Menu
Main Indicators
Revenue
COGS G&A
EBITDA
Financial Indicators per Business Unit
Income Statement
Balance Sheet
Cash flow
Capex per Business Unit
1Q09
2Q09
3Q09
4Q09
1Q10
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%
12.0
20.1
16.6
19.8
18.7
ROIC (%)
0.0%
0.0%
0.0%
0.0%
0.0%
9.0
14.2
30.5
22.7
58.7
387.4
Others
Capex
Invested Capital
From 2013 onwards, the data does not consider the Industrial Services business unit.
From 1Q13, ROICs and Invested Capital are reported consedering the last twelve months
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
87.4
84.8
38.4%
37.6%
29.4%
36.4%
35.4%
29.0%
39.5%
43.9%
40.2%
26.1
28.5
30.1
22.2
22.6
17.8
29.5
33.8
39.6
0.0%
0.0%
21.0%
0.0%
0.0%
0.0%
12.3%
0.0%
0.0%
90.0
121.0
78.8
184.6
105.2
121.6
114.4
58.4
83.5
458.4
556.7
645.3
749.6
894.2
1,002.3
1,092.9
1,143.7
1,195.0
591.7
686.9
784.1
867.6
924.8
976.4
158.0
207.3
218.2
225.3
218.9
218.5
3Q12
4Q12
1Q13,
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
222.2
246.8
188.4
211.8
222.0
210.1
207.8
213.0
191.5
96.7
96.3
95.7
98.9
106.1
110.6
107.5
105.9
66.7
43.5%
39.0%
50.8%
46.7%
47.8%
52.6%
51.7%
49.7%
34.8%
38.5
46.2
39.3
48.1
39.6
45.6
33.9
33.4
3.2
0.0%
14.7%
14.7%
14.8%
14.4%
14.1%
13.8%
12.3%
9.4%
79.4
76.3
127.5
150.3
127.7
93.9
102.3
54.7
19.5
1,218.0
1,268.5
1,254.3
1,318.9
1,391.3
1,471.4
1,482.4
1,573.9
1,662.5
1,003.1
1,059.5
869.3
926.2
985.0
1,045.1
1,101.5
1,142.8
1,162.2
214.9
209.0
385.0
392.8
406.3
426.3
380.9
431.1
500.3
Menu
4Q14
1Q15
2Q15
3Q15
2009
2010
2011
2012
181.9
163.9
147.9
136.5
404.2
549.9
677.6
879.3
55.6
47.4
52.1
35.1
157.6
194.5
238.1
365.0
30.6%
28.9%
35.3%
25.7%
39.0%
35.4%
35.1%
41.5%
(6.2)
9.0
(8.2)
(17.2)
68.4
103.3
92.2
158.1
6.6%
4.0%
2.0%
0.8%
0.0%
21.0%
12.3%
14.7%
22.6
6.4
9.7
9.5
76.3
348.5
525.9
297.6
1,677.1
1,661.8
1,617.7
1,562.5
510.5
932.7
1,114.9
1,160.5
1,144.0
1,109.9
1,066.5
732.5
991.6
516.6
517.8
507.9
496.1
200.2
123.3
2013,
2014
832.3
794.2
411.3
335.7
49.4%
42.3%
172.6
64.3
14.1%
6.6%
499.3
199.1
1,471.4
1,677.1
1,045.1
1,160.5
426.3
516.6
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
Rental
63.8
68.5
70.5
80.0
74.6
84.6
16.0
32.2
27.1
28.6
29.6
35.6
0.6
2.5
4.0
5.5
9.6
6.0
Sales
Others
Total net revenue
1.9
1.4
1.1
0.4
1.7
5.0
82.4
104.6
102.7
114.6
115.5
131.3
* From 2013 onwards, the data does not consider the Industrial Services business unit.
1Q09
2Q09
3Q09
Heavy Construction
32.8
39.9%
37.1
35.4%
36.9
36.0%
Real Estate
14.1
17.2%
14.7
14.0%
15.1
14.7%
Industrial Services
23.4
28.4%
40.8
39.0%
36.1
35.1%
Rental
12.0
14.6%
12.1
11.6%
14.6
14.2%
82.4
100.0%
104.6
100.0%
102.7
100.0%
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
91.8
91.1
96.8
105.4
119.3
132.4
137.9
147.9
155.8
42.6
43.6
37.6
43.3
41.3
37.6
42.3
44.5
41.4
8.7
12.7
5.6
7.3
8.5
19.2
13.0
13.5
19.0
5.9
6.8
5.0
8.0
6.0
4.3
6.0
5.2
6.0
148.9
154.2
145.0
164.0
175.1
193.5
199.1
211.1
222.2
4Q09
1Q10
2Q10
3Q10
4Q10
39.4
34.4%
35.7
30.9%
41.7
31.8%
42.7
28.7%
34.2
18.3
15.9%
22.7
19.6%
21.8
16.6%
27.9
18.7%
32.8
41.2
36.0%
40.0
34.6%
46.5
35.4%
52.5
35.2%
56.4
15.7
13.7%
17.2
14.9%
21.3
16.2%
25.8
17.4%
30.8
114.6
100.0%
115.5
100.0%
131.3
100.0%
148.9
100.0%
154.2
4Q12
1Q13*
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
166.7
160.1
166.9
170.5
176.6
176.7
175.7
161.4
149.4
45.9
4.3
8.0
4.3
4.8
2.5
3.0
1.3
1.3
28.6
17.2
26.6
35.1
22.5
17.1
25.8
19.1
18.6
5.6
6.8
10.3
12.1
6.1
11.5
8.4
9.8
12.7
246.8
188.4
211.8
222.0
210.1
207.8
213.0
191.5
181.9
1Q11
2Q11
3Q11
4Q11
22.2%
31.8
22.0%
30.6
18.6%
33.2
19.0%
36.1
18.6%
21.3%
29.2
20.1%
34.7
21.2%
39.4
22.5%
52.5
27.1%
36.6%
50.2
34.6%
57.5
35.1%
56.9
32.5%
50.2
25.9%
20.0%
33.7
23.3%
41.2
25.1%
45.6
26.1%
54.9
28.3%
100.0%
145.0
100.0%
164.0
100.0%
175.1
100.0%
193.5
100.0%
Menu
Colocar *
1Q15
2Q15
3Q15
2009
2010
2011
2012
2013*
132.4
125.9
116.0
282.9
342.1
453.9
608.2
674.2
1.7
1.8
2.6
103.9
151.4
159.8
174.1
21.4
17.9
12.3
10.2
12.6
37.0
40.6
74.1
101.3
11.9
7.8
7.7
4.8
19.4
23.3
22.8
35.3
163.9
147.9
136.5
404.2
549.9
677.6
879.3
832.3
Colocar *
1Q12
2Q12
3Q12
4Q12
1Q13*
39.3
19.7%
41.9
19.9%
45.5
20.5%
47.3
19.2%
47.5
52.5
26.4%
58.9
27.9%
60.5
27.2%
66.0
26.7%
64.9
50.9
25.5%
54.8
26.0%
48.8
22.0%
59.3
24.0%
51.5
56.5
28.4%
55.4
26.3%
67.4
30.3%
74.2
30.1%
76.1
199.1
100.0%
211.1
100.0%
222.2
100.0%
246.8
100.0%
239.9
locar *
2014
663.3
8.1
80.5
42.3
794.2
locar *
Colocar *
%
2Q13*
Colocar *
%
3Q13*
Colocar *
