0
2004 Second Quarter
      Results
2004 Second Quarter Results


Iochpe-Maxion : Fundamentals


      Strong organic growth of revenues
      Growing cash fl...
2004 Second Quarter Results


Iochpe-Maxion: Capital Markets and Governance


       Public company since 1984
       Inve...
2004 Second Quarter Results


Corporate Structure

               Bradesco           Companhia Iochpe             BNDESPAR...
2004 Second Quarter Results


Net sales breakdown by company %


         1H04 - R$ 482,1 MM                     1H03 - R$...
2004 Second Quarter Results


Automotive Industry – Brazilian Output             units



                       2Q04    2...
2004 Second Quarter Results


Automotive Industry - Export                       units



                       2Q04     ...
Subsidiaries : MAXION COMPONENTES ESTRUTURAIS (Maxion Structural Components)




                     57%
2004 Second Quarter Results


Maxion Componentes Estruturais

                  Chassis and Siderails - 51% of net sales

...
2004 Second Quarter Results


Maxion Componentes Estruturais

              Wheels for Vehicles - 49% of net sales




   ...
2004 Second Quarter Results


Maxion Componentes Estruturais                                                              ...
2004 Second Quarter Results


Maxion Componentes Estruturais - Chassis

                             Market Share %
      ...
2004 Second Quarter Results


Maxion Componentes Estruturais - Chassis

                Net sales breakdown by customer %
...
2004 Second Quarter Results


Maxion Componentes Estruturais - Chassis


                                         New Orde...
2004 Second Quarter Results


Maxion Componentes Estruturais - Wheels

                              Market Share %
      ...
2004 Second Quarter Results


Maxion Componentes Estruturais - Wheels

                   Net sales breakdown by customer ...
2004 Second Quarter Results


Maxion Componentes Estruturais - Wheels


                                   NEW ORDERS: R$ ...
Subsidiaries : MAXION COMPONENTES AUTOMOTIVOS (Maxion Automotive Components)




            14%
2004 Second Quarter Results


Maxion Componentes Automotivos




                                                         ...
2004 Second Quarter Results


Maxion Componentes Automotivos                                                              ...
2004 Second Quarter Results


Maxion Componentes Automotivos


              Market Share %                 1H04     1H03
...
2004 Second Quarter Results


Maxion Componentes Automotivos

                   Net sales breakdown by customer %
       ...
2004 Second Quarter Results


Maxion Componentes Automotivos


                                  New Orders: R$ 9,3 MM per...
2004 Second Quarter Results


Brazilian market of railroad equipment


            Sales                                  ...
Subsidiaries :
AMSTED MAXION FUNDIÇÃO E EQUIPAMENTOS FERROVIÁRIOS (Amsted Maxion Foundry and Railroad Equipments)




    ...
2004 Second Quarter Results


Amsted Maxion




                                              26
2004 Second Quarter Results


Amsted Maxion                                                                               ...
2004 Second Quarter Results


Amsted Maxion


           Market Share %              1H04           1H03


        Railroa...
2004 Second Quarter Results


Amsted Maxion

                    Net sales breakdown by customer %
        1H04 – R$ 137,2...
2004 Second Quarter Results


Amsted Maxion


                        Spot Orders : R$ 520,0 MM

      CVRD / FCA – 2.878 ...
2004 Second Quarter Results


Amsted Maxion


                Recurring Orders : R$ 113,3 MM per year

      ASF-Amsted (U...
CORPORATE RESTRUCTURING
2004 Second Quarter Results


Corporate Restructuring


       Goal: have all autopart activities under a single entity in...
2004 Second Quarter Results


Corporate Restructuring: Future Structure

                                          Iochpe-...
CONSOLIDATED
  FIGURES
2004 Second Quarter Results


First Halfs Comparison                                        % net sales


    Operational ...
2004 Second Quarter Results


First Halfs Comparison                                                R$ MM


     Operation...
2004 Second Quarter Results


5 Year Comparison                                                        % net sales


     ...
2004 Second Quarter Results


5 Year Comparison                                                            R$ MM


       ...
2004 Second Quarter Results


5 Year Comparison                                                                           ...
2004 Second Quarter Results


