Duratex - 2006 Results

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Duratex - 2006 Results

  1. 1. www.duratex.com.br 2006 Year End Results 1 February / 07
  2. 2. >> Record Performance in 2006 Highlights Highlights Shipped volumes increased by 17% in the Wood Division and by 9% in the Deca Division; Record Net Revenues totaled R$ 1,5 billion, 17% over the one for 2005; Record EBITDA of R$ 458,1 million, which corresponds to an EBITDA margin of 31%; Record Net Income of R$ 226,0 million, equal to a R$ 1,78 profit per share, which is 65% more than 2005; Preferred stock trading daily average volume registered R$ 8,2 million; Market Capitalization reached R$ 4,2 billion at the end of 2006. 2
  3. 3. >> Business Segments Wood Division Hardboard Particle Board MDF/HDF/SDF Laminate Flooring 3
  4. 4. >> Business Segments Deca Division Metal Fittings Vitreous China Accessories 4
  5. 5. >> Capital Expenditures CAPEX (in R$ M) 303,5 172,8 136,8 108,4 105,4 2002 2003 2004 2005 2006 5
  6. 6. >> Capital Structure (in R$ M) in R$ M dec-06 Total Debt 618 Cash and Cash Equivalents 575 Shareholder´s Equity 1.396 Net Debt / Shareholder´s Equity 3,1% Net Debt / EBITDA 0,10 618,2 Debt and amortization Foreign 82,1 Currency schedule 359,4 Domestic 536,1 Currency 98,8 76,5 56,2 27,3 Total Debt 2007 2008 2009 2010 2011 & After 6
  7. 7. >> Industrial Capacity Nominal capacity and occupancy rate 95% 360.000 m3/year Hardboard 360.000 m3/year Particle Board 76% 500.000 m3/year 500.000 m3/year 640.000 m3/year 640.000 m3/year MDF/HDF/SDF 91% 14.400 KK 14.400 Metal Fittings 74% pieces/year pieces/year 3.800 KK 3.800 Vitreous China 82% pieces/year pieces/year 7
  8. 8. >> Wood Panels Sector Furniture industry Consumes approximately 60% of Duratex made wood panels; The industry is constituted of more than 16 thousand companies; There are 7 main furniture poles: • Bento Gonçalves (RS), • São Bento do Sul (SC), MG • Arapongas (PR), ES SP • Big São Paulo (SP), PR • Norwest region of São Paulo (SP) SC • Ubá (MG) RS • Linhares (ES) Furniture poles 8
  9. 9. >> Wood Panels Sector Strategic positioning Laminate Hardboard Particle Board MDF/HDF SDF Flooring Standard Painted Standard LP FF Standard LP FF Duratex Berneck Eucatex Isdra Masisa Arauco Satipel Tafisa 9
  10. 10. >> Housing Segment Brazilian scenario In 2006, the sector is expected to account for 13% of the Brazilian GDP; Estimated growth of the Civil Construction GDP: 2006 4,9% 2007 5,7% Positive perspectives: • Improving of the legal framework, • Reduction of interest rates, • Tax reduction IPI, • Expansion of credit, • Estimated growth of the youth Brazilian population, • Capitalized companies: R$ 4 billion in primary stock issuings. Source: IBGE and Banco Central 10
  11. 11. >> Housing Segment Housing sector outlook in R$ M 2005 2006 ** % Net Revenues * 2.507,8 3.238,7 29% VGV * 3.466,6 8.138,3 135% * Selected Companies: Abyara, Brascan, Camargo Correa, Company, Cyrela, Gafisa, Klabin Segall, Lopes, PDG Realty, Rodobens, Rossi Residencial e Tecnisa. ** 9m06 results annualized Sources: Financial statements and offerings prospectus 11
  12. 12. >> Housing Segment Construction average cycle ) u res e a fixt n in s to ic ch es lag c tr us ori of f ele g hing itreo ss on ion an d hin i n is n d v ce ture / ati ct is tf Ac rni l i ng t ec corp or tru ulic ck fin gh als a Li et iv e ry Fu ode j le ns dra i l Pro In Sa Co Hy Th (M De rem 12 months 5 months 3 months 5% 95% 12
  13. 13. >> Revenues within the Domestic Market Wood Furniture Industry 59% 6% 3% Civil Const. 7% Retail Technical Sales 4% 91% 24% Others 6% Home Centers 14% 19% Retail 57% Civil Construction 8% 11% Wholesale 9% 78% Others 4% 13
  14. 14. >> Performance Net revenues breakdown (2006 ) Others MDF / HDF / SDF 16% 27% Laminate Floor Boards 6% Furniture Makers Particle Board 37% 13% R$1,5 bn Metal Fittings 22% Civil Construction Hardboard 47% Vitreous 21% China 11% Market Segments 14
  15. 15. >> Performance Quarterly highlights Var. (% ) Var. (% ) Shipments 4Q06 3Q06 4Q05 4Q06 x 3Q06 4Q06 x 4Q05 Wood (in 1.000 m³) 329,1 346,0 275,3 -4,9% 19,5% Deca (in 1.000 items) 3.821 3.628 3.390 5,3% 12,7% in R$ M Net Revenues 410,7 399,8 330,3 2,7% 24,4% COGS (226,3) (225,8) (199,2) 0,2% 13,6% Gross Profit 184,5 174,0 131,1 6,0% 40,7% Gross Margin 45% 44% 40% - - Operating result before fin. 105,2 111,3 64,7 -5,4% 62,6% EBITDA 125,6 130,8 85,4 -4,0% 47,0% EBITDA Margin 31% 33% 26% - - Net Income 65,2 70,2 31,3 -7,1% 108,2% ROE (annualized) 20% 23% 13% - - 15
