CENTROTEC Sustainable AG

Transcription

1 CENTROTEC The European Energy-Saving Company CENTROTEC Sustainable AG Company Presentation Update January 2011

2 AGENDA INTRODUCTION Innovative solutions for energy efficiency and renewable energies in buildings Business segments MARKET FOR SUSTAINABLE SOLUTIONS Market drivers Renewable energy solutions Technological development and regulation CENTROTEC PRODUCT OFFERING & INNOVATIONS Integrated energy saving solutions International market presence Organic growth & buy-and-build strategy Product innovations Gas Flue & Climate Systems FINANCIALS Financial results 2009 / Q Outlook

3 Well positioned in the future growth market for energy saving solutions Innovative energy saving portfolio Complete solution portfolio of energy efficiency and renewable energy solutions for buildings Awards winning products with highest energy efficiency and quality Integrated solutions Unique set of competencies and capabilities in heating, solar systems, renewables and HVAC technologies Integration of leading energy saving technologies with intelligent control systems Broad market position Strong market position with increasing market shares in core markets Germany, Netherlands, France Own subsidiaries in 10 European countries, international market presence in over 50 countries Unique position in Europe CENTROTEC Sustainable AG is the only European stock listed manufacturer of integrated energy saving solutions for buildings 3

4 CENTROTEC worldwide Subsidiaries, agencies and sales companies worldwide Strong market presence all over Europe Austria Greece Luxembourg Slovakia Bahrain Hungary Macedonia Slovenia Belgium Iceland Netherlands Spain Bulgaria Indonesia New Zealand Sweden China Iran Norway Switzerland Croatia Ireland Poland Syria Czech Rep. Jordan Portugal Tunisia Denmark Kazakhstan Romania Turkey Egypt Kenya Russia United Kingdom Estonia Latvia Serbia USA Finland France Lebanon Lithuania Singapore UAE/ Saudi Arabia/ Kuwait Wolf Germany/ Spain/ Poland Ned Air Netherlands Ubbink Netherlands/ France/ UK/ Belgium Centroplast Rolf Schmidt Germany Danmark Brink Netherlands/ Ireland Möller Germany Centrotherm Germany/ Italy bricon Switzerland 4

5 Development and Production of Sustainable Products Climate Systems Oil and gas-fired combustion systems Oil and gas-fired condensing systems Solar thermal Heat Pumps Biomass heating systems Heat recovery ventilation Heat and power units(chp) Climate control technology Gas Flue Systems Plastic gas flue systems for condensing boiler technology Cascade systems Multi boiler systems Chimney renovation systems Air distribution systems Ubiflex the environm.-friendly lead substitute Technical roof products Solar mounting systems Medical Technology & Engineering Plastics Neurosurgery Aesthetic medicine Blood transfusion Hose pumps Special cannulae Nano-coatings Spinal implants Prefabricated parts for technical/medical technology applications CENTRO- SOLAR Group AG [26 %] PV systems for private houses PV systems for industrial roofs Off-grid PV systems Integrated PV thin-film systems Integrated systems Module production Solar glass Mounting systems 5

6 CENTROTEC is growing strongly with energy saving solutions Sales Development [in million EUR and %] 75% 25% 10% 17% 47% 26% 43% 9% 22% 28% 9% 24% 67% 8% 25% 67% 6% 28% 66% p Market Position (EU) & Competitors Climate Heat recovery / ventilation systems Climate Heating / thermal solar / biomass 1 2) Zehnder. Itho. Helios. Vallox. Carrier. Al-Ko 4 3) BBT Thermotechnik. Vaillant. Viessmann Gas Flue 2 Muelink & Grol. Skoberne/ Cox. Gropalli Medical Technology & Engineering Plastics N/A 1) Fragmented market Sales ) Fragmented market for Medical / Eng. Plastics 2) Residential and commercial heat recovery ventilation market 3) Germany 6

7 Organic growth together with rigid buy-and-build strategy Climate Gas Flue SITEC (Italy) Medical / Engineering Plastics Solar Flabeg Solarglas Solarsquare Sales Development [in million EUR] Average organic growth : 13 % p Organic Acquisition 7

