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1
Global and Brazilian Fertilizer Market
Company Overview
May, 2011
2
World Fertilizer Consumption by Nutrient
Source : Heffer, IFA, December 2010; (e) estimated
Estimated average growth of 3.8% in 2011
28.9 23.4 23.5 27.4 29.3
38.4 33.7 37.5 39.8 41.7
100.5 98.5
102.6 104.2 106.9
2007 2008 2009 2010 2011 (e)
N P₂O₅ K₂O
Σ 167.8Σ 155.6
Σ 163.7 Σ 171.4
(mill
ion
s o
f to
ns
by
Nu
trie
nt
-N
PK
)
Σ 177.9
3
World’s Leading Fertilizer Producers - 2009
Phosphate Rock (P)
Potassium Chloride (K)
Source: IFA/ANDA
Ammonia (N)
America31.1%
Asia22.9%
Europe46.0%
America21.5%
Africa21.0%
Asia49.0%
Other Cont.8.4%
America14.8%
Africa2.6%
Asia56.5%
Other Cont.26.1%
4
World Markets and CAGR of Leading Markets, 2010
World’s Leading Fertilizer Markets (1) CAGR of Leading Markets
Note:(1) In nutrients consumption / Source: IFA/ANDA
Brazil is the 4th largest fertilizer market in the world and is growing above the global average
27
12.0
18.6
2.3
51.1
28.0
20.2
9.8
0
10
20
30
40
50
60
CHINA INDIA USA BRAZIL
1990 2010
3.5%
4.6%
0.4%
7.9%
% CAGR
CA
GR
1990
-20
10
51.1
28.0
20.2
9.8 4.9 3.8 3.1 2.9
47.6
0
10
20
30
40
50
60
Volume 2010
mm
to
ns
29.8%
16.3%
11.8%
5.7%
2.9% 2.2% 1.8%1.7%
27.8%
Market Share 2010
5
Evolution of the Brazilian Fertilizer Market
Source : Anda
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E
10.812.2
13.8 14.613.6
16.3 17.019.1
22.8 22.8
20.2 21.0
24.6
22.4 22.4
24.526.0
(in
mil
lio
ns
of
ton
s)
6
Sustainability and Technology Applied to Fertilizer Use in Brazil
*Planted area in hectares of soybean, corn, beans (grains), paddy rice, wheat (grains), herbaceous cotton (seeds), sorghum (grains), oats (grains), barley (grains), triticale (grains), sunflower (grains), rye (grains).*Agricultural production of the following crops: soybean, corn, beans (grains), paddy rice, wheat (grains), herbaceous cotton (seeds), sorghum (grains), oats (grains), barley (grains), triticale (grains), sunflower (grains), rye (grains).
Source: Agroconsult
CAGR of planted area was 2% from 1969 to 2009, while CAGR of agricultural production was 5%
The 7% CAGR in fertilizer consumption shows this input’s contribution to environmental preservation,combined with significant gain in agricultural productivity
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
19
69
19
70
19
71
19
72
19
73
19
74
19
75
19
76
19
77
19
78
19
79
19
80
19
81
19
82
19
83
19
84
19
85
19
86
19
87
19
88
19
89
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
*PLANTED AREA/ha (CAGR 2%)
*AGRI-PRODUCTION (CAGR 5%)
FERTILIZERS (CAGR 7%)
INDEX - Harvest 69/70 = 100
7
Brazil – Estimated Area (millions of hectares)
Source: IBGE, CONAB, MAPA , GV Agro
% total area
% available
area for
agricultureAmazon Forest 350 41.1%
Legal Reserve 58 6.8%
Cities, lakes, rivers and wetlands 20 2.4%
Others 78 9.2%
Reforest 5 0.6%
Sub-total 511 60.0%
Pasture 172 20.2% 50.6%
Annual and Permanent Crops 72 8.5% 21.2%
Available Area for Agriculture 96 11.3% 28.2%
Sub-total 340 40.0% 100.0%
Total Brazil 851 100.0%
Estimated Area - millions of ha
8
Brazilian Fertilizer Production Chain
Increased integration and concentration of fertilizer producers
In 2010 Brazil produced 38% of the total consumed
Basic Raw Material
PhosphateRock (P)
Natural Gas (N)
Potassium(K)
Vale Fert.Copebras Galvani
Petrobras Vale Fert.
