Siemens Equity Story Siemens Investor Relations, 4 th Quarter Unrestricted Siemens AG 2018

Transcription

1 Siemens Equity Story Siemens Investor Relations, 4 th Quarter 2018 siemens.com

2 Notes and forward-looking statements This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as expect, look forward to, anticipate, intend, plan, believe, seek, estimate, will, project or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens management, of which many are beyond Siemens control. These are subject to a number of risks, uncertainties and factors, including, but not limited to those described in disclosures, in particular in the chapter Risks in the Annual Report. Should one or more of these risks or uncertainties materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. This document includes in the applicable financial reporting framework not clearly defined supplemental financial measures that are or may be alternative performance measures (non-gaap-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens net assets and financial positions or results of operations as presented in accordance with the applicable financial reporting framework in its Consolidated Financial Statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. All information is preliminary. Page 2

3 Our company Why to own Siemens shares? Financial performance #NEW# Strategy: Vision Page 3

4 Our claim "Ingenuity for life" "Ingenuity" stands for innovation, engineering and genius. For us, it also includes unity: We are united in our efforts, and we are committed to partnering with our customers. "For life" relates to our role in society: to make real what matters. "Ingenuity for life" is therefore our unrelenting drive and promise to create value for customers, employees and society. Page 4

5 Fiscal 2018 Key figures Key figures for Siemens (Continuing operations; in millions of except where otherwise stated) Fiscal Fiscal 2017 Volume Comparable Change in % Orders 91,296 85,784 8% 2 Revenue 83,044 82,863 2% 2 Profitability and capital efficiency Net income 3 6,120 6,094 Return on capital employed (ROCE) % 13.3% Liquidity Free cash flow 3 5,824 4,769 Industrial Business Revenue by Business Siemens Healthineers 16% 5 Process Industries and Drives 10% Digital Factory 15% Mobility 10% 84,396 in m Power and Gas 15% Siemens Gamesa Renewable Energy 5 11% Energy Management 15% Building Technologies 8% Note: Percentages of Divisions based on Industrial Business (IB) Revenue; Difference between Siemens Revenue and IB Revenue are reconciliation effects to Consolidated Financial Statements (e.g. intercompany consolidation etc.) 4 Employees by region (Sep. 30, 2018) Asia, Australia 19% Americas 20% Europe, CIS 2, Africa, Middle East (without Germany) 30% Revenue by region Asia, Australia 22% ~379k 83,044 Germany 31% Americas 27% in m Europe, CIS 6, Africa, Middle East (without Germany) 37% Germany 14% Page 5 1 As reported 2 Excluding currency translation and portfolio effects; 3 Continuing and discontinued operations; 4 As of the beginning of fiscal 2018 part time employees are included to the full extent rather than proportionally; 5 Strategic Unit; 6 Commonwealth of Independent States

6 Global megatrends shaping our future markets Demographic Change >20% of global population over the age of 60 in bn 12% 2.1bn 21% Digitalization 50bn IoT devices connected by bn Globalization Global trade will increase 4-fold until x Urbanization ~70% of global population will live in cities by % Urban population 66% 30% Rural population 34% bn bn Climate Change Solar & wind power generation will increase six-fold until 2050 strongly driving electrification 6x Page 6

7 Siemens businesses Power and Gas (PG) Offers utilities, independent power producers, engineering, procurement & construction companies (EPCs), and oil & gas customers a broad spectrum of products and solutions for the resource-saving generation of power from fossil fuels and renewable sources of energy and for the reliable transport of oil and gas. Energy Management (EM) One of the leading suppliers of products, solutions and services for the reliable and intelligent transmission and distribution of electrical power. The portfolio ranges from systems for the low-voltage and distribution power grid level to smart grids and energy automation solutions to power supplies for industrial plants and high-voltage transmission systems. Building Technologies (BT) Leading global provider of safe, energy-efficient and environmentally friendly building and infrastructure technologies. As a technology partner, consultant, service provider, systems integrator and supplier, the Division offers solutions for fire safety, security, building automation, heating, ventilation and air conditioning (HVAC) as well as energy management. Mobility (MO) The efficient, safe and environmentally friendly transportation of people and goods by rail and road the Mobility Division bundles all of Siemens transportation-related products, solutions and services. Provided regulatory authorities approve, the planned merger of the Siemens and Alstom mobility businesses will unite two successful and innovative companies with a long tradition in the rail industry. Our aim is to jointly create a European champion and so offer customers unique added value. Page 7

