Código da Conta Descrição da Conta 2003

1 Ativo Total 412,973

1.01 Ativo Circulante 270,425
1.01.01 Disponibilidades 97,746
1.01.02 Créditos 83,567
1.01.02.01 Clientes 83,567
1.01.02.02 Créditos Diversos 0
1.01.03 Estoques 82,902
1.01.04 Outros 6,210
1.02 Ativo Não Circulante 142,548
1.02.01 Ativo Realizável a Longo Prazo 12,364
1.02.01.01 Créditos Diversos 0
1.02.01.02 Créditos com Pessoas Ligadas 405
1.02.01.02.01 Com Coligadas e Equiparadas 0
1.02.01.02.02 Com Controladas 405
1.02.01.02.03 Com Outras Pessoas Ligadas 0
1.02.01.03 Outros 11,959
1.02.02 Ativo Permanente 130,184
1.02.02.01 Investimentos 28,821
1.02.02.01.01 Participações Coligadas/Equiparadas 0
1.02.02.01.02 Participações Coligadas/Equiparadas-Ágio 0
1.02.02.01.03 Participações em Controladas 28,743
1.02.02.01.04 Participações em Controladas - Ágio 0
1.02.02.01.05 Outros Investimentos 78
1.02.02.02 Imobilizado 101,363
1.02.02.03 Intangível 0
1.02.02.04 Diferido 0

2 Passivo Total 412,973

2.01 Passivo Circulante 52,428
2.01.01 Empréstimos e Financiamentos 0
2.01.02 Debêntures 0
2.01.03 Fornecedores 14,281
2.01.04 Impostos, Taxas e Contribuições 6,914
2.01.05 Dividendos a Pagar 20,128
2.01.06 Provisões 1,398
2.01.07 Dívidas com Pessoas Ligadas 0
2.01.08 Outros 9,707
2.02 Passivo Não Circulante 11,262
2.02.01 Passivo Exigível a Longo Prazo 11,262
2.02.01.01 Empréstimos e Financiamentos 0
2.02.01.02 Debêntures 0
2.02.01.03 Provisões 0
2.02.01.04 Dívidas com Pessoas Ligadas 625
2.02.01.05 Adiantamento para Futuro Aumento Capital 0
2.02.01.06 Outros 10,637
2.02.02 Resultados de Exercícios Futuros 0
 2.04 Patrimônio Líquido 349,283
2.04.01 Capital Social Realizado 217,296
2.04.02 Reservas de Capital 25,989
2.04.03 Reservas de Reavaliação 0
2.04.03.01 Ativos Próprios 0
2.04.03.02 Controladas/Coligadas e Equiparadas 0
2.04.04 Reservas de Lucro 105,998
2.04.04.01 Legal 10,515
2.04.04.02 Estatutária 0
2.04.04.03 Para Contingências 0
2.04.04.04 De Lucros a Realizar 0
2.04.04.05 Retenção de Lucros 95,483
2.04.04.06 Especial p/ Dividendos Não Distribuídos 0
2.04.04.07 Outras Reservas de Lucro 0
2.04.05 Lucros/Prejuízos Acumulados 0
2.04.06 Adiantamento para Futuro Aumento Capital 0

3.01 Receita Bruta de Vendas e/ou Serviços 441,607

3.02 Deduções da Receita Bruta -79,984
3.03 Receita Líquida de Vendas e/ou Serviços 361,623
3.04 Custo de Bens e/ou Serviços Vendidos -221,085
3.05 Resultado Bruto 140,538
3.06 Despesas/Receitas Operacionais -8,274
3.06.01 Com Vendas -2,189
3.06.02 Gerais e Administrativas -20,867
3.06.03 Financeiras 13,362
3.06.03.01 Receitas Financeiras 15,461
3.06.03.02 Despesas Financeiras -2,099
3.06.03.02.01 Despesas Financeiras -2,099
3.06.03.02.02 Juros sobre o capital próprio 0
3.06.04 Outras Receitas Operacionais 372
3.06.05 Outras Despesas Operacionais 0
3.06.06 Resultado da Equivalência Patrimonial 1,048
3.07 Resultado Operacional 132,264
3.08 Resultado Não Operacional -6,804
3.08.01 Receitas 1,111
3.08.02 Despesas -7,915
3.09 Resultado Antes Tributação/Participações 125,460
3.1 Provisão para IR e Contribuição Social -41,324
3.11 IR Diferido 0
3.12 Participações/Contribuições Estatutárias -4,680
3.12.01 Participações -4,680
3.12.02 Contribuições 0
3.13 Reversão dos Juros sobre Capital Próprio 0
3.15 Lucro/Prejuízo do Período 79,456
 4.01 Origens 124,205
4.01.01 Das Operações 120,304
4.01.01.01 Lucro/Prejuízo do Período 79,456
4.01.01.02 Vls. que não repr. mov. Cap. Circulante 40,848
4.01.02 Dos Acionistas 0
4.01.03 De Terceiros 3,901
4.02 Aplicações 58,707
4.03 Acréscimo/Decréscimo no Cap. Circulante 65,498
4.04 Variação do Ativo Circulante 70,989
4.04.01 Ativo Circulante no Início do Período 199,436
4.04.02 Ativo Circulante no Final do Período 270,425
4.05 Variação do Passivo Circulante 5,491
4.05.01 Passivo Circulante no Início do Período 46,937
4.05.02 Passivo Circulante no Final do Período 52,428
 2004 2005 2006 1T07 2T07 3T07 4T07

