.2 m. euro in reported turnover exclusively allocated to futalis (2016 Q1-3: 1.5 million euros)

EBIT contribution nearly on previous year's level

► "Other" business segment almost the same as in the previous year

Agenda

1. Results

• Photofinishing
• Commercial Online-Print
• Retail
• Other

- Group

• 1. Financial Report (P&L-Details, Balance Sheet, Cash Flow, Return On Capital)
• 1. Outlook
• 1. Q&A

Turnover

EBIT Q3

EBIT Q3 after restructuring

in Euro millions

EBIT Q3 before restructuring

in Euro millions

► Commercial Online-Print contributes positively to earnings in Q3

Rounding differences may occur

EBIT Q1-3

EBIT Q1-3 after restructuring

in Euro millions

► Without one-off effects decline only at 0.4 million euros

in Euro millions

EBIT Q1-3 before restructuring

Rounding differences may occur

Other

Agenda

• 1. Results
• 2. Financial Report (P&L-Details, Balance Sheet, Cash Flow, Return On Capital)
• 1. Outlook
• 1. Q&A

Group P&L – Q3

							Photofinishing: € 96.3 m. (+ € 0.9 m.)
in millions of euros	Q3	% of revenues	Q3	% of revenues	Change*	Change*	Comm. Online-Print: € 20.2 m. (+ € 0.5 m.)
	2016		2017		as %	m€	Retail: € 13.0 m. (+ € 0.1 m.)
Revenues	128.6	100.0%	130.3	100.0%	+1.3	+1.7	Other: € 0.8 m. (+ € 0.2 m.)
Increase / decrease in finished and unfinished
goods	0.1	0.1%	0.1	0.0%	-23.2	-0.0	(-) In PY Q3 2016: Sale of property in
Other own work capitalised	0.2	0.2%	0.2	0.1%	-12.4	-0.0	Poland and some machinery
Other operating income	4.4	3.4%	3.7	2.9%	-13.9	-0.6
Cost of materials	-39.3	-30.6%	-40.6	-31.2%	-3.2	-1.3
Gross profit	93.9	73.0%	93.7	71.9%	-0.3	-0.2	(-) Business-/turnover-driven increase in
Personnel expenses	-35.5	-27.6%	-37.5	-28.8%	-5.6	-2.0	expenses
Other operating expenses	-45.0	-35.0%	-43.6	-33.4%	+3.1	+1.4
EBITDA	13.5	10.5%	12.6	9.7%	-6.2	-0.8	(-) More employees in PF and COP
Amortisation of intangible assets, depreciation
of property, plant and equipment	-8.9	-7.0%	-9.0	-6.9%	-1.0	-0.1	(-) Tariff adjustments
EBIT	4.5	3.5%	3.6	2.8%	+20.4	-0.9
Financial income	0.7	0.6%	0.2	0.2%	-67.2	-0.5	(+) Sales/marketing costs
Financial expenses	-0.2	-0.1%	-0.1	-0.1%	+57.8	+0.1	(+) Delivery costs
EBT	5.1	4.0%	3.8	2.9%	-25.9	-1.3

Only the substantial, significant differences to the previous year are illustrated.

Rounding differences may occur.

Balance Sheet as of September 30

► Long-term assets increase due to Saxopark acquisition ► Stable equity ratio

Rounding differences may occur

From Balance Sheet to management achievements

► The Balance Sheet total is reduced to capital elements "to be paid for" (by way of dividends or interest) in the management balance sheet

Rounding differences may occur.

Management-Balance Sheet as of September 30

Capital Invested

Capital Employed

Rounding differences may occur

• ► Net working capital slightly increased
• ► Saxopark acquisition increases long-term assets and gross financial debts – thus increasing invested capital by 27.9 m. euros

