Earnings Release

2014

Earnings Release 2014

Earnings per Share (EPS) of R$ 0.231 in the quarter, 50.9% increase y-o-y.

In 2014, accumulated EPS reached R$ 1.570, 76.3% higher than last year.

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� In 2014, 31,151,100 shares were repurchased,, equivalent to R$ 229 million.

� 34,081,659 shares were cancelled, affecting positively the earnings per share and ROE.

(R$ million) 4Q14 3Q14 4Q13Chg. 4Q14 x

3Q14

Chg. 4Q14 x

4Q132014 2013

Chg. 2014 x

2013

Earnings per share 0.231 0.299 0.153 23.0% ↓ 50.9% ↑ 1.570 0.891 76.3% ↑

Earnings per share (ex. non recurring LOG) 0.231 0.299 0.153 23.0% ↓ 50.9% ↑ 0.987 0.827 19.4% ↑

Earnings per share (ex. Equity Income) 0.280 0.339 0.182 17.4% ↓ 54.3% ↑ 1.102 0.890 23.8% ↑

Resultados 2014

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Gross margin of 30.3% in the 4Q14, an increase of 4.1 p.p. compared to 4Q13 and

2.2 p.p. compared to 3Q14. In 2014, the accumulated gross margin was 28.3%, 1.9 p.p.

higher than 2013.

Resultados 2014

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Robust Free Cash Generation of R$ 238 million in the quarter, totaling R$ 567 million in 2014.

Resultados 2014

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Company’s leverage decrease: in 2014 Net Debt / Equity ratio reached 24%, a 3.8 p.p.

decrease q-o-q, even with a buyback program getting to R$ 229 million in 2014.

(R$ million) Dec-14 Sep-14 Dec-13Chg. Dec-14 x

Sep-14

Chg. Dec-14 x

Dec-13

Total debt 2,502 2,567 3,018 2.5% ↓ 17.1% ↓

(-) Cash and cash equivalents and Short-term investments (1,372) (1,233) (1,689) 11.3% ↑ 18.7% ↓

Net Debt 1,130 1,334 1,329 15.3% ↓ 15.0% ↓

Total Shareholders' Equity 4,673 4,761 4,365 1.9% ↓ 7.0% ↑

Net Debt / Total Shareholders' Equity 24.2% 28.0% 30.4% 3.8 p.p. ↓ 6.3 p.p. ↓

EBITDA LTM 862 853 643 1.1% ↑ 34.0% ↑

Net Debt / EBITDA LTM 1.31x 1.56x 2.07x 16.2% ↓ 36.6% ↓

EBITDA LTM Adjusted (ex. Equity Income) 648 630 643 2.9% ↑ 0.7% ↑

Net Debt / EBITDA LTM (ex. Equity Income) 1.74x 2.12x 2.07x 17.7% ↓ 15.6% ↓

Resultados 2014

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Pre-sales record in 2014, reaching R$ 6,005 million (41,325 units), a 17.9% increase in financial

volume and 7.5% increase in units. The Simultaneous Sales (SICAQ / SAC) accounted for 77.8% of

the pre-sales volume in the 4Q14.

Leonardo Corrêa

Chief Financial and Investor Relations Officer

Ricardo Paixão

Investor Relations and Financial Planning Director

Matheus Torga

Investor Relations Manager

Tel.: (+55 31) 3348-7150

E-mail: ri@mrv.com.br

Esta apresentação também está disponível em nosso website: www.mrv.com.br/ri

Contacts

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