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Main Indicators
Revenue
COGS G&A
EBITDA
Financial Indicators per Business Unit
Income Statement
Balance Sheet
Cash flow
Capex per Business Unit
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Mills - Main financial figures
in R$ millions
Net revenue
EBITDA
EBITDA margin (%)
Profit from continued operations
Profit from discontinued operations
Net earnings
ROIC (%)
Capex
Invested Capital
2Q12
(A)
156.3
1Q13
(B)
188.4
2Q13
(C)
(C)/(A)
%
(C)/(B)
%
1H12
(D)
1H13
(E)
(E)/(D)
%
211.8
35.5%
12.4%
304.6
400.2
31.4%
24.1%
3.4%
159.8
194.6
21.8%
52.5%
48.6%
79.7
95.7
98.9
51.0%
50.8%
46.7%
38.7
37.6
44.6
15.3%
18.4%
70.1
82.2
17.2%
0.6
1.6
3.5
507.1%
115.1%
1.8
5.1
186.2%
39.2
39.3
48.1
22.5%
22.4%
71.9
87.3
21.4%
13.6%
14.9%
14.2%
14.3%
14.5%
83.5
127.8
150.7
141.9
278.5
1,195.0
1,330.9
1,447.6
1,169.9
1,391.1
21.1%
8.8%
18.9%
Mills - Main financial figures of the pro forma results, considering the Industrial Services business unit
2Q12
1Q13
2Q13
(C)/(A)
(C)/(B)
1H12
1H13
(E)/(D)
in R$ millions
(A)
(B)
(C)
(D)
(E)
Net revenue
211.1
239.9
271.5
28.6%
13.2%
410.2
511.4
24.7%
84.4
102.0
107.5
27.3%
5.4%
170.7
209.4
22.7%
40.0%
42.5%
39.6%
41.6%
41.0%
EBITDA
EBITDA margin (%)
in R$ millions
2Q12
(A)
1Q13
(B)
2Q13
(C)
(C)/(A)
%
(C)/(B)
%
1H12
(D)
136.1
160.1
166.9
22.7%
4.2%
264.9
3.0
4.3
8.0
164.1%
86.0%
5.9
Sales
12.2
17.2
26.6
118.2%
54.6%
23.0
Others
5.0
6.8
10.3
105.7%
50.8%
10.8
156.3
188.4
211.8
35.5%
12.4%
304.6
2Q13
Rental
Technical support services
2Q12
1Q13
Heavy Construction
41.9
26.8%
47.5
25.2%
55.1
26.0%
58.9
37.7%
64.9
34.4%
66.5
31.4%
Rental
55.4
35.5%
76.1
40.4%
90.1
42.6%
156.3
100.0%
188.4
100.0%
211.8
100.0%
Menu
1H13
(E)
(E)/(D)
%
327.0
23.4%
12.3
108.0%
43.8
90.5%
17.1
59.1%
400.2
1H12
31.4%
1H13
81.3
26.7%
102.6
25.6%
111.4
36.6%
131.3
32.8%
111.9
36.7%
166.3
41.5%
304.6
100.0%
400.2
100.0%
Mills - Cost of goods and services sold (COGS) and the general, administrative and operating expenses (G&A)
in R$ millions
2Q12
1Q13
2Q13
1H12
15.6
20.4%
19.5
21.0%
24.5
21.7%
28.4
7.1
9.3%
12.1
13.0%
20.9
18.5%
13.2
1.6
2.0%
0.9
0.9%
2.3
2.0%
2.9
Equipment storage
7.3
9.6%
9.1
9.8%
10.3
9.1%
14.3
COGS, ex-depreciation
31.6
41.3%
41.5
44.7%
57.9
51.3%
58.9
G&A
45.0
58.7%
51.3
76.5
100.0%
92.8
55.3%
100.0%
54.9
112.9
48.7%
100.0%
85.9
144.7
Menu
1H13
19.7%
44.0
21.4%
9.2%
33.0
16.0%
2.0%
3.1
1.5%
9.9%
19.4
9.4%
40.7%
99.4
48.3%
59.3%
106.2
100.0%
205.6
51.7%
100.0%
Heavy Construction
2Q12
21.2
Total EBITDA
EBITDA margin (%)
1Q13
2Q13
1H12
26.6%
24.3
25.5%
25.1
25.3%
40.1
25.1%
34.1%
27.7
29.0%
24.6
24.8%
53.5
33.5%
31.4
39.3%
43.6
45.5%
49.3
49.8%
66.3
41.5%
79.7
100.0%
95.7
100.0%
98.9
100.0%
159.8
100.0%
27.2
Jahu - Residential and Commercial Construction
Rental
51.0%
50.8%
46.7%
52.5%
Menu
1H13
49.4
25.4%
52.3
26.9%
92.9
47.7%
194.6
100.0%
48.6%
Realized
