1 Formerly J.D. Power Automotive Forecasting Global Light Vehicle Overview Prepared for Standard & Poor s October 2012 Volker Krueger Director LMC Automotive auto.com 2012 LMC Automotive Limited, All Rights Reserved. LMC Automotive
2 Outline Current Global Environment European Economy Challenges, Winners and Losers Scenarios LMC Automotive Limited, All Rights Reserved. LMC Automotive
3 Global Economic Growth Real GDP Growth 4% 3% 2% 1% 0% 1% % 3% Source: Oxford Economics LMC Automotive Limited, All Rights Reserved. LMC Automotive
4 2011 Global Light Vehicle Sales Growth Global: 76.8M 4.3% N. America: 15.2M 9.3% Europe: 19.0 M 4.4% S. America: 5.2M 9.6% Asia: 30.4M 1.3% Russia: 2.6M 39% USA: 12.7M 10% Germany: 3.4M 9% Japan: 4.1M 15% China: 18.0M 5% India: 2.9M 7% Asean: 2.4M 4% Brazil: 3.5M 4% Source: LMC Automotive LMC Automotive Limited, All Rights Reserved. LMC Automotive
5 Global Light Vehicle Sales Trend Strong 2012 so far Millions Source: LMC Automotive LMC Automotive Limited, All Rights Reserved. Monthly (SAAR) Smoothed Annual Total LMC Automotive
7 Global Light Vehicle Sales Trend Market to break through the 100 million barrier by mid decade, almost doubling in size since the end of the 1990s. Emerging markets, led by China, India, Brazil and Russia, have driven much of the recent growth and are expected to remain key drivers to future growth. Light Vehicle Sales (Millions) Risk Source: LMC Automotive LMC Automotive Limited, All Rights Reserved. LMC Automotive
8 Global Production by Region Light vehicle production growth in Asia is expected to significantly outpace the other regions, despite sourcing changes which will see some Asian OEMs increase output outside of Asia. Share of Asian output to increase from 48% of global production in 2011 to 53% by Light Vehicle Production (Millions) Africa/M.E. Asia Europe North America South America Why 53% and not 56% Source: LMC Automotive LMC Automotive Limited, All Rights Reserved. LMC Automotive
9 Outline Current Global Environment European Economy Challenges, Winners and Losers Scenarios LMC Automotive Limited, All Rights Reserved. LMC Automotive
10 UK Recoveries from Recession 8% 6% Real GDP, Relative to Pre Recession Level 4% % 0% Great Depression % % 6% 2008???? 10% Source: NIESR Months Elapsed Since Onset of Recession 10 8% 2012 LMC Automotive Limited, All Rights Reserved. LMC Automotive
11 Major Developed Economies 10% Real GDP Growth 8% 6% 4% 2% 0% 2% 4% 6% 8% 10% Japan USA W Europe Source: Oxford Economics LMC Automotive Limited, All Rights Reserved. LMC Automotive
12 Outline Current Global Environment European Economy Challenges, Winners and Losers Scenarios LMC Automotive Limited, All Rights Reserved. LMC Automotive
13 13 European Consumer Confidence Source: European Commission 2012 LMC Automotive Limited, All Rights Reserved. LMC Automotive
14 14 German Consumer Confidence Source: European Commission 2012 LMC Automotive Limited, All Rights Reserved. LMC Automotive
15 German Car Market Sales Volume (mn) % 1% 23% Ave mn Year to date, registrations down 0.6% German unemployment lowest for 20 years But consumer confidence has deteriorated from last year. Source: LMC Automotive LMC Automotive Limited, All Rights Reserved. LMC Automotive
16 Spanish Car Market Sales Volume (mn) % 18% 11% Ave mn Source: LMC Automotive 16 Selling rate at around 0.73 mn units/year Confidence and economy dragged down by the scale of unemployment Will not return to 1.6 mn units/year rate this decade LMC Automotive Limited, All Rights Reserved. LMC Automotive
17 Italian Car Market Sales Volume (mn) % 11% 20% Ave mn Selling rate at just 1.3 mn units/year in recent months Tight credit conditions, fiscal austerity measures and climbing unemployment will continue to act as a drag next year. Source: LMC Automotive LMC Automotive Limited, All Rights Reserved. LMC Automotive
18 Car Sales in Western Europe 17 Millions year recovery 15 5 year recovery SAAR Moving Average Forecast Annual Source: LMC Automotive LMC Automotive Limited, All Rights Reserved. LMC Automotive
19 Volume Brands Under Siege 90% West European Car Market Share 80% 70% 60% 50% 40% 30% Economy Volume Premium 20% 10% 0% Source: LMC Automotive LMC Automotive Limited, All Rights Reserved. LMC Automotive
20 Europe s Volume Brands Under Siege 90% Share of Total Volume Brand Sales Only by Brand Origin 80% 70% 60% 50% 40% 30% 20% 10% 0% Brand Origin* E. Europe W. Europe North America Japan Korea * Note: Ford included as European brand (because of longevity in market); Opel included; Skoda East European. Source: LMC Automotive LMC Automotive Limited, All Rights Reserved. LMC Automotive
21 A Decade of Competitive Erosion 21 The consequences of Market Erosion: Source: LMC Automotive Catastrophic decline in W. European volume brand sales A need for geographical diversification Intense competition requires model proliferation Structural overcapacity 2012 LMC Automotive Limited, All Rights Reserved. Millions Car Sales, W. Eur, W. Eur Volume Brands % LMC Automotive
22 European Production Recession % change yoy Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Source: LMC Automotive 2012 LMC Automotive Limited, All Rights Reserved. LMC Automotive
23 European Stocks OK at High Level Volume Change (000s) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Source: LMC Automotive 2012 LMC Automotive Limited, All Rights Reserved. LMC Automotive
