Changes in the global Foundry Industry and its Consequences on

Transcription

Changes in the global Foundry Industry and
its Consequences on the Foundry
Machinery Manufacturing
Dr. Heinz-Jürgen Büchner
September 2014
Agenda
2
1
Economic Environment: Geopolitical Crisis
2
Trends in Customer Industries
3
Oil / Gas / Fracking: Winner and Loser
4
Global Foundry Industry goes East
5
Consequences for the Foundry Machinery Manufacturers
6
Appendix
Agenda
3
1
2
3
4
5
6
Appendix
Global Economic Growth and Trade Volume: Stabilisation
4
Global Economic Growth and Trade Volume of Goods and Services yoy in %
14
12
IMF-Forecast
10
8
6
4
2
0
-2
-4
-6
-8
-10
-12
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Global Economic Growth
Source: IMF
Trade Volume of Goods and Services
China remains a Key Driver for the Global Economy: High absolute Increase,
even by low Growth Rates
5
GDP, real
Source: E.I.U.
Gross Fixed Investment, real
USA: The Manufacturing Industry signals strong Growth and …
6
ISM-Index for the Manufacturing Industry
Car-Sales sb. and on a year-on-year basis (SAAR), in mn
65
24
60
22
55
20
18
50
16
45
14
40
12
35
10
30
2000
2002
2004
2006
2008
2010
2012
2014
Order Inflow Industry, in % compared to previous month
12
8
2000
2002
2004
2006
2008
2010
2012
2014
In Detail
 Since the beginning of the year the mood of large US
companies has improved dramatically. Manufacturing ISMIndex climbed from 57.1 to 59.0 points in August. Especially
the subcompenent ‘order inflow‘ is on a very high basis.
9
6
3
0
 On year-on-year basis 17.5m light verhicles have been sold in
-3
August 2014. This level matches more or less monthly sales
between 2000 and 2007 (approximately 17m on average).
-6
2010
2011
Sources: Bloomberg; IKB
2012
2013
2014
… the US-Economy remains on its Growth Path
7
Indebtedness of Private Households, in US-Dollar bn
Current Account, in % of GDP
16,000
0
14,000
-2
12,000
10,000
-4
8,000
6,000
-6
2000
2002
2004
2006
2008
2010
2012
2014
Receiver of Nutrition Assistance and Employment, in mn
2000
2002
2004
2006
2008
2010
2012
2014P
In Detail
 According to the Fed‘s Beige Book, the US economy is
continuing its recovery. The growth rate in all twelve Fed
districts is evaluated as moderate or modeste.
 According to the Beige Book, the situation on the labor
market has not changed at all. In certain industries it gets
more difficult to attract qualified employees, however.
 On average more than 200,000 persons were re-employed
every month in the past half year
Quellen: Bloomberg; Fed; IMF; United States Departement of Agriculture; IKB
Euro-Business Cycle shows Signals of Recovery
8
Real GDP Growth; in € bn
PMI (Purchasing Managers Index)
65
2,250
60
2,200
55
+3.0%
+0.3%
+0.8%
+1.6%
2,150
50
+1.9%
+3.4%
45
-0.4%
2,100
40
-4.3%
2,050
+1.8%
35
30
2007
-0.6%
2,000
2008
2009
Sources: Bloomberg; Eurostat
2010
2011
2012
2013
2014
2005
2007
2009
2011
2013
Europe: Not all Euro-Zone Members have Problems
9
GDP; 2007 = 100
GDP; 2007 = 100
130
130
120
120
110
110
100
100
90
90
Underperformer
80
Outperformer
80
70
70
2007 2008 2009 2010 2011 2012 2013 2014
Greece
Source: E.I.U.
Italy
Portugal
Spain
2007 2008 2009 2010 2011 2012 2013 2014
Germany
Czech Republic
Poland
Germany: Strong Order Activity signals positively for the Third Quarter
10
Order Inflow, 2010 = 100
Forecast 2014: GDP and its Components
120
€bn
115
110
2013
2011
2012
2013
2014p
1,572.4
2.3
0.6
0.9
1.0
Governmental Purchase
533.0
0.7
1.2
0.7
0.9
Equipment Spending
170.9
6.2
-2.1
-2.4
3.6
Construction Spending
271.3
8.7
1.6
0.1
3.4
Exports
1,385.5
8.3
3.5
1.8
3.2
Imports
1,211.8
7.3
0.4
3.2
4.0
GDP
2,736.6
3.7
0.6
0.2
1.4
Private Purchase
105
100
95
90
Year-on-year change in %, real (seasonally and
calender adjusted)
85
