Deutsche Bank GEMS Conference Presentation

1. Deutsche Bank
GEM Conference
September, 2005
DB GEM Conference

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

5. 5
CORPORATE STRUCTURE: JUN-05
Iochpe-Maxion S.A.
(14 Employees)
Consolidated =6,207 Employees
99.99%
Maxion Componentes
Estruturais Ltda.
93.7% 50%
Maxion Sistemas Amsted Maxion Fund. e
6.2%
Automotivos S.A. Equip. Ferroviários S.A.
(4,425 Employees)
50%
Wheels and Automotive
Chassis Division Comp. Division Amsted
(3,116 Employees) (864 Employees) Industries
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%
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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
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11. 11
BRAZILIAN AUTOMOTIVE INDUSTRY (THOUSAND UNITS)
Output Exports
1H05 1H04 Var% 1H05 1H04 Var%
Pickups 170.5 140.9 21% 67.7 46.8 45%
Trucks 58.5 50.2 17% 15.2 11.9 27%
Buses 18.3 13.7 33% 8.9 4.8 83%
Agricultural
Machinery 29.2 33.5 (13%) 17.1 14.8 16%
Source: Anfavea
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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
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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
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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
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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
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18. 18
AMSTED MAXION
36%
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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
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20. 20
AMSTED MAXION : MAIN PRODUCTS
RAILWAY RAILWAY
BOOGIES
WHEELS FREIGHT CARS
30%
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21. 21
BRAZILIAN RAIL EQUIPMENT MARKET – SALES
2Q05 2Q04 ∆% 1H05 1H04 ∆%
Freight Railcars
(units) 1,897 1,563 21% 3,272 2,616 25%
Railway Wheels
(thousand units) 14.1 10.3 37% 23.1 16.8 38%
Railway Castings 30%
(thousand tons) 1.6 1.2 37% 2.7 2.0 34%
Source: Amsted-Maxion DB GEM Conference

22. 22
BRAZILIAN RAILWAY TRANSPORTATION
500
Million of tons
400 =4 .7%
C AGR% 331
351
302 301
289
300
254 260 260
200
.2%
∆% = 6
30%
100 58
55
0
Jan - Feb
97 98 99 00 01 02 03 04 04 05
Source: ANTF / Revista Ferroviária
CAGR = Compound Annual Growth Rate DB GEM Conference

23. 23
BRAZILIAN RAILWAY TRANSPORTATION
Goods - 2004 Company - 2004
Brasil Other
Other
Ferrov. 2%
15%
ALL 4%
6%
Grain
8%
MRS
Steel CVRD
28%
8% 60%
Ore 30%
69%
Source: ANTF DB GEM Conference

24. 24
BRAZILIAN RAILWAY TRANSPORTATION
Cargo Transportation Matrix % Railway Cargo Transportation
% by type - 2003
30%
24%
Railway Road Waterway
21%
Russia 81% 08% 11%
20%
India 50% 50% 00%
Canada 46% 43% 11%
Australia 43% 53% 04% 10%
USA 43% 32% 25%
Brazil 24% 62% 14% 0%
1997 2003
Source: ANTF DB GEM Conference

25. 25
BRAZILIAN FREIGHT RAILCARS FLEET (units)
Jun/05 Jun/04 ∆ units ∆%
CVRD / FCA 37,843 32,372 5,471 17%
MRS 13,441 12,490 951 8%
ALL 12,730 11,805 925 8%
Brasil Ferrovias 10,506 10,162 344 3%
Other 2,292 2,266 26 1%
76,812 69,095 7,717 11%
Source: Revista Ferroviária
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26. 26
AMSTED MAXION – 1H05
Market Share (%) Customer Base (%)
Freight Railcars 80%
CVRD
Exports
Railway Wheels 20% 54%
24%
Railway Castings 80%
Industrial Castings 45%
30%
14%
8%
ALL
Other
Source: Amsted-Maxion DB GEM Conference

