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Main Indicators
Revenue
COGS G&A
EBITDA
Financial Indicators per Business Unit
Income Statement
Balance Sheet
Cash flow
Capex per Business Unit
1Q09
2Q09
3Q09
4Q09
1Q10
Net revenue
82.4
104.6
102.7
114.6
115.5
EBITDA
31.6
42.8
37.7
45.6
42.8
38.4%
40.9%
36.7%
39.8%
37.0%
12.0
20.1
16.6
19.8
18.7
ROIC (%)
0.0%
0.0%
0.0%
0.0%
0.0%
9.0
14.2
30.5
22.7
58.7
387.4
Others
Capex
Invested Capital
From 2013 onwards, the data does not consider the Industrial Services business unit.
From 1Q13, ROICs and Invested Capital are reported consedering the last twelve months
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
131.3
148.9
154.2
145.0
164.0
175.1
193.5
199.1
211.1
50.5
55.9
45.4
52.8
58.0
50.8
76.4
87.4
84.8
38.4%
37.6%
29.4%
36.4%
35.4%
29.0%
39.5%
43.9%
40.2%
26.1
28.5
30.1
22.2
22.6
17.8
29.5
33.8
39.6
0.0%
0.0%
21.0%
0.0%
0.0%
0.0%
12.3%
0.0%
0.0%
90.0
121.0
78.8
184.6
105.2
121.6
114.4
58.4
83.5
458.4
556.7
645.3
749.6
894.2
1,002.3
1,092.9
1,143.7
1,195.0
591.7
686.9
784.1
867.6
924.8
976.4
158.0
207.3
218.2
225.3
218.9
218.5
3Q12
4Q12
1Q13,
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
222.2
246.8
188.4
211.8
222.0
210.1
207.8
213.0
191.5
96.7
96.3
95.7
98.9
106.1
110.6
107.5
105.9
66.7
43.5%
39.0%
50.8%
46.7%
47.8%
52.6%
51.7%
49.7%
34.8%
38.5
46.2
39.3
48.1
39.6
45.6
33.9
33.4
3.2
0.0%
14.7%
14.7%
14.8%
14.4%
14.1%
13.8%
12.3%
9.4%
79.4
76.3
127.5
150.3
127.7
93.9
102.3
54.7
19.5
1,218.0
1,268.5
1,254.3
1,318.9
1,391.3
1,471.4
1,482.4
1,573.9
1,662.5
1,003.1
1,059.5
869.3
926.2
985.0
1,045.1
1,101.5
1,142.8
1,162.2
214.9
209.0
385.0
392.8
406.3
426.3
380.9
431.1
500.3
Menu
4Q14
1Q15
2Q15
2009
2010
2011
2012
2013,
181.9
163.9
147.9
404.2
549.9
677.6
879.3
832.3
55.6
47.4
52.1
157.6
194.5
238.1
365.0
411.3
30.6%
28.9%
35.3%
39.0%
35.4%
35.1%
41.5%
49.4%
(6.2)
(14.5)
(8.2)
68.4
103.3
92.2
158.1
172.6
6.6%
4.0%
2.0%
0.0%
21.0%
12.3%
14.7%
14.1%
22.6
6.4
9.7
76.3
348.5
525.9
297.6
499.3
1,677.1
1,661.8
1,617.7
510.5
932.7
1,114.9
1,471.4
1,160.5
1,144.0
1,109.9
732.5
991.6
1,045.1
516.6
517.8
507.9
200.2
123.3
426.3
2014
794.2
335.7
42.3%
64.3
6.6%
199.1
1,677.1
1,160.5
516.6
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
Rental
63.8
68.5
70.5
80.0
74.6
84.6
16.0
32.2
27.1
28.6
29.6
35.6
Sales
0.6
2.5
4.0
5.5
9.6
6.0
Others
1.9
1.4
1.1
0.4
1.7
5.0
82.4
104.6
102.7
114.6
115.5
131.3
* From 2013 onwards, the data does not consider the Industrial Services business unit.
1Q09
2Q09
3Q09
Heavy Construction
32.8
39.9%
37.1
35.4%
36.9
36.0%
Real Estate
14.1
17.2%
14.7
14.0%
15.1
14.7%
Industrial Services
23.4
28.4%
40.8
39.0%
36.1
35.1%
Rental
12.0
14.6%
12.1
11.6%
14.6
14.2%
82.4
100.0%
104.6
100.0%
102.7
100.0%
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
91.8
91.1
96.8
105.4
119.3
132.4
137.9
147.9
155.8
42.6
43.6
37.6
43.3
41.3
37.6
42.3
44.5
41.4
8.7
12.7
5.6
7.3
8.5
19.2
13.0
13.5
19.0
5.9
6.8
5.0
8.0
6.0
4.3
6.0
5.2
6.0
148.9
154.2
145.0
164.0
175.1
193.5
199.1
211.1
222.2
4Q09
1Q10
2Q10
3Q10
4Q10
39.4
34.4%
35.7
30.9%
41.7
31.8%
42.7
28.7%
34.2
18.3
15.9%
22.7
19.6%
21.8
16.6%
27.9
18.7%
32.8
41.2
36.0%
40.0
34.6%
46.5
35.4%
52.5
35.2%
56.4
15.7
13.7%
17.2
14.9%
21.3
16.2%
25.8
17.4%
30.8
114.6
100.0%
115.5
100.0%
131.3
100.0%
148.9
100.0%
154.2
4Q12
1Q13*
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
166.7
160.1
166.9
170.5
176.6
176.7
175.7
161.4
149.4
45.9
4.3
8.0
4.3
4.8
2.5
3.0
1.3
1.3
28.6
17.2
26.6
35.1
22.5
17.1
25.8
19.1
18.6
5.6
6.8
10.3
12.1
6.1
11.5
8.4
9.8
12.7
246.8
188.4
211.8
222.0
210.1
207.8
213.0
191.5
181.9
1Q11
2Q11
3Q11
4Q11
22.2%
31.8
22.0%
30.6
18.6%
33.2
19.0%
36.1
18.6%
21.3%
29.2
20.1%
34.7
21.2%
39.4
22.5%
52.5
27.1%
36.6%
50.2
34.6%
57.5
35.1%
56.9
32.5%
50.2
25.9%
20.0%
33.7
23.3%
41.2
25.1%
45.6
26.1%
54.9
28.3%
100.0%
145.0
100.0%
164.0
100.0%
175.1
100.0%
193.5
100.0%
Menu
1Q15
2Q15
2009
2010
2011
2012
2013*
2014
132.4
125.9
282.9
342.1
453.9
608.2
674.2
663.3
1.7
1.8
103.9
151.4
159.8
174.1
21.4
8.1
17.9
12.3
12.6
37.0
40.6
74.1
101.3
80.5
11.9
7.8
4.8
19.4
23.3
22.8
35.3
42.3
163.9
147.9
404.2
549.9
677.6
879.3
832.3
794.2
1Q12
2Q12
3Q12
4Q12
1Q13*
39.3
19.7%
41.9
19.9%
45.5
20.5%
47.3
19.2%
47.5
52.5
26.4%
58.9
27.9%
60.5
27.2%
66.0
26.7%
64.9
50.9
25.5%
54.8
26.0%
48.8
22.0%
59.3
24.0%
51.5
56.5
28.4%
55.4
26.3%
67.4
