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The Iveco 2010-14 Plan

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The Iveco 2010-14 Plan The Iveco 2010-14 Plan Paolo Monferino Iveco CEO Turin, June 2010 Performance Over Last Plan Period 12,0 11,2 10,9 2000 10,0 9,1 8,5 1600 8,0 8,0 7,2 1200 6,0 Net revenues revenues (€bn) Net 800 4,0 813 838 (€mn) profit Trading 2,0 546 400 295 332 105 0,0 0 2004* 2005 2006 2007 2008 2009 Trading margin 3.7% 3.9% 6.0% 7.3% 7.7% 1.5% Net revenues (€bn) ~9.0 ~9.0 ~9.5 Net revenues 2003-2007 CAGR +6.6% Trading profit (€mn) 640-710 670-740 800-870 Trading margin 4.0-7.5% operating margin range 7.1-7.9% 7.4-8.2% 8.4-9.2% 2004 – 2007 Plan Targets 2006 – 2010 Plan Targets *Pro-forma excluding FPT segment Turin, June 2010 The Iveco 2010-14 Plan 2 Revenues by Business Area 2006 2008 2009 Net Sales: €9.1bn Net Sales: €10.8bn Net Sales: €7.2bn 10% 10% 14% 27% 25% 25% 14% 12% 17% 12% 12% 14% 37% 41% 30% Light Medium Heavy Bus Special Vehicles Enlarged product portfolio providing resilience Turin, June 2010 The Iveco 2010-14 Plan 3 2010-2014 Plan 4 Pillars Trucks and Commercial Vehicles Recovery of traditional Growing Latin American position markets in EU 9 Brazil positive market trend 9 New products 9 Complete product range 9 Efficient Industrial footprint 9 Extensive distribution system 9 Market and market share recovery Achieving double-digit International Operations profitability “Other” products Opportunities from leading Strengthening Special Vehicles position in China and Buses 9 Local profitability 9 Development of 9 Chinese products for export Special Vehicles 9 Economies of scale and cost saving 9 Bus re-organisation opportunities Turin, June 2010 The Iveco 2010-14 Plan 4 1. Recovery of Traditional Markets in EU Turin, June 2010 The Iveco 2010-14 Plan 5 Product Plan - EMEA Markets 2010 2011 2012 2013 2014 Euro 5 LD Euro VI HD Current model Light Light imported Medium Medium imported Heavy PRODUCT ACTIONS New Daily in 2013 Major modification / Legal New Heavy Line introduction in 2014 (modular & global product) Refresh / Legal China export products: PowerDaily & new cab over (“Leoncino”*) New Model •Historical and successful cab over in 1950s to 1970s manufactured by OM (Officine Meccaniche) a company merged for the foundation of Iveco in 1975 Turin, June 2010 The Iveco 2010-14 Plan 6 Iveco Innovations Natural gas commercial vehicles Diesel - electric hybrid commercial vehicles Pure electric commercial vehicles Turin, June 2010 The Iveco 2010-14 Plan 7 European Market Drivers Factors impacting Truck and Commercial Vehicle demand EU freight by mode during next 4 years 3000 Transport needs strongly correlated to GDP 2500 Road freight dominant 2000 Gradual need for replacement 1500 of existing park Bn tons-km Emission legislation 1000 (Euro VI in 2013) 500 Customer concentration (distribution channel mix change) 0 1970 1980 1990 2000 2010E 2020E 2030E Focus on network strengths Road Rail Other and service level Source: Automotive World – June 2009 Our goal: Back to 2008 volumes in a “normalised” market Turin, June 2010 The Iveco 2010-14 Plan 8 European Market Trend Western Europe 800 Market ≥ 3.5t K Units 600 400 200 2006 2007 2008 2009 2010E 2011E 2012E 2013E 