Historical Data

Mills' Results
Menu
Main Indicators
Revenue
COGS G&A
EBITDA
Financial Indicators per Business Unit
Income Statement
Balance Sheet
Cash flow
Capex per Business Unit
Mills - Main financial figures

1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
in R$ millions
Net revenue
EBITDA
EBITDA margin (%)
Net earnings
ROIC (%)
82.4
104.6
102.7
114.6
115.5
131.3
148.9
154.2
31.6
42.8
37.7
45.6
42.8
50.5
55.9
45.4
38.4%
40.9%
36.7%
39.8%
37.0%
38.4%
37.6%
29.4%
12.0
20.1
16.6
19.8
18.7
26.1
28.5
30.1
21.6%
29.4%
23.3%
26.0%
23.1%
23.0%
20.3%
18.8%
14.2
30.5
22.7
58.7
90.0
121.0
78.8
Capex
9.0
Invested Capital
387.4
458.4
556.7
645.3
Rental net PP&E
Others
* From 2013 onwards, the data does not consider the Industrial Services business unit.
1Q11
145.0
2Q11
164.0
3Q11
175.1
4Q11
193.5
1Q12
199.1
2Q12
211.1
3Q12
222.2
4Q12
246.8
1Q13*
188.4
2Q13
3Q13
211.8
222.0
52.8
58.0
50.8
76.4
86.2
84.4
96.1
91.7
95.7
98.9
106.1
36.4%
35.4%
29.0%
39.5%
43.3%
40.0%
43.3%
37.1%
50.8%
46.7%
47.8%
22.2
22.6
17.8
29.5
32.7
39.2
38.0
41.6
39.3
48.1
39.6
13.8%
12.7%
8.6%
14.2%
15.1%
13.6%
15.8%
14.5%
14.9%
14.2%
13.9%
184.6
105.2
121.6
114.4
58.4
83.5
79.4
76.3
127.5
150.3
127.7
749.6
894.2
1,002.3
1,092.9
1,143.7
1,195.0
1,218.0
1,268.5
1,330.9
1,447.6
1,517.3
497.4
560.9
638.7
728.8
781.3
802.6
847.8
887.3
937.3
1,023.2
1,086.9
252.2
333.3
363.6
364.1
362.5
392.3
370.2
381.2
393.6
424.4
430.4
Menu
4Q13
1Q14
2Q14
2009
2010
2011
2012
2013*
210.1
207.8
213.0
404.2
549.9
677.6
879.3
832.3
110.5
107.5
105.9
157.6
194.5
238.1
358.4
411.2
52.6%
51.7%
49.7%
39.0%
35.4%
35.1%
40.8%
49.4%
45.6
33.9
33.4
68.4
103.3
92.2
151.5
172.6
13.4%
11.5%
9.2%
25.0%
21.0%
12.3%
14.7%
14.1%
93.9
102.3
54.7
76.3
348.5
525.9
297.6
499.3
1,592.3
1,627.8
1,725.8
510.5
932.7
1,114.9
1,471.4
1,137.5
1,163.8
1,189.0
606.8
829.5
1,045.1
454.8
464.0
536.8
325.9
285.4
426.3
Mills - Net revenue per type

1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
in R$ millions
Rental
63.8
68.5
70.5
80.0
74.6
84.6
91.8
91.1
Technical support services
16.0
32.2
27.1
28.6
29.6
35.6
42.6
43.6
0.6
2.5
4.0
5.5
9.6
6.0
8.7
12.7
Sales
Others
Total net revenue
1.9
1.4
1.1
0.4
1.7
5.0
5.9
6.8
82.4
104.6
102.7
114.6
115.5
131.3
148.9
154.2
Mills - Net revenue per business unit