30.3%
74.2
30.1%
76.1
199.1
100.0%
211.1
100.0%
222.2
100.0%
246.8
100.0%
239.9
2Q13*
3Q13*
4Q13*
1Q14
19.8%
55.1
20.3%
55.7
20.0%
58.6
23.5%
51.0
24.6%
27.0%
66.5
24.5%
72.4
25.9%
54.2
21.7%
59.5
28.6%
21.5%
59.8
22.0%
57.2
20.5%
39.9
16.0%
0.0%
31.7%
90.1
33.2%
93.9
33.6%
97.2
38.9%
97.3
46.8%
100.0%
271.5
100.0%
279.2
100.0%
249.9
100.0%
207.8
100.0%
2Q14
3Q14
4Q14
1Q15
55.5
26.1%
51.9
27.1%
52.5
28.9%
51.1
31.2%
58.8
27.6%
48.6
25.4%
45.4
25.0%
33.2
20.3%
0.0%
0.0%
0.0%
0.0%
98.6
46.3%
91.0
47.5%
83.9
46.1%
79.6
48.6%
213.0
100.0%
191.5
100.0%
181.9
100.0%
163.9
100.0%
2Q15
2009
2010
2011
41.8
28.3%
146.2
36.2%
154.3
28.1%
131.6
31.6
21.3%
62.2
15.4%
105.1
19.1%
155.8
0.0%
141.4
35.0%
195.4
35.5%
214.8
74.5
50.4%
54.4
13.5%
95.1
17.3%
175.4
147.9
100.0%
404.2
100.0%
549.9
100.0%
677.6
2012
2013*
2014
19.4%
174.1
19.8%
217.0
20.8%
211.0
26.6%
23.0%
238.0
27.1%
258.0
24.8%
212.4
26.7%
31.7%
213.8
24.3%
208.3
20.0%
25.9%
253.5
28.8%
100.0%
879.3
100.0%
0.0%
357.3
34.3%
370.8
46.7%
1,040.6
100.0%
794.2
100.0%
Mills - Cost of goods and services sold (COGS) and the general, administrative and operating expenses (G&A), ex-deprec
In R$ million
1Q09
2Q09
3Q09
25.9
51.0%
34.1
55.2%
33.8
0.3
0.6%
1.5
2.4%
2.3
0.1
0.2%
0.1
0.1%
0.1
Equipment storage
COGS
26.3
51.8%
35.7
57.7%
36.1
G&A
24.5
48.2%
26.2
42.3%
28.9
ADD
Total COGS + G&A
50.7
100.0%
61.8
100.0%
65.0
4Q09
1Q10
2Q10
3Q10
52.0%
37.7
54.7%
35.7
49.1%
44.1
54.6%
50.9
54.7%
3.5%
3.4
5.0%
5.4
7.4%
3.6
4.5%
6.2
6.7%
0.1%
0.1
0.1%
0.1
0.1%
0.4
0.4%
1.0
1.0%
55.6%
41.2
59.7%
41.1
56.6%
48.1
59.5%
58.1
62.5%
44.4%
27.8
40.3%
31.6
43.4%
32.7
40.5%
34.9
37.5%
100.0%
69.0
100.0%
72.7
100.0%
80.8
100.0%
93.0
100.0%
4Q10
1Q11
2Q11
3Q11
4Q11
51.9
47.7%
45.9
49.8%
52.2
49.3%
58.5
47.1%
53.3
8.0
7.4%
3.5
3.8%
4.5
4.3%
5.6
4.5%
11.8
2.6
2.4%
1.2
1.4%
1.3
1.2%
0.6
0.5%
1.4
5.4
5.8%
6.7
6.3%
8.1
6.6%
7.1
62.6
57.5%
56.0
60.8%
64.7
61.1%
72.9
58.7%
73.7
46.3
42.5%
36.1
39.2%
41.2
38.9%
51.3
41.3%
43.4
108.8
100.0%
92.1
100.0%
106.0
100.0%
124.2
100.0%
117.1
1Q121
2Q12
3Q12
4Q12
45.5%
48.6
43.5%
56.0
44.3%
56.5
45.0%
64.2
42.6%
10.1%
6.2
5.6%
7.2
5.7%
11.0
8.8%
16.5
11.0%
1.2%
1.2
1.1%
1.6
1.2%
1.9
1.5%
0.2
0.1%
6.1%
7.6
6.8%
8.1
6.4%
9.4
7.5%
10.5
7.0%
63.0%
63.6
56.9%
72.8
57.6%
78.9
62.8%
91.4
60.7%
37.0%
42.4
38.0%
50.4
39.9%
46.1
36.7%
54.6
36.2%
5.7
100.0%
111.8
5.1%
100.0%
3.1
126.3
2.4%
100.0%
0.5
125.5
0.4%
100.0%
4.6
150.5
3.1%
100.0%
1Q132
2Q13
3Q13
4Q13
1Q14
19.5
20.0%
24.5
20.6%
25.2
20.4%
23.7
22.5%
22.2
12.1
12.4%
20.9
17.5%
22.1
17.9%
13.0
12.3%
8.9
0.9
0.9%
2.3
1.9%
3.4
2.8%
2.3
2.2%
1.7
9.1
9.3%
10.3
8.7%
11.3
9.2%
11.9
11.3%
10.1
41.5
42.7%
57.9
48.7%
62.0
50.3%
50.9
48.3%
42.8
51.5
52.9%
58.2
49.0%
56.0
45.4%
50.5
48.0%
52.0
4.3
97.2
4.4%
100.0%
2.8
119.0
2.3%
100.0%
5.2
123.2
4.2%
100.0%
3.9
105.3
3.7%
100.0%
6.5
101.4
2Q14
3Q14
4Q14
1Q15
21.9%
24.1
21.1%
23.3
18.6%
22.4
17.7%
18.1
15.6%
8.7%
14.7
12.9%
19.1
15.2%
10.5
8.3%
10.9
9.3%
1.6%
1.7
1.5%
6.4
5.1%
3.9
3.1%
4.7
4.1%
10.0%
10.9
9.6%
14.9
11.8%
14.7
11.5%
13.3
11.4%
42.3%
51.5
45.1%
63.6
50.7%
51.5
40.6%
47.1
40.4%
51.3%
57.8
50.6%
53.2
42.4%
53.2
41.9%
48.5
41.6%
6.4%
100.0%
4.9
114.1
4.3%
100.0%
8.7
125.5
6.9%
100.0%
22.2
126.9
17.5%
100.0%
21.0
116.5
18.0%
100.0%
Menu
2Q15
2009
2010
2011
23.0
19.7%
131.5
53.3%
182.6
51.4%
210.0
47.8%
8.2
7.0%
7.5
3.0%
23.2
6.5%
25.5
5.8%
3.2
2.7%
0.3
0.1%
4.0
1.1%
4.6
1.0%
14.2
12.1%
0.0%
0.0%
27.3
6.2%
48.5
41.6%
139.3
56.5%
209.9
59.1%
267.4
60.8%
45.6
39.1%
107.3
43.5%
145.5
40.9%
172.1
39.2%
1.8
95.9
1.5%
100.0%
246.5
100.0%
355.4
100.0%
439.5
100.0%
2012
2013*
2014
225.2
45.0%
92.8
21.7%
92.1
21.6%
41.0
8.2%
68.0
15.9%
53.2
12.5%
4.9
1.0%
8.9
2.1%
13.7
3.2%
35.5
7.1%
42.6
9.9%
50.6
11.9%
306.7
61.3%
212.3
49.5%
209.5
49.2%
193.5
38.7%
216.2
50.5%
216.2
50.8%
13.9
500.2
16.2
100.0%
428.5
42.3
100.0%
425.7
100.0%
1Q09
2Q09
3Q09
17.1
54.0%
19.1
44.7%
17.2
45.5%
Real Estate
7.1
22.6%
7.7
18.0%
7.3
19.4%
Industrial Services
0.2
0.6%
9.0
21.1%
5.3
14.1%
Rental
7.3
22.9%
7.0
16.3%
7.9
21.0%
31.6
100.0%
42.8
100.0%
37.7
100.0%
Heavy Construction
Total EBITDA
EBITDA margin (%)
38.4%
40.9%
36.7%
Does not include the net profit from the sales of Industrial Services business unit and costs for legal and financial advice.
* Pro-forma result, including results for Industrial Service business unit.
cial advice.
