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TABLE OF CONTENTS


1.       European Banknote Industry

1.1.     Life Cycle

1.2.     Banknote Printing

1.2.1.   Security Printing

2.       Euro Currency Performance

2.1.     Production of EU Banknotes and Coins

2.1.1.   by Volume & Value

2.1.2.   Euro Coins by Volume

2.2.     Circulation of EU Banknotes and Coins

2.2.1.   Euro Banknotes by Value and Volume

2.2.2.   Euro Coins by Value and Volume

3.       EU Banknote Industry Developments and Opportunities

Issuance of New GBP 50 Notes in England

Second Generation of Euro Notes

Development of New Security Features

Concern of Brand Owners and Growing Demand for Security Inks

Rising Immigrants to Europe

Popularity of Euro Notes in International Markets

Polymer Banknotes Demand

4.       EU Banknote Industry Issues

Threat of Counterfeit for Euro

UK to Withdraw 500 Euro Notes from Circulation

Impact over the Demand for Money

5.       Growth Drivers

5.1.     Gross Domestic Product

5.2.     Inflation

5.3.     Europe Population

6.       Industry Players
6.1.     Competitive Landscape

6.2.     DE LA RUE PLC

6.2.1.   Business overview

6.2.2.   Recent Updates

6.3.     Giesecke & Devrient GmbH

6.3.1.   Business overview

6.3.2.   Recent Updates

6.4.     Oberthur Technologies

6.4.1.   Business Overview

6.4.2.   Recent Updates

7.       Appendix

7.1.     Abbreviations

7.2.     Research Methodology

Data Collection Methods

Approach

7.3.     Disclaimer
LIST OF FIGURES


Figure 1: Stages of Banknote Production
Figure 2: Euro Banknotes Production by Volume 2006-2010
Figure 3: Euro Banknotes Production by Value 2006-2010
Figure 4: Euro banknotes in Circulation by Volume 2006-2010
Figure 5: Euro banknotes in Circulation by Value 2006-2010
Figure 6: Euro Coin Growth with Change in Euro-Area GDP, in Percentage, 2006 - 2Q’2011
Figure 7: Counterfeit Euro Banknotes by Denominations in Percentage, 2010
Figure 8: Europe GDP at Current Prices 2006-2010
Figure 9: Number of Employees in Europe, 2010 and 2011
Figure 10: De la Rue Plc Revenues by Geography in Percentage, 2010
Figure 11: Oberthur Technologies Revenues by Geography in Percentage, 2010



LIST OF TABLES


Table 1 : Total Number of Euro Banknotes Produced by Denominations in Million, 2010 7

Table 2: Allocation of Production of Euro banknotes by Denominations in 2011E

Table 4: Euro banknotes by Denominations in Circulation by Volume (2009-2011 Aug)

Table 5: Change in Euro Coin Monthly Growth in Percentage, 2006-2011

Table 6: EU Immigrants Population Distribution by Countries in 2010

Table 7: Seized Coins from Circulation, 2006-2010

Table 8: EU GDP Growth and Growth in Euro Cash in Circulation in Percentage, 2006-2010

Table 9: EU Population by Countries in Thousand, 2010

Table 10: Major Industry Players

Table 11: Industry Codes
Table 12: Number of M&A and Divestitures, 1986 to 2011

Table 13: Industry Codes

Table 14: Number of M&A and Divestitures, 2000 - 2011

Table 15: Number of M&A and Divestitures, 2000 - 2011
EUROPEAN BANKNOTE INDUSTRY


Euro cash in circulation is continuously increasing even outside Euro Zone and reflecting a
rapid growth compared to GDP. Another trend which has been noticed in recent years is the
increased popularity of Euro 100 and Euro 50 notes is rising. Increase in cash circulation is
the impact of rising inflation and even low confidence over banks after 2008 credit crisis.



