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Mills' Results

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Main Indicators
Revenue
COGS G&A

EBITDA
Financial Indicators per Business Segment
Income Statement
Balance Sheet
Cash flow
Capex per Business Segment

Mills - Main financial figures


1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

in R$ millions

Net revenue
EBITDA
EBITDA margin (%)
Net earnings
ROIC (%)
Capex

82.4

104.6

102.7

114.6

115.5

131.3

148.9

154.2

31.6

42.8

37.7

45.6

42.8

50.5

55.9

45.4

38.4%

40.9%

36.7%

39.8%

37.0%

38.4%

37.6%

29.4%

12.0

20.1

16.6

19.8

18.7

26.1

28.5

30.1

21.6%

29.4%

23.3%

26.0%

23.1%

23.0%

20.3%

18.8%

14.2

30.5

22.7

58.7

90.0

121.0

78.8

9.0

Menu

1Q11
145.0

2Q11
164.0

3Q11
175.1

4Q11
193.5

1Q12
199.1

2Q12
211.1

3Q12
222.2

4Q12

2009

2010

2011

246.8

404.2

549.9

677.6

52.8

58.0

50.8

76.4

86.2

84.4

96.1

91.7

157.6

194.5

238.1

36.4%

35.4%

29.0%

39.5%

43.3%

40.0%

43.2%

37.1%

39.0%

35.4%

35.1%

22.2

22.6

17.8

29.5

32.7

39.2

38.0

41.6

68.4

103.3

92.2

13.8%

12.7%

8.6%

14.2%

15.1%

13.6%

15.8%

14.5%

25.0%

21.0%

12.3%

184.6

105.2

114.4

58.4

83.5

79.4

76.3

76.3

348.5

525.9

121.6

2012
879.3
358.4
40.8%
151.5
14.7%
297.6

Mills - Net revenue per type

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

in R$ millions

Rental

63.8

68.5

70.5

80.0

74.6

84.6

91.8

91.1

Technical support services

16.0

32.2

27.1

28.6

29.6

35.6

42.6

43.6

Sales

0.6

2.5

4.0

5.5

9.6

6.0

8.7

12.7

Others

1.9

1.4

1.1

0.4

1.7

5.0

5.9

6.8

82.4

104.6

102.7

114.6

115.5

131.3

148.9

154.2

Total net revenue

Mills - Net revenue per segment


in R$ millions

Heavy Construction

1Q09
32.8

14.1
Jahu - Residential and Commercial Construction
Industrial Services

23.4

Rental

12.0

Total net revenue

82.4

2Q09

3Q09

4Q09

39.9%

37.1

35.4%

36.9

36.0%

39.4

34.4%

17.2%

14.7

14.0%

15.1

14.7%

18.3

15.9%

28.4%

40.8

39.0%

36.1

35.1%

41.2

36.0%

14.6%

12.1

11.6%

14.6

14.2%

15.7

13.7%

100.0%

104.6

100.0%

102.7

100.0%

114.6

100.0%

Menu

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

2009

2010

2011

96.8

105.4

119.3

132.4

137.9

147.9

155.8

166.7

282.9

342.1

453.9

37.6

43.3

41.3

37.6

42.3

44.5

41.4

45.9

103.9

151.4

159.8

5.6

7.3

8.5

19.2

13.0

13.5

19.0

28.6

12.6

37.0

40.6

5.0

8.0

6.0

4.3

6.0

5.2

6.0

5.6

4.8

19.4

23.3

145.0

164.0

175.1

193.5

199.1

211.1

222.2

246.8

404.2

549.9

677.6

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

35.7

30.9%

41.7

31.8%

42.7

28.7%

34.2

22.2%

31.8

22.0%

30.6

18.6%

22.7

19.6%

21.8

16.6%

27.9

18.7%

32.8

21.3%

29.2

20.1%

34.7

21.2%

40.0

34.6%

46.5

35.4%

52.5

35.2%

56.4

36.6%

50.2

34.6%

57.5

35.1%

17.2

14.9%

21.3

16.2%

25.8

17.4%

30.8

20.0%

33.7

23.3%

41.2

25.1%

115.5

100.0%

131.3

100.0%

148.9

100.0%

154.2

100.0%

145.0

100.0%

164.0

100.0%

2012
608.2
174.1
74.1
22.8
879.3

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

33.2

19.0%

36.1

18.6%

39.3

19.7%

41.9

19.9%

45.5

20.5%

47.3

19.2%

39.4

22.5%

52.5

27.1%

52.5

26.4%

58.9

27.9%

60.5

27.2%

66.0

26.7%

56.9

32.5%

50.2

25.9%

50.9

25.5%

54.8

26.0%

48.8

22.0%

59.3

24.0%

45.6

26.1%

54.9

28.3%

56.5

28.4%

55.4

26.3%

67.4

30.3%

74.2

30.1%

175.1

100.0%

193.5

100.0%

199.1

100.0%

211.1

100.0%

222.2

100.0%

246.8

100.0%

2009

2010

2011

2012

146.2

36.2%

154.3

28.1%

131.6

19.4%

174.1

19.8%

62.2

15.4%

105.1

19.1%

155.8

23.0%

238.0

27.1%

141.4

35.0%

195.4

35.5%

214.8

31.7%

213.8

24.3%

175.4

25.9%

253.5

54.4

13.5%

95.1

17.3%

404.2

100.0%

549.9

100.0%

677.6

100.0%

879.3

28.8%
100.0%

Mills - Cost of goods and services sold (COGS) and the general, administrative and operating expenses (G&A)
in R$ millions

