www.duratex.com.br
1st half-year of 2004
Duratex S.A.
Public company traded at BOVESPA since 1951Number of outstanding shares as of August 31st: 11.782.716.987
Common: 37%Preferred: 63% (80% tag-along rights)
Itaúsa24,4%
Pension Funds23,6%
Foreign Investors
31,6%
Others18,6% Treasury
1,8%
Preferred
1
Preferred Stock Performance
During the first semester of 2004, Duratex´s preferred shares
presented a trading volume of R$ 162,2 million; that is, an increase of
123,7% when compared to the same period of 2003.
1st Semester 2004 2.026 2.150.500 162.204 1.308,1
1st Semester 2003 1.492 1.304.700 72.524 594,2
1HY03 - 1HY04 Var. % 35,8% 64,8% 123,7% 120,2%
Deals Shares Traded (1,000)
Traded Volume (R$ 1,000)
Daily Average Volume (R$ 1,000)
2
Business Segments
HardboardHardboardParticle BoardParticle BoardMDF/HDF/SDFMDF/HDF/SDFLaminate FlooringLaminate FlooringCeiling and Wall Paneling
Metal FittingsMetal FittingsVitreous ChinaVitreous ChinaAccessoriesAccessories
Ceiling and Wall Paneling
3
CAPEX
4
Highlights:
New MDF/HDF/SDF line in Botucatu, with a nominal capacity of 400.000 m3/year;
Increase of the Particle Board production to 500.000 m3/year;
Increase of the Metal Fittings production to 14,4 million pieces per year;
Increase of the Vitreous China production to 4,2 million pieces per year with the
entrance, in this semester, of a new kiln at the Jundiaí plant.
History of CAPEX since 1995 (in R$M):
62,1
172,8
303,0
139,4138,9
65,474,1
130,495,0
49,9
1995 1996 1997 1998 1999 2000 2001 2002 2003 1HY2004
Total Debt & Amortization Schedule as of June (in R$M)
42,8
428,0
142,1 139,4
94,9
69,4
223,6
Total Debt 2004 2005 2006 2007 2008 &Beyond
DomesticCurrency
ForeignCurrency
Cash R$ 158,0 Net Debt R$ 412,1Net Debt / Equity 42,8%
TOTAL DEBT 570,1 Amortization Schedule
5
Industrial Capacity & Occupacy Rate
75,2%
82,9%
85,2%
66,1%
75,5%
Vitreous China
Metal Fittings
MDF/HDF/SDF
Particle Board
Hardboard
640.000 m3/year640.000 m3/year
3,2 M pieces/year
3,2 M pieces/year
500.000 m3/year500.000 m3/year
360.000 m3/year360.000 m3/year
14,4 M pieces/year14,4 M
pieces/year
Jan Jan –– Jun/2004Jun/2004July/2004July/2004
96,0%96,0%
83,4%83,4%
80,1%80,1%
76,0%76,0%
86,6%86,6%
6
Exports
Total exported:
1HY2004: US$ 28,1M
1HY2003: US$ 19,7M
Export History in US$M:
+42,6 %
37,6
19,7
28,1
19,7
46,541,5
2001 2002 2003 1HY02 1HY03 1HY04 7
Exports – 1HY2004
DECA DIVISION
7%
WOOD DIVISION
93%
Metal Fittings2%
Vitreous China
5%
MDF/HDF/SDF26%
Laminate Flooring
3%
INTER D+4%
Hardboard60%
Highlights: MDF, Furniture Exports (InterD+) and Vitreous China
United States42%
Europe22%
Asia/Middle East19%
Others5%
South/Central America
12%
Destinations
8
Performance – MDF Exports (m³/quarter)
0
2.500
5.000
7.500
10.000
12.500
15.000
17.500
20.000
22.500
25.000
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04
m3
9
Exports
Furniture ExportsFurniture Exports ––
Showroom (Jundiaí/SP):
Area: 2.000m2
Active Clients: Holand, Mexico, South Africa and Middle East region
Product Line: 400 items
Sales in US$:
1HY03: 96K
1HY04: 1.568K
Samples of Products Exported
10
Exports
Vitreous Vitreous China China ExportsExports
11
Sales in US$:
1HY02: 772K
1HY03: 874K
1HY04: 1.522K
Present at the Kitchen & Bath fair in Chicago – March/2004
Deca Showroom: Kitchen & Bath – Chicago/04
Samples of Exported Producs
Net Revenues Breakdown 1HY2004
Wood Division: 68% Deca Division: 32%
Hardboard24%
Particle Board14%
Furniture1%
Laminate Flooring
8%
Metal Fittings
22%
Vitreous China10%
MDF/HDFSDF21%
12
Consolidated Income Statement (in R$M)
1HY 2004 VA% 1HY 2003 VA% HA%
