iochpe-maxion - merril lynch small & mid cap conference presentation
DESCRIPTION
Merril Lynch Small & Mid Cap Conference PresentationTRANSCRIPT
Merrill LynchSmall-Mid Cap Conference
2
Merrill LynchSmall-Mid Cap Conference
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.
3
Merrill LynchSmall-Mid Cap Conference
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
4
Merrill LynchSmall-Mid Cap Conference
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 – Sept. 03Voting 3.1%Non-voting 26.6%Total 18.5%
Shareholders Agreement
(*) all outstanding
5
Merrill LynchSmall-Mid Cap Conference
Corporate Structure
Wheels andChassis Division
(2,974 Employees)
AutomotiveComp. Division
(1,294 Employees)
Maxion SistemasAutomotivos S.A.
Maxion ComponentesEstruturais Ltda.
Amsted Maxion Fund. eEquip. Ferroviários S.A.
(3,370 Employees)
Iochpe-Maxion S.A.(16 Employees)
Consolidated = 5,969 Employees
7.22%
AmstedIndustries
50%
50%
99.99%
92.64%
6
Merrill LynchSmall-Mid Cap Conference
Net sales breakdown %
9M04 - R$ 786.8 MM 9M03 - R$ 494.9 MM
3 0 %
1 3 %
5 7 %
Amsted Maxion (*)
2 4 %
1 6 %
6 0 %
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
8
Merrill LynchSmall-Mid Cap Conference
Wheels and Chassis Division
9
Merrill LynchSmall-Mid Cap Conference
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 market (barriers to entry)Local leadershipCost competitiveness: steel, wagesImportant export base (16% of sales)
10
Merrill LynchSmall-Mid Cap Conference
Wheels and Chassis Division
Chassis - 51% of Division’s net sales – R$ 230 MM – 9M04
SiderailsStamped Parts
Chassis
StructuralParts
Heavy Medium Light
11
Merrill LynchSmall-Mid Cap Conference
Wheels and Chassis Division
Wheels for Vehicles - 49% of Division’s net sales – R$ 220 MM – 9M04
12
Merrill LynchSmall-Mid Cap Conference
Automotive Industry – Brazilian Output Thousand units
3Q04 3Q03 ∆% 9M04 9M03 ∆%
Cars 468.7 350.4 33.8% 1,302.6 1,104.9 17.9%
Pickups 83.0 55.4 49.8% 223.7 153.5 45.7%
Trucks 29.1 19.6 48.5% 79.1 58.3 35.6%
Buses 7.7 7.0 10.6% 21.4 20.0 7.4%
Total Vehicles 588.6 432.4 36.1% 1,626.9 1,336.7 21.7%
Agricultural Machinery 18.9 17.5 7.7% 51.1 44.1 15.8%
Source : Anfavea
13
Merrill LynchSmall-Mid Cap Conference
Automotive Industry - Export Thousand units
3Q04 3Q03 ∆% 9M04 9M03 ∆%
Cars 147.1 104.8 40.3% 361.3 333.9 8.2%
Pickups 28.5 20.1 41.8% 74.5 48.8 52.7%
Trucks 7.3 3.7 98.0% 19.0 8.4 126.2%
Buses 3.3 2.5 28.4% 8.1 6.5 23.9%
Total Vehicles 186.3 131.2 41.9% 462.9 397.7 16.4%
AgriculturalMachinery 8.5 6.3 34.5% 23.2 14.9 55.5%
Source : Anfavea
14
Merrill LynchSmall-Mid Cap Conference
Wheels and Chassis Division R$ MM
1 1 2
1 7 42 0 8
2 4 1
3 9 7
5 5 2
2 9 5
4 5 0
1 1 3
1 7 3
0 0
2 0 0
4 0 0
6 0 0Net Sales
CAGR = 39.9% a.a.
