Report 52093/1

Study Report

HVAC Overlapping Study

BSRIA Ltd – Worldwide Market IntelligenceJune 2009

0.0

1,000.0

2,000.0

3,000.0

4,000.0

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6,000.0

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8,000.0

2003 2004 2005 2006 2007 2008E 2009F 2010F 2011F 2012F

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Product focus

Air conditioning Heating RenewablesVRF Condensing wall hung gas boilers Ground/ water to waterRooftops Non-condensing wall hung gas boilers Air to water –split systemsIndoor packaged Floor standing atmospheric gas boilers Exhaust air/ water (combined with heat recovery)US ducted Oil/gas pressure jet boilers Air to water – cylinder-integrated water heater Chillers Solid fuel boilers Solar thermal flat plate collectorsFan coils Radiators Solar thermal vacuum tubesMoveables Towel rails Heat recoveryWindows Electric storage water heaters Micro-CHPAHU Electric instantaneous water heaters BiomassMinisplits Gas storage water heatersChilled ceilings Gas instantaneous water heaters

Cylinders

Products included in the market data, trends and forecasts

Products included in the individual company sales data

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Profiles - Manufacturers

AristonHeating specialist

Italy

BaxiHeating specialist

UK

Bosch ThermotechnikHeating specialist

Germany

DaikinAC specialistJapan/Europe

DanfossComponents specialist

Denmark

CIATAC specialist

France

De Dietrich RemehaHeating specialist

Netherlands & France

FerroliHeating specialist

Italy

RielloHeating specialist

Italy

FujitsuAC specialistJapan/Europe

HitachiAC specialistJapan/Europe

JCIHVAC & R

USA

LGAC specialistKorea/Europe

Mitsubishi ElectricAC specialistJapan/Europe

MHIAC specialistJapan/Europe

SanyoAC specialistJapan/Europe

Toshiba CarrierAC specialist

USA/Japan/Europe

VaillantHeating specialist

Germany

ViessmannHeating specialist

Germany

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Profiles - Distributors

CambielliCentro GammaDeltaEuropa 2000IdroteamIdrotrade

Italy

CealcoGrupo HDFSalvator EscodaThisaAlmagrupo

Spain

Dean & WoodGrahamPlumbase/PlumblinePTS PlumbingWolseley

UK

AlgorelBrossetteComafrancD&CDSCRexelSonepar

France

GC GroupFrigotechnikHAGROReiss Kälte-KlimaGmbH & CoRichter + Frenzel

Germany

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Contents

Part I – Market trends (34 slides)Part II – Market impacts (14 slides)Part III – Supplier analysis (108 slides)Part IV – Distributor analysis (56 slides)Part V – What next? (43 slides)

Profiles:Manufacturers – 19 groups (~ 30 slides per profile)HVAC distributors – 26 companies (~10-15 slides per profile)

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How big is the market in the 5 countries – by volume? (2008)

HEATING

AIR CONDITIONING

RENEWABLES

10.8 Munits

2.8 M units

Domestic boilers4.4 M units

Commercial boilers

0.09 M units

Heat pumps0.2 M units

Minisplits >5kW1.2 M units

VRF0.07 M units

Minisplits < 5kW1.5 M units

Water heaters6.3 M units

Solar thermal3.17 M sq.m.579,700 systems

0.6 M units/systems

7Report 52093/1

Total market size in 2008 by product,€ million

Market size for Germany, UK, Spain, France, Italy, 2008

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Domesticboilers

Commercialboilers

Waterheaters

Minisplits<5kW

Minisplits>5kW

VRFs Heat pumps Solarthermal

8Report 52093/1

Key 5 countries - Market trends and forecast heat pumps, by volume (‘000 units), 2003-2012

0

50

100

150

200

250

300

2003 2004 2005 2006 2007 2008E 2009F 2010F 2011F 2012F

Water to waterAir to waterExhaust air

Forces in the AC market – Industry competitionGermanyIndustry Competition- The number of split suppliers, especially in the VRF sector has increased in the last few years.- There are especially additional Chinese companies, which try to get in the market, but the problem is the distribution- Single splits are weather dependent and therefore it can happen that there is a high price competition (DIY) if the weather is bad and a lot of units are on stock.- No production of splits in Germany.- As in former years we have in Germany market segments with very low prices (e.g. DIY stores, Elektrofachmärkte), low prices (Stulz with Haier), and with high prices (e.g. Stulz with MHI, Daikin).- Pre and after sales services are important in Germany, but also product guarantees (e.g. Panasonic 5 years, Daikin 3 years).- Germany is a relatively small split market with many suppliers. The consequence is a strong competition in the market, especially in the tender process.- Products with energy label have increasing importance (energy prices!).

