3Q09 EARNINGS RELEASE   4T08 / 2008




    NOVEMBER 2009                     1
4T08 AGENDA
                                              / 2008




1. Highlights



2. Industry Performance



3. Financ...
4T08 AGENDA
                                              / 2008




1. Highlights



2. Industry Performance



3. Financ...
4T08 / 2008
                                                                                                              ...
4T08 DRIVERS
                                                                                MAIN / 2008




Reduction of ...
4T08 AGENDA
                                              / 2008




1. Highlights



2. Industry Performance



3. Financ...
BRAZILIAN VEHICLE PRODUCTION / / 2008
                                                                              4T08 E...
BRAZILIAN RAILWAY EQUIPMENT / 2008
                                                                               4T08 MAR...
4T08 AGENDA
                                              / 2008




1. Highlights



2. Industry Performance



3. Financ...
4T08 / 2008
                                       NET OPERATING REVENUE – R$ million




                                ...
4T08 / 2008
                                                                        NET OPERATING REVENUE – R$ million



...
REVENUE 4T08 / 2008
                                                                                                      ...
EXPORTS / INTERNATIONAL SALES – R$2008
                                                                                   ...
MARKET SHARE /BRAZIL
                                                                                        4T08 - 2008

...
GROSS PROFIT – R$2008
                                                                4T08 / million




                 ...
EARNINGS BEFORE INCOME TAX – R$2008
                                                                                      ...
EBITDA – R$2008
                                                                                                          ...
NET FINANCIAL EXPENSES – R$2008
                                                                  4T08 / million




     ...
4T08 / 2008
                                                                                         FX RATE VARIATION


I...
NET INCOME – R$2008
                                                                                               4T08 / ...
NET BANK DEBT – R$2008
                                                                                                   ...
INDEBTEDNESS SEP 09 – R$2008
                                                                                             ...
CAPEX – R$2008
                                     4T08 / million



                     113




84



       68     68
...
4T08 AGENDA
                                              / 2008




1. Highlights



2. Industry Performance



3. Financ...
SHARES PERFORMANCE 4T08 – MYPK3
                                                                                      (LTM...
AVERAGE DAILY TRADE VOLUME – R$ 2008
                                                                     4T08 / million

...
INCOME STATEMENT – R$2008
                                                                                                ...
BALANCE SHEET – R$2008
                                                                                                   ...
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Iochpe-Maxion - 3Q09 Presentation

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3rd Quarter 2009 Presentation

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Iochpe-Maxion - 3Q09 Presentation