in R$ millions
1Q09
2Q09
3Q09
4Q09
Heavy Construction
32.8
39.9%
37.1
35.4%
36.9
36.0%
39.4
34.4%
Real Estate
14.1
17.2%
14.7
14.0%
15.1
14.7%
18.3
15.9%
Industrial Services
23.4
28.4%
40.8
39.0%
36.1
35.1%
41.2
36.0%
Rental
12.0
Total net revenue
82.4
14.6%
12.1
11.6%
14.6
14.2%
15.7
13.7%
100.0%
104.6
100.0%
102.7
100.0%
114.6
100.0%
** Pro-forma result, including results for Industrial Service business unit.
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13*
2Q13
3Q13
4Q13
96.8
105.4
119.3
132.4
137.9
147.9
155.8
166.7
160.1
166.9
170.5
176.6
37.6
43.3
41.3
37.6
42.3
44.5
41.4
45.9
4.3
8.0
4.3
4.8
5.6
7.3
8.5
19.2
13.0
13.5
19.0
28.6
17.2
26.6
35.1
22.5
5.0
8.0
6.0
4.3
6.0
5.2
6.0
5.6
6.8
10.3
12.1
6.1
145.0
164.0
175.1
193.5
199.1
211.1
222.2
246.8
188.4
211.8
222.0
210.1
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
35.7
30.9%
41.7
31.8%
42.7
28.7%
34.2
22.2%
31.8
22.0%
30.6
18.6%
22.7
19.6%
21.8
16.6%
27.9
18.7%
32.8
21.3%
29.2
20.1%
34.7
21.2%
40.0
34.6%
46.5
35.4%
52.5
35.2%
56.4
36.6%
50.2
34.6%
57.5
35.1%
17.2
14.9%
21.3
16.2%
25.8
17.4%
30.8
20.0%
33.7
23.3%
41.2
25.1%
115.5
100.0%
131.3
100.0%
148.9
100.0%
154.2
100.0%
145.0
100.0%
164.0
100.0%
Menu
1Q14
2Q14
2009
2010
2011
2012
2013*
176.7
175.7
282.9
342.1
453.9
608.2
674.2
2.5
3.0
103.9
151.4
159.8
174.1
21.4
17.1
25.8
12.6
37.0
40.6
74.1
101.3
11.5
8.4
4.8
19.4
23.3
22.8
35.3
207.8
213.0
404.2
549.9
677.6
879.3
832.3
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
33.2
19.0%
36.1
18.6%
39.3
19.7%
41.9
19.9%
45.5
20.5%
47.3
19.2%
39.4
22.5%
52.5
27.1%
52.5
26.4%
58.9
27.9%
60.5
27.2%
66.0
26.7%
56.9
32.5%
50.2
25.9%
50.9
25.5%
54.8
26.0%
48.8
22.0%
59.3
24.0%
45.6
26.1%
54.9
28.3%
56.5
28.4%
55.4
26.3%
67.4
30.3%
74.2
30.1%
175.1
100.0%
193.5
100.0%
199.1
100.0%
211.1
100.0%
222.2
100.0%
246.8
100.0%
1Q13**
2Q13**
3Q13**
4Q13**
1Q14
2Q14
47.5
19.8%
55.1
20.3%
55.7
20.0%
58.6
23.5%
51.0
24.6%
55.5
64.9
27.0%
66.5
24.5%
72.4
25.9%
54.2
21.7%
59.5
28.6%
58.8
51.5
21.5%
59.8
22.0%
57.2
20.5%
39.9
16.0%
0.0%
76.1
31.7%
90.1
33.2%
93.9
33.6%
97.2
38.9%
97.3
46.8%
98.6
239.9
100.0%
271.5
100.0%
279.2
100.0%
249.9
100.0%
207.8
100.0%
213.0
2009
2010
2011
2012
26.1%
146.2
36.2%
154.3
28.1%
131.6
19.4%
174.1
19.8%
27.6%
62.2
15.4%
105.1
19.1%
155.8
23.0%
238.0
27.1%
0.0%
141.4
35.0%
195.4
35.5%
214.8
31.7%
213.8
24.3%
175.4
25.9%
253.5
46.3%
54.4
13.5%
95.1
17.3%
100.0%
404.2
100.0%
549.9
100.0%
677.6
100.0%
879.3
28.8%
100.0%
2013*
217.0
20.8%
258.0
24.8%
208.3
20.0%
357.3
34.3%
1,040.6
100.0%
Mills - Cost of goods and services sold (COGS) and the general, administrative and operating expenses (G&A), ex-deprec
in R$ millions
Costs of job execution
1Q09
2Q09
3Q09
4Q09
1Q10
25.9
51.0%
34.1
55.2%
33.8
52.0%
37.7
54.7%
35.7
Costs of sale of equipment
0.3
0.6%
1.5
2.4%
2.3
3.5%
3.4
5.0%
5.4
Costs of asset write-offs
0.1
0.2%
0.1
0.1%
0.1
0.1%
0.1
0.1%
0.1
COGS
Equipment storage
26.3
51.8%
35.7
57.7%
36.1
55.6%
41.2
59.7%
41.1
G&A
24.5
48.2%
26.2
42.3%
28.9
44.4%
27.8
40.3%
31.6
Total COGS + G&A
50.7 100.0%
69.0 100.0%
72.7
61.8 100.0%
65.0 100.0%
s (G&A), ex-depreciation
%
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
49.1%
44.1
54.6%
50.9
54.7%
51.9
47.7%
45.9
49.8%
52.2
49.3%
58.5
47.1%
53.3
7.4%
3.6
4.5%
6.2
6.7%
8.0
7.4%
3.5
3.8%
4.5
4.3%
5.6
4.5%
11.8
0.1%
0.4
0.4%
1.0
1.0%
2.6
2.4%
1.2
1.4%
1.3
1.2%
0.6
0.5%
1.4
56.6%
48.1
59.5%
58.1
62.5%
43.4%
32.7
40.5%
34.9
37.5%
100.0%
80.8 100.0%
93.0 100.0%
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
124.2 100.0%
117.1
108.8 100.0%
92.1 100.0%
106.0 100.0%
1Q12
2Q12
3Q12
4Q12
1Q13*
2Q13
3Q13
45.5%
48.6
43.0%
56.0
44.2%
56.5
44.8%
64.2
41.4%
19.5
21.0%
24.5
21.7%
25.2
10.1%
6.2
5.5%
7.2
5.7%
11.0
8.7%
16.5
10.6%
12.1
13.0%
20.9
18.5%
22.1
1.2%
1.2
1.1%
1.6
1.2%
1.9
1.5%
0.2
0.1%
0.9
0.9%
2.3
2.0%
3.4
6.1%
7.6
6.7%
8.1
6.4%
9.4
7.5%
10.5
6.8%
9.1
9.8%
10.3
9.1%
11.3
63.0%
63.6
56.4%
72.8
57.5%
78.9
62.6%
91.4
58.9%
41.5
44.7%
57.9
51.3%
62.0
49.3
43.6%
53.9
42.5%
47.2
37.4%
63.8
41.1%
51.3
55.3%
54.9
48.7%
53.9
112.9 100.0%
115.9
37.0%
100.0%
112.9 100.0%
126.7 100.0%
126.1 100.0%
155.2 100.0%
92.8 100.0%
Menu
4Q13
1Q14
2Q14
2009
2010
21.7%
23.7
23.8%
22.2
22.2%
24.1
22.5%
131.5
53.3%
182.6
51.4%
19.1%
13.0
13.0%
8.9
8.8%
14.7
13.7%
7.5
3.0%
23.2
6.5%
3.0%
2.3
2.3%
1.7
1.6%
1.7
1.6%
0.3
0.1%
4.0
1.1%
9.8%
11.9
11.9%
10.1
10.1%
10.9
10.2%
0.0%
0.0%
53.5%
50.9
51.1%
42.8
42.7%
51.5
48.1%
139.3
56.5%
209.9
59.1%
46.5%
48.6
48.9%
57.5
57.3%
55.6
51.9%
107.3
43.5%
145.5
100.3 100.0%
107.1
100.0%
99.5 100.0%
100.0%
246.5
100.0%
355.4
40.9%
100.0%
2011
2012
2013*
210.0
47.8%
225.2
43.2%
92.8
22.1%
25.5
5.8%
41.0
7.9%
68.0
16.2%
4.6
1.0%
4.9
0.9%
8.9
2.1%
27.3
6.2%
35.5
6.8%
42.6
10.1%
267.4
60.8%
306.7
58.9%
212.3
50.4%
39.2%
214.1
41.1%
208.7
172.1
439.5
100.0%
520.8
100.0%
421.0
49.6%
100.0%
Mills - EBITDA per business unit

