MIRA INFORM REPORT

 

 

Report Date :           

22.09.2011

 

IDENTIFICATION DETAILS

 

Name :

FERTILIZANTES HERINGER SA

 

 

Registered Office :

Avenida Idalino Carvalho, s/n, Viana, 29135-000

 

 

Country :

Brazil

 

 

Date of Incorporation :

01.09.1968

 

 

Com. Reg. No.:

31.12.2009

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

Production, Marketing and Distribution of agricultural, macronutrients and micronutrients fertilizers under the Heringer brand name

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

RATING

STATUS

PROPOSED CREDIT LINE

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

Large

 

Status :

Good

Payment Behaviour :

Regular

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Brazil

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

Company name & address 

 

Fertilizantes Heringer SA

Avenida Idalino Carvalho

s/n

Viana, 29135-000

Brazil

Tel:       55-19-38849071

Fax:      55-19-38847498

Web:    www.heringer.com.br

 

 

Synthesis     

 

Employees:                  3,405

Company Type:            Public Independent

Traded:                         Sao Paulo Stock Exchange:       FHER3

Incorporation Date:         01-Sep-1968

Auditor:                        PricewaterhouseCoopers LLP    

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2010

Reporting Currency:       Brazilian Real

Annual Sales:               2,000.5  1

Net Income:                   35.1

Total Assets:                1,218.6  2

Market Value:               271.9

(02-Sep-2011)

 

 

Business Description     

 

Fertilizantes Heringer SA is a Brazil-based company engaged in the production, marketing and distribution of agricultural, macronutrients and micronutrients fertilizers under the Heringer brand name. The Company's products include potassium chloride, ammonia sulphate, reactive phosphate and other types of fertilizers. Fertilizantes Heringer SA produces, sells and distributes fertilizers to farmers, agricultural companies, retailers, distribution companies and cooperatives in Brazil. The Company operates 16 plants located in the states of Sao Paulo, Minas Gerais, Parana, Espirito Santo, Sergipe, Bahia, Goias, Mato Grosso, Mato Grosso do Sul and Rio Grande do Sul. For the six months ended 30 June 2011, Fertilizantes Heringer SA's total revenue increased 36% to R$1.61B. Net income for the period totaled R$9.8M, vs. a loss of R$67.7M. Total revenue reflects an increase in demand for the Company's products and services in the Mixtures business segment. Net income for the period reflects improved both gross and operating profit margin as well as lower financial expense.

 

Industry

 

Industry            Chemical Manufacturing

ANZSIC 2006:    1831 - Fertiliser Manufacturing

NACE 2002:      2415 - Manufacture of fertilisers and nitrogen compounds

NAICS 2002:     325311 - Nitrogenous Fertilizer Manufacturing

UK SIC 2003:    2415 - Manufacture of fertilisers and nitrogen compounds

US SIC 1987:    2873 - Nitrogenous Fertilizers

 

           

Key Executives   

 

Name

Title

Dalton Carlos Heringer

Member of the Executive Board, Vice Chairman of the Board, Chief Executive Officer

Rodrigo Bortolini Rezende

Member of the Executive Board, Chief Financial Officer

Alfredo Fardin

Member of the Executive Board, Commercial Officer

Juliana Heringer Rezende

Member of the Executive Board, Chief Administrative Officer

Jaime Augusto d Rebelo

Diretor de Relações com Investidores & Financeiro

 

 

Financial Summary    

 

As of 30-Jun-2011

Key Ratios

Company

Industry

Current Ratio (MRQ)

0.88

2.18

Quick Ratio (MRQ)

0.41

1.35

Debt to Equity (MRQ)

2.13

0.82

Sales 5 Year Growth

22.33

6.26

Net Profit Margin (TTM) %

3.53

10.56

Return on Assets (TTM) %

6.73

8.26

Return on Equity (TTM) %

43.03

22.07

 

 

Stock Snapshot

 

 

Traded: Sao Paulo Stock Exchange: FHER3

 

As of 2-Sep-2011

   Financials in: BRL

Recent Price

9.16

 

EPS

1.28

52 Week High

10.88

 

Price/Sales

0.13

52 Week Low

6.89

 

Price/Earnings

3.43

Avg. Volume (mil)

0.07

 

Price/Book

1.08

Market Value (mil)

444.00

 

Beta

1.72

 

Price % Change

Rel S&P 500%

4 Week

1.22%

-5.20%

13 Week

-6.05%

6.93%

52 Week

24.63%

47.28%

Year to Date

-1.19%

21.14%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = BRL 1.760325

2 - Balance Sheet Item Exchange Rate: USD 1 = BRL 1.66

 

 

Corporate Overview

 

Location

Avenida Idalino Carvalho

s/n

Viana, 29135-000

Brazil

Tel:       55-19-38849071

Fax:      55-19-38847498

Web:    www.heringer.com.br

           

Quote Symbol - Exchange

FHER3 - Sao Paulo Stock Exchange

 

Sales BRL(mil):             3,521.5

Assets BRL(mil):           2,022.8

Employees:                   3,405

Fiscal Year End:            31-Dec-2010

Industry:                        Chemical Manufacturing

Incorporation Date:         01-Sep-1968

Company Type:             Public Independent

Quoted Status:              Quoted

 

Member of the Executive Board,

Vice Chairman of the Board,

Chief Executive Officer    :           Dalton Carlos Heringer

 

Company Web Links

·         Company Contact/E-mail

·         Corporate History/Profile

·         Executives

·         Financial Information

·         Home Page

·         Investor Relations

·         News Releases

·         Products/Services

Contents

·         Industry Codes

·         Business Description

·         Financial Data

·         Market Data

·         Shareholders

·         Subsidiaries

·         Key Corporate Relationships

 

Industry Codes

ANZSIC 2006 Codes:

1831     -          Fertiliser Manufacturing

 

NACE 2002 Codes:

2415     -          Manufacture of fertilisers and nitrogen compounds

 

NAICS 2002 Codes:

325312  -          Phosphatic Fertilizer Manufacturing

325311  -          Nitrogenous Fertilizer Manufacturing

325314  -          Fertilizer (Mixing Only) Manufacturing

 

US SIC 1987:

2873     -          Nitrogenous Fertilizers

2874     -          Phosphatic Fertilizers

2875     -          Fertilizers, Mixing only

 

UK SIC 2003:

2415     -          Manufacture of fertilisers and nitrogen compounds

 

Business Description

Fertilizantes Heringer SA is a Brazil-based company engaged in the production, marketing and distribution of agricultural, macronutrients and micronutrients fertilizers under the Heringer brand name. The Company's products include potassium chloride, ammonia sulphate, reactive phosphate and other types of fertilizers. Fertilizantes Heringer SA produces, sells and distributes fertilizers to farmers, agricultural companies, retailers, distribution companies and cooperatives in Brazil. The Company operates 16 plants located in the states of Sao Paulo, Minas Gerais, Parana, Espirito Santo, Sergipe, Bahia, Goias, Mato Grosso, Mato Grosso do Sul and Rio Grande do Sul. For the six months ended 30 June 2011, Fertilizantes Heringer SA's total revenue increased 36% to R$1.61B. Net income for the period totaled R$9.8M, vs. a loss of R$67.7M. Total revenue reflects an increase in demand for the Company's products and services in the Mixtures business segment. Net income for the period reflects improved both gross and operating profit margin as well as lower financial expense.

 

More Business Descriptions

·         Manufacture of fertilisers

·         Chemistry

·         Fertilizer Manufacturing

 

 

Financial Data

Financials in:

BRL(mil)

 

Revenue:

3,521.5

Net Income:

61.8

Assets:

2,022.8

Long Term Debt:

234.2

 

Total Liabilities:

1,613.1

 

Working Capital:

0.1

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

10.3%

0.2%

11.8%

 

Market Data

Quote Symbol:

FHER3

Exchange:

Sao Paulo Stock Exchange

Currency:

BRL

Stock Price:

9.2

Stock Price Date:

09-02-2011

52 Week Price Change %:

24.6

Market Value (mil):

443,998.1

 

SEDOL:

B1VQDQ0

ISIN:

BRFHERACNOR5

 

 

Subsidiaries

Company

Percentage Owned

Country

Logfert Transportes S.A.

100%

BRAZIL

 

 

 

Shareholders

 

 

Major Shareholders

Sr. Dalton Dias Heringer (51.55%); Sr. Dalton Carlos Heringer 8.14%); Sra. Juliana Heringer Rezende (8.07%)

 

 

 

Key Corporate Relationships

Auditor:

PricewaterhouseCoopers LLP

 

Auditor:

PricewaterhouseCoopers LLP, Pricewaterhouse Coopers Auditores Independentes

 

 

 

 

 

 

 

 

Fertilizantes Heringer SA

 

The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments. More about Strategic Initiatives

 

Strategic Initiatives

 

Key Organizational Changes

International raw material prices should present lower volatility than in 2008 and 2009. Accordingly, fertilizer prices should remain near current levels, resulting in lower costs for rural producers. Brazil’s fertilizer production could increase in the medium term, in view of VALE’s launch of phosphate- and nitrogen-based fertilizers in Brazil, through the acquisition of phosphate mines and the acquisition of the Brazil’s largest producer of fertilizer raw materials. New investments will most likely be made in fertilizer raw material production, thereby reducing Brazil’s dependence on imports. We expect better profitability in Brazil’s agribusiness sector in 2010, due to the lower production costs and the better barter ratio for fertilizers versus agricultural products.


Executive report

 

Board of Directors

 

Name

Title

Function

 

Dalton Carlos Heringer

 

Member of the Executive Board, Vice Chairman of the Board, Chief Executive Officer

Chairman

 

Reuters Biography (Fertilizantes Heringer SA)

Mr. Dalton Carlos Heringer serves as Vice Chairman of the Board of Directors, Member of the Executive Board and Chief Executive Officer of Fertilizantes Heringer SA. He has worked for the Company since 1986, having served in each of the Administrative, Financial, Technical and Sales Departments before becoming Chief Executive Officer in 2004. He served as Chief Executive Officer and Chairman of the Board of Directors of Trufa SA from 1998 to 2002. He is also a Member-Director of the AMA and of the SIACESP. He holds a Bachelors degree in Business Administration from Centro Superior de Ciencias Sociais de Vila Velha of Centro Universitario Vila Velha-UVV.



B Business Administration, Centro Universitario Vila Velha-UVV

Jose Augusto Arantes Savasini

 

Independent Director

Director/Board Member

 

 

Reuters Biography (Fertilizantes Heringer SA)

Mr. Jose Augusto Arantes Savasini has served as Independent Member of the Board of Directors of Fertilizantes Heringer SA since May 30, 2008. He worked as FIPE’s Researcher from 1973 to 1979. In 1979, he acted as Advisor of former Agriculture Minister Delfim Netto, and as Planning Secretary of the President’s Planning Secretariat from 1979 to 1985. In the same period, he worked as Superintendent of the Planning Institute of IPEA, SEPLAN/PR. From 1982 to 1985, he represented the Brazilian government for loan negotiations with The World Bank, and was also in charge of coordinating the technical team in IMF negotiations. From 1985 to 1989, he acted as Chief Financial Officer of Banco Noroeste S/A. In 1989, he joined Rosenberg Consultores Associados Ltda, a renowned economy and finance consultancy in Brazil. From 1994 to 1998, he acted as Chief Financial Officer of Banco Excel S/A, and from 2005 to 2006, as Economics Advisor of BNDES’s Chief Executive Officer. He currently acts as Managing Partner of Rosenberg Consultores Associados and as Professor PHD in the Department of Economics of FEA-USP since 1973. He received a Bachelors degree in Economics from Universidade de Sao Paulo (USP) in 1966, a Masters degree in Economics from the Vanderbilt University in 1970 and a Doctorate in Philosophy degree in Economics from the Vanderbilt University in 1975.



PHD Economics, Vanderbilt University
M Economics, Vanderbilt University
B Economics, Universidade de Sao Paulo (USP)

Rodrigo Bortolini Rezende

 

Member of the Executive Board, Chief Financial Officer

Director/Board Member

 

 

Reuters Biography (Fertilizantes Heringer SA)

Mr. Rodrigo Bortolini Rezende has served as Member of the Executive Board and Chief Financial Officer of Fertilizantes Heringer SA since October 21, 2008. He also serves as Member of the Hedge Policy Committee of the Company. He joined the Company in 1998 as Finance Manager. He was Professor of Economics at Centro Superior de Ciencias Sociais de Vila Velha, Espirito Santo state from 1990 to 1997, where he was Head of the Economics Department in 1996 and 1997. He obtained a degree in Economics from Universidade Federal do Espirito Santo in 1988 and holds a Masters of Business Administration degree in Finance from Institudo Brasileiro de Mercado de Capitais (IBMEC).



Economics, Universidade Federal do Espirito Santo
MBA Finance, Instituto Brasileiro de Mercado de Capitais (IBMEC)

Geraldo José Carbone

 

Director

Director/Board Member

 

 

Mailson Ferreira da Nóbrega

 

Conselheiro

Director/Board Member

 

 

Alfredo Fardin

 

Member of the Executive Board, Commercial Officer

Director/Board Member

 

 

Reuters Biography (Fertilizantes Heringer SA)

Mr. Alfredo Fardin has served as Member of the Executive Board and Commercial Officer of Fertilizantes Heringer SA since February 18, 2008. He has been working for the Company since 1986. He began as Commercial Supervisor before entering the management as Commercial Manager and then as Regional Manager. In addition to working in the commercial area, he has also participated in the supply, industrial and agronomy/technical areas of the Company. He holds a Bachelors degree in Agronomy from Universidade Federal do Espirito Santo.



B Agronomy, Universidade Federal do Espirito Santo

Almir Goncalves de Miranda

 

Director

Director/Board Member

 

 

Reuters Biography (Fertilizantes Heringer SA)

Mr. Almir Goncalves de Miranda has served as Member of the Board of Directors of Fertilizantes Heringer SA since February 9, 2007. He has worked for the Company since 1970, having served in each of the Administrative, Financial, Technical and Sales Departments. He served for many years as the Supplies and Logistics Officer.

Juliana Heringer Rezende

 

Member of the Executive Board, Chief Administrative Officer

Director/Board Member

 

 

Reuters Biography (Fertilizantes Heringer SA)

Ms. Juliana Heringer Rezende has served as Member of the Executive Board and Chief Administrative Officer of Fertilizantes Heringer SA since February 9, 2007. She has been working for the Company since 1988. She holds a Bachelors degree in Economics from Universidade Federal do Espirito Santo and a Bachelors degree in Business Administration from Centro Superior de Ciencias Sociais de Vila Velha of Centro Universitario Vila Velha-UVV.



