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5. Samvardhana Motherson Peguform Business Report up until FY ended Mar. 2015

Samvardhana Motherson Peguform Business Report up until FY ended Mar. 2015

Factors
1) Sales
-The Company's sales in the fiscal year ended March 31, 2015 grew 15.9% from the previous year to EUR 2,222 million. Factors contributing to the increase in sales included new revenue from the Company's new facility in Schierling, Germany, strong demand in Spain, increased sales from German OEMs and higher engineering sales for new projects. Weaker demand in Brazil partially offset the increase in sales.

2) EBITDA
-In the fiscal year ended March 31, 2015, the Company's EBITDA increased by 31.7% to EUR 137 million. The increase in EBITDA was caused by new orders, increased production from new facilities, and various cost control measures.

Joint Ventures

-The Company and Germany-based Eissmann Automotive formed a joint venture to develop leather covers for interior assemblies at a plant in Slovakia. Preparations for the joint venture in Holic, Slovakia had progressed for several months, with the legal formation occurring on April 1, 2014. All of the production lines already present at Eissmann Automotive's Holic facility for leather covers will be used in the joint venture. (From a press release on April 14, 2014)

Major Contracts

-From April 2012 to March 2013, the Company received new orders worth a total of EUR 2.4 billion.

-In 2013, the Company received a high volume order for the production of natural fiber-reinforced interior components.

Changes in Ownership

-In November 2011, the Company announced that India-based Samvardhana Motherson Group acquired 80% of the shares in the Company effective November 23, 2011. The Samvardhana Motherson Group changed the name of the Company from Peguform GmbH & Co., KG to Samvardhana Motherson Peguform (SMP). The remaining shares are held by the previous owners, Cross Industries AG. With production plants in Germany, Spain, Portugal, Brazil, Mexico, Slovakia and China, the Company will keep its status as an independently organized business division of the Samvardhana Motherson Group and will continue operations from its headquarters in Boetzingen, Germany. Samvardhana Motherson manufactures mirror systems and vehicle wire harnesses, and has more than 90 sites in 23 countries. (From a press release on November 23, 2011)

Market Share

*Premium segment refers to passenger cars produced under premium brands such as Acura, Audi, BMW, Cadillac, Jaguar, Lexus, Lincoln Mercedes-Benz, Porsche, etc. Cars in this segment generally have a base price over EUR 20,000.

-During the fiscal year ended March 31, 2015, the Company produced 6.4 million door panels, 11 million bumpers, and 1.4 million instrument panels. The Company has a leading market share in the European premium car segment.

R&D Facilities

-In the fiscal year ended March 31, 2013, the Company started construction of an engineering center in Noida, India to provide technological support in expanding the business in Indian markets. Construction on the plant continued through the fiscal year ended March 31, 2014.

-As of March 31, 2014, the Company has 1 R&D center and 9 engineering and project management centers.

Patents

-As of March 2013, the Company has 317 patents and has filed 51 additional patents for approval.

Investment in Germany

-During the fiscal year ended March 31, 2015, the Company was involved in the following investment activities:

• Completed development of an exterior module plant in Schierling, Germany focused on the production of bumpers. Commercial production at the plant began in the third quarter of the fiscal year ended March 2015. EUR 59.2 million was invested into the plant during the fiscal year.
• Completed development of a new paint line in Oldenburg, Germany for the painting of exterior parts such as bumpers and rocker panels. Operations for the line began in the third quarter of the fiscal year ended March 2015. EUR 10.0 million was invested into the line during the fiscal year.
• Continued development of a production facility in Boetzingen, Germany for natural fiber-based door panels. Commercial production for the plant is expected to begin in the third quarter of the fiscal year ended March 2016. EUR 12.9 million was invested into the plant during the fiscal year.

