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Institutional presentation Institutional presentation Presentation Transcript

  • INSTITUTIONALPRESENTATION Carlos Zignani - IR Director Thiago A. Deiro - IR Manager April, 2011.
  • ISCLAIMERThis presentation contains future information. Such information is not simplyhistorical facts, but reflects the desires and the expectations of the Company’sleadership. The words anticipates, desires, hopes, forecasts, intends, plans, predicts,projects, wishes and similar ones, intend to identify affirmations that necessarilyinvolve known and unknown risks. Known risks include uncertainties that are notlimited to the impact of the competitiveness of the prices and services, marketacceptance of services, the Company’s service transitions and its competitors, theapproval of regulations, currency, fluctuation in the exchange rate, changes in themix of services offered, and other risks described in the reports of the Company. Thispresentantion is updated until the present date. However, Marcopolo is not obligatedto update it with new information and/or future events. 2
  • GENDAMarcopolo as a Leading PlayerBus Market OverviewOperating & Financial HighlightsCorporate GovernanceSustainabilityMarcopolo CorporationProduct Line: Generation 7
  • ARCOPOLO’S PROFILE Founded in 1949, Marcopolo has more than 60 years in the businessOVERVIEW Four factories in Brazil and seven abroad Over 20,000 employees in Brazil and abroad 40.0% Return On Equity in 2010: Company’s highest everHIGHLIGHTS 23.3% Return on Invested Capital in 2010: highest level in years Market Value Added oriented Company State-of-the-art technology Integrated production of nearly all parts used in manufacturing processPRODUCTS Complete product line: coaches, urban buses, midi, micro & minibuses 4
  • NDERSTANDING OUR PRODUCTBUS BODY CHASSI (chassi manufacturers) 5
  • LOBAL POSITION 6
  • TRATEGIC POSITIONING CHANGZHOU - CHINA (components)MONTERREY - MEXICO2010 = 1,255 SUEZ - EGYPT DHARWAD/LUCKNOW2011g = 1,700 2010 = 334 INDIA 2011g = 600 2010 = 5,216 2011g = 6,500 COTA - COLOMBIA 2010 = 736 2011g = 800 RIO DE JANEIRO - BRAZIL MARCOPOLO’S TOTAL CAXIAS DO SUL - BRAZIL JOHANNESBURG - SOUTH AFRICA PRODUCTION LOMA HERMOSA - ARGENTINA 2010 = 18,900 2010 = 416 2010 = 723 2011g = 18,500 2011g = 400 2010 = 27,580 2011g = 800 2011g = 29,300 Variation = + 6.2% g = according to the guidance. 7
  • ERTICALIZATION & COMPETITIVE ADVANTAGES Components Bus Production Post-sales Support► Seats ► 11 units: 4 in Brazil and ► Sales representants 7 abroad► Foams ► Technical Assistance and ► Presence in over 100► Windows product guarantee countries► Doors ► Retail facilities ► Up-to-date technology► Hydro-sanitary installation ► Possibility of financing from ► Low cost Structure► Handbag Compartment Moneo Bank ► Specialized efficient plants► Plastic Components ► Qualified workforce► Air Conditioning System ► Customization► Audio & Video ► Quality widely recognized 8
  • GENDAMarcopolo as a Leading PlayerBus Market OverviewOperating & Financial HighlightsCorporate GovernanceSustainabilityMarcopolo CorporationProduct Line: Generation 7
  • B RAZILLIAN BUS BODY PRODUCTION (UN) +30.2% 35,410 33,395 32,027 27,952 26,983 25,280 25,64521,680 21,787 21,381 46.9% 35.4% 34.1% 32.8% 31.6% 29.8% 28.9% 27.3% 17.7% 15.3%2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Brazilian Production External MarketSOURCE: Fabus. 10
  • ARKET SHARE IN BRAZIL (%) (*) (*) Irizar, Metalbus.SOURCE: Fabus/Simefre. 11
