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Knowledge

In: Business and Management

Submitted By avadhesh
Words 3220
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Eicher Motors Ltd.

Investor Presentation

In this Presentation
1

Eicher Motors Limited - Journey So far...
Eicher Motors Limited Overview
India’s Economic Growth and Opportunities for Commercial Vehicles Volvo Eicher Commercial Vehicles Limited

 

2
3 4

Eicher Trucks & Buses
Volvo Trucks India

Eicher Engineering Components & Eicher Engineering Solutions  Heavy Duty Breakthrough  Medium Duty Engine Project 5 6 Royal Enfield Financials

Investor Presentation

2

Eicher Motors Limited – Journey so far…

India’s first tractor rolls out of Eicher factory in Faridabad

Forms JV with AB

Royal Enfield motorcycles acquired

Enters HD trucks segment

Volvo of Sweden; transfers CV business to the JV

1959

1984
JV with Mitsubishi Motors to make ‘Canter’ trucks

1991

1993
JV with Mitsubishi ended, enters MD bus segment

2002

2005
Divests tractor and allied businesses to focus on CV and motorcycle businesses

2008

Investor Presentation

3

Moving forward...
1 Eicher Motors Limited - Journey So far...

2
3 4

Eicher Motors Limited Overview
India’s Economic Growth and Opportunities for Commercial Vehicles Volvo Eicher Commercial Vehicles Limited

 

Eicher Trucks & Buses
Volvo Trucks India

Eicher Engineering Components & Eicher Engineering Solutions  Heavy Duty Breakthrough  Medium Duty Engine Project 5 6 Royal Enfield Financials

Investor Presentation

4

Eicher Motors Limited Overview
Retail Investors
11.8%

Institutional Investors
24.6%

Volvo A.B.
8.4% 55.2%

Promoter Group

45.6%

EML
54.4%

Volvo Eicher Commercial Vehicles
Investor Presentation

Royal Enfield

5

Eicher Management Philosophy
Break-through Market Business Model
 An evolved business model with 50+ years of experience in automotive space in India, that:  In-depth customer insights and market understanding  Best-in-class Capital Optimization:  Frugal engineering practices  Extensive knowledge of suppliers  Operational Excellence  Global Quality Standards

Established Corporate Governance
 Fully empowered management teams  Regular board meetings, every two months - full review with management  Strategic quarterly reviews and regular monthly operations review  Product board, Quality board, Customer Satisfaction board, Soft products board (aftermarket) held every quarter along with other statutory meetings

Strong Values
 Corporate conduct rooted in highest standards of ethics, integrity and transparency  Highly professional work ethic based on mutual respect  Very strong HR and IR culture and brand  Long-term orientation  Long history of institutionalized CSR and community activities

Investor Presentation

6

Established Governance Structure

EML Board
 S Sandilya: Non-executive Chairman  Siddhartha Lal: Managing Director & CEO  RL Ravichandran: Executive Director  Priya Brat: Independent Director  MJ Subbiah: Independent Director  Prateek Jalan: Independent Director

VECV Board
 Par Ostberg: Non-executive Chairman & Volvo nominated director  Bertil Thoren: Volvo nominated director  Joakim Hjerpe: Volvo nominated director  Siddhartha Lal: Managing Director & Eicher nominated director  Raul Rai: Eicher nominated director  Prateek Jalan: Eicher nominated director

Investor Presentation

7

Moving forward...
1 Eicher Motors Limited - Journey So far...

2
3

Eicher Motors Limited Overview

India’s economic growth and opportunities for Commercial Vehicles
Volvo Eicher Commercial Vehicles Limited
 

4

Eicher Trucks & Buses Volvo Trucks India

Eicher Engineering Components & Eicher Engineering Solutions  Heavy Duty Breakthrough  Medium Duty Engine Project


5 6

Royal Enfield Financials

Investor Presentation

8

India’s strong and sustained economic growth with increasing focus on infrastructure...
GDP Growth - Trends
12 10 8.5 8 6 4.4 4 2 5.8 3.8 7.5 6.7 9.5 9.8 9

