KONE as an investment. Updated in October 2015

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1 KONE as an investment Updated in October 2015

2 Executive summary KONE is one of the global leaders in the elevator and escalator industry KONE provides industry-leading elevators, escalators, automatic building doors and integrated solutions for People Flow services covering the entire lifetime of equipment, from the design phase to maintenance, repairs and modernization solutions Founded in Finland in 1910 Operations worldwide Over 47,000 employees Net sales EUR 7.3 billion in 2014 Listed on the NASDAQ OMX Helsinki since 1967 Our vision is to offer the best People Flow experience

3 KONE s global presence Hyvinkää Helsinki Coal Valley Torreón Allen Essen Ùsti nad Labem Pero Cadrezzate Kunshan Nanxun Chennai Some 400,000 customers globally Over 1,000,000 elevator and escalator units in service R&D center Production site Head office KONE is present 3

4 Sales and employee distribution in 2014 Sales by business, total EUR 7.3 bn Employees by job category, total 47,000 55% (54%) 32% (32%) 13% (14%) New equipment Maintenance Modernization 26% (25%) 8% (9%) 10% (9%) 56% (57%) New equipment sales and installation Manufacturing Maintenance and modernization Administration, IT, R&D Sales by geographical region Employees by geographical region 41% (38%) 44% (46%) EMEA 44% (38%) 44% (48%) EMEA 15% (16%) Americas Asia-Pacific 12% (14%) Americas Asia-Pacific 4 EMEA= Europe, Middle East and Africa. Employees at the end of 2014.

5 Key propositions of KONE as an investment We operate in a global growth industry, where growth is supported by four strong megatrends We have a life-cycle business model, where services account for almost 50% of sales We are a global leader with wide geographic coverage and strong market position on the growing Asian markets We have a capital-light and cash-generative business model Low amount of fixed assets required Negative working capital High return on invested capital We focus on retaining our challenger attitude and continuously developing our competitiveness going forward 5

6 Global growth industry Life-cycle business Global leader with wide geographic coverage Capital-light business model with high returns Continuous development of our competitiveness Appendix 6

7 Megatrends driving the elevator and escalator industry and KONE s growth Urbanization By 2030, there will be a billion more urban residents compared to today Growing urban areas will be increasingly built upwards Changing demographics Number of middle-income consumers is expected to grow by 2.5 billion by 2030 Population is aging globally, increasing the need for easy accessibility in buildings Safety Importance of reliability and safety of equipment is growing globally Aging equipment base increases demand for modernization Environment Buildings account for ~40% of global energy consumption. For a building, elevators can account up to 2-10% Green-building certifications are increasing the demand for eco-efficient elevators and escalators 7

8 Urbanization: significant urbanization will continue in emerging markets over the next 15 years Urban population (Millions) 5,000 4,500 4,000 3, billion people 4,984 Europe North America 85% of new urban residents will be in Asia-Pacific and Africa 3,500 3,000 2,500 2,000 1,500 1,000 Asia-Pacific ex China China Africa and the Middle East +340m +200m +360m Latin America Source: UN World Urbanization prospects, 2011 revision

9 Changing demographics: the number of middle income consumers is expected to double globally in the next 15 years Middle-income population (Millions) 5, billion people 4, % of new middle income consumers to be in Asia-Pacific 4,500 4,000 Europe North America 3,500 3,000 2,500 2,000 2,424 Asia-Pacific +2.2bn 1,500 1, Middle East and Africa Latin America +160m Source: UNDP Human Development Report, data from Brookings Institution. The middle income consumer group includes people earning or spending $10 $100 a day (2005 PPP).

10 Absolute and relative growth in number of 60+-year olds, Total global population by age group, billion 2015: 870M 2030: 1,350M +65% +70% % % % +60% % 52% +21% % % 16% Europe 10 North America Changing demographics: population is aging globally, with largest increase in over 60-year olds in Asia- Pacific Asia- Pacific ex China China Africa Latin and the America Middle East World total Source: UN World Population Prospects, 2012 revision Estimates based on medium-fertility scenario

11 Global elevator and escalator market: Asia Pacific increasingly important for new equipment, mature markets key for maintenance New equipment market (new orders received, units) Maintenance market (total equipment in operation, units) Units ( 000) Units ( ) % 20% % 36% 4% 2007 EMEA North America % 3% 2% 11% 69% 2014 South America Rest of APAC China ~9.0 55% 12% 5% 17% 11% Source: based on KONE s estimates > % 9% 4% 16% 26% 2014

12 Global growth industry Life-cycle business Global leader with wide geographic coverage Capital-light business model with high returns Continuous development of our competitiveness Appendix 12

13 Solutions for the full life cycle of the equipment MODERNIZATION Customers include facility managers and building owners NEW EQUIPMENT Customers include mainly builders, general contractors and developers 13 As the equipment ages, larger repairs and replacements of parts are required in order to maintain optimal performance. Eventually modernization by full replacement becomes necessary. MAINTENANCE Customers include facility managers and building owners Starting from new equipment installation, maintenance continues through the equipment s life cycle.

