iochpe-maxion - bear stearns transportation conference presentation
DESCRIPTION
Bear Stearns Transportation Conference PresentationTRANSCRIPT
2005 Brazilian Infrastructure, Transport and Logistics Conference
Bear StearnsFebruary 2005
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2005 Brazilian Infrastructure, Transport and Logistics Conference
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Iochpe-Maxion: Basics
Two major operations:
- Wheels and chassis for trucks, buses, pickups and agricultural machinery
- Equipments for the railroad industry
Third smaller operation:
- Autoparts for passenger cars
Plants located in the São Paulo and Minas Gerais States in Brazil.
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Iochpe-Maxion: History
1918: Iochpe Group started in the lumber segment
From 1978 to 1996: period of diversification in several industries followed by divestitures and concentration in the autopart and railroad equipment segments
1984: become a public company
1994: issue of ADRs level I
1998: corporate restructuring and recapitalization – Bradesco and BNDESjoin shareholders’ agreement along with Iochpe Family
2000: joint venture in the railroad equipment business with Amsted Industries
2001: divestiture of the diesel engine business to Navistar
2002 / 2004: divestiture of the steering column and window mechanismbusiness, decreasing exposure to the passenger car autopart segment
2004: Bradesco sold its stake to Iochpe Family
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Shareholder Composition
Issued Shares (*)
Voting 921,429,894 34.62%Non-voting 1,740,185,376 65.38%
Total 2,661,615,270 100.00%
Iochpe FamilyVoting 75.6%Non-voting 0.5%Total 26.5%
Iochpe-Maxion S.A.
Iochpe-Maxion
BNDES ParticipaçõesVoting 21.8%Non-voting 62.2%Total 48.2%
Free FloatVoting 2.6%Non-voting 37.3%Total 25.3%
Free Float – Dec. 03Voting 3.1%Non-voting 28.6%Total 19.8%
Shareholders Agreement
(*) all outstanding
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Corporate Structure
Wheels andChassis Division
(2,926 Employees)
AutomotiveComp. Division
(1,315 Employees)
Maxion SistemasAutomotivos S.A.
Maxion ComponentesEstruturais Ltda.
Amsted Maxion Fund. eEquip. Ferroviários S.A.
(3,624 Employees)
Iochpe-Maxion S.A.(16 Employees)
Consolidated = 6,069 Employees
6.2%
AmstedIndustries
50%
50%
99.99%
93.7%
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Net sales breakdown %
2004 - R$ 1,098.6 MM 2003 - R$ 675.7 MM
2 9 %
1 4 %
5 7 %
Amsted Maxion (*)
2 4 %
1 7 %
5 9 %
Wheels andChassis Division
Amsted Maxion (*)
AutomotiveComp. Division Automotive
Comp. Division
Wheels andChassis Division
(*) Consolidated figures consider 50% of the net sales of Amsted Maxion
57%
WHEEL AND CHASSIS DIVISION (*)
(*) Division of
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Wheels and Chassis Division: Basics
Conformation of flat steelFocused on the commercial vehicles segment (trucks, buses, pickupsand agricultural machinery)Continuous capex resulting in an unique manufacturing facility in theSouth American marketLocal leadershipExport base (16% of sales)
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Wheels and Chassis Division
Chassis - 52% of Division’s net sales – R$ 325 MM – 2004
SiderailsStamped Parts
Chassis
StructuralParts
Heavy Medium Light
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Wheels and Chassis Division
Wheels for Vehicles - 48% of Division’s net sales – R$ 301 MM – 2004
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Automotive Industry – Brazilian Output Thousand units
4Q04 4Q03 ∆% 2004 2003 ∆%
Cars 452.0 400.1 13.0% 1,754.6 1,505.0 16.6%
Pickups 91.8 62.6 46.8% 315.6 216.1 46.0%
Trucks 27.9 20.6 35.1% 106.9 78.9 35.5%
Buses 7.3 7.0 3.7% 28.7 27.0 6.5%
Total Vehicles 579.0 490.3 18.1% 2,205.9 1,827.0 20.7%
Agricultural Machinery 15.8 14.6 7.7% 66.9 58.8 13.8%
Source : Anfavea
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Automotive Industry - Export Thousand units
4Q04 4Q03 ∆% 2004 2003 ∆%
Cars 132.5 106.4 24.5% 493.8 440.3 12.1%
Pickups 35.7 23.5 52.3% 110.3 72.3 52.5%
Trucks 6.3 4.4 43.1% 25.3 12.8 97.5%
Buses 4.8 2.8 73.7% 12.9 9.3 38.8%
Total Vehicles 179.4 137.1 30.8% 642.3 534.7 20.1%
AgriculturalMachinery 7.8 6.5 19.9% 31.0 21.4 44.7%
Source : Anfavea
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Wheels and Chassis Division R$ MM
1 1 2
1 7 42 0 8
2 4 1
3 9 7
6 2 6
1 0 2
1 7 7
0 0
2 0 0
4 0 0
6 0 0Net Sales
CAGR = 41.1% a.a.
