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1st Quarter 2004 Presentation

1st Quarter 2004 Presentation

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Iochpe-Maxion - 1Q04 Presentation Presentation Transcript

  • 1. 2004 First Quarter Results
  • 2. 2004 First Quarter Results First Quarter Performance R$ MM Net Sales EBIT 1 8 ,7 1 8 ,3 2 1 2 ,9 1 4 8 ,3 Operation Result 1Q 03 1Q 04 1Q 03 1Q 04 9 ,7 7 ,4 EBITDA Net Income 2 6 ,8 2 5 ,8 3 ,4 1Q 03 1Q 04 2 ,1 1Q 03 1Q 04 1Q 03 1Q 04 2
  • 3. 2004 First Quarter Results First Quarters Review % net sales Operational Margins 2 4 ,0 % 2 0 ,7 % 1 7 ,2 % 1 8 ,2 % 1 8 ,1 % 1 4 ,4 % 1 5 ,2 % 1 2 ,5 % 1 2 ,6 % 1 2 ,1 % 9 ,5 % 8 ,6 % 6 ,8 % 3 ,4 % 0 ,4 % 5 ,0 % 4 ,5 % -4 ,7 % -4 ,5 % G r o s s P r o f it E b i td a E b it O p e r a tio n R e s u lt -1 0 ,1 % 1Q00 1Q01 1Q02 1Q03 1Q04 3
  • 4. 2004 First Quarter Results First Quarters Review R$ MM Operational Margins 3 8 ,7 3 5 ,7 2 6 ,8 2 5 ,8 2 0 ,1 1 7 ,1 1 8 ,7 1 8 ,3 1 4 ,6 1 4 ,7 1 1 ,3 1 0 ,6 9 ,7 6 ,6 0 ,5 2 ,8 7 ,4 (4 ,6 ) (3 ,8 ) G r o s s P r o f it E b itd a E b it O p e r a tio n R e s u lt (1 2 ,0 ) 1Q00 1Q01 1Q02 1Q03 1Q04 4
  • 5. 2004 First Quarter Results Last 5 Quarters Review % Net sales Operational Margins 2 4 ,0 % 2 1 ,2 % 2 0 ,0 % 1 8 ,2 % 1 8 ,1 % 1 6 ,2 % 1 2 ,6 % 1 3 ,3 % 1 3 ,7 % 1 2 ,1 % 8 ,3 % 9 ,4 % 8 ,6 % 8 ,7 % 4 ,5 % 5 ,0 % 4 ,5 % 3 ,4 % 3 ,9 % -0 ,5 % G r o s s P r o fit E b itd a E b it O p e r a tio n R e s u lt 1Q03 2Q03 3Q03 4Q03 1Q04 5
  • 6. 2004 First Quarter Results 5 Year Review R$ MM Net Sales 900 7 4 0 ,3 6 7 5 ,7 6 1 5 ,4 6 2 4 ,0 600 4 1 1 ,2 3 7 3 ,7 300 0 1999 2000 2001 2002 2003 1Q04 LTM LTM = Last 12 months 6
  • 7. 2004 First Quarter Results Corporate Structure Bradesco Companhia Iochpe BNDESPAR Other Mar/03 Total 6,5% 20,8% 48,2% 24,5% 19,9% Voting 18,8% 56,5% 21,8% 2,9% 3,1% Non voting 0,0% 1,9% 62,2% 35,9% 28,5% Iochpe-Maxion S.A. 11 Tecob Iochpe Holdings 3 2 50% Maxion Componentes Amsted -Maxion Fundição Maxion Componentes Estruturais Ltda. e Equip. Ferrov. S.A. Automotivos S.A. 2.446 2.741 1.140 Amsted Industries (50%) Employees Consolidated - 4.973 7
  • 8. 2004 First Quarter Results Revenue breakdown by company % 1Q04 - R$ 212,9 MM 1Q03 - R$ 148,3 MM Maxion Comp. Maxion Comp. Autom. Autom. 16% 19% 58% 60% 26% Amsted 2 1 % Amsted Maxion Maxion Maxion Maxion Comp. Comp. Estruturais Estruturais 8
  • 9. 2004 First Quarter Results Automobile Industry – Brazilian Output units 1Q04 1Q03 Var% Cars 403.593 370.144 13,7% Utility Vehicles 67.617 44.287 52,7% Trucks 22.926 20.079 14,2% Buses 5.958 6.271 -5,0% Total Vehicles 500.094 440.781 13,5% Agricultural Machinery 15.037 11.141 35,0% Source : Anfavea 9
