DB GEM Conference Deutsche Bank GEM Conference September, 2005
Jan 20, 2015
DB GEM Conference
Deutsche Bank GEM Conference September, 2005
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DISCLAIMER: FORWARD-LOOKING STATEMENTS
This presentation contains forward-looking statements. Such statements are not statements ofhistorical facts, and reflect the beliefs and expectations of Iochpe-Maxion’s management. The word “anticipates”, “expects”, “estimates”, “intends”, “forecasts”, “plans”, “predicts”, “projects”, “targets” and similar words are intended to identify these statements. Although Iochpe-Maxion believes that expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to Iochpe-Maxion’s management, Iochpe-Maxion cannot guarantee future results or events.
Iochpe-Maxion undertakes no obligation to update publicly or revise any forward-looking statements because of new information, future events or other facts.
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IOCHPE – MAXION: BASICS
• Plants located in São Paulo and Minas Gerais States
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SHAREHOLDER COMPOSITION: JUN-05
Issued Shares after reverse split (*)
Common 18,428,597 34.62%Preferred 34,803,707 65.38%
Total 53,232,304 100.00%
Iochpe FamilyVoting 75.6%Non-voting 0.5%Total 26.5%
Iochpe-Maxion S.A.
Iochpe-Maxion
BNDES ParticipaçõesVoting 21.8%Non-voting 62.2%Total 48.2%
OtherVoting 2.6%Non-voting 37.3%Total 25.3%
Shareholder Agreement
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CORPORATE STRUCTURE: JUN-05
Wheels andChassis Division
(3,116 Employees)
AutomotiveComp. Division
(864 Employees)
Maxion SistemasAutomotivos S.A.
Maxion ComponentesEstruturais Ltda.
Amsted Maxion Fund. eEquip. Ferroviários S.A.
(4,425 Employees)
Iochpe-Maxion S.A.(14 Employees)
Consolidated =6,207 Employees
6.2%
AmstedIndustries
50%
50%
99.99%
93.7%
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CONSOLIDATED NET SALES BREAKDOWN (%)
29%
14%
57%
1H05 – R$ 750 MM 1H04 – R$ 482 MM
36%
7%
57%
Amsted Maxion (*) Amsted
Maxion (*)Wheels and Chassis Division
Autom.Comp. Division
Autom.Comp. Division
Wheels and Chassis Division
(*) Consolidated figures consider 50% of the net sales of Amsted-Maxion
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WHEELS AND CHASSIS DIVISION (*)
57% (*) Division of
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WHEELS AND CHASSIS DIVISION : BASICS
• Conformation of flat steel
• Focused on the commercial vehicles segment (trucks, buses, pickups and agricultural machinery)
• Continuous capex resulting in an unique manufacturing facility in the South American market
• Local leadership
• Export base (13% of sales)
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WHEELS AND CHASSIS DIVISION
SiderailsStamped Parts
Chassis
StructuralParts
Heavy Medium Light
Chassis - 55% of the Division’s Net Sales
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WHEELS AND CHASSIS DIVISION
Wheels for Vehicles - 45% of the Division’s Net Sales
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BRAZILIAN AUTOMOTIVE INDUSTRY (THOUSAND UNITS)
1H05 1H04 Var%
Pickups 170.5 140.9 21%
Trucks 58.5 50.2 17%
Buses 18.3 13.7 33%
AgriculturalMachinery 29.2 33.5 (13%)
1H05 1H04 Var%
67.7 46.8 45%
15.2 11.9 27%
8.9 4.8 83%
17.1 14.8 16%
Output Exports
Source: Anfavea
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BRAZILIAN FLEET – 2004
Fleet Size
(In thousand units)
Pickups 3,088
Trucks 1,169
Buses 258
Source: Sindipeças
Average Fleet Age
(In years)
Pickups 8.6
Trucks 12.0
Buses 9.9
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∆% = 49%
WHEELS AND CHASSIS DIVISION (R$ MM)
174208 241
397
626
785
145218
270
429
0
250
500
750
1000Net Sales
CAGR = 40% a.a.