Increasing Focus on Infrastructure
 
7.2
6.9

Govt. proposes 4,500 BINR investment in 12th five year plan‘12 -’17 Targets total Infrastructure spending of 9% of GDP by 2014 Highway construction target of 20 kms a day by 2012 vs current level of 12 kms a day Targets to construct 35,000 km of highways in five years under the National Highways Development Program. Plan to increase port capacity - 95% by volume and 70% by value of India’s external trade takes place through ports Traffic at ports across India projected to grow at 11% CAGR during the new decade (2011 – ’20)






0



*Source – CMIE, RBI

Investor Presentation

9

…presents significant opportunities for surge in commercial vehicles industry
500000 450000 400000 Sales Volumes (Units) 350000 300000 250000 200000 150000 100000 50000 0 2003 Bus 2004 2005 2006 LMD Trucks 2007 Exports 2008 2009 2010 Growth (%) 15
100049 88701

60 447318 48.8 405259 345522 30.3 268809 206369 8.1 10.4 1.9 -12.9 -11.1 10 0 -10 -20 2011 290520 18.9 352141 306573 272434 50 40 30 20 % Growth % Growth

HD Trucks

Total industry
200000

Sales Volume (Units)

-11.3

5 -5

100000

0

-15
Q2' 2011 Q2' 2012

Investor Presentation

10

Moving forward...
1 Eicher Motors Limited - Journey So far...

2
3 4

Eicher Motors Limited Overview
India’s economic growth and opportunities for Commercial Vehicles

Volvo Eicher Commercial Vehicles Limited  Eicher Trucks & Buses  Volvo Trucks India  Eicher Engineering Components & Eicher Engineering Solutions  Heavy Duty Breakthrough  Medium Duty Engine Project
Royal Enfield
Financials
11

5
6
Investor Presentation

VECV was established in 2008 with strong parentage

Eicher strengths
VECV vision
 

Volvo strengths
 

  

Leadership in LD / MD segments Specialist skills and experience in developing low cost, better performance products Wide dealer network After sales infrastructure for LD / MD Cost effective operations

“To be recognised as the industry leader driving modernisation in commercial transportation in India and the developing Volvo demerged Eicher transferred its Volvo Truck India’s world” CV, components and engineering solutions businesses into VECV

Global expertise Leadership in product technology  Good infrastructure facilities  Well-defined processes and controls  Brand image and customer relationships

sales & distribution business from Volvo India Pvt Ltd.

Investor Presentation

12

VECV milestones
          Dec 2007: Signing of Letter of intent May 2008: Signing of definitive agreements Jul – Aug 2008: Commencement of JV Dec 2008: Volvo Board Visit Mar 2009: Launch of Quality Improvement CSI-1 Initiative April 2009: Inauguration of the new gear plant at Dewas Jan 2010: Launch of VE-series of Eicher HD trucks June 2010: Launch of MDE Project July 2010: Vinod Aggarwal takes over as CEO October 2010: Groundbreaking ceremony of MDEP plant site

May 2008: Signing of definitive agreements

Investor Presentation

13

VECV Overview

Eicher Trucks & Buses

Volvo Trucks India

Eicher Engineering Components

Eicher Engineering Solutions

Medium Duty Engine Project

Investor Presentation

14

Eicher Trucks and Buses – Ambitions to achieve global benchmarks in product development and manufacturing capabilities
Facility located at: Pithampur        State-of-the art manufacturing facility spread over 85 acres Annual Capacity = 48,000; upgrading to 100,000 Capabilities for machining and assembly of engines, gearboxes and axles Lean and scalable manufacturing setup Cab weld shop with robotic welding 100% hot test of engines CED Paint shop commissioned for capacity of 90,000 trucks per year




  



Focus on adopting world class quality standards to become No. 1 in Customer Satisfaction Product Development- Frugal Engineering driving future technology R&D expenditure of 2-3 % of net sales Fully equipped Vehicle & Engine development center with Fatigue lab Developmental support for technologies of Euro 5 & Euro 6 Volvo Group global requirement Complete virtual vehicle integration & different simulations to carry out DFA, DFS failures simulations

Investor Presentation

15

Eicher Trucks & Buses is its widening product range and further strengthening its already extensive distribution and after market network
Distribution and after market Network Product Range

L/MD, 5-12 Ton GVW Range

HD, 16-40 Ton GVW Range

Buses, 21 69 seater

Launched in 2011
Dealerships (141) Service Centers (62)

