2015 06-15 - 1 q15-75 years_institucional [eng]

INSTITUTIONAL PRESENTATION

1Q15

COMPANY

FIREARMS &

Acessories

RESULTS

HELMETS &

Acessories

STRATEGIES

GUIDANCE

COMPANY LARGEST MANUFACTURER OF REVOLVERS LEADING NATIONAL HELMETS’ PRODUCTION BRAZILIAN COMPANY WITH METAL INJECTION MOLDING TECHNOLOGY

OVERVIEW

COMPANY

OVERVIEW

- Pistols

- Revolvers

- Long Guns

- Air Guns

- Bullet-Proof Vests

- Acessories

- Helmets for

Motorcyclists

- Helmets for

Cyclists

- Motorcycle case

- Acessories

HELMETS FIREARMS

PLASTICS

- Containers

- Bins

MIM

Metal Injection

Molding

77% 18%

4%

1%

Part.* Part.*

Part.*

Part.*

*Contribution on 1st Quarter Net Revenue

FACILITIES

Forjas Taurus S.A. Porto Alegre – RS Handguns 1,300 Employees

Taurus Holdings Inc. Miami – Florida Firearms and M.I.M. 250 Employees

Polimetal São Leopoldo – RS Forgery, Machining and M.I.M. 900 Employees

Forjas Taurus S.A. - Branch 5 São Leopoldo – RS Long Guns 200 Employees

Taurus Blind. Nordeste Simões Filho – BA Helmets 200 Employees

Taurus Blindagens Mandirituba – PR Helmets, Bulletproof Vests and Plastics 600 Employees

COMPANY

3.450 Employees

1980 – Beretta operational aquisition 1982 – IPO 1983 – Taurus Internacional 1985 – Taurus Ferramentas 1986 – Induma 1988 – Taurus Holdings

1939 – Forjas Taurus

TIMELINE

1970 – Control to foreign investors 1977 – Management buyout

1991 – Champion’s assets 1997 - Rossi – Revolver (use of the brand, technology and productive processes) 1999 – Pollymer and titanium guns

00´s

30´s

70´s

80´s

90´s

COMPANY 2000 - Taurus Capacetes 2004 - Famastil 2004 – Taurus Máquinas-Ferramenta 2006 - Taurus Helmets 2006 - “The Judge” - Revolver 2008 - Rossi – Long Guns 2010 - Taurus Blindagens Nordeste 2011 - Admission to Level 2 of BM&FBOVESPA (Corporate Gov.) - Aquisition of SteelInject 2012 – Heritage Manufacturing Inc. Acquisition - Divestment of Taurus Máquinas-Ferramenta - Relocation of the long gun and M.I.M. sites to São

Leopoldo/RS 2013 - Diamondback – Global Distribution - Lean Manufaturing - Relocation of Steelinject to São Leopoldo/RS - Repactuation of Taurus Máquinas-Ferramenta divestment 2014 – New Shareholder: Companhia Brasileira de Cartuchos (CBC) - Helmets for Cyclists

CORPORATE GOVERNANCE

TAG ALONG 100%

(ON and PN)

DIVIDENDS 35%

(Semiannual)

MINIMUM OF 40% INDEPENDENT

BOARD MEMBERS

VOTING RIGHTS TO PREFERRED SHARES

(In Relevant Topics)

COMPANY

BOARD AND COMITTEES

Jorio Dauster Magalhães e Silva

Ruy Lopes Filho

André Ricardo Balbi

Cerviño

Fernando José Soares

Estima

João Verner Juenemann

Luiz Cláudio Moraes

Salésio Nuhs

Chairman (Independent)

Vice – Chairman

Independent Independent

56% of Independent

Members

Audit and Risks Comittee

Compensational and Personnel Development

Management and Corporate Governance Comittee

João Verner Juenemann Fábio Luiz Munhoz Mazzaro Thiago Piovesan (CFO & IRO)

Marcos Bodin de Saint Ange Comnene Salésio Nuhs Adriana Bozzetti (HR)

Luiz Cláudio Moraes Ruy Lopes Filho Thiago Piovesan (CFO & IRO)

COMPANY Fábio Luiz Munhoz Mazzaro

Independent

Marcos Bodin

Comnene

Independent

STATUTORY AND EXECUTIVE BOARD OF DIRECTORS

COMPANY

CEO André Ricardo Balbi Cerviño

CFO & IRO Thiago

Piovesan

VP MARKETING AND SALES

Eduardo Ermida Moretti

CEO – TAURUS HOLDINGS INC.

