2. Business Segments
Hardboard Metal Fittings
Particle Board Vitreous China
MDF Accessories
Laminate Flooring
Ceiling and Wall Paneling
3. Main Competitors
Hardboard Metal Fittings
Eucatex Docol
Particle Board Fabrimar
Berneck Vitreous China
Eucatex Elizabeth
Placas do Paraná Icasa
Satipel Ideal Standard
Tafisa Hervy
MDF/HDF Roca (Group ICL)
Masisa
Placas do Paraná
Tafisa
Laminate Flooring
Eucatex
Tafisa
4. Preferred Shareholders´ Structure (as of July 31st)
2003
2003 2002
2002
Itaúsa Itaúsa
24,4% 23,1% Pe nsion
Pe nsion Funds
Tre asury Tre asury
Funds 20,8%
2,0% 5,4%
22,6%
Othe rs Othe rs
29,7% 23,1%
Fore ign Fore ign
Inve stors Inve stors
21,3% 27,6%
Shares outstanding as of July 31st:
2002: 12.179.130.021 shares, of which 7.767.712.156 Pref.
2003: 11.782.716.987 shares, of which 7.370.658.030 Pref.
5. Preferred Stock Performance
During the first semester of 2003, Duratex’ stock presented an
appreciation of 22,1% as the Bovespa index appreciated by 15,1%.
Share s Trade d Trade d Volume Daily Ave rage
De als
(1,000) (R$ 1,000) Volume (R$ 1,000)
2nd Quarter 03 817 690.300 40.577 662,7
1st Quarter 03 675 614.400 31.947 525,7
4th Quarter 02 739 806.100 35.442 547,0
3rd Quarter 02 543 756.600 30.051 458,0
2nd Quarter 02 469 396.100 19.838 316,0
1st Se me ste r 02 887 711.500 34.461 280,2
1st Se me ste r 03 1.492 1.304.700 72.524 594,2
Var. % 68,2% 83,4% 110,5% 112,1%
6. Performance of Duratex’ Preferred Stock
Duratex PN X Selected Stock Indexes
Duratex PN X Selected Stock Indexes
100 Base: July/31/2002
100 Base: July/31/2002
170
51,9%
150
49,8%
130 39,6%
39,0%
110
90
2 2 2 2 2 2 3 3 3 3 3 3 3
l/
0
g /0 p/
0
t/
0
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0
c/
0
n/
0
b/
0
r/
0
r/
0
y/
0
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0
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ju au se oc no de ja fe m
a ap m
a ju ju
DURATEX IBOVESPA IBX FGV 100
8. CAPEX Highlight – MDF/HDF
Production Capacity: 400.000 m3/year
Break through technology protected by a secrecy agreement
between Duratex and the supplier of the equipment
This new plant will allow Duratex the leadership within the
fabrication of this type of panel
Ramp-up of the equipment:
feb/03 mar/03 apr/03 may/03 jun/03 jul/03
PRODUCTION - 5.825 9.218 9.471 11.249 12.122
9. Industrial Capacity & Levels of Utilization (1HY2003)
Hardboard 89,1% 360.000 m3/year
360.000 m3/year
Particle Board AGI last phase: 500.000 m3/year
77,6%
140.000 m3 500.000 m3/year
MDF/HDF: 400.000 m3 640.000 m3/year
MDF 93,4% 640.000 m3/year
pre-operational
1,2 M
Me tal Fittings 1,2 M
81,7% pieces/month
pieces/month
270.000
Vitre ous China 270.000
85,9% pieces/month
pieces/month
10. Debt Structure and Amortization Schedule (R$ M)
BNDES & FINAME DEBENTURE IFC ACC TOTAL
FOREIGN 30,3 - 98,4 17,1 145,8
DOMESTIC 162,5 50,9 - - 213,4
TOTAL 192,8 50,9 98,4 17,1 359,2
359,2 60,0
Foreign
88,4
Currency 145,9
100% hedged 55,8
60,9
Domestic
213,3 94,1
Currency
Total De bt 2003 2004 2005 2006 2007 &
Be yond
11. Net Revenues Breakdown
1HY2003 1HY2002
Laminate Laminate
MDF Particle MDF
Flooring Flooring
15% Board 11%
8% 7%
Particle 14%
Board
14% Me tal Me tal
Fittings Fittings
24% 25%
Hardboard
Hardboard Vitre ous 33% Vitre ous
28% China China
11% 10%
Wood Division: 65% Wood Division: 65%
