2006 Year End Results · 3.800 K pieces/year 3.800 K pieces/year 500.000 m500.000 m3/year 3/year...
Transcript of 2006 Year End Results · 3.800 K pieces/year 3.800 K pieces/year 500.000 m500.000 m3/year 3/year...
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www.duratex.com.br 2006 Year End Results
February / 07
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>> Record Performance in 2006
HighlightsHighlights
Shipped volumes increased by 17% in the Wood Division and
by 9% in the Deca Division;
Record Net Revenues totaled R$ 1,5 billion, 17% over the one
for 2005;
Record EBITDA of R$ 458,1 million, which corresponds to an
EBITDA margin of 31%;
Record Net Income of R$ 226,0 million, equal to a R$ 1,78 profit
per share, which is 65% more than 2005;
Preferred stock trading daily average volume registered
R$ 8,2 million;
Market Capitalization reached R$ 4,2 billion at the end of 2006.
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Hardboard
Particle Board
MDF/HDF/SDF
Laminate Flooring
>> Business Segments
Wood Division
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Deca Division
Metal Fittings
Vitreous China
Accessories
>> Business Segments
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CAPEX (in R$ M)
>> Capital Expenditures
303,5
172,8136,8 108,4 105,4
2002 2003 2004 2005 2006
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>> Capital Structure (in R$ M)
536,1
56,276,5
98,8
359,4
27,3
82,1
Total Debt 2007 2008 2009 2010 2011 &After
ForeignCurrency
DomesticCurrency
Total Debt 618
Cash and Cash Equivalents 575Shareholder´s Equity 1.396
Net Debt / Shareholder´s Equity 3,1%
Net Debt / EBITDA 0,10
in R$ M dec-06
618,2
Debt and amortizationschedule
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Nominal capacity and occupancy rate
>> Industrial Capacity
74%
95%
91%
76%
82%Vitreous China
Metal Fittings
MDF/HDF/SDF
Particle Board
Hardboard
3.800 K pieces/year3.800 K
pieces/year
500.000 m3/year500.000 m3/year
360.000 m3/year360.000 m3/year
14.400 K pieces/year14.400 K
pieces/year
640.000 m3/year640.000 m3/year
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>> Wood Panels Sector
Consumes approximately 60% of Duratex made wood panels;
The industry is constituted of more than 16 thousand companies;
There are 7 main furniture poles:
• Bento Gonçalves (RS),
• São Bento do Sul (SC),
• Arapongas (PR),
• Big São Paulo (SP),
• Norwest region of São Paulo (SP)
• Ubá (MG)
• Linhares (ES) Furniture poles
Furniture industry
MG
ESSP
PR
SC
RS
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Strategic positioning
>> Wood Panels Sector
SDF LaminateFlooring
Standard Painted Standard LP FF Standard LP FF
Duratex
Berneck
Eucatex
Isdra
Masisa
Arauco
Satipel
Tafisa
Hardboard Particle Board MDF/HDF
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>> Housing Segment
In 2006, the sector is expected to account for 13% of the Brazilian GDP;Estimated growth of the Civil Construction GDP:
2006 4,9%2007 5,7%
Positive perspectives:• Improving of the legal framework,• Reduction of interest rates,• Tax reduction IPI,• Expansion of credit,• Estimated growth of the youth Brazilian population, • Capitalized companies: R$ 4 billion in primary stock issuings.
Brazilian scenario
Source: IBGE and Banco Central
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Housing sector outlook
* Selected Companies: Abyara, Brascan, Camargo Correa, Company, Cyrela, Gafisa, Klabin Segall, Lopes, PDG Realty, Rodobens, Rossi Residencial e Tecnisa.
** 9m06 results annualized
Sources: Financial statements and offerings prospectus
>> Housing Segment
in R$ M2005 2006 ** %
Net Revenues * 2.507,8 3.238,7 29%
VGV * 3.466,6 8.138,3 135%
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>> Housing Segment
Accessories
Furniture /
remodeling
ProjectIncorporation
Sale Construction of flagstone
Hydraulic and electric
Thick finishing
Light finishing
(Metals and vitreous china fixtures)
Delivery
5% 95%
12 months 5 months 3 months
Construction average cycle
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>> Revenues within the Domestic Market
91%
3%
6%
Wholesale 9%
Retail57%
Civil Construction11%
Home Centers19%
Others 4%
Wood
78%
8%
14%
Technical Sales 4%Retail24%
Civil Const. 7%
Furniture Industry59%
Others6%
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Net revenues breakdown (2006 )
>> Performance
Market Segments
Civil Construction47%
Furniture Makers37%
Others16%
VitreousChina11%
LaminateFloor Boards
6%
MDF / HDF / SDF27%
ParticleBoard13%
Hardboard21%
MetalFittings
22%
R$1,5 bn
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Quarterly highlights
>> Performance
Wood (in 1.000 m³) 329,1 346,0 275,3 -4,9% 19,5%Deca (in 1.000 items) 3.821 3.628 3.390 5,3% 12,7%
in R$ MNet Revenues 410,7 399,8 330,3 2,7% 24,4%COGS (226,3) (225,8) (199,2) 0,2% 13,6%Gross Profit 184,5 174,0 131,1 6,0% 40,7%Gross Margin 45% 44% 40% - -Operating result before fin. 105,2 111,3 64,7 -5,4% 62,6%EBITDA 125,6 130,8 85,4 -4,0% 47,0%EBITDA Margin 31% 33% 26% - -Net Income 65,2 70,2 31,3 -7,1% 108,2%ROE (annualized) 20% 23% 13% - -
Shipments 4Q06 3Q06 4Q05Var. (%)
4Q06 x 3Q06Var. (%)
4Q06 x 4Q05
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72 64125 137
226
2002 2003 2004 2005 2006
CAGR +33%
Net Revenues
>> Yearly Performance (in R$ M)
Ebitda & Margin
Net Income Equity & ROE
867 9901.188 1.271
1.489
2002 2003 2004 2005 2006
213 232321 363
458
25% 23%27% 29% 31%
2002 2003 2004 2005 2006
905 937 990 1.0511.396
8% 7%13% 13%
18%
2002 2003 2004 2005 2006
CAGR +14%CAGR +21%
CAGR +11%
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20 2333 31
65
4Q02 4Q03 4Q04 4Q05 4Q06
CAGR +35%
>> Quarterly Performance (in R$ M)
248 279 305 330411
4Q02 4Q03 4Q04 4Q05 4Q06
61 68 74 85126
25% 24% 24% 26%31%
4Q02 4Q03 4Q04 4Q05 4Q06
CAGR +13%CAGR +20%
CAGR +11%
905 937 990 1.0511.396
9% 10%14% 13%
20%
4Q02 4Q03 4Q04 4Q05 4Q06
Net Revenues Ebitda & Margin
Net Income Equity & ROE
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166 178256 267
354
29% 27%32% 31%
35%
2002 2003 2004 2005 2006
47 55 6596 104
16% 17%
23% 21%16%
2002 2003 2004 2005 2006
>> Yearly Performance
Demanded markets;
Increase of shipped volumes;
Export revenues reduction.