Semi Low Floor City Buses

25 Ton tipper

Investor Presentation

16

Eicher Trucks and Buses recorded highest ever volume in 2010, continues to outgrow industry in 2011
60000
57.4%

70%
48337 45.4%
3108

50000
Sales Volume (Units)

50%

40000 30000
20452 16.6% 23839
1455 2345 3781

38181
2717

6496 7352 26.6%

26853
1883 2773 3236

30136 12.6% 3857
4501 2078

4819

23775 12.2%
2533 2942 2496

24264
2665 3282 1424

4219

10%
2.1%
31381 26426

20000
14063

10000 0

1114 1392 953 10604

1232 2027 3018

14175

16258

18961

19700

-10%

15804

16893

-21.1%

-30% 2003 2004 Exports 2005 2006 Buses 2007 2008 2009 16 T & above Trucks
15000

2010 2011 % Growth

Sales Volume (Units)

10000 5000 0

10907
1407 6641 2127
732

11864
1906 6472 2784
702

Q2'2011
Investor Presentation

Q2' 2012

17

% Growth

8.8%

% Growth

30%

Volvo Trucks India is the leader in specialised high end trucks; created high end mining tipper segment
1200 Sales Volumes (Units) 1000 800 75.9 58.3 802 706 31.5 12.3 18.2 -5.1 -36.1 22.7 948 900 1104 100 80 60 40

FH520: The most powerful truck on Indian roads!

600 400 200 0
195

543 343

610

20
0 -20 -40

Growth (%)

Mining Tipper

-60
2003 2004 2005 2006 2007 2008 2009 2010 2011

200 Sales Volumes (Units)
Aviation refueller

24.6
152 122

100

-20 -70
Q2'2011 Q2' 2012

50
0

Investor Presentation

18

% Growth

150

30

Volvo Trucks India has a unique distribution and after market model

Investor Presentation

19

Overview of EEC & EES
Eicher Engineering Components (EEC)
Plants at: Thane, Dewas , Pithampur  Supplier of drive line components and aggregates - gear box assembly, , transmission gears and shafts Caters to full requirements of Eicher Trucks & Buses and supplier to the Volvo Group

Eicher Engineering Solutions (EES)
  Location : Delhi, Michigan, Shanghai and Beijing Design, development and consultation services for customised engineering solutions. Acquired Design Intent Engineering (DIE), Michigan in 2005 & Hoff & Associates (HAI), Michigan in 2007







Services a global client base including OEMs e.g., John Deere, Caterpillar, CNH



Comprehensive product development services (Class A surfacing, CAD, CAE, prototyping) with a strong offshore Delivery model.
Competencies for Volvo Group, VECV, EEC



Investor Presentation

20

Eicher Truck & Buses is widening reach in overseas markets
3500 Export Volume (units) 3000 2500 2000 1500 1000 500 0 2003 0 2004 2005 2006 2007 2008 Export Volume % Growth 2009 2010 1114 1232 10.6 1883 18.1 1455 10.4 5.2 2.0 2011 29.4 2078 2533 21.9 14.4 2665 2717 3108 35 30 % Growth 702
15 13 11 9 7 5 3 1 -1 -3 -5 -7 -9 -11 -13 -15

25 20 15 10 5 0

    

Presence in 22 countries
Export Volume (Units)

Homologation in 10 countries KD Assembly operations in Egypt, Kenya, Bangladesh & Mauritius Local Bus body building facilities in Egypt, Turkey, Mauritius, Nepal & Bangladesh Volvo and ETB jointly exploring opportunities in ASEAN and Africa

1000 900 800 700 600 500 400 300 200 100 0

732

-4.1

Q2' 2011 Investor Presentation

Q2' 2012

21

% Growth

Breakthrough into Heavy Duty category is critical to VECV....early success is evident
8000 7000 6000 5000 Sales Volume 4000 3000 2000 1000 0 2006 2007 2008 2009 2010
2500 2000 1906 1407

7352 3.1% 3.5% 3.0% 2.3% 4501 2.0% 4219 1.5% 2496 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 2011

1.7% 3236

1.1%
1424



In 2008, an extensive study was initiated in ETB to gather deep insights strategy required in the Heavy Duty segment The study spanned customers, after market, product and operations 1st phase of insights implemented

  

