DOCSLIB.ORG

Ktm Industries Ag Annual Report 2018

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Ktm Industries Ag Annual Report 2018 ANNUAL REPORT 2018 ANNUAL REPORT KTM INDUSTRIES AG KTM AG INDUSTRIES ANNUAL REPORT 2018 HIGHLIGHTS 2018 CONTINUATION OF STRONG GROWTH AND MARKET SHARE GAINS RECORD DRIVE CONTINUED IN BUSINESS YEAR 2018 261,454 motorcycles sold (+10% vs 2017) RECORD MOTORCYCLE REGISTRATIONS & MARKET SHARE INCREASE Registration Europe: +21.5% (YoY) Registration US: +8.5% (YoY) Market share Europe: 11.7% (+130 bps) Market share US: 8.9% (+90 bps) SUCCESSFUL LAUNCH of KTM mid-class (2-cylinder 800 cm3) and HUSQVARNA Street (VITPILEN 401/701 and SVARTPILEN 401) SUCCESSFUL RACING SEASON 17th win of Rallye Dakar SALE OF PANKL-GROUP Supercross World Champion MX1 + MX2 World Champion Moto2 Vice World Champion TM First podium in MotoGP Rallye Dakar 2018, Photo: PhotosDakar.com TABLE OF CONTENTS KTM INDUSTRIES GROUP ........................................................... 6 - 30 Group Structure ......................................................................... 6 Introduction by the Executive Board ........................................... 8 Bodies of the Company ........................................................... 10 Report of the Supervisory Board ............................................. 11 KTM ........................................................................................ 14 Husqvarna Motorcycles ........................................................... 16 WP ........................................................................................... 18 Research & Development ........................................................ 20 KTM Technologies ................................................................... 24 Employees .............................................................................. 26 Substainability ........................................................................ 28 Outlook & Strategic Initiatives ................................................. 30 SHARE & CORPORATE GOVERNANCE .................................... 32 - 68 Share & Investor Relations ...................................................... 32 Corporate Governance ............................................................ 34 CONSOLIDATED MANAGEMENT REPORT ................................. 69 - 79 Significant events in the 2018 financial year ........................... 70 Economy and market development .......................................... 71 Financial performance indicators .......................................... 72 Non-financial report ................................................................ 75 Risk report and financial instruments ..................................... 76 Declaration pursuant to section 243a (para. 1) of the Austrian Commercial Code (UGB) ................................ 76 Outlook .................................................................................. 78 CONSOLIDATED FINANCIAL STATEMENTS .............................. 80-163 Consolidated income statement ............................................. 82 Consolidated statement of comprehensive income ..................84 Consolidated statement of financial position .......................... 86 Consolidated statement of cash flows .................................... 88 Consolidated statement of changes in equity ......................... 90 Notes to the consolidated financial statements ....................... 92 Approval of the consolidated financial statements ................. 158 Auditor‘s report ...................................................................... 