DIVULGAÇÃO DE RESULTADOS 1T06 - MZGroup · E-mail: [email protected] IR Website: 4Q11...

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4Q11 AND 2011 EARNINGS RELEASE

Eusébio, Ceará, March 5, 2012 – M. Dias Branco S.A. (Bovespa: MDIA3), the food company that is the leader in Brazil's cookie, cracker and pasta markets, hereby announces its results for the fourth quarter of 2011 (4Q11) and the fiscal year 2011. The consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and the accounting practices adopted in Brazil (BR GAAP).

IR Contact

Geraldo Luciano Mattos Júnior Vice-President of Investments and Controller Tel: (85) 4005-5667 E-mail: [email protected]

Álvaro Luiz B. de Paula Investments and Investor Relations Officer Tel: (85) 4005-5952 E-mail: [email protected] IR Website: www.mdiasbranco.com.br/ri 4Q11 Results Conference Call Date: March 7, 012. Time: > Portuguese (BR GAAP) 11:00 am (Brasília) 9:00 am (EST) Dial-in: (55-11) 3127-4971 Replay: (55-11) 3127-4999 Code: 25594650 > English (BR GAAP) 11:00 pm (Brasília) 9:00 am (EST) Dial-in: +1 516 300-1066 Replay: (55-11) 3127-4999 Code: 18727543 Stock Price: Close on March 02, 2012 MDIA3: R$49.60 per share Market Cap: R$5,627.1 million

PERIOD HIGHLIGHTS

Net revenue came to R$757.0 million in 4Q11, up 19.4% on 4Q10

and down 3.5% from 3Q11. In 2011, net revenue was R$2,911.0

million, up 19.1% on previous year;

Cookie and cracker sales volume totaled 104,600 tonnes in 4Q11,

up 11.8% on 4Q10 and down 7.9% from 3Q11. In 2011, cookie and

cracker sales volume came to 418,300 tonnes, up 10.1% on 2010;

M. Dias Branco sold 73,000 tonnes of pasta in 4Q11, up 24.1% on

4Q10 and 4.0% on 3Q11. In 2011, pasta sales came to 273,400

tonnes, up 13.4% on 2010;

Net income totaled R$112.9 million in 4Q11, up 7.3% on 4Q10 and

27.0% on 3Q11, and R$366.5 million in 2011, up 4.2% on 2010;

EBITDA stood at R$126.1 million in 4Q11 (up 9.1% on 4Q10 and

down 4.4% from 3Q11), and R$481.2 million in 2011, up 3.2% over

the previous year;

EBITDA margin corresponded to 16.7% of net revenue in 4Q11,

versus 18.2% in 4Q10 (-1.5 p.p.), declining by 0.1 p.p. from 3Q11,

while EBITDA margin in 2011 was 16.5%, versus 19.1% in 2010 (-2.6

p.p.);

Net debt totaled R$468.4 million in 4Q11 (up 121.8% on 4Q10 and

98.6% on 3Q11), representing a net debt/EBITDA ratio of 1.0 in the

last 12 months;

According to A.C. Nielsen, M. Dias Branco’s market share was

25.6% in the cookies and crackers segment and 25.1% in the pasta

segment in November and December 2011, representing gains of 3.6

p.p. and 2.4 p.p., respectively, against the same period last year.

Financial and Operating Results 4Q11 4Q10 Variation 3Q11 Variation 2011 2010 Variation

Net Revenue 757.0 634.1 19.4% 784.5 -3.5% 2,911.0 2,444.0 19.1%

Cookies & Crackers Sales Volume (thousand tonnes) 104.6 93.6 11.8% 113.6 -7.9% 418.3 380.0 10.1%

Pasta Sales Volume (thousand tonnes) 73.0 58.8 24.1% 70.2 4.0% 273.4 241.1 13.4%

Market share of Cookies & Crackers (volume)* 25.6% 22.0% 3,6 p.p 24.5% 1.1 p.p 25.4% 22.3% 3,1 p.p

Market share of Pasta (volume)* 25.1% 22.7% 2,4 p.p 24.3% 0.8 p.p 25.1% 23.3% 1,8 p.p

Net Profit 112.9 105.2 7.3% 88.9 27.0% 366.5 351.7 4.2%

EBITDA 126.1 115.6 9.1% 131.9 -4.4% 481.2 466.3 3.2%

EBITDA Margin 16.7% 18.2% -1.5 p.p 16.8% -0.1 p.p. 16.5% 19.1% -2.6 p.p

Net Debt 468.4 211.2 121.8% 235.9 98.6% 468.4 211.2 121.8%

Net Debt / EBITDA (last 12 months) 1.0 0.5 100.0% 0.5 100.0% 1.0 0.5 100.0%

*Note: The 3Q and 4Q values are from the period of July to August and November to December of 2011 and 2010, respectively.

mailto:[email protected]

mailto:[email protected]

http://www.mdiasbranco.com.br/ri

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M. Dias Branco announces its results for the fourth quarter of 2011 (4Q11) and fiscal year 2011, underlining its

commitment to transparency and disclosure best practices in order to provide shareholders and society with the

broadest and most accurate interpretation of its operations and results.

In 4Q11, the Company posted net revenue of R$757.0 million, EBITDA of R$126.1 million and net income of

R$112.9 million, up 19.4%, 9.1% and 7.3%, respectively, on 4Q10. In 2011, M. Dias Branco recorded net revenue

of R$2,911.0 million, EBITDA of R$481.2 million and net income of R$366.5 million, up 19.1%, 3.2% and 4.2%,

respectively, on 2010. Consolidated sales volume, net of returns, increased 12.1% in 4Q11 over 4Q10 and 8.0% in

2011 over 2010.

The results presented in detail prove that the Company has been improving its results by combining organic growth

and acquisitions.

Note, however, that the net prices in 4Q11 and 2011 were not enough to offset the reduction in Company's gross

margins, pressured by the increase in operating costs, particularly those of raw materials in these periods and

respective comparison bases, though the lower share of operating expenses causes a lower impact on operating

margins and EBITDA. The Management is aware of the need to take the initiatives necessary to recover margins.

In 2011, the Company announced the acquisition of NPAP Alimentos (Pilar), on April 26, 2011, as well as Pelágio

and J.Brandão (both known as Fábrica Estrela), on December 23, 2011, which helped M. Dias Branco to continue

expanding its leadership in the cookie, cracker and pasta markets in Brazil, in sales volume in tonnes, attaining

market share of 25.6% and 25.1%, respectively, in November and December 2011, according to A.C. Nielsen. The

Pilar, Estrela, Pellagio and Salsito brands were added to M.Dias Branco’s portfolio, strengthening its operations

especially in Brazil’s northeast and northern regions.

After the acquisition of Fábrica Estrela, M. Dias Branco started marketing snacks and cakes - new higher value

added products that were added to its portfolio. Although sales volumes of these products are not yet substantial,

they could both grow significantly using the existing distribution channels and the group’s diverse brands as well as

underline the company’s efforts towards diversifying its product portfolio and markets by capitalizing on

opportunities that could add value and are in line with its vision of the future.

The two acquisitions announced by M. Dias Branco are important milestones in the process of strengthening its

competitive edge and adding value to its shareholders. Note that since these companies’ margins are lower than

the Company's consolidated margins, the Management is faced with the challenge of improving their operational

efficiency, which will require actions and efforts to capture synergies so that the margins of these companies are

brought closer to M. Dias Branco’s consolidated margins.

Apart from the investments in acquisitions, the Company invested R$142.5 million during the year in the expansion,

modernization and maintenance of its industrial infrastructure in order to meet the growing demand for its products

and the need for raw materials for domestic consumption (vertical integration). The Company should continue

expanding its capacity in 2012, and has planned investments in the construction of a crushing plant in Pernambuco

state and in the expansion of the cookie, cracker and pasta production lines to meet customer demand.

During 2011, M. Dias Branco launched many products across several cookie and cracker lines, particularly under

the Richester, Fortaleza and Vitarella brands. The products launched in the past 24 months accounted for 1.7% of

MANAGEMENT’S COMMENTS

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the total net revenue in 2011. Considering that most of the launches took place in 2011, the Management expects

this result to improve in 2012.

As for its strategy, the Company believes it can achieve its goals for this year and subsequent years, mainly

through three strategic pillars: strengthening of its competitive position, organic expansion and acquisitions, and

improvement of its operational efficiency.

As a result, M. Dias Branco should continue strengthening its brands, exploring regions with the potential to grow

sales, expanding and diversifying its customer base (focusing on small and medium retailers), increasing sales of

new products (with higher added value and aligned with consumer trends) and intensifying its cross selling efforts.

With respect to acquisitions, the Company continues to look for opportunities to expand its market presence,

focusing on relevant aspects such as brand strength distribution model, market share and the potential for

capturing synergies.

The Company will also continue to expand its vertical integration model, expanding and optimizing the efficiency of

its distribution network, the flexibility of its production chain and the use of its infrastructure, consequently reducing

the percentage share of costs and expenses.

The Management remains optimistic about the Company's performance, fully aware of the challenges in rolling out

its strategy and improving its results, while remaining firmly in its commitment to maximizing value for its

shareholders.