1999 2000 2001 2002 2003 2004CAGR = Compounded Annual Growth Rate
∆% = 73.1%
4Q03 4Q04
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Wheels and Chassis Division
Chassis – Market Share and Customer Base – 2004
Market Share Customer Base
2 9 %
2 3 %
9 %
8 %5 %
1 3 %
1 3 %
OtherDaimlerChrysler
Volks-wagen General
Motors
Export
Ford
Scania
2 6 %
5 %6 9 %
Maxion
Dana
OEMs
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Wheels and Chassis Division
Wheels - Market Share and Customer Base – 2004
Market Share Customer Base
2 5 %2 4 %
1 2 % 6 %6 %
1 2 %1 5 %Other
ExportTractors
Volks-wagen Scania
VolvoTrailerOEMs
3 5 %
8 %
5 7 %
MaxionHayes
Other
14%
AUTOMOTIVE COMPONENTS DIVISION (*)
(*) Division of
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Automotive Components Division: Basics
Light stampingAssembly of partsFocused on passenger carsLocal leadership in main productsStrong trend for globalization
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Automotive Components Division
Partial Divestiture – Sept.10 , 2004
Sold assets related to the window mechanism businessBuyer: Brose do Brasil Ltda. – subsidiary of Brose International GmbHAmount: R$ 17.8 millionAsset transfer in 180 daysWindow mechanism business represents:
7% of the consolidated net sales51% of the net sales to the passenger car segment
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Automotive Components Division: Main Products
HANDBRAKELEVERS
PEDALSETS
JACKS
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Automotive Industry – Brazilian Output Thousand units
4Q04 4Q03 ∆% 2004 2003 ∆%
Cars 452.0 400.1 13.0% 1,754.6 1,505.0 16.6%
Pickups 91.8 62.6 46.8% 315.6 216.1 46.0%
Trucks 27.9 20.6 35.1% 106.9 78.9 35.5%
Buses 7.3 7.0 3.7% 28.7 27.0 6.5%
Total Vehicles 579.0 490.3 18.1% 2,205.9 1,827.0 20.7%
Agricultural Machinery 15.8 14.6 7.7% 66.9 58.8 13.8%
Source : Anfavea
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Automotive Industry - Export Thousand units
4Q04 4Q03 ∆% 2004 2003 ∆%
Cars 132.5 106.4 24.5% 493.8 440.3 12.1%
Pickups 35.7 23.5 52.3% 110.3 72.3 52.5%
Trucks 6.3 4.4 43.1% 25.3 12.8 97.5%
Buses 4.8 2.8 73.7% 12.9 9.3 38.8%
Total Vehicles 179.4 137.1 30.8% 642.3 534.7 20.1%
AgriculturalMachinery 7.8 6.5 19.9% 31.0 21.4 44.7%
Source : Anfavea
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Automotive Components Division R$ MM
9 29 9
9 4 9 8
1 1 4
1 5 0
3 34 4
0
5 0
1 0 0
1 5 0
Net Sales
CAGR = 10.3% a.a.
