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TRANSCRIPT
Investors Presentation
3D PRINTERS & MATERIALS | PRODUCTS
2
DISCLAIMER
This document has been prepared by Prodways Group(the "Company") and is provided for informationpurposes only.The information and opinions contained in thisdocument are provided as of the date of this documentonly and may be updated, supplemented, revised,verified or amended, and thus such information may besubject to significant changes.The information contained in this document has notbeen subject to independent verification. Norepresentation, warranty or undertaking, express orimplied, is made as to the accuracy, completeness orappropriateness of the information and opinionscontained in this document. The Company, itssubsidiaries, its advisors and representatives accept noresponsibility for and shall not be held liable for any lossor damage that may arise from the use of this documentor the information or opinions contained herein.A detailed description of the Company’s business,financial situation and risk factors relating to theCompany and the initial public offering is included in theprospectus of Prodways Group (the “Prospectus”) whichreceived the approval of the Autorité des marchésfinanciers (the “AMF”) under n°17-174 on April 25, 2017,comprised of the registration document (document debase) registered by the AMF on March 23, 2017 undern°I.17-008 and a securities note (note d’opération) datedApril 25, 2017 (which contains, in particular, thesummary of the Prospectus) to which you are invited torefer to. Copies of the Prospectus are available on theAMF website (www.amf-france.org) as well as on theCompany’s website (www.prodways-bourse.com).
This document contains information on the Company’smarkets and competitive position, and more specifically,on the size of its markets. This information has beendrawn from various sources or from the Company’s ownestimates. Investors should not base their investmentdecision on this information.This document contains certain forward-lookingstatements. These statements are not guarantees of theCompany's future performance. These forward-lookingstatements relate to the Company's future prospects,developments and marketing strategy and are based onanalyses of earnings forecasts and estimates of amountsnot yet determinable. Forward-looking statements aresubject to a variety of risks and uncertainties as theyrelate to future events and are dependent oncircumstances that may or may not materialize in thefuture. Forward-looking statements cannot, under anycircumstance, be construed as a guarantee of theCompany's future performance and the Company’sactual financial position, results and cash flow, as well asthe trends in the sector in which the Company operates,may differ materially from those proposed or reflectedin the forward-looking statements contained in thisdocument. Even if the Company’s financial position,results, cash-flows and developments in the sector inwhich the Company operates were to conform to theforward-looking statements contained in this document,such results or developments cannot be construed as areliable indication of the Company's future results ordevelopments.This document does not constitute or form a part of anyoffer or solicitation to purchase or subscribe for
securities nor of any offer or solicitation to sell securitiesin the United States. The securities mentioned hereinhave not been and will not be registered under the U.S.Securities Act of 1933, as amended (the “U.S. SecuritiesAct”), and may not be offered or sold, directly orindirectly, within the United States except pursuant toan exemption from or in a transaction not subject to, theregistration requirements of the Securities Act.Prodways Group does not intend to register any portionof the proposed offering in the United States nor toconduct a public offering of securities in the UnitedStates.The distribution of this document may be restricted bylaw and persons into whose possession this documentcomes should inform themselves about, and observe,any such restrictions.
