Lindab Capital Markets Day 2015

lindab | we simplify construction

1

Lindab Capital

Markets Day

20 May 2015“We simplify construction”



Transformation into a fully integrated company

From selling what we produce … … to capturing trends and fulfilling

customers’ needs …

… and bringing more value to

more people.

Lindab has started its transformational

journey towards a fully integrated company.

A journey that started with the arrival of CEO

Anders Berg in 2013, the launch of a new,

flat, matrix organisation and a new strategy to

capitalise on trends and Lindab’s strengths.

New focus same basics

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Anders BergPresident and CEO

Today’s presenters MODERATOR:

Steffo Törnquist

IN THE PANEL:

Bengt AnderssonProduct & Marketing Director

Magnus GrönborgHead of Operations

Fredrik LiedholmLegal and HR Director

Michele PaccagnelaCountry Manager Italy

Joakim LönnbergSales Region North Europe

– presentation at the branch

Fredrik ReinfeldtFormer Prime Minister,

special guest speaker

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Foundation Present Strategy Future

Contents

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Foundation

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One Lindab

Sales, markets Sales, segments

CEE/CIS

21%

Western Europe

30%

Nordic region

46%

Other markets

3%Building Systems

13%

Products &

Solutions

87%

Simplifying is our passion,

ultimate comfort is our vision

Lindab employees

Architect

Contractor/Installer

Developer


Contractor/Installer

Lindab employees

12

14

Rainwater and

Building products

1. Lindab Rainline

2. Lindab Seamline

3. Lindab Topline

4. Lindab IT Solutions

Building solutions

5. Lindab Construline

6. Lindab Facade Casette


Air Movement

7. Air Handling Unit

8. Fans

Indoor climate solutions

9. Lindab Pascal

10. Lindab Airy

11. Lindab Solus


Ventilation products

12. Lindab ADS

13. Lindab Indomo


Fire and Smoke

14. Lindab Smoke control system

14. Lindab Fire dampers

5

7

119

10

6

3

13

8

12

4

1

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Sales Region

North Europe

Joakim

Lönnberg

Sales Region

West Europe

Mette

Bröndum

Sales Region

Mid Europe

Pascal

Gelugne

Sales Region

CEE, Russia

and New

Markets

Rickard

Lindqvist Building

Systems

Kenneth

Johnsson

Strategy execution and governanceCEO

Anders Berg

Rainwater and Building Products Ioan Farcas

Ventilation Products Torbjörn Bruzelius

Indoor Climate Solutions Niels Christensen

Air Movement Jan Hesel

Fire and Smoke Eros Peronato

Strategic Product and Marketing Management

Bengt Andersson

Building Solutions Johan Andersson

Executive

Management

Team

Operational

Management

Team

Division, Product

Management and

Country Management

General management,

group

Market and product,

group

Sales regions

Building Systems, Astron

Group structure

Business Excellence and IT / IS

Christian Svensson

Operations

Magnus Grönborg

Finance, Controlling, IR / Communication

Acting CFO Linda Kjellgren

Legal, HR and M&A

Fredrik Liedholm

Astron Group

board

Driving our strategy

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A long and successful history …

The foundation of the company in Grevie, Sweden Establishment in CEE IPO, OMX Nasdaq Stockholm

The extended Yaroslavl facility opens its doors New CEO. ONE Lindab replaces 3 Business Areas Focus on complete ventilation solutions

2013 20152010

1990 20061959

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… based on a strong foundation

Customer success Down-to-earth Neatness and order

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… and always profitable

Sales 12m(MSEK)

EBIT 12m(MSEK)

EBITSales

2000199019801959 201420102005

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Our business Environmental impact of products & services

Customer health & safety

Product content declarations

Financial stability

Supplier requirements

EmployeesHealth & safety

Diversity & equality

EnvironmentMaterials used in production

Greenhouse gas emissions

Waste

Energy consumption

SocietyFair competition

Anti-corruption

Lindab Life – our framework for

sustainability

Our most important

sustainability aspects

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Safety First – Zero Vison for Work Injuries

LTIF indicates the number of accidents per million hours worked.

