Project Silverstone | Case Study Valuation.

Motherson | Case Study Preparation.

1 Private Equity “Phoenix Capital Management” (PE) limited bought 100% of the car parts manufacturer “Monza GmbH” back in 2018. Having completed its targeted
holding period, the PE would now like to exit the business.

2 You are either part of Motherson Group, a leading automotive supplier which is looking to strengthen its product portfolio and gain access to American EV OEM and
Case Study

new technologies or part of “Silvermann Sachs” ” a leading investment banking firm which has been mandated by the sell side company, i.e. Private Equity firm
“Phoenix Capital Management” to assist and advise them in selling the company.

3 You have received or prepared the Confidential Information Memorandum (CIM) on Monza GmbH, under the code project name “Silverstone”, which was shared
with Motherson as a potential investors.

4 You are now meeting Phoenix Capital Management or Motherson to agree on valuation and next steps. Your target is to ensure transaction certainty and achieve
best conditions for the shareholders, which you have met prior to the meeting.
5 In context of upcoming meeting Phoenix Capital Management has requested the following from you:
➢ Analyze the company and the proposed business plan to form a view on its achievability
Preparation

➢ Provide an overview of key most critical value drivers along with key questions which you expect from your shareholders for the meeting and your suggestions
for the right answers
➢ Please specify your view on (1) Valuation based on the business plan and (2) Maximum value you plan to pay for this asset, which should be based on a
detailed company valuation in excel including DCF, Multiples, Net Asset Value (Enterprise and Equity Value)
➢ 1-3 executive slides which you will present to the sell-side during the meeting to achieve your desired results including SWOT and Valuation outcome

6 Ensuring project continuity and alignment on the valuation is critical for your team.
Negotiation

During the meeting you will have the opportunity to present your executive slides, receive the counterparty presentation and have a negotiation round
Your target is to reach a preliminary commercial agreement on:
➢ Valuation for Enterprise and Equity Value for Project Silverstone
➢ Any key commercial terms or caveats for the valuation subject to which the investor would be invited into the due diligence phase
Project Silverstone
Confidential Information Memorandum
 Executive summary

4
Project Silverstone | Process & Overview.

Project Silverstone Overview Key Facts

• Project Silverstone is a unique opportunity to acquire a leading automotive interior supplier Monza Group.

Locations
• Monza Group is 100% owned by Phoenix Capital Management through its subsidiary Monza Holdings GmbH.
HQ 8 Plants
• Phoenix Capital Management has mandated Silverman Sachs as an advisor for the sale of 100% of the shares in Germany. Manufacturing Units.
Monza Holdings GmbH (“Monza” or the “the Company”)

• The Company is Headquartered in Stuttgart, Germany and employs approx. 3.200 employees globally.

• Monza is a global market leading Tier-1 supplier of innovative, high end interior systems to premium OEMs
Engineering
including instrument panels, door panels, center console and other decorative interior parts.

Operations
• The Company operates 10 state of the art manufacturing facilities globally offering best in class capabilities in Injection Molding
~3.200 FTE
FY23 Headcount.
injection molding and assembly for its wide customer range
Assembly
• With its 3 design, development and engineering centers and ~100 highly experienced R&D professionals
(including 31 in Innovation) Monza offers complete solution for product development innovation and
industrialization.

• As a trusted development and engineering partner to global vehicle manufacturing, Monza is a long-standing

Financials
supplier to OEMs such as Porsche, Mercedes, US EV OEM, Alfa Romeo and others.
€ 637 Mn 11,2 %
• In 2023, the company reported a total sales of ~EUR 637 Mn at ~11,2% digit adjusted EBITDA margins and is FY23 Net Revenues. Adj. EBITDA Margin FY23
looking to unlock significantly higher value creation during the upcoming years through topline expansion and
profitability improvement measures.

• Monza’s growth targets are backed by a strong orderbook with high level of booked business.

• Numerous additional profitability improvement actions are being implemented by Monza’s highly experienced
and capable management team.

5
Project Silverstone | Transaction Scope.

Pheonix Capital JV Partner 1 Monza was founded in 1981 by Francesco Bellotti to design and
Management Francorchamps manufacture door panels for Porsche and over the years has
transformed into a global solution provider of Interior components to
major OEMs.

