Pan European Conference Bank of America Merrill Lynch. London, March 21, 2012
|
|
|
- Paulina Wilkinson
- 7 years ago
- Views:
Transcription
1 Pan European Conference Bank of America Merrill Lynch London, March 21, // Pan European Conference Bank of America Merrill Lynch March 21, 2012
2 A Year that Fully Validated the Group s Strategic Vision Higher sales volumes, thanks to a very strong first half Robust earnings Sustained high margins in the Specialty businesses Higher raw materials costs offset thanks to the Group s leadership Free cash flow at breakeven Strong balance sheet 2 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
3 Financial Highlights 2011 & 2010 figures as reported In millions Net Sales 20,719 17,891 Operating Income 1,945 1,695 Operating Margin 9.4% 9.5% Net Income 1,462 1,049 Investment 1,711 1,100 Net Debt-to-Equity Ratio 22% 20% Free Cash Flow* (19) 426 ROCE 10.9% 10.5% *Cash flows from operating activities less cash flows used in investing activities 3 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
4 OUTLINE 01 Markets: a year of volatility and contrast 02 Remarkable performance 03 A solid balance sheet 04 Michelin s unique competitive advantages 05 Outlook 4 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
5 01 Markets: a Year of Volatility and Contrast 5 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
6 Car and Light Truck Tires: Annual Growth that Moved back in Line with Long Term Trends in H2 Markets at December 31, 2011 (% change YoY, in number of tires ) OE RT Europe North America Asia excl. India South America Africa, India, Middle East Total 6 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
7 Truck Tires: OE Demand Brisk all Year Long, Steep Fall-off in Replacement Sales in H2 Radial markets at December 31, 2011 (% change YoY, in number of tires ) OE RT Europe North America Asia excl. India South America Africa, India Middle East Total 7 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
8 Sustained Growth in Specialty Tires, with Clear Visibility Mining tire market (In tonnes, base 100 = 2009) Agricultural tire market (Europe North America) (In number of tires, base 100 = 2009) Source: Michelin Source: Michelin 8 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
9 02 Remarkable Performance 9 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
10 Higher Net Sales, Led by Pricing Power and Sales Performance YoY change (in millions and as a % of net sales) 17, ,199 Volumes + 6.7% + 2, Currency - 1.8% Price-Mix % 20, % 2010 Net Sales 2011 Net Sales 10 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
11 Steady, Fast-Rising Impact of Price Increases % change YoY Volumes Price-mix Currency Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q // Pan European Conference Bank of America Merrill Lynch March 21, 2012
12 Operating Income Up as Targeted YoY change (in millions ) 1, Volumes +84 Unit margin SG&A Currency 1, % 2010 Operating Income 2011 Operating Income 12 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
13 Price-mix Gains Exceeded the Increase in Raw Materials Costs YoY change in unit margin components (in millions) +2,012-1, Price Mix (o/w price: 2,075m) Raw materials inflation Production cost inflation Productivity Start-up costs Other Total 13 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
14 Spending to Build Future Growth YoY change in SG&A (in millions) Cost of driving growth (New markets, R&D, communication) Inflation Other Total // Pan European Conference Bank of America Merrill Lynch March 21, 2012
15 Operating Margin Remains High in the Car and Light Truck Tires and Specialty Businesses Operating margin before non-recurring items (as a % of net sales ) excl. dilution/ Car and Light truck & distribution Truck & distribution Specialty businesses Total 15 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
16 Car and Light Truck Tires & Specialty Businesses: Two Mainstays of Operating Profitability in 2011 Share of operating income, by reporting segment (in millions and as a % of 2011 consolidated operating income) 694m 36% 1,018m 52% Car and Light truck tires & distribution Truck tires & distribution Specialty businesses 233m 12% 16 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
17 03 A Solid Balance Sheet 17 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
18 Recurring Business Structurally Generates Free Cash Flow In millions EBITDA Change in WCR Restructuring Cash Costs Change in Operating Provisions Other Operating WCR Cash Flow from Operations Taxes and Interest Paid Routine Capital Expenditure (Maintenance, IS/IT, Dealerships) Available Cash Flow Growth Investments Other Cash Flow from Investing Activities (o/w disposal of Hankook shares) Free Cash Flow ,878 (912) (145) 13 (5) (632) (671) 526 (1,040) 495 (19) 2,660 (461) (229) (194) 20 1,829 1,796 (474) (565) 757 (535) // Pan European Conference Bank of America Merrill Lynch March 21, 2012
19 Free Cash Flow Structurally Positive Excluding the Impact of Raw Materials Free cash flow over five years excl. the impact of raw materials (in millions) 1,915 3,783 1,868 1,387 1, Total -19 Reported free cash flow Impact of raw materials on WCR Free cash flow excluding the impact of raw materials 19 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
20 A Solid Balance Sheet Gearing Net Debt / Equity Ratio 86% 70% 80% 84% 75% 55% 53% 20% 27% 22% June Dec June Dec June Dec June Dec June Dec // Pan European Conference Bank of America Merrill Lynch March 21, 2012
21 04 Michelin s Unique Competitive Advantages 21 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
