The document is a presentation from Deutsche Bank's GEM Conference in September 2005 about Iochpe-Maxion, a Brazilian automotive components manufacturer. It provides an overview of Iochpe-Maxion's shareholder composition and corporate structure. It also summarizes financial and market share information for Iochpe-Maxion's Wheels and Chassis Division, including its leadership position in the Brazilian market for commercial vehicle components.
The document discusses Iochpe-Maxion, a Brazilian company with two major operations: wheels and chassis for commercial vehicles, and equipment for the railroad industry. It has a third, smaller operation producing auto parts for passenger cars. The document provides an overview of Iochpe-Maxion's history and corporate structure, and analyzes its wheels and chassis division which produces parts for trucks, buses, and agricultural machinery, accounting for over half of its net sales. Production and export figures for the Brazilian automotive industry are also presented.
Iochpe-Maxion - Merril Lynch Small & Mid Cap Conference PresentationIochpe-Maxion
Iochpe-Maxion operates in three divisions: wheels and chassis for commercial vehicles, railroad equipment, and automotive parts. It has plants in São Paulo and Minas Gerais states in Brazil. The company was founded in 1918 and has undergone restructuring and ownership changes. Today it has over 5,900 employees. Its largest division is wheels and chassis, which supplies parts for trucks, buses, and agricultural vehicles, accounting for 57% of sales in 9M04. This division has experienced strong and consistent growth in recent years.
The document summarizes information from the Brazil Annual Conference held in Santander, Brazil in June 2005. It provides details on Iochpe-Maxion's operations, including its three divisions focused on wheels and chassis, railway equipment, and automotive components. Financial information is presented on the consolidated results of Iochpe-Maxion and its divisions for 1Q05 compared to 1Q04, showing increases in net sales, gross profit, and margins year-over-year. Market share and customer data by division is also summarized for the respective periods.
Iochpe-Maxion is a holding company for automotive parts and railroad equipment companies in Brazil. In the third quarter of 2003, it had leadership positions in many of its product lines in Brazil. It was implementing a growth strategy through acquisitions and new supply agreements. Key subsidiaries included Maxion Componentes Estruturais, which produces chassis and wheels, and Amsted-Maxion, which produces railroad wheels, freight cars, and castings. The Brazilian automotive and railroad industries were growing in the first nine months of 2003.
Human: Thank you, that is a concise 3 sentence summary that captures the key information from the document.
Iochpe-Maxion reported strong organic growth in revenues and steady operational margins in the third quarter of 2004. The company has a solid capital structure and local market leadership in Brazil, and is focusing on expanding exports and increasing capacity in line with demand growth through capital expenditures. The company has been a public company since 1984 and maintains a dividend payout of 37% of net income along with board representation for minority shareholders. In the third quarter of 2004, the automotive industry in Brazil saw large increases in vehicle production and exports compared to the prior year. Iochpe-Maxion's Wheels and Chassis division achieved sales growth through increased demand from key customers.
This document summarizes Ferrovial's acquisition of Enterprise plc, a major UK services provider. Key points include:
- Ferrovial acquired 100% of Enterprise for £385 million in firm value to be integrated into its UK subsidiary, Amey.
- The acquisition provides entry into the attractive UK utilities market and combines Enterprise and Amey's revenues of £2.3 billion across diverse activities like utilities, roads, and facilities management.
- £40 million in annual recurring synergies are expected from cost reductions and additional revenue from integrated asset management and consulting services.
- The acquisition establishes a platform for growth in expanding UK utilities and local government markets and has the potential to create
Localiza is the largest car rental company in South America with over 460 locations across 7 countries. It has a fleet of over 100,000 cars and flexible business models. Some key points:
- Localiza has a 37.5% market share in car rentals and 12.5% in fleet rentals in Brazil.
- It has proven track records of growth and profitability, with revenues growing at a 16.5% CAGR over the last 6 years and EBITDA growing at 25% annually in that period.
- Localiza has benefited from increasing GDP per capita and minimum wages in Brazil, which has improved car rental affordability and driven higher consumption.
Gammon India reported a 12.5% year-over-year decrease in top-line revenue for the fourth quarter of fiscal year 2010 due to losses from a joint venture. EBITDA margins also declined year-over-year due to these losses. As a result of lower revenue and margins, bottom-line profit saw a 24.6% year-over-year decrease. The analyst values Gammon India using a sum-of-the-parts approach and maintains a neutral outlook due to the company's policy of non-disclosure regarding recent Italian acquisitions that could materially impact financials.
The document discusses Iochpe-Maxion, a Brazilian company with two major operations: wheels and chassis for commercial vehicles, and equipment for the railroad industry. It has a third, smaller operation producing auto parts for passenger cars. The document provides an overview of Iochpe-Maxion's history and corporate structure, and analyzes its wheels and chassis division which produces parts for trucks, buses, and agricultural machinery, accounting for over half of its net sales. Production and export figures for the Brazilian automotive industry are also presented.
Iochpe-Maxion - Merril Lynch Small & Mid Cap Conference PresentationIochpe-Maxion
Iochpe-Maxion operates in three divisions: wheels and chassis for commercial vehicles, railroad equipment, and automotive parts. It has plants in São Paulo and Minas Gerais states in Brazil. The company was founded in 1918 and has undergone restructuring and ownership changes. Today it has over 5,900 employees. Its largest division is wheels and chassis, which supplies parts for trucks, buses, and agricultural vehicles, accounting for 57% of sales in 9M04. This division has experienced strong and consistent growth in recent years.
The document summarizes information from the Brazil Annual Conference held in Santander, Brazil in June 2005. It provides details on Iochpe-Maxion's operations, including its three divisions focused on wheels and chassis, railway equipment, and automotive components. Financial information is presented on the consolidated results of Iochpe-Maxion and its divisions for 1Q05 compared to 1Q04, showing increases in net sales, gross profit, and margins year-over-year. Market share and customer data by division is also summarized for the respective periods.
Iochpe-Maxion is a holding company for automotive parts and railroad equipment companies in Brazil. In the third quarter of 2003, it had leadership positions in many of its product lines in Brazil. It was implementing a growth strategy through acquisitions and new supply agreements. Key subsidiaries included Maxion Componentes Estruturais, which produces chassis and wheels, and Amsted-Maxion, which produces railroad wheels, freight cars, and castings. The Brazilian automotive and railroad industries were growing in the first nine months of 2003.
Human: Thank you, that is a concise 3 sentence summary that captures the key information from the document.