532,827 547,752 568,874 586,630 601,121 626,835 645,352

345,825 302,927 311,781 323,650 331,237 351,773 363,349
95,381 103,758 99,195 152,493 178,045 159,812 168,641
82,616 30,560 80,096 57,585 50,415 51,458 54,005
82,616 30,560 80,096 57,585 50,415 51,458 54,005
0 0 0 0 0 0 0
158,093 156,951 123,141 107,893 95,099 131,989 137,005
9,735 11,658 9,349 5,679 7,678 8,514 3,698
187,002 244,825 257,093 262,980 269,884 275,062 282,003
2,758 9,934 9,599 12,557 14,056 14,517 15,071
0 0 0 0 0 0 0
226 113 790 790 790 102 1,049
0 0 0 0 0 0 0
226 113 790 790 790 102 1,049
0 0 0 0 0 0 0
2,532 8,804 8,809 11,767 13,266 13,497 14,022
184,244 234,891 247,494 250,423 255,828 260,545 266,932
30,638 31,172 33,420 33,851 34,515 35,177 35,474
0 0 0 0 0 0 0
0 0 0 0 0 0 0
3,056 31,094 33,342 33,773 34,437 35,099 35,396
0 0 0 0 0 0 0
78 78 78 78 78 78 78
153,606 203,676 214,074 216,572 221,313 225,368 231,458
0 0 0 0 0 0 0
0 43 0 0 0 0 0

532,827 547,752 568,874 586,630 601,121 626,835 645,352

80,844 48,575 40,032 39,007 32,893 38,277 55,420
0 4,061 0 0 0 1,857 0
0 0 0 0 0 0 0
24,840 20,335 15,718 15,199 15,548 16,439 17,609
19,081 1,842 3,246 8,963 7,219 7,115 2,093
24,248 11,329 4,127 677 485 485 7,839
2,142 0 0 11,830 7,225 9,610 0
0 0 0 0 0 0 0
10,533 11,008 16,941 2,338 2,416 2,771 27,879
739 2,300 1,631 8,924 9,325 9,626 14,361
739 2,300 1,631 8,924 9,325 9,626 14,361
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 2,300 1,534 1,249 2,056 2,073 2,270
625 0 0 0 0 0 0
0 0 0 0 0 0 0
114 0 97 7,675 7,269 7,553 12,091
0 0 0 0 0 0 0
451,244 496,877 527,211 538,699 558,903 578,932 575,571
280,041 386,223 455,414 455,414 497,902 497,902 497,902
30,424 12,414 20,034 20,951 11,359 14,668 16,888
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
140,779 98,240 51,763 51,791 22,330 22,330 60,781
15,300 17,522 19,121 19,121 19,121 19,121 21,990
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
125,479 80,718 32,642 32,670 3,209 3,209 38,791
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 10,543 27,312 44,032 0
0 0 0 0 0 0 0

609,491 545,768 507,157 141,986 144,668 133,703 148,207

-131,359 -118,333 -1,089 -30,811 -31,470 -28,577 -30,874
478,132 427,435 398,257 111,175 113,198 105,126 117,333
-298,977 -328,209 -334,850 -91,802 -86,725 -81,316 -91,335
179,155 99,226 63,407 19,373 26,473 23,810 25,998
-23,775 -22,997 -12,126 -3,070 -16 2,664 -14,858
-3,366 -4,205 -4,434 -1,156 -1,158 -963 -1,371
-27,077 -26,522 -22,408 -10,101 -6,484 -7,265 -7,928
10,265 13,456 11,661 8,193 8,571 6,446 -4,718
14,610 18,732 19,397 8,299 8,635 6,656 6,860
-4,345 -5,276 -7,736 -106 -64 -210 -278
-4,345 -5,276 -3,028 -106 -64 -210 -278
0 0 -4,708 0 0 0 -11,300
0 0 158 577 576 5,044 227
-6,214 -8,860 0 -1,014 -2,185 -1,260 -1,880
2,617 3,134 2,897 431 664 662 812
155,380 76,229 51,281 16,303 26,457 26,474 11,140
-5,042 -2,978 -2,976 -353 -296 -343 -349
610 0 0 112 90 0 1
-5,652 -2,978 -2,976 -465 -386 -343 -350
150,338 73,251 48,305 15,950 26,161 26,131 10,791
-53,506 -22,075 -16,286 -6,917 -10,029 -9,274 -2,093
4,108 -2,167 -176 1,480 1,530 420 -167
-5,220 -4,576 -4,575 30 -1,135 -557 -6,246
-5,220 -4,576 -4,575 30 -1,135 -557 -6,246
0 0 0 0 0 0 0
0 0 4,708 0 0 0 11,300
95,720 44,433 31,976 10,543 16,527 16,720 13,585
154,232 8,825 58,218
147,207 75,745 54,897
9,572 44,433 31,976
51,487 31,312 22,921
0 0 0
7,025 12,505 3,321
107,248 98,879 40,821
46,984 -10,629 17,397
754 -42,898 8,854
270,425 345,825 302,927
345,825 302,927 311,781
28,416 -32,269 -8,543
52,428 80,844 48,575
80,844 48,575 40,032
 2007