Costs of job execution

1Q09

2Q09

3Q09

4Q09

1Q10

25.9

51.0%

34.1

55.2%

33.8

52.0%

37.7

54.7%

35.7

Costs of sale of equipment

0.3

0.6%

1.5

2.4%

2.3

3.5%

3.4

5.0%

5.4

Costs of asset write-offs

0.1

0.2%

0.1

0.1%

0.1

0.1%

0.1

0.1%

0.1

Equipment storage

COGS, ex-depreciation

26.3

51.8%

35.7

57.7%

36.1

55.6%

41.2

59.7%

41.1

G&A

24.5

48.2%

26.2

42.3%

28.9

44.4%

27.8

40.3%

31.6

Total COGS, ex-depreciation + G&A

50.7 100.0%

69.0 100.0%

72.7

61.8 100.0%

65.0 100.0%

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

49.1%

44.1

54.6%

50.9

54.7%

51.9

47.7%

45.9

49.8%

52.2

49.3%

58.5

47.1%

53.3

7.4%

3.6

4.5%

6.2

6.7%

8.0

7.4%

3.5

3.8%

4.5

4.3%

5.6

4.5%

11.8

0.1%

0.4

0.4%

1.0

1.0%

2.6

2.4%

1.2

1.4%

1.3

1.2%

0.6

0.5%

1.4

56.6%

48.1

59.5%

58.1

62.5%

43.4%

32.7

40.5%

34.9

37.5%

100.0%

80.8 100.0%

93.0 100.0%

5.4

5.8%

6.7

6.3%

8.1

6.6%

7.1

62.6

57.5%

56.0

60.8%

64.7

61.1%

72.9

58.7%

73.7

46.3

42.5%

36.1

39.2%

41.2

38.9%

51.3

41.3%

43.4

124.2 100.0%

117.1

108.8 100.0%

92.1 100.0%

106.0 100.0%

Menu

1Q12

2Q12

3Q12

4Q12

2009

2010

45.5%

48.6

43.0%

56.0

44.2%

56.5

44.8%

64.2

41.4%

131.5

53.3%

182.6

10.1%

6.2

5.5%

7.2

5.7%

11.0

8.7%

16.5

10.6%

7.5

3.0%

23.2

1.2%

1.2

1.1%

1.6

1.2%

1.9

1.5%

0.2

0.1%

0.3

0.1%

4.0

6.1%

7.6

6.7%

8.1

6.4%

9.4

7.5%

10.5

6.8%

0.0%

63.0%

63.6

56.4%

72.8

57.5%

78.9

62.5%

91.4

58.9%

139.3

56.5%

209.9

49.3

43.6%

53.9

42.5%

47.3

37.5%

63.8

41.1%

107.3

43.5%

145.5

155.1 100.0%

246.5

37.0%
100.0%

112.9 100.0%

126.7 100.0%

126.2 100.0%

100.0%

355.4

2011

2012

51.4%

210.0

47.8%

225.2

43.2%

6.5%

25.5

5.8%

41.0

7.9%

1.1%

4.6

1.0%

4.9

0.9%

0.0%

27.3

6.2%

35.5

6.8%

59.1%

267.4

60.8%

306.7

58.9%

40.9%

172.1

39.2%

214.2

100.0%

439.5

100.0%

520.9

41.1%
100.0%

Mills - EBITDA per segment


in R$ millions

1Q09

2Q09

3Q09

4Q09

1Q10

54.0%

19.1

44.7%

17.2

45.5%

20.3

44.6%

16.4

7.1 22.6%
Jahu - Residential and Commercial Construction

7.7

18.0%

7.3

19.4%

9.7

21.3%

10.3

Heavy Construction

17.1

Industrial Services

0.2

0.6%

9.0

21.1%

5.3

14.1%

6.3

13.8%

6.3

Rental

7.3

22.9%

7.0

16.3%

7.9

21.0%

9.2

20.2%

9.8

Total EBITDA
EBITDA margin (%)

