Duratex - 1st Half 2003

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Duratex - 1st Half 2003

  1. 1. 1st Semester of 2003 www.duratex.com.br
  2. 2. Business Segments Hardboard Metal Fittings Particle Board Vitreous China MDF Accessories Laminate Flooring Ceiling and Wall Paneling
  3. 3. Main Competitors Hardboard Metal Fittings Eucatex Docol Particle Board Fabrimar Berneck Vitreous China Eucatex Elizabeth Placas do Paraná Icasa Satipel Ideal Standard Tafisa Hervy MDF/HDF Roca (Group ICL) Masisa Placas do Paraná Tafisa Laminate Flooring Eucatex Tafisa
  4. 4. Preferred Shareholders´ Structure (as of July 31st) 2003 2003 2002 2002 Itaúsa Itaúsa 24,4% 23,1% Pe nsion Pe nsion Funds Tre asury Tre asury Funds 20,8% 2,0% 5,4% 22,6% Othe rs Othe rs 29,7% 23,1% Fore ign Fore ign Inve stors Inve stors 21,3% 27,6% Shares outstanding as of July 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.
  5. 5. Preferred Stock Performance During the first semester of 2003, Duratex’ stock presented an appreciation of 22,1% as the Bovespa index appreciated by 15,1%. Share s Trade d Trade d Volume Daily Ave rage De als (1,000) (R$ 1,000) Volume (R$ 1,000) 2nd Quarter 03 817 690.300 40.577 662,7 1st Quarter 03 675 614.400 31.947 525,7 4th Quarter 02 739 806.100 35.442 547,0 3rd Quarter 02 543 756.600 30.051 458,0 2nd Quarter 02 469 396.100 19.838 316,0 1st Se me ste r 02 887 711.500 34.461 280,2 1st Se me ste r 03 1.492 1.304.700 72.524 594,2 Var. % 68,2% 83,4% 110,5% 112,1%
  6. 6. Performance of Duratex’ Preferred Stock Duratex PN X Selected Stock Indexes Duratex PN X Selected Stock Indexes 100 Base: July/31/2002 100 Base: July/31/2002 170 51,9% 150 49,8% 130 39,6% 39,0% 110 90 2 2 2 2 2 2 3 3 3 3 3 3 3 l/ 0 g /0 p/ 0 t/ 0 v/ 0 c/ 0 n/ 0 b/ 0 r/ 0 r/ 0 y/ 0 n/ 0 l/ 0 ju au se oc no de ja fe m a ap m a ju ju DURATEX IBOVESPA IBX FGV 100
  7. 7. CAPEX & EBITDA (R$ M) 199,4 210,4 187,5 98,2 94,6 91,9 303,0 187,9 138,9 139,4 103,5 73,5 2000 2001 2002 1HY01 1HY02 1HY03 CAPEX EBITDA
  8. 8. CAPEX Highlight – MDF/HDF Production Capacity: 400.000 m3/year Break through technology protected by a secrecy agreement between Duratex and the supplier of the equipment This new plant will allow Duratex the leadership within the fabrication of this type of panel Ramp-up of the equipment: feb/03 mar/03 apr/03 may/03 jun/03 jul/03 PRODUCTION - 5.825 9.218 9.471 11.249 12.122
  9. 9. Industrial Capacity & Levels of Utilization (1HY2003) Hardboard 89,1% 360.000 m3/year 360.000 m3/year Particle Board AGI last phase: 500.000 m3/year 77,6% 140.000 m3 500.000 m3/year MDF/HDF: 400.000 m3 640.000 m3/year MDF 93,4% 640.000 m3/year pre-operational 1,2 M Me tal Fittings 1,2 M 81,7% pieces/month pieces/month 270.000 Vitre ous China 270.000 85,9% pieces/month pieces/month
