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Apresentação Corporativa3° trimestre 2011
Corporate Presentation3rd quarter 2011
2
60 years of DURATEX
1950-2000
•1951: Foundation
•1954-1961: Beginningof hardboardproduction
•1972: Incorporation ofDECA
•1981-1995: AcquisitionofLouçasul, Itapetininga unit, Agudos, and theArgentine companyPiazza Hermanos
•1997: First MDF facilityin Brazil, Agudos (SP)
2001-2008
•2002: New MDF/HDF/SDF unit in Botucatu
• 2005: Nivel 1 ofBM&FBovespaCorporate Governance
• 2008- Acquisitionof Ideal Standard and Cerâmica Monte Carlo
2009
•Associationbetween Duratex and Satipel: Establishment ofthe biggest panelmaker on theSouthernHemisphere
• NOVO MERCADO
•MDP expansion in Taquari
2010
• Acquisition ofland with forest in São Paulo
• Beginning ofoperation of theResin Plant
2011
• Acquisition ofElizabeth
• 2 new MDF plants
• Bonus Sharesof 20%
History
3
“Celebrating 60 years with art, music and environmental education”.
Rino Mania
A cultural project to incentive young artists.Exibition of 60 sculptures in the city of São Pauloand a traveling exibition of 15 sculptures thattoured 11 cities in Brazil, in which Duratex has itsunits. On 27.Oct.2011 all the sculptures wereauctioned and the profit of R$564.5 thousand wasdonated to charities.
4
60 years of Duratex
Season of Concerts Duratex 60 years
12 concerts with Maestro João Carlos Martins andBachiana Philharmonic in the municipalities wherethe Company’s units and are located.There have already been 9 concerts held, attendedby more than 25,000 people.
5
Corporate Governance
6
Shareholders Numeber of Shares Sep/11 %
Controllers 317,374,960 58%
Shares in Treasury 1,849,486 0%
Free Float 230,810,885 42%
Total shares 550,035,331 100%
Itaúsa*39,9%
Ligna*17,8%
Pension Funds2,2%
OtherLocal Investors
13,5%
Foreign Investors
26,3%
Treasury0,3%
Shareholder Structure
• 100% common shares (1 share, 1 vote)
• Tag along of 100% to all shares
• Dividend policy: 30% of the adjusted Net Income
• Existence of Board of Directors Committees
o Audit and Risk Management *
o Personnel Governance and Nominating Committee*
o Sustainability Committee *
o Committee for Evaluation of Transactions with Related Parties (composed only of independent members)
o Disclosure and Negotiation Committee(led by Director of IR)
Shareholder structure in Sptember 2011
* Chaired by independent Board members
Base 30/Sep/2011
* Included the participation of families
7
Business Performance
8
EQUITY 3Q11 2Q11 3Q10
Before adjustments to IFRS (in R$'000) 2,800,726 2,732,339 2,544,143
Business Combination 550,514 549,068 560,191
Biological Assets 216,001 215,284 217,545
Employee Benefits 51,001 46,121 42,280
Other adjustments 19,795 19,450 37,109
After adjustments to IFRS 3,638,037 3,562,262 3,401,268
Change 837,311 829,923 857,125
TOTAL ASSETS 3Q11 2Q11 3Q10
Before adjustments to IFRS (in R$'000) 5,553,312 5,503,248 4,821,099
Business Combination 733,919 744,274 763,790
Biological Assets 327,275 326,188 329,614
Employee Benefits 77,274 69,881 64,061
Other adjustments 2,873 2,873 (8,473)
After adjustments to IFRS 6,694,653 6,646,464 5,970,091
Change 1,141,341 1,143,216 1,148,992
Reconciliation of Total Assets and Equity
NET INCOME (in R$’000) 3Q11 2Q11 3Q10 Jan-Sep/11 Jan-Sep/10
Before adjustments to IFRS 117,257 108,268 118,385 303,420 310,878
ROE 17.0% 16.0% 18.9% 14.9% 17.1%
Business Combination (4,639) (2,919) (3,931) (11,630) (11,264)
Biological Assets 717 (5,481) 28,611 (3,228) 32,368
