Iochpe-Maxion - 2Q04 Presentation

2004 Second Quarter Results


2

Iochpe-Maxion : Fundamentals

Strong organic growth of revenues

Growing cash flow generation

Solid capital structure

Focus on equipments related to the logistics industry

Local market leadership

Growing exports

Capacity expansion in line with demand growth


3

Iochpe-Maxion: Capital Markets and Governance

Public company since 1984

Investor RelationshipQuarterly meetings

Website – exclusive IR content

Dedicated IR team

Dividend Payout – 37% of net income after legal reserve

StockGrowing liquidity and float

Low Economic Value / EBITDA ratio

Board with 1 independent member and without any officer

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


4

Corporate Structure

11

Bradesco Companhia Iochpe BNDESPAR Other

Maxion ComponentesEstruturais Ltda.

Amsted -Maxion Fundiçãoe Equip. Ferrov. S.A.

Maxion ComponentesAutomotivos S.A.

50%

Amsted Industries(50%)

6,5% 20,6% 48,2% 24,7%

Iochpe-Maxion S.A.

Tecob

Employees

Consolidated - 5.474

1.2132.642 3.205

23

Iochpe Holdings

18,8% 56,6% 21,8% 2,8%

0,0% 1,5% 62,2% 36,3%

18,4%

3,1%

26,4%

Jun/03

16,5%

83,2%

Total

Voting

Non-voting


5

Net sales breakdown by company %

1H04 - R$ 482,1 MM 1H03 - R$ 310,9 MM

2 9 %

1 4 %

5 7 %

Maxion Comp.

Estruturais

Amsted Maxion

Maxion Comp.Autom.

2 3 %

1 8 %

5 9 %

Maxion Comp.

Estruturais

Amsted Maxion

Maxion Comp.Autom.


6

Automotive Industry – Brazilian Output units

2Q04 2Q03 Var% 1H04 1H03 Var%

Source : Anfavea

Cars 430,3 384,3 12,0% 833,9 754,5 10,5%

Light commercials 73,1 53,8 35,8% 140,7 98,1 43,4%

Trucks 27,0 18,6 45,1% 50,0 38,7 29,1%

Buses 7,8 6,7 15,7% 13,7 13,0 5,7%

Total Vehicles 538,2 463,5 16,1% 1.038,3 904,3 14,8%

Agricultural Machinery 17,2 15,5 11,3% 32,3 26,6 21,2%


7

Automotive Industry - Export units

2Q04 2Q03 Var% 1H04 1H03 Var%

Source : Anfavea

Cars 119,2 137,0 (13,0%) 214,2 229,1 (6,5%)

Light commercials 25,7 16,8 52,8% 46,0 28,7 60,3%

Trucks 6,8 2,8 142,3% 11,7 4,7 148,3%

Buses 2,8 2,0 36,8% 4,8 4,0 21,0%

Total Vehicles 154,5 158,7 (2,6%) 276,7 266,4 3,8%

Agricultural Machinery 7,7 4,8 60,3% 14,7 8,6 70,9%

Subsidiaries : MAXION COMPONENTES ESTRUTURAIS (Maxion Structural Components)

57%


9

Maxion Componentes Estruturais

Chassis and Siderails - 51% of net sales

SiderailsStamped Parts

Chassis

Structural Parts

Heavy Medium Light


10

Maxion Componentes Estruturais

Wheels for Vehicles - 49% of net sales


11

Maxion Componentes Estruturais R$ MM

1 1 2 , 1

1 7 4 , 12 0 7 , 5

2 4 0 , 7

3 9 7 , 3

4 8 4 , 2

1 8 2 , 6

2 6 9 , 5

9 4 , 31 4 5 , 1

0

2 0 0

4 0 0

6 0 0Net Sales

CAGR = 38,4% a.a.

