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Presentation - 1st Quarter 2004
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Non-Deal Road Show June/2004
www.duratex.com.br
Duratex S.A.
Public company traded, in stock markets (BOVESPA), since 1951Number of outstanding shares as of April 30th: 11.782.716.987
Common: 37%Preferred: 63% (80% tag-along rights)
Itaúsa85,5%
Others14,5%
CommonItaúsa24,4%
Pension Funds23,5%
Foreign Investors
28,4%
Others19,7% Treasury
4,0%
Preferred
1
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.
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%
Deals Shares Traded (1,000)
Traded Volume (R$ 1,000)
Daily Average Volume (R$ 1,000)
2
Business Segments
HardboardHardboardParticle BoardParticle BoardMDF/HDF/SDFMDF/HDF/SDFLaminate FlooringLaminate FlooringCeiling and Wall Paneling
Metal FittingsMetal FittingsVitreous ChinaVitreous ChinaAccessoriesAccessories
Ceiling and Wall Paneling
3
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:
Jan-May/04: ~R$45M
2004: R$120M (whole year)
2005: R$ 60M45,0
172,8
303,0
139,4138,9
65,474,1
130,495,0
49,9
1995 1996 1997 1998 1999 2000 2001 2002 2003 Jan-May/04
19951995--May/04: R$1.2BMay/04: R$1.2B4
Total Debt & Amortization Schedule in Mar/04 (R$ M)
39,5
436,6
142,2 156,3
96,3
65,5
221,2
Debt 2004 2005 2006 2007 2008 &Beyond
Domestic Currency
Foreign Currency
100% hedge
TOTAL DEBT 578,8
Net Debt / Equity = 39,6%During the first quarter, there were issued R$130M in Debenture
Amortization Schedule
5
Industrial Capacity & Level of Utilization
JanJan--May/2004May/2004
640.000 m3/year640.000 m3/year
3,2 M pieces/year
3,2 M pieces/year
500.000 m3/year500.000 m3/year
360.000 m3/year360.000 m3/year
14,4 M pieces/year14,4 M
pieces/year74,0%
84,0%
82,0%
64,0%
78,0%
Vitreous China
Metal Fittings
MDF/HDF/SDF
Particle Board
Hardboard
6
Performance – Monthly Production
MDF/HDF/SDF MDF/HDF/SDF -- BotucatuBotucatu Unit Unit (capacity of 400.000 m(capacity of 400.000 m33/year)/year)
0
2.500
5.000
7.500
10.000
12.500
15.000
17.500
20.000
22.500
25.000
feb/03 mar apr may jun jul aug sep oct nov dec jan/04 feb mar apr may
m3
2003: 21,5% during the yearAverage Level of Capacity Utilization 2004: 57,8% from January to May 7
Exports – 1Q2004
Total exported:
1Q2004: US$13,0 M
1Q2003: US$ 9,8 M
Highlights - MDF, Vitreous China and Furniture exports (Inter D+)
+ 32,6%
DECA DIVISION
7%
WOOD DIVISION
93%
Metal Fittings1,9%
Vitreous China5,1%
Hardboard59,8%
MDF/HDF/SDF26,2%
Laminate Flooring
3,1%
INTER D+3,9%
8
Exports – 1Q2004
Main MarketsMain Markets
United States43%
Europe23%
South and Central America
11%
Others23%
9
Performance - MDF exports (m3/quarter)
0
2.500
5.000
7.500
10.000
12.500
15.000
17.500
20.000
22.500
25.000
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04
m3
10
Exports – 1Q2004
Furniture ExportsFurniture 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
Exports – 1Q2004
Vitreous Vitreous China China Exports Exports
Sales in 2003: US$1.952K
Sales Jan-May/2004: US$1.011K
Expects to exhibit its products in fairs in South Africa and Portugal
March/2004 – present at the Kitchen & Bath fair in Chicago
Kitchen & Bath – Chicago Mar/2004 Kitchen & Bath – Chicago Mar/2004 12
