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2nd Quarter 2004 Presentation
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2004 Second Quarter Results
2004 Second Quarter Results
2
Iochpe-Maxion : Fundamentals
Strong organic growth of revenues
Growing cash flow generation
Solid capital structure
Focus on equipments related to the logistics industry
Local market leadership
Growing exports
Capacity expansion in line with demand growth
2004 Second Quarter Results
3
Iochpe-Maxion: Capital Markets and Governance
Public company since 1984
Investor RelationshipQuarterly meetings
Website – exclusive IR content
Dedicated IR team
Dividend Payout – 37% of net income after legal reserve
StockGrowing liquidity and float
Low Economic Value / EBITDA ratio
Board with 1 independent member and without any officer
Audit Board (“Conselho Fiscal”) with 1 representative of the non-controlling shareholders
2004 Second Quarter Results
4
Corporate Structure
11
Bradesco Companhia Iochpe BNDESPAR Other
Maxion ComponentesEstruturais Ltda.
Amsted -Maxion Fundiçãoe Equip. Ferrov. S.A.
Maxion ComponentesAutomotivos S.A.
50%
Amsted Industries(50%)
6,5% 20,6% 48,2% 24,7%
Iochpe-Maxion S.A.
Tecob
Employees
Consolidated - 5.474
1.2132.642 3.205
23
Iochpe Holdings
18,8% 56,6% 21,8% 2,8%
0,0% 1,5% 62,2% 36,3%
18,4%
3,1%
26,4%
Jun/03
16,5%
83,2%
Total
Voting
Non-voting
2004 Second Quarter Results
5
Net sales breakdown by company %
1H04 - R$ 482,1 MM 1H03 - R$ 310,9 MM
2 9 %
1 4 %
5 7 %
Maxion Comp.
Estruturais
Amsted Maxion
Maxion Comp.Autom.
2 3 %
1 8 %
5 9 %
Maxion Comp.
Estruturais
Amsted Maxion
Maxion Comp.Autom.
2004 Second Quarter Results
6
Automotive Industry – Brazilian Output units
2Q04 2Q03 Var% 1H04 1H03 Var%
Source : Anfavea
Cars 430,3 384,3 12,0% 833,9 754,5 10,5%
Light commercials 73,1 53,8 35,8% 140,7 98,1 43,4%
Trucks 27,0 18,6 45,1% 50,0 38,7 29,1%
Buses 7,8 6,7 15,7% 13,7 13,0 5,7%
Total Vehicles 538,2 463,5 16,1% 1.038,3 904,3 14,8%
Agricultural Machinery 17,2 15,5 11,3% 32,3 26,6 21,2%
2004 Second Quarter Results
7
Automotive Industry - Export units
2Q04 2Q03 Var% 1H04 1H03 Var%
Source : Anfavea
Cars 119,2 137,0 (13,0%) 214,2 229,1 (6,5%)
Light commercials 25,7 16,8 52,8% 46,0 28,7 60,3%
Trucks 6,8 2,8 142,3% 11,7 4,7 148,3%
Buses 2,8 2,0 36,8% 4,8 4,0 21,0%
Total Vehicles 154,5 158,7 (2,6%) 276,7 266,4 3,8%
Agricultural Machinery 7,7 4,8 60,3% 14,7 8,6 70,9%
Subsidiaries : MAXION COMPONENTES ESTRUTURAIS (Maxion Structural Components)
57%
2004 Second Quarter Results
9
Maxion Componentes Estruturais
Chassis and Siderails - 51% of net sales
SiderailsStamped Parts
Chassis
Structural Parts
Heavy Medium Light
2004 Second Quarter Results
10
Maxion Componentes Estruturais
Wheels for Vehicles - 49% of net sales
2004 Second Quarter Results
11
Maxion Componentes Estruturais R$ MM
1 1 2 , 1
1 7 4 , 12 0 7 , 5
2 4 0 , 7
3 9 7 , 3
4 8 4 , 2
1 8 2 , 6
2 6 9 , 5
9 4 , 31 4 5 , 1
0
2 0 0
4 0 0
6 0 0Net Sales
CAGR = 38,4% a.a.
