Centrotec : Quarterly Report Q3 2020 English

Q3	Quarterly Report
03/2020

CENTROTEC

The European Energy-Saving Company

Q03/2020| CENTROTEC Highlights

Highlights

• Positive development of both core segments continues in third quarter, underpinned by still-strong domestic markets (DE/NL); negative impacts of coronavirus pandemic remain regionally limited and filtering through to only in a small number of business areas
• Consolidated revenue for Q3 up 4.9% to EUR 179.7 million (previous year EUR 171.4 million); Q1-Q3 brings 6.6% rise to EUR 502.1 million (previous year EUR 471.1 million); high impact of the coronavirus pandemic on a number of international markets reduced the international share to 44% (previous year 47%)

• Climate Systems ups Q3 revenue by 4.1% to EUR 126.8 million (previous year EUR 121.7 million); 7.2% revenue growth for year to date, to a total of EUR 352.4 million (previous year EUR 328.8 million), thanks to good performance of domestic markets
• Gas Flue Systems increases Q3 revenue by 11.1% to EUR 39.7 million, and also for year to date by 7.6% to EUR 109.2 million (previous year EUR 35.7 million and EUR 101.5 million respectively)
• Medical Technology & Engineering Plastics registers 4.7% decline in revenue in third quarter to EUR 13.3 million (previous year EUR 13.9 million) as a result of cyclically sensitive Engineering Plastics area; this is behind revenue downturn of 0.7% to EUR 40.5 million (previous year EUR 40.8 million) over nine-month period

• Operating result well up on previous year

• EBIT for Q3 rises overproportionally to revenue by 13.4% to EUR 15.8 million (previous year EUR 14.0 million); for year to date, up 47.5% to EUR 32.6 million (previous year EUR 22.1 million)
• Net interest shows slight improvement for Q3 and year to date; Q3 financial result up year on year, but from a full-year perspective still displaying negative effects of slump in first quarter
• EPS of EUR 0.94 (previous year EUR 0.62) in Q3; up to end of September EUR 1.37 (previous year EUR 1.04)

• For the full year, in mid-October the forecast range for revenue was increased to EUR 690 to 710 million (previously EUR 670 to 690 million) and EBIT to EUR 43 to 46 million (previously EUR 34 to 36 million). This forecast incorporates an anticipated revenue contribution of around EUR 8 million and a negligible contribution to the operating result (due to capitalisation, depreciation and amortisation under IFRS rules) from the takeover of the PARI Group with effect from October 1.
• The attractive financial support available in Germany for replacement heating systems and the reduced VAT rate point to the German sales market continuing strongly until the end of the year. The annual result forecast also includes exceptional cost savings from reduced travel and trade show activities as a result of the pandemic, as well as profit contributions from sales of air purifiers amounting to some EUR 9 million. The anticipated negative effects of the downturn in commercial construction especially on sales of room ventilation systems will probably not materialise until into 2021.

Highlights | 2

CENTROTEC Consolidated Key Figures

Consolidated Key Figures

		30/09/2020	30/09/2019		Changes
		[EUR '000]		[EUR '000]		[Percent]
Total revenue		502,078		471,054		6.6
Climate Systems		352,393		328,798		7.2
Gas Flue Systems		109,184		101,463		7.6
Medical Technology & Engineering Plastics		40,501		40,793		(0.7)
Earnings
EBITDA		57,183		45,140		26.7
EBIT		32,582		22,094		47.5
EBIT yield (in %)		6.5		4.7
EBT		25,977		23,220		11.9
EAT		19,054		16,852		13.1
EPS (in EUR; basic)		1.37		1.04
Balance sheet structure
Balance sheet total		623,456		614,613		1.4
Shareholders' equity		228,350		221,668		3.0
Equity ratio (%)		36.6		36.1
Property, plant and equipment		167,153		155,485		7.5
Intangible assets		49,166		46,596		5.5
Goodwill		77,953		77,879		0.1
Net financial position*		(92,332)		(85,324)		8.2
Net working capital*		95,988		95,788		0.2
Cash flow statement
Cash flow I (EAT & depreciation/ amortisation)		43,655		39,899		9.4
Cash flow from operating activities		33,204		10,067
Cash flow from investing activities**		(29,337)		(34,030)		(13.8)
Employees
Total (in FTE)		3,239		3,273		(1.0)
Shares
Number of shares***		13,925		16,191
Quaterly-highest quotation****		15.54		14.00
Quaterly-lowest quotation****		13.06		11.50
Quaterly-end quotation****		14.50		14.00