31.6 100.0%
38.4%

42.8 100.0%
40.9%

37.7 100.0%
36.7%

45.6 100.0%
39.8%

42.8
37.0%

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

38.3%

21.6

42.9%

22.3

39.9%

13.3

29.2%

15.6

29.4%

14.1

24.3%

8.6

17.0%

24.0%

10.0

19.8%

11.9

21.4%

11.6

25.6%

12.3

23.2%

13.5

23.2%

16.4

32.2%

14.8%

6.9

13.8%

7.0

12.6%

5.8

12.8%

6.1

11.6%

8.1

14.0%

4.1

8.1%

22.9%

11.9

23.5%

14.6

26.2%

14.7

32.3%

18.9

35.8%

22.3

38.4%

21.7

42.7%

100.0%

50.5 100.0%
38.4%

55.9 100.0%
37.6%

45.4 100.0%
29.4%

52.8 100.0%
36.4%

58.0 100.0%
35.4%

50.8 100.0%
29.0%

Menu

4Q11

1Q12

2Q12

3Q12

4Q12

19.5

25.5%

18.9

21.9%

21.2

25.1%

24.1

25.1%

20.2

22.0%

23.9

31.2%

26.3

30.5%

27.2

32.2%

33.8

35.2%

26.1

28.5%

2.3

3.1%

6.2

7.2%

4.7

5.5%

0.1

0.1%

8.4

9.2%

30.7

40.2%

34.9

40.4%

31.4

37.2%

38.0

39.6%

36.9

40.3%

86.2

100.0%

84.4

100.0%

96.1

100.0%

91.7

100.0%

76.4 100.0%
39.5%

43.3%

40.0%

43.2%

37.1%

2009

2010

2011

2012

73.7

46.7%

73.6

37.8%

57.8

24.3%

84.3

23.5%

31.8

20.2%

43.9

22.6%

66.0

27.7%

113.4

31.7%

20.8

13.2%

26.1

13.4%

20.7

8.7%

19.4

5.4%

31.3

19.9%

51.0

26.2%

93.6

39.3%

141.2

39.4%

157.6

100.0%

194.5

100.0%

238.1

100.0%

358.4

100.0%

39.0%

35.4%

35.1%

40.8%

Mills - Capex per segment

in R$ millions

1Q09

2Q09

3Q09

4Q09

1Q10

Heavy Construction

2.6

1.4

9.3

8.9

21.6

Jahu - Residential and Commercial Construction

0.3

1.8

6.6

7.1

11.2

Industrial Services

1.5

0.5

1.5

2.0

7.3

Rental

3.8

10.1

12.8

3.4

18.1

Corporate

0.8

0.5

0.3

1.3

0.5

Organic growth

9.0

14.2

30.5

22.7

58.7

Acquisition

Total capex

9.0

14.2

30.5

22.7

58.7

Realized
2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

19.2

25.0

8.5

8.4

8.2

13.8

16.9

9.0

24.0

11.3

24.7

33.6

34.5

37.0

40.8

50.6

56.6

15.4

12.5

22.8

7.3

6.8

3.6

2.2

4.1

6.9

4.1

3.2

1.1

0.2

35.1

52.5

25.0

42.4

43.1

43.9

33.4

26.0

40.9

40.3

3.8

3.1

7.3

4.7

3.5

6.4

3.4

4.8

5.1

4.9

90.0

121.0

78.8

94.6

99.7

121.6

114.4

58.4

83.5

79.4

90.0

5.5

184.6

105.2

121.6

114.4

90.0

121.0

78.8

58.4

83.5

79.4

Menu

4Q12

2009

2010

2011

2012

6.3

22.1

74.3

47.3

50.5

9.1

15.8

104.0

185.0

59.8

0.4

5.4

25.0

17.3

4.9

53.7

30.1

130.6

162.8

160.9

6.7

2.9

14.6

18.0

21.5

76.3

76.3

348.5

430.4

297.6

95.5

348.5

525.9

297.6

76.3

76.3

Heavy Construction - financial indicators


1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

in R$ millions

Net revenue
Rental

28.9

31.5

31.4

33.5

29.8

32.4

32.7

26.8

4.0

5.6

5.5

5.9

5.8

9.3

10.0

7.4

Total net revenue

32.8

37.1

36.9

39.4

35.7

41.7

42.7

34.2

EBITDA

17.1

19.1

17.2

20.3

16.4

21.6

22.3

13.3

EBITDA margin (%)

52.0%

51.5%

46.5%

51.6%

45.9%

51.9%

52.2%

38.8%

ROIC (%)

33.0%

35.6%

29.5%

32.5%

24.4%

28.5%

25.5%

18.8%

Technical support services, sales and others

Capex
Invested Capital
Depreciation

2.6

1.4

9.3

8.9

21.6

19.2

25.0

8.5

113.2

119.2

126.5

130.7

138.4

162.2

184.4

200.6

2.9

3.0

3.2

4.3

3.6

3.9

4.5

4.8

Jahu - Residential and Commercial Construction - financial indicators


1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

in R$ millions

Net revenue
Rental
Technical support services, sales and others
Total net revenue
EBITDA

14.0

14.2

14.6

15.3

16.5

19.6

21.9

23.6

0.2

0.5

0.5

2.9

6.2

2.2

6.0

9.2

14.1

14.7

15.1

18.3

22.7

21.8

27.9

32.8

7.1

7.7

7.3

9.7

10.3

10.0

11.9

11.6

EBITDA margin (%)

50.5%

52.4%

48.4%

53.3%

45.3%

46.0%

42.8%

35.5%

ROIC (%)

27.4%

28.7%

25.6%

30.4%

Capex
Invested Capital
Depreciation

29.2%

23.6%

21.3%

22.3%

0.3

1.8

6.6

7.1

11.2

24.7

33.6

34.5

61.9

64.0

68.5

75.0

83.2

97.8

123.7

154.1

0.7

0.7

0.7

1.1

1.1

1.4

1.9

2.5

Industrial Services - financial indicators


1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

in R$ millions

Net revenue
Maintenance

13.3

25.7

23.7

28.7

27.6

31.9

36.3

42.8

New plants

10.1

15.0

12.3

12.5

12.4

14.7

16.2

13.6

23.4

40.8

36.1

41.2

40.0

46.5

52.5

56.4

0.2

9.0

5.3

6.3

6.3

6.9

7.0

5.8

Total net revenue


EBITDA
EBITDA margin (%)
ROIC (%)
Capex

0.8%

22.1%

14.7%

15.3%

15.8%

14.9%

13.4%

10.3%

-6.5%

32.7%

16.4%

18.4%

17.7%

17.3%

14.9%

14.8%

1.5

0.5

1.5

2.0

7.3

7.3

6.8

3.6

Invested Capital
Depreciation

57.8

60.3

61.0

62.2

69.3

78.3

88.3

97.3

1.6

1.6

1.6

2.0

1.7

1.8

2.1

2.2

Rental - financial indicators


1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

in R$ millions

Net revenue
Rental
Technical support services, sales and others
Total net revenue
EBITDA

