new eu car registrations_june 2014

8/10/2019 New EU Car Registrations_june 2014

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2/31

June 2014

Hauck & Aufhuser Institutional Research AG 2

Table of Contents

June EU28 E!T" new car registrations up 4#$% &o& $

'(rr ") 11

LE*N+ ") 1$

,- +n.ustrie ") 14

Progress/er *berirch ") 1

3heinetall ") 15

N*3," )roup -E 18

6U6" ") 17

-"!/*LL"N' -" 2$

9ertran.t ") 24

Elring6linger ") 25

Contacts: auc ; "ufh


3/31

June 2014

Hauck & Aufhuser Institutional Research AG $

auc ; "ufhT'

@rance 2.>' 2.&'

Gerany =1.&' 2.4'

Italy %.-' 2.&'

!"ain 2%.&' 1


4/31

June 2014


estern Europe is still the .ri=er for the EUFs perforance

EU1E!T" aret e=olution B>T' &o&@ in %

Source: ACA

=12.0'

=10.0'

=-.0'

=,.0'

=4.0'

=2.0'

0.0'

2.0'4.0'

,.0'

-.0'

10.0'

Jan @e ar A"r ay Jun Jul Au3 !e" ct ov Bec

2012 201% 2014

EU1E!T" car aret e=olution Bin units

Source: ACA

0

2>0)000

>00)000

0)000

1)000)000

1)2>0)000

1)>00)000


2012 201% 2014

EU28E!T" car aret e=olution B>T' &o&@ in %

Source: ACA

=12.0'

=10.0'

=-.0'

=,.0'

=4.0'

=2.0'

0.0'2.0'

4.0'

,.0'

-.0'

10.0'


2012 201% 2014

EU28E!T" car aret e=olution Bin units@ 2012: EU2DE!T"

Source: ACA

0

400)000

-00)000

1)200)000

1),00)000


2012 201% 2014

Looing at the seasonall& a.Guste. .e=elopent

EU1E!T" / -easonall& ".Guste. "nnual -elling 3ate =s# 12 onth rolling sales Bin units

Source: ACA+ ,auc Au/huser

10)000)000

11)000)000

12)000)000

1%)000)000

14)000)000

1>)000)000

1,)000)000

Jan && Jan 00 Jan 01 Jan 02 Jan 0% Jan 04 Jan 0> Jan 0, Jan 0< Jan 0- Jan 0& Jan 10 Jan 11 Jan 12 Jan 1% Jan 14

/*1>$/@8A !AAR /*1>$/@8A Rol lin3 12 !ales % ovin3 avera3e #!AAR(

"n. at aret in.icators

Consuer confi.ence

Source: "loo()er*

0.0

20.0

40.0

,0.0

-0.0

100.0

120.0

0,0< 120< 0,0- 120- 0,0 120 0,10 1210 0,11 1211 0,12 1212 0,1% 121% 0,14

=%>.0

=%0.0

=2>.0

=20.0

=1>.0

=10.0

=>.0

0.0

*! consuer confidence #l.s.( 9hina consuer confidence #l.s.(

/*2< consuer confidence #r.s.(

Uneplo&ent rates

Source: "loo()er*

,.0

.0

,.0


5/31

June 2014

Hauck & Aufhuser Institutional Research AG

Looing at the .ifferent European arets Bshort ter =iew

!rench car aret e=olution B>T' &o&@ in %

Source: ACA

=2>.0'

=20.0'

=1>.0'

=10.0'

=>.0'

0.0'

>.0'


2012 201% 2014

!rench car aret e=olution Bin units

Source: ACA

0

>0)000

100)000

1>0)000

200)000

2>0)000


2012 201% 2014

)eran car aret e=olution B>T' &o&@ in %

Source: ACA

=1>.0'

=10.0'

=>.0'

0.0'

>.0'

10.0'


2012 201% 2014

)eran car aret e=olution Bin units

Source: ACA

0

100)000

200)000

%00)000

400)000


2012 201% 2014

+talian car aret e=olution B>T' &o&@ in %

Source: ACA

=2>.0'

=20.0'

=1>.0'

=10.0'

=>.0'

0.0'

>.0'

10.0'


2012 201% 2014

+talian car aret e=olution Bin units

Source: ACA

0

40)000

-0)000

120)000

1,0)000


2012 201% 2014

-panish car aret e=olution B>T' &o&@ in %

Source: ACA

=1>.0'

=10.0'

=>.0'

0.0'

>.0'

10.0'

1>.0'

20.0'


2012 201% 2014

-panish car aret e=olution Bin units

Source: ACA

0

20)000

40)000

,0)000

-0)000

100)000


2012 201% 2014

U6 car aret e=olution B>T' &o&@ in %

Source: ACA

=2.0'0.0'

2.0'

4.0'

,.0'

-.0'

10.0'

12.0'

14.0'

1,.0'


2012 201% 2014

U6 car aret e=olution Bin units

Source: ACA

0

100)000

200)000

%00)000

400)000

>00)000


2012 201% 2014


6/31

June 2014


Looing at the .ifferent European arets Blong ter =iew

EU1E!T" / -easonall& ".Guste. "nnual -elling 3ate B-""3 =s# actual &earl& sales Bin units

Source: ACA! ,auc Au/huser

10)000)000

11)000)000

12)000)000

1%)000)000

14)000)000

1>)000)000

1,)000)000

Jan 0 0 Jan 0 1 Jan 02 Jan 0 % Jan 0 4 Jan 0 > Jan 0 , Jan 0 < Jan 0 - Jan 0 & Jan 1 0 Jan 1 1 Jan 12 Jan 1 % Jan 1 4

Annual sales !AAR % ovin3 avera3e

!rance / -easonall& ".Guste. "nnual -elling 3ate B-""3 =s# actual &earl& sales Bin units


1)>00)000

1)00)000

2) Jan 0 , Jan 0 < Jan 0 - Jan 0 & Jan 1 0 Jan 11 Jan 1 2 Jan 1 % Jan 1 4


)eran& / -easonall& ".Guste. "nnual -elling 3ate B-""3 =s# actual &earl& sales Bin units


2)00)000

%) Jan 0 , Jan 0 < Jan 0 - Jan 0 & Jan 1 0 Jan 11 Jan 1 2 Jan 1 % Jan 1 4


+tal& / -easonall& ".Guste. "nnual -elling 3ate B-""3 =s# actual &earl& sales Bin units


