2. Business Segments
Hardboard Metal Fittings
Particle Board Vitreous China
MDF Accessories
Laminate Flooring
Ceiling & Wall Paneling
3. Corporate Events
Partial Split and Incorporation of DCE by Duratex SA
March 31st of 2003 – it was approved, by a General
Ordinary Extraordinary meeting, the partial split and
incorporation of the industrial units of both particle
board and MDF by Duratex S. A. from DCE
The operation aimed the reducion of costs and the
elimination of double taxing
There were issued 3,6 million shares of Duratex SA
in order to compensate DCE’s minority shareholders
4. Preferred Shareholders’ Structure (April 31st)
2002 2003
Fore ign Fore ign
Inve stors Inve stor
28,4% Pe nsion Fund 19,7%
Pe nsion Fund
23,3%
20,5%
Othe rs
Othe rs
28,7%
22,7%
Itaúsa Tre asury Itaúsa Tre asury
23,1% 5,3% 24,4% 3,9%
Shares outstanding as of April 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 quarter of 2003, Duratex stock was traded in
every working day, presenting an appreciation of 3,8%, as
opposed to the Bovespa Index that practicaly have not changed
during the same period
Volume Trade d Financial Volume Avg. Financial
De als
(in 1,000 share s) (R$ 1,000) Volume (R$ 1,000)
1Q2003 675 614.400 31.947 525,7
1Q2002 418 315.400 14.623 244,3
2Q2002 469 396.100 19.838 316,0
3Q2002 543 756.600 30.051 458,0
4Q2002 739 806.100 35.442 547,0
Var. % 61,5% 94,8% 118,5% 115,1%
6. Performance of Duratex’ Preferred Stock
Duratex PN x Stock Indexes
Duratex PN x Stock Indexes
100 Base: from 04/30/2002 to 04/30/2003
100 Base: from 04/30/2002 to 04/30/2003
140
18,2%
120
6,5%
100
3,6%
80 -4,0%
60
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/ 03 / 03
pr ay n/ ul g/ ep ct
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DURA4 IBOV IBX FGV100
10. Industrial Capacity & Level of Utilization (1Q2003)
Hardboard 91,2% 360.000 m3/yr
360.000 m3/yr
Particle Board AGI Last Phase: 500.000 m3/yr
78,7% 500.000 m3/yr
140.000 m3
MDF/HDF: 400.000 m3 640.000 m3/yr
MDF 99,5% 640.000 m3/yr
pre-operational
1,2 M
1,2 M
Me tal Fittings 89,6% pieces/month
pieces/month
270.000
Vitre ous China 270.000
82,2% pieces/month
pieces/month
11. Total Debt & Amortization Schedule (R$ M)
409,2
113,7
Foreign 85,3
Currency 195,1
100% hedged
56,9
63,4
Domestic 89,9
Currency 214,1
De bt 2003 2004 2005 2006 2007 &
Be yond
Long-Term Amortization Schedule
Net Debt on Shareholders’ Equity: 27,2%
12. Exports
1Q2002 1Q2003
South &
South &
Central
Central
Americ a
Americ a
14%
USA 14%
52% USA
47%
Europe
Europe 25%
23%
Others Others
11% 16%
US$8,9 M +10 %
+10 % US$9,8 M
13. Net Revenues Breakdown
1Q2002 1Q2003
Laminate Laminate
MDF MDF
Flooring Flooring
13,8% 13.5%
7,3% 7,8%
Particle
Particle
Board
Board
14,2%
15,6% Me tal
Me tal Fitings
Fittings
25,6%
24,3%
Hardboard Hardboard
Vitre ous Vitre ous
27,2% 29,1%
China China
10,6% 11,1%