  • BUS BODY WORLD PRODUCTION OTHER ASIA 2009 = 3,000Marcopolo has approximatley 8% of the world’s market share 2019 = 5,000 NORTH AMERICA - NAFTA SOUTH KOREA 2009 = 12,000 2009 = 12,000 2019 = 15,000 EAST 2019 = 15,000 EUROPE 2009: 16,000 EUROPE 2019: 30,000 JAPAN 2009: 35,000 2009 = 9,000 2019: 40,000 ASIA & 2019 = 10,000 ASIAN SOUTHEAST MIDDLE EAST 2009: 196,000 & TURKEY 2019: 260,000 EGYPT 2009: 11,000 2009 = 3,000 2019: 14,000 2019 = 6,000 CHINA 2009 = 130,000 2019 = 150,000 AMERICAS 2009: 48,000 2019: 66,000 AFRICA 2009: 5,000 INDIA 2019: 9,000 2009 = 42,000 2019 = 80,000 BRAZIL 2009 = 30,000 2019 = 42,000OTHER SOUTH AMERICA SOUTH AFRICA2009 = 6,000 2009 = 2,0002019 = 9,000 2019 = 3,000 TOTAL PRODUCTION 2009 = 311,000 2019 = 419,000SOURCE: OICA and internal estimates for the production of buses with more than 7ton, except for India and China.Note: School Buses in the USA and Canada are not considered. CAGR = 3.0% 12
  • RAZILIAN BUS FLEET Total Fleet & Average Age 449.1 424.1 14.3 401.0 375.7 353.6 14.1 14,5 335.2 13.9 320.2 13.8 13.6 13.1 2004 2005 2006 2007 2008 2009 2010 Total Fleet (thousand units) Average Fleet Age (years)SOURCE: Fenabrave and Denatran. 13
  • UTLOOK• Events in Brazil 2011 – Renewal of interstate and international lines concessions 2012 – Municipal Elections/Euro 5 Engine 2013 – FIFA Confederations Cup 2014 – FIFA World Cup / Federal and State level elections 2016 – Olympic and Paralympic Games / Municipal Elections• Growth Drivers / Opportunities – GDP Growth BRTs: Approx. R$ 10.0 MM / Km – Investments in BRTs and public transit systems Subway: Approx. R$ 200.0 MM / Km – School Buses for rural areas – Long term financing for buses – Launching of G7 new models: Double Decker and Low Driver – Global Presence – Global Sourcing – New Concession lines - fleet renovation 14
  • UTLOOK• New Projects/Trends – Scholar City Buses – “Caminhos da Saúde” program – CBU’s exports financed by BNDES – Restrictions on the circulation of vehicles in central areas of big cities• Targets/Goals – #1 or #2 in every region in which we have factories – Premium prices – Lowest production cost• Threats – Strong exchange rate appreciation – Regional airlines – Trains/subways – Cars/motorcycles 15
  • RT – BUS RAPID TRANSIT Safer and more environmentally friendly traffic Better air quality in cities The speed and convenience of BRT traffic persuade more people to leave their cars at home and take the bus High passenger capacity Shorter travel times Significantly reduced emissions and fuel consumption THINK BRT. Profitable within a very short time Frees more space in the city 16
  • EW PROJECTS IN BRAZILBelo Horizonte Porto Alegre6 BRTs São Paulo 2 BRTs1 Surveillance project 3 Bus lanes 1 Monorail1 Pavement project 1 Surveillance project Total: R$ 1,082.0 MM Rio de JaneiroTotal: R$ 1.023,3 MM Total: R$ 368.6 MM 2 BRTs Total: R$ 1,190.0 MMRecife2 BRTs Salvador2 Bus lanes1 Bus Terminal Growth Acceleration Program 1 BRT Total: R$ 541.8 MMTotal: R$ 648.0 MM for public transport:  R$ 11.5 billions in investments BrasíliaManaus  39 projects for public transport, 1 Pavement project1 BRT including: 1 Light Rail system1 Monorail Total: R$ 361.0 MM • 20 BRTs systemsTotal: R$ 800.0 MM CuritibaFortaleza 1 BRT3 BRTs 1 Surveillance project1 Light Rail system Cuiabá Natal 2 Pavement projects1 Bus lane 2 BRTs 2 Pavement projects 3 Bus lanes1 Subway project 1 Bus lane 1 Bus lane 1 Bus TerminalTotal: R$ 414.4 MM Total: R$ 454.7 MM Total: R$ 361.0 MM Total: R$ 440.6 MMSOURCE: NTU. 17
  • GENDAMarcopolo as a Leading PlayerBus Market OverviewOperating & Financial HighlightsCorporate GovernanceSustainabilityMarcopolo CorporationProduct Line: Generation 7
  • OTAL PRODUCTION (units) & MARKET SHARE (%) Marcopolo’s Total Production +6.2% 29,300 27,580 21,811 External Market 19,384 17,807 14,824 Domestic MarketMarcopolo’s Market Share in Brazil (by model) 19
  • INANCIAL HIGHLIGHTS (R$ Million) Total Net Revenues +6.3% 3,150.0 2,964.5 2,532.2 950.0 External Market 2,101.1 2,023.81,750.3 Domestic Market 2,200.0 Gross Profit and Margin +64.1% 20
