PRIVATE EQUITYNewsletter QUARTERLY SPECIAL | EDITION 1/2018

CLOSED DEALSfor 2017 and the fi rst quarter of 2018 within the German-speaking region

NEW DEAL FLOWJanuary 2017 - March 2018in German-speaking region

MOST RECENT STUDIESby Roland Berger

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Roland Berger2

We hope that you had a successful start into the first months of 2018, closing recent deals and investigating new opportunities. In this edition of our PE Newsletter, we want to look back at a suc-cessful year 2017 and share our expectations for the remainder of 2018.

PE-related deal activity in the German-speaking region has been particularly good in 2017 with 204 closed deals (up from 168 closed deals in the previous year) and a promising start into 2018 with 45 closed deals by the end of Q1/2018. New deal flow has held up well since beginning of 2017, the only exception being August 2017 as vacation month; February 2018 displayed a very strong deal flow with 66 deals and there are indications for a positive outlook for the remaining year 2018. The major-ity of deal activity continued to be with Industrial Products and Consumer goods, followed by Health-care and IT/Telecommunication.

From a political perspective, uncertainty has thus far continued in 2018, driven by Brexit negoti-ations, Catalonia’s separatist movement as well as new protectionist measures in form of tariffs by the US government. On the positive side, German chancellor Angela Merkel and her partners have finally formed a new grand coalition government ending several months of intense negotiations. Despite of the political uncertainty, capital markets remain strong – except for small corrections in Q1/2018 – and many economists expect a continued robust economic development in Europe.

Two months ago, our “European Private Equity Outlook 2018” has been published, a study for which Roland Berger interviewed private equity professionals throughout Europe. The study indi-cates a positive outlook for 2018, which is, however, slightly more cautious than in the previous year. Pharma & Healthcare, Business Services & Logistics and Technology, Media & Telecommunication (TMT) are the top three industries expected to see PE-driven M&A deals in 2018. Current multiples paid are considered overvalued or slightly overvalued by the vast majority (93%) of PE professionals – Nevertheless, c.30% of surveyed professionals expect valuation multiples to further increase in 2018. Add-on acquisitions and digitalization/Industry 4.0 are expected to be the most important portfolio improvement/value creation measures in 2018.

Furthermore, a range of notable studies has been published by Roland Berger, which address amongst others the future disruption potential, e.g., in the automotive industry (“Automotive disrup-tion radar #3 – Mobility services move up a gear”; “Selling commercial off-road vehicles – Key insights for OEMs, dealers and leasing companies”). In addition, recent studies provide insights into upcom-ing technology trends such as artificial intelligence (“AI think, therefore AI am – Are we ready for the next revolution in technology?”), supply chain planning (“Supply Chain Planning 4.0 – Supercharge your supply chain planning performance”) as well as automation (“Robotics Process Automation in Finance”). Moreover, we are happy to announce that we have expanded our senior team in Investor Support with the appointment of Marc Hesse as Principal.

Roland Berger’s Investor Support Practice wishes you many new opportunities and success with your transactions, on which we will, of course, be happy to support you.

Yours sincerely

Christof Huth

Dr. Thorsten Groth

Dr. Gerd Sievers

Marc Hesse

Dr. Sascha Haghani

Christof Huth

Sven Kleindienst

Jan Felsen

Dr. Gerd Sievers

MarcHesse

Dr. Sascha Haghani

Dear Clients, dear Friends,

Dr. Thorsten Groth

Sven Kleindienst

Jan Felsen

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CLOSED DEALS IN GERMAN-SPEAKING REGION 2001 - 2018 YTD# closed PE-relevant dealsSource: Roland Berger

2001

40

2002

74

2003

81

2004

104

2005

10020

17

2018

YTD

204

45

2006

163

2007

166

2008

122

2010

136

2011

113

2012

12520

15

161

2016

168

2013

110

2014

119

2009

79

Closed deals for 2017 and the first quarter of 2018

The number of closed deals in 2017 amounted to 204, representing the highest number of deals within the past 16 years, representing a YoY growth of c.21%. With respect to the first quarter of 2018, the number of closed deals has been at 45, being slightly lower compared to the number of 53 closed deals in Q1/2017.

In 2017, the leading deal makers in terms of number of deals were AFINUM, AUCTUS, Bregal, HANNOVER Finanz, KKR and Waterland with 5 deals each, followed by Equistone and IK Investment Partners with 4 deals. Furthermore, a number of private equity companies concluded 3 acquisi-tions each, including Ardian, Capvis, CGD Management, EQT and The Carlyle Group.

