tognum investor presentation january/february · pdf file... tognum investor presentation |...

Tognum Investor PresentationJanuary/February 2011

| Tognum Investor Presentation | January/February 2011

Legal disclaimer

This presentation is for information purposes only and does not constitute an offer to sell or a solicitation for an offer to buy any securities. The shares of Tognum AG will not be registered under the U.S. Securities Act of 1933.

This presentation includes certain forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes", "estimates", "anticipates", "expects", "assumes", "predicts", "intends", "may", "will" or "should", and similar expressions. Such forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Such forward-looking statements do not represent any guarantees of future performance. Tognum's actual results of operations, including its financial condition and profitability as well as the development of the general economic conditions in which it operates, may differ materially from (and be more negative than) those made in or suggested by the forward-looking statements contained in this presentation.

This presentation also includes certain market and market share data. To our knowledge, there is no single, comprehensive source that reliably describes the overall market and its sub-markets or the competitive situation in the market breakdown presented herein. Unless indicated otherwise, all the statements herein concerning the market and competition are therefore based on our own estimates, some of which have in turn been derived from a variety of sources. It is possible that the actual market conditions and competition may differ from the situation described herein, or that other market participants may come up with different estimates of the market and competitive conditions.


Tognum AGIntroduction

IndustrialMarine Oil&Gas After Sales Onsite Energy Systems

Engines Onsite Energy & Components

ComponentsDefense

Tognum sets the standard as the preferred partner for the best solutions in power and propulsion

- “Pure Play“ in high-speed and high-performance diesel engines for off-highway applications- Customised solutions - complete propulsion systems - decentralised energy systems


Tognum AG Investment proposition

Reliable Foundation

Growth Prospects

– Diverse off-highway end markets– 100 years of customer relationships and technology leadership– Sales & distribution network in 130 countries, with over 1,200 service points

Financial Strength

Operational Leadership

Reliable Management

– Management aligned with shareholder interests – Strong track record– High level of experience and qualification

– Proprietary leading technology– Operational flexibility– Global presence

– Adj. EBIT margin: Avg. 10% - through the cycle– Return on Net Assets: Avg. >20%– Dividend: Payout ratio between 30% - 50%

– After Sales: >10% CAGR– Onsite Energy & Components: >10% CAGR– Engines: Growth above market


Only “pure play” in high-speed off-highway enginesTo

gnum

mar

ket

Low-speed engines

Medium-speed engines

> 560kW

< 560kW

High-speed engines

Note: Shapes represent approx engine volumesSource: Secondary research


Injection SystemsFuel CellDiesel PowerGenGas PowerGenOil & GasYachtNaval / GovernmentalCommercialRailMiningC&IAgricultureTrucksMedium / LightHeavyService / RepairsSpare Parts

Uniquely balanced portfolio in attractive markets

Split by region (2009)

– Attractive end markets with high barriers to entry– Broad & well balanced portfolio with >20 different application areas– Long-term growth perspectives in the fields of energy/power, raw materials/infrastructure and industrial

development in emerging countries

29%

20%

24%

8%

19%

Rest of World

Europew/o Germany

Asia/Pacific

NAFTA

Germany

Split by end market* Split by subapplication*

OE components

Onsite Energy

Oil & Gas

Marine

Industrial

Defense

After Sales/Other

* excludes propeller shafts business which has been sold effective November 2009


After Sales

Tognum is well positioned for long-term growthFocus on flexibility and efficiency

- Maintaining leadership in product innovation- Broadening business and customer portfolio- Integrating system and service offerings

Tognum‘s strategy

Operational Excellence

Portfolio

Strategic initiatives

Onsite Energy

Regional Expansion

- Lean@mtu

Propulsion

Initiatives for higher flexibility and a

better cost position


The emission challengeEmission requirements

Increasingly stringent emission legislation

Tier 1

Tier 22000

2015

2006

2011

0.20.4 0

10

8

6

4

Tier

4i

Tier

4

0.6

2

PM (g/kWh)

NOx

+HC

(g/k

Wh)

Note: EPA legistlation, C&I > 560kW

Comments

- Broadly similar emission regulations in US (EPA), EU, and other countries

- Depending upon the application and power rating, different phasing of introduction and emission limits apply for Particulate Matter (PM) and Nitrogen Oxides (NOx)

