STRUCTURED FINANCE. Kapitalmarkt: zweites Standbein für Corporate Germany? NOVEMBER 2012

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1 STRUCTURED FINANCE Kapitalmarkt: zweites Standbein für Corporate Germany? NOVEMBER 2012

2 DISCLAIMER PLEASE NOTE THAT THIS PRESENTATION (INCLUDING ANY INFORMATION CONTAINED HEREIN AND ANY INFORMATION, WHETHER OR NOT IN WRITING, SUPPLIED IN CONNECTION WHEREWITH) IS FOR INSTITUTIONAL INVESTORS ONLY. THIS PRESENTATION IS FURNISHED TO YOU SOLELY FOR YOUR INFORMATION, SHOULD NOT BE TREATED AS GIVING INVESTMENT ADVICE AND MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the dairness, accuracy or completeness of the information contained herein and, accordingly, none of Franz Haniel & Cie. GmbH (hereinafter referred to as the Company or as Haniel ), or any of its parent or subsidiary undertakings or any of such person s officers, directors or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. This presentation may contain forward-looking statements. In addition to statements which are forward-looking by reason of context, forward-looking statements are indicated by the use of words such as forecast, expect, intend, plan, predict, assume, believe, estimate, may, shall, anticipate or expressions with similar meanings. Forward-looking statements are based on certain expectations and assumptions at the time of preparation of this presentation and are subject to risks and uncertainities, e.g. such relating to the future development of the economic and regulatory environment, the behaviour of competitors and other market participants or the ability to successfully integrate acquired business and achieve anticipated synergies. If any of these or other risks and uncertainities occur or if the assumptions underlying any of these statements prove incorrect, actual results may differ materially from those expressed or implied by a forward-looking statement. Therefore, no representation of warranty, expressed or implied, is made regarding any forward-looking statement. Haniel neither intends nor undertakes to update forward-looking statements. Please note that data from external sources cited in this presentation has not been independently verified by Haniel. By accepting this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company s business. This Presentation constitutes neither an offer to sell nor an invitation to buy securities. These materials do not constitute or form a part of, and should not be construed as, an offer or invitation to subscribe for or purchase any securities and neither these material nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever. In particular, these material are not an offer for sale of securities in the United States (as defined in Regulation S under the U.S. Securities Act of 1933). Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Neither this document nor any part or copy of it may be distributed in or into, directly or indirectly, the United States, its territories or possessions. Neither this document nor any part or copy of it may be distributed into Australia, Canada or Japan. Any failure to comply with these restrictions may constitute a violation of US, Australian, Canadian or Japanies securities laws, respectively. The distribution of this document in other jurisdictions may also be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This Presentation speaks as of 4 September Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This material is given in conjunction with an oral Presentation and should not be taken out of context. 2

3 HANIEL HEUTE Holding Franz Haniel & Cie. GmbH gegründet - über 650 Familiengesellschafter Fünf Geschäftsbereiche - CWS-boco (100%) - ELG (100%) - TAKKT (70%) - Celesio (55%) - Metro (34%) - Geschäftsbereiche in mehr als 30 Ländern aktiv 3

4 HANIEL ORGANISATION Haniel Gruppe Teilkonzern Franz Haniel FHC FHC: Franz Haniel & Cie. GmbH Haniel Finance Deutschland GmbH, Haniel Finance B.V., Muttergesellschaft Geschäftsbereiche Finanzierungsgesellschaften & Sonstige * * Die Minderheitsbeteiligung an der METRO GROUP wird At-Equity in den konsolidierten Konzernabschluss der Haniel Gruppe integriert. 4

5 MARKTWERT DES PORTFOLIOS (3-MONATS DURCHSCHNITT PER 30. JUNI 2012) 21% Celesio 49% METRO Group 5,5 Mrd. 22% 78% 2,4 Mrd. 9% TAKKT 4% ELG 9% CWS-boco 8% Andere Marktwert Portfolio Nettofinanzverschuldung Nicht-börsennotierte Beteiligungen Börsennotierte Beteiligungen Nettofinanzverschuldung Aktuell historisch niedrige Multiples an den Märkten 5

6 SÄULEN DER FINANZIERUNG Beteiligungsportfolio Banken Gesellschafter Kapitalmarkt Bonität / Solidität / Langfristigkeit 6

7 FINANZIERUNGSSTRUKTUR 30. September 2012 EUR Mio. EUR Mio. 1,000 1, >= >= Nettofinanzposition Holdingebene i.h.v. EUR 2,4 Mrd. EUR 1,5 Mrd. freie, bestätigte bilaterale Kreditlinien EUR 1,7 Mrd. ausstehende Anleihen Fällige Verbindlichkeiten bis Ende 2013 i.h.v. EUR 0,3 Mrd.

