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Main Indicators
Revenue
COGS G&A
EBITDA
Financial Indicators per Business Unit
Income Statement
Balance Sheet
Cash flow
Capex per Business Unit
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
in R$ millions
Net revenue
EBITDA
EBITDA margin (%)
Net earnings
ROIC (%)
Capex
82.4
104.6
102.7
114.6
115.5
131.3
148.9
154.2
31.6
42.8
37.7
45.6
42.8
50.5
55.9
45.4
38.4%
40.9%
36.7%
39.8%
37.0%
38.4%
37.6%
29.4%
12.0
20.1
16.6
19.8
18.7
26.1
28.5
30.1
21.6%
29.4%
23.3%
26.0%
23.1%
23.0%
20.3%
18.8%
14.2
30.5
22.7
58.7
90.0
121.0
78.8
9.0
Menu
1Q11
145.0
2Q11
164.0
3Q11
175.1
4Q11
193.5
1Q12
199.1
2Q12
211.1
3Q12
222.2
4Q12
1Q13
2Q13*
3Q13*
246.8
239.9
271.5
279.2
52.8
58.0
50.8
76.4
86.2
84.4
96.1
91.7
102.0
107.5
109.4
36.4%
35.4%
29.0%
39.5%
43.3%
40.0%
43.3%
37.1%
42.5%
39.6%
39.2%
22.2
22.6
17.8
29.5
32.7
39.2
38.0
41.6
39.3
48.1
39.6
13.8%
12.7%
8.6%
14.2%
15.1%
13.6%
15.8%
14.5%
14.9%
14.2%
13.9%
184.6
105.2
114.4
58.4
83.5
79.4
76.3
127.8
150.7
129.7
121.6
2009
2010
2011
2012
404.2
549.9
677.6
879.3
157.6
194.5
238.1
358.5
39.0%
35.4%
35.1%
40.8%
68.4
103.3
92.2
151.5
25.0%
21.0%
12.3%
14.7%
76.3
348.5
525.9
297.6
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
in R$ millions
Rental
63.8
68.5
70.5
80.0
74.6
84.6
91.8
91.1
16.0
32.2
27.1
28.6
29.6
35.6
42.6
43.6
Sales
0.6
2.5
4.0
5.5
9.6
6.0
8.7
12.7
Others
1.9
1.4
1.1
0.4
1.7
5.0
5.9
6.8
82.4
104.6
102.7
114.6
115.5
131.3
148.9
154.2
Heavy Construction
1Q09
32.8
14.1
Jahu - Residential and Commercial Construction
Industrial Services
23.4
Rental
12.0
82.4
2Q09
3Q09
4Q09
39.9%
37.1
35.4%
36.9
36.0%
39.4
34.4%
17.2%
14.7
14.0%
15.1
14.7%
18.3
15.9%
28.4%
40.8
39.0%
36.1
35.1%
41.2
36.0%
14.6%
12.1
11.6%
14.6
14.2%
15.7
13.7%
100.0%
104.6
100.0%
102.7
100.0%
114.6
100.0%
Menu
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13*
3Q13*
96.8
105.4
119.3
132.4
137.9
147.9
155.8
166.7
171.6
178.7
182.7
37.6
43.3
41.3
37.6
42.3
44.5
41.4
45.9
42.8
53.8
48.2
5.6
7.3
8.5
19.2
13.0
13.5
19.0
28.6
18.4
28.8
36.2
5.0
8.0
6.0
4.3
6.0
5.2
6.0
5.6
7.2
10.2
12.2
145.0
164.0
175.1
193.5
199.1
211.1
222.2
246.8
239.9
271.5
279.2
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
35.7
30.9%
41.7
31.8%
42.7
28.7%
34.2
22.2%
31.8
22.0%
30.6
18.6%
22.7
19.6%
21.8
16.6%
27.9
18.7%
32.8
21.3%
29.2
20.1%
34.7
21.2%
40.0
34.6%
46.5
35.4%
52.5
35.2%
56.4
36.6%
50.2
34.6%
57.5
35.1%
17.2
14.9%
21.3
16.2%
25.8
17.4%
30.8
20.0%
33.7
23.3%
41.2
25.1%
115.5
100.0%
131.3
100.0%
148.9
100.0%
154.2
100.0%
145.0
100.0%
164.0
100.0%
2009
2010
2011
2012
282.9
342.1
453.9
608.2
103.9
151.4
159.8
174.1
12.6
37.0
40.6
74.1
4.8
19.4
23.3
22.8
404.2
549.9
677.6
879.3
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
33.2
19.0%
36.1
18.6%
39.3
19.7%
41.9
19.9%
45.5
20.5%
47.3
19.2%
39.4
22.5%
52.5
27.1%
52.5
26.4%
58.9
27.9%
60.5
27.2%
66.0
26.7%
56.9
32.5%
50.2
25.9%
50.9
25.5%
54.8
26.0%
48.8
22.0%
59.3
24.0%
45.6
26.1%
54.9
28.3%
56.5
28.4%
55.4
26.3%
67.4
30.3%
74.2
30.1%
175.1
100.0%
193.5
100.0%