Fertilizer Production
Phosphorus(P)
Nitrogen(N)
Potassium (K)
HeringerVale Fert. Copebras Galvani
YaraRoulierOthers
Vale Fert.Petrobras
Vale Fert.
FinalProduct
Mixtures and Distributors
(NPK)
BungeHeringer MosaicFertipar
YaraADM
Others
9
Heringer reached 18.5% of market share in 2010
Major Players in the NPK Market
Source: Heringer’s Estimates
20101995
30%
Takenaka4%
Manah10%
IAP7%
Serrana11%
Trevo 14%
Fertibras3%
Solorico7%
Fertiza4%
6%4%
COPAS
HERINGER
BUNGE 32%
MOSAIC 11%
YARA17%
OTHERS
18.5%
6 companies: 80%
Aprox. 100 companies:
20%
10
Production Cycle in Brazil
Production cycle of the five main crops with the highest fertilizer consumption in Brazil
CROPS
Harvest Winter Crop Harvest
Cotton
(Mato
Grosso)
Winter Crop Plantation / Coverage Crop Plantation
North East Harvest Mid-South Harvest North East
Harvest
Plantation/Coverage Plantation/Coverage
HarvestCoffee
CornWinter Crop Plantation Plantation
Winter Crop HarvestCrop Harvest
SoybeanPlantation
Harvest
SugarcaneSugarcane Summer and Spring Crops Plantation Sugarcane Summer Crop Platation
JUL AUG SEPT OCT NOV DECJAN FEB MAR APR MAY JUN
11
Brazil: Important Agribusiness Player
Brazil as a % of World Exports, 2010/11
Brazil is one of the largest producers/exporters of agricultural products, and has one of the lowest production costs worldwide
Source: USDA/ Agroconsult – in tons
Brazil as a % of World Production, 2010/11
Orange
Juice
Coffee
grain (bag)
Soybean -
grain
Sugar Cotton Corn
58%
39%
27% 24%
7% 6%
1st
1st
2nd
5th 3rd
Orange
Juice
Coffee
grain (bag)
Soybean -
grain
Sugar Cotton Corn
83%
31% 33%52%
7% 8%
1st
1st
1st
2nd
5th 3rd
12
Evolution of Brazilian Market and Heringer
3.7% Heringer Market Share 18.5%
Source: Anda
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
0.40.7 0.8
1.01.1
1.5 1.51.7
2.1 2.22.0
2.5
3.3 3.2
3.9
4.5
( in
tho
usa
nd
s o
f to
ns)
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
10.8 12.213.8 14.6 13.6
16.3 17.019.1
22.8 22.820.2 21.0
24.622.4 22.4
24.5
( in
tho
usa
nd
s o
f to
ns)
13
Fertilizers Delivered by Crop
Heringer offers solutions for many different crops, minimizing the volatility associated with local climates and other specific conditions, such as price cyclicality and pests
Source: LSPA – IBGE/CEPE AGRO e ANDA
Heringer – 2010Brazilian Market - 2010
Sugarcane20%
Others22%
Reforest6%
Coffee17%
Corn17%
Soybean18%
Sugarcane14%
Others27%
Reforest3%
Coffee6%
Corn16%
Soybean34%
14
Sales by Segment and Number of Clients - 2010
Focus on the retail segment is important for increasing profitability and mitigating risks
Individuals/Companies = 86% of volume
Sales by Segment Number of Clients
Individuals
42%
Companies
44%
Cooperatives8%
Resale
6%
2008 2009 2010
34,99745,190 44,958
Mixing Units and Production Capacity
19 units located in the main consumer markets, installed mixing capacity of 5.7 million tons
1 Sulfuric Acid and Single Super Phosphate (SSP) Unit
15
1.9%
12.2%
29.7%28.6%
27.6%
Total deliveries per country region - 2010
North Northwest Midwest Southeast South
NORTH
Rosário do Catete
Camaçari
NORTHEAST
Legend
Mixing Units
SSP Unit
MIDWEST
Rondonópolis Anápolis
Dourados
