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www.duratex.com.br
December/2003
Duratex S.A.
Public company traded in stock markets (BOVESPA) since 1951Number of outstanding shares as of January 31st: 11.782.716.987
Common: 37,4%Preferred: 62,6% (80% tag-along rights)
Itaúsa85,5%
Others14,5%
ON’sItaúsa24,4%
Pension Funds23,9%
Foreign Investors
28,7%
Others21,7% Treasury
1,3%
PN’s
Preferred Stock’s Performance
During the year of 2003, Duratex preferred stock was traded onevery working day, presenting an appreciation of 59,6%.
1st Quarter 02 418 315.400 14.623 244,3
2nd Quarter 02 469 396.100 19.838 316,0
3rd Quarter 02 543 756.600 30.051 458,0
4th Quarter 02 739 806.100 35.442 547,0
2002 2.169 2.274.200 99.954 391,3
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
Var. % (2003 - 2002) 116,0% 89,7% 174,1% 172,4%
Deals Shares Traded (1,000)
Traded Volume (R$ 1,000)
Daily Average Volume (R$ 1,000)
Preferred Stock’s Performance
Duratex PN X Stock Indexes100 Base: from 01/31/03 to 01/31/04
Duratex PN X Stock Indexes100 Base: from 01/31/03 to 01/31/04
80,8 %80,8 %
99,7 %99,7 %
61,6 %61,6 %
112,1 %112,1 %
80100120140160180200220
jan-0
3feb
/03
mar-03
apr/0
3may
/03
jun-0
3jul
-03
aug/
03se
p/03
oct/0
3no
v-03
dec/0
3jan
-04
DURATEX IBOVESPA IBX FGV 100
Business Segments
HardboardHardboardParticle BoardParticle BoardMDF/HDF/SDFMDF/HDF/SDFLaminate FlooringLaminate FlooringCeiling & Wall Paneling
Metal FittingsMetal FittingsVitreous ChinaVitreous ChinaAccessoriesAccessories
Ceiling & Wall Paneling
Distribution Channel
Retail80%
Constructors4%
Wholesale6%
B2B + Te lemktg
6%
Others4%
Furniture Makers
64%
Retail20%
Civil Construction
7%
Others9%
Capex (US$ M)
59,7
113,2
59,3
75,9
36,0
63,9
121,1
94,5
54,4
1995 1996 1997 1998 1999 2000 2001 2002 2003
Total Capex from 1995 to 2003: ~ US$680M2004: expected Capex: ~US$35M
Capex - Highlight
MDF / HDF / SDFMDF / HDF / SDF
Location: Botucatu/SPTotal Invested: US$86MProduction Capacity: 400.000 m³/yearLeadership within MDF and HDF production
capacityState of the art technology that allows the
manufacturing of SDF panelsStrategically located
Ramp-up:Acumulated production 2003: 129.200 m³4Q03 monthly average production: 18.200 m³
Capex - Highlight
Particle BoardParticle Board
Location: Itapetininga/SPProduction Capacity: 500.000 m³/year
State of the art technology that allows the manufacturing of panels with a more dense surface
Better finishing possibilities
Capex - Highlight
HardboardHardboard –– CutCut--toto--Size SawSize SawLocation: Jundiaí/SPProduction Capacity: 96.000 m³/yearAllows the company to deliver customized sized
panelsMore adding value by providing customers with a
customized cut panel – example “Right Cut Project”
CTS
Distr.Cent.