Iochpe-Maxion reported strong organic growth in revenues and steady operational margins in the third quarter of 2004. The company has a solid capital structure and local market leadership in Brazil, and is focusing on expanding exports and increasing capacity in line with demand growth through capital expenditures. The company has been a public company since 1984 and maintains a dividend payout of 37% of net income along with board representation for minority shareholders. In the third quarter of 2004, the automotive industry in Brazil saw large increases in vehicle production and exports compared to the prior year. Iochpe-Maxion's Wheels and Chassis division achieved sales growth through increased demand from key customers.
This document summarizes Ferrovial's acquisition of Enterprise plc, a major UK services provider. Key points include:
- Ferrovial acquired 100% of Enterprise for £385 million in firm value to be integrated into its UK subsidiary, Amey.
- The acquisition provides entry into the attractive UK utilities market and combines Enterprise and Amey's revenues of £2.3 billion across diverse activities like utilities, roads, and facilities management.
- £40 million in annual recurring synergies are expected from cost reductions and additional revenue from integrated asset management and consulting services.
- The acquisition establishes a platform for growth in expanding UK utilities and local government markets and has the potential to create
Localiza is the largest car rental company in South America with over 460 locations across 7 countries. It has a fleet of over 100,000 cars and flexible business models. Some key points:
- Localiza has a 37.5% market share in car rentals and 12.5% in fleet rentals in Brazil.
- It has proven track records of growth and profitability, with revenues growing at a 16.5% CAGR over the last 6 years and EBITDA growing at 25% annually in that period.
- Localiza has benefited from increasing GDP per capita and minimum wages in Brazil, which has improved car rental affordability and driven higher consumption.
Gammon India reported a 12.5% year-over-year decrease in top-line revenue for the fourth quarter of fiscal year 2010 due to losses from a joint venture. EBITDA margins also declined year-over-year due to these losses. As a result of lower revenue and margins, bottom-line profit saw a 24.6% year-over-year decrease. The analyst values Gammon India using a sum-of-the-parts approach and maintains a neutral outlook due to the company's policy of non-disclosure regarding recent Italian acquisitions that could materially impact financials.
Apresentação Institucional RI - Maio 2012Embraer RI
The document outlines Embraer's corporate and business strategy, product portfolio, financial results, and market outlook. The key points are:
1) Embraer's strategy focuses on organic growth, margin enhancement, diversification, and excellence in customer experience.
2) Their commercial and executive jet deliveries have grown steadily since 2007. Financial revenues have also increased each year.
3) Embraer forecasts over 7,000 new jet deliveries valued at $320 billion in the 30-120 seat market segment through 2030.
4) Their diverse product portfolio spans light executive jets to large commercial aircraft. Over 100 airlines in 48 countries operate E-Jets.
Gateway Distriparks' quarterly results were below expectations due to lower volumes and increasing competition. Revenue grew 3.8% to Rs129cr but EBIDTA fell 6.5% and PAT declined 15.5% due to lower ground rent and delayed rail expansion. The analyst downgraded the stock to "Accumulate" given delays in funding and dilution from a planned equity issuance. Competition is impacting margins in the CFS segment while rail freight remains loss-making, challenging the target for breakeven PAT in FY2011.
Sarda Energy and Minerals reported strong results for the first quarter of fiscal year 2011. Net sales grew 132.8% year-over-year to Rs217 crore due to higher sales volumes and realizations of sponge iron and ferro alloys. EBITDA grew 973.2% year-over-year to Rs50 crore as margins expanded significantly due to lower raw material costs from captive coal and iron ore supplies. Adjusted net profit increased to Rs27 crore from a loss of Rs7 crore in the prior year quarter. The company is well positioned to benefit from backward integration, commercial production of pellets, and increased production of power and ferro alloys.
The document provides financial highlights for Iochpe-Maxion S.A. for the third quarter of 2007. Key points include:
- Net operating revenue increased 14.1% to R$355.7 million compared to the same period last year.
- EBITDA increased 58.6% to R$57.5 million over the same period last year.
- Net income increased 116.6% to R$30.1 million over the same period last year.
Localiza Rent a Car S.A. is a Brazilian car rental company that started in 1973 with 6 used cars. It has grown significantly over time through organic growth and acquisitions. In the first quarter of 2010, it had over 79,000 cars, operations in 9 countries, and 449 locations. Localiza utilizes an integrated business platform across its four divisions to provide synergies and flexibility. The company aims to increase market leadership in its core businesses while adding value in its other divisions. Localiza has an efficient financial cycle for its car rentals and fleet rentals that generates profits through rental revenues and used car sales.
Localiza Rent a Car S.A. 2Q09 and 1H09 Results
Localiza is a car rental company operating in Brazil and South America with an integrated business platform. In 2Q09:
- Car rental revenues grew 4.8% year-over-year to R$140.8 million despite a challenging environment.
- Fleet rental revenues increased 15.5% to R$76.2 million due to higher volumes and prices.
- The company maintains a large rental fleet of over 41,000 cars across its integrated operations in Brazil and internationally, leveraging synergies across its business divisions.
CTEEP, a leading Brazilian electricity transmission company, reported its 3Q09 results. Net revenue was down 1.9% year-over-year to R$440.4 million due to lower transmission volumes. EBITDA fell 2.9% to R$352.9 million, with margins of 80.1%. Net income declined slightly by 0.4% to R$218.7 million. The company maintained a strong capital structure and optimized its debt profile in the quarter. CTEEP continues to focus on providing efficient transmission services while delivering value to its shareholders.
1. SK Group is a Fortune 100 company with diversified businesses across energy, chemicals, IT/telecommunications, marketing, trading and services. In 2011, it had $117.7 billion in revenue and 52,377 employees worldwide.
2. SK C&C is one of South Korea's leading IT service providers. It offers total IT services to customers across industries and has over 4,000 employees.
3. SK C&C recruits both experienced hires and fresh graduates. The recruiting process involves an online application, written tests assessing skills and personality, an individual presentation, team activities, interviews, and a medical checkup. Around 80-100 candidates are ultimately extended offers out of over 50,000
Apresentação institucional eng (pp tminimizer)Localiza
Localiza is the largest car rental company in Brazil with over 60,000 vehicles. It has three main divisions: car rental, fleet rental, and used car sales. The company has grown organically and through acquisitions since 1973. It went public in 2005 and has an integrated business platform with synergies across divisions. Localiza holds a leading market share position and benefits from growth in business and leisure air travel in Brazil.
Madhucon Projects reported a 43% increase in net sales and a 22.2% increase in operating profit for the first quarter of FY2011, beating analyst estimates. While margins and earnings also exceeded forecasts, regulatory changes have delayed the company's plans to raise equity financing. As a result, the analyst downgrades the stock to "Accumulate" and changes the valuation methodology to no longer factor in potential equity dilution. The analyst sets a target price of Rs174 per share based on assigning a PE ratio to FY2012 earnings estimates and valuing subsidiaries.