Anthony Acitelli

SUPPLY CHAIN EXECUTIVE

Marco A. Fialho Harzheim

COO Eduardo

Rácz

HELMETS & PLASTICS EXECUTIVE

Leonardo Aita

FISCAL COUNCIL

PERMANENTLY INSTALLED

COMPANY

Amoreti Franco Gibbon

Juliano Puchalski Teixeira

Alternate: Edgar Pereira Ribeiro

Alternate: Carlos Eduardo Bandeira de Mello Francesconi

Haroldo Zago

Alternate: Heldo Jorge dos Santos Pereira Junior

Mauro César Medeiros de Mello

Alternate: Nildo Teixeira Freire

Reinaldo Fujimoto

Alternate: José Aírton Veras Carvalho

SHAREHOLDERS

COMPANY

SHAREHOLDERS Before Capital Increase

Jul/2014 After Capital Increase

Oct/2014 After Stock Inplit

May/2015

TOTAL ON PN TOTAL ON PN TOTAL ON PN

CBC 6.0% 15.6% 0.9% 27.9% 52.5% 0.9% 31.3% 59.1% 0.9%

ESTIMAPAR 12.8% 37.3% 0.1% 12.1% 23.2% 0.0% 9.0% 17.2% 0.0%

PREVI 26.8% 15.3% 32.7% 19.4% 7.3% 32.7% 17.5% 7.2% 28.9%

FIGI 3.5% 10.1% 0.0% 2.5% 4.8% 0.0% 3.5% 6.6% 0.0%

OTHERS 50.9% 21.7% 66.3% 38.1% 12.2% 66.4% 38.7% 9.9% 70.2%

Capital Stock

Before Capital Increase Jul/2014

After Capital Increase Oct/2014

After Stock Inplit (11:1) May/2015

ON = 44,310,333 (34.4%) ON = 92,832,547 (52.3%) ON = 8,439,322 (52.3%)

PN = 84,666,177 (65.6%) PN = 84,751,880 (47.7%) PN = 7,704,716 (47.7%)

TOTAL = 128,976,510 TOTAL = 177,584,427 TOTAL = 16,144,038

SOCIAL COMMITMENT

• Kids of the Future

• Library

• Digital Space

• Sign Language Course

• Educational Benefits

• Impulsor News

COMPANY

TAURUS 75 YEARS

COMPANY

Arsenio Frantz – Sales Manager

18 years Protecting People

Lucas Davila – Revolver Assembly


Cheryne M. Makki – Financial Analyst


TAURUS 75 YEARS

COMPANY New Visual Identity Manual

Unification of Business Units

Improve Brand Perception

TAURUS 75 YEARS

COMPANY Communication Channel Restructure

• Websites

• Social Midia

• SAC

COMPANY

FIREARMS &

Acessories

RESULTS

HELMETS &

Acessories

STRATEGIES

GUIDANCE

FIREARMS & Acessories

IMPACT FACTORS

SEASONALITY

DEMAND

ECONOMICS

COSTS

• Trade Fairs • Hunting Season

• Innovation • Quality • Actions

• Currency • Macroeconomics

• Labour • Raw Material

FIREARMS TAURUS’ MARKET – 77% Consolidated Net Revenue


Law Enforcement (50%)

Private Security (45%)

Consumer Market (5%)

CONSUMER Market

Law Enforcement (60%)

Consumer Market (40%)

16% Firearms Revenue



NICS – NATIONAL INSTANT CRIMINAL BACKGROUND CHECK SYSTEM

Fonte: NSSF


PEERS


PRODUCT GENERATIONS

4th Generation • Long Guns (restricted use)

3rd Generation • Long Guns

2nd Generation • Pistols

1st Generation • Revolvers


MARKETING & SALES


AWARDS

2012 FIELD & STREAM BEST OF THE BEST AWARD TAURUS TRACKER 992

2011 NRA: HANDGUN OF THE YEAR

PT 740 SLIM

2013 MANUFACTURER OF THE YEAR

TAURUS INTERNATIONAL MFG, INC.