• taking account for short-term financial assets
• without short-term financial assets
• weighted average shares outstanding (basic; in thousand)
• quotation in EUR

Q03/2020|

Consolidated Key Figures | 3

THE WHOLE WORLD OF HEATING SYSTEMS

Apartment buildings

Collective exhaust systems

Heating systems

Centrotherm and Ubbink have developed collective flue systems that enable multiple-floor connections to one common vertical flue exhaust liner. These collective flue systems also include in-cascade installations where several centrally installed heating systems again share one common flue exhaust liner. Wolf medium and large boiler series cover large heating capacities of several 1000 kW.

Decentralized heat generation through individual gas condensing heating systems with multiple occupancy across floors

Middle and large boiler series for central heat generation

Q03/2020 | CENTROTEC Interim Group Management Report

Quarterly Report

The third quarter of 2020 saw CENTROTEC continue the positive development of the first half and generate consolidated revenue of EUR 179.7 million, representing an increase of 4.9% on the prior-year figure of EUR 171.4 million. This pushed up revenue for the first nine months of the current financial year by 6.6% to EUR 502.1 million (previous year EUR 471.1 million). The revenue share achieved outside Germany declined to 44% (previous year 47%) in a reflection of the decidedly strong business performance in Germany over the year to date, but also to some extent because of the difficult situation in some international markets.

In the Climate Systems segment, Q3 revenue rose by 4.1% to EUR 126.8 million (previous year EUR 121.7 million). Over the year to date, the increase was 7.2% taking the total to EUR 352.4 million (previous year EUR 328.8 million). The healthy development in German heating business, which was also aided by nationwide financial support measures and saw especially strong growth for heat pumps, underpinned this growth in the third quarter, as indeed over the entire year to date. Market shares for ventilation business in Germany were also increased. The third quarter again brought a stable development for combined heat and power technology and climate control business. Broken down geographically, outside Germany there was also a positive development in the Netherlands both in the third quarter itself and over the entire course of the financial year to date. By contrast the coronavirus pandemic meant Italy, France, Croatia and China brought in less revenue over the year to date and in the quarter under review.

The Gas Flue Systems segment achieved revenue of EUR 39.7 million in the third quarter, and therefore 11.1% more than in the corresponding prior-year period (EUR 35.7 million). In the first nine months of 2020, revenue for the segment climbed by 7.6% to EUR 109.2 million (previous year EUR 101.5 million). Organic revenue growth after elimination of the revenue contributions of the roof products subsidiary IVT acquired from the third quarter of the previous year came to 4.8% for the year to date. Revenue growth in the third quarter and over the year to date was achieved mainly in Germany and the Netherlands, whereas the revenue development in France only moved back into positive territory in the third quarter after a difficult first half. The segment's principal product groups such as its gas flue ducting systems and air piping systems for home ventilation enjoyed the steepest growth.

In the Medical Technology & Engineering Plastics segment, revenue overall was down because of the much weaker performance in the segment's cyclically sensitive Engineering Plastics area, alongside constant growth in Medical Technology business. Third-quarter revenue of EUR 13.3 million was 4.7% below the prior-year figure of EUR 13.9 million. This reduced revenue for the segment over the year to date by 0.7% to EUR 40.5 million, compared with EUR 40.8 million in the previous year.

Business performance | 5

Revenue by segment	Q3 2020	Q3 2019	Delta	Q1-Q3	Q1-Q3 2019	Delta
2020
[EUR million]			%			%
Climate Systems	126.8	121.7	4.1	352.4	328.8	7.2
Gas Flue Systems	39.7	35.7	11.1	109.2	101.5	7.6
Medical Technology &	13.3	13.9	(4.7)	40.5	40.8	(0.7)
Engineering Plastics
Total	179.7	171.4	4.9	502.1	471.1	6.6

Q03/2020 | CENTROTEC Interim Group Management Report

Both the consolidated result for the third quarter and the figures achieved for the year to date were well up on the prior-year figures. EBITDA for the third quarter climbed 7.1% to EUR 24.3 million (previous year EUR 22.7 million), and EBIT of EUR 15.8 million was equally up on the prior-year figure of EUR 14.0 million by 13.4%. In the first nine months of the current financial year EBITDA was increased by 26.7% to EUR 57.2 million (previous year EUR 45.1 million), with EBIT rising even more sharply by 47.5% to EUR 32.6 million (previous year EUR 22.1 million).