2014E 150 Eastern Europe Market ≥ 3.5t K Units 100 50 Western Europe 0 Eastern Europe 2006 2007 2008 2009 2010E 2011E 2012E 2013E 2014E Eastern Europe excluding Russia, CIS countries and Bulgaria Market trend forecast in line with consensus Turin, June 2010 The Iveco 2010-14 Plan 9 European Market Share 17,1% 17,0% 17,6% 15,5% 16,5% 15,2% 14,8% 16,2% 16,0% 15,2% 14,5% 14,0% Light (3,5-6,0t) 2006 2007 2008 2009 2010E …… 2014E 37,8% 33,2% 30,5% 31,0% 31,0% 31,3% 25,4% 26,2% 26,0% Medium 24,9% 24,2% 24,5% (6,01-15,99t) 2006 2007 2008 2009 2010E …… 2014E 11,8% 12,0% Western Europe 11,3% 11,2% 11,5% 10,9% 11,4% 11,5% 10,3% 9,3% 9,5% Eastern Europe 8,0% Heavy (≥16,0t) 2006 2007 2008 2009 2010E …… 2014E Turin, June 2010 The Iveco 2010-14 Plan 10 Africa and Middle East Market and Market Share 125 6,9% 8,0% 6,0% 100 4,6% 4,6% 75 3,8% 3,4% 4,0% 50 Light 25 + Imported Products 0 \ 0,0% (3,5-6,0t) 2006 2007 2008 2009 2010E …… 2014E 125 12,0% 100 12,0% 75 8,0% 50 3,2% 3,0% 3,8% 3,8% Medium 1,8% 4,0% + Imported 25 Products 0 0,0% (6,01-15,99t) 2006 2007 2008 2009 2010E …… 2014E 125 11,5% 11,5% 12,5% 9,5% 100 8,9% 8,9% 12,0% Market Share 75 8,0% 50 11,5 Heavy 4,0% 25 (≥16,0t) 0 0,0% Market (units) 2006 2007 2008 2009 2010E …… 2014E Source: Iveco estimates (based on Export To) Increase dealer network coverage from 49 to ~80 points-of-sale by 2014 Turin, June 2010 The Iveco 2010-14 Plan 11 Plant Utilisation in Europe Vehicles / Year 191K 95% 88% 84% 83% 80% x 73% 59% 49% 35% 2006 2007 2008 2009 2010E 2011E 2012E 2013E 2014E Note: Calculations based on Harbour definition Return to near complete utilisation of technical capacity with no additional investments required Turin, June 2010 The Iveco 2010-14 Plan 12 Industrial Flexibility in Europe 300 Production Volumes +10% (Base 100 = 2009) +9% 250 +26% 200 +20% +39% 150 270 249 100 209 227 139 166 50 100 0 2007A 2009A 2010E 2011E 2012E 2013E 2014E 140 Fixed Industrial Costs 120 (Base 100 = 2009) 100 126 80 100 102 103 107 100 95 60 2007A 2009A 2010E 2011E 2012E 2013E 2014E 7% average YoY efficiency over the Plan (mainly on the back of WCM Program) Turin, June 2010 The Iveco 2010-14 Plan 13 2. Growing Latin American Position Turin, June 2010 The Iveco 2010-14 Plan 14 Latin America Product Plan 2010 2011 2012 2013 2014 Euro V Light Light imported Medium imported Medium “Vertis” Chinese platform Medium “Cavallino” Heavy PRODUCT ACTIONS Major modification Fully updated product offering including Refresh Chinese Vehicles New Model Turin, June 2010 The Iveco 2010-14 Plan 15 Latin America Market and Market Share 125 13,0% 100 75 10,4% 10,6% 12,0% 50 9,3% 25 8,3% 8,2% 0 8,0% Light CV 2006 2007 2008 2009 2010E …… 2014E (2,8-7,9t) 125 10,0% 100 6,4% 9,8% 75 4,1% 4,3% 6,0% 50 3,3% 3,2% 25 Medium CV 0 2,0% (8,1-31,0t) 2006 2007 2008 2009 2010E …… 2014E 125 21,4% 22,0% 100 17,9% 15,8% 18,0% Market Share 75 14,5% 14,0% 50 11,3% 14,0% Heavy CV 25 (>31,0t) 0 10,0% Market (units) 2006 2007 2008 2009 2010E …… 2014E Significant growth opportunities leveraging on Brazil volumes Turin, June 2010 The Iveco 2010-14 Plan 16 3. Strengthening Special Vehicles and Buses Turin, June 2010 The Iveco 2010-14 Plan 17 Special Vehicles Key Objectives Keep on developing business by leveraging success of recent