24 Major European OEMs Stock estimates: initial results Days Supply 80 Benchmark Brand A 2012 LMC Automotive Limited, All Rights Reserved. Brand B Brand C Brand D Brand E Brand F Brand G Brand H LMC Automotive
25 Outline Current Global Environment European Economy Challenges, Winners and Losers Scenarios LMC Automotive Limited, All Rights Reserved. LMC Automotive
26 26Political stress Downside risks remain significant US fiscal cliff Stalemate in the House would imply much larger fiscal tightening than in baseline (up to 3.5% of GDP in fiscal year 2013) Business and consumer confidence negatively affected Additional QE and weaker US$ to provide only partial offsets Trade and financial linkages lead to global slowdown Oxford forecast Eurozone avoids breakup. ECB and governments take significant steps taken to ensure Eurozone survival Risk premia fall, and consumer and business confidence gradually recover Recovery limited by high debt, weak job growth and fiscal retrenchment EMs robust as policy eases and growing middle class support consumer spending and trade 2012 LMC Automotive Limited, All Rights Reserved. Corporate stress Multiple Eurozone exits Fiscal austerity in Greece becomes unbearable; government falls, defaulting on all external debt Financial contagion spreads Run on banks in peripherals leading to credit crunch Cyprus, Portugal, Spain, Italy and Ireland also forced out of the Eurozone China hard landing Commercial property crash & external weakness leads to banking sector stress Flight from risk leads to falling share & property prices Investment slumps in China as government recapitalises banks Asian supply chain affected as domestic engine of growth stalls Source: Oxford Economics LMC Automotive
27 Eurozone break up scenario Eurozone*: GDP % year 6 Forecast 4 Baseline Multiple exits -8 * Remaining countries Source : Oxford Economics/Haver Analytics LMC Automotive Limited, All Rights Reserved. LMC Automotive
28 Scenarios for W. Europe Car Market Base Case Greek Exit Multiple Exit Sales Volume (mn) Risk: 2.5+ mn 2011 TIV 12.8 mn Source: LMC Automotive LMC Automotive Limited, All Rights Reserved. LMC Automotive
29 Concluding Remarks It is not likely that the planned/announced actions by Europe s OEMs will be sufficient to address the structural overcapacity. Stock problems of 2008/2009 are not being repeated, for most. Fiat, PSA, Renault, Ford and GM are all under pressure. Not clear how EU can help significantly (as Mr Marchionne as suggested) while the capacity problem is focused on only part of the European industry. Watch for: Eurozone crisis developments (obvious), China slowdown (Premiums), further model slippage or cancellation, big decisions on European strategy by volume OEMs (speculative, but distinct possibility) LMC Automotive Limited, All Rights Reserved. LMC Automotive
30 Accurate Real Time Automotive Forecasting and Market Intelligence LMC Automotive Limited, All Rights Reserved. LMC Automotive
31 Automotive Seminar & Live Webcast London Corporate Ratings 11 th October 2012 Copyright 2011 Standard & Poor s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. All rights reserved.
32 Heavy Duty Truck Makers Volatile Demand Flexibility Demanded Michael Andersson Director Corporate Ratings 11 th October 2012 Copyright 2011 Standard & Poor s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. All rights reserved.
33 Ranking Table - Rated Truck Makers Company Ranking Ratings GLOBAL TRUCK MAKERS Business Risk Profile Financial Risk Profile PACCAR Inc. 1 A+/Stable/A-1 Satisfactory Minimal Scania AB* 2 A-/Positive/A-2 Satisfactory Modest MAN SE* 3 A-/Positive/A-2 Satisfactory Modest AB Volvo 4 BBB/Stable/A-2 Satisfactory Intermediate Navistar International 5 B/Negative/-- Weak Highly Leveraged Daimler AG A-/Stable/A-2 Satisfactory Modest Fiat Industrial SpA BB+/Stable/B Satisfactory Significant *Scania and MAN ratings equalised with VW 3.
34 Continued slowdown, but no crash, expected in 2012 and 2013 All markets showing signs of slowdown, however no 2008/2009 repeat expected European and North American markets at normalised leveles European slowdown in line with general economic weakening From manageable levels, demand, inventories and production in balance, however the North/South divide is deepening creating worries about Southern weakness spreading north of the Alps North American market slowing, somewhat surprising, on future worries Despite huge replacement demand and healthy fundamentals Brazil downturn expected due to new emission standards How deep and how long will the slump be is an increasingly uncertain question coming from very high levels the last couple of years Lower debt levels and improved cost structure support ratings All companies have stated improved flexilibilty after Lehman, this will now be put to the test No major rating changes for investment graded names expected in the near term Rating actions in 2012 Scania and MAN outlook raised following same action on parent VW Navistar rating lowered on company specific problems 4.
35 Heavy trucks A roller coaster ride demanding flexibility from OEMs *Source: EU, ACEA, ACT, FTR, Truck OEMs 5.
36 Europe Modest decline in total order intake, but North-South divide increasing Volvo Group European order intake *Order intake for European business of Scania, Volvo, Daimler, MAN 6.