  1. 1. 3Q09 EARNINGS RELEASE 4T08 / 2008 NOVEMBER 2009 1
  2. 2. 4T08 AGENDA / 2008 1. Highlights 2. Industry Performance 3. Financial and Operating Performance 4. Additional Information 2
  3. 3. 4T08 AGENDA / 2008 1. Highlights 2. Industry Performance 3. Financial and Operating Performance 4. Additional Information 3
  4. 4. 4T08 / 2008 HIGHLIGHTS Consolidated net operating revenue of R$ 309.2 million in the 3Q09, a reduction of 40.9% over the same period of last year EBITDA(*) of R$ 33,3 million in the 3Q09, a reduction of 63.4% when compared to the same period of last year Net income of R$ 11.6 million in the 3Q09, a reduction of 91.2% when compared to the same period of last year Net bank debt of R$ 513.7 million (R$ 230.6 million in Sep 08), or 4.1x LTM EBITDA(*) (0.9x Sep 08) Fumagalli Division results considered as of September 21, 2009 (*) 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. 5. 4T08 DRIVERS MAIN / 2008 Reduction of Brazilian production of trucks, buses and agricultural machinery Reduction of domestic demand for railway freight cars Reduction of exports 5
  6. 6. 4T08 AGENDA / 2008 1. Highlights 2. Industry Performance 3. Financial and Operating Performance 4. Additional Information 6
  7. 7. BRAZILIAN VEHICLE PRODUCTION / / 2008 4T08 EXPORT Production Segment 3Q09 3Q08 Var. 9M09 9M08 Var. Passenger Cars 698,955 736,592 -5.1% 1,898,486 2,096,618 -9.5% Light Commercials 113,230 133,004 -14.9% 314,765 363,621 -13.4% Trucks 30,697 48,961 -37.3% 84,383 128,216 -34.2% Buses 9,388 12,551 -25.2% 26,014 35,902 -27.5% Total Vehicles 852,270 931,108 -8.5% 2,323,648 2,624,357 -11.5% Agricultural Machinery 17,378 23,510 -26.1% 45,797 63,401 -27.8% Export Segment 3Q09 3Q08 Var. 9M09 9M08 Var. Passenger Cars 100,751 140,959 -28.5% 258,962 432,780 -40.2% Light Commercials 19,673 34,209 -42.5% 51,551 97,502 -47.1% Trucks 3,509 11,402 -69.2% 9,656 30,053 -67.9% Buses 2,209 4,042 -45.3% 6,689 11,499 -41.8% Total Vehicles 126,142 190,612 -33.8% 326,858 571,834 -42.8% Agricultural Machinery 3,016 8,060 -62.6% 10,295 22,818 -54.9% Source: Anfavea 7
  8. 8. BRAZILIAN RAILWAY EQUIPMENT / 2008 4T08 MARKET Sales Segment 3Q09 3Q08 Var. 9M09 9M08 Var. Railway Freight Cars (units) 171 1,184 -85.6% 776 3,746 -79.3% Railway Wheels (units)* 8,100 16,208 -50.0% 28,992 39,984 -27.5% Castings (tonnes)* 500 1,006 -50.3% 1,234 3,400 -63.7% Source: Amsted-Maxion estimation * Replacement market only, excluding wheels and castings used in assembling new railway freight cars. 8
  9. 9. 4T08 AGENDA / 2008 1. Highlights 2. Industry Performance 3. Financial and Operating Performance 4. Additional Information 9
  10. 10. 4T08 / 2008 NET OPERATING REVENUE – R$ million Net Operating Revenue ∆ 3Q09 – 08 = -40.9% 1,828 ∆ 9M09 – 08 = -35.6% CAGR 2006 – 08 = 21.0% 1,366 1,248 1,289 879 523 309 2006 2007 2008 9M08 9M09 3Q08 3Q09 10
  11. 11. 4T08 / 2008 NET OPERATING REVENUE – R$ million Net Operating Revenue – R$ 309.2 (3Q09) and 3Q08 R$ 879.2 (9M09) -26.1% Chassis: ∆ 9M09 – 08 = -15.1% 3Q09 3Q08 Maxion Wheels: ∆ 9M09 – 08 = -51.7% 3Q08 -60.1% Wheels (China): ∆ 9M09 – 08 = 473.8% -69.7% 205 Automotive Comp. : ∆ 9M09 – 08 = -4.0% 151 151 3Q09 130 7.6% Amsted-Maxion: ∆ 9M09 – 08 = -63.9% 3Q09 3Q08 3Q09 60 65.2% 3Q09 35 40 3Q09 38 3Q08 17 3 2 Chassis Maxion Wheels Wheels (China) Fumagalli Automotive Amsted-Maxion Wheels Comp. 11
  12. 12. REVENUE 4T08 / 2008 BY CUSTOMER 3Q09 3Q08 ALL Caterpillar Tractors 1% ALL 1% Scania 5% 3% 3% Vale Others Caterpillar After Market 9% 1% Others 5% Daimler 2% 13% 12% MRS Vale Daimler 9% 1% 13% Export 13% MAN (VW) Tractors Trucks 8% Export 22% Scania 13% 5% Fiat GMB Fiat MAN (VW) GMB 4% MRS 9% 9% Trucks 5% Ford 6% 16% Ford 5% 5% After Market 2% 12
