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Iochpe-Maxion - 2005 Results Conference Call Presentation

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2005 Results Conference Call Presentation

Text of Iochpe-Maxion - 2005 Results Conference Call Presentation

  • 1. Conference Call2005 ResultsFebruary 17, 2006

2. 2 DISCLAIMER 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. 3. 3 2005 HIGHLIGHTSNet income of R$72 million, a growth of 42% over the previous year; Consolidated net operating revenue of R$1,494 million, a growth of 36% over theprevious year;EBITDA(*) of R$205 million, a growth of 32% over the previous year; Net bank debt of R$125 million (R$102 million in 2004), or 0.6x EBITDA(*) (0.6x in2004) (*) 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. 4. Market2005 5. 5LIGHT COMMERCIAL BRAZIL (000 units)Production % Export = 14 05 R 01C AG= 29% 05R 01 C AG3663% 5 04 = 318 4Q 0% 04 = 3 3 216 216 4Q05 180 15611493 96 56 72 4037 500 1 0 20 3 0 40 504 052020 2020 20 4 Q4 Q Source: Anfavea 6. 6 TRUCKS BRAZIL (000 units) ProductionExport = 11% 01 05 CAG R = 54% 05R 01C AG)= (1%5 04 4Q 0 116% 107 04 = 8 6 4Q05 777969133712 75 2528 6270 10 2 0 3 0 4 0 5 04 0520 202020204 Q4 Q Source: Anfavea 7. 7BUSES BRAZIL (000 units)Production %= 11Export 05R 01C AG = 29 % 05 R 01C AG 4Q05 35 04 = 4Q (2% )2905 270 4=(2423 8 %)1913 9 7 7 7574 0 10 20 30 4 0 5 04 0520 20 20 20204 Q4 Q Source: Anfavea 8. 8AGRICULTURAL MACHINERY BRAZIL (000 units) Production = 4% Export 05R 01C AG = 39% 05 R 01C AG 4Q 05 69 04 = 4Q (42%5905 )5253 04 = ( 22%44)313121 8 616 810 9 0 10 2 0 3 0 4 0 5 04 0520 202020204 Q4 Q Source: Anfavea 9. 9 PASSENGER CARS BRAZIL (000 units) Production 7%01 05 = Export CAGR% 5 = 1701 0CAGR 6% 1,9315 04 =1,757 4Q 0 %1,4961,521 1,505 04 = 1 1 4Q05606440497453 134482 149 3193630 10 2 0 30 40 5040520 2020 20 20 4 Q 4 Q Source: Anfavea 10. 10Units RAILWAY FREIGHT CARS BRAZIL (units)Sales 7% 5 =71 0 G R0 CA 7,270= 23%5 045,642 4Q 0 2,459 2941,4471,775 748 0 1 0 2 0 3 0 40 5040520202020 20 4 Q 4 QSource: Amsted Maxion estimate 11. 11TonsRAILWAY CASTINGS BRAZIL (tons) SalesDo not includecastings used in the5 = 10% assembly of our own01 0AGRfreight cars C 5,100 3,5007% 04 = 13,3865 4T 0 2,230 2,288686 8000 1 0 20 30 40 504052020 20 20 20 4 Q 4 QSource: Amsted Maxion estimate 12. 12Units RAILWAY WHEELS BRAZIL ( 000 units)Sales = 4% 01 05CAGRDo not includecastings used in theassembly of our ownfreight cars5050 48 4Q424205 04 =(36%) 11 701020304 05 04 0520202020 20 4 Q4 QSource: Amsted Maxion estimate 13. 13 MARKET SHARE BRAZIL (2005)Chassis Commercial VehicleRailway FreightRailway Wheels CarsCastingsMaxion MaxionMaxion 84%Maxion80% 71%60% 34% 26% 3% 6%Borlem16%20%Dana OEM OtherOther Cruzao Maxion2004 69%57% 74% 80% Source: Maxion estimate 14. Consolidated Results 2005 15. 15 NET OPERATING REVENUE - 2005 R$1,494 million Segment (%)Customer (%)Automotive Comp.Volks-Divisionwagen Daimler Chrysler 6%13% Export10%General15% Motors 5% 5%Tractors40%54%4% MRS4%22%3%ScaniaCVRDAmstedFordMaxion (*) 19%Wheels and OtherChassis Division (*) Consolidation considers 50% of Amsted Maxions net operating revenue 16. 