Presentation - Schuler AG

COMPANY PRESENTATION – BERENBERG CONFERENCE PENNYHILL PARK, LONDON (November 29, 2011) 

SCHULER - A HIDDEN CHAMPION BECOMES VISIBLE 

TAKING SCHULER TO THE NEXT LEVEL 

1

COMPANY PRESENTATION – NOVEMBER 2011 / / AGENDA 

•// AGENDA 

� Schuler – Global leader with strong competitive position 

� Our strategy – innovation, growth and efficiency 

� Financials 

� Refinancing Schuler 

� Why we become visible now 

� Summary highlights & outlook 

APPENDIX 

� The Schuler share 

� IR contact 

2

SCHULER – GLOBAL LEADER WITH STRONG 

COMPETITIVE POSITION

COMPANY PRESENTATION – NOVEMBER 2011 / / GLOBAL LEADER WITH STRONG COMPETITIVE POSITION 

•// MARKET AND TECHNOLOGY LEADERSHIP SINCE 1839 

� Global market leader for metal-forming equipment 

machinery 

� Full-range supplier for the manufacturing industry: 

complete pressing lines, single presses, auxiliary 

automation systems and related services 

� Technological innovation: key element of Schuler’s DNA 

since the foundation of the Company 

� Key customer industries: automotive, automotive 

suppliers, packaging, household appliances, aerospace 

and minting 

� Global footprint: strong presence in more than 40 

countries and production facilities on four continents 

� Supportive anchor shareholder since foundation of the 

company by Louis Schuler 

4


•// HIGHLY EXPERIENCED MANAGEMENT TEAM 

Chief Executive Officer (CEO) Chief Financial Officer (CFO) 

from October 1, 2011 

Dipl.-Ing. Stefan 

Klebert (MBA) 

Joined Schuler AG in 2010. 

Formerly member of the 

management board of 

Thyssen Krupp Services AG 

Dipl. Volksw. Marcus 

Ketter (MBA) 

Started at Schuler in July 

2011. Worked as CFO for 

ThyssenKrupp Elevator 

GmbH in his last position 

Chief Market Officer (CMO) 

Dr. Markus Ernst 

With Schuler AG since 1995 

in several management 

positions 

Chief Technology Officer (CTO) 

Dipl.-Ing. Joachim 

Beyer 

Joined Schuler AG in 2005. 

Formerly 13 years in leading 

functions at Müller 

Weingarten AG 

Over 50 years experience in forming systems, industrial services and performance 

management, comprehensive knowledge of Schuler, its markets and customers 

5


•// GLOBAL PRESENCE 

Mexico 

Puebla, 

Saltillo 

USA 

Hastings, 

MI 

Production & Service 

Sales & Service 

USA 

Canton, MI 

United 

Kingdom 

Walsall 

France 

Strasbourg 

Spain 

Barcelona 

Switzerland 

Gettnau 

Brazil 

São Paulo 

Germany Cech Republic 

Italy 

Turin 

Mořkov 

Slowakia 

Dubnica nad 

Váhom 

Russia 

Moskau 

India 

Mumbai, 

Pune 

China 

Beijing, Jinan, Tianjin 

China 

Shanghai, Dalian 

• Schuler’s global presence enables close client relationships on local levels (production and services) 

• Strong presence in Emerging Markets such as China, Brazil and India guarantees closeness to 

growing markets 

6


•// STRONG GLOBAL MARKET POSITION 

� Essential partner for metal forming 

clients 

� Important and leading player in the 

international metal forming industry 

� High barriers to entry due to essential 

industry experience, technological 

know-how and long-standing customer 

relationships 

Selected Key Customers 

7


•// UNMATCHED TECHNOLOGY ALONG THE ENTIRE VALUE CHAIN 

BMW Supplier 

Award 2011 

Automotive 

Press 

Technologie 

Solid 

Forming 

Technology 

High-Speed 

Technology 

Service 

Stamping & 

Cutting 

Technology 

Hydraulic 

Press 

Technology 

8


•// Automotive Press Technology 

Press lines Transfer- and ProgDie presses Tryout systems 

9


•// Solid Forming Technology 

Systems for cold forging Systems for warm forging 

Systems for hot forging 

10


•// High-Speed Technology 

Packaging industry 

Coining technology 

Manufacture of 

electric motor laminations 

11

OUR STRATEGY

COMPANY PRESENTATION – NOVEMBER 2011 / / OUR STRATEGY – INNOVATION, GROWTH AND EFFICIENCY 

•// CLEAR STRATEGY TO ACHIEVE AMBITIOUS MID-TERM TARGETS 

Innovation Efficiency €650 m 

Growth 

SOLID BASE 

EBITDA-Marge 

• Strong market share – partner of choice for OEMs worldwide 

• Global sales and service network and technology leadership 

• Experienced management with strong track record of growth and operational improvement 

