Valuation

Year Month

2014 1

Language

2

Valuation

Date

###

Analysis

1.00

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By Paulo Matsuda Guerrieroxlsxsolutions@gmail.com

By Paulo Matsuda Guerriero

Click here to Intro

Index

1 - Introduction

2 - Premisses

3 - Balance Sheet

4 - Income Statement

5 - Cash Flow

6 - Performance Indicators

7 - Calculations

8 - Investments

9 - Financing

10 - Free Cash Flow to Firm

11 - Free Cash Flow Shareholder

12 - Economic Cycle

13 - Graphics

REP01

REP02

REP03

REP04

REP05

REP06

REP07

REP08

REP09

REP10

REP11

REP12

REP13

Introduction

Insert here your text

Premises2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

1 - Values in US$

2 - Sales volumeProduct 1 11.00% 7.91% 11.60% 10.00% 10.00% 10.00% 0.00% 0.00% 3.00% 3.00% 3.00% 3.00% 3.00%Product 2 10.00% 5.00% 5.00% 5.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%Product 3 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%Product 4 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%Product 5 5.00% 3.00% 3.00% 2.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%Product 6 87.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Revenues from logistic services 5.00% 5.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%Secondary products 2.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%Other products and services 5.00% 15.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

3 - RevenueProduct 1 71.50% 10.00% 5.00% 5.00% 5.00% 5.00% 0.01% 0.01% 0.01% 5.00% 5.00% 5.00% 5.00%Product 2 12.00% 2.00% 2.00% 2.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%Product 3 9.00% 3.00% 3.00% 3.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%Product 4 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%Product 5 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%Product 6 0.00% -5.00% -5.00% -5.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Revenues from logistic services 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%Secondary products 3.00% 25.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%Other products and services 3.00% 25.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

4 - Taxes on sales and services 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

5 - OPERATING COSTSProduct 1 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%from logistic services 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%Secondary products 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%Other products and services 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%

6 - Administrative costsExpenses Selling, general and administrative 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%Research and development 40% 40% 40% 40% 3% 3% 3% 3% 3% 3% 3% 3% 3%Employees' results 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%Others 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%

7 - Fixed assets (gross) depreciates to 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5%

Premises2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

8 - income tax and social contribution 25% 34% 34% 34% 34% 34% 34% 34% 34% 34% 34% 34% 34%

9 - Average of the first 3 yearsStocks 60 60 60 60 60 60 60 60 60 60 60 60 60Accounts Receivable 51 51 51 51 51 51 51 51 51 51 51 51 51Suppliers 56 56 56 56 56 56 56 56 56 56 56 56 56

10 - Wages 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%

11 - Cash is remunerated 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%

7.40% 7.35% 7.30% 7.25% 7.20% 7.15% 7.10% 7.05% 7.00% 6.95% 6.90% 6.85% 6.80%

(804) (696) (505) (271) (1,560) (182) 0 0 0 0 0 0 0 Loans and short-term debt (net inflows)Related partiesLoans and financing long-term (804) (696) (505) (271) (1,560) (182) - - - - - - - Related partiesLoans and financingPostretirement benefits 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%Others

890 987 1,121 1,321 - 1,121 1,198 765 850 - - - -

2,000 2,000 1,500 1,500 3,830 3,830 3,830 3,830 3,830 3,830 3,830 3,830 3,830

1% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%

50% 50% 50% 50% 75% 75% 75% 75% 75% 75% 75% 75% 75%

17 - StocksDollar Rate 2.366

Qty Price TotalOrdinaries 749,949,429 USD 28.23 21,173,551,080.81

Preferred 415,727,739 USD 24.16 10,043,532,358.93 Equity 1,165,677,168 31,217,083,439.75

12 - The rate of interest on loans is 12% per year, and these expenses are paid in cash.

13 - It pays, in cash, by way of repayment of loans.

14 - new debt issuance (LT financing) is planned.15 - The budget for capital investments.

16 - The company pays in cash, 50% of net income as dividends.

Premises2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

18 - Growth Rate in Perpetuity 3%

BALANCE SHEET

Years ended December 31

Vertical

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

A S S E T S

NON CURRENTS ASSETS

Property, plant and equipment 5,093 64.0% 9,306 81.4% ### 81.5% ### 84.5% ### 86.3% ### 82.5% ### 77.5% ### 92.1% ### 97.6% 31,302

(-) Accumulated Depreciation -1,796 -22.6% -2,822 -24.7% -3,749 -23.9% -4,390 -25.1% -5,130 -26.3% -5,971 -26.9% -6,886 -26.9% -7,877 -30.7% -9,059 -32.2% -10,433

Long-term investments 732 9.2% 1,034 9.0% 1,159 7.4% 1,159 6.6% 1,159 5.9% 1,159 5.2% 1,159 4.5% 1,159 4.5% 1,159 4.1% 1,159

Goodwill in subsidaries 412 5.2% 451 3.9% 486 3.1% 486 2.8% 486 2.5% 486 2.2% 486 1.9% 486 1.9% 486 1.7% 486

Long-term receivables related parties. interest-bearing 162 2.0% 108 0.9% 111 0.7% 111 0.6% 111 0.6% 111 0.5% 111 0.4% 111 0.4% 111 0.4% 111

Shares and interests in associated companies 89 1.1% 40 0.3% 55 0.3% 55 0.3% 55 0.3% 55 0.2% 55 0.2% 55 0.2% 55 0.2% 55

Interest-bearing long-term assets, external 73 0.9% 68 0.6% 56 0.4% 56 0.3% 56 0.3% 56 0.3% 56 0.2% 56 0.2% 56 0.2% 56

Net pensions funds 79 1.0% 82 0.7% 170 1.1% 170 1.0% 170 0.9% 170 0.8% 170 0.7% 170 0.7% 170 0.6% 170

Interest-free long-term assets, related parties, 358 4.5% 234 2.0% 70 0.4% 70 0.4% 70 0.4% 70 0.3% 70 0.3% 70 0.3% 70 0.2% 70

Interest-free long-term assets 239 3.0% 407 3.6% 531 3.4% 531 3.0% 531 2.7% 531 2.4% 531 2.1% 531 2.1% 531 1.9% 531

Unrealized gains 3 0.0% 5 0.0% 4 0.0% 4 0.0% 4 0.0% 4 0.0% 4 0.0% 4 0.0% 4 0.0% 4

Interest-bearing long-term assets, external 84 1.1% 155 1.4% 231 1.5% 231 1.3% 231 1.2% 231 1.0% 231 0.9% 231 0.9% 231 0.8% 231

TOTAL NON CURRENTS ### 67.5% 8,960 78.4% ### 75.2% ### 75.2% ### 74.1% ### 68.0% ### 61.4% ### 72.2% ### 75.2% ###

CURRENTS ASSETS

Others Currents 286 3.6% 205 1.8% 219 1.4% 219 1.2% 219 1.1% 219 1.0% 219 0.9% 219 0.9% 219 0.8% 219

Recoverable taxes 0.0% 214 1.9% 285 1.8% 285 1.6% 285 1.5% 285 1.3% 285 1.1% 285 1.1% 285 1.0% 285

Interest-free long-term assets, related parties, 211 2.7% 91 0.8% 203 1.3% 203 1.2% 203 1.0% 203 0.9% 203 0.8% 203 0.8% 203 0.7% 203

Inventories 292 3.7% 505 4.4% 849 5.4% 779 4.4% 878 4.5% 1,012 4.6% 1,156 4.5% 1,323 5.2% 1,515 5.4% 1,609

Short-term current assets, related parties, interest-bearing 49 0.6% 56 0.5% 56 0.4% 56 0.3% 56 0.3% 56 0.3% 56 0.2% 56 0.2% 56 0.2% 56

Accounts receivables 660 8.3% 818 7.2%1,029 6.5%2,262 12.9% 2,658 13.6% 3,038 13.7% 3,442 13.5% 3,908 15.2% 4,443 15.8% 4,517

1,091 13.7% 585 5.1% 1,249 7.9% 534 3.0% 749 3.8% 2,291 10.3% 4,520 17.7% 1,150 4.5% 263 0.9% 886

TOTAL CURRENTS ASSETS ### 32.5% 2,474 21.6% 3,890 24.8% 4,338 24.8% 5,048 25.9% 7,105 32.0% 9,881 38.6% 7,144 27.8% 6,984 24.8% 7,774

T O T A L A S S E T S ### ### ### ### ### ### ### ### ### ###

Cash and bank deposits   

BALANCE SHEET

Years ended December 31

Vertical

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

L I A B I L I T I E S

EQUITY

CAPITAL STOCK

904 11.4% 1,055 9.2% 1,176 7.5% 1,176 6.7% 1,176 6.0% 1,176 5.3% 1,176 4.6% 1,176 4.6% 1,176 4.2% 1,176

Ordinary shares 1,630 20.5% 1,902 16.6% 2,121 13.5% 2,121 12.1% 2,121 10.9% 2,121 9.6% 2,121 8.3% 2,121 8.3% 2,121 7.5% 2,121

Treasury shares (88) -1.1% (88) -0.8% (88) -0.6% (88) -0.5% (88) -0.5% -88 -0.4% -88 -0.3% -88 -0.3% -88 -0.3% -88

498 6.3% 498 4.4% 498 3.2% 498 2.8% 498 2.6% 498 2.2% 498 1.9% 498 1.9% 498 1.8% 498

TOTAL CAPITAL STOCK ### 37.0% 3,367 29.4% 3,707 23.6% 3,707 21.2% 3,707 19.0% 3,707 16.7% 3,707 14.5% 3,707 14.4% 3,707 13.2% 3,707

Other retained earnings ### -65.1% ### -38.3% ### -24.0% ### -21.5% ### -19.4% ### -17.0% ### -14.8% ### -14.7% ### -13.4% -3,774

Earnings reserve ### 28.0% 3,035 26.5% 4,143 26.4% 4,143 23.6% 4,143 21.3% 4,143 18.7% 4,143 16.2% 4,143 16.1% 4,143 14.7% 4,143

### 41.3% 2,857 25.0% 3,315 21.1% 4,977 28.4% 6,497 33.3% 8,424 37.9% ### 42.0% ### 48.9% ### 51.4% 17,243

TOTAL EQUITY ### 41.3% 4,884 42.7% 7,391 47.0% 9,053 51.7% ### 54.2% ### 56.3% ### 57.9% ### 64.8% ### 65.8% 21,319

NON CURRENTS LIABILITIES

122 1.5% 268 2.3% 484 3.1% 484 2.8% 484 2.5% 484 2.2% 484 1.9% 484 1.9% 484 1.7% 484