  • INANCIAL HIGHLIGHTS (R$ Million) EBITDA and Margin +124.5% Net Profit and Margin +136.6% 295.8 146.5 134.4 125.0120.8 10.0%6.9% 7.0% 5.3% 6.2%2006 2007 2008 2009 2010 21
  • INANCIAL HIGHLIGHTS (R$ Million) Net Equity & ROE +31.0% ROIC (%) +4.9PP 22
  • INANCIAL HIGHLIGHTS (R$ Million) Investments 132.2 -28.3% 113.6 110.6 81.5 70.0 40.4 Net Indebtedness -28.4% 745.7 709.6 508.4 323.9 86.6Net Debt (IndustrialSegment)/LMT EBITDA 0.4x 0.6x 1.7x 1.1x -  = Financial Segment  = Industrial Segment 23
  • ALANCE SHEET BY SEGMENT (R$ Thousand) Consolidated Industrial Segment Financial Segment 12/31/10 12/31/09 01/01/09 12/31/10 12/31/09 01/01/09 12/31/10 12/31/09 01/01/09AssetsCurrent assets Cash and cash equivalents 672,123 498,972 416,077 617,932 465,978 403,352 54,191 32,994 12,725 Financial assets measured at fair valuethrough profit or loss 40,424 32,210 14,354 40,424 4,622 83 27,588 14,271 Derivative financial instruments 13,668 5,228 13,668 5,228 Trade accounts receivable 810,464 701,260 681,435 585,424 502,848 517,285 225,040 198,412 164,150 Inventories 311,448 237,403 303,021 311,448 237,403 303,021 Other accounts receivable 142,382 141,290 236,623 129,583 133,748 229,809 12,799 7,542 6,814 1,990,509 1,616,363 1,651,510 1,698,479 1,349,827 1,453,550 292,030 266,536 197,960Non-current assetsTrade accounts receivable 425,700 398,943 329,721 1,222 1,217 6,694 424,478 397,726 323,027Available-for-sale assets 199,517 85,309 87,482 183,073 77,382 87,482 16,444 7,927Other accounts receivable 22,272 20,114 18,399 22,272 20,114 18,399Investments 318,761 282,278 259,487 318,431 281,933 259,159 330 345 328Property, plant and equipment 72,842 71,887 73,203 72,455 71,591 73,161 387 296 42Intangible assets 1,039,092 858,531 768,292 597,453 452,237 444,895 441,639 406,294 323,397Total assets 3,029,601 2,474,894 2,419,802 2,295,932 1,802,064 1,898,445 733,669 672,830 521,357Liabilities and stockholders equityCurrent liabilities 306,901 204,920 187,517 306,901 204,920 187,517 Suppliers 267,412 372,898 582,506 101,797 205,951 461,283 165,615 166,947 121,223 Loans and financing and derivative financial instruments 788 6,906 39,473 788 6,906 39,473 Other accounts payable 373,635 257,256 296,581 352,936 242,632 281,516 20,699 14,624 15,065 948,736 841,980 1,106,077 762,422 660,409 969,789 186,314 181,571 136,288Non-current liabilitiesFinancial institutions 1,094,439 866,156 548,156 689,087 494,037 260,460 405,352 372,119 287,696Other accounts payable 23,036 28,085 80,542 20,771 28,065 80,539 2,265 20 3 1,117,475 894,241 628,698 709,858 522,102 340,999 407,617 372,139 287,699 Non-controlling interests 7,496 8,815 11,809 7,496 8,815 11,809Stockholders equity 955,894 729,858 673,218 816,156 610,738 575,848 139,738 119,120 97,370Total liabilities and stockholders equity 3,029,601 2,474,894 2,419,802 2,295,932 1,802,064 1,898,445 733,669 672,830 521,357 24
  • NCOME STATEMENT BY SEGMENT (R$ Thousand) Consolidated Industrial Segment Financial Segment 12/31/10 12/31/09 12/31/10 12/31/09 12/31/10 12/31/09Statement of operations Net revenues 2,964,499 2,023,819 2,896,568 1,974,629 67,931 49,190 Cost of products sold (2,333,156) (1,639,100 ) (2,333,156) (1,639,100) Gross profit 631,343 384,719 563,412 335,529 67,931 49,190Operating income (expenses) Selling (162,650) (148,512 ) (156,032) (123,047) (6,618) (25,465) Management fees (15,014) (15,853 ) (15,014) (15,853) Administrative expenses (123,160) (85,185 ) (108,737) (77.704) (14,423) (7,481) Other operating income (expenses), net 26,189 4,299 29,366 3,916 (3,177) 383Operating profit before equity results andfinancial income 7,084 2,050 7,084 2,050 Equity in earnings of investees 363,792 141,518 320,079 124,891 43,713 16,627Financial result Financial expenses 208,803 223,968 208,708 223,038 95 930 Financial income (130,638) (174,713 ) (130,638) (174,713)Profit before taxation 441,957 190,773 398,149 173,216 43,808 17,557 Income tax and social contribution (146,203) (62,381 ) (128,157) (55,383) (18,046) (6,998) Operations not continued (3,409 ) (3,409) Net income for the period 295,754 124,983 269,992 114,424 25,762 10,559 25
