capital markets day - wilh. wilhelmsen€¦ · $179 $317 17% 10% 18% 13% 0% 2% 4% 6% 8% 10% 12% 14%...
TRANSCRIPT
Wilh.Wilhelmsen Capital Markets Day
>
Wilh.Wilhelmsen ASA /// 17 September 2015
2
> Disclaimer
This presentation contains forward-looking expectations which are subject
to risk and uncertainties related to economic and market conditions in
relevant markets, oil prices, currency exchange fluctuations etc.
Wilh. Wilhelmsen ASA group undertake no liability and make no representation or
warranty for the information and expectations given in the presentation.
EUKOR – The Untold Story
Capital Markets Day17 September 2015
EUKOR Car Carriers Inc.President & CEO, Craig Jasienski
Capital Markets Day 17 September 2015 EUKOR – The Untold Story
Main drivers for OW/WW investing in EK
1
Stronger presencein Asia
Growth withsuccessful car manufacturer
Strategic fitwith WWL
Asset light
• Background; Asian Crisis• $1.3 billion investment
Triggers
EUKOR – The Untold Story
2
Low cost
Outsource non-core
Asset light
Acquiring core competence
Korea focus and scalableEUKOR
EUKOR business model at inception
High gearing/ risk management
Capital Markets Day 17 September 2015
EUKOR – The Untold Story
3
Sailing patterns 2003
Capital Markets Day 17 September 2015
EUKOR – The Untold Story
(Non-prorated basis, US$ million, 1,000’s CEU)
• Revenue doubled from $1 to $2 billion.• Volume gone from 2.4 to 4.6 million CEU.
4
Volume and Revenue
2 404
4 597
$1 051
$2 352
0,0 bil
0,6 bil
1,2 bil
1,8 bil
2,4 bil
0,0 mil
1,0 mil
2,0 mil
3,0 mil
4,0 mil
5,0 mil
6,0 mil
7,0 mil
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Volume Revenue
Capital Markets Day 17 September 2015
1 121785
664896
618
2 916
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Hyundai Kia N-HMG
EUKOR – The Untold Story
5
Growth and diversification
(1,000’s CEU)
EUKOR transported volume
1,6801,785
Capital Markets Day 17 September 2015
EUKOR – The Untold Story
25% 22% 23% 27% 30% 32% 28% 43% 51% 58% 61% 62%
0,00,10,20,30,40,50,60,70,80,91,0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
HMG Volume N-HMG Volume
100% 75% 70% 60%HMG* OCC Portion (%)
6
* HMG: Hyundai Motor Group
Diversification and growth
Capital Markets Day 17 September 2015
EUKOR – The Untold Story
7
Sailing patterns 2015
Capital Markets Day 17 September 2015
326 339
513 150
470 050
65 61
52
50
60
70
80
90
300 000
350 000
400 000
450 000
500 000
550 000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015F 2016F
Total capacity(AEU) No. of T/C vessels
EUKOR – The Untold Story
8
* AEU: Accent(Hyundai motor) Equivalent Unit** All vessel (Own+T/C over 1Y) redelivery option exercised and vessels recycled at 25 years*** All vessel (Own+T/C over 1Y) redelivery option extended and vessels recycle postponed**** T/C vessels: Time Charter over 1Y
• Average vessel capacity has gone from 4400 to 6100 AEU• Average vessel age is down from 14 to 10 years• Broad use of TC vessels under 1 year
Grown core fleet but kept flexibility
No. of T/C vesselsFleet Capacity (AEU)*
**
499,150***
****
Capital Markets Day 17 September 2015
EUKOR – The Untold Story
9
EK/WWL Synergies
• Tonnage efficiency• Frequency• Vessel utilization
(CEU, No. of vessels)
2011 2012 2013 2014
Cargo support(EUKOR↔WWL)
144,806 127,853 102,598 210,489
Tonnage swap/Chartering
22 39 54 44
Capital Markets Day 17 September 2015
$179
$317
17%
10%
18%
13%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0
50 000
100 000
150 000
200 000
250 000
300 000
350 000
400 000
450 000
500 000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
EBITDA EBITDA Margin
EUKOR – The Untold Story
(US$ million)
10
EBITDA & EBITDA Margin
*IFRS basis
Capital Markets Day 17 September 2015
EUKOR – The Untold Story
Balance Sheet (US$ million)
2003 2014
Liabilities $1,040 $1,657
└ Acquisition debt $895 $ 0
└ Others $ 145 $1,657
Equity $299 $1,285
Equity Ratio 22% 44%
11
Building a strong balance sheet
Cash balance
Dividend payment
*Acquisition debt was fully repaid in 2014
(US$ million)
*Total sum of dividend from EUKOR Car Carriers Inc./EUKOR Car Carriers Singapore/EUKOR Shipowning Singapore included.