%
4Q13*
1Q14
19.8%
55.1
20.3%
55.7
20.0%
58.6
23.5%
51.0
24.6%
27.0%
66.5
24.5%
72.4
25.9%
54.2
21.7%
59.5
28.6%
21.5%
59.8
22.0%
57.2
20.5%
39.9
16.0%
0.0%
31.7%
90.1
33.2%
93.9
33.6%
97.2
38.9%
97.3
46.8%
100.0%
271.5
100.0%
279.2
100.0%
249.9
100.0%
207.8
100.0%
2Q14
3Q14
4Q14
1Q15
55.5
26.1%
51.9
27.1%
52.5
28.9%
51.1
31.2%
58.8
27.6%
48.6
25.4%
45.4
25.0%
33.2
20.3%
0.0%
0.0%
0.0%
0.0%
98.6
46.3%
91.0
47.5%
83.9
46.1%
79.6
48.6%
213.0
100.0%
191.5
100.0%
181.9
100.0%
163.9
100.0%
2Q15
3Q15
2009
2010
41.8
28.3%
41.2
30.2%
146.2
36.2%
154.3
31.6
21.3%
26.5
19.4%
62.2
15.4%
105.1
0.0%
0.0%
141.4
35.0%
195.4
74.5
50.4%
68.7
50.4%
54.4
13.5%
95.1
147.9
100.0%
136.5
100.0%
404.2
100.0%
549.9
2011
2012
2013
2014
28.1%
131.6
19.4%
174.1
19.8%
217.0
20.8%
211.0
19.1%
155.8
23.0%
238.0
27.1%
258.0
24.8%
212.4
35.5%
214.8
31.7%
213.8
24.3%
208.3
20.0%
17.3%
175.4
25.9%
253.5
28.8%
357.3
34.3%
370.8
100.0%
677.6
100.0%
879.3
100.0%
1,040.6
100.0%
794.2
%
26.6%
26.7%
0.0%
46.7%
100.0%
Mills - Cost of goods and services sold (COGS) and the general, administrative and operating expenses (G&A), ex-deprec
In R$ million
1Q09
2Q09
3Q09
25.9
51.0%
34.1
55.2%
33.8
0.3
0.6%
1.5
2.4%
2.3
0.1
0.2%
0.1
0.1%
0.1
Equipment storage
COGS
26.3
51.8%
35.7
57.7%
36.1
G&A
24.5
48.2%
26.2
42.3%
28.9
ADD
Total COGS + G&A
50.7
100.0%
61.8
100.0%
65.0
4Q09
1Q10
2Q10
3Q10
52.0%
37.7
54.7%
35.7
49.1%
44.1
54.6%
50.9
54.7%
3.5%
3.4
5.0%
5.4
7.4%
3.6
4.5%
6.2
6.7%
0.1%
0.1
0.1%
0.1
0.1%
0.4
0.4%
1.0
1.0%
55.6%
41.2
59.7%
41.1
56.6%
48.1
59.5%
58.1
62.5%
44.4%
27.8
40.3%
31.6
43.4%
32.7
40.5%
34.9
37.5%
100.0%
69.0
100.0%
72.7
100.0%
80.8
100.0%
93.0
100.0%
4Q10
1Q11
2Q11
3Q11
4Q11
51.9
47.7%
45.9
49.8%
52.2
49.3%
58.5
47.1%
53.3
8.0
7.4%
3.5
3.8%
4.5
4.3%
5.6
4.5%
11.8
2.6
2.4%
1.2
1.4%
1.3
1.2%
0.6
0.5%
1.4
5.4
5.8%
6.7
6.3%
8.1
6.6%
7.1
62.6
57.5%
56.0
60.8%
64.7
61.1%
72.9
58.7%
73.7
46.3
42.5%
36.1
39.2%
41.2
38.9%
51.3
41.3%
43.4
108.8
100.0%
92.1
100.0%
106.0
100.0%
124.2
100.0%
117.1
Colocar
%
1Q12
2Q12
3Q12
4Q12
45.5%
48.6
43.5%
56.0
44.3%
56.5
45.0%
64.2
42.6%
10.1%
6.2
5.6%
7.2
5.7%
11.0
8.8%
16.5
11.0%
1.2%
1.2
1.1%
1.6
1.2%
1.9
1.5%
0.2
0.1%
6.1%
7.6
6.8%
8.1
6.4%
9.4
7.5%
10.5
7.0%
63.0%
63.6
56.9%
72.8
57.6%
78.9
62.8%
91.4
60.7%
37.0%
42.4
38.0%
50.4
39.9%
46.1
36.7%
54.6
36.2%
5.7
100.0%
111.8
5.1%
100.0%
3.1
126.3
2.4%
100.0%
0.5
125.5
0.4%
100.0%
4.6
150.5
3.1%
100.0%
Colocar
1Q13
2Q13
3Q13
4Q13
1Q14
19.5
20.0%
24.5
20.6%
25.2
20.4%
23.7
22.5%
22.2
12.1
12.4%
20.9
17.5%
22.1
17.9%
13.0
12.3%
8.9
0.9
0.9%
2.3
1.9%
3.4
2.8%
2.3
2.2%
1.7
9.1
9.3%
10.3
8.7%
11.3
9.2%
11.9
11.3%
10.1
41.5
42.7%
57.9
48.7%
62.0
50.3%
50.9
48.3%
42.8
51.5
52.9%
58.2
49.0%
56.0
45.4%
50.5
48.0%
52.0
4.3
97.2
4.4%
100.0%
2.8
119.0
2.3%
100.0%
5.2
123.2
4.2%
100.0%
3.9
105.3
3.7%
100.0%
6.5
101.4
2Q14
3Q14
4Q14
1Q15
21.9%
24.1
21.1%
23.3
18.6%
22.4
17.7%
18.1
18.2%
8.7%
14.7
12.9%
19.1
15.2%
10.5
8.3%
10.9
10.9%
1.6%
1.7
1.5%
6.4
5.1%
3.9
3.1%
4.7
4.7%
10.0%
10.9
9.6%
14.9
11.8%
14.7
11.5%
13.3
13.3%
42.3%
51.5
45.1%
63.6
50.7%
51.5
40.6%
47.1
47.1%
51.3%
57.8
50.6%
53.2
42.4%
53.2
41.9%
48.5
48.5%
6.4%
100.0%
4.9
114.1
4.3%
100.0%
8.7
125.5
6.9%
100.0%
22.2
126.9
17.5%
100.0%
4.4
99.9
4.4%
100.0%
Menu
2Q15
3Q15
2009
2010
23.0
23.9%
24.5
24.1%
131.5
53.3%
182.6
51.4%
8.2
8.6%
6.8
6.7%
7.5
3.0%
23.2
6.5%
3.2
3.3%
3.0
3.0%
0.3
0.1%
4.0
1.1%
14.2
14.8%
14.9
14.7%
0.0%
0.0%
48.5
50.6%
49.2
48.4%
139.3
56.5%
209.9
59.1%
45.5
47.5%
44.5
43.7%
107.3
43.5%
145.5
40.9%
1.8
95.9
1.9%
100.0%
8.0
101.7
7.9%
100.0%
246.5
100.0%
355.4
100.0%
2011
2012
2013
2014
210.0
47.8%
225.2
45.0%
92.8
21.7%
92.1
21.6%
25.5
5.8%
41.0
8.2%
68.0
15.9%
53.2
12.5%
4.6
1.0%
4.9
1.0%
8.9
2.1%
13.7
3.2%
27.3
6.2%
35.5
7.1%
42.6
9.9%
50.6
11.9%
267.4
60.8%
306.7
61.3%
212.3
49.5%
209.5
49.2%
172.1
39.2%
193.5
38.7%
216.2
50.5%
216.2
50.8%
13.9
439.5
100.0%
500.2
16.2
100.0%
428.5
42.3
100.0%
425.7
100.0%
2123
Mills - EBITDA per business unit
In R$ million
Construction
1Q09
24.2
2Q09
3Q09
76.5%
26.8
62.6%
24.5
64.9%
Industrial Services
0.2
0.6%
9.0
21.1%
5.3
14.1%
Rental
7.3
22.9%
7.0
16.3%
7.9
21.0%
31.6
100.0%
42.8
100.0%
37.7
100.0%
Total EBITDA
EBITDA margin (%)
38.4%
40.9%
36.7%
Does not include the net profit from the sales of Industrial Services business unit and costs for legal and financial advice.
* Pro-forma result, including results for Industrial Service business unit.
cial advice.
