2006 - First Quarter Results




                 May, 9th / 2006
           www.duratex.com.br
                          1
Equity Offering

                            ►   Secondary Offering: 9.5 million Preferred Shares (“Base Offering”)
Securi...
Equity Offering

                                                    Securities Offered   Proceeds at R$ 43,50 per
       ...
Preferred Stock Increased Liquidity


Pre Offering                                Post Offering
Shareholding Structure as ...
Capital Stock Increase and Stock Dividend


►   Capital Stock increase by means of incorporating R$383 million in reserves...
Corporate Governance

►    General Ordinary Assembly of 28/Apr/2006: elects an independent member for
    the Board of Dir...
Duratex´s Stock Performance (31/Dec/2004 to 05/May/2006)
Traded Volum e                                                   ...
Bussiness Areas


         Wood
 Hardboard
 Particle Board
 MDF/HDF/SDF
 Laminate Flooring



                     Metal F...
Duratex´s Overview


  Net Revenues Breakdown (1Q06)

                                                                 Oth...
Capex & EBITDA

    Values Expressed in R$M

                                            362,6
                           ...
Nominal Capacity & Occupancy Rate

Occupancy Rate during the 1Q06




      Hardboard                  84,7%   360.000 m3/...
Quarterly Performance

                             1Q06      4Q05      3Q05      2Q05      1Q05

Shipments
Wood (in 1.000...
Wood Division’s Performance


EBITDA (in R$ M) & Margin (%)



        34,0%                    33,0%
31,9%               ...
Deca Division’s Performance


EBITDA (in R$ M) & Margin (%)



                                        ►   Well known bran...
Exports


in US$ Million




                                       ►   Decreased volume of MDF exports;
 16,0      15,5  ...
Exports
    Highlights

    ►   Attended Markets:


        United States                  50%
        Europe             ...
Financial Performance
         in R$ million
                                                mar-05                  dec-0...
2006 - First Quarter Results




                 May, 9th / 2006
           www.duratex.com.br
                          ...
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Duratex - 1st Quarter 2006

