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Duratex - Corporate Presentation 3T11

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Duratex - Corporate Presentation 3T11

  1. 1. Apresentação CorporativaCorporate Presentation3rd quartertrimestre 2011 3° 2011
  2. 2. 60 years of DURATEX 2
  3. 3. History 1950-2000 2001-2008 2009 2010 2011•1951: Foundation •2002: New •Association • Acquisition of • Acquisition of MDF/HDF/SDF between Duratex land with forest in Elizabeth•1954-1961: Beginning São Paulo of hardboard unit in Botucatu and Satipel: production Establishment of • 2 new MDF•1972: Incorporation of • 2005: Nivel 1 of the biggest panel • Beginning of plants DECA BM&FBovespa maker on the operation of the Corporate Southern Resin Plant•1981-1995: Acquisition Hemisphere • Bonus Shares of Governance Louçasul, Itapetininga • 2008- Acquisition of 20% unit, Agudos, and the of Ideal Standard • NOVO MERCADO Argentine company and Cerâmica Piazza Hermanos Monte Carlo •MDP expansion in•1997: First MDF facility Taquari in Brazil, Agudos (SP) 3
  4. 4. 60 years of Duratex “Celebrating 60 years with art, music and environmental education”. Season of Concerts Duratex 60 years 12 concerts with Maestro João Carlos Martins and Bachiana Philharmonic in the municipalities where the Company’s units and are located. There have already been 9 concerts held, attended by more than 25,000 people. Rino ManiaA cultural project to incentive young artists.Exibition of 60 sculptures in the city of São Pauloand a traveling exibition of 15 sculptures thattoured 11 cities in Brazil, in which Duratex has itsunits. On 27.Oct.2011 all the sculptures wereauctioned and the profit of R$564.5 thousand wasdonated to charities. 4
  5. 5. Corporate Governance 5
  6. 6. Shareholder Structure Shareholders Numeber of Shares Sep/11 % Controllers 317,374,960 58% Shares in Treasury 1,849,486 0% Free Float 230,810,885 42% Total shares 550,035,331 100% Base 30/Sep/2011 Shareholder structure in Sptember 2011 • 100% common shares (1 share, 1 vote) Treasury 0,3% • Tag along of 100% to all shares Foreign • Dividend policy: 30% of the adjusted Net Income Investors 26,3% Itaúsa* • Existence of Board of Directors Committees 39,9% o Audit and Risk Management * o Personnel Governance and Nominating Committee* Other Local Investors o Sustainability Committee * 13,5% o Committee for Evaluation of Transactions with Related Parties Pension Funds (composed only of independent members) 2,2% Ligna* o Disclosure and Negotiation Committee(led by Director of IR) 17,8% * Included the participation of families* Chaired by independent Board members 6
  7. 7. Business Performance 7
  8. 8. Reconciliation of Total Assets and EquityTOTAL ASSETS 3Q11 2Q11 3Q10Before adjustments to IFRS (in R$000) 5,553,312 5,503,248 4,821,099 Business Combination 733,919 744,274 763,790 Biological Assets 327,275 326,188 329,614 Employee Benefits 77,274 69,881 64,061 Other adjustments 2,873 2,873 (8,473)After adjustments to IFRS 6,694,653 6,646,464 5,970,091 Change 1,141,341 1,143,216 1,148,992EQUITY 3Q11 2Q11 3Q10Before adjustments to IFRS (in R$000) 2,800,726 2,732,339 2,544,143 Business Combination 550,514 549,068 560,191 Biological Assets 216,001 215,284 217,545 Employee Benefits 51,001 46,121 42,280 Other adjustments 19,795 19,450 37,109After adjustments to IFRS 3,638,037 3,562,262 3,401,268 Change 837,311 829,923 857,125 8