159 Statement by the Executive Board ................................................. 164 Pol Espargaro KTM RC16 Circuito de Jerez 2018, Photo: Gold and Goose KEY FIGURES EARNINGS RATIOS 2014 2015 2016 2017 2018 CHG. IN % Revenue in m€ 1,086.3 1,223.6 1,343.0 1,533.0 1,559.6 2 EBITDA in m€ 148.1 178.4 198.4 218.9 252.5 15 EBIT in m€ 93.0 112.9 122.3 132.5 161.2 22 Earnings after taxes in m€ 57.0 65.0 89.0 83.9 114.2 36 EBITDA margin in % 13.6% 14.6% 14.8% 14.3% 16.2% EBIT margin in % 8.6% 9.2% 9.1% 8.6% 10.3% BALANCE SHEET RATIOS 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 CHG. IN % Balance sheet total in m€ 1,031.1 1,175.9 1,423.8 1,465.2 1,353.9 -8 Equity in m€ 370.9 386.6 454.9 528.6 550.8 4 Equity ratio in % 36.0% 32.9% 32.0% 36.1% 40.7% Working capital empoloyed 1) in m€ 206.8 243.3 245.2 238.4 245.3 3 Net debt 2) in m€ 315.1 387.4 364.6 375.0 323.3 -14 Gearing 3) in % 85.0% 100.2% 80.1% 70.9% 58.7% CASH FLOW AND CAPEX 2014 2015 2016 2017 2018 CHG. IN % Cash-Flow from operating activties in m€ 82.4 106.9 167.8 161.3 85.5 -47 Cash-Flow from investing activities in m€ -72.0 -110.1 -158.8 -154.0 -102.1 -34 Cash-Flow from financing activities in m€ 32.7 50.7 139.2 -118.0 -63.3 -46 Capital expenditure 4) in m€ 108.4 133.0 144.4 178.6 183.6 3 EMPLOYEES 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 Number of employees as of balance Number 4,182 4,553 5,069 5,887 4,303 sheet date 5) VALUE CREATION 12/31/2014 12/31/015 12/31/2016 12/31/2017 12/31/2018 ROCE (Return on Capital Employed) 6) in % 12.9% 14.2% 13.9% 13.9% 16.6% ROE (Return on Equity) 7) in % 16.8% 17.2% 21.2% 17.1% 21.2% ROIC (Return on Invested Capital) 8) in % 10.5% 11.0% 11.7% 10.4% 13.6% STOCK EXCHANGE RATIOS 9) - - 12/31/2016 12/31/2017 12/31/018 CHG. IN % Share price as of 31 Dec.; in CHF 5.35 CHF 7.39 CHF 60.60 CHF* - Börse SIX Swiss Exchange Number of shares issued in m units 225.39 225.39 22.54 - Market capitalization in m CHF 1,205.82 1,665.61 1,365.84 -18 Earnings per share 10) in € 2.31 1.98 2.99 51 Book value per share 11) in € 20.18 23.45 24.44 4 1) Working capital = stock + trade receivables - trade payables 6) ROCE = EBIT/average capital employed *Price per share after reverse stock 2) Net financial debt = financial liabilities (current, non-current) - cash Capital employed = property, plant and -equipment + goodwill + split (pages 32 - 33) 3) Gearing = net financial debt/equity intangible assets + working capital employed 4) Additions from property, plant and equipment and intangible assets 7) ROE = net result after tax/average equity according to schedule of investments 8) ROIC = NOPAT / average Capital Employed; NOPAT = EBIT - taxes 5) Number of employees on the reporting date (including temporary staff), 9) since Nov. 14, 2016 Listing on SIX Swiss Exchange previous years include Pankl Racing Systems AG 10) Previous year‘s calculation adjusted to the new number of shares. 11) Equity / Number of shares; Previous year‘s calculation adjusted to the new number of shares. 6 KTM INDUSTRIES GROUP SHARE & CORPORATE GOVERNANCE CONSOLIDATED MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS 51.7% 40%*) 74% TECHnOLOGiES TECHnOLOGiES TECHnOLOGiES TECHnOLOGiES 100% 74% InnovAtion InnovAtion 100% 50% 99.9% PTW Design, concept eMobility Powered two wheelers development & digitalization Other shareholdings: PF Beteiligungsverwaltungs GmbH 100% *) PEXCO GmbH „at equity“; 40% are held by Platin 1483 GmbH (family Puello), ACstyria Mobilitätscluster GmbH 12.3% 20% are held by Pierer Industrie AG KTM INDUSTRIES GROUP SHARE & CORPORATE GOVERNANCE CONSOLIDATED MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT 2018 7 GROUP STRUCTURE as of 12/31/2018; simplified presentation *) PEXCO