- Increasing certification and testing requirements

Tognum objective to provide emission compliant solutions with improved life cycle

costs for the customer


Fuel efficiency and life cycle cost

Intelligent R&DManaging the emission challenge

Fuel 90.5%

Preventive Maintenance 6.8%

Corrective Maintenance 1.1%

Engine price 1.7%

Source: MTU FN, customer feedbackApplication: Rail (locomotive)

Methods for emissions reduction

Exhaust aftertreatment

Combustion process

Exhaust gas recirculation

Turbo charging

Oxydation catalyzer

Diesel particulate filter

SCR catalyzer

Emission reduction(optimised EAT concepts)

Emission reduction+ Engine efficiency

Fuel injection

Electronics

Internal engine measures

– Efficient solutions to meet upcoming emission standards– Tognum keeps key technology know-how in-house– Focus to achieve optimised combustion process– Developing new engine series (lower power range) and new

engine generations (S 2000 / S 4000) – Competitive advantage and optimum solutions in all our

applications for our customer base– Customer benefits through engines with superior fuel

consumption and low total cost of ownership

Comments


Revenue growth target

Onsite EnergyExploiting the market potential

– Complement diesel engine portfolio(launch of series 1600 in 2009) and expand gas portfolio

– Increase in systems business with modularised generator sets (gensets)

– Internationalisation/regional expansion– Sales channel development and expansion in new

regions (e.g. Asia)– Increase power generation focused network density– Increase in After Sales

– Expansion of Nuclear Power Plant business

– Provide green energy technologies with Gas Systems

CAGR>10%

Objectives:– Capitalise on market growth– Systems integration– Market share gainsMid to long term trends:– Addressing grid instability– Rising energy demand, focus

on decentralised energy

20202009

CAGR = Compound annual growth rate ´09-´20

Main initiatives

A

B

C

D

E


Product portfolioContinuous development

Engine portfolio lower power rangeKey targets

- Redesign of S2000 + S4000: - Due to upcoming emission regulations for existing

markets, launch in 2014- Extension of product portfolio

- For new markets and applications- Expansion of key technologies

- And development of new technologies- Boost innovation process

- Cut life cycle cost- Reduce fuel consumption- Develop compact exhaust aftertreatment systems

Increase in competitiveness due to technology leadership to safeguard

profitable growth above market

- PowerGen- S 1600 (6R, 8V, 10V, 12V; 270kW-730kW)- Series production started in Q4/2009- Extension of MTU product portfolio- Modular engine architecture, lean production

concept, assembly only- Construction and Industry

- Product portfolio consisting of MTU engines S 1600 between 530kW-730kW

- Below 530kW: Introduction of new engine family based on upcoming Mercedes engines, which are designed for off-highway use by MTU

- Fully compliant with 2014 emission regulations- Compelling and complete new product

line-up fully addresses customer demand


Current setup & future driversPast setup

TotalOtherRepair & Services

RemanSpare parts

– Maintenance Contracts

– Remote Services

– Workshop and test bench solutions

– Engines– Parts– Power

Packs

– Training & document-ation

TotalOtherSpare parts

CAGR> 10%

After Sales growthDiversifying into products & services

Note: schematic illustration


Regional expansionCovering the entire value chain

R&D Purchasing Manu-facturing Assembly Sales After Sales

– MTU India: engineering and research centre

– Global Sourcing initiative

– New production site in the US

– Acquisition of MTU Iberica

– V-TRAC -new distributor in Vietnam

– New After Sales centre for MTU France

– Training Center and workshop MTU India

– Cylinder liner in Turkey

– Suzhou plant

– JV Norinco(NPP)

ValueChain

Key achieve-ments


Expansion of complete propulsion systems salesfor Marine, Rail, Defense and C&I

Expansion of market share in automation and system scope

Extension and further decentralisation of engineering services portfolio

Development of hybrid systems in rail & marine

Expansion of O&G system portfolio and activities

PropulsionExpand solutions approach & engineering services

Types of Business Main initiatives

A

B

C

D

E

Components Business

Serial Systems Business

Project Systems Business

Applications

Marine Industrial

DefenseOil & Gas


3,1332,835

2,529

2007 2008 2009

Financial performance and mid-term targets

407390

199

2007 2008 2009

672 681

389398 404

294336 192

535

31.12.2007 31.12.2008 31.12.2009

Equity Pensions Net Debt

294 336192

319 320331

73

7871

31.12.2007 31.12.2008 31.12.2009

Sales Adj. EBIT

Net debt incl. pensions

398

40438

9

Unr

ecog

nise

dac

tuar

ialg

ain

Pen

sion

sN

etfin

anci

alde

bt

1.5x2.1x

1.5x

Targets:– Growth above market– Adj. EBIT margin: ∅ 10%– Return on Net Assets: ∅ >20%– Investment grade rating