11.7

11.2

13.1

15.1

16.0

19.3

23.9

25.7

0.3

0.9

1.5

0.6

1.2

2.0

1.9

5.1

12.0

12.1

14.6

15.7

17.2

21.3

25.8

30.8

11.9

14.6

14.7

EBITDA margin (%)

60.4%

57.7%

54.2%

58.6%

57.0%

55.8%

56.6%

47.6%

ROIC (%)

22.9%

19.8%

18.6%

20.5%

23.5%

19.6%

17.3%

18.7%

Capex
Invested Capital
Depreciation

7.3

7.0

7.9

9.2

9.8

3.8

10.1

12.8

3.4

18.1

35.1

52.5

25.0

64.0

67.8

81.5

82.8

80.6

114.0

154.5

187.8

1.7

1.9

2.2

2.8

2.6

3.4

4.5

5.0

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

2009

2010

2011

25.0

24.3

27.3

32.5

33.1

36.9

37.0

39.1

125.3

121.8

109.2

6.8

6.2

5.9

3.5

6.3

5.0

8.5

8.2

20.9

32.4

22.5

31.8

30.6

33.2

36.1

39.3

41.9

45.5

47.3

146.2

154.3

131.6

15.6

14.1

8.6

19.5

18.9

21.2

24.1

20.2

73.7

73.6

57.8

48.9%

46.2%

26.0%

54.0%

48.0%

50.6%

52.9%

42.7%

50.4%

47.7%

43.9%

14.4%

12.1%

4.5%

17.5%

16.6%

17.8%

19.7%

14.8%

32.9%

24.1%

12.1%

8.4

8.2

13.8

16.9

9.0

24.0

11.3

6.3

22.1

74.3

47.3

203.9

209.7

215.8

222.0

226.1

239.4

247.7

254.7

121.1

171.1

213.3

5.1

5.1

5.2

5.6

5.5

6.0

6.6

6.7

13.3

16.8

20.9

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

2009

2010

2011

26.0

30.9

34.9

40.3

45.3

48.5

49.2

49.9

58.1

81.6

132.2

3.2

3.8

4.4

12.1

7.2

10.4

11.4

16.1

4.0

23.5

23.6

29.2

34.7

39.4

52.5

52.5

58.9

60.5

66.0

62.2

105.1

155.8

12.3

13.5

16.4

23.9

26.3

27.2

33.8

26.1

31.8

43.9

66.0

42.0%

38.8%

41.6%

45.5%

50.1%

46.1%

55.9%

39.6%

51.2%

41.7%

42.4%

15.2%

13.0%

12.5%

16.3%

15.6%

14.8%

20.2%

12.6%

26.9%

23.5%

14.3%

37.0

46.3

50.6

56.6

15.4

12.5

22.8

9.1

15.8

104.0

190.5

175.4

216.9

262.0

310.8

345.4

365.9

365.8

388.2

70.1

114.7

241.4

2.7

3.2

4.7

5.8

7.1

7.8

7.4

8.7

3.3

6.8

16.5

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

2009

91.5

2010

138.5

2011

37.9

39.9

41.1

39.5

35.0

37.6

30.3

32.8

158.3

12.3

17.6

15.8

10.7

15.9

17.2

18.5

26.5

49.9

56.9

56.5

50.2

57.5

56.9

50.2

50.9

54.8

48.8

59.3

141.4

195.4

214.8

6.1

8.1

4.1

2.3

6.2

4.7

0.1

8.4

20.8

26.1

20.7

12.2%

14.2%

7.2%

4.7%

12.1%

8.5%

0.2%

14.2%

14.7%

13.4%

9.7%

9.6%

14.2%

3.2%

-1.2%

7.5%

3.9%

-6.2%

13.3%

15.0%

16.0%

5.9%

6.9

4.1

3.2

1.1

0.2

25.0

17.3

2.2

4.1

0.4

5.4

108.4

111.3

123.2

133.3

127.4

127.3

123.7

117.6

62.0

83.3

119.7

2.4

2.5

2.7

2.9

2.8

2.9

2.9

2.8

6.7

7.8

10.5

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

2009

2010

2011

30.8

36.7

42.3

47.2

50.5

50.6

57.0

64.3

51.1

84.9

157.0

2.9

4.5

3.3

7.7

6.0

4.8

10.4

9.9

3.3

10.1

18.4

33.7

41.2

45.6

54.9

56.5

55.4

67.4

74.2

54.4

95.1

175.4

18.9

22.3

21.7

30.7

34.9

31.4

38.0

36.9

31.3

51.0

93.6

56.0%

54.1%

47.6%

56.0%

61.8%

56.6%

56.5%

49.8%

57.6%

53.6%

53.4%

17.3%

17.1%

12.9%

18.6%

20.3%

16.3%

16.3%

16.9%

21.4%

19.2%

16.5%

42.4

43.1

43.9

33.4

26.0

40.9

40.3

53.7

30.1

130.6

162.8

212.4

260.3

306.3

334.8

353.2

371.2

389.7

417.1

70.3

134.1

277.8

5.8

6.4

7.6

8.5

9.3

9.7

10.6

11.8

8.6

15.6

28.2

Menu

2012

146.1
28.0
174.1
84.3
48.5%
17.2%
50.5
241.8
24.8

2012

192.9
