Year
Month
2014
1
Language
2
luation
Date
01/31/2014
Analysis
1.00
Guerriero
ail.com
Index
REP01
1 - Introduction
REP02
2 - Premisses
REP03
3 - Balance Sheet
REP04
4 - Income Statement
REP05
5 - Cash Flow
REP06
6 - Performance Indicators
REP07
7 - Calculations
REP08
8 - Investments
REP09
9 - Financing
REP10
REP11
REP12
12 - Economic Cycle
REP13
13 - Graphics
Introduction
Premises
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
1 - Values in US$
2 - Sales volume
Product
Product
Product
Product
Product
Product
1
2
3
4
5
6
11.00%
10.00%
1.00%
5.00%
5.00%
87.00%
7.91%
5.00%
1.00%
5.00%
3.00%
0.00%
11.60%
5.00%
1.00%
5.00%
3.00%
0.00%
10.00%
5.00%
1.00%
5.00%
2.00%
0.00%
10.00%
3.00%
1.00%
5.00%
1.00%
0.00%
10.00%
3.00%
1.00%
5.00%
1.00%
0.00%
0.00%
3.00%
1.00%
5.00%
1.00%
0.00%
0.00%
3.00%
1.00%
5.00%
1.00%
0.00%
3.00%
3.00%
1.00%
5.00%
1.00%
0.00%
3.00%
3.00%
1.00%
5.00%
1.00%
0.00%
3.00%
3.00%
1.00%
5.00%
1.00%
0.00%
3.00%
3.00%
1.00%
5.00%
1.00%
0.00%
3.00%
3.00%
1.00%
5.00%
1.00%
0.00%
5.00%
2.00%
5.00%
5.00%
5.00%
15.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
71.50%
12.00%
9.00%
3.00%
3.00%
0.00%
10.00%
2.00%
3.00%
3.00%
3.00%
-5.00%
5.00%
2.00%
3.00%
3.00%
3.00%
-5.00%
5.00%
2.00%
3.00%
3.00%
3.00%
-5.00%
5.00%
5.00%
5.00%
3.00%
3.00%
0.00%
5.00%
5.00%
5.00%
3.00%
3.00%
0.00%
0.01%
5.00%
5.00%
3.00%
3.00%
0.00%
0.01%
5.00%
5.00%
3.00%
3.00%
0.00%
0.01%
5.00%
5.00%
3.00%
3.00%
0.00%
5.00%
5.00%
5.00%
3.00%
3.00%
0.00%
5.00%
5.00%
5.00%
3.00%
3.00%
0.00%
5.00%
5.00%
5.00%
3.00%
3.00%
0.00%
5.00%
5.00%
5.00%
3.00%
3.00%
0.00%
2.00%
3.00%
3.00%
2.00%
25.00%
25.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
2.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
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 - Revenue
Product
Product
Product
Product
Product
Product
1
2
3
4
5
6
6 - Administrative costs
Expenses Selling, general and administrative
Research and development
Employees' results
Others
Premises
2015
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 - Wages
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
11 - Cash is remunerated
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
7.40%
7.35%
7.30%
7.25%
7.20%
7.15%
7.10%
7.05%
7.00%
6.95%
6.90%
6.85%
6.80%
(804)
(696)
(505)
(271)
(1,560)
(182)
(804)
(696)
(505)
(271)
(1,560)
(182)
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
890
987
1,121
1,321
2,000
2,000
1,500
1,500
Stocks
Accounts Receivable
Suppliers
3,830
1,121
1,198
765
850
3,830
3,830
3,830
3,830
3,830
3,830
3,830
3,830
1%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
50%
50%
50%
50%
75%
75%
75%
75%
75%
75%
75%
75%
75%
2.366
Qty
749,949,429
Price
USD 28.23
Total
21,173,551,080.81
415,727,739
1,165,677,168
USD 24.16
10,043,532,358.94
31,217,083,439.75
Premises
2015
3%
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
BALANCE SHEET
Years ended December 31
Vertical
2012
2013
2014
2015
2016
2017
ASSETS
NON CURRENTS ASSETS
Property, plant and equipment
5,093
64.0%
9,306
81.4%
###
81.5%
###
84.5%
###
86.3%
###
-1,796
-22.6%
-2,822
-24.7%
-3,749
-23.9%
-4,390
-25.1%
-5,130
-26.3%
-5,971
Long-term investments
732
9.2%
1,034
9.0%
1,159
7.4%
1,159
6.6%
1,159
5.9%
1,159
Goodwill in subsidaries
412
5.2%
451
3.9%
486
3.1%
486
2.8%
486
2.5%
486
162
2.0%
108
0.9%
111
0.7%
111
0.6%
111
0.6%
111
89
1.1%
40
0.3%
55
0.3%
55
0.3%
55
0.3%
55
73
0.9%
68
0.6%
56
0.4%
56
0.3%
56
0.3%
56
79
1.0%
82
0.7%
170
1.1%
170
1.0%
170
0.9%
170
358
4.5%
234
2.0%
70
0.4%
70
0.4%
70
0.4%
70
239
3.0%
407
3.6%
531
3.4%
531
3.0%
531
2.7%
531
0.0%
0.0%
0.0%
0.0%
0.0%
84
1.1%
155
1.4%
231
1.5%
231
1.3%
231
1.2%
231
Unrealized gains
Interest-bearing long-term assets, external
TOTAL NON CURRENTS
###
67.5%
###
78.4%
###
75.2%
###
75.2%
###
74.1%
###
CURRENTS ASSETS
Others Currents
286
Recoverable taxes
3.6%
205
1.8%
219
1.4%
219
1.2%
219
1.1%
219
0.0%
214
1.9%
285
1.8%
285
1.6%
285
1.5%
285
211
2.7%
91
0.8%
203
1.3%
203
1.2%
203
1.0%
203
Inventories
292
3.7%
505
4.4%
849
5.4%
779
4.4%
878
4.5%
1,012
49
0.6%
56
0.5%
56
0.4%
56
0.3%
56
0.3%
56
660
8.3%
818
7.2%
1,091
13.7%
585
5.1%
32.5%
###
ASSETS
###
###
###
21.6%
###
1,249
###
###
6.5%
###
7.9%
534
24.8%
###
###
12.9%
3.0%
24.8%
###
749
###
###
13.6%
3.8%
25.9%
###
2,291
###
###
BALANCE SHEET
Years ended December 31
Vertical
2012
2013
2014
2015
2016
2017
LIABILITIES
EQUITY
CAPITAL STOCK
Preferred capitalstock
Ordinary shares
904
11.4%
1,055
9.2%
1,176
7.5%
1,176
6.7%
1,176
6.0%
1,176
1,630
20.5%
1,902
16.6%
2,121
13.5%
2,121
12.1%
2,121
10.9%
2,121
-0.5%
-88
2.6%
498
Treasury shares
(88)
498
-1.1%
6.3%
(88)
498
-0.8%
4.4%
(88)
498
-0.6%
3.2%
(88)
498
-0.5%
2.8%
(88)
498
###
37.0%
###
29.4%
###
23.6%
###
21.2%
###
19.0%
3,707
###
-65.1%
###
-38.3%
###
-24.0%
###
-21.5%
###
-19.4%
###
Earnings reserve
###
28.0%
###
26.5%
###
26.4%
###
23.6%
###
21.3%
4,143
Retained earnings
###
41.3%
###
25.0%
###
21.1%
###
28.4%
###
33.3%
8,424