In the Climate Systems segment there was another healthy jump in earnings at EBIT level of 7.9% to EUR 10.2 million (previous year EUR 9.4 million). In the first nine months of the current financial year, EBIT growth of 66.3% was achieved, taking the total to EUR 20.3 million (previous year EUR 12.2 million). These growth rates rested on economies of scale from revenue expansion in almost every product area and the special measures to improve margins in commercial ventilation business, as well as pandemic-related savings within travel, trade show and entertainment costs.

EBIT for the Gas Flue Systems segment climbed nearly 52.8% to EUR 5.3 million (previous year EUR 3.5 million) in Q3 2020 and by 45.8% over the year to date to EUR 11.1 million, up from EUR 7.6 million in the previous year, with the previous year's acquisition IVT contributing a low six-figure EUR amount. The rise in earnings was based on the increased volume of business and the reduced expenditure for trade shows, travel and similar also for this segment as a result of the coronavirus pandemic, outweighing the costs incurred through the pandemic.

The result in the Medical Technology & Engineering Plastics segment with EBIT of EUR 0.4 million for the quarter and EUR 1.3 million for the first nine months was well down on the prior-year figures (EUR 1.1 million / EUR 2.3 million). The main cause of this development is the cyclically weaker performance of the segment's Engineering Plastics area.

The third quarter brought not only an improved operating result, but also a positive trend in net interest compared with the prior-year quarter (EUR -1.1 million as against EUR -1.2 million), in the other financial result (EUR 1.1 million as against EUR 0.6 million) and in earnings before tax (EBT) of EUR 15.9 million (previous year EUR 13.4 million). The negative other financial result for the first half of 2020, in a turnaround from the previous year, meant earnings before tax for the first nine months showed only a relatively moderate increase compared with the operating result, rising 11.9% to EUR 26.0 million (previous year EUR 23.2 million). A

slightly reduced effective tax rate for the third quarter due to a non-recurring local factor brought a 28.2%

Business performance | 6

Q03/2020 | CENTROTEC Interim Group Management Report

increase in earnings after taxes (EAT) to EUR 12.7 million (previous year EUR 9.9 million). Over the entire year to date, the increase was 13.1% taking the total to EUR 19.1 million (previous year EUR 16.9 million). Earnings per share for the third quarter reached EUR 0.94 (previous year EUR 0.62), and EUR 1.37 (previous year EUR 1.04) for the first nine months.

The balance sheet total for the CENTROTEC Group at September 30, 2020 came to EUR 623.5 million, representing a slight increase of only 1.4% on the previous year (EUR 614.6 million), despite the substantially higher volume of business. On the other hand the increase compared with the balance sheet date of the previous year (EUR 588.1 million) was more marked due to the seasonal nature of business. The year-on-year increase in property plant and equipment of EUR 11.7 million to EUR 167.2 million is the most sizeable assets- side change attributable to operations, alongside the EUR 12.2 million rise in inventories to EUR 106.0 million. The process embarked on at the start of the year, and now almost completed, to reclassify current investments (previous year EUR 87.1 million/ EUR 7.2 million at September 30, 2020) as cash and cash equivalents (previous year EUR 29.7 million/ EUR 91.9 million at September 30, 2020) is much more substantial in volume terms but is not in essence driven by operational considerations. Its purpose was to pave the way for the share buyback programme and prepare for the acquisition of the Pari Group. Net working capital remained virtually constant at EUR 96.0 million (previous year EUR 95.8 million) despite the increased volume of business, but was up EUR 14.8 million on the year-end figure (EUR 81.2 million) because of CENTROTEC's seasonal core business. On the equity and liabilities side, consolidated profit more than compensated for the cash used for the share buyback that was completed in the third quarter, increasing equity from EUR 221.7 million (at September 30, 2019) to EUR 228.4 million. The equity ratio was consequently 36.6% (previous year 36.1%/ end of previous year EUR 39.1%). Other changes of note on the equity and liabilities side included the increase in current other financial liabilities to EUR 38.9 million (previous year EUR 30.7 million) as a result of higher customer bonuses. Interest-bearing liabilities were reduced from EUR 198.0 million to EUR 186.7 million. The net financial position nevertheless deteriorated from EUR -85.3 million to EUR -92.3 million because of cash used for the share buyback (EUR 20.5 million).