Monza Holdings
GmbH 2 In 2018, Phoenix Capital Management acquired the Company from Mr.
Bellotti who had no succession plan and wanted to retire from the
business.
100% 100% 100% 51% 49%

3 Post the acquisition, Phoenix Capital Management established a new

professional management team.

Monza Stuttgart Monza Fremont Monza Göteborg Monza China

(JV) 4 Phoenix Capital Management is now at the end of its typical asset holding
period and is looking to sell 100% of the share capital in Monza Holdings
GmbH along with all of its subsidiaries (including 51% shareholding in
Monza China).
100% 100% 100%

5 In 2017, Monza entered a JV construct with company Francorchamps to

Monza Bremen Monza Tuscaloosa Monza Maranello manufacture Instrument panels for German OEMs. The expertise and
know how of Monza combined with manufacturing expertise of
Francorchamps in China has been one of the major critical factors for
historical topline growth.
100%

Monza Munich

Transaction Scope

6
Project Silverstone | Footprint.
Bremen
Göteburg ~ 670 HC
Stuttgart ~ 238 HC 1
Stuttgart ~ 25.820 m2 Monza is headquartered in Mannheim, Baden-Württemberg with a
~ 799 HC
~ 799 HC ~ 7.400 m2 Sales and R&D facility.
~ 28.780 m2 ~ 59% Capacity
~ 28.780 m2 ~ 91% Capacity
~ 75% Capacity
~ 45% Capacity
2 The Company maintains state-of-the-art manufacturing facilities in key
automotive growth markets such as the EU, China and the USA,
Munich offering local presence, customer proximity (incl. resident engineers
~ 511 HC and design), local content and competitive cost structures.
~ 23.500 m2
~ 84% Capacity
3 Strongly established in Europe, Americas and development additional
opportunities in China foreseen.

4 Strong growth in China linked to US EV OEM production output beating

the market estimates as well as new Greenfield planned in 2025 to
cater the new variant business target.

Fremont
~ 187 HC Shanghai 5 Global presence of R&D and design center to cater customer needs,
~ 260 HC approach new customers as well and diversify the customer portfolio.
~ 17.350 m2 Shanghai
SOP 2027 ~ 24.910 m2
~ 30% Capacity Maranello
~ 49 HC ~ 60% Capacity
6 The plant in Shanghai, China is in a JV construct (51%) and part of the
~ 5.370 m2 transaction scope.

Tuscaloosa ~ 45% Capacity

~ 219 HC
~ 21.300 m2
~ 83% Capacity
Headquarter
Instrument Panel
Manufacturing Plant
Door Panel
Sales / Design center / R&D
Greenfield Planned Other (Center Console & Decorative Parts)
7
 Market & Sales

8
Project Silverstone | Market Overview.
Annual Light Vehicles production (vehicles in mn)

94 95 97 1 Despite a challenging environment over the past years on account of Covid

90 89 92
pandemic and semiconductor shortage, the light vehicles production is
82 expected to increase over the upcoming years.
75 77 19 19 20
Automotive Industry

19 19
18
17
15 16

2 Attractive market growth is expected across all core regional markets on

55 55 56 account of key drivers of overall rising population and increasing number
52 51 54
44 47 of electric vehicles (EVs), which exhibits solid predictability and provides
America 41
for tangible business growth opportunities.
Asia
EMEA
18 18 18 20 19 20 20 21 21
3 Monza is well positioned to participate and outperform the market
growth due to its unique development capabilities, strong customer
2020 2021 2022 2023 2024 2025 2026 2027 2028
relationship and global footprint.

