Iochpe-Maxion - Annual Report 2001

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ANNUAL REPORT 2001

COMPAny

c o m p a n y

IOCHPE-MAXION

Iochpe-Maxion S.A. is a holding company of subsidiaries and joint-ventures operating in the autoparts and railway equipment sectors, all of them leaders in their respective markets.

Maxion Componentes Estruturais Ltda. Based in Cruzeiro, São Paulo State, this company is dedicated to the production of complete chassis, cross-members and side rails for trucks, buses and pick-ups, as well as steel wheels for trucks, buses and tractors.

Maxion Componentes Automotivos S.A. Based in Contagem, Minas Gerais, this company is dedicated to the production of window raisers, locks, handles, cylinders and keys, latches, pedal sets, hand brake levers and oil and water pumps for passenger, utility vehicles and trucks.

Maxion Nacam Ltda. Based in Belo Horizonte, Minas Gerais, this company is a joint venture between Iochpe-Maxion (70%) and ZF Lenksysteme (30%), and is dedicated to the production of steering columns for automobiles and utility vehicles.

Amsted-Maxion Fundição e Equipamentos Ferroviários S.A. Based in Cruzeiro, São Paulo State, this company is a joint venture between Iochpe-Maxion (50%) and Amsted Industries (50%), and is dedicated to the production of railroad freight cars, castings for railroad freight cars, trucks and industrial applications, as well as railroad wheels.

The controlling stake in Iochpe-Maxion S.A. is shared by Companhia Iochpe, Banco Bradesco and BNDESpar, all of which are represented on the Board of Directors.

Maxion

Componentes

Estruturais

Ltda.(Structural

Components)

Maxion

Componentes

Automotivos S.A.

(Automotive

Components)

Maxion

Nacam

Ltda.

Amsted-Maxion Fundição e

Equipamentos Ferroviários S.A.

(Foundry and Railway Equipment)

Iochpe-Maxion S.A.

50%70%98%100%

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ANNUAL REPORT 2001

STRATEGIC VIEW

Iochpe-Maxion has achieved the consolidation of its new capital structure in January 2001, through the divestiture of its remaining stake in Maxion International Motores (Engines), for R$ 163.5 million. At the same time, Iochpe-Maxion has improved its operational margins due to a continuous process of cost reduction, an active management of its business portfolio and its organic growth, especially through exports. Grounded on a solid capital structure and keeping the essence of the turnaround strategy deployed in 1997, Iochpe-Maxion started in 2001 a second phase of its strategy: innovation. The innovation stage envisages growth through acquisitions or partnerships in the market segments in which Iochpe-Maxion already operates - autoparts and railroad equipment - without jeopardizing the achieved capital structure.

A rst movement in this direction was done in December 2001, through the purchase of the industrial assets of Borlem S.A. Empreendimentos Industriais, dedicated to the production of steel wheels for agricultural machinery and off-road vehicles. This acquisition brings great synergy to the existing wheel business of our subsidiary Maxion Componentes Estruturais, as well as opportunities for additional wheel volumes.

The consolidated results show that, in 2001, Iochpe-Maxion sustained its 2000 performance, despite the strong swings in demand that have characterized the automotive and railroad segments. Year-on-year the company has managed to maintain its operational earnings (EBIT), while showing an improvement in its cash generation (EBITDA). As far as external markets are concerned, competitive prices, boosted by Brazilian currency devaluation, has opened up new business potential. In 2001, these new export developments resulted in a 9.2% rise in exports in dollar terms in relation to 2000 exports. Besides having a favorable impact on the year’s earnings, these exports will add to new ones negotiated in 2001, continuing to have positive effects throughout 2002. In order to cope with growing requirements for quality, development of new products and overall competitiveness, the company invested R$ 18.8 million in 2001.

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ANNUAL REPORT 2001

In 2002, Iochpe-Maxion will continue to be focused on results, with the emphasis on organic growth, especially through exports, and sound synergy-based acquisition opportunities. Each of these events, despite differences in form, reects the company’s concern with its sustained growth and the constant addition of value for the shareholders.

