CEVA Logistics AG - Q3 2018 Investor Presentation · 2020. 7. 8. · CEVA Logistics AG –Q4/FY...

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CEVA Logistics AG – Q4/FY 2018

CEVA Logistics AG – Investor CallFourth Quarter/Full Year 2018

27 February 2019

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Agenda

2

Highlights1

Q4/FY 2018 Financial Results3

Business Update2

Outlook4


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Highlights Full Year 2018

Revenue up 5.2% year on year

- FM growth +7.3%

- CL growth +3.3%

Net Debt down 43% to US$ 1,192 million as at 31 December 2018

Adjusted EBITDA of US$ 260 million down US$20 million year on year negatively

impacted by Italy CL (US$ 42 million) and changes in accounting estimates of

US$12 million, a total of US$54 million one-time events

EBITDA of US$ 198 million, a margin of 2.7%, impacted by the events mentioned

above

Progress on many strategic initiatives, incl. Excellence & cost-saving programs

Strong new business momentum as demonstrated by revenue growth

Change of Control-related refinancing well underway

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Highlights Fourth Quarter of 2018

Revenue up 0.7% year on year, or 6.6% in constant currency

- FM growth 3.4%, or 7.8% in constant currency, with good Ocean volumes

(+8.9%) and slight decrease in Air (-2.4%)

- CL growth -2%, or +5.4% in constant currency

Adjusted EBITDA down US$4 million in constant currency negatively impacted by

changes in accounting estimates reflecting a more conservative approach from

management

Broadening of CMA CGM partnership and Revised Medium-Term objectives

disclosed as per new business plan.

4


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CMA CGM Public Tender Offer

Public Tender Offer

- Announced in November 2018

- Prospectus published on 28.01.2019

- Initial acceptance Period February 12 to March 12

- Settlement expected mid-April

Acquisition of CMA CGM Log signed on 31 December 2018

- Closing expected mid-April subject to completion of the Public Tender Offer

Likely Change of Control has triggered need to refinance some of our existing debt,

well underway

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CMA CGM Log - a middle-size freight forwarding platform

Created in 2015, CMA CGM Log comprises all freight forwarding activities of CMA

CGM

Significant sea freight forwarding platform with 480k TEUs of which 170K controlled TEUs annually

2018E Revenues of ca. $630m and EBITDA of ca. $16m (2.5% EBITDA margin)

Global footprint with presence in 32 countries through directly-owned entities with a significant

presence in growing markets including China, India, Australia and USA

Well-balanced customer portfolio with over 15,000 customers

~1,200 employees

CMA CGM Log – high complementarity with CEVA current business

Acquisition of CMA CGM Log addresses CEVA’s needs to reach critical size and expand

its product offering in priority segments such as:

Sea-FCL and Sea-LCL freight forwarding

Air freight forwarding

Customs clearance

Carrier haulage

6

Acquisition of CMA CGM Log


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Business Development Momentum

7

Investments in Sales, including headcount increase planned for 2019, to

accelerate sustainable growth in strategic geographies and segments

Continued strong momentum across all business lines

New Business wins up 6% YTD with highest growth in Ocean and Contract

Logistics

Significant CL contracts (>US$ 10m) signed in Q4 with Consumer & Retail and

Industrial accounts as well as FM contracts within Healthcare, Industrial and

Consumer & Retail sectors

First opportunities of cross-selling with CMA CGM resulted in $22 million new

revenues, along with 200 additional new prospective customers


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Agenda

8

Highlights1


Business Update2

Outlook4


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Business line overview: Freight Management

9

* At constant FX1 Excluding specific items and share-based compensation

Key Figures (in US$ m unless otherwise stated)

2018 YoY %

Air tonnes (‘000) 477 -0.7%

Air NR/t (US$) 688 +6.0%*

Ocean TEUs (‘000) 787 +7.9%

Ocean NR/TEU (US$) 261 -7.4%*

Revenue 3,508 +7.1%*

EBITDA1 93 +27.4%*

EBITDA Margin 2.7% +50 bps*

2018 Highlights

Air

Air volumes slightly decreased 0.7% mainly from earlier loss of

certain customers (portfolio cleaning) and selective approach to

new business

Further productivity improvements resulting in a 7.3%

improvement in Files/Operator ratio during 2018

Ocean

Good volumes with significant growth out of India, Middle East,

China and Southeast Asia

Productivity gains through increased focus and standardization:

Files/Operator ratio improved by 6.4% in 2018

Ground

North America driver shortage resulting in approx. 17% rise YoY

in cost per mile for independent contractors and agents

Cost increase partly mitigated by price increases contributed to

a US$18 million adverse impact on EBITDA

Other FM

Improved performance in US VAS (almost US$ 7 million

improvement in EBITDA) – Close to break even.