37 US - Order intake turning negative again despite high replacement needs Source: ACT,FTR,Bloomberg 7.
38 Margins deteriorating - Flexible production and pricing discipline key *Global EBIT margins of commercial vehicle unit 8.
41 Company Focus Scania (publ), AB A- /Positive/A-2 (a- SACP) Business Satisfactory Financials Modest Rating leeway Key Strengths Leading market positions in Europe and South America in heavy trucks and buses Up-to-date product range and the highest degree of component commonality in the global truck industry A conservative financial policy and a modest financial risk profile, very strong profitability relative to peers' Key Weaknesses Operations within industries characterized by high volatility and high capital intensity Risk from sizable operations in economically and politically unstable regions (Latin America) Low High Short-Term Dev Stable Outlook Softening order intake Outlook linked to Volkswagen Brazil somewhat worrying Strong net cash posh Declining but still high profitability and cash generation 11.
42 Company Focus MAN SE A-/Positive/A-2 (bbb+ SACP) Business Satisfactory Financials Modest Rating leeway Key Strengths Strong market positions in commercial vehicles in Europe and South America Leading market positions in diesel engines Diversification supported by business units prone to different economic cycles Short-Term Credit Factors Key Weaknesses Operations within industries characterized by high volatility, cyclicality, and capital intensity Structural problems within the bus industry Mature and competitive markets High fixed-cost base for some operations Positive Outlook Low High Weak H on lower demand and competitive pressure Outlook linked to Volkswagen Brazil somewhat worrying Power Engineering remain stable 12.
43 Company Focus Volvo (publ), AB BBB /Stable/A-2 Business Satisfactory Financials Intermediate Key Strengths Leading market positions w/w in heavy CV, buses, and construction equipment Broad geographic diversity and up-to-date product line Strong liquidity, also in economic downturns Key Weaknesses Highly volatile, cyclical and capital intensive industry High operational gearing Large historical swings in profitability Rating leeway Short-Term Development Stable Outlook Low High Softening order intake (Weak US order intake surprising) Performing above ratios commensurate with rating Strong liquidity FFO/Debt > 35% Solid profitability and cash flow Debt /EBITDA < 3x expected in
44 US/EU market shares, US truck age, Iveco EU inventories 14.
45 S&P s Views On The State Of The Japanese and Asian Auto Sectors Osamu Kobayashi Director Corporate Ratings 11 th October 2012 Copyright 2011 Standard & Poor s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. All rights reserved.
46 Corporate Ratings Criteria Summary Business Risk Country risk Industry risk Competitive position Profitability/Peer group comparisons Financial Risk Accounting Financial governance and policies/risk tolerance Cash flow adequacy Capital structure/asset protection Liquidity 16.
47 Corporate Ratings: Business Risk/Financial Risk Matrix 17.
48 Ranking Table - Rated Automakers October 2012 Company Ranking Ratings GLOBAL AUTOMAKERS Business Risk Profile Financial Risk Profile Toyota Motor Corp. 1 AA-/Negative/A-1+ Strong Minimal Honda Motor Co. Ltd. 2 A+/Stable/A-1 Strong Modest BMW AG 3 A/Stable/A-1 Strong Modest Volkswagen AG 4 A-/Positive/A-2 Strong Modest Daimler AG 5 A-/Stable/A-2 Satisfactory Modest Hyundai Motor Co. 6 BBB+/Stable/-- Satisfactory Modest Nissan Motor Co. Ltd 7 BBB+/Stable/A-2 Satisfactory Intermediate Kia Motors Corp. 8 BBB+/Stable/-- Satisfactory Intermediate Ford Motor Co. 9 BB+/Positive/ Fair Significant Renault S.A. 10 BB+/Stable/B Fair Intermediate 18.
49 Ranking Table - Rated Automakers October 2012 Company Ranking Ratings GLOBAL AUTOMAKERS Business Risk Profile Financial Risk Profile General Motors Co. 11 BB+/Stable/-- Fair Significant Tata Motors Ltd. 12 BB/Positive/-- Fair Significant Peugeot S.A. 13 BB/Negative/B Fair Significant Jaguar Land Rover Plc 14 BB-/Positive/-- Fair Significant Fiat Spa 15 BB-/Stable/B Fair Aggressive Chrysler Group LLC 16 B+/Stable/-- Weak Aggressive Mitsubishi Motors Co. 17 B+/Stable/-- Weak Aggressive Aston Martin Holdings (UK) Ltd. 18 B+/Negative/-- Fair Aggressive 19.
50 Ranking Table - Rated Auto and Truck Makers October 2012 Company Ranking Ratings GLOBAL TRUCKMAKERS Business Risk Profile Financial Risk Profile PACCAR Inc. 1 A+/Stable/A-1 Satisfactory Minimal Scandia (pub.) AB 2 A-/Positive/A-2 Satisfactory Modest MAN SE 3 A-/Positive/A-2 Satisfactory Modest Volvo pub AB 4 BBB/Stable/A-2 Satisfactory Intermediate Navistar International Corp. 5 B/Negative/-- Weak Highly Leveraged 20.