STRATEGIC VIEWCOMPAny

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ANNUAL REPORT 2001

SUBSIDIARIES MAXION COMPONENTES ESTRUTURAIS LTDA. (Structural Components)

Combining technology, production capability and industrial knowledge Maxion Componentes Estruturais has further consolidated its leadership in the segment of steel wheels for truck, bus and tractor. Besides having as its customer, the key players of these markets, such as Volvo, Scania, Volkswagen, DaimlerChrysler and AGCO, in December 2001 Maxion concluded negotiations for the acquisition of assets related to the production of steel wheels for agricultural machinery and off-road vehicles from Borlem S.A. Empreendimentos Industriais. The transaction represents an investment of R$ 12.1 million. New business related to this acquisition could generate additional sales of up to R$ 20 million per year.

Maxion Componentes Estruturais’ Wheels business closed 2001 reporting R$ 83.2 million in sales, with an output of 824.9 thousand wheels and 20.7% growth compared to year 2000. Of this total, R$ 30.3 million were derived from exports operations. The international market still shows positive growth prospects. In 2001 new supply agreements were concluded, accounting forR$ 22.5 million in additional annual sales. Prominent among these is the agreement for the annual supply of 80 thousand wheels to the U.S. based Workhorse Brands, while on the domestic front a contract has been signed for the supply of 13.5 thousand wheels per year to Caterpillar.

Maxion Componentes Estruturais’ Chassis business reported sales of R$ 124.3 million, an increase of 12.3% against year 2000, including exports of R$ 14.7 million. During 2001, 82.2 thousand complete chassis were delivered, as well as 141.2 thousand side rails and 840.2 thousand stamped parts. Prominent among new commercial developments were the agreement to supply chassis to the vehicle Daily produced by Iveco, and the supply of body pillar sets for Toyota’s new car. This Toyota program marks the entry of Maxion Componentes Estruturais into the car segment of the market, thereby opening a new area for organic growth through innovation.

The year was distinguished strong domestic demand for buses, pick-ups and trucks in its rst half, followed by signicant decrease in demand in the second half of 2001. Overall, 2001 sales reached R$ 207.5 million, a growth of 19.2% over 2000.

S U B S I D I A R I E S

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ANNUAL REPORT 2001

In the same period, the production of trucks and buses recorded a growth of 7.3% and 2.7% respectively, while the production of light commercial vehicles fell by 9.3%. As contributing factors for the Company’s good performance, it is relevant to mention its strategic geographical location, bordering the states of São Paulo, Minas Gerais and Rio Janeiro, an appropriate cost structure, backed up by a large supply of raw materials, reaching approximately 120 thousand tons of steel per year, as well as an export-oriented business policy. On the top of that, the Company builds upon a constructive relationship with the country’s major OEMs and a diversied customer portfolio in constant growth.

MAXION COMPONENTES ESTRUTURAIS LTDA. (Structural Components)

SUBSIDIARIES


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ANNUAL REPORT 2001

Maxion Componentes Automotivos produces components for passenger vehicles, utility vehicles and trucks, including window raisers, latches, locks, handles, cylinders and keys, water and oil pumps, hand brake levers and pedal sets. Window raisers account for approximately 44% of total sales, placing the company at the head of this segment, with a 41% market share. Both extensive and diversied, the client portfolio includes Volkswagen, General Motors, Ford, Fiat, DaimerChrysler, Volvo, Iveco and Scania among others.

In order to cope with an extremely competitive environment, Maxion Componentes Automotivos relies on high manufacturing standards attested by the QS 9000 certication, and on technological expertise in the development of specic products from top international players such as Brose, Lames, Gammastamp and Kiekert.

From a market perspective, performance during 2001 reected three distinct phases. Strong demand at the start of the year were soon followed by a period of stagnation, with business only recovering at the end of the last quarter, driven by zero-interest nancing by the OEMs. Overall, in 2001 the production of light vehicles exceeded that of the previous year by 6.2%.

In 2001, Maxion Componentes Automotivos sales reached R$ 93.6 million. This gure shows a 5.5% decrease, when compared with 2000, due to a combination of a weak replacement market performance and the OEMs production mix, mostly based on basic models, causing a decrease in revenue per car produced. Despite a drop in sales, the company achieved a relevant improvement in its operational earnings thanks to a reduction in costs and appropriate management of effects on costs and prices caused by uctuations in the exchange rate.

