Professional Documents
Culture Documents
Release 3Q12
Release 3Q12
Klabin's consolidated financial statements are presented in accordance with International Financial Reporting Standards (IFRS), as det determined by CVM Instructions 457/07 and 485/10. The information related to Vale do Corisco is not consolidated in the Financial Sta Statements. tements. It is only presented through the equity income method.
R$ million
Sales volume (thousand tonnes) % Domestic Market Net Revenue % Domestic Market Operational Result (EBIT) EBITDA EBITDA Margin Net Income (loss) Net Debt Net Debt / EBITDA (LTM) Capex *
3Q12
440 72% 1.086 78% 549 375 34% 331 3.090 2,3x 183
2Q12
430 67% 1.030 75% 116 281 27% (184) 3.014 2,5x 134
3Q11
434 71% 991 81% 147 277 27% (243) 2.313 2,4x 66
9M12
1.290 68% 3.085 76% 1.297 967 31% 605 3.090 2,3x
9M11
1.306 66% 2.895 78% 527 717 24% 60 2.313 2,4x 275
37%
178%
389
42%
LTM - last twelve months Notes: Due to rounding, some figures in tables and graphs may not result in a precise sum. Notes: EBITDA margin is calculated over a pro-forma net revenue, which includes revenues from Vale do Corisco. Notes:* * Since this quarter investments will be disclosed on a cash basis.
3Q12 Highlights
Sales volume of 440 thousand tonnes tonnes, with improved mix; domestic sales accounted for 72% of sales volume, versus 71% in 3Q11; Net revenue of R$ 1,086 million, up 10% on 3Q11; Unit cash cost, which was already down in September 2011, fell 1% from 3Q11; EBITDA of R$ 375 million, with a margin of 34%, up 39% on the adjusted EBITDA of 3Q11, when margin was 27%; The growth in operating cash flow over the last twelve months reduced the net debt/EBITDA ratio from 2,5x in June to 2.3x in September September.
Conference call Friday, 10/26/12, 9:00 a.m. (EDT) US Participants: 1-855-281-6021 BR Participants: +55 11 4688-6336 Password: Klabin webcall.riweb.com.br/klabin/english Contact IR +55 11 3046-8401 3046 www.klabin.com.br/ir invest@klabin.com.br IR Team Antonio Sergio Alfano Vinicius Campos Daniel Rosolen Lucia Reis Mariana Arajo KLBN4 September 30th, 2012 Preferred shares Stock price Daily trading vol. 3Q Market cap 600.9 million R$ 10.60 R$ 22 million R$ 9.4 billion
The global economic outlook did not improve during the period. The volatility among developed economies persisted, leading to further reductions in the indicators for 2012 and 2013, with a less pessimistic outlook for emerging economies. Despite the uncertainties, by the close of the quarter, the global aversion to risk was noticeably lower, the Brazilian real was relatively stable against the dollar and commodity prices held steady. In the paper market, recent plant closures have shifted supply and demand, pointing towards an improvement in international prices. Brazil showed modest signs of growth. However, the packaging paper market showed stronger growth, supported by government measures to stimulate consumption, an exchange rate that was less favorable to imported products, as well as the typical seasonality of the period (a stronger second half, due to the year-end holiday season). In this scenario, Klabins results, which were already strong during the first half of the year, despite the unfavorable economic environment, improved even further. Sales revenue increased 10% over 3Q11, while the unit cash cost dropped by 1%, despite the inflation during the period. EBITDA for the quarter increased 39% over 3Q11, which already saw the beginning of cost improvements at the Monte Alegre mill. Once again, the Company posted significant growth in its results, based on the strategy of continuous efforts to improve operational efficiency and diversify its customers and markets. The improved management of costs, combined with a strategy focused on preserving margins, resulted in a process of sustainable growth in the company's operating cash flow in 2012, culminating in a record adjusted EBITDA of R$ 1,286 million over the last twelve months.
