OEM International

Quarterly Report • Apr 18, 2018

Interim report Q1 – 2018

First quarter 2018

• Incoming orders rose 11% to SEK 780 million (702)
• ● Net sales rose 13% to SEK 757 million (671)
• Operating profit rose 11% to SEK 81 million (73)
• EBITA rose 10% to SEK 85 million (78)
• Profit after tax rose 11% to SEK 62 million (56)
• Earnings per share were SEK 2.67 (2.40)

Great start to 2018

The first quarter of the year has shown a continuation of the strong growth momentum that OEM has achieved for a considerable period of time. This positive performance is being driven by a favourable economic situation in Europe and good rates of growth in most of our major operations. Net sales increased by 13% to SEK 757 million compared with the first quarter of 2017. Acquisitions and currency movements accounted for 2 percentage points each, which means that OEM's organic growth was 9% during the period. Incoming orders remain strong.

The operating margin (EBITA) stood at 11%, which is 1 percentage point lower than the comparative figure for the same period in 2017. This can be explained by sales increasing more than profit during the quarter, but the result is still well above OEM's long-term profitability target.

Strong growth in all regions

In terms of our regions, we are continuing to deliver a strong performance in Sweden where organic growth is 9%. Our largest entity, OEM Automatic, performed particularly well with 18% growth, and our battery operations, Svenska Batteripoolen, also got off to a fine start in 2018 with 25% growth. After a challenging year in 2017, the brake specialists Rydahls reported a notable improvement in the first few months of 2018, and OEM Motor, Svenska Helag and Flexitron also posted good growth figures.

The Region Finland, the Baltic States and China once again reported an excellent quarterly performance with 21% growth. Both currency movements and acquisitions contributed to this, but organic growth remained strong and reached 12%. We are seeing increased demand for our offering in Finland and we also had a positive performance in China with growth reaching almost 20%.

In our third region, which comprises Denmark, Norway, the UK and the countries in East Europe, the year got off to a much better start than we have seen before, with 17% growth, of which 7% was organic. We experienced an increase in demand in our operations, with an especially strong growth trajectory in Poland and Hungary, which reported growth of 18% and 39% respectively in the first quarter.

Continued focus on future success

The success that we are witnessing in OEM and which we have now been experiencing for a considerable period of time has not been achieved without effort. It proves that we are maintaining our focus, which is essential if we are to succeed in a competitive market both today and in the future. We have a well-tried and tested business model and committed employees who do a fantastic job every day. There are also a number of operations with good potential for performing even better than they do today. We are intensifying our efforts and focus in these areas to ensure that OEM remains one of Europe's leading technology trading groups.

Jörgen Zahlin

Managing Director and Chief Executive Officer

Incoming orders

Incoming orders increased by 11% to SEK 780 million (702) in the first quarter of 2018. For comparable entities, including the impact of foreign currency exchange rate movements, incoming orders rose 9% and the acquired incoming orders were 2%.

In the first quarter of 2018, incoming orders were 3% higher than net sales.

At SEK 381 million (329) on 31 March 2018, the order book was 16% higher than on the corresponding date of the previous year.

Net sales SEK million

Sales growth

Net sales in the first quarter of 2018 increased by 13% to SEK 757 million (671). For comparable entities, net sales rose 11% and acquired sales were 2%. Currency movements had a positive 2% effect on net sales in the first quarter.

Compared with the first quarter of the previous year, the highest percentage growth in net sales was reported by the Swedish operations of Svenska Batteripoolen, OEM Automatic, Ernst Hj Rydahls Bromsbandfabrik, Flexitron and Svenska Helag, the operations in Hungary, Slovakia, Poland and China, and OEM Finland.

Region Finland, the Baltic states and China has reported positive growth in the first quarter of 2018 and has increased its share by 2 percentage points over the prior year period. Region Sweden has decreased its share by 2 percentage points and the share for Region Denmark, Norway, the UK and East Central Europe remains the same in the first quarter of 2018 as in the corresponding period of the previous year.

EBITA margin

Return on equity

Earnings trend

EBITA, operating profit before amortisation and impairment of acquisition-related intangible fixed assets, in the first quarter of 2018 was SEK 85 million (78), which is an increase of 10%.

The EBITA margin was at 11.3% (11.7%). The EBITA margin for the trailing twelve months was 11.2%.