###
41.3%
###
42.7%
###
47.0%
###
51.7%
###
54.2%
###
TOTAL EQUITY
NON CURRENTS LIABILITIES
Other long-term interest free liabilities
Unrealized loss on derivatives
Provisions for contingencies
Interest-bearing long-term debt, internal
Interest-bearing long-term debt, external
Pension liabilities
TOTAL NON CURRENTS LIABILITIES
Minority interests
122
1.5%
268
2.3%
484
3.1%
484
2.8%
484
2.5%
484
76
1.0%
96
0.8%
236
1.5%
236
1.3%
236
1.2%
236
428
5.4%
635
5.6%
914
5.8%
914
5.2%
914
4.7%
914
0.1%
0.0%
18
0.1%
18
0.1%
18
0.1%
18
2,359
29.7%
2,767
24.2%
3,214
20.5%
3,408
19.4%
3,890
20.0%
4,562
141
1.8%
198
1.7%
215
1.4%
237
1.3%
260
1.3%
286
###
39.4%
###
34.7%
###
32.3%
###
30.2%
###
29.8%
###
27
0.3%
329
2.9%
788
5.0%
788
4.5%
788
4.0%
788
99
1.2%
297
2.6%
325
2.1%
325
1.9%
325
1.7%
325
0.0%
21
0.2%
433
2.8%
433
2.5%
433
2.2%
433
0.8%
119
1.0%
52
0.3%
52
0.3%
52
0.3%
52
CURRENTS LIABILITIES
Other incurred, unpaid costs
Income tax payable
Interest-bearing short-term debt, internal (*)
64
BALANCE SHEET
Years ended December 31
Vertical
2012
Interest-bearing short-term debt, external
2013
2014
2015
2016
2017
184
2.3%
129
1.1%
74
0.5%
9.0%
1,009
8.8%
730
4.6%
696
4.0%
505
2.6%
449
Interest on capital
0.0%
118
1.0%
11
0.1%
11
0.1%
11
0.1%
11
76
1.0%
78
0.7%
141
0.9%
155
0.9%
171
0.9%
188
365
4.6%
482
4.2%
689
4.4%
714
4.1%
832
4.3%
962
###
TOTAL
###
19.0%
###
###
19.7%
###
###
15.6%
0.0%
###
###
13.6%
0.0%
###
###
11.9%
###
###
2019
2020
2021
2022
2023
2024
2025
2026
82.5%
###
77.5%
###
92.1%
###
97.6%
31,302
99.7%
35,132
100.5%
38,962
99.3%
42,792
98.4%
46,622
95.5%
50,452
90.9%
-26.9%
-6,886
-26.9%
-7,877
-30.7%
-9,059
-32.2%
-10,433
-33.2%
-11,998
-34.3%
-13,754
-35.1%
-15,703
-36.1%
-17,842
-36.5%
-20,173
-36.3%
5.2%
1,159
4.5%
1,159
4.5%
1,159
4.1%
1,159
3.7%
1,159
3.3%
1,159
3.0%
1,159
2.7%
1,159
2.4%
1,159
2.1%
2.2%
486
1.9%
486
1.9%
486
1.7%
486
1.5%
486
1.4%
486
1.2%
486
1.1%
486
1.0%
486
0.9%
0.5%
111
0.4%
111
0.4%
111
0.4%
111
0.4%
111
0.3%
111
0.3%
111
0.3%
111
0.2%
111
0.2%
0.2%
55
0.2%
55
0.2%
55
0.2%
55
0.2%
55
0.2%
55
0.1%
55
0.1%
55
0.1%
55
0.1%
0.3%
56
0.2%
56
0.2%
56
0.2%
56
0.2%
56
0.2%
56
0.1%
56
0.1%
56
0.1%
56
0.1%
0.8%
170
0.7%
170
0.7%
170
0.6%
170
0.5%
170
0.5%
170
0.4%
170
0.4%
170
0.3%
170
0.3%
0.3%
70
0.3%
70
0.3%
70
0.2%
70
0.2%
70
0.2%
70
0.2%
70
0.2%
70
0.1%
70
0.1%
2.4%
531
2.1%
531
2.1%
531
1.9%
531
1.7%
531
1.5%
531
1.4%
531
1.2%
531
1.1%
531
1.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
1.0%
231
0.9%
231
0.9%
231
0.8%
231
0.7%
231
0.7%
231
0.6%
231
0.5%
231
0.5%
231
0.4%
68.0%
###
61.4%
###
72.2%
###
75.2%
###
75.2%
###
74.1%
###
71.3%
###
68.6%
###
64.6%
###
59.5%
1.0%
219
0.9%
219
0.9%
219
0.8%
219
0.7%
219
0.6%
219
0.6%
219
0.5%
219
0.4%
219
0.4%
1.3%
285
1.1%
285
1.1%
285
1.0%
285
0.9%
285
0.8%
285
0.7%
285
0.7%
285
0.6%
285
0.5%
0.9%
203
0.8%
203
0.8%
203
0.7%
203
0.6%
203
0.6%
203
0.5%
203
0.5%
203
0.4%
203
0.4%
4.6%
1,156
4.5%
1,323
5.2%
1,515
5.4%
1,609
5.1%
1,709
4.9%
1,858
4.7%
2,021
4.6%
2,198
4.5%
2,391
4.3%
0.3%
56
0.2%
56
0.2%
56
0.2%
56
0.2%
56
0.2%
56
0.1%
56
0.1%
56
0.1%
56
0.1%
15.8%
4,517
14.4%
4,597
13.1%
4,788
12.2%
5,176
11.9%
5,595
11.5%
6,050
10.9%
0.9%
886
2.8%
1,992
5.7%
3,852
9.8%
5,676
13.1%
8,737
17.9%
13,263
23.9%
24.8%
7,774
24.8%
9,061
25.9%
13.7%
10.3%
32.0%
###
4,520
###
###
13.5%
17.7%
38.6%
###
1,150
###
###
15.2%
4.5%
27.8%
###
263
###
###
###
###
###
###
28.7%
###
###
31.4%
###
###
35.4%
###
###
40.5%
2019
2020
2021
2022
2023
2024
2025
2026
5.3%
1,176
4.6%
1,176
4.6%
1,176
4.2%
1,176
3.7%
1,176
3.4%
1,176
3.0%
1,176
2.7%
1,176
2.4%
1,176
2.1%
9.6%
2,121
8.3%
2,121
8.3%
2,121
7.5%
2,121
6.8%
2,121
6.1%
2,121
5.4%
2,121
4.9%
2,121
4.3%
2,121
3.8%
-0.4%
-88
-0.3%
-88
-0.3%
-88
-0.3%
-88
-0.3%
-88
-0.3%
-88
-0.2%
-88
-0.2%
-88
-0.2%
-88
-0.2%
2.2%
498
1.9%
498
1.9%
498
1.8%
498
1.6%
498
1.4%
498
1.3%
498
1.1%
498
1.0%
498
0.9%
16.7%
3,707
14.5%
3,707
14.4%
3,707
13.2%
3,707
11.8%
3,707
10.6%
3,707
9.4%
3,707
8.5%
3,707
7.6%
3,707
6.7%
-17.0%
###
-14.8%
###
-14.7%
###
-13.4%
-3,774
-12.0%
-3,774
-10.8%
-3,774
-9.6%
-3,774
-8.7%
-3,774
-7.7%
-3,774
-6.8%
18.7%
4,143
16.2%
4,143
16.1%
4,143
14.7%
4,143
13.2%
4,143
11.9%
4,143
10.6%
4,143
9.5%
4,143
8.5%
4,143
7.5%
37.9%
###
42.0%
###
48.9%
###
51.4%
17,243
54.9%
20,730
59.3%
24,841
63.3%
29,813
68.6%
35,782
73.3%
42,958
77.4%
56.3%
###
57.9%
###
64.8%
###
65.8%
21,319
67.9%
24,806
71.0%
28,917
73.7%
33,889
77.9%
39,858
81.6%
47,034
84.7%
2.2%
484
1.9%
484
1.9%
484
1.7%
484
1.5%
484
1.4%
484
1.2%
484
1.1%
484
1.0%
484
0.9%
1.1%
236
0.9%
236
0.9%
236
0.8%
236
0.8%
236
0.7%
236
0.6%
236
0.5%
236
0.5%
236
0.4%
4.1%
914
3.6%
914
3.6%
914
3.2%
914
2.9%
914
2.6%
914
2.3%
914
2.1%
914
1.9%
914
1.6%
0.1%
18
0.1%
18
0.1%
18
0.1%
18
0.1%
18
0.1%
18
0.0%
18
0.0%
18
0.0%
18
0.0%
20.5%
3,948
15.4%
3,166
12.3%
3,423
12.2%
3,757
12.0%
3,612
10.3%
3,510
8.9%
2,629
6.0%
1,842
3.8%
1,056
1.9%
1.3%
315
1.2%
346