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Quarterly Air and Ocean Volume and Yield Development

10

11.8 10.2

1.6

-1.3 -0.2-2.4

0 - 1%

Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 MarketQ4 18*

657 626772 711 656 626

Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18

2.86.9 8.5 8.3

6.38.9

3 - 4%

Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 MarketQ4 18*

282 266 285 274 262226

Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18

Yield: Net Revenue/t (US$)Air export volumes (t) quarterly growth (YoY, in %)

Yield: Net Revenue/TEU (US$)Ocean volumes (TEU) quarterly growth (YoY, in %)

Volumes (thousand t)

122.9 129.6 107.3 120.2 122.6 126.5

Volumes (thousand TEU)

192.4 189.1 181.6 194.9 204.5 205.6

* Company’s estimate


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Business line overview: Contract Logistics

11

Key Figures as reported (in US$ m)

2018 YoY %

Revenue 3,848 +3.9%*

EBITDA 105 -29.1%*

EBITDA Margin 2.7% -130 bps*

* At constant FX

2018 Highlights

• Further improved volumes in existing contracts and

implementation of new businesses, e.g., Consumer and

Retail, e-commerce, Healthcare and Automotive,

• Productivity across contracts and clusters continues to

improve. Double-digit productivity gains at focus contracts

compared to same quarter last year,

• Further improvement of low margin contracts* (110

contracts in total) over 50% already terminated, repriced or

improved

• Significantly improved results in North America and ANZ

transportation business as a result of pricing and

operational improvement initiatives

• Italy issues heavily impacting profitability (US$ 42 m)

• Changes in accounting estimates impacting Q4 (US$10 m)

* Selected at the beginning of the year


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Addressing issues in Italy

Two contracts with significant issues (incl. change of business scope, higher

operating costs)

A local partner company (cooperativa) went bankrupt.

The negative impact of these items is as follows:

12

EBITDA impacts (in US$ m) FY 2018

Provision for onerous contracts (26)

Trading losses and additional labour costs (12)

Provision for risk/ bankrupt partner (4)

Total * (42)

Solutions currently being implemented

* The trading losses and labour costs are cash costs, whilst the provisions are non-cash.


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Anji CEVA Business Performance

Revenues up 23.7% in FY 2018 in constant currency to US$1,432 million

- Automotive Division: Revenue up 22.1% in constant currency

- Non-Automotive Division gathering pace: significant new business activity

and strong pipeline. Non-Automotive diversification underway

FY 2018 EBITDA reached US$124 million(CEVA’s share of EBITDA US$62 million), a

margin of 8.7% ,

Includes a gain from a fixed asset disposal of US$28 million in FY 2018 (CEVA’s

share US$14 million).

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Agenda

14

Highlights1


Business Update2

Outlook4


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Key figures

Normalised EBITDA, excluding Contract Logistics Italy issues and change in

estimates was:

- US$ 252 million for FY 2018

- US$ 62 million for Q4 2018

15

Quarter ending31 December 2018 Q4 2018

(US$ million)

Delta (%/US$ million)

Revenue 1,908 +0.7%

EBITDA1 50 -12.3%

EBITDA Margin 2.6% -40 bps

Full Year ending31 December 2018 FY 2018

(US$ million)

Delta (%/US$ million)

Revenue 7,356 +5.2%

EBITDA1 198 -13.9%

EBITDA Margin 2.7% -60 bps

1 Before specific items and Share-Based Compensation (SBC)


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Normalised 2018 EBITDA

260

300

42

12

Normalised EBITDA

Italian CL losses

Reported

(14)

Change in Estimates

Anji asset sales

US$ million

198

252

42

12

Adjusted EBITDA FY 2018

EBITDA before SI and SBCFY 2018

16

2802017 230


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Group P&L

17

All figures above EBITDA are before specific items and SBC1

Strong revenue growth in both FM and CL vs. 2017, resulting in c. 5.2% growth in total revenue

