2. Duratex S.A.
Public company traded at BOVESPA since 1951
Number of outstanding shares as of August 31st: 11.782.716.987
Common: 37%
Preferred: 63% (80% tag-along rights)
Others
18,6% Treasury
1,8%
Itaúsa
Foreign Preferred 24,4%
Investors
31,6%
Pension Funds
23,6%
1
3. Preferred Stock Performance
During the first semester of 2004, Duratex´s preferred shares
presented a trading volume of R$ 162,2 million; that is, an increase of
123,7% when compared to the same period of 2003.
Share s Trade d Trade d Volume Daily Ave rage
De als
(1,000) (R$ 1,000) Volume (R$ 1,000)
1st Semester 2004 2.026 2.150.500 162.204 1.308,1
1st Semester 2003 1.492 1.304.700 72.524 594,2
1HY03 - 1HY04 Var. % 35,8% 64,8% 123,7% 120,2%
2
4. Business Segments
Hardboard Metal Fittings
Particle Board Vitreous China
MDF/HDF/SDF Accessories
Laminate Flooring
Ceiling and Wall Paneling
3
5. CAPEX
Highlights:
New MDF/HDF/SDF line in Botucatu, with a nominal capacity of 400.000 m3/year;
Increase of the Particle Board production to 500.000 m3/year;
Increase of the Metal Fittings production to 14,4 million pieces per year;
Increase of the Vitreous China production to 4,2 million pieces per year with the
entrance, in this semester, of a new kiln at the Jundiaí plant.
History of CAPEX since 1995 (in R$M):
303,0
172,8
130,4 138,9 139,4
95,0
74,1 65,4
49,9 62,1
1995 1996 1997 1998 1999 2000 2001 2002 2003 1HY2004 4
6. Total Debt & Amortization Schedule as of June (in R$M)
TOTAL DEBT 570,1 Amortization Schedule
Foreign
Currency
142,1 139,4
94,9
69,4
Domestic
Currency
428,0
223,6
42,8
Total De bt 2004 2005 2006 2007 2008 &
Be yond
Cash R$ 158,0
Net Debt R$ 412,1
Net Debt / Equity 42,8% 5
7. Industrial Capacity & Occupacy Rate
July/2004
Jan – Jun/2004
360.000 m3/year
360.000 m3/year Hardboard 82,9% 96,0%
500.000 m3/year
500.000 m3/year Particle Board 66,1% 83,4%
640.000 m3/year
640.000 m3/year MDF/HDF/SDF 75,5% 80,1%
14,4 M
14,4 M
pieces/year
pieces/year
Me tal Fittings 75,2% 76,0%
3,2 M
3,2 M
pieces/year Vitre ous China 85,2% 86,6%
pieces/year
6
8. Exports
Total exported:
1HY2004: US$ 28,1M
+42,6 %
1HY2003: US$ 19,7M
Export History in US$M:
46,5
41,5
37,6
28,1
19,7 19,7
2001 2002 2003 1HY02 1HY03 1HY04
7
9. Exports – 1HY2004
Highlights: MDF, Furniture Exports (InterD+) and Vitreous China
DECA MDF/HDF/SDF
DIVISION 26%
7% Laminate
Flo o ring
3%
INT ER D+
4%
Me tal Fitting s
2%
Hard b o ard
WOOD 60% Vitre o us
DIVISION C hina
5%
93%
Destinations Europe
22% South/Ce ntra l
Ame rica
12%
As ia/Middle
Eas t
United States 19%
42%
Others
5% 8
11. Exports
Furniture Exports –
Showroom (Jundiaí/SP):
Area: 2.000m2
Active Clients: Holand, Mexico, South Africa and Middle East region
Product Line: 400 items
Sales in US$:
1HY03: 96K
1HY04: 1.568K
Samples of Products Exported
10
12. Exports
Vitreous China Exports
Sales in US$:
1HY02: 772K
1HY03: 874K
1HY04: 1.522K
Present at the Kitchen & Bath fair in Chicago – March/2004
Deca Showroom: Kitchen & Bath – Chicago/04
Samples of Exported Producs
11
13. Net Revenues Breakdown 1HY2004
MDF/HDF Furniture
SDF 1%
21% Laminate
Flooring
Particle 8%
Board
14%
Me tal
Fittings
22%
Hardboard Vitre ous
24% China
10%
Wood Division: 68%
Deca Division: 32%
12
14. Consolidated Income Statement (in R$M)
1HY 2004 VA% 1HY 2003 VA% HA%
NET REVENUES 551,9 100% 446,1 100% 24%
COGS (317,4) 58% (257,5) 58%
Depreciation/Amort./Depletion (34,7) (28,3)
GROSS PROFIT 199,8 36% 160,2 36% 25%
Selling Expenses (73,4) (64,4)
General & Administrative Expenses (22,6) (21,4)
Other Operating Results 0,3 (6,1)
INCOME BEFORE FINANCIAL RESULTS 104,1 19% 68,3 15% 52%
Net Financial Result (24,2) (21,8)
Taxes on Financial Operations (4,2) (5,6)
OPERATING INCOME 75,7 14% 40,9 9% 85%
Non Operating Income (0,3) 3,6
INCOME BEFORE TAXES 75,4 14% 44,5 10% 69%
Income Tax & Social Contribution (19,2) (12,2)
Statutory Participation (6,9) (4,0)
Minority Participation (0,1) (0,1)
NET INCOME 49,1 9% 28,2 6% 74%
13
15. Consolidated Financial Results (in R$M)
2004 2003
1Q 04 2Q 04 1H Y 04 1Q 03 2Q 03 1H Y 03
Shipments
Wood Divis ion ( in 1.000 m ³ ) 241,2 271,6 512,9 191,0 202,4 393,3
Deca Divis ion ( in m illio n p iec es ) 3,3 3,4 6,7 3,4 3,0 6,4
N et Rev enues 250,3 301,6 551,9 220,8 225,3 446,1
EBITDA 53,7 87,7 141,4 55,1 43,0 98,2
N et Inc ome 11,3 37,8 49,1 20,5 7,6 28,2
1HY2004 1HY2003
87,7
53,7 55,1
43,0
37,8
20,5
11,3 7,6
1Q04 2Q04 1Q03 2Q03
Net Income EBITDA
14
16. Consolidated Financial Summary (in R$M)
2Q04 1Q04 4Q03 3Q03 2Q03
Shipme nts
Wood Division (in 1.000 m³) 271,7 241,2 252,9 259,3 202,3
De ca Division (in million of pieces) 3,4 3,3 3,5 3,4 3,0
Ne t Re ve nue s 301,6 250,3 279,2 264,4 225,3
COGS 185,6 166,5 178,2 165,6 149,0
Gross Profit 116,0 83,8 101,0 98,8 76,4
Gross Margin 38,5% 33,5% 36,2% 37,4% 33,9%
Ope rating Re sult 68,2 35,9 50,3 47,3 28,0
EBITDA 87,7 53,7 65,2 61,3 43,0
EBITDA Margin 29,1% 21,5% 23,4% 23,2% 19,1%
Ne t Income 37,8 11,3 22,5 13,4 7,6
ROE (annualize d) 16,8% 5,0% 9,9% 5,9% 3,4%
15
17. Financial Performance per Division (in 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 373,6 100% 178,2 100% 551,9 100%
COGS (208,4) 56% (108,9) 61% (317,4) 58%
Depr/Amort/Depl. (25,3) 7% (9,3) 5% (34,7) 6%
Gros s Profit 139,9 37% 60,0 34% 199,8 36%
EBITDA 1H Y 2004 109,9 29% 31,5 18% 141,4 26%
EBITDA 1H Y 2003 75,1 26% 23,1 15% 98,2 22%
16
18. Consolidated Cash Flow Statement (in R$ M)
1HY04 1HY03
NET INCOME 49,1 28,2
Depreciation/Amortization/Depletion 37,3 29,9
Interest / FX Variation (Accrual) / Other Financial Res. 34,2 (11,9)
Provisions / Write-Offs 9,2 13,5
SUB-TOTAL 129,7 59,5
Investments in Working Capital (56,6) (23,9)
OPERATING CASH FLOW 73,1 35,7
17