SAFARI INDUSTRIES (INDIA) LTD. CORPORATE PRESENTATION MARCH 2019 - - PowerPoint PPT Presentation

SAFARI INDUSTRIES (INDIA) LTD.

CORPORATE PRESENTATION

MARCH 2019

Private & Confidential

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DISCLAIMER

• This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or

sell any securities of Safari Industries (India) Limited ( the “Company”). This presentation should not be considered as a recommendation that any investor should purchase, any securities of the Company and should not be used as a basis for any investment decision.

• The information contained in this presentation is only current as of its date and has not been independently verified. Please note that the past

performance of the Company is not, and should not be considered as, indicative of future results. Furthermore, no express or implied representation

• r warranty is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in

this presentation.

• None of the Company or any of its affiliates, advisors or representatives accepts any liability whatsoever for any loss howsoever arising from any

information presented or contained in this presentation.

• This presentation contains certain currency exchange rates and the same have been provided only for the convenience of readers. No representation

is made that the Rupee amounts actually represent such USD amounts or could have been, or could be, converted into USD at the indicated rates.

• The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of

such revision or changes.

• Accordingly, any persons in possession of this presentation should inform themselves about and observe any such restrictions. This presentation

contains certain statements of future expectations and other forward-looking statements, including those relating to our general business plans and strategy, our future financial condition and growth prospects, and future developments in our sector and our competitive and regulatory

• environment. In addition to statements which are forward looking by reason of context, the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’,

‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and similar expressions identify forward looking statements. All forward looking statements are subject to risks, uncertainties and assumptions that could cause actual results, performances or events to differ materially from the results contemplated by the relevant forward looking statement. The factors which may affect the results contemplated by the forward looking statements could include, amongst others, future changes or developments in (i) the Company’s business, (ii) the Company’s competitive environment, and (iii) political, economic, legal and social conditions in India.

• 1. CORPORATE OVERVIEW

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EXECUTIVE SUMMARY

Consistently growing luggage brand Well entrenched distribution network Leadership position Management & Governance Diversified product portfolio

• One of the top 3 luggage brands inIndia

Leadership position in an oligopolistic market

• One of the fastest growing luggage brands inIndia

~47% CAGR in Revenues & ~59% CAGR in EBITDA since FY 2013 to FY 2018

• Products spanning across all luggage categories

Products for all customer categories suiting all possible occasions Currently dominated by Soft luggage (>70%*), Polycarbonate and School bags launched recently

• Multi channel distribution network with >3500 customer touchpoints

Channel network covering CSD, Hyper market, MBO, EBO, Ecommerce and Institutional

• Experienced management team and Board ofDirectors

Adhering to high standards of corporate governance

* FY 18

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CORPORATE SNAPSHOT

INR 4,218 Mn

Revenues (FY 18)

INR 429 Mn

EBITDA (FY 18)

INR 215 Mn

PAT (FY 18) Net Worth (FY 18) Debt* (FY 18)

~3,000 (MBOs) ~750 (Modern Trade) ~2200 (CSDs)

Customer Touch Points

100+ (across Soft

Luggage, Hard Luggage, Backpacks, School Bags) SKUs

1,100+

Employees

* Including Short Term and Long Term Borrowings

INR 1,728 Mn INR 550 Mn

SHARE PERFORMANCE & REVENUE GROWTH

Historical Stock Price Movement Share Price (Rs.)

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~ 6.8x growth in revenue in the past 7 years

Revenue (Rs. Mn)

Source: Company

620 940 1,671 2,165 2,789 3,535 4,218 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17* FY 18*

*As per IND AS

58% 25% 17%

Share holding pattern as on 31st March 2018

Promoter Institutions (Public) Non Institutions (Public) 5000 10000 15000 20000 25000 30000 35000 40000 100 200 300 400 500 600 700

Performance Comparison with BSE Index

Safari ind BSE

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TIMELINE OF KEY EVENTS

FY 1974- 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017

FY 2018

• Launched in 1974.
• Started with limited

SKUs primarily catering to adult customers, family travel needs

• Product rationalization

& strategy realignment – elimination of non performing SKUs

• Mr. Sudhir Jatia acquired

majority stake (77%) in Safari Industries (India) Ltd in May 2012

• Product rationalization &

strategy realignment, elimination of non performing SKUs

• Tano Capital invested ~Rs. 500

Mn in July 2014

• Launched polycarbonate

luggage and new product categories e.g. laptop bags

• Begun the ecommerce sales
• Opened China office
• Identified school bags as a

focus area and intensified focus on backpacks

• Acquisition of Genius,

Magnum, Activa, Orthofit, DBH, Egonauts, Gscape and Genie

• Opened second China
• ffice
• Launched backpacks

under SAFARI brand.