  13. 13. EXPORTS / INTERNATIONAL SALES – R$2008 4T08 / million 3Q08 3Q08 14.9% 3Q0 -75.0% 9 29 3Q08 -71.5% 21 17 3Q09 3Q09 14 3Q09 65.2% 3Q09 8 -35.2% 7 6 3Q08 3 2 3Q09 3Q08 0 1 Chassis Maxion Wheels Wheels (China) Fumagalli Automotive Amsted-Maxion Export by Region – 3Q09 Wheels Comp. Exports – R$ 41.0 (3Q09) and R$ 121.6 (9M09) EUA 58% US$ 22.4 (3Q09) and US$ 59.3 (9M09) Europe 4% R$ - ∆3Q09 – 08 = -39.2% Mexico Canada Latin 6% R$ - ∆9M09 – 08 = -29.7% Asia / 8% America Oceania Africa / 8% 13% Midle East US$ - ∆3Q09 – 08 = -42.8% 2% US$ - ∆9M09 – 08 = -41.7% 13
  14. 14. MARKET SHARE /BRAZIL 4T08 - 2008 Chassis Maxion Wheels Fumagalli Wheels 31% 35% 37% 43% 49% 49% Others Others Others Maxion Maxion Fumagalli 69% 65% 63% 57% 51% 51% 9M09 9M08 9M09 9M08 9M09 9M08 Railway Freight Cars Railway Castings 3% 20% 20% 34% Others Others Maxion Maxion 97% 80% 80% 66% 9M09 9M08 9M09 9M08 Source: Iochpe-Maxion Estimate 14
  15. 15. GROSS PROFIT – R$2008 4T08 / million Gross Profit ∆ 3Q09 – 08 = -53.3% 357 ∆ 9M09 – 08 = -54.9% 284 CAGR 2006 – 08 = 27.7% 236 219 22% 18% 20% 18% 17% 21% 128 114 15% 53 2006 2007 2008 9M08 9M09 3Q08 3Q09 Gross Profit % NOR 15
  16. 16. EARNINGS BEFORE INCOME TAX – R$2008 4T08 / million 232 EBIT 197 ∆ 3Q09 – 08 = -72.4% ∆ 9M09 – 08 = -76.2% 136 126 CAGR 2006 – 08 = 30.6% 82 14% 13% 11% 47 16% 10% 23 7% 5% 2006 2007 2008 9M08* 9M09 3Q08* 3Q09 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 3Q08 presentation 16
  17. 17. EBITDA – R$2008 4T08 / million 268 EBITDA 222 ∆ 3Q09 – 08 = -63.4% 163 156 ∆ 9M09 – 08 = -64.7% CAGR 2006 – 08 = 28.2% 17% 16% 15% 91 13% 12% 78 11% 9% 33 2006 2007 2008 9M08** 9M09 3Q08** 3Q09 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 3Q08 presentation 17
  18. 18. NET FINANCIAL EXPENSES – R$2008 4T08 / million Net Financial Expenses ∆ 3Q09 – 08 = -128.7% ∆ 9M09 – 08 = 26.9% 28 21 CAGR 2006 – 08 = 15.5% 2% 13 10 2% 1% 2% 1% 5 6 -1% 0% -4 2006 2007 2008 9M08 9M09 3Q08 3Q09 Financial Exp. % NOR 18
  19. 19. 4T08 / 2008 FX RATE VARIATION Impact of the FX rate variation on Financial (Expense) Revenue 3Q09 Value US$ FX Rate Var. million R$ million NDF Expired 16.9 1.7 Financial Rev./(Exp.) 1.7 No additional NDF operations were contracted in this period, due to the already mentioned reduction of exports At the end of the 3Q09, Iochpe-Maxion didn’t have any NDF operations contracted 19
  20. 20. NET INCOME – R$2008 4T08 / million Net Income ∆ 3Q09 – 08 = -91.2% Non-recurring gain generated by ∆ 9M09 – 08 = -93.8% the grouping of Maxion Sistemas Automotivos into Iochpe-Maxion 214 209 25% CAGR 2006 – 08 = 92.1% 76 76 131 12% 15% Non-recurring gain generated by 76 the grouping of Maxion Sistemas 72 Automotivos into Iochpe-Maxion 76 58 133 6% 4% 5% 13 12 2% 2006 2007 2008 9M08 9M09 3Q08 3Q09 Net Income % NOR 20
  21. 21. NET BANK DEBT – R$2008 4T08 / million To better understand the evolution of net bank debt, it’s worth to mention : R$ 79.2 million dividend payment during the 2Q09 R$ 331.1 million payment during the 3Q09 for the conclusion of acquisition of Fumagalli Division 514 4.1 256 231 207 132 128 1.0 1.1 0.8 0.8 0.9 2006 2007 2008 2Q09 3Q08 3Q09 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 21
  22. 22. INDEBTEDNESS SEP 09 – R$2008 4T08 / million 283 337 796 459 514 - - Short Term Long Term Total Debt Cash Net Debt Debt Indexation Debt by Lines Fixed Inter. YUAN Rate (4.5%) BNDES - PSI 3% 33% 33% Promissory Dollar Note CDI (Intebank 11% 40% Rate) + 2% BNDES-EXIM 41% 12% TJLP 12% Others 7% ACC 5% Import 3% 22