Employee Benefits 4,879 515 1,808 6,911 5,426
Other adjustments 0 0 7,564 0 (13,614)
After adjustments to IFRS 118,214 100,383 152,437 295,473 323,794
Extraordinary events (¹) (15,881) (9,284) (3,962) (25,165) (3,962)
Recurrent Net Income in IFRS 102,333 91,099 148,475 270,308 319,832
Recurrent ROE 11.4% 10.3% 17.7% 10.2% 13.1%
9
(¹) 2Q11, 3Q11 and 3Q10: Fixed asset sale, mainly,
Net Income
138.2
319.8
270.3
148.5
91.1 102.3
8.3%13.1%
10.2%
17.7%
10.3%
11.4%
9M09 9M10 9M11 3T10 2T09 3T112Q113Q10 3Q11
+12.3%
*Recurrent
Net Income* (R$ million) & ROE* (%)
Reconciliation of Net Income
Biological Assets (increase in price of wood and planted area in 2010) (27,893) (35,595)
Increase in Depreciation (7,453) (22,889)
TOTAL (35,346) (58,484)
Principal events that impacted results when compared with 2010 (non cash)
1,309.5
2,022.22,200.8
703.3 751.2 789.8
9M09 9M10 9M11 3T10 2T11 3T11
10
MDF/Laminated
Flooring34.1%
MDP21.3%Hardboard
7.7%
Components0.5%
Metal Fittings18.9%
Vitreous China17.5%
Domestic Market95.6%
Foreign Market
4.4%
Gross Margin 34.4% 38.6% 34.6% 39.7% 34.9% 34.9%
Net Revenue (R$ million) and Gross Margin* (%)
Net Revenue by product 3Q11 (%)
Consolidated Net Revenue
*Margin without biological assets
+5.1%
Geographical Distribution of Sales 3Q11 (%)
Madeira 771.0 1,356.2 1,396.5 63% 472.6 480.7 502.1 64%
Deca 538.5 666.0 804.3 37% 230.7 270.5 287.7 36%
3Q10 2Q11 3Q11
11
Before adjustments to IFRS
R$ 000 3Q11 2Q11 % 3Q10 % Jan-Sep/11 Jan-Sep/10 %
Operating Profit Before Financial Result 194,471 163,524 18.9 190,668 2.2 489,859 507,781 (3.5)
Depreciation/Amortization/Depletion 65,750 68,442 (3.9) 54,764 20.1 191,816 158,468 21.0
EBITDA 260,221 231,966 12.2 245,432 6.0 681,675 666,249 2.3
EBITDA Margin 32.9% 30,.% - 34.9% - 31.0% 32.9% -
Extraordinary Events (¹) (25,820) (14,068) - (6,004) - (39,888) (6,004) -
Recurrent EBITDA 234,401 217,898 7.6 239,428 (2.1) 641,787 660,245 (2.8)
Recurrent EBITDA Margin 29.7% 29.0% - 34.0% - 29.2% 32.6% -
(¹) 2Q11, 3Q11 3Q10: Fixed asset sale, mainly
Reconciliation of consolidated EBITDA (Before adjustments to IFRS)
429.1
660.2 641.8
239.4 217.9 234.4
9M09 9M10 9M11 3T10 2T11 3T113Q10
Recurrent EBITDA (R$ million)
Deca33%
Wood67%
2Q11 3Q11
314.2
631.9 610.7
225.8211.9 216.3
9M09 9M10 9M11 3T10 2T11 3T113Q10 2Q11 3Q11
12
After adjustments to IFRS
R$ 000 3Q11 2Q11 % 3Q10 % Jan-Sep/11 Jan-Sep/10 %
Operating Profit Before Financial Result 178,560 143,411 24.5 217,182 (17.8) 445,148 518,939 (14.2)
Depreciation/Amortization/Depletion 72,013 75,018 (4.0) 60,720 18.6 211,000 176,319 19.7
Change in Fair Value of Biological Assets (37,195) (27,693) 34.3 (72,509) (48.7) (100,490) (149,411) (32.7)
Depletion Portion of Biological Assets 36,108 35,998 0.3 29,159 23.8 105,381 100,369 5,0
Employee Benefits (7,393) (780) - (2,740) - (10,471) (8,222) -
EBITDA 242,094 225,954 7.1 231,812 4.4 650,568 637,994 2.0
EBITDA Margin 30.7% 30.1% - 33.0% - 29.6% 31.5% -
Extraordinary Events (¹) (25,820) (14,068) - (6,004) - (39,888) (6,004) -
Recurrent EBITDA 216,274 211,886 2.1 225,808 (4.2) 610,680 631,990 (3.4)
Recurrent EBITDA Margin 27.4% 28.2% - 32.1% - 27.7% 31.3% -
Reconciliation of consolidated EBITDA (After adjustments to IFRS)
Recurrent EBITDA (R$ million)
Deca32%
Wood68%
(¹) 2Q11, 3Q11 and 3Q10: Fixed asset sale, mainly
211.2
643.4
349.7 320.9382.5
2011 2012 2013 2014 2015 e apósand after
Domestic Currency
94%
Foreign Currency
6%
13
R$’000 3Q11 2Q11 Var. 3Q10 Var.
