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Eicher Motors Ltd Eicher Motors Ltd. Investor Presentation In this Presentation 1 Eicher Motors Limited - Journey So far... 2 Eicher Motors Limited Overview 3 India’s Economic Growth and Opportunities for Commercial Vehicles 4 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 Royal Enfield 6 Financials Investor Presentation 2 Eicher Motors Limited – Journey so far… India’s first Forms JV with AB tractor rolls out Royal Enfield Volvo of Sweden; of Eicher factory motorcycles Enters HD trucks transfers CV in Faridabad acquired segment business to the JV 1959 1984 1991 1993 2002 2005 2008 JV with JV with Divests tractor Mitsubishi Mitsubishi ended, and allied Motors to make enters MD bus businesses to ‘Canter’ trucks segment focus on CV and motorcycle businesses Investor Presentation 3 Moving forward... 1 Eicher Motors Limited - Journey So far... 2 Eicher Motors Limited Overview 3 India’s Economic Growth and Opportunities for Commercial Vehicles 4 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 Royal Enfield 6 Financials Investor Presentation 4 Eicher Motors Limited Overview Institutional Investors Retail Investors 11.8% 24.6% Volvo A.B. Promoter Group 8.4% 55.2% 45.6% EML 54.4% Volvo Eicher Royal Commercial Vehicles Enfield Investor Presentation 5 Eicher Management Philosophy Break-through Market Established Corporate Strong Values Business Model Governance An evolved business model Fully empowered management Corporate conduct rooted in with 50+ years of experience teams highest standards of ethics, in automotive space in India, integrity and transparency that: Regular board meetings, every In-depth customer insights two months - full review with Highly professional work ethic and market understanding management based on mutual respect Best-in-class Capital Strategic quarterly reviews and Very strong HR and IR culture Optimization: regular monthly operations and brand Frugal engineering review practices Long-term orientation Extensive knowledge of Product board, Quality board, suppliers Customer Satisfaction board, Long history of Operational Excellence Soft products board (after- institutionalized CSR and Global Quality Standards market) held every quarter community activities along with other statutory meetings Investor Presentation 6 Established Governance Structure EML Board VECV Board S Sandilya: Non-executive Par Ostberg: Non-executive Chairman Chairman & Volvo nominated Siddhartha Lal: Managing director Director & CEO Bertil Thoren: Volvo nominated RL Ravichandran: Executive director Director Joakim Hjerpe: Volvo nominated Priya Brat: Independent Director director MJ Subbiah: Independent Siddhartha Lal: Managing Director Director & Eicher nominated Prateek Jalan: Independent director Director Raul Rai: Eicher nominated director Prateek Jalan: Eicher nominated director Investor Presentation 7 Moving forward... 1 Eicher Motors Limited - Journey So far... 2 Eicher Motors Limited Overview 3 India’s economic growth and opportunities for Commercial Vehicles 4 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 Royal Enfield 6 Financials Investor Presentation 8 India’s strong and sustained economic growth with increasing focus on infrastructure... GDP Growth - Trends Increasing Focus on Infrastructure Govt. proposes 4,500 BINR investment in 12 12th five year plan‘12 -’17 9.8 10 9.5 Targets total Infrastructure spending of 9% 9 8.5 of GDP by 2014 8 7.5 7.2 Highway construction target of 20 kms a 6.7 6.9 day by 2012 vs current level of 12 kms a 5.8 6 day 4.4 3.8 4 Targets to construct 35,000 km of highways in five years under the National Highways Development Program. 2 Plan to increase port capacity - 95% by 0 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) *Source – CMIE, RBI Investor Presentation 9 …presents significant opportunities for surge in commercial vehicles industry 500000 60 447318 450000 48.8 405259 50 400000 345522 352141 40 350000 30.3 306573 290520 30 300000 268809 272434 18.9 250000 20 206369 8.1 % Growth 200000 10.4 10 150000 1.9 Sales Volumes (Units) Volumes Sales 0 100000 -11.1 -12.9 50000 -10 0 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 Bus HD Trucks LMD Trucks Exports Total industry Growth (%) 200000 15 -11.3 5 100049 100000 88701 (Units) -5 % Growth Sales Volume Volume Sales 0 -15 Q2' 2011 Q2' 2012 Investor Presentation 10 Moving forward... 1 Eicher Motors Limited - Journey So far... 2 Eicher Motors Limited Overview 3 India’s economic growth and opportunities for Commercial Vehicles 4 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 Royal Enfield 6 Financials Investor Presentation 11 VECV was established in 2008 with strong parentage Eicher strengths Volvo strengths VECV vision Leadership in LD / MD Global expertise “To be segments Leadership in product Specialist skills and recognised as technology experience in developing the industry Good infrastructure low cost, better leader driving facilities performance products modernisation in Well-defined processes Wide dealer network and controls After sales infrastructure commercial Brand image and for LD / MD transportation in customer relationships Cost effective operations India and the Eicher transferred its developing Volvo demerged CV, components and world” Volvo Truck India’s engineering solutions sales & distribution businesses into VECV 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 Eicher Eicher Trucks Volvo Trucks Medium Duty Engineering Engineering & Buses India Engine Project Components Solutions 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 Product Range market Network L/MD, 5-12 HD, 16-40 Buses, 21 - Ton GVW Ton GVW 69 seater Range Range 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 70% 57.4% 50000 48337 3108 50% 45.4% 6496 40000 38181 2717 7352 30% 30136 4819 26.6% 16.6% 26853 30000 2078 12.6% 4219 23839 1883 3857 23775 24264 20452 1455 2773 12.2% 2665 10% 4501 2533 % Growth 2345 3236 Sales Volume (Units) Volume Sales 20000 1232 2942 3282 2027 2.1% 3781 2496 1424 14063 3018 31381 1114 1392 26426 953 -10% 19700 10000 18961 16893 14175 16258 15804 10604 -21.1% 0 -30% 2003 2004 2005 2006 2007 2008 2009 2010 2011 Exports Buses 16 T & above Trucks % Growth 15000 8.8% 10000 10907 11864 732 702 1407 1906 5000 6641 6472 % Growth 2127 2784 0 Sales Volume (Units) Volume Sales Q2'2011 Q2' 2012 Investor Presentation 17 Volvo Trucks India is the leader in specialised high end trucks; created high end mining tipper segment 1200 1104 100 75.9 948 80 1000 900 58.3 802 60 800 FH520: The most 706 40 powerful truck on 610 31.5 Indian roads! 600 543 18.2 22.7 20 12.3 Growth (%) 0 400 343 -5.1 -20 Sales Volumes (Units) Volumes Sales 195 200 -36.1 -40 0 -60 Mining Tipper 2003 2004 2005 2006 2007 2008 2009 2010 2011 200 24.6 152 150 30 Aviation refueller 122 100 -20 (Units) 50 Growth % Sales Volumes Volumes Sales 0 -70 Q2'2011 Q2' 2012 Investor Presentation 18 Volvo Trucks India has a unique distribution and after market model Investor Presentation 19 Overview of EEC & EES Eicher
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