BRAZILIAN MARKET


PUBLIC SECURITY

Source: Public Security 2013 Report (data from 2012)


- Police Force Federal Police > 15.000

Civil Police > 120.000

Military Police > 400.000

City Guard * > 100.000

*Law n. 13.022 – August, 2014

- Armed Forces Armed Forces > 270.000

PRIVATE SECURITY


Vigilants in acitivity 700,000 * Non-considered the patrimonial organic vigilance

N. Companies 2,400 in 2013 (+5% in relation to 2012)

Sector Revenue R$ 44 billions in 2013 (2014 guidance = R$ 50 billions/year)

Source: FENAVIST

-

1.000.000

2.000.000

3.000.000

4.000.000

5.000.000

6.000.000

7.000.000

8.000.000

9.000.000

-

10.000

20.000

30.000

40.000

50.000

60.000

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

Evolution of Firearms and Ammunition Acquisition by Private Security Companies

MARKET SHARE

90% OF HANDGUNS MARKET SHARE IN BRAZIL PEERS: CBC AND IMBEL 10% OF MARKET SHARE


TAURUS DEFENSE - Targets

TAURUS

DEFENSE

Act as the link between TAURUS and Defense Ministry and

Armed Forces;

Represent TAURUS in specific forums;

Contribute on the process of consolidation of the TAURUS’

brand to the concepts of quality, safe, security and reliability;

Contribute on the sales growth, in particulary, to Armed Forces;

Manage the work related to the relevant legislation to the EED

(Strategic Defense Companies) and others inherent legal

frameworks of the company’s activity.

TAURUS – EED since November 28th, 2013

TAURUS

DEFENSE

TAURUS

DEFENSE

Política

Nacional

de Defesa

Prioritize the development of independent technological capabilities;

Subordinate commercial considerations to the strategic imperatives;

Prevent the polarization of Defense Industrial Base between advanced research and routine production;

Use the development of defense technologies as a focus for the development of operational capabilities.

BRAZILIAN DEFENSE STRATEGY – Legal Base

CONCEPTS

TAURUS

DEFENSE

PRODE: all good, service, construction or information, including weapons,

ammunition, transportation or communications, uniforms and individual or

collective materials used in the defense activities, excepts the

administrative use;

PED: all PRODE that, due the technology content, the difficulty to obtaining

or the indispensability, is of strategic interest for national defense;

CONCEPTS

TAURUS

DEFENSE

EED: all companies that are certified by the Defense Ministry that meet the

following conditions:

Be aimed at carrying out research activities, projects, development, industrialization,

service, production, repair, maintance, overhaul, conversion, modernization or

maintance of PED in Brazil;

Have the headquarters in Brazil, its management and the industrial establishment;

Dispose, in Brazil, of comproved own technology knowledgement or complemented

by partnership agreement with the Scientific and Technological Institution;

Ensure, that foreign shareholders can not act on General Shareholders Meetings with

number of votes representing more than 2/3 of the total votes exercisable by brazilian

shareholders; and

Ensure production continuity in Brazil.

INCENTIVES

TAURUS

DEFENSE

RETID: Special Tax System for Defense Industry

PIS/PASEP and COFINS exemption

IPI exemption

Source: Law N. 12,598/2012

The EED will have access to special tax system and

funding for programs, projects and actions related to

goods and services of national defense under the law terms .

FOREIGN MARKET


ATHLETES SPONSORSHIP


Alex Larche

Sporting teenager

shooter

Mauro Cauduro

Outstanding positions on

Brazilian competitions

Jessie Duff

Champion of the 2014

World Shoot XVII

Taurus’ team captain

CARRY ON MOVEMENT

Considered a breakthrough in shooting sports, Alex Larch is the new member of Taurus team lead by Jessie Duff

Alex Larche

Taurus offers to its customers a new concept in packaging, providing greater security and perceived quality.

White Box FIREARMS

& Acessories

CARRY ON MOVEMENT

Taurus cares about its consumers: new Customer Service extended to all american territory. FIREARMS

& Acessories

EXPORTS TO OTHER COUNTRIES (ex-USA)

