Iochpe-Maxion - Merril Lynch Small & Mid Cap Conference Presentation

Merrill LynchSmall-Mid Cap Conference

2


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.

3


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 BNDESjoin 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 mechanismbusiness, decreasing exposure to the passenger car autopart segment

2004: Bradesco sold its stake to Iochpe Family

4


Shareholder Composition

Issued Shares (*)

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

Total 2,661,615,270 100.00%

Iochpe FamilyVoting 75.6%Non-voting 0.5%Total 26.5%

Iochpe-Maxion S.A.

Iochpe-Maxion

BNDES ParticipaçõesVoting 21.8%Non-voting 62.2%Total 48.2%

Free FloatVoting 2.6%Non-voting 37.3%Total 25.3%

Free Float – Sept. 03Voting 3.1%Non-voting 26.6%Total 18.5%

Shareholders Agreement

(*) all outstanding

5


Corporate Structure

Wheels andChassis Division

(2,974 Employees)

AutomotiveComp. Division

(1,294 Employees)

Maxion SistemasAutomotivos S.A.

Maxion ComponentesEstruturais Ltda.

Amsted Maxion Fund. eEquip. Ferroviários S.A.

(3,370 Employees)

Iochpe-Maxion S.A.(16 Employees)

Consolidated = 5,969 Employees

7.22%

AmstedIndustries

50%

50%

99.99%

92.64%

6


Net sales breakdown %

9M04 - R$ 786.8 MM 9M03 - R$ 494.9 MM

3 0 %

1 3 %

5 7 %

Amsted Maxion (*)

2 4 %

1 6 %

6 0 %


Amsted Maxion (*)

AutomotiveComp. Division Automotive

Comp. Division


(*) Consolidated figures consider 50% of the net sales of Amsted Maxion

57%

WHEEL AND CHASSIS DIVISION (*)

(*) Division of

8


Wheels and Chassis Division

9


Wheels and Chassis Division: Basics

Conformation of flat steelFocused on the commercial vehicles segment (trucks, buses, pickupsand agricultural machinery)Continuous capex resulting in an unique manufacturing facility in theSouth American market (barriers to entry)Local leadershipCost competitiveness: steel, wagesImportant export base (16% of sales)

10



Chassis - 51% of Division’s net sales – R$ 230 MM – 9M04

SiderailsStamped Parts

Chassis

StructuralParts

Heavy Medium Light

11



Wheels for Vehicles - 49% of Division’s net sales – R$ 220 MM – 9M04

12


Automotive Industry – Brazilian Output Thousand units

3Q04 3Q03 ∆% 9M04 9M03 ∆%

Cars 468.7 350.4 33.8% 1,302.6 1,104.9 17.9%

Pickups 83.0 55.4 49.8% 223.7 153.5 45.7%

Trucks 29.1 19.6 48.5% 79.1 58.3 35.6%

Buses 7.7 7.0 10.6% 21.4 20.0 7.4%

Total Vehicles 588.6 432.4 36.1% 1,626.9 1,336.7 21.7%

Agricultural Machinery 18.9 17.5 7.7% 51.1 44.1 15.8%

Source : Anfavea

13


Automotive Industry - Export Thousand units

3Q04 3Q03 ∆% 9M04 9M03 ∆%

Cars 147.1 104.8 40.3% 361.3 333.9 8.2%

Pickups 28.5 20.1 41.8% 74.5 48.8 52.7%

Trucks 7.3 3.7 98.0% 19.0 8.4 126.2%

Buses 3.3 2.5 28.4% 8.1 6.5 23.9%

Total Vehicles 186.3 131.2 41.9% 462.9 397.7 16.4%

AgriculturalMachinery 8.5 6.3 34.5% 23.2 14.9 55.5%

Source : Anfavea

14


Wheels and Chassis Division R$ MM

1 1 2

1 7 42 0 8

2 4 1

3 9 7

5 5 2

2 9 5

4 5 0

1 1 3

1 7 3

0 0

2 0 0

4 0 0

6 0 0Net Sales

CAGR = 39.9% a.a.

