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Valuation

Year

Month

2014

1
Language
2

luation
Date
01/31/2014

Analysis
1.00

Click here to index

By Paulo Matsuda Guerriero
xlsxsolutions@gmail.com

Guerriero
ail.com

Financing REP10 10 .Premisses REP03 3 .Balance Sheet REP04 4 .Introduction REP02 2 .Graphics .Cash Flow REP06 6 .Economic Cycle REP13 13 .Click here to Intro Index REP01 1 .Free Cash Flow to Firm REP11 11 .Calculations REP08 8 .Investments REP09 9 .Free Cash Flow Shareholder REP12 12 .Performance Indicators REP07 7 .Income Statement REP05 5 .

Introduction Insert here your text .

00% 5.00% 6.00% 1.00% 0.00% 5.00% 0.00% 6.00% 2.00% 6.Revenue Product Product Product Product Product Product 1 2 3 4 5 6 Revenues from logistic services Secondary products Other products and services 4 .00% 5.00% 0.00% 3.00% 6.00% 3.00% 2.00% 5.00% 5.00% 2.00% 0.00% 5.00% 5.00% 6.00% 5.00% 5.00% 6.00% 10% 40% 3% 2% 10% 40% 3% 2% 10% 40% 3% 2% 10% 40% 3% 2% 10% 3% 3% 2% 10% 3% 3% 2% 10% 3% 3% 2% 10% 3% 3% 2% 10% 3% 3% 2% 10% 3% 3% 2% 10% 3% 3% 2% 10% 3% 3% 2% 10% 3% 3% 2% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 3 .00% 5.00% 0.00% 1.00% 6.00% 1.00% 6.00% 5. general and administrative Research and development Employees' results Others 7 .00% 1.00% 5.00% 1.00% 6.00% 3.00% 6.00% 6.00% 0.00% 71.00% 3.00% 5.00% 5.00% 5.00% 5.00% 3.00% 5.00% 5.00% 0.Premises 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 .00% 6.00% 5.00% 5.00% 2.Sales volume Product Product Product Product Product Product 1 2 3 4 5 6 Revenues from logistic services Secondary products Other products and services 11.00% 5.00% 5.00% 0.00% 5.00% 2.00% 5.00% 6.00% 6.00% 5.00% 0.00% 6.00% 3.00% 5.00% 6.00% 6.00% 5.00% 3.00% 0.00% 3.00% 5.00% 1.00% 5.00% 25.00% 2.00% 2.00% 2.00% 3.00% 5.00% 5.00% 5.00% 5.00% 5.50% 12.60% 5.00% 3.00% 6.Values in US$ 2 .00% 6.00% 6.00% 6.00% 2.00% 5.00% 5.00% 6.Taxes on sales and services 5 .00% 6.00% 3.00% 2.00% 5.91% 5.00% 0.00% 5.00% 2.00% 0.00% 3.00% 1.00% 5.00% 3.OPERATING COSTS Product 1 from logistic services Secondary products Other products and services 6 .00% 3.00% 9.00% 0.00% 2.00% 5.00% 1.00% 2.00% 5.Administrative costs Expenses Selling.00% 0.00% 2.00% 6.00% 10.00% 6.00% 3.00% 3.00% 2.00% 5.00% 1.00% 3.00% 3.00% 1.00% 0.00% 5.00% 5.00% 5.00% 3.00% 5.00% 6.00% 1.00% 6.00% 1.00% 5.00% 1.00% 5.00% 10.00% 2.00% 5.00% 5.00% 25.00% 5.00% 5.00% 3.00% 5.00% 1.00% 87.00% -5.00% 0.00% 0.00% 3.00% 3.00% 6.00% 6.00% 1.00% 5.00% 0.00% 5.00% 2.00% 3.00% 5.00% 6.00% 6.00% 3.00% 10.00% 5.00% 5.00% 3.00% 5.00% 5.00% 5.01% 5.00% 5.00% 0.00% 3.00% 6.00% 0.00% 5.00% 5.00% 2.00% 0.00% 5.00% 6.00% 2.00% 0.00% 5.00% 2.00% 5.00% 5.00% -5.00% 6.00% 5.Fixed assets (gross) depreciates to .00% 6.00% 6.00% 1.00% 10.00% 5.00% 1.00% 6.00% 3.00% 5.00% 6.00% 6.00% 5.00% 5.00% 11.00% 5.00% 6.00% 3.00% 5.00% 5.00% 0.00% 5.00% 5.00% 2.00% 6.00% 5.00% 5.00% 3.00% 3.00% 6.00% 3.01% 5.00% 5.00% 3.00% 2.00% 3.00% 2.00% 5.00% 1.00% 1.00% 5.00% 3.00% 5.00% 3.00% 3.00% 6.00% 5.00% 3.00% 1.00% 5.00% 5.00% 6.00% 5.00% 5.00% 6.00% 5.00% 3.00% 0.00% 2.00% 3.00% 0.00% 6.00% 3.00% 3.00% 0.00% 3.00% -5.00% 1.00% 5.00% 1.00% 3.00% 5.00% 0.00% 3.00% 6.00% 6.00% 5.00% 2.00% 7.00% 5.00% 2.00% 2.00% 2.00% 5.00% 15.01% 5.00% 3.00% 10.00% 6.00% 6.00% 6.00% 3.00% 5.00% 5.00% 6.00% 5.00% 3.00% 5.00% 2.

121 1.168 USD 24.0% 1. 17 .198 765 850 3.429 Price USD 28.05% 7.0% 1.16 10. 50% of net income as dividends.532.30% 7.551.0% 1. by way of repayment of loans.0% 1.727.321 - - - - 2.217.830 0 3.The budget for capital investments.0% 1.0% 1.043.0% 1. 15 .830 0 0 0 1.000 1.Cash is remunerated 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 7.The rate of interest on loans is 12% per year.830 3.439.15% 7.560) (182) - - - - - - - 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 890 987 1.Average of the first 3 years 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 25% 34% 34% 34% 34% 34% 34% 34% 34% 34% 34% 34% 34% 60 51 56 60 51 56 60 51 56 60 51 56 60 51 56 60 51 56 60 51 56 60 51 56 60 51 56 60 51 56 60 51 56 60 51 56 60 51 56 10 . in cash.165.500 Stocks Accounts Receivable Suppliers 12 .0% 1.81 415.Wages 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 11 .0% 1.35% 7.20% 7.90% 6.739 1.The company pays in cash.677. Loans and short-term debt (net inflows) Related parties Loans and financing long-term Related parties Loans and financing Postretirement benefits Others 14 .10% 7.560) (182) (804) (696) (505) (271) (1.366 Qty 749.23 Total 21.830 0 3.25% 7.083.Premises 2015 8 .95% 6.830 3.75 .121 1. 16 .830 1% 1.80% (804) (696) (505) (271) (1.40% 7.830 3.income tax and social contribution 9 .080.new debt issuance (LT financing) is planned.830 0 3.It pays.Stocks Dollar Rate Ordinaries Preferred Equity 3. 13 .358.500 1.000 2.0% 1.0% 1.949.173.830 0 3. and these expenses are paid in cash.94 31.0% 50% 50% 50% 50% 75% 75% 75% 75% 75% 75% 75% 75% 75% 2.00% 6.85% 6.

Premises 2015 18 .Growth Rate in Perpetuity 3% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 .

5% 56 0. 211 2.5% ### 84. external TOTAL NON CURRENTS ### 67.1% 486 2.6% 1.4% 56 0.8% 25.9% 3.3% 56 660 8. interest-bearin 162 2.6% 111 0.7% 91 0. external 73 0.0% 9.2% 231 Unrealized gains Interest-bearing long-term assets.2% ### 75.130 -26.0% 4 84 1.4% 1.6% 285 1.6% 56 0. related parties.7% 111 0.5% 234 2.4% 70 0.3% 56 Net pensions funds 79 1.7% 585 5.0% 170 0.9% -4.6% 111 Shares and interests in associated companies 89 1.8% 203 1.5% ### 86.6% 56 0.9% ### 2.3% 55 Interest-bearing long-term assets.3% 818 7.5% ### Short-term current assets.0% 214 1.3% 56 0.0% 407 3.1% 32. related parties.4% ### 75. related parties.6% 205 1.0% 108 0.390 -25.2% 451 3.4% 779 4.3% 55 0.0% 4 0. plant and equipment 5.3% 55 0.7% 505 4.2% 1.012 49 0.0% 5 0.7% 531 3 0.0% 531 2.1% 155 1.1% ### CURRENTS ASSETS Others Currents 286 Recoverable taxes 3.159 6.8% 285 1.9% 111 0.4% ### 81.4% 56 0.5% 1.971 Long-term investments 732 9.822 -24. interest-bearing Accounts receivables Cash and bank deposits    TOTAL CURRENTS ASSETS TOTAL ASSETS ### ### ### 21.8% ### ### 12.6% -2.0% 70 0.3% -5.091 13.796 -22.093 64.159 7.1% 40 0.4% 849 5.BALANCE SHEET Years ended December 31 Vertical 2012 2013 2014 2015 2016 2017 ASSETS NON CURRENTS ASSETS Property.4% 231 1.0% 1.8% 219 1.0% 4 0.7% -3.0% 203 Inventories 292 3.9% 534 24.6% 3.1% 170 1.6% 531 3.4% 878 4.034 9.4% 70 0.749 -23.6% ### 1.0% 4 0.3% 55 0.291 ### ### .5% ### 7.159 5.8% ### 749 ### ### 13.5% ### 78.3% 231 1.1% 219 0.9% 1.5% 486 Long-term receivables related parties.9% 285 1.0% 82 0.4% 70 Interest-free long-term assets 239 3.3% ### (-) Accumulated Depreciation -1. 358 4.9% 486 3.5% 231 1.3% 203 1.0% 24.249 ### ### 6.5% 285 Interest-free long-term assets.4% 219 1.9% 170 Interest-free long-term assets.9% 68 0.2% ### 74.2% 219 1.7% 170 1.2% 1.4% 531 3.2% 203 1.8% 486 2.159 Goodwill in subsidaries 412 5.1% -5.306 81.3% 56 0.

