Results
4th Quarter and Financial Year 2017/18
1 April 2017 to 31 March 201823 May 2018

Agenda1. LEM at a Glance and Highlights

Frank Rehfeld

2. Business Review

François Gabella

3. Financial Review

Andrea Borla

4. Strategy and Outlook

Frank Rehfeld

5. Proposals to Shareholders

Andreas Hürlimann

HOY / HOYA

2

Results 4th quarter and financial year 2017/18

1. Global Market Leader
Market Position

Performance

Perspectives

2000
1800
1600
1400

LEHN

1200
1000
800
600
400
200

SMI

0
Source: Bloomberg• Global market shareof 50+% in Industry• Strong market positionin the green cars
business• 4 production sites in
Europe and Asia
• Benchmark in service
and product quality

3• Sales of CHF 301.2m
in 2017/18• Continued sales
growth and strong
margins• High and steady
dividend payout-ratio

Results 4th quarter and financial year 2017/18• Solid growth perspectives due to underlying
trends• Reinforced investment
in innovation• Strong foothold in
China and the rest ofAsia

1. Application: Stationary Battery
A CAB

3

2
A

1

4

1 Battery
2 Inverter

Utility-scale battery storage is used to stabilize
the grid in remote areas with distributed
energy resources.
The control, protection, and state of charge
calculation of the battery require an accurate
measurement of the current into or out of thebattery. The biggest challenge is with small
standby currents that are very difficult tomeasure. Accumulated over a long period oftime, these small currents may bias the stateof charge estimation.
LEM's CAB 500 provides excellent accuracy
for both large and small currents. This allows
for an accurate state of charge calculation,
which improves the performance, working life,and reliability of the battery.

3 Grid4 Photovoltaic plant

Results 4th quarter and financial year 2017/18

1. Application: Refrigerator Truck
The refrigerated truck is used to store anddeliver fresh goods like fruits, vegetables, ormeat. Its electricity-powered refrigeration unit
is rooftop mounted and driven by the vehicle’s
battery.

A GO

2
1
A
3

4

The refrigeration system has to be highly
efficient, i.e. energy efficient, quick to cool, andreliable. This requires good control of thecompressor’s motor, where current
measurement is a key parameter.
LEM’s GO is an economical, compact, reliable,
and accurate current measurement solution forrefrigeration and air conditioning applications.

1 Evaporator
2 Front mount condenser
3 Compressor
4 Controller

5

Results 4th quarter and financial year 2017/18

1. Application: Track Circuit Monitoring

1

A ATO

A track circuit detects the presence of a train
on a rail block. It typically has power applied toeach rail and a relay wired across them. Whenno train is present, the relay is energized.
When a train approaches, its axles connect
the rails. The current to the track relay drops
and the relay is de-energized.

4

The condition-monitoring system identifies
deterioration in track circuit performance andalerts to allow maintenance before failure. It
provides early-stage detection of rail head or
wheel contamination, ballast or insulation
problems, and track circuit equipment faults.
This reduces the downtime of a railway line.

2

3
A

1 Crossing gate
2 Lamp monitoring
3 Track circuit monitoring
4 Point machine

6

Since existing signaling systems cannot be
modified without costly recertification, LEM’s
ATO, with its nonintrusive and easy setup, is
an ideal solution for retrofit purposes on track
circuit monitoring systems.

Results 4th quarter and financial year 2017/18

1. Application: Fuel Cell Car
Fuel cell electric vehicles (FCEVs) use apropulsion system similar to electric vehicles,
where energy is stored as hydrogen converted
to electricity by the fuel cell. The power
converter regulates the power between the fuelcell and the electric drive.

A HAM

5
6
4
3

2

A
1

A

1 Battery 12 V
2 Electric traction motor
3 DC-DC converter
4 Fuell-cell stack
5 Battery pack

In order to adapt the power between the fuelcell and the electric drive, the converter
monitors current and voltage from energy
storage elements (fuel cell, battery pack) to
respond to the powertrain’s power needs.
LEM’s HAM measurement frequency is considerably higher than standard sensors. This isimportant for power electronics based on siliconcarbide or gallium nitride technologies withincreased efficiency and switching frequency.
Thus, HAM is highly suitable for technologies
used in fuel cell power converters.