645,352
363,349
168,641
54,005
54,005
0
137,005
3,698
282,003
15,071
0
1,049
0
1,049
0
14,022
266,932
35,474
0
0
35,396
0
78
231,458
0
0

645,352
55,420
0
0
17,609
2,093
7,839
0
0
27,879
14,361
14,361
0
0
2,270
0
0
12,091
0
575,571
497,902
16,888
0
0
0
60,781
21,990
0
0
0
38,791
0
0
0
0

568,564 207,545
-121,732 -37,243
446,832 170,302
-351,178 -109,624
95,654 60,678
-15,281 -5,938
-4,648 -1,437
-31,777 -7,343
18,491 4,017
31,289 4,344
-12,798 -327
-1,498
-11,300
84 410
0 -1,400
2,569 -185
80,373 54,740
-1,340 -426
0 130
-1,340 -556
79,033 54,314
-28,313 -11,397
3,263 1,721
-7,908 -3,818
-7,908 -3,818
0 0
11,300 0
57,375 40,820
 97,304
78,209
57,375
20,834
0
19,095
58,276
39,028
51,568
311,781
363,349
12,540
40,032
52,572
 2003 2004 2005 2006 1T07 2T07 3T07 4T07
Ativo Total 412,973 532,827 547,752 568,874 586,630 601,121 626,835 645,352
Ativo Circulante 270,425 345,825 302,927 311,781 323,650 331,237 351,773 363,349
Caixa 97,746 95,381 103,758 99,195 152,493 178,045 159,812 168,641
Contas a Receber (Clientes) 83,567 82,616 30,560 80,096 57,585 50,415 51,458 54,005
Estoques 82,902 158,093 156,951 123,141 107,893 95,099 131,989 137,005
Outros AC 6,210 9,735 11,658 9,349 5,679 7,678 8,514 3,698
Ativos Não Circulantes 142,548 187,002 244,825 257,093 262,980 269,884 275,062 282,003
Realizavel a LP 12,364 2,758 9,934 9,599 12,557 14,056 14,517 15,071
Ativo Permanente 130,184 184,244 234,891 247,494 250,423 255,828 260,545 266,932
Imobilizado 101,363 153,606 203,676 214,074 216,572 221,313 225,368 231,458
Depreciação Acumulada 65,716 75,896 90,816 120,763 130,103 118,912 118,912
Investimentos em Subsidiárias 28,821 30,638 31,172 33,420 33,851 34,515 35,177 35,474
Outros AP 0 0 43 0 0 0 0 0

Passivo Total 412,973 532,827 547,752 568,874 586,630 601,121 626,835 645,352
Passivo Circulante 52,428 80,844 48,575 40,032 39,007 32,893 38,277 55,420
Dívida de CP 0 0 4,061 0 0 0 1,857 0
Contas a Pagar (Fornecedores) 14,281 24,840 20,335 15,718 15,199 15,548 16,439 17,609
Impostos a Pagar CP 6,914 19,081 1,842 3,246 8,963 7,219 7,115 2,093
Provisoes 1,398 2,142 0 0 11,830 7,225 9,610 0
Dividendos a Pagar 20,128 24,248 11,329 4,127 677 485 485 7,839
Outros PC 9,707 10,533 11,008 16,941 2,338 2,416 2,771 27,879
Exigível a LP 11,262 739 2,300 1,631 8,924 9,325 9,626 14,361
Dívida de LP 625 625 0 0 0 0 0 0
Impostos a Pagar LP
Outros ELP 10,637 114 2,300 1,631 8,924 9,325 9,626 14,361
Patrimonio Liquido 349,283 451,244 496,877 527,211 538,699 558,903 578,932 575,571
Capital Social 217,296 280,041 386,223 455,414 455,414 497,902 497,902 497,902
Reservas 131,987 171,203 110,654 71,797 72,742 33,689 36,998 77,669
Lucros Acumulados 0 0 0 0 10,543 27,312 44,032 0

BookValue 349,283 451,244 496,877 527,211 538,699 558,903 578,932 575,571

Dif Book Value 0 0 0 0 0 0 0 0
Dívidas 11,262 739 6,361 1,631 8,924 9,325 11,483 14,361
D/E 3.22% 0.16% 1.28% 0.31% 1.66% 1.67% 1.98% 2.50%