Rosalyn Wilson from Delcan Corporation on ‘Examining the State of Supply Chai...eyefortransport
This document summarizes the key findings from the 21st Annual "State of Logistics Report®" on business logistics costs in the United States. It finds that in 2009:
1) Total US business logistics costs decreased 18.2% to $1.095 trillion, equivalent to 7.7% of GDP.
2) Inventory carrying costs decreased 14.1% while transportation costs decreased 20.2%.
3) The number of truck drivers declined while freight carried increased, showing growing efficiency.
4) US ports lost cargo volume in 2009 with declines across the top ten ports.
The document is a presentation for the Russia Forum 2012 discussing preliminary results for 2011. It begins with disclaimers noting the information is from reliable sources but accuracy is not guaranteed and opinions are subject to change. It then outlines the company's key strategic priorities including improving customer service quality, investment efficiency, and energy efficiency through innovative development programs. Charts are presented benchmarking the company against peers on metrics like revenue, profits, and regulated asset base.
1) SKF is a global company established in 1907 with over 41,000 employees operating in over 130 countries.
2) In 2009, SKF had net sales of SEK 56.2 billion distributed across various regions and customer segments.
3) SKF's vision is to equip the world with SKF knowledge through its core platforms of bearings, seals, mechatronics, lubrication systems and services.
ITNL is an established surface transportation player and market leader in the road BOT sector with a portfolio of over 7,500 lane km of projects spread across India. The company is expected to benefit from the growing opportunities in the road sector in India, with the NHAI targeting to award around 33,500 km of projects over the next 5 years. However, increasing revenue from low-margin EPC contracts is expected to impact ITNL's margins. The analyst values ITNL on an SOTP basis and initiates coverage with an "Accumulate" recommendation and target price of Rs358 per share.
CTEEP presented its 3Q12 results. Highlights include:
- Gross operating revenue increased to R$2.194 billion in 3Q12 from R$2.115 billion in 3Q11.
- Net operating revenue was R$1.588 billion in 3Q12 compared to R$1.410 billion in 3Q11.
- EBITDA was R$705 million in 3Q12 with an EBITDA margin of 52.9%, compared to R$606.1 million and a margin of 54.7% in 3Q11.
1) HCC reported a 13.6% increase in net sales to Rs.995.4 crore for 1QFY2011, in line with Angel Research estimates. Operating profit grew 9.3% to Rs.125.8 crore.
2) Net profit increased 55.6% to Rs.28.3 crore, marginally ahead of estimates due to higher operating margins and lower taxes.
3) Angel Research maintains a Neutral view on HCC, valuing it at Rs.126/share on an SOTP basis, with limited upside from current levels given its valuation of 36.5x FY2012 EPS.
Ambuja Cement reported a 20.5% year-over-year increase in net profit for the second quarter of 2010 due to a substantial rise in shipments. Operating profit grew 23.7% year-over-year as operating margins expanded. The company expects ongoing capacity additions to support continued healthy shipment growth. Analysts maintain a neutral rating on Ambuja Cement, seeing the stock as fairly priced based on estimated 2011 earnings and capacity.
Amara Raja Batteries-Management Meet NoteAngel Broking
- Management indicated strong demand for batteries from the growing automobile industry and pickup in industrial activities.
- The company plans capacity expansions to meet increasing demand and expects to clock 15% CAGR in industrial batteries over the next few years.
- While demand from telecom batteries has contracted, the company expects 6-7% annual growth and is optimistic about long-term replacement demand.
Financial Analysis - CSR Corp ltd. provides a wide range of rolling stock p…BCV
CSR Corp Ltd provides rolling stock and rail products in China and overseas. It offers locomotives, passenger carriages, freight wagons, subway vehicles, and components. In 2012, its revenue was 79.5 billion CNY, with the majority from sales in China. It has over 86,000 employees. The company's share price fell 14.6% in the last month and is down 12.5% year-to-date. Analysts rate the company's shares a buy and have set target prices above its current level.
Iochpe-Maxion reported strong results in the second quarter of 2004, with organic revenue growth, increasing cash flow generation, and a solid capital structure. The company focuses on logistics equipment and has leading market positions in Brazil. It is expanding production capacity in line with growing demand. The company has been a public company since 1984 and maintains transparency through quarterly investor meetings and a dedicated investor relations website. It has a diverse shareholder base including Bradesco bank and BNDESPAR. Subsidiary Maxion Components Estruturais is a leading producer of automotive chassis and structural components in Brazil, serving over 70% of the market.
Financial Analysis - China Communications Construction Company Ltd. is a tran...BCV
Financial Analysis - China Communications Construction Company Ltd. is a transportation infrastructure group. The Company is involved in infrastructure construction, infrastructure design, dredging, and port machinery manufacturing
Madras Cements reported a 9% year-over-year decline in net revenue to Rs. 700 crore for the first quarter of FY2011, mainly due to a 10.7% fall in cement prices. Operating profit declined 33% to Rs. 196 crore as operating margins contracted by 983 basis points to 27.9% due to higher fuel costs and lower prices. Net profit declined 48% to Rs. 73 crore for the quarter. Despite the decline in revenue and profits, the company maintained a buy rating based on an expected recovery in prices and continued presence in high-growth southern markets.
Apresentação Institucional RI - Maio 2012Embraer RI
The document outlines Embraer's corporate and business strategy, product portfolio, financial results, and market outlook. The key points are:
1) Embraer's strategy focuses on organic growth, margin enhancement, diversification, and excellence in customer experience.
2) Their commercial and executive jet deliveries have grown steadily since 2007. Financial revenues have also increased each year.
3) Embraer forecasts over 7,000 new jet deliveries valued at $320 billion in the 30-120 seat market segment through 2030.
4) Their diverse product portfolio spans light executive jets to large commercial aircraft. Over 100 airlines in 48 countries operate E-Jets.
Gateway Distriparks' quarterly results were below expectations due to lower volumes and increasing competition. Revenue grew 3.8% to Rs129cr but EBIDTA fell 6.5% and PAT declined 15.5% due to lower ground rent and delayed rail expansion. The analyst downgraded the stock to "Accumulate" given delays in funding and dilution from a planned equity issuance. Competition is impacting margins in the CFS segment while rail freight remains loss-making, challenging the target for breakeven PAT in FY2011.
