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Iochpe-Maxion - 1Q09 Results Presentation

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1st Quarter 2009 Presentation

1st Quarter 2009 Presentation

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  • 1. 1Q09 Earnings Release May 2009
  • 2. 4T08 / 2008 1Q09 Earnings Release The material contained in this presentation is general background information about Iochpe-Maxion S.A. (Iochpe) as of the date of the presentation. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein. This presentation contains statements that are forward-looking within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of Iochpe and its subsidiaries that may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements. Although Iochpe believes that the expectations and assumptions reflected in the forward-looking statements are reasonably based on information currently available to Iochpe management, Iochpe cannot guarantee future results or events. Iochpe expressly disclaims a duty to update any of the forward-looking statement. This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. 2
  • 3. 4T08 / 2008 1Q09 Earnings Release HIGHLIGHTS Consolidated net operating revenue R$ 290.6 million in the 1Q09, a reduction of 27.4% over the same period of last year EBITDA(*) of R$ 25.2 million in the 1Q09, a reduction of 58.1% when compared to the same period of last year Net loss of R$ 3.2 million in the 1Q09, a reduction of 109.2% when compared to the same period of last year Net bank debt of R$ 188.1 million (R$ 161.9 million in March 2009), or 0,8x LTM EBITDA (0,9x in March 2008) (*) EBITDA, throughout this presentation means: net income plus income tax and social contribution, plus non-operating result, plus net financial expenses, plus depreciation and amortization, plus goodwill amortization. 3
  • 4. 4T08 / 2008 1Q09 Earnings Release MAIN DRIVERS Reduction of Brazilian production of vehicles and agricultural machineries Reduction of domestic demand for railway freight cars Reduction of exports Financial expenses on the operations to fix the future value of the dollar (NDFs) 4
  • 5. Industry Performance
  • 6. 4T08 / 2008 1Q09 Earnings Release LIGHT COMMERCIALS – BRAZIL (‘000 units) Production Export 448 156 153 406 144 379 366 122 107 92 30 14 2005 2006 2007 2008 1Q08 1Q09 2005 2006 2007 2008 1Q08 1Q09 1Q09 – 08 = -13.7% 1Q09 – 08 = -53.7% CAGR 2005 – 08 = 7.0% CAGR 2005 – 08 = -7.9% Source: Anfavea 6
  • 7. 4T08 / 2008 1Q09 Earnings Release TRUCKS – BRAZIL (‘000 units) Production Export 167 41 38 39 39 137 117 106 37 9 25 3 2005 2006 2007 2008 1Q08 1Q09 2005 2006 2007 2008 1Q08 1Q09 1Q09 – 08 = -33.3% 1Q09 – 08 = -62.6% CAGR 2005 – 08 = 12.6% CAGR 2005 – 08 = 0.9% Source: Anfavea 7
  • 8. 4T08 / 2008 1Q09 Earnings Release BUSES – BRAZIL (‘000 units) Production Export 19 44 39 16 16 15 35 34 11 8 3 2 2005 2006 2007 2008 1Q08 1Q09 2005 2006 2007 2008 1Q08 1Q09 1Q09 – 08 = -24.8% 1Q09 – 08 = -41.1% CAGR 2005 – 08 = 7.9% CAGR 2005 – 08 = -5.6% Source: Anfavea 8
  • 9. 4T08 / 2008 1Q09 Earnings Release AGRICULTURAL MACHINERY – BRAZIL (‘000 units) Production Export 85 31 31 30 27 65 22 53 46 19 7 15 4 2005 2006 2007 2008 1Q08 1Q09 2004 2005 2006 2007 2008 1Q08 1Q09 1Q09 – 08 = -22.9% 1Q09 – 08 = -40.4% CAGR 2005 – 08 = 17.1% CAGR 2005 – 08 = -1.1% Source: Anfavea 9