∆% = 35.6%
1999 2000 2001 2002 2003 2004 4Q03 4Q04CAGR = Compounded Annual Growth Rate
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Automotive Components Division
Market Share % 9M04 Chassis – Market Share and Customer Base – 9M04Market Share and Customer Base – 2004
Market Share Customer Base
2 9 %
2 5 %
1 4 %
6 %8 %
3 %
1 5 %
Fiat
Volks-wagen
GeneralMotors
SAS
FordAfter
MarketOther
Hand break lever 42%
Pedal Set 26%
Jack 20%
Latch 9%
Knob / Key / Cylinder 7%
AMSTED MAXION FUNDIÇÃO E EQUIPAMENTOS FERROVIÁRIOS
29%
Subsidiaries :
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Amsted Maxion: Basics
Integrated freight car operation: castings and car assemblyCapex + technology resulting in an unique manufacturing facility and design capabilitiesSteel castings
Transformation of steel scrapFocused on the railroad equipment and industrial businessLocal leadershipExport base
Freight car assemblyAssembly of components and castingsLocal leadership
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Amsted Maxion: Main Products
RAILROADWHEELS
RAILROADFREIGHT CARS
BOOGIES
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Brazilian railroad equipment market
Sales 4Q04 4Q03 ∆% 2004 2003 ∆%
Railroad freight cars – units 1,447 1,060 37% 5,642 2,399 135%
Railroad wheels – thous. units 11.2 22.6 (50%) 41.6 49.6 (16%)
Railroad castings – thous. tons 0.7 0.7 0% 3.4 2.3 48%
Does not include wheels and castings used in the assembly of new freight cars
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Amsted Maxion R$ MM
9 51 2 2 1 1 0 1 2 0
3 2 8
6 4 6
9 2
1 8 2
0
2 0 0
4 0 0
6 0 0
Net Sales (*)
CAGR = 46.9% a.a.
1999 2000 2001 2002 2003 2004
∆% = 97.4%
4Q03 4Q04
(*) Amsted Maxion’s net sales. Consolidated figures consider 50% of Amsted Maxion’s salesCAGR = Compounded Annual Growth Rate
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Amsted Maxion
Market Share and Customer Base – 2004
Market Share Customer Base
Railroad Freight Cars
74%
Railroad Wheels
40%
Railroad Castings
80%
Industrial Castings
50%
4 8 %
1 4 %
1 2 %6 %
3 %4 %
1 3 %
Other ALL
CVRD Export
MRS
FCA
Ferronorte
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Amsted Maxion
Spot Orders 2005/2006 – Freight Cars : R$ 1.1Billion MM (*)
CVRD / FCA – 5,760 cars
Brasil Ferrovias - 500 cars
MRC(Mitsui/Bunge/ALL) - 350 cars
CVG Ferrominera Orinoco - 225 cars
Comilog – 76 cars
CBG Compagnie desBauxites de Guinee – 22 cars
Total = 6,933 cars
Deliveries
2005 – 5,557 cars
2006 – 1,376 cars
(*) Amsted Maxion’s net sales. Consolidated figures consider 50% of Amsted Maxion’s sales
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Amsted Maxion
Recurring Orders : R$ 250.4 MM per year (*)
ASF-Amsted (USA) – railroad castings – R$ 153.5MM
Caterpillar (Brazil and USA) – tractor parts – R$ 72.5MM
Holland Group (USA) – fifth-wheel components - R$ 12.9MM
Metso (France) – industrial castings – R$ 4.5MM
Truck OEMs (Brazil) – fifth-wheel – R$ 4.0MM
Komatsu / CNH (USA and Italy) – industrial castings – R$ 3.0MM
(*) Amsted Maxion’s net sales. Consolidated figures consider 50% of Amsted Maxion’s sales
CONSOLIDATEDFIGURES
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Consolidated
Net sales breakdown by customer and segment – 2004
Customer Base Segment
1 8 %
1 3 %
1 0 %8 %
7 %5 %
4 %3 %
2 0 %
1 2 %
CVRD
Volks-wagen
DaimlerChrysler
Fiat
Other
ExportGeneralMotors
Tractors
Ford
TrailerOEMs
OEMs producing in Brazil
- Bus, truck and
pickups - Passenger cars
62%
49% 13%
Brazilian railroad operators
25%
Export 13%
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Consolidated
9M03 – US$ 24.9 MM / R$ 80.6 MM
5 2 %1 6 %
3 2 %
Chassis
RailroadEquipment
Wheels
Exports by product segment and destination – US$ 47.3 MM / R$ 144.1 MM – 2004
DestinationProduct Segment
5 2 %1 1 %
1 8 %
2 %7 %7 %
3 %Mexico
USA
Canada
SouthAmerica
Asia /Oceania
EuropeAfrica / Middle East
Import 2004 - US$ 10.2MM / R$ 29.5MM (*)(*) includes US$ 3.4MM / R$ 10.0MM of machineryand equipment
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Consolidated R$ MM
1999 2000 2001 2002 2003 2004
6 1 5 6 2 4 , 0
3 7 4 4 1 1
6 7 6
1 0 9 9
1 8 1
3 1 2
0
2 5 0
5 0 0
7 5 0
1 0 0 0Net Sales
CAGR = 43.2% a.a.