1999 2000 2001 2002 2003 3Q04 LTMLTM = Last 12 months / CAGR = Compounded Annual Growth Rate
∆% = 52.3%
9M03 9M04
∆% = 53.7%
3Q03 3Q04
15
Merrill LynchSmall-Mid Cap Conference
Wheels and Chassis Division
Chassis – Market Share and Customer Base – 9M04
Market Share Customer Base
2 8 %
2 2 %
9 %
7 %5 %
1 6 %
1 3 %
OtherDaimlerChrysler
Volks-wagen General
Motors
Export
Ford
Scania1 5 %
1 1 %7 4 %
Maxion
Dana
OEMs
16
Merrill LynchSmall-Mid Cap Conference
Wheels and Chassis Division
Wheels - Market Share and Customer Base – 9M04
Market Share Customer Base
2 6 %2 4 %
1 1 % 6 %6 %
1 1 %1 6 % Other
ExportTractors
Volks-wagen Scania
VolvoTrailerOEMs
3 9 %
1 0 %
5 1 %
MaxionHayes
Other
14%
AUTOMOTIVE COMPONENTS DIVISION (*)
(*) Division of
18
Merrill LynchSmall-Mid Cap Conference
Automotive Components Division: Basics
Light stampingAssembly of partsFocused on passenger carsLow barriers to entryLocal leadership in main productsStrong trend for globalization
19
Merrill LynchSmall-Mid Cap Conference
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
20
Merrill LynchSmall-Mid Cap Conference
Automotive Components Division: Main Products
HANDBRAKELEVERS
PEDALSETS
JACKS
21
Merrill LynchSmall-Mid Cap Conference
Automotive Industry – Brazilian Output Thousand units
3Q04 3Q03 ∆% 9M04 9M03 ∆%
Cars 468.7 350.4 33.8% 1,302.6 1,104.9 17.9%
Pickups 83.0 55.4 49.8% 223.7 153.5 45.7%
Trucks 29.1 19.6 48.5% 79.1 58.3 35.6%
Buses 7.7 7.0 10.6% 21.4 20.0 7.4%
Total Vehicles 588.6 432.4 36.1% 1,626.9 1,336.7 21.7%
Agricultural Machinery 18.9 17.5 7.7% 51.1 44.1 15.8%
Source : Anfavea
22
Merrill LynchSmall-Mid Cap Conference
Automotive Industry - Export Thousand units
3Q04 3Q03 ∆% 9M04 9M03 ∆%
Cars 147.1 104.8 40.3% 361.3 333.9 8.2%
Pickups 28.5 20.1 41.8% 74.5 48.8 52.7%
Trucks 7.3 3.7 98.0% 19.0 8.4 126.2%
Buses 3.3 2.5 28.4% 8.1 6.5 23.9%
Total Vehicles 186.3 131.2 41.9% 462.9 397.7 16.4%
AgriculturalMachinery 8.5 6.3 34.5% 23.2 14.9 55.5%
Source : Anfavea
23
Merrill LynchSmall-Mid Cap Conference
Automotive Components Division R$ MM
9 29 9
9 4 9 8
1 1 4
1 3 8
8 2
1 0 5
2 73 7
0
5 0
1 0 0
1 5 0
Net Sales
CAGR = 9.0% a.a.
∆% = 28.9%
∆% = 38.6%
1999 2000 2001 2002 2003 3Q04 LTM 9M03 9M04 3Q03 3Q04LTM = Last 12 months / CAGR = Compounded Annual Growth Rate
24
Merrill LynchSmall-Mid Cap Conference
Automotive Components Division
Market Share % 9M04 Chassis – Market Share and Customer Base – 9M04Market Share and Customer Base – 9M04
Market Share Customer Base
3 1 %
2 5 %
1 4 %
7 %4 %
4 %
1 5 %
Fiat
Volks-wagen
GeneralMotors
SAS
FordAfter
MarketOther
Window mechanism 42%
Hand break lever 43%
Pedal Set 27%
Jack 20%
Latch 9%
Knob / Key / Cylinder 7%
AMSTED MAXION FUNDIÇÃO E EQUIPAMENTOS FERROVIÁRIOS
30%
Subsidiaries :
26
Merrill LynchSmall-Mid Cap Conference
Amsted Maxion
27
Merrill LynchSmall-Mid Cap Conference
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 businessHigh barrier to entryLocal leadershipImportant export base
Freight car assemblyAssembly of components and castingsFocused on the Brazilian railroad operatorsLow to medium entry barriersLocal leadership
28
Merrill LynchSmall-Mid Cap Conference
Amsted Maxion: Main Products
RAILROADWHEELS
RAILROADFREIGHT CARS
BOOGIES
29
Merrill LynchSmall-Mid Cap Conference
Brazilian railroad equipment market
Sales 3Q04 3Q03 ∆% 9M04 9M03 ∆%
Railroad freight cars – units 1,579 511 209% 4,195 1,339 213%
Railroad wheels – thous. units 13.6 8.9 53% 30.4 27.0 13%
Railroad castings – thous. tons 0.7 0.7 0% 2.7 1.6 69%
Does not include wheels and castings used in the assembly of new freight cars
30
Merrill LynchSmall-Mid Cap Conference
Amsted Maxion R$ MM
9 51 2 2 1 1 0 1 2 0
3 2 8
5 5 6
2 3 6
4 6 4
8 9
1 8 9
0
2 0 0
4 0 0
6 0 0
Net Sales (*)
CAGR = 45.2% a.a.
