European Bank for Reconstruction and Development

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1 European Bank for Reconstruction and Development EBRD Strategy in Automotive Sector Russia Alexei Sheloukhin Principal Banker, Corporate Sector, Russia Head of Automotive 13 April 2011 Kaluga

2 Automotive industry important contributor to the World economy The automotive industry consumes: 50% of oil 50% of rubber 25% of glass 15% of steel And represents more than 10% of GDP in the developed countries

3 Automotive Industry Structure Customer Dealers OEMs Suppliers Suppliers Tier 1 Tier 2 Tier 3 The suppliers directly supplying the OEM's such as tyres, brakes, seats, exhaust systems, glass, electrical components etc The suppliers supplying the Tier One's such as foundries, forges, machining plants, press shops, plastic moulders and textile manufacturers, also supply many other industries so are able to diversify their use of capacity outside the Automotive Sector Tier Three suppliers i.e. to the Tier Two's are usually raw material providers such as iron, steel, semi finished items like tubing etc.

4 Russian Automotive Sector Only 3% of the Russian GDP potential to grow Both Russian and international OEMs are present Three main automotive clusters are being developed: Volga region ( traditional Russian OEMs AvtoVaz, GAZ, Kamaz, Sollers) St. Petersburg ( new international OEMs Ford, GM, Toyota, Nissan, Hyundai) Kaluga ( new international OEMs VW, PSA, Volvo)

5 Russian Automotive Sector Map

6 Russian Automotive Sector Opportunities for OEMs: Long term car market growth prospects significant drop during the crisis BUT most analysts do not reconsider their long-term forecasts: car penetration still low fleet of existing cars is old Russia is expected to regain its status of the biggest car market in Europe Good prospects in other segments: _ Demand for trucks and light commercial vehicles will be driven by the general economic growth and in particular by the need for the infrastructure development Challenges for OEMs: Localisation of suppliers Infrastructure bottlenecks

7 Russian Automotive Sector Opportunities for suppliers: Regulatory pressure on OEMs to localize components manufacturing New assembly rules encouraging OEMs to increase output Improving local municipal support (e.g. Kaluga)

8 Euro mln EBRD biggest long-term lender and investor in Russia Portfolio at the year end Cumulative

9 EUR billions EBRD Annual Business in Russia Corporate Financial Institutions Infrastructure

10 Share of Automotive in Manufacturing and Services Business Volume, Russia Automotive sector 20.5% Other M & S 79.5%

11 EBRD financing for the Russian automotive sector Long term corporate and project finance to: OEMs (assembly plants) Companies on the supply chain Indirect support: Infrastructure Projects: Real Estate (warehouses, industrial parks in automotive clusters ) Transport infrastructure Dealerships Banks (SME Programme, Trade Facilitation Programme etc.)

12 EBRD projects in automotive sector in Russia OEMs: GM - Avtovaz JV Toyota 2005 Volkswagen 2006 GM St.Petersburg 2008 Daimler - Kamaz Suppliers: Intercos IV (press & die plant) 2002 Michelin 2002 Severstal & Arcelor JV 2003 Nokian Tyres 2004 Sibur Russian Tyres

13 EBRD priorities in the Russian automotive sector Assist links and skill transfer to major local producers Support suppliers: facilitate foreign investments develop local companies Develop logistics and Infrastructure

14 Financing foreign suppliers Financing options: Project Finance Debt with a limited recourse to the investor Project finance debt fully guaranteed by the investor Equity instruments anything from portage to mezzanine and pure equity

15 EBRD: advantages for foreign companies Experience Local Offices Problem resolution Preferred creditor status Rouble Financing

16 Example: General Motors Challenges of GM first project in Russia JV with Avtovaz (2001): Be one of the first OEMs going to Russia, no prior experience Develop the relationship with the local strategic partner Organize project finance on a limited recourse basis for the new model ( Chevy Niva ) EBRD provided: political comfort long-term finance, including equity and syndicated loan

17 Example: General Motors Challenge of GM second Russian project plant in St. Petersburg (2008): obtain project finance in times of the US automotive industry crisis EBRD provided: successful syndication of the project finance loan

18 General Motors plant in St. Petersburg opened in 2008

19 Financing local suppliers Main criteria: acceptable integrity & corporate governance creditworthiness confirmed by IFRS most probably off-take with a major OEM Financing options: Equity Corporate debt Framework for small companies

20 EBRD: advantages for Russian companies Long Term Financing Flexibility, Innovation, Experience Non profit maximization Long Term Development Local Staff First Step to access International Markets Rouble Financing

21 Example: Intercos IV Founded in 1991 in St. Petersburg by local entrepreneurs Activities: design and manufacturing of dies and moulds for automotive industry. Customers mostly Russian OEMs Great potential for further development when foreign OEMs would come to Russia Capital injection was needed to survive until that happens EBRD invested in Intercos IV in 2002.

22 Example: Intercos IV Intercos IV today: leading-edge manufacturer of large-sized tooling for automotive industry in Russia provides the whole production cycle: from tooling design and manufacturing up to mass serial production of details at press line supplies all the largest automotive OEMs in CIS as well as foreign manufacturers such as Volkswagen, Ford, Caterpillar etc in 2007 Magintogorsk Metal Works became the strategic investor in Intercos IV by acquiring 75% of its shares (including EBRD stake) next step to build a stamping plant in St. Petersburg

23 How to Obtain EBRD Finance? Provide EBRD with overview of the proposed investment Commitment to work together clarify role of EBRD mandate to initiate transaction mutual understanding of corporate governance and integrity issues Project / business plan and strategy Feasibility or market studies (if available)

24 Roadmap to work with EBRD Bank - Client Supplying basic information on the company and the project Signing Mandate Letter Carrying out Due Diligence Agreement on the deal terms and conditions and signing of the Term Sheet with the Client Preparation of the legal documentation Internal Procedures Review and approval of the project concept by the EBRD s Operations Committee Agreement on the deal structure with the Credit Department Final Review and approval of the project by the Operations Committee Approval of the project by EBRD s Board of Directors Signing

25 How to contact us in Russia Eric Rasmussen, Director, Corporate Sector EBRD Moscow office: Tel Auto project enquiries: Alexei Sheloukhin Principal Banker EBRD St. Petersburg office: Tel

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