Business Valuation Template

Valuation
Year
Month
2014
1
Language
2
luation
Date
01/31/2014
Analysis
1.00
Click here to index
By Paulo Matsuda Guerriero

xlsxsolutions@gmail.com
Guerriero
ail.com
Click here to Intro
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
10 - Free Cash Flow to Firm
REP11
11 - Free Cash Flow Shareholder
REP12
12 - Economic Cycle
REP13
13 - Graphics
Introduction
Insert here your text
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
Revenues from logistic services

Secondary products
Other products and services
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

Secondary products
4 - Taxes on sales and services

5 - OPERATING COSTS
Product 1
from logistic services
Secondary products
6 - Administrative costs
Expenses Selling, general and administrative
Research and development
Employees' results
Others
7 - Fixed assets (gross) depreciates to
Premises
2015
8 - income tax and social contribution

9 - Average of the first 3 years
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
12 - The rate of interest on loans is

12% per year, and these expenses are
paid in cash.
13 - It pays, in cash, by way of
repayment of loans.
Loans and short-term debt (net inflows)
Related parties
Loans and financing long-term
Related parties
Loans and financing
Postretirement benefits
Others
14 - new debt issuance (LT financing)

is planned.
15 - The budget for capital
investments.
16 - The company pays in cash, 50% of

net income as dividends.
17 - Stocks
Dollar Rate
Ordinaries
Preferred
Equity
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
18 - Growth Rate in Perpetuity
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%
###
(-) Accumulated Depreciation
-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
Long-term receivables related parties. interest-bearin
162
2.0%
108
0.9%
111
0.7%
111
0.6%
111
0.6%
111
Shares and interests in associated companies
89
1.1%
40
0.3%
55
0.3%
55
0.3%
55
0.3%
55
Interest-bearing long-term assets, external
73
0.9%
68
0.6%
56
0.4%
56
0.3%
56
0.3%
56
Net pensions funds
79
1.0%
82
0.7%
170
1.1%
170
1.0%
170
0.9%
170
Interest-free long-term assets, related parties,
358
4.5%
234
2.0%
70
0.4%
70
0.4%
70
0.4%
70
Interest-free long-term assets
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
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%
###
Short-term current assets, related parties, interest-bearing

Accounts receivables
Cash and bank deposits
TOTAL CURRENTS ASSETS
TOTAL
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
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)
Total paid-in capital
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
TOTAL CAPITAL STOCK
###
37.0%
###
29.4%
###
23.6%
###
21.2%
###
19.0%
3,707
Other retained earnings
###
-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
Vertical
2012
Interest-bearing short-term debt, external
2013
2014
2015
2016
2017
184
2.3%
129
1.1%
74
0.5%
Current portion of long-term interest-bearing liabilities, external 717
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
Salaries and social charges payable

Accounts payable, external
TOTAL CURRENTS LIABILITIES
###
TOTAL
###
EQUITY AND LIABILITIES
19.0%
###
###
19.7%
###
###
15.6%
0.0%
###
###
13.6%
0.0%
###
###
11.9%
###
###
(Insert logo here)

2018
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%
(Insert logo here)

2018
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%
(Insert logo here)

2018
0.0%
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%
###
###
###
###
###
###
###
###
(Insert logo here)

2027
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
###
###
(Insert logo here)

2027
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
(Insert logo here)

2027
563
11
487
2,450
4,321
###
INCOME STATMENT
(Insert logo here)

Vertical
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
Total Sales of products
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

Others Products
Other operating revenue
TOTAL GROSS REVENUE
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
Taxes on sales and services

NET REVENUES
(-) OPERATING COSTS
Products
From logistic services
Others Products
Other operating costs
TOTAL OPERATING COSTS
GROSS PROFIT
Operational expenses
Employees' results
Others cost
EBITDA
Ordinary depreciation
EBIT
Financial income
Financial expenses
Gains (losses) exchange rate and monetary
Gain on sale of investments
-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%
PROFIT BEFORE TAX

Tax expense
Current
Deferred
Total Income tax
Equity Equivalence
Minority share of profit after tax
3,003
Profit from continued operations