27. 27
AMSTED MAXION (R$ MM)
1200
Net Sales (*)
1000 915
.
a.a
% %
98
800
= 57 646 =
GR ∆% 544
CA
600
%
= 87
400 328 ∆% 308 274
165
200 122 110 120
0
2000 2001 2002 2003 2004 2Q05 2Q04 2Q05 1H04 1H05
LTM
CAGR = Compound Annual Growth Rate / LTM = last 12 months
(*) Amsted-Maxion’s net sales. Consolidated figures consider 50% of Amsted-Maxion’s sales
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28. 28
AMSTED MAXION
Spot Orders 2005/2006 – Railcars – R$ 1.28 Billion (*)
CVRD / FCA – 6,032
Brasil Ferrovias – 247
Deliveries (units)
MRC (Mitsui / Bunge / ALL) – 350
CVG Ferrominera Orinoco – 225 Delivered jan-jun 2005 2,909
Comilog – 126 To deliver jul-dec 2005 3,508
Total 2005 6,417
CBG Compagnie des
Bauxites de Guinee – 22 Total 2006 30% 1,301
MRS – 716
Total – 7,718 units
(*) Amsted-Maxion’s net sales. Consolidated figures consider 50% of Amsted-Maxion’s sales DB GEM Conference

29. 29
AMSTED MAXION
Recurring Orders : R$ 242.6 MM per year (*)
ASF-Amsted (USA) – railway castings – R$ 145.3 MM
Caterpillar (Brazil and USA) – tractor parts – R$ 81.4 MM
Metso (France) – industrial castings – R$ 4.8 MM
Truck OEMs (Brazil) – fifth-wheel – R$ 4.8 MM
Komatsu / CNH (USA and Italy) – industrial castings – R$ 6.3 MM
(*) Amsted-Maxion’s net sales. Consolidated figures consider 50% of Amsted-Maxion’s sales DB GEM Conference

30. Consolidated
Second Quarter 2005
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31. 31
EXPORTS (%)
Exports – US$ 46.1MM / R$ 126.2 MM – 1H05 (US$ 19.6MM / R$ 58.8MM – 1H04)
Segment (%) Destination (%)
Chassis Canada
Mexico
12% 10%
2%
South
USA 42% 26% America
37%
51%
Wheels
Railway 12%
1%
Equipment 7%
Africa/
Asia/ M. East
Imports 1H05 - US$ 6.3MM / R$ 17.4MM (*)
Oceania Europe
(*) Includes US$ 1.6MM / R$ 4.2MM of machinery and equipment
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32. 32
R$ MM
NET SALES – CONSOLIDATED (R$ MM)
1750
Net Sales
1500 1,365
.
End of a.a
%
1250
Divestiture = 45 1,099
R %
1000 Phase AG = 56
C
676
∆% 750
750 624
482
500 374 411
250
0
2000 2001 2002 2003 2004 2Q05 1H04 1H05
LTM
CAGR = Compound Annual Growth Rate / LTM = last 12 months
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33. 33
GROSS PROFIT
R$ MM % sales
300 50%
273
250
228
40%
200
145
150 137 30%
116
100
100
80 87
21% 21% 21% 21%
20% 20% 20%
19% 19%
50
0 10%
2000 2001 2002 2003 2004 2Q05 1H04 1H05
LTM
(*) 2002 results includes change in accounting for profit sharing, amounting to R$ 3.8 MM DB GEM Conference

34. 34
EBIT
R$ MM % sales
160 155 50%
127
40%
120
30%
84
80
58 56 20%
46
36
40
27 12% 11% 12% 11%10%
9% 9%
7% 7%
0 0%
2000 2001 2002 2003 2004 2Q05 1H04 1H05
LTM
(*) 2002 results includes change in accounting for profit sharing, amounting to R$ 3.8 MM DB GEM Conference

35. 35
FINANCIAL EXPENSES, NET
R$ MM % sales
80 40%
35%
60 56 54 30%
25%
41
40
38 20%
33
27 15%
13% 23
20
11% 18 10%
9%
6% 5% 5%
3%
2% 2%
0 0%
2000 2001 2002 2003 2004 2Q05 1H04 1H05
LTM
DB GEM Conference

36. 36
OPERATIONAL RESULT AFTER FINANCIAL EXPENSES
R$ MM % sales
140 15%
128
120
100 94 10%
9% 9% 9%
80 7%
66
5%
60
3%
40 33
0%
19
20
0
-4% -4%
-2% -5%
-20 -10 -14 -18
-40 -10%
2000 2001 2002 2003 2004 2Q05 1H04 1H05
LTM
(*) 2002 results includes change in accounting for profit sharing, amounting to R$ 3.8 MM DB GEM Conference

37. 37
EBITDA
R$ MM % sales
200 50%
182
180
160
156 40%
140
120 30%
97
100 89 89
80 69 71 20%
58 17%
60 16% 15%
14% 13% 14% 13% 13%
40 10%
20
0 0%
2000 2001 2002 2003 2004 2Q05 1H04 1H05
LTM
(*) 2002 results includes change in accounting for profit sharing, amounting to R$ 3.8 MM DB GEM Conference