7% 325 0.1% ### 28.5% 268 2.3% 8.4% 635 5.5% 236 1.3% ### -24.3% 52 CURRENTS LIABILITIES Other incurred.6% 3.3% ### 25.2% 236 428 5.8% 433 2.2% 1.408 19.6% 2.3% (88) 498 -0.4% ### 34.0% ### 29.6% ### 21.0% 788 4.3% 4.3% ### 42.055 9.121 -0.3% 236 1.176 6.2% 433 2.2% ### 29.176 6.6% 325 2.8% 4.143 Retained earnings    ### 41.121 13.890 20.3% 260 1.5% 1.7% 2.3% 329 2.6% ### 21.0% 1.7% ### 32.4% ### 23.9% 2.1% 18 0.2% 433 0.7% 215 1.5% 1.8% 484 2. internal Interest-bearing long-term debt.3% 52 0.767 24.9% 325 1.2% ### TOTAL EQUITY NON CURRENTS LIABILITIES Other long-term interest free liabilities    Unrealized loss on derivatives Provisions for contingencies Interest-bearing long-term debt.5% 484 76 1.6% 498 Treasury shares (88) Total paid-in capital    498 -1. unpaid costs    Income tax payable    Interest-bearing short-term debt.0% 52 0.0% ### -21.2% 297 2.1% 18 2.0% 788 99 1.4% ### 33.1% 4 0.6% 914 5.0% 18 0.2% 914 4.1% 2.359 29.176 7.707 Other retained earnings ### -65.4% (88) 498 -0.BALANCE SHEET Years ended December 31 Vertical 2012 2013 2014 2015 2016 2017 LIABILITIES EQUITY CAPITAL STOCK Preferred capital  stock Ordinary shares 904 11.562 141 1.7% 1.0% 4.5% ### -19.4% 1.121 10.5% 2.9% 788 5.424 ### 41.7% ### 47.0% 96 0.8% (88) 498 TOTAL CAPITAL STOCK ### 37.5% 433 2.3% 484 3.4% 237 1.5% -88 2.902 16.3% ### 30.5% 3.3% 286 ### 39.176 1.8% 914 5.0% 3.2% (88) 498 -0.4% 3. external    Pension liabilities    TOTAL NON CURRENTS LIABILITIES Minority interests    122 1.4% ### Earnings reserve ### 28.5% 2.1% 325 1.8% 119 1.2% ### 19.2% 3.1% 484 2.7% ### 54.1% 6.8% 198 1.121 12.0% ### 21.3% 52 0.0% ### 26.0% ### 51. internal (*)    64 .630 20.5% ### 26.214 20.1% ### -38.8% ### 27 0.1% 18 0.8% 236 1.0% 21 0.4% ### 23.7% 914 7 0.5% 788 4.

1% 832 4.9% ### ### . external    TOTAL CURRENTS LIABILITIES ### TOTAL ### EQUITY AND LIABILITIES 19.6% 0.1% 74 0.7% 141 0. external    2013 2014 2015 2016 2017 184 2.0% ### ### 19.6% 449 Interest on capital 3 0.0% 118 1.1% 11 76 1.7% ### ### 15.0% 505 2.8% 730 4.6% 696 4.2% 689 4.0% 1.1% 11 0.3% 129 1.5% Current portion of long-term interest-bearing liabilities.6% 482 4.9% 155 0.3% 962 Salaries and social charges payable Accounts payable.9% 188 365 4.0% ### ### 11.4% 714 4.9% 171 0.0% 78 0.1% 11 0. external    717 9.0% ### ### 13.BALANCE SHEET Years ended December 31 Vertical 2012 Interest-bearing short-term debt.6% 0.0% 11 0.009 8.

9% 886 2.3% 70 0.3% 32.0% 4 0.8% ### 263 ### ### ### ### ### ### 28.788 12.3% 5.3% 56 0.5% 231 0.8% 203 0.433 -33.0% 4 0.1% 70 0.7% 3.1% 56 0.8% 5.2% 0.159 2.7% 38.2% -10.754 -35.0% 0.2% 55 0.5% 1.852 9.(Insert logo here) 2018 2019 2020 2021 2022 2023 2024 2025 2026 82.0% 1.4% ### 72.774 24.4% 111 0.5% 1.1% 2.9% 531 1.4% 170 0.2% 55 0.5% 219 0.9% -6.517 14.5% 203 0.2% 55 0.5% 0.132 100.709 4.8% 170 0.6% 219 0.176 11.8% 231 0.2% 55 0.5% 6.9% 0.609 5.5% 2.2% 70 0.2% 56 0.3% 0.9% 285 0.2% 486 1.159 3.622 95.391 4.7% 486 1.7% ### ### 31.2% 56 0.9% 24.597 13.9% -7.1% 15.4% 111 0.7% -9.1% 8.8% 203 0.0% ### 4.2% 56 0.1% 531 1.4% 1.8% 9.7% 285 0.5% ### 92.3% 285 1.2% -11.0% 219 0.6% 2.4% 219 0.159 4.842 -36.2% 1.159 2.2% 55 0.2% ### 74.1% 0.7% 170 0.703 -36.5% 17.2% ### 75.173 -36.5% ### 77.159 4.1% 285 1.992 5.8% 219 0.5% 50.0% 1.9% 231 0.9% 231 0.302 99.9% 486 1.9% 5.3% 56 0.0% 486 0.4% 1.3% ### 68.5% 1.5% 531 1.3% 70 0.9% 13.0% 285 0.2% 56 0.9% 0.8% 285 0.156 4.0% 4 0.6% 1.520 ### ### 13.021 4.050 10.1% ### 71.0% 4 0.3% 1.4% 531 2.2% 56 0.159 3.0% 4 0.3% 111 0.1% -17.6% 231 0.2% 4.198 4.4% 111 0.998 -34.5% 1.6% 219 0.7% 203 0.0% 4 0.595 11.3% 0.2% 70 0.263 23.1% 56 0.2% 70 0.9% 219 0.061 25.9% 1.9% 486 1.515 5.2% 70 0.1% 55 0.0% 4 0.5% 486 1.1% -15.7% 531 1.6% ### 64.2% 56 0.7% 10.858 4.4% 1.4% 111 0.1% 531 1.2% 56 0.7% 285 0.5% 38.4% 4.2% 5.737 17.6% 203 0.3% 42.4% 4.6% ### 1.8% 1.877 -30.7% 1.7% 170 0.1% 55 0.4% 486 1.1% 56 0.1% 285 1.150 ### ### 15.792 98.1% 1.886 -26.4% 170 0.5% 231 0.7% 1.0% 4 0.5% 203 0.0% 231 0.059 -32.1% 55 0.1% 486 1.8% 4.6% 203 0.7% 219 0.1% 2.5% .3% 111 0.1% 531 2.5% 170 0.4% 46.4% ### ### 40.6% 170 0.1% 0.962 99.3% 70 0.9% 13.159 2.3% 111 0.323 5.159 3.5% 170 0.9% 203 0.7% 35.1% ### 97.2% ### 75.5% -20.2% 56 0.3% 170 0.7% 2.2% 111 0.0% 4 0.7% 231 0.6% ### 59.159 4.2% 531 1.1% 56 0.9% -26.2% 486 1.676 13.4% 531 1.1% 56 0.1% 1.1% 4.2% 55 0.9% 219 0.1% 56 0.3% -13.2% 1.4% 203 0.7% 231 0.2% 70 0.5% 111 0.5% 27.6% 285 0.6% 31.4% ### ### 35.8% 7.4% 68.2% 56 0.0% ### 61.2% 56 0.452 90.

669 14.2% -88 -0.839 11.3% 2.9% 484 1.725 16.143 14.143 11.2% 498 1.2% 325 1.2% 4.9% 325 0.8% 325 0.143 16.4% 1.8% 498 1.3% 461 1.1% 18 0.4% 498 1.1% 788 3.8% -0.3% 1.2% 52 0.8% 1.1% 52 0.121 6.7% 3.1% 914 3.629 6.841 63.8% 236 0.2% 914 2.8% 21.948 15.612 10.3% 3.0% 18 0.774 -10.3% 2.813 68.707 14.5% 433 1.9% ### 42.5% 484 1.4% 419 1.5% 788 3.4% 56.143 10.8% 2.143 9.176 3.9% 1.176 2.4% 5.774 -6.6% 3.2% 4.1% ### 20.1% 18 0.034 84.6% 1.2% 3.2% -88 -0.9% 498 1.319 67.7% 325 0.806 71.3% 325 1.889 77.6% 47.842 3.6% 35.1% 18 0.6% 498 1.9% 498 1.4% 17.3% -88 -0.176 3.9% 914 2.8% 236 0.2% 484 1.9% 4.1% 18 0.(Insert logo here) 2018 2019 2020 2021 2022 2023 2024 2025 2026 5.5% 3.1% 498 1.707 8.3% 315 1.2% 52 0.243 54.3% 558 1.121 3.7% -17.5% 2.7% 325 0.2% 1.1% 914 1.7% ### -13.0% 1.3% 613 1.0% ### 48.9% 236 0.0% 433 0.3% 3.143 16.8% ### -14.2% 52 0.121 7.056 1.1% 484 1.4% 3.858 81.176 4.176 4.121 6.0% 18 0.6% 914 3.782 73.0% 28.2% 433 1.4% 3.423 12.0% 18 0.9% 484 1.8% 18.7% -3.958 77.4% 3.4% -88 -0.707 6.176 2.6% 914 2.7% 433 1.9% 20.3% 29.0% 20.2% 2.1% 52 0.9% 2.7% 433 1.1% 433 1.7% 2.4% -3.510 8.730 59.0% 498 0.3% 381 1.774 -12.4% 5.2% 3.707 10.2% 19.8% 0.6% 1.4% 433 1.774 -9.9% 16.774 -7.1% 9.9% 433 1.166 12.0% 788 1.2% 52 0.1% 18 0.9% 236 0.4% 4.3% 498 1.7% -3.6% 0.7% 1.5% 3.1% 236 0.9% 2.176 2.2% 52 0.0% ### -14.143 8.3% 2.1% 4.9% ### 51.1% 18 0.4% 1.5% 4.1% 2.1% .828 18.7% 4.0% 1.0% 484 0.121 5.3% -88 -0.3% 42.3% -88 -0.9% 914 1.5% 4.9% 433 0.8% 788 1.6% 2.7% 484 1.4% 484 1.121 8.5% 4.3% 325 1.8% 788 2.5% 236 0.6% 4.5% 3.176 4.2% 484 1.0% 325 0.3% -88 -0.707 14.1% 52 0.121 4.3% 914 2.6% 914 3.6% 788 1.1% ### 3.707 13.4% 2.143 7.1% 788 2.3% 24.1% 29.6% 236 0.757 12.7% 236 0.3% 507 1.3% -88 -0.774 -8.9% 39.2% -88 -0.176 3.7% 33.917 73.6% 1.5% 37.1% 52 0.707 9.6% 3.3% 675 1.5% 788 2.8% 3.3% 788 2.3% ### 57.4% 3.5% 236 0.108 8.5% 325 1.7% 4.6% -3.6% 5.707 11.9% 24.9% 1.707 7.0% 3.8% -3.121 8.7% 1.382 6.0% -3.1% 4.3% ### 23.121 4.8% ### 65.143 13.4% 1.2% 346 1.9% ### 64.