B Economics, Universidade Federal do Espirito Santo
B Business Administration, Centro Universitario Vila Velha-UVV

Wilson Rio Mardonado

 

Member of the Executive Board, Controller, Investor Relations Officer

Director/Board Member

 

 

Reuters Biography (Fertilizantes Heringer SA)

Mr. Wilson Rio Mardonado has served as Member of the Executive Board, Controller and Investor Relations Officer of Fertilizantes Heringer SA since October 21, 2008. He also serves as Member of the Hedge Policy Committee of the Company. He spent 18 years with Johnson & Johnson in the finance and treasury areas and for 10 years has been responsible for the finance area at Tetra Pak Ltda. in Brazil. He graduated in Business Administration and Accounting from Centro Universitario Italo Brasileiro, with post-graduate studies in Finance and Applied Economics from Fundacao Getulio Vargas (FGV). He has also undertaken several national and international courses in Economics, Strategic Planning and Leadership.



Finance, Fundacao Getulio Vargas (FGV)
Business Administration, Centro Universitario Italo Brasileiro

Roberto Rodrigues

 

Independent Director

Director/Board Member

 

 

Reuters Biography (Fertilizantes Heringer SA)

Mr. Roberto Rodrigues has served as Independent Member of the Board of Directors of Fertilizantes Heringer SA since September 14, 2007. He owns farming interests in rural Sao Paulo and Maranhao, is Chairman of the Superior Agribusiness Council of the Sao Paulo State Industries Federation (FIESP) and Co-Chairman of the Interamerican Ethanol Commission. He was Minister of Agriculture, Livestock and Food Supply from January 2003 to June 2006, Chairman of the Brazilian Agribusiness Association and the Brazilian Rural Association. He was Minister of Agriculture and Food Supply in Sao Paulo state and led the private sector at the National Agriculture Forum. He was Chairman of the Brazilian Cooperatives Organization (OCB) twice, in 1985 and in 1991. He also presided over the International Co-operative Alliance (ICA) between 1997 and 2001, and the International Committee of Agricultural Cooperatives between 1992 and 1997. In the academic area, he is Coordinator of the Agribusiness Center at the Getulio Vargas Foundation, Professor in the Rural Economics Department at UNESP, Jaboticabal, and Visiting Researcher at Universidade de Sao Paulo’s Institute for Advanced Studies. He has published articles on agriculture, the cooperative movement and rural economy. He is the author of three books and co-author of several others. He holds a degree in Agricultural Engineering from Universidade de Sao Paulo (USP).



Agricultural Engineering, Universidade de Sao Paulo (USP)

 

Executives

 

Name

Title

Function

 

Dalton Carlos Heringer

 

Member of the Executive Board, Vice Chairman of the Board, Chief Executive Officer

Chief Executive Officer

 

Reuters Biography (Fertilizantes Heringer SA)

Mr. Dalton Carlos Heringer serves as Vice Chairman of the Board of Directors, Member of the Executive Board and Chief Executive Officer of Fertilizantes Heringer SA. He has worked for the Company since 1986, having served in each of the Administrative, Financial, Technical and Sales Departments before becoming Chief Executive Officer in 2004. He served as Chief Executive Officer and Chairman of the Board of Directors of Trufa SA from 1998 to 2002. He is also a Member-Director of the AMA and of the SIACESP. He holds a Bachelors degree in Business Administration from Centro Superior de Ciencias Sociais de Vila Velha of Centro Universitario Vila Velha-UVV.



B Business Administration, Centro Universitario Vila Velha-UVV

Juliana Heringer Rezende

 

Member of the Executive Board, Chief Administrative Officer

Administration Executive

 

 

Reuters Biography (Fertilizantes Heringer SA)

Ms. Juliana Heringer Rezende has served as Member of the Executive Board and Chief Administrative Officer of Fertilizantes Heringer SA since February 9, 2007. She has been working for the Company since 1988. She holds a Bachelors degree in Economics from Universidade Federal do Espirito Santo and a Bachelors degree in Business Administration from Centro Superior de Ciencias Sociais de Vila Velha of Centro Universitario Vila Velha-UVV.



B Economics, Universidade Federal do Espirito Santo
B Business Administration, Centro Universitario Vila Velha-UVV

Rodrigo Bortolini Rezende

 

Member of the Executive Board, Chief Financial Officer

Finance Executive

 

 

Reuters Biography (Fertilizantes Heringer SA)

Mr. Rodrigo Bortolini Rezende has served as Member of the Executive Board and Chief Financial Officer of Fertilizantes Heringer SA since October 21, 2008. He also serves as Member of the Hedge Policy Committee of the Company. He joined the Company in 1998 as Finance Manager. He was Professor of Economics at Centro Superior de Ciencias Sociais de Vila Velha, Espirito Santo state from 1990 to 1997, where he was Head of the Economics Department in 1996 and 1997. He obtained a degree in Economics from Universidade Federal do Espirito Santo in 1988 and holds a Masters of Business Administration degree in Finance from Institudo Brasileiro de Mercado de Capitais (IBMEC).

 

Economics, Universidade Federal do Espirito Santo
MBA Finance, Instituto Brasileiro de Mercado de Capitais (IBMEC)

Lucimar Antonio Cardozo

 

Diretor de Controladoria

Finance Executive

 

 

Jaime Augusto d Rebelo

 

Diretor de Relações com Investidores & Financeiro

Finance Executive

 

 

Wilson Rio Mardonado

 

Member of the Executive Board, Controller, Investor Relations Officer

Controller

 

 

Reuters Biography (Fertilizantes Heringer SA)

Mr. Wilson Rio Mardonado has served as Member of the Executive Board, Controller and Investor Relations Officer of Fertilizantes Heringer SA since October 21, 2008. He also serves as Member of the Hedge Policy Committee of the Company. He spent 18 years with Johnson & Johnson in the finance and treasury areas and for 10 years has been responsible for the finance area at Tetra Pak Ltda. in Brazil. He graduated in Business Administration and Accounting from Centro Universitario Italo Brasileiro, with post-graduate studies in Finance and Applied Economics from Fundacao Getulio Vargas (FGV). He has also undertaken several national and international courses in Economics, Strategic Planning and Leadership.



Finance, Fundacao Getulio Vargas (FGV)
Business Administration, Centro Universitario Italo Brasileiro

José Lucas

 

Gerente de Recursos Humanos

Human Resources Executive

 

 

Alfredo Fardin

 

Member of the Executive Board, Commercial Officer

Sales Executive

 

 

Reuters Biography (Fertilizantes Heringer SA)

Mr. Alfredo Fardin has served as Member of the Executive Board and Commercial Officer of Fertilizantes Heringer SA since February 18, 2008. He has been working for the Company since 1986. He began as Commercial Supervisor before entering the management as Commercial Manager and then as Regional Manager. In addition to working in the commercial area, he has also participated in the supply, industrial and agronomy/technical areas of the Company. He holds a Bachelors degree in Agronomy from Universidade Federal do Espirito Santo.



B Agronomy, Universidade Federal do Espirito Santo

Pedro Augusto Lombardi Ferreira

 

Diretor de Suprimentos e Logística

Logistics Executive

 

 

 

 

Significant Developments

 

There were no significant developments matching your query for KeyID 42429213

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Restated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate (Period Average)

1.760325

1.998896

1.836244

1.947173

2.174925

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

2,000.5

1,597.0

1,919.4

-

-

    Gross Revenue

-

-

-

1,183.9

668.7

    Sales Returns and Allowances

-

-

-

-22.9

-13.1

Revenue

2,000.5

1,597.0

1,919.4

1,161.1

655.6

Total Revenue

2,000.5

1,597.0

1,919.4

1,161.1

655.6

 

 

 

 

 

 

    Cost of Revenue

1,764.2

1,489.0

1,765.9

1,023.8

585.5

Cost of Revenue, Total

1,764.2

1,489.0

1,765.9

1,023.8

585.5

Gross Profit

236.2

108.0

153.5

137.3

70.2

 

 

 

 

 

 

    Selling/General/Administrative Expense

152.9

119.6

122.1

95.9

64.3

Total Selling/General/Administrative Expenses

152.9

119.6

122.1

95.9

64.3

        Interest Expense - Operating

-

-

-

15.9

-

    Interest Expense - Net Operating

-

-

-

15.9

-

        Interest Income - Operating

-

-

-

-4.9

-

    Interest/Investment Income - Operating

-

-

-

-4.9

-

Interest Expense (Income) - Net Operating Total

-

-

-

10.9

-

    Other Operating Expense

3.3

21.4

2.0

79.5

42.6

    Other, Net

-16.3

-16.6

-10.4

-103.8

-64.2

Other Operating Expenses, Total

-13.0

4.7

-8.3

-24.3

-21.6

Total Operating Expense

1,904.1

1,613.3

1,879.8

1,106.2

628.2

 

 

 

 

 

 

Operating Income

96.4

-16.3

39.7

54.8

27.5

 

 

 

 

 

 

    Other Non-Operating Income (Expense)

-46.2

56.0

-250.2

0.0

0.1

Other, Net

-46.2

56.0

-250.2

0.0

0.1

Income Before Tax

50.2

39.7

-210.5

54.8

27.6

 

 

 

 

 

 

Total Income Tax

15.1

8.9

-72.7

15.0

6.6

Income After Tax

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Net Income Before Extraord Items

35.1

30.9

-137.9

39.8

20.9

Net Income

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

48.5

48.5

48.5

48.6

36.6

Basic EPS Excl Extraord Items

0.72

0.64

-2.84

0.82

0.57

Basic/Primary EPS Incl Extraord Items

0.72

0.64

-2.84

0.82

0.57

Dilution Adjustment

-

-

0.0

-

-

Diluted Net Income

35.1

30.9

-137.9

39.8

20.9

Diluted Weighted Average Shares

48.5

48.5

48.5

48.6

36.6

Diluted EPS Excl Extraord Items

0.72

0.64

-2.84

0.82

0.57

Diluted EPS Incl Extraord Items

0.72

0.64

-2.84

0.82

0.57

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.18

0.00

Dividends per Share - Common Stock Issue 2

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

38.7

0.0

Interest Expense, Supplemental

-

-

-

15.9

-

Depreciation, Supplemental

23.2

17.6

8.2

4.6

2.9

Normalized Income Before Tax

50.2

39.7

-210.5

54.8

27.6

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

15.1

8.9

-72.7

15.0

6.6

Normalized Income After Tax

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Basic Normalized EPS

0.72

0.64

-2.84

0.82

0.57

Diluted Normalized EPS

0.72

0.64

-2.84

0.82

0.57

Amort of Intangibles, Supplemental

0.9

1.1

-

-

-

Research & Development Exp, Supplemental

0.0

0.0

-

-

-

Normalized EBIT

96.4

-16.3

39.7

65.8

27.5

Normalized EBITDA

120.4

2.4

47.9

70.4

30.4

    Current Tax - Total

10.2

2.6

-0.2

9.7

-

Current Tax - Total

10.2

2.6

-0.2

9.7

-

    Deferred Tax - Total

4.9

6.3

-72.5

5.4

-

Deferred Tax - Total

4.9

6.3

-72.5

5.4

-

Income Tax - Total

15.1

8.9

-72.7

15.0

-

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate

1.66

1.7432

2.332

1.78

2.135

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

26.8

12.0

9.5

11.6

82.9

    Short Term Investments

79.8

76.8

98.3

55.0

-

Cash and Short Term Investments

106.6

88.7

107.8

66.5

82.9

        Accounts Receivable - Trade, Gross

258.3

237.9

-

-

-

        Provision for Doubtful Accounts

-25.0

-26.0

-

-

-

    Trade Accounts Receivable - Net

233.3

211.9

173.1

177.2

117.8

    Other Receivables

95.0

79.8

102.5

44.2

38.9

Total Receivables, Net

328.3

291.7

275.5

221.3

156.7

    Inventories - Work In Progress

102.9

32.1

7.9

69.9

-

    Inventories - Raw Materials

175.6

198.1

234.7

200.1

-

    Inventories - Other

7.3

8.4

-13.6

33.3

-

Total Inventory

285.8

238.6

228.9

303.3

74.5

    Deferred Income Tax - Current Asset

-

-

-

3.9

6.1

    Other Current Assets

-

-

-

0.0

0.0

Other Current Assets, Total

-

-

-

3.9

6.1

Total Current Assets

720.7

619.0

612.3

595.1

320.2

 

 

 

 

 

 

Property/Plant/Equipment - Net

284.2

241.4

177.1

99.9

39.7

Intangibles, Net

3.7

2.9

1.7

4.1

0.0

    LT Investments - Other

0.0

0.1

0.1

0.1

0.1

Long Term Investments

0.0

0.1

0.1

0.1

0.1

Note Receivable - Long Term

0.4

0.8

0.4

1.0

3.6

    Deferred Charges

-

-

-

0.0

0.0

    Deferred Income Tax - Long Term Asset

28.5

32.2

50.4

1.0

2.9

    Restricted Cash - Long Term

8.9

3.9

3.5

4.4

3.6

    Other Long Term Assets

172.1

137.2

7.6

21.7

8.8

Other Long Term Assets, Total

209.5

173.3

61.5

27.1

15.2

Total Assets

1,218.6

1,037.5

853.0

727.4

378.8

 

 

 

 

 

 

Accounts Payable

338.3

344.6

363.1

219.6

178.6

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

330.8

357.7

298.5

158.6

59.0

    Dividends Payable

-

-

-

2.9

0.0

    Customer Advances

64.4

65.5

27.8

36.3

20.0

    Income Taxes Payable

6.4

0.0

0.0

0.7

1.4

    Other Payables

31.9

14.3

35.1

26.7

12.9

    Deferred Income Tax - Current Liability

-

-

-

0.0

0.0

    Other Current Liabilities

17.5

16.7

1.0

-

-

Other Current liabilities, Total

120.2

96.4

63.9

66.5

34.3

Total Current Liabilities

789.3

798.7

725.4

444.7

271.9

 

 

 

 

 

 

    Long Term Debt

141.1

3.6

4.2

4.9

1.6

Total Long Term Debt

141.1

3.6

4.2

4.9

1.6

Total Debt

471.9

361.3

302.7

163.5

60.5

 

 

 

 

 

 

    Reserves

0.7

0.2

0.7

0.9

0.7

    Other Long Term Liabilities

40.6

35.5

0.0

0.0

0.0

Other Liabilities, Total

41.3

35.6

0.7

0.9

0.7

Total Liabilities

971.8

837.9

730.3

450.5

274.2

 

 

 

 

 

 

    Common Stock

270.3

257.4

192.4

241.5

82.4

Common Stock

270.3

257.4

192.4

241.5

82.4

Retained Earnings (Accumulated Deficit)

-52.3

-85.6

-90.7

35.4

22.3

    Other Equity

28.8

27.8

21.0

-

-

Other Equity, Total

28.8

27.8

21.0

-

-

Total Equity

246.8

199.6

122.7

276.9

104.7

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,218.6

1,037.5

853.0

727.4

378.8

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

48.5

48.5

48.5

48.6

116.3

    Shares Outstanding - Common Stock Issue 2

0.0

0.0

0.0

0.0

30.2

Total Common Shares Outstanding

48.5

48.5

48.5

48.6

146.5

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Treasury Shares - Common Issue 2

0.0

0.0

0.0

0.0

0.0

Employees

3,405

2,888

-

-

-

Accumulated Intangible Amort, Suppl.

