Duratex - 2007 Results
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Transcript of Duratex - 2007 Results
2007 year end results2007 year end results2007 year end results2007 year end resultswww.duratex.com.br
19.Feb.2008
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� Metal Fittings
� Vitreous China
� Accessories
DECA DIVISIONDECA DIVISION
> BUSINNES SEGMENTS
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Leadership within the Metals segment having a Leadership within the Metals segment having a
prominent position in Vitreous China.prominent position in Vitreous China.
Possesses the broader product line attending the Possesses the broader product line attending the
different market segments.different market segments.
� Hardboard
� MDP
� MDF/HDF/SDF
� Laminate Flooring
WOOD DIVISION WOOD DIVISION
> BUSINNES SEGMENTS
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Leadership within the Brazilian Leadership within the Brazilian
panel making industry having the panel making industry having the
most diversified product line.most diversified product line.
� MDF biggest line: 800.000 m3 capacity:
���� growth over existing capacity: +125%;
� New Low Pressure (BP) Coating Line : 8.500.000 m2 / year:
���� growth over existing capacity: +35%;
� Lands: 20.000 hectares in the region.
Wood Division: R$630 million (Agudos / SP)
> CAPEX
Agudos/SP
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Deca Division: R$200 million (São Paulo and Jundiaí / SP)
� Metal Fittings: + 400.000 items / month,
���� growth over existing capacity : +33%
� Vitreous China: + 140.000 items / month,
���� growth over existing capacity: + 44%;
Corporative: ERP system worth R$12,7 million
� Software: SAP e Hardware: IBM Risk,
� Implementation consultancy: CPM Braxis.
Metal Fittings and Vitreous China Jundiaí/SP
> CAPEX
MDF : MDF : StartStart--up by the end of 1HY09 up by the end of 1HY09
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BP: BP: StartStart--up by the beginning of 2HY2008up by the beginning of 2HY2008
> CAPEX
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Nominal industrial capacity and utilization rate:
98%
84%MDP
Hardboard
500.000 m500.000 m500.000 m500.000 m3333/year/year/year/year500.000 m500.000 m500.000 m500.000 m3333/year/year/year/year
360.000 m360.000 m360.000 m360.000 m3333/year/year/year/year360.000 m360.000 m360.000 m360.000 m3333/year/year/year/year
20072007
> PERFORMANCE
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86%
96%
96%Vitreous China
Metal Fittings
MDF/HDF/SDF
3.800 K 3.800 K 3.800 K 3.800 K
items/yearitems/yearitems/yearitems/year
3.800 K 3.800 K 3.800 K 3.800 K
items/yearitems/yearitems/yearitems/year
14.400 K 14.400 K 14.400 K 14.400 K
items/yearitems/yearitems/yearitems/year
14.400 K 14.400 K 14.400 K 14.400 K
items/yearitems/yearitems/yearitems/year
640.000 m640.000 m640.000 m640.000 m3333/year/year/year/year640.000 m640.000 m640.000 m640.000 m3333/year/year/year/year
*
*
* 2008 ���� Metal Fittings = 15.600 K items / year and Vitreous China = 4.000 K items / year
> LEVERAGE
Total Debt 671
Cash and Cash Equivalents 663
Shareholder's Equity 1.536
Net Debt / Shareholder's EquityPL 0,5%
Net Debt / EBITDA 0,02
in R$ M dec-07
670,7
37%
63%
STLT
8
246,2
147,9
148,2
128,4
522,6
148,1
Total Debt 2008 2009 2010 2011 and
beyond
Foreign Currency
Domestic Currencyl
670,7 Debt and AmortizationDebt and AmortizationDebt and AmortizationDebt and AmortizationSchedule Schedule Schedule Schedule (R$M)(R$M)(R$M)(R$M)
� Shipped Volumes: + 11% y/y;
� Net Revenues: + 17% y/y, to R$ 566,0 million;
> HIGHLIGHTS 2007
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� Gross Margin: from 38%, in 2006, to 41%;
� EBITDA: + 43% to R$ 148,1 M. EBITDA Margin from 21% to 26%;
� “Contemporânea” Line awarded with the iF Design Awards 2007.
