Institutional Presentation 2Q12
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Transcript of Institutional Presentation 2Q12
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Caxias do Sul September, 2012
CORPORATE
PRESENTATION
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This presentation contains future information. Such information is not simply historical
facts, but reflects the desires and the expectations of the Companys leadership. The
words anticipates, desires, hopes, forecasts, intends, plans, predicts, projects, wishes and
similar ones, intend to identify affirmations that necessarily involve known and unknownrisks. Known risks include uncertainties that are not limited to the impact of the
competitiveness of the prices and services, market acceptance of services, the Companys
service transitions and its competitors, the approval of regulations, currency, fluctuation in
the exchange rate, changes in the mix of services offered, and other risks described in the
reports of the Company. This presentantion is updated until the present date. However,
Marcopolo is not obligated to update it with new information and/or future events.
DISCLAIMER
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Marcopolo as a Leading Player
Bus Market Overview
Corporate Governance
Operating & Financial Highlights
Sustainability
Marcopolo Corporation
Product Line
OUTLINE
Volare Business
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33.1% Return On Equity in 2Q12
HIGHLIGHTS 20.5% Return on Invested Capital in 2Q12
Market Value Added oriented Company
PRODUCTS
State-of-the-art technology
Integrated production of nearly all parts used in manufacturing process
Complete product line: coaches, transit buses, midi, micro & minibuses
Founded in 1949, Marcopolo has more than 63 years in the business
OVERVIEW Four factories in Brazil and eight abroad
MARCOPOLOS PROFILE
Over 20,000 employees in Brazil and abroad
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EGYPT
SOUTH AFRICA
COLOMBIA
MEXICOINDIA
CHINA
ARGENTINA
BRAZIL
(components)
2011 = 1,2342012g = 1,500
2011 = 1,0492012g = 900
2011 = 21,1892012g = 20,000
2011 = 1,2932012g = 700
2011 = 2132012g = 300
2011 = 2402012g = 200
2011 = 6,3082012g = 8,400
MARCOPOLOS TOTAL
PRODUCTION
2011 = 31,526
2012g = 32,500
Variation = + 3.1%
g = year-end 2012 expectation according to the guidance reviewed and published on August 6 th, 2012. All figures are related to Marcopolos stake in each business.
AUSTRALIA
2012g = 500
RUSSIA(Commercial JV)
STRATEGIC POSITIONING
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17,807
21,81119,384
27,580
31,526 32,500
2007 2008 2009 2010 2011 2012 EDomestic Market External Market
+14.3%
39%
61%
39%
61%
37%
63%
38%
62%
36%
64% 62%
38%
Consolidated Production 2011
*E = expected
MARCOPOLOS PRODUCTION (Units)
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Marcopolo as a Leading Player
Bus Market Overview
Corporate Governance
Operating & Financial Highlights
Sustainability
Marcopolo Corporation
Product Line
OUTLINE
Volare Business
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Founded in 1957
Volare Production started in 1998
Production Capacity: 7,500 units/year
2011 Production: 4,870 units
2011 Net Revenue: R$ 624.9 million
New facility in Brazil with annualcapacity of 1,000 units/year is expected
to go online in the second half of 2013.
ABOUT VOLARE
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Facility inCaxias do Sul
GLOBAL POSITIONINGExports from Brazil
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3,048 2,988 2,879 2,8553,159
5,070
3,6233,896
4,870
1,727
0
1000
2000
3000
4000
5000
6000
2003 2004 2005 2006 2007 2008 2009 2010 2011 1H12
VOLARES PRODUCTION (Units)
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0%
10%
20%
30%
40%
50%
60%
Escolarbus Tourism /Chartering
City Government'sSales
School BusDriver
7%
36%
10%
39%
7%7%
45%
8%
34%
6%8%
51%
9%
26%
6%
2009 2010 2011
MARKET SEGMENTATION
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Marcopolo as a Leading Player
Bus Market Overview
Corporate Governance
Operating & Financial Highlights
Sustainability
Marcopolo Corporation
Product Line
OUTLINE
Volare Business
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21,787 21,381
25,28026,983
27,952
32,027
35,410
25,645
33,395
35,989
16,544
29.8%32.8% 35.4%
46.9%
34.1%31.6%
28.9%
17.7%15.3%
11.7% 10.2%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1H12
Brazilian Production Exports
+7.8%
SOURCE: Fabus does not include Volares production.
