Dometic Group AB · OMXSTO:DOM
Dometic Group AB — Investor Day (September 2016)
91 slides from Dometic Group AB's investor day presentation, Sep 13, 2016
Slide 1: Dometic EMEA Investor visit Siegen
DOMETIC EMEA Investor visit Siegen 16-09-13
Slide 2: Agenda
Agenda Global re-cap EMEA introduction and market overview EMEA operations EMEA RV OEM EMEA CPV OEM EMEA Marine OEM EMEA Aftermarket
Slide 3: Group Q2 2016
Group Q2 2016 Sales (SEKm) EBIT bef. i.a.c (SEKm) Operating Cash Flow (SEKm) 21% (22% comparable currency) 8% (9% comparable currency) Organic: 9% 3,461 584 3,202 511 484 342 Q2 15 Q2 16 Q2 15 Q2 16 Q2 15 Q2 16 3 16-09-13
Slide 4: Group key ratios
Group key ratios Q2 Q2 LTM FY SEKm 2016 2015 2016 2015 Sales Net sales 3,461 3,202 11,869 11,486 Growth, % 8.1 30.7 13.8 30.4 Organic growth, % 8.7 5.0 7.7 Profitability EBIT before i.a.c. % 16.9 15.1 13.0 12.3 EBITDA before i.a.c. % 19.0 17.4 15.5 14.8 Capital efficiency Core working capital, to sa
Slide 5: Growth strategy with large upside potential
Growth strategy with large upside potential Growth + Growth Grow Aftermarket Accelerate New Growth Strengthen OEM Margins Business Geographies Product leadership Larger dealers and retailers China growth Selective product expansion Core product categories and selective new Positions for
Slide 6: EMEA Introduction
EMEA INTRODUCTION Joachim Kinscher 16-09-13
Slide 7: EMEA history – big milestones
EMEA history – big milestones Electrolux acquires Acquisition of Acquisition DGLine refrigeration Acquisition of Acquisition of Birkholz – Group -> Dometic business – today Oyster Safes, Spain Prostor (RV alu windows) Russia in place Dometic Siegen 1922 1973 2000 2001 2003 2004 2007 2009 2011 2014 2
Slide 8: Introduction to Dometic EMEA
Introduction to Dometic EMEA BREAKDOWN OF SALES (1606 LTM) By Group net sales By sales channel By business area EMEA, 40% AMERICAS, 48% OEM, 50% AM, 50% RV, 48% CPV, 29% APAC, 12% Marine, 10% Other, 13% NET SALES & EBIT % SEK million 2014 2015 1606 LTM Net sales 3,961 4,479 4,782 % y-o-y growth 13.1
Slide 9: Brief facts
Brief facts The EMEA region comprises Europe, the Middle East and Africa 80% of the Region’s sales comes from six countries: Germany, the Netherlands, UK, France, Sweden and Italy 2,580 employees 10 territories 22 Sales Companies 33 Legal Entities 42 End Markets 29 Distributors 24
Slide 10: Dometic EMEA commercial footprint
Dometic EMEA commercial footprint TURNOVER TOP 10 MARKETS 2015 Germany UK France Italy Sweden Netherlands Slovenia Spain Belgium Denmark 10 16-09-13
Slide 11: Our activities in EMEA
Our activities in EMEA RV OEM CPV OEM MARINE OEM AFTERMARKET Refrigerators Refrigerators Air conditioners Mobile coolers Example Windows & doors Inverters Sanitation Minibars products Sanitation Parking coolers Refrigerators Air conditioners Addressable ~ SEK 3bn ~ SEK 1bn ~ SEK 1bn ~ SEK 9bn market
Slide 12: Leader in branded solutions for mobile living
Leader in branded solutions for mobile living RECREATIONAL VEHICLE (RV) COMMERCIAL AND PASSENGER VEHICLE (CPV) Central vacuum cleaners Cookerhoods and ventilators Air conditioners Air conditioners Coffee makers Cooktops & sinks Lights Ovens Vents Microwave Awnings Gas detectors Coffee makers Inverte
Slide 13: How we operate
How we operate Factories Supply chain Sales EMEA factories • RV OEM • CPV • Marine APAC factories EDC • RV AM • CPV Third parties (APAC) • Marine • Retail • Lodging Support functions: Finance, IT Marketing 13 16-09-13
Slide 14: Dometic's priorities to drive profitable growth in EMEA
Dometic’s priorities to drive profitable growth in EMEA Growth + Growth Grow Aftermarket Accelerate New Growth Strengthen OEM Margins Business Geographies Strengthened position in growing Eastern Europe – maintain position to Further strengthen position through channels and larger dealers and
