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Corporate Presentation
1st quarter 2012
www.duratex.com.br/ri
2
OPERATING HIGHLIGHTS
Evolution of shipped volumes compared to 1Q11:
. + 16,3% in Wood Division
. + 5,0% in Deca Division
Net revenue totaled R$737,8 million in the quarter, +11,8% y-o-y
EBITDA +14,4% compared to 1Q11, reached R$208,8 million, mostly supported by: . better price base in Deca Division
. higher level of shipped volumes, in both divisions
. lower cost base: dilution of the fixed cost
Net Income: +12,2% y-o-y, totaled R$86,2 million in the quarter, and +8,6% q-o-q
Estimated Capex: R$ 650 million in 2012:
. MDP - Taquari
. MDF - Itapetininga
. Sanitary Ware - Queimados
. Metal Fittings - Jundiaí
3
BUILDING MATERIALS INDUSTRY
Índice ABRAMAT MERCADO INTERNO
Realizado e Projetado para 2012
1Q12
ABRAMAT INDEX – INTERNAL MARKET
Achieved and Projected for 2012
Forecast
Source: Associação Brasileira da Indústria de Materiais de Construção
ABRAMAT INDEX: Monthly indicator of sales performance of the Building Materials Industry;
performance in relation to the same period of the previous year
4
5.737
6.259
6.780 6.729
6.024
1Q11 2Q11 3Q11 4Q11 1Q12
-10,5%
•Favorable market conditions for construction sector
•Reduction of shipped volumes resulting from the adjustment of price base at the end of 2011
SHIPMENT (in ’000 items)
FINANCIAL HIGHLIGHTS
+5,0%
5
WOOD PANEL CONSUMPTION IN BRAZIL
ANNUAL CAPACITY (in ´000 m³)* NOMINAL EFFECTIVE * AVAILABLE*
MDF 4.800 4.080 3.660
MDP 4.470 3.800 3.420
Total 9.270 7.880 7.080 *Duratex estimate:
Effective annual capacity of the industry based on the lines already installed and minor investments still required
Available: Without minor investments mentioned above
1.413 1.861 2.037 2.263 2.352
2.962 3.065
660 778 738
2005 2006 2007 2008 2009 2010 2011 1Q11 4Q11 1Q12
MDF MARKET– MEDIUM DENSITY FIBERBOARD (in ’000 m³)
+3,5%
-5,1%
CAGR: 13,8% (3,3 x GDP)
+11,8%
MDP MARKET– MEDIUM DENSITY PARTICLEBOARD (in ’000 m³)
2.102 2.186 2.548 2.633 2.431
2.885 2.985
684 734 792
2005 2006 2007 2008 2009 2010 2011 1Q11 4Q11 1Q12
+3,5%
CAGR: 6,0% (1,5 x GDP)
+7,9%
+15,8%
Source: ABIPA
6
SHIPMENT (in ’000 m³)
Highlights:
• Improvement of the number of installments in the furniture retail
•More recently (measures benefiting furniture segment)
.Tax substitution: 1% on revenues instead of 20% INSS on payroll
.Tax reduction: 5% IPI tax reduced to 0%. Equalizing the furniture competitiveness to “white line”
. R$ 2 bn special credit line by Caixa Econômica, with interest between 1% and 2% per month and terms
up to 48 months to finance furniture and “white line” goods
519,3
582,1 611,7
555,7
604,1
1Q11 2Q11 3Q11 4Q11 1Q12
+8,7%
INDUSTRY (MDF, MDP, HARDBOARD) - ABIPA (in ’000 m³)
1.439,9 1.663,0 1.743,0
1.623,8 1.654,9
