Professional Documents
Culture Documents
Menu
Main Indicators
Revenue
COGS G&A
EBITDA
Financial Indicators per Business Segment
Income Statement
Balance Sheet
Cash flow
Capex per business segment
2Q09
3Q09
4Q09
1Q10
in R$ millions
Net revenue
82.4
104.6
102.7
114.6
115.5
EBITDA
31.6
42.8
37.7
45.6
42.8
38.4%
40.9%
36.7%
39.8%
37.0%
12.0
20.1
16.6
19.8
18.7
21.6%
29.4%
23.3%
26.0%
23.1%
9.0
14.2
30.5
22.7
58.7
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
131.3
148.9
154.2
145.0
164.0
175.1
193.5
199.1
211.1
50.5
55.9
45.4
52.8
58.0
50.8
76.4
86.2
84.4
38.4%
37.6%
29.4%
36.4%
35.4%
29.0%
39.5%
43.3%
40.0%
26.1
28.5
30.1
22.2
22.6
17.8
29.5
32.7
39.2
23.0%
20.3%
18.8%
13.8%
12.7%
8.6%
14.2%
15.1%
13.6%
90.0
121.0
78.8
184.6
105.2
121.6
114.4
58.4
83.5
Menu
3Q12
2009
2010
2011
222.2
404.2
549.9
677.6
96.1
157.6
194.5
238.1
43.2%
39.0%
35.4%
35.1%
38.0
68.4
103.3
92.2
15.8%
25.0%
21.0%
12.3%
79.4
76.3
348.5
525.9
1Q09
2Q09
3Q09
4Q09
in R$ millions
Rental
63.8
68.5
70.5
80.0
16.0
32.2
27.1
28.6
Sales
0.6
2.5
4.0
5.5
Others
1.9
1.4
1.1
0.4
82.4
104.6
102.7
114.6
1Q09
2Q09
Heavy Construction
32.8
39.9%
37.1
35.4%
14.1
17.2%
14.7
14.0%
Industrial Services
23.4
28.4%
40.8
39.0%
Rental
12.0
14.6%
12.1
11.6%
82.4
100.0%
104.6
100.0%
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
74.6
84.6
91.8
91.1
96.8
105.4
119.3
132.4
137.9
29.6
35.6
42.6
43.6
37.6
43.3
41.3
37.6
42.3
9.6
6.0
8.7
12.7
5.6
7.3
8.5
19.2
13.0
1.7
5.0
5.9
6.8
5.0
8.0
6.0
4.3
6.0
115.5
131.3
148.9
154.2
145.0
164.0
175.1
193.5
199.1
3Q09
4Q09
1Q10
2Q10
3Q10
36.9
36.0%
39.4
34.4%
35.7
30.9%
41.7
31.8%
42.7
15.1
14.7%
18.3
15.9%
22.7
19.6%
21.8
16.6%
27.9
36.1
35.1%
41.2
36.0%
40.0
34.6%
46.5
35.4%
52.5
14.6
14.2%
15.7
13.7%
17.2
14.9%
21.3
16.2%
25.8
102.7
100.0%
114.6
100.0%
115.5
100.0%
131.3
100.0%
148.9
Menu
2Q12
3Q12
2009
2010
2011
147.9
155.8
282.9
342.1
453.9
44.5
41.4
103.9
151.4
159.8
13.5
19.0
12.6
37.0
40.6
5.2
6.0
4.8
19.4
23.3
211.1
222.2
404.2
549.9
677.6
4Q10
1Q11
2Q11
3Q11
28.7%
34.2
22.2%
31.8
22.0%
30.6
18.6%
33.2
19.0%
18.7%
32.8
21.3%
29.2
20.1%
34.7
21.2%
39.4
22.5%
35.2%
56.4
36.6%
50.2
34.6%
57.5
35.1%
56.9
32.5%
17.4%
30.8
20.0%
33.7
23.3%
41.2
25.1%
45.6
26.1%
100.0%
154.2
100.0%
145.0
100.0%
164.0
100.0%
175.1
100.0%
4Q11
1Q12
2Q12
3Q12
2009
36.1
18.6%
39.3
19.7%
41.9
19.9%
45.5
20.5%
146.2
52.5
27.1%
52.5
26.4%
58.9
27.9%
60.5
27.2%
62.2
50.2
25.9%
50.9
25.5%
54.8
26.0%
48.8
22.0%
141.4