6 Fuel tank (hydrogen)7

Results 4th quarter and financial year 2017/18

1. Diverse Target Markets – Diversified Businesses
Businesses

Share of sales
Cyclicality
2017/18

Green Cars
20%

Conventional Cars
High precision
Traction
Renewable energies& power supplies

Macro drivers

Consumer durables Technology adoption (electrification),subsidies
Fuel savings
Late cycle

Infrastructure investments

Mid cycle

Energy prices, subsidies

Early cycle

Industrial investment

80%

Drives & welding

Automotive segment
Industry segment
8

Results 4th quarter and financial year 2017/18

1. Double-Digit Sales Growth and Robust Margins
CHF m, %2017/18

2017/18 vs.
2016/17

Q4 2017/18 vs.
Q4 2016/17

Orders319.7+17.9%+18.3%

Sales

301.2

+13.9%+14.2%

EBIT

61.7+10.7%+8.1%

Net profit

53.3+19.6%+28.3%••••

Strongest sales growth since 2010/11
Positive economic momentum globally
All businesses but the conventional cars contributed to sales growth
Support from long term trends automation, renewable energies andgreen cars
• Robust operating margins• Ongoing strategy execution with focus on innovation

9

Results 4th quarter and financial year 2017/18

Agenda1. LEM at a Glance and Highlights

Frank Rehfeld

2. Business Review

François Gabella

3. Financial Review

Andrea Borla

4. Strategy and Outlook

Frank Rehfeld

5. Proposals to Shareholders

Andreas Hürlimann

ATO

10

Results 4th quarter and financial year 2017/18

2. Industry Product Launches 2017/18
LES/LESR/LKSR••••

Proprietary ASIC for Closed Loop Hall Effect technology
Matching fluxgate performance
Similar performance at better cost than CAS/CASR
Used in drives, Solar and UPS markets

•
•
•
•

Proprietary ASIC for Closed Loop Hall Effect technology
Similar/better performance at better cost than LTS/LTSR
Performance 5 times better compared to LTS
Widely used in drives

LXS/LXSR

HAT• New open loop design with 2 times better drift• Cost effective design• Widely used in solar and wind applications

11

Results 4th quarter and financial year 2017/18

2. Automotive Product Launches 2017/18
HAM• Patented very high bandwidth sensor 500kHz• Integrated busbar• Fuel-cell DC/DC sensor

HAH3DRxxx S07• Compatible with HP Drive from Infineon• 3 phase sensor with very high accuracy• Designed for motor control

HSNDR / HSNBV
•
•
•
•

12

Integrated busbar open loop sensor
Very compact design
Battery management or motor control version available
Customizable busbar

Results 4th quarter and financial year 2017/18

2. Net Sales
CHF m

CHF m, %

325

YoY
Sales

as
reportedQ4 vs.
at
Q4
constant
currencies

300
275

Industry242.2+13.0%+11.9% +12.6%

250

Automotive

59.0+17.5%+19.0% +21.7%

225

Total

301.2

+13.9%+13.2% +14.2%

200• Positive economic sentiment translated
into sales growth• Asia and Europe driving businessperformance in most businesses• LEM sales in North America affected bynegative currency impact

175
150
125
100
75
50
25
0
13/14

13

14/15

15/16

16/17

17/18

Results 4th quarter and financial year 2017/18

2. Quarterly View
CHF mBook-to-bill ratio

80

70

75.9
66.9

65.7

65.1

66.8

76.3

76.2

1.2

72.8
1.0

60
0.8
50

0.6

40

30
0.4
20
0.2
10

0.0

0
Q1 16/17 Q2 16/17 Q3 16/17 Q4 16/17 Q1 17/18 Q2 17/18 Q3 17/18 Q4 17/18

Orders received (left hand scale)Book-to-Bill ratio (right hand scale)

14

Sales (left hand scale)

Results 4th quarter and financial year 2017/18• 7th consecutive quarterwith book-to-bill ratio
higher than 1• Book-to-bill ratio
increased to 1.10 in
Q4 of 17/18• Improving book-to-billratio pointing to
improving market
conditions

2. Industry Segment: Business Development
CHF m

EBIT in % of sales

Businesses and Applications

25%
240

20%

Drives & welding (YoY +8%)
• Robust growth in all regions, driven by
automation and energy savings applications• Strong interest in new product families

