MAHINDRA CIE AUTOMOTIVE

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1 MAHINDRA CIE AUTOMOTIVE June 2013 Industrial Group specialized in Managing High Value Added Processes 1

2 Table of Contents 1 Introduction to the Mahindra CIE Alliance 2 Rationale for the Alliance 3 Introduction to CIE Automotive & Systech 4 Key Transaction Steps Industrial Group specialized in Managing High Value Added Processes 2

3 CIE Automotive + Mahindra Global Alliance Overview CIE Automotive, Spain and Mahindra & Mahindra (M&M), India enter into a global Alliance in the automotive component business Cross investment by both groups CIE Automotive, through Autometal, to invest in automotive component businesses of M&M s Systech Sector (Mahindra Systech) M&M to invest in CIE Automotive (Spain) Merge of all automotive component companies of Mahindra Systech and CIE European Forging companies into an India-listed automotive supplier creating Mahindra CIE Automotive that consists of Mahindra Systech s automotive components business (FY13 Sales EUR 575 Mn) with operations in India and Europe CIE s European Forgings business (CY12 Sales EUR 150 Mn) with operations in Spain and Lithuania *CY2012: Jan 2012-Dec 2012 / FY2013: April 2012-March 2013 Industrial Group specialized in Managing High Value Added Processes 3

4 CIE Automotive + Mahindra Global Alliance Schematic Representation M&M CIE Automotive Forgings Mahindra Systech Castings Composites Stampings Gears Mahindra CIE Automotive Limited * CIE Forgings plants in Spain & Lithuania Note: Mahindra Systech is not a legal entity All companies, listed or unlisted, will be merged into Mahindra Forgings Ltd. to be renamed as Mahindra CIE Automotive Ltd Forging* Machining Stampings Aluminum Plastic Bio Fuels Inf. & Comm Tech. Autometal Brazil Mexico USA China Forgings, Machining Castings, Stampings, Plastics, Painting Aluminum, Forgings, Machining, Stampings, Plastics, Painting Plastics Forgings Indicates transaction Indicates merger Listed company Industrial Group specialized in Managing High Value Added Processes 4

5 Table of Contents 1 Introduction to the Mahindra CIE Alliance 2 Rationale for the Alliance 3 Introduction to CIE Automotive & Systech 4 Key Transaction Steps Industrial Group specialized in Managing High Value Added Processes 5

6 Industry structure As industry consolidates via acquisitions/partnerships, global presence is key 30,000 Number of Autom motive OE EMs ,000 10,000 Nu umber of supplie ers Source: Boston Consulting Group, E&Y Supplier consolidation is faster than OEM consolidation Global presence (emerging + developed world) becoming key for suppliers Industrial Group specialized in Managing High Value Added Processes 6

7 Strategic positioning in high growth markets Annual Vehicle production: Period (Mn units.) Europa Mexico Brazil India Russia World ,9 4,0 3,2 4,3 60 6,0 2,1 2, , E E E E E E In 2013 year is expected a weaker market with medium term recovery Growth in 2013E by 4%. Softer Medium term recovery Source : Vehicle Production, CSM March 2013 Growth % : CAGR (Compound Annual Growth Rate) 2013E Growth by 4%. Growing future prospects continue 2013E Growth by 9%. Growing future prospects continue 2013E Growth by 9%. Growth continue year by year 2013E Growth by 2%. Growth continue year by year recovery. continue by year by year CIE Automotive bet is to increase its presence in Mexico and settle in India Industrial Group specialized in Managing High Value Added Processes 7

8 Why India? In Asia we are committed to INDIA Significant growth in the coming years. Great country, very competitive costs for domestic market and export. World leader in Heavy Vehicle industry. The world leader in forging. A country with great opportunity to lead the growth in the region (Indonesia, Thailand, etc.). Industrial Group specialized in Managing High Value Added Processes 8

9 Transaction impact Segments OEM Customers CIE Automotive Forgings, Stampings, Castings, Machining, Plastics, Paintings, Aluminum Mahindra Systech Forgings, Castings, Composites, Stamping, Gears Markets Nafta, Mercosur, Europe, China Russia, Morocco India and Europe Market Position Amongst top European, Brazilian and Nafta auto component groups Leader in India crankshafts (Car+UV) Leader in Heavy Vehicle Forgings (Europe) Amongst top 7 Indian auto comp groups Size (EUR Mn) *CY2012: Jan 2012-Dec 2012 / FY2013: April 2012-March (CY2012*) 575 (FY2013*) Amongst top auto components groups globally ll Industrial Group specialized in Managing High Value Added Processes 9

10 Complementary product market presence Process EU NAFTA Brazil Russia India China Stampings Forgings(1) Gears/ Machining (2) Plastics Aluminum Castings Painting Roof Sys. Composites Magnets (1) Forgings g in EU largely complementary CIE serves car markets while Systech serves CV market (2)Gears/ Machining complementary Systech manufactures gears while CIE machines other components CIE Presence Systech Presence Industrial Group specialized in Managing High Value Added Processes 10