Var AC sem caixa 77,765 -51,275 13,417 -41,429 -17,965 38,769 2,747
Var RLP -9,606 7,176 -335 2,958 1,499 461 554
Var AP 54,060 50,647 12,603 2,929 5,405 4,717 6,387
Var PC 28,416 -32,269 -8,543 -1,025 -6,114 5,384 17,143
Var ELP -10,523 1,561 -669 7,293 401 301 4,735
Var PL 101,961 45,633 30,334 11,488 20,204 20,029 -3,361
Fluxo Caixa Efetivo -2,365 8,377 -4,563 53,298 25,552 -18,233 8,829
Var Caixa (check) -2,365 8,377 -4,563 53,298 25,552 -18,233 8,829
 2003 2004 2005 2006 1T07 2T07 3T07 4T07
DRE
Receitas liquidas 361,623 478,132 427,435 398,257 111,175 113,198 105,126 117,333
Mercado Interno n/a n/a n/a n/a n/a n/a n/a n/a
Mercado Externo n/a n/a n/a n/a n/a n/a n/a n/a
CPV -208,529 -280,637 -309,870 -316,512 -87,319 -81,895 -76,303 -83,467
Despesa de Vendas -2,189 -3,366 -4,205 -4,434 -1,156 -1,158 -963 -1,371
Despesa Administrativa -20,611 -26,703 -26,148 -22,034 -10,010 -6,385 -7,163 -7,868
Outros Resultados Operacionais 372 -6,214 -8,860 158 -437 -1,609 3,784 -1,653
EBITDA 130,666 161,212 78,352 55,435 12,254 22,151 24,481 22,974
Depreciacao/Amort -12,812 -18,714 -18,713 -18,712 -4,575 -4,929 -5,115 -7,928
EBIT 117,854 142,498 59,639 36,723 7,679 17,222 19,366 15,046
Receita Financeira 15,461 14,610 18,732 19,397 8,299 8,635 6,656 6,860
Despesa financeira -2,099 -4,345 -5,276 -3,028 -106 -64 -210 -278
Resultado Nao Operacional -6,804 -5,042 -2,978 -2,976 -353 -296 -343 -349
EBT 124,412 147,721 70,117 50,116 15,519 25,497 25,469 21,279
IR/CSLL -41,324 -53,506 -22,075 -16,286 -6,917 -10,029 -9,274 -2,093
IR Diferido 0 4,108 -2,167 -176 1,480 1,530 420 -167
Res. Eq Patrimonial 1,048 2,617 3,134 2,897 431 664 662 812
Part Estatuaria -4,680 -5,220 -4,576 -4,575 30 -1,135 -557 -6,246
Lucro Liquido 79,456 95,720 44,433 31,976 10,543 16,527 16,720 13,585

Aliquota Media de IR 33.22% 36.22% 31.48% 32.50% 44.57% 39.33% 36.41% 9.84%
 2003 2004 2005 2006 1T07 2T07 3T07 4T07

Fluxo de Caixa Efetivo

De Operaçoes 70,571 83,834 40,326 56,014 32,000 -13,868 29,858
Lucro Liquido 95,720 44,433 31,976 10,543 16,527 16,720 13,585
(+) Deprec/Amort 18,714 18,713 18,712 4,575 4,929 5,115 7,928
(-) Investim CG 53,469 -27,864 10,697 -43,854 -12,043 35,242 -8,899
var Contas Receber -951 -52,056 49,536 -22,511 -7,170 1,043 2,547
var Estoques 75,191 -1,142 -33,810 -15,248 -12,794 36,890 5,016
var Outros AC 3,525 1,923 -2,309 -3,670 1,999 836 -4,816
var Contas a Pagar 10,559 -4,505 -4,617 -519 349 891 1,170
var Impostos a Pagar 12,167 -17,239 1,404 5,717 -1,744 -104 -5,022
var Provisoes CP 744 -2,142 0 11,830 -4,605 2,385 -9,610
var Outros PC 826 475 5,933 -14,603 78 355 25,108
(-) var RLP -9,606 7,176 -335 2,958 1,499 461 554
(+) var impostos a pagar LP

De Terceiros -10,523 5,622 -4,730 7,293 401 2,158 2,878

var Dividas de CP 0 4,061 -4,061 0 0 1,857 -1,857
var Dívidas de LP -10,523 1,561 -669 7,293 401 301 4,735

Para Investimentos 72,774 69,360 31,315 7,504 10,334 9,832 14,315

var Imobilizado 70,957 68,783 29,110 7,073 9,670 9,170 14,018
Investimentos de Capital n/a n/a n/a n/a n/a n/a n/a
venda de Imobilizado n/a n/a n/a n/a n/a n/a n/a
depreciação 18,714 18,713 18,712 4,575 4,929 5,115 7,928
var invest subsidiarias 1,817 534 2,248 431 664 662 297
var outros AP 0 43 -43 0 0 0 0