ItalyIndustry Competition- Increased competition due to market downturn in both commercial and residential markets- Easing competitive pressure from new entrants from China in the residential market- Increasing bargaining power of wholesalers and retailers- Consumers more educated to air conditioning product and therefore increasingly demanding- Economic crisis affecting sales- Competitors moving towards commercial market which is less dramatically affected by sales drop- Retail market crash hits Chinese products severely

SpainIndustry Competition- Mature market regarding splits, VRF has market to expand over all in the mini and maxi versions eroding the lower and mid power ranges of chillers.- A large number of companies involved in the minisplit market.- Large size of stock levels, allow a smooth distribution.- Post service and maintenance has become task forces by key players.- High discount levels offered in current environment.

UKIndustry Competition-Partnerships for training between manufactures and distributors-Heating companies e.g. Vaillant and Viessman entering minisplits market thorough OEM agreements with Midea-Heavy discounting expected especially for VRF, as there will be limited amount of projects.-Downturn in market may see less established brands pull out of UK market-The internet will have limited impact on AC as it is engineered

FranceIndustry Competition- Hands on distribution for air conditioning and heating systems- Heat pumps sold through air conditioning and heating distribution networks- Availability of stock and widespread regional presence as a key to success- Mix of distribution routes, but higher control of network via own branches

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Supply market overview – the strategic groups

DanfossJCI

AristonFerroliRiello

BaxiDe Dietrich

Bosch TVaillantViessmann

CIATLGDaikinMitsubishi Electric

FujitsuHitachiMHISanyoToshiba Carrier

OthersOther Europe Heating

German Heating

Europe ACOther Asia ACJapanese AC

This type of distinction will be used in all the presentation, with the same colour code

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Details of overlaps in HVAC and Renewables

Overlap in markets, by value, Europe, 2008, € million*1

AC doing HeatingDaikin

Heating doing ACAristonBoschFerroliRielloVaillant

AC doing Renewables*2

CIATDaikinHitachiMitsubishi EToshiba/CarrierSanyo

Heating Doing Renewables*3

AristonBaxiBoschDanfossDeDietrichFerroli

*1 based on all products and countries relevant for the purpose of this study Riello*2 excluding PV and heat recovery sales Vaillant*3 excluding PV and heat recovery sales Viessmann

€ 497.6 million

€ 137.0 million

€ 69.8 million

€ 33.6 million

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Market share of the 19 groups by country of origin, %

France Heating2%

USA Controls2% Korea AC

3%

Denmark Components0%

Japan AC40%

Germany Heating31%

Italy Heating12%

France AC4%

UK Heating6%

Sum of Total

Country of originSector of origin

Clear leadership of Japan AC and Germany Heating groups

Market share in France of the

manufacturers in heating, cooling andrenewables market,

Euro M(1)

0% 5% 10% 15% 20% 25% 30%

Ariston

Baxi

BT

CIAT

Daikin

Danfoss

Ferroli

Fujitsu

Hitachi

JCI

RenewablesHeatingAir Conditioning

Market share in France of the

manufacturers in heating, cooling andrenewables market,

Euro M(2)

0% 5% 10% 15% 20% 25% 30%

LG

MHI

MitsubishiElectric

De DietrichRemeha

Riello

Sanyo

Toshiba Carrier

Vaillant

Viessmann

RenewablesHeatingAir Conditioning

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Strengths and weaknesses –HEATING

AristonGermany

France

UK

Italy

Spain

Domestic boilers

Commercial boilers

Water heaters

Baxi

Germany

France

UK

Italy

Spain

Domestic boilers

Commercial boilers

Water heaters

Vaillant

Germany

France

UK

Italy

Spain

Domestic boilers

Commercial boilers

Water heaters

Bosch ThermotechnikGermany

France

UK

Italy

Spain

Domestic boilers

Commercial boilers

Water heaters

Tier one

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The suppliers viewed by distributors - Riello

Riello

“Very good technical support / post sale

service”“Large range of

productsIs becoming strong in

renewables”

“Very good at winning public sector bids in Italy”

“Riello brand via dedicated agents only, competitor for

wholesalers

Beretta products via wholesalers”

“Expected to reduce in the French market”

Opinions expressed during interviews with up to 27 leading distributors in Germany, France, UK, Italy, Spain