51 Global Automaker Outlook Progression And Distribution Outlook Distribution: July October
52 Asian Auto Sector - Our View October 2012 Japanese automakers are on recovery path from supply chain disruptions of 2011 Japanese automakers and suppliers suffered from East Japan Earthquake and Thai floods in 2011 Market share losses occurred on less inventory Strong yen added pressures on profitability Recovering outputs and sales are supporting the results of many automakers and suppliers Korean automakers (Hyundai & Kia) continue to grow and improve position and profitability Success in fundamentally enhancing product quality and brands and advancing global marketing capability Some modest additional share gains while Japanese automakers suffered from supply chain disruptions Economic uncertainty remains the key variable globally Consumer confidence remains fragile Europe is headed for fifth consecutive year of registration decline; 2013 could be sixth year China is slowing, but how much and for how long? Worsening Japan-China diplomatic ties amid a territorial dispute may put another burden on Japanese automakers Rating outlook is stable for most Asian automakers, but outlook on Toyota remains negative Honda shows strong recovery in 2012 and Nissan continues to show robust performance Ratings on Hyundai and Kia were upgraded to BBB+/Stable in March 2012 Outlook on Tata is positive based on our expectation that Jaguar Land Rover (JLR), Tata s key subsidiary, will sustain its solid operating performance Outlook on Toyota remain negative because Toyota s overproduction in Japan has the potential to delay a recovery in its earnings 22.
53 Japanese Automakers - Challenges October 2012 Long-term decline in domestic demand and strong Japanese yen remain key challenges Domestic demand shows long-term decline since the peak in 1996 Total domestic sales during the first 8 months jumped 46% and we expect domestic demand recovers to 5 million units in 2012, but slowdown is anticipated after October as eco-car subsidies program ended Strong Japanese yen continues to add pressure on profitability Japanese yen appreciated more than 30% against US Dollar in the past 5 years (15% in the past 3 years) Around 40% appreciation against Euro in the past five years (25% in the past 3 years) Further expansion of overseas production and overseas procurement To minimize the effect of unfavorable exchange rates and declining domestic demand Overcapacity/ overproduction in Japan remain a major challenge Maintaining particularly strong position in ASEAN (Association of SouthEast Asian Nations) countries Can they maintain their leading positions in HV, PHV, and EV? Uncertainties in China China is slowing, but how much and for how long? Worsening Japan-China diplomatic ties amid a territorial dispute may put another burden on Japanese automakers 23.
54 Summary Of 2012 Regional Demand Outlook Region 2012 Estimate Comment and source U.S million light-vehicle sales First-eight months (SAAR) was 14.2 million Recession case is 12.9 million (S&P estimates) Europe European passenger vehicle registrations down at least 7% Down 6.8% for first six months 2012 (EU27). But registration % change varies widely by country--flat or up in some and down sharply in others. (S&P estimates, ACEA and LMC Automotive Ltd.) Japan Passenger vehicles rise 12%- 19% We expect improved supply conditions and the government's new eco-car subsidy program to boost new vehicle sales and recovery from 2011 supply disruption events. (S&P estimates) Brazil China India Passenger vehicles rise single digit % Passenger vehicles rise single digit % Low single digit % for passenger vehicles Brazilian economic growth and currency levels are key. Tariffs and prospective capacity additions pressure OEs even if sales do rise. (S&P estimates and LMC) Slower-than-expected growth than in recent years; growth will likely vary by sector - luxury versus domestic automakers for example. (S&P estimates and LMC) Passenger car market grew 2.2% in fiscal March 2012, due to multiple hikes in fuel prices and high interest rates. Car sales in India fell for the first time in 10 months in August 2012 (S&P estimates and SIAM) 24.
55 Japan Sales Should Recover in 2012 Annual New Car Sales in Japan (Unit) Source: Standard & Poor s based on data from Japan Automobile Manufacturers Association 25.
56 Japan Strong Yen Continues to Add Pressure on Profits Japanese Yen vs. US Dollar and Euro (in Yen) Source: Standard & Poor s 26.
57 Japan Further Expands Overseas Productions Global Production by Japanese Automakers (Unit) Source: Standard & Poor s based on data from Japan Automobile Manufacturers Association 27.
58 U.S. Important Market for Japanese & Korean Automakers U.S. Light Vehicle Sales (thousands) % % OPEC II % Gulf War % % % OPEC I 2003: 16.6 million 2004: 16.9 million 2005: 16.9 million 2006: 16.5 million 2007: 16.1 million 2008: 13.2 million 2009: 10.4 million 2010: 11.6 million 2011: 12.7 million 2012: 14.2 million (e) 2013: 14.8 million (e) Source: Ward s AutoInfoBank 28.
59 U.S. Demand Recovering U.S. Light Vehicle SAAR Trend By Month Cash for clunkers Source: Ward s AutoInfoBank 29.
60 U.S. Light Vehicle Market Share: Top 4 Automakers (%) 35.0 GM Chrysler Ford Toyota * Source: Ward s AutoInfoBank * 2012 data updated for YTD August 30.
61 U.S. Light Vehicle Market Share: Next Tier Competitors (%) 12.0 Honda Hyundai Nissan Kia * Source: Ward s AutoInfoBank * 2012 data updated for YTD August 31.
62 China Auto sales shows a low single-digit growth In 2009, Chinese auto market became the world #1 with million units 32.
63 China Market Shares 18.0% 14.0% 16.0% 12.0% 14.0% 12.0% 10.0% 10.0% 8.0% 8.0% 6.0% 6.0% 4.0% 4.0% 2.0% 2.0% 0.0% % Japanese 3 Detroit 3 Hyundai + Kia German 3 Toyota Honda Nissan Hyundai VW GM 33.