Para dividendos -4,120 12,919 7,202 3,450 192 0 -7,354

Dividendos Pagos 20,128 24,248 11,329 4,127 677 485 485
Dividendos a pagar 24,248 11,329 4,127 677 485 485 7,839

var reservas não lucro 6,241 1,200 -1,642 945 3,677 3,309 -16,946

Fluxo Caixa Efetivo -2,365 8,377 -4,563 53,298 25,552 -18,233 8,829
Var Saldo de Caixa (check) -2,365 8,377 -4,563 53,298 25,552 -18,233 8,829
 2003 2004 2005 2006 1T07 2T07 3T07 4T07
Fluxo de Caixa Livre
EBITDA 130,666 161,212 78,352 55,435 12,254 22,151 24,481 22,974
Deprec./Amortiz. -12,812 -18,714 -18,713 -18,712 -4,575 -4,929 -5,115 -7,928
EBIT 117,854 142,498 59,639 36,723 7,679 17,222 19,366 15,046
IR/CSLL (34%) -40,070 -48,449 -20,277 -12,486 -2,611 -5,855 -6,584 -5,116
NOPAT 77,784 94,049 39,362 24,237 5,068 11,367 12,782 9,930
(+) Depreciaçao/Amort 12,812 18,714 18,713 18,712 4,575 4,929 5,115 7,928
(-) Investim Cap Giro -53,469 27,864 -10,697 43,854 12,043 -35,242 8,899
(-) Investim Imobilizado -70,957 -68,783 -29,110 -7,073 -9,670 -9,170 -14,018
(-) Investim outros Ativos + RLP 9,606 -7,219 378 -2,958 -1,499 -461 -554
Fluxo de Caixa Operacional -2,057 9,937 3,520 43,466 17,170 -26,976 12,185
Fluxo Não Operacional (1-T) -3,328 -1,965 -1,964 -233 -195 -226 -230
Outros Fluxos (1-T) -5,220 -4,576 -4,575 30 -1,135 -557 -6,246
Fluxo para Empresa -10,605 3,395 -3,019 43,263 15,839 -27,760 5,709

Resultado Financeiro (1-T) 6,775 8,881 10,804 5,407 5,657 4,254 4,344
Var Dívida -10,523 5,622 -4,730 7,293 401 2,158 2,878
Fluxo Dividendos 4,120 -12,919 -7,202 -3,450 -192 0 7,354
Result Eq Patrim 2,617 3,134 2,897 431 664 662 812
Invest Subsidiárias -1,817 -534 -2,248 -431 -664 -662 -297
Fluxo Financeiro 1,172 4,184 -479 9,250 5,866 6,412 15,091

Free Cash Flow -9,433 7,579 -3,498 52,514 21,705 -21,347 20,800
Ajustes Efetivos 7,068 798 -1,065 784 3,847 3,114 -11,971
Ajustes de Imposto 827 -402 577 -161 170 -195 4,975
Ajustes de reserva não lucro 6,241 1,200 -1,642 945 3,677 3,309 -16,946

Fluxo de Caixa Efetivo -2,365 8,377 -4,563 53,298 25,552 -18,233 8,829
Var Saldo de Caixa (check) -2,365 8,377 -4,563 53,298 25,552 -18,233 8,829
 2003 2004 2005 2006 1T07 2T07 3T07 4T07

Analise de Cap Giro

AC 270,425 345,825 302,927 311,781 323,650 331,237 351,773 363,349

PC 52,428 80,844 48,575 40,032 39,007 32,893 38,277 55,420
ACO 172,679 250,444 199,169 212,586 171,157 153,192 191,961 194,708
PCO 32,300 56,596 33,185 35,905 38,330 32,408 35,935 47,581
ACF 97,746 95,381 103,758 99,195 152,493 178,045 159,812 168,641
PCF 20,128 24,248 15,390 4,127 677 485 2,342 7,839

CGL 217,997 264,981 254,352 271,749 284,643 298,344 313,496 307,929

NIG 140,379 193,848 165,984 176,681 132,827 120,784 156,026 147,127
SD 77,618 71,133 88,368 95,068 151,816 177,560 157,470 160,802
NTFP 282,927 380,850 410,809 433,774 395,807 390,668 431,088 429,130
Passivo LP 360,545 451,983 499,177 528,842 547,623 568,228 588,558 589,932
SD check 77,618 71,133 88,368 95,068 151,816 177,560 157,470 160,802

Compras -208,529 -205,446 -311,012 -350,322 -102,567 -94,689 -39,413 -78,451

PME 143 155 183 159 119 112 134 145
PMR 83 63 48 50 56 43 44 40
PMP 25 44 24 16 13 15 38 20
PMOutrosAC 6 6 9 9 6 5 7 5
PMOutrosPC 17 18 12 14 8 2 6 18
Ciclo Op 226 217 231 209 175 154 178 185
Ciclo de cx 202 174 207 193 161 140 140 165

Liq Corr 5.16 4.28 6.24 7.79 8.30 10.07 9.19 6.56
Liq Seca 3.58 2.32 3.01 4.71 5.53 7.18 5.74 4.08
Liq Imediata 1.86 1.18 2.14 2.48 3.91 5.41 4.18 3.04

