PKC Group Oyj Investor Presentation Q3/2010 November 2010 Harri - - PowerPoint PPT Presentation

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PKC Group Oyj

Investor Presentation Q3/2010

November 2010 Harri Suutari President & CEO

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PKC Group

• PKC Group provides design and

manufacturing services for wiring harnesses and electronics

• The Group’s products and services

are delivered mainly to the automotive, telecommunications and electronics industries

• PKC Group employs 6,131

employees globally at the end of Q3/2010

• The Group’s net sales amounted

to EUR 224.1 million in 1-9/2010

• PKC Group Oyj is listed in

NASDAQ OMX Helsinki Ltd.

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Outstanding Growth Track Record Through Focused Investments

1997 1998 2000 2002 2003 2004 2006 2007 2008 2009

Brazilian factory was opened Acquisition of electronics

business

Acquisition of

Estonian

• perations

Electronics business

established as separate subgroup

Electronics

• perations started

in China

Wiring Harnesses

business established as separate subgroup

PK Cables listed in

the Helsinki Stock Exchange

Acquisition of

Russian

• perations

Acquisition of

North American

• perations

Acquisition of

Polish operations

8.9 12.0 15.0 13.5 9.6 15.3 24.3 25.7 32.3 30.6 35.8 38.3 16.0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

• Adj. EBITDA(1) Development Over Time

____________________ (1) Illustrated net of non-recurring items

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PKC Group’s Locations

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Green Valley Green Valley Nogales Nogales Kempele (HQ) Kempele (HQ) Raahe Raahe Kostomuksha Kostomuksha Keila & Haapsalu Keila & Haapsalu Starachowice Starachowice Suzhou Suzhou Wiring Harnesses Office Electronics Curitiba Curitiba

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Business Segments

Wiring Harnesses, ~75% of the net sales

The Wiring Harnesses business develops and manufactures wiring harnesses and cabling for automotive, telecommunications, and electronics industries

Electronics, ~25% of the net sales

The Electronics business provides design and contract manufacturing services for the telecommunications, electronics, and automotive industries

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PKC Group operates in two core business segments:

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Proven and Tested Group Strategy

Offer customers the best service Generate economic value add for shareholders Offer employees a rewarding job with ongoing development

Values Vision

Provider of flexible and high quality solutions in close cooperation with customers Customer-oriented, proactive contract manufacturer and R&D partner Competitive pricing Commitment Quality Profitability Cooperation

Mission

• Increase profitability by deepening existing customer relationships and acquiring new

customers

• Highest customer satisfaction by providing competitive, high quality products and global

services

• Ensuring competitiveness through multi-skilled, committed personnel and continuous

development

Strategic Objectives

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PKC’s Financial Drivers and Targets for 2010-2013

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Annual Top Line Growth

• f 10- 40%

Volume rebound Potential acquisitions New product initiatives and business wins

Gross Margin

• f 28-29%

Reduced operative expenses by production relocations Raw material and component cost reductions

Operating Income Margin

• f 9-13%

Reduced SG&A expenses through reorganization and relocation

ROIC

• f 30%

Effective capital usage

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Financial Items, Tax Items and EPS Net Sales and Operating Profit

1-9/2010 Highlights

Net sales amounted to EUR 224.1 million (146.4 million), up 53.1% compared to 1-9/09. Depreciation amounted to EUR 8.2 million (8.4 million). Operating profit totalled EUR 19.9 million (-2.0 million), accounting for 8.9% (-1.3%) of net sales. The result is burdened by non-recurring expenses

• f EUR 1.6 million (5.0 million).

Comparable operating profit without non-recurring expenses totalled EUR 21.6 million (3.1 million), accounting for 9.6% (2.1%) of net sales. Financial items amounted to EUR -1.5 million negative (1.2 million). In addition to EUR 1.2 million interest expenses, a translation loss of EUR 0.2 million related to the translation of subsidiaries’ financial statements as well as exchange rate losses caused mainly of Group’s internal liabilities totalling EUR 0.2 million have been entered into the financial items. Profit for the report period totalled EUR 14.4 million (-0.9 million). Earnings per share were EUR 0.81 (-0.05). Cash Flows, Gearing, ROI and Net Debt Cash flows after investments were EUR 13.9 million (31.1 million). Gearing was 22.9% (41.3%) ROI 27.3% (4.8%) Net debt were EUR 20.9 million (30.8 million).

