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NORMA Group SE — Management Reports 2014
Mar 27, 2014
311_ip_2014-03-27_33910f15-2355-4859-afc6-b115a77f7e77.pdf
Management Reports
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Highlights 2013 - Strategy
| EMEA | Successful introduction of new products for EURO 6 emission standard leads to outperformance of volume trend |
|---|---|
| Americas | New production facility in Brazil founded |
| APAC | Further expansion of regional business into new markets and customers |
| APAC | Open second plant in China to serve domestic and regional customers |
| Acquisitions | 3 acquisitions in DS to strengthen our presence in Poland and Australia |
| Listing | MDAX listing in March 2013 – 100% Free Float |
Highlights 2013 – Financials (I)
| Adjusted EBITA Record adjusted EBITA of EUR 112.6 million (2012: EUR 105.4 million) Margin Sustainable record-level EBITA margin of 17.7% (2012: 17.4%) Financial Result Successful refinancing leads to improved interest rate structure and healthy maturity profile Taxes One-off taxes due to implementation of legal regional segments Stable adjusted EPS of EUR 1.95 (2012: EUR 1.94) EPS Reported EPS almost on same level as prior year (2013: EUR 1.74; 2012: EUR 1.78) |
Sales | Record sales of EUR 635.5 million (2012: EUR 604.6 million) lead to growth of 5.1% |
|---|---|---|
| Highlights 2013 – Financials (II) | ||
|---|---|---|
| Equity | Strong balance sheet with an equity ratio of 38.8% (2012: 41.8%) despite dividend payment and increased balance sheet total due to temporarily higher cash |
|
| Net Debt | Net debt* lowered to EUR 138.2 million from EUR 174.2 million in 2012 despite payments for dividend and acquisitions |
|
| Leverage | Net debt / EBITDA leverage* down to 1.1 x (2012: 1.4 x) | |
| Cash Flow | Record adjusted net operating cash flow of EUR 103.9 million (2012: EUR 81.0 million) | |
| Dividend | Dividend proposal to the AGM of EUR 0.70 per share – increase of 7.7% compared to 2012 36% or EUR 22.3 million of adjusted net income of EUR 62.1 million |
|
| Guidance | Solid organic sales growth of around 4% to 7% plus approx. EUR 5 million from recent acquisitions Sustainable EBITA margin on the level of the last years of above 17% |
|
| !" ## \$%& '() +, \$%& (- . |
Tighter Emission Regulations Drive Increased Joining Technology Content
| Today | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Europe | EURO 3 | EURO 4 | EURO 5 | EURO 6 | ||||||
| NAFTA | EPA '00 | EPA '04 | EPA '07 | EPA '10 | EPA '15 | |||||
| Japan | JPN '98 | JPN '02 | JPN '05 | JPN '09 | JPN '14 | J. '19 | ||||
| Brazil | EURO1 | EURO 2 | EURO 3 | EURO 4 | EURO 5 | EURO 6 | ||||
| Russia | EURO1 | EURO 2 | $E\psi$ RO 3 | EURO 4 | EURO 5 | |||||
| India | EURO 1 | EURO 2 | EURO 3 | EURO 4 | EURO 4+ | |||||
| China | EURO 1 | EURO 2 | EURO 3 | EURO 4 | EURO 5 (big cities) | EURO 6 (big cities) | ||||
| 2000 | 2002 2004 |
2006 2008 |
2010 2012 |
2014 | 2016 | 2018 2019 |
||||
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 technologies
Note: Chart shows emission regulation roadmap for passenger vehicles Source: Integer Research DieselNet, ACEA, NORMA Group
Sales by regional reporting segments
- Weaker European environment is outperformed by higher content due to EURO 6 introduction which leads to +5.6% growth
- Americas reported favourable organic growth of +2.4% which translated into slight negative EUR amounts due to weaker $\blacksquare$ USD
- Asia-Pacific recorded strongly increased direct sales (+28.1% mainly driven by acquisitions) which represents 9% of total ٠ sales in 2013 or $\sim$ 13% including all NORMA Group exports into the region (sales by destination)
Record sales of EUR 635.5 million including Acquisitions
- -Sequential improvement through the year as expected
- -Strong Q4 2013 with 10.6% organic growth
Sales Development in EUR million
| Sales | 2012 | 2013 | Change | Change in % | thereof organic |
thereof currency |
thereof acquisitions |
|---|---|---|---|---|---|---|---|
| Q1 | 159.7 | 159.3 | -0.4 | -0.3% | -6.1% | -0.2% | +6.0% |
| Q2 | 158.0 | 163.5 | +5.5 | +3.5% | +0.5% | -0.6% | +3.6% |
| Q3 | 149.6 | 159.9 | +10.3 | +6.9% | +6.3% | -3.3% | +3.9% |
| Q4 | 137.3 | 152.8 | +15.5 | +11.2% | +10.6% | -3.3% | +4.0% |
| FY | 604.6 | 635.5 | 30.9 | 5.1% | +2.5% | -1.8% | +4.4% |
- Acquisitive growth of 4.4% related to Connectors Verbindungstechnik AG, Nordic Metalblok S.r.l., Chien Jin Plastic Sdn. Bhd., Groen Bevestigingsmaterialen B.V., Davydick & Co. Pty. Ltd., Variant S.A. and Guyco Pty. Ltd.