64 China Slow Down and Territorial Dispute with Japan Hard landing (5% GDP Growth) impact for Asian automakers Hard landing could impact ratings if lasts two years Hyundai and Nissan have relatively large China exposure currently Contagion effect of China hard landing excluded For Japanese Automakers, more risks and uncertainties Worsening Japan-China diplomatic ties amid a territorial dispute is putting another burden on Japanese automakers We view Japanese automakers are capable of absorbing the negative impact without significant damage to their creditworthiness Prolonged political confrontation may hurt Japan's macro economy and affect the credit quality of rated Japanese automakers 34.
65 Japanese and Asian Automakers 35.
66 Summary Of Four Rated Japanese Automakers Toyota is AA- / Negative. The negative outlook reflects our view: Toyota s overproduction in Japan has the potential to delay a recovery in its earnings Toyota continues to face adverse currency rates impacts Honda is A+ / Stable Strong recovery prospects in sales and profits over the next two years Honda solidly maintains its conservative financial policy and modest financial risk profile Nissan is BBB+ / Stable Robust financial performance expected in the next few years Renault s credit quality constraints upside potential in Nissan s ratings. Mitsubishi is B+ / Stable Gradual recovery in profitability expected over the next one to two years Strong position in ASEAN markets and cost reduction to support gradual improvement All four companies to show recovery in profits in 2012 Recovery in sales and continuous cost reductions support expectations for sustained profits Increasing production/procurement in vehicles produced overseas to gradually reduce exposures to Japanese Yen 36.
67 Summary Of Three Rated Asian (non-japan) Automakers Hyundai is BBB+ / Stable The rating was upgraded from BBB/Positive in March 2012 We expect that Hyundai will continue to maintain market position and profitability despite increasing competition In the first half of 2012, Hyundai increased its unit sales by 8% year-on-year Kia is BBB+ / Stable We equalize ratings on Kia and Hyundai, reflecting Kia s close relationship with, and expected strong support from, parent company (Hyundai) We expect that Kia will continue to maintain market position and profitability despite increasing competition In the first half of 2012, Kia increased its unit sales by 12% year-on-year Tata is BB / Positive. The positive outlook reflects our view: Tata will sustain its operating performance and maintain its debt protection measures despite an increase in engineering and product development expenditure at Tata fully owned subsidiary JLR (BB- /Positive/-) Tata s business risk profile is supported by JLR's improving competitive position and Tata s dominant position in the Indian commercial vehicle market 37.
68 Supply Chain Risk: Takeaways From The earthquake in Japan and floods in Thailand affected our ratings outlook on Japanese automakers and suppliers in Supply disruptions impaired some operations in 1H of fiscal 2011 Market share losses occurred on less inventory Some modest share gains for non-japanese automakers Market shares of Japanese automakers are recovering in the U.S., etc. Events in Japan and Thailand did not affect our ratings or outlooks on any of the non-japanese automakers or suppliers. Supply chain disruptions need to be watched! No widespread changes to the supply chain yet? But automakers should have better visibility into supply chain More dual sourcing or qualifying new suppliers? Costly! 38.
69 Asian Auto Suppliers 39.
70 Asia-Based Auto Suppliers Many companies are affiliated with large automakers (such as Toyota Motor and Hyundai Motor) Limited universe when compared with the U.S. Denso, Aisin Seiki and Toyota Industries: More than 50% of sales rely on Toyota Motor and its group companies Hyundai Mobis: 80% - 90% of its auto parts modules sales rely on Hyundai Motor/Kia Motors Majority of corporate credit ratings are in the investment grade, but high reliance on parent /group is one of constraining factors for Toyota and Hyundai group suppliers Economic uncertainty remains; historical challenges (production volatility) will return 40.
Economic and Market Outlook EU Automobile Industry March 2015 Report 1 of 4 2015 CONTENTS EU ECONOMIC FORECASTS... 2 PASSENGER CARS... 4 REGISTRATIONS... 4 WORLD... 4 THE EUROPEAN UNION... 6 PRODUCTION...
Economic and Market Report EU Automotive Industry Quarter 4 2015 March 2016 CONTENTS Passenger cars... 2 Registrations... 2 World... 2 The European Union... 5 Production... 7 World... 7 The European Union...