8 CENTROTEC has broad positioning in the market (1/3) Sales Climate [in million EUR] Sales Gas Flue [in million EUR] Total EUR 319 million 189 Total EUR 119 million % 40% % 80% 60% 30% 15 20% 80% New Buildings Retrofit Commercial Residential Commercial Residential 40% 60% 10% 90% Source: rounded actuals

9 CENTROTEC has broad positioning in the market (2/3) Sales Climate Commercial [in million EUR] Sales Climate Residential [in million EUR] Total EUR 130 million Total EUR 189 million Renewable Energy (Wolf) Heating (Wolf) Ventilation (Wolf) Ventilation (Ned Air) Ventilation (Brink) Heating (Wolf) New Buildings Retrofit Source: rounded actuals

10 CENTROTEC has broad positioning in the market (3/3) Sales Gas Flue [in million EUR] Sales Climate Systems [in million EUR] Rest of World Germany Germany Netherlands Netherlands Rest of World Heating (Wolf) Ventilation (Wolf) Renewable (Wolf) Ventilation (Brink / Ned Air) Source: rounded actuals

11 Different development of international business in core segments 1) Sales by Destination ) [in %] Total EUR 438 million Rest of world Former Soviet Union Eastern Europe Italy Spain USA 2% 15% 2% 1% 4% 3% France 10% Germany 52% Netherlands 13% 1) Climate Systems and Gas Flue Systems 11

12 Entrepreneurial subsidiaries within business segments CENTROTEC Sustainable AG 1) Climate Systems 100 % Gas Flue Systems 100 % Medical Technology & Engineering Plastics 100 % CENTROSOLAR Group AG 26 % 2) Brink Climate Systems Ned Air EnEV-Air Wolf Kuntschar + Schlüter Ubbink NL Ubbink F Ubbink B Ubbink UK Ubbink East Africa Centrotherm D Centrotherm Italy Centrotec Asia medimondi AG Möller Medical Centroplast Engineering Plastics Rolf Schmidt Industriplast bricon ag Centrosolar AG Centrosolar Glas Centroplan Renusol Tochtergesellschaften in Südeuropa und USA Other: Centrotec Composites Bond-Laminates (25 %) 1) Krass family %; free float % 2) Krass family % 12

13 Steady growth with energy saving solutions Sales Development [in million EUR] CAGR 3) : 35 % p 1) Adjusted for bonus shares July ) ROCE (adjusted) = (EBIT - tax) / ((Equity goodwill) + financial debt - cash) 3) AGR % 4) Excluding `At Equity result` 13

14 Climate: Comprehensive range of integrated energy saving solutions Milestones Comprehensive provider of heating, climatisation and ventilation systems with focus on energy savings Sales Development [in million EUR] (NL) (NL) (D, NL) CAGR : 53 % (D) sales to over 45 countries Growth Strategy Exploiting energy-saving / climate protection trend as well as respective regulations in Europe by building on the strong brands Brink and Wolf Market penetration with heat recovery ventilation systems Bundle components to integrated systems for heating / climatisation / ventilation / filtering / solar Further exploit synergies between Wolf and CENTROTEC International expansion outside EU-countries e Sales: 2010e mil. EUR / mid-term 8 10 % EBIT margin: 2010e slightly below above 2009 level / mid-term 8 9 % Further increase of market shares in existing / core markets Product innovations, like own heat pumps and integrated energy roof 14

15 Gas Flue: Continued organic growth through internationalisation Milestones Growth Strategy (D) (NL, F, B, UK) (I) Innovative gas flue systems provider with emphasis on condensing boiler technology and European network Sales Development [in million EUR] CAGR : 13.5 % International sales to over 20 countries e Sales: 2010e mil. EUR/ mid-term % EBIT margin: 2010e same as 2009 / mid-term double-digit percentage Expanding market shares by concentration on growing sub-segments: condensing boilers, closed boilers, plastics Extending product range (e.g. ecological lead-substitute, solar mounting systems, solar systems) Continued internationalization and international penetration of complete product portfolio Technical innovations (e.g. cascade / multiple systems) Act local: tailor made distribution per country with increasing focus on merchants (current split-up roughly 60/40) Build-up brand- feeling and relation to installers Extending service to wholesalers and installers 15