• Business streamlined and refocused along industry groups and technological clusters 

• Successful turnaround in FY 2010/11 

• Strong macro economic tailwind for late cyclical business leading to a record order intake 

• Sales of ~ €950 m and an EBITDA margin of 8,5% for FY 2010/11 

~ € 950 m 

€ 1,200 m 

Actual 

2009/10 

Prel. Actual 

2010/11 

Target 

2013/14 

5% 8,5% 10% 

13

COPANY PRESENTATION – NOVEMBER 2011 / / OUR STRATEGY - INNOVATION 

Innovation Efficiency 

Growth 

•// FOCUS ON INNOVATION WITH NEW CTO POSITION 

� CTO position with board level responsibility supported by a team of over 

70 specialists across the Group exclusively focused on driving 

innovation 

� Defining the relevant technology clusters for profitable growth 

� Implementing a platform strategy with standardized components 

� Developing strategic products within defined technology clusters 

� Innovation management through implementation of clearly defined 

development processes 

� Monitoring market and competitors extensively 

Managing portfolio of Schuler Group of over 250 patents 

Joachim Beyer 

Chief Technical Officer 

Member of the Board 

� With Schuler since 2003 

� From 1989 until 2002 several 

leading functions at Müller 

Weingarten AG 

� After graduation in leading 

position at the construction team 

of Fleissner GmbH & Co 

� Studied process engineering at 

the Technical University of 

Karlsruhe 

14

COPANY PRESENTATION – NOVEMBER 2011 / / OUR STRATEGY - INNOVATION 

•// HIGHLIGHTS OF INNOVATION AND TECHNOLOGY LEADERSHIP 

ServoDirect 

Technology 

� Maximum flexibility, high 

production rates and short 

changeover times for die and 

tooling 

� Slide motion characteristics 

adaptable to forming, die and 

automation 

� Improved throughput 

performance compared to 

conventional presses 

� Maintenance-friendly handling 

– flywheel, clutch and brake not 

required 


Growth 

ICON V-Drive 

vertical can 

forming 

� Forming higher-strength alloys 

with the vertical drawn and wallironed 

(DWI) process 

� Saving raw material – higherstrength 

alloys enable thinner 

walled cans 

� Ability to use of 100% recyclable 

alloys 

� Simplified production – from disc 

straight to can 

� Low maintenance servo 

technology and shorter downtime 

through easy die changes 

Light-weight 

volume 

production 

� Only combination of processes 

and materials deliver results 

� Schuler is the only 

manufacturer for all production 

processes in this area 

� Aluminum forming 

� Cold forming of tensile 

steels 

� Pressure Controlled 

Hardening 

� Hydroforming 

� Plastic forming incl. Resin 

Transfer Moulding (RTM) 

for CFRP (carbon 

materials) 

15

COMPANY PRESENTATION – NOVEMBER 2011 / / OUR STRATEGY – GROWTH 

•// DRIVING GROWTH ACROSS THE PORTFOLIO 

� Expanding into other promising segments whilst 

maintaining a strong focus on the automotive 

sector (OEM; Tier 0.5; Tier 1-3) 

� Identification and definition of industry groups 

besides automotive with substantial growth 

potential (e.g. packaging, drives & generators) 

� Re-alignment of the sales force towards 

targeted growth industries 

� Diversification of customer base improves 

stability of the business and reduces cyclicality 

Diversify revenue growth and capitalize on 

opportunities beyond strong market position in 

automotives 


Growth 

Defense 

Railway 

Drives & 

Generators 

Minting 

Automotive OEM 

Tier 0.5 

Aerospace 

Packaging 

Appliances 

Large Pipes 

Tier 1-3 

16


•// DRIVING GROWTH THROUGH ENHANCED SERVICE OFFERING 

� Increasing importance of comprehensive “life cycle support” and 

“performance enhancement” for customer facilities offers 

substantial growth potential in high margin business 

� Capitalize on already installed product base of more than 20,000 

presses to leverage further opportunities to grow 

� Re-alignment of service offering during 2011 will help to capitalize 

on growth potential 

� Strengthening of local service entities while centralising overall 

functions such as spare part supply and logistics 

� 25 % of group revenue already service-related 

Service (in €m) 