200

160

15%

120
10%
80

5%
40

0

0%
13/14

15

14/15

15/16

16/17

Renewable energies & power supplies (+15%)• High demand from solar in China and Europe• US manufacturing moving to Europe and Asia
• Pipeline of Smart-Grid projects
Traction (+24%)• Energy metering, trackside and retrofit ordersin Europe and India• Light rail and locomotive projects in China andIndia
High-precision (+7%)• HVDC projects in China completed 2016/17;
no follow-up projects• Growth in test & measurement market, mainly
for green cars test benches

17/18

Results 4th quarter and financial year 2017/18

2. Industry Segment: Regional Markets

EuropeNorth America
40%

Asia and RoW

49%

CHF m, %Sales

GrowthYoY

GrowthQ4 vs. Q4

Europe97.8+16.3%+26.9%

N. America

26.2

-2.4%

-3.7%

Asia and
ROW

118.3

+14.4%

+3.8%

Total

242.2

+13.0%+12.6%• Strongest growth in China andGermany• China the single most important
country representing 31% of sales• Orders grew by 16.6%
11%

16

Results 4th quarter and financial year 2017/18

2. Automotive Segment: Business Development
CHF m

EBIT in % of sales

Businesses and Applications

25%

60
55
50

20%
45
40
15%

35
30
25

10%

20
15
5%
10

Green cars (HEV, EV) (YoY: +75%)• Asian green cars market growing fast
• Leading market position in China• Trends to electrification and strong
commitment to green cars from automakers
around the world• Increasing consumer acceptance andgovernment support globally for green cars tounderpin future growth• Increasing attractiveness of the market lures
new competitors and affects margins
Conventional cars (-17%)• Weaker US business linked to anticipatedtechnology change

5
0%

0
13/14

17

14/15

15/16

16/17

17/18

Results 4th quarter and financial year 2017/18

2. Automotive Segment: Regional Markets
CHF m, %Sales

GrowthYoY

Growth Q4
vs. Q4

Europe3.6-13.3%-14.1%

N. America

16.8-14.4%-12.4%

Asia andRoW

38.7+45.8%+55.8%

Total

59.0

+17.5%+21.7%

EuropeNorth America

6%Asia and RoW
28%

66%

18

• Sales numbers reflect destination of
product shipment, not OEM• Performance driven by green cars
business growth across all regions• Strengthened Automotive
organization• Won two customer awards for quality• Participated in green car shows
Results 4th quarter and financial year 2017/18

2. Business Development Bulgaria
Production
CHF m
50

+32.0%

45
40
35
30

Development of the site
• Added 20% workshop surface• Added R&D capacities• Develop shared services for
LEM Group• 16.5% of total production• Global top quality standards
19

25
20
15
10
5
0
13/14

Results 4th quarter and financial year 2017/18

14/15

15/16

16/17

17/18

2. Business Development China
Sales• Market share of over 50%• Most important market with
33% of total sales

Production• China is LEM’s largest
manufacturing site: 59% of total
production (59% in 2016/17)• Global top quality standards

CHF m

CHF m

100

180

90

160

80

140

70

120

60
100
50
80

40

60

30
20

40

10

20

0

0
13/14

20

14/15

15/16

16/17

17/18

13/14

Results 4th quarter and financial year 2017/18

14/15

15/16

16/17

17/18

Agenda1. LEM at a Glance and Highlights

Frank Rehfeld

2. Business Review

François Gabella

3. Financial Review

Andrea Borla

4. Strategy and Outlook

Frank Rehfeld

5. Proposals to Shareholders

Andreas Hürlimann

HAT

21

Results 4th quarter and financial year 2017/18

3. Financial Highlights• Robust profitability• EBIT up 10.7% to CHF 61.7m• Net profit up 19.6% to CHF 53.3m• Strong balance sheet• Equity ratio of 59.2%• Net cash of CHF 12.6m• Stable cash generation• Operating cash flow up 2.5% to CHF 54.1m• CAPEX increased by 14.5% to CHF 15.1m

22Results 4th quarter and financial year 2017/18

3. Income Statement
CHF m

23

2016/172017/18

ChangeQ4
2016/17

Q4
2017/18

Change

Sales

264.5

301.2

+13.9%

66.8

76.2+14.2%

Gross margin

46.7%

45.9%

-0.8pt

45.9%

46.6%

+0.7ptOperating expense

-67.8

-76.7

+13.1%

-16.5

-20.2

+22.4%

EBIT

55.8

61.7

+10.7%

14.1

15.3

+8.1%

EBIT margin

21.1%

20.5%

-0.6pt

21.1%

20.0%

-1.1ptNet financial exp.