Summary: Valeo S.A. Primary Credit Analyst: Eric Tanguy, Paris (33) 1-4420-6715; email@example.com Secondary Contact: Antoine Cornu, Paris (33) 1-4420-6796; firstname.lastname@example.org
PRESS EMBARGO: 8.00 AM (6.00 AM GMT), 15 April 2016 NEW PASSENGER CAR REGISTRATIONS EUROPEAN UNION * Passenger car registrations: +8.2% first quarter of 2016; +6.0% in In 2016, the EU passenger car market
The Key to Mobility Creating Value with Financial Services Fixed Income Investor Update - December 2010 Bernd Bode Head of Group Treasury and Investor Relations Volkswagen Financial Services Nils Allnoch
World Hybrid & Electric Vehicles Industry Study with Forecasts for 2018 & 2023 Study #3155 June 2014 $6100 426 pages Abstract: This Freedonia industry study presents historical demand data for 2003, 2008
PRESS EMBARGO: 8.00 AM (6.00 AM GMT), 16 June 2016 NEW PASSENGER CAR REGISTRATIONS EUROPEAN UNION * Passenger car registrations: +9.9% over five months; +16.0% in In 2016, the European passenger car market
Summary: Volkswagen AG Primary Credit Analyst: Alex P Herbert, London (44) 20-7176-3616; email@example.com Secondary Contact: Eric Tanguy, Paris (33) 1-4420-6715; firstname.lastname@example.org
Financial Information Solid results with in all key financial metrics of 23.6 bn, up 0.4% like-for like Adjusted EBITA margin up 0.3 pt on organic basis Net profit up +4% to 1.9 bn Record Free Cash Flow
PRESS EMBARGO: 8.00 AM (6.00 AM GMT), 13 May 2016 NEW PASSENGER CAR REGISTRATIONS EUROPEAN UNION * Passenger car registrations: +8.5% over four months; +9.1% in In 2016, the EU passenger car market posted
14.18 Order intake surged 25% to 9.1 billion euros Sales came in at 6.3 billion euros, up 10% like for like (7% as reported) Operating margin (1) up 15% to 442 million euros, or 7.0% of sales Net income
2012 SuRe (Supplier Relationship) index Automotive News Europe Congress - Monaco Matteo Fini Senior Consultant IHS Automotive 21 st of June, 2012 What is the SuRe index? Objective Benchmark of OEM working
PRESS EMBARGO: 8.00 AM (6.00 AM GMT), 15 July 2016 NEW PASSENGER CAR REGISTRATIONS EUROPEAN UNION * Passenger car registrations: +9.4% in first semester; +6.9% in In 2016, the European passenger car market
HITTING BOTTOM IN EUROPE, READY FOR A BOUNCE? Implications for the North American Supplier Industry Detroit, MI July 2013 2 Contents A Continuous drought in Europe No recovery from the crisis yet B Suppliers
Corporate Finance in the Automotive Arena - Navigating the next decade of auto industry transformation - Jens Diehlmann Partner at IBM Global Business Services; Global Leader Captive Finance Agenda 1 Who
Munich Re Economic Research May 2014 Premium growth is again slowly gathering momentum After a rather restrained 2013 (according to partly preliminary data), we expect growth in global primary insurance
Primary Credit Analyst: Eric Tanguy, Paris (33) 1-4420-6715; email@example.com Secondary Contact: Vincent Gusdorf, CFA, Paris (33) 1-4420-6667; firstname.lastname@example.org Recovery
2012 Southwest IDEAS Investor Conference November 14, 2012 This presentation contains statements which constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform
PRESS EMBARGO: 8.00 AM (7.00 AM GMT), 16 February 2016 NEW PASSENGER CAR REGISTRATIONS EUROPEAN UNION * Passenger car registrations: +6.2% in In 2016, the EU passenger car market started the year positively,
Extended Warranties for New and Used Cars in Europe Report Prospectus October 2013 Web: www.finaccord.com. E-mail: email@example.com 1 Prospectus contents Page What is the research? What is the rationale?
PRESS EMBARGO: 8.00 AM (7.00 AM GMT), 15 December 2015 NEW PASSENGER CAR REGISTRATIONS EUROPEAN UNION * Passenger car registrations: +8.7% over eleven months; +13.7% in In 2015, the EU passenger car market
GKN Delivering Sustainable Growth Bill Seeger Overview GKN is now well positioned to deliver sustainable growth following the completion of significant restructuring initiatives GKN s aim of delivering
Integrating Automotive and Financial Services Frank Witter, CEO Volkswagen Financial Services AG Frank Fiedler, CFO Volkswagen Financial Services AG Ehra-Lessien, 11 March 2009 Agenda Financial Services
MAHINDRA CIE AUTOMOTIVE June 2013 Industrial Group specialized in Managing High Value Added Processes 1 Table of Contents 1 Introduction to the Mahindra CIE Alliance 2 Rationale for the Alliance 3 Introduction
MITEC Automotive AG Germany, Automotive suppliers www.scoperatings.com Corporate profile Founded in 1990, MITEC Automotive AG ( MITEC ) is a German auto supplier specialising in automobile propulsion technology,
Primary Credit Analyst: Olli Rouhiainen, London (44) 20-7176-3769; firstname.lastname@example.org Table Of Contents Initial Analytical Outcome ("Anchor") And Rating Result Rationale Outlook Standard
Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015 FORD CREDIT 1Q 2015 OPERATING HIGHLIGHTS* Another strong performance with pre-tax profit of $483 million and net income of $306 million Managed receivables
November 2, 2011 (For your information) Mazda Motor Corporation FISCAL YEAR ENDING MARCH 2012 FIRST HALF FINANCIAL RESULTS (Speech Outline) Representative Director, Chairman of the Board, President and
Munich Re Economic Research 2 May 2013 Global economic recovery provides stimulus to the insurance industry long-term perspective positive as well Once a year, MR Economic Research produces long-term forecasts
Conference Call Q1 2009 Results Bodo Uebber Member of the Board of Management Finance & Controlling and Daimler Financial Services Final separation from all Chrysler issues signed Daimler, Chrysler, Cerberus
Financial Results 2014 Jacques Purnode, Chief Finance Officer Forward Looking Statements This Presentation may include forward-looking statements. Forward-looking statements are statements regarding or
November 29, 2011 AEG Power Solutions B.V. Primary Credit Analyst: Abigail Klimovich, London (44) 20-7176-3554; email@example.com Secondary Contact: Anna Stegert, Frankfurt (49) 69-33-999-128;
Full-year results 2014 December 02, 2014 Disclaimer Stabilus S.A. (the Company, later Stabilus ) has prepared this presentation solely for your information. It should not be treated as giving investment
The outlook for 2014 remains optimistic. The key to success will be innovation and R&D, the key to survive will be skilled labour. Automotive Suppliers Survey Slovakia, 2014 Consultancy firm PwC in cooperation
Health Care Worldwide Citi - European Credit Conference September 24, 2015 - London Safe Harbor Statement This presentation contains forward-looking statements that are subject to various risks and uncertainties.