22 Three Core Competitive Advantages Geographic Footprint Specialty Businesses Leadership in the Premium Segment 22 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
23 A Balanced Global Presence 2011 Net sales by region (as a % of net sales and in millions) Western Europe* 31% 37% USA / Canada Rest of the World * Andorra, Austria, Belgium, Cyprus, Denmark, Faeroe, Finland, France, Germany, Gibraltar, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta, Monaco, Netherlands, Norway, Portugal, San Marino, Spain, Sweden, Switzerland, United Kingdom 32% 23 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
24 Three Core Competitive Advantages Geographic Footprint Specialty Businesses Leadership in the Premium Segment 24 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
25 Michelin is the Market Leader in Every Specialty Tire Business Business Leading tiremakers Market leader Earthmover Mines OE Infrastructure Bridgestone Bridgestone Bridgestone, Goodyear Yokohama, Chinese in radials (co-leader) (co-leader) Agricultural in Europe OE Firestone in Europe RT Firestone, Titan / Goodyear, Trelleborg, BKT in Europe Two-Wheel Mature markets Dunlop Pirelli/Metzeler, Bridgestone, (co-leader) Aircraft Goodyear, Bridgestone, Dunlop 25 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
26 Earthmover Tires: Clear Sales Growth and Margin Visibility Technological barriers to entry Multi-year contracts offer clear visibility for: Sales trends: sustained growth in mining markets Margin trends: long term contracts with raw materials indexation clauses Steadily increasing capacity, keeping pace with demand Adding marginal capacity Earthmover tire facility at the Indian plant New plant under study 26 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
27 Three Core Competitive Advantages Geographic Footprint Specialty Businesses Leadership in the Premium Segment 27 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
28 MICHELIN : a 100% Premium Brand in Every Market TIER 1 TIER 2 TIER 3 Tier 1 segment: 1/3 of the global PC/LT tire market 2011 sales: more than 70% under the MICHELIN brand Price positioning (100 = Michelin) 28 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
29 MICHELIN is the Benchmark Leader in Premium Tier 1 Segments Share by PC/LT tire seat size 31% 69% MICHELIN brand Global market 20% 80% 29 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
30 MICHELIN is the Benchmark Leader in Premium Tier 1 Segments CAGR by seat size +29% Chinese market +22% +330% +26% +23% 17" Global market 17" MICHELIN brand 17" 15"-16" 14" Source: Michelin 30 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
31 Solid Drivers to Support Sustainable Leadership The preferred brand of premium tirebuyers According to surveys of customer perceptions and purchase intentions Technology carmakers want Approved for use on premium brands and models Performance recognized by specifiers Example: 66 th JD Power Award since 1989 Leading-edge product plan Solid competitive advantages to capture faster growth in the premium segment 31 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
32 04 Outlook 32 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
33 Market Trends: Michelin will Benefit from its Global Exposure 2011 PC/LT & truck markets and 2012 outlook (in millions of tires) Europe * Excl. Japan = North America + ++ South Africa America India Middle East ++ Asia* : > +3% + : ] +1%; +3%] = : [-1%; +1%] - : [-3%; -1%[ -- : < -3% Europe North America = ++ South Africa America India Middle East + Asia* 33 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
34 Raw Materials: Still Unfavorable Impact in 2012 Assumptions and average price Natural rubber (in USD/kg) Butadiene US (in USD/kg) Butadiene Europe (in EUR/kg) 2010 average price 2011 average price Michelin assumptions for Full-year raw materials impact on operating income (in millions) (est.) - 1, / // Pan European Conference Bank of America Merrill Lynch March 21, 2012
35 Raw Materials: Still Unfavorable Impact in 2012 Michelin assumptions for Purchase cost: 100 Purchase cost: 105 P&L cost: 103 P&L cost: 101 Purchase cost: 106 P&L cost: Purchase cost: P&L cost: H H H H // Pan European Conference Bank of America Merrill Lynch March 21, 2012
36 A Competitiveness Program to Drive Growth 2011 cost structure (in billions) Net sales Operating margin SG&A Raw materials used in production Manufacturing & transportation cost competitiveness program Excl. Inflation and incl. avoided costs (200)m / (300)m (200)m (500)m / (600)m 1 billion in competitiveness gains over five years 36 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
37 2015 Objectives Volume growth: at least 25% over the period Annual capex: around 2 billion 2015 operating income: around 2.5 billion Free cash flow: positive over the period ROCE: > 9% each year 37 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
38 2012 Guidance Stable volumes Growth in the new markets and North America Less favorable trends in European markets The second half should offset a first half that will be down due to high prioryear comparatives Continued disciplined price management in response to rising raw materials costs Higher operating income Sustained strong capex, at around 1,900m Positive Free cash flow after growth investments, given the indicated raw materials costs assumptions 38 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
39 Key Takeaways A remarkable 2011 A global presence and a balanced business portfolio Unrivalled technological leadership Specialty businesses: demonstrated leadership A leader in the premium segment Competitiveness program: driving steady progress towards operational excellence 39 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