31%
25%
1,089 1,180
1,286
Jun11
Sep11
Dec11
Mar12
Jun12
Sep12
Note: Adjusted EBITDA does not include earnings from the sale of assets in 3Q11 and 4Q11.
Domestic Market
The monetary and fiscal policies to stimulate economic activity and the stronger dollar during the past few months had an impact on the retail sector and industrial production.
3Q12 Results
In the packaging market, preliminary figures from the Brazilian Corrugated Boxes Association (ABPO) showed that Brazilian corrugated cardboard shipments increased 4% in 3Q12 over the same period last year, reaching 857 thousand tonnes, compared to the 1.5% growth rate during the first half of the year. Meanwhile, figures from the Brazilian Pulp and Paper Producers Association (Bracelpa) showed that domestic coated board sales for the quarter (not including liquid packaging boards) increased 6% from 3Q11, reaching 144 thousand tonnes, while domestic sales during the first six months of the year grew 4% year on year.
Export Market
The Euro Zone continued to show signs of weak economic activity and high levels of uncertainty. In other regions, there were some signs of change from the first half of the year, with a decrease in the likelihood of a collapse in the United States or a strong deceleration in China over the short term. Capacity closures in Europe during the period once again increased the international kraftliner prices in Euros in 3Q12. The average list price in Euros for kraftliner delivered in Europe increased 3% over 2Q12, while falling 6% from 3Q11, reaching an average of 544/t. The average list price in Brazilian reais decreased 4% from the same period last year.
144
1,332
1,383
577
544
3Q11
3Q12
3Q11
3Q12
3Q11
Kraftliner ( / tonne)
3Q12
Kraftliner ( R$ / tonne)
Source: ABPO
Source: Bracelpa
Source: FOEX
Exchange Rate
The exchange rate, which was R$ 2.02/US$ on June 30 , 2012, remained stable during the third quarter, reaching R$ 2.03/US$ by the end of September. The average exchange rate for the quarter was R$ 2.03/US$, up 3% from 2Q12 and 24% from 3Q11.
3Q12 2Q12 3Q11 3Q12/2Q12 3Q12/3Q11 9M12 9M11 9M12/9M11
th
2.03 2.03
1.96 2.02
1.64 1.85
3% 0%
24% 10%
1.92 2.03
1.63 1.85
18% 10%
Sales volume, excluding wood sales, came to 440 thousand tonnes in 3Q12, up 1% from 3Q11 due to increased coated board sales. The improved economic performance during the quarter drove paper sales in the domestic market, which increased 3% from 3Q11. The share of domestic sales increased to 72% in 3Q12, from 71% in 3Q11. As a result, exports decreased, totaling 120 thousand tonnes in 3Q12, down 2% from 3Q11, reflecting the decrease in kraftliner exports. Year-to-date sales decreased by 1% from last year, mainly due to the drop in exports during the first quarter. However, the share of domestic sales increased from 66% to 68%. Domestic sales in 9M12 totaled 878 thousand tonnes, up 2%. Given that mature markets were more heavily affected by the crisis, Klabin concentrated its exports on emerging markets, mainly in Latin America and Asia, which represented approximately 70% of the export volume.