Strong improvement of Material consumption
- Investments into regions, products and plants lead to slightly higher personnel costs and OPEX ò,
- Improved material costs overcompensates higher personnel expenses and OPEX: Margin improved $\blacksquare$
No Operational Adjustments in 2013
- -No operational adjustments despite recent acquisitions in Poland / Australia and change into SE
- -Ongoing PPA adjustments at EUR 0.21 on EPS level
| in EUR million | Reported | PPA adjustments | adjusted |
|---|---|---|---|
| Sales | 635.5 | 0 | 635.5 |
| EBITDA | 129.3 | No operational adjustments | 129.3 |
| EBITDA margin | 20.3% | 20.3% | |
| EBITA | 112.1 | 0.5 | 112.6 |
| EBITA margin | 17.6% | 17.7% | |
| EBIT | 99.5 | 8.2 | 107.7 |
| EBIT margin | 15.7% | 16.9% | |
| Net Profit | 55.6 | 6.5 | 62.1 |
| Net Profit margin | 8.8% | 9.8% | |
| EPS (in EUR) | 1.74 | 0.21 | 1.95 |
-Full Year PPA adjustments on EBIT level for 2014 approx. EUR 10 million
No Operational Adjustments 2013
-Only minor PPA adjustments in following years on EBITA level
| in EUR million | 2010 | 2011 | 2012 | 2013 |
|---|---|---|---|---|
| Reported EBITA | 64.9 | 84.7 | 105.2 | 112.1 |
| + Restructuring Costs | 1.3 | 1.8 | 0 | 0 |
| + Non-recurring/non-period-related items* |
15.5 | 14.8 | 0 | 0 |
| + Other group and normalized items | 0.7 | 0.2 | 0 | 0 |
| + PPA depreciation | 3.0 | 1.2 | 0.2 | 0.5 |
| Adjusted EBITA | 85.4 | 102.7 | 105.4 | 112.6 |
*: 3 6 -
Profit & Loss (adjusted & reported)
| in EUR million | 2012 | 2013 | ||||
|---|---|---|---|---|---|---|
| reported | adjusted | reported | adjusted | |||
| Sales | 604.6 | 604.6 | 635.5 | 635.5 | ||
| Gross Profit | 344.4 | 344.4 | 371.4 | 371.4 | ||
| EBITDA | 120.8 | 120.8 | 129.3 | 129.3 | ||
| EBITA | 105.1 | 105.4 | 112.1 | 112.6 | ||
| in % | 17.4 | 17.4 | 17.6 | 17.7 | ||
| EBIT | 94.4 | 101.9 | 99.5 | 107.7 | ||
| in % | 15.6 | 16.8 | 15.7 | 16.9 | ||
| Financial Result | -13.2 | -13.2 | -15.6 | -15.6 | ||
| Profit before Tax | 81.2 | 88.7 | 83.9 | 92.1 | ||
| Taxes | -24.6 | -26.9 | -28.3 | -30.0 | ||
| Net Profit | 56.6 | 61.8 | 55.6 | 62.1 | ||
EPS – Dividend Proposal EUR 0.70 per share
- -Dividend proposal to the shareholders at the AGM on 21 May 2014: EUR 0.70 per share (2013: EUR 0.65)
- -Pay-out of EUR 22.3 million for 31,862,400 shares equals 36.0% of adjusted net income of EUR 62.1 million
Working Capital - Historical Low Level of 17.4% of Sales
-
- Successful implementation of reverse factoring and optimizing TWC processes boosts trade accounts payables
- -Trade receivables on a slightly higher level due to excellent sales in Q4 2013
Equity increased by EUR 31 million due to High Profit even including Dividend Payment
Successful Issuance of Promissory Note (Schuldschein) in July 2013
Targets achieved
- Maturity: Mid-term oriented well balanced repayment schedule
- More diversified mix of financing instruments
- Balanced fixed and floating tranches
Schuldschein
- Volume EUR 125 million
- Interest terms improved by ~2%
- Financial result improves starting 2014
- Tenor 5, 7 and 10 years (40%/40%/20%)
- 3fold oversubscribed
- BBB+ / A- internal Bank rating achieved
Lenders
-Small European banks (e.g. German Sparkassen and Insurance institutions)
Successful Repayment of SFA leads to Substantial Interest Cost Savings
- Repayment of ~ EUR 100 million SFA funded by low interest rate promissory note
- January 2014 chosen to optimize one-off costs (derivatives)
- Therefore financial result 2014 approx. EUR 18 million compared to EUR 15.6 million in 2013
- Includes one-off of EUR 6.8 million and immediate interest cost saving starting January 2014
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Equity Debt Ratios and Maturity Profile
