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Duratex - 1st Quarter 2004

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Presentation - 1st Quarter 2004

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Duratex - 1st Quarter 2004

  1. 1. Non-Deal Road Show June/2004 www.duratex.com.br
  2. 2. Duratex S.A. Public company traded, in stock markets (BOVESPA), since 1951 Number of outstanding shares as of April 30th: 11.782.716.987 Common: 37% Preferred: 63% (80% tag-along rights) Others Itaúsa 19,7% Treasury 85,5% 4,0% Itaúsa Common Preferred 24,4% Foreign Investors 28,4% Others Pension Funds 14,5% 23,5% 1
  3. 3. Preferred Stock Performance Duratex’ preferred shares from Dec/03 to May/04, presented a decline in pricing of 25% as the IBOVESPA devalued by 12%, in the same period. Share s Trade d Trade d Volume Daily Ave rage De als (1,000) (R$ 1,000) Volume (R$ 1,000) 1st Quarter 04 1.120 1.296.300 103.671 1.672,1 2004 1.120 1.296.300 103.671 1.672,1 1st Quarter 03 675 614.400 31.947 525,7 2nd Quarter 03 817 690.300 40.577 662,7 3rd Quarter 03 1.454 1.609.800 99.159 1.502,0 4th Quarter 03 1.740 1.399.400 102.329 1.574,3 2003 4.686 4.313.900 274.012 1.066,2 1Q03 - 1Q04 Var. % 65,9% 111,0% 224,5% 218,1% 2
  4. 4. Business Segments Hardboard Metal Fittings Particle Board Vitreous China MDF/HDF/SDF Accessories Laminate Flooring Ceiling and Wall Paneling 3
  5. 5. CAPEX (in R$M) Highlights: Continued expansion works at the Vitreous China Unit II (Jundiaí/SP) Conclusion of the equipment assembling works for the production of particle board panels with a “super-thin” surface Conclusion of the assembling works of a new low pressure coating line (Botucatu/SP) Timberland acquisitions in the Botucatu/SP region totaling 978 hectares CAPEX: 303,0 Jan-May/04: ~R$45M 2004: R$120M (whole year) 172,8 138,9 139,4 2005: R$ 60M 95,0 130,4 74,1 65,4 49,9 45,0 1995 1996 1997 1998 1999 2000 2001 2002 2003 Jan- May/04 1995-May/04: R$1.2B 4
  6. 6. Total Debt & Amortization Schedule in Mar/04 (R$ M) TOTAL DEBT 578,8 Amortization Schedule Foreign Currency 142,2 156,3 100% hedge 96,3 Domestic 65,5 Currency 436,6 221,2 39,5 De bt 2004 2005 2006 2007 2008 & Be yond Net Debt / Equity = 39,6% During the first quarter, there were issued R$130M in Debenture 5
  7. 7. Industrial Capacity & Level of Utilization Jan-May/2004 Hardboard 360.000 m3/year 360.000 m3/year 84,0% Particle Board 500.000 m3/year 64,0% 500.000 m3/year MDF/HDF/SDF 78,0% 640.000 m3/year 640.000 m3/year 14,4 M Me tal Fittings 14,4 M 74,0% pieces/year pieces/year 3,2 M Vitre ous China 82,0% 3,2 M pieces/year pieces/year 6
  8. 8. Performance – Monthly Production MDF/HDF/SDF - Botucatu Unit (capacity of 400.000 m3/year) 25.000 3 m 22.500 20.000 17.500 15.000 12.500 10.000 7.500 5.000 2.500 0 fe b /0 3 ma r apr ma y j un j ul a ug se p oct nov dec j a n/0 4 fe b ma r apr ma y 2003: 21,5% during the year Average Level of Capacity Utilization 2004: 57,8% from January to May 7
