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Mills' Results

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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

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

* Pro-forma result, including results for Industrial Service business unit.

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1Q11
145.0

2Q11
164.0

3Q11
175.1

4Q11
193.5

1Q12
199.1

2Q12
211.1

3Q12
222.2

4Q12

1Q13

2Q13*

3Q13*

246.8

239.9

271.5

279.2

52.8

58.0

50.8

76.4

86.2

84.4

96.1

91.7

102.0

107.5

109.4

36.4%

35.4%

29.0%

39.5%

43.3%

40.0%

43.3%

37.1%

42.5%

39.6%

39.2%

22.2

22.6

17.8

29.5

32.7

39.2

38.0

41.6

39.3

48.1

39.6

13.8%

12.7%

8.6%

14.2%

15.1%

13.6%

15.8%

14.5%

14.9%

14.2%

13.9%

184.6

105.2

114.4

58.4

83.5

79.4

76.3

127.8

150.7

129.7

121.6

2009

2010

2011

2012

404.2

549.9

677.6

879.3

157.6

194.5

238.1

358.5

39.0%

35.4%

35.1%

40.8%

68.4

103.3

92.2

151.5

25.0%

21.0%

12.3%

14.7%

76.3

348.5

525.9

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 business unit


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%

* Pro-forma result, including results for Industrial Service business unit.

Menu

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13*

3Q13*

96.8

105.4

119.3

132.4

137.9

147.9

155.8

166.7

171.6

178.7

182.7

37.6

43.3

41.3

37.6

42.3

44.5

41.4

45.9

42.8

53.8

48.2

5.6

7.3

8.5

19.2

13.0

13.5

19.0

28.6

18.4

28.8

36.2

5.0

8.0

6.0

4.3

6.0

5.2

6.0

5.6

7.2

10.2

12.2

145.0

164.0

175.1

193.5

199.1

211.1

222.2

246.8

239.9

271.5

279.2

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%

2009

2010

2011

2012

282.9

342.1

453.9

608.2

103.9

151.4

159.8

174.1

12.6

37.0

40.6

74.1

4.8

19.4

23.3

22.8

404.2

549.9

677.6

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%

1Q13

2Q13

3Q13

2009

2010

47.5

19.8%

55.1

20.3%

55.7

20.0%

146.2

36.2%

154.3

64.9

27.0%

66.5

24.5%

72.4

25.9%

62.2

15.4%

105.1

51.5

21.5%

59.8

22.0%

57.2

20.5%

141.4

35.0%

195.4

76.1

31.7%

90.1

33.2%

93.9

33.6%

54.4

13.5%

95.1

239.9

100.0%

271.5

100.0%

279.2

100.0%

404.2

100.0%

549.9

2011

2012

28.1%

131.6

19.4%

174.1

19.8%

19.1%

155.8

23.0%

238.0

27.1%

35.5%

214.8

31.7%

213.8

24.3%

17.3%

175.4

25.9%

253.5

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%

* Pro-forma result, including results for Industrial Service business unit.

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%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13*

