Roland_Berger_Chinese_Appetite_E_20111118

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1、CHINESEAPPETITE–EmergingmarketplayersarebuyingintotheEuropeanautosupplierindustrySummaryofstudyresultsJuly20111Automotiveproductionvolumeshaverecoveredafterthecrisis.However,triadmarketsarestillbelowpre-crisisvolumesDevelopmentofglobalproductionvolumes1)[munits]Regionalbreakdownofproducti

2、onvolumes1)[munits]CAGR1)GLOBALRECESSIONGLOBALRECESSION,[%]FINANCIALCRISIS86.390857002.231.65%80Others24.57521421.422%China8.170Japan11.110.2-2%65USA10510.59.4-2%60Western16.113.7-3%Europe02005200620072008200920102011201220072012FC1)Lightvehicles/Q12011ProductionSource:J.D.Power;RolandBer

3、geranalysis2Asaresultofthepositivedevelopment,insolvenciesintheglobalautosupplierindustrydeclineddrasticallyin2010and2011Selectedinsolvenciesinsupplier~100industryinlate2010-2011COMPANYSEGMENT~45~25Interior~151)trimSaarGummiSealing2008200920102011EsystemsAluminumwheelsInterior~70~55plasti

4、cs~40CromoduroInterior~25~25~15~101)~101)plasticsAluminum2008200920102011E2008200920102011Ecasting1)Firsthalfof2011Source:RolandBergeranalysis3Duetoanimprovedinvestmentclimateandgoodavailabilityoftargets(insolvencies!),thenumberoftransactionsincreasedsignificantlyNumberoftransactionsinglo

5、balautomotivesupplierindustry376COMMENTS3601)>Inalmostallcases,operationsofinsolventcompanieshavebeen341carridiedon–veryftoftensupporttdbedbyOEMs>MarketconditionsforM&A302transactionsandbusinesssituationofstrategicinvestorsimprovedsignificantlyaftercrisis>Thetransactionsmarketisalreadyalm

6、ostonpre-crisislevel2008200920102011E1)ExtrapolationbasedontransactionsYTDMay2011andseasonaleffectsNote:Transactionsconsidered:automotivesupplier,worldwide,acquisitionofmajorityinterestSource:ThomsonFinancials;MergerMarket;RolandBergeranalysis4Strategicinvestorsareplayingamuchmoreimportan

7、troleafterthecrisis.MaindrivingforcebehindthistrendareOEMsAutosuppliertakeoversbybuyertype[%]COMMENTS100%>Financialinvestorsexit23%23%existinginvestmentsasFinancial47%42%marktditiketconditionsareinvestorsdevelopingfavorably>OEMsarereluctantto59%supportfinanciliialin