Wood
> HIGHLIGHTS 2007
� Shipped volumes : + 7%;
� Net Revenues: R$1.104,5 million, up by 10% y/y;
� Gross Margin: from 46% to 47%;
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� EBITDA: + 16% to R$ 410,0 million and EBITDA margin up from 35% to 37%;
� Awarded the best wood products company by Fundação Getúlio Vargas'
Instituto Brasileiro de Economia (IBRE) “Prêmio de Excelência Empresarial”.
46%
Revenues breakdown:
> PERFORMANCE
MDF/HDF MDF/HDF MDF/HDF MDF/HDF SDFSDFSDFSDF27%27%27%27%
Metal Metal Metal Metal FittingsFittingsFittingsFittings
Laminate Laminate Laminate Laminate FlooringFlooringFlooringFlooring
6%6%6%6%Housing(direct)
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18%
36%
Ind. De Móveis
OthersVitreous Vitreous Vitreous Vitreous
ChinaChinaChinaChina12%12%12%12%
27%27%27%27%
Particle Particle Particle Particle BoardBoardBoardBoard14%14%14%14%
HardboardHardboardHardboardHardboard19%19%19%19%
FittingsFittingsFittingsFittings22%22%22%22%
R$1,7 billion
Housing(indirect)
Segments Attended
79,979,979,979,9 85,485,485,485,4 125,6125,6125,6125,6 144,1144,1144,1144,126,2% 25,9%
30,6% 31,3%
EBITDA EBITDA EBITDA EBITDA (R$ million) & Margin & Margin & Margin & Margin (%)
304,9304,9304,9304,9 330,3330,3330,3330,3410,7410,7410,7410,7
459,8459,8459,8459,840,1% 39,7%
44,9% 43,3%
> 4th QUARTERS PERFORMANCE
Net Rev.Net Rev.Net Rev.Net Rev.(R$ million) & Gross Margin& Gross Margin& Gross Margin& Gross Margin (%)
12
1.535,8
990,4 1.050,9
1.395,8
13%14%
20% 22%
2004 2005 2006 2007
77,477,477,477,465,265,265,265,2
31,331,331,331,332,532,532,532,5
2004 2005 2006 2007
Equity Equity Equity Equity (R$ million) & ROE & ROE & ROE & ROE (%)
2004 2005 2006 20072004 2005 2006 2007
Net Income Net Income Net Income Net Income (R$ million)
458,1558,1
320,6 362,6
27,0% 28,5% 30,8%33,4%
Net Rev.Net Rev.Net Rev.Net Rev.(R$ million) &&&& Gross MarginGross MarginGross MarginGross Margin (%) Ebitda Ebitda Ebitda Ebitda (R$ million) & Margin & Margin & Margin & Margin (%)
1.489,2
1.670,6
1.188,21.270,6
45,0%43,2%
41,5%39,1%
> YEARLY PERFORMANCE
13
125,3 137,1
226,0
318,9
2004 2005 2006 2007
2004 2005 2006 2007
990,4 1.050,8
1.395,71.535,8
13% 14%
22%
18%
2004 2005 2006 2007
Net Income Net Income Net Income Net Income (R$ million) Equity Equity Equity Equity (R$ million) & ROE & ROE & ROE & ROE (%)2004 2005 2006 2007
WOOD
AnnualAnnualAnnualAnnual4444thththth QuartersQuartersQuartersQuarters
EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA (in R$ million)(in R$ million) & Margin & Margin & Margin & Margin & Margin & Margin & Margin & Margin (in %)(in %)
> PERFORMANCE
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67,767,767,767,759,059,059,059,099,199,199,199,1 101,0101,0101,0101,0
29,0% 30,3%
36,2%34,2%
2004 2005 2006 2007
410,0410,0410,0410,0
256,0256,0256,0256,0 267,1267,1267,1267,1354,4354,4354,4354,4
31,7% 31,1%35,3% 37,1%
2004 2005 2006 2007
EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA (in R$ million)(in R$ million) & Margin & Margin & Margin & Margin & Margin & Margin & Margin & Margin (in %)(in %)
AnnualAnnualAnnualAnnual4444th th th th QuartersQuartersQuartersQuarters
> PERFORMANCE
15
43,1
26,5
17,714,9
14,7%
19,4%
26,2%
16,6%
2004 2005 2006 2007
95,595,595,595,5103,7103,7103,7103,7
148,1148,1148,1148,1
60,860,860,860,8
26,2%21,4%
16,0%23,3%
2004 2005 2006 2007
154,6
Accrual DividendsAccrual Dividends
(R$ million)(R$ million)
Pay-out :
Extraordinary Dividend
40,0% 46,5% 33,8% 34,0% 48,5%
�PERFORMANCE
16
15,3
50,0
76,9
46,3
25,742,8
104,6
2003 2004 2005 2006 2007
Accrual dividend / Interest on Capital
58,1
Others
> CAPITAL MARKETS
Shareholding Structure:Shareholding Structure:
� Total outstanding shares: 129,7M
• PN: 76,1M,
• ON: 53,6M.
