Duratex - 1st Half 2007
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Transcript of Duratex - 1st Half 2007
1st Half 20071 Half 2007
www.duratex.com.brwww.duratex.com.br
1
> CAPEX – New MDF Plant> 1st Half 2007
Economic scenario:Interest rate ended the period quoted at 12% annum;Interest rate ended the period quoted at 12% annum;Increase of the income level;Increase of the credit availability with the expansion y pof terms.
Highlights:Net Revenues reached R$781,7M +15% YoY;Gross Margin = 46%, against 42% during the 1HY06;EBITDA totaled R$268,2M +33% YoY;N I dd d R$1 2 3M 68% Y YNet Income added to R$152,3M +68% YoY;Unitary dividend of R$0,40/share +67% YoY.
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> CAPEX – New MDF Plant> Business Segments
WoodRevenues OriginationHardboard
Particle board Laminate MDF / HDF / SDF
30%
Revenues Origination
MDF/HDF/SDFLaminate flooring
Flooring5%
Particle Board13%g
Metal fittings21%
R$781,7 M
Metal fittingsVitreous china
Vitreous China11%
Hardboard20%Vitreous china
Accessories
11%20%
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> CAPEX – New MDF Plant> Leverage
Total Debt 596 613
(in R$ M) mar-07 jun-07
Cash / Investments 590 592
Net Debt 6 22
Equity 1.470 1.467y
Net Debt / Equity 0,4% 1,5%
Net Debt / EBITDA LTM 0,01 0,04
C t R ti 2 04 1 86Current Ratio 2,04 1,86
General Ratio 1,30 1,21
Debt Profile (in R$M):Debt Profile (in R$M):
16%Foreign
39%LT
84%
6%
DomesticCurrency
61%
AmortizationST
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> CAPEX – New MDF Plant> CAPEX
Total invested during the period R$112,9M +116% YoY:R$30,6M down payment for the main MDF press;R$30,6M down payment for the main MDF press;Acquisition of 5.159 hectares of land and plantation of forests;;Acquisition of equipment aimed to expand Deca’s capacity.
Duratex industrial expansion profile:
Additions After the CAPEX Var. %As by the
end of
Capacity 2006 2007 2008 2009
MDF (in m3) 640.000 - - 800.000 1.440.000 125%
CAPEXend of
Low Pressure Coating ('000 m2) 23.000 - 8.000 - 31.000 35%
Metal Fittings ('000 items) 14.400 1.200 1.200 2.400 19.200 33%
Vitreous China ('000 items) 3 800 240 - 1 440 5 480 44%
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Vitreous China ( 000 items) 3.800 240 1.440 5.480 44%
> CAPEX – New MDF Plant> Nominal capacity and occupation rate
JAN JAN –– JUN / 2007JUN / 2007 Nominal Capacities:Nominal Capacities:
97%Hardboard 360.000 m3/year360.000 m3/year
81%Particle Board 500.000 m3/year500.000 m3/year
98%MDF/HDF/SDF 640.000 m3/year640.000 m3/year
83%Metal Fittings 14.400 K items/year14.400 K
items/year
96%Vitreous China 3.800 K items/year
3.800 K items/year
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> CAPEX – New MDF Plant> Highlights
Var. (%) Var. (%)2Q07 / 1Q07 2Q07 / 2Q062Q062Q07 1Q07 2Q07 / 1Q07 2Q07 / 2Q06
Wood (in '000 m³) 343,0 303,9 289,0 13% 19%Deca (in '000 items) 3.859,0 3.488,0 3.156,0 11% 22%
2Q06Shipments 2Q07 1Q07
(in R$M)N t R 425 2 356 5 348 3 19% 22%Net Revenues 425,2 356,5 348,3 19% 22%COGS (229,4) (194,2) (204,9) 18% 12%Gross Profit 195,8 162,3 143,4 21% 37%Gross Margin 46% 46% 41% - -EBITDA 147,6 120,6 99,8 22% 48%EBITDA Margin 35% 34% 29% - -gNet Income 77,6 74,7 45,8 4% 69%ROE (annualized) 23% 23% 16% - -
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> CAPEX – New MDF Plant> Highlights from the 5 last quarters( $ )
