Iochpe-Maxion - Bear Stearns Transportation Conference Presentation

2005 Brazilian Infrastructure,
Transport and Logistics Conference
Bear Stearns
February 2005

2005 Brazilian Infrastructure, Transport
and Logistics Conference
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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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 BNDES
join 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 mechanism
business, decreasing exposure to the passenger car autopart segment
2004: Bradesco sold its stake to Iochpe Family

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Shareholder Composition

Shareholders Agreement

Iochpe Family BNDES Participações Free Float Free Float – Dec. 03
Voting 75.6% Voting 21.8% Voting 2.6% Voting 3.1%
Non-voting 0.5% Non-voting 62.2% Non-voting 37.3% Non-voting 28.6%
Total 26.5% Total 48.2% Total 25.3% Total 19.8%

Iochpe-Maxion

Iochpe-Maxion S.A.

Issued Shares (*)

Voting 921,429,894 34.62%
Non-voting 1,740,185,376 65.38%

Total 2,661,615,270 100.00%

(*) all outstanding
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Corporate Structure

Iochpe-Maxion S.A.
(16 Employees)
Consolidated = 6,069 Employees

99.99%

Maxion Componentes
Estruturais Ltda.

93.7% 50%
6.2% Maxion Sistemas Amsted Maxion Fund. e
Automotivos S.A. Equip. Ferroviários S.A.
(3,624 Employees)

50%
Wheels and Automotive
Chassis Division Comp. Division Amsted
(2,926 Employees) (1,315 Employees) Industries

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Net sales breakdown %

2004 - R$ 1,098.6 MM 2003 - R$ 675.7 MM

Automotive Automotive
Comp. Division Comp. Division
14%
17%

57% 59%
29%
Amsted 2 4 %
Amsted Maxion (*)
Maxion (*)
Wheels and Wheels and
Chassis Division Chassis Division
(*) Consolidated figures consider 50% of the net sales of Amsted Maxion
6

WHEEL AND CHASSIS DIVISION (*)

57%

(*) Division of

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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 (16% of sales)

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Wheels and Chassis Division

Chassis - 52% of Division’s net sales – R$ 325 MM – 2004

Heavy Medium Light
Stamped Parts Structural
Siderails Parts

Chassis

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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%

Agricultural
Machinery 7.8 6.5 19.9% 31.0 21.4 44.7%
Source : Anfavea

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Wheels and Chassis Division R$ MM

Net Sales 626
600

a.a.
1 .1%
R =4 397
400 G
CA %
7 3.1
241 =
174
208 ∆% 177
200
112 102

00
1999 2000 2001 2002 2003 2004 4Q03 4Q04
CAGR = Compounded Annual Growth Rate

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Chassis – Market Share and Customer Base – 2004

Market Share Customer Base
Volks-
wagen General
23% Motors

5% 13%
OEMs 69%
9% Ford

26% 29%
8%
Export
Dana 5%
13%
Maxion Daimler Scania
Chrysler Other

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Wheels - Market Share and Customer Base – 2004

Volks-
Other wagen Scania
Volvo
8% Trailer 12% 6%
OEMs 6%
Other
15% 12%

35% 57%

Export 24% 25%
Hayes Tractors
Maxion

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AUTOMOTIVE COMPONENTS DIVISION (*)

14%

(*) Division of

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Automotive Components Division: Basics

Light stamping
Assembly of parts
Focused on passenger cars
Local leadership in main products
Strong trend for globalization

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Automotive Components Division

Partial Divestiture – Sept.10 , 2004

Sold assets related to the window mechanism business
Buyer: Brose do Brasil Ltda. – subsidiary of Brose International GmbH
Amount: R$ 17.8 million
Asset transfer in 180 days
Window mechanism business represents:
7% of the consolidated net sales
51% of the net sales to the passenger car segment

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Automotive Components Division: Main Products

HANDBRAKE PEDAL
JACKS
LEVERS SETS

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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%

Agricultural
Machinery 7.8 6.5 19.9% 31.0 21.4 44.7%
Source : Anfavea

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Automotive Components Division R$ MM

Net Sales
150
a.a.
150 .3%
R = 10
CAG 114
99 98
92 94
100
%
= 35.6
∆%
44
50
33

0
1999 2000 2001 2002 2003 2004 4Q03 4Q04

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

General
Hand break lever 42% Motors
Pedal Set 26% 25%
SAS
Jack 20% 15%

Latch 9%
29% 14%
Knob / Key / Cylinder 7% Volks-
wagen
Fiat 3% 6%
8% Ford
Other After
Market
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Subsidiaries :
AMSTED MAXION FUNDIÇÃO E EQUIPAMENTOS FERROVIÁRIOS