-

4.8

2.7

-

-

Deferred Revenue - Current

64.4

65.5

27.8

36.3

20.0

Total Long Term Debt, Supplemental

471.9

361.3

302.7

163.5

-

Long Term Debt Maturing within 1 Year

330.8

357.1

298.5

158.6

-

Long Term Debt Maturing in Year 2

46.8

1.9

1.5

1.8

-

Long Term Debt Maturing in Year 3

46.2

2.2

1.5

1.1

-

Long Term Debt Maturing in Year 4

46.2

-

1.3

1.1

-

Long Term Debt Maturing in Year 5

-

-

-

0.9

-

Long Term Debt Maturing in 2-3 Years

93.0

4.1

2.9

2.9

-

Long Term Debt Maturing in 4-5 Years

46.2

-

1.3

2.0

-

Long Term Debt Matur. in Year 6 & Beyond

1.9

0.0

0.0

0.0

-

Total Operating Leases, Supplemental

2.6

3.8

-

-

-

Operating Lease Payments Due in Year 1

1.1

1.4

-

-

-

Operating Lease Payments Due in Year 2

0.4

0.6

-

-

-

Operating Lease Payments Due in Year 3

0.4

0.6

-

-

-

Operating Lease Payments Due in Year 4

0.4

0.6

-

-

-

Operating Lease Payments Due in Year 5

0.4

0.6

-

-

-

Operating Lease Pymts. Due in 2-3 Years

0.7

1.2

-

-

-

Operating Lease Pymts. Due in 4-5 Years

0.7

1.2

-

-

-

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.0

0.0

-

-

-

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate (Period Average)

1.760325

1.998896

1.836244

1.947173

2.174925

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

50.2

39.7

-210.5

39.8

20.9

    Depreciation

23.2

17.6

8.2

4.4

2.9

Depreciation/Depletion

23.2

17.6

8.2

4.4

2.9

    Amortization of Intangibles

-

-

-

0.2

-

Amortization

-

-

-

0.2

-

Deferred Taxes

-

-

-

5.4

2.5

    Unusual Items

-0.5

18.6

1.1

0.5

-0.1

    Other Non-Cash Items

6.9

-186.7

252.9

0.3

-3.9

Non-Cash Items

6.5

-168.1

254.0

0.8

-4.0

    Accounts Receivable

-7.0

21.8

-35.7

-34.5

9.9

    Inventories

-34.3

89.5

-29.8

-195.6

8.1

    Other Assets

219.3

502.0

349.6

-3.5

-1.6

    Accounts Payable

-18.8

-23.9

140.2

4.8

0.3

    Taxes Payable

0.0

0.1

-0.3

-

-

    Other Liabilities

10.9

2.6

9.6

23.2

12.3

    Other Operating Cash Flow

-335.0

-515.0

-325.1

0.0

-5.9

Changes in Working Capital

-164.9

77.1

108.6

-205.6

23.2

Cash from Operating Activities

-85.0

-33.6

160.3

-155.0

45.6

 

 

 

 

 

 

    Purchase of Fixed Assets

-49.6

-21.3

-91.8

-55.1

-

    Purchase/Acquisition of Intangibles

-1.5

-1.7

-0.6

-

-

Capital Expenditures

-51.1

-23.0

-92.4

-55.1

-

    Sale of Fixed Assets

4.8

3.5

8.3

0.2

-

    Sale/Maturity of Investment

2.5

0.0

0.0

-

0.7

    Purchase of Investments

0.0

0.0

0.0

-

-6.0

    Other Investing Cash Flow

0.0

0.0

-3.2

-0.2

-

Other Investing Cash Flow Items, Total

7.3

3.5

5.0

-0.1

-5.2

Cash from Investing Activities

-43.8

-19.5

-87.3

-55.1

-5.2

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

-0.3

-2.5

-7.4

-4.2

Financing Cash Flow Items

0.0

-0.3

-2.5

-7.4

-4.2

    Sale/Issuance of Common/Preferred

0.0

0.0

1.1

104.3

-

Issuance (Retirement) of Stock, Net

0.0

0.0

1.1

104.3

-

        Long Term Debt Issued

209.9

25.6

2.8

83.1

29.0

        Long Term Debt Reduction

-68.2

-20.6

-2.0

-

-

    Long Term Debt, Net

141.7

5.0

0.8

83.1

29.0

Issuance (Retirement) of Debt, Net

141.7

5.0

0.8

83.1

29.0

Cash from Financing Activities

141.7

4.6

-0.6

180.0

24.9

 

 

 

 

 

 

Net Change in Cash

12.8

-48.4

72.3

-30.1

65.2

 

 

 

 

 

 

Net Cash - Beginning Balance

87.7

125.7

64.5

90.9

16.2

Net Cash - Ending Balance

100.5

77.2

136.8

60.8

81.4

Cash Interest Paid

3.8

28.8

13.4

-

-

Cash Taxes Paid

0.0

0.1

14.2

-

-

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate (Period Average)

1.760325

1.998896

1.836244

1.947173

2.174925

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Net Sales

2,000.5

1,597.0

1,919.4

-

-

    Gross Revenues

-

-

-

1,183.9

668.7

    Sales Allowances

-

-

-

-22.9

-13.1

Total Revenue

2,000.5

1,597.0

1,919.4

1,161.1

655.6

 

 

 

 

 

 

    Cost of Goods Sold

1,764.2

1,489.0

1,765.9

1,023.8

585.5

    Selling Expense

115.7

94.8

98.1

76.4

49.6

    General Administrative

37.2

24.8

24.0

19.5

14.7

    Interest Income

-

-

-

-4.9

-

    Financial Income

-

-

-

-96.9

-45.9

    Interest Expense

-

-

-

15.9

-

    Financial Expense

-

-

-

68.7

42.4

    Other Income

-16.3

-16.6

-10.4

-7.0

-18.4

    Profit Sharing

-

-

-

3.1

-

    Other Expenses

3.3

21.4

2.0

7.7

0.2

Total Operating Expense

1,904.1

1,613.3

1,879.8

1,106.2

628.2

 

 

 

 

 

 

    Financial Income

113.5

366.4

213.5

-

-

    Financial Expense

-159.7

-310.4

-463.7

-

-

    Non-Operating Income

-

-

-

0.0

-

    Non-Operating Expenses

-

-

-

0.0

-

    Non-Operating, Net

-

-

-

-

0.1

Net Income Before Taxes

50.2

39.7

-210.5

54.8

27.6

 

 

 

 

 

 

Provision for Income Taxes

15.1

8.9

-72.7

15.0

6.6

Net Income After Taxes

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Net Income Before Extra. Items

35.1

30.9

-137.9

39.8

20.9

Net Income

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Basic Weighted Average Shares

48.5

48.5

48.5

48.6

36.6

Basic EPS Excluding ExtraOrdinary Items

0.72

0.64

-2.84

0.82

0.57

Basic EPS Including ExtraOrdinary Items

0.72

0.64

-2.84

0.82

0.57

Dilution Adjustment

-

-

0.0

-

-

Diluted Net Income

35.1

30.9

-137.9

39.8

20.9

Diluted Weighted Average Shares

48.5

48.5

48.5

48.6

36.6

Diluted EPS Excluding ExtraOrd Items

0.72

0.64

-2.84

0.82

0.57

Diluted EPS Including ExtraOrd Items

0.72

0.64

-2.84

0.82

0.57

DPS-Common Stock

0.00

0.00

0.00

0.18

0.00

DPS-Preferred Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

38.7

0.0

Normalized Income Before Taxes

50.2

39.7

-210.5

54.8

27.6

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

15.1

8.9

-72.7

15.0

6.6

Normalized Income After Taxes

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Basic Normalized EPS

0.72

0.64

-2.84

0.82

0.57

Diluted Normalized EPS

0.72

0.64

-2.84

0.82

0.57

Interest Expense

-

-

-

15.9

-

Depreciation Expense

23.2

17.6

8.2

4.6

2.9

Research & Development Exp, Supplemental

0.0

0.0

-

-

-

Amortization

0.9

1.1

-

-

-

    Current Tax

10.2

2.6

-0.2

9.7

-

Current Tax - Total

10.2

2.6

-0.2

9.7

-

    Deferred Tax

4.9

6.3

-72.5

5.4

-

Deferred Tax - Total

4.9

6.3

-72.5

5.4

-

Income Tax - Total

15.1

8.9

-72.7

15.0

-

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2008

Restated Normal
31-Dec-2008

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate

1.66

1.7432

2.332

1.78

2.135

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Cash and Equivalent

26.8

12.0

9.5

11.6

82.9

    Financial Application

79.8

76.6

98.3

55.0

-

    Accounts Receivable, Gross

258.3

237.9

-

-

-

    Provision for Doubtful Account

-25.0

-26.0

-

-

-

    Accounts Receivable

-

-

173.1

177.2

117.8

    Recoverable Taxes

76.5

59.4

51.0

30.6

31.9

    Income Tax & Social Contribution Recover

0.1

2.4

29.1

-

-

    Deferred Taxes

-

-

-

3.9

6.1

    Other Receivables

18.3

18.0

22.4

13.5

7.0

    Financial Instruments

0.0

0.2

0.1

-

-

    Inventory

-

-

-

-

74.5

    Raw Materials

175.6

198.1

234.7

200.1

-

    Work in Progress

102.9

32.1

7.9

69.9

-

    Advances

2.8

6.4

12.6

32.1

-

    Warehouse

5.2

3.5

1.8

1.3

-

    Stocks Provision

-0.8

-1.1

-27.6

-

-

    Stocks Value Adjustment

-

-0.4

-0.4

-

-

    Other

-

-

-

0.0

0.0

Total Current Assets

720.7

619.0

612.3

595.1

320.2

 

 

 

 

 

 

    Receivable

0.0

0.0

0.2

1.0

3.6

    Income Tax & Social Contribution

96.7

82.0

0.0

-

-

    Recoverable Taxes

11.9

1.5

1.9

14.4

2.3

    Other Assets - Tax

61.6

51.9

0.0

-

-

    Deferred Taxes

28.5

32.2

50.4

1.0

2.9

    Judicial Deposits

8.9

3.9

3.5

4.4

3.6

    Sale of Assets

2.0

1.8

5.7

7.3

6.4

    Other Receivables

0.4

0.8

0.2

0.0

0.0

    Investments

0.0

0.1

0.1

0.1

0.1

    Plant, Property & Equipmnet, Net

271.6

234.4

166.3

99.9

39.7

    Tangibles in Progress

12.6

7.0

10.8

-

-

    Deferred Charges

-

-

-

0.0

0.0

    Intangibles, Net

3.7

2.9

1.7

4.1

0.0

Total Assets

1,218.6

1,037.5

853.0

727.4

378.8

 

 

 

 

 

 

    Loans and Financing

-

-

-

158.6

59.0

    Domestic Loans and Financing

52.9

35.8

22.9

-

-

    Foreign Loans and Financing

270.4

321.9

275.6

-

-

    Debentures

7.6

0.0

0.0

-

-

    Accounts Payable

-

-

-

219.6

178.6

    Domestic Suppliers

27.3

100.8

21.8

-

-

    Foreign Suppliers

311.0

243.8

341.3

-

-

    Income Taxes

6.4

0.0

0.0

0.7

1.4

    Tax Recoverable

4.1

3.4

1.0

-

-

    Dividends

-

-

-

2.9

0.0

    Social Charges

8.4

6.3

3.6

7.5

2.3

    Advances to Clients

64.4

65.5

27.8

36.3

20.0

    Other Financial Instruments

13.4

13.3

0.0

-

-

    Other Payable

23.5

8.0

31.4

19.1

10.6

    Deferred Tax

-

-

-

0.0

0.0

Total Current Liabilities

789.3

798.7

725.4

444.7

271.9

 

 

 

 

 

 

    Loans and Financing

4.8

3.6

4.2

4.9

1.6

    Debentures

136.3

0.0

0.0

-

-

Total Long Term Debt

141.1

3.6

4.2

4.9

1.6

 

 

 

 

 

 

    Provisions

0.7

0.2

0.7

0.9

0.7

    Other

-

-

-

0.0

0.0

    Tax Payable

40.6

35.5

0.0

0.0

0.0

Total Liabilities

971.8

837.9

730.3

450.5

274.2

 

 

 

 

 

 

    Capital

270.3

257.4

192.4

241.5

82.4

    Capital Reserves

-

-

-

9.6

7.6

    Profit Reserves

-

-

-

0.0

0.0

    Legal Reserves

-

-

-

2.2

2.6

    Retained Earnings

-52.3

-85.6

-90.7

23.7

12.1

    Equity Adjustment

28.8

27.8

21.0

-

-

Total Equity

246.8

199.6

122.7

276.9

104.7

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,218.6

1,037.5

853.0

727.4

378.8

 

 

 

 

 

 

    S/O-Common Stock

48.5

48.5

48.5

48.6

116.3

    S/O-Preferred Stock

0.0

0.0

0.0

0.0

30.2

Total Common Shares Outstanding

48.5

48.5

48.5

48.6

146.5

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

T/S-Preferred Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue

64.4

65.5

27.8

36.3

20.0

Accumulated Intangible Amort, Suppl.