2000 2001 2002 2003 2004 2Q04 2Q052Q05 LTM 1H04 1H05
∆% = 59%
CAGR = Compund Annual Growth Rate / LTM = last 12 months
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WHEELS AND CHASSIS DIVISION
Chassis – 1H05
69%
26%5%
Maxion
Dana
OEM
30%
24%
9%
6%6%3%11%
11%
Other
DaimlerChrysler
Volks-wagen General
Motors
Exports
Ford
Scania
Dana
Market Share (%) Customer Base (%)
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WHEELS AND CHASSIS DIVISION
Wheels – 1H05
63%
7%
30%
Maxion
Hayes
Other
23%
21%10%
9%
8%5%11%
13%
Other
Tractors
Exports
Volks-wagen
Volvo
After-Market
Scania
DaimlerChrysler
Market Share (%) Customer Base (%)
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WHEELS AND CHASSIS DIVISION
Chassis – New Contracts : R$ 73 MM per yearProduct / Customer Country Starting Date Saler per year
R$ MMLight/Medium Stamped Parts - DaimlerChrysler Brazil Sept.05 21.6
Chassis - Volkswagen Brazil Oct.05 17.8
Siderails and Stamped Parts - AM General U.S.A. Jan.06 12.0
Stamped Parts - ArvinMeritor Brazil May.05 9.6
Siderails - DaimlerChrysler Brazil Dec.05 7.0
Medium Stamped Parts - DaimlerChrysler Brazil Aug.04 3.1
Chassis - Scania Brazil Feb.05 0.7
Medium Stamped Parts - Peugeot Citroen Brazil Oct.04 0.4
Stamped Parts - DaimlerChrysler Germany May.05 0.4
Medium Stamped Parts - Volkswagen Brazil May.05 0.4
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WHEELS AND CHASSIS DIVISION
Wheels – New Contracts: R$ 29.8 MM per yearCustomer Country Starting Date Saler per year
R$ MMNyanza / Sarl El Jaouda / ECTC / Region 4 / Somaa / Oumnia / Cacomiaf / Maxprest / Royal Vulcanising / Barakat / MIS-Salhya
Africa Nov.04 / Apr.05 15.7
Radial LLantas / Sultana / Servillantas / Ruedas y Ejes / Dina Camiones
Mexico May.05 / Jul.05 3.7
John Deere Brazil Mar.06 3.2GKN / Accuride U.S.A. Jan.05 2.8Petromaster / Skuba Russia / Lithuania Jan.05 1.4Al Khateb / Ahmed Khalfan / Alkha Teeb& Sons
Middle East Jan.05 / May.05
1.3
Continental Germany / Morroco Jun.05 0.9Nordex / Wilar Technic Uruguay / Peru Jan.05 0.8
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AMSTED MAXION
36%
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30%
AMSTED MAXION : BASICS
• Integrated freight car operation: castings and car assembly
• Capex + technology resulting in an unique manufacturing facility and designcapabilities
• Steel castings
- Transformation of steel scrap- Focused on the railway equipment and industrial businesses- Local leadership- Export base
• Freight car assembly
- Assembly of components and castings- Local leadership
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AMSTED MAXION : MAIN PRODUCTS
RAILWAYWHEELS
RAILWAYFREIGHT CARS
BOOGIES
30%
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BRAZILIAN RAIL EQUIPMENT MARKET – SALES
30%
2Q05 2Q04 ∆% 1H05 1H04 ∆% Freight Railcars(units) 1,897 1,563 21% 3,272 2,616 25%
Railway Wheels (thousand units) 14.1 10.3 37% 23.1 16.8 38%
Railway Castings(thousand tons) 1.6 1.2 37% 2.7 2.0 34%
Source: Amsted-Maxion
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30%
BRAZILIAN RAILWAY TRANSPORTATION
254 260 260289 302 301
331351
55 58
0
100
200
300
400
500Million of tons
97 04
CAGR% = 4.7%
030201009998Source: ANTF / Revista Ferroviária
∆% = 6.2%
04 05Jan - Feb
CAGR = Compound Annual Growth Rate
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BRAZILIAN RAILWAY TRANSPORTATION
30% Ore69%
Steel8%
Grain8%
Other15%
Goods - 2004Other
2%
CVRD60%
MRS28%
ALL6%
Brasil Ferrov.