54.9
28.3%
56.5
28.4%
55.4
26.3%
67.4
30.3%
54.4
193.5
100.0%
199.1
100.0%
211.1
100.0%
222.2
100.0%
404.2
2010
2011
36.2%
154.3
28.1%
131.6
19.4%
15.4%
105.1
19.1%
155.8
23.0%
35.0%
195.4
35.5%
214.8
31.7%
13.5%
95.1
17.3%
175.4
25.9%
100.0%
549.9
100.0%
677.6
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
25.9
51.0%
34.1
55.2%
33.8
52.0%
0.3
0.6%
1.5
2.4%
2.3
3.5%
0.1
0.2%
0.1
0.1%
0.1
0.1%
Equipment storage
COGS, ex-depreciation
26.3
G&A
24.5
50.7
51.8%
48.2%
100.0%
35.7
26.2
61.8
57.7%
42.3%
100.0%
36.1
28.9
65.0
55.6%
44.4%
100.0%
nses (G&A)
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
37.7
54.7%
35.7
49.1%
44.1
54.6%
50.9
54.7%
51.9
47.7%
45.9
3.4
5.0%
5.4
7.4%
3.6
4.5%
6.2
6.7%
8.0
7.4%
3.5
0.1
0.1%
0.1
0.1%
0.4
0.4%
1.0
1.0%
2.6
2.4%
1.2
5.4
41.2
27.8
69.0
59.7%
40.3%
100.0%
41.1
31.6
72.7
56.6%
43.4%
100.0%
48.1
32.7
80.8
59.5%
40.5%
100.0%
58.1
34.9
93.0
62.5%
37.5%
100.0%
62.6
46.3
108.8
57.5%
42.5%
100.0%
56.0
36.1
92.1
2Q11
3Q11
4Q11
1Q12
2Q12
49.8%
52.2
49.3%
58.5
47.1%
53.3
45.5%
48.6
43.0%
56.0
44.2%
3.8%
4.5
4.3%
5.6
4.5%
11.8
10.1%
6.2
5.5%
7.2
5.7%
1.4%
1.3
1.2%
0.6
0.5%
1.4
1.2%
1.2
1.1%
1.6
1.2%
5.8%
6.7
6.3%
8.1
6.6%
7.1
6.1%
7.6
6.7%
8.1
6.4%
60.8%
64.7
61.1%
72.9
58.7%
73.7
63.0%
63.6
56.4%
72.8
57.5%
39.2%
100.0%
41.2
106.0
38.9%
100.0%
51.3
124.2
41.3%
100.0%
43.4
117.1
37.0%
100.0%
49.3
112.9
43.6%
100.0%
53.9
126.7
42.5%
100.0%
Menu
3Q12
2009
2010
2011
56.5
44.8%
131.5
53.3%
182.6
51.4%
210.0
47.8%
11.0
8.7%
7.5
3.0%
23.2
6.5%
25.5
5.8%
1.9
1.5%
0.3
0.1%
4.0
1.1%
4.6
1.0%
9.4
7.5%
0.0%
0.0%
27.3
6.2%
78.9
62.5%
59.1%
267.4
60.8%
47.3
126.2
37.5%
100.0%
139.3
107.3
246.5
56.5%
43.5%
100.0%
209.9
145.5
355.4
40.9%
100.0%
172.1
439.5
39.2%
100.0%
1Q09
2Q09
17.1
54.0%
19.1
44.7%
7.1
22.6%
7.7
18.0%
Industrial Services
0.2
0.6%
9.0
21.1%
Heavy Construction
Rental
Total EBITDA
EBITDA margin (%)
7.3
22.9%
7.0
16.3%
31.6
100.0%
42.8
100.0%
38.4%
40.9%
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
17.2
45.5%
20.3
44.6%
16.4
38.3%
21.6
42.9%
22.3
39.9%
13.3
7.3
19.4%
9.7
21.3%
10.3
24.0%
10.0
19.8%
11.9
21.4%
11.6
5.3
14.1%
6.3
13.8%
6.3
14.8%
6.9
13.8%
7.0
12.6%
5.8
7.9
21.0%
9.2
20.2%
9.8
22.9%
11.9
23.5%
14.6
26.2%
14.7
37.7
100.0%
45.6
100.0%
42.8
100.0%
50.5
100.0%
55.9
100.0%
45.4
36.7%
39.8%
37.0%
38.4%
37.6%
29.4%
1Q11
2Q11
3Q11
4Q11
1Q12
29.2%
15.6
29.4%
14.1
24.3%
8.6
17.0%
19.5
25.5%
18.9
21.9%
25.6%
12.3
23.2%
13.5
23.2%
16.4
32.2%