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
20.3
44.6%
16.4
38.3%
21.6
42.9%
22.3
39.9%
13.3
29.2%
15.6
9.7
21.3%
10.3
24.0%
10.0
19.8%
11.9
21.4%
11.6
25.6%
12.3
6.3
13.8%
6.3
14.8%
6.9
13.8%
7.0
12.6%
5.8
12.8%
6.1
9.2
20.2%
9.8
22.9%
11.9
23.5%
14.6
26.2%
14.7
32.3%
18.9
45.6
100.0%
42.8
100.0%
50.5
100.0%
55.9
100.0%
45.4
100.0%
39.8%
37.0%
38.4%
37.6%
29.4%
52.8
36.4%
2Q11
3Q11
4Q11
1Q12
2Q12
29.4%
14.1
24.3%
8.6
17.0%
19.5
25.5%
18.9
21.6%
21.2
25.0%
23.2%
13.5
23.2%
16.4
32.2%
23.9
31.2%
26.3
30.1%
27.2
32.1%
11.6%
8.1
14.0%
4.1
8.1%
2.3
3.1%
6.2
7.1%
4.7
5.5%
35.8%
22.3
38.4%
21.7
42.7%
30.7
40.2%
30.3
34.7%
28.6
33.8%
58.0
100.0%
50.8
100.0%
76.4
100.0%
87.4
100.0%
84.8
100.0%
100.0%
35.4%
29.0%
39.5%
43.9%
40.2%
3Q12
4Q12
1Q13*
2Q13*
3Q13*
4Q13*e1
24.1
24.9%
20.2
21.0%
24.3
22.9%
25.1
22.7%
29.4
26.9%
29.3
33.8
35.0%
26.1
27.2%
27.7
26.1%
24.6
22.3%
24.4
22.3%
17.1
0.1
0.1%
8.4
8.8%
6.3
5.9%
8.5
7.7%
3.3
3.0%
1.4
38.0
39.3%
36.9
38.4%
43.6
41.0%
49.3
44.7%
52.3
47.8%
56.0
96.7
100.0%
96.3
100.0%
106.3
100.0%
110.3
100.0%
109.4
100.0%
43.5%
39.0%
44.3%
40.6%
41.0%
103.8
43.1%
1Q14
2Q14
3Q14
4Q14
28.2%
25.6
23.8%
25.6
24.2%
21.4
32.1%
16.3
29.3%
16.5%
23.5
21.8%
25.2
23.8%
(4.7)
-7.0%
6.1
11.0%
1.3%
0.0%
0.0%
0.0%
54.0%
58.4
54.3%
55.1
52.0%
50.0
74.9%
33.2
59.7%
107.5
100.0%
105.9
100.0%
66.7
100.0%
55.6
100.0%
100.0%
51.7%
49.7%
34.8%
30.6%
Menu
1Q15
2Q15
2009
2010
12.9
27.2%
12.5
23.9%
73.7
46.7%
73.6
37.8%
0.1
0.1%
0.2
0.4%
31.8
20.2%
43.9
22.6%
0.0%
20.8
13.2%
26.1
13.4%
39.4
75.6%
31.3
19.9%
51.0
26.2%
52.1
100.0%
157.6
100.0%
194.5
100.0%
34.4
72.6%
47.4
100.0%
28.9%
35.3%
39.0%
35.4%
2011
2012
2013*e1
2014
57.8
24.3%
85.5
23.4%
108.1
25.6%
88.9
26.5%
66.0
27.7%
119.3
32.7%
93.8
22.2%
50.1
14.9%
20.7
8.7%
19.4
5.3%
19.5
4.6%
0.0%
93.6
39.3%
140.8
38.6%
201.2
47.6%
238.1
100.0%
365.1
100.0%
422.6
100.0%
35.1%
41.5%
42.2%
196.7
58.6%
335.7
100.0%
46.4%
1Q09
2Q09
3Q09
4Q09
1Q10
Heavy Construction
2.6
1.4
9.3
8.9
21.6
Real Estate
0.3
1.8
6.6
7.1
11.2
Industrial Services
1.5
0.5
1.5
2.0
7.3
Rental
3.8
10.1
12.8
3.4
18.1
Corporate
0.8
0.5
0.3
1.3
0.5
9.0
14.2
30.5
22.7
58.7
Acquisition
Total capex
9.0
14.2
30.5
22.7
58.7
Organic growth
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
19.2
25.0
8.5
8.4
8.2
13.8
16.9
9.0
24.7
33.6
34.5
37.0
40.8
50.6
56.6
15.4
7.3
6.8
3.6
2.2
4.1
6.9
4.1
3.2
35.1
52.5
25.0
42.4
43.1
43.9
33.4
26.0
3.8
3.1
7.3
94.7
9.0
6.4
3.5
4.8
90.0
121.0
78.8
184.6
105.2
121.6
114.4
58.4
90.0
5.5
78.8
184.6
105.2
90.0
121.0
121.6
114.4
58.4
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
24.0
11.3
6.3
21.7
28.8
26.5
29.4
15.0
12.5
22.8
9.1
24.9
44.8
16.1
4.2
4.5
1.1
0.2
0.4
0.2
0.3
2.0
1.7
40.9
40.3
53.7
73.3
69.3
74.2
50.4
73.3
5.1
4.9
6.7
7.6
7.6
10.9
10.3
9.5
83.5
79.4
76.3
127.7
150.7
129.7
96.1
102.3
83.5
79.4
76.3
127.7
150.7
129.7
96.1
102.3
Menu
2Q14
3Q14
4Q14
1Q15
2Q15
2009
2010
2011
11.3
9.1
12.1
0.5
4.6
0.3
0.2
0.1
8.9
1.7
4.2
0.6
0.5
0.2
190.5
5.4
25.0
17.3
28.5
3.0
0.5
0.0
0.0
0.2
0.2
6.0
5.7
5.8
5.2
4.5
70.6
322.9
222.3
54.7
19.5
22.6
6.4
9.7
76.3
348.5
430.4
54.7
19.5
22.6
6.4
9.7
76.3
348.5
95.5
525.9
2012
2013
2014
0.2
107.6
47.5
0.2
92.1
19.3
4.9
4.2
0.2
270.5
105.3
292.2
36.5
27.1
297.6
510.9
199.1
297.6
510.9
199.1
1Q09
2Q09
3Q09
4Q09
1Q10
Net revenue
Rental
28.9
31.5
31.4
33.5
29.8
4.0
5.6
5.5
5.9
5.8
32.8
37.1
36.9
39.4
35.7
EBITDA
17.1
19.1
17.2
20.3
16.4
52.0%
51.5%
46.5%
51.6%
45.9%
33%
36%
30%
32%
24%
2.6
1.4
9.3
8.9
21.6
113.2
119.2
126.5
130.7
138.4
113.2
119.2
126.5
130.7
138.4
2.9
3.0
3.2
4.3
3.6
From 1Q13, ROICs and Invested Capital are reported consedering the last twelve months
1Q09
2Q09
3Q09
4Q09
1Q10
Net revenue
Rental
Technical support services, sales and others
Total net revenue
EBITDA
14.0
14.2
14.6
15.3
16.5
0.2
0.5
0.5
2.9
6.2
14.1
14.7
15.1
18.3
22.7
7.1
7.7
7.3
9.7
10.3
50.5%
52.4%
48.4%
53.3%
45.3%
ROIC (%)
27.4%
28.7%
25.6%
30.4%
29.2%
0.3
1.8
6.6
7.1
11.2
61.9
64.0
68.5
75.0
83.2
61.9
64.0
68.5
75.0
83.2
0.7
0.7
0.7
1.1
1.1
Capex
Invested Capital
Rental net PP&E
Others
Invested Capital
Depreciation
From 1Q13, ROICs and Invested Capital are reported consedering the last twelve months
In R$ million
1T09
2T09
3T09
4T09
1T10
1Q09
2Q09
3Q09
4Q09
1Q10
Net revenue
Rental
11.7
11.2
13.1
15.1
16.0
0.3
0.9
1.5
0.6
1.2
12.0
12.1
14.6
15.7
17.2
7.3
7.0
7.9
