Venezuela Profile 2015.pptToi can thong tin file

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1. LAT Country Overview: Colombia
June 2011
VENEZUELA PROFILE
Version: 2015
Submitted by: FP&A
1

2. Social/Economic/Political Overview
Venezuela
2
Enviroment
Venezuela
•Socialist Government based
on President Popularity.
•Unemployment Rate 5,5%.
•Taxe Rate 12%.
Other Comments
•Focus on Socialism Environment.
•Local Market Officially Closed (through SENCOEX).
•Industry has been impacted in 2015 mainly by lack of US$ dollar to buy RM and consequently RM
inventory management is imperative to keep the plants running.
•Member of OPEP.
•GDP impacted in 2015 by Oil Price.
•Venezuela as part of Mercosur.
•Personal Security as issue.
Economic Profile
•Population: 30,2mill.
•GDP per capita: $17.501.
•GDP growth: -4,2%.
•Inflation Rate = 68,5%.
•Exchange Rate = 12.

3. The Organization
3
Juan Vargas
Manufacturing
Douglas Maroeli
Finance
Eladio Rey
Sales
Maria E Rojas
Human Resources
Gabriel Lopez
Supply Chain
Gloria Elena
Legal
Ralf Marx
Operations
Maryann Vasconez
IT
Antonio Palmieri
Purchasing
Venezuela

4. Key Financials
4
Venezuela

5. Tire Industry
5
Venezuela

6. Goodyear Market Share
AOP
3,0%
6
Venezuela

7. Goodyear Business Profile
7
Venezuelaterms: $ millions 2014 % of terms: $ millions Con ReplCon OEComm ReplComm OEAll OtherTotalTotal %
Revenue Total BENCO 46,9 0,0 41,6 0,0 0,0 88,6 30%
Consumer Repl 146,5 50,0% PUENTE BOLIVAR-MORANA 17,4 0,0 21,0 0,0 0,4 38,9 13%
Consumer OE 1,9 0,6% MAKRO 16,5 0,0 6,2 0,0 0,0 22,7 8%
Commerical Repl140,8 48,0% CALAR 6,0 0,0 14,4 0,0 0,0 20,4 7%
Commercial OE 2,6 0,9% COVENCAUCHO 2,8 0,0 14,6 0,0 0,2 17,5 6%
Farm 0 0,0% VENECAUCHOS 5,0 0,0 5,5 0,0 0,0 10,5 4%
OTR 0 0,0% CAUCHOS EL TERMINAL 6,3 0,0 4,1 0,0 0,0 10,4 4%
Aviation 0 0,0% MARTINEZ ARENAS/FARIAS 5,2 0,0 4,7 0,0 0,0 9,9 3%
Retail 0 0,0% CUATRICENTENARIA 4,8 0,0 4,9 0,0 0,0 9,7 3%
Retread 0 0,0% DICAINCA 4,4 0,0 4,8 0,0 0,0 9,2 3%
Motorcycle 0 0,0% MADECA 4,0 0,0 2,4 0,0 0,0 6,3 2%
Race 0 0,0% CAUCHOS AVENIDA 1,6 0,0 1,6 0,0 0,0 3,2 1%
All Other 1,5 0,5% GRUPO LA FRIA 1,4 0,0 1,2 0,0 0,0 2,5 1%
Total 293,3 100% RENOGUAICA 1,3 0,0 0,9 0,0 0,0 2,2 1%
UNICAUCHOS 1,2 0,0 0,6 0,0 0,0 1,9 1%
CODAZZI 0,9 0,0 0,7 0,0 0,0 1,7 1%
LA URBINA 1,1 0,0 0,5 0,0 0,0 1,7 1%
ConsumerCommercial COLONCITO 1,0 0,0 0,6 0,0 0,0 1,6 1%
Goodyear 31,3% 58,0% VENIRAUTO INDUSTRIAS 0,0 1,1 0,0 0,0 0,4 1,5 1%
Dunlop 0,0% 0,0% SERV.TEC. CAUCHOS DIAMANTE 0,8 0,0 0,6 0,0 0,0 1,4 0%
Kelly 6,3% 0,0% Subtotal 128,8 1,1 131,1 0,0 0,9 261,9 89%
Sava 0,0% 0,0% Others 17,7 0,8 9,7 2,6 0,6 31,4 11%
Fulda 0,0% 0,0% Total 146,5 1,9 140,8 2,6 1,5 293,3100%
Total Branded 37,6% 58,0%
All Other 0,0% 0,0% # of Points of
Total 37,6% 58,0% Distribution
2014 Revenue: By PBU 2014 Revenue By Top 20 Customers
2014 Market Share
Replacement
290 290

8. The Competition
8
Venezuela# Factories
Con ReplMRT Replin country
Essence of Consumer Strategy:
Focus in TMS (HP & LTR)
Essence of Commercial Strategy:
Work with the government to achieve import licenses and work with fleet network
Essence of Consumer Strategy:
Focus on HVA: UHP, HP and SUV tires
Essence of Commercial Strategy:
Good availability by licenses to import
Essence of Consumer Strategy:
Focus on HP (including Speed "V") and LTR tires
Essence of Commercial Strategy:
Lack of products availability due the imports licenses
Essence of Consumer Strategy:
-
Essence of Commercial Strategy:
Lack of products availability due the imports licenses
Essence of Consumer Strategy:
-
Essence of Commercial Strategy:
-
Essence of Consumer Strategy:
Using competitors dealer network
Essence of Commercial Strategy:
Lack of products availability due the imports licenses
Total 100% 100%
GY Position#1 #2
2014 Market Share
Michelin 0% 0%
0
0
Goodyear 38% 45%
1
1
Pirelli 35% 51%
1
1
All Others1% 2%
0
0
Other key?0% 0%
0
0
Bridgestone26% 3%
1
1

9. Detailed Financials
9
Venezuelaterms: $ millions Actual Actual Actual Actual AOP
2011 2012 2013 2014 2015
Revenue 340,8 402,0 425,1 293,3 377,8
Gross Profit 111,0 119,7 116,4 70,5 82,5
Gross Profit % 32,6% 29,8% 27,4% 24,0% 21,8%
Advertising 0,5 0,5 1,0 0,3 3,6
% of Sales 0,1% 0,1% 0,2% 0,1% 1,0%
Other SaG 22,7 34,6 32,1 23,4 17,5
% of Sales 6,6% 8,6% 7,6% 8,0% 4,6%
Total SAG 23,1 35,1 33,1 23,7 21,1
% of Sales 6,8% 8,7% 7,8% 8,1% 5,6%
EBIT 87,9 84,5 83,2 46,8 61,4
% of Sales 25,8% 21,0% 19,6% 16,0% 16,3%
Depreciation 4,2 4,3 5,3 7,5 5,0
EBITDA 92,1 88,8 88,5 54,2 66,4
Accounts Receivable 13,1 11,9 19,3 6,0 13,0
% of Sales 3,8% 3,0% 4,5% 2,0% 3,4%
Inventory 69,8 104,3 34,5 33,4 27,7
% of Sales 20,5% 26,0% 8,1% 11,4% 7,3%
Accounts Payable 49,2 62,8 60,4 47,2 51,0
% of Sales 14,4% 15,6% 14,2% 16,1% 13,5%
Total Working Capital 33,7 53,5 -6,6 -7,9 -10,3
% of Sales 9,9% 13,3% -1,6% -2,7% -2,7%
Free Cash Flow 53,8 25,8 163,4 4,8 52,6