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Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
Iochpe-Maxion - 2001 Presentation With Photos
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Iochpe-Maxion - 2001 Presentation With Photos

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2001 Presentation With Photos

2001 Presentation With Photos

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  • 1. February 2002
  • 2. PROFILE
  • 3. Profile Holding of autoparts and railroad equipment manufacturers Leadership in almost every product line Export base Updated Technology Quality Competitive prices Production capacity Completed restructuring process Growing operational results in line with global benchmark Adjusted capital structure
  • 4. Profile 4 plants Cruzeiro - SP (2) Belo Horizonte - MG Contagem - MG Customers OEMs in Brazil - 74% Bus, truck and light commercial – 44% Car – 30% Brazilian railroad operators - 12% Export - 14% Shared control Companhia Iochpe BNDESPAR Bradesco
  • 5. Profile Financial Highlights - 2001 Net Sales: R$ 373,7 MM EBIT: R$ 27,1 MM Net Income: R$ 24,7 MM EBITDA: R$ 57,9 MM Net Debt: R$ 65,1 MM Capital Expenditures: R$ 18,8 MM Proposed Dividend: R$ 9,8 MM
  • 6. AUTOMOTIVE INDUSTRY
  • 7. Automotive Industry - Worldwide Trends The automotive industry presents an excess production capacity worldwide... Excess Capacity Worldwide 31% 30% 29% 30% 26% 26% 2006(*) 1997 1998 1999 2000 2001 2002 - Source: Autopolis , Autofatcs (*) Estimated
  • 8. Automotive Industry - Worldwide Trends compressing OEMs’ operational margins, leading to a consolidation process... Independent OEMs - Worldwide Number of companies 16 10 8 Actual 2005 2010
  • 9. Automotive Industry - Worldwide Trends affecting all levels of the production chain, including autopart companies Global platforms Higher use of shared components Global sourcing Global standards of costs and quality in choosing suppliers Follow Source Autopart companies follow OEMs around the world, maximize return on investments Production chain upward verticalization Suppliers - ability to invest and innovate Components x Systems / Modules
  • 10. Automotive Industry - Regional Trends On the other hand, regionally the industry presents a better growth outlook Unique growth opportunities (*) South America : +5% p.a. Nafta / Japan : -0,5% p.a. Western Europe : +0,5% p.a. OEMs investments in Brazil (**) 1991 - 2000 - US$ 19,7 Billion Newcomers : Renault, Peugeot, Citroen, Honda, Toyota, Rover, Audi, Iveco, Mitsubishi New projects : Ford, VW, GM, DaimlerChrysler (*) Source : DRI (**) Source : Anfavea
  • 11. RAILROAD INDUSTRY
  • 12. Railroad Industry - Regional Trends The Brazilian railroad industry has gone through a reestructuring phase... Railroad privatization - 1996/1997 6 groups acquired in fractions all the federal railroad track system - Novoeste, FCA, MRS, FTC, ALL, CFN Integration - tracks without domain restriction Additionally, 4 companies operate in the railroad freight business E.F. Vitória-Minas / E.F. Carajás - CVRD Ferronorte - Grupo Ferropasa Ferrovia Norte-Sul - to be privatized
  • 13. Railroad Industry - Regional Trends leading to a growth in transported volumes, as well as in the share of railroad in the transportation mix... Transported Volume - Brazil Railroad Share of Transportation TKU (useful Km-ton) % of total transported volume 142 141 149 20,7% 21,2% 129 139 20,7% 20,0% 19,5% 1996 1997 1998 1999 2000 1996 1997 1998 1999 2000 Source: Geipot, Transportation Ministry Source: Geipot, Transportation Ministry
  • 14. Railroad Industry - Regional Trends stimulating investments Investments are critical to Railroad Operators' Investments improve performance and reduce R$ million operational costs 669 The trend to diversify the type 477 415 of product transported demands 308 investments 197 Railroad operators have aggressive investment plans for 1996 1997 1998 1999 2000 the next 5 years Source : Transportation Ministry, Revista Ferroviária
