Click here to load reader

Iochpe-Maxion - 1Q09 Results Presentation

  • View
    482

  • Download
    2

Embed Size (px)

DESCRIPTION

1st Quarter 2009 Presentation

Text of Iochpe-Maxion - 1Q09 Results Presentation

  • 1. 1Q09 Earnings ReleaseMay 2009

2. 4T08 / 2008 1Q09 Earnings Release The material contained in this presentation is general background information about Iochpe-Maxion S.A. (Iochpe) as of the date of the presentation. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein.This presentation contains statements that are forward-looking within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of Iochpe and its subsidiaries that may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements.Although Iochpe believes that the expectations and assumptions reflected in the forward-looking statements are reasonably based on information currently available to Iochpe management, Iochpe cannot guarantee future results or events. Iochpe expressly disclaims a duty to update any of the forward-looking statement.This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. 2 3. 4T08 / 20081Q09 Earnings ReleaseHIGHLIGHTS Consolidated net operating revenue R$ 290.6 million in the 1Q09, a reduction of 27.4% over thesame period of last year EBITDA(*) of R$ 25.2 million in the 1Q09, a reduction of 58.1% when compared to the sameperiod of last yearNet loss of R$ 3.2 million in the 1Q09, a reduction of 109.2% when compared to the same periodof last yearNet bank debt of R$ 188.1 million (R$ 161.9 million in March 2009), or 0,8x LTM EBITDA (0,9x inMarch 2008) (*) EBITDA, throughout this presentation means: net income plus income tax and social contribution, plus non-operating result, plus net financial expenses, plus depreciation and amortization, plus goodwill amortization. 3 4. 4T08 / 2008 1Q09 Earnings ReleaseMAIN DRIVERS Reduction of Brazilian production of vehicles and agricultural machineries Reduction of domestic demand for railway freight carsReduction of exportsFinancial expenses on the operations to fix the future value of the dollar (NDFs) 4 5. Industry Performance 6. 4T08 / 2008 1Q09 Earnings ReleaseLIGHT COMMERCIALS BRAZIL (000 units) ProductionExport448156153 406144 3793661221079230142005 2006200720081Q08 1Q09 2005 20062007 2008 1Q08 1Q09 1Q09 08 = -13.7%1Q09 08 = -53.7%CAGR 2005 08 = 7.0%CAGR 2005 08 = -7.9%Source: Anfavea 6 7. 4T08 / 2008 1Q09 Earnings ReleaseTRUCKS BRAZIL (000 units) ProductionExport16741 38 39 39137 117 106 379253 20052006200720081Q08 1Q09 2005 20062007 20081Q08 1Q09 1Q09 08 = -33.3%1Q09 08 = -62.6%CAGR 2005 08 = 12.6% CAGR 2005 08 = 0.9%Source: Anfavea7 8. 4T08 / 2008 1Q09 Earnings ReleaseBUSES BRAZIL (000 units) ProductionExport 19 4439 16 1615 3534 118 3 2 20052006200720081Q08 1Q09 2005 20062007 2008 1Q08 1Q09 1Q09 08 = -24.8%1Q09 08 = -41.1%CAGR 2005 08 = 7.9%CAGR 2005 08 = -5.6%Source: Anfavea 8 9. 4T08 / 2008 1Q09 Earnings ReleaseAGRICULTURAL MACHINERY BRAZIL (000 units) ProductionExport 85 31 31 30 27 652253 46 19 715 4 2005 2006200720081Q08 1Q09 2004 2005 2006 200720081Q08 1Q09 1Q09 08 = -22.9% 1Q09 08 = -40.4%CAGR 2005 08 = 17.1% CAGR 2005 08 = -1.1%Source: Anfavea 9 10. 