MARKET SHARE AND SALES

(*) Direct service

OPERATING HIGHLIGHTS

M Dias Branco 25.6%

Nestlê 8.9%

Kraft 7.2%

Marilan 6.5%

Bauducco 6.4%

Bagley 6.3%

Others 39.1%

Market Share Cookies and Crakers* - Brazil (in % of volume sold)

* AC NIELSEN data from November and December of 2011

M Dias Branco 25.1%

Selmi 11.7%

J Macedo 9.5%Santa

Amália 8.2%

Piraquê 5.0%

Vilma 5.0%

Others 35.5%

Market Share Pasta* - Brazil (in % of volume sold)

* AC NIELSEN data from November and December of 2011

13.4% 13.5%

20.5%22.2% 22.0%

25.6%

16.5%18.6%

21.8%

24.7%22.7%

25.1%

Nov/Dec-06 Nov/Dec-07 Nov/Dec-08 Nov/Dec-09 Nov/Dec-10 Nov/Dec-11

Market Share – Brazil (in % of volume sold)

Cookies and Crakers Pasta

* AC NIELSEN data.

Note: Data considers Vitarella since 2008, Pilar and Estrela since 2011.

13.4% 13.5%

20.5%22.2% 22.0%

25.6%

16.5%18.6%

21.8%

24.7%22.7%

25.1%

Nov/Dec-06 Nov/Dec-07 Nov/Dec-08 Nov/Dec-09 Nov/Dec-10 Nov/Dec-11

Market Share – Brazil (in % of volume sold)

Cookies and Crakers Pasta

* AC NIELSEN data.

Note: Data considers Vitarella since 2008, Pilar and Estrela since 2011.

Client Mix 4Q11 4Q10 Variation 2011 2010 Variation

Small Retail * 36.0% 37.7% -1.7 p.p 36.0% 37.4% -1.4 p.p

Wholesale/ Distributers 46.8% 42.5% 4.3 p.p 44.4% 42.3% 2.1 p.p

Main Chains 13.1% 16.0% -2.9 p.p 15.7% 16.4% -0.7 p.p

Industry 3.6% 3.5% 0.1 p.p 3.4% 3.7% -0.3 p.p

Other 0.5% 0.3% 0.2 p.p 0.5% 0.2% 0.3 p.p

TOTAL 100.0% 100.0% 100.0% 100.0%

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SALES VOLUME BY SEGMENT

PRODUCTION CAPACITY UTILIZATION

Sequence Accumulated Individual Accumulated Individual Accumulated

Major Client 1 55.4 6.3% 6.3% 213.9 6.3% 6.3%

49 Subsequent 50 239.8 27.1% 33.4% 904.5 26.4% 32.7%

50 Subsequent 100 76.0 8.6% 42.0% 283.9 8.3% 41.0%

900 Subsequent 1 244.8 27.6% 69.6% 914.8 26.8% 67.8%

Other Clients All clients 269.6 30.4% 100.0% 1,102.6 32.2% 100.0%

TOTAL 885.6 3,419.7

Major Clients Sales 4Q11

(R$ million)

Participation on Net Revenue

excluding Disconts Sales Sales 2011

(R$ million)

Participation on Net Revenue

excluding Disconts Sales

199.2 203.2

301.1

363.3 383.9

423.4

2006 2007 2008 2009 2010 2011

Sales ('000 tonnes) - Cookies and Crackers

CAGR - 16.3% 2006-2011

199.2 203.2

301.1

363.3 383.9

423.4

2006 2007 2008 2009 2010 2011

Sales ('000 tonnes) - Cookies and Crackers

CAGR - 16.3% 2006-2011

178.0 194.0

232.6 256.9

244.8

277.4

2006 2007 2008 2009 2010 2011

Sales ('000 tonnes) - Pasta

CAGR - 9.3% 2006-2011

178.0 194.0

232.6 256.9

244.8

277.4

2006 2007 2008 2009 2010 2011

Sales ('000 tonnes) - Pasta

CAGR - 9.3% 2006-2011

469.6 479.2 505.5

518.6

598.8

625.4

2006 2007 2008 2009 2010 2011

Sales ('000 tonnes) - Wheat Flour and Bran

CAGR - 5.9% 2006-2011

469.6 479.2 505.5

518.6

598.8

625.4

2006 2007 2008 2009 2010 2011

Sales ('000 tonnes) - Wheat Flour and Bran

CAGR - 5.9% 2006-2011

32.4

36.6

41.8

38.1 39.2

41.4

2006 2007 2008 2009 2010 2011

Sales ('000 tonnes) - Margarine and Vegetable Shortening

CAGR - 5.0% 2006-2011

32.4

36.6

41.8

38.1 39.2

41.4

2006 2007 2008 2009 2010 2011

Sales ('000 tonnes) - Margarine and Vegetable Shortening

CAGR - 5.0% 2006-2011

4Q11 4Q10 4Q11 4Q10 4Q11 4Q10 4Q11 4Q10 4Q11 4Q10

Total Production 106.6 106.8 72.8 61.1 244.7 255.8 23.8 18.8 447.9 442.5

Total Production Capacity 138.8 125.6 105.8 98.3 302.8 302.8 45.0 45.0 592.4 571.7

Capacity Usage 76.8% 85.0% 68.8% 62.2% 80.8% 84.5% 52.9% 41.8% 75.6% 77.4%

* Thousand tonnes

TotalEffective Production /

Production Capacity *

Cookies and

Crackers Pasta

Wheat Flour and

Bran

Margarine and

Vegetable

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VERTICAL INTEGRATION

WHEAT FLOUR

VEGETABLE SHORTENING

4Q11 3Q11 4Q11 3Q11 4Q11 3Q11 4Q11 3Q11 4Q11 3Q11

Total Production 106.6 113.6 72.8 67.5 244.7 253.7 23.8 22.2 447.9 457.0

Total Production Capacity 138.8 133.6 105.8 105.8 302.8 302.8 45.0 45.0 592.4 587.2

Capacity Usage 76.8% 85.0% 68.8% 63.8% 80.8% 83.8% 52.9% 49.3% 75.6% 77.8%

* Thousand tonnes

Cookies and

Crackers Pasta

Wheat Flour and

Bran

Margarine and

Vegetable

Shortening



2011 2010 2011 2010 2011 2010 2011 2010 2011 2010

Total Production 422.8 388.8 275.7 245.9 988.1 941.3 86.6 73.7 1,773.2 1,649.7

Total Production Capacity 531.5 487.1 413.7 385.1 1,211.2 1,211.2 180.0 103.5 2,336.4 2,186.9

Capacity Usage 79.5% 79.8% 66.6% 63.9% 81.6% 77.7% 48.1% 71.2% 75.9% 75.4%

* Thousand tonnes



Cookies and

Crackers Pasta

Wheat Flour and

Bran

Margarine and

Vegetable

296.80 296.80

412.50

476.00 487.10

531.50

67.9%69.2%

73.4%76.3%

79.8% 79.5%

2006 2007 2008 2009 2010 2011

Capacity Utilization Rate

Production Capacity ('000 tonnes) and Utilization Rate - Cookies and Crackers

296.80 296.80

412.50

476.00 487.10

531.50

67.9%69.2%

73.4%76.3%

79.8% 79.5%

2006 2007 2008 2009 2010 2011


Production Capacity ('000 tonnes) and Utilization Rate - Cookies and Crackers

319.60 319.60

350.80 360.80

385.10

413.70

56.2%

61.1%

67.6%

71.4%

63.9%66.6%

2006 2007 2008 2009 2010 2011


Production Capacity ('000 tonnes) and Utilization Rate - Pasta

319.60 319.60

350.80 360.80

385.10

413.70

56.2%

61.1%

67.6%

71.4%

63.9%66.6%

2006 2007 2008 2009 2010 2011


Production Capacity ('000 tonnes) and Utilization Rate - Pasta

78.00 78.00 78.00 78.00

103.50

180.00

70.3% 75.1%83.6% 87.2%

71.2%

48.1%

2006 2007 2008 2009 2010 2011


Production Capacity ('000 tonnes) and Utilization Rate -Margarine and Vegetables Shortening

78.00 78.00 78.00 78.00

103.50

180.00

70.3% 75.1%83.6% 87.2%

71.2%

48.1%

2006 2007 2008 2009 2010 2011


Production Capacity ('000 tonnes) and Utilization Rate -Margarine and Vegetables Shortening

71.3% 64.1% 62.5% 61.2%

28.7% 35.9% 37.5% 38.8%

1Q11 2Q11 3Q11 4Q11

Company's consumption

OWN PRODUCTION EXTERNAL SOURCE

58.5% 58.5% 63.1% 68.3%

41.5% 41.5% 36.9% 31.7%

1Q11 2Q11 3Q11 4Q11

Company's consumption

OWN PRODUCTION EXTERNAL SOURCE

1,050.30 1,050.80 1,050.40 1,050.40

1,211.20 1,211.20

73.1%75.2%

79.0%81.4%

77.7%

81.6%

2006 2007 2008 2009 2010 2011


Production Capacity ('000 Tonnes) and Utilization Rate - Wheat Flour and Bran

51.2% 49.8% 53.1% 51.5%

48.8% 50.2% 46.9% 48.5%

1Q11 2Q11 3Q11 4Q11

Production Destination

SALES INTERNAL CONSUMPTION

49.8% 51.0% 45.5% 48.2%

50.2% 49.0% 54.5% 51.8%

1Q11 2Q11 3Q11 4Q11

Production Destination

SALES INTERNAL CONSUMPTION

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NET REVENUE

Net revenue increased 19.4% in 4Q11 over 4Q10, and 19.1% in 2011 over 2010, chiefly due to the organic growth

in sales volume and the acquisitions of Pilar and Fábrica Estrela (which corresponded to an increase of 5.5% in the

quarter and 3.6% in the year). In comparison with 3Q11, net revenue fell 3.5%, reflecting the lower sales of

cookies, crackers and flour.