9.2
9.8
60.4%
57.7%
54.2%
58.6%
57.0%
ROIC (%)
22.9%
19.8%
18.6%
20.5%
23.5%
3.8
10.1
12.8
3.4
18.1
64.0
67.8
81.5
82.8
80.6
64.0
67.8
81.5
82.8
80.6
1.7
1.9
2.2
2.8
2.6
Capex
Invested Capital
Rental net PP&E
Others
Invested Capital
Depreciation
From 1Q13, ROICs and Invested Capital are reported consedering the last twelve months
In R$ million
1T09
2T09
3T09
4T09
1T10
1Q09
2Q09
3Q09
4Q09
1Q10
Net revenue
Maintenance
10.1
15.0
12.3
12.5
12.4
New plants
23.4
40.8
36.1
41.2
40.0
23.4
40.8
36.1
41.2
40.0
0.2
9.0
5.3
6.3
6.3
EBITDA
EBITDA margin (%)
ROIC (%)
Capex
Invested Capital
Depreciation
0.8%
22.1%
14.7%
15.3%
15.8%
-6.5%
32.7%
16.4%
18.4%
17.7%
1.5
0.5
1.5
2.0
7.3
1.6
1.6
1.6
2.0
1.7
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
32.4
32.7
26.8
25.0
24.3
27.3
32.5
33.1
36.9
9.3
10.0
7.4
6.8
6.2
5.9
3.5
6.3
5.0
41.7
42.7
34.2
31.8
30.6
33.2
36.1
39.3
41.9
21.6
22.3
13.3
15.6
14.1
8.6
19.5
18.9
21.2
51.9%
52.2%
38.8%
48.9%
46.2%
26.0%
54.0%
48.0%
50.6%
29%
25%
19%
14%
12%
4%
18%
17%
18%
19.2
25.0
8.5
8.4
8.2
13.8
16.9
9.0
24.0
162.2
184.4
200.6
160.2
160.5
166.9
177.9
181.9
190.1
43.7
49.2
48.9
44.1
44.2
49.3
162.2
184.4
200.6
203.9
209.7
215.8
222.0
226.1
239.4
3.9
4.5
4.8
5.1
5.1
5.2
5.6
5.5
6.0
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
19.6
21.9
23.6
26.0
30.9
34.9
40.3
45.3
48.5
2.2
6.0
9.2
3.2
3.8
4.4
12.1
7.2
10.4
21.8
27.9
32.8
29.2
34.7
39.4
52.5
52.5
58.9
10.0
11.9
11.6
12.3
13.5
16.4
23.9
26.3
27.2
46.0%
42.8%
35.5%
42.0%
38.8%
41.6%
45.5%
50.1%
46.1%
23.6%
21.3%
22.3%
15.2%
13.0%
12.5%
16.3%
15.6%
14.8%
24.7
33.6
34.5
37.0
46.3
50.6
56.6
15.4
12.5
97.8
123.7
154.1
135.2
168.5
204.8
256.1
283.7
287.0
40.2
48.4
57.3
54.8
61.7
78.9
97.8
123.7
154.1
175.4
216.9
262.0
310.8
345.4
365.9
1.4
1.9
2.5
2.7
3.2
4.7
5.8
7.1
7.8
2T10
3T10
4T10
1T11
2T11
3T11
4T11
1T12
2T12
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
19.3
23.9
25.7
30.8
36.7
42.3
47.2
50.5
50.6
2.0
1.9
5.1
2.9
4.5
3.3
7.7
6.0
4.8
21.3
25.8
30.8
33.7
41.2
45.6
54.9
56.5
55.4
11.9
14.6
14.7
18.9
22.3
21.7
30.7
30.3
28.6
55.8%
56.6%
47.6%
56.0%
54.1%
47.6%
56.0%
53.7%
51.7%
19.6%
17.3%
18.7%
17.3%
17.1%
12.9%
18.6%
20.3%
16.3%
35.1
52.5
25.0
42.4
43.1
43.9
33.4
26.0
40.9
114.0
154.5
187.8
202.0
231.8
267.0
294.8
315.7
325.5
10.3
28.5
39.3
39.9
37.6
45.7
114.0
154.5
187.8
212.4
260.3
306.3
334.8
353.2
371.2
3.4
4.5
5.0
5.8
6.4
7.6
8.5
9.3
9.7
2T10
3T10
4T10
1T11
2T11
3T11
4T11
1T12
2T12
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
14.7
16.2
13.6
12.3
17.6
15.8
10.7
15.9
17.2
46.5
52.5
56.4
50.2
57.5
56.9
50.2
50.9
54.8
46.5
52.5
56.4
50.2
57.5
56.9
50.2
50.9
54.8
6.9
7.0
5.8
6.1
8.1
4.1
2.3
6.2
4.7
14.9%
13.4%
10.3%
12.2%
14.2%
7.2%
4.7%
12.1%
8.5%
17.3%
14.9%
14.8%
9.6%
14.2%
3.2%
-1.2%
7.5%
3.9%
7.3
6.8
3.6
2.2
4.1
6.9
4.1
3.2
1.1
1.8
2.1
2.2
2.4
2.5
2.7
2.9
2.8
2.9
3Q12
4Q12
1Q131
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
37.0
39.1
39.4
41.0
42.2
46.6
43.8
45.9
44.4
8.5
8.2
8.0
14.1
13.5
12.1
7.3
9.7
7.5
45.5
47.3
47.5
55.1
55.7
58.6
51.0
55.5
51.9
24.1
20.2
24.3
25.1
29.4
29.3
25.6
25.6
21.4
52.9%
42.7%
51.3%
45.5%
52.8%
49.9%
50.2%
46.2%
41.2%
20%
15%
18%
18%
18%
19%
18%
16%
13%
11.3
6.3
22.2
29.1
26.8
29.5
15.0
11.5
9.5
200.0
201.3
199.5
207.5
215.6
224.4
236.4
245.1
250.0
47.7
53.2
50.2
53.8
55.6
59.1
63.2
74.3
84.8
247.7
254.4
249.6
261.3
271.2
283.5
299.6
319.4
334.8
6.6
6.7
7.1
7.2
7.7
8.5
9.4
10.0
10.2
3Q12
4Q12
1Q131
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
49.2
49.9
53.3
52.0
47.8
44.0
44.8
45.5
37.3
11.4
16.1
11.5
14.5
24.5
10.3
14.7
13.4
11.3
60.5
66.0
64.9
66.5
72.4
54.2
59.5
58.8
48.6
33.8
26.1
27.7
24.6
24.4
17.1
23.5
25.2
(4.7)
55.9%
39.6%
42.8%
37.0%
33.7%
31.5%
39.4%
42.8%
-9.6%
20.2%
12.6%
15.0%
13.4%
10.6%
8.1%
6.7%
6.5%
2.1%
22.8
9.1
25.3
45.1
17.2
4.5
5.0
9.4
2.1
293.3
300.7
297.3
307.9
320.5
331.1
336.6
336.3
328.3
72.5
87.3
86.8
97.3
112.7
132.7
149.7
154.0
157.2
365.8
388.0
384.1
405.1
433.2
463.8
486.3
490.3
485.5
7.4
8.7
8.9
9.6
10.2
11.3
11.5
11.7
12.2
Colocar
3T12
4T12
1T13
2T13
3T13
4T13
1T14
2T14
3T14
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
57.0
64.3
67.3
73.8
80.5
86.1
88.1
84.4
79.7
10.4
9.9
8.8
16.3
13.4
11.1
9.1
14.2
11.3
67.4
74.2
76.1
90.1
93.9
97.2
97.3
98.6
91.0
38.0
36.9
43.6
49.3
52.3
56.0
58.4
55.1
50.0
56.5%
49.8%
57.3%
54.7%
55.7%
57.7%
60.1%
55.8%
54.9%