1999 2000 2001 2002 2003 3Q04 LTM
∆% = 96.5%
9M03 9M04
∆% = 111.5%
3Q03 3Q04
(*) Amsted Maxion’s net sales. Consolidated figures consider 50% of Amsted Maxion’s salesLTM = Last 12 months / CAGR = Compounded Annual Growth Rate
31
Merrill LynchSmall-Mid Cap Conference
Amsted Maxion
Market Share and Customer Base – 9M04
Market Share Customer Base
Railroad Freight Cars
75%
Railroad Wheels
40%
Railroad Castings
80%
Industrial Castings
50%
5 7 %1 4 %
7 %3 %3 %
4 %
1 2 %
Other Ferronorte
CVRD
Export
MRS
FCA
Caterpillar
32
Merrill LynchSmall-Mid Cap Conference
Amsted Maxion
Spot Orders 2004 : R$ 580.0 MM (*)
CVRD / FCA – 2,878 cars
MRS - 630 cars
ADM - 140 cars
Mineração Serra do Sossego - 42 cars
MRS / ALL - 50 boxes
MRC (Mitsui) – 150 cars
Total = 3,840 cars and 50 boxes
Delivered
As of Sept. 30 – 3,116 carsand 30 boxes
Still in 2004 – 724 cars and 20 boxes
(*) Amsted Maxion’s net sales. Consolidated figures consider 50% of Amsted Maxion’s sales
33
Merrill LynchSmall-Mid Cap Conference
Amsted Maxion
Spot Orders 2005 : R$ 130.0 MM (*)
MRC (Mitsui) – 350 cars
C.V.G. Ferrominera Orinoco - (Venezuela) - 225 cars
Comilog S.A. (Gabon) - 76 cars
CBG – Compagnie des Bauxites de Guinee (Guinee) - 24 cars
Total = 675 cars
(*) Amsted Maxion’s net sales. Consolidated figures consider 50% of Amsted Maxion’s sales
34
Merrill LynchSmall-Mid Cap Conference
Amsted Maxion
Recurring Orders : R$ 132.2 MM per year (*)
Caterpillar (Brazil and USA) – tractor parts - R$ 54.0MM
ASF-Amsted (USA) – railroad castings – R$ 44.7MM
C.V.G. Ferrominera Orinoco (Venezuela) – railroad castings – R$ 10.1MM
Truck OEMs (Brazil) – fifth-wheel – R$ 8.5MM
ConMet-Amsted (USA) – fifth-wheel components - R$ 7.7MM
Metso (France) – industrial castings - R$ 3.6MM
Komatsu / CNH (USA and Italy) – industrial castings - R$ 3.6MM
(*) Amsted Maxion’s net sales. Consolidated figures consider 50% of Amsted Maxion’s sales
CONSOLIDATEDFIGURES
36
Merrill LynchSmall-Mid Cap Conference
Consolidated
Net sales breakdown by customer and segment – 9M04
Customer Base Segment
1 7 %
1 3 %
9 %7 %
7 %4 %4 %
3 %
2 4 %
1 2 %
CVRD
Volks-wagen
DaimlerChrysler
Fiat
Other
Export
GeneralMotors
Tractors
Ford
MRS
OEMs producing in Brazil
- Bus, truck and
pickups - Passenger cars
61%
48% 13%
Brazilian railroad operators
26%
Export 13%
37
Merrill LynchSmall-Mid Cap Conference
Consolidated
9M03 – US$ 24.9 MM / R$ 80.6 MM
5 3 % 1 7 %
1 % 2 9 %
Chassis
RailroadEquipment
Wheels
AutomotiveComp.
Exports by product segment and destination – US$ 33.6 MM / R$ 99.5 MM - 9M04
DestinationProduct Segment
5 3 %1 0 %
1 9 %
1 %7 %7 %
3 %Mexico
USA
Canada
SouthAmerica
Asia /Oceania
EuropeAfrica / Middle East
Import 9M04 - US$ 8.0MM / R$ 23.6MM (*)(*) includes US$ 3.4MM / R$ 10.0MM of machineryand equipment
38
Merrill LynchSmall-Mid Cap Conference
Consolidated R$ MM
1999 2000 2001 2002 2003 3Q04 LTM
615 624
374 411
676
968
495
787
184
305
0
250
500
750
1000
Net Sales
CAGR = 41.3% a.a.