  • 10. 4T08 / 2008 1Q09 Earnings Release PASSENGER CARS – BRAZIL (‘000 units) Production Export 2,567 684 2,388 635 588 2,092 558 2,009 638 536 138 68 2005 2006 2007 2008 1Q08 1Q09 2005 2006 2007 2008 1Q08 1Q09 1Q09 – 08 = -15.9% 1Q09 – 08 = -51.2% CAGR 2005 – 08 = 8.5% CAGR 2005 – 08 = -6.56% Source: Anfavea 10
  • 11. 4T08 / 2008 1Q09 Earnings Release RAILWAY FREIGHT CARS – BRAZIL (units) 7,270 Sales 1Q09 – 08 = -72.1% 5,118 CAGR 2005 – 08 = -11.0% 3,668 1,249 1,253 349 2005 2006 2007 2008 1Q08 1Q09 Vendas Source: Amsted Maxion estimate 11
  • 12. 4T08 / 2008 1Q09 Earnings Release MARKET SHARE – BRAZIL Railway Freight Chassis Cars 15% 33% 34% 50% Others Others Maxion Maxion 85% 67% 66% 50% 1Q08 1Q09 1Q08 1Q09 Commercial Vehicles Wheels Railway Castings 20% 20% 37% 43% Others Others Maxion Maxion 80% 80% 63% 57% 1Q08 1Q09 1Q08 1Q09 Source: Iochpe-Maxion estimate 12
  • 13. Financial and Operating Performance
  • 14. 4T08 / 2008 1Q09 Earnings Release NET OPERATING REVENUE (R$ million) 1,828 Net Operating Revenue 1,494 1Q09 – 08 = -27.4% 1,248 1,289 CAGR 2005 – 08 = 7.0% 401 291 2005 2006 2007 2008 1Q08 1Q09 14
  • 15. 4T08 / 2008 1Q09 Earnings Release NET OPERATING REVENUE (R$ million) 1Q09 1Q08 43.9 54.6 Domestic: 1Q09 – 08 = -28.7% 246.8 346.0 Export: 1Q09 – 08 = -19.6% Domestic Export Domestic Export 46.6 109.7 25.5 Wheels and Chassis: 1Q09 – 08 = -15.8% 218.5 Automotive Comp.: 1Q09 – 08 = -18.7% 259.6 31.4 Amsted Maxion: 1Q09 – 08 = -57.5% Wheels & Chassis Automotive Comp. Wheels & Chassis Automotive Comp. Amsted-Maxion Amsted-Maxion 15
  • 16. 4T08 / 2008 1Q09 Earnings Release NET OPERATING REVENUE Revenue by Customer – 1Q09 Revenue by Customer – 1Q08 Caterpillar Caterpillar 1% 1% Others ALL ALL 9% 6% Others 2% Daim ler 12% Daim ler 13% 14% Export 14% VW 21% VW 17% Vale Fiat 2% Vale 4% Tractors Export 9% Ford 7% 15% Fiat 3% Scania 5% GMB Ford Tractors 5% GMB MRS 5% MRS 5% 7% Scania 2% 8% 9% 4% 16
  • 17. 4T08 / 2008 1Q09 Earnings Release EXPORTS (USD million) 146 119 120 Exports 1Q09 – 08 = -40.3% 96 CAGR 2005 – 08 = 15.0% 31 19 2005 2006 2007 2008 1Q08 1Q09 17
  • 18. 4T08 / 2008 1Q09 Earnings Release EXPORTS BY DIVISION 1Q09 - US$ thousand 1Q08 - US$ thousand Variation 1Q09 - 08 = -40.3% 10.4 6.9 Wheels & Chassis: 1Q09 – 08 = -43.1% 11.8 20.8 Automotive Comp.: 1Q09 – 08 = -80.5% Amsted Maxion: 1Q09 – 08 = -34.1% 0.2 0.0 Wheels & Chassis Automotive Comp. Wheels & Chassis Automotive Comp. Amsted-Maxion Amsted-Maxion 1Q09 - R$ thousand 1Q08 - R$ thousand 18.2 16.1 Variation 1Q09 - 08 = -19.6% 27.7 36.1 Wheels & Chassis: 1Q09 – 08 = -23.2% Automotive Comp.: 1Q09 – 08 = -74.1% 0.1 0.3 Amsted Maxion: 1Q09 – 08 = -11.5% Wheels & Chassis Automotive Comp. Wheels & Chassis Automotive Comp. Amsted-Maxion Amsted-Maxion 18
  • 19. 4T08 / 2008 1Q09 Earnings Release GROSS PROFIT (R$ million) Gross Profit 1Q09 – 08 = -49.3% 357 CAGR 2005 – 08 = 16.1% 289 228 236 219 21% 20% 20% 19% 18% 18% 14% 80 40 2004 2005 2006 2007 2008 1Q08 1Q09 Gross Profit % NOR 19
  • 20. 4T08 / 2008 1Q09 Earnings Release EARNINGS BEFORE INCOME TAX – EBIT (R$ million) 178 232 EBIT 1Q09 – 08 = -72.0% 136 126 CAGR 2005 – 08 = 9.2% 52 12% 13% 11% 10% 13% 15 5% 2005 2006 2007 2008 1Q08* 1Q09 EBIT %NOR (*) In compliance with Instruction 539/08 of CVM (Brazil’s securities commission) of March 14, 2008 and guidance of the Accounting Pronouncement Committee, Iochpe-Maxion incorporated the amounts accounted as non-operating expenses in 2008 into operating expenses, therefore reducing EBIT presented in the 1Q08 presentation 20