  9. 9. Reconciliation of Net Income Net IncomeNET INCOME (in R$’000) 3Q11 2Q11 3Q10 Jan-Sep/11 Jan-Sep/10Before adjustments to IFRS 117,257 108,268 118,385 303,420 310,878ROE 17.0% 16.0% 18.9% 14.9% 17.1% Business Combination (4,639) (2,919) (3,931) (11,630) (11,264) Biological Assets 717 (5,481) 28,611 (3,228) 32,368 Employee Benefits 4,879 515 1,808 6,911 5,426 Other adjustments 0 0 7,564 0 (13,614)After adjustments to IFRS 118,214 100,383 152,437 295,473 323,794 Extraordinary events (¹) (15,881) (9,284) (3,962) (25,165) (3,962)Recurrent Net Income in IFRS 102,333 91,099 148,475 270,308 319,832Recurrent ROE 11.4% 10.3% 17.7% 10.2% 13.1%(¹) 2Q11, 3Q11 and 3Q10: Fixed asset sale, mainly, Principal events that impacted results when compared with 2010 (non cash) Biological Assets (increase in price of wood and planted area in 2010) (27,893) (35,595) Increase in Depreciation (7,453) (22,889) TOTAL (35,346) (58,484) Net Income* (R$ million) & ROE* (%) 319.8 270.3 17.7% +12.3% 13.1% 11.4% 8.3% 10.2% 148.5 10.3% 138.2 102.3 91.1 9M09 9M10 9M11 3Q10 3T10 2Q11 2T09 3Q11 3T11 *Recurrent 9
  10. 10. Consolidated Net Revenue Net Revenue (R$ million) and Gross Margin* (%) Gross Margin 34.4% 38.6% 34.6% 39.7% 34.9% 34.9% 2,200.8 2,022.2 1,309.5 +5.1% 703.3 751.2 789.8 9M09 9M10 9M11 3Q10 3T10 2Q11 2T11 3Q11 3T11 Madeira 771.0 1,356.2 1,396.5 63% 472.6 480.7 502.1 64% Deca 538.5 666.0 804.3 37% 230.7 270.5 287.7 36%*Margin without biological assets Geographical Distribution of Sales 3Q11 (%) Net Revenue by product 3Q11 (%) Vitreous Foreign China MDF/ Market 17.5% Laminated 4.4% Flooring Metal Fittings 34.1% Domestic 18.9% Market 95.6% Components MDP 0.5% Hardboard 21.3% 7.7% 10
  11. 11. Reconciliation of consolidated EBITDA (Before adjustments to IFRS)Before adjustments to IFRSR$ 000 3Q11 2Q11 % 3Q10 % Jan-Sep/11 Jan-Sep/10 %Operating Profit Before Financial Result 194,471 163,524 18.9 190,668 2.2 489,859 507,781 (3.5) Depreciation/Amortization/Depletion 65,750 68,442 (3.9) 54,764 20.1 191,816 158,468 21.0EBITDA 260,221 231,966 12.2 245,432 6.0 681,675 666,249 2.3EBITDA Margin 32.9% 30,.% - 34.9% - 31.0% 32.9% - Extraordinary Events (¹) (25,820) (14,068) - (6,004) - (39,888) (6,004) -Recurrent EBITDA 234,401 217,898 7.6 239,428 (2.1) 641,787 660,245 (2.8)Recurrent EBITDA Margin 29.7% 29.0% - 34.0% - 29.2% 32.6% -(¹) 2Q11, 3Q11 3Q10: Fixed asset sale, mainly Recurrent EBITDA (R$ million) 660.2 641.8 429.1 Deca 33% 239.4 217.9 234.4 Wood 67% 9M09 9M10 9M11 3Q10 3T10 2Q11 2T11 3Q11 3T11 11
  12. 12. Reconciliation of consolidated EBITDA (After adjustments to IFRS)After adjustments to IFRSR$ 000 3Q11 2Q11 % 3Q10 % Jan-Sep/11 Jan-Sep/10 %Operating Profit Before Financial Result 178,560 143,411 24.5 217,182 (17.8) 445,148 518,939 (14.2) Depreciation/Amortization/Depletion 72,013 75,018 (4.0) 60,720 18.6 211,000 176,319 19.7 Change in Fair Value of Biological Assets (37,195) (27,693) 34.3 (72,509) (48.7) (100,490) (149,411) (32.7) Depletion Portion of Biological Assets 36,108 35,998 0.3 29,159 23.8 105,381 100,369 5,0 Employee Benefits (7,393) (780) - (2,740) - (10,471) (8,222) -EBITDA 