Short Term Debt 584,854 531,969 52,885 410,432 174,422
Long Term Debt 1,322,915 1,397,867 (74,952) 1,090,368 232,547
Total Financial Debt 1,907,769 1,929,836 (22,067) 1,500,800 406,969
Cash 710,992 759,763 (48,771) 452,899 258,093
Net Debt 1,196,777 1,170,073 26,704 1,047,901 148,876
1,047.91,170.1 1,196.7
30.8% 32.8% 32.9%
1.28 1.31 1.32
3T10 2T11 3T113Q10 2Q11 3Q11
Net Debt (R$ million) /Equity (%) Net Debt (R$ million) /EBITDA (last 12 months)
Origin of Debt (%) Amortization Schedule (R$’000)
Indebtedness
Cash
710.9
*
*100% Swap for CDI
14
Consolidated CAPEX (R$ million)
891.2
427.0 459.6
423.3Accomplished
until Sep/11
196.7
2008 2009 2010 2011
620.0e
Estimated Capex, Total 2011 R$ 620 million
DECA 210
Wood 276
Forest 29
Planting and maintenance 93
Other 12
6 PLANTS
São Paulo:- Itapetininga: MDP and new plant of MDF (start-up 2013)
- Agudos: 2 MDF lines, Flooring and Resin Plant (DRI)
- Botucatu: Hardboard and MDF
Minas Gerais:- Uberaba: MDF and MDP
Rio Grande do Sul:- Taquari: MDP
230 thousand ha of land:o SP – 62%o MG – 34%o RS – 4%
Localization of Plants
Business division of Duratex responsible for manufacturing wood panels made from pine and eucalyptus
15
771.0
1,356.2 1,396.5
472.6 480.7 502.1
9M09 9M10 9M11 3T10 2T11 3T113Q10 2Q11 3Q11
917.2
1,742.9 1,713.2
590.1 582.1 611.7
9M09 9M10 9M11 3T10 2T11 3T112Q113Q10 3Q11
16
]
+5.1%
+4.5%
+3.7%
+6.2%
Gross Margin 27.4% 40.1% 32.2% 36.1% 33.1% 32.6%
Shipment (in 000 m³)
Net Revenue (R$ million) and Gross Margin* (%)
Highlights
*Without biological assets
Installed Capacity & Occupancy Rate ofAvailable Capacity 3Q11
*Effective Annual Capacity of Duratex, considering lines alreadyinstalled, after periods of ramp-up and minor investments**Without minor investments mentioned above
Sales Channels 3Q11:
MDF 88%
MDP 87%
Hardboard 100%
Annual Capacity (in ´000 m³) NOMINAL EFFECTIVE * AVAILABLE**
MDF 1,800 1,530 1,400
MDP 1,900 1,620 1,350
Hardboard 210 195 195
Total 3,910 3,345 2,945
FurnitureIndustry
53%Retail26%
Construction
15%
Other6%
17
(in R$’000) 3Q11 2Q11 % 3Q10 % Jan-Sep/11 Jan-Sep/10 %
Operacional Profit beforeFinancial Results
119.2 90.4 31.9 150.0 (20.6) 271.7 338.6 (19.8)
Change in Fair Value of Biological Assets (37.2) (27.7) 34.3 (72.5) (48.7) (100.5) (149.4) (32.7)
Depletion of Biological Assets 36,1 35.9 0.3 29.2 23.8 105.4 100.4 5.0
Depreciation/Amortization/Depletion 59.9 61.8 (3.1) 50.7 18.8 173.5 146.8 18.2
Employee Benefits (4.8) (0.5) - (1.8) - (6.8) (5.5) -
EBITDA 173.1 159.9 8.3 155.5 11.3 443.3 430.9 2.9
Extraordinary Events (¹) (25.8) (14.1) - (6.0) - (39.9) (6.0) -
Recurrent EBITDA 147.3 145.8 1.0 149.5 (1.5) 403.4 424.9 (5.1)
Recurrent EBITDA Margin 29.3% 30.3% - 31.6% - 28.9% 31.3% -
Before adjustments to IFRS
Recurrent EBITDA 158.1 147.9 6.8 157.8 0.2 420.2 441.5 (4.8)
Recurrent EBITDA Margin 31.5% 30.8% - 33.4% - 30.1% 32.6% -
Reconciliation of EBITDA
(¹) 2Q11, 3Q11 and 3Q10: Fixed asset sale, mainly
18
1,413
1,8612,037
2,263 2,352
2,972
2,224 2,287
740 796 832
2005 2006 2007 2008 2009 2010 9M10 9M11 3T10 2T11 3T11
MDF