TABLE OF CONTENTS
A booming BtoB 3D printing market
PRODWAYS, a fully integrated provider of industrial 3D solutions
A complete offer with high technological value
Strong leverage potential
Strong ambitions for growth
A booming BtoB 3D printing market
4
5
3D PRINTING SOLUTIONS DISRUPTING THE INDUSTRY
A wide range of industrial and professional products…
… disrupted by a transformative technologyAEROSPACE
CONSUMER GOODS HEALTHCARE
Time and costs reduction
Facilitate manufacturingof high value-addedcomplex parts
Easy access to masscustomization
Promote flexibility andspeed
Optimize productproperties and accuracy
v
v
v v v
ELECTRONICS
Tooling
Indirect Metal (Foundry)v v
6
EXAMPLES OF GAINS ALLOWED BY 3D PRINTING TECHNOLOGY
25 to 30% productivity gains on manufacturing LEAP engine injectors
25% lighter
5x stronger than the current injectors
15% reduction in fuel consumption and CO2 emissions compared to current engines
30% to 40% time savings on the development of prototype devices
Production time reduced from 3 months to 1 week
Gain of about $1,700 per part (10 to 15 parts per set)
v
v
v
v
© Marcio Jumpei - AIRBUS HELICOPTER - H 175
Sou
rce:
Pro
dw
ays
Do
cum
ent
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e
AEROSPACE
AUTOMOTIVE
CONSUMERGOODS
vv
v
7
THE “FACTORY OF THE FUTURE*” : ALREADY A REALITY
“With 3D printing, we are able to make moulds with very complex features. The idea is to have tread features
that can regeneratethroughout the life of tire”
Pierre ROBERT, Director of Michelins’ R&D centre Ladoux
January 12, 2017
“Additive manufacturing changes the game because it changes the
paradigm between the cost of manufacturing and the complexity of design”
David Joyce, CEO General Electric Aviation –September, 6, 2016
“GE has spent $1.5B on additive technology
research”
Reuters – October, 27, 2016
“ (…) in United States, hearingaids sectors has (…) movedto additive manufacturing
in less than 500 days, and none of the traditional[methods] have survived”
February-March 2016
“ Fa
cto
ry o
f th
e Fu
ture
” :
in F
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ch “
Usi
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ture
” -
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: E.
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ron
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ercy
pee
ch–
4th
Mar
ch 2
01
7
8
A BTOB 3D PRINTING MARKET REACHING €25 BN BY 2021
33%
33%
22%
12%
Rapid prototyping
Rapid manufacturing
Tooling/Casting
Others
CAGR 2010-2015: +30%
€4.7bn
No
te:
Co
nve
rted
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m d
olla
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ro w
ith
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e cu
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ate
(201
6/12
/05)
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Rep
ort
201
6
B2B market represents 4% of the global printing market in volume but 82% in value
€24.8bn€1bn
CAGR 2015-2021e: +31%
2010(a) 2015(a) 2021(e)
PRODWAYS, a fully integrated provider of industrial 3D solutions
9
A BTOB SPECIALIST ON 3D RAPID MANUFACTURINGWITH A UNIQUE FULLY INTEGRATED PROFILE IN EUROPE
A presence on the entire 3D printing value chain
ON-DEMAND PARTS
ToolingFoundry Insole Healthcareparts
Aerospace parts
10
SYSTEMS
PRINTERS & MATERIALS
StereolitographyMovinglight®
Laser sintering Powders andLiquid resins
PRODUCTS
11
A SOLID BACKGROUND OF GROWTH
Bas
ed o
n 2
016
figu
res
>20
years of innovation
76
printers installed with62 customers
customers acquiring1,000,000+ parts
employees
248
1,200+
2016 revenue breakdown by geography
25%
42%
51%
