SlideShare a Scribd company logo
1 of 26
Download to read offline
Disclosure of Results
                                   1 Q 2008




           www.duratex.com.br




May 2008
> Business segments

DECA DIVISION

  Metal Fittings
  Vitreous China
  Accessories
  A         i



                Leadership within the Metals segment having
                   a prominent position in Vitreous China.
             Possesses the industryยดs broader product line
                           industryยด
                   attending the different market segments.
> Business segments

WOOD DIVISION
  Hardboard
  MDP
  MDF/HDF/SDF                                 0


  Laminate Flooring



                       Leadership within the Brazilian
                                p
                      panel making industry having the
                       most diversified product line
                                                line.
> Business segments




 100% of the timberland h ldi
          f h i b l d holdings under D
                                    d Duratex S A
                                                S.A.
 Total timberland area: 115.000 ha:
    โ€ข market value:
                al e        R$ 1 260 M (USD 720 M)
                                1.260               M);
    โ€ข book value (Mar/08): R$ 455 M (USD 260 M).
 Self-sufficiency
 Self sufficiency in wood supply:
    โ€ข cost efficiencies;
    โ€ข strategic access to raw material;
    โ€ข process integration reducing business volatility / risk.
 ISO14.001 and FSC certified; ;
 Member of the Chicago Climate Exchange (CCX):
    โ€ข Amount of CO2 offsets (timberland):    1.314.004 tones.
> CAPEX: material fact March 2007

Capacity increase:
    MDF biggest line: 800.000 m3 capacity / year:
             growth over existing capacity: +125% (end 1HY09).            Agudos/SP

    Metal Fittings: + 400.000 items / month:
             growth over existing capacity : +33% (end 2HY09).
                                              33%
    Vitreous China: + 150.000 items / month:
             growth over existing capacity: + 47% (acquisition of Ideal Standard).

                          Enrich sales mix:
                              Expand by 130% the current laminate flooring production
                              capacity (end 1HY09).
                                            1HY09)
                              New Low Pressure (BP) Coating Line : 8.500.000 m2 / year:
Metal Fittings and Vitreous           growth over existing capacity: +35% (end 1HY08).
China in Jundiaรญ/SP

Increase cost efficiencies:
   Resin plant: produce 100% of resin needs for MDF + MDP (end 1HY09).
    Acquisition of 20.000 hectares of land in the region.
    SAP Software and IBM Risk Hardware.
> CAPEX

Acquisition: IDEAL STANDARD (vitreous china)

  Characteristics of the acquisition:
   โ€ข R$ 60M: Acquisition + Capex + Working Capital needs;
   โ€ข 2 plants: Jundiaรญ/SP (80k items/month) and Queimados/RJ (70k items/month)
                                                                  items/month).
  Advantages:
   โ€ข Investment per item: 30% savings over a g
                p                  g         green field p j ;
                                                         project;
   โ€ข Time to market: a green field would take 24 months to be completed.
> CAPEX: material fact May 2008

Capacity increase:

  MDP: 1.000.000 m3 capacity / year:
          growth over existing capacity: +200% (end 2HY10).       Itapetininga/SP


Enrich sales mix:
 New Low Pressure Coating Line:
        growth over existing capacity : +33% (end 2HY09).

Cost savings:
  Resin plant:
          provide 100% of resin needs to the Itapetininga site.

Objectives:
  j

  Take advantage of good market momentum,
  Strengthen market leadership,
  Improve competitive advantages and
  Create value to shareholders.
> CAPEX and EBITDA (in R$M)


                                                                         875,0
              CAPEX
              EBITDA

                                                               558,1
                                                               558 1      565,4
                                                                          565 4

                                                       458,1
                                               362,6
                                       320,6
                                       320 6
                       303,5   232,2
       199,4 187,5                                             222,3
                       210,4   172,8


      138,9   139,4                    136,8   108,4   105,4

       2000    2001     2002    2003    2004    2005    2006      2007   2008 *


                                       * 2008
       โ€ข Capex: estimated.
       โ€ข EBITDA: last 12 months data (from April/2007 to March/2008).
> Duratex

Nominal capacity and utilization rate during the 1Q2008:

      Hardboard
      H db d                                    92%    360.000
                                                       360 000 m3/year




            MDP                            85%         500.000
                                                       500 000 m3/year




   MDF/HDF/SDF                                 87%     640.000
                                                       640 000 m3/year



                                                          15.600 K
    Metal Fittings                       77%             items/year



                                                           4.000 K
   Vitreous China                                98%     items/year


Highlights:
       > Wood Division: plant stoppage for 10 days on average
       > Metal Fittings: capacity increased by 1,2 M items / year
> Housing
Housing financing via savings account (in R$ million)
                                                                                            . New loans Jan/08
                                                21.000
                                   18.410
                                   18 410                                                   . Increase over Jan/07
                                                                             224,5 M
                                                                           +2.300% a/a
                                                                                            248,5 M
                         9.314                                                             +145% a/a
                                                                                76,9
                                                                                76 9 M
             4.852
  3.002                                                                        +52% a/a
                                                                                       902,8 M
                                                                                      +109% a/a
  2004        2005       2006        2007       2008*                                167,5 M
Source: ABECIP, BACEN, 2008 estimate:SECOVI                                         +49% a/a

Interest rate and Civil Construction GDP
                      22,00%
          19,00%
                                              18,50%
 15,75%
                        17,50%      17,25%           13,25%
                                                          11,25% 11,30%

                                   5,7%                             5,6%
                                                             5,3%
                                                     4,5%
  2,1%                                        1,3%                                   SELIC rate
                                                                                     Civil Construction GDP
                                                                                     Ci il C   t   ti
  2000     2001 2002       2003    2004       2005   2006   2007   2008*        *     IBGE and Bacen
          -2,6% -2,5%                                                                 estimates
                         -8,6%
> Housing

Average construction cycle:




 6 meses     12 meses         6 meses
> Housing

    Diversified Product Mix
    > Type of real estate:
C (economic)                 B                            A                         AA (premium )




Description:
โ€ข Constructor: MRV
โ€ข Area: 42 m2                Description:
                                                          Description:
โ€ข Value: R$ 1.584 / m2       โ€ข Constructor: Ecolife
                                                          โ€ข Constructor: Tecnisa
โ€ข Total # of units: 296      โ€ข Area: 78 m2
                                                          โ€ข Area: 130 m2
โ€ข Deca Products: R$171.384   โ€ข Value: R$ 2.540 / m2
                                                          โ€ข Value: R$ 3.450 / m2
                             โ€ข Total # of units: 198
                                                          โ€ข Total # units: 52
                             โ€ข Deca Products: R$327.690
                                                          โ€ข Deca Products: R$412.672 Description:
                                                                                     โ€ข Constructor: Cyrela
                                                                                     โ€ข Area: 607 m2
                                                                                     โ€ข Value: R$ 5.340 / m2
                                                                                     โ€ข Total # of units: 48
                                                                                     โ€ข Deca Products: R$2.007.456
> Performance

   Revenues breakdown (1Q2008):


                 Laminate
                 Flooring                           Housing
                    6%                              (direct)

                                  MDF/HDF            46%
Metal Fittings                     SDF
    22%                            27%

                                                   Housing
                                                   (
                                                   (indirect)
                                                            )
                 R$ 428 3 M
                    428,3
                                                     34%
  Vitreous                         Particle
                                                    Others
                                                    Oth
   China                           Board
    12%                             15%             20%

                      Hardboard               Segments Attended
                         18%
> Leverage
 R $ M                                                   1 Q 0 8
T o t al D e b t                                          7 9 3 , 8
 C a s h a n d e q uiv ale n ts                            7 0 5 , 0
E q u it y                                            1 . 5 7 8 , 7                          34%
                                                                               LT       ST
N e t D e b t / E q u it y                                 5 , 6 %
                                                                        66%
N e t D e b t / E B I T D A                                  0 , 1 7




                    Foreign
                   Currency        160,5                               Debt and Amortization
                                              268,6
                                                                             Schedule (R$M)
                                                          119,7
                   Domestic
                   Currency        633,3                               260,3
                                                                       260 3

                                                                                145,2
                                  Debt 1Q08   2008           2009       2010   2011 and
                                                                                 after
> Highlights 1Q2008




  Shipped Volumes: + 11% y/y;

