7
Strictly private and confidential Second quarter 2015 Presentation August 14, 2015
Strictly private and confidential
Second quarter 2015 Presentation
August 14, 2015
Strictly private and confidential
6,2
12,9
10,7
16,7
113,4%
86,7%
112,0%
82,2%
0%
25%
50%
75%
100%
125%
0
4
8
12
16
20
2011 2012 2013 2014
Troax Satech Cash conversion
• Troax is the global market leader of indoor perimeters
protection (“mesh panel solutions”)
• Relative market share is ~2.5x larger than #2 player
• Local presence in 31 countries
• Troax had a sales CAGR 2011-2014PF of 14.5% and an
organic sales CAGR 2011-2014 of 8.1%
• Troax had a adj. EBITA CAGR 2011-2014PF of 39.2% and an
organic adj. EBITA CAGR 2011-2014 of 29.4%
• Strong position in the value chain and low supplier and
customer dependency
• 36% of total employees work within sales
Troax in brief
Financial development, 2011 – 2014PFOverview
Sales by end-market (2014PF)Sales by region (2014PF)Product offering
Machinery and robotics protection
Warehouse protection and separation
Residential and commercial safe
storage solutions
A&R
MHL
PP
EUR million EUR million
SALES AND ADJ. EBITA MARGIN ADJ. EBITA AND CASH CONVERSION2
3
Mainland Europe
58%Nordics
19%
UK17%
New markets6%
Automation & Robotics
54%
Material Handling & Logistics
30%
Property Protection
16%
61
72 70
91
10,2%
18,0%
15,2%
18,4%
0%
5%
10%
15%
20%
25%
0
20
40
60
80
100
2011 2012 2013 2014PF
Troax Satech Adj. EBITA margin
2
Strictly private and confidential
“Troax’ target is to pay approximately 50 percent of its net profit
in dividends. The dividend proposal shall take into account
Troax’ long-term development potential, it’s financial position
and its investment needs.”
3
Financial targets
“Troax’ objective is to exceed the growth in the Company’s
current markets through organic growth, as well as selective
acquisitions”
“Troax’ target is to have an operating margin in excess of 20%”
“Net debt in relation to EBITDA, excluding temporary
deviations, shall not exceed 2.5 times.”
Sale
s g
row
thP
rofita
bili
ty
Capital
str
uctu
re
Div
idend
polic
y
Organic: 8%
M&A: 24%
20,7%
2.4x
-
>Market
growth
Sales growth
20%
Adjusted EBITA
margin
<2.5x
Net debt to
EBITDA
50%
Pay-out ratio
Actuals 2015 Q2Financial targets
Strictly private and confidential
• Positive trend from Q1 continued
• Organic growth in order intake of
9 per cent in Q2
• Organic sales increase 3 per cent
- All regions increased except
Continental Europe
• Continued good profit development
- volume increase
- capacity utilization
• Positive development in Satech
• Amortization of approx. 10 MEUR made
during the period
Summary Q2 2015
4
Strictly private and confidential 5
Financial highlights, Group
3 Months 3 Months 6 Months 6 Months 12 Months 12 Months 12 Months
Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec 1.) Jan-Dec 2.) Jul-Jun
M Euro 2015 2014 2015 2014 2014 2014 2014/2015
Order intake 25,8 19,3 51,7 37,9 92,6 96,5 98,7
Sales 25,5 20,0 50,2 37,9 84,5 91,2 96,8
Gross profit 11,2 7,9 21,5 14,8 34,6 38,3 41,4
Gross margin, % 43,9 39,5 42,8 39,1 40,9 42,0 42,8
Operating profit 5,4 4,7 10,4 6,9 13,8 14,9 17,3
Operating margin, % 21,2 23,5 20,7 18,2 16,3 16,3 17,9
Adjusted operating profit 5,4 3,8 10,4 6,2 15,0 16,3 19,2
Adjusted operating margin, % 21,2 19,0 20,7 16,4 17,8 17,9 19,8
Profit after tax 3,0 3,3 5,9 4,7 8,7 8,7 9,7
Adjusted EBITDA 5,9 4,3 11,5 7,3 17,3 18,6 21,4
Adjusted EBITDA margin, % 23,1 21,5 22,9 19,3 20,5 20,4 22,1
Earnings per share after dilution 0,15 0,17 0,30 0,24 0,28 0,28 0,48
Closing rate SEK/EUR 9,22 8,95 9,22 8,95 9,52 9,52 9,22
1.) Column 2014 includes Satech figures as if the acquisition was completed 1st January 2014.
2.) Column Jul-Jun includes Satech figures as if the acquisition was completed 1st January 2014.
Strictly private and confidential
Regional Development Order Intake and Sales
6
Strictly private and confidential
• Continued good development in the second quarter
• Growth in almost all regions
• Good capacity utilization and volumes drive profitability
• Continued good and stable cash flow
Conclusion
7