8 Siemens businesses Digital Factory (DF) Offers a comprehensive portfolio of seamlessly integrated hardware, software and technology-based services to support manufacturing companies worldwide in enhancing the flexibility and efficiency of their production processes and in reducing the time to market of their products. The ultimate goal is the complete integration and digital representation of the physical value chain. The platform for this is called Digital Enterprise. Process Industries and Drives (PD) As a proven partner, we help customers go to market with their products much faster. Customers benefit from our future-proof automation, drive technology, industrial software, and services based on best-in-class technology platforms. We are advancing the digitalization of the process industry from integrated engineering to integrated operation and digital services. Siemens Healthineers (SHS) Strategic Unit The listed Siemens Healthineers enables healthcare providers around the world to deliver high-quality patient care. We re continuously developing our portfolio, expanding our medical imaging and laboratory diagnostics offerings and augmenting them with a growing range of healthcare management, consulting and services such as advanced therapeutic solutions and molecular in-vitro diagnostics. Siemens Gamesa Renewable Energy (SGRE) Strategic Unit Leading supplier of reliable, environmentally friendly, and cost-efficient renewable energy solutions. The wind turbines offered by Siemens Gamesa Renewable Energy are a worthwhile investment from both a financial and an environmental perspective. Our wind power solutions deliver clean, renewable energy from onshore and offshore installations all over the world. Financial Services (SFS) The Financial Services Division helps enterprise customers implement investment projects by providing project-related and structured financing as well as leasing and equipment financing. The success of Financial Services is based on a unique combination of risk management competence, technological expertise and reliable financial resources. Through our international network of SFS companies, we provide subject to countryspecific legal requirements a broad range of financial solutions. Page 8

9 Management Managing Board of Siemens AG Joe Kaeser Roland Busch Lisa Davis Klaus Helmrich Janina Kugel Cedrik Neike Michael Sen Ralf P. Thomas President and Chief Executive Officer Chief Technology Officer Chief HR Officer Chief Financial Officer Governance and Markets Communications Legal and Compliance CIS 1 Middle East Building Technologies Mobility next47 Americas Power and Gas Power Generation Services Africa Europe Digital Factory Process Industries and Drives Human Resources Asia, Australia Energy Management Global Services Siemens Healthineers 2 Siemens Gamesa Renewable Energy 2 Controlling and Finance Financial Services Corporate Development Corporate Technology 1 Commonwealth of Independent States; 2 Strategic Unit Page 9

10 Our company Why to own Siemens shares? Financial performance #NEW# Strategy: Vision Page 10

11 Why to own Siemens shares? We execute and deliver now & in the future We ensure disciplined capital allocation & offer good return We have a compelling strategy We have a strong ownership culture Page 11

12 1. We execute and deliver now & in the future Vision 2020 Guidance to market Ongoing cost productivity ~ 4bn ~ 4bn ~ 4bn ~5% ~5% ~5% FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2016 FY 2017 FY 2018 Gross margin improvement +130bps 28.6% 29.9% FY 2014 FY 2018 Project charges ( bn) Avg. FY FY 2015 ~ -0.7 FY 2016 No net impact FY 2017 < -0.2 FY 2018 No net impact Ownership culture # of employee shareholders (in thousand) >2x > Page 12

13 2. We ensure disciplined capital allocation & offer good return More than 20bn returned to our shareholders over last five years Capital allocation (FY14 FY18) ~ 68bn Capex 16% R&D 33% 21% Dividends 21% 10% Acquisitions Share buyback Note: Acquisitions of businesses net of cash acquired Page Focused investments will drive organic growth Capex and R&D up by ~42% since 2014 Higher R&D intensity continues, delivering outcomes Strong and sustainable shareholder return 14bn dividend paid, continued dividend increases ~ 7bn share buyback executed since FY 2014; new 3bn program announced Disciplined acquisitions Leading Digital Enterprise offering strengthened with CD-adapco; Mentor Graphics and mendix