In the first quarter 2018, Waterland has already completed 3 deals while Beyond Capital Partners, DPE Deutsche Private Equity, H.I.G. Capital, Oaktree, Odewald, Perusa and Ufenau have closed 2 deals each.

Increased overall deal activity in 2017 - 2018 started more moderately

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The first quarter of 2018 has seen a considerably lower deal flow of 128 deals, compared to 146 deals in Q1/2017. Moreover, more deals were closed (and signed) in Q1/2017 com-pared to Q1/2018. However, Q4/2017 developed stronger with 115 deals compared to 89 deals in Q4/2016, resulting in a year with strong PE activity in the DACH region. Most of the 36 current deals in February are still ongoing, indicating a positive outlook for the second quarter of 2018.

DEAL FLOW PER MONTH IN GERMAN-SPEAKING REGION Jan 2017 - Mar 2018# deals by statusSource: Roland Berger

Current WithdrawnRumored Dormant Closed1

146

2017 2018 YTD

Mar

23

8

12

43

Feb

16

6

37

59

Jan

11

33

44

101 102 115 128

Jun

16

2

19

37

Sep

15

5

31

51

Dec

7

1

25

33

Mar

5

8

12

25

Mai

19

3

3

15

37

Aug

4

15

19

Nov

14

6

19

7

15

21

48

34

Feb

36

7

23

66

Apr

14

13

27

Jul

12

17

32

Oct Jan

11

26

37

1 The difference in “closed” deals in the deal flow statistic (on this page) compared to the “closed deals” statistic (on the preceding page) is due to the time delay between announced deals (in deal flow statistic) and legally closed and signed deals (in closed deals statistic)

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DEAL FLOW PER MONTH IN GERMAN-SPEAKING REGION Jan 2017 - Mar 2018# deals by industrySource: Roland Berger

IT/TelecomsTransportationOtherConsumer goods

ChemicalsAutomotive Energy

Engineered productsHealthcare

The PE market in the DACH market continues to see the most activity in the segments Consumer goods as well as Engineered products (23 and 40 deals respectively in Q1/2018). Moreover, an increased deal activity in the Healthcare segment has been observed in 2017, also being reflected in larger transactions, e.g., Alloheim/Nordic Capital. Furthermore, the Automotive industry continuously displays constant deal flows from the PE industry. Yet, the Transportation and Energy segments continue to show rather limited deal flow.

Jan

6

3

5

2

6

4

9

9

44

146 101 102 115 128

Feb

6

17

11

6

7

4

59

5

3

Mar

4

5

4

13

11

1

43

4

1

7

15

51

27

Apr

6

2

Mai

5

8

4

9

42

37

1

1

3Jul

4

41

8

7

2

32

1

5

Oct

3

4

7

8

37

5

1

11

10

34 33

5 3

8

5

7

Sep

10

16

51

14

DezAug

4

5

2

1

41

191

1

3

6

6

9

14

2

48

2

1

5

Nov

3

7

6

7

7

37

2

2

3

Jan

8

5

4

13

22

1

66

4

9

Feb

6

22

3

11

25

1Mar

3

7

6

Jun

4

11

1

37

1

4

2017 2018 YTD

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TARGETTARGETAIMD

Altano GruppeApostroph Group

atms Telefon- und Marketing ServicesBarthelmessChromasensCopyQuick NeuenburgEBERTLANG DistributionF.S.V. Fachbetrieb für Verkehrseinrichtungen auf StraßenFrankenpark-KlinikGebhardt InstrumentsglobitsHulvershorn EisengiessereiISOG Management

JK-HoldingKarl ReichenbachMaredoModehaus SchneiderNRW Building TechnologyOeBB-Fernbus

One Advertising

Optimed Medizinische InstrumenteORTHOPARCParallels InternationalPeiselerPOOL4TOOLPPS ImagingRehazentrum Wilhelmhaven Klinik am ParkReutterSHDTembit SoftwareThe Cornerunivativ GroupURBANA EnergietechnikvonRoll itecWIDOS Wilhelm Dommer SoehneWorld of Travel ReisebueroAerialAhlbrandt System GmbH

ASI DATAMYTE Quality Management Software DivisionAUVESYBrenner Medical

cardtech Card & POS ServiceCarttecciao bella LizenzCoreMedic

Dorma Beschlagtechnik GmbHDynasafe InternationalEuroAvionicsevania videoFAM Magdeburger Foerderanlagen und Baumaschinen GmbHFly&CompanyFormel DGabo SystemtechnikGarz & FrickeGetronics International