4%
Company - 2004
Source: ANTF
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BRAZILIAN RAILWAY TRANSPORTATION
Cargo Transportation Matrix
% by type - 2003
% Railway Cargo Transportation
Railway Road Waterway
Russia 81% 08% 11%
India 50% 50% 00%
Canada 46% 43% 11%
Australia 43% 53% 04%
USA 43% 32% 25%
Brazil 24% 62% 14%
21%24%
0%
10%
20%
30%
20031997
Source: ANTF
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BRAZILIAN FREIGHT RAILCARS FLEET (units)
Jun/05 Jun/04 ∆ units ∆ %
CVRD / FCA 37,843 32,372 5,471 17%
MRS 13,441 12,490 951 8%
ALL 12,730 11,805 925 8%
Brasil Ferrovias 10,506 10,162 344 3%
Other 2,292 2,266 26 1%
76,812 69,095 7,717 11%
Source: Revista Ferroviária
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AMSTED MAXION – 1H05
Market Share (%) Customer Base (%)
30%
54%24%
8%14%
Other
CVRD Exports
ALL
Freight Railcars 80%
Railway Wheels 20%
Railway Castings 80%
Industrial Castings 45%
Source: Amsted-Maxion
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122 110 120
328
646
915
165
308 274
544
0
200
400
600
800
1000
1200
∆% = 87%
AMSTED MAXION (R$ MM)
Net Sales (*)
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CAGR = 57% a.a.
2000 2001 2002 2003 2004 2Q04 2Q05
(*) Amsted-Maxion’s net sales. Consolidated figures consider 50% of Amsted-Maxion’s salesCAGR = Compound Annual Growth Rate / LTM = last 12 months
2Q05LTM
1H04 1H05
∆% = 98%
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AMSTED MAXION
Spot Orders 2005/2006 – Railcars – R$ 1.28 Billion (*)
CVRD / FCA – 6,032Brasil Ferrovias – 247MRC (Mitsui / Bunge / ALL) – 350CVG Ferrominera Orinoco – 225Comilog – 126CBG Compagnie des Bauxites de Guinee – 22MRS – 716Total – 7,718 units
30%
Deliveries (units)
Delivered jan-jun 2005 2,909To deliver jul-dec 2005 3,508Total 2005 6,417
Total 2006 1,301
(*) Amsted-Maxion’s net sales. Consolidated figures consider 50% of Amsted-Maxion’s sales
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AMSTED MAXION
Recurring Orders : R$ 242.6 MM per year (*)
ASF-Amsted (USA) – railway castings – R$ 145.3 MM
Caterpillar (Brazil and USA) – tractor parts – R$ 81.4 MM
Metso (France) – industrial castings – R$ 4.8 MM
Truck OEMs (Brazil) – fifth-wheel – R$ 4.8 MM
Komatsu / CNH (USA and Italy) – industrial castings – R$ 6.3 MM
(*) Amsted-Maxion’s net sales. Consolidated figures consider 50% of Amsted-Maxion’s sales
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C o n s o l i d a t e dSecond Quarter 2005
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EXPORTS (%)
37%
12%
51%
Chassis
RailwayEquipment
Wheels
Imports 1H05 - US$ 6.3MM / R$ 17.4MM (*)(*) Includes US$ 1.6MM / R$ 4.2MM of machinery and equipment
Exports – US$ 46.1MM / R$ 126.2 MM – 1H05 (US$ 19.6MM / R$ 58.8MM – 1H04)
Segment (%) Destination (%)
42%
10%
26%
12%1%7%
2%
Africa/M. East
USA
Canada
Asia/Oceania
SouthAmerica
Europe
Mexico
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624
374 411
676
1,099
1,365
482
750
0
250
500
750
1000
1250
1500
1750
NET SALES – CONSOLIDATED (R$ MM)
Net Sales
CAGR = 45% a.a.