Rio Verde
SOUTH
Paranaguá
Porto Alegre
Bebedouro
Ourinhos
ManhuaçuTrês Corações
Uberaba
Viana
Paulínia
Iguatama
SOUTHEAST
Rio Grande
São João doManhuaçu
Catalão
16
Financial Highlights
EBITDA in 2010 was the highest in Heringer's history
2006 2007 2008 2009 2010
Volume (Million Tons) 2,5 3,3 3,2 3,9 4,5
Net Revenue (R$ thousand) 1.435.969 2.260.839 3.524.559 3.192.314 3.521.473
EBITDA (R$ thousand) 58.606 83.266 90.113 38.765 212.331
EBITDA Margin 4,1% 3,7% 2,6% 1,2% 6,0%
17
1Q11 Results
May 13, 2011
18
Period Highlights
Brazilian Fertilizer Market Heringer’s Sales and Breakdown by CropSpecialty ProductsClient Base and Market ShareMixing Units and Production Capacity
Financial Results
Income StatementsWorking Capital DaysFinancial HighlightsCash Flow Ownership BreakdownFHER3 – Stock Performance
2011 Outlook
International Raw Material PricesSeasonalityAgricultural Commodities – PricesBarter Ratio of Agricultural Products vs. FertilizersGrain Production, Planted Area and Brazilian Fertilizer Market
Agenda
19
Significant growth in delivery volume in the period, driven by the increase in agriculture commodity prices combined with the good barter ratio in the period
Source: Anda
Brazilian Fertilizer Market – Deliveries
Quarter
1Q09 1Q10 1Q11
4,058 4,462 4,994
+ 10.0% + 11.9%
(in
tho
usa
nd
s o
f m
etr
ic t
on
s)
20
Brazilian Fertilizer Market – Local Production
Higher local production driven by growing demand
Quarter
Source: Anda
1Q09 1Q10 1Q11
1,6192,036 2,144
+ 25.8%+ 5.3%
(in
tho
usa
nd
s o
f m
etr
ic t
on
s)
21
Quarter
Brazilian Fertilizer Market – Imports
Source: Anda
Increase in imports driven by stronger demand
1Q09 1Q10 1Q11
802
2,452
4,084
+ 205.9%
+ 66.5%(i
nth
ou
san
ds
of
me
tric
to
ns)
Heringer’s Sales and Breakdown by Crop
22
The diversification of sales across crops continued in the period
Good barter ratio (fertilizers vs. agricultural products) in 1Q11
1Q09 1Q10 1Q11
77 151 133
191
249 247 41
59 80 162
149 181 175
236 193 26
71 38
Σ 873
+ 36.2% -4.7%
- 45.7%
-18.3%
+ 21.1%
+ 36.2%
- 0.7%
- 12.2%
Σ 672
Σ 915
Market+ 11.9%
Soybean Corn Coffee Reforest Others Sugarcane
(in
tho
usa
nd
s o
f m
etr
ic t
on
s)
Specialty Products
Share of Specialty Products Specialty Products Line
Sales Volume
23
Strong growth in Specialty Products’ share of overall sales in 1Q11Specialty products help boost margins and improve customer loyalty with their high quality and efficiency
One of the largest portfolios of specialty products on the market (31 products)
1Q09 1Q10 1Q11
521687
563
152
228309
Conventional Especialty
- 4.7%
- 18.0%
+ 35.5%Σ 673
Σ 915 Σ 872
(in
tho
usa
nd
s o
f m
etr
ic t
on
s)
23%
77%
25%
75%
35%
65%
1Q09 1Q10 1Q11
Client Base and Market Share
Solid client base with significant growth of 22.9%
24Source: Anda / Heringer
Number of Clients – 1Q11 Market Share
1Q09 1Q10 1Q11
14,830 14,48217,796
+ 22.9%- 2.3%
1Q09 1Q10 1Q11
16.6%20.5% 17.5%
25
Agenda
Period Highlights
Brazilian Fertilizer market Heringer’s Sales and Breakdown by CropSpecialty ProductsClient Base and Market ShareMixing Units and Production Capacity
Financial Results