NET REVENUES 551,9 100% 446,1 100% 24%COGS (317,4) 58% (257,5) 58%Depreciation/Amort./Depletion (34,7) (28,3)
GROSS PROFIT 199,8 36% 160,2 36% 25%Selling Expenses (73,4) (64,4)General & Administrative Expenses (22,6) (21,4)Other Operating Results 0,3 (6,1)
INCOME BEFORE FINANCIAL RESULTS 104,1 19% 68,3 15% 52%Net Financial Result (24,2) (21,8)Taxes on Financial Operations (4,2) (5,6)
OPERATING INCOME 75,7 14% 40,9 9% 85%Non Operating Income (0,3) 3,6
INCOME BEFORE TAXES 75,4 14% 44,5 10% 69%Income Tax & Social Contribution (19,2) (12,2)Statutory Participation (6,9) (4,0)Minority Participation (0,1) (0,1)
NET INCOME 49,1 9% 28,2 6% 74%
13
Consolidated Financial Results (in R$M)
1Q 04 2Q 04 1HY 04 1Q 03 2Q 03 1HY 03
Shipments
Wood Division ( in 1.000 m ³) 241,2 271,6 512,9 191,0 202,4 393,3
Deca Division ( in m illion pieces ) 3,3 3,4 6,7 3,4 3,0 6,4
Net Revenues 250,3 301,6 551,9 220,8 225,3 446,1
EBITDA 53,7 87,7 141,4 55,1 43,0 98,2
Net Income 11,3 37,8 49,1 20,5 7,6 28,2
20032004
14
1HY2004
37,8
11,3
87,7
53,7
1Q04 2Q04
1HY2003
20,57,6
55,143,0
1Q03 2Q03
Net Income EBITDA
Consolidated Financial Summary (in R$M)
2Q04 1Q04 4Q03 3Q03 2Q03Shipments
Wood Division (in 1.000 m³) 271,7 241,2 252,9 259,3 202,3
Deca Division (in million of pieces) 3,4 3,3 3,5 3,4 3,0
Net Revenues 301,6 250,3 279,2 264,4 225,3
COGS 185,6 166,5 178,2 165,6 149,0
Gross Profit 116,0 83,8 101,0 98,8 76,4
Gross Margin 38,5% 33,5% 36,2% 37,4% 33,9%
Operating Result 68,2 35,9 50,3 47,3 28,0
EBITDA 87,7 53,7 65,2 61,3 43,0
EBITDA Margin 29,1% 21,5% 23,4% 23,2% 19,1%
Net Income 37,8 11,3 22,5 13,4 7,6
ROE (annualized) 16,8% 5,0% 9,9% 5,9% 3,4%
15
Financial Performance per Division (in R$M)
(R$M) VA% (R$M) VA% (R$M) VA%
Net Revenues 373,6 100% 178,2 100% 551,9 100%
COGS (208,4) 56% (108,9) 61% (317,4) 58%
Depr/Amort/Depl. (25,3) 7% (9,3) 5% (34,7) 6%
Gross Profit 139,9 37% 60,0 34% 199,8 36%
EBITDA 1HY 2004 109,9 29% 31,5 18% 141,4 26%
EBITDA 1HY 2003 75,1 26% 23,1 15% 98,2 22%
WOOD DIVISION DECA DIVISION CONSOLIDATED
16
Consolidated Cash Flow Statement (in R$ M)
1HY04 1HY03
NET INCOME 49,1 28,2Depreciation/Amortization/Depletion 37,3 29,9Interest / FX Variation (Accrual) / Other Financial Res. 34,2 (11,9)Provisions / Write-Offs 9,2 13,5
SUB-TOTAL 129,7 59,5Investments in Working Capital (56,6) (23,9)
OPERATING CASH FLOW 73,1 35,7
17
Perfomance
ShipmentsShipments
512,9
393,3415,6
905,5881,2823,6
2001 2002 2003 1HY02 1HY03 1HY04
(in 1.000 m3)
CAGR: 11,0%
6,76,46,4
13,314,5
13,6
2001 2002 2003 1HY02 1HY03 1HY04
(in million pieces)
CAGR: 2,3%18
Performance
Net Net RevenuesRevenues (in R$M)(in R$M)
785,3
382,4
551,9
446,1
989,6866,9
2001 2002 2003 1HY02 1HYS03 1HY04
CAGR: 12,3% CAGR: 20,1% 19
Performance
EBITDA EBITDA (R$M) & MarginMargin (%)
35,5 36,3
48,143,9
32,3
42,746,846,7
73,6
34,9%
22,2%
25,4%24,7%
22,0%
30,0%28,9%30,2%
26,8%
2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04
10,7 11,3
13,712,4
10,7
17,5 16,7 17,4
14,1
19,9%
15,4%
18,9%20,1%
13,6%
15,8%15,9%
13,8%15,2%
2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04
20
Performance
EBITDA EBITDA (R$M) & & MarginMargin (%)
187,5
91,9141,4
98,2
224,6210,4
25,0%23,9% 24,4%22,7%
25,6%25,5%
2001 2002 2003 1HY02 1HY03 1HY04
CAGR: 9,4% CAGR: 24,0%
21
Dividends (in R$M)
15,1
25,724,623,621,5
15,115,014,7
11,28,7
1995 1996 1997 1998 1999 2000 2001 2002 2003 1HY04
45,3%45,3%32,3%32,3%148,2%148,2%34,7%34,7%34,6%34,6%31,7%31,7%28,4%28,4% 34,3%34,3%PayPay--OutOut 40,2%40,2% 30,8%30,8%
22
www.duratex.com.br
1st half-year of 2004
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