40 Pan European Conference Bank of America Merrill Lynch London, March 21, // Pan European Conference Bank of America Merrill Lynch March 21, 2012
41 Passenger Car & Light Truck Markets 41 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
42 Truck Markets 42 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
43 US Vehicle Miles Driven US Miles Driven (Rolling 3 Months) Dec. 2011/ Dec. 2010: -0.5% Source: US department of transportation / Federal Highway Administration 43 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
44 Freight Kilometers Driven in Germany German Freight (Rolling 3 Months) 2,500,000 2,400,000 2,300,000 2,200,000 2,100,000 2,000,000 1,900,000 1,800,000 Jan. 2012/ Jan. 2011: +2.4% Source: Bundesamt für Güterverkehr 44 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
45 Quarterly Bases of Comparison Tonnages sold (Base 100 = Q1 2010) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q // Pan European Conference Bank of America Merrill Lynch March 21, 2012
46 Car and Light Truck Tires and Related Distribution: Robust Operating Margin Passenger car and Light truck In millions Change Net Sales Volume growth 10, % 9, % Operating Income (before non-recurring items) 1,018 1, % Operating Margin (before non-recurring items) 9.4% 10.4% -1 pt 46 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
47 Truck Tires and Related Distribution: Margin Impacted by Negative Mix and Year-End Slowdown Truck In millions Change Net Sales Volume growth 6, % 5, % Operating Income (before non-recurring items) % Operating Margin (before non-recurring items) 3.5% 4.4% -0.9 pt 47 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
48 Specialty Businesses: Sustained High Margins Specialty Businesses In millions Change Net Sales Volume growth 3, % 2, % Operating Income (before non-recurring items) % Operating Margin (before non-recurring items) 21.5% 17.8% +3.7 pt 48 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
49 Strong Improvement in Net Income In millions Net Sales Operating Income (before non-recurring items % of Net Sales) Non-Recurring Items Operating Income Cost of Net Debt Other Financial Income and Expenses Tax Share of Profit from Associates Net Income ,719 17,891 1,945 1, % 9.5% - - 1,945 1,695 (206) (236) (534) (449) ,462 1, // Pan European Conference Bank of America Merrill Lynch March 21, 2012
50 Impact on the 2010 Income Statement of the Benefits Accounting Change In millions Net sales Operating income before non-recurring items Operating income Income before tax Tax Net income 2010 reported Restatement 2010 restated 17,891 1,695 1,695 1,498 (449) 1, ,891 1,751 1,751 1,554 (468) 1, // Pan European Conference Bank of America Merrill Lynch March 21, 2012
51 Impact on the 2010 Balance Sheet of the Benefits Accounting Change In millions 2010 reported Restatement 2010 restated Non-current assets Of which financial assets and other non-current assets Of which deferred tax assets Current assets Total assets 9,998 (84) 9,914 1, (431) ,175 9,665-9,665 19,663 (84) 19,579 Equity Of which employee benefit obligations Current liabilities Total equity and liabilities 8,127 2,457 (657) 7,470 Non-current liabilities 6, , ,030 4,845-4,845 19,663 (84) 19, // Pan European Conference Bank of America Merrill Lynch March 21, 2012
52 Higher interest rates decrease the obligation Lower interest rates increase the obligation December 2011 Financial position of Defined Benefits plans (in billions) Present value of unfunded obligations Net liability (in BS) Present value of fully or partly funded obligations 4.8 Fair value of plan assets Lower Higher Discount rate Defined benefit obligations Assets & liabilities in Balance Sheet Lower Higher Return on assets rate 52 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
53 Benefits: impact in P&L and Balance Sheet Funding requirements based on local regulations US: 100% funding over 7 years UK: 100% funding over 15 years Obligation and discount rate are steadily reviewed US: Every year UK: every 3 years Amount of annual contribution (refer to Financial report page 123) Balance Sheet Net defined benefit obligation recognized as a defined benefit liability Any actuarial gains and losses recognized in Other Comprehensive Income P&L Net service cost Any change in the benefit plans 53 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
54 Asset Management of the plans: aimed at reducing volatility Asset Allocation of fully and partly funded US pension plans (in % of total portfolio) Fixed Income Equity Real Estate Alternative Investment // Pan European Conference Bank of America Merrill Lynch March 21, 2012
55 Asset Management of the plans: aimed at reducing volatility Asset Allocation of fully and partly funded Canadian pension plans (in % of total portfolio) Fixed Income 11 Equity Real Estate Alternative Investment // Pan European Conference Bank of America Merrill Lynch March 21, 2012
56 A Comfortable Cash Position 1,500 Debt maturity as of December 31, 2011 (in millions) 333 1, Confirmed back-up facilities Cash management financial assets Cash and cash equivalents Others CPs Bonds Securitization Loans from financial institutions and other Treasury and Back-up lines and more 56 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
57 Raw Materials Impact by Reporting Segment Raw materials impact by reporting segment (in millions) 15% 40% 1,748 Specialty businesses Truck and distribution Passenger car & Light truck and distribution 45% (est.) 65-70% 20-25% 10-15% 57 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
