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An IMAPINDUSTRIALS

Report

Automotive and ComponentsGlobal Report mdash 2010



F r om Det r oit t o Bei jing and

all point s in bet w een

IMAP Mamp A adv isor s connect the automotiv e industr y ar ound the w or ld

You put the vehicles on the roadThatrsquos your business And itrsquos ourbusiness to ensure that when yourcompany needs to expandinvestdivest or restructure the way is

paved or you

IMAP KNOWS HOW TO GET THE DEAL DONE

These recent closings demonstrateour reach and expertise in theautomotive industry

Undisclosed SellerPress parts manufacturer

for the automotive industry

Hungary

Acquired the shares of

ADVISED THE SELLER

Wild Manufacturing Group LtdHigh-precision automotive

engineering company

United Kingdom

MD Rebuilt Parts Detzen GmbH

Automotive parts remanufacturerGermany


ADVISED THE SELLER

Remaco Group LLCAutomotive parts remanufacturer

United States

Gong Zhu Lin AutomotiveComponents Co Ltd

Automotive interior trimming componentsmanufacturer

China

Acquired shares in

ADVISED THE BUYER

Antolin Group AutomotiveAutomotive Tier 1 supplier

Spain

TalhinT Plastics CorpAutomotive tool supplier

Canada


ADVISED THE SELLER

RevstoneAutomotive metal fabrication and supplier

United States

Wagon Wixom

Automotive roll formerUnited States

Acquired the assets of

ADVISED THE SELLER

ModineerRoll former of metal parts

United States



IMAPrsquos Automotive and Components Global Report - - 2010 Page 3

Lef Peugeot is working with Mitsubishi todevelop its own version o the i-MiEV electric

car The our-seater iOn will launch in Europeby the end o 2010 Fied with lithium-ion

baeries the iOn will have a range o130km and total power output o 47kW

(64bhp) and 180Nm o torque1

1 Source httpwwwindiaautomotivenet200909

peugeot-ion-electric-car-to-be-launchedhtml

An IMAPINDUSTRIALS

Report

IMAP Inc is a Delaware corporation Its regional rms are independently operating in various jurisdictions under a variety of

legal forms of organization References to IMAP transactions ofces locations and other similar associations should not imply

any form of IMAP ownership or agency over the local rms or cause any liability between the local rms and IMAP whatsoever

Contents(Click to Navigate)

Automotive Global Overview 4

MampA Activities in the Automotive Sector 5

Trends and Expected Growth Areas 6

Hybrid Vehicles 6

Low Cost Cars 7

Remanuactured Products 7

Topic Lithium Ion Baeries 8

Gov ernmentsrsquo Role 9

O v erall O utlook 9

Statistical Reerence (Appendices)

Leading Global Players A - i

MampA Metrics B - i

Growth Fundamentals C - i




Exacerbated by the economicslowdown the global automotivesector including auto manuacturingand auto component manuacturing(comprising engine parts electricalparts drive transmission and steeringparts suspension and braking partsequipment and others1) has contractedsignifcantly

The auto manuacturing industrywhich has always been a major drivero economic growth with 30 percentgrowth and creating nearly 60 million

jobs worldwide between 1995 and2005 witnessed a severe all in totalrevenues with a compound annualgrowth (CAGR) o ndash075 percentbetween 2004 and 2008

Similarly automobile components sawa CAGR o a mere 152 percent duringthe same period The industry shrunkas demand declined and contracted byalmost 18 percent during the frst halo 20092

1 For detailed sub-segment breakup please refer to Statisti-

cal Reference

2 Source httpdesignativeinfo20090818china-socialism-

consumer-behavior-the-worlds-biggest-automobile-maker-

and-market

The three big players in the US(GM Ford and Chrysler) whichrepresented 518 percent o the USmarket and 183 percent globallyin 2007 were punished under thepressure o the slowdown mdash GM andChrysler collapsed fled or Chapter 11bankruptcy and are now in the processo restructuring

Shi in dominanceWith the US reeling under theeconomic slowdown there has beena shi in dominance to Asia-Pacifcwhich is ast emerging as the nextautomobile production hub witha market share o 358 percent invalue in 2008 compared to 307percent by the US As a resultToyota and Nissan are ast gainingmarket share Toyota surpassed GM

as the largest manuacturer o carsin 2008 manuacturing 89 millionvehicles against GMrsquos 83 million

In Asia China surpassed Japan with avehicle production o 79 million(93 million in 2008) comparedto Japanrsquos 41 million (115 mil-lion in 2008) or the year endedJuly 2009 As a result Japaneseautomakers have restrictedcapital investment or 2009 ol-lowing earnings deterioration on

a global scale Toyota Motorswhich has always been a orerun-ner in expansion in internationalmarkets has decided to reducecapital investments to 830 bil-lion yen (93 billion USD) below1 trillion yen or the frst timein six years Similarly Hondamotors intends to reduce invest-

ments by 200 billion yen (22 billionUSD) and Mazda Motors plans to keepit at 30 billion yen (337 million USD)

China has been the ront runner in theauto marketrsquos recovery recording ayear-over-year growth o 48 percent inJune 2009 with 7 million units sharplyabove the 59 million unit peak reachedduring March 2008 prior to the globaleconomic slowdown3 From 2003 to2008 China doubled its automobileproduction whereas the US saw itsproduction decline by 50 percent

This leadership shi has been mainlyaributed to increased governmentemphasis on developing inrastructureand providing subsidies to Chineseautomobile manuacturers A cut inretail taxes and increased vehiclesubsidies in rural areas in China ledto a 38 percent year-over-year rise invehicle assemblies in June 2009In addition to Asia East European

3 Global Auto Report ndash Scotiabank Group dated July 31

2009

Economic decelerationslowed the auto industry

Source Datamonitor IM

Global Market Share By Region 2008

18392 1845119078

22034

17843

56005777 5975 6160 6252

809

859

921

981

1045

750

800

850

900

950

1000

1050

1100

500

700

900

100

300

500

700

900

100

2004 2005 2006 2007 2008

Auto prod n value ( USD mn ) Auto c ompo nen ts prodn value (U SD mn)

Auto Prodn Vol (mn) (RHS)

Source Datamonitor IMAP

Global Automotive Industry




countries such as Poland CzechRepublic and Hungary are becomingavored manuacturing destinationsThese countries have aracted hugeoreign direct investment (FDI) inthe recent past due to their closeproximity to Western Europe low

labor costs and skilled workorceSome Asian companies includingKorean car makers such as Hyundai

which sell theirautomobiles inWestern Europeancountries areshiing theirmanuacturing base to EasternEurope rather than importing them

to avoid taris Similarly a majorityo automobile component productionactivities are concentrated in Japan

China India and Thailand due to theavailability o cheap raw materials andincreasing demand or automotiveproducts rom the domestic marketAs a result companies like Johnson

Controls are increasing their ocus onemerging markets such as India andChina


The global slowdown also led to adecrease in MampA activities in 2009 with

the ocus shiing to Asia Through theend o September 2009 year-to-datetransaction value in the automotivesector was only USD 29 billioncomprising 44 deals compared to USD448 billion with 195 deals during all o20081

Asia accounted or the highest MampAactivities with 749 percent in terms ovalue while the US and Europe held only98 percent and 87 percent respectivelyIn 2008 the largest deal worth USD

318 billion took place in the Germanautomobile space between SchaeerKG and Continental whereas 2009rsquoslargest deal valued at USD 107 billionwas in Asia between Hyundai Motorsand Hyundai Mobis in South Korea Thiswas mainly due to the beer position oAsian countries than Western ones amidthe current economic slowdown

1 Only MampA deals have been considered Private placements

public offerings and share buybacks have been excluded

2 YTD As of Sept 30 2009

MampA declinesshis to Asia

MampA Activities at a Glance

Transaction Value (USD millions)

Top 5 deals

2008

448065

827

2009 YTD2

28906

786

Segment

Auto components

Automobile manufacturing

of deals

34

10

Value (USD

million)

13096

15810

Top 5 regions

Asia

Europe

Latin America

USCanada

Others

of deals

15

11

3

14

1

Value (USD mn

21662

2507

1846

2831

61

Top 5 countries

South Korea

United States

Russia

Brazil

China

of deals

3

12

2

2

5

Value (USD mn)

17990

2360

2005

1836

1238

Source Capital IQ IMAP

Global Market Share By Company 2008




Automotive sector expected to grow in 2010

Hybrid vehicles are next growth area

Future Outlook o Global Automotive Industry

Source Datamonitor estimates IMAP

19824 20027 20498 21353 22199

61196174 6232 6312 6415

1020

10891175

1276

1356

750

850

950

1050

1150

1250

1350

1450

500

700

900

1100

1300

1500

1700

1900

2100

2009e 2010e 2011e 2012e 2013e

Auto pr odn v alue (US D mn) Auto components v alue (US D mn)

Auto prodn Vol (mn) (RHS)

With the economy showing signs orevival the global auto industry in termso value is expected to pick up driven

by renewed demand mdash automobileproduction is expected to expandglobally at a CAGR o 25 percent andauto components at 029 percentbetween 2008 and 2013

The majority o growth in the globalautomobile industry is expected tocome rom Asia Pacifc (mainly Chinaand India) and the Middle East withdemand remaining at in the mature USand European markets While demand isexpected to be led by China India andthe Middle East manuacturing is likelyto be concentrated in Eastern Europedue to its close proximity to WesternEuropean nationsDemand rom India and China isexpected to go up driven by risingpopulation increasing per capitaincome improving inrastructure andlower impact o the global slowdown

Additionally auto-ownershippenetration in these countries is much

lower than in developed countriesindicating a huge potential (the US hasa large penetration o 765 vehicles per1000 people compared to just 401000in China and 81000 in India)

On the negative side demand romdeveloped economies such as the USand Germany is expected to remainstagnant as this market isalready saturated interms o high

penetrationandincreasingunemployndashment TheGermanAssociationo the AutomotiveIndustry (VDA) predicts that vehiclesales will drop to 26 million units in 2010rom 35 million estimated or 2009

Hybrid vehicles are expected towitness strong growth supported byenvironmental legislations by variousgovernments on the use o cleaner anduel ecient cars The global market

or hybrid vehicles is predicted toincrease to more than 11 million a yearby 2020 which is around 23 times themarket size in 20081 The number omodels is expected to increase romthe current base o 19 models in 2009to 150 by 2014 and 200 by20192