EXPORTS FOR

MORE THAN

70 COUNTRIES


GROWTH STRATEGIES


Specific products for Consumer and Law Enforcement markets

Develop new products for the US market

Improve the after-sale: maintance, retrofit and training

Increase the sales for civilian brazilian market

Improve the Taurus brand perception

COMPANY

FIREARMS &

Acessories

RESULTS

HELMETS &

Acessories

STRATEGIES

GUIDANCE

IMPACT FACTORS

HELMETS

& Acessories Motorcycles Sales

Car substitution for motorcycle

Mobility and traffic saving

Delivery Services

Motocab

Credit Defaults’ growth

Restricted credit concession

% of down payments’ value

Number of installments

Motorcycle maintenance X Helmet

acquisition

Inexistence of financing for used low

cilinder motocycles

CLIENTS

Fleet Owners Wholesale Magazines Retail Governments

Trade Representatives

HELMETS

& Acessories

HELMETS MARKET IN NUMBERS

45% BRAZILIAN MOTORCYCLE HELMETS MARKET SHARE

4.8 MILLIONS UNITS/YEAR

POTENTIAL MARKET

1.5 HELMETS PER

MOTORCYCLE IN

BRAZIL

6 YEARS: HELMET’S LIFE TIME ESTIMATED BY THE MARKET

HELMETS

& Acessories

43,4%

42,9%

43,5%

45,1%

46,7% 46,7%

45,8% 45,7% 45,6%

45,0%

45,4% 45,6%

45,3%

dez/08 dez/09 dez/10 dez/11 dez/12 dez/13 mar/14 jun/14 set/14 dez/14 mar/15 abr/15 mai/15

Market Share Evolution - TAURUS HELMETS

Source: Taurus

HELMETS

& Acessories

PEERS Nome Logo País Nome Logo País Nome Logo País

AGV Itália HELD Alemanha NAU Portugal

AIROH Itália HELT Brasil NOLAN Itália

ARAI Japão HJC EUA NORISK Brasil

ASTONE França ICON EUA ONE EUA

BELL EUA KRAFT Brasil PEELS Brasil

BIEFFE Brasil LAZER Bélgica PRO TORK Brasil

CRAFT Alemanha LS2 Espanha SHARK França

EBF Brasil MARUSHIN Itália SHOEI Japão

FLY Brasil MHR China STARPLAST Brasil

FOX EUA MIXS Brasil TAURUS Brasil

HARLEY-

DAVIDSONEUA MT Espanha VAZ Brasil

10%

OTHERS

Market Share Brazil

HELMETS

& Acessories

45%

45%

NEW!

Redesign the helmet

sales success:

SAN MARINO,

the model is smaller,

lighter,

with better aerodynamics,

maintaining the large peripheral vision.

HELMETS

& Acessories

NEW!

TAURUS HELMETS

FOR CYCLING

Urban Mobility

Environmental Consciousness

HELMETS

& Acessories

NEW!

“Brazilian leader in helmets manufacturing, Taurus expands its portfolio

with the launchof new features for motorcycles medium and high

displacement. By now, the brand offers a complete TOP line of helmets

developed in partnership with

Italian company Caberg ”

- MOTO.com.br

HELMETS

& Acessories

COMPETITIVE ADVANTAGES

Quality Raw material from recognized suppliers

Compliance with brazilian quality

standard (NBR 7471/2001)

Adaptation to european standards

Production scale

Design Updated and innovative design

Artwork with excellent finishing

HELMETS

& Acessories

GROWTH STRATEGIES

Criate a vintage line of helmets

Explore the foreign market

Evaluate the opportunities of producing helmets

with higher added value

Increase the marketing actions: exhibitions,

specific magazines, others.

Increase the line of helmets for cyclists

HELMETS

& Acessories

ENVIRONMENTAL CONSCIOUSNESS

Safety traffic campaign

Participation in associations

like APAE, ABAI and

others

Recycling events and

adaptation to Environmental

Institute of Paraná

HELMETS

& Acessories

CONTEINERS PLASTICS

A NEW

CONSCIOUSNESS

IN COLLECTION

METALLURGY

& PLASTICS

CONTEINERS PLASTICS - CLIENTS

Trade Representatives

Contractors Resale Residentail Condominums

Industries Prefectures

METALLURGY

& PLASTICS

CONTEINERS PLASTICS – PEERS

Other manufacturers not standardized and

imported

Contemar e Omnium

METALLURGY

& PLASTICS

BULLETPROOF VESTS

TO PROTECT YOUR LIFE,

COUNT ON TAURUS

BULLETPROOF VESTS

METALLURGY

& PLASTICS

M.I.M. – METAL INJECTION MOLDING

M.I.M. IS TECHNOLOGY ON TAURUS’ PRODUCTS

METALLURGY

& PLASTICS

M.I.M. – PROCESS

METALLURGY

& PLASTICS

M.I.M. – CLIENTS

DEFENSE & SECURITY

OTHERS

METALLURGY

& PLASTICS

FAMASTIL

TAURUS TOOLS PREMIUM LINE.