Throughout the year 2001 new supply agreements were made representing annual sales of R$ 16.2 million. Featuring prominently among them were the agreements to supply water pumps for the Peugeot 206, latches for the new Corsa for GM, handles and keys for the third generation VW Gol and window

MAXION COMPONENTES AUTOMOTIVOS S.A. (Automotive Components)

SUBSIDIARIES


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ANNUAL REPORT 2001

raisers for the Ford Amazon project. Besides representing the condence of these customers with the products developed by Maxion Componentes Automotivos, these new contracts enhance the excellent growth outlook, not only in terms of increasing production volumes, but also in terms of the projects, which are still to be developed in Brazil.

MAXION COMPONENTES AUTOMOTIVOS S.A. (Automotive Components)

SUBSIDIARIES


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ANNUAL REPORT 2001

A leader in the production of steering columns for passenger and utility vehicles with a market share of over 37%, Maxion Nacam is the result of a joint venture between Iochpe-Maxion and ZF Lenksysteme - a joint venture between the German companies Bosch and ZF.

In 2001 sales reached R$ 17.9 million, a decrease of 12.7%, when compared with the year 2000. During the same period, the national production of light vehicles recorded an increase of 6.2%. This weak performance is explained by the decrease in the participation in the new Palio program, during the third quarter, which was recovered at the end of 2001. Another factor was the decision of some of the country’s major OEMs to increase the production popular cars, which carry a lower value added.

In 2001, besides strengthening the relationship with traditional clients such as Fiat, Volkswagen, General Motors, Ford, Renault and Iveco, the company celebrated new and important supply agreements, representing annual sales of R$ 9.7 million. Prominent among them were the supply of intermediate axles for the Astra Zara of GM, and steering columns for the Renault Kangoo.

MAXION NACAM LTDA.SUBSIDIARIES


(Steering columns)

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ANNUAL REPORT 2001

Amsted-Maxion Fundição e Equipamentos Ferroviários is the outcome of a joint venture set up in February 2000 between Iochpe-Maxion and Amsted Industries, an American company which is the world leader in the production of railroad castings, among other products. Due to its strong position in the market Amsted-Maxion is considered a major reference in its market segments. The Company holds more than 80% of the Brazilian railroad freight car and railroad castings markets, and more than 60% of the railroad freight car wheel sector and castings for industrial and truck applications. This market position reects the constant modernization effort through its own product development, as well as through technological agreements with major global players.

In 2001, Amsted-Maxion began a process of expansion and diversication of its client base as a way to offset the great swings in demand from the domestic market for railroad freight cars. Besides increasing its activity as a supplier to Amsted Industries, through new export agreements, the company expanded its castings business, through new supply agreements in Brazil and abroad. Over the next two years, the new export contracts will generate annual sales of US$ 2.9 million. Among them, is the agreement to supply of fth wheels to Amsted and drill bits to the French Company Metso. Another highlight is the ongoing supply of brake blocks and cast edges amounting to annual sales of US$ 2 million, also destined for Amsted, besides gear boxes for Caterpillar and mining castings for Bucyrus. As for the domestic market, a contract has been signed with Companhia Vale do Rio Doce for the supply of 144 railroad freight cars worth R$ 15.1 million.

Amsted-Maxion sales for 2001 achieved R$ 109.5 million, including the sale of 717 rail cars and 30,736 railroad wheels, in addition to 9,599 tons of industrial and railroad castings.

AMSTED-MAXION FUNDIÇÃO E EQUIPAMENTOS FERROVIÁRIOS S.A.(Foundry and Railway Equipment)

SUBSIDIARIES


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ANNUAL REPORT 2001

FINANCIAL OVERVIEW FINANCIAL PERFORMANCE

F I N A N C I A L O V E R V I E W

R$ million

Net Sales - R$ million

Operational Earnings (EBIT) - R$ million

Operational Earnings (EBIT) - % sales

Cash Generation (EBITDA) - R$ million

Cash Generation (EBITDA) - % sales

Net Debt - R$ million

Net Income - R$ million

Capital Expenditures - R$ million

1997

712.9

7.3

1.0%

56.0

6.4%

312.3

(67.8)