Slide 15: Current EMEA momentum
Current EMEA momentum Strong market recovery across geographies and segments Cost and go to market programmes supporting margin conversion Strong growth momentum in AM through comprehensive portfolio of initiatives Strengthened RV competitiveness - improved operational performance and severa
Slide 16: EMEA Operations
EMEA OPERATIONS 16-09-13
Slide 17: Dometic's global operations
Dometic’s global operations OPERATIONS OVERVIEW OVERVIEW OF GLOBAL NETWORK AND PRIMARY LOGISTIC FLOWS 1 22 manufacturing/ assembly plants across Manufacturing China, USA and Europe /assembly Many in close proximity to larger OEM customers 2 Global purchasing (1) function with regional (1) Purc
Slide 18: EMEA operations
EMEA operations MANUFACTURING CLUSTERS < 30 FTE Tidaholm HOT Bassano, Filakovo 50 .. 150 FTE COLD Siegen, Jaszberény W&D Krautheim, Tidaholm > 250 FTE ASSEMBLE TO ORDER Emsdetten CLOSE TO MARKET Siegen CPV Emsdetten (DC) Geluwe Dillenburg Filakovo Awnings Geluwe Safes Girona Krautheim Light Sys Dill
Slide 19: Health & safety EMEA
Health & safety EMEA EMEA EHS Manager Appointed EHS Coordinators for each site EHS Coordination in countries with more than one factory (Germany / Italy) Actual H&S work focusing on machinery safety and ATEX requirements Work related accidents are reported monthly Dometic Health & Safety
Slide 20: Dometic recycling
Dometic recycling Step1 refrigerator recycling: emptying of absorption cooling units Produced under license of Dometic by HERCO Kühltechnik / Germany Operated by certified and audited Refrigerator Recycling plants in Europe e.g. ENVIPROTECT Emsdetten / Germany, close to our EDC < 2 % of re
Slide 21: EMEA - an important part of global Dometic
EMEA - an important part of global Dometic Sales from own companies in Americas • Sales to Americas Sales from own companies in EMEA • Sales to Australia Sales from own companies in APAC 3rd Party purchase 21 16-09-13
Slide 22: Emsdetten – main functions
Emsdetten – main functions Domestic sales Germany - Competence Center EMEA warehousing and covering complete CPV OEM distribution center/hub Aftermarket Engineering & Sales 22 16-09-13
Slide 23: Emsdetten – the transformation to distribution center
Emsdetten – the transformation to distribution center INITIATION TEAM Part of Dometic 278 FTEs in 2007, since 2007 today 279 SALES AM CENTRAL SET UP CHANGES LOGISTICS EUROPE Relocation of AM Operations Our central hub for business from Aftermarket shipments • All production of • Siegen truck aircons
Slide 24: Purchasing Europe
Purchasing Europe SPEND BASE BY PURCHASING SPEND BASE BY RAW MATERIAL PURCHASING ORGANIZATION CATEGORY (Q2 2016 LTM) CATEGORY (Q2 2016 LTM) AT DOMETIC Other Other Steel CFO 14% Electrical 12% Copper 14% 15% 29% 29% 20% Traded Aluminium 19% 28% 33% Products CPO 26% 26% Mechanical 29% 38% Plastic 65%
Slide 25: Krautheim, Germany; Tidaholm, Sweden
Krautheim, Germany W&D – Windows and doors for RV 524 FTEs ISO 9001, 14001 Tidaholm, Sweden W&D – Window panes for RV Sub supplier to Krautheim 140 FTEs ISO 9001, 14001 Example products 25 16-09-13
Slide 26: Bassano, Italy; Filakovo, Slovakia
Bassano, Italy HOT – Kitchen equipment, cookers, sinks, ovens for Marine and RV Sub supplier to Filakovo 93 FTEs ISO 9001 Filakovo, Slovakia HOT – Cookers, sinks & ovens for Marine and RV 242 FTEs ISO 9001, 14001 Example products 26 16-09-13
Slide 27: Forli, Italy; Girona, Spain
Forli, Italy Generators and special ACs for RV AC competence center for EMEA 59 FTEs ISO 9001, 14001 Girona, Spain Safes and door locks 30 FTEs Example products 27 16-09-13
Slide 28: Dillenburg, Germany; Geluwe, Belgium
Dillenburg, Germany Interior light systems for RV 19 FTEs Geluwe, Belgium Awnings for RV 25 FTEs Example products 28 16-09-13