EBITDA negatively impacted by isolated one off events in Italy causing c. US$ 42 million impact in FY 2018

Specific Items: higher due to IPO (+US$19 million) / SBC (+US$23 million) whilst restructuring cost much reduced (US$ -16 million)

Net Finance Expense still partly reflects pre IPO capital structure before the refinancing in August 2018 – also includes US$56 million IPO/ Refinancing one-time costs

Significant and continuously improving Anji CEVA contribution

FY 2018

(US$ million)

FY 2017

(US$ million)

Delta

(%/US$ million)

Revenue 7,356 6,994 +5.2%

Net Revenue 3,629 3,468 +4.6%

Operating Expenses (3,431) (3,238)

EBITDA before specific items & SBC1 198 230 -13.9%

EBITDA Margin 2.7% 3.3% -60bps

Specific items and SBC (77) (45) (32)

EBITDA 121 185 (64)

Depreciation & Amortization (124) (129) 5

Net Finance Expense (232) (258) 26

Net Result from joint venture 29 23 6

Tax (36) (18) (18)

Net Income (242) (197) (45)

Share in Anji-CEVA EBITDA 62 50 12

Adjusted EBITDA2 260 280 -7.1%

Comments

1 SBC: Share-Based Compensation 2 Adjusted EBITDA includes the Group’s share of EBITDA from the Anji-CEVA joint venture, and excludes specific items and SBC


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Results Freight Management

18

Quarter ending31 December 2018

Q4 2018 (US$ million)


Delta( %/US$ million)

Delta at constant FX

( %/US$ million)

Revenue 971 939 +3.4% +7.8%

Net Revenue 229 232 -1.3% +1.8%

Operating Expenses (200) (212) -5.7% -3.4%

EBITDA1 29 20 9 11

EBITDA Margin 3.0% 2.1% +90bps +100bps

Full Year ending31 December 2018

FY 2018 (US$ million)




( %/US$ million)

Revenue 3,508 3,270 +7.3% +7.1%

Net Revenue 908 875 +3.8% +3.4%

Operating Expenses (815) (799) +2.0% +1.2%

EBITDA1 93 76 17 20

EBITDA Margin 2.7% 2.3% +40bps +50bps



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Revenue of Air, Ocean and other FM – Q4 and Full Year 2018

19

Revenue of FM ProductsQuarter ending31 December 2018


YoY Growth( %)

YoY Growthat constant FX

( %)

Air 425 -0.9% +3.7%

Ocean 280 +12.9% +19.1%

Other FM 266 +1.5% +3.9%

Revenue of FM ProductsFull Year ending31 December 2018


YoY Growth( %)

YoY Growthat constant FX

( %)

Air 1,499 +8.3% +8.0%

Ocean 1,054 +9.6% +8.9%

Other FM 955 +3.4% +4.0%


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Results Contract Logistics

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( %/US$ million)

Revenue 937 956 -2.0% +5.4%

Net Revenue 679 665 +2.1% +7.9%

Operating Expenses (658) (628) +4.8% +10.8%

EBITDA1 21 37 -16 -14

EBITDA Margin 2.2% 3.9% -170bps -170bps






( %/US$ million)

Revenue 3,848 3,724 +3.3% +3.9%

Net Revenue 2,721 2,593 +4.9% +4.6%

Operating Expenses (2,616) (2,439) +7.3% +6.6%

EBITDA1 105 154 -49 -43

EBITDA Margin 2.7% 4.1% -140bps -130bps

Italy CL and changes in accounting estimates significantly impacting FY 2018 numbers.

Normalised EBITDA, excluding Italy issues and changes in accounting estimates was US$157 million for FY 2018.