Income StatementsWorking Capital DaysFinancial HighlightsCash Flow Ownership BreakdownFHER3 – Stock Performance
2011 Outlook
International Raw Material PricesSeasonalityAgricultural Commodities – PricesBarter Ratio of Agricultural Products vs. FertilizersGrain Production, Planted Area and Brazilian Fertilizer Market
1Q11 Income Statement (R$ thousand)
Strong gross margin recovery from 9.6% to 13.5% in the period
Improvement in EBITDA margin from 1.5% to 5.7% in the period
26
1Q11 % NR 1Q10 % NR ∆ % 1Q11/10
Gross Revenue 799,251 100.0% 669,831 100.0% 19.3%
Net Revenue 783,608 100.0% 652,715 100.0% 20.1%
COGS (677,584) -86.5% (590,293) -90.4% 14.8%
Gross Profit 106,024 13.5% 62,422 9.6% 69.9%
SG&A (77,478) -9.9% (68,075) -10.4% 13.8%
EBITDA 44,318 5.7% 9,954 1.5% 345.2%
Net Fin. Income / (Exp.) (20,945) -2.7% (28,631) -4.4% -26.8%
Net Income 8,323 1.1% (18,141) -2.8% 145.9%
1Q11 Income Statement (Distribution and Production)
27
Costs at the SSP and sulfuric acid production unit in Paranaguá were affected by the temporary downtime
2011 % NR 2010 % NR 2011 % NR 2010 % NR
Gross Revenue 798,883 648,522 368 21,309
Net Revenue 783,240 100.0% 631,406 100.0% 368 100.0% 21,309 100.0%
COGS (670,219) -85.6% (567,567) -89.9% (7,365) -2001.4% (22,726) -106.6%
Gross Profit 113,021 14.4% 63,839 10.1% (6,997) -1901.4% (1,417) -6.6%
SG&A (77,478) -9.9% (62,501) -9.9% - 0.0% - 0.0%
EBITDA 48,303 6.2% 7,644 1.2% (3,985) -1082.9% 2,310 10.8%
Fertilizer Distribution SSP and Sulfuric Acid Production
Working Capital Days
Working capital days reflect seasonality
Comparisons with same quarters are more appropriate
28
Working Capital Days
4434 35 39
4939
31 3341 43
3326
41
60
111 107
4355
67
48
30
4961
48
32
50
106
150
164
135
217
198
134
115
173
202
120
89
123
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11
Accounts Receivable Days Inventories Days Accounts Payable Days
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11
-2 -5 -22 -59 -113 -92 -55 -58 -83 -98 -39 -31 -32
29
Financial Management
Adequate working capital management
1Q11 1Q10
Cash and Cash Equivalents 113.208 112.464
Local Suppliers 89.979 159.210
International Suppliers 365.130 405.343
Import Financing 471.393 567.289
Accounts Payble total 926.502 1.131.842
Loans and financing 328.560 67.204
Net total debt 1.141.854 1.199.046
Net Banking debt 686.745 634.493
Total suppliers + Finimp USD 513.614 597.183
Cash Flow (R$ thousand)
Adequate cash flow management
30
1Q11 1Q10
Income before Taxes and Social Contribution 11,929 (28,711)
Non cash flow impact expenses (revenues) 3,118 34,504
Assets reduction / (increase) (28,973) 8,481
Liabilities Increase / (reduction) (46,407) (38,614)
Operating Activities cash flow (60,333) (24,340)
Investing Activities cash flow (7,297) (12,654)
Financing Activities cash flow 4,784 (3,582)
Cash Generated (Used) (62,846) (40,576)
Net Increase (Decrease) In Cash
Initial Cash 176,054 153,040
Ending Cash 113,208 112,464
Net Increase (decrease) in Cash (62,846) (40,576)
Purchase of fixed assets using ICMS credits 6,462 9,231
Acquisition of fiscal credit - -
Transactions not involving cash 6,462 9,231
Heringer Ownership Breakdown