Solid Balance Sheet
- -Liquid assets and current liabilities temporarily inflated due to refinancing of SFA
- -Repayment of EUR 101.4 million in January 2014 already done
Another Record Operating Net Cash Flow in 2013
| Operating net cash flow in EUR million 2011 2012 2013 EBITDA 117.0 120.8 129.3 +7.0% ∆ ± Working capital -19.5 -9.8 5.1 n.a. Operating net cash flow before investments 97.5 111.0 134.4 21.0% from operating business |
||||||
|---|---|---|---|---|---|---|
| Variance | ||||||
| ∆ ± Investments from operating business | -30.7 | -30.0 | -30.5 | +1.6% | ||
| Operating net cash flow 66.8 81.0 103.9 28.2% |
-
- Operating net cash flow before investments significantly increased by EUR 23.3 million to a total of EUR 134.4 million in 2013 due to higher EBITDA and working capital in flow
-
- 2013 CAPEX spending on the same level as in 2012 leads in total to a record cash flow of EUR 103.9 million
Cash Flow Statement
- -Adjusted operating net cash flow strongly improved by 290 BP to 16.3% of sales (2012: 13.4%)
Outlook 2014 - Strategy
Outlook 2014 - Macroeconomic Forecast - GDP Growth
| $\ln \frac{9}{6}$ | 2013 | 2014e | 2015e |
|---|---|---|---|
| USA* | $+1.9$ | $+2.8$ | $+3.0$ |
| China* | $+7.7$ | $+7.5$ | $+7.3$ |
| Euro zone* | $-0.4$ | $+1.0$ | $+1.4$ |
| Germany* | $+0.4$ | $+1.7$ | $+2.0$ |
| World* | $+3.0$ | $+3.7$ | $+3.9$ |
- VDMA (German Engineering Federation) expects production increase of 5% in 2014
- Euroconstruct expects trend reversal to +0.9 % for the European construction industry п
- VDA expects 3.0 % growth in passenger cars in 2014
Source: International Monetary Fund, Eurostat February 2014
Outlook 2014 – Company Guidance
| Sales | Solid organic growth of approx. 4% to 7%, plus approx. EUR 5 million from recent acquisitions | |
|---|---|---|
| EBITA margin | Sustainable margin level as in previous years of more than 17% | |
| Investments in R&D |
Approx. 4% of EJT sales | |
| Material ratio | Approx. on the level of the two previous years | |
| Financial result | Approx. EUR -18 million including one-offs due to repayment of SFA in January 2014 | |
| Tax rate | Approx. 32% | |
| CAPEX rate |
Approx. 4.5% of sales | |
| Dividend | Approx. 30% to 35% of Group adjusted net profit | |
NORMA Group Full Year Results 2013
Investors' & Analysts' Conference
Thank you for your attention
Customer Value through Innovation
NORMA Group – Key Investment Highlights
| 1 | Market leader in attractive engineering niche markets with strong growth prospects | |
|---|---|---|
| 2 | Premium pricing through technology and innovation leadership in mission-critical components | |
| 3 | Enhanced stability through broad diversification across products, end-markets and regions | |
| 4 | Two distinct ways-to-market providing unique customer access and market intelligence | |
| 5 | Significant growth and value creation opportunity through synergistic acquisitions | |
| 6 | Proven track record of operational excellence | |
Proven Business Model Addressing Key Megatrends
Strong Content Growth based on EURO 6
- EURO 6 introduction for trucks and passenger vehicles in 2014 triggers new engine generations and ramp-up in 2013
- Market for joining technology is expected to outgrow the respective end-markets, driven by megatrends including
- Additional components in new engines
- Higher value of joining technology content $\mathbf{r}$
- -> Lead to increased number of units and higher prices per customer end product
Convincing Growth Prospects
Clear global market leader in clamp/connect Excellent growth outlook across EJT market
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| (2013-18 CAGR) | Additional growth for Joining technology market above market growth |
|---|---|