1999 2000 2001 2002 2003 2Q04 LTMLTM = Last 12 months / CAGR = Compounded Annually Growth Rate

Var% = 47,6%

1H03 1H04

Var% = 53,9%

2Q03 2Q04


12

Maxion Componentes Estruturais - Chassis

Market Share %1H04 1H03

1 6 %

1 1 %7 3 %

Maxion

Dana

OEM

1 6 %

7 4 %

Maxion

1 0 %

Dana

OEM


13


Net sales breakdown by customer %1H04 – R$ 139,1MM 1H03 – R$ 95,3 MM

2 6 %

2 3 %

8 %

7 %5 %

1 9 %

1 2 %

OtherDaimlerChrysler

Volks-wagen General

Motors

Export

Ford

Scania

2 6 %

2 6 %

6 %

1 0 %5 %

1 4 %

1 3 %

Volks-wagen

DaimlerChrysler

Other

Scania

Ford

Export

GeneralMotors


14


New Orders: R$ 15,9 MM per year

C H A S S I S 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

S id e r a i ls - W o r k h o r s e U S A S e p - 0 3 5 , 4

M e d iu m S t a m p in g s - D a im le r C h r y s le r B r a z i l A u g - 0 4 3 , 1

C h a s s is ( C K D - M é x ic o ) - V o lk s w a g e n B r a z i l M a r - 0 4 2 , 3

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

L ig h t S t a m p in g s - D a im le r C h r y s le r B r a z i l J u n - 0 4 1 , 3

S t a m p e d P a r t s - S t r e p a r a v a - I v e c o B r a z i l S e p - 0 3 0 , 9

M e d iu m S t a m p in 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 id e r a i l R e in f o r c e m e n t - D a im le r C h r y s le r B r a z i l M a y - 0 4 0 , 3


15

Maxion Componentes Estruturais - Wheels

Market Share %

1H04 1H03

3 9 %

9 %

5 2 %

MaxionBorlem(Hayes)

Other

3 9

Borlem(Hayes)

%

1 0 %

5 1 %

Maxion

Other


16



2 6 %2 3 %

1 1 % 6 % 5 %

1 4 %1 5 %Other

ExportTractors

Aftermarket

Volks-wagen Scania

Volvo

2 6 %2 8 %

1 2 % 6 %4 %

1 1 %1 3 %

Aftermarket

Volks-wagen Scania

Volvo

Other

Export Tractors


17


NEW ORDERS: R$ 26,6 MM per year

W H E E L S 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

G K N E u r o p e / U S A S e p - 0 3 1 5 , 7J o h n D e e r e B r a z i l N o v - 0 4 3 , 2S t ip T u n is M a y - 0 4 2 , 3D u n lo p S o u t h A f r ic 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 ic 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 id g e s t o n e S p a in F e b - 0 4 0 , 8K r is t a n a s S p i r o s G r e e c e J u l - 0 4 0 , 6

Subsidiaries : MAXION COMPONENTES AUTOMOTIVOS (Maxion Automotive Components)

14%


19

Maxion Componentes Automotivos


20

Maxion Componentes Automotivos R$ MM

9 1 , 59 9 , 0

9 3 , 6 9 8 , 1

1 1 4 , 3

1 2 7 , 6

5 5 , 0

6 8 , 3

2 5 , 73 4 , 4

0

5 0

1 0 0

1 5 0Net Sales

CAGR = 7,7% a.a.

Var % = 24,2%

Var % = 33,9%

1999 2000 2001 2002 2003 2Q04 LTM 1H03 1H04 2Q03 2Q04LTM = Last 12 months / CAGR = Compounded Annually Growth Rate


21


Market Share % 1H04 1H03

Window raiser mechanism 43%

42%

Hand break lever

43%

45%

Latch

10%

12%

Knob / Keys / Cylinder (KKC)

8%

9%

Jack

20%

15%


22



3 1 %

2 5 %

1 3 %

7 %4 %5 %

1 5 %

Fiat

Volks-wagen

GeneralMotors

SAS(Faurecia)

FordAfter

market

2 9 %

2 2 %

1 0 %

7 %8 %4 %

2 0 %

SAS(Faurecia)

GeneralMotors

Fiat

Aftermarket

Ford

Volks-wagen

OtherOther


23


New Orders: R$ 9,3 MM per year

M o d e l 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

T r u c k - V W W in d o w r a is e r / K K C / L o c k J u n - 0 5 7 , 3

F o x - V W J a c k O c t - 0 3 0 , 9C e l t a - G M W in d o w r a is e r M a y - 0 4 0 , 8P ic k - u p M o n t a n a - G M L a t c h N o v - 0 3 0 , 3