FHER3 is one of the 100 most liquid stocks on the BOVESPA and is a component of the SMLL, ITAG, INDX, IGC and IGCT stock indexes
At the end of March, the free-float registered 84 foreign investors and 2,475 Brazilian investors
Ownership Breakdown and Free-Float Foreign and Brazilian Investors in Free-Float
31
Controlling
Group67.8%
Free-Float32.2%
54% 49%42% 42%
60%
46% 51%58% 58%
40%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
0%
20%
40%
60%
80%
100%
120%
Mar/10 Jun-10 Sep-10 Dec-10 Mar-11
% Brazilian % Foreign
No. Foreign No. Brazilian
FHER3 – Stock Performance in 1Q10
Average daily trading volume of R$1,173,249 Average trades per day of 124
Gain of 7.9% in 1Q11, vs. decline of 1.0% in the IBOVESPA
32
7.87
7.50
7.77
7.50
7.909.52
9.11 9.00
9.08
10.75
9.30
10.48
Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11
33
Agenda
Period Highlights
Brazilian Fertilizer Market Heringer’s Sales and Breakdown by CropSpecialty ProductsClient Base and Market ShareMixing Units and Production Capacity
Financial Results
Income StatementsWorking Capital DaysFinancial HighlightsCash Flow Ownership BreakdownFHER3 – Stock Performance
2011 Outlook
International Raw Material PricesSeasonalityAgricultural Commodities – PricesBarter Ratio of Agricultural Products vs. FertilizersGrain Production, Planted Area and Brazilian Fertilizer Market
2011 Outlook
Increase in the average price of fertilizer raw materials in relation to 2010
Positive scenario for agriculture commodities in 2011: profitability of rural producers, with good barter ratio of agricultural products versus fertilizers
Seasonality expected in 2011 is 39% in 1st half and 61% in the 2nd half
Brazilian fertilizer market expected to grow by 6.0% to 26.0 million metric tons in 2011
Grain output projected to increase in the 2010/11 season
34
International Raw Material Prices
Average prices for fertilizer raw materials higher than in 4Q10
Despite the recent increase, barter ratios still remain at favorable levels
Source: Heringer – Prices in U.S. dollarCFR* = cost and freight
35
0
80
160
240
320
400
480
560
640
720
800
880
Mar/09 Jun/09 Sep/09 Dec/09 Mar/10 Jun/10 Sep/10 Dec/10 Mar/11
MAP/DAP-CFR TSP - CFR KCL in Bulk - CFR Urea in Bulk - CFR Ammonium Nitrate - CFR Ammonium Sulphate - CFR
Brazilian Fertilizer Market – Seasonality
Source: Anda / Heringer2011E – Estimate 36
2009 2010 2011E
63% 65% 61%
37% 35% 39%
1st Half 2nd Half
37
Expected growth of 6% in 2011
Brazilian Fertilizer Market – Evolution and Expectations for 2011
Source : Anda / Heringer
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E
10.812.2
13.8 14.613.6
16.3 17.019.1
22.8 22.8
20.2 21.0
24.6
22.4 22.4
24.526.0
(in
mil
lio
n to
ns)
Agricultural Commodities – Prices
Source and Projection: Agroconsult/ Bag Prices (R$)
Soybean R$/bag (60kg/Paraná) Corn R$/bag (60kg/São Paulo)
Sugarcane R$/bag (50kg/São Paulo) Arabica Coffee R$/bag (60kg/Brazil)
38
44.6844.62
49.21 48.20
42.83
34.14
41.32
48.55
44.44
26.65
22.33
21.2819.69
20.56
28.24
30.27
26.16
36.7142.24
57.27
72.49
43.76
56.63
76.34
66.92
254.86 261.65 256.88280.37
313.93
388.99
524.50518.53