All numbers in €m

15%

31%34%

7.9%13.0%13.8%

RoNA Return on Sales

2007 2008 2009Group funding structure


Outlook 2010/2011

Guidance 2010:

► Revenues expected to come in around € 2,550m; adj. EBIT margin to be within the upper range of the guidance corridor of 7.5% and 9%

► Increase in R&D expenses by 15%-20% and higher capex to secure technological leadership, future competitiveness and profitability

► Discontinuance of Fuel-Cell activities; adjustment of € 60m one-off charge

► Dividend policy based on payout ratio of between 30% and 50% of adjusted Group net profit

Outlook 2011:

► Revenue growth of around 10% expected

► Adj. EBIT margin in the high single digit percentages


Appendix


1909

100 years of technological leadership

1933 1969 2002 2005 2006 2007 2009

L‘Orange DaimlerChrysler-Off-Highway

Tognum „Home of Power Brands”

100 yearsMTU

MTU FriedrichshafenIndependentGroup IPO

1918

Luftfahrzeug-Motorenbau GmbH


After SalesExpanding services and remanufacturing

- Highly profitable After Sales business previously limited to spare parts & services

- 2009: 30% share of revenues of After SalesImportant growth drivers:- Growing installed base of MTU engines- High technological requirements for parts- Proactively tapping business potential

Achievements and Opportunities

- Extend service and maintenance contracts- 2007: € 125m/UK High Speed Trains

(population of >150 engines)- 2009: € 111m/Malaysian Navy (population of 70

engines)- Centralise spare parts business

- 2008: opened global spare parts logistics centre- Strengthen repair and service network

- 2009: opened repair + spare parts centre in Southern France

- Acquisition of SKL Motor as European remanufacturing centre in 2008:

- Remanufacturing of engines & parts- Penetrate growing engine population: S1600

- Ramping up own engine series in lower power range will offer long-term After Sales potential

Description

MTU_ValueSpares MTU_ValueExchange MTU_ValueService

Spare Parts

Consumables

MTU Exchange Parts MTU Customised Care

MTU Exchange Engines

MTU Exchange PowerPacks

MTU Engine Overhaul

MTU Extended Coverage

MTU Annual Check

Technical Information

Training

Service Units

MTU_ValueCare


After Sales Application-specific service product portfolio

Application

Full service offering: full maintenance contracts, warranty extension and remanufacturing

Utilisation Potential for MTU

Population trends (05-09)

Demand-driven service offering: warranty extension and regular engine checks

Restricted service potential: focus on spare parts and remanufacturing

Long-term project relationships: frame contracts (parts/labour), training, engine overhauls

Commercial MarineMining

Yacht

Rail

Diesel PowerGen

Construction and IndustryAgriculture

NavyDefense

Gas Powergen

Oil & Gas

Comments

Low High

High engine volumes. Fast response

Highest engine volumes

Low engine volumes

Low engine volumes

Low engine volumes

Low engine volumes

Majority of Mercedes engines

Currently only Mercedes engines

Low engine volumes

Workshop and testbench solutions

Engine overhaul


Product portfolio today

0 1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000 9.000 25.000 36.000

LM 2500LM 6000

8000

956/1163

4000

396

2000

900/460/500

Power [kW]

S60

106/199/837/870/880/890

Rail PP1800

1600

Gas turbine

Series

Mar

ine

C&

I

Pow

erG

en

Def

ense Series


Product portfolio developmentLine-up for PowerGen (schematic)

Toda

y

S 4000S 2000

S 60

Futu

re S 4000New generation

S 2000New generation

S 1600

100 kW 500 kW 4,000 kW2,000 kW1,000 kW 6,000 kW

S 956

S 8000

100 kW 500 kW 4,000 kW2,000 kW1,000 kW 6,000 kW

S 956

S 1600

3rd party

3rd party

LM 2500

LM 2500


Product portfolio developmentLine-up for C&I (schematic)