14 2. We ensure disciplined capital allocation & offer good return Raising dividends for five years in a row Payout ratio: 40-60% of net income 60% 40% 57% ) 50% 52% 49% 53% 38% 2) CAGR +5% ) FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY ) OSRAM stock distribution of 2.40 per share; not reflected in dividend payout ratio 2) Assumes 808m shares outstanding at AGM; based on new financial framework 3) Proposed dividend for approval at Annual Shareholders Meeting on January 30, 2019 Page 14

15 2. We ensure disciplined capital allocation & offer good return Siemens a true dividend aristocrat Continued long term dividend growth 2) in ) 3 2 CAGR +8% 1) 1 0 Page FY 1987 General remark: Dividend figures adjusted for Deutsche Mark/Euro conversion before 2001 and several share splits 1) Adjusted for effect of Infineon & Epcos IPO 2) Effect of OSRAM stock distribution to shareholders of 2.40 per share; previous years adjusted for OSRAM spin-off effect 3) Proposed dividend for approval at Annual Shareholders Meeting on January 30, 2019 FY 2018

16 2. We ensure disciplined capital allocation & offer good return Value creation for all stakeholders Committed to further share buyback Profit sharing fosters equity culture # of employee shareholders (in thousand) in bn Σ 10bn executed 4.0 New share buyback >2x > Up to Page 16

17 2. We ensure disciplined capital allocation & offer good return Push for innovation drives growth and customer value Increasing R&D investment bn (% of revenue) > +40% 6.7% to stay ahead Digital Factory Low code platform (Mendix) to speed up application development Edge functionality for PLC portfolio Vertical applications: F&B, Batteries Siemens Healthineers % 5.6 ~5.7 Successful Atellica ramp up 990+ systems shipped Digital and AI applications e. g. for Precision Medicine and Services FY 2014 FY 2018 FY 2019e Core Technologies, e. g. Data analytics for new service models Applying simulation and digital twin across domains Cyber Security concepts Page 17

18 3. We have a compelling strategy Raising the bar with Vision Value Raise the bar Focus Scope over scale Transformation Anticipate markets and trends Ultimate value creation Leading in all businesses Key: Foster Ownership Culture and strengthen entrepreneurial focus Page 18

19 3. Setting the course for renewable energy, mobility and healthcare businesses for long-term value creation 1 Areas of growth? 2 Potential profit pool? 3 Why Siemens? 4 Synergetic value? 5 Paradigm shifts? Stake of 17.34% sold Siemens Merger 59% closed share Siemens 59% share Successful IPO achieved Siemens 85% share BCA signed AGM approved merger Page 19 Note: AGM Annual General Meeting, BCA Business Combination Agreement; Pending regulatory approval

20 4. We have a strong ownership culture >300,000 employees own Siemens shares Mandatory share ownership for Top Management Attractive share matching for employees Compelling management incentive plan fully aligned with capital market forces Open performance reviews based on WHAT and HOW including 360 feedback Always act as if it was your own company Page 20

21 Our company Why to own Siemens shares? Financial performance #NEW# Strategy: Vision Page 21

22 One Siemens Financial Framework Clear targets to measure success and accountability Siemens One Siemens Financial Framework Growth: Siemens > most relevant competitors 1) (Comparable revenue growth) Capital efficiency (ROCE 2) ) 15 20% Total cost productivity 3) 3 5% p.a. Capital structure (Industrial net debt/ebitda) up to 1.0x Dividend payout ratio 40 60% 4) Profit Margin ranges of businesses (excl. PPA) 5) PG 11 15% EM 7 10% MO 6 9% PD 8 12% SFS 6) 15 20% SGRE 5 8% BT 8 11% DF 14 20% SHS 15 19% 1) ABB, GE, Schneider, MHI, Eaton, weighted; 2) Based on continuing and discontinued operations; 3) Productivity measures divided by functional costs (cost of sales, R&D, SG&A expenses) of the group; 4) Of net income excluding exceptional non-cash items; 5) Excl. acquisition related amortization on intangibles; profit margin ranges will be reviewed and updated with Vision ) SFS based on return on equity after tax Page 22

