MOD. FMD1402 November 2005 Cobra Automotive Technologies 1 Milan, 11 November 2005 Presentation...
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Transcript of MOD. FMD1402 November 2005 Cobra Automotive Technologies 1 Milan, 11 November 2005 Presentation...
MOD. FMD1402
November 2005Cobra Automotive Technologies 1
Milan, 11 November 2005
Presentation
Cobra Automotive Technologies
MOD. FMD1402
November 2005Cobra Automotive Technologies 2
Aldo Monteforte, board director, Cobra Automotive Technologies SpA
Terra Nova Partners (Milan, San Francisco) Nomura International (London)
Stanford Graduate School of Business (Stanford, California)
Presenter
MOD. FMD1402
November 2005Cobra Automotive Technologies 3
Cobra Automotive Technologies (“Cobra”)
Our vision: Global Vehicle Security Designer
Focus on mitigating risks associated with ownership and management of mobile assets
Revenues organically doubled between 2001 and 2005
330 employees, with 80 engineers and software developers
17% CAGR in 01-05
Consolidated Revenues
40.9
48.554.0
66.3
80.5
0
20
40
60
80
2001 PF 2002 PF 2003 PF 2004 PF 2005 E
€m
MOD. FMD1402
November 2005Cobra Automotive Technologies 4
Cobra’s value proposition
Owner / User
Leasing co/insurer
Owner
OwnerUser, Vehicle Maker
OwnerThird parties
OwnerInsurer
Main victims
Location Based ServicesFraud
Location Based ServicesBreakdown
Location Based ServicesUnauthorised use
Antitheft SystemsLocation Based Services
Theft
Parking Aid SystemsLow speed-accident
Location Based ServicesHijack
Cobra solutionRisk class
MOD. FMD1402
November 2005Cobra Automotive Technologies 5
Cobra’s value proposition
Location-based services
Stolen-vehicle recovery
Fleet management
Security electronics
Antitheft systems & components
Parking aid systems
MOD. FMD1402
November 2005Cobra Automotive Technologies 6
Location based services drill down
information and control messages to and from vehicles via an integrated, on-board gps/gprs device
Information and controls are managed through an always available, Internet based centralised server, that store, analyse and presents information in easy-to-use, mapping format to authorised subscribers
Scaling leverage inherent in single platform, recurring revenue model offers opportunity to derive increasingly higher margins from growing subscriber base
MOD. FMD1402
November 2005Cobra Automotive Technologies 7
Cobra Platform: telematics and electronics technologies integrated to deploy location based services
Control Room
Call Center
Help Desk
Map Ser
News: 09/2005
Porsche AG has nominate Cobra to serve after theft recovery service
in 27 countries
MOD. FMD1402
November 2005Cobra Automotive Technologies 8
Control Room 24h*7d
Vocal menu with only “theft option and Transport and Garage Mode setting”
Vocal menu with “call center option”
Voice, Fax or e-mail for alarms
Value added services in case of theft
Control Room 24h*7d
Vocal menu with only “theft option and Transport and Garage Mode setting”
European Customer Segmentation based on car value to be protected (to be personalised in every country)
Control Room 24h*7d
Vocal menu with only “theft option and Transport and Garage Mode setting”
Vocal menu with “call center option”
Voice, Fax or e-mail for alarms
Value added services in case of theft
Vocal menu with “vocal application option”
Web Application
Value added services in any case
“Proactive theft detection and
tracking”
“Tracking after customer theft
declaration”
15K€-25K€ 25K€-40K€ more than 40K€
‘Always in touch’
‘Alerts & recovery’
‘Track the car’
THACHAM CAT 5 HOMOLOGATED
Private End User Service features
COBRA Location Based Services for Stolen Vehicle Recovery
MOD. FMD1402
November 2005Cobra Automotive Technologies 9
The case of car theft in Europe
Sources: Europol 2004
200
400
600
800
1.000
1.200
1.400
2002 2003
# C
ar s
tole
n (
.000
)
67% Recovered
rate
33% Not recovered
rate
57% Not recovered
rate
43% Recovered
rate
1.150
1.000
Growth of vehicle stolen and not
recovered (from 380.000 to 570.000
in one year)
No other type of criminal activity is as
lucrative for such minimal risk
Estimated criminal revenues of €8,5
billion
MOD. FMD1402
November 2005Cobra Automotive Technologies 10
Control Room:
Theft management
Customer notification
After theftDuring theft
Diagnostics and Comfort features
• Battery level • ICD battery back up level• Speed alert• Vehicle tracking
Maintenance/Transport
Daily use
• Sabotage
• Theft of the keys or car-jacking
• Unauthorized movement
• Attempt to start engine when system is set
• Shock detection• Sabotage of GPS antenna
Cobra Server
• customer sets the system accordingly (web or voice application)
Theft attempts detection
Arm/Disarm the system• Can be done through