• Launch of backpacks

under Genius and Genie brands for schools

• Foray into PC

manufacturing.

• Introduction of SKUs in

CSD segment

• Malabar Fund invested

Rs.510 Mn in October 2017

• SAP implementation in

July 2017

• GST migration from July

2017

• PC capacity expansion at

Halol in March 2018

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PILLARS OF SUCCESS

 Attractive industry dynamics  Diversified customer offerings with a wide product portfolio  Well entrenched distribution network  Experienced management team  Sound corporate governance

• 2. INDUSTRY SNAPSHOT

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Expected to grow to > INR 120 Bn by 2021

ATTRACTIVE INDUSTRY DYNAMICS

SIZEABLE MARKET WITH HEALTHY GROWTH POTENTIAL

19 21 24 26 29 32 45 51 58 68 79

Registered ~15% CAGR during 2011-16

91

2011 2012 2013 Sales of Luggage (Million Units) 2014 2015 2016 Sales of Luggage (INRBn)

Volume growth ~11% Value growth~15%

Source: Euromonitor International

Soft Hard

Source: Euromonitor International Source: Euromonitor International Source: Euromonitor International

Luggage is dominated by “Soft” Sales of Luggage by Type -2016 (%)

Bags 77% Luggage 23%

Composition of Luggage Market – contributes 23-24% of overall market

Total Sales - 138 Mn Units (2016 Luggage & BagsSales) 32 35 38 40 43 45 91 98 106 112 117 121 2016 2017 2018 Sales of Luggage (Million Units) 2019 2020 2021 Sales of Luggage (INR Bn)

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ATTRACTIVE INDUSTRY DYNAMICS

UNDER PINNED BY STRONG MACRO DRIVERS

40 52 50 54 64 74 72 76 83 99 30 10 70 50 110 90 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Air Passengers Carried in India (mn) 18 25 24 26 31 31 36 40 43 86 90 80 70 60 50 40 30 20 10

…and increase in students

8.4 9.0 9.5 10.2 11.0 12.0 13.2 14.4 15.8 17.2 18.7 20.3 21.5 5 10 15 20 25 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 Number of college students (mn) Number of college students (in mn)

Indian tourism market grew at >10% CAGR over the past 10 years… …leading to steady growth in number of air passenger’s

>10% CAGR 2006 2007 2008 2009 2010 2011 2012 2013 2015 2025E Indian Tourism Market (USD bn)

Source: IBEF, Travel & Tourism Council’s Economic Impact2015 Source: WorldBank

>10% CAGR

2.6 2.8 3.0 3.1 3.5 3.7 0.0 1.0 2.0 3.0 4.0 FY2012 FY2013 FY2014 FY2015 FY2016

Number of IT/BPM Employees (mn) Increase in number of IT employees…

FY2011

Source:NASSCOM Source: data.gov

Expected to drive the growth in luggage & bags market

• 3. BUSINESS HIGHLIGHTS

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Addressing diverse customer needs across all customer categories

BUSINESS HIGHLIGHTS

COMPREHENSIVE LUGGAGE OFFERINGS

• Mass market
• Value customers
• Premium customers
• CSD
• MBO
• Hyper markets
• EBOs & Others
• Daily use
• Leisure
• Work
• Business/ Family

Travel

• School children
• Young adults/

college students

• Adults

All customer segments Suitable for all

• ccasions

Delivering at multiple price points Reaching customers via diversified channels

Laptop Bags Uprights/Duffles Polycarbonate

Safari’s Offering

School Bags Backpacks

Source: Company

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• Identified the evolving trends and

deployed focus and resources on driving polycarbonate

• Strengthened the product team

(design & development) which helped in roll-out of large number

• f designs/new and attractive SKUs

across product categories

• Acquired bags makerGenius

Leathercraft in Sep ’15 focussingon school bags and backpacks

Post the new management, product portfolio has been revamped to suit the changing consumer trends