-

4.8

2.7

-

-

Employees

3,405

2,888

-

-

-

Long Term Debt Due Within 1 Year

330.8

357.1

298.5

158.6

-

Long Term Debt Due in 2 Years

46.8

1.9

1.5

1.8

-

Long Term Debt Due in 3 years

46.2

2.2

1.5

1.1

-

Long Term Debt Due in 4 Years

46.2

-

1.3

1.1

-

Long Term Debt Due in 5 Years

-

-

-

0.9

-

Long Term Debt - Remaining Maturities

1.9

-

-

-

-

Total Long Term Debt, Supplemental

471.9

361.3

302.7

163.5

-

Operating Lease Pymts. Due within 1Year

1.1

1.4

-

-

-

Operating Lease Payments Due in Year 6

1.4

2.5

-

-

-

Total Operating Leases, Supplemental

2.6

3.8

-

-

-

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate (Period Average)

1.760325

1.998896

1.836244

1.947173

2.174925

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

Net Income

50.2

39.7

-210.5

39.8

20.9

    Depreciation

23.2

17.6

8.2

4.4

2.9

    Amortization of Goodwill

-

-

-

0.2

-

    Impairment of Goodwill

1.1

1.3

1.2

-

-

    Provision/Credit Losses

3.9

0.0

-3.6

-

-

    Sale of Investment

-2.4

0.0

0.0

-

-

    Sale of Assets

0.8

2.4

-0.1

0.5

-0.1

    Reverse Badwill

0.0

15.0

0.0

-

-

    Provision for Sale of Assets

-0.3

-0.2

-0.1

0.2

-0.7

    Deferred Taxes

-

-

-

5.4

2.5

    Provision/Contingencies

0.5

-0.7

0.1

0.0

-3.8

    Interest Expense

3.4

20.9

0.1

0.0

0.6

    Interest & Financial Charges

-6.7

-24.7

0.0

-

-

    Interest/Variation on Trade Receivables

-

-

-

0.0

-

    Interest/Variation on Stocks

0.0

0.0

-2.0

0.0

-

    Interest/Variation on Trade Payables

-0.8

-165.2

219.5

-

-

    Provision Doubtful Debtors

-2.2

2.1

2.5

0.0

-

    Provision for Adj. to Market Value

-0.3

-31.3

35.9

0.0

-

    Provision for 13th Salaries

1.3

0.9

0.5

-

-

    Interest/Debentures

8.5

0.0

0.0

-

-

    Adj. to Present Value/Opening Balance

-

-

-

0.0

-

    Unrealized Swaps

-0.3

11.5

-0.1

-

-

    Reserve for Tax

0.0

0.1

-0.3

-

-

    Accounts Receivable

-7.9

11.7

-20.1

-29.8

9.1

    Inventory

-34.3

89.5

-29.8

-195.6

8.1

    Recoverable Taxes

-47.0

-39.0

-57.2

-3.6

-3.3

    Related Parties

-

-

-

0.0

1.0

    Other Receivables

0.9

10.1

-15.7

-4.7

0.7

    Judicial Deposits

-1.8

0.7

-0.4

-0.1

-0.3

    Assets for Sale

0.2

5.4

1.6

-

-

    Other

-

-

-

0.2

1.1

    Accounts Payable

-18.8

-23.9

140.2

4.8

0.3

    Payroll

0.4

0.3

-3.2

4.3

0.3

    Tax & Social Contribution Recoverable

0.0

0.0

0.7

-

-

    Recoverable Taxes

0.2

-0.4

0.0

-0.9

1.0

    Advances to Clients

-4.1

24.7

0.1

11.2

10.8

    Interest on Capital

-

-

-

2.7

-

    Import Financing

267.9

534.9

404.9

-

-

    Payment of Import Financing

-331.2

-486.2

-297.4

-

-

    Interest Paid

-3.8

-28.8

-13.4

-

-

    Taxes Paid

0.0

-0.1

-14.2

-

-

    Other Payable

14.4

-22.0

12.7

5.9

0.3

    Contingencies

-

-

-

0.0

-5.9

Cash from Operating Activities

-85.0

-33.6

160.3

-155.0

45.6

 

 

 

 

 

 

    Purchase of Fixed Assets

-49.6

-21.3

-91.8

-55.1

-

    Purchase of Investments

0.0

0.0

0.0

-

-6.0

    Dividends Received

0.0

0.0

0.0

-

-

    Deferred

-

-

-

-0.2

-

    Sale of Fixed Assets

4.8

3.5

8.3

0.2

-

    Sale of Investments

2.5

0.0

0.0

-

0.7

    Additions to Intangibles

-1.5

-1.7

-0.6

-

-

    Treasury Shares

0.0

0.0

-3.2

-

-

Cash from Investing Activities

-43.8

-19.5

-87.3

-55.1

-5.2

 

 

 

 

 

 

    Loans and Financing

80.4

25.6

2.8

83.1

29.0

    Debentures Issuance

129.5

0.0

0.0

-

-

    Debentures Payment

-2.3

0.0

0.0

-

-

    Increase in Capital

0.0

0.0

1.1

104.3

-

    Capital Reserve- PSDI

-

-

-

1.3

2.5

    Capital Reserve- ADENE

-

-

-

0.5

-

    Payment of Interest on Capital

0.0

-0.3

-2.5

-9.2

-6.7

    Other

-

-

-

0.0

-

    Payment/ Loans and Financing

-65.9

-20.6

-2.0

-

-

Cash from Financing Activities

141.7

4.6

-0.6

180.0

24.9

 

 

 

 

 

 

Net Change in Cash

12.8

-48.4

72.3

-30.1

65.2

 

 

 

 

 

 

Beginning Balance

87.7

125.7

64.5

90.9

16.2

Ending Balance

100.5

77.2

136.8

60.8

81.4

    Cash Interest Paid

3.8

28.8

13.4

-

-

    Cash Taxes Paid

0.0

0.1

14.2

-

-

 

 

Financial Health

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

516.9

54.93%

2,000.5

10.31%

15.92%

22.33%

Operating Income1

5.8

-

96.4

-

16.69%

-

Income Available to Common Excl Extraord Items1

0.9

-

35.1

0.22%

-7.27%

-

Basic EPS Excl Extraord Items1

0.02

-

0.72

0.22%

-7.21%

-

Capital Expenditures2

15.2

-39.69%

51.1

95.43%

-5.70%

-

Cash from Operating Activities2

25.5

-

-85.0

-

-

-

Free Cash Flow

10.8

-

-144.4

-

-

-

Total Assets3

1,565.6

44.54%

1,218.6

11.85%

16.04%

23.34%

Total Liabilities3

1,297.1

38.39%

971.8

10.44%

26.24%

25.33%

Total Long Term Debt3

100.7

1,541.03%

141.1

3,664.29%

199.68%

100.52%

Employees3

-

-

3405

17.90%

-

-

Total Common Shares Outstanding3

48.5

0.00%

48.5

0.00%

-0.06%

-19.84%

1-ExchangeRate: BRL to USD Average for Period

1.596099

 

1.760325

 

 

 

2-ExchangeRate: BRL to USD Average for Period

1.631260

 

1.760325

 

 

 

3-ExchangeRate: BRL to USD Period End Date

1.562250

 

1.660000

 

 

 

Utility Industry Specific USD (mil)

 

31-Dec-2007

31-Dec-2006

 

 

 

 

Deferred Charges3

0.0

0.0

 

 

 

 

3-ExchangeRate: BRL to USD Period End Date

1.780000

2.135000

 

 

 

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Profitability

Gross Margin

11.81%

6.76%

8.00%

11.83%

10.70%

Operating Margin

4.82%

-1.02%

2.07%

4.72%

4.19%

Pretax Margin

2.51%

2.49%

-10.97%

4.72%

4.20%

Net Profit Margin

1.76%

1.93%

-7.18%

3.43%

3.19%

Financial Strength

Current Ratio

0.91

0.78

0.84

1.34

1.18

Long Term Debt/Equity

0.57

0.02

0.03

0.02

0.02

Total Debt/Equity

1.91

1.81

2.47

0.59

0.58

Management Effectiveness

Return on Assets

3.23%

3.25%

-15.42%

7.37%

5.99%

Return on Equity

16.32%

19.45%

-64.99%

21.64%

22.15%

Efficiency

Receivables Turnover

6.69

5.55

6.80

6.21

4.26

Inventory Turnover

6.98

6.27

6.04

5.70

7.59

Asset Turnover

1.84

1.68

2.15

2.15

1.88

Market Valuation USD (mil)

P/E (TTM)

3.19

.

Enterprise Value2

725.1

Price/Sales (TTM)

0.11

.

Enterprise Value/Revenue (TTM)

0.29

Price/Book (MRQ)

1.06

.

Enterprise Value/EBITDA (TTM)

3.73

Market Cap as of 02-Sep-20111

271.9

.

 

 

1-ExchangeRate: BRL to USD on 2-Sep-2011

1.632750

 

 

 

2-ExchangeRate: BRL to USD on 30-Jun-2011

1.562250

 

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Financial Strength

Current Ratio

0.91

0.78

0.84

1.34

1.18

Quick/Acid Test Ratio

0.55

0.48

0.53

0.65

0.88

Working Capital1

-68.6

-179.7

-113.1

150.4

48.3

Long Term Debt/Equity

0.57

0.02

0.03

0.02

0.02

Total Debt/Equity

1.91

1.81

2.47

0.59

0.58

Long Term Debt/Total Capital

0.20

0.01

0.01

0.01

0.01

Total Debt/Total Capital

0.66

0.64

0.71

0.37

0.37

Payout Ratio

0.00%

0.00%

0.00%

21.93%

0.00%

Effective Tax Rate

30.08%

22.35%

-

27.41%

24.12%

Total Capital1

718.8

560.9

425.4

440.4

165.2

 

 

 

 

 

 

Efficiency

Asset Turnover

1.84

1.68

2.15

2.15

1.88

Inventory Turnover

6.98

6.27

6.04

5.70

7.59

Days In Inventory

52.33

58.24

60.43

63.99

48.12

Receivables Turnover

6.69

5.55

6.80

6.21

4.26

Days Receivables Outstanding

54.59

65.80

53.67

58.81

85.60

Revenue/Employee2

623,016

634,105

-

-

-

Operating Income/Employee2

30,016

-6,457

-

-

-

EBITDA/Employee2

37,510

963

-

-

-

 

 

 

 

 

 

Profitability

Gross Margin

11.81%

6.76%

8.00%

11.83%

10.70%

Operating Margin

4.82%

-1.02%

2.07%

4.72%

4.19%

EBITDA Margin

6.02%

0.15%

2.49%

5.12%

4.64%

EBIT Margin

4.82%

-1.02%

2.07%

4.72%

4.19%

Pretax Margin

2.51%

2.49%

-10.97%

4.72%

4.20%

Net Profit Margin

1.76%

1.93%

-7.18%

3.43%

3.19%

COGS/Revenue

88.19%

93.24%

92.00%

88.17%

89.30%

SG&A Expense/Revenue

7.64%

7.49%

6.36%

8.26%

9.80%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

3.23%

3.25%

-15.42%

7.37%

5.99%

Return on Equity

16.32%

19.45%

-64.99%

21.64%

22.15%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-2.98

-1.34

1.10

-4.73

0.32

Operating Cash Flow/Share 2

-1.86

-0.79

2.60

-3.49

0.32

1-ExchangeRate: BRL to USD Period End Date

1.66

1.7432

2.332

1.78

2.135

2-ExchangeRate: BRL to USD Average for Period

1.66

1.7432

2.332

1.78

2.135

 

Current Market Multiples

Market Cap/Earnings (TTM)

3.19

Market Cap/Equity (MRQ)

1.06

Market Cap/Revenue (TTM)

0.11

Market Cap/EBIT (TTM)

1.71

Market Cap/EBITDA (TTM)

1.46

Enterprise Value/Earnings (TTM)

8.13

Enterprise Value/Equity (MRQ)

2.70

Enterprise Value/Revenue (TTM)

0.29

Enterprise Value/EBIT (TTM)

4.37

Enterprise Value/EBITDA (TTM)

3.73

 

 

 

 

Annual Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Restated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate (Period Average)

1.760325

1.998896

1.836244

1.947173

2.174925

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

2,000.5

1,597.0

1,919.4

-

-

    Gross Revenue

-

-

-

1,183.9

668.7

    Sales Returns and Allowances

-

-

-

-22.9

-13.1

Revenue

2,000.5

1,597.0

1,919.4

1,161.1

655.6

Total Revenue

2,000.5

1,597.0

1,919.4

1,161.1

655.6

 

 

 

 

 

 

    Cost of Revenue

1,764.2

1,489.0

1,765.9

1,023.8

585.5

Cost of Revenue, Total

1,764.2

1,489.0

1,765.9

1,023.8

585.5

Gross Profit

236.2

108.0

153.5

137.3

70.2

 

 

 

 

 

 

    Selling/General/Administrative Expense

152.9

119.6

122.1

95.9

64.3

Total Selling/General/Administrative Expenses

152.9

119.6

122.1

95.9

64.3

        Interest Expense - Operating

-

-

-

15.9

-

    Interest Expense - Net Operating

-

-

-

15.9

-

        Interest Income - Operating

-

-

-

-4.9

-

    Interest/Investment Income - Operating

-

-

-

-4.9

-

Interest Expense (Income) - Net Operating Total

-

-

-

10.9

-

    Other Operating Expense

3.3

21.4

2.0

79.5

42.6

    Other, Net

-16.3

-16.6

-10.4

-103.8

-64.2

Other Operating Expenses, Total

-13.0

4.7

-8.3

-24.3

-21.6

Total Operating Expense

1,904.1

1,613.3

1,879.8

1,106.2

628.2

 

 

 

 

 

 

Operating Income

96.4

-16.3

39.7

54.8

27.5

 

 

 

 

 

 

    Other Non-Operating Income (Expense)

-46.2

56.0

-250.2

0.0

0.1

Other, Net

-46.2

56.0

-250.2

0.0

0.1

Income Before Tax

50.2

39.7

-210.5

54.8

27.6

 

 

 

 

 

 

Total Income Tax

15.1

8.9

-72.7

15.0

6.6

Income After Tax

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Net Income Before Extraord Items

35.1

30.9

-137.9

39.8

20.9

Net Income

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

48.5

48.5

48.5

48.6

36.6

Basic EPS Excl Extraord Items

0.72

0.64

-2.84

0.82

0.57

Basic/Primary EPS Incl Extraord Items

0.72

0.64

-2.84

0.82

0.57

Dilution Adjustment

-

-

0.0

-

-

Diluted Net Income

35.1

30.9

-137.9

39.8

20.9

Diluted Weighted Average Shares

48.5

48.5

48.5

48.6

36.6

Diluted EPS Excl Extraord Items

0.72

0.64

-2.84

0.82

0.57

Diluted EPS Incl Extraord Items

0.72

0.64

-2.84

0.82

0.57

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.18

0.00

Dividends per Share - Common Stock Issue 2

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

38.7

0.0

Interest Expense, Supplemental

-

-

-

15.9

-

Depreciation, Supplemental

23.2

17.6

8.2

4.6

2.9

Normalized Income Before Tax

50.2

39.7

-210.5

54.8

27.6

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

15.1

8.9

-72.7

15.0

6.6

Normalized Income After Tax

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Basic Normalized EPS

0.72

0.64

-2.84

0.82

0.57

Diluted Normalized EPS

0.72

0.64

-2.84

0.82

0.57

Amort of Intangibles, Supplemental

0.9

1.1

-

-

-

Research & Development Exp, Supplemental

0.0

0.0

-

-

-

Normalized EBIT

96.4

-16.3

39.7

65.8

27.5

Normalized EBITDA

120.4

2.4

47.9

70.4

30.4

    Current Tax - Total

10.2

2.6

-0.2

9.7

-

Current Tax - Total

10.2

2.6

-0.2

9.7

-

    Deferred Tax - Total

4.9

6.3

-72.5

5.4

-

Deferred Tax - Total

4.9

6.3

-72.5

5.4

-

Income Tax - Total

15.1

8.9

-72.7

15.0

-

 

 

 

Interim Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

3 Months

3 Months

6 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Restated Special 
31-Dec-2010

Updated Normal
30-Sep-2010

Restated Normal
30-Jun-2011

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate (Period Average)

1.596099

1.666854

1.723958

1.750166

1.792959

 