24

Brazilian market of railroad equipment

Sales 2Q04 2Q03 Var% 1H04 1H03 Var%

Railroad freight cars – units 1.563 492 218% 2.616 828 216%

Railroad wheels – thous. units 10,3 3,9 161% 16,8 18,1 (7%)

Railroad castings – thous. ton 1,2 0,6 121% 2,0 0,9 129%

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

AMSTED MAXION FUNDIÇÃO E EQUIPAMENTOS FERROVIÁRIOS (Amsted Maxion Foundry and Railroad Equipments)

29%

Subsidiaries :


26

Amsted Maxion


27

Amsted Maxion R$ MM

9 4 , 51 2 1 , 6 1 0 9 , 5 1 2 0 , 4

3 2 8 , 1

4 5 6 , 0

1 4 6 , 5

2 7 4 , 4

8 5 , 1

1 6 5 , 1

0 , 0

2 0 0 , 0

4 0 0 , 0

6 0 0 , 0Net Sales

CAGR = 41,9% a.a.

1999 2000 2001 2002 2003 2Q04 LTM

Var % = 87,3%

1H03 1H04

Var % = 94,0%

2Q03 2Q04LTM = Last 12 months / CAGR = Compounded Annually Growth Rate


28

Amsted Maxion

Market Share % 1H04 1H03

Railroad Cars 75%

100%

Railroad Wheels

40%

60%

Railroad Castings

80%

80%

Industrial Castings

45%

60%


29

Amsted Maxion

Net sales breakdown by customer %1H04 – R$ 137,2 MM(*) 1H03 – R$ 73,3 MM(*)

6 9 %

2 %

3 % 5 %3 %

1 8 %

Other Caterpillar

CVRD

Export

MRS

6 0 %

1 4 %

3 %3 %7 % 3 %

1 0 %

Other

Caterpillar

CVRD

Export

MRS

FCAADM FCA

(*) accounts for 50% of the total net sales of Amsted Maxion


30

Amsted Maxion

Spot Orders : R$ 520,0 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 e 50 boxes

Delivered

As of Jun 30 – 1.932 carsand 30 boxes

Still in 2004 – 1.908 cars and 20 boxes


31

Amsted Maxion

Recurring Orders : R$ 113,3 MM per year

ASF-Amsted (USA) – railroad castings - R$ 51,4MM

ConMet-Amsted (USA) – fifth-wheels component - R$ 8,3MM

Caterpillar (Brazil) – tractor parts - R$ 20,8MM

Caterpillar (USA) – tractors parts - R$ 25,9MM

Metso (France) – industrial castings - R$ 3,7MM

Komatsu / CNH (USA and Italy) – industrial castings - R$ 3,2MM

CORPORATE RESTRUCTURING


33

Corporate Restructuring

Goal: have all autopart activities under a single entity in order to obtain operational, administrative and tax sinergiesTransaction

Transfer of assets and liabilities of Maxion Componentes Estruturais to Maxion Componentes Automotivos, evaluated at book value

In exchange of the assets and liabilities received, Maxion Componentes Automotivos issued shares in favor of Maxion Componentes Estruturais

Change of denomination from Maxion Componentes Automotivos to MaxionSistemas Automotivos (Maxion Automotive Systems), followed by the change of headquarters to Cruzeiro-SP

Creation of two divisions at Maxion Sistemas AutomotivosStrucutural Components Division – wheels and chassis

Automotive Components Division – automotive components


34

Corporate Restructuring: Future Structure

Structural ComponentsDivision

Automotive ComponentsDivision

Maxion SistemasAutomotivos S.A.

Maxion ComponentesEstruturais Ltda.

Amsted -Maxion Fundiçãoe Equip. Ferrov. S.A.

50%

Amsted Industries(50%)

Iochpe-Maxion S.A.