1.3%
381
1.4%
419
1.3%
461
1.3%
507
1.3%
558
1.3%
613
1.3%
675
1.2%
19.4%
5,828
18.6%
5,725
16.4%
5,669
14.5%
4,839
11.1%
4,108
8.4%
3,382
6.1%
29.3%
###
23.1%
###
20.1%
###
3.5%
788
3.1%
788
3.1%
788
2.8%
788
2.5%
788
2.3%
788
2.0%
788
1.8%
788
1.6%
788
1.4%
1.5%
325
1.3%
325
1.3%
325
1.2%
325
1.0%
325
0.9%
325
0.8%
325
0.7%
325
0.7%
325
0.6%
1.9%
433
1.7%
433
1.7%
433
1.5%
433
1.4%
433
1.2%
433
1.1%
433
1.0%
433
0.9%
433
0.8%
0.2%
52
0.2%
52
0.2%
52
0.2%
52
0.2%
52
0.1%
52
0.1%
52
0.1%
52
0.1%
52
0.1%
2019
0.0%
2020
0.0%
2021
0.0%
2022
0.0%
2023
0.0%
2024
0.0%
2025
0.0%
2026
0.0%
0.0%
2.0%
1,935
7.6%
782
3.0%
864
3.1%
864
2.8%
910
2.6%
952
2.4%
881
2.0%
787
1.6%
787
1.4%
0.0%
11
0.0%
11
0.0%
11
0.0%
11
0.0%
11
0.0%
11
0.0%
11
0.0%
11
0.0%
11
0.0%
0.8%
206
0.8%
227
0.9%
250
0.9%
275
0.9%
302
0.9%
332
0.8%
366
0.8%
402
0.8%
443
0.8%
4.3%
1,097
4.3%
1,255
4.9%
1,438
5.1%
1,510
4.8%
1,604
4.6%
1,751
4.5%
1,904
4.4%
2,071
4.2%
2,253
4.1%
12.0%
3,470
11.0%
3,637
10.4%
3,856
9.8%
3,972
9.1%
4,081
8.4%
4,303
7.8%
10.9%
###
###
15.9%
###
###
12.0%
###
###
###
###
###
###
###
###
54,282
-22,696
1,159
486
111
55
56
170
70
531
4
231
###
219
285
203
2,601
56
6,543
19,373
###
###
1,176
2,121
-88
498
3,707
-3,774
4,143
51,555
55,631
484
236
914
18
493
742
2,887
788
325
433
52
INCOME STATMENT
2014
GROSS REVENUE
Sales of products
Product 1
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
5,143
60.7%
9,790
71.9%
11,621
72.7%
13,618
74.5%
15,729
75.9%
18,167
77.2%
20,983
78.5%
20,985
77.2%
20,987
75.9%
21,619
75.0%
23,381
75.1%
25,286
75.1%
27,347
75.1%
29,576
Product 2
Product 3
701
0
8.3%
6.3%
0.0%
1,986
0
5.5%
0.0%
1,836
0
5.5%
0.0%
1,698
0
5.5%
0.0%
1,570
0
5.4%
0.0%
1,451
0
5.2%
0.0%
1,342
0
4.9%
0.0%
1,241
0
4.6%
0.0%
1,147
0
4.9%
0.0%
1,061
0
5.1%
0.0%
991
0
5.4%
0.0%
925
0
5.8%
0.0%
864
0
0.0%
2,148
0
Product 4
124
1.5%
134
1.0%
145
0.9%
157
0.9%
170
0.8%
183
0.8%
198
0.7%
215
0.8%
232
0.8%
251
0.9%
271
0.9%
294
0.9%
317
0.9%
343
Product 5
Product 6
164
201
1.9%
1.3%
1.0%
288
322
0.8%
1.0%
277
322
0.8%
1.1%
266
322
0.9%
1.2%
256
322
0.9%
1.2%
246
322
0.9%
1.2%
236
322
0.9%
1.4%
227
322
0.8%
1.6%
218
322
0.9%
1.9%
210
322
1.0%
2.2%
200
339
1.1%
2.8%
188
357
1.2%
2.4%
177
376
0.9%
299
322
6,333
74.7%
11,341
83.3%
13,237
82.8%
15,304
83.7%
17,491
84.5%
20,038
85.2%
22,971
85.9%
23,100
85.0%
23,239
84.0%
24,017
83.3%
25,938
83.3%
28,015
83.2%
30,260
83.1%
32,688
877
1,250
19
8,479
10.3%
939
1,313
21
13,615
6.9%
1,006
1,724
30
15,996
6.3%
1,047
1,900
33
18,284
5.7%
1,089
2,095
36
20,711
5.3%
1,133
2,310
40
23,520
4.8%
1,179
2,547
44
26,740
4.4%
1,226
2,808
48
27,182
4.5%
1,276
3,095
53
27,663
4.6%
1,327
3,413
58
28,816
4.6%
1,381
3,762
64
31,146
4.4%
1,437
4,148
71
33,671
4.3%
1,495
4,573
78
36,407
4.1%
1,555
5,042
86
39,372
-413
8,066
-2,881
-513
-674
-13
-4,081
3,985
-452
-153
-69
-188
3,522
-399
3,123
82
-671
65
404
14.7%
0.2%
-4.9%
95.1%
-34.0%
-6.1%
-7.9%
-0.2%
-48.1%
47.0%
-681
9,298
-3,390
-571
-713
-14
-4,689
4,609
4.8%
-497
-214
-71
-192
4,276
-641
3,635
125
-302
65
404
35.4%
3,927
-5.33%
-1.80%
-0.81%
-2.22%
41.54%
-4.71%
36.83%
1.0%
-7.9%
0.8%
9.6%
0.2%
-5.0%
68.3%
-24.9%
-4.2%
-5.2%
-0.1%
-34.4%
33.9%
-800
10,718
-3,877
-635
-755
-18
-5,286
5,433
3.0%
-547
-300
-73
-196
5,058
-741
4,317
53
-307
65
404
28.8%
4,533
-3.65%
-1.57%
-0.52%
-1.41%
31.41%
-4.71%
26.70%
0.9%
-2.2%
0.5%
10.8%
0.2%
-5.0%
67.0%
-24.2%
-4.0%
-4.7%
-0.1%
-33.0%
34.0%
-914
12,355
-4,587
-687
-799
-20
-6,093
6,263
2.5%
-602
-420
-75
-200
5,807
-841
4,966
75
-326
65
404
28.3%
5,184
-3.42%
-1.87%
-0.46%
-1.22%
31.62%
-4.63%
26.99%
0.3%
-1.9%
0.4%
10.4%
0.2%
-5.0%
67.6%
-25.1%
-3.8%
-4.4%
-0.1%
-33.3%
34.3%
-1,036
14,243
-5,348
-743
-846
-22
-6,959
7,283
2.2%
-662
-588
-78
-203
6,668
-916
5,753
229
-368
65
404
28.4%
6,083
-3.29%
-2.30%
-0.41%
-1.09%
31.76%
-4.60%
27.16%
0.4%
-1.8%
0.4%
10.1%
0.2%
-5.0%
68.8%
-25.8%
-3.6%
-4.1%
-0.1%
-33.6%
35.2%
-1,176
16,418
-6,236
-803
-896
-24
-7,960
8,459
2.0%
-728
-605
-80
-208
7,828
-991
6,838
452
-428
65
404
29.4%
7,330
-3.20%
-2.84%
-0.37%
-0.98%
32.20%
-4.42%
27.78%
1.1%
-1.8%
0.3%
9.8%
0.2%
-5.0%
69.8%
-26.5%
-3.4%
-3.8%
-0.1%
-33.8%
36.0%
-1,337
18,926
-7,271
-868
-949
-27
-9,115
9,811
1.7%
-801
-624
-82
-212
9,274
-1,182
8,092
115
-287
65
404
31.2%
8,389
-3.09%
-2.57%
-0.34%
-0.88%
33.28%
-4.21%
29.07%
1.9%
-1.8%
0.3%
9.5%
0.2%
-5.0%
70.8%
-27.2%
-3.2%
-3.5%
-0.1%
-34.1%
36.7%
-1,359
21,817
-7,708
-939
-1,005
-30
-9,681
12,136
1.5%
-881
-642
-85
-216
11,685
-1,374
10,312
26
-309
65
404
31.4%
10.3%
0.2%
-5.0%
80.3%
-28.4%
-3.5%
-3.7%
-0.1%
-35.6%
44.6%
-1,383
25,149
-8,170
-1,015
-1,064
-34
-10,283
14,867
1.5%
-969
-662
-87
-220
14,494
-1,565
12,929
89
-331
65
404
10,498
38.6%
-10.7%
-3,569
-316
-11.8% -3,885
2.0%
542
-0.8%
-223
-13.1%
-1.2%
-1.2%
-14.3%
-2.99%
-2.33%
-0.31%
-0.79%
34.68%
-4.42%
30.26%
0.4%
-1.1%
0.2%
11.2%
0.2%
-5.0%
90.9%
-29.5%
-3.7%
-3.8%
-0.1%
-37.2%
53.7%
-1,441
28,991
-8,920