  Net Revenues: + 29% y/y, to R$ 147,0 million;

  Gross Margin: from 39%, in 2007, to 43%;

  EBITDA: + 59% to R$ 43,1 M. EBITDA Margin from 24% to 29%.
> Highlights 1Q2008

          Wood

  Shipped volumes : - 2%;

  Net Revenues: R$ 281 3 million, up b 16% y/y;
  N tR             281,3 illi        by     /

  Gross Margin: from 48% to 39%;

  EBITDA: - 9% to R$ 84,8 million and EBITDA margin at 30%;

  Results impacted by increasing cost pressure arised from:

   โ€ข resins,

   โ€ข electric power.
> 1st Quarters performance


Net Rev.(R$ million) & Gross Margin (%)   EBITDA (R$ million) & Margin (%)
    43%       43%       46%      428,3

                                40%                    31%      34%
                       356,5                31%                            30%
             330,4
    306,3                                             101,9     120,6     127,9
                                            93,8


    2005      2006      2007     2008       2005       2006     2007       2008


 Net Income (R$ million)
                 illi )                   Equity (R$ million) & ROE (%)
                                                      illi )
                                                                23%       22%
                                            17%       18%                 1.578,7
                                                                1.477,1

                        74,7      78,8
                                                      1.094,3
                                            1.016,2
     40,1      44,8


     2005      2006     2007      2008
                                             2005      2006     2007       2008
> Yearly performance
Net Rev.(R$ million) & Gross Margin (%)        Ebitda (R$ million) & Margin (%)
                       45%
            43%                  44%
  42%                                                                   33%       32%
                                 1.742,3
                                 1 742 3                    31%
                      1.670,6                   29%

           1.489,2                                                     558,1     565,4
                                                            458,1
                                               362,6
                                               362 6
 1.270,6


   2005      2006       2007      2008    *     2005        2006        2007      2008   *
Net Income (R$ million)                        Equity (R$ million) & ROE (%)
                                                                       22%        22%
                                                            18%
                      318,9     323,0          14%                    1.535,8    1.578,7
                                                          1.395,7
           226,0
           226 0
                                              1.050,8
 137,1



 2005       2006       2007      2008     *    2005         2006        2007      2008   *
                                                        * 2008     last 12 months (LTM)
> Performance

         WOOD

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


1st Quarters                             Annual (2008    LTM data)


                 38,5%                                   37,1%   35,1%
                                                 35,3%
                                         31,1%
31,9%   33,0%
                          30,2%
                          30 2%

                                                 354,4   410,0   401,3

                  93,6
         72,7                            267,1
65,3                      84,8

 2005    2006     2007    2008           2005    2006     2007       2008
> Performance




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


1st Quarters                             Annual (2008     LTM data)

  28,1%                    29,3%                                   27,4%
          26,4%                           23,3%            26,2%
                  23,8%                           21,4%
                                                                      164,1
                                                                      164 1
                                                           148,1
                           43,1
  28,6
    ,      29,2
           29 2    27,0
                   27 0                    95,5   103,7
                                                  103 7


  2005    2006     2007    2008            2005   2006     2007       2008
> Capital markets

Shareholding Structure:
       Total number of outstanding shares: 129,7M
        โ€ข PN: 76,1M,
                                          80% tag along rights
        โ€ข ON: 53,6M.
       Preferred shareholders historic holdings:
 60%
 55%
 50%
 45%
                                                                                 Foreign Investor
 40%
 35%                                                                             Other Local Investors
 30%
 25%
 20%
 15%
 10%                                                                             Local Pension Funds
                                                                                 Itaรบsa (Controller)
  5%
  0%
        7




                                                                08




                                                                            ar
                          n
              r




                                                        v
                                l
                   ai




                                                  t




                                                                 z
                                      o




                                                                       v
      /0




                              ju




                                            t
                                                ou
            ab




                                                              de
                                                      no
                        ju




                                    ag

                                          se




                                                                     fe
                  m




                                                                           m
                                                              n/
    ar




                                                            ja
   m
> Capital markets

Stock Performance (period between Dec 31th 2005 and May 02nd 2008):

 65,00
 65 00                                                                                 45.000
                                                                                       45 000
 60,00       Mid price (in R$)                                                         40.000
 55,00
 50,00       Traded Volume                                                             35.000
             (
             (15 day moving average in R$M)
                   y      g      g      $ )
 45,00
 45 00                                                                                 30.000
 40,00
 35,00                                                                                 25.000
 30,00                                                                                 20.000
 25,00
 25 00
 20,00                                                                                 15.000
 15,00                                                                                 10.000
                                              Appreciation during the period in US$:
 10,00                                        . Duratex = + 257%
                                                                                       5.000
                                                                                       5 000
  5,00                                        . Ibovespa = + 174%
  0,00                                                                                 0
               un-06
               un-06
               jul-06


               set-06
              out-06
               ov-06
               ov-06




               un-07
               jul-07
               jul-07

               set-07
              out-07
              out-07
               ov-07
               ez-05
               an-06
               ev-06
             mar-06
             mar-06
              abr-06
             mai-06



               go-06
               go-06




               ez-06
               an-07
               ev-07
               ev-07
             mar-07
              abr-07
             mai-07
             mai-07



               go-07




               ez-07
               an-08
               an-08
               ev-08
             mar-08
              abr-08
              abr-08
           3-no
         28-no




         19-no
         29-de

          13-fe




         19-de

            5-fe
          28-fe




         11-de


          21-fe
            5-ju
          27-ju




          18-ju
          20-ja




          12-ja




            7-ja
          29-ja
           8-ag
         29-ag




         21-ag
          20-s




          12-s
         15-m




           4-m
         25-m
          11-o




          25-o
            3-o
          8-m
         29-m




         21-m




         13-m
           18-j




           10-j
           31-j
          20-a




          12-a




           4-a
          28-a
     Member of                         and           stock indexes.
> Market capitalization (in US$ M)
                   . I l i of Duratex stock on Ibovespa and IBrX50 indexes
                     Inclusion f D t   t k     Ib         d IB X50 i d
                                        . Extraordinary dividend worth R$50M

                  . Primary and secondary Stock issuing R$ 609 M
                          y             y             g $
                  . Stock dividend 1x1
                            . Adhesion to Bovespa Level 1
                            . Stock inplit 200 / 1

       . Termination of Benefficiary Parts                            3.172
       . Extraordinary dividend                                            2.943
       . 30% minimum pay out dividend policy
                        pay-out

                                                            1.990
 . 80% Tag-Along rights



                            550 748
                    173 339

                   2002 2003 2004 2005 2006 2007 2008*
                                                                        * as of 02.May.2008

                                    +1.600% during the period
> Capital markets

    Sell side coverage on Duratex stock:
       Sell side brokerage         Analys  t                 Phone                          E-mail
  Bras can Corretora                   Beatriz Battelli   (55-21) 3231-3146       bbattelli@  bancobrascan.com.br
  Citibank                              Luis Vallarino    (52-55) 1226-0608             lvallarino@  acciv al.com.mx
  Credit Suis e
              s                        Marcelo Telles     (52-55) 5283-8933     marcelo.telles@    credit-suisse.com
  Deuts che Bank                         Josh Milberg     (55-11) 2113-5971                   josh.milberg@
                                                                                              josh milberg@ comdb
                                                                                                               db.com
  Fator Banco                 Eduardo Pirani Puzziello    (55-11) 3049-9478      epuzziello@   fatorcorretora.com.br
  Itaรบ Corretora de Valores             Renata Faber      (55-11) 5029-4542               renata.faber@   itau.com.br
  Link Corretora                      Andres Kikuchi      (55-11) 4504-7290          andres@    linkcorretora.com.br
  Merrill Lynch                  Marcos Assumpรงรฃo         (55-11) 2188-4226         marcos_assumpcao@          ml.com
  Santander Banes   pa               Marcello Milman      (55-11) 3012-7530   mmilman@   santanderbanespa.com.br
  Socopa Corretora de                       Daniel Dol    (55-11) 3299-2166                 daniel@   socopa.com.br
  UBS Pactual                          Edmo Chagas        (55-21) 2555-3025                edmo.chagas@      ubs.com
  Unibanco                          Andre Luiz Rocha      (55-11) 3584-4330     andreluiz.rocha@    unibanco.com.br
> DISCLAIMER

The information contained herein was prepared by Duratex S.A.
(the โ€œCompanyโ€) and does not constitute an offering material, to
subscribe for or purchase any of the Companyโ€™s securities. This
material contains general information about the Company as of
this date. No representation or warranty, express or implied, is
made concerning, and no reliance should be placed on, the
accuracy, fairness or completeness of the information presented
herein.
The Company can give no assurance that expectations disclosed
in this presentation will be confirmed.


