Duratex - 1st Half 2006
18
1HY2006 Results August/2006 www.duratex.com.br
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Presentation - 1st Half 2006
Transcript of Duratex - 1st Half 2006
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1HY2006 Results
August/2006
www.duratex.com.br
2
Capital Markets
Itaúsa / Itaúcorp7,5%
PensionFunds10,6%
Foreign Investors51,9%
Others30,0%
Preferred Shareholders´ Structure(as of Jun 30, 2006)
jun/06
Total Outstanding Shares 126.827.072
Treasury 110.126
STOCK PRICE (R$) 19,45
MARKET CAP (R$ M) 2.465
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
Volume Financeiro(R$1.000)
8,009,0010,0011,0012,0013,0014,0015,0016,0017,0018,0019,0020,0021,0022,0023,0024,0025,0026,0027,00
Preço (R$)em 31/7/2006
Adhesion toBovespa Level I
Stock Split in Reverse200 / 1
Public Offer
Stock Dividend
3
Performance of Duratex Preferred Shares
Duratex Preferred Shares 20% 45%IBOVESPA 28% 11%
Daily average trading volume R$ 1,4 M R$ 7,9 MDaily average number of trades 27 232
2006 until 31/Jul/062005 (%)
Price (R$)as of 7/31/06
Traded Volume(R$1.000)
4
Business Areas
Hardboard
Particle Board
MDF/HDF/SDF
Laminate Flooring
Metal Fittings
Vitreous China
Accessories
Wood
5
Capex and EBITDA (in R$ M)
172,8136,8 108,4
52,166,7
232,2
362,6
191,7
201,7
320,6
2003 2004 2005 1H05 1H06
Capex EBITDA
6
Debt Structure
Total Debt & Amortization Schedule
526,276,6
53,8
213,1
108,0
168,6
93,9
Total Debt 2006 2007 2008 2009 2010 &Beyond
ForeignCurrency
DomesticCurrency
Short Term Debt 201 214Long Term Debt 419 426Total Debt 620 640
Cash and Cash Equivalents 499 285Net Debt 121 355
Shareholder´s Equity 1.295 1.082
Net Debt / Equity 9,4% 32,8%
Net Debt / EBITDA (annualized) 0,30 0,87
in R$ million jun-06 mar-06
7
Nominal Capacity & Occupancy Rate
72,2%
89,7%
69,9%
74,3%
84,1%
Vitreous China
Metal Fittings
MDF/HDF/SDF
Particle Board
Hardboard
4.200 K. pieces/year4.200 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
Occupancy Rate during 1HY06
8
Revenues Breakdown
Vitreous China11%
LaminateFlooring
6%
MDF / HDF / SDF26%
ParticleBoard13%
Hardboard22%
MetalFittings
22%
Market Segments
Civil Construction49%
Furniture Makers32%
Others19%
Net Revenues Breakdown (1H06)
9
46,557,6 62,5
31,6 29,1
2003 2004 2005 1H05 1H06
► Deca Division1H06: US$ 4,3 M1H05: US$ 2,8 M + 54%
► Wood Division 1H06: US$ 24,8 M1H05: US$ 28,8 M - 14%
Exports (in US$ M)
10
Exports
Highlights
Wood85%
Deca15%
► Export Markets:
United States 45%Europe 19%Asia / Middle East 8%South / Central America 17%Others 11%
MetalFittings
4%
Hardboard70% MDF/HDF/SDF
10%
Other5%
VitreousChina11%
11
Quarterly Performance
Wood (in 1.000 m³) 289,0 267,1 262,5 8% 10%Deca (in 1.000 of pieces) 3.156 3.350 2.855 -6% 11%
in R$ MNet Revenues 348,3 330,4 316,1 5% 10%COGS (204,9) (188,6) (180,0) 9% 14%Gross Profit 143,4 141,8 136,1 1% 5%% Gross Margin 41% 43% 43% - -Operating Profit before Fin. Results 80,6 82,0 77,2 -2% 4%EBITDA 99,8 101,9 97,9 -2% 2%% EBITDA Margin 29% 31% 31% - -Net Income 45,8 44,8 32,7 2% 40%ROE (annualized) 16,3% 17,9% 13,6% - -
Shipments 2Q06 1Q06 2Q05Var. (%)
2Q06 x 1Q06Var. (%)
2Q06 x 2Q05
12
Operating Highlights (in R$ M)
Net Revenues
EBITDA
551,9 622,4678,7
1HY04 1HY05 1HY06
144,4191,7
201,7
1HY04 1HY05 1HY06
Gross Profit
201,0268,6
285,2
1HY04 1HY05 1HY06
CAGR + 19%
Net Income
49,172,7
90,6
1HY04 1HY05 1HY06
CAGR + 11%
CAGR + 18%CAGR + 36%
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Performance per Division
R$ M VA% R$ M VA% R$ M VA%Net Revenues 459,8 100% 218,9 100% 678,7 100%COGS (232,1) 50% (123,4) 56% (355,5) 52%Depreciation (28,1) 6% (9,8) 4% (37,9) 6%Gross Profit 199,5 43% 85,7 39% 285,2 42%
EBITDA 1HY06 151,2 33% 50,5 23% 201,7 30%EBITDA 1HY05 140,2 33% 51,5 26% 191,7 31%EBITDA 1HY04 111,1 30% 33,2 19% 144,3 26%
Wood Division Deca Division Consolidated1HY2006
33,251,5 50,5
1HY04 1HY05 1HY0614
EBITDA per Division (in R$M)
111,1140,2
151,2
1HY04 1HY05 1HY06
Wood Division
Deca Division
CAGR + 17%
CAGR + 23%
42%
15%2%
Spain Chile Brasil15
Period Units Total in R$ 1.000
Jun/05 to May/06 78.859 6.134.286
Jun/04 to May/05 50.899 3.552.064 +55% +73%
Civil Construction
► Civil Construction ScenarioHousing deficit 7,9 millions of houses
Housing Financing (construction and acquisition)
Real Estate Credit / GDP (in 2004)Source: BACEN
Source: ABECIP (Associação Brasileira das Entidades de Crédito Imob. E Poupança)
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Construction Average Cycle
Project
IncorporationSale
Construction of flagstoneHydraulic (pipes, valves and
registers) and electricThick finishing
Light finishing (metal fittings and vitreous china, painting)Ready
Remodeling / installation of accessories (soap dish, towel rack, toilet seat, etc) / furniture (kitchen, closets, etc)
12 months 5 months 3 months
5% 95%
25,7
58,146,3
30,425,0
2003 2004 2005 1HY05 1HY06
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Dividends (in R$ M)
Pay-Out (%) 40% 46% 34% 34% 34%
Gross Dividends (accrual)
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1HALF2006 Results
August/2006
www.duratex.com.br