Unrealized loss on derivatives 76 1.0% 96 0.8% 236 1.5% 236 1.3% 236 1.2% 236 1.1% 236 0.9% 236 0.9% 236 0.8% 236

Provisions for contingencies 428 5.4% 635 5.6% 914 5.8% 914 5.2% 914 4.7% 914 4.1% 914 3.6% 914 3.6% 914 3.2% 914

Interest-bearing long-term debt, internal 7 0.1% 4 0.0% 18 0.1% 18 0.1% 18 0.1% 18 0.1% 18 0.1% 18 0.1% 18 0.1% 18

2,359 29.7% 2,767 24.2% 3,214 20.5% 3,408 19.4% 3,890 20.0% 4,562 20.5% 3,948 15.4% 3,166 12.3% 3,423 12.2% 3,757

141 1.8% 198 1.7% 215 1.4% 237 1.3% 260 1.3% 286 1.3% 315 1.2% 346 1.3% 381 1.4% 419

TOTAL NON CURRENTS LIABILITIES ### 39.4% 3,968 34.7% 5,081 32.3% 5,297 30.2% 5,802 29.8% 6,500 29.3% 5,914 23.1% 5,164 20.1% 5,456 19.4% 5,828

27 0.3% 329 2.9% 788 5.0% 788 4.5% 788 4.0% 788 3.5% 788 3.1% 788 3.1% 788 2.8% 788

CURRENTS LIABILITIES

99 1.2% 297 2.6% 325 2.1% 325 1.9% 325 1.7% 325 1.5% 325 1.3% 325 1.3% 325 1.2% 325

0.0% 21 0.2% 433 2.8% 433 2.5% 433 2.2% 433 1.9% 433 1.7% 433 1.7% 433 1.5% 433

64 0.8% 119 1.0% 52 0.3% 52 0.3% 52 0.3% 52 0.2% 52 0.2% 52 0.2% 52 0.2% 52

184 2.3% 129 1.1% 74 0.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

717 9.0% 1,009 8.8% 730 4.6% 696 4.0% 505 2.6% 449 2.0% 1,935 7.6% 782 3.0% 864 3.1% 864

Interest on capital 3 0.0% 118 1.0% 11 0.1% 11 0.1% 11 0.1% 11 0.0% 11 0.0% 11 0.0% 11 0.0% 11

Salaries and social charges payable 76 1.0% 78 0.7% 141 0.9% 155 0.9% 171 0.9% 188 0.8% 206 0.8% 227 0.9% 250 0.9% 275

365 4.6% 482 4.2% 689 4.4% 714 4.1% 832 4.3% 962 4.3% 1,097 4.3% 1,255 4.9% 1,438 5.1% 1,510

TOTAL CURRENTS LIABILITIES ### 19.0% 2,253 19.7% 2,455 15.6% 2,386 13.6% 2,329 11.9% 2,420 10.9% 4,060 15.9% 3,085 12.0% 3,373 12.0% 3,470

T O T A L EQUITY AND LIABILITIES ### ### ### ### ### ### ### ### ### ###

Preferred capital  stock

Total paid-in capital   

Retained earnings   

Other long-term interest free liabilities   

Interest-bearing long-term debt, external   

Pension liabilities   

Minority interests   

Other incurred, unpaid costs   

Income tax payable   

Interest-bearing short-term debt, internal (*)   

Interest-bearing short-term debt, external   

Current portion of long-term interest-bearing liabilities, external   

Accounts payable, external   

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2022 2023 2024 2025 2026 2027

99.7% 35,132 100.5% 38,962 99.3% 42,792 98.4% 46,622 95.5% 50,452 90.9% 54,282

-33.2% -11,998 -34.3% -13,754 -35.1% -15,703 -36.1% -17,842 -36.5% -20,173 -36.3% -22,696

3.7% 1,159 3.3% 1,159 3.0% 1,159 2.7% 1,159 2.4% 1,159 2.1% 1,159

1.5% 486 1.4% 486 1.2% 486 1.1% 486 1.0% 486 0.9% 486

0.4% 111 0.3% 111 0.3% 111 0.3% 111 0.2% 111 0.2% 111

0.2% 55 0.2% 55 0.1% 55 0.1% 55 0.1% 55 0.1% 55

0.2% 56 0.2% 56 0.1% 56 0.1% 56 0.1% 56 0.1% 56

0.5% 170 0.5% 170 0.4% 170 0.4% 170 0.3% 170 0.3% 170

0.2% 70 0.2% 70 0.2% 70 0.2% 70 0.1% 70 0.1% 70

1.7% 531 1.5% 531 1.4% 531 1.2% 531 1.1% 531 1.0% 531

0.0% 4 0.0% 4 0.0% 4 0.0% 4 0.0% 4 0.0% 4

0.7% 231 0.7% 231 0.6% 231 0.5% 231 0.5% 231 0.4% 231

75.2% ### 74.1% ### 71.3% ### 68.6% ### 64.6% ### 59.5% ###

0.7% 219 0.6% 219 0.6% 219 0.5% 219 0.4% 219 0.4% 219

0.9% 285 0.8% 285 0.7% 285 0.7% 285 0.6% 285 0.5% 285

0.6% 203 0.6% 203 0.5% 203 0.5% 203 0.4% 203 0.4% 203

5.1% 1,709 4.9% 1,858 4.7% 2,021 4.6% 2,198 4.5% 2,391 4.3% 2,601

0.2% 56 0.2% 56 0.1% 56 0.1% 56 0.1% 56 0.1% 56

14.4% 4,597 13.1% 4,788 12.2% 5,176 11.9% 5,595 11.5% 6,050 10.9% 6,543

2.8% 1,992 5.7% 3,852 9.8% 5,676 13.1% 8,737 17.9% 13,263 23.9% 19,373

24.8% 9,061 25.9% ### 28.7% ### 31.4% ### 35.4% ### 40.5% ###

### ### ### ### ### ###

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2022 2023 2024 2025 2026 2027

3.7% 1,176 3.4% 1,176 3.0% 1,176 2.7% 1,176 2.4% 1,176 2.1% 1,176

6.8% 2,121 6.1% 2,121 5.4% 2,121 4.9% 2,121 4.3% 2,121 3.8% 2,121

-0.3% -88 -0.3% -88 -0.2% -88 -0.2% -88 -0.2% -88 -0.2% -88

1.6% 498 1.4% 498 1.3% 498 1.1% 498 1.0% 498 0.9% 498

11.8% 3,707 10.6% 3,707 9.4% 3,707 8.5% 3,707 7.6% 3,707 6.7% 3,707

-12.0% -3,774 -10.8% -3,774 -9.6% -3,774 -8.7% -3,774 -7.7% -3,774 -6.8% -3,774

13.2% 4,143 11.9% 4,143 10.6% 4,143 9.5% 4,143 8.5% 4,143 7.5% 4,143

54.9% 20,730 59.3% 24,841 63.3% 29,813 68.6% 35,782 73.3% 42,958 77.4% 51,555

67.9% 24,806 71.0% 28,917 73.7% 33,889 77.9% 39,858 81.6% 47,034 84.7% 55,631

1.5% 484 1.4% 484 1.2% 484 1.1% 484 1.0% 484 0.9% 484

0.8% 236 0.7% 236 0.6% 236 0.5% 236 0.5% 236 0.4% 236

2.9% 914 2.6% 914 2.3% 914 2.1% 914 1.9% 914 1.6% 914

0.1% 18 0.1% 18 0.0% 18 0.0% 18 0.0% 18 0.0% 18

12.0% 3,612 10.3% 3,510 8.9% 2,629 6.0% 1,842 3.8% 1,056 1.9% 493

1.3% 461 1.3% 507 1.3% 558 1.3% 613 1.3% 675 1.2% 742

18.6% 5,725 16.4% 5,669 14.5% 4,839 11.1% 4,108 8.4% 3,382 6.1% 2,887

2.5% 788 2.3% 788 2.0% 788 1.8% 788 1.6% 788 1.4% 788

1.0% 325 0.9% 325 0.8% 325 0.7% 325 0.7% 325 0.6% 325

1.4% 433 1.2% 433 1.1% 433 1.0% 433 0.9% 433 0.8% 433

0.2% 52 0.1% 52 0.1% 52 0.1% 52 0.1% 52 0.1% 52

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

2.8% 910 2.6% 952 2.4% 881 2.0% 787 1.6% 787 1.4% 563

0.0% 11 0.0% 11 0.0% 11 0.0% 11 0.0% 11 0.0% 11

0.9% 302 0.9% 332 0.8% 366 0.8% 402 0.8% 443 0.8% 487

4.8% 1,604 4.6% 1,751 4.5% 1,904 4.4% 2,071 4.2% 2,253 4.1% 2,450

11.0% 3,637 10.4% 3,856 9.8% 3,972 9.1% 4,081 8.4% 4,303 7.8% 4,321

### ### ### ### ### ###

INCOME STATMENT

Years ended December 31 (Insert logo here)

Vertical

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027GROSS REVENUE

Sales of products

Product 1 5,143 60.7% 9,790 71.9% 11,621 72.7% 13,618 74.5% 15,729 75.9% 18,167 77.2% 20,983 78.5% 20,985 77.2% 20,987 75.9% 21,619 75.0% 23,381 75.1% 25,286 75.1% 27,347 75.1% 29,576

Product 2 701 8.3% 864 6.3% 925 5.8% 991 5.4% 1,061 5.1% 1,147 4.9% 1,241 4.6% 1,342 4.9% 1,451 5.2% 1,570 5.4% 1,698 5.5% 1,836 5.5% 1,986 5.5% 2,148

Product 3 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0

Product 4 124 1.5% 134 1.0% 145 0.9% 157 0.9% 170 0.8% 183 0.8% 198 0.7% 215 0.8% 232 0.8% 251 0.9% 271 0.9% 294 0.9% 317 0.9% 343

Product 5 164 1.9% 177 1.3% 188 1.2% 200 1.1% 210 1.0% 218 0.9% 227 0.8% 236 0.9% 246 0.9% 256 0.9% 266 0.9% 277 0.8% 288 0.8% 299

Product 6 201 2.4% 376 2.8% 357 2.2% 339 1.9% 322 1.6% 322 1.4% 322 1.2% 322 1.2% 322 1.2% 322 1.1% 322 1.0% 322 1.0% 322 0.9% 322