PRODUCTION OF EU BANKNOTES AND COINS


BY VOLUME & VALUE


                                               In 2010, demand for banknotes to be
 In 2010, European central bank produced       produced was low comparative to the
 7.15 billion of Euro banknotes, with a value
                                               previous year. European central bank
 of EUR 264.90 billion
                                               produced ~ billion of Euro banknotes, with a
                                               value of EUR ~ billion. There was a fall in
                                               number of EUR 20 and EUR 50 notes
produced in 2010 comparative to previous year. To support Euro notes demand, more Eastern
European countries entered into the euro area.
Table: Total Number of Euro Banknotes Produced by Denominations in Million, 2010

Denominations                  Quantity (Millions of Banknotes)   NCB Commissioning Production

€5

€10

€20

€50

€100

€200

€500

TOTAL
Figure: Euro Banknotes Production by Volume 2006-2010


               Qty in Millions




                                 2006            2007          2008         2009            2010




Figure: Euro Banknotes Production by Value 2006-2010
EUR Millions




                                  2006             2007        2008         2009            2010


Once again number of banknotes to be produced in 2011 is expected to be low from 2010
level. ECB has allotted 6,017.90 million notes to be produced during the year, at value of
EUR ~ million.

Table: Allocation of Production of Euro banknotes by Denominations in 2011E

                                                                Value       (Euro   NCBs       commissioning
                                         Quantity (millions)    millions)           production

€5
€10

€20

€50

€100

€200

€500

TOTAL




EURO COINS BY VOLUME



Member States are accountable for the production of Euro coins. 1, 2 and 5 cent coins
accounted for more than 80% of the production. Production cost of these coins is higher than
the income generated and the face value, therefore ECB is planning to make some
amendments in the production process of Euro coins keeping cost benefit analysis into
consideration. At the end of 2009, around 84.30 billion Euro coins were in circulation
accounting for value of EUR ~ billion.



CIRCULATION OF EU BANKNOTES AND COINS


EURO BANKNOTES BY VALUE AND VOLUME


By volume, there were ~ billion Euro notes in circulation, with an increase of 3.87%
compared to ~ billion in 2009. Despite the economic slowdown in recent past, the Euro in
                                            circulation in terms of value continued to
 Euro 50 and Euro 100 notes grew at high    increase. In terms of growth rate, Euro 50 and
 rates of 6.75% and 5.37% respectively,
                                            Euro 100 notes grew at high rates of 6.75% and
 whereas Euro 200 notes showed low
 growth from previous year                  5.37% respectively, whereas Euro 200 notes
                                            showed low growth from previous year.
At the end of 2008, the number of euro banknotes in circulation stood at ~ billion, total worth
of EUR ~ billion. This represented an increase of 8.30% in terms of volume and 12.70% in
terms of value as compared with 2007 results.
Figure: Euro banknotes in Circulation by Volume 2006-2010
 Qty in Millions




                           2006          2007          2008         2009          2010




Table: Euro banknotes by Denominations in Circulation by Volume (2009-2011 Aug)


                   Total     EUR 500   EUR 200   EUR 100   EUR 50   EUR 20   EUR 10      EUR 5

2009

2010

Q4’
2010

Q1’
2011


Q2’2011

June
2011

July
2011

Aug
2011
Figure: Euro banknotes in Circulation by Value 2006-2010
Euro Millions




                  2006             2007         2008            2009        2010




Table 5: Euro Banknotes by Denominations in Circulation by Value 2009-Aug 2011

                Total    EUR 500   EUR 200   EUR 100   EUR 50     EUR 20   EUR 10   EUR 5

2009

2010

Q4’
2010

Q1’
2011

Q2’
2011

June
2011

July
2011

Aug
2011

In the second half of 2010, euro currency inflow was higher than the outflows, while there
was a stable performance prior to the period. During 2010, a reduction in banknote demand
outside Euro area has been witnessed.
EURO COINS BY VALUE AND VOLUME



Euro coins in circulation have increased in 2010 from previous year by 6.20% reaching ~
billion in terms of volume while its total value grew 4.50% to reach EUR ~ billion.

Figure: Euro Coin Growth with Change in Euro-Area GDP, in Percentage, 2006 -
2Q’2011

                                           Euro Coin Growth %             GDP Growth Rate %

2006

2007

2008

2009

2010

Q2’2011




RISING IMMIGRANTS TO EUROPE

EU experienced an impressive growth in number of immigrant population after the Second
World War. Migrants from different parts of the world accounted for a significant percentage
of the EU population growth. After 2004, EU experienced a dramatic growth in its member
states population due to rise in net migration and this trend continued till mid 2008, adding
1.80 million every year. Unfortunately, poor economic conditions lowered the percentage of
immigration to EU at the end of 2008 and continued to fall even in 2011. At present, EU
states are facing a shortfall in skilled workers due to a fall in number of immigrants to EU.