16 Medical Tech. & Engin. Plastics: Broad competencies in medical technology Milestones (D) (DK) (D) (CH) Fully integrated provider of medical technology solutions and high-performance plastics 2009 sales to over 40 countries Growth Strategy Higher profits from expected markets growth in due to optimized structures Strengthened organic growth through innovative own products especially in complete medical technology solutions Sales Development [in million EUR] CAGR : 6.3 % Focussing on areas or applications with growth potential (medical, lightweight design) Build-up sales force and brand in selected segments (implants, liposuction, blood mixing, nanocoatings) e Sales: 2010e EUR mil. EUR / mid-term: >10 % EBIT margin: 2010e low one-digit / mid-term: high one- or low double digit Getting closer to end customers through assemblies / systems Extended focus on neuro-surgery solutions for exploitation of synergies in development and sales 16

17 CENTROTEC group has a broad international market presence Brink Climate Systems Staphorst, NL Ned Air Kampen, NL EnEV-Air Ahaus, DE Brink Climate Systems Nass, IR Ubbink BV Doesburg, NL Ubbink UK Brackley, GB Ubbink NV Gentbrügge, BE Centrotherm GmbH Brilon, DE Ubbink F S.A.S La Chapelle sur Erdre Cedex, FR Centrotherm Italia Arbizzano, IT CENTROTEC Sustainable AG Brilon, D Rolf Schmidt IndustriPlast Kolding, DK Centroplast GmbH Marsberg, DE Möller Mecidal GmbH Fulda, DE bricon AG Geroldswill, CH CENTROSOLAR Group AG, Munich, DE Kuntschar + Schlüter Wolfhagen, DE Wolf Technika Grzewcza Warschau, PL Wolf GmbH Mainburg, DE Wolf France S.A.S. Massy, FR Wolf Ibérica S.A. Madrid, ES Wolf Representative Offices in St. Petersburg (RUS) Moscau (RUS) Ljubljana (Slovenia) International Sales Network Austria Bahrain Belgium Bulgaria China Croatia Czech Republic Denmark Egypt Estonia Finland France FYR Macedonia Greece Hungary Iceland Indonesia Iran Ireland Italy Jordan Kazakhstan Latvia Lebanon Lithuania Luxembourg Netherlands New Zeeland Norway Poland Portugal Romania Russia Singapore Serbia Slovak Republic Slovenia Spain Sweden Switzerland Syria Tunisia Turkey United Arab Emirates/ Saudi Arabia/ Kuwait United Kingdom United States Subsidiaries in 10 countries & market presence in more than 50 countries 17

18 International market presence with strong distribution partners CENTROTEC Group Companies and Brands Wholesaler Installer End consumer OEM Communication Direct contact with more than Installers p.a. (e.g. Product and installation training) Direct interaction with project and product advisors (e.g. Engineering and design services) Advisors Project planer Engineering advisors Architects Project developers 18

19 AGENDA INTRODUCTION Innovative solutions for energy efficiency and renewable energies in buildings Business segments MARKET FOR SUSTAINABLE SOLUTIONS Market drivers Renewable energy solutions Technological development and regulation CENTROTEC PRODUCT OFFERING & INNOVATIONS Integrated energy saving solutions International market presence Organic growth & buy-and-build strategy Product innovations Gas Flue & Climate Systems FINANCIALS Financial results 2009 / Q Outlook

20 Global resources of fossil fuels have limited reach Global Energy Consumption [in billion toe/a] X 3 renewable Expected reach [in years] biomass 10 X 2 coal nuclear 65 4 gas oil 40 Global fossil fuel resources: Formation ~ 500 million years Consumption < 200 years Source: IEA, tescon, OPEC 20

21 Climate change progresses faster than expected Global atmospheric CO 2 -concentration [ in ppm ] CAGR : 0.5 % p.a. ppm Source: NOAA 21

22 Significant contributions in buildings by modern heating technology Potential Reduction of CO 2 Emissions in Buildings Global CO 2 Reduction Potential in 2030 [by sector in Gt CO 2 -eq] Reduction of CO 2 Emissions vs. Standard Boiler energy transport buildings industry abgriculture ca g CO 2 / kwh -23% -28% -36% -38% -46% -50% -58% -52% forestry waste Standardboiler (before 1978) Low temp. oil- / gasbolier Condensing Oil Gas Condensing + Solarthermal (hot water) Condensing + Solarthermal (hot water & heating) Heat pump Source: IPCC, Fourth Assessment Report 2007, BDH 22