45% 46% 46%44%
Net Revenues (R$M) Gross Profit (R$M) & Gross Margin (%)
195,8
45% 46% 46%44%41%
348 3 399,8 410,7 356 5425,2
174,0 184,5143,4 162,3
2Q06 3Q06 4Q06 1Q07 2Q07
348,3 356,5
2Q06 3Q06 4Q06 1Q07 2Q07
%
EBITDA (R$M) & Margin EBITDA (%) Net Income (R$) & ROE* (%)* annualized
120 6147,6
31% 34% 35%33%29%
15%
23%20%
22% 23%
70,274,7
65,245,7
77,6130,8 125,699,8
120,6
2Q06 3Q06 4Q06 1Q07 2Q07
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2Q06 3Q06 4Q06 1Q07 2Q072Q06 3Q06 4Q06 1Q07 2Q07
> CAPEX – New MDF Plant> EBITDA (R$M) & Margin (%)
33%39% 37% 39% 38%Wood
78 4104,1 100,5 93,6 106,0
78,4 93,6
2Q06 3Q06 4Q06 1Q07 2Q07
24%29%
41 6
20%20%
24%
21%
21,4 26,7 27,3 27,041,6
2Q06 3Q06 4Q06 1Q07 2Q07
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2Q06 3Q06 4Q06 1Q07 2Q07
> CAPEX – New MDF Plant> Highlights from first half years
Var. (%) Var. (%)2007 / 2006 2007 / 20052006 20052007 2007 / 2006 2007 / 2005
Wood (in '000 m³) 646.955 556.134 510.611 16% 27%Deca (in '000 items) 7.347 6.506,0 6.059,0 13% 21%
2006 2005Shipments 2007
(in R$M)Net Revenues 781 7 678 7 622 4 15% 26%Net Revenues 781,7 678,7 622,4 15% 26%COGS (423,7) (393,5) (353,8) 8% 20%Gross Profit 358,0 285,2 268,6 26% 33%G M i 46% 42% 43%Gross Margin 46% 42% 43% - -EBITDA 268,2 201,7 187,5 33% 43%EBITDA Margin 34% 30% 30% - -Net Income 152,3 90,6 72,7 68% 109%ROE (annualized) 22% 16% 15% - -
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> CAPEX – New MDF Plant> Highlights from the 5 last first half years( $ )
46%
Net Revenues (R$M) Gross Profit (R$M) & Gross Margin (%)
285 2358,1
43% 42%46%
36%36%
551 9 622,4 678,7781,7
199,8269,3
160,2
285,2
1HY03 1HY04 1HY05 1HY06 1HY07
446,1 551,9 ,
1HY03 1HY04 1HY05 1HY06 1HY07
%
EBITDA (R$M) & EBITDA Margin (%) Net Income (R$)
152,3201,7
268,231% 30%
34%
26%23%
49,1 72,7 90,628,2
144,3191,7
101,2
1HY03 1HY04 1HY05 1HY06 1HY07
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1HY03 1HY04 1HY05 1HY06 1HY071HY03 1HY04 1HY05 1HY06 1HY07
> CAPEX – New MDF Plant> EBITDA (R$M) & Margin (%)
26%30% 33% 33% 38%Wood
140 2 151,2199,6
26%
76,6111,1 140,2 151,2
1HY03 1HY04 1HY05 1HY06 1HY07
26%
23%
27%
51 5 50 568,6
16%
23%19%
24,6 33,251,5 50,5
1HY03 1HY04 1HY05 1HY06 1HY07
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1HY03 1HY04 1HY05 1HY06 1HY07
> CAPEX – New MDF Plant> Dividends / Interest on Own Capital (R$ M)*105,2*
76,9
46,3
58,1
52,6
25,724,623,621,515 215 014 7
52,6
15,215,014,7
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 1S07
Extra Dividend * First half ’07 annualized
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> CAPEX – New MDF Plant> Corporate Governance
Customs:Securities Trading Policy to be implemented until the end of the year;80% tag-along rights for the PN stockholders;Differentiated 30% pay-out ratio dividend policy;Part of the Bovespa’s Level 1.
Shareholders’ structure:T
Others31%
Treasury1%
Itaúsa8%
Others23%
Treasury1%
PN76,1M shares
Itaúsa41%
Pension Funds5%
ON + PN129,7M shares
Foreign Inv.51%
Pension Funds9%
Foreign Inv.
,
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30%
> CAPEX – New MDF Plant> Stock performance
Emissão secundária de PNs
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(source: Bloomberg)
1st Half 20071 Half 2007
www.duratex.com.brwww.duratex.com.br
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