1999 2000 2001 2002 2003 3Q04 LTMLTM = Last 12 months / CAGR = Compounded Annual Growth Rate

∆% = 52.3%

9M03 9M04

∆% = 53.7%

3Q03 3Q04

15



Chassis – Market Share and Customer Base – 9M04

Market Share Customer Base

2 8 %

2 2 %

9 %

7 %5 %

1 6 %

1 3 %

OtherDaimlerChrysler

Volks-wagen General

Motors

Export

Ford

Scania1 5 %

1 1 %7 4 %

Maxion

Dana

OEMs

16



Wheels - Market Share and Customer Base – 9M04


2 6 %2 4 %

1 1 % 6 %6 %

1 1 %1 6 % Other

ExportTractors

Volks-wagen Scania

VolvoTrailerOEMs

3 9 %

1 0 %

5 1 %

MaxionHayes

Other

14%

AUTOMOTIVE COMPONENTS DIVISION (*)

(*) Division of

18


Automotive Components Division: Basics

Light stampingAssembly of partsFocused on passenger carsLow barriers to entryLocal leadership in main productsStrong trend for globalization

19


Automotive Components Division

Partial Divestiture – Sept.10 , 2004

Sold assets related to the window mechanism businessBuyer: Brose do Brasil Ltda. – subsidiary of Brose International GmbHAmount: R$ 17.8 millionAsset transfer in 180 daysWindow mechanism business represents:

7% of the consolidated net sales51% of the net sales to the passenger car segment

20


Automotive Components Division: Main Products

HANDBRAKELEVERS

PEDALSETS

JACKS

21



3Q04 3Q03 ∆% 9M04 9M03 ∆%

Cars 468.7 350.4 33.8% 1,302.6 1,104.9 17.9%

Pickups 83.0 55.4 49.8% 223.7 153.5 45.7%

Trucks 29.1 19.6 48.5% 79.1 58.3 35.6%

Buses 7.7 7.0 10.6% 21.4 20.0 7.4%

Total Vehicles 588.6 432.4 36.1% 1,626.9 1,336.7 21.7%

Agricultural Machinery 18.9 17.5 7.7% 51.1 44.1 15.8%

Source : Anfavea

22


Automotive Industry - Export Thousand units

3Q04 3Q03 ∆% 9M04 9M03 ∆%

Cars 147.1 104.8 40.3% 361.3 333.9 8.2%

Pickups 28.5 20.1 41.8% 74.5 48.8 52.7%

Trucks 7.3 3.7 98.0% 19.0 8.4 126.2%

Buses 3.3 2.5 28.4% 8.1 6.5 23.9%

Total Vehicles 186.3 131.2 41.9% 462.9 397.7 16.4%

AgriculturalMachinery 8.5 6.3 34.5% 23.2 14.9 55.5%

Source : Anfavea

23


Automotive Components Division R$ MM

9 29 9

9 4 9 8

1 1 4

1 3 8

8 2

1 0 5

2 73 7

0

5 0

1 0 0

1 5 0

Net Sales

CAGR = 9.0% a.a.

∆% = 28.9%

∆% = 38.6%

1999 2000 2001 2002 2003 3Q04 LTM 9M03 9M04 3Q03 3Q04LTM = Last 12 months / CAGR = Compounded Annual Growth Rate

24



Market Share % 9M04 Chassis – Market Share and Customer Base – 9M04Market Share and Customer Base – 9M04


3 1 %

2 5 %

1 4 %

7 %4 %

4 %

1 5 %

Fiat

Volks-wagen

GeneralMotors

SAS

FordAfter

MarketOther

Window mechanism 42%

Hand break lever 43%

Pedal Set 27%

Jack 20%

Latch 9%

Knob / Key / Cylinder 7%

AMSTED MAXION FUNDIÇÃO E EQUIPAMENTOS FERROVIÁRIOS

30%

Subsidiaries :

26


Amsted Maxion

27


Amsted Maxion: Basics

Integrated freight car operation: castings and car assemblyCapex + technology resulting in an unique manufacturing facility and design capabilitiesSteel castings

Transformation of steel scrapFocused on the railroad equipment and industrial businessHigh barrier to entryLocal leadershipImportant export base

Freight car assemblyAssembly of components and castingsFocused on the Brazilian railroad operatorsLow to medium entry barriersLocal leadership

28


Amsted Maxion: Main Products

RAILROADWHEELS

RAILROADFREIGHT CARS

BOOGIES

29


Brazilian railroad equipment market

Sales 3Q04 3Q03 ∆% 9M04 9M03 ∆%

Railroad freight cars – units 1,579 511 209% 4,195 1,339 213%

Railroad wheels – thous. units 13.6 8.9 53% 30.4 27.0 13%

Railroad castings – thous. tons 0.7 0.7 0% 2.7 1.6 69%

Does not include wheels and castings used in the assembly of new freight cars

30


Amsted Maxion R$ MM

9 51 2 2 1 1 0 1 2 0

3 2 8

5 5 6

2 3 6

4 6 4

8 9

1 8 9

0

2 0 0

4 0 0

6 0 0

Net Sales (*)

CAGR = 45.2% a.a.