FY 

2008/2009 

FY 

2009/2010 


Q3 

2009/2010 

Q3 

2010/2011 

Change 

yoy (Q3) 

Sales 178,8 168.3 106.4 149.6 +47% 

% of Group Sales 22% 26% 24% 23% -1%pt 

Enhance service offering to disproportionately grow service related revenues 

Growth 

30% 

30% 

Retrofits 

Spare Parts 

40% 

Repairs, maintenance, other 

17


•// CAPITALIZING ON EMERGING MARKETS DYNAMIC 

� Established production plants in Sao Paulo (Brazil) 

and Shanghai / Dalian (China) 

� Dominant market share in China (premium car 

manufacturers > 50%) (Schuler internal research) 

� Schuler is already the preferred partner of many local 

OEMs which recently outperformed international 

OEMs 

� Chinese automobile industry is expected to grow by 

8% p. a. on average until 2015, which translates into 

some 1 m new cars p. a. (IHS Global Insight) 


Schuler is perfectly positioned to capture the dynamic growth deriving from 

Emerging Markets in Asia-Pacific, Latin America and Eastern Europe 

Growth 

14,400 

Local OEMs 

Multinational OEMs 

17,400 

22,100 

27,400 

28,900 

33,100 

Source: IHS Global Insight 

18

COMPANY PRESENTATION – NOVEMBER 2011 / / OUR STRATEGY – EFFICIENCY 

•// SCHULER PRESSEN GMBH AS THE NEW COMBINED POWER 

� Take-over of key competitor Müller Weingarten in 2007 to form undisputed world technology leader 

� Start of new growth and strategy programme “ZusammenWachsen” in early 2011 to fully integrate Müller 

Weingarten in the Schuler organisation and enhance efficiency as well as productivity 

� Global recession already led to a large scale of structural efficiency measures whilst successfully avoiding lay-offs of 

highly skilled workforce and the loss of knowledge 

� Centralisation and streamlining of all group wide procurement activities 

� Globalisation of supply chain 

� Identification of twin structures within the company 

� Implementation of platform strategy throughout the whole production 

Schuler expects further synergy potential ! 

Innovation 

Growth 

Efficiency 

…FURTHER EFFICIENCY IMPROVEMENTS ON THE WAY 

19

FINANCIALS

COMPANY PRESENTATION – NOVEMBER 2011 / / FINANCIALS 

•// RECORD ORDER INTAKE 2010/11 

€m 

818 

35 % 

24 % 

8 % 

32 % 

1 % 

1,300 

30 % 

15 % 

23 % 

32 % 

2009/10 2010/11 

Prel. Actual 


•// STRONG GLOBAL PRESENCE IN ALL REGIONS (ORDER INTAKE) 

North and South America 

2010/11 

2009/10 

2008/09 

2007/08 

2006/07 

2005/06 

2010/11 

2009/10 

2008/09 

2007/08 

2006/07 

2005/06 

€m 

0 100 200 300 400 

Europe w/o Germany 

38 % 

0 100 200 300 400 

2010/11 

2009/10 

2008/09 

2007/08 

2006/07 

2005/06 

2010/11 

2009/10 

2008/09 

2007/08 

2006/07 

2005/06 

Germany 

0 100 200 300 400 

Schuler Group 

47 % 

0 200 400 600 800 1000 1200 

2010/11 

2009/10 

2008/09 

2007/08 

2006/07 

2005/06 

2010/11 

2009/10 

2008/09 

2007/08 

2006/07 

2005/06 

Asia 

0 100 200 300 400 

Other 

0 25 50 75 100 

22


•// STRONG TURNAROUND POST GLOBAL RECESSION 

Key Financials 

(in €m) 

FY (1) 

2008/2009 

FY (1) 

2009/2010 

Q3 

2009/2010 

Q3 

2010/2011 

Change 

yoy (Q3) 

Sales 823.1 650.3 447.1 659.2 +47% 

Gross profit 

[% of total 

output] 

419,2 

+52,6% 

398.1 

60.0% 

467.3 

59.5% 

684.2 

53.1% 

+46% 

-6%pt 

New orders 590.5 818.4 491.8 1,122.0 +128% 

Order backlog (2) 507.1 675.3 551.8 1,138.0 +106% 

EBITDA 

EBITDA-Marge 

EBIT 

EBIT-Marge 

-2.9 

-0.4% 

-43.9 

-5.3% 

30.0 

4.6% 

17.1 

2.6% 

11.9 

2.7% 

-3.6 

-0.8% 

57.4 

8.7% 

40.4 

6.1% 

+382% 

6 %pt 

n. a. 