DivestiturePhase
∆% = 72.5%
4Q03 4Q04
CAGR = Compounded Annual Growth Rate
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Five Years Review
1 1 6
8 0 8 7
1 3 7
2 2 8
1 9 %2 1 % 2 1 % 2 0 % 2 1 %
0
5 0
1 0 0
1 5 0
2 0 0
2 5 0
1 0 %
2 0 %
3 0 %
4 0 %
5 0 %
R$ MM
Gross Profit
% sales
2000 2001 2002 2003 2004
(*) 2002 results includes change in accounting for profit sharing, amounting to R$ 3.8 MM
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Five Years Review
4 6
2 73 6
5 8
1 2 7
7 % 7 % 9 % 9 %1 2 %
0
4 0
8 0
1 2 0
1 6 0
0 %
1 0 %
2 0 %
3 0 %
4 0 %
5 0 %
R$ MM
EBIT
% sales
2000 2001 2002 2003 2004
(*) 2002 results includes change in accounting for profit sharing, amounting to R$ 3.8 MM
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Five Years Review
5 6
4 1
5 4
3 83 3
9 %1 1 %
1 3 %
6 %3 %
0
2 0
4 0
6 0
8 0
0 %
5 %
1 0 %
1 5 %
2 0 %
2 5 %
3 0 %
3 5 %
4 0 %
R$ MM
Financial Expenses, net
% sales
2000 2001 2002 2003 2004
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Five Years Review
- 1 0 - 1 4 - 1 8
1 9
9 4
- 4 % - 4 %
3 %
9 %
- 2 %- 4 0
- 2 0
0
2 0
4 0
6 0
8 0
1 0 0
1 2 0
- 1 0 %
- 5 %
0 %
5 %
1 0 %
1 5 %
2 0 %
2 5 %
3 0 %
R$ MM
Operational Result after Financial Exp.
% sales
2000 2001 2002 2003 2004
(*) 2002 results includes change in accounting for profit sharing, amounting to R$ 3.8 MM
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Five Years Review
8 9
5 86 9
8 9
1 5 6
1 4 % 1 6 % 1 7 %1 3 % 1 4 %
0
2 0
4 0
6 0
8 0
1 0 0
1 2 0
1 4 0
1 6 0
1 8 0
0 %
1 0 %
2 0 %
3 0 %
4 0 %
5 0 %
R$ MM
EBITDA
% sales
2000 2001 2002 2003 2004
(*) 2002 results includes change in accounting for profit sharing, amounting to R$ 3.8 MM
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Five Years Review
1 9 5
6 5
1 0 61 1 5
1 0 22 , 2
1 , 11 , 5
1 , 3
0 , 6
0
5 0
1 0 0
1 5 0
2 0 0
2 5 0
0 , 0
1 , 0
2 , 0
3 , 0
4 , 0
5 , 0
R$ MM
Net Debt
x EBITDA
2000 2001 2002 2003 2004
(*) 2002 results includes change in accounting for profit sharing, amounting to R$ 3.8 MM
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Consolidated – Income Statement R$ Thous.
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Consolidated – Income Statement R$ Thous.
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Iochpe-Maxion: Fundamentals
Strong organic revenue growth
Steady operating margins
Growing cash generation
Solid capital structure – net debt / EBITDA ratio
Focus on businesses related to the transportation industry
Local market leadership
Capex aiming at a strong competitive position – barriers to entry
Growing exports
Capacity expansion in line with demand growth
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Iochpe-Maxion: Capital Markets and Governance
Public company since 1984 / ADR Level I since 1994
Investor relationshipQuarterly meetings
Website – exclusive IR content
Annual Reports, press releases, etc.