Totally $518.2 million paid
(US$ million)
$1 339
$2 942
0,00,51,01,52,02,53,03,5
200320042005200620072008200920102011201220132014
Acqusition Debt Other Debts Equity
$22
$276
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
$15 $20$40 $25
$60 $60 $60
$178
$60
2007 2008 2009 2010 2011 2012 2013 2014 2015
Capital Markets Day 17 September 2015
EUKOR – The Untold Story
12
EUKOR today
From local operator
One Customer
High gearing
Total TC dependent
GLOBAL CARRIER
DIVERSIFIED CLIENT BASE
STRONG BALANCE SHEET
TONNAGE FLEXIBILITY
From a Korean company working internationally to a global company based in Korea
Capital Markets Day 17 September 2015
Thank you!
© 2015 IHS
Presentation
ihs.com
IHS AUTOMOTIVE
Wilh.Wilhelmsen - Capital Markets Day
Oslo, Norway | 17 September 2015
Mike Jackson
Director, Vehicle Production Forecasting
+1 248 465 8912, [email protected]
Navigating for Growth: Global Automotive Opportunities and Pitfalls
© 2015 IHS
Presentation
ihs.com
IHS AUTOMOTIVE
Video 1 – Think About a Car
IHS Customer Care:
• Americas: +1 800 IHS CARE (+1 800 447 2273); [email protected]
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Content reproduced or redistributed with IHS permission must display IHS legal notices and attributions of authorship. The information contained herein is from sources considered reliable but its accuracy and completeness are not warranted, nor are the
opinions and analyses which are based upon it, and to the extent permitted by law, IHS shall not be liable for any errors or omissions or any loss, damage or expense incurred by reliance on information or any statement contained herein. For more
information, please contact IHS at Customer Care (see phone numbers and email addresses above). All products, company names or other marks appearing in this publication are the trademarks and property of IHS or their respective owners.
© 2015 IHS
Presentation Outline
• Global Outlook
• Regional Forecasts
• Market Dynamics
• Technology Trends
• Summary
Presentation Outline
© 2015 IHS
-5,0
-4,0
-3,0
-2,0
-1,0
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
8,0
World UnitedStates
Japan Eurozone Brazil Russia India China
2014 2015 2016 Avg. 2017-22
World: Economic growth ratesGlobal outlook worsens slightly
GD
P g
row
th r
ate
%
Source: IHS Economics
World average
2015 = 2.5%
© 2015 IHS
0
20
40
60
80
100
120
140
160
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
WTI Spot Price WTI Constant Price Forecast Q2 2014
US
do
llars
pe
r b
arr
el
United States: West Texas crude-oil forecastStrong supply keeping prices low now; greater demand drives prices longer term
Source: IHS Economics, current quarterly forecast
Lower oil price creating
USD900 annual fuel
savings for US
households over last
year’s prices.
