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2nd Quarter 2009 Presentation

2nd Quarter 2009 Presentation

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Iochpe-Maxion - 2Q09 Presentation Presentation Transcript

  • 1. 2Q09 EARNINGS RELEASE August 2009
  • 2. 4T08 / 2008 2Q09 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 2Q09 Earnings Release SIMPLIFIED CORPORATE STRUCTURE Iochpe-Maxion S.A. Iochpe- 50% 100% 100% Amsted-Maxion Fundição e Amsted- Fundiç Automotive Components Wheels and Chassis Division Equipamentos Ferroviários S.A. Ferroviá Division Net Operating Revenue in 2Q09 – Net Operating Revenue in 2Q09 – Net Operating Revenue in 2Q09 – R$ 47.9 million R$ 199.3 million R$ 32.1 million 17.2% of Consolidated Net 71.3% of Consolidated Net 11.5% of Consolidated Net Operating Revenue in 2Q09 Operating Revenue in 2Q09 Operating Revenue in 2Q09 3
  • 4. 4T08 / 2008 2Q09 Earnings Release HIGHLIGHTS Consolidated net operating revenue of R$ 279.3 million in the 2Q09, a reduction of 36.8% over the same period of last year EBITDA(*) of R$ 19.8 million in the 2Q09, a reduction of 72.1% when compared to the same period of last year Net income of R$ 4.6 million in the 2Q09, a reduction of 89.5% when compared to the same period of last year Net bank debt of R$ 206.9 million (R$ 198.6 million in June 08), or 1,1x LTM EBITDA* (0,9x in June 08) (*) 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. 4
  • 5. 4T08 / 2008 2Q09 Earnings Release MAIN DRIVERS Reduction of Brazilian production of trucks, buses and agricultural machinery Reduction of domestic demand for railway freight cars Reduction of exports 5
  • 6. Industry Performance
  • 7. 4T08 / 2008 2Q09 Earnings Release LIGHT COMMERCIALS – BRAZIL (‘000 units) Production Export 459 144 406 122 231 201 63 121 108 32 33 18 2007 2008 1H08 1H09 2Q08 2Q09 2007 2008 1H08 1H09 2Q08 2Q09 ∆ 2Q09 – 08 = -11.2% ∆ 2Q09 – 08 = -45.9% ∆ 1H09 – 08 = -12.6% ∆ 1H09 – 08 = -49.6% CAGR 2005 – 08 = 7.0% CAGR 2005 – 08 = -7.9% Source: Anfavea 7
  • 8. 4T08 / 2008 2Q09 Earnings Release TRUCKS – BRAZIL (‘000 units) Production Export 167 41 39 137 79 19 54 42 10 29 6 3 2007 2008 1H08 1H09 2Q08 2Q09 2007 2008 1H08 1H09 2Q08 2Q09 ∆ 2Q09 – 08 = -31.6% ∆ 2Q09 – 08 = -71.8% ∆ 1H09 – 08 = -32.4% ∆ 1H09 – 08 = -67.5% CAGR 2005 – 08 = 12.6% CAGR 2005 – 08 = 0.9% Source: Anfavea 8
  • 9. 4T08 / 2008 2Q09 Earnings Release BUSES – BRAZIL (‘000 units) Production Export 44 16 15 39 23 7 16 13 4 4 8 2 2007 2008 1H08 1H09 2Q08 2Q09 2007 2008 1H08 1H09 2Q08 2Q09 ∆ 2Q09 – 08 = -34.5% ∆ 2Q09 – 08 = -39.0% ∆ 1H09 – 08 = -30.0% ∆ 1H09 – 08 = -39.9% CAGR 2005 – 08 = 7.9% CAGR 2005 – 08 = -5.6% Source: Anfavea 9
  • 10. 4T08 / 2008 2Q09 Earnings Release AGRICULTURAL MACHINERY – BRAZIL (‘000 units) Production Export 85 30 27 65 40 15 28 21 8 7 14 3 2007 2008 1H08 1H09 2Q08 2Q09 2007 2008 1H08 1H09 2Q08 2Q09 ∆ 2Q09 – 08 = -34.1% ∆ 2Q09 – 08 = -59.0% ∆ 1H09 – 08 = -28.8% ∆ 1H09 – 08 = -50.4% CAGR 2005 – 08 = 17.1% CAGR 2005 – 08 = -1.1% Source: Anfavea 10
  • 11. 4T08 / 2008 2Q09 Earnings Release PASSENGER CARS – BRAZIL (‘000 units) Production Export 2,546 588 2,388 558 1,360 292 1,192 727 157 153 655 89 2007 2008 1H08 1H09 2Q08 2Q09 2007 2008 1H08 1H09 2Q08 2Q09 ∆ 2Q09 – 08 = -10.0% ∆ 2Q09 – 08 = -42.2% ∆ 1H09 – 08 = -12.3% ∆ 1H09 – 08 = -46.3% CAGR 2005 – 08 = 8.5% CAGR 2005 – 08 = -6.5% Source: Anfavea 11
