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Mills' ResultS

Menu
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

in R$ millions

Net revenue

82.4

104.6

102.7

114.6

115.5

EBITDA

31.6

42.8

37.7

45.6

42.8

38.4%

40.9%

36.7%

39.8%

37.0%

EBITDA margin (%)


Net earnings
ROIC (%)
Capex

12.0

20.1

16.6

19.8

18.7

21.6%

29.4%

23.3%

26.0%

23.1%

9.0

14.2

30.5

22.7

58.7

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

131.3

148.9

154.2

145.0

164.0

175.1

193.5

199.1

211.1

50.5

55.9

45.4

52.8

58.0

50.8

76.4

86.2

84.4

38.4%

37.6%

29.4%

36.4%

35.4%

29.0%

39.5%

43.3%

40.0%

26.1

28.5

30.1

22.2

22.6

17.8

29.5

32.7

39.2

23.0%

20.3%

18.8%

13.8%

12.7%

8.6%

14.2%

15.1%

13.6%

90.0

121.0

78.8

184.6

105.2

121.6

114.4

58.4

83.5

Menu

3Q12

2009

2010

2011

222.2

404.2

549.9

677.6

96.1

157.6

194.5

238.1

43.2%

39.0%

35.4%

35.1%

38.0

68.4

103.3

92.2

15.8%

25.0%

21.0%

12.3%

79.4

76.3

348.5

525.9

Mills - Net revenue per type

1Q09

2Q09

3Q09

4Q09

in R$ millions

Rental

63.8

68.5

70.5

80.0

Technical support services

16.0

32.2

27.1

28.6

Sales

0.6

2.5

4.0

5.5

Others

1.9

1.4

1.1

0.4

82.4

104.6

102.7

114.6

Total net revenue

Mills - Net revenue per business segment


in R$ millions

1Q09

2Q09

Heavy Construction

32.8

39.9%

37.1

35.4%

Jahu - Residential and Commercial Construction

14.1

17.2%

14.7

14.0%

Industrial Services

23.4

28.4%

40.8

39.0%

Rental

12.0

14.6%

12.1

11.6%

82.4

100.0%

104.6

100.0%

Total net revenue

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

74.6

84.6

91.8

91.1

96.8

105.4

119.3

132.4

137.9

29.6

35.6

42.6

43.6

37.6

43.3

41.3

37.6

42.3

9.6

6.0

8.7

12.7

5.6

7.3

8.5

19.2

13.0

1.7

5.0

5.9

6.8

5.0

8.0

6.0

4.3

6.0

115.5

131.3

148.9

154.2

145.0

164.0

175.1

193.5

199.1

3Q09

4Q09

1Q10

2Q10

3Q10

36.9

36.0%

39.4

34.4%

35.7

30.9%

41.7

31.8%

42.7

15.1

14.7%

18.3

15.9%

22.7

19.6%

21.8

16.6%

27.9

36.1

35.1%

41.2

36.0%

40.0

34.6%

46.5

35.4%

52.5

14.6

14.2%

15.7

13.7%

17.2

14.9%

21.3

16.2%

25.8

102.7

100.0%

114.6

100.0%

115.5

100.0%

131.3

100.0%

148.9

Menu

2Q12

3Q12

2009

2010

2011

147.9

155.8

282.9

342.1

453.9

44.5

41.4

103.9

151.4

159.8

13.5

19.0

12.6

37.0

40.6

5.2

6.0

4.8

19.4

23.3

211.1

222.2

404.2

549.9

677.6

4Q10

1Q11

2Q11

3Q11

28.7%

34.2

22.2%

31.8

22.0%

30.6

18.6%

33.2

19.0%

18.7%

32.8

21.3%

29.2

20.1%

34.7

21.2%

39.4

22.5%

35.2%

56.4

36.6%

50.2

34.6%

57.5

35.1%

56.9

32.5%

17.4%