17.1Jan 2012

14.9Jan 2013 12.3

Jan 2014 9.5Jan 2015

Reduction in

LTIF by 44 %

over 3 years

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Present

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Sales, SEK m EBIT, SEK m Cash Flow, SEK m

7,003(6,523)

497(498)

278(620)

+7 % 0 % –55 %Difference

vs 2013

Growth in core business in 2014

Large investment in

Karlovarska propertyUnrest in Russian market

– Building Systems heavily

affected

Increased sales activities

and market share gain

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New Strategy

5–8 % 10 % 2.5

Annual growth Operating margin Net debt/EBITDA

2014 - Important steps towards a leading position

New Financial Targets

Extended Footprint 4 acquisitions 8 new branches in 6 countries

NovoClima

Klimasystem A/S

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Building Systems

A combination of growth oriented and project related

business

Largest customer/project: 3–10 %

Share of sales to developed markets: 48 %

(Western Europe, CEE)

Share of renovation: 0 %

Largest customer/project: 2 %

Share of sales to developed markets: 98 %

(Western Europe, CEE and US)

Share of renovation: 45 %

Products & Solutions

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6,750

6,250

6,000

600

550

500

300

7,250

7,000

6,500

450

400

350

250

0

EBIT 12m

(MSEK)

Sales 12m

(MSEK)

Sales0%

EBIT+12%

497

460

347

498

407

EBIT 12mSales 12m

Note: EBIT excl one-off items

2010 2011 2012 2013

EBIT 2014 SEK 497 m, EBIT margin 7.1%

2014

2012–2014: flat sales; increased efficiency

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Note: EBIT excl. one-off items

500

400

300

5,250

5,000

5,750

6,500

0

6,000

6,250

5,500

MSEK

Sales+16%(+846)

EBIT+39%(+133)

Q1

2015

473

Q1

2014

410412

Q1

2011

435

Q1

2012

365

Q1

2013

Q1

2010

295

EBIT 12mSales 12m

50

156

110

52

28

-35

-100

0

100

200

700

500

900

1,100

MSEK

Q1

2013

Q1

2014

Q1

2015

EBIT-68%(-106)

Sales-13%(-131)

Q1

2010

Q1

2012

Q1

2011

Sales 12m EBIT 12m

Products & Solutions Building Systems

Two different stories…

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Sales growth % EBIT%

Operating margin has declined in last 6 months mainly due

to weakened market situation for Building Systems in

Russia and CIS.

Strong organic growth due to both widen offering and gained

market shares driven by strategic sales activities

Limited contribution from structure in last two years but still

close to target in a market with underlying growth of 1-2%

Sales growth and EBIT%, R12M

0%

2%

4%

6%

8%

10%

12%

Mar

2014

Mar

2015

Mar

2013

Long-term target

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

Mar

2014

Mar

2015

Mar

2013

Total growth excl. currency

Structure

Organic

Long-term target

Financial targets

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Financial net as % of Net debt

0%

2%

4%

6%

8%

10%

Mar

2015

Mar

2014

Mar

2013

Net debt / EBITDA

4.0

3.5

3.0

2.5

0.0

Mar

2015

Mar

2014

Mar

2013

Significantly reduced cost to finance the net debt since new

credit agreements were signed in Feb -14

Increase since Sep -14 mainly due to weakened

EBITDA in Building Systems

Strategic acquisition of MP3 was made in Jan -15

Actual adj. for release of old agreement costs

Actual

Net debt/EBITDA, R12M

Long-term target

Financial targets

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Diverse performance between product areas in last 12m

Building Solutions

Indoor Climate Solutions

Rainwater & Building Products

Ventilation Productsincl. new product areas from 2015

Air Movement and Fire & Smoke

Profitable Growth

Turnover represented by size of circle.