-0.8

1.2

NM

-0.0

-0.4

NM

Income tax

-10.4

-9.6

-7.8%

-2.2

0.4

NM

Net profit

44.6

53.3

+19.6%

11.9

15.3+28.3%Net profit margin

16.8%

17.7%

+0.8pt

17.8%

20.0%

+2.2ptResults 4th quarter and financial year 2017/18

3. Results by Quarter
In % of sales
26%
24%

Avg. EBIT margin
20.6%

22%
20%
18%

Avg. net profit margin
17.1%

16%
14%
12%
10%
Q1
15/16

Q2
15/16

Q3
15/16

Q4
15/16

Q1
16/17

EBIT margin

24

Q2
16/17

Q3
16/17

Q4
16/17

Q1
17/18

Q2
17/18

Net Profit in % of sales

Results 4th quarter and financial year 2017/18

Q3
17/18

Q4
17/18

3. Gross Margin
CHF m

In % of sales

150

48%

Gross margin
CHF m

135

47%

120

46%

105

45%

90

44%

in % of sales

2017/18

Q4
2016/17

Q4
2017/18

123.6

138.4

30.6

35.5

46.7%

45.9%

45.9%

46.6%

• Price pressure and changing productmix negatively affected the gross margin
43%• Footprint optimization program impacted
42%
gross margin by -0.2% in 2017/18
41%• Increasing share of cost competitive
production and efficiency improvements
40%
counteracted negative effects

75
60
45
30
15

39%

0

38%
13/14

25

Gross margin

2016/17

14/15

15/16

16/17

17/18

Results 4th quarter and financial year 2017/18

3. SG&A
CHF m

In % of sales

60

2016/172017/18

Q4
2016/17

Q4
2017/18

51.8

55.0

12.3

14.0

19.6%

18.3%

18.5%

18.4%

25%

SG&A
CHF m
50
20%

SG&A
in % of sales

40
15%• Higher sales, lower administration
expense• Cost savings thanks to process10%
improvements and cost control• SG&A in percent of sales dropped by
5%
1.3%pt

30

20

10

0

0%
13/14

26

14/15

15/16

16/17

17/18

Results 4th quarter and financial year 2017/18

3. R&D Expense
CHF m

In % of sales

25

2016/17 2017/18

Q4
2017/18

8%

R&D expense
CHF m

R&D expense

20
6%

15
4%
10

2%
5

in % of sales

13/14

14/15

15/16

16/17

16.0

21.7

4.2

6.2

6.1%

7.2%

6.3%

8.2%

• R&D expenses increased by 35.2%,
reflecting the strategy to strengthen
technology leadership• Increased R&D team by more than
20% in four locations• Acquire new technologies to address
new markets• Ongoing renewal of product portfolio

0%

0

27

Q4
2016/17

17/18

Results 4th quarter and financial year 2017/18

3. Financial Expense
CHF m

Q4
2016/17

Q4
2017/18

+1.3

+0.0

-0.4

-0.1

-0.2

-0.1

-0.1

-0.8

+1.2

-0.0

-0.4

2016/172017/18

Exchange effect-0.6

Other financial expense &incomeTotal• Exchange effect mainly driven by appreciation of EUR generating
foreign exchange gains (between booking and settling a receivable)• Currency hedging impact nearly neutral due to losses on EUR
compensated by gains on USD

28

Results 4th quarter and financial year 2017/18

3. Income Taxes
2016/172017/18

Expected income tax rate
Expected withholding tax rate

16.6%
1.2%

11.5%
1.2%

Expected tax rate

17.8%

12.7%

Other differences

+1.2%

+2.6%

Effective tax rate

18.9%

15.2%

• LEM IP sold to LEM Electronics (China) Co. Ltd the Intellectual
Property for all products manufactured and sold in China during
2017/18• Transaction generated one-off positive tax impact of CHF+4.3 m