 

 

 

 

 

    Net Sales

516.9

470.1

1,355.2

-

297.0

    Gross Revenue

-

-

-

581.3

-

    Sales Returns and Allowances

-

-

-

-9.6

-

Revenue

516.9

470.1

1,355.2

571.7

297.0

Total Revenue

516.9

470.1

1,355.2

571.7

297.0

 

 

 

 

 

 

    Cost of Revenue

468.3

411.3

1,143.1

518.2

297.2

Cost of Revenue, Total

468.3

411.3

1,143.1

518.2

297.2

Gross Profit

48.6

58.8

212.1

53.5

-0.1

 

 

 

 

 

 

    Selling/General/Administrative Expense

44.3

41.7

93.0

40.6

29.4

Total Selling/General/Administrative Expenses

44.3

41.7

93.0

40.6

29.4

    Other Operating Expense

-

0.5

3.2

43.6

-

    Other, Net

-1.4

-3.2

-9.8

-45.6

-3.3

Other Operating Expenses, Total

-1.4

-2.6

-6.7

-2.0

-3.3

Total Operating Expense

511.1

450.4

1,229.3

556.7

323.3

 

 

 

 

 

 

Operating Income

5.8

19.7

125.8

14.9

-26.3

 

 

 

 

 

 

    Other Non-Operating Income (Expense)

-4.9

-12.6

-14.1

0.0

-15.8

Other, Net

-4.9

-12.6

-14.1

0.0

-15.8

Income Before Tax

0.9

7.1

111.7

14.9

-42.1

 

 

 

 

 

 

Total Income Tax

0.0

2.1

36.6

5.1

-14.5

Income After Tax

0.9

5.0

75.1

9.8

-27.6

 

 

 

 

 

 

Net Income Before Extraord Items

0.9

5.0

75.1

9.8

-27.6

Net Income

0.9

5.0

75.1

9.8

-27.6

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

0.9

5.0

75.1

9.8

-27.6

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

0.9

5.0

75.1

9.8

-27.6

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

48.5

48.5

48.5

48.5

48.5

Basic EPS Excl Extraord Items

0.02

0.10

1.55

0.20

-0.57

Basic/Primary EPS Incl Extraord Items

0.02

0.10

1.55

0.20

-0.57

Dilution Adjustment

-

-

0.0

-

0.0

Diluted Net Income

0.9

5.0

75.1

9.8

-27.6

Diluted Weighted Average Shares

48.5

48.5

48.5

48.5

48.5

Diluted EPS Excl Extraord Items

0.02

0.10

1.55

0.20

-0.57

Diluted EPS Incl Extraord Items

0.02

0.10

1.55

0.20

-0.57

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Dividends per Share - Common Stock Issue 2

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

12.3

9.9

-

-

5.8

Depreciation, Supplemental

7.0

6.7

12.4

6.3

5.6

Normalized Income Before Tax

0.9

7.1

111.7

14.9

-42.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.0

2.1

36.6

5.1

-14.5

Normalized Income After Tax

0.9

5.0

75.1

9.8

-27.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.9

5.0

75.1

9.8

-27.6

 

 

 

 

 

 

Basic Normalized EPS

0.02

0.10

1.55

0.20

-0.57

Diluted Normalized EPS

0.02

0.10

1.55

0.20

-0.57

Amort of Intangibles, Supplemental

0.2

0.1

-

-

0.4

Rental Expenses

0.4

0.4

-

-

0.4

Advertising Expense, Supplemental

0.7

0.6

-

-

0.3

Normalized EBIT

5.8

19.7

125.8

14.9

-26.3

Normalized EBITDA

13.0

26.6

138.2

21.3

-20.3

    Current Tax - Total

0.0

-0.6

25.5

0.0

-14.5

Current Tax - Total

0.0

-0.6

25.5

0.0

-14.5

    Deferred Tax - Total

0.0

2.7

11.1

5.1

0.0

Deferred Tax - Total

0.0

2.7

11.1

5.1

0.0

Income Tax - Total

0.0

2.1

36.6

5.1

-14.5

 

 

Annual Balance Sheet

 

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate

1.66

1.7432

2.332

1.78

2.135

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

26.8

12.0

9.5

11.6

82.9

    Short Term Investments

79.8

76.8

98.3

55.0

-

Cash and Short Term Investments

106.6

88.7

107.8

66.5

82.9

        Accounts Receivable - Trade, Gross

258.3

237.9

-

-

-

        Provision for Doubtful Accounts

-25.0

-26.0

-

-

-

    Trade Accounts Receivable - Net

233.3

211.9

173.1

177.2

117.8

    Other Receivables

95.0

79.8

102.5

44.2

38.9

Total Receivables, Net

328.3

291.7

275.5

221.3

156.7

    Inventories - Work In Progress

102.9

32.1

7.9

69.9

-

    Inventories - Raw Materials

175.6

198.1

234.7

200.1

-

    Inventories - Other

7.3

8.4

-13.6

33.3

-

Total Inventory

285.8

238.6

228.9

303.3

74.5

    Deferred Income Tax - Current Asset

-

-

-

3.9

6.1

    Other Current Assets

-

-

-

0.0

0.0

Other Current Assets, Total

-

-

-

3.9

6.1

Total Current Assets

720.7

619.0

612.3

595.1

320.2

 

 

 

 

 

 

Property/Plant/Equipment - Net

284.2

241.4

177.1

99.9

39.7

Intangibles, Net

3.7

2.9

1.7

4.1

0.0

    LT Investments - Other

0.0

0.1

0.1

0.1

0.1

Long Term Investments

0.0

0.1

0.1

0.1

0.1

Note Receivable - Long Term

0.4

0.8

0.4

1.0

3.6

    Deferred Charges

-

-

-

0.0

0.0

    Deferred Income Tax - Long Term Asset

28.5

32.2

50.4

1.0

2.9

    Restricted Cash - Long Term

8.9

3.9

3.5

4.4

3.6

    Other Long Term Assets

172.1

137.2

7.6

21.7

8.8

Other Long Term Assets, Total

209.5

173.3

61.5

27.1

15.2

Total Assets

1,218.6

1,037.5

853.0

727.4

378.8

 

 

 

 

 

 

Accounts Payable

338.3

344.6

363.1

219.6

178.6

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

330.8

357.7

298.5

158.6

59.0

    Dividends Payable

-

-

-

2.9

0.0

    Customer Advances

64.4

65.5

27.8

36.3

20.0

    Income Taxes Payable

6.4

0.0

0.0

0.7

1.4

    Other Payables

31.9

14.3

35.1

26.7

12.9

    Deferred Income Tax - Current Liability

-

-

-

0.0

0.0

    Other Current Liabilities

17.5

16.7

1.0

-

-

Other Current liabilities, Total

120.2

96.4

63.9

66.5

34.3

Total Current Liabilities

789.3

798.7

725.4

444.7

271.9

 

 

 

 

 

 

    Long Term Debt

141.1

3.6

4.2

4.9

1.6

Total Long Term Debt

141.1

3.6

4.2

4.9

1.6

Total Debt

471.9

361.3

302.7

163.5

60.5

 

 

 

 

 

 

    Reserves

0.7

0.2

0.7

0.9

0.7

    Other Long Term Liabilities

40.6

35.5

0.0

0.0

0.0

Other Liabilities, Total

41.3

35.6

0.7

0.9

0.7

Total Liabilities

971.8

837.9

730.3

450.5

274.2

 

 

 

 

 

 

    Common Stock

270.3

257.4

192.4

241.5

82.4

Common Stock

270.3

257.4

192.4

241.5

82.4

Retained Earnings (Accumulated Deficit)

-52.3

-85.6

-90.7

35.4

22.3

    Other Equity

28.8

27.8

21.0

-

-

Other Equity, Total

28.8

27.8

21.0

-

-

Total Equity

246.8

199.6

122.7

276.9

104.7

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,218.6

1,037.5

853.0

727.4

378.8

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

48.5

48.5

48.5

48.6

116.3

    Shares Outstanding - Common Stock Issue 2

0.0

0.0

0.0

0.0

30.2

Total Common Shares Outstanding

48.5

48.5

48.5

48.6

146.5

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Treasury Shares - Common Issue 2

0.0

0.0

0.0

0.0

0.0

Employees

3,405

2,888

-

-

-

Accumulated Intangible Amort, Suppl.

-

4.8

2.7

-

-

Deferred Revenue - Current

64.4

65.5

27.8

36.3

20.0

Total Long Term Debt, Supplemental

471.9

361.3

302.7

163.5

-

Long Term Debt Maturing within 1 Year

330.8

357.1

298.5

158.6

-

Long Term Debt Maturing in Year 2

46.8

1.9

1.5

1.8

-

Long Term Debt Maturing in Year 3

46.2

2.2

1.5

1.1

-

Long Term Debt Maturing in Year 4

46.2

-

1.3

1.1

-

Long Term Debt Maturing in Year 5

-

-

-

0.9

-

Long Term Debt Maturing in 2-3 Years

93.0

4.1

2.9

2.9

-

Long Term Debt Maturing in 4-5 Years

46.2

-

1.3

2.0

-

Long Term Debt Matur. in Year 6 & Beyond

1.9

0.0

0.0

0.0

-

Total Operating Leases, Supplemental

2.6

3.8

-

-

-

Operating Lease Payments Due in Year 1

1.1

1.4

-

-

-

Operating Lease Payments Due in Year 2

0.4

0.6

-

-

-

Operating Lease Payments Due in Year 3

0.4

0.6

-

-

-

Operating Lease Payments Due in Year 4

0.4

0.6

-

-

-

Operating Lease Payments Due in Year 5

0.4

0.6

-

-

-

Operating Lease Pymts. Due in 2-3 Years

0.7

1.2

-

-

-

Operating Lease Pymts. Due in 4-5 Years

0.7

1.2

-

-

-

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.0

0.0

-

-

-

 

 

Interim Balance Sheet

 

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate

1.56225

1.62675

1.66

1.6942

1.8025

 

 

 

 

 

 

    Cash & Equivalents

35.2

69.9

26.8

63.5

51.1

    Short Term Investments

96.4

0.0

79.8

-

-

Cash and Short Term Investments

131.6

69.9

106.6

63.5

51.1

        Accounts Receivable - Trade, Gross

268.9

244.2

258.3

208.1

135.0

        Provision for Doubtful Accounts

-18.4

-19.6

-25.0

-28.4

-26.3

    Trade Accounts Receivable - Net

250.5

224.5

233.3

179.7

108.7

    Other Receivables

91.1

84.7

95.0

85.9

72.5

Total Receivables, Net

341.6

309.2

328.3

265.6

181.2

    Inventories - Work In Progress

203.0

62.8

102.9

101.2

50.8

    Inventories - Raw Materials

298.9

258.1

175.6

277.7

222.9

    Inventories - Other

37.7

5.0

7.3

13.9

5.6

Total Inventory

539.6

325.9

285.8

392.8

279.3

    Deferred Income Tax - Current Asset

-

-

-

25.6

28.6

Other Current Assets, Total

-

-

-

25.6

28.6

Total Current Assets

1,012.9

705.0

720.7

747.4

540.2

 

 

 

 

 

 

        Buildings

-

-

-

86.7

80.9

        Land/Improvements

-

-

-

6.8

6.2

        Machinery/Equipment

-

-

-

151.1

134.5

        Construction in Progress

-

-

-

35.6

25.6

        Other Property/Plant/Equipment

-

-

-

3.4

5.2

    Property/Plant/Equipment - Gross

-

-

-

283.6

252.4

    Accumulated Depreciation

-

-

-

-54.0

-45.1

Property/Plant/Equipment - Net

308.2

291.6

284.2

229.6

207.4

Intangibles, Net

3.6

3.6

3.7

3.8

3.5

    LT Investments - Other

0.0

0.0

0.0

0.0

0.0

Long Term Investments

0.0

0.0

0.0

0.0

0.0

Note Receivable - Long Term

0.1

-

-

-

-

    Deferred Income Tax - Long Term Asset

27.8

27.4

28.5

40.2

37.8

    Restricted Cash - Long Term

11.1

9.3

8.9

5.1

4.2

    Other Long Term Assets

201.9

185.0

172.5

163.9

145.7

Other Long Term Assets, Total

240.7

221.7

210.0

209.2

187.7

Total Assets

1,565.6

1,222.0

1,218.6

1,190.0

938.8

 

 

 

 

 

 

Accounts Payable

420.3

279.6

338.3

407.5

330.4

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

471.8

394.8

330.8

296.5

331.0

    Customer Advances

191.0

95.3

64.4

112.7

83.4

    Income Taxes Payable

0.0

0.2

6.4

3.8

3.3

    Deferred Income Tax - Current Liability

-

-

-

2.9

2.4

    Other Current Liabilities

66.6

54.8

49.4

44.1

20.4

Other Current liabilities, Total

257.6

150.3

120.2

163.5

109.5

Total Current Liabilities

1,149.7

824.7

789.3

867.5

770.8

 

 

 

 

 

 

    Long Term Debt

100.7

97.0

141.1

138.5

5.3

Total Long Term Debt

100.7

97.0

141.1

138.5

5.3

Total Debt

572.5

491.7

471.9

435.0

336.3

 

 

 

 

 

 

    Reserves

0.8

0.8

0.7

0.5

0.5

    Other Long Term Liabilities

45.9

42.5

40.6

38.9

35.7

Other Liabilities, Total

46.7

43.3

41.3

39.4

36.2

Total Liabilities

1,297.1

965.0

971.8

1,045.4

812.3

 

 

 

 

 

 

    Common Stock

287.2

275.9

270.3

264.9

249.0

Common Stock

287.2

275.9

270.3

264.9

249.0

Retained Earnings (Accumulated Deficit)

-49.0

-48.1

-52.3

-120.2

-122.5

    Other Equity

30.2

29.2

28.8

-

-

Other Equity, Total

30.2

29.2

28.8

-

-

Total Equity

268.5

257.0

246.8

144.6

126.4

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,565.6

1,222.0

1,218.6

1,190.0

938.8

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

48.5

48.5

48.5

48.5

48.5

    Shares Outstanding - Common Stock Issue 2

0.0

0.0

0.0

-

-

Total Common Shares Outstanding

48.5

48.5

48.5

48.5

48.5

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Treasury Shares - Common Issue 2

0.0

0.0

0.0

-

-

Accumulated Intangible Amort, Suppl.