Right Cut Project
Closet Components
Capex - Highlight
Low Pressure Coating LineLow Pressure Coating LineLocation: Itapetininga/SPProduction Capacity: 12 M m²/yearAllows the company to improve the
selling mix of particle board and MDF/HDF
More adding value
Strategic Positioning
TimberlandTimberland
Acquisitions between 2000 and 2003: 26.000 ha of timberland Practically self sufficient in own wood supplyCertified areas by ISO 14.001 and Green LabelAverage distance from timberland to industrial sites: 50 km
Capex - Highlight
Metal Metal FittingsFittingsLocation: São Paulo/SP and Jundiaí/SPImprove ScaleAutomate Production Processes
São Paulo
Jundiaí
Hydra Valve – automated assembling lineAssembling Capacity: 1,5 M valves/year
Foundry –Automated Equipment
Capex - Highlight
Vitreous Vitreous ChinaChinaLocation: Jundiaí/SP and São Leopoldo/RSImprove Scale
Improve the production line of added value products
Substitution of oil per natural gas kilnsConcentrate the production of ceramic ware in a
few number of sites, with the closure of one plant
Jundiaí/SP
São Leopoldo/RS
New gas kiln with production capacity of 960 thousand pieces/year
Capex – Capacity Expansion
1995 1996 1997 1998 1999 2000 2001 2002 2003
Hardboard 1 360 360 360 360 360 360 360 360 360
Particle Board 1 320 320 320 320 320 320 340 360 500
MDF/HDF/SDF 1 - - 180 180 180 200 220 240 640
Laminate Flooring 2 - - - 6.000 6.000 6.000 6.000 6.000 6.000
Metal Fittings 3 7.800 8.400 9.000 9.600 10.800 12.000 13.200 14.400 14.400
Vitreous China 3 1.860 1.860 2.160 2.340 2.400 2.580 3.300 3.300 3.1801 in 1.000 m32 in 1.000 m23 in 1.000 pieces
2004: new gas kiln to start operating on 2HY2004
increasing the production capacity by 960 thousand
pieces/year to 4,2M pieces/year, that is + 30%
Strategic Positioning
Wood DivisionWood Division –– Product Product RangeRangeSDF Laminate
Flooring Wall Paneling
Raw Painted Raw LP FF Raw LP FF
Duratex
Berneck
Eucatex
Masisa
Pl. do Paraná
Satipel
Tafisa
Hardboard Particle Board MDF/HDF
Hardboard Particle Board & MDF Laminate Flooring Wall Paneling
Strategic Positioning
Deca DivisionDeca Division –– Product Product RangeRange
Product line in Metal Fittings: over 6.000 itemsProduct line in Vitreous China: over 260 itemsBroad selling mix including from the standard to the higher end productsBroad water saving product line
Industrial Capacity & Level of Utilization - 2003
80,0%
91,8%
86,1%
63,2%
55,6%
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
Strategic Positioning
Shutting Down Shutting Down of Gravataof Gravataíí/RS/RS´́s s Particle Board PlantParticle Board Plant –– Dec/02Dec/02
Capacity: 140.000 m3/year
There will be no impact on revenues
Objectives:
cost reduction by R$ 10M year;
concentrate the production closer to consuming centers ;
Shutting Down Shutting Down of Jundiaof Jundiaíí/SP/SP´́s s Vitreous Vitreous China China Unit Unit I I –– SepSep/03/03
Capacity: 600.000 pieces/year
There will be no impact on revenues
Objectives:
cost reduction by R$ 4,0M year;
efficiency gains by concentrating the production of Unit I in Unit II,
located also in Jundiaí/SP
Exports
20032003 20022002
United States48%
Europe24%
South & Central America
15%Others
13%
United States59%
Europe19%
South & Central America
13%
Others9%
US$ 41,5 MUS$ 46,5 M + 12 %+ 12 %
Exports
Furniture ExportsFurniture Exports ––
Showroom (Jundiaí/SP):
Area: 2.000m2
Active Clients: Holand, Mexico and South Africa
Product Line: 400 items
Exports
Vitreous Vitreous China China ExportsExportsCurrent exports goes mainly to Europe and Latin America
Development of 15 products to the North American Market
Sales team and storage infrastructure in the US
First shipments expected to start on Feb/2004: 2.500 pieces
Participation in fairs during 2004 (Kitchen & Bath in Chicago)
England Portugal
Net Revenues Breakdown
Wood Division: 67% Deca Division: 33%