33%
10%
19%
14%
6%
2014 2015 2016
Other
North America
Europe
France
x5€5M
€25.2M
PRODUCTS
48%
SYSTEMS
52%
2016 revenue breakdown by division
€25.2M
Top10 customers represent 21% of revenues
PLASTICS PARTS CERAMIC PARTSINDIRECT METAL
(tooling with plastic moulding)
DIRECT METAL PARTS
SYSTEMS R&D
PRODUCTS
ADRESSED MARKETS(priority markets
in red)
AerospaceHealthcare
AerospaceAerospace
Healthcare Healthcare
Automotive LuxuryEnergy
Electronics
Consumer products Industries Automotive
12
A GLOBAL MULTI TECHNOLOGY OFFER WITH A SELECTIVE SECTOR FOCUS
INDUSTRIESAEROSPACEAUTOMOTIVECONSUMER PRODUCTSHEALTHCAREOTHER
Breakdown of the B2B 3D printing market by sector in 2015
Sou
rce:
Wo
hle
rsR
epo
rt 2
016
20%24%
12%
13% 14%
17%
Breakdown global 2015 materials worldwide market**
OTHER
POLYMERS
METAL
FILAMENTS
71%
15%
3%
11% €768.5m
€4.7bn
**(including industrial systems and desktop 3D)
13
A BROAD POSITIONING ON RAPID MANUFACTURING WITH A SPECIALIST AND FULLY INTEGRATED PROFILE
INTEGRATED
NOT INTEGRATED
Multi techno
Mono technoRAPID PROTOTYPING RAPID MANUFACTURING
Generalists(address B2B & B2C markets)
Specialists(address B2B market)
14
Accelerate penetrationof Prodways systems
with clients
Easy access to newmarketsWell positioned toidentify sectors with thestrongest potentials(market intelligence)
Capture value from allbusinesses to increasemargins
v
v
++
ACQUISITIONOF 3D PRINTERS
CONSUMERS TESTING FIRSTTHE TECHNOLOGY AND
INDUSTRIAL FEAISIBILITY
+++ +
123
MATERIALS CONSUMABLES &
SUPPORT FOR PRINTERS
MATERIALS & SERVICES
PRINTERS ON-DEMAND PARTS
SYSTEMS PRODUCTS
SYSTEMS & PRODUCTS STRONG CROSS-SELLING SYNERGIES
REVENUES RECURRENCE
TECHNOLOGY PROVIDER FOR PRODUCTS
A complete offer with high technological value
15
Technological partners
France
Germany
US
Les Mureaux: Assembly and test of 3D printing systems & Tech centerAnnecy: Producs design and production centerBordeaux: Dental lab
Friedberg: R&D center for materials
Austin Tech centerProdways R&D sites
Partners for materialsPartner for systems Academic / R&D partners
André-Luc ALLANICR&D Director
Prodways co-founder and Head of Research & Development
Rewarded engineer of the year 2016 by the newspaper Usine Nouvelle
TECHNOLOGICAL EDGE ON THE BACK OF A SOLID R&D SETUP 31 engineers
16
13 patents*
.
A worldwide pionnier of 3D printing
*most expirating in October 2031
17
SYSTEMS DIVISIONWHY MOVINGLIGHT® IS A DISRUPTIVE TECHNOLOGY?
A combinaison of a LED light bulb and a DLP® microchip
Moving heads giving high precision and throughput
Handle high viscosity materials
CustomizeComplexity and weight
High repeatabilityShorter production time and cost reduction
High performance systems thanks to unique precision and speed
Strong competitiveadvantage
We have decided to launch our own production for premium dental aligners using Prodways machines. We have chosen these machinesas they are more precise than other market ranges. They also have a good price/quality ratio. They are faster and allow for unique design characteristics which is an advantage for manufacturers.
Testimonyof Dr. VOLKER DREVE,
CEO DREVE (Germany)
v v v
v v v
18
SYSTEMS DIVISION A LARGE AND COMPLETE OFFER THAT KEEPS WIDENING
Stereolitography with Movinglight® 9 Promaker (plastic and ceramic)
50 Materialswith different features compatible with specific 3D printing machines (mostly manufactured by Prodways)
Laser sintering7 Promaker
L series(plastic use)
LD series compact(plastic use)
V series(ceramic use)
Prodways poweredby Farsoon
P1000
20
17
All industrialapplications> €100,000
Professionaland industrial
applications< €100,000
PRODWAYS PRINTERS AND MATERIALS CAN BE SOLD TOGETHER OR SEPARATELY