2000 2001 2002 2003 2004 2Q05LTM 1H04 1H05
∆% = 56%
End of
Divestiture
Phase
CAGR = Compound Annual Growth Rate / LTM = last 12 months
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GROSS PROFIT
116
80 87
137
228
273
100
145
19%21% 21% 20% 21% 20% 21%
19%
0
50
100
150
200
250
300
10%
20%
30%
40%
50%
% sales
2000 2001 2002 2003 2004 2Q05 LTM 1H04 1H05
R$ MM
(*) 2002 results includes change in accounting for profit sharing, amounting to R$ 3.8 MM
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EBIT
46
2736
58
127
155
56
84
7% 7% 9% 9%12% 11% 12% 11%
0
40
80
120
160
0%
10%
20%
30%
40%
50%
R$ MM % sales
2000 2001 2002 2003 2004 2Q05 LTM 1H04 1H05
(*) 2002 results includes change in accounting for profit sharing, amounting to R$ 3.8 MM
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FINANCIAL EXPENSES, NET
56
41
54
3833
2723
189%
11%13%
6%3% 2%
5%2%
0
20
40
60
80
0%
5%
10%
15%
20%
25%
30%
35%
40%
R$ MM % sales
2000 2001 2002 2003 2004 2Q05 LTM 1H04 1H05
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OPERATIONAL RESULT AFTER FINANCIAL EXPENSES
-10 -14 -18
19
94
128
33
66
-4% -4%
3%
9% 9%7%
9%
-2%
-40
-20
0
20
40
60
80
100
120
140
-10%
-5%
0%
5%
10%
15%
R$ MM % sales
2000 2001 2002 2003 2004 2Q05 LTM 1H04 1H05
(*) 2002 results includes change in accounting for profit sharing, amounting to R$ 3.8 MM
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EBITDA
% salesR$ MM
89
5869
89
156
182
71
97
14% 16% 17%13% 14% 13%
15%13%
0
20
40
60
80
100
120
140
160
180
200
0%
10%
20%
30%
40%
50%
2000 2001 2002 2003 2004 2Q05 LTM 1H04 1H05
(*) 2002 results includes change in accounting for profit sharing, amounting to R$ 3.8 MM
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NET BANK DEBT
195
65
106115
102
150
176
2,2
1,11,5
1,3
0,6
1,31,0
0
50
100
150
200
250
0
1
2
3
4
5
2001 2002 2003 2004 2Q05 LTM
R$ MM x EBITDA
2Q04 LTM2000
LTM = last 12 months
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INCOME STATEMENT - CONSOLIDATED (R$ Mil)
2,005 % net sales 2,004 % net sales Var 05/04 %Net Sales 749,759 100.0% 482,094 100.0% 55.5%
Gross profit 145,095 19.4% 100,160 20.8% 44.9%
Operating expenses (61,401) -8.2% (44,402) -9.2% 38.3%
Earnings before interest and taxes 83,694 11.2% 55,758 11.6% 50.1%
Net financial expenses (17,666) -2.4% (23,247) -4.8% -24.0%
Earnings after net financial expenses 66,028 8.8% 32,511 6.7% 103.1%
Non-operational result (10,047) -1.3% (4,312) -0.9% 133.0%
Earnings befores income taxes and minority interest 55,981 7.5% 28,199 5.8% 98.5%
Income taxes and minority interest (24,084) -3.2% (13,881) -2.9% 73.5%
Net income 31,897 4.3% 14,318 3.0% 122.8%
EBITDA 96,691 12.9% 70,962 14.7% 36.3%
First Half
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IOCHPE-MAXION: STOCK PERFORMANCE
0.9
23.9
3.2 2.7 2.84.2 4.2
3.2
22.3
6.7
15.2
10.0
5.8
3.3
6.7 7.0
4.1 3.8
6.26.3
16.0 15.9 15.5
13.6
4.04.9 4.7
4.0 4.0 3.9 4.1
5.56.8
8.7 8.5
9.6
12.4
14.114.2
16.3
-
5
10
15
20
25
30
Dec-03
Jan-04
Feb-04
Mar-04
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
-
5.0
10.0
15.0
20.0VOLUME / MONTHLY AVERAGE PRICE
IOCHPE-MAXION PN (MYPK4)
R$ MM R$ / SHARE
PRICE VOLUME
(*) adjusted for reverse split
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IOCHPE – MAXION: GOVERNANCE AND CAPITAL MARKETS
– Public company since 1984 / ADR Level I since 1994– Board with 2 independent members and no executive officer member
– Audit Board (“Conselho Fiscal”) with 1 representative of the non-controlling shareholders
– Dividend payout – 37% of net income and an additional 10% for non-voting shares
2004 Result / Paid in April 2005 : R$ 16.1 MM / Yield – 2.3% (12.31.2004)
– Reverse Split
Approved at a Shareholder Meeting of March 21, 2005
Proportion - 50:1
Price quote by unit and standard quantity of one hundred shares since April 25, 2005
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A d d i t i o n a l I n f o r m a t i o nSecond Quarter 2005
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AUTOMOTIVE COMPONENTS DIVISION (*)
7%
(*) Division of
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AUTOMOTIVE COMPONENTS DIVISION: BASICS
• Light stamping
• Assembly of parts
• Focused on passenger cars
• Local leadership in main products
• Strong trend for globalization
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AUTOMOTIVE COMPONENTS DIVISION: MAIN PRODUCTS
HANDBRAKELEVERS
PEDALSETS
JACKS
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AUTOMOTIVE INDUSTRY (THOUSAND UNITS)
Output Exports
2Q05 2Q04 Var%
503.4 428.6 17%
2Q05 2Q04 Var%
171.9 118.9 45%
1H05 1H04 Var%
954.8 834.0 15%
1H05 1H04 Var%
303.1 215.2 41%
Passenger Cars
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AUTOMOTIVE COMPONENTS DIVISION (R$ MM)
∆% = (26%)
99 94 98114
150131
34 26
6850
0
50
100
150
200 Net Sales
CAGR = 6% a.a.