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Key Figures, 1-9/10

28.2

• 31.9

30.8 20.9 Net debt (EUR million) 4,077 30.0 4,205 5,467

• No. of employees at closing 1)

35.9 41.3 22.9 Gearing, % 6.4 4.8 27.3 ROI, % 0.13

• 0.05

0.81 EPS, (EUR) 2,349

• 896

14,411 Net result (EUR 1,000) 0.3

• 1.3

8.9 % of net sales 682

• 1,950

19,913 EBIT (EUR 1,000) 201,814 53.1 146,424 224,140 Net sales (EUR 1,000)

1-12/09 Change % 1-9/09 1-9/10

1) Rented employees not included

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Key Figures, 7-9/10

28.2

• 31.9

30.8 20.9 Net debt (EUR million) 4,077 30.0 4,205 5,467

• No. of employees at closing 1)

35.9 41.3 22.9 Gearing, % 0.13 55.6 0.36 0.56 EPS, (EUR) 2,349 54.1 6,470 9,973 Net result (EUR 1,000) 0.3 7.6 11.5 % of net sales 682 167.5 3,550 9,498 EBIT (EUR 1,000) 201,814 75.7 46,842 82,301 Net sales (EUR 1,000)

1-12/09 Change % 7-9/09 7-9/10

1) Rented employees not included

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Cost Savings, 1-9/10

28.1 51,475 65,933 Operating expenses excluding one time expenses

• 5,000
• 1,646

Non-recurring expenses 22.4 16,620 20,347 Other operating expenses 18.5 39,855 47,232 Staff expenses 53.1 146,424 224,140 Net sales

Change % 1-9/09 1-9/10

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6,131 Employees in total incl. rented at the end of Q3 R&D Personnel Personnel excluding rented employees Net Sales by Geographical Areas

Key Figures, 1-9/10

3,570 4,775 5,311 5,625 4,077 5,467 1,000 2,000 3,000 4,000 5,000 6,000 2005 2006 2007 2008 2009 Q3/10

+34.1%

199 500 689 996 1,178 1,277 1,292 200 400 600 800 1,000 1,200 1,400 China Finland North America Russia Estonia Poland Brazil 30.0 38.2 74.4 111.4 14.4 16.6 16.0 42.6 11.6 15.4 0.0 50.0 100.0 150.0 200.0 250.0 1-9/2009 1-9/2010 Finland Other Europe North America South America Other countires 90 101 114 109 109 20 40 60 80 100 120 2007 2008 2009 Q3/2009 Q3/2010

EUR, million

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Adjusted Operating Profit Adjusted EBITDA % and EBIT % Net Sales Earning per Share (EPS)

Key Figures, 1-9/10

85.1 53.8 60.8 88.6 45.8 81.0 73.4 46.8 82.3 64.7 55.4

10 20 30 40 50 60 70 80 90 100 2008 2009 2010 Q1 Q2 Q3 Q4

MAN acquisition

9.3 0.4 3.4 11.1

• 1.1

7.6 6 3.8 10.5 3.7 1.9

• 2

2 4 6 8 10 12 2008 2009 2010 Q1 Q2 Q3 Q4

0.24 0.26

• 0.20

0.01 0.30 0.41

• 0.25

0.24 0.25 0.17 0.39 0.56 0.19

• 0.53

0.19

• 0.6
• 0.4
• 0.2

0.2 0.4 0.6 0.8 2007 2008 2009 2010 Q1 Q2 Q3 Q4

2 4 6 8 10 12 14 16 18

97 98 99 00 01 02 03 04 05 06 07 08 09 Q3/10

EBITDA % Operating profit %

Illustrated net of non-recurring items, EUR million Illustrated net of non-recurring items, % EUR, million EUR

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Cash Flows after investments R&D Expenditures Investments Return on Investment ROI,%