199.1
100.0%
211.1
100.0%
222.2
100.0%
246.8
100.0%
1Q13
2Q13
3Q13
2009
2010
47.5
19.8%
55.1
20.3%
55.7
20.0%
146.2
36.2%
154.3
64.9
27.0%
66.5
24.5%
72.4
25.9%
62.2
15.4%
105.1
51.5
21.5%
59.8
22.0%
57.2
20.5%
141.4
35.0%
195.4
76.1
31.7%
90.1
33.2%
93.9
33.6%
54.4
13.5%
95.1
239.9
100.0%
271.5
100.0%
279.2
100.0%
404.2
100.0%
549.9
2011
2012
28.1%
131.6
19.4%
174.1
19.8%
19.1%
155.8
23.0%
238.0
27.1%
35.5%
214.8
31.7%
213.8
24.3%
17.3%
175.4
25.9%
253.5
100.0%
677.6
100.0%
879.3
28.8%
100.0%
Mills - Cost of goods and services sold (COGS) and the general, administrative and operating expenses (G&A)
in R$ millions
1Q09
2Q09
3Q09
4Q09
1Q10
25.9
51.0%
34.1
55.2%
33.8
52.0%
37.7
54.7%
35.7
0.3
0.6%
1.5
2.4%
2.3
3.5%
3.4
5.0%
5.4
0.1
0.2%
0.1
0.1%
0.1
0.1%
0.1
0.1%
0.1
Equipment storage
COGS, ex-depreciation
26.3
51.8%
35.7
57.7%
36.1
55.6%
41.2
59.7%
41.1
G&A
24.5
48.2%
26.2
42.3%
28.9
44.4%
27.8
40.3%
31.6
50.7 100.0%
69.0 100.0%
72.7
61.8 100.0%
65.0 100.0%
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
49.1%
44.1
54.6%
50.9
54.7%
51.9
47.7%
45.9
49.8%
52.2
49.3%
58.5
47.1%
53.3
7.4%
3.6
4.5%
6.2
6.7%
8.0
7.4%
3.5
3.8%
4.5
4.3%
5.6
4.5%
11.8
0.1%
0.4
0.4%
1.0
1.0%
2.6
2.4%
1.2
1.4%
1.3
1.2%
0.6
0.5%
1.4
56.6%
48.1
59.5%
58.1
62.5%
43.4%
32.7
40.5%
34.9
37.5%
100.0%
80.8 100.0%
93.0 100.0%
5.4
5.8%
6.7
6.3%
8.1
6.6%
7.1
62.6
57.5%
56.0
60.8%
64.7
61.1%
72.9
58.7%
73.7
46.3
42.5%
36.1
39.2%
41.2
38.9%
51.3
41.3%
43.4
124.2 100.0%
117.1
108.8 100.0%
92.1 100.0%
106.0 100.0%
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13*
3Q13*
45.5%
48.6
43.0%
56.0
44.2%
56.5
44.8%
64.2
41.4%
55.2
40.0%
66.0
40.2%
65.7
10.1%
6.2
5.5%
7.2
5.7%
11.0
8.7%
16.5
10.6%
12.2
8.8%
21.1
12.9%
22.4
1.2%
1.2
1.1%
1.6
1.2%
1.9
1.5%
0.2
0.1%
0.9
0.6%
2.3
1.4%
3.4
6.1%
7.6
6.7%
8.1
6.4%
9.4
7.5%
10.5
6.8%
9.6
7.0%
10.9
6.7%
11.9
63.0%
63.6
56.4%
72.8
57.5%
78.9
62.6%
91.4
58.9%
77.9
56.5%
100.3
61.1%
103.4
49.3
43.6%
53.9
42.5%
47.2
37.4%
63.8
41.1%
60.1
43.5%
63.8
38.9%
66.4
164.1 100.0%
169.8
37.0%
100.0%
112.9 100.0%
126.7 100.0%
126.1 100.0%
155.2 100.0%
137.9 100.0%
Menu
2009
2010
2011
2012
38.7%
131.5
53.3%
182.6
51.4%
210.0
47.8%
225.2
43.2%
13.2%
7.5
3.0%
23.2
6.5%
25.5
5.8%
41.0
7.9%
2.0%
0.3
0.1%
4.0
1.1%
4.6
1.0%
4.9
0.9%
7.0%
0.0%
0.0%
27.3
6.2%
35.5
6.8%
60.9%
139.3
56.5%
209.9
59.1%
267.4
60.8%
306.7
58.9%
39.1%
107.3
43.5%
145.5
40.9%
172.1
39.2%
214.1
100.0%
246.5
100.0%
355.4
100.0%
439.5
100.0%
520.8
41.1%
100.0%
1Q09
2Q09
3Q09
4Q09
1Q10
54.0%
19.1
44.7%
17.2
45.5%
20.3
44.6%
16.4
7.1 22.6%
Jahu - Residential and Commercial Construction
7.7
18.0%
7.3
19.4%
9.7
21.3%
10.3
Heavy Construction
17.1
Industrial Services
0.2
0.6%
9.0
21.1%
5.3
14.1%
6.3
13.8%
6.3
Rental
7.3
22.9%
7.0
16.3%
7.9
21.0%
9.2
20.2%
9.8
Total EBITDA
EBITDA margin (%)
31.6 100.0%
38.4%
42.8 100.0%
40.9%
37.7 100.0%
36.7%
45.6 100.0%
39.8%
42.8
37.0%
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
38.3%
21.6
42.9%
22.3
39.9%
13.3
29.2%
15.6
29.4%
14.1
24.3%
8.6
17.0%
24.0%
10.0
19.8%
11.9
21.4%
11.6
25.6%