1999 2000 2001 2002 2003 3Q04 LTM

∆% = 96.5%

9M03 9M04

∆% = 111.5%

3Q03 3Q04

(*) Amsted Maxion’s net sales. Consolidated figures consider 50% of Amsted Maxion’s salesLTM = Last 12 months / CAGR = Compounded Annual Growth Rate

31


Amsted Maxion

Market Share and Customer Base – 9M04


Railroad Freight Cars

75%

Railroad Wheels

40%

Railroad Castings

80%

Industrial Castings

50%

5 7 %1 4 %

7 %3 %3 %

4 %

1 2 %

Other Ferronorte

CVRD

Export

MRS

FCA

Caterpillar

32


Amsted Maxion

Spot Orders 2004 : R$ 580.0 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 and 50 boxes

Delivered

As of Sept. 30 – 3,116 carsand 30 boxes

Still in 2004 – 724 cars and 20 boxes

(*) Amsted Maxion’s net sales. Consolidated figures consider 50% of Amsted Maxion’s sales

33


Amsted Maxion

Spot Orders 2005 : R$ 130.0 MM (*)

MRC (Mitsui) – 350 cars

C.V.G. Ferrominera Orinoco - (Venezuela) - 225 cars

Comilog S.A. (Gabon) - 76 cars

CBG – Compagnie des Bauxites de Guinee (Guinee) - 24 cars

Total = 675 cars


34


Amsted Maxion

Recurring Orders : R$ 132.2 MM per year (*)

Caterpillar (Brazil and USA) – tractor parts - R$ 54.0MM

ASF-Amsted (USA) – railroad castings – R$ 44.7MM

C.V.G. Ferrominera Orinoco (Venezuela) – railroad castings – R$ 10.1MM

Truck OEMs (Brazil) – fifth-wheel – R$ 8.5MM

ConMet-Amsted (USA) – fifth-wheel components - R$ 7.7MM

Metso (France) – industrial castings - R$ 3.6MM

Komatsu / CNH (USA and Italy) – industrial castings - R$ 3.6MM


CONSOLIDATEDFIGURES

36


Consolidated

Net sales breakdown by customer and segment – 9M04

Customer Base Segment

1 7 %

1 3 %

9 %7 %

7 %4 %4 %

3 %

2 4 %

1 2 %

CVRD

Volks-wagen

DaimlerChrysler

Fiat

Other

Export

GeneralMotors

Tractors

Ford

MRS

OEMs producing in Brazil

- Bus, truck and

pickups - Passenger cars

61%

48% 13%

Brazilian railroad operators

26%

Export 13%

37


Consolidated

9M03 – US$ 24.9 MM / R$ 80.6 MM

5 3 % 1 7 %

1 % 2 9 %

Chassis

RailroadEquipment

Wheels

AutomotiveComp.

Exports by product segment and destination – US$ 33.6 MM / R$ 99.5 MM - 9M04

DestinationProduct Segment

5 3 %1 0 %

1 9 %

1 %7 %7 %

3 %Mexico

USA

Canada

SouthAmerica

Asia /Oceania

EuropeAfrica / Middle East

Import 9M04 - US$ 8.0MM / R$ 23.6MM (*)(*) includes US$ 3.4MM / R$ 10.0MM of machineryand equipment

38


Consolidated R$ MM

1999 2000 2001 2002 2003 3Q04 LTM

615 624

374 411

676

968

495

787

184

305

0

250

500

750

1000

Net Sales

CAGR = 41.3% a.a.

DivestiturePhase ∆% = 59.0%

∆% = 65.6%

9M03 9M04 3Q03 3Q04

LTM = Last 12 months / CAGR = Compounded Annual Growth Rate

39


Consolidated - First Nine Months % net sales

1 9 %2 1 % 2 2 % 2 2 %

8 %

- 2 %

2 3 %

1 7 %1 5 %1 5 % 1 5 %

1 6 %

9 %7 %

1 0 %1 3 %

4 %

- 5 %

- 1 %

1 0 %

G r o s s P r o f i t E B I T D A E B I T A f te r F i n a n c i a l E x p e n s e s

9M00 9M01 9M02 9M03 9M04

Operating Margins

40


Consolidated - First Nine Months R$ MM

85

63

107

175

36

(10)

68

51 45

67 74

126

2821

49

104

(3)

20

(15)

78

Gross Profit EBITDA EBIT After Financial Expenses

9M00 9M01 9M02 9M03 9M04

Operating Profits

41


Consolidated – Income Statement R$ Thous.