19.8%
16.9%
18.0%
18.5%
18.1%
18.2%
17.8%
16.2%
14.5%
40.3
53.7
73.6
69.6
75.4
51.9
73.7
29.5
3.6
354.5
385.3
372.5
410.7
448.8
489.6
528.5
561.4
584.3
35.1
31.7
37.3
38.0
43.0
50.7
60.1
82.6
99.6
389.7
417.1
409.9
448.7
491.8
540.3
588.6
644.0
683.8
10.6
11.8
12.6
14.4
15.8
17.7
18.7
20.3
20.9
3T12
4T12
1T13
2T13
3T13
4T13
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
2009
2010
2011
18.5
26.5
22.1
23.1
24.6
17.1
49.9
56.9
56.5
48.8
59.3
51.5
59.8
57.2
39.9
141.4
195.4
214.8
48.8
59.3
51.5
59.8
57.2
39.9
141.4
195.4
214.8
0.1
8.4
6.3
8.5
3.3
1.4
20.8
26.1
20.7
0.2%
14.2%
12.2%
14.3%
5.7%
3.5%
14.7%
13.4%
9.7%
-6.2%
13.3%
8.9%
16.4%
9.5%
5.7%
15.0%
16.0%
5.9%
0.2
0.4
0.3
0.4
2.0
2.2
5.4
25.0
17.3
2.9
2.8
2.7
2.7
0.2
0.2
6.7
7.8
10.5
Menu
4Q14
1Q15
2Q15
2009
2010
2011
2012
2013
2014
43.4
36.5
35.6
125.3
121.8
109.2
146.1
169.3
177.4
9.1
14.6
6.2
20.9
32.4
22.5
28.0
47.7
33.6
52.5
51.1
41.8
146.2
154.3
131.6
174.1
217.0
211.0
16.3
12.9
12.5
73.7
73.6
57.8
84.3
108.1
88.9
31.0%
25.3%
29.8%
50.4%
47.7%
43.9%
48.5%
49.8%
42.1%
10%
7%
4%
32.9%
24.1%
12.1%
17.2%
19.2%
9.9%
12.1
0.5
4.6
22.1
74.3
47.3
50.5
107.6
48.2
250.0
248.8
243.4
121.1
171.1
166.7
192.8
224.4
250.0
98.1
103.6
105.6
46.6
48.9
59.1
98.1
348.1
352.4
349.0
121.1
171.1
213.3
241.7
283.5
348.1
10.2
10.6
10.5
13.3
16.8
20.9
24.8
30.5
39.8
4Q14
1Q15
2Q15
2009
2010
2011
2012
2013
2014
34.2
26.7
25.0
58.1
81.6
132.2
192.9
197.2
161.8
11.2
6.6
6.6
4.0
23.5
23.6
45.1
60.8
50.5
45.4
33.2
31.6
62.2
105.1
155.8
238.0
258.0
212.4
6.1
0.1
0.2
31.8
43.9
66.0
113.4
93.8
50.1
13.5%
0.2%
0.7%
51.2%
41.7%
42.4%
47.7%
36.4%
23.6%
0.4%
-3.3%
-7.6%
26.9%
23.5%
14.3%
15.7%
8.1%
0.4%
4.2
0.7
0.5
15.8
104.0
190.5
59.8
92.1
20.7
317.1
307.0
296.2
70.1
114.7
191.7
291.1
331.1
317.1
152.4
141.6
129.3
49.8
75.6
132.7
152.4
469.5
448.6
425.5
70.1
114.7
241.4
366.7
463.8
469.5
12.2
11.9
11.7
3.3
6.8
16.5
31.0
40.1
47.5
4T14
1T15
2T15
4Q14
1Q15
2Q15
71.8
69.3
65.3
2009
51.1
2010
84.9
2011
157.0
2012
222.5
2013
307.7
2014
324.0
12.2
10.3
9.2
3.3
10.1
18.4
31.0
49.6
46.8
83.9
79.6
74.5
54.4
95.1
175.4
253.5
357.3
370.8
33.2
34.4
39.4
31.3
51.0
93.6
133.9
201.2
196.7
39.6%
43.3%
53.0%
57.6%
53.6%
53.4%
52.8%
56.3%
53.0%
11.5%
8.8%
7.4%
21.4%
19.2%
16.5%
18.2%
18.2%
11.5%
1.9
0.7
0.4
30.1
130.6
162.8
160.9
270.5
108.7
590.8
588.2
570.2
70.3
134.1
248.5
345.6
489.6
590.8
113.9
124.7
128.5
29.4
37.5
50.7
113.9
704.6
712.9
698.7
70.3
134.1
277.8
383.1
540.3
704.6
21.0
20.9
20.8
8.6
15.6
28.2
41.4
60.5
80.9
2012
2013
78.0
86.8
213.8
208.3
213.8
208.3
19.4
19.5
9.1%
9.4%
4.6%
10.9%
4.9
5.0
11.4
5.8
1Q09
2Q09
3Q09
82.4
104.6
102.7
(32.8)
(42.4)
(43.4)
49.5
62.1
59.3
(24.8)
(26.5)
(29.3)
Operating profit
24.7
35.6
30.0
Financial expense
(7.0)
(6.1)
(5.7)
Financial income
0.2
0.3
0.2
Financial result
(6.8)
(5.9)
(5.5)
17.9
29.7
24.5
(6.0)
(9.7)
(8.0)
12.0
20.1
16.6
12.0
20.1
16.6
87,220
87,220
87,220
0.14
0.23
0.19
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
114.6
115.5
131.3
148.9
154.2
145.0
164.0
(51.0)
(49.6)
(58.2)
(70.5)
(76.5)
(71.3)
(81.2)
63.6
65.9
73.1
78.4
77.7
73.7
82.8
(28.2)
(32.1)
(33.2)
(35.5)
(46.9)
(36.8)
(42.0)
35.4
33.8
39.9
42.9
30.8
36.8
40.7
(6.5)
(6.2)
(6.6)
(7.2)
(4.4)
(5.1)
(12.3)
0.3
0.5
6.3
7.1
4.8
2.1
5.4
(6.2)
(5.8)
(0.3)
(0.1)
0.5
(3.1)
(7.0)
29.2
28.1
39.6
42.8
31.3
33.8
33.8
(9.5)
(9.4)
(13.5)
(14.4)
(1.2)
(11.6)
(11.2)
19.8
18.7
26.1
28.5
30.1
22.2
22.6
19.8
18.7
26.1
28.5
30.1
22.2
22.6
87,421
87,421
124,611
124,611
125,495
125,495
125,495
0.23
0.21
0.21
0.23
0.24
0.18
0.18
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q131
2Q131
175.1
193.5
148.3
156.3
173.4
187.5
188.4
211.8
(92.3)
(95.6)
(48.5)
(54.3)
(61.7)
(73.7)
(68.4)
(87.3)
82.8
97.9
99.7
102.0
111.8
113.9
120.0
124.5
###
(52.1)
(44.2)
(40.4)
(45.4)
(40.3)
(57.9)
(48.6)
(54.0)
30.7
53.7
59.3
56.6
71.5
56.0
71.4
70.5
(16.6)
(12.5)
(10.8)
(9.9)
(9.8)
(14.4)
(11.3)
(16.8)
4.6
2.7
1.1
0.9
1.0
7.6
2.1
5.0
(12.0)
(9.9)
(9.7)
(9.0)
(8.8)
(6.7)
(9.2)
(11.8)
18.8
43.8
49.6
47.6
62.6
49.2
62.2
58.7
(0.9)
(14.3)
(17.0)
(8.5)
(22.2)
(11.0)
(20.2)
(11.3)
17.9
29.5
32.6
39.0
40.4
38.3
41.9
47.4
1.2
0.6
(2.4)
1.2
1.6
3.5
17.9
29.5
33.8
39.6
38.0
39.4
43.6
50.9
125,591
125,657
125,690
126,149
126,314
126,399
126,492
127,120
0.14
0.24
0.27
0.31
0.30
0.31
0.34
0.40
Menu
3Q131
4Q131
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
