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page 1
Berlin | June 30, 2010
Annual Meeting
MBB Industries AG | Berlin
page 2
AGENDA
Overview
■
■
■
■
Business Development
Share Price Development
■
Outlook
Financials
page 3
MBB – 30% yield with medium-sized industrial holding s
OVERVIEW
■ MBB purchases and develops medium-sized industrial companies since 1995
■ MBB stands for Messerschmitt-Bölkow-Blohm
■ MBB is independent and continues to invest in difficult economic environment
■ The founding shareholders hold 71% of the share capital and form the managing board
■ On average, yield on invested capital for 1995-2009 is greater than 30% per year
■ Six holdings with a strong market position and revenues of €120m
■ With a capital ratio of 55% and net cash of €12m
■ Since 2006 MBB is listed on the stock market with a current market capitalisation in the prime standard of €53m
■ Resources for acquisition of €30m plus unused credit lines
page 4
MBB continue to generate stable results in 2009 and 2010ÜBERBLICK
2009
■ Sale of Reimelt Henschel Holding in June 2009
■ Group revenues declines to €116.6m, due to the sale and economic crisis
■ MBB Industries AG (Holding) with a record result of €18.7m
■ Hanke invests more than €5m
■ Delignit forfeits approx. 40% of revenues compared to the previous year
■ MBB review appr. 100 acquisitions, perform 6 audits and …
2010
■ …acquire CT Formpolster GmbH from Continental with effect of January 1, 2010
■ Revenues Q1/2010 declines on €29.8m; eps double to 13 Cent compared to Q1/2009
■ Share price of MBB rise by 34% in 2010
■ Dividends double to 50 Cent per share; dividend yield by more than 6%
■ Dr. Philipp Schmiedel-Blumenthal left the managing board with effect from July 1, 2010
■ Forecast 2010: €120m with a result slightly above previous year
page 5
AGENDA
Overview
■
■
■
■
Business Development
Share Price Development
■
Outlook
Financials
page 6
MBB is a preferred investor in medium-sized industr ial companiesMBB INVESTOR PROFILE
■ Structures, experience and methods typical of the German “Mittelstand”
■ Owner managed and therefore independent of funds and banks
■ Company purchases effected with own funds
■ Entrepreneurial management rather than financial investment
■ Value-driven business development instead of fast exits
■ Responsible treatment of facilities and employees
■ An experienced transaction team that functions without substantial influenced from external advisers
■ Speed and efficiency during the due diligence process
■ Expertise covers a variety of sectors; positive track record from 15-year company history
■ Constant availability of decision makers; minimal hierarchy leads to rapid decision making
■ International experience with sites in Eastern Europe, Asia as well as North and South America
MBB stands for… As a potential buyer, we offer…
page 7
MBB selection criteria
We are actively searching for medium-sized industri al companies ...MBB MARKET SEGMENT
abov
e €
500m
abov
e €5
00m
abov
e €1
0m
Turnover per company
Growth, exceptional situations,
etc.