On August 24, 2020 CENTROTEC signed an agreement on the takeover of PARI Group AG. The takeover was completed on October 1, 2020 at a final purchase price amounting to EUR 6.55 per share, or EUR 43,349,800. Net borrowings in the amount of EUR 16.9 million and working capital in the amount of EUR 4.9 million were acquired as part of the transaction. Because the transaction was only completed after the period under review, the above figures are not yet reflected in the financial statements for the quarter.

Key financial figures
[EUR million]	30/09/2020	31/12/2019	30/09/2019
Balance sheet total	623.5	588.1	614.6
Equity	228.4	230.2	221.7
Equity ratio (percent)	36.6	39.1	36.1
Net financial position*	(92.3)	(66.9)	(85.3)
Net working capital**	96.0	81.2	95.8

• • Cash and cash equivalents + current investments - current and non-current borrowings
• Current assets - cash and cash equivalents - current investments - current, non-interest-bearing borrowed capital

Business performance | 7

Q03/2020 | CENTROTEC Interim Group Management Report

The appreciably higher result for the period, together with the increased current liabilities, was the main reason for the sharp rise in the cash flow from operating activities. This reached EUR 33.2 million over the first nine months of the current year, having been EUR 10.1 million in the corresponding period of the previous year. The cash flow from investing activities rose from EUR -14.4 million to EUR 44.0 million mainly as a result of the reclassification of current investments amounting to EUR 73.3 million as cash and cash equivalents. When considering the cash flow from financing activities, an almost identical amount of cash used for the acquisition of treasury stock served as the basis for the calculation. The cash flow from financing activities for the period under review of EUR -29.1 million was EUR 5 million lower than in the previous year (EUR -24.1 million) despite the suspended dividend payment. Financial resources overall increased by EUR 47.5 million to EUR 72.2 million following the reclassification of current investments during the year in progress, having amounted to only EUR 5.3 million at the end of the corresponding prior-year period.

The CENTROTEC Group invested EUR 7.4 million in the third quarter (previous year EUR 7.8 million). The investment volume for the year to date came to EUR 29.4 million and was therefore just short of the record level of EUR 31.1 million reached in the previous year. The biggest single investment in the third quarter, but also in the year to date, was in the now-commissionedcross-segment production location in China.

For the full year, CENTROTEC has increased the forecast range for revenue to EUR 690 to 710 million (previously EUR 670 to 690 million) and for EBIT to EUR 43 to 46 million (previously EUR 34 to 36 million). This forecast incorporates an anticipated revenue contribution of around EUR 8 million and a negligible contribution to the operating result (due to capitalisation, depreciation and amortisation under IFRS rules) from the takeover of the PARI Group with effect from October 1. The basis for this upgrading of the forecast is the successful course of the year to date, which it should be possible to maintain thanks to the attractive financial support currently available in Germany for replacement heating systems as well as the reduced VAT rate that applies until the end of the year. However it should be noted that this forecast also includes exceptional cost savings from reduced travel and trade show activities plus to a lesser extent profit contributions from the sale of air purifiers amounting to some EUR 9 million overall; while this scenario could continue into the first quarter of next year due to the coronavirus pandemic, it is not likely to be permanent. In addition, the impact of the coronavirus pandemic on the construction sector that is relevant for CENTROTEC suggests a rather cautious outlook. Current research indicates that although a solid market development can be expected in new housing construction, incoming orders in the commercial construction segment are already showing a clear downturn. This could also adversely affect sales of room ventilation systems. All in all, we expect the market environment to remain highly volatile.