                                                     May 13, 2008

More Related Content

What's hot

PA Resources Q1 2012 Presentation 25 April 2012
PA Resources Q1 2012 Presentation 25 April 2012PA Resources Q1 2012 Presentation 25 April 2012
PA Resources Q1 2012 Presentation 25 April 2012PA Resources AB
ย 
John DeereConference Call Information Slides 2008 3rd
 John DeereConference Call Information Slides 2008 3rd John DeereConference Call Information Slides 2008 3rd
John DeereConference Call Information Slides 2008 3rdfinance11
ย 
marathon oil 1st Quarter 2008
marathon oil 1st Quarter 2008marathon oil 1st Quarter 2008
marathon oil 1st Quarter 2008finance4
ย 
PA Resources EGM 7 December 2012
PA Resources EGM 7 December 2012PA Resources EGM 7 December 2012
PA Resources EGM 7 December 2012PA Resources AB
ย 

What's hot (7)

Apimec - 2007 Results
Apimec - 2007 ResultsApimec - 2007 Results
Apimec - 2007 Results
ย 
GSPL
GSPLGSPL
GSPL
ย 
Initiating coverage gmdc_ltd_buy_for_36_per_appreciation
Initiating coverage gmdc_ltd_buy_for_36_per_appreciationInitiating coverage gmdc_ltd_buy_for_36_per_appreciation
Initiating coverage gmdc_ltd_buy_for_36_per_appreciation
ย 
PA Resources Q1 2012 Presentation 25 April 2012
PA Resources Q1 2012 Presentation 25 April 2012PA Resources Q1 2012 Presentation 25 April 2012
PA Resources Q1 2012 Presentation 25 April 2012
ย 
John DeereConference Call Information Slides 2008 3rd
 John DeereConference Call Information Slides 2008 3rd John DeereConference Call Information Slides 2008 3rd
John DeereConference Call Information Slides 2008 3rd
ย 
marathon oil 1st Quarter 2008
marathon oil 1st Quarter 2008marathon oil 1st Quarter 2008
marathon oil 1st Quarter 2008
ย 
PA Resources EGM 7 December 2012
PA Resources EGM 7 December 2012PA Resources EGM 7 December 2012
PA Resources EGM 7 December 2012
ย 

Viewers also liked

Uruguay at-a-glance
Uruguay at-a-glanceUruguay at-a-glance
Uruguay at-a-glanceminasinvest
ย 
c.jimenez@tic-spain_Estudio_Consultoria
c.jimenez@tic-spain_Estudio_Consultoriac.jimenez@tic-spain_Estudio_Consultoria
c.jimenez@tic-spain_Estudio_ConsultoriaTIC SPAIN
ย 
EIB financing for broadband infrastructures - Jussi Hร„Tร–NEN - European Invest...
EIB financing for broadband infrastructures - Jussi Hร„Tร–NEN - European Invest...EIB financing for broadband infrastructures - Jussi Hร„Tร–NEN - European Invest...
EIB financing for broadband infrastructures - Jussi Hร„Tร–NEN - European Invest...IDATE DigiWorld
ย 
BBVA: Situaciรณn de Espaรฑa en 2013
BBVA: Situaciรณn de Espaรฑa en 2013BBVA: Situaciรณn de Espaรฑa en 2013
BBVA: Situaciรณn de Espaรฑa en 2013ManfredNolte
ย 
Catร leg de finanรงament alternatiu
Catร leg de finanรงament alternatiuCatร leg de finanรงament alternatiu
Catร leg de finanรงament alternatiuAlbert Canigueral
ย 
ๅ‹‰ๅผทไผš๏ผ KLCๆญฆ้›„ๅธ‚ๅ›ž
ๅ‹‰ๅผทไผš๏ผ KLCๆญฆ้›„ๅธ‚ๅ›žๅ‹‰ๅผทไผš๏ผ KLCๆญฆ้›„ๅธ‚ๅ›ž
ๅ‹‰ๅผทไผš๏ผ KLCๆญฆ้›„ๅธ‚ๅ›žSatoko Yamashita
ย 
[RakutenTechConf2013] [B-3_3] Rakuten Category
[RakutenTechConf2013] [B-3_3] Rakuten Category[RakutenTechConf2013] [B-3_3] Rakuten Category
[RakutenTechConf2013] [B-3_3] Rakuten CategoryRakuten Group, Inc.
ย 
Kstartup support program
Kstartup support programKstartup support program
Kstartup support programDaehwan(Alex) Kim
ย 
0809024
08090240809024
0809024TCIshare
ย 
Consejo directivo
Consejo directivoConsejo directivo
Consejo directivodarovi
ย 
Banco Galicia Informe 2009
Banco Galicia Informe 2009Banco Galicia Informe 2009
Banco Galicia Informe 2009Banco Galicia
ย 
Cortes carneglosario
Cortes carneglosarioCortes carneglosario
Cortes carneglosarioFree lancer
ย 
Levis book girl bd
Levis book girl bdLevis book girl bd
Levis book girl bdikaarropadenda
ย 
Americas iron ore 2010
Americas iron ore 2010Americas iron ore 2010
Americas iron ore 2010InformaGroup
ย 
lamore_guaraniaquifer.ppt
lamore_guaraniaquifer.pptlamore_guaraniaquifer.ppt
lamore_guaraniaquifer.pptIwl Pcu
ย 
Ferrolig tcm-cobit
Ferrolig tcm-cobitFerrolig tcm-cobit
Ferrolig tcm-cobitanibal5668
ย 
R42645
R42645R42645
R42645laurenbree
ย 
International Executive Master Program in Intrapreneurship and Open Innovation
International Executive Master Program in Intrapreneurship and Open InnovationInternational Executive Master Program in Intrapreneurship and Open Innovation
International Executive Master Program in Intrapreneurship and Open Innovationmigarzab
ย 

Viewers also liked (20)

Bndes Economia
Bndes EconomiaBndes Economia
Bndes Economia
ย 
Uruguay at-a-glance
Uruguay at-a-glanceUruguay at-a-glance
Uruguay at-a-glance
ย 
c.jimenez@tic-spain_Estudio_Consultoria
c.jimenez@tic-spain_Estudio_Consultoriac.jimenez@tic-spain_Estudio_Consultoria
c.jimenez@tic-spain_Estudio_Consultoria
ย 
EIB financing for broadband infrastructures - Jussi Hร„Tร–NEN - European Invest...
EIB financing for broadband infrastructures - Jussi Hร„Tร–NEN - European Invest...EIB financing for broadband infrastructures - Jussi Hร„Tร–NEN - European Invest...
EIB financing for broadband infrastructures - Jussi Hร„Tร–NEN - European Invest...
ย 
BBVA: Situaciรณn de Espaรฑa en 2013
BBVA: Situaciรณn de Espaรฑa en 2013BBVA: Situaciรณn de Espaรฑa en 2013
BBVA: Situaciรณn de Espaรฑa en 2013
ย 
Catร leg de finanรงament alternatiu
Catร leg de finanรงament alternatiuCatร leg de finanรงament alternatiu
Catร leg de finanรงament alternatiu
ย 
ๅ‹‰ๅผทไผš๏ผ KLCๆญฆ้›„ๅธ‚ๅ›ž
ๅ‹‰ๅผทไผš๏ผ KLCๆญฆ้›„ๅธ‚ๅ›žๅ‹‰ๅผทไผš๏ผ KLCๆญฆ้›„ๅธ‚ๅ›ž
ๅ‹‰ๅผทไผš๏ผ KLCๆญฆ้›„ๅธ‚ๅ›ž
ย 
[RakutenTechConf2013] [B-3_3] Rakuten Category
[RakutenTechConf2013] [B-3_3] Rakuten Category[RakutenTechConf2013] [B-3_3] Rakuten Category
[RakutenTechConf2013] [B-3_3] Rakuten Category
ย 
Kstartup support program
Kstartup support programKstartup support program
Kstartup support program
ย 
Universidades anr 2014
Universidades anr 2014Universidades anr 2014
Universidades anr 2014
ย 
0809024
08090240809024
0809024
ย 
Consejo directivo
Consejo directivoConsejo directivo
Consejo directivo
ย 
Banco Galicia Informe 2009
Banco Galicia Informe 2009Banco Galicia Informe 2009
Banco Galicia Informe 2009
ย 
Cortes carneglosario
Cortes carneglosarioCortes carneglosario
Cortes carneglosario
ย 
Levis book girl bd
Levis book girl bdLevis book girl bd
Levis book girl bd
ย 
Americas iron ore 2010
Americas iron ore 2010Americas iron ore 2010
Americas iron ore 2010
ย 
lamore_guaraniaquifer.ppt
lamore_guaraniaquifer.pptlamore_guaraniaquifer.ppt
lamore_guaraniaquifer.ppt
ย 
Ferrolig tcm-cobit
Ferrolig tcm-cobitFerrolig tcm-cobit
Ferrolig tcm-cobit
ย 
R42645
R42645R42645
R42645
ย 
International Executive Master Program in Intrapreneurship and Open Innovation
International Executive Master Program in Intrapreneurship and Open InnovationInternational Executive Master Program in Intrapreneurship and Open Innovation
International Executive Master Program in Intrapreneurship and Open Innovation
ย 