12.3
23.2%
13.5
23.2%
16.4
32.2%
14.8%
6.9
13.8%
7.0
12.6%
5.8
12.8%
6.1
11.6%
8.1
14.0%
4.1
8.1%
22.9%
11.9
23.5%
14.6
26.2%
14.7
32.3%
18.9
35.8%
22.3
38.4%
21.7
42.7%
100.0%
50.5 100.0%
38.4%
55.9 100.0%
37.6%
45.4 100.0%
29.4%
52.8 100.0%
36.4%
58.0 100.0%
35.4%
50.8 100.0%
29.0%
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
19.5
25.5%
18.9
21.9%
21.2
25.1%
24.1
25.1%
20.2
22.0%
24.3
23.9%
25.1
23.9
31.2%
26.3
30.5%
27.2
32.2%
33.8
35.2%
26.1
28.5%
27.7
27.2%
24.6
2.3
3.1%
6.2
7.2%
4.7
5.5%
0.1
0.1%
8.4
9.2%
6.3
6.2%
8.5
30.7
40.2%
34.9
40.4%
31.4
37.2%
38.0
39.6%
36.9
40.3%
43.6
42.7%
49.3
76.4 100.0%
39.5%
86.2 100.0%
43.3%
84.4 100.0%
40.0%
96.1 100.0%
43.3%
91.7 100.0%
37.1%
102.0 100.0%
42.5%
107.5
39.6%
Menu
3Q13
2009
2010
2011
23.3%
29.4
26.9%
73.7
46.7%
73.6
37.8%
57.8
24.3%
22.9%
24.4
22.3%
31.8
20.2%
43.9
22.6%
66.0
27.7%
7.9%
3.3
3.0%
20.8
13.2%
26.1
13.4%
20.7
8.7%
45.9%
52.3
47.8%
31.3
19.9%
51.0
26.2%
93.6
39.3%
157.6
100.0%
194.5
100.0%
238.1
100.0%
100.0%
109.4 100.0%
39.2%
39.0%
35.4%
35.1%
2012
84.3
23.5%
113.4
31.6%
19.4
5.4%
141.2
39.4%
358.5
100.0%
40.8%
in R$ millions
1Q09
2Q09
3Q09
4Q09
1Q10
Heavy Construction
2.6
1.4
9.3
8.9
21.6
0.3
1.8
6.6
7.1
11.2
Industrial Services
1.5
0.5
1.5
2.0
7.3
Rental
3.8
10.1
12.8
3.4
18.1
Corporate
0.8
0.5
0.3
1.3
0.5
Organic growth
9.0
14.2
30.5
22.7
58.7
Acquisition
Total capex
9.0
14.2
30.5
22.7
58.7
Realized
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
19.2
25.0
8.5
8.4
8.2
13.8
16.9
9.0
24.0
11.3
24.7
33.6
34.5
37.0
40.8
50.6
56.6
15.4
12.5
22.8
7.3
6.8
3.6
2.2
4.1
6.9
4.1
3.2
1.1
0.2
35.1
52.5
25.0
42.4
43.1
43.9
33.4
26.0
40.9
40.3
3.8
3.1
7.3
4.7
3.5
6.4
3.4
4.8
5.1
4.9
90.0
121.0
78.8
94.6
99.7
121.6
114.4
58.4
83.5
79.4
90.0
5.5
184.6
105.2
121.6
114.4
90.0
121.0
78.8
58.4
83.5
79.4
Menu
4Q12
1Q13
2Q13
3Q13
2009
2010
2011
2012
6.3
21.7
28.8
26.5
22.1
74.3
47.3
50.5
9.1
24.9
44.8
16.1
15.8
104.0
185.0
59.8
0.4
0.2
0.3
2.0
5.4
25.0
17.3
4.9
53.7
73.3
69.3
74.2
30.1
130.6
162.8
160.9
6.7
7.7
7.6
10.9
2.9
14.6
18.0
21.5
76.3
127.8
150.7
129.7
76.3
348.5
430.4
297.6
95.5
127.8
150.7
129.7
348.5
525.9
297.6
76.3
76.3
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
in R$ millions
Net revenue
Rental
28.9
31.5
31.4
33.5
29.8
32.4
32.7
26.8
4.0
5.6
5.5
5.9
5.8
9.3
10.0
7.4
32.8
37.1
36.9
39.4
35.7
41.7
42.7
34.2
EBITDA
17.1
19.1
17.2
20.3
16.4
21.6
22.3
13.3
52.0%
51.5%
46.5%
51.6%
45.9%
51.9%
52.2%
38.8%
ROIC (%)
33.0%
35.6%
29.5%
32.5%
24.4%
28.5%
25.5%
18.8%
Capex
Invested Capital
Depreciation
2.6
1.4
9.3
8.9
21.6
19.2
25.0
8.5
113.2
119.2
126.5
130.7
138.4
162.2
184.4
200.6
2.9
3.0
3.2
4.3
3.6
3.9
4.5
4.8
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
in R$ millions
Net revenue
Rental
Technical support services, sales and others
Total net revenue
EBITDA
14.0
14.2
14.6
15.3
16.5
19.6
21.9
23.6
0.2
0.5
0.5
2.9
6.2
2.2
6.0
9.2
14.1
14.7
15.1
18.3
22.7
21.8
27.9
32.8
7.1
7.7
7.3
9.7
10.3
10.0
11.9
11.6
50.5%
52.4%
48.4%
53.3%
45.3%
46.0%
42.8%
35.5%
ROIC (%)
27.4%
28.7%
25.6%
30.4%
Capex