GmbH „at equity“; 40% are held by Platin 1483 GmbH (family Puello), 20% are held by Pierer Industrie AG Svartpilen 701, Photo: Schedl R. 8 KTM INDUSTRIES GROUP SHARE & CORPORATE GOVERNANCE CONSOLIDATED MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS INTRODUCTION BY THE EXECUTIVE BOARD The KTM Industries Group can look back on a successful business year in 2018. For the eighth record year in a row, KTM was able to increase sales and revenue and make disproportionate gains in market shares in the major markets. At the beginning of the year, the KTM Components Group was integrated into the KTM AG Group as the most important supplier for motorcycle production in order to realize potential synergies and secure further growth. The sale of the Pankl Group in June 2018 laid the strategic and financial foundation for the Group’s even greater focus on the two-wheeler industry and further strengthened the balance sheet structure of the KTM Industries Group. The equity holding in KISKA Design was also increased to 50% in order to maintain the important role of the design studio in the future. In addition to four series start-ups in the first half of the year – the successful market launches of the first model of the medium range (2-cylinder 800 cm3) at KTM and the Husqvarna road models Vitpilen / Svartpilen – the stabilization of the supplier structure was also challenging. The business year just ended was also shaped by the introduction of an extensive efficiency program, which will be continued consistently in the coming year. The sensational successes in motorsport should also be highligh- ted. In addition to first place in the Dakar Rallye, Motocross World Championship titles and winning the American Supercross Series, the KTM MotoGPTM factory team also made impressive progress. An important step in the area of e-mobility was taken with the joint venture PEXCO, based in Schweinfurt / Germany, in the area of electric 2-wheelers. Thanks to the successful market entry with the “Husqvarna” and “Raymon” brands, PEXCO was able to generate revenue of around € 29 million with over 30,000 (electric) 2-whee- lers sold in the very first financial year of 2018. COURSE OF BUSINESS With the brands KTM, Husqvarna Motorcycles and WP, the Group ranks among the market leaders in its respective segment and
Load more

Recommended publications
  • FIM Sidecar Motocross World Championship – Entry List – Jinin
    PRESS RELEASE MIES, 17/08/2021 FOR MORE INFORMATION: ISABELLE LARIVIÈRE COMMUNICATIONS MANAGER [email protected] TEL +41 22 950 95 68 FIM Sidecar Motocross World Championship Championnat du Monde FIM de Motocross Sidecar Entry list – Jinin (Czech Republic), 22 August Rider Passenger Nationality FMN N° Motorcyle Team Name First Name Name First Name Rider Pass Rider Pass 2 Vanluchene Marvin Bax Robbie BEL NED FMB KNMV WSP-ZABEL SIDECARTEAM VANLUCHENE 3 Hermans Koen Janssens Glenn NED BEL KNMV FMB WSP-HUSQVARNA 4 Hofmann Fabian Strauss Marius SUI SUI FMS FMS VMC-ZABEL 6 Varik Kert Kunnas Lari EST FIN EMF SML WSP-HUSQVARNA 8 Brown Jake Millard Joe GBR GBR ACU ACU VMC-ZABEL 9 Sanders Davy Badaire Johnny BEL FRA FMB FFM WSP-ZABEL 11 Van Werven Gert Van Den Bogaart Ben NED NED KNMV KNMV WSP-TM 14 Keuben Justin Debruyne Niki NED BEL KNMV FMB VMC-ZABEL 15 Polívka Jan Rota Tomáš CZE CZE ACCR ACCR WSP 18 Heinzer Marco Betschart Ruedi SUI SUI FMS FMS VMC-KTM 21 Moulds Gary Gray Lewis GBR GBR MCUI MCUI WSP-HUSQVARNA 24 Peter Adrian Zatloukal Miroslav GER CZE DMSB ACCR WSP-ZABEL 25 Černý Lukáš Chopin Bastien CZE FRA ACCR FFM WSP-JAWA 26 Boukal Jan Boukal Pavel CZE CZE ACCR ACCR WSP-ZABEL 31 Veldman Julian Čermák Ondrej NED CZE KNMV ACCR CPD-MEGA 40 Chanteloup Romaric Chanteloup Josselyn FRA FRA FFM FFM WSP-KTM 50 Králíček Martin Králíček Martin CZE CZE ACCR ACCR VMC-MEGA 53 Wisselink Sven Rostingt Luc NED FRA KNMV FFM WSP-ZABEL 69 Poslušný Radek Rozhoň Tomáš CZE CZE ACCR ACCR WSP 75 Leferink Tim Beleckas Konstantinas NED LTU KNMV LMSF VMC-HUSQVARNA