Capital Employed I

in millions of euros	June 30, 2017	% of C E	Sep. 30, 2017	% of C E	Change as %	Change m€
Property, plant and equipment Investment properties Goodwill Intangible assets Financial assets	122.7 4.8 25.8 17.7 6.5	54.8 % 2.1 % 11.5 % 7.9 % 2.9 %	141.8 18.8 25.8 17.8 6.7	55.3 % 7.3 % 10.1 % 7.0 % 2.6 %	+15.5 % +296 % - +0.6 % +3.5 %	+19.0 +14.1 +0.0 +0.1 +0.2	Invest > Depreciation (+) Property "Saxopark" (Dresden) (+) On-site finishing, shop items (+) Digital printing and further processing (+) EDP infrastructure
Non-current financial assets Non-current other receivables and	0.4 0.9	0.2 % 0.4 %	0.4 0.6	0.2 % 0.3 %	-5.6 % -25.3 %	-0.0 -0.2	(+) Property "Saxopark" (Dresden
assets Deferred tax assets Non-current assets	6.9 185.8	3.1 % 82.9 %	6.8 218.8	2.6 % 85.3 %	-1.9 % +17.8 %	-0.1 +33.0	(-) Trading goods in retailing
Inventories + Current trade receivables Operating gross working capital - Current trade payables	47.7 36.0 83.8 50.1	21.3 % 16.1 % 37.4 % 22.4 %	46.2 42.5 88.7 54.0	18.0 % 16.6 % 34.6 % 21.0 %	-3.3 % +18.0 % +5.9 % +7.8 %	-1.6 +6.5 +4.9 3.9	(+) Stocking up for the Christmas season (+) Increase due to growth in sales in Q3
Operating net working capital	33.7	15.0 %	34.7	13.5 %	+3.0 %	+1.0	(+) Business-driven through growth in turnover (+) Stocking up for the Christmas season

Rounding differences may occur

Capital Employed II

in millions of euros	June 30,	% of	Sep. 30,	% of	Change	Change
	2017	C E	2017	C E	as %	m€
Assets held for sale	0.2	0.1 %	0.2	0.1 %	+1.1 %	+0.0
+ Current receivables from income tax refunds	6.2	2.8 %	11.6	4.5 %	+86.7 %	+5.4
+ Current financial assets	3.0	1.3 %	2.7	1.1 %	-8.5 %	-0.3
+ Other current receivables and assets	7.5	3.4 %	7.2	2.8 %	-4.1 %	-0.3
Other gross working capital	16.9	7.5 %	21.7	8.5 %	+28.6 %	+4.8
- Current tax liabilities	7.0	3.1 %	2.8	1.1 %	-59.6 %	-4.2
- Current other accruals	2.4	1.1 %	2.6	1.0 %	+10.2 %	+0.2
- Current financial liabilities	1.0	0.4 %	1.0	0.4 %	-	+0.0
- Current other liabilities	24.3	10.8 %	26.0	10.1 %	+7.1 %	+1.7
Other current liabilities	34.6	15.5 %	32.4	12.6 %	-6.4 %	-2.2
Other net working capital	-17.7	-7.9 %	-10.7	-4.2 %	+39.7 %	+7.0
Operating net working capital	33.7	15.0 %	34.7	13.5 %	+3.0 %	+1.0
Other net working capital	-17.7	-7.9 %	-10.7	-4.2 %	+39.7 %	+7.0
Net working capital	16.0	7.1 %	24.0	9.4 %	+50.4 %	+8.0
Non-current assets	185.8	82.9 %	218.8	85.3 %	+17.8 %	+33.0
+ Net working capital	16.0	7.1 %	24.0	9.4 %	+50.4 %	+8.0
+ Cash and cash equivalents	22.3	10.0 %	13.7	5.3 %	-38.7 %	-8.6
Capital employed	224.0	100.0 %	256.5	100.0 %	+14.5 %	+32.4

(+) Advance income tax payments are capitalised in the Balance Sheet (+) Tax on wages and salaries (+) Social security contributions (-) Tax liabilities decreased due to tax payments

Rounding differences may occur

Capital Invested

in millions of euros	June 30, 2017	% of C I	Sep. 30, 2017	% of C I	Change as %	Change m€	(+) Earnings after tax
Equity	192.7	86.0 %	195.4	76.2 %	+1.4 %	+2.7
Non-current accruals for pensions	25.3	11.3 %	25.7	10.0 %	+1.9 %	+0.5	(+) Allocation to accruals for pensions
Non-current deferred tax liabilities	2.9	1.3 %	4.0	1.6 %	+37.3 %	+1.1
Non-current financial liabilities Non-current other liabilities	0.2 0.5	0.1 % 0.2 %	0.2 0.5	0.1 % 0.2 %	- -7.8 %	+0.0 -0.0	(+) Earnings-induced increase
Non-operating liabilities	28.9	12.9 %	30.4	11.9 %	+5.2 %	+1.5
Non-current interest-bearing financial liabilities	0.8	0.3 %	0.4	0.2 %	-49.9 %	-0.4	(+) Financing of property "Saxopark" (Dresden)
+ Current interest-bearing financial liabilities	1.7	0.7 %	30.2	11.8 %	>1,000 %	+28.6
Gross financial liabilities	2.4	1.1 %	30.6	11.9 %	>1,000 %	+28.2
Capital invested	224.0	100.0 %	256.5	100.0 %	+14.5 %	+32.4