Changes in method of accounting
Result for the period
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%
Statements of Cash Flows
(Insert logo here)
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
Cash Flow From Operations

Net Earnings
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
Deferred income tax
Recoverable taxes
Others
Suppliers
25
118
130
135
158
183
72
94
147
153
167
182
198
Wages and social charges
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
Adjustments to reconcile Net Income

Depreciation and amortization
Additions (Substractions) Assets
Accounts Receivables
Inventories
Additions (Substractions) Liabilities
Need for Working Capital
Net Cash Flow from Operations

Cash flows from investing activities
Changes in investments
Changes in Fixed Assets
-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 Goodwill on acquisition of

subsidiaries
Changes in Loans Long Term
Changes in prepaid pension cost
Changes in deferred income tax
Changes in judicial deposits
Changes in unrealized gain
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 Loans Short Term
Changes in Income Tax
Changes in Others
-108
-191
-56
1,486
-1,154
82
46
42
-71
-94
-224
Net cash from investing activities

Cash flows from financing activities
Changes in loans and short-term debt (net

inflows)
Loan
Changes in related parties
Loans and financing long-term
Changes in related parties
Changes in Loans and financings
Changes in Benefits Postretirement
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
Changes in interest on equity paid to

shareholders
Changes in provisions for contingencies
Changes in unrealized loss on derivatives
-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
Changes in Other retained earnings
Changes in Earning reserve
Net cash used in financing activities
-1,179
-1,159
-855
-812
-4,917
-3,257
-3,783
-5,256
-6,528
-8,870
-10,530
-12,482
-14,918
Increase (decrease) in cash

and cash equivalents
-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
Changes in Retained Earnings
Cash and cash equivalents at beginning

of period
Increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at end of
period
(Insert logo here)
Economic and Financial Indicators

2014
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%
Operating Margin Own %
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%
EBTIDA - US$ Million
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%
Return on Investment (%) (Margin X Turnover)
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%
Return on Average Equity (%)
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%
Long Term Debt (%)
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%
Costly Long Term Debt (%)
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%
Costly Total Debt (%)
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%
Total Debt (%)
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
Operating Cash Flow - Base: Cash Flow

Operating Cash Flow / Net Operating Revenues. (%)
STRUCTURE
Short Term Debt (%)
Costly Short Term Debt (%)
Degree of Financial Leverage (No. of times)
ACTIVITY
Inventory turnover
Financial and Operating Cycle
Average Inventory Period (days)
(Insert logo here)
Economic and Financial Indicators

2014
Average Collection 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
Operational Activity turnover (no. of times)
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
Degree of Operating Leverage
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
Total Assets (TA)
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
Bank Debts (BD)
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
Net Working Capital
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
Need for Working Capital
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
Calculations and Ratios

2014
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
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
Projects in Steel Mills
500
2021 2022 2023 2024 2025 2026 2027 Total
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
10.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%

783 1,855 2,337 2,899 3,501 4,202 5,019 5,971
3,830
3,830
3,830
3,830
3,830
3,830 3,830 3,830 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)
Long Term Borrowings
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)
-
Free Cash Flow to Firm

2015
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
EBIT * (1 -Income tax)

(+) Depreciation
CAPEX
(-) Need for Working Capital
Free Cash Flow
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
Free Cash Flow Shareholder

2015
Net Profit
(+) Depreciation
CAPEX
(-) Need for Working Capital
(-) New Debts
(-) Payments of principal
Free Cash Flow
(-) Dividends
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
Vale do Rio Doce BHP Billington Rio Tinto

23.73
27.54
123.29
27,650.0
85,750.0 32,830.0
18.80%
42.85%
23.04%
8,479.0
27,160.0
11,340.0
49.40%
36.14%
27.12%
3,522.0
8,610.0
2,820.0
37.20%
25.17%
14.25%
2.207
1.340
8.156
10.75
20.55
15.12
1.42
0.56
0.77
2.80
3.17
2.91
6.74
3.20
43.72
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
22,971 23,100 23,239
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
PROFIT BEFORE TAX