• Traditional products
• Polypropylene
• based

suitcase/briefcase

• Unsuited for casualtravel

youth

• Urban

centric / centric products

• Light-weight and

stylish PC/hard – zippered case

• 2-wheel,4-wheel,

360O spinning trolleys

• Travel products beyond

luggage

• Sporty duffels
• Laptop backpacks
• School bags

With > 100 SKUs across all product categories having healthy gross margins Group Product Category Revenue Contribution* Remarks Soft Luggage RDFL ~77%

• Shift from 2 wheel to 4 wheel
• Focusing on rolling duffels as against traditional duffels

Upright - 2 Wheel Upright - 4 Wheel Children's Accessories

• Branded offering in a largely unorganized market

Back packs

• Innovating by adding features

Hard Luggage Poly-Carbonate & ABS ~23%

• Focus on innovative designs to suit new-age customers

Poly Propylene

• Steadily getting phased out from Safari’s offering

* By FY 18 Revenue

EVOLVED TO MEET THE LATEST CUSTOMERNEEDS

BUSINESS HIGHLIGHTS

Company has evolved its products portfolio by rationalizing SKU mix in line with its productphilosophy

Source: Company

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Channel Mix

Modern Trade/ Hyper markets MBOs

* Share of FY 18 Revenues, # Doors

CSDs EBOs, Ecommerce, Institutional

BUSINESS HIGHLIGHTS

DIVERSIFIED CHANNEL MIX WITH AIM TO MAXIMIZE CUSTOMER TOUCHPOINTS

~2,200 ~3,000 ~750# NM Product Mix Channel Customer Touchpoints

Safari consciously built the channel mix to address its diverse customerbase

Pan India presence through its well established distribution network Products are available in major 25+ cities across 3500+ outlets

Source: Company Soft-luggage includes back packs and Hard luggage includes PC and PP

PP – Polypropylene, PC – Polycarbonate, PP & PC together constitute the HardLuggage

80% 20% Soft Luggage Hard Luggage 41% 59% Soft Luggage Hard Luggage 83% 17% Soft Luggage Hard Luggage 89% 11% Soft Luggage Hard Luggage

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Sourcing via China office ensured close proximity to vendors thereby reducing costs, improving credit terms & better development cycle

BUSINESS HIGHLIGHTS

SUPPLY CHAIN SNAPSHOT

Operational Value Chain Design Procurement & Manufacturing Branding & Distribution

Soft luggage Hard luggage

Mother Warehouse (Bhiwandi, Maharashtra) Manufacturing Facility (Halol, Gujarat)

Branches (Metro/ Non Metros)

EBOs MBOs CSDs Modern Trade/ Hypermarkets Ecommerce/ Others

Inhouse Design Team Import of finished products Procurement of Raw materials Returns Processing In house Manufacturing

Overall aim is to align design to brand identity

Outsourced drivenmodel

Started first office in Shanghai in 2015

Source: Company

Supply chain (supported by SAP)

• 4. MANAGEMENT TEAM &

CORPORATE GOVERNANCE

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BOARD OF DIRECTORS

• Dr. Shailesh

Mehta

• Has been on the Company’s Board since2007
• Founder and managing general partner of Granite Hill Capital Partners. Previously former Chairman & CEO of Providian FinancialCorp
• M.S & Ph.D in Operations Research and Computer Science, B. Tech - Mechanical Engineering IIT Mumbai
• Mr. Anujj Patodia
• Possesses vast experience in the sphere of management and has been instrumental in the development of the realtybusiness
• He has worked extensively in the textile sector with a special focus on apparel
• Mr. Punkajj Lath
• Managing Director of Euro Vistaa (India) Ltd. - trading house and leading exporter of textileyarn
• Commerce graduate from Mumbai university
• Mr. Dalip Sehgal
• Over 32 years of experience and has been associated with companies such as Tatas in Forbes, Forbes & Campbell, Hindustan Lever
• Previously served on the board of Godrej Hershey Ltd as MD & CEO ,Godrej Consumer Products as MD, on the Board of Graviss

Hospitality, currently CEO of Nexus Mall.