Slide 29: Jaszbereny, Hungary
Jaszbereny, Hungary COLD - Compact fridges, absorption boxes, MiniBars & Cools, free-standing, compressor refrigerators 265 FTEs ISO 9001, 14001 Example products 29 16-09-13
Slide 30: Siegen
Siegen 30 16-09-13
Slide 31: Siegen
Siegen COLD – Refrigerators for RV and high-end MiniBars incl. automatic MiniBars 424 FTEs (364 in factory) ISO 9001, 14001, EMAS Annual production volumes RV refrigerators ~130,000 units Premium, manual and automatic MiniBars ~20,000 units Big freestanding ~3,000 units Example product
Slide 32: Dometic in Siegen
Dometic in Siegen Since 1989 located in Kaan-Marienborn Total area 38,500 m² Built-up area 22,055 m² Production 13,867 m² Storage 4,688 m² Offices and social rooms 3,500 m² 32 16-09-13
Slide 33: More than 10 million units produced
More than 10 million units produced produced on 27.05.2011 RML 9435 RMDT 8555 RMDM 8555 RMF 8500 RMD 8555 RML 8555 RM 8555 33 16-09-13 RM 5310
Slide 34: Dometic service center in Siegen
Dometic service center in Siegen Factory service with special know-how - competence ex factory. Representative and qualified service. Establish a new service point, where customers can check their vehicles on the way to Southern Europe. Another Sales Point with Flagship store to stimulate th
Slide 35: Division RV OEM
DIVISION RV OEM Boe @ Dometic
Slide 36: RV OEM and Dometic
RV OEM and Dometic Part of our heritage Largest division in EMEA Approx. 180 RV OEM customers in EMEA 35% out of the EMEA sales (1606 LTM) 36 16-09-13
Slide 37: Why do people love RV-ing?
Why do people love RV-ing? Keep your shoes on Head room, leg room, living room All family members welcome Keep on talking No lost luggage RV´s give you all the freedom More than just peanuts Because movies weren´t Personal cockpit , Bring along your Land-based tours are getting more made to be seen
Slide 38: Evolution of campers
Evolution of campers 38 16-09-13
Slide 39: EMEA RV market made up of three main categories
EMEA RV market made up of three main categories Motorhomes Caravans Panel Vans Approx. 78,000 registrations 2016 Approx. 75,000 registrations 2016 Approx. 12,000 registrations 2016 39 16-09-13
Slide 40: Typical RV's in Europe
Typical RV’s in Europe Motorhomes Caravan / Towables Avg. lifecycle 13.8 years, ~ 4 – 7 owners Avg. lifecycle 16.9 years, ~ 3 – 5 owners Large Medium Small Large Medium Small Level of fitted High Medium High/Medium Low equipment ~55% of total no. of RV registrations ~45% of total no. of RV registrat
Slide 41: Our offering
Our offering Central vacuum cleaners Cookerhoods and ventilators Air conditioners Coffee makers Cooktops & sinks Lights Ovens Vents Awnings Inverters, transformers, generators & battery chargers Windows & rooflights Ranges Toilets & sanitary additives Cup cooler Furnace Dishwashers Doors Mobile cool
Slide 42: RV product characteristics
RV product characteristics OEM EQUIPMENT PENETRATION RATE Light weight and ”slim design” important criteria for IN THE MARKET* customers and OEMs Customer tailoring important OEM differentiator and Furnaces 85% many close development co-operations with suppliers Water heaters 75% Toilets 90% Kit
Slide 43: RV popularity in Europe by country
RV popularity in Europe by country CARAVANS IN USE PER 10,000 INHABITANTS MOTORHOMES IN USE PER 10,000 INHABITANTS 350 100 90 300 80 250 70 60 200 50 150 40 100 30 20 50 10 0 0 43 16-09-13 Source: CIVD
Slide 44: Market momentum
Market momentum Registrations of new RVs in Europe Jan-Jun 2016 (Source: ECF) Leisure Vehicles Total Country 2015 2016 change % Austria 1,491 1,401 -6.0 Belgium 3,127 3,416 +9.2 Denmark 1,617 1,798 +11.2 Finland 1,027 1,133 +10.3 France 16,505 17,756 +7.6 Germany 31,353 37,103 +18.3 Italy 3,262 3,46
Slide 45: Dometic on board
Dometic on board 45 16-09-13
Slide 46: Dometic kitchen solutions