45.1
238.0
113.4
47.7%
15.7%
59.8
366.7
31.0

2012

135.8
78.0
213.8
19.4
9.1%
4.6%
4.9

123.3
11.4

2012

222.5
31.0
253.5
141.2
55.7%
18.2%
160.9
383.1
41.4

Mills - Income Statement


in R$ millions

Net revenue from sales and services

1Q09

2Q09

3Q09

4Q09

82.4

104.6

102.7

114.6

(32.8)

(42.4)

(43.4)

(51.0)

49.5

62.1

59.3

63.6

(24.8)

(26.5)

(29.3)

(28.2)

Operating profit before financial result

24.7

35.6

30.0

35.4

Financial expense

(7.0)

(6.1)

(5.7)

(6.5)

Financial income

0.2

0.3

0.2

0.3

Financial result

(6.8)

(5.9)

(5.5)

(6.2)

Profit before taxation

17.9

29.7

24.5

29.2

Income tax and social contribution expenses

(6.0)

(9.7)

(8.0)

(9.5)

Net income

12.0

20.1

16.6

19.8

87,220

87,220

87,220

87,421

0.14

0.23

0.19

0.23

Cost of products sold and services rendered


Gross profit
General and administrative expenses

Number of shares at the end of the period (in thousands)


Net income per share at the end of the period - R$

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

115.5

131.3

148.9

154.2

145.0

164.0

175.1

193.5

199.1

(49.6)

(58.2)

(70.5)

(76.5)

(71.3)

(81.2)

(92.3)

(95.6)

(87.4)

65.9

73.1

78.4

77.7

73.7

82.8

82.8

97.9

111.8

(32.1)

(33.2)

(35.5)

(46.9)

(36.8)

(42.0)

(52.1)

(44.2)

(50.2)

33.8

39.9

42.9

30.8

36.8

40.7

30.7

53.7

61.6

(6.2)

(6.6)

(7.2)

(4.4)

(5.1)

(12.3)

(16.6)

(12.5)

(12.6)

0.5

6.3

7.1

4.8

2.1

5.4

4.6

2.7

1.4

(5.8)

(0.3)

(0.1)

0.5

(3.1)

(7.0)

(12.0)

(9.9)

(11.3)

28.1

39.6

42.8

31.3

33.8

33.8

18.8

43.8

50.3

(9.4)

(13.5)

(14.4)

(1.2)

(11.6)

(11.2)

(0.9)

(14.3)

(17.6)

18.7

26.1

28.5

30.1

22.2

22.6

17.9

29.5

32.7

87,421

124,611

124,611

125,495

125,495

125,495

125,591

125,657

125,690

0.21

0.21

0.23

0.24

0.18

0.18

0.14

0.24

0.26

Menu

2Q12

3Q12

4Q12

211.1

222.2

246.8

(98.2)

(105.2)

(120.2)

112.9

117.0

126.6

(54.9)

(48.3)

(65.1)

58.0

68.7

61.6

(11.3)

(11.2)

(16.2)

1.0

1.1

8.6

(10.2)

(10.1)

(7.6)

47.8

58.6

54.0

(8.5)

(20.6)

(12.4)

39.2

38.0

41.6

126,149

126,314

126,399

0.31

0.30

0.33

Mills - Balance Sheet


in R$ millions

1Q09

2Q09

3Q09

4Q09

1Q10

Assets
Current Assets
Cash and cash equivalents
Marketable securities
Trade receivables
Inventories
Recoverable taxes

13.0
-

2.6

8.3

1.6

1.8

45.1

62.3

70.7

71.5

84.6

0.7

1.3

1.3

1.4

2.0

20.0

20.5

20.9

25.7

14.8

Advances to suppliers

2.8

Derivative financial instruments

Other current assets

3.3

3.1

4.4

4.3

3.4

82.1

89.8

105.6

104.5

109.4

Contas a receber

5.2

5.0

4.7

4.4

4.3

Tributos a recuperar

0.1

0.2

0.2

0.2

0.2

17.0

16.5

16.6

10.0

9.5

Total Current Assets


Non-Current Assets

Tributos diferidos
Depsitos judiciais

Investment
Property, plant and equipment
Intangible assets

6.5

6.6

6.0

6.0

6.1

28.8

28.3

27.5

20.6

20.1

234.4

241.4

262.7

276.0

322.3

39.1

39.1

39.1

39.3

39.3

273.5

280.5

301.8

315.3

361.6

Total Non-Current Assets

302.3

308.8

329.3

335.8

381.7

Total Assets

384.4

398.6

434.9

440.3

491.1

in R$ millions

1Q09

2Q09

3Q09

4Q09

1Q10

Liabilities
Current Liabilities
Suppliers
Borrowings, financing and finance leases
Debentures
Salaries and payroll charges