14 We differentiate with competitive solutions and high-quality delivery Four R&D focus areas in developing product competitiveness Execution enables us to further differentiate Eco-efficiency Visual design Ride comfort Space efficiency High-quality service High-quality delivery Stong project management Reliability 14

15 Examples of KONE s industry leading innovations KONE MonoSpace machine-room-less elevator KONE JumpLift construction time elevator KONE EcoMod escalator modernization solution KONE InnoTrack autowalk 2013 Next generation KONE MonoSpace and MiniSpace elevators 2014 KONE UltraRope high-rise hoisting technology KONE People Flow Intelligence solutions KONE NanoSpace elevator modernization solution KONE Polaris destination control system 15

16 New equipment Elevators and escalators are at the core of our strong product offering Elevators Escalators Our People Flow solutions Automatic doors People Flow Intelligence* solutions 16 *KONE People Flow Intelligence comprises solutions for access and destination control, as well as information communication and equipment monitoring

17 New equipment A streamlined and capital-light network of production and distribution centers, focusing on assembly Hyvinkää Ùsti nad Labem Coal Valley Pero Torreón Allen Kunshan Nanxun (GK) Chennai Suppliers KONE s assembly units KONE s distribution centers Customers installation sites Suppliers include component manufacturers, raw material providers and contract manufacturers. Production consists largely of the assembly of sourced components. Only selected components are produced in-house. The final assembly of equipment is carried out on-site in the course of installation. 17

18 Maintenance Maintenance is legally required provides stability and resilience to market cyclicality We maintain over a million elevators and escalators globally KONE s global maintenance base, in E&E units Brands Equipment ~750,000 acquired manufactured by KONE by KONE Equipment manufactured by other companies Equipment manufactured by KONE Brands acquired by KONE Equipment manufactured by other companies >1,000,000 units Maintenance is legally required in most countries Growth of maintenance base driven by Conversions from new equipment sales after first-maintenance period Acquisitions Wins from competition KONE offers modular-based, preventive maintenance, which can be tailored according to customer requirements We maintain both equipment manufactured by us as well as other brands

19 Maintenance Over the past five years, our maintenance base has grown by over 200,000 units, with fastest growth in Asia-Pacific Geographical split of maintenance base Units EMEA North America APAC +6.8% >1,000,000 ~750,000 CAGR, ~5% ~4% ~22% Maintenance base figures at end of year Excluding units under the first-maintenance period

20 Modernization Modernization encompasses a variety of activities from component upgrades to full replacement of equipment Activity Component upgrades Upgrades of single components to ensure reliability and improve performance Modernization packages Modernization of key systems such as electrification, control system and door operator unit Full replacement / major modernization Full replacement or major modernization of the complete elevator system Frequency As needed Multiple packages during the lifetime of equipment One-time occurrence Modernization improves the safety, accesibility, user experience, reliability, energy efficiency and transportation capacity of the equipment 20

21 Modernization A large part of the E&E equipment in operation in the mature service markets are over 20 years old, providing significant modernization potential ~5.3M ~1.0M Over 50% >3.0M Over 50% Total US installed base Of which at least 20 years old Total European installed base Of which at least 20 years old Total China installed base ~0.15M Of which at least 20 years old 21 Based on KONE 2014 estimate

22 Global growth industry Life-cycle business Global leader with wide geographic coverage Capital-light business model with high returns Continuous development of our competitiveness Appendix 22

23 We have focused on increasing market share in growth markets New equipment Maintenance business Market growth, CAGR KONE s position Market growth, CAGR KONE s position ~5% North America #4 #4 <1% North America #4 #4 ~1% EMEA #3 #2 ~2% EMEA #4 #3/4 ~20% ~13% China China market share Rest of APAC* #4 #1 ~10% 19% #1 #1 ~21% ~9% China #4 Rest of APAC* #3 shared #1 shared #2 Global new equipment market share ~12% 19% Market position #4 #4 23 * Rest of APAC excluding Japan & Korea

24 The share of Asia Pacific and new equipment of total sales has grown significantly KONE s sales by business KONE s sales by region MEUR MEUR New equipment Modernization Maintenance 6,277 6,933 7,334 EMEA Americas Asia-Pacific 6,277 6,933 7,334 4,744 4,987 5,225 55% 4,744 4,987 5,225 44% 47% 13% 62% 15% 19% 34% 32% 21% 17% 41% GiantKONE consolidated from December 2011 onwards.