Similar to Duratex - 1st Quarter 2008

Duratex - 2007 Results
Duratex - 2007 ResultsDuratex - 2007 Results
Duratex - 2007 ResultsDuratex
ย 
Duratex - 1st Half 2007
Duratex - 1st Half 2007Duratex - 1st Half 2007
Duratex - 1st Half 2007Duratex
ย 
Duratex - 3rd Quarter 2006
Duratex - 3rd Quarter 2006Duratex - 3rd Quarter 2006
Duratex - 3rd Quarter 2006Duratex
ย 
Duratex - 3rd Quarter 2004
Duratex - 3rd Quarter 2004Duratex - 3rd Quarter 2004
Duratex - 3rd Quarter 2004Duratex
ย 
Duratex - 2008 Results
Duratex - 2008 ResultsDuratex - 2008 Results
Duratex - 2008 ResultsDuratex
ย 
Braskem presentation 1_q08_20091201_en
Braskem presentation 1_q08_20091201_enBraskem presentation 1_q08_20091201_en
Braskem presentation 1_q08_20091201_enBraskem_RI
ย 
2Q2007 EARNINGS SLIDES
2Q2007 EARNINGS SLIDES2Q2007 EARNINGS SLIDES
2Q2007 EARNINGS SLIDESfinance22
ย 
terex Shareholders0508
terex Shareholders0508terex Shareholders0508
terex Shareholders0508finance42
ย 
terex 08_06_04_JP_Morgan_Conf
terex 08_06_04_JP_Morgan_Confterex 08_06_04_JP_Morgan_Conf
terex 08_06_04_JP_Morgan_Conffinance42
ย 
Presentations
PresentationsPresentations
PresentationsEucatexRI
ย 
1 q12 results presentation
1 q12 results presentation1 q12 results presentation
1 q12 results presentationMagnesitaRI
ย 
4 q11 conf call presentation eng_final
4 q11 conf call presentation eng_final4 q11 conf call presentation eng_final
4 q11 conf call presentation eng_finalMagnesita_ri
ย 
Duratex - Association Duratex and Satipel
Duratex - Association Duratex and SatipelDuratex - Association Duratex and Satipel
Duratex - Association Duratex and SatipelDuratex
ย 
Duratex - 1st Quarter 2004
Duratex - 1st Quarter 2004Duratex - 1st Quarter 2004
Duratex - 1st Quarter 2004Duratex
ย 
SKF Group Presentation 2008
SKF Group Presentation 2008SKF Group Presentation 2008
SKF Group Presentation 2008SKF
ย 
Kartdiagram 2008 Eng
Kartdiagram 2008 EngKartdiagram 2008 Eng
Kartdiagram 2008 EngSKF
ย 
terex Merrill050808
terex Merrill050808terex Merrill050808
terex Merrill050808finance42
ย 
terex Merrill050808
terex Merrill050808terex Merrill050808
terex Merrill050808finance42
ย 
terex BofA050808
terex BofA050808terex BofA050808
terex BofA050808finance42
ย 
terex BofA050808
terex BofA050808terex BofA050808
terex BofA050808finance42
ย 

Similar to Duratex - 1st Quarter 2008 (20)

Duratex - 2007 Results
Duratex - 2007 ResultsDuratex - 2007 Results
Duratex - 2007 Results
ย 
Duratex - 1st Half 2007
Duratex - 1st Half 2007Duratex - 1st Half 2007
Duratex - 1st Half 2007
ย 
Duratex - 3rd Quarter 2006
Duratex - 3rd Quarter 2006Duratex - 3rd Quarter 2006
Duratex - 3rd Quarter 2006
ย 
Duratex - 3rd Quarter 2004
Duratex - 3rd Quarter 2004Duratex - 3rd Quarter 2004
Duratex - 3rd Quarter 2004
ย 
Duratex - 2008 Results
Duratex - 2008 ResultsDuratex - 2008 Results
Duratex - 2008 Results
ย 
Braskem presentation 1_q08_20091201_en
Braskem presentation 1_q08_20091201_enBraskem presentation 1_q08_20091201_en
Braskem presentation 1_q08_20091201_en
ย 
2Q2007 EARNINGS SLIDES
2Q2007 EARNINGS SLIDES2Q2007 EARNINGS SLIDES
2Q2007 EARNINGS SLIDES
ย 
terex Shareholders0508
terex Shareholders0508terex Shareholders0508
terex Shareholders0508
ย 
terex 08_06_04_JP_Morgan_Conf
terex 08_06_04_JP_Morgan_Confterex 08_06_04_JP_Morgan_Conf
terex 08_06_04_JP_Morgan_Conf
ย 
Presentations
PresentationsPresentations
Presentations
ย 
1 q12 results presentation
1 q12 results presentation1 q12 results presentation
1 q12 results presentation
ย 
4 q11 conf call presentation eng_final
4 q11 conf call presentation eng_final4 q11 conf call presentation eng_final
4 q11 conf call presentation eng_final
ย 
Duratex - Association Duratex and Satipel
Duratex - Association Duratex and SatipelDuratex - Association Duratex and Satipel
Duratex - Association Duratex and Satipel
ย 
Duratex - 1st Quarter 2004
Duratex - 1st Quarter 2004Duratex - 1st Quarter 2004
Duratex - 1st Quarter 2004
ย 
SKF Group Presentation 2008
SKF Group Presentation 2008SKF Group Presentation 2008
SKF Group Presentation 2008
ย 
Kartdiagram 2008 Eng
Kartdiagram 2008 EngKartdiagram 2008 Eng
Kartdiagram 2008 Eng
ย 
terex Merrill050808
terex Merrill050808terex Merrill050808
terex Merrill050808
ย 
terex Merrill050808
terex Merrill050808terex Merrill050808
terex Merrill050808
ย 
terex BofA050808
terex BofA050808terex BofA050808
terex BofA050808
ย 
terex BofA050808
terex BofA050808terex BofA050808
terex BofA050808
ย 