4 Monza’s product portfolio is agnostic to the shift to EV and the Company is

Instrument Panel (IP) Door Panel (DP) well positioned to participate in the significant market growth across all
(2023 Market Share Premium Vehicles*) (2023 Market Share Premium Vehicles*)
type of light vehicles.
Competetive Landscape

Others Others
14% 5 Monza’s market position:
3%
38% • Instrument Panel: Monza is one of the leading supplier for the premium IP
12% Competitor 1 market, in particular with German OEMs such as Mercedes, Porsche and
37% 1 BMW where the company has by far a major wallet share. Monza is
2023 17% Competitor 1 2023 looking to further consolidate its position with its key customers across all
~13,6 Mio ~13,6 Mio regions and become a leading supplier of premium IP globally by 2027.
Premium Vehicles Premium Vehicles 10% Competitor 2
• Door Panel: Monza is one of the most capable challengers for the
premium Door Panel market and is working on tangible opportunities to
15% 6 double its market share during the upcoming years through growth with
8% 20% 17%
Competitor 2 US EV OEM in China and USA
10% Competitor 3
Competitor 4 Competitor 4
Competitor 3
*Premium Vehicles represent ~13-16% of the total Light Vehicles manufactured
9 Annual Light vehicles production is based on iHS, which is a global automotive database offering a seven-year vehicle production forecast, enabling users to create strategic business plans, target OEM/supplier entry points and benchmark against short-term OEM build expectations
Project Silverstone | Customer Overview.

2023 Sales 2023 Sales Years of

Customer Product Category German OEMs - Mercedes, BMW and Porsche:
[in €Mn] [in %] Relationship 1
• The Company has long lasting relationship with German OEMs which
Mercedes 280 44% >30 represent over 80% of its business.
Customer Relationship

Instrument Panel (IP)

• Dominant supplier of IP for all the 3 customers in Europe and one of
BMW 167 26% >30 the leading suppliers in Asia and USA.
Door Panel (DP)
• Monza is looking to further grow its IP business with the 3 customers
Porsche 80 13% >40 in Europe as well as in other regions.
Center Console
• For DP, Monza supplies Porsche and Mercedes in Europe which is
US EV OEM 42 7% 3 expected to grow on account of Market Growth.
Other decorative parts
• Monza has strategically decided to not compete for DP business for
Volvo 52 8% 15 BMW (globally), and for Porsche and Mercedes (Asia & USA) due to
high competition and therefore lower pricing / margins for the
business.
Alfa Romeo 16 3% 10

2 US EV OEM:
Total 637 100%
• Despite high competition, in 2020, Monza has been awarded with its
first ever IP project for US EV OEM.
• Monza sees tangible opportunity to increase its IP business with US EV
OEM in US from 2027 onwards once some of the new platforms will
Others Others start.
Customer Sales Evolution

• Monza is in active discussions with the customer to establish itself as

10% 7%
US EV OEM one of the key suppliers for DP from 2027 onwards in both US where
7% the company is planning to develop capabilities for DP, as well as in
US EV OEM China, where a new greenfield is planned.
25% 38%

13%
FY 23 44% FY 29 3
€637 Mn €1.025 Mn Other Customers:
• Other customers include Volvo and Alfa Romeo, where Monza is
7% suppling customer’s European locations out of Göteborg and
Maranello facities
26%
23%

10
Project Silverstone | Product Overview.

1 Instrument Panel (IP):

Engineering 03 Other (Center Console & Decorative parts) • Being a full-service supplier with strong customer focus has allowed
Monza to become one of the top 3 suppliers for IP for premium OEM
market globally.
Product Relationship

Injection Molding • In particular, the Company has a dominant global share with German
OEMs such as Porsche, Mercedes and BMW who value Monza’s strong
innovation capabilities, best in class manufacturing facilities and high-
02 Door panel quality standards.
• Company’s strong track record with German OEM’s has allowed it to
Assembly grow with additional customers in Europe (Volvo and Alfa Romeo) as
well as acquire US EV OEM as a new customer in USA
• Given various USPs, the Management is confident that it will be able
Just-in-Time to protect and further grow its market share in IP
Just-in-Sequence 01 Instrument Panel
• Monza is looking to further grow it’s IP business through additional
potential opportunities with German OEMs globally and with US EV
OEM in USA.

2
Door Panel (DP):
• Monza is a challenger to larger competitors in the DP market with
Others strong development and manufacturing know how.
Others
• Monza’s DP business today is focused on European orders with
2% 2%
Product Sales Evolution

Mercedes, Porsche and Alfa Romeo.