Operating margin %

Org

an

ic g

row

th %

Products & Solutions

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Our Market

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20 000 customers in 60 countries

46%

30%

21%3%

USA

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29

9

7

22

2

15

18

7

33

1

3

1

2

12

1

1

1

2

6

130 Number of knowledge and distribution centers

(”branches”)

Central production

Regional production

LINDAB DISTRIBUTION:

Always close, available

and knowledgeable

LINDAB PRODUCTION:

Always ready, flexible

and reliable

Footprint for customer success

USA1

2

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Our top 10 markets*

1. Sweden

2. Denmark

3. UK

4. Germany

5. Norway

6. France

7. Russian

8. Poland

9. Finland

10. Switzerland

*2014

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Our products and solutions

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Ventilation products

Rainwaterand Buildingproducts

Indoor climatesolutions

Complete steelbuildingsystems

Buildingsolutions

Broad offering of products and solutions

Air movement

Fire and Smoke

Share of Group sales

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Masterbrand for

the activities within

the building industry

Endorsed brands

within the same

business as the

masterbrand but

with different offerings

Free-standing

brands with

a different business

to the masterbrands

Free-standing

brands within the

same business as

the masterbrand

Machinery

Brand of Lindab Group

Fastening systems

Brand architecture

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Business driven approach

Responsibility for the product portfolio and the commercial success of it

Product Lifecycle Management (PLCM)

Standardised process for product and portfolio development

Be close to developments in the market and future changes in demand

Constantly work with cost reductions

What is Strategic Product Management?

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• Reactive approach

• Product management a support function

• A large proportion of the work was technical

specifications

• Product approach from a ”produced by Lindab”

perspective

• Not enough European approach

• Proactive approach, business development with strategic

focus

• Strategic plan – including price / margin for different

portfolios

• Sales and profitability responsibility with clear targets and

activities

• Product development with a good fit to each market

• Mandate and courage to challenge and question “business

as usual”

Expected results:

• Improved sales, margins and market share

• Improved product portfolio (optimised central and regional portfolio)

• Develop each market with a good approach to products and solutions

• Shortened time to market

Strategic Product Management, cont.

“Before” “Now”


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TG 4TG 3TG 2TG 1TG 0 TG 5

From idea to commercial success (XLPM model)

Idea Phase Analysis Phase Planning Phase Execution Phase (Establishment, Realisation, Hand-over) Conclusion Phase

Internal/external

product

councils and

Innovation

teams

Product performance

SPM

Detailed product

definition & planning

PM

Develop, test

implement

PM

Follow-up

project

PM

Hand-over

PM

Product

ownership

SPM

Launch planning , execution, hand-over

PM, SPM and local management

Production, implementation & roll out

Operations

Full Commercial/

Marketing Plan

PM, SPM

Plan implementation

& roll-out

Operations

Initial Commercial

Plan

PM, SPM

Sourcing &

Production

Operations

Availability

KPI and

feedback

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Our Routes to Market

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Many and close customer relations

Added

product

range

Residential

Industrial

Commercial

Marine

Public

sector

Our production

facilities

Our e-Business, software

solutions and distribution

centers

Core

products

Optimized

logisticsOur branches and

sales offices

CUSTOMERS

THE INFLUENCERS

END USERS

Project

support

Research

facilities

and

knowledge

Solutions

and

systems

STRENGTHEN DISTRIBUTION

DEVELOP SOLUTIONS

Building specifiers

and consultants

AuthoritiesProperty managers

& property owners

Installers OEMContractors Distributors

ALWAYS CLOSE,

ALWAYS AVAILABLE

R&D facilities

40% 25% 10% 25%

Note: % in routes to market refer to Products & Solutions and 15 main markets

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Our branch strategy – quick, close and complete

”Easy access to the branch with

competent staff, here I find all the

quality products that I need for my

work”

New branches

Showroom New store concept Broad range…

Knowledge hub New technology Good locations

…available from stock

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Working with the influencers

”Unique project planning

software makes it easy to

visualise and plan the project”