29%

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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 railroad equipment and industrial business
Local leadership
Export base
Freight car assembly
Assembly of components and castings
Local leadership

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Amsted Maxion: Main Products

RAILROAD RAILROAD
BOOGIES
WHEELS FREIGHT CARS

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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

Net Sales (*) 646

.a.
600
a
6 .9%
R =4
G
400 CA 328

.4 %
= 97
200
∆% 182

122 120
95 110 92

0
1999 2000 2001 2002 2003 2004 4Q03 4Q04
(*) Amsted Maxion’s net sales. Consolidated figures consider 50% of Amsted Maxion’s sales

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Amsted Maxion

Market Share and Customer Base – 2004


CVRD Export
Railroad Freight Cars 74%
14%

Railroad Wheels 40% 48%
13% FCA

Railroad Castings 80%
12%
3% MRS
6%
Industrial Castings 50% 4%
Other ALL
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
Deliveries
MRC(Mitsui/Bunge/ALL) - 350 cars
2005 – 5,557 cars
CVG Ferrominera Orinoco - 225 cars
2006 – 1,376 cars
Comilog – 76 cars

CBG Compagnie des
Bauxites de Guinee – 22 cars

Total = 6,933 cars
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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

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CONSOLIDATED
FIGURES

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Consolidated

Net sales breakdown by customer and segment – 2004

Customer Base Segment
Daimler
Volks- Chrysler OEMs producing in
wagen Brazil 62%
12% 10% Tractors
8% - Bus, truck and
General pickups 49%
Export 1 3 % 7% Motors - Passenger cars 13%
5% Trailer
OEMs Brazilian railroad
4%
3% Fiat operators 25%
18%
Ford Export 13%
CVRD 20%

Other
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Consolidated

Exports by product segment and destination – US$ 47.3 MM / R$ 144.1 MM – 2004
9M03 – US$ 24.9 MM / R$ 80.6 MM
Product Segment Destination
Wheels Canada
Chassis 11%
16% Mexico
52% 52% 3%
USA
18% South
America
32% 2%
7% 7%
Railroad Asia /
Equipment Oceania
Africa / Europe
Middle East

Import 2004 - US$ 10.2MM / R$ 29.5MM (*)
(*) includes US$ 3.4MM / R$ 10.0MM of machineryand equipment 34

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Consolidated R$ MM

.a.
1099
Net Sales a
1000
.2%
Divestiture 43
Phase =
750 GR 676
615 6 2 4 ,0
CA
.5%
500 411 = 72
374
∆% 312

250 181

0

1999 2000 2001 2002 2003 2004 4Q03 4Q04

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Five Years Review
R$ MM % sales
250 50%
228
Gross Profit
200
40%

150 137
116 30%

100 87
80
21% 21% 21%
20% 20%
50 19%

0 10%
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
R$ MM % sales
160 50%

EBIT
127
40%
120

30%

80

58 20%
46
40
36
27 12% 10%
9% 9%
7% 7%

0 0%
2000 2001 2002 2003 2004


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Five Years Review
R$ MM % sales
80 40%

Financial Expenses, net 35%

60 56 54 30%

25%
41
40
38 20%
33
15%
13%
20
11% 10%
9%
6% 5%
3%
0 0%
2000 2001 2002 2003 2004

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Five Years Review
R$ MM % sales
120 30%

100 Operational Result after Financial Exp. 94 25%

80 20%

60 15%

40 10%
9%
19
20 5%
3%
0 0%

-2 0 -1 0 -4 % -4 % -5 %
-1 4
-2 % -1 8
-4 0 -1 0 %
2000 2001 2002 2003 2004


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Five Years Review
R$ MM % sales
180 50%

160
156
EBITDA
40%
140

120
30%
100 89 89
80 69
20%
58
60 17%
16%
14% 13% 14%
40
10%

20

0 0%
2000 2001 2002 2003 2004


40

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Five Years Review
R$ MM x EBITDA
250 5 ,0

Net Debt
200
195 4 ,0

150 3 ,0

115
106 102
2 ,2
100 2 ,0

65 1 ,5
1 ,3
50 1 ,1 1 ,0

0 ,6

0 0 ,0
2000 2001 2002 2003 2004


41

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Consolidated – Income Statement R$ Thous.