1Q11 2Q11 3Q11 4Q11 1Q12
+1,9%
FINANCIAL HIGHLIGHTS
+16,3% +14,9%
659,9
751,2 789,8 769,5
737,7
1Q11 2Q11 3Q11 4Q11 1Q12
7
CONSOLIDATED NET REVENUE
NET REVENUE (R$ million) and GROSS MARGIN(%)
GEOGRAPHICAL DISTRIBUTION OF SALES 1Q12 (%)
Deca: 37% Wood: 63%
-4,1%
WOOD 413,7 480,7 502,1 479,5 467,6
DECA 246,2 270,5 287,7 290,0 270,1
GROSS MARGIN % 34,1% 33,8% 35,0% 33,3% 34,5%
NET REVENUE BY PRODUCT 1Q12 (%)
Domestic Market
96%
Foreign Market
4%
1Q11 2Q11 3Q11 4Q11 1Q12
MDP
23%
MDF/ LAMINATED FLOORING
32%
HARDBOARD
8%
METAL FITTINGS
18%
SANITARY WARE
19%
+11,8%
3.520,5 3.562,3
3.638,0 3.692,8
3.781,8
1Q11 2Q11 3Q11 4Q11 1Q12
ROE (%) 8,8% 10,3% 11,4% 8,7% 9,2%
8
RECURRENT EBITDA (R$ million) and RECURRENT EBITDA MARGIN (%)
RECURRENT NET INCOME (R$ million)
182,5
211,8 216,3
188,8
208,8
1Q11 2Q11 3Q11 4Q11 1Q12
WOOD 110,2 145,8 147,3 126,9 136,9
DECA 72,3 66,0 69,0 61,9 71,9
EBITDA MARGIN% 22,7% 28,2% 27,4% 24,5% 28,3%
76,9 91,1
102,3
79,4 86,2
1Q11 2Q11 3Q11 4Q11 1Q12
+8,6%
EQUITY (R$ million) and RECURRENT ROE (%)
1Q11 2Q11 3Q11 4Q11 1Q12
FINANCIAL HIGHLIGHTS
+14,4% +10,6%
+12,1% +7,4% +2,4%
ELECTRICITY
9% DEPRECIATION AND
AMORTIZATION
10% FUEL
2%
LABOR
12%
WOOD*
20%
RESIN
16%
RAW MATERIALS AND OTHER
INPUTS
31%
96%
91%
76%
Hardboard
MDP
MDF
110,2 145,8 147,3
126,9 136,9
1Q11 2Q11 3Q11 4Q11 1Q12
413,7 480,7 502,1 479,5 467,6
1Q11 2Q11 3Q11 4Q11 1Q12
9
HIGHLIGHTS BY DIVISION
ANNUAL CAPACITY (in ´000 m³) NOMINAL EFFECTIVE * AVAILABLE**
MDF 1.800 1.530 1.400
MDP 1.900 1.620 1.350
Hardboard 210 195 195
Total 3.910 3.345 2.945
NET REVENUE (R$ million) and GROSS MARGIN (%)
RECURRENT EBITDA (R$ million) and EBITDA MARGIN (%)
-2,5%
30,4% 31,3% 32,8% 31,8% 31,5%
+7,9%
26,6% 30,3% 29,3% 26,5% 29,3%
COST STRUCTURE 1Q12
* Includes depletion incident in the wood cost
INSTALLED CAPACITY & OCCUPANCY RATE 1Q 12 (by available)
Effective annual capacity of Duratex based on the lines already installed and
minor investments needed; **Without minor investments mentioned
+13,0% +24,2%
96%
97%
Metal Fittings
Sanitary Ware
10
INSTALLED CAPACITY & OCCUPANCY RATE 1Q12
CAPACIDADE ANUAL (em ́peças) NOMINAL
SANITARY WARE 9.800
METAL FITTINGS 17.000
Total 26.800
NET REVENUE (R$ million) and GROSS MARGIN (%)
RECURRENT EBITDA (R$ million) and EBITDA MARGIN (%)
246,2
270,5
287,7 290,0
270,1
1Q11 2Q11 3Q11 4Q11 1Q12
40,3% 38,2% 38,9% 35,9% 39,8%
72,3
66,0 69,0
61,9
71,9
1Q11 2Q11 3Q11 4Q11 1Q12
29,4% 24,4% 24,0% 21,3% 26,6%
COST STRUCTURE 1Q12
DEPRECIATION AND
AMORTIZATION
7% ELECTRICITY
4% FUEL
5%
LABOR
40% METALS
14%
RAW MATERIALS AND OTHER
INPUTS
30%
HIGHLIGHTS BY DIVISION
+9,7% -0,6% -6,9% +16,2%
766,6
479,8 521,4 461,2
187,9
312,4
Cash 2012 2013 2014 2015 2016 and
after
11
INDEBTEDNESS
CASH POSITION AND DEBT AMORTIZATION SCHEDULE (R$ million)
R$´000 1Q12 4Q11 Var. 1Q11 Var.