4Q09
1Q10
30.0
65.9%
26.6
62.3%
6.3
13.8%
6.3
9.2
20.2%
9.8
45.6
100.0%
42.8
39.8%
37.0%
2Q10
31.7
62.7%
14.8%
6.9
22.9%
11.9
100.0%
50.5
38.4%
3Q10
34.3
61.3%
13.8%
7.0
23.5%
14.6
100.0%
55.9
37.6%
4Q10
1Q11
24.9
54.9%
12.6%
5.8
12.8%
6.1
26.2%
14.7
32.3%
18.9
100.0%
45.4
100.0%
52.8
29.4%
27.8
36.4%
%
52.7%
2Q11
27.6
47.5%
3Q11
25.0
%
49.2%
4Q11
43.4
%
56.7%
1Q12
45.2
%
51.7%
2Q12
48.4
%
57.1%
11.6%
8.1
14.0%
4.1
8.1%
2.3
3.1%
6.2
7.1%
4.7
5.5%
35.8%
22.3
38.4%
21.7
42.7%
30.7
40.2%
30.3
34.7%
28.6
33.8%
100.0%
58.0
100.0%
50.8
100.0%
76.4
100.0%
87.4
100.0%
84.8
100.0%
35.4%
29.0%
39.5%
43.9%
40.2%
3Q12
57.9
%
59.9%
4Q12
46.3
%
48.1%
1Q13*
52.1
%
49.0%
2Q13*
49.6
%
45.0%
3Q13*
53.8
%
49.2%
4Q13*
46.3
0.1
0.1%
8.4
8.8%
6.3
5.9%
8.5
7.7%
3.3
3.0%
1.4
38.0
39.3%
36.9
38.4%
43.6
41.0%
49.3
44.7%
52.3
47.8%
56.0
96.7
100.0%
96.3
100.0%
106.3
100.0%
110.3
100.0%
109.4
100.0%
103.8
43.5%
39.0%
44.3%
40.6%
41.0%
43.1%
%
44.7%
1Q14
49.1
%
45.7%
2Q14
50.8
48.0%
3Q14
16.7
25.1%
4Q14
22.4
40.3%
1.3%
0.0%
0.0%
0.0%
54.0%
58.4
54.3%
55.1
52.0%
50.0
74.9%
33.2
59.7%
100.0%
107.5
100.0%
105.9
100.0%
66.7
100.0%
55.6
100.0%
51.7%
49.7%
34.8%
30.6%
Menu
1Q15
13.0
2Q15
20.3%
12.7
8.7
2009
24.8%
105.5
0.0%
0.0%
20.8
13.2%
51.1
79.7%
39.4
75.6%
26.4
75.2%
31.3
19.9%
64.1
100.0%
52.1
100.0%
35.1
100.0%
157.6
100.0%
39.1%
24.4%
3Q15
35.3%
25.7%
39.0%
2010
117.4
2011
123.8
2012
204.8
2013
201.9
26.1
13.4%
20.7
8.7%
19.4
5.3%
19.5
4.6%
51.0
26.2%
93.6
39.3%
140.8
38.6%
201.2
47.6%
194.5
100.0%
238.1
100.0%
365.1
100.0%
422.6
100.0%
35.4%
35.1%
41.5%
42.2%
2014
139.0
-
0.0%
196.7
58.6%
335.7
100.0%
46.4%
Construction
1Q09
2Q09
3Q09
4Q09
1Q10
2.9
3.2
15.8
16.0
32.8
Heavy Construction
2.6
1.4
9.3
8.9
21.6
Real Estate
0.3
1.8
6.6
7.1
11.2
Industrial Services
1.5
0.5
1.5
2.0
7.3
Rental
3.8
10.1
12.8
3.4
18.1
Corporate
0.8
0.5
0.3
1.3
0.5
9.0
14.2
30.5
22.7
58.7
Organic growth
Acquisition
Total capex
9.0
14.2
30.5
22.7
58.7
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
43.8
58.6
43.0
45.4
49.0
64.5
73.5
24.4
19.2
25.0
8.5
8.4
8.2
13.8
16.9
9.0
24.7
33.6
34.5
37.0
40.8
50.6
56.6
15.4
7.3
6.8
3.6
2.2
4.1
6.9
4.1
3.2
35.1
52.5
25.0
42.4
43.1
43.9
33.4
26.0
3.8
3.1
7.3
94.7
9.0
6.4
3.5
4.8
90.0
121.0
78.8
184.6
105.2
121.6
114.4
58.4
90.0
121.0
90.0
5.5
78.8
184.6
105.2
121.6
114.4
58.4
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
36.4
34.0
15.4
46.6
73.6
42.6
33.6
19.5
24.0
11.3
6.3
21.7
28.8
26.5
29.4
15.0
12.5
22.8
9.1
24.9
44.8
16.1
4.2
4.5
1.1
0.2
0.4
0.2
0.3
2.0
1.7
40.9
40.3
53.7
73.3
69.3
74.2
50.4
73.3
5.1
4.9
6.7
7.6
7.6
10.9
10.3
9.5
83.5
79.4
76.3
127.7
150.7
129.7
96.1
102.3
83.5
79.4
76.3
127.7
150.7
129.7
96.1
102.3
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
2009
2010
20.2
10.8
16.3
1.1
5.1
4.2
0.3
0.5
11.3
9.1
12.1
0.5
4.6
3.0
0.3
0.2
8.9
1.7
4.2
0.6
0.5
1.2
0.2
5.4
25.0
28.5
3.0
0.5
0.0
0.0
(0.0)
0.2
6.0
5.7
5.8
5.2
4.3
5.3
70.6
322.9
54.7
19.5
22.6
6.4
9.5
9.5
76.3
348.5
54.7
19.5
22.6
6.4
9.7
9.5
76.3
348.5
Menu
2011
2012
2013
2014
190.6
0.3
199.7
66.8
0.1
0.2
107.6
47.5
190.5
0.2
92.1
19.3
17.3
4.9
4.2
0.2
0.2
270.5
105.3
222.3
292.2
36.5
27.1
430.4
297.6
510.9
199.1
95.5
525.9
297.6
510.9
199.1
2123
1Q09
2Q09
3Q09
4Q09
1Q10
Net revenue
Rental
42.9
45.7
46.1
48.9
46.3
4.1
6.0
6.0
8.8
12.0
47.0
51.7
52.0
57.6
58.3
EBITDA
24.2
26.8
24.5
30.0
26.6
51.5%
51.7%
47.0%
52.1%
45.7%
ROIC (%)
0%
0%
0%
0%
0%
Capex
2.9
3.2
15.8
16.0
32.8
175.1
183.3
195.0
205.7
221.6
Invested Capital
Rental net PP&E
Others
Invested Capital
Depreciation
175.1
183.3
195.0
205.7
221.6
3.6
3.7
3.9
5.3
4.6
1Q09
2Q09
3Q09
4Q09
1Q10
Net revenue
Rental
Technical support services, sales and others
Total net revenue
EBITDA
28.9
31.5
31.4
33.5
29.8
4.0
5.6
5.5
5.9
5.8
32.8
37.1
36.9
39.4
35.7
17.1
19.1
17.2
20.3
16.4
52.0%
51.5%
46.5%
51.6%
45.9%
ROIC (%)
0%
0%
0%
0%
0%
Capex
2.6
1.4
9.3
8.9
21.6
113.2
119.2
126.5
130.7
138.4
Invested Capital
Rental net PP&E
Others
Invested Capital
Depreciation
113.2
119.2
126.5
130.7
138.4
2.9
3.0
3.2
4.3
3.6
From 1Q13, ROICs and Invested Capital are reported consedering the last twelve months
1Q09
2Q09
3Q09
4Q09
1Q10
Net revenue
Rental
Technical support services, sales and others
14.0
14.2
14.6
15.3
16.5
0.2
0.5
0.5
2.9
6.2
14.1
14.7
15.1
18.3
22.7
7.1
7.7
7.3
9.7
10.3
50.5%
52.4%
48.4%
53.3%
45.3%
0.0%
0.0%
0.0%
0.0%
0.0%
0.3
1.8
6.6
7.1
11.2
61.9
64.0
68.5
75.0
83.2
Invested Capital
Rental net PP&E
Others
Invested Capital