1500
1000 500 0

4.8%

5%

2.7%

3%

HD trucks have rapidly acquired market share since 2010
22

1%

Q2' 2011

Q2' 2012

Investor Presentation

Medium Duty Engine Project will provide technological advantage and cushion in times of adverse business cycle
 Futuristic global engine platform to power the medium duty range of trucks within Volvo group and Eicher Truck VECV will manufacture Euro 3 and 4 compliant engines and Euro 5 & 6 base engine. The engines will be of 5 & 8 litre capacity New facility in Pithampur to be the Global Manufacturing hub and Industrial base Investment of ~5000 MINR for the state-of-the-art facility Will be operational by December 2012 Annual Production capacity - 100000 engines.



   

Siddhartha Lal - MD, VE Commercial Vehicles & Peter Karlsten - President & CEO, Volvo Power Train at the MDE Project groundbreaking ceremony, October 2010
Investor Presentation

23

VECV - Wanted position in 2015

Wanted position 2015: Strategic
 Most innovative products covering entire range  Comprehensive network  Proactive solution / service provider  Lean organization
Sales in units

Wanted position 2015: Operations
Market share (2015)

Seen as a leading CV group in India

Bus 100,000 LD/MD HD

100,000 including 11000 exports

80,000 60,000

17,500

16%

38181 inclusive of 2717 exports

36,400

35%

Recognized competitive advantages

 Best fuel economy  Reliable products  Superior service quality  Safety and comfort setting industry standards

40,000 4819 20,000 0 26425 4219 2010 2015 44,000
15%

"Best of both" company culture

 Culture incorporating best of Eicher values and Volvo Way  Professionalism, honesty,  people caring to attract best talents in industry

 Long term operating margin target >8% over a business cycle  Customer satisfaction to reach >80%

Investor Presentation

24

Moving forward...
1 Eicher Motors Limited - Journey So far...

2
3 4

Eicher Motors Limited Overview
India’s Economic Growth and Opportunities for Commercial Vehicles Volvo Eicher Commercial Vehicles Limited
  

Eicher Trucks & Buses Volvo Trucks India

Eicher Engineering Components & Eicher Engineering Solutions  Heavy Duty Breakthrough  Medium Duty Engine Project 5 6

Royal Enfield
Financials

Investor Presentation

25

Royal Enfield
Royal Enfield “Bullet” is the longest running model in continuous production. Royal Enfield Motorcycles are unique in terms of the engine character - Single Cylinder, Air-Cooled, Push-rod &Valve operated for the distinctive Bullet beat. The authentic vintage styling , traditional paint schemes, 1950’s style, nacelle and toolboxes contribute to its “distinctive classic” appeal.

1901: Royal Enfield rolls out its first Motor Cycle 1955: Enfield India is incorporated.

1994: Eicher Motors acquires Enfield India Ltd.
Investor Presentation

26

After successfully managing 2010, the year of transition, Royal Enfield continues to grow and evolve
80000 70000 74626

50
40000 35000

Sales Volume(units)

60000 50000 40000 30000 20000 10000 0 28383 28868 30457 32642 36786 43298

51955

52576

41.940 Growth (*%) 30
Sales Volume Growth (%)
Sales Volume (units)

80 70
27519

30000 25000 20000
18581

60 40 30 20 10 0
Growth (%)

12.7

17.7

20.0

20 10 1.2 0

4.1
2003

1.7
2004

5.5
2006

7.2

48.1 50

15000
10000 5000

2005

2007

2008

2009

2010

2011

 

In 2010, Royal Enfield transitioned to Unit Construction Engine, new engine platform Unrivalled brand image has created unmet demand: 6-10 month waiting period

0
Q2 '2011 Q2' 2012

Bullet
Investor Presentation

Thunderbird

Classic

Café Race A future launch

27

Plans being executed for profitable growth
Enhance production capacity
• Enhance production capacity to 100,000 units in 2012 • Expand capacity to 150, 000 by setting up 2nd manufacturing site ; expected to start commercial production in 1st half, 2013

Improve profitability
• Focus on cost management • Exploit significant opportunities that exist in after market

New product launches
• New product launches planned for 2012 and 2013; New platform under consideration

Distribution and after market footprint
• Increase reach in India and global markets • Currently, there are 230 distribution and after market points in India. Exports to more than 30 countries
Investor Presentation

28

Moving forward...
1 Eicher Motors Limited - Journey So far...