  9. 9. Exports – 1Q2004 Total exported: 1Q2004: US$13,0 M + 32,6% 1Q2003: US$ 9,8 M Highlights - MDF, Vitreous China and Furniture exports (Inter D+) MDF/HDF/SDF DECA 26,2% DIVISION 7% Laminate Flo o ring 3,1% INT ER D+ 3,9% Me tal Fitting s 1,9% WOOD Hard b o ard Vitre o us DIVISION 59,8% C hina 93% 5,1% 8
  10. 10. Exports – 1Q2004 Main Markets Europe 23% United States 43% South and Central Americ a 11% Others 23% 9
  11. 11. Performance - MDF exports (m3/quarter) 3 m 25.000 22.500 20.000 17.500 15.000 12.500 10.000 7.500 5.000 2.500 0 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 10
  12. 12. Exports – 1Q2004 Furniture Exports – Showroom (Jundiaí/SP): Area: 2.000m2 Active Clients: Holand, Mexico, South Africa and Middle East region Product Line: 400 items Main products exported: (50%) living, (25%) youth dormitories and (25%) dining room Sales in 2003: US$873K Sales in 1Q04: US$769K 11
  13. 13. Exports – 1Q2004 Vitreous China Exports Sales in 2003: US$1.952K Sales Jan-May/2004: US$1.011K Expects to exhibit its products in fairs in South Africa and Portugal March/2004 – present at the Kitchen & Bath fair in Chicago Kitchen & Bath – Chicago Mar/2004 Kitchen & Bath – Chicago Mar/2004 12
  14. 14. Net Revenues Breakdown 1Q2004 1Q2003 Laminate Laminate MDF MDF Flooring Flooring Particle 17% 14% 6% Particle 8% Board Board 12% 14% Me tal Me tal Fittings Fittings 24% 24% Hardboard Hardboard Vitre ous Vitrous China 30% 29% China 11% 11% Wood Division: 65% Wood Division: 65% Deca Division: 35% Deca Division: 35% 13
  15. 15. Consolidated Income Statement (R$ 1.000) 1Q 2004 VA% 1Q 2003 VA% HA% NET REVENUES 250.290 100% 220.778 100% 13% COGS (149.871) 60% (122.841) 56% Depreciation/Amort./Depletion (16.595) (14.066) GROSS PROFIT 83.824 33% 83.871 38% 0% Selling Expenses (34.357) (29.482) General & Administrative Expenses (11.630) (10.368) Other Operating Results (1.945) (3.685) INCOME BEFORE FINANCIAL RESULTS 35.892 14% 40.336 18% -11% Net Financial Result (13.797) (5.821) Taxes on Financial Operations (1.583) (2.417) OPERATING INCOME 20.512 8% 32.098 15% -36% Non Operating Income (277) 405 INCOME BEFORE TAXES 20.235 8% 32.503 15% -38% Income Tax & Social Contribution (7.320) (8.957) Statutory Participation (1.598) (2.995) Minority Participation (10) (42) NET INCOME 11.307 5% 20.509 9% -45% 14