ACURA Kliniken Rheinland-PfalzANDROMEDA Mediznische Systems

artegicAtotechB2B Media Group EMEABilfinger Scheven

Böllinger GroupCine-MobilConCardisDBW Advanced Fiber Technology Group

DefShopDeurotech ProduktionsDuagonDuoTherm RolladenEF-ExpressEffiSi

Embassy JewelF24Felss GroupFit HeavenFitbudgetFrostkrone TiefkühlkostGasser RassuvinGEFASOFTGemacoGranit Holding (SCHOCK)Heidelberger Payment (heidelpay)Hensoldt (fka Airbus Defence Electronics) Holzindustrie Fürst zu Fürstenberg

IMG Electronic & Power Systems

InfinigateiT-CUBE SYSTEMSJosef ReisKarl SchmidtKronenbrotKunze GruppeLedvance

Margarethenhofmgw Service

o|con Office ConceptOptimol Instruments PrüftechnikPoggenpohlPresswerk KrefeldProductsupProXESS REIFF Gruppe

Rhenser MineralbrunnenSAFECHEM EuropeSchustermann & BorensteinSLVUtimacoWEETECHWell Plus Trade VertriebsWer Liefert WasWilhelm Schulz

Xtera CommunicationsZahnradwerk PritzwalkZGS Bildung

BUYERBUYERSL Unternehmens-beteiligungsgesellschaftUfenauWieners+Wieners (ECM Equity Capital Management)BK InvestFordahl CapitalLakesight Technologies (Ambienta)Copytrend (AFINUM)Beyond Capital PartnersAVS Verkehrssicherung (Steadfast Capital)Media Kliniken (Waterland)Trescal (Ardian)FERNAO Networks (AUCTUS)Rheinische MittelstandsbeteiligungBayBG Bayerische Beteiligungs-gesellschaft and Endurance CapitalVTC IndustriebeteiligungenLampe Privatinvest ManagementPerusaAppelrathCuepper (OpCapita)BregalFlixbus (Silver Lake Partners, General Atlantic, Holtzbrinck Ventures, Daimler Venture Capital)diva-e Digital Value Enterprise (EMERAN)E-Med Solutions (Westlake Partners)ATOS Kliniken (Waterland)Oakley CapitalINDUS HoldingJaegger (KKR)NORD HoldingMedia Kliniken (Waterland)

Steadfast CapitalBregalHanse Orga (Waterland)Lampe Privatinvest ManagementTriton PartnersGETEC Energie (EQT)FERNAO Networks (AUCTUS)HANNOVER Finanz/FinexxMader Kuoni Reisen (EQT)ProcuritasBaldwin Technology Company and BW Forsyth PartnersAlpina Capital Partners

Brockhaus Private EquityClinical Innovations (The Pritzker Group)Concardis (Bain Capital/Advent)Gatekeeper (HKW)Gustoso Gruppe GmbH (AUCTUS)SHS Gesellschaft fur BeteiligungsmanagementFlacks GroupSolix GroupHensoldt (KKR)Main Capital PartnersCeterum-Holding

Delivery Hero (Rocket Internet)3iBregalAFINUMServest (Bottega InvestCo)

RAD-x (Gilde)Laborie Medical Technologies (Investor AB)Main Capital PartnersThe Carlyle GroupNordwind CapitalDUBAG Deutsche UnternehmensbeteiligungenTRIGO Group (Ardian)LEO FamilienholdingBain Capital/AdventDMB Dr. Dieter Murmann BeteiligungsgesellschaftEquistonePINOVA CapitalDBAGBPE UnternehmensbeteiligungenFlash Europe International (Eurazeo)HLS Engineering Group (Aheim Capital and TerVia Invest)BregalArmira PartnersCapvisLet‘s Go Fitness (AFINUM)Let‘s Go Fitness (AFINUM)EMERANAcrotec (Castik Capital)Alpina Capital PartnersCapitonIK Investment PartnersAnaCap Financial PartnersKKR