1)100)000

1)%00)000

1)>00)000

1)00)000



-pain / -easonall& ".Guste. "nnual -elling 3ate B-""3 =s# actual &earl& sales Bin units


400)000

,00)000

-00)000

1)000)000

1)200)000

1)400)000

1),00)000

1)-00)000

Jan 00 Jan 0 1 Jan 0 2 Jan 0 % Jan 0 4 Jan 0 > Jan 0 , Jan 0 < Jan 0 - Jan 0 & Jan 1 0 Jan 11 Jan 1 2 Jan 1 % Jan 1 4


U6 / -easonall& ".Guste. "nnual -elling 3ate B-""3 =s# actual &earl& sales Bin units


1)>00)000

1)00)000



Looing at preiu =s# =olue an. at the .ifferent bran.s

EU1E!T" new car aret / preiu =s# =olue Bcurrent onth


0

200)000

400)000

,00)000

-00)000

1)000)000

1)200)000

1)400)000

0, 200- 0, 200 0, 2010 0, 2011 0, 2012 0, 201% 0, 2014

10'

1>'

20'

2>'

5reiu rands #l .s.( Colue rands # l.s. ( 5reiu rands #as a ' of total arket) r .s.(

EU1E!T" new car aret / preiu =s# =olue B>T'


0

1)000)000

2)000)000

%)000)000

4)000)000

>)000)000

,)000)000


7/31

June 2014

Hauck & Aufhuser Institutional Research AG D

EU1E!T" new car registrations b& bran. groups Bcurrent onth


5!A Grou"

11'

ther 3rou"s and

rands

1,'8oyota

4'

G Grou"

-'

@ord Grou"

' yoy in June) $-. Jan 0 , Jan 0< J an 0- J an 0& J an 10 J an 11 J an 12 Jan 1% Ja n 14



8/31

June 2014


The Chinese aret reains strong

At the sae tie) Chinese new passenger car sales grew 11#4% &o& in Juneto 1.,illion units. 8he recent sound "erforance of the arket should also have eensu""orted y deand fro custoers ein3 "ulled for:ard ahead of "otential car salesrestrictions y i3 cities due to the so3.

Chinese car aret e=olution B>T' &o&@ in %

Source: CAA#

=%0.0'

=20.0'

=10.0'

0.0'

10.0'

20.0'

%0.0'

40.0'

>0.0'

,0.0'


2012 201% 2014

Chinese car aret e=olution Bin units

Source: CAA#

0

>00)000

1)000)000

1)>00)000

2)000)000


2012 201% 2014

China / -easonall& ".Guste. "nnual -elling 3ate B-""3 =s# actual &earl& sales Bin units

Source: CAA#! "loo()er*! ,auc Au/huser

0

2)000)000

4)000)000

,)000)000

-)000)000

10)000)000

12)000)000

14)000)000

1,)000)000

1-)000)000

20)000)000

Jan 0> Jan 0, Jan 0< Jan 0- Jan 0& Jan 10 Jan 11 Jan 12 Jan 1% Jan 14


9raHil reains un.er pressure

9raHilian car aret e=olution B>T' &o&@ in %

Source: A$%A&A

=1>.0'

=10.0'

=>.0'

0.0'

>.0'

10.0'

1>.0'

20.0'


2012 201% 2014

9raHilian car aret e=olution Bin units

Source: A$%A&A

0

100)000

200)000

%00)000

400)000


2012 201% 2014

9raHil / -easonall& ".Guste. "nnual -elling 3ate B-""3 =s# actual &earl& sales Bin units

Source: A$%A&A! "loo()er*! ,auc Au/huser

0

>00)000

1)000)000

1)>00)000

2)000)000

2)>00)000

%)000)000

%)>00)000

4)000)000

Jan 0% Jan 04 Jan 0> Jan 0, Jan 0< Jan 0- Jan 0& Jan 10 Jan 11 Jan 12 Jan 1% Jan 14



9/31

June 2014


+n.ia sees to stabilise

+n.ian car aret e=olution B>T' &o&@ in %

Source: S'A#! "loo()er*

=2>.0'

=20.0'

=1>.0'

=10.0'

=>.0'0.0'

>.0'

10.0'

1>.0'

20.0'


2012 201% 2014

+n.ian car aret e=olution Bin units

Source: S'A#! "loo()er*

0

>0)000

100)000

1>0)000

200)000

2>0)000


2012 201% 2014

+n.ia / -easonall& ".Guste. "nnual -elling 3ate B-""3 =s# actual &earl& sales Bin units

Source: S'A#! "loo()er*! ,auc Au/huser

0

>00)000

1)000)000

1)>00)000

2)000)000

2)>00)000

Jan 0 0 Jan 0 1 Jan 0 2 Jan 0 % Jan 0 4 Jan 0 > Jan 0 , Jan 0 < Jan 0 - Jan 0& Jan 1 0 Jan 1 1 Jan 1 2 Jan 1 % Jan 1 4


3ussia: the .ecline accelerates

3ussian light =ehicle aret e=olution B>T' &o&@ in %

Source: A"! "loo()er*

=10.0'

=>.0'

0.0'

>.0'

10.0'

1>.0'

20.0'

2>.0'


2012 201% 2014

3ussian light =ehicle aret e=olution Bin units

Source: A"! "loo()er*

0

>0)000

100)000

1>0)000

200)000

2>0)000

%00)000


2012 201% 2014

3ussia / 12 onth rolling sales Bin units

Source: A"! "loo()er*! ,auc Au/huser

1)000)000

1)200)000

1)400)000

1),00)000

1)-00)000

2)000)000

2)200)000

2)400)000

2),00)000

2)-00)000

%)000)000

Jan 0& Jul 0& Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Jan 1% Jul 1% Jan 14


10/31

June 2014


+plications for our co=erage

B=e ?/rea. LE*N+ is a 9U> with a PT of I D8 B!C!>F1Eas its eF"osure to /uro"eis still si3nificant #c. ,0' in 2012(. As the co"any is currently launchin3 several ne:"roducts ainly in the 7RI9 $ !outh +orean re3ions) the to" line develo"ent shoulde stron3 in the neFt years #9AGR 1%=1,/; $-.,'(. At the sae tie) earnin3s shouldincrease dis"ro"ortionately #9AGR 1%=1,/; $2 with a PT of I 58