Depreciation
61.9
64.0
68.5
75.0
83.2
0.7
0.7
0.7
1.1
1.1
From 1Q13, ROICs and Invested Capital are reported consedering the last twelve months
1Q09
2Q09
3Q09
4Q09
1Q10
Net revenue
Rental
11.7
11.2
13.1
15.1
16.0
0.3
0.9
1.5
0.6
1.2
12.0
12.1
14.6
15.7
17.2
7.3
7.0
7.9
9.2
9.8
60.4%
57.7%
54.2%
58.6%
57.0%
ROIC (%)
22.9%
19.8%
18.6%
20.5%
23.5%
3.8
10.1
12.8
3.4
18.1
64.0
67.8
81.5
82.8
80.6
64.0
67.8
81.5
82.8
80.6
1.7
1.9
2.2
2.8
2.6
Capex
Invested Capital
Rental net PP&E
Others
Invested Capital
Depreciation
From 1Q13, ROICs and Invested Capital are reported consedering the last twelve months
1Q09
2Q09
3Q09
4Q09
1Q10
Net revenue
Maintenance
10.1
15.0
12.3
12.5
12.4
New plants
23.4
40.8
36.1
41.2
40.0
23.4
40.8
36.1
41.2
40.0
EBITDA
EBITDA margin (%)
ROIC (%)
Capex
Invested Capital
Depreciation
0.2
9.0
5.3
6.3
6.3
0.8%
22.1%
14.7%
15.3%
15.8%
-6.5%
32.7%
16.4%
18.4%
17.7%
1.5
0.5
1.5
2.0
7.3
1.6
1.6
1.6
2.0
1.7
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
52.0
54.7
50.4
51.0
55.2
62.3
72.9
78.3
85.4
11.5
15.9
16.6
10.0
10.1
10.3
15.6
13.5
15.4
63.5
70.6
67.0
61.0
65.3
72.6
88.5
91.8
100.9
31.7
34.3
24.9
27.8
27.6
25.0
43.4
45.2
48.4
49.9%
48.5%
37.2%
45.6%
42.3%
34.5%
49.0%
49.2%
48.0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
43.8
58.6
43.0
45.4
54.5
64.5
73.5
24.4
36.4
260.0
308.1
354.6
295.4
329.1
371.7
433.9
465.6
477.1
83.9
97.6
106.1
98.9
106.0
128.1
260.0
308.1
354.6
379.3
426.7
477.8
532.8
571.6
605.3
5.3
6.4
7.3
7.8
8.3
9.9
11.4
12.6
13.8
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
32.4
32.7
26.8
25.0
24.3
27.3
32.5
33.1
36.9
9.3
10.0
7.4
6.8
6.2
5.9
3.5
6.3
5.0
41.7
42.7
34.2
31.8
30.6
33.2
36.1
39.3
41.9
21.6
22.3
13.3
15.6
14.1
8.6
19.5
18.9
21.2
51.9%
52.2%
38.8%
48.9%
46.2%
26.0%
54.0%
48.0%
50.6%
0%
0%
0%
0%
0%
0%
0%
0%
0%
19.2
25.0
8.5
8.4
8.2
13.8
16.9
9.0
24.0
162.2
184.4
200.6
160.2
160.5
166.9
177.9
181.9
190.1
43.7
49.2
48.9
44.1
44.2
49.3
162.2
184.4
200.6
203.9
209.7
215.8
222.0
226.1
239.4
3.9
4.5
4.8
5.1
5.1
5.2
5.6
5.5
6.0
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
19.6
21.9
23.6
26.0
30.9
34.9
40.3
45.3
48.5
2.2
6.0
9.2
3.2
3.8
4.4
12.1
7.2
10.4
21.8
27.9
32.8
29.2
34.7
39.4
52.5
52.5
58.9
10.0
11.9
11.6
12.3
13.5
16.4
23.9
26.3
27.2
46.0%
42.8%
35.5%
42.0%
38.8%
41.6%
45.5%
50.1%
46.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
24.7
33.6
34.5
37.0
46.3
50.6
56.6
15.4
12.5
97.8
123.7
154.1
135.2
168.5
204.8
256.1
283.7
287.0
40.2
48.4
57.3
54.8
61.7
78.9
97.8
123.7
154.1
175.4
216.9
262.0
310.8
345.4
365.9
1.4
1.9
2.5
2.7
3.2
4.7
5.8
7.1
7.8
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
19.3
23.9
25.7
30.8
36.7
42.3
47.2
50.5
50.6
2.0
1.9
5.1
2.9
4.5
3.3
7.7
6.0
4.8
21.3
25.8
30.8
33.7
41.2
45.6
54.9
56.5
55.4
11.9
14.6
14.7
18.9
22.3
21.7
30.7
30.3
28.6
55.8%
56.6%
47.6%
56.0%
54.1%
47.6%
56.0%
53.7%
51.7%
19.6%
17.3%
18.7%
17.3%
17.1%
12.9%
18.6%
20.3%
16.3%
35.1
52.5
25.0
42.4
43.1
43.9
33.4
26.0
40.9
114.0
154.5
187.8
202.0
231.8
267.0
294.8
315.7
325.5
10.3
28.5
39.3
39.9
37.6
45.7
114.0
154.5
187.8
212.4
260.3
306.3
334.8
353.2
371.2
3.4
4.5
5.0
5.8
6.4
7.6
8.5
9.3
9.7
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
14.7
16.2
13.6
12.3
17.6
15.8
10.7
15.9
17.2
46.5
52.5
56.4
50.2
57.5
56.9
50.2
50.9
54.8
46.5
52.5
56.4
50.2
57.5
56.9
50.2
50.9
54.8
6.9
7.0
5.8
6.1
8.1
4.1
2.3
6.2
4.7
14.9%
13.4%
10.3%
12.2%
14.2%
7.2%
4.7%
12.1%
8.5%
17.3%
14.9%
14.8%
9.6%
14.2%
3.2%
-1.2%
7.5%
3.9%
7.3
6.8
3.6
2.2
4.1
6.9
4.1
3.2
1.1
1.8
2.1
2.2
2.4
2.5
2.7
2.9
2.8
2.9
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
86.2
89.0
92.8
93.1
90.0
90.6
88.6
91.3
81.7
19.9
24.3
19.6
28.6
38.1
22.3
22.0
23.0
18.8
106.0
113.3
112.3
121.6
128.1
112.9
110.6
114.4
100.5
57.9
46.3
52.1
49.6
53.8
46.3
49.1
50.8
16.7
54.6%
40.9%
46.4%
40.8%
42.0%
41.1%
44.4%
44.4%
16.6%
0%
0%
0%
0%
0%
0%
11%
10%
7%
34.0
15.4
47.5
74.2
44.0
33.9
20.0
21.0
11.7
493.3
501.9
496.8
515.4
536.2
555.5
573.0
581.4
578.3
120.2
140.5
136.9
151.0
168.3
191.8
212.9
228.2
242.0
613.5
642.4
633.7
666.5
704.5
747.3
785.9
809.6
820.3
14.0
15.5
16.0
16.8
17.9
19.8
20.8
21.7
22.4
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
37.0
39.1
39.4
41.0
42.2
46.6
43.8
45.9
44.4
8.5
8.2
8.0
14.1
13.5
12.1
7.3
9.7
7.5
45.5
47.3
47.5
55.1
55.7
58.6
51.0
55.5
51.9
24.1
20.2
24.3
25.1
29.4
29.3
25.6
25.6
21.4
52.9%
42.7%
51.3%
45.5%
52.8%
49.9%
50.2%
46.2%
41.2%
0%
0%
18%
18%
18%
19%
18%
16%
13%
11.3
6.3