23.9
31.2%
26.3
30.5%
12.8%
6.1
11.6%
8.1
14.0%
4.1
8.1%
2.3
3.1%
6.2
7.2%
32.3%
18.9
35.8%
22.3
38.4%
21.7
42.7%
30.7
40.2%
34.9
40.4%
100.0%
52.8
100.0%
58.0
100.0%
50.8
100.0%
76.4
100.0%
86.2
100.0%
36.4%
35.4%
29.0%
39.5%
43.3%
2Q12
3Q12
2009
2010
21.2
25.1%
24.1
25.1%
73.7
46.7%
73.6
37.8%
27.2
32.2%
33.8
35.2%
31.8
20.2%
43.9
22.6%
4.7
5.5%
0.1
0.1%
20.8
13.2%
26.1
13.4%
31.4
37.2%
38.0
39.6%
31.3
19.9%
51.0
26.2%
84.4
100.0%
96.1
100.0%
157.6
100.0%
194.5
100.0%
40.0%
43.2%
39.0%
35.4%
Menu
2011
57.8
24.3%
66.0
27.7%
20.7
8.7%
93.6
39.3%
238.1
100.0%
35.1%
in R$ millions
1Q09
2Q09
3Q09
Heavy Construction
2.6
1.4
9.3
0.3
1.8
6.6
Industrial Services
1.5
0.5
1.5
Rental
3.8
10.1
12.8
Corporate
0.8
0.5
0.3
9.0
14.2
30.5
Organic growth
Acquisition
Total capex
9.0
14.2
30.5
Realized
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
8.9
21.6
19.2
25.0
8.5
8.4
8.2
13.8
7.1
11.2
24.7
33.6
34.5
37.0
40.8
50.6
2.0
7.3
7.3
6.8
3.6
2.2
4.1
6.9
3.4
18.1
35.1
52.5
25.0
42.4
43.1
43.9
1.3
0.5
3.8
3.1
7.3
4.7
3.5
6.4
22.7
58.7
90.0
121.0
78.8
94.6
99.7
121.6
22.7
58.7
90.0
121.0
90.0
5.5
78.8
184.6
105.2
121.6
Menu
4Q11
1Q12
2Q12
3Q12
2009
2010
2011
16.9
9.0
24.0
11.3
22.1
74.3
47.3
56.6
15.4
12.5
22.8
15.8
104.0
190.5
4.1
3.2
1.1
0.2
5.4
25.0
17.3
33.4
26.0
40.9
40.3
30.1
130.6
162.8
3.4
4.8
5.1
4.9
2.9
14.6
12.5
114.4
58.4
83.5
79.4
76.3
348.5
430.4
114.4
58.4
83.5
79.4
76.3
348.5
95.5
525.9
2Q09
3Q09
4Q09
in R$ millions
Net revenue
Rental
Technical support services, sales and others
28.9
31.5
31.4
33.5
4.0
5.6
5.5
5.9
32.8
37.1
36.9
39.4
EBITDA
17.1
19.1
17.2
20.3
52.0%
51.5%
46.5%
51.6%
ROIC (%)
33.0%
35.6%
29.5%
32.5%
2.6
1.4
9.3
8.9
113.2
119.2
126.5
130.7
2.9
3.0
3.2
4.3
Capex
Invested Capital
Depreciation
2Q09
3Q09
4Q09
in R$ millions
Net revenue
Rental
Technical support services, sales and others
14.0
14.2
14.6
15.3
0.2
0.5
0.5
2.9
14.1
14.7
15.1
18.3
7.1
7.7
7.3
9.7
50.5%
52.4%
48.4%
53.3%
ROIC (%)
27.4%
28.7%
25.6%
30.4%
0.3
1.8
6.6
7.1
61.9
64.0
68.5
75.0
0.7
0.7
0.7
1.1
Capex
Invested Capital
Depreciation
2Q09
3Q09
4Q09
in R$ millions
Net revenue
Maintenance
13.3
25.7
23.7
28.7
New plants
10.1
15.0
12.3
12.5
23.4
40.8
36.1
41.2
0.2
9.0
5.3
6.3
0.8%
22.1%
14.7%
15.3%
-6.5%
32.7%
16.4%
18.4%
EBITDA
EBITDA margin (%)
ROIC (%)
Capex
Invested Capital
Depreciation
1.5
0.5
1.5
2.0
57.8
60.3
61.0
62.2
1.6
1.6
1.6
2.0
2Q09
3Q09
4Q09
in R$ millions
Net revenue
Rental
11.7
11.2
13.1
15.1
