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Main Indicators
Revenue
COGS G&A
EBITDA
Financial Indicators per Division
Income Statement
Balance Sheet
Cash flow
Capex per division
Menu
Mills - Main financial figures
in R$ millions
Net revenue
EBITDA
EBITDA margin (%)
Net earnings
1Q11
(A)
145.0
4Q11
(B)
193.5
1Q12
(C)
(C)/(B)
%
(C)/(A)
%
199.1
2.9%
37.3%
52.8
76.4
86.2
12.8%
63.2%
36.4%
39.5%
43.3%
9.7%
18.8%
22.2
29.5
32.7
10.6%
47.2%
ROIC (%)
13.8%
14.2%
15.1%
5.8%
9.6%
Capex
184.6
114.4
58.4
-49.0%
-68.4%
Menu
Mills - Net revenue per type
in R$ millions
1Q11
(A)
4Q11
(B)
1Q12
(C)
(C)/(B)
%
(C)/(A)
%
Rental
96.8
132.4
137.9
4.1%
42.5%
37.6
37.6
42.3
12.4%
12.4%
Sales
5.6
19.2
13.0
-32.3%
131.4%
Others
5.0
4.3
6.0
39.7%
20.7%
145.0
193.5
199.1
2.9%
37.3%
Heavy Construction
1Q11
4Q11
1Q12
22.0%
36.1
18.6%
39.3
19.7%
20.1%
52.5
27.1%
52.5
26.4%
Industrial Services
34.6%
50.2
25.9%
50.9
25.5%
Rental
Total net revenue
31.8
50.2
33.7
145.0
23.3%
100.0%
54.9
193.5
28.3%
100.0%
56.5
199.1
28.4%
100.0%
Menu
Mills - Cost of goods and services sold (COGS) and the general, administrative and operating expenses (G&A)
in R$ millions
1Q11
4Q11
1Q12
45.9
49.8%
53.3
45.5%
48.6
43.0%
3.5
3.8%
11.8
10.1%
6.2
5.5%
1.2
1.4%
1.4
1.2%
1.2
1.1%
Equipment storage
5.4
5.8%
7.1
7.8%
7.6
6.7%
COGS, ex-depreciation
56.0
60.8%
73.7
63.0%
63.6
56.4%
G&A
36.1
92.1
39.2%
100.0%
43.4
117.1
37.0%
100.0%
49.3
112.9
43.6%
100.0%
Menu
Mills - EBITDA per division
in R$ millions
Heavy Construction
1Q11
15.6
Rental
Total EBITDA
EBITDA margin (%)
4Q11
1Q12
29.4%
19.5
25.5%
18.9
21.9%
23.2%
23.9
31.2%
26.3
30.5%
6.1
11.6%
2.3
3.1%
6.2
7.2%
18.9
35.8%
30.7
40.2%
34.9
40.4%
52.8
100.0%
76.4
100.0%
86.2
100.0%
12.3
Jahu - Residential and Commercial Construction
Industrial Services
36.4%
39.5%
43.3%
Menu
Mills - Capex per division
Realized
1Q11
4Q11
in R$ millions
Heavy Construction
Jahu - Residential and Commercial Construction
Industrial Services
Budget
1Q12
2012
(A)/(B)
(A)
(B)
8.4
16.9
9.0
22.0
41%
37.0
56.6
15.4
28.0
55%
2.2
4.1
3.2
7.0
46%
Rental
42.4
33.4
26.0
53.0
49%
Corporate
94.7
3.4
4.8
17.0
28%
Organic growth
94.6
114.4
58.4
127.0
46%
Acquisition
90.0
Total Capex
184.6
114.4
58.4
127.0
46%
Menu
Heavy Construction Division - financial indicators
in R$ millions
1Q11
4Q11
1Q12
(C)/(B)
(C)/(A)
(A)
(B)
(C)
Net revenue
Rental
25.0
32.5
33.1
1.7%
32.2%
6.8
3.5
6.3
76.9%
-8.4%
31.8
36.1
39.3
9.0%
23.5%
EBITDA
15.6
19.5
18.9
-3.1%
21.3%
48.9%
54.0%
48.0%
ROIC (%)
14.4%
17.5%
16.6%
-46.5%
8.1%
Capex
Invested capital
Depreciation
8.4
16.9
9.0
203.9
222.0
226.1
1.9%
10.9%
5.1
5.6
5.5
-1.5%
7.7%
in R$ millions
1Q11
4Q11
1Q12
(C)/(B)
(C)/(A)
(A)
(B)
(C)
Net revenue
Rental
26.0
40.3
45.3
12.2%
74.0%
3.2
12.1
7.2
-40.3%
125.2%
29.2
52.5
52.5
0.0%
79.6%
EBITDA
12.3
23.9
26.3
10.2%
114.5%
42.0%
45.5%
50.1%
ROIC (%)
15.2%
16.3%
15.6%
37.0
56.6
15.4
-72.8%
-58.4%
175.4
310.8
345.4
11.1%
96.9%
2.7
5.8
7.1
21.9%
159.3%
Capex
Invested capital
Depreciation
in R$ millions
1Q11
4Q11
1Q12
(C)/(B)
(C)/(A)
(A)
(B)
(C)
Net revenue
Maintenance
37.9
39.5
35.0
-11.4%
-7.6%
New plants
12.3
10.7
15.9
48.6%
28.7%
50.2
50.2
50.9
1.4%
1.3%
6.1
2.3
6.2
163.4%
0.9%
-21.3%
43.8%
12.2%
4.7%
12.1%
9.6%
-1.2%
7.5%
2.2
4.1
3.2
Invested capital
Depreciation
108.4
133.3
127.4
-4.4%
17.5%
2.4
2.9