Total Sales of products 6,333 74.7% 11,341 83.3% 13,237 82.8% 15,304 83.7% 17,491 84.5% 20,038 85.2% 22,971 85.9% 23,100 85.0% 23,239 84.0% 24,017 83.3% 25,938 83.3% 28,015 83.2% 30,260 83.1% 32,688

Revenues from logistic services 877 10.3% 939 6.9% 1,006 6.3% 1,047 5.7% 1,089 5.3% 1,133 4.8% 1,179 4.4% 1,226 4.5% 1,276 4.6% 1,327 4.6% 1,381 4.4% 1,437 4.3% 1,495 4.1% 1,555

Others Products 1,250 14.7% 1,313 9.6% 1,724 10.8% 1,900 10.4% 2,095 10.1% 2,310 9.8% 2,547 9.5% 2,808 10.3% 3,095 11.2% 3,413 11.8% 3,762 12.1% 4,148 12.3% 4,573 12.6% 5,042

19 0.2% 21 0.2% 30 0.2% 33 0.2% 36 0.2% 40 0.2% 44 0.2% 48 0.2% 53 0.2% 58 0.2% 64 0.2% 71 0.2% 78 0.2% 86

TOTAL GROSS REVENUE 8,479 13,615 15,996 18,284 20,711 23,520 26,740 27,182 27,663 28,816 31,146 33,671 36,407 39,372

Taxes on sales and services -413 -4.9% -681 -5.0% -800 -5.0% -914 -5.0% -1,036 -5.0% -1,176 -5.0% -1,337 -5.0% -1,359 -5.0% -1,383 -5.0% -1,441 -5.0% -1,557 -5.0% -1,684 -5.0% -1,820 -5.0% -1,969

NET REVENUES 8,066 95.1% 9,298 68.3% 10,718 67.0% 12,355 67.6% 14,243 68.8% 16,418 69.8% 18,926 70.8% 21,817 80.3% 25,149 90.9% 28,991 100.6% 33,419 107.3% 38,524 114.4% 44,408 122.0% 51,191

(-) OPERATING COSTS

Products -2,881 -34.0% -3,390 -24.9% -3,877 -24.2% -4,587 -25.1% -5,348 -25.8% -6,236 -26.5% -7,271 -27.2% -7,708 -28.4% -8,170 -29.5% -8,920 -31.0% -9,739 -31.3% -10,633 -31.6% -11,609 -31.9% -12,675

From logistic services -513 -6.1% -571 -4.2% -635 -4.0% -687 -3.8% -743 -3.6% -803 -3.4% -868 -3.2% -939 -3.5% -1,015 -3.7% -1,098 -3.8% -1,187 -3.8% -1,283 -3.8% -1,387 -3.8% -1,500

Others Products -674 -7.9% -713 -5.2% -755 -4.7% -799 -4.4% -846 -4.1% -896 -3.8% -949 -3.5% -1,005 -3.7% -1,064 -3.8% -1,127 -3.9% -1,193 -3.8% -1,264 -3.8% -1,339 -3.7% -1,418

Other operating costs -13 -0.2% -14 -0.1% -18 -0.1% -20 -0.1% -22 -0.1% -24 -0.1% -27 -0.1% -30 -0.1% -34 -0.1% -37 -0.1% -42 -0.1% -46 -0.1% -51 -0.1% -57

TOTAL OPERATING COSTS -4,081 -48.1% -4,689 -34.4% -5,286 -33.0% -6,093 -33.3% -6,959 -33.6% -7,960 -33.8% -9,115 -34.1% -9,681 -35.6% -10,283 -37.2% -11,182 -38.8% -12,160 -39.0% -13,226 -39.3% -14,386 -39.5% -15,650

GROSS PROFIT 3,985 47.0% 4,609 33.9% 5,433 34.0% 6,263 34.3% 7,283 35.2% 8,459 36.0% 9,811 36.7% 12,136 44.6% 14,867 53.7% 17,809 61.8% 21,259 68.3% 25,298 75.1% 30,022 82.5% 35,541

Operational expenses

Expenses Selling, general and administrative -452 -5.33% -497 -3.65% -547 -3.42% -602 -3.29% -662 -3.20% -728 -3.09% -801 -2.99% -881 -3.24% -969 -3.50% -1,066 -3.70% -1,172 -3.76% -1,290 -3.83% -1,419 -3.90% -1,560

Research and development -153 -1.80% -214 -1.57% -300 -1.87% -420 -2.30% -588 -2.84% -605 -2.57% -624 -2.33% -642 -2.36% -662 -2.39% -681 -2.36% -702 -2.25% -723 -2.15% -745 -2.05% -767

Employees' results -69 -0.81% -71 -0.52% -73 -0.46% -75 -0.41% -78 -0.37% -80 -0.34% -82 -0.31% -85 -0.31% -87 -0.32% -90 -0.31% -93 -0.30% -96 -0.28% -98 -0.27% -101

Others cost -188 -2.22% -192 -1.41% -196 -1.22% -200 -1.09% -203 -0.98% -208 -0.88% -212 -0.79% -216 -0.79% -220 -0.80% -225 -0.78% -229 -0.74% -234 -0.69% -238 -0.65% -243

EBITDA 3,522 41.54% 4,276 31.41% 5,058 31.62% 5,807 31.76% 6,668 32.20% 7,828 33.28% 9,274 34.68% 11,685 42.99% 14,494 52.39% 17,504 60.74% 21,011 67.46% 25,095 74.53% 29,853 82.00% 35,392

-399 -4.71% -641 -4.71% -741 -4.63% -841 -4.60% -916 -4.42% -991 -4.21% -1,182 -4.42% -1,374 -5.05% -1,565 -5.66% -1,757 -6.10% -1,948 -6.25% -2,140 -6.35% -2,331 -6.40% -2,523

EBIT 3,123 36.83% 3,635 26.70% 4,317 26.99% 4,966 27.16% 5,753 27.78% 6,838 29.07% 8,092 30.26% 10,312 37.94% 12,929 46.74% 15,747 54.65% 19,063 61.20% 22,956 68.18% 27,522 75.59% 32,870

82 1.0% 125 0.9% 53 0.3% 75 0.4% 229 1.1% 452 1.9% 115 0.4% 26 0.1% 89 0.3% 199 0.7% 385 1.2% 568 1.7% 874 2.4% 1,326

-671 -7.9% -302 -2.2% -307 -1.9% -326 -1.8% -368 -1.8% -428 -1.8% -287 -1.1% -309 -1.1% -331 -1.2% -321 -1.1% -315 -1.0% -247 -0.7% -185 -0.5% -130

Gains (losses) exchange rate and monetary 65 0.8% 65 0.5% 65 0.4% 65 0.4% 65 0.3% 65 0.3% 65 0.2% 65 0.2% 65 0.2% 65 0.2% 65 0.2% 65 0.2% 65 0.2% 65

Gain on sale of investments 404 4.8% 404 3.0% 404 2.5% 404 2.2% 404 2.0% 404 1.7% 404 1.5% 404 1.5% 404 1.5% 404 1.4% 404 1.3% 404 1.2% 404 1.1% 404

3,003 35.4% 3,927 28.8% 4,533 28.3% 5,184 28.4% 6,083 29.4% 7,330 31.2% 8,389 31.4% 10,498 38.6% 13,156 47.6% 16,094 55.9% 19,602 62.9% 23,746 70.5% 28,680 78.8% 34,535

Tax expense

Current -433 -5.1% -982 -7.2% -1,541 -9.6% -1,763 -9.6% -2,068 -10.0% -2,492 -10.6% -2,852 -10.7% -3,569 -13.1% -4,473 -16.2% -5,472 -19.0% -6,665 -21.4% -8,074 -24.0% -9,751 -26.8% -11,742

Deferred -316 -3.7% -316 -2.3% -316 -2.0% -316 -1.7% -316 -1.5% -316 -1.3% -316 -1.2% -316 -1.2% -316 -1.1% -316 -1.1% -316 -1.0% -316 -0.9% -316 -0.9% -316

Total Income tax -749 -8.8% -1,298 -9.5% -1,857 -11.6% -2,079 -11.4% -2,384 -11.5% -2,808 -11.9% -3,168 -11.8% -3,885 -14.3% -4,789 -17.3% -5,788 -20.1% -6,981 -22.4% -8,390 -24.9% -10,067 -27.7% -12,058

Equity Equivalence 542 6.4% 542 4.0% 542 3.4% 542 3.0% 542 2.6% 542 2.3% 542 2.0% 542 2.0% 542 2.0% 542 1.9% 542 1.7% 542 1.6% 542 1.5% 542

Minority share of profit after tax -223 -2.6% -223 -1.6% -223 -1.4% -223 -1.2% -223 -1.1% -223 -0.9% -223 -0.8% -223 -0.8% -223 -0.8% -223 -0.8% -223 -0.7% -223 -0.7% -223 -0.6% -223

Profit from continued operations 2,573 30.3% 2,948 21.7% 2,995 18.7% 3,425 18.7% 4,018 19.4% 4,841 20.6% 5,540 20.7% 6,932 25.5% 8,686 31.4% 10,625 36.9% 12,940 41.5% 15,675 46.6% 18,932 52.0% 22,796

Changes in method of accounting

Result for the period 2,573 30.3% 2,948 21.7% 2,995 18.7% 3,425 18.7% 4,018 19.4% 4,841 20.6% 5,540 20.7% 6,932 25.5% 8,686 31.4% 10,625 36.9% 12,940 41.5% 15,675 46.6% 18,932 52.0% 22,796

Other operating revenue   

Ordinary depreciation   

Financial income   

Financial expenses   

PROFIT BEFORE TAX   

Statements of Cash FlowsYears ended December 31 (Insert logo here)

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Cash Flow From Operations

Net Earnings 2,948 2,995 3,425 4,018 4,841 5,540 6,932 8,686 10,625 12,940 15,675 18,932 22,796

Adjustments to reconcile Net Income

Depreciation and amortization 641 741 841 916 991 1,182 1,374 1,565 1,757 1,948 2,140 2,331 2,523

Additions (Substractions) Assets

Accounts Receivables -1,233 -396 -380 -403 -467 -535 -73 -80 -192 -387 -420 -455 -493