Deca Division: 35% Deca Division: 35%
12. Exports
1HY2003
1HY2003 1HY2002
1HY2002
South &
Central
Americ a South &
13% Central
America
United States
13%
United States 54%
44%
Europe
25%
Europe
19%
Others Others
18% 14%
US$ 19,7 M =
= US$19,7 M
13. Consolidated Income Statement (R$ 1.000)
1HY2003 VA% 1HY2002 VA% HA%
NET REVENUES 446.055 100% 382.361 100% 17%
COGS (257.510) 58% (212.500) 56%
Depreciation/Amort./Depletion (28.323) (27.209)
GROSS PROFIT 160.222 36% 142.652 37% 12%
Selling Expenses (64.441) (49.733)
General & Administrative Expenses (21.362) (18.590)
Lay-off Provisions (2.396) (6.396)
Other Operating Results (3.715) (3.280)
INCOME BEFORE FINANCIAL RESULTS 68.308 15% 64.653 17% 6%
Net Financial Result (21.795) (17.405)
Taxes on Financial Operations (5.580) (4.500)
OPERATING INCOME 40.933 9% 42.748 11% -4%
Non Operating Income 3.552 3.654
INCOME BEFORE TAXES 44.485 10% 46.402 12% -4%
Income Tax & Social Contribution (12.232) (14.845)
Statutory Participation (4.002) (4.125)
Minority Participation (99) (367)
NET INCOME 28.152 6% 27.065 7% 4%
14. Consolidated Financial Summary (R$M)
2Q03 1Q03 4Q02 3Q02 2Q02
Ne t Re ve nue s 225,3 220,8 248,2 236,4 203,2
COGS Ne t of De pr/Amort/De pl. 134,6 122,8 143,4 130,1 114,1
Gross Margin Ne t of De pr/Amort/De pl. 40,3% 44,4% 42,2% 45,0% 43,8%
De pre ciation/Amortization/De ple tion 14,2 14,1 14,3 14,6 13,7
Gross Profit 76,4 83,9 90,6 91,6 75,4
Gross Margin 33,9% 38,0% 36,5% 38,7% 37,1%
Ope rating Re sult 28,0 40,3 45,5 42,7 33,1
EBITDA 43,0 55,1 60,5 58,0 46,3
EBITDA Margin 19,1% 25,0% 24,4% 24,5% 22,8%
Ne t Income 7,6 20,5 19,8 24,8 15,0
ROE (annualize d) 3,4% 9,3% 9,0% 11,5% 7,0%
15. Consolidated Income Statement – Deca Piazza (R$ 1.000)
1HY2003 VA% 1HY2002 VA%
NET REVENUES 5.681 100% 3.093 100%
Cost of Goods Sold (4.366) 77% (3.591) 116%
Depreciation/Amortization/Depletion (256) 5% (148) 5%
GROSS PROFIT 1.059 19% (646) 21%
Selling Expenses (162) 3% (453) 15%
General and Administrative Expenses (446) 8% (2.384) 77%
INCOME BEFORE FINANCIAL RESULTS 451 8% (3.483) 113%
Net Financial Result 795 14% (4.471) 145%
NET INCOME 1.246 22% (7.954) 257%
16. Consolidated Operating Cash Flow Statement (R$ 1.000)
1HY2003 1HY2002
NET INCOME 28.152 27.065
Depreciation/Amortization/Depletion 29.855 27.245
Interest / FX Variation (Accrual) (11.927) 42.360
Provisions / Write-Offs 13.456 9.146
SUB-TOTAL 59.536 105.816
Investments in Working Capital (23.861) 500
OPERATING CASH FLOW 35.675 106.316
17. Wood Division – Cost Breakdown
Hardboard Particle Board MDF
Raw Material 32% 59% 64%
Work Force 25% 11% 11%
Wood 19% 11% 9%
Depreciation 5% 8% 8%
Electric Power 11% 5% 6%
Fuel 8% 6% 2%
Total 100% 100% 100%
18. Deca Division – Cost Breakdown
Vitreous China Metal Fittings
Raw Material & Others 37% 54%
Work Force 39% 35%
Electric Power 3% 3%
Depreciation 9% 7%
Fuel 11% 0%
Total 100% 100%
19. Financial Performance per Division (R$M)
WOOD DIV ISION DECA DIV ISION CON SOLIDATED
(R$M) V A% (R$M) V A% (R$M) V A%
N et Revenues 289,4 100% 156,7 100% 446,1 100%
COGS (161,4) 56% (96,1) 61% (257,5) 58%
Depr/Amort/Depl. (18,5) 6% (9,8) 6% (28,3) 6%
Gros s Profit 109,4 38% 50,8 32% 160,2 36%
EBITDA 1H Y2003 75,1 26% 23,1 15% 98,2 22%
EBITDA 1H Y2002 70,9 29% 21,0 15% 91,9 24%