7 %pt 

CAPEX 12.2 16.7 9.4 6.0 -32% 

ROCE (%) -9.4% 4.1% -1.1% (4) 15.2% (4) 16 %pt 

Employees (2)(3) 5,332 4,969 4,970 5,067 +2% 

Return to profitability on all profit levels; Record order backlog of € 1.1 bn in Q3 2010/11 

FY 2010/11: sales ~ € 950 m, EBITDA margin of 8,5% 

(1) Year-end 30 th September (2) As of effective day (3) incl. apprentices (4) full year effect 

23


•// CASH FLOW 

Key Financials (in 

€m) 

FY (1) 

2008/2009 

FY (1) 

2009/2010 

Q3 

2009/2010 

Q3 

2010/2011 

Change 

yoy (Q3) 

Net result -64.9 -11.8 -21.4 12.3 n.a. 

Depreciation and 

Amortization 

Changes 

Net Working 

Capital 

40.9 12.9 15.5 17.0 +10% 

-9.6 64.7 62.0 79.1 +27% 

Provisions / other 0.7 -11.5 -18.4 -15.5 -16% 

Cash flow from 

operating activities 

-32.9 54.3 37.7 92.7 +146% 

CAPEX -12.2 -16.7 -9.4 -6.0 -36% 

Other +4.3 +5.3 +7.1 +6.7 -6% 

Cash flow from 

investing activities 

-7.9 11.4 16.5 -0.7 n.a. 

Free Cash flow -40.8 65.7 54.2 92.0 +70% 

24

REFINANCING SCHULER

COMPANY PRESENTATION – NOVEMBER 2011 / / REFINANCING SCHULER 

•// CAPITAL INCREASE SUCCESSFULLY COMPLETED IN JUNE 2011 

Strong results 

� 6.5 million new common shares issued 

� Subscription price of € 10.50 

� New shares almost 4x oversubscribed 

� Relatively stable stock price during the transaction 

� Company’s capital stock increased by € 16.90 m to € 

76.05 m (equal to 29,25 million shares) 

Broadened investor base 

3% 1% 

Proceeds 

of around € 68 m 

strengthened 

Schuler’s 

capital basis to 

push ahead with 

its strategic goals 

26


•// NET DEBT SUCCESSFULLY REDUCED 

200 

150 

100 

50 

0 

‐50 

‐100 

173,8 

5,5 

106,3 

3,5 

Net debt Equity 

15,1 

‐50,1 

30.09.2009 30.09.2010 30.06.2011 30.06.2011 

pro forma 

(Post capital 

* Excluding one-offs 

increase) 

0,3 

10 140 

Net debt (€m) 

120 

Net debt/EBITDA* 8 

100 

‐0,9 

12 

6 

4 

2 

0 

‐2 

‐4 

‐6 

200 

180 

160 

80 

60 

40 

20 

0 

116,5 116,8 

15,6 

16,1 

128,2 

15,5 

193,4 

23,3 

30.09.2009 30.09.2010 30.06.2011 30.06.2011 

pro forma 

(Post capital 

increase) 

24 

22 

20 Equity ratio (%) 

18 

16 

14 

12 

Equity (€m) 

27


•// NEW FIVE YEAR SYNDICATED LOAN AGREEMENT 

� Solid financial base of € 450 m secured for five years 

� Guarantee facility tranche of € 300 m; credit facility tranche of € 150 m which may also be 

used as guarantee facility; option to extend volume by an additional guarantee facility 

tranche of € 50 m if required 

� Contract period: Five years (November 2011 until end of September 2016) 

� Significant improvement in credit conditions: 

� expected interest savings of € 10 m for the remainder of financial year 2011/2012 

� considerable higher interest savings over the next years as improved conditions will 

then impact the entire fiscal year 

� Agreement realized mainly with existing syndicate of banks and credit insurance companies 

Solid financial base secured for five years with significant improvement in conditions 