 Consolidated

                  Net sales breakdown by customer %
       1H04 – R$ 482,1 MM...
2004 Second Quarter Results


Net sales breakdown by customer segment %



          Customer Segment                     ...
2004 Second Quarter Results


Export by product segment %


       1H04 – US$ 19,6MM / R$ 58,8MM                          ...
2004 Second Quarter Results


Export by destination %


    1H04 – US$ 19,6MM / R$ 58,8MM                 1H03 – US$ 14,7M...
2004 Second Quarter Results


Income Statement                                                                            ...
2004 Second Quarter Results


Net Bank Debt

  R$ MM                                                                      ...
2004 Second Quarter Results


Bank Debt Breakdown – Jun04                                                R$ MM




       ...
2004 Second Quarter Results


Bank Debt Index Breakdown – Jun04




                                                      ...
2004 Second Quarter Results


Consolidated Foreign Currency Exposure – Jun04 US$ MM


       B a la n c e

       A s s e ...
2004 Second Quarter Results


Stock Performance

   R $ TH O U S .
                                                       ...
BENCHMARK
2004 Second Quarter Results


Benchmark – Gross Profit                                                                    ...
2004 Second Quarter Results


Benchmark – EBIT                                                                            ...
2004 Second Quarter Results


Benchmark – EBITDA                                                                          ...
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Iochpe-Maxion - 2Q04 Presentation

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2nd Quarter 2004 Presentation

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Transcript of "Iochpe-Maxion - 2Q04 Presentation"