products and extending offering and geographical presence Defence Consolidate technological leadership in Protection Systems and Mobility Performance Multirole product range completion Growth outside traditional markets (€2.5bn contract with Brazilian Ministry of Defence) Fire Fighting Enlarge product range (Aircrash) to keep worldwide leadership Astra Leveraging construction sector recovery Net Revenues of ~ €1,4bn by 2014 (+40% vs. 2009) Turin, June 2010 The Iveco 2010-14 Plan 18 Buses Key Objectives Product range rationalization Product standardization and cost reduction Overlapping vehicles to be discontinued New entry level coach to gain additional volumes Re-balancing Industrial Footprint Industrial cost optimization WCM to improve efficiency Entering new markets New Citybus versions to compete in non- domestic markets Direct distribution in major markets Turin, June 2010 The Iveco 2010-14 Plan 19 Iveco Irisbus Western Europe Market and Market Share (>= 3,5t) 20 25,8% 26,0% 23,0% 15 21,8% 21,9% 21,5% 24,0% 10 19,8% 22,0% 5 20,0% 0 18,0% 2006 2007 2008 2009 2010E …… 2014E Minibus 20 24,0% 19,3% 18,5% 15 19,5% 20,0% 15,5% 10 14,1% 15,0% 5 16,0% 0 12,0% Citibus 2006 2007 2008 2009 2010E …… 2014E 20 24,0% 19,7% 19,5% 22,5% 18,3% 19,3% 19,0% 15 20,0% 10 Market Share 5 16,0% Intercity & Coach 0 12,0% 2006 2007 2008 2009 2010E …… 2014E Market (units) Net revenues of ~ €1,6bn by 2014 (+30% vs. 2009) Turin, June 2010 The Iveco 2010-14 Plan 20 4. Opportunities from Leading Position in China Turin, June 2010 The Iveco 2010-14 Plan 21 China Iveco presence and product offer A single partner 3 JVs: NAVECO NAVECO (Heimoying) SAIC-IVECO HONGYAN (SIH) Daily Range SAIC-IVECO FPT HONGYAN (SFH) Full localized range, including engines NAVECO (Jiangning) Yuejin Range Nanjing (Iveco Share: 50%) SIH Chongqing HCV Range (GENLYON, TAMPA, T/T8) (Iveco Share: 33,5%) Fiat Group Share: 60% (Consolidated line by line in FPT) SFH Engines Turin, June 2010 The Iveco 2010-14 Plan 22 China Strong platform for growth Market by segment CAGR 3,293 (2006-2014E) (K units) Serving domestic market Iveco estimates 2,576 2,581 Increasing Network territory 748 11.8% 1,923 2,154 707 coverage 636 282 4.3% 1,632 268 487 540 258 Heavy 307 237 207 Medium 202 1,984 9.6% 1,560 1,684 1,105 1,200 Light 951 2006 2007 2008 2009 2010E …… 2014E Exporting to international markets 2009 2014 JVs’ Export (units)* 1 k 31 k *Included in Iveco consolidated sales Leveraging supplier base for global sourcing Targeting €300mn Annual Purchase Value in 2014 Turin, June 2010 The Iveco 2010-14 Plan 23 Looking at Iveco from a wider Perspective Iveco + Chinese JVs consolidated volumes (pro-forma) 2014E Iveco+JVs Paccar Man Daimler 2009 Volvo Scania Iveco+JVs Paccar Man Daimler 2007 Volvo Scania Iveco+JVs 0 100 200 300 400 500 600 Common components and product investments well supported by total size Turin, June 2010 The Iveco 2010-14 Plan 24 Conclusions Turin, June 2010 The Iveco 2010-14 Plan 25 2009-14 Financial Targets 14,0 14,0% 12,1 11,2 12,0 12,0% 9,8 10,4% 10,0 8,5 9,2% 10,0% 7,9 9,6% 7,2 8,0 8,0% 7,4% 8,4% 6,0 6,6% 6,0% 5,0% 4,0 3,4% 4,0% margin Trading 4,2% Net Revenues (€bn) Revenues Net 2,0 1,5% 3,0% 2,0% 0,0 0,0%
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