  • 12. 4T08 / 2008 2Q09 Earnings Release RAILWAY FREIGHT CARS – BRAZIL (units) 5,118 Sales ∆ 2Q09 – 08 = -73.9% ∆ 1H09 – 08 = -72.7% CAGR 2005 – 08 = -11.0% 2,692 1,439 1,249 734 376 2007 2008 1H08 1H09 2Q08 2Q09 Sales Source: Amsted Maxion estimate 12
  • 13. 4T08 / 2008 2Q09 Earnings Release MARKET SHARE – BRAZIL Railway Freight Chassis Cars 3% 23% 36% 31% Others Others Maxion 97% Maxion 69% 77% 64% 2Q08 2Q09 2Q09 2Q08 Commercial Vehicles Wheels Railway Castings 20% 20% 35% 43% Others Others Maxion Maxion 80% 80% 65% 57% 2Q09 2Q08 2Q09 2Q08 Source: Iochpe-Maxion estimate 13
  • 14. Financial and Operating Performance
  • 15. 4T08 / 2008 2Q09 Earnings Release NET OPERATING REVENUE (R$ million) 1.828 1.828 27 2 49 3 1.289 1.289 119 279 233 115 843 843 1,55 6 10 6 241 570 570 279 1,2 16 64 442 442 95 1,0 5 6 81 81 896 58 279 51 132 73 7 53 7 33 4 18 32 48 48 9 391 489 278 199 2007 2008 1H08 1H09 2Q08 2Q09 2007 2008 1H08 1H09 2Q08 2Q09 Wheels & Chassis Automotive Comp. Amsted-Maxion Domestic Export Net Operating Revenue: ∆ 2Q09 – 08 = -36.8% Domestic: ∆ 2Q09 – 08 = -38.0% ∆ 1H09 – 08 = -32.4% Wheels & Chassis: ∆ 2Q09 – 08 = -28.2% ∆ 1H09 – 08 = -33.6% ∆ 1H09 – 08 = -22.2% Export: ∆ 2Q09 – 08 = -28.2% Automotive Comp.: ∆ 2Q09 – 08 = -2.3% ∆ 1H09 – 08 = -23.7% ∆ 1H09 – 08 = -10.3% Amsted Maxion: ∆ 2Q09 – 08 = -63.6% ∆ 1H09 – 08 = -60.8% 15
  • 16. 4T08 / 2008 2Q09 Earnings Release NET OPERATING REVENUE Revenue by Customer – 2Q08 Revenue by Customer – 2Q09 Caterpillar 1% Caterpillar ALL 1% 1% Others ALL Daim ler Others 4% 14% Daim ler 12% 9% Export 14% VW 11% VW 16% 23% Export 13% Fiat 4% Vale GMB Fiat 11% Tractors MRS 5% Vale 7% 7% Ford 6% Scania 10% Ford 4% GMB 4% 9% 6% Tractors 5% Scania 2% MRS 1% 16
  • 17. 4T08 / 2008 2Q09 Earnings Release EXPORTS R$ million US$ million 272 146 233 120 12 1 64 12 4 64 1 1 106 63 1 81 1 24 40 51 31 15 0 81 37 1 30 0 37 14 10 7 0 56 13 18 22 0 65 0 14 39 0 7 51 0 23 0 29 23 18 11 2007 2008 1H08 1H09 2Q08 2Q09 2007 2008 1H08 1H09 2Q09 2Q08 Wheels & Chassis Automotive Comp. Amsted-Maxion Wheels & Chassis Automotive Comp. Amsted-Maxion Exports: ∆ 2Q09 – 08 = -28.2% Exports: ∆ 2Q09 – 08 = -41.9% ∆ 1H09 – 08 = -23.7% ∆ 1H09 – 08 = -41.1% Wheels & Chassis: ∆ 2Q09 – 08 = -21.1% Wheels & Chassis : ∆ 2Q09 – 08 = -36.4% ∆ 1H09 – 08 = -22.2% ∆ 1H09 – 08 = -39.9% Automotive Comp.: ∆ 2Q09 – 08 = 4.7% Automotive Comp.: ∆ 2Q09 – 08 = -15.1% ∆ 1H09 – 08 = -42.0% ∆ 1H09 – 08 = -53.0% Amsted Maxion: ∆ 2Q09 – 08 = -37.9% Amsted Maxion: ∆ 2Q09 – 08 = -49.5% ∆ 1H09 – 08 = -25.9% ∆ 1H09 – 08 = -42.8% 17
  • 18. 4T08 / 2008 2Q09 Earnings Release GROSS PROFIT (R$ million) Gross Profit ∆ 2Q09 – 08 = -61.8% 357 ∆ 1H09 – 08 = -56.0% CAGR 2006 – 08 = 27.7% 236 219 170 20% 20% 18% 18% 20% 13% 12% 90 75 34 2006 2007 2008 1H08 1H09 2Q08 2Q09 Gross Profit % NOR 18
  • 19. 4T08 / 2008 2Q09 Earnings Release EARNINGS BEFORE INCOME TAX – EBIT (R$ million) 232 EBIT ∆ 2Q09 – 08 = -84.8% ∆ 1H09 – 08 = -79.0% 136 126 CAGR 2006 – 08 = 30.6% 115 14% 63 13% 11% 10% 14% 24 10 4% 3% 2006 2007 2008 1H08* 1H09 2Q08* 2Q09 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 2Q08 presentation 19