1 httpwwwiciscomArticles20090713

9231220lithium-producers-set-to-benet-

from-growth-in-hybrid-autoshtml

2 httpwwwazomcomnewsaspnewsID=19069

The European Union should be themain demand generator or thesevehicles with other developed andemerging economies ollowing suitDue to environmental concerns all

Western European countries levy someorm o CO2

tax on passenger carsFrance the UK and Luxembourg useCO

2emissions as the only actor or

car taxation whereas other countriesapply a combination o actors

including car price enginecapacity and CO

2

emissions




With at growth in the US Europe and Japanautomakers are targeting emerging markets

by oering no-rill cars to a larger sectiono the population

More remanuactured productsRemanuactured products are likely toincrease in popularity over the next fve toseven years due to their lower price pointsand competitive warranties (in addition toenvironmental benefts)

With the emphasis on higher economiccontribution per unit o productmanuactured remanuacturingregulations are expected to be tightenedin the uture to promote sustainablemanuacturing ie raising productivitywith lower resource and energyconsumption Moreover among variousremanuacturing methods independentremanuacturing (these frms work withoutcooperation with automotive producers ororiginal product suppliers) is expected tobe the most cost eective and have more

potential in the uture1

Automotive product remanuacturingaccounts or two-thirds o allremanuacturing and is a USD 53 billionindustry in the US and more than USD 100billion worldwide2 Around 50 percent ooriginal starter mechanisms are recoveredvia remanuacturing methods In the USitsel this can lead to yearly savings o82 million gallons o crude oil rom steelmanuacturing 51500 tons o iron ore and6000 tons o copper and other metals

Rebuilt engines require only 50 percent othe energy and 67 percent o the labor thatgoes into manuacturing new ones3

1 As per a study done by Hyung-Ju Kim Semih Severengiz

Steven J Skerlos and Guumlnther Seliger Independent remanu-

facturing is better than independent OEM (these rms produce

their remanufactured product by a limited cooperation with au-

tomotive producers or original product suppliers) and integrated

remanufacturing (these work with a closed cooperation with

original product suppliers) based on economic comparison

2 Economic and Environmental Assessment of Remanufacturing

in the Automotive Industry - Hyung-Ju Kim Semih Severengiz

Steven J Skerlos Guumlnther Seliger

3 httpapraorgAboutRemanasp

Similarly in Israel a green tax wasimposed rom August 2009 onwardswhich would make cars that pollutemore expensive On the other handoutsourcing o motor componentsis expected to see an upsurge dueto the increase in demand or hybridvehicles and continuous decrease inprices o these automobiles

Currently due to the limited volumeo hybrid vehicles and absence ostandardized technology acrossvarious companies manuacturing omotors and other hybrid componentsis done in-house To optimize thisopportunity motor componentmanuacturers must have a deepunderstanding o the specifcautomotive requirements and beresponsive to the supply-chainoperational and technical needs o

the hybrid automotive industry

Low cost car (LCC) segmentto receive a boost in utureWith at growth in the US Europeand Japan automakers are targetingemerging markets by oering no-rill cars (LCCs priced at USD 6000or less) to a larger section o thepopulation Even though marginsare razor thin (2ndash3 percent in thecase o the Tata Nano) volume

potential is huge According to astudy by AT Kearney in 20083 carspriced lower than USD 5000 havea very high volume potential inemerging markets such as IndiaThis sector has seen incrediblegrowth historically and is expectedto reach 175 million units globally by2020 This growth has been largelydriven by Asia especially India

3 httpwardsautocomarultra_cars_study_080828

with the exception o China whichexperienced a 5 percent decreasein this segment over the past fveyears due to increasing disposableincome As a result companies suchas GM Bajaj Nissan and Renault aremaking substantial investments inthis segment

However this segment has its shareo concerns very low margins theneed or an alternate distributionchannel compared to conventionalones and development o tailor-made marketing strategiesaccording to country as well as orexporting to other potential regionssuch as the Middle East Aricaand various countries in emergingmarkets Hence the chances ocomplete erosion o margins are highin the event the marketing strategy

is not eective enough

In the auto component sectorthe hybrid segment is conduciveor the entry o new frms withlean manuacturing techniquesthat can give them an advantageover established componentplayers Similarly established autocomponent manuacturers will haveto redesign their existing productportolio to avoid alling in the lowcost trap This entails the designing

o components rom scratch Forexample with the aunch o NanoGerman supplier Robert Boschhad to re-engineer somemotorcycle parts intoNano parts viz starterengine with the help oIndian engineers ratherthan their Europeancounterparts




Lithium ion (Li-ion) baeries are

expected to be the next disruptive1

technology in the automotive industryThe global Li-ion baery market orautomotive application in electricvehicles (EVs) and hybrid electricvehicles (HEVs) is expected to grow toUSD 218 billion by 2015 and USD 741billion by 2020 rom USD 319 million in2009

The main reason behind this growth isthe government emphasis on hybridvehicles to tackle environmental

concerns Governments in Japan Chinaand South Korea have been providingsubsidies to support their domesticLi-ion baery manuacturers Li-ionbaeries have a long driving range(at least 125 miles on a single charge)and increased lietime (minimum o 10years)

On similar lines the US governmentannounced a USD 2 billion stimuluspackage in 2009 to promote themanuacture o advanced baeriesin the US as an indirect responseto the growing dominance o Asiancountries in this segment The NationalAlliance or Advanced TransportationBaery Cell Manuacturecomprising 14US baerymanuacturerswas ormedin December2008 The USDepartment oEnergy has set

a target price oUSD 1700 to 3400 oran all-electric car baerythat will go 40 miles on a ullchargeSimilarly the introduction o highuel taxes in European countries

1 This term was coined by Dr Joseph Bower and Dr

Clayton Christensen of Harvard University in 1995 for an

innovation that fulls the requirements of some but not

most consumers better than the incumbent does That

gives it a toehold which allows room for improvement

and eventually dominance Source ldquoThe electric-fuel-

trade acid testrdquo ndash Economist dated Sep 03 2009

linking o vehicle and sales taxesto carbon emissions and stricterenvironmental legislations to curbCO

2emissions in the uture should

spur demand in the hybrid segmentFurthermore the European Union iscoming out with legislation wherebynew vehicles must limit emissionsto an average o 120 gkm by 2012compared with the current average oapproximately 160 gkm or diesel- andgasoline-powered cars

The expected rapid decline in currentcheaper technologies such as nickel-cadmium and lead-acid baeries by2013 due to stricter environmental

controls over the use o cadmium andlead is also a positive actor or growthin Li-ion technology Currently lead-acid baeries account or majority othe market

However Li-ion technology still hasmany challenges The high cost o Li-ion baeries acts as a deterrent toits easy adaptability According to areport released by the Department oEnergy in January 2009 the currentcost o Li-ion based baeries is

approximately three to fve timeshigher when compared to currentlyused technology o lead acid baeries

Lithium ion-baery business expected to growand NiMH Lightweight high energydensity Li-ion baeries that can enablea car to travel up to 300 miles on asingle charge can cost as much as USD

35000 which is the replacement costo a Tesla Motors Roadster2 Durabilityo Li-ion baeries is still untested as itis a new technology The ability to aaina 15-year lie (or 300000 HEV cycles or5000 EV cycles) is still not proved andcould be dicult to achieve

Competition rom nickel-metal hydrid(NiMH) baeries in the near term willalso act as a hurdle NiMH baeriesare much cheaper than Li-ion ones andare being used by many manuacturers

to produce cheaper EVs Additionallyto protect NiMH and lead acid baerymanuacturers the Chinese govern-ment has imposed certain restrictionson the usage o Li-ion baery vehicles3

Companies such as A123 AdvancedBaery Technologies (ABAT) AltairNanotechnologies GS Yuasa (worldrsquosthird largest Li-ion baery manuac-turer) China Sun Group (CSCG) Ener1(HEV) Hong Kong High Power Technol-ogy (HPJ) and Valence Technologies

(VLNC) that are currently ocusing inthe Li-ion sector in addition to NiMHand lead acid baeries are expectedto reap the benefts o the exponentialgrowth in this sector

Le Volvo is preparing a plug-in hybrid or releasein 2012 but has begun work on a ull electric solutionknown as the BEV (Baery Electric Vehicle) shown

The base or this is the compact C30 which hasbeen lef virtually unchanged rom its petrol

and diesel siblings The main dierence isunder the hood an electric motor replaces

the ossil-uel engine Engineers arestill deciding where to put the 24

kWh lithium-ion baery The twomost likely places are the propshaf tunnel and the area normallyreserved or a petrol diesel tank4

2 Source httpwwwazomcomnewsaspnewsID=19069

3 Source httpautonewsgasgoocomauto-news1011097

China-to-restrict-lithium-battery-vehicles-to-certain-city-

roadshtml

4 Source httpwwwworldcarfanscom109091721845

volvo-c30-electric-vehicle-project-announced

Topic




Government support to play important roleEven though the automobile sectoris expected to see an upswing rom2009 and 2010 onwards governmentsupport will remain crucial Thegovernmentrsquos role should not only belimited to reviving automobile demandbut also making sure that demand issustained

In response to the economic downturn

governments o most nations havebeen implementing a wide rangeo emergency economic measuresincluding tax incentives subsidies lowcarbon measures and initiatives aimedat local revitalization These measureswill need to be continued in the utureso that companies can sustain theirbusiness activities even amidstdeclining demand Governmentshave been providing support throughvarious ways to rejuvenate thesector For example the Japanese

government introduced tax incentivesand announced a stimulus package OnApril 1 2009 the government reducedthe tax on the purchase o new vehiclesthat met pre-defned uel eciencyand emissions criteria In additionEVs and HEVs are exempt rom taxesproviding a tax reduction o 150000yen (USD 1685) The government alsoannounced a stimulus package o568 trillion yen (USD 6266 billion) to

promote old vehicle replacement andsubsidies or new vehicle purchases1

The Russian government is oeringsubsidized auto loans which translatesinto subsidies on interest paymentsThis amounts to two-thirds o theCentral Bank o Russia (CBR)rsquosrefnancing rate which currently is 11percent on car loans The government

has also decided earlier to subsidizeinterest payments on cars worth up to600000 rubles (USD 20293) insteado 350000 rubles (USD 11837) andlowered the minimum down paymenton a car to 15 percent rom 30 percent2

