aurelius praesentation 01.05.2012 e

A U R E L I U S G R O U P

2 0 1 2

P R O F I L E

B U S I N E S S M O D E L

P O R T F O L I O

S T O C K I N F O R M AT I O N

C A S E S T U D I E S

C O N TA C T

C O N T E N T S

3

P R O F I L E

Key Figures (as of 12/31/2011)

Group Revenues EUR 1,078 million

EBITDA EUR 65 million

Equity EUR 283 million

Cash EUR 154 million

Employees Holding 70

Group 6,631

� AURELIUS focuses on the acquisition of companies with development potential

through operational engagement

� Our subsidiaries are sustainably improved by investing in innovative products,

sales and R&D, as well as our active operational support

� Furthermore, AURELIUS pursues the growth of its existing portfolio companies

through strategic acquisitions

� AURELIUS has a long-term investment horizon

� With offices in Munich and London as well as 18 subsidiaries in Germany,

England, France, Ireland, Poland, Hungary, the Netherlands and Switzerland,

AURELIUS operates throughout Europe

AURELIUS GROUP

4


Transaction Security

Attractive Conditions

Entrepreneurial Support as Value Driver

ADVANTAGES FOR THE VENDOR

� AURELIUS offers a high degree of transaction security and professionalism based on its

long-standing transaction experience

� With its strong and bank-independent financial power, AURELIUS is able to pay

attractive purchase prices and in a position to fund the further development of its

subsidiaries

� AURELIUS is very open with regard to transaction structures; minimum holding periods,

job guarantees and resale restrictions can be provided

� Our portfolio companies are supported by experienced AURELIUS staff, working in close

cooperation with existing management on the companies‘ further development

� As a shareholder, AURELIUS considers itself a responsible partner who offers its

subsidiaries a stable environment even in times of change

5


INVESTMENT FOCUS

Throughout Europe, AURELIUS acquires corporate spin-offs and medium-sized companies

with

� development potential through operational engagement

� below industry average profitability or restructuring needs

� synergies with existing platform-investments

� No specific industry focus, although strategic acquisitions in the industries of our

platform-investments are considered (Industrials, Chemicals, Business Services,

Consumer Goods / Food & Beverages, TMT)

� AURELIUS is familiar with complex transaction structures and the redemption of existing

creditors

� Revenues between EUR 30 million and EUR 750 million

� EBITDA-margin up to +10 %, in exceptional cases also negative

� Acquisition of majority stakes - preferably 100 %

� Transaction volumes of up to approximately EUR 150 million

� Flexible contract structures according to vendor’s preferences

Strategy and long-termdevelopment

Clients/markets/products

Organisation

Structuresand processes

Financing andAsset Base

Company and Management Contribution of AURELIUSP

rocu

rem

ent

Pro

duct

ion

Dis

trib

utio

n

MIS

/Con

trol

ling

…

InvestmentsCapital structure/

financing

Interim Management

� Support of existing management in day-to-day business

� Completion of management team� Interface to AURELIUS Group

Functional experts

� Improvement of processes and procedures� Enhancement of transparency� Organisational separation from the vendor

(“carve out“)

Capital

� Provision of equity for growth and development� Access to financial instruments and capital

markets

6

Growth

Innovation

R&D

Corporate culture

Development of Development of staff


OPERATIONAL ENGAGEMENT

7

P O R T F O L I O ( I )

July 2006

AURELIUS Grouphas acquired

a former Wismut AGCompany

from

the Hauser family

January 2006


Deutsche Post Wohnen

from

Deutsche Post AG

April 2007

AURELIUS Grouphas acquired 49 % of

a former JV of BNP Paribas and Arcandor

from

March 2007


from

September 2008


from

the families Berentzen, Wolff and Richarz

July 2007


Schleicher Electronic GmbH & Co. KG

from

Wieland Group

June 2008


sunrise business solutions

from

March 2009


from

March 2009


LD Didactic Group

from

insolvency administrator

The investment portfolio of AURELIUS Group currently comprises 18 companies and one real estate portfolio

P O R T F O L I O C O M PA N I E S

8

P O R T F O L I O ( I I )

November 2011


HanseYachts AG

from

CEO and founderMichael Schmidt

November 2010

AURELIUS Group has acquired

KemFine UK Ltd

from

KemFine Group Oy

December 2010


5 hotelreal estate locations

as add-on for

from

January 2012


Getronics Europe and APAC

from

November 2010


Secop(former Danfoss

Household Compressors)

from

October 2010


Reederei Peter Deilmann

from

the Deilmann family

April 2009


from

March 2010


from

February 2012


THALES CIS

from

The investment portfolio of AURELIUS Group currently comprises 18 companies and one real estate portfolio

P O R T F O L I O C O M PA N I E S

*Closing expected for Q3 of 2012

April 2012

AURELIUS Grouphas acquired*

Norwich Production Site

from

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STRATEGIC PLATFORM-ACQUISITIONS

AURELIUS has defined five platform-investments, which are actively developed by focused

strategic acquisitions in defined target industries (Industrials, Chemicals, Business Services,

Consumer Goods / Food & Beverages, TMT).