© 2015 IHS
0
10
20
30
40
50
20
00
200
2
200
4
200
6
200
8
201
0
201
2
201
4
201
6
20
18
202
0
202
2
Source: IHS Automotive, Mature Markets = US, Canada, Japan, S Korea, Australia, NZ, W Europe
Change 2000 – 2022:
MM down 5%
China up 1360%
Others up 233%
An
nu
al
sa
les
, in
mil
lio
ns
Recessions in South
America, Russia changing
path temporarily
Mature Markets
Developing
Markets
China
7
Light Vehicle Sales ForecastAutomotive world changing quickly
© 2015 IHS 8
Mature Markets LV Sales ForecastReplacement demand is key driver – loyalty critical to OEMs
6,7
20,3
1,3
14,5
0
2
4
6
8
10
12
14
16
18
20
22
Japan/ Korea North America Oceania West Europe
LV Sales Forecast (millions, 2005 – 2022)
Source: IHS Automotive
© 2015 IHS 9
Emerging Markets LV Sales ForecastRecent declines only temporary – fundamentals remain positive
2,9
1,1
2,8
3,4
5,2
4,3
0
1
2
3
4
5
6
7
ASEAN Central Europe East Europe IndianSubcontinent
MiddleEast/Africa
South America
LV Sales Forecast (millions, 2005 – 2022)
Source: IHS Automotive
© 2015 IHS 10
China Light Vehicle Sales ForecastWeakening market conditions forces large adjustment
23,4
5
10
15
20
25
30
35
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Sept Forecast July Forecast April Forecast
Over 9 million units (4%) removed from forecast since April.
Key Reasons:
• 7% drop in July bigger than expected
• 3 months of negative growth – first since 2008
• Slowdown widespread – 25% of 340 cities now show
declining sales
Sales still expected to rise 3%+ in 2016
Key Reasons:
• Car prices remain very low and interest rates declining
• Older/polluting cars replacement programs likely
• Fewer new city license plate restrictions
• Commercial vehicles less of a drag – down 10% this year
Source: IHS Automotive
LV
Sa
les (
mill
ion
s)
© 2015 IHS 11
0
100
200
300
400
500
600
700
800
900
Unite
dS
tate
s
Japan
Germ
any
Fra
nce
Bra
zil
Russia
India
Ch
ina
Light Vehicles in Operation Per 1000 People (2006 - 2022)
Source: IHS Automotive
2014
Economic growth creating
large increases in personal
transportation need/desire,
fueling vehicle sales growth
– and for years to come.
Vehicle Penetration RatesAlthough volatile, BRIC markets still offer the most growth potential
© 2015 IHS
Global Production – Regional Growth
12
74
89
107
50
60
70
80
90
100
110
2008 2010 2012 2014 2016 2018 2020 2022
Millio
ns
19million
8,4
5,1
2,9
1,4
1,0
0,6
-0,8
Greater China
South Asia
Europe
North America
South America
Middle East/Africa
Japan/Korea
Millions
© 2015 IHS
Global Production – Segment Growth
13
74
89
107
50
60
70
80
90
100
110
2008 2010 2012 2014 2016 2018 2020 2022
Millio
ns
19million
1,1
6,8
5,5
2,5
0,2
1,7
0,8
A-Segment
B-Segment
C-Segment
D-Segment
E-Segment
Mid-Frame
Full-Frame
Millions
© 2015 IHS
0%
2%
4%
6%
8%
10%
12%
0
2
4
6
8
10
12
14
Volk
sw
agen
To
yota
Ren
/Nis
san
Hyunda
i
GM
Fo
rd
Hon
da
FC
A
PS
A
Suzuki
Daim
ler
BM
W
GM
-Wu
ling
Ch
an
ga
n
Mazda
Ta
ta
Geely
BA
IC
Don
gfe
ng
Mits
ubis
hi
Gre
at W
all
Fu
ji Hea
vy
Millio
ns 2014
2022