Solutions for End users Building Project Tools Ventilation Project Tools

Lindab Revit Tools DIMsilencer

Lindab ADT Tools

Structural Designer LindQST

CADvent

Residential Solutions

Industrial Solutions

Commercial Solutions

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Strategy

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Business Areas

created

Dramatic

decline in

sales

Sales acceleration with

increased demand for

steel roofs, rain water

systems and air ducts

Cost-saving

programmes

2000 2015

New flat,

matrix

organisation

World

Economic crisis

Clear global

trends

(2006–2007)

“Super cycle

peak”

Strengthen distribution

and develop solutions

Back to Basics –

Into the Future

Launch of Gold

Strategy

Fittings, distribution

and rainline growth

main themes

Astron

acquired

(Building

Systems)

Butler Europe

acquired (Building

Systems)

CCL Veloduct

acquired

20102005

The journey towards becoming an integrated company

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Profitable every year since 1959

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Environmental

aspectsare drivers in all trends

Intense pressure for

Innovations

Global economy

patterns

Growing population and

urbanisation

Innovation in materials

and processes

Intelligent buildings

Environment, legislation

and energy saving

We see global drivers for growth

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Five clear trends in the world today impacting Lindabs business

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Simplifying is

our passion,

ultimate comfort

is our vision

Our Basics

People Products Production and

Processes

Sales and

Distributions

Supported by Strategic Intiatives

Developing a strategy to reach

our wanted position

Building on our strengths

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5-8%Annual growth based on

organic growth and

growth from acquisitions

over a business cycle

10%Operating margin over a

business cycle

2.5The average Net debt /

EBITDA not to exceed

2.5 in the long term

30% The dividend target is 30%

of the company’s profit after

tax considering

opportunities for strategic

acquisitions, the financial

position of the company and

long term need for financing

Three financial targets supported by the new strategyThe targets stretch over a business cycle

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Relative contribution from our focus areas

Productivity

and cost

Sales

development

Strengthen

margin Supporting focus areas

Lead-time Shorter Medium Longer

Our formula for success

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Leveraging local

stars to global

standards.

Optimising the flow

from purchase to

delivery.

Creating offers of

complete ventilation

solutions.

Finding new ways

to increase

customer value.

Having the right

team for our

business.

Five clear strategic focus areasOur formula for success

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• Develop marketing and sales competence within the Group

• Strengthen Lindab’s position in local markets by utilising the

entire offering

• Further reinforce strategic product and marketing

development

Lindab shall be the obvious choice for customers

in the various market segments and in order to

grow successfully, needs to become even better at

adapting its offering to each individual market, as

well as strengthening the brand and making

selective acquisitions.

3 important initiatives 2015

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• Improve systems for inventory control and thereby increase

availability for customers

• Use Lindab's combined purchasing power and establish a

strong network of buyers within the Group

• Become better at assessing supply and demand – to

produce the right quantities of each product

In a market undergoing rapid transformation,

customers are increasingly demanding greater

simplification, speed, flexibility and reliability.

Lindab is meeting these demands while

strengthening the supply chain process.


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• Develop the offering of complete ventilation solutions for

homes, offices and hospitals

• Develop expertise and technical solutions in VAV systems

and Fire and Smoke

• Strengthen communications about Lindab as a turnkey

supplier

The new strategy has a clear business goal.

The aim is for Lindab to be the leading European

company offering complete ventilation solutions

for all customer categories including end-users,

property owners, regulators, installers and

contractors in selected segments.


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• Implement workshops on innovation within the Group

• Introduce processes for handling the flow from concept to

innovation

• Create Innovation Hotspots – places where good ideas as

well as problems can be raised

To take advantage of strong global trends while

meeting increasingly tough competition, Lindab

needs to promote the power of innovation

throughout the Group and develop a culture of

innovation that makes Lindab the best in the

industry at understanding customers' future

needs.


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• Develop the quality and content of employee appraisals

• Develop a Group-wide HR system that will closely examine

skills and streamline processes

• Implement Group-wide training programmes for leadership

development and Lean Management

New expertise is needed to develop a variety of

skills and meet the challenges of the market. The

successful development of employees is a key

issue for Lindab to be able to implement strategies

in all focus areas and achieve its goals.