Comments



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Results Anji-CEVA – not consolidated

21





( %/US$ million)

Revenue 363 264 +45.8%

EBITDA 25 28 -1

EBITDA Margin 6.9% 10.6% -350 bps

Net Income 14 21 -6

CEVA’s share of EBITDA 12 14 -1

Full Year ending31 December 2018 FY 2018

(US$ million)FY 2017

(US$ million)


( %/US$ million)

Revenue 1,432 1,134 +23.7%

EBITDA 124 101 22

EBITDA Margin 8.7% 8.9% -10 bps

Net Income 72 58 14

CEVA’s share of EBITDA 62 50 11

Strong revenue growth from existing contracts, new implementations and transfer of CEVA China CL business (July 2017)

US$28 million gain from property sale in 2018 in total (for 100%) compared with US$12 million in 2017 (for 100%)

Comments


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Specific Items affecting EBITDA

22




Restructuring 14 30

Litigation & legacy tax 7 0

Other 5 6

Sub-Total excl. IPO/ Refinancing 26 36

IPO and refinancing costs affecting EBITDA 19 0

Share-based compensation (non-cash) 32 9

Total Specific Items and SBC 77 45

Litigation in PY benefitted from a US$10 million cargo claim compensation and in 2018, this mainly includes a claim in South America

Share-based compensation cost increase reflects one-time option grants issued in relation to IPO and additional charges due to change of control accelerating the vesting of options

Comments


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Cash Flow

23

FY 2018(US$ million)


Delta(US$ million)

EBITDA 121 185 (64)

Gain on disposal of PP&E (1) (1) 0

Retirement Benefit Obligations (5) (8) 3

Provisions (6) (2) (4)

Change in working capital (104) 25 (129)

Other 29 1 28

SBC 33 9 24

Operating cash flow 67 209 (142)

Net finance expenses (195) (178) (17)

Tax (30) (37) 7

Capital expenditure (109) (102) (7)

Dividends received 20 15 5

Free cash flow (247) (93) (154)

Proceeds from sale of PP&E 10 4 6

Net Fund movement (237) (89) (148)

Operating cash flow largely impacted by US$104 million of cash outflow from working capital:

- revenue growth,

- lower non-recourse factoring notably in Italy and in Turkey,

- some accelerated payments including a change in the US payroll and a lower level in accounts payable

Finance expense for FY 2018 still partly reflects the pre-IPO capital structure before the August refinancing and includes US$ 56 million refinancing related costs

Comments

1 Reflects US$ 42m adjustment for Italy and US$ 12m

adjustment for change in accounting estimates


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Net Working Capital

Net Working Capital structurally negative

CEVA’s NWC increases as revenues grow,

notably in FM

FY 2018 NWC development impacted

particularly by

- Growth in the business and tariffs

increase

- Increase of receivables due to lower

factoring primarily in Italy and Turkey

- Payables lower than previous year

Continued focus on underlying structural

improvements: billing accuracy and timeliness,

terms, collection performance

24

NWC Evolution (end of period)

$ million

(300)

(250)

(200)

(150)

(100)

(50)

0

Q1 Q2 Q3 Q4

2018 2017 2016

(1.7)%

(2.3)%

(2.4)%

(2.0)%

(1.2)%

(2.2)%

(2.4)%

(3.6)%

(1.8)%

(1.1)%

(0.4)%

(2.7)%

as % of LTM

Revenue

as % of LTM

Revenue

as % of LTM

Revenue


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Update on IFRS 16 “Leases” Application in 2019

25

IFRS 16, “Leases” – a new standard; key change - most operating leases will be accounted for on

balance sheet (effective after 1 January 2019)

Initial application of IFRS 16 will have a material effect on CEVA’s financial statements:

- Balance sheet

o On 1 Jan 2019 CEVA will recognize of right-of-use assets and lease liabilities for c. US$1.2

billion

- Income Statement

o EBITDA is expected to increase by c. US$370 million, as the operating lease expenses are no

longer included in EBITDA, and depreciation of the right-of-use assets and interest on the

lease liability are excluded from this measure

o Net profit after tax will decrease by c. US$17 million

- Cash Flow

o Cash Flow from operations will increase by US$370 million and cash flows from financing

activities will decrease by the same amount as repayment of the principal portion of the

lease liabilities will be classified as cash flows from financing activities: overall cash flow-

neutral.


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Refinancing Update- Change of Control

26

US$475 million Term Loan B due 2025

€170 million European Securitization Facility due 20201

€300 million 5.25% Senior Notes due 2025

US$585 million Senior Revolving Credit & Ancillary Facility due 2023

Change of control would trigger covenants in the following debt instruments

New US$ 825 million underwritten backstop financing facility entered into to cover repayment of Term Loan B and any tender of Notes due to change of control

European Securitization Facility and US ABL Facility amended to provide that the change of control would not trigger the covenant

Received waivers from the majority of its lenders

US$225 millionABL Facility due 2020

1 Provided that a change of control would only trigger the covenant if it occurs after 31 December 2019

Interest costs under the new term loan facility will be higher than under existing Senior Notes and Term Loan B


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Agenda

27

Highlights1


Business Update2

Outlook4


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In 2021, will represent $100m, while the longer-term run rate will reach $160m.