-1,098
-1,127
-37
-11,182
17,809
1.5%
-1,066
-681
-90
-225
17,504
-1,757
15,747
199
-321
65
404
13,156
47.6%
-16.2%
-17.3%
-0.8%
-4,473
-316
-4,789
542
-223
-3.24%
-2.36%
-0.31%
-0.79%
42.99%
-5.05%
37.94%
0.1%
-1.1%
0.2%
11.8%
0.2%
-5.0%
100.6%
-31.0%
-3.8%
-3.9%
-0.1%
-38.8%
61.8%
-1,557
33,419
-9,739
-1,187
-1,193
-42
-12,160
21,259
1.4%
-1,172
-702
-93
-229
21,011
-1,948
19,063
385
-315
65
404
16,094
55.9%
-19.0%
-20.1%
-0.8%
-5,472
-316
-5,788
542
-223
-3.50%
-2.39%
-0.32%
-0.80%
52.39%
-5.66%
46.74%
0.3%
-1.2%
0.2%
12.1%
0.2%
-5.0%
107.3%
-31.3%
-3.8%
-3.8%
-0.1%
-39.0%
68.3%
-1,684
38,524
-10,633
-1,283
-1,264
-46
-13,226
25,298
1.3%
-1,290
-723
-96
-234
25,095
-2,140
22,956
568
-247
65
404
19,602
62.9%
23,746
-21.4%
-22.4%
-0.8%
-6,665
-316
-6,981
542
-223
-0.7%
-8,074
-316
-8,390
542
-223
-3.70%
-2.36%
-0.31%
-0.78%
60.74%
-6.10%
54.65%
0.7%
-1.1%
0.2%
-3.76%
-2.25%
-0.30%
-0.74%
67.46%
-6.25%
61.20%
1.2%
-1.0%
0.2%
12.3%
0.2%
-5.0%
114.4%
-31.6%
-3.8%
-3.8%
-0.1%
-39.3%
75.1%
-1,820
44,408
-11,609
-1,387
-1,339
-51
-14,386
30,022
1.2%
-1,419
-745
-98
-238
29,853
-2,331
27,522
874
-185
65
404
70.5%
28,680
-3.83%
-2.15%
-0.28%
-0.69%
74.53%
-6.35%
68.18%
1.7%
-0.7%
0.2%
12.6%
0.2%
-5.0%
122.0%
-31.9%
-3.8%
-3.7%
-0.1%
-39.5%
82.5%
-1,969
51,191
-12,675
-1,500
-1,418
-57
-15,650
35,541
1.1%
-1,560
-767
-101
-243
35,392
-2,523
32,870
1,326
-130
65
404
78.8%
34,535
-3.90%
-2.05%
-0.27%
-0.65%
82.00%
-6.40%
75.59%
2.4%
-0.5%
0.2%
3,003
2,573
30.3%
2,948
21.7%
2,995
18.7%
3,425
18.7%
4,018
19.4%
4,841
20.6%
5,540
20.7%
6,932
25.5%
8,686
31.4%
10,625
36.9%
12,940
41.5%
15,675
46.6%
18,932
52.0%
22,796
2,573
30.3%
2,948
21.7%
2,995
18.7%
3,425
18.7%
4,018
19.4%
4,841
20.6%
5,540
20.7%
6,932
25.5%
8,686
31.4%
10,625
36.9%
12,940
41.5%
15,675
46.6%
18,932
52.0%
22,796
-433
-316
-749
542
-223
-982
-316
-8.8% -1,298
6.4%
542
-2.6%
-223
-5.1%
-3.7%
-1,541
-316
-9.5% -1,857
4.0%
542
-1.6%
-223
-7.2%
-2.3%
-1,763
-316
-11.6% -2,079
3.4%
542
-1.4%
-223
-9.6%
-2.0%
-2,068
-316
-11.4% -2,384
3.0%
542
-1.2%
-223
-9.6%
-1.7%
-2,492
-316
-11.5% -2,808
2.6%
542
-1.1%
-223
-10.0%
-1.5%
-2,852
-316
-11.9% -3,168
2.3%
542
-0.9%
-223
-10.6%
-1.3%
2.0%
-1.1%
2.0%
-1.1%
1.9%
-1.0%
1.7%
-9,751
-316
-24.9% -10,067
1.6%
542
-0.7%
-223
-24.0%
-0.9%
-11,742
-316
-27.7% -12,058
1.5%
542
-0.6%
-223
-26.8%
-0.9%
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2,948
2,995
3,425
4,018
4,841
5,540
6,932
8,686
10,625
12,940
15,675
18,932
22,796
641
741
841
916
991
1,182
1,374
1,565
1,757
1,948
2,140
2,331
2,523
-1,233
-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
Recoverable taxes
Others
Suppliers
25
118
130
135
158
183
72
94
147
153
167
182
198
14
16
17
19
21
23
25
27
30
33
37
40
44
-1,125
-361
-367
-393
-454
-522
-70
-59
-164
-363
-393
-426
-461
2,464
3,374
3,898
4,540
5,377
6,200
8,235
10,192
12,218
14,525
17,422
20,837
24,858
-2,000
-2,000
-1,500
-1,500
-3,830
-3,830
-3,830
-3,830
-3,830
-3,830
-3,830
-3,830
-3,830
Changes in Others
-2,000
-2,000
-1,500
-1,500
-3,830
-3,830
-3,830
-3,830
-3,830
-3,830
-3,830
-3,830
-3,830
Changes in Others
-108
-191
-56
1,486
-1,154
82
46
42
-71
-94
-224
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
-1,287
-1,474
-1,497
-1,712
-3,013
-3,631
-4,155
-5,199
-6,514
-7,969
-9,705
-11,756
-14,199
Changes in MINORITY
Changes in Equity
-1,179
-1,159
-855
-812
-4,917
-3,257
-3,783
-5,256
-6,528
-8,870
-10,530
-12,482
-14,918
-715
215
1,543
2,228
-3,370
-887
622
1,107
1,859
1,825
3,061
4,525
6,110
1,249
534
749
2,291
4,520
1,150
263
886
1,992
3,852
5,676
8,737
13,263
-715
215
1,543
2,228
-3,370
-887
622
1,107
1,859
1,825
3,061
4,525
6,110
534
749
2,291
4,520
1,150
263
886
1,992
3,852
5,676
8,737
13,263
19,373
Changes in Dividends
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
PROFITABILITY
Gross Margin %
49.4%
49.6%
50.7%
50.7%
51.1%
51.5%
51.8%
55.6%
59.1%
61.4%
63.6%
65.7%
67.6%
69.4%
37.2%
42.2%
42.3%
42.0%
42.7%
44.6%
44.3%
48.1%
52.3%
55.5%
58.7%
61.6%
64.6%
67.5%
Net Margin %
31.9%
31.7%
27.9%
27.7%
28.2%
29.5%
29.3%
31.8%
34.5%
36.7%
38.7%
40.7%
42.6%
44.5%
3,522
4,276
5,058
5,807
6,668
7,828
9,274
11,685
14,494
17,504
21,011
25,095
29,853
35,392
EBTIDA/Revenue %
43.7%
46.0%
47.2%
47.0%
46.8%
47.7%
49.0%
53.6%
57.6%
60.4%
62.9%
65.1%
67.2%
69.1%
23.5%
21.9%
19.7%
20.9%
22.9%
23.1%
22.7%
25.7%
29.5%
33.4%
37.7%
42.9%
48.9%
56.0%
53.0%
43.7%
36.0%
34.9%
34.5%
36.4%
37.4%
42.1%
46.4%
49.3%
51.9%
54.0%
55.7%
57.1%
-715
215
1,543
2,228
-3,370
-887
622
1,107
1,859
1,825
3,061
4,525
6,110
0.0%
-7.7%
2.0%
12.5%
15.6%
-20.5%
-4.7%
2.9%
4.4%
6.4%
5.5%
7.9%
10.2%
11.9%
15.6%
13.6%
11.9%
10.9%
15.9%
12.0%
12.0%
11.0%
10.4%
9.8%
9.1%
8.4%
7.8%
6.8%
5.4%
4.3%
2.9%
2.3%
7.8%
3.2%
3.3%
2.9%
2.8%
2.6%
2.1%
1.7%
1.5%
1.0%
37.3%
34.7%
33.8%
32.8%
26.2%
23.2%
22.2%
21.1%
18.6%
16.5%
12.9%
10.0%
7.5%
5.8%
20.6%
19.6%
20.0%
20.6%
15.5%
12.4%
12.2%
12.0%
10.4%
9.0%
6.1%
3.8%
1.9%
0.8%
26.0%
23.8%
22.9%