434
29%
440 430
28% 33%
440
28%
1,306
34%
1,290
32%
33%
71% 72% 67% 72% 66% 68%
67%
3Q11 3Q12
2Q12 3Q12
Domestic Market Export Market
9M11
9M12
Ind. Bags 8%
North America 3%
Kraftliner 23%
3Q12 Results
Net Revenue
Net revenue in 3Q12, including wood sales, came to R$ 1,086 million, up 10% from 3Q11, even though the volume essentially remained stable. Revenue was impacted by the more favorable exchange rate and by the improved sales mix, as well as the Companys ability to adapt to a global scenario characterized by low prices, persistently seek out new markets and maintain steady margins. Net revenue in the domestic market totaled R$ 845 million, up 5% and 10% over 3Q11 and 2Q12, respectively, representing 78% of total net revenue. In 3Q12, exports totaled R$ 241 million (US$ 118 million), up 29% from 3Q11 due to the more favorable exchange rate. Pro-forma net revenue, considering Klabins proportion of revenue from Companhia Florestal Vale do Corisco, totaled R$ 1,098 million. In 9M12, net revenue totaled R$ 3.1 billion, up 7% year-on-year, despite the 1% drop in sales volume, underlining Klabins continuation of the strategy to maintain margins by seeking an optimum mix and diversified markets. The distribution of net revenues from the export market by region felt the impact of the change in the sales mix, with Latin America accounting for nearly half of the export revenue.
1,086 991
19% 22%
1,030
25%
1,086 2,895
22% 22%
3,085
24%
81%
78%
75%
3Q11 3Q12
2Q12 3Q12
Domestic Market Export Market
9M11
9M12
Africa 5%
Europe 19% Kraftliner 13% Coated Boards 36% Asia 27% Latin America 46%
3Q12 Results
Operating Costs and Expenses
Unlike 2Q12, which featured planned maintenance stoppages at the Monte Alegre (PR) and Otaclio Costa (SC) mills, the Companys cash cost, including fixed and variable costs and operating expenses, experienced little impact from non-recurring expenses. There was a single planned maintenance stoppage at the Correia Pinto (SC) mill in September. The unit cash cost (excluding non-recurring expenses and stoppage costs) remained stable at the 2Q12 cost of R$ 1,614/tonne, thanks to the ongoing cost reduction program, helped along by the operating performance at the mills after the 2Q12 maintenance stoppages and by the early results, in September, from the forestry program. Compared to 3Q11, unit cash cost decreased 1% and it should be noted that in September 2011 the cost savings at the Monte Alegre mill had already been registered. Apart from the bigger share of high value-added products in the production mix, the 3Q12 result was impacted by inflation on the cost components and the increased labor costs during the period. Unit cash cost in 9M12, excluding non-recurring items, totaled R$ 1,600/tonne, down 1% from the same period in 2011. Cost of goods sold in 3Q12 was R$ 715 million, down 2% from 3Q11. Excluding the impacts of depletion of the biological assets in the periods, the decrease is 3%. Thanks to the cost reduction measures, COGS decreased despite the higher sales volume, resulting in the unit COGS 3% lower than in 3Q11. Selling expenses amounted to R$ 82 million. As most of commercial expenses are variable, the increase came in line with the revenues increase. In 3T12, sales expenses corresponded to 7.5% of the quarterly net revenue, compared to 7.7% in 3Q11. Administrative expenses totaled R$ 74 million, up 15% from 3Q11. The variation is primarily explained by nonrecurring items such as indemnifications and by wage raise. Other operating revenue (expenses) totaled a revenue of R$ 1 million in 3Q12, compared with revenue of R$ 7 million in 3Q11.
Operating Income
Operating income before the financial result (EBIT) was R$ 549 million in 3Q12 and R$ 1,297 million in 9M12.
3Q12 Results
Operating cash flow (EBITDA)
N/A N/A -88% -8% -91% 6768% 17% 33% N/A 33% 7 p.p.
R$ million
Net Income (loss) (+) Income taxes and social c ontribution (+) Net Financial Revenues (+) Depreciation, amortization, depletion (-) Equity Pickup (-) Biological assets adjustment (+) Vale do Corisco Ajusted EBITDA (-) Sale of Assets Ajusted EBITDA EBITDA Margin
N / A - Not applicable
3Q12
331 165 55 152 (2) (333) 7 375 375 34%
2Q12
(184) (149) 469 164 (20) (5) 6 281 281 27%
3Q11
(243) (134) 524 150 (19) 277 (8) 269 27%
N/A N/A -90% 1% N/A 1630% N/A 35% N/A 39% 7 p.p.