Operating profit rose 11% to SEK 81 million (73) in the first quarter of 2018. The operating margin reached 10.6% (10.8%).

Profit after tax rose 11% to SEK 62 million (56) in the first quarter of 2018.

Earnings per share for the first quarter of 2018 were SEK 2.67 (2.40).

Return

The return on equity in the first quarter of 2018 was 7.3% compared with 7.5% in the year-ago quarter.

The trailing-twelve-month return on equity was 28%, which is well above the 20% target.

Shareholders' equity amounted to SEK 878 million (765) with an equity/assets ratio of 57% (56%) on 31 March 2018.

Sales growth by region for each quarter

Sweden

OEM Automatic AB, OEM Motor AB, Telfa AB, Svenska Batteripoolen AB, Elektro Elco AB, Nexa Trading AB, OEM Electronics AB, Internordic Bearings AB, Svenska Helag AB, Flexitron AB, Agolux AB, Ernst Hj Rydahl Bromsbandfabrik and ATC Tape Converting AB.

SEK million	2018 Q1	2017 Q1	2017 Full year	Trailing 12 month
Incoming orders	471	431	1,703	1,743
Net sales	464	425	1,671	1,710
EBITA	64	62	225	227
EBITA margin	14%	15%	13%	13%

Net sales for the region increased by 9% to SEK 464 million in the first quarter of 2018 and have not been impacted by acquisitions or currency movements, which means that organic growth in the region reached 9%. More or less all operations have delivered good growth in the first quarter with Svenska Batteripoolen, OEM Automatic, Ernst Hj Rydahls Bromsbandfabrik, Flexitron and Svenska Helag accounting for the largest percentage growth in net sales.

Incoming orders increased by 9% to SEK 471 million in the first quarter of 2018. Incoming orders in the first quarter of 2018 were 1% higher than net sales.

EBITA rose 4% to SEK 64 million in the first quarter of 2018 due primarily to increased net sales.

Finland, the Baltic states and China

OEM Automatic FI, Akkupojat Oy, OEM Electronics FI, Scannotec Oy, Sitek-Palvelu OY, Rauheat OY, OEM Automatic OU, OEM Automatic UAB, OEM Automatic SIA, OEM Automatic (Shanghai) Co.Ltd.

SEK million	2018 Q1	2017 Q1	2017 Full year	Trailing 12 month
Incoming orders	162	144	580	599
Net sales	155	128	569	596
EBITA	15	13	63	64
EBITA margin	9%	10%	11%	11%

Net sales increased by 21% to SEK 155 million in the first quarter of 2018. Acquisitions and foreign currency exchange rate movements had positive effects of 5% and 4% respectively on net sales, which means that organic growth in the region reached 12%.

The level of incoming orders has also been good, rising 13% to SEK 162 million.

Incoming orders were 5% higher than net sales during the period.

This strong performance is due to healthy demand and OEM's continuing focus on expanding its offering to existing customers in Finland by introducing new products and systems. Most of the operations in Finland have delivered positive performances as have the Baltic states and China. The operations in the Baltic states and China are small and their impact on total growth is marginal. EBITA rose 10% to SEK 15 million, due primarily to increased net sales.

Denmark, Norway, UK and East Central Europe

OEM Automatic Klitsö A/S, OEM Automatic AS, OEM Automatic Ltd, OEM Automatic Sp z o. o., OEM Electronics PL, OEM Automatic spol. s r.o., OEM Automatic s.r.o., OEM Automatic Kft., Candelux Sp. z o.o.

SEK million	2018 Q1	2017 Q1	2017 Full year	TTM
Incoming orders	147	127	510	530
Net sales	138	117	499	519
EBITA	9	8	32	32
EBITA margin	6%	7%	6%	6%

Net sales increased by 17% to SEK 138 million in the first quarter of 2018. Acquisitions and foreign currency exchange rate movements had positive effects of 6% and 4% respectively on net sales, which means that organic growth in the region reached 7%. The operations in Hungary, Slovakia and Poland account for the largest percentage growth in net sales in the region.

Incoming orders increased by 15% to SEK 147 million in the first quarter of 2018 and incoming orders were 7% higher than net sales during the period.

EBITA rose 7% to SEK 9 million, due primarily to increased net sales.