5.6

12.2

12.6

11.7

23.3

49.0

50.6

56.6

56.8

59.0

12.6

15.6

18.0

14.7

20.2

Income tax and social contribution

2.3

4.3

4.5

0.1

3.3

Tax refinancing program (REFIS)

0.8

0.8

Taxes payable

2.7

4.1

4.6

4.0

2.7

Profit sharing payable

6.6

9.2

13.8

3.7

Dividends payable

7.5

16.2

15.5

Derivative financial instruments

Other current liabilities

0.3

0.2

0.9

1.3

1.3

92.0

93.6

106.4

119.4

129.8

Total Current Liabilities

12.0

Non-Current Liabilities
Borrowings, financing and finance leases
Debentures
Provision for tax, civil and labor risks

139.4
22.6

130.4
22.9

135.3

127.1

147.2

8.5

8.8

24.0

Taxes payable

0.6

0.6

2.7

0.4

0.3

Deferred taxes

Tax refinancing program (REFIS)

(2.1)

11.0

11.2

Accounts payable - stock option plan

0.5

0.5

0.5

0.6

0.6

Other non-current liabilities

0.6

1.0

Total Non-Current Liabilities

163.1

154.4

160.4

148.2

169.2

Total Liabilities

255.1

248.0

266.8

267.7

299.0

Capital

80.5

80.6

80.6

80.7

97.5

Earnings reserves

34.1

34.1

34.1

86.2

70.0

Stockholders' Equity

Capital reserves
Valuation adjustments to equity

2.7

3.8

4.8

12.0

32.1

48.6

18.7

Total Stockholders' Equity

129.3

150.6

168.1

172.6

192.1

Total Liabilities and Stockholders' Equity

384.4

398.6

434.9

440.3

491.1

Retained earnings

5.7

5.8

2Q10

3.1

3Q10

196.9

4Q10

1Q11

2Q11

3Q11

72.2

4Q11

35.2

1Q12

30.3

2Q12

29.3

3Q12

6.2

4.3

179.0

298.9

136.1

11.0

299.4
-

96.7

107.1

122.1

122.6

127.5

126.5

139.1

140.1

156.5

168.1

2.4

3.9

5.6

6.7

10.1

11.8

11.2

15.1

15.0

21.3

15.6

20.3

26.2

19.0

22.2

21.2

22.1

22.8

27.5

27.8

8.3

7.3

9.1

9.0

9.6

11.5

3.8

7.0

6.9

2.8

1.3

0.0

7.8

3.4

4.4

3.6

5.2

4.1

3.0

4.2

4.7

4.6

424.5

339.9

307.9

176.5

352.9

245.4

224.9

216.3

241.2

528.0

4.1

4.0

3.8

3.4

3.1

3.2

2.6

2.4

2.5

2.5

0.2

4.4

3.9

3.9

3.0

28.5

31.6

30.9

30.4

29.5

8.9

13.2

8.1

8.4

8.5

22.0

4.9

6.8

7.0

2.8

6.4

6.4

7.3

7.3

7.5

7.8

10.9

11.0

11.4

11.5

19.5

28.0

23.1

23.1

22.1

61.4

50.0

51.2

51.4

46.3

90.0

88.0

88.0

87.4

87.4

87.4

87.4

394.7

495.8

551.2

621.2

698.4

788.6

872.9

897.2

943.0

978.6

39.3

39.6

41.9

41.8

42.0

44.7

45.5

47.2

49.1

51.6

434.0

535.4

593.1

753.0

828.4

921.2

1,005.8

1,031.7

1,079.5

1,117.6

453.5

563.4

616.2

776.0

850.4

982.7

1,055.8

1,082.9

1,130.9

1,163.9

878.1

903.3

924.1

952.5

1,203.3

1,228.1

1,280.6

1,299.2

1,372.1

1,691.9

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

2Q10

3Q10

4Q10

4Q11

21.0

28.6

32.7

24.3

32.3

12.1

35.9

19.8

47.3

46.1

47.4

46.0

46.7

78.2

40.6

41.0

65.3

64.1

114.9

109.1

6.4

15.8

6.1

13.8

4.6

13.2

26.9

28.7

33.3

25.0

26.3

32.1

37.2

21.3

21.2

26.2

1.7

3.2

3.3

2.9

0.0

2.7

5.3

4.7

0.8

0.7

0.7

0.9

0.9

0.7

0.4

0.1

0.9

0.9

4.1

4.4

7.9

3.4

3.8

9.9

8.1

8.1

10.5

9.9

7.7

10.9

17.5

1.4

3.5

4.7

7.9

3.6

7.9

11.8

24.5

24.5

0.4

18.9

21.9

21.9

18.8

18.8

7.0

11.3

5.0

0.1

2.2

7.4

2.4

12.0

2.2

5.1

4.4

5.2

4.9

6.3

106.2

127.3

160.8

175.0

133.0

146.5

177.7

168.2

241.7

258.0

120.2

96.5

85.9

77.1

71.1

68.2

42.0

40.4

268.2

268.3

268.4

268.5

268.6

537.3

11.7

12.7

16.1

14.7

16.0

11.0

9.6

9.1

0.3

0.3

5.0

9.4

9.8

11.1

10.0

81.6

11.5

78.7
11.3

10.5

10.7

10.4

10.5

10.7

10.0

9.9

1.0

0.9

1.0

0.8

0.6

0.6

0.6

0.5

0.7

0.6

142.6

121.6

108.2

101.3

372.9

378.6

366.7

362.7

337.3

599.2

248.7

248.9

268.9

276.3

505.9

525.1

544.5

531.0

579.0

857.2

523.5

523.5

525.1

525.1

525.1

526.8

527.6

528.0

533.6

536.2

70.0

70.0

145.2

144.8

144.4

144.1

212.0

211.7

211.3

210.9

(8.4)