1999 2000 2001 2002 2003 2Q04 LTMLTM = Last 12 months / CAGR = Compounded Annually Growth Rate
Var% = 47,6%
1H03 1H04
Var% = 53,9%
2Q03 2Q04
2004 Second Quarter Results
12
Maxion Componentes Estruturais - Chassis
Market Share %1H04 1H03
1 6 %
1 1 %7 3 %
Maxion
Dana
OEM
1 6 %
7 4 %
Maxion
1 0 %
Dana
OEM
2004 Second Quarter Results
13
Maxion Componentes Estruturais - Chassis
Net sales breakdown by customer %1H04 – R$ 139,1MM 1H03 – R$ 95,3 MM
2 6 %
2 3 %
8 %
7 %5 %
1 9 %
1 2 %
OtherDaimlerChrysler
Volks-wagen General
Motors
Export
Ford
Scania
2 6 %
2 6 %
6 %
1 0 %5 %
1 4 %
1 3 %
Volks-wagen
DaimlerChrysler
Other
Scania
Ford
Export
GeneralMotors
2004 Second Quarter Results
14
Maxion Componentes Estruturais - Chassis
New Orders: R$ 15,9 MM per year
C H A S S I S 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
S id e r a i ls - W o r k h o r s e U S A S e p - 0 3 5 , 4
M e d iu m S t a m p in g s - D a im le r C h r y s le r B r a z i l A u g - 0 4 3 , 1
C h a s s is ( C K D - M é x ic o ) - V o lk s w a g e n B r a z i l 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 i l A p r - 0 4 2 , 2
L ig h t S t a m p in g s - D a im le r C h r y s le r B r a z i l J u n - 0 4 1 , 3
S t a m p e d P a r t s - S t r e p a r a v a - I v e c o B r a z i l S e p - 0 3 0 , 9
M e d iu m S t a m p in 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 id e r a i l R e in f o r c e m e n t - D a im le r C h r y s le r B r a z i l M a y - 0 4 0 , 3
2004 Second Quarter Results
15
Maxion Componentes Estruturais - Wheels
Market Share %
1H04 1H03
3 9 %
9 %
5 2 %
MaxionBorlem(Hayes)
Other
3 9
Borlem(Hayes)
%
1 0 %
5 1 %
Maxion
Other
2004 Second Quarter Results
16
Maxion Componentes Estruturais - Wheels
Net sales breakdown by customer %1H04 – R$ 130,4MM 1H03 – R$ 87,3 MM
2 6 %2 3 %
1 1 % 6 % 5 %
1 4 %1 5 %Other
ExportTractors
Aftermarket
Volks-wagen Scania
Volvo
2 6 %2 8 %
1 2 % 6 %4 %
1 1 %1 3 %
Aftermarket
Volks-wagen Scania
Volvo
Other
Export Tractors
2004 Second Quarter Results
17
Maxion Componentes Estruturais - Wheels
NEW ORDERS: R$ 26,6 MM per year
W H E E L S 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
G K N E u r o p e / U S A S e p - 0 3 1 5 , 7J o h n D e e r e B r a z i l N o v - 0 4 3 , 2S t ip T u n is M a y - 0 4 2 , 3D u n lo p S o u t h A f r ic 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 ic 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 id g e s t o n e S p a in F e b - 0 4 0 , 8K r is t a n a s S p i r o s G r e e c e J u l - 0 4 0 , 6
Subsidiaries : MAXION COMPONENTES AUTOMOTIVOS (Maxion Automotive Components)
14%
2004 Second Quarter Results
19
Maxion Componentes Automotivos
2004 Second Quarter Results
20
Maxion Componentes Automotivos R$ MM
9 1 , 59 9 , 0
9 3 , 6 9 8 , 1
1 1 4 , 3
1 2 7 , 6
5 5 , 0
6 8 , 3
2 5 , 73 4 , 4
0
5 0
1 0 0
1 5 0Net Sales
CAGR = 7,7% a.a.