28

WHY WE BECOME VISIBLE NOW

COMPANY PRESENTATION – NOVEMBER 2011 / / WHY WE BECOME VISIBLE NOW 

•// SIGNIFICANT INCREASE OF FREEFLOAT THROUGH CAPITAL INCREASE 

Süddeutsche 

Beteiligungen 

GmbH 

16.4% 

Shareholder structure pre rights issue 

Kreissparkasse Biberach 

7.5% 

Freefloat 

25.9% 

Schuler-Beteiligungen GmbH 

50.2% 

Süddeutsche 

Beteiligungen 

GmbH 

12.7% 

Shareholder structure post rights issue 

Kreissparkasse Biberach 

6.3% 

Freefloat 

41.9% 

Schuler-Beteiligungen GmbH 

39.1% 

30


•// SIGNIFICANT FREEFLOAT MARKET CAP OF € 110 m (Share price € 9.00) *) 

Schuler-Beteiligungen 

GmbH 

ISIN DE0007210601 

11.375 million ordinary shares 

No trading 

Süddeutsche 

Beteiligungen GmbH 

Freefloat 

*) 41.9% x 29.25 Mio. Shares x € 9.00 = € 110 m Market Cap 

Kreissparkasse 

Biberach 

Schuler-Beteiligungen 

GmbH 

Freefloat 

Kreissparkasse 

Biberach 

ISIN DE000A0V9A22 

17.875 million ordinary shares 

Xetra trading 

Süddeutsche 

Beteiligungen GmbH 

31


•// 

Increasing investor transparency 

PRIME STANDARD AS A PRE-CONDITION FOR SDAX ADMISSION 

EU-Regulated Market 

Statutory transparency 

regulations, e.g.: 

Prime standard � Annual and interim reports in 

accordance with IFRS 

� Publication of directors‘ dealings 

� Ad hoc disclosures 1) 

� Announcement of reporting 

thresholds 1) 

� Compulsory offer with change of 

control 2) 

General standard 

Exchange Regulated Market 

Applicable statutory provisions, 

e.g.: 

Entry Standard � Insider trading rules 1) 

� Market Abuse Directive 1) 

� Provisions governing public 

offering 3) 

First Quotation Board 

(Open Market) 

Source: Deutsche Börse Group 

1) WpHG, the German Securities Act 

2) WpUG, the Securities Acquisition and Takeover Act 

3) WpPG, the German Securtities and Prospectus Act 

4) For Non-EU companies with prospectus IFRS, US GAAP, Japanese GAAP or Canadian GAAP 

Additional transparency 

regulations: 

� Quarterly financial statements in 

English 

� Corporate action timetable 

� Analyst conference 

Additional transparency 

requirements: 

� Anual and interim report in 

accordance with nat. GAAP or 

IFRS 4) 

� Significant company news 

� Company profile and corporate 

calender 

Except for 

quarterly financial 

statements, 

Schuler already 

meets all prime 

standard 

requirements 

Schuler AG listed 

in Prime Standard 

of Frankfurt Stock 

Exchange as of 

October 1, 2011 

32


•// SDAX-ADMISSION AS LOGICAL STEP 

� Vast visibility 

Advantages 

� Larger and diversified investor base 

� Increased attention abroad 

� Better comparability within benchmark index 

� Higher awareness of media and public 

SDAX participation offers significant advantages for Schuler AG 

33


•// SCHULER AG AS A FUTURE DIVIDEND-PAYING STOCK 

Dividend benchmark 

*) As Percentage of Group Net Profit 

� Schuler AG is 

currently planning to 

implement a dividend 

policy to be effective 

from October 2011 

onwards 

� Benchmark is 

relevant for Schuler’s 

future policy 

� Sector average 

2006-2010: 28% 

� Targeted dividend 

ratio on Peergroup 

level 

34

SUMMARY HIGHLIGHTS & OUTLOOK

COMPANY PRESENTATION – NOVEMBER 2011 / / SUMMARY HIGHLIGHTS & OUTLOOK 

•// STRONG POSITION TO REACH THE NEXT LEVEL 

� Experienced management with strong track record 

� Market leadership with unique product range and unmatched technological 

know-how: maintain strong focus on innovation and technological leadership 

� Global footprint and international production with a proven track record and 

opportunities in Emerging Markets 

� Strong macro economic tailwind for late cyclical business: Record order 

backlog in Q4 2010/11 

� Significantly improved business structure due to successful crisis 

management during global recession: Strong EBITDA margin and potential for 

further efficiency improvement already identified 

� Sound financial basis after successful capital increase and new syndicated loan 

agreement 

� Clearly defined and ambitious mid-term financial targets 

36

COMPANY PRESENTATION – NOVEMBER 2011 / / SUMMARY HIGHLIGHTS & OUTLOOK 

•// POSITIVE OUTLOOK AND CLEARLY DEFINED TARGETS 

FY2010/11 From 2011/12 

� Increase of automobile demand in 2011 by 

8% (64.5m cars) (VDA) 