  • 10. 2004 First Quarter Results Automobile Industry - Export units 1Q04 1Q03 Var% Cars 94.991 92.046 3,2% Utility Vehicles 20.236 11.842 70,9% Trucks 4.896 1.903 157,3% Buses 2.019 1.936 4,3% Total Vehicles 122.142 107.727 13,4% Agricultural Machinery 6.976 3.782 84,5% Source : Anfavea 10
  • 11. Subsidiaries : MAXION COMPONENTES ESTRUTURAIS 58%
  • 12. 2004 First Quarter Results Maxion Componentes Estruturais Chassis e Siderails - 52% of net sales Heavy Medium Light Stamped Parts Structural Siderails Parts Chassis 12
  • 13. 2004 First Quarter Results Maxion Componentes Estruturais Wheels for Vehicles - 48% of net sales 13
  • 14. 2004 First Quarter Results Maxion Componentes Estruturais R$ MM Net Sales 500 4 3 3 ,4 . 400 % p.a 3 9 7 ,3 3 7,5 R = 300 C AG 2 4 0 ,7 9% 1 7 4 ,1 2 0 7 ,5 = 40, % Var 200 1 2 4 ,4 1 1 2 ,1 8 8 ,3 100 0 1999 2000 2001 2002 2003 1Q04 LTM 1Q03 1Q04 LTM = Last 12 months / CAGR = Compounded Annually Growth Rate 14
  • 15. 2004 First Quarter Results Maxion Componentes Estruturais - Chassis Market Share % 1Q04 1Q03 OEM OEM 73% 13% 70% 11% 17% Dana 16% Dana Maxion Maxion 15
  • 16. 2004 First Quarter Results Maxion Componentes Estruturais - Chassis R$ MM Revenue breakdown by customer % 1Q04 – R$ 65,3MM 1Q03 – R$ 46,4 MM Volks- General Volks- General wagen Motors wagen Motors 22% 24% 13% 14% 10% Export Export 13% 27% 8% 24% Ford 6% Ford 5% 5% 15% Scania Daimler 14% Scania Daimler Chrysler Chrysler Other Other 16
  • 17. 2004 First Quarter Results Maxion Componentes Estruturais - Chassis R$ MM New Agreements: R$ 18,5 MM per year C H A S S IS C o u n tr y S ta r tin g D a te A n n u a l S a le s R$ M M S id e r a ils - W o r k h o r s e USA S e p -0 3 5 ,4 S t a m p e d P a r t s - D a im le r C h r y s le r B r a z il A u g -0 4 3 ,1 C h a s s is ( C K D - M é x ic o ) - V o lk s w a g e n B r a z il M a r-0 4 2 ,3 C h a s s is - V o lk s w a g e n B r a z il A p r-0 4 2 ,2 S id e r a ils - J o h n D e e r e B r a z il J u n -0 3 1 ,7 S t a m p e d P a r t s - D a im le r C h r y s le r B r a z il J u n -0 4 1 ,3 S ta m p e d P a rts - S tre p a ra v a - I v e c o B r a z il S e p -0 4 0 ,9 S id e r a ils - J a c t o B r a z il J u n -0 3 0 ,9 S t a m p e d P a r t s - P e u g e o t C it r o e n B r a z il O c t-0 4 0 ,4 S id e r a ils R e in f o r c . - D a im le r C h r y s le r B r a z il M a y -0 4 0 ,3 17
  • 18. 2004 First Quarter Results Maxion Componentes Estruturais - Wheels Market Share % 1Q04 1Q03 Other Other 14% 13% 34% 37% 52% 50% Borlem Borlem Maxion Maxion 18