Toda

y

OM900

OM500

S 4000S 2000S 60

100 kW 500 kW 4,000 kW2,000 kW1,000 kW

Futu

re S 4000New generation

S 2000New generation

S 1600

1000

1500

1300

1100

100 kW 500 kW 4,000 kW2,000 kW1,000 kW


Operational Set-upProduction and assembly concept

Flexibility in capacity adjustmentsFlexible engine & production concept

Core engine (S4000)

Gas

Marine

Mining Rail

Genset

Permanent workforce

Temporary workers

Plant capacity layout

Additional shifts

Outsourcing

Reduce temporaryemployment

Fewer shifts

Flexible work time model

Internal machinery


IN PROGRESS: Exhaust aftertreatment

Benefits– Fuel consumption– Cost– Maintenance– Size and weight

EXISTING: Combustion process

Fuel injection Turbo charging Electronics

Reducing LCC (life cycle cost)

NO2O2NO

Exhaust before Treatment

N2 H2O

after Treatment

SCR-Kat

(NH2)2CO+ H2O

Add-onUrea

NO2O2NO

Exhaust before Treatment

N2 H2O

after Treatment

SCR-Kat

(NH2)2CO+ H2O

Add-onUrea

Meeting emission regulations by – Developing engine and exhaust aftertreatment as one system– System optimisation

Product Portfolio - Key TechnologiesTognum with integrated approach


70.0%

75.0%

80.0%

85.0%

90.0%

95.0%

100.0%

Goldmine -USA

High A ltitude(1) - Chile



Other

Availability of trucks - Mining Fuel efficiency - Mining

Key buying criteriaLower fuel consumption and less service time

Benchmarking S4000 vs. competition– Additional availability of mining fleets

Source: MTU FN, customer feedback

CompetitorS4000

USD 75,000 p.a.Savings

with 5% reduced fuel consumption:

USD 1.5 million p.a.Fuel costs**

2 million litresFuel consumption per year*

3000 kW (4080 PS)Engine power

Engine 20V 4000 C23L

* Load factor 40%, 7000 h in use per year** fuel costs 0.75 US$/litre


– Established in 2004

– TOP establishes a continuous improvement process for higher efficency and competitiveness

– Cost reduction through systematic process analysis – Manufacturing and assembly– Procurement– Distribution and logistics– After Sales– Research and development– Overhead– Quality control

– 2007-2009: >200 projects completed

– Fulfilled TOP targets for 2006-2009– Yearly savings: c. 1% of Revenues; total

sustainable savings in the past: >€100m– Increased management focus on continuous

process improvements – Results achieved feed into operative planning – Extensive internal commitment due to internal

communication– Implemented in subsidiaries– Investments in research and development,

new engines– Future savings help offset input cost

increases (e.g. cost of materials)

TOP – Total Operational Performance Impact

Tognum TOPProcess optimisation and efficiency improvement


727

790

787

829

642 509

598577

526 612

764

2008 2009 2010

875

773

864

719

651 696

625 693

488650

566

2008 2009 2010

Revenues1 (in €m)

Order intake and revenues

Order Intake1 (in €m)

+15.6%

3,231

-3.8%

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

3,133

22%

27%

24%

27%

27%

25%

25%

23%

-23.4%-29.8% 2,330

2,529

24%

21%

27%

28%

30%

21%

24%

25%

2,039

1,698

1 Growth rates 9M 2009-2010 excluding Rotorion (which was sold effective 31 October 2009): Order Intake +22.4%; Revenues: +1.9%


58

75

69

62

22383113

3417

54

2008 2009 2010

100

100

124

83

64 43

19 5433

5683

2008 2009 2010

Q3

EBIT adj.1 (in €m) Net profit adj.1 (in €m)

Profitability

1 Excludes any effects from purchase price allocation, fx valuation, and revaluation of net assets of acquisitions

-66.7%

RoS9M 6.6% 9.0% EPS

9M €0.51 €0.66

-64.2%

407 264

Q4

Q2

Q1

Q4

Q3

Q2

Q1

24%

26%

28%

22%

20%

30%

25%

25%

+29.4%14.0%

+32.2%+28.6%

€1.54 -66.9%

12119942%

10%17%

32%

14%11%

31%

1538745%


74.8% 75.2%71.7%

13.0%7.9% 9.0%

8.0%5.4%

8.5%

5.6%3.5% 6.9%2.8%

3.2% 4.0%

2008 2009 9M/2010

324116 153

1,2171,3381,701

148

124 144

102

8511767

6167

9M/2008 9M/2009 9M/2010

G&A (adj.)