  • 21. 4T08 / 2008 1Q09 Earnings Release EBITDA* (R$ million) EBITDA 268 1Q09 – 08 = -59.5% 205 CAGR 2005 – 08 = 9.3% 163 156 15% 15% 14% 13% 12% 60 8% 24 2005 2006 2007 2008 1T08** 1T09 EBITDA %NOR (*) EBITDA, throughout this presentation means: net income plus income tax and social contribution, plus non-operating result, plus net financial expenses, plus depreciation and amortization, plus goodwill amortization (**) In compliance with Instruction 539/08 of CVM (Brazil’s securities commission) of March 14, 2008 and guidance of the Accounting Pronouncement Committee, Iochpe-Maxion incorporated the amounts accounted as non-operating expenses in 2008 into operating expenses, therefore reducing EBIT presented in the 1Q08 presentation 21
  • 22. 4T08 / 2008 1Q09 Earnings Release NET FINANCIAL EXPENSES (R$ million) Net Financial Expenses 1Q09 – 08 = 746.6% 37 CAGR 2005 – 08 = -8.9% 6% 28 21 2% 2% 2% 16 1% 1% 10 -2 2005 2006 2007 2008 1Q08 1Q09 Financial Expenses %NOR 22
  • 23. 4T08 / 2008 1Q09 Earnings Release IMPACT OF THE FX RATE VARIATION 1Q09 Value Impact Balance US$ million R$ MM Impact of the FX rate variation on Financial Expense (Revenue) NDF Expired 24.0 10.6 NDF to Expire* 6.8 2.9 Financial Exp./Rev. 13.5 Operations related to fix the future value of the dollar Contracted Value Average FX Gain/Loss Period Operations US$ Rate R$ thousand (NDFs) At the end NDFs (selling) 30,050 1.9010 13,509 If the operations would expire on 03/31/2009 (at FX Rate of R$ of 1Q09 Total NDFs 13,509 2.3297) , it would represent a negative result of R$ 13.5 million (R$ 8.9 net of taxes) At the end of the 1Q09, the Equity had a positive adjustment of R$ 7.1 million, due to the market value of the non- deliverable forward operations (negative adjustment of R$ 8.9 million, net of taxes) and the FX rate variation of the foreign investments (positive adjustment of R$ 16.0 million) (*) provision for NDFs related to selling future dollar that at the end of the quarter had no forecasted exports shipment for the subsequent months 23
  • 24. 4T08 / 2008 1Q09 Earnings Release NET INCOME (R$ million) Net Income 214 1Q09 – 08 = -109.1% CAGR 2005 – 08 = 43.8% 76 12% 9% 6% 5% 72 72 58 76 5% 133 35 -1% -3 2005 2006 2007 2008 1Q08 1Q09 Net Income %NOR 24
  • 25. 4T08 / 2008 1Q09 Earnings Release NET BANK DEBT (R$ million) 256 188 162 132 128 125 1.0 0.8 0.9 0.8 0.8 0.6 2005 2006 2007 2008 1Q08 1Q09 Net Debt x EBITDA* (*) EBITDA, throughout this presentation means: net income plus income tax and social contribution, plus non-operating result, plus net financial expenses, plus depreciation and amortization, plus goodwill amortization LTM EBITDA 25
  • 26. 4T08 / 2008 1Q09 Earnings Release INDEBTEDNESS – Mar/08 (R$ million) Debt by Lines 97 100 BNDES-EXIM 45% Working Capital 6% 288 ACC Import 20% 19% 191 188 Others 10% - - Short Term Long Term Total Debt Cash Net Debt Debt Indexation Indexation Average Cost Dollar TJLP 42% Indexed in R$ 78% CDI 47% Indexed in US$ 6,5% per year YUAN 10% Others 1% 26
  • 27. 4T08 / 2008 1Q09 Earnings Release CAPEX (R$ million) 113 84 68 68 20 12 2005 2006 2007 2008 1Q08 1Q09 27
  • 28. Additional Information
  • 29. 4T08 / 2008 1Q09 Earnings Release SHARES PERFORMANCE - LTM 20.00% 10.00% 0.00% Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 -10.00% -20.00% -30.00% -41,22% -40.00% -50.00% -60.00% -70.00% -72.20% -80.00% MYPK3 IBOVESPA 29