Agricultural Commodities – International Prices: Recent Evolution
Source: CME Group
Soybean US$/bushel Corn US$/bushel
Sugar US$/pound Coffee US$/pound
39
Barter Ratio of Agricultural Products vs. Fertilizers
Source: Agroconsult
Soybean Paraná (bag/60kg) Corn Paraná (bag/60kg)
Sugarcane São Paulo (tons) Coffee (Brazil)
40
4.9
7.6
6.0
4.6
5.2
4.5 4.2 4.3 4.5
3.73.5
4.3
6.5
5.1
3.8 4.2
3.32.7
2.3 2.4
1.81.5
Coffee Robusta (bag 60kg)
Coffee Arabica (bag 60kg)66.8
79.3
52.8
33.0
39.0
31.1
20.5 20.9
26.3 24.9 24.2
31.8
39.2
27.0
18.7
16.5
22.020.2
18.620.4
77.7
103.7
65.4
51.454.9 61.0 56.2 54.4
46.7
39.1
Grain Production and Planted Area
Expected growth of 3.1% in planted area in the 2010/2011 marketing year *
Expected growth of 7.3% in Brazilian grain production in the 2010/11 marketing year *
4.1% increase in Brazil’s average grain yield in the 2010/2011 marketing year
Source: Agroconsult/ * Agroconsult's Projection and Company's EstimateGrains: corn, soybeans, rice, beans, sorghum, castor beans, cotton, sunflowers, barley, rye, oats, peanuts, wheat and triticaleFertilizers: 2011 Estimate 41
145,867137,079
150,495161,563
167,476
47,373 47,927 47,448 48,912 50,528
24,609 22,429 22,400 24,516 26,000
10,000
30,000
50,000
70,000
90,000
110,000
130,000
150,000
170,000
190,000
2007/2008 2008/2009 2009/2010 2010/2011* 2011/2012*
Grain Production (1000 t) Planted Area (1000 ha) Fertilizers
42
Fertilizantes Heringer S.A.
(In thousand of Reais)
1Q11 %NR 1Q10 %NR 1Q11 x 1Q10
Sales Gross revenue 799.251 669.831 19,3%
Taxes and other deductions (15.643) (17.116) -8,6%
Sales Net revenue 783.608 100,0% 652.715 100,0% 20,1%
Cost of goods sold (677.584) -86,5% (590.293) -90,4% 14,8%
Gross profit 106.024 13,5% 62.422 9,6% 69,9%
Operational (expenses) revenues (73.150) -9,3% (62.501) -9,6% 17,0%
Selling expenses (60.527) -7,7% (52.562) -8,1% 15,2%
General and Administrative expenses (16.951) -2,2% (15.513) -2,4% 9,3%
Other Operational revenues (expenses) 4.328 0,6% 5.574 0,9% -22,3%
Operating profit (loss) before financial results 32.874 4,2% (79) 0,0% -41670,6%
Financial (expenses) Income (20.945) -2,7% (28.631) -4,4% -26,8%
Financial Income 45.253 5,8% 40.186 6,2% 12,6%
Financial expenses (66.198) -8,4% (46.072) -7,1% 43,7%
Foreign exchange, net - 0,0% (22.745) -3,5%
Operating profit (loss) 11.929 1,5% (28.710) -4,4% -141,5%
Income tax and social contribution (3.607) -0,5% 10.569 1,6% -134,1%
For the period (924) -0,1% - 0,0%
Deferred (2.683) -0,3% 10.569 1,6% -125,4%
Net income (loss) 8.322 1,1% (18.141) -2,8% -145,9%
EBITDA 44.318 5,7% 9.954 1,5% 345,2%
Income (loss) before financial results and taxes 32.874 4,2% (79) 0,0% -41670,6%
Depreciation and Amortization 11.444 1,5% 10.033 1,5% 14,1%
43
Fertilizantes Heringer S.A.(In thousand of Reais)
ASSETS Mar-11 Dec-10 LIABILITIES & SHAREHOLDERS' EQUITY Mar-11 Dec-10
Current Assets Current Liabilities
Cash and Banks 113,208 176,054 Local Suppliers 89,979 45,207
Accounts Receivable 365,293 387,256 Foreign Suppliers 365,130 516,299
Inventories 530,225 474,510 Loans and Financing 642,169 549,199
Taxes Recoverable / Deferred 115,531 127,221 Taxes payable / Deffered 6,257 17,014