0.3
0.9
1.5
0.6
12.0
12.1
14.6
15.7
7.3
7.0
7.9
9.2
60.4%
57.7%
54.2%
58.6%
ROIC (%)
22.9%
19.8%
18.6%
20.5%
3.8
10.1
12.8
3.4
64.0
67.8
81.5
82.8
1.7
1.9
2.2
2.8
Capex
Invested Capital
Depreciation
1Q10
29.8
2Q10
3Q10
32.4
32.7
4Q10
26.8
1Q11
25.0
2Q11
24.3
3Q11
27.3
4Q11
32.5
1Q12
33.1
5.8
9.3
10.0
7.4
6.8
6.2
5.9
3.5
6.3
35.7
41.7
42.7
34.2
31.8
30.6
33.2
36.1
39.3
16.4
21.6
22.3
13.3
15.6
14.1
8.6
19.5
18.9
45.9%
51.9%
52.2%
38.8%
48.9%
46.2%
26.0%
54.0%
48.0%
24.4%
28.5%
25.5%
18.8%
14.4%
12.1%
4.5%
17.5%
16.6%
21.6
19.2
25.0
8.5
8.4
8.2
13.8
16.9
9.0
138.4
162.2
184.4
200.6
203.9
209.7
215.8
222.0
226.1
3.6
3.9
4.5
4.8
5.1
5.1
5.2
5.6
5.5
1Q10
16.5
2Q10
19.6
3Q10
21.9
4Q10
23.6
1Q11
26.0
2Q11
30.9
3Q11
4Q11
34.9
40.3
1Q12
45.3
6.2
2.2
6.0
9.2
3.2
3.8
4.4
12.1
7.2
22.7
21.8
27.9
32.8
29.2
34.7
39.4
52.5
52.5
10.3
10.0
11.9
11.6
12.3
13.5
16.4
23.9
26.3
45.3%
46.0%
42.8%
35.5%
42.0%
38.8%
41.6%
45.5%
50.1%
29.2%
23.6%
21.3%
22.3%
15.2%
13.0%
12.5%
16.3%
15.6%
11.2
24.7
33.6
34.5
37.0
46.3
50.6
56.6
15.4
83.2
97.8
123.7
154.1
175.4
216.9
262.0
310.8
345.4
1.1
1.4
1.9
2.5
2.7
3.2
4.7
5.8
7.1
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
27.6
31.9
36.3
42.8
37.9
39.9
41.1
39.5
35.0
12.4
14.7
16.2
13.6
12.3
17.6
15.8
10.7
15.9
40.0
46.5
52.5
56.4
50.2
57.5
56.9
50.2
50.9
6.3
6.9
7.0
5.8
6.1
8.1
4.1
2.3
6.2
15.8%
14.9%
13.4%
10.3%
12.2%
14.2%
7.2%
4.7%
12.1%
17.7%
17.3%
14.9%
14.8%
9.6%
14.2%
3.2%
-1.2%
7.5%
7.3
7.3
6.8
3.6
2.2
4.1
6.9
4.1
3.2
69.3
78.3
88.3
97.3
108.4
111.3
123.2
133.3
127.4
1.7
1.8
2.1
2.2
2.4
2.5
2.7
2.9
2.8
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
16.0
19.3
23.9
25.7
30.8
36.7
42.3
47.2
50.5
1.2
2.0
1.9
5.1
2.9
4.5
3.3
7.7
6.0
17.2
21.3
25.8
30.8
33.7
41.2
45.6
54.9
56.5
9.8
11.9
14.6
14.7
18.9
22.3
21.7
30.7
34.9
57.0%
55.8%
56.6%
47.6%
56.0%
54.1%
47.6%
56.0%
61.8%
23.5%
19.6%
17.3%
18.7%
17.3%
17.1%
12.9%
18.6%
20.3%
18.1
35.1
52.5
25.0
42.4
43.1
43.9
33.4
26.0
80.6
114.0
154.5
187.8
212.4
260.3
306.3
334.8
353.2
2.6
3.4
4.5
5.0
5.8
6.4
7.6
8.5
9.3
Menu
2Q12
36.9
3Q12
37.0
2009
125.3
2010
121.8
2011
109.2
5.0
8.5
20.9
32.4
22.5
41.9
45.5
146.2
154.3
131.6
21.2
24.1
73.7
73.6
57.8
50.6%
52.9%
50.4%
47.7%
43.9%
17.8%
19.7%
32.9%
24.1%
12.1%
24.0
11.3
22.1
74.3
47.3
239.4
247.7
121.1
171.1
213.3
6.0
6.6
13.3
16.8
20.9
2Q12
48.5
3Q12
49.2
2009
58.1
2010
81.6
2011
132.2
10.4
11.4
4.0
23.5
23.6
58.9
60.5
62.2
105.1
155.8
27.2
33.8
31.8
43.9
