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Iochpe-Maxion 1Q06 Results Fall Slightly
1. Results Results
First Quarter 2006
First Quarter 2006
May 5, 2006
1
2. Results
First Quarter 2006
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.
2
3. Results
First Quarter 2006
1Q06 HIGHLIGHTS
Net income of R$14.9 million, 1.4% less than 1Q05;
Consolidated net operating revenue of R$340.3 million, 3.5% decrease over 1Q05;
EBITDA(*) reached R$44.7 million, 6.4% decrease over 1Q05;
Net bank debt of R$150.8 million (R$157.8 million in 1Q05), or 0.7x LTM EBITDA(*) (0.9x in 1Q05)
(*) EBITDA, throughout this presentation means: net income plus income tax and social contribution, plus non-operating
result, plus net financial expenses, plus depreciation and amortization, plus goodwill amortization.
3
15. Results
First Quarter 2006
NET OPERATING REVENUE – 1Q06
R$ 340 million
Segment (%) Customer (%)
Automotive Comp.
Daimler
Division Chrysler
Volks-
wagen
6% 11% Brasil
12% Ferrovias
10%
CVRD/ 12% General
41% FCA 6% Motors
53% 4% Scania
4%
19% 3% Tractors
Exports
Amsted Ford
Maxion (*) Wheels and 19%
Chassis Division
Other
(*) Consolidation considers 50% of Amsted Maxion’s net operating revenue
15
16. Results
First Quarter 2006
EXPORTS – 1Q06
US$29 million
R$63 million
Segment (%) Destination (%)
Canada/
Mexico
8%
63%
Railway
Equip. USA 50%
26% South
America
30% Commercial
Vehicle
7% 6% 10%
Wheels
Chassis Africa/
Europe Middle East
16
22. Results
First Quarter 2006
EBITDA (*)
R$ MM % net sales
250 20%
17%
200 16%
15%
14% 14% 14%
13% 13%
150
10%
100 205
156
5%
50 89
69
58
48 45
0 0%
00
1
00
2
00
3
00
4
00
5 05 06
2 2 2 2 2 1Q 1Q
(*) 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.
22
24. Results
First Quarter 2006
NET BANK DEBT
R$ MM x EBITDA (*)
200 2.0
175
150 1.5 1.5
1.3
125
1.1
100 1.0
0.9
158
75 151
0.7
0.6 1250.6
115
106
50 0.5
102
65
25
0 0.0
00
1
00
2
00
3
00
4
00
5 05 06
2 2 2 2 2 1Q 1Q
(*) 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.
24
28. Results
First Quarter 2006
BALANCE SHEET (R$ thousand)
ASSETS Mar ´06 Mar ´05 LIABILITES AND EQUITY Mar ´06 Mar ´05
CURRENT CURRENT
Cash and marketable securities 22,639 30,287 Loans 113,814 144,965
Receivables 186,422 180,713 Payables 64,501 73,969
Inventories 131,822 160,479 Costumers advances 51,984 69,558
Recoverable taxes 18,895 26,648 Wages and charges 29,507 25,403
Other 28,077 18,833 Taxes 9,360 23,601
387,855 416,960 Provisions 7,869 15,067
Other 12,648 36,820
289,683 389,383
LONG TERM LONG TERM
Receivables 2,832 4,533 Loans 59,625 42,148
Deferred income taxes 28,945 40,090 Provisions 62,601 36,918
Other 13,762 29,872 Other 14,865 4,246
45,539 74,495 137,091 83,312
MINORITY INTEREST 195 176
PERMANENT EQUITY
Investments 369 265 Paid-up capital 161,463 161,463
Plant, property and equipment 235,540 178,763 Profit reserves 68,468 24,770
Deferred items 2,501 3,736 Retained earnings 14,904 15,115
238,410 182,764 244,835 201,348
671,804 674,219 671,804 674,219
28
29. Results
First Quarter 2006
NET DEBT BREAKDOWN – MAR ‘06 (R$ million)
Lines Short Term Long Term Total
Trade Finance / Export 27.9 15.0 42.9
Equipment financing 82.6 44.6 127.2
Other lines in R$ 3.3 3.3
113.8 59.6 173.4
(-) Cash and Cash equivalents 22.6 22.6
Net Debt 91.2 59.6 150.8
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30. Results
First Quarter 2006
DEBT INDEXATION – MAR ‘06 (%)
TJLP
(BNDES Average Cost (1Q06)
rate) 71%
In R$ 71% CDI
In US$ 7.8% p.a.
2% 25%
2% Dollar
IGPM Interbank
(whosale rate
inflation
index)
30
31. Results
First Quarter 2006
FREIGHT CARS – FIRM ORDERS FOR DELIVERY IN 2006
CVRD / FCA 1,276 units
Brasil Ferrovias 720 units
MRC (Mitsui / Bunge / ALL)
(Mitsui 300 units
Revenue Approx.
MRS 280 units
R$510 million
CVG Ferrominera Orinoco 50 units
Itaú Leasing (Inlogs / ALL)
Itaú (Inlogs 69 units
Total 2,695 units
31
32. Results
First Quarter 2006
SHAREHOLDER COMPOSITION : MAR ´06
Iochpe Family BNDES Participações Other
Voting 74.6% Voting 21.8% Voting 3.6%
Non-Voting
Non- 0.4% Non-Voting
Non- 27.6% Non-Voting
Non- 72,0%
Total 26.1% Total 25.6% Total 48.3%
Issued Shares (*)
Common 18,428,597 34.62%
Preferred 34,803,707 65.38%
Total 53,232,304 100.00%
32
33. Results
First Quarter 2006
STOCK PERFORMANCE
R$ THOUS. R$ / SHARE (*)
5,000 24.0
DAILY VOLUME / MONTHLY AVERAGE PRICE
IOCHPE-MAXION PN (MYPK4)
4,500 21.1
20.0
4,000
16.8 18.8
16.2 16.2 18.0
3,500 16.3 16.0 15.9
15.5 3,225 16.0
14.114.2 14.2 14.4
3,000 13.6
12.4
PRICE 2,388
2,500 12.0
9.6
2,000 8.7 8.5
VOLUME
6.8 8.0
1,500 1,385 5.5 1,366
4.9 4.7
4.0 4.0 1,004 966
1,000
4.0 3.9 4.1 849
4.0
556
500 401 354 253 381
262 296 289 333 303 384
171 205 183 144 156
43 151 190 123 139
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