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Conference call 1 q11

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Conference call 1 q11

  1. 1. Conference Call - Results Presentation | 1Q11 1
  2. 2. Disclaimer “Forward looking statements included in this presentation regarding the Company’s business, operating and financial results and Company’s growth are only predictions and were based on managements expectations regarding future performance. These expectations are highly dependent on market conditions, Brazilian economic scenario, industry performance and international markets, and are therefore subject to change” 2
  3. 3. Highlights – 1Q11 Eternit operated at full capacity in the chrysotile mining business while its fiber cement and concrete tiles production lines worked at over 80%; Chrysotile mineral and fiber cement sales volume remained stable compared to the 1Q10; The concrete tiles segment reported year-on-year growth of 22.8%; Eternit’s net consolidated revenue amounted to R$ 186.3 million, a 9.1% improvement over 1Q10; Increase of 22.3% in the consolidated cost of products sold, in relation to 1Q10. This is the result of an increase in production costs, which contributed to declining margins; Eternit has embarked on a concerted drive to control overheads in order to restore margins. 3
  4. 4. Corporate Profile 4
  5. 5. The largest and most diversified industry in the roofcovering segment in Brazil 5
  6. 6. Supply Chain 6
  7. 7. Other Segments 7
  8. 8. Plants Location – Fiber cement Commercial Branches 1) Anápolis/GO; 2) Colombo/PR; 3) Goiânia/GO; 4) Rio de Janeiro/RJ; 5) Simões Filho/BA; 6) Porto Alegre/RS and 7) São Paulo/SP. 8
  9. 9. Plants Location – Concrete tiles 9
  10. 10. SAMA - Overview 10
  11. 11. Sales of Chrysotile Mineral (thous. tons) 5.3% 306 291 - 2.3% 163 136 70 69 37 43 155 143 33 26 2009 2010 1Q10 1Q11 Domestic Market Foreign Market 11
  12. 12. Eternit - Overview 12
  13. 13. Products and solutions for civil construction Water tanks and filters Components for constructions systems Roof coverings Bathroom chinaware fixtures 13
  14. 14. Sales of Fiber Cement* (thous. tons) 13.2% 827 731 -2.4% 208 203 2009 2010 1Q10 1Q11* Includes components for constructions systems 14
  15. 15. Tégula - Overview 15
  16. 16. Main Products – Roof coverings 16
  17. 17. Full Roofing Solution 17
  18. 18. Concrete Tiles Sales (thousand m²) Capacity Utilization 23% 83% 1,308 1,064 60% 587 477 1Q10* 1Q11 1Q10* 1Q11*Tégula was acquired on February 11 2010. The amount of 587 thousand m2 refers to Eternit. 18
  19. 19. Operating and Financial Aspects 19
  20. 20. Consolidated Net Revenue (R$ million) 30.2% Breakdown – 1Q11 759 111 Concrete tiles and Accessories 583 Components 10.5% Construction Chrysotile Mineral Systems 26.6% 130 2.8% 648 9.1% Others (*) 186 3.6% 453 171 19 27 167 Fiber cement 144 56.5%2009 2010 1Q10 1Q11 (*) Others: metallic roofing tiles, polyethylene water tanks,Domestic Market Foreign Market bathroom chinaware fixtures and water pipe filters 20
  21. 21. COGS Breakdown – 1Q11 Fiber Cement Chrysotile Mineral Depreciation Workforce 4% Others Costs 10% Workforce Raw 47% 11%material¹ Depreciation 4% Energy 64% 9% Others Costs 19% Energy Raw material 3 3% 29% 1 - Cement (42%), Chrysotile Mineral (46%) and others (12%) 2 – Fuel, explosives, packaging, among others Concrete Tiles Depreciation 7% Others Costs 21% Workforce 17% Energy 4% Raw material 3 3 - Cement (51%), sand (33%) and others (16%) 51% 21
  22. 22. EBITDA (in R$ million) 17.1% 144 123 -26.0% 36 26 2009 2010 1Q10 1Q11 22
  23. 23. Net Income (in R$ million) 39.7% 102 73 -27.5% 23 17 2009 2010 1Q10 1Q11 23
  24. 24. Margins 45% 43% 42% 38% 21% 21% 19% 14% 14% 13% 13% 9% 2009 2010 1Q10 1Q11 Gross Margin EBITDA Margin Net Margin 24
