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Masterflex SE Investor Presentation 2008

Nov 10, 2008

276_ip_2008-11-10_11a723ca-9deb-46ac-9717-b2b5594ba2e0.pdf

Investor Presentation

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Deutsches Eigenkapitalforum November 2008

Masterflex AG – One step ahead Presentation Eigenkapitalforum 2008

Agenda

  • Masterflex at a glance
  • 9M report 2008
  • Strategy
  • Forecast

Agenda

Masterflex at a glance

  • Synonymous with leading expertise in the development and production of High-Tech Hose Systems for more than 20 years
  • Leading international position
  • Revenue 2008e: € 145 million
  • Concentration on profitable special markets and custom-made solutions
  • Leading technological position through permanent innovations
  • Global Player – production facilities in Germany, France, Great Britain, USA, Czech Republic

Core business

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Non-core activities

9M 2008: core business in line, other activities developed inconsistantly

  • Measures to accelerate the expansion of the core business High-Tech Hose Systems
  • Examination of all major projects as an important element of the new strategic concept led to a value impairment of €8.1 million at different projects in July 2008
  • Group revenue €103.3 million (+ 2.5%)
  • Group-EBIT affected by write-offs and the financial crisis: Group-EBIT €7.3 million, operating EBIT €9.6 million
  • Huge improvement of the cash flow situation year-on-year
  • Segments
  • Continuing earnings growth in the core business High-Tech Hose Systems
  • Medical Technology with significant improvement in profitability
  • Fuel Cell Technology as an own segment with launching costs
  • Advanced Material Design significantly behind expectations
  • Mobile Office Systems still with increase in revenue and EBIT

High-Tech Hose Systems: high operating margin

  • Advanced improvement of the revenue and earnings situation (9M 2008)
  • Revenue €34.7 million (+7.8%)
  • operating EBIT €7.0 million (+8.2 %)
  • operating EBIT margin 20.1%
  • Dynamic development in the USA; 2008 forecast has already been exceeded in July
  • Intention to adapt the successful US-policy of expansion to Eastern Europe
  • milestone program and continued process optimisation

Core business

Variety of customer industries

•metal industry •air conditioning/ventilation •recycling industry •electrical engineering •mechanical industry •textile industry •automotive industry •glass/ ceramic industry •food industry •paper industry •wood industry •chemical industry •garages •plastic industry •semiconductor industry

7 Copyright Masterflex AG

Medical Technology with improving profitability

  • Successful restructuring measures: significant improvement in operating earnings in a short time
  • EBIT margin at 7.3% is slightly above our targeted margin of 5.0 to 7.0%
  • Medical hoses with increasing success

Fuel Cell Technology as an own segment

  • Focus on light mobile vehicles ("zero-emission-mobility")
  • Revenue improving from €1.0 million to €2.4 million
  • Order of battery-powered E-bikes is going on
  • Further cargobikes are supplied to T-Com and the HyChain project
  • Segment EBIT remained negative due to launching costs

Advanced Material Design behind expectations

Revenue and EBIT highly behind estimates.

Reason: subsidiary is primarily active in the luxury goods segment

July 2008: Write-off for the investment in a start-up company (non-cash item: €6.2 million; provisions of €0.3 million)

Mobile Office Systems

  • Successful expansion towards Asia and the Middle East
  • Increase in revenue and EBIT (9 months)
  • Strategy: Non-core business so the unit is examined for sale

9M 2008: Increasing revenue but write-offs and financial crisis burden EBIT

9M 2008: Increase in revenue except for Advanced Material Design (€m)

9M 20079M 2008

9M 2008: Core business is the strong pillar for EBIT* (€m)

12 Copyright Masterflex AG

New strategic concept: focus on the core business

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Highlights Investment Case

  • Attractive profitable and growing special markets
  • Significant substitution potential for conventional materials
  • High-tech plastics products cannot easily be substituted by other materials
  • Core competency: development of high-tech plastics, specialist machinery and tools for the processing of high-tech plastics (extrusion, moulded parts, moulding, injection moulding)
  • High degree of customer proximity; excellent quality of the products offered and price/performance ratio
  • High level of innovation and products with in-house expertise (no contract manufacturing)
  • Market share in defined submarkets high or higher than competitors
  • Barriers to market entry are high and long-standing process expertise and experience make for a steep learning curve

Forecast

2008

  • Core business High-Tech Hose Systems as the solid pillar of Masterflex growth (revenue and profit)
  • Financial crisis with negative effects on the non-core segments Advanced Material Design and Mobile Office Systems
  • Group EBIT between €12.0 to €13.0 million

2009 ++

  • Focus on the expansion of the core business
  • Restructuring of the group towards more profitability
  • Exit from non-core and non-performing activities
  • Development of a long-term finance concept to regain an equity ratio >30%

Vision: Masterflex is a leading global player

  • Expansion of core competencies to achieve a leading global position in all of the defined specialist markets
  • Clear business focus with an international approach
  • Masterflex's materials expertise for high-tech plastics as the basis for a further expansion into additional non-hose plastics applications
  • Acquisitions in the Company's core activities (buy-and-build strategy).

Annex

9M 2008: Selected items of the income statement

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9M 2008: Balance sheet Equity ratio at 23.1% (adj.), net debt: €65.0 million

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9M 2008: Positive Cash Flow

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Share development follows the SDAX development

Founder familiesFree float

  • Stock symbol: MZX

  • ISIN-Code/ WKN: DE 000 549 293 8/549293

  • Designated Sponsor: HSBC Trinkaus & Burkhardt
  • Research Studien: Bankhaus Lampe (Buy), Berenberg Bank (Hold), WestLB (Hold), HSBC Trinkaus & Burkhardt (Hold), Dresdner Kleinwort Wasserstein (Hold), Commerzbank/First Berlin (Hold)

Competitive advantages thanks to complete value-added chain

Your contacts

  • Dr. Andreas Bastin Chief Executive Officer (CEO)
  • Ulrich Wantia Chief Financial Officer (CFO)
  • Stephanie Kniep Head of Investor Relations/PR
  • fon: +49 209 97077 44
  • fax: +49 209 97077 20
  • e-mail: [email protected]
  • Masterflex AG, Willy-Brandt-Allee 300, D-45891 Gelsenkirchen
  • www.masterflex.de, www.masterflex-bz.de

Financial Calendar 2009

  • Annual press conference: March 31, 2009
  • DVFA analyst conference: March 31, 2009
  • Annual general meeting: June 9, 2009
  • Interim reports: May 15, August 15, November 15

Estimates:

This presentation contains a number of forecasts and estimates which are based on present expectations, anticipations and predictions on the part of the Executive Board and the information it currently has. Such estimates should not be construed as a warrenty that the future developments and results therein stated will in fact materialize since these hinge on a host of factors, and encompass a variety of risks and imponderables while resting on assumptions that might be inappropriate. We therefore incur no obligation to update any forecasts or estimates herein made.

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