Inventories 70 -99 -134 -144 -166 -192 -94 -100 -149 -163 -177 -193 -210

Deferred income tax 0 0 0 0 0 0 0 0 0 0 0 0 0

Recoverable taxes 0 0 0 0 0 0 0 0 0 0 0 0 0

Others 0 0 0 0 0 0 0 0 0 0 0 0 0

Additions (Substractions) Liabilities

Suppliers 25 118 130 135 158 183 72 94 147 153 167 182 198

Wages and social charges 14 16 17 19 21 23 25 27 30 33 37 40 44

Δ Need for Working Capital -1,125 -361 -367 -393 -454 -522 -70 -59 -164 -363 -393 -426 -461

Net Cash Flow from Operations 2,464 3,374 3,898 4,540 5,377 6,200 8,235 10,192 12,218 14,525 17,422 20,837 24,858

Cash flows from investing activities

Changes in investments 0 0 0 0 0 0 0 0 0 0 0 0 0

Changes in Fixed Assets -2,000 -2,000 -1,500 -1,500 -3,830 -3,830 -3,830 -3,830 -3,830 -3,830 -3,830 -3,830 -3,830

0 0 0 0 0 0 0 0 0 0 0 0 0

Changes in Loans Long Term 0 0 0 0 0 0 0 0 0 0 0 0 0

Changes in prepaid pension cost 0 0 0 0 0 0 0 0 0 0 0 0 0

Changes in deferred income tax 0 0 0 0 0 0 0 0 0 0 0 0 0

Changes in judicial deposits 0 0 0 0 0 0 0 0 0 0 0 0 0

Changes in unrealized gain 0 0 0 0 0 0 0 0 0 0 0 0 0

Changes in Others 0 0 0 0 0 0 0 0 0 0 0 0 0

Net cash from investing activities -2,000 -2,000 -1,500 -1,500 -3,830 -3,830 -3,830 -3,830 -3,830 -3,830 -3,830 -3,830 -3,830

Cash flows from financing activities

Changes in Loans Short Term 0 0 0 0 0 0 0 0 0 0 0 0 0

Changes in Income Tax 0 0 0 0 0 0 0 0 0 0 0 0 0

Changes in Others 0 0 0 0 0 0 0 0 0 0 0 0 0

-108 -191 -56 1,486 -1,154 82 0 46 42 -71 -94 0 -224

Loan

Changes in related parties 0 0 0 0 0 0 0 0 0 0 0 0 0

Loans and financing long-term

Changes in related parties 0 0 0 0 0 0 0 0 0 0 0 0 0

Changes in Loans and financings 194 482 672 -614 -782 257 334 -145 -102 -881 -787 -787 -563

Changes in Benefits Postretirement 22 24 26 29 31 35 38 42 46 51 56 61 67

Changes in Others 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0

Changes in provisions for contingencies 0 0 0 0 0 0 0 0 0 0 0 0 0

Changes in unrealized loss on derivatives 0 0 0 0 0 0 0 0 0 0 0 0 0

Changes in Dividends -1,287 -1,474 -1,497 -1,712 -3,013 -3,631 -4,155 -5,199 -6,514 -7,969 -9,705 -11,756 -14,199

Changes in MINORITY 0 0 0 0 0 0 0 0 0 0 0 0 0

Changes in Equity 0 0 0 0 0 0 0 0 0 0 0 0 0

Changes in Other retained earnings 0 0 0 0 0 0 0 0 0 0 0 0 0

Changes in Earning reserve 0 0 0 0 0 0 0 0 0 0 0 0 0

Changes in Retained Earnings

Net cash used in financing activities -1,179 -1,159 -855 -812 -4,917 -3,257 -3,783 -5,256 -6,528 -8,870 -10,530 -12,482 -14,918

-715 215 1,543 2,228 -3,370 -887 622 1,107 1,859 1,825 3,061 4,525 6,110

1,249 534 749 2,291 4,520 1,150 263 886 1,992 3,852 5,676 8,737 13,263

-715 215 1,543 2,228 -3,370 -887 622 1,107 1,859 1,825 3,061 4,525 6,110

Cash and cash equivalents at end of period 534 749 2,291 4,520 1,150 263 886 1,992 3,852 5,676 8,737 13,263 19,373

Changes in Goodwill on acquisition of subsidiaries

Changes in loans and short-term debt (net inflows)

Changes in interest on equity paid to shareholders

Increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of period

Increase (decrease) in cash and cash equivalents

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Economic and Financial Indicators2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

PROFITABILITY

Gross Margin % 49.4% 49.6% 50.7% 50.7% 51.1% 51.5% 51.8% 55.6% 59.1% 61.4% 63.6% 65.7% 67.6% 69.4%

Operating Margin Own % 37.2% 42.2% 42.3% 42.0% 42.7% 44.6% 44.3% 48.1% 52.3% 55.5% 58.7% 61.6% 64.6% 67.5%

Net Margin % 31.9% 31.7% 27.9% 27.7% 28.2% 29.5% 29.3% 31.8% 34.5% 36.7% 38.7% 40.7% 42.6% 44.5%

EBTIDA - US$ Million 3,522 4,276 5,058 5,807 6,668 7,828 9,274 11,685 14,494 17,504 21,011 25,095 29,853 35,392

EBTIDA/Revenue % 43.7% 46.0% 47.2% 47.0% 46.8% 47.7% 49.0% 53.6% 57.6% 60.4% 62.9% 65.1% 67.2% 69.1%

Return on Investment (%) (Margin X Turnover) 23.5% 21.9% 19.7% 20.9% 22.9% 23.1% 22.7% 25.7% 29.5% 33.4% 37.7% 42.9% 48.9% 56.0%

Return on Average Equity (%) 53.0% 43.7% 36.0% 34.9% 34.5% 36.4% 37.4% 42.1% 46.4% 49.3% 51.9% 54.0% 55.7% 57.1%

Operating Cash Flow - Base: Cash Flow -715 215 1,543 2,228 -3,370 -887 622 1,107 1,859 1,825 3,061 4,525 6,110

Operating Cash Flow / Net Operating Revenues. (%) 0.0% -7.7% 2.0% 12.5% 15.6% -20.5% -4.7% 2.9% 4.4% 6.4% 5.5% 7.9% 10.2% 11.9%

STRUCTURE

Short Term Debt (%) 15.6% 13.6% 11.9% 10.9% 15.9% 12.0% 12.0% 11.0% 10.4% 9.8% 9.1% 8.4% 7.8% 6.8%

Costly Short Term Debt (%) 5.4% 4.3% 2.9% 2.3% 7.8% 3.2% 3.3% 2.9% 2.8% 2.6% 2.1% 1.7% 1.5% 1.0%

Long Term Debt (%) 37.3% 34.7% 33.8% 32.8% 26.2% 23.2% 22.2% 21.1% 18.6% 16.5% 12.9% 10.0% 7.5% 5.8%

Costly Long Term Debt (%) 20.6% 19.6% 20.0% 20.6% 15.5% 12.4% 12.2% 12.0% 10.4% 9.0% 6.1% 3.8% 1.9% 0.8%

Costly Total Debt (%) 26.0% 23.8% 22.9% 22.9% 23.3% 15.7% 15.5% 14.9% 13.1% 11.6% 8.2% 5.5% 3.4% 1.8%

Total Debt (%) 53.0% 48.3% 45.8% 43.7% 42.1% 35.2% 34.2% 32.1% 29.0% 26.3% 22.1% 18.4% 15.3% 12.6%

Capitalization - (%) 47.0% 51.7% 54.2% 56.3% 57.9% 64.8% 65.8% 67.9% 71.0% 73.7% 77.9% 81.6% 84.7% 87.4%

Degree of Financial Leverage (No. of times) 1.5 1.6 1.6 1.9 1.4 1.9 1.9 2.3 2.8 3.4 4.1 5.1 6.3 8.2

ACTIVITY

Inventory turnover 4.8 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0

Financial and Operating Cycle

Average Inventory Period (days) 75 60 60 60 60 60 60 60 60 60 60 60 60 60

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Economic and Financial Indicators2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Average Collection Period (days) 44 60 60 60 60 60 60 60 60 60 60 60 60 60

Operating cycle 119 120 120 120 120 120 120 120 120 120 120 120 120 120

Average payment period (days) 56 56 56 56 56 56 56 56 56 56 56 56 56 56

Financial cycle 63 64 64 64 64 64 64 64 64 64 64 64 64 64

Operational Activity turnover (no. of times) 0.74 0.69 0.70 0.75 0.81 0.78 0.78 0.81 0.85 0.91 0.97 1.05 1.15 1.26

Degree of Operating Leverage 0.39 0.39 0.40 0.40 0.40 0.42 0.43 0.47 0.51 0.54 0.57 0.60 0.62 0.64

Liquidity 1.58 1.82 2.17 2.94 2.43 2.32 2.07 2.24 2.49 2.92 3.43 4.24 5.22 6.78

Liquidity Drought 1.24 1.49 1.79 2.52 2.15 1.89 1.62 1.78 2.02 2.44 2.92 3.70 4.67 6.17

General Liquidity 0.52 0.56 0.62 0.80 0.99 0.87 0.79 0.84 0.97 1.18 1.55 2.11 2.92 4.06

Total Assets (TA) 15,715 17,523 19,492 22,208 25,568 25,671 28,159 31,406 34,957 39,231 43,487 48,835 55,507 63,627

Equity (Eq) 7,391 9,053 10,573 12,500 14,806 16,634 18,543 21,319 24,806 28,917 33,889 39,858 47,034 55,631

Bank Debts (BD) 4,018 4,104 4,395 5,011 5,883 3,948 4,287 4,621 4,522 4,462 3,510 2,629 1,842 1,056

Net revenues 8,066 9,298 10,718 12,355 14,243 16,418 18,926 21,817 25,149 28,991 33,419 38,524 44,408 51,191

Net Working Capital 1,435 1,953 2,719 4,685 5,821 4,059 3,612 4,304 5,423 7,405 9,664 13,212 18,163 24,958

Need for Working Capital 1,048 2,173 2,534 2,901 3,294 3,749 4,270 4,341 4,399 4,563 4,927 5,320 5,745 6,206

Operating Profit 3,003 3,927 4,533 5,184 6,083 7,330 8,389 10,498 13,156 16,094 19,602 23,746 28,680 34,535

Net Income 2,573 2,948 2,995 3,425 4,018 4,841 5,540 6,932 8,686 10,625 12,940 15,675 18,932 22,796