QUALITY AND INNOVATION

PARTICIPATION OF 35% IN

ASSOCIATED

METALLURGY

& PLASTICS

COMPANY

FIREARMS &

Acessories

RESULTS

HELMETS &

Acessories

STRATEGIES

GUIDANCE

TAURUS NET REVENUE IN 4Q14 and 1Q15

61

CENTRAL AMERICA/

LATAM 4Q14 1Q15

FIREARMS R$ 5.9 R$ 3.2

Part. 4% 2%

USA 4Q14 1Q15


Part. 45% 57%

BRAZIL 4Q14 1Q15


Part. 17% 12%

HELMETS R$ 33.3 R$ 31.0

Part. 20% 18%

EUROPE 4Q14 1Q15


Part. 1% 2%

AFRICA 4Q14 1Q15

FIREARMS R$ 8,5 R$ 1,2

Part. 5% 1%

ASIA 4Q14 1Q15


Part. 4% 4%

In BRL Millions

OCEANIA 4Q14 1Q15


Part. 0.23% 0.14%

-25%

-86%

-37%

31%

-7%

-47% -11%

158%

MAINLY IMPACTS ON 1Q15 RESULTS

IMPACTS

62

Production

Increase*

Non-Recurring

Expenses and

Judicial Proceedings

Mar/15: 211 Feb/15: 161 Jan/15: 133 Aug/14: 100

Firearms

American Market

1Q15/1Q14 + 6.5%

OPERATIONAL RESUMPTION

1Q15/4Q14 + 31.3%

Carter Case Provision R$ 69.3 mi

Exchange

Impact

Financial Expenses Exch. Var. - R$ 78.9

R$/USD: 3.14 mar/15 R$/USD: 2.64 dec/14

Financial Income Exch. Var. + R$ 17.1

*Quantity Produced

Basis 100 in Aug/14

Advising and Consulting Expenses R$ 1.0 mi

Termination Labor Contracts R$ 3.8 mi

NON-OPERATIONAL OR NON-RECURRING EXPENSES – 1Q15

IMPACTS

63

• Carter Case: R$ 69.3 millions

• Termination Labor Contracts: R$ 3.8 millions

• Advising and Consulting Expenses: R$ 1.0 millions

TOTAL R$ 74.1 millions

COGS: R$ 3.1 millions

Adm. Exp.: R$ 1.7 millions

Sales Exp.: R$ 2.0 millions

Others Exp.: R$ 67.3 millions

ST: 58%

LT: 42%

ECONOMIC AND FINANCIAL INDICATORS

RESULTS

Variation %

Ratios 1Q15 4Q14 1Q14 1Q15/1Q14 1Q15/4Q14

Net revenue 173,5 166,9 168,1 3,2% 4,0%

Domestic market 60,5 67,9 62,4 -2,9% -10,8%

Foreign market 113,0 99,1 105,8 6,8% 14,1%

COGS 138,4 115,8 122,4 13,0% 19,5%

Gross Profit 35,2 51,1 45,7 -23,1% -31,2%

Gross Margin - % 20,3% 30,6% 27,2% -6,9 p.p. -10,4 p.p.

Operating Expenses -110,3 -69,2 -41,2 167,8% 59,2%

Operating Profit (EBIT) -75,1 -18,1 4,5 -1755,2% 314,7%

EBIT Margin - % -43,3% -10,8% 2,7% -46,0 p.p. -32,4 p.p.

Net Financial Income -68,3 -35,6 -9,9 591,3% 91,9%

Depreciation and amortization (1) 8,5 8,4 8,1 5,2% 0,9%

Net Income - Consolidated -149,9 -60,7 -4,5 3201,6% 147,1%

Net Income Margin - Consolidated -86,4% -36,3% -2,7% -83,7 p.p. -50,0 p.p.

Adjusted EBITDA (2) 9,0 2,3 29,2 -69,0% 293,3%

Adjusted EBITDA Margin - % 5,2% 1,4% 17,3% -12,1 p.p. 3,8 p.p.

