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Volvo Group Acquires 45% of Dongfeng Commercial Vehicles

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Volvo Group Acquires 45% of Dongfeng Commercial Vehicles Volvo Group acquires 45% of Dongfeng Commercial Vehicles JANUARY 26, 2013 Volvo Group Headquarters Volvo-Dongfeng - December xx, 2012 Volvo to become the world’s largest heavy-duty truck manufacturer • AB Volvo has signed an agreement with the Chinese vehicle manufacturer Dongfeng Motor Group Company Limited (DFG) to acquire 45% of a new subsidiary of DFG, Dongfeng Commercial Vehicles (DFCV), which will include the major part of Dongfeng’s medium and heavy commercial vehicles business. • Completion of the transaction will make the Volvo Group the world’s largest manufacturer of heavy-duty trucks with a combined annual volume (2011) of 326,000 HD trucks and 98,000 MD trucks. • The transaction is subject to approval of relevant Chinese authorities and anti-trust agencies. Volvo Group Headquarters Volvo-Dongfeng - December xx, 2012 2 Group Trucks’ strategic objectives 2013-2015 3.1 By optimizing the brand assets become number 1 or 2 in combined Group Trucks HD market share This agreement supports the 3.2 Establish required commercial strategic objective for the Volvo Group’s presence to support revenue growth by 50% in APAC and 25% in Africa truck business to capture profitable 3.3 Establish required OtD footprint and supply chain in APAC & Africa growth in Asia Pacific achieving lead time reduction by 15% and capital tied up reduction by 15% 3.4 Increase Aftermarket sales per unit in operation by 12%, including total commercial solution offer for second owner 3.5 Build 1 BSEK new businesses complementary to existing offering Volvo Group Headquarters Investor Day 2012 3 Volvo Group acquires 45% of DFCV for RMB 5.6 bn Purchase price RMB 5.6 bn for 45% ownership Volvo Dongfeng Group (DFG) 45% 55% DFCV DFCV 100% DND Volvo Group Headquarters Volvo-Dongfeng - December xx, 2012 4 DFCV: a large commercial vehicle company with a strong position in China VOLUMES FINANCIALS (RMB) * 1 RMB = 1.05 SEK 2011 2012 FY2011 Q312 YTD HD trucks 142,000 102,000 Net sales 39 bn 22 bn MD trucks 49,000 46,000 Op Inc. 1.2 bn 0.3 bn Total 191,000 148,000 Net Inc. 1.4 bn 0.4 bn MARKET SHARES IN CHINA EMPLOYEES 2011 2012 28,000 employees HD trucks 16% 16% MD trucks 17% 16% 2011 and 2012 pro forma Volvo Group Headquarters Volvo-Dongfeng - December xx, 2012 5 DFCV has strong market shares in China - Market shares 2011 Heavy-duty trucks Medium-duty trucks DFCV DFCV Other; 16% SIH; 4% 9% 17% JAC; 4% Other Other; Baotou 52% Dongfeng 26% Beiben; brands; 5% 5% Other Dongfeng Shaanxi brands; 12% CNHTC; Auto; FAW; 5% 12% 18% JAC; 8% FAW; BAIC 14% Foton; 12% Nanjun; LiFan; CNHTC; 8% 9% 16% Total market 2011: 881,000 trucks Total market 2011: 292,000 trucks Volvo Group Headquarters 6 DFCV: Strong brand and truck line-up Company brand Product brands Name Logo （D310 Cab） （D310 Cab） Newly launched and updated （ ） product portfolio D530 Cab Basic products Dongfeng, Jiayun Volvo Group Headquarters Volvo-Dongfeng - December xx, 2012 7 7 DFCV: Strong sales and service network throughout China Dealer network (2011) • 350 dealers • 499 service stations Sales network Sales service network Volvo Group Headquarters 8 DFCV: A well invested industrial footprint Main industrial site: • Cab plant Urumqi Shiyan • Frame plant Xinjiang A.R. Hubei province • Final assembly plant • Heavy-duty CV plant Special purpose trucks • Engine plant and KD assembly • No 1 foundry • No 2 foundry • New HD truck plant Beijing Suizhou Hubei province Trucks and superstructures Shanghai Wuhan Hubei province Xiangfan Shenzhen Hubei province Guangdong province Axles Special purpose trucks and superstructures Hong Kong Volvo Group Headquarters 9 Acquisition summary • Global strategic alliance between Volvo and Dongfeng Motor Group Company Ltd (“DFG”) • Volvo will have a 45% shareholding in Dongfeng Commercial Vehicles, DFCV, DFG will have 55% • Purchase price RMB 5.6 bn • The transaction is expected to be finalized within approximately 12 months • DFCV will have a top management team consisting of eight people, of which four will be nominated by Volvo and four by DFG • Joint ambition to develop DFCV towards a major global commercial vehicle company Volvo Group Headquarters 10 Main benefits for the Volvo Group • Major shareholding in China’s leading manufacturer of commercial vehicles – DFCV • Major foothold in and share of the world’s largest truck market • Benefits from cooperation in transmissions, engines, components and future technology • Sharing of development costs for the next-generation of engines • Pooling of purchasing power and local sourcing in