58 Sport Report (Germany): MICHELIN Super Sport Ranked No.1 (245/40/18/Y- April 2011) 58 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
59 Auto Bild (Germany): MICHELIN Alpin 4 Ranked No.1 (225/45/17/Y- November 2011) 59 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
60 Michelin US Wins JD Power The 2011 honors, released today, brings Michelin s lifetime total of J.D. Power and Associates awards to 66, more awards than any other tire manufacturer since the study launched in April 11, 2011 Michelin received the industry s top honors in the Luxury, Passenger Car, Performance Sport and Truck/Utility segments, posting improvements over 2010 and scoring significantly above the industry average in each segment. Source: Tire Business on Consumer Reports Tire Business reported that Consumer Reports stated that Michelin "raised the bar in both all season and summer [ultra high performance] tire categories" - July 13, 2011 Source: +praises+michelin+uhp+tire+in+mag%92s+latest+testing&id= Reprinted with permission of Tire Business Tire Rack "The Michelin Pilot Super Sport proved to be a super star on our test track, providing excellent steering response and front end authority, driving down to the apex with relative ease." - June 14, 2011 Test Results: - Michelin Pilot Super Sport Bridgestone Potenza S-04 Pole Position Continental ExtremeContact DW (formerly top ranked tire) Pirelli P Zero 7.42 Source: 60 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
61 The Preferred Brand of Premium Tirebuyers "Which brands among the following would you seriously consider if you were going to buy tires for your car tomorrow?" MICHELIN Competitor 1 Competitor 2 Competitor 3 Competitor China USA Germany France UK Spain Italy Sources: Europe = TNS Sofres, USA = Lieberman Research, China = Nielsen 61 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
62 Technology Carmakers Want Superior sports performance, combined with the highest energy efficiency, best safety and longest treadlife Strong presence with luxury carmakers: Especially on their top-of-the-line vehicles 62 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
63 2011 Production Capacity: a Global Footprint 2011 Western Europe 42% 1,400 K tonnes Eastern Europe 10% 400 K tonnes North America 34% 1,200 K tonnes Asia 9% 300 K tonnes South America 5% 160 K tonnes 63 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
64 2015 Production Capacity: a Global Footprint 2015 Western Europe 39% K tonnes Eastern Europe 11% 475 K tonnes Amérique du Nord 32% K tonnes Asia 11% 475 K tonnes South America 7% 300 K tonnes 64 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
65 Contacts Investor Relations Valérie Magloire Alban de Saint Martin +33 (0) , cours de l île Seguin Boulogne-Billancourt - France investor-relations@fr.michelin.com 65 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
66 Disclaimer "This presentation is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documentation published in France by Autorité des marchés financiers available from the website. This presentation may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions at the time of the publication of this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or induced by these statements." 66 // Pan European Conference Bank of America Merrill Lynch March 21, 2012
FIRST-HALF 2015 RESULTS
FIRST-HALF 2015 RESULTS July 28, 2015 1 Robust growth and improved free cash flow Volume up 2.4% off of high prior-year comparatives: Passenger car/light truck tire sales clearly outpaced the market Truck
PARIS Danske Markets Equities May 28, 2015
PARIS Danske Markets Equities May 28, 2015 1 Q1 2015 Net sales of 5 billion, up 5.6% Above-market sales volumes growth of 1.5% Volumes in line with the B2B markets Above-market growth in the B2C markets
IR FORUM in CANADA ODDO SECURITIES. May 11 & 12, 2015. 1 VENTES NETTES au 31 Mars 2015 22 avril 2015
IR FORUM in CANADA ODDO SECURITIES May 11 & 12, 2015 1 VENTES NETTES au 31 Mars 2015 22 avril 2015 Net sales of 5 billion, up 5.6% Above-market sales volumes growth of 1.5% Volumes in line with the B2B
MICHELIN. Acquires Sascar, Brazil s Leading Digital Fleet Management Company. June 9, 2014
MICHELIN Acquires Sascar, Brazil s Leading Digital Fleet Management Company June 9, 2014 1 Michelin Acquires Sascar June 9, 2014 Disclaimer "This presentation is not an offer to purchase or a solicitation
Consolidated sales of 6,347 million euros, up 10% on a like-for-like basis (7% as reported)
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
2015 FULL YEAR RESULTS
2015 FULL YEAR RESULTS Thierry Le Hénaff Chairman and CEO 3 MARCH 2016 10-YEAR SUCCESSFUL TURNAROUND STRONG FINANCIALS x3 EBITDA 13.8% EBITDA margin (6.2% in 2005) 1.90 dividend* (no dividend at start)
Financial Information
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
Our results at a glance
1Report 15 AkzoNobel I Report for the first quarter 2015 2 AkzoNobel around the world Revenue by destination (44 percent in high growth markets) A North America B Emerging Europe C Mature Europe D Asia
Investor and analyst factsheet
Investor and analyst factsheet 2015 2014 1 Variation 4Q 15 4Q 14 1 Variation in m in m in m in m Sales 7,683 5,952 +29.1% 1,760 1,431 +23.0% Prices (4.7)% (8.5)% Volumes +0.2% +2.1% FX +7.8% +5.1% Portfolio
PRESS RELEASE. Indesit Company s Board of Directors examines the results for 2 nd quarter 2012 and approves the 1 st half management report