DivestiturePhase ∆% = 59.0%
∆% = 65.6%
9M03 9M04 3Q03 3Q04
LTM = Last 12 months / CAGR = Compounded Annual Growth Rate
39
Merrill LynchSmall-Mid Cap Conference
Consolidated - First Nine Months % net sales
1 9 %2 1 % 2 2 % 2 2 %
8 %
- 2 %
2 3 %
1 7 %1 5 %1 5 % 1 5 %
1 6 %
9 %7 %
1 0 %1 3 %
4 %
- 5 %
- 1 %
1 0 %
G r o s s P r o f i t E B I T D A E B I T A f te r F i n a n c i a l E x p e n s e s
9M00 9M01 9M02 9M03 9M04
Operating Margins
40
Merrill LynchSmall-Mid Cap Conference
Consolidated - First Nine Months R$ MM
85
63
107
175
36
(10)
68
51 45
67 74
126
2821
49
104
(3)
20
(15)
78
Gross Profit EBITDA EBIT After Financial Expenses
9M00 9M01 9M02 9M03 9M04
Operating Profits
41
Merrill LynchSmall-Mid Cap Conference
Consolidated – Income Statement R$ Thous.
42
Merrill LynchSmall-Mid Cap Conference
Consolidated – Income Statement R$ Thous.
43
Merrill LynchSmall-Mid Cap Conference
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
44
Merrill LynchSmall-Mid Cap Conference
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
45
Merrill LynchSmall-Mid Cap Conference
www.iochpe-maxion.com.br/
AdditionalInformation
47
Merrill LynchSmall-Mid Cap Conference
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 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 3
3 Q 0 4 L T MC a r s
48
Merrill LynchSmall-Mid Cap Conference
Automotive Industry – Brazilian Output Thousand units
05 0
1 0 01 5 02 0 02 5 03 0 03 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 3
3 Q 0 4 L T MP ic k u p s
49
Merrill LynchSmall-Mid Cap Conference
Automotive Industry – Brazilian Output Thousand units
02 04 06 08 0
1 0 01 2 01 4 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 3
3 Q 0 4 L T MT r u c k s B u s e s
50
Merrill LynchSmall-Mid Cap Conference
Automotive Industry – Brazilian Output Thousand units
01 02 03 04 05 06 07 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 3
3 Q 0 4 L T MA g r ic u lt u r a l M a c h in e r y
51
Merrill LynchSmall-Mid Cap Conference
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 3
3 Q 0 4 L T MF r e ig h t C a r s
52
Merrill LynchSmall-Mid Cap Conference
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 3
3 Q 0 4 L T MR a ilr o a d W h e e ls
Does not include wheels used in the assembly of new freight cars
53
Merrill LynchSmall-Mid Cap Conference
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 3
3 Q 0 4 L T MR a ilr o a d C a s t in g s
Does not include castings used in the assembly of new freight cars
54
Merrill LynchSmall-Mid Cap Conference
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
55
Merrill LynchSmall-Mid Cap Conference
Wheels and Chassis Division
Wheels – New Orders: R$ 17.4 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 . 5M A A P M o r o c c o M a y . 0 4 1 . 0B r i d g e s t o n e S p a i n F e b . 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 . 6
56
Merrill LynchSmall-Mid Cap Conference
Automotive Components Division
New Orders: R$ 1,2 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
F o x - V W J a c k O c t . 0 3 0 . 9P i c k - u p M o n t a n a - G M L a t c h N o v . 0 3 0 . 3
(*) Does not include new orders of window mechanisms, due to the divestiture of this business
57
Merrill LynchSmall-Mid Cap Conference
Consolidated – Net Debt Breakdown – 3Q04 – 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 7 . 3 2 7 . 3T r a d e F i n a n c e / E x p o r t L i n e s 3 5 . 9 4 5 . 6 8 1 . 5
E q u i p m e n t F i n a n c i n g L i n e s 2 4 . 9 2 0 . 3 4 5 . 2L o c a l L i n e s 2 3 . 3 2 3 . 3
1 1 1 . 4 6 5 . 9 1 7 7 . 3