2010
2011
In Total
2012
Domestic Order Inflow
2013
2014
Foreign Order Inflow
Real GDP Growth, quarterly in % - based on ifo-Index
1.2
Simulation
0.8
0.4
0.0
-0.4
-0.8
2012Q1
2012Q3
2013Q1
2013Q3
GDP Growth, historically
and
expected
BIP-Wachstum,
historisch
und
erwartet
Sources: ifo, German Federal Office of Statistics, IKB
2014Q1
2014Q3
Floor and
Oberund Cap
Untergrenze
In Detail
 Order inflows increased suprisingsly strong in July (+4.6%
mom). Especially non-EU incoming orders added up (+9.6%).
Volatile big orders, which is a signal for recovery in the third
quarter, increased, too.
 According to the ifo-Index, GDP will increase in the third
quarterly period, but decrease again in the fourth quarter.
 With the release of a detailed GDP forecast, we adjusted our
forecast. Consumption remain the strut, equipment investment
add up, but less dynamically as expected. In 2014 the external
account does not set any impulses.
ECB Policy supports weaker Euro with another Interest Rate Cut
11
ECB‘s Interest Rates and 3M Euribor, in %
ECB‘s Total Assets, in € bn
6
3,400
5
3,000
4
2,600
3
2,200
2
1,800
1
1,400
0
-1
2007
2008
2009
Ref. Rate
Leitzins
2010
2011
2012
3M Euribor
3-Monats-Euribor
2013
2014
2008
2009
2010
2011
2012
2013
2014
Deposit Rates
Einlagenzins
ECB Bank Deposits: Excess Liquidity*, in € bn
In Detail
 ECB has (again) reduced its reference rate to 0.05%. The
deposit rate has been lowered by 10bp to -0.2%. These
measures increase the pressure on the Euro exchange rate.
 Fiscal policy needs to contribute to the economic stimulation.
Monetary policy is not able to influence the economy positively,
because of the unfavorable basis of interest rates and lending.
A solution would be an increase in demand.
 A strong Euro and an expansive fiscal policy could reduce
economic risks dramatically
1,000
800
600
400
200
0
2007
1,000
2007
2008
2009
2010
2011
2012
Sources: Bloomberg, ECB, IKB
* Note: deposit facility plus check account minus minimum reserve
2013
2014
Euro: Depreciation tendency
12
US-$ / EUR Exchange Rate
In Detail
 ECB has reduced its reference rate by 10bp to 0.05% on
04.09.2014
1.6
1.55
 Additionally ECB announced, that it will purchase a broad
portfolio of ABS. This measure shall encourage lending and the
ultimatively support the real economy.
1.5
 In consequence of this, we forecast a depreciation of the Euro
of 1.25 US-$ in the following six months
1.45
1.4
 Parts of the German economy (e.g. engineering, automotive
industry etc.) will experience enhanced sales opportunities
1.35
 On the other hand, metals and other commodities, which are
traded in US-$, will be more expensive
1.3
1.25
1.2
2007
2008
2009
Source: German Central Bank
2010
2011
2012
2013
2014
Agenda
13
1
2
3
4
5
6
Appendix
Light Vehicles: China is the Winner, but Japan and South Korea decline
14
Global Light Vehicle Production; (in mn)
Europe
North America
16.2
19.5
18.2
18.0
22.7
23.4
Greater China
21.3
29.2
Korea/Japan
13.5
11.8
11.7
31.5
Middle East/Africa
1.5
South America
4.5
2013
2018
2021
Source: IHS
5.2
2.3
South Asia
2.6
8.2
11.1
12.9
5.6
• Germany gains market share in the European recovery process with a stronger growth in some Eastern
European countries
• The North American growth is driven by Mexico and the investments of foreign OEM‘s
• Production shifts from Korea and Japan to China
EU: New Car Registration from January to June 2014
15
New Car Registration by OEM
Recovery in 2014
Change yoy in %
Renault Group
Nissan
Toyota Group
VW Group
Ford
PSA Group
Fiat Group
BMW Group
Daimler
Hyundai/Kia
GM Group
Europe Ø
-5
0
5
10
15
20
Change yoy in %
France
Japan
Germany *
USA **
Italy
Korea
2
Source: ACEA
4
6
8
* = VW-Group, Daimler; BMW-Group
10
12
 The growth rate of most German OEM was below the