Invested Capital
Depreciation
29.2%
23.6%
21.3%
22.3%
0.3
1.8
6.6
7.1
11.2
24.7
33.6
34.5
61.9
64.0
68.5
75.0
83.2
97.8
123.7
154.1
0.7
0.7
0.7
1.1
1.1
1.4
1.9
2.5
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
in R$ millions
Net revenue
Maintenance
13.3
25.7
23.7
28.7
27.6
31.9
36.3
42.8
New plants
10.1
15.0
12.3
12.5
12.4
14.7
16.2
13.6
23.4
40.8
36.1
41.2
40.0
46.5
52.5
56.4
0.2
9.0
5.3
6.3
6.3
6.9
7.0
5.8
0.8%
22.1%
14.7%
15.3%
15.8%
14.9%
13.4%
10.3%
-6.5%
32.7%
16.4%
18.4%
17.7%
17.3%
14.9%
14.8%
1.5
0.5
1.5
2.0
7.3
7.3
6.8
3.6
Invested Capital
Depreciation
57.8
60.3
61.0
62.2
69.3
78.3
88.3
97.3
1.6
1.6
1.6
2.0
1.7
1.8
2.1
2.2
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
in R$ millions
Net revenue
Rental
Technical support services, sales and others
Total net revenue
EBITDA
11.7
11.2
13.1
15.1
16.0
19.3
23.9
25.7
0.3
0.9
1.5
0.6
1.2
2.0
1.9
5.1
12.0
12.1
14.6
15.7
17.2
21.3
25.8
30.8
11.9
14.6
14.7
60.4%
57.7%
54.2%
58.6%
57.0%
55.8%
56.6%
47.6%
ROIC (%)
22.9%
19.8%
18.6%
20.5%
23.5%
19.6%
17.3%
18.7%
Capex
Invested Capital
Depreciation
7.3
7.0
7.9
9.2
9.8
3.8
10.1
12.8
3.4
18.1
35.1
52.5
25.0
64.0
67.8
81.5
82.8
80.6
114.0
154.5
187.8
1.7
1.9
2.2
2.8
2.6
3.4
4.5
5.0
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
2009
25.0
24.3
27.3
32.5
33.1
36.9
37.0
39.1
39.4
41.0
42.2
125.3
6.8
6.2
5.9
3.5
6.3
5.0
8.5
8.2
8.0
14.1
13.5
20.9
31.8
30.6
33.2
36.1
39.3
41.9
45.5
47.3
47.5
55.1
55.7
146.2
15.6
14.1
8.6
19.5
18.9
21.2
24.1
20.2
24.3
25.1
29.4
73.7
48.9%
46.2%
26.0%
54.0%
48.0%
50.6%
52.9%
42.7%
51.3%
45.5%
52.8%
50.4%
14.4%
12.1%
4.5%
17.5%
16.6%
17.8%
19.7%
14.8%
18.6%
17.8%
20.9%
32.9%
8.4
8.2
13.8
16.9
9.0
24.0
11.3
6.3
21.7
28.8
26.5
22.1
203.9
209.7
215.8
222.0
226.1
239.4
247.7
254.7
259.6
281.5
291.0
121.1
5.1
5.1
5.2
5.6
5.5
6.0
6.6
6.7
7.1
7.2
7.7
13.3
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
2009
26.0
30.9
34.9
40.3
45.3
48.5
49.2
49.9
53.3
52.0
47.8
58.1
3.2
3.8
4.4
12.1
7.2
10.4
11.4
16.1
11.5
14.5
24.5
4.0
29.2
34.7
39.4
52.5
52.5
58.9
60.5
66.0
64.9
66.5
72.4
62.2
12.3
13.5
16.4
23.9
26.3
27.2
33.8
26.1
27.7
24.6
24.4
31.8
42.0%
38.8%
41.6%
45.5%
50.1%
46.1%
55.9%
39.6%
42.8%
37.0%
33.7%
51.2%
15.2%
13.0%
12.5%
16.3%
15.6%
14.8%
20.2%
12.6%
12.8%
9.3%
8.2%
26.9%
37.0
46.3
50.6
56.6
15.4
12.5
22.8
9.1
24.9
44.8
16.1
15.8
175.4
216.9
262.0
310.8
345.4
365.9
365.8
388.2
413.2
448.2
482.1
70.1
2.7
3.2
4.7
5.8
7.1
7.8
7.4
8.7
8.9
9.6
10.2
3.3
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
2009
37.9
39.9
41.1
39.5
35.0
37.6
30.3
32.8
29.4
36.7
32.6
91.5
12.3
17.6
15.8
10.7
15.9
17.2
18.5
26.5
22.1
23.1
24.6
49.9
50.2
57.5
56.9
50.2
50.9
54.8
48.8
59.3
51.5
59.8
57.2
141.4
6.1
8.1
4.1
2.3
6.2
4.7
0.1
8.4
6.3
8.5
3.3
20.8
12.2%
14.2%
7.2%
4.7%
12.1%
8.5%
0.2%
14.2%
12.2%
14.3%
5.7%
14.7%
9.6%
14.2%
3.2%
-1.2%
7.5%
3.9%
-6.2%
13.3%
8.9%
16.4%
9.5%
15.0%
6.9
4.1
3.2
1.1
0.2
2.2
4.1
0.4
0.2
0.3
2.0
5.4
108.4
111.3
123.2
133.3
127.4
127.3
123.7
117.6
112.3
99.3
89.6
62.0
2.4
2.5
2.7
2.9
2.8
2.9
2.9
2.8
2.7
2.7
0.2
6.7