Brilon, November 2020

The Management Board

Business performance | 8

SYSTEM PROVIDER FOR RENEWABLE ENERGIES

Residential buildings

Condensing heating technology

Heat pumps

The highly efficient Wolf heat pumps open up the potential of renewable energies for future-oriented building heating technology for new residential buildings. Condensing systems for oil and gas in combination with solar thermal are ideal for the energy renovation of the existing building stock. They make optimum use of these fossil fuels and thus conserve scant resources. Both alternatives in combination with a ventilation system with heat recovery up to 95% ensure a permanently high indoor air quality with the highest energy efficiency.

Wolf split heat pump in combination with		Wolf heat pump range
an integrated ventilation system by Brink
1		2

Q03/2020| CENTROTEC Consolidated Statement of Financial Position

Consolidated Statement of

Financial Position

Assets	30/09/2020		31/12/2019		30/09/2019
in EUR thousand
Non-current assets
Goodwill		77,953		77,882		77,879
Intangible assets		49,166		48,283		46,596
Property, plant and equipment		167,153		159,146		155,485
Financial investments accounted for using the equity method		0		67		109
Loans and investments		541		697		914
Other financial assets		21		21		4
Other assets		29		36		39
Deferred tax assets		11,088		10,156		13,847
		305,951		296,288		294,873
Current assets
Inventories		105,984		86,379		93,802
Trade Receivables		99,840		72,357		99,906
Income tax receivable		4,055		2,694		1,250
Cash and cash equivalents		91,913		39,068		29,706
Other financial assets		7,168		83,248		87,063
Other assets		8,545		8,036		8,013
		317,505		291,782		319,740
Assets		623,456		588,070		614,613
Equity and Liabilities			31/12/2019		30/09/2019
30/09/2020
in EUR thousand
Shareholders' equity
Share Capital		13,168		16,257		16,257
Capital reserves		40,659		40,659		40,659
Treasury stock		0		(20,482)		(20,482)
Retained earnings and profit carryforward		155,469		170,283		168,382
Profit attributable to shareholders of CENTROTEC SE		19,054		23,433		16,852
		228,350		230,150		221,668
Non-controlling interests presented within equity		0		0		0
		228,350		230,150		221,668
Non-current liabilities
Pension provisions		56,087		55,927		58,487
Other provisions		13,252		12,828		12,722
Financial liabilities		155,187		158,683		159,950
Other financial liabilities		1,263		1,543		1,318
Other liabilities		13		13		12
Deferred tax liabilities		10,642		10,103		11,130
		236,444		239,097		243,619
Current liabilities
Other provisions		5,011		4,052		4,239
Income tax payable		3,981		3,599		1,886
Financial liabilities		31,551		26,445		38,023
Trade liabilities		38,252		32,256		36,254
Other financial liabilities		38,860		20,938		30,680
Other liabilities		41,007		31,533		38,244
		158,662		118,823		149,326
Equity and Liabilities		623,456		588,070		614,613

Consolidated Statement of Financial Position | 10

Q03/2020| CENTROTEC Consolidated Income Statement

Consolidated Income

Statement

		01/07/2020	01/07/2019		01/01/2020	01/01/2019
in EUR thousand		30/09/2020		30/09/2019		30/09/2020		30/09/2019
Revenues		179,746		171,353		502,078		471,054
Cost of purchased materials and services		(84,943)		(83,467)		(240,356)		(231,238)
Changes in inventories of finished goods and work in progress		1,363		1,909		6,700		7,403
Production for own fixed assets capitalised		1,040		1,309		3,243		3,613
Other income		1,931		2,114		6,612		6,124
Personnel expenses		(50,317)		(45,284)		(147,833)		(136,098)
Other expenses		(24,481)		(25,217)		(73,261)		(75,718)
EBITDA		24,339		22,717		57,183		45,140
Depreciation and amortisation		(8,494)		(8,743)		(24,601)		(23,046)
Operating income (EBIT)		15,845		13,974		32,582		22,094
Interest income		27		71		65		167
Interest expense		(1,134)		(1,243)		(3,217)		(3,545)
Other financial result		1,118		591		(3,453)		4,504
Result before income taxes (EBT)		15,856		13,393		25,977		23,220
Income taxes		(3,128)		(3,462)		(6,923)		(6,368)
Net income (EAT)		12,728		9,931		19,054		16,852
attributable to:
Non-controlling interest		0		0		0		0
Shareholders of CENTROTEC SE	12,728	9,931		19,054	16,852
EPS (Earnings per share in EUR)
Earnings per share (basic)		0.94		0.62		1.37		1.04
Earnings per share (diluted)		0.94		0.62		1.37		1.04
Weighted average shares outstanding (in thousand units; basic)		13,311		16,062		13,925		16,191
Weighted average shares outstanding (in thousand units; diluted)		13,311		16,062		13,925		16,191