  • 20. 4T08 / 2008 2Q09 Earnings Release EBITDA* (R$ million) EBITDA 268 ∆ 2Q09 – 08 = -72.1% ∆ 1H09 – 08 = -65.7% 163 156 CAGR 2006 – 08 = 28.2% 131 16% 16% 15% 13% 12% 71 45 7% 8% 20 2006 2007 2008 1H08** 1H09 2Q08** 2Q09 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 2Q08 presentation 20
  • 21. 4T08 / 2008 2Q09 Earnings Release NET FINANCIAL EXPENSES (R$ million) Net Financial Expenses ∆ 2Q09 – 08 = 3.7% ∆ 1H09 – 08 = -228.5% 28 21 CAGR 2006 – 08 = 15.5% 2% 2% 10 2% 1% -1% -1% -2% 10 -6 -6 -8 2006 2007 2008 1H08 1H09 2Q08 2Q09 Financial Expenses % NOR 21
  • 22. 4T08 / 2008 2Q09 Earnings Release IMPACT OF THE FX RATE VARIATION Impact of the FX rate variation on Financial Expense (Revenue) 2Q09 Value Impact Balance US$ million R$ MM NDF Expired 20.0 3.9 NDF to Expire* 4.4 (0.2) Financial Exp./Rev. 3.8 Impact of the FX rate variation on Equity Contracted Value Average FX Gain/Loss Period Operations US$ Rate R$ thousand At the end NDFs (selling) 12,500 1.9541 756 of 2Q09 to expire If the operations would expire on 06/30/2009 (at FX rate of R$ 1.9487) , it would represent a negative result of R$ 0.8 million (R$ 0.5 million, net of taxes) At the end of 2Q09, the Equity had a positive adjustment of R$ 8.8 million, due to the market value of the non deliverable forward operations to expire (negative adjustment of R$ 0.5 million, net of taxes) and the FX rate variation of the foreign investments (positive adjustment of R$ 9.3 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 22
  • 23. 4T08 / 2008 2Q09 Earnings Release NET INCOME (R$ million) Net Income 214 ∆ 2Q09 – 08 = -89.5% ∆ 1Q09 – 08 = -98.1% 76 12% CAGR 2006 – 08 = 92.1% 9% 10% 6% 5% 78 72 76 58 133 44 2% 0% 1 5 2006 2007 2008 1H08 1H09 2Q08 2Q09 Net Income % NOR 23
  • 24. 4T08 / 2008 2Q09 Earnings Release NET BANK DEBT (R$ million) To better understand the evolution of net bank debt, it’s worth to mention the R$ 79.2 million dividends (related to 2008) payment during the 2Q08 256 207 199 188 132 128 1.1 1.0 0.9 0.8 0.8 0.8 2006 2007 2008 1Q09 2Q08 2Q09 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 24
  • 25. 4T08 / 2008 2Q09 Earnings Release INDEBTEDNESS – JUN/08 (R$ million) Debt by Lines BNDES-EXIM 38 43% 84 Working Capital 9% Import 245 ACC 11% 207 18% Others 162 19% - - Short Term Long Term Total Debt Cash Net Debt Debt Indexation Indexation Average Cost Dólar Indexed in R$ 116% CDI* TJLP 42% 45% Indexed in US$ 6,47% per year YUAN 11% (*) Consider the CDI of Jun/09 (0,75% per month) Others 2% 25
  • 26. 4T08 / 2008 2Q09 Earnings Release CAPEX (R$ million) 113 84 68 68 28 10 2005 2006 2007 2008 2Q08 2Q09 26
  • 27. 4T08 / 2008 2Q09 Earnings Release SUBSEQUENT EVENT – OPERATIONAL REORGANIZATION Amsted-Maxion, decided to stop its activities on the plant located in the city of Osasco, São Paulo state, in order to adequate its operational structure to the current railway business scenario With this measure, all of Amsted-Maxion casting operations are concentrated on the plant located in the city of Cruzeiro, which is dedicated to produce industrials and railway castings. The operations of railway freight cars assembly remain on the Hortolândia plant Amsted Maxion understand that this measure don’t reduce its capacity to supply the market demand of railway equipments 27