Rounding differences may occur

Free Cash Flow Q3

• ► In addition to a one-off tax refund of 2 million euros in 2016, advance tax payments and tax payments for previous years in particular see operative cash flow decreasing
• ► Without the acquisition of Saxopark in Dresden (27.4 m. euros), the outflow of funds from investment activities would be approx. equivalent to the previous year

Free Cash Flow Q3

in millions of euros	Q3	Q3	Change	Change	(+) Higher accruals for social security
	2016	2017	as %	m€	and payroll taxes
EBITDA	13.5	12.6	-6.2%	-0.8
+/- Non-cash factors	-0.3	0.9	-	1.1
- Increase in operating net working capital	-1.1	-1.2	-6.5%	-0.1	(-) Result driven increased advance
+ Decrease in other net working capital (excluding income tax items)	0.3	2.5	831%	2.3	income tax payments
- Taxes paid	-3.6	-9.6	-169%	-6.0
+ Interest received	0.7	0.1	82.8%	-0.6	(-) Tax refund in PY (due to "waiving
= Cash flow from operating activities	9.5	5.4	-43.8%	-4.2	a claim on receivables in 2008")
- Outflows from investments in fixed assets	-12.2	-42.2	-245%	-30.0
- Outflows from investments in financial assets	-0.2	-0.2	-8.7%	0.0	(-) Interest income from tax refunds in
- Outflows from investments in non-current financial instruments	0.0	0.0	85.2%	0.0	PY (due to "waiving a claim on
+ Inflows from the sale of property, plant and equipment and					receivables in 2008")
intangible assets	1.1	0.3	-74.9%	-0.8
= Cash flow from investing activities	-11.4	-42.2	-270%	-30.8	(-) Buy of property
					"Saxopark" (Dresden)
= Free cash flow	-1.9	-36.8	>-1,000%	-35.0

Rounding differences may occur

Free Cash Flow Q1-3

► Additional effects due to timing of retail-partner payments in Q1

ROCE as of September 30

► Increase in capital employed sees ROCE decline slightly to 19.3% in spite of increased 12-month EBIT

* ROCE = EBIT / Capital Employed

Rounding differences may occur

Agenda

• 1. Results
• 1. Financial Report (P&L-Details, Balance Sheet, Cash Flow, Return On Capital)

3. Outlook

1. Q&A

Outlook 2017

Targets		2016	Target 2017	Change
Photos digital	billion photos	2.18	2.08 to 2.18	-4% to 0%
Photos analogue	billion photos	0.06	0.040 to 0.045	-29% to -20%
Photos total	billion photos	2.23	2.12 to 2.23	-5% to 0%
CEWE PHOTO BOOK	million books	6.2	6.00 to 6.25	-3% to +1%
Investments*	Euro millions	49.8	approx. 55
Revenue	Euro millions	593.1	585 to 615	-1% to +4%
EBIT	Euro millions	47.0	45 to 51	-4% to +8%
EBT	Euro millions	46.2	44.5 to 50.5	-4% to +9%
Earnings after tax	Euro millions	30.4	30 to 34	0% to +13%
Earnings per share	Euro per share	4.25	4.23 to 4.81	0% to +14%

* Operative investments without potential investments in expanding the business volume and, for example, corporate acquisitions and/or additional customer-base acquisitions

► Also Q3 confirms the annual targets for 2017

EBIT Development

in Euro millions

= Commercial Online Print start-up costs

• ► Annual EBIT-target for 2017 increased: 45-51 Euro millions
• ► Also Q3 confirms the annual targets for 2017

Agenda

• 1. Results
• 1. Financial Report (P&L-Details, Balance Sheet, Cash Flow, Return On Capital)
• 1. Outlook
• 4. Q&A

Q&A-Session Q3 2017 Analyst Conference Call November 10, 2017