37.9

1998 1999 2000 2001

373.7

27.1

7.3%

57.9

15.5%

65.1

24.7

18.8

624.0

46.3

7.4%

88.7

14.2%

194.8

13.6

18.7

615.4

11.8

1.9%

57.2

9.3%

208.4

(51.4)

41.5

770.7

(3.2)

-0.4%

49.6

7.9%

216.7

(140.4)

24.8

In the segments within which Iochpe-Maxion operates, the main characteristic of 2001 was the strong uctuation in demand. Production in the automotive industry, which had reached a 21.1% growth in the rst half of the year, closed 2001 registering a mere 6.2% growth over 2000. Out of the different market segments, trucks has achieved the best performance with an increase in production of 7.3%. Overall sales in the railroad market, which had increased by 55% in the rst half of the year, registered a year-end decrease of 10%. Due to this scenario, the Company sought to increase its export operations, supported by the quality of its products and its competitive prices, maximized by the Brazilian currency devaluation.

In 2001, comparative net sales originating from recurring business, registered an increase of 5.7% over the previous year, reaching a total of R$ 373.7 million, helped by R$ 54.6 million in exports (14.6% of sales in 2001, against 11.7% in 2000). The year gross prot of R$ 80.1 million, while lower than that of 2000, represented a gross margin of 21.4% over net sales, higher than the 18.5% of the year 2000 and ve percentage points above 1999. Operating earnings (EBIT) reached R$ 27.1 million or 7.3% of net sales, compared to 2000’s performance of 7.1%. Gross cash generation (EBITDA) over sales stood at 15.5%, against 14.2% in 2000. These gures reect the extensive effort put into rigid cost control and the emphasis on developing a more protable business portfolio, and the preparedness of the Company to face additional market challenges.

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ANNUAL REPORT 2001

In 2001 Iochpe-Maxion recorded a net income of R$ 24.7 million, a signicant increase over 2000’s R$ 13.6 million and a great improvement over the R$ 51.4 million loss recorded in 1999. This performance was inuenced by two relevant events: the non-operational income from the sale in January 2001 of the remaining stake in Maxion International Motores, and the high nancial expenses, negatively affected by exchange rate uctuations.

Based on the reported earnings, the Board of Directors will propose to the Ordinary Stockholders’ General Meeting the payment of dividends amounting to R$ 9.8 million.

FINANCIAL OVERVIEW FINANCIAL PERFORMANCE


-0.4 1.9 7.4 7.31.0

% Sales

1997

1998

1999

2000

2001

Operational Earnings (EBIT)

Cash Generation (EBITDA) 7.9 9.3 14.2 15.56.4

% Sales

1997

1998

1999

2000

2001

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ANNUAL REPORT 2001

LIQUIDITY AND INDEBTEDNESS

Iochpe-Maxion’s operational and commercial performance achieved in 2001, reects positively all of its nancial indicators. The company closed 2001 with a net debt of R$ 65.1 million. The strong capital structure is represented by the relation between net debt and EBITDA over the last 12 months, which stood at 1.1, just half of the 2.2 relation at the end of 2000.

At year end, the Company’s cash and marketable securities reached R$ 164.7 million - R$ 31 million more than that in December 2000 - with R$ 156.5 million invested over the short term. The remaining R$ 8.2 million have been invested in long term assets. Out of total available resources, foreign currency (Dollars) investments accounted for approximately 95.6%.

Consolidated bank debt at the end of December 2001 was R$ 229.8 million, with R$ 174.0 million in the short term, and R$ 55.8 million registered as long term. Dollar denominated bank debts accounted for 67.8% of consolidated bank debt at the end of 2001.

FINANCIAL OVERVIEW


Net Debt / EBITDA 4.4 3.6 2.2 1.15.6

Index

1997

1998

1999

2000

2001

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ANNUAL REPORT 2001

CAPITAL MARKETS

Iochpe-Maxion’s preferred shares closed 2001 quoted at R$ 30.00 per thousand shares. At year end, the book value of the Company reached R$ 67.08 per thousand shares with earning per thousand shares at R$ 9.12. With the proposed dividend of R$ 9.8 million for 2001, the dividend yield per thousand preferred shares reached 12.4%.

A total of 1,790 deals with Iochpe-Maxion shares were conducted in 2001, with a volume of 358.2 million shares being traded on the São Paulo Stock Exchange (BOVESPA), or R$ 13.0 million.