• Monza has strategically decided to not compete for DP business for
30% BMW (globally), and for Porsche and Mercedes (Asia & USA) due to
38%
high competition and therefore lower pricing / margins for the
FY 23 FY 29 business.
€637 Mn €1.025 Mn • At the same time, the company sees tangible opportunity to copy its
60% European capabilities to the Fremont facility in USA as well as build a
68% new Greenfield in China with the intention to win highly profitable DP
orders for US EV OEM with SOPs in 2027.

11
 Operations

12
Project Silverstone | Operations Overview.

Customer PPM¹. OEE². 1 Monza Group:

• Monza group is performing at stable and strong operational KPIs.
• Overall group KPI’s are set to further improve during the business plan
period on account of operational recovery of plant Bremen, as well as
implementation of detailed improvement actions identified by the
management across key operational processes.

92% 89% • Only action with >80% likelihood have been considered in the
79% 81% projections and therefore management has full comfort on the
71% 69% 74%
67%
33 30 29 57% 52% 53% 54% 60% achievement of the business plan targets.
27 50%
20
15 18 16 14 13 12 10 8 10

2020 2021 2022 2023 2024 2025 2029 2020 2021 2022 2023 2024 2025 2029
Monza avg. Bremen Monza avg. Bremen
2 Plant Bremen:
• Following a ramp up of various new projects in 2020, the plant has
been facing operational turbulences.
Manufacturing Inventory. Scrap Rate. (as % of Material) • In end of 2022 management has initiated a new operational recovery
through forming a dedicated taskforce team including most
experienced operational resources from other units of the group as
well as external consultants .
• Management is confident that operational recovery of Bremen will be
achieved in the next 12-36 months through implementation of over
200 well defined actions across all key manufacturing process.
19 19 18 18
16 17
15 6,1% 5,7%
14 14 13 5,3% 5,3%
12 12
9 10 3,4%3,8% 2,9% 3,0% 2,7% 2,4% 2,0%2,4%
1,4%1,4%

2020 2021 2022 2023 2024 2025 2029 2020 2021 2022 2023 2024 2025 2029

Monza avg. Bremen Monza avg. Bremen

13 ¹ Parts per Million (PPM) is a quality Key Performance Indicator (KPI), measuring the quality performance, where 1ppm stands for 1 defect within 1mn parts produced
² Overall Equipment Effectiveness is a common metric to measure manufacturing equipment effectiveness (a perfect OEE score of 100% means that the equipment is available, running at its full speed, and producing defect-free products at 100% of the time)
 Purchasing

14
Project Silverstone | Purchasing Overview.

Others 1 Purchasing organization balanced between centralized and local

25% 27% sourcing segments/territories to optimize monitoring of suppliers and
Resin
competitiveness
Spend by commodity

FY 23
Capex 4% €385 Mn

2 Strategy developed for each sourcing segment with diversified supplier

19% 25% base
Plastic components

OEM Nominated

3 Levers for continuous improvement: negotiation, resourcing, technical

productivity, make-or-buy, measured through purchasing index
Supplier 1 performance

15%
Spend by supplier

Supplier 2
12%
FY 23 4 Supplier quality in charge of supplier selection validation and projects
51%
Others €385 Mn follow-up on the development in this area

10%
Supplier 3

7%
5%
Supplier 4

Supplier 5

15
 Financials

16
16
Project Silverstone | Basis of preparation for historical financials and business plan.

Preparation basis for historical financials. Preparation basis for the business plan.

1 Accounting standards: 1 The company’s business plan was compiled by Monza's management as part of the
• The historical full-year financials of Monza presented herein are based on IFRS accounting regular planning process in the end of first half of 2024.
standards
• The financial year end is 31-December 2 Projections for 2025B-2029B were prepared based on bottom-up (plant
by plant) and top-down approach.
• The consolidated financial statement for Monza has been audited by EY

• Most of the statutory accounts of the subsidiaries have been audited by EY

3 Main business plan assumptions:
2 • The business plan projections solely include organic growth with additional M&A
Consolidation: opportunities not being included in the presented figures
• All subsidiaries of the transaction perimeter are fully consolidated in the presented • Volume assumptions based on recent IHS reports complemented with inputs from
financials group sales & marketing team
• Monza China, a 51% Joint Venture, is fully consolidated into the accounts of Monza • Price assumptions by component for each program based on current, awarded
Holdings GmbH (contract prices) and market (for potential business) prices
• Material costs are forecasted for each project in line with the current performance,
operational improvement targets as well as targets for new business
• Manpower cost projections include targeted operational improvements as well as
annual inflation of 1,5% a year of Europe and USA and 2% of China
• Working capital is assumed on group level and include targeted operational and
commercial actions
• Capex: Based on detailed planning for established plants, new openings and potential
opportunities