  • 15. STRATEGIC VIEW
  • 16. Strategic View Iochpe-Maxion has gone through a restructuring process in the last 3 years... Capitalization - in April and October 98 - in the amount of R$ 163 milion and the entry of Bradesco and BNDESPAR on the Board of Directors Joint Venture at diesel engines subsidiary with Navistar- with further disposal - in February 99 and January 01, for the total amount of US$ 146,0 million Disposal of Iochpe-Maxion Ohio, Inc. - in July 99 - for the amount of US$ 36,1 million Joint Venture at railroad equipment subsidiary with Amsted - in February 00 - for the amount of R$ 60 million
  • 17. Strategic View resulting in a new corporate structure, Bradesco Companhia Iochpe BNDESPAR Other 11,2% 21,6% 47,3% 19,9% Iochpe-Maxion S.A. 12 Tecob Iochpe Holdings 1 2 3 6 50% 70% Maxion Comp. Amsted -Maxion Fundição Maxion Componentes Maxion Nacam Estruturais Ltda. e Equip. Ferrov. S.A. Automotivos S.A. Ltda. 1.703 976 813 107 Amsted ZF Industries Lenksysteme (50%) (30%) Total Consolidated 3.132 Number of Employees
  • 18. Strategic View improved operational performance and a solid capital structure ... % net sales Net Debt / EBITDA ratio 21% Gross Profit 5,6 19% 16% Ebitda 4,4 14% 13% 3,6 11% 9% 7% 7% Ebit 2,2 6% 1,1 2% -1% 1998 1999 2000 2001 1997 1998 1999 2000 2001
  • 19. Strategic View creating the basis of a new strategic phase... New projects : autoparts and railroad equipment segments, maintaining the principles of the turnaround strategy Continuous improvement of operational performance Higher production capacity utilization, focusing on exports
  • 20. Strategic View that produced the first transaction Acquisition by the subsidiary Maxion Componentes Estruturais of assets related to the production of steel wheels for agricultural machinery and off-road vehicles from Borlem S.A. Empr. Industriais (Hayes-Lemmerz) Amount: approx. R$ 12,1 million Estimated additional sales: R$ 20 million / year Assets to be transferred to an existent manufacturing unit, allowing great synergy Transfer conclusion : March 2002
  • 21. Strategic View and the second transaction Acquisition by the subsidiary Maxion Componentes Automotivos of assets related to the production of pedal sets, hand brake levers and jacks to cars from Batz do Brasil Ltda. Technology agreement with Spanish Batz S. Coop., controlling company of Batz do Brasil Ltda. Amount: approx. R$ 5,0 million Estimated additional sales: R$ 10 million / year Assets to be transferred to an existent manufacturing unit, allowing great synergy Transfer conclusion: March 2002
  • 22. Subsidiaries and Joint Ventures Sales by Subsidiary JANUARY-DECEMBER 2001 R$ 373,7 MM Maxion Comp. Maxion Autom. Nacam 25% 5% Amsted- Maxion 14% Maxion Comp. Estrut. 56%
  • 23. Subsidiaries and Joint Ventures MAXION COMPONENTES ESTRUTURAIS 56%
  • 24. Subsidiaries and Joint Ventures Maxion Componentes Estruturais - CHASSIS Products / Technology Market Segments Chassis / Truck Maxion & Budd Bus Siderails/ Maxion Pick-up Crossmembers/ Light commercial Maxion Tractor
  • 25. Subsidiaries and Joint Ventures Maxion Componentes Estruturais - CHASSIS Market Share - 2001 Customers - 2001 DANA / DANA SCANIA OTHER 4% 4% OTHER FORD 13% 23% 6% EXPORT 10% GM 24% DAIMLER MAXION CHRYSLER VW 17% 77% 22%
  • 26. Subsidiaries and Joint Ventures Maxion Componentes Estruturais - WHEELS Products / Technology Market Segments Road and Off-Road Truck Wheels / Maxion Bus Tractor
  • 27. Subsidiaries and Joint Ventures Maxion Componentes Estruturais - WHEELS Market Share - 2001 Customers - 2001 SCANIA AGCO 7% BORLEM 8% OTHER 48% 10% VW 10% DAIMLER CHRYSLER MAXION 11% EXPORT 52% 36% AFTER MARKET 18%
