Documente Academic
Documente Profesional
Documente Cultură
Genealogy of a myth
The humble origins for what is now Automobili Lamborghini SpA can be traced back the aftermath of World War II. ln war-ravaged Northern Italy warFerruccio Lamborghini made use of the surplus equipment left by the departing Allied Troops, constructing agricultural machinery for his local community. With his homeland struggling to rebuild the damage caused by the conflict, his sturdy powerful tractors became popular and before long the business he started in small garage premises soon relocated to larger workshop units. As this business went from strength to strength Lamborghini diversified moving on to manufacturing airair-conditioning systems - an inspired idea considering the Mediterranean climate - amongst other products, all of which were impressive moneymoneyearners. By the 1950s, Lamborghini was already a millionaire and one of the wealthiest businessmen in ltaly. ltaly.
The Birth
Automobili Lamborghini S.p.A. was founded in 1963 in Sant'Agata Bolognese, a small Bolognese, village between Bologna and Modena, Italy, by Ferruccio Lamborghini. As the years progressed, Lamborghini had amassed a wealth of engineering talent to design and build the car that would settle the score with Ferrari. The first Lamborghini, GTV, the 350 GTV, immediately launched Lamborghini into the sports car market much to the chagrin of Ferrari.
Stormy teenagehood
Owing to the rapid growth of Automobili Lamborghini S.p.A. in the early eighties and the resultant necessity for capital investment, the company had to look for an investor from the automotive industry. In April 1987, the U.S. car manufacturer Chrysler 1987, bought 100% of the company's shares. In May 1990, the most successful Lamborghini model up to that time, the Countach, 1990, was replaced by the Diablo. By then, 2,000 of this model had left the factory in the Italian region of Emilia-Romagna. Emilia In January 1994, Chrysler sold Lamborghini to Megatech, part of the Indonesian 1994, Megatech, Sedtco Group. In 1995, it changed hands again, with 60% of the 1995, shares being taken by V'Power, a company controlled by "Tommy" Suharto. The V'Power, other 40% were bought by Mycom, a Malaysian investment company. Mycom, At the beginning of 1998, AUDI AG entered into negotiations on the possibility of 1998, technical cooperation. With effect from July 24, 1998, AUDI AG executed an agreement to take over Lamborghini's entire share capital.
S&P 500 / Dow Jones Indutriual Average/ Nasdaq Composite - the last 5 years Heavily correlated trajectories 2002 strong drop 2003 recovery 20042004-2005 status quo = Reasonable growth perspectives
S&P 500
Nasdaq Composite
Major currencies exchange rate: EUR / DOL + DOL / YEN Lamborghini is exposed to the US Dollars Clear volatility of the index = danger Speculation rally between T3 2004 & T2 2005 = unfavorable environment for european exporters 2005: US Dol appreciation against JP Yen
EUR/DOL
1.2 $ = 1
DOL /YEN
Refinery capacities limited Poor investments in the past years Geopolitical sensitivity
Cost of steel products Very strong buying pressure since 2004 = Prices are booming ! Long term trend clearly bullish Penalises every manufacturers in the world
Recent drop in the Conference Board Consumer Confidence Index 2005: Natural disasters cooled down US consumers appetite
Volkswagen Structure
Volkswagen Income Statements 2004 Gross profits & Operating profits remain still 29% drop in Profit after tax ! 31% drop in Profit attributable to shareholders !
127 bn$ = modern behemoth ! 7.5% growth of balance sheet 11.5% growth in Financial services receivable = Financial division weakened 7.5% growth in provisions for tax & pensions = Pensions shock expected 24.3% growth in non-current nonliabilities
VALUE CONTRIBUTION: 39% of operating profit absorded by chinese joint ventures ! Return On Equities: 1.2% = catastrophic !