23 Influencing factors for investment decisions in energy saving solutions Oil Price [average in US$/barrel] National regulation (selection) Subsidies and grants (examples) e: 200 $ 94 US$ Obligation for energy efficient technology: ES: Solar thermal in new buildings UK: Condensing boilers in replacement Direct grants: DE: Subsidies for renewable energies and boiler replacement suspended NL: 600 EUR subsidies for new DE: Mandatory renewable energy installed solar thermal systems 60 in new buildings, EnEV 2009 FR: Tax discount on 40 % of material costs for solar thermal Energy performance standards (EPC): NL: Tightening of EPC in new buildings Energy labels: DE, AT, NL, PL etc.: Energy performance certifications IT: Tax discount on 55 % of material costs solar thermal Financing subsidies: DE: KfW-loans for energy efficient new buildings and renovation AT: Subsidies linked to solar thermal and heat pumps Source: IEA, tescon, OPEC 23

24 Implementation of Energy Performance of buildings standards in Europe UK: Slow start of implementation Implemented all necessary regulations, procedures, tools, guidance New department of Energy and Climate Change formed in early Oct 2008 France: Timely implementation All necessary regulation and systems are in place Tax rebate on boiler replacement and renewable energy installation Status of implementation Netherlands: Early adopter of energy efficiency regulation Solar thermal incentive scheme introduced Tightened EPC requirements Germany: Focus on renewable energies and combination with efficient heating technology No regulation on air conditioning / ventilation Extensive incentive program and financing aid in place No regulation on non-residential sector Spain: Extensive changes in all building regulations -> advancements for construction industry All regulations, procedures, tools, guidance available Incentive program in place Italy: Far behind in implementation Large variation in regional regulations Efficiency requirement on air conditioning under discussion Implementation is accelerating Source: BSRIA, own research 24

25 Energy price impact exceeds subsidies effect on payback time Typical renovation of heating system Solar thermal panels (5 collectors) Oil condensing boiler (20 kw) Buffer storage (800 L) Investment Annual energy saving 13,000 EUR 2,250 L p.a. payback time [ years ] Payback time as function of energy price [ years ] -1.2 Current price level Germany -1.0 Delta payback time in years ,60 0,70 0,80 0,90 1,00 1,10 1,20 oil price [ EUR / L ] Subsidies in 2009 approx. excluded included ,600 EUR 25

26 EPBD: Methodology for calculation of integrated energy performance Energy Performance Coefficient Tightened Standards for Energy Demand in Buildings Heating Cooling Ventilation U-value (roof, walls, ground) U-value (windows, door) Air tightness Passive solar gains System efficiencies Area of transparent elements Overheating Solar gains Shading of windows System efficiencies Air change Indoor Air Quality requ. Heat recovery Energy Demand [in kwh / (m² a)] Subsidies in Germany Tightening of EPC requirements Lighting Installed power Daylighting Hot water Consumption Solar gains System efficiencies Other Co-generation District heating / cooling Renewables PV cells etc EPBD = Energy Performance of Buildings Directive 26

27 Technology enabled significantly reduced energy demand Regulation Germany WSV 1984 WSV 1995 EnEV 2001 KfW40/ EnEV 2009 Double-glazed windows Insulation roof and wall Condensing boilers Solar thermal collectors Heat pumps Heat recovery ventilation Low energy house Heat Requirement [in kwh / m² a] Passive house < 15 Typical Investment Volume in Climate Systems per House [in EUR] 1,000 2,000 5,000 10,000 15,000-25,000 27

28 Increased penetration of condensing boilers in Europe Market Penetration of Condensing Boiler Technology [Share of total Boiler Market 1) ] 100% UK Netherlands 80% Germany 60% 40% 20% Belgium Austria Average EU Italy France 0% Spain Source: BRG 28 1) Excluding heat pumps and solid fuel