B!C!>F1E as the co"any stron3ly enefits fro a secular trend to:ards 3reenoility leadin3 to an increasin3 "enetration of li3ht:ei3ht "arts in odern cars)es"ecially in the "reiu se3ent. PE3F1E: 10#1? EAE9+TF1E: 11#7?BEAE9+T'"F1E: 5#1?#

BLiite. ?/rea. 9ertran.t is a *L' with a PT of I 111 B!C!>F1/15E as the stockis already "riced for "erfection. Reinder; the co"any is not de"endin3 on "roductionor sales volues. PE3F14/1E: 15#0? EAE9+TF14/1E: 10#8?#

auc ; "ufh 0.4 &.- .& 12.% &., >.4'

Rheinetall AG 7*D ,2.00 0., 0., 0.> 1%., &.- '

!A@=HAB !A 7*D 1,.00 0.< 0., 0., &.- .10 0.- 0.< 0., 1%.- &.% ,., 1.&'

5ro3ress=6erk erkirch AG 7*D ,-.00 0.- 0.- 0.< 1%.1 11.& 10.0 11.2 10.1 -.4 ,.2'

Source: Co(pany data! ,auc Au/huser! #aret#ap

Attached) you find the latest u"dates for the related co"anies.


11/31

'(rr "))eran& / Engineering

9uold; 7uy( 1,=July=14

Philippe LorrainPrice target: EU3 D#00#old; /*R 0 Ne?t result: H1 2014 %1.0.1< -.< 1.41 >. 0.,0 1.1% 1.4> 1.>0 1.>> 1.,0

Bividend yield 0.2 ' 0. ' 1.- ' 2.% ' 2.4 ' 2.4 ' 2.> '

Gross "rofit ar3in 1-.- ' 1.> ' '

R9/ ,.2 ' 14. ' 21.- ' 22.< ' 20.% ' 20.1 ' 1.< '

/Csales 1.- 1.2 0. 0. 0. 0.< 0.,

/C/7I8BA 40.- 1 20.> 1>.< 1>.0 1%.1 12.%

AdEusted @9@ yield 1.2 ' %.1 ' >.% ' ,.2 ' ,.0 ' ,.< ' .


12/31

'(rr ")

12 Hauck & Aufhuser Institutional Research

3ationale of the acKuisition is@ accor.ing to '(rr@ a further .i=ersification outsi.ethe autooti=e in.ustr&:hich still re"resents c. 2% of Brr?s total sales. Burin3 its@D?14 9B) Brr had stated that it ais to acuire healthy niche arket usinesses inthe "lant and echanical en3ineerin3 industry. Brr had also stated that it does not lookfor restructurin3 cases ut rather for co"anies :ith id=ter earnin3s i"roveent"otential.

6ith that re3ard) oag sees to fulfil all the criteriaas the co"any enefits fro

B1 a .oinant position #:orld:ide O1 "layer :ith 2-' 3loal arket share() #2 astrong inno=ation capacit& and B$ an e?posure to autoation technolog&shared:ith Brr. @urtherore) Hoa3?s usiness offers o"tiisation "otential at o"erationallevel #"rocess i"roveents) 3loal I8 structures) "urchasin3 and financin3(. Hence)oag shoul. benefit fro '(rrFs now/how in operational optiisation #theco"any :as restructured and o"tiised in 200>=200(. @urtherore) Brr should eale to su""ort Hoa3 in etter eF"loitin3 the "otential in eer3in3 arkets #es"eciallyAsia as Hoa3 only does 1.,F /C/7I8BA?1>/ vs. ,.F for Brr(. oreover) the deal shoulde eneficial for Hoa3 in the lon3 run :hich should hel" Brr to eF"loit further secular3ro:th "otential :hile reducin3 its eF"osure to the autootive industry.

ur revised estiates for Brr includin3 the full consolidation of the >%.


13/31

LE*N+ "))eran& / "utoobile

9uold; 7uy( 10=July=14

Philippe LorrainPrice target: EU3 D8#00#old; /*R .4'yoy in H1() accordin3 to 9 Autootive.

6hile /uro"e continues to sho: si3ns of recovery fro su""ressed levels #eH&A;c. 12 ne: cars in 6/ in 2014/ vs. c. 14=1> in 1=200.,1 >.4,

B5! 0.0 1.>0 1.00 1.%0 1.. ' ,.< '

R9/ 10.> ' 1,. ' 1>., ' 10.< ' 14.2 ' 1,. ' 1.< '/Csales 0.- 0., 0., 0., 0.> 0.> 0.4

/C/7I8BA .2 ,.> ,.4 -.0 ,., >.4 4.4

/C/7I8 1 1%. 10., -.% ,.%

5/R 2>., 11., 12.0 1 10.% -.0

AdEusted @9@ yield >. ' -. ' .0 ' ,.4 ' )01


14/31

,- +n.ustrie "))eran& / "utoobile

9uold; 7uy( 0.10(Analyst

Price: /*R 4.20 Ne?t result: P2 2014 1>.0-.14

9looberg: !AG GR ,aret cap: /*R 12,.0 "hili""e.lorrainha=research.de

3euters: !AG.B/ Enterprise Aalue: /*R 1->., 8el.; $4 40 414 %--> -%

3eassuring 3- Profitable growth loos set to continue

@ollo:in3 a roadsho: in ondon :ith ! Industrie?s 9/ Br Aufschnaiter and 9r Bistel last @riday) we confir our 9U> rating an. our PT of I #10 base. on!C!>F1E#

Current tradin*:@ollo:in3 a stron3 start into the year :ith P1?14 sales u" %>' yoy to 4) ana3eent stated that the current top/line oentu reains .&naic)ainly driven y "o:ertrain technolo3y :hich enefits fro #1( the healthiness of the*! arket #class - re3istrations u" 1>' yoy D8B( and #2( the s:itch fro /uro C to

/uro CI :hich results in sales "er Bailer en3ine of c. 00 vs. "reviously a iF of 100=1>0 and 00 as the ra"=u" of the 6eltotor had not fully taken "lace.@urtherore) deand for ultrasonic s"ecial :eldin3 achines #for the autootiveindustry( reains very stron3 driven y #1( the increasin3 nuer of ne: car odelsand variants) #2( the increasin3 "lastic content in vehicles as :ell as #%( the fact that/s no: tend to source all the :eldin3 achines needed for one car odel froone sin3le su""lier.

iersi/ication o/ custo(er port/olio (oes into /ocus a*ain:@ollo:in3 several yearsof "articular focus on the successful ra"=u" of Bailer?s 6eltotor :hich caealon3 :ith an eF"osure of c. 4>' of total sales in @D?1%) ,- +n.ustrie will againconcentrate its efforts on the acKuisition of new custoers in both the on/ an.off/roa. segents #e.3. !cania) Colvo) 9ater"illar(. 8his could ha""en othor3anically or throu3h sall acuisitions.