CAGR
14
Top 22 Automakers – 2022
91%
© 2015 IHS
0,0
0,5
1,0
1,5
2,0
2,5
3,0
Ren
/Nis
san
Volk
sw
agen
Hyunda
i
Hon
da
To
yota
GM
Ta
ta
FC
A
Suzuki
PS
A
Fo
rd
Geely
Don
gfe
ng
BM
W
Daim
ler
Millio
ns
15
75%
Opportunity – Top 15 Gainers
© 2015 IHS16© 2015 IHS
Global Sourcing Variance 2015 - 2022
OEM Unit Δ
(Mil)Units (Mil)
South
Asia
South
America
North
America
MEast
Africa
Japan/
Korea
Greater
ChinaEurope
VW +1.9 12.1 .3 .2 .4 - - .7 .3
Toyota + 1.0 10.9 .7 - .1 .1 -.3 .3 .1
GM-WulingGM
+1.1 + .9
10.88.5
.4
.2.1.1
--
--
.1-.2
.9
.7.2.2
Ren/Nissan +2.5 10.7 .6 .1 - .2 -.1 .7 .9
Hyundai +1.1 9.1 .2 - .5 - -.2 .4 .2
Ford + .6 7.0 .3 .1 - - - .2 -
Honda +1.1 5.6 .5 .1 .2 - .1 .3 -
FCA + .7 5.4 .1 .2 -.3 - - .4 .4
PSA + .6 3.8 - - - -.1 - .4 .3
Suzuki + .7 3.7 .7 - - - -.1 .1 -
Global Output
+19.0 107.0 13.0 4.2 19.0 2.8 12.5 32.3 23.6
Regional Δ +5.1 +1.0 +1.4 +.6 -.8 +8.4 +2.9
© 2015 IHS
Presentation Outline
• Global Outlook
• Regional Forecasts
• Market Dynamics
• Technology Trends
• Summary
Presentation Outline
© 2015 IHS
Greater China Output
19
4,0 5,1
2,73,9
4,8
6,5
12,3
16,7
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
2012 2014 2016 2018 2020 2022
Millio
ns
Other A4 US3 G3
+8.4M
G3 13%
US3 15%
J420%
Other 53%
2015 – 2022Growth (%)
© 2015 IHS
South Asia Output
20
+5.1M
G37% US3
11%
A439%
Other 43%
2015 – 2022Growth (%)
0,51,1
3,5
5,5
3,7
5,8
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
2012 2014 2016 2018 2020 2022
Millio
ns
Other A4 US3 G3
© 2015 IHS 21
+2.9M
G320%
US319%
A4 40%
Other20%
2015 – 2022Growth (%)
8,4 9,0
4,14,7
4,86,0
3,4
4,0
0,0
5,0
10,0
15,0
20,0
25,0
2012 2014 2016 2018 2020 2022
Millio
ns
Other A4 US3 G3
Europe Output
© 2015 IHS
North America Output
22
+1.4M
G345%
US3-25%
A456%
Other 24%
2015 – 2022Growth (%)
1,3 1,9
9,3 8,9
6,47,2
0,50,9
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
18,0
20,0
2012 2014 2016 2018 2020 2022
Millio
ns
Other A4 US3 G3
© 2015 IHS
China of the West
23
13 FTAs 45 countries
© 2015 IHS
South America Output
24
G320%
US340%
A429%
Other12%
2015 – 2022Growth (%)
0,7 0,6 0,8
1,91,4
1,8
1,0
1,30,2
0,3
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
5,0
2012 2014 2016 2018 2020 2022
Millio
ns
Other A4 US3 G3
+1.0M
© 2015 IHS
Japan/Korea Output
25
US3 29%
A459%
Other 12%
2015 – 2022Growth (%)
9,5 9,0
3,23,1
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
2012 2014 2016 2018 2020 2022
Millio
ns
Other A4 US3 G3
- .8M
© 2015 IHS
Imports By Region 2014 + 2022
1.5
1.0
2.1
4.2
1.5
1.6
.5
0,3
0,9
0,3
0,2
0.5
0,1
Gr China
S Asia
Europe
NA
SA
MEA
JK
Exports By Region 2014 + 2022
0,3
1,0
3,5
1,5
0,1
0,4
6,3
0,4
0,3
1,0
0,6
-0,2
Gr China
S Asia
Europe
NA
SA
MEA
JK
IHS Automotive Conference / September 2015
Global Vehicle Flows By Region
© 2015 IHS
Presentation Outline
• Global Outlook
• Regional Forecasts
• Market Dynamics
• Technology Trends
• Summary
Presentation Outline
Risk/Reward Paradigm
RISK
REWARD
high
low
highlow
• Segment
• Technology
• Geography
• Brand
• Customer
!