EBITDA 3,522 4,276 5,058 5,807 6,668 7,828 9,274 11,685 14,494 17,504 21,011 25,095 29,853 35,392

EBIT 3,123 3,635 4,317 4,966 5,753 6,838 8,092 10,312 12,929 15,747 19,063 22,956 27,522 32,870

Self-generation 2,588 3,205 3,351 3,881 4,549 5,448 6,338 7,921 9,867 11,998 14,504 17,431 20,879 24,935

Calculations and Ratios

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

17.81% 21.00% 17.10% 17.00% 16.00% 15.00% 13.80% 13.50% 13.50% 13.50% 13.50% 13.50% 13.50%

16.25% 18.90% 17.10% 17.00% 16.00% 15.00% 13.80% 13.50% 13.50% 13.50% 13.50% 13.50% 13.50%

Premium 1.56% 2.10% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

7.45% 7.40% 7.35% 7.30% 7.25% 7.20% 7.15% 7.10% 7.05% 7.00% 6.95% 6.90% 6.85%

E 31,217 32,879 34,399 36,327 38,632 40,460 42,369 45,145 48,632 52,743 57,715 63,685 70,860

D 4,018 4,104 4,395 5,011 5,883 3,948 4,287 4,621 4,522 4,462 3,510 2,629 1,842

NPV 9,581

E/(D + E) 88.60% 88.90% 88.67% 87.88% 86.78% 91.11% 90.81% 90.71% 91.49% 92.20% 94.27% 96.04% 97.47%

D/(D + E) 11.40% 11.10% 11.33% 12.12% 13.22% 8.89% 9.19% 9.29% 8.51% 7.80% 5.73% 3.96% 2.53%

bu 0.8206

bl 0.8998 0.8882 0.8898 0.8953 0.9031 0.8734 0.8754 0.8760 0.8709 0.8664 0.8535 0.8429 0.8347

17.65% 20.77% 17.10% 17.00% 16.00% 15.00% 13.80% 13.50% 13.50% 13.50% 13.50% 13.50% 13.50%

5.58% 5.55% 4.85% 4.82% 4.78% 4.75% 4.72% 4.68% 4.65% 4.62% 4.58% 4.55% 4.52%

WACC 16.28% 19.08% 15.71% 15.52% 14.52% 14.09% 12.97% 12.68% 12.75% 12.81% 12.99% 13.15% 13.27%

GNP 5.1% 3.5% 4.0% 4.0% 4.0% 3.8% 3.5% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

CPI 7.6% 6.0% 5.5% 5.0% 4.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%

Dólar 2.65 2.50 2.90 3.10 3.20 3.31 3.43 3.55 3.67 3.80 3.93 4.07 4.21

Rm

Rf

Ij

Ke

Kd

Investments

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Total

OperationalProduct 1 1,266 478 706 530 100 3,080Product 2 303 658 234 204 500 480 2,380Product 3 760 760Product 4 537 290 300 280 280 1,687Product 5 136 20 843 999Product 6 109 100 150 359Revenues from logistic services 221 221

0Projects in Steel Mills 50 200 150 150 550

0Other Projects 1,000 1,000Maintenance 0

000

3,332 1,546 2,290 1,214 1,923 730 0 0 0 0 0 0 0 ###

S/ EBITDA 0.0% 5.0% 5.0% 5.0% 5.0% 10.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%0 253 290 333 391 783 1,855 2,337 2,899 3,501 4,202 5,019 5,971

3,830 3,830 3,830 3,830 3,830 3,830 3,830 3,830 3,830 3,830 3,830 3,830 3,830

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1899 1899 1899 Total

CatchmentShort Term BorrowingsLong Term Borrowings 890 987 1,121 1,321 1,121 1,198 765 850 8,253 Interest on capital paid to shareholdersTotal Catchment 890 987 1,121 1,321 - 1,121 1,198 765 850 - - - - - - - - 8,253

Interest Rate 7.40% 7.35% 7.30% 7.25% 7.20% 7.15% 7.10% 7.05% 7.00% 6.95% 6.90% 6.85% 6.80% 0.00% 0.00% 0.00% 0.00% 0.00%

AmortizationShort Term Borrowings (804)

2017 -178 -178 -178 -178 -178 (890)2018 -197.4 -197.4 -197.4 -197.4 -197.4 (987)2019 -224.2 -224.2 -224.2 -224.2 -224.2 (1,121)2020 -264.2 -264.2 -264.2 -264.2 -264.2 (1,321)2021 0 0 0 0 0 - 2022 -224.2 -224.2 -224.2 -224.2 -224.2 (1,121)2023 -239.6 -239.6 -239.6 -239.6 -239.6 (1,198)2024 -153 -153 -153 -153 -153 (765)2025 -170 -170 -170 -170 -170 (850)2026 0 0 0 0 0 -

Long Term Borrowings (696) (505) (271) (1,560) (182)

Total Amortization (804) (696) (505) (449) (1,935) (782) (864) (864) (910) (952) (881) (787) (787) (563) (323) (170) - (8,253)

Total Net 86 291 616 872 (1,935) 339 334 (99) (60) (952) (881) (787) (787) (563) (323) (170) - -

Free Cash Flow to Firm

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

EBIT * (1 -Income tax) 2,726 2,849 3,278 3,797 4,513 5,341 6,806 8,533 10,393 12,581 15,151 18,164 21,694 (+) Depreciation 641 741 841 916 991 1,182 1,374 1,565 1,757 1,948 2,140 2,331 2,523 CAPEX (2,000) (2,000) (1,500) (1,500) (3,830) (3,830) (3,830) (3,830) (3,830) (3,830) (3,830) (3,830) (3,830)(-) Need for Working Capital (1,125) (361) (367) (393) (454) (522) (70) (59) (164) (363) (393) (426) (461)Free Cash Flow 242 1,229 2,251 2,819 1,219 2,171 4,279 6,209 8,156 10,336 13,067 16,240 19,926

WACC 19.08% 15.71% 15.52% 14.52% 14.09% 12.97% 12.68% 12.75% 12.81% 12.99% 13.15% 13.27% 13.38%WACC Accumulated 1.1908 1.3779 1.5917 1.8228 2.0796 2.3493 2.6472 2.9846 3.3669 3.8042 4.3043 4.8755 5.5280PV Free Cash Flow to Firm 203 892 1,414 1,547 586 924 1,616 2,080 2,422 2,717 3,036 3,331 39,366 Final Value 60,136 ###Cash 1,249 Non-Operating Assets 12,313 Investments 1,159 ###Enterprise Value 74,857 (-) Debts (3,382)Equity Value 71,475 Total Stocks (ordinary + preferred) 1,166 191,931

Share Price 63.85 39,366

Beta Unlevered 0.8206 ###Beta Levered 0.8882 0.8898 0.8953 0.9031 0.8734 0.8754 0.8760 0.8709 0.8664 0.8535 0.8429 0.8347 0.8315

Free Cash Flow Shareholder

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Net Profit 2,948 2,995 3,425 4,018 4,841 5,540 6,932 8,686 10,625 12,940 15,675 18,932 22,796 (+) Depreciation 641 741 841 916 991 1,182 1,374 1,565 1,757 1,948 2,140 2,331 2,523 CAPEX (2,000) (2,000) (1,500) (1,500) (3,830) (3,830) (3,830) (3,830) (3,830) (3,830) (3,830) (3,830) (3,830)(-) Need for Working Capital (1,125) (361) (367) (393) (454) (522) (70) (59) (164) (363) (393) (426) (461)(-) New Debts 890 987 1,121 1,321 0 1,121 1,198 765 850 0 0 0 0 (-) Payments of principal (804) (696) (505) (449) (1,935) (782) (864) (864) (910) (952) (881) (787) (787)Free Cash Flow 550 1,665 3,014 3,912 (388) 2,709 4,739 6,263 8,328 9,743 12,711 16,220 20,241 (-) Dividends

20.77% 17.10% 17.00% 16.00% 15.00% 13.80% 13.50% 13.50% 13.50% 13.50% 13.50% 13.50% 13.50%Ke Accumulated 1.2077 1.4142 1.6546 1.9193 2.2072 2.5118 2.8509 3.2357 3.6726 4.1684 4.7311 5.3698 6.0947 PV Cash Flow Shareholder 455 1,178 1,822 2,038 (176) 1,079 1,662 1,936 2,267 2,337 2,687 3,021 35,900 Final Value 56,205

192,773 35,900

Beta Unlevered 0.8206 Beta Levered 0.8882 0.8898 0.8953 0.9031 0.8734 0.8754 0.8760 0.8709 0.8664 0.8535 0.8429 0.8347 0.8315

Ke

AVALIAÇÃO RELATIVAPreço da Ação PN em 30/12/2004 : R$ 62,99Dolar Comercial em 30/12/2004 : 2,6540

Companhias Vale do Rio Doce BHP Billington Rio TintoPreço da Ação 23.73 27.54 123.29Valor de mercado 27,650.0 85,750.0 32,830.0 Crescimento de vendas 18.80% 42.85% 23.04%Vendas 8,479.0 27,160.0 11,340.0 Margem Bruta 49.40% 36.14% 27.12%EBITDA 3,522.0 8,610.0 2,820.0 Margem Operacional 37.20% 25.17% 14.25%Lucro por Ação 2.207 1.340 8.156 P/L 10.75 20.55 15.12 PL/Crescimento 1.42 0.56 0.77 Preço/Vendas 2.80 3.17 2.91 Preço/EBITDA 6.74 3.20 43.72

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027Financial focus

Financial and Operating Cycle(+) Inventory 75 60 60 60 60 60 60 60 60 60 60 60 60 60(+) Accounts Receivable 44 51 51 51 51 51 51 51 51 51 51 51 51 51(=) Operating Cycle 119 111 111 111 111 111 111 111 111 111 111 111 111 111(-) Suppliers 56 56 56 56 56 56 56 56 56 56 56 56 56 56(=) Financial Cycle 63 55 55 55 55 55 55 55 55 55 55 55 55 55

Inventory(+) COGS 4,081 4,689 5,286 6,093 6,959 7,960 9,115 9,681 10,283 11,182 12,160 13,226 14,386 15,650(+) Final Inventory 849 779 878 1,012 1,156 1,323 1,515 1,609 1,709 1,858 2,021 2,198 2,391 2,601(-) Initial Inventory -505 -849 -779 -878 -1,012 -1,156 -1,323 -1,515 -1,609 -1,709 -1,858 -2,021 -2,198 -2,391(=) Purchasing 4,425 4,619 5,385 6,227 7,103 8,126 9,308 9,775 10,383 11,331 12,323 13,403 14,579 15,860