22.2
29.1
26.8
29.5
15.0
11.5
9.5
200.0
201.3
199.5
207.5
215.6
224.4
236.4
245.1
250.0
47.7
53.2
50.2
53.8
55.6
59.1
63.2
74.3
84.8
247.7
254.4
249.6
261.3
271.2
283.5
299.6
319.4
334.8
6.6
6.7
7.1
7.2
7.7
8.5
9.4
10.0
10.2
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
49.2
49.9
53.3
52.0
47.8
44.0
44.8
45.5
37.3
11.4
16.1
11.5
14.5
24.5
10.3
14.7
13.4
11.3
60.5
66.0
64.9
66.5
72.4
54.2
59.5
58.8
48.6
33.8
26.1
27.7
24.6
24.4
17.1
23.5
25.2
(4.7)
55.9%
39.6%
42.8%
37.0%
33.7%
31.5%
39.4%
42.8%
-9.6%
0.0%
0.0%
15.0%
13.4%
10.6%
8.1%
6.7%
6.5%
2.1%
22.8
9.1
25.3
45.1
17.2
4.5
5.0
9.4
2.1
293.3
300.7
297.3
307.9
320.5
331.1
336.6
336.3
328.3
72.5
87.3
86.8
97.3
112.7
132.7
149.7
154.0
157.2
365.8
388.0
384.1
405.1
433.2
463.8
486.3
490.3
485.5
7.4
8.7
8.9
9.6
10.2
11.3
11.5
11.7
12.2
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
57.0
64.3
67.3
73.8
80.5
86.1
88.1
84.4
79.7
10.4
9.9
8.8
16.3
13.4
11.1
9.1
14.2
11.3
67.4
74.2
76.1
90.1
93.9
97.2
97.3
98.6
91.0
38.0
36.9
43.6
49.3
52.3
56.0
58.4
55.1
50.0
56.5%
49.8%
57.3%
54.7%
55.7%
57.7%
60.1%
55.8%
54.9%
19.8%
16.9%
18.0%
18.5%
18.1%
18.2%
17.8%
16.2%
14.5%
40.3
53.7
73.6
69.6
75.4
51.9
73.7
29.5
3.6
354.5
385.3
372.5
410.7
448.8
489.6
528.5
561.4
584.3
35.1
31.7
37.3
38.0
43.0
50.7
60.1
82.6
99.6
389.7
417.1
409.9
448.7
491.8
540.3
588.6
644.0
683.8
10.6
11.8
12.6
14.4
15.8
17.7
18.7
20.3
20.9
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
2009
2010
2011
18.5
26.5
22.1
23.1
24.6
17.1
49.9
56.9
56.5
48.8
59.3
51.5
59.8
57.2
39.9
141.4
195.4
214.8
48.8
59.3
51.5
59.8
57.2
39.9
141.4
195.4
214.8
0.1
8.4
6.3
8.5
3.3
1.4
20.8
26.1
20.7
0.2%
14.2%
12.2%
14.3%
5.7%
3.5%
14.7%
13.4%
9.7%
-6.2%
13.3%
8.9%
16.4%
9.5%
5.7%
15.0%
16.0%
5.9%
0.2
0.4
0.3
0.4
2.0
2.2
5.4
25.0
17.3
2.9
2.8
2.7
2.7
0.2
0.2
6.7
7.8
10.5
Menu
4Q14
1Q15
2Q15
3Q15
2009
2010
2011
2012
2013
77.6
63.1
60.6
56.2
183.5
203.4
241.3
338.9
366.4
20.3
21.2
12.7
11.5
24.9
56.0
46.1
73.1
108.5
98.0
84.3
73.4
67.7
208.4
259.4
287.4
412.0
474.9
22.4
13.0
12.7
8.7
105.5
117.4
123.8
197.8
201.9
22.9%
15.4%
17.3%
12.8%
50.6%
45.3%
43.1%
48.0%
42.5%
4%
1%
-2%
-3%
0.0%
0.0%
0.0%
0.0%
0.0%
16.4
1.2
5.1
5.8
37.9
178.3
237.8
110.3
199.7
567.1
555.8
539.7
521.3
191.2
285.8
358.4
483.9
555.5
250.5
245.2
234.9
222.5
96.3
124.5
191.8
817.6
801.0
774.6
743.9
191.2
285.8
454.7
608.4
747.3
22.4
22.5
22.2
22.2
16.6
23.7
37.4
55.9
70.5
4Q14
1Q15
2Q15
2009
2010
2011
2012
2013
2014
43.4
36.5
35.6
125.3
121.8
109.2
146.1
169.3
177.4
9.1
14.6
6.2
20.9
32.4
22.5
28.0
47.7
33.6
52.5
51.1
41.8
146.2
154.3
131.6
174.1
217.0
211.0
16.3
12.9
12.5
73.7
73.6
57.8
84.3
108.1
88.9
31.0%
25.3%
29.8%
50.4%
47.7%
43.9%
48.5%
49.8%
42.1%
10%
7%
4%
0.0%
0.0%
0.0%
0.0%
19.2%
9.9%
12.1
0.5
4.6
22.1
74.3
47.3
50.5
107.6
48.2
250.0
248.8
243.4
121.1
171.1
166.7
192.8
224.4
250.0
98.1
103.6
105.6
46.6
48.9
59.1
98.1
348.1
352.4
349.0
121.1
171.1
213.3
241.7
283.5
348.1
10.2
10.6
10.5
13.3
16.8
20.9
24.8
30.5
39.8
4Q14
1Q15
2Q15
2009
2010
2011
2012
2013
2014
34.2
26.7
25.0
58.1
81.6
132.2
192.9
197.2
161.8
11.2
6.6
6.6
4.0
23.5
23.6
45.1
60.8
50.5
45.4
33.2
31.6
62.2
105.1
155.8
238.0
258.0
212.4
6.1
0.1
0.2
31.8
43.9
66.0
113.4
93.8
50.1
13.5%
0.2%
0.7%
51.2%
41.7%
42.4%
47.7%
36.4%
23.6%
0.4%
-3.3%
-7.6%
0.0%
0.0%
0.0%
0.0%
8.1%
0.4%
4.2
0.7
0.5
15.8
104.0
190.5
59.8
92.1
20.7
317.1
307.0
296.2
70.1
114.7
191.7
291.1
331.1
317.1
152.4
141.6
129.3
49.8
75.6
132.7
152.4
469.5
448.6
425.5
70.1
114.7
241.4
366.7
463.8
469.5
12.2
11.9
11.7
3.3
6.8
16.5
31.0
40.1
47.5
4Q14
1Q15
2Q15
3Q15
2009
2010
2011
2012
2013
71.8
69.3
65.3
59.8
51.1
84.9
157.0
222.5
307.7
12.2
10.3
9.2
9.0
3.3
10.1
18.4
31.0
49.6
83.9
79.6
74.5
68.7
54.4
95.1
175.4
253.5
357.3
33.2
51.1
39.4
26.4
31.3
51.0
93.6
133.9
201.2
39.6%
64.2%
53.0%
38.4%
57.6%
53.6%
53.4%
52.8%
56.3%
11.5%
8.8%
7.4%
5.2%
21.4%
19.2%
16.5%
18.2%
18.2%
1.9
0.7
0.4
0.2
30.1
130.6
162.8
160.9
270.5
590.8
588.2
570.2
545.2
70.3
134.1
248.5
345.6
489.6
113.9
124.7
128.5
134.0
29.4
37.5
50.7
704.6
712.9
698.7
679.1
70.3
134.1
277.8
383.1
540.3
21.0
(0.4)
20.8
20.1
8.6
15.6
28.2
41.4
60.5
2012
2013
78.0
86.8
213.8
208.3
213.8
208.3
19.4
19.5
9.1%
9.4%
4.6%
10.9%
4.9
5.0
11.4
5.8
2014
339.3
84.1
423.4
139.0
32.8%
4.4%
69.0
567.1
250.5
817.6
87.3
2014
324.0
46.8
370.8
196.7
53.0%
11.5%
108.7
590.8
113.9
704.6
80.9
1Q09
2Q09
3Q09
82.4
104.6
102.7
(32.8)
(42.4)
(43.4)
49.5
62.1
59.3
(24.8)
(26.5)
(29.3)
Operating profit