    [Show full text]
  • Questionnaires on Consumer Attitude Towards Royal Enfield
    Questionnaires On Consumer Attitude Towards Royal Enfield Epochal Connie sometimes meter his crown sixfold and euphonising so ambitiously! Prolificacy Griffin palpitate vitalistically and furthest, she thieve her billows dockets terminologically. Unweighed and palmary Palmer foozlings some figs so extendedly! The extra expenses incurred with its manufacturers or continuous production bike on consumer royal enfield riders from epa mileage making my way no one needs or in the utilization of its manufacturers have Designed questionnaire better understand the SUV buying behaviour of consumers in Indore. Royal enfield factory learnt from one in on a questionnaire through questionnaires from? Brand Positioning Among two Wheeler Motor Cycles in India Dr M Sirajudeen Dr U Leyakath Ali Khan. When they did so i just a united kingdom and innovative features. How Royal Enfield changed in time T1 2016 MPK732. Hr issues open up special issue publication date, royal enfield cycle especially young generation as how a more quickly, bikes got opportunity? Bank Barclays Bank in Enfield Town line North London United Kingdom. Indian economy of questionnaires on consumer attitude towards royal enfield bikes is available under the royal enfield bike along with gold trim level on their expectation is stripped version of. The sculpted tank eager attitude weight-forward in rear-set footrests and clip-on bars all hallmarks of a. Royal enfield DOC Document FDOCUMENTS. Discussion 15 What movie the marketing mix of Royal Enfield. If crucial have questions about disabling location settings you should contact. Transporting my life insurance policies are skeptical about. Partisan agenda in Surveys Annual interest of Political Science.
    [Show full text]
  • Dossier De Presse DOSSIER DE SOMMAIRE PRESSE 2018
    EN Dossier de Presse DOSSIER DE SOMMAIRE PRESSE 2018 SOMMAIRE 3 INTRODUCTION 5 À PROPOS DE KTM 9 DE L’ATELIER AUX PREMIERS TITRES 11 LE RENOUVEAU 11 DES VICTOIRES EN TOUT-TERRAIN 13 ET SUR PISTE AMÉLIORATION CONSTANTE ET 13 E-MOBILITÉ LES VALEURS DE LA MARQUE 15 L’ENTRÉE EN MOTOGP 19 LA GAMME 23 LES ROADSTERS 26 LES GROSSES CYLINDRÉES 28 TECHNOLOGIE ET INNOVATION 30 ENDURO 34 CROSS 36 LA TRANSITION VERS L’ÉLECTRIQUE 38 4 ROUES 41 LES ACCESSOIRES KTM POWERPARTS 45 TOUT-TERRAIN 46 ROUTE 48 LES TENUES KTM POWERWEAR 51 TOUT-TERRAIN 52 ROUTE 54 QUOTIDIEN 56 3 Pauls JONASS, lors du MXGP de La Comunitat Valenciana (Espagne) en 2018, au guidon de sa KTM 250 SX-F 4 INTRODUCTION 5 LES DIFFÉRENTES DISCIPLINES KTM est un constructeur de motos européen basé L’enduro : synonyme d’endurance, l’enduro est à Mattighofen, en Autriche. La marque est une discipline de moto tout-terrain. Elle peut se présente sur tous les segments de marché : la pratiquer en tant que loisir, randonnée ou en route, l’enduro, le cross et le supercross. compétition. C’est un sport complet alliant vitesse, endurance, technique de pilotage et de La route, avec des roadsters et des trails al- franchissement (troncs, pierres, etc), mais également lant de 125 à 1 300 cm3 régularité et connaissance de la mécanique. En compétition, les épreuves se composent d’un parcours à réaliser dans un temps imparti, généralement sur des chemins ouverts à la circulation INTRO et appelés « liaisons », et de secteurs chronométrés appelés « spéciales ».