2.8
-5.8%
15.4%
in R$ millions
1Q11
4Q11
1Q12
(C)/(B)
(C)/(A)
(A)
(B)
(C)
Net revenue
Rental
Technical support services, sales and others
Total net revenue
EBITDA
30.8
47.2
50.5
7.1%
64.0%
2.9
7.7
6.0
-22.6%
102.9%
33.7
54.9
56.5
2.9%
67.4%
13.5%
84.6%
18.9
30.7
34.9
56.0%
56.0%
61.8%
ROIC (%)
17.3%
18.6%
20.3%
Capex
Invested capital
Depreciation
42.4
33.4
26.0
-22.1%
-38.7%
212.4
334.8
353.2
5.5%
66.3%
5.8
8.5
9.3
10.4%
60.8%
Menu
Mills - Income Statement
in R$ millions
1Q11
4Q11
1Q12
145.0
193.5
199.1
(71.3)
(95.6)
(87.4)
73.7
97.9
111.8
(36.8)
(44.2)
(50.2)
Operating profit
36.8
53.7
61.6
Financial expense
(5.1)
(12.5)
(12.6)
Financial income
2.1
2.7
1.4
Financial result
(3.1)
(9.9)
(11.3)
33.8
43.8
50.3
(11.6)
(14.3)
(17.6)
22.2
29.5
32.7
125,495
125,657
125,690
0.18
0.24
0.26
Gross profit
General and administrative expenses
Menu
Mills - Balance Sheet
in R$ millions
1Q11
4Q11
1Q12
Assets
Current Assets
Cash and cash equivalents
4.3
Marketable securities
Trade receivables
122.6
139.1
140.1
6.7
11.2
15.1
19.0
22.1
22.8
9.1
11.5
3.8
Recoverable taxes
Advances to suppliers
Other current assets
Total Current Assets
30.3
Inventories
35.2
11.0
3.6
3.0
4.2
176.5
224.9
216.3
Non-Current Assets
Trade receivables
3.4
2.6
2.4
Recoverable taxes
3.9
31.6
30.9
Deferred taxes
8.4
16.1
17.8
Deposits in court
Investment
Property, plant and equipment
Intangible assets
7.3
10.9
11.0
23.1
61.2
62.2
90.0
87.4
87.4
621.2
872.9
897.2
41.8
45.5
47.2
753.0
1,005.8
1,031.7
776.0
1,067.0
1,093.9
Total Assets
952.5
1,291.8
1,310.2
4Q11
1Q12
in R$ millions
1Q11
Liabilities
Current Liabilities
Suppliers
24.3
35.9
19.8
78.2
65.3
64.1
6.1
13.8
26.9
25.0
26.3
3.3
2.7
5.3
0.9
0.4
0.1
Taxes payable
3.4
8.1
8.1
Debentures
Salaries and payroll charges
1.4
7.9
3.6
24.5
21.9
21.9
0.1
12.0
4.4
5.2
175.0
177.7
168.2
Non-Current Liabilities
Borrowings and financings
Debentures
Provision for tax, civil and labor risks
Deferred taxes
78.7
11.3
68.2
268.4
268.5
16.1
14.7
11.2
11.0
10.5
10.5
10.7
0.8
0.6
0.5
101.3
378.0
373.7
Total Liabilities
276.3
555.7
542.0
Capital
525.1
527.6
528.0
Earnings reserves
144.8
212.0
211.7
71.1
Stockholders' Equity
Capital reserves
(7.7)
(5.6)
(4.7)
(8.6)
2.1
0.2
Retained earnings
22.6
33.0
676.2
736.1
768.2
952.5
1,291.8
1,310.2
Menu
Mills - Cash flow
in R$ millions
1Q11
4Q11
1Q12
33.8
43.8
50.3
Adjustments
Depreciation and amortization
16.0
22.8
24.7
0.2
0.2
1.0
0.4
0.9
0.9
1.4
3.2
3.6
(2.9)
(4.3)
(7.4)
(1.6)
Interest, monetary and exchange rate variation on loans, contingencies and deposits in court
4.3
0.5
(0.3)
6.4
18.3
33.2
40.8
Trade receivables
(0.7)
(11.8)
(7.2)
Inventories
(1.1)
0.6
(3.9)
Recoverable taxes
4.2
4.2
3.4
Deposits in court
0.0
0.1
(0.1)
Other assets
(0.7)
(3.7)
9.3
Suppliers
(8.4)
6.0
(1.5)
9.9
11.5
0.9
0.0
5.6
(8.3)
1.3
Taxes payable
(1.0)
(5.3)
(0.0)
Other liabilities
5.1
(0.5)
(1.0)
3.0
(18.5)
0.3
91.4
55.0
58.5
Interest paid
(4.3)
(22.2)
(2.5)
(2.2)
(2.7)
(15.1)
(17.5)
Lawsuits settled
Net cash provided by operating activities
(7.9)
(2.6)
31.1
33.6
63.3
126.7
Acquisitions of investments
(90.0)
0.6
(94.6)
(102.1)
(73.0)
4.2
6.6
9.7
(53.8)
(94.9)
(63.3)
0.8
0.4
Shares in treasury
(3.6)
3.6
Amortization of borrowings
(6.3)
(8.0)
(8.7)
30.7
27.8
3.4
20.8
24.2
(4.9)
(1.9)
(37.1)
(4.9)
6.2
72.2
35.2
4.3
35.2
30.3