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2Q13 Results
August 8, 2013
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Eucatex Group
2
Net Revenue – R$279.5 million, up 21.3%
Recurring EBITDA – R$59.9 million, up 38.3%
EBITDA Margin – 21.4%, expansion of 2.6 pp
Net Income – R$25.0 million, up 74.6%
2Q13 General Highlights
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Operating Data – Net Revenue
3
Breakdown by Product Breakdown by Segment
MDP24%
T-HDF/MDF24%
Fiberboard18%
Paints and Varnishes
20%
Laminated Flooring
12%
Other2%
Furniture Industry
40%
Civil Construction
41%
Retail13%
Export Market
6%
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2Q12 2Q13
92.4 87.9
Breakdown of Costs
Total Market (‘000 m³)
Fiberboard
Installed Capacity Utilization
Total Capacity – 240,000 m³ / year
4
Source: ABIPA
1T06 1T07 1T08 1T09 1T10 1T11
100
110
120
106
114 108
100
118
130
104
139 138
Eucatex Mercado
Net Revenue
2Q12 2Q13 Var
R$48.1 million R$50.7 million 5.3%
Market
2Q13
83%
Wood16%
Coating (Paper and Paint)
8%Other Materials
31%
Labor22%
Electricity9%
Thermal Power
6%Depreciation
9%
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2Q12 2Q13
889.1 959.5
T-HDF / MDF
Breakdown of Costs
Installed Capacity Utilization
Total Capacity – 275,000 m³ / year
5
T-HDF + MDF Market ('000 m³)
Source: ABIPA
1T06 1T07 1T08 1T09 1T10 1T11
100
110
120
106
114 108
100
118
130
104
139 138
Eucatex Mercado
Net Revenue
2Q12 2Q13 Var
R$46.8 million R$65.9 million 40.8%
Market
2Q1391%
Wood22%
Other Materials
15%
Resin 30%
Labor8%
Electricity10%
Thermal Power
4%
Depreciation11%
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2Q12 2Q13
786.,9 828.5
MDP
Breakdown of Costs
Installed Capacity Utilization
Capacity – 430,000 m³ / year
6
Market ('000 m³)
Source: ABIPA
1T06 1T07 1T08 1T09 1T10 1T11
100
110
120
106
114 108
100
118
130
104
139 138
Eucatex Mercado
Net Revenue
2Q12 2Q13 Var
R$57.6 million R$67.6 million 17.3%
Market
2Q1386% 95%
Wood16%
Coating (Paper and
Paint)27%
Other Materials
14%
Resin 18%
Labor7%
Electricity6%
Thermal Power
5% Depreciation7%
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Laminated Flooring
Breakdown of Costs
Installed Capacity Utilization
Total Capacity – 12 million m² / year
7
Market ('000 m²)
Source: ABIPLAR
1T06 1T07 1T08 1T09 1T10 1T11
100
110
120
106
114 108
100
118
130
104
139 138
Eucatex Mercado
Net Revenue
2Q12 2Q13 Var
R$24.6 million R$33.1 million 34.8%
Market
2Q12 2Q13
2,726.7
3,258.5
2Q1343%
Wood7%
Coating (Paper)
62%
Other Materials
10%
Resin 13%
Labor4%
Electricity1%
Thermal Power
1%
Depreciation2%
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Paints and Varnishes
Breakdown of Costs
Installed Capacity Utilization
Total Capacity – 36 million gallons / year
8
Market – Million gallons
Source: Eucatex
1T06 1T07 1T08 1T09 1T10 1T11
100
110
120
106
114 108
100
118
130
104
139 138
Eucatex Mercado
Net Revenue
2Q12 2Q13 Var
R$48.4 million R$57.0 million 17.9%
Market
2Q12 2Q13
266.5 262.4
2Q1359%
Raw Material73%
Packaging17%
Labor7%
Electricity1%Other Costs
3%Depreciation
1%
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Financial Data
9
Highlights (R$ million) 2Q13 V.A. % 2Q12 V.A. % Var. (%) 1H13 V.A. % 1H12 V.A. % Var. (%)
Net Revenue 279.5 100.0% 230.5 100.0% 21.3% 532.2 100.0% 449.4 100.0% 18.4%
Fair value of biological assets 11.1 4.0% 11.3 4.9% 1.7% 22.4 4.2% 22.2 4.9% -0.7%
Cost of products sold (194.8) -69.7% (165.5) -71.8% 17.7% (376.2) -70.7% (322.5) -71.8% 16.6%
Gross income 95.8 34.3% 76.4 33.1% 25.5% 178.5 33.5% 149.1 33.2% 19.7%
Gross Margin (%) 34.3% 33.1% 1.1 p.p. 33.5% 33.2% 0.4 p.p.