3Q12/2Q12 3Q12/3Q11
9M12
605 247 469 424 (25) (773) 19 967 967 31%
9M11
60 30 436 462 (272) 717 (8) 709 24%
9M12/9M11 9 715% 8% -8% N/A 184% N/A 35% N/A 35% 7 p.p.
Note: EBITDA margin is calculated considering the pro forma net revenue, w hich includes Vale do Corisco
During the first six months of 2012, despite a difficult market with bleak prospects, Klabin performed well, with a 35% increase in EBITDA over the first six months of 2011. With the strengthening of the domestic packaging paper market in 3Q12, impacted by the exchange rate, which hindered the import of packaged goods, and the typical seasonality, the Companys cash flow grew 39% from 3Q11, despite the fact that 3Q11 already included the effects of cost reductions at the Monte Alegre mill. This comparison does not include the R$ 8 million gain from the sale of assets during 3Q11. Operating cash flow (EBITDA) was R$ 375 million in the quarter, with an EBITDA margin of 34%, up 7 p.p. on 3Q11. This figure includes the EBITDA of R$ 7 million related to wood sales by Florestal Vale do Corisco Ltda. EBITDA in 9M12 totaled R$ 967 million, with a margin of 31%, maintaining the 36% growth on the same period last year. The adjusted EBITDA for the last twelve months (excluding the sales of assets in 3Q11 and 4Q11) reached R$ 1,286 million, with a margin of 31%.
R$ million Pro forma Net Revenue EBITDA Adjusted EBITDA* Adjusted EBITDA Margin
*Exc luding gain from the sale of assets
3Q12 Results
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Net debt on September 30 , 2012 stood at R$ 3,090 million, compared with R$ 3,014 million on June 30 , 2012. The 12-month increase in cash generation helped reduce the net debt /EBITDA ratio, from 2.5x at the end of 2Q12 to 2.3x at the end of 3Q12. At the end of September 2012, net foreign exchange exposure was US$ 2,093 million, of which US$ 2,270 million corresponded to export pre-payment facilities with maturities up to 2022 and with an average term of 4 years, as well as assets in foreign currency of US$ 177 million. The average debt term stood at 41 months, with 30 months for local currency debt and 44 months for foreign currency debt. At the end of September, short-term debt represented 20% of total debt, and the average borrowing costs in local and foreign currency stood at 8.03% p.a. and 4.36% p.a., respectively.
2.2
2.2
2.1
2.0
2.4
2.5
2.3
2.5
2.3
2,106
2,128
2,735
3,014 2,674
3,090
09/30/12
1,226 371 855 5,014 1,260 3,754 6,240 1,631 4,609 3,150 3,090 2.3 x 20% 6% 14% 80% 20% 60% 100% 26% 74%
06/30/12
1,188 357 831 5,138 1,223 3,915 6,326 1,580 4,746 3,312 3,014 2.5 x 19% 6% 13% 81% 19% 62% 100% 25% 75%
3Q12 Results
Financial Result
Financial expenses totaled R$ 115 million in 3Q12, versus R$ 113 million in 3Q11. Financial revenues came to R$ 76 million in the quarter, versus R$ 89 million in 3Q11, mainly due to the cut in the basic interest rate during the course of the year. With little dollar fluctuation in the quarter, the effect of net foreign exchange variations was a loss of R$ 15 million, reflecting the impact of the stronger dollar on the Companys balance sheet in the quarter. This is a purely accounting effect and does not involve any cash disbursement.
Net Income
Net income totaled R$ 331 million in 3Q12 and R$ 605 million in 9M12, versus R$ 60 million in 9M11. In addition to the growth in the Companys operating cash flow, the 3Q12 net income was impacted by the greater variation in the fair value of biological assets, driven by the rising wood prices during the period.
Business Performance
Consolidated information by business unit in 9M12.