� BRIC states with high demand 

� Growth of mechanical engineering sector in 

2011 estimated to reach 11% globally, 8% in 

Germany (VDMA) 

� Order Intake: ~ €1.3 bn 

� Sales: ~ €950m 

� EBITDA margin: 8,5% 

� Full effect of durable cost reduction measures 

� Implementation of the long-term growth 

strategy and the continuous organizational 

development 

� Sales FY 2011/12: ~ €1.1 bn 

� EBITDA margin FY 2011/12: 9% 

� Mid-term sales target of €1.2 bn for FY2013/14 

� Mid-term EBITDA margin target 2013/14 of 

10% 

37

Thank you! 

38

APPENDIX

COMPANY PRESENTATION – NOVEMBER 2011 / / APPENDIX 

•// ESTABLISHED SHARE ON THE FRANKFURT STOCK EXCHANGE 

IPO March 23, 1999 

Stock Exchange Frankfurt and Stuttgart, 

Regulated Market 

Market Segment Prime Standard 

Number of Shares 

(post capital increase) 

29,250,000 shares 

Nominal Capital € 76,050,000 

split into: 

- 11,375,000 “old” ordinary shares 

(ISIN DE0007210601) and 

- 17,875,000 „new“ ordinary shares 

(ISIN DE000A0V9A22) 

Designated Sponsors Close Brothers Seydler Bank AG 

equinet Bank AG 

Landesbank Baden-Württemberg 

40


•// SUSTAINABLE SHARE PRICE PERFORMANCE 

450 

400 

350 

300 

250 

200 

150 

100 

50 

Okt. 09 Dez. 09 Feb. 10 Apr. 10 Jun. 10 Aug. 10 Okt. 10 Dez. 10 Feb. 11 Apr. 11 Jun. 11 Aug. 11 Okt. 11 

Schuler AG CDAX Index SDAX Index 

€9,58 

(as of November 11, 

2011) 

41


•// FINANCIAL CALENDER 

� November 22 + 23, 2011 Eigenkapitalforum Frankfurt 

� November 29 + 30, 2011 Berenberg Conference, Pennyhill, London 

� December 14, 2011 Close Brothers Conference, Geneva 

� January 25, 2012 Annual Press Conference 2010/11, Stuttgart 

� January 26, 2012 Analysts´ Conference, Frankfurt 

� February 29, 2012 1st quarter report 2011/12 

� April 18, 2012 Annual general meeting, Göppingen 

� May 25, 2012 Half-year report 2011/12 

� August 21, 2012 9-month report 2011/12 

42


•// INVESTOR RELATIONS CONTACT 

Thomas Herrlinger 

Tel.: + 49 7161 66-204 

Fax: + 49 7161 66-850 

E-mail: thomas.herrlinger@schulergroup.com 

Schuler AG 

Bahnhofstraße 41 

73033 Göppingen 

Germany 

www.schulergroup.com 

43

DISCLAIMER

This presentation contains forward looking statements which are subject to risks and uncertainties, in 

particular regarding future events, future development of value, plans, strategies, expectations, 

outlook, including statements in connection with potential profits. Schuler AG has based these 

statements with regard to the future on its expectations with regard to future events and development 

of value. The actual development may depart significantly from the predictions made in the statements 

with regard to the future because of the uncertainty which is inherent in estimates, predictions and 

prognoses. Schuler AG shall not assume any obligation to update the statements with regard to the 

future and the associated estimates and assumptions, unless there are mandatory statutory provisions 

to the contrary. 

// Schuler AG shall not assume any warranty for the information provided in this presentation being upto-date, 

accurate, complete or of good quality or for the suitability of the information for specific 

purposes. 

// Any liability of Schuler AG for loss caused by the use or non-use of the information provided or by 

wrong or incomplete information is excluded. 

45

Presentation - Schuler AG

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