29

Results 4th quarter and financial year 2017/18

3. Net Profit
CHF m% of sales

2016/172017/18

Q4
2016/17

Q4
2017/18

44.6

53.3

11.9

15.3

16.8%

17.7%

17.8%

20.0%

20%

60

Net profit
18%
50
16%

CHF m

Net profit
in % of sales

14%

2016/17

40

-0.8

12%
30

10%

-10.4
55.8

44.6

8%
EBIT
20

Financial expense

+1.2

6%

Net profit

2017/18
-9.6

4%
10

Income tax

61.7

53.3

2%
0

0%
13/14

30

14/15

15/16

16/17

17/18

EBIT

Results 4th quarter and financial year 2017/18

Financial expense

Income tax

Net profit3. Balance Sheet Analysis
CHF m

31.3.201731.3.2018

Net working capital

40.6

45.5

Noncurrent assets

44.4

61.5

Noncurrent liabilities

-7.4

-10.6

Net operating assets

77.7

96.4

Net cash / (debt)

12.8

12.6

Equity

90.5

109.0

60.7%

59.2%

Days of sales outstanding

71

72

Days of inventory outstanding

79

80

Days of payables outstanding

55

46

Equity ratio

31

Results 4th quarter and financial year 2017/18

3. Cash Flow Statement
2016/17

CHF m

32

2017/18

Profit before taxes

55.0

62.9

Adjustment for noncash items and taxes paid

-2.8

-1.2

Cash flow from changes in net working capital

+0.7

-7.6

Cash flow from operating activities

52.8

54.1

Cash flow from investing activities

-13.2

-15.1

Free cash flow

39.6

39.0

Cash flow from financing activities

-40.3

-34.8

Change in cash and cash equivalents

-0.7

+4.2

Cash and cash equivalents at the end of the period

12.8

17.6

Results 4th quarter and financial year 2017/18

Agenda1. LEM at a Glance and Highlights

Frank Rehfeld

2. Business Review

François Gabella

3. Financial Review

Andrea Borla

4. Strategy and Outlook

Frank Rehfeld

5. Proposals to Shareholders

Andreas Hürlimann

HAM

33

Results 4th quarter and financial year 2017/18

4. Market Factors and Strategy• We firmly believe in our strategic
direction and the 4 drivers for ourbusiness remain unchanged• We will continue to capitalize on
the drivers of LEM’s markets
through• pure play components company• diversification across geographiesand businesses

34

Results 4th quarter and financial year 2017/18

4. Strategy Execution: Technology Leadership
R&D expense

Key strategic initiative

CHF m

■

25

■
20

■

Reinforce multidisciplinary
innovation teamAdd functionality beyond puretransducer
Improve cost per functionality

15

Achievements 2017/18
■
10

■

5

■
■

Continuous launch of new products
Increased R&D team by more than
20% and R&D spend by more than
30%
Inaugurated LEM Tech France SA
Focus on new technologies

0
07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18

35

Results 4th quarter and financial year 2017/18

4. Strategy Execution: Technology Leadership
Significantly increase investment in R&D• Focus on new technologies in areas of Integrated Primaries,
embedded software, Smart Grid, Internet of Things• Enhance R&D capacities in Beijing and Sofia• Establish partner network (R&D partners, universities, research
institutes)
R&D centers

36

Geneva, Switzerland• Innovation center• Industry and Automotive

Sofia, Bulgaria• Operations support• Product adaptation• Industry

Beijing, China• Market focus Asia
• Product adaptation• Industry and Automotive

Lyon, France• Focus on new technologies• Industry and Automotive• Operational since April 2017

Results 4th quarter and financial year 2017/18

4. Strategy Execution: Efficiency of Operations
Key strategic initiative

SG&A in % of Sales
24%• Focus on product cost byincreasing production efficiency
and reducing supply chain cost
• Benchmarking and simplificationof processes

22%
20%
18%
16%
07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18

Gross Margin in % of Sales
48%
46%
44%
42%
40%
38%
07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18

37

Achievements 2017/18• Increased production in costeffective sites to more than 80%
of total• Grew teams in Sofia and Beijing• Constant productivity increases• Accelerated automation• Shared services in Sofia

Results 4th quarter and financial year 2017/18

4. Outlook: Robust Financial Year Expected• Industry businesses 2018/19• Positive economic momentum to accompany the Industry
businesses• Growth driven by trends to increased automation in Asia andworldwide investments into renewable energies• Automotive businesses 2018/19• Continued growth in the green cars business• Government policies remain an important factor• Intensifying competition in green cars will put additional pressure
on prices• Increased investment in R&D and high number of product launches• Geopolitical tensions or new trade barriers may pose a risk to global
growth and LEM’s businesses