in R$ millions
1Q09
2Q09
3Q09
4Q09
1Q10
17.1
54.0%
19.1
44.7%
17.2
45.5%
20.3
44.6%
16.4
Real Estate
7.1
22.6%
7.7
18.0%
7.3
19.4%
9.7
21.3%
10.3
Industrial Services
0.2
0.6%
9.0
21.1%
5.3
14.1%
6.3
13.8%
6.3
Rental
7.3
22.9%
7.0
16.3%
7.9
21.0%
9.2
20.2%
9.8
Heavy Construction
Total EBITDA
EBITDA margin (%)
31.6 100.0%
38.4%
42.8 100.0%
40.9%
* Pro-forma result, including results for Industrial Service business unit.
37.7 100.0%
36.7%
45.6 100.0%
39.8%
42.8
37.0%
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
38.3%
21.6
42.9%
22.3
39.9%
13.3
29.2%
15.6
29.4%
14.1
24.3%
8.6
17.0%
24.0%
10.0
19.8%
11.9
21.4%
11.6
25.6%
12.3
23.2%
13.5
23.2%
16.4
32.2%
14.8%
6.9
13.8%
7.0
12.6%
5.8
12.8%
6.1
11.6%
8.1
14.0%
4.1
8.1%
22.9%
11.9
23.5%
14.6
26.2%
14.7
32.3%
18.9
35.8%
22.3
38.4%
21.7
42.7%
100.0%
50.5 100.0%
38.4%
55.9 100.0%
37.6%
45.4 100.0%
29.4%
52.8 100.0%
36.4%
58.0 100.0%
35.4%
50.8 100.0%
29.0%
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13*
2Q13*
19.5
25.5%
18.9
21.9%
21.2
25.1%
24.1
25.1%
20.2
22.0%
24.3
23.9%
25.1
23.9
31.2%
26.3
30.5%
27.2
32.2%
33.8
35.2%
26.1
28.5%
27.7
27.2%
24.6
2.3
3.1%
6.2
7.2%
4.7
5.5%
0.1
0.1%
8.4
9.2%
6.3
6.2%
8.5
30.7
40.2%
34.9
40.4%
31.4
37.2%
38.0
39.6%
36.9
40.3%
43.6
42.7%
49.3
76.4 100.0%
39.5%
86.2 100.0%
43.3%
84.4 100.0%
40.0%
96.1 100.0%
43.3%
91.7 100.0%
37.1%
102.0 100.0%
42.5%
107.5
39.6%
Menu
3Q13*
4Q13*
1Q14
2Q14
2009
23.3%
29.4
26.9%
29.3
28.2%
25.6
23.8%
25.6
24.2%
73.7
46.7%
22.9%
24.4
22.3%
17.1
16.5%
23.5
21.8%
25.2
23.8%
31.8
20.2%
7.9%
3.3
3.0%
1.4
1.3%
0.0%
20.8
13.2%
45.9%
52.3
47.8%
56.0
54.0%
55.1
52.0%
31.3
19.9%
105.9
100.0%
157.6
100.0%
100.0%
109.4 100.0%
39.2%
103.8 100.0%
41.5%
58.4
0.0%
54.3%
107.5 100.0%
51.7%
49.7%
39.0%
2010
2011
2012
2013*
73.6
37.8%
57.8
24.3%
84.3
23.5%
108.1
25.6%
43.9
22.6%
66.0
27.7%
113.4
31.6%
93.8
22.2%
26.1
13.4%
20.7
8.7%
19.4
5.4%
19.5
4.6%
51.0
26.2%
93.6
39.3%
141.2
39.4%
201.2
47.6%
194.5
100.0%
238.1
100.0%
358.5
100.0%
422.6
100.0%
35.4%
35.1%
40.8%
40.6%
Mills - Capex per business unit
in R$ millions
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
Heavy Construction
2.6
1.4
9.3
8.9
21.6
19.2
Real Estate
0.3
1.8
6.6
7.1
11.2
24.7
Industrial Services
1.5
0.5
1.5
2.0
7.3
7.3
Rental
3.8
10.1
12.8
3.4
18.1
35.1
Corporate
0.8
0.5
0.3
1.3
0.5
3.8
Organic growth
9.0
14.2
30.5
22.7
58.7
90.0
Acquisition
Total capex
9.0
14.2
30.5
22.7
58.7
90.0
Actual
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
25.0
8.5
8.4
8.2
13.8
16.9
9.0
24.0
11.3
6.3
33.6
34.5
37.0
40.8
50.6
56.6
15.4
12.5
22.8
9.1
6.8
3.6
2.2
4.1
6.9
4.1
3.2
1.1
0.2
0.4
52.5
25.0
42.4
43.1
43.9
33.4
26.0
40.9
40.3
53.7
3.1
7.3
4.7
3.5
6.4
3.4
4.8
5.1
4.9
6.7
121.0
78.8
94.6
99.7
121.6
114.4
58.4
83.5
79.4
76.3
90.0
5.5
184.6
105.2
121.6
114.4
121.0
78.8
58.4
83.5
79.4
76.3
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
2009
2010
2011
2012
21.7
28.8
26.5
29.4
15.0
11.3
22.1
74.3
47.3
50.5
24.9
44.8
16.1
4.2
4.5
8.9
15.8
104.0
185.0
59.8
0.2
0.3
2.0
1.7
5.4
25.0
17.3
4.9
73.3
69.3
74.2
50.4
73.3
28.5
30.1
130.6
162.8
160.9
7.7
7.6
10.9
10.3
9.5
6.0
2.9
14.6
18.0
21.5
127.8
150.7
129.7
96.1
102.3
54.7
76.3
348.5
430.4
297.6
95.5
127.8
150.7
129.7
348.5
525.9
297.6
96.1
102.3
54.7
76.3
Menu
2013
106.3
90.1
4.2
267.2
36.5
504.3
504.3
Heavy Construction - financial indicators

1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
in R$ millions
Net revenue
Rental
28.9
31.5
31.4
33.5
29.8
32.4
32.7
26.8
4.0
5.6
5.5
5.9
5.8
9.3
10.0
7.4
Total net revenue
32.8
37.1
36.9
39.4
35.7
41.7
42.7
34.2
EBITDA
17.1
19.1
17.2
20.3
16.4
21.6
22.3
13.3
EBITDA margin (%)
52.0%
51.5%
46.5%
51.6%
45.9%
51.9%
52.2%
38.8%
ROIC (%)
33.0%
35.6%
29.5%
32.5%
24.4%
28.5%
25.5%
18.8%
21.6
19.2
25.0
Technical support services, sales and others
Capex
2.6
1.4
9.3
8.9
8.5
Capital Investido
Imobilizado lquido de locao
Outros
Invested Capital
Depreciation
113.2
119.2
126.5
130.7
138.4
162.2
184.4
200.6
2.9
3.0
3.2
4.3
3.6
3.9
4.5
4.8
Real Estate - financial indicators

1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
in R$ millions
Net revenue
Rental
Total net revenue
EBITDA
14.0
14.2
14.6
15.3
16.5
19.6
21.9
23.6
0.2
0.5
0.5
2.9
6.2
2.2
6.0
9.2
14.1
14.7
15.1
18.3
22.7
21.8
27.9
32.8
7.1
7.7
7.3
9.7
10.3
10.0
11.9
11.6
EBITDA margin (%)
50.5%
52.4%
48.4%
53.3%
45.3%
46.0%
42.8%
35.5%
ROIC (%)
27.4%
28.7%
25.6%
30.4%
29.2%
23.6%
21.3%
22.3%
11.2
24.7
33.6
34.5
Capex
0.3
1.8
6.6
7.1
Capital Investido
Outros
Invested Capital
Depreciation
61.9
64.0
68.5
75.0
83.2
97.8
123.7
154.1
0.7
0.7
0.7
1.1
1.1
1.4
1.9
2.5
Industrial Services - financial indicators

1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
in R$ millions
Net revenue
Maintenance
13.3
25.7
23.7
28.7
27.6
31.9
36.3
42.8
New plants
Total net revenue
EBITDA
10.1
15.0
12.3
12.5
12.4
14.7
16.2
13.6
23.4
40.8
36.1
41.2
40.0
46.5
52.5
56.4
0.2
EBITDA margin (%)

ROIC (%)
Capex
Invested Capital
Depreciation
9.0
5.3
6.3
6.3
6.9
7.0
5.8
0.8%
22.1%
14.7%
15.3%
15.8%
14.9%
13.4%
10.3%
-6.5%
32.7%
16.4%
18.4%
17.7%
17.3%
14.9%
14.8%
1.5
0.5
1.5
2.0
7.3
7.3
6.8
3.6
57.8
60.3
61.0
62.2
69.3
78.3
88.3
97.3
1.6
1.6
1.6
2.0
1.7
1.8
2.1
2.2
Rental - financial indicators