#er*er o/ #A$ and Scania should )e positie /or #S 'ndustrie:8he fact that #1( eFBailer 8rucks ana3er r Renschler?s :ill ove fro Bailer to C6 in @D?1> and#2( C6 intends to fully inte3rate !cania :ith A inside C6 9oercial Cehiclesshould e "ositive for ! Industrie. Indeed) syner3ies fro the er3er of A and!cania could e achieved throu3h the undle of sourcin3 activities or the introductionof a Q:orld en3ine :ith a odular desi3n #like Bailer?s 6eltotor :hich :as"ushed y r Renschler at Bailer(. In any case) the inte3ration of !cania and Ashould result in increasin3 volues for ! Industrie :hich already acts as a sin3lesource su""lier for rocker ars for A?s heavy truck and stationary en3ines:orld:ide and :hich should :in !cania as a custoer as :ell.

As :e eF"ect ! Industrie to continue its dynaic develo"ent the stock?s valuationstill looks undeandin3 :ith a PE3F1E of 12? a.Guste. for PP". Hence) weconfir our 9U> ratin # PT of I #10 is base. on !C!>F1E#

>E $1#12 BEU3 2010 2011 2012 201$ 2014E 201E 2015E

!ales 11,.< 1>4.% 1.% ' ,. ' -., '

R9/ >.4 ' .0 ' -. ' 1%.4 ' 1.0 '

/Csales 1.4 1.% 1.2 1.2 0. 0.< 0.,

/C/7I8BA 10.% .> 12., 12.1 -., ,., >.1

/C/7I8 2.1 21.< %4.2 %1.0 1,., 10.< .2 ' 2)41

,aGor sharehol.ers:

@ree @loat ,4.0 '

! 5roActive 20.0 '

ana3eent 10.0 '

Breyer Centures &ana3eent

,.0 '

Ruffer N >.4 '

AllianK GI N 4.2 ' included in /ree /loat

Copan& .escription:

!u""lier of Biesel otor "arts andsystes for truck /s) of electricotors and of :eldin3 achines for theautootive and "acka3in3 industries.


15/31

Progress/er *berirch "))eran& / "utoobile

9uold; 7uy( 2,=June=14

Philippe LorrainPrice target: EU3 58#00#old; /*R ,-.00(Analyst

Price: /*R >0., Ne?t result: P2S14 %1.0-.4 "hili""e.lorrainha=research.de

3euters: 56G.B/ Enterprise Aalue: /*R %14. 8el.; $4 40 414 %--> -%

Capacit& e?pansion to help capture future growth chg# in est#

8his :eek@ P* announce. to ha=e pulle. forwar. in=estents in its CHechfacilit& b& one &earas hi3h=volue "roduction series #already on hand( :ill start atthe location in @D?1>/@D?1,/. 9onseuently) the co"any looks set to investadditionally /. 8his should drive the total volue ofinvestents to c. 40 #eH&A ne:( in @D?14/ #fro c. %4 eH&A old( and to c. %, #eH&A ne:( in @D?1>/ #fro c. %4 eH&A old( :hile investents for @D?1,/look set to decrease fro c. %4 #eH&A old( to c. 2/ and @D?1,/ :hich leads us to increaseour 3rou" sales estiates y c. 1 in @D?1>/ and @D?1,/ :hile our /7I8 estiatesreain lar3ely unaffected. ur /5! are sli3htly revised do:n:ards y 4' for theforecast "eriod on the ack of a hi3her det and interest eF"enses. @ollo:in3 thesuccessful ra"=u") :e antici"ate that the 9Kech location should 3enerate soe ,, of sales in @D?1,/ :hich co"ares :ith 4> in @D?1% :hile ar3ins are

eF"ected to recover to the 12.0' level y @D?1,/ #already oserved in @D?1%( after atrou3h of 11.4' in @D?1>/. As :e no: antici"ate stron3er 9A5/L in oth years@D?1>/ and @D?1,/ soe of :hich should e "artly financed :ith ank liailities) ournet .ebt estiate increases slightl& in both &ears #fro 10/(. Ho:ever) we let our PT unchange.as the investent looks value accretive fro @D?1,/ since the 9Kech facility sho:sthe est o"eratin3 "erforance in the 3rou".

All in all) the latest newflow shoul. be seen positi=el&as 56 enefits fro a3ood visiility on the ra"=u" of ne: series and deand for li3ht:ei3ht "roductscontinue to increase on the ack of a secular trend to:ards 3reen oility. @ollo:in3the recent share "rice dro" #=1%' since the hi3h of >-.-0 oserved on ay ,)2014() the share looks attractive) tra.ing at a PE3F1E of Gust 7#8?. 9U># PT is I 58base. on !C!>F1E#

>E $1#12 BEU3 2010 2011 2012 201$ 2014E 201E 2015E

!ales 2,4.2 %%1.1 %>-.1 % ' 11. ' 12.4 ' 1%.1 '

/7I8 ar3in ,.1 ' >.- ' >. ' >. ' ,.2 ' ,.> ' 12.< 11., . . '

Biensional @undAdvisors

0.< '

+79 Asset ana3eent 0., '

Copan& .escription:eadin3 develo"er and "roducer ofco"leF etal co"onents andsusystes used in autooilestructures) safety co"onents andelectrical electronic a""lications.


16/31


17/31

3heinetall ")

1D Hauck & Aufhuser Institutional Research

heeled &ehicles loos set to )ene/it /ro( hi*her capacity utilisation: 5ositively)Rheinetall can rely on a sound order acklo3 of ,.2n at the end of P1?14 :hich"rovides 3ood visiility for the different divisions) es"ecially for 6heeled Cehicles :hichhas een recently heavily i"acted y a lo: ca"acity utilisation. Here) a "otentialcontract for the @uchs :ith Al3eria should e seen "ositively) in our vie:) as it :ouldincrease the ca"acity utilisation of RC. 6hile headcount has already een reducedy c. 1-0 e"loyees #out of ->0() reak=even should e reached in 201>/ as reflectedin our estiates.