-

6.1

-

-

-

Deferred Revenue - Current

191.0

95.3

64.4

112.7

83.4

Total Long Term Debt, Supplemental

572.5

491.7

471.9

299.3

336.3

Long Term Debt Maturing within 1 Year

334.8

346.4

330.8

294.1

331.0

Long Term Debt Maturing in Year 2

137.5

49.1

46.8

0.5

0.9

Long Term Debt Maturing in Year 3

49.1

47.1

46.2

2.1

1.9

Long Term Debt Maturing in Year 4

49.1

47.1

46.2

0.4

0.3

Long Term Debt Maturing in Year 5

-

-

-

0.4

0.3

Long Term Debt Maturing in Year 6

-

-

-

1.9

1.7

Long Term Debt Maturing in 2-3 Years

186.6

96.2

93.0

2.6

2.9

Long Term Debt Maturing in 4-5 Years

49.1

47.1

46.2

0.8

0.7

Long Term Debt Matur. in Year 6 & Beyond

2.1

2.0

1.9

1.9

1.7

Total Operating Leases, Supplemental

3.1

2.3

-

-

-

Operating Lease Payments Due in Year 1

1.4

1.0

-

-

-

Operating Lease Payments Due in Year 2

0.6

0.5

-

-

-

Operating Lease Payments Due in Year 3

0.6

0.5

-

-

-

Operating Lease Payments Due in Year 4

0.6

0.5

-

-

-

Operating Lease Pymts. Due in 2-3 Years

1.1

0.9

-

-

-

Operating Lease Pymts. Due in 4-5 Years

0.6

0.5

-

-

-

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.0

0.0

-

-

-

 

 

 

Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate (Period Average)

1.760325

1.998896

1.836244

1.947173

2.174925

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

50.2

39.7

-210.5

39.8

20.9

    Depreciation

23.2

17.6

8.2

4.4

2.9

Depreciation/Depletion

23.2

17.6

8.2

4.4

2.9

    Amortization of Intangibles

-

-

-

0.2

-

Amortization

-

-

-

0.2

-

Deferred Taxes

-

-

-

5.4

2.5

    Unusual Items

-0.5

18.6

1.1

0.5

-0.1

    Other Non-Cash Items

6.9

-186.7

252.9

0.3

-3.9

Non-Cash Items

6.5

-168.1

254.0

0.8

-4.0

    Accounts Receivable

-7.0

21.8

-35.7

-34.5

9.9

    Inventories

-34.3

89.5

-29.8

-195.6

8.1

    Other Assets

219.3

502.0

349.6

-3.5

-1.6

    Accounts Payable

-18.8

-23.9

140.2

4.8

0.3

    Taxes Payable

0.0

0.1

-0.3

-

-

    Other Liabilities

10.9

2.6

9.6

23.2

12.3

    Other Operating Cash Flow

-335.0

-515.0

-325.1

0.0

-5.9

Changes in Working Capital

-164.9

77.1

108.6

-205.6

23.2

Cash from Operating Activities

-85.0

-33.6

160.3

-155.0

45.6

 

 

 

 

 

 

    Purchase of Fixed Assets

-49.6

-21.3

-91.8

-55.1

-

    Purchase/Acquisition of Intangibles

-1.5

-1.7

-0.6

-

-

Capital Expenditures

-51.1

-23.0

-92.4

-55.1

-

    Sale of Fixed Assets

4.8

3.5

8.3

0.2

-

    Sale/Maturity of Investment

2.5

0.0

0.0

-

0.7

    Purchase of Investments

0.0

0.0

0.0

-

-6.0

    Other Investing Cash Flow

0.0

0.0

-3.2

-0.2

-

Other Investing Cash Flow Items, Total

7.3

3.5

5.0

-0.1

-5.2

Cash from Investing Activities

-43.8

-19.5

-87.3

-55.1

-5.2

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

-0.3

-2.5

-7.4

-4.2

Financing Cash Flow Items

0.0

-0.3

-2.5

-7.4

-4.2

    Sale/Issuance of Common/Preferred

0.0

0.0

1.1

104.3

-

Issuance (Retirement) of Stock, Net

0.0

0.0

1.1

104.3

-

        Long Term Debt Issued

209.9

25.6

2.8

83.1

29.0

        Long Term Debt Reduction

-68.2

-20.6

-2.0

-

-

    Long Term Debt, Net

141.7

5.0

0.8

83.1

29.0

Issuance (Retirement) of Debt, Net

141.7

5.0

0.8

83.1

29.0

Cash from Financing Activities

141.7

4.6

-0.6

180.0

24.9

 

 

 

 

 

 

Net Change in Cash

12.8

-48.4

72.3

-30.1

65.2

 

 

 

 

 

 

Net Cash - Beginning Balance

87.7

125.7

64.5

90.9

16.2

Net Cash - Ending Balance

100.5

77.2

136.8

60.8

81.4

Cash Interest Paid

3.8

28.8

13.4

-

-

Cash Taxes Paid

0.0

0.1

14.2

-

-

 

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

6 Months

3 Months

12 Months

9 Months

6 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Reclassified Normal 
30-Jun-2011

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate (Period Average)

1.63126

1.666854

1.760325

1.781308

1.797251

 

 

 

 

 

 

Net Income/Starting Line

8.2

7.1

50.2

-44.4

-58.0

    Depreciation

13.7

6.7

23.2

18.5

10.8

Depreciation/Depletion

13.7

6.7

23.2

18.5

10.8

    Amortization of Intangibles

0.3

0.2

-

-

0.6

Amortization

0.3

0.2

-

-

0.6

    Unusual Items

1.7

0.1

-0.5

-2.5

-2.2

    Other Non-Cash Items

-5.4

-6.3

6.9

7.1

19.0

Non-Cash Items

-3.7

-6.1

6.5

4.6

16.8

    Accounts Receivable

4.6

18.9

-7.9

-0.3

60.7

    Inventories

-233.7

-35.4

-34.3

-145.8

-51.7

    Prepaid Expenses

117.4

28.9

-4.1

43.1

20.2

    Other Assets

354.2

147.6

220.2

397.5

256.9

    Accounts Payable

60.3

-66.9

-18.8

60.7

-6.7

    Taxes Payable

3.9

1.2

0.0

-

2.7

    Other Liabilities

15.3

8.0

15.0

4.6

-1.3

    Other Operating Cash Flow

-315.1

-146.5

-335.0

-466.2

-280.4

Changes in Working Capital

6.9

-44.3

-164.9

-106.4

0.4

Cash from Operating Activities

25.5

-36.4

-85.0

-127.6

-29.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-15.1

-4.7

-49.6

-36.7

-21.6

    Purchase/Acquisition of Intangibles

-0.1

0.0

-1.5

-1.5

-1.2

Capital Expenditures

-15.2

-4.7

-51.1

-38.1

-22.8

    Sale of Fixed Assets

0.5

0.4

4.8

1.9

1.2

    Sale/Maturity of Investment

0.0

-

2.5

2.5

2.5

    Purchase of Investments

0.0

-

0.0

0.0

0.0

    Other Investing Cash Flow

-

-

0.0

0.0

-

Other Investing Cash Flow Items, Total

0.5

0.4

7.3

4.4

3.6

Cash from Investing Activities

-14.7

-4.4

-43.8

-33.8

-19.2

 

 

 

 

 

 

    Cash Dividends Paid - Common

-

-

0.0

0.0

-

Total Cash Dividends Paid

-

-

0.0

0.0

-

        Long Term Debt Issued

41.7

14.0

209.9

144.4

23.8

        Long Term Debt Reduction

-35.0

-11.1

-68.2

-9.2

-9.9

    Long Term Debt, Net

6.7

2.9

141.7

135.1

13.9

Issuance (Retirement) of Debt, Net

6.7

2.9

141.7

135.1

13.9

Cash from Financing Activities

6.7

2.9

141.7

135.1

13.9

 

 

 

 

 

 

Foreign Exchange Effects

-

-

-

0.0

-

Net Change in Cash

17.6

-37.9

12.8

-26.2

-34.7

 

 

 

 

 

 

Net Cash - Beginning Balance

108.5

106.1

87.7

86.7

85.9

Net Cash - Ending Balance

126.0

68.2

100.5

60.4

51.2

Cash Interest Paid

12.2

11.1

3.8

10.3

4.8

Cash Taxes Paid

-

-

0.0

0.0

-

 

 

 

Annual Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate (Period Average)

1.760325

1.998896

1.836244

1.947173

2.174925

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Net Sales

2,000.5

1,597.0

1,919.4

-

-

    Gross Revenues

-

-

-

1,183.9

668.7

    Sales Allowances

-

-

-

-22.9

-13.1

Total Revenue

2,000.5

1,597.0

1,919.4

1,161.1

655.6

 

 

 

 

 

 

    Cost of Goods Sold

1,764.2

1,489.0

1,765.9

1,023.8

585.5

    Selling Expense

115.7

94.8

98.1

76.4

49.6

    General Administrative

37.2

24.8

24.0

19.5

14.7

    Interest Income

-

-

-

-4.9

-

    Financial Income

-

-

-

-96.9

-45.9

    Interest Expense

-

-

-

15.9

-

    Financial Expense

-

-

-

68.7

42.4

    Other Income

-16.3

-16.6

-10.4

-7.0

-18.4

    Profit Sharing

-

-

-

3.1

-

    Other Expenses

3.3

21.4

2.0

7.7

0.2

Total Operating Expense

1,904.1

1,613.3

1,879.8

1,106.2

628.2

 

 

 

 

 

 

    Financial Income

113.5

366.4

213.5

-

-

    Financial Expense

-159.7

-310.4

-463.7

-

-

    Non-Operating Income

-

-

-

0.0

-

    Non-Operating Expenses

-

-

-

0.0

-

    Non-Operating, Net

-

-

-

-

0.1

Net Income Before Taxes

50.2

39.7

-210.5

54.8

27.6

 

 

 

 

 

 

Provision for Income Taxes

15.1

8.9

-72.7

15.0

6.6

Net Income After Taxes

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Net Income Before Extra. Items

35.1

30.9

-137.9

39.8

20.9

Net Income

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Basic Weighted Average Shares

48.5

48.5

48.5

48.6

36.6

Basic EPS Excluding ExtraOrdinary Items

0.72

0.64

-2.84

0.82

0.57

Basic EPS Including ExtraOrdinary Items

0.72

0.64

-2.84

0.82

0.57

Dilution Adjustment

-

-

0.0

-

-

Diluted Net Income

35.1

30.9

-137.9

39.8

20.9

Diluted Weighted Average Shares

48.5

48.5

48.5

48.6

36.6

Diluted EPS Excluding ExtraOrd Items

0.72

0.64

-2.84

0.82

0.57

Diluted EPS Including ExtraOrd Items

0.72

0.64

-2.84

0.82

0.57

DPS-Common Stock

0.00

0.00

0.00

0.18

0.00

DPS-Preferred Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

38.7

0.0

Normalized Income Before Taxes

50.2

39.7

-210.5

54.8

27.6

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

15.1

8.9

-72.7

15.0

6.6

Normalized Income After Taxes

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

35.1

30.9

-137.9

39.8

20.9

 

 

 

 

 

 

Basic Normalized EPS

0.72

0.64

-2.84

0.82

0.57

Diluted Normalized EPS

0.72

0.64

-2.84

0.82

0.57

Interest Expense

-

-

-

15.9

-

Depreciation Expense

23.2

17.6

8.2

4.6

2.9

Research & Development Exp, Supplemental

0.0

0.0

-

-

-

Amortization

0.9

1.1

-

-

-

    Current Tax

10.2

2.6

-0.2

9.7

-

Current Tax - Total

10.2

2.6

-0.2

9.7

-

    Deferred Tax

4.9

6.3

-72.5

5.4

-

Deferred Tax - Total

4.9

6.3

-72.5

5.4

-

Income Tax - Total

15.1

8.9

-72.7

15.0

-

 

 

Interim Income Statement

 

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

3 Months

3 Months

6 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Restated Special 
31-Dec-2010

Updated Normal 
30-Sep-2010

Restated Normal 
30-Jun-2011

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate (Period Average)

1.596099

1.666854

1.723958

1.750166

1.792959

 

 

 

 

 

 

    Net Sales

516.9

470.1

1,355.2

-

297.0

    Gross Revenues

-

-

-

581.3

-

    Sales Allowances

-

-

-

-9.6

-

Total Revenue

516.9

470.1

1,355.2

571.7

297.0

 

 

 

 

 

 

    Cost of Goods Sold

468.3

411.3

1,143.1

518.2

297.2

    Selling Expense

33.0

31.4

74.6

31.6

19.4

    General Administrative

11.3

10.3

18.4

9.0

10.0

    Financial Income

-

-

-

-42.2

-

    Financial Expense

-

-

-

42.9

-

    Other Income

-1.4

-3.2

-9.8

-3.5

-3.3

    Employees Participations

-

-

-

0.0

-

    Other Expenses

-

0.5

3.2

0.8

-

Total Operating Expense

511.1

450.4

1,229.3

556.7

323.3

 

 

 

 

 

 

    Financial Income

38.2

27.1

68.1

-

12.0

    Financial Expense

-43.0

-39.7

-82.1

-

-27.8

    Non-Operating Income

-

-

-

0.0

-

    Non-Operating Expenses

-

-

-

0.0

-

Net Income Before Taxes

0.9

7.1

111.7

14.9

-42.1

 

 

 

 

 

 

Provision for Income Taxes

0.0

2.1

36.6

5.1

-14.5

Net Income After Taxes

0.9

5.0

75.1

9.8

-27.6

 

 

 

 

 

 

Net Income Before Extra. Items

0.9

5.0

75.1

9.8

-27.6

Net Income

0.9

5.0

75.1

9.8

-27.6

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

0.9

5.0

75.1

9.8

-27.6

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

0.9

5.0

75.1

9.8

-27.6

 

 

 

 

 

 

Basic Weighted Average Shares

48.5

48.5

48.5

48.5

48.5

Basic EPS Excluding ExtraOrdinary Items

0.02

0.10

1.55

0.20

-0.57

Basic EPS Including ExtraOrdinary Items

0.02

0.10

1.55

0.20

-0.57

Dilution Adjustment

-

-

0.0

-

0.0

Diluted Net Income

0.9

5.0

75.1

9.8

-27.6

Diluted Weighted Average Shares

48.5

48.5

48.5

48.5

48.5

Diluted EPS Excluding ExtraOrd Items

0.02

0.10

1.55

0.20

-0.57

Diluted EPS Including ExtraOrd Items

0.02

0.10

1.55

0.20

-0.57

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

DPS-Preferred Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

0.9

7.1

111.7

14.9

-42.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.0

2.1

36.6

5.1

-14.5

Normalized Income After Taxes

0.9

5.0

75.1

9.8

-27.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.9

5.0

75.1

9.8

-27.6

 

 

 

 

 

 

Basic Normalized EPS

0.02

0.10

1.55

0.20

-0.57

Diluted Normalized EPS

0.02

0.10

1.55

0.20

-0.57

Depreciation Expense

7.0

6.7

12.4

6.3

5.6

Amortization of Intangibles

0.2

0.1

-

-

0.4

Interest Expense

12.3

9.9

-

-

5.8

Advertising Expense, Supplemental

0.7

0.6

-

-

0.3

Rental Expense, Supplemental

0.4

0.4

-

-

0.4

    Current Tax

0.0

-0.6

25.5

0.0

-14.5

Current Tax - Total

0.0

-0.6

25.5

0.0

-14.5

    Deferred Tax

0.0

2.7

11.1

5.1

0.0

Deferred Tax - Total

0.0

2.7

11.1

5.1

0.0

Income Tax - Total

0.0

2.1

36.6

5.1

-14.5

 