30.8

20.0%

33.7

23.3%

41.2

25.1%

45.6

26.1%

100.0%

154.2

100.0%

145.0

100.0%

164.0

100.0%

175.1

100.0%

4Q11

1Q12

2Q12

3Q12

2009

36.1

18.6%

39.3

19.7%

41.9

19.9%

45.5

20.5%

146.2

52.5

27.1%

52.5

26.4%

58.9

27.9%

60.5

27.2%

62.2

50.2

25.9%

50.9

25.5%

54.8

26.0%

48.8

22.0%

141.4

54.9

28.3%

56.5

28.4%

55.4

26.3%

67.4

30.3%

54.4

193.5

100.0%

199.1

100.0%

211.1

100.0%

222.2

100.0%

404.2

2010

2011

36.2%

154.3

28.1%

131.6

19.4%

15.4%

105.1

19.1%

155.8

23.0%

35.0%

195.4

35.5%

214.8

31.7%

13.5%

95.1

17.3%

175.4

25.9%

100.0%

549.9

100.0%

677.6

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

25.9

51.0%

34.1

55.2%

33.8

52.0%

Costs of sale of equipment

0.3

0.6%

1.5

2.4%

2.3

3.5%

Costs of asset write-offs

0.1

0.2%

0.1

0.1%

0.1

0.1%

Equipment storage

COGS, ex-depreciation

26.3

G&A

24.5

Total COGS, ex-depreciation + G&A

50.7

51.8%
48.2%
100.0%

35.7
26.2
61.8

57.7%
42.3%
100.0%

36.1
28.9
65.0

55.6%
44.4%
100.0%

nses (G&A)
4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

37.7

54.7%

35.7

49.1%

44.1

54.6%

50.9

54.7%

51.9

47.7%

45.9

3.4

5.0%

5.4

7.4%

3.6

4.5%

6.2

6.7%

8.0

7.4%

3.5

0.1

0.1%

0.1

0.1%

0.4

0.4%

1.0

1.0%

2.6

2.4%

1.2

5.4

41.2
27.8
69.0

59.7%
40.3%
100.0%

41.1
31.6
72.7

56.6%
43.4%
100.0%

48.1
32.7
80.8

59.5%
40.5%
100.0%

58.1
34.9
93.0

62.5%
37.5%
100.0%

62.6
46.3
108.8

57.5%
42.5%
100.0%

56.0
36.1
92.1

2Q11

3Q11

4Q11

1Q12

2Q12

49.8%

52.2

49.3%

58.5

47.1%

53.3

45.5%

48.6

43.0%

56.0

44.2%

3.8%

4.5

4.3%

5.6

4.5%

11.8

10.1%

6.2

5.5%

7.2

5.7%

1.4%

1.3

1.2%

0.6

0.5%

1.4

1.2%

1.2

1.1%

1.6

1.2%

5.8%

6.7

6.3%

8.1

6.6%

7.1

6.1%

7.6

6.7%

8.1

6.4%

60.8%

64.7

61.1%

72.9

58.7%

73.7

63.0%

63.6

56.4%

72.8

57.5%

39.2%
100.0%

41.2
106.0

38.9%
100.0%

51.3
124.2

41.3%
100.0%

43.4
117.1

37.0%
100.0%

49.3
112.9

43.6%
100.0%

53.9
126.7

42.5%
100.0%

Menu

3Q12

2009

2010

2011

56.5

44.8%

131.5

53.3%

182.6

51.4%

210.0

47.8%

11.0

8.7%

7.5

3.0%

23.2

6.5%

25.5

5.8%

1.9

1.5%

0.3

0.1%

4.0

1.1%

4.6

1.0%

9.4

7.5%

0.0%

0.0%

27.3

6.2%

78.9

62.5%

59.1%

267.4

60.8%

47.3
126.2

37.5%
100.0%

139.3
107.3
246.5

56.5%
43.5%
100.0%

209.9
145.5
355.4

40.9%
100.0%

172.1
439.5

39.2%
100.0%

Mills - EBITDA per business segment


in R$ millions

1Q09

2Q09

17.1

54.0%

19.1

44.7%

Jahu - Residential and Commercial Construction

7.1

22.6%

7.7

18.0%

Industrial Services

0.2

0.6%

9.0

21.1%

Heavy Construction

Rental
Total EBITDA
EBITDA margin (%)