222.0
210.1
207.8
213.0
191.5
181.9
163.9
147.9
(93.5)
(85.7)
(79.0)
(89.9)
(102.7)
(90.7)
(86.1)
(87.1)
128.5
124.4
128.8
123.0
88.7
91.2
77.8
60.8
8.3
(50.8)
(71.9)
(61.9)
(66.3)
(66.1)
(79.6)
(73.8)
(51.8)
77.6
60.7
66.9
56.8
22.7
11.6
4.0
9.0
(14.8)
(17.0)
(20.6)
(25.9)
(28.2)
(18.1)
(26.1)
(23.0)
2.5
3.5
4.0
7.5
10.4
3.3
7.7
6.9
(12.3)
(13.5)
(16.5)
(18.4)
(17.8)
(14.8)
(18.4)
(16.1)
65.3
47.2
50.3
38.4
4.9
(3.2)
(14.4)
(7.1)
(21.5)
(12.7)
(16.5)
(5.0)
(1.7)
(3.0)
(0.1)
(1.1)
43.9
34.5
33.9
33.4
3.2
(6.2)
(14.5)
(8.2)
1.0
(1.2)
44.9
33.3
33.9
33.4
3.2
(6.2)
(14.5)
(8.2)
127,314
127,386
127,491
128,026
128,058
128,058
128,058
128,058
0.35
0.26
0.27
0.26
0.03
(0.05)
(0.11)
(0.06)
1Q09
2Q09
3Q09
Assets
Current Assets
Cash and cash equivalents
13.0
2.6
8.3
45.1
62.3
70.7
0.7
1.3
###
Marketable securities
Trade receivables
Inventories
20.0
20.5
20.9
Advances to suppliers
Recoverable taxes
Marketable securities
2.3
###
3.9
81.1
89.0
105.1
Trade receivables
5.2
5.0
4.7
Recoverable taxes
0.1
0.2
###
17.0
16.5
16.6
6.5
6.6
6.0
28.8
28.3
27.5
Non-Current Assets
Deferred taxes
Deposits in court
Other current assets
Investment
Property, plant and equipment
Intangible assets
234.4
241.4
39.1
###
262.7
39.1
273.5
280.5
301.8
302.3
308.8
329.3
Total Assets
383.4
397.8
434.4
in R$ million
1T09
2T09
3T09
1Q09
2Q09
3Q09
Liabilities
Current Liabilities
Suppliers
5.6
12.2
12.6
49.0
50.6
56.6
12.6
15.6
18.0
2.3
4.3
4.5
2.7
4.1
4.6
Taxes payable
12.0
6.6
9.2
7.5
0.3
0.2
0.9
92.0
93.6
106.4
139.4
130.4
135.3
22.6
22.9
24.0
Taxes payable
0.6
###
2.7
Deferred taxes
(2.1)
0.5
###
0.5
163.1
154.4
160.4
Total Passivo
255.1
248.0
266.8
Capital
80.5
80.6
###
Earnings reserves
34.1
Stockholders' Equity
Capital reserves
###
34.1
2.7
3.8
4.8
12.0
32.1
48.6
129.3
150.6
168.1
384.4
398.6
434.9
4Q09
1Q10
2Q10
3Q10
1.6
1.8
298.9
3.1
71.5
84.6
96.7
1.4
2.0
25.7
-
4Q10
196.9
1Q11
2Q11
3Q11
6.2
4.3
136.1
11.0
107.1
122.1
122.6
127.5
126.5
2.4
3.9
5.6
6.7
10.1
11.8
14.8
15.6
20.3
26.2
19.0
22.2
21.2
2.8
8.3
7.3
9.1
9.0
9.6
179.0
72.2
4.1
3.4
7.8
3.4
4.4
3.6
5.2
4.1
104.2
109.4
424.5
339.9
307.9
176.5
352.9
245.4
4.4
4.3
4.1
4.0
3.8
3.4
3.1
3.2
0.2
###
0.2
4.4
3.9
3.9
3.0
28.5
10.0
9.5
8.9
13.2
8.1
8.4
8.5
22.0
6.0
6.1
6.4
6.4
7.3
7.3
7.5
7.8
20.6
20.1
19.5
28.0
23.1
23.1
22.1
61.4
90.0
88.0
88.0
276.0
322.3
394.7
495.8
551.2
621.2
698.4
788.6
39.3
39.3
39.3
39.6
41.9
41.8
42.0
44.7
315.3
361.6
434.0
535.4
593.1
753.0
828.4
921.2
335.8
381.7
453.5
563.4
616.2
776.0
850.4
982.7
440.1
491.1
878.1
903.3
924.1
952.5
1,203.3
1,228.1
4T09
1T10
2T10
3T10
4T10
1T11
2T11
3T11
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
11.7
23.3
21.0
28.6
32.7
24.3
32.3
12.1
56.8
59.0
47.4
46.0
46.7
78.2
40.6
41.0
6.4
15.8
14.7
20.2
21.2
26.2
21.3
26.9
28.7
33.3
0.1
3.3
1.7
3.2
3.3
2.9
0.0
0.8
0.8
0.8
0.7
0.7
0.9
0.9
0.7
4.0
2.7
4.1
4.4
7.9
3.4
3.8
9.9
13.8
3.7
7.7
10.9
17.5
1.4
3.5
4.7
16.2
15.5
24.5
24.5
0.4
18.9
7.0
11.3
5.0
1.3
1.3
2.2
7.4
2.4
12.0
2.2
5.1
119.4
129.8
106.2
127.3
160.8
175.0
133.0
146.5
127.1
147.2
120.2
96.5
85.9
78.7
81.6
77.1
268.2
268.3
8.5
8.8
9.6
9.1
11.1
11.3
11.7
12.7
0.4
0.3
0.3
0.3
5.0
9.4
11.0
11.2
11.5
9.8
10.0
10.5
10.7
10.4
0.6
###
0.6
1.0
1.0
0.9
1.0
0.8
0.6
0.6
148.2
169.2
142.6
121.6
108.2
101.3
372.9
378.6
267.7
299.0
248.7
248.9
268.9
276.3
505.9
525.1
80.7
97.5
523.5
###
525.1
###
525.1
526.8
86.2
70.0
###
70.0
145.2
144.8
144.4
144.1
(8.4)
(8.1)
(8.2)
(7.7)
(6.9)
(6.5)
5.7
5.8
(0.5)
(4.2)
(7.0)
(8.6)
(10.7)
(3.1)
18.7
44.8
73.2
22.6
45.5
41.8
172.6
192.1
629.3
654.4
655.2
676.2
697.5
703.1
440.3
491.1
878.1
903.3
924.1
952.5
1,203.3
1,228.1
4Q11
1Q12
2Q12
3Q12
35.2
30.3
29.3
4Q12
299.4
-
1Q13
2Q13
3Q13
44.2
24.5
47.3
45.7
159.6
138.0
139.1
140.1
156.5
168.1
194.8
199.4
165.1
174.1
11.2
15.1
15.0
21.3
26.9
29.9
30.9
30.9
22.1
22.8
27.5
27.8
35.0
26.5
35.8
31.3
11.5
3.8
7.0
6.9
6.7
5.5
0.7
0.3
2.8
1.3
0.0
4.0
0.4
106.7
95.2
3.0
4.2
4.7
4.6
6.5
7.2
8.6
9.4
224.9
216.3
241.2
528.0
473.7
431.1
399.1
387.4
2.6
2.4
2.5
2.5
2.5
2.1
2.1
2.1
31.6
30.9
30.4
29.5
30.7
31.2
34.8
42.3
4.9
6.8
7.0
2.8
10.9
11.0
11.4
11.5
11.9
11.8
11.7
9.7
50.0
51.2
51.4
46.3
45.1
45.1
48.6
54.0
87.4
###
87.4
87.4
87.4
87.4
87.4
87.4
872.9
897.2
943.0
978.6
1,003.3
1,084.3
1,124.1
1,189.4
45.5
47.2
49.1
51.6
54.5
57.5
59.9
64.2
1,005.8
1,031.7
1,079.5
1,117.6