Other financial information

Cash flow

Operating cash flow was SEK 32 million (26) in the first quarter of 2018. Cash flow totalled SEK 29 million (-8) during the period and was affected, in part, by investing activities of SEK -11 million (- 18).

Investments

The Group's investments in fixed assets in the first quarter totalled SEK 7 million (11). Property, machinery and equipment accounted for SEK 7 million (6), and intangible assets for SEK - million (5), SEK - million (3) of which is related to business combinations.

Cash and cash equivalents

Cash and cash equivalents, comprising cash and bank balances, amounted to SEK 87 million (77). Cash and cash equivalents, together with committed undrawn credit facilities, amounted to SEK 387 million (384) on 31 March 2018.

Intangible assets

Amortisation of intangible assets totalling SEK 6.2 million (6.1) has been charged to the income statement. On 31 March 2018, intangible assets amounted to SEK 198 million (194).

Equity/assets ratio

On 31 March 2018, the equity/assets ratio was 57% (56%).

Employees

The Group's average number of employees in the first quarter of 2018 was 873 (771). At the end of the period, the number of employees was 876 (772). 48 of them have come from business acquisitions made in 2017.

Share repurchase

The company has not repurchased any shares during the period. The company's total shareholding was 61,847 shares on 31 March 2018, which is equivalent to 0.3% of the total number of shares. The mandate granted by the Annual General Meeting is for the repurchase of up to 10% of the number of shares, which is the equivalent of 2,316,930 shares.

Remeasurement of contingent consideration

Developments in previously implemented acquisitions have not resulted in a remeasurement of contingent consideration liability.

Accounting policies

This condensed consolidated interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, and in compliance with relevant provisions from the Swedish Annual Accounts Act. The interim report for the Parent Company has been prepared in compliance with Chapter 9, Interim Reports, of the Swedish Annual Accounts Act. The Group and the Parent Company have applied the same accounting policies and basis of preparation as in the latest annual report. No International Financial Reporting Standards (IFRS) or International Financial Reporting Interpretations Committee (IFRIC) interpretations adopted in 2018 have had a significant effect on the reported results or financial position of the Group.

There are no separate disclosures of the fair values of financial assets and liabilities stated at cost because the carrying amounts of financial assets and financial liabilities are considered to be reasonable approximations of their fair values. This is because the company management believes there have been no material fluctuations in market interest rates or credit spreads that would have a material impact on the fair value of the Group's interest-bearing liabilities. Furthermore, the fair value of trade and other current receivables and payables is assumed to approximate their carrying amount given their short-term nature.

IFRS 9 Financial instruments and IFRS 15 Revenue from contracts with customers, effective for accounting periods commencing on or after 1 January 2018, have not resulted in any material changes to the financial reporting process of the Group as from 1 January 2018. An impact analysis has been initiated to examine the effects of IFRS 16 Leases, effective for accounting periods commencing on or after 1 January 2019, which may have an impact on the financial results and position. IFRS 16 is not expected to have any significant impacts, but the analysis must be completed before any final effects can be quantified.

Risks and uncertainties

The OEM Group is exposed to both business-related risks and financial risks through its activities. Business-related risks include competition and operational risks, and financial risks include liquidity risk, interest rate risk and currency risk. The financial operations of the OEM Group and management of financial risks are mainly handled by the Parent Company. For a complete report on the risks affecting the Group, please refer to pages 32 and 33 and pages 74 to 76 of the 2017 Annual Report. Other than the risks and uncertainties described in the 2017 Annual Report, no significant risks or uncertainties have been identified or removed.

Related party transactions

No related party transactions have been entered into that materially affected the financial position or the performance of the Group and Parent Company during the period.

Parent Company

Net sales for the Parent Company in the first quarter of 2018 totaled SEK 13 million (7.7) and profit after financial items was SEK -2.6 million (-5.6). Net sales relate entirely to inter-company transactions. The foregoing risks and uncertainties specified for the Group also apply indirectly to the Parent Company.

Events after the close of the reporting period

There are no significant events to report after the close of the reporting period.

Definitions

Definitions can be found on page 15.

Tranås, Sweden, 18 April 2018

Jörgen Zahlin Managing Director and Chief Executive Officer

This report has not been subject to special auditing procedures by the company's auditors.