  • 19. 2004 First Quarter Results Maxion Componentes Estruturais - Wheels Revenue breakdown by customer % 1Q04 – R$ 59,1MM 1Q03 – R$ 41,9 MM Volks- Volks- wagen Scania wagen Scania After 11% 11% Volvo Market 7% Volvo After 7% 7% Market 3% 16% 15% Other Other 12% 8% 23% 21% 28% Tractors 31% Tractors Export Export AGCO - 7% AGCO - 8% CNH – 4% CNH – 6% Valtra – 5% Valtra – 5% John Deere – 3% John Deere – 2% Caterpillar – 3% Other – 1% 19
  • 20. 2004 First Quarter Results Maxion Componentes Estruturais - Wheels R$ MM NEW AGREEMENTS: R$ 27,7 MM per year W HEEL C o u n tr y S t a r t in g D a t e A n n u a l S a le s R$ M M GKN E u ro p e / U S A S e p -0 3 1 5 ,7 S tip T u n is M a y -0 4 2 ,3 AGCO B r a z il J u n -0 3 1 ,5 D u n lo p S o u th A f r ic a J u n -0 4 1 ,5 K u rt L e y s e r C o rp . S o u th A f r ic a A p r-0 4 1 ,5 J o h n D e e re B r a z il J u l- 0 3 1 ,1 Ins ak S in g a p o r e J u n -0 3 1 ,0 MAAP M o ro c c o M a y -0 4 1 ,0 B r id g e s to n e S p a in F e b -0 4 0 ,8 C o n tin e n ta l G e rm a n y J u n -0 3 0 ,7 K r is ta n a s S p ir o s G re e c e J u l- 0 4 0 ,6 20
  • 21. Subsidiaries : MAXION COMPONENTES AUTOMOTIVOS 16%
  • 22. 2004 First Quarter Results Maxion Componentes Automotivos 22
  • 23. 2004 First Quarter Results Maxion Componentes Automotivos R$ MM 150 Net Sales . CA G R = 6,4% p.a 1 1 8 ,9 1 1 4 ,3 9 9 ,0 9 8 ,1 9 1 ,5 9 3 ,6 100 5,7% Var % = 1 50 3 3 ,9 2 9 ,3 0 1999 2000 2001 2002 2003 1Q04 LTM 1Q03 1Q04 LTM = Last 12 months / CAGR = Compounded Annually Growth Rate 23
  • 24. 2004 First Quarter Results Maxion Componentes Automotivos Market Share % 1Q04 1Q03 W indow Raiser 43% 42% Hand Brake Lever 44% 44% Lock 10% 13% Knob/Key/Cylinder (KKC) 10% 9% Jack 17% 14% 24
  • 25. 2004 First Quarter Results Maxion Componentes Automotivos Revenue breakdown by customer % 1Q04 – R$ 33,9MM 1Q03 – R$ 29,3 MM General General Motors Motors 27% 21% Volks- Volks- 19% wagen wagen 15% 31% 31% 9% 14% Fiat SAS SAS 7% Fiat 6% 7% 5% 8% Ford After Ford Other After Market Market 25
  • 26. 2004 First Quarter Results Maxion Componentes Automotivos R$ MM New Agreements: R$ 10,7 MM per year M odel P ro d u c t S t a r t in g A n n u a l S a le s D a te R$ M M T ru c k - V W W in d o w R a is e r / K K C / L a tc h e s J u n .0 5 7 ,3 A c e llo - D a im le r C h r y s le r W in d o w R a is e r /S ta m p e d P a r ts J u n .0 3 1 ,4 Fox - VW J ac ks O u t.0 3 0 ,9 C e lta - G M W in d o w R a is e r M a i.0 4 0 ,8 P ic k - u p M o n ta n a L a tc h N o v .0 3 0 ,3 26
  • 27. 2004 First Quarter Results Brazilian market of railroad equipment Sales 1Q04 1Q03 Var% Railroad Cars – units 1.053 405 160% Railroad Wheels – units 6.535 14.167 (54%) Railroad Castings – ton 768 316 143% Do not include railroad wheels and castings used to assemble the railroad cars 27
  • 28. Joint venture: AMSTED MAXION FUNDIÇÃO E EQUIPAMENTOS FERROVIÁRIOS 26%