  1. 1. 2004 Second Quarter Results
  2. 2. 2004 Second Quarter Results Iochpe-Maxion : Fundamentals Strong organic growth of revenues Growing cash flow generation Solid capital structure Focus on equipments related to the logistics industry Local market leadership Growing exports Capacity expansion in line with demand growth 2
  3. 3. 2004 Second Quarter Results Iochpe-Maxion: Capital Markets and Governance Public company since 1984 Investor Relationship Quarterly meetings Website – exclusive IR content Dedicated IR team Dividend Payout – 37% of net income after legal reserve Stock Growing liquidity and float Low Economic Value / EBITDA ratio Board with 1 independent member and without any officer Audit Board (“Conselho Fiscal”) with 1 representative of the non- controlling shareholders 3
  4. 4. 2004 Second Quarter Results Corporate Structure Bradesco Companhia Iochpe BNDESPAR Other Jun/03 Total 6,5% 20,6% 48,2% 24,7% 18,4% Voting 18,8% 56,6% 21,8% 2,8% 3,1% Non-voting 0,0% 1,5% 62,2% 36,3% 26,4% Iochpe-Maxion S.A. 11 Tecob Iochpe Holdings 3 2 50% 16,5% Maxion Componentes Amsted -Maxion Fundição Maxion Componentes Estruturais Ltda. e Equip. Ferrov. S.A. Automotivos S.A. 2.642 3.205 1.213 83,2% Amsted Industries (50%) Employees Consolidated - 5.474 4
  5. 5. 2004 Second Quarter Results Net sales breakdown by company % 1H04 - R$ 482,1 MM 1H03 - R$ 310,9 MM Maxion Comp. Maxion Comp. Autom. Autom. 14% 18% 57% 59% 29% Amsted 2 3 % Amsted Maxion Maxion Maxion Maxion Comp. Comp. Estruturais Estruturais 5
  6. 6. 2004 Second Quarter Results Automotive Industry – Brazilian Output units 2Q04 2Q03 Var% 1H04 1H03 Var% Cars 430,3 384,3 12,0% 833,9 754,5 10,5% Light commercials 73,1 53,8 35,8% 140,7 98,1 43,4% Trucks 27,0 18,6 45,1% 50,0 38,7 29,1% Buses 7,8 6,7 15,7% 13,7 13,0 5,7% Total Vehicles 538,2 463,5 16,1% 1.038,3 904,3 14,8% Agricultural Machinery 17,2 15,5 11,3% 32,3 26,6 21,2% Source : Anfavea 6
  7. 7. 2004 Second Quarter Results Automotive Industry - Export units 2Q04 2Q03 Var% 1H04 1H03 Var% Cars 119,2 137,0 (13,0%) 214,2 229,1 (6,5%) Light commercials 25,7 16,8 52,8% 46,0 28,7 60,3% Trucks 6,8 2,8 142,3% 11,7 4,7 148,3% Buses 2,8 2,0 36,8% 4,8 4,0 21,0% Total Vehicles 154,5 158,7 (2,6%) 276,7 266,4 3,8% Agricultural Machinery 7,7 4,8 60,3% 14,7 8,6 70,9% Source : Anfavea 7
  8. 8. Subsidiaries : MAXION COMPONENTES ESTRUTURAIS (Maxion Structural Components) 57%
  9. 9. 2004 Second Quarter Results Maxion Componentes Estruturais Chassis and Siderails - 51% of net sales Heavy Medium Light Stamped Parts Structural Siderails Parts Chassis 9
  10. 10. 2004 Second Quarter Results Maxion Componentes Estruturais Wheels for Vehicles - 49% of net sales 10
  11. 11. 2004 Second Quarter Results Maxion Componentes Estruturais R$ MM Net Sales 600 . 4 8 4 ,2 % a.a 8,4 R =3 3 9 7 ,3 7,6 % 400 C AG =4 r% Va % 2 6 9 ,5 3,9 2 4 0 ,7 =5 2 0 7 ,5 r% 200 1 7 4 ,1 1 8 2 ,6 Va 1 4 5 ,1 1 1 2 ,1 9 4 ,3 0 1999 2000 2001 2002 2003 2Q04 LTM 1H03 1H04 2Q03 2Q04 LTM = Last 12 months / CAGR = Compounded Annually Growth Rate 11