Key Figures, 1-9/10

9.9 4.8 4.1 21.6

5 10 15 20 25 30 35 2008 2009 1-9/2010 Net Investments Acquisition

• 6.2

37.6 31.1 13.9

• 10
• 5

5 10 15 20 25 30 35 40 2008 2009 Q3/2009 Q3/2010 20.8 6.4 5.9 27.3 5 10 15 20 25 30 2008 2009 Q3/2009 Q3/2010 5.5 5.8 5.5 4.1 4.1 1 2 3 4 5 6 7 2007 2008 2009 Q3/2009 Q3/2010

EUR, million EUR, million % EUR, million

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Outlook for the Future

• In the third quarter our main customers received about 15% more
• rders in our main market areas than the number of vehicles
• delivered. This indicates that the production volumes will remain

at least at the current level. Production volumes have grown steadily during the first part of the year and, therefore, we do not expect production volumes to grow significantly on the current level.

• We estimate that demand for electronics design and

manufacturing services in the market will remain at current level during the end of the year.

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Outlook for the Future

• We predict that the full-year net sales will increase and that the
• perating profit before non-recurring items will improve

substantially on the previous year. We also estimate that net sales level and operating profit level before non-recurring items during the latter part of the year shall further improve from the average level of the first nine months of the year.

• PKC’s balance sheet, liquidity and good customer relationships

will enable improvement in PKC’s relative competitive position.

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Wiring Harnesses Business Segment

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Key Customer Segments

Customer Segments Business Description

• The wiring harnesses business segment develops

and manufactures wiring harnesses for the commercial vehicle, telecommunication and electronics industries

• Service concept comprises cost-effective contract

manufacturing and expert product development and design services. Provision of full supply chain management for customers with sourcing, procurement, manufacturing and sequence deliveries on global basis

• WH for Trucks &

Buses

• Engine Harnesses
• WH for Recreational

Products

• WH for Agricultural,

Forestry and Construction Equipment

• Wiring of Electronics

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Product Portfolio Overview

Wiring of Electronics Vehicle Harnesses

Batch harnesses Engine harnesses Chassis harnesses Instrument harnesses

• Vehicle wiring harnesses are used in demanding

conditions

• The wiring harnesses business develops and

manufacturers high-quality, reliable and cost- efficient products tailored to the customers requirements

• Wiring harnesses and wiring of electronics for

medical, telecommunication and automation industries

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Strong Wiring Harnesses Business Fundamentals

• Solid customer and industry experience
• Long-term customer relationships with major

manufacturers in the field

• Volume of a large corporation combined with

the small company’s flexibility

• Worldwide production network close to the

customer

• Strong expertise in tailoring product variations

with short delivery times

Forecasted Heavy Truck Production: Global

0.0 0.5 1.0 1.5 2.0 2.5 3.0 2007 2008 2009 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E

Other NAFTA EU27 + Efta South America Number of trucks (m)

CAGR 10-17

CAGR 10-17 9.7% 13.2% 4.7% 4.1%

6.2%

____________________ Source: J.D. Power Automotive Forecasting, Q2 2010

We have:

109 689 790 1,178 1,277 1,292 200 400 600 800 1,000 1,200 1,400 China Finland North America Russia Estonia Poland Brazil

98% of 5,335 personnel in low cost locations

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Truck Deliveries and Order Intakes, Q3/2010 Heavy Trucks Registration EU27

Truck Market is Recovering

20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 MAN Group Volvo Group VW/Scania

19,872 13,768 15,007 25,519 14,061 16,731

5,000 10,000 15,000 20,000 25,000 30,000 Volvo Europe + Latin America Scania Global MAN Europe

Deliveries Order intake

5,000 10,000 15,000 20,000 25,000 30,000 35,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

HCVs > 16t in 2008 HVCs > 16t in 2009 HVCs > 16t in 2010

+28.4% +2.1% +11.5% Total +15,8%

Source: MAN, Volvo, Scania Source: ACEA

Heavy Trucks Production, EU27+ EFTA

Trucks, units Trucks, units Trucks, units Source: J.D. Power Automotive forecasting Q3/2010

Heavy Trucks Production by Marque, EU27+ EFTA

20,000 40,000 60,000 80,000 100,000 120,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 MAN Volvo Scania

Trucks, units Source: J.D. Power Automotive forecasting Q3/2010

22 50 100 150 200 2007 2008 2009 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E 100 200 300 400 500 600 2007 2008 2009 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E