1,145.3
1,229.2
1,271.4
1,341.0
1,055.8
1,082.9
1,130.9
1,163.9
1,190.4
1,274.3
1,319.9
1,395.0
1,280.6
1,299.2
1,372.1
1,691.9
1,664.1
1,705.4
1,719.0
1,782.5
4T11
1T12
2T12
3T12
4T12
1T13
2T13
3T13
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
35.9
19.8
47.3
46.1
47.8
58.5
70.1
61.1
65.3
64.1
114.9
109.1
41.8
38.5
15.7
14.5
6.1
13.8
4.6
13.2
13.0
17.8
110.6
110.0
25.0
26.3
32.1
37.2
27.6
33.3
23.8
25.9
2.7
5.3
4.7
5.8
0.8
9.8
0.4
0.1
0.9
0.9
0.9
0.9
0.9
0.9
8.1
8.1
10.5
9.9
18.6
7.7
10.7
7.1
7.9
3.6
7.9
11.8
20.1
4.1
10.8
15.0
21.9
###
18.8
18.8
36.2
36.2
20.4
20.4
0.1
0.8
1.6
25.2
12.7
14.6
4.4
5.2
4.9
6.3
7.8
8.8
3.1
3.1
177.7
168.2
241.7
258.0
214.5
213.1
279.7
307.7
71.1
68.2
42.0
40.4
30.2
30.5
23.5
20.8
268.4
268.5
268.6
537.3
537.5
537.7
447.8
448.0
16.1
14.7
16.0
11.0
9.9
10.3
10.6
10.4
2.4
1.8
5.5
1.0
10.5
10.7
10.0
9.9
9.8
9.7
9.6
9.5
0.6
0.5
0.7
0.6
0.4
0.3
0.2
0.0
366.7
362.7
337.3
599.2
590.2
590.4
497.3
489.8
544.5
531.0
579.0
857.2
804.7
803.5
776.9
797.6
527.6
528.0
533.6
536.2
537.6
539.5
548.8
551.9
212.0
211.7
211.3
210.9
321.8
321.4
321.0
321.0
(5.6)
(4.7)
(3.8)
(1.9)
0.2
2.2
4.7
7.2
2.1
0.2
1.1
0.3
(0.3)
(0.8)
2.9
0.5
33.0
50.9
89.2
39.6
64.6
104.3
736.1
768.2
793.1
834.7
859.3
901.9
942.1
984.9
1,280.6
1,299.2
1,372.1
1,691.9
1,664.1
1,705.4
1,719.0
1,782.5
Menu
4Q13
1Q14
2Q14
3Q14
25.8
8.5
93.7
4Q14
161.1
1Q15
193.7
2Q15
214.0
138.0
177.4
192.2
199.1
177.9
156.8
126.4
121.1
36.3
36.6
37.8
32.0
21.8
19.9
21.4
38.7
33.6
32.6
29.8
28.7
28.6
29.8
0.5
0.2
0.3
0.2
0.2
0.1
0.2
7.5
0.1
1.2
26.8
27.4
16.5
17.0
17.5
18.0
18.5
6.5
9.8
8.0
4.7
5.6
6.6
7.5
319.5
308.2
388.2
422.7
425.3
413.7
336.6
1.4
1.4
1.3
0.9
1.4
1.2
42.8
44.2
41.6
36.4
32.0
26.8
22.1
5.0
10.4
20.0
24.9
27.1
23.7
10.1
10.4
10.3
10.5
10.4
10.9
11.4
47.3
48.4
49.6
34.0
34.9
35.9
37.0
101.5
109.5
113.1
101.7
103.7
101.9
94.2
87.4
87.4
87.4
87.4
87.4
87.4
87.4
1,224.5
1,264.8
1,265.5
1,230.9
1,200.1
1,154.4
1,113.3
68.4
73.8
75.0
76.0
76.1
76.5
76.3
1,380.3
1,426.1
1,427.9
1,394.3
1,363.7
1,318.4
1,277.0
1,481.8
1,535.6
1,541.1
1,496.0
1,467.4
1,420.3
1,371.2
1,801.2
1,843.8
1,929.2
1,918.7
1,892.7
1,833.9
1,707.9
4T13
1T14
2T14
3T14
3T14
3T14
3T14
4Q13
1Q14
2Q14
3Q14
3Q14
3Q14
3Q14
37.9
55.4
29.1
18.6
16.5
14.9
11.1
12.8
49.1
45.4
46.4
49.6
3.2
3.2
112.5
120.2
107.1
109.6
105.3
114.3
107.8
19.2
23.6
24.3
25.3
19.4
20.0
21.7
6.2
2.7
2.9
2.5
1.0
1.0
1.0
1.0
1.0
1.0
1.1
7.1
4.6
8.6
4.7
4.0
2.9
2.9
18.7
0.6
1.7
41.0
41.0
21.8
21.8
21.8
21.8
0.0
3.3
5.2
1.2
0.0
4.9
3.5
5.1
2.1
1.0
1.2
0.2
255.0
308.5
252.0
233.6
221.2
179.4
148.1
58.7
17.2
16.5
15.7
14.9
14.3
13.5
0.3
448.2
448.4
572.1
573.3
575.5
580.3
493.7
10.6
11.4
11.6
12.8
12.6
12.4
12.0
2.5
9.4
9.4
9.3
9.2
9.1
9.0
8.9
0.1
0.1
529.7
486.5
609.5
611.0
612.1
616.0
528.1
784.7
795.0
861.5
844.6
833.3
795.3
676.2
553.2
554.9
563.1
563.3
563.3
563.3
563.3
447.9
447.9
447.9
447.9
487.0
487.0
487.0
10.2
12.4
14.9
17.3
8.8
2.5
4.8
5.2
(0.2)
(0.2)
0.3
0.2
0.2
0.2
33.9
42.2
45.4
(14.5)
(22.7)
1,016.5
1,048.8
1,067.7
1,074.1
1,059.4
1,038.6
1,032.7
1,801.2
1,843.8
1,929.2
1,918.7
1,892.7
1,833.9
1,708.9
1Q09
12.0
Adjustments
Depreciation and amortization
6.9
1.0
0.4
6.8
Others
6.5
(0.3)
Recoverable taxes
1.9
Deposits in court
0.0
Prepaid expenses
0.1
Prepaid suppliers
0.2
Other assets
(0.8)
Suppliers
(7.9)
(0.5)
(0.3)
(0.9)
3.4
0.3
Other liabilities
0.2
1.9
29.0
(3.3)
Lawsuits settled
Net cash generated by operating activities
25.7
Acquisitions of investments
Purchases of property, plant and equipment and intangible assets
Proceeds from sale of property, plant and equipment and intangible assets
(9.0)
-
(1.0)
(10.0)
Shares in treasury
(8.4)
3.8
(4.6)
11.0
1.8
13.0
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
20.1
16.6
29.2
28.1
39.6
42.8
31.3
33.8
7.1
9.0
10.1
8.9
10.6
13.0
14.5
16.0
0.2
0.6
0.8
0.2
1.0
1.7
1.1
0.1
(0.4)
0.5
0.3
0.4
6.1
3.8
4.0
3.2
6.6
1.4
0.1
0.3
(0.1)
0.1
0.0
(1.3)
0.3
(0.9)
(1.5)
(4.2)
(4.3)
(3.8)
(2.9)
(6.2)
(6.6)
8.0
(1.6)
5.8
5.5
2.9
6.0
4.8
5.3
5.9
4.3
0.8
0.5
14.1
16.4
19.6
17.3
8.7
10.2
33.4
18.3
(17.0)
(8.2)
(0.2)
(13.0)
(11.9)
(10.3)
(15.6)
(0.6)
(0.6)
0.1
(0.1)
(0.7)
(0.4)
(1.5)
(1.7)
(1.1)
(0.4)
(0.4)
(9.0)
14.4
5.8
(13.6)
4.1
4.2
(0.0)
0.6
(0.7)
0.0
(0.4)
0.0
(1.0)
0.0
0.2
0.3
(0.0)
0.1
(1.3)
(0.1)
(0.3)
(0.9)
(1.9)
(1.6)
(3.9)
(0.0)
(0.7)
6.6
0.4
(0.9)
11.6
(2.3)
7.6
4.1
