Iochpe-Maxion - 2Q04 Presentation

2004 Second Quarter
Results

2004 Second Quarter Results

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

2


Iochpe-Maxion: Capital Markets and Governance

Public company since 1984
Investor Relationship
Quarterly meetings
Website – exclusive IR content
Dedicated IR team

Dividend Payout – 37% of net income after legal reserve
Stock
Growing 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

3


Corporate Structure

Bradesco Companhia Iochpe BNDESPAR Other Jun/03
Total 6,5% 20,6% 48,2% 24,7% 18,4%

Voting 18,8% 56,6% 21,8% 2,8% 3,1%

Non-voting 0,0% 1,5% 62,2% 36,3% 26,4%

Iochpe-Maxion S.A.
11
Tecob Iochpe Holdings

3 2

50% 16,5%
Maxion Componentes Amsted -Maxion Fundição Maxion Componentes
Estruturais Ltda. e Equip. Ferrov. S.A. Automotivos S.A.
2.642 3.205 1.213
83,2%
Amsted
Industries
(50%)

Employees
Consolidated - 5.474

4


Net sales breakdown by company %

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

Maxion Comp. Maxion Comp.
Autom. Autom.
14%
18%

57% 59%
29%
Amsted 2 3 %
Amsted Maxion
Maxion
Maxion Maxion
Comp. Comp.
Estruturais Estruturais

5


Automotive Industry – Brazilian Output units

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

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%

Source : Anfavea

6


Automotive Industry - Export units

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

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%

Source : Anfavea

7

Subsidiaries : MAXION COMPONENTES ESTRUTURAIS (Maxion Structural Components)

57%


Maxion Componentes Estruturais

Chassis and Siderails - 51% of net sales

Heavy Medium Light
Stamped Parts Structural
Siderails Parts

Chassis

9


Maxion Componentes Estruturais

Wheels for Vehicles - 49% of net sales

10


Maxion Componentes Estruturais R$ MM

Net Sales
600

. 4 8 4 ,2
% a.a
8,4
R =3 3 9 7 ,3
7,6
%
400
C AG =4
r%
Va %
2 6 9 ,5 3,9
2 4 0 ,7 =5
2 0 7 ,5 r%
200 1 7 4 ,1
1 8 2 ,6 Va 1 4 5 ,1
1 1 2 ,1 9 4 ,3

0
1999 2000 2001 2002 2003 2Q04 LTM 1H03 1H04 2Q03 2Q04
LTM = Last 12 months / CAGR = Compounded Annually Growth Rate

11


Maxion Componentes Estruturais - Chassis

Market Share %
1H04 1H03

73% 74%
OEM OEM
11% 10%

16% 16%
Dana Dana
Maxion Maxion

12



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

Volks- Volks-
wagen General General
Motors wagen
23% 26% Motors
12%
13%
Ford
8%
6% Ford
7% Export
26% 26% 10% Export
5%
Scania 5%
19% Daimler 14% Scania
Daimler Chrysler
Chrysler Other Other

13



New Orders: R$ 15,9 MM per year

C H A S S IS C o u n tr y S ta r tin g Annual
D a te S a le s R $ M M
S id e r a ils - W o r k h o r s e USA 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 il 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 il 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 il 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 il J u n -0 4 1 ,3
S ta m p e d P a rts - S tre p a ra v a - I v e c o B r a z il 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 it r o e n B r a z il O c t-0 4 0 ,4
S id e r a il 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 il M a y -0 4 0 ,3

14


Maxion Componentes Estruturais - Wheels

Market Share %
1H04 1H03

Other Other

9% 10%

39% 39%
52% 51%

Borlem Borlem
(Hayes) Maxion (Hayes) Maxion

15



1H04 – R$ 130,4MM 1H03 – R$ 87,3 MM
Volks- Volks-
wagen Scania
wagen Scania
Volvo
6% 12% Volvo
After 11% 5% After 6%
market market 4%
Other 13%
15% 14% Other
11%

28%
Export 2 3 % 26% Export 26% Tractors
Tractors

16



NEW ORDERS: R$ 26,6 MM per year
W HEELS C o u n tr y S t a r t in g D a t e A n n u a l S a le s
R$ M M
GKN E u ro p e / U S A S e p -0 3 1 5 ,7
J o h n D e e re B r a z il N o v -0 4 3 ,2
S tip T u n is M a y -0 4 2 ,3
D u n lo p S o u th A f r ic a J u n -0 4 1 ,5
K u rt L e y s e r C o rp . S o u th A f r ic a A p r-0 4 1 ,5
MAAP M o ro c c o M a y .0 4 1 ,0
B r id g e s to n e S p a in F e b -0 4 0 ,8
K r is ta n a s S p ir o s G re e c e J u l- 0 4 0 ,6