____________________ Source: J.D. Power Automotive Forecasting, Q2 2010, Note: Europe comprised of EU27 + Efta

Forecasted Heavy Truck Production: Europe Forecasted Heavy Truck Production: NAFTA Forecasted Heavy Truck Production: Global Forecasted Heavy Truck Production: South America

0.0 0.5 1.0 1.5 2.0 2.5 3.0 2007 2008 2009 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E

Asia-Pacific Central/East Europe Western Europe North America South America Number of trucks (m) Number of trucks (‘000) Number of trucks (‘000) Number of trucks (‘000)

100 200 300 400 2007 2008 2009 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E CAGR 10-17 13.2%

Wiring Harnesses Market Estimates Show Clear Signs of Recovery

CAGR 10-17 9.7% CAGR 10-17 4.7% CAGR 10-17 6.2%

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Construction and Agricultural OEMs PKC is one of the main players within Heavy Trucks Truck OEMs and Competition Competitive Landscape within Commercial Vehicles

Competitive Landscape

(Italy) (USA) (USA) (Ger) (Germany) (Japan) (USA) (Japan) Brazil (Fin)

In order of estimated WH sales In order of group sales

Cabind (ITA) (AUT) (Norge) (Finland) (USA) (USA) (Italy) (USA) (Germany) (Japan) (USA) (AUT)

In order of estimated WH sales In order of group sales

Rying

In order of estimated WH sales in Heavy Trucks segment (above 16tn and Class 8)

Licom TCA

• Scale advantages
• Global services
• R&D resources
• Flexibility
• Low overheads

Rying

In order of estimated WH sales in CV segment

Licom TCA

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European manufacturing volume – (Units p.a.) Average unit price €200,000 100,000

Cb forklift trucks 135,000 units €15,000-35,000 Warehouse trucks 150,000 units €10,000-25,000 Telescopic cranes 2,000 units €800,000 Compactors 10,000 units €50,000-100,000

• Artic. dump trucks

6,000 units €250,000

• Agric. tractors

225,000 units €20,000- >100,000 Excavators 32,000 units €150,000-300,000

Forest machines 3,700 units €300,000

Reach stackers 700 units €300,000 Pavers 2,300 units €200,000- 250,000 Combine harvesters 7,000 units €150,000-200,000 Piling machine 500 units €1,000,000 Landfill compactors 500- 600 units €400,000-700,000 Trucks (MD&HD) 400,000 units €100,000- 120,000 Backhoe loaders 29,000 units €50.000-125.000 Wheeled loaders 27,000 units €50,000-250,000

The most interesting customers for PKC are in high volume segments – trucks, tractors, material handling

Interesting customer segments

Source: PKC Group

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Market Development of Wiring Harnesses Segment 1-9/2010

• Registrations of heavy trucks declined in Europe (EU + EFTA) by about 5.5% in

comparison to the first part of 2009. During the period under review, about 120,000 heavy trucks were registered. In September, however, registrations increased by 20% over the previous year. The number of registrations for the whole year is estimated to be close to that of 2009, i.e., approx. 168,000 vehicles.

• Production and sales volumes are still exceptionally low in Europe, only about

half of the level of previous years. The industry and analysts expect the number

• f registrations to increase in 2011 to a level of 200,000–220,000 vehicles. We

estimate the sustainable replacement investment level to be about 250,000 heavy trucks.

• In Brazil during the first nine months of the year, deliveries of heavy trucks grew

by 89% over the level in the first half of the previous year. Deliveries of PKC Group’s customers more than doubled over the previous year.

• It is predicted that, in Brazil, production volumes for the whole year will be about

160,000 vehicles (approx. 74,000 in 2009). The industry and analysts expect deliveries to remain at the same level in 2011.

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Market Development of Wiring Harnesses Segment 1-9/2010

• In North America, registrations of heavy trucks increased during the first nine

months of the year by about a quarter over the level of the first half of the previous year.

• The overall market is expected to settle at about 120,000–130,000 vehicles, thus

surpassing the number of registrations of 2009, approx. 108,000 vehicles. The industry and analysts expect registrations to increase next year to a level of about 160,000–180,000. We estimate the sustainable level of replacement investment to be about 220,000 vehicles.