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SolutionsLeading European companies within categories

“Residential and Light Commercial Ventilation”,

“Fire and smoke” and “Indoor Climate Solutions”

Market excellenceCompanies that add distribution in new

and existing geographies

Primarily in two areas and primarily bolt-onWith the strategy we also acknowledge the potential for acquisitions

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Strengthen the footprint – organically and by bolt-on

acquistions

CIS incl Russia

Act and re-actVolatile markets, primarily

Building Systems, potential for

P&S

Nordic Region

IntensifyComplete P&S offering, strong position,

but still potential to grow, ICS large

potential

Western and Mid-Europe

Select &

reinforceIn general strong position in

chosen markets, also areas

where we can develop

significantly

CEE

DevelopStrong P&S but with continuedgood potential for ventilation

Other, e.g. North Africa, Middle

East

ExploreNew interesting markets, ”testing the waters” with a

selective approach

US

Profit Ventilation project business

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50With ”One Lindab” - A new distribution center in Grevie next to the ventilation factory covering

about 8000 m2

Before:

• Challenge to coordinate

supply chain

• Creating unnecessary

inventory

• Challenge to further

effectively reduce cost

With New Distribution

Centre:

• Increased availability of

products

• Increased productivity in

supply chain

• Reduced working capital

and cost

Analysis of internal

transaction flow in ”old

business areas” where

factories serve as

”distribution hubs”

Mapping of all transactions identified opportunitiesFurther development of the distribution in Lindab with new conceptual approach

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= Lindab branch = Lindab production = external supplier = Lindab Distribution Center

Responsibility

of Operations

Establishment of distribution centerFurther development of the distribution in Lindab with new conceptual approach

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Future

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CIS

Construction market expected to grow

2% annually in coming three years

GDP growth1 avg. 2015-17: 2.0%

Construction market2 2015-17: 2.3%

SE construction market very strong at the

moment but expected to slow down in coming

years, though this will be compensated by DK

and FI that should gain momentum from 2016

onwards.

NORDIC

GDP growth1 avg. 2015-17: 1.7%

Construction market2 avg. 2015-17: 2.1%

Most markets will continue to recover.

UK is currently the main driver of European

construction business and is expected to

remain so in coming three years, particularly

within non-residential construction.

WESTERN EUROPEGDP growth1 avg. 2015-17: 3.1%

Construction market2 avg. 2015-17: 3.0%

Above 2% annual economic growth

forecasted in all of Lindab’s main markets

within the region.

Most construction markets are forecasted to

develop rather well in coming years.

CEE

GDP growth1 avg. 2015-17: -0.1%

Market uncertainty to remain short-term and

noticeable recovery expected first in 2017.

Construction market likely to have more

challenges than general economy.

1) IMF, World Economic Outlook (Apr 2015)

2) Euroconstruct (Nov 2014) – forecasts weighted by Lindab market mix

Market outlook

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Transformation

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From selling what we produce … … to capturing trends and fulfilling customers’ needs

Business Area driven sales and

production units

New flatmatrix

organisation

Back

to BasicsInto

the Future

New

strategy

Transformation into a fully integrated company

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New focus same basics

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Silos(group, function,

country etc.)

Convergence One Lindab creating value for customers and shareholders

One Lindab – focusing on the customer and their

value while benefitting from being big

Observations

We are in a capital intensive business • We have fierce competition in mature markets • We are local in our approach with the customers

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5757

Nearly Zero-

energy Buildings

by 2020

ErP 2013 covering

minimum efficiencies

on motors

ErP 2015 incorporating

stricter values on

motor efficiencies

2016 Lot 6 & 10 will treat

the fan or AHU as a system

which must carry an energy

rating label e.g. A+

Centralised control units for

indoor climate systems

Nearly Zero-energy

Public Buildings by

2018

Increased role of IoT in managing/

improving energy efficiency

Intelligent control systems will

dominate buildings

Trend

Fact

DRIVERS: ENVIRONMENT | LEGISLATION | ENERGY SAVING | INTELLIGENT BUILDINGS | INNOVATION IN MATERIALS AND PROCESSES

Low energy building

concepts

Focus on indoor air

quality and fire protection

Self-service

eCommerce concepts

Buildings are responsible for 40% of energy consumption and 36% of CO2 emissions in the EU. While new buildings generally need less

than three to five litres of heating oil per square meter per year, older buildings consume about 25 litres on average. Some buildings

even require up to 60 litres. Currently, about 35% of the EU's buildings are over 50 years old. By improving the energy efficiency of

buildings, we could reduce total EU energy consumption by 5% to 6% and lower CO2 emissions by about 5%