Tecob IochpeHoldings

93,59%

6,29%

CONSOLIDATED FIGURES


36

First Halfs Comparison % net sales

1 7 , 2 %1 9 , 4 %

2 2 , 0 % 2 0 , 8 %

4 , 5 %

- 6 , 9 %

2 2 , 1 %

1 6 , 6 %1 4 , 4 %

1 2 , 1 %

1 5 , 6 % 1 4 , 7 %

8 , 9 %

6 , 2 %

1 0 , 3 % 1 1 , 6 %

4 , 2 %

- 3 , 8 %

- 0 , 3 %

6 , 7 %

G r o s s P r o f i t E b i td a E b i t O p e r a t i o n R e s u lt

1H00 1H01 1H02 1H03 1H04

Operational Margins


37

First Halfs Comparison R$ MM

4 7 , 53 7 , 9

6 8 , 3

1 0 0 , 2

9 , 9

( 1 2 , 3 )

4 5 , 0

3 3 , 72 8 , 0

3 3 , 4

4 8 , 4

7 1 , 0

1 8 , 21 2 , 1

3 2 , 1

5 5 , 8

( 0 , 8 )

1 2 , 9

( 7 , 4 )

3 2 , 5


1H00 1H01 1H02 1H03 1H04

Operational Margins


38

5 Year Comparison % net sales

1 8 , 5 %2 1 , 1 % 2 0 , 2 % 1 9 , 9 %

- 3 , 9 %

2 1 , 4 %

1 5 , 5 %1 6 , 8 %

8 , 8 %

1 3 , 2 % 1 3 , 2 %

7 , 4 %

7 , 2 %8 , 9 % 8 , 5 % 9 , 6 %

2 , 9 %

- 4 , 4 %- 3 , 8 %

4 , 6 %


2000 2001 2002 2003 2Q04 LTM

Operational Margins

LTM = last 12 months


39

5 Year Comparison R$ MM

1 1 5 , 7

8 6 , 6

1 3 6 , 6

1 6 8 , 5

( 2 4 , 5 )

8 0 , 1

5 7 , 96 9 , 0

5 5 , 0

8 9 , 4

1 1 2 , 0

4 6 , 32 7 , 0 3 6 , 4

5 7 , 58 1 , 1

( 1 4 , 2 )

1 9 , 4

( 1 7 , 9 )

3 8 , 9


2000 2001 2002 2003 2Q04 LTM

Operational Margins

LTM = last 12 months


40

5 Year Comparison R$ MM

1999 2000 2001 2002 2003 2Q04 LTM

6 1 5 , 4 6 2 4 , 0

3 7 3 , 7 4 1 1 , 2

6 7 5 , 7

8 4 6 , 9

3 1 0 , 9

4 8 2 , 1

1 6 2 , 6

2 6 9 , 2

0

2 5 0

5 0 0

7 5 0

1 0 0 0Net Sales

CAGR = 38,7% a.a.

Disposals

Var% = 55,1%

Var% = 65,6%

1H03 1H04 2Q03 2Q04

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


41

Consolidated

Net sales breakdown by customer %1H04 – R$ 482,1 MM 1H03 – R$ 310,9 MMM

1 8 %

1 2 %

9 %7 %

7 %5 %4 %

4 %

2 2 %

1 2 %

CVRD

Volks-wagen

DaimlerChrysler

Fiat

Other

Export.GeneralMotors

Tractors

Aftermarket

1 6 %

1 5 %

1 0 %7 %

8 %

5 %1 %

5 %

1 8 %

1 5 %

CVRD

Volks-wagen

DaimlerChrysler

Fiat

Other

Export.

GeneralMotors

Tractors

Aftermarket

MRS

MRS


42

Net sales breakdown by customer segment %

Customer Segment 1H04 1H03

OEM producing in the country

- Bus, truck and light commercial - Car

61%

48% 13%

65%

47% 18%

Brazilian railroad operators 27% 20%

Export 12% 15%


43

Export by product segment %

1H04 – US$ 19,6MM / R$ 58,8MM 1H03 – US$ 14,7MM / R$ 50,8MM

5 7 %2 0 %

1 % 2 2 %

5 1 % 2 0 %

1 % 2 8 %

Chassis

Chassis

RailroadEquip.

AutomotiveWheels

Aut.Comp.

RailroadEquip.

Aut.Comp.