  12. 12. 2004 Second Quarter Results Maxion Componentes Estruturais - Chassis Market Share % 1H04 1H03 73% 74% OEM OEM 11% 10% 16% 16% Dana Dana Maxion Maxion 12
  13. 13. 2004 Second Quarter Results Maxion Componentes Estruturais - Chassis Net sales breakdown by customer % 1H04 – R$ 139,1MM 1H03 – R$ 95,3 MM Volks- Volks- wagen General General Motors wagen 23% 26% Motors 12% 13% Ford 8% 6% Ford 7% Export 26% 26% 10% Export 5% Scania 5% 19% Daimler 14% Scania Daimler Chrysler Chrysler Other Other 13
  14. 14. 2004 Second Quarter Results Maxion Componentes Estruturais - Chassis New Orders: R$ 15,9 MM per year C H A S S IS C o u n tr y S ta r tin g Annual D a te 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 M e d iu m S t a m p in g 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 L ig h t S t a m p in g 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 3 0 ,9 M e d iu m S t a m p in g 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 il R e in f o r c e m e n t - D a im le r C h r y s le r B r a z il M a y -0 4 0 ,3 14
  15. 15. 2004 Second Quarter Results Maxion Componentes Estruturais - Wheels Market Share % 1H04 1H03 Other Other 9% 10% 39% 39% 52% 51% Borlem Borlem (Hayes) Maxion (Hayes) Maxion 15
  16. 16. 2004 Second Quarter Results Maxion Componentes Estruturais - Wheels Net sales breakdown by customer % 1H04 – R$ 130,4MM 1H03 – R$ 87,3 MM Volks- Volks- wagen Scania wagen Scania Volvo 6% 12% Volvo After 11% 5% After 6% market market 4% Other 13% 15% 14% Other 11% 28% Export 2 3 % 26% Export 26% Tractors Tractors 16
  17. 17. 2004 Second Quarter Results Maxion Componentes Estruturais - Wheels NEW ORDERS: R$ 26,6 MM per year W HEELS 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 J o h n D e e re B r a z il N o v -0 4 3 ,2 S tip T u n is M a y -0 4 2 ,3 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 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 K r is ta n a s S p ir o s G re e c e J u l- 0 4 0 ,6 17
  18. 18. Subsidiaries : MAXION COMPONENTES AUTOMOTIVOS (Maxion Automotive Components) 14%
  19. 19. 2004 Second Quarter Results Maxion Componentes Automotivos 19
  20. 20. 2004 Second Quarter Results Maxion Componentes Automotivos R$ MM Net Sales 150 .a. GR = 7,7% a 1 2 7 ,6 CA 1 1 4 ,3 9 9 ,0 % 24,2 9 8 ,1 100 9 1 ,5 9 3 ,6 % = Var 6 8 ,3 % 5 5 ,0 = 33,9 % 50 Var 3 4 , 4 2 5 ,7 0 1999 2000 2001 2002 2003 2Q04 LTM 1H03 1H04 2Q03 2Q04 LTM = Last 12 months / CAGR = Compounded Annually Growth Rate 20
  21. 21. 2004 Second Quarter Results Maxion Componentes Automotivos Market Share % 1H04 1H03 Window raiser mechanism 43% 42% Hand break lever 43% 45% Latch 10% 12% Knob / Keys / Cylinder (KKC) 8% 9% Jack 20% 15% 21
  22. 22. 2004 Second Quarter Results Maxion Componentes Automotivos Net sales breakdown by customer % 1H04 – R$ 68,3MM 1H03 – R$ 55,0 MM General General Motors Motors 25% 22% Volks- Volks- 20% wagen 15% wagen 31% 29% 13% 10% Fiat SAS SAS 7 % (Faurecia) Fiat 5%4 % 7 % (Faurecia) 4% 8% Ford Ford Other After Other After market market 22