European Wood Products Holding (Flacks Group)HASEC-Elektronik (bm-t Beteiligungs-management Thüringen)H.I.G. CapitalSecureLink (Investcorp)Tempus CapitalOdewaldSignal Capital PartnersPWK Automotive (HANNOVER Finanz)IDG Capital Partners, MLS and Yiwu State-Owned Assets Operation CenterDOREA Holding (Quadriga Capital)Akiem (Ermewa Group and Deutsche Asset Management)Webhelp (KKR)Virthos PartnersAdcuramHANNOVER FinanzNordwind CapitalCapvisEuropean Tyres Distribution (Bain Capital)Berentzen BrothersCBPE CapitalPermiraArdianEQTPINOVA CapitalHQ EquitaCapvisPrecision Castparts (Berkshire Hathaway)H.I.G. CapitalAndreas & PfeifferOakley Capital

DEALS CLOSED IN 2017 WITHIN THE GERMAN-SPEAKING REGION

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TARGETStoll GiroflexJLS DIGITALKaelte EckertKalimbaklebefieber.deKlinik Fleetinsel HamburgKopiervertrieb Rhein RuhrKreuzfahrtberater

Laboratorium Dr. DeppeLebara GroupMBNMcGee PharmaMCI GroupMetabolomic Discoveries

MultiweighmyraPferdeklinik in KirchheimPflegen & Wohnen HamburgProfessional360Pumpenfabrik WangenRehms Building TechnologySavedo

Schweighofer Fiber GmbH,Schweighofer FiberSchwerdtfeger TransportSeeklinik Brunnen

SGB-SMIT GroupSilvanSMB Medical

Spiele MaxSporternahrung MittereggerStraesser GroupTTI PersonaldienstleistungUC PointValcoVitronet ProjekteWDM (Wolfshagener Draht- und Metallverarbeitung)XindaoYeah!A&W Feinbackwaren

A+F Automation + FördertechnikAlfahosting

AWK GroupAZ Elektro

Bien-ZenkerBMF Group

Bukh Bremen

BWTSCareer Partner/ Internationale Hochschule Bad Honnef (iubh)CondectaCordier SpezialpapierCP Corporate PlanningDebitor InkassoEberhard Hoeckle

BUYERFlokk (Triton Partners)Vinci CapitalVR EquitypartnerAqua Vital (Halder)PPS. Imaging GmbH (NORD Holding)ATOS Kliniken (Waterland)Apogee Corporation Limited (Equistone)Cruise.co.uk (Bridgepoint Development Capital)Invision Private EquityPalmarium AdvisorsPerusaPharmaLex (AUCTUS)Indigo Capital and EMZ PartnersSyngenta International (Sevin Rosen Funds/Keating Investments/180 Degree Capital/The Aurora Funds/Fletcher Spaght/Metabolon)InvictoAntonio InvestAltano Gruppe (Ufenau)OaktreeBryanston GroupSilverfleet CapitalBregalDeposit Solutions (e.ventures/Greycroft Partners/Peter Thiel/Valar Ventures Management/FinLab)TowerBrook Capital Partners

Flash Europe International (Eurazeo)AMEOS Gruppe (The Carlyle Group/Quadriga Capital/Omnes Capital)One Equity PartnersAURELIUSMarle International (IK Investment Partners/The Carlyle Group)Palero CapitalHANNOVER FinanzATESTEO (3i)Raiffeisenlandesbank OberösterreichSoftwareOne (KKR)GHM (VR Equitypartner)DBAGCross Equity

PerusaPAI PartnersDe Banketgroep (Qualium Investissement)CGS Management(European Directories (EDSA)) Triton PartnersDPE Deutsche Private EquityCMP Capital Management Partners GmbHEquistoneRantum Capital Management, Cedarlake Capital PartnersAlliance Marine SAS (Weinberg Capital Partners)capitonOakley Capital

Paragon PartnersValue Enhancement PartnersHANNOVER FinanzIK Investment PartnersJet Investment

DEALS CLOSED IN Q1-Q3 2017 WITHIN THE GERMAN-SPEAKING REGION

TARGETEcole de Coiffure de LausanneEMVIA LivingEpiontis

ETT VerpackungstechnikEuro DruckserviceGess & PartnerHanse HausHora-Werkic! berlin brillenIntelliShopIT WORKSJobRouterLampenweltMagnolia InternationalMeonaOaseOKS Otto KnaufPCS PayCard ServicePinsker Druck und MedienPlusServerQMS MedicosmeticsSapalSchenck Processschoen + sandt machinerySGL Carbon (Graphite Electrode Business)SimplepayStarTec Payment & Service

StudienkreisStuertz MaschinenbauTechnogroup IT-ServiceUroviva InternationalW.AG Funktion + DesignWiegmannWlihelm AltendorfWolfensbergerKlapper AutoteileLindenfarb Textilveredlung Julius Probst