1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
in R$ millions
Net revenue
Rental
Total net revenue
EBITDA
11.7
11.2
13.1
15.1
16.0
19.3
23.9
25.7
0.3
0.9
1.5
0.6
1.2
2.0
1.9
5.1
12.0
12.1
14.6
15.7
17.2
21.3
25.8
30.8
7.3
7.0
7.9
9.2
9.8
11.9
14.6
14.7
EBITDA margin (%)
60.4%
57.7%
54.2%
58.6%
57.0%
55.8%
56.6%
47.6%
ROIC (%)
22.9%
19.8%
18.6%
20.5%
23.5%
19.6%
17.3%
18.7%
10.1
12.8
18.1
35.1
52.5
25.0
Capex
3.8
3.4
Capital Investido
Outros
Invested Capital
Depreciation
64.0
67.8
81.5
82.8
80.6
114.0
154.5
187.8
1.7
1.9
2.2
2.8
2.6
3.4
4.5
5.0
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
25.0
24.3
27.3
32.5
33.1
36.9
37.0
39.1
39.4
41.0
42.2
46.6
6.8
6.2
5.9
3.5
6.3
5.0
8.5
8.2
8.0
14.1
13.5
12.1
31.8
30.6
33.2
36.1
39.3
41.9
45.5
47.3
47.5
55.1
55.7
58.6
15.6
14.1
8.6
19.5
18.9
21.2
24.1
20.2
24.3
25.1
29.4
29.3
48.9%
46.2%
26.0%
54.0%
48.0%
50.6%
52.9%
42.7%
51.3%
45.5%
52.8%
49.9%
14.4%
12.1%
4.5%
17.5%
16.6%
17.8%
19.7%
14.8%
18.6%
17.8%
20.9%
19.1%
8.4
8.2
13.8
16.9
9.0
24.0
11.3
6.3
22.2
29.1
26.8
29.5
160.2
160.5
166.9
177.9
181.9
190.1
200.0
201.3
207.6
219.9
232.5
239.9
43.7
49.2
48.9
44.1
44.2
49.3
47.7
53.2
52.0
61.6
58.5
64.7
203.9
209.7
215.8
222.0
226.1
239.4
247.7
254.4
259.6
281.5
291.0
304.6
5.1
5.1
5.2
5.6
5.5
6.0
6.6
6.7
7.1
7.2
7.7
8.5
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
26.0
30.9
34.9
40.3
45.3
48.5
49.2
49.9
53.3
52.0
47.8
44.0
3.2
3.8
4.4
12.1
7.2
10.4
11.4
16.1
11.5
14.5
24.5
10.3
29.2
34.7
39.4
52.5
52.5
58.9
60.5
66.0
64.9
66.5
72.4
54.2
12.3
13.5
16.4
23.9
26.3
27.2
33.8
26.1
27.7
24.6
24.4
17.1
42.0%
38.8%
41.6%
45.5%
50.1%
46.1%
55.9%
39.6%
42.8%
37.0%
33.7%
31.5%
15.2%
13.0%
12.5%
16.3%
15.6%
14.8%
20.2%
12.6%
12.8%
9.3%
8.2%
3.2%
37.0
46.3
50.6
56.6
15.4
12.5
22.8
9.1
25.3
45.1
17.2
4.5
135.2
168.5
204.8
256.1
283.7
287.0
293.3
300.7
307.3
328.1
345.4
344.9
40.2
48.4
57.3
54.8
61.7
78.9
72.5
87.3
105.9
120.1
136.7
165.4
175.4
216.9
262.0
310.8
345.4
365.9
365.8
388.0
413.2
448.2
482.1
510.3
2.7
3.2
4.7
5.8
7.1
7.8
7.4
8.7
8.9
9.6
10.2
11.3
1Q11
37.9
2Q11
39.9
3Q11
41.1
4Q11
39.5
1Q12
35.0
2Q12
37.6
3Q12
30.3
4Q12
32.8
1Q13
29.4
2Q13
36.7
3Q13
32.6
4Q13
22.7
12.3
17.6
15.8
10.7
15.9
17.2
18.5
26.5
22.1
23.1
24.6
17.1
50.2
57.5
56.9
50.2
50.9
54.8
48.8
59.3
51.5
59.8
57.2
39.9
4.1
2.3
4.7
0.1
3.3
1.4
12.2%
6.1
14.2%
8.1
7.2%
4.7%
12.1%
6.2
8.5%
0.2%
14.2%
8.4
12.2%
6.3
14.3%
8.5
5.7%
3.5%
9.6%
14.2%
3.2%
-1.2%
7.5%
3.9%
-6.2%
13.3%
8.9%
16.4%
9.5%
5.7%
2.2
4.1
6.9
4.1
3.2
1.1
0.2
0.4
0.3
0.4
2.0
2.2
108.4
111.3
123.2
133.3
127.4
127.3
123.7
117.6
112.3
99.3
89.6
53.0
2.4
2.5
2.7
2.9
2.8
2.9
2.9
2.8
2.7
2.7
0.2
0.2
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
30.8
36.7
42.3
47.2
50.5
50.6
57.0
64.3
67.3
73.8
80.5
86.1
2.9
4.5
3.3
7.7
6.0
4.8
10.4
9.9
8.8
16.3
13.4
11.1
33.7
41.2
45.6
54.9
56.5
55.4
67.4
74.2
76.1
90.1
93.9
97.2
18.9
22.3
21.7
30.7
34.9
31.4
38.0
36.9
43.6
49.3
52.3
56.0
56.0%
54.1%
47.6%
56.0%
61.8%
56.6%
56.5%
49.8%
57.3%
54.7%
55.7%
57.7%
17.3%
17.1%
12.9%
18.6%
20.3%
16.3%
19.8%
16.9%
19.1%
18.5%
18.1%
17.5%
42.4
43.1
43.9
33.4
26.0
40.9
40.3
53.7
73.6
69.6
75.4
51.9
202.0
231.8
267.0
294.8
315.7
325.5
354.5
385.3
422.4
475.2
509.1
552.6
10.3
28.5
39.3
39.9
37.6
45.7
35.1
31.7
32.6
52.9
55.3
59.6
212.4
260.3
306.3
334.8
353.2
371.2
389.7
417.1
455.0
528.1
564.4
612.3
5.8
6.4
7.6
8.5
9.3
9.7
10.6
11.8
12.6
14.4
15.8
17.7
Menu
1Q14
2Q14
2009
2010
2011
2012
2013
43.8
45.9
125.3
121.8
109.2
146.1
169.3
7.3
9.7
20.9
32.4
22.5
28.0
47.7
51.0
55.5
146.2
154.3
131.6
174.1
217.0
25.6
25.6
73.7
73.6
57.8
84.3
108.1
50.2%
46.2%
50.4%
47.7%
43.9%
48.5%
49.8%
14.0%
12.5%
32.9%
24.1%
12.1%
17.2%
19.2%
15.0
11.5
22.1
74.3
47.3
50.5
107.6
254.7
254.5
166.7
192.8
224.4
69.6
96.3
46.6
48.9
59.1
324.3
350.8
121.1
171.1
213.3
241.7
283.5
9.4
10.0
13.3
16.8
20.9
24.8
30.5
1Q14
2Q14
2009
2010
2011
2012
2013
44.8
45.5
58.1
81.6
132.2
192.9
197.2
14.7
13.4
4.0
23.5
23.6
45.1
60.8
59.5
58.8
62.2
105.1
155.8
238.0
258.0
23.5
25.2
31.8
43.9
66.0
113.4
93.8
39.4%
42.8%
51.2%
41.7%
42.4%
47.7%
36.4%
6.6%
7.9%
26.9%
23.5%
14.3%
15.7%
8.1%
5.0
9.4
15.8
104.0
190.5
59.8
92.1
332.0
322.9
191.7
291.1
331.1
177.2
155.7
49.8
75.6
132.7
509.3
478.6
70.1
114.7
241.4
366.7
463.8
11.5
11.7
3.3
6.8
16.5
31.0
40.1
1Q14
2Q14
2009
91.5
2010
138.5
2011
158.3
2012
135.8
2013
121.5
49.9
56.9
56.5
78.0
86.8
141.4
195.4
214.8
213.8
208.3
20.8
26.1
20.7
19.4
19.5
14.7%
13.4%
9.7%
9.1%
9.4%
15.0%
16.0%
5.9%
4.6%
10.9%
5.4
25.0
17.3
4.9
5.0
62.0
83.3
119.7
123.3
86.6
6.7
7.8
10.5
11.4
5.8
1Q14
2Q14
2009
2010
2011
2012
2013
88.1
84.4
51.1
84.9
157.0
222.5
307.7
9.1
14.2
3.3
10.1
18.4
31.0
49.6
97.3
98.6
54.4
95.1
175.4
253.5
357.3
58.4
55.1
31.3
51.0
93.6
141.2
201.2
60.1%
55.8%
57.6%
53.6%
53.4%
55.7%
56.3%
17.1%
13.2%
21.4%
19.2%
16.5%
18.2%
18.2%
73.7
29.5
30.1
130.6
162.8
160.9
270.5
577.1
611.7
248.5
345.6
489.6
71.7
126.1
29.4
37.5
50.7
648.7
737.8
70.3
134.1
277.8
383.1
540.3
18.7
20.3
8.6
15.6
28.2
41.4
60.5
Mills - DRE
in R$ million
Net revenue from sales and services