Note: Sundry items represented 0.5% of net operating revenue in 4Q11 and 0.3% in 2011.

4Q11 AND 2011 RESULTS

Segment

Net

RevenueWeight

Average

Price

Net

RevenueWeight

Average

Price

Net

RevenueWeight

Average

Price

Cookies and Crackers 402.9 104.6 3.85 344.3 93.6 3.68 17.0% 11.8% 4.6%

Pasta 171.7 73.0 2.35 131.2 58.8 2.23 30.9% 24.1% 5.4%

Wheat Flour and Bran 146.8 152.2 0.96 132.9 141.8 0.94 10.5% 7.3% 2.1%

Margarine and Vegetable Shortening 32.1 11.1 2.89 23.2 9.9 2.34 38.4% 12.1% 23.5%

Other 3.5 3.8 0.92 2.5 3.3 0.76 - - -

TOTAL 757.0 344.7 2.2 634.1 307.4 2.06 19.4% 12.1% 6.8%

* Net Revenue in R$ million, Weight excluding returned sales in thousand tonnes and Net Average Price in R$/Kg.

Variation4Q11 4Q10

SegmentNet

RevenueWeight

Average

Price

Net

RevenueWeight

Average

Price

Net

RevenueWeight

Average

Price

Cookies and Crackers 402.9 104.6 3.85 437.7 113.6 3.85 -8.0% -7.9% 0.0%

Pasta 171.7 73.0 2.35 160.4 70.2 2.28 7.0% 4.0% 3.1%

Wheat Flour and Bran 146.8 152.2 0.96 155.1 165.9 0.93 -5.4% -8.3% 3.2%


Other 3.5 3.8 0.92 3.5 4.4 0.80 - - -

TOTAL 757.0 344.7 2.2 784.5 363.9 2.16 -3.5% -5.3% 1.9%


4Q11 3Q11 Variation

Segment

Net

RevenueWeight

Average

Price

Net

RevenueWeight

Average

Price

Net

RevenueWeight

Average

Price

Cookies and Crackers 1,586.9 418.3 3.79 1,344.8 380.0 3.54 18.0% 10.1% 7.1%

Pasta 622.7 273.4 2.28 518.8 241.1 2.15 20.0% 13.4% 6.0%



Other 11.0 11.7 0.94 6.5 9.5 0.68 - - -

TOTAL 2,911.0 1,367.8 2.13 2,444.0 1266.2 1.93 19.1% 8.0% 10.4%


2011 2010 Variation

53.2% 54.3% 54.5% 55.0%

22.7% 20.7% 21.4% 21.2%

19.4% 21.0% 19.9% 19.7%

4.2% 3.7% 3.9% 3.8%

4Q11 4Q10 2011 2010

Net Revenue Breakdown

Margarine and Vegetable Shortening

Wheat Flour and Bran

Pasta

Cookies and Crackers53.2% 54.3% 54.5% 55.0%

22.7% 20.7% 21.4% 21.2%

19.4% 21.0% 19.9% 19.7%

4.2% 3.7% 3.9% 3.8%

4Q11 4Q10 2011 2010

Net Revenue Breakdown

Margarine and Vegetable Shortening

Wheat Flour and Bran

Pasta

Cookies and Crackers

71.3%

17.0%

6.3%5.4%

Sales by Region - 2011(% Gross Revenue excluding Discounts)

Northeast Southeast South Other

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COOKIES AND CRACKERS

The 17.0% increase in net revenue from cookies and crackers between 4Q10 and 4Q11, and the effects of the

Pilar and Fábrica Estrela acquisitions, mainly occurred in the Vitarella, Fortaleza and Adria products and in the

states of Pernambuco, São Paulo, Ceará and the Federal District. Even excluding the effects of the Pilar

acquisition, Pernambuco (23.6%) was the highest contributor to this growth, due to the higher production of cookies

and crackers at the Vitarella unit after the implementation of new production lines and the increase in work shifts.

Excluding the effects of the Pilar and Fábrica Estrela acquisitions, net revenue from cookies and crackers was

R$384.2 million in 4Q11 and R$1,539.2 million in 2011, representing growth of 11.6% and 14.5%, respectively,

from the same periods in the previous year. The Company recorded organic sales growth of 5.6% in 4Q11 and

6.2% in 2011 in relation to 4Q10 and 2010, respectively.

The Company is optimistic and is investing in expanding its production capacity, while also innovating and

developing products in line with market trends. In the fourth quarter, it launched 18 cookie and cracker products

under the Zabet, Vitarella and Isabela brands, which jointly brought revenues of R$8.3 million, led by certain

flavors of the Mousse, Tortinhas, Wafer and Cream Cracker lines.

PASTA

Net revenue from pasta increased 30.9% over 4Q10, fueled by the Pilar and Fábrica Estrela acquisitions, and by

the 12.9% organic growth in sales volume. Net revenue growth was mainly recorded in the states of São Paulo,

Pernambuco, Rio Grande do Norte, Rio de Janeiro and Ceará.

570.8 596.4 606.8

573.9 562.0 594.0

653.9 634.1 647.2

722.3

784.5 757.0

278.9

299.1 300.6

286.6

304.7

317.0

337.1

307.4

320.4

338.8

363.9

344.7

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Net Revenue Volume

Net Income (R$ million) and Net Volume ('000 tonnes) - By Quarter

570.8 596.4 606.8

573.9 562.0 594.0

653.9 634.1 647.2

722.3

784.5 757.0

278.9

299.1 300.6

286.6

304.7

317.0

337.1

307.4

320.4

338.8

363.9

344.7

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Net Revenue Volume

Net Income (R$ million) and Net Volume ('000 tonnes) - By Quarter

2,347.9 2,444.0

2,911.0

1,165.2

1,266.2

1,367.8

2009 2010 2011

Net Revenue Volume

+19.1 %

Net Income (R$ million) and Net Volume ('000 tonnes) - Annual

2,347.9 2,444.0

2,911.0

1,165.2

1,266.2

1,367.8

2009 2010 2011

Net Revenue Volume

+19.1 %

Net Income (R$ million) and Net Volume ('000 tonnes) - Annual

291.3

317.6 331.0

310.4 303.6

331.4

365.5

344.3 347.9

398.4

437.7

402.9

82.3

92.294.8

89.8 87.8

95.8

102.8

93.6 93.4

106.7

113.6

104.6

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Net Revenue Volume

Cookies and Crakers - Net Income (R$ million) and Net Volume ('000 tonnes)

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In relation to 3Q11, net revenue climbed 7.0%, due to the 3.1% increase in average price and the 4.0% increase in

sales volume.

It is important to mention that despite the modest growth of the domestic pasta market, the efforts of our sales team

to attain targets brought healthy results in some categories, notably the growth in basic pasta sales. In light of this

scenario, the Company is investing in innovating its pasta portfolio, looking for evolving market trends, especially in

terms of practical convenience.

WHEAT FLOUR AND BRAN

Net revenue from wheat flour and bran grew 10.5% in 4Q11 over 4Q10, and 20.0% in 2011 over 2010, basically

due to the increase in net average price caused by the need to recover margins in light of the increase in the

average acquisition price of wheat, the key raw material. In comparison with 3Q11, net revenue declined 5.4%,

basically due to the 8.3% reduction in sales volume, chiefly in the states of Ceará, Rio Grande do Norte, Bahia and

Pernambuco.

MARGARINE AND VEGETABLE SHORTENING

Net revenue from margarine and vegetable shortening increased by 38.4% between 4Q10 and 4Q11, and by

21.8% between 2010 and 2011, due to the repositioning of the brands in their segments and channels and to the

price adjustments. In relation to 3Q11, net revenue increased 15.5%, mainly due to the 13.3% increase in

margarine sales to Ceará, Rio Grande do Norte and Pernambuco, especially the Medalha de Ouro (industrial) and

Puro Sabor (domestic) brands, thanks to the restructuring of the sales area and the market’s reception of the price

and brand strategy adopted in the year.

143.1

150.1

141.8 137.8

128.1 127.2 132.3 131.2

135.8

154.8 160.4

171.7

60.1

65.7

63.3 62.8

59.8 60.2

62.3

58.8

61.0

69.270.2

73.0

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Net Revenue Volume

Pasta - Net Income (R$ million) and Net Volume ('000 tonnes)

112.2 106.0

111.6 104.1 105.8

110.0

133.0 132.9 137.2 139.0

155.1 146.8

126.7131.8 133.0

125.2

144.9148.6

161.8

141.8

154.5151.2

165.9

152.2

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Net Revenue Volume

Wheat Flour and Bran - Net Income (R$ million) and Net Volume ('000 tonnes)

112.2 106.0

111.6 104.1 105.8

110.0

133.0 132.9 137.2 139.0

155.1 146.8

126.7131.8 133.0

125.2

144.9148.6

161.8

141.8

154.5151.2

165.9

152.2

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Net Revenue Volume

Wheat Flour and Bran - Net Income (R$ million) and Net Volume ('000 tonnes)

of 19

COST OF GOODS SOLD

Sales volume, net of returns, increased by 12.1% in 4Q11, while Costs increased by 23.8% in absolute terms.