-The Company was involved in the following investments during the fiscal year ended March 31, 2014:

• Completed additions and improvements, including the setup of a new paint line to the facility in Oldenburg, Germany to improve efficiency at the plant.
• Started setup of a brownfield production facility in Boetzingen, Germany for the production of plastic components. Commercial production is expected to begin in 2015 or 2016.
• In 2013, the Company started construction work on a second production site in Schierling, Bavaria, Germany. Starting in November 2014, painted bumpers and other vehicle components for German car manufacturers will be produced at the 39,000-square-meter production site. The core item of this investment is a large-scale robotic paint shop, which will be capable of painting up to 1.4 million vehicle parts per annum including bumpers. (From a press release on September 27, 2013)

Investment Outside Germany

-During the fiscal year ended March 31, 2015, the Company was involved in the following investment activities:

• Continued redevelopment of a paint line in Polinya, Spain which was previously destroyed by fire. The new line will be used to paint bumpers and is expected to begin operations in the first quarter of the fiscal year ended March 2016. EUR 19.8 million was invested into the line during the fiscal year.
• Continued development of a plant in Beijing, China for the production of door panels. Commercial production is expected to begin in the first quarter of the fiscal year ended March 2017. EUR 1.1 million was invested in the facility during the fiscal year.
• Completed development of a plant in Foshan, China for the production of plastic components, specifically A/B/C pillars. Commercial production began in the second quarter of the fiscal year ended March 2015.
• Continued development of a production facility in Zitlaltepec, Mexico for the production of bumpers, rocker panels, roof spoilers, and wheel covers. Commercial production is expected to begin in the first quarter of the fiscal year ended March 2017. EUR 22.3 million was invested in the facility during the fiscal year.

-The Company was involved in the following investments during the fiscal year ended March 31, 2014:

• Completed installation of foaming, gluing, laminating, welding, and JIS assembling machines at the facility in Galanta, Slovakia to enable production of instrument panels for premium carmakers. The plant was originally equipped to produce interior door panels.
• Completed setup of new molding capabilities at the plant in Atibaia, Brazil.
• Started development of a new Greenfield plant in San Jose Chiapa, Mexico.
• Completed the development of a Greenfield facility in Foshan, China. The ramp up of commercial production began in the first half of the FY ending March 31, 2015.
• Started investing in the establishment of a factory in Beijing to produce modern door panels based on natural fiber reinforced structural components. The new plant is scheduled to open in 2016.

<Spain>
-In November 2013, the Company announced a EUR 30 million investment to its plants in Catalonia. EUR 25 million will be invested to rebuild and enhance the Company's Polinya plant, which was damaged in a fire the previous September. The remaining EUR 5 million will be used to upgrade the plant in Ripollet. The investment is expected to create 100 new jobs. (From a press release on November 26, 2013)

<Mexico>
-In 2013, the Company announced the official opening of a new production plant in Cuautlancingo, Puebla, Mexico. The Company invested nearly USD 30 million in the construction of the new plant. The new plant replaces the Company's first two plants in Cuautlancingo. After the building was completed in only six months time, all production lines of the other plants were transferred to the new plant in phases. The transfer of the last production line, which produced door panels for the Volkswagen "Beetle", was recently completed. Currently, the new plant produces bumpers, front grills, interior door panels and many other plastic based components for Volkswagen Group and General Motors as well as to automotive suppliers in the region such as Brose. (From a press release on April 22, 2013)

Data

Number of Employees

*Employee figures for March 2015 are based on the Samvardhana Motherson Automotive Systems Group BV annual report.

*Note that the results from the fiscal year ended March 31, 2012 only contains financial results from November-March, as the Company was acquired by the Samvardhana Motherson Group in November 2011.

-Based on the Samvardhana Motherson Automotive Systems Group BV annual report, the Company had EUR 2,246.1 million in revenue from external customers in the fiscal year ended March 31, 2015. The Company had EUR 230.6 million in sales from the Asia Pacific region, EUR 1,884.7 million from Europe, and EUR 130.8 million in revenue from the Americas.