Análise de Margens

Margem (Liq LL/Rec) 22.0% 20.0% 10.4% 8.0% 9.5% 14.6% 15.9% 11.6%
Margem EBITDA (EBITDA/Rec) 36.1% 33.7% 18.3% 13.9% 11.0% 19.6% 23.3% 19.6%
Margem EBIT (EBIT/ Rec) 32.6% 29.8% 14.0% 9.2% 6.9% 15.2% 18.4% 12.8%
CPV/Rec -57.7% -58.7% -72.5% -79.5% -78.5% -72.3% -72.6% -71.1%
Desp Vendas/Rec -0.6% -0.7% -1.0% -1.1% -1.0% -1.0% -0.9% -1.2%
Desp Adm/Rec -5.7% -5.6% -6.1% -5.5% -9.0% -5.6% -6.8% -6.7%
Outras Desp Op/Rec 0.1% -1.3% -2.1% 0.0% -0.4% -1.4% 3.6% -1.4%

Res Fin / Rec 0.04 0.02 0.03 0.04 0.07 0.08 0.06 0.06
Res Fin / Div Liq -0.15 -0.11 -0.14 -0.17 -0.06 -0.05 -0.04 -0.04
CAPEX /Rec 0.15 0.16 0.08 0.07 0.09 0.09 0.12
ROE 0.23 0.21 0.09 0.06 0.08 0.12 0.12 0.09
ROA 0.19 0.18 0.08 0.06 0.07 0.11 0.11 0.08
EBITDA/NTFP 0.46 0.42 0.19 0.13 0.03 0.06 0.06 0.05
ROIC (NOPAT/Capital Investido) 0.27 0.25 0.10 0.06 0.05 0.12 0.12 0.09
Impostos a Pag CP/Rec 0.019 0.040 0.004 0.008 0.081 0.064 0.068 0.018
Impostos a Pag CP/EBT 0.056 0.129 0.026 0.065 0.578 0.283 0.279 0.098
Impostos a Pag CP/EBTIDA 0.053 0.118 0.024 0.059 0.731 0.326 0.291 0.091
Provisões /Rec 0.004 0.004 0.000 0.000 0.106 0.064 0.091 0.000
Div/ BookValue 0.058 0.054 0.023 0.008 0.001 0.001 0.001 0.014
Div / Lucro Liq 0.253 0.253 0.255 0.129 0.064 0.029 0.029 0.577
Part Est / Rec Liq -0.013 -0.011 -0.011 -0.011 0.000 -0.010 -0.005 -0.053
 2003 2004 2005 2006 1T07 2T07 3T07 4T07
Análise do Imobilizado e Investimentos

Imobilizado 101,363 153,606 203,676 214,074 216,572 221,313 225,368 231,458

Depreciação 12,812 18,714 18,713 18,712 18,300 19,716 20,460 31,712
Var Imobilizado 52,243 50,070 10,398 2,498 4,741 4,055 6,090
Invest Imobiliz 70,957 68,783 29,110 20,798 24,457 24,515 37,802
Deprec. /Rec -0.04 -0.04 -0.04 -0.05 -0.04 -0.04 -0.05 -0.07
Deprec./Imob 0.13 0.12 0.09 0.09 0.08 0.09 0.09 0.14
Vida contabil média do imob (anos) 7.91 8.21 10.88 11.44 11.83 11.23 11.02 7.30
Var Investimento subsid 1,817 534 2,248 431 664 662 297
Var Investimento subsid / EBITDA 0.011 0.007 0.041 0.035 0.030 0.027 0.013
RLP/Inv Imob 0.039 0.144 0.330 0.604 0.575 0.592 0.399
RLP/Rec 3.42% 0.58% 2.32% 2.41% 2.82% 3.10% 3.45% 3.21%
RLP 12,364 2,758 9,934 9,599 12,557 14,056 14,517 15,071

Análise de Edividamento

Div CP+LP 11,262 739 6,361 1,631 8,924 9,325 11,483 14,361
Dívidas CP 0 0 4,061 0 0 0 1,857 0
Dívidas LP 11,262 739 2,300 1,631 8,924 9,325 9,626 14,361
Dívida Líquida -87,109 -95,267 -97,397 -97,564 -143,569 -168,720 -148,329 -154,280
Div/EBITDA 0.09x 0.00x 0.08x 0.03x 0.18x 0.11x 0.12x 0.16x
Res Financeiro 13,362 10,265 13,456 16,369 8,193 8,571 6,446 6,582
Rec Fin / Caixa 15.8% 15.3% 18.1% 19.6% 21.8% 19.4% 16.7% 16.3%
Desp Fin / Div -18.6% -588.0% -82.9% -185.7% -4.8% -2.7% -7.3% -7.7%
D+E 412,973 532,827 547,752 568,874 586,630 601,121 626,835 645,352
D/E 0.03 0.00 0.01 0.00 0.02 0.02 0.02 0.02
D/(D+E) 2.73% 0.14% 1.16% 0.29% 1.52% 1.55% 1.83% 2.23%
GAO 1.299 1.386 1.971 2.226 3.107 1.818 1.488 2.251
GAF 0.979 0.983 0.886 0.758 0.481 0.688 0.764 0.731
GAT 1.272 1.362 1.746 1.687 1.493 1.250 1.138 1.645