3Q10 2Q11 3Q11
Wood Panels MarketTotal Consumption of Wood Panels in Brazil (Source ABIPA, in „000 m³)
2,102 2,186
2,548 2,6332,431
2,885
2,157 2,250
705 759 807
2005 2006 2007 2008 2009 2010 9M10 9M11 3T10 2T11 3T11
MDP
3Q10 2Q11 3Q11
Effective Available Capacity: 3,660 thousand m³/year; Effective Capacity of the Industry: 4,080 thousand m³/year
Effective Available Capacity: 3,620 thousand m³/year; Effective Capacity of the Industry: 4,000 thousand m³/year
+4.5%
+6.3%
+2.8%
+4.3%
*Annual effective capacity of the industry based on lines already installed, after periods of ramp-up and minor investments.
+12.4%
+14.5%
The volume of 2005-2008 refers to apparent consumption that includes inventories and from 2009 onwards refers to domestic sales in the country
19
9 PLANTS
São Paulo:- Metals: São Paulo and Jundiaí- Vitreous China: 2 plants in
Jundiaí
Rio de Janeiro: - Vitreous China: Queimados
Rio Grande do Sul:- Vitreous China: São Leopoldo
Pernambuco:- Vitreous China: Cabo de Santo
Agostinho
Paraíba:- Vitreous China: João Pessoa
ARGENTINA- Metals: Deca Piazza in Buenos
Aires
Business division of Duratex responsible for manufacturing metal fittings, vitreous china and accessories
Localization of Plants
BRAZIL
ABRAMAT INDEX
Source: Associação Brasileira da Indústria de Materiais de Construção ABRAMAT Index: monthly indicator of sales performance of the Building Materials Industry
2005 2006 2007 2008 2009 2010
Building Materials Industry
20
Jan-Sep/11 2011 Forecast
538.5665.9
804.3
230.7 270.5 287.7
9M09 9M10 9M11 3T10 2T11 3T113Q10 2Q11 3Q11
14.32316.226
18.776
5.529 6.259 6,780
9M09 9M10 9M11 3T10 2T11 3T113Q10 2Q11 3Q11
+8.3%
+22.6%
+6.4%
+24.7%
Net Revenue (R$ million) and Gross Margin (%)
Shipment (in 000 items)
Highlights
Sales Channels 3Q11:
21
Installed Capacity & Occupancy Rate 3Q11
]
Gross Margin 39.3% 44.2% 39.1% 47.3% 38.2% 38.9%
METAL FITTINGS 100%
VITREOUS CHINA 96%
Retail67%
Builders22%
Wholesale9%
Other2%
22
(in R$’000) 3Q11 2Q11 % 3Q10 % 9M11 9M10 %
Operacional Profit beforeFinancial Results
59.4 53.0 11.9 67.2 (11.6) 173.5 180.3 (3.8)
Depreciation/Amortization/Depletion
12.1 13.2 (8.1) 9.9 21.5 37.5 29.5 27.1
Employee Benefits (2.6) (0.2) - (0.9) - (3.7) (2.7) -
EBITDA 68.9 66.0 4.4 76.2 (9.6) 207.3 207.1 0.1
Extraordinary Events 0 0 - 0 - 0 0 -
Recurrent EBITDA 68.9 66.0 4.4 76.2 (9.6) 207.3 207.1 0.1
Recurrent EBITDA Margin 24.0% 24.4% - 33.0% - 25.8% 31.1% -
Before adjustments to IFRS
Recurrent EBITDA 76.3 69.9 9.1 81.6 (6.5) 221.6 218.6 1.3
Recurrent EBITDA Margin 26.5% 25.9% - 35.4% - 27.6% 32.8% -
Reconciliation of EBITDA
23
Sustainability
24
Sustainability
• 230 K hectares of land
• 140 K hectares of planted forests
• 267 million trees planted
• 56 trees planted per minute
• Harvest between 6 and 7 years
• Low distance between forests and plants
• Increased productivity (m3/hectares/year)
• Conservation of native forests
• Certifications(FSC and ISO14.001)
Evolução da Produtividade em Novas Florestas Eucalipto
- São Paulo -
2030
40 44 4452514845
0102030405060
Anos
60
Anos
80