2000 2001 2002 2003 2004 2Q04 2Q052Q05LTM 1H04 1H05
∆% = (28%)
CAGR = Compund Annual Growth Rate / LTM = last 12 months
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AUTOMOTIVE COMPONENTS DIVISION
Market Share (%) Customer Base (%)
24%
24%
13%
8%11%
20%
Other
Volks-wagen
GeneralMotors
Ford
Fiat
Brose
Hand break lever 43%
Pedal set 25%
Jack 21%
Latch 9%
knob / Key / Cylinder 8%
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AUTOMOTIVE COMPONENTS DIVISION
New Contracts: R$ 9.2 MM per year
Model - Customer Product Starting Date
Sales per year R$ MM
FLP - Fiat Lock / Reinforcement Jun.06 4.4New Cabin - VW Knobs set Nov.05 1.6310 - Fiat Hinges Dec.06 1.2Fox Euro - VW Jacks / Door Locks Jun.05 1.1Idea - Fiat Hinges Aug.05 0.4Uno - Fiat Bracket Jan.06 0.3Pickup FLP - Fiat Hinges Jun.06 0.2
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B e n c h m a r k2º Tri 2005
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BENCHMARK – GROSS PROFIT (% NET SALES)
LearSuperior
Dana
MarcopoloTenneco
Federal Mogul
Gentex
Borg WarnerCummins
Iochpe-MaxionNippon Denso
Accuride
EatonStoneridge
Strattec
TitanAutoliv
Johnson ControlsDura
TRW AutoValeo
American Axle
ArvinMeritorFaurecia
0% 10% 20% 30% 40%
2Q04 2Q05
Average = 14.8%
Source: Companies releases2005 First Half of each company, except for Nippon Denso with first quarter results, Strattec with 12 monthsresult and ArvinMeritor / Johnson Controls with 9 months results.
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BENCHMARK – EBIT ( % NET SALES )
StrattecIochpe-Maxion
Titan
Nippon Denso
Stoneridge
Tenneco
American Axle
GentexAccuride
Eaton
AutolivCummins
Borg Warner
DuraTRW Auto
FaureciaMarcopolo
SuperiorJohnson Controls
DanaFederal MogulValeo
ArvinMeritorLear
0% 10% 20% 30%
2Q04 2Q05
Average= 6.7%
Source: Companies releases2005 First Half of each company, except for Nippon Denso with first quarter results, Strattec with 12 monthsresult and ArvinMeritor / Johnson Controls with 9 months results.
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BENCHMARK – EBITDA ( % NET SALES )
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Cummins
Autoliv
Titan
Strattec
Tenneco
Accuride
Iochpe-Maxion
Borg Warner
TRW Auto
American Axle
Federal Mogul
Valeo
Faurecia
Dura
Dana
Marcopolo
Johnson Controls
ArvinMeritor
Lear
0% 10% 20% 30%
2Q04 2Q05
Average - 9.2%
Source: Companies releases2005 First Half of each company, except for Nippon Denso with first quarter results, Strattec with 12 monthsresult and ArvinMeritor / Johnson Controls with 9 months results.
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B a n k D e b tSecond Quarter 2005
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NET DEBT BREAKDOWN – CONSOLIDATED – JUN05 (R$ MM)
LINES SHORT TERM
LONG TERM TOTAL
Trade Finance / Export 23.4 18.2 41.6Equipment Financing 23.6 67.5 91.1
Buyers - Local 73.4 73.4120.4 85.7 206.1
(-) Cash and Marketable Securities 30.5 30.5
Net Debt 89.9 85.7 175.6
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DEBT INDEXATION – CONSOLIDATED – JUN05 (%)
IGPM(inflation rate)
42%
36%
2% 20%
CDI(interbank)
Dollar
TJLP(BNDES
rate)
AVERAGE COST (1H05)
In R$ - 84% CDI
In US$ - 5.6% a.a.