  • 28. 4T08 / 2008 2Q09 Earnings Release SUBSEQUENT EVENT - AQUISITION Acquisition of the Wheels business (“Business”) of ArvinMeritor in Brazil, Mexico and United States for approximately US$ 180 million The Business produces Fumagalli ™ steel wheels for passenger cars, pick-up trucks, sport utility and light and medium commercial vehicles The Business comprises: The Brazilian wheels plant in the city of Limeira, São Paulo state, with capacity to produce around 14 million wheels per year and approximately 800 employees The Mexican wheels plant in the city of San Luis Potosí, with capacity to produce around 6 million wheels per year and approximately 400 employees Customer support office (sales, engineering, quality, logistics and finance) for North American Business, located in Troy, Michigan, United States, with approximately 20 employees and 3 leased warehouses The Business has reached, between October 2007 and September 2008 (last fiscal year of ArvinMeritor), net revenues of approximately US$ 325 million The acquisition shall be submitted to the relevant anti-trust authorities in each of the countries involved in the transaction in accordance with the applicable laws and legislation The acquisition shall also be submitted for approval by the Company’s shareholders in accordance with article 256 of Brazilian Federal Law 6.404/76 by means of a general shareholders meeting to be called eventually. The Company will keep its shareholders and the market in general appraised with respect to the conclusion of the acquisition and to occasional withdrawal rights deriving thereto, in accordance with the above mentioned article 256 of Brazilian Federal Law 6.404/76 28
  • 29. 4T08 / 2008 2Q09 Earnings Release GROWTH STRATEGY – RECENT EVOLUTION The probable economic recovery in Brazil as of the end of 2009 and other regions of Organic Growth the world as of second half of 2010, brings a potential for organic recovery on the sectors where Iochpe-Maxion operates Development of product lines that have in its production process, similar technologies to those dominated by Iochpe-Maxion By Products February 2009: Agreement with Fiat, through Automotive Components Division, to develop new structural stamped components for two new passenger car models Grow internationally through the development of plants abroad July 2008: Opening of the China wheel plant Internationalization March 2009: Agreement with Daimler, through Wheels and Chassis Division, for the supply of chassis for a family of light duty commercial vehicles, planned to be launched in India Accelerate the growth through accretive acquisitions Acquisitions August 2009: Acquisition of the Wheels business (“Business”) of ArvinMeritor in Brazil, Mexico and United States 29
  • 30. Additional Information
  • 31. 4T08 / 2008 2Q09 Earnings Release SHARES PERFORMANCE - LTM 20.00% 10.00% 0.00% Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 -10.00% -20.00% -20.84% -30.00% -40.00% -50.00% -45.49% -60.00% -70.00% -80.00% MYPK3 IBOVESPA 31
