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Duratex - 1st Quarter 2007
Duratex - 1st Quarter 2007
Duratex - 1st Quarter 2007
Duratex - 1st Quarter 2007
Duratex - 1st Quarter 2007
Duratex - 1st Quarter 2007
Duratex - 1st Quarter 2007
Duratex - 1st Quarter 2007
Duratex - 1st Quarter 2007
Duratex - 1st Quarter 2007
Duratex - 1st Quarter 2007
Duratex - 1st Quarter 2007
Duratex - 1st Quarter 2007
Duratex - 1st Quarter 2007
Duratex - 1st Quarter 2007
Duratex - 1st Quarter 2007
Duratex - 1st Quarter 2007
Duratex - 1st Quarter 2007
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Duratex - 1st Quarter 2007

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Presentation - 1st Quarter 2007

Presentation - 1st Quarter 2007

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  • 1. First Quarter 2007 Results R lt www.duratex.com.br www duratex com br 1
  • 2. > 1Q2007 Results Highlights Shipped volumes: • Wood Division + 14% • Deca Di i i D Division: + 4% Net Revenues totaled R$ 356,5 million, 8% over that for 1Q06; EBITDA reached R$ 120,6 million, which corresponds to an EBITDA margin of 34%; Net Income accounted for R$ 74,7 million; Announced CAPEX between 2007 and 2009: R$ 850 milllion; Market Capitalization at the end of March R$ 5,3 billion 2
  • 3. > Business Segments Madeira Hardboard Particle Board MDF/HDF/SDF Laminate Flooring Metal Fittings Vitreous China Accessories 3
  • 4. > CAPEX 2007 - 2009 • R$630 M Wood Division: new MDF line; new Low Pressure (BP) coating line; acquisition of timberland timberland. • R$200 M Deca Division: capacity expansion in metal fittings; capacity expansion in vitreous china. • R$ 20 M $ Corporate Area: acquisition of an ERP system. Total estimated CAPEX for the period: R$850 M 4
  • 5. > Industrial Expansion CAPEX Wood Division C • Localization: Agudos/SP New MDF li with i iti l capacity of 500 000 m3 • N line ith initial it f 500.000 capacity growth of 78%; • New Low Pressure (BP) coating line of 8.500.000 m2/year capacity growth of 35%; • Acquisition of 18.500 hectares of land. Agudos plant CAPEX Deca Division • Localization: São Paulo and Jundiaí/SP • Metal Fittings: + 400.000 pieces / year, capacity growth of 33%; • Vitreous China: + 140.000 pieces / year, capacity growth of 44%; p yg Metal Fittings and Vitreous China plants in Jundiaí/SP 5
  • 6. > CAPEX 2007 - 2009 • F di source for the planned investments: Funding f th l di t t Primary offering of shares that took place in April 2006 worth R$ 196 million; illi Internal cash generation; Third Thi d party f di b i th highlight BNDES fi t funding being the hi hli ht financing li i lines. • Briefing of Duratex announced expansions: After the As it was Additions Var. % CAPEX 2006 2007 2008 2009 3 MDF (in m ) 640.000 - - 500.000 1.140.000 78% 2 BP Coating Line (1.000 m ) 24.000 - 8.500 - 32.500 35% Timberland (hectares) 91.690 8.500 5.000 5.000 110.190 20% Metal Fittings (1.000 pieces) 14.400 1.200 1.200 2.400 19.200 33% Vitreous China (1.000 pieces) 3.800 240 - 1.440 5.480 44% 6
  • 7. > Civil construction sector • Housing sector outlook: in R$ M 2005 2006 Var % Net Revenues * 2.495,7 3.716,0 49% VGV * 4.421,3 12.080,7 173% * Selected Companies: Abyara, Brascan, CCDI, Company, Cyrela, Even, Gafisa, Klabin Segall, Lopes, PDG Realty, Rodobens, Rossi Residencial and Tecnisa. • Construction average cycle: 12 months th 5 months th 3 months th 7
  • 8. > Duratex’ nominal industrial capacity and occupancy rate JAN – MAR / 2007 Hardboard 96% 360.000 m3/year Particle Board 75% 500.000 m3/year MDF/HDF/SDF 98% 640.000 m3/year 14.400 K Metal Fittings 79% pieces/year 3.800 K Vitreous China 96% pieces/year 8
