June / 2003 www.duratex.com.br
Jun 14, 2015
June / 2003
www.duratex.com.br
Business Segments
HardboardParticle BoardMDFLaminate FlooringCeiling & Wall Paneling
Metal FittingsVitreous ChinaAccessories
Corporate Events
Partial Split and Incorporation of DCE by Duratex SA
March 31st of 2003 – it was approved, by a General Ordinary Extraordinary meeting, the partial split and incorporation of the industrial units of both particle board and MDF by Duratex S. A. from DCE
The operation aimed the reducion of costs and the elimination of double taxing
There were issued 3,6 million shares of Duratex SA in order to compensate DCE’s minority shareholders
Preferred Shareholders’ Structure (April 31st)
Itaúsa23,1%
Pension Fund20,5%
Fore ign Investors
28,4%
Others22,7%
Treasury5,3%
2002 2003
Shares outstanding as of April 31st:2002: 12.179.130.021 shares, of which 7.767.712.156 Pref.2003: 11.782.716.987 shares, of which 7.370.658.030 Pref.
Itaúsa24,4%
Pension Fund23,3%
Fore ign Investor
19,7%
Others28,7%
Treasury3,9%
Preferred Stock Performance
During the first quarter of 2003, Duratex stock was traded in every working day, presenting an appreciation of 3,8%, as opposed to the Bovespa Index that practicaly have not changedduring the same period
1Q2003 675 614.400 31.947 525,7
1Q2002 418 315.400 14.623 244,3
2Q2002 469 396.100 19.838 316,0
3Q2002 543 756.600 30.051 458,0
4Q2002 739 806.100 35.442 547,0
Var. % 61,5% 94,8% 118,5% 115,1%
Deals Volume Traded (in 1,000 shares)
Financial Volume (R$ 1,000)
Avg. Financial Volume (R$ 1,000)
Performance of Duratex’ Preferred Stock
Duratex PN x Stock Indexes100 Base: from 04/30/2002 to 04/30/2003
Duratex PN x Stock Indexes100 Base: from 04/30/2002 to 04/30/2003
18,2%
6,5%
3,6%
-4,0%
60
80
100
120
140
apr/
02
may
/02
jun/0
2
jul/0
2
aug/0
2
sep/0
2
oct/0
2
nov/02
dec/0
2
jan/0
3
feb/0
3
mar
/03
apr/
03
DURA4 IBOV IBX FGV100
CAPEX Objectives
Leadership
Capacity Growth Technology update Diversity & Competitiviness
Economies of Scale
Productivity GainsCost Reduction
Improve the selling mix
CAPEX - Highlight
New MDF/HDF Plant
Location: Botucatu/SP
Total invested: R$240 M
1st. Board: Feb/3/2003
Capacity: 400.000 m3/year
CAPEX & EBITDA (R$ M)
CAPEX Jan-Mar 2003: R$54,8 MEBITDA Jan-Mar 2003: R$55,2 M
303,0
139,4
138,9
65,474,1
130,495
49,9
210,4187,5
199,4158
114,3
97,977,3
65,9
1995 1996 1997 1998 1999 2000 2001 2002
CAPEX EBITDA
Industrial Capacity & Level of Utilization (1Q2003)
82,2%
89,6%
91,2%
78,7%
99,5%
Vitreous China
Metal Fittings
MDF
Particle Board
Hardboard
640.000 m3/yr640.000 m3/yr
270.000 pieces/month
270.000 pieces/month
500.000 m3/yr500.000 m3/yr
360.000 m3/yr360.000 m3/yr
1,2 M pieces/month
1,2 M pieces/month
MDF/HDF: 400.000 m3
pre-operational
AGI Last Phase:140.000 m3
Total Debt & Amortization Schedule (R$ M)
89,9214,1
195,1
113,7
85,3
56,963,4
Debt 2003 2004 2005 2006 2007 &Beyond
Domestic Currency
Foreign Currency
100% hedged
409,2
Long-Term Amortization ScheduleNet Debt on Shareholders’ Equity: 27,2%
Exports
USA47%
Europe25%
Others16%
South & Central America
14%
1Q2002 1Q2003
USA52%
Europe23%
Others11%
South & Central America
14%
US$9,8 MUS$8,9 M +10 %+10 %
Net Revenues Breakdown
Wood Division: 63,8% Deca Division: 36,2%
Particle Board15,6%
Hardboard27,2%
Vitreous China10,6%
Metal Fitings25,6%
Laminate Flooring
7,3%
MDF13,8%
1Q2002 1Q2003
Wood Division: 64,6% Deca Division: 35,4%
Particle Board14,2%
Hardboard29,1% Vitreous
China11,1%
Metal Fittings24,3%
Laminate Flooring
7,8%
MDF13.5%
Consolidated Income Statement (R$ 1.000)