42


Consolidated – Income Statement R$ Thous.

43


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

44


Iochpe-Maxion: Capital Markets and Governance

Public company since 1984 / ADR Level I since 1994

Investor relationshipQuarterly 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 floatBoard with 2 independent members and no executive officer members

Audit Board (“Conselho Fiscal”) with 1 representative of the non-controlling shareholders

45


www.iochpe-maxion.com.br/

AdditionalInformation

47



02 0 04 0 06 0 08 0 0

1 0 0 01 2 0 01 4 0 01 6 0 01 8 0 0

1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 3

3 Q 0 4 L T MC a r s

48



05 0

1 0 01 5 02 0 02 5 03 0 03 5 0

1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 3

3 Q 0 4 L T MP ic k u p s

49



02 04 06 08 0

1 0 01 2 01 4 0

1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 3

3 Q 0 4 L T MT r u c k s B u s e s

50



01 02 03 04 05 06 07 08 0

1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 3

3 Q 0 4 L T MA g r ic u lt u r a l M a c h in e r y

51


Brazilian Railroad Equipment Industry Units

0

1 0 0 0

2 0 0 0

3 0 0 0

4 0 0 0

5 0 0 0

6 0 0 0

1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 3

3 Q 0 4 L T MF r e ig h t C a r s

52


Brazilian Railroad Equipment Industry Units

0

1 0 0 0 0

2 0 0 0 0

3 0 0 0 0

4 0 0 0 0

5 0 0 0 0

6 0 0 0 0

1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 3

3 Q 0 4 L T MR a ilr o a d W h e e ls

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

53


Brazilian Railroad Equipment Industry Tons

05 0 0

1 0 0 01 5 0 02 0 0 02 5 0 03 0 0 03 5 0 04 0 0 04 5 0 0

1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 3

3 Q 0 4 L T MR a ilr o a d C a s t in g s

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

54



Chassis – New Orders: R$ 19.2 MM Annual Sales

P r o d u c t / C u s t o m e r 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

L i g h t S t a m p i n g s - A r v i n M e r i t o r B r a z i l M a y . 0 5 9 . 6

M e d i u m S t a m p i n g s - D a i m l e r C h r y s l e r B r a z i l A u g . 0 4 3 . 1

C h a s s i s - V o l k s w a g e n ( C K D - M e x i c o ) B r a z i l M a r . 0 4 2 . 3

C h a s s i s - V o l k s w a g e n B r a z i l A p r . 0 4 2 . 2

L i g h t S t a m p i n g s - D a i m l e r C h r y s l e r B r a z i l J u n . 0 4 1 . 3

M e d i u m S t a m p i n 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 i d e r a i l R e i n f o r c e m e n t - D a i m l e r C h r y s l e r B r a z i l M a y . 0 4 0 . 3

55



Wheels – New Orders: R$ 17.4 MM Annual Sales

C U S T O M E R 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

W o r k h o r s e U S A J u n . 0 5 6 . 5J o h n D e e r e B r a z i l N o v . 0 4 3 . 2S t i p T u n i s i a M a y . 0 4 2 . 3D u n l o p S o u t h A f r i c 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 i c 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 i d g e s t o n e S p a i n F e b . 0 4 0 . 8K r i s t a n a s S p i r o s G r e e c e J u l . 0 4 0 . 6

56



New Orders: R$ 1,2 MM Annual Sales (*)

M o d e l - C u s t o m e r s 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

F o x - V W J a c k O c t . 0 3 0 . 9P i c k - u p M o n t a n a - G M L a t c h N o v . 0 3 0 . 3

(*) Does not include new orders of window mechanisms, due to the divestiture of this business

57


Consolidated – Net Debt Breakdown – 3Q04 – 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 7 . 3 2 7 . 3T r a d e F i n a n c e / E x p o r t L i n e s 3 5 . 9 4 5 . 6 8 1 . 5

E q u i p m e n t F i n a n c i n g L i n e s 2 4 . 9 2 0 . 3 4 5 . 2L o c a l L i n e s 2 3 . 3 2 3 . 3