5% 1.0% 0.6% 787 1.8% 402 0.470 11.9% ### ### 15.510 4.0% ### ### ### ### ### ### ### ### .0% 11 0.8% 227 0.1% 12.0% 3.081 8.0% 2019 0.8% 910 2.604 4.0% 2024 0.0% 2025 0.0% 2023 0.(Insert logo here) 2018 0.8% 3.0% 11 0.4% 0.1% 4.0% 787 1.0% 2022 0.9% 250 0.0% 3.6% 952 2.4% 2.856 9.8% 1.637 10.3% 1.255 4.0% 11 0.9% 332 0.0% 864 3.9% 275 0.0% 11 0.972 9.0% 11 0.0% 2.935 7.0% 11 0.6% 1.8% 10.0% 2021 0.0% 11 0.0% 1.9% ### ### 12.0% 11 0.071 4.0% 2020 0.3% 1.4% 4.1% 864 2.8% 4.751 4.9% 302 0.4% 3.2% 2.9% 1.6% 782 3.0% 0.8% 206 0.253 4.1% 1.8% 443 0.8% 366 0.4% 881 2.097 4.904 4.438 5.303 7.0% 2026 0.0% 11 0.

282 -22.(Insert logo here) 2027 54.373 ### ### .696 1.159 486 111 55 56 170 70 531 4 231 ### 219 285 203 2.543 19.601 56 6.

555 55.707 -3.631 484 236 914 18 493 742 2.(Insert logo here) 2027 1.176 2.887 788 325 433 52 .121 -88 498 3.143 51.774 4.

(Insert logo here) 2027 563 11 487 2.321 ### .450 4.

7% -223 -24.31% -0.790 71.0% -1.237 82.1% 0.995 18.283 -1.331 27.5% 8.8% -6.1% 0.0% 23.386 30.8% -4.34% -0.21% 29.98% 32.0% 68.8% -497 -214 -71 -192 4.6% 0.359 21.966 75 -326 65 404 28.074 -316 -8.390 542 -223 -3.983 78.0% 2.9% 0.2% -5.8% 1.7% 1.625 36.969 51.3% 28.32% -0.0% 34.8% 61.3% 2.4% -2.1% -33.6% 0.9% -29.675 46.INCOME STATMENT (Insert logo here) Years ended December 31 Vertical 2014 GROSS REVENUE Sales of products Product 1 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 5.182 4.0% 1.2% -4.79% 34.959 7.84% -0.390 -571 -713 -14 -4.718 -3.87% -0.0% 2.0% 1.5% -3.0% 100.2% -5.2% 11.960 8.3% 6.8% 1.7% -3.2% -223 -9.4% 227 322 0.5% -1.140 22.0% 68.09% -2.7% -1.0% -20.339 -51 -14.852 -316 -11.587 -687 -799 -20 -6.541 -316 -9.7% -9.6% 44.419 -9.5% 15.4% 6.0% 542 -1.2% -5.7% -8.1% 29.0% 67.9% 0.88% 33.1% 25.621 72.746 -21.355 -4.7% 3.1% 0.160 21.985 -452 -153 -69 -188 3.50% -2.76% -4.170 -1.811 1.7% 9.35% 68.284 5.1% -38.675 -1.757 15.16% 0.093 6.4% -0.061 0 5.78% 1.83% -2.684 38.387 -1.524 -10.0% -2.2% -1.46% -1.0% -24.94% 0.500 -1.867 1.65% 0.094 55.7% -0.058 -741 4.2% -5.751 -316 -24.148 0 Product 4 124 1.167 77.9% -223 -10.40% 75.633 -1.495 4.5% 15.038 85.927 -5.1% 36.1% -3.18% 1.7% 0.74% -6.2% -2.6% 218 322 0.808 2.036 14.8% 232 0.2% 0.083 -3.8% 9.1% -33.441 28.243 -5.2% -5.686 31.3% -24.392 -2.168 2.665 -316 -6.70% -2.986 0 5.22% 31.6% -223 -26.3% -1.708 -939 -1.304 83.533 -3.310 40 23.828 -991 6.7% 0.9% 95.4% -1.191 -12.8% 1.27% -0.5% -969 -662 -87 -220 14.4% -22.8% -25.9% -1.565 12.133 2.4% 1.8% -3.5% 0.003 Profit from continued operations Changes in method of accounting Result for the period 2.7% 6.2% 2.5% 0.4% 0.1% 1.971 85.686 31.54% -4.820 44.995 18.4% -1.615 6.8% -26.6% -223 -7.535 -3.68% -4.2% 11.1% 0.28% -4.381 75.4% 177 376 0.1% 0.172 -702 -93 -229 21.3% -31.9% 0.187 -1.635 125 -302 65 404 35.146 4.0% 288 322 0.0% 1.78% 60.4% 542 -1.81% -2.413 58 28.0% 69.60% 27.69% 74.870 1.9% -800 10.8% -27.9% 294 0.8% -1.3% -2.981 542 -223 -0.739 -1.4% 3.271 -868 -949 -27 -9.8% -0.762 64 31.569 -316 -11.389 -3.327 3.8% 251 0.3% -1.2% 12.7% -2.3% 1.0% -1.1% -39.8% 0.313 21 13.8% 0.6% -223 -5.900 33 18.1% 266 322 0.9% 11.0% 1.7% 17.2% -5.15% -0.095 53 27.2% 12.5% 82.602 62.99% -5.276 -641 3.341 83.522 874 -185 65 404 70.3% 0.2% 30.5% -2.384 3.1% 27.570 0 5.6% 18.066 -2.747 199 -321 65 404 13.681 12.9% -0.541 1.1% -39.226 2.064 -34 -10.938 83.1% -1.9% 1.0% 70.25% 61.6% 1.3% -28.0% 24.479 10.2% -17.9% 1.948 21.41% -4.625 36.492 -316 -11.2% -662 -588 -78 -203 6.31% -0.3% 2.885 2.76% -2.9% 1.8% -0.0% 80.2% 200 339 1.1% -37.1% -1.680 -3.74% 0.6% 542 -0.226 25.609 4.9% -11.2% -1.7% -3.808 48 27.2% -1.0% 122.7% 2.491 84.286 5.8% -3.418 -57 -15.6% -2.494 -1.57% -0.9% 343 Product 5 Product 6 164 201 1.115 9.3% 34.127 -37 -11.9% 12.30% -0.1% 32.1% -39.372 Taxes on sales and services NET REVENUES (-) OPERATING COSTS Products From logistic services Others Products Other operating costs TOTAL OPERATING COSTS GROSS PROFIT Operational expenses Expenses Selling.3% 1.8% -3.2% -5.9% -3.9% 18.618 74.3% -1.63% 26.2% -1.66% 46.74% 67.193 -42 -12.22% 41.6% 1.4% 10.005 -30 -9.8% 4.2% -5.2% PROFIT BEFORE TAX    Tax expense Current Deferred Total Income tax Equity Equivalence Minority share of profit after tax 3.136 1.3% 25.940 41.46% -6.5% 1.1% -1.540 20.2% 20.3% 9.42% -1.147 0 4.688 Revenues from logistic services Others Products Other operating revenue    TOTAL GROSS REVENUE 877 1.522 -399 3.473 -316 -4.8% 188 357 1.41% -1.1% -223 -10.33% -0.433 3.068 -316 -11.80% -0.1% -34.9% -19.20% -2.326 -130 65 404 78.932 25.148 71 33.1% 0.0% 1.283 14.2% -0.7% -12.066 -681 -90 -225 17.459 2.788 542 -223 -3.30% -0.841 20.5% -0.149 -8.6% -31.5% 28.337 18.6% -16.3% 75.8% 198 0.504 -1.2% 0.0% 22.668 -916 5.09% 31.3% -1.8% 36.290 -723 -96 -234 25.65% -1.4% 10.4% 33.317 53 -307 65 404 28.0% 22.987 75.3% 1.182 8.2% -5.33% -1.4% -3.2% -5.236 -803 -896 -24 -7.7% -1.8% -1.0% -6.1% -0.4% 10.0% 107.298 -3.8% 0.2% -4.948 21.675 46.0% -681 9.8% 0.650 35.10% 54.5% -1.298 1.5% 15.29% -2.838 452 -428 65 404 29.015 -1.555 5.816 4.2% 246 322 0.081 3.4% 10.1% 2.1% -34.0% 145 0.0% 864 0 0.9% 299 322 Total Sales of products 6.4% 0.2% 0.4% -3.685 -1.089 2.8% -3.419 -745 -98 -238 29.0% 1.4% 4.018 19.1% -0.8% 0.4% 7.156 47.333 74.39% -0.176 16.260 83.576 Product 2 Product 3 701 0 8.9% 317 0.9% 23.3% -1.932 52.2% 22.7% 2.1% -33.9% 210 322 1.4% 0.817 -7.182 17.6% 0.498 38.26% 0.259 1.3% 13.932 25.067 1.4% -31.0% 67.996 6.05% -0.0% 1.7% -0.763 -316 -11.5% 542 -0.407 4.2% -5.2% -3.5% 134 1.5% -1.3% 542 -0. general and administrative Research and development Employees' results Others cost EBITDA Ordinary depreciation    EBIT Financial income    Financial expenses    Gains (losses) exchange rate and monetary Gain on sale of investments -413 8.881 -513 -674 -13 -4.7% 4.2% -5.063 385 -315 65 404 16.557 33.5% 0.2% 12.689 4.4% -223 -9.4% -0.41% 31.42% 27.2% -5.342 0 4.0% -31.095 36 20.6% -10.381 3.24% -2.011 -1.5% 8.698 0 5.0% -1.1% -3.100 85.274 -1.4% -1.37% -0.8% 0.0% 0.80% 52.926 -7.7% -0.3% 1.9% -4.932 52.3% -3.9% -0.018 19.022 1.956 568 -247 65 404 19.8% -223 -13.058 1.9% .1% -7.929 89 -331 65 404 10.79% 42.71% 36.1% -33.2% 8.9% 1.796 -433 -316 -749 542 -223 -982 -316 -8.729 75.0% 114.1% -34.2% -3.560 -767 -101 -243 35.239 84.6% 542 -1.619 75.451 0 5.1% -1.1% 2.7% 11.31% -0.57% -0.7% -1.0% -3.8% -3.9% -2.20% 1.6% -2.0% 68.724 30 15.283 2.4% 542 -2.418 -6.4% -0.3% 9.711 5.9% 1.0% 277 322 0.547 44 26.298 6.0% 925 0 5.1% 47.841 20.5% -3.9% 170 0.9% 271 0.7% 6.8% -5.39% -5.6% -3.2% -3.9% 157 0.6% 18.920 -1.948 19.8% 183 0.3% 5.0% 991 0 5.3% -1.7% -801 -624 -82 -212 9.2% -48.877 -635 -755 -18 -5.59% 2.092 115 -287 65 404 31.42% 30.6% -4.0% -4.7% -0.2% -14.9% 0.006 1.5% -3.789 542 -223 -3.62% -4.0% -7.9% -10.276 3.6% 5.0% -547 -300 -73 -196 5.2% 236 322 0.9% -1.042 86 39.740 4.047 1.184 -3.53% -6.857 4.8% -3.374 10.0% 23.0% 1.99% -2.9% 21.8% -0.408 -11.6% 35.9% 23.347 75.6% -1.3% 0.472 -316 -5.8% 0.143 60.5% 20.28% -0.65% 82.9% 1.0% -728 -605 -80 -208 7.079 3.36% -0.809 1.437 4.7% -1.573 78 36.99% 0.663 4.853 -2.8% 1.90% -2.179 2.4% 10.383 25.7% 13.70% 0.7% 3.0% 90.330 -3.742 -316 -27.5% 10.0% -1.123 82 -671 65 404 14.0% -0.0% 542 -0.05% 37.3% 939 1.5% -2.263 2.671 4.8% -4.25% -0.9% 1.8% 15.017 83.6% -1.0% 1.52% -1.83% 1.0% 1.0% -914 12.098 -1.241 0 4.4% 1.9% 12.573 30.3% 0.095 -2.540 20.807 -841 4.6% -25.5% -602 -420 -75 -200 5.1% -1.6% -1.0% 542 -1.5% 0.8% -0.00% -6.2% 0.609 -1.015 83.523 32.348 -743 -846 -22 -6.1% -35.3% 2.520 4.2% 53.36% -0.8% -0.940 41.250 19 8.5% 0.7% 4.07% 1.286 75.4% 4.573 30.753 229 -368 65 404 28.991 -8.264 -46 -13.71% 26.5% -881 -642 -85 -216 11.425 18.1% 1.985 77.796 2.7% 215 0.6% 5.8% 34.836 0 5.9% -3.3% -0.425 18.20% -4.2% 256 322 0.2% 20.312 26 -309 65 404 31.5% 20.