Administrative expenses (12.9) -4.6% (11.8) -5.1% 8.9% (25.6) -4.8% (23.7) -5.3% 8.0%
Selling expenses (38.5) -13.8% (36.0) -15.6% 7.0% (72.6) -13.6% (67.8) -15.1% 7.0%
Other operating income and expenses (2.7) -1.0% 2.0 0.9% -236.7% (3.0) -0.6% 1.4 0.3% -317.7%
EBITDA adjusted by non-cash events 66.2 23.7% 55.4 24.0% 19.5% 116.4 21.9% 97.4 21.7% 19.5%
EBITDA Margin (%) 23.7% 24.0% -0.3 p.p. 21.9% 21.7% 0.2 p.p.
Adjusted Recurring EBITDA 59.9 21.4% 43.3 18.8% 38.3% 112.3 21.1% 83.9 18.7% 33.8%
Adjusted Recurring EBITDA Margin (%) 21.4% 18.8% 2.6 p.p. 21.1% 18.7% 2.4 p.p.
Net financial result (20.1) -7.2% (24.0) -10.4% 16.1% (28.3) -5.3% (34.1) -7.6% 16.9%
Non-recurring results 6.3 2.3% 12.1 5.2% -47.8% 4.1 0.8% 13.5 3.0% -69.9%
Income and social contribution taxes (2.8) -1.0% (4.4) -1.9% -34.6% (7.8) -1.5% (8.6) -1.9% -9.2%
Net Income 25.0 8.9% 14.3 6.2% 74.6% 45.2 8.5% 29.7 6.6% 52.0%
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Net Debt / EBITDA Debt Profile
Debt
10
Debt (R$ Million) 1H13 1H12 Var. (%) 2012 Var. (%)
Short Term Debt 132.7 135.9 -2.4% 146.9 -9.7%
Long Term Debt 141.8 151.5 -6.4% 126.9 11.8%
Gross Debt 274.5 287.4 -4.5% 273.8 0.3%
Cash and Cash Equivalents 7.0 21.6 -67.7% 6.9 1.3%
Net Debt 267.5 265.8 0.6% 266.9 0.2%
% Short Term Debt 48% 47% 1.1 p.p. 54% -9.9%
Net Debt/EBITDA 1.2 1.6 -24.8% 1.4 -17.7%
Short Term48%
Long Term52%
2011 2012 1H13
1.2 x
1.4 x
1.2 x
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Capex
Ancillary equipment for T - HDF/MDF
Sustainability - Production
Sustainability - Forests
Capex in 2Q13
Capex for 2013
R$90 million
11
Sustainability50%
Forests50%
R$ 27.2 million
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74 farms with eucalyptus
plantations totaling 45,800 hectares
Average Radius
Salto Botucatu
151 km 48 Km
Sustainability – Forests and Recycling
12
Newly Planted Forests (hectares) Volume Processed (ton) - Recycling
Total Processing Capacity - Recycling
Ton/Year Equivalent to
Trees Forests 240,000 ton 2 million / year 1,500 hectares
Gains in Wood Purchases - Recycling
Wood Market *
Recycled Variation Consump. Dry Ton Gain
R$210.60 ton/dry
R$137.79 ton/dry
R$72.81 ton/dry 48,986 R$3,567,000
* Wood chips - CIF
89,383 99,808
57,631
2011 2012 1H13
2010 2011 2012 1H13
4,080
5,036
4,603
1,724
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José Antonio G. de Carvalho Executive VP and IRO
Sergio Henrique Ribeiro Controller
Waneska Bandeira Investor Relations
(55 11) 3049-2473
www.eucatex.com.br/ir
IR Contacts