Excluding the effects of the Pilar and Fábrica Estrela acquisitions, sales volume and costs climbed 6.9% and

16.9%, respectively. These variations were mainly due to:

The increase in average wheat price on account of the 13.1% increase in wheat purchase prices

between 4Q10 and 4Q11, and the 23.5% increase in 2011 over 2010. Note that due to the rapid decline

in average wheat prices (in US dollar) in the second half of 2011, average prices of the wheat in stock,

acquired by the Company, were higher than market prices in the period. As the Company consumes its

wheat inventories in the production process and as fresh purchases are made, M. Dias Branco expects

the average stock price of wheat to go below the market prices, thanks to its vertical integration model.

The increase in the average cost of vegetable oil due to the hikes in the market prices of palm and

soybean oil, of 15.1% in 4Q11 over 4Q10, and 33.2% in 2011 over 2010.

The increase in labor costs, caused by the wage increases on account of the collective bargaining

agreements and the hiring of manpower for the new production lines.

The increase in depreciation, mainly due to the acquisition of machines and equipment to expand the

Company's production capacity.

It is important to mention that the ratio of costs to net revenue declined from 66.5% in 3Q11 to 65.9% 4Q11, due to

the reduction in the costs of the main raw materials in the fourth quarter.

24.2 22.7 22.4

21.6 22.7

23.8 22.5

23.2 24.7

27.7 27.8

32.1

9.8

9.4 9.5

8.8

9.3

10.0

9.3

9.9

9.4

10.3

9.8

11.1

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Net Revenue Volume

Margarine and Vegetables Shortening - - Net Income (R$ million) and Net Volume ('000 tonnes)

Operating Costs

(R$ million)4Q11

% Net

Rev.4Q10

% Net

Rev.Variation 3Q11

% Net

Rev.Variation 2011

% Net

Rev.2010

% Net

Rev.Variation

Raw material 331.3 43.8% 264.4 41.7% 25.3% 354.2 45.1% -6.5% 1,303.1 44.8% 994.8 40.7% 31.0%

Wheat 167.0 22.1% 136.4 21.5% 22.4% 183.4 23.4% -8.9% 673.3 23.1% 495.3 20.3% 35.9%

Vegetable Oil 43.8 5.8% 26.8 4.2% 63.4% 41.6 5.3% 5.3% 157.4 5.4% 96.8 4.0% 62.6%

Sugar 22.2 2.9% 21.2 3.3% 4.7% 25.2 3.2% -11.9% 95.1 3.3% 75.9 3.1% 25.3%

Third Party Flour 43.9 5.8% 29.4 4.6% 49.3% 45.5 5.8% -3.5% 157.1 5.4% 129.3 5.3% 21.5%

Third Party Vegetable Shortening 13.2 1.7% 17.9 2.8% -26.3% 16.2 2.1% -18.5% 65.1 2.2% 70.6 2.9% -7.8%

Other 41.2 5.4% 32.7 5.2% 26.0% 42.3 5.4% -2.6% 155.1 5.3% 126.9 5.2% 22.2%

Packages 52.1 6.9% 42.6 6.7% 22.3% 55.5 7.1% -6.1% 202.2 6.9% 165.0 6.8% 22.5%

Labor 61.5 8.1% 49.4 7.8% 24.5% 60.0 7.6% 2.5% 224.5 7.7% 179.6 7.3% 25.0%

Indirect costs 39.2 5.2% 34.6 5.5% 13.3% 39.3 5.0% -0.3% 149.6 5.1% 129.1 5.3% 15.9%

Depreciation and amortization 14.9 2.0% 11.4 1.8% 30.7% 12.7 1.6% 17.3% 51.7 1.8% 40.8 1.7% 26.7%

Other 0.2 0.0% 0.8 0.1% -75.0% 0.0 0.0% 0.0% 3.5 0.1% 4.0 0.2% -12.5%

Total 499.2 65.9% 403.2 63.6% 23.8% 521.7 66.5% -4.3% 1,934.6 66.5% 1,513.3 61.9% 27.8%

of 19

GROSS PROFIT

The Company's gross profit reached R $ 289.1 million in 4T11 and R $ 1,098.5 million in 2011, representing a

growth of 12.8% and 7.7% over 4Q10 and 2010, respectively. Excluding the effects of Pilar Fábrica Estrela in the

period, the Company’s gross profit in 4T11 was R$ 281.0 million and represented 38.9% of net revenue in that

period, reaching the best quarterly gross margin in 2011.

Gross profit includes subsidies for state investments totaling R$31.3 million in 4Q11 and R$122.1 million in 2011, which are recorded in the income statement in accordance with accounting pronouncement CPC 07 – Government Subsidies. It is worth noting that these subsidies, despite the fact that they represent a capital allocation to support investments, with absolutely no reduction in costs or expenses, have been booked in the income statement since 2008, when CPC 07 became effective.

154.1

219.1 223.7 223.3

240.7

258.7 260.1

235.0 234.2 247.1

282.6

256.4 249.1

265.2

295.1 289.1

36.8%38.6%

36.5%37.7%

42.2%43.4% 42.9%

40.9% 41.7% 41.6%43.2%

40.4%38.5%

36.7%37.6% 38.2%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

GROSS PROFIT GROSS MARGIN

Gross Profit (R$ millions) and Gross Margin (%)

236

220 216226

240229 228

272

300292 289 291

314

343 345 346 350

307297

300

255

251

211220

209 213 215 212 209 200

206 217

238 249

265

285 292

324 320 319 327

330 337

327

317

301

281

150

175

200

225

250

275

300

325

350

Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11

US$

MONTH

WHEATAcquisition Average Price M. Dias Branco X Market Price

US$ / TON

2010 and 2011

Market* MDias

351

Dec-11

2,013 2,009 1,961

1,903 1,968

2,168 2,016

2,231 2,293

2,425 2,523

2,692 2,754 2,792

2,708 2,632 2,597 2,584 2,548 2,570

2,693 2,670

2,550 2,552

1,837 1,876 1,816 1,792

1,736 1,722 1,725 1,755

1,889 1,983 2,011

2,331

2,551 2,566 2,510

2,447 2,376 2,392 2,410 2,363 2,371 2,387 2,387 2,387

1,400

1,800

2,200

2,600

3,000


R$

MONTH

SOYBEAN OILAcquisition Average Price M. Dias Branco X Market Price

R$ / TON

2010 and 2011

Market* MDias

Dec-11

858903 930

943

915

902

9821,0641,075

1,1551,166

1,368

1,4691,441

1,3421.311

1.3551.239

1.2851.2721.186

1.124

1.2271.159

745 755 844

1,129

893

1,019

949 949 949 957 1,029

1,127 1,202

1,355

1,364 1.396

1.396 1.396

1.269 1.269

1.155 1.155 1.157 1.176

550

850

1.150

1.450


US$

MONTH

PALM OILAcquisition Average Price M. Dias Branco X Market Price

US$ / TON

2010 and 2011

Market* MDias

,

,

Dec-11

of 19

OPERATING EXPENSES

Operating expenses grew 16.8% between 4Q11 and 4Q10 and 12.4% in 2011 over 2010. However, the ratio of

expenses to net revenue decreased in 0.5 pp and 1.4 pp in 2011 and 4Q11, respectively.

The variations between 4Q11 and 4Q10 was chiefly due to variations in selling expenses, driven by organic growth

and the acquisitions, which increased the expenses with freight and contractual fees, and the increase in personnel

expenses as a result of collective bargaining agreements. Excluding the effect of the acquisitions, selling

expenses moved up by 18.0%.

The increase in operating expenses between 2011 and 2010 was due primarily to the increase in selling

expenses, for the same reasons as in the fourth-quarter comparison, to the growth in general and administrative

expenses, driven primarily by the Pilar acquisition and wage increases resulting from collective bargaining

agreements, and the decrease in other operating expenses (revenues), which reached R$ 2.1 million in 2011

against R$ 12.6 in 2010 (variation explained by extraordinary expenses that occurred only in 2010, in particular, the

collection of ICMS taxes in the state of Rio Grande do Sul, related to fiscal years 2006 to 2009, and additional

provisions for labor contingencies in 2010 that occurred in greater proportion than in 2011).

In 4Q11 versus 3Q11 comparison, operating expenses edged up by 1.1% in absolute terms and by 1.1 p.p. as a

percentage of net revenue, primarily due to the increased representativeness of selling expenses, fueled by freight

expenses, contractual fees and the impact of the net revenue reduction in 4Q11.

FINANCIAL RESULT

To provide a better understanding of the variations in financial results, we report and analyze financial income and

expenses excluding the effects of the exchange rate variation in the period, as the following table shows:

Financial expenses declined between 2010 and 2011, primarily due to the lower debt in 4Q10 after the payment

of the installments relating to the Vitarella acquisition.