Medium-sized industrial companies with positive
earnings history
MBB Industries AG
Large private equity funds
Medium private equity funds
and holdings
Medium-sized companies, small holdings, others
* According to German Federal Bureau of Statistics, approx. 60,000 companies in Germany
■ Value growth:Goal Ø IRR > 30%
■ Profit potential: EBITDA > 10%
■ Niche market player Turnover > €10m
■ Majority holding > 75%
page 8
... to be supported and challenged by MBB
MANAGEMENT OF HOLDINGS
� Realisation of optimisationpotential
� Improving the structure of financing
� Implementation of strategic value enhancement concept
Peo
ple
Mea
sure
s
� Members of the managing board of MBB send to the board of directors
� MBB manager acting as mentor for the portfolio company
� Management of the portfolio company in individual cases with capital shares
� Implement value growth
� Organic growth
� Stimulate growth through buy & build
� Create strong competitive position
� Use synergies with existing holdings
Project team Operational management
� MBB Managing Board
� MBB Corporate Finance
Investment controlling
� Business controlling (BUC):Monthly budget check and forecast
� Project controlling (PUC):Monitoring of the implementation of measures
■
■
� MBB Team
� Normally plus external
resources
� Daily Controlling (DAC):Daily reporting of vital business data
� Management reports (RAP):Half-yearly presentation for the MBB-Team
page 9
Delignit - gross margin is lower as planned
DELIGNIT STATUS QUO
Gross marginIncreased prices
for raw materials in Romania
Shift of projects with high
marginson the customer side
Intenseprice competition
on commodity-markets
Higher energy demand due to the strong
winter
reduces
reduces
reduces
reduces
■ Performance on target
■ Negative results
Status YTD
page 10
MBB focuses on sustainable development –DTS Systeme “taking the leap into the IT-Euro-League ”DTS SYSTEME INVESTING IN PEOPLE AND TECHNOLOGY
page 11
2009
■ Investment of €3.5m in logistics centre
■ High bay warehouse for 2,800 pallets
■ Investment of €1.5m in paper machine
2010
■ Investment of €1.0m in Printed-Napkin-Line
■ New energy supply
■ Investment of €0.6m in Unicolor-Line
Measures
MBB companies invest strategically –even in difficult timesHANKE INVESTMENTS 2009/2010
page 12
CT FORMPOLSTER; FACTS & FIGURES
CT Formpolster as extension of OBO-activities – a regional market leader with a constant business
Facts Figures
ContiTech Formpolster GmbH is a former subsidiary of the Continental AG; the business of CT Formpolster is no longer a core activity of the Continental group. CT Formpolster produces polyether foams with a variety of technical attributes. Its customers are based in the automotive industry, furniture industry and caravan industry. The focus is on producing mattress.
■ Acquisition with effect from January 1, 2010
■ MBB-shares 100%
■ 90 Employees
■ Property in Löhne and rented sites in Worms and Mülheim
■ Managing director, age 44, bear responsibility for 10 years
■ Revenues 2009 approx. €23.9m
■ Pension provisions €3.4m
■ No liabilities to banks
■ Consideration transferred by MBB approx. €0.35m
■ Target 2010 Revenues €25m
page 13
■
Positive trend of revenues and result in 2010
Delignit
OVERVIEW OF PORTFOLIO COMPANIES
■ Sustainable industrial material
■ Dependent on automotive industry
■ Increase in efficiency is necessary
■ Hanke
■ Everyday requisite tissue -products
■ Market leader in Poland and Ukraine
■ Cost leader in Eastern Europe
■ Huchtemeier■ Paper-trading
■ Price attractive product range
■ OBO■ Dependent on automotive indistry
■ Dependent on US$ and British £
■ DTS
■ TÜV-certified data-center
■ Specialised on cloud-computing
■ Dependent on people and investments
24.3
17.1
15.0
6.2
19.8
Company Revenue 09 Details
Development 2010e
Revenue Result
■ CT Formpolster
■ Dependent on raw material prices
■ Capacity reserves
■ Optimization and synergy OBO23.9
page 14
AGENDA
Overview
■
■
■
■
Business Development
Share Price Development
■
Outlook
Financials
page 15
2007(IFRS)
2008(IFRS)
113,64880.6 %
21,26218.7 %
14,36812.6 %
12,81811.3 %
13,629
2.07218.5 %
199,34675.4 %
19,5449.8 %
14,4427.2 %
11,7935.9 %
8,029
1.22-41.1 %
2005(HGB)
2006(IFRS)
MBB for the first time without growth since IPO, bu t …COMPARISON FROM 2005 TO 2009 IN €k
*
Revenues 36,858 62,915Variation 24.3 % 70.7 %
EBITDA 6,074 10,623EBITDA margin 16.5 % 16.9 %
EBIT 3,835 7,089EBIT margin 10.4 % 11.3 %
EBT 2,387 5,725EBT margin 6.5 % 9.1 %
Net profit for the year 1,749 4,258
EPS 0.27 0.65Variation 140.7 %
2009(IFRS)
116,581-41.5 %
9,9688.6 %
5,4094.6 %
3,8643.3 %
3,546
0.54-55.8 %
page 16
… accompanied by a rise in capital ratio and liquid funds ...