7.3

22.9%

7.0

16.3%

31.6

100.0%

42.8

100.0%

38.4%

40.9%

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

17.2

45.5%

20.3

44.6%

16.4

38.3%

21.6

42.9%

22.3

39.9%

13.3

7.3

19.4%

9.7

21.3%

10.3

24.0%

10.0

19.8%

11.9

21.4%

11.6

5.3

14.1%

6.3

13.8%

6.3

14.8%

6.9

13.8%

7.0

12.6%

5.8

7.9

21.0%

9.2

20.2%

9.8

22.9%

11.9

23.5%

14.6

26.2%

14.7

37.7

100.0%

45.6

100.0%

42.8

100.0%

50.5

100.0%

55.9

100.0%

45.4

36.7%

39.8%

37.0%

38.4%

37.6%

29.4%

1Q11

2Q11

3Q11

4Q11

1Q12

29.2%

15.6

29.4%

14.1

24.3%

8.6

17.0%

19.5

25.5%

18.9

21.9%

25.6%

12.3

23.2%

13.5

23.2%

16.4

32.2%

23.9

31.2%

26.3

30.5%

12.8%

6.1

11.6%

8.1

14.0%

4.1

8.1%

2.3

3.1%

6.2

7.2%

32.3%

18.9

35.8%

22.3

38.4%

21.7

42.7%

30.7

40.2%

34.9

40.4%

100.0%

52.8

100.0%

58.0

100.0%

50.8

100.0%

76.4

100.0%

86.2

100.0%

36.4%

35.4%

29.0%

39.5%

43.3%

2Q12

3Q12

2009

2010

21.2

25.1%

24.1

25.1%

73.7

46.7%

73.6

37.8%

27.2

32.2%

33.8

35.2%

31.8

20.2%

43.9

22.6%

4.7

5.5%

0.1

0.1%

20.8

13.2%

26.1

13.4%

31.4

37.2%

38.0

39.6%

31.3

19.9%

51.0

26.2%

84.4

100.0%

96.1

100.0%

157.6

100.0%

194.5

100.0%

40.0%

43.2%

39.0%

35.4%

Menu

2011

57.8

24.3%

66.0

27.7%

20.7

8.7%

93.6

39.3%

238.1

100.0%

35.1%

Mills - Capex per business segment

in R$ millions

1Q09

2Q09

3Q09

Heavy Construction

2.6

1.4

9.3

Jahu - Residential and Commercial Construction

0.3

1.8

6.6

Industrial Services

1.5

0.5

1.5

Rental

3.8

10.1

12.8

Corporate

0.8

0.5

0.3

9.0

14.2

30.5

Organic growth
Acquisition

Total capex

9.0

14.2

30.5

Realized
4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

8.9

21.6

19.2

25.0

8.5

8.4

8.2

13.8

7.1

11.2

24.7

33.6

34.5

37.0

40.8

50.6

2.0

7.3

7.3

6.8

3.6

2.2

4.1

6.9

3.4

18.1

35.1

52.5

25.0

42.4

43.1

43.9

1.3

0.5

3.8

3.1

7.3

4.7

3.5

6.4

22.7

58.7

90.0

121.0

78.8

94.6

99.7

121.6

22.7

58.7

90.0

121.0

90.0

5.5

78.8

184.6

105.2

121.6

Menu

4Q11

1Q12

2Q12

3Q12

2009

2010

2011

16.9

9.0

24.0

11.3

22.1

74.3

47.3

56.6

15.4

12.5

22.8

15.8

104.0

190.5

4.1

3.2

1.1

0.2

5.4

25.0

17.3

33.4

26.0

40.9

40.3

30.1

130.6

162.8

3.4

4.8

5.1

4.9

2.9

14.6

12.5

114.4

58.4

83.5

79.4

76.3

348.5

430.4

114.4

58.4

83.5

79.4

76.3

348.5

95.5
525.9

Heavy Construction - financial indicators


1Q09

2Q09

3Q09

4Q09

in R$ millions

Net revenue
Rental
Technical support services, sales and others

28.9

31.5

31.4

33.5

4.0

5.6

5.5

5.9

Total net revenue

32.8

37.1

36.9

39.4

EBITDA

17.1

19.1

17.2

20.3

EBITDA margin (%)

52.0%

51.5%

46.5%

51.6%

ROIC (%)

33.0%

35.6%

29.5%

32.5%

2.6

1.4

9.3

8.9

113.2

119.2

126.5

130.7

2.9

3.0

3.2

4.3

Capex
Invested Capital
Depreciation

Jahu - Residential and Commercial Construction - financial indicators


1Q09

2Q09

3Q09

4Q09

in R$ millions

Net revenue
Rental
Technical support services, sales and others

14.0

14.2

14.6

15.3

0.2

0.5

0.5

2.9

14.1

14.7

15.1

18.3

7.1

7.7

7.3

9.7

EBITDA margin (%)

50.5%

52.4%

48.4%

53.3%

ROIC (%)

27.4%

28.7%

25.6%

30.4%

0.3

1.8

6.6

7.1

61.9

64.0

68.5

75.0

0.7

0.7

0.7

1.1

Total net revenue


EBITDA

Capex
Invested Capital
Depreciation

Industrial Services - financial indicators


1Q09

2Q09

3Q09

4Q09

in R$ millions

Net revenue
Maintenance

13.3

25.7

23.7

28.7

New plants

10.1

15.0

12.3

12.5

Total net revenue

23.4

40.8

36.1

41.2

0.2

9.0

5.3

6.3

0.8%

22.1%

14.7%

15.3%

-6.5%

32.7%

16.4%

18.4%

EBITDA
EBITDA margin (%)
ROIC (%)

Capex
Invested Capital
Depreciation

1.5

0.5

1.5

2.0

57.8

60.3

61.0

62.2

1.6

1.6

1.6

2.0

Rental - financial indicators


1Q09

2Q09

3Q09

4Q09

in R$ millions

Net revenue
Rental

11.7

11.2

13.1

15.1

0.3

0.9

1.5

0.6

12.0

12.1

14.6

15.7

7.3

7.0

7.9

9.2

EBITDA margin (%)

60.4%

57.7%

54.2%

58.6%

ROIC (%)