22.9%
23.3%
15.7%
15.5%
14.9%
13.1%
11.6%
8.2%
5.5%
3.4%
1.8%
53.0%
48.3%
45.8%
43.7%
42.1%
35.2%
34.2%
32.1%
29.0%
26.3%
22.1%
18.4%
15.3%
12.6%
Capitalization - (%)
47.0%
51.7%
54.2%
56.3%
57.9%
64.8%
65.8%
67.9%
71.0%
73.7%
77.9%
81.6%
84.7%
87.4%
1.5
1.6
1.6
1.9
1.4
1.9
1.9
2.3
2.8
3.4
4.1
5.1
6.3
8.2
4.8
6.0
6.0
6.0
6.0
6.0
6.0
6.0
6.0
6.0
6.0
6.0
6.0
6.0
75
60
60
60
60
60
60
60
60
60
60
60
60
60
STRUCTURE
Short Term Debt (%)
Costly Short Term Debt (%)
ACTIVITY
Inventory turnover
Financial and Operating Cycle
Average Inventory 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
0.74
0.69
0.70
0.75
0.81
0.78
0.78
0.81
0.85
0.91
0.97
1.05
1.15
1.26
0.39
0.39
0.40
0.40
0.40
0.42
0.43
0.47
0.51
0.54
0.57
0.60
0.62
0.64
Liquidity
1.58
1.82
2.17
2.94
2.43
2.32
2.07
2.24
2.49
2.92
3.43
4.24
5.22
6.78
Liquidity Drought
1.24
1.49
1.79
2.52
2.15
1.89
1.62
1.78
2.02
2.44
2.92
3.70
4.67
6.17
General Liquidity
0.52
0.56
0.62
0.80
0.99
0.87
0.79
0.84
0.97
1.18
1.55
2.11
2.92
4.06
15,715
17,523
19,492
22,208
25,568
25,671
28,159
31,406
34,957
39,231
43,487
48,835
55,507
63,627
Equity (Eq)
7,391
9,053
10,573
12,500
14,806
16,634
18,543
21,319
24,806
28,917
33,889
39,858
47,034
55,631
4,018
4,104
4,395
5,011
5,883
3,948
4,287
4,621
4,522
4,462
3,510
2,629
1,842
1,056
Net revenues
8,066
9,298
10,718
12,355
14,243
16,418
18,926
21,817
25,149
28,991
33,419
38,524
44,408
51,191
1,435
1,953
2,719
4,685
5,821
4,059
3,612
4,304
5,423
7,405
9,664
13,212
18,163
24,958
1,048
2,173
2,534
2,901
3,294
3,749
4,270
4,341
4,399
4,563
4,927
5,320
5,745
6,206
Operating Profit
3,003
3,927
4,533
5,184
6,083
7,330
8,389
10,498
13,156
16,094
19,602
23,746
28,680
34,535
Net Income
2,573
2,948
2,995
3,425
4,018
4,841
5,540
6,932
8,686
10,625
12,940
15,675
18,932
22,796
EBITDA
3,522
4,276
5,058
5,807
6,668
7,828
9,274
11,685
14,494
17,504
21,011
25,095
29,853
35,392
EBIT
3,123
3,635
4,317
4,966
5,753
6,838
8,092
10,312
12,929
15,747
19,063
22,956
27,522
32,870
Self-generation
2,588
3,205
3,351
3,881
4,549
5,448
6,338
7,921
9,867
11,998
14,504
17,431
20,879
24,935
Operating cycle
Average payment period (days)
Financial cycle
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Rm
17.81%
21.00%
17.10%
17.00%
16.00%
15.00%
13.80%
13.50%
13.50%
13.50%
13.50%
13.50%
13.50%
Rf
16.25%
18.90%
17.10%
17.00%
16.00%
15.00%
13.80%
13.50%
13.50%
13.50%
13.50%
13.50%
13.50%
Premium
1.56%
2.10%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Ij
7.45%
7.40%
7.35%
7.30%
7.25%
7.20%
7.15%
7.10%
7.05%
7.00%
6.95%
6.90%
6.85%
31,217
32,879
34,399
36,327
38,632
40,460
42,369
45,145
48,632
52,743
57,715
63,685
70,860
4,018
4,104
4,395
5,011
5,883
3,948
4,287
4,621
4,522
4,462
3,510
2,629
1,842
NPV
9,581
E/(D + E)
88.60%
88.90%
88.67%
87.88%
86.78%
91.11%
90.81%
90.71%
91.49%
92.20%
94.27%
96.04%
97.47%
D/(D + E)
11.40%
11.10%
11.33%
12.12%
13.22%
8.89%
9.19%
9.29%
8.51%
7.80%
5.73%
3.96%
2.53%
bu
0.8206
bl
0.8998
Ke
17.65%
20.77%
17.10%
17.00%
16.00%
15.00%
13.80%
13.50%
13.50%
13.50%
13.50%
13.50%
13.50%
Kd
5.58%
5.55%
4.85%
4.82%
4.78%
4.75%
4.72%
4.68%
4.65%
4.62%
4.58%
4.55%
4.52%
16.28%
19.08%
15.71%
15.52%
14.52%
14.09%
12.97%
12.68%
12.75%
12.81%
12.99%
13.15%
13.27%
GNP
5.1%
3.5%
4.0%
4.0%
4.0%
3.8%
3.5%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
CPI
7.6%
6.0%
5.5%
5.0%
4.5%
3.5%
3.5%
3.5%
3.5%
3.5%
3.5%
3.5%
3.5%
2.65
2.50
2.90
3.10
3.20
3.31
3.43
3.55
3.67
3.80
3.93
4.07
4.21
WACC
Dlar
0.8882
0.8898
0.8953
0.9031
0.8734
0.8754
0.8760
0.8709
0.8664
0.8535
0.8429
0.8347
Investments
2015
Operational
Product 1
Product 2
Product 3
Product 4
Product 5
Product 6
Revenues from logistic services
1,266
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
500
100
480
1,000
Other Projects
Maintenance
S/ EBITDA
2017
3,080
2,380
760
1,687
999
359
221
0
550
0
1,000
0
0
0
0
0 ###
3,332
1,546
2,290
1,214
1,923
0.0%
0
5.0%
253
5.0%
290
5.0%
333
5.0%
391
3,830
3,830
3,830
3,830
3,830
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
1,321
890
987
1,121
1,321
7.40%
7.35%
7.30%
2018
2019
2020
2021
2022
1,121
1,198
765
850
1,121
1,198
765
850
7.00%
7.25%
7.20%
7.15%
7.10%
7.05%
-178
-178
-197.4
-178
-197.4
-224.2
-178
-197.4
-224.2
-264.2
-178
-197.4
-224.2
-264.2
0
2023
2024
2025
2026
2027
1899
1899
1899
Total
8,253
-
6.95%
6.90%
6.85%
6.80%
0.00%
0.00%
8,253
0.00% 0.00%
0.00%
(804)
Total Amortization
2015
(804)
86
(696)
(505)
(271)
(1,560)
(182)
(696)
(505)
(449)
(1,935)
(782)
(864)
291
616
872
(1,935)
339
334
-197.4
-224.2
-264.2
0
-224.2
-224.2
-264.2
0
-224.2
-239.6
-264.2
0
-224.2
-239.6
-153
0
-224.2
-239.6
-153
-170
-224.2
-239.6
-153
-170
0
-239.6
-153
-170
0
-153
-170
0
-170
0
(864)
(910)
(952)
(881)
(787)
(787)
(563)
(323)
(170)
(99)
(60)
(952)
(881)
(787)
(787)
(563)
(323)
(170)
(890)
(987)
(1,121)
(1,321)
(1,121)
(1,198)
(765)
(850)
-
(8,253)
-
2016
2017
2018
2019
2020
2021
2022
2023
2,726
641
(2,000)
(1,125)
242
2,849
741
(2,000)
(361)
1,229