Operating Expenses

(R$ million)4Q11

% Net

Rev.4Q10

% Net

Rev.Variation 3Q11

% Net

Rev.Variation 2011

% Net

Rev.2010

% Net

Rev.Variation

Selling 139.8 18.5% 113.4 17.9% 23.3% 136.3 17.4% 2.6% 518.9 17.8% 446.8 18.3% 16.1%

Administrative 32.5 4.3% 32.4 5.1% 0.3% 32.8 4.2% -0.9% 124.6 4.3% 111.8 4.6% 11.4%

Management fees 2.5 0.3% 2.4 0.4% 4.2% 2.1 0.3% 19.0% 8.6 0.3% 7.9 0.3% 8.9%

Taxes 3.4 0.4% 3.8 0.6% -10.5% 3.9 0.5% -12.8% 14.8 0.5% 15.7 0.6% -5.7%

Depreciation and amortization 3.7 0.5% 3.3 0.5% 12.1% 3.8 0.5% -2.6% 13.9 0.5% 12.7 0.5% 9.4%

Other operating expenses/(revenues) -0.3 0.0% 0.2 0.0% -250.0% 0.8 0.1% -137.5% 2.1 0.1% 12.6 0.5% -83.3%

TOTAL 181.6 24.0% 155.5 24.5% 16.8% 179.7 22.9% 1.1% 682.9 23.5% 607.5 24.9% 12.4%

Financial Income

(R$ million)4Q11 4Q10 Variation 3Q11 Variation 2011 2010 Variation

Financial Revenue 5.4 6.7 -19.4% 5.4 0.0% 21.9 18.5 18.4%

Financial Expenses -8.7 -9.0 -3.3% -8.2 6.1% -35.9 -42.6 -15.7%

Exchange Variation 4.2 0.3 1300.0% -10.7 -139.3% 1.0 8.2 -87.8%

TOTAL 0.9 -2.0 -145.0% -13.5 -106.7% -13.0 -15.9 -18.2%

of 19

In 4Q11, the Company decided to pay in advance its debt in U.S. dollar relating to raw materials, which generated

exchange variation gains due to the appreciation of the real against the dollar between September and October

2011, partially offsetting the exchange loss in 3Q11.

EBITDA AND NET INCOME EBITDA – NET INCOME: EBITDA – GROSS REVENUE:

Financial Income

(R$ million)4Q11 4Q10 Variation 3Q11 Variation 2011 2010 Variation

Financial Revenue 5.4 6.7 -19.4% 5.4 0.0% 21.9 18.5 18.4%

Financial Expenses -8.7 -9.0 -3.3% -8.2 6.1% -35.9 -42.6 -15.7%

Exchange Variation 4.2 0.3 1300.0% -10.7 -139.3% 1.0 8.2 -87.8%

TOTAL 0.9 -2.0 -145.0% -13.5 -106.7% -13.0 -15.9 -18.2%

EBITDA CONCILIATION (R$ million) 4Q11 4Q10 Variation 3Q11 Variation 2011 2010 Variation

Net Profit 112.9 105.2 7.3% 88.9 27.0% 366.5 351.7 4.2%

Income Tax and Social Contribution -3.3 -6.4 -48.4% 21.8 -115.1% 61.1 66.5 -8.1%

Income Tax Incentive -1.2 0.1 -1300.0% -8.8 -86.4% -25.0 -21.3 17.4%

Financial Revenues -10.7 -7.6 40.8% -6.9 55.1% -37.6 -39.4 -4.6%

Financial Expenses 9.8 9.6 2.1% 20.4 -52.0% 50.6 55.3 -8.5%

Depreciation and Amortization over cost of goods 14.9 11.4 30.7% 12.7 17.3% 51.7 40.8 26.7%

Depreciation and Amortization Adm/Com Expenses 3.7 3.3 12.1% 3.8 -2.6% 13.9 12.7 9.4%

EBITDA 126.1 115.6 9.1% 131.9 -4.4% 481.2 466.3 3.2%

EBITDA Margin 16.7% 18.2% -1.5 p.p 16.8% -0.1 p.p 16.5% 19.1% -2.6 p.p

EBITDA CONCILIATION (R$ million) 4Q11 4Q10 Variation 3Q11 Variation 2011 2010 Variation

Gross Revenue 889.8 749.5 18.7% 928.5 -4.2% 3,436.3 2,887.5 19.0%

Sales taxes and deductions on sales -132.8 -115.4 15.1% -144.0 -7.8% -525.3 -443.5 18.4%

Cost of goods sold -499.2 -403.2 23.8% -489.4 2.0% -1,934.6 -1,513.3 27.8%

Depreciation and Amortization over cost of goods 14.9 11.4 30.7% 12.7 17.3% 51.7 40.8 26.7%

Operating Expenses -181.6 -155.5 16.8% -179.7 1.1% -682.9 -607.5 12.4%

Depreciation and Amortization Adm/Com Expenses 3.7 3.3 12.1% 3.8 -2.6% 13.9 12.7 9.4%

EBITDA 94.8 90.1 5.2% 131.9 -28.1% 359.1 376.7 -4.7%

EBITDA Margin 16.7% 18.2% -1.5 p.p 16.8% -0.1 p.p 16.5% 19.1% -2.6 p.p

77.9

103.4 95.4

70.9 70.5

80.4

95.6

105.2

82.2 82.5 88.9

112.9

13.6%

17.3%15.7%

12.4% 12.5%13.5%

14.6%

16.6%

12.7%11.4% 11.3%

14.9%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

NET INCOME NET MARGIN

Net Profit (R$ millions) and Net Margin (%)

77.9

103.4 95.4

70.9 70.5

80.4

95.6

105.2

82.2 82.5 88.9

112.9

13.6%

17.3%15.7%

12.4% 12.5%13.5%

14.6%

16.6%

12.7%11.4% 11.3%

14.9%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11


Net Profit (R$ millions) and Net Margin (%)

119.6 125.8 126.8

97.0 101.4

115.0

134.2

115.6 114.0 109.2

131.9 126.1

21.0% 21.1% 20.9%

16.9%

18.0%

19.4%

20.5%

18.2%17.6%

15.1%

16.8% 16.7%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

EBITDA EBITDA MARGIN

EBITDA (R$ millions) and EBITDA Margin (%)

119.6 125.8 126.8

97.0 101.4

115.0

134.2

115.6 114.0 109.2

131.9 126.1

21.0% 21.1% 20.9%

16.9%

18.0%

19.4%

20.5%

18.2%17.6%

15.1%

16.8% 16.7%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11


EBITDA (R$ millions) and EBITDA Margin (%)

351.5 351.7

366.5

15.0% 14.4%

12.6%

2009 2010 2011


469.2 466.3

481.2

20.0%19.1%

16.5%

2009 2010 2011


469.2 466.3

481.2

20.0%19.1%

16.5%

2009 2010 2011


of 19

Excluding the effects of the Pilar and Fábrica Estrela acquisitions, the Company’s net income came to R$113.2

million in 4Q11 and R$366.6 million in 2011. EBITDA was R$123.4 million in 4Q11 and R$475.5 million in 2011,

accompanied by EBITDA margin of 17.1% in 4Q11 and 16.8% in 2011.

The Company’s liabilities pegged to foreign currency, mainly U.S. dollars, totaled R$15.6 million in 2011 (R$4.4

million in 2010), and were related to wheat imports and to finance machinery acquisitions. Input imports (R$11.3

million) are hedged by swap contracts, which involve swapping foreign exchange risk for CDI.

The Company’s cash and cash equivalents increased by R$40.9 million in 2011. Cash from operations (R$431.5

million) went mostly to the acquisition of permanent assets (R$130.0 million) and companies (R$143.5 million) and

to the payment of interest on equity (R$87.5 million).

DEBT, CAPITALIZATION AND CASH

Capitalization (R$ million) 12/31/2011 12/31/2010 Variation

Short Term 227.3 41.0 454.4%

Long Term 348.2 235.2 48.0%

Total Indebtedness 575.5 276.2 108.4%

(-) Cash -107.1 -65.0 64.8%

(=) Net Debt 468.4 211.2 121.8%

(+) Shareholders Equity 2,005.8 1,760.5 13.9%

Capitalization 2,581.3 2,036.7 26.7%

Financial Indicator 12/31/2011 12/31/2010 Variation

Net Debt / EBITDA (last 12 months) 1.0 0.5 100.0%

Net Debt / Shareholders Equity 23.4% 12.0% 11.4 p.p

Indebtedness / Total Assets 18.8% 11.7% 7.1 p.p

Consolidated Debt (R$ million) Index Interest (year) 12/31/2011 Variation 12/31/2010 Variation AH% Variation

Domestic Currency: 559.9 97.3% 271.8 98.4% 106.0%

FINAME TJLP 1.97% (1.94% in 12/31/10) 11.8 2.1% 16.0 5.8% -26.3%

BNDES - PSI R$ 5.07% (4.5% in 12/31/10) 94.8 16.5% 46.3 16.8% 104.8%

BNDES - PSI URTJLP 6.11% 1.5 0.3% 0.0% 0.0%

(PROVIN-MOINHO) Financing of state taxes TJLP 17.9 3.1% 15.9 5.8% 12.6%

(DESENVOLVE) Financing of state taxes TJLP 4.0 0.7% 3.0 1.1% 33.3%

BNB-FNE - Financings 10.0% 95.3 16.6% 95.6 34.6% -0.3%

BNDES - MODERMAQ TJLP 1.03% (1.11% em 12/31/10) 1.7 0.3% 2.7 1.0% -37.0%

BNB - FNE - Working Capital Financings 10.0% 0.0 0.0% 1.2 0.4% -100.0%

Working capital - Fixed-rate 18,49% 18.5 3.2% 0.0% 0.0%

Working capital - CDI 4,49% 27.7 4.8% 0.0% 0.0%

PEC-BNDES 6.47% 10.9 1.9% 0.0% 0.0%

Overdraft - Fixed-rate 23.46% 1.5 0.3% 0.0% 0.0%

Overdraft - CDI 4.58% 10.0 1.7% 0.0% 0.0%

Financing – BNDES AUTOMATIC Outros 2,49% 0.2 0.0% 0.0% 0.0%

BNDES AUTOMATIC - Financing TJLP 2.49% 0.5 0.1% 0.7 0.3% -28.6%

BNDES AUTOMATIC - Financing Variable rate 2.49% 0.2 0.0% 0.3 0.1% -33.3%

Investment of assigment of Vitarella's shares CDI - 100% - 100.4 17.4% 90.1 32.6% 11.4%