( - ) 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 2 6 . 0 2 6 . 0
N e t D e b t 8 5 . 4 6 5 . 9 1 5 1 . 3
58
Merrill LynchSmall-Mid Cap Conference
Consolidated –Debt Indexation – 3Q04
4 7 %
2 2 %
3 % 1 3 %
1 5 %Dollar
TJLP(BNDES
rate)
INPC(consumerInflation)CDI
(interbank)IGPM(generalInflation)
59
Merrill LynchSmall-Mid Cap Conference
Consolidated – Foreign Currency Exposure – Sept. 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 1 . 8. A c c o u n t s R e c e iv a b l e 9 . 9
1 1 . 7
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 ) ( 2 8 . 5 ). A c c o u n t s P a y a b l e ( 2 . 6 )
( 3 1 . 1 )
N e t P o s i t i o n ( 1 9 . 4 )
60
Merrill LynchSmall-Mid Cap Conference
Stock Performance
61
Merrill LynchSmall-Mid Cap Conference
Consolidated – Employee Prodctivity
W h e e ls a n d A u t o m o t iv e A m s t e d C o r p o r a t e a n dC h a s s is C o m p o n e n t s M a x io n O t h e r S e p t . 2 0 0 4 S e p t . 2 0 0 3
E m p lo y e e s 2 ,9 7 4 1 ,2 9 4 3 ,3 7 0 1 6 5 ,9 6 9 4 ,1 4 0
P r o d u c t iv i t y ( * )R $ t h o u s . / E m p lo y e e 1 8 5 .5 1 0 6 .6 1 6 4 .9 - 1 6 2 .1 1 4 5 .9
C o n s o l id a t e d ( * * )
(*) Last 12 months sales /Number of employees at the end of the period
(**) Consolidated ficgures consider 50% of Amsted Maxion
BENCHMARK
63
Merrill LynchSmall-Mid Cap Conference
Benchmark – Gross Profit % net sales
Fonte: Companies releases2004 first nine months of each company, except for Strattec with 3 months result and ArvinMeritor and Johnson Controls with 12 months results
V i s te o n
T e n n e c oT i ta n
C u m m i n sV a le o
A c c u r i d e
S to n e r i d g eM a n g e ls
R a n d o n
F r a s le
T o w e r
A r v i n M e r i to r
M a g n a
B o r g W a r n e r
M a r c o p o lo
G e n te x
T R W A u toS u p e r i o r
S t r a t te cE a to n
A u to li v
L i n a m a r
D e lp h i
L e a r
C o ll i n s & A i k m a nD a n a
D u r a
J o h n s o n C o n t r o ls
A m e r i c a n A x le
F e d e r a l M o g u l
I o c h p e - M a x i o n
0 % 1 0 % 2 0 % 3 0 % 4 0 %
3 Q 0 4 3 Q 0 3
A v g . = 1 7 %
64
Merrill LynchSmall-Mid Cap Conference
Benchmark – EBIT % net sales
Fonte: Companies releases2004 first nine months of each company, except for Strattec with 3 months result and ArvinMeritor and Johnson Controls with 12 months results
M a g n a
G e n t e x
V is t e o nD e lp h i
C o l l in s & A ik m a nF e d e r a l M o g u lT o w e r
A r v in M e r i t o rL e a r
D u r aD a n a
V a le oC u m m in sT e n n e c o
F r a s leR a n d o n
A c c u r id eS t r a t t e c
I o c h p e - M a x i o nM a n g e ls
S t o n e r id g eM a r c o p o loB o r g W a r n e r
E a t o nA m e r ic a n A x le
L in a m a rA u t o l i vT i t a n
S u p e r io r
J o h n s o n C o n t r o lsT R W A u t o
- 5 % 5 % 1 5 % 2 5 % 3 5 %
3 Q 0 4 3 Q 0 3
A v g . = 8 %
65
Merrill LynchSmall-Mid Cap Conference
Benchmark – EBITDA % net sales
T e n n e c o
M a g n aS u p e r i o r
A u to li vB o r g W a r n e r
G e n te x
T o w e rD a n a
D u r aC u m m i n s
J o h n s o n C o n t r o lsA r v i n M e r i to r
C o ll i n s & A i k m a nL e a r
D e lp h iV i s te o n
F r a s leA c c u r i d e
R a n d o nS t r a t te c
I o c h p e - M a x i o nL i n a m a rS to n e r i d g e
M a n g e ls
E a to n
T i ta nA m e r i c a n A x le
M a r c o p o lo
T R W A u to
F e d e r a l M o g u l
0 % 1 0 % 2 0 % 3 0 % 4 0 %
3 Q 0 4 3 Q 0 3
A v g . = 1 2 %
Fonte: Companies releases2004 first nine months of each company, except for Strattec with 3 months result and ArvinMeritor and Johnson Controls with 12 months results
66
Merrill LynchSmall-Mid Cap Conference
Balance Sheet R$ Thous.