66.0
46.1%
55.9%
51.2%
41.7%
42.4%
14.8%
20.2%
26.9%
23.5%
14.3%
12.5
22.8
15.8
104.0
190.5
365.9
365.8
70.1
114.7
241.4
7.8
7.4
3.3
6.8
16.5
2Q12
3Q12
2009
2010
2011
37.6
30.3
91.5
138.5
158.3
17.2
18.5
49.9
56.9
56.5
54.8
48.8
141.4
195.4
214.8
4.7
0.1
20.8
26.1
20.7
8.5%
0.2%
14.7%
13.4%
9.7%
3.9%
-6.2%
15.0%
16.0%
5.9%
1.1
0.2
5.4
25.0
17.3
127.3
123.7
62.0
83.3
119.7
2.9
2.9
6.7
7.8
10.5
2Q12
3Q12
2009
2010
2011
50.6
57.0
51.1
84.9
157.0
4.8
10.4
3.3
10.1
18.4
55.4
67.4
54.4
95.1
175.4
31.4
38.0
31.3
51.0
93.6
56.6%
56.5%
57.6%
53.6%
53.4%
16.3%
16.3%
21.4%
19.2%
16.5%
40.9
40.3
30.1
130.6
162.8
371.2
389.7
70.3
134.1
277.8
9.7
10.6
8.6
15.6
28.2
1Q09
2Q09
82.4
104.6
(32.8)
(42.4)
49.5
62.1
(24.8)
(26.5)
24.7
35.6
Financial expense
(7.0)
(6.1)
Financial income
0.2
0.3
Financial result
(6.8)
(5.9)
17.9
29.7
(6.0)
(9.7)
Net income
12.0
20.1
87,220
87,220
0.14
0.23
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
102.7
114.6
115.5
131.3
148.9
154.2
145.0
(43.4)
(51.0)
(49.6)
(58.2)
(70.5)
(76.5)
(71.3)
59.3
63.6
65.9
73.1
78.4
77.7
73.7
(29.3)
(28.2)
(32.1)
(33.2)
(35.5)
(46.9)
(36.8)
30.0
35.4
33.8
39.9
42.9
30.8
36.8
(5.7)
(6.5)
(6.2)
(6.6)
(7.2)
(4.4)
(5.1)
0.2
0.3
0.5
6.3
7.1
4.8
2.1
(5.5)
(6.2)
(5.8)
(0.3)
(0.1)
0.5
(3.1)
24.5
29.2
28.1
39.6
42.8
31.3
33.8
(8.0)
(9.5)
(9.4)
(13.5)
(14.4)
(1.2)
(11.6)
16.6
19.8
18.7
26.1
28.5
30.1
22.2
87,220
87,421
87,421
124,611
124,611
125,495
125,495
0.19
0.23
0.21
0.21
0.23
0.24
0.18
Menu
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
164.0
175.1
193.5
199.1
211.1
222.2
(81.2)
(92.3)
(95.6)
(87.4)
(98.2)
(105.2)
82.8
82.8
97.9
111.8
112.9
117.0
(42.0)
(52.1)
(44.2)
(50.2)
(54.9)
(48.3)
40.7
30.7
53.7
61.6
58.0
68.7
(12.3)
(16.6)
(12.5)
(12.6)
(11.3)
(11.2)
5.4
4.6
2.7
1.4
1.0
1.1
(7.0)
(12.0)
(9.9)
(11.3)
(10.2)
(10.1)
33.8
18.8
43.8
50.3
47.8
58.6
(11.2)
(0.9)
(14.3)
(17.6)
(8.5)
(20.6)
22.6
17.9
29.5
32.7
39.2
38.0
125,495
125,591
125,657
125,690
126,149
126,314
0.18
0.14
0.24
0.26
0.31
0.30
1Q09
2Q09
3Q09
Assets
Current Assets
Cash and cash equivalents
13.0
2.6
8.3
45.1
62.3
70.7
Marketable securities
Trade receivables
Inventories
Recoverable taxes
0.7
1.3
1.3
20.0
20.5
20.9
Advances to suppliers
Derivative financial instruments
3.3
3.1
4.4
82.1
89.8
105.6
Trade receivables
5.2
5.0
4.7
Recoverable taxes
0.1
0.2
0.2
17.0
16.5
16.6
Deferred taxes
Deposits in court
6.5
6.6
6.0
28.8
28.3
27.5
Investment
Property, plant and equipment