29 Renovation backlog: huge market potential for energy efficient heating solutions German heating market development [ units sold ] condensing Heat pumps Annual boiler exchange rate [ % of installed base ] Minimum requirement to achieve CO 2 - reduction target 6% Comparison European boiler markets [ 1,000 units ] [ units/mil. Inhab. ] 26,500 1,725 17,800 1, Non condensing 3% , actual required 520 6,300 Source: BDH, own research

30 Continued growth in solar thermal systems in Europe EU market for solar thermal panels in 2009 [in %] m² 4.77 million newly installed Solar thermal market EU 27 + CH Installed base [ GW th ] Installation per year [ GW th ] Rest of EU-27 Austria CAGR : 14 % (installation) Germany Italy Greece France Spain Germany is still the biggest market, but other markets are growing faster 30 Source: ESTIF, BSW, BDH

31 Significant growth in energy saving / renewable solutions Expected Investments in Heating Technology in Germany [bn. EUR p.a.] CAGR CAGR : + 6 % Heat Pumps Thermal Solar +3% +9% Wood Pellets +19% 8 Wood Stove -9% Conventional Boilers Condensing Boilers -100% +8% Source: BDH, Estimation 31

32 AGENDA INTRODUCTION Innovative solutions for energy efficiency and renewable energies in buildings Business segments MARKET FOR SUSTAINABLE SOLUTIONS Market drivers Renewable energy solutions Technological development and regulation CENTROTEC PRODUCT OFFERING & INNOVATIONS Integrated energy saving solutions International market presence Organic growth & buy-and-build strategy Product innovations Gas Flue & Climate Systems FINANCIALS Financial results 2009 / Q Outlook

33 CENTROTEC product portfolio with innovative energy saving solutions Heat pumps and biomass systems Condensing boiler and heat recovery ventilation CHP and Air conditioning with heat recovery Solar thermal and PVsystems / solar cooling 33

34 Current development project Passivhaus-Kompaktsystem Heat Recovery / Filtering Heating / Cooling Condensing Boiler Thermal Solar Heat / Cooling Distribution Ventilation Network Water Storage Heat Pump Floor Heating Control Centre Bio- Mass CENTROTEC Offering Comprehensive product range of components Integrated controls with one control panel Engineering and servicing 34

35 Climate Systems: Oil condensing boilers Breakdown of New Boilers installed in Germany COB Condensing Oil Boilers by Wolf CAGR : 11 % p. a. Condensing Oil Boilers Condensing Gas Boilers Other Boilers Very wide selection of performance ranges Suitable for extra liquid and low-sulphur heating oil Boiler undercut the applicable emissions limits Weather-guided temperature control Very quiet Boiler body in steel or cast iron Effective use of oil fuel thanks to modern technology One of two winners of `Stiftung Warentest` comparison Condensing technology will substitute non condensing completely during the next few years. Source: BDH Präsentation, March

36 Climate Systems: Solar thermal systems Gas fired condensing boiler with solar thermal solution for hot water and heating assistance Wolf Solar Thermal System Suitable for water heating and for heating backup High efficiency Versatile installation angles (10º or 15º to 90º) Can easily be integrated into all Wolf systems and combined with various heat accumulators Meets requirements for the "Blue Angel environmental mark 5-year guarantee (on TopSon F3) Premium ranking by `Stiftung Warentest` CENTROTEC won market shares in a problematic, but still big, market for solar thermal systems in 2009 Source: Wolf 36

37 Climate Systems: Wolf KG-TOP new generation climate systems Climate Controlled Building Space in the EU [in m² per inhabitant in 2000] ES GR IT EU SE FI FR AT NL GB PT BE DE DK 0,9 1,2 1,4 2,2 2,2 2,1 2,1 2,7 2,6 3,0 3,0 5,8 5,7 6,2 New Generation of Climatisation System Air volume output: up to 100,000 m 3 /h 16 different sizes available immediately, with optional heat recovery Can be fully stripped down into component parts and recycled Designed on the basis of VDI guideline 6022 and GS and CE certified Hygiene standard DIN 1946 T4 (hospitals etc.) Less efficient air conditioning in the EU in comparison to the US-standard 35 % more energy consumption. German market for air conditioning doubled during the last decade, but it is still on a low level. Source: Fachinstitut Gebäude-Klima e.v., Austrian Energy Agency 37

