June / 2003




www.duratex.com.br
Business Segments




Hardboard                 Metal Fittings
Particle Board            Vitreous China
MDF               ...
Corporate Events

Partial Split and Incorporation of DCE by Duratex SA


   March 31st of 2003 – it was approved, by a Gen...
Preferred Shareholders’ Structure (April 31st)


                         2002                                            ...
Preferred Stock Performance



  During the first quarter of 2003, Duratex stock was traded in
every working day, presenti...
Performance of Duratex’ Preferred Stock

                                              Duratex PN x Stock Indexes
        ...
CAPEX Objectives


                         Leadership


                                                    Diversity &
C...
CAPEX - Highlight

   New MDF/HDF Plant

Location: Botucatu/SP

Total invested: R$240 M

1st. Board: Feb/3/2003

Capacity:...
CAPEX & EBITDA (R$ M)


 CAPEX Jan-Mar 2003:             R$54,8 M
 EBITDA Jan-Mar 2003:            R$55,2 M

             ...
Industrial Capacity & Level of Utilization (1Q2003)



    Hardboard                  91,2%                        360.000...
Total Debt & Amortization Schedule (R$ M)

              409,2
                         113,7


   Foreign                ...
Exports



      1Q2002                        1Q2003

                                               South &
            ...
Net Revenues Breakdown

           1Q2002                                     1Q2003
                    Laminate         ...
Consolidated Income Statement (R$ 1.000)

                                               1Q2003          VA%     1Q2002   ...
Consolidated Operating Cash Flow Statement (R$ 1.000)

                                      1Q2003      1Q2002

NET INCOM...
Consolidated Financial Summary (R$ M)

                                 1Q03    1Q02    2Q02    3Q02    4Q02
Ne t Re ve nu...
Wood Division – Cost Breakdown

                                     Hardboard    Particle Board              MDF
Raw Mate...
Deca Division – Cost Breakdown


                                 Vitreous China Metal Fittings
Raw Material & Others     ...
Financial Performance per Division


                  WOOD DIVISION       DECA DIVISION       CONSOLIDATED
              ...
Performance

Shipments
                                                     881,2
                                     812...
Performance

Net Revenues   (R$M)

                                             220,8

                       185,4     17...
Performance

Net Revenues per Employee    (R$1.000)




                                              36,6
               ...
Performance

EBITDA   (R$M)   & Margin   (%)

    26,8%         27,3%
                              25,3%   25,2%      25,...
Performance

EBITDA per Employee   (R$ 1.000)




                                               9,2
                     ...
Performance

Net Income   (R$M)




                               19,1                  20,5

              12,2         ...
June / 2003




www.duratex.com.br
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Duratex - 1st Quarter 2003