Authorized by the Board of Directors, Iochpe-Maxion purchased 5.5 million of its own preferred shares, with the option to cancel or hold these shares in the treasury for future sale. Throughout 2001, Iochpe-Maxion has reafrmed its commitment to maintain a constructive and transparent relationship with the community of investors, shareholders and capital market analysts. In addition to a series meetings and presentations, the company has improved its Investor Relations Website (www.iochpe-maxion.com.br) which includes, among other information, releases, presentations and nancial statements. For its quality, range and updated information, the site was chosen as the best in the Brazilian autoparts industry for 2001, in a survey carried out by Latin Finance, a publication specialized in economics and business.

FINANCIAL OVERVIEW


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ANNUAL REPORT 2001

SOCIAL REPORT HUMAN RESOURCES AND TRAINING

S O C I A L R E P O R T

At the end of 2001, the company, together with its subsidiaries, offered 3,132 jobs, a gure that illustrates Iochpe-Maxion’s commitment to the economic development of the communities where its industrial units are established.

In order to improve the specialization and broaden the professional horizons of these workers, an amount of R$ 695 thousand was invested in training programs totaling 175 thousand hours and 2,917 participants. Besides contributing to the improvement of the overall skills of the workforce, the training programs provided by Iochpe-Maxion and its subsidiaries includes among other topics, management, formation of leaders and mentors, interpersonal communication skills and project development techniques.

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ANNUAL REPORT 2001

SOCIAL REPORT BENEFITS AND WEALTH GENERATION


As an additional way to build a positive relationship with its workforce and offer them the opportunity to fully develop their individual potential, the Company, through its subsidiaries, provides a series of direct and indirect benets. Prominent among them is the Operational Results Program aimed at rewarding the achievement of the yearly operational targets.

In 2001, this Program distributed a total of R$ 3.617 million to the workforce. The company invested another R$ 6.9 million in internal restaurant and transport programs, in addition to extensive health care coverage for the workforce and their families, which included physiotherapy, psychotherapy, audiology and speech therapy. Another R$ 312 thousand was invested in life insurance for more than 7 thousand participants.

In 2001 the subsidiary Maxion Componentes Estruturais initiated a private pension fund program consisting of contributions by both the Company and its workforce, which has already been funded with R$ 263 thousand, with 50% of this amount as a contribution from the Company.

Conscious of establishing maximum safety standards for its workforce, in 2001 Iochpe-Maxion invested R$ 823 thousand in safety programs. These investments have resulted on a relevant decrease of the quantity and seriousness of all recorded accidents for the year.

In 2001, the Generated Wealth achieved R$ 124 million, with R$ 44 million in wages and R$ 80 million in taxes.

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ANNUAL REPORT 2001

SOCIAL REPORT COMMUNITY AND PARTNERSHIP


Transform corporate know how and results into initiatives, which can bring a contribution to the community as well as the amplication of citizenship and social responsibility values were the motives to establish Fundação Iochpe (Foundation) www.ochpe.org.br in 1989. Enjoying comprehensive and resolute voluntary support of the Company’s workforce, the Foundation has been conducting projects in the areas of culture, education and social welfare, aimed mostly to low-income communities in areas where the Company’s industrial units are located. Among the most prominent initiatives are the following:

Formare ProjectThis project consists of basic level technical schools set up in industrial units, to provide education to youngsters from low-income families of neighboring communities, before leading them to the job market. The courses, which are certied by the Ministry of Education and Culture, and with the seal of approval from UNESCO, feature classes held by employees of each industrial unit who take the role of “voluntary educators”. Over the years, Formare has turned into a social franchise that is already active in nine schools, eight of which are in Brazil and one in Argentina, in the Province of Cordoba. The Project has been selected to the Social Technologies Base of Fundação Banco do Brasil (Foundation) and already has received “Top Social” award from ADVB.

PISP ProgramThis Program of Social Investment is based on the concept that sharing experience is the best way to generate results, and its objective is to encourage and advise the Iochpe-Maxion workforce to volunteer for community work. Coordinated by committees, members of the workforce dene non-prot institutions, to which they can channel knowledge about management, contributing to its development.