  23. 23. 2004 Second Quarter Results Maxion Componentes Automotivos New Orders: R$ 9,3 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 o c k J u n -0 5 7 ,3 Fox - VW Jack O c t- 0 3 0 ,9 C e lta - G M W in d o w r a is e r M a y -0 4 0 ,8 P ic k - u p M o n ta n a - G M L a tc h N o v -0 3 0 ,3 23
  24. 24. 2004 Second Quarter Results Brazilian market of railroad equipment Sales 2Q04 2Q03 Var% 1H04 1H03 Var% Railroad freight cars – units 1.563 492 218% 2.616 828 216% Railroad wheels – thous. units 10,3 3,9 161% 16,8 18,1 (7%) Railroad castings – thous. ton 1,2 0,6 121% 2,0 0,9 129% Does not include wheels and castings used in the assembly of new freight cars 24
  25. 25. Subsidiaries : AMSTED MAXION FUNDIÇÃO E EQUIPAMENTOS FERROVIÁRIOS (Amsted Maxion Foundry and Railroad Equipments) 29%
  26. 26. 2004 Second Quarter Results Amsted Maxion 26
  27. 27. 2004 Second Quarter Results Amsted Maxion R$ MM Net Sales 6 0 0 ,0 . a.a 4 5 6 ,0 % % 1,9 7,3 4 0 0 ,0 =4 =8 GR % A 3 2 8 ,1 ar % C V 2 7 4 ,4 4,0 =9 % Var 1 6 5 ,1 2 0 0 ,0 1 4 6 ,5 1 2 1 ,6 1 2 0 ,4 9 4 ,5 1 0 9 ,5 8 5 ,1 0 ,0 1999 2000 2001 2002 2003 2Q04 LTM 1H03 1H04 2Q03 2Q04 LTM = Last 12 months / CAGR = Compounded Annually Growth Rate 27
  28. 28. 2004 Second Quarter Results Amsted Maxion Market Share % 1H04 1H03 Railroad Cars 75% 100% Railroad Wheels 40% 60% Railroad Castings 80% 80% Industrial Castings 45% 60% 28
  29. 29. 2004 Second Quarter Results Amsted Maxion Net sales breakdown by customer % 1H04 – R$ 137,2 MM(*) 1H03 – R$ 73,3 MM(*) CVRD CVRD 69% 60% 14% MRS 2% MRS 1 0 % Export 18% 3% Export 7% 3% 3% Caterpillar 3% 5% FCA 3% Other ADM Other FCA Caterpillar (*) accounts for 50% of the total net sales of Amsted Maxion 29
  30. 30. 2004 Second Quarter Results Amsted Maxion Spot Orders : R$ 520,0 MM CVRD / FCA – 2.878 cars MRS - 630 cars Delivered ADM - 140 cars As of Jun 30 – 1.932 cars Mineração Serra and 30 boxes do Sossego - 42 cars Still in 2004 – 1.908 cars MRS / ALL - 50 boxes and 20 boxes MRC (Mitsui) – 150 cars Total = 3.840 cars e 50 boxes 30
  31. 31. 2004 Second Quarter Results Amsted Maxion Recurring Orders : R$ 113,3 MM per year ASF-Amsted (USA) – railroad castings - R$ 51,4MM ConMet-Amsted (USA) – fifth-wheels component - R$ 8,3MM Caterpillar (Brazil) – tractor parts - R$ 20,8MM Caterpillar (USA) – tractors parts - R$ 25,9MM Metso (France) – industrial castings - R$ 3,7MM Komatsu / CNH (USA and Italy) – industrial castings - R$ 3,2MM 31
  32. 32. CORPORATE RESTRUCTURING
  33. 33. 2004 Second Quarter Results Corporate Restructuring Goal: have all autopart activities under a single entity in order to obtain operational, administrative and tax sinergies Transaction Transfer of assets and liabilities of Maxion Componentes Estruturais to Maxion Componentes Automotivos, evaluated at book value In exchange of the assets and liabilities received, Maxion Componentes Automotivos issued shares in favor of Maxion Componentes Estruturais Change of denomination from Maxion Componentes Automotivos to Maxion Sistemas Automotivos (Maxion Automotive Systems), followed by the change of headquarters to Cruzeiro-SP Creation of two divisions at Maxion Sistemas Automotivos Strucutural Components Division – wheels and chassis Automotive Components Division – automotive components 33