R$ million Net revenue Domestic market Exports Third part revenue Segments revenue Total net revenue Change in fair value - biological assets Cost of goods sold Gross income Operating expenses Operating results before financial results
Note: In this table, total net revenue includes sales of other products. Nota: * Forestry cost of goods sold includes the exaustion of the fair value of biological assets of R$ 221 million in the period.
Forestry
Papers
Conversion
Total
3Q12/3Q11
6M12 2,198
6M11 2,091
6M12/6M11
2%
9%
5%
The depreciation of the real against the dollar made wood product exports more attractive for Klabins clients. As a result, log sales to third parties in 3Q12 were up 9% over 3Q11, totaling 747 thousand tonnes. Net revenue from log sales in 3Q12 was R$ 78 million, up 12% from 3Q11. In 9M12, sales volume totaled 2,198 thousand tonnes, up 5% from 9M11, while net revenue came to R$ 223 million, up 11% from 9M11.
3Q12/2Q12 3Q12/3Q11 26% 14% -23% -23% -2% -6% 19% 7% -6% 14% 7% 10% 4% 3% 7% 11% 10% 1% 23% 17%
9M12 124 162 286 276 226 502 788 380 1111 1491
9M11 117 200 316 264 222 486 802 403 968 1371
Kraftliner
Recent mill closures reduced supply and producers began announcing price increases. According to FOEX, international kraftliner prices in Euros increased by 3% over 2Q12, yet remain 6% below 3Q11 prices. Given the appreciation of the dollar against the euro, the dollar list price remained stable. Sales volume was 6% lower than in 3Q11, while net revenue increased 1%. Compared to 2Q12, sales volume was 2% lower. There was a significant improvement in the mix, with 54% of sales directed to the domestic market, versus 45% in 3Q11. Domestic sales were strong, up 14% over 3Q11, at 51 thousand tonnes, and, as a result, exports declined to 44 thousand tonnes. Domestic kraftliner sales totaled 124 thousand tonnes in 9M12, up 7% from the same period last year. Exports came to 162 thousand tonnes, down 19% from the same period last year.
Coated boards
The Brazilian coated boards market recovered strongly in 3Q12, impacted by government measures to boost consumption, such as the cuts in the interest and tax rates, as well as the reduction in finished product imports on account of the weakening real. During the quarter, Klabins domestic coated board sales, including liquid packaging boards, increased by 7% over 3Q11. Domestic sales totaled 103 thousand tonnes, while exports totaled 72 thousand tonnes, up 14% from 3Q11. Thus, total coated board sales reached 175 thousand tonnes, up 10% year on year, while net revenue reached R$ 402 million, up 23% over 3Q11. In 9M12, the volume of coated boards sold increased 3% over last year. Net revenue grew 15%.
10
6M11
Corrugated boxes
The corrugated boxes market started recovering slightly during the third quarter and preliminary data from ABPO showed a 4% growth over 3Q11 in Brazilian shipments of boxes and boards. Corrugated boxes sales in 3Q12 reached 128 thousand tonnes and net revenue remained stable at R$ 318 million compared to 3Q11. The quarter was affected by the ongoing work on capacity expansion at Jundia (SP) Mill. In 9M12, the volume sold totaled 371 thousand tonnes, while net revenue totaled R$ 912 million, both stable in relation to the same period last year. The new corrugator at the Jundia Distrito Industrial unit, which went operational on July 10 , is going through its learning curve. The Company approved the acquisition of two new printers, which will go operational in Jundia (SP) in the first half of 2013 and will absorb part of the capacity of this new corrugator. This project is part of the Company's growth strategy, which is focused on stronger margins and to accompany the growth of the domestic corrugated box market.
th
Industrial Bags
In 3Q12, the Company maintained its selective approach towards clients as in previous quarters with the aim of entering new sectors in order to optimize its sales mix in both the domestic and export markets, in the pursuit of better margins. Industrial bag sales in Brazil and Argentina, in the domestic and export markets, totaled 35 thousand tonnes in 3Q12, while net revenue came to R$ 140 million. Compared to 3Q11, sales volume grew 4%, while net revenue increased by 14%. In 9M12, industrial bag sales totaled 105 thousand tonnes, up 4% from 9M11, for a 15% growth in revenue.