2
3 4

Eicher Motors Limited Overview
India’s Economic Growth and Opportunities for Commercial Vehicles Volvo Eicher Commercial Vehicles Limited
  

Eicher Trucks & Buses Volvo Trucks India

Eicher Engineering Components & Eicher Engineering Solutions  Heavy Duty Breakthrough  Medium Duty Engine Project 5 6 Royal Enfield

Financials

Investor Presentation

29

Consistently improving performance – all time high sales and margins in Q1’12
20000
11.7%

13.0% 16950 15849

18000
10.4%

16000 14000 Net Income (MINR) 12000
6.6% 6.8% 8.8% 8.2% 7.6%

9.7%

9.7%

15791

10.6%

11.0%

13897 12435 12984

14513

9.8%

8.8% 9.0%

10409 10385 8803
5.1%

10984

7.0%

10000 8593

8000
6000 4000

5.0%

5958
2.8%

6195

3.0%

1.0% 2000 0 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Total Net Income (MINR) Operating margin -1.0%

Investor Presentation

30

% Operating Margin

Optimizing capital deployment through relentless focus on cash management
11 consecutive quarter of negative operating working capital
Operating Working Capital
2000.0 1000.0 0.0 -1000.0 -2000.0 -3000.0 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 89.2 -924.1 -1347. -313.6 -405.1 -974.1 -1717. -949.2 -967.8 -1761. -2662. -208.8
In MINR

Operating Working Capital 825.8 906.2

Best in class capital to turnover drives RoCE to >100%
Operating Capital
EML Consolidated - CY 09 3195

In MINR

Net Block
3635

Net Sales
29386

Sales/ Assets
8.1

Sales/ Operating Capital
9.2

- CY 10
- CY 11 Peers - average
Investor Presentation

2870
3283

3844
5044

43847
56775

11.4
11.3 1.5-2.5

15.3
17.3 1-1.5

31

VECV well positioned to take advantage of discontinuities in Indian CV space
Discontinuity
Continued tightening of emissions and safety norms Better enforcement of regulations on overloading Better highways and increased road networks Increasing difficulty in sourcing drivers Professionalisation of transportation/ logistics End-use demands on logistics/ supply-chain Market shifts faster towards ‘premium domestic’ segment

Implication

VECV Strategy/ Advantage

Legacy investments of players less VECV investing early in fully-built vehicles and meaningful higher emission norms Right-load vehicles; potential to change value-proposition Products highly suitable for right-load and mild over-load conditions

Higher speeds; increased mileage Better and more reliable engines and of vehicles/ year driveline Drivers will be more influential in purchase decision Total cost of ownership approach to buying vehicles Improved dependability of supplies required More modern trucks with right cost-structure and value Better comfort and features for drivers; plan to build brand with drivers off-product as well Value-selling approach; premium products with better efficiency and turnaround time; world-class after-market and vehicle quality Vehicle quality and after-market excellence VE-series is starting point; developing innovative products that are closely aligned to emerging customer needs …will be introduced from 2012

Investor Presentation

32

Recap…Eicher well poised to succeed
 Strongly positioned to gain scale and profitability in Low and Medium through improved offerings  Become meaningful player in Heavy Duty through differentiated products, after markets and brand leverage  Gain volumes and market share in Bus market through better products and market expansion  Increase margins and reduce cyclical business dependency - Grow through soft products, Medium Duty Engine Project , exports using Volvo’s existing distribution strength  Set benchmark in Aftermarket and Quality in India, where general level is poor – establish a strong differentiation for Eicher brand in these areas; maintain lead for Volvo brand  Realise full potential of niche market through capacity expansion, cost optimisation and geographical expansion

Investor Presentation

33

Disclaimer
Certain statements in the presentation describing the Company’s views about the Industry, expectations/predictions, objectives etc may be forward looking within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed in the statement. Company’s operations may be affected with the supply and demand situations, input prices and their availability, changes in Government regulations, tax laws and other factors such as Industrial relations and economic development etc. This presentation also contains references to findings of various reports available in the public domain. Eicher makes no representation as to their accuracy or that the Company subscribes to those findings. Investors should bear the above in mind while going through the presentation.

Investor Presentation

THANK YOU

Investor Presentation

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