17

Subsidiaries : MAXION COMPONENTES AUTOMOTIVOS (Maxion Automotive Components)

14%


Maxion Componentes Automotivos

19


Maxion Componentes Automotivos R$ MM

Net Sales
150 .a.
GR = 7,7% a 1 2 7 ,6
CA
1 1 4 ,3
9 9 ,0 %
24,2
9 8 ,1
100 9 1 ,5 9 3 ,6
% =
Var 6 8 ,3
%
5 5 ,0 = 33,9
%
50 Var 3 4 , 4
2 5 ,7

0
1999 2000 2001 2002 2003 2Q04 LTM 1H03 1H04 2Q03 2Q04

20



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%

21



1H04 – R$ 68,3MM 1H03 – R$ 55,0 MM

General General
Motors Motors
25% 22%
Volks-
Volks- 20% wagen
15% wagen

31% 29%
13% 10%
Fiat SAS
SAS 7 % (Faurecia)
Fiat 5%4 % 7 % (Faurecia) 4% 8% Ford
Ford
Other After Other After
market market

22



New Orders: R$ 9,3 MM per year

M odel P ro d u c t S t a r t in g A n n u a l S a le s
D a te R$ M M
T ru 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
Fox - VW Jack O c t- 0 3 0 ,9
C e lta - G M W in d o w r a is e r M a y -0 4 0 ,8
P ic k - u p M o n ta n a - G M L a tc h N o v -0 3 0 ,3

23


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

24

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

29%


Amsted Maxion

26


Amsted Maxion R$ MM

Net Sales
6 0 0 ,0

.
a.a 4 5 6 ,0
%
%
1,9 7,3
4 0 0 ,0 =4 =8
GR %
A
3 2 8 ,1
ar %
C V 2 7 4 ,4 4,0
=9
%
Var 1 6 5 ,1
2 0 0 ,0 1 4 6 ,5
1 2 1 ,6 1 2 0 ,4
9 4 ,5 1 0 9 ,5 8 5 ,1

0 ,0

1999 2000 2001 2002 2003 2Q04 LTM 1H03 1H04 2Q03 2Q04

27


Amsted Maxion

Market Share % 1H04 1H03

Railroad Cars 75% 100%

Railroad Wheels 40% 60%

Railroad Castings 80% 80%

Industrial Castings 45% 60%
28


Amsted Maxion

1H04 – R$ 137,2 MM(*) 1H03 – R$ 73,3 MM(*)

CVRD CVRD
69%
60%

14% MRS
2% MRS

1 0 % Export 18%
3% Export
7% 3% 3% Caterpillar 3% 5%
FCA 3%
Other ADM Other FCA Caterpillar

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

29


Amsted Maxion

Spot Orders : R$ 520,0 MM

CVRD / FCA – 2.878 cars

MRS - 630 cars
Delivered
ADM - 140 cars
As of Jun 30 – 1.932 cars
Mineração Serra
and 30 boxes
do Sossego - 42 cars
Still in 2004 – 1.908 cars
MRS / ALL - 50 boxes
and 20 boxes
MRC (Mitsui) – 150 cars

Total = 3.840 cars e 50 boxes
30


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

31


Corporate Restructuring

Goal: have all autopart activities under a single entity in order to
obtain operational, administrative and tax sinergies
Transaction
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 Maxion
Sistemas Automotivos (Maxion Automotive Systems), followed by the change
of headquarters to Cruzeiro-SP
Creation of two divisions at Maxion Sistemas Automotivos
Strucutural Components Division – wheels and chassis
Automotive Components Division – automotive components

33


Corporate Restructuring: Future Structure

Iochpe-Maxion S.A.

Tecob Iochpe
Holdings
50%
Maxion Componentes Amsted -Maxion Fundição
Estruturais Ltda. e Equip. Ferrov. S.A.
93,59%
6,29% Maxion Sistemas
Automotivos S.A. Amsted
Industries
(50%)
Structural Components Automotive Components
Division Division

34


First Halfs Comparison % net sales

Operational Margins
2 2 ,1 % 2 2 ,0 %
2 0 ,8 %
1 9 ,4 %
1 7 ,2 %
1 6 ,6 %
1 5 ,6 % 1 4 ,7 %
1 4 ,4 %
1 2 ,1 %
1 0 ,3 % 1 1 ,6 %
8 ,9 %
6 ,7 %
6 ,2 %
4 ,5 % 4 ,2 %

-0 ,3 %
-3 ,8 %

-6 ,9 % G r o s s P r o f it E b itd a E b it O p e r a ti o n R e s u lt
1H00 1H01 1H02 1H03 1H04

36


First Halfs Comparison R$ MM

Operational Margins 1 0 0 ,2

6 8 ,3 7 1 ,0

4 7 ,5 5 5 ,8
4 5 ,0 4 8 ,4
3 7 ,9
3 3 ,4 3 3 ,7 3 2 ,1 3 2 ,5
2 8 ,0
1 8 ,2
9 ,9 1 2 ,1 1 2 ,9

