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Corporate Presentation
4th quarter 2014
Operating Highlights from the Quarter
Better price base in MDF = improvement in margins
Consolidated EBITDA Margin of 25,7% in the quarter
Wood EBITDA Margin reaching 31,9%
Closing of sanitary ware operation in LJII and concentration of production in a more efficient plant (Queimados/RJ)
Pay out of 40% in the year, above the minimum of 30%
1
EBITDA
Operation
Dividends
(in R$ million) 4Q14 3Q14 % 4Q13 % 2014 2013 %
Net Income 1.040,0 1.057,3 -1,6% 1.008,1 3,2% 3.984,5 3.872,7 2,9%
Wood 731,7 706,3 3,6% 675,4 8,3% 2.641,9 2.505,9 5,4%
Deca 308,4 351,0 -12,1% 332,8 -7,3% 1.342,6 1.366,8 -1,8%
Recurrent Gross Margin 29,3% 31,1% 34,6% 31,3% 37,3%
Financial Highlights Consolidated
Equity (R$ million) and Recurring ROE (%)
Consolidated Net Revenue (R$ million)
2
13,3% 7,9% 10,8% 7,3% 7,4% Recurring ROE (%)
Financial Highlights Consolidated
3
(em R$ million) - Brazil 4Q14 3Q14 Var % 4Q13 Var % 2014 2013 Var %
Deca Volume (in '000 items) 5.927 6.917 -14,3% 6.486 -8,6% 26.577 27.983 -5,0%
Wood Volume (in m3) 688.657 709.444 -2,9% 718.526 -4,2% 2.590.232 2.668.228 -2,9%
EBITDA 254,6 223,8 13,7% 304,5 -16,4% 904,7 1.200,1 -24,6%
EBITDA Margin 26,1% 22,6% - 30,2% - 24,2% 31,0% -
Recurrent Net Income 80,0 76,5 4,6% 118,1 -32,3% 336,4 561,6 -40,1%
Recurrent ROE 7,1% 6,9% - 10,8% - 10,1% 13,3% -
Colombia 4Q14 3Q14 Var % 2014
Wood Volume (in m3) 55.598 54.282 2,4% 197.366
EBITDA 12,7 13,5 -6,1% 47,4
EBITDA Margin 19,2% 20,1% - 19,7%
Recurrent Net Income 5,7 7,0 -19,0% 22,6
Consolidated 4Q14 3Q14 Var % 4Q13 Var % 2014 2013 Var %
Deca Volume (in '000 items) 5.927 6.917 -14,3% 6.486 -8,6% 26.577 27.983 -5,0%
Wood Volume (in m3) 744.254 763.725 -2,5% 718.526 3,6% 2.787.597 2.668.228 4,5%
EBITDA 267,3 237,3 12,6% 304,5 -12,2% 952,1 1.200,1 -20,7%
EBITDA Margin 25,7% 22,4% - 30,2% - 23,9% 31,0% -
Recurrent Net Income 85,7 83,5 2,6% 118,1 -27,4% 359,0 561,6 -36,1%
Recurrent ROE 7,4% 7,3% - 10,8% - 7,9% 13,3% -
ANNUAL CAPACITY
(in '000 m3)NOMINAL EFFECTIVE* AVAILABLE**
MDF 6.080 5.170 4.900MDP 4.741 4.030 4.030
TOTAL 10.821 9.200 8.930
Panel Market in Brazil(in ‘000 m3)
Source: ABIPA/IBA
MDF Market
MDP Market
+3,4%
-4%
-8,1%
-12%
-9% -2%
4
* Duratex’s estimate: Available capacity: based on the lines already installed, after the ramp-up periods and taking into account the existing bottlenecks and investments Effective: with peripheral investments, as mentioned above
Wood
ANNUAL CAPACITYLEVEL OF OCCUPANCY
(in ‘000 m³) (over available - %)
MDF 2.470 2.100 1.880 75%
MDP 2.200 1.870 1.870 71%
Hardboard 210 195 195 88%
Total 4.880 4.165 3.945 74%
NOMINAL EFFECTIVE* AVAILABLE**
Operational Highlights
Shipment (in m3)
5
Wood
+4,5%
+3,6%
-2,5%
Installed Capacity and Occupancy Rate 4Q14
* Duratex’s annual Effective capacity based on already installed lines, after ramp up and investments periods * Situation in this quarter
Operational Highlights
Net Revenue (R$ million) and Gross Margin (%)
Recurrent EBITDA (R$ million) and EBITDA Margin (%)
6
33,5% 30,4% 29,9% 36,5% 30,5%
+5,4%
+8,3%
+3,6%
34,6% 25% 31,9% 35,1% 27,4%
-17,7%
-0,1%
+32,2%
Wood
Highlights: . Increase in MDF prices contributed to EBITDA margin recovery on the quarter . On na annual comparison base, besides cost increases related to inflation and exchange rate, there was increase in fixed costs due to the increase in capacity, that was not followed by recomposition of prices, which contracted the margins; besides the consolidation of Tablemac with lower margins
Building Material Industry
Source: Associação Brasileira da Indústria de Materiais de Construção ABRAMAT INDEX: Monthly indicator of sales performance, in R$, of the Building Materials Industry; performance in relation to the same period of the previous year