42

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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 relationship
Quarterly 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 float
Board with 2 independent members and no executive officer members
Audit Board (“Conselho Fiscal”) with 1 representative of the non-
controlling shareholders

45

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Stock Performance

R$ THOUS . R $ / TH OU S . S H A R ES

2 5 .0 0 0 2 3 .8 8 1 3 0 0 ,0
V OLU M E / M ON T H LY A V E R A GE P R IC E 2 2 .2 5 7
IOC H P E -M A X ION P N (M Y P K 4)
2 4 7 ,0 1
2 5 0 ,0
2 0 .0 0 0 V O LU M E
19 1,6 4
2 0 0 ,0
17 3 ,6 6
15 .0 0 0

A V ER A G E P R IC E 13 6 ,4 9 16 9 ,17 15 0 ,0
10 .0 0 0 9 7 ,9 8 110 ,7 8
8 4 ,3 9 4 ,18 6 .3 14 10 0 ,0
8 0 ,9 8 0 ,7 7 6 .17 2
4 9 ,6 3 8 1,3 0 4 .2 11
5 1,9 .6 8 9
3 8 0 ,4 7 .0 9 3 .7 5 5 7 8 2 .8 15
4
,5 1 4 .17 5
5 .0 0 0 3 .19 7 2 .6 6 5 3 .2 3 6
2 6 ,8 2 5 ,2 2 4 ,72 4 ,2 5 ,12 6 ,82 6 ,4 21.3 9 8
7 ,6 5 0 ,0
2 3 ,5 2
758 8 9 5
3 5 115 10 4 5 0 5 0 12 5 17 7 3 12 13 6
- -
3

s e g/0 4
3

4
ju 0 3

a u l/ 04
m b /0 3
ar 3

m b/ 4
ar 0 4
ay 0 3

ay 4
ja /0 2

3

ja /0 3

o c /0 4

04
p 3

c 3

p 4

c/ 4
m r/ 3

m r / 04
a u l/ 0
n/3

n/4
n o t/0

n o t/0
ju 0
fe /0

fe /0
o c /0
s e g/0

d ev/0

d ev/0
a p /0

a p /0
ju /0

ju /0
n

n
c
de

46

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Additional
Information

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BENCHMARK

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Benchmark – Gross Profit % net sales

G e n te x
S t o n e rid g e
E a to n

S t ra t t e c
Io c h p e - M a x i o n
T h y s s e n K ru p p

B o rg W a rn e r
C u m m in s

A u t o liv
Tennec o
A m e ric a n A x le
J o h n s o n C o n t ro ls
D u ra
V a le o
TR W A u to
Lear
F a u re c ia

A r vi n M e r i t o r
D e lp h i 2004 2003

V is t e o n

0% 10% 20% 30% 40%

A ve g a r e = 15%

Source: Companies releases
Full Year 2004 of each company, except for Strattec with 6 months result and ArvinMeritor, Johnson Controls and Thyssen
Krupp with 3 months results

49

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Benchmark – EBIT % net sales

G e n te x
S t ra t t e c
B o rg W a rn e r
E a to n

A u t o liv
Lear
TR W A u to
Tennec o
D u ra
C u m m in s
V a le o
F a u re c ia
D e lp h i
V is t e o n 2004 2003
S t o n e rid g e

-2 0 % -1 0 % 0% 10% 20% 30% 40%

A ve r a g e = 5 %


50

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Benchmark – EBITDA % net sales

S tra tt e c

B o rg W a rn e r


A u t o liv

V a le o

TR W A u to


Tennec o

D u ra

C u m m in s
F a u re c ia

Lear

D e lp h i
2004 2003

V is t e o n

-1 0 % 0% 10% 20% 30% 40%

A ve r a g e = 9 %


51

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ROCE – Return of Capital Employed - 2004 (*)

S t ra t t e c
G e n te x
C u m m in s
E a to n
B o rg W a rn e r
Lear
A u t o liv
Tennec o
TR W A u to
V a le o
D u ra
F a u re c ia
S t o n e rid g e
V is t e o n

-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 %

(*) (Net Income + Interest net of 34% income taxes) / (Average Net Bank Debt + Average Net Worth)
52