The 2010 Energy Performance of Buildings

Directive and the 2012 Energy Efficiency

Directive are the EU's main legislation

when it comes to reducing the energy

consumption of buildings.

2010 2012 2014 2016 2018 2020 2022

Lindab Inside

(residential

solutions)

Closer corporation

with strategic AHU

and Fan partners

All non-compliant

Fans removed from

range

IoT strategy and

concept

Pascal 2.0 (VAV solution with

smart user interface)

Fans and AHU new

strategic focus

Fire and Smoke new

strategic focus

Lindab Protect (Fire and

smoke protection systems)

Evaluation of insulation materials – fire

and energy performance for roof- and wall

Competence and training

centres

Residential VAV solution

Lindab service concepts

New energy solutions to be launched every year

New test furnace for

Fire and Smoke

Cool roofs

Residential Combi-unit for heating,

cooling & HRV

B2B eBusiness – a real-time and global

buying environment with web platforms and

e-tools

Building integrated energy

systems

Building systems with

near zero energy

Lindab

action

Lindab Distribution concept

Broad and flexible product ranges based on

modularization

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Where are we going and why?

Our development supported by legislative measures


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Summary

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We have a very strong foundation, we capture the

trends that drive our business, we work

systematically and aligned with our strategy, which

gives us a remarkable opportunity to take a leading

position within complete ventilation

solutions.

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2020

Some Milestones on Lindab’s Journey

1959 | The foundation of the

company in Grevie, Sweden

xxxx

IPO, OMX Nasdaq Stockholm

1988 20061959

Lage Lindh, businessman of the

year.

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Appendix: Presentation of

MP3

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lindab | vi förenklar byggandet

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“Through the

acquisition of

MP3, Lindab

gains a great

opportunity to

add competence

with fire and

smoke solutions”

Anders Berg

Our competence, Lindab’s strength

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8,150 hours dedicated

to R&D


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38 countries around the

world


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9 product areas for any

need


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Fire safety experts


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target

the customer


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New solutions launched in Q1

Smoke Control Ventilation is a

matter of human safety.

Lindab Smoke Control

Systems are ready to install in:

• Hospitals, Care homes

• Hotels, shopping centres

• Underground buildings

• Train stations

• Multistorey parkings

“The strategic

acquisition of MP3 is

strengthening the

product offering and

upgrading

competences”


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• Team Site launched

• Project on schedule

• ONE Lindab sales Training in Italy x 5 completed

• MP3 Fire dampers now sold by Lindab Italy and technical/sales training started in several countries


• Project on schedule

• ONE Lindab sales Training in Italy x 5 completed

• MP3 Fire dampers now sold by Lindab Italy and technical/sales training started in several countries


• Project on schedule.

• ONE Lindab sales Training in

Italy x 5 completed.

• MP3 Fire dampers now sold

by Lindab Italy and

technical/sales training started

in several countries.

MP3 Integration follows structured XLPM

process

“Sharing the knowledge =

Multiplying the knowledge”

http://sharepoint.lindab.com/mp3/SitePages/Home.aspx




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This presentation contains i.a. certain forward-looking expectations which are subject to risk and uncertainties related to relevant

financial and market conditions, currency exchange fluctuations etc. The document has been prepared by Lindab solely for information

purposes related to the CMD 2015. The information contained herein are Lindab's opinions and views as of current date, 20 May 2015

only.

Lindab undertakes no liability and make no representation or warranty for the information and any expectations given in the

presentation..

Documents

Lindab Capital Markets Day 2015