  • 29. 2004 First Quarter Results Amsted Maxion 29
  • 30. 2004 First Quarter Results Amsted Maxion R$ MM Net Sales 376 400 . p.a 3 2 8 ,1 % 8,4 300 R =3 C AG % 200 7 8,2 = % 1 2 1 ,6 1 0 9 ,5 1 2 0 ,4 Var 1 0 9 ,4 9 4 ,5 100 6 1 ,4 0 1999 2000 2001 2002 2003 1Q04 LTM 1Q03 1Q04 LTM = Last 12 months / CAGR = Compounded Annually Growth Rate 30
  • 31. 2004 First Quarter Results Amsted Maxion Market Share % 1Q04 1Q03 Railroad Cars 80% 83% Railroad W heels 40% 40% Railroad Castings 80% 80% Industrial Castings 50% 60% 31
  • 32. 2004 First Quarter Results Amsted Maxion Revenue breakdown by customer % 1Q04 – R$ 54,7MM(*) 1Q03 – R$ 30,7 MM(*) CVRD CVRD 78% 67% 16% 9% 1% Export 5 % 4 %4 % 9% 7% Export MRS Other MRS Caterpillar Other Caterpillar (*) represents 50% of the total sales of Amsted Maxion 32
  • 33. 2004 First Quarter Results Amsted Maxion R$ MM Spot Orders : R$ 490,0 MM CVRD / FCA – 2.878 cars MRS - 630 cars Deliveries ADM - 140 cars Up to March 31 – 842 cars Mineração Serra To be done in 2004 – 2.848 do Sossego - 42 cars cars and 50 boxes MRS / ALL - 50 boxes Total = 3.690 cars e 50 boxes 33
  • 34. 2004 First Quarter Results Amsted Maxion R$ MM Recurring Orders : R$ 91,1 MM Annual ASF-Amsted (USA) – railroad castings - R$ 34,2MM ConMet-Amsted (USA) – fifth-wheels component - R$ 11,0MM Caterpillar (Brazil) – tractor parts - R$ 15,5MM Caterpillar (USA) – tractors parts - R$ 25,9MM Metso (France) – industrial castings - R$ 3,0MM Komatsu / CNH (USA and Italy) – industrial castings - R$ 1,5MM 34
  • 35. CONSOLIDATED
  • 36. 2004 First Quarter Results Consolidated Revenue breakdown by customer % 1Q04 – R$ 212,9 MM 1Q03 – R$ 148,3 MMM Volks- Daimler Volks- Daimler wagen Chrysler wagen Chrysler Export 12% 9% General 15% 9% General Motors Export Motors 8% 8% 13% Tractors Tractors 7% 6% 16% 5 % After 6% After Market Market 5% 6% 20% Fiat Fiat 14% CVRD 21% CVRD 20% Other Other 36
  • 37. 2004 First Quarter Results Revenue Breakdown by segment % Customers 1Q04 1Q03 OEMs installed in the country 64% 67% - Bus, truck and utility vehicle 48% 47% - Car 16% 20% Brazilian Railroad Operators 23% 17% Export 13% 16% 37
  • 38. 2004 First Quarter Results Export Breakdown by Segment % 1Q04 – US$ 9,7MM / R$ 28,1MM 1Q03 – US$ 6,9MM / R$ 24,2MM Wheels Wheels Chassis 59% 54% 25% 22% Chassis 1% 18% 1% 20% Railroad Autom. Railroad Autom. Equipment Comp. Equipment Comp. 38
  • 39. 2004 First Quarter Results Export Breakdown by Region % 1Q04 – US$ 9,7MM / R$ 28,1MM 1Q03 – US$ 6,9MM / R$ 24,2MM Canada Canada Mexico 20% Mexico 25% 2% 4% South South 1 8 % America 18% America USA 3 6 % 28% 6% 1% USA Asia / 10% Asia / Oceania Oceania 13% 11% 8% Europe Europe Africa / Africa / Midlle East Midlle East Import 1Q04 Import 1Q03 US$ 2,0MM/R$ 5,9MM US$ 1,9MM/R$ 6,6MM 39