234.4
241.4
262.7
39.1
39.1
39.1
273.5
280.5
301.8
302.3
308.8
329.3
Total Assets
384.4
398.6
434.9
Intangible assets
in R$ millions
1Q09
2Q09
3Q09
Liabilities
Current Liabilities
Suppliers
Borrowings, financing and finance leases
Debentures
Salaries and payroll charges
Income tax and social contribution
Tax refinancing program (REFIS)
Taxes payable
Profit sharing payable
Dividends payable
5.6
12.2
12.6
49.0
50.6
56.6
12.6
15.6
18.0
2.3
4.3
4.5
2.7
4.1
4.6
12.0
6.6
9.2
7.5
0.3
0.2
0.9
92.0
93.6
106.4
139.4
130.4
135.3
Non-Current Liabilities
Borrowings, financing and finance leases
Debentures
Provision for tax, civil and labor risks
Taxes payable
22.6
22.9
24.0
0.6
0.6
2.7
Deferred taxes
(2.1)
0.5
0.5
0.5
163.1
154.4
160.4
Total Liabilities
255.1
248.0
266.8
Capital
80.5
80.6
80.6
Earnings reserves
34.1
34.1
34.1
Stockholders' Equity
Capital reserves
Valuation adjustments to equity
2.7
3.8
4.8
12.0
32.1
48.6
129.3
150.6
168.1
384.4
398.6
434.9
Retained earnings
4Q09
1Q10
2Q10
3Q10
1.6
1.8
3.1
298.9
71.5
84.6
96.7
4Q10
196.9
107.1
1Q11
2Q11
3Q11
6.2
4.3
179.0
136.1
11.0
122.1
122.6
127.5
72.2
126.5
1.4
2.0
2.4
3.9
5.6
6.7
10.1
11.8
25.7
14.8
15.6
20.3
26.2
19.0
22.2
21.2
2.8
8.3
7.3
9.1
9.0
9.6
4.3
3.4
7.8
3.4
4.4
3.6
5.2
4.1
104.5
109.4
424.5
339.9
307.9
176.5
352.9
245.4
4.4
4.3
4.1
4.0
3.8
3.4
3.1
3.2
0.2
0.2
0.2
4.4
3.9
3.9
3.0
28.5
10.0
9.5
8.9
13.2
8.1
8.4
8.5
22.0
6.0
6.1
6.4
6.4
7.3
7.3
7.5
7.8
20.6
20.1
19.5
28.0
23.1
23.1
22.1
61.4
90.0
88.0
88.0
276.0
322.3
394.7
495.8
551.2
621.2
698.4
788.6
39.3
39.3
39.3
39.6
41.9
41.8
42.0
44.7
315.3
361.6
434.0
535.4
593.1
753.0
828.4
921.2
335.8
381.7
453.5
563.4
616.2
776.0
850.4
982.7
440.3
491.1
878.1
903.3
924.1
952.5
1,203.3
1,228.1
4Q09
1Q10
2Q10
3Q10
4Q10
4Q11
2Q11
3Q11
11.7
23.3
21.0
28.6
32.7
24.3
32.3
12.1
56.8
59.0
47.4
46.0
46.7
78.2
40.6
41.0
6.4
15.8
14.7
20.2
21.2
26.2
21.3
26.9
28.7
33.3
0.1
3.3
1.7
3.2
3.3
2.9
0.0
0.8
0.8
0.8
0.7
0.7
0.9
0.9
0.7
4.0
2.7
4.1
4.4
7.9
3.4
3.8
9.9
13.8
3.7
7.7
10.9
17.5
1.4
3.5
4.7
16.2
15.5
24.5
24.5
0.4
18.9
7.0
11.3
5.0
1.3
1.3
2.2
7.4
2.4
12.0
2.2
5.1
119.4
129.8
106.2
127.3
160.8
175.0
133.0
146.5
127.1
147.2
120.2
96.5
85.9
78.7
81.6
77.1
268.2
268.3
12.7
8.5
8.8
9.6
9.1
11.1
11.3
11.7
0.4
0.3
0.3
0.3
5.0
9.4
11.0
11.2
11.5
9.8
10.0
10.5
10.7
10.4
0.6
0.6
0.6
1.0
1.0
0.9
1.0
0.8
0.6
0.6
148.2
169.2
142.6
121.6
108.2
101.3
372.9
378.6
267.7
299.0
248.7
248.9
268.9
276.3
505.9
525.1