Margin development

-3.5 pp

+2.6 pp

+1.1 pp

+0.4 pp

+5.1 pp

-5.1 pp

R&D (adj.)

Selling expenses (adj.)

EBIT (adj.)

Cost of goods sold (adj.)


Q3/2010 adjustment bridge

(1) PPA depreciation & amortisation (€ 10.8m)

Adjusted for hedges for FX cashflows(€ -14.9m)

(2) Valuation of FX loans (€ -22.1m)

(3) Higher income taxes resulting from higher EBIT at 32% tax rate (€ 8.5m)

(4) PPA depreciation & amortisation (€ 10.8m)

in €mReported

Q3/2010Adjusted Q3/2010

Revenues 612.2 612.2Cost of sales (440.1) (4.1) (1) (444.2)Gross profit 172.1 (4.1) 168.0SG&A (73.7) (73.7)

(40.1) (40.1)1.9 1.9

60.2 (4.1) 56.10.5 0.5

Other financial income 4.0 (22.1) (2) (18.1)Other financial expenses 17.7 17.7

82.4 (26.2) 56.2Interest income 1.4 1.4Interest expenses (7.5) (7.5)Earnings before taxes 76.3 (26.2) 50.1Income taxes (24.7) 8.5 (3) (16.2)Net profit (loss) 51.6 (17.7) 33.9

Depreciation and amortisation (35.5) 10.8 (4) (24.7)EBITDA 117.8 (37.0) 80.8

Research and development costs

Results from operating activitiesShare of profit from investments - equity method

Other operating income (expenses)

Adjustments

Earnings before interest and taxes


681 720

398 404 403336

672

151192

31.12.2008 31.12.2009 30.09.2010

Equity Pensions Net Debt720672 681

31.12.2008 31.12.2009 30.09.2010

740711960

31.12.2008 31.12.2009 30.09.2010

2,5542,469

2,611

31.12.2008 31.12.2009 30.09.2010

Total assets (in €m) Net working capital* (in €m)

Tognum group funding structure (in €m)Equity (in €m)

Balance sheet figures

Equityratio

-3% +4%+6%-26%

26.3% 27.6%

* Net Working Capital: includes inventories, trade receivables, trade payables and advance paments received; as at 31.12.2008 taking subsequent reclassification of receivables into account

27.6%


31.12.2008 31.12.2009 30.09.2010

(36.6)

(16.1)

(9.7) (12.5)(28.6)

(46.0)

(77.7)181.3

(150.8)

(192.2)

54.6

136.4

9M/2010 net debt development

Net financial debt (in €m) and leverage (based on adj. LTM EBITDA)