Investment of assigment of Pilar's shares CDI - 100% - 22.7 3.9% 0.0% 0.0%

Investment of assigment of Estrela's shares - 140.3 24.4% 0.0% 0.0%

Foreign Currency: 15.6 2.7% 4.4 1.6% 254.5%

Imports financing USD 2.52% 11.3 2.0% 0.0% 0.0%

Financ. de Máquinas e Equipamentos USD 4.96% 0.6 0.0% 0.0%

Machinery CHF (Libor + 1.50%) 3.7 0.7% 4.4 1.6% -15.9%

TOTAL 575.5 100.0% 276.2 100.0% 108.4%

Consolidated Debt (R$ million) Index Interest (year) 12/31/2011 Variation 12/31/2010 Variation AH% Variation

Domestic Currency: 559.9 97.3% 271.8 98.4% 106.0%

FINAME TJLP 1.97% (1.94% in 12/31/10) 11.8 2.1% 16.0 5.8% -26.3%

BNDES - PSI R$ 5.07% (4.5% in 12/31/10) 94.8 16.5% 46.3 16.8% 104.8%

BNDES - PSI URTJLP 6.11% 1.5 0.3% 0.0% 0.0%

(PROVIN-MOINHO) Financing of state taxes TJLP 17.9 3.1% 15.9 5.8% 12.6%

(DESENVOLVE) Financing of state taxes TJLP 4.0 0.7% 3.0 1.1% 33.3%

BNB-FNE - Financings 10.0% 95.3 16.6% 95.6 34.6% -0.3%

BNDES - MODERMAQ TJLP 1.03% (1.11% em 12/31/10) 1.7 0.3% 2.7 1.0% -37.0%

BNB - FNE - Working Capital Financings 10.0% 0.0 0.0% 1.2 0.4% -100.0%

Working capital - Fixed-rate 18,49% 18.5 3.2% 0.0% 0.0%

Working capital - CDI 4,49% 27.7 4.8% 0.0% 0.0%

PEC-BNDES 6.47% 10.9 1.9% 0.0% 0.0%

Overdraft - Fixed-rate 23.46% 1.5 0.3% 0.0% 0.0%

Overdraft - CDI 4.58% 10.0 1.7% 0.0% 0.0%

Financing – BNDES AUTOMATIC Outros 2,49% 0.2 0.0% 0.0% 0.0%

BNDES AUTOMATIC - Financing TJLP 2.49% 0.5 0.1% 0.7 0.3% -28.6%

BNDES AUTOMATIC - Financing Variable rate 2.49% 0.2 0.0% 0.3 0.1% -33.3%

Investment of assigment of Vitarella's shares CDI - 100% - 100.4 17.4% 90.1 32.6% 11.4%

Investment of assigment of Pilar's shares CDI - 100% - 22.7 3.9% 0.0% 0.0%

Investment of assigment of Estrela's shares - 140.3 24.4% 0.0% 0.0%

Foreign Currency: 15.6 2.7% 4.4 1.6% 254.5%

Imports financing USD 2.52% 11.3 2.0% 0.0% 0.0%

Financ. de Máquinas e Equipamentos USD 4.96% 0.6 0.0% 0.0%

Machinery CHF (Libor + 1.50%) 3.7 0.7% 4.4 1.6% -15.9%

TOTAL 575.5 100.0% 276.2 100.0% 108.4%

54.4

431,5

-143.5 -130.0

-0.2-87.5

-29.4

95.3

Net Cash on Dec-10

Cash generated in operating activities

Subsidiary acquisition

Acquisition of property, plant and equipment

Stock Options Shareholders remuneration

Net Cash used in Loans - debt

Net Cash on Dec-11

14.8% da ROL

of 19

Investments totaled R$51.5 million in 4Q11 and R$142.5 million in 2011. The main items forming capital

expenditure in 4Q11 were: (i) the acquisition and assembly of, and improvements to, the cookie and cracker lines

at the Vitarella unit; (ii) the expansion of the wheat flour storage and mixture system and installation of new pasta

lines at the production unit in Rio Grande do Sul, which, after the completion of installation in early 2012, will

increase capacity by 2,320 tonnes per month; (iii) the construction of supplementary production facilities at the

Vitarella unit; (iv) the installation of the C mill, which started its crushing activities in December 2011 at the GMA

unit, increasing the daily crushing capacity by 550 tonnes; (v) the installation of a new flour mixture line at the

production unit in Rio Grande do Norte; (vi) the acquisition of a long pasta line for the Pernambuco unit; and (vii)

the acquisition of machinery to replace older lines at the São Caetano do Sul unit.

Investments in 4Q11 and 2011 were focused on meeting increased demand for products in our geographical

operational areas and the need for raw materials for our internal consumption (vertical integration). It is worth

noting that in 2011 certain plants had to expand some of their production lines where there was insufficient installed

capacity to meet client demand, despite the Company’s consolidated capacity utilization rate of 75.9%.

Nevertheless, even though installed capacity increased by 6.8% in 2011, capacity utilization grew by 0.4 p.p. in the

same period.

In 2011, in addition to the investments mentioned above, other notable events were the acquisition of Pilar on April

26, 2011 for R$69.9 million, and Fábrica Estrela on December 23, 2011 for R$240.0 million, (R$143.5 million paid

in 2011) for total investments of R$451.2 million.

In 2012, the Company will continue to expand its capacity, investing in the construction of a crushing plant in the

state of Pernambuco and the expansion of cookie, cracker and pasta production lines to meet client demand.

As mentioned previously, the Company acquired the control of NPAP Alimentos (Pilar) on April 26, 2011 and of

Pelágio and J.Brandão (Estrela) on December 23, 2011, and hence the results include the effect of these

acquisitions. However, to enable an analysis of the Company’s organic growth during the periods, we are

presenting the income statement and net revenue per product line excluding the effects of these acquisitions.

INVESTMENTS

Financial information excluding the effects from the acquisition of Pilar and Estrela

Investiments (R$ Million) 4Q11 4Q10 Variation 2011 2010 Variation

Buildings 2.1 0.9 133.3% 4.9 5.1 -3.9%

Machinery and equipment 38.6 22.9 68.6% 108.1 102.5 5.5%

Construction in progress 5.4 6.5 -16.9% 16.9 15.9 6.3%

Vehicles 1.5 0.1 1400.0% 2.6 1.9 36.8%

IT Equipament 0.7 1.3 -46.2% 2.2 4.0 -45.0%

Furniture and Fixtures 2.1 0.5 320.0% 4.3 1.4 207.1%

Others 1.1 1.1 0.0% 3.5 4.5 -22.2%

Total 51.5 33.3 54.7% 142.5 135.3 5.3%

MAINTENANCE14.1%

WITH CAPACITY EXPANSION

17.4%ACQUISITIONS 68.5%

Investiments 2011 - R$ 452,4 million

of 19

Throughout this release, we have duly highlighted the effects of this acquisition on the Company’s results,

whenever considered relevant.

INCOME STATEMENT

(R$ million)

REVENUES 848.1 749.5 13.2% 891.3 -4.8% 3,331.6 2,887.5 15.4%

Sales of goods 848.1 749.5 13.2% 891.3 -4.8% 3,331.6 2,887.5 15.4%

DEDUCTIONS -125.6 -115.4 8.8% -137.8 -8.9% -507.8 -443.5 14.5%


NET REVENUES 722.5 634.1 13.9% 753.5 -4.1% 2,823.8 2,444.0 15.5%

COST OF GOODS SOLD -471.4 -403.2 16.9% -498.0 -5.3% -1,865.9 -1,513.3 23.3%

TAX INCENTIVES (ICMS) 29.9 25.5 17.3% 30.8 -2.9% 11,118.3 89,89.6 32.0%

GROSS PROFIT 281.0 256.4 9.6% 286.3 -1.9% 1,076.2 1,020.3 5.5%

OPERATING EXPENSES -173.8 -155.5 11.8% -172.2 0.9% -663.3 -607.5 9.2%

Selling expenses -133.8 -113.4 18.0% -131.3 1.9% -504.8 -446.8 13.0%

Administrative and general expenses -31.0 -32.4 -4.3% -31.0 0.0% -120.1 -111.8 7.4%

Management fees -2.5 -2.4 4.2% -2.1 19.0% -8.6 -7.9 8.9%

Taxes -3.3 -3.8 -13.2% -3.5 -5.7% -14.0 -15.7 -10.8%

Depreciation and Amortization -3.5 -3.3 6.1% -3.5 0.0% -13.7 -12.7 7.9%

Other operating expenses 0.3 -0.2 -250.0% -0.8 -137.5% -2.1 -12.6 -83.3%

OPERATING INCOME - before Financial Results 107.2 100.9 6.2% 114.1 -6.0% 412.9 412.8 0.0%

Financial income 10.4 7.6 36.8% 6.8 52.9% 37.1 39.4 -5.8%

Financial expenses -8.9 -9.6 -7.3% -20.4 -56.4% -47.3 -55.3 -14.5%

INCOME - before income and social contribution taxes 108.7 98.9 9.9% 100.5 8.2% 402.7 396.9 1.5%

Income and social contribution taxes 4.5 6.3 -28.6% -13.1 -134.4% -36.1 -45.2 -20.1%