Cost of products sold and services rendered
Gross profit
1Q09
3Q09
4Q09
82.4
104.6
102.7
114.6
(32.8)
(42.4)
(43.4)
(51.0)
49.5
62.1
59.3
63.6
Other operational revenues

General and administrative expenses
2Q09
(24.8)
(26.5)
(29.3)
(28.2)
Operating profit
24.7
35.6
30.0
35.4
Financial expense
(7.0)
(6.1)
(5.7)
(6.5)
Financial income
0.2
0.3
0.2
0.3
Financial result
(6.8)
(5.9)
(5.5)
(6.2)
Profit before taxation
17.9
29.7
24.5
29.2
Income tax and social contribution expenses
(6.0)
(9.7)
(8.0)
(9.5)
Results of continued operations
12.0
20.1
16.6
19.8
Results of discontinued operations

Net income
Number of shares at the end of the period (in thousands)
Net income per shares at the end of the period (R$)
12.0
20.1
16.6
19.8
87,220
87,220
87,220
87,421
0.14
0.23
0.19
0.23
* Reclassified, excluding Industrial Services business unit, for comparison.
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12*
115.5
131.3
148.9
154.2
145.0
164.0
175.1
193.5
148.3
(49.6)
(58.2)
(70.5)
(76.5)
(71.3)
(81.2)
(92.3)
(95.6)
(48.5)
65.9
73.1
78.4
77.7
73.7
82.8
82.8
97.9
99.7
(32.1)
(33.2)
(35.5)
(46.9)
(36.8)
(42.0)
(52.1)
(44.2)
(41.6)
33.8
39.9
42.9
30.8
36.8
40.7
30.7
53.7
58.1
(6.2)
(6.6)
(7.2)
(4.4)
(5.1)
(12.3)
(16.6)
(12.5)
(10.8)
0.5
6.3
7.1
4.8
2.1
5.4
4.6
2.7
1.1
(5.8)
(0.3)
(0.1)
0.5
(3.1)
(7.0)
(12.0)
(9.9)
(9.7)
28.1
39.6
42.8
31.3
33.8
33.8
18.8
43.8
48.4
(9.4)
(13.5)
(14.4)
(1.2)
(11.6)
(11.2)
(0.9)
(14.3)
(17.0)
18.7
26.1
28.5
30.1
22.2
22.6
17.9
29.5
31.5
1.2
18.7
26.1
28.5
30.1
22.2
22.6
17.9
29.5
32.7
87,421
124,611
124,611
125,495
125,495
125,495
125,591
125,657
125,690
0.21
0.21
0.23
0.24
0.18
0.18
0.14
0.24
0.26
Menu
2Q12*
3Q12*
4Q12*
1Q13*
2Q13*
3Q13*
4Q13
1Q14
2Q14
156.3
173.4
187.5
188.4
211.8
222.0
210.1
207.8
213.0
(54.3)
(61.7)
(73.7)
(68.4)
(87.3)
(93.5)
(85.7)
(79.0)
(89.9)
102.0
111.8
113.9
120.0
124.5
128.5
124.4
128.8
123.0
8.3
(45.7)
(40.3)
(57.9)
(52.9)
(56.8)
(56.0)
(59.6)
(61.9)
(66.3)
56.3
71.5
56.0
67.1
67.7
72.4
73.0
66.9
56.8
(9.9)
(9.8)
(14.4)
(11.3)
(16.8)
(14.8)
(17.0)
(20.6)
(25.9)
0.9
1.0
7.6
2.1
5.0
2.5
3.5
4.0
7.5
(9.0)
(8.8)
(6.7)
(9.2)
(11.8)
(12.3)
(13.5)
(16.5)
(18.4)
47.2
62.6
49.2
57.9
55.9
60.1
59.5
50.3
38.4
(8.5)
(22.2)
(11.0)
(20.2)
(11.3)
(21.5)
(12.7)
(16.5)
(5.0)
38.7
40.4
38.3
37.6
44.6
38.6
46.8
33.9
33.4
0.6
(2.4)
1.2
1.6
3.5
1.0
(1.2)
39.2
38.0
39.4
39.3
48.1
39.6
45.6
33.9
33.4
126,149
126,314
126,399
126,492
127,120
127,314
127,386
127,491
128,026
0.31
0.30
0.31
0.31
0.38
0.31
0.36
0.27
0.26
Mills - Balance Sheet

in R$ millions
1Q09
2Q09
3Q09
4Q09
1Q10
Assets
Current Assets
Cash and cash equivalents
Marketable securities
Trade receivables
Inventories
Recoverable taxes
13.0
-
2.6
8.3
1.6
1.8
45.1
62.3
70.7
71.5
84.6
0.7
1.3
1.3
1.4
2.0
20.0
20.5
20.9
25.7
14.8
Advances to suppliers
2.8
Derivative financial instruments
Assets available for sale
Other current assets
2.3
2.3
3.9
4.1
3.4
81.1
89.0
105.1
104.2
109.4
5.2
5.0
4.7
4.4
4.3
Total Current Assets

Non-Current Assets
Trade receivables
Recoverable taxes
Deferred taxes
Deposits in court
Other current assets
0.1
0.2
0.2
0.2
0.2
17.0
16.5
16.6
10.0
9.5
6.5
6.6
6.0
6.0
6.1
28.8
Investment
Property, plant and equipment
Intangible assets
28.3
27.5
20.6
20.1
234.4
241.4
262.7
276.0
322.3
39.1
39.1
39.1
39.3
39.3
273.5
280.5
301.8
315.3
361.6
Total Non-Current Assets
302.3
308.8
329.3
335.8
381.7
Total Assets
383.4
397.8
434.4
440.1
491.1
in R$ millions
1T09
2T09
3T09
4T09
1T10
Liabilities
Current Liabilities
Suppliers
Borrowings and financings
Debentures
Salaries and payroll charges
5.6
12.2
12.6
11.7
23.3
49.0
50.6
56.6
56.8
59.0
12.6
15.6
18.0
14.7
20.2
Income tax and social contribution
2.3
4.3
4.5
0.1
3.3
Tax refinancing program (REFIS)
0.8
0.8
Taxes payable
2.7
4.1
4.6
4.0
2.7
6.6
9.2
13.8
3.7
16.2
15.5
Profit sharing payable