China Volvo Group Headquarters 11 Main benefits for DFCV • Joint ambition of parties to develop the Dongfeng brand towards a major brand in the global commercial vehicle industry • DFCV gains access to export markets through Volvo’s worldwide presence • Volvo Group expertise in aftermarket sales • Benefits from cooperation in transmissions, engines, components and future technology Volvo Group Headquarters 12 Preparations well underway through jointly developed business plan for DFCV • Product plan • Technical cooperation • Brand strategy • Sales and marketing strategy • Aftermarket acceleration strategy • Export opportunities identified • Sourcing optimization • Etc. Volvo Group Headquarters 13 Transaction process and timing Signing of the master agreement January 2013 between Volvo and Dongfeng Review and approval by relevant authorities 2013 Creation of new commercial vehicle company 2013 (DFCV) Completion of transaction. Within appr. 12 Transfer of funds and ownership months Volvo Group Headquarters 14 Further strengthening of China as one of our home markets Total operations 2011, including our partners 34,000 employees 20 bn 1 bn 41 bn • Dual brand strategy; • JV with SAIC for • DFCV: Volvo and SDLG city buses 142,000 HD trucks • 12% market share 2011 • JV with SAIC 49,000 MD trucks • 47,000 Volvo & SDLG for development Net sales 39 bn RMB machines sold in 2011 of electrical • DND: assembly of UD • # 1 position and hybrid buses trucks • Volvo Group: Direct import of Volvo, Renault & Mack trucks Construction Equipment Buses Trucks Volvo Group Headquarters 15 Q & A Volvo Group Headquarters 16 Volvo Group Headquarters 17 Back-up and fact slides Volvo Group Headquarters Volvo-Dongfeng - December xx, 2012 18 The company DFCV Financial overview (pro forma RMB bn) Income 2011 Q312 YTD Balance 2011 Q3 2012 statement sheet Net sales 39 22 Total Assets 26.7 24.3 Gross Net Assets 5.1 5.9 income 4.8 2.8 Net Gross cash/(debt) 3.0 - 0.5 margin 12.2% 12.7% EBIT 1.2 0.3 EBIT-margin 3.0% 1.3% Net profit 1.4 0.4 Note: Figures are subject to final carve-out and final due diligence adjustments Volvo Group Headquarters Volvo-Dongfeng - December xx, 2012 19 Overview of current ownership structure Renault SA AB Volvo 43% 15% 100% Nissan UD Trucks 50% Motor Co. Dongfeng DFL CV Dana Axle 50% 50% Dongfeng - Nissan PV Dongfeng Motor Dongfeng Dongfeng Other Dongfeng DND subsidiaries / Motor P&C Co. Ltd (DFL) Honda PCA branches Dongfeng 50% DFAC Cummins (SH600006) 50% 50% 50% 50% Dongfeng Motor Group Co., Ltd (DFG, 489HK) 66.86% Dongfeng Motor Corporation (DFM – state owned enterprise) Volvo Group Headquarters Volvo-Dongfeng - December xx, 2012 20 2012-11-19 Overview of future ownership structure - After Completion AB Volvo Renault SA 43% 15% 45% Nissan Motor Co. Dongfeng - 50% Nissan PV 100% Other Dongfeng Dongfeng Motor Dongfeng Dongfeng DND DFCV subsiduaries Motor P&C Co. Ltd (DFL) Honda PCA / branches DFAC 55% (SH600006) 50% 50% 50% Dongfeng Motor Group Co., Ltd (DFG, 489HK) 66.86% Dongfeng Motor Corporation (DFM – state owned enterprise) Volvo Group Headquarters 21 Governance structure of DFCV Management team Eight positions, four nominated by Dongfeng and four by Volvo. Dongfeng: Managing Director, head of sales and marketing China, head of product development & planning, head of purchasing Volvo: CFO, Head of manufacturing operations, head of export operations, head of subsidiaries Board of Directors Seven positions, four nominated by Dongfeng (Chairman) and three nominated by Volvo (Vice Chairman) Volvo Group Headquarters Volvo-Dongfeng - December xx, 2012 22 Chinese truck market Volvo Group Headquarters Volvo-Tandem, 2012 23 World’s largest truck markets > 14 tons 1,000 units, 2011 China 881 EU29 242 India Other 6% EU29 Russia India Germany 61,000 12% 237 13% 4% North France 41,000 216 America UK 30,000 South 162 Spain 13,000 North America America Italy 13,000 Russia 81 11% South Middle East 57 China America 8% Africa 27 46% Japan 25 0 100 200 300 400 500 600 700 800 900 1000 1100 Volvo Group Headquarters 24Volvo -Dongfeng - July 16, 2012 Chinese truck market development Thousands 1200 2011: Heavy-duty trucks >14 tons 1000 881,000 800 2012: HD trucks 636,000 600 2011: Medium-duty 400 trucks 2012: 292,000 MD trucks 290,000 200 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Volvo Group Headquarters Volvo-Dongfeng - December xx, 2012 25 Truck market shares 2001 – 2012 Q3 Heavy duty trucks, China 100% 90% 80% 70% 60% 50% 40% 52% 30% 20% 10% 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Dongfeng FAW BAIC Foton CNHTC Shaanxi Auto SIH Other * Dongfeng refers to the whole Dongfeng Group Volvo Group Headquarters Volvo-Dongfeng - December xx, 2012 26 .
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