Dometic kitchen solutions 46 16-09-13
Slide 47: Dometic innovation 2016 – cupboard fridge
Dometic innovation 2016 – cupboard fridge 47 16-09-13
Slide 48: Fridges for any space
Fridges for any space 48 16-09-13
Slide 49: Used RV market
Used RV market Volume: ~ 5,600,000 RVs ~ 1,700,000 motorhomes ~ 3,900,000 caravans 49 16-09-13
Slide 50: Desire of tomorrow's customer
Desire of tomorrow‘s customer Freedom Shorter but more frequent holidays More travelling/exploring than pure camping Connectivity Rental 50 16-09-13
Slide 51: Caravaning is trendy!
Caravaning is trendy! 51 16-09-13
Slide 52: Camp grounds
Camp grounds Around 380m nights expected on a camp grounds in Europe 2016 Around 30m nights expected in Germany 2016 Ongoing positive trend More and more luxury campgrounds ***** Example Germany: 52 16-09-13
Slide 53: Drivers and trends RV OEM
Drivers and trends RV OEM Growth drivers Leisure spending expected to grow / improve Baby boomers Core customer base stable finances “Live your dream” Demographic, non cyclical trends Ageing population Increased RV penetration among younger population General conditions Unemploym
Slide 54: RV OEM below historical levels but strong recovery indications
RVOEM below historical levels but strong recovery indications RV REGISTRATIONS RV registrations (000's) 300 250 30 year avg. 200 registrations p.a.: ~170k 150 100 50 0 1985 1990 1995 2000 2005 2010 LTM 2016 Source: CIVD, ECF, Third party market report 54 16-09-13
Slide 55: Caravan Salon
Caravan Salon 55th anniversary 210,000m² exhibition space (+8%) 590 exhibitors 2,100 different vehicles 130 different caravan and motorhome brands 70,000 night stay´s on the Camp ground at the show More than 200,000 visitors The biggest Caravan Salon ever Biggest show in Europe T
Slide 56: Dometic Booth - Hall 13, A31
Dometic Booth - Hall 13, A31 56 16-09-13
Slide 57: Division CPV OEM
DIVISION CPV OEM HONE @ Dometic
Slide 58: Dometic CPV OEM drives a niche-market strategy
Dometic CPV OEM drives a niche-market strategy Global strategy 8% out of the EMEA sales (1606 LTM) Local presence in automotive key regions Engineering competence center in Emsdetten, Germany Product engineering in China Luxury and premium Automotive segment with niche products Standard
Slide 59: Dometic focus in CPV OEM product niches - EMEA
Dometic focus in CPV OEM product niches - EMEA Specialty Passenge Product Trucks vehicles r vehicles Parking coolers Refrigeration OEM Inverters Rear-view systems 59 16-09-13
Slide 60: Standard time-plan OEM project
Standard time-plan OEM project Pre- RFQ Serial Serial Spare Part Project development SOP development Project launch Supply Service 6-12months 3-9months 12-24months 6-8months 48-72/120months up to 15years 60 16-09-13
Slide 61: Strong EMEA organization supported by overseas team in China
Strong EMEA organization is supported by overseas team in China North America Europe Asia APAC EMEA Americas SALES SALES SALES • Troy, Michigan • Emsdetten, Germany • Shenzhen, China • Goshen, Indiana • Gothenburg, Sweden • Shanghai, China • Beijing, China R&D CENTER R&D CENTER R&D CENTER • Troy, Mi
Slide 62: Compressor refrigerators located in rear seats ski hatch
Compressor refrigerators located in rear seats ski hatch 62 16-09-13
Slide 63: Thermoelectric cup-holders offer heating & cooling functionality
Thermoelectric cup-holders offer heating & cooling functionality 63 16-09-13
Slide 64: Console refrigerator
Console refrigerator 64 16-09-13
Slide 65: Self-contained modules convert DC into AC current
Self-contained modules convert DC into AC current 65 16-09-13
Slide 66: Compressor driven truck refrigerator
Compressor driven truck refrigerator 66 16-09-13
Slide 67: Truck key product offering in EMEA
Truck key product offering in EMEA Climate Food & Beverage Safety 67 16-09-13