More from Duratex

Duratex - 2006 Results
Duratex - 2006 ResultsDuratex - 2006 Results
Duratex - 2006 ResultsDuratex
ย 
Duratex - 2005 Results
Duratex - 2005 ResultsDuratex - 2005 Results
Duratex - 2005 ResultsDuratex
ย 
Duratex - 2004 Results
Duratex - 2004 ResultsDuratex - 2004 Results
Duratex - 2004 ResultsDuratex
ย 
Duratex - 2003 Results
Duratex - 2003 ResultsDuratex - 2003 Results
Duratex - 2003 ResultsDuratex
ย 
Duratex - 3rd Quarter 2009
Duratex - 3rd Quarter 2009Duratex - 3rd Quarter 2009
Duratex - 3rd Quarter 2009Duratex
ย 
Duratex - 3rd Quarter 2007
Duratex - 3rd Quarter 2007Duratex - 3rd Quarter 2007
Duratex - 3rd Quarter 2007Duratex
ย 
Duratex - 3rd Quarter 2005
Duratex - 3rd Quarter 2005Duratex - 3rd Quarter 2005
Duratex - 3rd Quarter 2005Duratex
ย 
Duratex - 1st Half 2008
Duratex - 1st Half 2008Duratex - 1st Half 2008
Duratex - 1st Half 2008Duratex
ย 
Duratex - 3rd Quarter 2003
Duratex - 3rd Quarter 2003Duratex - 3rd Quarter 2003
Duratex - 3rd Quarter 2003Duratex
ย 
Duratex - 1st Half 2009
Duratex - 1st Half 2009Duratex - 1st Half 2009
Duratex - 1st Half 2009Duratex
ย 
Duratex - 1st Half 2006
Duratex - 1st Half 2006Duratex - 1st Half 2006
Duratex - 1st Half 2006Duratex
ย 
Duratex - 1st Half 2004
Duratex - 1st Half 2004Duratex - 1st Half 2004
Duratex - 1st Half 2004Duratex
ย 
Duratex - 1st Half 2003
Duratex - 1st Half 2003Duratex - 1st Half 2003
Duratex - 1st Half 2003Duratex
ย 
Duratex - 1st Quarter 2005
Duratex - 1st Quarter 2005Duratex - 1st Quarter 2005
Duratex - 1st Quarter 2005Duratex
ย 
Duratex - 1st Quarter 2009
Duratex - 1st Quarter 2009Duratex - 1st Quarter 2009
Duratex - 1st Quarter 2009Duratex
ย 
Duratex - 1st Quarter 2006
Duratex - 1st Quarter 2006Duratex - 1st Quarter 2006
Duratex - 1st Quarter 2006Duratex
ย 
Duratex - 1st Quarter 2003
Duratex - 1st Quarter 2003Duratex - 1st Quarter 2003
Duratex - 1st Quarter 2003Duratex
ย 

More from Duratex (17)

Duratex - 2006 Results
Duratex - 2006 ResultsDuratex - 2006 Results
Duratex - 2006 Results
ย 
Duratex - 2005 Results
Duratex - 2005 ResultsDuratex - 2005 Results
Duratex - 2005 Results
ย 
Duratex - 2004 Results
Duratex - 2004 ResultsDuratex - 2004 Results
Duratex - 2004 Results
ย 
Duratex - 2003 Results
Duratex - 2003 ResultsDuratex - 2003 Results
Duratex - 2003 Results
ย 
Duratex - 3rd Quarter 2009
Duratex - 3rd Quarter 2009Duratex - 3rd Quarter 2009
Duratex - 3rd Quarter 2009
ย 
Duratex - 3rd Quarter 2007
Duratex - 3rd Quarter 2007Duratex - 3rd Quarter 2007
Duratex - 3rd Quarter 2007
ย 
Duratex - 3rd Quarter 2005
Duratex - 3rd Quarter 2005Duratex - 3rd Quarter 2005
Duratex - 3rd Quarter 2005
ย 
Duratex - 1st Half 2008
Duratex - 1st Half 2008Duratex - 1st Half 2008
Duratex - 1st Half 2008
ย 
Duratex - 3rd Quarter 2003
Duratex - 3rd Quarter 2003Duratex - 3rd Quarter 2003
Duratex - 3rd Quarter 2003
ย 
Duratex - 1st Half 2009
Duratex - 1st Half 2009Duratex - 1st Half 2009
Duratex - 1st Half 2009
ย 
Duratex - 1st Half 2006
Duratex - 1st Half 2006Duratex - 1st Half 2006
Duratex - 1st Half 2006
ย 
Duratex - 1st Half 2004
Duratex - 1st Half 2004Duratex - 1st Half 2004
Duratex - 1st Half 2004
ย 
Duratex - 1st Half 2003
Duratex - 1st Half 2003Duratex - 1st Half 2003
Duratex - 1st Half 2003
ย 
Duratex - 1st Quarter 2005
Duratex - 1st Quarter 2005Duratex - 1st Quarter 2005
Duratex - 1st Quarter 2005
ย 
Duratex - 1st Quarter 2009
Duratex - 1st Quarter 2009Duratex - 1st Quarter 2009
Duratex - 1st Quarter 2009
ย 
Duratex - 1st Quarter 2006
Duratex - 1st Quarter 2006Duratex - 1st Quarter 2006
Duratex - 1st Quarter 2006
ย 
Duratex - 1st Quarter 2003
Duratex - 1st Quarter 2003Duratex - 1st Quarter 2003
Duratex - 1st Quarter 2003
ย 

Recently uploaded

Call Girls in Panjabi Bagh, Delhi ๐Ÿ’ฏ Call Us ๐Ÿ”9953056974 ๐Ÿ” Escort Service
Call Girls in Panjabi Bagh, Delhi ๐Ÿ’ฏ Call Us ๐Ÿ”9953056974 ๐Ÿ” Escort ServiceCall Girls in Panjabi Bagh, Delhi ๐Ÿ’ฏ Call Us ๐Ÿ”9953056974 ๐Ÿ” Escort Service
Call Girls in Panjabi Bagh, Delhi ๐Ÿ’ฏ Call Us ๐Ÿ”9953056974 ๐Ÿ” Escort Service9953056974 Low Rate Call Girls In Saket, Delhi NCR
ย 
VIP Call Girls Mehsana 7001035870 Whatsapp Number, 24/07 Booking
VIP Call Girls Mehsana 7001035870 Whatsapp Number, 24/07 BookingVIP Call Girls Mehsana 7001035870 Whatsapp Number, 24/07 Booking
VIP Call Girls Mehsana 7001035870 Whatsapp Number, 24/07 Bookingdharasingh5698
ย 
Best investment platform in india-Falcon Invoice Discounting
Best investment platform in india-Falcon Invoice DiscountingBest investment platform in india-Falcon Invoice Discounting
Best investment platform in india-Falcon Invoice DiscountingFalcon Invoice Discounting
ย 
Corporate Presentation Probe Canaccord Conference 2024.pdf
Corporate Presentation Probe Canaccord Conference 2024.pdfCorporate Presentation Probe Canaccord Conference 2024.pdf
Corporate Presentation Probe Canaccord Conference 2024.pdfProbe Gold
ย 
Indapur - Virgin Call Girls Pune | Whatsapp No 8005736733 VIP Escorts Service...
Indapur - Virgin Call Girls Pune | Whatsapp No 8005736733 VIP Escorts Service...Indapur - Virgin Call Girls Pune | Whatsapp No 8005736733 VIP Escorts Service...
Indapur - Virgin Call Girls Pune | Whatsapp No 8005736733 VIP Escorts Service...SUHANI PANDEY
ย 
SME IPO Opportunity and Trends of May 2024
SME IPO Opportunity and Trends of May 2024SME IPO Opportunity and Trends of May 2024
SME IPO Opportunity and Trends of May 2024Transique Corporate Advisors
ย 
VIP Call Girls Kheda 7001035870 Whatsapp Number, 24/07 Booking
VIP Call Girls Kheda 7001035870 Whatsapp Number, 24/07 BookingVIP Call Girls Kheda 7001035870 Whatsapp Number, 24/07 Booking
VIP Call Girls Kheda 7001035870 Whatsapp Number, 24/07 Bookingdharasingh5698
ย 
Dubai Call Girls O525547&19 Calls Girls In Dubai (L0w+Charger)
Dubai Call Girls O525547&19 Calls Girls In Dubai (L0w+Charger)Dubai Call Girls O525547&19 Calls Girls In Dubai (L0w+Charger)
Dubai Call Girls O525547&19 Calls Girls In Dubai (L0w+Charger)kojalkojal131
ย 
Collective Mining | Corporate Presentation - May 2024
Collective Mining | Corporate Presentation - May 2024Collective Mining | Corporate Presentation - May 2024
Collective Mining | Corporate Presentation - May 2024CollectiveMining1
ย 
Call Girls Chandigarh Just Call 8868886958 Top Class Call Girl Service Available
Call Girls Chandigarh Just Call 8868886958 Top Class Call Girl Service AvailableCall Girls Chandigarh Just Call 8868886958 Top Class Call Girl Service Available
Call Girls Chandigarh Just Call 8868886958 Top Class Call Girl Service AvailableSheetaleventcompany
ย 
High Profile Call Girls in Pune (Adult Only) 8005736733 Escort Service 24x7 ...
High Profile Call Girls in Pune  (Adult Only) 8005736733 Escort Service 24x7 ...High Profile Call Girls in Pune  (Adult Only) 8005736733 Escort Service 24x7 ...
High Profile Call Girls in Pune (Adult Only) 8005736733 Escort Service 24x7 ...SUHANI PANDEY
ย 
(๐Ÿ‘‰๏พŸ9999965857 ๏พŸ)๐Ÿ‘‰ VIP Call Girls Friends Colony ๐Ÿ‘‰ Delhi ๐Ÿ‘ˆ : 9999 Cash Payment...
(๐Ÿ‘‰๏พŸ9999965857 ๏พŸ)๐Ÿ‘‰ VIP Call Girls Friends Colony ๐Ÿ‘‰ Delhi ๐Ÿ‘ˆ : 9999 Cash Payment...(๐Ÿ‘‰๏พŸ9999965857 ๏พŸ)๐Ÿ‘‰ VIP Call Girls Friends Colony ๐Ÿ‘‰ Delhi ๐Ÿ‘ˆ : 9999 Cash Payment...
(๐Ÿ‘‰๏พŸ9999965857 ๏พŸ)๐Ÿ‘‰ VIP Call Girls Friends Colony ๐Ÿ‘‰ Delhi ๐Ÿ‘ˆ : 9999 Cash Payment...Call Girls In Delhi Whatsup 9873940964 Enjoy Unlimited Pleasure
ย 
BDSMโšกCall Girls in Hari Nagar Delhi >เผ’8448380779 Escort Service
BDSMโšกCall Girls in Hari Nagar Delhi >เผ’8448380779 Escort ServiceBDSMโšกCall Girls in Hari Nagar Delhi >เผ’8448380779 Escort Service
BDSMโšกCall Girls in Hari Nagar Delhi >เผ’8448380779 Escort ServiceDelhi Call girls
ย 
Enjoy NightโšกCall Girls Udyog Vihar Gurgaon >เผ’8448380779 Escort Service
Enjoy NightโšกCall Girls Udyog Vihar Gurgaon >เผ’8448380779 Escort ServiceEnjoy NightโšกCall Girls Udyog Vihar Gurgaon >เผ’8448380779 Escort Service
Enjoy NightโšกCall Girls Udyog Vihar Gurgaon >เผ’8448380779 Escort ServiceDelhi Call girls
ย 
Diligence Checklist for Early Stage Startups
Diligence Checklist for Early Stage StartupsDiligence Checklist for Early Stage Startups
Diligence Checklist for Early Stage StartupsTILDEN
ย 
Corporate Presentation Probe May 2024.pdf
Corporate Presentation Probe May 2024.pdfCorporate Presentation Probe May 2024.pdf
Corporate Presentation Probe May 2024.pdfProbe Gold
ย 
VVIP Pune Call Girls Sopan Baug WhatSapp Number 8005736733 With Elite Staff A...
VVIP Pune Call Girls Sopan Baug WhatSapp Number 8005736733 With Elite Staff A...VVIP Pune Call Girls Sopan Baug WhatSapp Number 8005736733 With Elite Staff A...
VVIP Pune Call Girls Sopan Baug WhatSapp Number 8005736733 With Elite Staff A...SUHANI PANDEY
ย 
countries with the highest gold reserves in 2024
countries with the highest gold reserves in 2024countries with the highest gold reserves in 2024
countries with the highest gold reserves in 2024Kweku Zurek
ย 
AMG Quarterly Investor Presentation May 2024
AMG Quarterly Investor Presentation May 2024AMG Quarterly Investor Presentation May 2024
AMG Quarterly Investor Presentation May 2024gstubel
ย 

