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1HY2006 Results
August/2006
1 www.duratex.com.br
2. Capital Markets
jun/06
Total Outstanding Shares 126.827.072
Treasury 110.126
STOCK PRICE (R$) 19,45
MARKET CAP (R$ M) 2.465
Preferred Shareholders´ Structure
(as of Jun 30, 2006)
Foreign Investors
51,9%
Others
30,0%
Pension
Funds
10,6% Itaúsa / Itaúcorp
2 7,5%
3. Performance of Duratex Preferred Shares
Traded Volume
Volum e Financeiro Preço (R$)
Price (R$)
(R$1.000)
(R$1.000) as of 31/7/2006
em 7/31/06
30.000 27,00
Stock Dividend 26,00
27.500
25,00
25.000 24,00
23,00
22.500
Public Offer
22,00
21,00
20.000 Stock Split in Reverse
200 / 1 20,00
17.500 19,00
18,00
15.000
Adhesion to 17,00
12.500 Bovespa Level I 16,00
15,00
10.000
14,00
7.500 13,00
12,00
5.000 11,00
10,00
2.500
9,00
0 8,00
30/12/2004
14/1/2005
31/1/2005
16/2/2005
2/3/2005
16/3/2005
31/3/2005
14/4/2005
29/4/2005
13/5/2005
30/5/2005
13/6/2005
27/6/2005
11/7/2005
25/7/2005
8/8/2005
22/8/2005
5/9/2005
20/9/2005
4/10/2005
19/10/2005
3/11/2005
18/11/2005
2/12/2005
16/12/2005
2/1/2006
16/1/2006
31/1/2006
14/2/2006
2/3/2006
16/3/2006
30/3/2006
13/4/2006
2/5/2006
16/05/06
30/05/06
13/06/06
28/06/06
12/07/06
26/07/06
2006 until
2005 (% )
31/Jul/06
Duratex Preferred Shares 20% 45%
IBOVESPA 28% 11%
Daily average trading volume R$ 1,4 M R$ 7,9 M
3 Daily average number of trades 27 232
4. Business Areas
Wood
Hardboard
Particle Board
MDF/HDF/SDF
Laminate Flooring
Metal Fittings
Vitreous China
Accessories
4
5. Capex and EBITDA (in R$ M)
362,6
320,6
201,7
232,2
191,7
172,8
136,8
108,4
66,7 52,1
2003 2004 2005 1H05 1H06
Capex EBITDA
5
6. Debt Structure
in R$ million jun-06 mar-06
Short Term Debt 201 214
Long Term Debt 419 426
Total Debt 620 640
Cash and Cash Equivalents 499 285
Net Debt 121 355
Shareholder´s Equity 1.295 1.082
Net Debt / Equity 9,4% 32,8%
Net Debt / EBITDA (annualized) 0,30 0,87
Total Debt & Amortization Schedule
Foreign 93,9 108,0
Currency
213,1
Domestic 53,8
Currency 526,2
76,6
168,6
6 Total Debt 2006 2007 2008 2009 2010 &
Beyond
7. Nominal Capacity & Occupancy Rate
Occupancy Rate during 1HY06
360.000 m3/year
Hardboard 89,7% 360.000 m3/year
Particle Board 74,3% 500.000 m3/year
500.000 m3/year
640.000 m3/year
640.000 m3/year
MDF/HDF/SDF 84,1%
14.400 K.
14.400 K.
Metal Fittings 72,2% pieces/year
pieces/year
4.200 K.
4.200 K.
Vitreous China 69,9% pieces/year
pieces/year
7
8. Revenues Breakdown
Net Revenues Breakdown (1H06)
MDF / HDF / SDF Others
26% Laminate
Flooring 19%
6%
Particle
Board Furniture Makers
13% 32%
Metal
Fittings
22%
Hardboard Civil Construction
Vitreous
22% China 49%
11%
Market Segments
8
9. Exports (in US$ M)
57,6 62,5
46,5
31,6 29,1
2003 2004 2005 1H05 1H06
► Deca Division ► Wood Division
1H06: US$ 4,3 M 1H06: US$ 24,8 M
+ 54% - 14%
1H05: US$ 2,8 M 1H05: US$ 28,8 M
9
10. Exports
Highlights
► Export Markets:
United States 45%
Europe 19%
Asia / Middle East 8%
South / Central America 17%
Others 11%
Hardboard
70% MDF/HDF/SDF
Wood 10%
85%
Other
5%
Deca
15% Vitreous
China
Metal 11%
Fittings
10
4%
11. Quarterly Performance
Var. (% ) Var. (% )
Shipments 2Q06 1Q06 2Q05 2Q06 x 1Q06 2Q06 x 2Q05
Wood (in 1.000 m³) 289,0 267,1 262,5 8% 10%
Deca (in 1.000 of pieces) 3.156 3.350 2.855 -6% 11%
in R$ M
Net Revenues 348,3 330,4 316,1 5% 10%
COGS (204,9) (188,6) (180,0) 9% 14%
Gross Profit 143,4 141,8 136,1 1% 5%
% Gross Margin 41% 43% 43% - -
Operating Profit before Fin. Results 80,6 82,0 77,2 -2% 4%
EBITDA 99,8 101,9 97,9 -2% 2%
% EBITDA Margin 29% 31% 31% - -
Net Income 45,8 44,8 32,7 2% 40%
ROE (annualized) 16,3% 17,9% 13,6% - -
11
12. Operating Highlights (in R$ M)
Net Revenues Gross Profit
+ 11% 19%
CAGR C AGR +
678,7
622,4 285,2
551,9 268,6
201,0
1HY04 1HY05 1HY06 1HY04 1HY05 1HY06
EBITDA Net Income
18%
C AGR + + 36%
CAGR
201,7 90,6
191,7
144,4 72,7
49,1
1HY04 1HY05 1HY06 1HY04 1HY05 1HY06
12
14. EBITDA per Division (in R$M)
Wood Division
17%
C AGR +
151,2
140,2
111,1
1HY04 1HY05 1HY06
Deca Division
23%
C AGR +
51,5 50,5
33,2
14 1HY04 1HY05 1HY06
15. Civil Construction
► Civil Construction Scenario
Housing deficit 7,9 millions of houses
Housing Financing (construction and acquisition)
Period Units Total in R$ 1.000
Jun/05 to May/06 78.859 6.134.286
+55% +73%
Jun/04 to May/05 50.899 3.552.064
Source: BACEN
Real Estate Credit / GDP (in 2004)
42%
15%
2%
Spain Chile Brasil
15 Source: ABECIP (Associação Brasileira das Entidades de Crédito Imob. E Poupança)
16. Construction Average Cycle
12 months 5 months 3 months
Project
Incorporation
Sale 5% 95%
Construction of flagstone
Hydraulic (pipes, valves and
registers) and electric
Thick finishing
Light finishing (metal fittings and vitreous china, painting)
Ready
Remodeling / installation of accessories (soap dish, towel
rack, toilet seat, etc) / furniture (kitchen, closets, etc)
16
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1HALF2006 Results
August/2006
18 www.duratex.com.br