Similarly the US government has alsoannounced a stimulus package oUSD 24 billion or electric vehicleswhich is in line with the governmentrsquosgoal o puing 1 million plug-in hybridvehicles on the road by 2015 However

government support has not beenentirely eective in all countries

Some countries have seen an artifcialdemand or cars which has nowdried up For example the Germangovernment provided a USD 713

1 httpwwwjama-englishjpeuropenews2009no_2art3

html

2 httpwwwfree-press-releasecom

news2009071248950228html

billion stimulus package in January2009 where customers received USD3250 or scrapping their old cars andpurchasing new ones As a result 2009sales picked up in a big way and areestimated to be 35 million cars or theyear With the stimulus und drying upin September 2009 sales are expectedto take a hit in 2010 with the number ocars sold alling to 1 million3

Similarly in the US which had set asideUSD 1 billion or the Cash or ClunkersProgram (USD 4500 discount or anew car) and then had to orcibly addanother USD 2 billion to the discountkiy With the unds or discountsdried up and an are diminished carmakers such as Toyota have cut theirproduction by 10 percent and haveeven shut down some plants4 Thesekinds o stimulus packages were moreo a temporary upsurge in demand

The role that governments arelikely to continue to play in shapingthis industry into the uture is hardto assess but there is sure to besubstantial and active governmentalinvolvement

3 httpwwwspiegeldeinternationalbu-

siness0151864671600html

4 httpseekingalphacomarticle159347-why-american-

car-manufacturers-fail

Overall outlookThe years 2008 and 2009 were tumultuous withall economies taking a major hit and demandcontracting at alarming levels As a result theautomotive sector bore the brunt o this collapsein the global economy However this scenario isexpected to improve rom 2010 onwards albeit at asluggish rate According to IMF estimates in July andSeptember 2009 economic growth was expectedto contract by 14 percent in 2009 and expand by 30percent in 2010 Similarly growth in the automotivesector is expected to improve rom 2010 onwardswith emerging markets uelling the growth storyRising demand or small and uel ecient carscoupled with government support in the orm o taxincentives and subsidies at various levels should alsogive an impetus to the auto segment






IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-i

Appendix A Global overview of automove industry

Business value chainThe global automotive industry can be classied into

bull Auto manufacturing

bull Auto component manufacturing

Auto manufacturing includes the production of passenger cars light commercial vehicles heavy trucks buses and

coaches Auto component manufacturing includes the production of all components required for the manufacturing

of automobiles Auto components can be sub-divided into the following categories

Sub-division Components

Engine Parts Pistons piston rings fuel delivery systems engine valves carburetors (largest

component)

Electrical Parts Starter motors spark plugs electric ignition systems (EIS) generators distributors

voltage regulators ignition coils ywheel magnetos

Drive Transmission and

Steering Parts

Steering systems gears axles wheels clutches

Suspension and Braking Parts Leaf springs shock absorbers brakes brake assemblies brake lining

Equipment Switches electric horns headlights halogen bulbs wiper motors dashboard

instruments other panel instruments

Others Sheet metal parts pressure die castings plastic moulded components fan belts

hydraulic pneumatic equipment

Source httpwwwautomotive-onlinecomauto-industryhtml

Snapshot of auto manufacturing sectorbull The global auto industry was battered by the economic slowdown as worldwide demand shrunk by almost

18 during the rst half of 20091 Even though the auto manufacturing industry has been a major driver of

economic growth (30 growth rate between 1995 and 2005 globally and generating 60 million jobs) the

industry has been facing a severe downturn

bull The global auto industry generated total revenues of USD 1784 trillion in 2008 representing a CAGR of ndash075 between 2004 and 20082

bull The top four automobile manufacturers constitute 376 of the global market with Toyota as the leader

with 128 market share (Market shares of the top four companies are available in the excel le)

bull With regard to automobile production by geography Asia Pacic commanded 358 in value in 2008

compared to 307 by the US China beat Japan (largest in 2008) in 2009 (till July 09) as the largest

automobile manufacturer in Asia Pacic with auto production totaling 93 million in 2008 and 79 million in

2009 (till July 09) while auto production in Japan decreased from 115 million to 41 million over the same

period Chinarsquos growth in automobile production has been driven by the increased government emphasis

on developing infrastructure and providing subsidies to Chinese automobile manufacturers Among

western countries Germany is the only developed country which saw an increase in sales (209 on a

YOY basis) driven by the German governmentrsquos subsidy policy3

bull The auto manufacturing industry was earlier dominated by the three big players in the US (GeneralMotors Ford and Chrysler) which represented 518 of the US market and 183 globally in 2007

However with the US economy crumbling under the recession and auto companies facing the pressure

of the slowdown two of the biggest players (GM and Chrysler) collapsed led for Chapter 11 bankruptcy

and are now in the process of restructuring As a result Toyota and Nissan are fast gaining market share

Toyota surpassed GM as the largest manufacturer of cars in 2008 manufacturing 89 million vehicles

against GMrsquos 83 million vehicles

1 Source httpdesignativeinfo20090818china-socialism-consumer-behavior-the-worlds-biggest-automobile-maker-and-market

2 Source Data Monitor - Global Automobile Report - March 2009

3 httpdesignativeinfo20090818china-socialism-consumer-behavior-the-worlds-biggest-automobile-maker-and-market



IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-ii

Future outlook of auto manufacturing sectorbull With developing countries in the East gaining expertise in automobile and component manufacturing and

demand for automobiles increasing in these countries most companies are now shifting their automobile

manufacturing from the West to the East China now specializes in components India in two wheelers and

small cars Indonesia in utility vehicles and Thailand in pickup trucks and passenger cars Consequently

most big automobile companies are setting up operations in these countries to leverage on the growing

demand and low cost production capabilitiesbull Manufacturing is also shifting towards East European countries due to their lowers costs and better

transport facilities Some Asian companies (including Korean car makers such as Hyundai) which sell their

automobiles in Western European countries are shifting their manufacturing base to Eastern Europe rather

than importing them to avoid tariffs

bull Demand from India and China is expected to increase driven by rising population increasing per capita

income improving infrastructure and lower impact of the global slowdown Additionally auto penetration

rates in these countries are much lower than those of developed countries indicating huge potential (US

765 vehicles1000 people China 40 vehicles1000 people India 8 vehicles1000 people)

bull With the economy reviving from the global economic slowdown the global auto industry is expected to pick

up due to renewed demand and expand globally at a CAGR of 25 between 2008 and 2013 Majority

of the demand for automobile is expected to be driven from the Asia Pacic (mainly China and India) and

Middle East regions with demand stagnating in the mature US and European markets

bull The contribution of hybrid cars in auto manufacturing is expected to increase in the future Worldwide

demand for light hybrid electric vehicles (HEVs) is estimated to reach 4 million units by 20154 Hybrid cars

currently form only 25 of total car sales with 15 models being sold in late 2008 Driven by burgeoning

energy costs and rising emission restrictions demand for hybrid cars is expected to increase going forward

bull As automotive markets in developed countries have matured emerging economies such as India and

China are expected to be the new hub of automotive manufacturing China has already overtaken the US

as the largest consumer of automobiles Moreover the recession-hit Big Three are now being overtaken by

Japanese car makers such as Toyota and Nissan which are emerging as the new leading players

Snapshot of auto component manufacturingbull

Like the automobile manufacturing sector the auto components segment has also seen declining growthrates between 2006 (34 YOY) and 2008 (15 YOY)

bull The global auto component sector increased from USD 560 billion in 2004 to USD 6252 billion in 2008

representing a CAGR of 28

bull The market for auto parts and equipment is highly fragmented with the top four players (Afnia Valeo

Delphiand Federal Morgul) accounting for less than 2 of aggregate global revenues On the other

hand the top four players in the tire and rubber market namely Bridgestone Michelin Goodyear and

Continental hold more than 64 of global revenues5

bull Majority of automobile production activities are concentrated in Japan China Indiaand Thailand due to

the availability of cheap raw materials and increasing demand for automotive products from the domestic

market

Future outlook of auto component manufacturingbull The auto component sector is expected to increase at a CAGR of 03 between 2008 and 2013 with

Asia being a major contributor to the growth story on account of increased manufacturing activity in India

China and Thailand This sector is expected to fall in terms of value by 21 YOY in 2009 on account of

the decline in automobile demand particularly from the US and Europe caused by the global economic

slowdown However driven by demand for fuel efcient cars auto component manufacturers in emerging

economies are likely to ourish

4 Source Factiva Toyota presentation

5 Source Factiva Datamonitor



IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-iii

Thumbnail summaries of top 10 vehicle manufacturers

1 Toyota (Japan)

Product portfolio Passenger cars recreational and sports uti li ty vehicles (SUVs) minivans and trucks Toyota is the market leader in hybrid cars and its Prius model is the worldrsquos best selling hybrid car Toyota sells 13 hybrid vehicle models in 50countries The company has 50 manufacturing facilities in 27 countries and is the leader in hybrid cars

Geographic coverage (2008) Japan (363) North America (297) Europe (14) Asia (12) and Central and South America Oceania Africa and the Middle East (8)

Future plans Emphasis on hybrid sales as the company plans to sell 1 million cars a year from 2010 onwards Total sales of hybridcars till August 2009 were 201 million (cumulative total from 1999) Launched an iQ ultra-efcient package vehicle in

Japan and Europe in 2008 The iQ was specically designed to reduce CO2 emissions and realize higher fuel efciencyThe company also plans to launch lithium-ion battery equipped plug-in hybrid vehicles for eet customers in the US andelsewhere by 2010

Cars manufactured (2008) 809 million (-40 YOY)

Financials (2008) Revenue USD 2299 billion (123 YOY) Operating Prot USD 199 billion (37 YOY) Net Income USD 15billion (69 YOY)

2 Volkswagen (Germany)

Product Portfolio Low consumption small cars to luxury class vehicles Company has nine brands from seven European countriesIn the commercial vehicles sector the company makes pickups buses and heavy trucks Leading brands includeVolkswagen Audi Bentley Bugatti Lamborghini Scania SEAT and Skoda

Geographic coverage (2008) Target market is 150 countries Germany (243) North America (112) South America (86) AsiaOceania(74) Africa (15) Rest of Europe (47)

Future plans The company has no eco-friendly car in its portfolio and plans to introduce E-UPp in 2013 This car is plannedto be an electric small car for the masses The car will have a 500-lb lithium-ion battery pack stored in the oorSupplementing that is a 15-foot roof mounted solar array as well as another 3 sq ft of solar cells mounted on

the back of the vehiclersquos sun visors The car can function for 63 miles between ve hour charges The companyopened a plant in Pune in March 2009 to build the Skoda Fabia compact car later in 2009 The hatchback versionof Volkswagen Polo specially developed for the Indian market will be added from 2010 onwards