  25. 25. Tégula Operating and 1Q11 1Q10* % Cgh. Financial Aspects Sales - Tiles (in m2) 1,308 thousand 587 thousand 122% Net Operating Revenue R$ 19,526 thousand R$ 8,793 thousand 122% Gross Profit R$ 6,202 thousand R$ 2,844 thousand 118% Gross Margin 32% 32% - EBITDA R$ 1,720 thousand R$ 969 thousand 78% EBITDA Margin 9% 11% -2 p.p. Net Income R$ 406 thousand R$ 618 thousand -34% Net Margin 2% 7% -5 p.p.* As from February 11 2010, Tégula’s results were consolidated with those of Eternit as a whole 25
  26. 26. Investments (in R$ million) 93 9 14 220,7% 42 34 29 9 8 34 8 27 21 2 8 2 4 2009 2010 1Q10 1Q11 Investments Capacity Increase – Eternit Tégula Acquisition New Business Capacity Increase - Tégula 26
  27. 27. New Production Lines of Finished Products Goiânia - GO Colombo - PR Simões Filho - BA April/2008 January/2009 October/2010 27
  28. 28. Construction of the New Synthetic Marble Production External Area Production Line Resin Silo 28
  29. 29. Land Acquisition for “Multi-Products” Plant Cement Natural Gas Line 35 km 15 km 29
  30. 30. Capital Markets 30
  31. 31. Eternit’s Shares Performance (Dec/06 - Apr/11) Between 12/30/2006 a 04/29/2011, Eternit”s shares appreciated 59.5% and IBOVESPA appreciated 48.7%. In the same period, including the payment of dividends and interest on own capital, Eternit’s shares appreciated 179.0%.200 ETER3 IBOVESPA180 R$ 10.79160 66,132140120100806040dec-06 apr-07 aug-07 dec-07 abr-08 aug-08 dec-08 apr-09 aug-09 dec-09 apr-10 aug-10 dec-10 apr-11 31
  32. 32. Ownership Structure – Apr/11 Shareholding Structure Apr/11 Apr/08 58.3% 37.1% Geração L. Par. F. I. A. 19.17% 8.32% Luiz Barsi Filho 13.06% 5.01% Victor Adler 6.70% 5.63% Diretoria 1.81% 1.15% Demais Conselheiros 0.07% 0.02% Ações em Tesouraria 0.03% 0.28% 7.9% Member 2.6% Board of Directors Since Sérgio Alexandre Melleiro (*) 1993 Lírio Albino Parisotto (*) 2004Individual Investors Victor Adler (*) 2005Corporations Élio A. Martins 2007Investors Abroad Luiz Barsi Filho (*) 2008Clubs. Funds and Foundations Marcelo Munhoz Auricchio (*) 2011 Luis Terepins (*) 2011 (*) Independent member Member Consultive Council FREE-FLOAT 79.43% Since Guilherme Affonso Ferreira 2011 Mário Fleck 2011 32
  33. 33. Ownership Structure Númber of Shareholders Average Traded Volume (R$ thousand) 6,615 6,366 5,910 1,108 975 860 2009 2010 2011(*) 2009 2010 2011(*)(*) Until April 2011 33
  34. 34. Shareholder Remuneration Net Income X Shareholders Dividend Yield Remuneration (R$ million) 102 15.1% 73 72 9.3% 55 42 3.9% 17 2009 2010 2011* 2009 2010 2011* Net Income Dividends and Interest on own capital(*) Until May 2011 34
  35. 35. Outlook 35
  36. 36. Economic Figures Minimum Wage (R$) Workforce (R$ million) CAGR: 5.96% CAGR: 10.5% 377,361 404,751 545 365,331 510 465 303,028 321,163 338,501 415 380 350 300 2005 2006 2007 2008 2009 2010 2011 2005 2006 2007 2008 2009 UDM 2010*Source: BACEN Source: IBGE * 2010 UDM from dec/09 to nov/10 Food Basic Basket SP x Minimum Wage (purchasing power) 79.2% 79.4% 71.4% 68.7% 66.2% 61.1% 56.5% 57.7% 52.0% 49.1% 52.0% 545.0 510.0 465.0 415.0 350.0 380.0 300.0 240.0 260.0 239.5 265.2 200.0 214.6 228.2 151.0 180.0 164.8 183.4 182.1 119.5 128.6 158.7 172.2 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011Source: IBGE and DIEESE Minimum Wage (R$) Food Basic Basket in SP (R$) % 36
  37. 37. Economic Figures Credit Availability Unemployment Rate - Brazil Government, Industry, Housing, Rural, Commerce, Credit Individuals (R$ billlion) 1,703.8 8.6% 8.4% 1,677.6 1,613.8 7.4% 1,528.9 6.8% 6.8% 1,451.9 1,410.3 5.3% 1,227.3936.0dec/07 dec/08 dec/09 mar/10 jun/10 sep/10 nov/10 dec/10 dec/05 dec/06 dec/07 dec/08 dec/09 dec/10 Source: BACEN Source: IBGE Growth of the Brazilian Savings 20.0% 20.0% 20.0% 20.0% 20.0% 19.0% 19.0% 19.0% 18.0% 17.0% 16.0% 16.0% 15.0% 277.0 280,0 265.0 270.0 257.0 258.0 260.0 262.0 254.0 240.0 245.0 233.0 238.0 aug/09 sep/09 oct/09 nov/09 dec/09 jan/10 feb/10 mar/10 apr/10 may/10 jun/10 jul/10 aug/10 Source: BACEN R$ billlion (%) Chg YoY 37
  38. 38. Housing Deficit – million of units 7.9 7.9 7.8 7.3 6.6 6.3 5.8 2004 2005 2006 2007 2008 New Methodology Old Methodology 38