PRESS RELEASE Indesit Company s Board of Directors examines the results for 2 nd quarter and approves the 1 st half management report Growth in 2 nd quarter revenues and market share. Operating margin
How To Profit From Trailer Production
Design the future Second quarter results 215 Detlef Borghardt, CEO Wilfried Trepels, CFO August 6, 215 Agenda 1 Market Development 3 2 Financial information 5 3 Outlook 17 2 Truck and trailer market development
Focus on fleet customers SAF-HOLLAND 1st half-year results 2014
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)
The Key to Mobility. Creating Value with Financial Services. Fixed Income Investor Update - December 2010. Volkswagen Financial Services AG
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
A good start to the year, in line with expectations Danone continues to re-balance its model of growth
First-quarter 206 sales Press release Paris, April 9, 206 A good start to the year, in line with expectations Danone continues to re-balance its model of growth FIRST QUARTER 206 sales growth: +3.5% Solid
Q2 and Half-Year 2010 Results
Q2 and Half-Year 2010 Results July 27, 2010 27.07.2010 1 Key financials in billions of Q2 2009 Q2 2010 Revenue 19.6 25.1 EBIT Net profit (loss) Earnings (loss) per share (in ) (1.0) (1.1) (0.99) 2.1 1.3
FUCHS PETROLUB SE The leading independent lubricants manufacturer of the world
FUCHS PETROLUB SE The leading independent lubricants manufacturer of the world Dr. Alexander Selent, Vice Chairman & CFO Dagmar Steinert, Head of Investor Relations January 2014 The leading independent
A X A L T A C O A T I N G S Y S T E M S. Q1 2016 FINANCIAL RESULTS April 28, 2016
A X A L T A C O A T I N G S Y S T E M S Q1 2016 FINANCIAL RESULTS April 28, 2016 Legal Notices Forward-Looking Statements This presentation and the oral remarks made in connection herewith may contain
WE ARE. SHOWROOMPRIVE.com FY2015 RESULTS February, 16 th 2016
WE ARE SHOWROOMPRIVE.com FY2015 RESULTS February, 16 th 2016 I BUSINESS UPDATE AND 2015 RESULTS HIGHLIGHTS 2015: A YEAR FULL OF ACHIEVEMENTS A STRONG AND PROFITABLE GROWTH 443m net sales and 24m EBITDA
Q2 / H1 2015 results. Investor Presentation 30 July 2015
Q2 / H1 2015 results Investor Presentation 30 July 2015 Information Full year consolidated financial statements at 31 December are audited Half year financial statements are subject to limited review by
Full-year results 2014. December 02, 2014
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
GrandVision reports Revenue growth of 13.8% and EPS growth of 31.7%
GrandVision reports Revenue of 13.8% and EPS of 31.7% Schiphol, the Netherlands 16 March 2015. GrandVision NV (EURONEXT: GVNV) publishes Full Year and Fourth Quarter 2015 results. 2015 Highlights Revenue
Significant reduction in net loss
press release 12 May 2015 Royal Imtech publishes first quarter 2015 results Significant reduction in net loss Order intake in Q1 at a satisfactorily level of 912 million Revenue 3% down excluding Germany
Half year results 2011
Half year results 2011 29 July 2011 Bert De Graeve, Chief Executive Officer Bruno Humblet, Chief Financial Officer Address by Bert De Graeve, Chief Executive Officer Introductory remark The consolidated
Press release Regulated information
Press release Regulated information 26 February 2010 Annual results 2009 Press Katelijn Bohez T +32 56 23 05 71 Investor Relations Jacques Anckaert T +32 56 23 05 72 www.bekaert.com www.bekaert.mobi Bekaert
Earnings Release Q3 FY 2015 April 1 to June 30, 2015
Munich, Germany, July 30, 2015 Earnings Release FY 2015 April 1 to June 30, 2015 Solid performance, softening market environment»overall our businesses delivered solid underlying profitability despite
Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP]
![Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP]](/thumbs/39/20260573.jpg "Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP]")
Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP] October 27, 2010 Company Name: KOITO MANUFACTURING CO., LTD. Stock Listing: First Section, Tokyo Stock Exchange Code Number:
FURTHER PROFIT GROWTH IN FIRST-HALF 2015
FURTHER PROFIT GROWTH IN FIRST-HALF 2015 Net sales of 37.7bn, up +5.2% (+2.9% on an organic basis) Growth in Recurring Operating Income: 726m, +2.6% at constant rates Strong growth in adjusted net income,
How does a venture capitalist appraise investment opportunities?
1 How does a venture capitalist appraise investment opportunities? Michael Queen - Finance Director, 3i Group plc A presentation to: 23 Pensions Convention 2 June 23 A How presentation does a venture to:
FINANCIAL REPORT Q4 2015
CRAYON GROUP HOLDING AS FINANCIAL REPORT Q4 2015 Management commentary Q4 2015 Crayon continues to invest in geographic expansion centred on Software Asset Management (SAM) and cloud first, providing its
Second Quarter 2015 Investor Conference Call
Second Quarter 2015 Investor Conference Call August 20, 2015 December 13, 2012 DRAFT 5 Safe Harbor Basis of Presentation Unless otherwise noted or unless the context otherwise requires, all references
Arshil Jamal President and Chief Operating Officer Canada Life Capital Corporation
Scotia Capital Financials Summit September 8, 2011 Arshil Jamal President and Chief Operating Officer Canada Life Capital Corporation Cautionary Note regarding Forward-looking Information This report contains
TRADING STATEMENT FINANCIAL YEAR 2014/15
METRO GROUP TRADING STATEMENT FINANCIAL YEAR 2014/15 P. 1 TRADING STATEMENT FINANCIAL YEAR 2014/15 METRO GROUP achieves sales target and confirms EBIT guidance Like-for-like sales growth of 1.5% in financial
FOR IMMEDIATE RELEASE
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.
Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015
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
Press Release. Vallourec reports Q4 and Full Year 2012 results
Press Release Vallourec reports Q4 and Full Year 2012 results Boulogne-Billancourt, 20 February 2013 - Vallourec, world leader in premium tubular solutions, today announced its results for the fourth quarter
2013 Half Year Results
2013 Half Year Results Erwin Stoller, Executive Chairman Joris Gröflin, Chief Financial Officer Agenda 1. Introduction and summary of first half year 2013 2. Financial results first half year 2013 3. Outlook
Aalberts Industries realises strong growth in revenue (15%) and earnings per share (24%)
date 23 February 2012 more information e-mail Jan Aalberts / John Eijgendaal info@aalberts.nl phone +31 (0)343 565 080 Press Release Aalberts Industries realises strong growth in revenue (15%) and earnings
Europe: Growth of +7.8% in Recurring Operating Income France: New half of improved profitability
2014 FIRST HALF RESULTS: CONTINUED GROWTH Organic sales growth of 4.3% Increase in Recurring Operating Income of +13.8% Strong increase in adjusted net income, Group share of +16.7% Strong profit growth
Annual Results 2008/2009
Annual Results 2008/2009 Contents Financial statements Financial statements The market Strategy The market Faiveley Transport Outlook Strategy Outlook Outlook 2 Financial statements Financial statements
QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2011
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
Our people make the difference
Transcom WorldWide S.A. Our people make the difference Investor Presentation Q1 2006 1 Company Overview Transcom is Europe s largest CRM operator by geographic footprint Fast growing Customer Relationship
FY2010 Results Presentation. 23 March 2011
FY2010 Results Presentation 23 March 2011 Disclaimer This document is of a purely informative nature and does not constitute an offer to sell, exchange or buy, or the solicitation of an offer to buy, securities
Integrating Automotive and Financial Services
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
Group Financial Outlook and Strategy. Mark Langer, CFO Paris, November 19, 2014
Investor Day 2014 Group Financial Outlook and Strategy Mark Langer, CFO Paris, November 19, 2014 HUGO BOSS 19-Nov-14 2 Agenda Review of past financial performance Current trading update Financial implications
Press Release November 2015 www.vallourec.com
Press Release November 2015 www.vallourec.com Vallourec reports third quarter and first nine months 2015 results Q3 2015 financial results continued to be impacted by tough market conditions: Revenues
Strategic and Operational Overview May 11, 2016
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,
MEDIA RELEASE SIKA WITH STRONG GROWTH IN EMERGING MARKETS
DATUM 1 / 6 Zugerstrasse 50 6341 Baar, Switzerland www.sika.com CONTACT TELEPHONE E MAIL Dominik Slappnig Corporate Communications & Investor Relations +41 58 436 68 21 slappnig.dominik@ch.sika.com SIKA
THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai
THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic
Norwegian Air Shuttle ASA
Norwegian Air Shuttle ASA Q4 2015 Presentation 11 February 2016 Highlights Launched routes in Q4 to the Caribbean (Puerto Rico, St Croix, Martinique, Guadeloupe) and domestic Spain. New base in Italy in
Full year results. March 2012
2 0 1 1 Full year results March 2012 1 DISCLAIMER Safe Harbour Statement This presentation contains forward-looking statements (made pursuant to the safe harbour provisions of the Private Securities Litigation
PROVIDING SOLUTIONS. 3 rd Quarter 2013 Results Investor and Analyst Conference Call 14 November 2013, 2:00 p.m. CET. Experience growth.
PROVIDING SOLUTIONS 3 rd Quarter 2013 Results Investor and Analyst Conference Call 14 November 2013, 2:00 p.m. CET Experience growth. Highlights EBIT I in the first 9 months 556m (-11%) Fit for the future
Third quarter results as of December 31, 2014. Investor presentation
Third quarter results as of December 31, 2014 Investor presentation February, 26 th 2015 Disclaimer Certain statements included or incorporated by reference within this presentation may constitute forwardlooking
Investor Visit Danske Bank
Investor Visit Danske Bank Martin Primus Head of Financial Communication/ Financial Analysis, AUDI AG May 28, 2014 Audi Group Key figures 2013 1,605,926 Production Audi brand 10.1% Operating return on
ContiTerminal Press Conference
TOC Container Supply Chain Europe 2013 25 June 2013, Rotterdam Agenda Nikolai Setzer: Continental Customer in Focus Andreas Esser: Commercial Specialty Tires Strategy & Growth Michael Märtens: ContiTerminal
Summary of Consolidated Financial Statements for the Second Quarter of Fiscal Year Ending March 31, 2012 (Japanese GAAP)
This document is a translation of the Japanese financial statements and is not in conformity with accounting principles of the United States. Summary of Consolidated Financial Statements for the Second
Aalberts Industries increases earnings per share +10%
Aalberts Industries increases earnings per share +10% Langbroek, 26 February 2015 Highlights o Revenue EUR 2,201 million, increase +8% (organic +3.1%) o Operating profit (EBITA) +10% to EUR 247 million;