 

Annual Balance Sheet

 

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2008

Restated Normal
31-Dec-2008

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate

1.66

1.7432

2.332

1.78

2.135

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Cash and Equivalent

26.8

12.0

9.5

11.6

82.9

    Financial Application

79.8

76.6

98.3

55.0

-

    Accounts Receivable, Gross

258.3

237.9

-

-

-

    Provision for Doubtful Account

-25.0

-26.0

-

-

-

    Accounts Receivable

-

-

173.1

177.2

117.8

    Recoverable Taxes

76.5

59.4

51.0

30.6

31.9

    Income Tax & Social Contribution Recover

0.1

2.4

29.1

-

-

    Deferred Taxes

-

-

-

3.9

6.1

    Other Receivables

18.3

18.0

22.4

13.5

7.0

    Financial Instruments

0.0

0.2

0.1

-

-

    Inventory

-

-

-

-

74.5

    Raw Materials

175.6

198.1

234.7

200.1

-

    Work in Progress

102.9

32.1

7.9

69.9

-

    Advances

2.8

6.4

12.6

32.1

-

    Warehouse

5.2

3.5

1.8

1.3

-

    Stocks Provision

-0.8

-1.1

-27.6

-

-

    Stocks Value Adjustment

-

-0.4

-0.4

-

-

    Other

-

-

-

0.0

0.0

Total Current Assets

720.7

619.0

612.3

595.1

320.2

 

 

 

 

 

 

    Receivable

0.0

0.0

0.2

1.0

3.6

    Income Tax & Social Contribution

96.7

82.0

0.0

-

-

    Recoverable Taxes

11.9

1.5

1.9

14.4

2.3

    Other Assets - Tax

61.6

51.9

0.0

-

-

    Deferred Taxes

28.5

32.2

50.4

1.0

2.9

    Judicial Deposits

8.9

3.9

3.5

4.4

3.6

    Sale of Assets

2.0

1.8

5.7

7.3

6.4

    Other Receivables

0.4

0.8

0.2

0.0

0.0

    Investments

0.0

0.1

0.1

0.1

0.1

    Plant, Property & Equipmnet, Net

271.6

234.4

166.3

99.9

39.7

    Tangibles in Progress

12.6

7.0

10.8

-

-

    Deferred Charges

-

-

-

0.0

0.0

    Intangibles, Net

3.7

2.9

1.7

4.1

0.0

Total Assets

1,218.6

1,037.5

853.0

727.4

378.8

 

 

 

 

 

 

    Loans and Financing

-

-

-

158.6

59.0

    Domestic Loans and Financing

52.9

35.8

22.9

-

-

    Foreign Loans and Financing

270.4

321.9

275.6

-

-

    Debentures

7.6

0.0

0.0

-

-

    Accounts Payable

-

-

-

219.6

178.6

    Domestic Suppliers

27.3

100.8

21.8

-

-

    Foreign Suppliers

311.0

243.8

341.3

-

-

    Income Taxes

6.4

0.0

0.0

0.7

1.4

    Tax Recoverable

4.1

3.4

1.0

-

-

    Dividends

-

-

-

2.9

0.0

    Social Charges

8.4

6.3

3.6

7.5

2.3

    Advances to Clients

64.4

65.5

27.8

36.3

20.0

    Other Financial Instruments

13.4

13.3

0.0

-

-

    Other Payable

23.5

8.0

31.4

19.1

10.6

    Deferred Tax

-

-

-

0.0

0.0

Total Current Liabilities

789.3

798.7

725.4

444.7

271.9

 

 

 

 

 

 

    Loans and Financing

4.8

3.6

4.2

4.9

1.6

    Debentures

136.3

0.0

0.0

-

-

Total Long Term Debt

141.1

3.6

4.2

4.9

1.6

 

 

 

 

 

 

    Provisions

0.7

0.2

0.7

0.9

0.7

    Other

-

-

-

0.0

0.0

    Tax Payable

40.6

35.5

0.0

0.0

0.0

Total Liabilities

971.8

837.9

730.3

450.5

274.2

 

 

 

 

 

 

    Capital

270.3

257.4

192.4

241.5

82.4

    Capital Reserves

-

-

-

9.6

7.6

    Profit Reserves

-

-

-

0.0

0.0

    Legal Reserves

-

-

-

2.2

2.6

    Retained Earnings

-52.3

-85.6

-90.7

23.7

12.1

    Equity Adjustment

28.8

27.8

21.0

-

-

Total Equity

246.8

199.6

122.7

276.9

104.7

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,218.6

1,037.5

853.0

727.4

378.8

 

 

 

 

 

 

    S/O-Common Stock

48.5

48.5

48.5

48.6

116.3

    S/O-Preferred Stock

0.0

0.0

0.0

0.0

30.2

Total Common Shares Outstanding

48.5

48.5

48.5

48.6

146.5

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

T/S-Preferred Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue

64.4

65.5

27.8

36.3

20.0

Accumulated Intangible Amort, Suppl.

-

4.8

2.7

-

-

Employees

3,405

2,888

-

-

-

Long Term Debt Due Within 1 Year

330.8

357.1

298.5

158.6

-

Long Term Debt Due in 2 Years

46.8

1.9

1.5

1.8

-

Long Term Debt Due in 3 years

46.2

2.2

1.5

1.1

-

Long Term Debt Due in 4 Years

46.2

-

1.3

1.1

-

Long Term Debt Due in 5 Years

-

-

-

0.9

-

Long Term Debt - Remaining Maturities

1.9

-

-

-

-

Total Long Term Debt, Supplemental

471.9

361.3

302.7

163.5

-

Operating Lease Pymts. Due within 1Year

1.1

1.4

-

-

-

Operating Lease Payments Due in Year 6

1.4

2.5

-

-

-

Total Operating Leases, Supplemental

2.6

3.8

-

-

-

 

 

Interim Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate

1.56225

1.62675

1.66

1.6942

1.8025

 

 

 

 

 

 

    Cash and Equivalent

35.2

69.9

26.8

63.5

51.1

    Financial Application

96.4

0.0

79.8

-

-

    Accounts Receivable, Gross

268.9

244.2

258.3

208.1

135.0

    Provision for Doubtful Accounts

-18.4

-19.6

-25.0

-28.4

-26.3

    Other Receivables

16.2

13.6

18.3

16.7

12.2

    Derivatives

0.3

-

-

-

-

    Recoverable Taxes

72.7

70.9

76.5

69.2

60.3

    Income Tax & Social Contribution Recover

1.9

0.1

0.1

-

-

    Deferred Taxes

-

-

-

25.6

28.6

    Raw Materials

298.9

258.1

175.6

277.7

222.9

    In Progress

203.0

62.8

102.9

101.2

50.8

    Advances

36.2

1.4

2.8

10.2

2.3

    Warehouse

5.4

5.6

5.2

4.7

4.3

    Adjustments

-3.9

-2.0

-0.8

-0.9

-1.0

Total Current Assets

1,012.9

705.0

720.7

747.4

540.2

 

 

 

 

 

 

    Receivable

0.1

-

-

-

-

    Income Tax & Social Contribution

98.9

94.3

96.7

-

-

    Recoverable Taxes

31.1

23.0

11.9

102.3

88.7

    Other Assets - Taxes

70.3

65.3

61.6

58.1

53.6

    Deferred Taxes

27.8

27.4

28.5

40.2

37.8

    Judicial Deposits

11.1

9.3

8.9

5.1

4.2

    Assets for Sale

1.5

1.9

2.0

1.9

1.8

    Other Receivables

0.2

0.5

0.4

1.6

1.5

    Investimentos

0.0

0.0

0.0

0.0

0.0

    Land

-

-

-

6.8

6.2

    Buildings

-

-

-

86.7

80.9

    Vehicles

-

-

-

3.2

2.8

    Machines and Equipment

-

-

-

140.2

125.1

    Furniture

-

-

-

3.2

2.8

    Computers

-

-

-

4.6

4.0

    Other

-

-

-

3.0

2.7

    Advances for Suppliers

-

-

-

0.4

2.4

    Construction in Process

-

-

-

35.6

25.6

    Depreciation

-

-

-

-54.0

-45.1

    Tangibles Adjustment

-

-

-

0.0

0.0

    Fixed Assets, Net

287.7

277.9

271.6

-

-

    Tangibles in Progress

20.5

13.7

12.6

-

-

    Intangibles, Net

3.6

3.6

3.7

3.8

3.5

Total Assets

1,565.6

1,222.0

1,218.6

1,190.0

938.8

 

 

 

 

 

 

    Loans and Financing

414.8

345.6

323.3

294.1

331.0

    Debentures

57.0

49.1

7.6

2.3

-

    Accounts Payable

420.3

279.6

338.3

407.5

330.4

    Income Taxes

0.0

0.2

6.4

3.8

3.3

    Tax Recoverable

5.2

3.9

4.1

-

-

    Social Charges

12.7

9.4

8.4

9.9

8.8

    Advances to Clients

191.0

95.3

64.4

112.7

83.4

    Other Payable

40.8

32.8

23.5

34.2

11.6

    Deferred Tax

-

-

-

2.9

2.4

    Other Financial Instruments

7.9

8.7

13.4

-

-

Total Current Liabilities

1,149.7

824.7

789.3

867.5

770.8

 

 

 

 

 

 

    Debentures

96.7

92.6

136.3

133.3

-

    Loans and Financing

4.0

4.4

4.8

5.2

5.3

Total Long Term Debt

100.7

97.0

141.1

138.5

5.3

 

 

 

 

 

 

    Provisions

0.8

0.8

0.7

0.5

0.5

    Other

45.9

42.5

40.6

38.9

35.7

Total Liabilities

1,297.1

965.0

971.8

1,045.4

812.3

 

 

 

 

 

 

    Capital

287.2

275.9

270.3

264.9

249.0

    Retained Earnings

-49.0

-48.1

-52.3

-120.2

-122.5

    Equity Adjustment

30.2

29.2

28.8

-

-

Total Equity

268.5

257.0

246.8

144.6

126.4

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,565.6

1,222.0

1,218.6

1,190.0

938.8

 

 

 

 

 

 

    S/O-Common Stock

48.5

48.5

48.5

48.5

48.5

    S/O-Preferred Stock

0.0

0.0

0.0

-

-

Total Common Shares Outstanding

48.5

48.5

48.5

48.5

48.5

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

T/S-Preferred Stock

0.0

0.0

0.0

-

-

Accumulated Intangible Amort, Suppl.

-

6.1

-

-

-

Deferred Revenue

191.0

95.3

64.4

112.7

83.4

LT Debt - Maturing Within 1 Year

334.8

346.4

330.8

294.1

331.0

LT Debt - Maturing in Year 2

137.5

49.1

46.8

0.5

0.9

LT Debt - Maturing in Year 3

49.1

47.1

46.2

2.1

1.9

LT Debt - Maturing in Year 4

49.1

47.1

46.2

0.4

0.3

LT Debt - Maturing in Year 5

-

-

-

0.4

0.3

LT Debt - Maturing in Year 6

-

-

-

1.9

1.7

Long Term Debt - Remaining Maturities

2.1

2.0

1.9

-

-

Total Long Term Debt, Supplemental

572.5

491.7

471.9

299.3

336.3

Operating Lease Pymts. Due within 1Year

1.4

1.0

-

-

-

Operating Lease Payments Due in Year 4

1.7

1.4

-

-

-

Total Operating Leases, Supplemental

3.1

2.3

-

-

-

 

 

Annual Cash Flows

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate (Period Average)

1.760325

1.998896

1.836244

1.947173

2.174925

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

Net Income

50.2

39.7

-210.5

39.8

20.9

    Depreciation

23.2

17.6

8.2

4.4

2.9

    Amortization of Goodwill

-

-

-

0.2

-

    Impairment of Goodwill

1.1

1.3

1.2

-

-

    Provision/Credit Losses

3.9

0.0

-3.6

-

-

    Sale of Investment

-2.4

0.0

0.0

-

-

    Sale of Assets

0.8

2.4

-0.1

0.5

-0.1

    Reverse Badwill

0.0

15.0

0.0

-

-

    Provision for Sale of Assets

-0.3

-0.2

-0.1

0.2

-0.7

    Deferred Taxes

-

-

-

5.4

2.5

    Provision/Contingencies

0.5

-0.7

0.1

0.0

-3.8

    Interest Expense

3.4

20.9

0.1

0.0

0.6

    Interest & Financial Charges

-6.7

-24.7

0.0

-

-

    Interest/Variation on Trade Receivables

-

-

-

0.0

-

    Interest/Variation on Stocks

0.0

0.0

-2.0

0.0

-

    Interest/Variation on Trade Payables

-0.8

-165.2

219.5

-

-

    Provision Doubtful Debtors

-2.2

2.1

2.5

0.0

-

    Provision for Adj. to Market Value

-0.3

-31.3

35.9

0.0

-

    Provision for 13th Salaries

1.3

0.9

0.5

-

-

    Interest/Debentures

8.5

0.0

0.0

-

-

    Adj. to Present Value/Opening Balance

-

-

-

0.0

-

    Unrealized Swaps

-0.3

11.5

-0.1

-

-

    Reserve for Tax

0.0

0.1

-0.3

-

-

    Accounts Receivable

-7.9

11.7

-20.1

-29.8

9.1

    Inventory

-34.3

89.5

-29.8

-195.6

8.1

    Recoverable Taxes

-47.0

-39.0

-57.2

-3.6

-3.3

    Related Parties

-

-

-

0.0

1.0

    Other Receivables

0.9

10.1

-15.7

-4.7

0.7

    Judicial Deposits

-1.8

0.7

-0.4

-0.1

-0.3

    Assets for Sale

0.2

5.4

1.6

-

-

    Other

-

-

-

0.2

1.1

    Accounts Payable

-18.8

-23.9

140.2

4.8

0.3

    Payroll

0.4

0.3

-3.2

4.3

0.3

    Tax & Social Contribution Recoverable

0.0

0.0

0.7

-

-

    Recoverable Taxes

0.2

-0.4

0.0

-0.9

1.0

    Advances to Clients

-4.1

24.7

0.1

11.2

10.8

    Interest on Capital

-

-

-

2.7

-

    Import Financing

267.9

534.9

404.9

-

-

    Payment of Import Financing

-331.2

-486.2

-297.4

-

-

    Interest Paid

-3.8

-28.8

-13.4

-

-

    Taxes Paid

0.0

-0.1

-14.2

-

-

    Other Payable

14.4

-22.0

12.7

5.9

0.3

    Contingencies

-

-

-

0.0

-5.9

Cash from Operating Activities

-85.0

-33.6

160.3

-155.0

45.6

 