24.7
35.6
30.0
Financial expense
(7.0)
(6.1)
(5.7)
Financial income
0.2
0.3
0.2
Financial result
(6.8)
(5.9)
(5.5)
17.9
29.7
24.5
(6.0)
(9.7)
(8.0)
12.0
20.1
16.6
12.0
20.1
16.6
87,220
87,220
87,220
0.14
0.23
0.19
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
114.6
115.5
131.3
148.9
154.2
145.0
164.0
(51.0)
(49.6)
(58.2)
(70.5)
(76.5)
(71.3)
(81.2)
63.6
65.9
73.1
78.4
77.7
73.7
82.8
(28.2)
(32.1)
(33.2)
(35.5)
(46.9)
(36.8)
(42.0)
35.4
33.8
39.9
42.9
30.8
36.8
40.7
(6.5)
(6.2)
(6.6)
(7.2)
(4.4)
(5.1)
(12.3)
0.3
0.5
6.3
7.1
4.8
2.1
5.4
(6.2)
(5.8)
(0.3)
(0.1)
0.5
(3.1)
(7.0)
29.2
28.1
39.6
42.8
31.3
33.8
33.8
(9.5)
(9.4)
(13.5)
(14.4)
(1.2)
(11.6)
(11.2)
19.8
18.7
26.1
28.5
30.1
22.2
22.6
19.8
18.7
26.1
28.5
30.1
22.2
22.6
87,421
87,421
124,611
124,611
125,495
125,495
125,495
0.23
0.21
0.21
0.23
0.24
0.18
0.18
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
175.1
193.5
148.3
156.3
173.4
187.5
188.4
211.8
(92.3)
(95.6)
(48.5)
(54.3)
(61.7)
(73.7)
(68.4)
(87.3)
82.8
97.9
99.7
102.0
111.8
113.9
120.0
124.5
###
(52.1)
(44.2)
(40.4)
(45.4)
(40.3)
(57.9)
(48.6)
(54.0)
30.7
53.7
59.3
56.6
71.5
56.0
71.4
70.5
(16.6)
(12.5)
(10.8)
(9.9)
(9.8)
(14.4)
(11.3)
(16.8)
4.6
2.7
1.1
0.9
1.0
7.6
2.1
5.0
(12.0)
(9.9)
(9.7)
(9.0)
(8.8)
(6.7)
(9.2)
(11.8)
18.8
43.8
49.6
47.6
62.6
49.2
62.2
58.7
(0.9)
(14.3)
(17.0)
(8.5)
(22.2)
(11.0)
(20.2)
(11.3)
17.9
29.5
32.6
39.0
40.4
38.3
41.9
47.4
1.2
0.6
(2.4)
1.2
1.6
3.5
17.9
29.5
33.8
39.6
38.0
39.4
43.6
50.9
125,591
125,657
125,690
126,149
126,314
126,399
126,492
127,120
0.14
0.24
0.27
0.31
0.30
0.31
0.34
0.40
Menu
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
222.0
210.1
207.8
213.0
191.5
181.9
163.9
147.9
(93.5)
(85.7)
(79.0)
(89.9)
(102.7)
(90.7)
(86.1)
(87.1)
128.5
124.4
128.8
123.0
88.7
91.2
77.8
60.8
8.3
(50.8)
(71.9)
(61.9)
(66.3)
(66.1)
(79.6)
(73.8)
(51.8)
77.6
60.7
66.9
56.8
22.7
11.6
4.0
9.0
(14.8)
(17.0)
(20.6)
(25.9)
(28.2)
(18.1)
(26.1)
(23.0)
2.5
3.5
4.0
7.5
10.4
3.3
7.7
6.9
(12.3)
(13.5)
(16.5)
(18.4)
(17.8)
(14.8)
(18.4)
(16.1)
65.3
47.2
50.3
38.4
4.9
(3.2)
(14.4)
(7.1)
(21.5)
(12.7)
(16.5)
(5.0)
(1.7)
(3.0)
(0.1)
(1.1)
43.9
34.5
33.9
33.4
3.2
(6.2)
(14.5)
(8.2)
1.0
(1.2)
44.9
33.3
33.9
33.4
3.2
(6.2)
(14.5)
(8.2)
127,314
127,386
127,491
128,026
128,058
128,058
128,058
128,058
0.35
0.26
0.27
0.26
0.03
(0.05)
(0.11)
(0.06)
3Q15
136.5
(87.0)
49.5
(57.0)
(7.5)
(24.1)
8.9
(15.2)
(22.7)
5.5
(17.2)
(17.2)
128,058
(0.14)
Mills - Balano
in R$ million
1Q09
2Q09
3Q09
Assets
Current Assets
Cash and cash equivalents
13.0
2.6
8.3
45.1
62.3
70.7
0.7
1.3
###
Marketable securities
Trade receivables
Inventories
20.0
20.5
20.9
Advances to suppliers
Recoverable taxes
Marketable securities
2.3
###
3.9
81.1
89.0
105.1
5.2
5.0
4.7
Non-Current Assets
Realizvel a longo prazo
Trade receivables
Recoverable taxes
Deferred taxes
0.1
0.2
###
17.0
16.5
16.6
6.5
6.6
6.0
Deposits in court
Other Trade Receivables
Other current assets
28.8
28.3
27.5
Investment
Property, plant and equipment
Intangible assets
234.4
241.4
39.1
###
262.7
39.1
273.5
280.5
301.8
302.3
308.8
329.3
Total Assets
383.4
397.8
434.4
in R$ million
1Q09
2Q09
3Q09
Liabilities
Current Liabilities
Suppliers
Borrowings and financings
Debentures
Salrios e encargos sociais
Income tax and social contribution
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
0.3
0.2
0.9
92.0
93.6
106.4
139.4
130.4
135.3
Non-Current Liabilities
Borrowings and financings
Derivative financial instruments
Debentures
22.6
22.9
24.0
0.6
###
2.7
Deferred taxes
(2.1)
0.5
###
0.5
163.1
154.4
160.4
Total Passivo
255.1
248.0
266.8
Capital
80.5
80.6
Earnings reserves
34.1
###
34.1
2.7
3.8
4.8
Stockholders' Equity
Capital reserves
Valuation adjustments to equity
Retained earnings
###
12.0
32.1
48.6
129.3
150.6
168.1
384.4
398.6
434.9
4Q09
1Q10
2Q10
3Q10
1.6
1.8
298.9
3.1
71.5
84.6
96.7
1.4
2.0
25.7
-
4Q10
196.9
1Q11
2Q11
3Q11
6.2
4.3
136.1
11.0
107.1
122.1
122.6
127.5
126.5
2.4
3.9
5.6
6.7
10.1
11.8
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
179.0
72.2
4.1
3.4
7.8
3.4
4.4
3.6
5.2
4.1
104.2
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
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
440.1
491.1
878.1
903.3
924.1
952.5
1,203.3
1,228.1
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
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
8.5
8.8
9.6
9.1
11.1
0.4
0.3
0.3
0.3
5.0
11.0
11.2
11.5
0.6
###
268.2
268.3
11.3
11.7
12.7
9.4
9.8
10.0
10.5