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Strengths of Mitsubishi Electric

Very strong position in residential and commercial markets

World wide VRF market leader along Daikin

Strong position in the air to water heat pumps

Expanding its share upon the renewables& heating markets, overall in Europe

Strong focus on the CO2 emissions reduction

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The distribution routes in Germany - AC

Distribution for single and multisplits, % of volume

more seldom

Importer/Distributor e.g. Kaut (Sanyo), Stulz

(MHI, Haier), Krone (Delchi), W. Meier

(Fujitsu), Novatherm (Midea, Season), MTF

(Samsung)

Specialized AC Wholesaler Schiessl,

Frigotechnik, Reiss, Fischer, Vogelsang

National sales offices of manufacturer

e.g. Daikin, ME, LG, Carrier, Hitachi

Manufacturer of Heating SystemsVaillant, Stiebel

Eltron, Viessmann

Retailer DIY e.g. Praktiker, OBI, Hagebau,

Promarkt, Toom, Mediamarkt,

Saturn

Contractors AC and S+H wholesale electrician refrigeration (GC Group) JCI installer S+H installer

end user

Manufacturer single & multi splits

Daikin, Airwell, MHI, ME, Hitachi, LG, Carrier, Toshiba, Sanyo, Samsung,

etc

<10% 45 -50% about 5% <=10% 30-35%

The distribution routes in France - heating

Distribution for domesticboilers, % of volume

Installers8%

Retailers10%

Wholesalers82%

Wholesalers (incl. builder merchants)

76%

Installers5%

Retailers (incl. DIY)

19%

Distribution for radiators, % of volume

Retailers (incl. DIY)

5%

Direct supply (house

builders…)8%

Installers9%

Wholesalers (incl. builder merchants)

78%

Distribution for underfloor heating, % of volume

Wholesalers68%

Installers25%

Direct sale7%

Distribution for commercialboilers, % of volume

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The strategy of distributors in France

Turnover 2008 : 3.4 billion €Turnover HVAC: 290 million €

Aims:Renewables (including air-conditioning sales) = +35% per annumHeating sales stable = +1.8%Heat pumps supplied as a heating solution, focus on water to water and air to water productsSole distributor of Viessmann brand in France

Strengths:Product range: ** Strength in renewables: ****

Descours et Cabaud

Strategy

Renewables1.7%

Sanitaryware2.8%

Total turnover92.1%

Heating3.0%

HVAC7.9%

Air Conditioning

0.4%

EU Legislation Timeline

All new building are zero energy

Eco-design of Boiler and Water Heater

Zero energy target on existing buildings

Financial instrument for energy efficiency

Common calculation methodology for energy performance; definition of net zero building

RES Directive

Building regulations include min. renewable energy level

Eco-design of Room Heating, Hot Air Central Heating, Solid Fuel Heater.

SPF calculation of heat pump

National target of energy from renewable sources

EPBDESD

dfe 2008 2009 2010 2012 2013 20142011 2015 2016 2017 2018 2019 2020

Energy saving targetEco-design

of Air Conditioner

National RAP

Eco-design of motor and circulator agreed

National min. energy performance requirements

EPBD 2 fully implemented

National EEAP

•Red = agreed

•Blue = predicted

22Report 52093/1

Value-Scenario based on products covered by this study- plus Heat Recovery, Micro CHP, Gas Heat Pumps, Gas Fuel Cells - Optimistic Scenario

0%

20%

40%

60%

80%

100%

2008 2010 2012 2014 2016 2018 2020

Heat Recovery Ventilation

Gas Powered Alternatives

VRFs

Minisplits

Solar thermal

Heat pumps

Water heaters

Commercial boilers

Domestic boilers

23Report 52093/1

Dwindling margin potential

IMPORTANCE

Crucial

High

Medium

URGENCYLow Medium High

Key Challenges for Renewable Suppliers in Europe

Changing energy mix of utilities

New market entrants (e.g. Heating and AC suppliers)

Growing threat of product commodization

Still depending on subsidies

Uncertainty about future subsidies

Rising raw material prices

Rising technical requirements for subsidies

Competition from low carbon energy efficient gas technologies

(micro-chp, fuel cells)

Growing legislative pressure for energyefficiency

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Products/technologiesdue to be launched