Dividend payout – 37% of net income and an additional 10% for non voting shares
Growing liquidity and floatBoard with 2 independent members and no executive officer members
Audit Board (“Conselho Fiscal”) with 1 representative of the non-controlling shareholders
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Stock Performance
3 5 115 10 4 5 0 5 0 12 5 17 7 3 12 13 61.3 9 8
3 .6 8 9
7 5 8 8 9 5
2 3 .8 8 1
3 .19 7 3 .7 5 52 .6 6 5
6 .17 24 .17 5
3 .2 3 6
2 2 .2 5 7
2 .8 154 .0 9 4 4 .2 11
6 .3 14
2 4 7 ,0 1
9 4 ,18
8 0 ,4
16 9 ,17
19 1,6 4
8 1,3 07 8 ,5 1
17 3 ,6 6
13 6 ,4 9
110 ,7 8
8 0 ,7 77 9 ,6 3
9 7 ,9 88 4 ,38 0 ,9
5 1,92 7 ,62 6 ,42 6 ,82 5 ,12 4 ,22 4 ,72 5 ,22 6 ,82 3 ,5
-
5 .0 0 0
10 .0 0 0
15 .0 0 0
2 0 .0 0 0
2 5 .0 0 0
d e c / 02
j an / 0
3f e
b / 03
ma r /
0 3a p r / 0
3m
a y / 03
j un / 0
3j u
l / 03
a u g / 03
s e p / 03
o c t/ 0
3n o v / 0
3d e c / 0
3j a
n / 04
f eb / 0
4m
a r /0 4
a p r / 04
ma y / 0 4j u
n / 04
j ul / 0
4a u g / 0
4s e p / 0
4o c t
/ 04
n o v / 04
d e c / 04
-
5 0 ,0
10 0 ,0
15 0 ,0
2 0 0 ,0
2 5 0 ,0
3 0 0 ,0V O L U M E / M O N T H L Y A V E R A G E P R I C E
I O C H P E - M A X I O N P N ( M Y P K 4 )
R $ T H O U S . R $ / T H O U S . S H A R E S
A V E R A G E P R I C E
V O L U M E
AdditionalInformation
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BENCHMARK
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Benchmark – Gross Profit % net sales
Source: Companies releasesFull Year 2004 of each company, except for Strattec with 6 months result and ArvinMeritor, Johnson Controls and Thyssen Krupp with 3 months results
V i s t e o n
S t o n e r i d g e
B o r g W a r n e r
A u t o l i v
A m e r i c a n A x l e
V a l e o
T R W A u t o
F a u r e c i a
D e l p h i
C u m m i n s
T h y s s e n K r u p p
D u r a
J o h n s o n C o n t r o l s
G e n t e x
T e n n e c o
L e a r
A r v i n M e r i t o r
Io c h p e - M a x i o n
S t r a t t e c
E a t o n
0 % 1 0 % 2 0 % 3 0 % 4 0 %
2 0 0 4 2 0 0 3
A ve g a r e = 1 5 %
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Benchmark – EBIT % net sales
T h y s s e n K r u p p
A m e r i c a n A x l e
E a t o nB o r g W a r n e r
Io c h p e - M a x i o n
S t r a t t e c
G e n t e x
L e a r
T R W A u t o
J o h n s o n C o n t r o l s
T e n n e c oD u r a
C u m m i n s
V a l e o
F a u r e c i a
A r v i n M e r i t o r
D e l p h iV i s t e o n
S t o n e r i d g e
A u t o l i v
- 2 0 % - 1 0 % 0 % 1 0 % 2 0 % 3 0 % 4 0 %
2 0 0 4 2 0 0 3
A ve r a g e = 5 %
Source: Companies releasesFull Year 2004 of each company, except for Strattec with 6 months result and ArvinMeritor, Johnson Controls and Thyssen Krupp with 3 months results
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Benchmark – EBITDA % net sales
T h y s s e n K r u p p
T e n n e c o
D u r a
C u m m i n s
F a u r e c i a
L e a r
J o h n s o n C o n t r o l s
D e l p h i
A r v i n M e r i t o r
V i s t e o n
S t r a t t e c
B o r g W a r n e r
A m e r i c a n A x l e
T R W A u t o
Io c h p e - M a x i o n
A u t o l i v
V a l e o
- 1 0 % 0 % 1 0 % 2 0 % 3 0 % 4 0 %
2 0 0 4 2 0 0 3
A ve r a g e = 9 %