80.7
97.5
523.5
523.5
525.1
525.1
525.1
526.8
86.2
70.0
70.0
70.0
145.2
144.8
144.4
144.1
(8.4)
(8.1)
(8.2)
(7.7)
(6.9)
(6.5)
5.7
5.8
(0.5)
(4.2)
(7.0)
(8.6)
(10.7)
(3.1)
18.7
44.8
73.2
22.6
45.5
41.8
172.6
192.1
629.3
654.4
655.2
676.2
697.5
703.1
440.3
491.1
878.1
903.3
924.1
952.5
1,203.3
1,228.1
Menu
4Q11
1Q12
2Q12
3Q12
35.2
30.3
29.3
299.4
-
139.1
140.1
156.5
168.1
11.2
15.1
15.0
21.3
22.1
22.8
27.5
27.8
11.5
3.8
7.0
6.9
2.8
1.3
0.0
3.0
4.2
4.7
4.6
224.9
216.3
241.2
528.0
2.6
2.4
2.5
2.5
31.6
30.9
30.4
29.5
4.9
6.8
7.0
2.8
10.9
11.0
11.4
11.5
50.0
51.2
51.4
46.3
87.4
###
87.4
87.4
872.9
897.2
943.0
978.6
45.5
47.2
49.1
51.6
1,005.8
1,031.7
1,079.5
1,117.6
1,055.8
1,082.9
1,130.9
1,163.9
1,280.6
1,299.2
1,372.1
1,691.9
4Q11
1Q12
2Q12
3Q12
35.9
19.8
47.3
46.1
65.3
64.1
114.9
109.1
6.1
13.8
4.6
13.2
25.0
26.3
32.1
37.2
2.7
5.3
4.7
0.4
0.1
0.9
0.9
8.1
8.1
10.5
9.9
7.9
3.6
7.9
11.8
21.9
###
18.8
18.8
0.1
4.4
5.2
4.9
6.3
177.7
168.2
241.7
258.0
71.1
68.2
42.0
40.4
268.4
268.5
268.6
537.3
16.1
14.7
16.0
11.0
10.5
10.7
10.0
9.9
0.6
0.5
0.7
0.6
366.7
362.7
337.3
599.2
544.5
531.0
579.0
857.2
527.6
528.0
533.6
536.2
212.0
211.7
211.3
210.9
(5.6)
(4.7)
(3.8)
(1.9)
2.1
0.2
1.1
0.3
33.0
50.9
89.2
736.1
768.2
793.1
834.7
1,280.6
1,299.2
1,372.1
1,691.9
1Q09
12.0
Adjustments
Depreciation and amortization
Provision for tax, civil and labor risks
Expense on stock options
Profit sharing payable
Residual value of fixed and intangible assets
Gain on sale of fixed and intangible assets
Marketable securities income
Interest, monetary and exchange rate variation on loans, contingencies and deposits in court
Tax refinancing program (REFIS)
Allowance for doubtful debts
Deffered Income tax and social contribution
Present value adjustment
6.9
1.0
0.4
6.8
0.2
15.3
6.5
(0.3)
Recoverable taxes
1.9
Deposits in court
0.0
Prepaid expenses
0.1
Prepaid suppliers
0.2
Other assets
(0.8)
Suppliers
(7.9)
(0.5)
(0.3)
(0.9)
3.4
0.3
Other liabilities
0.2
1.9
29.1
(3.3)
Lawsuits settled
25.8
(9.0)
(1.0)
-
(10.0)
Shares in treasury
(8.4)
3.8
(4.6)
11.2
1.8
13.0
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
20.1
16.6
29.2
28.1
39.6
42.8
31.3
33.8
7.1
9.0
10.1
8.9
10.6
13.0
14.5
16.0
0.2
0.6
0.8
0.2
1.0
1.7
1.1
0.1
(0.4)
0.5
0.3
0.4
6.1
3.8
4.0
3.2
6.6
1.4
0.1
0.3
(0.1)
0.1
0.0
(0.9)
(1.5)
(4.2)
(4.3)
(3.8)
(2.9)
(6.2)
(6.6)
8.0
(1.6)
5.8
5.5
2.9
6.0
4.8
5.3
5.9
4.3
(1.3)
0.3
0.8
0.5
0.4
0.4
(0.0)
14.5
16.8
19.6