© 2015 IHS 29
Global Demand for Premium/Luxury brands
3,9
4,2 3
,7
5,1
6,1
.7
1,3
1,8
3,5
4,9
0%
2%
4%
6%
8%
10%
12%
0
2
4
6
8
10
12
2000 2005 2010 2015 2020
Millio
ns
Luxury Car Luxury Trk Global Share %
CAGR = 4.8%
+1.4M
CAGR = 2.5%
+1.0M
© 2015 IHS
30
(000s)Luxury Output By Region
2,228
6.9%
551
4.5%
150
1.2%105
2.2%
2,378
12.5%
137
5.5%
5,453
23.8%
1,046
4.6%
17
0.4%
626
4.6%
1,335
7.8%
56
0.7%
117
6.1%
5,138
25.5%
Global
2014 2022
11.0 mil 10.3 % share
2022
© 2015 IHS
31
Luxury vs. Industry Growth
202219M
units
industry
+1.9m1.4% CAGR
units107M
industry
+20.0m2.5% CAGR
2.4munits
luxury
+1.0m
7.5% CAGR
11Munits
luxury
+2.9m
4.0% CAGR
• 50% of growth in regional output occurs in luxury
© 2015 IHS
‘80/20 Rule’
Profit Erosio
n
Reduced Lead-times
Labor Costs
Expedited Costs
Material Shortages/C
osts
Capacity Constraints
Downtime
32
Volkswagen Global Profile2014
Expansive Brand Portfolio
• 20% luxury / 80% volume
• 2.0 million / 8.1 million
• Volume vs. niche luxury
• Other OEMs strive to replicate
• Dramatic product proliferation
• ‘Decades long’ journey
• Must withstand boom/bust
© 2015 IHS
Currency Depreciation Impacts
33
40
50
60
70
80
90
100
110
Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15
US
D/lo
cal
cu
rren
cy,
2013:1
=10
0
China India Brazil Russia South Africa
Weekly exchange rate indexes
Source: IHS © 2015 IHS
© 2015 IHS
Global Super Sets
34
Vehicle
Segment
Market
Global Super Sets
• One to Many Relationship
• Economies of Scale and Scope
• Flexibility: Vehicle, Sourcing
• Development Efficiency
• Bigger, But Fewer Opportunities
• Double Edged Sword:
• Reduced Costs, Increased Scale
• Easier to Shift Sourcing
• Increased Exposure to Defects
• Continuous Development
© 2015 IHS
Presentation Outline
• Global Outlook
• Regional Forecasts
• Market Dynamics
• Technology Trends
• Summary
Presentation Outline
© 2015 IHS 36
© 2015 IHS
Global Outlook – Production-Based Powertrain Forecast (% Share - Electrified Vehicles Only, no internal combustion engines)
37
0 %
10 %
20 %
30 %
40 %
50 %
60 %
70 %
80 %
90 %
100 %
2013 2015 2017 2019 2021 2023 2025 2027
Mild Hybrid Plug-In Hybrid Full Hybrid Fuel Cell Electric
© 2015 IHS
Global Outlook – Production-Based Powertrain Forecast (Electrified Vehicles Only, no internal combustion engines)
38
-
2
4
6
8
10
12
14
16
18
2013 2015 2017 2019 2021 2023 2025 2027
Mil
lio
ns Electric Fuel Cell Full Hybrid Plug-In Hybrid Mild Hybrid
© 2015 IHS. ALL RIGHTS RESERVED.
Forecast Production:
EV/Fuel Cell Projected Nameplates
39
6 6
8 11 1115
16 16
29
35
4144
48 49 49 49
0
10
20
30
40
50
60
0
0,2
0,4
0,6
0,8
1
1,2
1,4
1,6
1,8
2
2013 2015 2017 2019 2021 2023 2025 2027
Millio
ns
NA Volume Global Volume NA Nameplates Global Nameplates
© 2015 IHS. ALL RIGHTS RESERVED.