• MBA - FMS Delhi
• Mr. Piyush

Goenka

• Over 17 years of experience in PE investing and currently a partner at Tano Capital, an independent mid-market PE Fund Manager
• Made investments across various sectors and has led most investments in consumer, pharmaceuticals and financial services.
• By qualification, Mr. Goenka is an MBA and CFA.
• Mrs. Vijaya

Sampath

• Over 30 years of work experience and has been a Senior Partner heading the corporate practice of Lakshmikumaran and Sridharan and the

Ombudsperson for the Bharti group

• Previously was part of global group general counsel and Company Secretary for the USD 15 billion Bharti group
• Mr. Rahul Kanodia
• Over 25 years of professional experience and has held several progressively senior and leadership positions
• Currently CEO of Datamatics. Currently serves as the Chairman for the Western Region of ESC (Electronics and Computer Software

Export Promotion Council, Government of India's largest Electronics and IT trade facilitation organization)

• MBA degree from Columbia University (USA)
• Mr. Sudhir Jatia
• Over 25 years experience in the Luggage Industry in India
• Appointed as Safari Industries (India) Ltd Managing Director from 18th April 2012
• Studied commerce from Mumbai University, attended the Owner/President Management Program of Harvard Business School

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COMMITTEES

AUDIT COMMITTEE Name of the Director Position on Committee Nature of Directorship

• Dr. Shailesh Mehta

Chairman Independent

• Mr. Punkajj Lath

Member Independent

• Mr. Dalip Sehgal

Member Independent

• Mr. Piyush Goenka

Member Non-Executive Non Independent NOMINATION, REMUNERATION & COMPENSATION COMMITTEE Name of the Director Position on Committee Nature of Directorship

• Mr. Punkajj Lath

Chairman Independent

• Dr. Shailesh Mehta

Member Independent

• Mr. Piyush Goenka

Member Non-Executive Non Independent Mrs.Vijaya Sampath Member Independent STAKEHOLDERS RELATIONSHIP COMMITTEE Name of the Director Position on Committee Nature of Directorship

• Mr. Punkajj Lath

Chairman Independent

• Mr. Sudhir Jatia

Member Executive

• Mr. Piyush Goenka

Member Non-Executive Non Independent OPERATIONS COMMITTEE Name of the Director Position on Committee Nature of Directorship

• Mr. Sudhir Jatia

Chairman Executive

• Mr. Piyush Goenka

Member Non-Executive Non Independent CORPORATE SOCIAL RESPONSIBILITY COMMITTEE Name of the Director Position on Committee Nature of Directorship

• Mr. Sudhir Jatia

Chairman Executive

• Mr. Piyush Goenka

Member Non-Executive Non Independent

• Mrs. Vijaya Sampath

Member Independent Stringent Internal Audits and Reputed Statutory Auditor Audit Auditor

Statutory Audit Lodha & Co. Chartered Accountants InternalAudit Moore Stephens Singhi Advisors LLP

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ORGANIZATION CHART

MANAGINGDIRECTOR

• Sr. VP - CSD

Sales

• Sr. VP - Trade Sales, Retail,

Ecomm., Institutional CSDTeam Trade & Institutional Sales Team Retail Sales Team DGM -Retail E commerce Genius/ Genie Sales Team GM - SCM SCMTeam Bhiwandi Team Chief Financial Officer - Finance, Commercial, IT & CS Finance,Commercial, IT & CS Team Chief Marketing Officer GM – Marketing (Campus Gear) VP – China Office VP -HR VP -Hyper VP -Operations Marketing Team - Luggage Marketing Team –Campus Gear China Office Team HRTeam HyperTeam Halol Plant Operations Executive Assistant to MD GM- Sales Campus Gear

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MANAGEMENT TEAM

Sudhir Jatia, Chairman & Managing Director

• Studied commerce from Mumbai University
• Attended the Owner/President Management Program of Harvard Business School
• Acquired Safari Industries (India) Limited in the year 2011 and was appointed as its Managing Director from 18th April 2012
• Over 25 years experience in the Luggage Industry in India

LEADERSHIP TEAM

Vineet Poddar, Chief Financial Officer

• CA, CS & Commerce graduate - Calcutta University
• 22+ years experience with a wide range of companies
• Nshama Development LLC, Bombay Dyeing &

Manufacturing Co. Ltd, Birla Corporation Ltd., Marsh India etc. SENIOR MANAGEMENT TEAM

Satyabrata Mitra, Sr. VP - CSD Sales

• M.Com from Calcutta University
• 36+ years experience with major luggage

companies i.e. VIP Industries Ltd., Universal Luggage, Universal Mineral Industries etc.