10.7
10.4
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
###
525.1
###
525.1
526.8
86.2
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
4Q11
1Q12
2Q12
3Q12
35.2
30.3
29.3
4Q12
299.4
-
1Q13
2Q13
3Q13
44.2
24.5
47.3
45.7
159.6
138.0
139.1
140.1
156.5
168.1
194.8
199.4
165.1
174.1
11.2
15.1
15.0
21.3
26.9
29.9
30.9
30.9
22.1
22.8
27.5
27.8
35.0
26.5
35.8
31.3
11.5
3.8
7.0
6.9
6.7
5.5
0.7
0.3
2.8
1.3
0.0
4.0
0.4
106.7
95.2
3.0
4.2
4.7
4.6
6.5
7.2
8.6
9.4
224.9
216.3
241.2
528.0
473.7
431.1
399.1
387.4
2.6
2.4
2.5
2.5
2.5
2.1
2.1
2.1
31.6
30.9
30.4
29.5
30.7
31.2
34.8
42.3
4.9
6.8
7.0
2.8
10.9
11.0
11.4
11.5
11.9
11.8
11.7
9.7
50.0
51.2
51.4
46.3
45.1
45.1
48.6
54.0
87.4
###
87.4
87.4
87.4
87.4
87.4
87.4
872.9
897.2
943.0
978.6
1,003.3
1,084.3
1,124.1
1,189.4
45.5
47.2
49.1
51.6
54.5
57.5
59.9
64.2
1,005.8
1,031.7
1,079.5
1,117.6
1,145.3
1,229.2
1,271.4
1,341.0
1,055.8
1,082.9
1,130.9
1,163.9
1,190.4
1,274.3
1,319.9
1,395.0
1,280.6
1,299.2
1,372.1
1,691.9
1,664.1
1,705.4
1,719.0
1,782.5
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
35.9
19.8
47.3
46.1
47.8
58.5
70.1
61.1
65.3
64.1
114.9
109.1
41.8
38.5
15.7
14.5
6.1
13.8
4.6
13.2
13.0
17.8
110.6
110.0
25.0
26.3
32.1
37.2
27.6
33.3
23.8
25.9
2.7
5.3
4.7
5.8
0.8
9.8
0.4
0.1
0.9
0.9
0.9
0.9
0.9
0.9
8.1
8.1
10.5
9.9
18.6
7.7
10.7
7.1
7.9
3.6
7.9
11.8
20.1
4.1
10.8
15.0
21.9
###
18.8
18.8
36.2
36.2
20.4
20.4
0.1
0.8
1.6
25.2
12.7
14.6
4.4
5.2
4.9
6.3
7.8
8.8
3.1
3.1
177.7
168.2
241.7
258.0
214.5
213.1
279.7
307.7
71.1
68.2
42.0
40.4
30.2
30.5
23.5
20.8
268.4
268.5
268.6
537.3
537.5
537.7
447.8
448.0
16.1
14.7
16.0
11.0
9.9
10.3
10.6
10.4
2.4
1.8
5.5
1.0
10.5
10.7
10.0
9.9
9.8
9.7
9.6
9.5
0.6
0.5
0.7
0.6
0.4
0.3
0.2
0.0
366.7
362.7
337.3
599.2
590.2
590.4
497.3
489.8
544.5
531.0
579.0
857.2
804.7
803.5
776.9
797.6
527.6
528.0
533.6
536.2
537.6
539.5
548.8
551.9
212.0
211.7
211.3
210.9
321.8
321.4
321.0
321.0
(5.6)
(4.7)
(3.8)
(1.9)
0.2
2.2
4.7
7.2
2.1
0.2
1.1
0.3
(0.3)
(0.8)
2.9
0.5
33.0
50.9
89.2
39.6
64.6
104.3
736.1
768.2
793.1
834.7
859.3
901.9
942.1
984.9
1,280.6
1,299.2
1,372.1
1,691.9
1,664.1
1,705.4
1,719.0
1,782.5
4Q13
1Q14
2Q14
3Q14
25.8
8.5
93.7
4Q14
161.1
1Q15
193.7
214.0
Menu
Menu
2Q15
3Q15
138.0
192.5
177.4
192.2
199.1
177.9
156.8
126.4
121.1
114.8
36.3
36.6
37.8
32.0
21.8
19.9
21.4
20.5
38.7
33.6
32.6
29.8
28.7
28.6
29.8
28.8
0.5
0.2
0.3
0.2
0.2
0.1
0.2
0.2
7.5
0.1
1.2
26.8
27.4
16.5
17.0
17.5
18.0
18.5
19.1
6.5
9.8
8.0
4.7
5.6
6.6
7.5
7.6
22.0
319.5
308.2
388.2
422.7
425.3
413.7
1.4
1.4
1.3
0.9
1.4
1.2
42.8
44.2
41.6
36.4
32.0
26.8
22.1
17.6
5.0
10.4
20.0
24.9
27.1
23.7
29.2
10.1
10.4
10.3
10.5
10.4
10.9
11.4
11.7
47.3
48.4
49.6
34.0
34.9
35.9
37.0
19.1
1.1
109.5
113.1
101.7
103.7
101.9
94.2
77.7
87.4
87.4
87.4
87.4
87.4
87.4
87.4
87.4
1,224.5
1,264.8
1,265.5
1,230.9
1,200.1
1,154.4
1,113.3
1,049.2
68.4
73.8
75.0
76.0
76.1
76.5
76.3
78.2
1,380.3
1,426.1
1,427.9
1,394.3
1,363.7
1,318.4
1,277.0
1,214.7
1,481.8
1,535.6
1,541.1
1,496.0
1,467.4
1,420.3
1,371.2
1,292.4
1,801.2
1,843.8
1,929.2
1,918.7
1,892.7
1,833.9
1,707.9
1,697.9
1Q14
2Q14
3Q14
4Q14
405.5
101.5
4Q13
336.6
1Q15
2Q15
3Q15
37.9
55.4
29.1
18.6
16.5
14.9
11.1
11.4
12.8
49.1
45.4
46.4
49.6
3.2
3.2
3.2
112.5
120.2
107.1
109.6
105.3
114.3
107.8
189.2
19.2
23.6
24.3
25.3
19.4
20.0
21.7
23.2
6.2
2.7
2.9
2.5
1.0
1.0
1.0
1.0
1.0
1.0
1.1
1.2
7.1
4.6
8.6
4.7
4.0
2.9
2.9
2.1
18.7
0.6
1.7
41.0
41.0
21.8
21.8
21.8
21.8
0.0
0.0
3.3
5.2
1.2
0.0
4.9
3.5
5.1
2.1
1.0
1.2
0.2
0.6
255.0
308.5
252.0
233.6
221.2
179.4
148.1
230.9
58.7
17.2
16.5
15.7
14.9
14.3
13.5
12.7
0.3
448.2
448.4
572.1
573.3
575.5
580.3
493.7
415.4
10.6
11.4
11.6
12.8
12.6
12.4
12.0
12.8
2.5
9.4
9.4
9.3
9.2
9.1
9.0
8.9
9.3
0.1
0.1
529.7
486.5
609.5
611.0
612.1
616.0
528.1
450.3
784.7
795.0
861.5
844.6
833.3
795.3
676.2
681.2
553.2
554.9
563.1
563.3
563.3
563.3
563.3
563.3
447.9
447.9
447.9
447.9
487.0
487.0
487.0
487.0
10.2
12.4
14.9
17.3
8.8
2.5
4.8
6.0
5.2
(0.2)
(0.2)
0.3
0.2
0.2
0.2
0.2
33.9
42.2
45.4
(14.5)
(22.7)
(39.9)
1,016.5
1,048.8
1,067.7
1,074.1
1,059.4
1,038.6
1,032.7
1,016.7
1,801.2
1,843.8
1,929.2
1,918.7
1,892.7
1,833.9
1,708.9
1,697.9
1Q09
12.0
Adjustments
Depreciation and amortization
6.9
1.0
0.4
6.8
Others
15.1
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)
(0.5)
(0.3)
(0.9)
3.4
0.3
Other liabilities
0.2
1.9
29.0
(3.3)
Lawsuits settled
Net cash generated by operating activities
25.7
Acquisitions of investments