Potential target companies are characterised by synergies with the existing platform-

investments, such as:

� Competitors with attractive market position and a stable customer base

� Distribution partners and/or suppliers, facilitating an integration of the value chain

� Companies with complementary products and/or technologies

September 2008


from

the families Berentzen, Wolff and Richarz

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P O R T F O L I O ( I I I )

P L AT F O R M - I N V E S T M E N T S

IT-Solutions

Strategic Growth Areas� IT-Services� SAP-(ERP)

consulting� System integration

Chemicals

Strategic Growth Areas� Base- and Fine

Chemicals� Intermediates� Process Industries

Electronics

Strategic Growth Areas� Consumer

electronics� Automotive� Assembly solutions

Industrials

Strategic Growth Areas� Drive Systems� Manufacturing

Systems� Autom.Technology

Food&Beverage

Strategic Growth Areas� Alcoholic

beverages� Soft drinks� Food

The investment portfolio of AURELIUS Group currently comprises of five platform-investments in selected industries (Industrials, Chemicals, Business Services, Food & Beverages, TMT). Other preferred industry sectors are Media and Consumer Goods.

March 2010


from

March 2009


from

March 2007


from

from

June January

2008 2012


sunrise business Getronics activitiessolutions in Europe (excl.

Netherlands) andAsia-Pacific

from

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S T O C K I N F O R M AT I O N

Key Information

WKN AOJ K2A

ISIN DE000A0JK2A8

Ticker Symbol AR4

Trading Desks XETRA, Frankfurt,

Berlin-Bremen, Hamburg,

Munich, Stuttgart

Market Segment Open Market / m:access

Share Capital EUR 9.600.000

Market Capitalisation EUR 300 million

S T O C K P R I C E D E V E L O P M E N T

0%

50%

100%

150%

200%

250%

DAX AURELIUS

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C A S E S T U D Y: A U R E L I U S S E L L S W E L L M A N I N T.

C O M PA N Y O V E R V I E W

• Acquired by AURELIUS in July 2007, Wellman International today is Europe’s largest recycler of PET

bottles and a leading European producer of polyester staple fibre products

• Wellmans brand portfolio currently comprises three clearly differentiated product families (Hygiene,

Smart and Essential Fibres)

• Wellman fibres are targeted at a broad range of applications: e.g. home furnishings, automotive,

filtration, high temperature and accoustic installations

• Wellman employs 375 people in total and operates three production sites

• Favourable market environment: PET demand growing worldwide (CAGR 2004 – 2010: 7.4 %); market

for recycled material is still in a growth stage – with Wellman as a well established key player

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S U B S TA N T I A L S A L E S G R O W T H …

Sales & Marketing

• Re-branding Wellman as an environmental friendly

solution provider for high-end products (launch of a new

market appearance)

• Re-organisation of the entire sales concept (new regional

market segmentation, new customer evaluation,

implementation of new KPI´s)

• Implemetation of a new divisional business structure that

incorporates three new business divisions

Products & Quality

• Expansion of R&D efforts leading to nine new products

(e.g.: Fillwell)

• Constant quality efforts and improved quality

management

• Converting product portfolio from commodity products to

high-end fibres: moving towards higher value products

0

50

100

150

2008 2009 2010 2011f

Sales (in EUR mn)

14


… L E A D I N G T O S T R O N G I N C R E A S E I N E A R N I N G S

Investments

• Substantial investments in plant equipment and

infrastructure leading to significant quality

advancements (e.g. flake laser sorting

machine, bulk delivery bay, …)

Operational repositioning

• Re-design of manufacturing processes and

new maintenance strategy

• Significant cost reduction in fibre production

• Introduction of new controlling systems and

efficiency increases

• New logistics concept

0

2

4

6

8

10

12

2008 2009 2010 2011f

EBITDA (in EUR mn)

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T R A N S A C T I O N O V E R V I E W