• In North America, the recreational vehicle deliveries of our customers increased

during the first part of the year by about 50% from the level of the first part of the previous year

• Although PKC Group has no wiring harness production of its own in Asia,

increasing export to Asia by our customers supports the growth of PKC’s production volumes.

• During the first part of the year, agricultural tractor sales in Europe decreased by

about 15% from the corresponding period of the previous year and annual sales are expected to fall short of the 2009 sales. However, forestry equipment sales are clearly increasing from the exceptionally weak comparison year.

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Wiring Harnesses Q3/2010 Operating Profit Wiring Harnesses 1-9/2010 Net Sales

Key Figures, Wiring Harnesses

• Net sales during first nine months amounted to EUR 171.6

million (109.0 million) and was 57.4% more than in 1-9/09.

• The segment’s share of consolidated net sales was 76.6%

(74.4%).

• Operating profit was EUR 15.8 million (-4.9 million),

equivalent to 9.2% (-4.5%) of the segment’s net sales.

• The result is burdened by non-recurring expenses of EUR

1.6 million (5.0 million).

• Operating profit before non-recurring items was EUR 17.4

million (0.1 million), equivalent to 10.1% (0.1%) of the segment’s net sales.

• Net sales during Q3/2010 amounted to EUR 61.8 million

(34.2 million) and was 80.7% more than in Q3/09.

• Operating profit was EUR 6.8 million (2.0 million), equivalent

to 11.0% (5.8%) of the segment’s net sales.

• The result is burdened by non-recurring expenses of EUR

1.0 million (0.2 million).

• Operating profit before non-recurring items was EUR 7.8

million (2.2 million), equivalent to 12.6% (6.4%) of the segment’s net sales.

69.3 41.7 45.7 69.3 33.1 64.1 57 34.2 61.8 57.8 40.3

10 20 30 40 50 60 70 80 2008 2009 2010 Q1 Q2 Q3 Q4

MAN acquisition

7.0

• 0.6

2.0 5.1

• 6.3

7.0 3.9 2.0 6.8

• 6.2

1.0

• 8.0
• 6.0
• 4.0
• 2.0

0.0 2.0 4.0 6.0 8.0 2008 2009 2010 Q1 Q2 Q3 Q4

EUR, million EUR, million

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Electronics Business Segment

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• Electronics business segment provides contract design and

manufacturing services for the telecommunication, commercial vehicle and electronics industries

• Services cover the entire product life cycle – high-quality, reliable

and cost-efficient services tailored according to customer-specific requirements

Product Lifecycle Management Overview Business Areas

• Electronics Manufacturing Services, EMS

– Contract manufacturing including sourcing, prototyping, manufacturing, testing, logistics, after sales services – Design made by customer

• Original Design Manufacturing, ODM

– Total solution including design, sourcing, prototyping, manufacturing, testing, logistics, after sales services – Design made by PKC Pre-study Design Prototypes Manufacturing Cost Reduction Sourcing Supply Chain Management & Logistics After Sales Idea Development Launch After Sales Services Manufacturing Production ramp-down

One-Stop-Shop – Full Lifecycle Support

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Industrial Segments Products

• Power supply units
• Electronics control units
• Electrical distribution units
• Testing equipment
• Electronics service devices
• Vehicle computers
• Security products
• Industrial electronics
• Telecommunication
• Vehicle electronics
• Energy
• Security

Full service – from design to total solutions

Products and Industrial Segments

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Leading Nordic EMS and ODM Provider

• Long-term and successful key customer relationships
• Low-cost manufacturing in Russia and China
• World class R&D competence in Finland and China
• Unique footprint in the electronics and

telecommunications industries through strong know- how

40 80 120 160 200 2008 2009 2010 2011 2012 2013 2014 EMS ODM

Total EMS and ODM Market: Global

US$bn

10-14 EMS CAGR 10-14 ODM CAGR 7.9% 9.2%

____________________ Source: IDC: Worldwide Electronics Manufacturing Services Industry Forecast, 2005-2014, April 2010

We have…

199 206 378 50 100 150 200 250 300 350 400 China Russia Finland

783 employees in total

Number of employees at the end of Q3/2010, rented employees included

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• 20
• 10

10 2008 2009 2010 2011 2012 2013 2014 EMS ODM 40 80 120 160 200 2008 2009 2010 2011 2012 2013 2014 EMS ODM

____________________ Source: IDC: Worldwide Electronics Manufacturing Services Industry Forecast, 2005-2014, April 2010

Total EMS and ODM Market: Global Key Trends Estimated Growth of EMS and ODM Market: Global