  10. 10. Debt Structure and Amortization Schedule (R$ M) BNDES & FINAME DEBENTURE IFC ACC TOTAL FOREIGN 30,3 - 98,4 17,1 145,8 DOMESTIC 162,5 50,9 - - 213,4 TOTAL 192,8 50,9 98,4 17,1 359,2 359,2 60,0 Foreign 88,4 Currency 145,9 100% hedged 55,8 60,9 Domestic 213,3 94,1 Currency Total De bt 2003 2004 2005 2006 2007 & Be yond
  11. 11. Net Revenues Breakdown 1HY2003 1HY2002 Laminate Laminate MDF Particle MDF Flooring Flooring 15% Board 11% 8% 7% Particle 14% Board 14% Me tal Me tal Fittings Fittings 24% 25% Hardboard Hardboard Vitre ous 33% Vitre ous 28% China China 11% 10% Wood Division: 65% Wood Division: 65% Deca Division: 35% Deca Division: 35%
  12. 12. Exports 1HY2003 1HY2003 1HY2002 1HY2002 South & Central Americ a South & 13% Central America United States 13% United States 54% 44% Europe 25% Europe 19% Others Others 18% 14% US$ 19,7 M = = US$19,7 M
  13. 13. Consolidated Income Statement (R$ 1.000) 1HY2003 VA% 1HY2002 VA% HA% NET REVENUES 446.055 100% 382.361 100% 17% COGS (257.510) 58% (212.500) 56% Depreciation/Amort./Depletion (28.323) (27.209) GROSS PROFIT 160.222 36% 142.652 37% 12% Selling Expenses (64.441) (49.733) General & Administrative Expenses (21.362) (18.590) Lay-off Provisions (2.396) (6.396) Other Operating Results (3.715) (3.280) INCOME BEFORE FINANCIAL RESULTS 68.308 15% 64.653 17% 6% Net Financial Result (21.795) (17.405) Taxes on Financial Operations (5.580) (4.500) OPERATING INCOME 40.933 9% 42.748 11% -4% Non Operating Income 3.552 3.654 INCOME BEFORE TAXES 44.485 10% 46.402 12% -4% Income Tax & Social Contribution (12.232) (14.845) Statutory Participation (4.002) (4.125) Minority Participation (99) (367) NET INCOME 28.152 6% 27.065 7% 4%
  14. 14. Consolidated Financial Summary (R$M) 2Q03 1Q03 4Q02 3Q02 2Q02 Ne t Re ve nue s 225,3 220,8 248,2 236,4 203,2 COGS Ne t of De pr/Amort/De pl. 134,6 122,8 143,4 130,1 114,1 Gross Margin Ne t of De pr/Amort/De pl. 40,3% 44,4% 42,2% 45,0% 43,8% De pre ciation/Amortization/De ple tion 14,2 14,1 14,3 14,6 13,7 Gross Profit 76,4 83,9 90,6 91,6 75,4 Gross Margin 33,9% 38,0% 36,5% 38,7% 37,1% Ope rating Re sult 28,0 40,3 45,5 42,7 33,1 EBITDA 43,0 55,1 60,5 58,0 46,3 EBITDA Margin 19,1% 25,0% 24,4% 24,5% 22,8% Ne t Income 7,6 20,5 19,8 24,8 15,0 ROE (annualize d) 3,4% 9,3% 9,0% 11,5% 7,0%
  15. 15. Consolidated Income Statement – Deca Piazza (R$ 1.000) 1HY2003 VA% 1HY2002 VA% NET REVENUES 5.681 100% 3.093 100% Cost of Goods Sold (4.366) 77% (3.591) 116% Depreciation/Amortization/Depletion (256) 5% (148) 5% GROSS PROFIT 1.059 19% (646) 21% Selling Expenses (162) 3% (453) 15% General and Administrative Expenses (446) 8% (2.384) 77% INCOME BEFORE FINANCIAL RESULTS 451 8% (3.483) 113% Net Financial Result 795 14% (4.471) 145% NET INCOME 1.246 22% (7.954) 257%