 

 

 

 

 

    Purchase of Fixed Assets

-49.6

-21.3

-91.8

-55.1

-

    Purchase of Investments

0.0

0.0

0.0

-

-6.0

    Dividends Received

0.0

0.0

0.0

-

-

    Deferred

-

-

-

-0.2

-

    Sale of Fixed Assets

4.8

3.5

8.3

0.2

-

    Sale of Investments

2.5

0.0

0.0

-

0.7

    Additions to Intangibles

-1.5

-1.7

-0.6

-

-

    Treasury Shares

0.0

0.0

-3.2

-

-

Cash from Investing Activities

-43.8

-19.5

-87.3

-55.1

-5.2

 

 

 

 

 

 

    Loans and Financing

80.4

25.6

2.8

83.1

29.0

    Debentures Issuance

129.5

0.0

0.0

-

-

    Debentures Payment

-2.3

0.0

0.0

-

-

    Increase in Capital

0.0

0.0

1.1

104.3

-

    Capital Reserve- PSDI

-

-

-

1.3

2.5

    Capital Reserve- ADENE

-

-

-

0.5

-

    Payment of Interest on Capital

0.0

-0.3

-2.5

-9.2

-6.7

    Other

-

-

-

0.0

-

    Payment/ Loans and Financing

-65.9

-20.6

-2.0

-

-

Cash from Financing Activities

141.7

4.6

-0.6

180.0

24.9

 

 

 

 

 

 

Net Change in Cash

12.8

-48.4

72.3

-30.1

65.2

 

 

 

 

 

 

Beginning Balance

87.7

125.7

64.5

90.9

16.2

Ending Balance

100.5

77.2

136.8

60.8

81.4

    Cash Interest Paid

3.8

28.8

13.4

-

-

    Cash Taxes Paid

0.0

0.1

14.2

-

-

 

 

 

Interim Cash Flows

 

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

6 Months

3 Months

12 Months

9 Months

6 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Reclassified Normal 
30-Jun-2011

Filed Currency

BRL

BRL

BRL

BRL

BRL

Exchange Rate (Period Average)

1.63126

1.666854

1.760325

1.781308

1.797251

 

 

 

 

 

 

Net Income

8.2

7.1

50.2

-44.4

-58.0

    Depreciation

13.7

6.7

23.2

18.5

10.8

    Provision/Credit Losses

-

-

3.9

-

-

    Impairment of Goodwill

0.1

0.1

1.1

-

0.1

    Amortization of Intangibles

0.3

0.2

-

-

0.6

    Unreal. Interest/Exch. Diff./Customer

-

-

-

-0.3

-

    Unreal. Interest/Exch. Diff./Inventory

-

-

-

1.6

-

    Unreal. Interest/Exch. Diff./Suppliers

-

-

-0.8

-10.4

-

    Unreal. Interest/Exch. Diff./Loans

-

-

-

9.0

-

    Unreal. Interest/Exch. Diff./Debentures

-

-

-

3.3

-

    Sale of Assets/Tangibles

1.0

0.0

0.8

-2.5

-0.1

    Sale of Investments

0.6

0.1

-2.4

0.0

0.1

    Loss on Sale of Investment

0.0

-

-

-

-2.4

    Provision for Investment Loss

0.0

0.0

-

0.0

0.0

    Provision for Taxes

-4.2

-4.1

-

-

0.0

    Provision for Sale of Assets

0.0

0.0

-0.3

-0.3

-0.2

    Provision for Doubtful Debtors

-7.8

-5.7

-2.2

1.6

1.2

    Provision for Adj. to Market Value

-3.6

-2.8

-0.3

-

0.0

    Provision for Inventory Loss

2.8

1.0

-

4.1

2.6

    Reserves for Tax

3.9

1.2

0.0

-

2.7

    13th Salary

-

-

1.3

2.8

-

    Interest/Debentures

11.3

5.4

8.5

-

0.0

    Unreal. Interest/Exch. Diff./Payables

-

-

-

0.0

-

    Contingencies

0.1

0.1

0.5

0.1

0.3

    Interest Expense

-2.4

-1.0

3.4

0.0

1.5

    Interest & Financial Charges

0.3

3.3

-6.7

-

25.5

    Other Receivables

4.6

2.4

-

-4.5

-3.5

    Unrealized Swaps

-6.4

-4.8

-0.3

0.0

-8.4

    Accounts Receivable

4.6

18.9

-7.9

-0.3

60.7

    Inventory

-233.7

-35.4

-34.3

-145.8

-51.7

    Recoverable Taxes

-15.8

-5.9

-47.0

-22.9

-15.5

    Other Receivables

3.3

4.9

0.9

5.2

7.8

    Judicial Deposits

-1.1

0.0

-1.8

-0.8

-0.5

    Goods for Sale

-

-

0.2

0.8

-

    Income Tax Paid

-

-

-

-5.6

-

    Accounts Payable

60.3

-66.9

-18.8

60.7

-6.7

    Import Financing

367.8

148.5

267.9

420.9

265.0

    Payment of Import Financing

-302.9

-135.3

-331.2

-466.2

-275.5

    Payroll

-0.2

-0.3

0.4

0.4

0.0

    Recoverable Taxes

0.2

-0.3

0.2

2.6

-0.2

    Advances to Clients

117.4

28.9

-4.1

43.1

20.2

    Interest on Financing Paid

-

-

-

-10.3

-

    Interest Paid

-12.2

-11.1

-3.8

-

-4.8

    Income Tax Paid

-

-

0.0

-

-

    Income Tax Collected

0.0

-

-

-

0.0

    Other Payable

15.3

8.6

14.4

12.0

-1.1

Cash from Operating Activities

25.5

-36.4

-85.0

-127.6

-29.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-15.1

-4.7

-49.6

-36.7

-21.6

    Purchase of Investments

0.0

-

0.0

-

0.0

    Sale of Fixed Assets

0.5

0.4

4.8

1.9

1.2

    Treasury Shares

-

-

0.0

-

-

    Sale of Investments

0.0

-

2.5

2.5

2.5

    Additions to Investments

-

-

-

0.0

-

    Dividends Received

-

-

0.0

0.0

-

    Additions to Intangibles

-0.1

0.0

-1.5

-1.5

-1.2

Cash from Investing Activities

-14.7

-4.4

-43.8

-33.8

-19.2

 

 

 

 

 

 

    Loans and Financing

41.7

14.0

80.4

16.4

23.8

    Reduction of Principal LT Debt

-35.0

-11.1

-65.9

-6.9

-9.9

    Reduction of LT Debt

-

-

-2.3

-2.3

-

    Issue of Debentures

-

-

129.5

128.0

-

    Payment of Interest on Capital

-

-

0.0

0.0

-

Cash from Financing Activities

6.7

2.9

141.7

135.1

13.9

 

 

 

 

 

 

Foreign Exchange Effects

-

-

-

0.0

-

Net Change in Cash

17.6

-37.9

12.8

-26.2

-34.7

 

 

 

 

 

 

Beginning Balance

108.5

106.1

87.7

86.7

85.9

Ending Balance

126.0

68.2

100.5

60.4

51.2

    Cash Interest Paid

12.2

11.1

3.8

10.3

4.8

    Cash Taxes Paid

-

-

0.0

0.0

-

 

 

Business Segments

 

Financials in: As Reported (mil)

Annual

 

 

 

External Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

Industrial

20.4

1 %

50.2

3.1 %

Mixtures

1,980.1

99 %

1,546.9

96.9 %

Segment Total

2,000.5

100 %

1,597.0

100 %

Consolidated Total

2,000.5

100 %

1,597.0

100 %

Exchange Rate: BRL to USD

1.760325

 

1.998896

 

Total Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

Industrial

20.4

1 %

50.2

3.1 %

Mixtures

1,980.1

99 %

1,546.9

96.9 %

Segment Total

2,000.5

100 %

1,597.0

100 %

Consolidated Total

2,000.5

100 %

1,597.0

100 %

Exchange Rate: BRL to USD

1.760325

 

1.998896

 

 

Cost of Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

Industrial

33.8

1.9 %

72.0

4.9 %

Mixtures

1,702.4

98.1 %

1,404.6

95.1 %

Segment Total

1,736.2

100 %

1,476.6

100 %

Consolidated Total

1,736.2

100 %

1,476.6

100 %

Exchange Rate: BRL to USD

1.760325

 

1.998896

 

Gross Profit   USD (mil)

 

31-Dec-10

31-Dec-09

Industrial

-13.4

-5.1 %

-21.9

-18.1 %

Mixtures

277.7

105.1 %

142.3

118.1 %

Segment Total

264.3

100 %

120.4

100 %

Consolidated Total

264.3

100 %

120.4

100 %

Exchange Rate: BRL to USD

1.760325

 

1.998896

 

 

Gross Margin (%)  

 

31-Dec-10

31-Dec-09

Industrial

-65.7

-

-43.6

-

Mixtures

14.0

-

9.2

-

Segment Total

13.2

-

7.5

-

Consolidated Total

13.2

-

7.5

-

Earn. bef. Int., Tax & Depr.   USD (mil)

 

31-Dec-10

31-Dec-09

Industrial

-5.3

-4.4 %

-14.6

-426.8 %

Mixtures

125.9

104.4 %

18.1

526.8 %

Segment Total

120.6

100 %

3.4

100 %

Consolidated Total

120.6

100 %

3.4

100 %

Exchange Rate: BRL to USD

1.760325

 

1.998896

 

 

EBITDA Margin (%)  

 

31-Dec-10

31-Dec-09

Industrial

-26.0

-

-29.2

-

Mixtures

6.4

-

1.2

-

Segment Total

6.0

-

0.2

-

Consolidated Total

6.0

-

0.2

-

Depreciation   USD (mil)

 

31-Dec-10

31-Dec-09

Industrial

8.1

33.3 %

7.2

36.4 %

Mixtures

16.2

66.7 %

12.6

63.6 %

Segment Total

24.3

100 %

19.8

100 %

Consolidated Total

24.3

100 %

19.8

100 %

Exchange Rate: BRL to USD

1.760325

 

1.998896

 

 

 

Business Segments

Financials in: As Reported (mil)

 

Interim

 

 

External Revenue   USD (mil)

 

30-Jun-11

31-Mar-11

30-Jun-10

31-Mar-10

Industrial

0.0

0 %

0.2

0 %

4.8

1.6 %

11.8

3.3 %

Mixtures

516.9

100 %

469.9

100 %

292.3

98.4 %

350.4

96.7 %

Segment Total

516.9

100 %

470.1

100 %

297.0

100 %

362.2

100 %

Consolidated Total

516.9

100 %

470.1

100 %

297.0

100 %

362.2

100 %

Exchange Rate: BRL to USD

1.596099

 

1.666854

 

1.792959

 

1.802016

 

Total Revenue   USD (mil)

 

30-Jun-11

31-Mar-11

30-Jun-10

31-Mar-10

Industrial

0.0

0 %

0.2

0 %

4.8

1.6 %

11.8

3.3 %

Mixtures

516.9

100 %

469.9

100 %

292.3

98.4 %

350.4

96.7 %

Segment Total

516.9

100 %

470.1

100 %

297.0

100 %

362.2

100 %

Consolidated Total

516.9

100 %

470.1

100 %

297.0

100 %

362.2

100 %

Exchange Rate: BRL to USD

1.596099

 

1.666854

 

1.792959

 

1.802016

 

 

Cost of Revenue   USD (mil)

 

30-Jun-11

31-Mar-11

30-Jun-10

31-Mar-10

Industrial

4.7

1 %

4.4

1.1 %

10.2

3.5 %

12.6

3.8 %

Mixtures

456.9

99 %

402.1

98.9 %

281.8

96.5 %

315.0

96.2 %

Segment Total

461.5

100 %

406.5

100 %

292.0

100 %

327.6

100 %

Consolidated Total

461.5

100 %

406.5

100 %

292.0

100 %

327.6

100 %

Exchange Rate: BRL to USD

1.596099

 

1.666854

 

1.792959

 

1.802016

 

Gross Profit   USD (mil)

 

30-Jun-11

31-Mar-11

30-Jun-10

31-Mar-10

Industrial

-4.6

-8.3 %

-4.2

-6.6 %

-5.4

-106.7 %

-0.8

-2.3 %

Mixtures

60.0

108.3 %

67.8

106.6 %

10.5

206.7 %

35.4

102.3 %

Segment Total

55.4

100 %

63.6

100 %

5.1

100 %

34.6

100 %

Consolidated Total

55.4

100 %

63.6

100 %

5.1

100 %

34.6

100 %

Exchange Rate: BRL to USD

1.596099

 

1.666854

 

1.792959

 

1.802016

 

 

Gross Margin (%)  

 

30-Jun-11

31-Mar-11

30-Jun-10

31-Mar-10

Industrial

-10,091.8

-

-1,901.4

-

-113.6

-

-6.6

-

Mixtures

11.6

-

14.4

-

3.6

-

10.1

-

Segment Total

10.7

-

13.5

-

1.7

-

9.6

-

Consolidated Total

10.7

-

13.5

-

1.7

-

9.6

-

Earn. bef. Int., Tax & Depr.   USD (mil)

 

30-Jun-11

31-Mar-11

30-Jun-10

31-Mar-10

Industrial

-2.7

-21 %

-2.4

-9 %

-3.2

15.3 %

1.3

23.2 %

Mixtures

15.7

121 %

29.0

109 %

-17.6

84.7 %

4.2

76.8 %

Segment Total

13.0

100 %

26.6

100 %

-20.7

100 %

5.5

100 %

Consolidated Total

13.0

100 %

26.6

100 %

-20.7

100 %

5.5

100 %

Exchange Rate: BRL to USD

1.596099

 

1.666854

 

1.792959

 

1.802016

 

 

EBITDA Margin (%)  

 

30-Jun-11

31-Mar-11

30-Jun-10

31-Mar-10

Industrial

-5,979.5

-

-1,082.9

-

-66.6

-

10.8

-

Mixtures

3.0

-

6.2

-

-6.0

-

1.2

-

Segment Total

2.5

-

5.7

-

-7.0

-

1.5

-

Consolidated Total

2.5

-

5.7

-

-7.0

-

1.5

-

Depreciation   USD (mil)

 

30-Jun-11

31-Mar-11

30-Jun-10

31-Mar-10

Industrial

1.9

25.8 %

1.8

26.3 %

2.1

37.2 %

2.1

37.1 %

Mixtures

5.4

74.2 %

5.1

73.7 %

3.5

62.8 %

3.5

62.9 %

Segment Total

7.3

100 %

6.9

100 %

5.6

100 %

5.6

100 %

Consolidated Total

7.3

100 %

6.9

100 %

5.6

100 %

5.6

100 %

Exchange Rate: BRL to USD

1.596099

 

1.666854

 

1.792959

 

1.802016

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.89

UK Pound

1

Rs.75.31

Euro

1

Rs.65.64

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.