  • 28. Subsidiaries and Joint Ventures Maxion Componentes Estruturais Chassis and Wheels NEW CONTRACTS: R$ 22,0 MM / Year CHASSIS / COMPONENTS Pick-up - GM China Jun.01 0,3 Daily - Iveco Brazil Aug.01 2,2 Bus - Volvo Brazil Aug.01 0,5 Pick-up - Renault/Nissan Brazil Nov.01 0,2 Bus - DaimlerChrysler Brazil Nov.01 / Jan.02 2,4 New Corolla - Toyota Brazil Mar.02 1,1 Streparava Italy May.02 0,5 WHEELS Workhorse U.S.A. Nov.01 8,6 Caterpillar Brasil Jan.02 6,2
  • 29. Subsidiaries and Joint Ventures Maxion Componentes Estruturais Chassis and Wheels 1999 112,1 Net Sales 2000 174,1 R$ million 2001 207,5 1999 11,5 EBIT 2000 31,5 R$ million 2001 34,9 1999 22,5 EBITDA 2000 41,6 R$ million 2001 49,6
  • 30. Subsidiaries and Joint Ventures MAXION COMPONENTES AUTOMOTIVOS 25%
  • 31. Subsidiaries and Joint Ventures Maxion Componentes Automotivos Products / Technology Market Segments Window Raisers / Maxion, Cars Lames and Brose Latches - Door Locks - KKC / Maxion e Kiekert Pedal Sets and Hinges / Maxion and Gammastamp Water and Oil Pumps / Maxion
  • 32. Subsidiaries and Joint Ventures Maxion Componentes Automotivos Market Share - 2001 Customers - 2001 FORD Products 11% AFTER Window Raisers 41% MARKET FIAT 13% 38% Latches 20% GM Knobs / Keys / 16% VW 8% Cylinders (KKC) 22%
  • 33. Subsidiaries and Joint Ventures Maxion Componentes Aumotivos NEW CONTRATCS: R$ 16,2 MM / Year Model Product Start of Annual Sales Production R$ MM Ducato - Fiat Window Raisers Feb.02 0,6 Daily - Iveco Pedal Sets Feb.02 0,2 S4300 / S4316 - GM Doorlocks Feb.02 1,3 S10 - GM Doorlocks Mar.02 0,2 206 - Peugeot Water Pumps Mar.02 0,5 New Palio - Fiat Pedal Sets Apr.02 1,4 Celta - GM Window Raisers Apr.02 1,2 Amazon - Ford Window Raisers / Doorlocks May.02 3,4 LTC - DaimlerChrysler Window Raisers / Stamped Parts Jun.02 2,6 Doblò - Fiat Window Raisers Jul.02 0,6 Knobs, Keys and Cylinders Gol 2002 - VW Aug.02 4,2
  • 34. Subsidiaries and Joint Ventures Maxion Componentes Automotivos 1999 91,5 Net Sales 2000 99,0 R$ million 2001 93,6 (8,8) 1999 EBIT 2000 (0,6) R$ million 2001 2,9 1999 (0,7) EBITDA 2000 7,3 R$ million 2001 9,3
  • 35. Subsidiaries and Joint Ventures MAXION NACAM 5%
  • 36. Subsidiaries and Joint Ventures Maxion Nacam Products / Technology Market Segments Steering Columns / Cars ZF Lenksysteme
  • 37. Subsidiaries and Joint Ventures Maxion Nacam Market Share - 2001 Customers - 2001 VW EXPORT 7% 2% OTHER OTHER GM 3% 63% 33% MAXION 37% FIAT 55%
  • 38. Subsidiaries and Joint Ventures Maxion Nacam NEW CONTRACTS - R$ 9,7 MM / Year Model Start of Production Annual Sales R$ MM Corsa export - GM Aug.01 3,8 Kangoo - Renault Dec.01 1,1 Doblò - Fiat Mar.02 1,7 Ducato - Iveco May.02 0,4 Astra/Zafira - GM May.02 1,8 Marea - Fiat Aug.02 0,9
  • 39. Subsidiaries and Joint Ventures Maxion Nacam 1999 15,9 Net Sales 2000 20,5 R$ million 2001 17,9 (1,4) 1999 EBIT 2000 0,8 R$ million 2001 (0,4) (2,0) (1,5) (1,0) (0,5) 0,0 0,5 1,0 1,5 2,0 (0,7) 1999 EBITDA 2000 1,5 R$ million 2001 0,3
  • 40. Subsidiaries and Joint Ventures AMSTED-MAXION 14%
  • 41. Subsidiaries and Joint Ventures Amsted-Maxion Products / Technology Market Segments Railroad Wheels / Maxion Railroad Equipment & Amsted Industrial Castings Railroad Freight Cars / Maxion & Johnstown Castings / Maxion , Miner & Amsted
  • 42. Subsidiaries and Joint Ventures Amsted-Maxion Market Share - 2001 Customers - 2001 Products FERRO FCA CATERPI 6% BAN Railroad Freight Cars 96% LLAR 3% 6% OTHER Railroad Wheels 60% 14% EXPORT 17% Railroad Castings 80% CVRD MRS 27% Industrial Castings 60% 27%
  • 43. Subsidiaries and Joint Ventures Amsted-Maxion NEW CONTRACTS Orders - R$ 32 million CVRD – 144 cars Ferronorte – 16 cars MRS – refurbishing of 105 cars MRS / FCA / CVRD – 8000 railroad wheels MRS / FCA / CVRD / Ferronorte – 800 ton castings Exports Amsted (USA) - railroad castings - US$ 2,0MM / year Amsted (USA) - Fifth Wheel - US$ 1,5MM / year Metso (France) - Industrial castings - US$ 1,1MM / year SNIM (Mauritânia) – 800 trucks - US$ 4,6MM