11 New forging powerhouse under Autometal management Forgings Europe Forgings Nafta Forgings China Forgings Brazil Forgings India Creation of a major forging group with global footprint Industrial Group specialized in Managing High Value Added Processes 11

12 Diversifying into new high growth markets Asia Asia Europe America Europe America Sales 2012 Sales 2017 Consolidating a significant market share in the Asian market, continuing with the strategy of emerging g markets growth Industrial Group specialized in Managing High Value Added Processes 12

13 Diversification bringing less volatility to cash flows Diversifying financial markets Equities Three different vehicles to invest in the Auto sector: CIE Automotive: Global market investment Autometal: Investment in emerging markets Mahindra CIE Automotive: Investment in Asia and Global Forgings Highest standards of corporate governance in each market Banks and Debt Markets Diversifying finance: raising where cash flows are generated Relationships with global and local banks in every region Global access to debt capital markets Diversification and transparency of being listed companies improves credit quality Industrial Group specialized in Managing High Value Added Processes 13

14 Alliance with a partner that has a perfect match CIE Automotive & Mahindra groups have similar values & focus areas Focus on financial returns Strong organic & inorganic growth Multi - technology Decentralized (local) decision process Independent business units JV / Acquisition Focus Globalization Industrial Group specialized in Managing High Value Added Processes 14

15 The transaction in numbers Integration of a Group of companies with a recurrent level (1) of: Revenues: EUR 650 Mn EBITDA : EUR 66 Mn Net financial debt: EUR 170 Mn The transaction is mainly cash neutral at CIE Automotive level: Cash paid for equity acquisitions for Mahindra stake in Systech companies is reinvested by Mahindra into CIE Automotive shares (13,5%) Only cash out comes from tender offers: aprox EUR 25 Mn (2) CIE Automotive Group merges its European Forgings into Mahindra CIE As a result CIE Automotive Group holds 51%~ 53% (2) and Mahindra 20% of Mahindra CIE (1) Recurrent level figures: Proforma calculated at normal 2011 market levels in Europe and India (2) Depending on the tender offer acceptance Industrial Group specialized in Managing High Value Added Processes 15

16 Thoughts on value creation BENEFICIAL FOR ALL SHAREHOLDERS CIE Automotive has proven financial performance over last 16 years with domain knowledge in automotive components business, in all different geographical areas. CIE Automotive, with successful track record of M&As, has also proved its integration capacity, improving margins of integrated companies and creating value for shareholders. Mahindra CIE operational performance expected to improve with synergy; particularly in Europe. Indian operations are on the cusp of upturn. Mahindra CIE will also have access to other geographic markets where CIE has presence. M&M continues to be a strategic investor in auto comp business with 20% stake in Mahindra CIE and 13.5% stake in Spain at parent level. Managements of the alliance will be aligned operationally and shareholders h are aligned strategically. Together, the alliance becomes close to EUR 2,2 Bn and fulfills M&M s & CIE s ambition to be a global player in this business. Industrial Group specialized in Managing High Value Added Processes 16

17 Table of contents 1 Introduction to the Mahindra CIE Alliance 2 Rationale for the Alliance 3 Introduction to CIE Automotive & Systech 4 Key Transaction Steps Industrial Group specialized in Managing High Value Added Processes 17

18 Overview of CIE Automotive Company Overview Listed in Spain with a significant subsidiary listed in Brazil Key business areas include forgings, machining, stampings, casting, plastics, Aluminum and painting. Locations - Europe, Brazil, Mexico, USA, China, Russia, Morocco Shareholding Pattern of CIE Automotive Free float 21,5% T.S. 10,0% Institutions 18,5% Gestamp 25,9% Managemen t Team / Family Office 24,4% 4% Financial Summary EUR Mn CY 10 CY 11 CY 12 Sales 1,591 1,840 1,647 EBITDA EBITDA margin 12.1% 1% 12.7% 13.6% PAT Net Debt *CY2012: Jan 2012-Dec 2012 / FY2013: April 2012-March 2013 Key businesses: Aluminum, Forgins, Castings, Stampings, Machining, i Plastics. Non key businesses: Biofuels, Info & Comm Tech Corporate Structure CIE (Spain) 75% Autometal (Brazil) Sales: EUR 1,647 Mn EBITDA: EUR 224 Mn Market Cap: EUR 659 Mn Sales: Eur 641 Mn EBITDA: Eur 108 Mn Market Cap: Eur 978 Mn Industrial Group specialized in Managing High Value Added Processes 18

19 Overview of Autometal Listed in Brazil Company Overview Key business areas include forgings, machining, stampings, casting, plastics, aluminum and painting Locations Brazil, Mexico, USA and China Financial Summary EUR Mn CY 10 CY 11 CY 12 Sales EBITDA EBITDA margin 19.2% 18.7% 16.9% PAT Net Debt *CY2012: Jan 2012-Dec 2012 / FY2013: April 2012-March 2013 Shareholding Pattern of Autometal Corporate Structure CIE (Spain) 75% Autometal (Brazil) Brazil Mexico USA China Ops Ops Ops Ops Industrial Group specialized in Managing High Value Added Processes 19