242,094 225,954 7.1 231,812 4.4 650,568 637,994 2.0EBITDA Margin 30.7% 30.1% - 33.0% - 29.6% 31.5% - Extraordinary Events (¹) (25,820) (14,068) - (6,004) - (39,888) (6,004) -Recurrent EBITDA 216,274 211,886 2.1 225,808 (4.2) 610,680 631,990 (3.4)Recurrent EBITDA Margin 27.4% 28.2% - 32.1% - 27.7% 31.3% -(¹) 2Q11, 3Q11 and 3Q10: Fixed asset sale, mainly Recurrent EBITDA (R$ million) 631.9 610.7 Deca 32% 314.2 225.8 211.9 216.3 Wood 68% 9M09 9M10 9M11 3Q10 3T10 2Q11 2T11 3Q11 3T11 12
  13. 13. Indebtedness R$’000 3Q11 2Q11 Var. 3Q10 Var. Short Term Debt 584,854 531,969 52,885 410,432 174,422 Long Term Debt 1,322,915 1,397,867 (74,952) 1,090,368 232,547 Total Financial Debt 1,907,769 1,929,836 (22,067) 1,500,800 406,969 Cash 710,992 759,763 (48,771) 452,899 258,093 Net Debt 1,196,777 1,170,073 26,704 1,047,901 148,876 Net Debt (R$ million) /Equity (%) Net Debt (R$ million) /EBITDA (last 12 months) 1.28 1.31 1.32 1,170.1 1,196.7 1,047.9 30.8% 32.8% 32.9% 3Q10 3T10 2Q11 2T11 3Q11 3T11 Origin of Debt (%) Amortization Schedule (R$’000) 710.9 643.4 Domestic 349.7 382.5 Currency 320.9 94% 211.2 Foreign * Currency 6%*100% Swap for CDI Cash 2011 2012 2013 2014 2015 e and after após 13
  14. 14. Consolidated CAPEX (R$ million) 891.2 620.0e 427.0 459.6 196.7 423.3 Accomplished until Sep/11 2008 2009 2010 2011Estimated Capex, Total 2011 R$ 620 millionDECA 210Wood 276Forest 29Planting and maintenance 93Other 12 14
  15. 15. Localization of PlantsBusiness division of Duratex responsible for manufacturing wood panels made ​ from pine and eucalyptus6 PLANTSSão Paulo:- Itapetininga: MDP and new plantof MDF (start-up 2013)- Agudos: 2 MDF lines, Flooringand Resin Plant (DRI)- Botucatu: Hardboard and MDFMinas Gerais:- Uberaba: MDF and MDPRio Grande do Sul:- Taquari: MDP 230 thousand ha of land: o SP – 62% o MG – 34% o RS – 4% 15
  16. 16. Highlights Installed Capacity & Occupancy Rate of Shipment (in 000 m³) Available Capacity 3Q11 1,742.9 1,713.2 MDF 88% +3.7% 917.2 +5.1% 590.1 582.1 611.7 MDP 87% Hardboard 100% 2Q11 9M09 9M10 9M11 3Q10 3T10 2T11 3Q11 3T11Annual Capacity (in ´000 m³) NOMINAL EFFECTIVE * AVAILABLE** Net Revenue (R$ million) and Gross Margin* (%) MDF 1,800 1,530 1,400 MDP 1,900 1,620 1,350 Gross Margin 27.4% 40.1% 32.2% 36.1% 33.1% 32.6% Hardboard 210 195 195 1,356.2 1,396.5 Total 3,910 3,345 2,945*Effective Annual Capacity of Duratex, considering lines already +6.2%installed, after periods of ramp-up and minor investments**Without minor investments mentioned above 771.0 +4.5% 472.6 480.7 502.1 Sales Channels 3Q11: Other 6% 9M09 9M10 9M11 3Q10 3T10 2Q11 2T11 3Q11 3T11 Construction *Without biological assets 15% Furniture Industry ] Retail 53% 26% 16
  17. 17. Reconciliation of EBITDA(in R$’000) 3Q11 2Q11 % 3Q10 % Jan-Sep/11 Jan-Sep/10 %Operacional Profit before 119.2 90.4 31.9 150.0 (20.6) 271.7 338.6 (19.8)Financial ResultsChange in Fair Value of Biological Assets (37.2) (27.7) 34.3 (72.5) (48.7) (100.5) (149.4) (32.7) Depletion of Biological Assets 36,1 35.9 0.3 29.2 23.8 105.4 100.4 5.0 Depreciation/Amortization/Depletion 59.9 61.8 (3.1) 50.7 18.8 173.5 146.8 18.2 Employee Benefits (4.8) (0.5) - (1.8) - (6.8) (5.5) -EBITDA 173.1 159.9 8.3 155.5 11.3 443.3 430.9 2.9 Extraordinary Events (¹) (25.8) (14.1) - (6.0) - (39.9) (6.0) -Recurrent EBITDA 147.3 145.8 1.0 149.5 (1.5) 403.4 424.9 (5.1)Recurrent EBITDA Margin 29.3% 30.3% - 31.6% - 28.9% 31.3% -Before adjustments to IFRSRecurrent EBITDA 158.1 147.9 6.8 157.8 0.2 420.2 441.5 (4.8)Recurrent EBITDA Margin 31.5% 30.8% - 33.4% - 30.1% 32.6% -(¹) 2Q11, 3Q11 and 3Q10: Fixed asset sale, mainly 17