Dividends and interest on equity payable
12.0
7.5
Advances on assets held for sale
Liabilities associated with assets available for sale
Other current liabilities
0.3
0.2
0.9
1.3
1.3
92.0
93.6
106.4
119.4
129.8
139.4
130.4
135.3
127.1
147.2
Debentures
Total Current Liabilities

Non-Current Liabilities
Borrowings and financings
Provision for tax, civil and labor risks
22.6
22.9
24.0
8.5
8.8
Tributos a pagar
0.6
0.6
2.7
0.4
0.3
Deferred taxes
(2.1)
11.0
11.2
0.5
0.5
0.5
0.6
0.6
0.6
1.0
Total Non-Current Liabilities
163.1
154.4
160.4
148.2
169.2
Total Liabilities
255.1
248.0
266.8
267.7
299.0
Capital
80.5
80.6
80.6
80.7
97.5
Earnings reserves
34.1
34.1
34.1
86.2
70.0
Contas a pagar - plano de aes

Other Liabilities
Stockholders' Equity
Capital reserves
Valuation adjustments to equity
2.7
3.8
4.8
5.7
5.8
12.0
32.1
48.6
18.7
Total Stockholders' Equity
Retained earnings
129.3
150.6
168.1
172.6
192.1
Total Liabilities and Stockholders' Equity
384.4
398.6
434.9
440.3
491.1
2Q10
3.1
3Q10
196.9
4Q10
1Q11
2Q11
6.2
4.3
179.0
3Q11
72.2
4Q11
35.2
1Q12
30.3
2Q12
29.3
3Q12
299.4
298.9
136.1
11.0
96.7
107.1
122.1
122.6
127.5
126.5
139.1
140.1
156.5
168.1
2.4
3.9
5.6
6.7
10.1
11.8
11.2
15.1
15.0
21.3
15.6
20.3
26.2
19.0
22.2
21.2
22.1
22.8
27.5
27.8
11.5
8.3
7.3
9.1
9.0
9.6
3.8
7.0
6.9
2.8
1.3
0.0
7.8
3.4
4.4
3.6
5.2
4.1
3.0
4.2
4.7
4.6
424.5
339.9
307.9
176.5
352.9
245.4
224.9
216.3
241.2
528.0
4.1
4.0
3.8
3.4
3.1
3.2
2.6
2.4
2.5
2.5
0.2
4.4
3.9
3.9
3.0
28.5
31.6
30.9
30.4
29.5
8.9
13.2
8.1
8.4
8.5
22.0
4.9
6.8
7.0
2.8
6.4
6.4
7.3
7.3
7.5
7.8
10.9
11.0
11.4
11.5
19.5
28.0
23.1
23.1
22.1
61.4
50.0
51.2
51.4
46.3
90.0
88.0
88.0
87.4
87.4
87.4
87.4
394.7
495.8
551.2
621.2
698.4
788.6
872.9
897.2
943.0
978.6
39.3
39.6
41.9
41.8
42.0
44.7
45.5
47.2
49.1
51.6
434.0
535.4
593.1
753.0
828.4
921.2
1,005.8
1,031.7
1,079.5
1,117.6
453.5
563.4
616.2
776.0
850.4
982.7
1,055.8
1,082.9
1,130.9
1,163.9
878.1
903.3
924.1
952.5
1,203.3
1,228.1
1,280.6
1,299.2
1,372.1
1,691.9
2T11
3T11
4T11
1T12
2T12
3T12
2T10
3T10
4T10
1T11
21.0
28.6
32.7
24.3
32.3
12.1
35.9
19.8
47.3
46.1
47.4
46.0
46.7
78.2
40.6
41.0
65.3
64.1
114.9
109.1
6.4
15.8
6.1
13.8
4.6
13.2
26.9
28.7
33.3
25.0
26.3
32.1
37.2
3.3
2.9
0.0
2.7
5.3
4.7
0.7
0.9
0.9
0.7
0.4
0.1
0.9
0.9
4.4
7.9
3.4
3.8
9.9
8.1
8.1
10.5
9.9
10.9
17.5
1.4
3.5
4.7
7.9
3.6
7.9
11.8
24.5
24.5
0.4
18.9
21.9
21.9
18.8
18.8
21.2
26.2
1.7
3.2
0.8
0.7
4.1
7.7
-
21.3
7.0
2.2
7.4
2.4
12.0
106.2
127.3
160.8
120.2
96.5
85.9
11.3
5.0
0.1
2.2
5.1
4.4
5.2
4.9
6.3
175.0
133.0
146.5
177.7
168.2
241.7
258.0
78.7
81.6
77.1
71.1
68.2
42.0
40.4
268.2
268.3
268.4
268.5
268.6
537.3
9.6
9.1
11.7
12.7
16.1
14.7
16.0
11.0
0.3
0.3
5.0
9.4
11.5
9.8
11.1
10.0
11.3
10.5
10.7
10.4
10.5
10.7
10.0
9.9
1.0
0.9
1.0
0.8
0.6
0.6
0.6
0.5
0.7
0.6
142.6
121.6
108.2
101.3
372.9
378.6
366.7
362.7
337.3
599.2
248.7
248.9
268.9
276.3
505.9
525.1
544.5
531.0
579.0
857.2
523.5
523.5
525.1
525.1
525.1
526.8
527.6
528.0
533.6
536.2
70.0
70.0
145.2
144.8
144.4
144.1
212.0
211.7
211.3
210.9
(8.4)
(8.1)
(8.2)
(7.7)
(6.9)
(6.5)
(5.6)
(4.7)
(3.8)
(1.9)
(0.5)
(4.2)
(7.0)
(8.6)
(10.7)
(3.1)
2.1
0.2
1.1
0.3
44.8
73.2
22.6
45.5
41.8
33.0
50.9
89.2
629.3
654.4
655.2
676.2
697.5
703.1
736.1
768.2
793.1
834.7
878.1
903.3
924.1
952.5
1,203.3
1,228.1
1,280.6
1,299.2
1,372.1
1,691.9
Menu
4Q12
1Q13
2Q13
47.3
3Q13
45.7
4Q13
25.8
1Q14
8.5
2Q14
44.2
24.5
93.7
159.6
138.0
194.8
199.4
165.1
174.1
177.4
192.2
199.1
26.9
29.9
30.9
30.9
36.3
36.6
37.8
35.0
26.5
35.8
31.3
38.7
33.6
32.6
6.7
5.5
0.7
0.3
0.5
0.2
0.3
4.0
0.4
7.5
106.7
95.2
26.8
27.4
16.5
6.5
7.2
8.6
9.4
6.5
9.8
8.0
473.7
431.1
399.1
387.4
319.5
308.2
388.2
2.5
2.1
2.1
2.1
1.4
1.4
1.3
30.7
31.2
34.8
42.3
42.8
44.2
41.6
5.0
10.4
10.4
10.3
11.9
-
11.8
-
11.7
-
9.7
-
10.1
47.3
48.4
49.6
45.1
45.1
48.6
54.0
101.5
109.5
113.1
87.4
87.4
87.4
87.4
87.4
87.4
87.4
1,003.3
1,084.3
1,124.1
1,189.4
1,224.5
1,264.8
1,265.5
54.5
57.5
59.9
64.2
68.4
73.8
75.0
1,145.3
1,229.2
1,271.4
1,341.0
1,380.3
1,426.1
1,427.9
1,190.4
1,274.3
1,319.9
1,395.0
1,481.8
1,535.6
1,541.1
1,664.1
1,705.4
1,719.0
1,782.5
1,801.2
1,843.8
1,929.2
4T12
1T13
2T13
3T13
4T13
1T14
1T14
47.8
58.5
70.1
61.1
37.9
55.4
29.1
41.8
38.5
15.7
14.5
12.8
49.1
45.4
13.0
17.8
110.6
110.0
112.5
120.2
107.1
27.6
33.3
23.8
25.9
19.2
23.6
24.3
5.8
0.8
9.8
6.2
2.7
0.9
0.9
0.9
0.9
1.0
1.0
1.0
18.6
7.7
10.7
7.1
7.1
4.6
8.6
20.1
4.1
10.8
15.0
18.7
0.6
1.7
36.2
36.2
20.4
20.4
41.0
41.0
21.8
0.8
1.6
7.8
8.8
214.5
30.2
3.3
5.2
25.2
12.7
14.6
3.1
3.1
4.9
3.5
5.1
213.1
279.7
307.7
255.0
308.5
252.0
30.5
23.5
20.8
58.7
17.2
16.5
537.5
537.7
447.8
448.0
448.2
0.3
448.4
572.1
9.9
10.3
10.6
10.4
10.6
11.4
11.6
2.4
1.8
5.5
1.0
2.5
9.8
9.7
9.6
9.5
9.4
9.4
9.3
0.4
0.3
0.2
0.0
0.1
0.1
590.2
590.4
497.3
489.8
529.7
486.5
609.5
804.7
803.5
776.9
797.6
784.7
795.0
861.5
537.6
539.5
548.8
551.9
553.2
554.9
563.1
321.8
321.4
321.0
321.0
447.9
447.9
447.9
0.2
2.2
4.7
7.2
10.2
12.4
14.9
(0.3)
(0.8)
2.9
0.5
5.2
(0.2)
(0.2)
39.6
64.6
104.3
33.9
42.2
859.3
901.9
942.1
984.9
1,016.5
1,048.8
1,067.7
1,664.1
1,705.4
1,719.0
1,782.5
1,801.2
1,843.8
1,929.2
Mills - Cash flow