BRAZILIAN BUS BODY PRODUCTION(Units)
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320.2 335.2353.6
375.7401.0
424.1452.0
486.6
13.1
14.313.6
13.8 13.9
14.114.5
14.7
2004 2005 2006 2007 2008 2009 2010 2011
Total Fleet (thousand un its) Average Fleet Age (years)
Total Fleet & Average Age
SOURCE: Fenabrave and Denatran.
BRAZILIAN BUS FLEET
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49.8%
47.0%45.9%
42.8%
39.2%
44.7%43.0% 41.7%
46.3% 45.7% 45.3%
0%
10%
20%
30%
40%
50%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1H12
MP/Ciferal
Busscar
Caio/ Induscar
Comil
Neobus
Mascarello
Other (*)
SOURCE: Fabus/Simefre.
(*) Irizar, Metalbus.
MARKET SHARE IN BRAZIL (%)
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Marcopolo as a Leading Player
Bus Market Overview
Corporate Governance
Operating & Financial Highlights
Sustainability
Marcopolo Corporation
Product Line
OUTLINE
Volare Business
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2010 2011 2012 E 2Q11 2Q12 1H11 1H12
46.3 45.7 44.7 45.6 45.4 45.3
2010 2011 2Q11 2Q12 1H11 1H12
32,500
27,580
7,376
+8.1%
-0.6pp
7,976
14,258
+9.2%
-0.1pp
52%
48%
58%
42%
53%
47%
*E = expected
62%
38%
61%
39%
DM
EM
15,563
31,526
57%
43%60%
40%
+0.9pp
+14.3%
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TOTAL PRODUCTION (units)& MARKET SHARE (%)
Marcopolos Total Production
Marcopolos Market Share in Brazil
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631.3
741.7
157.8 172.1
320.4358.7
21.3% 22.0% 20.5% 18.7% 20.9% 19.9%
2010 2011 2Q11 2Q12 1H11 1H12
2010 2011 2012 E 2Q11 2Q12 1H11 1H12
+13.6%
1,799.2
2,964.5
+12.0%
3,368.9
1,531.5
3,800.0
+17.5%
+17.5%
66%
34%
70%
30%
70%
27%
73%
30%
+9.1%
DM
EM
*E = expected
918.6770.2
+19.3%
70%30%
59%41%
22
FINANCIAL HIGHLIGHTS(R$ Milllion)
Total Net Revenues
Gross Profit and Margin
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398.3
464.1
97.3 92.3
195.7 203.2
13.4% 13.8% 12.6% 10.0% 12.8% 11.3%
2010 2011 2Q11 2Q12 1H11 1H12
295.8
344.0
76.360.6
152.1139.0
10.0% 10.2% 9.9% 6.6% 9.9% 7.7%
2010 2011 2Q11 2Q12 1H11 1H12
+3.8%
+16.3%
-8.6%
+16.5%
-5.1%
-20.6%
23
FINANCIAL HIGHLIGHTS(R$ Milllion)
EBITDA and Margin
Net Profit and Margin
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81.5 74.7
220.0
45.2
190.1
2010 2011 2012 E 1H11 1H12
2010 2011 1H11 1H12
Investments
+29.5%
508.4 526.4
681.6
0.3x-
= Financial Segment = Industrial Segment
+320.6%
463.9
-
-8.3%
-8.8%
*E = expected
25
0.1x
FINANCIAL HIGHLIGHTS(R$ Milllion)
Net Indebtedness
Net Debt (IndustrialSegment)/LMT EBITDA
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Marcopolo as a Leading Player
Bus Market Overview
Corporate Governance
Operating & Financial Highlights
Sustainability
Marcopolo Corporation
Product Line
OUTLINE
Volare Business
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SHAREHOLDERS
FISCAL COUNCIL
IR DIRECTOR
EXECUTIVE COMITEE
CEO
BOARD OF ADMINISTRATION
INTERNAL AUDIT
EXTERNAL AUDIT
COMITEE OF:
HR AND ETHICS
STRATEGY AND INNOVATION
AUDIT ANS RISK
ORGANIZATION CHART
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Independent Board Members (5 out of 7)
Fiscal Council
Support Committees: Human Resouces & Ethics; Audit & Risks; Strategy & Innovation; andExecutive
Independent External Audit
Tag Along (100% Common and 80% Preferred shares)
BM&FBovespa Corporate Governance Level 2 since 2002
Financial Statements in IFRS
Code of Conduct
Disclosure and Negotiation Policy
Participation in the BMF&Bovespa IBrX , IGC, SMLL, INDX, IDIV and ITAG indexes
Heirs Succession Plan
Marcopolo adopts corporate governance best practices, following the principles of transparency,accountability, social responsibility and equitable treatment of shareholders.
