Friday, October 19 2018

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Exyte plans Initial Public Offering

Update: September, 24/2018 - 11:56
  • Exyte is a global leader in the engineering and construction of controlled and regulated environments
  • Access to capital markets will support Exyte in capturing growth potential and will further raise client and employer brand awareness
  • Listing planned on the regulated market (Prime Standard) of the Frankfurt Stock Exchange in Q4 2018
  • A significant minority free float intended with all proceeds accruing to the M+W Group GmbH as current sole shareholder
  • Sales of €2.4 billion in 2017 (+13% year on year) and adjusted EBIT of €108 million (+26% year on year)
  • Strong growth in first half 2018 with sales of €1.7 billion and adjusted EBIT of €82 million
  • For fiscal 2018, Exyte expects record performance with sales to exceed €3.5 billion and adjusted EBIT to exceed €160 million
  • Positive outlook beyond 2018 driven by strategic program "Upside"


Stuttgart, Germany - Media OutReach - 24 September 2018 - Exyte AG ("Exyte"), a global leader in the design, engineering and construction of high-technology facilities for the semiconductor industry, today announced its intention to list on the regulated market (Prime Standard) of the Frankfurt Stock Exchange. The intended offering, if pursued, will consist of existing bearer shares with no-par value from the holdings of M+W Group GmbH. The intended IPO is planned for the fourth quarter of 2018.


With a German engineering heritage of more than 100 years, Exyte has developed an unmatched expertise in controlled and regulated environments and is a pioneer in cleanroom technology. The company offers the full spectrum of services from consulting and design to managing turnkey solutions for specialized high-end technology facilities, such as semiconductor facilities, pharmaceutical facilities, and data centers. Operating in more than 20 countries, Exyte is uniquely positioned across its three strategic business segments: Advanced Technology Facilities (ATF), Life Sciences & Chemicals (LSC) and Data Center (DTC) to support clients locally and globally. With over 4,800 highly experienced and engineering-driven employees (at the end of the year 2017), Exyte generated sales of €2.4 billion and Adjusted EBIT of €108 million in 2017.


Exyte pursues listing on the Frankfurt Stock Exchange

Exyte intends to list its shares on the regulated market of the Frankfurt Stock Exchange and, simultaneously, on the sub segment with additional post admission obligations (Prime Standard) of the Frankfurt Stock Exchange.

" Proven by an unmatched track record which is based on our technical expertise, our ability to deliver tailored solutions and our execution capabilities meeting cost and schedule targets, we service the most demanding clients in dynamic high-technology industries with strong growth potential. With the access to the capital market we want to capture growth potential in the industries we serve. In addition, Exyte's employer and client brand awareness will increase significantly on a global level," says Dr. Wolfgang Büchele, CEO of Exyte.

All proceeds will accrue to the M+W Group GmbH, the current sole shareholder. M+W Group GmbH is a member of the Stumpf Group, which will continue to hold a majority stake in the listed company through M+W Group GmbH after the intended IPO.


Ideally positioned to capitalize on global macrotrends

Exyte is ideally positioned to grow profitably in its three strategic business segments ATF, LSC and DTC. Growth in these segments will be supported by global macrotrends such as digitization, e-mobility, growing population, changes in healthcare and Big Data.

Market growth is assessed by looking at the served available markets for Exyte: Between 2014 and 2022, the company expects its served available market for ATF to grow at a CAGR of approximately 7%. In LSC, growth at a CAGR of approximately 4% is expected while for DTC, growth at a CAGR of approximately 8% is expected for the same period. The absolute size of the served available market in total is expected to grow at a CAGR of 6% to a total volume of more than €111.5 billion.


Driving future value creation with strategic program "Upside"


With its strategic program "Upside", Exyte has defined key levers through which it expects to generate further long-term value. The strategy rests on four pillars:


  • "growth in its strategic business segments" through a strong focus on clients' needs;
  • "buy & build" by evaluating bolt-on M&A opportunities for the company's strategic business segments;
  • "continuous optimization of Exyte's organization" by optimizing processes and reducing process complexity;
  • "digitization" in all business areas from administration to the steering and executing of projects.


Strong financial performance with positive outlook

Following Exyte's rising order intake since 2015 at a CAGR of 19.0%, the order intake in 2017 reached a record high of €3.2 billion, resulting in a backlog in 2017 of €2.1 billion as per December 31, 2017 (+53% y-o-y). Following the order intake development, Exyte generated sales of €2.4 billion in 2017, up from €2.1 billion in 2016 (+13% y-o-y). Adjusted EBIT in 2017 increased to €108 million up from €86 million (+26% y-o-y).