0.7x 0.5x

Q1

Net financial

debt31.12.09

Cashflow from

operatingactivities

Net financial

debt30.09.10

Cashflow from

investingactivities

Net fxvaluation

effect

Net debt/adj. LTM EBITDA

Pensions

Netfinancialdebt

1.5x

2.1x

Unrecognisedactuarial gain

335.8

192.2

319.9

331.5

78.3

398.2

72.5

403.9

150.8

403.3

1.7xQ2

May 2010Dividendpayment

Q3


Consolidated performance Tognum Group

in €m Engines OE&C Distribution Holding/ Consolidation

Tognum Group

9M/2009

Order intake 1,168.4 508.9 374.7 (287.8) 1,764.1

Revenues 1,153.9 535.0 323.1 (246.8) 1,765.2

Adj. EBIT 77.6 24.8 29.2 (15.6) 115.9

9M/2010

Order intake 1,288.0 685.6 489.2 (423.4) 2,039.5

Revenues 1,158.1 525.9 364.4 (350.3) 1,698.2

Adj. EBIT 130.0 26.4 30.2 (33.4) 153.2

Q3/2010

Order intake 448.5 205.4 141.8 (145.6) 650.0

Revenues 414.8 203.7 134.5 (140.9) 612.2

Adj. EBIT 46.5 13.9 9.0 (13.2) 56.2


Segmental performanceEngines

in €m 9M/2009 % of revenue

9M/2010 % of revenue

Change Q3/2010 % of revenue

Order intake 1,168.4 1,288.0 10.2% 448.5

External revenues 976.9 959.8 -1.8% 334.7

Segment revenues 1,153.9 1,158.1 0.4% 414.8

Marine 337.5 29% 310.7 27% -7.9% 93.8 23%

Industrial 179.9 16% 216.0 19% 20.1% 87.5 21%

Oil & Gas 39.0 3% 43.0 4% 10.3% 21.5 5%

Defense 134.4 12% 72.6 6% -46.0% 19.2 5%

After Sales/Other ( E ) 463.1 40% 515.8 45% 11.4% 192.8 46%

Adj. EBIT 77.6 6.7% 130.0 11.2% 67.5% 46.5 11.2%


Segmental performance Onsite Energy & Components




Order intake 508.9 685.6 34.7% 205.4

External revenues 474.0 383.7 -19.1% 146.4

Segment revenues 535.0 525.9 -1.7% 203.7

Diesel Systems & Engines 257.7 48% 320.4 61% 24.3% 126.0 62%

Gas & Fuel Cell Systems 19.8 4% 20.9 4% 5.6% 11.9 6%

After Sales/Other ( OE ) 40.6 8% 70.4 13% 73.4% 22.0 11%

Injection Systems 94.8 18% 114.2 22% 20.5% 43.9 22%

Propeller Shafts 122.1 23% 0.0 0% 0.0 0%

Adj. EBIT 24.8 4.6% 26.4 5.0% 6.5% 13.9 6.8%


Segmental performance Distribution




Order intake 374.7 489.2 30.6% 141.8External revenues 314.3 354.6 12.8% 131.0Segment revenues 323.1 364.4 12.8% 134.5

Products 187.4 58% 217.1 60% 15.8% 81.7 61%

After Sales (D) 135.7 42% 147.3 40% 8.5% 52.8 39%Adj. EBIT 29.2 9.0% 30.2 8.3% 3.4% 9.0 6.7%


Tognum Group balance sheet 31.12.2008; 31.12.2009; 30.09.2010

2,611

1,491100

142

426

823

1,120194

473

453

30.09.2010

11856Cash & cash equivalents

31.12.200931.12.2008€m

636834Inventories

494481Accounts receivables

87125Other short-term assets

1,3351,496Total short-term assets

2,4692,554Total assets

454484PP&E

20493Other long-term assets

Assets

1,1341,059Total long-term assets

476482Intangible assets

2,611

91231

547

260

75

97986

295

194

403

72030.09.201031.12.200931.12.2008€m

680672Shareholders' equity404398Pension provisions

224238Accounts payables

446425Short-term provisions and received payments

2912Other short-term liabilities

762841Total short-term liabilities

2,4692,554Total liabilities

316326Long-term financialliabilities

101105Other long-term liabilities

Liabilities

1,0271,042Total long-term liabilities

63166Short-term financial and other liabilities

206213Other provisions


Tognum AG shareholder structureTotal free float of ~75%

Daimler AG>25 %*

Top Management and Members of Supervisory Board~5 %* (Free float)

Institutional and Retail Investors~70 %

Incl.– ING Groep, NL: >5 %*– First Eagle Investment Management,

USA: >3 %*– Blackrock, USA: >3 %*

Institutional Shareholders** c. 45%

Retail Investors – c. 25,000 investors (April 2010)

* According to their releases of Voting Rights and Directors’ Dealings** Identified ownership in February 2010 (Source: Global Shareholder Intelligence Report)As of 3 January 2011

Investor contacts:Dieter RoyalHead of Corporate Finance & Investor Relations

Michael FrankDragica Sikić

Phone: + 49 (0)7541 90-3318Fax: + 49 (0)7541 9090-3318mailto:[email protected]://www.tognum.com

Tognum AG, 88040 Friedrichshafen / Germany

Thank you very much!

Financial calendar 2011*March 10 FY 2010 numbers & conference call

May 09 Q1/11 final report & conference call

May 11 Annual General Meeting 2011

August 04 Q2/11 final report & conference call

November 08 Q3/11 final report & conference call

* All dates are preliminary and subject to change

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