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
2009
30.8
36.7
42.3
47.2
50.5
50.6
57.0
64.3
67.3
73.8
80.5
51.1
2.9
4.5
3.3
7.7
6.0
4.8
10.4
9.9
8.8
16.3
13.4
3.3
33.7
41.2
45.6
54.9
56.5
55.4
67.4
74.2
76.1
90.1
93.9
54.4
18.9
22.3
21.7
30.7
34.9
31.4
38.0
36.9
43.6
49.3
52.3
31.3
56.0%
54.1%
47.6%
56.0%
61.8%
56.6%
56.5%
49.8%
57.3%
54.7%
55.7%
57.6%
17.3%
17.1%
12.9%
18.6%
20.3%
16.3%
19.8%
16.9%
19.1%
18.5%
18.1%
21.4%
42.4
43.1
43.9
33.4
26.0
40.9
40.3
53.7
73.3
69.3
74.2
30.1
212.4
260.3
306.3
334.8
353.2
371.2
389.7
417.1
455.0
528.1
564.4
70.3
5.8
6.4
7.6
8.5
9.3
9.7
10.6
11.8
12.6
14.4
15.8
8.6
Menu
2010
2011
2012
121.8
109.2
146.1
32.4
22.5
28.0
154.3
131.6
174.1
73.6
57.8
84.3
47.7%
43.9%
48.5%
24.1%
12.1%
17.2%
74.3
47.3
50.5
171.1
213.3
241.8
16.8
20.9
24.8
2010
2011
2012
81.6
132.2
192.9
23.5
23.6
45.1
105.1
155.8
238.0
43.9
66.0
113.4
41.7%
42.4%
47.7%
23.5%
14.3%
15.7%
104.0
190.5
59.8
114.7
241.4
366.7
6.8
16.5
31.0
2010
138.5
2011
158.3
2012
135.8
56.9
56.5
78.0
195.4
214.8
213.8
26.1
20.7
19.4
13.4%
9.7%
9.1%
16.0%
5.9%
4.6%
25.0
17.3
4.9
83.3
119.7
123.3
7.8
10.5
11.4
2010
2011
2012
84.9
157.0
222.5
10.1
18.4
31.0
95.1
175.4
253.5
51.0
93.6
141.2
53.6%
53.4%
55.7%
19.2%
16.5%
18.2%
130.6
162.8
160.9
134.1
277.8
383.1
15.6
28.2
41.4
Mills - DRE
in R$ million
1Q09
2Q09
3Q09
4Q09
82.4
104.6
102.7
114.6
(32.8)
(42.4)
(43.4)
(51.0)
49.5
62.1
59.3
63.6
(24.8)
(26.5)
(29.3)
(28.2)
Operating profit
24.7
35.6
30.0
35.4
Financial expense
(7.0)
(6.1)
(5.7)
(6.5)
Financial income
0.2
0.3
0.2
0.3
Financial result
(6.8)
(5.9)
(5.5)
(6.2)
17.9
29.7
24.5
29.2
(6.0)
(9.7)
(8.0)
(9.5)
Net income
Number of shares at the end of the period (in thousands)
12.0
20.1
16.6
19.8
87,220
87,220
87,220
87,421
0.14
0.23
0.19
0.23
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12*
115.5
131.3
148.9
154.2
145.0
164.0
175.1
193.5
148.3
(49.6)
(58.2)
(70.5)
(76.5)
(71.3)
(81.2)
(92.3)
(95.6)
(48.5)
65.9
73.1
78.4
77.7
73.7
82.8
82.8
97.9
99.7
(32.1)
(33.2)
(35.5)
(46.9)
(36.8)
(42.0)
(52.1)
(44.2)
(41.6)
33.8
39.9
42.9
30.8
36.8
40.7
30.7
53.7
58.1
(6.2)
(6.6)
(7.2)
(4.4)
(5.1)
(12.3)
(16.6)
(12.5)
(10.8)
0.5
6.3
7.1
4.8
2.1
5.4
4.6
2.7
1.1
(5.8)
(0.3)
(0.1)
0.5
(3.1)
(7.0)
(12.0)
(9.9)
(9.7)
28.1
39.6
42.8
31.3
33.8
33.8
18.8
43.8
48.4
(9.4)
(13.5)
(14.4)
(1.2)
(11.6)
(11.2)
(0.9)
(14.3)
(17.0)
31.5
1.2
18.7
26.1
28.5
30.1
22.2
22.6
17.9
29.5
32.7
87,421
124,611
124,611
125,495
125,495
125,495
125,591
125,657
125,690
0.21
0.21
0.23
0.24
0.18
0.18
0.14
0.24
0.26
Menu
2Q12*
3Q12*
4Q12
1Q13*
2Q13*
3Q13*
156.3
173.4
401.3
188.4
211.8
222.0
(54.3)
(61.7)
(246.4)
(68.4)
(87.3)
(93.5)
102.0
111.8
149.6
120.0
124.5
128.5
(45.7)
(40.3)
(82.9)
(52.9)
(56.8)
(56.0)
56.3
71.5
66.7
67.1
67.7
72.4
(9.9)
(9.8)
(19.3)
(11.3)
(16.8)
(14.8)
0.9
1.0
9.0
2.1
5.0
2.5
(9.0)
(8.8)
(10.3)
(9.2)
(11.8)
(12.3)
47.2
62.6
56.4
57.9
55.9
60.1
(8.5)
(22.2)
(13.0)
(20.2)
(11.3)
(21.5)
38.7
40.4
37.6
44.6
38.6
0.6
(2.4)
1.6
3.5
1.0
39.2
38.0
43.4
39.3
48.1
39.6
126,149
126,314
126,399
126,492
127,120
127,314
0.31
0.30
0.34
0.31