(0 ,8 )
(7 ,4 )

(1 2 ,3 ) G r o s s P r o f it E b itd a E b it O p e r a tio n R e s u lt
1H00 1H01 1H02 1H03 1H04

37


5 Year Comparison % net sales

Operational Margins
2 1 ,4 % 2 1 ,1 %
2 0 ,2 % 1 9 ,9 %
1 8 ,5 %
1 6 ,8 %
1 5 ,5 %
1 3 ,2 % 1 3 ,2 %

8 ,8 % 8 ,9 % 8 ,5 % 9 ,6 %
7 ,2 %
4 ,6 %
7 ,4 % 2 ,9 %

-3 ,8 % -4 ,4 %

-3 ,9 %
G r o s s P r o f it E b itd a E b it O p e r a ti o n R e s u lt
2000 2001 2002 2003 2Q04 LTM
LTM = last 12 months

38


5 Year Comparison R$ MM

1 6 8 ,5
Operational Margins
1 3 6 ,6
1 1 5 ,7
1 1 2 ,0

8 6 ,6 8 9 ,4
8 0 ,1
8 1 ,1
6 9 ,0
5 5 ,0 5 7 ,9 5 7 ,5
3 6 ,4 3 8 ,9
2 7 ,0
4 6 ,3 1 9 ,4

(1 4 ,2 ) (1 7 ,9 )

(2 4 ,5 )
G r o s s P r o f it E b itd a E b it O p e r a tio n R e s u lt
2000 2001 2002 2003 2Q04 LTM
LTM = last 12 months

39


5 Year Comparison R$ MM

Net Sales
1000 a.a.
,7%
8 4 6 ,9
38
Disposals =
5 ,1%
750
6 1 5 ,4 6 2 4 ,0 A GR 6 7 5 ,7
=5
C r %
Va %
4 8 2 ,1
5,6
500 4 1 1 ,2 =6
3 7 3 ,7 %
3 1 0 ,9 Var 2 6 9 ,2
250 1 6 2 ,6

0
1999 2000 2001 2002 2003 2Q04 LTM 1H03 1H04 2Q03 2Q04

40


Consolidated

1H04 – R$ 482,1 MM 1H03 – R$ 310,9 MMM
Daimler
Chrysler Daimler
Export. Chrysler
Export. Tractors
9% General 15% 10%
12% 7% Tractors
Motors Volks-
7% 7%
Volks- After wagen
wagen 1 2 % 15% General
5 % market 8% Motors
4% MRS
5% After
4% 1 % market
18% Fiat 16% 5 % MRS
CVRD 22% CVRD 18% Fiat
Other Other

41


Net sales breakdown by customer segment %

Customer Segment 1H04 1H03

OEM producing in the country 61% 65%

- Bus, truck and light commercial 48% 47%
- Car 13% 18%

Brazilian railroad operators 27% 20%

Export 12% 15%

42


Export by product segment %

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

Automotive Automotive
Wheels Wheels
Chassis
57% 20%
51%
20%
Chassis

22% 28%
1% 1% Railroad
Equip.
Aut. Railroad Aut.
Comp. Equip. Comp.
Import 1H04 Import 1H03
US$ 6,3MM / R$ 18,6MM (*) US$ 3,8MM / R$ 12,9MM
(*) includes US$ 3,4MM / R$ 10,0MM of machinery and equipment 43


Export by destination %

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

Canada
Mexico
Canada 21%
13% 2%
South
Mexico 1 7 % America
50% 3%
USA
32% 4% Asia /
18%
South USA Oceania
America 9%
1%
7% 8% 15% Europe
Asia /
Oceania
Africa / Europe Africa /
Middle East Middle East

44


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 t s 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 it 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 ti v e ( 2 0 .0 1 3 ) - 4 ,2 % ( 1 5 .5 9 5 ) - 5 ,0 % 2 8 ,3 %
O th e r 968 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 fi 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 i o n a l r e s u lt ( 4 .3 1 2 ) - 0 ,9 % (5 7 ) 0 ,0 % 7 4 6 4 ,9 %

E a r n i n g s b e f o r e t a x e s a n d m i n o r it 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 ty i n te re 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 %