NET INCOME 113.2 105.2 7.6% 87.4 29.5% 366.6 351.7 4.2%

Variation 4Q11 4Q10 Variation 2011 2010 3Q11 VariationINCOME STATEMENT

(R$ million)

REVENUES 848.1 749.5 13.2% 891.3 -4.8% 3,331.6 2,887.5 15.4%

Sales of goods 848.1 749.5 13.2% 891.3 -4.8% 3,331.6 2,887.5 15.4%

DEDUCTIONS -125.6 -115.4 8.8% -137.8 -8.9% -507.8 -443.5 14.5%


NET REVENUES 722.5 634.1 13.9% 753.5 -4.1% 2,823.8 2,444.0 15.5%


TAX INCENTIVES (ICMS) 29.9 25.5 17.3% 30.8 -2.9% 11,118.3 89,89.6 32.0%

GROSS PROFIT 281.0 256.4 9.6% 286.3 -1.9% 1,076.2 1,020.3 5.5%



Administrative and general expenses -31.0 -32.4 -4.3% -31.0 0.0% -120.1 -111.8 7.4%

Management fees -2.5 -2.4 4.2% -2.1 19.0% -8.6 -7.9 8.9%

Taxes -3.3 -3.8 -13.2% -3.5 -5.7% -14.0 -15.7 -10.8%

Depreciation and Amortization -3.5 -3.3 6.1% -3.5 0.0% -13.7 -12.7 7.9%




Financial expenses -8.9 -9.6 -7.3% -20.4 -56.4% -47.3 -55.3 -14.5%



NET INCOME 113.2 105.2 7.6% 87.4 29.5% 366.6 351.7 4.2%

Variation 4Q11 4Q10 Variation 2011 2010 3Q11 Variation

SegmentNet

RevenueWeight

Average

Price

Net

RevenueWeight

Average

Price

Net

RevenueWeight

Average

Price

Cookies and Crackers 384.2 98.8 3.89 344.3 93.6 3.68 11.6% 5.6% 5.7%

Pasta 159.1 66.4 2.4 131.2 58.8 2.23 21.3% 12.9% 7.6%



Other 2.3 2.7 0.85 2.5 3.3 0.76 - - -

TOTAL 722.5 328.5 2.2 634.1 307.4 2.06 13.9% 6.9% 6.8%


4Q11 4Q10 Variation

SegmentNet

RevenueWeight

Average

Price

Net

RevenueWeight

Average

Price

Net

RevenueWeight

Average

Price

Cookies and Crackers 384.2 98.8 3.89 420.1 108.3 3.88 -8.5% -8.8% 0.3%

Pasta 159.1 66.4 2.4 148.3 63.5 2.34 7.3% 4.6% 2.6%

Wheat Flour and Bran 144.8 149.5 0.97 154.2 164.6 0.94 -6.1% -9.2% 3.2%


Other 2.3 2.7 0.85 3.1 4.0 0.78 - - -

TOTAL 722.5 328.5 2.2 753.5 350.2 2.15 -4.1% -6.2% 2.3%


Variation4Q11 3Q11

SegmentNet

RevenueWeight

Average

Price

Net

RevenueWeight

Average

Price

Net

RevenueWeight

Average

Price

Cookies and Crackers 1,539.2 403.6 3.81 1,344.8 380.0 3.54 14.5% 6.2% 7.6%

Pasta 588.8 254.9 2.31 518.8 241.1 2.15 13.5% 5.7% 7.4%

Wheat Flour anda Bran 574.5 618.8 0.93 481.7 597.1 0.81 19.3% 3.6% 14.8%


Other 9.1 9.8 0.93 6.5 9.5 0.68 - - -

TOTAL 2,823.9 1,327.7 2.13 2,444.0 1,266.2 1.93 15.5% 4.9% 10.4%


2011 2010 Variation

of 19

The performance of the Company’s stock since its IPO on October 18, 2006 to March 02, 2012 is shown in the

chart below. On March 02, 2012, MDIA3 stock was quoted at R$49.60, representing market capitalization of

R$5.63 billion. Average daily trading volume in this period was R$2.9 million. On March 02, 2012, the Ibovespa

index stood at 67,781 points and the Special Corporate Governance Index (IGC) stood at 7,786 points.

Note the increase in the average daily trading volume of MDIA3 after the Block Trade transaction in November

2010. Considering the five-month period prior to and the thirteen-month period following November 2010, the

average daily trading volume increased 273%, from R$1.1 million to R$4.1 million, as shown in the chart below.

Note: Average daily trading volume in November 2010 was R$23.2 million.

CAPITAL MARKETS

1.8

0.9

1.5

0.7 0.6

4.0

3.3

4.1

5.0 4.14.9

5.9

2.2

4.4

3.3

2.7

4.34.1

Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11

MDIA3 - ADTV (R$ million)

-50%

0%

50%

100%

150%

200%

,000

500,000

1000,000

1500,000

2000,000

2500,000

3000,000

3500,000

4000,000

4500,000

5000,000

5500,000

6000,000

6500,000

7000,000

7500,000

Oct-06 Mar-07 Aug-07 Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Dec-10 May-11 Oct-11 Mar-11

10/18/2006 a 03/02/2012

MDIA3 X IBOV X IGC

Average Daily Volume: MDIA3

MDIA3 X IBOV X IGC

Profitability (%)

of 19

The Board of Directors’ Meeting held on October 31, 2011 unanimously approved the Quarterly Information (ITR)

for the quarter ended September 30, 2011.

In the material fact published on December 23, 2011, M. DIAS BRANCO announced the acquisition of Pelágio

Participações S.A., which holds 100% interest of the shares of Pelágio Oliveira S.A., and J.Brandão Comércio e

Indústria Ltda., which operated under the trade name “ESTRELA”.

Ratifying the Board of Directors’ resolution of December 12, 2011, the Extraordinary Shareholders’ Meeting held on

December 28, 2011, unanimously approved the payment of interest on equity totaling eighty-seven million, five

hundred thousand reais (R$87,500,000.00), corresponding to the gross amount of R$0,77 per share, to be paid on

April, 27, 2012.

At the meeting held on January 30, 2012, the Board of Directors unanimously approved the issue of 150 simple,

non-convertible debentures amounting to up to one hundred fifty million reais (R$150,000,000.00).

MAIN ADMINISTRATIVE EVENTS

FINANCIAL STATEMENTS

INCOME STATEMENT

(R$ million)

REVENUES 889.8 749.5 18.7% 928.5 -4.2% 3,436.3 2,887.5 19.0%

Sales of goods 889.8 749.5 18.7% 928.5 -4.2% 3,436.3 2,887.5 19.0%

DEDUCTIONS -132.8 -115.4 15.1% -144.0 -7.8% -525.3 -443.5 18.4%


NET REVENUES 757.0 634.1 19.4% 784.5 -3.5% 2,911.0 2,444.0 19.1%


TAX INCENTIVES (ICMS) 31.3 25.5 22.7% 32.3 -3.1% 122.1 89.6 36.3%

GROSS PROFIT 289.1 256.4 12.8% 295.1 -2.0% 1,098.5 1,020.3 7.7%



Administrative and general expenses -32.5 -32.4 0.3% -32.8 -0.9% -124.6 -111.8 11.4%

Management fees -2.5 -2.4 4.2% -2.1 19.0% -8.6 -7.9 8.9%

Taxes -3.4 -3.8 -10.5% -3.9 -12.8% -14.8 -15.7 -5.7%

Depreciation and Amortization -3.7 -3.3 12.1% -3.8 -2.6% -13.9 -12.7 9.4%




Financial expenses -9.8 -9.6 2.1% -20.4 -52.0% -50.6 -55.3 -8.5%



NET INCOME 112.9 105.2 7.3% 88.9 27.0% 366.5 351.7 4.2%

4Q11 2010 Variation 4Q10 Variation 2011 2Q11 VariationINCOME STATEMENT

(R$ million)

REVENUES 889.8 749.5 18.7% 928.5 -4.2% 3,436.3 2,887.5 19.0%

Sales of goods 889.8 749.5 18.7% 928.5 -4.2% 3,436.3 2,887.5 19.0%

DEDUCTIONS -132.8 -115.4 15.1% -144.0 -7.8% -525.3 -443.5 18.4%


NET REVENUES 757.0 634.1 19.4% 784.5 -3.5% 2,911.0 2,444.0 19.1%


TAX INCENTIVES (ICMS) 31.3 25.5 22.7% 32.3 -3.1% 122.1 89.6 36.3%

GROSS PROFIT 289.1 256.4 12.8% 295.1 -2.0% 1,098.5 1,020.3 7.7%



Administrative and general expenses -32.5 -32.4 0.3% -32.8 -0.9% -124.6 -111.8 11.4%