25 EMEA EMEA has the largest installed base globally, Europe being a key service market E&E market in Europe, Middle East and Africa (2014, units) 45% 15% A mix of more mature markets and developing regions; Europe the largest market in the area Residential is the largest market segment Rapidly aging elevator base in Europe provides structural growth potential in modernization 25 % % of all E&E equipment in operation globally * of all new equipment orders globally * KONE s sales in 2014 EUR 3,205 million (44%) Revenue mix is more weighted towards services (maintenance and modernization) Largest sales contributors include France, Germany, UK, Sweden, Italy, Finland and the Netherlands Also present in the Middle East and Turkey * Figures based on KONE s estimate. KONE in EMEA

26 North America North America is also a key service market and is seeing good growth in new equipment E&E market in Americas (2014, units) In North America, non-residential segments comprise the majority of market volumes 9% 3% 4% 2% Rapidly aging elevator base provides structural growth potential in modernization KONE in North America KONE s sales in 2014 EUR 1,101 million (15%) Revenue mix is more weighted towards services (maintenance and modernization) United States is the largest sales contributor in the region (over 10% of KONE s total global sales) KONE has operations in United States, Canada and Mexico No own operations in South America % of all E&E equipment in operation globally* 26 % of all new equipment orders globally* * Figures based on KONE s estimate figures will be released in conjunction with the Q1 result

27 Asia-Pacific The majority of new equipment volumes globally are in Asia-Pacific E&E market in Asia-Pacific (2014, units) 27 % % China 26% 7% 69% 8% Rest of Asia Pacific 9% 3% Japan and South Korea of all E&E equipment in operation globally* of all new equipment orders globally* A mix of developing and more mature markets China is the largest new equipment market globally and India the second largest Residential is the largest segment KONE in Asia-Pacific KONE s sales in 2014 EUR 3,029 million (41%) Largest sales contributors China (over 30% of KONE s total global sales), Australia and India Sales weighted towards new equipment in most markets and particularly in China KONE is market leader in the new equipment market in China and India No own operations in Japan and South Korea * Figures based on KONE s estimate.

28 China KONE is the market leader in China with ~19% market share in new equipment in 2014 New equipment orders received (units) vs. market growth >40 % KONE maintenance base vs. total installed base growth >35% ~20 % >15 % ~10 % KONE Market ~20% ~25% ~10% KONE Market Note: The KONE figure includes GiantKONE from December 2011 onwards. Market growth based on KONE s estimate Note: CAGR including KONE and GiantKONE New equipment business accounts for over 90% of our China sales 2014: China share of total sales exceeded 30%, share of total orders receveid ~40% We continue to target faster than market growth in our new equipment business Maintenance accounts for less than 10% of our China sales today We see clear growth potential in the service business in China and focus on growing this business further Conversion rate of 50%, providing a good basis for growth 28

29 China We continue to develop our business in China Focus areas Future objectives Expanding product portfolio KONE focused on higher mid-end segment Broadly competitive offering for all segments Continued close cooperation between local team and global R&D to further develop competitiveness Expanding geographical coverage Geographical coverage concentrated in larger cities Approx. 500 locations Ensure presence in all attractive growth regions and ensure alignment of resourcing with local market situation Active talent management Target to attract the best talent and retain key people Improved retention rate and employee satisfaction Develop and promote internal talent; Attract external talent to support fast growth Two-brand strategy GiantKONE JV established Clearly differentiated role for each brand; two brands a clear competitive asset Dual brand strategy to strengthen competitiveness further Building a leading maintenance business Small maintenance base; target to achieve fast growth maintenance base CAGR over 35% Further expand the maintenance network, focus on conversions 29

30 Global growth industry Life-cycle business Global leader with wide geographic coverage Capital-light business model with high returns Continuous development of our competitiveness Appendix 30

31 KONE s business model is flexible and capital-light, yielding a high return on capital Global position in a lifecycle business High cash flow generation Enables us to catch growth opportunities in all regions and businesses as they arise Negative working capital, low capital intensity Flexible cost structure Low amount of fixed costs, subcontracting used for example in installation High return on capital Absolute EBIT growth combined with low investment requirements generate a high return 31

32 We have maintained our strong cash flow and negative working capital High operative cash flow generation Negative working capital MEUR 1,500 1,250 MEUR 0 1, , Q Q m rolling quarterly cash flow from operations (before financing items and taxes) 32 Inventories advance payments Other WC items

33 Our absolute EBIT has continued to grow faster than sales Improvement in both absolute EBIT and EBIT margin 12 months quarterly rolling absolute EBIT & margin progression, Q2/2009-Q4/2014 EBIT EBIT-% MEUR 1,100 16% 1, % % % % Q2/2009 Q2/2010 Q2/2011 Q2/2012 Q2/2013 Q2/ Note: Excluding one-time items.