All in all) the arket environent in autootive reains favourale and Befence shouldi"rove on restructurin3 :hich 3ives us confidence that the co"any should reach itsid=ter tar3ets. Hence) we reiterate our 9U> rating# PT of I 52 is base. ona=erage !C!>F1/15E#


18/31


19/31

6U6" "))eran& / Engineering

9uold; 7uy( 04=June=14

Philippe LorrainPrice target: EU3 48#00#old; /*R 40.00(Analyst

Price: /*R 41.>- Ne?t result: P2 2014 0,.0-.14

9looberg: +*2 GR ,aret cap: /*R 1)410.2 "hili""e.lorrainha=research.de

3euters: +*2G.B/ Enterprise Aalue: /*R 1)%,2.2 8el.; $4 40 414 %--> -%

+ntelligent robotics are the future / chg# in est# ; PT

e increase our estiates for 6U6"Fs operational perforance an. our PTfro I 40 to I 48 an. confir our 9U> rating# ur "ro=fora /5! estiates areho:ever sli3htly reduced reflectin3 the dilution resultin3 fro the convertile ond.ur ne: 58 i"lies an /C/7I8?1>/ of 10.,F :hich co"ares :ith ore than 12F for+*+A?s closest rootics "eers #@anuc) Daska:a /lectric) A77) achi=@uEikoshi(.

ur valuation is rolled over fro @9@D?1>/ to @9@D?1,/ due to an increasin3confidence in the co"any?s sustainale 3ro:th #1( :ithin the 3eneral industry #c.

%0' of 3rou" sales( earin3 hi3her ar3ins due to the lo:er avera3e order siKe and#2( in the Asian re3ion. 5ositively) oth the 3eneral industry and Asia arecharacterised y a lo: "enetration of roots. @urtherore) hi3her ualityreuireents for anufacturin3 in the 3eneral industry and hi3h :a3e inflation ineFcess of 10' ".a. in Asia result in an increasin3 deand for industrial roots.Additionally) +*+A could enefit fro increasin3 "olitical tensions et:een 9hina andJa"an) as these could result in Ja"anese co"etitors losin3 arket share #currentlyc. >0'(.

Low robot penetration in general in.ustr& an. eerging regions

Source: 'nternational %ederation o/ o)otics >'%?

1)>,2

1)1%% 1)0&1

,% 1.42 2.0, 2.%,

95! =1.> 0.02 2.1 >.21 2.0, %.-- 2.>%

B5! 0.00 0.00 0.20 0.%0 0.%0 0.40 0.>0

Bividend yield 0.0 ' 0.0 ' 0.> ' 0.< ' 0.< ' 1.0 ' 1.2 '

Gross "rofit ar3in 1-. ' 1., ' 22.2 ' 24.< ' 2%.0 ' 2%.4 ' 2%., '

/7I8BA ar3in 4.4 ' ,. ' -.0 ' -. ' -.2 ' .0 ' .> '

/7I8 ar3in 2.% ' >.1 ' ,.% ' ,.- ' ,.1 ' ,.- ' .- ' 14.- ' 1 1>.% 10.> -.4 -.4 ,.- >.-

/C/7I8 >.- 20.- 1%.2 11.1 11.4 .1 .>' =4.-'

old: 2)1%>.0 14.4 2.42015

0.-' >.2' =>.%'

6e& share .ata:

uer of shares;#in "cs( %%.

Authorised ca"ital; #in ( 44.1

7ook value "er share; #in ( 11.1

M tradin3 volue;#12 onths( 11)>

,aGor sharehol.ers:

@ree @loat -0.2 '

Rudolf GrenKeach 1.- '

!698/ GH N >.1 '

7lackrock N >.0 '

ALA N >.0 '

""enhei A N 4. ' included in /ree /loat

Copan& .escription:eadin3 su""lier of rootics and "lant

systes solutions) ainly for theautootive industry #c.


20/31

6U6" ")


oreover) the Q7R ii:a :hich has een tested for 2 years :ith Bailer finds severala""lications includin3 the autootive) 3eneral and edical industries :hich ode :ellfor the further acce"tance of the "roduct at +*+A?s custoers.

,u(an-o)ot Colla)oration >,C? is a secular trend >see )elo6?: As toorro:?s"roduction lines need to e ore efficient and fleFile in order to co"e :ith an increasein 3loal co"etition) the HR9 and +*+A?s solutions rin3 an ans:er to thesereuireents. The 3C is the best wa& to cobine the robotFs pro.ucti=it& with

the huanFs fle?ibilit 6ith the hel" of the Q7R ii:a root :hich :as s"eciallydesi3ned to coe into safe contact :ith huans) e"loyees can no: :ork :ith afleFile and "recise tool :hich allo:s for tie savin3s. Additionally) users are alsooile as the Q7R ii:a can e ounted on a rollin3 "latfor #for eFa"le theQfleF@/6( allo:in3 the to Q:alk fro one station to another. !iilarly) the rootcan e used :ith oile units :orkin3 inside the vehicle fraes.

6U6" ") / The future is geare. towar.s 3C Buan/3obot Collaboration

Source: Co(pany data! ai(ler! ,auc Au/huser

A7s BSunrise open so/t6are syste( contri)utes to the easier (anipulation o/A7s ne6 ro)ots:!ince the Q7R ii:a uses the !unrise soft:are :hich is ased onthe JACA lan3ua3e #:hich is the ost=used I8 lan3ua3e in the :orld() users canenefit fro the interactions et:een roots) other custoers and +*+A :hich allo:

for faster feedacks and u"3rades thanks to the usa3e of cloud co"utin3 technolo3y.8his akes +*+A?s latest solutions easy to ada"t and hence "erfectly fits into thecurrent trend to:ards QIndustry 4.0 :hich "rootes the co"uterisation ofanufacturin3 activities :ithin Qsart factories as it cou"les rootics and I8.

ecent innoations should help increase A7s /ootprint in China: +*+A?s recentinnovations #Q+R Puantec faily for ediu and heavy "ayloads introduced in 2010)Q+R A3ilus for sall "ayloads :ith a hi3h :orkin3 s"eed introduced in 2012)li3ht:ei3ht root Q7R ii:a introduced in 2014( have hel"ed the co"any to roadenits "roduct "ortfolio in ters of "ayloads and a""lication ran3e and ta" ne: arketo""ortunities. +*+A should enefit fro the secular 3ro:th in the local rootics arketas 9hinese industrial co"anies) follo:in3 the local /s and seduced y the latestdevelo"ent in ters of sensors) oility and artificial intelli3ence are increasin3 theautoation of their "roduction. 8his should also e su""orted y the 3ain of arketshare on the ack of #1( its innovation ca"acity and #2( a "otential escalation of the

"olitical tensions :ith Ja"an :hich could eventually lead to econoic sanctions #suchas hi3her i"ort duties etc.( i"actin3 their sales of rootics solutions and reducin3their share of the 9hinese root arket of currently c. >0'. All in all) +*+A?s internaltar3et of doulin3 9hina sales fro currently c. 2>0=%00 #of :hich Rootics; c. 1>0( to c. >00=,00 #of :hich Rootics; c. %00=%>0( looks fairly realistic.