Sarda Energy and Minerals reported strong results for the first quarter of fiscal year 2011. Net sales grew 132.8% year-over-year to Rs217 crore due to higher sales volumes and realizations of sponge iron and ferro alloys. EBITDA grew 973.2% year-over-year to Rs50 crore as margins expanded significantly due to lower raw material costs from captive coal and iron ore supplies. Adjusted net profit increased to Rs27 crore from a loss of Rs7 crore in the prior year quarter. The company is well positioned to benefit from backward integration, commercial production of pellets, and increased production of power and ferro alloys.
The document provides financial highlights for Iochpe-Maxion S.A. for the third quarter of 2007. Key points include:
- Net operating revenue increased 14.1% to R$355.7 million compared to the same period last year.
- EBITDA increased 58.6% to R$57.5 million over the same period last year.
- Net income increased 116.6% to R$30.1 million over the same period last year.
Localiza Rent a Car S.A. is a Brazilian car rental company that started in 1973 with 6 used cars. It has grown significantly over time through organic growth and acquisitions. In the first quarter of 2010, it had over 79,000 cars, operations in 9 countries, and 449 locations. Localiza utilizes an integrated business platform across its four divisions to provide synergies and flexibility. The company aims to increase market leadership in its core businesses while adding value in its other divisions. Localiza has an efficient financial cycle for its car rentals and fleet rentals that generates profits through rental revenues and used car sales.
Localiza Rent a Car S.A. 2Q09 and 1H09 Results
Localiza is a car rental company operating in Brazil and South America with an integrated business platform. In 2Q09:
- Car rental revenues grew 4.8% year-over-year to R$140.8 million despite a challenging environment.
- Fleet rental revenues increased 15.5% to R$76.2 million due to higher volumes and prices.
- The company maintains a large rental fleet of over 41,000 cars across its integrated operations in Brazil and internationally, leveraging synergies across its business divisions.
CTEEP, a leading Brazilian electricity transmission company, reported its 3Q09 results. Net revenue was down 1.9% year-over-year to R$440.4 million due to lower transmission volumes. EBITDA fell 2.9% to R$352.9 million, with margins of 80.1%. Net income declined slightly by 0.4% to R$218.7 million. The company maintained a strong capital structure and optimized its debt profile in the quarter. CTEEP continues to focus on providing efficient transmission services while delivering value to its shareholders.
1. SK Group is a Fortune 100 company with diversified businesses across energy, chemicals, IT/telecommunications, marketing, trading and services. In 2011, it had $117.7 billion in revenue and 52,377 employees worldwide.
2. SK C&C is one of South Korea's leading IT service providers. It offers total IT services to customers across industries and has over 4,000 employees.
3. SK C&C recruits both experienced hires and fresh graduates. The recruiting process involves an online application, written tests assessing skills and personality, an individual presentation, team activities, interviews, and a medical checkup. Around 80-100 candidates are ultimately extended offers out of over 50,000
Apresentação institucional eng (pp tminimizer)Localiza
Localiza is the largest car rental company in Brazil with over 60,000 vehicles. It has three main divisions: car rental, fleet rental, and used car sales. The company has grown organically and through acquisitions since 1973. It went public in 2005 and has an integrated business platform with synergies across divisions. Localiza holds a leading market share position and benefits from growth in business and leisure air travel in Brazil.
Madhucon Projects reported a 43% increase in net sales and a 22.2% increase in operating profit for the first quarter of FY2011, beating analyst estimates. While margins and earnings also exceeded forecasts, regulatory changes have delayed the company's plans to raise equity financing. As a result, the analyst downgrades the stock to "Accumulate" and changes the valuation methodology to no longer factor in potential equity dilution. The analyst sets a target price of Rs174 per share based on assigning a PE ratio to FY2012 earnings estimates and valuing subsidiaries.
Rosalyn Wilson from Delcan Corporation on ‘Examining the State of Supply Chai...eyefortransport
This document summarizes the key findings from the 21st Annual "State of Logistics Report®" on business logistics costs in the United States. It finds that in 2009:
1) Total US business logistics costs decreased 18.2% to $1.095 trillion, equivalent to 7.7% of GDP.
2) Inventory carrying costs decreased 14.1% while transportation costs decreased 20.2%.
3) The number of truck drivers declined while freight carried increased, showing growing efficiency.
4) US ports lost cargo volume in 2009 with declines across the top ten ports.
The document is a presentation for the Russia Forum 2012 discussing preliminary results for 2011. It begins with disclaimers noting the information is from reliable sources but accuracy is not guaranteed and opinions are subject to change. It then outlines the company's key strategic priorities including improving customer service quality, investment efficiency, and energy efficiency through innovative development programs. Charts are presented benchmarking the company against peers on metrics like revenue, profits, and regulated asset base.
1) SKF is a global company established in 1907 with over 41,000 employees operating in over 130 countries.
2) In 2009, SKF had net sales of SEK 56.2 billion distributed across various regions and customer segments.
3) SKF's vision is to equip the world with SKF knowledge through its core platforms of bearings, seals, mechatronics, lubrication systems and services.
ITNL is an established surface transportation player and market leader in the road BOT sector with a portfolio of over 7,500 lane km of projects spread across India. The company is expected to benefit from the growing opportunities in the road sector in India, with the NHAI targeting to award around 33,500 km of projects over the next 5 years. However, increasing revenue from low-margin EPC contracts is expected to impact ITNL's margins. The analyst values ITNL on an SOTP basis and initiates coverage with an "Accumulate" recommendation and target price of Rs358 per share.
CTEEP presented its 3Q12 results. Highlights include:
- Gross operating revenue increased to R$2.194 billion in 3Q12 from R$2.115 billion in 3Q11.
- Net operating revenue was R$1.588 billion in 3Q12 compared to R$1.410 billion in 3Q11.
- EBITDA was R$705 million in 3Q12 with an EBITDA margin of 52.9%, compared to R$606.1 million and a margin of 54.7% in 3Q11.
1) HCC reported a 13.6% increase in net sales to Rs.995.4 crore for 1QFY2011, in line with Angel Research estimates. Operating profit grew 9.3% to Rs.125.8 crore.
2) Net profit increased 55.6% to Rs.28.3 crore, marginally ahead of estimates due to higher operating margins and lower taxes.
3) Angel Research maintains a Neutral view on HCC, valuing it at Rs.126/share on an SOTP basis, with limited upside from current levels given its valuation of 36.5x FY2012 EPS.
Ambuja Cement reported a 20.5% year-over-year increase in net profit for the second quarter of 2010 due to a substantial rise in shipments. Operating profit grew 23.7% year-over-year as operating margins expanded. The company expects ongoing capacity additions to support continued healthy shipment growth. Analysts maintain a neutral rating on Ambuja Cement, seeing the stock as fairly priced based on estimated 2011 earnings and capacity.