Resistance andelasticity
Long shelf life
Physical and aestheticproperties(biocompatible,photosensitive)
v
v
POLYMER POWDERS
CERAMIC POWDERS (Zircone)
v v
LIQUID RESINS
v
20
17
MELTED METAL DEPOSITION
19
SYSTEMS DIVISION ADVANCED R&D PROGRAMS FOR DISRUPTIVE TECHNOLOGIES ON METAL
STEREOLITOGRAPHY MOVING LIGHT (V SERIES)
OBJECTIVE
INNOVATION
ADVANTAGES
CURRENT STEP
Manufacturing of complex metal parts (small size)
Manufacturing of complex metal parts (large size)
New metal 3D printing process usingmetal powder combined with organic binders
Development of a new printer for large direct metal blank
Less environmental impactPrinting process up to 5x faster*All types of metalsHigher degree of precision**
Significantly less wastage of rawmaterials*** Speed and flexibility of process****All types of metals
A major step forward :the first successful production of titanium parts
Titanium and aluminium aerospace blank shapes
produced and machined. Material properties being
assessedv
OBJECTIVE
INNOVATION
ADVANTAGES
CURRENT STEP
v
*than current direct metal 3D printing**compared to current metal 3D printing technology
***vs traditional machining (esp. Improvement of « buy to fly » ratio in Aerospace**** vs. foundry of optimised blank material
CRISTAL LAB ScientiFeet
PROVISIONALS MODELS SURGICAL GUIDES INSOLES
20
PRODUCTS DIVISION OVERVIEW
v v v vOn-demandparts
Service Bureau
Verticalstrategy
HealthcareApplications
v
21
Plastics and metalrapid prototyping
Plastics and metal series production in high-value applications
(healthcare, aerospace, luxury, foundry)
PRODUCTS DIVISIONSERVICE BUREAU / ON-DEMAND PARTS FOR THIRD-PARTY CUSTOMERS
Direct manufacturing: plastics/metal/ceramic
15,000 metal aircraft parts manufactured by Initial since its creation
Strong know-how on major technologies available on the market
1,000,000+ manufactured parts in 2016 1,200+ active customersA fleet of 30 printers (20 plastics and 10 metal
Prodways and non Prodways printers)
v v vv
Parts redesign
vvv
22
PRODUCTS DIVISIONA VERTICAL STRATEGY TO CAPTURE ADDITIONAL VALUE ON SELECT MEDICAL END MARKETS
Cristal allows Prodways Group to showcase its 3D printing
applications to the dental industry
Offer launched at end 2016
ScientiFeetScanning & 3D modelling for podiatrists Acquired in 2016
Cristal,Prodways internal dental lab
Stellites Provisionals Models Gutters Surgical guides
Portfolio of 170 dental surgeons
50% of its revenueswith mutual healthinsurance companies
Full range of dentaldevices
v
v
€2.6 million revenues in 2016 (6 months)France and Germany
market: 9 million pairs of insoles manufactured each year
Podo 3D has alreadysold 4,000 insolessince launch
v
v
Strong leverage potential
23
OTHERS INDUSTRIES 19%
SERVICE BUREAU 8%
UNIVERSITY / R&D 8%
AEROSPACE 9%
HEALTHCARE40%
ELECTRONICS 4%
AUTOMOTIVE 4%
CONSUMER PRODUCTS 7%
24
REVENUES DYNAMIC
Revenue by division
5
10.613.1
7.2
12.2
0
10
20
30
2014 2015 2016In m€
SYSTEMS PRODUCTS
15
40
76
0
40
80
2014 2015 2016
Installed base of 3D printers(cumulative amount)
Systems Division
2016 revenues breakdown by sector
5.0
17.8
25.2
€25.2m
0
50
100
150
200
250
300
N N+1 N+2 N+3 N+4
PRINTERS MATERIALS SERVICES
25
SYSTEMS DIVISION A VIRTUOUS MODEL OF RECURRING REVENUES
Illustration : Recurring revenues model of a 3D printer on 5 years (base 100)
ASSUMPTIONS: Industrial use and using an average consumption Materials & Services70%
Printers30%
Revenues breakdown after five years
Cumuled amountafter five years337.6
Prodways printers and materials can be sold together or separately (with a recurring
compensation fee for printers sold on a stand-alone basis)