Table: EU Immigrants Population Distribution by Countries in 2010

                Total Foreign-born        Born in other EU state        Born in a non EU
Country                     (‘000s)   %                  (‘000s)   %         state (‘000s)   %

EU 27

Germany

France

United
Kingdom

Spain

Italy
Netherlands

Greece

Sweden

Austria

Belgium
(2007)

Portugal

Denmark




EU BANKNOTE INDUSTRY ISSUES


THREAT OF COUNTERFEIT FOR EURO


The increasing number of replication in euro banknotes has become a major issue and forced
issuing authorities to enhance security features and to make it difficult to copy. Recently
                                               results have showcased a small percentage
                                               drop in total number of counterfeit euro notes.
 The total counterfeited euro notes
                                               At the end of 2010, there were ~ counterfeit
 declined by 11.70% in the 1H’2010 as
 compared to 1H’2009                           euro notes were found (according to the
                                               National analysis centre); though counterfeit
                                               notes account for a very low percentage of
total euro banknotes in circulation.
Figure: Counterfeit Euro Banknotes by Denominations in Percentage, 2010


                                                                           Euro 500

                                                                           Euro 200

                                                                           Euro 100

                                                                           Euro 50

                                                                           Euro 20

                                                                           Euro 10

                                                                           Euro 5
There has been a rise in the number of counterfeit euro coins in 2010. Around 7.50% false
euro coins were recorded in the total coin circulation during the mentioned period.

Table: Seized Coins from Circulation, 2006-2010

                          50-cent            1-euro             2-euro           Total

2010

2009

2008

2007

2006
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European Banknote Industry - Prospects for Printing and Paper Manufacturing

