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Growth

Annual Report 2018

PHOENIX MECANO GROUP

PROFILE

We are a global technology company with a presence in the international growth markets. With our three divisions - Enclosures, Mechanical Components and ELCOM / EMS - we are leaders in many of our markets. Important areas of application are mechanical engineering, measurement and control technology, electrical engineering, automotive and railway technology, energy technology, medical technology, aerospace technology and home and hospital care.

74.5EUR million

Operating cash ow

(EBITDA)

KEY FINANCIAL FIGURES Units

20182017201620152014

Gross sales

Change

EUR million

%650.8

3.7627.6

7.6583.2

4.2559.8

10.7505.6

1.0

Operating cash fiow (EBITDA)

Change

in % of sales

EUR million

74.5
24.8

11.559.7

1.0

9.559.1

12.9

10.152.3

1.4

9.453.1

5.5 10.5

Operating result

Change

in % of sales in % of net operating assets

EUR million

%45.8 49.2
7.0

14.530.7

10.9 4.9

10.434.5

129.8
5.9

11.615.0

49.2
2.7

5.429.5

15.9 5.8 10.6

Result of the period

Change

in % of sales in % of equity

EUR million

%32.3 47.1
5.0

11.321.9

4.7 3.5

8.123.0

244.1
3.9

8.46.7

66.6
1.2

2.520.0

10.7 4.0 7.5

Total assets

capital

EUR million482.1471.8452.4426.7414.0

Equity

in % of total assets

EUR million

%285.0

59.1269.7

57.2272.8

60.3262.6

61.5267.5

64.6

Net indebtedness

in % of equity

EUR million

%33.9

11.938.1

14.130.5

11.224.5

9.312.5

4.7

Cash fiow from operating activities

EUR million37.937.148.739.038.8

Free cash fiow

EUR million12.911.429.613.615.4

Purchases of tangible and intangible assets

EUR million25.626.023.926.724.0

SHARE INDICATORS

Share capital

(bearer shares with a par value of CHF 1.00)

CHF 960 500960 500960 500960 500960 500

Shares entitled to dividend

1

Number 959 500959 500959 080960 015959 240

Operating result per share

3

EUR47.732.035.915.630.7

Result of the period per share

3

EUR33.622.924.07.020.8

Equity per share

3

EUR297.0281.1284.4273.6278.8

Free cash fiow per share

3

EUR13.511.930.914.216.1

Dividend

CHF17.00

2

16.00 15.00 15.0015.00

Share price

High Low

Year-end price

CHF CHF CHF 728
456

503614

475

614528

406

469560

407

467589

399
460
1

As at the balance sheet date, the company owned 1 000 treasury shares, which are not entitled to dividend.

2 Proposal to the Shareholders" General Meeting of 17 May 2019. 3

Based on shares entitled as at 31 December.

Key gures of the Phoenix Mecano Group

The division develops and manu -

factures high-quality industrial enclosures made of aluminium, stainless steel and plastics as well as system solutions for use in mechanical and plant enginee- ring, electrical engineering, automation, measurement and control technology, railway, automotive and medical techno- logy and for explosive environ- ments in the petrochemical and onshore and offshore industries.

Input units such as membrane

keypads, short-stroke keys and touchscreens complement the product range.Proflle assembly systems, linear units and drive and pipe connec- tion technology offer a wide range of applications in the construction of machinery and equipment, protective enclosures and ergonomic workstations.

High-performance linear actu-

ators, electric cylinders and lifting columns facilitate comfort and lifestyle solutions in the home and hospital care sector and in ergonomic workstation design.This division comprises three business areas: Electromechanical

Components, including terminal

blocks, connector systems, test probes, series terminals and switches for industrial electronics;

Electronic Manufacturing and

Packaging, comprising power

supplies, backplanes and electro- nic assemblies, used in areas such as medical technology, measure- ment technology, astrophysics and research facilities like CERN; and

Power Quality, encompassing

transformers, instrument transformers and inductors for use in renewable energies, drive technology, switchgear and power distribution networks.