US$bn

• Economic recovery – world wide market situation is challenging
• Consolidation – benefit of scale (competitors, customers,

suppliers)

• Electronics manufacturing and also design moving to low cost

countries

• Global customers demand local services globally

10-14 EMS CAGR 10-14 ODM CAGR

• Larger entities – full service – one-stop-shop
• Outsourcing of manufacturing and R&D functions
• Green values – creates new business possibilities and

rules

• Component related risks

7.9% 9.2%

Strong Future Growth Expected in the Overall Electronics Market…

%

33 500 1,000 1,500 2,000 2,500 3,000 2008 2009 2010 2011 2012 2013 2014 EMS ODM

____________________ Source: IDC: Worldwide Electronics Manufacturing Services Industry Forecast, 2005-2014, April 2010 (1) Source: Frost & Sullivan 2009 & The Worldwide Market for Low Voltage Motor Drives – 2009 Edition from IMS Research

Automotive Electronics Market: Global Telecommunications Electronics Market: Global AC Drives Market: Global(1)

US$m US$m

5,000 10,000 15,000 2008 2009 2010 2011 2012 2013 2014 10-14 CAGR 10-14 EMS CAGR 10-14 ODM CAGR

Industrial Electronics Market: Global

US$m

5,000 10,000 15,000 20,000 25,000 30,000 2008 2009 2010 2011 2012 2013 2014 EMS ODM 10-14 EMS CAGR 10-14 ODM CAGR 9.5% 6.7% 12.2% 9.9% 4.8%

… and Also in the Segments Where PKC is Active

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Market Development of Electronics Segment During Q3/2010

• The recovery of the global economy and revival of the electronics

industry increased the demand for the design and manufacturing services of PKC’s Electronics business.

• In particular, customers of the industrial electronics and energy

segments increased their sales in the third quarter.

• Due to the global growth in the electronics industry, there have

continued to be some problems in the availability of electronic components.

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Electronics Q3/2010 Operating Profit Electronics 1-9/2010 Net Sales

Key Figures, Electronics

• Net sales during first nine months amounted to

EUR 52.5 million (37.4 million) and was 40.3% more than in 1-9/09.

• The segment’s share of consolidated net sales

was 23.4% (25.6%).

• Operating profit was EUR 5.7 million (2.9 million),

equivalent to 10.8% (7.8%) of the segment’s net sales.

• Net sales during Q3/2010 amounted to EUR 20.5

million (12.7 million) and was 62.0% more than in Q3/2009.

• Operating profit was EUR 3.3 million (1.5 million),

equivalent to 16.1% (11.8%) of the segment’s net sales.

15.8 12.1 15.1 19.3 12.7 16.4 12.7 20.5 13.9 15.1 16.9 5 10 15 20 25 2008 2009 2010 Q1 Q2 Q3 Q4 2.3 0.7 1.3 4.5 0.7 1.1 2.1 1.5 3.3 2.3 1.7 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 2008 2009 2010 Q1 Q2 Q3 Q4

EUR, million EUR, million

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Growth Path Competitive Advantages

• Innovative and proactive product development
• perations in Finland and China
• Product life-cycle support – shortening time-to-

market

• High-quality, experienced and flexible partner
• Low cost manufacturing in Russia and China
• Capability to serve global customers locally in

Europe and Asia

• Long term customer relationship and strong

understanding of the market

• Deepening customer co-operation
• Expanding business in China, Russia and India
• Expanding ODM businesses
• Utilizing global sourcing in China
• Expanding PKC’s niche business areas, e.g. in

testing equipment and power supply sectors

• Expanding customer base – focus on industrial and

commercial vehicle, energy and security electronics as well as “Green Business”

• Continuous development of competence (personnel

training, adapting new technologies, utilizing co-

• peration networks)

Electronics Business is Well Positioned to Leverage Market Recovery

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Thank You!

www.pkcgroup.com