COMPARISON OF GROUP RESULTS FROM 2007 TO 2009 IN €k
31.12.2008
25,085
-981
38.8%
54,265
139,885
31.12.2007
26,946
787
38.3%
50,501
131,918
Liquid funds
Net financial assets
Capital ratio
Equity
Total assets
31.12.2009
35,314
10,725
54.5%
55,586
101,939
Change2008 to 2009
- 27.1%
+ 2.4%
+ 40.5%
+ 40.8%
page 17
... Cash was repatriated in 2009.DEVELOPMENT OF LIQUID FUNDS OF MBB GROUP IN €m
Development of liquid funds from 2006 to 2009 Development Net Cash 2009
14.0
12.99.2
14.5
10.6
3.0
32.3
1.310.5∑
26.9∑
25.1∑
35.3∑Portfolio
Holding
2006 2007 2008 2009 Holding Portfolio Group
-16.7
+27.4
10.7
page 18
MBB 2
Huchtemeier15
MBB4
DTS 82
Hanke232
OBO38
Delignit751
Number of employees decreases due to the sale of Re imeltHenschel and adjustment of capacity by Delignit, Han ke hires staffSTATUS AND DEVELOPMENT OF EMPLOYEES IN 2009
-150
Del
igni
t
Changes 2008 to 2009Balance sheet date
Allocation by subgroups
EmployeesBalance sheet date
Dev
elop
men
tS
tatu
s
Huc
htem
eier
0
Poland232
Romania561
Germany329
Allocation by region
MB
B
+1
2008
1,243
584 Reimelt Henschel
2009
1,122 +28H
anke
OB
O
-3
DT
S
+3-121
1.827∑
page 19
2007 2008 2009 2006
MBB doubles dividendsMBB INDUSTRIES AG IN €k 2006 to 2009 HGB
2,417
2,114
32,190
25,688
79.8 %
6,186
10,599
1,650
0.25
23,769
18,654
48,583
42,692
88.0 %
3,873
32,270
3,300
0.50
Operating Output 2,013 2,361
Profit for the year 1,218 2,072
Total assets 26,037 31,876
Equity 23,812 25,224
Capital ratio 91.5 % 79.1 %
Bank debts 0 5,228
Liquidity 9,228 12,850
Dividend 660 1,650
in € per share 0.10 0.25
page 20
AGENDA
Overview
■
■
■
■
Business Development
Share Price Development
■
Outlook
Financials
page 21
More than 34% rise in share price since beginning of year 2010 – Stock analysts recommend „buy“ and expect a share price of €11SHARE PRICE DEVELOPMENT (01.01.2010 – 28.06.2010) AND MEASURES
■ No own shares purchased by MBB Industries AG since stock market listing in 2006
■ Current market capitalisation €52.8m
■ Dividend yield 2009: 6.3%
■ Management holds approx. 75% of MBB's 6,600,000 shares
■ Since 1.1.2010 part of DAXplus-Family-Index
■ Analyst Study by Close Brothers Seydlerfrom Mai 2010 recommends Buy and expects 11.00 Euro
Points of interest MBB stockShare price development since 01.01.2010
+ 9.6%MDAX
+ 34.2%MBB Industries
+ 3.0%PXAP
+ 3.0%GEX
+ 12.2%SDAX
page 22
AGENDA
Overview
■
■
■
■
Business Development
Share Price Development
■
Outlook
Financials
page 23
Comparision2009 to 2010
Q12009
Q12010
Q12008
Revenues decrease in Q1/2010, but profit has double d compared to the previous year COMPARISON FIRST QUARTER 2008 TILL 2010 IN THOUSAND EUROS
EPS
Profit
EBT margin
EBT
EBIT margin
EBIT
EBITDA margin
EBITDA
Operating Output
Revenue
0.19
1,222
4.3%
1907
5.3%
2,379
8.7%
3,900
45,246
44,754
0.13
843
2.1%
612
3.1%
935
6.8%
2,038
31,118
29,757
0.06
397
1.5%
638
2.6%
1,094
5.5%
2,313
46,411
42,290
- 15%
- 4%
- 12%
- 30%
+ 112%
- 33%
page 24
■ Are we at the beginning of a new boom as in 2004?