in R$ million
1Q09
2Q09
3Q09
Cash flow from operating activities

Net income before taxation
12.0
20.1
16.6
Adjustments
Depreciation and amortization
6.9
7.1
9.0
Provision for tax, civil and labor risks
Accrued expenses on stock options
1.0
1.0
1.7
Residual value of fixed and intangible assets
0.4
0.1
0.3
Gain on sale of property, plant and equipment and intangible assets
Marketable securities income
Interest, monetary and exchange rate variation on loans, contingencies and deposits in court
6.8
5.8
5.5
Allowance for doubtful debts
Others
Capital gain on disposal of investment
Imposto de renda e contribuio social diferidos

15.1
14.1
16.4
(8.2)
Changes in assets and liabilities

Trade receivables
6.5
(17.0)
(0.3)
(0.6)
0.1
Recoverable taxes
1.9
(0.4)
(0.4)
Deposits in court
0.0
(0.0)
0.6
Prepaid expenses
0.1
0.2
0.3
Prepaid suppliers
0.2
0.1
(1.3)
Other assets
(0.8)
(0.1)
(0.3)
Suppliers
(7.9)
6.6
0.4
Salaries and payroll charges
(0.5)
2.9
2.4
Income tax and social contribution
(0.3)
2.0
Tax recovery program - Law 11,941/2009
Taxes payable
Inventories
0.2
(2.2)
(0.9)
1.4
2.6
3.4
(5.4)
2.7
Provision for contingencies
0.3
0.3
1.1
Other liabilities
0.2
(0.0)
0.1
1.9
(10.1)
(1.8)
Cash from operations
29.0
24.1
31.2
Interest paid
(3.3)
(6.2)
(2.9)
Income tax and social contribution paid
Profit sharing paid
Lawsuits settled
Net cash generated by operating activities
25.7
17.8
28.3
Cash flow from investment activities

Marketable securities
Advances on assets held for sale
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
(1.0)
(0.1)
(0.3)
Asset write-off
Net cash generated by (used in) investing activities
(10.0)
(14.2)
0.0
(14.2)
(30.5)
(30.8)
Cash flow from financing activities