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Duratex - 1st Quarter 2006

  1. 1. 2006 - First Quarter Results May, 9th / 2006 www.duratex.com.br 1
  2. 2. Equity Offering ► Secondary Offering: 9.5 million Preferred Shares (“Base Offering”) Securities Offered ► Primary Offering: 4.5 million Common Shares Secondary Offering of Preferred Shares ► Increase the stock’s liquidity and its potential valorization; ► Increase the shareholder base; ► Favorable moment; ► Support the Primary Offering. Primary Offering Common Shares ► Avoid decreasing Itaúsa’s participation in the Company´s Capital; ► Capture funding to finance the Company´s future Capex. 2
  3. 3. Equity Offering Securities Offered Proceeds at R$ 43,50 per Selling Shareholders (1.000) share (in R$ M) Secondary Offering of Preferred Stock Itaúsa / Itaúcorp 6.200 270 Fundação Itaúsa Industrial 700 30 Previ 2.600 113 SUB - TOTAL 9.500 413 Primary Offering Common Stock Duratex 4.500 196 SUB - TOTAL 4.500 196 FINAL RESULT 14.000 609 3
  4. 4. Preferred Stock Increased Liquidity Pre Offering Post Offering Shareholding Structure as of 31/Mar/2006 Shareholding Structure as of 12/Apr/2006 Foreign Investors Foreign Investors 45,1% Pension 27,4% Funds 18,8% Others Others 29,4% 37,6% Pension Itaúsa / Itaúcorp Funds 24,4% 9,8% Itaúsa / Itaúcorp 7,5% ► Free Float Market Value as of 28/Apr/2006: R$ 1,6 billion 4
  5. 5. Capital Stock Increase and Stock Dividend ► Capital Stock increase by means of incorporating R$383 million in reserves; ► New Capital Stock: R$904 million; ► Stock dividend of 1 (one) new share to each share owned as of 28/Apr/2006; ► The unitary cost of the stock dividend is: R$ 4,901215; ► The new Capital Stock will be represented by: 126.827.072 shares ► Common: 53.120.492 ► Preferred 73.706.580 OBJECTIVE: ► Reduce the stock price so as to turn it more attractive to non institutional investors. 5
  6. 6. Corporate Governance ► General Ordinary Assembly of 28/Apr/2006: elects an independent member for the Board of Directors; ► Board Member: Jair Ribeiro da Silva Neto ► Summary of his Business Experience: lawyer, entrepreneur, founder of Banco Ptrimônio and a former officer for Chase Manhattan Bank in Brazil and New York. Has entrepreneurial ventures in foreign trade, IT and culture and education; ► His choosing attends Bovespa’s independency requirements; ► The election of an independent board member adds to a number of other actions towards the strengthening of the Company’s image in capital markets, such as: ► 80% Tag-Along rights for the PN stock , ► Termination of the Beneficiary Parts in favorable conditions, ► Establishment of a 30% minimum dividend over the adjusted net income, ► Adhesion to Bovespa´s Level I of corporate governance, ► Block-trade of preferred stock. 6
  7. 7. Duratex´s Stock Performance (31/Dec/2004 to 05/May/2006) Traded Volum e Price (R$1.000) (R$) 30.000 27,00 Pricing 26,00 27.500 Book Building 25,00 25.000 24,00 23,00 22.500 Stock Dividend 22,00 Stock split in reverse 21,00 20.000 200 / 1 Road Show 20,00 17.500 19,00 Adhesion to 18,00 15.000 Material Fact Bovespa Level I 17,00 12.500 16,00 15,00 10.000 14,00 7.500 13,00 12,00 5.000 11,00 10,00 2.500 9,00 0 8,00 30/12/2004 14/1/2005 31/1/2005 16/2/2005 2/3/2005 16/3/2005 31/3/2005 14/4/2005 29/4/2005 13/5/2005 30/5/2005 13/6/2005 27/6/2005 11/7/2005 25/7/2005 8/8/2005 22/8/2005 5/9/2005 20/9/2005 4/10/2005 19/10/2005 3/11/2005 18/11/2005 2/12/2005 16/12/2005 2/1/2006 16/1/2006 31/1/2006 14/2/2006 2/3/2006 16/3/2006 30/3/2006 13/4/2006 2/5/2006 after 2005 JAN 2006 to 4/11 4/12 ► Duratex Preferred Shares: 20% 47% 11% ► Ibovespa: 28% 13% 8% ► Daily Trading Volume PN’s: R$ 1,4 M R$ 4,8 M R$ 22,0 M7
  8. 8. Bussiness Areas Wood Hardboard Particle Board MDF/HDF/SDF Laminate Flooring Metal Fittings Vitreous China Accessories 8
  9. 9. Duratex´s Overview Net Revenues Breakdown (1Q06) Others MDF / HDF / SDF 19% 23% Laminate Flooring 6% Particle Board Furniture Makers 15% 32% Metal Fittings 22% Civil Construction Hardboard 49% Vitreous 23% China 11% Distribution Channel 9
  10. 10. Capex & EBITDA Values Expressed in R$M 362,6 320,6 232,2 101,9 93,8 172,8 136,8 108,4 29,8 19,0 2003 2004 2005 1Q05 1Q06 Capex EBITDA ► After the conclusion of a Capex cycle, Duratex is prepared to capture the market´s growing demand. 10
  11. 11. Nominal Capacity & Occupancy Rate Occupancy Rate during the 1Q06 Hardboard 84,7% 360.000 m3/year 360.000 m3/year Particle Board 75,1% 500.000 m3/year 500.000 m3/year MDF/HDF/SDF 82,4% 640.000 m3/year 640.000 m3/year Metal Fittings 75,7% 14.400 K 14.400 K items/year items/year Vitreous China 70,3% 4.200 K 4.200 K items/year items/year 11
  12. 12. Quarterly Performance 1Q06 4Q05 3Q05 2Q05 1Q05 Shipments Wood (in 1.000 m³) 267,1 275,3 254,5 262,5 248,1 Deca (in 1.000 pieces) 3.350 3.390 3.376 2.855 3.204 (in R$ M) Net Revenues 330,4 330,3 317,9 316,1 306,3 COGS (188,6) (199,2) (190,8) (180,0) (173,9) Gross Profit 141,8 131,1 127,1 136,1 132,5 % Gross Margin 43% 40% 40% 43% 43% Oper Res before Financ Res 82,0 64,7 65,5 77,2 74,8 EBITDA 101,9 85,4 85,5 97,9 93,8 % EBITDA Margin 31% 26% 27% 31% 31% Net Income 44,8 31,3 33,1 32,7 40,1 ROE (annualized) 17,6% 12,5% 13,4% 13,5% 16,9% 12
  13. 13. Wood Division’s Performance EBITDA (in R$ M) & Margin (%) 34,0% 33,0% 31,9% 30,3% 28,0% ► Timberland self-sufficiency; 74,9 67,7 72,7 ► Leadership in the wood panel segment; 65,3 59,2 ► Production Lines in the “state of art” ► Enriched selling mix. 1Q05 2Q05 3Q05 4Q05 1Q06 13
  14. 14. Deca Division’s Performance EBITDA (in R$ M) & Margin (%) ► Well known brands and countrywide presence: Deca and Hydra; 28,1% 26,4% ► Leadership within the segments for 24,6% 24,0% luxury and super-luxurious products; 16,6% ► Distribution and technical assistance 28,6 26,2 29,2 23,0 17,7 network present countrywide; ► Release of differentiated products. 1Q05 2Q05 3Q05 4Q05 1Q06 14
  15. 15. Exports in US$ Million ► Decreased volume of MDF exports; 16,0 15,5 15,7 15,3 13,3 ► Enrichment of the selling mix; ► Third consecutive year taking part of the Kitchen and Bath fair, in the USA. 1Q05 2Q05 3Q05 4Q05 1Q06 15
  16. 16. Exports Highlights ► Attended Markets: United States 50% Europe 19% Asia / Middle East 7% South and Central America 15% Others 9% Hardboard MDF/HDF/SDF 67% 11% Wood Others 83% 5% Deca 17% Vitreous China Metal 13% Fittings 4% ► Export mix for 2005: 90% Wood Division and 10% Deca Division 16
  17. 17. Financial Performance in R$ million mar-05 dec-05 mar-06 Short Term Debt 177 151 214 Long Term Debt 330 440 426 Total Debt 507 591 640 Cash and Cash Equivalents 85 234 285 Net Debt 422 357 355 Shareholder´s Equity 1.004 1.051 1.082 Net Debt / Equity 42,1% 34,0% 32,8% Net Debt / Annual EBITDA 1,13 0,98 0,87 Total Debt and Amortization Schedule Foreign 84,9 207,7 Currency 226,6 Domestic 555,2 Currency 53,7 76,7 75,4 Total Debt 2006 2007 2008 2009 2010 & Beyond 17
  18. 18. 2006 - First Quarter Results May, 9th / 2006 www.duratex.com.br 18
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