22.9%

19.8%

18.6%

20.5%

3.8

10.1

12.8

3.4

64.0

67.8

81.5

82.8

1.7

1.9

2.2

2.8

Technical support services, sales and others


Total net revenue
EBITDA

Capex
Invested Capital
Depreciation

1Q10

29.8

2Q10

3Q10

32.4

32.7

4Q10

26.8

1Q11

25.0

2Q11

24.3

3Q11

27.3

4Q11

32.5

1Q12

33.1

5.8

9.3

10.0

7.4

6.8

6.2

5.9

3.5

6.3

35.7

41.7

42.7

34.2

31.8

30.6

33.2

36.1

39.3

16.4

21.6

22.3

13.3

15.6

14.1

8.6

19.5

18.9

45.9%

51.9%

52.2%

38.8%

48.9%

46.2%

26.0%

54.0%

48.0%

24.4%

28.5%

25.5%

18.8%

14.4%

12.1%

4.5%

17.5%

16.6%

21.6

19.2

25.0

8.5

8.4

8.2

13.8

16.9

9.0

138.4

162.2

184.4

200.6

203.9

209.7

215.8

222.0

226.1

3.6

3.9

4.5

4.8

5.1

5.1

5.2

5.6

5.5

1Q10

16.5

2Q10

19.6

3Q10

21.9

4Q10

23.6

1Q11

26.0

2Q11

30.9

3Q11

4Q11

34.9

40.3

1Q12

45.3

6.2

2.2

6.0

9.2

3.2

3.8

4.4

12.1

7.2

22.7

21.8

27.9

32.8

29.2

34.7

39.4

52.5

52.5

10.3

10.0

11.9

11.6

12.3

13.5

16.4

23.9

26.3

45.3%

46.0%

42.8%

35.5%

42.0%

38.8%

41.6%

45.5%

50.1%

29.2%

23.6%

21.3%

22.3%

15.2%

13.0%

12.5%

16.3%

15.6%

11.2

24.7

33.6

34.5

37.0

46.3

50.6

56.6

15.4

83.2

97.8

123.7

154.1

175.4

216.9

262.0

310.8

345.4

1.1

1.4

1.9

2.5

2.7

3.2

4.7

5.8

7.1

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

27.6

31.9

36.3

42.8

37.9

39.9

41.1

39.5

35.0

12.4

14.7

16.2

13.6

12.3

17.6

15.8

10.7

15.9

40.0

46.5

52.5

56.4

50.2

57.5

56.9

50.2

50.9

6.3

6.9

7.0

5.8

6.1

8.1

4.1

2.3

6.2

15.8%

14.9%

13.4%

10.3%

12.2%

14.2%

7.2%

4.7%

12.1%

17.7%

17.3%

14.9%

14.8%

9.6%

14.2%

3.2%

-1.2%

7.5%

7.3

7.3

6.8

3.6

2.2

4.1

6.9

4.1

3.2

69.3

78.3

88.3

97.3

108.4

111.3

123.2

133.3

127.4

1.7

1.8

2.1

2.2

2.4

2.5

2.7

2.9

2.8

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

16.0

19.3

23.9

25.7

30.8

36.7

42.3

47.2

50.5

1.2

2.0

1.9

5.1

2.9

4.5

3.3

7.7

6.0

17.2

21.3

25.8

30.8

33.7

41.2

45.6

54.9

56.5

9.8

11.9

14.6

14.7

18.9

22.3

21.7

30.7

34.9

57.0%

55.8%

56.6%

47.6%

56.0%

54.1%

47.6%

56.0%

61.8%

23.5%

19.6%

17.3%

18.7%

17.3%

17.1%

12.9%

18.6%

20.3%

18.1

35.1

52.5

25.0

42.4

43.1

43.9

33.4

26.0

80.6

114.0

154.5

187.8

212.4

260.3

306.3

334.8

353.2

2.6

3.4

4.5

5.0

5.8

6.4

7.6

8.5

9.3

Menu

2Q12

36.9

3Q12

37.0

2009

125.3

2010

121.8

2011

109.2

5.0

8.5

20.9

32.4

22.5

41.9

45.5

146.2

154.3

131.6

21.2

24.1

73.7

73.6

57.8

50.6%

52.9%

50.4%

47.7%

43.9%

17.8%

19.7%

32.9%

24.1%

12.1%

24.0

11.3

22.1

74.3

47.3

239.4

247.7

121.1

171.1

213.3

6.0

6.6

13.3

16.8

20.9

2Q12

48.5

3Q12

49.2

2009

58.1

2010

81.6

2011

132.2

10.4

11.4

4.0

23.5

23.6

58.9

60.5

62.2

105.1

155.8

27.2

33.8

31.8

43.9

66.0

46.1%

55.9%

51.2%

41.7%

42.4%

14.8%

20.2%

26.9%

23.5%

14.3%

12.5

22.8

15.8

104.0

190.5

365.9

365.8

70.1

114.7

241.4

7.8

7.4

3.3

6.8

16.5

2Q12

3Q12

2009

2010

2011

37.6

30.3

91.5

138.5

158.3

17.2

18.5

49.9

56.9

56.5

54.8

48.8

141.4

195.4

214.8

4.7

0.1

20.8

26.1

20.7

8.5%

0.2%

14.7%

13.4%

9.7%

3.9%

-6.2%

15.0%

16.0%

5.9%

1.1

0.2

5.4

25.0

17.3

127.3

123.7

62.0

83.3

119.7

2.9

2.9

6.7