  • 9. > Consolidated quarterly performance Var. Var (% ) Var. Var (% ) Shipments 1Q07 4Q06 1Q06 1Q07 x 4Q06 1Q07 x 1Q06 Wood (in 1.000 m³) 304 329 267 -8% 14% Deca (in 1.000 pieces) 3.488 3.821 3.350 -9% 4% in R$ M Net Revenues 357 411 330 -13% 8% COGS (194) (226) (189) -14% 3% Gross Profit 163 184 142 -12% 15% Gross Margin 46% 45% 43% - - EBITDA 121 126 102 -4% 18% EBITDA Margin 34% 31% 31% - - Net Income 75 65 45 15% 67% ROE (annualized) 23% 20% 18% - - 9
  • 10. > Effect on changing revenues recognition momentum 1Q07 Previous Basis P i B i in R$ M Published effect 1Q07 1Q06 Net Revenues 357 (42) 399 330 EBITDA 121 (14) 134 102 EBITDA Margin 34% - 34% 31% Net Income 75 (8) 83 45 ROE (annualized) 23% - 25% 18% 10
  • 11. > Effect on changing revenues recognition momentum 1Q07 Previous Basis (in R$ M) Effects Published 1Q07 1Q06 Net Renevues Wood W d 243 (21) 264 220 Deca 114 (21) 135 110 EBITDA Wood 94 (5) 99 73 Deca 27 (9) 36 29 11
  • 12. > Consolidated Performance • 1Q07 Net Renevues breakdown Others MDF / HDF / SDF 16% 30% Laminate Floor boards 5% Furniture Makers Particle Board 39% 13% R$357 M Metal Fittings 21% Civil Construction Hardboard Vitreous 45% 20% China 11% Market Segments 12
  • 13. > Consolidated quarterly performance (in R$ M) Net Revenues N tR Ebitda Margin Ebitd & M i 34% 31% 31% 26% 22% 330 357 306 121 250 94 102 221 57 55 1Q03 1Q04 1Q05 1Q06 1Q07 1Q03 1Q04 1Q05 1Q06 1Q07 Net Income Equity & ROE 23% 17% 18% 9% 75 5% % 1.470 40 45 912 928 1.005 1.082 21 11 1Q03 1Q04 1Q05 1Q06 1Q07 1Q03 1Q04 1Q05 1Q06 1Q07 13
  • 14. > 2007 EBITDA monthly performance (in R$M) R$121M 53 42 26 Jan Feb Mar 14
  • 15. > Performance per Division - EBITDA (in R$ M) & Margin (%) 33% 33% 38% 36% 38% 37% 104 73 78 99 94 99 Wood 1Q06 2Q06 3Q06 4Q06 1Q07 1Q07 * 26% 24% 26% 20% 21% 19% 36 29 27 27 27 21 *S Same b i before changing the revenues basis b f h i th recognition momentum 1Q06 2Q06 3Q06 4Q06 1Q07 1Q07 * 15
  • 16. > Capital Markets • Shareholders´ structure as of March/2007 Shareholders Outstanding number of shares:129,7 M shares:129 7 breakdown b kd Common 53,6 M Foreign Investors 49% Preferred 76,1 M PN Others 34% Pension Funds 9% • Corporate Governance Itaúsa / Itaúcorp 8% 80% Tag-along rights of preferred shares Tag along Minimum dividend of 30% of adjusted net income Level I of differentiated practices of Corporate Governance 16
  • 17. 0 4.000 8.000 12.000 16.000 20.000 24.000 28.000 32.000 36.000 40.000 44.000 48.000 52.000 56.000 60.000 30/12/20 004 14/1/20 005 31/1/20 005 16/2/20 005 2/3/20 005 16/3/20 005 31/3/20 005 14/4/20 005 29/4/20 005 M k C 13/5/20 005 R$ 1,5 M 30/5/20 005 + 304% Market Cap. 13/6/20 005 27/6/20 005 11/7/20 005 Price (R$) 2005 25/7/20 005 > Capital Markets 8/8/20 005 22/8/20 005 5/9/20 005 20/9/20 005 4/10/20 005 19/10/20 005 3/11/20 005 18/11/20 005 2/12/20 005 vol. 16/12/20 005 2/1/20 006 16/1/20 006 31/1/20 006 17 14/2/20 006 2/3/20 006 16/3/20 006 Daily average financial vol (in R$ M) Market Cap. 30/3/20 006 13/4/20 006 2/5/20 006 16/05/ /06 30/05/ /06 13 1,3 13/06/ /06 14,9 2005 28/06/ /06 12/07/ /06 2006 26/07/ /06 9/8/20 006 23/8/20 006 R$ 5,9 bi 6/9/20 006 21/9/20 006 05/10/ /06 20/10/ /06 82 8,2 33,2 6/11/20 006 2006 22/11/20 006 6/12/20 006 20/12/20 006 8/1/20 007 22/1/20 007 6/2/20 007 22/2/20 007 08/03/ /07 22/03/ /07 2007 45,5 22 5 22,5 05/04/ /07 May 3rd 20/04/ /07 2007 until 8,00 10,00 12,00 14,00 16,00 18,00 20,00 22,00 24,00 26,00 28,00 30,00 32,00 34,00 36 00 36,00 38,00 40,00 42,00 44,00 46 00 46,00 48,00
  • 18. First Quarter 2007 Results R lt www.duratex.com.br www duratex com br 18

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