11
1Q12 22 42 9 73
2Q12 43 78 13 134
3Q12 27 74 36 47 183
Until 2Q12 the Company's investments were disclosed in accordance with the accrual basis. Starting this quarter, investments will be disclosed on a cash basis. Investments in 3Q12 totaled R$ 135 million. Of this amount, R$ 47 million is
related to the capacity expansion of sack kraft paper in Correia Pinto (SC) mill. The capex estimated for the sack kraft machinery in 2012 and 2013 is R$ 220 million. Year-to-date investments totaled R$ 389 million, of which R$ 194 million went for maintenance, R$ 91 million went to forests and R$ 57 million to special projects.
Capital Markets
Stock Performance
In the third quarter of 2012, Klabins preferred shares (KLBN4) appreciated by 16%, while the Ibovespa index rose 9%. Klabins shares were traded in all sessions of BM&FBovespa in 3Q12, registering 310 thousand trades involving 150 million shares, for an average daily trading volume of R$ 22 million, up 78% and 7% on 3Q11 and 2Q12, respectively. Klabin's capital stock is represented by 918 million shares, consisting of 317 million common shares and 601 million preferred shares. Klabins shares are also traded in the U.S. market as Level I ADRs listed on the overthe-counter market under the ticker KLBAY.
Performance KLBN4 x Brazilian Index (Ibovespa) Average Daily Volume
(R$ million/day)
24 19 32 27 22 22 18 21 19
24 21 21
181
17 14 13 12
16 12 11
13 14
100
85
Mar-11
May-11
Nov-11
Mar-12
May-12
Jul-11
Sep-11
Oct-11
Jul-12
Dec-11
Aug-11
Klabin
Ibovespa Index
Dividends
On July 19 , the Company started payment of interim dividends amounting to R$ 120 million, approved at the Extraordinary Board of Directors Meeting held on June 27 , 2012. The amount paid was R$ 127.02 per lot of thousand common shares and R$ 139.72 per lot of thousand preferred shares.
th th
12
Aug-12
Oct-11
Oct-12
Jan-11
Jan-12
Apr-11
Apr-12
Sep-12
Feb-11
Feb-12
Jan-11
Apr-11
Jan-12
Jun-11
Apr-12
Jun-12
Jul-11
Jul-12
This report is dedicated to the memory of the extraordinary head of the Industrial Bags unit, Antonio Andrucioli, who passed away in last August. Mr. Andrucioli had been serving the Company since 1978 and took charge of the unit in 2004. Douglas Dalmasi has been chose to lead this unit. Mr. Dalmasi, who joined the Company in 1991, has a degree in business management and an MBA in Controllership from the University of So Paulo. During his career, he has worked as economic and accounting analyst, planning advisor, manager of planning and general manager of supplies. As part of his professional development, he worked four months as general manager of the Industrial Bags unit, together with Antonio Andrucioli, who led and contributed immensely to the unit during his successful professional stint.
Conference Call
Portuguese
Friday, October 26 , 2012 at 10:00 a.m. (Braslia). Password: Klabin Dial-in: (11) 4688-6336 Replay: +55 (11) 46886312 Code: 3240032 The audio webcast of the conference call will also be available at http://webcall.riweb.com.br/klabin
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English
Friday, October 26 , 2012 at 9:00 a.m. (EDT). Password: Klabin Dial-in: U.S. participants: 1-855-281-6021 International participants: 1-786-924-6977 Brazilian participants: (55 11) 4688-6336 Replay: +55 (11) 46886312 Code: 9153731 The conference call will also be broadcast via the Internet. Access: http://webcall.riweb.com.br/klabin/english
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With gross revenue of R$ 4.7 billion in 2011, Klabin is the largest integrated manufacturer, exporter and recycler of packaging paper in Brazil, with annual production capacity of 1.9 million tonnes. Klabin has adopted a strategic focus on the following businesses: paper and coated boards for packaging, corrugated boxes, industrial bags and wood logs. It is the leader in all its market segments.