3Q13*

45.5%

48.6

43.0%

56.0

44.2%

56.5

44.8%

64.2

41.4%

55.2

40.0%

66.0

40.2%

65.7

10.1%

6.2

5.5%

7.2

5.7%

11.0

8.7%

16.5

10.6%

12.2

8.8%

21.1

12.9%

22.4

1.2%

1.2

1.1%

1.6

1.2%

1.9

1.5%

0.2

0.1%

0.9

0.6%

2.3

1.4%

3.4

6.1%

7.6

6.7%

8.1

6.4%

9.4

7.5%

10.5

6.8%

9.6

7.0%

10.9

6.7%

11.9

63.0%

63.6

56.4%

72.8

57.5%

78.9

62.6%

91.4

58.9%

77.9

56.5%

100.3

61.1%

103.4

49.3

43.6%

53.9

42.5%

47.2

37.4%

63.8

41.1%

60.1

43.5%

63.8

38.9%

66.4

164.1 100.0%

169.8

37.0%
100.0%

112.9 100.0%

126.7 100.0%

126.1 100.0%

155.2 100.0%

137.9 100.0%

Menu

2009

2010

2011

2012

38.7%

131.5

53.3%

182.6

51.4%

210.0

47.8%

225.2

43.2%

13.2%

7.5

3.0%

23.2

6.5%

25.5

5.8%

41.0

7.9%

2.0%

0.3

0.1%

4.0

1.1%

4.6

1.0%

4.9

0.9%

7.0%

0.0%

0.0%

27.3

6.2%

35.5

6.8%

60.9%

139.3

56.5%

209.9

59.1%

267.4

60.8%

306.7

58.9%

39.1%

107.3

43.5%

145.5

40.9%

172.1

39.2%

214.1

100.0%

246.5

100.0%

355.4

100.0%

439.5

100.0%

520.8

41.1%
100.0%

Mills - EBITDA per business unit


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%

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

19.5

25.5%

18.9

21.9%

21.2

25.1%

24.1

25.1%

20.2

22.0%

24.3

23.9%

25.1

23.9

31.2%

26.3

30.5%

27.2

32.2%

33.8

35.2%

26.1

28.5%

27.7

27.2%

24.6

2.3

3.1%

6.2

7.2%

4.7

5.5%

0.1

0.1%

8.4

9.2%

6.3

6.2%

8.5

30.7

40.2%

34.9

40.4%

31.4

37.2%

38.0

39.6%

36.9

40.3%

43.6

42.7%

49.3

76.4 100.0%
39.5%

86.2 100.0%
43.3%

84.4 100.0%
40.0%

96.1 100.0%
43.3%

91.7 100.0%
37.1%

102.0 100.0%
42.5%

107.5
39.6%

Menu

3Q13

2009

2010

2011

23.3%

29.4

26.9%

73.7

46.7%

73.6

37.8%

57.8

24.3%

22.9%

24.4

22.3%

31.8

20.2%

43.9

22.6%

66.0

27.7%

7.9%

3.3

3.0%

20.8

13.2%

26.1

13.4%

20.7

8.7%

45.9%

52.3

47.8%

31.3

19.9%

51.0

26.2%

93.6

39.3%

157.6

100.0%

194.5

100.0%

238.1

100.0%

100.0%

109.4 100.0%
39.2%

39.0%

35.4%

35.1%

2012

84.3

23.5%

113.4

31.6%

19.4

5.4%

141.2

39.4%

358.5

100.0%

40.8%

Mills - Capex per business unit

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

1Q13

2Q13

3Q13

2009

2010

2011

2012

6.3

21.7

28.8

26.5

22.1

74.3

47.3

50.5

9.1

24.9

44.8

16.1

15.8

104.0

185.0

59.8

0.4

0.2

0.3

2.0

5.4

25.0

17.3

4.9

53.7

73.3

69.3

74.2

30.1

130.6

162.8

160.9

6.7

7.7

7.6

10.9

2.9

14.6

18.0

21.5

76.3

127.8

150.7

129.7

76.3

348.5

430.4

297.6

95.5

127.8

150.7

129.7

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

1Q13

2Q13

3Q13

2009

25.0

24.3

27.3

32.5

33.1

36.9

37.0

39.1

39.4

41.0

42.2

125.3

6.8

6.2

5.9

3.5

6.3

5.0

8.5

8.2

8.0

14.1

13.5

20.9

31.8

30.6

33.2

36.1

39.3

41.9

45.5

47.3

47.5

55.1

55.7

146.2

15.6

14.1

8.6

19.5

18.9

21.2

24.1

20.2

24.3

25.1

29.4

73.7

48.9%

46.2%

26.0%

54.0%

48.0%

50.6%

52.9%

42.7%

51.3%

45.5%

52.8%