radio key, driver card or the vocal application
Each country offers several differentiated
services of car recovery
Recovered car
Authority intervention
BLU PROFILE supported only by ICD12
contacts the customer tracks the stolen car
each 30 seccan send commands
such as immobilisation when the car is not running and dissuasion (blinker and horn)
COBRA Location Based Services for Theft Risk Management
MOD. FMD1402
November 2005Cobra Automotive Technologies 11
COBRA Location Based Services for Fleet Management
ReportsFleet view Settings
Vehicles Information :
Fleet Name:
John smith – Vehicle 2
Login: user1
e-Fleet Application
10 min Location : A8 antibes-nice
mike amer – Vehicle 1
20 min Location : Villeneuve
Robert smith – Vehicle 9
10 min Location : Biot main street
Jeanna bar – Vehicle 5
15 min Location : Cros cagnes
Map filter: Filters list + -
My Fleet 1
Fleet
Monitoring
Vehicle identifier :
Fleet Name:
John smith – Vehicle 2
e-Fleet Application
7h20 – Nice tier station
Mon - 10/09/2005 - Trip1
Vehicle 2
My Fleet 1
7h50 – Antibes motorway toll
8h20 – Roquebrune motorway toll
8h50 – Aix en Provence motorway toll
25 km
Distance
-
45 km
49 km
Duration
-Toll
2
25 min
45 min
49 min
25
15
29Total : 119 km 1h 59 min 69 euros
7h20 – Nice tier station
Wed - 12/09/2005 – Trip 1
7h50 – Antibes motorway toll
8h20 – Roquebrune motorway toll
8h50 – Aix en Provence motorway toll
25 km
Distance
-
45 km
49 km
Duration
-Toll
2
25 min
45 min
49 min
Total : 119 km 1h 59 min 69 euros
Total Report : 238 km 3h 58 min 138 euros
25
15
29
ReportsFleet view Settings Login: user1
Fleet VehicleVehicleVehicle TrackTrackTrack
Monitoring
MOD. FMD1402
November 2005Cobra Automotive Technologies 12
RCA: Pay As You Drive
Le compagnie assicurative, a livello europeo, introducono nuove soluzioni commerciali caratterizzate dalla
attivazione di Location Based Services (LBS); le soluzioni sono segmentabili in quattro principali categorie:
Polizza Premium
RCA: Pay Per Use
Incendio/furto
LBS
Tariffazione collegata alla totale tracciabilità del comportamento di guida
Tariffazione legata all’utilizzo effettivo del veicolo
Tariffazione ridotta sull’assicurazione furto totale in caso di abbonamento a
servizio di sorveglianza
Tariffazione unica comprensiva di servizi di localizzazione in caso di
emergenza stradale e furto
Cobra Location Based Services for Insurance Risk Management
MOD. FMD1402
November 2005Cobra Automotive Technologies 13
Principali dati di utilizzo veicolo
Il costo per veicolo è stimabile in 100 €
all’anno ipotizzando un periodo di utilizzo tre anni inclusivo di
installazione, manutenzione e
20% di disattivazione anticipata
• Targa del veicolo• Proprietario del veicolo• Modello del device• Chilometraggio per ogni viaggio reale (key on-off)• Velocità massima e media
Cliente assicurato target:
1. Copre pochi chilometri all’anno2. Desidera soluzione tariffaria legata a reale utilizzo del veicolo 3. Può chiedere a centrale di soccorso l’intervento delle forze di polizia in caso di furto (servizio opzionale)
Procedure di diagnostica
• Invio di allerta per eventuali malfunzionamenti • Procedure di ripristino con comunicazione al cliente ed all’assicurazione
After theft tracking
In caso di furto il cliente contatta la Centrale Operativa che localizza il veicolo ed attiva le procedure di recupero; in caso di spostamento non autorizzato del veicolo viene inviata una allerta automatica alla Centrale Operativa che contatta il cliente e, se necessario, localizza il veicolo ed attiva le procedure di recupero
Insurance Risk Management : “Pay Per Use”
MOD. FMD1402
November 2005Cobra Automotive Technologies 14
ArgentinaAustraliaBelgium Bosnia Bulgaria Croatia Czech RepublicDenmarkFinlandFrance Germany Greece HungaryIceland
Poland Portugal RumaniaRussia Slovenia SpainSwedenSwitzerland Tunisia Turkey United KingdomUruguayYugoslavia
Global presence and ambition
Exclusive Local Partners
Cobra AT - ItalyCobra FranceCobra DeutschlandCobra China (in formation)Cobra Japan Representative OfficeNexo France Nexo Switzerland
Globally transferable solutions
Export accounted for 90% of revenues in 2004
India Ireland Israel ItalyJapanLatvia LithuaniaMacedoniaMalaysiaMalta Morocco MexicoNetherlandsNorway
MOD. FMD1402
November 2005Cobra Automotive Technologies 15
Business partners
Working with the leading vehicle makers and tier 1 players
MOD. FMD1402
November 2005Cobra Automotive Technologies 16
Market Overview
Cobra Automotive Technologies
MOD. FMD1402
November 2005Cobra Automotive Technologies 17
Vehicle Electronics OE Market*
Major drivers: (1) government-imposed environmental and safety standards, (2)
consumers’ demand for affordable safety and convenience.