631 -4.192 12.675 18.830 -3.525 17.530 -12.263 -715 215 1.858 Adjustments to reconcile Net Income Depreciation and amortization Additions (Substractions) Assets Accounts Receivables Inventories Additions (Substractions) Liabilities Δ Need for Working Capital Net Cash Flow from Operations Cash flows from investing activities Changes in investments 0 0 0 0 0 0 0 0 0 0 0 0 0 Changes in Fixed Assets -2.565 1.486 -1.918 Increase (decrease) in cash and cash equivalents -715 215 1.830 -3.155 -5.830 -3.625 12.263 19.373 Changes in Dividends Changes in Retained Earnings Cash and cash equivalents at beginning of period Increase (decrease) in cash and cash equivalents Cash and cash equivalents at end of period .500 -1.528 -8.520 1.425 4.182 1.837 24.228 -3.830 -3.422 20.107 1.859 1.676 8.830 -3.992 3.474 -1.859 1.830 -3.756 -14.150 263 886 1.235 10.500 -1.825 3.199 Changes in MINORITY 0 0 0 0 0 0 0 0 0 0 0 0 0 Changes in Equity 0 0 0 0 0 0 0 0 0 0 0 0 0 Changes in Other retained earnings 0 0 0 0 0 0 0 0 0 0 0 0 0 Changes in Earning reserve 0 0 0 0 0 0 0 0 0 0 0 0 0 Net cash used in financing activities -1.830 -3.374 3.870 -10.898 4.830 Changes in Goodwill on acquisition of subsidiaries 0 0 0 0 0 0 0 0 0 0 0 0 0 Changes in Loans Long Term 0 0 0 0 0 0 0 0 0 0 0 0 0 Changes in prepaid pension cost 0 0 0 0 0 0 0 0 0 0 0 0 0 Changes in deferred income tax 0 0 0 0 0 0 0 0 0 0 0 0 0 Changes in judicial deposits 0 0 0 0 0 0 0 0 0 0 0 0 0 Changes in unrealized gain 0 0 0 0 0 0 0 0 0 0 0 0 0 Changes in Others 0 0 0 0 0 0 0 0 0 0 0 0 0 -2.932 22.992 3.110 534 749 2.932 8.830 -3.000 -1.737 13.948 2.543 2.370 -887 622 1.514 -7.520 1.830 -3.686 10.500 -3.497 -1.796 641 741 841 916 991 1.150 263 886 1.830 Changes in Loans Short Term 0 0 0 0 0 0 0 0 0 0 0 0 0 Changes in Income Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 Changes in Others 0 0 0 0 0 0 0 0 0 0 0 0 0 -108 -191 -56 1.000 -2.061 4.482 -14.783 -5.218 14.140 2.540 5.249 534 749 2.Statements of Cash Flows (Insert logo here) Years ended December 31 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Cash Flow From Operations Net Earnings 2.377 6.291 4.013 -3.159 -855 -812 -4.125 -361 -367 -393 -454 -522 -70 -59 -164 -363 -393 -426 -461 2.825 3.757 1.154 82 0 46 42 -71 -94 0 -224 0 0 0 0 0 0 0 0 0 0 0 0 0 Net cash from investing activities Cash flows from financing activities Changes in loans and short-term debt (net inflows) Loan Changes in related parties Loans and financing long-term Changes in related parties Changes in Loans and financings Changes in Benefits Postretirement 0 0 0 0 0 0 0 0 0 0 0 0 0 194 482 672 -614 -782 257 334 -145 -102 -881 -787 -787 -563 22 24 26 29 31 35 38 42 46 51 56 61 67 Changes in Others 0 0 0 0 0 0 0 0 0 0 0 0 0 Changes in interest on equity paid to shareholders 0 0 0 0 0 0 0 0 0 0 0 0 0 Changes in provisions for contingencies 0 0 0 0 0 0 0 0 0 0 0 0 0 Changes in unrealized loss on derivatives 0 0 0 0 0 0 0 0 0 0 0 0 0 -1.737 13.000 -1.291 4.852 5.228 -3.464 3.540 6.712 -3.948 2.830 -3.525 6.676 8.830 -3.917 -3.200 8.500 -3.233 -396 -380 -403 -467 -535 -73 -80 -192 -387 -420 -455 -493 70 -99 -134 -144 -166 -192 -94 -100 -149 -163 -177 -193 -210 Deferred income tax 0 0 0 0 0 0 0 0 0 0 0 0 0 Recoverable taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 Others 0 0 0 0 0 0 0 0 0 0 0 0 0 Suppliers 25 118 130 135 158 183 72 94 147 153 167 182 198 Wages and social charges 14 16 17 19 21 23 25 27 30 33 37 40 44 -1.331 2.000 -2.523 -1.995 3.830 -3.830 -3.525 6.543 2.852 5.257 -3.018 4.256 -6.940 15.179 -1.830 -3.061 4.110 1.830 -3.374 1.199 -6.705 -11.287 -1.107 1.841 5.370 -887 622 1.969 -9.830 -3.

9% 71.6% 15.1 6.061 4.0% Return on Average Equity (%) 53.2% 21.9% 0.9% 23.0% 73.7% 20.6% 64.2% 47.3% 48.1% 52.5% 15.0 6.522 4.0 75 60 60 60 60 60 60 60 60 60 60 60 60 60 Operating Cash Flow .6% 20.9% 48.2% 5.6% 67.5% 3.4% 12.0 6.0% 53.9% 12.110 0.1% 22.4% 37.1% 18.0 6.4% 7.0 6. (%) STRUCTURE Short Term Debt (%) Costly Short Term Debt (%) Degree of Financial Leverage (No.5% 58.7% 2.7% 27.4% 15.Base: Cash Flow Operating Cash Flow / Net Operating Revenues.0% 34.8% 32.807 6.276 5.0% 43.011 25.9% 23.7% 25.7% 61.6% 19.3% 2.1% Return on Investment (%) (Margin X Turnover) 23.6% Capitalization .6% 84.5% 51.9% 22.3% 2.7% 38.1% -715 215 1.8% 43.5% 33.7% 51.2% 56.504 21.6% 69.7% 57.5% 5.2% 3.8% 3.2% 12.1% 67.853 35.0 6.0% 55.8% 34.0 6.5% -4.1% 29.2% 29.9% 10.0% 11.668 7.8% 2.0% 51.6% 16.9 1.5% 29.3% 31.5% 36.5% 12.5% 36.0% -7.8% 5.5% 12.7% 42.8% 55.1% 1.543 2.7% 29.2% 69.7% 1.8% 65.6% 13.8% 6.4% Operating Margin Own % 37.4% 1.4% 63.9% 31.5 1.9% 27.1% 46.7% 42.4% 6.0% 23.0% 12.3 8.1% 51.8% 1.685 14.4% 4.5% 7.2% 42.2 4.3% 12.7% 77.7% 44.(%) 47.0% Long Term Debt (%) 37.9% 2.494 17.4% 9.3 2.7% 28.9 2.6% 8.0% 47.6% 44.9 1.5% 21.1% 35.4% 49.8% 9.370 -887 622 1.4% 42.2% 11.0% 42.4 1.0% 26.7% 40.3% 57.4% 49.0% 10.4 4.6% 65.3% 7.107 1.8 6.2% 42.8 3.2% 32.5% EBTIDA .859 1.2% 34.4% 1.7% 2. of times) ACTIVITY Inventory turnover Financial and Operating Cycle Average Inventory Period (days) .6% 57.9% 15.7% 42.1% 18.2% 22.228 -3.9% 54.8% 22.8% 26.0 6.US$ Million 3.6% -20.6% 50.9% 15.0% 10.0% 6.7% 15.7% 46.274 11.4% 9.095 29.9% 4.0% 20.6 1.4% 62.0 6.3% 22.3% 51.525 6.8% Costly Long Term Debt (%) 20.1% 8.6% 44.3% 55.7% 36.6% 59.0 6.7% 87.0 6.6% 60.0% 7.7% 49.2% 23.9% 22.0 6.5% 1.1 5.4% 37.9% 10.3% 45.9% 13.0% 12.3% 34.4% 5.5% Net Margin % 31.7% 67.0% 48.9% 10.3% 42.6 1.7% 50.828 9.0% 46.8% 67.9% 2.7% 33.8% Total Debt (%) 53.825 3.6% 11.0 6.1% 3.392 EBTIDA/Revenue % 43.1% 11.6% 2.058 5.8% Costly Total Debt (%) 26.9% 19.9% 56.5% 14.9% 81.3% 15.9% 64.9% 34.(Insert logo here) Economic and Financial Indicators 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 PROFITABILITY Gross Margin % 49.1% 61.8% 47.7% 54.9% 65.