17
Project Silverstone | Consolidated Income Statement.

Dec Dec Dec Dec Dec Dec 1 Following the acquisition in 2017, new management established by
Particulars in Euro Mio Phoenix Capital was able to swiftly improve profitability through
2019 2020 2021 2022 2023 2024FC
restructuring measures implemented during 2018.
Revenue 709 641 561 640 637 627
Direct Costs -591 -539 -491 -532 -529 -517 2 2020A and 2021A strongly affected by shut-downs and supply chain
issues on account of covid and semiconductor shortage.
Indirect Costs -60 -66 -50 -53 -52 -55
Profit and Loss Statement

SG&A and Management Fee -14 -13 -11 -13 -13 -13 In line with expected market recovery, the company is expected to
Normalizations 14 47 36 22 28 23 deliver much higher profitability in 2024 Forecast.

Adjusted EBITDA 57 70 45 64 71 66
3 Quality of Earning:
Normalizations -14 -47 -36 -22 -28 -23
• C-19 & Semi-Conductor normalization primarily reflects the loss of
Depreciation -19 -20 -21 -21 -20 -19 contribution margin on account of macroeconomic impacts in 2020 ,
2021 and Q1 2022.
Reported EBIT 24 3 -11 22 24 24
• Fremont Greenfield is linked with non-recurring operational
Financial results -9 -8 -6 -7 -6 -5 inefficiencies for the ramp-up of the new facility built for US EV OEM IP
business.
Taxes -4 1 0 -4 -4 -5
• Restructuring reflect one-time restructuring costs for optimization of
Net Profit 12 -4 -18 11 13 14 HQ functions performed in 2020
• Standalone Adjustment normalizes the management fee which is being
charged by Phoenix Capital Management and will not be necessary
Reported EBITDA 42 23 10 42 44 43
going forward after the sale of the Monza to a new investor The
% to revenue 6,0% 3,6% 1,7% 6,6% 6,8% 6,8% breakdown of the cost are as follows:

C-19 & Semi-Conductor 0 10 15 9 4 0 • COO of Phoenix capital management cost recharge, as he

QOE Adjustments

participates in the BOD, and strategic decision making

Fremont Greenfield 0 15 10 0 0 0
• CFO of Phoenix capital management cost recharge, who
Restructuring 0 9 0 0 0 0 supports the firm on the financing part
Standealone Adjustments 14 13 11 13 13 13 • Typical cost recharge of the private equity which is being
Market Conditions 0 0 0 0 11 10 charged to all the company’s under their AUMs.
• Market Conditions reflect lower volumes on account of
Adjusted EBITDA 57 70 45 64 71 66
underperformance of EV and lower customer demands due to a
% to revenue 8,0% 11,0% 8,1% 10,0% 11,2% 10,4% challenging macroeconomic environment (high interest rates, etc.)

18
Project Silverstone | Consolidated Balance Sheet.

Dec Dec Dec Dec Dec Dec

Particulars in Euro Mio Tangible Assets include land and building, as well as modern
2019 2020 2021 2022 2023 2024FC 1
machinery and equipment (primarily injection molding machines and
Non-Current Assets 168 173 168 156 149 140 assembly lines). All the facilities of Monza are leased.
Intangible assets 20 20 20 20 20 20

Tangible assets 148 153 148 136 129 120

2 From 2023, Monza has started the use of non-recourse factoring which
allowed it to improve its working capital management. Receivables are
represented net of factoring. In 2023, factoring level was at EUR ~57m.
Assets

Current Assets 175 170 144 142 102 95

Inventories 30 29 27 27 25 23
3 Other assets mainly comprise of tax related assets and advance
Trade receivables 89 71 62 71 18 17 payments.