4T08 / 2008 1Q09 Earnings ReleasePASSENGER CARS BRAZIL (000 units) ProductionExport2,567 6842,388635588 2,092558 2,009638 536138 6820052006 200720081Q08 1Q09 2005 20062007 20081Q08 1Q09 1Q09 08 = -15.9%1Q09 08 = -51.2%CAGR 2005 08 = 8.5%CAGR 2005 08 = -6.56%Source: Anfavea10 11. 4T08 / 20081Q09 Earnings ReleaseRAILWAY FREIGHT CARS BRAZIL (units)7,270 Sales 1Q09 08 = -72.1%5,118 CAGR 2005 08 = -11.0%3,6681,2491,2533492005 200620072008 1Q081Q09 Vendas Source: Amsted Maxion estimate11 12. 4T08 / 2008 1Q09 Earnings ReleaseMARKET SHARE BRAZILRailway FreightChassis Cars15%33% 34%50%OthersOthers MaxionMaxion85%67% 66%50%1Q08 1Q091Q081Q09 Commercial Vehicles Wheels Railway Castings 20%20%37% 43%OthersOthers MaxionMaxion80%80%63% 57% 1Q08 1Q091Q081Q09 Source: Iochpe-Maxion estimate 12 13. Financial and OperatingPerformance 14. 4T08 / 2008 1Q09 Earnings ReleaseNET OPERATING REVENUE (R$ million) 1,828 Net Operating Revenue 1,4941Q09 08 = -27.4%1,2481,289 CAGR 2005 08 = 7.0% 401291 20052006 2007 20081Q08 1Q0914 15. 4T08 / 20081Q09 Earnings ReleaseNET OPERATING REVENUE (R$ million)1Q091Q08 43.9 54.6 Domestic: 1Q09 08 = -28.7% 246.8 346.0Export: 1Q09 08 = -19.6% DomesticExport Domestic Export46.6109.7 25.5Wheels and Chassis: 1Q09 08 = -15.8% 218.5 Automotive Comp.:1Q09 08 = -18.7% 259.6 31.4 Amsted Maxion:1Q09 08 = -57.5%Wheels & ChassisAutomotive Comp.Wheels & Chassis Automotive Comp.Amsted-Maxion Amsted-Maxion15 16. 4T08 / 20081Q09 Earnings ReleaseNET OPERATING REVENUE Revenue by Customer 1Q09Revenue by Customer 1Q08CaterpillarCaterpillar 1% 1%Others ALLALL9% 6% Others 2%Daim ler 12%Daim ler 13%14% Export 14% VW 21% VW 17% Vale Fiat2% Vale4%TractorsExport9%Ford 7%15% Fiat3% Scania5% GMB Ford Tractors 5%GMBMRS5% MRS5% 7%Scania 2% 8%9% 4%16 17. 4T08 / 20081Q09 Earnings ReleaseEXPORTS (USD million) 146119120 Exports1Q09 08 = -40.3% 96CAGR 2005 08 = 15.0%31 192005 20062007 2008 1Q08 1Q09 17 18. 4T08 / 2008 1Q09 Earnings ReleaseEXPORTS BY DIVISION1Q09 - US$ thousand1Q08 - US$ thousandVariation 1Q09 - 08 = -40.3% 10.46.9 Wheels & Chassis: 1Q09 08 = -43.1%11.8 20.8Automotive Comp.:1Q09 08 = -80.5% Amsted Maxion:1Q09 08 = -34.1%0.2 0.0 Wheels & Chassis Automotive Comp.Wheels & Chassis Automotive Comp. Amsted-MaxionAmsted-Maxion 1Q09 - R$ thousand1Q08 - R$ thousand18.2 16.1 Variation 1Q09 - 08 = -19.6%27.7 36.1 Wheels & Chassis: 1Q09 08 = -23.2%Automotive Comp.:1Q09 08 = -74.1%0.1 0.3Amsted Maxion:1Q09 08 = -11.5% Wheels & Chassis Automotive Comp.Wheels & Chassis Automotive Comp.Amsted-MaxionAmsted-Maxion 18 19. 4T08 / 20081Q09 Earnings ReleaseGROSS PROFIT (R$ million) Gross Profit 1Q09 08 = -49.3% 357CAGR 2005 08 = 16.1%289228236 21921% 20%20%19%18% 18%14% 8040 20042005200620072008 1Q08 1Q09 Gross Profit% NOR 19 20. 