  • 40. 2004 First Quarter Results Income Statement R$ MM 1Q 04 % V .L . 1Q 03 % V .L . V a r. % N e t S a le s 2 1 2 .8 7 2 1 0 0 ,0 % 1 4 8 .2 9 9 1 0 0 ,0 % 4 3 ,5 % C o s t o f G o o d s S o ld (1 7 4 . 1 9 5 ) -8 1 ,8 % (1 1 2 . 6 4 2 ) -7 6 ,0 % 5 4 ,6 % G r o ss P r o fit 3 8 .6 7 7 1 8 ,2 % 3 5 .6 5 7 2 4 ,0 % 8 ,5 % O P E R A T IO N A L E X P E N S E S S a le s (1 1 . 5 7 5 ) -5 , 4 % (9 .1 9 2 ) -6 , 2 % 2 5 ,9 % G e n e ra l (9 .7 7 0 ) -4 , 6 % (7 .3 7 3 ) -5 , 0 % 3 2 ,5 % O th e r 918 0 ,4 % (4 1 5 ) -0 , 3 % -3 2 1 , 2 % (2 0 . 4 2 7 ) -9 , 6 % (1 6 . 9 8 0 ) -1 1 ,4 % 2 0 ,3 % R e su l t b e fo r e fi n a n c i a l e x p e n se s 1 8 .2 5 0 8 ,6 % 1 8 .6 7 7 1 2 ,6 % -2 , 3 % N e t F in a n c ia l E x p e n s e s (8 .5 9 7 ) -4 , 0 % (1 1 . 3 1 2 ) -7 , 6 % -2 4 ,0 % O p e r a ti o n R e su l t 9 .6 5 3 4 ,5 % 7 .3 6 5 5 ,0 % 3 1 ,1 % N o n -o p e r a ti o n a l R e su l t (1 .6 3 4 ) -0 , 8 % (2 8 6 ) -0 , 2 % 4 7 1 ,3 % R e su l t b e fo r e i n c o m e ta x a n d p r o fi t sh a r i n g 8 .0 1 9 3 ,8 % 7 .0 7 9 4 ,8 % 1 3 ,3 % In c o m e T a x a n d P r o fi t S h a r i n g (5 .9 2 5 ) -2 , 8 % (3 .7 1 5 ) -2 , 5 % 5 9 ,5 % N e t In c o m e 2 .0 9 4 1 ,0 % 3 .3 6 4 2 ,3 % -3 7 ,8 % E B IT D A 2 5 .8 3 2 1 2 ,1 % 2 6 .8 0 0 1 8 ,1 % -3 , 6 % 40
  • 41. 2004 First Quarter Results Bank Debt Breakdown by Facility Type – Mar04 R$ MM SHORT LONG TYPE TERM TERM TOTAL Local Bonds 2 3 ,1 2 5 ,4 4 8 ,5 T r a d e F in a n c e / A C C / R e s . 2 7 7 0 5 2 ,6 1 6 ,0 6 8 ,6 F in a m e / B N D E S / B D M G / E X IM 1 2 ,0 4 1 ,9 5 3 ,9 O t h e r L o a n s in lo c a l c u r r e n c y 1 ,4 1 ,4 8 9 ,1 8 3 ,3 1 7 2 ,4 ( - ) C a s h a n d m a r k e t a b le s e c u r it ie s 2 6 ,6 3 ,0 2 9 ,6 Net Bank Debt 6 2 ,5 8 0 ,3 1 4 2 ,8 41
  • 42. 2004 First Quarter Results Bank Debt Breakdown by Denomination – Mar04 % TJLP 29% Dollar INPC 31% 28% 3% 9% IGPM CDI 42
  • 43. 2004 First Quarter Results Consolidated Exposure to Foreign Currency – Mar04 US$ MM B a la n c e S h e e t A s s e ts d e n o m in a te d in fo re ig n c u rre n c y . M a r k e t a b l e S e c u r it ie s / In v e s t m e n t s 3 ,2 . A c c o u n t s R e c e iv a b l e 4 ,2 7 ,4 L ia b ilitie s d e n o m in a te d in fo re ig n c u rre n c y . B a n k D e b t (A C C / R e s . 2 7 7 0 ) (1 7 ,0 ) . A c c o u n ts P a y a b le (3 ,5 ) (2 0 ,5 ) N e t P o s itio n (1 3 ,1 ) 43