This positive trend continued in 2018. Order intake in the first half year 2018 for the first time reached €3.0 billion, up 92% compared to the same period of the previous year. For the six-months period ended June 30, 2018, the company generated sales of €1.7 billion, up 85% compared to the same period of the previous year and an adjusted EBIT of €82 million, up 288% compared to the same period of the previous year. The EBIT margin was at 4.9%. Based on a strong order backlog, Exyte expects the adjusted EBIT to exceed €160 million and to achieve sales of more than €3.5 billion in 2018. The company expects a significant increase of sales in each of its strategic business segments, especially ATF.


"Our performance in the first six months of this year already is a great indication that we are on track to delivering a new record in sales and profit in 2018. A substantial portion of our sales revenue and increasing order backlog stem from our trusted and long-lasting client relationships,"says Wolfgang Homey, CFO of Exyte.


Looking beyond 2018, Dr. Wolfgang Büchele, CEO adds: " We are ideally positioned to deliver long-term, sustainable growth and attractive returns to shareholders."


For the intended IPO, BofA Merrill Lynch and UBS Investment Bank act as Joint Global Coordinators and Joint Bookrunners, and Commerzbank and Crédit Agricole CIB act as additional Joint Bookrunners.


About Exyte

Exyte is a global leader in design, engineering and construction delivering high-tech facilities, plants and factories. With a history of more than 100 years, we have developed a special expertise in controlled and regulated environments. We serve the most technically demanding clients in growth markets such as semiconductors, life sciences, and data center across the full spectrum of services from consulting and design to managing turnkey solutions. Operating in more than 20 countries, Exyte is uniquely positioned to support clients locally and globally. In 2017, Exyte generated sales of 2.4 billion euros, up from 2.1 billion euros in 2016 on a like-for-like basis, with over 4,800 highly experienced and motivated employees (by the end of the year 2017). Exyte emerged from a re-grouping of the M+W Group in 2018. Exyte is a member of the Stumpf Group. For further information about the company please see our website: www.exyte.net


Legal Disclaimer

These materials are not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia), Australia, Canada or Japan. These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States, Australia, Canada or Japan. The shares mentioned herein have not been, and will not be, registered under the US Securities Act of 1933, as amended (the "Securities Act"). The shares may not be offered or sold in the United States, except pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of the shares in the United States. This communication is only being distributed to and is only directed at (i) persons who are outside the European Economic Area or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such shares will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. This document is not a prospectus for the purposes of Directive 2003/71/EC, as amended by Directive 2010/73/EU, (the "Prospectus Directive") and as such does not constitute an offer to sell or the solicitation of an offer to purchase shares of Exyte AG (the "Company"). Investors should not subscribe for any shares referred to in this document except on the basis of the information contained in the prospectus relating to the shares. A prospectus will be published and investors will be able to obtain a copy of it from Exyte AG, Löwentorbogen 9b, 70376 Stuttgart, Germany, or on the Company's website. In any EEA Member State other than Germany that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at "qualified investors" in that Member State within the meaning of Article 2(1)(e) of the Prospectus Directive. This communication contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management of the Company. Forward-looking statements should not be construed as a promise of future results and developments and involve known and unknown risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in these statements, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this document or the underlying assumptions. The Company does not assume any obligations to update any forward-looking statements. Each of the Company and the Joint Bookrunners and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward looking statement contained in this announcement whether as a result of new information, future developments or otherwise. The Joint Bookrunners are acting exclusively for the Company and the selling shareholder and noone else in connection with the planned IPO. They will not regard any other person as their respective clients in relation to the planned IPO and will not be responsible to anyone other than 5 the Company and the selling shareholder for providing the protections afforded to their respective clients, nor for providing advice in relation to the planned IPO, the contents of this announcement or any transaction, arrangement or other matter referred to herein. In connection with the planned IPO, the Joint Bookrunners and any of their affiliates, may take up a portion of the shares in the planned IPO as a principal position and in that capacity may retain, purchase, sell, offer to sell for their own accounts such shares and other securities of the Company or related investments in connection with the IPO or otherwise. Accordingly, references in the prospectus, once published, to the shares being offered, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or acquisition, placing or dealing by, the Joint Bookrunners and any of their affiliates acting in such capacity. In addition, the Joint Bookrunners and any of their affiliates may enter into financing arrangements (including swaps or contracts for differences) with investors in connection with which the Joint Bookrunners and any of their affiliates may from time to time acquire, hold or dispose of shares. The Joint Bookrunners do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so. None of the Joint Bookrunners or any of their respective directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith



Exyte

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