3,278
841
(1,500)
(367)
2,251
3,797
916
(1,500)
(393)
2,819
4,513
991
(3,830)
(454)
1,219
5,341
1,182
(3,830)
(522)
2,171
6,806
1,374
(3,830)
(70)
4,279
8,533
1,565
(3,830)
(59)
6,209
10,393
12,581
15,151 18,164
21,694
1,757
1,948
2,140
2,331
2,523
(3,830)
(3,830)
(3,830) (3,830)
(3,830)
(164)
(363)
(393)
(426)
(461)
8,156 10,336 13,067 16,240 19,926
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)
19.08%
1.1908
203
60,136
1,249
12,313
1,159
74,857
(3,382)
71,475
1,166
15.71%
1.3779
892
15.52%
1.5917
1,414
14.52%
1.8228
1,547
14.09%
2.0796
586
12.97%
2.3493
924
12.68%
2.6472
1,616
12.75%
2.9846
2,080
12.81%
3.3669
2,422
Share Price
63.85
Beta Unlevered
Beta Levered
0.8206
0.8882
2024
12.99%
3.8042
2,717
2025
13.15%
4.3043
3,036
2026
13.27%
4.8755
3,331
2027
13.38%
5.5280
39,366
###
Err:5
191,931
39,366
Err:
0.8898
0.8953
0.9031
0.8734
0.8754
0.8760
0.8709
0.8664
0.8535
0.8429
0.8347
0.8315
Ke
Ke Accumulated
PV Cash Flow Shareholder
Final Value
2,948
641
(2,000)
(1,125)
890
(804)
550
20.77%
1.2077
455
56,205
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2,995
741
(2,000)
(361)
987
(696)
1,665
3,425
841
(1,500)
(367)
1,121
(505)
3,014
4,018
916
(1,500)
(393)
1,321
(449)
3,912
4,841
991
(3,830)
(454)
0
(1,935)
(388)
5,540
1,182
(3,830)
(522)
1,121
(782)
2,709
6,932
1,374
(3,830)
(70)
1,198
(864)
4,739
8,686
1,565
(3,830)
(59)
765
(864)
6,263
10,625
1,757
(3,830)
(164)
850
(910)
8,328
12,940
15,675
18,932
1,948
2,140
2,331
(3,830) (3,830) (3,830)
(363)
(393)
(426)
0
0
0
(952)
(881)
(787)
9,743 12,711 16,220
22,796
2,523
(3,830)
(461)
0
(787)
20,241
17.10% 17.00% 16.00% 15.00% 13.80% 13.50% 13.50% 13.50% 13.50% 13.50% 13.50%
1.4142 1.6546 1.9193 2.2072 2.5118 2.8509 3.2357 3.6726 4.1684 4.7311 5.3698
1,178
1,822
2,038
(176)
1,079
1,662
1,936
2,267
2,337
2,687
3,021
13.50%
6.0947
35,900
192,773
35,900
Beta Unlevered
Beta Levered
0.8206
0.8882
0.8898
0.8953
0.9031
0.8734
0.8754
0.8760
0.8709
0.8664
0.8535
0.8429
0.8347
0.8315
AVALIAO RELATIVA
Preo da Ao PN em 30/12/2004 : R$ 62,99
Dolar Comercial em 30/12/2004 : 2,6540
Companhias
Preo da Ao
Valor de mercado
Crescimento de vendas
Vendas
Margem Bruta
EBITDA
Margem Operacional
Lucro por Ao
P/L
PL/Crescimento
Preo/Vendas
Preo/EBITDA
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
4,081
849
-505
4,425
4,689
779
-849
4,619
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
5,286 6,093
878 1,012
-779
-878
5,385 6,227
6,959
1,156
-1,012
7,103
7,960
1,323
-1,156
8,126
9,115
1,515
-1,323
9,308
9,681
1,609
-1,515
9,775
10,283
1,709
-1,609
10,383
11,182
1,858
-1,709
11,331
12,160
2,021
-1,858
12,323
13,226
2,198
-2,021
13,403
14,386
2,391
-2,198
14,579
15,650
2,601
-2,391
15,860
EBITDA
Evolution of Revenue
35,000
32,688
30,260
30,000
35000
29,853
30000
28,015
25,938
25,000
25000
24,017
21,011
20,038
20,000
20000
17,491
15,304
15,000
25,095
17,504
14,494
15000
13,237
11,685
11,341
10000
10,000
6,333
5,000
5000
0
2014
2016
2018
2020
2022
2024
3,522
2014
2026
5,058
4,276
2016
5,807
6,668
2018
7,828
2020
9,274
2022
2024
2026
35,000
30,000
28,680
25,000
23,746
19,602
20,000
16,094
15,000
13,156
10,498
10,000
5,000
3,927
3,003
5,184
4,533
6,083
8,389
7,330
0
2014
2016
2018
2020
2022
2024
2026
Revenue
Costs
45,000
25,000
39,372
40,000
19,373
20,000
36,407
35,000
33,671
31,146
30,000
15,000
13,263
27,663
26,740 27,182
25,000
23,520
20,711
20,000
8,737
10,000
3.522 4.275777 5.057599 5.80676 6.668327 7.82831 9.27426 11.68535
5,676
4,520
5,000
1,091
585
1,249
2,291
534
749
3,852
1,150
0
2012
2014
2016
2018
263
2020
886
164
4,081
4,689
11,182
12,160
13,226
14,386
15,650
6,093
5,286
0
2022
2024
2026
18,284
1,992
28,816
2014
2016
2018
2020
2022
2024
2026
201
701
Product 1
Product 2
Product 2
Product 3
Product 3
Product 4
Product 4
Product 5
Product 5
Product 6
5,143
Product 1
29,576
Product 6
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
Mquinas e equipamentos de transporte
Prdios
Casas
Impostos a recuperar
Imobilizado
(-) Depreciao Acumulada
gio na aquisio de controladas
NO CORRENTES
Desenvolvimento
Licensas e Patentes
PERMANENTE
Outros ativos intangveis
Total do intangvel
Imposto de renda diferido
Investimento em propriedades
TOTAL PROPRIEDADES, INSTALAES, MQ E EQUIPAMENTOS, I
Aes em controladas
Partes relacionadas
Aes e participaes em outras empresas
Investimentos
Custo de penso pagos antecipadamente
Outros ativos sem juros de longo prazo
Outros Crditos sem juros de longo prazo
Outros Circulantes
Imposto de renda diferido
Depsitos judiciais
Ganhos no realizados
TOTAL OUTROS ATIVOS
TOTAL
ATIVO
Emprstimos e adiantamentos
NO CORRENTE
Clientes
Projetos em construo
Inestimentos de curto prazo
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
Emprstimos e adiantamentos
Matria prima
Estoques
Disponveis
Emprstimos e adiantamentos
Total CORRENTE
Lucros acumulados
Outros lucros acumulados
Participao Minoritria
Reserva de lucros
Penses
Outros Financiamentos de Longo Prazo