Cars manufactured (2008) 63 million cars produced in 2008 (21 YOY)

Financials (2008) Revenue USD1665 billion (118 YOY) Operating Prot USD 977 billion (29 YOY) Net Income USD 696billion (234 YOY)

3 General Motors (US)

Product portfolio Cars trucks vans and utility vehicles

Geographic coverage (2008) America (593) Europe (218) Latin America (96) Asia Pacic (84) Others (1)


Financials (2008) Revenue USD 14898 billion (ndash177 YOY) Operating Prot ndashUSD 2128 million (439 million in 2007) NetIncome ndashUSD 3086 billion (ndash3873 billion in 2007)

Additional points Company led for Chapter 11 bankruptcy in June 2009 The company received USD 20 billion from the US governmentbefore the ling and will get another USD 30 billion post ling to see it through its restructuring and exit from bankruptcy

protection After providing aid the Canadian and Ontario governments will have a 125 stake in the company

4 Ford Motor Company (US)

Product Portfolio Cars in small medium large and premium segments trucks busesvans full size pick ups SUVs and vehiclesfor the medium and heavy segments

Geographic coverage (2008) North America (485) Europe (388) other regions (127)

Future plans In 2009 Ford plans to introduce upgraded gas and new hybrid versions of the Ford Fusion midsize sedan ahigh-performance Taurus SHO with an EcoBoost engine an upgraded Mercury Milan and new Milan Hybrid anupgraded Lincoln MKZ a Ford Flex and Lincoln MKS with a fuel-efcient EcoBoost engine and an all-new LincolnMKT premium crossover with EcoBoost In 2010 Ford plans to deliver a commercial battery powered vehiclefor eet customers and a battery-powered passenger vehicle in 2011 In 2012 Ford intends to deliver its thirdgeneration of hybrid vehicles including a plug-in version1


Financials (2008) Revenue USD 14628 billion (-152 YOY) Operating Prot ndashUSD 1187 billion (ndashUSD 644 million in 2007 ) NetIncome ndashUSD 1467 billion (ndashUSD 272 billion in 2007)

5 Daimler (Germany)Product Portfolio Premium passenger cars (Mercedes Benz is the largest contributor to revenue with 485 in 20082) cars Daimler

trucks Mercedes-Benz vans and Daimler buses

Geographic coverage (2008) Germany (228) Western Europe (251) US (187) Asia (144) Other American Countries (8) andOther Countries (111)

Future plans Moving towards hybrid vehicles To reduce CO2

emissions the company is working on lightweight componentsalternative propulsion systems such as hybrid drive and fuel cells and electronic systems The company also makeshybrid buses In June 2008 the company launched a new-generation van Sprinter Plug-In-Hybrid a diesel HEV


Financials (2008) Revenue USD 14029 billion (32 YOY) Operating Prot USD 799 billion (ndash250 YOY) Net Income USD197 billion (ndash638 YOY)

Additional points Pioneer in luxury cars The company has also developed eco-friendly electric cars in which the electric motor of the purely battery-powered BlueZERO E-CELL is combined with an additional three-cylinder turbocharged petrolengine These cars use fuel cell technology



IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-iv

6 Honda (Japan)

Product portfolio Passenger cars SUVs commercial vehicles special need vehicles utility vehicles and motorcycles Thecompany has two plants in Japan and other plants at the US (Ohio Alabama) Canada (Alliston) UK (Swindon)and Thailand (Ayutthaya)

Geographic coverage (2008) North America (508) Japan (171) Europe (125) Asia (109) and Rest of the World (87)

Future plans The company is moving towards developing hybrid cars Launched Civic Hybrid rst hybrid car in India in 2008

Cars manufactured (2008) 39 million (15 YOY)

Financials (2008) Revenue USD 10497 bill ion (107 YOY) Operating Prot USD 837 billion (144 YOY) Net Income USD

525 billion (36 YOY)

7 Nissan Motors (Japan)

Product portfolio Passenger cars trucks SUVs light utility vehiclesand mini vans Company is in a partnership with Renault for automobile manufacturing Renault holds a 443 stake in Nissan while Nissan owns 15 of Renault shares

Geographic coverage (2008) North America (408) Japan (232) Europe (199) and Rest of the World (161)

Future plans Alliance with Indian auto manufacturer Bajaj to introduce ultra low cost cars from 2011

Cars manufactured (2008) 35 million Nissan (23 YOY)

Financials (2008) Revenue USD 9467 bill ion (58 YOY) Operating Prot USD 693 billion (41 YOY) Net Income USD 422billion (70 YOY)

8 Fiat (Italy)

Product Portfolio Automobiles trucks wheel loaders excavators tele-handlers tractors The company has 10 plants of which 6are in Italy and 1 each in Poland India Argentina and Brazil

Geographic coverage (2007) Italy (241) Europe excluding Italy (401) North America (95) Mercosur (168) Others (96)

Future plans NA


Financials (2008) Revenue USD 8689 bill ion (85) Operating Prot USD 492 billion (ndash112 YOY) Net Income USD 236billion (ndash117 YOY)

9 BMW (Germany)

Product portfolio Automobiles and motorcycles The company owns three brands BMW MINI and Rolls Royce

Geographic coverage (2008) US (213) Germany (202) AfricaAsiaOceania (159) UK (92) Rest of Europe (297) Rest of America (37)

Future plans


Financials (2008) Revenue USD 7784 billion (16) Operating Prot USD 116 billion (ndash789 YOY) Net Income USD 474million (ndash889 YOY)

10Hyundai (South Korea)

Product portfol io Passenger vehicles recreational vehicles and commercial vehicles

Geographic coverage (2007) South Korea (547) North America (215) Europe (15) and Asia (88)

Future plans Electric version of i10 a small car which has already been launched in India The company also plans tointroduce a hybrid version that runs on LPG and lithium ion polymer batteries for Elantra


Financials (2008) Revenue USD 2925 billion (ndash112 YOY) Operating Prot USD 171 billion (ndash185 YOY) Net Income USD132 billion (ndash273 YOY)

Source Factiva Capital IQ Datamonitor Bloomberg



IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-v

Thumbnail summaries of top 20 auto component manufacturers6

1 Denso Corp (Japan)

Br ief description Japanese company engaged in the manufacture and sale of automobile par ts

Parts manufactured Thermal systems powertrain control systems electr ic systems

Customers Toyota accounted for 30 of sales

Geographic coverage (2008) Japan (569) Americas (174) Europe (129) Asia and Oceania (128)

Future plans Focus on parts for hybrid vehicles

Financials (2008) Revenue USD 352 billion (141 YOY) Operating Prot USD 305 billion (177 YOY) Net Income USD214 billion (218 YOY)

2 Johnson Controls (US)

Brief description Manufacturer of automotive interior systems and power solutions that optimize energy usage in batteries for

automobiles and hybrid cars

Parts manufactured Automotive interiors products that optimize energy usage in batteries for automobiles and HEVs

Customers Ford GM Chrysler Toyota Nissan

Geographic coverage (2008) US (351) Germany (105) Other European Countries (288) Other Foreign Countries (256)

Future plans Increasing focus on emerging markets such as India and China

Financials (2008) Revenue USD 3806 billion (99 YOY) Operating Prot USD 196 billion ( 92 YOY) Net Income USD

979 million (-218 YOY)

3 Bridgestone Corp (Japan)

Brief description Japan based manufacturing company in the tire segmentParts manufactured Tires

Customers Acushnet Company American Tire Distributors Holdings Toyota

Geographic coverage (2007) Americas (442) Japan (278) Europe (13) Other (13)

Future plans NA

Financials (2008) Revenue USD 3128 bill ion (87 YOY) Operating Prot USD 127 bill ion (-401 YOY) Net Income

USD 1006 million (-91 YOY)

4 Continental AG (Germany)

Brief description Germany based automotive industry supplier It is the fourth largest player in the tire market and market

leader in Europe in passenger and light truck tires winter tires and industrial tires

Parts manufactured Chassis hydraulic and electronic brake systems sensor systems telematics

Customers GM Ford AB Volvo DaimlerChrysler Maserati Cayman Audi AG Mercedes-Benz BMW Volkswagen

Paccar Porsche Toyota Kia Fiat and Suzuki

Geographic coverage (2008) NA

Future plans NA

Financials (2008) Revenue USD 3547 billion (560 YOY) Operating Prot USD -365 million (-1015 YOY) Net Income

USD -165 billion (-2177 YOY)

5 Aisin Seiki Co (Japan)

Br ief description Japanese company manufacturing auto components and housing related equipment

Parts manufactured Drivetrain components automatic transmissions manual transmissions car navigation systems brake and

chassis-related products and automobile body related products

Customers Toyota

Geographic coverage (2008) Japan (69)

Future plans NA

Financials (2008) Revenue USD 2362 bill ion (161 YOY) Operating Prot USD 158 bill ion (409YOY) Net Income

USD 8015 million (401 YOY)

6 Magna International Inc (Canada)

Brief description Diversied global automotive supplier

Parts manufactured Automotive systems assemblies modules and components

Customers Aston Martin BMW Chery Automobile Daimler Ferrari Fiat Honda Hyundai Mercedes Benz

Geographic coverage (2008) North America (499) Europe (477) Rest of the World (24)

Future plans NA

Financials (2008) Revenue USD 237 bi ll ion (-91 YOY) Operating Prot USD 530 mill ion (-533YOY) Net Income USD


6 Includes only listed companies and hence Robert Bosch (private company) which is one of the major players in this sector has been excluded



IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-vi

7 Michelin (France)

Brief description French based company which manufactures tires for passenger cars two-wheelers trucks agricultural equip-

ment and aircraft Largest tire manufacturer in the world with a 171 market share in 2008

Parts manufactured Tires

Customers NA

Geographic coverage (2008) Europe (497) North America (314) Others (189)

Future plans NAFinancials (2008) Revenue USD 2401 bill ion (40 YOY) Operating Prot USD 136 bill ion (-254 YOY) Net Income


8 Toyota Auto Body Co (Japan)

Brief description Japanese based company engaged in the manufacture and sale of automobiles automobile bodies

components and accessories

Parts manufactured Automobile parts

Customers NA


Future plans NA

Financials (2008) Revenue USD 1374 bill ion (122 YOY) Operating Prot USD 195 mil lion (176 YOY) Net Income