2000 2005 2006 2007 2008 2009 2010
Ano base
IMA
(m
³/h
a.an
o)
New Developments in Productivity in Eucalyptus Forests
+160%
60´s 80´sYear Base
Duratex since its founding in 1951, constantly investing in environmental actions that contribute to the future of the planet
• Water saving products
• Material Recovery Area
• Waste collection
• Certified forest
• Recycling of metal (bronze, brass and plastic)
• 9 product lines Sustentax certified , as LEED (Leadership in Energy and Environment Design)
Year
Projet FORMAREUberaba – MG e& Taquari - RS
More than 240 youth and 543 teachers trained. Volunteers involved in the project since 2003
Environmental Education CenterEstrela do Sul - MG
Opened in September 2010, received 70 visitors in the same year
School of Joinery Tide SetubalAgudos - SP
Inaugurated in 2000, has trained 338 young people
Duratex signed the Program, an initiative of the WCF, which goal is to inhibit the sexual exploitation of children and teenagers in Brazilian highways
Community Libraries Estrela do Sul - MG & Taquari - RS
Partnership with the Institute Ecofuturo, National Book Foundation Children and Youth and municipalities, the project aims to encourage reading in poor communities
Seeking the Future ProjectDeca units São Paulo & Jundiaí
Since 2004, provides guidance for engagement in the job market for students of technical schools
25
Social Actions
Program Na Mão Certa
In 2010, the area received more than 7,000 visitors
Area Environmental Experience PiatanAgudos – SP
26
Economic scenario
27
Economic Scenario
Interest Rate (% annum)
11,25
13,75
8,75
10,75 11,2511,75 12,00 12,25 12.50 12.00 11.50
2007 2008 2009 2010 jan/11 mar/11 abr/11 jun/11 jul/11 ago/11 otu/11Jan/11 March/11 Abr/11 Jun/11 July/11 Aug/11 Out/11
309.671 328.204345.923
373.340385.634
419.593437.785
0
100000
200000
300000
400000
2005 2006 2007 2008 2009 2010 UDM até jul´11
Disposable Income (R$ mn) and Unemployment Rate in Brazil (%)
300350
380415
465510
545
616
2005 2006 2007 2008 2009 2010 2011 2012p
Minimum Wage (R$ mn)
40.8%
45.0%
46.6% 46.3% 46.5%.46.5%.46.6%46.9%46.1% 45.7%
46.2%
36,0%
38,0%
40,0%
42,0%
44,0%
46,0%
48,0%
50,0%
2008 2009 2010 jan/11 fev/11 mar/11 abr/11 mai/11 jun/11 jul/11 ago/11
Total Credit / GDP (Brazil, %)
UntilJuly/11
Unemploymentrate
Dec/05 Dec/06 Dec/07 Dec/08 Dec/09 Dec/10 July/11 Aug/11
8.6 8.4 7.4 6.8 6.8 5.3 6.0 6.0
Jan/11 Feb/11 March/11 Apr/11 May/11 Jun/11 July/11 Aug/11
e
1.5001.900
1.900 1.900 1.900 1.900 1.900
650
1.0001.800 1.800
1.8002.400
3.200
360
210
210 210 210
210
210
2007 2008 2009 2010 2011 2013 2015
MDP MDF CHAPA
28
Evolution of Nominal Capacity and Investments
Investments in Progress
Capacity (´000 m³) Effective Nominal
Plant 1 – Itapetininga 520 600
Plant 2 – location to be defined 680 800
Forest - -
Total 1,200 1,400
2,5103,110
3,910 3,910 3,9104,510
5,310
HARDBOARD
Nominal Capacity (in ´000 m³)
Accomplished Investments
Flooring
Law pressure coating line, paper saturation line
Planting and other projects
Plant 1 - Itapetininga
Expansion MDF
Expansion BP
14,440
15,60015,800
15,800