Wood Division: 63,8% Wood Division: 64,6%
Deca Division: 36,2% Deca Division: 35,4%
14. Consolidated Income Statement (R$ 1.000)
1Q2003 VA% 1Q2002 VA% HA%
NET REVENUES 220.778 100% 179.114 100% 23%
COGS (122.106) 55% (97.800) 55%
Depreciation/Amort./Depletion (14.801) (14.094)
GROSS PROFIT 83.871 38% 67.220 38% 25%
Selling Expenses (29.940) (20.562)
General & Administrative Expenses (10.368) (8.828)
Lay-off Provisions (1.005) (4.663)
Other Operating Results (2.222) (1.613)
INCOME BEFORE FINANCIAL RESULTS 40.336 18% 31.554 18% 28%
Net Financial Result (6.771) (2.738)
Taxes on Financial Operations (2.417) (1.800)
Argentina - Exchange Rate Impact 950 (12.316)
OPERATING INCOME 32.098 15% 14.700 8% 118%
Non Operating Income 405 2.931
INCOME BEFORE TAXES 32.503 15% 17.631 10% 84%
Income Tax & Social Contribution (8.957) (3.500)
Statutory Participation (2.995) (1.798)
Minority Participation (42) (250)
NET INCOME 20.509 9% 12.083 7% 70%
15. Consolidated Operating Cash Flow Statement (R$ 1.000)
1Q2003 1Q2002
NET INCOME 20.509 12.083
Depreciation/Amortization/Depletion 14.801 14.094
Interest / FX Variation (Accrual) (2.533) 6.901
Provisions / Write-Offs 4.703 4.396
SUB-TOTAL 37.480 37.474
Investments in Working Capital (4.007) 5.947
OPERATING CASH FLOW 33.473 43.421
16. Consolidated Financial Summary (R$ M)
1Q03 1Q02 2Q02 3Q02 4Q02
Ne t Re ve nue s 220,8 179,1 203,2 236,4 248,2
COGS 122,1 98,4 114,1 130,1 143,4
Gross Margin Ne t of De pre c. 44,7% 45,1% 43,8% 45,0% 42,2%
De pre ciation 14,8 13,5 13,7 14,6 14,3
Gross Profit 83,9 67,2 75,4 91,6 90,6
Gross Margin 38,0% 37,5% 37,1% 38,7% 36,5%
Ope rating Re sult 40,3 31,6 33,1 42,7 45,5
EBITDA 55,1 45,6 46,3 58,0 60,5
EBITDA Margin 25,0% 25,5% 22,8% 24,5% 24,4%
Ne t Income 20,5 12,1 15,0 24,8 19,8
ROE (annualize d) 9,3% 5,7% 7,0% 11,5% 9,0%
17. Wood Division – Cost Breakdown
Hardboard Particle Board MDF
Raw Material & Others 31% 58% 63%
Work Force 23% 13% 12%
Wood 20% 11% 9%
Depreciation 5% 8% 8%
Electric Power 11% 4% 6%
Fuel 10% 6% 2%
Total 100% 100% 100%
100%
Fuel
80%
Electric Power
60%
Depreciation
40%
Wood
20%
Work Force
Raw Material & Others
0%
Hardboard Particle MDF
Board
18. Deca Division – Cost Breakdown
Vitreous China Metal Fittings
Raw Material & Others 39% 55%
Work Force 37% 34%
Electric Power 3% 4%
Depreciation 10% 7%
Fuel 11% 0%
Total 100% 100%
100%
80% Fuel
60% Electric Power
40% Depreciation
20% Work Force
0%
Raw Material & Others
Vitreous China Metal Fittings
19. Financial Performance per Division
WOOD DIVISION DECA DIVISION CONSOLIDATED
CON SOLIDATED CON SOLIDATED
(R$M) V A% (R$M) V A% (R$M) AV %
N et Revenues 142,6 100% 78,2 100% 220,8 100%
COGS (74,2) 52% (48,7) 62% (122,9) 56%
Deprec iation (9,1) 6% (4,9) 6% (14,0) 6%
Gros s Profit 59,3 42% 24,6 31% 83,9 38%
EBITDA 1T2003 42,7 30% 12,4 16% 55,1 25%
EBITDA 1T2002 35,4 31% 10,2 16% 45,6 25%