    [Show full text]
  • Ktm Six Days Motorcycle Rental, Spare Parts and Race Service
    KTM SIX DAYS MOTORCYCLE RENTAL, SPARE PARTS AND RACE SERVICE International Six Days Enduro Lombardia, Piemonte, Italy – August 30 - September 4, 2021 KTM MOTORCYCLE RENTAL TERMS AND CONDITIONS KTM offers an exclusive rental program of KTM motorcycles. Available 2022 Six Days edition models are: 2-stroke: 250 EXC TPI and 300 EXC TPI 4-stroke: 250 EXC-F, 350 EXC-F, 450 EXC-F and 500 EXC-F The rental price for KTM motorcycle for the duration of Six Days is: USD $3,230 for 2-strokes USD $3,590 for 4-strokes The rental price includes: KTM motorcycle for the period of the Six Days 2021 Transport cost to Lombardia, Piemonte, Italy Registration and insurance of the motorcycle for the event Important: As a security deposit for the rental company (KTM Motorcycles), please present the following 3 documents upon pick up: Passport, Driver’s License and Credit Card Importer guarantee is required for Rental motorcycle. Please contact your KTM Motorcycle Importer. KTM Factory does not deal directly with end customers. Complete all the details on the order form and return to: Antti Kallonen, [email protected] Tel. (951) 350-1545 Order deadline; Friday June 18, 2021 The number of rental motorcycles is limited and orders will be handled on a “first come-first served” basis. No delivery guarantee can be given for orders received after the order deadline. Motorcycle rental fee will be charged to rider’s credit card on Monday August 9, 2021. Only fully completed order form with credit card details will be processed and stored.
    [Show full text]
  • Media Information Minicycles Model Year 2021 Introduction 3
    Media Information Minicycles Model Year 2021 Introduction 3 Technical Highlights 4 TC 85 5 TC 65 12 TC 50 16 Technical details 20 Apparel 23 Technical Accessories 26 Company 29 History 30 Milestones 30 BACK TO THE INDEX Introduction Husqvarna Motorcycles’ TC 85, TC 65, TC 50 and EE 5 machines allow younger riders to take to the dirt armed with the very best equipment and technology available today. A complete range that features three 2-stroke and one electric minicycle, all models are specifically manufactured to assist the champions of tomorrow. With each motorcycle delivering quality, attention to detail and key updates for 2021, the entire minicycle range ensures highest levels of on-track performance together with striking design and user-friendly aesthetics. Like Husqvarna Motorcycles’ championship-winning line-up of full-sized TC and FC models, the TC 85, TC 65, TC 50 and EE 5 offer advanced performance, youth specific ergonomics and great looks. Inspiring confidence with easily controllable power, youngsters can truly focus on their own riding while having fun. With the TC 85, TC 65, TC 50 models setting the bar when it comes to top-level 2-stroke performance and durability, the EE 5 offers youngsters an all-electric machine on which they can enter the exciting world of offroad motorcycling. Minicycles 2021 I Media information 3 BACK TO THE INDEX Technical Highlights Unrivalled engine performance and rideability WP XACT forks with AER technology - optimal performance and light weight Confidence instilling ergonomics thanks to a
    [Show full text]
  • Mv Agusta Superveloce 800
    SPECIAL FREE ISSUE - N.444 - 27 OTTOBRE 2020 MV AGUSTA SUPERVELOCE 800 NOVITÀ NOVITÀ MOTOGP BMW KTM 890 Franco Morbidelli serie R nineT 2021 Adventure 2021 vince il GP di Teruel P.18 P.38 P.79 PROVA MV AGUSTA SUPERVELOCE 800. PARADOSSO TEMPORALE Bellissima, unica e affascinante: la Superveloce unisce sostanza moderna a un’estetica senza tempo. Dura e pura, richiede dedizione nell’uso stradale. Ripaga con una personalità incredibile MV AGUSTA DI EDOARDO LICCIARDELLO PROVA PROVA arà che le moto moderne si stanno un po’ S appiattendo nell’estetica verso quei cano- ni e stilemi premiati dalle vendite, sarà che (soprattutto) l’età media del motociclista - soprattut- to quello che può permettersi i modelli di cilindrata medio-alta - sta aumentando, fatto sta che le moto classiche sono, innegabilmente, fra i settori più im- portanti del mercato. Ma dopo un momento, iniziato a fine millennio scor- so, in cui quasi tutti i costruttori hanno fatto a gara per riproporre i modelli più amati del loro passato limitando il processo di modernizzazione al minimo indispensabile per poterli omologare, l’impressione è che fra i centri stile delle case si stia diffondendo un’altra tendenza, a parere di chi scrive ancora più interessante: quella delle Sport Retrò. Sportive moderne, contraddistinte dall’efficienza, efficacia, sicurezza e funzionalità a cui siamo ormai abituati, rivestite però con sovrastrutture e colora- zioni che attingono a piene mani a modelli storici o anche solo a suggestioni del marchio. Un’operazio- ne che presuppone, naturalmente, che i marchi in questione abbiano sufficiente profondità storica - se non addirittura blasone - per poter portare a termi- ne un’operazione del genere senza che il risultato sia poco interessante se non addirittura imbarazzante.