17.3
8.7
10.2
33.4
18.3
(17.0)
(8.2)
(0.2)
(13.0)
(11.9)
(10.3)
(15.6)
(0.6)
(0.6)
0.1
(0.1)
(0.7)
(0.4)
(1.5)
(1.7)
(1.1)
(0.4)
(0.4)
(9.0)
14.4
5.8
(13.6)
4.1
4.2
(0.0)
0.6
(0.7)
0.0
(0.4)
0.0
(1.0)
0.0
0.2
0.3
(0.0)
0.1
(1.3)
(0.1)
(0.3)
(0.9)
(1.9)
(1.6)
(3.9)
(0.0)
(0.7)
6.6
0.4
(0.9)
11.6
(2.3)
7.6
4.1
(8.4)
2.9
2.4
(3.3)
5.5
1.0
4.9
(4.9)
5.6
2.0
0.2
(2.2)
1.4
2.6
(2.1)
(1.8)
3.2
(1.9)
(0.3)
(1.0)
(5.4)
2.7
0.3
1.1
(0.0)
0.1
6.8
0.5
1.3
0.2
(0.5)
5.1
(10.1)
(1.8)
(10.5)
14.6
(5.3)
(18.5)
(15.7)
3.0
24.5
31.6
38.3
60.0
43.1
34.6
49.0
55.1
(6.2)
(2.9)
(6.8)
(3.8)
(7.4)
(2.5)
(5.5)
(4.3)
(7.3)
(5.7)
(16.1)
(1.5)
(8.7)
(2.2)
(0.0)
(13.9)
(0.0)
0.0
(17.5)
18.2
28.6
24.2
36.6
19.5
30.6
34.8
31.1
(292.7)
113.4
48.0
126.7
(90.0)
(14.2)
(30.5)
(22.7)
(58.7)
(89.9)
(119.9)
(80.0)
(94.6)
1.0
1.6
4.5
5.4
6.5
4.2
(0.1)
(0.3)
0.0
(14.2)
(30.8)
(21.7)
(57.2)
(378.1)
(1.1)
(25.5)
(53.8)
(13.8)
425.9
1.7
0.1
0.1
14.5
(14.5)
(0.2)
(0.4)
(7.5)
(15.5)
(3.6)
(11.8)
(9.6)
(15.1)
(10.9)
(46.8)
(31.0)
(10.7)
(6.3)
4.8
17.5
5.8
31.0
10.8
3.3
1.5
30.7
(14.4)
7.9
(9.2)
20.7
359.9
(27.9)
(7.9)
20.8
(10.3)
5.7
(6.8)
0.2
1.3
1.7
1.4
(1.9)
13.0
2.6
8.3
1.6
1.8
3.1
4.8
6.2
2.6
8.3
1.6
1.8
3.1
4.8
6.2
4.3
Menu
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
33.8
18.8
43.8
50.3
47.8
58.6
17.2
20.2
22.8
24.7
26.4
27.4
0.4
1.0
0.2
1.0
1.0
(4.8)
0.8
0.9
0.9
0.9
0.9
1.9
2.1
1.2
3.2
3.6
4.3
3.9
(6.3)
(5.8)
(4.3)
(7.4)
(6.1)
(8.8)
1.6
11.3
13.5
9.9
11.5
8.9
12.1
0.9
(0.6)
0.9
0.0
(0.0)
(0.0)
1.9
9.2
(0.3)
6.4
3.8
2.0
(0.1)
0.1
(0.1)
(0.0)
29.8
39.8
33.2
40.8
39.0
33.7
(6.1)
(8.7)
(11.8)
(7.2)
(20.2)
(13.6)
(3.3)
(1.8)
0.6
(3.9)
0.1
(6.3)
7.2
(21.6)
4.2
3.4
3.9
5.6
(0.2)
(0.3)
0.1
(0.1)
(0.5)
(0.5)
(1.7)
0.5
(3.7)
9.3
(4.9)
1.4
4.2
(0.7)
6.0
(1.5)
(2.0)
(2.0)
1.8
4.6
(8.3)
1.3
5.8
5.1
0.3
3.0
(5.3)
(0.0)
(0.6)
2.5
(5.1)
4.2
(0.5)
(1.0)
1.0
1.8
(2.9)
(20.8)
(18.5)
0.3
(17.4)
(6.0)
60.7
37.8
58.5
91.4
69.4
86.4
(2.8)
(2.9)
(22.2)
(2.5)
(19.0)
(3.1)
(8.5)
(7.0)
(2.7)
(15.1)
(16.2)
(8.4)
(0.0)
(7.9)
(2.6)
49.4
27.9
33.6
63.3
34.2
74.9
9.4
(3.4)
(0.0)
0.6
(96.0)
(137.6)
(102.1)
(73.0)
(53.9)
(78.1)
8.1
7.3
6.6
9.7
9.5
8.5
(81.9)
(130.3)
(94.9)
(63.3)
(44.5)
(69.6)
1.7
0.8
(0.5)
0.4
5.6
2.6
(0.0)
(24.1)
(0.4)
3.6
(21.9)
(63.8)
(8.2)
(8.0)
(8.7)
(7.1)
(9.7)
295.1
3.0
27.8
3.4
32.7
272.0
207.3
(4.4)
24.2
(4.9)
9.3
264.8
174.7
(106.8)
(37.1)
(4.9)
(1.0)
270.1
4.3
179.0
72.2
35.2
30.3
29.3
179.0
72.2
35.2
30.3
29.3
299.4