Communication sur les marchés financiers

La confiance que la communauté financière accorde au modèle d’affaires et à la direction d’une entreprise joue un rôle décisif dans la levée de capitaux propres et de fonds de tiers, ainsi que dans le montant des coûts de finance-ment. C’est pourquoi la communication sur les marchés financiers, au sens du positionnement de la société et du dialogue avec les investisseurs, est une discipline qui va bien au-delà de la diffusion de communiqués de presse et de la rédaction de rapports annuels. L’équipe de Dynamics Group chargée des marchés financiers réunit des spé-cialistes qui connaissent et maîtrisent toutes les facettes de cette mission exigeante. Que ce soit parce qu’ils ont été responsables des relations avec les investisseurs (IR) pour de petites et moyennes entreprises cotées en bourse, qu’ils s’appuient sur une longue expérience de l’accompagnement de transactions de tout type sur les marchés financiers et/ou qu’ils disposent d’un savoir-faire approfondi en matière d’analyse financière et stratégique.

Notre offre

Gestion des relations avec les investisseursAudits IR, profils d’actionnaires, roadshows pour les investisseurs, conférences pour les investisseurs et les analystes, cockpit IR, service IR.

Outils IRManuels de l’investisseur, rapports annuels, présen-tations, sites Internet IR, publipostages, assemblées générales.

PositionnementElaboration et vérification de l’equity story, établisse-ment de la stratégie de communication sur les mar-chés financiers, gestion des attentes, gestion des flux d’informations.

Accompagnement de situations extraordinairesGestion de situations de crise, plans d’urgence en cas de fuite, stratégies de prise de contrôle.

Rue des Caroubiers 21 CH-1227 Carouge/GET +41 22 308 62 20

Zeughausgasse 22CH-3011 BerneT +41 31 312 28 41

Utoquai 43CH-8024 ZurichT +41 43 268 32 32

Dynamics Group SA www.dynamicsgroup.chcontact@dynamicsgroup.ch

Rue des Caroubiers 21 CH-1227 Carouge/GET +41 22 308 62 20

Zeughausgasse 22CH-3011 BerneT +41 31 312 28 41

Utoquai 43CH-8024 ZurichT +41 43 268 32 32

Dynamics Group SA www.dynamicsgroup.chcontact@dynamicsgroup.ch

Exemple Site Internet IRExemple Manuel IR Exemple Cockpit IR

Cicor | Investor Handbook March 2011

14

3.1 Electronics market is attractive for a niche player such as Cicor

Cicor is a technology group that retains vast potential in the highly fragmented electronics industry. The Group is differenti-ated by technological competencies and operates under the sub-brands Cicor Printed Circuit Boards, Cicor Microelectronics and Cicor Electronic Solutions, which provide complete outsourcing services and a broad range of technologies for the production of highly complex PCBs, hybrids and electronic modules. These markets are estimated at more than USD 400 billion in size and therefore offer good opportunities for an established niche player such as Cicor. The Group is organized into four divisions: Printed Circuit Boards (PCB), Microelectronics (ME), Electronic Solutions (ES) and Asia.

3.2 Well positioned in promising technologies

Cicor provides leading technologies, and some of its subsidiaries are market leaders. The Group acts globally, producing under favorable conditions at a collection of high-tech production facilities in Switzerland, Germany, and Singapore as well as manu-facturing facilities in low-cost countries, including Romania, Indonesia, and Vietnam. In 2010, Asia Division was formed in order to penetrate the Asian market more profoundly and to offer the entire Group competencies on a single platform. Furthermore, the increase in activities in North America will further strengthen the already well-diversified portfolio which is balanced among regions and customer segments.

Cicor Printed Circuit Boards supplies highly complex printed circuit boards as prototypes or in small, medium and large series and is known for comprehensive expertise in multilayer boards, high-density interconnects, flex and rigid-flex substrates, and reel-to-reel technology. PCBs are used to control and manage high-end electronic products including hearing aids, pacemak-ers, watches and numerous electronic applications in the industry. Cicor Mircoelectronics provides sophisticated substrates including rigid and flexible thinfilm substrates, ceramic thick film substrates, assembly, packaging and testing. Cicor Electronic Solutions is a full-service provider offering a wide range of production options for PCB assembly, system assembly, box-building and cable assembly and offers also facilities for precision plastic injection moulding and tool making.

