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NORMA Group SE Investor Presentation 2011

Aug 10, 2011

311_ip_2011-08-10_fe5b732f-6a22-46ca-85f6-afbe37d78f8e.pdf

Investor Presentation

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Maintal, 10 August 2011

Werner Deggim, Chief Executive Officer NORMA Group AG Dr Othmar Belker Chief Financial Officer Dr. Belker, Chief Andreas Troesch, Vice President Investor Relations

Disclaimer

This presentation contains certain future-oriented statements. Future-oriented statements include all statements which do not relate to historical facts and events and contain future-oriented expressions such as "believe", "estimate", "assume", "expect", "forecast", "intend", "could" or "should" or expressions of a similar kind. Such future-oriented statements are subject to risks and uncertainties since they relate to future events and are based on the Company's current assumptions, which may not in the future take place or be fulfilled as expected.

The Company points out that such future-oriented statements provide no guarantee for the future and that actual events including the financial position and profitability of the NORMA Group AG and developments in the economic and regulatory fundamentals may vary substantially (particularly particularlyon the down side) from those explicitly or implicitly assumed or described in these statements.

Even if the actual results for the NORMA Group AG, including its financial position and profitability and the economic and regulatory fundamentals, are in accordance with such future-oriented statements in this presentation, no guarantee can be given that this will continue to be the case in the future.

Highlights of Q2/2011

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Plus acquisitive growth of up to EUR 20 million R.G.Ray and Craig Assembly

*

Excellent Growth in the First Half of 2011: Record Sales with €296 million

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  • Strong organic growth of 19.9% in the first half of 2011 achieved
  • Fully integrated acquisition of RG Ray and Craig Assembly add 9.7% or € 22.4 million to sales

  • Overall growth of 28.3% in the first half despite unfavourable currency effects in Q2/2011 of - 4.2% or - € 5 million

  • NORMA Group's US acquisitions of RG Ray and Craig Assembly increased the share of its reporting segment Americas to 28% and its stake of the EJTway-to-market to 70% of its total sales

  • Reporting segment Asia-Pacific recorded direct sales of 5% in H1/2011. The de-facto share including all sales into the Asian-Pacificregion is estimated at around 9% of our total sales (sales by destination)
  • The share of NORMA Group's products to passenger vehicles (~26%) plus indirect sales including aftermarket is p p p g ( )p g estimated at approximately 40% of the total sales

*

Positive Sales Development Across All Reporting Segments

$in \in$ million H1/2011 H1/2010 Change in EUR Change in %
Sales 295.9 230.5 $+65.4$ $+28.3%$
EMEA 194.2 165.0 $+29.2$ $+17.6%$
AMERICAS 85.6 51.5 $+34.1$ $+66.2%$
(including acquisitions)
APAC 16.1 14.0 $+2.1$ $+15.2%$
$\mathsf{in} \in \mathsf{million}$ H1/2011 H1/2010 Change in EUR Change in %
Engineered Joining Technologies 207.3 148.7 $+58.6$ $+39.4%$
(including acquisitions)
Distribution Services 89.7 83.2 $+6.5$ $+7.8%$
Other Revenues and Deductions $-1,1$ $-1,4$

H1/2011 Results and Costs on Target

  • Cost ratios improved by Global Excellence program and sales growth
  • OPEX temporarily affected by setting up new functions in context of listing
  • Adjusted EBITA stable - despite headwind from EURO and material costs

Overview on Adjustments

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IPO Capital Increase Strengthened the Balance Sheet

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  • Adjusted operating net cash flow significantly increased by € 17 million to a total of € 28 million before investments form operating business
  • Higher adjusted EBITDA and less working capital consumption as major positive factors
  • Investments for further expansion of business activities (e.g. opening of Serbia + Thailand plant)

adjustments of EBITDA on 2011 mostly relate to IPO costs and other non-recurring / nonperiod related items

*

Proven Business Model Addressing Key Megatrends

Guidance for FY2011 Increased

**

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  • We expect organic growth for the financial year 2011 between 10% and 12% (previously in the order of near to 10%)*
  • O t n op, th lid ti f th G ' t US i iti e consolid ationof e Group's two acquisitions, RGR . . a y and C i A bl ill lt i d Craig Assembly, will result nadditi l l dditional salesof € 20 millionin 2011 (US dollar depending) as compared with the previous year.
  • The Group is aiming to achieve an adjusted EBITA ratio near 18.0% (previously in the order of 17.4%)**
  • The Global Excellence Program and other measures for increasing productivity will back this profit margin.