23 Siemens by the numbers in bn Orders in bn Revenue Target modest comparable growth ) +8% 1 +2% FY 2017 FY 2018 FY 2017 FY 2018 Industrial Business profit margin 1) -70bps 11.1% 10.4% in bn Net Income +0.4% ~5% FY 2017 FY 2018 Note: Financials as reported 1) Comparable, i.e. adjusted for currency translation and portfolio effects Page 23 FY 2017 FY 2018

24 Siemens by the numbers in Basic Earnings per Share -3% Capital Structure (industrial net debt / EBITDA) 0.9x 0.4x Target 1 FY 2017 FY 2018 FY 2017 FY 2018 in bn Free Cash Flow (all-in) +22% ROCE Target 15 20% 13.3% 12.7% FY 2017 FY 2018 FY 2017 FY 2018 Note: Financials as reported Page 24

25 Siemens by the numbers - Profit Margin by Division FY 2018 Seven Businesses in or above target range PG 3.0% 10.2% Profit margin target ranges 11-15% EM 8.2% 7.6% 7-10% BT MO 11.4% 12.0% 10.0% 9.2% 8-11% 6-9% DF 20.0% 18.5% 14-20% PD 5.9% 5.0% 8-12% SHS 16.5% 17.7% 15-19% SGRE 5.3% 4.3% 5-8% SFS 20.0% 19.9% 15-20% (Return on Equity) Note: Financials as reported Page Profit margin target ranges

26 Outlook FY We expect a continued favorable market environment, particularly for our short-cycle businesses, with limited risks related to geopolitical uncertainties severance 7.12 reported (1.87) 6.01 Mid point growth +11% For fiscal 2019, we expect moderate growth in revenue, net of currency translation and portfolio effects. We further anticipate that orders will exceed revenue for a book-to-bill ratio above 1. We expect a profit margin of 11.0% to 12.0% for our Industrial Business based on our current organizational structure, excluding severance charges. EPS ex sev FY18 Atos + Osram portfolio gains EPS ex sev and gains FY18 EPS ex sev FY19e Furthermore we expect basic EPS from net income in the range of 6.30 to 7.00 also excluding severance charges. This outlook excludes charges related to legal and regulatory matters and post-closing results from combining our mobility business with Alstom SA, which we expect to close in the first half of calendar Page 26

27 Our company Why to own Siemens shares? Financial performance #NEW# Strategy update Vision Page 27

28 Siemens Vision Why now? Goals of Vision 2020 have been largely achieved Siemens in a strong position The best time to reinvent yourself is when you re strong Adaptability is a key prerequisite in the digital age Page 28

29 Goals of Vision 2020 largely achieved Goal KPI 1 Implement stringent corporate governance 1 billion in cost savings achieved by FY Strengthen portfolio Tap growth fields > 8% margin in underperforming businesses 3 Execute financial target system ROCE 15-20% Growth > most-relevant competitors 4 Expand global management > 30% of Division and Business Unit management outside Germany 5 Be a partner of choice for our customers 1 20% improvement in Net Promoter Score 6 Be an employer of choice > 75% approval rating in leadership and diversity areas in global employee survey 7 Strengthen Ownership Culture 50% increase in number of employee shareholders Page 29

30 We have achieved a lot with Vision 2020 Revenue (in bn) Order Intake (in bn) Order Backlog (in bn) +9% +11% +32% FY 2013 FY 2018 FY 2013 FY 2018 FY 2013 FY 2018 Net Income (in bn) % 6.1 Profit margin IB 7.5% +290bps 10.4% Significant increase since 2013 in Net Promoter Score and Employee satisfaction FY 2013 FY 2018 FY 2013 FY 2018 Growth rates nominal Page 30

31 Siemens Industrial Businesses Focus drives value creation Operating Companies Strategic Companies Gas and Power Smart Infrastructure Digital Industries 1) Pending regulatory approval 1) PG EM BT DF PD MO WP HC + + IPO Divisions Page 31