2014 2015 2016 20173.522 4.275777 5.057599 5.80676 6.668327 7.82831 9.27426 11.68535 14 17.50386 21.01062 25.09546 29.85282 35.39212

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 20270

5,000

10,000

15,000

20,000

25,000

30,000

35,000

6,333

11,34113,237

15,304

17,491

20,038

22,971 23,100 23,239 24,01725,938

28,015

30,260

32,688

Evolution of Revenue

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 20270

5000

10000

15000

20000

25000

30000

35000

3,522 4,276 5,058 5,8076,668

7,8289,274

11,685

14,494

17,504

21,011

25,095

29,853

EBITDA

20122013201420152016201720182019202020212022202320242025202620270

5,000

10,000

15,000

20,000

25,000

1,091 585 1,249

534 749

2,291

4,520

1,150 263

886 1,992

3,852

5,676

8,737

13,263

19,373

Cash and bank deposits

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 20270

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

8,479

13,61515,996

18,28420,711

23,520

26,740 27,182 27,66328,816

31,146

33,671

36,407

39,372

4,081 4,689 5,286 6,093 6,9597,960

9,115 9,681 10,283 11,182 12,16013,226

14,38615,650

Revenue Costs

5,143

701

124 164 201

Product Revenue in participation - 2014

Product 1Product 2Product 3Product 4Product 5Product 6

29,576

2,148343

299322

Product Revenue in participation - 2027

Product 1Product 2Product 3Product 4Product 5Product 6

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 20270

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

3,003 3,927 4,533 5,184 6,0837,330

8,38910,498

13,156

16,094

19,602

23,746

28,680

34,535

PROFIT BEFORE TAX

BA2350

PortugueseA T I V O

BA2350 CORRENTESBA2360 Outros circulantesBA2370 Máquinas e equipamentos de transporteBA2380 PrédiosBA2390 CasasBA2400BA2410 Impostos a recuperarBA2420 ImobilizadoBA2421 (-) Depreciação AcumuladaBA2430 Ágio na aquisição de controladas

NÃO CORRENTESBA2445 DesenvolvimentoBA2446 Licensas e Patentes

PERMANENTEBA2440 Outros ativos intangíveisBA2435 Total do intangívelBA2300 Imposto de renda diferidoBA2425 Investimento em propriedadesBA2450 TOTAL PROPRIEDADES, INSTALAÇÕES, MÁQ E EQUIPAMENTOS, IBA2210 Ações em controladasBA2220 Partes relacionadasBA2230 Ações e participações em outras empresasBA2249 InvestimentosBA2290 Custo de pensão pagos antecipadamenteBA2310 Outros ativos sem juros de longo prazoBA2339 Outros Créditos sem juros de longo prazoBA2330 Outros CirculantesBA2345 Imposto de renda diferidoBA2349 Depósitos judiciaisBA2265 Ganhos não realizadosBA2260BA2270 TOTAL OUTROS ATIVOSBA2280BA2329 T O T A L A T I V OBA2322BA2315 Empréstimos e adiantamentosBA2325BA2489 NÃO CORRENTEBA2050 ClientesBA2070BA2080BA2065BA2032BA2060 Projetos em construçãoBA2090BA2030 Inestimentos de curto prazoBA2035

BA2099 ClientesBA2170BA2110BA2175BA2131BA2085 Empréstimos e adiantamentosBA2139BA2140 Matéria primaBA2150BA2160BA2169 EstoquesBA2189BA2010BA2015BA2020 DisponíveisBA2025BA2040BA2120 Empréstimos e adiantamentosBA2045BA2129BA2089BA2190 Total CORRENTEBA2092BA2490BA2910 Ações preferenciais classe ABA2962 Ações ordináriasBA2963 Ações em tesourariaBA2960 Capital integralizadoBA2950BA2955BA2956BA3010 Lucros acumuladosBA2965 Outros lucros acumuladosBA3030 Participação MinoritáriaBA2890 Reserva de lucrosBA3029BA2760BA2762BA2750BA2752BA2754 Provisões para contingênciasBA2756 Perda não realizada com derivativosBA2770 OutrosBA2779 Empréstimos e financiamentosBA2820 Empréstimos de partes relacionadasBA2765BA2759BA2865BA2850BA3000 PensõesBA2790BA2800 Outros Financiamentos de Longo PrazoBA2830

BA2795BA2869BA2870 Juros sobre capital próprioBA2510BA2520 Salários/Encargos SociaisBA2529BA2530 Parcela Circulante de empréstimos e financiamentos de LPBA2540BA2549 Empréstimos e financiamentosBA2680 Empréstimos de partes relacionadasBA2545BA2628BA2550BA2670BA2600BA2610 FornecedoresBA2620 1BA2630 Outros Passivos CorrentesBA2635BA2639BA2560BA2660BA2665BA2590 Provisão para IRBA2645BA2650BA2659BA2679BA2570BA2700BA2720BA2710BA2655BA2729 Voltar índiceBA2730BA3050PL0210 Produto 1PL0211 Produto 2PL0212 Produto 3PL0213 Produto 4PL0214 Produto 5PL0215 Produto 6PL0220 Receitas de serviços de logísticaPL0221 Produtos DiversosPL0249PL0222 Outros produtos e serviçosPL0382 Impostos sobre vendas e serviçosPL0240PL0260 ProdutosPL0261 De serviços de logísticaPL0262 Produtos DiversosPL0263 Outros produtos e serviçosPL0270 Despesas vendas, gerais e administrativas

PL0280 Pesquisa e desenvolvimentoPL0290 Participação dos empregados nos resultadosPL0299 OutrosPL0300PL0320PL0330PL0350PL0410PL0420PL0430PL0360PL0440PL0380 Ganhos na venda de investimentosPL0680PL0450PL0489PL0469 ( - ) Depreciação e AmorizaçãoPL0499PL0470PL0472PL0385PL0390PL0400PL0500PL0510PL0515PL0530PL0540PL0550PL0560PL0570 Ganhos (perdas) cambial e monetáriaPL0580 Receitas financeirasPL0600PL0610PL0630PL0640PL0650PL0660PL0670 Despesas financeirasPL0690PL0700PL0710PL0720PL0730PL0750 LUCRO LÍQ. ANTES IR/CSPL0770PL0780PL0785PL0790 Imposto de rendaPL0791 CorrentePL0792 DiferidoPL0799 Total Imposto de RendaPL0899

PL0805 Participação minoritária0

PL1310 LUCRO DAS OPERAÇÕES CONTINUADASPL1320PL1300PL0805

PL1120PL1080PL1125PL0785PL1110PL0880 LUCRO/PREJUÍZO LÍQUIDOPL0881 Mudanças no método de contabilizaçãoEQ2912 Equivalência PatrimonialEQ2914EQ2915EQ2917EQ2916PL1120PL1080PL0785PL1125EQ2921EQ2922EQ2924EQ2923EQ2925EQ2918EQ2926EQ2928EQ2920

1CURRENTS ASSETS

English SpanishA S S E T S A C T I V O SCURRENTS ASSETS CORRIENTESPlant under construction

Maquinaria y equipo de transporteBuildings EdificiosHouses Casas

Recoverable taxes Impuestos por recuperarProperty, plant and equipment Propiedad, planta y equipo(-) Accumulated Depreciation (-) Depreciación acumuladaGoodwill in subsidaries Fondo de comercio de adquisición de subsidiNON-CURRENT NO CORRIENTEDevelopment DesenvolvimientoLicenses and Patents Licencias y Patentes

Other intangible assets IntangiblesTotal intangible assetsDeferred tax assets Impuesto sobre la renta diferidoInvestment property La inversión en propiedadesProperty, plant, equipment and intangible assets Propiedad, planta y equipo y activos intangiblesShares in subsidiaries Las acciones de subsidiariasShares and interests in associated companies Partes relacionadasShares and interests in other companies Acciones y participaciones en otras sociedadesLong-term investments Las inversiones a largo plazoNet pensions funds Fondos de pensiones netoOther interest-free long-term assets, external Otros activos sin interés a largo plazoInterest-bearing long-term assets, external Otros créditos sin interés a largo plazoOthers Currents Otros corrientesInterest-free long-term assets, related parties, Impuesto sobre la renta diferidoInterest-free long-term assets depósitos en GarantíaUnrealized gains Las ganancias no realizadasLoans to employeesBonds and other securitiesOther long-term receivables, external, interest-bearingTotal long-term receivables, external, interest-bearingInterest-bearing long-term receivables, internal (*)Long-term receivables related parties. interest-bearing Deuda Financiera a largo plazoTotal long-term receivables, interest-bearingNON CURRENT ASSETSAccounts receivables ClientesAllocations to loss on receivablesAdvance payment to suppliersTrade and other receivablesIncome tax receivablesProjects under constructionOther short-term current assets,external, interest-freeShort-term interest free investmentsFirm commitments asset (hedge accounting)

Machinery and transportation equipment   

Short-term receivables, external, interest-free ClientesOutstanding internal dividend (*)Group contribution receivable (*)Total internal dividend and group contributionShort-term current assets, internal, interest-free (*)Short-term current assets, related parties, interest-bearing Deuda Financiera a corto plazoTotal short-term current assets, interest freeRaw materialsGoods under production/Work in progressFinished goodsInventories ExistenciasInventory and interest free current assetsDeposits in internal bank (*)Short-term investments with terms less than three months

Efectivos y equivalentes de efectivo

Total ACTIVOS CORRIENTESAssets hold for sale

TOTAL A C T I V O SAcciones preferidas

Ordinary shares Acciones ordinariasTreasury shares Acciones propias

Capital pagado

Resultados acumuladosOther retained earnings Otras utilidades retenidas

Los intereses minoritariosEarnings reserve Reserva de de Rentas

Provisions for contingencies Provisiones para contingenciasUnrealized loss on derivatives Pérdida no realizada en derivados

Préstamos y financiacionesInterest-bearing long-term debt, internal Préstamos de partes relacionadas

Volver al índicePensiones

Otros de interés a largo plazo pasivos

Cash and bank deposits   Total cash and cash equivalents   Interest-bearing short-term receivables, external   Interest-bearing short-term receivables, internal (*)   Short-term receivables, related parties, interest-bearing   Total interest-bearing short-term receivable   Bank deposits and interest-bearing short-term receiv.   Total CURRENT ASSETS   