  39. 39. GDP and Gross Revenue Comparison (%) GDP Construction GDP Brazil Eternit - Gross Revenues 34.9 33.3 13.2 11.6 7.5 10.3 8.2 5.1 5.0 5.4 5.3 5.2 4.0 -0.2 -6.3 2007 2008 2009 2010 2011(E)(E) - Estimate - Source: BACEN.Gross revenue growth has been consolidated as of January to March 2011 vs. the same period of 2010The Company does not inform guidance of future revenue. 39
  40. 40. Structured Expansion and Diversification Program OBJECTIVEConsolidate Eternit as a supplier of products and solutions to the civil construction industry INITIATIVES - Creation of the Development and New Businesses Area - Inclusion of metallic roofing on its portfolio - Investment in new product lines of fiber cement - Investment in machinery for new products on its plants - Increase in SAMA’s production capacity - Launches of new products - Debut into chinaware bathroom fixtures - Inorganic growth – Acquisitions 40
  41. 41. Launches - 2011Bairro Nova Odebrecht – Angra dos Reis/ RJ For more information access: www.eternit.com.br 41
  42. 42. Chrysotile – The Brazilian Asbestos 42
  43. 43. Chrysotile – The Brazilian AsbestosThe use of Chrysotile Ore in Brazil is regulatedby the Federal Law 9.055/95, by Decree2.350/97 and by regulatory standards foroccupational health and safety. It is alsoprovided in the Convention 162 of theInternational Labor Organization (OIT). White Ore Bends and silky fibers without tipHigh Concentration of Magnesium:3MgOSiO2H2O Biopersistence*: 2.5 days *Biopersistence: Time that a inhaled particle remains in the lungs before being eliminated by the body’s defense mechanisms. To cause lung damage, the fiber must have penetration and durability capacities in the alveoli. Serpentinite rock with Chrysotile Mineral fibers 43
  44. 44. Brazil concludes important research about chrysotile ore risks Project Asbesto Ambiental“Ambiental Exposition to Asbesto: Evaluation of Risk and Effects in Health” Process CNPq n. 420001/2006-9The results of the research were announced on November 25 2010 anddemonstrates that:Among the householders surveyed, no clinical, respiratory functional andhigh resolution tomographic alterations were found that could beattributed to atmospheric asbestos fiber inhalation.In the occupational assessment, no new alterations were identified orprogression in pleural and interstitial deterioration of individuals in thesample Group exposed after 1980 and who underwent High ResolutionComputed Tomography scans in the two studies.The full version of this research can be found in www.sectec.go.gov.br. 44
  45. 45. Corporate and Environmental Management 45
  46. 46. Corporate Management Open Doors Program Launch ................... November 2004 Contribute to society’s better understanding of the mining and processing of Chrysotile Ore and Purpose ................. the manufacture of fiber cement products in a sustainable manner. Five production plants of Eternit and the SAMA Location ........... mining company Visitors ............... More than 44,000 until April 2011 Target ................... All society 46
  47. 47. Environment Focused Management Zero Reject Monitoring Air Quality Water Reuse Reforestation Work Quelônios Project - Animal Conservation AreaSeedling Nursery The only breeding program of Amazon turtles in Brazil and Reintegration of Wild Animal Nature in partnership with IBAMA 47
  48. 48. Social Actions 48
  49. 49. InformationÉlio A. Martinselio.martins@eternit.com.brRodrigo Lopes da Luzrodrigo.luz@eternit.com.brBárbara M. Tanure Gonçalvesbarbara.goncalves@eternit.com.brPhone: (55-11) 3813-6034 or (55-11) 3038-3818www.eternit.com.br/ir or www.blogdaeternit.com.br IR Consultant Silvia Helena Madi Pinheiro This material was produced using FSC certified paper (Forest Stewardship Council), which is a guarantee that the raw material Silvia.pinheiro@firb.com comes from a forest managed in an environmentally responsible, socially and economically viable. Tel: (55-11) 3500-5564 49

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