| Passenger vehicles | add. 2-4% |
| Commercial vehicles | add. 2-4% |
| Agricultural equipment | add. 2-4% |
| Construction equipment | add. 2-4% |
| Engines | add. 2-4% |
| White goods | Same level |
| Drainage systems | Same level |
NORMA Group expects to grow even faster than its end-markets
3-* -: - -
Premium Pricing through Technology and Innovation Leadership in Mission-Critical Components
| Mission-criticality: Small relative cost – high impact | to achieve premium pricing Ability |
||
|---|---|---|---|
| Example: Harvester |
Approx. value of joining technology content |
Basis for premium pricing: Market leadership |
|
| Cooling water | c. € 21-26 | Technology |
|
| Charged air | c. € 20-25 | Quality Innovation |
|
| Fuel and oil system Exhaust system |
c. € 49-60 c. € 62-101 |
Tailor-made solutions High switching costs for customers Savings potential for customer |
|
| Standard clamps and connectors |
c. € 36-44 | mismatches risk of switching supplier |
|
| Total c. € 188-256 (< 0.1%) |
Price of harvester: € 350,000 |
||
- Basis for premium pricing:
- Market leadership
- Technology
- Quality
- Innovation
- Tailor-made solutions
- High switching costs for customers
- Savings potential for customer mismatches risk of switching supplier
Enhanced Stability through Broad Diversification Across Products, End-Markets and Regions
More than 30,000 products, manufactured in 21 locations and sold to more than 10,000 customers in 100 countries Top 5 customers account for only $~18\%$ of 2013 sales
Good Balance in the Two Distinct Ways-to-Market
- -Significant economies of scale in production
- -Close contact to international EJT customers
- -Knowledge transfer from EJT to DS
Engineered Joining Technology (EJT) ~70% of 2013 sales
Innovation and product solution partner for customers, focused on engineering expertise with high value-add
Distribution Services (DS) ~30% of 2013 sales
High quality, branded and standardised joining products provided at competitive prices to broad range of
Customised, engineered solutions Patents in nearly 200 patent families
B2B
High quality, standardised joining technology products B2C
Successful Acquisition Track Record Continues Plus 4.4% of Sales
| Sales consolidation effects in EUR million |
Date of Acquisition |
Country | 2012 | 2013 | 2014** | Total |
|---|---|---|---|---|---|---|
| Connectors Verbindungstechnik AG | 04/12 | Switzerland | 11.5 | 5.1 | - | 16.6 |
| Nordic Metalblok S.r.l. | 07/12 | Italy | 2.3 | 2.9 | - | 5.2 |
| Chien Jin Plastic Sdn. Bhd. | 11/12 | Malaysia | 0.5 | 7.2 | - | 7.7 |
| Groen Bevestigingsmaterialen B.V.* | 12/12 | Netherlands | - | 3.4 | - | 3.4 |
| Davydick & Co. Pty. Limited | 01/13 | Australia | - | 3.3 | - | 3.3 |
| Variant SA * | 06/13 | Poland | - | 1.2 | ~1 | ~2.2 |
| Guyco Pty. Limited | 07/13 | Australia | - | 3.6 | ~4 | ~7.6 |
| Total | 14.3 | 26.7 | ~5 | ~46 | ||
\$ 2 \$* |
Acquisition of Connectors Verbindungstechnik AG
| M&A | Acquisiton of Connectors Verbindungstechnik AG, Switzerland, in April 2012 | |
|---|---|---|
| Business Model |
Connectors specialises in connecting systems for the pharmaceutical and biotechnology industry. | |
| History | For more than 25 years the company has been manufacturing and distributing connecting elements that meet the highest purity standards for medical sterile technology. |
|
| Sales | Approx. EUR 15 million sales in financial year 2012 | |
| Consoli dation |
First time consolidation into NORMA Group starting Q2 2012 | |
| Adjustments | No operational adjustments planned from acquisition | |
| Excellent margin of Connectors in the range of NORMA Group's margin; | ||
| Margin | Earnings accretive in 2012 already | |
Acquisition of Nordic Metalblok S.r.l.