50.4%

14.4%

12.1%

4.5%

17.5%

16.6%

17.8%

19.7%

14.8%

18.6%

17.8%

20.9%

32.9%

8.4

8.2

13.8

16.9

9.0

24.0

11.3

6.3

21.7

28.8

26.5

22.1

203.9

209.7

215.8

222.0

226.1

239.4

247.7

254.7

259.6

281.5

291.0

121.1

5.1

5.1

5.2

5.6

5.5

6.0

6.6

6.7

7.1

7.2

7.7

13.3

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

2009

26.0

30.9

34.9

40.3

45.3

48.5

49.2

49.9

53.3

52.0

47.8

58.1

3.2

3.8

4.4

12.1

7.2

10.4

11.4

16.1

11.5

14.5

24.5

4.0

29.2

34.7

39.4

52.5

52.5

58.9

60.5

66.0

64.9

66.5

72.4

62.2

12.3

13.5

16.4

23.9

26.3

27.2

33.8

26.1

27.7

24.6

24.4

31.8

42.0%

38.8%

41.6%

45.5%

50.1%

46.1%

55.9%

39.6%

42.8%

37.0%

33.7%

51.2%

15.2%

13.0%

12.5%

16.3%

15.6%

14.8%

20.2%

12.6%

12.8%

9.3%

8.2%

26.9%

37.0

46.3

50.6

56.6

15.4

12.5

22.8

9.1

24.9

44.8

16.1

15.8

175.4

216.9

262.0

310.8

345.4

365.9

365.8

388.2

413.2

448.2

482.1

70.1

2.7

3.2

4.7

5.8

7.1

7.8

7.4

8.7

8.9

9.6

10.2

3.3

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

2009

37.9

39.9

41.1

39.5

35.0

37.6

30.3

32.8

29.4

36.7

32.6

91.5

12.3

17.6

15.8

10.7

15.9

17.2

18.5

26.5

22.1

23.1

24.6

49.9

50.2

57.5

56.9

50.2

50.9

54.8

48.8

59.3

51.5

59.8

57.2

141.4

6.1

8.1

4.1

2.3

6.2

4.7

0.1

8.4

6.3

8.5

3.3

20.8

12.2%

14.2%

7.2%

4.7%

12.1%

8.5%

0.2%

14.2%

12.2%

14.3%

5.7%

14.7%

9.6%

14.2%

3.2%

-1.2%

7.5%

3.9%

-6.2%

13.3%

8.9%

16.4%

9.5%

15.0%

6.9

4.1

3.2

1.1

0.2

2.2

4.1

0.4

0.2

0.3

2.0

5.4

108.4

111.3

123.2

133.3

127.4

127.3

123.7

117.6

112.3

99.3

89.6

62.0

2.4

2.5

2.7

2.9

2.8

2.9

2.9

2.8

2.7

2.7

0.2

6.7

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

2009

30.8

36.7

42.3

47.2

50.5

50.6

57.0

64.3

67.3

73.8

80.5

51.1

2.9

4.5

3.3

7.7

6.0

4.8

10.4

9.9

8.8

16.3

13.4

3.3

33.7

41.2

45.6

54.9

56.5

55.4

67.4

74.2

76.1

90.1

93.9

54.4

18.9

22.3

21.7

30.7

34.9

31.4

38.0

36.9

43.6

49.3

52.3

31.3

56.0%

54.1%

47.6%

56.0%

61.8%

56.6%

56.5%

49.8%

57.3%

54.7%

55.7%

57.6%

17.3%

17.1%

12.9%

18.6%

20.3%

16.3%

19.8%

16.9%

19.1%

18.5%

18.1%

21.4%

42.4

43.1

43.9

33.4

26.0

40.9

40.3

53.7

73.3

69.3

74.2

30.1

212.4

260.3

306.3

334.8

353.2

371.2

389.7

417.1

455.0

528.1

564.4

70.3

5.8

6.4

7.6

8.5

9.3

9.7

10.6

11.8

12.6

14.4

15.8

8.6

Menu

2010

2011

2012

121.8

109.2

146.1

32.4

22.5

28.0

154.3

131.6

174.1

73.6

57.8

84.3

47.7%

43.9%

48.5%

24.1%

12.1%

17.2%

74.3

47.3

50.5

171.1

213.3

241.8

16.8

20.9

24.8

2010

2011

2012

81.6

132.2

192.9

23.5

23.6

45.1

105.1

155.8

238.0

43.9

66.0

113.4

41.7%

42.4%

47.7%

23.5%

14.3%

15.7%

104.0

190.5

59.8

114.7

241.4

366.7

6.8

16.5

31.0

2010

138.5

2011

158.3

2012

135.8

56.9

56.5

78.0

195.4

214.8

213.8

26.1

20.7

19.4

13.4%

9.7%

9.1%

16.0%