Consolidated Income Statement | 11

Q03/2020 | CENTROTEC Consolidated Statement of Comprehensive Income

Consolidated Statement of

Comprehensive Income

		01/07/2020	01/07/2019			01/01/2020	01/01/2019
in EUR thousand		30/09/2020		30/09/2019			30/09/2020		30/09/2019
Net income (EAT)		12,728		9,931			19,054		16,852
Items that may be reclassified subsequently to profit or loss
Exchange Rate differences on translation		(71)		(138)			(557)		(127)
Derivative financial instruments		32		(72)			1		(480)
Income tax relating to components of other comprehensive income	61	38			175	170
Other comprehensive income for items that may be reclassified
subsequently to profit or loss		22		(172)			(381)		(437)
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit plans		(998)		(7,629)			13		(12,573)
Income tax relating to components of other comprehensive income	292	2,232			(4)	3,680
Other comprehensive income for items that will not be reclassified to
profit or loss		(706)		(5,397)			9		(8,893)
Other comprehensive income		(684)		(5,569)			(372)		(9,330)
Total comprehensive income		12,044		4,362			18,682		7,522
attributable to:
Non-controlling interest		0		0			0		0
Shareholders of CENTROTEC SE		12,044		4,362			18,682		7,522

Consolidated Statement of Comprehensive Income | 12

Q03/2020| CENTROTEC Consolidated Statement of Cash Flows

Consolidated Statement of Cash Flows

		01/01/2020	01/01/2019
in EUR thousand		30/09/2020	30/09/2019
Net income before interest and taxes (EBIT)		32,582		22,094
Depreciation and amortisation		24,601		23,046
Gain/ loss on disposal of fixed assets		127		(90)
Other non-cash items		739		(548)
Increase/ decrease in provisions		1,655		212
Increase/ decrease in inventories, trade receivables and other assets that cannot
be allocated to investing or financing activities	(49,253)	(47,363)
Increase/ decrease in trade payables and other liabilities that cannot be allocated
to investing or financing activities	34,049	23,573
Interest received		65		279
Interest paid		(3,281)		(3,000)
Income tax paid		(8,080)		(8,136)

Cash flow from operating activities		33,204	10,067
Acquisition of shares in participations less net cash aquired	(205)	(3,425)
Purchase of property, plant and equipment/ intangible assets/ investments/
finanical assets/ loans receivable	(29,457)	(30,814)
Proceeds from disposal of property, plant and equipment/ intangilbe assets/	loans
receivable		325	209
Proceeds and Purchase of investments in short-term financial assets		73,321	19,648
Cash flow from investing activities		43,984	(14,382)
Purchase of treasury stock	(20,482)	(20,482)
Proceeds from financial liabilities		1,105	10,233
Repayment of financial liabilities		(9,769)	(8,983)
Dividend payment		0	(4,877)
Cash flow from financing activities		(29,146)	(24,109)
Change in financial resources		48,042	(28,424)
Foreign currency exchange gain/ loss of the financial resources		(565)	121
Financial resources at the beginning of the financial year*		24,738	33,574
Financial resources at the end of the period*		72,215	5,271

* Cash and cash equivalents deducted of credits current account

Consolidated Statement of Cash Flows | 13

03/2020Q | CENTROTEC Consolidated Segment Reporting

Consolidated Segment Reporting

(Part of the Notes)