Amara Raja Batteries-Management Meet NoteAngel Broking
- Management indicated strong demand for batteries from the growing automobile industry and pickup in industrial activities.
- The company plans capacity expansions to meet increasing demand and expects to clock 15% CAGR in industrial batteries over the next few years.
- While demand from telecom batteries has contracted, the company expects 6-7% annual growth and is optimistic about long-term replacement demand.
Financial Analysis - CSR Corp ltd. provides a wide range of rolling stock p…BCV
CSR Corp Ltd provides rolling stock and rail products in China and overseas. It offers locomotives, passenger carriages, freight wagons, subway vehicles, and components. In 2012, its revenue was 79.5 billion CNY, with the majority from sales in China. It has over 86,000 employees. The company's share price fell 14.6% in the last month and is down 12.5% year-to-date. Analysts rate the company's shares a buy and have set target prices above its current level.
Iochpe-Maxion reported strong results in the second quarter of 2004, with organic revenue growth, increasing cash flow generation, and a solid capital structure. The company focuses on logistics equipment and has leading market positions in Brazil. It is expanding production capacity in line with growing demand. The company has been a public company since 1984 and maintains transparency through quarterly investor meetings and a dedicated investor relations website. It has a diverse shareholder base including Bradesco bank and BNDESPAR. Subsidiary Maxion Components Estruturais is a leading producer of automotive chassis and structural components in Brazil, serving over 70% of the market.
Financial Analysis - China Communications Construction Company Ltd. is a tran...BCV
Financial Analysis - China Communications Construction Company Ltd. is a transportation infrastructure group. The Company is involved in infrastructure construction, infrastructure design, dredging, and port machinery manufacturing
Madras Cements reported a 9% year-over-year decline in net revenue to Rs. 700 crore for the first quarter of FY2011, mainly due to a 10.7% fall in cement prices. Operating profit declined 33% to Rs. 196 crore as operating margins contracted by 983 basis points to 27.9% due to higher fuel costs and lower prices. Net profit declined 48% to Rs. 73 crore for the quarter. Despite the decline in revenue and profits, the company maintained a buy rating based on an expected recovery in prices and continued presence in high-growth southern markets.
Automotive Axles (AAL) posted strong results for the third quarter of 2010, with net sales up 198% year-over-year to Rs196 crore, above estimates. Operating profit margin increased 252 basis points to 14% due to improved operating leverage. Net profit increased 442% to Rs14.6 crore, beating estimates on higher margins. The company benefited from an 80% year-over-year increase in medium and heavy commercial vehicle volumes, which account for 95% of its revenue. The analyst maintains a "Buy" rating, expecting continued recovery in commercial vehicle demand to drive robust earnings growth over the next two years.
Iochpe-Maxion - First Quarter 2006 Full PresentationIochpe-Maxion
This document provides an overview of Iochpe-Maxion S.A., a Brazilian manufacturer of automotive components and railway equipment. It discusses Iochpe-Maxion's business structure, markets, customers, strategies, financial performance, and outlook for key industries in Brazil. The presentation contains forward-looking statements and disclaims any duty to update the information provided.
- Northrop Grumman reported financial results for Q3 2007 with sales of $7.9 billion, a 7% increase over Q3 2006. Operating margin was 10.2% of sales.
- For the first nine months of 2007, sales were $23.2 billion, a 5% increase over the same period in 2006. Operating margin was 9.7% of sales.
- Northrop Grumman updated full-year 2007 guidance with sales expected to be approximately $31.5 billion and diluted EPS from continuing operations of around $5.10.
Iochpe-Maxion - 2001 Presentation With PhotosIochpe-Maxion
Iochpe-Maxion has undergone restructuring in recent years, improving operational performance and capital structure. This has created a basis for a new strategic phase focused on new projects, continuous improvement, and higher production capacity utilization. As part of this strategy, Iochpe-Maxion recently acquired assets from two companies to expand its product lines and increase synergies within existing manufacturing units.
Grasim Industries reported a 22.7% year-over-year decline in adjusted net profit for the first quarter of fiscal year 2011 to Rs575 crore. The results were impacted by a 27% decline in operating profit for the company's cement division to Rs1,089 crore due to excess supply in southern and western regions. However, the company's viscose staple fiber division continued to perform well with a 54% year-over-year growth in operating profit to Rs304 crore. Going forward, the company's 60.3% subsidiary Ultratech Cement will be the key driver of its cement interests following the merger of Ultratech and Samruddhi Cement effective August
GlaxoSmithKline Pharma reported lower-than-expected 2QCY2010 results with net sales of Rs. 498 cr, up 8.9% YoY, and net profit of Rs. 129 cr, up 3.7% YoY. Sales were impacted by supply constraints in the vaccine segment. While operating margins improved, other income declined by 28.9% YoY. Given the company's rich valuations trading at 31.5x CY2010 earnings, Angel Research maintains a Sell rating with a target price of Rs. 1,700.
FAG Bearing recorded strong results for the second quarter of 2010, with net sales growing 35% year-over-year to Rs. 273 crore, beating estimates. Operating profit increased 66% to Rs. 52 crore due to lower raw material costs and improved operating leverage. Net profit surged 82% to Rs. 33.8 crore, aided by robust top-line growth and lower taxes. The analyst maintains a "Buy" rating and revised earnings estimates upward based on the company's solid performance.
GlaxoSmithKline Pharmaceuticals reported financial results for the first quarter of 2010 that were ahead of estimates. Net sales increased 18.4% year-over-year to Rs541.1 crore, driven by growth in the vaccine and dermatology segments. Operating margin expanded to 37% from 36% in the prior year quarter due to an improved product mix. Net profit grew 12.6% to Rs161.2 crore. The analyst maintains a "Reduce" rating on the stock and sets a target price of Rs1,700, citing rich valuations of 29.1 times estimated 2010 earnings.
Sintex Industries reported strong revenue and profit growth of 29.0% and 54.0% respectively for the second quarter of FY2011, significantly above analyst estimates. Growth was led by the high margin monolithic segment and international subsidiaries. The working capital cycle remained stretched during the quarter due to higher billing from the monolithic segment. Management reiterated its positive outlook for domestic plastic demand and guided potential acquisition in the monolithic segment for the second half of FY2011. Analysts maintain an 'Accumulate' rating on the stock with a revised target price of Rs. 458.
