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CARLO GAVAZZI GROUP Investora Zürich 2017 1 Investora Zürich September 20, 2017 Carlo Gavazzi Holding AG Electronic Equipment for Industrial and Building Automation

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Page 1: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 1

Investora Zürich

September 20, 2017

Carlo Gavazzi Holding AG

Electronic Equipment for Industrial and Building Automation

Page 2: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 2

Disclaimer and cautionary statement

This presentation contains statements that may constitute forward-looking statements, including, but not limited to, statements

relating to the implementation of strategic initiatives, and other statements relating to the Carlo Gavazzi Group’s future business

development and economic performance.

While these forward-looking statements represent our judgments and future expectations concerning the development of our

business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ

materially from our expectations. These factors include, but are not limited to:

• general market, macro-economic, governmental and regulatory trends

• movements in currency exchange rates and interest rates

• competitive pressures

• technological developments

• changes in the financial position or credit worthiness of our customers and counterparties as well as developments in

the markets in which they operate

• management changes and changes to our business structure and

• other key factors that we have indicated could adversely affect our business and financial performance which are

contained in other parts of this document and in our past and future filings and reports, including those filed with the

SIX Swiss Exchange.

Although Carlo Gavazzi Group believes that its expectations reflected in any such forward-looking statement are based upon

reasonable assumptions, it can give no assurance that those expectations will be achieved.

This presentation may contain certain financial information that are presented for illustrative purposes only. They may not give a

true or full picture of the financial position or results of operations of the company.

This presentation does not constitute an offer or an invitation for the sale or purchase of securities in any jurisdiction.

By attending this presentation or by accepting any copy of materials presented, you agree to be bound by the foregoing

limitations.

Page 3: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 3

Our Mission

Carlo Gavazzi is an international group active in

designing, manufacturing and marketing electronic

equipment targeted at the global markets of

industrial and building automation.

Page 4: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 4

Key figures

Bookings

137.7 129.3 + 6.5 %

Operating revenue

135.4 130.2 + 4.0 %

EBIT

16.7 14.4 + 16.0 %

Net income

13.4 9.6 + 39.6 %

per bearer share (CHF) 18.84 13.58

(in CHF million) 2016/17 2015/16 Change (%)

Page 5: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 5

Growth drivers

Energy Efficiency

Innovation

Miniaturization

Digitalization

Page 6: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 6

Balance Sheet

(at March 31, in CHF million) 2017 2016 Δ CHF

Current assets 105.5 100.8 + 4.7

whereof cash 49.1 46.7 + 2.4

Non-current assets 23.7 24.6 - 0.9

Liabilities 34.1 34.0 + 0.1

Shareholders’ equity 95.2 91.4 + 3.8

equity ratio 73.6 % 72.9 %

Total 129.3 125.4 + 3.9

Page 7: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 7

0

20

40

60

80

100

120

140

160

2012/13 2013/14 2014/15 2015/16 2016/17

Extraordinary Dividend (in %)

Ordinary Dividend (in %)

Shareholder-friendly Dividend Policy

High Payout Ratio (in %)

%

Page 8: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 8

0

2

4

6

8

10

12

14

2012/13 2013/14 2014/15 2015/16 2016/17

Extraordinary Dividend (in %)

Ordinary Dividend (in %)

Shareholder-friendly Dividend Policy

Consistently high yield of above 5% (per 31st March)

5

%

Page 9: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 9

2016/17 Revenue Distribution by Region

North America

20% (19%)

EMEA

66% (67%)

Asia-Pacific

14% (14%)

Page 10: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 10

0

5

10

15

20

25

30

35

40

2010/11 2016/17

North America

Asia-Pacific

+13 ppts

Automation Components

Share of Revenue outside Europe (% of total Revenue)

Page 11: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 11

Own sales companies in 22 countries

Around 60 independent national distributors

No customer with sales >1% of total revenue

Broad-based business −

customer- and country-wise

Page 12: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 12

Automation Components

Estimated relevant market volume 2017: ca. CHF 10 bn

~30%

Small, locally active

niche players

Market shares: <2%

~ 35%

Five global

conglomerates

Market shares: 5%−13%

~35%

Medium-sized, international

generalists or specialists

Market shares: 2% - 4%

Page 13: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 13

2016/17 Revenue by Product Line

Electro-Mechanical

Switching

6% (8%)