Var % = 24,2%
Var % = 33,9%
1999 2000 2001 2002 2003 2Q04 LTM 1H03 1H04 2Q03 2Q04LTM = Last 12 months / CAGR = Compounded Annually Growth Rate
2004 Second Quarter Results
21
Maxion Componentes Automotivos
Market Share % 1H04 1H03
Window raiser mechanism 43%
42%
Hand break lever
43%
45%
Latch
10%
12%
Knob / Keys / Cylinder (KKC)
8%
9%
Jack
20%
15%
2004 Second Quarter Results
22
Maxion Componentes Automotivos
Net sales breakdown by customer %1H04 – R$ 68,3MM 1H03 – R$ 55,0 MM
3 1 %
2 5 %
1 3 %
7 %4 %5 %
1 5 %
Fiat
Volks-wagen
GeneralMotors
SAS(Faurecia)
FordAfter
market
2 9 %
2 2 %
1 0 %
7 %8 %4 %
2 0 %
SAS(Faurecia)
GeneralMotors
Fiat
Aftermarket
Ford
Volks-wagen
OtherOther
2004 Second Quarter Results
23
Maxion Componentes Automotivos
New Orders: R$ 9,3 MM per year
M o d e l 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
T r u c k - V W W in d o w r a is e r / K K C / L o c k J u n - 0 5 7 , 3
F o x - V W J a c k O c t - 0 3 0 , 9C e l t a - G M W in d o w r a is e r M a y - 0 4 0 , 8P ic k - u p M o n t a n a - G M L a t c h N o v - 0 3 0 , 3
2004 Second Quarter Results
24
Brazilian market of railroad equipment
Sales 2Q04 2Q03 Var% 1H04 1H03 Var%
Railroad freight cars – units 1.563 492 218% 2.616 828 216%
Railroad wheels – thous. units 10,3 3,9 161% 16,8 18,1 (7%)
Railroad castings – thous. ton 1,2 0,6 121% 2,0 0,9 129%
Does not include wheels and castings used in the assembly of new freight cars
AMSTED MAXION FUNDIÇÃO E EQUIPAMENTOS FERROVIÁRIOS (Amsted Maxion Foundry and Railroad Equipments)
29%
Subsidiaries :
2004 Second Quarter Results
26
Amsted Maxion
2004 Second Quarter Results
27
Amsted Maxion R$ MM
9 4 , 51 2 1 , 6 1 0 9 , 5 1 2 0 , 4
3 2 8 , 1
4 5 6 , 0
1 4 6 , 5
2 7 4 , 4
8 5 , 1
1 6 5 , 1
0 , 0
2 0 0 , 0
4 0 0 , 0
6 0 0 , 0Net Sales
CAGR = 41,9% a.a.
1999 2000 2001 2002 2003 2Q04 LTM
Var % = 87,3%
1H03 1H04
Var % = 94,0%
2Q03 2Q04LTM = Last 12 months / CAGR = Compounded Annually Growth Rate
2004 Second Quarter Results
28
Amsted Maxion
Market Share % 1H04 1H03
Railroad Cars 75%
100%
Railroad Wheels
40%
60%
Railroad Castings
80%
80%
Industrial Castings
45%
60%
2004 Second Quarter Results
29
Amsted Maxion
Net sales breakdown by customer %1H04 – R$ 137,2 MM(*) 1H03 – R$ 73,3 MM(*)
6 9 %
2 %
3 % 5 %3 %
1 8 %
Other Caterpillar
CVRD
Export
MRS
6 0 %
1 4 %
3 %3 %7 % 3 %
1 0 %
Other
Caterpillar
CVRD
Export
MRS
FCAADM FCA
(*) accounts for 50% of the total net sales of Amsted Maxion
2004 Second Quarter Results
30
Amsted Maxion
Spot Orders : R$ 520,0 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 e 50 boxes
Delivered
As of Jun 30 – 1.932 carsand 30 boxes
Still in 2004 – 1.908 cars and 20 boxes
2004 Second Quarter Results
31
Amsted Maxion
Recurring Orders : R$ 113,3 MM per year
ASF-Amsted (USA) – railroad castings - R$ 51,4MM
ConMet-Amsted (USA) – fifth-wheels component - R$ 8,3MM
Caterpillar (Brazil) – tractor parts - R$ 20,8MM
Caterpillar (USA) – tractors parts - R$ 25,9MM