78 0.921 9.75 0.51 0.749 4.338 7.43 2.504 21.312 12.89 1.208 25.97 1.205 3.319 24.927 4.97 1.05 1.821 4.18 1.399 4.39 0.231 43.159 31.621 4.24 1.104 4.17 2.92 4.78 Liquidity Drought 1.79 2.522 32.70 0.94 2.80 0.870 Self-generation 2.69 0.435 1.535 Net Income 2.78 2.011 25.274 11.58 1.507 63.487 48.81 0.053 10.54 0.392 EBIT 3.287 4.917 33.423 7.602 23.07 2.664 13.011 5.492 22.533 5.966 5.11 2.948 2.298 10.500 14.57 0.123 3.634 18.523 19.549 5.55 2.49 1.317 4.828 9.320 5.842 1.926 21.841 5.573 12.719 4.26 Degree of Operating Leverage 0.889 39.184 6.807 6.510 2.932 22.79 0.504 17.294 3.715 17.796 EBITDA 3.747 19.62 1.406 34.957 39.940 15.(Insert logo here) Economic and Financial Indicators 2014 Average Collection Period (days) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 44 60 60 60 60 60 60 60 60 60 60 60 60 60 119 120 120 120 120 120 120 120 120 120 120 120 120 120 56 56 56 56 56 56 56 56 56 56 56 56 56 56 63 64 64 64 64 64 64 64 64 64 64 64 64 64 Operational Activity turnover (no.753 6.835 55.389 10.573 2.685 5.206 Operating Profit 3.625 12.276 5.173 2.627 Equity (Eq) 7.418 18.935 Operating cycle Average payment period (days) Financial cycle .671 28.17 General Liquidity 0.095 29.78 0.958 Need for Working Capital 1.563 4.81 0.419 38.191 Net Working Capital 1.341 4.058 5.018 4.405 9.083 7.49 2.522 4.40 0.668 7.462 3.745 6.24 2.448 6.498 13.675 18.543 21.06 Total Assets (TA) 15.817 25.927 5.522 4.612 4.524 44.881 4.059 3.163 24.60 0.67 6.355 14.883 3.838 8.995 3.304 5.063 22.867 11.948 4.056 Net revenues 8.932 8.74 0.15 1.588 3.92 3.718 12.901 3.62 0.44 2.635 4.212 18.806 28.02 2.858 47.991 33.534 2.82 2.003 3.15 1.42 0.43 0.270 4.156 16.853 35. of times) 0.22 6.680 34.149 28.91 0.39 0.87 0.330 8.034 55.956 27.47 0.685 14.540 6.56 0.629 1.43 4.52 2.018 4.953 2.70 4.066 9.879 24.351 3.52 0.99 0.62 0.64 Liquidity 1.32 2.631 Bank Debts (BD) 4.425 4.40 0.431 20.929 15.391 9.048 2.092 10.806 16.84 0.568 25.494 17.094 19.998 14.92 3.746 28.243 16.395 5.85 0.686 10.40 0.24 5.408 51.

5% 3.60% 88.81% 90.50% 13.00% 0.78% 4.43 3.50% Premium 1.5% 3.00% 6.369 45.8882 0.581 E/(D + E) 88.50% 13.8% 3.629 1.80 3.07 4.55% 4.52% 14.51% 7.00% 13.71% 15.879 34.11% 90.15% 13.12% 13.8760 0.90% 17.00% 0.0% 4.00% 17.50% Rf 16.80% 13.00% 15.00% 0.00% Ij 7.05% 7.8734 0.399 36.50% 13.00% 13.62% 4.8709 0.27% GNP 5.29% 8.68% 12.33% 12.5% 4.50% 13.25% 18.73% 3.50% 13.00% 0.30% 7.22% 8.35% 7.47% D/(D + E) 11.8347 .685 70.00% 15.0% 3.6% 6.8206 bl 0.522 4.68% 4.53% bu 0.77% 17.0% 5.50% 13.50% 13.65% 20.52% 14.81% 21.011 5.9031 0.104 4.8754 0.632 52.52% 16.5% 2.20% 7.8953 0.89% 9.632 40.56% 2.0% 3.50% 13.80% 5.55% 4.621 4.00% 16.40% 11.1% 3.5% 3.93 4.78% 91.395 5.65% 4.00% 15.018 4.75% 12.00% 0.842 NPV 9.27% 96.0% 3.5% 3.67% 87.72% 4.8664 0.0% CPI 7.8898 0.85% E 31.10% 7.19% 9.40% 7.0% 3.49% 92.0% 4.00% 0.20 3.50% 13.10% 17.5% 3.5% 3.50% 13.50% 13.58% 4.00% 16.50% 13.58% 5.10 3.21 WACC Dólar 0.95% 6.883 3.10% 0.75% 4.5% 3.00% 0.88% 86.99% 13.5% 3.462 3.5% 5.10% 11.5% 3.81% 12.25% 7.0% 3.8535 0.80% 13.31 3.743 57.90% 6.00% 13.90 3.948 4.8998 Ke 17.00% 0.00% 0.67 3.20% 94.217 32.460 42.96% 2.145 48.327 38.8429 0.0% 3.10% 17.00% 16.50% 13.09% 12.28% 19.82% 4.85% 4.860 D 4.287 4.08% 15.50% Kd 5.45% 7.80% 13.65 2.90% 88.50% 13.71% 91.10% 17.510 2.15% 7.00% 0.55 3.04% 97.Calculations and Ratios 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Rm 17.715 63.0% 4.97% 12.50% 13.50 2.

830 3.332 1.830 3.0% 20.855 2.923 0.202 5.830 3.830 3.830 3.687 999 359 221 0 550 0 1.0% 0 5.830 3.501 4.830 3.380 760 1.899 3.0% 20.266 303 760 537 136 109 221 2016 2018 2019 2020 478 658 706 234 530 204 290 20 100 300 280 280 843 150 50 200 150 150 730 Projects in Steel Mills 500 2021 2022 2023 2024 2025 2026 2027 Total 100 480 1.830 .830 3.0% 20.830 3.Investments 2015 Operational Product 1 Product 2 Product 3 Product 4 Product 5 Product 6 Revenues from logistic services 1.971 3.546 2.830 3.0% 20.830 3.0% 333 5.0% 783 1.0% 391 10.080 2.0% 20.214 1.0% 20.0% 20.337 2.0% 253 5.019 5.0% 290 5.000 0 0 0 0 0 ### 3.290 1.830 3.000 Other Projects Maintenance S/ EBITDA 2017 0 0 0 0 0 0 3.

90% - 6.121) (1.05% -178 -178 -197.121 1.35% 7.253 - 6.15% 7.935) (782) (864) 291 616 872 (1.6 -153 -170 0 -239.10% 7.6 -153 -170 0 -153 -170 0 -170 0 0 (864) (910) (952) (881) (787) (787) (563) (323) (170) - (99) (60) (952) (881) (787) (787) (563) (323) (170) - (890) (987) (1.560) (182) (696) (505) (449) (1.121 1.321 7.2014 Catchment Short Term Borrowings Long Term Borrowings Interest on capital paid to shareholders Total Catchment Interest Rate Amortization Short Term Borrowings 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Total Net 2016 2017 890 987 1.121) (1.2 -239.2 -178 -197.253) - .2 0 -224.2 0 2023 2024 2025 2026 2027 1899 1899 1899 Total 8.198 765 850 7.00% 0.2 -178 -197.2 -264.6 -153 0 -224.30% 2018 - 2019 2020 2021 2022 1.25% 7.321) (1.2 0 -224.6 -264.121 1.2 -239.2 -224.20% 7.00% 0.935) 339 334 -197.198) (765) (850) - (8.198 765 850 1.95% - 6.2 -239.4 -224.253 0.00% - - 8.2 -239.00% (804) Long Term Borrowings Total Amortization 2015 (804) 86 (696) (505) (271) (1.2 -264.40% 7.4 -224.321 890 987 1.4 -224.85% - 6.4 -224.00% - 0.121 1.4 -178 -197.2 -264.00% 7.2 0 -224.6 -153 -170 -224.2 -264.80% - 0.

830) (3.500) (367) 2.8953 0.52% 1.931 39.38% 5.475 1.8042 2.151 18.830) (70) 4.422 Share Price 63.5917 1.Free Cash Flow to Firm 2015 2016 2017 2018 2019 2020 2021 2022 2023 2.830) (3.080 12.694 1.3779 892 15.331 2027 13.8228 1.382) 71.8709 0.857 (3.8754 0.8898 0.414 14.27% 4.806 1.09% 2.3043 3.830) (3.331 2.209 10.15% 4.849 741 (2.136 1.374 (3.9031 0.797 916 (1.8664 0.341 1.830) (454) 1.830) (3.1908 203 60.9846 2.81% 3.182 (3.8429 0.533 1.393 12.8882 EBIT * (1 -Income tax) (+) Depreciation CAPEX (-) Need for Working Capital Free Cash Flow 2024 12.8206 0.140 2.717 2025 13.229 3.830) (522) 2.547 14.500) (393) 2.830) (59) 6.036 2026 13.366 Err: 0.313 1.8755 3.8734 0.125) 242 2.523 (3.159 74.565 (3.0796 586 12.067 16.5280 39.6472 1.171 6.819 4.99% 3.278 841 (1.251 3.8315 .75% 2.164 21.000) (361) 1.52% 1.726 641 (2.926 WACC WACC Accumulated PV Free Cash Flow to Firm Final Value Cash Non-Operating Assets Investments Enterprise Value (-) Debts Equity Value Total Stocks (ordinary + preferred) 19.279 8.85 Beta Unlevered Beta Levered 0.336 13.08% 1.8347 0.513 991 (3.8760 0.68% 2.000) (1.97% 2.8535 0.71% 1.249 12.3493 924 12.830) (164) (363) (393) (426) (461) 8.616 12.219 5.3669 2.240 19.166 15.757 1.156 10.581 15.948 2.366 ### Err:5 191.

686 1.4142 1.8754 0.00% 13.021 13.038 (176) 1.9193 2.900 192.205 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2.500) (393) 1.2077 455 56.Free Cash Flow Shareholder 2015 Net Profit (+) Depreciation CAPEX (-) Need for Working Capital (-) New Debts (-) Payments of principal Free Cash Flow (-) Dividends Ke Ke Accumulated PV Cash Flow Shareholder Final Value 2.7311 5.178 1.263 10.8953 0.822 2.331 (3.00% 15.50% 13.10% 17.121 (505) 3.8709 0.8664 0.995 741 (2.540 1.50% 13.50% 13.000) (1.523 (3.948 641 (2.125) 890 (804) 550 20.50% 13.500) (367) 1.739 8.121 (782) 2.711 16.940 15.6726 4.8347 0.8734 0.935) (388) 5.773 35.830) (522) 1.8898 0.337 2.8206 0.000) (361) 987 (696) 1.182 (3.796 2.3698 1.830) (363) (393) (426) 0 0 0 (952) (881) (787) 9.830) (3.830) (70) 1.80% 13.743 12.709 6.50% 6.241 17.830) (164) 850 (910) 8.140 2.900 Beta Unlevered Beta Levered 0.662 1.932 1.2072 2.77% 1.757 (3.912 4.841 991 (3.00% 16.267 2.8429 0.936 2.687 3.830) (59) 765 (864) 6.5118 2.932 1.665 3.425 841 (1.625 1.8509 3.328 12.321 (449) 3.198 (864) 4.8760 0.675 18.014 4.6546 1.8882 0.9031 0.830) (3.50% 13.565 (3.8315 .8535 0.018 916 (1.1684 4.830) (454) 0 (1.374 (3.079 1.830) (461) 0 (787) 20.948 2.0947 35.50% 1.220 22.2357 3.