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
Fornecedores
1
Outros Passivos Correntes
Proviso para IR
Voltar ndice
Produto 1
Produto 2
Produto 3
Produto 4
Produto 5
Produto 6
Receitas de servios de logstica
Produtos Diversos
Outros produtos e servios
Impostos sobre vendas e servios
Produtos
De servios de logstica
Produtos Diversos
Outros produtos e servios
Despesas vendas, gerais e administrativas
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
Participao dos empregados nos resultados
Outros
( - ) Depreciao e Amorizao
Despesas financeiras
Imposto de renda
Corrente
Diferido
Total Imposto de Renda
PL0805
Participao minoritria
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/PREJUZO LQUIDO
Mudanas no mtodo de contabilizao
Equivalncia Patrimonial
1
CURRENTS ASSETS
English
Spanish
ASSETS
CURRENTS ASSETS
Plant under construction
Machinery and transportation equipment
Buildings
Houses
ACTIVOS
CORRIENTES
Recoverable taxes
Property, plant and equipment
(-) Accumulated Depreciation
Goodwill in subsidaries
NON-CURRENT
Development
Licenses and Patents
Intangibles
Clientes
Clientes
Existencias
Resultados acumulados
Otras utilidades retenidas
Los intereses minoritarios
Reserva de de Rentas
Volver al ndice
Pensiones
Otros de inters a largo plazo pasivos
Inters minoritario
Resultado de operaciones continuadas
1
2
1
2 1 - Introduo
1 - Introduction
3 2 - Premissas
2 - Premisses
4 3 - Balano Patrimonial
3 - Balance Sheet
nsporte
5 4 - Demonstrao de Resultados do Exercci 4 - Income Statement
6 5 - Fluxo de Caixa
5 - Cash Flow
7 6 - Indicadores de Desempenho
6 - Performance Indicators
8 7 - Clculos
7 - Calculations
9 8 - Investimentos
8 - Investments
10 9 - Financiamentos
9 - Financing
11 10 - Fluxo de Caixa Livre da Empresa
10 - Free Cash Flow to Firm
uisicin de subsidia12 11 - Fluxo de Caixa Livre do Acionista
11 - Free Cash Flow Shareholder
13 12 - Anlise Relativa
12 - Relative Analysis
14 12 - Ciclo Econmico
12 - Economic Cycle
15 13 - Grficos
13 - Graphics
Voltar ndice
Back to index
y activos intangibles
TOTAL PROPRIEDADES, INSTALAES, MQ E EQUIPAMENTOS, INTANGVEIS
en otras sociedades
argo plazo
largo plazo
e efectivo
azo pasivos
sociales
prstamos y la financiacin a largo plazo
ogsticos
servicios
es y administrativos
po de cambio y monetaria
UESTOS
continuadas
de contabilidad
3
1 - Introduccin
Evolution of Revenue
2 - Supuestos
EBITDA
3 - Balance
Revenue
4 - Estado de Resultados
Costs
5 - Flujo de caja
Product Revenue in participation - 2014
6 - Indicadores de Desempeo
Product Revenue in participation - 2027
7 - Clculos
8 - Inversiones
9 - Financiamiento
10 - Flujo de caja libre a la empres
11 - Flujo de caja libre Accionista
12 - Anlisis relativa
12 - Ciclo Econmico
13 - Grficos
Volver al ndice
Na
0
0
0
0
0
0
0
0
0
Evoluo da Receita
Name of Graphics
Evolution of Revenue
Receitas
Custos
Participao dos Produtos na Receita
Participao dos Produtos na Receita
Revenue
Costs
Product Revenue in participation
Product Revenue in participation
Evolucin de Ingresos
Ingresos
Costos
Los ingresos producto de la participacin
Los ingresos producto de la participacin
Anlise de Sensibilidade
Variveis
Preo do Ferro
Volume de Vendas
Investimento
Preo Dlar
Preo da Ao
Tx de cresc.
Variao no
Crescimento
da Receita
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
-5.0%
-10.0%
-15.0%
-20.0%
-25.0%
-30.0%
Var Mdia
Anual
5.81%
5.19%
3,830
8.00%
63.85
15.27%
Preo do Ferro
Preo da
Ao
US$ 63.85
7.55%
7.26%
6.97%
6.68%
6.39%
6.10%
5.81%
5.52%
5.23%
4.94%
4.65%
4.36%
4.07%
Mnimo
Mximo
Vol Vendas
Preo da
Ao
US$ 63.85
6.75%
6.49%
6.23%
5.97%
5.71%
5.45%
5.19%
4.93%
4.67%
4.41%
4.15%
3.89%
3.63%
3.78%
5.81%
5.19%
5.19%
Investimento
Preo da
Ao
US$ 63.85
4,979
4,788
4,596
4,405
4,213
4,022
3,830
3,639
3,447
3,256
3,064
2,873
2,681
5.60%
8.00%
Preo Dlar
10.40%
10.00%
9.60%
9.20%
8.80%
8.40%
8.00%
7.60%
7.20%
6.80%
6.40%
6.00%
5.60%
12.00
10.00
8.00
6.00
4.00
2.00
0.0%
10.0%
20.0%
30.0%
40.0%
Var Dolar
Preo
Volume
Dlar
Mnimo
Mximo
4.07%
7.52%
3.64%
6.73%
5.61%
10.38%
1
2
3
4
5
6
7
8
9
10
11
12
4.58%
6.09%
5.85%
5.80%
4.66%
4.40%
6.44%
4.07%
5.18%
4.97%
6.21%
6.34%
5.47%
5.62%
5.36%
4.97%
6.54%
6.93%
6.46%
5.36%
7.19%
6.88%
6.38%
6.25%
6.18%
7.26%
4.32%
6.47%
5.76%
4.46%
4.60%
7.10%
5.07%
4.55%
5.44%
6.74%
4.92%
5.09%
7.24%
7.45%
7.11%
6.08%
4.34%
5.29%
6.58%
4.84%
6.58%
5.97%
3.75%
5.64%
4.78%
5.67%
3.89%
5.43%
5.13%
6.73%
4.69%
4.12%
5.11%
6.52%
5.71%
4.89%
5.29%
3.80%
6.26%
4.28%
4.89%
5.36%
5.12%
4.69%
6.68%
4.60%
6.41%
6.63%
4.02%
3.65%
4.67%
3.96%
5.77%
3.78%
6.40%
4.22%
5.81%
6.66%
4.22%
3.81%
6.17%
6.34%
8.58%
8.63%
9.96%
8.34%
10.20%
8.79%
7.27%
6.82%
9.52%
10.19%
8.64%
6.44%
9.36%
5.61%
7.70%
10.15%
6.11%
5.70%
10.15%
5.93%
10.23%
8.05%
9.54%
5.89%
10.08%
6.51%
6.32%
6.16%
10.36%
6.97%
9.51%
10.34%
8.37%
8.07%
6.04%
9.51%
8.00%
7.12%
7.39%
7.69%
10.38%
9.18%
9.92%
7.12%
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.