� Shareholder structure (as of Jan / 2008):
17
Itaúsa
8%
Foreign Inv.
44%Pension
Funds
10%
Others
38%
PN
Others
27%
Foreign Inv.
26%
Itaúsa
41%
Pension
Funds
6%ON + PN
25,00
30,00
35,00
40,00
45,00
50,00
55,00
60,00
65,00
20.000
25.000
30.000
35.000
40.000
45.000
Stock Performance:Stock Performance:
Mid price (in R$)
Traded Volume(15 day moving average in R$M)
> CAPITAL MARKETS
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5.000
10.000
15.000
� Member of and indexes.
Stock appreciation during the period : +157%Dec 31th 2005 to Feb15th 2007
� Stock liquidity: PN daily average trading volume (in R$ million):
> CAPITAL MARKETS
27,230,8
19
0,4 1,1 1,5 1,3
8,2
2002 2003 2004 2005 2006 2007 2008*
* 2008 average up to February 15
� Number of shareholders (ON + PN):
11.025
> CAPITAL MARKETS
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2.255 2.082 2.139
3.9494.469 4.590
6.676
dez/03 dez/04 dez/05 dez/06 1º TRI 07 2º TRI 07 3º TRI 07 dez/071Q07 2Q07Dec-03 Dec-04 Dec-05 Dec-06 Dec-073Q07
3.172. Termination of Benefficiary Parts . Extraordinary dividend
. Adhesion to Bovespa Level 1
. Stock inplit 200 / 1
. Primary and secondary Stock issuing R$ 609 M
. Stock dividend 1x1
. Inclusion of Duratex stock on Ibovespa and IBrX50 indexes
. Extraordinary dividend worth R$50M
(in US$M)
> CAPITAL MARKETS
21
173 339550 748
1.990
2002 2003 2004 2005 2006 2007
. 80% Tag-Along rights
. 30% minimum pay-out dividend policy
Market Cap (US$M)+764% during the period
1
Sell side brokerage Analyst Phone E-mailBrascan Corretora Beatriz Battelli (55-21) 3231-3146 [email protected]
Credit Suisse Marcelo Telles (52-55) 3841-6338 [email protected] Bank Josh Milberg (55-11) 2113-5971 [email protected]
Fator Banco Eduardo Pirani Puzziello (55-11) 3049-9478 [email protected]
Itaú Corretora de Valores Renata Faber (55-11) 5029-4542 [email protected]
Link Corretora Andres Kikuchi (55-11) 4504-7290 [email protected]
Merrill Lynch Marcos Assumpção (55-11) 2188-4226 [email protected]
Santander Banespa Marcello Milman (55-11) 3012-7530 [email protected]
Socopa Corretora de Valores Daniel Dol (55-11) 3299-2166 [email protected]
UBS Pactual Edmo Chagas (55-21) 2555-3025 [email protected]
Unibanco Andre Luiz Rocha (55-11) 3584-4330 [email protected]
Sell side coverage on Duratex stock:
> CAPITAL MARKETS
22
2007 year end results2007 year end results2007 year end results2007 year end resultswww.duratex.com.br
19.Feb.2008
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