38 A major part of energy consumption is caused by air conditioning / cooling Total installed electric capacity for air conditioning worldwide [ GW ] 300 Development and savings potential in electricity demand for cooling and air conditioning air conditioning / ventilation cooling climate 2005 space 2005 climate 2005 space 2035 Status-quo climate 2035 space 2035 climate 2005 space 2035 climate 2035 space 2035 With energy efficiency measures Source: zafh, ghorfa 38 Source: SEV / VSE

39 Newly introduced heat pump portfolio with highly competitive performance Newly installed heat pumps in Germany [ in thousand ] Complete heat pump product portfolio Completely new developed heat pump system family Comprehensive product portfolio (Air / water, brine / water) with power range from 6 to 18 kw Highly efficient technology with COPs up to 4.7 brine / water and 3.8 air / water leading performance compared to market competition Out put heat temperatures of 55 C (air / water) and 65 C (brine / water) allow application in renovatio n market Full compatibility with other system components, e.g. solar, air conditioning German market for heat pumps is still on a high level and shows good prospects for a long-term growth trail 39

40 CHPs for efficient decentralized supply of power and heat Combined heat and power units Major advantages Comprehensive CHP product range with gas engines optimized for biogas and sewage gas with performance range of 20 to 2,000 kw (total output) and up to 800 kw electric output Remote monitoring and control system, service and maintenance across Germany with 7*24h service Target applications: residential housing blocks, hospitals, retirement homes, biogas / sewage plants Project example: Decentralized power and heat supply in small to medium sized towns in Russia, first pilot installation in Jaroslawl 40

41 Gas Flue Systems: Chimney renovation system Stock and Ageing Structure of Boilers in Germany German Stock of Boilers 1) [in million] 10.5 mil. Boilers older than 10 years 1,9 1,7 2,7 4,3 1,7 Oil Gas 2,2 Chimney Renovation System Developed for retrofit of chimneys Leaves roofs and chimney walls intact Easy installation without roof access Broad range of applications due to availability of aluminium and polypropylene systems in variety of diameters > 20 years years years Source: VME Energieeffizienz in Gebäuden ) Excluding condensing boiler systems, heat pumps and biomass-systems

42 Gas Flue Systems: Multi-boiler gas flue system Boiler technology in Europe Cascade & Multi-Boiler System CLV European Stock of Boilers [in million] Collective Boilers District Heating & Electric Developed for multi-family dwellings Several boilers can operate parallel, with a central gas flue pipe Individual Boilers Non-Condensing 24 2 Individual Boilers Condensing Easy installation by the use of polypropylene gas flue pipes and system components Structure of Dwellings in Germany [in million] Multi-Family Dwellings Double Family Dwellings Single-Family Dwellings Engineering and design of customized solutions Chimney Renovation Program: EUR 1 bn. program planned by EU and their members to renovate chimneys over the period in individually owned apartments with shared chimneys, in order for all to adopt condensing technology (otherwise unaffordable). Source: Kemna, Destatis 42

43 Next generation air duct for heat recovery ventilation solutions Innovative air duct system for heat recovery ventilation Major advantages Low profile reduces overall construction costs due to reduced installation height Highest hygienic standards due to antibacteria inner surface Time efficient installation achieved by innovative fitting concept and high flexibility of the corrugated air duct Leverage of comprehensive ventilation and gas flue knowhow in cross-segment product development of Gas Flue systems and Climate systems 43

44 Integrated energy roof combines solar thermal and PV with aesthetic appearance Integrated energy roof system Major advantages Seamless integration of solar thermal, photovoltaic and dummy collectors to a consistent aesthetic roof Embedding of roof windows, chimneys etc. via dummy modules Joint development of solar thermal experts from Wolf and technical roof and photovoltaic specialist at Ubbink Integration of all standard photovoltaic modules Product launch in March 2010 in Germany Market roll out to European core markets until end of

45 Fully integrated medical systems and high-tech plastics Products Medical equipment - Fully integrated systems: Liposuction, blood mixing machine, LiquoGuard (New own product with leading application and security advantages) - Larger sub-systems: dialysis machine, blood pumps Components for medical and other applications Semi-finished engineering plastics and composites LiquoGuard Features Specialized in high performing plastics and high precision engineering Advanced through (e. g.) - Nano-Coatings - High temperature plastics 45