Zero Energy Houses Natural Gas Fuel Cells

Heat & Energy Storage SystemsSmart MeteringSolar Cooling

Gas Heat PumpsCO2 Heat PumpsCO2 Mini-SplitsCO2 VRFs

Micro-CHP

System

Integration

BSRIA EU HVAC Vision by 2020

Example of profile from Overlapping study

Bosch company profile

Bosch Thermotechnik Production Plants

Source: Bosch Thermotechnik GmbH

Bosch Thermotechnik Distribution Reach

Source: Bosch Thermotechnik GmbH

Bosch Group Key Figures

Bosch Group 2005 2006 2007Total Sales Revenue 41,461 43,684 46,320 Sales Revenue by Business SectorAutomotive Technology 26,313 27,220 28,449 Industrial Technology 5,187 5,452 5,967 Consumer Goods and Building Technology 9,961 11,012 11,732 Employees 250,975 261,291 271,265 located in Germany 109,575 110,480 112,300 located outside Germany 141,400 150,811 158,965 CAPEX 2,932 2,670 2,634 R & D Expenditure 3,073 3,348 3,583 Profit before Tax 3,178 3,081 3,801 Profit after Tax 2,450 2,170 2,850

Currency figures in millions of euros

Source: Bosch Group

41,46143,684

46,320

3,178 3,081 3,801

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2005 2006 2007

Sales EBIT

Bosch group development

EUROPEAN BOILERS - Development of Bosch Thermotechnology Group

1932

1988

1992

2004

1996

1999

2003

1967

1997

2003 2004

2002

2004

2005

2007

2008

BOSCH Germany Est. 1886

Robert Bosch GmbH

BO

SCH

TH

ERM

OTE

CN

OLO

GY

BO

SCH

TH

ERM

OTE

CH

NO

LOG

Y (B

T)

Junkers & Co. Germany Est. 1895

Vulcano (Portugal)

Engineering (UK) Worcester

Heat Systems (UK)Delgo Appliances

(UK)

Geminox (France)

e.l.m Le blanc (France)

Elbo (Turkey)

Dakon (Czech Rep.)

Buderus (Germany) Est. 1771

BU

DER

US

HEI

ZTEC

HN

IK G

MB

H

Sieger Heizsysteme(Germany)

Solar Diamant (Germany) Solar thermal

Nefit Fasto (Netherlands)

Gas Abs. Heat Pumps

Boutler Boilers (UK)

Ersol (GermAny) solar PV

IVT (Sweden) Heat pumps

CEC (USA)

FHP (USA) Heat pumps

Bosch Thermotechnik Key Figures

Bosch Thermotechnology GmbH 2005 2006 2007Total Sales Revenue 2,635 2,831 2,798 of which in Germany 975 1,022 870 of which international 1,660 1,809 1,928 Employees 12,640 12,876 13,101 of which in Germany 5,688 5,683 5,618 of which international 6,952 7,193 7,483 CAPEX n.a. 39 49 R & D Expenditure 65 72 83

Currency figures in millions of euros

Source: Bosch Thermotechnik GmbH

2,6352,831 2,798

1,6601,809 1,928

975 1,022870

-

500

1,000

1,500

2,000

2,500

3,000

2005 2006 2007

Sales International Germany

Bosch Thermotechnik Sales by Region

Source: Bosch Thermotechnik GmbH

0%10%20%30%40%50%60%70%

German

y

Europe

America

sAsia

/Afric

a/Aus

tralia

2005

2006

2007

Bosch Thermotechnik Sales by Products

Source: Bosch Thermotechnik GmbH

0%

5%

10%

15%

20%

25%

30%

35%

Conve

ntion

al

Conde

nsing

Renew

able

Hot W

ater

Others

200520062007

Bosch AC global product sales, € million, 2008

Total: €3.4M

AHU €2.9M

Moveables €0.5M

Bosch Heating global product sales,€ million, 2008

Total: €1199.2M

Towel rails €2.0MElectric storage water heaters

€29.1M

Solid fuel boilers €44.3M

Radiators €58.8MElectric

instantaneous water heaters

€21.2M

Gas storage water heaters €2.2M

Gas instantaneous water heaters

€161.7M

Condensing wall hung gas boilers

€421.7M

Oil/gas pressure jet boilers €154.1M

Floor standing atmospheric gas boilers €71.5M

Non-condensing wall hung gas

boilers €232.8M

Bosch Renewables global sales, € million, 2008

Total: €190.6M

Exhaust air/ water (combined with heat recovery)