European average during the first half of 2014. But these
companies grew even in 2013
 The leading German premium car producers, e.g. Daimler,
BMW and Audi will show a new all-time high by the end of the
current year
 But some problems of the American and Italian manufacturers
are still unsolved
25
New Car Registration by Manufacturers Headquarter
0
 After the strong decline mainly of the French, Italian and North
American OEM during the last two years, these car
manufacturers have recovered in 2014
14
** = GM and Ford; without Chrysler
Environmental Regulation drives the Demand for Trucks
16
Global Medium/Heavy Vehicle Production; (000s)
Europe
North America
477
641
575
Greater China
906
725
575
Korea/Japan
1,215
1,206
Middle East/Africa
3
4
1,239
434
496
South Asia
4
422
643
833
South America
266
2013
2016
2020
Source: IHS
293
317
• Regulations of the EU as well as the USA aim to a reduced fuel consumption and lower emissions
• This will induce investments to modernize the truck fleet as well as other commercial vehicles
531
Mechanical Engineering: Recovery in Europe, strong Growth in Asia
17
Global Turnover of Mechanical Engineering; (€ bn)
Europe
692
702
722
North America
352
369
China
395
766
835
860
Other Asia
349
South America
48
2013
2014
2016
48
439
464
RoW
50
18
20
21
• Globally we forecast a strong growth in demand for mechanical engineering products
• In 2016, the Chinese turnover will equal the combined North American revenues with the Asian turnover
outside of China
• Within Europe, Germany and Italy gain market shares in relation to other Western European suppliers
Sources: VDMA; IKB estimation
Construction Sector: Improvement in the US, China still strong
18
Global Construction & Engineering Industry; in US-$ bn
In Detail
 The US American construction market will see a rising
5,000
4,000
number of housing starts, which induces a higher demand for
steel and other construction raw materials
3,000
 But even in the current year new housing starts will be below
their all-time high
2,000
 Until today around half of the Chinese population has lived in
1,000
0
2012
2013
2014
2015
2015
2017
rural areas. During the next ten years we forecast a higher
population shift into the urban regions. This will induce a
higher demand for housing in the bigger cities
 The currently existing overcapacities in the housing sector in
Share of Urban Inhabitants; in %
100
80
60
40
20
0
1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010
China
Japan
Korea
Germany
UK
Sources: ifo; MARKETLINE; Worldbank
some of the Chinese boom towns will be reduced during the
next five years. But even in this case a short temporary real
estate bubble in China is possible
Construction Sector EU: Start of the Recovery
19
Total Construction Output; Volume mill. €
In Detail
 Between 2013 and 2016 the European construction sector
will recover
 The Eastern European EU members will show a stronger
growth in relation to the Western European countries
 In the Eastern part of the EU the strong development of the
Polish economy results in higher construction expenditures
mainly driven by residential buildings. In addition Slovakia
shows a stronger construction sector, too
 Within Western Europe the Spanish construction industry is
reaching ground after years of high slumps
Total Construction Output; Volume mill. €
 While Italy and France develop sideward; the German
residential building market in the bigger cities is characterized
by a higher demand and rising prices after years of
insufficient investments
Sources: Euroconstruct; IKB
* excl. France, Germany, Italy and Spain
Agenda
20
1
2
3
4
5
6
Appendix
Natural Gas: OPEC holds only half of the Reserves
21
Proved Reserves of Natural Gas; in %
In Detail