Recently uploaded (20)

Call Girls in Panjabi Bagh, Delhi ๐Ÿ’ฏ Call Us ๐Ÿ”9953056974 ๐Ÿ” Escort Service
Call Girls in Panjabi Bagh, Delhi ๐Ÿ’ฏ Call Us ๐Ÿ”9953056974 ๐Ÿ” Escort ServiceCall Girls in Panjabi Bagh, Delhi ๐Ÿ’ฏ Call Us ๐Ÿ”9953056974 ๐Ÿ” Escort Service
Call Girls in Panjabi Bagh, Delhi ๐Ÿ’ฏ Call Us ๐Ÿ”9953056974 ๐Ÿ” Escort Service
ย 
VIP Call Girls Mehsana 7001035870 Whatsapp Number, 24/07 Booking
VIP Call Girls Mehsana 7001035870 Whatsapp Number, 24/07 BookingVIP Call Girls Mehsana 7001035870 Whatsapp Number, 24/07 Booking
VIP Call Girls Mehsana 7001035870 Whatsapp Number, 24/07 Booking
ย 
Best investment platform in india-Falcon Invoice Discounting
Best investment platform in india-Falcon Invoice DiscountingBest investment platform in india-Falcon Invoice Discounting
Best investment platform in india-Falcon Invoice Discounting
ย 
Corporate Presentation Probe Canaccord Conference 2024.pdf
Corporate Presentation Probe Canaccord Conference 2024.pdfCorporate Presentation Probe Canaccord Conference 2024.pdf
Corporate Presentation Probe Canaccord Conference 2024.pdf
ย 
Indapur - Virgin Call Girls Pune | Whatsapp No 8005736733 VIP Escorts Service...
Indapur - Virgin Call Girls Pune | Whatsapp No 8005736733 VIP Escorts Service...Indapur - Virgin Call Girls Pune | Whatsapp No 8005736733 VIP Escorts Service...
Indapur - Virgin Call Girls Pune | Whatsapp No 8005736733 VIP Escorts Service...
ย 
SME IPO Opportunity and Trends of May 2024
SME IPO Opportunity and Trends of May 2024SME IPO Opportunity and Trends of May 2024
SME IPO Opportunity and Trends of May 2024
ย 
VIP Call Girls Kheda 7001035870 Whatsapp Number, 24/07 Booking
VIP Call Girls Kheda 7001035870 Whatsapp Number, 24/07 BookingVIP Call Girls Kheda 7001035870 Whatsapp Number, 24/07 Booking
VIP Call Girls Kheda 7001035870 Whatsapp Number, 24/07 Booking
ย 
Dubai Call Girls O525547&19 Calls Girls In Dubai (L0w+Charger)
Dubai Call Girls O525547&19 Calls Girls In Dubai (L0w+Charger)Dubai Call Girls O525547&19 Calls Girls In Dubai (L0w+Charger)
Dubai Call Girls O525547&19 Calls Girls In Dubai (L0w+Charger)
ย 
Collective Mining | Corporate Presentation - May 2024
Collective Mining | Corporate Presentation - May 2024Collective Mining | Corporate Presentation - May 2024
Collective Mining | Corporate Presentation - May 2024
ย 
Call Girls Chandigarh Just Call 8868886958 Top Class Call Girl Service Available
Call Girls Chandigarh Just Call 8868886958 Top Class Call Girl Service AvailableCall Girls Chandigarh Just Call 8868886958 Top Class Call Girl Service Available
Call Girls Chandigarh Just Call 8868886958 Top Class Call Girl Service Available
ย 
High Profile Call Girls in Pune (Adult Only) 8005736733 Escort Service 24x7 ...
High Profile Call Girls in Pune  (Adult Only) 8005736733 Escort Service 24x7 ...High Profile Call Girls in Pune  (Adult Only) 8005736733 Escort Service 24x7 ...
High Profile Call Girls in Pune (Adult Only) 8005736733 Escort Service 24x7 ...
ย 
(๐Ÿ‘‰๏พŸ9999965857 ๏พŸ)๐Ÿ‘‰ VIP Call Girls Friends Colony ๐Ÿ‘‰ Delhi ๐Ÿ‘ˆ : 9999 Cash Payment...
(๐Ÿ‘‰๏พŸ9999965857 ๏พŸ)๐Ÿ‘‰ VIP Call Girls Friends Colony ๐Ÿ‘‰ Delhi ๐Ÿ‘ˆ : 9999 Cash Payment...(๐Ÿ‘‰๏พŸ9999965857 ๏พŸ)๐Ÿ‘‰ VIP Call Girls Friends Colony ๐Ÿ‘‰ Delhi ๐Ÿ‘ˆ : 9999 Cash Payment...
(๐Ÿ‘‰๏พŸ9999965857 ๏พŸ)๐Ÿ‘‰ VIP Call Girls Friends Colony ๐Ÿ‘‰ Delhi ๐Ÿ‘ˆ : 9999 Cash Payment...
ย 
(INDIRA) Call Girl Kashmir Call Now 8617697112 Kashmir Escorts 24x7
(INDIRA) Call Girl Kashmir Call Now 8617697112 Kashmir Escorts 24x7(INDIRA) Call Girl Kashmir Call Now 8617697112 Kashmir Escorts 24x7
(INDIRA) Call Girl Kashmir Call Now 8617697112 Kashmir Escorts 24x7
ย 
BDSMโšกCall Girls in Hari Nagar Delhi >เผ’8448380779 Escort Service
BDSMโšกCall Girls in Hari Nagar Delhi >เผ’8448380779 Escort ServiceBDSMโšกCall Girls in Hari Nagar Delhi >เผ’8448380779 Escort Service
BDSMโšกCall Girls in Hari Nagar Delhi >เผ’8448380779 Escort Service
ย 
Enjoy NightโšกCall Girls Udyog Vihar Gurgaon >เผ’8448380779 Escort Service
Enjoy NightโšกCall Girls Udyog Vihar Gurgaon >เผ’8448380779 Escort ServiceEnjoy NightโšกCall Girls Udyog Vihar Gurgaon >เผ’8448380779 Escort Service
Enjoy NightโšกCall Girls Udyog Vihar Gurgaon >เผ’8448380779 Escort Service
ย 
Diligence Checklist for Early Stage Startups
Diligence Checklist for Early Stage StartupsDiligence Checklist for Early Stage Startups
Diligence Checklist for Early Stage Startups
ย 
Corporate Presentation Probe May 2024.pdf
Corporate Presentation Probe May 2024.pdfCorporate Presentation Probe May 2024.pdf
Corporate Presentation Probe May 2024.pdf
ย 
VVIP Pune Call Girls Sopan Baug WhatSapp Number 8005736733 With Elite Staff A...
VVIP Pune Call Girls Sopan Baug WhatSapp Number 8005736733 With Elite Staff A...VVIP Pune Call Girls Sopan Baug WhatSapp Number 8005736733 With Elite Staff A...
VVIP Pune Call Girls Sopan Baug WhatSapp Number 8005736733 With Elite Staff A...
ย 
countries with the highest gold reserves in 2024
countries with the highest gold reserves in 2024countries with the highest gold reserves in 2024
countries with the highest gold reserves in 2024
ย 
AMG Quarterly Investor Presentation May 2024
AMG Quarterly Investor Presentation May 2024AMG Quarterly Investor Presentation May 2024
AMG Quarterly Investor Presentation May 2024
ย 