TOTAL A S S E T S   Preferred capital  stock

Total paid-in capital   Translation reserves   Hedging reserve   Fair value reserve   Retained earnings   

Minority interests   

TOTAL EQUITY   Secured bank loans   Unsecured bank loans   Secured bond issues   Unsecured bond issues   

Other long-term liabilities, external, interest-bearing   Interest-bearing long-term debt, external   

Long-term liabilities, related parties, interest-bearing   Total interest-bearing long-term debt   Subordinated debt   Deferred tax liability   Pension liabilities   Non current provisions   Other long-term interest free liabilities   Interest-free long-term debt, internal (*)   

Interest on capital Intereses sobre el capital

Salaries and social charges payable Remuneraciones y cargas sociales

La porción corriente de los préstamos y la financiación a largo plazo

Préstamos y financiacionesPréstamos de partes relacionadas

Proveedores

Otros Pasivos Corrientes

Impuesto sobre la renta por pagar

Product 1 Producto 1Product 2 Producto 2Product 3 Producto 3Product 4 Producto 4Product 5 Producto 5Product 6 Producto 6Revenues from logistic services Los ingresos por servicios logísticosOthers Products Varios productosTurnover

Otros ingresos de explotaciónTaxes on sales and services Impuestos sobre ventas y servicios

Products ProductosFrom logistic services Por servicios logísticosOthers Products Varios productosOther operating costs Otros productos y servíciosExpenses Selling, general and administrative Gastos de ventas, generales y administrativos

Long-term liabilities, related parties, interest-free   Total interest-free long-term liabilities   

Drawn in internal bank (*)   

Total bank overdrafts   Current portion of long-term interest-bearing liabilities, external   Other short-term liabilities, external, interest-bearing   Interest-bearing short-term debt, external   Interest-bearing short-term debt, internal (*)   Short-term liabilities, related parties, interest-bearing   Total interest-bearing short-term debt   Advances from customers   Construction Loans   VAT, tax withholding from employees and other deductions   Accounts payable, external   Incurred, unpaid interest   Other incurred, unpaid costs   Firm commitments liability (hedge accounting)   Trade and other payables   Dividends payable   Other interest free short-term liabilities, external   Trade, other payables, external dividend payables and other liabilities   Income tax payable   Current provisions   Short-term provisions for loss on projects   Total short-term provisions   Total current liabilities interest-free,external   Allocated to dividends from companies within the group (*)   Allocated to group contribution (*)   Total internal dividend and group contribution   Other interest-free short-term payables, internal (*)   Current liabilities, related parties, interest-free   Total interest-free short-term payables   TOTAL CURRENT LIABLITIES   TOTAL EQUITY AND LIABILITIES   

Other operating revenue   

OPERATING REVENUES   

Research and development Investigación y desarrolloEmployees' results Resultados de los empleadosOthers cost Otros costos

Gain on sale of investments Ganancia en venta de inversiones

(-) Depreciación y Amorização

Gains (losses) exchange rate and monetary Ganancias (pérdidas) del tipo de cambio y monetariaIngresos financieros

Gastos financieros

RESULTADO ANTES DE IMPUESTOS

Tax expense Impuesto sobre la rentaCurrent CorrienteDeferred DiferidoTotal Income tax Total Impuesto sobre la renta

Wages and other personnel expenses   Bad debts   Provisions for bad debt   Guarantee commissions (including changes in allocation)   Hired services and consultants related to production (only external)   Material and administration cost   Sub-deliveries costs (Distribution expenses)   Other operating expenses   Allocated group expenses, royalty and management fee   

Internal guarantee comissions   ORDINARY OPERATING EXPENSES   EBITDA   Ordinary depreciation   EBITA   Goodwill and intangibles amortization   Reversal of impairment losses   Restructuring cost   Write-downs and impairment loss   Non recurring operating items   OPERATING PROFIT   Interest income on bank deposits   Interest income external except interest on bank deposits   Interest income, internal   Dividends from other companies   Dividends from companies within the group   Gain on exchange realized   

Financial income   Total other financial items   TOTAL FINANCIAL INCOME   Interest expenses, external   Interest expenses, internal   Loss on exchange realized   Loss on exchange unrealized   Financial expenses   Other financial expenses   TOTAL FINANCIAL EXPENSES  NET FINANCIAL ITEMS   Share of earnings in associated companies   Exceptional financial items   PROFIT BEFORE TAX   Taxes payable   Change in deferred taxes   Tax on Group contribution   

PROFIT AFTER TAX   

Minority share of profit after tax Interés minoritarioPROFIT FOR THE PERIOD - MAJORITYProfit from continued operations Resultado de operaciones continuadasGain/loss on disposal from discontinued operationsProfit and gain/loss from discontinued operationsMinority share of profit after taxMAJORITY INCL DISCONTINUED OPERATIONSDividends external (-)Group contributions Gross Allocated (received +, paid -)Dividends internal (-)Tax on Group contributionAllocated to retained earnings

Changes in method of accounting Los cambios en el método de contabilidadEquity Equivalence Equivalencia Equidad

Transaction cost (new equity)

Group contribution capitalized

Result for the period  

Demerger  Business Combination  

Issue of shares etc.  Dividends external (-)  Group contributions Gross Allocated (received +, paid -)  Tax on Group contribution  Dividends internal (-)  

Currency translation adjustments  Cash flow hedges  Fair value loans  Fair value shares  Revaluations investment held for sale  Gain on investment property revaluation  Tax on items taken directly to equity  Miscellaneous  Shareholders equity at 1006  

1 1 2

2 1 - Introdução 1 - Introduction3 2 - Premissas 2 - Premisses4 3 - Balanço Patrimonial 3 - Balance Sheet

Maquinaria y equipo de transporte 5 4 - Demonstração de Resultados do Exercíci4 - Income Statement6 5 - Fluxo de Caixa 5 - Cash Flow7 6 - Indicadores de Desempenho 6 - Performance Indicators8 7 - Cálculos 7 - Calculations9 8 - Investimentos 8 - Investments

10 9 - Financiamentos 9 - Financing11 10 - Fluxo de Caixa Livre da Empresa 10 - Free Cash Flow to Firm

Fondo de comercio de adquisición de subsidi 12 11 - Fluxo de Caixa Livre do Acionista 11 - Free Cash Flow Shareholde13 12 - Análise Relativa 12 - Relative Analysis14 12 - Ciclo Econômico 12 - Economic Cycle15 13 - Gráficos 13 - Graphics

Voltar índice Back to index

Propiedad, planta y equipo y activos intangiblesTOTAL PROPRIEDADES, INSTALAÇÕES, MÁQ E EQUIPAMENTOS, INTANGÍVEIS

Acciones y participaciones en otras sociedades

Otros activos sin interés a largo plazoOtros créditos sin interés a largo plazo

Efectivos y equivalentes de efectivo

Otros de interés a largo plazo pasivos

Remuneraciones y cargas sociales

La porción corriente de los préstamos y la financiación a largo plazo

Los ingresos por servicios logísticos

Impuestos sobre ventas y servicios

Gastos de ventas, generales y administrativos

Ganancias (pérdidas) del tipo de cambio y monetaria

RESULTADO ANTES DE IMPUESTOS

Resultado de operaciones continuadas

Los cambios en el método de contabilidad

3 Name of Graphics1 - Introducción Evolution of Revenue2 - Supuestos EBITDA3 - Balance Revenue4 - Estado de Resultados Costs5 - Flujo de caja Product Revenue in participation - 20146 - Indicadores de Desempeño Product Revenue in participation - 20277 - Cálculos 08 - Inversiones 09 - Financiamiento 010 - Flujo de caja libre a la empres 011 - Flujo de caja libre Accionista 012 - Análisis relativa 012 - Ciclo Económico 013 - Gráficos 0

0

Volver al índice

Name of GraphicsEvolução da Receita Evolution of Revenue

Receitas RevenueCustos CostsParticipação dos Produtos na Receita Product Revenue in participationParticipação dos Produtos na Receita Product Revenue in participation

Name of GraphicsEvolución de Ingresos

IngresosCostosLos ingresos producto de la participaciónLos ingresos producto de la participación

Análise de Sensibilidade

Variáveis Preço Ferro Vol Vendas Preço Dólar

Preço do Ferro 5.81% Mínimo 3.78% 5.19% 5.60%Volume de Vendas 5.19% Máximo 5.81% 5.19% 8.00%Investimento 3,830 Preço Dólar 8.00%Preço da Ação 63.85 Tx de cresc. 15.27%

Preço do Ferro Vol Vendas Investimento Preço Dólar

D D D D

US$ 63.85 US$ 63.85 US$ 63.8530.0% 7.55% 6.75% 4,979 10.40%25.0% 7.26% 6.49% 4,788 10.00%20.0% 6.97% 6.23% 4,596 9.60%15.0% 6.68% 5.97% 4,405 9.20%10.0% 6.39% 5.71% 4,213 8.80%5.0% 6.10% 5.45% 4,022 8.40%0.0% 5.81% 5.19% 3,830 8.00%-5.0% 5.52% 4.93% 3,639 7.60%-10.0% 5.23% 4.67% 3,447 7.20%-15.0% 4.94% 4.41% 3,256 6.80%-20.0% 4.65% 4.15% 3,064 6.40%-25.0% 4.36% 3.89% 2,873 6.00%-30.0% 4.07% 3.63% 2,681 5.60%

Var Média Anual

Variação no Crescimento da Receita

Preço da Ação

Preço da Ação

Preço da Ação

-40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% -

2.00

4.00

6.00

8.00

10.00

12.00

Var Preço Ferro Var Vol Vendas Var Investimento Var Dolar

Preço Volume Dólar Posição

Mínimo 4.08% 3.66% 5.61% 11.56% 33.25 19Máximo 7.55% 6.72% 10.35% 19.38% 111.52 127