AutomotiveWheels

Import 1H04

US$ 6,3MM / R$ 18,6MM (*)

Import 1H03

US$ 3,8MM / R$ 12,9MM(*) includes US$ 3,4MM / R$ 10,0MM of machinery and equipment


44

Export by destination %

1H04 – US$ 19,6MM / R$ 58,8MM 1H03 – US$ 14,7MM / R$ 50,8MM

5 0 %

1 3 %

1 8 %

1 %8 %7 %

3 %

3 2 %

2 1 %

1 5 %

2 %

USA

Canada

Africa / Middle East

Mexico

USA

Canada

SouthAmerica

Asia /Oceania

EuropeAfrica / Middle East

1 7 %

4 %9 %

Mexico

SouthAmerica

Asia /Oceania

Europe


45

Income Statement R$ MM

1 H 0 4 % s a le s 1 H 0 3 % s a le s V a r %N e t s a le s 4 8 2 .0 9 4 1 0 0 ,0 % 3 1 0 .8 6 4 1 0 0 ,0 % 5 5 ,1 %( - ) C o s t o f p r o d u c ts s o ld ( 3 8 1 .9 3 4 ) - 7 9 ,2 % ( 2 4 2 .6 1 7 ) - 7 8 ,0 % 5 7 ,4 %

G r o s s p r o f i t 1 0 0 .1 6 0 2 0 ,8 % 6 8 .2 4 7 2 2 ,0 % 4 6 ,8 %

O P E R A T IO N A L E X P E N S E S S a le s ( 2 5 .3 5 8 ) - 5 ,3 % ( 1 9 .8 1 0 ) - 6 ,4 % 2 8 ,0 % A d m i n i s t r a t i v e ( 2 0 .0 1 3 ) - 4 ,2 % ( 1 5 .5 9 5 ) - 5 ,0 % 2 8 ,3 % O th e r 9 6 8 0 ,2 % ( 7 1 5 ) - 0 ,2 % - 2 3 5 ,4 %

( 4 4 .4 0 3 ) - 9 ,2 % ( 3 6 .1 2 0 ) - 1 1 ,6 % 2 2 ,9 %

E B IT 5 5 .7 5 7 1 1 ,6 % 3 2 .1 2 7 1 0 ,3 % 7 3 ,6 %

N e t f i n a n c i a l e x p e n s e s ( 2 3 .2 4 7 ) - 4 ,8 % ( 1 9 .1 8 5 ) - 6 ,2 % 2 1 ,2 %

O p e r a t io n R e s u l t 3 2 .5 1 0 6 ,7 % 1 2 .9 4 2 4 ,2 % 1 5 1 ,2 %

N o n - o p e r a t io n a l r e s u l t ( 4 .3 1 2 ) - 0 ,9 % ( 5 7 ) 0 ,0 % 7 4 6 4 ,9 %

E a r n in g s b e f o r e t a x e s a n d m in o r i t y in t . 2 8 .1 9 8 5 ,8 % 1 2 .8 8 5 4 ,1 % 1 1 8 ,8 %

T a x e s a n d m i n o r i t y i n te r e s t ( 1 3 .8 8 0 ) - 2 ,9 % ( 8 .9 5 6 ) - 2 ,9 % 5 5 ,0 %

N e t In c o m e 1 4 .3 1 8 3 ,0 % 3 .9 2 9 1 ,3 % 2 6 4 ,4 %

E B IT D A 7 0 .9 6 2 1 4 ,7 % 4 8 .4 2 4 1 5 ,6 % 4 6 ,5 %


46

Net Bank Debt

2 0 8 , 41 9 4 , 8

6 5 , 1

1 0 5 , 7 1 1 5 , 0

1 4 9 , 53 , 6

2 , 2

1 , 11 , 5

1 , 3 1 , 3

0 , 0

5 0 , 0

1 0 0 , 0

1 5 0 , 0

2 0 0 , 0

2 5 0 , 0

1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 Q 0 4 L T M0 , 0

1 , 0

2 , 0

3 , 0

4 , 0

5 , 0

R$ MM x EBITDA


47

Bank Debt Breakdown – Jun04 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 6 , 1 2 6 , 1T r a d e F i n a n c e / E x p o r t L i n e s 4 7 , 8 4 7 , 2 9 5 , 0

E q u i p m e n t L i n e s 3 4 , 3 2 0 , 4 5 4 , 7H o t M o n e y 3 , 1 3 , 1

1 1 1 , 3 6 7 , 6 1 7 8 , 9

( - ) 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 , 9 2 , 5 2 9 , 4

N e t D e b t 8 4 , 4 6 5 , 1 1 4 9 , 5


48

Bank Debt Index Breakdown – Jun04

5 0 % 2 7 %

3 %5 %

1 5 %

Dollar

TJLP(Equipment

Lines)