Source: Companies releasesFull Year 2004 of each company, except for Strattec with 6 months result and ArvinMeritor, Johnson Controls and Thyssen Krupp with 3 months results
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ROCE – Return of Capital Employed - 2004 (*)
V i s t e o n
S t o n e r i d g e
A r v i n M e r i t o r
F a u r e c i a
D u r a
T R W A u t o
L e a r
B o r g W a r n e r
A m e r i c a n A x l e
E a t o n
C u m m i n s
Io c h p e - M a x i o n
G e n t e x
S t r a t t e c
V a l e o
T h y s s e n K r u p p
T e n n e c o
A u t o l i v
J o h n s o n C o n t r o l s
- 8 0 , 0 % - 6 0 , 0 % - 4 0 , 0 % - 2 0 , 0 % 0 , 0 % 2 0 , 0 % 4 0 , 0 % 6 0 , 0 %
A ve r a g e = 1 2 , 0 %
Source: Companies releases(*) (Net Income + Interest net of 34% income taxes) / (Average Net Bank Debt + Average Net Worth)
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Automotive Industry – Brazilian Output Thousand units
02 0 04 0 06 0 08 0 0
1 0 0 01 2 0 01 4 0 01 6 0 01 8 0 02 0 0 0
1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 32 0 0 4
C a r s
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Automotive Industry – Brazilian Output Thousand units
0
5 0
1 0 0
1 5 0
2 0 0
2 5 0
3 0 0
3 5 0
1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 32 0 0 4
P ic k u p s
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Automotive Industry – Brazilian Output Thousand units
02 04 0
6 08 0
1 0 01 2 0
1 4 01 6 0
1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 32 0 0 4
T r u c k s B u s e s
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Automotive Industry – Brazilian Output Thousand units
01 02 0
3 04 05 06 0
7 08 0
1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 32 0 0 4
A g r ic u lt u r a l M a c h in e r y
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Brazilian Railroad Equipment Industry Units
0
1 0 0 0
2 0 0 0
3 0 0 0
4 0 0 0
5 0 0 0
6 0 0 0
1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 32 0 0 4
F r e ig h t C a r s
58
2005 Brazilian Infrastructure, Transport and Logistics Conference
Bear Stearns
Brazilian Railroad Equipment Industry Units
0
1 0 0 0 0
2 0 0 0 0
3 0 0 0 0
4 0 0 0 0
5 0 0 0 0
6 0 0 0 0
1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 32 0 0 4
R a ilr o a d W h e e ls
Does not include wheels used in the assembly of new freight cars
59
2005 Brazilian Infrastructure, Transport and Logistics Conference
Bear Stearns
Brazilian Railroad Equipment Industry Tons
05 0 0
1 0 0 01 5 0 02 0 0 02 5 0 03 0 0 03 5 0 04 0 0 04 5 0 0
1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 32 0 0 4
R a ilr o a d C a s t in g s
Does not include castings used in the assembly of new freight cars
60
2005 Brazilian Infrastructure, Transport and Logistics Conference
Bear Stearns
Wheels and Chassis Division
Chassis – New Orders: R$ 19.2 MM Annual Sales
P r o d u c t / C u s t o m e r C o u n t r y S t a r t i n g D a t e A n n u a l S a l e s R $ M M
L i g h t S t a m p i n g s - A r v i n M e r i t o r B r a z i l M a y . 0 5 9 . 6
M e d i u m S t a m p i n g s - D a i m l e r C h r y s l e r B r a z i l A u g . 0 4 3 . 1