5.9%

4.6%

25.0

17.3

4.9

83.3

119.7

123.3

7.8

10.5

11.4

2010

2011

2012

84.9

157.0

222.5

10.1

18.4

31.0

95.1

175.4

253.5

51.0

93.6

141.2

53.6%

53.4%

55.7%

19.2%

16.5%

18.2%

130.6

162.8

160.9

134.1

277.8

383.1

15.6

28.2

41.4

Mills - DRE
in R$ million

1Q09

Net revenue from sales and services

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

24.7

35.6

30.0

35.4

Financial expense

(7.0)

(6.1)

(5.7)

(6.5)

Cost of products sold and services rendered


Gross profit
General and administrative expenses

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)

Results of continued operations

Results of discontinued operations

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

12.0

20.1

16.6

19.8

87,220

87,220

87,220

87,421

0.14

0.23

0.19

0.23

Net income per shares at the end of the period (R$)

Reclassified, excluding Industrial Services business unit, for comparison.

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

148.3

(49.6)

(58.2)

(70.5)

(76.5)

(71.3)

(81.2)

(92.3)

(95.6)

(48.5)

65.9

73.1

78.4

77.7

73.7

82.8

82.8

97.9

99.7

(32.1)

(33.2)

(35.5)

(46.9)

(36.8)

(42.0)

(52.1)

(44.2)

(41.6)

33.8

39.9

42.9

30.8

36.8

40.7

30.7

53.7

58.1

(6.2)

(6.6)

(7.2)

(4.4)

(5.1)

(12.3)

(16.6)

(12.5)

(10.8)

0.5

6.3

7.1

4.8

2.1

5.4

4.6

2.7

1.1

(5.8)

(0.3)

(0.1)

0.5

(3.1)

(7.0)

(12.0)

(9.9)

(9.7)

28.1

39.6

42.8

31.3

33.8

33.8

18.8

43.8

48.4

(9.4)

(13.5)

(14.4)

(1.2)

(11.6)

(11.2)

(0.9)

(14.3)

(17.0)

31.5

1.2

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

1Q13*

2Q13*

3Q13*

156.3

173.4

401.3

188.4

211.8

222.0

(54.3)

(61.7)

(246.4)

(68.4)

(87.3)

(93.5)

102.0

111.8

149.6

120.0

124.5

128.5

(45.7)

(40.3)

(82.9)

(52.9)

(56.8)

(56.0)

56.3

71.5

66.7

67.1

67.7

72.4

(9.9)

(9.8)

(19.3)

(11.3)

(16.8)

(14.8)

0.9

1.0

9.0

2.1

5.0

2.5

(9.0)

(8.8)

(10.3)

(9.2)

(11.8)

(12.3)

47.2

62.6

56.4

57.9

55.9

60.1

(8.5)

(22.2)

(13.0)

(20.2)

(11.3)

(21.5)

38.7

40.4

37.6

44.6

38.6

0.6

(2.4)

1.6

3.5

1.0

39.2

38.0

43.4

39.3

48.1

39.6

126,149

126,314

126,399

126,492

127,120

127,314

0.31

0.30

0.34

0.31

0.38

0.31

Mills - Balance Sheet


in R$ millions

1T09

2T09

3T09

4T09

1T10

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

Assets available for sale

Other current assets

2.3

2.3

3.9

4.1

3.4

81.1

89.0

105.1

104.2

109.4

Trade receivables

5.2

5.0

4.7

4.4

4.3

Recoverable taxes

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
Realizvel a longo prazo

Deferred taxes
Deposits in court

Investment
Property, plant and equipment

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

383.4

397.8

434.4

440.1

491.1

Intangible assets

in R$ millions

1T09

2T09

3T09

4T09

1T10

Liabilities
Current Liabilities
Suppliers
Borrowings and financings
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

