duratex - 1st quarter 2004

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Non-Deal Road Show June/2004 www.duratex.com.br

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Presentation - 1st Quarter 2004

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Page 1: Duratex - 1st Quarter 2004

Non-Deal Road Show June/2004

www.duratex.com.br

Page 2: Duratex - 1st Quarter 2004

Duratex S.A.

Public company traded, in stock markets (BOVESPA), since 1951Number of outstanding shares as of April 30th: 11.782.716.987

Common: 37%Preferred: 63% (80% tag-along rights)

Itaúsa85,5%

Others14,5%

CommonItaúsa24,4%

Pension Funds23,5%

Foreign Investors

28,4%

Others19,7% Treasury

4,0%

Preferred

1

Page 3: Duratex - 1st Quarter 2004

Preferred Stock Performance

Duratex’ preferred shares from Dec/03 to May/04, presented a decline in pricing of 25% as the IBOVESPA devalued by 12%, in the same period.

1st Quarter 04 1.120 1.296.300 103.671 1.672,1

2004 1.120 1.296.300 103.671 1.672,1

1st Quarter 03 675 614.400 31.947 525,7

2nd Quarter 03 817 690.300 40.577 662,7

3rd Quarter 03 1.454 1.609.800 99.159 1.502,0

4th Quarter 03 1.740 1.399.400 102.329 1.574,3

2003 4.686 4.313.900 274.012 1.066,2

1Q03 - 1Q04 Var. % 65,9% 111,0% 224,5% 218,1%

Deals Shares Traded (1,000)

Traded Volume (R$ 1,000)

Daily Average Volume (R$ 1,000)

2

Page 4: Duratex - 1st Quarter 2004

Business Segments

HardboardHardboardParticle BoardParticle BoardMDF/HDF/SDFMDF/HDF/SDFLaminate FlooringLaminate FlooringCeiling and Wall Paneling

Metal FittingsMetal FittingsVitreous ChinaVitreous ChinaAccessoriesAccessories

Ceiling and Wall Paneling

3

Page 5: Duratex - 1st Quarter 2004

CAPEX (in R$M)

Highlights:Continued expansion works at the Vitreous China Unit II (Jundiaí/SP)

Conclusion of the equipment assembling works for the production of particle

board panels with a “super-thin” surface

Conclusion of the assembling works of a new low pressure coating line

(Botucatu/SP)

Timberland acquisitions in the Botucatu/SP region totaling 978 hectares

CAPEX:

Jan-May/04: ~R$45M

2004: R$120M (whole year)

2005: R$ 60M45,0

172,8

303,0

139,4138,9

65,474,1

130,495,0

49,9

1995 1996 1997 1998 1999 2000 2001 2002 2003 Jan-May/04

19951995--May/04: R$1.2BMay/04: R$1.2B4

Page 6: Duratex - 1st Quarter 2004

Total Debt & Amortization Schedule in Mar/04 (R$ M)

39,5

436,6

142,2 156,3

96,3

65,5

221,2

Debt 2004 2005 2006 2007 2008 &Beyond

Domestic Currency

Foreign Currency

100% hedge

TOTAL DEBT 578,8

Net Debt / Equity = 39,6%During the first quarter, there were issued R$130M in Debenture

Amortization Schedule

5

Page 7: Duratex - 1st Quarter 2004

Industrial Capacity & Level of Utilization

JanJan--May/2004May/2004

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/year74,0%

84,0%

82,0%

64,0%

78,0%

Vitreous China

Metal Fittings

MDF/HDF/SDF

Particle Board

Hardboard

6

Page 8: Duratex - 1st Quarter 2004

Performance – Monthly Production

MDF/HDF/SDF MDF/HDF/SDF -- BotucatuBotucatu Unit Unit (capacity of 400.000 m(capacity of 400.000 m33/year)/year)

0

2.500

5.000

7.500

10.000

12.500

15.000

17.500

20.000

22.500

25.000

feb/03 mar apr may jun jul aug sep oct nov dec jan/04 feb mar apr may

m3

2003: 21,5% during the yearAverage Level of Capacity Utilization 2004: 57,8% from January to May 7

Page 9: Duratex - 1st Quarter 2004

Exports – 1Q2004

Total exported:

1Q2004: US$13,0 M

1Q2003: US$ 9,8 M

Highlights - MDF, Vitreous China and Furniture exports (Inter D+)

+ 32,6%

DECA DIVISION

7%

WOOD DIVISION

93%

Metal Fittings1,9%

Vitreous China5,1%

Hardboard59,8%

MDF/HDF/SDF26,2%

Laminate Flooring

3,1%

INTER D+3,9%

8

Page 10: Duratex - 1st Quarter 2004

Exports – 1Q2004

Main MarketsMain Markets

United States43%

Europe23%

South and Central America

11%

Others23%

9

Page 11: Duratex - 1st Quarter 2004

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

m3

10

Page 12: Duratex - 1st Quarter 2004

Exports – 1Q2004

Furniture ExportsFurniture Exports ––

Showroom (Jundiaí/SP):

Area: 2.000m2

Active Clients: Holand, Mexico, South Africa and Middle East region

Product Line: 400 items

Main products exported: (50%) living, (25%) youth dormitories and

(25%) dining room

Sales in 2003: US$873K

Sales in 1Q04: US$769K

11

Page 13: Duratex - 1st Quarter 2004

Exports – 1Q2004

Vitreous Vitreous China China Exports Exports

Sales in 2003: US$1.952K

Sales Jan-May/2004: US$1.011K

Expects to exhibit its products in fairs in South Africa and Portugal

March/2004 – present at the Kitchen & Bath fair in Chicago

Kitchen & Bath – Chicago Mar/2004 Kitchen & Bath – Chicago Mar/2004 12

Page 14: Duratex - 1st Quarter 2004

Net Revenues Breakdown

Wood Division: 65% Deca Division: 35%

Hardboard30%

Particle Board12%

MDF17%

Laminate Flooring

6%

Metal Fittings

24%

Vitreous China11%

1Q2004 1Q2003

Wood Division: 65% Deca Division: 35%

Hardboard29%

Particle Board14%

MDF14%

Laminate Flooring

8%

Metal Fittings

24%

Vitrous China11%

13

Page 15: Duratex - 1st Quarter 2004

Consolidated Income Statement (R$ 1.000)

1Q 2004 VA% 1Q 2003 VA% HA%

NET REVENUES 250.290 100% 220.778 100% 13%COGS (149.871) 60% (122.841) 56%Depreciation/Amort./Depletion (16.595) (14.066)

GROSS PROFIT 83.824 33% 83.871 38% 0%Selling Expenses (34.357) (29.482)General & Administrative Expenses (11.630) (10.368)Other Operating Results (1.945) (3.685)

INCOME BEFORE FINANCIAL RESULTS 35.892 14% 40.336 18% -11%Net Financial Result (13.797) (5.821)Taxes on Financial Operations (1.583) (2.417)

OPERATING INCOME 20.512 8% 32.098 15% -36%Non Operating Income (277) 405

INCOME BEFORE TAXES 20.235 8% 32.503 15% -38%Income Tax & Social Contribution (7.320) (8.957)Statutory Participation (1.598) (2.995)Minority Participation (10) (42)

NET INCOME 11.307 5% 20.509 9% -45%

14

Page 16: Duratex - 1st Quarter 2004

Consolidated Financial Summary (R$M)

Jan Feb Mar Quarter Jan Feb Mar QuarterShipments

Wood (in m³) 69.048 76.239 95.942 241.229 65.865 60.712 64.386 190.963

Deca (in 1.000 pieces) 1.099 850 1.391 3.340 1.301 1.034 1.028 3.363

Net Revenues 77,2 76,4 96,7 250,3 78,0 72,7 70,1 220,8

Gross Profit 22,4 25,2 36,3 83,8 29,4 27,6 26,8 83,8

EBITDA 13,5 15,9 24,4 53,7 19,8 18,3 17,0 55,1

EBITDA Margin 17,4% 20,8% 25,2% 21,5% 25,4% 25,2% 24,3% 25,0%

Net Income 0,1 3,0 8,2 11,3 12,4 5,8 2,3 20,5

2.004 2.003

Net Income and EBITDA 2003

12,4

2,3

5,817,0

18,319,8

Jan Feb Mar15

Net Income and EBITDA 2004

0,13,0

8,2

13,4

15,9

24,4

Jan Feb Mar

Page 17: Duratex - 1st Quarter 2004

Consolidated Financial Summary (R$M)