Purchases of property, plant and equipment and intangible assets
(9.0)
Proceeds from sale of property, plant and equipment and intangible assets
PIS and COFINS tax credits from acquisition of rental equipment
Asset write-off
Net cash generated by (used in) investing activities
(1.0)
(10.0)
Shares in treasury
(8.4)
3.8
(4.6)
11.0
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
(1.3)
0.3
(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
0.8
0.5
14.1
16.4
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
24.1
31.2
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)
17.8
28.3
24.2
36.6
19.5
30.6
34.8
31.1
(292.7)
113.4
48.0
126.7
(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)
(25.5)
(21.7)
(57.2)
(378.1)
(1.1)
36.2
(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
(10.8)
5.3
(6.8)
0.2
1.3
1.7
1.4
88.1
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
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
33.8
18.8
43.8
50.3
47.8
58.6
54.0
60.4
17.2
20.2
22.8
24.7
26.4
27.4
30.1
31.3
0.4
1.0
0.2
1.0
1.0
(4.8)
(1.1)
0.5
0.8
0.9
0.9
0.9
0.9
1.9
2.1
2.0
2.1
1.2
3.2
3.6
4.3
3.9
8.4
4.0
###
0.9
(0.6)
0.9
(0.0)
(0.0)
(0.1)
(6.3)
(5.8)
(4.3)
(7.4)
(6.1)
(8.8)
(3.7)
1.6
(1.5)
11.3
13.5
9.9
11.5
8.9
(10.2)
###
0.1
12.1
14.4
12.6
1.9
9.2
(0.3)
6.4
3.8
2.0
3.9
5.0
(0.1)
0.1
(0.1)
(0.0)
###
29.8
39.8
31.7
40.8
39.0
33.7
54.0
45.3
(6.1)
(8.7)
(11.8)
(7.2)
(20.2)
(13.6)
(30.7)
(9.1)
(3.3)
(1.8)
0.6
(3.9)
0.1
(6.3)
(5.7)
(3.0)
7.2
(21.6)
4.2
3.4
3.9
5.6
0.6
14.9
(0.2)
(0.3)
0.1
(0.1)
(0.5)
(0.0)
(0.4)
0.0
###
###
(1.7)
0.5
(3.7)
9.3
(4.9)
1.5
(1.6)
0.4
4.2
(0.7)
6.0
(1.5)
(2.0)
(2.4)
(0.1)
2.4
1.8
4.6
(8.3)
1.3
5.8
5.1
(9.6)
5.7
###
###
0.3
3.0
(5.3)
(0.0)
(0.6)
2.5
8.6
###
###
(5.1)
4.2
(0.5)
(1.0)
1.0
1.8
1.4
1.6
(2.9)
(20.8)
(18.5)
0.3
(17.4)
(6.0)
(37.5)
2.1
60.7
37.8
57.0
91.4
69.4
86.4
70.5
107.7
(2.8)
(2.9)
(22.2)
(2.5)
(19.0)
(3.1)
(22.5)
(7.9)
(8.5)
(7.0)
(2.7)
(15.1)
(16.2)
(8.4)
(15.3)
(0.0)
(7.9)
###
(20.0)
(2.6)
###
(0.1)
49.4
27.9
32.1
63.3
34.2
74.9
32.6
70.8
9.4
1.5
###
(159.6)
21.6
###
###
(96.0)
(137.6)
(102.1)
(73.0)
(53.9)
###
(78.1)
(74.5)
(10.9)
-
(8.9)
(119.5)
8.1
7.3
6.6
9.7
9.5
8.5
14.6
8.3
###
###
(78.5)
(130.3)
(94.0)
(63.3)
(44.5)
(69.6)
(219.6)
(89.7)
1.7
0.8
0.4
5.6
2.6
1.4
1.9
(0.5)
(0.0)
(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
(68.2)
(0.9)
178.1
(106.8)
(37.6)
(4.9)
(1.0)
270.1
(255.2)
(19.7)
4.3
179.0
72.2
35.2
30.3
29.3
299.4
44.2
179.0
72.2
35.2
30.3
29.3
299.4
44.2
24.5
(69.6)
-
(3.7)
1.0
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
60.5
61.8
57.9
50.3
38.4
4.9
(3.2)
(14.4)
34.0
33.9
37.7
39.6
42.1
43.3
43.4
43.4
0.5
0.3
0.1
0.8
0.6
1.5
(1.9)
(0.5)
2.5
2.4
3.1
2.2
2.5
2.4
2.5
2.5
6.8
4.2
3.7
0.5
1.2
(1.7)
(11.5)
(16.5)
(8.5)
(10.1)
(11.4)
(12.0)
(10.4)
(14.4)
14.5
13.4
15.9
17.2
18.9
18.9
25.6
22.9
2.7
5.2
4.3
6.5
4.9
8.7
22.2
21.0
1.3
12.3
3.4
1.9
(8.3)
49.4
42.9
49.2
56.7
58.8
73.3
84.9
76.8
(21.1)
(1.0)
(13.3)
(21.4)
(11.5)
12.9
(2.2)
4.3
(0.9)
(0.1)
(5.3)
(0.3)
(1.2)
(2.0)
0.2
0.0
(1.4)
14.1
(0.0)
5.9
8.4
8.6
6.6
7.2
0.1
2.0
(0.4)
0.1
0.2
(0.1)
0.2
(0.4)
(0.7)
3.1
2.8
(2.9)
1.7
3.4
(0.4)
(1.0)
(2.5)
(0.2)
(1.1)
(1.8)
1.5
1.0
(0.3)
(1.7)
3.3
4.0
(6.6)
4.4
0.7
1.0
(5.8)
0.6
3.0
(3.6)
0.1
(0.0)
4.0
(0.6)
(0.7)
(1.1)
(7.6)
(0.1)
2.5
(1.3)
1.4
(3.2)
(1.2)
0.2
(27.8)
18.2
(21.4)
(17.3)
5.1
21.1
(3.7)
8.2
82.2
122.9
85.7
89.7
102.3
99.3
78.0
70.6
(12.8)
(14.4)
(13.7)
(9.7)
(20.2)
(16.8)
(23.0)
(15.0)
(17.7)
(9.6)
(29.3)
(7.1)
(13.4)
(10.7)
(7.6)
(6.3)
(0.1)
(0.0)
(18.6)
(0.2)
(0.5)
51.4
98.5
138.0
(0.4)
(0.2)
(0.0)
42.7
54.2
68.3
71.6
47.4
49.3
25.2
11.3
16.6
(82.5)
(31.0)
(136.7)
(139.6)
(118.7)
(82.9)
(18.3)
(6.4)
25.3
17.4
20.4
15.3
13.8
16.8
15.7
27.5
(2.6)
21.1
26.7
(96.9)
(98.3)
(67.7)
(57.4)
2.4
9.3
3.1
1.3
1.6
8.2
0.3
(11.0)
(8.8)
-
(36.2)
(3.0)
(2.6)
(2.5)
(41.0)
(3.3)
(28.6)
(3.2)
(3.1)
(3.0)
(292.8)
(3.6)
(1.2)
40.0
400.0
(55.4)
(3.1)
35.6
(3.9)
74.4
(6.6)
(12.2)
(50.0)
22.8
(1.6)
(19.9)
(17.3)
85.3
67.3
32.6
20.4
24.5
47.3
45.7
25.8
8.5
93.7
161.1
193.7
47.3
45.7
25.8
8.5
93.7
161.1
193.7
214.0
0.1
(41.2)
-
Menu
Menu
2Q15
3Q15
(7.1)
(22.7)
43.0
42.3
(0.0)
0.4
2.2
1.2
(0.2)
(7.1)
19.7
20.5
1.8
8.0
0.8
(3.3)
2.7
67.3
64.7
2.1
(5.2)
(2.3)
0.9
6.2
5.9
(0.6)
(0.5)
(0.0)
0.5
(3.7)
1.6
1.7
1.5
0.0
(0.9)
(1.1)
0.8
2.2
4.6
62.4
46.5
(24.5)
(18.6)
(0.8)
37.2
28.0
18.6
(6.4)
(9.5)
5.8
18.2
(0.6)
27.3
0.0
(21.8)
(0.0)
(90.8)
(0.8)
(112.5)
(0.8)
(76.0)
54.5
214.0
138.0
138.0
192.5