12.0

6.6

9.2

13.8

3.7

16.2

15.5

Dividends and interest on equity payable

7.5

Derivative financial instruments

Advances on assets held for sale


Liabilities associated with assets available for sale
Other current liabilities
Total Current Liabilities

0.3

0.2

0.9

1.3

1.3

92.0

93.6

106.4

119.4

129.8

139.4

130.4

135.3

127.1

147.2

Non-Current Liabilities
Borrowings and financings

22.6

22.9

24.0

8.5

8.8

Taxes payables

0.6

0.6

2.7

0.4

0.3

Deferred taxes

Tax refinancing program (REFIS)

(2.1)

11.0

11.2

Debentures
Provision for tax, civil and labor risks

Trade payables - Stock option plan

0.5

0.5

0.5

0.6

0.6

Other 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

5.7

5.8

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

2T10

3.1

3T10

196.9

4T10

1T11

2T11

6.2

4.3

179.0

3T11

72.2

4T11

35.2

1T12

30.3

2T12

29.3

3T12

299.4

298.9

136.1

11.0

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

11.5

8.3

7.3

9.1

9.0

9.6

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

2T11

3T11

4T11

1T12

2T12

3T12

2T10

3T10

4T10

1T11

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

5.0

0.1

11.3

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

78.7

81.6

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

11.5

9.8

11.1
10.0

11.3
10.5

10.7

9.4
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

4T12

1T13

2T13

47.3

3T13

44.2

24.5

45.7

159.6

138.0

194.8

199.4

165.1

174.1

26.9

29.9

30.9

30.9

35.0

26.5

35.8

31.3

6.7

5.5

0.7

0.3

4.0

0.4

106.7

95.2

6.5

7.2

8.6

9.4

473.7

431.1

399.1

387.4

2.5

2.1

2.1

2.1

30.7

31.2

34.8

42.3

11.9

11.8

11.7

9.7

45.1

45.1

48.6

54.0

87.4

87.4

87.4

87.4

1,003.3

1,084.3

1,124.1

1,189.4

54.5

57.5

59.9

64.2

1,145.3

1,229.2

1,271.4

1,341.0

1,190.4

1,274.3

1,319.9

1,395.0

1,664.1

1,705.4

1,719.0

1,782.5

4T12

1T13

2T13

3T13

47.8

58.5

70.1

61.1

41.8

38.5

15.7

14.5

13.0

17.8

110.6

110.0

27.6

33.3

23.8

25.9

5.8

0.8

9.8

0.9

0.9

0.9

0.9

18.6

7.7

10.7

7.1

20.1

4.1

10.8

15.0

36.2

36.2

20.4

20.4

0.8

1.6

12.7

25.2
14.6

7.8

8.8

3.1

3.1

214.5

213.1

279.7

307.7

30.2

30.5

23.5

20.8

537.5

537.7

447.8

448.0

9.9

10.3

10.6

10.4

2.4

1.8

5.5

1.0

9.8

9.7

9.6

9.5

0.4

0.3

0.2

0.0

590.2

590.4

497.3

489.8

804.7

803.5

776.9

797.6

537.6

539.5

548.8

551.9

321.8

321.4

321.0

321.0

0.2

2.2

4.7

7.2

(0.3)

(0.8)

2.9

0.5

39.6

64.6

104.3

859.3

901.9

942.1

984.9

1,664.1

1,705.4

1,719.0

1,782.5

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

Advances on assets held for sale

Acquisitions of investments

Acquisitions of fixed and intangible assets

(9.0)

Revenue from sale of non current and intangible assets

(14.2)
-

(30.5)
-

PIS and COFINS tax credits from acquisition of rental equipment


Asset write-off
Cash used in investing activities
Cash flow from financing activities

(9.0)

(14.2)

(30.5)

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

12.2

(10.3)

6.0

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

* Pro-forma result, including results for Industrial Service business unit.