BUYERGroupe Silvya Terrade (Apax Partners)Chequers CapitalPrecision for Medicine Inc., TPG Capital, Oak Investment Partners, J.H. Whitney & Co., TPG GrowthGFEPDPE Deutsche Private EquityJR Personal (AUCTUS)EquistoneBWK UnternehmensbeteiligungenPREMIUM Equity PartnersIMCap PartnersAFINUMMain Capital PartnersPrject A VenturesElvaston Capital ManagementEMERAMArgand PartnersFideliumConcardis (Bain Capital)ARCUS CaptialBC PartnersBlueGem Capital PartnersNavigator CapitalBlackstoneCGS ManagementTriton Capital Partners

Concardis (Bain Capital)Heidelberger Payment (AnaCap Financial Partners)IK Investment PartnersCGS ManagementVitruvian PartnersECM Equity Capital ManagementCM-CIC InvestissementAPEX CapitalAvedon Capital PartnersFideliumAlliance Automotive Group (Blackstone)RADIAL Capital Partners

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TARGET7days Marc Staperfeld ABO Flitertechnik NordACT IT HoldingAGVS HoldingAir AllianceAlbrecht & Dill CosmeticsalphaBitALVI - Alfred ViehhoferAscoraBauwerk BoenBrugg KabelCompetence Call Centercoeo InkassocompassioCONET TechnologiescopperING

DermedisElatecFEBA AutomationGiesserei AlbbruckH. Vollmer

HeizkurierIBYKUSISPINKBLLanger & Laumann Ing.-BuroLarsen Indoor Light Concept

Learnship NetworksnavabiNL-Holding PERLKÖNIG Perlen & Schmuck & ZubehörPferdeklinik GrosswallstadtPloucquet

Procrea GroupRECATSchroth Safety ProductsSecura IndustriebeteiligungenSimply Logistics SystemssmavaSwiss Medical Imaging InvestmentSwyx SolutionsThurn ProdukteUNICEPTA Gesellschaft für MedienanalyseVTU HoldingMeinAuto

BUYERSilverfleet Capital PartnersWaterlogic (Castik Capital)Conet (H.I.G. Capital)Süd BeteiligungenDPE Deutsche Private EquityECM Equity Capital ManagementSwiss IT Security AG (Ufenau)Noppies (Vendis Capital)DRS InvestmentEGS BeteiligungenSOLIFOS (HVD Partners)ArdianWaterlandSchones Leben Group (Waterland)H.I.G. CapitalGehring Technologies (Penta Investments)Rigeto UnternehmerkapitalSummit PartnersPiab Invest AB (EQT)Navigator CapitalLDBS Lichtdienst GmbH (Beyond Capital Partners)OdewaldVM Capital AdvisorsMBO (Capiton)DIH Deutsche Industrie-HoldingOdewaldLDBS Lichtdienst (Beyond Capital Partners)THI InvestmentsVerdane Capital AdvisorsOaktreeMaxburg Capital Partners

Altano Gruppe (Ufenau)CONSTANTIA Beteiligungs (CBAG) and TECHTEXNL-Holding (Oaktree)FINEX SICACV SIFPerusaPerusaFloris CapitalVitruvian Partners, Runa CapitalRAD-x (Gilde)WaterlandQuantum CapitalParagon Partners

DPE Deutsche Private EquityHg Capital

DEALS CLOSED IN Q1/2018 WITHIN THE GERMAN-SPEAKING REGION

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Roland Berger9

Presenting Roland Berger most recent studies

European Private Equity Outlook 2018The private equity industry anticipates more M&A transactions on the part of PE firms in 2018 than last year, con-fident that the favorable economic outlook will offset economic uncertainties like the ongoing Brexit negotiations. This is among the conclusions reached by the new „European Private Equity Outlook 2018“, a study for which Ro-land Berger interviewed more than 2,500 private equity professionals from around Europe. The most attractive industries for M&A with PE involvement are Pharma, Business Services & Logistics, and Technology, Media & Telecommunications. There is also rising interest from Chinese investors, who benefit from a large home market and access to favorable financing conditions.The outlook shows, that this year, PE firms will likely focus more on selling their existing investments than on ma-king new acquisitions: Divesting existing investments is now top priority. Furthermore, the surveyed professionals cited majority shareholdings in family-owned companies as the main source of acquisition targets, followed by secondary buyouts.