Key levers include:

Accelerated structural transformation: ~$80m EBITDA impact on a run-rate basis

Acquisition of CMA CGM Log: ~$50m EBITDA impact on a run-rate basis, including $20m CMA CGM Log EBITDA contribution and synergies for $30m

Synergies with CMA CGM : ~$30m EBITDA impact on a run-rate basis

Restructuring costs of ~$40m over 2019-21E required

Medium-term Outlook

28

IPO Business Plan New Strategic Plan

$230m $410-430m

Source: Company, all figures exclude the impact of IFRS16.

1 Before Specific Items and Share Based Compensation. 2 Including CEVA’s share of the Anji-JV EBITDA contribution, before Specific Items and Share Based Compensation.

1 2 3

EBITDA1

1

2

3

$280m

c.$380m

$470-490m

Adj.EBITDA2017A

GrowthFM & CLMarginAnji JV

2021EIPO

Guidance

Acceleratedstructural

transformation

Acquisitionof

CCLog

Synergieswith

CMA CGM

2021

1 2 3

Adjusted EBITDA2


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Outlook 2019

29

Confirming medium-term EBITDA margin target of 4.5%-5%

and growth above market resulting in a target Adjusted

EBITDA of US$470-490 million in 2021

CL operations in Italy : negotiations with the 2 customers

finalized in the next few months

Permanent focus on productivity and process improvement

New sales organization set to deliver strong growth

2019 expected to be aligned with our medium-term

objectives

Appendix


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Balance sheet

31

US$ million 31.12.2018 31.12.2017

Assets

Property, plant and equipment 175 169

Goodwill 1,320 1,346

Other intangibles 57 102

Others 335 356

Non-current assets 1,887 1,973

Trade receivables 1,136 1,053

Cash and cash equivalents 368 295

Others 224 226

Current assets 1,728 1,574

Total assets 3,615 3,547

US$ million 31.12.2018 31.12.2017

Liabilities and equity

Equity (parent company) 244 (677)

Non-controlling interests 1 3

Total equity 245 (674)

Borrowings 1,519 2,197

Others 272 304

Non-current liabilities 1,791 2,501

Trade and other payables 1,387 1,449

Others 192 271

Current liabilities 1,579 1,720

Total liabilities and equity 3,615 3,547

All figures in actual currency


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Debt maturity profile

32

All figures in US$ million at actual Fx rates

* Includes only ABL facilities. Refinancing of ABL facilities underway, maturities of all ABL facilities will be extended after the refinancing** Includes ancillary facilities of up to USD 250 million

436

262

818243

20242019

19

2020* 2022 20252021 2023**

DrawnUndrawn


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Quarterly financial performance – actual currency

33

2017 figures in actual currency

1 Excluding specific items and share-based compensation2 Adjusted EBITDA includes the Group’s share of Anji-CEVA but excludes specific items and share-based compensation

2018 ($ million) 2017 ($ million) Delta (percent)

Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY

Freight Management

Revenue 803 853 881 971 3,508 702 789 840 939 3,270 14.4 8.1 4.9 3.4 7.3

Net Revenue 224 230 225 229 908 203 216 224 232 875 10.3 6.5 0.4 -1.3 3.8

EBITDA1 15 27 22 29 93 10 20 26 20 76 50.0 35.0 -15.4 45.0 22.4

Contract Logistics

Revenue 987 995 929 937 3,848 894 932 942 956 3,724 10.4 6.8 -1.4 -2.0 3.3

Net Revenue 691 695 656 679 2,721 624 647 657 665 2,593 10.8 7.4 -0.2 2.1 4.9

EBITDA1 38 39 7 21 105 35 39 43 37 154 8.6 0.0 -83.7 -43.2 -31.8

Group

Revenue 1,790 1,848 1,810 1,908 7,356 1,596 1,721 1,782 1,895 6,994 12.2 7.4 1.6 0.7 5.2