  18. 18. Wood Panels Market Total Consumption of Wood Panels in Brazil (Source ABIPA, in „000 m³) MDF Effective Available Capacity: 3,660 thousand m³/year; Effective Capacity of the Industry: 4,080 thousand m³/year 2,972 +2.8% 2,263 2,352 2,224 2,287 2,037 1,861 +12.4% 1,413 +4.5% 740 796 832 2005 2006 2007 2008 2009 2010 9M10 9M11 3Q10 3T10 2Q11 2T11 3Q11 3T11 MDP Effective Available Capacity: 3,620 thousand m³/year; Effective Capacity of the Industry: 4,000 thousand m³/year 2,885 +4.3% 2,548 2,633 2,431 2,186 2,157 2,250 2,102 +14.5% +6.3% 705 759 807 2005 2006 2007 2008 2009 2010 9M10 9M11 3Q10 3T10 2Q11 2T11 3Q11 3T11*Annual effective capacity of the industry based on lines already installed, after periods of ramp-up and minor investments. The volume of 2005-2008 refers to apparent consumption that includes inventories and from 2009 onwards refers to domestic sales in the country 18
  19. 19. Localization of PlantsBusiness division of Duratex responsible for manufacturing metal fittings, vitreous china and accessories9 PLANTSBRAZILSão Paulo:- Metals: São Paulo and Jundiaí- Vitreous China: 2 plants in JundiaíRio de Janeiro:- Vitreous China: QueimadosRio Grande do Sul:- Vitreous China: São LeopoldoPernambuco:- Vitreous China: Cabo de Santo AgostinhoParaíba:- Vitreous China: João PessoaARGENTINA- Metals: Deca Piazza in Buenos Aires 19
  20. 20. Building Materials Industry ABRAMAT INDEX 2005 2006 2007 2008 2009 2010 Jan-Sep/11 2011 ForecastSource: Associação Brasileira da Indústria de Materiais de ConstruçãoABRAMAT Index: monthly indicator of sales performance of the Building Materials Industry 20
  21. 21. Highlights Shipment (in 000 items) Installed Capacity & 18.776 Occupancy Rate 3Q11 16.226 14.323 +22.6% +8.3%METAL FITTINGS 100% 6.259 6,780 5.529 9M09 9M10 9M11 3Q10 3T10 2Q11 2T11 3Q11 3T11VITREOUS CHINA 96% Net Revenue (R$ million) and Gross Margin (%) Gross Margin 39.3% 44.2% 39.1% 47.3% 38.2% 38.9% 804.3 665.9 +24.7% Sales Channels 3Q11: 538.5 +6.4% 230.7 270.5 287.7 Retail 9M09 9M10 9M11 3Q10 3T10 2Q11 2T11 3Q11 3T11 67% Builders 22% ] Other 2% Wholesale 9% 21
  22. 22. Reconciliation of EBITDA(in R$’000) 3Q11 2Q11 % 3Q10 % 9M11 9M10 %Operacional Profit before 59.4 53.0 11.9 67.2 (11.6) 173.5 180.3 (3.8)Financial ResultsDepreciation/Amortization/ 12.1 13.2 (8.1) 9.9 21.5 37.5 29.5 27.1DepletionEmployee Benefits (2.6) (0.2) - (0.9) - (3.7) (2.7) -EBITDA 68.9 66.0 4.4 76.2 (9.6) 207.3 207.1 0.1Extraordinary Events 0 0 - 0 - 0 0 -Recurrent EBITDA 68.9 66.0 4.4 76.2 (9.6) 207.3 207.1 0.1Recurrent EBITDA Margin 24.0% 24.4% - 33.0% - 25.8% 31.1% -Before adjustments to IFRSRecurrent EBITDA 76.3 69.9 9.1 81.6 (6.5) 221.6 218.6 1.3Recurrent EBITDA Margin 26.5% 25.9% - 35.4% - 27.6% 32.8% - 22
  23. 23. Sustainability 23