* Source: Reed Electronics Research
€ 10,7 bn€ 14,4 bn
€ 22,5 bn
€ 29,5 bn
2002 2007
Instrumentation
Body/Chassis Electronics
Powertrain
Safety/Convenience
Includes: security,
climate control, body
controllers, lighting,
wiper systems, power
operated systems,
navigation,….
MOD. FMD1402
November 2005Cobra Automotive Technologies 18
Electronics and software are
expected to become the key
technologies in a vehicle
Combined share in overall
value of cars expected to rise
from less than 30% today to
over 50% in 2010*.
Vehicle Electronics Market (cont.)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1975 1985 1995 2005 2010
Mechanical Systems
Electrical Systems
Electronics
Software
Share of value add
* Sources: German Automotive Association (VDA);
MOD. FMD1402
November 2005Cobra Automotive Technologies 19
Location Based Services Market
LBS expected to become a standard feature on vehicles and a competitive imperative for
commercial fleets
US LBS market estimated to grow from € 0.8bn in 2005 to over € 7bn in 2010*.
Main drivers:
1. Hardware and software price/performance ratio continuous improvement
2. Global wireless carriers launch and support of advanced data services
3. Increased integration of location functions with vehicle components by OEMs.
4. Public funding and support of positioning infrastructures (NAVISTAR,
GALILEO).
* Sources: Canaccord Capital (2005)
MOD. FMD1402
November 2005Cobra Automotive Technologies 20
Financial Overview
Cobra Automotive Technologies
MOD. FMD1402
November 2005Cobra Automotive Technologies 21
First Half 2005 (€39.5m) above budget 17% CAGR in 01-05
Revenues organically doubled in 4 years (01-05)
€m
40.948.5 51.6
61.067.6
78.083.4
10.612.2
9.1
6.7
4.3
6.0
0.0
20.0
40.0
60.0
80.0
100.0
2001 PF 2002 PF 2003 PF 2004 PF 2005 E 2006 E 2007 E
Security Electronics Location Based Electronics Location Based Services
40,9
48,5
54,0
66,3
77,9
94,6
104,7
Business plan as at March 2005
MOD. FMD1402
November 2005Cobra Automotive Technologies 22
Change in revenue mix
2004 PF
92%
8%
2007 E
80%
20%
Security Electronics
Location Based Electronics & Service
2004 revenues: €66 million
2007 expected revenues: €105 million Revenues growing and shifting in favour of scalable service revenues
MOD. FMD1402
November 2005Cobra Automotive Technologies 23
LBS new subscribers
New Subscribers
Growth Rate
Italy 234% 36% 27% 11%
Rest of Europe 272% 551% 194% 63%
Rest of World 698% 105% 30% 39%
Total 264% 101% 87% 42%
2.116
7.710
15.505
29.030
41.355
0
10,000
20,000
30,000
40,000
2003 2004 2005 E 2006 E 2007 EItaly RoE RoW
MOD. FMD1402
November 2005Cobra Automotive Technologies 24
LBS customer base
Note:Cumulative subscribers are net of cancellations.
Cumulative Subscribers
Growth Rate
Italy 330% 92% 43% 23%
Rest of Europe 357% 507% 239% 104%
Rest of World 798% 170% 68% 45%
Total 360% 145% 98% 62%
76.813
47.290
23.841
9.730
2.116
0
20,000
40,000
60,000
80,000
2003 2004 2005 E 2006 E 2007 E
Italy RoE RoW
MOD. FMD1402
November 2005Cobra Automotive Technologies 25
In the last 6 months customer base grew by 60% and new additions grew by 45%
European Subscribers
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
1H 03 2H 03 1H 04 2H 04 1H 05
Net Cumulative Users New Users
MOD. FMD1402
November 2005Cobra Automotive Technologies 26
Telematics, electronic security and complementary markets are rapidly
growing
Cobra is a market leader in vehicle security and management
Globally transferable solutions, under strong and visible brand
Good economic and financial performance
Scaling revenues from location based services
Proven research and development capabilities
State-of-the art, highly automated manufacturing facilities
M&A opportunities to consolidate market leadership
Investment thesis