Positive scenario for the housing segment;
Increase of shipped volumes (Basics);
Cost increase at metal fittings segment.
WoodEbitda (in R$ M) & Margin (%)
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47 56 59 6899
29% 30% 29% 30%36%
4Q02 4Q03 4Q04 4Q05 4Q06
14 12 15 1827
16% 15% 17% 19%13%
4Q02 4Q03 4Q04 4Q05 4Q06
Demanded markets;
Increase of shipped volumes;
Economies of scale.
Positive scenario for the housing segment;
Enrichment of the sales mix;
Economies of scale.
WoodEbitda (in R$ M) & Margin (%)
>> Quarterly Performance
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150,4169,8
199,7 215,7245,1
2002 2003 2004 2005 2006
CAGR: +13%
>> Yearly Performance
Net Revenues per employee (in R$ 1.000)
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37,0 39,8
53,961,6
75,4
2002 2003 2004 2005 2006
CAGR: +19%
>> Yearly Performance
EBITDA per employee (in R$ 1.000)
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Cash Flow in 2006 (in R$ M)
>> Performance
Closing Balance Dec. 06
(105,4)
(76,7)
(24,8)
372,1
(20,4)
234,0
574,6195,8
Opening BalanceDec. 05
Adjusted Net Income (*)
WorkingCapital
CAPEX
Dividends and profit sharing
Issuing of new stock
Financing
( * ) Adjusted Net Income = net Income + depreciation + financial result + provision and asset write offs
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Outstanding number of shares: 128.1 MCommon 53,3 MPreferred 74,8 M
Itaúsa / Itaúcorp8,1%
PensionFunds10,5%
Foreign Investors51,5%
Others29,9%
Shareholders Breakdown
>> Capital Markets
Shareholders’ structure (as of Jan/2007)
PN
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0
2.500
5.000
7.500
10.000
12.500
15.000
17.500
20.000
22.500
25.000
27.500
30.000
30/1
2/20
0414
/1/2
005
31/1
/200
516
/2/2
005
2/3/
2005
16/3
/200
531
/3/2
005
14/4
/200
529
/4/2
005
13/5
/200
530
/5/2
005
13/6
/200
527
/6/2
005
11/7
/200
525
/7/2
005
8/8/
2005
22/8
/200
55/
9/20
0520
/9/2
005
4/10
/200
519
/10/
2005
3/11
/200
518
/11/
2005
2/12
/200
516
/12/
2005
2/1/
2006
16/1
/200
631
/1/2
006
14/2
/200
62/
3/20
0616
/3/2
006
30/3
/200
613
/4/2
006
2/5/
2006
16/0
5/06
30/0
5/06
13/0
6/06
28/0
6/06
12/0
7/06
26/0
7/06
9/8/
2006
23/8
/200
66/
9/20
0621
/9/2
006
05/1
0/06
20/1
0/06
6/11
/200
622
/11/
2006
6/12
/200
620
/12/
2006
8/1/
2007
22/1
/200
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8,0010,0012,0014,0016,0018,0020,0022,0024,0026,0028,0030,0032,0034,0036,0038,0040,0042,0044,0046,0048,00
Adhesion to Bovespa´s Level I
Stock Split (200x1)
Stock Public Offering
Election of an Independent Board Member
Price (R$)as of 05/Feb/07
Financial Volume(in R$ 1.000)
2005
Honourable Reference IR Magazine
3rd Place – ABRASCA AwardAnnual Report
Stock Dividend
2006 07
>> Capital Markets
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Market capitalization at year end
403 288 468 661 558 605970
1.4601.743
4.209
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
CAGR: +30%CAGR: +21%
US$ 362 M
US$ 1.969 M
R$ 403 M
R$ 4.209 M
>> Capital Markets
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Dividends (in R$ M)
46,3
76,9
58,1
25,724,623,621,515,215,014,7
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
CAGR: +20%
Extraordinary dividend
42,8
15,3
>> Capital Markets
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Market Positioning:• strong brand names,
• products and markets,• distribution channels,
>> Wrap up
CAPEX:• consistent programs,
• returns / ROIC.
Capital´s Structure:•presence in capital markets,
• low leverage.
Low Cost of
Wood Supply
CREATION
OF VALUE WITH
SUSTAINABILITY
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www.duratex.com.br 2006 Year End Results
February / 07