  • 1.
  • 2. TABLE OF CONTENTS 1. European Banknote Industry 1.1. Life Cycle 1.2. Banknote Printing 1.2.1. Security Printing 2. Euro Currency Performance 2.1. Production of EU Banknotes and Coins 2.1.1. by Volume & Value 2.1.2. Euro Coins by Volume 2.2. Circulation of EU Banknotes and Coins 2.2.1. Euro Banknotes by Value and Volume 2.2.2. Euro Coins by Value and Volume 3. EU Banknote Industry Developments and Opportunities Issuance of New GBP 50 Notes in England Second Generation of Euro Notes Development of New Security Features Concern of Brand Owners and Growing Demand for Security Inks Rising Immigrants to Europe Popularity of Euro Notes in International Markets Polymer Banknotes Demand 4. EU Banknote Industry Issues Threat of Counterfeit for Euro UK to Withdraw 500 Euro Notes from Circulation Impact over the Demand for Money 5. Growth Drivers 5.1. Gross Domestic Product 5.2. Inflation 5.3. Europe Population 6. Industry Players
  • 3. 6.1. Competitive Landscape 6.2. DE LA RUE PLC 6.2.1. Business overview 6.2.2. Recent Updates 6.3. Giesecke & Devrient GmbH 6.3.1. Business overview 6.3.2. Recent Updates 6.4. Oberthur Technologies 6.4.1. Business Overview 6.4.2. Recent Updates 7. Appendix 7.1. Abbreviations 7.2. Research Methodology Data Collection Methods Approach 7.3. Disclaimer
  • 4. LIST OF FIGURES Figure 1: Stages of Banknote Production Figure 2: Euro Banknotes Production by Volume 2006-2010 Figure 3: Euro Banknotes Production by Value 2006-2010 Figure 4: Euro banknotes in Circulation by Volume 2006-2010 Figure 5: Euro banknotes in Circulation by Value 2006-2010 Figure 6: Euro Coin Growth with Change in Euro-Area GDP, in Percentage, 2006 - 2Q’2011 Figure 7: Counterfeit Euro Banknotes by Denominations in Percentage, 2010 Figure 8: Europe GDP at Current Prices 2006-2010 Figure 9: Number of Employees in Europe, 2010 and 2011 Figure 10: De la Rue Plc Revenues by Geography in Percentage, 2010 Figure 11: Oberthur Technologies Revenues by Geography in Percentage, 2010 LIST OF TABLES Table 1 : Total Number of Euro Banknotes Produced by Denominations in Million, 2010 7 Table 2: Allocation of Production of Euro banknotes by Denominations in 2011E Table 4: Euro banknotes by Denominations in Circulation by Volume (2009-2011 Aug) Table 5: Change in Euro Coin Monthly Growth in Percentage, 2006-2011 Table 6: EU Immigrants Population Distribution by Countries in 2010 Table 7: Seized Coins from Circulation, 2006-2010 Table 8: EU GDP Growth and Growth in Euro Cash in Circulation in Percentage, 2006-2010 Table 9: EU Population by Countries in Thousand, 2010 Table 10: Major Industry Players Table 11: Industry Codes
  • 5. Table 12: Number of M&A and Divestitures, 1986 to 2011 Table 13: Industry Codes Table 14: Number of M&A and Divestitures, 2000 - 2011 Table 15: Number of M&A and Divestitures, 2000 - 2011
  • 6. EUROPEAN BANKNOTE INDUSTRY Euro cash in circulation is continuously increasing even outside Euro Zone and reflecting a rapid growth compared to GDP. Another trend which has been noticed in recent years is the increased popularity of Euro 100 and Euro 50 notes is rising. Increase in cash circulation is the impact of rising inflation and even low confidence over banks after 2008 credit crisis. PRODUCTION OF EU BANKNOTES AND COINS BY VOLUME & VALUE In 2010, demand for banknotes to be In 2010, European central bank produced produced was low comparative to the 7.15 billion of Euro banknotes, with a value previous year. European central bank of EUR 264.90 billion produced ~ billion of Euro banknotes, with a value of EUR ~ billion. There was a fall in number of EUR 20 and EUR 50 notes produced in 2010 comparative to previous year. To support Euro notes demand, more Eastern European countries entered into the euro area. Table: Total Number of Euro Banknotes Produced by Denominations in Million, 2010 Denominations Quantity (Millions of Banknotes) NCB Commissioning Production €5 €10 €20 €50 €100 €200 €500 TOTAL
  • 7. Figure: Euro Banknotes Production by Volume 2006-2010 Qty in Millions 2006 2007 2008 2009 2010 Figure: Euro Banknotes Production by Value 2006-2010 EUR Millions 2006 2007 2008 2009 2010 Once again number of banknotes to be produced in 2011 is expected to be low from 2010 level. ECB has allotted 6,017.90 million notes to be produced during the year, at value of EUR ~ million. Table: Allocation of Production of Euro banknotes by Denominations in 2011E Value (Euro NCBs commissioning Quantity (millions) millions) production €5
  • 8. €10 €20 €50 €100 €200 €500 TOTAL EURO COINS BY VOLUME Member States are accountable for the production of Euro coins. 1, 2 and 5 cent coins accounted for more than 80% of the production. Production cost of these coins is higher than the income generated and the face value, therefore ECB is planning to make some amendments in the production process of Euro coins keeping cost benefit analysis into consideration. At the end of 2009, around 84.30 billion Euro coins were in circulation accounting for value of EUR ~ billion. CIRCULATION OF EU BANKNOTES AND COINS EURO BANKNOTES BY VALUE AND VOLUME By volume, there were ~ billion Euro notes in circulation, with an increase of 3.87% compared to ~ billion in 2009. Despite the economic slowdown in recent past, the Euro in circulation in terms of value continued to Euro 50 and Euro 100 notes grew at high increase. In terms of growth rate, Euro 50 and rates of 6.75% and 5.37% respectively, Euro 100 notes grew at high rates of 6.75% and whereas Euro 200 notes showed low growth from previous year 5.37% respectively, whereas Euro 200 notes showed low growth from previous year. At the end of 2008, the number of euro banknotes in circulation stood at ~ billion, total worth of EUR ~ billion. This represented an increase of 8.30% in terms of volume and 12.70% in terms of value as compared with 2007 results.