SHAREHOLDER STRUCTURE: Appreciated presence of the State of Lower Saxony : it stabilizes the capital & backs the credit quality
DAX 30
19971997-1999:
very strong speculation with 2 spikes setting average around a 100% higher than previous period cverperformed DAX
20002000-2002:
Volatile years at levels 50% lower Underperformed then overperformed DAX
Volkswagen AG
2004: Recovery, especially during T3 & 4 2005: Good uptrend that needs to be confirmed
Growing Profit per Share + 7.5% Controlled share price with interesting perspectives Excellent Net Liquidity +32.8%
19941994-1995: Historical levels 19961996-1999: Wild speculation ended by a spectacular drop 19991999-2001: Near Death Experience
20012001-2002: Severe upward correction 20032003-2004: Return to historical levels 2005: Interesting momentum towards higher levels breaking several technical floors
Clear persistance of the current trend in investments: 2 bn /year bn 6% growth in Lamborghinis working force
NB: 5 firsts markets for the brand. All other details remain confidentials.
The group maintains 1 dealer in each of those countries too: Austria Belgium Denmark Duba Greece HongHong-Kong Kuwait Lebanon Monaco Netherlands New-Zeland Portugal NewSingapore South Africa Spain Sweden Thailand U-K U-
22 6 5 3 3 3 3 2 2 2
Volkswagen is in a very uneasy position Audi standing strong & confident Lamborghini experiences a miraculous rebirth that needs to be reinforced by market answer & further innovation
Now to understand where the indutry of superwealth is going, well take a look at the World Wealth Report 2005 from Merrill Lynch & Cap Gemini. Lamborghinis strategy should be determined upon those insights.
2nd strongest zone: AsiaAsiaPacific Europe has the smallest growth figure but is the second player by weight. Strongest growth: Africa (but marginal global weight) Second strongest growth: Middle East Latin America progress well but is still microscopic (0.3% of global wealth)
United States do well Aging nations like Japan, German & France post mediocre results
1. 2. 3. 4.
North America as the Big Thing Asia Pacific as the Next Big Thing Europe as the Base Middle East as the Niche
Well finally take a look at what is being prepared in SantaAgata to challenge those issues, consolidate the fundamentals and trancend customer experience.
Using the Audi developed Nuvolari concept (which rides on a shortened A8 platform) as a base. Lamborghini is developing a front-engine 2+2 coup frontthat will revive the Espada nameplate. nameplate. With styling heavily influenced by the original, the 500Vnew car will make use of 500-bhp 5.0 liter V-10 developped for the Gallardo and give Lamborgini an entry to compete with the likes of Ferraris 612 Scaglietti and Aston Martins DB9. DB9.
Concept S
At the Geneva Motor Show, the House of the Raging Bull will present a new design study that renews a great Lamborghini tradition. Like the 350 GTS and the Miura Roadster before it, the Lamborghini Concept S is a unique car, an extreme and spectacular expression of the Lamborghini brand. Created at the Centro Stile Lamborghini in SantAgata Bolognese by Luc Donckerwolke, Head of Donckerwolke, Lamborghini Design, the Concept S is his extreme interpretation of an open car. Using the Gallardo as a basis, Donckerwolke drew inspiration from the classic singlesingle-seater racing cars of the past to create this latest design study.
The classic single-seaters did not have a traditional singlewindscreen, but utilised the so-called saute-vent in sosauteorder to direct air over the head of the driver - and so does the Concept S. These devices divide the cabin into two S. distinct compartments, giving the car an aggressive and compartments, futuristic look and also creating a space between them that acts as an additional air inlet for the powerful engine, which is positioned behind the seats. An electronically controlled, retractable central rear view controlled, mirror allows the driver - when required - to see what is happening behind the car. The aerodynamics of the Concept S have been optimised diffuser. thanks to front and rear spoilers and a large rear diffuser.
Reported too on the drawing board is an SUV replacement for the LM002 that will be powered either by the Gallardos V-10 or the V580 bhp 6.2 liter V-12 used in the Miurcelago. VMiurcelago. The new off-roader shown in white, could be offunpainted carbon-fiber body panels. carbonpanels. A perfect product to thrill Humers position !
The End
Welcome in Peru !