45


Net Bank Debt

R$ MM x EBITDA
2 5 0 ,0 5 ,0

2 0 8 ,4
2 0 0 ,0
1 9 4 ,8 4 ,0

3 ,6
1 4 9 ,5
1 5 0 ,0 3 ,0

1 1 5 ,0
1 0 5 ,7
2 ,2
1 0 0 ,0 2 ,0

6 5 ,1 1 ,5
1 ,3 1 ,3
5 0 ,0 1 ,1 1 ,0

0 ,0 0 ,0
1999 2000 2001 2002 2003 2Q 04 LTM

46


Bank Debt Breakdown – Jun04 R$ MM

DEBT TYPE SHORT LONG TOTAL

Local Bonds 2 6 ,1 2 6 ,1
T r a d e F in a n c e / E x p o r t L in e s 4 7 ,8 4 7 ,2 9 5 ,0
E q u ip m e n t L in e s 3 4 ,3 2 0 ,4 5 4 ,7
Hot M oney 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 le S e c u r it ie s 2 6 ,9 2 ,5 2 9 ,4

Net Debt 8 4 ,4 6 5 ,1 1 4 9 ,5

47


Bank Debt Index Breakdown – Jun04

TJLP
50% 27% (Equipment
Lines)
Dollar

15%
3% INPC
5% (consumer
IGPM inflation)
CDI
(general (interbank)
inflation)

48


Consolidated Foreign Currency Exposure – Jun04 US$ MM

B a la n c e

A s s e ts d e n o m in a te d in fo re ig n c u rre n c y
. M a r k e t a b l e S e c u r it 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 ia b ilitie s d e n o m in a te d in fo re ig n c u rre 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 ts P a y a b le (3 ,6 )
(3 2 ,2 )

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

49


Stock Performance

R $ TH O U S .
R $ / TH O U S . S H A R ES

2 6 .0 0 0
V O L U M E / M O N T H L Y A V E R A G E P R IC E 12 0 ,0
2 3 .8 8 1
IO C H P E - M A X IO N P N ( M Y P K 4 ) 10 3 ,8 7
2 2 .0 0 0 9 7 ,9 8 10 5 ,0

9 4 ,18
8 4 ,3 9 0 ,0
18 .0 0 0 8 0 ,9 8 0 ,7 7
7 9 ,6 3 8 1,3 0 7 5 ,0
8 0 ,4 7 8 ,5 1
14 .0 0 0

VO L U M E
6 0 ,0
5 1,9
10 .0 0 0 A V E R A G E P R IC E 8 .2 5 6
4 5 ,0
6 .0 0 0 4 .0 9 4
2 4 ,7 2 7 ,6 3 .6 8 9 3 .19 7 3 .7 5 5 2 .8 15 3 0 ,0
2 .6 6 5
2 6 ,8 2 5 ,2 2 6 ,8 2 6 ,4 1.3 9 8
2 .0 0 0 2 3 ,5 2 4 ,2 2 5 ,1 758 8 9 5
3 5 115 10 4 5 0 5 0 12 5 17 7 3 12 13 6 15 ,0

( 2 .0 0 0 ) -

2 3 3 3 3 3 3 03 3 3 3 3 3 4 4 4 4 4 4 04
c / 0 n / 0 b / 0 r / 0 r / 0 y / 0 n / 0 ju l/ g / 0 p / 0 t / 0 v / 0 z / 0 n / 0 b / 0 r / 0 r / 0 y / 0 n / 0 ju l/
a p c a p
d e ja f e m a m a ju a u s e o n o d e ja f e m a m a ju

50


Benchmark – Gross Profit % net sales

G e n te x
S to n e r i d g e
E a to n
S tr a tte c
Io c h p e - M a x i o n
F e d e ra l M o g u l
B o rg W a rn e r
C u m m in s
T i ta n
Te nne co
A u to li v
A m e r i c a n A x le
J o h n s o n C o n tr o ls
D u ra
V a le o
S u p e rio r
D a na
T R W A u to
C o lli n s & A i k m a n
A r v i n M e r i to r
D e lp h i
Tow er
Lear
In te r m e t
V i s te o n
0% 10% 20% 30% 40%

Avg. = 15% 2Q04 2Q03

Source: Companies releases
2004 first 6 months results of each company, except fot Strattec with 12 months result, ArvinMeritor and
Johnson Controls with 9 months.

52


Benchmark – EBIT % net sales

G e n te x
S tr a tt e c
S to n e r i d g e
A u t o li v
B o rg W a rn e r
E a to n
S u p e rio r
T i ta n
T R W A u to
D a na
Te nne co
D u ra
C u m m in s
F a u re c ia
J o h n s o n C o n t r o ls
Tower
Lear
V a le o
D e lp h i
In t e r m e t
V i s te o n
-5 % 5% 15% 25% 35%

A vg . = 6 % 2Q04 2Q03


53


Benchmark – EBITDA % net sales

S tr a tte c
B o rg W a rn e r
A u t o li v
T i ta n
T R W A u to
V a le o
Tow er
Te nne co
D a na
D u ra
C u m m in s
In t e r m e t
F a u re c ia
J o h n s o n C o n t r o ls
D e lp h i
Lear
V i s te o n
0% 5% 10% 15% 20%

2Q04 2Q03
A vg . = 1 0 %


54

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