- continued-


21/31


22/31

6U6" ")


eer *roup co(parison underpins A7s under aluation:A closer look at +*+A?sclosest co"arale sho:s that the stock trades at a dee" discount of c. 20' on/C/7I8?1>/ :hich looks unEustified in the li3ht of +*+A?s still dynaic 3ro:thoentu. 8o co"are the different co"anies) :e look at /C/7I8 rather than 5/Ras the latter is distorted y the +*+A?s hi3h 5& taF rate of %-' :hich co"ares :itha cash taF rate of only c. 2>'.

6U6" ") FX Price ,C BI E9+TC")3 1$/15E

E9+T argin14E

-alesC")3 1$/15E

A77 8B >S? I;? 1

@A*9 8B. ,.% ,.% >.& 1>.0 14.% 1%.< 1,.% 1>.> 14.& 2%.2 2%.1 21. -.2 1%.2 12.0 11.0 1.2 14.2

A9HI=@*JI+!HI 9R5. 1.0 1.0 1.0 ,., ,.2 12.1 10.& &.> 1>.> 1%.< 12.1

6U6" ") 0#D 0#D 0#5 8#$ D#$ 5# 11#2 7#5 8# 27#$ 20#2 1D#5

"=erage Bpeer group 2#4 2#4 2#$ 10# 7#5 7#1 1$#5 12#4 11#4 18#4 15#8 1#4

Preiu.iscount/ in B% /D2% /D$% /D$% /21% /24% /28% /18% /22% /2% 7% 20% 1%

Source: ,A esti(ates+ Capital'J+ co(pany /ilin*s

+plie. !AEAE9+T'"

14E B?

EAE9+T'"

1E B?

EAE9+T'"

15E B?

EAE9+T

14E B?

EAE9+T

1E B?

EAE9+T

15E B?P E3 14E B? P E3 1 E B ? PE 3 15 E B?

@air /C 1,,%.1 1>4-.2 1, =14,.> =14,.>

5ensions 0.0 0.0 0.0 0.0 0.0 0.0

arket 9a" 1-0&., 1,&4.< 1-1-.- 1


23/31

-"!/*LL"N' -")eran& / "utoobile

9uold; 7uy( 2/ and @D?1,/ #$2' and$%' res"ectively(.

8radin3 at Eust 11? PE3F1E a.Guste. for PP" #vs. 1%F for our autootivecovera3e() the stock is "riced eF=3ro:th :hich looks not Eustified es"eciallyconsiderin3 the hi3h "ent=u" deand for ne: trailers in /uro"e follo:in3 years ofunderinvestent. 9U># PT of I 15 is base. on !C!>F1E#

>E $1#12 BEU3 2010 2011 2012 201$ 2014E 201E 2015E

!ales ,%1.1 -%1.% ->., -> 1)0%%.-

!ales 3ro:th >0 ' %2 ' % ' 0 ' ' > ' > '

/7I8BA 4.0 .-

et incoe =-.% 2,., 4>., >%.-

et det %02.% 1>.- 141. 12>.2 11. ,.- ., '

, onths 11.2 '

12 onths %-.> '

Changes in estiates-ales E9+T EP-

old: %%.4 ,0.< 0.2015

= 2.>' %.4'

6e& share .ata:

uer of shares;#in "cs( 4>.4

Authorised ca"ital; #in ( 0.2

7ook value "er share; #in ( >.4

M tradin3 volue;#12 onths( 2>

,aGor sharehol.ers:

@ree @loatN 100.0 '

@idelity >.1 '

Henderson 4. '

Banske 7ank 4.- '

Biensional @undAdvisors

2.> '

ain@irst 2.> ' #ana*e(ent o6ns 3.9=

Copan& .escription:

!u""lier of systes and co"onents forthe trailer) truck) us and recreationalvehicle industries


24/31

9ertran.t "))eran& / "utoobile

ol.#old; Hold( 1>=ay=14

Philippe LorrainPrice target: EU3 111#00#old; /*R 10%.00(Analyst

Price: /*R 110.0> Ne?t result: P% 201%=14 1%.0-.14

9looberg: 7B8 GR ,aret cap: /*R 1)10-.1 "hili""e.lorrainha=research.de

3euters: 7B8G.B/ Enterprise Aalue: /*R 1)0 -%

-oun. M2 )rowth .ri=ers are well intact chg# in est# ; PT

Desterday) 7ertrandt released P2S1%14 fi3ures :hich :ere roadly in=line :ith ourand consensus estiates. A 9B :as held on the sae day.

M2O1$14 sales were up 1$% &o& to I 215#eH&A; 21%) e9ons; 211( driveny #1( a sli3htly hi3her nuer of :orkin3 days #,2.4 vs. ,2.1 in P2S1%1%() #2( anincreasin3 nuer of e"loyees needed to handle the increasin3 usiness volue#11)1> at the end of P2S1%14 vs. 10)2,0 at the end of P2S121%( and #%( a hi3her

"roductivity of the :orkforce as P2S121% :as i"acted y a hi3h rate of sicke"loyees #:hich resulted in a sales iss of % in P2S121%(.

M2O1$14 E9+T was up b& 1$% &o& to I 22#eH&A & e9ons; 22( translatin3into a stale ar3in of 10.2' 3iven that the usiness odel is not very scalale. 8heforei3n research 3rant :hich is ty"ical for P2 aounted to 1.1 #P2S121%; 1.>(.AdEustin3 for the decrease in this ite) the /7I8 ar3in :ould have een sli3htlyhi3her than our estiate of 10.%') at 10.4') increasin3 y 20"s yoy on the ack ofthe e"loyeesS hi3her efficiency.