Net Revenues Breakdown
Wood Division: 65% Deca Division: 35%
Hardboard30%
Particle Board12%
MDF17%
Laminate Flooring
6%
Metal Fittings
24%
Vitreous China11%
1Q2004 1Q2003
Wood Division: 65% Deca Division: 35%
Hardboard29%
Particle Board14%
MDF14%
Laminate Flooring
8%
Metal Fittings
24%
Vitrous China11%
13
Consolidated Income Statement (R$ 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
Consolidated Financial Summary (R$M)
Jan Feb Mar Quarter Jan Feb Mar QuarterShipments
Wood (in m³) 69.048 76.239 95.942 241.229 65.865 60.712 64.386 190.963
Deca (in 1.000 pieces) 1.099 850 1.391 3.340 1.301 1.034 1.028 3.363
Net Revenues 77,2 76,4 96,7 250,3 78,0 72,7 70,1 220,8
Gross Profit 22,4 25,2 36,3 83,8 29,4 27,6 26,8 83,8
EBITDA 13,5 15,9 24,4 53,7 19,8 18,3 17,0 55,1
EBITDA Margin 17,4% 20,8% 25,2% 21,5% 25,4% 25,2% 24,3% 25,0%
Net Income 0,1 3,0 8,2 11,3 12,4 5,8 2,3 20,5
2.004 2.003
Net Income and EBITDA 2003
12,4
2,3
5,817,0
18,319,8
Jan Feb Mar15
Net Income and EBITDA 2004
0,13,0
8,2
13,4
15,9
24,4
Jan Feb Mar
Consolidated Financial Summary (R$M)
1Q04 4Q03 3Q03 2Q03 1Q03Gross Revenues 328,1 352,7 334,9 286,5 280,5
Net Revenues 250,3 279,2 264,4 225,3 220,8
COGS net of Depreciation 149,9 164,1 152,3 135,4 122,8
Gross Margin Net of Dep. 40,1% 41,2% 42,4% 39,9% 44,4%
Depreciation 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%
Operating Result 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%
Net Income 11,3 22,5 13,4 7,6 20,5
ROE (annualized) 5,0% 9,5% 5,9% 3,4% 9,0%
16
Financial Performance per Division (R$M)
(R$M) VA% (R$M) VA% (R$M) VA%
Net 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%
Gross 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%
WOOD DIVISION DECA DIVISION CONSOLIDATED
17
Consolidated Operating Cash Flow Statement (R$ 1.000)
1Q04 1Q03
NET INCOME 11.307 20.509Depreciation/Amortization/Depletion 17.820 14.801Interest / FX Variation (Accrual) 11.717 820Provisions / Write-Offs 3.410 4.703
SUB-TOTAL 44.254 40.833Investments in Working Capital 11.735 (4.007)
OPERATING CASH FLOW 55.989 36.826
18
Performance
ShipmentsShipments
241,2190,9197,4
905,5881,2823,6
2001 2002 2003 1Q02 1Q03 1Q04
( in 1.000 m3 )
CAGR: 10,5%
3,33,33,2
13,314,5
13,6
2001 2002 2003 1Q02 1Q03 1Q04
( in million pieces )
CAGR: 1,5%19
Performance
Net Net RevenuesRevenues (R$ M)(R$ M)
785,3
179,1250,3220,8
989,6866,9
2001 2002 2003 1Q02 1Q03 1Q04
CAGR: 12,3% CAGR: 18,2% 20
Performace
EBITDA EBITDA (R$ M) & MarginMargin (%)
35,4 35,5
46,7 46,8
42,7
32,3
43,9
48,1
36,3
25,4%
22,2%24,7%
22,0%
30,0%28,9%30,2%
26,8%
30,9%
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04
10,2 10,7 11,3
13,712,4
10,7
17,5 16,7 17,4
18,9%19,9%20,1%
13,6%
15,8%15,9%
13,8%15,2%15,8%
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 21
Performance
187,5
45,6 53,755,1
224,6210,4
25,0%23,9% 24,4%22,7% 21,5%
25,5%
2001 2002 2003 1Q02 1Q03 1Q04
EBITDA EBITDA (R$ M) & & MarginMargin (%)
22
Dividends (R$ M)
45,3%45,3%32,3%32,3%148,2%148,2%34,7%34,7%34,6%34,6%31,7%31,7%28,4%28,4% 34,3%34,3%PayPay--OutOut 40,2%40,2%
25,724,623,621,5
15,115,014,7
11,28,7
1995 1996 1997 1998 1999 2000 2001 2002 2003
23
Non-Deal Road Show June/2004
www.duratex.com.br
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