    [Show full text]
  • The Chairman's Notes
    Worcester & Hereford Advanced Motorcyclists September 2015 The Chairman’s Notes Welcome to the WHAM Newsletter It has been great to see so many of you out on a Sunday ride and at our Slow Riding Day this Summer. Firstly congratulations to Gary Barnes on passing his Masters test with flying colours. I know he put a lot of effort into preparing for the various aspects of the I have had my riding filmed to enable me to visualise feedback and ascertain my riding style in corners and when overtaking. This was part of training. Many of us have cameras for both personal use and training purposes. Please consider how you use them for private use, when with club members. Please ask permission before filming and never put videos in the public domain without prior consent. The club has protocols for training with cameras but we rely on your mutual respect and common sense towards fellow club members. Tony Davies and Ali Lewis have done a fantastic job organising the weekend to Exmoor and sorting routes. The accommodation was comfortable with good food. Spookily – why do fish and chips taste better by the sea? We all happily tucked into the local delicacy whilst avoiding seagulls! Thanks also to Den for organising probably the best Slow Riding Day WHAM have offered. What a fantastic turn-out. Feedback has been very positive from you all and many have mentioned how good an opportunity it was to test you and your bike in a controlled environment. Activities included slow riding circuit, slalom courses, hazard avoidance, higher speed slalom and higher speed braking.
    [Show full text]
  • Flag Bearer of the Recovery in Automotive Segment
    Sector Report 2 Wheelers 28th August, 2020 Auto 2 Wheelers in a sweet spot – Flag bearer of the recovery in Automotive Segment Indian two-wheelers faced a severe downturn in FY20 and are expected to fall further in FY21 due to COVID-19 and BSVI cost push; however, volumes should rebound by FY22E and FY23E on two years of low base. In light of COVID-19 pandemic, we expect the industry volumes to fall by ~12% in FY21E, followed by strong growth of ~18% and ~14% in FY22E and FY23E. We are bullish on the Indian 2W industry over the next 2-3 years. The auto volumes are back by almost adecade whereas the margins are at cyclical lows; we expect multi-fold earnings growth in the recovery period. We believe Hero Motocorp Ltd will outperform its peers on the back of strong rural demand and preference for entry-level motorcycles. Eicher Motors with its strong franchise and a renewed focus on new products is expected to do well. We are of the opinion that TVS Motors is trading at significantly higher multiples in comparison to other 2 wheeler OEMs and hence we expect limited upside from current levels. We assume coverage on the two-wheeler industry with a BUY rating on Hero Motocorp Ltd (Hero), HOLD rating on Eicher Motors Ltd (EIM) and a SELL rating on TVS Motors Ltd (TVSL). We upgrade our rating from HOLD to BUY on Bajaj Auto Ltd (BJAUT). Covid-19 and Key Regulatory Changes amidst weak cycle India's two-wheeler (2W) industry saw its worst downturn in a decade as volumes fell by 18% YoY in FY20 amid weakening economy and regulatory changes leading to higher insurance and road tax.