4T08 / 2008 1Q09 Earnings ReleaseEARNINGS BEFORE INCOME TAX EBIT (R$ million)178232 EBIT1Q09 08 = -72.0% 136 126CAGR 2005 08 = 9.2% 52 12% 13%11%10%13% 155%2005 2006200720081Q08*1Q09 EBIT %NOR (*) In compliance with Instruction 539/08 of CVM (Brazils securities commission) of March 14, 2008 and guidance of the Accounting Pronouncement Committee, Iochpe-Maxion incorporated the amounts accounted as non-operating expenses in 2008 into operating expenses, therefore reducing EBIT presented in the 1Q08 presentation20 21. 4T08 / 2008 1Q09 Earnings ReleaseEBITDA* (R$ million) EBITDA 268 1Q09 08 = -59.5% 205 CAGR 2005 08 = 9.3% 163 15615% 15%14%13%12% 60 8% 24 2005 2006 2007 2008 1T08**1T09 EBITDA%NOR (*) EBITDA, throughout this presentation means: net income plus income tax and social contribution, plus non-operating result, plus net financial expenses, plus depreciation and amortization, plus goodwill amortization (**) In compliance with Instruction 539/08 of CVM (Brazils securities commission) of March 14, 2008 and guidance of the Accounting Pronouncement Committee, Iochpe-Maxion incorporated the amounts accounted as non-operating expenses in 2008 into operating expenses, therefore reducing EBIT presented in the 1Q08 presentation21 22. 4T08 / 2008 1Q09 Earnings ReleaseNET FINANCIAL EXPENSES (R$ million) Net Financial Expenses1Q09 08 = 746.6% 37CAGR 2005 08 = -8.9% 6%28212% 2%2%16 1% 1% 10 -22005 2006 2007 2008 1Q08 1Q09Financial Expenses %NOR 22 23. 4T08 / 20081Q09 Earnings ReleaseIMPACT OF THE FX RATE VARIATION 1Q09 ValueImpactBalance US$ millionR$ MM Impact of the FX rate variation on Financial Expense (Revenue) NDF Expired 24.010.6NDF to Expire*6.8 2.9 Financial Exp./Rev. 13.5 Operations related to fix the future value of the dollarContracted Value Average FXGain/LossPeriod Operations US$ RateR$ thousand (NDFs)At the end NDFs (selling)30,0501.9010 13,509 If the operations would expire on 03/31/2009 (at FX Rate of R$of 1Q09 Total NDFs 13,5092.3297) , it would represent a negative result of R$ 13.5 million(R$ 8.9 net of taxes)At the end of the 1Q09, the Equity had a positive adjustment of R$ 7.1 million, due to the market value of the non- deliverable forward operations (negative adjustment of R$ 8.9 million, net of taxes) and the FX rate variation of the foreign investments (positive adjustment of R$ 16.0 million)(*) provision for NDFs related to selling future dollar that at the end of the quarter had no forecasted exports shipment for the subsequent months23 24. 4T08 / 20081Q09 Earnings ReleaseNET INCOME (R$ million)Net Income214 1Q09 08 = -109.1% CAGR 2005 08 = 43.8%76 12% 9%6% 5% 7272 58 76 5%133 35-1% -3 2005 2006 2007 20081Q081Q09Net Income %NOR 24 25. 4T08 / 2008 1Q09 Earnings ReleaseNET BANK DEBT (R$ million) 256 1881621321281251.0 0.8 0.90.8 0.80.62005 2006200720081Q081Q09 Net Debtx EBITDA* (*) EBITDA, throughout this presentation means: net income plus income tax and social contribution, plus non-operating result, plus net financial expenses, plus depreciation and amortization, plus goodwill amortizationLTM EBITDA 25 26. 4T08 / 2008 1Q09 Earnings ReleaseINDEBTEDNESS Mar/08 (R$ million)Debt by Lines97100BNDES-EXIM45% WorkingCapit

Search related