9 Goodyear Tire and Rubber Co (US)Brief description Leading tire maker in North America and Latin America and second largest tire maker in Europe owns the

two strongest brands in the tire industry Goodyear and Dunlop


Customers NA

Geographic coverage (2007) US (377) Germany (12) and Other Countries (503)

Future plans NA

Financials (2008) Revenue USD 1949 bill ion (-08 YOY) Operating Prot USD 749 mil lion (-221 YOY) Net Income

USD -77 million (-128 YOY)

10 Delphi Corp (US)

Brief description Leading supplier of auto components

Parts manufactured Vehicle electronics transportation components integrated systems modules other electronic equipment

Customers Ford Chrysler Renault Nissan Hyundai and VolkswagenGeographic coverage (2008) North America (425) Europe the Middle East and Africa (40) Asia Pacic (112) South America (63)

Future plans NA

Financials (2008) Revenue USD 1806 bill ion (-19 YOY) Operating Prot USD -1295 bil lion (02 YOY) Net Income

USD 304 billion (-1991 YOY)

11 ZF Friedrichshafen AG (Germany)

Brief Description Germany based automotive supplier

Parts manufactured Driveline and chassis products

Customers Audi BMW Daimler Trucks Nissan


Future plans NA

Financials (2007) Revenue USD 1731 billion

12 Faurecia (France)

Brief description Largest automotive seat maker in Europe

Parts manufactured Seats

Customers PSA Peugeot Citroen SA (24 of sales) Volkswagen (21) Renault-Nissan (12) Ford (11) BMW (8)

GM (6) Daimler (6) Chrysler (4) Hyundai (3) Toyota (2) and Other Vehicle Manufacturers (3)


Future plans NA

Financials (2008) Revenue USD 17575 bill ion (15 YOY) Operating Prot USD 133 mill ion (-195 YOY) Net Income

USD -841 million (USD-324 million 2007)



IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-vii

13 TRW Automotive (US)

Br ief description Diversied supplier of automotive systems modules and components

Parts manufactured Chassis systems engine valves body controls and engineered fasteners and components

Customers Volkswagen (178 of sales) GM (135) Ford (121) Chrysler (96)

Geographic coverage (2008) US (24) Germany (191) UK (4) Rest of the World (529)

Future plans NA

Financials (2008) Revenue USD 14995 billion (29 YOY) Operating Prot USD 464 million (-313YOY) Net IncomeUSD -779 million (-9656 YOY)

14 Lear Corporation (US)

Brief description Manufacturer of seating systems

Parts manufactured Seat systems

Customers GM (288 of sales) Ford (206) BMW (192) Other customers Daimler Chrysler PSA Volkswagen

Fiat Renault Nissan Hyundai Mazda Subaru and Toyota


Future plans NA

Financials (2008) NA

Additional points The company has led for Chapter 11 bankruptcy in 2009

15 Toyota Boshoku Corporation (Japan)

Brief description Japanese manufacturer of automobile parts and textile products

Parts manufactured Automobile interior components such as oor carpets and seats oor silencers door trims fender lines

bumpers engine undercovers automotive lters and power train components

Customers Aisin Seiki Honda Toyota


Future plans NA

Financials (2008) Revenue USD 1079 bill ion (165 YOY) Operating Prot USD 574 mil lion (387 YOY) Net Income USD

356 million (383 YOY)

16 Valeo SA (France)

Brief description French industr ial company focusing on auto components and modules for cars and trucks

Parts manufactured Lighting systems wiper systems interior controls electrical systems security systems engine management

systems compressors climate control engine cooling and transmission

Customers Ford GM PSA Peugeot Citroen Renault-Nissan Volkswagen (615 of revenues in 2007)

Geographic coverage (2007) Europe (676) North America (135) Asia (13) South America (59)

Future plans NA

Financials (2008) Revenue USD 1268 bill ion (-30 YOY) Operating Prot USD -76 mill ion (-1174YOY) Net Income


17 Hyundai Mobis (Korea)

Br ief Descript ion Korea based auto component manufacturer It has merged with Hyundai Autonet Co

Parts manufactured Chassis cockpit front-ends safety parts braking components combination parts injection parts and

wheel and deck modules

Customers Daimler Mercedes Benz Old Carco Volkswagen


Future plans NA

Financials (2008) Revenue USD 852 bill ion (-68 YOY) Operating Prot USD 108 bil lion (224YOY) Net Income USD


18 Visteon Corporation (US)

Brief Description Diversied company manufacturing electronic products

Parts manufactured Chassis powertrain and drive train products

Customers NA

Geographic coverage (2008) North America (352) Europe (253) South America (02)

Future plans NA

Financials (2008) Revenue USD 954 bill ion (-153 YOY) Operating Prot USD -94 mill ion (USD -63 mill ion 2007) Net

Income USD -681 million (USD -372 million)



IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-viii

19 Calsonic Kansei Corporation (Japan)

Brief description Japan-based comprehensive automotive parts manufacturer

Parts manufactured Module parts system products

Customers BMW Honda Jaguar Land Rover Nissan Toyota


Future plans NA



20 Sumitomo Electric Industries Ltd (Japan)

Brief description Japanese manufacturing company

Parts manufactured Wire harnesses rubber cushions hoses for automobiles automobile electrical parts and others

Customers Toyota

Geographic coverage (2008) Japan (619) Asia (147) Americas (13) Europe (104)

Future plans NA

Financials (2008) Revenue USD 2222 billion (1089 YOY) Operating Prot USD 13 billion (1184 YOY) Net Income


Source Factiva Capital IQ Datamonitor Company websites Bloomberg

Country Proles

1 China

Automobile production 88 million (2007) 93 million (2008) 82 million (till Aug 09)

Automobile exports 06 million (2007) 068 million (2008) 02 million (till Aug 09)

Share in global auto manufacturing in 2008 (in volume) 89

Vehicle penetration rate 401000 people

Major automobile companies SAIC FAW Car Co Beiqi Foton Mortors Dongfeng and BYD

Major factors driving auto industry (Positivenegative) High population emphasis on infrastructure by Government lower manufacturing

costs due to cheap raw material and labour costs lower vehicle penetration rates

2 Germany

Automobile production 2008 62 million (2007) 604 million (2008)

Automobile exports NA



Major automobile companies Volkswagen Audi BMW Daimler Porsche and Opel

Major factors driving auto industry (Positivenegative) Leader in European auto industry and state of the art technology but the negative factor is

the already higher penetration rate which has made the market a bit saturated

3 India





Major automobile companies Maruti Hyundai motors GM Ford Tata Bajaj Mahindra

Major factors driving auto industry (Positivenegative) High population lower manufacturing costs due to cheap raw material and labour

costs lower vehicle penetration rates increase in per capita income

4 Italy





Major automobile companies Fiat (70 domestic market share) Ferrari Lamborghini and Maserati

Major factors driving auto industry (Positivenegative) Dominant luxury car maker in Europe However most consumers are unable to

get the desired nancing for purchasing new automobiles and this is impacting

the industry Italy like most other European countries enjoys a relatively high car

penetration rate of 598 cars 1000 people



IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-ix

5 Japan

Automobile production 116 million (2007) 115 million (2008) 41 million (till Jul 09)

Automobile exports 65 million (2007) 67 million (2008) 17 million (Till July 2009)


Vehicle penetration rate NA

Major automobile companies Toyota Honda Nissan Suzuki Mitsubishi and Kawakasi

Major factors driving auto industry (Positivenegative) Recession has led to a huge decline in production in Japan and auto production has

fallen Also exports have seen a drastic decline in 2009

6 Korea

Automobile production 408 million (2007) 38 million (2008) 207 (till Aug 09)

Automobile exports 28 million (2007) 26 million (2008) 12 million (Till August 2009)



Major automobile companies Hyundai Motors (25 market share) and Kia Motors

Major factors driving auto industry (Positivenegative) Low cost of production expertise in auto component manufacturing However

recession has hit the industry which has resulted in drastic reduction in exports

(-293 in 2009 year to date)

7 USA





Major automobile companies GM Ford Chrysler

Major factors driving auto industry (Positivenegative) Market is saturated No future growth expected Two of the three major companies GM

and Chrysler (who were global leaders in the past years) have led for bankruptcy Fi-

nancial aid has been given by the Government to help restructure these companies

8 Russia





Major automobile companies AvtoVAZ Sollers GAZ Auto Plant

Major factors driving auto industry (Positivenegative) Low penetration rate of 188 cars per 1000 people

9 Canada

Automobile production 2008 26 million (2007) 207 million(2008)




Major automobile companies General Motors Chrysler Zenn Motor Company

Major factors driving auto industry (Positivenegative) Hit by recession due to which there has been slowdown in production

10 Brazil





Major automobile companies General Motors Volkswagen Fiat Renault and Troller

Major factors driving auto industry (Positivenegative) Cheap availability of raw material and labour support by Brazilian Government

proximity to USA



IMAPrsquos Automotive Industry Global Report -- 2010 Appendix A-x

11 Slovenia





Major automobile companies Renault through an agreement with local manufacturer Revoz

Major factors driving auto industry (Positivenegative) Highly technologically developed auto industry Export oriented automotivecomponent industry

12 Czech Republic





Major automobile companies Hyundai Motors Skoda Auto and TPCA( JV between Toyota and PSA Peugeot Citroen)

Major factors driving auto industry (Positivenegative) Very strong auto component sector has attracted a lot of FDI proximity to Western

Europe makes it a good destination for manufacturing due to low cost of inputs

13 Hungary





Major automobile companies Audi Opel and Suzuki

Major factors driving auto industry (Positivenegative) Hungarian automotive industry is expected to become a major automotive hub in

Europe due to its central position in EU This has resulted in high FDI investments

Major auto companies such as Daimler Renault and others are investing in

Hungary

14 Poland





Major automobile companies Honda BMW Peugeot OpelMercedes VolkswagenPorsche Lamborghini Nissan

VolvoToyota Isuzu Fiat Citroen Rolls-Royce and Ferrari

Major factors driving auto industry (Positivenegative) Low labour costs skilled workforce and close proximity to the western European

market

Source OICA Bloomberg ACEA Datamonitor SIAM



IMAPrsquos Automotive Industry Global Report -- 2010 Appendix B-i

Appendix B Automove Sector MampA Deals Summary

Automobile sector saw a total transaction value of USD 289 billion comprising of 44 deals in 2009 YTD compared to