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Duratex - 1st Quarter 2003

  1. 1. June / 2003 www.duratex.com.br
  2. 2. Business Segments Hardboard Metal Fittings Particle Board Vitreous China MDF Accessories Laminate Flooring Ceiling & Wall Paneling
  3. 3. Corporate Events Partial Split and Incorporation of DCE by Duratex SA March 31st of 2003 – it was approved, by a General Ordinary Extraordinary meeting, the partial split and incorporation of the industrial units of both particle board and MDF by Duratex S. A. from DCE The operation aimed the reducion of costs and the elimination of double taxing There were issued 3,6 million shares of Duratex SA in order to compensate DCE’s minority shareholders
  4. 4. Preferred Shareholders’ Structure (April 31st) 2002 2003 Fore ign Fore ign Inve stors Inve stor 28,4% Pe nsion Fund 19,7% Pe nsion Fund 23,3% 20,5% Othe rs Othe rs 28,7% 22,7% Itaúsa Tre asury Itaúsa Tre asury 23,1% 5,3% 24,4% 3,9% Shares outstanding as of April 31st: 2002: 12.179.130.021 shares, of which 7.767.712.156 Pref. 2003: 11.782.716.987 shares, of which 7.370.658.030 Pref.
  5. 5. Preferred Stock Performance During the first quarter of 2003, Duratex stock was traded in every working day, presenting an appreciation of 3,8%, as opposed to the Bovespa Index that practicaly have not changed during the same period Volume Trade d Financial Volume Avg. Financial De als (in 1,000 share s) (R$ 1,000) Volume (R$ 1,000) 1Q2003 675 614.400 31.947 525,7 1Q2002 418 315.400 14.623 244,3 2Q2002 469 396.100 19.838 316,0 3Q2002 543 756.600 30.051 458,0 4Q2002 739 806.100 35.442 547,0 Var. % 61,5% 94,8% 118,5% 115,1%
  6. 6. Performance of Duratex’ Preferred Stock Duratex PN x Stock Indexes Duratex PN x Stock Indexes 100 Base: from 04/30/2002 to 04/30/2003 100 Base: from 04/30/2002 to 04/30/2003 140 18,2% 120 6,5% 100 3,6% 80 -4,0% 60 / 02 / 02 0 2 / 02 0 2 / 02 02 02 / 02 / 03 0 3 / 03 / 03 pr ay n/ ul g/ ep ct / ov / ec an b/ ar pr a m ju j au s o n d j fe m a DURA4 IBOV IBX FGV100
  7. 7. CAPEX Objectives Leadership Diversity & Capacity Growth Technology update Competitiviness Improve the selling mix Economies of Scale Cost Reduction Productivity Gains
  8. 8. CAPEX - Highlight New MDF/HDF Plant Location: Botucatu/SP Total invested: R$240 M 1st. Board: Feb/3/2003 Capacity: 400.000 m3/year
  9. 9. CAPEX & EBITDA (R$ M) CAPEX Jan-Mar 2003: R$54,8 M EBITDA Jan-Mar 2003: R$55,2 M 303,0 199,4 210,4 187,5 158 130,4 138,9 114,3 95 139,4 65,9 97,9 77,3 74,1 65,4 49,9 1995 1996 1997 1998 1999 2000 2001 2002 CAPEX EBITDA
  10. 10. Industrial Capacity & Level of Utilization (1Q2003) Hardboard 91,2% 360.000 m3/yr 360.000 m3/yr Particle Board AGI Last Phase: 500.000 m3/yr 78,7% 500.000 m3/yr 140.000 m3 MDF/HDF: 400.000 m3 640.000 m3/yr MDF 99,5% 640.000 m3/yr pre-operational 1,2 M 1,2 M Me tal Fittings 89,6% pieces/month pieces/month 270.000 Vitre ous China 270.000 82,2% pieces/month pieces/month
  11. 11. Total Debt & Amortization Schedule (R$ M) 409,2 113,7 Foreign 85,3 Currency 195,1 100% hedged 56,9 63,4 Domestic 89,9 Currency 214,1 De bt 2003 2004 2005 2006 2007 & Be yond Long-Term Amortization Schedule Net Debt on Shareholders’ Equity: 27,2%
  12. 12. Exports 1Q2002 1Q2003 South & South & Central Central Americ a Americ a 14% USA 14% 52% USA 47% Europe Europe 25% 23% Others Others 11% 16% US$8,9 M +10 % +10 % US$9,8 M
  13. 13. Net Revenues Breakdown 1Q2002 1Q2003 Laminate Laminate MDF MDF Flooring Flooring 13,8% 13.5% 7,3% 7,8% Particle Particle Board Board 14,2% 15,6% Me tal Me tal Fitings Fittings 25,6% 24,3% Hardboard Hardboard Vitre ous Vitre ous 27,2% 29,1% China China 10,6% 11,1% Wood Division: 63,8% Wood Division: 64,6% Deca Division: 36,2% Deca Division: 35,4%