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

(0.6)

0.9

0.8

0.5

1.9

9.2

(0.3)

6.4

(0.0)

9.9

11.5
-

(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

(17.5)
-

19.5

30.6

34.8

31.1

48.0

126.7

(292.7)

113.4

(22.7)

(58.7)

(89.9)

1.0

1.6

4.5

(21.7)

(57.2)

(378.1)

49.4

27.9

32.1

(2.6)
63.3

9.4

1.5

(90.0)

(3.4)

(0.0)

0.6

(80.0)

(94.6)

(96.0)

(137.6)

5.4

6.5

4.2

8.1

(1.1)

(25.5)

(53.8)

(81.9)

(119.9)

7.3

(130.3)

(102.1)

(73.0)

6.6

9.7

(93.4)

(63.3)

0.1
-

(13.8)
14.5
-

425.9

1.7

1.7

0.8

(0.5)

(0.0)

(14.5)

(0.2)

(0.4)

(15.5)

(3.6)

(24.1)

(0.4)

3.6

0.4

(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

1Q13

2Q13

3Q13

47.8

58.6

54.0

60.4

60.5

61.8

26.4

27.4

30.1

31.3

34.0

33.9

1.0

(4.8)

(1.1)

0.5

0.5

0.3

0.9

1.9

2.1

2.0

2.5

2.4

4.3

3.9

8.4

4.0

6.8

4.2

(6.1)

(8.8)

(3.7)

0.1

(10.2)
-

12.1

14.4

(0.0)

(0.0)

(0.1)

3.8

2.0

3.9

5.0

2.7

5.2

14.5

(16.5)

8.9

12.6

(11.5)

13.4
-

(0.1)

(0.0)

39.0

33.7

54.0

45.3

49.4

42.9

(20.2)

(13.6)

(30.7)

(9.1)

(21.1)

(1.0)

0.1

(6.3)

(5.7)

(3.0)

(0.9)

(0.1)

3.9

5.6

0.6

14.9

(1.4)

14.1

(0.5)

(0.0)

(0.4)

0.0

0.1

2.0

(4.9)

1.5

(1.6)

0.4

(0.7)

3.1

(2.0)

(2.4)

(0.1)

2.4

(2.5)

(0.2)

5.8

5.1

(9.6)

5.7

3.3

4.0

3.0

(3.6)
-

(0.6)

2.5

8.6

1.0

1.8

1.4

1.6

(7.6)

(0.1)

(17.4)

(6.0)

(37.5)

2.1

(27.8)

18.2

(10.9)

69.4

86.4

70.5

82.2

122.9

(19.0)

(3.1)

(22.5)

107.7
(7.9)

(12.8)

(14.4)

(16.2)

(8.4)

(15.3)

(8.9)

(17.7)

(9.6)

(20.0)

(0.1)

(0.1)

(0.2)

(0.5)

32.6

70.8

51.4

98.5

21.6

138.0

34.2

74.9

(159.6)

(53.9)

(78.1)

(74.5)

9.5

8.5

14.6

(44.5)

(69.6)

(219.6)

25.2

(119.5)

(136.7)

(139.6)

8.3

25.3

17.4

(89.7)

26.7

(96.9)

2.6

1.4

1.9

9.3

3.1

(0.0)

5.6

(36.2)

(3.0)

(3.7)

(28.6)

(3.2)

1.0

0.1

(21.9)
(7.1)

(9.7)

(69.6)
-

32.7

272.0

9.3

264.8

(68.2)

(0.9)

(55.4)

(3.1)

(1.0)

270.1

(255.2)

(19.7)

22.8

(1.6)

30.3

29.3

299.4

44.2

24.5

47.3

29.3

299.4

44.2

24.5

47.3

45.7