  16. 16. Consolidated Financial Summary (R$M) 2.004 2.003 Jan Feb Mar Quarter Jan Feb Mar Quarter Shipments Wood (in m³) 69.048 76.239 95.942 241.229 65.865 60.712 64.386 190.963 Deca (in 1.000 pieces) 1.099 850 1.391 3.340 1.301 1.034 1.028 3.363 Net Revenues 77,2 76,4 96,7 250,3 78,0 72,7 70,1 220,8 Gross Profit 22,4 25,2 36,3 83,8 29,4 27,6 26,8 83,8 EBITDA 13,5 15,9 24,4 53,7 19,8 18,3 17,0 55,1 EBITDA Margin 17,4% 20,8% 25,2% 21,5% 25,4% 25,2% 24,3% 25,0% Net Income 0,1 3,0 8,2 11,3 12,4 5,8 2,3 20,5 Net Income and EBITDA 2004 Net Income and EBITDA 2003 24,4 12,4 19,8 18,3 8,2 15,9 17,0 5,8 13,4 3,0 2,3 0,1 Jan Feb Mar Jan Feb Mar 15
  17. 17. Consolidated Financial Summary (R$M) 1Q04 4Q03 3Q03 2Q03 1Q03 Gross Re ve nue s 328,1 352,7 334,9 286,5 280,5 Ne t Re ve nue s 250,3 279,2 264,4 225,3 220,8 COGS ne t of De pre ciation 149,9 164,1 152,3 135,4 122,8 Gross Margin Ne t of De p. 40,1% 41,2% 42,4% 39,9% 44,4% De pre ciation 16,6 14,1 13,3 13,5 14,1 Gross Profit 83,8 101,0 98,8 76,4 83,9 Gross Margin 33,5% 36,2% 37,4% 33,9% 38,0% Ope rating Re sult 35,9 50,3 47,3 28,0 40,3 EBITDA 53,7 65,2 61,3 43,0 55,1 EBITDA Margin 21,5% 23,3% 23,2% 19,1% 25,0% Ne t Income 11,3 22,5 13,4 7,6 20,5 ROE (annualize d) 5,0% 9,5% 5,9% 3,4% 9,0% 16
  18. 18. Financial Performance per Division (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 163,3 100% 87,0 100% 250,3 100% COGS (98,4) 60% (51,5) 59% (149,9) 60% Depr/Amort/Depl. (12,0) 7% (4,6) 5% (16,6) 7% Gros s Profit 52,9 32% 30,9 36% 83,8 33% EBITDA 1Q 2004 36,3 22% 17,4 20% 53,7 21% EBITDA 1Q 2003 42,7 30% 12,4 16% 55,1 25% 17
  19. 19. Consolidated Operating Cash Flow Statement (R$ 1.000) 1Q04 1Q03 NET INCOME 11.307 20.509 Depreciation/Amortization/Depletion 17.820 14.801 Interest / FX Variation (Accrual) 11.717 820 Provisions / Write-Offs 3.410 4.703 SUB-TOTAL 44.254 40.833 Investments in Working Capital 11.735 (4.007) OPERATING CASH FLOW 55.989 36.826 18
  20. 20. Performance Shipments 881,2 905,5 823,6 ( in 1.000 m3 ) 241,2 197,4 190,9 2001 2002 2003 1Q02 1Q03 1Q04 CAGR: 10,5% 14,5 13,6 13,3 3,2 3,3 3,3 ( in million pieces ) 2001 2002 2003 1Q02 1Q03 1Q04 CAGR: 1,5% 19
  21. 21. Performance Net Revenues (R$ M) 989,6 866,9 785,3 250,3 220,8 179,1 2001 2002 2003 1Q02 1Q03 1Q04 CAGR: 12,3% CAGR: 18,2% 20
  22. 22. Performace EBITDA (R$ M) & Margin (%) 30,9% 30,2% 30,0% 28,9% 26,8% 24,7% 25,4% 22,0% 22,2% 48,1 46,7 46,8 43,9 42,7 35,5 36,3 35,4 32,3 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 20,1% 19,9% 18,9% 15,8% 15,9% 15,8% 15,2% 13,8% 13,6% 17,5 17,4 16,7 13,7 12,4 10,7 11,3 10,7 10,2 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 21
  23. 23. Performance EBITDA (R$ M) & Margin (%) 25,5% 25,0% 23,9% 24,4% 22,7% 21,5% 210,4 224,6 187,5 45,6 55,1 53,7 2001 2002 2003 1Q02 1Q03 1Q04 22
  24. 24. Dividends (R$ M) Pay-Out 28,4% 31,7% 34,6% 34,7% 148,2% 32,3% 45,3% 34,3% 40,2% 25,7 24,6 23,6 21,5 14,7 15,0 15,1 11,2 8,7 1995 1996 1997 1998 1999 2000 2001 2002 2003 23
  25. 25. Non-Deal Road Show June/2004 www.duratex.com.br

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