Capital contributions
0.1
Shares in treasury
Costs of issues of shares
Dividends and interest on capital invested paid
(7.5)
Repayment of borrowings
(8.4)
(11.8)
(9.6)
3.8
4.8
17.5
Net cash generated by (used in) financing activities
(4.6)
(14.4)
7.9
Increase (decrease) in cash and cash equivalents
11.0
(10.8)
5.3
1.8
13.0
2.6
13.0
2.6
8.3
Borrowings raised
Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period
4Q09
1Q10
29.2
10.1
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
28.1
39.6
42.8
31.3
33.8
33.8
18.8
43.8
50.3
8.9
10.6
13.0
14.5
16.0
17.2
20.2
22.8
24.7
0.2
0.6
0.8
0.2
0.4
1.0
0.2
1.0
1.1
0.1
(0.4)
0.5
0.3
0.4
0.8
0.9
0.9
0.9
6.1
3.8
4.0
3.2
6.6
1.4
2.1
1.2
3.2
3.6
(0.1)
0.1
0.0
0.9
(0.6)
0.9
(6.3)
(5.8)
(4.3)
(1.5)
(1.3)
0.3
(0.9)
(1.5)
(4.2)
(4.3)
(3.8)
(2.9)
(6.2)
(6.6)
8.0
(1.6)
1.6
2.9
6.0
4.8
5.3
5.9
4.3
11.3
13.5
9.9
0.8
0.5
1.9
9.2
(0.3)
6.4
(0.1)
0.1
(7.4)
11.5
19.6
17.3
8.7
10.2
33.4
18.3
29.8
39.8
31.7
40.8
(0.2)
(13.0)
(11.9)
(10.3)
(15.6)
(0.6)
(6.1)
(8.7)
(11.8)
(7.2)
(0.1)
(0.7)
(0.4)
(1.5)
(1.7)
(1.1)
(3.3)
(1.8)
0.6
(3.9)
(9.0)
14.4
5.8
(13.6)
4.1
4.2
7.2
(21.6)
4.2
3.4
(0.7)
0.0
(0.4)
0.0
(1.0)
0.0
(0.2)
(0.3)
0.1
(0.1)
(0.0)
(0.9)
(1.9)
(1.6)
(3.9)
(0.0)
(0.7)
(1.7)
0.5
(3.7)
9.3
(0.9)
11.6
(2.3)
7.6
4.1
(8.4)
4.2
(0.7)
6.0
(1.5)
(3.3)
5.5
1.0
4.9
(4.9)
5.6
1.8
4.6
(8.3)
1.3
(2.1)
(1.8)
3.2
(1.9)
(0.3)
(1.0)
0.3
3.0
(5.3)
(0.0)
6.8
0.5
1.3
0.2
(0.5)
5.1
(5.1)
4.2
(0.5)
(1.0)
(10.5)
14.6
(5.3)
(18.5)
(15.7)
3.0
(2.9)
(20.8)
(18.5)
0.3
38.3
60.0
43.1
34.6
49.0
55.1
60.7
37.8
57.0
91.4
(6.8)
(3.8)
(7.4)
(2.5)
(5.5)
(4.3)
(2.8)
(2.9)
(22.2)
(2.5)
(7.3)
(5.7)
(16.1)
(1.5)
(8.7)
(2.2)
(8.5)
(7.0)
(2.7)
(15.1)
(0.0)
(13.9)
(0.0)
0.0
(0.0)
(7.9)
(2.6)
24.2
36.6
(17.5)
-
19.5
30.6
34.8
31.1
48.0
126.7
49.4
27.9
32.1
63.3
(292.7)
113.4
9.4
1.5
(137.6)
(102.1)
(22.7)
(58.7)
(89.9)
(119.9)
(80.0)
(94.6)
(96.0)
(73.0)
1.0
1.6
4.5
5.4
6.5
4.2
8.1
7.3
6.6
9.7
(21.7)
(57.2)
(378.1)
(1.1)
(25.5)
36.2
(78.5)
(130.3)
(94.0)
(63.3)
0.1
-
(13.8)
14.5
-
425.9
1.7
1.7
0.8
(0.5)
(0.0)
(14.5)
(0.2)
(0.4)
(15.5)
(3.6)
(24.1)
(0.4)
3.6
0.4
(15.1)
(10.9)
(46.8)
(31.0)
(10.7)
(6.3)
(63.8)
(8.2)
(8.0)
(8.7)
5.8
31.0
10.8
3.3
1.5
30.7
295.1
3.0
27.8
3.4
(9.2)
20.7
359.9
(27.9)
(7.9)
20.8
207.3
(4.4)
24.2
(4.9)
(6.8)
0.2
1.3
1.7
1.4
88.1
178.1
(106.8)
(37.6)
(4.9)
8.3
1.6
1.8
3.1
4.8
6.2
4.3
179.0
72.2
35.2
1.6
1.8
3.1
4.8
6.2
4.3
179.0
72.2
35.2
30.3
Menu
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
47.8
58.6
54.0
60.4
60.5
61.8
57.9
50.3
38.4
26.4
27.4
30.1
31.3
34.0
33.9
37.7
39.6
42.1
1.0
(4.8)
(1.1)
0.5
0.5
0.3
0.1
0.8
0.6
0.9
1.9
2.1
2.0
2.5
2.4
3.1
2.2
2.5
4.3
3.9
8.4
4.0
6.8
4.2
3.7
0.5
1.2
(0.0)
(0.0)
(0.1)
(6.1)
(8.8)
(3.7)
8.9
12.1
0.1
14.4
(10.2)
12.6
(11.5)
14.5
(16.5)
-
(8.5)
-
13.4
15.9
(10.1)
17.2
(11.4)
18.9
3.8
2.0
3.9
5.0
2.7
5.2
4.3
6.5
4.9
(0.1)
(0.0)
1.3
(8.3)
39.0
33.7
54.0
45.3
49.4
42.9
49.2
56.7
58.8
(20.2)
(13.6)
(30.7)
(9.1)
(21.1)
(1.0)
(13.3)
(21.4)
(11.5)
0.1
(6.3)
(5.7)
(3.0)
(0.9)
(0.1)
(5.3)
(0.3)
(1.2)
3.9
5.6
0.6
14.9
(1.4)
14.1
(0.0)
5.9
8.4
(0.5)
(0.0)
(0.4)
0.0
0.1
2.0
(0.4)
0.1
0.2
(4.9)
1.5
(1.6)
0.4
(0.7)
3.1
2.8
(2.9)
1.7
(2.0)
(2.4)
(0.1)
2.4
(2.5)
(0.2)
(1.1)
(1.8)
1.5
5.8
5.1
(9.6)
5.7
3.3
4.0
(6.6)
4.4
0.7
3.0
(3.6)
0.1
(0.0)
4.0
(0.6)
2.5
8.6
1.0
1.8
1.4
1.6
(7.6)
(0.1)
2.5
(1.3)
1.4
(17.4)
(6.0)
(37.5)
2.1
(27.8)
18.2
(21.4)
(17.3)
5.1
(10.9)
69.4
86.4
70.5
82.2
122.9
85.7
89.7
102.3
(19.0)
(3.1)
(22.5)
107.7
(7.9)
(12.8)
(14.4)
(13.7)
(9.7)
(20.2)
(16.2)
(8.4)
(15.3)
(8.9)
(17.7)
(9.6)
(29.3)
(7.1)
(13.4)
(18.6)
(20.0)
(0.1)
(0.0)
(0.1)
(0.2)
(0.5)
32.6
70.8
51.4
98.5
21.6
138.0
34.2
74.9
(159.6)
(119.5)
42.7
54.2
(136.7)
(139.6)
(118.7)
(82.9)
(82.5)
25.3
17.4
20.4
15.3
13.8
(78.1)
(74.5)
9.5
8.5
14.6
(44.5)
(69.6)
(219.6)
(89.7)
68.3
25.2
(53.9)
8.3
(0.4)
26.7
(96.9)
(98.3)
(67.7)
11.3
(57.4)
2.6
1.4
1.9
9.3
3.1
1.3
1.6
8.2
(0.0)
5.6
(36.2)
(3.0)
(2.6)
(2.5)
(41.0)
(3.7)
(28.6)
(3.2)
(3.1)
(3.0)
(292.8)
1.0
0.1
40.0
(21.9)
(7.1)
(9.7)
(69.6)
-
32.7
272.0
400.0
9.3
264.8
(68.2)
(0.9)
(55.4)
(3.1)
35.6
(3.9)
74.4
(1.0)
270.1
(255.2)
(19.7)
22.8
(1.6)
(19.9)
(17.3)
85.3
30.3
29.3
299.4
44.2
24.5
47.3
45.7
25.8
8.5
29.3
299.4
44.2
24.5
47.3
45.7
25.8
8.5
93.7

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Mills' Results

Mills - Main financial figures

Rental net PP&E

Mills - Net revenue per type

Technical support services

Mills - Net revenue per business unit

Total net revenue

** Pro-forma result, including results for Industrial Service business unit.

Costs of job execution

Costs of sale of equipment

Costs of asset write-offs

Total COGS + G&A

Mills - EBITDA per business unit

* Pro-forma result, including results for Industrial Service business unit.

Mills - Capex per business unit

Heavy Construction - financial indicators

Total net revenue

EBITDA margin (%)

Technical support services, sales and others

Real Estate - financial indicators

EBITDA margin (%)

Industrial Services - financial indicators

EBITDA margin (%)

Rental - financial indicators

EBITDA margin (%)

Net revenue from sales and services

Other operational revenues

Profit before taxation

Income tax and social contribution expenses

Results of continued operations

Results of discontinued operations

* Reclassified, excluding Industrial Services business unit, for comparison.

Mills - Balance Sheet

Derivative financial instruments

Assets available for sale

Other current assets

Total Current Assets

Total Non-Current Assets

Income tax and social contribution

Tax refinancing program (REFIS)

Profit sharing payable

Derivative financial instruments

Advances on assets held for sale

Liabilities associated with assets available for sale

Other current liabilities

Derivative financial instruments

Total Current Liabilities

Provision for tax, civil and labor risks

Tax refinancing program (REFIS)

Total Non-Current Liabilities

Contas a pagar - plano de aes

Valuation adjustments to equity

Total Stockholders' Equity

Total Liabilities and Stockholders' Equity

Mills - Cash flow

Cash flow from operating activities

Provision for tax, civil and labor risks

Accrued expenses on stock options

Profit sharing payable

Residual value of fixed and intangible assets

Tax refinancing program (REFIS)

Gain on sale of property, plant and equipment and intangible assets

Marketable securities income