Duratex - 1st Quarter 2008

  • 1. Disclosure of Results 1 Q 2008 www.duratex.com.br May 2008
  • 2. > Business segments DECA DIVISION Metal Fittings Vitreous China Accessories A i Leadership within the Metals segment having a prominent position in Vitreous China. Possesses the industryยดs broader product line industryยด attending the different market segments.
  • 3. > Business segments WOOD DIVISION Hardboard MDP MDF/HDF/SDF 0 Laminate Flooring Leadership within the Brazilian p panel making industry having the most diversified product line line.
  • 4. > Business segments 100% of the timberland h ldi f h i b l d holdings under D d Duratex S A S.A. Total timberland area: 115.000 ha: โ€ข market value: al e R$ 1 260 M (USD 720 M) 1.260 M); โ€ข book value (Mar/08): R$ 455 M (USD 260 M). Self-sufficiency Self sufficiency in wood supply: โ€ข cost efficiencies; โ€ข strategic access to raw material; โ€ข process integration reducing business volatility / risk. ISO14.001 and FSC certified; ; Member of the Chicago Climate Exchange (CCX): โ€ข Amount of CO2 offsets (timberland): 1.314.004 tones.
  • 5. > CAPEX: material fact March 2007 Capacity increase: MDF biggest line: 800.000 m3 capacity / year: growth over existing capacity: +125% (end 1HY09). Agudos/SP Metal Fittings: + 400.000 items / month: growth over existing capacity : +33% (end 2HY09). 33% Vitreous China: + 150.000 items / month: growth over existing capacity: + 47% (acquisition of Ideal Standard). Enrich sales mix: Expand by 130% the current laminate flooring production capacity (end 1HY09). 1HY09) New Low Pressure (BP) Coating Line : 8.500.000 m2 / year: Metal Fittings and Vitreous growth over existing capacity: +35% (end 1HY08). China in Jundiaรญ/SP Increase cost efficiencies: Resin plant: produce 100% of resin needs for MDF + MDP (end 1HY09). Acquisition of 20.000 hectares of land in the region. SAP Software and IBM Risk Hardware.
  • 6. > CAPEX Acquisition: IDEAL STANDARD (vitreous china) Characteristics of the acquisition: โ€ข R$ 60M: Acquisition + Capex + Working Capital needs; โ€ข 2 plants: Jundiaรญ/SP (80k items/month) and Queimados/RJ (70k items/month) items/month). Advantages: โ€ข Investment per item: 30% savings over a g p g green field p j ; project; โ€ข Time to market: a green field would take 24 months to be completed.
  • 7. > CAPEX: material fact May 2008 Capacity increase: MDP: 1.000.000 m3 capacity / year: growth over existing capacity: +200% (end 2HY10). Itapetininga/SP Enrich sales mix: New Low Pressure Coating Line: growth over existing capacity : +33% (end 2HY09). Cost savings: Resin plant: provide 100% of resin needs to the Itapetininga site. Objectives: j Take advantage of good market momentum, Strengthen market leadership, Improve competitive advantages and Create value to shareholders.
  • 8. > CAPEX and EBITDA (in R$M) 875,0 CAPEX EBITDA 558,1 558 1 565,4 565 4 458,1 362,6 320,6 320 6 303,5 232,2 199,4 187,5 222,3 210,4 172,8 138,9 139,4 136,8 108,4 105,4 2000 2001 2002 2003 2004 2005 2006 2007 2008 * * 2008 โ€ข Capex: estimated. โ€ข EBITDA: last 12 months data (from April/2007 to March/2008).
  • 9.
  • 10. > Duratex Nominal capacity and utilization rate during the 1Q2008: Hardboard H db d 92% 360.000 360 000 m3/year MDP 85% 500.000 500 000 m3/year MDF/HDF/SDF 87% 640.000 640 000 m3/year 15.600 K Metal Fittings 77% items/year 4.000 K Vitreous China 98% items/year Highlights: > Wood Division: plant stoppage for 10 days on average > Metal Fittings: capacity increased by 1,2 M items / year
  • 11. > Housing Housing financing via savings account (in R$ million) . New loans Jan/08 21.000 18.410 18 410 . Increase over Jan/07 224,5 M +2.300% a/a 248,5 M 9.314 +145% a/a 76,9 76 9 M 4.852 3.002 +52% a/a 902,8 M +109% a/a 2004 2005 2006 2007 2008* 167,5 M Source: ABECIP, BACEN, 2008 estimate:SECOVI +49% a/a Interest rate and Civil Construction GDP 22,00% 19,00% 18,50% 15,75% 17,50% 17,25% 13,25% 11,25% 11,30% 5,7% 5,6% 5,3% 4,5% 2,1% 1,3% SELIC rate Civil Construction GDP Ci il C t ti 2000 2001 2002 2003 2004 2005 2006 2007 2008* * IBGE and Bacen -2,6% -2,5% estimates -8,6%
  • 12. > Housing Average construction cycle: 6 meses 12 meses 6 meses
  • 13. > Housing Diversified Product Mix > Type of real estate: C (economic) B A AA (premium ) Description: โ€ข Constructor: MRV โ€ข Area: 42 m2 Description: Description: โ€ข Value: R$ 1.584 / m2 โ€ข Constructor: Ecolife โ€ข Constructor: Tecnisa โ€ข Total # of units: 296 โ€ข Area: 78 m2 โ€ข Area: 130 m2 โ€ข Deca Products: R$171.384 โ€ข Value: R$ 2.540 / m2 โ€ข Value: R$ 3.450 / m2 โ€ข Total # of units: 198 โ€ข Total # units: 52 โ€ข Deca Products: R$327.690 โ€ข Deca Products: R$412.672 Description: โ€ข Constructor: Cyrela โ€ข Area: 607 m2 โ€ข Value: R$ 5.340 / m2 โ€ข Total # of units: 48 โ€ข Deca Products: R$2.007.456
  • 14. > Performance Revenues breakdown (1Q2008): Laminate Flooring Housing 6% (direct) MDF/HDF 46% Metal Fittings SDF 22% 27% Housing ( (indirect) ) R$ 428 3 M 428,3 34% Vitreous Particle Others Oth China Board 12% 15% 20% Hardboard Segments Attended 18%
  • 15. > Leverage R $ M 1 Q 0 8 T o t al D e b t 7 9 3 , 8 C a s h a n d e q uiv ale n ts 7 0 5 , 0 E q u it y 1 . 5 7 8 , 7 34% LT ST N e t D e b t / E q u it y 5 , 6 % 66% N e t D e b t / E B I T D A 0 , 1 7 Foreign Currency 160,5 Debt and Amortization 268,6 Schedule (R$M) 119,7 Domestic Currency 633,3 260,3 260 3 145,2 Debt 1Q08 2008 2009 2010 2011 and after