32 Vision Operating model based on purpose and ownership culture Purpose Business to Society Value creation for all stakeholders We make real what matters Corporate Development Corporate Technology next47 Strategy Internet of Things Siemens Operations POC 1) Regional Hubs GP Corporate Countries SI Lead Countries Businesses DI S-A 2) Regions SGRE SHS Financial Services Services Global Business Services Real Estate Services Finance Legal and Compliance Human Resources Governance Communications Governance & Markets 1) Portfolio Companies 2) Depending on anti-trust approval Page 32 Ownership Culture

33 Gas and Power Managing for value in a low growth environment Gas and Power (GP) FY 2017: Revenue: ~ 21bn Profit margin: ~9% Employees: ~71 thousand Power Generation Operations Power Generation Oil & Gas HV Transmission Products EPC Projects Service & Digital Key target verticals: Utilities, IPPs, TSOs, O&G and Industrial Power Sharper focus on go-to-market and customers through localization Technology leadership and innovation to drive customer value Better leverages competence and capabilities Enables a support structure that fits business needs Right-sizing and optimization delivers competitive financial performance Page 33 Note: IPPs: Independent Power Producers, TSOs: Transmission System Operators

34 Smart Infrastructure Accelerating growth building on a strong core Smart Infrastructure (SI) FY 2017: Revenue: ~ 14bn Profit margin: ~11% Employees: ~71 thousand Regional Solutions & Services Digital Grid Distribution Systems Buildings Infrastructure & Industrial Power Grids Fast-growing infrastructure markets at intersection of smart buildings & grids Merge of physical and digital offerings required Low Voltage Products Control Products Building Products D A E Digital Services, software and platforms End-to-end energy & building automation Intelligent & connected infrastructure for grids & buildings Balanced revenue mix Services & Digital ~20% Solutions ~20% Systems ~20% Products ~40% Page 34

35 Digital Industries Driving the digital transformation of discrete and process industries Digital Industries (DI) FY 2017: Revenue ~ 14bn Profit margin ~16% Employees ~78 thousand Factory Automation Process industry Discrete industry Motion Control 1) Product design Process design Engineering Operation Services Product design Production planning Production engineering Production execution Services Process Automation Software Industrial software and automation for the process industry MindSphere Industrial communication Industrial security Industrial software and automation for the discrete industry MindSphere Customer Services Industrial services End-to-end portfolio for digital transformation across the entire value chain 1) Motion Control new: DF Motion Control + PD Large Drives Products and Cranes business Page 35

36 Strategic companies already with full entrepreneurial flexibility Siemens governing with an industrial mindset & creating optionality 1) Share price (%) Market share 2017 (in GW) Combined financials (Sep 30, 2017) 80 Mar-18 May-18 Jul-18 Sep-18 Siemens Healthineers AG MDAX Others Source: MAKE 48% 8% GE 17% SGRE 15% 10% 2% Vestas MHI Vestas Goldwind Backlog ( bn) 59.3 Revenue ( bn) 15.6 Adj. EBIT ( bn) 1.2 Adj. EBIT margin 7.6% Employees ~65,000 Enterprise Value ~ 42bn (+~36% since listing in March 2018) Strategy 2025 on track for growth and margin expansion Clear roadmap to drive profitable growth with L3AD2020 program Build on 84GW installed base for enhanced service offerings Creation of a global mobility champion Merger control clearance ongoing 1) Data as of Nov 9, 2018 Page 36 2) Pending regulatory approval

37 Siemens is expanding its IoT platform offering: Integration Services to support the digital transformation of our customers Customer value: Holistic digital platform offering Customer Value Chain Design Operate Service Siemens well positioned to leverage IoT integration services as growth engine Dedicated unit for IoT integration services and digital transformation: Siemens offering IoT: Consulting & Integration Siemens Software Siemens Digital Services mendix application development platform MindSphere the IoT operating system Digitally optimized electrification & automation Global customer access, installed base and vertical domain know-how Proven consulting expertise from Siemens Management Consulting Team State-of-the-art capabilities, e.g. AI, cyber security Holistic offering: consulting, design & prototyping, implementation Page 37