CORPORATE GOVERNANCE
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65.9%
15.2%
9.1%
6.1% 3.7%
Common Shares
As of August 31 st , 2012.
SHAREHOLDING DISTRIBUTION
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Preferred Shares
As of August 31 st , 2012.
52.6%
23.6%
5.6%
16.2% 1.1 % 0 .9 %
SHAREHOLDING DISTRIBUTION
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448.450.042 Total Shares
277,637,170 PN Shares
170,812,872 ON Shares
Free Float: 74.2% (outstanding shares)
Market cap on August 31 st , 2012
R$ 5.1 billion
CORPORATE STRUTURE
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8/28/2011 11/28/2011 2/28/2012 5/28/2012 8/28/2012
Marcopolo PN x Ibovespa - Base 100POMO4: +75.9%
IBOV: +3.4%
R$ 6.11
56,495 pts
R$ 10.75
58,406 pts
STOCK PERFORMANCE
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0
1000
2000
3000
4000
5000
6000
-
5,0
10,0
15,0
20,0
25,0
30,0
Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12
M a r k e
t C a p
( R $ M i l l i o n
)
A v e r a g e
D a i l y V o
l u m e
( R $ M i l l i o n )
Average Daily Volume (R$ MM) Market Cap (R$ MM)
Marcopolo PN - POMO4
SHARE LIQUIDITY & VALUATION
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80.2
120.5
146.5134.4 136.5
295.8
344.0
42.4 50.4
75.0
52.1
71.8
150.0166.1
53%
42%
51%
39%
53%51%
48%
2005 2006 2007 2008 2009 2010* 2011*
Net Profit (Company) Dividends Pay Out (in%)
AVERAGE PAY OUT:48%
* 2011 and 2010 Net Profit according to IFRS standards.
SHAREHOLDER REMUNERATION
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Marcopolo as a Leading Player
Bus Market Overview
Corporate Governance
Operating & Financial Highlights
Sustainability
Marcopolo Corporation
Product Line
OUTLINE
Volare Business
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Source: www.transportdirect.info. ABRATI e ANAC.
CO 2 EMISSION COMPARISON
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WHICH WAY IS SUSTAINABLE?
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Marcopolo as a Leading Player
Bus Market Overview
Corporate Governance
Operating & Financial Highlights
Sustainability
Marcopolo Corporation
Product Line
OUTLINE
Volare Business
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GB Polo - Suez - Egipty
MASA - Johannesburg South Africa
Polomex - Monterrey - Mexico
Superpolo Cota - Colombia Ana Rech - Caxias do Sul-RS - Brazil
Planalto - Caxias do Sul-RS - Brazil
Neobus - Caxias do Sul-RS - Brazil
Ciferal - Duque de Caxias -RJ - Brazil
Tata MP Motors LMTD - Dharward - India
Tata MP Motors LMTD - Lucknow - India
Metalpar - Loma Hermosa - Argentina
Volgren Melbourne - Australia
BUS BUSINESS UNITS
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Marcopolo as a Leading Player
Bus Market Overview
Corporate Governance
Operating & Financial Highlights
Sustainability
Marcopolo Corporation
Product Line
OUTLINE
Volare Business
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PRODUCT FAMILY
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Carlos ZignaniInvestor Relations Director
Tel: +55 (54) 2101.4115
Thiago A. DeiroInvestor Relations Manager
Tel: +55 (54) 2101.4660
www.marcopolo.com.br/ir
INVESTOR RELATIONS CONTACTS