USD 4481 billion with 195 deals during 2008 witnessing a decline of 935 Total number of deals1 in 2009 is 149

compared to 424 during the full year of 2008 but transaction details are not available for all the deals There has also

been a major decline in the largest deal and shift from Europe to Asia (effect of global economic slowdown) In 2008the largest deal of USD 318 billion was in German automobile space between Schaefer KG and Continental whereas

2009rsquos largest deal was in Asia between Hyundai Motors and Hyundai Mobis in South Korea valued at USD 107 billion

Particulars 2008 2009 YTD

Total Number of deals (includes only MampA) 424 151

Deals with available transaction value 195 44

Total Transaction Value (USD million) 448065 28906

Largest Deal Deal between Schaefer KG and

Continental worth USD 318 billion

Deal between Hyundai Motors and Hyundai

Mobis worth USD 107 billion

Top 5 deals as a of total deal value 827 786

Source Capital IQ

In terms of distribution of deals by business segments in 2009 auto components saw the majority of the deals both in

terms of volume (773) and value (590)

Segment of deals Value (USD million) Largest Deal in terms of Value

Auto Parts and Equipment 34 13097 Hyundai Mobis buying Hyundai Autonet Co Ltd for USD

7007 million

Automobile Manufacturers 10 15810 Hyundai Mobis acquired additional 584 stake in Hyundai

Motor Co for USD 10758 million

Source Capital IQ

In 2009 South Korea saw the highest transaction value of USD 1799 million with a total of 3 deals while US with 12

deals (maximum in volume) was at second position with USD 236 million in transaction value Asia was the leader

among the regions with USD 21662 million

Top 5 Countries of deals Value (USD million)

South Korea 3 17990

United States 12 2360

Russia 2 2005

Brazil 2 1836

China 5 1238

Region of deals Value (USD million)

Asia2 15 21662

Europe3 11 2507

Latin America 3 1846

USCanada 14 2831

Others4 1 61

Source Capital IQ

1 Only MampA deals have been considered Private placements public offerings and share buybacks have been excluded

2 Includes China India Hong Kong Indonesia Malaysia Russia

3 Includes France Netherlands Poland Romania Slovakia UK

4 Includes Australia



IMAPrsquos Automotive Industry Global Report -- 2010 Appendix Bii

Summary of Deals in the Automove Sector in 2009 by Country

Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)

South Korea 3 1799008 116

United States 12 2360- -

Russia 2 2005 - -Brazil 2 1836

06 -

China 5 123809 70

Netherlands 1 111202 -

Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906

Summary of Deals in the Automotive Sector in 2009 by Business Segments

Segments of Transactions

in 2009

Total TransactionValue in USD

million

Average EVRevenue (x)

Average EVEBITDA (x)

Automobile Manufacturers 10 1581 14 116

Auto Parts and Equipment 34 1310 04 41

Total 44 28906

Summary of Deals in the Automotive Sector in 2009 by Region

Continents of Transactions

in 2009Total Transaction

Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -

Latin America 3 1846 06 -

USCanada 14 2831 - -

Others 1 61 04 -

Total 44 28906

Source Capital I

Note Only the deals where transaction value is available have been considered



IMAPrsquos Automotive Industry Global Report -- 2010 Appendix C-i

Appendix C Growth Drivers

Drivers for the automobile sector

bull Environmental legislations on the use of cleaner and fuel efcient cars

o Due to environmental concerns all Western European countries levy some form of CO2 tax on passenger carsFrance UK and Luxembourg use CO

2emissions as the only factor for car taxation whereas other countries apply

a combination of factors including car price engine capacity and CO2

emissions

o Similarly in Israel a green tax has been imposed from August 2009 onwards which would make polluting cars

expensive

o These environmental regulations in turn have spurred growth in hybrid vehicles Annual production of electric

vehicles is expected to increase from the current base of 19 models in 2009 to 150 by 2014 and 200 by 20191

The global market for hybrid vehicles is predicted to increase to over 11 million vehicles a year by 2020 which is

around 23 times the market size in 20082

o Currently due to the limited volume of hybrid vehicles and absence of standardized technology across various

companies manufacturing of motors and other hybrid components is done in-house However with the expected

upsurge in demand for hybrid vehicles and continuous decrease in prices of these automobiles outsourcing of

motor requirements is round the corner To actualize this opportunity motor component manufactures must havea profound understanding of the specic automotive requirements and be aware of the operational supply chain

and technical needs of the hybrid automotive industry

bull Growth in emerging market

o Majority of growth in the global automobile industry is expected to come from India China and Eastern Europe

While demand is expected from China and India manufacturing is likely to be concentrated in Eastern Europe due

to its close proximity to Western European nations

o China has been the front runner in the auto marketrsquos recovery recording a YOY growth of 48 in June 2009 with 7

million units much above the 59 million unit peak reached during March 2008 prior to the sharp global economic

slowdown3 From 2003 to 2008 China doubled its automobile production whereas US saw its production decline

by 50

o Government stimulus and tax incentives coupled with rising disposable income are major catalysts behind the

revival in China and other emerging markets A cut in retail taxes and increased vehicle subsidies in rural areas inChina led to a 38 YOY rise in vehicle assemblies in June 2009 Similarly tax breaks in Brazil saw sales climb to

31 million units in June 09 a YOY rise of 21

bull Low cost car (LCC) segment

o With stagnant growth in the US Europe and Japan automakers are targeting emerging markets by offering no-

frill cars (LCCs priced at USD 6000 or less) to a larger section of the population Even though margins are razor

thin (2ndash3 in the case of Tata Nano) volume potential is huge As a result companies like GM Bajaj Nissan and

Renault are quickly venturing into this segment

o According to a study by AT Kearney in 20084 cars priced lower than USD 5000 have a very high volume potential

in emerging markets such as India This sector has seen incredible growth historically and is expected to reach

175 million units globally by 2020 largely driven by Asia especially India with the exception of China which has

experienced a 5 decrease in this segment over the past ve years due to increasing disposable income

o While there are immense opportunities in terms of volume considering the lower number of existing players thereare also numerous hurdles the foremost being very low margins and development of an alternate distribution

channel compared to conventional ones The market development strategy needs to be tailored for the particular

country as well as for exporting to other potential regions such as the Middle East Africa and various countries in

emerging markets So any wrong calculation during the launch of the product can erase margins completely

o The scope for established auto component manufacturers is the redesigning of their existing product portfolio

so as to avoid falling in the low cost trap This would entail designing of components from scratch For example


2 httpwwwiciscomArticles200907139231220lithium-producers-set-to-benet-from-growth-in-hybrid-autoshtml

3 Global Auto Report ndash Scotiabank Group dated July 31 2009




IMAPrsquos Automotive Industry Global Report -- 2010 Appendix C-ii

for the launch of Nano German supplier Robert Bosch had to re-engineer some of the motorcycle parts into

Nano parts viz the starter engine with the help of Indian engineers rather than their European counterparts

Similarly the scope for startup component suppliers to enter this segment is to learn new and lean manufacturing

techniques that can give them an advantage over other established component players

bull Trend towards remanufactured products

o With the emphasis on higher economic contribution per unit of product manufactured remanufacturing regulations

are expected to be tightened in future to promote sustainable manufacturing ie creating more productivity with

lower resource and energy consumption Remanufacturing helps in conserving energy raw material and landll

space and reducing air pollution

o Automotive product remanufacturing accounts for two-thirds of all remanufacturing and is a USD 53 billion industry

in the US and more than USD 100 billion worldwide5

o Around 50 of the original starter is recovered via remanufacturing methods In the US itself this can lead to

yearly savings of 82 million gallons of crude oil from steel manufacturing 51500 tons of iron ore and 6000 tons

of copper and other metals

o Rebuilt engines require only 50 of the energy and 67 of the labor that goes into manufacturing new engines

o Remanufactured products are likely to increase in popularity over the next 5ndash7 years due to their lower price

points and competitive warranties in addition to environmental benets Moreover the growing demand for

remanufactured engine control units higher priced technologically advanced products such as electric power

steering rack and pinion steering gears and higher priced diesel engines would also drive the remanufacturing

trend upward

o Moreover among various remanufacturing methods applied independent remanufacturing is expected to be the

most cost effective and would have more potential in the future6

Government support for this sector As a response to the economic downturn governments of all the nations have been implementing a wide range of

emergency economic measures including tax incentives subsidies low carbon measures and measures aimed at local

revitalization These measures will have to be continued even in the future so that these companies are able to sustain

their business activities amidst declining demand in sales Governments of each of the countries have been providing

support in its own ways with the sole aim of rejuvenating the lost growth in the sector

bull Japanese government has gone for tax incentive measures and stimulus package On April 1 2009 tax reductions

were provided for the purchase of new vehicles meeting dened fuel efciency and emissions criteria Also

Electric vehicles (EVs) and Hybrid Electric vehicles (HEVs) are exempt from taxes which provide a tax reduction

of 150000 yen or about 1125 Euros The government has also gone for a stimulus package of 568 trillion yen(427 billion Euros) for initiatives on old vehicle replacement and subsidies for new vehicle purchases7

bull Russian government has provided subsidized auto loans translating into subsidies on interest payments This

amounts to two-thirds of the Central Bank of Russias (CBR) renancing rate which currently is 11 on car loans

It has also decided to subsidize interest payments on cars worth up to 600000 rubles instead of 350000 rubles

earlier and lowered the minimum size of the down payment on a car to 15 from 308

However government backing has not seen positive synergy effects in all the countries Some of the countries have seen

only articial demand for cars and which have now dried up For example German government provided a USD 713billion

stimulus package in January 2009 where customers received USD 3250 for scraping out their old cars for purchase of

new cars Due to this sales for 2009 picked up big time and are estimated to be around 35 million cars But with the

stimulus fund drying up by September 2009 sales are expected to take a hit in 2010 with number of cars falling to 1 million

units9 Similarly US adopting the same strategy like Germany car makers like Toyota have cut their production by 10

and have closed a plant down10

The governmentrsquos role should not only be limited to reviving the demand for automobile but making sure that demand is

permanent Else the after effects are more damaging than benecial with huge job losses

5 Economic and Environmental Assessment of Remanufacturing in the Automotive Industry - Hyung-Ju Kim Semih Severengiz Steven J Skerlos Guumlnther Seliger