16 EXPORTS - 2005 US$96.0 million Segment (%) Destination (%) R$231.4 million Canada/Mexico11% Railway Equip.53% USA 46% South25% America 37%Commercial Vehicle11% 10% Wheels1%7% Africa/ Asia/ Middle East ChassisPacific Europe 17. 17R$ MM NET OPERATING REVENUE (R$ million)3 6% 4=4 1%5 -0 5=00 01GRCA1,494 1,099= 15% 5 04 4Q 0 676374411358 312 0 10 20 30 4 0 504 0520 20 20 2020 4 Q4 Q 18. 18 R$ MMEXPORTS (R$ million)4 8% 1% 6 5= 4=05-0 01 0GRCA231 = 20%5 04 4Q 0144101 75 484554 0 1 0 20 3 0 40 504 052020 2020 20 4 Q4 Q 19. 19GROSS PROFIT R$ MM % net sales35050%300 40%25030%200 28915021% 21% 21%20%20%19%18%228 17%100 137 10%508780 65 53 0 0% 001002003 00 4005 0405 2 2 2224Q4Q 20. 20EBIT R$ MM% net sales20020%150 15% 12%12%11%100 10%9% 9% 1787% 7%127505% 58 36 4027 23 00% 001 00 2003 00 4005 04 05 222224Q 4Q 21. 21NET FINANCIAL EXPENSES R$ MM% net sales7515% 13% 11%50 10%6% 5425 5% 413837 3%332%2%2%7 8 0 0%00 1 00 2 00 3004 00 5 04052 2 2224Q4Q 22. 22 EARNINGS AFTER FINANCIAL EXPENSESR$ MM% net sales150 15%125 10%100 9%9% 9% 751415%5%503%940% 25 33 -4%-4% 19160 (14) (18) -5% 00 1002003 00 400504 05(25)22 222 4Q 4Q (50) -10% 23. 23EBITDA (*) R$ MM% net sales250 20% 17%200 16%15% 14%14%13% 13%150 10%9%100 205 1565%50 89 58 6948 30 00% 001002 00 3004005 0405 2 222 24Q4Q(*) EBITDA, throughout this presentation means: net income plus income tax and social contribution, plus non-operatingresult, plus net financial expenses, plus depreciation and amortization, plus goodwill amortization. 24. 24NET EARNINGS R$ MM% net sales80 20% 6015% 4010% 51 727%205%5%5%5%253%189 00%-1% 001 00 2(24) 03 (5) 00 40050405 22 2022 4Q4Q(20)-5%-6%(40)-10% 25. 25NET BANK DEBTR$ MMx EBITDA (*)1502.0 1201.51.5 1.3901.1 1.0 60 125 115 102 1060.60.6 0.530 650 0.0 1 23 4 5200 200200 200 200(*) EBITDA, throughout this presentation means: net income plus income tax and social contribution, plus non-operatingresult, plus net financial expenses, plus depreciation and amortization, plus goodwill amortization. 26. 26INCOME STATEMENT (R$ thousand) YEAR(*) EBITDA, throughout this presentation means: net income plus income tax and social contribution, plus non-operatingresult, plus net financial expenses, plus depreciation and amortization, plus goodwill amortization. 27. 27 STOCK PERFORMANCE(*) after reverse split 28. Additional Information 29. 29 INCOME STATEMENT (R$ thousand) 4th QUARTER(*) EBITDA, throughout this presentation means: net income plus income tax and social contribution, plus non-operatingresult, plus net financial expenses, plus depreciation and amortization, plus goodwill amortization. 30. 30 CASH FLOW STATEMENT (R$ thousand) 31. 31 NET DEBT BREAKDOWN DEC 05 (R$ million)SHORT LONG LINESTOTAL TERM TERM Trade Finance / Export 33.9 25.459.3Equipment financing45.3 72.3 117.6 79.2 97.7 176.9 (-) Cash and cash equivalents52.0 52.0 Net debt 27.2 97.7 124.9 32. 32 DEBT INDEXATION DEC 05 (%)TJLP(BNDES64%AVERAGE COST (DEC 05)rate)In R$ - 72% CDI In US$ - 6,8% p.a.33%Dollar3% IGPM (whosale inflationindex) 33. 33 FREIGHT CARS FIRM ORDERS FOR DELIVERY IN 2006 CVRD / FCA 1,276 units Brasil Ferrovias 1,150 units MRC (Mitsui / Bunge / ALL) 300 units MRS 280 units CVG Ferrominera Orinoco 75 units Revenue approx. Total 3,081 units R$600 million 34. Conference Call2005 ResultsFebruary 17, 2006

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