provided the global economic development continues unchanged and the euro does not get any stronger against NORMA Group's trading currencies – particularly the US dollar adjusted for one-off expenses in the first quarter of 2011 resulting from the integration of our US acquisitions and adjusted for one-off expenses related to the IPO in the first half of the year, as well as full-year adjustments resulting from purchase price allocations for intangible assets. This forecast assumes that the price of materials will develop in-line with the trend established in the first half of the year.

NORMA Group – Key Investment Highlights

  • 1Market leader in attractive engineering niche markets with strong growth prospects
  • 2 Premium pricing through technology and innovation leadership in mission-critical components p g g gy p
  • 3Enhanced stability through broad diversification across products, end-markets and regions
  • 4Two distinct ways-to-market providing unique customer access and market intelligence
  • 5Significant growth and value creation opportunity through synergistic acquisitions
  • 6Proven track record of operational excellence

Historic Organic Growth Track Record

Historic revenue development (1997 – 2010)

Rasmussen as the predecessor of the NORMA Group has shown a solid historical organic growth of 9.0% between 1997 and 2005. With the formation of the new group, NORMA Grou p switched gears into ac quisition mode followin g the merger with ABA in 2006 g p, p g q gg

1 NORMA Old pro forma stub financial year 1.1.-30.4.2006 (€89m) and NORMA New pro forma stub financial year 1.5.-31.12.2006 (€188m; including ABA for the period 17.11.-31.12.2006) Source: Rasmussen GmbH consolidated financial statements for 1997-2005 (German GAAP); DNL 1. Beteiligungsgesellschaft mbH pro forma consolidated financial statements for 2006 and consolidated financial statement for 2007 (German GAAP); NORMA Group GmbH IFRS consolidated financial statements for 2008, 2009 and 2010

Significant Growth and Value Creation Opportunity through Synergistic Acquisitions

  • "Global Excellence" program
  • Continuous focus on optimisation of cost structure
  • Significant cost savings achieved in 2010, with higher cost saving potential identified for 2011
  • M f t i f t i t b t ti ll t li d d ti i d Manufacturing footprint su stantially streamlined and opti mised since 2007
  • Closure of 13 sites, mainly in the US and EMEA
  • Foundation/acquisition of 7 new sites, mainly in high growth markets

Convincing Growth Prospects

50

Caillau(2007)

Ideal(2009)

( ) ( ) ( ) ( )(2008)

25

DE US FR US CN DE ES

VossIndustries

21

TJBC(2008)

18

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  • Basis for premium pricing:
  • Market leadership
  • Technology
  • Quality
  • Innovation
  • d l ti Tailor-maesolutions
  • High switching costs for customers
  • Savings potential for customer mismatches risk of switching supplier

Tighter Emission Regulations Drive Increased Joining Technology Content

  • Environmental awareness continues to drive tightening emission regulations globally
  • Increasingly tighter emission regulations, including in emerging markets
  • Low-emission alternatives require significantly higher joining technology content at a substantially increased complexity compared to existing/past technolo gies gp g

Enhanced Stability through Broad Diversification Across Products End Products, -Markets and Regions

  • More than 35,000 products, manufactured in 17 locations and sold to more than 10,000 customers in 80+ countries
  • Presence in China, India, Russia, Brazil and South Korea already established
  • To p 5 customers account for onl y ~18% of 2010 sales p y

NORMA Group Management Team

Werner Deggim Chief Executive Officer

Dr. Othmar BelkerChief Financial Officer

Bernd KleinhensSales & Business Development

John Stephenson Chief Operating Officer

Continuation of Growth Track after Successful Management of the Economic Downturn in 2009

10%

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50

Pro-active FCF Management to be Continued

Operating free cash flow (FCF)

Trade working capital

1 Including non-trade inventories, eg spare parts Source: NORMA Group GmbH IFRS consolidated financial statements 2008, 2009 and 2010

Strong Growth and Strict Cost Management Lead to Stable Margin Development

Adjusted1 EBITA and EBITDA

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