Metso (France) – industrial castings - R$ 3,7MM
Komatsu / CNH (USA and Italy) – industrial castings - R$ 3,2MM
CORPORATE RESTRUCTURING
2004 Second Quarter Results
33
Corporate Restructuring
Goal: have all autopart activities under a single entity in order to obtain operational, administrative and tax sinergiesTransaction
Transfer of assets and liabilities of Maxion Componentes Estruturais to Maxion Componentes Automotivos, evaluated at book value
In exchange of the assets and liabilities received, Maxion Componentes Automotivos issued shares in favor of Maxion Componentes Estruturais
Change of denomination from Maxion Componentes Automotivos to MaxionSistemas Automotivos (Maxion Automotive Systems), followed by the change of headquarters to Cruzeiro-SP
Creation of two divisions at Maxion Sistemas AutomotivosStrucutural Components Division – wheels and chassis
Automotive Components Division – automotive components
2004 Second Quarter Results
34
Corporate Restructuring: Future Structure
Structural ComponentsDivision
Automotive ComponentsDivision
Maxion SistemasAutomotivos S.A.
Maxion ComponentesEstruturais Ltda.
Amsted -Maxion Fundiçãoe Equip. Ferrov. S.A.
50%
Amsted Industries(50%)
Iochpe-Maxion S.A.
Tecob IochpeHoldings
93,59%
6,29%
CONSOLIDATED FIGURES
2004 Second Quarter Results
36
First Halfs Comparison % net sales
1 7 , 2 %1 9 , 4 %
2 2 , 0 % 2 0 , 8 %
4 , 5 %
- 6 , 9 %
2 2 , 1 %
1 6 , 6 %1 4 , 4 %
1 2 , 1 %
1 5 , 6 % 1 4 , 7 %
8 , 9 %
6 , 2 %
1 0 , 3 % 1 1 , 6 %
4 , 2 %
- 3 , 8 %
- 0 , 3 %
6 , 7 %
G r o s s P r o f i t E b i td a E b i t O p e r a t i o n R e s u lt
1H00 1H01 1H02 1H03 1H04
Operational Margins
2004 Second Quarter Results
37
First Halfs Comparison R$ MM
4 7 , 53 7 , 9
6 8 , 3
1 0 0 , 2
9 , 9
( 1 2 , 3 )
4 5 , 0
3 3 , 72 8 , 0
3 3 , 4
4 8 , 4
7 1 , 0
1 8 , 21 2 , 1
3 2 , 1
5 5 , 8
( 0 , 8 )
1 2 , 9
( 7 , 4 )
3 2 , 5
G r o s s P r o f i t E b i td a E b i t O p e r a t i o n R e s u lt
1H00 1H01 1H02 1H03 1H04
Operational Margins
2004 Second Quarter Results
38
5 Year Comparison % net sales
1 8 , 5 %2 1 , 1 % 2 0 , 2 % 1 9 , 9 %
- 3 , 9 %
2 1 , 4 %
1 5 , 5 %1 6 , 8 %
8 , 8 %
1 3 , 2 % 1 3 , 2 %
7 , 4 %
7 , 2 %8 , 9 % 8 , 5 % 9 , 6 %
2 , 9 %
- 4 , 4 %- 3 , 8 %
4 , 6 %
G r o s s P r o f i t E b i td a E b i t O p e r a t i o n R e s u lt
2000 2001 2002 2003 2Q04 LTM
Operational Margins
LTM = last 12 months
2004 Second Quarter Results
39
5 Year Comparison R$ MM
1 1 5 , 7
8 6 , 6
1 3 6 , 6
1 6 8 , 5
( 2 4 , 5 )
8 0 , 1
5 7 , 96 9 , 0
5 5 , 0
8 9 , 4
1 1 2 , 0
4 6 , 32 7 , 0 3 6 , 4
5 7 , 58 1 , 1
( 1 4 , 2 )
1 9 , 4
( 1 7 , 9 )
3 8 , 9
G r o s s P r o f i t E b i td a E b i t O p e r a t i o n R e s u lt
2000 2001 2002 2003 2Q04 LTM
Operational Margins
LTM = last 12 months
2004 Second Quarter Results
40
5 Year Comparison R$ MM
1999 2000 2001 2002 2003 2Q04 LTM
6 1 5 , 4 6 2 4 , 0
3 7 3 , 7 4 1 1 , 2
6 7 5 , 7
8 4 6 , 9
3 1 0 , 9
4 8 2 , 1
1 6 2 , 6
2 6 9 , 2
0
2 5 0
5 0 0
7 5 0
1 0 0 0Net Sales
CAGR = 38,7% a.a.