EnclosuresMechanical

ComponentsELCOM / EMS

KEY FIGURES20182017

in EUR million

Gross sales186.6183.8

Purchases of

tangible and intangible assets9.47.1

Operating result22.224.3

Margin in %11.913.2

Employees 2 129 1 989

KEY FIGURES20182017

in EUR million

Gross sales327.9310.4

Purchases of

tangible and intangible assets7.311.0

Operating result23.926.1

Margin in %7.38.4

Employees 2 388 2 238

KEY FIGURES20182017

in EUR million

Gross sales136.3133.4

Purchases of

tangible and intangible assets8.17.2

Operating result3.0- 16.4

Margin in %2.2- 12.3

Employees 2 754 2 490

Phoenix Mecano 1

Phoenix Mecano is geared towards growth, supported by a solid financial base. Since the company was founded, it has relied on a combination of organic and acquisition- led growth. Its growth strategy is a long-term one, with innovation and investment in product infrastructure and expertise taking place countercyclically where appropriate, ensuring healthy organic growth for the Group.

Mission statement

Highlights 2018

Letter to shareholders

Value creation

Our resources

Risk report

30 years on the capital market

Management report

Share information

Corporate Governance

& Remuneration report

Group operational structure

Consolidated financial statements 2018

Phoenix Mecano Group

Financial statements 2018

Phoenix Mecano AG

Addresses

Strong brands

MISSION STATEMENT

Vision

As a global player in the components sector

Phoenix Mecano develops detailed technical

solutions with and for its customers, enabling them to convert ideas into marketable products.

In our capacity as a specialised partner we meet

our clientele"s most stringent requirements with regard to technology, service and a customer- oriented approach, constantly assisting them by supplying anything from components to full systems which can help them enhance their potential for creating value added even further.

Mission

Our success hangs on that of our customers.

Close cooperation, constant communication

and intensive exchanges of well targeted ideas are our main precepts. We support our customers as best as we can, making full use of our employees" know-how.

Values

Reliability vis-à-vis all interested parties is a prerequisite for credibility. Every day we work on putting these maxims into practice, with the management setting an example by fullling a responsible leadership function. Protability and growth are key requirements for maintaining competitiveness and value added and for creating new jobs both at home and abroad. The sustaina- bility factor is underpinned by our careful use of natural resources and our commitment to corporate responsibility.

Mission statement

Vision

Mission

Values

Highlights 2018 3

Payment systems for

Expo 2020

Award-winning assembly control system

Further increase

in dividend

4 Letter to shareholders

Dear shareholders

Thank you to our employees

Letter to shareholders 5

Dr Rochus Kobler, CEOBenedikt A. Goldkamp, Executive Chairman of the Board of Directors

Outlook

6 Value creation

InputPhoenix Mecano"s corporate

strategy is geared towards the goal of steadily increasing the long-term value of the business. We work continuously to drive the Group"s growth and expand the reach of its global sales network using our own resources and through targeted acquisitions. Our transparent and decentralised organisational structure makes us more effective in a highly fragmented market.

Output

Business model

InputIntellectual resources

Financial resources

Material resources

Social resources

Value creation 7

Business modelOutput

Governance

-Flat and decentralised organisational structure -Group-wide and cross-division standards -Flexible allocation of company resources

Culture

-Long-term focus -Continuous improvement -Nurturing talent -Sustainability as a guiding principle of process design

Strategy

-Harnessing value creation potential in existing markets -Growth through targeted acquisitions -Value-oriented allocation of company resources -Global sales network

Performance

-Standardised Group-wide nancial and controlling systems -Result-oriented division targets -Cross-division performance measurement

Intellectual resources

Continuous improvements in LEAN processes,

product and process innovations, international expansion, in-depth knowledge of customer and market needs, expertise.

Financial resources

Reasonable return on capital employed (ROCE)

ensuring long-term access to the capital market, operating margins, targeted acquisitions, free cash ow to be used for dividend payments and capital expenditure.

Material resources

Sustainable productivity improvements and cost

reductions through relocation of production facilities and logistics. Energy-efcient solutions in product developments.

Social resources

Excellent customer service, local expertise, global network, reliable long-term partnership for system solutions. Creation of cross-division and inter regional expertise in developing new processes and technologies, high level of employee loyalty.

8 Our resources

OUR RESOURCES

Intellectual resources

Financial resources

Material resources

Social resources

Risk report 9

In 2002, the Phoenix Mecano Board of Directors

introduced a Group-wide, system-basedquotesdbs_dbs50.pdfusesText_50

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