INTERNAL MARKET ABRAMAT INDEX Achieved and Projected for 2015
7
Deca
ANNUAL CAPACITY NOMINAL ANNUAL LEVEL OF OCCUPANCY
(in ‘000 items) CAPACITY (%)
SANITARY WARE 12.250* 56%
METAL FITTINGS 24.600** 68%
Total 36.850 64%
Operational Highlights
Shipments (in ‘000 items)
8
Deca
Installed Capacity and Occupancy Rate 4Q14
-5,0%
-8,6%
-14,3%
* Includes the capacity for Louças Jundiaí II ** Includes Thermosystem (showers and solar heating system) and Mipel (Industrial valves)
21,3% 17,3% 11,0% 23,4% 17,0%
-28,8%
-52,3%
-44,2%
36,9% 32,6% 27,8% 38,7% 32,9%
-1,8%
-7,3%
-12,1%
Operational Highlights
Net Revenue (R$ million) and Recurrent Gross Margin (%)
Recurrent EBITDA (R$ million) and EBITDA Margin (%)
9
Deca
Highlights: . Closure of Louças Jundiaí II unit trasfering the production to Queimados’ unit with better industrial productivity and smaller operating costs . Costs increase in 2014 due to readjustments in the metals and sanitary ware lines on 4Q14, deseconomies of scale (new sanitary ware unit in Queimados), and rebranding of Thermosystem, to Hydra, which contributed to keep margins under pressure
Consolidated CAPEX (R$ million) and Main Investiments
Main Projects Concluded in 2013
R$ 4.400
10
QUEIMADOS (RJ)
Sanitary Ware
+2,4 million items/year
ITAPETININGA (SP)
New MDF Plant
Effective Capacity:
520.000 m3/year
TAQUARI (RS) Debottlenecking the capacity of MDP, with the addition of 230 000 m³ annual available capacity (from 440.000 to 670.000 m³/year)
DECA (in `000 items) 2007 2008 2009 2010 2011 2012 2013* 2014 2015
Metals 14.400 15.600 15.800 15.800 17.000 18.200 24.600 25.800 25.800
Sanitary Ware 3.800 6.200 7.200 7.200 9.800 9.800 12.250 12.250 11.500
TOTAL 18.200 21.800 23.000 23.000 26.800 28.000 36.850 38.050 37.300
WOOD (in `000 m³) 2007 2008 2009 2010 2011 2012 2013* 2014 2015
MDF 553 850 1.530 1.530 1.530 1.600 2.100 2.100 2.100
MDP 1.275 1.620 1.620 1.620 1.620 1.670 1.870 1.870 1.870
Hardboard 334 195 195 195 195 195 195 195 195
TOTAL 2.162 2.665 3.345 3.345 3.345 3.465 4.165 4.165 4.165
Productive capacities evolution
11
+92,6%
+104,9%
Capacities evolution * 2013: Tablemac, Thermosystem e Mipel (acquisitions) capacities starts being accounted for
Production Scale
R$´000 DEC/2014 SEP/2014 Var R$ DEC/2013 Var R$
Short Term Debt 1.015.610 811.657 203.953 716.373 299.237
Long Term Debt 1.792.233 1.851.413 -59.180 1.734.468 57.765
Total Debt 2.807.843 2.663.070 144.773 2.450.841 357.002
Cash 1.081.089 813.124 267.965 996.843 84.246
Net Debt 1.726.754 1.849.946 -123.192 1.453.998 272.756
Net Debt / Equity (in %) 37,5% 40,2% - 33,3% -
Net Debt / EBITDA (last 12 months) 1,81 1,87 - 1,17 -
Indebtedness
Amortization Schedule (R$Mn) Debt Origin (%)
12
* 100% hedge
2015: Focus on the operation as a competitive advantage
Closure of Sanitary Ware plant and adjustment in the operational lines dimensioned Deca to current markets` needs
Focus in cost reduction
CAPEX limited to the operations` maintenance
Geographical diversification with plantation of forests in Brazil’s project in Northeast region to support a future panel operation
13
DECA
Costs
CAPEX
CAETEX
Disclaimer
14
The information contained herein was prepared by Duratex S.A. and does not constitute an
offering material, to subscribe for or purchase any of the Company’s securities. This material
also brings general information about Duratex S.A. and its markets. No representation or
warranty, express or implied, is made concerning, and no reliance should be placed on, the
accuracy, fairness or completeness of the information presented herein.
The Company can give no assurance that expectations disclosed in this presentation will be
confirmed.
February 2015
Corporate Presentation
4th quarter 2014