63.85

1 5.47% 6.20% 9.95% 17.95% 92.87

2 6.30% 5.97% 6.98% 16.05% 71.61

3 4.54% 4.71% 7.13% 13.43% 47.43

4 4.69% 3.80% 9.62% 14.42% 55.92

5 7.52% 4.96% 8.91% 17.37% 86.06

6 6.87% 3.80% 7.60% 14.58% 57.32

7 4.58% 4.56% 6.79% 13.04% 44.28

8 6.23% 6.14% 8.16% 17.09% 82.82

9 5.70% 5.08% 10.35% 17.18% 83.81

10 4.11% 6.68% 7.55% 15.55% 66.54

11 7.39% 4.87% 6.10% 15.01% 61.29

12 4.35% 6.23% 7.07% 14.88% 60.13

13 4.34% 4.90% 7.44% 13.71% 49.77

14 6.63% 6.39% 10.00% 19.11% 107.83

15 4.24% 4.93% 5.81% 12.45% 39.66

16 6.58% 4.94% 5.87% 14.29% 54.76

17 5.83% 6.72% 7.64% 17.02% 81.98

18 6.33% 3.84% 6.66% 13.50% 47.95

19 4.32% 3.91% 6.02% 11.56% 33.25

20 7.37% 5.30% 8.10% 17.01% 81.90

21 5.08% 3.73% 5.65% 11.67% 33.98

22 6.73% 6.61% 7.07% 17.15% 83.54

23 6.71% 6.25% 6.82% 16.55% 76.89

24 4.77% 5.64% 9.26% 16.24% 73.54

25 6.44% 6.61% 9.57% 18.88% 104.73

26 4.75% 6.22% 6.66% 14.87% 59.98

27 7.41% 4.90% 9.36% 17.57% 88.39

28 5.07% 5.85% 9.35% 16.78% 79.39

29 7.55% 4.40% 8.73% 16.64% 77.81

30 4.54% 5.00% 10.11% 16.00% 71.09

31 5.86% 6.39% 10.26% 18.71% 102.48

32 4.12% 4.97% 7.66% 13.79% 50.39

33 7.23% 6.24% 7.51% 17.49% 87.38

34 6.89% 6.65% 7.77% 17.88% 92.02

35 6.24% 4.71% 6.14% 13.99% 52.12

36 6.81% 5.92% 7.71% 16.96% 81.34

37 6.64% 5.01% 6.73% 15.07% 61.90

38 7.05% 5.53% 7.53% 16.58% 77.13

39 4.08% 5.09% 9.39% 15.19% 63.02

40 4.92% 4.29% 7.99% 13.91% 51.44

41 5.21% 3.79% 6.19% 12.24% 38.13

42 6.12% 5.11% 6.27% 14.42% 55.92

43 6.76% 5.20% 6.71% 15.35% 64.57

44 4.94% 4.68% 6.24% 13.03% 44.16

45 5.52% 6.45% 9.87% 18.19% 95.93

46 5.62% 4.90% 10.02% 16.67% 78.16

47 6.02% 5.78% 8.10% 16.49% 76.21

48 6.93% 4.69% 8.63% 16.40% 75.26

Tx de Cresc.

Vl. Da Ação

49 6.57% 3.93% 8.93% 15.50% 66.02

50 7.32% 5.39% 6.00% 15.45% 65.54

51 6.29% 5.86% 10.35% 18.53% 100.14

52 4.59% 4.43% 6.91% 13.00% 43.93

53 7.09% 4.68% 5.88% 14.41% 55.79

54 4.75% 5.80% 8.05% 15.49% 65.91

55 6.17% 4.18% 10.25% 16.48% 76.07

56 6.83% 5.76% 10.14% 18.68% 102.07

57 7.54% 5.10% 7.31% 16.31% 74.30

58 7.18% 5.72% 9.88% 18.71% 102.55

59 7.14% 6.21% 6.81% 16.83% 79.89

60 6.11% 6.38% 9.23% 18.10% 94.74

61 6.72% 6.25% 6.32% 16.17% 72.85

62 4.53% 6.08% 8.52% 15.97% 70.71

63 6.72% 5.21% 9.61% 17.57% 88.35

64 4.19% 5.98% 7.40% 14.74% 58.83

65 7.13% 5.68% 7.67% 16.91% 80.80

66 5.70% 3.75% 6.36% 12.70% 41.58

67 5.34% 6.48% 10.24% 18.38% 98.30

68 5.11% 4.37% 9.31% 15.14% 62.58

69 4.73% 5.98% 8.90% 16.31% 74.24

70 7.50% 3.88% 6.61% 14.39% 55.66

71 4.18% 5.88% 10.07% 16.66% 78.00

72 6.50% 5.04% 9.24% 16.93% 81.00

73 6.20% 6.13% 9.76% 18.30% 97.19

74 5.67% 3.96% 9.67% 15.40% 65.08

75 5.12% 4.41% 8.48% 14.58% 57.31

76 7.17% 5.62% 5.90% 15.51% 66.11

77 4.95% 5.57% 9.33% 16.36% 74.83

78 6.96% 4.54% 8.88% 16.45% 75.75

79 7.27% 5.29% 9.48% 17.98% 93.33

80 4.65% 3.99% 5.88% 11.79% 34.84

81 4.36% 5.56% 5.69% 13.12% 44.88

82 6.89% 3.76% 5.77% 13.16% 45.24

83 4.77% 5.29% 6.95% 14.10% 53.09

84 5.63% 4.35% 7.46% 14.13% 53.36

85 5.45% 5.35% 9.84% 16.90% 80.66

86 4.79% 5.24% 9.63% 16.10% 72.13

87 4.69% 5.01% 6.84% 13.65% 49.22

88 4.11% 3.77% 8.15% 12.84% 42.73

89 4.18% 6.02% 7.70% 15.01% 61.28

90 5.30% 5.23% 5.85% 13.61% 48.88

91 4.91% 5.67% 9.98% 16.93% 81.08

92 4.24% 6.21% 6.85% 14.61% 57.61

93 7.51% 3.80% 9.32% 16.39% 75.10

94 6.48% 5.00% 10.17% 17.57% 88.40

95 6.61% 4.38% 6.61% 14.27% 54.55

96 5.45% 6.07% 6.90% 15.44% 65.47

97 5.61% 4.75% 6.69% 13.96% 51.90

98 5.64% 6.28% 8.16% 16.79% 79.42

99 6.86% 6.55% 6.17% 16.50% 76.27

100 4.83% 6.14% 6.17% 14.47% 56.32

101 4.53% 3.93% 7.72% 13.02% 44.12

102 4.91% 3.81% 5.61% 11.60% 33.49

103 7.46% 4.55% 5.83% 14.51% 56.68

104 5.09% 4.42% 7.85% 14.09% 52.97

105 4.75% 4.91% 6.46% 13.30% 46.34

106 5.07% 5.63% 6.61% 14.44% 56.07

107 6.37% 5.11% 9.81% 17.34% 85.65

108 4.23% 3.96% 6.18% 11.68% 34.05

109 5.37% 6.13% 10.19% 17.98% 93.22

110 6.44% 5.21% 9.90% 17.57% 88.37

111 4.77% 6.20% 8.92% 16.60% 77.38

112 5.61% 5.48% 8.48% 16.13% 72.38

113 6.03% 5.83% 7.92% 16.41% 75.32

114 7.17% 6.31% 7.53% 17.54% 88.02

115 4.96% 5.19% 10.07% 16.52% 76.50

116 5.87% 5.41% 6.24% 14.54% 56.99

117 5.94% 6.16% 7.14% 16.10% 72.12

118 4.08% 4.36% 9.13% 14.20% 53.93

119 6.48% 3.66% 5.69% 12.68% 41.48

120 6.56% 6.31% 10.03% 19.00% 106.27

121 6.13% 3.94% 5.76% 12.77% 42.12

122 5.64% 5.71% 6.80% 15.11% 62.30

123 5.14% 4.19% 7.08% 13.29% 46.30

124 6.58% 6.30% 8.01% 17.43% 86.73

125 5.54% 4.35% 8.70% 15.00% 61.25

126 5.69% 4.54% 9.54% 15.96% 70.68

127 7.33% 5.92% 10.30% 19.38% 111.52

128 5.93% 4.38% 5.65% 13.01% 43.99

129 5.99% 5.94% 7.75% 16.37% 74.97

130 6.92% 5.19% 6.10% 15.00% 61.22

131 4.51% 5.10% 6.19% 13.12% 44.87

132 7.23% 4.32% 7.45% 15.31% 64.22

133 6.60% 3.96% 6.99% 14.09% 52.95

134 7.48% 6.67% 7.90% 18.46% 99.32

135 4.15% 5.98% 6.04% 13.67% 49.37

136 4.92% 3.90% 6.72% 12.54% 40.37

137 5.80% 5.03% 10.09% 17.01% 81.95

138 4.29% 5.99% 10.29% 17.04% 82.28

139 6.49% 4.39% 8.62% 15.72% 68.20

140 5.06% 6.18% 6.34% 14.82% 59.54

141 7.18% 4.84% 9.11% 17.13% 83.32

142 7.04% 4.41% 6.67% 14.67% 58.13

143 6.56% 4.79% 7.24% 15.16% 62.74

144 5.10% 6.62% 9.22% 17.56% 88.21

145 4.20% 5.56% 9.24% 15.69% 67.91

146 6.80% 4.86% 9.82% 17.40% 86.38

147 6.92% 4.31% 6.18% 14.09% 53.03

148 6.39% 6.32% 7.29% 16.74% 78.93

149 7.34% 4.40% 7.31% 15.38% 64.89

150 7.22% 6.66% 9.29% 19.34% 110.92

Bloco Freqüência Bloco Freqüência

23.62953 2 1.33% 54.250209 24 16.00%29.75367 3 3.33% 72.622615 22 30.67%35.8778 15 13.33% 42.001939 19 43.33%

42.00194 19 26.00% 60.374344 19 56.00%48.12607 14 35.33% 35.877803 15 66.00%54.25021 24 51.33% 48.126074 14 75.33%60.37434 19 64.00% 66.498479 11 82.67%66.49848 11 71.33% 78.74675 9 88.67%72.62261 22 86.00% 84.870885 8 94.00%78.74675 9 92.00% 29.753668 3 96.00%84.87089 8 97.33% 90.99502 3 98.00%90.99502 3 99.33% 23.629533 2 99.33%Mais 1 100.00% Mais 1 100.00%

% cumulativo

% cumulativo

54.2

5

72.6

2

42.0

0

60.3

7

35.8

8

48.1

3

66.5

0

78.7

5

84.8

7

29.7

5

91.0

0

23.6

3Mai

s0

5

10

15

20

25

30

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

120.00%Histograma

Freqüência % cumulativo

Bloco

Fre

qü

ên

cia

15.27%

Investimento

3,830.00

Preço Dólar

US$ 63.85

Preço da Ação

-40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% -

2.00

4.00

6.00

8.00

10.00

12.00

Var Preço Ferro Var Vol Vendas Var Investimento Var Dolar