Sensors

25% (26%)

Controls

31% (31%)

Solid-State Switching

25% (23%)

Fieldbuses

5% (5%)

Others

8% (7%)

Page 14: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 14

Ca. 12’000 product specifications

High degree of customization

Broad-based product range

Page 15: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 15

Focus on select products / categories

Energy Management

Inductive Sensors

Capacitive Sensors

Photoelectric Sensors

Monitoring Relays

Switches

Page 16: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 16

Automation Components

Market Segmentation

Nine Priority Segments

Building Automation

Smart Building

Heating, Ventilation, AC

Entrances and Doors

Elevators and Escalators

Energy

Industrial Automation

Plastic Materials Machinery

Food and Beverage

Packaging

Agriculture

Page 17: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 17

HVAC Systems (Heating, Ventilation, Air Conditioning)

HVAC Systems -

Solutions for

Air handling units

Heat pumps

Chillers

Roof tops

Pellet burners

Page 18: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 18

Plastics Machinery

Plastics Machinery –

Solutions for

Injection machines

Extrusion machines

Blow molding machines

Blown film extrusion machines

Thermoforming machines

Plastic dryers & Dosing systems

Page 19: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 19

Packaging Machinery

Packaging Machinery –

Solutions for

Filling

Inspection

Wrapping and sealing

Labelling

Page 20: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 20

Automation Components (ACBU)

Product Innovation

R&D

Competence

Centers

Focus

New products & current

offering update

Energy saving and building

automation applications

Hadsten, Denmark: Sensor devices

Belluno, Italy Monitoring relays, fieldbus, energy management

Zejtun, Malta Solid-state switching devices and motor controllers

Page 21: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 21

Filling in packaging machinery

Stainless steel

Photoelectric sensor

PD30ET series

PointSpot

Photoelectric sensor

PD30..PS series

Photoelectric sensor

PA18 series

Ultrasonic sensor

UA series

Capacitive sensor

CA series

Inductive sensor

ICB series

Page 22: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 22

Heating and cooking equipment

Solid state relays

RF1

Energy analyzer

EM340

Solid state relays

RAM1A..G series

Solid state relays

RKD2 series

Solid state contactor

RGC series

Proportional controller

RGC…P series

Monitoring relay

DPB52

Safety magnetic sensor

SMS/CLS

Page 23: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 23

Parking Guidance System

Carpark display

SBPDIS1ALH

Carpark controller

SBP2WEB24

Carpark master generator

SBP2MCG324

Carpark server

SBP2CPY24

Carpark display interface

SBP2DI48524

3-phase scroll compressor

soft starter

RSBT

45° ultrasonic sensor

SBPSUSL45

360° LED indicator

SBPILED

CO sensor

ESCOW5V

Page 24: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 24

Wireless relay

modules

SHJWRE10AE

Building Automation

360° PIR – Luxmeter

SHSQP360L

Glass temperature

SHG503_SLT

Glass switches

SHG503_LS6

DALI master

SB2DALI23

Bus generator

SH2MCG24 / SH2DUG24

Controller

Sx2WEB24

Decentral output

modules

BDA-RE13A-U

Wireless base unit

SH2WBU230N

Energy analyzer

EM340

Page 25: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 25

Five reasons to invest in Carlo Gavazzi

Long-term oriented family enterprise

Sound financials: cash flow, balance sheet, dividends

Unique market position as 1 stop shop for automatic components

No dependence on a single product or customer

Clear focus on innovation and 9 attractive market segments

Page 26: Carlo Gavazzi Holding AG€¦ · CARLO GAVAZZI GROUP Investora Zürich 2017 3 Our Mission Carlo Gavazzi is an international group active in designing, manufacturing and marketing

CARLO GAVAZZI GROUP Investora Zürich 2017 26

Thank you!