  34. 34. 2004 Second Quarter Results Corporate Restructuring: Future Structure Iochpe-Maxion S.A. Tecob Iochpe Holdings 50% Maxion Componentes Amsted -Maxion Fundição Estruturais Ltda. e Equip. Ferrov. S.A. 93,59% 6,29% Maxion Sistemas Automotivos S.A. Amsted Industries (50%) Structural Components Automotive Components Division Division 34
  35. 35. CONSOLIDATED FIGURES
  36. 36. 2004 Second Quarter Results First Halfs Comparison % net sales Operational Margins 2 2 ,1 % 2 2 ,0 % 2 0 ,8 % 1 9 ,4 % 1 7 ,2 % 1 6 ,6 % 1 5 ,6 % 1 4 ,7 % 1 4 ,4 % 1 2 ,1 % 1 0 ,3 % 1 1 ,6 % 8 ,9 % 6 ,7 % 6 ,2 % 4 ,5 % 4 ,2 % -0 ,3 % -3 ,8 % -6 ,9 % G r o s s P r o f it E b itd a E b it O p e r a ti o n R e s u lt 1H00 1H01 1H02 1H03 1H04 36
  37. 37. 2004 Second Quarter Results First Halfs Comparison R$ MM Operational Margins 1 0 0 ,2 6 8 ,3 7 1 ,0 4 7 ,5 5 5 ,8 4 5 ,0 4 8 ,4 3 7 ,9 3 3 ,4 3 3 ,7 3 2 ,1 3 2 ,5 2 8 ,0 1 8 ,2 9 ,9 1 2 ,1 1 2 ,9 (0 ,8 ) (7 ,4 ) (1 2 ,3 ) 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 1H00 1H01 1H02 1H03 1H04 37
  38. 38. 2004 Second Quarter Results 5 Year Comparison % net sales Operational Margins 2 1 ,4 % 2 1 ,1 % 2 0 ,2 % 1 9 ,9 % 1 8 ,5 % 1 6 ,8 % 1 5 ,5 % 1 3 ,2 % 1 3 ,2 % 8 ,8 % 8 ,9 % 8 ,5 % 9 ,6 % 7 ,2 % 4 ,6 % 7 ,4 % 2 ,9 % -3 ,8 % -4 ,4 % -3 ,9 % G r o s s P r o f it E b itd a E b it O p e r a ti o n R e s u lt 2000 2001 2002 2003 2Q04 LTM LTM = last 12 months 38
  39. 39. 2004 Second Quarter Results 5 Year Comparison R$ MM 1 6 8 ,5 Operational Margins 1 3 6 ,6 1 1 5 ,7 1 1 2 ,0 8 6 ,6 8 9 ,4 8 0 ,1 8 1 ,1 6 9 ,0 5 5 ,0 5 7 ,9 5 7 ,5 3 6 ,4 3 8 ,9 2 7 ,0 4 6 ,3 1 9 ,4 (1 4 ,2 ) (1 7 ,9 ) (2 4 ,5 ) 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 2000 2001 2002 2003 2Q04 LTM LTM = last 12 months 39
  40. 40. 2004 Second Quarter Results 5 Year Comparison R$ MM Net Sales 1000 a.a. ,7% 8 4 6 ,9 38 Disposals = 5 ,1% 750 6 1 5 ,4 6 2 4 ,0 A GR 6 7 5 ,7 =5 C r % Va % 4 8 2 ,1 5,6 500 4 1 1 ,2 =6 3 7 3 ,7 % 3 1 0 ,9 Var 2 6 9 ,2 250 1 6 2 ,6 0 1999 2000 2001 2002 2003 2Q04 LTM 1H03 1H04 2Q03 2Q04 LTM = Last 12 months / CAGR = Compounded Annually Growth Rate 40
  41. 41. 2004 Second Quarter Results Consolidated Net sales breakdown by customer % 1H04 – R$ 482,1 MM 1H03 – R$ 310,9 MMM Daimler Chrysler Daimler Export. Chrysler Export. Tractors 9% General 15% 10% 12% 7% Tractors Motors Volks- 7% 7% Volks- After wagen wagen 1 2 % 15% General 5 % market 8% Motors 4% MRS 5% After 4% 1 % market 18% Fiat 16% 5 % MRS CVRD 22% CVRD 18% Fiat Other Other 41
  42. 42. 2004 Second Quarter Results Net sales breakdown by customer segment % Customer Segment 1H04 1H03 OEM producing in the country 61% 65% - Bus, truck and light commercial 48% 47% - Car 13% 18% Brazilian railroad operators 27% 20% Export 12% 15% 42