Total Assets 1.000,9 979,8 1.089,2 -8,1% 2,2%

Equity -56,4 52,1 134,7 -141,8% -208,2%

Investiments (CAPEX) 4,6 3,4 3,1 49,3% 35,3%

RESULTS BY BUSINESS SEGMENT

1Q15 Part. % 1Q14 Part. % Var. 1Q15 1Q14 Var. 1Q15 1Q14 Var.p.p 1Q15 1Q14 Var.

Firearms 132,9 76,6% 124,0 73,8% 7,1% 21,8 30,2 -27,8% 16,4% 24,3% -7,9 (144,4) (12,3) NS

Helmets 31,0 17,9% 32,6 19,4% -4,9% 10,3 11,6 -11,4% 33,1% 35,6% -2,5 6,1 7,3 -16%

Others 9,6 5,6% 11,5 6,8% -16,1% 3,1 3,9 -21,0% 32,0% 34,0% -2,0 (5,1) (0,3) NS

Total 173,5 100,0% 168,1 100,0% 3,2% 35,2 45,7 -23,1% 20,3% 27,2% -6,9 (143,4) (5,3) NS

1Q15 Part. % 4Q14 Part. % Var. 1Q15 4Q14 Var. 1Q15 4Q14 Var.p.p 1Q15 4Q14 Var.

Firearms 132,9 76,6% 125,7 75,3% 5,7% 21,8 41,8 -47,9% 16,4% 33,3% -16,9 (144,4) (57,7) NS

Helmets 31,0 17,9% 33,3 20,0% -6,9% 10,3 11,2 -7,9% 33,1% 33,5% -0,4 6,1 4,6 33%

Others 9,6 5,6% 7,9 4,7% 22,5% 3,1 (1,9) NS 32,0% -23,7% 55,7 (5,1) (0,6) NS

Total 173,5 100,0% 166,9 100,0% 4,0% 35,2 51,1 -31,2% 20,3% 30,6% -10,4 (143,4) (53,7) NS

Comparative Quarter - Year over Year

Net Revenue Gross Income Gross Margin Income before taxes

Comparative Quarter - Current Quarter x Previous Quarter

Net Revenue Gross Income Gross Margin Income before taxes

OPERATIONAL EXPENSES – SG&A

RESULTS SG&A 1Q15 4Q14 Var.

Operational Expenses -110.3 -69.2 59.2%

Non-Recurring Operational Expenses -71.0 -17.5 305.6%

Operational Expenses, adjusted -39.9 -51.7 -24.2%

Net Revenue 173.5 166.9 4.0%

% Operational Expenses -63.5% -41.5% -22.1 p.p.

% Operational Expenses, adjusted -22.6% -31.0% 8.4 p.p.

EBITDA and Adjusted EBITDA (in thousands of BRL)

RESULTS

(1) The Company Management considered the results of Taurus Máquinas-Ferramenta Ltda. as non-recurrent in view of its operational divestment.

PERIOD 1Q14 1Q15

= NET LOSS (4.540) (149.893)

(+) IR/CSLL (807) 6.470

(+) Net Financial Expenses 46.965 106.610

(-) Net Interest Income (37.081) (38.284)

= EBITDA CVM Reg. 527/12 12.615 (66.594)

(+) Loss of Taurus Máquinas-Ferramenta Ltda. (1) 2.047 1.503

(+) Non-recurring Costs and Expenses 14.492 74.120

= ADJUSTED EBITDA 29.154 9.029

ADJUSTED EBITDA and Margin EBITDA – Monthly Evolution

RESULTS

(1) The Company Management considered the results of Taurus Máquinas-Ferramenta Ltda. as non-recurrent in view of its operational divestment.

NET FINANCIAL INCOME (LOSS)

RESULTS FINANCIAL EXPENSES 1Q15 Part. 1Q14 Part. Var.

Interest -16,238 15% -13,120 28% 23.8%

Exchange Variation -78,916 74% -19,047 41% 314.3%

IOF -389 0% -133 0% 192.5%

Swap on financial operations -8,068 8% -10,216 22% -21.0%

Adjustment to present value -1,744 2% -1,336 3% 30.5%

Other expenses -1,254 1% -3,113 7% -59.7%

TOTAL -106,609 100% -46,965 100% 127.0%

FINANCIAL INCOME 1Q15 Part. 1Q14 Part. Var.