7.8

10.5

2Q12

3Q12

2009

2010

2011

50.6

57.0

51.1

84.9

157.0

4.8

10.4

3.3

10.1

18.4

55.4

67.4

54.4

95.1

175.4

31.4

38.0

31.3

51.0

93.6

56.6%

56.5%

57.6%

53.6%

53.4%

16.3%

16.3%

21.4%

19.2%

16.5%

40.9

40.3

30.1

130.6

162.8

371.2

389.7

70.3

134.1

277.8

9.7

10.6

8.6

15.6

28.2

Mills - Income Statement


in R$ millions

Net revenue from sales and services

1Q09

2Q09
82.4

104.6

(32.8)

(42.4)

49.5

62.1

(24.8)

(26.5)

Operating profit before financial result

24.7

35.6

Financial expense

(7.0)

(6.1)

Cost of products sold and services rendered


Gross profit
General and administrative expenses

Financial income

0.2

0.3

Financial result

(6.8)

(5.9)

Profit before taxation

17.9

29.7

Income tax and social contribution expenses

(6.0)

(9.7)

Net income

12.0

20.1

87,220

87,220

0.14

0.23

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


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

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

102.7

114.6

115.5

131.3

148.9

154.2

145.0

(43.4)

(51.0)

(49.6)

(58.2)

(70.5)

(76.5)

(71.3)

59.3

63.6

65.9

73.1

78.4

77.7

73.7

(29.3)

(28.2)

(32.1)

(33.2)

(35.5)

(46.9)

(36.8)

30.0

35.4

33.8

39.9

42.9

30.8

36.8

(5.7)

(6.5)

(6.2)

(6.6)

(7.2)

(4.4)

(5.1)

0.2

0.3

0.5

6.3

7.1

4.8

2.1

(5.5)

(6.2)

(5.8)

(0.3)

(0.1)

0.5

(3.1)

24.5

29.2

28.1

39.6

42.8

31.3

33.8

(8.0)

(9.5)

(9.4)

(13.5)

(14.4)

(1.2)

(11.6)

16.6

19.8

18.7

26.1

28.5

30.1

22.2

87,220

87,421

87,421

124,611

124,611

125,495

125,495

0.19

0.23

0.21

0.21

0.23

0.24

0.18

Menu

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

164.0

175.1

193.5

199.1

211.1

222.2

(81.2)

(92.3)

(95.6)

(87.4)

(98.2)

(105.2)

82.8

82.8

97.9

111.8

112.9

117.0

(42.0)

(52.1)

(44.2)

(50.2)

(54.9)

(48.3)

40.7

30.7

53.7

61.6

58.0

68.7

(12.3)

(16.6)

(12.5)

(12.6)

(11.3)

(11.2)

5.4

4.6

2.7

1.4

1.0

1.1

(7.0)

(12.0)

(9.9)

(11.3)

(10.2)

(10.1)

33.8

18.8

43.8

50.3

47.8

58.6

(11.2)

(0.9)

(14.3)

(17.6)

(8.5)

(20.6)

22.6

17.9

29.5

32.7

39.2

38.0

125,495

125,591

125,657

125,690

126,149

126,314

0.18

0.14

0.24

0.26

0.31

0.30

Mills - Balance Sheet


in R$ millions

1Q09

2Q09

3Q09

Assets
Current Assets
Cash and cash equivalents

13.0

2.6

8.3

45.1

62.3

70.7

Marketable securities
Trade receivables
Inventories
Recoverable taxes

0.7

1.3

1.3

20.0

20.5

20.9

Advances to suppliers
Derivative financial instruments

Other current assets

3.3

3.1

4.4

82.1

89.8

105.6

Trade receivables

5.2

5.0

4.7

Recoverable taxes

0.1

0.2

0.2

17.0

16.5

16.6

Total Current Assets


Non-Current Assets
Long-term assets

Deferred taxes
Deposits in court

6.5

6.6

6.0

28.8

28.3

27.5

Investment
Property, plant and equipment

234.4

241.4

262.7

39.1

39.1

39.1

273.5

280.5

301.8

Total Non-Current Assets

302.3

308.8

329.3

Total Assets

384.4

398.6

434.9

Intangible assets

in R$ millions

1Q09

2Q09

3Q09

Liabilities
Current Liabilities
Suppliers
Borrowings, financing and finance leases
Debentures
Salaries and payroll charges
Income tax and social contribution
Tax refinancing program (REFIS)
Taxes payable
Profit sharing payable
Dividends payable