€27.6M

Solar thermal flat plate collectors

€26.2M

Solar thermal vacuum tubes

€0.6M

Ground/ water to water €95.3M

Air to water – split systems €40.8M

Global turnover by region, value, 2008Asia0.3%

Americas2%

Europe98%

European turnover AC products, € million, 2008

Total: €3.4M

AHU €2.9M

Moveables €0.5M

European turnover Heating products, € million, 2008

Total: €1,130.4M

Condensing wall hung gas boilers

€421.6M

Solid fuel boilers €44.3M

Towel rails €2.0MElectric storage water heaters

€29.1M

Gas storage water heaters €2.2M

Non-condensing wall hung gas

boilers €215.9M

Electric instantaneous water

heaters €17.8M

Gas instantaneous water heaters

€120.5M Radiators €58.0M

Oil/gas pressure jet boilers €149.1M

Floor standing atmospheric gas boilers €70.1M

European turnover Renewables products, € million, 2008

Total: €188.8M

Air to water –split systems €40.8M

Ground/ water to water €93.5M

Solar thermal vacuum tubes

€0.6M Solar thermal flat plate collectors

€26.2M

Exhaust air/ water (combined with heat recovery)

€27.6M

Global market shares, by value

AC (all)

VRF

Minisplits

Heat pumps

Traditional heating

0-5%

0%

0%

0-5%

0-5%

0% 100%

Market shares – Europe, by value

AC (all)

VRF

Minisplits

Heat pumps

Traditional heating

0-5%

0%

0%

5-10%

5-10%

0% 100%

Market shares - Germany

AC (all)

VRF

Minisplits

Heat pumps

Traditional heating

0-5%

0%

0%

10-15%

20-25%

0% 100%

Market shares - UK

AC (all)

VRF

Minisplits

Heat pumps

Traditional heating

0%

0%

0%

20-25%

20-25%

0% 100%

Market shares - France

AC (all)

VRF

Minisplits

Heat pumps

Traditional heating

0-5%

0%

0%

0%

10-15%

0% 100%

Market shares - Italy

AC (all)

VRF

Minisplits

Heat pumps

Traditional heating

0-5%

0%

0%

0%

5-10%

0% 100%

Market shares - Spain

AC (all)

VRF

Minisplits

Heat pumps

Traditional heating

0-5%

0%

0%

0%

15-20%

0% 100%

Strength in the AC market

Sales of AC products in Europe are negligible

Germany

France

UK

ItalySpain

VRF

Minisplits

Strength in the Heating market

Bosch is historically very strong in the traditional heating business

Germany

France

UK

Italy

Spain

Domestic boilers

Commercial boilers

Water heaters

Strength in the Renewables market

Bosch holds a strong share in the large German market, and also in the UK where total market is much smaller

Germany

Italy

Spain

FranceUK

Heat pumps

Solar thermal

Bosch Thermotechnik – strengths & weaknessesStrengths

Complete range of conventional space and hot water heating productsRelated products: Electric heat pumps; solar thermal collectors; heat recovery systems, biomass boilers, micro-chp, photovoltaic, electric boilers, radiators,ufh Core Markets: Germany; UK; France: Netherlands; New EU members; Significant presence in other Western European, Eastern & Central European markets.Bosch brand name widely recognised by consumers;Buderus brand well established in many marketsManufacture spread across several countries, including those with low labour costs.Profitable group with a taste for acquisitions

WeaknessesLimited presence in the important Italian marketVery large group with difficulties of integration/ co-ordination. “Legacy” technology / production facilities, particularly in Germany.Danger of over-segmentationBrand cannibalisation amongst different brands competing against each other in the same market segmentExpensive marketing due to separate market cultivationSuboptimal use of human and financial resources

Distribution Worldwide

Bosch Boilers are mostly manufactured in-house at several European manufacturing plants and offered under diffferent labels across the company (except for some small biomass boilers being sourced OEMfrom Austria and the Czech Republic).Electric heat pumps and exhaust air heat recovery systems are mostly manufactured by IVT in Sweden and offered under various Bosch brands, while Buderus also source OEM products from Glen Dimplex. FHP products are mostly for the US market.Solar thermal collectors are manufactured in Germany and Portugal by Bosch Solarthermie GmbH (formerly known as Solar Diamant Systemtechnik GmbH) and offered under various other Bosch Brands.Gas Water Heaters are mostly manufactured Germany, Turkey, Portugal and China and offered under various other brands under the Bosch umbrella.PV collectors are currently still being sourced by Centrotec, but are expected to be sourced by ersol Solar Energy AG, after its recent acquisition by the Bosch Group.