38

Results 4th Quarter and Financial Year 2017/18

4. Strengthen LEM’s Growth Ambition
Leading product portfolio

Innovation• Broadest product range• Quality: zero defect mindset• Flexible product adaptation• Increase functionality• Accelerated time to market• Early involvement with customers

Competitive
differentiation

39

Global footprint

Human Resources• Prepare for future growth• Capitalize on synergies between
businesses• Increase automation in
production• Add new competencies• Leadership and talentdevelopment• Employee well-being programs

Results 4th Quarter and Financial Year 2017/18

Agenda1. LEM at a Glance and Highlights

Frank Rehfeld

2. Business Review

François Gabella

3. Financial Review

Andrea Borla

4. Strategy and Outlook

Frank Rehfeld

5. Proposals to Shareholders

Andreas Hürlimann

HAH3DR

40

Results 4th quarter and financial year 2017/18

5. Dividend Proposal
46.8

40

40
35

40.1
37.9

38.2

35

•

40

39.1

•

•

•

•

13/14

14/15
Dividend

*

41

15/16

16/17

Dividend policy of distributing
significantly more than 50% ofconsolidated net profit toshareholders
Ordinary dividend of CHF 40 per
share proposed
Payment corresponds to apayout ratio of 85.5%
Represents a dividend yield of
2.5% (as per 31 March 2018)
Sign of trust in the Company’s
future17/18*

Earnings per share

Proposal to General Meeting of Shareholders on 28 June 2018

Results 4th quarter and financial year 2017/18

5. Thanks to François Gabella, CEO until 31.3.2018• Major achievements under François Gabella’s leadership (2010-2018)• Gained market share in Industry businesses around the world• Won more than 40 Automotive OEMs and Tier1 as new customers• Grew sales to CHF 301.2m• Accelerated innovation resulting in launches of numerous new
products and affirming technology leadership• Augmented R&D resources with a new center in Lyon/France• Expanded production footprint to Sofia/Bulgaria and introduced dualeducation system at LEM Bulgaria• Strengthened leadership team• Grew net profit to CHF 53.3m• Distributed CHF 279m in dividends to shareholders

42

Results 4th quarter and financial year 2017/18

5. Proposed New Board Member
François Gabella• Chief Executive Officer of LEM Group from July 2010 to March2018• Previously Chief Executive Officer TESA Ltd, Senior Vice
President Areva T&D Ltd, and General Manager-Power
Transformers ABB Switzerland Ltd• Other notable activities: member of the Committee of Swissmem(Zurich), Chairman of the Board of Directors of Winterthur
Instruments Ltd (Winterthur), member of the Board of Directors of
Optotune Ltd (Dietikon) and member of the Board of Directors of
Switzerland Global Enterprise (Zurich)• M.Sc. Microtechnics of École Polytechnique Fédérale deLausanne (EPFL) and MBA from IMD Lausanne• Age 60, Swiss citizen

43

Results 4th quarter and financial year 2017/18

Q&A

Shareholder Structure per 31 March 2018
Other
34.2%

LEM Board andManagement*
0.2%
J. Safra Sarasin
InvestmentfondsAG
3.2%

Werner O. Weberand Ueli
Wampfler**
50.0%

Ruth Wertheimer /7-Industries
Holding
12.4%* Excludes shareholdings of Ueli Wampfler andWerner C. Weber** Opting out clause introduced in LEM’s articles
of incorporation by the shareholders' meeting on
25 June 201045

Results 4th quarter and financial year 2017/18

Financial Calendar and Contact Details
Financial calendar
The financial year runs from 1 April to 31 March

28 June 2018
3 July 2018
5 July 2018
31 July 2018
6 November 2018
1 February 201922 May 201927 June 2019
2 July 2019
4 July 2019

Annual General Meeting of Shareholders for 2017/18
Dividend ex-date
Dividend payment date
First-quarter results 2018/19
Half-year results 2018/19
Third-quarter results 2018/19
Year-end results 2018/19
Annual General Meeting of Shareholders for 2018/19
Dividend ex-date
Dividend payment date

For further information
Andrea Borla, CFO
Phone: +41 22 706 12 50
E-mail: investor@lem.com
46

Results 4th Quarter and Financial Year 2017/18