Le Belier S.A. Business Report up until FY ended Dec. 2014

Financial Overview

(in million EUR)

	FY ended Dec. 31, 2014	FY ended Dec. 31, 2013	Rate of change (%)	Factors
Net Sales	258.8	236.3	9.5	-
Operating Income	25.1	20.6	21.8	-

Recent Developments

-In the FY ended December 31, 2014, the Company launched 35 new products and won EUR 260 million in new orders, including a EUR 60 million order from a French manufacturer.

-In the FY ended December 31, 2013, the Company launched 60 products and won EUR 400 million in new orders. One of the orders won by the Company consists of a chassis and structure program which requires 6,000 tons of aluminum per year by 2017.

-In 2012, 88% of the Company's total revenue was generated in countries outside of France.

-The Company announced that it launched 75 new products in 2012, compared to 48 in 2011. These new products were focused on the areas of air intake parts and chassis and suspension components. (From a press release on March 29, 2012)

Acquisitions

-On July 2014, the Company acquired 100% of HDPCI Group, an automotive aluminum brakes manufacturer based in Hong Kong with facilities in Hungary. The terms of this transaction were not disclosed.

Outlook

-The Company expects its sales in the fiscal year ending December 31, 2015 to surpass EUR 300 million.

R&D Expenditure

(in thousand EUR)

	FY ended Dec. 31, 2014	FY ended Dec. 31, 2013	FY ended Dec. 31, 2012
Overall	223	219	530

-In the fiscal year ended December 31, 2014, 70% of the Company's R&D expenditure went towards the development of new products.

R&D Facilities

-The Company has a R&D facility at its headquarters in Verac, France.

Outlook

-The Company expects to launch 48 new products in 2015.

Capital Expenditure

(in million EUR)

	FY ended Dec. 31, 2014	FY ended Dec. 31, 2013	FY ended Dec. 31, 2012
Overall	27.6	17.4	15.3

-A significant percentage of the Company's total capital expenditure in 2012 was directed towards development of its machining business in Hungary.

Data

Number of Employees

	Dec. 2014	Dec. 2013	Dec. 2012
France	286	333	320
Hungary	1,376	1,133	886
Serbia	557	494	447
Mexico	431	404	358
China	784	394	382
Total	3,434	2,758	2,393

Sales

(in million EUR)

	FY ended Dec. 31, 2014	FY ended Dec. 31, 2013	FY ended Dec. 31, 2012	FY ended Dec. 31, 2011	FY ended Dec. 31, 2010
Net Sales	258.8	236.3	225.3	225.0	196.2
Operating Income	25.1	20.6	19.4	18.8	15.2

Sales by Business Activities

(in million EUR)

	FY ended Dec. 31, 2014	FY ended Dec. 31, 2013	FY ended Dec. 31, 2012
Foundry	213.2	193.7	182.9
Machining	31.7	28.1	26.5
Tool-making	9.2	10.3	10.6
Others	4.6	4.2	5.3
Total	258.7	236.3	225.3

Sales by Geographic Area

(%)

	FY ended Dec. 31, 2014	FY ended Dec. 31, 2013	FY ended Dec. 31, 2012
France	11	14	14
Rest of Europe	55	56	55
Mexico	15	15	16
China	19	15	15
Total	100	100	100

Sales by Product Family

(%)

	FY ended Dec. 31, 2014	FY ended Dec. 31, 2013	FY ended Dec. 31, 2012
Braking Systems	63	65	63
Turbo Systems	19	16	13
Chassis/Structure	13	11	10
Other	5	8	14
Total	100	100	100