8 HANIEL PERFORMANCE IM ANLEIHEMARKT Oct 2009: New issue : 1bn Oct Apr 2010: FY 2010 results announced 03 Nov 2010: Fed announced $600bn QE 13 Jul 2011: Fitch downgrades Greece to CCC 25/27 Jul 2011: Moody s/s&p downgrade Greece to Ca/CC 09 Sep 2011: S&P puts Haniel s BBBrating to Watch Negative 01 Feb 2012: New issue: 400m Feb- 18 Tender offer: 216m Oct Jun 2012: S&P downgrades Haniel s rating to BB (stb) Spread vs EUR m/s (bps) Jan 2010: New issue: 500m Feb Aug 2011: S&P downgrades US to AA+ from AAA Dec 2011: S&P downgrades Haniel s rating to BB+ (stb) 01 Jun 2012: Moody s downgrades Haniel s rating to Ba2 (stb) 150 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Haniel 6.750% Oct-14 Haniel 5.875% Feb-17 Haniel 6.250% Feb-18 Source: Bloomberg, RBS. 8

9 NETTOFINANZVERSCH. UND MARKET VALUE GEARING Nettofinanzverschuldung Teilkonzern Franz Haniel EUR Mrd. -1,3 Market Value Gearing Teilkonzern Franz Haniel in % ,3 30 3,7 2,8 2,6 2,6 2,4 2, Ziel 0 12/07 12/08 12/09 12/10 12/11 06/12 MVG 3-Monats Durchschnitt 9 Nettofinanzverschuldung seit 2007 um EUR 1,3 Mrd. reduziert Market Value Gearing durch schlechte Marktpreisentwicklung gestiegen Vielfältige Maßnahmen zur Reduzierung der Nettofinanzverschuldung durchgeführt Ziel: Nettofinanzverschuldung von EUR 2,1 Mrd.

10 CASH FLOW EUR Mio erwartet Erhaltene Dividenden >240 Sonstiger operativer Cash Flow Zinszahlungen <-130 Operativer Cash Flow Dividenden an Gesellschafter Rückkauf eigener Anteile Desinvestitionen / Investitionen >0 Veränderung in Nettofinanzverbindlichkeiten ggü. Dritten >0 Total Cash Cover 1,0 1,0 0,9 1,0 1,0 Dividendenanpassung für Gesellschafter folgt dem rückläufigen operativen Cash Flow Erwartete Total Cash Cover für 2012 von 1,0 trotz schwierigem wirtschaftlichen Umfeld 10

11 RATING Aktuelles Rating S&P: BB (stable outlook) Moody s: Ba2 (stable outlook) Mittelfristige Ziele Solides Investment Grade Rating Schuldenabbau auf Holdingebene Fortsetzung moderater Dividendenausschüttung an Gesellschafter Kernbotschaften Rating Reports Starke Liquiditätssituation Erhöhtes Market Value Gearing aufgrund Marktverschlechterung Nach Berechnung S&P sind auch im Ausfallszenario 100% der Forderungen von Senior Creditors gedeckt Management und Gesellschafter bekennen sich zur mittelfristigen Rückkehr in den stabilen Investment Grade Bereich 11

12 CREDITOR RELATIONS 12

13 CREDITOR RELATIONS CR Bereich Creditor Relations Webseite Verteiler Investoren Updates Kommentar ständige Aktualisierung sehr zeitnahe Verteilung kreditrelevanter Neuigkeiten Reisen und Telefonkonferenzen Investorenkonferenzen Ansprechpartner per Telefon und Abschlüsse Rating Sell Side, Buy Side, Presse Kapitalmarktorientierung erfordert IFRS und (meistens) min. Halbjahresabschlüsse 2. Meinung hilft, kostet aber Kapitalmarktzugang: Offenheit und Nachhaltigkeit 13

14 Danke für Ihre Aufmerksamkeit 14