Hardboard33%
Particle Board12%
MDF15%
Laminate Flooring
7%
Metal Fittings
23%
Vitreous China10%
2003 2002
Wood Division: 65% Deca Division: 35%
Hardboard35%
Particle Board13%
MDF10%
Laminate Flooring
7%
Metal Fittings
25%
Vitreous China10%
Consolidated Income Statement (R$ 1.000)
2003 VA% 2002 VA% HA%
NET REVENUES 989.603 100% 866.884 100% 14%COGS (573.869) 58% (485.984) 56%Depreciation/Amort./Depletion (55.661) (56.062)
GROSS PROFIT 360.073 36% 324.838 37% 11%Selling Expenses (142.383) (109.000)General & Administrative Expenses (44.446) (43.283)Other Operating Results (7.363) (19.651)
INCOME BEFORE FINANCIAL RESULTS 165.881 17% 152.904 18% 8%Net Financial Result (51.553) (18.651)Taxes on Financial Operations (11.729) (10.687)
OPERATING INCOME 102.599 10% 123.566 14% -17%Non Operating Income (38) 2.862
INCOME BEFORE TAXES 102.561 10% 126.428 15% -19%Income Tax & Social Contribution (29.285) (42.965)Statutory Participation (9.061) (11.128)Minority Participation (198) (677)
NET INCOME 64.017 6% 71.658 8% -11%
Consolidated Quarterly Financial Summary (R$ M)
4Q03 3Q03 2Q03 1Q03 4Q02Gross Revenues 352,7 334,9 286,5 280,5 313,0
Net Revenues 279,2 264,4 225,3 220,8 248,2
COGS net of Depreciation 164,1 152,3 135,4 122,1 143,3
Gross Margin Net of Dep. 41,2% 42,4% 39,9% 44,7% 42,3%
Depreciation 14,1 13,3 13,5 14,8 14,3
Gross Profit 101,0 98,8 76,4 83,9 90,6
Gross Margin 36,2% 37,4% 33,9% 38,0% 36,5%
Operating Result 50,3 47,3 28,0 40,3 45,5
EBITDA 65,2 61,3 43,0 55,1 60,5
EBITDA Margin 23,3% 23,2% 19,1% 25,0% 24,4%
Net Income 22,5 13,4 7,6 20,5 19,8
ROE (annualized) 9,9% 5,9% 3,4% 9,3% 8,7%
Financial Performance per Division (R$ M)
(R$M) VA% (R$M) VA% (R$M) VA%
Net Revenues 656,1 100% 333,5 100% 989,6 100%
COGS (375,8) 57% (198,0) 59% (573,9) 58%
Depr/Amort/Depl. (36,7) 6% (18,9) 6% (55,7) 6%
Gross Profit 243,6 37% 116,5 35% 360,1 36%
EBITDA 2003 167,1 25% 57,6 17% 224,7 23%
EBITDA 2002 170,9 30% 39,6 13% 210,4 24%
WOOD DIVISION DECA DIVISION CONSOLIDATED
Total Debt & Amortization Schedule (R$ M)
34,8
296,2
156,0
158,9
106,1
63,1
89,1
Debt 2004 2005 2006 2007 2008 &Beyond
Domestic Currency
Foreign Currency
100% hedge
452,2
Net Debt / Equity = 37,1 %
Total Debt
Consolidated Cash Flow Statement (R$ 1.000)
2003 2002
NET INCOME 64.017 71.658Depreciation/Amortization/Depletion 58.781 57.525Interest / FX Variation (Accrual) 37.412 2.732Provisions / Write-Offs 24.601 28.506
SUB-TOTAL 184.811 160.421Investments in Working Capital (69.072) (1.100)
OPERATING CASH FLOW 115.739 159.321
Wood Division – Cost Breakdown
Hardboard Particle Board MDF
Raw Material 32% 57% 61%
Work Force 25% 12% 12%
Wood 19% 14% 9%
Depreciation 4% 7% 9%
Electric Power 11% 5% 7%
Fuel 9% 5% 2%
Total 100% 100% 100%
Deca Division – Cost Breakdown
Vitreous China Metal Fittings
Raw Material & Others 37% 53%
Work Force 40% 35%
Electric Power 3% 4%
Depreciation 10% 7%
Fuel 10% 1%
Total 100% 100%
Performance
ShipmentsShipments905,5881,2
823,6812,1749,6
689,4
1998 1999 2000 2001 2002 2003
( in 1.000 m3 )
CAGR: 5,6%
13,314,5
13,612,311,8
10,3
1998 1999 2000 2001 2002 2003
( in million of pieces )
CAGR: 3,6%
Performance
CAGR: 12,9%CAGR: 12,9%
539,7
785,3
989,6
866,9
744,6654,1
1998 1999 2000 2001 2002 2003
Net Net RevenuesRevenues (R$ M)
Performance
CAGR: 13,70%CAGR: 13,70%
EBITDA EBITDA (R$ M) & & MarginMargin (%)
118,2
187,5224,6210,4199,4
158,3
24,40%
21,90%24,20%
26,80%
22,70%23,90%
1998 1999 2000 2001 2002 2003
Performance
EBITDA EBITDA (R$ M) & MarginMargin (%)
35,4 35,5
46,7 46,8
42,7
32,3
43,9
48,1
25,4%24,7%22,0%
30,0%28,9%30,2%
26,8%
30,9%
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03
10,2 10,7 11,3
13,712,4
10,7
17,5 16,7
18,90%20,1%
13,6%
15,8%15,9%
13,8%15,2%15,8%
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03
Dividends Distribution (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
www.duratex.com.br