Bear Stearns


2000
C a rs
1800
1600
1400
1200
1000
800
600
400
200
0
94

95

96

97

98

99

00

01

02

03

04
19

19

19

19

19

19

20

20

20

20

20
53

Bear Stearns


350
300 P ic k u p s

250
200

150
100

50
0
94

95

96

97

98

99

00

01

02

03

04
19

19

19

19

19

19

20

20

20

20

20
54

Bear Stearns


160
140 T ru c k s Buses

120
100
80
60
40
20
0
94

95

96

97

98

99

00

01

02

03

04
19

19

19

19

19

19

20

20

20

20

20
55

Bear Stearns


80
A g r ic u lt u r a l M a c h in e r y
70
60
50
40
30
20
10
0
94

95

96

97

98

99

00

01

02

03

04
19

19

19

19

19

19

20

20

20

20

20
56

Bear Stearns

Brazilian Railroad Equipment Industry Units

6000
F r e ig h t C a r s
5000

4000

3000

2000

1000

0
94

95

96

97

98

99

00

01

02

03

04
19

19

19

19

19

19

20

20

20

20

20
57

Bear Stearns

Brazilian Railroad Equipment Industry Units

60000
R a ilr o a d W h e e ls
50000

40000

30000

20000

10000

0
94

95

96

97

98

99

00

01

02

03

04
19

19

19

19

19

19

20

20

20

20

20
Does not include wheels used in the assembly of new freight cars
58

Bear Stearns

Brazilian Railroad Equipment Industry Tons

4500
4000 R a ilr o a d C a s t in g s
3500
3000
2500
2000
1500
1000
500
0
94

95

96

97

98

99

00

01

02

03

04
19

19

19

19

19

19

20

20

20

20

20
Does not include castings used in the assembly of new freight cars
59

Bear Stearns


Chassis – New Orders: R$ 19.2 MM Annual Sales

P ro d u c t / C u s to m e r C o u n try S ta r tin g D a te A n n u a l S a le s
R$ MM
L ig h t S ta m p in g s - A r v in M e r ito r B r a z il M a y .0 5 9 .6
M e d iu m S ta m p in g s - D a im le r C h r y s le r B r a z il A u g .0 4 3 .1
C h a s s is - V o lk s w a g e n (C K D - M e x ic o ) B r a z il M a r .0 4 2 .3
C h a s s is - V o lk s w a g e n B r a z il A p r .0 4 2 .2
L ig h t S ta m p in g s - D a im le r C h r y s le r B r a z il J u n .0 4 1 .3
M e d iu m S ta m p in g s - P e u g e o t C itr o e n B r a z il O c t.0 4 0 .4
S id e r a il R e in fo r c e m e n t - D a im le r C h r y s le r B r a z il M a y .0 4 0 .3

60

Bear Stearns


Wheels – New Orders: R$ 19.1 MM Annual Sales
CUST O M ER C o u n tr y S t a r t in g D a t e A n n u a l S a le s
R$ M M
W o rk h o rs e USA J u n .0 5 6 .5
J o h n D e e re B r a z il N o v .0 4 3 .2
S t ip T u n is ia M a y .0 4 2 .3
D u n lo p S o u t h A f r ic a J u n .0 4 1 .5
K u rt L e y s e r C o rp . S o u t h A f r ic a A p r .0 4 1 .5
P e tr o m a s te r R u s s ia J a n .0 5 1 .2
M AAP M o ro c c o M a y .0 4 1 .0
J a rl E l J a o u d a A r g e lia N o v .0 4 0 .8
K r is t a n a s S p ir o s G re e c e J u l.0 4 0 .6
In t e r n a t io n a l T r a d e M o ro c c o J a n .0 5 0 .5

61

Bear Stearns


New Orders: R$ 3.1 MM Annual Sales (*)

M o d e l - C u s to m e r s P ro d u ct S ta r tin g A n n u a l S a le s
D a te R$ M M
New Cab - VW Knobs J u n .0 5 1 .6
F o x E u ro - V W J a c k / L a tc h e s J a n .0 5 1 ,1
Id e a - F ia t H in 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

62

Bear Stearns

Consolidated – Net Debt Breakdown – Dec.04 – R$ MM

DEBT TYPE SHORT LONG TOTAL

Local Bonds 2 8 .1 2 8 .1
T r a d e F in a n c e / E x p o r t L in e s 2 2 .1 3 5 .2 5 7 .3
E q u ip m e n t F in a n c in g L in e s 2 1 .6 2 3 .8 4 5 .4
L o c a l L in 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 le S e c u r it ie s 7 3 .9 2 6 .0

Net Debt 4 2 .9 5 9 .0 1 0 1 .9

63

Bear Stearns

Consolidated –Debt Indexation – Dec.04

CDI
(interbank)

26%

TJLP
(BNDES
23% rate)
Dollar
32%

3% 16%
INPC
IGPM (consumer
(general Inflation)
Inflation)
64

Bear Stearns

Consolidated – Foreign Currency Exposure – Dec. 04

B a la n c e S h e e t US$ MM

A s s e ts d e n o m in a te d in fo re ig n c u rre n c y
. M a r k e t a b l e S e c u r it 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 ia b ilitie s d e n o m in a te d in fo re ig n c u rre 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 ts P a y a b le (3 .7 )
(1 9 .2 )

N e t P o s itio n (1 1 .4 )

65

Iochpe-Maxion - Bear Stearns Transportation Conference Presentation

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