46 Medical: LIQUOGUARD - automatic liquor control system German medical technology market volume [in EURO bn.] CAGR : > 7 % p. a medimondi Main Competencies Innovative R&D department medimondi AG Certified quality management Example LIQUOGUARD Maximized patient safety by means of sophisticated alarm concept and minimized infection risk Easy to transport, patient can thus move freely around Intuitive user interface and handling Permanent data recording Easily connected to most commercially available drainage catheters Non-grid operation is possible Further possibilities for analysis State-of-the-art production and efficient global sourcing medicine meets engineering Own qualified sales force Neurological surgeries get more important 40,000 cerebrospinal fluid drainages per year in Germany with an increasing tendency and much higher potential in foreign markets, especially US. Source: medimondi AG, Spectaris e. V. 46

47 AGENDA INTRODUCTION Innovative solutions for energy efficiency and renewable energies in buildings Business segments MARKET FOR SUSTAINABLE SOLUTIONS Market drivers Renewable energy solutions Technological development and regulation CENTROTEC PRODUCT OFFERING & INNOVATIONS Integrated energy saving solutions International market presence Organic growth & buy-and-build strategy Product innovations Gas Flue & Climate Systems FINANCIALS Financial results 2009 / Q Outlook

48 Stable performance in core business, recession impact in non-core Sales Distribution 2009 [in million EUR] Sales Growth by Segment [in million EUR] EUR million Growth Climate Systems % Gas Flue Systems 28% 66% Climate Systems Gas Flue Systems % Medical Technology & Engineering Plastics % 6% Total % Medical Technology & Engineering Plastics 48

49 Profit & Loss Statement 2009 Slightly below 2008 record level Profit & Loss Statement [in million EUR] Change Sales (third party) % EBITDA % EBIT % Interest % EBT % Tax % EAT % EPS (undiluted) % Profit & Loss Margins / Structure [in % of sales] EBITDA 10.0 % 10.3 % EBIT 6.2 % 6.8 % Interest -1.4 % -1.8 % EBT 2.7 % 5.4 % Tax rate 2) -33 % -30 % EAT 1.1 % 3.9 % operational EPS 1) % (1) Without effects CENTROSOLAR (2) As percentage of EBT adjusted for at equity result 49

50 Reconciliation EPS vs Major impact from CENTROSOLAR EPS [EUR] CENTROTEC reported 2008 CENTROSOLAR effect CENTROTEC 2008 without CENTROSOLAR CENTROSOLAR effect 2009 Climate Systems thereof EUR operational result second half 2009 Gas Flue Systems Medical Tech. & Eng. Plastics Reduced financing costs CENTROTEC reported operational result CENTROTEC 50

51 Balance sheet 2009 Equity increased Assets [in million EUR] Equity and Liabilities [in million EUR] Cash Other shortterm assets Stock 6% 9% 2% 2% 16% 15% 16% 15% Other shortterm liabilities Trade payables 10% 11% 7% 8% 13% 14% Trade receivables Other longterm assets Goodwill Intangible assets Tangible asset 9% 9% 16% 16% 10% 10% 25% 24% Other longterm liabilities Interest bearing liabilities Equity 36% 32% 34% 35%

52 Profitable core business segments ROE & ROCE by segment 2009 [in %] Percentage of total sales 28 % 66 % 6 % EUR million ROE ROCE (adj.) ROCE 31% 16 % 32% Climate Systems 19% 29% 6 % -4 % Gas Flue Systems Med. Tec. & Eng. Plast. -6% 14% 10 % 10% CENTROTEC (incl. holding) -46% ROE = EBT / equity ROCE = (EBIT - tax) / (Equity + financial debt - cash) ROCE (adjusted) = (EBIT - tax) / ((Equity goodwill) + financial debt - cash) 52

53 Cash-Flow 2009 Strong operational cash-flow Group Cash-Flow and Investment Figures [in million EUR] Delta Cash-Flow I (EAT + Depreciation & Amortization) Cash-Flow from operations Cash-Flow from investments Cash-Flow from financing Total Cash-Flow Total investments (tangible and intangible assets) Capital expenditure 1) Net Working Capital Net Debt ) Without purchase of property plant and equipment/ intangible assets/ investments/ financial assets 53