Interest 1,896 5% 2,131 6% -11.0%

Exchange Variation 17,092 45% 25,592 69% -33.2%

Swap on financial operations 15,656 41% 6,065 16% 158.1%

Adjustment to present value 2,487 6% 2,147 6% 15.8%

Other income 1,153 3% 1,146 3% 0.6%

TOTAL 38,284 100% 37,081 100% 3.2%

NET FINANCIAL INCOME (LOSS) 1Q15 Part. 1Q14 Part. Var.

TOTAL -68,325 - -9,884 - 591.3%

INDEBTEDNESS - Composition

RESULTS

In millions BRL

03/31/2015 12/31/2014 03/31/2014Var. Mar/15

x Dec/14

Var. Mar/15

x Mar/14

Short term indebtedness 220,2 258,9 358,6 -15% -39%

Long term indebtedness 255,3 231,8 250,5 10% 2%

Exchange Serves 118,5 57,9 62,3 105% 90%

Debentures 125,7 125,8 54,4 0% 131%

Antecipation Mortages 5,4 8,5 17,0 -36% -68%

Advance on Receivables 36,9 25,1 53,9 47% -32%

Derivatives -34,9 -12,2 -19,7 186% 78%

Gross Indetbetedness 727,1 695,8 777,1 4% -6%

(-) Cash available and financial investments 108,8 159,8 232,8 -32% -53%

Net Indebtedness 618,2 536,1 544,3 15% 14%

Adjusted EBITDA 22,0 42,1 82,2 -48% -73%

Net Indebtedness/Adjusted EBITDA 28,15x 12,74x 6,62x

Adjusted EBITDA/Financial Expenses Net 0,15x 0,46x 1,17x

WORKING CAPITAL

RESULTS

CASH FLOW

RESULTS

CASH FLOW - CONSOLIDATED 1Q15 1Q14 Var. %

Opening balance of cash and cash equivalents 104,536 281,119 -62.8%

Cash generated in operations -35,036 12,973 -370.1%

Income (loss) before income and social contribution taxes -143,424 -5,347 2,582.3%

Depreciation and amortization 8,503 8,078 5.3%

Cost of fixed assets written-off 859 1,116 -23.0%

Equity pickup 174 322 -46.0%

Provision for financial charges 56,198 8,223 583.4%

Provision for contingences 74,237 138 53,694.9%

Provision for doubtful accounts -2,097 -665 215.3%

Provision for guarantees 3,270 - -

Changes in assets and liabilities -29,953 2,212 -1,454.1%

Income and social contribution taxes paid -2,803 -1,104 153.9%

CASH FLOW

RESULTS

CASH FLOW – CONSOLIDATED (cont.) 1Q15 1Q14 Var. %

Net cash used in investment activities 9,673 -2,675 -461.6%

In property, plant and equipment -4,389 -2,566 71.0%

In intangible assets -200 -506 -60.5%

Interest earning bank deposits 14,343 - -

Other receivables -81 397 -

Net cash from financing activities -11,212 -58,608 -80.9%

Loans obtained 129,067 34,339 275.9%

Payment of loans -128,029 -77,279 65.7%

Payment of interest on loans -12,839 -12,451 3.1%

Others 589 -3,217 -118.3%

Increase (decrease) in cash and cash equivalents -36,575 -48,310 -24.3%

Closing balance of cash and cash equivalents 67,961 232,809 -70.8%

COMPANY

FIREARMS &

Acessories

RESULTS

HELMETS &

Acessories

STRATEGIES

GUIDANCE

GUIDANCE

GUIDANCE 2015

The Management chose to not provide guidance for Net

Revenue and EBITDA for 2015;

CAPEX: the capital expenditures for 2015 approved in AGM is

BRL 31,2 millions, 15% have been done until 1Q15.

COMPANY

FIREARMS &

Acessories

RESULTS

HELMETS &

Acessories

STRATEGIES

GUIDANCE

STRATEGIES

2015: A NEW CYCLE

RESUMPTION OF COMPANY

FUNDAMENTALS

REDUCING COMPANY

COMPLEXITY

FOCUS ON

PROFITABILITY

RESIZE THE INDUSTRIAL

PROCESS

FELIPE G. OLIVEIRA

IR Analyst

+55 51 3021 3001

www.taurusri.com.br

[email protected]

THIAGO PIOVESAN

CFO & IRO

ANDRÉ R. BALBI CERVIÑO

CEO

http://www.taurusri.com.br/

mailto:[email protected]

2015 06-15 - 1 q15-75 years_institucional [eng]

Business

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