Disposals
Var% = 55,1%
Var% = 65,6%
1H03 1H04 2Q03 2Q04
LTM = Last 12 months / CAGR = Compounded Annually Growth Rate
2004 Second Quarter Results
41
Consolidated
Net sales breakdown by customer %1H04 – R$ 482,1 MM 1H03 – R$ 310,9 MMM
1 8 %
1 2 %
9 %7 %
7 %5 %4 %
4 %
2 2 %
1 2 %
CVRD
Volks-wagen
DaimlerChrysler
Fiat
Other
Export.GeneralMotors
Tractors
Aftermarket
1 6 %
1 5 %
1 0 %7 %
8 %
5 %1 %
5 %
1 8 %
1 5 %
CVRD
Volks-wagen
DaimlerChrysler
Fiat
Other
Export.
GeneralMotors
Tractors
Aftermarket
MRS
MRS
2004 Second Quarter Results
42
Net sales breakdown by customer segment %
Customer Segment 1H04 1H03
OEM producing in the country
- Bus, truck and light commercial - Car
61%
48% 13%
65%
47% 18%
Brazilian railroad operators 27% 20%
Export 12% 15%
2004 Second Quarter Results
43
Export by product segment %
1H04 – US$ 19,6MM / R$ 58,8MM 1H03 – US$ 14,7MM / R$ 50,8MM
5 7 %2 0 %
1 % 2 2 %
5 1 % 2 0 %
1 % 2 8 %
Chassis
Chassis
RailroadEquip.
AutomotiveWheels
Aut.Comp.
RailroadEquip.
Aut.Comp.
AutomotiveWheels
Import 1H04
US$ 6,3MM / R$ 18,6MM (*)
Import 1H03
US$ 3,8MM / R$ 12,9MM(*) includes US$ 3,4MM / R$ 10,0MM of machinery and equipment
2004 Second Quarter Results
44
Export by destination %
1H04 – US$ 19,6MM / R$ 58,8MM 1H03 – US$ 14,7MM / R$ 50,8MM
5 0 %
1 3 %
1 8 %
1 %8 %7 %
3 %
3 2 %
2 1 %
1 5 %
2 %
USA
Canada
Africa / Middle East
Mexico
USA
Canada
SouthAmerica
Asia /Oceania
EuropeAfrica / Middle East
1 7 %
4 %9 %
Mexico
SouthAmerica
Asia /Oceania
Europe
2004 Second Quarter Results
45
Income Statement R$ MM
1 H 0 4 % s a le s 1 H 0 3 % s a le s V a r %N e t s a le s 4 8 2 .0 9 4 1 0 0 ,0 % 3 1 0 .8 6 4 1 0 0 ,0 % 5 5 ,1 %( - ) C o s t o f p r o d u c ts s o ld ( 3 8 1 .9 3 4 ) - 7 9 ,2 % ( 2 4 2 .6 1 7 ) - 7 8 ,0 % 5 7 ,4 %
G r o s s p r o f i t 1 0 0 .1 6 0 2 0 ,8 % 6 8 .2 4 7 2 2 ,0 % 4 6 ,8 %
O P E R A T IO N A L E X P E N S E S S a le s ( 2 5 .3 5 8 ) - 5 ,3 % ( 1 9 .8 1 0 ) - 6 ,4 % 2 8 ,0 % A d m i n i s t r a t i v e ( 2 0 .0 1 3 ) - 4 ,2 % ( 1 5 .5 9 5 ) - 5 ,0 % 2 8 ,3 % O th e r 9 6 8 0 ,2 % ( 7 1 5 ) - 0 ,2 % - 2 3 5 ,4 %
( 4 4 .4 0 3 ) - 9 ,2 % ( 3 6 .1 2 0 ) - 1 1 ,6 % 2 2 ,9 %
E B IT 5 5 .7 5 7 1 1 ,6 % 3 2 .1 2 7 1 0 ,3 % 7 3 ,6 %
N e t f i n a n c i a l e x p e n s e s ( 2 3 .2 4 7 ) - 4 ,8 % ( 1 9 .1 8 5 ) - 6 ,2 % 2 1 ,2 %