1 1 1 . 4 6 5 . 9 1 7 7 . 3

( - ) 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 . 0 2 6 . 0

N e t D e b t 8 5 . 4 6 5 . 9 1 5 1 . 3

58


Consolidated –Debt Indexation – 3Q04

4 7 %

2 2 %

3 % 1 3 %

1 5 %Dollar

TJLP(BNDES

rate)

INPC(consumerInflation)CDI

(interbank)IGPM(generalInflation)

59


Consolidated – Foreign Currency Exposure – Sept. 04

US$ MMB a l a n c e S h e e t

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 1 . 8. A c c o u n t s R e c e iv a b l e 9 . 9

1 1 . 7

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 . 5 ). A c c o u n t s P a y a b l e ( 2 . 6 )

( 3 1 . 1 )

N e t P o s i t i o n ( 1 9 . 4 )

60


Stock Performance

61


Consolidated – Employee Prodctivity

W h e e ls a n d A u t o m o t iv e A m s t e d C o r p o r a t e a n dC h a s s is C o m p o n e n t s M a x io n O t h e r S e p t . 2 0 0 4 S e p t . 2 0 0 3

E m p lo y e e s 2 ,9 7 4 1 ,2 9 4 3 ,3 7 0 1 6 5 ,9 6 9 4 ,1 4 0

P r o d u c t iv i t y ( * )R $ t h o u s . / E m p lo y e e 1 8 5 .5 1 0 6 .6 1 6 4 .9 - 1 6 2 .1 1 4 5 .9

C o n s o l id a t e d ( * * )

(*) Last 12 months sales /Number of employees at the end of the period

(**) Consolidated ficgures consider 50% of Amsted Maxion

BENCHMARK

63


Benchmark – Gross Profit % net sales

Fonte: Companies releases2004 first nine months of each company, except for Strattec with 3 months result and ArvinMeritor and Johnson Controls with 12 months results

V i s te o n

T e n n e c oT i ta n

C u m m i n sV a le o

A c c u r i d e

S to n e r i d g eM a n g e ls

R a n d o n

F r a s le

T o w e r

A r v i n M e r i to r

M a g n a

B o r g W a r n e r

M a r c o p o lo

G e n te x

T R W A u toS u p e r i o r

S t r a t te cE a to n

A u to li v

L i n a m a r

D e lp h i

L e a r

C o ll i n s & A i k m a nD a n a

D u r a

J o h n s o n C o n t r o ls

A m e r i c a n A x le

F e d e r a l M o g u l

I o c h p e - M a x i o n

0 % 1 0 % 2 0 % 3 0 % 4 0 %

3 Q 0 4 3 Q 0 3

A v g . = 1 7 %

64


Benchmark – EBIT % net sales


M a g n a

G e n t e x

V is t e o nD e lp h i

C o l l in s & A ik m a nF e d e r a l M o g u lT o w e r

A r v in M e r i t o rL e a r

D u r aD a n a

V a le oC u m m in sT e n n e c o

F r a s leR a n d o n

A c c u r id eS t r a t t e c

I o c h p e - M a x i o nM a n g e ls

S t o n e r id g eM a r c o p o loB o r g W a r n e r

E a t o nA m e r ic a n A x le

L in a m a rA u t o l i vT i t a n

S u p e r io r

J o h n s o n C o n t r o lsT R W A u t o

- 5 % 5 % 1 5 % 2 5 % 3 5 %

3 Q 0 4 3 Q 0 3

A v g . = 8 %

65


Benchmark – EBITDA % net sales

T e n n e c o

M a g n aS u p e r i o r

A u to li vB o r g W a r n e r

G e n te x

T o w e rD a n a

D u r aC u m m i n s

J o h n s o n C o n t r o lsA r v i n M e r i to r

C o ll i n s & A i k m a nL e a r

D e lp h iV i s te o n

F r a s leA c c u r i d e

R a n d o nS t r a t te c

I o c h p e - M a x i o nL i n a m a rS to n e r i d g e

M a n g e ls

E a to n

T i ta nA m e r i c a n A x le

M a r c o p o lo

T R W A u to

F e d e r a l M o g u l

0 % 1 0 % 2 0 % 3 0 % 4 0 %

3 Q 0 4 3 Q 0 3

A v g . = 1 2 %


66


Balance Sheet R$ Thous.

Investor Relations

Iochpe-Maxion - Merril Lynch Small & Mid Cap Conference Presentation