(8.1)

(8.2)

(7.7)

(6.9)

(6.5)

(5.6)

(4.7)

(3.8)

(1.9)

(0.5)

(4.2)

(7.0)

(8.6)

(10.7)

(3.1)

2.1

0.2

1.1

0.3

44.8

73.2

22.6

45.5

41.8

33.0

50.9

89.2

629.3

654.4

655.2

676.2

697.5

703.1

736.1

768.2

793.1

834.7

878.1

903.3

924.1

952.5

1,203.3

1,228.1

1,280.6

1,299.2

1,372.1

1,691.9

Menu

4Q12

44.2
159.6
194.8
26.9
35.0
6.7
6.5
473.7

2.5
30.7
11.9
45.1
87.4
1,003.3
54.5
1,145.3
1,190.4
1,664.1
4Q12

47.8
41.8
13.0
27.6
0.9
18.6
20.1
36.2
0.8
7.8
214.5

30.2
537.5
9.9
2.4
9.8
0.4
590.2
804.7

537.6
321.8
0.2
(0.3)
859.3
1,664.1

Mills - Cash flow


in R$ millions

1Q09

2Q09

3Q09

Cash flow from operating activities


Net income before taxation

12.0

20.1

16.6

Adjustments
Depreciation and amortization

6.9

7.1

9.0

Provision for tax, civil and labor risks

Expense on stock options

1.0

1.0

1.7

Profit sharing payable

Residual value of fixed and intangible assets

0.4

0.1

0.3

Gain on sale of fixed and intangible assets

Marketable securities income

Interest, monetary and exchange rate variation on loans, contingencies and deposits in court

6.8

5.8

5.5

Tax refinancing program (REFIS)

Allowance for doubtful debts

Deffered Income tax and social contribution

0.2

0.4

0.4

Present value adjustment

15.3

14.5

16.8

(8.2)

Changes in assets and liabilities


Trade receivables

6.5

(17.0)

(0.3)

(0.6)

0.1

Recoverable taxes

1.9

(0.4)

(0.4)

Deposits in court

0.0

(0.0)

0.6

Prepaid expenses

0.1

0.2

0.3

Prepaid suppliers

0.2

0.1

(1.3)

Other assets

(0.8)

(0.1)

(0.3)

Suppliers

(7.9)

6.6

0.4

Salaries and payroll charges

(0.5)

2.9

2.4

Income tax and social contribution

(0.3)

2.0

Inventories

Tax recovery program - Law 11,941/2009


Taxes payable

0.2
(2.2)

(0.9)

1.4

2.6

Profit sharing payable

3.4

(5.4)

2.7

Provision for contingencies

0.3

0.3

1.1

Other liabilities

0.2

(0.0)

0.1

1.9

(10.1)

(1.8)

Cash from operations

29.1

24.5

31.6

Interest paid

(3.3)

(6.2)

(2.9)

Income tax and social contribution paid

Profit sharing paid

Lawsuits settled

Net cash provided by operating activities

25.8

18.2

28.6

Cash flow from investment activities


Marketable securities

Acquisitions of investments

Acquisitions of fixed and intangible assets

(9.0)

(14.2)

(30.5)

Revenue from sale of non current and intangible assets

PIS and COFINS tax credits from acquisition of rental equipment

(1.0)

(0.1)

(0.3)

Asset write-off
Cash used in investing activities

(10.0)

0.0
(14.2)

(30.8)

Cash flow from financing activities


Capital subscription

0.1

Shares in treasury

Costs of issues of shares

Dividends and interest on capital invested paid

(7.5)

Amortization of borrowings

(8.4)

(11.8)

(9.6)

3.8

4.8

17.5

Net cash provided by (used in) financing activities

(4.6)

(14.4)

7.9

Increase in cash and cash equivalents

11.2

(10.3)

5.7

1.8

13.0

2.6

13.0

2.6

8.3

New borrowings / debentures

Cash and cash equivalents at the beginning of the period


Cash and cash equivalents at the end of the period

4Q09

1Q10

29.2

10.1

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

28.1

39.6

42.8

31.3

33.8

33.8

18.8

43.8

50.3

8.9

10.6

13.0

14.5

16.0

17.2

20.2

22.8

24.7

0.2

0.6

0.8

0.2

0.4

1.0

0.2

1.0

1.1

0.1

(0.4)

0.5

0.3

0.4

0.8

0.9

0.9

0.9

6.1

3.8

4.0

3.2

6.6

1.4

2.1

1.2

3.2

3.6

(0.1)

0.1

0.0

(0.9)

(1.5)

(4.2)

(4.3)

(3.8)

(2.9)