  16. 16. >> Yearly Performance (in R$ M) Net Revenues Ebitda & Margin R +1 4% R +21% CAG CAG 29% 31% 27% 25% 23% 1.489 458 1.188 1.271 990 321 363 867 213 232 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 Net Income Equity & ROE 1% 3% CAGR +1 18% R +3 CAG 13% 13% 8% 7% 226 1.396 125 137 990 1.051 905 937 72 64 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 16
  17. 17. >> Quarterly Performance (in R$ M) Net Revenues Ebitda & Margin R +1 3% R +20% CAG CAG 31% 25% 26% 24% 24% 411 126 305 330 248 279 85 61 68 74 4Q02 4Q03 4Q04 4Q05 4Q06 4Q02 4Q03 4Q04 4Q05 4Q06 Net Income Equity & ROE 1% 5% CAGR +1 20% R +3 CAG 14% 13% 9% 10% 65 1.396 33 905 937 990 1.051 31 20 23 4Q02 4Q03 4Q04 4Q05 4Q06 4Q02 4Q03 4Q04 4Q05 4Q06 17
  18. 18. >> Yearly Performance Ebitda (in R$ M) & Margin (%) Wood 35% 32% 31% 29% 27% Demanded markets; 354 Increase of shipped volumes; 256 267 166 178 Export revenues reduction. 2002 2003 2004 2005 2006 23% 21% 16% 16% 17% Positive scenario for the housing segment; Increase of shipped volumes (Basics); 96 104 55 65 47 Cost increase at metal fittings segment. 2002 2003 2004 2005 2006 18
  19. 19. >> Quarterly Performance Ebitda (in R$ M) & Margin (%) Wood 36% 29% 30% 29% 30% Demanded markets; 99 Increase of shipped volumes; 59 68 47 56 Economies of scale. 4Q02 4Q03 4Q04 4Q05 4Q06 19% 16% 17% 15% 13% Positive scenario for the housing segment; Enrichment of the sales mix; 27 15 18 14 12 Economies of scale. 4Q02 4Q03 4Q04 4Q05 4Q06 19
  20. 20. >> Yearly Performance Net Revenues per employee (in R$ 1.000) % GR : +13 CA 245,1 215,7 199,7 169,8 150,4 2002 2003 2004 2005 2006 20
  21. 21. >> Yearly Performance EBITDA per employee (in R$ 1.000) % GR : +19 75,4 CA 61,6 53,9 37,0 39,8 2002 2003 2004 2005 2006 21
  22. 22. >> Performance Cash Flow in 2006 (in R$ M) 372,1 195,8 574,6 (24,8) (20,4) Working Financing Capital (105,4) CAPEX (76,7) Issuing of new stock Dividends and profit sharing 234,0 Adjusted Net Income (*) Opening Balance Closing Balance Dec. 05 Dec. 06 ( * ) Adjusted Net Income = net Income + depreciation + financial result + provision and asset write offs 22
  23. 23. >> Capital Markets Shareholders’ structure (as of Jan/2007) Outstanding number of shares: 128.1 M Common 53,3 M Preferred 74,8 M Shareholders Breakdown Foreign Investors 51,5% PN Others 29,9% Pension Funds 10,5% Itaúsa / Itaúcorp 8,1% 23
  24. 24. 24 0 2.500 5.000 7.500 10.000 12.500 15.000 17.500 20.000 22.500 25.000 27.500 30.000 30/12/2004 14/1/2005 31/1/2005 16/2/2005 2/3/2005 (in R$ 1.000) Financial Volume 16/3/2005 31/3/2005 14/4/2005 29/4/2005 Adhesion to Bovespa´s Level I Stock Split (200x1) 13/5/2005 30/5/2005 13/6/2005 27/6/2005 11/7/2005 2005 25/7/2005 8/8/2005 Honourable Reference 22/8/2005 IR Magazine 5/9/2005 20/9/2005 4/10/2005 19/10/2005 3/11/2005 >> Capital Markets 18/11/2005 2/12/2005 16/12/2005 2/1/2006 16/1/2006 31/1/2006 14/2/2006 2/3/2006 16/3/2006 Stock Dividend Stock Public Offering 30/3/2006 13/4/2006 Election of an Independent 2/5/2006 Board Member 16/05/06 30/05/06 13/06/06 28/06/06 2006 12/07/06 26/07/06 9/8/2006 23/8/2006 6/9/2006 21/9/2006 05/10/06 20/10/06 6/11/2006 22/11/2006 Annual Report 3rd Place – ABRASCA Award 6/12/2006 20/12/2006 8/1/2007 22/1/2007 Price (R$) 07 as of 05/Feb/07 8,00 10,00 12,00 14,00 16,00 18,00 20,00 22,00 24,00 26,00 28,00 30,00 32,00 34,00 36,00 38,00 40,00 42,00 44,00 46,00 48,00
  25. 25. >> Capital Markets Market capitalization at year end US$ 1.969 M R$ 4.209 M 4.209 +2 1% GR: CA + 3 0% GR: CA 1.743 US$ 362 M 1.460 970 661 558 605 R$ 403 M 288 403 468 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 25
  26. 26. >> Capital Markets Dividends (in R$ M) 76,9 % : +20 58,1 CA GR 15,3 46,3 42,8 23,6 24,6 25,7 21,5 14,7 15,0 15,2 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Extraordinary dividend 26
  27. 27. >> Wrap up CAPEX: Capital´s Structure: • consistent programs, •presence in capital markets, • returns / ROIC. • low leverage. CREATION OF VALUE WITH Market Positioning: SUSTAINABILITY Low Cost • strong brand names, of • products and markets, Wood Supply • distribution channels, 27
  28. 28. www.duratex.com.br 2006 Year End Results 28 February / 07

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