2. 2015: A year of economic adjustment and
implementation of the new ERP system
• Net Revenues: R$107.9 million, down by 37.7% against the same period of the previous year
(R$173.3 million). The decrease in Net Revenues was chiefly due to adapting to the new ERP
system implemented in the first days of January 2015, which caused a temporary delay in the
Company’s deliveries.
• Gross Profit: R$3.0 million, or a drop of 93.1%, chiefly due to the postponement of deliveries
and lower productivity rates as a result of the new ERP system.
• Net Loss: R$14.3, as a result of lower revenues and negative variation in the exchange rate.
• EBITDA: negative by R$11.0 million, with negative margin of 10.2%.
• Cash generation: due to lower activity levels as a result of delayed invoicing, the Company's
cash generation decreased by R$24.9 million in 1Q15.
• Net Debt: negative by R$41.7 million at the end of the 1st quarter (negative by R$72.2 million
at the end of 2014).
2
6. EBITDA (R$ Thousand)
EBITDA MARGIN (%)
EBITDA
6
Net Income (R$ thousands) 1Q15 1Q14 Δ%
Income (Loss) for the Period (14.281) 23.774 -160.1%
(+) Provision for Income and Social Contribution - Current and Deferred (5.954) 6.596 -190.3%
(-) Financial Revenues (7.073) (7.454) -5.1%
(+) Financial Expenses 10.870 7.807 +39.2%
(+) Depreciation and Amortization 5.481 4.049 +35.4%
EBITDA (10.957) 34.772 -131.5%
1Q151Q14
34,772
20%
-45,729
(-132%)
-10%
-10,957
7. 7
INDEBTEDNESS
Debt (R$ thousands) 1Q15 2014 Var (%)
EXIM Pre-Shipment 30,492 25,284 +20.6%
FINAME PSI 1,204 1,102 +9.3%
FINIMP 4,441 7,874 -43.6%
FINEP 3,540 3,509 +0.9%
Short Term 39,677 37,769 5.1%
EXIM Pre-Shipment 31,608 39,885 -20.8%
FINAME PSI 10,228 10,241 -0.1%
FINEP 17,585 18,500 -4.9%
Long Term 59,421 68,626 -13.4%
Total Debt 99,098 106,395 -6.9%
Cash and Cash Equivalents (Current and Non-Current) (140,84) (178,611) -21.1%
Net Debt (41,742) (72,216) -42.2%
1Q15
(41.742)
Cash
37.771
Long Term
(9.205)
Short
Term
1.908
2014
(72.216)
+30,474
(-42%)
1Q15
-41,742
2014
-72,216
8. 8
NET PROFIT IN THE PERIOD (R$ Thousand)
% OF NET REVENUE
-13.2%
-38,055
(-160%)
1Q14 1Q15
23,774
13.7%
-14,281-20,235
30,370
-18.8%
1Q151Q14
-50,605
(-167%)
17.5%
EARNINGS BEFORE INCOME TAX AND SOCIAL
CONTRIBUTION ON NET INCOME (R$ Thousand)
% OF NET REVENUE
9. 9
Ownership Breakdown
17.54%
Previ
17.56%
Banco do Brasil Investimentos
Sul America Expertise FIA
5.21%
Banco Clássico
9.99%
Fernando Francisco Brochado Heller
12.11%
Other Minority
37.59%
03/31/2014
Geração Futuro Corretora de Valores
Victoire Brasil Investimentos Adm. Recursos
9,55%
7,18%
9,94%
Fernando Francisco Brochado Heller
12,05%
Banco do Brasil Investimentos17,46%
Previ
17,48%
Banco Clássico
Other Minority
26,34%
03/31/2015
11. 11
RESULTS
CONSOLIDATED STATEMENTS OF
INCOME
1Q15
Vertical
Analysis
1Q15
1Q14
Vertical
Analysis
1Q15
Horizontal
Analysis
1Q15x1Q14
(In thousands of Reais, except for percentages)
NET OPERATING REVENUES 107,909 100.00% 173,27 100.00% -37.72%
COST OF GOODS SOLD (104,917) -97.23% (129,967) -75.01% -19.27%
GROSS PROFIT 2,992 2.77% 43,303 24.99% -93.09%
Selling expenses (9,092) -8.43% (8,170) -4.72% 11.29%
General and administrative expenses (11,470) -10.63% (9,532) -5.50% 20.33%
Other operating revenues 2,267 2.10% 6,632 3.83% -65.82%
Other operating expenses (1,135) -1.05% (1,510) -0.86% -24.83%
OPERATING INCOME (16,438) -15.23% 30,723 17.73% -153.50%
Financial expenses (10,870) -10.07% (7,807) -4.51% 39.23%
Financial revenues 7,073 6.55% 7,454 4.31% -5.11%
INCOME BEFORE INCOME AND SOCIAL CONTRIBUTION TAXES(20,235) -18.75% 30,37 17.53% -166.63%0
Current income and social contribution taxes (364) -0.34% (4,420) -2.55% -91.76%
Deferred income and social contribution taxes 6,318 5.85% (2,176) -1.26% -390.35%
INCOME AND SOCIAL CONTRIBUTION TAXES 5,954 5.52% (6,596) -3.81% -190.27%
NET INCOME FOR THE PERIOD (14,281) -13.23% 23,774 13.72% -160.07%- -