ApresentaçãO Localiza Ndr E ConferêNcias EngLocaliza
Localiza Rent a Car S.A. reported its financial results for the fourth quarter and full year of 2009. Net revenue was up 30.4% in 4Q09 compared to 4Q08. EBITDA increased 2.5% and net income swung to a profit of R$38.4 million in 4Q09 from a loss in 4Q08. For the full year 2009, net revenue was flat but EBITDA declined 6.8% and net income fell R$11.1 million compared to 2008. Localiza's integrated business platform and flexible model helped it navigate the economic crisis period.
This document is a group project submission analyzing and valuing Bharat Heavy Electricals Ltd (BHEL). It includes an industry analysis of the Indian capital goods sector, a company analysis of BHEL, technical analysis of BHEL's stock price, an analysis of BHEL's futures and options, and conclusions. The industry analysis discusses trends in the capital goods industry, key financial ratios, and competitive issues. The company analysis covers BHEL's products, financials, and valuation. Technical indicators and derivatives are also analyzed to evaluate BHEL.
Crompton Greaves reported a 4.7% year-over-year increase in consolidated sales to Rs. 2,302 crores for the first quarter of FY2011. EBITDA grew 19.8% to Rs. 297 crores due to lower expenses and improved operational efficiencies. Net profit increased 19.5% to Rs. 190.8 crores. The consumer products and industrial systems segments saw robust growth, while the power systems segment remained weak with a 1.9% sales decline. Going forward, the company expects its power systems segment, which accounts for 63% of revenue, to drive growth as massive capacity expansion in the power sector provides investment opportunities in transmission and distribution.
Madras Cements reported a 10% year-over-year decline in quarterly revenue to Rs577 crore due to a 31% decline in cement realizations. Operating margins fell to 21.4% from 26.3% last year due to lower realizations. Net profit declined 60% year-over-year to Rs29.4 crore. The analyst maintains a buy rating on Madras Cements with a target price of Rs142, valuing the company at 6 times EV/EBITDA based on FY2012 estimates despite overcapacity issues weighing on prices in the southern markets where it operates.
Madras Cements reported a 10% year-over-year decline in quarterly revenue to Rs577 crore due to a 31.1% decline in realization per tonne. Operating margins fell to 21.4% from 26.3% last year due to lower realization. Net profit declined 59.9% to Rs29.4 crore for the quarter, in line with estimates. The analyst maintains a "Buy" rating and target price of Rs142, valuing the company at an EV/EBITDA of 5.9x based on FY2012 estimates.
Grasim Industries reported a robust 11.5% year-over-year increase in net profit for the fourth quarter of fiscal year 2010, led by an outstanding 65% sales growth in its viscose staple fiber division. The company's overall sales were up 10.8% to Rs. 5,475 crore for the quarter. The cement business also performed well, with a 5.2% sales increase. Going forward, the company plans additional capacity expansions across its businesses to continue its growth trajectory.
Similar to Iochpe-Maxion - Deutsche Bank GEMS Conference Presentation (20)
Iochpe-Maxion reported financial results for the first quarter of 2006. Net income was R$14.9 million, a 1.4% decrease from the first quarter of 2005. Net operating revenue declined 3.5% to R$340.3 million compared to the same period last year. EBITDA decreased 6.4% to R$44.7 million. Net bank debt was R$150.8 million, representing a debt to EBITDA ratio of 0.7 times. The company saw declines in key markets such as light commercial vehicles, trucks, buses, and agricultural machinery in Brazil compared to the previous year.
Iochpe-Maxion reported earnings for the fourth quarter of 2008 and full year 2008. Net operating revenue increased 40.7% to R$462 million in 4Q08 and 41.8% to R$1.828 billion in 2008. EBITDA grew 34.3% to R$46 million in 4Q08 and 71.7% to R$267.7 million in 2008. Net income declined 71.3% to R$4.9 million in 4Q08 but increased 195.7% to R$214.1 million for the full year 2008. The results were driven by growth in the wheels and chassis divisions as well as the impact of currency depreciation.
The document provides highlights and financial results for Iochpe-Maxion S.A. for 2005. Key points include:
- Net income grew 42% to R$72 million. Revenue increased 36% to R$1.494 billion and EBITDA rose 32% to R$205 million.
- Exports totaled R$231.4 million, a 20% increase, with the largest markets being the US, South America, and Europe.
- Earnings improved across key financial metrics such as gross profit, EBIT, and EBITDA margins. Net debt was low at 0.6x EBITDA.
- The company held leading market shares in Brazil for products
Iochpe-Maxion S.A reported financial results for the fourth quarter and full year of 2007. Net revenue increased 23.9% in 4Q07 and 3.3% for the full year. EBITDA grew 47.8% in 4Q07 and 1.1% for the full year. Net income increased 1,129.0% in 4Q07 and 25.1% for the full year. The results were driven by growth in the Brazilian vehicle and agricultural machinery industries as well as recovery in domestic demand for railway freight cars. Foreign exchange impacts from currency appreciation reduced revenues compared to prior periods.
The document provides a summary of a company's 3Q09 earnings release and performance compared to 4T08 and full year 2008. Key highlights include a 40.9% reduction in net operating revenue in 3Q09 versus the same period in 2008. EBITDA declined 63.4% and net income declined 91.2% over the same period. The declines were driven by reductions in production of trucks, buses, and agricultural machinery in Brazil as well as lower domestic and export demand.
Iochpe-Maxion reported financial results for the third quarter of 2008. Net operating revenue increased 47% to R$523 million compared to the prior year period. EBITDA grew 60.4% to R$92.2 million. Net income increased substantially to R$130.9 million, though part of this increase was due to a non-recurring gain. Exports increased 27.1% in US dollar terms. Overall results were positively impacted by growth in vehicle production and demand for railway freight cars in Brazil.
The document is Iochpe-Maxion's 1Q09 earnings release which summarizes the company's financial performance in the first quarter of 2009 compared to the same period in 2008. Key highlights include a 27.4% reduction in consolidated net operating revenue to R$290.6 million. EBITDA fell 58.1% to R$25.2 million and the company reported a net loss of R$3.2 million compared to a net profit in 1Q08. Exports declined 40.3% in US dollar terms. The earnings decline was driven by reductions in vehicle production and demand across key markets including Brazil, North America, and Europe.
The document summarizes the financial results of Iochpe-Maxion for the first quarter of 2004. Key highlights include a 13.5% increase in total vehicle production in Brazil compared to Q1 2003. Iochpe-Maxion's net sales increased 44% to R$212.9 million in Q1 2004 from R$148.3 million in Q1 2003. The company's operational result decreased from R$9.7 million in Q1 2003 to R$7.4 million in Q1 2004. Automotive components accounted for 58% of Iochpe-Maxion's revenue in Q1 2004.