Strategic and Operational Overview May 11, 2016 Safe Harbor Statement This presentation contains several forward-looking statements. Forward-looking statements are those that use words such as believe,
The Key to Mobility Creating Value with Financial Services Inaugural Bond Issuance of Volkswagen Bank RUS OOO Irrevocable offer of Volkswagen Financial Services AG November 2013 Katja Hauer Investor Relations
SGS GLOBAL WARRANTY SURVEY 2014 SURVEY OVERVIEW WHAT DOES SGS DO IN AUTOMOTIVE? DRIVING PERFORMANCE AND SAFETY WORLDWIDE SOURCE We test materials and parts to OEM and industry standards to facilitate the
Q3 and January-September 2014 Results Bodo Uebber Member of the Board of Management Finance & Controlling and Daimler Financial Services October 23, 2014 1 2 Contents Results for Q3 2014 Outlook for 2014
Cash Drivers and Enterprise Value Global Investor Forum 2009, Broughton, 1 st & 2 nd April 2009 Gérard Adsuar Corporate Executive Finance & Treasury, EADS 1 1 Safe Harbour Statement Disclaimer This presentation
IMF STAFF POSITION NOTE March 18, 9 SPN/9/5 Why Has Been Hit So Hard by the Global Recession? Martin Sommer I N T E R N A T I O N A L M O N E T A R Y F U N D INTERNATIONAL MONETARY FUND Why Has Been Hit
FOR IMMEDIATE RELEASE O-I REPORTS FULL YEAR AND FOURTH QUARTER 2014 RESULTS O-I generates second highest free cash flow in the Company s history PERRYSBURG, Ohio (February 2, 2015) Owens-Illinois, Inc.
How Clean is Your Car Brand? The car industry's commitment to the EU to reduce CO 2 emissions: a brand-by-brand progress report October 2006 How Clean is Your Car Brand? The car industry's commitment to
Electricity Supply Board Investor Presentation 2012 Interim Results December 2012 Disclaimer Forward looking statements: This presentation contains certain forward-looking statements with respect to ESB
Highlights of 1H FY2015 Results November 18, 2015 Table of Contents 1. Trend of business results 3. Domestic life insurance Summary of 1H FY2015 results 3 Overview of 1H FY2015 results Himawari Life 27
Nordex SE Conference Call 9M 2012 Hamburg, 13/11/2012 AGENDA 1. Highlights 9M 2012 Dr. J. Zeschky 2. Financials 9M 2012 B. Schäferbarthold 3. Guidance 2012 and market outlook B. Schäferbarthold 4. Strategy
Harley-Davidson, Inc. - Financial and Strategic Analysis Review Publication Date: Oct-2015 Company Snapshot Key Information Harley-Davidson, Inc., Key Information Web Address www.harley-davidson.com Financial
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy October 2015 Market Volatility likely to Remain Elevated on China Growth Concerns & Fed Rate Uncertainty. Stocks
Fiat Group Automobiles A review of our past Sergio Marchionne April 21, 2010 Fiat Investor Day 1 Trading profit ( mn) Net revenues ( bn) Performance over last plan period Trading margin (4.2)% (1.4)% 1.2%
Management s Discussion and Analysis 6 Financial Policy Sysmex regards increasing its market capitalization to maximize corporate value an important management objective and pays careful attention to stable
January March 2015 Conference Call and Webcast 29 April 2015 Disclaimer The following presentations contain forward-looking statements and information on the business development of the Volkswagen Group.