■ And if so, how long will it take?
IFO trade cycle till June 2010
Ifo-Index creates hope – we stay cautious and keep a n eye on fundamental dataIFO Trade Cycle
page 25
■ Management has years of successful commercial team experience
■ Profitable and proven business model
■ Diversified niche market player portfolio with value growth potential
■ Solid financial situation and available cash
■ Economic situation created very strong increase in attractive purchasing opportunities
Strengths and Opportunities
Revenues of €300m and eps €3 by AcquisitionsMBB OUTLOOK AND STRENGTHS
Revenue in €m EPS in Euro for 6.6m shares
2009
MBB Forecast
2005
Actual
2006
Actual
2007
Actual
2008
Actual
37
0.27
114
2.070.65
63
199
1.22
117
300
3.00���� ����
2012
Target
2010e
120
0.54
Actual
>0.54
page 26
FINANCIAL CALENDAR
■ Annual Meeting 2010 June 30, 2010
■ Half Year Financial Report 2010 August 31, 2010
■ Analysts Conference, EK-Forum November 22 - 24, 2010(MBB: 22.11 / 15:00 / Room Madrid)
■ Quarterly Financial Report Q3/2010 November 21, 2010
page 27
CONTAKT
Anne-Katrin AltmannMBB Industries AGJoachimstaler Straße 34D-10719 BerlinTel: 030-844 15 330Fax: 030-844 15 333Mail: anfrage@mbbindustries.comWeb: www.mbbindustries.com
■ MBB
page 28
DISCLAIMER
■ The information contained in this presentation does not constitute an offer to sell or a solicitation to render an offer to buy or subscribe to sharesin MBB Industries AG. The statements contained herein are purely for the purpose of information.
German Law
The following information is intended exclusively for persons whose place of residence or place of business is in Germany. Access to the following information is only granted to such interested parties. The publication of this information in the Internet does not constitute an offer to persons whose place of residence or business is in another country, in particular, the United States of America, the United Kingdom of Great Britain and Northern Ireland, Canada, or Japan. Shares in MBB Industries AG are offered for sale or subscription exclusively in the Federal Republic of Germany.
The following information may only be distributed within other legal frameworks such that they comply with legal regulations in force therein; persons gaining possession of this information are required to familiarise themselves with the legal regulations in force there and to comply with them. All information is given without engagement.No Recommendation to Invest
The following information does not constitute a recommendation to invest. Future Forecasts
Any forecasts, appraisals, opinions or expectations expressed in the following information or any future predictions made therein may be linkedto known and unknown risks and uncertainties. Actual performance and developments may therefore deviate considerably from the expectations and suppositions expressed.Risk Investment
Shares in growth companies can display both great opportunities and, inevitably, associated risks. Shares in growth companies should thereforebe viewed in principle as a risk investment. It is not possible to exclude the loss of the investment. In general, this form of investment istherefore rather recommended for the purpose of diversification within a portfolio strategy.Confidentiality
The information contained in this presentation is strictly confidential. It is only intended for the persons to which the information is addressedand may not be disseminated without the prior permission of MBB Industries AG. In the event of any questions, please contact:
MBB Industries AGJoachimstaler Straße 34D-10719 BerlinWeb: www.mbbindustries.comTel: 030-844 15 330Fax: 030-844 15 333E-mail: anfrage@mbbindustries.com
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