Slide 68: Vehicle markets growth for more than six consecutive months
Vehicle markets growth for more than six consecutive months PASSENGER VEHICLE MARKET HEAVY COMMERCIAL TRUCK MARKET (in ‘000 units) (in ‘000 units) 1 701 28 1 605 26 26 1 460 25 1 365 23 23 1 288 22 22 1 274 21 21 1 167 1 110 19 1 061 1 057 17 999 925 January February March April May June January Feb
Slide 69: Market penetration rates of key CPV OEM equipment
Market penetration rates of Key CPV OEM equipment EQUIPMENT PENETRATION RATES (OEM) 2015E Parking cooler 2020E 2015E 3,0% Commercial vehicles EMEA 2020E 4,0% 2015E Low driver availability across geographies Refrigeration 2020E 2015E 27,0% EMEA drives increasing penetration of comfort 2020E 29,0% e
Slide 70: Division Marine OEM
DIVISION MARINE OEM 16-09-13
Slide 71: Marine OEM overview
• Strong and long-lasting leg in the Marine industry • Leading in our segment • HVAC, refrigeration and sanitation main product focus • Leisure boats and larger commercial / workboat segment 7% out of the EMEA sales (1606 LTM) 71 16-09-13
Slide 72: Introduction to the marine market
Introduction to the marine market TYPICAL MARINE VESSELS Category Pleasure boats Work boats Type Inboard / Outboard and Tug boats and Ferries, cargo ships, tankers, container Sailing boats Sterndrive other smaller crew boats vessels and other carriers Motorboats boats, e.g. Typical length inflatable
Slide 73: Marine OEM product portfolio
Marine OEM product portfolio EQUIPMENT FOCUS DIFFERS WITH BOAT TYPE AND LENGTH 10 ft. 25 ft. 50 ft. 75 ft. 100 ft. 125 ft. 150 ft. AC Marine specific ACs Tailored turnkey AC systems Sanitation Marine specific sanitation Standard commercial sanitation systems Refrigeration Marine specific Standard re
Slide 74: Our offering
Our offering HVAC Cookers, sinks, ovens Cup cooler Water heaters Self contained DX water cooled A/C Mobile cooler Engine room ventilation Water purifiers Chilled water system and fan coils Air conditioners Engine room Ventilation Roof top unit air cooled A/C Refrigeration Refrigerators D
Slide 75: Strong EMEA organization supported by overseas team in Pompano, USA
Strong EMEA organization is supported by overseas team in Pompano, USA North America Europe Asia APAC EMEA Americas SALES SALES SALES • Pompano Beach, Florida • Plailly, France • Singapore • New Orleans, Louisiana • Blandford, UK • Milano, Italy R&D CENTER R&D CENTER R&D CENTER • Pompano Beach, Flor
Slide 76: EMEA boat park
EMEA boat park ESTIMATED BOAT PARK >10 year replacement frequency on most of the equipment we offer. 260 000 Marina availability is big issue and hindering 100 000 steady growth. 80 000 Sailing boats are declining while motor boats increasing. 60 000 Charter fleets are growing. 40 000 Mark
Slide 77: Dometic position
Dometic position Continuous growth since 2008 Leading position in HVAC Strong position in refrigeration Well balance sales between the three main sales offices (UK, IT, FR) 77 16-09-13
Slide 78: EMEA Aftermarket
EMEA AFTERMARKET 16-09-13
Slide 79: EMEA Aftermarket (AM) – An introduction
EMEA Aftermarket (AM) – An introduction Aftermarket in our industry defined 50% out of the as sales to end consumers through EMEA sales dealers and retailers (LTM 1606) AM 50% of EMEA sales with a good growth momentum during last years Attractive margins Further growth potential Our AM off
Slide 80: Our AM Market
Our AM Market RV AM CPV AM MARINE AM RETAIL LODGING Main end End consumers across RV owners Active vehicle users Boat owners Hotels, cruiseships etc. customers all the segments Hotel chains and Main Dometic Specialized RV product Dealers, distributors Boat owners Big Box retailers trading companies
Slide 81: Our AM offering – Combination of OEM product and stand alone AM products