  43. 43. 2004 Second Quarter Results Export by product segment % 1H04 – US$ 19,6MM / R$ 58,8MM 1H03 – US$ 14,7MM / R$ 50,8MM Automotive Automotive Wheels Wheels Chassis 57% 20% 51% 20% Chassis 22% 28% 1% 1% Railroad Equip. Aut. Railroad Aut. Comp. Equip. Comp. Import 1H04 Import 1H03 US$ 6,3MM / R$ 18,6MM (*) US$ 3,8MM / R$ 12,9MM (*) includes US$ 3,4MM / R$ 10,0MM of machinery and equipment 43
  44. 44. 2004 Second Quarter Results Export by destination % 1H04 – US$ 19,6MM / R$ 58,8MM 1H03 – US$ 14,7MM / R$ 50,8MM Canada Mexico Canada 21% 13% 2% South Mexico 1 7 % America 50% 3% USA 32% 4% Asia / 18% South USA Oceania America 9% 1% 7% 8% 15% Europe Asia / Oceania Africa / Europe Africa / Middle East Middle East 44
  45. 45. 2004 Second Quarter Results Income Statement R$ MM 1 H 0 4 % s a le s 1 H 0 3 % s a le s V a r% N e t s a le s 4 8 2 .0 9 4 1 0 0 ,0 % 3 1 0 .8 6 4 1 0 0 , 0 % 5 5 ,1 % ( - ) C o s t o f p r o d u c t s s o ld (3 8 1 .9 3 4 ) - 7 9 ,2 % (2 4 2 .6 1 7 ) - 7 8 ,0 % 5 7 ,4 % G r o s s p r o f it 1 0 0 .1 6 0 2 0 ,8 % 6 8 .2 4 7 2 2 ,0 % 4 6 ,8 % O P E R A T IO N A L E X P E N S E S S a le s ( 2 5 .3 5 8 ) - 5 ,3 % ( 1 9 .8 1 0 ) - 6 ,4 % 2 8 ,0 % A d m i n i s t r a ti v e ( 2 0 .0 1 3 ) - 4 ,2 % ( 1 5 .5 9 5 ) - 5 ,0 % 2 8 ,3 % O th e r 968 0 ,2 % (7 1 5 ) - 0 ,2 % -2 3 5 ,4 % ( 4 4 .4 0 3 ) - 9 ,2 % ( 3 6 .1 2 0 ) - 1 1 ,6 % 2 2 ,9 % E B IT 5 5 .7 5 7 1 1 ,6 % 3 2 .1 2 7 1 0 ,3 % 7 3 ,6 % N e t fi n a n c i a l e x p e n s e s ( 2 3 .2 4 7 ) - 4 ,8 % ( 1 9 .1 8 5 ) - 6 ,2 % 2 1 ,2 % O p e r a t io n R e s u l t 3 2 .5 1 0 6 ,7 % 1 2 .9 4 2 4 ,2 % 1 5 1 ,2 % N o n - o p e r a t i o n a l r e s u lt ( 4 .3 1 2 ) - 0 ,9 % (5 7 ) 0 ,0 % 7 4 6 4 ,9 % E a r n i n g s b e f o r e t a x e s a n d m i n o r it y in t . 2 8 .1 9 8 5 ,8 % 1 2 .8 8 5 4 ,1 % 1 1 8 ,8 % T a x e s a n d m i n o r i ty i n te re s t ( 1 3 .8 8 0 ) - 2 ,9 % ( 8 .9 5 6 ) - 2 ,9 % 5 5 ,0 % N e t In c o m e 1 4 .3 1 8 3 ,0 % 3 .9 2 9 1 ,3 % 2 6 4 ,4 % E B IT D A 7 0 .9 6 2 1 4 ,7 % 4 8 .4 2 4 1 5 ,6 % 4 6 ,5 % 45
  46. 46. 2004 Second Quarter Results Net Bank Debt R$ MM x EBITDA 2 5 0 ,0 5 ,0 2 0 8 ,4 2 0 0 ,0 1 9 4 ,8 4 ,0 3 ,6 1 4 9 ,5 1 5 0 ,0 3 ,0 1 1 5 ,0 1 0 5 ,7 2 ,2 1 0 0 ,0 2 ,0 6 5 ,1 1 ,5 1 ,3 1 ,3 5 0 ,0 1 ,1 1 ,0 0 ,0 0 ,0 1999 2000 2001 2002 2003 2Q 04 LTM 46
  47. 47. 2004 Second Quarter Results Bank Debt Breakdown – Jun04 R$ MM DEBT TYPE SHORT LONG TOTAL Local Bonds 2 6 ,1 2 6 ,1 T r a d e F in a n c e / E x p o r t L in e s 4 7 ,8 4 7 ,2 9 5 ,0 E q u ip m e n t L in e s 3 4 ,3 2 0 ,4 5 4 ,7 Hot M oney 3 ,1 3 ,1 1 1 1 ,3 6 7 ,6 1 7 8 ,9 (- ) 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 ,9 2 ,5 2 9 ,4 Net Debt 8 4 ,4 6 5 ,1 1 4 9 ,5 47
  48. 48. 2004 Second Quarter Results Bank Debt Index Breakdown – Jun04 TJLP 50% 27% (Equipment Lines) Dollar 15% 3% INPC 5% (consumer IGPM inflation) CDI (general (interbank) inflation) 48
  49. 49. 2004 Second Quarter Results Consolidated Foreign Currency Exposure – Jun04 US$ MM B a la n c e 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 ,8 . A c c o u n t s R e c e iv a b l e 5 ,4 9 ,2 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 ( E x p o r t L in e s / O t h e r ) (2 8 ,6 ) . A c c o u n ts P a y a b le (3 ,6 ) (3 2 ,2 ) N e t P o s itio n (2 3 ,0 ) 49