  14. 14. Consolidated Income Statement (R$ 1.000) 1Q2003 VA% 1Q2002 VA% HA% NET REVENUES 220.778 100% 179.114 100% 23% COGS (122.106) 55% (97.800) 55% Depreciation/Amort./Depletion (14.801) (14.094) GROSS PROFIT 83.871 38% 67.220 38% 25% Selling Expenses (29.940) (20.562) General & Administrative Expenses (10.368) (8.828) Lay-off Provisions (1.005) (4.663) Other Operating Results (2.222) (1.613) INCOME BEFORE FINANCIAL RESULTS 40.336 18% 31.554 18% 28% Net Financial Result (6.771) (2.738) Taxes on Financial Operations (2.417) (1.800) Argentina - Exchange Rate Impact 950 (12.316) OPERATING INCOME 32.098 15% 14.700 8% 118% Non Operating Income 405 2.931 INCOME BEFORE TAXES 32.503 15% 17.631 10% 84% Income Tax & Social Contribution (8.957) (3.500) Statutory Participation (2.995) (1.798) Minority Participation (42) (250) NET INCOME 20.509 9% 12.083 7% 70%
  15. 15. Consolidated Operating Cash Flow Statement (R$ 1.000) 1Q2003 1Q2002 NET INCOME 20.509 12.083 Depreciation/Amortization/Depletion 14.801 14.094 Interest / FX Variation (Accrual) (2.533) 6.901 Provisions / Write-Offs 4.703 4.396 SUB-TOTAL 37.480 37.474 Investments in Working Capital (4.007) 5.947 OPERATING CASH FLOW 33.473 43.421
  16. 16. Consolidated Financial Summary (R$ M) 1Q03 1Q02 2Q02 3Q02 4Q02 Ne t Re ve nue s 220,8 179,1 203,2 236,4 248,2 COGS 122,1 98,4 114,1 130,1 143,4 Gross Margin Ne t of De pre c. 44,7% 45,1% 43,8% 45,0% 42,2% De pre ciation 14,8 13,5 13,7 14,6 14,3 Gross Profit 83,9 67,2 75,4 91,6 90,6 Gross Margin 38,0% 37,5% 37,1% 38,7% 36,5% Ope rating Re sult 40,3 31,6 33,1 42,7 45,5 EBITDA 55,1 45,6 46,3 58,0 60,5 EBITDA Margin 25,0% 25,5% 22,8% 24,5% 24,4% Ne t Income 20,5 12,1 15,0 24,8 19,8 ROE (annualize d) 9,3% 5,7% 7,0% 11,5% 9,0%
  17. 17. Wood Division – Cost Breakdown Hardboard Particle Board MDF Raw Material & Others 31% 58% 63% Work Force 23% 13% 12% Wood 20% 11% 9% Depreciation 5% 8% 8% Electric Power 11% 4% 6% Fuel 10% 6% 2% Total 100% 100% 100% 100% Fuel 80% Electric Power 60% Depreciation 40% Wood 20% Work Force Raw Material & Others 0% Hardboard Particle MDF Board
  18. 18. Deca Division – Cost Breakdown Vitreous China Metal Fittings Raw Material & Others 39% 55% Work Force 37% 34% Electric Power 3% 4% Depreciation 10% 7% Fuel 11% 0% Total 100% 100% 100% 80% Fuel 60% Electric Power 40% Depreciation 20% Work Force 0% Raw Material & Others Vitreous China Metal Fittings
  19. 19. Financial Performance per Division WOOD DIVISION DECA DIVISION CONSOLIDATED CON SOLIDATED CON SOLIDATED (R$M) V A% (R$M) V A% (R$M) AV % N et Revenues 142,6 100% 78,2 100% 220,8 100% COGS (74,2) 52% (48,7) 62% (122,9) 56% Deprec iation (9,1) 6% (4,9) 6% (14,0) 6% Gros s Profit 59,3 42% 24,6 31% 83,9 38% EBITDA 1T2003 42,7 30% 12,4 16% 55,1 25% EBITDA 1T2002 35,4 31% 10,2 16% 45,6 25%
  20. 20. Performance Shipments 881,2 812,1 823,6 749,6 628,4 683,8 629,4 582,2 ( in 1.000 m3 ) 182,7 195,2 197,4 191,0 167,4 1999 2000 2001 2002 2003 14,2 14,5 13,1 13,5 10,9 11,3 10,1 10,3 ( in million of pieces ) 3,0 3,2 3,3 3,2 3,4 1999 2000 2001 2002 2003
  21. 21. Performance Net Revenues (R$M) 220,8 185,4 179,1 169,3 145,7 1Q99 1Q00 1Q01 1Q02 1Q03 CAGR: 10,9 % CAGR: 10,9 %
  22. 22. Performance Net Revenues per Employee (R$1.000) 36,6 32,1 30,4 28,6 25,9 1Q99 1Q00 1Q01 1Q02 1Q03 CAGR: 9,0 % CAGR: 9,0 %
  23. 23. Performance EBITDA (R$M) & Margin (%) 26,8% 27,3% 25,3% 25,2% 25,0% 55,1 46,3 46,9 45,6 39,0 1Q99 1Q00 1Q01 1Q02 1Q03 CAGR EBITDA: 9,0 % CAGR EBITDA: 9,0 %
  24. 24. Performance EBITDA per Employee (R$ 1.000) 9,2 8,1 7,7 7,8 6,8 1Q99 1Q00 1Q01 1Q02 1Q03 CAGR: 7,8 % CAGR: 7,8 %
  25. 25. Performance Net Income (R$M) 19,1 20,5 12,2 12,1 1Q99 1Q00 1Q01 1Q02 1Q03 (18,9) Impacted by Devaluation of the Real
  26. 26. June / 2003 www.duratex.com.br

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