Other assets 25 24 23 25 23 21

Cash and cash equivalents 32 47 32 20 37 34 4 Finance leasing liabilities are reflected in accordance to IFRS 16
Total Assets 343 343 312 299 251 235 accounting principles. The associated leasing cost is around EUR 30 Mio
per annum.

Non-current provisions and liabilities 170 173 165 130 108 78

5 The management has been successful in implementing various
Financial liabilities to Banks 100 88 85 60 43 15
measures to stretch trade payable over the past year and further
Equity and Liabilities

Finance lease liabilities 70 85 80 70 65 63 improve its working capital cycle.

Current Provision and liabilities 103 104 98 109 120 135

Trade Payables 79 80 73 85 97 113

Other Liabilities 24 24 25 24 23 22

Shareholders Equity 70 66 48 59 23 21

Total Liabilities and Equity 343 343 312 299 251 235

19
Project Silverstone | Consolidated Cash Flow Statement.

1 Operating cash flow develops in line with net income and working
capital. 2020 & 2021 net income is significantly impacted by the Covid
Dec Dec Dec Dec Dec and semi-conductor issues.
Particulars in Euro Mio
2020 2021 2022 2023 2024

Net Profit -4,1 -17,5 10,9 13,3 13,8

2 Monzas ability to provide positive FCF even during the covid and
Finance Cost 8,4 6,3 7,2 6,2 5,3 multiple crisis shows the resilience and management ability to deliver
Depreciation 20,2 20,8 20,6 19,6 18,9 positive results
Free Cash Flow

Changes in Working Capital 20,8 6,0 0,1 68,3 19,3

Cash flow from Operating Activity 45,3 15,6 38,9 107,5 57,3 3 During the last 5 years, the company has invested only in the
maintenance capex, in order to drive positive cash generation and to
counter the operational inefficiencies/extra cost.
Capex -25 -16 -9 -12 -10

Cash flow from Investing Activity -25,0 -16,0 -9,0 -12,0 -10,0
4 All the plants Land & Building are being leased currently, with
contracts up to 2029.
Financial Results -8,4 -6,3 -7,2 -6,2 -5,3

Changes in Financial Liabilities 3 -8 -35 -22 -30

5 Receivables are net of factoring of ~53m in 2023, used to optimize the
Change in Equity 0 0 0 -50 -15 working capital management.
Cash flow from Financing Activity -5,4 -14,3 -42,2 -78,2 -50,3
Net Cash Flow 14,9 -14,7 -12,3 17,3 -3,0 6 Financial Liabilities are third party loans owed to a consortium of 3
banks (DB, ING and Commerzbank)

7 Due to the quick and high recovery of Monza, Management has

decided to pay a dividend of EUR 50m to Phoenix Capital in 2023 and is
planning to pay a dividend of 15m in 2024. Historically, Dividend
payments have been in the same range and have been stopped due to
the incurred losses during Covid 19.

20
Project Silverstone | Consolidated Business Plan Financials.

Revenue:
Revenue. (€m) Adj. EBITDA. (€m) Xx% EBITDA margins. 1
• Growth trajectory in line with high level of booked business and
recovery of overall global automotive production levels over the
627 660 780 964 1.018 1.025 10,3% 15,5% 18,5% 20,7% 19,2% 18,4% coming years as well as tangible opportunities for market share
expansion.
• Booked orders: - due long-term nature of Monza’s customer contracts
12% 29% 36% (7-8 years) approx. 50% of sales in 2027 is already booked and secured
2%
2% 5% 9%
12% 16% • Repeat Orders: - management team is confident to win all the
replacements of all ongoing orders once they reach the end of
contractual lifecycle, which is in line with its historical track record.
100% 98% 93% 79% 185 187
59% 48% 162
97
122 • Potential Business – mainly comprises of winning additional market
66 shares with German OEMS for IP business globally as well as winning
US EV OEM DP business in Asia and US. Only orders with >50%
2024FC 2025B 2026B 2027B 2028B 2029B 2024FC 2025B 2026B 2027B 2028B 2029B
likelihood have been considered in the projections
Booked Repeat Potential

2 EBITDA:
• EBITDA development based on detailed bottom-up business plan
considering sales plan, regions and factory level factors
Capex. (€m) Working capital. (€m)
• EBITDA improvement is in line with strong orderbook and defined
operational improvement measures