  • 44. 2004 First Quarter Results Stock Performance R$ T HO U. R$ / T HO U. A 2 3 .8 8 1 1 2 0 ,0 2 4 .0 0 0 V O L U M E / M O N T H L Y A V G . P R IC E 1 0 5 ,0 IO C H P E - M A X IO N P N (M Y P K 4 ) 9 7 ,9 8 2 0 .0 0 0 9 4 ,1 8 9 0 ,0 8 0 ,9 8 0 ,4 1 6 .0 0 0 8 4 ,3 7 5 ,0 7 9 ,6 3 A V G . P R IC E 6 0 ,0 5 1 ,9 V O LUME 1 2 .0 0 0 4 5 ,0 8 .0 0 0 2 4 ,7 2 7 ,6 4 .0 9 4 3 0 ,0 2 6 ,8 2 5 ,2 2 6 ,8 2 6 ,4 3 .6 8 9 3 .1 9 7 4 .0 0 0 2 3 ,5 2 4 ,2 2 5 ,1 1 .3 9 8 758 895 1 5 ,0 35 115 104 50 50 125 177 312 136 - - 3 03 03 04 3 03 03 3 04 4 l- 0 3 02 03 03 03 03 t -0 -0 -0 -0 n- n- n- r- b- b- c- g- p- v- c- ju ar ar ay oc ap ja ju ja fe fe de au se no de m m m 44
  • 45. BENCHMARK
  • 46. 2004 First Quarter Results Benchmark – Gross Profit % net sales G e n te x E a to n S tr a tte c B o rg W a rn e r F e d e ra l M o g u l Io c h p e - M a x i o n V a le o C u m m in s T i ta n Te nne co A m e r i c a n A x le A u t o li v J o h n s o n C o n t r o ls D u ra S u p e rio r A r v i n M e r i to r D a na Lear Tower V i s te o n D e lp h i In t e r m e t 0% 10% 20% 30% 40% 1Q 04 1Q 03 A v e ra g e = 1 5 % Source: Companies releases 2004 first 3 months results of each company, except fot Strattec with 9 months result, ArvinMeritor and Johnson Controls with 6 months. 46
  • 47. 2004 First Quarter Results Benchmark – EBIT % net sales G e n te x S tr a tte c B o rg W a rn e r E a to n Io c h p e - M a x i o n A m e r i c a n A x le A u to li v S u p e rio r T i ta n D u ra J o h n s o n C o n tr o ls D a na C u m m in s Lear Tow er A r v i n M e r i to r Te nne co F e d e ra l M o g u l D e lp h i In te r m e t V i s te o n -5 % 5% 15% 25% 35% A ve ra g e = 7 % 1Q04 1Q 03 Source: Companies releases 2004 first 3 months results of each company, except fot Strattec with 9 months result, ArvinMeritor and Johnson Controls with 6 months. 47
  • 48. 2004 First Quarter Results Benchmark – EBITDA % net sales S tr a tte c A u t o li v B o rg W a rn e r A m e r i c a n A x le Io c h p e - M a x i o n T i ta n F e d e ra l M o g u l D u ra Tow er D a na Te nne co In t e r m e t C u m m in s J o h n s o n C o n t r o ls Lear V i s te o n D e lp h i A r v i n M e r i to r 0% 5% 10% 15% 20% 25% 1Q 04 1Q 03 A ve ra g e = 1 0 % Source: Companies releases 2004 first 3 months results of each company, except fot Strattec with 9 months result, ArvinMeritor and Johnson Controls with 6 months. 48
  • 49. OUTLOOK
  • 50. 2004 First Quarter Results Outlook Revenue trend: (+) new supply agreements (+) local market growth at agricultural machinery, truck, bus and railroad equipment (+) export growth (=) stability at local market of passenger cars Operational performance maintenance (+) scale gains (+) on-going cost reduction programs (-) cost increase in non-negotiable costs (energy, wages, raw material) Capital structure maintenance 50
  • 51. 2004 First Quarter Results www.iochpe-maxion.com.br/rao 51