Indranil Roy, Sr. VP - Trade, Retail, E-comm, Instl.

Sales

• PGDBM from Calcutta University
• 27+ years experience with several blue chip

companies i.e. Titan Watches Ltd., Bausch & Lomb, Whirlpool, US West Telecom, Panasonic India, VIP Industries Ltd.

Parmod Aggarwal, VP - Hyper Sales

• Arts graduate
• 29+ years experience with companies like

VIP Industries Ltd

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MANAGEMENT TEAM

SENIOR MANAGEMENT TEAM

Sharad Chaugule, VP - Halol (Operation)

• Mechanical engineer from Kolhapur University
• 24+ years experience with companies like VIP

Industries Ltd, Hitech Plast Ltd.

Pravin Prabhakar, VP - China (Operations)

• MBA – Marketing Mumbai University
• 21+ years experience with companies like

Eveready Industries India Ltd., Blow Plast Ltd., IFB Industries Ltd.,, Princeware International etc.

Paritosh Sinha, GM – Campus Gear Sales

• PGDBA from School of Management Sciences,

Varanasi

• 17+ years of experience with companies like

Panacea Biotech Ltd., Berger Paints India Ltd., VIP Industries Ltd., Jubilant Agri & Consumer Products Ltd., JK Files (India) Ltd. etc.

Sonali Majumdar, VP – Human Resources

• MBA HR from XISS, Ranchi
• 17 years experience in sectors like Media,

Consulting, Insurance and Manufacturing

Arindam Banerjee, GM SCM

• MBA from Sikkim Manipal University
• 17+ years of experience with companies like

GATI Ltd., TNT India, Pantaloons Retail India

• Ltd. & CEAT Tyres

Pushkar Jain, Chief Marketing Officer

• MBA – Marketing from MDI Gurgaon
• 17+ years experience with companies like Pidilite

Industries, ICI Paints (Akzonobel), Tata Teleservices, Bluestone.com,etc.

Sudhansu Shankar Karmokar, , GM – Head of Information Technology

• Studied Advance Diploma in Systems Management from NIIT
• 28 years of experience with companies like Raymond Woollen Mills, Softpro Consultancy, Godrej Industries Ltd., Blue Star

Infotech Ltd. , Meru Cab Company, SOTC Travel Ltd. ,etc.

• 5. GROWTH STRATEGY

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Safari’s focused product strategy geared for the next phase of growth

Growth Category Soft Luggage (SL) Hard Luggage (HL) Backpacks Children’s Accessories

FOCUSED PRODUCT STRATEGY

• Growth in SL is driven by
• 4-wheeler (fastest growing with in SL)
• Short-duration travel products (e.g. rolling duffels)
• SL to continue as the largest product segment
• Polycarbonate (PC) is the growth driver within HL
• Growth rate expected to be higher than 4-wheelers owing to innovative product designs & consumer

preference

• Already leading growth in industry with in-house design & manufacturing which has helped in taking

new designs faster to the market

• Polypropylene (PP) growth is expected to moderate due to shift in customer behaviour
• Renewed focus by Safari
• Backpack to be the fastest growing product category across all existing categories (SL, HL and Backpacks)
• Given the recent addition to product portfolio, growth is expected via
• Dedicated sales & marketing efforts
• Minimal existing competition from branded players

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• Increasing throughput per canteen

by adding sales promoters

• Promotion initiatives such as

signages and hoardings

• Ramping-up

dealer and distributer network

• Despite low channel level growth,

Safari to expand MBO footprint

• Strategically

converting select MBOs into EBOs through asset- light arrangements

• Increasing penetration by increasing

counters where Safari is present and aided by channel growth

• Adding

sales promoters to high performing stores

• Growth

to be faster than

• ther

physical retail channels except EBOs which currently has a low base

• EBOs
• Focus
• n

rationalizing product ranges to offer the best range

• Fresh roll-out of EBOs toamplify

growth from thechannel

• Focus

in strategically locating stores in high footfall areas

CHANNEL STRATEGY

Consciously crafted channel strategy involves balancing volume and value led growth with increasing touch points being the sole focus