| M&A | Acquisiton of Nordic Metalblok S.r.l., Italy in July 2012 |
|---|---|
| Business Model |
Company specialises in manufacturing clamps for various applications particularly for the heating, ventilation and air conditioning industry and the agricultural and construction sectors. |
| History | For more than 40 years the company distributes its products to retailers and wholesalers as well as to manufacturing companies globally. |
| Sales | Approx. EUR 6 million sales in financial year 2012 |
| Consoli dation |
First time consolidation into NORMA Group starting Q3 2012 |
| Adjustments | No operational adjustments planned from acquisition |
| Margin | Margin of the company including synergies in the range of NORMA Group's margin |
Acquisition of Chien Jin Plastic Sdn. Bhd.
| M&A | Acquisiton of Chien Jin Plastic, Malaysia, in October 2012 |
|---|---|
| Closing expected toward year end 2012 | |
| Business Model |
Specialised in joining elements for plastic and iron pipe systems for different application areas, esp. drinking and domestic water distribution. Also produces components for sanitary appliances under its brand name Fish. More than 200 customers in 30 countries. |
| History | In the market for 20 years, the company is based in Ipoh, Malaysia. |
| Sales | Approx. EUR 7 million sales in financial year 2012 |
| Consoli dation |
First time consolidation into NORMA Group after closing. |
| Adjustments | No operational adjustments planned from acquisition |
| Margin | Margin of the company including synergies in the range of NORMA Group's margin |
Increase in Ownership in Groen Bevestigingsmaterialen BV
| M&A | 60% increase in ownership to 90% in Groen Bevestigingsmaterialen B.V. in December 2012 |
|---|---|
| Business Model |
Wholesale supplier of hose and pipe clamps and coupling to the industrial, construction, agriculture, plumbing, hardware and automotive sector in Belgium, the Netherlands and Luxembourg. Moreover, extensive supply programme for traffic sign brackets and necessary mounting tools. |
| History | Partnership between Groen and NORMA started in 1993 with ABA hose claps. The company is based in Purmerend, Netherlands. |
| Sales | Approx. EUR 5 million sales in financial year 2012 (thereof EUR 2 million additional external sales) |
| Consoli dation |
First time consolidation into NORMA Group after closing on 31 December 2012 |
| Adjustments | No operational adjustments planned from acquisition |
| Margin | Margin of the company including synergies in the range of NORMA Group's margin |
Acquisition of Davydick & Co. Pty Ltd.
| M&A | Acquisition of Davydick & Co. in January 2013 |
|---|---|
| Business Model |
Distribution for various elements in the transportation of water in irrigation systems. Specialised in supplying a comprehensive range of rural irrigation fittings, valves, and pumps under the brand PUMPMASTER. More than 700 customers throughout Australia. |
| History | In the market for more than 20 years. Based in Goulburn, Australia |
| Sales | Approx. EUR 4 million sales in financial year 2012 |
| Consoli dation |
First time consolidation into NORMA Group after closing in early 2013 |
| Adjustments | No operational adjustments planned from acquisition |
| Margin | Margin of the company including synergies in the range of NORMA Group's margin |
Acquisition of Variant S.A.