Our AM offering – Combination of OEM product and stand alone AM products Marine products RV products CPV products Retail products Lodging products Example products Investments in 4 Installed base Installed base Driver comfort Leisure spending and 5 star hotels Key drivers Replacement R
Slide 82: Broad portfolio of products
Broad portfolio of products UPGRADE AND REPLACEMENT CONSUMABLES, SPARE PARTS AND SERVICES STANDALONE AM PRODUCTS Refrigerators Sanitation chemicals Cooling boxes – Thermoelectric, Toilets Cleaners absorption and compressor Air conditioners Fluids for AC Service stations AC Service st
Slide 83: Cooling boxes most important stand alone product in portfolio
Cooling boxes most important stand alone product in portfolio Passive coolers Active coolers Technology Basic Thermoelectric Absorption Compressor Indicative price SEK 100 – 1,000 SEK 500 – 3,000 SEK 1,000 – 5,000 SEK 2,000 – 10,000 range Volumes(1) 10 – 100L 20 – 40L 20 – 60L 40 – 100L Fridge / Fre
Slide 84: AM Market drivers
AM Market drivers RV, leisure boat and truck Growing installed base fleet and penetration rates Product take rates at initial vehicle/boat sales Vehicle/boat change of ownership cycles Shortened Upgrade investments replacement cycle when change of ownership Product novelties/cool functions
Slide 85: Strong historical growth and clear strategy for future growth
Strong historical growth and clear strategy for future growth STRONG HISTORICAL GROWTH CLEAR STRATEGY FOR FUTURE GROWTH A. Strengthened position in growing channels MSEK and larger dealers and retailers 3 000 2 500 B. Refine Go-to-Market and Territory sales models solely focused on AM 2 000 1 500 C.
Slide 86: A. Strengthened position in growing channels and larger dealers and retailers
A. Strengthened position in growing channels and larger dealers and retailers WHAT WE FOCUS ON • Internet retailers. • Gradually migrate toward 1-step sales (when market dynamics allow). • Strengthening merchandizing capabilities. • Target large dealers and retailers currently less penetrated. 86 16
Slide 87: C. Strengthened product range in large product categories
C. Strengthened product range in large product categories with growth upsides EXAMPLE ON PRODUCT GROUPS WITH ATTRACTIVE GROWTH POTENTIAL MARKET SIZE DOMETIC SHARE WHAT WE FOCUS ON • Product development – “Smart, Cooling boxes ~ SEK 1.8bn 25-30% reliable products with outstanding design” • Systematic
Slide 88: C. Strengthened product range – Example 9series and CAM 35
C. Strengthened product range – Example 9series and CAM 35 9series CAM 35 Modular fridge concept – Good, Better, Best Two price points for OE + AM Easy upselling Push and pull via OE / AM channels Upselling accessories via aftermarket Rack gates Take our drawer Ready for upgrade Vari
Slide 89: D. Efficiency improvements in sales and delivery processes
D. Efficiency improvements in sales and delivery processes for growth, customer satisfaction and margins WHAT WE FOCUS ON • Supply chain excellence from 1. Pro-activity / on time delivery Emsdetten • CRM B2B e-Ordering 2. Agility • Pan European pricing and rebate schemes (performance driven) • Syste
Slide 90: E. Brand and marketing gradually shifted to strengthen position
E. Brand and marketing gradually shifted to strengthen position among end consumers WHAT WE FOCUS ON COOPERATION WITH LEADING CAMPGROUND IN EUROPE • Market/Consumer intelligence • Brand positioning • Visual identity • Digital presence incl. product presentation • Marketing • Product packaging • Co-o
Slide 91: Disclaimer
DISCLAIMER By taking part of this presentation, you acknowledge and agree to the following: THIS PRESENTATION AND ANY OTHER INFORMATION OTHERWISE PROVIDED (THE “PRESENTATION”) IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION. THIS PRESENTATION, WHICH HAS BEEN PREPARED AND IS ISSUED BY DOMETIC GR