6 As per the study done by Hyung-Ju Kim Semih Severengiz Steven J Skerlos and Guumlnther Seliger Independent remanufacturing is better than Independent OEM and Integrated remanufac-

turing based on economic comparison

7 httpwwwjama-englishjpeuropenews2009no_2art3html

httpwwwfree-press-releasecomnews2009071248950228html

9 httpwwwspiegeldeinternationalbusiness0151864671600html

10 httpseekingalphacomarticle159347-why-american-car-manufacturers-fail




Every business daysomewhere in the world

an IMAP Advisor is closing

an MampA transaction

wwwimapcom



IMAPrsquos Automotive and Components Global Report- -

2010 Page 26

IMAPrsquos Industrials Team

For a comprehensive list of IMAP advisors and to discover how IMAP

can help you with your MampA transaction go to wwwimapcom

Argentina

Mario Hugo Azulaymarioazulayimapcom

Armando Fejlerarmandofejlerimapcom

Diego Galianadiegogalianaimapcom

Eduardo Rodriacuteguezeduardorodriguezimapcom

Brazil

Andre Pereiraandrepereiraimapcom

Finland

Terhi Alankoterhialankoimapcom

France

Michel Champsaurmichelchampsaurimapcom

Germany

Alexander Bolzalexanderbolzimapcom

Johannes Eckhard johanneseckhardimapcom

Christoph Kloberdanzchristophkloberdanzimapcom

Peter Muellerpetermuellerimapcom

Jan Steinbaecher jansteinbaecherimapcom

Wolfgang Wagnerwolfgangwagnerimapcom

Italy

Filippo Avidanolippoavidanoimapcom

Toni Ferrantetoniferranteimapcom

Spain

Francisco Asiacutes Gomez Ruizfranciscogomezimapcom

United Kingdom

Constantine Billerconstantinebillerimapcom

Robert Brionrobertbrionimapcom

Jon Hustler jonhustlerimapcom

Paul Jonespauljonesimapcom

United States

Brad Harsebradharseimapcom

Sco Isherwoodsisherwoodimapcom

Ted Johnstontedjohnstonimapcom




Cross-border MampA requires local knowledge andexperience IMAP advisors located around the world havesuccessully completed thousands o Mamp A transactions

Let IMAP help you with your MampA project in 2010

Other industry reports available rom IMAP

Alternative Energy Industry Global Report 2010

Computing amp Internet Sofware Global Report 2010

Food amp Beverage Industry Global Report 2010

For copies visit the ldquoIndustriesrdquo page o wwwimapcom



wwwimapcom

copy COPYRIGHT 2010 IMAP INC THIS REPORT AND THE INFORMATION HEREIN IS THE EXCLUSIVE DOMAIN

OF IMAP AND MAY NOT BE USED OR REPRINTED WITHOUT PE RMISSION CONTACT INFOIMAPCOM



F r om Det r oit t o Bei jing and

all point s in bet w een

IMAP Mamp A adv isor s connect the automotiv e industr y ar ound the w or ld

You put the vehicles on the roadThatrsquos your business And itrsquos ourbusiness to ensure that when yourcompany needs to expandinvestdivest or restructure the way is

paved or you

IMAP KNOWS HOW TO GET THE DEAL DONE

These recent closings demonstrateour reach and expertise in theautomotive industry

Undisclosed SellerPress parts manufacturer

for the automotive industry

Hungary


ADVISED THE SELLER

Wild Manufacturing Group LtdHigh-precision automotive

engineering company

United Kingdom

MD Rebuilt Parts Detzen GmbH

Automotive parts remanufacturerGermany


ADVISED THE SELLER

Remaco Group LLCAutomotive parts remanufacturer

United States

Gong Zhu Lin AutomotiveComponents Co Ltd

Automotive interior trimming componentsmanufacturer

China

Acquired shares in

ADVISED THE BUYER

Antolin Group AutomotiveAutomotive Tier 1 supplier

Spain

TalhinT Plastics CorpAutomotive tool supplier

Canada


ADVISED THE SELLER

RevstoneAutomotive metal fabrication and supplier

United States

Wagon Wixom

Automotive roll formerUnited States

Acquired the assets of

ADVISED THE SELLER

ModineerRoll former of metal parts

United States










An IMAPINDUSTRIALS

Report








Hybrid Vehicles 6

Low Cost Cars 7







MampA Metrics B - i










cal Reference



and-market










2009




18392 1845119078

22034

17843

56005777 5975 6160 6252

809

859

921

981

1045

750

800

850

900

950

1000

1050

1100

500

700

900

100

300

500

700

900

100

2004 2005 2006 2007 2008

























Top 5 deals

2008

448065

827

2009 YTD2

28906

786

Segment

Auto components


of deals

34

10

Value (USD

million)

13096

15810

Top 5 regions

Asia

Europe

Latin America

USCanada

Others

of deals

15

11

3

14

1

Value (USD mn

21662

2507

1846

2831

61

Top 5 countries

South Korea

United States

Russia

Brazil

China

of deals

3

12

2

2

5

Value (USD mn)

17990

2360

2005

1836

1238










19824 20027 20498 21353 22199

61196174 6232 6312 6415

1020

10891175

1276

1356

750

850

950

1050

1150

1250

1350

1450

500

700

900

1100

1300

1500

1700

1900

2100

2009e 2010e 2011e 2012e 2013e






















2

emissions







































































roadshtml



Topic















html


news2009071248950228html
























component)




Steering Parts






































































market













1 Toyota (Japan)






































6 Honda (Japan)













8 Fiat (Italy)



Future plans NA



9 BMW (Germany)



Future plans


































Future plans NA










Future plans NA







Customers Toyota


Future plans NA








Future plans NA







7 Michelin (France)




Customers NA








Customers NA


Future plans NA






Customers NA


Future plans NA



10 Delphi Corp (US)




Future plans NA








Future plans NA








Future plans NA











Future plans NA








Future plans NA









Future plans NA









Future plans NA









Future plans NA






Customers NA


Future plans NA











Future plans NA






Customers Toyota


Future plans NA




Country Proles

1 China








2 Germany








3 India








4 Italy













5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom












An IMAPINDUSTRIALS

Report








Hybrid Vehicles 6

Low Cost Cars 7







MampA Metrics B - i










cal Reference



and-market










2009




18392 1845119078

22034

17843

56005777 5975 6160 6252

809

859

921

981

1045

750

800

850

900

950

1000

1050

1100

500

700

900

100

300

500

700

900

100

2004 2005 2006 2007 2008

























Top 5 deals

2008

448065

827

2009 YTD2

28906

786

Segment

Auto components


of deals

34

10

Value (USD

million)

13096

15810

Top 5 regions

Asia

Europe

Latin America

USCanada

Others

of deals

15

11

3

14

1

Value (USD mn

21662

2507

1846

2831

61

Top 5 countries

South Korea

United States

Russia

Brazil

China

of deals

3

12

2

2

5

Value (USD mn)

17990

2360

2005

1836

1238










19824 20027 20498 21353 22199

61196174 6232 6312 6415

1020

10891175

1276

1356

750

850

950

1050

1150

1250

1350

1450

500

700

900

1100

1300

1500

1700

1900

2100

2009e 2010e 2011e 2012e 2013e






















2

emissions







































































roadshtml



Topic















html


news2009071248950228html
























component)




Steering Parts






































































market













1 Toyota (Japan)






































6 Honda (Japan)













8 Fiat (Italy)



Future plans NA



9 BMW (Germany)



Future plans


































Future plans NA










Future plans NA







Customers Toyota


Future plans NA








Future plans NA







7 Michelin (France)




Customers NA








Customers NA


Future plans NA






Customers NA


Future plans NA



10 Delphi Corp (US)




Future plans NA








Future plans NA








Future plans NA











Future plans NA








Future plans NA









Future plans NA









Future plans NA









Future plans NA






Customers NA


Future plans NA











Future plans NA






Customers Toyota


Future plans NA




Country Proles

1 China








2 Germany








3 India








4 Italy













5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom











cal Reference



and-market










2009




18392 1845119078

22034

17843

56005777 5975 6160 6252

809

859

921

981

1045

750

800

850

900

950

1000

1050

1100

500

700

900

100

300

500

700

900

100

2004 2005 2006 2007 2008

























Top 5 deals

2008

448065

827

2009 YTD2

28906

786

Segment

Auto components


of deals

34

10

Value (USD

million)

13096

15810

Top 5 regions

Asia

Europe

Latin America

USCanada

Others

of deals

15

11

3

14

1

Value (USD mn

21662

2507

1846

2831

61

Top 5 countries

South Korea

United States

Russia

Brazil

China

of deals

3

12

2

2

5

Value (USD mn)

17990

2360

2005

1836

1238










19824 20027 20498 21353 22199

61196174 6232 6312 6415

1020

10891175

1276

1356

750

850

950

1050

1150

1250

1350

1450

500

700

900

1100

1300

1500

1700

1900

2100

2009e 2010e 2011e 2012e 2013e






















2

emissions







































































roadshtml



Topic















html


news2009071248950228html
























component)




Steering Parts






































































market













1 Toyota (Japan)






































6 Honda (Japan)













8 Fiat (Italy)



Future plans NA



9 BMW (Germany)



Future plans


































Future plans NA










Future plans NA







Customers Toyota


Future plans NA








Future plans NA







7 Michelin (France)




Customers NA








Customers NA


Future plans NA






Customers NA


Future plans NA



10 Delphi Corp (US)




Future plans NA








Future plans NA








Future plans NA











Future plans NA








Future plans NA









Future plans NA









Future plans NA









Future plans NA






Customers NA


Future plans NA











Future plans NA






Customers Toyota


Future plans NA




Country Proles

1 China








2 Germany








3 India








4 Italy













5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom























Top 5 deals

2008

448065

827

2009 YTD2

28906

786

Segment

Auto components


of deals

34

10

Value (USD

million)

13096

15810

Top 5 regions

Asia

Europe

Latin America

USCanada

Others

of deals

15

11

3

14

1

Value (USD mn

21662

2507

1846

2831

61

Top 5 countries

South Korea

United States

Russia

Brazil

China

of deals

3

12

2

2

5

Value (USD mn)

17990

2360

2005

1836

1238










19824 20027 20498 21353 22199

61196174 6232 6312 6415

1020

10891175

1276

1356

750

850

950

1050

1150

1250

1350

1450

500

700

900

1100

1300

1500

1700

1900

2100

2009e 2010e 2011e 2012e 2013e






















2

emissions







































































roadshtml



Topic















html


news2009071248950228html
























component)