0.38
0.31
1T09
2T09
3T09
4T09
1T10
Assets
Current Assets
Cash and cash equivalents
Marketable securities
Trade receivables
Inventories
Recoverable taxes
13.0
-
2.6
8.3
1.6
1.8
45.1
62.3
70.7
71.5
84.6
0.7
1.3
1.3
1.4
2.0
20.0
20.5
20.9
25.7
14.8
Advances to suppliers
2.8
2.3
2.3
3.9
4.1
3.4
81.1
89.0
105.1
104.2
109.4
Trade receivables
5.2
5.0
4.7
4.4
4.3
Recoverable taxes
0.1
0.2
0.2
0.2
0.2
17.0
16.5
16.6
10.0
9.5
Deferred taxes
Deposits in court
Investment
Property, plant and equipment
6.5
6.6
6.0
6.0
6.1
28.8
28.3
27.5
20.6
20.1
234.4
241.4
262.7
276.0
322.3
39.1
39.1
39.1
39.3
39.3
273.5
280.5
301.8
315.3
361.6
302.3
308.8
329.3
335.8
381.7
Total Assets
383.4
397.8
434.4
440.1
491.1
Intangible assets
in R$ millions
1T09
2T09
3T09
4T09
1T10
Liabilities
Current Liabilities
Suppliers
Borrowings and financings
Debentures
Salaries and payroll charges
5.6
12.2
12.6
11.7
23.3
49.0
50.6
56.6
56.8
59.0
12.6
15.6
18.0
14.7
20.2
2.3
4.3
4.5
0.1
3.3
0.8
0.8
Taxes payable
2.7
4.1
4.6
4.0
2.7
12.0
6.6
9.2
13.8
3.7
16.2
15.5
7.5
0.3
0.2
0.9
1.3
1.3
92.0
93.6
106.4
119.4
129.8
139.4
130.4
135.3
127.1
147.2
Non-Current Liabilities
Borrowings and financings
22.6
22.9
24.0
8.5
8.8
Taxes payables
0.6
0.6
2.7
0.4
0.3
Deferred taxes
(2.1)
11.0
11.2
Debentures
Provision for tax, civil and labor risks
0.5
0.5
0.5
0.6
0.6
0.6
1.0
163.1
154.4
160.4
148.2
169.2
Total Liabilities
255.1
248.0
266.8
267.7
299.0
Capital
80.5
80.6
80.6
80.7
97.5
Earnings reserves
34.1
34.1
34.1
86.2
70.0
Stockholders' Equity
Capital reserves
2.7
3.8
4.8
5.7
5.8
12.0
32.1
48.6
18.7
129.3
150.6
168.1
172.6
192.1
384.4
398.6
434.9
440.3
491.1
Retained earnings
2T10
3.1
3T10
196.9
4T10
1T11
2T11
6.2
4.3
179.0
3T11
72.2
4T11
35.2
1T12
30.3
2T12
29.3
3T12
299.4
298.9
136.1
11.0
96.7
107.1
122.1
122.6
127.5
126.5
139.1
140.1
156.5
168.1
2.4
3.9
5.6
6.7
10.1
11.8
11.2
15.1
15.0
21.3
15.6
20.3
26.2
19.0
22.2
21.2
22.1
22.8
27.5
27.8
11.5
8.3
7.3
9.1
9.0
9.6
3.8
7.0
6.9
2.8
1.3
0.0
7.8
3.4
4.4
3.6
5.2
4.1
3.0
4.2
4.7
4.6
424.5
339.9
307.9
176.5
352.9
245.4
224.9
216.3
241.2
528.0
4.1
4.0
3.8
3.4
3.1
3.2
2.6
2.4
2.5
2.5
0.2
4.4
3.9
3.9
3.0
28.5
31.6
30.9
30.4
29.5
8.9
13.2
8.1
8.4
8.5
22.0
4.9
6.8
7.0
2.8
6.4
6.4
7.3
7.3
7.5
7.8
10.9
11.0
11.4
11.5
19.5
28.0
23.1
23.1
22.1
61.4
50.0
51.2
51.4
46.3
90.0
88.0
88.0
87.4
87.4
87.4
87.4
394.7
495.8
551.2
621.2
698.4
788.6
872.9
897.2
943.0
978.6
39.3
39.6
41.9
41.8
42.0
44.7
45.5
47.2
49.1
51.6
434.0
535.4
593.1
753.0
828.4
921.2
1,005.8
1,031.7
1,079.5
1,117.6
453.5
563.4
616.2
776.0
850.4
982.7
1,055.8
1,082.9
1,130.9
1,163.9
878.1
903.3
924.1
952.5
1,203.3
1,228.1
1,280.6
1,299.2
1,372.1
1,691.9
2T11
3T11
4T11
1T12
2T12
3T12
2T10
3T10
4T10
1T11
21.0
28.6
32.7
24.3
32.3
12.1
35.9
19.8
47.3
46.1
47.4
46.0
46.7
78.2
40.6
41.0
65.3
64.1
114.9
109.1
6.4
15.8
6.1
13.8
4.6
13.2
26.9
28.7
33.3
25.0
26.3
32.1
37.2
21.3
21.2
26.2
1.7
3.2
3.3
2.9
0.0
2.7
5.3
4.7
0.8
0.7
0.7
0.9
0.9
0.7
0.4
0.1
0.9
0.9
4.1
4.4
7.9
3.4
3.8
9.9
8.1
8.1
10.5
9.9
7.7
10.9
17.5
1.4
3.5
4.7
7.9
3.6
7.9
11.8
24.5
24.5