34 We benefit from operational and financial flexibility Flexibility built into our new equipment business model Service Sourcing & manufacturing Installation High share of outsourcing to component suppliers Low investment requirements in manufacturing/assembly Subcontracting used in installation Service less prone to cyclicality Own technicians used in service Admin Further centralization opportunities in back-office activities 34

35 We have a strong balance sheet and a business model enabling a high return on capital Total equity and net debt Return on capital employed MEUR Total equity Net debt % ,036 1,339 1,601 2,034 1,834 1,725 2,

36 We have continued to be active in acquisitions, while capex has remained relatively low Capital expenditure and depreciation Acquisitions MEUR MEUR Capital expenditure excluding acquisitions Amortization of acquisition-related intangible assets Depreciation (Nr of acquisitions) Most acquisitions are small or medium-sized maintenance companies 17

37 KONE has paid a steadily increasing dividend EUR 1.2 Split-adjusted dividend per class B share, CAGR +15% Note: Includes the basic dividend. Adjusted for share splits in 1999 (1:3), 2002 (1:3), 2005 (1:2), 2008 (1:2) and 2013 (1:2). 1 EUR= 5.9 FIM; not adjusted to constant exchange rate. Additional extraordinary dividends: for 2009, a double dividend was paid; for 2011, an extraordinary dividend of EUR 0.75 was paid and for 2012 an extraordinary dividend of EUR 0.65 was paid. 37

38 Our long-term financial targets are intact Long-term financial targets Financial focus areas Growth Faster than market Market position and pricing Profitability EBIT margin of 16% Absolute EBIT growth over the long-term Cash flow Improved working capital rotation Receivable and inventory rotation 38

39 Global growth industry Life-cycle business Global leader with wide geographic coverage Capital-light business model with high returns Continuous development of our competitiveness Appendix 39

40 Our priorities in mature markets: opportunities from economic recovery in North America, pent-up demand in Europe EUROPE Increase growth in maintenance Accelerate growth of modernization business NORTH AMERICA Grow market share in all businesses Continue improving execution 40

41 Our priorities in APAC, Middle East and Africa: seize the service opportunity and tap continued new equipment demand ASIA-PACIFIC Grow our maintenance business profitably Continue faster than market growth in new equipment THE MIDDLE EAST AND AFRICA Capitalize on new equipment market activity in the Middle East Gradually expand presence in emerging African markets 41

42 We develop our competitiveness systematically 42

43 We measure our performance each year through five strategic targets Most loyal customers Great place to work Faster than market growth Best financial development Leader in sustainability Positive development in

44 Our current development programs strengthen our capabilities to differentiate First in Customer Loyalty Strengthen our customer service and communication for increased loyalty A Winning Team of True Professionals The Most Competitive People Flow Solutions Preferred Maintenance Partner Top Modernization Provider Focus on attracting top talent and helping all employees perform at their best Further develop the competitiveness of our products and improve quality and productivity Further strengthen our services to better respond to our customer needs Accelerate the development of our modernization offering and processes 44

45 The Development Programs have supported our continuous renewal Increasing differentiation Process alignment Development of culture Common vision Agility and speed Customer Focus Customer Focus Customer Experience First in Customer Loyalty Product and Service Excellence Operational Excellence Sourcing People Flow Solutions Operational Excellence Environmental Excellence Employee Engagement Innovative Solutions for People Flow Service Leadership A Winning Team of True Professionals The Most Competitive People Flow Solutions Preferred Maintenance Partner Focus in Asia People Leadership Delivery Chain Excellence Top Modernization Provider 45

46 Our aim is to deliver the best People Flow experience The best People Flow experience Development programs turn our strategy into reality Strategic targets measure our progress as a company Industry megatrends provide a healthy and long-term business foundation 46

47 Global growth industry Life-cycle business Global leader with wide geographic coverage Capital-light business model Continuous development of our competitiveness Appendix 47