  50. 50. 2004 Second Quarter Results Stock Performance R $ TH O U S . R $ / TH O U S . S H A R ES 2 6 .0 0 0 V O L U M E / M O N T H L Y A V E R A G E P R IC E 12 0 ,0 2 3 .8 8 1 IO C H P E - M A X IO N P N ( M Y P K 4 ) 10 3 ,8 7 2 2 .0 0 0 9 7 ,9 8 10 5 ,0 9 4 ,18 8 4 ,3 9 0 ,0 18 .0 0 0 8 0 ,9 8 0 ,7 7 7 9 ,6 3 8 1,3 0 7 5 ,0 8 0 ,4 7 8 ,5 1 14 .0 0 0 VO L U M E 6 0 ,0 5 1,9 10 .0 0 0 A V E R A G E P R IC E 8 .2 5 6 4 5 ,0 6 .0 0 0 4 .0 9 4 2 4 ,7 2 7 ,6 3 .6 8 9 3 .19 7 3 .7 5 5 2 .8 15 3 0 ,0 2 .6 6 5 2 6 ,8 2 5 ,2 2 6 ,8 2 6 ,4 1.3 9 8 2 .0 0 0 2 3 ,5 2 4 ,2 2 5 ,1 758 8 9 5 3 5 115 10 4 5 0 5 0 12 5 17 7 3 12 13 6 15 ,0 ( 2 .0 0 0 ) - 2 3 3 3 3 3 3 03 3 3 3 3 3 4 4 4 4 4 4 04 c / 0 n / 0 b / 0 r / 0 r / 0 y / 0 n / 0 ju l/ g / 0 p / 0 t / 0 v / 0 z / 0 n / 0 b / 0 r / 0 r / 0 y / 0 n / 0 ju l/ a p c a p d e ja f e m a m a ju a u s e o n o d e ja f e m a m a ju 50
  51. 51. BENCHMARK
  52. 52. 2004 Second Quarter Results Benchmark – Gross Profit % net sales G e n te x S to n e r i d g e E a to n S tr a tte c Io c h p e - M a x i o n F e d e ra l M o g u l B o rg W a rn e r C u m m in s T i ta n Te nne co A u to li v A m e r i c a n A x le J o h n s o n C o n tr o ls D u ra V a le o S u p e rio r D a na T R W A u to C o lli n s & A i k m a n A r v i n M e r i to r D e lp h i Tow er Lear In te r m e t V i s te o n 0% 10% 20% 30% 40% Avg. = 15% 2Q04 2Q03 Source: Companies releases 2004 first 6 months results of each company, except fot Strattec with 12 months result, ArvinMeritor and Johnson Controls with 9 months. 52
  53. 53. 2004 Second Quarter Results Benchmark – EBIT % net sales G e n te x S tr a tt e c Io c h p e - M a x i o n S to n e r i d g e A u t o li v B o rg W a rn e r E a to n A m e r i c a n A x le S u p e rio r T i ta n T R W A u to D a na Te nne co D u ra C u m m in s F a u re c ia J o h n s o n C o n t r o ls Tower F e d e ra l M o g u l Lear V a le o A r v i n M e r i to r C o lli n s & A i k m a n D e lp h i In t e r m e t V i s te o n -5 % 5% 15% 25% 35% A vg . = 6 % 2Q04 2Q03 Source: Companies releases 2004 first 6 months results of each company, except fot Strattec with 12 months result, ArvinMeritor and Johnson Controls with 9 months. 53
  54. 54. 2004 Second Quarter Results Benchmark – EBITDA % net sales S tr a tte c Io c h p e - M a x i o n B o rg W a rn e r A m e r i c a n A x le A u t o li v T i ta n T R W A u to V a le o Tow er Te nne co F e d e ra l M o g u l D a na D u ra C u m m in s In t e r m e t F a u re c ia J o h n s o n C o n t r o ls D e lp h i A r v i n M e r i to r C o lli n s & A i k m a n Lear V i s te o n 0% 5% 10% 15% 20% 2Q04 2Q03 A vg . = 1 0 % Source: Companies releases 2004 first 6 months results of each company, except fot Strattec with 12 months result, ArvinMeritor and Johnson Controls with 9 months. 54
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