  • 30. 4T08 / 2008 1Q09 Earnings Release AVERAGE DAILY TRADE VOLUME – R$ thousand Average Daily Trade Volume - LTM 221 3,370 2,978 2,885 2,294 2,047 132 1,987 146 1,632 1,543 1,377 105 106 1,164 91 81 74 75 77 685 734 43 38 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Volume Trades 30
  • 31. 4T08 / 2008 1Q09 Earnings Release SHAREHOLDERS STRUCTURE Shareholders Structure on 03/31/2009 Shares Shareholders % ON Ioschpe Family 13,441,557 28.34% BNDES Participações 11,593,401 24.44% Controlling Shareholders 25,034,958 52.78% BNY Mellon ARX Invest. Ltda 2,462,493 5.19% Credit Suisse Hedging-Griffo Corr. Valores S.A 3,081,047 6.50% Others 16,853,188 35.53% Total Iochpe-Maxion 47,431,686 100.00% 31
  • 32. 4T08 / 2008 1Q09 Earnings Release INCOME STATEMENT (R$ thousand) Income Statement - R$ thousand 1Q09 1Q08** Var. Net Operating Revenue 290,645 400,610 -27.4% Cost of Goods Sold Raw Material (144,224) (210,599) -31.5% Labor (58,743) (62,201) -5.6% Others (47,343) (48,230) -1.8% (250,310) (321,030) -22.0% Gross Profit 40,335 79,580 -49.3% 13.9% 19.9% Operating Expenses General and Administrative (12,379) (11,791) 5.0% Commercial (12,379) (15,152) -18.3% Others (1,054) (705) 49.5% (25,812) (27,649) -6.6% Operating Income (EBIT) 14,523 51,932 -72.0% 5.0% 13.0% Financial Results Financial Revenue 4,311 3,524 22.4% Financial Expenses (20,339) (1,045) 1847.0% (16,028) 2,479 -746.5% Earnings After Financial Income (1,504) 54,411 -102.8% Income Taxes (1,664) (19,745) -91.6% Net Income (Loss) (3,169) 34,666 -109.1% -1.1% 8.7% EBITDA* 24,294 59,983 -59.5% 8.4% 15.0% (*) EBITDA, throughout this presentation means: net income plus income tax and social contribution, plus non-operating result, plus net financial expenses, plus depreciation and amortization, plus goodwill amortization (**) In compliance with Instruction 539/08 of CVM (Brazil’s securities commission) of March 14, 2008 and guidance of the Accounting Pronouncement Committee, Iochpe-Maxion incorporated the amounts accounted as non-operating expenses in 2008 into operating expenses, therefore reducing EBIT presented in the 1Q08 presentation 32
  • 33. 4T08 / 2008 1Q09 Earnings Release BALANCE SHEET (R$ thousand) ASSETS LIABILITIES Mar-09 Dec-08 Mar-09 Dec-08 CURRENT CURRENT Cash 99,812 90,036 Loans 191,047 219,885 Receivables 182,733 243,056 Payables 53,394 60,972 Inventory 205,174 244,527 Taxes 12,337 2,886 Recoverable Taxes 10,270 13,694 Wage & Salaries 29,563 49,908 Deferred Taxes 16,975 27,538 Customers Advance 20,052 24,152 Antecipated Expenses 2,283 1,901 Dividends 79,214 79,214 Other Receivables 8,488 7,985 Other Payables 25,635 34,937 Payable Financial 16,443 28,752 Instruments 525,735 628,737 427,685 500,706 LONG TERM LONG TERM Receivable 593 603 Loans 96,810 125,604 Recoverable Taxes 16,934 16,667 Provisions 59,239 58,021 Deferred Taxes 92,671 82,362 Others 8,356 6,611 Obligatory deposits and judicial 12,892 12,847 164,405 190,236 Other Receivables 1,883 1,718 124,973 114,197 MINORITY - - PERMANENT EQUITY Investments 397 395 Capital 261,463 261,463 Plants, Property and Equipment 379,605 379,330 Profit Reserves 180,788 183,958 Intangible 6,084 5,910 Equity Adjustment 7,101 (2,484) Deferred Items 4,649 5,310 390,734 390,945 449,352 442,937 TOTAL ASSETS 1,041,442 1,133,879 TOTAL LIABILITIES 1,041,442 1,133,879 33
  • 34. 1Q09 Earnings Release May 2009