The OPEC is not as dominant in the natural gas market as
in the crude oil market, but 51 per cent of total proven
natural gas reserves are located in the OPEC countries

The countries of the former Soviet Union are the second
important player with a global market share of around 29
per cent

North America holds a market share below 5 per cent,
while only 8.2 per cent of the natural gas reserves were
found in the Asian Pacific region (with Australia, China and
Indonesia as dominant players)
Other
17,6%
Iran
18,0%
USA
4,5%
Qatar
13,4%
Other FSU
11,4%
Saudi Arabia
4,4%
Russian
Federation
17,6%
Source: BP Statistical Review of World Energy
United Arab
Emirates
Venezuela
3,3%
3,0%
Other OPEC
8,9%
Natural Gas: High Dependency on Russia
22
Germany; in %
In Detail
Other
4%

Germany is mainly dependent on Russian and Norwegian
natural gas imports. The country is unable to substitute the
Russian imports very quickly

The high importance of the Netherlands may be due to the
transition function of the Dutch harbours

For the European Union, Russia is the dominant supplier
of natural gas

But during the last decade, the supply of Norway showed
a rising importance. In the medium-term Norway will even
be a relevant player in the Central European market after
the discovery of new reserves

Algeria supplies the EU 27 not only via three pipelines
(two to Spain and one to Italy) but also in addition with
LNG
Netherlands
23%
Russia
38%
Norway
35%
EU-27; in %
Sources: BAFA; Eurostat
Fracking: Is North America the new OPEC?
23
Global Shale Gas Production; in Bcf/d
US Natural Gas Net Exports; in Bcf/d
15
120
100
10
80
60
5
40
0
20
0
-5
1990
2005
2020
2035
Shale Gas Supply by Region; in Bcf/d
2010
2015
2020
2025
2030
2035
In Detail
 The global shale gas production will grow with a constant rate
80
70
60
50
40
30
20
10
0
during the next two decades
 Around three quarters of the total production will be exploited
in North America. On the other hand the extraction of natural
gas via fracking will be of minor importance in Western
Europe
 Between 2015 and 2020 the United States will become a net
exporter of natural gas
1995 2005 2015 2025 2035
North America
Source: BP Energy Outlook 2035
1995 2005 2015 2025 2035
Europe
 From 2035 on we forecast lower US net exports
Gas: High Upstream Investments
24
Total Gas Investments
In Detail

Between 2014 and 2035 the IEA (International Energy
Agency) estimates, that the necessary upstream
investments in the gas sector should exceed 6 trillion US-$

While around three quarters are required for investments
in conventional gas, the shale gas investments equal 14 %
of total investments

Within the investments in unconventional gas of more than
1.5 trillion US-$, North America accounts for around 60 %
of this amount

Investments in coal bed methane are well underway in
Australia, potential is seen in India and China
14%
7%
5%
Total: $6.1 trillion
74%
Conventional gas
Coalbed methane
Tight gas
Shale Gas
Sources: iea World energy investment outlook
Oil: Conventional Oil still dominating
25
Total Oil Investments
In Detail

Between 2014 and 2035 the cumulated global upstream
oil investments are estimated at 11.3 trillion US-$ by the
IEA

Around 72 % of the total investment amount will go into
conventional oil, followed by light tight oil investment with
another 14 %

Around three quarters of the investments in nonconventional oil will be done by North America

In Venezuela the investments in extra-heavy oil substitutes
will partly compensate their declining conventional oil
reserves