Short Term - Debt 593.469 687.902 (94.433) 513.686 79.783
Long Term - Debt 1.369.237 1.227.588 141.649 1.168.154 201.083
Total Financial Debt 1.962.706 1.915.490 47.216 1.681.840 280.866
Cash 766.604 726.159 40.445 501.746 264.858
Net Debt 1.196.102 1.189.331 6.771 1.180.094 16.008
Net Debt/ Equity ( %) 31,6% 32,2% - 33,5% -
Net Debt/ EBITDA (last 12 months)
1,38
1,42
-
1,33
-
Domestic Currency
95,1%
Foreign Currency
4,9%*
ORIGIN OF DEBT
*Hedge for R$
14.400 15.600 15.800 15.800 17.000 18.200
3.800 6.200 7.200 7.200 9.800 12.200
2007 2008 2009 2010 2011 2012
Metais Louças
891,2
427,0 459,6 635,8
112,6
537,4
2008 2009 2010 2011 2012
NOMINAL CAPACITY (in ’000 items)
EFFECTIVE CAPACITY (in ’000 m³)
553 850 1.530 1.530 1.530 2.050 2.730 1.275 1.620
1.620 1.620 1.620 1.620 1.620
334 195
195 195 195 195 195
2007 2008 2009 2010 2011 2013 2015
MDF MDP Chapa
12
CONSOLIDATED CAPEX (R$ MILLION)
2.162 2.665 3.345 3.345 3.345 3.865 4.545
18.200 21.800 23.000 23.000 26.800 30.400
+15,5%
+13,4%
+17,6%
650,0 e
1Q12
HARDBOARD
METAL
FITTINGS
SANITARY
WARE
13
ONGOING INVESTMENTS
WOOD DIVISION:
. SANITARY WARE – QUEIMADOS
+2,4 million items/year
. MDF – ITAPETININGA 520 thousand m³ effective capacity
. METAL FITTINGS – JUNDIAÍ + 1,2 million items/year
DECA DIVISION:
. MDP – TAQUARI
Achievement of 670 thousand m³ effective capacity
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.
April, 2012
DISCLAIMER
Investor Relations [email protected] www.duratex.com.br/ri
Evolução da Produtividade em Novas Florestas Eucalipto
- São Paulo -
2030
40 44 4452514845
0102030405060
Anos
60
Anos
80
2000 2005 2006 2007 2008 2009 2010
Ano base
IMA
(m
³/h
a.an
o)
16
LOCALIZATION OF PLANTS
+160%
Forest
Plants 1 NEW MDF PLANT
Place: Itapetininga
Effective capacity:
520K m³/year
Distribution Center
PLANTS SÃO PAULO:
Itapetininga: MDP and new MDF plant (start-up 2013)
Agudos: 2 MDF lines, Fooring and Resin Plant (DRI)
Botucatu: Hardboard and MDF
MINAS GERAIS: Uberaba: MDF and MDP
RIO GRANDE DO SUL: Taquari: MDP
230 ha of land:
o SP – 62%
o MG – 34%
o RS – 4%
139 of planted forest
Evolution of Duratex forest productivity
Year base
17
Place: Queimados
Reactivation and capacity
expansion:
+2,4M items/year
Place: Jundiaí
Metal Fittings Expansion
Capacity:
Up to 17 K items/year
Place:
Cabo de Santo
Agostinho
New Kiln and
sanitary ware
expansion
LOCALIZATION OF PLANTS
PLANTS SÃO PAULO:
- Metal Fittings: São Paulo and Jundiaí - Sanitary Ware: 2 plants in Jundiaí RIO DE JANEIRO:
- Sanitary Ware: Queimados RIO GRANDE DO SUL:
- Sanitary Ware: São Leopoldo PERNAMBUCO:
- Sanitary Ware: Cabo de Santo Agostinho PARAÍBA:
- Sanitary Ware: João Pessoa ARGENTINA
- Metal Fittings: Deca Piazza in Buenos Aires
18
R$´000
1Q12
4Q11
%
1Q11
%
Operating Profit Before Financial Result 135.814 131.218 3,5 123.177 10,3
Depreciation/ Amortization/ Depletion 71.613 79.400 (9,8) 63.969 11,9
Change in Fair Value of Biological Assets (32.923) (53.519) (38,5) (35.602) (7,5)
Depletion Portion of Biological Assets 34.585 32.518 6,4 33.275 3,9
Employee Benefits (257) (836) (69,2) (2.299) (88,8)
EBITDA 208.832 188.781 10,6 182.520 14,4
EBITDA Margin 28,3% 24,5% - 27,7% -
RECONCILIATION OF CONSOLIDATED EBITDA