26
17 direct sales employees
* Non-exclusive basis
14
1919
16
8
29 distributors*
Number of printers sold at the end of 2016 Direct and indirect sales forces
AN EFFICIENT SALES ORGANIZATION WITH INDIRECTAND DIRECT GLOBAL SALES FORCES
27
A WELL-SIZED COMPANY READY TO WELCOME FORTHCOMING GROWTH
1 61
188
248
2013 2014 2015 2016
Employees
Emanuel MESARICMaterials
Alban d’HALLUINMachines
Morgan FRANCHealthcare
Yvon GALLETOn Demand parts
Stéphanie KARSENTYHead of Marketing
André-Luc ALLANICHead of R&D
Pierre-Olivier GISSEROTHead of Finance
Raphaël GORGÉ Chairman & CEO
SYSTEMS (114 employees)
PRODUCTS (130 employees)
28
FULL-YEAR RESULTS
EBITDA (Earnings Before Interests, Taxes, Depreciation and Amortization) = operating income + net depreciations and provisions + other non current operating income
Products Division starting to generate revenues in 2015, afterInitial’s acquisition
Product Division already profitable
Structuration of the company to support organic and external growth
REVENUES
o/w Systems
5.0
2014 2015 2016
o/w Products
EBITDA
o/w Systems
o/w Products
o/w structure
OPERATING INCOME
GROUP NET PROFIT
5.0
-
(2.1)
(1.9)
-
(2.8)
(1.9)
(0.2)
17.8
10.6
7.2
(2.9)
(3.4)
1.2
(5.1)
(6.0)
(0.7)
25.2
13.1
12.1
(4.9)
(5.4)
1.4
(8.9)
(8.3)
(0.9)
(in millions of euros)
CURRENT OPERATING INCOME
o/w Cost of supplies and consumable materials
o/w personnel expenses
(5.4)
(3.6)
(14.6)
(9.6)
(16.6)
(14.9)
(2.4) (4.5) (8.1)
TOTAL LIABILITIES
TOTAL ASSETS
29
The Group's tangible assets consist mainly of 3D printers
€8.7m cash available et end 2016
NON-CURRENT ASSETS
o/w intangible assets
16.2
2014 2015 2016
o/w tangible assets
4.1
1.0
23.7
29.7
5.6
4.4
50.7
33.8
6.7
5.7
55.6
o/w other non-current assets
CURRENT ASSETS
CASH AND CASH EQUIVALENTS
1.2 1,8 2.8
6.0 13,2 13.1
1.5 7.8 8.7
(in millions of euros)
EQUITY 15.5
2014 2015 2016
23.7
34.2
50.7
26.0
55.6
NON-CURRENT LIABILITIES
CURRENT LIABILITIES
0.3 3.2 14.1
8.0 13.3 15.4
0.1 0.6 2.9
(in millions of euros)
BALANCE SHEET
o/w goodwill 9.9 17.9 18.6
o/w non current financial debt - 2.7 13.4
o/w current financial debt
30
CASH FLOW STATEMENT
Technological investments made to maintain the Group’s leading edge
GROUPE GORGÉ has invested € 30 million. FIMALAC DEVELOPPEMENT has invested € 10 million in bonds redeemable for shares
2014 2015 2016
CASH FLOW LINKED TO ACTIVITY
CASH FLOW LINKED TO FINANCING
TOTAL CASH FLOW
(2.3)
1.0
(0.1)
10.2
9.9
1.2
(0.2)
(3.8)
(0.7)
(0.1)
21.9
23.5
6.4
1.6
(6.3)
(0.1)
-
-
9.0
(1.0)
9.0
(in millions of euros)
SELF-FINANCING CAPACITY AND TAXES
CHANGE IN WORKING CAPITAL REQUIREMENT
INTANGIBLE AND TANGIBLE INVESTMENTS
NET CASH ON ACQUISITIONS
OTHER
CASH FLOW LINKED TO INVESTMENTS
CAPITAL INCREASE OR CONTRIBUTIONS (1)
BORROWINGS AND COST OF DEBT
(1.2) (4.5) (6.3)
(1.1) (4.5) (3.4)
(6.3) (8.0) (0.3)
(7.5) (12.6) (3.7)
(1) including bonds redeemable in shares
STRONG NEWS SINCE JANUARY 2017
First Quarter 2017 Revenues
3,6 3,9
2,3
3,7
0
10
2016 2017In m€
SYSTEMS PRODUCTS
5,9
7,6
+ 25,4 %
31
Agreement for co-developments of printable materials and methods of assembling these materials with inorganic compounds such as ceramics or metal
Signing of a major technological partnership
Contract length:
VALIDATION OF PRODWAYS GROUP TECHNOLOGY
GROWTH IN LINE WITH OUR EXPECTATIONS59% of growth on Products division11 machines sold in Q1, versus 8 per quarter on average in 2016
Objectif & innovation :
5 years
Strong ambitions for growth
32
33
AN AMBITIOUS STRATEGY TO INCREASE MARKET SHARES ON BOTH ITS SYSTEMS AND PRODUCTS DIVISIONS
Widening technology portfolio and keep increasing our systemspenetration with clients (and with Initial)