38. 38
NET BANK DEBT
R$ MM x EBITDA
250 5
195
200 4
176
150
150 3
115
106 102
2,2
100 2
65 1,5
1,3 1,3
50 1,1 1,0 1
0,6
0 0
2000 2001 2002 2003 2004 2Q04 2Q05
LTM LTM
LTM = last 12 months DB GEM Conference

39. 39
INCOME STATEMENT - CONSOLIDATED (R$ Mil)
First Half
2,005 % net sales 2,004 % net sales Var 05/04 %
Net Sales 749,759 100.0% 482,094 100.0% 55.5%
Gross profit 145,095 19.4% 100,160 20.8% 44.9%
Operating expenses (61,401) -8.2% (44,402) -9.2% 38.3%
Earnings before interest and taxes 83,694 11.2% 55,758 11.6% 50.1%
Net financial expenses (17,666) -2.4% (23,247) -4.8% -24.0%
Earnings after net financial expenses 66,028 8.8% 32,511 6.7% 103.1%
Non-operational result (10,047) -1.3% (4,312) -0.9% 133.0%
Earnings befores income taxes and minority interest 55,981 7.5% 28,199 5.8% 98.5%
Income taxes and minority interest (24,084) -3.2% (13,881) -2.9% 73.5%
Net income 31,897 4.3% 14,318 3.0% 122.8%
EBITDA 96,691 12.9% 70,962 14.7% 36.3%
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40. 40
IOCHPE-MAXION: STOCK PERFORMANCE
R$ MM
R$ / SHARE
30 20.0
VOLUME / MONTHLY AVERAGE PRICE
IOCHPE-MAXION PN (MYPK4)
16.3
25 23.9
14.2 16.0 15.9
22.3 14.1 15.5
15.0
PRICE
VOLUME 12.4 13.6
20
9.6
15.2
15 8.7 8.5 10.0
6.8
5.5 10.0
10
4.9 4.7
4.0 4.0 4.0 4.1 7.0
3.9 6.3 6.7 6.7 5.0
6.2 5.8
5 4.2 4.2
3.2 4.1 3.2 3.3
3.8 2.7 2.8
0.9
- -
Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul-
03 04 04 04 04 04 04 04 04 04 04 04 04 05 05 05 05 05 05 05
(*) adjusted for reverse split 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
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42. Additional Information
Second Quarter 2005
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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

46. 46
AUTOMOTIVE INDUSTRY (THOUSAND UNITS)
Output Exports
2Q05 2Q04 Var% 2Q05 2Q04 Var%
503.4 428.6 17% 171.9 118.9 45%
Passenger Cars
1H05 1H04 Var% 1H05 1H04 Var%
954.8 834.0 15% 303.1 215.2 41%
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47. 47
AUTOMOTIVE COMPONENTS DIVISION (R$ MM)
200 Net Sales
a.
= 6% a.
CAGR 150
150 131
114
99 94 98
100 ∆ % = (2
8% )
68
∆ % = (2
6% ) 50
50 34
26
0
2000 2001 2002 2003 2004 2Q05 2Q04 2Q05 1H04 1H05
LTM
CAGR = Compund Annual Growth Rate / LTM = last 12 months
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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
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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
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50. Benchmark
2º Tri 2005
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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.