0.4
18.9
21.9
21.9
18.8
18.8
7.0
5.0
0.1
11.3
2.2
7.4
2.4
12.0
2.2
5.1
4.4
5.2
4.9
6.3
106.2
127.3
160.8
175.0
133.0
146.5
177.7
168.2
241.7
258.0
120.2
96.5
85.9
78.7
81.6
77.1
71.1
68.2
42.0
40.4
268.2
268.3
268.4
268.5
268.6
537.3
11.7
12.7
16.1
14.7
16.0
11.0
9.6
9.1
0.3
0.3
5.0
11.5
9.8
11.1
10.0
11.3
10.5
10.7
9.4
10.4
10.5
10.7
10.0
9.9
1.0
0.9
1.0
0.8
0.6
0.6
0.6
0.5
0.7
0.6
142.6
121.6
108.2
101.3
372.9
378.6
366.7
362.7
337.3
599.2
248.7
248.9
268.9
276.3
505.9
525.1
544.5
531.0
579.0
857.2
523.5
523.5
525.1
525.1
525.1
526.8
527.6
528.0
533.6
536.2
70.0
70.0
145.2
144.8
144.4
144.1
212.0
211.7
211.3
210.9
(8.4)
(8.1)
(8.2)
(7.7)
(6.9)
(6.5)
(5.6)
(4.7)
(3.8)
(1.9)
(0.5)
(4.2)
(7.0)
(8.6)
(10.7)
(3.1)
2.1
0.2
1.1
0.3
44.8
73.2
22.6
45.5
41.8
33.0
50.9
89.2
629.3
654.4
655.2
676.2
697.5
703.1
736.1
768.2
793.1
834.7
878.1
903.3
924.1
952.5
1,203.3
1,228.1
1,280.6
1,299.2
1,372.1
1,691.9
Menu
4T12
1T13
2T13
47.3
3T13
44.2
24.5
45.7
159.6
138.0
194.8
199.4
165.1
174.1
26.9
29.9
30.9
30.9
35.0
26.5
35.8
31.3
6.7
5.5
0.7
0.3
4.0
0.4
106.7
95.2
6.5
7.2
8.6
9.4
473.7
431.1
399.1
387.4
2.5
2.1
2.1
2.1
30.7
31.2
34.8
42.3
11.9
11.8
11.7
9.7
45.1
45.1
48.6
54.0
87.4
87.4
87.4
87.4
1,003.3
1,084.3
1,124.1
1,189.4
54.5
57.5
59.9
64.2
1,145.3
1,229.2
1,271.4
1,341.0
1,190.4
1,274.3
1,319.9
1,395.0
1,664.1
1,705.4
1,719.0
1,782.5
4T12
1T13
2T13
3T13
47.8
58.5
70.1
61.1
41.8
38.5
15.7
14.5
13.0
17.8
110.6
110.0
27.6
33.3
23.8
25.9
5.8
0.8
9.8
0.9
0.9
0.9
0.9
18.6
7.7
10.7
7.1
20.1
4.1
10.8
15.0
36.2
36.2
20.4
20.4
0.8
1.6
12.7
25.2
14.6
7.8
8.8
3.1
3.1
214.5
213.1
279.7
307.7
30.2
30.5
23.5
20.8
537.5
537.7
447.8
448.0
9.9
10.3
10.6
10.4
2.4
1.8
5.5
1.0
9.8
9.7
9.6
9.5
0.4
0.3
0.2
0.0
590.2
590.4
497.3
489.8
804.7
803.5
776.9
797.6
537.6
539.5
548.8
551.9
321.8
321.4
321.0
321.0
0.2
2.2
4.7
7.2
(0.3)
(0.8)
2.9
0.5
39.6
64.6
104.3
859.3
901.9
942.1
984.9
1,664.1
1,705.4
1,719.0
1,782.5
1Q09
2Q09
3Q09
12.0
20.1
16.6
Adjustments
Depreciation and amortization
6.9
7.1
9.0
1.0
1.0
1.7
0.4
0.1
0.3
Interest, monetary and exchange rate variation on loans, contingencies and deposits in court
6.8
5.8
5.5
0.2
0.4
0.4
15.3
14.5
16.8
(8.2)
6.5
(17.0)
(0.3)
(0.6)
0.1
Recoverable taxes
1.9
(0.4)
(0.4)
Deposits in court
0.0
(0.0)
0.6
Prepaid expenses
0.1
0.2
0.3
Prepaid suppliers
0.2
0.1
(1.3)
Other assets
(0.8)
(0.1)
(0.3)
Suppliers
(7.9)
6.6
0.4
(0.5)
2.9
2.4
(0.3)
2.0
Inventories
0.2
(2.2)
(0.9)
1.4
2.6
3.4
(5.4)
2.7
0.3
0.3
1.1
Other liabilities
0.2
(0.0)
0.1
1.9
(10.1)
(1.8)
29.1
24.5
31.6
Interest paid
(3.3)
(6.2)
(2.9)
Lawsuits settled
25.8
18.2
28.6
Acquisitions of investments
(9.0)
(14.2)
-
(30.5)
-
(9.0)
(14.2)
(30.5)
Capital subscription
0.1
Shares in treasury
(7.5)
Amortization of borrowings
(8.4)
(11.8)
(9.6)
3.8
4.8
17.5
(4.6)
(14.4)
7.9
12.2
(10.3)
6.0
1.8
13.0
2.6
13.0
2.6
8.3
4Q09
1Q10
29.2
10.1
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
28.1
39.6
42.8
31.3
33.8
33.8
18.8
43.8
50.3
8.9
10.6
13.0
14.5
16.0
17.2
20.2
22.8
24.7
0.2
0.6
0.8
0.2
0.4
1.0
0.2
1.0
1.1
0.1
(0.4)
0.5