17,000 18,200
3,8006,200 7,200 7,200
9,80012,200
2007 2008 2009 2010 2011 2012Metais LouçasMetais Vitreous China
29
Accomplished Investments
Acquisition Elizabeth (Feb/2011)
New furnace in Cabo Santo Agostinho (+0.8 mn items/year; April/11)
Expansion Metals to 17,000 items/year (2011)
30,400
26,800
23,00023,00021,80018,200
Nominal Capacity (in ´000 items)
Investments in Progress
Reactivation and expansion of Queimados unit, RJ + 2.4 mn items/year of vitreous china (2012)
Metals expansion to 18.2 mn items / year (2012)
Evolution of Nominal Capacity and Investments
30
Value Creation
31
Awards & Recognitions 2011
Market Value between 5 -15 billion1st place SULAMÉRICA2nd place DURATEX3rd place LOJAS RENNER
Pini Award (laminate flooring)
Anamaco Award (laminate flooring)
Top of Mind
Award Stand Design
32
69 DURATEX NM 4,735.8 2,553.8
IssuersR$ mn US$ mn
1 ,PETROBRÁS 173,583.7 74,158.8
2 ,VALE R DOCE N1 106,437.3 45,472.4
3 ,BRADESCO N1 64,763.4 27,668.4
4 ,ITAUBANCO N1 58,155.1 24,845.2
5 ,AMBEV 54,119.7 23,121.2
6 ,BRASIL 34,208.0 14,614.4
7 ,ITAUSA N1 24,229.1 10,351.2
8 ,UNIBANCO N1 22,128.0 9,453.5
9 ,TELESP 21,938.5 9,372.6
10 ,ELETROBRÁS 21,640.7 9,245.4
IssuersR$ mn US$ mn
1 ,PETROBRAS 262,546.3 141,580.1
2 ,VALE N1 221,618.8 119,509.7
3 ,AMBEV 158,087.8 85,250.1
4 ,ITAUUNIBANCO N1 124,658.7 67,223.2
5 ,BRADESCO N1 96,862.9 52,234.1
6 ,BRASIL NM 71,060.5 38,319.9
7 ,TELESP 53,799.7 29,011.9
8 ,SANTANDER BR N2 53,737.7 28,978.5
9 ,ITAUSA N1 49,493.7 26,689.9
10 ,OGX PETROLEO NM 37,188.1 20,053.9
Market Value of 10 biggest Brazilian companies
IssuersR$ mn US$ mn
IssuersR$ mn US$ mn
63 DURATEX N1 1,579.8 674.9
TOTAL R$ 1,129,054.6US$ 608,851.3
TOTAL R$ 581,203.9US$ 248,303.1
+94%
DURATEXDEC/05 SEP/11
+199.7%
+276.2 %
+145.2%
Source: BM&FBovespa
Value Creation
SEP/ 2011DEC/ 2005
70
100
130
160
190
220
250
280
310
19
/06
/20
09
19
/07
/20
09
19
/08
/20
09
19
/09
/20
09
19
/10
/20
09
19
/11
/20
09
19
/12
/20
09
19
/01
/20
10
19
/02
/20
10
19
/03
/20
10
19
/04
/20
10
19
/05
/20
10
19
/06
/20
10
19
/07
/20
10
19
/08
/20
10
19
/09
/20
10
19
/10
/20
10
19
/11
/20
10
19
/12
/20
10
19
/01
/20
11
19
/02
/20
11
19
/03
/20
11
19
/04
/20
11
19
/05
/20
11
19
/06
/20
11
19
/07
/20
11
19
/08
/20
11
19
/09
/20
11
19
/10
/20
11
DTEX3 IBOV
33
Comparative performance of DTEX3 x IBOV (19.Jun.09 – 26.Oct.11)
Value Creation
+47.2%
+ 11.4%
34
DISCLAIMER
The information contained herein was prepared by Duratex S.A. and does
not constitute an offering material, to subscribe for or purchase any of the Company’s
securities. This material also brings general information about Duratex S.A. and its
markets. No representation or warranty, express or implied, is made concerning, and
no reliance should be placed on, the accuracy, fairness or completeness of the
information presented herein.
The Company can give no assurance that expectations disclosed in this
presentation will be confirmed.
November, 2011
Apresentação Corporativa3° trimestre 2011
Investor Relationswww.duratex.com.br
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