12.11%
19.60%
Vl. Da
Ao
37.20
114.58
63.85
16.61%
15.91%
18.68%
16.71%
14.79%
15.59%
15.07%
13.87%
14.82%
16.88%
16.34%
16.49%
77.53
70.18
102.06
78.64
59.29
66.93
61.91
51.11
59.59
80.48
74.59
76.23
15.82%
12.47%
14.94%
18.06%
15.28%
14.36%
17.87%
12.17%
19.60%
15.47%
16.89%
14.50%
17.40%
15.02%
14.76%
14.05%
18.73%
15.32%
14.52%
16.67%
14.74%
13.33%
14.44%
15.90%
16.22%
13.31%
16.92%
18.27%
17.36%
15.19%
17.00%
15.78%
69.28
39.86
60.63
94.22
63.90
55.38
91.93
37.62
114.58
65.71
80.58
56.64
86.40
61.42
59.00
52.64
102.68
64.28
56.84
78.18
58.84
46.62
56.08
70.06
73.36
46.44
80.91
96.83
85.94
62.99
81.79
68.82
Posio
142
21
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
5.42%
5.09%
5.74%
5.73%
7.00%
4.15%
7.45%
4.82%
4.88%
5.59%
6.42%
5.28%
7.01%
6.77%
6.49%
5.76%
6.73%
6.98%
5.59%
6.56%
4.27%
7.49%
6.45%
4.47%
4.57%
4.10%
6.55%
5.19%
4.08%
4.90%
4.99%
4.53%
6.41%
6.58%
4.70%
6.93%
4.89%
5.43%
5.72%
6.46%
5.19%
4.70%
4.54%
6.94%
7.01%
7.11%
6.42%
4.63%
5.80%
6.28%
4.51%
5.41%
5.96%
3.70%
6.28%
3.86%
6.06%
5.63%
5.65%
4.55%
5.75%
3.64%
6.11%
5.65%
5.32%
5.26%
3.89%
5.58%
5.44%
6.67%
5.37%
4.36%
4.37%
6.61%
3.91%
5.43%
6.36%
3.99%
6.63%
4.24%
5.12%
5.34%
3.72%
4.31%
6.27%
5.28%
6.27%
6.30%
6.11%
5.76%
3.67%
3.83%
5.56%
6.14%
4.97%
4.56%
4.97%
6.42%
6.45%
4.13%
5.94%
6.02%
6.89%
8.50%
6.47%
9.76%
6.46%
10.07%
5.61%
7.40%
6.68%
6.41%
10.36%
10.16%
10.30%
5.86%
7.44%
9.07%
6.36%
7.26%
10.20%
9.24%
9.79%
10.21%
6.04%
7.46%
7.08%
9.92%
6.15%
6.38%
9.08%
9.22%
7.62%
7.45%
8.75%
7.05%
6.28%
8.55%
6.59%
9.30%
9.63%
8.48%
6.23%
7.20%
6.39%
5.82%
7.21%
10.07%
10.37%
9.12%
6.35%
9.57%
5.77%
14.68%
16.26%
12.74%
18.10%
13.87%
16.83%
15.50%
14.87%
13.17%
14.82%
16.16%
17.85%
18.83%
14.84%
15.77%
14.93%
15.47%
16.21%
18.75%
17.34%
14.85%
17.69%
16.14%
12.75%
14.19%
17.01%
13.44%
15.44%
14.03%
15.74%
14.84%
12.59%
15.67%
16.65%
13.52%
18.09%
15.01%
17.31%
17.41%
14.79%
12.29%
14.53%
14.41%
14.56%
15.23%
17.97%
19.27%
16.91%
13.18%
18.01%
13.79%
58.30
73.80
41.94
94.77
51.13
79.95
66.08
60.02
45.31
59.57
72.70
91.71
104.07
59.72
68.75
60.56
65.78
73.26
103.07
85.63
59.84
89.81
72.49
42.00
53.88
81.87
47.49
65.41
52.49
68.44
59.78
40.78
67.70
77.93
48.16
94.61
61.33
85.29
86.46
59.31
38.49
56.91
55.85
57.13
63.38
93.10
109.96
80.84
45.37
93.61
50.38
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
6.05%
4.67%
5.63%
6.65%
6.49%
5.51%
6.03%
6.90%
7.47%
6.63%
4.23%
6.49%
4.39%
6.77%
7.04%
5.92%
7.17%
5.53%
5.86%
4.45%
4.74%
5.35%
6.37%
4.82%
6.11%
4.94%
6.09%
5.54%
7.52%
4.93%
7.35%
5.53%
5.44%
5.42%
5.38%
5.67%
5.62%
6.07%
5.20%
6.10%
5.36%
6.47%
5.88%
6.71%
4.95%
6.03%
4.38%
4.10%
5.31%
5.39%
6.10%
5.21%
5.03%
6.03%
4.02%
4.62%
5.59%
6.60%
5.70%
4.82%
6.21%
4.24%
6.24%
4.36%
5.88%
4.48%
4.82%
4.82%
3.79%
4.00%
4.70%
6.46%
4.75%
5.56%
6.03%
4.72%
5.22%
5.34%
4.60%
6.41%
3.85%
5.43%
3.73%
5.90%
5.68%
4.69%
4.54%
3.89%
4.82%
4.36%
6.55%
3.98%
6.19%
4.16%
5.75%
5.35%
5.10%
3.89%
4.25%
3.81%
4.69%
6.11%
6.86%
6.50%
10.31%
6.70%
8.04%
5.86%
6.16%
5.65%
8.19%
9.06%
7.82%
9.49%
9.07%
9.26%
8.95%
8.86%
6.77%
5.78%
8.45%
7.84%
9.29%
6.61%
8.20%
9.99%
10.04%
8.29%
9.39%
10.38%
7.45%
9.61%
7.41%
9.95%
6.57%
9.85%
7.83%
8.67%
7.79%
9.65%
8.60%
6.91%
6.86%
8.57%
10.16%
5.97%
9.64%
6.35%
6.72%
7.97%
8.96%
9.57%
7.10%
14.93%
13.40%
18.16%
13.97%
15.53%
14.16%
15.89%
15.19%
16.62%
18.18%
13.20%
18.45%
14.39%
18.09%
16.50%
15.94%
15.29%
12.16%
14.68%
13.88%
17.15%
13.70%
16.60%
17.27%
16.88%
15.18%
17.06%
16.56%
17.85%
14.66%
16.61%
15.25%
14.99%
17.26%
14.59%
15.28%
13.86%
16.66%
14.67%
16.47%
13.07%
17.66%
16.15%
15.35%
16.36%
14.41%
12.11%
13.22%
14.42%
15.92%
16.14%
60.60
47.18
95.50
51.97
66.31
53.58
69.93
63.03
77.61
95.76
45.56
99.09
55.66
94.60
76.28
70.45
64.02
37.57
58.25
51.20
83.47
49.67
77.37
84.86
80.44
62.96
82.47
76.93
91.66
58.09
77.47
63.60
61.09
84.72
57.40
63.94
50.99
78.00
58.19
76.00
44.47
89.48
72.67
64.56
74.78
55.82
37.20
45.71
55.94
70.22
72.54
147
148
149
150
5.89%
4.39%
6.77%
4.85%
4.96%
5.03%
4.29%
6.58%
6.14%
6.44%
6.02%
6.67%
13.98%
13.14%
13.83%
52.06
45.10
50.74
15.35%
64.54
Bloco
23.62953
29.75367
35.8778
42.00194
48.12607
54.25021
60.37434
66.49848
72.62261
78.74675
84.87089
90.99502
Mais
30
Freqncia
2
3
15
19
14
24
19
11
22
9
8
3
1
%
cumulativo
Bloco
1.33% 54.250209
3.33% 72.622615
13.33% 42.001939
26.00% 60.374344
35.33% 35.877803
51.33% 48.126074
64.00% 66.498479
71.33% 78.74675
86.00% 84.870885
92.00% 29.753668
97.33% 90.99502
99.33% 23.629533
100.00% Mais
Freqncia
%
cumulativo
24
22
19
19
15
14
11
9
8
3
3
2
1
16.00%
30.67%
43.33%
56.00%
66.00%
75.33%
82.67%
88.67%
94.00%
96.00%
98.00%
99.33%
100.00%
Histograma
120.00%
25
100.00%
20
Freqncia
15
80.00%
60.00%
10
40.00%
20.00%
0.00%
Bloco
Freqncia
% cumulativo
15.27%
Investimento
3,830.00
Preo Dlar
Preo da
Ao
US$ 63.85
40.0%
ar