  • 16. > Highlights 1Q2008 Shipped Volumes: + 11% y/y; Net Revenues: + 29% y/y, to R$ 147,0 million; Gross Margin: from 39%, in 2007, to 43%; EBITDA: + 59% to R$ 43,1 M. EBITDA Margin from 24% to 29%.
  • 17. > Highlights 1Q2008 Wood Shipped volumes : - 2%; Net Revenues: R$ 281 3 million, up b 16% y/y; N tR 281,3 illi by / Gross Margin: from 48% to 39%; EBITDA: - 9% to R$ 84,8 million and EBITDA margin at 30%; Results impacted by increasing cost pressure arised from: โ€ข resins, โ€ข electric power.
  • 18. > 1st Quarters performance Net Rev.(R$ million) & Gross Margin (%) EBITDA (R$ million) & Margin (%) 43% 43% 46% 428,3 40% 31% 34% 356,5 31% 30% 330,4 306,3 101,9 120,6 127,9 93,8 2005 2006 2007 2008 2005 2006 2007 2008 Net Income (R$ million) illi ) Equity (R$ million) & ROE (%) illi ) 23% 22% 17% 18% 1.578,7 1.477,1 74,7 78,8 1.094,3 1.016,2 40,1 44,8 2005 2006 2007 2008 2005 2006 2007 2008
  • 19. > Yearly performance Net Rev.(R$ million) & Gross Margin (%) Ebitda (R$ million) & Margin (%) 45% 43% 44% 42% 33% 32% 1.742,3 1 742 3 31% 1.670,6 29% 1.489,2 558,1 565,4 458,1 362,6 362 6 1.270,6 2005 2006 2007 2008 * 2005 2006 2007 2008 * Net Income (R$ million) Equity (R$ million) & ROE (%) 22% 22% 18% 318,9 323,0 14% 1.535,8 1.578,7 1.395,7 226,0 226 0 1.050,8 137,1 2005 2006 2007 2008 * 2005 2006 2007 2008 * * 2008 last 12 months (LTM)
  • 20. > Performance WOOD EBITDA (in R$ million) & Margin (in %) 1st Quarters Annual (2008 LTM data) 38,5% 37,1% 35,1% 35,3% 31,1% 31,9% 33,0% 30,2% 30 2% 354,4 410,0 401,3 93,6 72,7 267,1 65,3 84,8 2005 2006 2007 2008 2005 2006 2007 2008
  • 21. > Performance EBITDA (in R$ million) & Margin (in %) 1st Quarters Annual (2008 LTM data) 28,1% 29,3% 27,4% 26,4% 23,3% 26,2% 23,8% 21,4% 164,1 164 1 148,1 43,1 28,6 , 29,2 29 2 27,0 27 0 95,5 103,7 103 7 2005 2006 2007 2008 2005 2006 2007 2008
  • 22. > Capital markets Shareholding Structure: Total number of outstanding shares: 129,7M โ€ข PN: 76,1M, 80% tag along rights โ€ข ON: 53,6M. Preferred shareholders historic holdings: 60% 55% 50% 45% Foreign Investor 40% 35% Other Local Investors 30% 25% 20% 15% 10% Local Pension Funds Itaรบsa (Controller) 5% 0% 7 08 ar n r v l ai t z o v /0 ju t ou ab de no ju ag se fe m m n/ ar ja m
  • 23. > Capital markets Stock Performance (period between Dec 31th 2005 and May 02nd 2008): 65,00 65 00 45.000 45 000 60,00 Mid price (in R$) 40.000 55,00 50,00 Traded Volume 35.000 ( (15 day moving average in R$M) y g g $ ) 45,00 45 00 30.000 40,00 35,00 25.000 30,00 20.000 25,00 25 00 20,00 15.000 15,00 10.000 Appreciation during the period in US$: 10,00 . Duratex = + 257% 5.000 5 000 5,00 . Ibovespa = + 174% 0,00 0 un-06 un-06 jul-06 set-06 out-06 ov-06 ov-06 un-07 jul-07 jul-07 set-07 out-07 out-07 ov-07 ez-05 an-06 ev-06 mar-06 mar-06 abr-06 mai-06 go-06 go-06 ez-06 an-07 ev-07 ev-07 mar-07 abr-07 mai-07 mai-07 go-07 ez-07 an-08 an-08 ev-08 mar-08 abr-08 abr-08 3-no 28-no 19-no 29-de 13-fe 19-de 5-fe 28-fe 11-de 21-fe 5-ju 27-ju 18-ju 20-ja 12-ja 7-ja 29-ja 8-ag 29-ag 21-ag 20-s 12-s 15-m 4-m 25-m 11-o 25-o 3-o 8-m 29-m 21-m 13-m 18-j 10-j 31-j 20-a 12-a 4-a 28-a Member of and stock indexes.
  • 24. > Market capitalization (in US$ M) . I l i of Duratex stock on Ibovespa and IBrX50 indexes Inclusion f D t t k Ib d IB X50 i d . Extraordinary dividend worth R$50M . Primary and secondary Stock issuing R$ 609 M y y g $ . Stock dividend 1x1 . Adhesion to Bovespa Level 1 . Stock inplit 200 / 1 . Termination of Benefficiary Parts 3.172 . Extraordinary dividend 2.943 . 30% minimum pay out dividend policy pay-out 1.990 . 80% Tag-Along rights 550 748 173 339 2002 2003 2004 2005 2006 2007 2008* * as of 02.May.2008 +1.600% during the period
  • 25. > Capital markets Sell side coverage on Duratex stock: Sell side brokerage Analys t Phone E-mail Bras can Corretora Beatriz Battelli (55-21) 3231-3146 bbattelli@ bancobrascan.com.br Citibank Luis Vallarino (52-55) 1226-0608 lvallarino@ acciv al.com.mx Credit Suis e s Marcelo Telles (52-55) 5283-8933 marcelo.telles@ credit-suisse.com Deuts che Bank Josh Milberg (55-11) 2113-5971 josh.milberg@ josh milberg@ comdb db.com Fator Banco Eduardo Pirani Puzziello (55-11) 3049-9478 epuzziello@ fatorcorretora.com.br Itaรบ Corretora de Valores Renata Faber (55-11) 5029-4542 renata.faber@ itau.com.br Link Corretora Andres Kikuchi (55-11) 4504-7290 andres@ linkcorretora.com.br Merrill Lynch Marcos Assumpรงรฃo (55-11) 2188-4226 marcos_assumpcao@ ml.com Santander Banes pa Marcello Milman (55-11) 3012-7530 mmilman@ santanderbanespa.com.br Socopa Corretora de Daniel Dol (55-11) 3299-2166 daniel@ socopa.com.br UBS Pactual Edmo Chagas (55-21) 2555-3025 edmo.chagas@ ubs.com Unibanco Andre Luiz Rocha (55-11) 3584-4330 andreluiz.rocha@ unibanco.com.br
  • 26. > DISCLAIMER The information contained herein was prepared by Duratex S.A. (the โ€œCompanyโ€) and does not constitute an offering material, to subscribe for or purchase any of the Companyโ€™s securities. This material contains general information about the Company as of this date. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented herein. The Company can give no assurance that expectations disclosed in this presentation will be confirmed. May 13, 2008