Other Accounts Receivable 22,203 30,448 Advances received from customers 155,022 106,881
1,146,460 1,195,489 Other current liabilities 82,820 75,178
1,341,377 1,309,778
Non-current assets
Taxes Recoverable / Deferred 81,951 67,007 Long term liabilities 157,784 234,214
Other Credits 278,603 281,511 Loans and financing 70,421 68,615
Long Term Assets 360,554 348,518 Debentures 228,205 302,829
Other Accounts Payable
Investments 378 460 Shareholders' Equity 448,746 448,746
Property, plant and equipment 474,395 471,777 Capital -78,215 -86,808
Intangible 5,839 6,085 Retained Earnings / Loss 47,513 47,784
480,612 478,322 Accumulated Earnings / Loss
841,166 826,840 418,044 409,722
Total ASSETS 1,987,626 2,022,329 Total LIABILITIES & SHAREHOLDERS' EQUITY1,987,626 2,022,329
This presentation may include forward-looking statements about future events or results in accordance with Brazilian andinternational regulations governing stock markets. Such statements are based on assumptions and analyses made by theCompany based on its experience, the economic climate, market conditions and expected future events, many of which arebeyond the Company’s control. Important factors that can lead to significant differences between actual results and theseforward-looking statements include the Company's business strategy, economic conditions in Brazil and abroad, technology,financial strategy, developments in the fertilizer industry, financial market conditions, uncertainty regarding the results ofthe Company’s future operations, plans, objectives, expectations, intentions, and other factors described in the item "RiskFactors“ of the IPO Prospectus filed with the Securities and Exchange Commission of Brazil (CVM). As a result of thesefactors, the Company’s actual results may differ substantially from those expressed or implied by the forward-lookingstatements.
The Financial Statements of the Company and its subsidiary were prepared and are being presented in accordance with theaccounting practices adopted in Brazil, i.e., in accordance with the rules issued by the Accounting PronouncementsCommittee (CPC) and approved by CVM, in effect for fiscal year 2010, as well as in accordance with the InternationalFinancial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).
In addition, pursuant to CVM Rule 656, the Company chose to present again its 2010 Quarterly Information (ITR) inaccordance with the new accounting standards mentioned above, with comparisons in relation to 2009, which also wasadjusted for the rules in effect in 2010, until the date of presentation of the 1st ITR of 2011, i.e., May 15, 2011. Therefore, asrequired by said rule, the Financial Statements for the fiscal year ended December 31, 2010 include an explanatory note thatshows, for each quarter, the impacts on the results and shareholders’ equity resulting from the full adoption of the rules ineffect for 2010.
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Wilson Rio Mardonado
Vinicius Alves de Lima
Laís Cristina de Sá Bortolozzo
Investor RelationsTelephone: +55 19 3322-2294
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