80 3.6540 Companhias Preço da Ação Valor de mercado Crescimento de vendas Vendas Margem Bruta EBITDA Margem Operacional Lucro por Ação P/L PL/Crescimento Preço/Vendas Preço/EBITDA Vale do Rio Doce BHP Billington Rio Tinto 23.54 123.85% 23.830.0 85.80% 42.25% 2.40% 36.17 2.73 27.340 8.610.0 37.12 1.156 10.29 27.820.99 Dolar Comercial em 30/12/2004 : 2.522.0 32.650.0 2.750.160.340.55 15.20 43.AVALIAÇÃO RELATIVA Preço da Ação PN em 30/12/2004 : R$ 62.04% 8.56 0.0 49.77 2.14% 27.17% 14.74 3.207 1.42 0.0 18.91 6.20% 25.75 20.479.0 8.0 11.72 .0 27.12% 3.

198 -2.156 8.115 1.198 14.386 2.227 6.858 12.081 849 -505 4.182 1.391 15.619 60 51 111 56 55 60 51 111 56 55 60 51 111 56 55 60 51 111 56 55 60 51 111 56 55 60 51 111 56 55 60 51 111 56 55 60 51 111 56 55 60 51 111 56 55 60 51 111 56 55 60 51 111 56 55 60 51 111 56 55 5.021 -1.681 1.323 -1.021 13.2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Financial focus Financial and Operating Cycle (+) Inventory (+) Accounts Receivable (=) Operating Cycle (-) Suppliers (=) Financial Cycle Inventory (+) COGS (+) Final Inventory (-) Initial Inventory (=) Purchasing 75 44 119 56 63 60 51 111 56 55 4.093 878 1.515 9.126 9.286 6.858 -1.860 .012 7.156 -1.709 11.601 -2.012 -779 -878 5.383 11.515 -1.425 4.308 9.775 10.650 2.403 14.160 2.226 2.323 13.960 1.709 -1.323 9.385 6.609 10.391 -2.331 12.103 7.579 15.609 -1.959 1.283 1.689 779 -849 4.

373 20.688 30.286 0 2022 2024 2026 Product Revenue in participation .668327 7.615 15.2027 201 701 Product 1 Product 2 343 299 322 2.000 1.083 8.927 3.115 7.274 2022 2024 2026 PROFIT BEFORE TAX    40.80676 6.2014 124 18.498 10.27426 11.676 4.000 28.EBITDA Evolution of Revenue 35.668 2018 7.000 3.000 16.711 20.689 11.938 25.85282 35.852 1.156 10.522 4.095 17.533 6.000 23.291 534 749 3.093 5.685 11.000 6.520 5.081 4.000 8.182 25.000 25.058 4.3921210.000 32.000 35000 29.000 13.479 6.260 30.284 2014 15.000 25.576 Product 6 .407 35.000 25000 24.184 4.372 40.011 20.386 15.000 36.263 27.01062 25.650 6.971 23.341 10000 10.000 15.333 5.000 33.000 1.094 15.602 20.000 5000 0 0 2014 2016 2018 2020 2022 2024 3.182 12.275777 5.150 0 2012 2014 2016 2018 263 2020 886 164 4.091 585 1.249 2.680 25.304 15.491 15.992 28.000 13.000 20000 17.015 25.038 20.663 26.000 30.996 2015 2016 2017 13.504 14.000 14 17.276 2016 5.737 10.160 13.681 9.226 14.143 Product 1 29.50386 21.000 3.283 9.671 31.816 2014 2016 2018 2020 2022 2024 2026 Product Revenue in participation .960 10.494 15000 13.000 23.853 30000 28.146 30.017 22.82831 9.000 5.000 8.003 5.389 7.100 23.746 19.09546 29.520 20.057599 5.807 6.000 39.237 11.740 27.959 5.828 2020 9.330 0 2014 2016 2018 2020 2022 2024 2026 Revenue Cash and bank deposits    Costs 45.000 34.148 Product 2 Product 3 Product 3 Product 4 Product 4 Product 5 Product 5 Product 6 5.000 19.239 21.68535 5.522 2014 2026 5.535 35.

I Ações em controladas Partes relacionadas Ações e participações em outras empresas Investimentos Custo de pensão pagos antecipadamente Outros ativos sem juros de longo prazo Outros Créditos sem juros de longo prazo Outros Circulantes Imposto de renda diferido Depósitos judiciais Ganhos não realizados TOTAL OUTROS ATIVOS TOTAL ATIVO Empréstimos e adiantamentos NÃO CORRENTE Clientes Projetos em construção Inestimentos de curto prazo . INSTALAÇÕES. MÁQ E EQUIPAMENTOS.BA2350 Portuguese BA2350 BA2360 BA2370 BA2380 BA2390 BA2400 BA2410 BA2420 BA2421 BA2430 BA2445 BA2446 BA2440 BA2435 BA2300 BA2425 BA2450 BA2210 BA2220 BA2230 BA2249 BA2290 BA2310 BA2339 BA2330 BA2345 BA2349 BA2265 BA2260 BA2270 BA2280 BA2329 BA2322 BA2315 BA2325 BA2489 BA2050 BA2070 BA2080 BA2065 BA2032 BA2060 BA2090 BA2030 BA2035 ATIVO CORRENTES Outros circulantes Máquinas e equipamentos de transporte Prédios Casas Impostos a recuperar Imobilizado (-) Depreciação Acumulada Ágio na aquisição de controladas NÃO CORRENTES Desenvolvimento Licensas e Patentes PERMANENTE Outros ativos intangíveis Total do intangível Imposto de renda diferido Investimento em propriedades TOTAL PROPRIEDADES.

BA2099 BA2170 BA2110 BA2175 BA2131 BA2085 BA2139 BA2140 BA2150 BA2160 BA2169 BA2189 BA2010 BA2015 BA2020 BA2025 BA2040 BA2120 BA2045 BA2129 BA2089 BA2190 BA2092 BA2490 BA2910 BA2962 BA2963 BA2960 BA2950 BA2955 BA2956 BA3010 BA2965 BA3030 BA2890 BA3029 BA2760 BA2762 BA2750 BA2752 BA2754 BA2756 BA2770 BA2779 BA2820 BA2765 BA2759 BA2865 BA2850 BA3000 BA2790 BA2800 BA2830 Clientes Empréstimos e adiantamentos Matéria prima Estoques Disponíveis Empréstimos e adiantamentos Total CORRENTE Ações preferenciais classe A Ações ordinárias Ações em tesouraria Capital integralizado Lucros acumulados Outros lucros acumulados Participação Minoritária Reserva de lucros Provisões para contingências Perda não realizada com derivativos Outros Empréstimos e financiamentos Empréstimos de partes relacionadas Pensões Outros Financiamentos de Longo Prazo .

gerais e administrativas .BA2795 BA2869 BA2870 BA2510 BA2520 BA2529 BA2530 BA2540 BA2549 BA2680 BA2545 BA2628 BA2550 BA2670 BA2600 BA2610 BA2620 BA2630 BA2635 BA2639 BA2560 BA2660 BA2665 BA2590 BA2645 BA2650 BA2659 BA2679 BA2570 BA2700 BA2720 BA2710 BA2655 BA2729 BA2730 BA3050 PL0210 PL0211 PL0212 PL0213 PL0214 PL0215 PL0220 PL0221 PL0249 PL0222 PL0382 PL0240 PL0260 PL0261 PL0262 PL0263 PL0270 Juros sobre capital próprio Salários/Encargos Sociais Parcela Circulante de empréstimos e financiamentos de LP Empréstimos e financiamentos Empréstimos de partes relacionadas Fornecedores 1 Outros Passivos Correntes Provisão para IR Voltar índice Produto 1 Produto 2 Produto 3 Produto 4 Produto 5 Produto 6 Receitas de serviços de logística Produtos Diversos Outros produtos e serviços Impostos sobre vendas e serviços Produtos De serviços de logística Produtos Diversos Outros produtos e serviços Despesas vendas.

PL0280 PL0290 PL0299 PL0300 PL0320 PL0330 PL0350 PL0410 PL0420 PL0430 PL0360 PL0440 PL0380 PL0680 PL0450 PL0489 PL0469 PL0499 PL0470 PL0472 PL0385 PL0390 PL0400 PL0500 PL0510 PL0515 PL0530 PL0540 PL0550 PL0560 PL0570 PL0580 PL0600 PL0610 PL0630 PL0640 PL0650 PL0660 PL0670 PL0690 PL0700 PL0710 PL0720 PL0730 PL0750 PL0770 PL0780 PL0785 PL0790 PL0791 PL0792 PL0799 PL0899 Pesquisa e desenvolvimento Participação dos empregados nos resultados Outros Ganhos na venda de investimentos ( . ANTES IR/CS Imposto de renda Corrente Diferido Total Imposto de Renda .) Depreciação e Amorização Ganhos (perdas) cambial e monetária Receitas financeiras Despesas financeiras LUCRO LÍQ.