  • 9. Figure: Euro banknotes in Circulation by Volume 2006-2010 Qty in Millions 2006 2007 2008 2009 2010 Table: Euro banknotes by Denominations in Circulation by Volume (2009-2011 Aug) Total EUR 500 EUR 200 EUR 100 EUR 50 EUR 20 EUR 10 EUR 5 2009 2010 Q4’ 2010 Q1’ 2011 Q2’2011 June 2011 July 2011 Aug 2011
  • 10. Figure: Euro banknotes in Circulation by Value 2006-2010 Euro Millions 2006 2007 2008 2009 2010 Table 5: Euro Banknotes by Denominations in Circulation by Value 2009-Aug 2011 Total EUR 500 EUR 200 EUR 100 EUR 50 EUR 20 EUR 10 EUR 5 2009 2010 Q4’ 2010 Q1’ 2011 Q2’ 2011 June 2011 July 2011 Aug 2011 In the second half of 2010, euro currency inflow was higher than the outflows, while there was a stable performance prior to the period. During 2010, a reduction in banknote demand outside Euro area has been witnessed.
  • 11. EURO COINS BY VALUE AND VOLUME Euro coins in circulation have increased in 2010 from previous year by 6.20% reaching ~ billion in terms of volume while its total value grew 4.50% to reach EUR ~ billion. Figure: Euro Coin Growth with Change in Euro-Area GDP, in Percentage, 2006 - 2Q’2011 Euro Coin Growth % GDP Growth Rate % 2006 2007 2008 2009 2010 Q2’2011 RISING IMMIGRANTS TO EUROPE EU experienced an impressive growth in number of immigrant population after the Second World War. Migrants from different parts of the world accounted for a significant percentage of the EU population growth. After 2004, EU experienced a dramatic growth in its member states population due to rise in net migration and this trend continued till mid 2008, adding 1.80 million every year. Unfortunately, poor economic conditions lowered the percentage of immigration to EU at the end of 2008 and continued to fall even in 2011. At present, EU states are facing a shortfall in skilled workers due to a fall in number of immigrants to EU. Table: EU Immigrants Population Distribution by Countries in 2010 Total Foreign-born Born in other EU state Born in a non EU Country (‘000s) % (‘000s) % state (‘000s) % EU 27 Germany France United Kingdom Spain Italy
  • 12. Netherlands Greece Sweden Austria Belgium (2007) Portugal Denmark EU BANKNOTE INDUSTRY ISSUES THREAT OF COUNTERFEIT FOR EURO The increasing number of replication in euro banknotes has become a major issue and forced issuing authorities to enhance security features and to make it difficult to copy. Recently results have showcased a small percentage drop in total number of counterfeit euro notes. The total counterfeited euro notes At the end of 2010, there were ~ counterfeit declined by 11.70% in the 1H’2010 as compared to 1H’2009 euro notes were found (according to the National analysis centre); though counterfeit notes account for a very low percentage of total euro banknotes in circulation. Figure: Counterfeit Euro Banknotes by Denominations in Percentage, 2010 Euro 500 Euro 200 Euro 100 Euro 50 Euro 20 Euro 10 Euro 5
  • 13. There has been a rise in the number of counterfeit euro coins in 2010. Around 7.50% false euro coins were recorded in the total coin circulation during the mentioned period. Table: Seized Coins from Circulation, 2006-2010 50-cent 1-euro 2-euro Total 2010 2009 2008 2007 2006
  • 14. DISCLAIMER The research reports provided by AM Mindpower Solutions are for the personal information of the authorized recipient and is not for public distribution and should not be reproduced or redistributed without prior permission. You are permitted to print or download extracts from this material for your personal use only. None of this material may be used for any commercial or public use. The information provided in the research documents is from publicly available data and other sources, which are reliable. Efforts are made to try and ensure accuracy of data. With respect to documents available, neither the company nor any of its employees makes any warranty, express or implied, including the warranties of merchantability and fitness for a particular purpose, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed, or represents that its use will not infringe privately owned rights. The report also includes analysis and views expressed by our research team. The research reports are purely for information purposes. The opinions expressed are our current opinions as of the date appearing in the material and may be subject to change from time to time without notice. Investors should not solely rely on the information contained in the research documents and must make investment decisions based on their own investment objectives, risk profile and financial position. The recipients of this material should take their own professional advice before acting on this information. A M Mindpower Solutions will not accept returns of reports once dispatched due to the confidentiality of information provided in our reports. In case, a report qualify for return, we will issue a credit, minus shipping charges, of equal value to the original purchase price, toward a future purchase—no refunds. The decision about whether the product return can be accepted or not is solely at our discretion. Any dispute will be subject to laws of India and exclusive jurisdiction of Indian Courts. No part of this manual or any material appearing may be reproduced, stored in or transmitted on any other Web site without written permission of AM Mindpower Solutions and any payments of a specified fee. Requests to republish any material may be sent to us