5.6

12.2

12.6

49.0

50.6

56.6

12.6

15.6

18.0

2.3

4.3

4.5

2.7

4.1

4.6

12.0

6.6

9.2

7.5

Derivative financial instruments


Other current liabilities
Total Current Liabilities

0.3

0.2

0.9

92.0

93.6

106.4

139.4

130.4

135.3

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

22.6

22.9

24.0

0.6

0.6

2.7

Deferred taxes

Tax refinancing program (REFIS)

(2.1)

0.5

0.5

0.5

Accounts payable - stock option plan


Other non-current liabilities

Total Non-Current Liabilities

163.1

154.4

160.4

Total Liabilities

255.1

248.0

266.8

Capital

80.5

80.6

80.6

Earnings reserves

34.1

34.1

34.1

Stockholders' Equity

Capital reserves
Valuation adjustments to equity

2.7

3.8

4.8

12.0

32.1

48.6

Total Stockholders' Equity

129.3

150.6

168.1

Total Liabilities and Stockholders' Equity

384.4

398.6

434.9

Retained earnings

4Q09

1Q10

2Q10

3Q10

1.6

1.8

3.1

298.9

71.5

84.6

96.7

4Q10

196.9
107.1

1Q11

2Q11

3Q11

6.2

4.3

179.0

136.1

11.0

122.1

122.6

127.5

72.2

126.5

1.4

2.0

2.4

3.9

5.6

6.7

10.1

11.8

25.7

14.8

15.6

20.3

26.2

19.0

22.2

21.2

2.8

8.3

7.3

9.1

9.0

9.6

4.3

3.4

7.8

3.4

4.4

3.6

5.2

4.1

104.5

109.4

424.5

339.9

307.9

176.5

352.9

245.4

4.4

4.3

4.1

4.0

3.8

3.4

3.1

3.2

0.2

0.2

0.2

4.4

3.9

3.9

3.0

28.5

10.0

9.5

8.9

13.2

8.1

8.4

8.5

22.0

6.0

6.1

6.4

6.4

7.3

7.3

7.5

7.8

20.6

20.1

19.5

28.0

23.1

23.1

22.1

61.4

90.0

88.0

88.0

276.0

322.3

394.7

495.8

551.2

621.2

698.4

788.6

39.3

39.3

39.3

39.6

41.9

41.8

42.0

44.7

315.3

361.6

434.0

535.4

593.1

753.0

828.4

921.2

335.8

381.7

453.5

563.4

616.2

776.0

850.4

982.7

440.3

491.1

878.1

903.3

924.1

952.5

1,203.3

1,228.1

4Q09

1Q10

2Q10

3Q10

4Q10

4Q11

2Q11

3Q11

11.7

23.3

21.0

28.6

32.7

24.3

32.3

12.1

56.8

59.0

47.4

46.0

46.7

78.2

40.6

41.0

6.4

15.8

14.7

20.2

21.2

26.2

21.3

26.9

28.7

33.3

0.1

3.3

1.7

3.2

3.3

2.9

0.0

0.8

0.8

0.8

0.7

0.7

0.9

0.9

0.7

4.0

2.7

4.1

4.4

7.9

3.4

3.8

9.9

13.8

3.7

7.7

10.9

17.5

1.4

3.5

4.7

16.2

15.5

24.5

24.5

0.4

18.9

7.0

11.3

5.0

1.3

1.3

2.2

7.4

2.4

12.0

2.2

5.1

119.4

129.8

106.2

127.3

160.8

175.0

133.0

146.5

127.1

147.2

120.2

96.5

85.9

78.7

81.6

77.1

268.2

268.3
12.7

8.5

8.8

9.6

9.1

11.1

11.3

11.7

0.4

0.3

0.3

0.3

5.0

9.4

11.0

11.2

11.5

9.8

10.0

10.5

10.7

10.4

0.6

0.6

0.6

1.0

1.0

0.9

1.0

0.8

0.6

0.6

148.2

169.2

142.6

121.6

108.2

101.3

372.9

378.6

267.7

299.0

248.7

248.9

268.9

276.3

505.9

525.1

80.7

97.5

523.5

523.5

525.1

525.1

525.1

526.8

86.2

70.0

70.0

70.0

145.2

144.8

144.4

144.1

(8.4)

(8.1)

(8.2)

(7.7)

(6.9)

(6.5)

5.7

5.8

(0.5)

(4.2)

(7.0)

(8.6)

(10.7)

(3.1)