For further information, please contact the Managing Director, Jörgen Zahlin, on +46 (0)75-242 40 22 or the Finance Director, Jan Cnattingius, on +46 (0)75-242 40 03.

This information is of such a nature that its disclosure by OEM International AB (publ.) is required under the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was provided for publication on 18 April 2018 at 14.00 CET by Jan Cnattingius.

The regions' sales and earnings

SALES & EARNINGS BY REGION

Net sales (SEK million)

	Jan-	Jan
	mar	mar	Q4	Q3	Q2	Trailing	Full year
	2018	2017	2017	2017	2017	12 mth	2017
Sweden, external income	464	425	458	370	418	1 710	1 671
Sweden, income from other segments	26	23	24	22	24	96	93
Finland, the Baltic States and China, external income	155	128	153	140	147	596	569
Finland, the Baltic States and China, income from other segments 1		2	1	1	2	6	6
Denmark, Norway, the United Kingdom and
East Central Europe, external income	138	117	131	126	124	519	499
Denmark, Norway, the United Kingdom and
East Central Europe, income from other segments	0	0	0	0	0	2	2
Elimination	-27	-25	-26	-24	-27	-104	-101
	757	671	742	636	690	2 825	2 739

EBITA (MSEK)

	Jan-	Jan
	mar	mar	Q4	Q3	Q2	Trailing	Full year
	2018	2017	2017	2017	2017	12 mth	2017
Sweden	64	62	59	53	51	227	225
Finland, the Baltic States and China, external income	15	13	16	18	16	64	63
Denmark, Norway, the United Kingdom and						0
East Central Europe	9	8	7	8	9	32	32
Group functions	-2	-6	-2	-2	-1	-8	-12
	85	78	79	77	74	316	308

Operating profit (SEK million)

	Jan-	Jan
	mar	mar	Q4	Q3	Q2	Trailing	Full year
	2018	2017	2017	2017	2017	12 mth	2017
EBITA	85	78	79	77	74	316	308
Amortisation and write-downs of acquisition-related
intangible fixed assets.
Sweden	-3	-3	-3	-8	-3	-16	-16
Finland, the Baltic States and China,	-2	-1	-2	-2	-2	-7	-6
Denmark, Norway, the United Kingdom and
East Central Europe	0	-1	-1	-1	-1	-3	-4
Operating profit	81	73	74	67	68	290	282

Consolidated profit/loss (SEK million)

	Jan-	Jan
	mar	mar	Q4	Q3	Q2	Trailing	Full year
	2018	2017	2017	2017	2017	12 mth	2017
Operating profit	81	73	74	67	68	290	282
Net financial items	-2	-1	-2	-2	-3	-8	-8
Pre-tax profit/(loss)	79	71	72	65	65	281	274

Specification of external income by region and product area	Finland, the Baltic Sweden States and China,					Denmark, Norway, the United Kingdom and East Central Europé	Total
	Jan-	Jan-	Jan-	Jan-	Jan-	Jan-	Jan-	Jan
	mar	mar	mar	mar	mar	mar	mar	mar
	2018	2017	2018	2017	2018	2017	2018	2017
Product Areas
Automation	184	156	96	80	130	117	409	354
Components	71	71	18	15	-	-	89	86
Lighting & Installation components	73	74	5	5	8	-	86	79
Other	137	124	36	27	-	-	173	151
	464	425	155	128	138	117	757	671

The Group's performance and financial position

CONDENSED CONSOLIDATED STATEMENT OF INCOME (SEK MILLION)

	Jan-	Jan
	mar	mar	Q4	Q3	Q2	Trailing	Full year
	2018	2017	2017	2017	2017	12 mth	2017
Net sales	757	671	742	636	690	2 825	2 739
Other operating income	-	-	4	3	-	7	7
Operating costs	-664	-586	-659	-554	-609	-2 486	-2 409
Depreciation and write-downs of fixed assets	-13	-12	-13	-18	-13	-57	-56
Operating profit	81	73	74	67	68	290	282
Net financial income/expense	-2	-1	-2	-2	-3	-8	-8
Pre-tax profit/(loss)	79	71	72	65	65	281	274
Tax	-17	-16	-16	-14	-14	-61	-60
Profit/loss for the period	62	56	57	51	51	220	214
Earnings per outstanding share, SEK*	2,67	2,40	2,46	2,18	2,21	9,52	9,25