^ Institutional andEcommerce

EBOs & Others^ Canteen Sales Department (CSDs) Modern Retail/ Hyper Markets Multi Brand Outlets (MBOs)

Maximize customer touchpoints

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Product, Design & Pricing

• Focusing on thoughtful innovations in existing product category and providing simple, doable design solutions to

common problems

• Increasing focus on creating “Design Identity”
• Investing in product collaterals, POS, tags
• Implementing “Focused Product Strategy” across each of the product categories – focus on PC and back packs
• Evolving from an affordable pricing proposition to competitive, product position linked pricing

Branding, Communication & Marketing

• With the recent rebranding, focus is on reaching the customers with renewed brand
• Increasing “

Above the Line” advertising – Internet marketing, presence in high visibility events e.g. cricket, TV shows

• Brand spends focused on BTL (~ 2% of sales* done in FY18). Hyper and MBO channels have already benefited from this
• Strengthened marketing team to have better customer insights on product features, structure, utility items, design trends
• Mass media communication campaign both internal (Corporate Stationery, i-cards, Intranet, Uniforms) and external

(Website, In-store communication in EBOs, Hyper & MBOs, Ecommerce, Collaterals etc.)

Consumer reach

• Sole focus to be “As close to the consumer” as possible
• Tracking consumer trends actively
• Further optimizing the channel mix to maximize customer touch points
• Expanding beyond metros reaching via both offline and online channels
• Opening franchisee led EBOs to amplify the brand visibility on ground

BRANDING & MARKETING

Overall branding strategy which couples the product and channel strategies to evolve Safari into a one stop luggagebrand

* Excluding sales promoter costs

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• 6. FINANCIAL SUMMARY

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FINANCIAL SUMMARY

PROFIT & LOSS STATEMENT (Consolidated)

Profit and Loss Statement (Rs. mn unless specified otherwise) FY 17 FY 18 Operational Revenue 3524 4202 Other Income 11 16 Total Revenues 3535 4218 Direct Expenses: Material costs, Inventory changes, Packaging Costs, Excise Duty 2103 2284 Gross Margins 1432 1934 Operational Gross Margin % 41% 46% SG&A: Employee Expenses + Other Expenses 1179 1505 EBITDA 253 429 Operational EBITDA Margin % 7% 10% Depreciation 51 62 Finance Costs 37 29 Exceptional Items & Extra Ordinary Items (9)

• PBT

156 338 PBT Margin % 4% 8% Tax Expense 54 123 PAT 102 215 PAT Margin% 3% 5% Other Comprehensive Income (OCI) (7) (5) Items that will not be reclassified to profit or loss 2 2 Total Other Comprehensive Income (OCI) (5) (3) Total Comprehensive Income 97 212

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FINANCIAL SUMMARY

BALANCE SHEET (Consolidated)

Balance Sheet (Rs. mn unless specified otherwise)

FY 17 FY 18 A EQUITY & LIABILITIES 1 Equity Equity Share Capital 42 44 Other equity 968 1684 1010 1728 2 Non Current Liabilities Financial Liabilities

• Borrowings

32 20 Deferred Tax Liabilities (net) 3 4 35 24 3 Current Liabilities Financial Liabilities

• Borrowings

374 524

• Trade Payables

476 472

• Other Financial Liabilities

32 11 Other current liabilities 41 19 Provisions 8 20 Current tax liabilities 5 11 936 1057 TOTAL 1981 2809 B ASSETS 1 Non Current Assets Property, plant and equipment 192 270 Other Intangible assets 42 46 Intangible Assets under Development 11 1 Financial Assets

• Other Financial assets

31 53 Other non-current assets 3 2 279 372 2 Current Assets Inventories 942 1225 Financial assets

• Trade Receivables

583 1036

• Cash and Cash Equivalent

21 5

• Other Bank Balances

29 23

• Other financial assets

60 18 Other Current Assets 67 130 1702 2437 TOTAL 1981 2809

THANK YOU