The statements made in this earnings release concerning the Company's business prospects, projected operating and financial results and potential growth are merely projections and were based on Management's expectations regarding the Company's future. These expectations are highly susceptible to changes in the market, the general economic performance of the Brazilian economy, industry and international markets and, hence, are subject to change.
13
3Q12 Results
3Q12
1,305,430 1,085,766 333,122 (714,806) 704,082 (81,989) (74,243) 1,236 (154,996) 549,086 1,755 (115,435) 75,953 (15,377) (54,859) 495,982 (165,144) 330,838 151,759 (333,122) 7,033 374,756
2Q12
1,232,089 1,030,299 4,850 (755,367) 279,782 (96,499) (66,464) (1,042) (164,005) 115,777 19,988 (129,005) 72,486 (412,140) (468,659) (332,894) 148,988 (183,906) 164,348 (4,850) 6,001 281,276
3Q11
1,199,418 990,623 19,255 (729,482) 280,396 (76,594) (64,311) 7,359 (133,546) 146,850
3Q12/2Q12 6% 5% 6768% -5% 152% -15% 12% -219% -5% 374% -91%
3Q12/3Q11 9% 10% 1630% -2% 151% 7% 15% -83% 16% 274% N/A 3% -15% -97% -90% N/A N/A N/A 1% 1630% N/A 35%
9M12
3,702,632 3,085,306 772,578 (2,098,211) 1,759,673 (258,616) (200,272) (4,164) (463,052) 1,296,621 25,329 (333,592) 216,569 (352,371) (469,394) 852,556 (247,106) 605,450 423,952 (772,578) 19,403 967,398
9M11
3,489,050 2,895,075 272,146 (2,213,520) 953,701 (238,996) (176,367) (11,368) (426,731) 526,970
(112,572) 89,135 (500,955) (524,392) (377,542) 134,487 (243,055) 149,811 (19,255) 277,406
-11% 5% -96% -88% N/A N/A N/A -8% 6768% 17% 33%
(338,393) 241,978 (339,954) (436,369) 90,601 (30,311) 60,290 462,335 (272,146) 717,159
14 14
3Q12 Results
Assets
Current Assets Cash and banks Short-term investments Securities Receivables Inventories Recoverble taxes and contributions Other receivables
Sep-12
4,811,795 64,243 2,850,320 236,025 959,152 481,194 151,566 69,295
Jun-12
4,912,350 85,600 2,994,727 231,658 851,629 494,458 174,607 79,671
Sep-12
1,891,600 1,226,327 339,464 44,103 54,618 125,173 43,765 58,150 7,146,064 5,014,144 1,362,021 227,299 388,736 153,864 5,359,483 2,271,500 1,423 50,158 2,098,528 1,082,771 (144,897) 14,397,147
Jun-12
1,873,217 1,187,796 265,278 16,054 47,563 112,652 119996 46,426 77,452 7,163,878 5,137,966 1,253,312 216,676 388094 167,830 5,025,972 2,271,500 50,336 1,767,512 1,086,102 (149,478) 14,063,067
Noncurrent Assets Long term Taxes to compensate Judicial Deposits Other receivables Other investments Property, plant & equipment, net Biological assets Intangible assets
Total
14,397,147
14,063,067
15 15
3Q12 Results
BNDES
Others Local Currency
Gross Debt
2015
2016
2017
2018
2019
2020 Forward
16 16
3Q12 Results
17