Priority markets
Cristal dental lab
ScientiFeet
Less than €K30
HIGH-ENDMARKET
MID PRICEDMARKET
Entry-level P1000& LD series (less than €100K)
Similar margins as high-end market
Prodways market target
SYSTEMS PRODUCTS
Ramp up on Initial existing clients
Widening our clients portfolio with new accounts AEROSPACE
HEALTHCARE
Increase market shares with our healthcare verticals
Broaden customers range by entering the mid-priced segment
34
CAGR 2016-2019e Prodways: > Market +4%
* So
urc
e W
oh
lers
Prodways Group forecasts to overperform by more than 4 points
the BtoB market growth over the next 3 years
> €62M€25M
CAGR 2015-2021e market: +31% *
2016(a) 2019(e)
A TARGET RAMP-UP ON ALL DIVISIONS TO OVERPERFORM MARKET BY MORE THAN 4 POINTS BY 2019 (WITHOUT MAJOR ACQUISITIONS)
35
A SCALABLE BUSINESS PROFILE WITH A NEAR TERM EBITDA MARGIN BREAK-EVEN
EBITDAbreakeven anticipatedto be reached
in Q4 2017
An EBITDAmargin forecast
in the double digit
area by 2019
Growing installed base driving margin gains withrecurring materials and services revenues (highermargins)
Equipment optimized in design to cost
Ramp-up of Prodways branded 3D printers(P1000 and LD series) to address a broader market
Ramp-up of ScientiFeet and Cristal dental lab
Company structured for growth: limited increase in overheads
Prodways already scaled for 150 printers manufactured each year
Improvement of gross margins Higher absorption of fixed costs
36
A FUNDRAISING FOR…
WORKING CAPITAL
Finance working capitalrequirements
v
v
R&D
Improve our existing technologies
Develop new disruptive technologies(in metal, but not only)
v
v
EXTERNAL GROWTH
Targets: complementarytechnologies or applications
Leverage on Prodways M&Aacquisition and integration trackrecord
v
v
60%25%15%
37
TIMINGA booming industrial
3D printing market (B2B)
UNIQUEThe European specialist with a
presence on the whole value chain
(integrated model)
INNOVATIONA disruptive technology with
MOVINGLight®
RECURRENCEA machines / materials couple
providing strong visibility on revenues
INVEST IN PRODWAYS, THE FRENCH CHAMPION OF 3D PRINTING
CONFIDENCESupported by a
leading industrial player *& top-level financial
investors **
PERFORMANCEStrong growth ambitions
with profitability breakeven to be reached soon
* Safran Corporate Ventures** BNP Paribas Développement, Bpifrance Participation, Fimalac Développement & Financière Arbevel
Appendices
38
0
5
10
15
20
25
30
39
GROUPE GORGÉ, A FAMILY GROUP FOCUSED ON INDUSTRIAL INNOVATION
A listed group since 1998 majority owned by the Gorgé family and managed since 2008 by R. GORGÉAn independent group specialized in high tech industriesAn historical know-how to move technology from R&D phase into production environment €281m 2016 revenues €285m market cap (as of 24th April 2017)
3D printingProtection of High-Risk InstallationsSmart Safety Systems
61.1% 96.2%
Founded in 2008 by Dr André-LucALLANIC as a 3D printing systemsmanufacturer, Prodways was acquiredby Groupe Gorgé in 2013
Prodways Group has since then grownquickly with revenues increasing from€0.1M in 2013 to €25.2M in 2016 (byorganic growth and acquisitions)
v
vListed Non Listed Fundraising in 2017
100%
20
16
figu
res
Perf. 2013-YTD
Groupe Gorgé : +253%
ECA : +194%
Source: Bloomberg
Listed
Share price (€)
Sto
ck p
erfo
rman
ce s
ince
201
2
40
MAIN TECHNOLOGIES ON 3D PRINTING MARKET
PRECISION
Processes based on photopolymerization includeStereolithography (SLA), Digital Light Processing(DLP), Polyjet and Multi-Jet Modeling (MJM)
The basic principle of these processes is to useliquid polymers able to harden in contact withthe light (photopolymer)