54. Bank Debt
Second Quarter 2005
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55. 55
NET DEBT BREAKDOWN – CONSOLIDATED – JUN05 (R$ MM)
SHORT LONG
LINES TOTAL
TERM TERM
Trade Finance / Export 23.4 18.2 41.6
Equipment Financing 23.6 67.5 91.1
Buyers - Local 73.4 73.4
120.4 85.7 206.1
(-) Cash and Marketable Securities 30.5 30.5
Net Debt 89.9 85.7 175.6
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56. 56
DEBT INDEXATION – CONSOLIDATED – JUN05 (%)
CDI
(interbank)
AVERAGE COST (1H05)
36%
TJLP 42% In R$ - 84% CDI
(BNDES
rate)
In US$ - 5.6% a.a.
2% 20%
Dollar
IGPM
(inflation rate)
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57. 57
FOREIGN CURRENCY EXPOSURE – JUN05 (US$ MM)
Balance Sheet
Assets denominated in foreign currency
. Marketable Securities / Investments 3.9
. Accounts Receivable 19.7
23.6
Liabilities denominated in foreign currency
. Bank debt (19.2)
. Accounts Payable (7.6)
(26.8)
Net Position (3.2)
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58. Balance Sheet
Second Quarter 2005
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59. 59
INCOME STATEMENT – CONSOLIDATED (R$ MM)
Second Quarter
2,005 % net sales 2,004 % net sales Var 05/04 %
Net Sales 397,180 100.0% 269,222 100.0% 47.5%
Gross profit 73,598 18.5% 61,483 22.8% 19.7%
Operating expenses (31,154) -7.8% (23,975) -8.9% 29.9%
Earnings before interest and taxes 42,444 10.7% 37,508 13.9% 13.2%
Net financial expenses (8,966) -2.3% (14,650) -5.4% -38.8%
Earnings after net financial expenses 33,478 8.4% 22,858 8.5% 46.5%
Non-operational result (4,763) -1.2% (2,678) -1.0% 77.9%
Earnings befores income taxes and minority interest 28,715 7.2% 20,180 7.5% 42.3%
Income taxes and minority interest (11,933) -3.0% (7,956) -3.0% 50.0%
Net income 16,782 4.2% 12,224 4.5% 37.3%
EBITDA 49,031 12.3% 45,130 16.8% 8.6%
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60. 60
BALANCE SHEET – CONSOLIDATED (R$ THOUSAND)
ASSET Jun/05 Jun/04 LIABILITY AND STOCKHOLDERS' EQUITY Jun/05 Jun/04
CURRENT CURRENT
Cash and marketable securities 30,567 29,266 Loans and local bonds 120,427 111,256
Account receivables 193,015 103,006 Account payables 92,676 52,263
Inventory 182,150 120,839 Prepayment 67,478 11,635
Recoverable taxes 30,754 21,566 Wages, labor charges and other 32,054 24,698
Other 17,754 15,813 Taxes payable 25,624 11,799
454,240 290,490 Accruals, miscelaneous 15,676 15,355
Other 29,198 14,299
383,133 241,305
LONG TERM LONG TERM
Account receivables 4,021 4,458 Loans and local bonds 85,713 67,580
Deferred taxes 40,090 42,959 Accruals, miscelaneous 39,082 28,186
Other 36,192 13,934 Other 18,608 16,227
80,303 61,351 143,403 111,993
MINORITY INTEREST 191 117
PERMANENT STOCKHOLDERS' EQUITY
Investments 210 6,806 Paid in capital 161,463 161,463
Property, plant and equipment 206,675 147,066 Profit reserve 24,770
Deferred 3,429 13,555 Retained profit 31,897 4,390
210,314 167,427 218,130 165,853
TOTAL ASSET 744,857 519,268 TOTAL LIABILITY AND STOCKHOLDERS' EQUITY 744,857 519,268
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61. Historical Market Data
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62. 62
Automotive Industry – Brazilian Output
2000
Cars
1500
1000
500
0
94
95
96
97
98
99
00
01
02
03
04
M
LT
19
19
19
19
19
19
20
20
20
20
20
05
2Q
LTM = last 12 months DB GEM Conference

63. 63
Automotive Industry – Brazilian Output
400
350 Pickups
300
250
200
150
100
50
0
9 4 9 5 9 6 9 7 9 8 9 9 0 0 0 1 0 2 0 3 0 4 M
T
19 19 19 19 19 19 20 20 20 20 20 5L
0
2Q
LTM = last 12 months DB GEM Conference

64. 64
Automotive Industry – Brazilian Output
160
140 Trucks Buses
120
100
80
60
40
20
0
94
95
96
97
98
99
00
01
02
03
04
M
LT
19
19
19
19
19
19
20
20
20
20
20
05
2Q
LTM = last 12 months DB GEM Conference

65. 65
Automotive Industry – Brazilian Output
80
Agricultural Machinery
70
60
50
40
30
20
10
0
94
95
96
97
98
99
00
01
02
03
04
M
LT
19
19
19
19
19
19
20
20
20
20
20
05
2Q
LTM = last 12 months DB GEM Conference

66. 66
Units
Brazilian Railway Equipment Industry
7000
Freight Cars
6000
5000
4000
3000
2000
1000
0
94
95
96
97
98
99
00
01
02
03
2 Q 04
M
LT
19
19
19
19
19
19
20
20
20
20
20
05
LTM = last 12 months DB GEM Conference

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