Análise de Mercado

Preço Ação PN 24.77 33.31 25.81 27.24 29.86 43.30 46.69 46.69
Preço da Ação ON
quantidade de açoes 11,035,000 11,035,000 11,035,000 11,035,000 11,035,000 11,035,000 11,035,000 11,035,000
Valor de Mercado 273,337 367,576 284,813 300,593 329,505 477,816 515,224 515,224
LPA 7.20 8.67 4.03 2.90 3.82 5.99 6.06 4.92
BV/Ação 31.65 40.89 45.03 47.78 48.82 50.65 52.46 52.16
Valor Adicionado/Ação (6.88) (7.58) (19.22) (20.54) (18.96) (7.35) (5.77) (5.47)

P/E 3.4x 3.8x 6.4x 9.4x 7.8x 7.2x 7.7x 9.5x

EV/EBITDA 1.4x 1.7x 2.4x 3.7x 3.8x 3.5x 3.7x 3.9x
Price/BV 0.8x 0.8x 0.6x 0.6x 0.6x 0.9x 0.9x 0.9x
Margem EBITDA (EBITDA/Rec) 36.1% 33.7% 18.3% 13.9% 11.0% 19.6% 23.3% 19.6%
 2007 1T08 ACT
Ativo Total 645,352 696,156
Ativo Circulante 363,349 404,211
Caixa 168,641 180,770
Contas a Receber (Clientes) 54,005 71,186
Estoques 137,005 143,904
Outros AC 3,698 8,351
Ativos Não Circulantes 282,003 291,945
Realizavel a LP 15,071 17,113
Ativo Permanente 266,932 274,832
Imobilizado 231,458 239,543
Depreciação Acumulada 120,763 145,884
Investimentos em Subsidiárias 35,474 35,289
Outros AP 0 0
0
Passivo Total 645,352 696,156
Passivo Circulante 55,420 61,594
Dívida de CP 0 3,071
Contas a Pagar (Fornecedores) 17,609 21,351
Impostos a Pagar CP 2,093 11,694
Provisoes 0 21,676
Dividendos a Pagar 7,839 478
Outros PC 27,879 3,324
Exigível a LP 14,361 18,171
Dívida de LP 0 0
Impostos a Pagar LP
Outros ELP 14,361 18,171
Patrimonio Liquido 575,571 616,391
Capital Social 497,902 497,902
Reservas 77,669 77,669
Lucros Acumulados 0 40,820

BookValue 575,571 616,391

Dif Book Value 0 0
Dívidas 14,361 21,242
D/E 2.50% 3.45%

Var AC sem caixa -17,878 28,733

Var RLP 5,472 2,042
Var AP 19,438 7,900
Var PC 15,388 6,174
Var ELP 12,730 3,810
Var PL 48,360 40,820
Fluxo Caixa Efetivo 69,446 12,129
Var Caixa (check) 69,446 12,129
 2007 1T08 ACT
DRE
Receitas liquidas 446,832 170,302
Mercado Interno n/a n/a
Mercado Externo n/a n/a
CPV -332,840 -101,696
Despesa de Vendas -4,648 -1,437
Despesa Administrativa -31,403 -7,343
Outros Resultados Operacionais 84 -990
EBITDA 78,025 58,836
Depreciacao/Amort -18,712 -7,928
EBIT 59,313 50,908
Receita Financeira 31,289 4,344
Despesa financeira -1,498 -327
Resultado Nao Operacional -1,340 -426
EBT 87,764 54,499
IR/CSLL -28,313 -11,397
IR Diferido 3,263 1,721
Res. Eq Patrimonial 2,569 -185
Part Estatuaria -7,908 -3,818
Lucro Liquido 57,375 40,820

Aliquota Media de IR 32.26% 20.91%

 2007 1T08 ACT

Fluxo de Caixa Efetivo

De Operaçoes 100,169 28,437
Lucro Liquido 57,375 40,820
(+) Deprec/Amort 18,712 7,928
(-) Investim CG -29,554 18,269
var Contas Receber -26,091 17,181
var Estoques 13,864 6,899
var Outros AC -5,651 4,653
var Contas a Pagar 1,891 3,742
var Impostos a Pagar -1,153 9,601
var Provisoes CP 0 21,676
var Outros PC 10,938 -24,555
(-) var RLP 5,472 2,042
(+) var impostos a pagar LP

De Terceiros 12,730 6,881

var Dividas de CP 0 3,071
var Dívidas de LP 12,730 3,810

Para Investimentos 38,150 15,828

var Imobilizado 36,096 16,013
Investimentos de Capital n/a n/a
venda de Imobilizado n/a n/a
depreciação 18,712 7,928
var invest subsidiarias 2,054 -185
var outros AP 0 0