Figure 6: Cicor Business Model

3 Summary of Cicor’s strategic themes and the ‘equity story’

CustomersCustomers

CommunicationMedical

IndustrialAerospace & Defence

Automotive & TransportWatches & Consumer

Testing

Technology Manufacturing

Global SCM Assembly

Engineering ServicesEngineering Services

CicorMicro-

electronics

CicorCicorCicorCicorElectronic SolutionsElectronic SolutionsElectronic SolutionsElectronic Solutions

CicorPrinted Circuit

Boards

13.05.2014 PSP Q1 2014 Earning Release15.05.2014 Züblin FY 2013/14 Earning Release15.05.2013 SPS Q1 2014 Earning Release21.05.2013 Warteck AGM17.06.2014 Züblin AGM01.08.2014 Warteck H1 2014 Earning Release07.08.2014 Mobimo H1 2014 Earning Release19.08.2014 PSP H1 2014 Earning Release28.08.2014 Allreal H1 2014 Earning Release27.08.2014 SPS H1 2014 Earning Release29.08.2014 Intershop H1 2014 Earning Release14.11.2014 PSP Q3 2014 Earning Release26.02.2015 Allreal FY 2014 Earning Release03.03.2015 Intershop FY 2014 Earning Release01.04.2015 Intershop AGM01.04.2015 PSP AGM14.04.2015 SPS AGMSource: Bloomberg

Net income from revaluation Income from realisation Projects & DevelopmentProfit from sales of trading properties Income from sales developmentEBITDA Earnings from revaluationEBIT EBITDAProfit EBIT

Net Profit

Retail trade turnover Net changes in fair valueOperating income Total operating incomeRevaluation Operating profit before financial expensesEBITDA Operating profit before taxesEBIT Net incomeProfit

Profit from sale of trading properties Net operating incomeTotal operating income Result from sales of investment propertiesRevaluation RevaluationEBIT EBITNet income Net income

Rental incomeSPS

Net Rental IncomeMobimo

8.4 -42.5-15.0 -89.4

17.4 44.210.0 4.3

-14.0 -81.181.9 82.157.4 55.9

0.6 0.899.2 95.62.5 6.5

Intershop FY/2013 FY/2012Net rental income 77.7 73.7

338.9 467.5271.0 368.6

557.3 536.2530.6 519.1343.9 316.3

Züblin H1/2013 FY/2012Net rental income 23.0 55.0

764.7 591.7186.7 187.3

FY/2013 FY/2012420.1 407.4

98.0121.8

426.4 561.0369.9 504.8

PSP FY/2013 FY/2012Rental income 279.1 272.8

128.1

620.6 522.4293.9 161.9

8.1 -8.2

156.2 159 266.9

25.231.6

120.9119.481.6 75.9

117.2118.521.736.9

195.6 164.8192.8 162.3

IR Cockpit - April 2014

NEWS AND DEVELOPMENTSSECTOR NEWS EVENT CALENDAR

Date Company Name Event DescriptionSPS shareholders have approved a dividend of CHF 3.60 per share at its AGM. As part of Züblin's portfolio restructuring activities, the company would concentrate it's portfolio in Germany and France, while planning to sell its Swiss properties. Accordingly, it will propose an early redemption to the bondholders of the 4% bond maturing on 20 July 2015. The company is also anticipating a consolidated loss of CHF 65 million for FY 2013/14 with a NAV per share amounting to CHF 3.01. Züblin Immobilière's consolidated sales for FY 2013/14 stood at EUR 10mn, representing a decrease of 32.8%. The company also witnessed a drop of 17% in gross rental income to EUR 7.8mn, mainly on account of disposal of the Suresnes and Danica buildings.

SWISS BOND INDEX DOMESTIC SWAP SPREAD (12 months) SWISS BOND INDEX DOMESTIC SWAP SPREAD (3 years)

FY/201378.9 79.8

Allreal FY/2013 FY/2012Income from renting investment real estate 148.5 142.1

FY/2012

INCOME STATEMENTS PEER COMPARISON

130

170

05.12 09.12 01.13 05.13 09.13 01.14

bps

A SWAP Spread BBB SWAP Spread

50

100

150

05.13

bps

AA SWAP Spread BBB SWAP Spread