O p e r a t io n R e s u l t 3 2 .5 1 0 6 ,7 % 1 2 .9 4 2 4 ,2 % 1 5 1 ,2 %
N o n - o p e r a t io n a l r e s u l t ( 4 .3 1 2 ) - 0 ,9 % ( 5 7 ) 0 ,0 % 7 4 6 4 ,9 %
E a r n in g s b e f o r e t a x e s a n d m in o r i t y in t . 2 8 .1 9 8 5 ,8 % 1 2 .8 8 5 4 ,1 % 1 1 8 ,8 %
T a x e s a n d m i n o r i t y i n te r e s t ( 1 3 .8 8 0 ) - 2 ,9 % ( 8 .9 5 6 ) - 2 ,9 % 5 5 ,0 %
N e t In c o m e 1 4 .3 1 8 3 ,0 % 3 .9 2 9 1 ,3 % 2 6 4 ,4 %
E B IT D A 7 0 .9 6 2 1 4 ,7 % 4 8 .4 2 4 1 5 ,6 % 4 6 ,5 %
2004 Second Quarter Results
46
Net Bank Debt
2 0 8 , 41 9 4 , 8
6 5 , 1
1 0 5 , 7 1 1 5 , 0
1 4 9 , 53 , 6
2 , 2
1 , 11 , 5
1 , 3 1 , 3
0 , 0
5 0 , 0
1 0 0 , 0
1 5 0 , 0
2 0 0 , 0
2 5 0 , 0
1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 Q 0 4 L T M0 , 0
1 , 0
2 , 0
3 , 0
4 , 0
5 , 0
R$ MM x EBITDA
2004 Second Quarter Results
47
Bank Debt Breakdown – Jun04 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 6 , 1 2 6 , 1T r a d e F i n a n c e / E x p o r t L i n e s 4 7 , 8 4 7 , 2 9 5 , 0
E q u i p m e n t L i n e s 3 4 , 3 2 0 , 4 5 4 , 7H o t M o n e y 3 , 1 3 , 1
1 1 1 , 3 6 7 , 6 1 7 8 , 9
( - ) 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 , 9 2 , 5 2 9 , 4
N e t D e b t 8 4 , 4 6 5 , 1 1 4 9 , 5
2004 Second Quarter Results
48
Bank Debt Index Breakdown – Jun04
5 0 % 2 7 %
3 %5 %
1 5 %
Dollar
TJLP(Equipment
Lines)
INPC(consumerinflation)CDI
(interbank)IGPM
(generalinflation)
2004 Second Quarter Results
49
Consolidated Foreign Currency Exposure – Jun04 US$ MM
B a l a n c e
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 3 , 8. A c c o u n t s R e c e iv a b l e 5 , 4
9 , 2
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 , 6 ). A c c o u n t s P a y a b l e ( 3 , 6 )
( 3 2 , 2 )
N e t P o s i t i o n ( 2 3 , 0 )
2004 Second Quarter Results
50
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
8 .2 5 6
4 .0 9 42 .8 15
2 3 ,52 6 ,8 2 5 ,2
2 4 ,7
2 4 ,2 2 5 ,1 2 6 ,8 2 6 ,42 7 ,6
5 1,9
8 0 ,9 8 4 ,3
9 7 ,9 8
7 9 ,6 38 0 ,7 7
10 3 ,8 7
7 8 ,5 18 1,3 0
9 4 ,18
8 0 ,4
( 2 .0 0 0 )
2 .0 0 0
6 .0 0 0
10 .0 0 0
14 .0 0 0
18 .0 0 0
2 2 .0 0 0
2 6 .0 0 0
d e c /0 2ja n /0 3f e b /0
3m a r / 0
3a p r / 0
3m a y /0 3
ju n /0 3ju l/ 0
3a u g /0
3s e p /0 3
o c t / 03