  24. 24. Sustainability • 230 K hectares of land • Harvest between 6 and 7 years • 140 K hectares of planted forests • Low distance between forests and plants • 267 million trees planted • Increased productivity (m3/hectares/year) • 56 trees planted per minute • Conservation of native forests • Certifications(FSC and ISO14.001) New Developments in Productivity in Eucalyptus Forests Evolução da Produtividade em Novas Florestas Eucalipto - São Paulo - +160% 60 48 51 52 Year IMA (m³/ha.ano) 50 44 44 45 40 40 30 30 20 20 10 0 Anos Anos 60´s 80´s 2000 2005 2006 2007 2008 2009 2010 60 80 Year BaseDuratex since its founding in 1951, constantly investing in environmental actions that contribute Ano the future of the planet to base• Recycling of metal (bronze, brass and plastic) • Water saving products • Waste collection• 9 product lines Sustentax certified , as LEED • Material Recovery Area • Certified forest(Leadership in Energy and Environment Design) 24
  25. 25. Social Actions Projet FORMARE Environmental Education Center School of Joinery Tide Setubal Uberaba – MG e& Taquari - RS Estrela do Sul - MG Agudos - SP Opened in September 2010, received 70 visitors in Inaugurated in the same yearMore than 240 youth and 543 teachers 2000, has trainedtrained. Volunteers involved in the 338 youngproject since 2003 people Area Environmental Experience Piatan Community Libraries Agudos – SP Estrela do Sul - MG & Taquari - RS In 2010, the area received more than 7,000 visitors Partnership with the Institute Ecofuturo, National Book Foundation Children and Program Na Mão Certa Youth and municipalities, the project aims to encourage reading in poor communities Seeking the Future Project Deca units São Paulo & Jundiaí Since 2004, provides guidance for engagement in the job market for students Duratex signed the Program, an initiative of technical schools of the WCF, which goal is to inhibit the sexual exploitation of children and teenagers in Brazilian highways 25
  26. 26. Economic scenario 26
  27. 27. Economic Scenario Interest Rate (% annum) Disposable Income (R$ mn) and Unemployment Rate in Brazil (%) Unemployment Dec/05 Dec/06 Dec/07 Dec/08 Dec/09 Dec/10 July/11 Aug/11 rate 8.6 8.4 7.4 6.8 6.8 5.3 6.0 6.0 437.785 13,75 419.593 12.50 12.00 385.634 11,75 12,00 12,25 373.340 40000011,25 11.50 10,75 11,25 309.671 328.204 345.923 8,75 300000 200000 100000 0 Jan/11 March/11 Abr/11 Jun/11 July/11 Aug/11 Out/11 2005 2006 2007 2008 2009 2010 UDM até2007 2008 2009 2010 jan/11 mar/11 abr/11 jun/11 jul/11 ago/11 otu/11 Until jul´11 July/11 Minimum Wage (R$ mn) Total Credit / GDP (Brazil, %) 616 50,0% 545 510 46.6% 46.3% 46.5%.46.5%.46.6%46.9% 48,0% 465 46.2% 415 46.1% 45.7% 380 46,0% 350 45.0% 300 44,0% 42,0% 40.8% 40,0% 38,0% 2005 2006 2007 2008 2009 2010 2011 2012p e 36,0% 2008 2009 2010 Jan/11 Feb/11 March/11 Apr/11 jan/11 fev/11 mar/11 abr/11 mai/11 jun/11 jul/11 May/11 Jun/11 July/11 ago/11 Aug/11 27
  28. 28. Evolution of Nominal Capacity and Investments Nominal Capacity (in ´000 m³) 5,310 4,510 210 3,910 3,910 3,910 210 3.200 3,110 210 210 210 2.4002,510 1.800 210 1.800 1.800 360 1.000 650 1.900 1.500 1.900 1.900 1.900 1.900 1.9002007 2008 2009 2010 2011 2013 2015 MDP MDF CHAPA HARDBOARD Accomplished Investments Flooring Law pressure coating line, paper saturation line Planting and other projects Investments in Progress Expansion MDF Capacity (´000 m³) Effective Nominal Expansion BP Plant 1 – Itapetininga 520 600 Plant 2 – location to be defined 680 800 Forest - - Plant 1 - Itapetininga Total 1,200 1,400 28