Some investments in light tight oil is forecasted for Russia,
China and Argentina
3%
14%
9%
Total: $11.3 trillion
2%
72%
Conventional crude
Enhanced oil recovery
Extra-heavy oil & bitumen
Light tight oil
Other unconventional
Sources: iea World energy investment outlook
Fracking: Positive Impact on Economic Growth
26
The economic impact of lower gas and electricity prices
Decrease in production
costs of manufacturing
industry
Lower gas and
electricity
prices
Increase in demand for
gas in the power
generation sector
Increase in real
disposable income
Increase in
employment
Multiplier
effect
Increase in real
consumption
Increase in
competitiveness
Source: Cambridge Econometrics
Increase in GDP
Improvement on trade
balance
Agenda
27
1
2
3
4
5
6
Appendix
Consequences for the Global Foundry Industry
28
Impulses for Higher Demand
Improvement in Margins?
 During the next decade we expect a rising demand
 But we are not sure, that the profitability in the
from the automotive industry as well as from the
commercial vehicles industry for founding products
 Drivers for growth are the rising wealth in the
emerging markets in the car industry, while the
demand for commercial vehicles is driven by
stronger regulation for energy efficiency and
emissions
 The mechanical engineering sector will show strong
growth in the chemical industry, machines for food
and beverages, for packaging as well as for power
generation components
 The European construction industry will show a
slight recovery, mainly driven by residential
construction. In the emerging markets we expect a
positive economic development.
 The demand for foundry products will shift to the
East
European foundry industry will improve
tremendously in the short run
 The main reasons are the existing overcapacities
(especially in Southern Europe) and the price
pressure coming from Chinese competitors
 For the automotive suppliers, we forecast a
stabilization of the profitability; certain development
partners may experience a margin improvement
 From 2018 on, we forecast a shift for several
vehicle parts manufactured today in iron, steel or
malleable iron cast to light metal cast
Iron, Steel and Malleable Iron Foundries: A Jump in Asia
29
Global Production of Iron, Steel and Malleable Iron Cast; (in million t)
Eastern Europe
NAFTA
8
7
12 12 12 13
Western Europe
9
9
9
9
8
8
8
8
China
40 43
35 37 38
10
Rest of Asia
15 16 16 16 16
Africa
South America
3
2018
2015
2013
2012
2010
3
3
3
0.4 0.3 0.3 0.3 0.4
3
• Western European production remains constant, Germany gains relative market shares
• NAFTA takes advantage of the re-industrialization, due to reduced energy costs; a great share of growth occurs in
Mexico
• China‘s market share continues to grow, India catches up, Japan and Korea lose parts of their foundry production to
these countries
Sources: World Census, CAEF, IKB
Iron, Steel and Malleable Iron Foundries: Growth in Eastern Europe
30
European Production of Iron, Steel and Malleable Iron Cast; (in million t)
Eastern Europe
8.4
Germany
Rest
1.3
1.2
3.9
1.2
4.2
1.6
2018
2015
2013
2010
7.9
7.7
Afrika
1.4
1.5
1.5
Spain
1.0
7.9
4.6
1.2
France
1.0
4.4
1.0
Italy
1.1
1.1
1.1
1.2
1.3
• Majority of European Growth occurs in Eastern Europe. Please note, that Eastern Europe includes Turkey
• Western European production is recovering modestly; in comparision with competitors Italy and Germany
should be able to increase their market shares
Aluminium Foundries: China declassifies its Competitors
31
Global production of Aluminium Cast; (in million t)
Eastern Europe
NAFTA
2.8 3.0
2.0 2.6 2.7
Western Europe
1.6 1.8
1.0 1.5 1.6
2.2 2.3 2.3 2.4 2.6
China
3.8
4.5 4.7 5.0 5.0
Rest of Asia
2.3
3.2 3.2 3.3 3.4
Africa
South America
0.1 0.0 0.0 0.0 0.0
0.2 0.2 0.2 0.3 0.3
2018
2015
2013
2012
2010
• Germany gains European market shares at the expense to Western European competitors; Convergence of
Eastern European is stronger however
• NAFTA‘s growth is mainly attributable to foreign OEM‘s investments
• Korea and Japan lose market shares to China
Aluminium Foundries in Germany: The Million Ton Threshold is in Sight
32
European Aluminium Casting Production; (in million t)
Rest
0.8
0.3
0.3
0.3
Eastern Europe
Germany
0.9
1.6
1.0
1.0
1.6
1.8
1.0
0.4
Afrika
France
0.3
0.3
0.3
0.3
Italy
Spain
0.1
2018
2015
2013
2010
0.1
0.1
0.7
0.7
0.7
0.8
0.1
• Eastern Europe‘s growth is, among other facts, attributiable to the new production of aluminium rims in
Turkey; additionally further capacities were enlarged in Slovakia
• After the strong growth in the first half in 2014, Germany aluminium foundries are close to the 1 million ton
production threshold
Agenda
33
1
2
3
4
5
6
Appendix
Foundry Machinery Exports: Mirroring the Foundry Forecast
34
German Exports of Foundry Machinery; important markets; in €m
33,8
Poland
24,2
France
10,5 12,0 10,7
6,1
Russia
6,9
17,7 16,8 11,5
7,5
8,7
Austria
1,8
USA
9,7
3,8
2,0
5,7
9,6
7,9
Italy
3,3
10,0 11,2 11,3
10,8
5,6
Spain
8,0
3,4
China
5,2
0,4
Mexico
12,8
8,5
25,2
13,0
Iran
8,0
0,3
0,0
16,0
24,0
9,7
7,1
RoW
61,7 60,8
39,9
2013
2012
2011
2010
Source: VDMA
•
•
•
51,0
Lately China gained importance as foundry machinery market. This fact correlates with the expected enlargement of the foundry
capacities
Russia is more complicated; Project financing is more difficult, due to sanctions
NAFTA area is currently in a re-industrialisation process leading to higher foundry production capacities
Consequences for the German Foundry Industry
35
Chances / Risks / Trends

Globalisation of customer
markets


Increasing competition
Increased logistic demands
Trend to one stop shops?
Strategies
Important customer markets tend to shift to
Asia, leading to new foundry capacities
Export chances to China?