Automotive disruption radar #3: Mobility services move up a gearThe Roland Berger automotive disruption radar looks at 27 select indicators that have been measured on a factual basis, including interviews with over 13,000 end users in 13 countries.The third issue of the study confirms that Asian countries like China, Singapore, and South Korea speed up their activities while mature Western markets (and particularly German OEMs) are rather busy protecting themselves by managing the ‘dieselgate’ and NOx emissions crisis.In its newest edition, the automotive disruption radar has named the China as the leading country for introducing autonomous vehicles showing a significant sales increase in the last year. Furthermore, the study reveals that countries are quickly making significant progress in providing a legal framework for testing the new technology on public roads. However, to date, only the US has given the full regulatory go-ahead for autonomous driving.

AI think, therefore AI am – Are we ready for the next revolution in technology? This study sheds light on the fundamental questions around artificial intelligence (AI). What exactly is AI, how does it work and what can companies use it for? Experts from industry and start-ups talk about the future of AI and its business potential.AI for businessSuddenly everyone is talking about how artificial intelligence will change the world. An analytic view helps to find out what it will really mean for business. Think of digital personal assistants, real-time translation or data crunching.Carrying along one’s personal AIThe artificial intelligence upheaval will peak in the advent of individual and portable AI. Smart applications will develop a deep understanding of who we are and enable us with hyper-personalized services.AI augmented workplaces and their specialistsWhat will be the future of work? Many people believe that giving repetitive tasks to smart machines will free us to reimagine our working roles as human beings. Accordingly, there is nothing to fear. But it is time to prepare.

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For further information, questions or remarks please contact:

ROLAND BERGER GMBHInvestor Support, Sederanger 1, 80538 Munich, GermanyLejla Kalajevac, Phone +49 89 9230-8250, Fax +49 89 5485-8250, lejla.kalajevac@rolandberger.com

Supply Chain Planning 4.0 – Supercharge your supply chain planning performanceIn a fast-paced and dynamic world, change is the only constant. Manufacturing companies that control their own production must ensure that their supply chain planning (SCP) systems are flexible enough to navigate the comple-xities that this changing world presents, particularly in the age of digitalization. In this study, we first present the results of an extensive survey carried out among supply chain and operations professionals. This looked at the readiness of the supply chain planning setup across the globe. What state is it in, and where do the chief pain points lie?Next, in a special feature, we examine some of the latest trends seen in supply chain planning. We identify four key tendencies: the integration of previously separate planning horizons, the appointment by companies of a „collabo-rative planner“ to oversee the interconnected supply chains of their suppliers and of the company itself, the appli-cation of advanced scenario planning tools, and the use of data analytics to forecast demand better.Finally, we look at the investments required to transform supply chain planning systems, and the tangible and intangible benefits. Generally, we expect to see a payback period of two to four years, with an internal rate of return of 15 to 25 percent.

Selling commercial off-road vehicles – Key insights for OEMs, dealers and leasing companiesFollowing strong growth in the past and a general market decline in 2016, sales of most off-road commercial ve-hicles are now expected to grow moderately until 2020. While the agriculture segment is still at the bottom of a super-cycle, the construction equipment segment is seeing first signs of recovery. Given these prospects, compa-nies have rightly switched their focus from aggressive growth strategies to making gains in process efficiency.But which specific areas should companies be focusing their efforts on? What are the key success factors when it comes to selling off-road commercial vehicles and how do they differ between the United States and Europe? In this paper we present the results of our recent investigation of this important topic and hear directly from those working in the industry. On the basis of this data we then present our specific recommendations for OEMs, dealers and leasing companies operating in the off-road commercial vehicle market.

Robotics Process Automation in Finance Finance functions have been transforming themselves in recent years, with the aim to evolve from a “data producer” role towards a “strategic business partner” position for internal clients. This transformation requires switching from reactive to proactive data delivery, analyses and decision-making support for internal clients.Robotics Process Automation (RPA) has proved to be a major optimization lever for financial activities. In recent years, Roland Berger has conducted numerous assignments in the field of RPA in finance functions across various industries.RPA is an interesting and effective level to replace repetitive, manual tasks by “robotized” process generating substantial productivity gains around production, control, consolidation and reconciliation tasks. To be fully effective, it needs to come after a process simplification and harmonization effort and should be coupled with an analysis of the long-term end-to-end automation potential of accounting and financial production flows. In addition, an analysis of the expected evolution of HR need is required.