Presentation annual results 2013
Presentation annual results 2013 Amsterdam, 21 February 2014 René J. Takens, CEO Hielke H. Sybesma, CFO Jeroen M. Snijders Blok, COO Agenda 1. Accell Group in 2013 2. The Accell Group share 3. Financials
CONFERENCE CALL PRELIMINARY FIGURES FISCAL YEAR 2013
WELCOME DÜRR AKTIENGESELLSCHAFT CONFERENCE CALL PRELIMINARY FIGURES FISCAL YEAR 2013 Ralf W. Dieter, CEO Ralph Heuwing, CFO Bietigheim-Bissingen, February 25, 2014 www.durr.com DISCLAIMER This presentation
Fiscal Year Guidance Achieved Execution of Vision 2020 Begun
Fiscal Year Guidance Achieved Execution of Vision 2020 Begun Joe Kaeser, President and Chief Executive Officer of Siemens AG We delivered the results we originally promised for fiscal 2014 and made substantial
Q2 and Half-Year 2016 Results. July 21, 2016
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
Market Performance Report - For Business & Country
Brochure More information from http://www.researchandmarkets.com/reports/3107242/ Credit Card Issuing Lines Europe Report Description: CREDIT CARD ISSUING LINES EUROPE REPORT The Credit Card Issuing Lines
Drägerwerk AG & Co. KGaA Analyst Conference 2015. Frankfurt, March 11, 2015
Drägerwerk AG & Co. KGaA Analyst Conference 2015 Frankfurt, March 11, 2015 Disclaimer This presentation does not constitute an offer of securities for sale or a solicitation of an offer to purchase any
Sales increased 15 percent to $4.5 billion Earnings per Share increased 37 percent to $0.96 Operating Cash Flow increased 22 percent to $319 million
Contact: Mark Polzin (314) 982-1758 John Hastings (314) 982-8622 EMERSON REPORTS RECORD FIRST-QUARTER 2006 RESULTS Sales increased 15 percent to $4.5 billion Earnings per Share increased 37 percent to
2007/08 Annual Results
2007/08 Annual Results Outstanding 2007/08 financial year Continuing growth in 2008/09, enhanced by the integration of Vin & Sprit Net sales: 6,589 million (+9% (1) ) Profit from recurring operations:
PIERRE JEAN SIVIGNON FINANCIAL. Deputy Chief Executive Officer, Chief Financial Officer RESULTS
FULL YEAR RESULTS FINANCIAL RESULTS PIERRE JEAN SIVIGNON Deputy Chief Executive Officer, Chief Financial Officer FURTHER PROFIT GROWTH IN 2015 Variation at (in m) 2014 2015 (1) constant exch. rates Variation
Earnings Release Q3 2014 April 1 to June 30, 2014. Good Q3 Results Challenges in Energy Sector. Fiscal Year Outlook Confirmed. Financial Highlights*:
Good Q3 Results Challenges in Energy Sector Fiscal Year Outlook Confirmed Joe Kaeser, President and Chief Executive Officer of Siemens AG Financial Highlights*: While we made good progress in most areas,
Service Tax Planning - Expected Revenue Growth in FY 2015
Munich, Germany, May 7, 2015 Earnings Release FY 2015 January 1 to March 31, 2015 Portfolio gains drive income»for business volume, we performed well in our markets. The profitability of our Industrial
TomTom reports first quarter 2012 results
De Ruyterkade 154 1011 AC Amsterdam, The Netherlands corporate.tomtom.com ir@tomtom.com 25 April 2012 TomTom reports first quarter 2012 results Financial headlines - Group revenue of 233 million - Content
Willis Group Holdings. February 2014 I Bank of America Merrill Lynch Insurance Conference
Willis Group Holdings February 2014 I Bank of America Merrill Lynch Insurance Conference Disclaimer Important disclosures regarding forward-looking statements These presentations contain certain forward-looking
Press Release July 2015 www.vallourec.com
Press Release July 2015 www.vallourec.com Vallourec reports second quarter and first half 2015 results H1 2015 financial results continue to be affected by reduced demand: Revenues at 2,070 million, down
Earnings Release Q1 FY 2016 October 1 to December 31, 2015
Munich, Germany, January 25, 2016 Earnings Release FY 2016 October 1 to December 31, 2015 Strong start into the fiscal year earnings outlook raised»we delivered a strong quarter and are well underway in
2014 HALF YEAR RESULTS 4 September 2014
862m H1 2014 Revenues 2014 HALF YEAR RESULTS 4 September 2014 57% of Revenues for International in H1 2014 21,657 Employees In H1 2014 Disclaimer This presentation contains forward-looking statements (as
Direct Life Insurance Carrier Lines Europe Report
Brochure More information from http://www.researchandmarkets.com/reports/3106712/ Direct Life Insurance Carrier Lines Europe Report Description: DIRECT LIFE INSURANCE CARRIER LINES EUROPE REPORT The Direct
Full Year Results 2014
Full Year Results 2014 18 March 2015 Conference call on FY Results 2014 Corporate Finance & Investor Relations AGENDA FY 2014 results presentation Highlights 2014 Financials 2014 Outlook 2015 Appendix
INVESTOR PRESENTATION. SEPTEMBER 2014 elementcorp.com
INVESTOR PRESENTATION SEPTEMBER 2014 Certain information in this presentation is forward looking and related to anticipated financial performance, events and strategies. When used in this context, words
The investment fund statistics
The investment fund statistics Narodowy Bank Polski (NBP) publishes data reported by investment funds which have been defined in Art. 3 section 1 of the Act of 27 May 2004 on investment funds (Journal
Net interest-bearing debt at 30 June 2015 was DKK 560 million (30 June 2014: DKK 595 million).