0.3
0.4
0.8
0.9
0.9
0.9
6.1
3.8
4.0
3.2
6.6
1.4
2.1
1.2
3.2
3.6
(0.1)
0.1
0.0
(0.9)
(1.5)
(4.2)
(4.3)
(3.8)
(2.9)
(6.3)
(5.8)
(4.3)
(7.4)
(6.2)
(6.6)
8.0
(1.6)
1.6
(1.5)
2.9
6.0
4.8
5.3
5.9
4.3
11.3
13.5
(1.3)
0.3
0.9
(0.6)
0.9
0.8
0.5
1.9
9.2
(0.3)
6.4
(0.0)
9.9
11.5
-
(0.1)
0.1
19.6
17.3
8.7
10.2
33.4
18.3
29.8
39.8
31.7
40.8
(0.2)
(13.0)
(11.9)
(10.3)
(15.6)
(0.6)
(6.1)
(8.7)
(11.8)
(7.2)
(0.1)
(0.7)
(0.4)
(1.5)
(1.7)
(1.1)
(3.3)
(1.8)
0.6
(3.9)
(9.0)
14.4
5.8
(13.6)
4.1
4.2
7.2
(21.6)
4.2
3.4
(0.7)
0.0
(0.4)
0.0
(1.0)
0.0
(0.2)
(0.3)
0.1
(0.1)
(0.0)
(0.9)
(1.9)
(1.6)
(3.9)
(0.0)
(0.7)
(1.7)
0.5
(3.7)
9.3
(0.9)
11.6
(2.3)
7.6
4.1
(8.4)
4.2
(0.7)
6.0
(1.5)
(3.3)
5.5
1.0
4.9
(4.9)
5.6
1.8
4.6
(8.3)
1.3
(2.1)
(1.8)
3.2
(1.9)
(0.3)
(1.0)
0.3
3.0
(5.3)
(0.0)
6.8
0.5
1.3
0.2
(0.5)
5.1
(5.1)
4.2
(0.5)
(1.0)
(10.5)
14.6
(5.3)
(18.5)
(15.7)
3.0
(2.9)
(20.8)
(18.5)
0.3
38.3
60.0
43.1
34.6
49.0
55.1
60.7
37.8
57.0
91.4
(6.8)
(3.8)
(7.4)
(2.5)
(5.5)
(4.3)
(2.8)
(2.9)
(22.2)
(2.5)
(7.3)
(5.7)
(16.1)
(1.5)
(8.7)
(2.2)
(8.5)
(7.0)
(2.7)
(15.1)
(0.0)
(13.9)
(0.0)
0.0
(0.0)
(7.9)
24.2
36.6
(17.5)
-
19.5
30.6
34.8
31.1
48.0
126.7
(292.7)
113.4
(22.7)
(58.7)
(89.9)
1.0
1.6
4.5
(21.7)
(57.2)
(378.1)
49.4
27.9
32.1
(2.6)
63.3
9.4
1.5
(90.0)
(3.4)
(0.0)
0.6
(80.0)
(94.6)
(96.0)
(137.6)
5.4
6.5
4.2
8.1
(1.1)
(25.5)
(53.8)
(81.9)
(119.9)
7.3
(130.3)
(102.1)
(73.0)
6.6
9.7
(93.4)
(63.3)
0.1
-
(13.8)
14.5
-
425.9
1.7
1.7
0.8
(0.5)
(0.0)
(14.5)
(0.2)
(0.4)
(15.5)
(3.6)
(24.1)
(0.4)
3.6
0.4
(15.1)
(10.9)
(46.8)
(31.0)
(10.7)
(6.3)
(63.8)
(8.2)
(8.0)
(8.7)
5.8
31.0
10.8
3.3
1.5
30.7
295.1
3.0
27.8
3.4
(9.2)
20.7
359.9
(27.9)
(7.9)
20.8
207.3
(4.4)
24.2
(4.9)
(6.8)
0.2
1.3
1.7
1.4
(1.9)
174.7
(106.8)
(37.1)
(4.9)
8.3
1.6
1.8
3.1
4.8
6.2
4.3
179.0
72.2
35.2
1.6
1.8
3.1
4.8
6.2
4.3
179.0
72.2
35.2
30.3
Menu
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
47.8
58.6
54.0
60.4
60.5
61.8
26.4
27.4
30.1
31.3
34.0
33.9
1.0
(4.8)
(1.1)
0.5
0.5
0.3
0.9
1.9
2.1
2.0
2.5
2.4
4.3
3.9
8.4
4.0
6.8
4.2
(6.1)
(8.8)
(3.7)
0.1
(10.2)
-
12.1
14.4
(0.0)
(0.0)
(0.1)
3.8
2.0
3.9
5.0
2.7
5.2
14.5
(16.5)
8.9
12.6
(11.5)
13.4
-
(0.1)
(0.0)
39.0
33.7
54.0
45.3
49.4
42.9
(20.2)
(13.6)
(30.7)
(9.1)
(21.1)
(1.0)
0.1
(6.3)
(5.7)
(3.0)
(0.9)
(0.1)
3.9
5.6
0.6
14.9
(1.4)
14.1
(0.5)
(0.0)
(0.4)
0.0
0.1
2.0
(4.9)
1.5
(1.6)
0.4
(0.7)
3.1
(2.0)
(2.4)
(0.1)
2.4
(2.5)
(0.2)
5.8
5.1
(9.6)
5.7
3.3
4.0
3.0
(3.6)
-
(0.6)
2.5
8.6
1.0
1.8
1.4
1.6
(7.6)
(0.1)
(17.4)
(6.0)
(37.5)
2.1
(27.8)
18.2
(10.9)
69.4
86.4
70.5
82.2
122.9
(19.0)
(3.1)
(22.5)
107.7
(7.9)
(12.8)
(14.4)
(16.2)
(8.4)
(15.3)
(8.9)
(17.7)
(9.6)
(20.0)
(0.1)
(0.1)
(0.2)
(0.5)
32.6
70.8
51.4
98.5
21.6
138.0
34.2
74.9
(159.6)
(53.9)
(78.1)
(74.5)
9.5
8.5
14.6
(44.5)
(69.6)
(219.6)
25.2
(119.5)
(136.7)
(139.6)
8.3
25.3
17.4
(89.7)
26.7
(96.9)
2.6
1.4
1.9
9.3
3.1
(0.0)
5.6
(36.2)
(3.0)
(3.7)
(28.6)
(3.2)
1.0
0.1
(21.9)
(7.1)
(9.7)
(69.6)
-
32.7
272.0
9.3
264.8
(68.2)
(0.9)
(55.4)
(3.1)
(1.0)
270.1
(255.2)
(19.7)
22.8
(1.6)
30.3
29.3
299.4
44.2
24.5
47.3
29.3
299.4
44.2
24.5
47.3
45.7