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Investment Case

Structural demand for
industrial services

  • Energy transition and CO2 reduction requirements
  • Increasing total service market and contracted out market
  • Rising age and complexity of plants
  • Customers demand for greater efficiency
  • Service bundling


Favorable business characteristics

  • > 50% of output in recurring business
  • No material dependency from single clients or regions
  • Growing regional diversification

Financial soundness

  • Rating S&P BB+ / stable outlook
  • 39% equity ratio
  • Financial policy: Ambition (mid-term perspective) Investment Grade



Good starting position

  • Consistently no. 1 supplier of industrial services for the process industry in Europe
  • Clearly defined strategy
  • Organization derived from strategy
  • Detailed implementation plan
  • Growth and profitability targets
  • Growth through positioning of Sustainable Industrial Services and digitalization activities

Asset light business

  • Capex: 1.5 - 2.0% of output volume
  • Active working capital management



Shareholder-friendly distribution

  • From financial year 2016 onwards: €1.00 dividend floor
  • Dividend policy: 40 to 60% of adjusted net profit
  • Special dividend and share buyback programme in 2022 with volume of up to € 250 million
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