PL0805 Participação minoritária 0 PL1310 PL1320 PL1300 PL0805 PL1120 PL1080 PL1125 PL0785 PL1110 PL0880 PL0881 EQ2912 EQ2914 EQ2915 EQ2917 EQ2916 PL1120 PL1080 PL0785 PL1125 EQ2921 EQ2922 EQ2924 EQ2923 EQ2925 EQ2918 EQ2926 EQ2928 EQ2920 LUCRO DAS OPERAÇÕES CONTINUADAS LUCRO/PREJUÍZO LÍQUIDO Mudanças no método de contabilização Equivalência Patrimonial .

plant. interest-bearing NON CURRENT ASSETS Accounts receivables Allocations to loss on receivables Advance payment to suppliers Trade and other receivables Income tax receivables Projects under construction Other short-term current assets. plant and equipment (-) Accumulated Depreciation Goodwill in subsidaries NON-CURRENT Development Licenses and Patents Impuestos por recuperar Propiedad. external. external. planta y equipo y activos intangi Las acciones de subsidiarias Partes relacionadas Acciones y participaciones en otras socieda Las inversiones a largo plazo Fondos de pensiones neto Otros activos sin interés a largo plazo Otros créditos sin interés a largo plazo Otros corrientes Impuesto sobre la renta diferido depósitos en Garantía Las ganancias no realizadas Deuda Financiera a largo plazo Clientes . interest-bearing Interest-bearing long-term receivables. interest-bearing Total long-term receivables. interest-bearing Total long-term receivables.1 CURRENTS ASSETS English Spanish ASSETS CURRENTS ASSETS Plant under construction Machinery and transportation equipment    Buildings Houses ACTIVOS CORRIENTES Recoverable taxes Property.external. external Others Currents Interest-free long-term assets. interest-free Short-term interest free investments Firm commitments asset (hedge accounting) Intangibles Maquinaria y equipo de transporte Edificios Casas Impuesto sobre la renta diferido La inversión en propiedades Propiedad. external Interest-bearing long-term assets. Interest-free long-term assets Unrealized gains Loans to employees Bonds and other securities Other long-term receivables. internal (*) Long-term receivables related parties. equipment and intangible assets Shares in subsidiaries Shares and interests in associated companies Shares and interests in other companies Long-term investments Net pensions funds Other interest-free long-term assets. planta y equipo (-) Depreciación acumulada Fondo de comercio de adquisición de subsid NO CORRIENTE Desenvolvimiento Licencias y Patentes Other intangible assets Total intangible assets Deferred tax assets Investment property Property. related parties.

interest-bearing    Interest-bearing long-term debt. internal Long-term liabilities.Short-term receivables. external.    Total CURRENT ASSETS    Assets hold for sale TOTAL A S S E T S    Preferred capital  stock Ordinary shares Treasury shares Total paid-in capital    Translation reserves    Hedging reserve    Fair value reserve    Retained earnings    Other retained earnings Minority interests    Earnings reserve TOTAL EQUITY    Secured bank loans    Unsecured bank loans    Secured bond issues    Unsecured bond issues    Provisions for contingencies Unrealized loss on derivatives Other long-term liabilities. external. related parties. interest-bearing    Total interest-bearing short-term receivable    Bank deposits and interest-bearing short-term receiv. related parties. external    Interest-bearing long-term debt. internal (*)    Clientes Deuda Financiera a corto plazo Existencias Efectivos y equivalentes de efectivo Total ACTIVOS CORRIENTES TOTAL A C T I V O S Acciones preferidas Acciones ordinarias Acciones propias Capital pagado Resultados acumulados Otras utilidades retenidas Los intereses minoritarios Reserva de de Rentas Provisiones para contingencias Pérdida no realizada en derivados Préstamos y financiaciones Préstamos de partes relacionadas Volver al índice Pensiones Otros de interés a largo plazo pasivos . internal (*)    Short-term receivables. interest free Raw materials Goods under production/Work in progress Finished goods Inventories Inventory and interest free current assets Deposits in internal bank (*) Short-term investments with terms less than three months Cash and bank deposits    Total cash and cash equivalents    Interest-bearing short-term receivables. interest-bearing    Total interest-bearing long-term debt    Subordinated debt    Deferred tax liability    Pension liabilities    Non current provisions    Other long-term interest free liabilities    Interest-free long-term debt. external    Interest-bearing short-term receivables. interest-free (*) Short-term current assets. interest-free Outstanding internal dividend (*) Group contribution receivable (*) Total internal dividend and group contribution Short-term current assets. related parties. interest-bearing Total short-term current assets. internal.

external dividend payables and other liabilities    Income tax payable    Impuesto sobre la renta por pagar Current provisions    Short-term provisions for loss on projects    Total short-term provisions    Total current liabilities interest-free. generales y administrativ . internal (*)    Préstamos de partes relacionadas Short-term liabilities. unpaid costs    Otros Pasivos Corrientes Firm commitments liability (hedge accounting)    Trade and other payables    Dividends payable    Other interest free short-term liabilities. interest-free    Total interest-free short-term payables    TOTAL CURRENT LIABLITIES    TOTAL EQUITY AND LIABILITIES    Product 1 Producto 1 Product 2 Producto 2 Product 3 Producto 3 Product 4 Producto 4 Product 5 Producto 5 Product 6 Producto 6 Revenues from logistic services Los ingresos por servicios logísticos Others Products Varios productos Turnover Other operating revenue    Otros ingresos de explotación Taxes on sales and services Impuestos sobre ventas y servicios OPERATING REVENUES    Products Productos From logistic services Por servicios logísticos Others Products Varios productos Other operating costs Otros productos y servícios Expenses Selling. external. tax withholding from employees and other deductions    Accounts payable. interest-bearing    Total interest-bearing short-term debt    Advances from customers    Construction Loans    VAT. related parties. interest-bearing    Interest-bearing short-term debt. related parties. other payables. related parties. internal (*)    Current liabilities. external    Proveedores Incurred. external    Préstamos y financiaciones Interest-bearing short-term debt. external    Trade.Long-term liabilities. external    La porción corriente de los préstamos y la fi Other short-term liabilities. unpaid interest    Other incurred. interest-free    Total interest-free long-term liabilities    Interest on capital Intereses sobre el capital Drawn in internal bank (*)    Salaries and social charges payable Remuneraciones y cargas sociales Total bank overdrafts    Current portion of long-term interest-bearing liabilities.external    Allocated to dividends from companies within the group (*)    Allocated to group contribution (*)    Total internal dividend and group contribution    Other interest-free short-term payables. general and administrative Gastos de ventas.

Research and development Investigación y desarrollo Employees' results Resultados de los empleados Others cost Otros costos Wages and other personnel expenses    Bad debts    Provisions for bad debt    Guarantee commissions (including changes in allocation)    Hired services and consultants related to production (only external)    Material and administration cost    Sub-deliveries costs (Distribution expenses)    Other operating expenses    Allocated group expenses. internal    Dividends from other companies    Dividends from companies within the group    Gain on exchange realized    Gains (losses) exchange rate and monetary Ganancias (pérdidas) del tipo de cambio y m Financial income    Ingresos financieros Total other financial items    TOTAL FINANCIAL INCOME    Interest expenses. royalty and management fee    Gain on sale of investments Ganancia en venta de inversiones Internal guarantee comissions    ORDINARY OPERATING EXPENSES    EBITDA    Ordinary depreciation    (-) Depreciación y Amorização EBITA    Goodwill and intangibles amortization    Reversal of impairment losses    Restructuring cost    Write-downs and impairment loss    Non recurring operating items    OPERATING PROFIT    Interest income on bank deposits    Interest income external except interest on bank deposits    Interest income. external    Interest expenses. internal    Loss on exchange realized    Loss on exchange unrealized    Financial expenses    Gastos financieros Other financial expenses    TOTAL FINANCIAL EXPENSES   NET FINANCIAL ITEMS    Share of earnings in associated companies    Exceptional financial items    PROFIT BEFORE TAX    RESULTADO ANTES DE IMPUESTOS Taxes payable    Change in deferred taxes    Tax on Group contribution    Tax expense Impuesto sobre la renta Current Corriente Deferred Diferido Total Income tax Total Impuesto sobre la renta PROFIT AFTER TAX    .

paid -)   Tax on Group contribution   Dividends internal (-)   Group contribution capitalized Currency translation adjustments   Cash flow hedges   Fair value loans   Fair value shares   Revaluations investment held for sale   Gain on investment property revaluation   Tax on items taken directly to equity   Miscellaneous   Shareholders equity at 1006   Interés minoritario Resultado de operaciones continuadas Los cambios en el método de contabilidad Equivalencia Equidad .Minority share of profit after tax PROFIT FOR THE PERIOD .MAJORITY Profit from continued operations Gain/loss on disposal from discontinued operations Profit and gain/loss from discontinued operations Minority share of profit after tax MAJORITY INCL DISCONTINUED OPERATIONS Dividends external (-) Group contributions Gross Allocated (received +. paid -) Dividends internal (-) Tax on Group contribution Allocated to retained earnings Result for the period   Changes in method of accounting Equity Equivalence Demerger   Business Combination   Transaction cost (new equity) Issue of shares etc.   Dividends external (-)   Group contributions Gross Allocated (received +.

Fluxo de Caixa Livre do Acionista 11 .Economic Cycle 15 13 .Ciclo Econômico 12 .Demonstração de Resultados do Exercíci 4 .Premisses 4 3 .Investimentos 8 .Free Cash Flow to Firm uisición de subsidia12 11 . MÁQ E EQUIPAMENTOS.Cash Flow 7 6 .Financing 11 10 .Balance Sheet nsporte 5 4 .Indicadores de Desempenho 6 .Free Cash Flow Shareholder 13 12 .Balanço Patrimonial 3 . INSTALAÇÕES.Gráficos 13 .Fluxo de Caixa Livre da Empresa 10 .Investments 10 9 .1 2 1 2 1 .Fluxo de Caixa 5 .Introduction 3 2 .Graphics Voltar índice Back to index y activos intangibles TOTAL PROPRIEDADES.Performance Indicators 8 7 .Premissas 2 .Financiamentos 9 .Income Statement 6 5 .Calculations 9 8 .Relative Analysis 14 12 .Análise Relativa 12 . INTANGÍVEIS en otras sociedades argo plazo largo plazo .Introdução 1 .Cálculos 7 .

e efectivo azo pasivos .

sociales préstamos y la financiación a largo plazo ogísticos servicios es y administrativos .

po de cambio y monetaria UESTOS .

continuadas de contabilidad .

3 1 .Inversiones 9 .2027 7 .Gráficos Volver al índice Na 0 0 0 0 0 0 0 0 0 .Flujo de caja libre a la empres 11 .Introducción Evolution of Revenue 2 .Supuestos EBITDA 3 .Indicadores de Desempeño Product Revenue in participation .Análisis relativa 12 .Flujo de caja libre Accionista 12 .Cálculos 8 .Ciclo Económico 13 .Flujo de caja Product Revenue in participation .Estado de Resultados Costs 5 .Financiamiento 10 .Balance Revenue 4 .2014 6 .

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45% 5.0% 10.60% 12.85 6.213 4.00 2.15% 3.26% 6.07% Preço Ferro Vol Vendas Preço Dólar Mínimo Máximo Vol Vendas Preço da  Ação US$ 63.36% 4.19% 5.0% Var Dolar .40% 8.0% Var Inv estimento 30.68% 6.0% -20.596 4.39% 6.85 4.71% 5.67% 4.681 5.19% 3.19% 4.00 10.49% 6.81% 5.60% 8.256 3.00 - -40.0% Var Vol Vendas 10.0% -20.00% 63.0% 20.63% 3.00 8.0% 20.85 15.00% Preço Dólar  10.979 4.873 2.00 4.80% 6.0% -10.65% 4.0% -30.52% 5.19% Investimento Preço da  Ação US$ 63.55% 7.0% 5.94% 4.10% 5.93% 4.00% 7.00% 9.0% -5.23% 4.81% 5.405 4.23% 5.0% -30.89% 3.0% 40.60% 7.40% 6.0% -25.00% 5.830 3.788 4.60% 9.0% 25.830 8.20% 6.00 6.0% -15.80% 8.97% 5.85 7.447 3.0% 0.0% 15.81% 5.639 3.Análise de Sensibilidade Variáveis Preço do Ferro Volume de Vendas Investimento Preço Dólar Preço da Ação Tx de cresc.20% 8.40% 10.0% Var Média Anual 5.75% 6.41% 4.97% 6.27% Preço do Ferro Preço da  Ação US$ 63.0% Var Preço Ferro 0.78% 5.064 2.0% -10. Variação no Crescimento da Receita 30.022 3.