These processes are mainly used byprofessionals, especially in the medical sector
MARKET
Stereolitography Laser Sintering
Processes based on bonding powders includeLaser Sintering, 3D Printing (3DP) or Electron Beam Melting (EBM)
The basic principle of these processes is to usean input in the form of powder which is fusedlayer by layer to form the piece to be printed
These processes are exclusively used byprofessionals, especially in the aerospaceindustry
v v
+++Mostly BtoB
+Mostly BtoB
Fused Deposition Modeling
Processes based on progressive melt deposit
This technology of printing is mainly usedby individual printers
Main usable materials are thermoplastics (ABS,PLA…)
v
-Mostly BtoC
PRODWAYS FOCUS
41
OVERVIEW OF THE MAIN STEPS OF THE PROCESS OF 3D PRINTING
Creation orprocurement of a 3Dmodel
vv
Creation of the 3D model through a design software or a 3D scanner or procurement through
an exchange platform
1
Transformation of the3D model in a usablefile for printing
vv2
Choice of materialsfor printing
vv3
Realization of the 3Dprinting
vv
4
Finishes
vv5
Choice of materials to beused according to the
characteristics(prototyping of finished
products, technicalproperties), the object
and the printing technology used
Adjustment of the 3D printer and realization
of 3D printing (adjustment of the axis of the printing plates,
positioning, preheatingof the extrusion head,
etc.)
Finishes (cleaning, solidification and
coloring)
Sou
rce:
Wo
hle
rsA
sso
ciat
e
v
v
42
FROM RAPID PROTOTYPING TO RAPID MANUFACTURING
… 2010 2016
Rapid prototyping
Small series production
INDUSTRIAL PHASE
INDUSTRIALIZATION
3D printing enabled to substantially reduce the time needed for producing prototypes
In many industries, 3D printing has evolved to tool manufacturing to improve industrial process
Series production are starting to be developed in several industries such as industrial/business
machines, aerospace, automotive, medical and dental
In the long run, 3D printing expected to spread within all the sectors of the global economy and to cover mass market production.The acquisition of Arcam and Concept Laser by GE marks the entry
into the industrial phase.
*Source : General Electric
HEARING AID AUTOMOTIVE
v
v
v
v
43
A complete and fully integrated offer based on organic and external growthto capture a large value creation on the entire value chain
90’ 2007 2013 2014 2015 2016
Dr ALLANIC PhD, one of the
pioneers of the 3D printing
market, imagineda revolutionarynew system of
UV photo-polymerization
Creation of MOVINGLight® technology and
foundation of Phidias
technologycompany
Creation of Prodwaysfrom the
acquisition of Phidias
technology by Groupe Gorgé
Acquisition of Deltamed, leader in material development for 3D
printing
Acquisition of a 20% stake in Dentosmile, a French
manufacturer of transparent and scalable aligners by 3D printing
Partnership with CEA(1) ,Dreve and DSM Somos
Development of partner network in EMEA, Asia and USA
Acquisition of Norge, manufacturer of 3D printing
systems (laser sinteringtechnology - SLS®)
Acquisition of Initial, main France service bureau
Investment in Varia3D, service provider in the USA
(laser sintering)
Acquisition of Exceltec, manufacturer of powders for
laser sintering
Creation of ProdwaysAmericas
subsidiary
R&D partnershipwith Hunan
Farsoonon plastic & metal
laser sinteringtechnology
Launch of the 1st industrial laser sintering
printer with a <100 K€price tag (P1000)
Launch of Cristal
Creation of PODO 3D
A CONTINUOUSLY GROWING COMPANY CAPITALIZING ON MORE THAN 20 YEARS OF INNOVATION
PODO 3D
(1) French Atomic Energy Commission
44