18.7

44.8

73.2

22.6

45.5

41.8

172.6

192.1

629.3

654.4

655.2

676.2

697.5

703.1

440.3

491.1

878.1

903.3

924.1

952.5

1,203.3

1,228.1

Menu

4Q11

1Q12

2Q12

3Q12

35.2

30.3

29.3

299.4
-

139.1

140.1

156.5

168.1

11.2

15.1

15.0

21.3

22.1

22.8

27.5

27.8

11.5

3.8

7.0

6.9

2.8

1.3

0.0

3.0

4.2

4.7

4.6

224.9

216.3

241.2

528.0

2.6

2.4

2.5

2.5

31.6

30.9

30.4

29.5

4.9

6.8

7.0

2.8

10.9

11.0

11.4

11.5

50.0

51.2

51.4

46.3

87.4

###

87.4

87.4

872.9

897.2

943.0

978.6

45.5

47.2

49.1

51.6

1,005.8

1,031.7

1,079.5

1,117.6

1,055.8

1,082.9

1,130.9

1,163.9

1,280.6

1,299.2

1,372.1

1,691.9

4Q11

1Q12

2Q12

3Q12

35.9

19.8

47.3

46.1

65.3

64.1

114.9

109.1

6.1

13.8

4.6

13.2

25.0

26.3

32.1

37.2

2.7

5.3

4.7

0.4

0.1

0.9

0.9

8.1

8.1

10.5

9.9

7.9

3.6

7.9

11.8

21.9

###

18.8

18.8

0.1

4.4

5.2

4.9

6.3

177.7

168.2

241.7

258.0

71.1

68.2

42.0

40.4

268.4

268.5

268.6

537.3

16.1

14.7

16.0

11.0

10.5

10.7

10.0

9.9

0.6

0.5

0.7

0.6

366.7

362.7

337.3

599.2

544.5

531.0

579.0

857.2

527.6

528.0

533.6

536.2

212.0

211.7

211.3

210.9

(5.6)

(4.7)

(3.8)

(1.9)

2.1

0.2

1.1

0.3

33.0

50.9

89.2

736.1

768.2

793.1

834.7

1,280.6

1,299.2

1,372.1

1,691.9

Mills - Cash flow


in R$ millions

1Q09

Cash flow from operating activities


Net income before taxation

12.0

Adjustments
Depreciation and amortization
Provision for tax, civil and labor risks
Expense on stock options
Profit sharing payable
Residual value of fixed and intangible assets
Gain on sale of fixed and intangible assets
Marketable securities income
Interest, monetary and exchange rate variation on loans, contingencies and deposits in court
Tax refinancing program (REFIS)
Allowance for doubtful debts
Deffered Income tax and social contribution
Present value adjustment

6.9
1.0
0.4
6.8
0.2
15.3

Changes in assets and liabilities


Trade receivables
Inventories

6.5
(0.3)

Recoverable taxes

1.9

Deposits in court

0.0

Prepaid expenses

0.1

Prepaid suppliers

0.2

Other assets

(0.8)

Suppliers

(7.9)

Salaries and payroll charges

(0.5)

Income tax and social contribution

(0.3)

Tax recovery program - Law 11,941/2009


Taxes payable

(0.9)

Profit sharing payable

3.4

Provision for contingencies

0.3

Other liabilities

0.2
1.9

Cash from operations


Interest paid

29.1
(3.3)

Income tax and social contribution paid

Profit sharing paid

Lawsuits settled

Net cash provided by operating activities

25.8

Cash flow from investment activities


Marketable securities
Acquisitions of investments
Acquisitions of fixed and intangible assets
Revenue from sale of non current and intangible assets
PIS and COFINS tax credits from acquisition of rental equipment
Asset write-off

(9.0)
(1.0)
-

Cash used in investing activities

(10.0)

Cash flow from financing activities


Capital subscription

Shares in treasury

Costs of issues of shares


Dividends and interest on capital invested paid
Amortization of borrowings
New borrowings / debentures

(8.4)
3.8

Net cash provided by (used in) financing activities

(4.6)

Increase in cash and cash equivalents

11.2

Cash and cash equivalents at the beginning of the period


Cash and cash equivalents at the end of the period

1.8
13.0

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

20.1

16.6

29.2

28.1

39.6

42.8

31.3

33.8

7.1

9.0

10.1

8.9

10.6

13.0

14.5

16.0

0.2

0.6

0.8

0.2

1.0

1.7

1.1

0.1

(0.4)

0.5

0.3

0.4

6.1

3.8

4.0

3.2

6.6

1.4

0.1

0.3

(0.1)

0.1

0.0

(0.9)

(1.5)

(4.2)

(4.3)

(3.8)

(2.9)

(6.2)

(6.6)

8.0

(1.6)

5.8

5.5

2.9

6.0

4.8

5.3

5.9

4.3

(1.3)

0.3

0.8

0.5

0.4

0.4

(0.0)

14.5

16.8

19.6

17.3

8.7

10.2

33.4

18.3

(17.0)

(8.2)

(0.2)

(13.0)

(11.9)

(10.3)

(15.6)

(0.6)

(0.6)

0.1

(0.1)

(0.7)

(0.4)

(1.5)

(1.7)

(1.1)

(0.4)

(0.4)

(9.0)

14.4

5.8

(13.6)

4.1

4.2

(0.0)

0.6

(0.7)

0.0

(0.4)

0.0

(1.0)

0.0

0.2

0.3

(0.0)

0.1

(1.3)

(0.1)

(0.3)

(0.9)