1Q2003 VA% 1Q2002 VA% HA%
NET REVENUES 220.778 100% 179.114 100% 23%COGS (122.106) 55% (97.800) 55%Depreciation/Amort./Depletion (14.801) (14.094)
GROSS PROFIT 83.871 38% 67.220 38% 25%Selling Expenses (29.940) (20.562)General & Administrative Expenses (10.368) (8.828)Lay-off Provisions (1.005) (4.663)Other Operating Results (2.222) (1.613)
INCOME BEFORE FINANCIAL RESULTS 40.336 18% 31.554 18% 28%Net Financial Result (6.771) (2.738)Taxes on Financial Operations (2.417) (1.800)Argentina - Exchange Rate Impact 950 (12.316)
OPERATING INCOME 32.098 15% 14.700 8% 118%Non Operating Income 405 2.931
INCOME BEFORE TAXES 32.503 15% 17.631 10% 84%Income Tax & Social Contribution (8.957) (3.500)Statutory Participation (2.995) (1.798)Minority Participation (42) (250)
NET INCOME 20.509 9% 12.083 7% 70%
Consolidated Operating Cash Flow Statement (R$ 1.000)
1Q2003 1Q2002
NET INCOME 20.509 12.083Depreciation/Amortization/Depletion 14.801 14.094
Interest / FX Variation (Accrual) (2.533) 6.901
Provisions / Write-Offs 4.703 4.396
SUB-TOTAL 37.480 37.474Investments in Working Capital (4.007) 5.947
OPERATING CASH FLOW 33.473 43.421
Consolidated Financial Summary (R$ M)
1Q03 1Q02 2Q02 3Q02 4Q02Net Revenues 220,8 179,1 203,2 236,4 248,2
COGS 122,1 98,4 114,1 130,1 143,4
Gross Margin Net of Deprec. 44,7% 45,1% 43,8% 45,0% 42,2%
Depreciation 14,8 13,5 13,7 14,6 14,3
Gross Profit 83,9 67,2 75,4 91,6 90,6
Gross Margin 38,0% 37,5% 37,1% 38,7% 36,5%
Operating Result 40,3 31,6 33,1 42,7 45,5
EBITDA 55,1 45,6 46,3 58,0 60,5
EBITDA Margin 25,0% 25,5% 22,8% 24,5% 24,4%
Net Income 20,5 12,1 15,0 24,8 19,8
ROE (annualized) 9,3% 5,7% 7,0% 11,5% 9,0%
Wood Division – Cost Breakdown
Hardboard Particle Board MDFRaw Material & Others 31% 58% 63%Work Force 23% 13% 12%Wood 20% 11% 9%Depreciation 5% 8% 8%Electric Power 11% 4% 6%Fuel 10% 6% 2%
Total 100% 100% 100%
0%
20%
40%
60%
80%
100%
Hardboard ParticleBoard
MDF
FuelElectric PowerDepreciationWoodWork ForceRaw Material & Others
Deca Division – Cost Breakdown
Vitreous China Metal FittingsRaw Material & Others 39% 55%Work Force 37% 34%Electric Power 3% 4%Depreciation 10% 7%Fuel 11% 0%Total 100% 100%
0%
20%
40%
60%
80%
100%
Vitreous China Metal Fittings
FuelElectric PowerDepreciationWork ForceRaw Material & Others
Financial Performance per Division
WOOD DIVISION DECA DIVISION CONSOLIDATED CONSOLIDATED CONSOLIDATED
(R$M) VA% (R$M) VA% (R$M) AV%
Net Revenues 142,6 100% 78,2 100% 220,8 100%
COGS (74,2) 52% (48,7) 62% (122,9) 56%
Depreciation (9,1) 6% (4,9) 6% (14,0) 6%
Gross Profit 59,3 42% 24,6 31% 83,9 38%
EBITDA 1T2003 42,7 30% 12,4 16% 55,1 25%
EBITDA 1T2002 35,4 31% 10,2 16% 45,6 25%
Performance
Shipments
167,4 182,7 195,2 197,4 191,0
582,2 629,4 628,4 683,8
1999 2000 2001 2002 2003
749,6812,1 823,6
881,2
( in 1.000 m3 )
10,1 10,3 10,9 11,3
3,43,23,33,23,0
1999 2000 2001 2002 2003
13,1 13,5 14,2 14,5
( in million of pieces )
Performance
Net Revenues (R$M)
169,3185,4
220,8
179,1
145,7
1Q99 1Q00 1Q01 1Q02 1Q03
CAGR: 10,9 %CAGR: 10,9 %
Performance
28,632,1
36,630,4
25,9
1Q99 1Q00 1Q01 1Q02 1Q03
Net Revenues per Employee (R$1.000)
CAGR: 9,0 %CAGR: 9,0 %
Performance
EBITDA (R$M) & Margin (%)
39,0
46,3 46,9 45,6
55,1
25,0%25,2%25,3%27,3%26,8%
1Q99 1Q00 1Q01 1Q02 1Q03
CAGR EBITDA: 9,0 %CAGR EBITDA: 9,0 %
Performance
7,8 8,19,2
7,76,8
1Q99 1Q00 1Q01 1Q02 1Q03
EBITDA per Employee (R$ 1.000)
CAGR: 7,8 %CAGR: 7,8 %
Performance
Net Income (R$M)
12,2
19,1 20,5
12,1
(18,9)
1Q99 1Q00 1Q01 1Q02 1Q03
Impacted by Devaluation of the Real
June / 2003
www.duratex.com.br