iochpe-maxion - bear stearns transportation conference presentation

2005 Brazilian Infrastructure, Transport and Logistics Conference

Bear StearnsFebruary 2005

2


Bear Stearns

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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Bear Stearns

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 %


Amsted Maxion (*)

AutomotiveComp. Division Automotive

Comp. Division


(*) Consolidated figures consider 50% of the net sales of Amsted Maxion

57%

WHEEL AND CHASSIS DIVISION (*)

(*) Division of

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Bear Stearns

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 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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Bear Stearns

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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Bear Stearns


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 - Market Share and Customer Base – 2004


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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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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Bear Stearns

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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Bear Stearns


Market Share % 9M04 Chassis – Market Share and Customer Base – 9M04Market Share and Customer Base – 2004


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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Bear Stearns

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


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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Bear Stearns

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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Bear Stearns

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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Bear Stearns

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


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Bear Stearns

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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Bear Stearns

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


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Bear Stearns

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


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Bear Stearns

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


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Consolidated – Income Statement R$ Thous.

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Consolidated – Income Statement R$ Thous.

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Bear Stearns

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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Bear Stearns

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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Bear Stearns

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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Bear Stearns

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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Bear Stearns

Benchmark – EBIT % net sales



E a t o nB o r g W a r n e r


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


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


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 %


51


Bear Stearns

Benchmark – EBITDA % net sales


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


D e l p h i


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


T R W A u t o


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 %


52


Bear Stearns

ROCE – Return of Capital Employed - 2004 (*)

V i s t e o n

S t o n e r i d g e


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


E a t o n

C u m m i n s


G e n t e x

S t r a t t e c

V a l e o


T e n n e c o

A u t o l i v


- 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)

53


Bear Stearns


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

54


Bear Stearns


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

55


Bear Stearns


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

56


Bear Stearns


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

57


Bear Stearns

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


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


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


Bear Stearns


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


Bear Stearns


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


Bear Stearns


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


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


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


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 )


Bear StearnsFebruary 2005

iochpe-maxion - bear stearns transportation conference presentation

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