Segment Structure					Medical Technology &
	Climate Systems	Gas Flue Systems	Engineering Plastics		Consolidation		TOTAL
in EUR thousand	01/01/2020	01/01/2019	01/01/2020	01/01/2019	01/01/2020	01/01/2019	01/01/2020	01/01/2019	01/01/2020	01/01/2019
Income Statement	30/09/2020	30/09/2019	30/09/2020	30/09/2019	30/09/2020	30/09/2019	30/09/2020	30/09/2019	30/09/2020	30/09/2019
Revenue from third parties	352,393	328,798	109,184	101,463	40,501	40,793	0	0	502,078	471,054
Revenue from other segments	3,181	1,552	7,114	5,782	19	9	(10,314)	(7,343)	0	0
Cost of purchased materials and services	(168,216)	(160,027)	(53,739)	(51,146)	(28,624)	(27,391)	10,223	7,326	(240,356)	(231,238)
Changes in inventories of finished goods and work in progress	4,209	6,072	1,092	753	1,399	578	0	0	6,700	7,403
Personnel expenses	(115,442)	(106,951)	(29,239)	(26,027)	(3,152)	(3,120)	0	0	(147,833)	(136,098)
Other expenses and income	(40,674)	(42,594)	(16,905)	(17,405)	(5,827)	(5,982)	0	0	(63,406)	(65,981)
EBITDA	35,451	26,850	17,507	13,420	4,316	4,887	(91)	(17)	57,183	45,140
Depreciation and amortisation	(15,118)	(14,624)	(6,433)	(5,822)	(3,050)	(2,600)	0	0	(24,601)	(23,046)
Segment result (EBIT)	20,333	12,226	11,074	7,598	1,266	2,287	(91)	(17)	32,582	22,094
Interest income	80	166	191	196	8	0	(214)	(195)	65	167
Interest expenses	(1,408)	(1,743)	(1,619)	(1,587)	(404)	(410)	214	195	(3,217)	(3,545)
Other financial result	(643)	508	(2,810)	4,392	0	0	0	(396)	(3,453)	4,504
EBT	18,362	11,157	6,836	10,599	870	1,877	(91)	(413)	25,977	23,220
Balance sheet key figures
Assets*	351,165	342,788	194,989	194,382	61,781	61,791	(163)	(468)	607,772	598,493
Financial investments accounted for using the equity method	0	0	0	0	0	109	0	0	0	109
Loans and investments	531	904	0	0	10	10	0	0	541	914
Net working capital	50,373	55,609	23,826	19,068	21,954	21,186	(165)	(75)	95,988	95,788
Investments
Total investments in property, plant, equipment and intangible assetss**	15,342	18,657	12,137	8,131	1,943	4,274	0	0	29,422	31,062

• Excl. financial investments accounted for using the equity method, loans and investments, entitlement to income tax rebates as well as deferred tax assets
• Without IFRS 16 Leasing additions

Consolidated Segment Reporting | 14

SYSTEM PROVIDER FOR AIR CONDITIONING AND POWER SUPPLY

Commercial buildings

Large air conditioning units

CHP plants

Highly efficient climate control solutions from Wolf create a healthy indoor climate. Through heat recovery, they contribute significantly to energy savings and reduce heating and cooling energy requirements and CO2 emissions. Combined Heat and Power (CHP) units from Wolf form the basis for an energy-efficient and decentralized generation of electricity and heat by means of CHP units at the point of consumption. Energy sources are used with a total energy efficiency of up to 90%.

Wolf large air conditioning unit		Wolf Combined Heat and Power unit
1		2

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SYSTEM COMPONENT

PROVIDER

Residential and commercial buildings

Key components

for system integrators

CENTROTEC is a system supplier and also offers key components for other system integrators. These include heat exchangers from Holmak for building ventilation with heat recovery up to 95%. For heating systems, Ubbink and Centrotherm offer flue and ventilation ductwork systems and components that are preferred by leading heating and ventilation manufacturers. Additionally, the Ubbink Centrotherm Group offers a complete range of system components that preserve the durability and life cycle of residential and commercial buildings.

	Air-to-air heat exchanger	Residential ventilation components
	1		2

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CENTROTEC SE

Am Patbergschen Dorn 9 | D-59929 Brilon

Tel. [phone] - 111 | Fax [phone] [e-mail] | www.centrotec.de