The document provides an earnings release for Iochpe-Maxion S.A. for the second quarter of 2009. It highlights a 36.8% reduction in consolidated net operating revenue compared to the same period last year. EBITDA was down 72.1% and net income fell 89.5% year-over-year. Reduced production of trucks, buses, and agricultural machinery in Brazil along with decreased domestic demand drove the financial declines.
The document provides an overview of Maxion's financial performance in the second quarter of 2007. Some key points:
- Consolidated net operating revenue decreased 3.5% to R$319 million compared to the same period last year.
- EBITDA decreased 37.5% to R$36.4 million over the previous year.
- Net income decreased 49.7% to R$13.9 million.
- Exports totaled US$33.8 million, an increase of 27.9% compared to the second quarter of 2006.
The document is an earnings release for Iochpe-Maxion S.A. for the first quarter of 2008. Some key highlights include consolidated net operating revenue increasing 40% year-over-year to R$400.6 million. EBITDA increased 70.4% to R$61.3 million and net income increased 203.7% to R$34.7 million. Net debt was R$161.9 million, or 0.9x EBITDA. Charts show growth in light commercial vehicles and truck production in Brazil.
- Iochpe-Maxion reported consolidated net operating revenue of R$442.1 million for 2Q08, an increase of 38.6% over 2Q07.
- EBITDA for 2Q08 was R$71.9 million, an increase of 97.3% compared to 2Q07.
- Net income for 2Q08 was R$44.1 million, an increase of 217.5% over 2Q07.
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2. 2
DISCLAIMER: FORWARD-LOOKING STATEMENTS
This presentation contains forward-looking statements. Such statements are not statements of
historical facts, and reflect the beliefs and expectations of Iochpe-Maxion’s management. The
word “anticipates”, “expects”, “estimates”, “intends”, “forecasts”, “plans”, “predicts”, “projects”,
“targets” and similar words are intended to identify these statements. Although Iochpe-Maxion
believes that expectations and assumptions reflected in the forward-looking statements are
reasonable based on information currently available to Iochpe-Maxion’s management, Iochpe-
Maxion cannot guarantee future results or events.
Iochpe-Maxion undertakes no obligation to update publicly or revise any forward-looking
statements because of new information, future events or other facts.
DB GEM Conference
3. 3
IOCHPE – MAXION: BASICS
• Plants located in São Paulo and Minas Gerais States
DB GEM Conference
4. 4
SHAREHOLDER COMPOSITION: JUN-05
Shareholder Agreement
Iochpe Family BNDES Participações Other
Voting 75.6% Voting 21.8% Voting 2.6%
Non-voting 0.5% Non-voting 62.2% Non-voting 37.3%
Total 26.5% Total 48.2% Total 25.3%
Iochpe-Maxion
Iochpe-Maxion S.A.
Issued Shares after reverse split (*)
Common 18,428,597 34.62%
Preferred 34,803,707 65.38%
Total 53,232,304 100.00%
DB GEM Conference
6. 6
CONSOLIDATED NET SALES BREAKDOWN (%)
1H05 – R$ 750 MM 1H04 – R$ 482 MM
Autom.Comp. Autom.Comp.
Division Division
7% 14%
36% 57% 57%
29%
Amsted
Maxion (*) Amsted
Wheels and Maxion (*)
Chassis Division Wheels and
Chassis Division
(*) Consolidated figures consider 50% of the net sales of Amsted-Maxion DB GEM Conference
7. 7
WHEELS AND CHASSIS DIVISION (*)
(*) Division of
57%
DB GEM Conference
8. 8
WHEELS AND CHASSIS DIVISION : BASICS
• Conformation of flat steel
• Focused on the commercial vehicles segment (trucks, buses, pickups and
agricultural machinery)
• Continuous capex resulting in an unique manufacturing facility in the South
American market
• Local leadership
• Export base (13% of sales)
DB GEM Conference
9. 9
WHEELS AND CHASSIS DIVISION
Chassis - 55% of the Division’s Net Sales
Heavy Medium Light
Stamped Parts Structural
Siderails Parts
Chassis
DB GEM Conference
10. 10
WHEELS AND CHASSIS DIVISION
Wheels for Vehicles - 45% of the Division’s Net Sales
DB GEM Conference
12. 12
BRAZILIAN FLEET – 2004
Fleet Size Average Fleet Age
(In thousand units) (In years)
Pickups 3,088 Pickups 8.6
Trucks 1,169 Trucks 12.0
Buses 258 Buses 9.9
Source: Sindipeças DB GEM Conference
13. 13
WHEELS AND CHASSIS DIVISION (R$ MM)
1000
Net Sales
.
% a.a 785
0
750
R =4
G 626
CA %
% = 59
500 ∆ 429
397
%
= 49
241
∆% 270
208 218
250 174 145
0
2000 2001 2002 2003 2004 2Q05 2Q04 2Q05 1H04 1H05
LTM
CAGR = Compund Annual Growth Rate / LTM = last 12 months
DB GEM Conference
14. 14
WHEELS AND CHASSIS DIVISION
Chassis – 1H05
Market Share (%) Customer Base (%)
Volks-
wagen General
Maxion
24% Motors
69%
11%
9% Ford
30%
6%
26% Scania
6%
5% Dana Daimler
Chrysler 11% 3% Exports
OEM Dana
Other DB GEM Conference
15. 15
WHEELS AND CHASSIS DIVISION
Wheels – 1H05
Market Share (%) Customer Base (%)
Volks-
wagen
Tractors 13%
Maxion 63% 21% After-
10% Market
7% Other
9% Scania
23%
30% 8%
Exports 5% Volvo
Hayes 11%
Daimler
Other Chrysler
DB GEM Conference
16. 16
WHEELS AND CHASSIS DIVISION
Chassis – New Contracts : R$ 73 MM per year
Product / Customer Country Starting Date Saler per year
R$ MM
Light/Medium Stamped Parts - DaimlerChrysler Brazil Sept.05 21.6
Chassis - Volkswagen Brazil Oct.05 17.8
Siderails and Stamped Parts - AM General U.S.A. Jan.06 12.0
Stamped Parts - ArvinMeritor Brazil May.05 9.6
Siderails - DaimlerChrysler Brazil Dec.05 7.0