40,000
34,535
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
Product Revenue in participation - 2014

124
18,284
2014 15,996 2015

2016
2017
13,615
15,000
14 17.50386 21.01062 25.09546 29.85282 35.3921210,283
9,681
9,115
7,960
10,000 8,479
6,959
5,000
1,992
28,816
2014
2016
2018
2020
2022
2024
2026
201
701
Product 1
Product 2
343 299 322

2,148
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
Matria prima
Estoques
Disponveis
Total CORRENTE
Aes preferenciais classe A

Aes ordinrias
Aes em tesouraria
Capital integralizado
Lucros acumulados
Outros lucros acumulados
Participao Minoritria
Reserva de lucros
Provises para contingncias

Perda no realizada com derivativos
Outros
Emprstimos e financiamentos
Emprstimos de partes relacionadas
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
Juros sobre capital prprio

Salrios/Encargos Sociais
Parcela Circulante de emprstimos e financiamentos de LP
Emprstimos e financiamentos
Emprstimos de partes relacionadas
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
Ganhos na venda de investimentos
( - ) Depreciao e Amorizao
Ganhos (perdas) cambial e monetria

Receitas financeiras
Despesas financeiras
LUCRO LQ. ANTES IR/CS
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 DAS OPERAES CONTINUADAS
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
Impuestos por recuperar

Propiedad, planta y equipo
(-) Depreciacin acumulada
Fondo de comercio de adquisicin de subsid
NO CORRIENTE
Desenvolvimiento
Licencias y Patentes
Other intangible assets

Total intangible assets
Deferred tax assets
Investment property
Property, plant, equipment and intangible assets
Shares in subsidiaries
Shares and interests in associated companies
Shares and interests in other companies
Long-term investments
Net pensions funds
Other interest-free long-term assets, external
Others Currents
Interest-free long-term assets
Unrealized gains
Loans to employees
Bonds and other securities
Other long-term receivables, external, interest-bearing
Total long-term receivables, external, interest-bearing
Interest-bearing long-term receivables, internal (*)
Long-term receivables related parties. interest-bearing
Total long-term receivables, interest-bearing
NON CURRENT ASSETS
Accounts receivables
Allocations to loss on receivables
Advance payment to suppliers
Trade and other receivables
Income tax receivables
Projects under construction
Other short-term current assets,external, interest-free
Short-term interest free investments
Firm commitments asset (hedge accounting)
Intangibles
Maquinaria y equipo de transporte

Edificios
Casas
Impuesto sobre la renta diferido

La inversin en propiedades
Propiedad, planta y equipo y activos intangi
Las acciones de subsidiarias
Partes relacionadas
Acciones y participaciones en otras socieda
Las inversiones a largo plazo
Fondos de pensiones neto
Otros activos sin inters a largo plazo
Otros crditos sin inters a largo plazo
Otros corrientes
Impuesto sobre la renta diferido
depsitos en Garanta
Las ganancias no realizadas
Deuda Financiera a largo plazo
Clientes
Short-term receivables, external, interest-free

Outstanding internal dividend (*)
Group contribution receivable (*)
Total internal dividend and group contribution
Short-term current assets, internal, interest-free (*)
Short-term current assets, related parties, interest-bearing
Total short-term current assets, interest free
Raw materials
Goods under production/Work in progress
Finished goods
Inventories
Inventory and interest free current assets
Deposits in internal bank (*)
Short-term investments with terms less than three months
Total cash and cash equivalents
Interest-bearing short-term receivables, external
Interest-bearing short-term receivables, internal (*)
Short-term receivables, related parties, interest-bearing
Total interest-bearing short-term receivable
Bank deposits and interest-bearing short-term receiv.
Total CURRENT ASSETS
Assets hold for sale
TOTAL A S S E T S
Preferred capitalstock
Ordinary shares
Treasury shares
Total paid-in capital
Translation reserves
Hedging reserve
Fair value reserve
Retained earnings
Other retained earnings
Minority interests
Earnings reserve
TOTAL EQUITY
Secured bank loans
Unsecured bank loans
Secured bond issues
Unsecured bond issues
Provisions for contingencies
Unrealized loss on derivatives
Other long-term liabilities, external, interest-bearing
Interest-bearing long-term debt, external
Interest-bearing long-term debt, internal
Long-term liabilities, related parties, interest-bearing
Total interest-bearing long-term debt
Subordinated debt
Deferred tax liability
Pension liabilities
Non current provisions
Other long-term interest free liabilities
Interest-free long-term debt, internal (*)
Clientes
Deuda Financiera a corto plazo
Existencias
Efectivos y equivalentes de efectivo
Total ACTIVOS CORRIENTES