Enlargement of sales cooperation?
Increase of exhibition and fair participation
China, Taiwan and Korea are becoming
more important on global markets

Still high investments in R&D

Investments in human capital, personnel
commitment

Lose of market shares as a consequence?
Does the technological advantage last?

Far located markets increase logistic costs

Founding of shared service location sites

Service and maintenance get more
expensive

Who can deal with whom?

Hence increasing sales costs

Are comprehensive foundry offers by
Greenfield Investments useful?


Are strategic alliances / cooperations or
mergers useful?
Does the foundry engineering sector need
consolidation? E.g. a financial investor, who
promotes the idea of a global acting foundry
engineering company
 The German foundry industry will face great challenges in a changing market environment
 Keeping the technological advantage is a key element succeding
 Cooperations or strategic alliances in important foreign markets can help to insist this challenge
Agenda
36
1
2
3
4
5
6
Appendix
Your Contact
37
Dr. Heinz-Jürgen Büchner
Managing Director
Industrials & Automotive
IKB Deutsche Industriebank AG
Eschersheimer Landstraße 121
60322 Frankfurt am Main
Phone:
+49 69 79599-9602
Fax:
+49 69 79599-8602
Mobile:
+49 171 2249517
E-Mail:
[email protected]
IKB – overview
38
At a glance
IKB
Deutsche
Industriebank AG
Employees,
locations
Locations

Background: Specialist in Corporate Financing

Founded: 1924

Headquarters: Düsseldorf, Germany

Shareholders: Lone Star: 91.5%, Free-float: 8.5%

Approx. 1,440 employees

Locations in Germany: Düsseldorf (HQ), Frankfurt,
Berlin, Hamburg, Munich, Stuttgart;

International Locations: London, Madrid, Milan, Paris
Hamburg
Berlin
Headquarters:
Düsseldorf
Frankfurt
Stuttgart
Munich
Financial data¹)
Know-how

Total assets: €24.7 billion

CET1 Ratio 10,4%

Expertise in Corporate Finance, M&A, Capital Markets, LBO/ Acquisition Finance,
Tax and Restructuring

Range of Financing and Structured Products, Capital Structure Advisory
London
Paris
Milan
1) Data as of 31 March 2014
Cooperation partnerships ensure IKB’s global coverage
39
Piper Jaffray
Handelsbanken
Minneapolis, MN
Stockholm
 Leading US middle market
investment bank
 Covering broad range of
investment banking services
including M&A and capital markets
 Over 35 offices in the U.S., Europe
and Asia
 M&A solutions for companies in
Scandinavia
 Leading market position and
excellent market access
 Focus on M&A transactions in the
industrial sector
 Structuring and management of
M&A processes, project team
coordination
Falkenburg
Corporate Finance,
Budapest
 Founded by former WestLB M&A
team for Central Europe and
Eastern Europe, now with more
than 10 years of experience
 Profound transaction experience
and industry expertise; strong
partnerships with the regional
industries
JM Financial
EAC Consulting
Mumbai
Shanghai
 Leading house for executing complex and international transactions
 Long-lasting partnerships with
India’s leading companies
 2011 "Team of the Year" - Indian
investment banks – IFLR India
Awards
 Consulting and M&A advisory firm
founded by ex Siemens M&A
executives
 Strong reach into China
BTG Pactual
Rand Merchant Bank
São Paulo
Sandton
 Global presence with clear focus
on the emerging markets
 Offers the entire service portfolio
as well as extensive experience in
the relevant markets
 Brazil’s leading M&A-advisor in
2010 – Thomson Reuters,
ANBIMA
 Diversified financial services
house:
advisory, finance, sales & trading,
fund management and research
 Global coverage with distinct focus
on African markets
Disclaimer
40
Copyright:
September 2014
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Chairman of the Board of Managing Directors: Hans Jörg Schüttler
Members of the Board of Managing Directors: Dr. Dieter Glüder, Claus Momburg, Dr. Michael H. Wiedmann
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