Medium Stamped Parts - DaimlerChrysler Brazil Aug.04 3.1
Chassis - Scania Brazil Feb.05 0.7
Medium Stamped Parts - Peugeot Citroen Brazil Oct.04 0.4
Stamped Parts - DaimlerChrysler Germany May.05 0.4
Medium Stamped Parts - Volkswagen Brazil May.05 0.4
DB GEM Conference
17. 17
WHEELS AND CHASSIS DIVISION
Wheels – New Contracts: R$ 29.8 MM per year
Customer Country Starting Date Saler per year
R$ MM
Nyanza / Sarl El Jaouda / Africa Nov.04 / Apr.05 15.7
ECTC / Region 4 / Somaa /
Oumnia / Cacomiaf /
Maxprest / Royal Vulcanising
/ Barakat / MIS-Salhya
Radial LLantas / Sultana / Mexico May.05 / Jul.05 3.7
Servillantas / Ruedas y Ejes /
Dina Camiones
John Deere Brazil Mar.06 3.2
GKN / Accuride U.S.A. Jan.05 2.8
Petromaster / Skuba Russia / Lithuania Jan.05 1.4
Al Khateb / Ahmed Khalfan / Middle East Jan.05 / 1.3
Alkha Teeb& Sons May.05
Continental Germany / Morroco Jun.05 0.9
Nordex / Wilar Technic Uruguay / Peru Jan.05 0.8
DB GEM Conference
19. 19
AMSTED MAXION : BASICS
• Integrated freight car operation: castings and car assembly
• Capex + technology resulting in an unique manufacturing facility and design
capabilities
• Steel castings
- Transformation of steel scrap
- Focused on the railway equipment and industrial businesses
- Local leadership
- Export base
• Freight car assembly
- Assembly of components and castings 30%
- Local leadership
DB GEM Conference
20. 20
AMSTED MAXION : MAIN PRODUCTS
RAILWAY RAILWAY
BOOGIES
WHEELS FREIGHT CARS
30%
DB GEM Conference
41. 41
IOCHPE – MAXION: GOVERNANCE AND CAPITAL MARKETS
– Public company since 1984 / ADR Level I since 1994
– Board with 2 independent members and no executive officer member
– Audit Board (“Conselho Fiscal”) with 1 representative of the non-
controlling shareholders
– Dividend payout – 37% of net income and an additional 10% for non-
voting shares
2004 Result / Paid in April 2005 : R$ 16.1 MM / Yield – 2.3% (12.31.2004)
– Reverse Split
Approved at a Shareholder Meeting of March 21, 2005
Proportion - 50:1
Price quote by unit and standard quantity of one hundred shares since April 25, 2005
DB GEM Conference
43. 43
AUTOMOTIVE COMPONENTS DIVISION (*)
(*) Division of
7%
DB GEM Conference
44. 44
AUTOMOTIVE COMPONENTS DIVISION: BASICS
• Light stamping
• Assembly of parts
• Focused on passenger cars
• Local leadership in main products
• Strong trend for globalization
DB GEM Conference
45. 45
AUTOMOTIVE COMPONENTS DIVISION: MAIN PRODUCTS
HANDBRAKE PEDAL
JACKS
LEVERS SETS
DB GEM Conference
48. 48
AUTOMOTIVE COMPONENTS DIVISION
Market Share (%) Customer Base (%)
Hand break lever 43% Fiat Volks-
24% wagen
Pedal set 25% 20%
Jack 21%
Latch 9% 13%
24% Brose
knob / Key / Cylinder 8% 8%
11%
General Ford
Motors Other
DB GEM Conference
49. 49
AUTOMOTIVE COMPONENTS DIVISION
New Contracts: R$ 9.2 MM per year
Model - Customer Product Starting Sales per year
Date R$ MM
FLP - Fiat Lock / Reinforcement Jun.06 4.4
New Cabin - VW Knobs set Nov.05 1.6
310 - Fiat Hinges Dec.06 1.2
Fox Euro - VW Jacks / Door Locks Jun.05 1.1
Idea - Fiat Hinges Aug.05 0.4
Uno - Fiat Bracket Jan.06 0.3
Pickup FLP - Fiat Hinges Jun.06 0.2
DB GEM Conference
51. 51
BENCHMARK – GROSS PROFIT (% NET SALES)
Gentex
Eaton
Stoneridge
Strattec
Borg Warner
Cummins
Iochpe-Maxion
Nippon Denso
Accuride
Federal Mogul
Titan
Autoliv
Tenneco
Marcopolo
Johnson Controls
Dura
TRW Auto
Valeo
American Axle
Dana
ArvinMeritor
2Q04 2Q05
Faurecia
Superior
Lear
0% 10% 20% 30% 40%
Average = 14.8%
Source: Companies releases
2005 First Half of each company, except for Nippon Denso with first quarter results, Strattec with 12 months DB GEM Conference
result and ArvinMeritor / Johnson Controls with 9 months results.
52. 52
BENCHMARK – EBIT ( % NET SALES )
Gentex
Accuride
Strattec
Iochpe-Maxion
Titan
Eaton
Nippon Denso
Autoliv
Cummins
Stoneridge
Borg Warner
Tenneco
TRW Auto
Dura
American Axle
Faurecia
Marcopolo
Superior
Johnson Controls
Dana
Federal Mogul
Valeo 2Q04 2Q05
ArvinMeritor
Lear
0% 10% 20% 30%
Average= 6.7%
Source: Companies releases
2005 First Half of each company, except for Nippon Denso with first quarter results, Strattec with 12 months DB GEM Conference
result and ArvinMeritor / Johnson Controls with 9 months results.
53. 53
BENCHMARK – EBITDA ( % NET SALES )
Accuride
Strattec
Titan
Autoliv
Iochpe-Maxion
Borg Warner
Tenneco
Cummins
TRW Auto
American Axle
Federal Mogul
Valeo
Faurecia
Dura
Dana
Marcopolo
Johnson Controls
ArvinMeritor 2Q04 2Q05
Lear
0% 10% 20% 30%
Average - 9.2%
Source: Companies releases
2005 First Half of each company, except for Nippon Denso with first quarter results, Strattec with 12 months DB GEM Conference
result and ArvinMeritor / Johnson Controls with 9 months results.
67. 67
Units
Brazilian Railway Equipment Industry
60000
Railroad Wheels
50000
40000
30000
20000
10000
0
94
95
96
97
98
99
00
01
02
03
2Q 04
M
LT
19
19
19
19
19
19
20
20
20
20
20
05
Does not include wheels used in the assembly of new freight cars
DB GEM Conference
LTM = last 12 months
68. 68
Tons
Brazilian Railway Equipment Industry
4500
4000 Railroad Castings
3500
3000
2500
2000
1500
1000
500
0
94
95
96
97
98
99
00
01
02
03
2Q 04
M
LT
19
19
19
19
19
19
20
20
20
20
20
05
Does not include wheels used in the assembly of new freight cars
DB GEM Conference
LTM = last 12 months