M2O1$14 net incoe was up 10% &o& to I 1#8 #eH&A; 1>.>) e9ons; 1,(reflectin3 #1( a hi3her taF rate and #2( the lack of f inancin3 levera3e of the co"any.

Koin* /or6ard:8he 9B confired that all 3ro:th drivers look :ell intact; increase ofR&B s"endin3 and R&B outsourcin3) increase in the nuer of car odels andvariants #7ertrandt calculates :ith an increase of ne: car odels :ithout

"redecessors fro 2% in @D?14 to %%< in @D?1-/ :hich re"resents a %.,' 9AGR()secular trends to:ards 3reen oility) ore safety and ore cofort) connectedcars. @urtherore) the order "i"eline still looks :ell=filled as 7ertrandt still has around1)000 vacancies. As usual) the co"any 3ave no "recise 3uidance.

Chan*e in esti(ates:As :e ecoe ore o"tiistic on 7ertrandt?s 3ro:th "ros"ects:e increase our to"=line estiates for @D?1>/ and @D?1,/ y 2' and 4'res"ectively. Ho:ever) due to the heavy 9A5/L "ro3rae currently under3one y7ertrandt #2014=1,/() :e increase our 9A5/L #fro c. 40 to c. ,0( and B&AeF"ectations for @D?141>/ and @D?1>1,/ :hich lead to a decrease of 1' in our@D?141>/ /7I8 estiate and to an increase of only 1.>' to our @D?1>1,/ /7I8estiate.

- continued -

>E $0#7 BEU3 200710 201011 201112 20121$ 201$14E 20141E 20115E

!ales 42-.- >.

!ales 3ro:th 12 ' %4 ' 2% ' 10 ' 10 ' 10 ' 10 '

/7I8BA >4.4

/7I8 44.0 ,0.4 .1 -1.2 0.1 1.< > , ' 1.- ' 2.0 ' 2.2 ' 2.> ' 2., '

Gross "rofit ar3in 1.< ' 0.4 ' 0.< ' 2.0 ' 2.> ' 2.> ' 2.> '

/7I8BA ar3in 12.< ' 12.4 ' 12.< ' 12. ' 1%.1 ' 1%., ' 14.0 '

/7I8 ar3in 10.% ' 10.> ' 10., ' 10.4 ' 10.> ' 10.% ' 10.4 '

R9/ 2,.2 ' 2. ' %0.< ' 2., ' 2>.1 '

/Csales 2.> 1. 1.> 1.4 1.% 1.1 1.0

/C/7I8BA 1.> 1>.0 12.0 10., ., -.4 .% 2,., 21., 1.> 1 14.

AdEusted @9@ yield %.0 ' 4.0 ' >.0 ' >., ' ,.1 ' ,., ' '

!ource; 9o"any data) Hauck & Aufhuser 9lose "rice as of; 14.0>.2014

!ource; 9o"any data) Hauck & Aufhuser

ighlow 2 wees: 11-.00 ' of sales( industries.


25/31

9ertran.t ")


8radin3 at 15#? PE3F141E B11? EAE9+TF141E) the stock looks fairly "riced) inour vie: es"ecially earin3 in ind the liited o"eratin3 andfinancin3 levera3e. As thevisiility on to"= and otto=line is uite hi3h :e 3ive 7ertrandt ore credit for 3ro:thand roll over our valuation to @D?1>1,/) derivin3 a new PT of I 111#As the u"side isstill liited #c. 1'() the stoc reains a *L'#

9ertran.t M2O1$14 M2O1$14 1O1$14 1O1$14

@ey /i*ures > (? est# cons# est cons

-ales 215#0 21$#1 211#0 171#2 1%.0' 178#0 &.1' 414#0 411#1 407#0 $D#4 10.%'

*perating profit 22#0 21#7 22#4 17#5 12.,' 17#0 1,.0' 41#1 40#7 41#4 $D#1 10.,'

(ar*in 10.


26/31

Elring6linger "))eran& / "utoobile

ol.#old; Hold( 0-=ay=14

Philippe LorrainPrice target: EU3 $0#00#old; /*R %0.00(Analyst

Price: /*R 2-.%% Ne?t result: P2 2014 00'( "reviously. Hence) the or3anic 3ro:th #at constant @L(stood at a solid 14' yoy :hile the acuisition of the reainin3 >0' of arusanrou3ht 11. #on a 100' asis and , on a >0' asis( and @L head:inds of c. -., :ere oserved.

M1F14 E9+T was up .isproportionatel& b& 28% &o& to I 42 #eH&A; 40)e9ons; %( still affected y losses in the e=oility division and 55A aortisationof c. 0.. 8he sound increase in /7I8 :as driven y hi3her ca"acity utilisation) as:ell as hi3her earnin3s contriutions fro Hu3 and the forer @reudener3?s flat3asket usiness #@rance no: "rofitale ut still elo: 3rou" avera3e(. 8his resultedin a 1.%"" /7I8 ar3in i"roveent to 1%'.

M1F14 net incoe increase. un.er proportionatel& b& 18% &o&to 2- #eH&A; 2( affected y the current stren3th of the /*R vs. eer3in3currencies #e.3. 7R) IR(. 8his resulted in a decrease in net financial result of c. 2.>.

utloo:8he co"any confired its outlook) tar3etin3 or3anic sales 3ro:th of >=.> 21>.2 2%,.4 2>4.2 2-,.4 %1.- 1,0.4 1,., 4.- ->.< 10>.4 10>. 12,.4 14,.4

et det -.0 222.% 2,0.4 2>.% %0-.< 2.0 220.%

et 3earin3 1.< ' %-.2 ' 42., ' 4%., ' 41.1 ' %2., ' 2%.2 '

et Bet/7I8BA 0.> 0. 1.2 1.2 1.2 1.0 0.

>>

>

>

>

>

>

>

istorical target price an. rating in the last 12 onths


29/31

June 2014


auc ; "ufh


30/31

June 2014

$0 Hauck & Aufhuser Institutional Research

1# )eneral +nforationLiabilities8his research re"ort has een "roduced for the inforation "ur"oses of institutional investors only) and is not in any :ay a recoendation) offeror solicitation to uy or sell the financial instruents entioned herein. 8he docuent is confidential and is ade availale y Hauck & AufhuserInstitutional Research AG #the V9o"anyV() a aEority=o:ned susidiary of Hauck & Aufhuser 5rivatankiers +GaA) eFclusively to selectedreci"ients Win B/) G7) @R) 9H) *!) !candinavia) and 7eneluF or) in individual cases) also in other countriesX. A distriution to "rivate investors inthe sense of the Geran !ecurities 8radin3 Act #6"HG( is eFcluded. It is not allo:ed to "ass the research re"ort on to "ersons other than theintended reci"ient :ithout the "erission of the 9o"any. Re"roduction of this docuent) in :hole or in "art) is not "eritted :ithout "rior"erission of the 9o"any. All ri3hts reserved.