| M&A | Acquisition of Variant S.A. in May 2013 |
|---|---|
| Business Model |
Sells joining products and cable ties to over 1,000 retailers and wholesalers across Poland. End clients include home improvement stores, garages and specialist retailers for automotive supplies. |
| History | Distribution partner of NORMA Group for more than 20 years. Based in Krakow, Poland |
| Sales | Approx. EUR 5 million sales in financial year 2012 (thereof ~EUR 1 million external products) |
| Consoli dation |
First time consolidation into NORMA Group after closing in June 2013 |
| Adjustments | No operational adjustments planned from acquisition |
| Margin | Margin of the company including synergies within 12 months in the range of NORMA Group's margin |
Acquisition of Guyco Pty. Limited
NORMA Group Worldwide
EMEA
Czech Republic (P) France (P, D) Germany (P, D) Italy (P, D) Netherlands (D) Poland (P) Russia (P, D) Serbia (P, D) Spain (D) Sweden (P, D) Switzerland (D) Turkey (D) United Kingdom (P, D)
Americas
Brazil (P, D) Mexico (P) $USA(P, D)$
Asia-Pacific
Australia (D) China (P, D) India $(P, D)$ Indonesia (D) Japan (D) Korea (D) Malaysia (P, D) Philippines (D) Singapore (D) Thailand (P) Vietnam (D) $P =$ production
D = distribution, sales, competence center
- 21 Productions sites
- 23 Countries with Distribution, Sales & Competence Centres $\mathbf{u}$
- Sales into 100 countries ×,
Historic Growth Track Record
Historic revenue development in EUR million
$\begin{array}{cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc$
1997 to 2013: 17 years of a successful growth story
Sales by Way-to-Market and by Industries
- -Stable breakdown by way-to-market: Acquisitions included in Distribution Services
- -Majority of sales goes to non-automotive industrials, distributors as well as general tiers
-
- Sales to industrial suppliers include various industries , e.g. airplanes, trains, buses, water, plumbing, irrigation, agricultural & construction equipment
Continuation of Growth Track and Sustainable Margin into 2012
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- - -2: 29: 92: 929: 92: 929: : : : -: -"8&"9/ '-3,,!' =
9
Pro-active FCF Management to be Continued
Trade working capital (in EUR million)
Capex (in EUR million)
* excluding payments related to IPO costs (EUR 2 million) ** at sales run rate of EUR 625 million
Solid development of Balance Sheet
| (all amounts in EUR million) | 31 Dec 2012 | 31 Dec 2013 | (all amounts in EUR million) | 31 Dec 2012 | 31 Dec 2013 |
|---|---|---|---|---|---|
| Assets | Equity and liabilities | ||||
| Non-current assets | Equity | ||||
| Goodwill / Other intangible assets / Property, plant & equipment |
436.8 | 441.5 | Total equity | 289.2 | 319.9 |
| Other and derivative financial | Non-current and current Liabilities |
||||
| assets / Income tax assets / Deferred income tax assets |
8.3 | 9.1 | Retirement benefit obligations / Provisions |
21.6 | 24.5 |
| Total non-current assets | 445.1 | 450.6 | |||
| Current assets | Borrowings and other financial | 246.6 | 332.4 | ||
| Inventories | 74.3 | 79.8 | liabilities | ||
| Other non-financial assets / Income tax assets |
20.7 | 9.0 | Other non-financial liabilities | 21.2 | 23.8 |
| Trade and other receivables | 79.3 | 90.1 | Tax liabilities and derivative financial liabilities |
75.5 | 64.1 |
| Cash and cash equivalents | 72.4 | 194.2 | Trade payables | 37.7 | 59.0 |
| Total current assets | 246.7 | 373.1 | Total liabilities | 402.6 | 503.8 |
| Total assets | 691.8 | 823.7 | Total equity and liabilities | 691.8 | 823.7 |
| Event | Date | |
|---|---|---|
| Publication Interim Results Q1 2014 | 07 May 2014 | |
| Annual General Meeting in Frankfurt / Main | 21 May 2014 | |
| Publication Interim Results Q2 2014 | 06 August 2014 | |
| Publication Interim Results Q3 2014 | 05 November 2014 | |
| Contact Andreas Troesch Vice President Investor Relations Phone: +49 6181 6102-741 |
||
| Fax: +49 6181 6102-7641 Email: [email protected] |
||
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 SE and developments in the economic and regulatory fundamentals may vary substantially (particularly on the down side) from those explicitly or implicitly assumed or described in these statements.
Even if the actual results for the NORMA Group SE, 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.
Non audited data is based on management information systems and/or publicly available information. Both sources of data are for illustrative purposes only.