Management fees -2.5 -2.4 4.2% -2.1 19.0% -8.6 -7.9 8.9%

Taxes -3.4 -3.8 -10.5% -3.9 -12.8% -14.8 -15.7 -5.7%

Depreciation and Amortization -3.7 -3.3 12.1% -3.8 -2.6% -13.9 -12.7 9.4%




Financial expenses -9.8 -9.6 2.1% -20.4 -52.0% -50.6 -55.3 -8.5%



NET INCOME 112.9 105.2 7.3% 88.9 27.0% 366.5 351.7 4.2%

4Q11 2010 Variation 4Q10 Variation 2011 2Q11 Variation

Price Evolution, Liquidity and Stock Performance 4Q11 4Q10 2011 2010

MDIA3

Stock price (R$)* 47.7 39.5 47.7 39.5

Average Daily Trading Volume (Millions)** 3,706.0 2,662.6 4,032.3 1,923.4

Performance

MDIA3 27.71% -4.80% 20.76% -5.95%

Ibovespa 8.47% -0.18% -18.11% -1.04%

IGC 7.92% 2.31% -12.45% 12.53%

*Closing stock price at the end of the period

**Bock Trade volume amount of R$ 400.7 millions at 11/22/2010 not included

of 19

BALANCE SHEET

(R$ million) 12/31/2011 12/31/2010 Variation

ASSETS

CURRENT 840.8 680.4 23.6%

Funds 95.3 54.4 75.2%

Trade accounts receivable 352.7 259.5 35.9%

Inventories 308.0 264.5 16.4%

Taxes recoverable 72.0 55.7 29.3%

Advances to suppliers 1.6 29.5 -94.6%

Related Parties 0.1 0.8 -87.5%

Other accounts receivable 9.8 14.4 -31.9%

Prepaid expenses 1.3 1.6 -18.8%

NONCURRENT 2,217.4 1,681.2 31.9%

Short-term investments 11.8 10.6 11.3%

Judicial deposits 41.8 30.8 35.7%


Deferred income and social contribution taxes 26.0 27.0 -3.7%

Tax incentives / other accounts receivable 14.8 5.7 159.6%

Investments 0.1 0.1 0.0%

Property, plant and equipments 1,181.3 977.7 20.8%

Intangible 861.2 557.4 54.5%

TOTAL ASSETS 3,058.2 2,361.6 29.5%

M. DIAS (CONSOLIDATED)BALANCE SHEET

(R$ million) 12/31/2011 12/31/2010 Variation

ASSETS

CURRENT 840.8 680.4 23.6%

Funds 95.3 54.4 75.2%

Trade accounts receivable 352.7 259.5 35.9%

Inventories 308.0 264.5 16.4%


Advances to suppliers 1.6 29.5 -94.6%

Related Parties 0.1 0.8 -87.5%

Other accounts receivable 9.8 14.4 -31.9%

Prepaid expenses 1.3 1.6 -18.8%

NONCURRENT 2,217.4 1,681.2 31.9%

Short-term investments 11.8 10.6 11.3%

Judicial deposits 41.8 30.8 35.7%


Deferred income and social contribution taxes 26.0 27.0 -3.7%

Tax incentives / other accounts receivable 14.8 5.7 159.6%

Investments 0.1 0.1 0.0%

Property, plant and equipments 1,181.3 977.7 20.8%

Intangible 861.2 557.4 54.5%

TOTAL ASSETS 3,058.2 2,361.6 29.5%

M. DIAS (CONSOLIDATED)

LIABILITIES AND SHAREHOLDERS EQUITY

CURRENT 559.9 287.2 95.0%

Suppliers 93.0 62.4 49.0%

Financing with financial institutions 120.1 33.6 257.4%

Tax financing 6.9 7.4 -6.8%

Direct financing 100.3 0.0 0.0%

Labor and social charges payable 77.5 62.1 24.8%

Taxes and contribution payable 45.6 45.8 -0.4%

Income Tax and Social Contribution 0.5 1.6 -68.8%

Advances 3.2 1.3 146.2%

Other accounts payable 21.5 10.2 110.8%

Dividends payable 84.2 53.9 56.2%

Government Grant 7.1 8.9 -20.2%

NONCURRENT LIABILITIES 492.5 313.9 56.9%


Tax financing 15.1 11.5 31.3%


Taxes and contribution payable 4.3 1.8 138.9%

Deferred income and social contribution taxes 78.4 26.4 197.0%

Accounts payable 4.2 2.8 50.0%

Provision for contingencies 57.4 47.7 20.3%

SHAREHOLDERS EQUITY 2,005.8 1,760.5 13.9%

Capital 777.8 746.5 4.2%

Capital reserves 122.0 123.2 -1.0%

Equity valuation adjustments 0.1 0.1 0.0%

Profit reserves 1,108.3 863.4 28.4%

Additional dividend proposed 0.0 33.6 -100.0%

Accrued profit -2.4 -6.3 -61.9%

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 3,058.2 2,361.6 29.5%


CURRENT 559.9 287.2 95.0%

Suppliers 93.0 62.4 49.0%







Advances 3.2 1.3 146.2%













Capital 777.8 746.5 4.2%








CURRENT 559.9 287.2 95.0%

Suppliers 93.0 62.4 49.0%







Advances 3.2 1.3 146.2%













Capital 777.8 746.5 4.2%








CURRENT 559.9 287.2 95.0%

Suppliers 93.0 62.4 49.0%







Advances 3.2 1.3 146.2%













Capital 777.8 746.5 4.2%







of 19

Disclaimer

The statements contained in this document related to business prospects, projected operating and financial results and the

growth outlook of M Dias Branco are merely forecasts and, as such, are based exclusively on the expectations of management

as to the future of the businesses. These expectations substantially depend on changes in market conditions, the performance

of the Brazilian economy, as well as of the sector and the international markets and, therefore, are subject to changes without

prior notice.

CASH FLOW

(R$ million)

CASH FLOW FROM OPERATING ACTIVITIES

Net Income before Income Tax and Social Contribution 108.3 98.9 9.5% 402.6 396.9 1.4%

Adjustments to Reconcile net income

and cash from operating activities:

Depreciation and amortization 18.6 14.8 25.7% 65.6 53.6 22.4%

Sale cost of permanet assets 1.3 2.3 -43.5% 3.0 2.9 3.4%

Loans update 5.7 4.2 35.7% 26.8 27.0 -0.7%

Interests and dividends received 0.0 0.0 0.0% 0.0 1.7 -100.0%

Interests and exchange variation -7.0 -20.6 -66.0% -16.8 -61.2 -72.5%

Net income and social contribution taxes -7.6 -13.8 -44.9% -34.3 -44.8 -23.4%

Liberation of reinvestments incentives 0.8 0.0 0.0% 0.8 1.6 -50.0%

Assets and Liabilities Variations

(Increase) decrease in clients 26.6 -3.5 -860.0% -35.4 -20.3 74.4%

(Increase) decrease in inventories 27.9 -2.6 -1173.1% -19.3 5.3 -464.2%

(Increase) decrease in recoverable -14.8 -16.4 -9.8% -14.8 -39.4 -62.4%

(Increase) decrease in accounts receivable 6.8 -31.6 -121.5% 34.1 -32.6 -204.6%

(Increase) decrease in suppliers 13.8 2.0 590.0% 1.9 7.2 -73.6%

(Increase) decrease in taxes and contributions payable 9.7 27.8 -65.1% 14.4 36.2 -60.2%

Increase (decrease) in Government grants -3.8 -1.5 153.3% -1.8 1.6 -212.5%

(Increase) decrease in other accounts payable / provisions -17.6 -13.6 29.4% 4.7 7.7 -39.0%

Net Cash generated in operating activities 168.7 46.4 263.6% 431.5 343.4 25.7%

CASH FLOW FROM INVESTMENTS ACTIVITIES

Acquisition of property, plant and equipment -50.8 -35.2 44.3% -130.0 -127.3 2.1%

Cash flow from subsidiary acquisition -97.4 -58.8 65.6% -143.5 -176.5 -18.7%

Acquisition of treasury shares 0.0 0.0 0.0% -0.5 -3.8 -86.8%

Sales of treasury shares 0.0 0.4 -100.0% 0.3 3.2 -90.6%

Sales of marketable securities 0.0 0.0 0.0% 0.0 63.7 -100.0%

0.0

Net Cash used in Investment Activities -148.2 -93.6 58.3% -273.7 -240.7 13.7%

CASH FLOW FROM FINANCING ACTIVITIES

Dividends Payments 0.0 0.0 0.0% -87.5 -76.3 14.7%

New Loans 16.9 8.2 106.1% 186.2 127.3 46.3%

Loan Principal payments -76.0 -54.8 38.7% -215.6 -158.1 36.4%

Net Cash used in Financing Activities -59.1 -46.6 26.8% -116.9 -107.1 9.2%

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS -38.6 -93.8 -58.8% 40.9 -4.4 -1029.5%

At begin of period 133.9 148.2 -9.6% 54.4 58.8 -7.5%

At end of period 95.3 54.4 75.2% 95.3 54.4 75.2%


2011 2010 VariationVariation 4Q11 4Q10CASH FLOW

(R$ million)







Loans update 5.7 4.2 35.7% 26.8 27.0 -0.7%





















0.0




New Loans 16.9 8.2 106.1% 186.2 127.3 46.3%





At end of period 95.3 54.4 75.2% 95.3 54.4 75.2%


2011 2010 VariationVariation 4Q11 4Q10 CASH FLOW

(R$ million)







Loans update 5.7 4.2 35.7% 26.8 27.0 -0.7%





















0.0




New Loans 16.9 8.2 106.1% 186.2 127.3 46.3%





At end of period 95.3 54.4 75.2% 95.3 54.4 75.2%


2011 2010 VariationVariation 4Q11 4Q10CASH FLOW

(R$ million)







Loans update 5.7 4.2 35.7% 26.8 27.0 -0.7%





















0.0




New Loans 16.9 8.2 106.1% 186.2 127.3 46.3%





At end of period 95.3 54.4 75.2% 95.3 54.4 75.2%


2011 2010 VariationVariation 4Q11 4Q10

DIVULGAÇÃO DE RESULTADOS 1T06 - MZGroup · E-mail: [email protected] IR Website: 4Q11...

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