  • GENDAMarcopolo as a Leading PlayerBus Market OverviewOperating & Financial HighlightsCorporate GovernanceSustainabilityMarcopolo CorporationProduct Line: Generation 7
  • RGANIZATION CHART SHAREHOLDERSHEIRS’ COUNCIL FISCAL COUNCIL BOARD OF DIRECTORS HR AND ETHICS COMITEE STRATEGY AND INNOVATION COMITEE EXECUTIVE COMITEE AUDIT AND RISK COMITEE INTERNAL AUDIT EXTERNAL AUDIT IR DIRECTOR CEO 27
  • ORPORATE GOVERNANCE Marcopolo adopts corporate governance best practices, following the principles of transparency, accountability, social responsibility and equitable treatment of shareholders. Independent Board Members (3 out of 7) Fiscal Council Support Committees: Human Resouces & Ethics; Audit & Risks; Strategy & Innovation; and Executive Independent External Audit Tag Along (100% Common and 80% Preferred shares) BM&FBovespa Corporate Governance Level 2 since 2002 Financial Statements in IFRS Code of Conduct Disclosure and Negotiation Policy Participation in the BMF&Bovespa IBrX, IGC, SMLL, INDX and ITAG indexes Heirs’ Succession Plan 28
  • HAREHOLDING DISTRIBUTION Common Shares As of February, 28, 2011. 29
  • HAREHOLDING DISTRIBUTION Preferred Shares As of February, 28, 2011. 30
  • TOCK PERFORMANCE Marcopolo PN x Ibovespa - Base 100 R$ 6.99* POMO4: +119.1% IBOV: +1.0%R$ 3.19* 69,304 pts68,588 pts12/30/2009 03/30/2010 06/30/2010 09/30/2010 12/30/2010* Adjusted by 100% stock dividend approved on September 10th, 2010. 31
  • HAREHOLDER REMUNERATION (R$ Million) AVERAGE PAY OUT: 48% 53% 295.8 51% 53% 51% 42% 39% 150.0 146.5 136.5 134.4 120.580.2 75.0 71.8 42.4 50.4 52.1 2005 2006 2007 2008 2009 2010* Net Profit (Company) Dividends Pay Out (in%)* 2010 Net Profit according to IFRS standards. 32
  • HARE LIQUIDITY & VALUATION Marcopolo PN - POMO4 14,0 3.500Average daily volume (R$ million) 12,0 3.000 Market Cap (R$ million) 10,0 2.500 8,0 2.000 6,0 1.500 4,0 1.000 2,0 500 - - dec/09 jan/10 feb/10 mar/10 apr/10 may/10 jun/10 jul/10 aug/10 sep/10 oct/10 nov/10 dec/10 Average Daily Volume Market Cap 33
  • GENDAMarcopolo as a Leading PlayerBus Market OverviewOperating & Financial HighlightsCorporate GovernanceSustainabilityMarcopolo CorporationProduct Line: Generation 7
  • O2 EMISSION COMPARISONSource: www.transportdirect.info. 35
  • HICH WAY IS SUSTAINABLE? 36
  • GENDAMarcopolo as a Leading PlayerBus Market OverviewOperating & Financial HighlightsCorporate GovernanceSustainabilityMarcopolo CorporationProduct Line: Generation 7
  • US BUSINESS UNITSAna Rech - Caxias do Sul-RS - Brazil Superpolo – Cota - Colombia Planalto - Caxias do Sul-RS - Brazil Polomex - Monterrey - MexicoNeobus - Caxias do Sul-RS - Brazil MASA - Johannesburg – South Africa Tata MP Motors LMTD - Dharward - India GB Polo - Suez - EgiptyCiferal - Duque de Caxias -RJ - Brazil Tata MP Motors LMTD - Lucknow - India Metalpar - Loma Hermosa - Argentina 38
  • GENDAMarcopolo as a Leading PlayerBus Market OverviewOperating & Financial HighlightsCorporate GovernanceSustainabilityMarcopolo CorporationProduct Line: Generation 7
  • ENERATION 7 40
  • NVESTOR RELATIONS CONTACTSCarlos Zignani Thiago A. DeiroInvestor Relations Director Investor Relations Managercarlos.zignani@marcopolo.com.br thiago.deiro@marcopolo.com.brTel: +55 (54) 2101.4115 Tel: +55 (54) 2101.4660 www.marcopolo.com.br/ri_eng ri@marcopolo.com.br