TOTAL A C T I V O S
Acciones preferidas
Acciones ordinarias
Acciones propias
Capital pagado
Resultados acumulados
Otras utilidades retenidas
Los intereses minoritarios
Reserva de de Rentas
Provisiones para contingencias

Prdida no realizada en derivados
Prstamos y financiaciones
Prstamos de partes relacionadas
Volver al ndice
Pensiones
Otros de inters a largo plazo pasivos
Long-term liabilities, related parties, interest-free

Total interest-free long-term liabilities
Interest on capital
Intereses sobre el capital
Drawn in internal bank (*)
Salaries and social charges payable
Remuneraciones y cargas sociales
Total bank overdrafts
Current portion of long-term interest-bearing liabilities, external La porcin corriente de los prstamos y la fi
Other short-term liabilities, external, interest-bearing
Interest-bearing short-term debt, external
Prstamos y financiaciones
Interest-bearing short-term debt, internal (*)
Prstamos de partes relacionadas
Short-term liabilities, related parties, interest-bearing
Total interest-bearing short-term debt
Advances from customers
Construction Loans
VAT, tax withholding from employees and other deductions
Accounts payable, external
Proveedores
Incurred, unpaid interest
Other incurred, unpaid costs
Otros Pasivos Corrientes
Firm commitments liability (hedge accounting)
Trade and other payables
Dividends payable
Other interest free short-term liabilities, external
Trade, other payables, external dividend payables and other liabilities
Income tax payable
Impuesto sobre la renta por pagar
Current provisions
Short-term provisions for loss on projects
Total short-term provisions
Total current liabilities interest-free,external
Allocated to dividends from companies within the group (*)
Allocated to group contribution (*)
Total internal dividend and group contribution
Other interest-free short-term payables, internal (*)
Current liabilities, related parties, interest-free
Total interest-free short-term payables
TOTAL CURRENT LIABLITIES
TOTAL EQUITY AND LIABILITIES
Product 1
Producto 1
Product 2
Producto 2
Product 3
Producto 3
Product 4
Producto 4
Product 5
Producto 5
Product 6
Producto 6
Los ingresos por servicios logsticos
Others Products
Varios productos
Turnover
Other operating revenue
Otros ingresos de explotacin
Taxes on sales and services
Impuestos sobre ventas y servicios
OPERATING REVENUES
Products
Productos
From logistic services
Por servicios logsticos
Others Products
Varios productos
Other operating costs
Otros productos y servcios
Gastos de ventas, generales y administrativ

Investigacin y desarrollo
Employees' results
Resultados de los empleados
Others cost
Otros costos
Wages and other personnel expenses
Bad debts
Provisions for bad debt
Guarantee commissions (including changes in allocation)
Hired services and consultants related to production (only external)
Material and administration cost
Sub-deliveries costs (Distribution expenses)
Other operating expenses
Allocated group expenses, royalty and management fee
Gain on sale of investments
Ganancia en venta de inversiones
Internal guarantee comissions
ORDINARY OPERATING EXPENSES
EBITDA
Ordinary depreciation
(-) Depreciacin y Amorizao
EBITA
Goodwill and intangibles amortization
Reversal of impairment losses
Restructuring cost
Write-downs and impairment loss
Non recurring operating items
OPERATING PROFIT
Interest income on bank deposits
Interest income external except interest on bank deposits
Interest income, internal
Dividends from other companies
Dividends from companies within the group
Gain on exchange realized
Gains (losses) exchange rate and monetary
Ganancias (prdidas) del tipo de cambio y m
Financial income
Ingresos financieros
Total other financial items
TOTAL FINANCIAL INCOME
Interest expenses, external
Interest expenses, internal
Loss on exchange realized
Loss on exchange unrealized
Financial expenses
Gastos financieros
Other financial expenses
TOTAL FINANCIAL EXPENSES
NET FINANCIAL ITEMS
Share of earnings in associated companies
Exceptional financial items
PROFIT BEFORE TAX
RESULTADO ANTES DE IMPUESTOS
Taxes payable
Change in deferred taxes
Tax on Group contribution
Tax expense
Impuesto sobre la renta
Current
Corriente
Deferred
Diferido
Total Income tax
Total Impuesto sobre la renta
PROFIT AFTER TAX