Research Update: Volkswagen AG Ratings Affirmed At '/A-2'; Off UCO On Updated Captive Finance Criteria; Outlook Negative Primary Credit Analyst: Alex P Herbert, London (44) 20-7176-3616; firstname.lastname@example.org
MITSUBISHI ELECTRIC CORPORATION PUBLIC RELATIONS DIVISION 7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 Japan FOR IMMEDIATE RELEASE No. 2989 Investor Relations Inquiries Investor Relations Group
Corporate Presentation February/March 2013 2 Contents Daimler Group 2012 Divisions 2012 Outlook 2013 Appendix 3 Daimler Group 2012 Economic environment deteriorated during the course of the year European
November 8, 2011 Research Update: Steel Group ArcelorMittal Outlook Revised To Negative On Weak Credit Metrics; 'BBB-/A-3' Ratings Affirmed Primary Credit Analyst: Andrey Nikolaev, Paris (33) 1-4420-7329;email@example.com
Oct 30, 2012 Ford Earns Record Third Quarter 2012 Pre-Tax Operating Profit of $2.2 Billion, Net Income of $1.6 Billion+ Download Full Financial Release (PDF) Download Slides (PDF) Best-ever third quarter
Sébastien Mc Mahon, CFA Economist Member, Asset Mix Committee Economy, Capital Markets & Strategy 2014 National Business Conference October 2014 1 October 23, 2014 Disclaimer Opinions expressed in this
Summary: Ciech SA Primary Credit Analyst: Paulina Grabowiec, London (44) 20-7176-7051; firstname.lastname@example.org Secondary Contact: Karl Nietvelt, Paris (33) 1-4420-6751; email@example.com
Earnings Conference call Webcast 2 nd Quarter Financial Results July 17, 2015 Saving more lives Safe Harbor Statement* This presentation contains statements that are not historical facts but rather forward-looking
PENSIONS INVESTMENTS LIFE INSURANCE PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT FOR PERSONAL RETIREMENT SAVINGS ACCOUNT () PRODUCTS WITH AN ANNUAL FUND MANAGEMENT CHARGE OF 1% - JULY 201 Thank
Health Care Worldwide Credit Suisse Global Credit Products Conference September 18, 2014 Miami Credit Suisse Global Credit Products Conference, September 18, 2014 Copyright Page 1 Safe Harbor Statement
Carlos Gomes 1..73 firstname.lastname@example.org North American Auto Industry In High Gear TPP Raises Concerns, But Trade Flows Highlight NAFTA s Competitiveness Recent Global Sales Development Global car
!" #$% $ Disclaimer This presentation, prepared by IG Group Holdings plc (the Company ), contains forward-looking statements about the IG Group. By their very nature, forward-looking statements involve
Focus on fleet customers SAF-HOLLAND 1st half-year results 214 Detlef Borghardt, CEO Wilfried Trepels, CFO August 7, 214 Executive Summary 1 Increase in group sales by 1.7% to 482.mn (previous year: 435.6)
Quarterly Review M&G Corporate Bond Fund Third quarter 2015 Fund manager Richard Woolnough Overview A general risk-off tone prevailed in the third quarter amid significant volatility in risk markets, driving
Conference Call Q1 2008 Results Bodo Uebber Member of the Board of Management Finance & Controlling and Daimler Financial Services April 29, 2008 Date (year-month-day) Summary Q1 2008 Unit sales up 9%,
Annual Press Conference 2008 Results Dr. Dieter Zetsche Chairman of the Board of Management Head of Mercedes-Benz Cars February 17, 2009 Datum (Tag.Monat.Jahr) Global economy sharply deteriorated Economic
Spain Economic Outlook Rafael Doménech EUI-nomics 2015 Debating the Economic Conditions in the Euro Area and Beyond Firenze, 24th of April, 2015 The outlook one year ago: the risks were to the upside for
IFGL REFRACTORIES LTD RESULT UPDATE PRESENTATION, February 2016 Safe Harbor This presentation and the accompanying slides (the Presentation ), has been prepared by IFGL Refractories Limited (the Company
Q2 and Half-Year 2016 Results July 21, 2016 Contents Results for Q2 2016 Outlook for 2016 Development at the divisions Q2 and Half-Year 2016 Results / July 21, 2016 / Page 2 Highlights of Q2 2016 Strong
Bank of America Merrill Lynch Banking and Insurance CEO Conference London, 29 September 2009 Good morning. I d like to thank Bank of America Merrill Lynch for letting us speak this morning. Before I talk
Third-Quarter Financial Release Discussion Material 22 October 2015 Certain statements in this presentation relate to future events and expectations and are forward-looking statements within the meaning
Health Care Worldwide Barclays European High Yield and Leveraged Finance Conference October 30, 2014 London Barclays European High Yield and Leveraged Finance Conference, October 30, 2014 Copyright Page
Financial Results for the Nine-Month Period Ended March 31, 2013 May 14, 2013 Company name: ZERO CO., LTD. Code No: 9028 Tokyo Stock Exchange (Second Section) (URL http://www.zero-group.co.jp/) Representative:
- Check against delivery - Statement Dr. Friedrich Eichiner Member of the Board of Management of BMW AG, Finance Conference Call Interim Report to 30 September 2013, 10:00 a.m. Ladies and gentlemen, Good
Innovative Technology Solutions for Sustainability ABENGOA Market Update November, 2014 Forward-looking Statement This presentation contains forward-looking statements (within the meaning of the U.S. Private
Extended Warranties for New and Used Cars in Europe Report Prospectus October 2013 Web: www.finaccord.com. E-mail: email@example.com 1 Prospectus contents Page What is the research? What is the rationale?
UBS Global Financials Conference George Culmer, Group CFO Simon Lee, CEO International 11 May 21 AGENDA Overview George Culmer, CFO UK International Simon Lee, CEO International Emerging Markets Wrap up
QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER Media telephone conference 8 November Agenda Overview Financial highlights Jörg Schneider 2 Munich Re (Group) Jörg Schneider 4 Torsten Oletzky 13 Torsten
FORD UNIVERSITY Stuart Rowley Vice President and Controller March 13, 2015 FORD UNIVERSITY Agenda for today s discussion: Warranty Reserves China JV Equity Earnings Venezuela Accounting Change Cash Drivers
CNH Industrial Capital Oddone Incisa Integrated and Diversified across Regions and Asset Classes by Region ($ billion) Managed Portfolio $26.9 billion (YE 2013) by Segment 13.3 1.1 8.2 49% 4% NAFTA 31%