� Sale of 100 % of Wellman International Group to Indorama Group(Bangkok, Thailand)

� Indorama is the largest vertically integrated polyester producer inthe world

� Closing Nov. 30, 2011

� Valuation:

• EUR 42 million (enterprise value)

• Cash multiple: return of 5.8 x money invested

2011

AURELIUS Group sold

Wellman Int.

to

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C A S E S T U D Y

A U R E L I U S S E L L S C O N S I N T O T O D ATA G R O U P A G

*source: Luenendonk survey „Führende IT-Beratungs- und IT-Service-Unternehmen in Deutschland“ 2010

ABOUT CONSINTO

Consinto (before: Thales Information Systems GmbH) has been acquired 2008 from frenchThales Group as non-core activity.

Consinto is a medium-sized and independent IT consulting company with own data centremore than 30 years of professional experience and well-known customers in differentindustries.

Consinto ranges among the top 35 IT consulting companies in Germany and has around350 employees at nine locations in Germany in 2011.

December 2008


from• Carve Out from Thales Group• Significant increase in sales despite partial economic environment (2011: sales +13 %)• Sustainable profitability• Establishment of Consinto as a new brand• Enhancement of SAP partnerships and competence• Improvement of customer satisfaction• Realisation of ambitious projects and enhancement of outsourcing business• Successful launch of Near Shore-activities• Considerable investments in training and qualification, increase in number of employees

REDEVELOPMENT BY AURELIUS

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� For CONSINTO DATAGROUP is a partner with long-term perspectivewho is able to support with important operative and strategicinitiations.

� For DATAGROUP the purchase of CONSINTO is a big step forward indevelopment of higher quality services in consulting and outsourcing.

� Consinto will benefit from DATAGROUP:

� Access to DATAGROUP‘s current customers with new services

� Rounding off and enlargement of portfolio

� Synergies in sourcing (e.g. hardware)

� Positioning as an attractive employer

� Improvement of market presence and size

C A S E S T U D Y


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T R A N S A C T I O N O V E R V I E W

� Sale of 100 % of Consinto GmbH to DATAGROUP AG

� Transaction causes rise of DATAGROUP up to Top 16 IT service providers in Germany(Luenendonk survey 2010)

� Transaction structure:

• EUR 17 million at closing (February 2012)

• Earn-out with expectation value of EUR 6 million

• Cash multiple: return of 5,5 x money invested

January 2012

AURELIUS Groupsold

to

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C A S E S T U D Y

Wohnen

SITUATION AT THE TIME OF ACQUISITION

� Non-core business within Deutsche Post Group

� Hotel business with ten hotels and six boarding houses in the centres of attractiveGerman cities and business centers

� Stagnating sales and low occupancy due to a lack of sales and marketing focus

� Considerable losses resulting from an above-average and inadequate cost structure

ACQUISITION RATIONALE OF AURELIUS

� Good substance (“sound core business“) of the individual houses

� Solid hotel infrastructure

� Attractive city centre locations

� Considerable upside potential by repositioning the group

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C A S E S T U D Y

REPOSITIONING BY AURELIUS

� Implementation of a new brand as well as anintegrated market presence

� Fundamental repositioning of the hotel chain withinthe ***- segment

� Further development and investments in marketingmeasures, GHOTEL successfully positioned on allimportant online booking websites

� Optimisation of unprofitable rental and leasecontracts

� Increase of sales and marketing activities, andtargeting of new customer groups

CURRENT SITUATION

� GHOTEL brand established as a modern businesshotel in the medium price range

� Solid customer base in the corporate client sector

� Profitable since 2007 with consistent double-digitEBIT margins

� Stable profit situation and solid cash flow

� Focus on growth with new openings in Koblenz in2010 and in Wuerzburg scheduled for 2012

� Ongoing negotiations for new buildings and theacquisition of existing properties in other Germancities

AURELIUS GROUPChange Management/

Sales Initiatives

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C A S E S T U D Y


� Producer of electrical drive solutions and drive systems for industrial use

� Absence of an efficient sales organisation

� Weak competitiveness in comparison to aggressively pricing Asian players

� US-based parent company (Sauer Danfoss Inc.) decides to concentrate on alternatingcurrent motors and to sell the direct current motors business

� Ambiguous future prospects given the withdrawal of “future business“

� Company expects significantly decreasing sales and subsequent losses


� Strong technological know-how

� Foundation for the development of its own alternating current motors and innovative newdrive forms

� AURELIUS expects the direct current motor business to decline significantly slower thanassumed by the former parent company