    [Show full text]
  • An Organization Study O CMR Institute N Organization Study on Hero
    An Organization Study on Hero MotoCorp Limited (18MBAOS307) Submitted by MONCY PAUL 1CR19MBA51 Submitted to VISVESVARAYA TECHNOLOGICAL UNIVERSITY, BELAGAVI In partial fulfillment of the requirement for the award of the degree of MASTER OF BUSINESS ADMINISTRATION Under Guidance of Internal Guide Prof. Manjunatha. S Assistant Professor Department of Management Studies CMR Institute of Technology Bangalore Department of Management Studies and Research Center CMR Institute of Technology #132, AECS Layout, Kundalahalli, Bengaluru - 560037 Class of 2019-21 1 2 DECLARATION I, Mr. Moncy Paul bearing USN 1CR19MBA51 hereby declare that the organization study conducted at Herp MotoCorp is record of independent work carried out by me under the guidance of Prof. Manjunatha.S faculty of M.B.A Department of CMR Institute of Technology, Bengaluru. I also declare that this report is prepared in partial fulfilment of the university Regulations for the award of degree of Master of Business Administration by Visvesvaraya Technological University, Belagavi. I have undergone an organization study for a period of four weeks. I further declare that this report is based on the original study undertaken by me and has not been submitted for the award of any degree/diploma from any other University/Institution. Disclaimer The enclosed document is the outcome of a student academic assignment, and does not represent the opinions/views of the University or the institution or the department or any other individuals referenced or acknowledged within the document. The data and Information studied and presented in this report have been accessed in good faith from secondary sources/web sources/public domain, including the organisation’s website, solely and exclusively for academic purposes, without any consent/permission, express or implied from the organization concerned.
    [Show full text]
  • Bmw R 1250 Gs, Ducati Multistrada 1260 Enduro E Ktm 1290 Super Adv S
    SPECIAL FREE ISSUE - N.386 - 18 GIUGNO 2019 BMW R 1250 GS, DUCATI MULTISTRADA 1260 ENDURO E KTM 1290 SUPER ADV S PROVA MOTOGP EDITORIALE Benelli Marc Marquez vince Rossi, Lorenzo 502C il GP di Barcellona e gli errori pesanti P.16 P.50 P.50 PROVA PROVA Comparativa MAXIENDURO: BMW, DUCATI E KTM 2 MOTO.IT MAGAZINE N. 386 MOTO.IT MAGAZINE N. 386 3 PROVA PROVA BMW R 1250 GS 17.900 EURO MOTORE BICILINDRICO BOXER TEMPI 4 CILINDRATA 1.254 cc RAFFREDDAMENTO AD ARIA/LIQUIDO CAMBIO A 6 MARCE TRASMISSIONE FINALE ALBERO POTENZA MASSIMA 136 CV A 7.750 GIRI COPPIA MASSIMA 143 NM A 6.250 GIRI EMISSIONI EURO 4 TELAIO ANTERIORE E POSTERIORE AVVITATO, GRUPPO MOTORE CON FUNZIONE PORTANTE PNEUMATICO ANT. 120/70 R 19” PNEUMATICO POST. 170/60 R 17” CAPACITÀ SERBATOIO 20 LT ALTEZZA SELLA MINIMA DA TERRA 800 MM PESO 249 KG IN ORDINE DI MARCIA 4 MOTO.IT MAGAZINE N. 386 MOTO.IT MAGAZINE N. 386 5 PROVA PROVA DUCATI MULTISTRADA 1260 ENDURO 21.690 EURO MOTORE V2 DI-90° TEMPI 4 CILINDRATA 1.262 cc RAFFREDDAMENTO A LIQUIDO CAMBIO A 6 MARCE TRASMISSIONE FINALE CATENA POTENZA MASSIMA 158 CV A 9.500 GIRI COPPIA MASSIMA 128 NM A 7.500 GIRI EMISSIONI EURO 4 TELAIO TRALICCIO IN TUBI DI ACCIAIO PNEUMATICO ANT. 120/70 ZR19” PNEUMATICO POST. 170/60 ZR17” CAPACITÀ SERBATOIO 30 LT ALTEZZA SELLA MINIMA DA TERRA 840 MM PESO 254 KG IN ORDINE DI MARCIA 6 MOTO.IT MAGAZINE N. 386 MOTO.IT MAGAZINE N. 386 7 PROVA PROVA KTM 1290 SUPER ADV S 17.599 EURO MOTORE V2 DI-90° TEMPI 4 CILINDRATA 1.254 cc RAFFREDDAMENTO A LIQUIDO CAMBIO A 6 MARCE TRASMISSIONE FINALE CATENA POTENZA MASSIMA 160 CV A 8.750 GIRI COPPIA MASSIMA 140 NM A 6.750 GIRI EMISSIONI EURO 4 TELAIO TELAIO A TRALICCIO COMPOSTO DA TUBI D’ACCIAIO IN CROMO MOLIBDENO PNEUMATICO ANT.