C h a s s i s - V o l k s w a g e n ( C K D - M e x i c o ) B r a z i l M a r . 0 4 2 . 3
C h a s s i s - V o l k s w a g e n B r a z i l A p r . 0 4 2 . 2
L i g h t S t a m p i n g s - D a i m l e r C h r y s l e r B r a z i l J u n . 0 4 1 . 3
M e d i u m S t a m p i n g s - P e u g e o t C i t r o e n B r a z i l O c t . 0 4 0 . 4
S i d e r a i l R e i n f o r c e m e n t - D a i m l e r C h r y s l e r B r a z i l M a y . 0 4 0 . 3
61
2005 Brazilian Infrastructure, Transport and Logistics Conference
Bear Stearns
Wheels and Chassis Division
Wheels – New Orders: R$ 19.1 MM Annual Sales
C U S T O M E R C o u n t r y S t a r t i n g D a t e A n n u a l S a l e s R $ M M
W o r k h o r s e U S A J u n . 0 5 6 . 5J o h n D e e r e B r a z i l N o v . 0 4 3 . 2S t i p T u n i s i a M a y . 0 4 2 . 3D u n l o p S o u t h A f r i c a J u n . 0 4 1 . 5K u r t L e y s e r C o r p . S o u t h A f r i c a A p r . 0 4 1 . 5P e t r o m a s t e r R u s s i a J a n . 0 5 1 . 2M A A P M o r o c c o M a y . 0 4 1 . 0J a r l E l J a o u d a A r g e l i a N o v . 0 4 0 . 8K r i s t a n a s S p i r o s G r e e c e J u l . 0 4 0 . 6I n t e r n a t i o n a l T r a d e M o r o c c o J a n . 0 5 0 . 5
62
2005 Brazilian Infrastructure, Transport and Logistics Conference
Bear Stearns
Automotive Components Division
New Orders: R$ 3.1 MM Annual Sales (*)
M o d e l - C u s t o m e r s P r o d u c t S t a r t i n g D a t e
A n n u a l S a l e s R $ M M
N e w C a b - V W K n o b s J u n . 0 5 1 . 6F o x E u r o - V W J a c k / L a t c h e s J a n . 0 5 1 , 1I d e a - F i a t H i n g e s M a i . 0 5 0 . 4
(*) Does not include new orders of window mechanisms, due to the divestiture of this business
63
2005 Brazilian Infrastructure, Transport and Logistics Conference
Bear Stearns
Consolidated – Net Debt Breakdown – Dec.04 – R$ MM
D E B T T Y P E S H O R T L O N G T O T A L
L o c a l B o n d s 2 8 . 1 2 8 . 1T r a d e F i n a n c e / E x p o r t L i n e s 2 2 . 1 3 5 . 2 5 7 . 3
E q u i p m e n t F i n a n c i n g L i n e s 2 1 . 6 2 3 . 8 4 5 . 4L o c a l L i n e s 4 5 . 0 4 5 . 0
1 1 6 . 8 5 9 . 0 1 7 5 . 8
( - ) C a s h a n d M a r k e t a b l e S e c u r i t i e s 7 3 . 9 2 6 . 0
N e t D e b t 4 2 . 9 5 9 . 0 1 0 1 . 9
64
2005 Brazilian Infrastructure, Transport and Logistics Conference
Bear Stearns
Consolidated –Debt Indexation – Dec.04
3 2 %
2 6 %
3 % 1 6 %
2 3 %Dollar
TJLP(BNDES
rate)
INPC(consumerInflation)
CDI(interbank)
IGPM(generalInflation)
65
2005 Brazilian Infrastructure, Transport and Logistics Conference
Bear Stearns
Consolidated – Foreign Currency Exposure – Dec. 04
US$ MMB a l a n c e S h e e t
A s s e t s d e n o m i n a t e d i n f o r e i g n c u r r e n c y. M a r k e t a b l e S e c u r i t ie s / In v e s t m e n t s 2 . 6. A c c o u n t s R e c e iv a b l e 5 . 2
7 . 8
L i a b i l i t i e s d e n o m i n a t e d i n f o r e i g n c u r r e n c y. B a n k D e b t ( E x p o r t L in e s / O t h e r ) ( 1 5 . 5 ). A c c o u n t s P a y a b l e ( 3 . 7 )
( 1 9 . 2 )
N e t P o s i t i o n ( 1 1 . 4 )
2005 Brazilian Infrastructure, Transport and Logistics Conference
Bear StearnsFebruary 2005