INPC(consumerinflation)CDI

(interbank)IGPM

(generalinflation)


49

Consolidated Foreign Currency Exposure – Jun04 US$ MM

B a l a n c e

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 3 , 8. A c c o u n t s R e c e iv a b l e 5 , 4

9 , 2

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 , 6 ). A c c o u n t s P a y a b l e ( 3 , 6 )

( 3 2 , 2 )

N e t P o s i t i o n ( 2 3 , 0 )


50

Stock Performance

3 5 115 10 4 5 0 5 0 12 5 17 7 3 12 13 61.3 9 8

3 .6 8 9

7 5 8 8 9 5

2 3 .8 8 1

3 .19 7 3 .7 5 52 .6 6 5

8 .2 5 6

4 .0 9 42 .8 15

2 3 ,52 6 ,8 2 5 ,2

2 4 ,7

2 4 ,2 2 5 ,1 2 6 ,8 2 6 ,42 7 ,6

5 1,9

8 0 ,9 8 4 ,3

9 7 ,9 8

7 9 ,6 38 0 ,7 7

10 3 ,8 7

7 8 ,5 18 1,3 0

9 4 ,18

8 0 ,4

( 2 .0 0 0 )

2 .0 0 0

6 .0 0 0

10 .0 0 0

14 .0 0 0

18 .0 0 0

2 2 .0 0 0

2 6 .0 0 0

d e c /0 2ja n /0 3f e b /0

3m a r / 0

3a p r / 0

3m a y /0 3

ju n /0 3ju l/ 0

3a u g /0

3s e p /0 3

o c t / 03

n o v / 0 3d e z /0 3

ja n / 0 4fe b /0

4m a r / 0

4a p r /0

4m a y /0 4

ju n /0 4ju l/ 0

4

-

15 ,0

3 0 ,0

4 5 ,0

6 0 ,0

7 5 ,0

9 0 ,0

10 5 ,0

12 0 ,0V O L U M E / M O N T H L Y A V E R A G E P R IC E IO C H P E - M A X IO N P N ( M Y P K 4 )

R $ T H O U S . R $ / T H O U S . S H A R E S

A V E R A G E P R I C EV O L U M E

BENCHMARK


52

Benchmark – Gross Profit % net sales

V i s te o n

L e a r

D e lp h i

T R W A u toD a n a

V a le o

A u to li vT e n n e c o

T i ta nC u m m i n s

B o r g W a r n e rF e d e r a l M o g u l

S t r a t te cE a to n

S to n e r i d g eG e n te x

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

A m e r i c a n A x le

D u r a

S u p e r i o r

C o lli n s & A i k m a nA r v i n M e r i to r

T o w e r

In te r m e t

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

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

2 Q 0 4 2 Q 0 3A v g . = 1 5 %

Source: Companies releases2004 first 6 months results of each company, except fot Strattec with 12 months result, ArvinMeritor andJohnson Controls with 9 months.


53

Benchmark – EBIT % net sales

C o lli n s & A i k m a n

V a le o

T o w e rJ o h n s o n C o n t r o ls

F a u r e c i aC u m m i n s

D u r aT e n n e c o

D a n aT R W A u to

T i ta nS u p e r i o r

A m e r i c a n A x leE a to nB o r g W a r n e rA u to li v

S to n e r i d g eIo c h p e - M a x i o n

S t r a t te cG e n te x

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

A r v i n M e r i to r

D e lp h iIn te r m e t

V i s te o n

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

2 Q 0 4 2 Q 0 3A v g . = 6 %



54

Benchmark – EBITDA % net sales

V i s te o n

C o lli n s & A i k m a n

D e lp h iJ o h n s o n C o n t r o lsF a u r e c i a

C u m m i n s

F e d e r a l M o g u lT e n n e c o

V a le oT R W A u to

T i ta nA u to li v

A m e r i c a n A x leB o r g W a r n e r

Io c h p e - M a x i o nS t r a t te c

T o w e r

D a n aD u r a

In te r m e t

A r v i n M e r i to r

L e a r

0 % 5 % 1 0 % 1 5 % 2 0 %

2 Q 0 4 2 Q 0 3A v g . = 1 0 %