  • 32. 4T08 / 2008 2Q09 Earnings Release AVERAGE DAILY TRADE VOLUME – R$ thousand Average Daily Trade Volume - LTM 221 190 2,885 2,294 2,047 2,142 1,987 132 129 146 124 1,543 1,632 1,761 1,419 1,164 105 106 91 75 77 734 685 38 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Volume Trades 32
  • 33. 4T08 / 2008 2Q09 Earnings Release SHAREHOLDERS STRUCTURE Shareholders Structure on 06/30/2009 Shares Shareholders % ON Ioschpe Family 13,196,020 27.82% BNDES Participações 11,593,401 24.44% Controlling Shareholders 24,789,421 52.26% BNY Mellon ARX Invest. Ltda 2,837,194 5.98% Credit Suisse Hedging-Griffo Corr. Valores S.A 3,065,447 6.46% Others 16,739,624 35.29% Total Iochpe-Maxion 47,431,686 100.00% 33
  • 34. 4T08 / 2008 2Q09 Earnings Release INCOME STATEMENT (R$ thousand) Income Statement - R$ thousand 2Q09 2Q08* Var. 1H09 1H08* Var. Net Operating Revenue 279,310 442,120 -36.8% 569,955 842,730 -32.4% Cost of Goods Sold Raw Material (143,578) (231,540) -38.0% (287,802) (442,138) -34.9% Labor (41,770) (70,314) -40.6% (100,512) (132,516) -24.2% Others (59,650) (50,340) 18.5% (106,994) (98,570) 8.5% (244,998) (352,194) -30.4% (495,308) (673,224) -26.4% Gross Profit 34,312 89,926 -61.8% 74,647 169,506 -56.0% 12.3% 20.3% 13.1% 20.1% Operating Expenses General and Administrative (12,624) (12,110) 4.2% (25,003) (23,902) 4.6% Commercial (13,459) (15,259) -11.8% (25,838) (30,411) -15.0% Others 1,296 42 2956.2% 244 (651) -137.6% (24,787) (27,326) -9.3% (50,597) (54,963) -7.9% Operating Income (EBIT) 9,525 62,599 -84.8% 24,051 114,542 -79.0% 3.4% 14.2% 4.2% 13.6% Financial Results Financial Revenue 25,086 17,233 45.6% 31,340 26,512 18.2% Financial Expenses (19,037) (11,402) 67.0% (41,320) (18,746) 120.4% 6,049 5,831 3.7% (9,980) 7,766 -228.5% Earnings After Financial Income 15,574 68,430 -77.2% 14,070 122,308 -88.5% Income Taxes (10,955) (24,340) -55.0% (12,620) (44,085) -71.4% Net Income (Loss) 4,619 44,090 -89.5% 1,450 78,223 -98.1% 1.7% 10.0% 0.3% 9.3% EBITDA 19,821 71,087 -72.1% 45,013 131,080 -65.7% 7.1% 16.1% 7.9% 15.6% (*) 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 2Q08 presentation 34
  • 35. 4T08 / 2008 2Q09 Earnings Release BALANCE SHEET (R$ thousand) ASSETS LIABILITIES Jun-09 Mar-09 Jun-09 Mar-09 CURRENT CURRENT Cash 38,351 99,812 Loans 161,591 191,047 Receivables 156,202 182,733 Payables 59,746 53,394 Inventory 179,620 205,174 Taxes 7,004 12,337 Recoverable Taxes 9,317 10,270 Wage & Salaries 33,591 29,563 Deferred Taxes 17,900 16,975 Customers Advance 10,852 20,052 Antecipated Expenses 1,718 2,283 Dividends - 79,214 Other Receivables 8,272 8,488 Other Payables 21,417 25,635 Payable Financial Instruments 599 16,443 411,380 525,735 294,800 427,685 LONG TERM LONG TERM Receivable 583 593 Loans 83,626 96,810 Recoverable Taxes 16,772 16,934 Provisions 60,059 59,239 Deferred Taxes 82,646 92,671 Others 9,291 8,356 Obligatory deposits and judicial 12,890 12,892 152,976 164,405 Other Receivables 1,852 1,883 114,743 124,973 MINORITY - - PERMANENT EQUITY Investments 310 397 Capital 261,463 261,463 Plants, Property and Equipment 368,203 379,605 Profit Reserves 185,408 180,788 Intangible 4,826 6,084 Equity Adjustment 8,843 7,101 Deferred Items 4,028 4,649 377,367 390,734 455,714 449,352 TOTAL ASSETS 903,490 1,041,442 TOTAL LIABILITIES 903,490 1,041,442 35
  • 36. 2Q09 EARNINGS RELEASE August 2009