1Q04 4Q03 3Q03 2Q03 1Q03Gross Revenues 328,1 352,7 334,9 286,5 280,5

Net Revenues 250,3 279,2 264,4 225,3 220,8

COGS net of Depreciation 149,9 164,1 152,3 135,4 122,8

Gross Margin Net of Dep. 40,1% 41,2% 42,4% 39,9% 44,4%

Depreciation 16,6 14,1 13,3 13,5 14,1

Gross Profit 83,8 101,0 98,8 76,4 83,9

Gross Margin 33,5% 36,2% 37,4% 33,9% 38,0%

Operating Result 35,9 50,3 47,3 28,0 40,3

EBITDA 53,7 65,2 61,3 43,0 55,1

EBITDA Margin 21,5% 23,3% 23,2% 19,1% 25,0%

Net Income 11,3 22,5 13,4 7,6 20,5

ROE (annualized) 5,0% 9,5% 5,9% 3,4% 9,0%

16

Page 18: Duratex - 1st Quarter 2004

Financial Performance per Division (R$M)

(R$M) VA% (R$M) VA% (R$M) VA%

Net Revenues 163,3 100% 87,0 100% 250,3 100%

COGS (98,4) 60% (51,5) 59% (149,9) 60%

Depr/Amort/Depl. (12,0) 7% (4,6) 5% (16,6) 7%

Gross Profit 52,9 32% 30,9 36% 83,8 33%

EBITDA 1Q 2004 36,3 22% 17,4 20% 53,7 21%

EBITDA 1Q 2003 42,7 30% 12,4 16% 55,1 25%

WOOD DIVISION DECA DIVISION CONSOLIDATED

17

Page 19: Duratex - 1st Quarter 2004

Consolidated Operating Cash Flow Statement (R$ 1.000)

1Q04 1Q03

NET INCOME 11.307 20.509Depreciation/Amortization/Depletion 17.820 14.801Interest / FX Variation (Accrual) 11.717 820Provisions / Write-Offs 3.410 4.703

SUB-TOTAL 44.254 40.833Investments in Working Capital 11.735 (4.007)

OPERATING CASH FLOW 55.989 36.826

18

Page 20: Duratex - 1st Quarter 2004

Performance

ShipmentsShipments

241,2190,9197,4

905,5881,2823,6

2001 2002 2003 1Q02 1Q03 1Q04

( in 1.000 m3 )

CAGR: 10,5%

3,33,33,2

13,314,5

13,6

2001 2002 2003 1Q02 1Q03 1Q04

( in million pieces )

CAGR: 1,5%19

Page 21: Duratex - 1st Quarter 2004

Performance

Net Net RevenuesRevenues (R$ M)(R$ M)

785,3

179,1250,3220,8

989,6866,9

2001 2002 2003 1Q02 1Q03 1Q04

CAGR: 12,3% CAGR: 18,2% 20

Page 22: Duratex - 1st Quarter 2004

Performace

EBITDA EBITDA (R$ M) & MarginMargin (%)

35,4 35,5

46,7 46,8

42,7

32,3

43,9

48,1

36,3

25,4%

22,2%24,7%

22,0%

30,0%28,9%30,2%

26,8%

30,9%

1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04

10,2 10,7 11,3

13,712,4

10,7

17,5 16,7 17,4

18,9%19,9%20,1%

13,6%

15,8%15,9%

13,8%15,2%15,8%

1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 21

Page 23: Duratex - 1st Quarter 2004

Performance

187,5

45,6 53,755,1

224,6210,4

25,0%23,9% 24,4%22,7% 21,5%

25,5%

2001 2002 2003 1Q02 1Q03 1Q04

EBITDA EBITDA (R$ M) & & MarginMargin (%)

22

Page 24: Duratex - 1st Quarter 2004

Dividends (R$ M)

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%

25,724,623,621,5

15,115,014,7

11,28,7

1995 1996 1997 1998 1999 2000 2001 2002 2003

23

Page 25: Duratex - 1st Quarter 2004

Non-Deal Road Show June/2004

www.duratex.com.br