PROFIT FOR THE PERIOD - MAJORITY
Profit from continued operations
Gain/loss on disposal from discontinued operations
Profit and gain/loss from discontinued operations
MAJORITY INCL DISCONTINUED OPERATIONS
Dividends external (-)
Group contributions Gross Allocated (received +, paid -)
Dividends internal (-)
Allocated to retained earnings
Result for the period
Changes in method of accounting
Equity Equivalence
Demerger
Business Combination
Transaction cost (new equity)
Issue of shares etc.
Dividends external (-)
Group contributions Gross Allocated (received +, paid -)
Dividends internal (-)
Group contribution capitalized
Currency translation adjustments
Cash flow hedges
Fair value loans
Fair value shares
Revaluations investment held for sale
Gain on investment property revaluation
Tax on items taken directly to equity
Miscellaneous
Shareholders equity at 1006
Inters minoritario
Resultado de operaciones continuadas
Los cambios en el mtodo de contabilidad

Equivalencia Equidad
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
2 - Supuestos
EBITDA
3 - Balance
Revenue
4 - Estado de Resultados
Costs
5 - Flujo de caja
6 - Indicadores de Desempeo
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
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%
Preo Ferro Vol Vendas Preo Dlar
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
-40.0% -30.0% -20.0% -10.0%

Var Preo Ferro
0.0%
Var Vol Vendas
10.0%
20.0%
Var Inv estimento
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%
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Valuation

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By Paulo Matsuda Guerriero

Click here to Intro

10 - Free Cash Flow to Firm

11 - Free Cash Flow Shareholder

Insert here your text

Revenues from logistic services

Revenues from logistic services

4 - Taxes on sales and services

7 - Fixed assets (gross) depreciates to

8 - income tax and social contribution

12 - The rate of interest on loans is

14 - new debt issuance (LT financing)

16 - The company pays in cash, 50% of

18 - Growth Rate in Perpetuity

(-) Accumulated Depreciation

Long-term receivables related parties. interest-bearin

Shares and interests in associated companies

Interest-bearing long-term assets, external

Net pensions funds

Interest-free long-term assets, related parties,

Interest-free long-term assets

Interest-free long-term assets, related parties,

Short-term current assets, related parties, interest-bearing

Total paid-in capital

TOTAL CAPITAL STOCK

Other retained earnings

Current portion of long-term interest-bearing liabilities, external 717

Salaries and social charges payable

EQUITY AND LIABILITIES

(Insert logo here)

(Insert logo here)

(Insert logo here)

(Insert logo here)

(Insert logo here)

(Insert logo here)

(Insert logo here)

Years ended December 31

Total Sales of products

Revenues from logistic services

Taxes on sales and services

PROFIT BEFORE TAX

Profit from continued operations

Statements of Cash Flows

(Insert logo here)

Years ended December 31

Cash Flow From Operations

Deferred income tax

Wages and social charges

Adjustments to reconcile Net Income

Additions (Substractions) Liabilities

Need for Working Capital

Net Cash Flow from Operations

Changes in Fixed Assets

Changes in Goodwill on acquisition of

Changes in Loans Long Term

Changes in prepaid pension cost

Changes in deferred income tax

Changes in judicial deposits

Changes in unrealized gain

Changes in Loans Short Term

Changes in Income Tax

Net cash from investing activities