(8.4)
2.9
2.4
(3.3)
5.5
1.0
4.9
(4.9)
5.6
2.0
0.2
(2.2)
1.4
2.6
(2.1)
(1.8)
3.2
(1.9)
(0.3)
(1.0)
(5.4)
2.7
0.3
1.1
(0.0)
0.1
6.8
0.5
1.3
0.2
(0.5)
5.1
(10.1)
(1.8)
(10.5)
14.6
(5.3)
(18.5)
(15.7)
3.0
24.1
31.2
38.3
60.0
43.1
34.6
49.0
55.1
(6.2)
(2.9)
(6.8)
(3.8)
(7.4)
(2.5)
(5.5)
(4.3)
(7.3)
(5.7)
(16.1)
(1.5)
(8.7)
(2.2)
(0.0)
(13.9)
(0.0)
0.0
(17.5)
17.8
28.3
24.2
36.6
19.5
30.6
34.8
31.1
(292.7)
113.4
48.0
126.7
(14.2)
-
(30.5)
-
(22.7)
(58.7)
(89.9)
(119.9)
(80.0)
(94.6)
1.0
1.6
4.5
5.4
6.5
4.2
(0.1)
(0.3)
0.0
(14.2)
(30.8)
(25.5)
(21.7)
(57.2)
(378.1)
(1.1)
36.2
(13.8)
425.9
1.7
0.1
0.1
14.5
(14.5)
(0.2)
(0.4)
(7.5)
(15.5)
(3.6)
(11.8)
(9.6)
(15.1)
(10.9)
(46.8)
(31.0)
(10.7)
(6.3)
4.8
17.5
5.8
31.0
10.8
3.3
1.5
30.7
(14.4)
7.9
(9.2)
20.7
359.9
(27.9)
(7.9)
20.8
(10.8)
5.3
(6.8)
0.2
1.3
1.7
1.4
88.1
13.0
2.6
8.3
1.6
1.8
3.1
4.8
6.2
2.6
8.3
1.6
1.8
3.1
4.8
6.2
4.3
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
33.8
18.8
43.8
50.3
47.8
58.6
54.0
60.4
17.2
20.2
22.8
24.7
26.4
27.4
30.1
31.3
0.4
1.0
0.2
1.0
1.0
(4.8)
(1.1)
0.5
0.8
0.9
0.9
0.9
0.9
1.9
2.1
2.0
2.1
1.2
3.2
3.6
4.3
3.9
8.4
4.0
###
0.9
(0.6)
0.9
(0.0)
(0.0)
(0.1)
(6.3)
(5.8)
(4.3)
(7.4)
(6.1)
(8.8)
(3.7)
1.6
(1.5)
11.3
13.5
9.9
11.5
8.9
(10.2)
###
0.1
12.1
14.4
12.6
1.9
9.2
(0.3)
6.4
3.8
2.0
3.9
5.0
(0.1)
0.1
(0.1)
(0.0)
###
29.8
39.8
31.7
40.8
39.0
33.7
54.0
45.3
(6.1)
(8.7)
(11.8)
(7.2)
(20.2)
(13.6)
(30.7)
(9.1)
(3.3)
(1.8)
0.6
(3.9)
0.1
(6.3)
(5.7)
(3.0)
7.2
(21.6)
4.2
3.4
3.9
5.6
0.6
14.9
(0.2)
(0.3)
0.1
(0.1)
(0.5)
(0.0)
(0.4)
0.0
###
###
(1.7)
0.5
(3.7)
9.3
(4.9)
1.5
(1.6)
0.4
4.2
(0.7)
6.0
(1.5)
(2.0)
(2.4)
(0.1)
2.4
1.8
4.6
(8.3)
1.3
5.8
5.1
(9.6)
5.7
###
###
0.3
3.0
(5.3)
(0.0)
(0.6)
2.5
8.6
###
###
(5.1)
4.2
(0.5)
(1.0)
1.0
1.8
1.4
1.6
(2.9)
(20.8)
(18.5)
0.3
(17.4)
(6.0)
(37.5)
2.1
60.7
37.8
57.0
91.4
69.4
86.4
70.5
107.7
(2.8)
(2.9)
(22.2)
(2.5)
(19.0)
(3.1)
(22.5)
(7.9)
(8.5)
(7.0)
(2.7)
(15.1)
(16.2)
(8.4)
(15.3)
(0.0)
(7.9)
###
(20.0)
(2.6)
###
(0.1)
49.4
27.9
32.1
63.3
34.2
74.9
32.6
70.8
9.4
1.5
###
(159.6)
21.6
###
###
(10.9)
-
(8.9)
(96.0)
(137.6)
(102.1)
(73.0)
(53.9)
(78.1)
(74.5)
(119.5)
8.1
7.3
6.6
9.7
9.5
8.5
14.6
8.3
###
###
(78.5)
(130.3)
(94.0)
(63.3)
(44.5)
(69.6)
(219.6)
(89.7)
1.7
0.8
0.4
5.6
2.6
1.4
1.9
(0.5)
(0.0)
(0.0)
###
(24.1)
(0.4)
3.6
(21.9)
(63.8)
(8.2)
(8.0)
(8.7)
(7.1)
(9.7)
295.1
3.0
27.8
3.4
32.7
272.0
207.3
(4.4)
24.2
(4.9)
9.3
264.8
(68.2)
(0.9)
178.1
(106.8)
(37.6)
(4.9)
(1.0)
270.1
(255.2)
(19.7)
4.3
179.0
72.2
35.2
30.3
29.3
299.4
44.2
179.0
72.2
35.2
30.3
29.3
299.4
44.2
24.5
(69.6)
-
(3.7)
1.0
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
60.5
61.8
57.9
50.3
38.4
4.9
(3.2)
(14.4)
34.0
33.9
37.7
39.6
42.1
43.3
43.4
43.4
0.5
0.3
0.1
0.8
0.6
1.5
(1.9)
(0.5)
2.5
2.4
3.1
2.2
2.5
2.4
2.5
2.5
6.8
4.2
3.7
0.5
1.2
(1.7)
(11.5)
(16.5)
(8.5)
(10.1)
(11.4)
(12.0)
(10.4)
(14.4)
14.5
13.4
15.9
17.2
18.9
18.9
25.6
22.9
2.7
5.2
4.3
6.5
4.9
8.7
22.2
21.0
1.3
12.3
3.4
1.9
(8.3)
49.4
42.9
49.2
56.7
58.8
73.3
84.9
76.8
(21.1)
(1.0)
(13.3)
(21.4)
(11.5)
12.9
(2.2)
4.3
(0.9)
(0.1)
(5.3)
(0.3)
(1.2)
(2.0)
0.2
0.0
(1.4)
14.1
(0.0)
5.9
8.4
8.6
6.6
7.2
0.1
2.0
(0.4)
0.1
0.2
(0.1)
0.2
(0.4)
(0.7)
3.1
2.8
(2.9)
1.7
3.4
(0.4)
(1.0)
(2.5)
(0.2)
(1.1)
(1.8)
1.5
1.0
(0.3)
(1.7)
3.3
4.0
(6.6)
4.4
0.7
1.0
(5.8)
0.6
3.0
(3.6)
0.1
(0.0)
4.0
(0.6)
(0.7)
(1.1)
(7.6)
(0.1)
2.5
(1.3)
1.4
(3.2)
(1.2)
0.2
(27.8)
18.2
(21.4)
(17.3)
5.1
21.1
(3.7)
8.2
82.2
122.9
85.7
89.7
102.3
99.3
78.0
70.6
(12.8)
(14.4)
(13.7)
(9.7)
(20.2)
(16.8)
(23.0)
(15.0)
(17.7)
(9.6)
(29.3)
(7.1)
(13.4)
(10.7)
(7.6)
(6.3)
(0.1)
(0.0)
(18.6)
(0.2)
(0.5)
51.4
98.5
138.0
(0.4)
(0.2)
(0.0)
42.7
54.2
68.3
71.6
47.4
49.3
25.2
11.3
16.6
(136.7)
(139.6)
(118.7)
(82.9)
(82.5)
(31.0)
(18.3)
(6.4)
25.3
17.4
20.4
15.3
13.8
16.8
15.7
27.5
(2.6)
21.1
26.7
(96.9)
(98.3)
(67.7)
(57.4)
2.4
9.3
3.1
1.3
1.6
8.2
0.3
(11.0)
(8.8)
-
(36.2)
(3.0)
(2.6)
(2.5)
(41.0)
(3.3)
(28.6)
(3.2)
(3.1)
(3.0)
(292.8)
(3.6)
(1.2)
40.0
400.0
(55.4)
(3.1)
35.6
(3.9)
74.4
(6.6)
(12.2)
(50.0)
22.8
(1.6)
(19.9)
(17.3)
85.3
67.3
32.6
20.4
24.5
47.3
45.7
25.8
8.5
93.7
161.1
193.7
47.3
45.7
25.8
8.5
93.7
161.1
193.7
214.0
0.1
(41.2)
-
Menu
2Q15
(7.1)
43.0
(0.0)
2.2
(0.2)
19.7
1.8
0.8
67.3
2.1
(2.3)
6.2
(0.6)
(0.0)
(3.7)
1.7
0.0
(1.1)
2.2
62.4
(24.5)
(0.8)
37.2
(6.4)
5.8
(0.6)
0.0
(21.8)
(90.8)
(112.5)
(76.0)
214.0
138.0