38 Portfolio Companies will be managed for value creation Portfolio Companies - POC Strategic direction Siemens Postal, Parcel & Airport Logistics (SPPAL) PD Mechanical Drives (Flender) PD Solutions PD Large Drives (partially) Medium-sized business setup Dedicated target setting Accountability Increased strategic flexibility bn FY 2017 FY 2023 Target ~5 ~+5% EM Subsea Business ~-0.3 Equity investments Valeo Siemens (50%) Primetals (49%) EthosEnergy (49%) Voith Hydro (35%) Strong ramp up with Valeo in a growing e-mobility market Other investments operate in challenging market environments Revenue ~-7% Adj. EBITA margin Adj. EBITA margin Page 38

39 Vision Focus and growth drive value creation Drivers Mid-term impact Core markets: business focus leads to market share gains Adjacent markets: tapping growth fields driving structural growth Enhancing business mix drives margin quality Operating Companies drive support function optimization New performance levels at Strategic Companies Fix Portfolio Companies Optimization of Service Companies Corporate Development will be impact-driven Lean Corporate governance sets the frame Accelerated comp. revenue growth Margin lift at Industrial Businesses EPS growth 1) + 2 ppts CAGR + 2 ppts > revenue growth Page 39 1) on constant minority shareholdings

40 Siemens Financial Framework Ambitious financial goals based on benchmarks Siemens (targets over the cycle) Growth Siemens comparable revenue growth 4 5% Capital efficiency ROCE 1) 15 20% 2) Industrial Businesses margin 3) 11 15% Capital structure Industrial net debt/ebitda up to 1.0x Cash conversion Cash conversion rate (CCR) CCR = 1 growth rate 4) Dividend payout ratio 40 60% 5) Operating Companies Strategic Companies Service Company Adj. EBITA margin ranges 3) Adj. EBITA margin ranges 3) Siemens expectation RoE 7) Gas and Power 8 12% Smart Infrastructure 10 15% Digital Industries 17 23% Siemens Healthineers 17 21% Siemens Gamesa R. E. 7 11% Siemens Alstom 6) 8 12% Financial Services 15 22% 1) Based on continuing and discontinued operations; 2) Long-term goal; currently ROCE burdened by significant M&A; 3) EBITA adjusted for operating financial income, net and amortization of intangible assets not acquired in business combinations; 4) Based on Industrial Businesses and comparable revenue growth; 5) Of net income attributable to Siemens shareholders excluding exceptional non-cash items; 6) Siemens Alstom closing pending; 7) Return on equity after tax Page 40

41 Tangible KPIs will define success GOAL Grow company value Sharpen business focus in E-A-D Be a partner of choice for our customers Get closer to our markets Live lean governance and drive continuous optimization Be an employer of choice Ignite pride and passion for Siemens through Ownership Culture KPI Margin lift at Industrial Businesses + 2 ppts EPS growth > revenue growth 1) Accelerated comparable revenue growth + 2 ppts CAGR > 20% improvement in customer satisfaction index > 50% of business HQs outside Germany >20% efficiency improvement of support functions in scope Global Business Services efficiency: % (fully operable) Approval rating in employee surveys for specific topics (e.g. diversity) Approval rating in employee surveys for specific topics (e.g. leadership) 1) on constant minority shareholdings Page 41

42 Key principles to execute Vision and achieve lasting impact Focus Embrace entrepreneurial freedom - best in industry Support functions part of Operating Companies Transactional services bundled in Global Business Services Accountability Dedicated responsibility and accountability Clearly defined impact and ambitious financial targets Adaptability From a one size fits all to a purpose-driven and marketfocused approach Impact over policy lean governance Page 42

43 Vision implementation on track to go live April 1, 2019 Optimization Phase 1 Refine principles and Vision setup Phase 2 Prepare reorganization Phase 3 Implement new organization Capital Market Day Innovation Day August 2 Vision Announcement October 1 Today New organization in effect January 1 Ready for implementation April 1 May 8 Go Live Q2/19 Earnings Release Page 43

44 Investor Relations contacts Investor Relations Internet: Telefon: Fax: Page 44