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (SEK MILLION)

Other comprehensive income
Profit/loss for the period	62	56	57	51	51	220	214
Items that have been transferred or may
recycled to net income
Exchange differences for the period on
translation of overseas operations	13	0	9	-4	3	22	8
Items that can not be recycled to
net profit
Revaluation of defined
benefit pension plans	0	0	0	0	0	-1	-1
Other comprehensive income for the period	13	0	9	-4	3	21	8
Comprehensive income for the period	75	55	66	46	54	241	221
EBITA	85	78	79	77	74	316	308

* Attributable to shareholders of the parent company. There are no dilution effects.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (SEK MILLION)

	2018-03-31	2017-03-31	2017-12-31
Fixed assets
Goodwill	130	120	128
Other intangible assets	68	75	73
Total intangible assets	198	194	201
Property, plant and equipment	254	227	251
Total property, plant and equipment	254	227	251
Deferred tax assets	2	2	2
Financial assets	0	0	0
Total financial assets	3	3	2
Total fixed assets	454	424	453
Current assets
Inventories	488	413	494
Current receivables	516	459	478
Cash and cash equivalents	87	77	56
Total current assets	1091	949	1029
Total assets	1 545	1 373	1 482
Equity	878	765	804
Non-current interest-bearing liabilities	35	36	41
Provisions for pensions	1	1	1
Non-current non-interest-bearing liabilities	9	7	15
Deferred tax liabilities	88	82	88
Total non-current liabilities	133	127	146
Current interest-bearing liabilities	176	154	157
Current non-interest-bearing liabilities	359	328	375
Total current liabilities	534	482	532
Total equity and liabilities	1 545	1 373	1 482

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (SEK MILLION)

	2018-03-31	2017-03-31	2017-12-31
At beginning of year	804	709	709
Comprehensive income for the period
Profit/loss for the period	62	56	214
Other comprehensive income for the period	13	0	8
Comprehensive income for the period	75	55	221
Dividends paid	-	-	-127
At the end of the period	878	765	804

CONDENSED CONSOLIDATED CASH FLOW STATEMENT (SEK MILLION)

	Jan-	Jan
	mar	mar	Q4	Q3	Q2	Trailing	Full year
	2018	2017	2017	2017	2017	12 mth	2017
Operating cash flows
before movements in working capital	61	64	76	69	62	268	272
Movements in working capital	-29	-38	-7	-26	-10	-71	-80
Operating cash flows	32	26	69	44	53	197	191
Acquisition of subsidiaries
net effet on cash and cash equivalents	-5	-11	0	-6	-22	-34	-40
Disposal of subsidiaries
net effet on cash and cash equivalents	-	-	-	-	-	-	1
Acquisition of intangible fixed assets	-	-2	0	-1	-1	-2	-4
Acquisition of property, plant and equipment	-7	-6	-9	-8	-13	-38	-37
Sales of property, plant and equipment	1	1	1	1	0	4	4
Investing cash flows	-11	-18	-6	-15	-37	-69	-76
Financing cash flows
- Loan raised	5	0	0	0	7	12	7
- Loan amortisation	-8	0	-6	-1	-1	-15	-8
- Change in bank overdrafts	11	-14	-72	-34	104	9	-15
- Dividends paid	-	-	-	-	-127	-127	-127
Financing cash flow	8	-13	-78	-34	-17	-121	-143
Cash flow for the period	29	-5	-15	-5	-2	8	-27
Cash and cash equivalents at the beginning of the period	56	83	71	76	77	77	83
Exchange rate difference	2	0	1	0	0	2	0
Cash and cash equivalents at the end of the period	87	77	56	71	76	87	56

KEY PERFORMANCE INDICATORS

	Jan-	Jan
	mar	mar	Q4	Q3	Q2	Trailing	Full year
	2018	2017	2017	2017	2017	12 mth	2017
Return on equity, %	7,3	7,5	6,6	6,5	7,7	28,1	28,3
Return on capital employed, %	8,2	8,3	8,4	7,1	8,4	32,1	32,2
Return on total capital %	5,6	5,7	5,4	4,9	5,8	21,7	21,8
Equity/assets ratio, %	56,8	55,7					54,2
Earnings per outstanding share, SEK	2,67	2,40	2,46	2,19	2,20	9,52	9,25
Earnings per total shares, SEK	2,67	2,40	2,45	2,19	2,19	9,50	9,23
Equity per total shares, SEK	37,87	33,00					34,69
Average number of outstanding shares (thousands)	23 107	23 107	23 107	23 107	23 107	23 107	23 107
Average total shares (thousands)	23 169	23 169	23 169	23 169	23 169	23 169	23 169
Operating margin, %	10,6	10,8	10,0	10,5	9,9	10,3	10,3
EBITA-margin, %	11,3	11,7	10,7	12,1	10,7	11,2	11,2

* Attributable to shareholders of the parent company. There are no dilution effects.