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C A S E S T U D Y


� Establishment of an effective sales and distributionteam

� Aggressive marketing of direct current motors

� Setup of an own alternating current motor businessthrough considerable investments in new systemsand machinery

� First platform-investment in 2008 with the acquisitionof Sauer Danfoss’ alternating current motorbusiness with a turnover of EUR 25 million

CURRENT SITUATION

� Declining sales of direct current motors, successfullycompensated by intense sales and distributionactivities, and newly developed products

� Considerable gain of market share in the direct andalternating current motor business

� Focus on growth: strategic expansion in marketswith new technologies (hybrid systems, synchronousmotors and direct drives)

� Focused strategic acquisitions in specific areas

AURELIUS GROUPStrengthened Sales Force/

Expansion Investments

23

C A S E S T U D Y


� Berentzen is a traditional German spirit producer with three business units:

� Branded products including Berentzen, Puschkin, Doornkaat

� Private label products

� Non-alcoholic beverages

� Unresolved succession issues and disputes amongst the stake-holding families

� Rapid management changes (15 top-executives within 16 years)

� Inefficient processes and legacy structures

� Unprofitable products to retain capacity utilisation

� Significant operating losses for many years


� Insufficient use of the well-recognised brand

� Significant profit increases possible through cost reductions

� Considerable growth potential with the implementation of a comprehensive internationalstrategy

24

C A S E S T U D Y


� Concentration of production at Minden site

� Partial debt refinancing and reduction of net debt

� Increase of operational efficiency through leanerprocesses and adjusted product portfolio

� Reduction of procurement- and employee costs

� Revitalisation and growth of core brands in keymarkets, especially “Puschkin“ Vodka

� Reorganisation of sales and distribution, focusing onprofitability

CURRENT SITUATION

AURELIUS GROUPInternationalisation/

Reduction of Complexity

� Turnaround successfully completed in 2009

� 2011: EBIT: EUR 7.5 million, net cash EUR 25.4million

� Focus on profitable growth

� Implementation of the new family brand conceptparticularly in catering

� Attractive new products: B2 and BCidr

� Execution of country specific brand strategies tosupport international sales expansion

� Focused strategic acquisitions in specific areas

� New markets: 2010: Russia, 2011: Turkey, 2012:India and China

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C A S E S T U D Y



� Strong brand name with high international recognition

� Company substance permits AURELIUS to right-size Blaupunkt through decisiveactions

� Growth potential in leveraging brand name

� Divestment from Robert Bosch Group (asset-deal with sites on three continents)

� Loss-making for over 30 years, at time of acquisition > EUR 30 million p.a.

� Severe under-utilisation and inadequate cost structure (IT, travel expenses, warrantycosts, …)

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C A S E S T U D Y

REPOSITIONING BY AURELIUS CURRENT SITUATION

� Reduction of overcapacities through condensation ofproduct portfolio (e.g. navigation) and operational re-structuring

� Securing stand-alone capability and legal restructuring

� Concentration on core business car infotainment

� Sale of sub-scale antenna business to Kathrein Groupsecures 250 jobs

� Sale of sub-scale logistic business to market leaderDB Schenker Logistics secures 70 jobs

� Market contraction due to the global economic crisis isstronger than expected, further need for restructuringbecomes apparent

Expansion strategy:

� Product innovations: e.g. retrofittable navigationsystem New York 800

� Establishment of the Blaupunkt Global BrandCommunity to commercialise additional productsin consumer electronics and home entertainmentthrough brand partners (already existing: TVs,world receiver, headphones, bluetooth range,telematics)

� Through its Malaysian site, Blaupunkt is a well-established supplier of audio systems for theautomobile industry in the Asian market

� 2011: foundation of a joint venture in China

AURELIUS GROUPBlaupunkt Global Brand Community / Leveraging

brand name

www.aureliusinvest.com

27

AURELIUS AG

Office MunichAnger PalaisUnterer Anger 3 80331 MunichGermanyTelephone +49 (89) 544799-0 Telefax +49 (89) 544799-55

Office GruenwaldLudwig-Ganghofer-Straße 6 82031 GruenwaldGermanyTelephone +49 (89) 4520527-0Telefax +49 (89) 4520527-10 E-mail [email protected]

AURELIUS Investments Ltd.

Office London60 St James´s StreetLondon SW1A 1LE United Kingdom Telephone +44 (0) 2074994623E-mail [email protected]

C O N TA C T

CONTACT DETAILS

aurelius praesentation 01.05.2012 e

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