*nder no circustances shall the 9o"any) any of its e"loyees involved in the "re"aration) and Hauck & Aufhuser 5rivatankiers +GaA haveany liaility for "ossile errors or inco"leteness of the inforation included in this research re"ort Y neither in relation to indirect or direct norconseuential daa3es. iaility for daa3es arisin3 either directly or as a conseuence of the use of inforation) o"inions and estiates is alsoeFcluded.5ast "erforance of a financial instruent is not necessarily indicative of future "erforance.

2# 3esponsibilities8his research re"ort :as "re"ared y the research analyst naed on the front "a3e #the V5roducerV(. 8he 5roducer is solely res"onsile for thevie:s and estiates eF"ressed in this re"ort. 8he re"ort has een "re"ared inde"endently) i.e. the content of :hich :as not inde"endentlyeFained y the 9o"any or Hauck & Aufhuser 5rivatankiers +GaA.8he estiates and vie:s in this financial re"ort ay deviate fro those of Hauck & Aufhuser 5rivatankiers +GaA.8he content of the research re"ort :as not influenced y the issuer of the analysed financial instruent at any tie. It ay e "ossile that "artsof the research re"ort :ere handed out to the issuer for inforation "ur"oses "rior to the "ulication :ithout any aEor aendents ein3 adethereafter.

$# *rganisational 3eKuireents

8he 9o"any and Hauck & Aufhuser 5rivatankiers +GaA took internal or3anisational and re3ulative "recautions to avoid or accordin3lydisclose "ossile conflicts of interest in connection :ith the "re"aration and distriution of the research re"ort. All eers of the 9o"anyinvolved in the "re"aration of the research re"ort are suEect to internal co"liance re3ulations.o "art of the 5roducer?s co"ensation is directly or indirectly related to the "re"aration of this financial analysis.

4# +nforation Concerning the ,etho.s of AaluationUp.ate8he deterination of the fair value "er share) i.e. the "rice tar3et) and the resultant recoendation is done on the asis of the adEusted free cashflo: #adE. @9@( ethod and on the asis of the discounted cash flo: Y B9@ odel. @urtherore) a "eer 3rou" co"arison is ade.

8he adE. @9@ ethod is ased on the assu"tion that investors "urchase assets only at a "rice #enter"rise value( at :hich the o"eratin3 cash flo:return after taFes on this investent eFceeds their o""ortunity costs in the for of a hurdle rate of '. 8he o"eratin3 cash flo: is calculated as/7I8BA less aintenance ca"eF and taFes.

6ithin the frae:ork of the B9@ a""roach) the future free cash flo:s are calculated initially on the asis of a fictitious ca"ital structure of 100'euity) i.e. interest and re"ayents on det ca"ital are not factored in initially. 8he adEustent to:ards the actual ca"ital structure is done ydiscountin3 the calculated free cash flo:s :ith the :ei3hted avera3e cost of ca"ital #6A99() :hich takes into account oth the cost of euity

ca"ital and the cost of det. After discountin3) the calculated total enter"rise value is reduced y the interest=earin3 det ca"ital in order to arriveat the euity value.

Hauck & Aufhuser Institutional Research uses the follo:in3 three=ste" ratin3 syste for the analysed co"anies;

7uy; !ustainale u"side "otential of ore than 10' :ithin 12 onths!ell; !ustainale do:nside "otential of ore than 10' :ithin 12 onths.Hold; *"sidedo:nside "otential is liited. o iediate catalyst visile.

7; 8he recoendations of Hauck & Aufhuser Institutional Research are not ased on a "erforance that is eF"ected to e QrelativeQ to thearket.

8he decision on the choice of the financial instruents analysed in this docuent :as solely ade y the 9o"any. 8he o"inions and estiatesin this research re"ort are suEect to chan3e :ithout notice. It is :ithin the discretion of the 9o"any :hether and :hen it "ulishes an u"date tothis research re"ort.

# ,aGor -ources of +nforation5art of the inforation reuired for this research re"ort :as ade availale y the issuer of the financial instruent. @urtherore) this re"ort isased on "ulicly availale sources #such as) for eFa"le) 7looer3) Reuters) C6B=8rader and the relevant daily "ress( elieved to e reliale.8he 9o"any has checked the inforation for "lausiility ut not for accuracy or co"leteness.

5# Copetent -uper=isor& "uthorit&8he 9o"any and Hauck & Aufhuser 5rivatankiers +GaA are under su"ervision of the 7a@in Y Geran @ederal @inancial !u"ervisory Authority#7undesanstalt fr @inanKdienstleistun3saufsicht() Graurheindorfer !traZe 10-) >%11< 7onn and arie=9urie=!traZe 24 Y 2-) ,04% @rankfurt a..

D# -pecific Coents for 3ecipients *utsi.e of )eran&8his research re"ort is suEect to the la: of the @ederal Re"ulic of Gerany. 8he distriution of this inforation to other states in "articular to the*!A) 9anada) Australia and Ja"an ay e restricted or "rohiited y the la:s a""licale :ithin this state.8his docuent is only ein3 distriuted to and is only directed at #i( "ersons :ho are outside the *nited +in3do or #ii( to investent "rofessionalsfallin3 :ithin Article 1#>( of the @inancial !ervices and arkets Act 2000 #@inancial 5rootion( rder 200> #the [rderQ( or #iii( hi3h net :orthentities) and other "ersons to :ho it ay la:fully e counicated) fallin3 :ithin Article 4#2(#a( to #d( of the rder. 8his docuent shall not eade availale = :hether directly or indirectly = to another 3rou" of "eo"le in or fro the *nited +in3do.


31/31

June 2014

Contacts: auc ; "ufh = ->/=ail; sascha.erreschha=research.de

Leonhar. 9a&erAnalyst8el.; $4 #0(40 414 %--> = = = =

new eu car registrations_june 2014

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