54 Cash-Flow from operations Reconciliation Cash-Flow from operations [in million EUR] EBIT depreciation assets, accruals and other casheffectice changes stock, accounts receivables etc. accounts payables etc. interest tax

55 Key debt ratios Positive development due to strong cash-flow Key Debt Ratios Ratio Standard Net interest bearing debt / EBITDA < Interest coverage 1) > Fixed charge coverage 2) > Gearing 3) < Solvency 4) > 25 % 48 % 30 % 30 % 34 % 35 % 1) EBITA / interest 2) EBITDA / (interest + repayments + replacement investments) 55 3) Net interest bearing debt / equity 4) Equity / total balance sheet

56 Guidance 2010 Upgraded forecast 2010 fully achieved Sales development and guidance by segment [ in million EUR ] Medical Tech. & Engin. Plastics Gas Flue Systems above below Growth 3 % 10 % 2 % 9 % EBIT-margin medium onedigit area above 2009 level Climate Systems % 7 % slightly above e EPS * adjusted to from (former ) *operational EPS 56

57 Steady organic growth with energy saving solutions Sales [in million EUR] CAGR : 35 % p. a p 2011e 57

58 Continued profitable growth back on track in 2010 EBITDA [in million EUR] CAGR : 32 % p. a p 2011e 58

59 Continued profitable growth back on track in 2010 EBIT [in million EUR] CAGR : 30 % p.a operational p 2011e 59

60 Profitability development affected by economic recession Gross Margin and EBIT-Margin [in %] ROE & ROCE [in %] Gross 58% 58% 60% 58% 56% 55% 53% 55% margin ROE 30% 39% 43% 27% 12% 29% 20% 10% EBITmargin 10% 11% 14% 12% 3% 7% 7% 6% ROCE 11% 11% 14% 8% 5% 10% 10% 10% (1) adj adj. (1) ROCE = (EBIT - tax) / (Equity + financial debt - cash) ROE = EBT / equity 60 1) Excluding CENTROSOLAR and including 12 months Wolf

61 Share price and EPS development Share Price and EPS Development** [in EUR] Share price [in EUR] Earnings per share [in EUR]* ) ) IPO p 2011e * EPS (IFRS) adjusted for Goodwill amortization ** all values adjusted for bonus shares July ) 2005 only operational, reported EPS = 1.13 EUR incl. dilution profits CENTROSOLAR 2) Excluding `At Equity result` CENTROSOLAR one-time effect

62 Seasonal development of group sales and earnings Sales Development per quarter [ in million EUR ] Q1 Q2 Q3 Q4 EBIT Development per quarter [ in million EUR ] Q1 Q2 Q3 Q4 62

63 Profit & Loss statement Q3 / 2010 Profit & Loss statement Q3 / 2010 [ in million EUR ] first nine months 3 rd quarter P & L structure Q3 / 2010 first nine months 3 rd quarter Delta Delta Sales third parties % % EBITDA % % EBIT % % Interest % % EBT >100 % % Tax % % EAT >100 % % EPS (undiluted) >100 % % EBITDA 10.9 % 9.5 % 14.5 % 13.6 % EBIT 7.0 % 5.6 % 11.0 % 9.8 % Interest -1.2 % -1.3 % -1.0 % -1.2 % EBT 7.0 % 1.2 % 10.4 % 9.6 % Tax rate* % % % % EAT 5.0 % -0.1 % 7.5 % -7.2 % * Tax rate in percent of EBT coming from CENTROTEC, excluding At Equity result 63

64 Forward looking statement This presentation contains forward-looking statements based on current expectations, assumptions and forecasts of the executive board and on currently available information. Various known and unknown risks, unpredictable developments, changes in the economic and political environment and other presently not yet identifiable effects could result in the fact that the actual future results, financial situation or the outlook for the company differ from the estimates given here. We are not obligated to update the forward-looking statements made in this presentation unless there is a legal obligation. 64

65 Contact CENTROTEC Sustainable AG Am Patbergschen Dorn Brilon GERMANY [email protected] Tel: Fax: WKN: ISIN: DE Thank You! 65 CENTROTEC Presentation CP_2010_05_e