3 Capex:
-74 -80 -96 -119 -128 -129
• Capex is assumed based on detailed plant-wise planning and primary
27 28 28
17 18 22 considers maintenance and project associated investments, as well as
23 22 24 29 28 28 investments in Greenfield in China and Expansion of capacities in
Fremont to cater US EV OEM DP business
35
-113 -119
14 15 18 17 -141
10 -174 4 Working Capital:
-184 -185
2024FC 2025B 2026B 2027B 2028B 2029B
-1 • Working capital assumptions are based on historical performance as
-1
-1
well as consider defined operational improvements actions for
Inventory and supplier management
-1
-1 -1
2024FC 2025B 2026B 2027B 2028B 2029B
Inventories Receivables Payables OWC
21
 Annexes

22
22
Project Silverstone | Annex Sales Overview.

1.018 1.025
964
69 71
780 72
660 262 258
640 637 627 73 214
Customer

561 44
56 68 66 68
51 50 40 42
30 42
Others
664 678 687 696
US EV OEM 481 534 527 521 550
German OEMs

2021A 2022A 2023A 2024FC 2025B 2026B 2027B 2028B 2029B

1.018 1.025
964
14 14
780 13
660 391 391
Product

640 637 627 9 339

561 9 198
8 9 9
7 199 192 185 190
Others 166

Door Panel 573 611 612 620

389 433 437 433 461
Instrument Panel

2021A 2022A 2023A 2024FC 2024B 2025B 2026B 2027B 2028B

1.018 1.025
964
780 186 181
Geography

191
640 637 627 660
561 101 264 268
208
94 90 84 84 127
70 60 63 88
America 76 85

Asia 487 488 552 564 568 576

416 462 481
Europe

2021A 2022A 2023A 2024FC 2025B 2026B 2027B 2028B 2029B

23
Project Silverstone | JV Historical and BP key financials.

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
Particulars in Euro Mio
2020 2021 2022 2023 2024FC 2024BP 2025BP 2026BP 2027BP 2028BP

Revenue 101,5 88,8 76,1 84,5 60,4 88,0 126,8 208,1 263,7 267,8
P&L

EBITDA 15,2 8,9 11,4 22,8 16,9 24,9 35,9 59,1 75,1 76,6

EBIT 12,2 5,9 8,3 19,6 13,7 21,8 32,3 53,6 69,6 71,1

EBITDA 15,2 8,9 11,4 22,8 16,9 24,9 35,9 59,1 75,1 76,6

Taxes -3,0 -1,5 -2,1 -4,9 -3,4 -5,4 -8,1 -13,4 -17,4 -17,8
Cash Flow

Change in WC 0,0 0,7 0,4 -0,5 0,5 -0,7 -1,1 -2,3 -1,5 -0,1

Capex -3,0 -2,0 -2,3 -2,5 -1,5 -1,5 -5,0 -15,0 -2,0 -1,5

Free Cash Flow 9,1 6,1 7,4 14,9 12,5 17,3 21,7 28,4 54,2 57,2

24
Competitors.

Product Portfolio Financials (€ Bn) Multiples

Instrument Console Electronical Connectivity

Competitors Panel
Door Panel
Modules Parts Modules
Lightning Seating Sales EBITDA EBIT EV/Sales EV/EBITDA EV/EBIT

Quebec 6,20 1,18 0,91 3,20 16,81 21,80

Romeo 3,91 0,82 0,74 3,60 17,14 18,95

Sierra 0,8 0,06 0,04 0,52 6,5 11,56

Tango 0,6 0,04 0,02 0,33 5,0 9,29

Victor 0,34 0,02 0,01 0,27 4,5 9,0

Whiskey 0,56 0,04 0,03 0,45 6,0 10,0

25
 Thank you.

© Motherson All rights reserved by Motherson and/or its affiliated companies. Any commercial use hereof, especially any transfer and/or copying hereof, is prohibited without the prior written consent of Motherson and/or its
affiliated companies. In case of transfer of information containing know-how for which copyright or any other intellectual property right protection may be afforded, Motherson and/or its affiliated companies reserve all rights to any
such grant of copyright protection and/or grant of intellectual property right protection. www.motherson.com