2Q12
1Q13
2Q13
in R$ millions
1H13
2013
(A)
(B)
Heavy Construction
24.0
21.7
28.8
50.5
89
12.5
24.9
44.8
69.7
112
1.1
0.2
0.3
0.5
40.9
73.3
69.3
142.6
274
Industrial Services
Rental
Corporate
Organic growth
Acquisition
Total Capex
5.1
7.7
7.6
15.3
49
83.5
127.8
150.7
278.5
530
127.8
150.7
278.5
83.5
530
Menu
Revised Budget
(A)/(B)
%
57%
62%
8%
52%
31%
53%
53%
in R$ millions
2Q12
1Q13
2Q13
(C)/(A)
(C)/(B)
1H12
1H13
(A)
(B)
(C)
(D)
(E)
Net revenue
Rental
36.9
39.4
41.0
11.2%
4.0%
70.0
80.5
5.0
8.0
14.1
180.2%
75.8%
11.3
22.1
41.9
47.5
55.1
31.5%
16.2%
81.3
102.6
EBITDA
21.2
24.3
25.1
18.2%
2.9%
40.1
49.4
50.6%
51.3%
45.5%
49.3%
48.2%
ROIC (%)
17.8%
18.6%
17.8%
17.2%
18.1%
24.0
21.7
28.8
33.0
50.5
239.4
259.6
281.5
17.6%
8.5%
232.8
270.9
6.0
7.1
7.2
20.3%
1.1%
11.5
14.3
Capex
Invested capital
Depreciation
in R$ millions
2Q12
1Q13
2Q13
(C)/(A)
(C)/(B)
1H12
1H13
(A)
(B)
(C)
(D)
(E)
Net revenue
Rental
48.5
53.3
52.0
7.2%
-2.4%
93.8
105.4
10.4
11.5
14.5
39.1%
25.4%
17.6
26.0
58.9
64.9
66.5
12.8%
2.5%
111.4
131.3
EBITDA
27.2
27.7
24.6
-9.5%
-11.4%
53.5
52.3
46.1%
42.8%
37.0%
48.0%
39.8%
ROIC (%)
14.8%
12.8%
9.3%
15.2%
11.0%
12.5
24.9
44.8
27.8
69.7
365.9
413.2
448.2
22.5%
8.5%
356.3
431.2
7.8
8.9
9.6
23.5%
8.4%
14.9
18.5
Capex
Invested capital
Depreciation
in R$ millions
2Q12
1Q13
2Q13
(C)/(A)
(C)/(B)
1H12
1H13
(A)
(B)
(C)
(D)
(E)
24.7%
Net revenue
Maintenance
37.6
29.4
36.7
-2.4%
New plants
17.2
22.1
23.1
34.1%
4.7%
33.1
45.1
54.8
51.5
59.8
9.0%
16.1%
105.7
111.2
4.7
6.3
8.5
82.5%
35.7%
10.9
14.8
72.6
66.1
8.5%
12.2%
14.3%
10.3%
13.3%
ROIC (%)
3.9%
8.9%
16.4%
5.7%
12.5%
1.1
0.2
Capex
0.3
4.3
0.5
Invested capital
127.3
112.3
99.3
-22.0%
-11.6%
127.4
105.3
2.9
2.7
2.7
-6.8%
-0.5%
5.7
5.5
Depreciation
in R$ millions
2Q12
1Q13
2Q13
(C)/(A)
(C)/(B)
1H12
1H13
(A)
(B)
(C)
(D)
(E)
Net revenue
Rental
Technical support services, sales and others
Total net revenue
EBITDA
50.6
67.3
73.8
45.8%
9.6%
101.1
141.2
4.8
8.8
16.3
240.9%
86.1%
10.7
25.1
55.4
76.1
90.1
62.6%
18.5%
111.9
166.3
57.1%
13.1%
31.4
43.6
49.3
66.3
92.9
56.6%
57.3%
54.7%
59.2%
55.9%
ROIC (%)
16.3%
19.1%
18.5%
18.3%
18.7%
Capex
Invested capital
Depreciation
40.9
73.3
69.3
66.9
142.6
371.2
455.0
528.1
42.3%
16.1%
362.0
493.0
9.7
12.6
14.4
48.8%
14.8%
19.0
27.0
Menu
(E)/(D)
%
15.0%
95.9%
26.3%
23.3%
16.4%
24.6%
(E)/(D)
%
12.3%
47.5%
17.9%
-2.2%
21.0%
24.3%
(E)/(D)
%
-9.0%
36.4%
5.2%
36.7%
-17.4%
-3.8%
(E)/(D)
%
39.6%
133.5%
48.6%
40.2%
36.2%
41.9%
Menu
Mills - Income Statement
in R$ million
2Q12
1Q13
2Q13
156.3
188.4
211.8
(54.3)
(68.4)
(87.3)
Gross profit
102.0
120.0
124.5
(45.7)
(52.9)
(56.8)
Operating profit
56.3
67.1
67.7
Financial expense
(9.9)
(11.3)
(16.8)
Financial income
0.9
2.1
5.0
Financial result
(9.0)
(9.2)
(11.8)
47.2
57.9
55.9
(8.5)
(20.2)
(11.3)
38.7
37.6
44.6
0.6
1.6
3.5
39.2
39.3
48.1
126,149
126,492
127,120
0.31
0.31
0.38
Menu
Mills - Balance Sheet