48 Market outlook 2015 (specified) New equipment markets Asia-Pacific: the market is expected to slightly decline in 2015, due to a slight decline in China. Europe, Middle East and Africa: the market is expected to grow slightly. In Central and North Europe, the market is expected to grow slightly, and the market in South Europe to continue to gradually recover. In the Middle East, the market is expected to see some growth. North America: the market is expected to continue to grow. Maintenance markets The maintenance markets are expected to develop rather well in most countries. Modernization markets The modernization market is expected to remain rather stable in Europe, but to continue to grow in North America and Asia-Pacific. This is expected to result in a rather stable or slightly growing market globally. 48

49 Business outlook 2015 (specified) Sales KONE s net sales is estimated to grow by 6 8% at comparable exchange rates as compared to Operating income The operating income (EBIT) is expected to be in the range of EUR 1,200 1,250 million, assuming that translation exchange rates would remain at approximately the average level of January September

50 Share and shareholder information* Share information KONE has two classes of shares, A and B, of which class B shares are publicly traded. Trading code KNEBV ISIN code FI Trading platform: OMX Helsinki Stock Exchange Each class A share has one vote at the shareholders General Meeting. Ten class B shares have one vote, however all shareholders have at least one vote. In 2014, the average daily turnover of KONE shares was 945,356.** 7% Shareholder information Class A shares, % Class B shares, % 93% 2% 5% 14% 24% 51% Companies Non-Finnish shareholders Financial institutions and insurance companies Individuals Non-profit organizations Public institutions *Data as of 31 Dec 2014 ** Including only Nasdaq OMX Helsinki Stock Exchange 50

51 KONE has become a leading player in the elevator and escalator industry through acquisitions and divestments Personnel : Breakthrough to international markets with the acquisition of Swedish ASEA s elevator business. KONE becomes market leader in the Nordic countries. Other acquisitions rapidly follow in Central and South Europe. 1967: KONE is listed on the Helsinki Stock Exchange. 1975: KONE acquires Westinghouse s European elevator business, establishing itself as a major European player in the industry. 1979: Entry into the Asia-Pacific market through acquisition of Marryat & Scott : KONE divests other businesses and focuses on the elevator and escalator business. 1989: Acquisition of Starlift in the Netherlands : Three acquisitions in Italy. 1996: Acquisition of full ownership of escalator JV O&K Rolltreppen. 1994: Acquisition of Montgomery Elevator Company in the United States. 2011: KONE becomes majority shareholder in its Chinese JV Giant KONE and a number two player on the Chinese market. 1998: Opens a factory in China, and establishes strategic alliance with Toshiba Elevator and Building Systems Corporation. 2005: Demerger into KONE and Cargotec. KONE defines People Flow as its focus : KONE is established in Finland. 1983: JV with Best & Crompton in India. 1991: Acquisition of EPL Pty in Australia. 2002: Acquisition of conglomerate Partek

52 KONE s key figures Orders received MEUR 6,813 6,151 5,496 4,465 3,809 3,432 Sales MEUR 7,334 6,933 6,277 5,225 4,987 4,744 EBIT excl. one-time items MEUR 1, Cash flow from operations 1) MEUR 1,345 1,213 1, Net working capital 2) 3) MEUR Fixed assets 2) MEUR Total equity 2) MEUR 2,062 1,725 1,834 2,034 1,601 1,339 Net debt 2) MEUR ROCE % Basic EPS EUR ( ( Basic dividend per B share 5) EUR Figures for 2012 have been restated according to the revised IAS 19 `Employee Benefits. 1) Cash flow from operations before financing items and taxes. 2) At the end of the period. 3) Including tax receivables and liabilities, accrued interest and derivative items. 4) Excluding one-time items. Including one-time items, basic earnings per share was EUR 1.17 in 2012 and EUR 1.26 in ) In addition, KONE has distributed extraordinary dividends, EUR 0.33 for 2009, EUR 0.75 for 2011 and EUR 0.65 for

53 Main components of an elevator Elevator with machine room Machine-roomless elevator Machinery Suspension ropes Machinery Car and car door Car and car door Guide rails Landing door Suspension ropes Landing door Counterweight Guide rails Counterweight 53 Buffers Buffers In a machine-roomless elevator the machinery together with other hoisting mechanics is located inside the elevator shaft

54 Your daily Investor Relations contacts Katri Saarenheimo Director, Investor Relations Tel (0) Outi Helenius Investor Relations Manager Tel (0) Mikko Pohjala Investor Relations Specialist Tel (0) More information on our IR website Heidi Nurmi Investor Relations Coordinator Tel (0) Download the KONE IR App from the Apple App Store 54

55 55

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