36% 4.89% 5.78% 6.52% 10.59% 15.64 59.44% 9.69% 4.79% 7.84% 6.15% 5.59 80.11% 5.29 66.66% 4.34% 5.49% 77.86 60.00 52.23% 8.63% 9.09% 7.81% 6.18 58.23 15.91 96.58% 5.34% 5.61% 10.18% 7.28 39.42 59.32% 6.31% 16.36% 5.50% 17.08 70.22% 13.39% 7.58 65.55% 5.47% 5.68 64.71 80.93 61.60% 6.53 70.05% 18.05% 9.79 68.44 80.62 56.33% 14.84 78.60% Vl.75% 5.29% 6.28% 14.58 63. 12.92% 18.96% 8.90% 16.00% 7.76% 14.93% 6.12% 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Tx de Cresc.02% 3.07% 4.97% 6.22% 3.32% 14.97% 3.73% 15.04% 9.19% 8.89% 5.45% 7.46% 4.91% 18.44% 15.36% 6.87% 12.08% 6.20 114.20% 8.27% 6.62% 5.51% 8.47% 5.71% 4.94% 18.12% 7.18% 4.38% 1 2 3 4 5 6 7 8 9 10 11 12 4.80% 4.51% 6.46% 5.11% 6.82% 9.32% 6.11% 6.08% 4.96% 5.34% 8.36% 5.69% 6.26% 4.92% 7.71% 14.22 63.10% 5.18% 9.17% 19.80% 6.91 51.85% 5.19% 6.07% 7.82% 12.11 59.44% 4.43% 5.89% 10.07% 5.06% 15.60% 15.78% 69.89% 5.88% 16.97% 9.40% 4.68% 16.21% 6.73% 5.97% 6.82 Posição 142 21 .07% 6.44% 6.64 86.22% 5.89% 14.93 37.38 91.34% 16.64% 6.13% 6.60% 7.15% 6.99 81.24% 7.36% 15.40 61.00% 15.48 74.82% 16.61% 7.63 94.81% 6.54% 5.38% 9.74% 4.47% 16.52% 16.87% 14.12% 4.79% 15.36% 7.27% 17.58% 4.41% 6.34% 10.29% 3.84 46.28% 4.37% 8.02% 14.Preço Volume Dólar Mínimo Máximo 4.64% 4.07% 13.61% 15.77% 3.36 46.78% 5.63% 4.83 85.68% 4.73% 4.67% 3.70% 10.69% 10.40% 15.16% 10.11% 19.66% 4.88% 6. Da Ação 37.67% 3.38% 6.26% 4.54% 6.52% 5.58% 8.40% 6.47% 14.94 62.58 56.06 78.28 56.51% 10.34% 8.70% 10.76% 4.90 55.67% 14.92% 5.25% 6.59 76.12% 5.65% 4.19% 17.18 102.06 73.09% 5.36% 17.52% 3.85 16.64 102.17% 6.62 114.58% 6.74% 13.64% 6.93% 10.

79% 10.89% 5.10 109.77 51.01% 6.31 38.33 85.64% 6.44% 14.61 50.86% 6.68% 6.37% 6.36% 7.26% 10.39% 5.45% 8.97% 4.04% 7.12% 5.37% 4.96 80.55% 6.38 93.67% 16.30% 9.84 89.08% 9.45% 4.46% 5.75% 17.56% 4.77% 6.41% 6.53% 6.73% 7.00 53.88% 5.94% 7.71 104.31% 6.37 93.97% 19.26% 3.57% 4.82% 16.85% 18.03% 15.63% 8.13 63.36% 3.22% 7.82% 4.27% 5.11% 6.28% 8.43% 5.49% 6.58% 5.24% 9.58% 4.27% 6.28% 7.43% 6.41% 5.75% 7.82% 7.10% 6.41% 14.31% 17.38 .51% 5.30 73.11% 5.97% 6.56 65.23% 17.96% 3.20% 9.14% 12.18% 18.63% 5.24% 5.07% 5.72% 6.01% 13.84% 15.83% 14.02% 6.49 56.70% 6.59% 6.74% 18.08 60.84% 12.01% 7.41% 14.42% 4.80 41.45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 5.46% 7.28% 3.59% 15.87 47.31 59.91 55.93% 15.00% 4.29 86.02 45.88 81.35% 9.06% 5.48% 6.45% 4.16% 10.75% 3.49 68.49 42.21% 18.53% 14.65% 13.59% 6.99% 4.93% 4.38% 9.36% 10.10% 13.42% 5.63% 4.44% 6.52% 18.50% 6.50% 14.36% 4.34% 14.47% 9.41% 10.78 67.79% 58.80% 6.57 72.15% 7.46 59.70 91.34% 3.45% 4.40% 6.23% 7.67% 5.08% 9.55% 5.83% 5.14% 4.77% 14.74% 14.99% 6.12% 6.74% 5.08% 4.98% 5.01% 17.07% 6.44% 9.81 72.47% 16.62% 7.16 94.70 77.11% 5.19% 4.37% 9.20% 6.85 57.91% 5.76% 6.59% 9.84 45.65% 5.17% 14.70% 6.79% 12.21% 10.44 59.70% 4.26% 12.09% 15.61 61.28% 6.85% 17.15% 6.87% 13.68% 16.26 103.76% 3.19% 4.94 94.87% 16.75 60.57% 5.07 59.63 59.90% 4.21% 6.07% 10.72 68.76% 6.42% 5.47% 4.63% 5.46% 10.61% 7.91% 13.77% 14.30% 6.56% 15.55% 5.72% 4.83% 15.29% 14.44% 15.30% 5.95 66.61% 3.56% 6.16% 17.89% 5.56% 4.75% 14.93 48.05% 6.19% 17.92% 6.86% 7.65% 4.69% 16.28% 4.78 73.49 65.78 40.73% 6.54% 6.01% 13.41 52.89% 8.27% 7.09% 5.94% 6.27% 16.42% 6.13% 5.32% 5.07 85.67% 3.49% 5.13 79.

54 .09 84.02% 4.66% 14.60 47.07% 5.41% 12.60% 6.44 62.63% 6.53% 14.50% 15.18 95.22% 5.95% 8.07% 17.16% 5.03% 4.49% 4.45% 7.89% 4.47 63.10% 14.35% 16.72% 5.11% 13.53% 5.93 63.35% 5.90% 5.16% 13.56% 17.55% 3.94% 15.03 77.04% 8.36% 5.85% 14.39% 10.21% 5.88% 17.20% 9.36% 6.31% 5.09% 5.97% 9.63% 4.82% 3.67 64.70% 6.74% 5.25 51.50 51.00 44.86 80.68% 4.44% 5.09 77.39% 6.82% 4.24% 4.40 63.77% 5.24% 6.42% 15.78% 8.99% 17.16% 14.38% 7.61 95.95% 6.42% 5.15% 13.36% 6.76 45.10% 3.40% 18.82% 6.93 91.62% 18.23% 6.29% 12.75% 5.88% 15.05% 4.09% 16.07% 9.59% 6.28 70.03% 4.57% 9.16% 5.47% 6.89% 4.28% 13.20 45.15% 15.67% 7.56 99.03% 6.46% 4.41% 9.70% 4.72% 7.84% 9.65% 8.35% 6.57% 10.66% 16.64% 6.66% 16.06% 7.72 57.61% 8.39% 18.00% 4.49% 9.22% 14.18% 13.70% 16.47 89.78 55.62% 6.89% 15.19% 16.29% 9.88% 4.03% 4.37% 4.54% 7.22 72.36% 14.54% 3.60% 5.86% 16.93% 13.71 55.95% 6.10% 5.65% 6.34% 4.82% 9.86% 4.82% 6.86% 6.02 37.99% 10.61% 7.86% 8.99 78.56% 6.27% 16.53% 5.77% 7.79% 9.96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 6.67 77.83% 8.65% 8.59% 15.58 69.90% 7.10% 5.00 58.93% 7.06% 16.97 66.16% 5.29% 6.26% 14.94 50.19% 4.49% 5.61% 15.20 83.04% 5.60% 17.94 70.41% 3.03% 6.47 49.96 82.73% 5.38% 5.82 37.45% 14.69% 4.25% 14.04% 5.45% 9.31% 6.51% 6.37 84.92% 16.60% 6.26% 8.57 58.43% 3.47% 13.48 72.86% 6.98% 6.10% 5.91% 6.66 58.52% 4.92% 7.62% 5.67% 5.79% 4.69% 6.45% 4.97% 8.85% 7.88% 6.14% 60.20% 6.82% 4.19% 9.94% 6.48% 4.66 94.11% 4.35% 6.25% 3.60 61.60 76.47% 5.68% 13.11% 6.16% 15.71% 4.35% 5.31 53.97% 15.85% 5.45 64.96% 9.81% 4.39% 6.19 76.47 76.21% 4.17% 5.38% 4.09 55.86% 6.67% 5.75% 5.18% 17.67% 16.56 74.70% 8.57% 7.50% 10.20% 18.

02% 6.44% 6.39% 6.85% 4.14% 6.58% 6.35% 64.54 .77% 4.98% 13.06 45.29% 6.147 148 149 150 5.67% 13.89% 4.74 15.83% 52.14% 13.96% 5.03% 4.10 50.

00% 5 20.67% 94.00% 66.62953 29.00% 66.33% 78.250209 3.00% 10 40.33% 54.498479 71.00% 25 100.99502 99.870885 92.00% Histograma 120.33% 48.75367 35.00% 30.001939 26.00% 20 Freqüência 15 80.374344 35.877803 51.67% 43.Bloco 23.33% 90.33% 82.87089 90.00% Mais Freqüência % cumulativo 24 22 19 19 15 14 11 9 8 3 3 2 1 16.00% 60.00% 98.67% 88.33% 100.622615 13.99502 Mais 30 Freqüência 2 3 15 19 14 24 19 11 22 9 8 3 1 % cumulativo Bloco 1.8778 42.00% 84.33% 35.33% 23.62261 78.49848 72.74675 84.25021 60.00% 29.00% 96.126074 64.00% 60.00% 0 0.753668 97.33% 72.00% 99.00194 48.74675 86.00% 75.33% 56.12607 54.37434 66.33% 42.629533 100.00% Bloco Freqüência % cumulativo .

0% ar .85 40.00 Preço Dólar Preço da Ação US$ 63.830.15.27% Investimento 3.