Para dividendos -3,712 7,361

Dividendos Pagos 4,127 7,839
Dividendos a pagar 7,839 478

var reservas não lucro -9,015 0

Fluxo Caixa Efetivo 69,446 12,129

Var Saldo de Caixa (check) 69,446 12,129
 2007 1T08 ACT
Fluxo de Caixa Livre
EBITDA 78,025 58,836
Deprec./Amortiz. -18,712 -7,928
EBIT 59,313 50,908
IR/CSLL (34%) -20,166 -17,309
NOPAT 39,147 33,599
(+) Depreciaçao/Amort 18,712 7,928
(-) Investim Cap Giro 29,554 -18,269
(-) Investim Imobilizado -36,096 -16,013
(-) Investim outros Ativos + RLP -5,472 -2,042
Fluxo de Caixa Operacional 45,845 5,203
Fluxo Não Operacional (1-T) -884 -281
Outros Fluxos (1-T) -7,908 -3,818
Fluxo para Empresa 37,052 1,104

Resultado Financeiro (1-T) 19,662 2,651

Var Dívida 12,730 6,881
Fluxo Dividendos 3,712 -7,361
Result Eq Patrim 2,569 -185
Invest Subsidiárias -2,054 185
Fluxo Financeiro 36,619 2,171

Free Cash Flow 73,671 3,275

Ajustes Efetivos -4,225 8,854
Ajustes de Imposto 4,790 8,854
Ajustes de reserva não lucro -9,015 0

Fluxo de Caixa Efetivo 69,446 12,129

Var Saldo de Caixa (check) 69,446 12,129
 2007 1T08 ACT

Analise de Cap Giro

AC 363,349 404,211
PC 55,420 61,594
ACO 194,708 223,441
PCO 47,581 58,045
ACF 168,641 180,770
PCF 7,839 3,549

CGL 307,929 342,617

NIG 147,127 165,396
SD 160,802 177,221
NTFP 429,130 457,341
Passivo LP 589,932 634,562
SD check 160,802 177,221

Compras -318,976 -94,797

PME 141 124
PMR 54 33
PMP 20 20
PMOutrosAC 5 3
PMOutrosPC 25 15
Ciclo Op 195 157
Ciclo de cx 175 137

Liq Corr 6.56 6.56

Liq Seca 4.08 4.23
Liq Imediata 3.04 2.93

Análise de Margens

Margem (Liq LL/Rec) 12.8% 24.0%

Margem EBITDA (EBITDA/Rec) 17.5% 34.5%
Margem EBIT (EBIT/ Rec) 13.3% 29.9%
CPV/Rec -74.5% -59.7%
Desp Vendas/Rec -1.0% -0.8%
Desp Adm/Rec -7.0% -4.3%
Outras Desp Op/Rec 0.0% -0.6%

Res Fin / Rec 0.07 0.02

Res Fin / Div Liq -0.19 -0.03
CAPEX /Rec 0.09 0.09
ROE 9.97% 0.26
ROA 8.89% 0.23
EBITDA/NTFP 0.18 0.13
ROIC (NOPAT/Capital Investido) 9.12% 0.29
Impostos a Pag CP/Rec 0.005 0.069
Impostos a Pag CP/EBT 0.024 0.215
Impostos a Pag CP/EBTIDA 0.027 0.199
Provisões /Rec 0.000 0.127
Div/ BookValue 0.014 0.001
Div / Lucro Liq 0.137 0.012
Part Est / Rec Liq -0.018 -0.022
 2007 1T08 ACT
Análise do Imobilizado e Investimentos

Imobilizado 231,458 239,543

Depreciação 18,712 31,712
Var Imobilizado 17,384 8,085
Invest Imobiliz 36,096 39,797
Deprec. /Rec -0.06 -0.05
Deprec./Imob 0.08 0.13
Vida contabil média do imob (anos) 12.37 7.55
Var Investimento subsid 2,054 (185)
Var Investimento subsid / EBITDA 0.010 -0.003
RLP/Inv Imob 0.418 0.430
RLP/Rec 3.37% 2.51%
RLP 15,071 17,113

Análise de Edividamento

Div CP+LP 14,361 21,242

Dívidas CP 0 3,071
Dívidas LP 14,361 18,171
Dívida Líquida -154,280 -159,528
Div/EBITDA 0.18x 0.09x
Res Financeiro 29,791 4,017
Rec Fin / Caixa 18.6% 9.6%
Desp Fin / Div -10.4% -6.2%
D+E 645,352 696,156
D/E 2.0% 0.03
D/(D+E) 2.23% 3.05%
GAO 1.922 1.348
GAF 0.682 0.823
GAT 1.311 1.109

Análise de Mercado

Preço Ação PN 50.00 146.67

Preço da Ação ON
quantidade de açoes 11,035,000 11,035,000
Valor de Mercado 551,750 1,618,503
LPA 5.20 14.80
BV/Ação 52.16 55.86
Valor Adicionado/Ação (2.16) 90.81

P/E 9.6x 9.9x

EV/EBITDA 5.1x 6.2x
Price/BV 1.0x 2.6x
Margem EBITDA (EBITDA/Rec) 17.5% 34.5%