n o v / 0 3d e z /0 3
ja n / 0 4fe b /0
4m a r / 0
4a p r /0
4m a y /0 4
ju n /0 4ju l/ 0
4
-
15 ,0
3 0 ,0
4 5 ,0
6 0 ,0
7 5 ,0
9 0 ,0
10 5 ,0
12 0 ,0V O L U M E / M O N T H L Y A V E R A G E P R IC E IO C H P E - M A X IO 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 EV O L U M E
BENCHMARK
2004 Second Quarter Results
52
Benchmark – Gross Profit % net sales
V i s te o n
L e a r
D e lp h i
T R W A u toD a n a
V a le o
A u to li vT e n n e c o
T i ta nC u m m i n s
B o r g W a r n e rF e d e r a l M o g u l
S t r a t te cE a to n
S to n e r i d g eG e n te x
Io c h p e - M a x i o n
A m e r i c a n A x le
D u r a
S u p e r i o r
C o lli n s & A i k m a nA r v i n M e r i to r
T o w e r
In te r m e t
J o h n s o n C o n t r o ls
0 % 1 0 % 2 0 % 3 0 % 4 0 %
2 Q 0 4 2 Q 0 3A v g . = 1 5 %
Source: Companies releases2004 first 6 months results of each company, except fot Strattec with 12 months result, ArvinMeritor andJohnson Controls with 9 months.
2004 Second Quarter Results
53
Benchmark – EBIT % net sales
C o lli n s & A i k m a n
V a le o
T o w e rJ o h n s o n C o n t r o ls
F a u r e c i aC u m m i n s
D u r aT e n n e c o
D a n aT R W A u to
T i ta nS u p e r i o r
A m e r i c a n A x leE a to nB o r g W a r n e rA u to li v
S to n e r i d g eIo c h p e - M a x i o n
S t r a t te cG e n te x
F e d e r a l M o g u lL e a r
A r v i n M e r i to r
D e lp h iIn te r m e t
V i s te o n
- 5 % 5 % 1 5 % 2 5 % 3 5 %
2 Q 0 4 2 Q 0 3A v g . = 6 %
Source: Companies releases2004 first 6 months results of each company, except fot Strattec with 12 months result, ArvinMeritor andJohnson Controls with 9 months.
2004 Second Quarter Results
54
Benchmark – EBITDA % net sales
V i s te o n
C o lli n s & A i k m a n
D e lp h iJ o h n s o n C o n t r o lsF a u r e c i a
C u m m i n s
F e d e r a l M o g u lT e n n e c o
V a le oT R W A u to
T i ta nA u to li v
A m e r i c a n A x leB o r g W a r n e r
Io c h p e - M a x i o nS t r a t te c
T o w e r
D a n aD u r a
In te r m e t
A r v i n M e r i to r
L e a r
0 % 5 % 1 0 % 1 5 % 2 0 %
2 Q 0 4 2 Q 0 3A v g . = 1 0 %
Source: Companies releases2004 first 6 months results of each company, except fot Strattec with 12 months result, ArvinMeritor andJohnson Controls with 9 months.