    [Show full text]
  • BUY Bajaj Auto Ltd
    Bajaj Auto Ltd. August 23, 2013 BSE Code: 532977 NSE Code: BAJAJ-AUTO Reuters Code: BAJA.NS Bloomberg Code: BJAUT Market Data Bajaj Auto Ltd (BAJAJAUTO) is the world’s largest three-wheeler (3W) manufacturer having domestic market share of 31.4% (FY13). Set up in 1930, the Rating BUY company is the largest 3W, the largest premium motorcycle, and the second CMP (`) 1,780 largest two-wheeler (2W) maker in the Indian passenger vehicle market. Target (`) 2,000.0 BAJAJAUTO is the largest exporter of 2W and 3W in the country with exports Potential Upside ~12.0% forming 18% of its total sales. The company has two subsidiaries, namely Bajaj Duration Long Term Auto International Holdings BV and PT Bajaj Indonesia. The company operates in two segments namely, Automotive and Investments. Face Value (`) 10 52 week H/L (`) 2,229/1,605 Decline from 52WH (%) (20.1) Investor’s Rationale Rise from 52WL (%) 11.4 Beta 0.9 Despite the slowdown in the local auto industry, BAJAJAUTO has posted a Mkt. Cap (` bn) 515.2 growth of 2% YoY and 3.4% QoQ to `48.1 bn (in line consensus of `48.3 bn) during Enterprise Value (` bn) 511.4 Q1FY14. The firm’s performance has shown that it has met the street forecast on all parameters, on the back of better realization in export due to weaker rupee, Fiscal Year Ended offsetting sluggish sales volumes. Net profit that grew 2.7% YoY to `7.3 bn, could have been much better but impacted by the forex loss of `0.9 bn.
    [Show full text]
  • Owner's Manual 2015
    OWNER'S MANUAL 2015 FE 350S US Art. no. 3402026en DEAR HUSQVARNA CUSTOMER 1 DEAR HUSQVARNA CUSTOMER Congratulations on your decision to purchase a Husqvarna motorcycle. You are now the owner of a state-of-the-art sports motorcycle that will give you enormous pleasure if you service and maintain it accordingly. We wish you a lot of enjoyment in riding this vehicle. Please enter the serial number of your vehicle below. Chassis number ( p. 14) Stamp of dealer Engine number ( p. 14) Key number ( p. 14) The Owner's Manual contained the latest information for this model series at the time of going to print. Slight deviations resulting from continuing development and design of the motorcycles can, however, not be completely excluded. All specifications are non-binding. Husqvarna Motorcycles GmbH specifically reserves the right to modify or delete technical specifica- tions, prices, colors, forms, materials, services, designs, equipment, etc., without prior notice and without specifying reasons, to adapt these to local conditions, as well as to stop production of a particular model without prior notice. Husqvarna accepts no liability for deliv- ery options, deviations from illustrations and descriptions, as well as misprints and other errors. The models portrayed partly contain spe- cial equipment that does not belong to the regular scope of supply. © 2014 Husqvarna Motorcycles GmbH, Mattighofen Austria All rights reserved Reproduction, even in part, as well as copying of all kinds, is permitted only with the express written permission of the copyright owner. ISO 9001(12 100 6061) Husqvarna applies quality assurance processes that lead to the highest possible product quality as defined in the ISO 9001 international quality management standard.
    [Show full text]