  23. 23. CAPEX – R$2008 4T08 / million 113 84 68 68 20 12 2005 2006 2007 2008 3Q08 3Q09 23
  24. 24. 4T08 AGENDA / 2008 1. Highlights 2. Industry Performance 3. Financial and Operating Performance 4. Additional Information 24
  25. 25. SHARES PERFORMANCE 4T08 – MYPK3 (LTM) / 2008 30.00% 26.40% -20,84% 20.00% 10.00% 0.00% Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 -10.00% -20.00% -30.00% -40.00% -50.00% -60.00% MYPK3 IBOVESPA 25
  26. 26. AVERAGE DAILY TRADE VOLUME – R$ 2008 4T08 / million 221 190 185 2,885 2,168 2,142 2,047 132 129 146 124 1,692 1,543 1,632 1,419 97 97 1,761 105 106 1,111 91 685 734 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Volume Trades 26
  27. 27. INCOME STATEMENT – R$2008 4T08 / million Income Statement - R$ thousand 3Q09 3Q08** Var. 9M09 9M08** Var. Net Operating Revenue 309,235 522,983 -40.9% 879,190 1,365,713 -35.6% Cost of Goods Sold Raw Material (156,917) (282,715) -44.5% (444,718) (724,853) -38.6% Labor (60,459) (83,341) -27.5% (188,656) (211,538) -10.8% Others (38,614) (43,032) -10.3% (117,924) (145,921) -19.2% (255,990) (409,089) -37.4% (751,298) (1,082,313) -30.6% Gross Profit 53,245 113,894 -53.3% 127,892 283,400 -54.9% 17.2% 21.8% 14.5% 20.8% Operating Expenses General and Administrative (12,372) (14,178) -12.7% (37,375) (38,080) -1.9% Commercial (10,596) (19,666) -46.1% (36,434) (50,077) -27.2% Others (7,562) 2,182 -446.6% (7,318) 1,529 -578.5% (30,530) (31,662) -3.6% (81,127) (86,628) -6.4% Operating Income (EBIT) 22,715 82,231 -72.4% 46,765 196,772 -76.2% 7.3% 15.7% 5.3% 14.4% Financial Results Financial Revenue 15,220 (25) 46,560 26,487 75.8% Financial Expenses (11,563) (12,724) -9.1% (52,883) (31,470) 68.0% 3,657 (12,749) -128.7% (6,323) (4,983) 26.9% Earnings After Financial Income 26,372 69,482 -62.0% 40,442 191,790 -78.9% 8.5% 13.3% 4.6% 14.0% Income Taxes (14,786) 61,501 -124.0% (27,406) 17,416 -257.4% Net Income 11,586 130,983 -91.2% 13,036 209,206 -93.8% 3.7% 25.0% 1.5% 15.3% EBITDA* 33,315 90,954 -63.4% 78,328 221,703 -64.7% 10.8% 17.4% 8.9% 16.2% (*) 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 3Q08 presentation 27 Note: Fumagalli Division results considered as of September 21, 2009
  28. 28. BALANCE SHEET – R$2008 4T08 / million ASSETS LIABILITIES Sep-09 Jun-09 Sep-09 Jun-09 CURRENT CURRENT Cash and Cash Equivalents 282,485 38,351 Loans 458,914 161,591 Receivables 218,628 156,202 Payables 90,427 59,746 Inventory 204,626 179,620 Taxes 29,204 7,004 Recoverable Taxes 17,596 9,317 Wage & Salaries 48,731 33,591 Deferred Taxes 15,328 17,900 Customers Advance 9,754 10,852 Antecipated Expenses 7,517 1,718 Dividends - - Other Receivables 13,894 8,272 Other Payables 23,209 21,417 Payable Financial Instruments - 599 760,074 411,380 660,239 294,800 LONG TERM LONG TERM Receivable 588 583 Loans 337,295 83,626 Recoverable Taxes 29,121 16,772 Provisions 59,943 60,059 Deferred Taxes 89,579 82,646 Others 13,619 9,291 Obligatory deposits and judicial 12,890 12,890 410,857 152,976 Other Receivables 3,024 1,852 135,202 114,743 EQUITY Investments 323 310 Capital 261,463 261,463 Plants, Property and Equipment 589,844 368,203 Profit Reserves 183,958 183,958 Intangible 43,386 4,826 Equity Adjustment 2,724 8,843 Deferred Items 3,448 4,028 Accumulated Profit 13,036 1,450 637,001 377,367 461,181 455,714 TOTAL ASSETS 1,532,277 903,490 TOTAL LIABILITIES 1,532,277 903,490 Note: The Balance Sheet at the end of September 09 already consolidates the Fumagalli Division accounts 28
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