Steering Parts






































































market













1 Toyota (Japan)






































6 Honda (Japan)













8 Fiat (Italy)



Future plans NA



9 BMW (Germany)



Future plans


































Future plans NA










Future plans NA







Customers Toyota


Future plans NA








Future plans NA







7 Michelin (France)




Customers NA








Customers NA


Future plans NA






Customers NA


Future plans NA



10 Delphi Corp (US)




Future plans NA








Future plans NA








Future plans NA











Future plans NA








Future plans NA









Future plans NA









Future plans NA









Future plans NA






Customers NA


Future plans NA











Future plans NA






Customers Toyota


Future plans NA




Country Proles

1 China








2 Germany








3 India








4 Italy













5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom










19824 20027 20498 21353 22199

61196174 6232 6312 6415

1020

10891175

1276

1356

750

850

950

1050

1150

1250

1350

1450

500

700

900

1100

1300

1500

1700

1900

2100

2009e 2010e 2011e 2012e 2013e






















2

emissions







































































roadshtml



Topic















html


news2009071248950228html
























component)




Steering Parts






































































market













1 Toyota (Japan)






































6 Honda (Japan)













8 Fiat (Italy)



Future plans NA



9 BMW (Germany)



Future plans


































Future plans NA










Future plans NA







Customers Toyota


Future plans NA








Future plans NA







7 Michelin (France)




Customers NA








Customers NA


Future plans NA






Customers NA


Future plans NA



10 Delphi Corp (US)




Future plans NA








Future plans NA








Future plans NA











Future plans NA








Future plans NA









Future plans NA









Future plans NA









Future plans NA






Customers NA


Future plans NA











Future plans NA






Customers Toyota


Future plans NA




Country Proles

1 China








2 Germany








3 India








4 Italy













5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom









































































roadshtml



Topic















html


news2009071248950228html
























component)




Steering Parts






































































market













1 Toyota (Japan)






































6 Honda (Japan)













8 Fiat (Italy)



Future plans NA



9 BMW (Germany)



Future plans


































Future plans NA










Future plans NA







Customers Toyota


Future plans NA








Future plans NA







7 Michelin (France)




Customers NA








Customers NA


Future plans NA






Customers NA


Future plans NA



10 Delphi Corp (US)




Future plans NA








Future plans NA








Future plans NA











Future plans NA








Future plans NA









Future plans NA









Future plans NA









Future plans NA






Customers NA


Future plans NA











Future plans NA






Customers Toyota


Future plans NA




Country Proles

1 China








2 Germany








3 India








4 Italy













5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom









































roadshtml



Topic















html


news2009071248950228html
























component)




Steering Parts






































































market













1 Toyota (Japan)






































6 Honda (Japan)













8 Fiat (Italy)



Future plans NA



9 BMW (Germany)



Future plans


































Future plans NA










Future plans NA







Customers Toyota


Future plans NA








Future plans NA







7 Michelin (France)




Customers NA








Customers NA


Future plans NA






Customers NA


Future plans NA



10 Delphi Corp (US)




Future plans NA








Future plans NA








Future plans NA











Future plans NA








Future plans NA









Future plans NA









Future plans NA









Future plans NA






Customers NA


Future plans NA











Future plans NA






Customers Toyota


Future plans NA




Country Proles

1 China








2 Germany








3 India








4 Italy













5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom

















html


news2009071248950228html
























component)




Steering Parts






































































market













1 Toyota (Japan)






































6 Honda (Japan)













8 Fiat (Italy)



Future plans NA



9 BMW (Germany)



Future plans


































Future plans NA










Future plans NA







Customers Toyota


Future plans NA








Future plans NA







7 Michelin (France)




Customers NA








Customers NA


Future plans NA






Customers NA


Future plans NA



10 Delphi Corp (US)




Future plans NA








Future plans NA








Future plans NA











Future plans NA








Future plans NA









Future plans NA









Future plans NA









Future plans NA






Customers NA


Future plans NA











Future plans NA






Customers Toyota


Future plans NA




Country Proles

1 China








2 Germany








3 India








4 Italy













5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom


















component)




Steering Parts






































































market













1 Toyota (Japan)






































6 Honda (Japan)













8 Fiat (Italy)



Future plans NA



9 BMW (Germany)



Future plans


































Future plans NA










Future plans NA







Customers Toyota


Future plans NA








Future plans NA







7 Michelin (France)




Customers NA








Customers NA


Future plans NA






Customers NA


Future plans NA



10 Delphi Corp (US)




Future plans NA








Future plans NA








Future plans NA











Future plans NA








Future plans NA









Future plans NA









Future plans NA









Future plans NA






Customers NA


Future plans NA











Future plans NA






Customers Toyota


Future plans NA




Country Proles

1 China








2 Germany








3 India








4 Italy













5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom















component)




Steering Parts






































































market













1 Toyota (Japan)






































6 Honda (Japan)













8 Fiat (Italy)



Future plans NA



9 BMW (Germany)



Future plans


































Future plans NA










Future plans NA







Customers Toyota


Future plans NA








Future plans NA







7 Michelin (France)




Customers NA








Customers NA


Future plans NA






Customers NA


Future plans NA



10 Delphi Corp (US)




Future plans NA








Future plans NA








Future plans NA











Future plans NA








Future plans NA









Future plans NA









Future plans NA









Future plans NA






Customers NA


Future plans NA











Future plans NA






Customers Toyota


Future plans NA




Country Proles

1 China








2 Germany








3 India








4 Italy













5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom









































market













1 Toyota (Japan)






































6 Honda (Japan)













8 Fiat (Italy)



Future plans NA



9 BMW (Germany)



Future plans


































Future plans NA










Future plans NA







Customers Toyota


Future plans NA








Future plans NA







7 Michelin (France)




Customers NA








Customers NA


Future plans NA






Customers NA


Future plans NA



10 Delphi Corp (US)




Future plans NA








Future plans NA








Future plans NA











Future plans NA








Future plans NA









Future plans NA









Future plans NA









Future plans NA






Customers NA


Future plans NA











Future plans NA






Customers Toyota


Future plans NA




Country Proles

1 China








2 Germany








3 India








4 Italy













5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom







1 Toyota (Japan)






































6 Honda (Japan)













8 Fiat (Italy)



Future plans NA



9 BMW (Germany)



Future plans


































Future plans NA










Future plans NA







Customers Toyota


Future plans NA








Future plans NA







7 Michelin (France)




Customers NA








Customers NA


Future plans NA






Customers NA


Future plans NA



10 Delphi Corp (US)




Future plans NA








Future plans NA








Future plans NA











Future plans NA








Future plans NA









Future plans NA









Future plans NA









Future plans NA






Customers NA


Future plans NA











Future plans NA






Customers Toyota


Future plans NA




Country Proles

1 China








2 Germany








3 India








4 Italy













5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom






6 Honda (Japan)













8 Fiat (Italy)



Future plans NA



9 BMW (Germany)



Future plans


































Future plans NA










Future plans NA







Customers Toyota


Future plans NA








Future plans NA







7 Michelin (France)




Customers NA








Customers NA


Future plans NA






Customers NA


Future plans NA



10 Delphi Corp (US)




Future plans NA








Future plans NA








Future plans NA











Future plans NA








Future plans NA









Future plans NA









Future plans NA









Future plans NA






Customers NA


Future plans NA











Future plans NA






Customers Toyota


Future plans NA




Country Proles

1 China








2 Germany








3 India








4 Italy













5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom



























Future plans NA










Future plans NA







Customers Toyota


Future plans NA








Future plans NA







7 Michelin (France)




Customers NA








Customers NA


Future plans NA






Customers NA


Future plans NA



10 Delphi Corp (US)




Future plans NA








Future plans NA








Future plans NA











Future plans NA








Future plans NA









Future plans NA









Future plans NA









Future plans NA






Customers NA


Future plans NA











Future plans NA






Customers Toyota


Future plans NA




Country Proles

1 China








2 Germany








3 India








4 Italy













5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom






7 Michelin (France)




Customers NA








Customers NA


Future plans NA






Customers NA


Future plans NA



10 Delphi Corp (US)




Future plans NA








Future plans NA








Future plans NA











Future plans NA








Future plans NA









Future plans NA









Future plans NA









Future plans NA






Customers NA


Future plans NA











Future plans NA






Customers Toyota


Future plans NA




Country Proles

1 China








2 Germany








3 India








4 Italy













5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom











Future plans NA








Future plans NA









Future plans NA









Future plans NA









Future plans NA






Customers NA


Future plans NA











Future plans NA






Customers Toyota


Future plans NA




Country Proles

1 China








2 Germany








3 India








4 Italy













5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom











Future plans NA






Customers Toyota


Future plans NA




Country Proles

1 China








2 Germany








3 India








4 Italy













5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom






5 Japan








6 Korea









7 USA









8 Russia







9 Canada







10 Brazil







proximity to USA




11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom






11 Slovenia







12 Czech Republic








13 Hungary









Hungary

14 Poland








market




















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom





















Source Capital IQ





7007 million



Source Capital IQ





South Korea 3 17990


Russia 2 2005

Brazil 2 1836

China 5 1238


Asia2 15 21662

Europe3 11 2507


USCanada 14 2831

Others4 1 61

Source Capital IQ









Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom







Country

of

Transactions

in 2009

Total Transaction

Value (USD

million)

Average EV

Revenue (x)

Average

EVEBITDA (x)




06 -

China 5 123809 70


Slovakia 1 670- -

UK 3 587- -

Canada 2 471- -

Thailand 1 18103 -

Vietnam 1 14713 -

France 2 104- -

Australia 1 61 04 -

Indonesia 1 4705 33

Hong Kong 1 4520 -

Poland 1 3101 -

Argentina 1 10- -

India 2 0502 21

Malaysia 1 0500 -

Romania 1 04- -

Total 44 28906



in 2009


million





Total 44 28906




Value in USDmillion



Asia 15 21662 0860

Europe 11 2507 04 -



Others 1 61 04 -

Total 44 28906

Source Capital I











emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom












emissions


expensive

















by 50













































trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom

























trend upward






































wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom









wwwimapcom




2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom






2010 Page 26




Argentina





Brazil


Finland


France


Germany







Italy



Spain


United Kingdom





United States
















wwwimapcom















wwwimapcom





wwwimapcom



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