The Parent Company's performance and financial position

CONDENSED INCOME STATEMENT OF THE PARENT COMPANY (SEK MILLION)

	Jan-	Jan
	mar	mar	Q4	Q3	Q2	Trailing	Full year
	2018	2017	2017	2017	2017	12 mth	2017
Net sales	13	8	25	8	8	54	49
Operating costs	-12	-11	-13	-11	-12	-49	-47
Depreciation	-2	-2	-2	-2	-2	-7	-7
Operating profit	-1	-5	10	-5	-6	-2	-6
Income from investments
in Group companies	-	-	-6	0	39	33	33
Other financial income/expense, Net	-1	0	-1	1	-1	-3	-2
Profit/loss after
financial items	-3	-6	3	-4	32	28	25
Year-end appropriations	-	-	178	-	-	178	178
Pre-tax profit/(loss)	-3	-6	181	-4	32	206	203
Tax	1	1	-41	1	1	-38	-38
Profit/loss for the period	-2	-4	139	-3	34	168	165

Comprehensive income for the period corresponds with the profit/loss for the period.

CONDENSED BALANCE SHEET OF THE PARENT COMPANY (SEK MILLION)

Assets	2018-03-31	2017-03-31	2017-12-31
Intangible fixed assets	16	19	17
Property, plant and equipment	18	18	18
Financial assets	415	346	415
Total fixed assets	448	382	450
Current receivables	324	333	379
Cash on hand and demand deposits	-	-	-
Total current assets	324	333	379
Total assets	772	715	829
Equity and liabilities
Equity	292	251	294
Untaxed reserves	277	252	277
Deferred tax liabilities	2	2	2
Non-current non-interest-bearing liabilities	9	7	15
Total non-current liabilities	9	7	15
Current interest-bearing liabilities	53	46	75
Current non-interest-bearing liabilities	140	157	166
Total current liabilities	193	203	241
Total equity and liabilities	772	715	829

Notes

Segment reporting is presented on page 5, 6, 10 and page 11, disclosures about fair value of financial instruments and accounting policies are presented on page 8.

Definitioner

In addition to the conventional financial performance measures established by IFRS, OEM uses the term EBITA/EBITA margin as defined below. The reason is that OEM Wishes to summarise the companies' operations with regard to profit and margins, adjusted for amortisations fo Group-related amortisations arising in connection with acquisitions and thereby improve the comparability of financial information across different periods of time.

EBITA

Operating profit before amortisation of acquisition-related intangible fixed assets A reconciliation of the calculation of EBITA is presented on page 10.

EBITA margin EBITA divided by net sales

Return on capital employed EBITA plus finance income as a percentage of average capital employed

Capital employed Total assets less non-interest-bearing liabilities and provisions

Return on total capital EBITA plus finance income as a percentage of average total capital

Return on Equity Profit for the year divided by average shareholders' equity

One of Europe's leading technology trading companies with 34 operating entities in 14 countries

For 40 years, OEM's idea has been to serve as a link that creates value between customers and manufacturers of industrial components and systems. Over the years, the company has grown from a small, family-owned business in Tranås in southern Sweden into an international technology trading group operating in 14 countries in northern Europe, Central Eastern Europe, the UK and China. OEM has partnerships with more than 300 leading and specialist manufacturers and is responsible for their sales in selected markets. Its range comprises more than 50,000 products in the areas of electrical components, flow technology, motors, transmissions and brakes, ball bearings and seals, appliance components and installation components. The Group has a customer base of more than 25,000 businesses, primarily in the manufacturing sector. The company's high level of expertise enables it to help customers increase purchasing efficiency and choose the right components.

Interim report Q1 2018 OEM International