(1.9)

(1.6)

(3.9)

(0.0)

(0.7)

6.6

0.4

(0.9)

11.6

(2.3)

7.6

4.1

(8.4)

2.9

2.4

(3.3)

5.5

1.0

4.9

(4.9)

5.6

2.0

0.2

(2.2)

1.4

2.6

(2.1)

(1.8)

3.2

(1.9)

(0.3)

(1.0)

(5.4)

2.7

0.3

1.1

(0.0)

0.1

6.8

0.5

1.3

0.2

(0.5)

5.1

(10.1)

(1.8)

(10.5)

14.6

(5.3)

(18.5)

(15.7)

3.0

24.5

31.6

38.3

60.0

43.1

34.6

49.0

55.1

(6.2)

(2.9)

(6.8)

(3.8)

(7.4)

(2.5)

(5.5)

(4.3)

(7.3)

(5.7)

(16.1)

(1.5)

(8.7)

(2.2)

(0.0)

(13.9)

(0.0)

0.0

(17.5)

18.2

28.6

24.2

36.6

19.5

30.6

34.8

31.1

(292.7)

113.4

48.0

126.7

(90.0)

(14.2)

(30.5)

(22.7)

(58.7)

(89.9)

(119.9)

(80.0)

(94.6)

1.0

1.6

4.5

5.4

6.5

4.2

(0.1)

(0.3)

0.0

(14.2)

(30.8)

(21.7)

(57.2)

(378.1)

(1.1)

(25.5)

(53.8)

(13.8)

425.9

1.7

0.1

0.1

14.5

(14.5)

(0.2)

(0.4)

(7.5)

(15.5)

(3.6)

(11.8)

(9.6)

(15.1)

(10.9)

(46.8)

(31.0)

(10.7)

(6.3)

4.8

17.5

5.8

31.0

10.8

3.3

1.5

30.7

(14.4)

7.9

(9.2)

20.7

359.9

(27.9)

(7.9)

20.8

(10.3)

5.7

(6.8)

0.2

1.3

1.7

1.4

(1.9)

13.0

2.6

8.3

1.6

1.8

3.1

4.8

6.2

2.6

8.3

1.6

1.8

3.1

4.8

6.2

4.3

Menu

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

33.8

18.8

43.8

50.3

47.8

58.6

17.2

20.2

22.8

24.7

26.4

27.4

0.4

1.0

0.2

1.0

1.0

(4.8)

0.8

0.9

0.9

0.9

0.9

1.9

2.1

1.2

3.2

3.6

4.3

3.9

(6.3)

(5.8)

(4.3)

(7.4)

(6.1)

(8.8)

1.6

11.3

13.5

9.9

11.5

8.9

12.1

0.9

(0.6)

0.9

0.0

(0.0)

(0.0)

1.9

9.2

(0.3)

6.4

3.8

2.0

(0.1)

0.1

(0.1)

(0.0)

29.8

39.8

33.2

40.8

39.0

33.7

(6.1)

(8.7)

(11.8)

(7.2)

(20.2)

(13.6)

(3.3)

(1.8)

0.6

(3.9)

0.1

(6.3)

7.2

(21.6)

4.2

3.4

3.9

5.6

(0.2)

(0.3)

0.1

(0.1)

(0.5)

(0.5)

(1.7)

0.5

(3.7)

9.3

(4.9)

1.4

4.2

(0.7)

6.0

(1.5)

(2.0)

(2.0)

1.8

4.6

(8.3)

1.3

5.8

5.1

0.3

3.0

(5.3)

(0.0)

(0.6)

2.5

(5.1)

4.2

(0.5)

(1.0)

1.0

1.8

(2.9)

(20.8)

(18.5)

0.3

(17.4)

(6.0)

60.7

37.8

58.5

91.4

69.4

86.4

(2.8)

(2.9)

(22.2)

(2.5)

(19.0)

(3.1)

(8.5)

(7.0)

(2.7)

(15.1)

(16.2)

(8.4)

(0.0)

(7.9)

(2.6)

49.4

27.9

33.6

63.3

34.2

74.9

9.4

(3.4)

(0.0)

0.6

(96.0)

(137.6)

(102.1)

(73.0)

(53.9)

(78.1)

8.1

7.3

6.6

9.7

9.5

8.5

(81.9)

(130.3)

(94.9)

(63.3)

(44.5)

(69.6)

1.7

0.8

(0.5)

0.4

5.6

2.6

(0.0)

(24.1)

(0.4)

3.6

(21.9)

(63.8)

(8.2)

(8.0)

(8.7)

(7.1)

(9.7)

295.1

3.0

27.8

3.4

32.7

272.0

207.3

(4.4)

24.2

(4.9)

9.3

264.8

174.7

(106.8)

(37.1)

(4.9)

(1.0)

270.1

4.3

179.0

72.2

35.2

30.3

29.3

179.0

72.2

35.2

30.3

29.3

299.4