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FOREIGN CURRENCY EXPOSURE – JUN05 (US$ MM)
Balance Sheet
Assets denominated in foreign currency. Marketable Securities / Investments 3.9. Accounts Receivable 19.7
23.6
Liabilities denominated in foreign currency. Bank debt (19.2). Accounts Payable (7.6)
(26.8)
Net Position (3.2)
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B a l a n c e S h e e tSecond Quarter 2005
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INCOME STATEMENT – CONSOLIDATED (R$ MM)
2,005 % net sales 2,004 % net sales Var 05/04 %Net Sales 397,180 100.0% 269,222 100.0% 47.5%
Gross profit 73,598 18.5% 61,483 22.8% 19.7%
Operating expenses (31,154) -7.8% (23,975) -8.9% 29.9%
Earnings before interest and taxes 42,444 10.7% 37,508 13.9% 13.2%
Net financial expenses (8,966) -2.3% (14,650) -5.4% -38.8%
Earnings after net financial expenses 33,478 8.4% 22,858 8.5% 46.5%
Non-operational result (4,763) -1.2% (2,678) -1.0% 77.9%
Earnings befores income taxes and minority interest 28,715 7.2% 20,180 7.5% 42.3%
Income taxes and minority interest (11,933) -3.0% (7,956) -3.0% 50.0%
Net income 16,782 4.2% 12,224 4.5% 37.3%
EBITDA 49,031 12.3% 45,130 16.8% 8.6%
Second Quarter
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BALANCE SHEET – CONSOLIDATED (R$ THOUSAND)
ASSET Jun/05 Jun/04 LIABILITY AND STOCKHOLDERS' EQUITY Jun/05 Jun/04
CURRENT CURRENT Cash and marketable securities 30,567 29,266 Loans and local bonds 120,427 111,256 Account receivables 193,015 103,006 Account payables 92,676 52,263 Inventory 182,150 120,839 Prepayment 67,478 11,635 Recoverable taxes 30,754 21,566 Wages, labor charges and other 32,054 24,698 Other 17,754 15,813 Taxes payable 25,624 11,799
454,240 290,490 Accruals, miscelaneous 15,676 15,355 Other 29,198 14,299
383,133 241,305
LONG TERM LONG TERM Account receivables 4,021 4,458 Loans and local bonds 85,713 67,580 Deferred taxes 40,090 42,959 Accruals, miscelaneous 39,082 28,186 Other 36,192 13,934 Other 18,608 16,227
80,303 61,351 143,403 111,993
MINORITY INTEREST 191 117
PERMANENT STOCKHOLDERS' EQUITY Investments 210 6,806 Paid in capital 161,463 161,463 Property, plant and equipment 206,675 147,066 Profit reserve 24,770 Deferred 3,429 13,555 Retained profit 31,897 4,390
210,314 167,427 218,130 165,853
TOTAL ASSET 744,857 519,268 TOTAL LIABILITY AND STOCKHOLDERS' EQUITY 744,857 519,268
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H i s t o r i c a l M a r k e t D a t a
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Automotive Industry – Brazilian Output
0
500
1000
1500
2000
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2Q05
LTM
Cars
LTM = last 12 months
DB GEM Conference
63
Automotive Industry – Brazilian Output
0
50
100
150
200
250
300
350
400
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2Q05
LTM
Pickups
LTM = last 12 months
DB GEM Conference
64
Automotive Industry – Brazilian Output
0
20
40
60
80
100
120
140
160
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2Q05
LTM
Trucks Buses
LTM = last 12 months
DB GEM Conference
65
Automotive Industry – Brazilian Output
0
10
20
30
40
50
60
70
80
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2Q05
LTM
Agricultural Machinery
LTM = last 12 months
DB GEM Conference
66Units
Brazilian Railway Equipment Industry
0
1000
2000
3000
4000
5000
6000
7000
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2Q05
LTM
Freight Cars
LTM = last 12 months
DB GEM Conference
Brazilian Railway Equipment Industry
Units
0
10000
20000
30000
40000
50000
60000
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2Q05
LTM
Railroad Wheels
Does not include wheels used in the assembly of new freight cars
67
LTM = last 12 months
DB GEM Conference
Brazilian Railway Equipment Industry
Tons
0500
10001500200025003000350040004500
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2Q05
LTM
Railroad Castings
68
Does not include wheels used in the assembly of new freight carsLTM = last 12 months