Net Revenue 915 925 881 908 3,629 827 863 881 897 3,468 10.7 7.2 0.0 1.2 4.6

EBITDA1 53 66 29 50 198 45 59 69 57 230 17.8 11.9 -58.0 -12.3 -13.9

Adjusted EBITDA2 66 77 55 62 260 54 70 85 71 280 22.2 10.0 -35.3 -12.7 -7.1


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Quarterly financial performance – Constant 2018 currency

34

2017 figures in constant currency

1 Excluding specific items and share-based compensation2 Adjusted EBITDA includes the Group’s share of Anji-CEVA but excludes specific items and share-based compensation

2018 ($ million) 2017 ($ million) Delta (percent)

Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY

Freight Management

Revenue 803 853 881 971 3,508 739 809 825 901 3,274 8.7 5.4 6.8 7.8 7.1

Net Revenue 224 230 225 229 908 212 223 218 225 878 5.7 3.1 3.2 1.8 3.4

EBITDA1 15 27 22 29 93 10 20 25 18 73 50.0 35.0 -12.0 61.1 27.4

Contract Logistics

Revenue 987 995 929 937 3,848 960 950 904 889 3,703 2.8 4.7 2.8 5.4 3.9

Net Revenue 691 695 656 679 2,721 671 663 638 629 2,601 3.0 4.8 2.8 7.9 4.6

EBITDA1 38 39 7 21 105 35 38 40 35 148 8.6 2.6 -82.5 -40.0 -29.1

Group

Revenue 1,790 1,848 1,810 1,908 7,356 1,699 1,759 1,729 1,790 6,977 5.4 5.1 4.7 6.6 5.4

Net Revenue 915 925 881 908 3,629 883 886 856 854 3,479 3.6 4.4 2.9 6.3 4.3

EBITDA1 53 66 29 50 198 45 58 65 53 221 17.8 13.8 -55.4 -5.7 -10.4

Adjusted EBITDA2 66 77 55 62 260 55 69 82 66 272 20.0 11.6 -32.9 -6.1 -4.4


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This news release contains specific forward-looking statements. These forward-looking statements include, but are notlimited to, discussions regarding the proposed private offering of the Notes described above, its guidance for 2018 andbeyond, discussions regarding industry outlook, CEVA's expectations regarding the performance of its business or jointventures, its liquidity and capital resources, and other non-historical statements. These statements can be identified by theuse of words such as "believes" "anticipates," "expects," "intends," "plans," "continues," "estimates," "predicts," "projects,""forecasts," and similar expressions. All forward-looking statements are based on management's current expectations andbeliefs only as of the date of this news release and, in addition to the assumptions specifically mentioned in the aboveparagraphs, there are a number of factors that could cause actual results and developments to differ materially from thoseexpressed or implied by these forward-looking statements, including the effect of local and national economic, credit andcapital market conditions, a downturn in the industries in which we operate (including the automotive industry and the airfreight business), risks associated with CEVA's global operations, fluctuations and increases in fuel prices, CEVA's substantialindebtedness, restrictions contained in its debt agreements and risks that it will be unable to compete effectively. Furtherinformation concerning CEVA and its business, including factors that potentially could materially affect CEVA's financialresults, is contained in the annual and quarterly reports of CEVA Logistics AG (and its predecessor CEVA Holdings LLC),available on the Company's website, which investors are strongly encouraged to review. Should one or more of these risks oruncertainties materialise or the consequences of such a development worsen, or should underlying assumptions proveincorrect, actual outcomes may vary materially from those forecasted or expected. CEVA disclaims any intention or obligationto update publicly or revise such statements, whether as a result of new information, future events or otherwise.

This presentation includes certain non-GAAP financial information. Because not all companies calculate non-IFRS financialinformation identically (or at all), the presentations herein may not be comparable to other similarly titled measures used byother companies. Further, such non-GAAP financial information of the Company should not be considered a substitute for theinformation contained in the historical financial information of the Company, if any, prepared in accordance with IFRSincluded herein.

Safe harbor statement

35


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Investors:Pierre BénaichSVP Investor [email protected]+41 41 547 00 48

Media:Matthias HochuliGroup Head of Marketing and [email protected]+41 41 547 00 52

Contact

36

mailto:[email protected]

mailto:[email protected]

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