  16. 16. Consolidated Operating Cash Flow Statement (R$ 1.000) 1HY2003 1HY2002 NET INCOME 28.152 27.065 Depreciation/Amortization/Depletion 29.855 27.245 Interest / FX Variation (Accrual) (11.927) 42.360 Provisions / Write-Offs 13.456 9.146 SUB-TOTAL 59.536 105.816 Investments in Working Capital (23.861) 500 OPERATING CASH FLOW 35.675 106.316
  17. 17. Wood Division – Cost Breakdown Hardboard Particle Board MDF Raw Material 32% 59% 64% Work Force 25% 11% 11% Wood 19% 11% 9% Depreciation 5% 8% 8% Electric Power 11% 5% 6% Fuel 8% 6% 2% Total 100% 100% 100%
  18. 18. Deca Division – Cost Breakdown Vitreous China Metal Fittings Raw Material & Others 37% 54% Work Force 39% 35% Electric Power 3% 3% Depreciation 9% 7% Fuel 11% 0% Total 100% 100%
  19. 19. Financial Performance per Division (R$M) WOOD DIV ISION DECA DIV ISION CON SOLIDATED (R$M) V A% (R$M) V A% (R$M) V A% N et Revenues 289,4 100% 156,7 100% 446,1 100% COGS (161,4) 56% (96,1) 61% (257,5) 58% Depr/Amort/Depl. (18,5) 6% (9,8) 6% (28,3) 6% Gros s Profit 109,4 38% 50,8 32% 160,2 36% EBITDA 1H Y2003 75,1 26% 23,1 15% 98,2 22% EBITDA 1H Y2002 70,9 29% 21,0 15% 91,9 24%
  20. 20. Performance Shipments 881,2 812,1 823,6 406,3 415,6 393,3 ( in 1.000 m3 ) 2000 2001 2002 1HY01 1HY02 1HY03 14,5 13,6 12,3 6,7 6,4 6,4 ( in million pieces ) 2000 2001 2002 1HY01 1HY02 1HY03
  21. 21. Performance Net Revenues (R$M) 866,9 785,3 744,6 446,1 380,5 382,4 2000 2001 2002 1HY01 1HY02 1HY03 CAGR: 7,9 % CAGR: 7,9 % CAGR: 8,3 % CAGR: 8,3 %
  22. 22. Performance Net Revenues per Employee (R$1.000) 150,4 128,6 131,1 73,5 64,6 65,4 2000 2001 2002 1HY01 1HY02 1HY03 CAGR: 8,1 % CAGR: 8,1 % CAGR: 6,7 % CAGR: 6,7 %
  23. 23. Performance EBITDA (R$ M) & Margin (%) 26,8% 24,4% 24,9% 23,9% 24,0% 22,0% 199,4 210,4 187,5 94,6 91,9 98,2 2000 2001 2002 1HY01 1HY02 1HY03 CAGR: 2,7 % CAGR: 2,7 % CAGR: 1,9 % CAGR: 1,9 %
  24. 24. Performance EBITDA per Employee (R$1.000) 36,5 34,4 31,3 16,1 15,7 16,2 2000 2001 2002 1HY01 1HY02 1HY03 CAGR: 3,0 % CAGR: 3,0 % CAGR: 0,3 % CAGR: 0,3 %
  25. 25. Performance Net Income (R$M) 71,7 66,7 52,1 37,4 27,1 28,2 2000 2001 2002 1HY01 1HY02 1HY03 CAGR: 3,7 % CAGR: 3,7 %
  26. 26. Performance Net Income per Employee (R$1.000) 12,4 11,5 8,7 6,4 4,6 4,6 2000 2001 2002 1HY01 1HY02 1HY03 CAGR: 3,8 % CAGR: 3,8 %
  27. 27. Dividends Distributed (R$ M) Pay Out Pay Out 32,3% 45,3% 34,3% 31,6% 43,6% 41,2% 24,6 23,6 21,5 11,8 11,8 11,6 2000 2001 2002 1HY01 1HY02 1HY03
  28. 28. 1st Semester of 2003 www.duratex.com.br

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