PRODWAYS GROUP SIMPLIFIED LEGAL STRUCTURE (NON DILUTED BASIS)
Groupe Gorgé
96.2%Managers
3.8%
SYSTEMS DIVISION PRODUCTS DIVISION
Prodways SAS
France
Prodways Americas
Inc - US
Deltamed
Gmbh - Germany
Prodways Materials
Gmbh - Germany
Exceltec
SARL - France
Initial
SAS - France
Cristal
SAS - France
Dentosmile
SAS - France
Podo 3D
SAS - France
Prodways Conseils
SAS- France
Varia 3D
Inc - US
All
sub
sid
iari
es a
re 1
00%
hel
d w
ith
th
e ex
cep
tio
n o
f P
od
o3D
(82
%),
Cri
stal
(9
5%
),
Pro
dw
ays
Co
nse
ils(9
0%),
Den
tosm
ile(2
0%)
and
Var
ia3D
(45
%)
45
KEY MANAGERS OF PRODWAYS GROUP
RaphaëlGORGÉ
Chairman and CEO
Joined Groupe Gorgé in 2008 as CEO, after a 10-year professional career in finance and technologyGraduated as an engineer with a Master’s degree in chemistry
Pierre-Olivier GISSEROT
CFO
Joined Prodways Group as CFO in 2016Previously CFO of a cosmetic start-up from 2012 to 2016 and CFO at Alstom Transport & Power from 2004 to 2012Graduated from ESCP Europe
André-Luc ALLANIC
R&D Director
Co-founder and Head of Research & DevelopmentInventor of the proprietary technology Movinglight® in 2007, he is considered as one of the pioneers of the marketCo-founder of Optoform in 1997 sold in 2001 to 3D Systems, one of the leading players in the 3D printing marketWorked at the French National Center for Scientific Research (CNRS) and developed some of the first 3D printers in Europe (1990s)Graduated with a PhD in chemistry
StéphanieKARSENTY GOURDEN
Marketing & Communication Director
Joined Prodways as Marketing & Communication Director in 2015Previously Marketing & Communication Director of Pitney Bowes from 2010 to 2015, and held different positions at Lexmark from 1997 to 2010Graduated from HEC and holder of a Master in Corporate Finance
46
KEY MANAGERS OF PRODWAYS GROUP
YvonGALLET
CEOProdways Design and Production
Co-founder and CEO of Initial (since 1991)Mr. GALLET started his career in Salomon (sports equipment manufacturer) in the Bindings R&D Department
MorganFRANC
DirectorProdwaysHealthcareapplications
Joined Prodways as Director of Medical applications in 2015Began his career with General Electric where he undertook various roles within different divisions of the group: GE Corporate (UAE), GE Healthcare (France), GE O&G (Angola). He then worked for the Boston Consulting Group before setting up his own solar development company which he sold after 2 years to a US developerGraduated from HEC and Harvard Business School
AlbanD’HALLUIN
Head of 3D Machines
Joined Prodways as Development Manager in 2015 and became CEO of Prodways Technology in 2016Previously Director of International Business Development at Connecthings (Tag Management System) from 2009 to 2012, Product and Applications Manager at Tiempo IC (design of innovative clocklessintegrated circuits) from 2008 to 2009 and Marketing Manager at Let it Wave (fabless semiconductor company) from 2004 to 2008Graduated from Polytechnique and Harvard
Emanuel MESARIC
CEOProdwaysMaterials
Joined DeltaMed in 2002 where he took over very quickly the position of General Manager. He became CEO of Prodways Materials following the acquisition of DeltaMed by Prodways Group in 2014Mr. MESARIC is recognized as an expert in resins and 3D materialsGraduated from a Master of Business Administration and Engineering from Technische Hochschule Mittelhessen (Germany)
SHAREHOLDING STRUCTURE AS OF MAY 23RD, 2017
47
65,24%21,61%
2,21%
0,38%
6,83%
0,40%
1,82% 1,51%
Groupe Gorgé Free Float
André-Luc Allanic Other management and corporate officers
FIMALAC DEVELOPPEMENT BNP DEVELOPPEMENT
SAFRAN CORPORATE VENTURES BPIFRANCE
WWW.PRODWAYS-BOURSE.COM