Joint venture in Germany

BSH Bosch Siemens Hausgeräte GmbH is a joint venture between Robert Bosch GmbH Stuttgart and Siemens AG Munich set up in 1967. The firm is a multinational group currently posting annual sales in excess of Euro 8.8 billion and 39,000 employees. Six regional brands underpin the company image and high market shares in the respective home countries (Bosch Siemens, Balay, Lynx, Profilo, Pitsos and Continental).

BSHG sells household appliances like washing machines, cookers, etc, and movables (which used to be produced in Spain) mostly via wholesalers and retailers. The firm’s headquarters is located in Munich. For moveables BSHG was one of the major players on the German market.

Distribution in Europe

Bosch Thermotechnik with its broad multi-brand portfolio applies a multi-channel distribution strategy, to achieve maximum-coverage of target groups and maximum market penetration.Major Bosch heating brands include: Junkers; Buderus; Sieger; IVT; FHP; Worcester; Elm Leblanc; Nefit; Vulcano; Elbo; Dakon; Geminox; Boulter. Major production locations are in Germany, France, the Netherlands, UK, Sweden, USA, Belgium, Portugal, Czech Republic, Turkey and China (all heating / water heating products).The Bosch Group is also present in air conditioning via its Buderus and IVT brands (splits) and also via the Bosch Siemens Hausgeraete Joint Venture (moveables).

Distribution in GermanyAs for heating and water heating products (including solar thermal and heat pumps), Junkers and Sieger products are predominately sold via hvac wholesalers in Germany.

Buderus on the other hand has its own dedicated distribution network, which is also used as a channel for other BoschThermotechnik heating products, but also offers non Bosch complementary products such as circulation pumps, pipes, fittings, and heat exchangers.

For moveables BSH was the market leader in 2006 in Germany. In 2007 they closed the production of moveables in Spain and sold out their products during 2008.

In 2009 BSH will be no longer in the market of moveables.

Distribution in the UK

In the UK Bosch is mostly present in the heating and hot water market via the Bosch Worcester brand and the Buderus brand, which work separately and collaboratively.

While Bosch Worcester is predominately selling its domestic product range via an established wholesaler network and gas utilities (e.g. British Gas), Buderus tends to target commercial project specifiers and contractors directly (but is also selling via wholesalers).Bosch Siemens Hausgeräte GmbH is present in the UK via the BSH Home Appliances Ltd. , but was hardly active in the field ofair conditioning.

Distribution in France

In France Bosch is represented by three heating and hot water product brands, including Elm Leblanc, Geminox and Buderus, which again operate on separate positioning strategies that are targeted to complement each other.

All three brands are predominately sold via wholesalers to specifiers and installers, with Buderus being targetet at the premium and large-scale boiler and renewables market, Elm Leblanc towards smaller domestic boilers, and Geminox towards the medium-scale segment up to 200kw.Bosch Siemens Hausgeräte GmbH is present in France via BSH Electroménager, which used to have a medium market share position in the French moveables market via its Bosch and Siemens brands.

Distribution in Italy

In Italy Bosch is represented by three heating and hot water product brands, including Buderus, Geminox and Junkers, which aim at different target groups.

All three brands are predominately sold via agents and wholesalers to specifiers and installers, with Buderus being targetet at the premium and large-scale boiler segment, Junkers towards the medium-scale segment and Elm Leblanc towards smaller domestic boilers.Bosch Siemens Hausgeräte GmbH is present in Italy via BSHElettrodomestici S.p.A., which was hardly active in the Italian moveables market.

Distribution in Spain

In Spain Bosch Thermotechnik is represented by its Buderus and Junkers brands for heating and hot water products.

The two brands are predominately sold via wholesalers to specifiers and installers, with Buderus being targetet at the premium and large-scale boiler segment (also being sold directly to installers) and Junkers towards the small and medium-scale segment.Bosch Siemens Hausgeräte GmbH is present in Spain via BSHElectrodomésticos España S.A., which has closed its production plant near Pamplona and completely pulled out of the Spanish AC market in 2008.

Company news and product development

Expected to launch gas driven heat pump within the next 2 yearsMicro-CHP joint venture with MTS, Enatec and RinnaiNew investments into its solar thermal business (BoschSolarthermie GmbH) to increase manufacturing output to 350,000 collectors p.a. in its German and Portuguese production plants.Plans to further invest €530 million into its photovoltaic business (ersol Solar Energy AG) to triple manufacturing output and create 1100 new jobs in Germany.Plans to enlarge and invest into its UK Worcester plant and to create 1000 new jobsPlans to take over the commercial boiler manufacturer Loos International to strengthen business with commercial steam and hot water boilers.