Top Global Electric Nameplates with >100,000
Units Total Production Volume from 2013-2021
40
-
100
200
300
400
500
600
700
Th
ou
san
ds
Production Powertrain Forecast August 2015
© 2015 IHS
Global Super Sets
41
IHS Automotive Conference | September 2015
© 2015 IHS
Global Super Sets
42
IHS Automotive Conference | September 2015
© 2014 IHS
IHS AUTOMOTIVE
43
L4: Full Self-driving
L3: Limited Self-driving
Autonomous Braking: Many Systems
Park Assist
Auto Pilot: Road Train
Autonomy Functionality
Self-Driving & Human-Driven Car
Self-Driving Car Only
L2: Partial Autonomy
Auto Pilot: Highway
Auto Pilot: Traffic Jam
Auto Pilot: Parking
2010 2015 2020 2025 2030
Adaptive Cruise Control
ACC & LKA
L1
L5: Self-driving Only
Self-Driving Car Evolution
Autonomous Driving: When, Not If
© 2014 IHS
IHS AUTOMOTIVE
Radar
Camera
Ultrasound
Driver Biometrics
Digital Agenda
Wearables
ESC
Transmission
Powertrain
GPS
Maps
Navigation
V2V + V2I
DSRC
Cellular
44
Comprehensive sensor coverage
© 2015 IHS 45
Google & Uber Strategy & Goals
• create the software and content
infrastructure for SDC
• Solve personal mobility for 6B+
• Solve shipping issues for packages
and ecommerce
Uber
• Solve and enhance personal mobility
• Facilitate transportation as a service – personal and commercial
(UberEats) and become a logistics master
• “kickstart autonomous taxi fleet development” unnamed source
• “bringing safe, reliable transportation to everyone, everywhere”
• research and development, primarily in the areas of mapping and
vehicle safety and autonomy technology
• “improving access to transportation”
• “The reason Uber could be expensive is you’re paying for the
other dude in the car,” Kalanick said, according to Business
Insider. “When there is no other dude in the car, the cost of taking
an Uber anywhere is cheaper. Even on a road trip.”
• “new research partnership with the University of Arizona focused
on mapping and optics”
• “work with researchers at the university specializing in lens
design "to improve the imagery of what we capture and use to
build out mapping and our safety features," Uber's Brian
McClendon told the Associated Press. The company will also test
its mapping vehicles in Tuscon”
• “The company acquired San Jose mapping startup deCarta
earlier this year and Uber later acquired some of the team and
technology behind Bing Maps from Microsoft.”
© 2014 IHS
IHS AUTOMOTIVE
46
Autonomous Vehicles by Level of Automation – Worldwide Sales (Units)
© 2014 IHS
Notes: January 2014 Forecast
Source: IHS
0
2
4
6
8
10
12
14
2025 2030 2035
Lig
ht V
eh
icle
Sa
les (
Mill
ion
s)
Level 4 - No Driver Needed
Level 5 - No Driver Controls
Autonomous Driving: When, Not If
© 2014 IHS
IHS AUTOMOTIVE
47
ADAS Applications Enabling Highway Autopilot – Worldwide Production Units
© 2014 IHSSource: IHS
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
18 000
2014 2016 2018 2020
Units (
Tho
usands)
Adaptive Cruise Control Lane Departure Warning Blind Spot Information
Building Blocks of Highway AutopilotCompelling Opportunities Emerge in Advance of Autonomous Vehicles
© 2015 IHS
Presentation Outline
• Global Outlook
• Regional Forecasts
• Market Dynamics
• Technology Trends
• Summary
Presentation Outline
© 2015 IHS
Risk Hedge
49
Currency
LaborLogistics
• Varied Risk Hedges
• Exports
• Localization
• Throughput
• Life Stage
• Growth vs Saturation
• Content Requirements
© 2015 IHS
• Robust Growth Remains:
Invest today for Tomorrow
• All Growth Involves Risk:
Prepare well to capture growth
and expand capabilities
• Leverage luxury…carefully
• Not a Sprint…a Marathon:
Drive a Process culture;
promote learning / risk taking
• Prioritize Customer Capacity:
Protect against future upside
and downside thereafter
Navigating for Global Success
IHS Automotive Conference / September 2015
© 2015 IHS
IHSTM AUTOMOTIVE
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