(6.3)

(5.8)

(4.3)

(7.4)

(6.2)

(6.6)

8.0

(1.6)

1.6

(1.5)

2.9

6.0

4.8

5.3

5.9

4.3

11.3

13.5

(1.3)

0.3

0.9

0.8

0.5

1.9

(0.0)

9.9

11.5

(0.6)

0.9

0.0

9.2

(0.3)

6.4

(0.1)

0.1

19.6

17.3

8.7

10.2

33.4

18.3

29.8

39.8

31.7

40.8

(0.2)

(13.0)

(11.9)

(10.3)

(15.6)

(0.6)

(6.1)

(8.7)

(11.8)

(7.2)

(0.1)

(0.7)

(0.4)

(1.5)

(1.7)

(1.1)

(3.3)

(1.8)

0.6

(3.9)

(9.0)

14.4

5.8

(13.6)

4.1

4.2

7.2

(21.6)

4.2

3.4

(0.7)

0.0

(0.4)

0.0

(1.0)

0.0

(0.2)

(0.3)

0.1

(0.1)

(0.0)

(0.9)

(1.9)

(1.6)

(3.9)

(0.0)

(0.7)

(1.7)

0.5

(3.7)

9.3

(0.9)

11.6

(2.3)

7.6

4.1

(8.4)

4.2

(0.7)

6.0

(1.5)

(3.3)

5.5

1.0

4.9

(4.9)

5.6

1.8

4.6

(8.3)

1.3

(2.1)

(1.8)

3.2

(1.9)

(0.3)

(1.0)

0.3

3.0

(5.3)

(0.0)

6.8

0.5

1.3

0.2

(0.5)

5.1

(5.1)

4.2

(0.5)

(1.0)

(10.5)

14.6

(5.3)

(18.5)

(15.7)

3.0

(2.9)

(20.8)

(18.5)

0.3

38.3

60.0

43.1

34.6

49.0

55.1

60.7

37.8

57.0

91.4

(6.8)

(3.8)

(7.4)

(2.5)

(5.5)

(4.3)

(2.8)

(2.9)

(22.2)

(2.5)

(7.3)

(5.7)

(16.1)

(1.5)

(8.7)

(2.2)

(8.5)

(7.0)

(2.7)

(15.1)

(0.0)

(13.9)

(0.0)

0.0

(0.0)

(7.9)

24.2

36.6

30.6

34.8

31.1

48.0

126.7

9.4

1.5

(90.0)

(3.4)

(0.0)

0.6

(94.6)

(96.0)

(137.6)

(292.7)

113.4

(58.7)

19.5

(22.7)

(17.5)

(89.9)

(119.9)

(80.0)

49.4

27.9

32.1

(102.1)

(2.6)
63.3

(73.0)

1.0

1.6

4.5

5.4

6.5

4.2

8.1

7.3

6.6

9.7

(21.7)

(57.2)

(378.1)

0.1

(13.8)

425.9

(1.1)

(25.5)

1.7

(53.8)

(81.9)

(130.3)

1.7

(93.4)

(63.3)

0.8

0.4

14.5
-

(0.5)

(0.0)

(14.5)

(0.2)

(0.4)

(15.5)

(3.6)

(24.1)

(0.4)

3.6

(15.1)

(10.9)

(46.8)

(31.0)

(10.7)

(6.3)

(63.8)

(8.2)

(8.0)

(8.7)

5.8

31.0

10.8

3.3

1.5

30.7

295.1

3.0

27.8

3.4

(9.2)

20.7

359.9

(27.9)

(7.9)

20.8

207.3

(4.4)

24.2

(4.9)

(6.8)

0.2

1.3

1.7

1.4

(1.9)

174.7

(106.8)

(37.1)

(4.9)

8.3

1.6

1.8

3.1

4.8

6.2

4.3

179.0

72.2

35.2

1.6

1.8

3.1

4.8

6.2

4.3

179.0

72.2

35.2

30.3

Menu

2Q12

3Q12

4Q12

47.8

58.6

54.0

26.4

27.4

30.1

1.0

(4.8)

(1.1)

0.9

1.9

2.1

4.3

3.9

8.4

(6.1)

(8.8)

(3.7)

(0.1)

8.9

12.1

14.4

(0.0)

(0.0)

(0.1)

3.8

2.0

3.9

(0.1)

(0.0)

39.0

33.6

53.9

(20.2)

(13.6)

(30.7)

0.1

(6.3)

(5.7)

3.9

5.6

0.6

(0.5)

(0.0)

(0.4)

(4.9)

1.4

(1.6)

(2.0)

(2.4)

(0.1)

5.8

5.1

(9.6)

(0.6)

2.5

6.0

1.0

1.8

1.4

(17.4)

(6.0)

(40.1)

69.4

86.2

67.8

(19.0)

(3.1)

(22.5)

(16.2)

(8.4)

(15.3)

34.2

74.8

(53.9)

29.9

(159.6)
-

(78.1)

(74.5)
18.4

9.5

8.5

(44.5)

(69.6)

5.6

2.6

(215.7)

1.4

(0.0)

(21.9)
(7.1)

(9.7)

(69.6)

32.7

272.0

(1.2)

9.3

264.8

(69.4)

(1.0)

270.0

(255.3)

30.3

29.3

299.5

29.3

299.2

44.2