20 Overview of Systech auto components Business Overview Largest part of Mahindra Systech Sector (~80%) FY13 Sales of ~INR 40,000 mn / Euro 580 mn 19 Manufacturing facilities in 4 countries 55% of revenues from European operations Financial Summary INR mn FY11 FY12 FY13 Sales: India 13,364 18,231 18,413 Sales: Europe 22,448 26,488 22,175 Euro mn Sales: India Sales: Europe *1 Euro = INR 70.0 *CY2012: Jan 2012-Dec 2012 / FY2013: April 2012-March 2013 Sales by Business Others / 4% Forgings / 55% Corporate Structure Systech Sector Stampings / 19% Auto Components Steel Gears / 13% Castings / 9% Listed: Forgings Stampings (part of MUSCO) Composites Private: Hinoday (Castings + Magnets) Gears Eng. Services Aerospace Not Part of Transaction Industrial Group specialized in Managing High Value Added Processes 20

21 CIE Automotive performance Profitable growth history over 10 years; successful track record of 50 M&As Sales Evolution (EUR Mn) ¹ EBITDA Evolution (EUR Mn) RoCE (2) 15,5% in 2012 Auto EBITDA margin of 15,8% in 2012 (1) 2006 to 2011 data deducting turnover of diesel oil used for blending (2) ROCE calculated as EBIT divided by average employed capital (equity + net financial debt) CIE Automotive s growth and profitability trend keeps in double digit rates, having reached an optimal activity it and EBITDA level l and a record Net Result in its history Industrial Group specialized in Managing High Value Added Processes 21

22 CIE Automotive unique positioning Tier 1.5 : Supply parts to OEMs and Tier 1 Business Characteristics Strong Commercial Relationships Growth Fuelled by Alliances & Joint Ventures Excellent relationship and penetration with all OEM and Tier 1 customers Track record with over 50 new integrations in the last 10 year on a global scale Emphasis on Corporate Culture of Productivity Lean and robust procedures with effective cost control Product Portfolio Products serving global platforms and local customer needs Multi-technology Portfolio R&D in multiple technologies as a differentiating factor offering broad growth potential Overtime CIE has been able to achieve higher EBIT margins than the industry average Industrial Group specialized in Managing High Value Added Processes 22

23 Table of contents 1 Introduction to the Mahindra CIE Alliance 2 Rationale for the Alliance 3 Introduction to CIE Automotive & Systech 4 Key Transaction Steps Industrial Group specialized in Managing High Value Added Processes 23

24 Transaction structure (STEP 1) CIE Automotive, through Autometal, to purchase stake in MFL, MHIL, and MCL from M&M 75% CIE (Spain) Share 28% Autometal (Brazil) PIA 2 (Spain) 72% Purchase + Open Offer Share Purchase + Open offer Share Purchase Asset Integration Mahindra Forgings Mahindra Composites Mahindra Hinoday Industries CIE Forgings M&M Industrial Group specialized in Managing High Value Added Processes 24

25 Transaction structure (STEP 2) Mahindra CIE Automotive is created M&M ~20% 13.5% 28% ~51% PIA 2 (Spain) 72% CIE Automotive ~75% Autometal ~[51]% Mahindra Forgings (Europe) Mahindra CIE Automotive Limited* Merger MUSCO Mahindra Composites Mahindra Investments (India) Mahindra Gears International. Mahindra Hinoday PIA 3 Mahindra Gears & Transmission India Ltd. (India) Metalcastello (Italy) CIE Forgings *Erstwhile Mahindra Forgings Limited Industrial Group specialized in Managing High Value Added Processes 25

26 Swap ratios Company Swap Ratio Mahindra Hinoday 1.10 Mahindra Composites Mahindra Gears Europe 0.17 Mahindra Gears India 0.20 MUSCO 2.84 CIE Forgings 1.05 *Swap ratios are based to 1 share of Mahindra Forgings Limited Industrial Group specialized in Managing High Value Added Processes 26

27 Estimated timeline for transaction and regulatory approvals Event Estimated Dates Transaction Signing [June 15, 2013] Closure of Open Offer [Oct, 2013] Receipt of High Court Approval [April, 2014] Regulatory approvals Competition Commission of India Bundeskartelamt, Germany (Anti-Trust Authority) SEBI Clearance for the Letter of Offer (Open Offer) High Court and shareholders approval for the merger Industrial Group specialized in Managing High Value Added Processes 27

28 Advisors Legal Advisors Manager of the tender offers NM RAIJI Independent valuers providing Swap Ratios for Merger Independent valuers for the capital increase in CIE Industrial Group specialized in Managing High Value Added Processes 28

29 Industrial Group specialized in Managing High Value Added Processes 29

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