Arte na Escola (Art in the School)Fundação Iochpe is one of the sponsors of this Project, which aims the implementation of programs of further education for art teachers in partnership with universities, museums, foundations and state departments of education. This project, created in 1989, seeks to guarantee to all Brazilian children the access

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ANNUAL REPORT 2001

SOCIAL REPORT


to culture by means of promoting teaching of the visual arts at school. Those beneting from the program are estimated at 33 thousand teachers and 70 thousand schools in seven federal states.

SERThis project is aimed at developing potential and vocational skills of youngsters from low-income families through professional experience, carrying out basic jobs, such as messengers.

History and MemoryIochpe-Maxion has contributed to the rescue and conservation of the Railroad Heritage in the region of Vale do Paraíba, in São Paulo State, through the creation and maintenance of the Amsted-Maxion Museum.

COMMUNITY AND PARTNERSHIP

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CORPORATE INFORMATION

MANAGEMENT, DIRECTORY AND ADDRESSES

C O R P O R A T E I N F O R M A T I O N

Investor RelationsIochpe-Maxion S.A.Rua Luigi Galvani, 146 - 13th oor04575-020 - São Paulo, SP - BrazilTel.:(5511) 5508-3800 - Fax: (5511) 5506-7353Marcio Fenelon e-mail: [email protected]: www.iochpe-maxion.com.br

Shareholder ServicesBanco Bradesco S.A.Stocks and Custody DepartmentCidade de Deus - Prédio Amarelo - 2nd oor06029-900 - Osasco, SP - BrazilAll branches of Banco Bradesco S.A. are entitled to serve company shareholders.

Issuing Bank for ADRs level 11 - Symbol: IOCJYThe Bank of New York620 Avenue of the Americas - 6th oorNew York, NY 10011U.S.A.

Stock TradingIochpe-Maxion’s shares are traded on all Brazilian Stock Exchanges, with the largest traded volumes being traded on the São Paulo Stock Exchange (BOVESPA) (Symbol MYPK3 - common and MYPK4 - preferred)

Board of DirectorsIvoncy B. Ioschpe - ChairmanAntônio José de Oliveira Santos - Board MemberDaniel Ioschpe - Board MemberIboty B. Ioschpe - Board MemberJoão Carlos Zani - Board MemberJorge Eduardo Martins Moraes - Board MemberMauro Litwin Iochpe - Board MemberMauro Knijnik - Board Member

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Executive Board of DirectorsDan Ioschpe - Chief Executive OfcerOscar A. Fontoura Becker - Chief Financial Ofcer and Investor Relations Director

Managing DirectorsMaxion Componentes Estruturais Ltda. - Armando Ulbricht Jr.Amsted-Maxion Fundição e Equipamentos Ferroviários S.A. - José Antônio Correia RodriguesMaxion Nacam Ltda. - Luís Henrique FigueiredoMaxion Componentes Automotivos S.A. - Marcos Luchese

AddressesIochpe-Maxion S.A.Rua Luigi Galvani, 146 - 13th oor04575-020 - São Paulo - SP - BrazilTel: (55 11) 5508-3800 - Fax: (55 11) 5506-7353e-mail: [email protected]: www.iochpe-maxion.com.br

Maxion Componentes Estruturais Ltda.Rua Dr. Othon Barcellos, 8312700-000 - Cruzeiro - SP - BrazilTel: (55 12) 540-1000 - Fax: (55 12) 540-1185e-mail: [email protected]: www.maxioncr.com.br

Amsted-Maxion Fundição e Equipamentos Ferroviários S.A.Rua Dr. Othon Barcellos, 7712700-000 - Cruzeiro - SP - BrazilTel: (55 12) 540-1000 - Fax: (55 12) 540-1185e-mail: [email protected]: www.amsted-maxion.com.br

Maxion Componentes Automotivos S.A.Rua Haeckel Ben Hur Salvador, 10032341-000 - Contagem - MG - BrazilTel: (55 31) 3399-5000 - Fax: (55 31) 3399-5910e-mail: [email protected]




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Maxion Nacam Ltda.Rua Lecy Gomes Barbosa, 205 - Jatobá30600-220 - Belo Horizonte - MG - BrazilTel: (55 31) 3387-6061 - Fax: (55 31) 3397-6097e-mail: [email protected]




Documents

Iochpe-Maxion - Annual Report 2001