  29. 29. Evolution of Nominal Capacity and Investments Nominal Capacity (in ´000 items) 30,400 26,800 23,000 23,000 12,200 21,800 9,80018,200 6,200 7,200 7,2003,800 15,800 15,800 15,600 18,200 17,00014,4402007 2008 2009 2010 2011 2012 Metais Metais Louças China Vitreous Accomplished Investments Acquisition Elizabeth (Feb/2011) New furnace in Cabo Santo Agostinho (+0.8 mn items/year; April/11) Expansion Metals to 17,000 items/year (2011) Investments in Progress Reactivation and expansion of Queimados unit, RJ + 2.4 mn items/year of vitreous china (2012) Metals expansion to 18.2 mn items / year (2012) 29
  30. 30. Value Creation 30
  31. 31. Awards & Recognitions 2011 Market Value between 5 -15 billion 1st place SULAMÉRICA 2nd place DURATEX 3rd place LOJAS RENNERPini Award (laminate flooring)Anamaco Award (laminate flooring)Top of MindAward Stand Design 31
  32. 32. Value Creation Market Value of 10 biggest Brazilian companies R$ mn US$ mn R$ mn US$ mn Issuers DEC/ 2005 SEP/ 2011 Issuers 1 ,PETROBRÁS 173,583.7 74,158.8 1 ,PETROBRAS 262,546.3 141,580.1 2 ,VALE R DOCE N1 106,437.3 45,472.4 2 ,VALE N1 221,618.8 119,509.7 3 ,BRADESCO N1 64,763.4 27,668.4 3 ,AMBEV 158,087.8 85,250.1 4 ,ITAUBANCO N1 58,155.1 24,845.2 4 ,ITAUUNIBANCO N1 124,658.7 67,223.2 5 ,AMBEV 54,119.7 23,121.2 5 ,BRADESCO N1 96,862.9 52,234.1 6 ,BRASIL 34,208.0 14,614.4 6 ,BRASIL NM 71,060.5 38,319.9 7 ,ITAUSA N1 24,229.1 10,351.2 7 ,TELESP 53,799.7 29,011.9 8 ,UNIBANCO N1 22,128.0 9,453.5 8 ,SANTANDER BR N2 53,737.7 28,978.5 9 ,TELESP 21,938.5 9,372.6 9 ,ITAUSA N1 49,493.7 26,689.9 10 ,ELETROBRÁS 21,640.7 9,245.4 10 ,OGX PETROLEO NM 37,188.1 20,053.9 TOTAL R$ 581,203.9 +94% TOTAL R$ 1,129,054.6 US$ 248,303.1 +145.2% US$ 608,851.3 +199.7% DURATEX R$ mn US$ mn R$ mn US$ mn DEC/05 Issuers SEP/11 Issuers 63 DURATEX N1 1,579.8 674.9 69 DURATEX NM 4,735.8 2,553.8 +276.2 %Source: BM&FBovespa 32
  33. 33. 220 100 130 160 190 250 280 310 70 19/06/2009 19/07/2009 19/08/2009 19/09/2009 19/10/2009 19/11/2009 19/12/2009 19/01/2010 19/02/2010 19/03/2010 19/04/2010 19/05/2010 19/06/2010 19/07/2010 DTEX333 19/08/2010 19/09/2010 IBOV 19/10/2010 19/11/2010 19/12/2010 19/01/2011 19/02/2011 19/03/2011 19/04/2011 Comparative performance of DTEX3 x IBOV (19.Jun.09 – 26.Oct.11) 19/05/2011 19/06/2011 19/07/2011 19/08/2011 19/09/2011 19/10/2011 Value Creation +47.2% + 11.4%
  34. 34. DISCLAIMER The information contained herein was prepared by Duratex S.A. and doesnot constitute an offering material, to subscribe for or purchase any of the Company’ssecurities. This material also brings general information about Duratex S.A. and itsmarkets. No representation or warranty, express or implied, is made concerning, andno reliance should be placed on, the accuracy, fairness or completeness of theinformation presented herein. The Company can give no assurance that expectations disclosed in thispresentation will be confirmed. November, 2011 34
  35. 35. Apresentação Corporativa Investor Relations 3° trimestre 2011 www.duratex.com.br

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