in R$ millions
2Q12
1Q13
2Q13*
2Q13
Assets
Current Assets
Cash and cash equivalents
Marketable securities
29.3
24.5
47.3
47.3
138.0
156.5
199.4
217.8
165.1
Inventories
15.0
29.9
30.9
30.9
Recoverable taxes
Trade receivables
27.5
26.5
35.8
35.8
Advances to suppliers
7.0
5.5
0.7
0.7
1.3
4.0
4.0
4.7
7.2
8.7
8.6
241.2
431.1
345.2
399.1
Trade receivables
2.5
2.1
2.1
2.1
Recoverable taxes
30.4
31.2
34.8
34.8
106.7
Non-Current Assets
Deferred taxes
Deposits in court
Investment
7.0
11.4
11.8
11.7
11.7
51.4
45.1
48.6
48.6
87.4
87.4
87.4
87.4
943.0
1,084.3
1,177.9
1,124.1
49.1
57.5
59.9
59.9
1,079.5
1,229.2
1,325.2
1,271.4
1,130.9
1,274.3
1,373.8
1,319.9
Total Assets
1,372.1
1,705.4
1,719.0
1,719.0
in R$ millions
2Q12
1Q13
2Q13*
2Q13
Liabilities
Current Liabilities
Suppliers
Borrowings and financings
Debentures
Salaries and payroll charges
Income tax and social contribution
Tax refinancing program (REFIS)
Taxes payable
Profit sharing payable
Dividends and interest on equity payable
Derivative financial instruments
47.3
58.5
70.1
70.1
114.9
38.5
15.7
15.7
4.6
17.8
110.6
110.6
32.1
33.3
36.6
23.8
5.8
0.8
0.8
0.9
0.9
0.9
0.9
10.5
7.7
10.7
10.7
7.9
4.1
10.8
10.8
18.8
36.2
20.4
20.4
1.6
4.9
8.8
3.1
3.1
241.7
213.1
279.7
279.7
42.0
30.5
23.5
23.5
268.6
537.7
447.8
447.8
16.0
10.3
10.6
10.6
1.8
5.5
5.5
10.0
9.7
9.6
9.6
0.7
0.3
0.2
0.2
337.3
590.4
497.3
497.3
Total Liabilities
579.0
803.5
776.9
776.9
Capital
533.6
539.5
548.8
548.8
Earnings reserves
211.3
321.4
321.0
321.0
2.2
4.7
4.7
12.7
Non-Current Liabilities
Borrowings and financings
Debentures
Provision for tax, civil and labor risks
Deferred taxes
Stockholders' Equity
Capital reserves
(3.8)
1.1
(0.8)
2.9
2.9
50.9
39.6
64.6
64.6
793.1
901.9
942.1
942.1
1,372.1
1,705.4
1,719.0
1,719.0
Retained earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
Menu
Mills - Cash flow
in R$ millions
2Q12
1Q13
2Q13
47.8
60.4
60.5
Adjustments
Depreciation and amortization
26.4
31.3
34.0
1.0
0.5
0.5
0.9
2.0
2.5
4.3
4.0
6.8
(6.1)
(10.2)
(11.5)
Interest, monetary and exchange rate variation on loans, contingencies and deposits in court
8.9
12.6
14.5
3.8
5.0
2.7
Others
(0.1)
39.0
45.3
49.4
(20.2)
(9.1)
(21.1)
Inventories
0.1
(3.0)
(0.9)
Recoverable taxes
3.9
14.9
(1.4)
Deposits in court
(0.5)
0.0
0.1
Other assets
(4.9)
0.4
(0.7)
Suppliers
(2.0)
2.4
(2.5)
5.8
5.7
3.3
Taxes payable
(0.6)
(10.9)
3.0
Other liabilities
1.0
1.6
(7.6)
(17.4)
2.1
(27.8)
69.4
Interest paid
(19.0)
(16.2)
107.7
82.2
(7.9)
(12.8)
(8.9)
(17.7)
(20.0)
(0.1)
(0.1)
(0.2)
70.8
51.4
34.2
(53.9)
21.6
138.0
(119.5)
(136.7)
9.5
8.3
25.3
(44.5)
(89.7)
26.7
5.6
(21.9)
1.9
9.3
(36.2)
Repayment of borrowings
(7.1)
(3.7)
(28.6)
Borrowings raised
32.7
1.0
0.1
9.3
(0.9)
(55.4)
(1.0)
(19.7)
22.8
30.3
44.2
24.5
29.3
24.5
47.3
(*) PIS and COFINS credits are included in total purchases of property, plant and equipment and intangible assets.