  • 44. Subsidiaries and Joint Ventures Amsted-Maxion 1999 94,5 Net Sales 2000 121,6 R$ million 2001 109,5 1999 9,8 EBIT 2000 12,6 R$ million 2001 4,8 1999 13,1 EBITDA 2000 16,5 R$ million 2001 8,8
  • 45. IOCHPE-MAXION S.A. CONSOLIDATED
  • 46. Iochpe-Maxion - Consolidated Shareholder Composition Shareholders % Capital Voting Pref. Total Companhia Iochpe 55,9% 3,9% 21,6% Bradesco 18,8% 7,3% 11,2% Bndespar 21,8% 60,5% 47,3% Other 3,5% 28,3% 19,9%
  • 47. Iochpe-Maxion - Consolidated Customers JANUARY-DECEMBER 2001 R$ 373,7 MM Other Scania 20% MRS 3% 4% CVRD Volks 4% wagen Ford 16% 5% Daimler Chrysler 8% General Fiat Motors 12% 14% Export 14%
  • 48. Iochpe-Maxion - Consolidated Sales by Subsidiary JANUARY - DECEMBER 2001 R$ 373,7 MM Maxion Comp. Maxion Autom. Nacam 25% 5% Amsted- Maxion 14% Maxion Comp. Estrut. 56%
  • 49. Iochpe-Maxion - Consolidated Income Statement R$ MM 1999 2000 2000 2001 Actual Pro forma Net Sales 615,4 624,0 353,7 373,7 Gross Profit 81,0 115,7 71,5 80,1 % 13% 19% 20% 21% Operational Expenses (69,2) (69,4) (47,6) (53,0) % -10% -11% -13% -14% EBIT 11,8 46,3 23,9 27,1 % 2% 7% 7% 7% Net financial expenses (63,6) (46,7) (29,4) Devaluation Effect (56,8) (9,5) (11,8) Income before Non-operational (108,6) (9,9) (14,1) Previous year result (6,6) Non-operational Income 36,0 35,0 67,6 Non-recurring result - refis 7,1 Income before taxes and profit sharing (72,6) 25,6 53,5 Taxes / Profit Sharing 21,2 (12,0) (28,8) Net Income (51,4) 13,6 24,7 EBITDA (1) 57,2 88,7 53,0 57,9 % 9% 14% 15% 16% Net Debt (2) 208,4 194,8 65,1 Ratio (2) / (1) 3,6 2,2 1,1 (*) Pro forma - results from recurring businesses
  • 50. Iochpe-Maxion - Consolidated Iochpe-Maxion - Consolidated 1999 13,2% Gross Profit 2000 18,5% Pro-forma 2000 20,2% % net sales 2001 21,4% 1999 1,9% EBIT 2000 7,4% Pro-forma 2000 6,8% % net sales 2001 7,3% 1999 9,3% EBITDA 2000 14,2% Pro-forma 2000 15,0% % net sales 2001 15,5%
  • 51. Iochpe-Maxion - Consolidated Net Debt - R$ million 350 307 313 300 250 217 208 195 200 150 100 65,1 50 0 1996 1997 1998 1999 2000 2001 Debt / Equity 1,3 1,5 1,0 1,2 1,2 0,4 Debt / EBITDA n/m 5,6 4,4 3,6 2,2 1,1 Debt / Sales 64% 44% 28% 34% 31% 17%
  • 52. BENCHMARK
  • 53. Benchmark Gross Profit % sales Gentex Iochpe-Maxion Borg Warner Eaton Tenneco Magna Strattec Cummins Superior Johnson Controls American Axle Dana Collins & Aikman Accuride Tower Delphi Arvin Meritor Lear Titan Visteon 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Source: Market Guide from Multex.com Results for the nine months ended September 2001
  • 54. Benchmark EBIT % sales Gentex Superior Magna Iochpe-Maxion American Axle Strattec Borg Warner Eaton Johnson Controls Tower Dana Collins & Aikman Tenneco Lear Arvin Meritor Delphi Titan Accuride Visteon Cummins -5% 0% 5% 10% 15% 20% 25% 30% Source: Market Guide from Multex.com Results for the nine months ended September 2001
  • 55. Benchmark EBITDA % sales Gentex Iochpe-Maxion Borg Warner Strattec Magna American Axle Eaton Tower Dana Collins & Aikman Accuride Johnson Controls Tenneco Titan Arvin Meritor Delphi Visteon Lear Cummins 0% 5% 10% 15% 20% 25% 30% 35% Source: Market Guide from Multex.com Results for the nine months ended September 2001
  • 56. OUTLOOK
  • 57. Outlook Automotive Production 2.250 THOUSAND UNITS BRASIL 2.070 2.000 1890 1.750 1.787 1.670 1.586 1.500 1.351 1.250 1.000 1.997 1.998 1.999 2.000 2.001 2002 E
  • 58. Outlook Outlook Sales growth a) New contracts / Exports b) Innovation Strategy - acquisition and/or partnerships Improvement of operational performance Adjusted capital structure Mercosul focus a) Export base + local market b) Additional strategic partnerships with global leaders

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