H+H International A/S Interim financial report Company Announcement No. 327, 2015 H+H International A/S Dampfærgevej 3, 3rd Floor 2100 Copenhagen Ø Denmark Tel. +45 35 27 02 00 info@hplush.com www.hplush.com
Share Earnings per share in 0.16 0.30-48% Dividends per share in 0.503 0.50 0%
Q/26 Quarterly report Figures at a glance January through March 3 in million Jan. Mar. 3, 26 Jan. Mar. 3, 25 Change Key figures Revenue 36.4 324.3-2% (-%) by region Europe 227.4 23.3-2% (-%) Americas 7.6
Financial Results for the First Quarter Ended June 30, 2014
July 28, 2014 Company name : Nissan Motor Co., Ltd. Code no : 7201 (URL http://www.nissan-global.com/en/ir/) Representative : Carlos Ghosn, President Contact person : Joji
F i r s t - h a l f r e s u l t s. 30 July 2014
F i r s t - h a l f r e s u l t s 30 July 2014 Disclaimer This presentation does not constitute an offer of securities for sale in the United States of America or any other jurisdiction. Certain information
Logwin AG. Interim Financial Report as of 31 March 2015
Logwin AG Interim Financial Report as of 31 March 2015 Key Figures 1 January 31 March 2015 Earnings position In thousand EUR 2015 2014 Revenues Group 274,433 278,533 Change on 2014-1.5% Solutions 101,821
2015 Half-Year Results 23 July 2015
2015 Half-Year Results 23 July 2015 www.thalesgroup.com H1 2015 business environment 2 Aerospace Avionics: continued positive dynamics for cockpit avionics and IFEC Space: telecom market remains highly
PRESS RELEASE. Sales in the third quarter and first nine months of 2013
PRESS RELEASE Sales in the third quarter and first nine months of October 16 Organic growth for the first nine months: +5.5% Strong underlying dynamics across all businesses Impact of false safety alert
2015 Results and Prospects
PRESS RELEASE Paris, 23 March 2016 2015 Results and Prospects Revenues: 2,579.3 million, up 3.2% EBITDA: 342.0 million, an operating margin of 13.3% 2016 Objectives: revenues close to 3 billion and an
Earnings conference call. Q4 and Full year 2014
Earnings conference call Q4 and Full year 2014 Bo Annvik, CEO / Andreas Ekberg, CFO 12 February 2015 1 Agenda Business Highlights Market Update Sales Financials Restructuring Outlook 2 Business Highlights
Technical & Trade Schools Europe Report
Brochure More information from http://www.researchandmarkets.com/reports/3106479/ Technical & Trade Schools Europe Report Description: TECHNICAL & TRADE SCHOOLS EUROPE REPORT The Technical & Trade Schools
NEWS RELEASE 16 July 2008. Wolseley plc Pre-Close Period Trading Statement for the eleven months ended 30 June 2008
NEWS RELEASE 16 July 2008 Wolseley plc Pre-Close Period Trading Statement for the eleven months ended 30 June 2008 Wolseley plc, the world s largest specialist trade distributor of plumbing and heating
H & M Hennes & Mauritz AB
Full-year report (1 Dec - 30 Nov ) H & M Hennes & Mauritz AB Full-year report Full-year (1 December 30 November ) Well-received collections for all brands in the H&M Group resulted in good sales and increased
Good start to 2015 Quarterly financial statements as at 31 March 2015
plainpicture/fstop/ralf Hiemisch Good start to 205 7 May 205 Jörg Schneider Torsten Oletzky Torsten Jeworrek Agenda Munich Re (Group) 2 Munich Health 9 Business field ERGO 3 Reinsurance 9 Outlook 28 2
Q3 2007 Results Conference Call October 25, 2007. Bodo Uebber. Member of the Board of Management Finance & Controlling and Daimler Financial Services
Q3 2007 Results Conference Call October 25, 2007 Bodo Uebber Member of the Board of Management Finance & Controlling and Daimler Financial Services Impact of Chrysler transaction YTD 2007 Cash impact:
ON TRACK TO MEET FULL YEAR EXPECTATIONS. Overview. Strategic Highlights. Alison Cooper, Chief Executive, commented
ON TRACK TO MEET FULL YEAR EXPECTATIONS Overview First quarter performance in line with guidance and on track to meet full year outlook US business performing well and to plan Tobacco net revenue up 16.6%
Second Quarter and First Half 2015 Trading Update
Second Quarter and First Half 2015 Trading Update Trading Performance Year-on-Year Gross Profit Reported ( m) Constant 2015 2014 % % Q2 145.3 137.1 +6.0% +10.6% H1 281.0 263.7 +6.6% +10.8% Q2 Gross Profit
2014 EU-wide Stress Test
2014 EU-wide Stress Test Bank Name LEI Code DK - Sydbank GP5DT10VX1QRQUKVBK64 DK NUK_WL_NR_XX version 1809014 No restructuring 2014 EU-wide Stress Test 2014 EU-wide Stress Test Summary Adverse Scenario
Ludwigshafen, February 25, 2014
Ludwigshafen, February 25, 2014 Analyst Conference FY2013 Cautionary note regarding forward-looking statements This presentation may contain forward-looking statements that are subject to risks and uncertainties,
Merrill Lynch conference Living in a 1% world 8 October 2003. Richard Harvey. Group Chief Executive
Merrill Lynch conference Living in a 1% world 8 October 2003 Richard Harvey Group Chief Executive Disclaimer This presentation may contain certain forward-looking statements with respect to certain of
GrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014
GrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014 Schiphol, the Netherlands 18 March 2015. GrandVision N.V. publishes Full Year and Quarter 2014 results. 2014 Highlights Revenue grew
Nordex SE Conference Call FY 2014
Nordex SE Conference Call FY 2014 Frankfurt 23 March 2015 AGENDA 1. Highlights Dr. Jürgen Zeschky 2. Operational progress Dr. Jürgen Zeschky 3. Financials 2014 Bernard Schäferbarthold 4. Market development
Q1 Trading Update, FY 2011
ARYZTA AG Q1 Trading Update, FY 2011 29 November 2010 Forward Looking Statement This document contains forward looking statements which reflect management s current views and estimates. The forward looking
Stabilus at a glance. April 2014
Stabilus at a glance April 2014 Stabilus Overview Sales: 460mm Employees: ~4,000 Plants: 11 Sales by region 1 : Europe: 53% NAFTA: 34% Asia / RoW: 13% Automotive Industrial Gas springs Powerise Capital
Q1 2015 RESULTS (UNAUDITED)
Q1 2015 RESULTS (UNAUDITED) April 30, 2015 Consolidated financial statements as of March 31, 2015 were authorized for issue by the Board of Directors held on April 29, 2015 Q1 2015 highlights Sales of