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- Usiminas (BM&FBOVESPA:
USIM3, USIM5 e USIM6; OTC: USDMY and USNZY; LATIBEX: XUSIO and XUSI) today releases its second quarter (2Q16)
results. Operational and financial information of the Company, except where otherwise stated, are presented based on
consolidated figures, in Brazilian Real, according to International Financial Reporting Standards (IFRS). All comparisons made
in this release take into consideration the first quarter of 2016 (1Q16), unless stated otherwise.
Main Highlights
R$ million - Consolidated
1H16
1H15
1,275
1,206
2,677
(2,571)
105
(781)
(755)
-28%
Chg.
2Q16/1Q16
0%
-19%
-1%
-3%
-19%
22%
+ 1 p.p.
1,802
1,761
4,069
(4,107)
(38)
(275)
110
3%
2,531
2,345
5,357
(5,008)
349
(1,016)
(401)
-7%
Var.
1H16/1H15
-29%
-25%
-24%
-18%
-73%
+ 10 p.p.
227
8%
226
2,889
31%
-28%
56%
119
3%
121
2,713
607
11%
458
2,889
-80%
- 8 p.p.
-74%
-6%
2Q16
1Q16
2Q15
899
787
2,028
(2,025)
3
(123)
61
3%
903
974
2,041
(2,081)
(41)
(151)
50
2%
Adjusted EBITDA
Adjusted EBITDA Margin
Investments (CAPEX)
Cash Position
68
3%
50
2,713
52
3%
70
1,736
BM&FBOVESPA:
USIM5
R$1.97/share
USIM3
R$5.08/share
EUA/OTC:
USNZY
US$0.63/ADR
LATIBEX:
XUSI
0.58/share
XUSIO
1.20/share
Index
Consolidated Results
Performance of the Business Units:
- Mining
- Steel
- Steel processing
- Capital goods
Subsequent Events
Capital markets
Balance sheet, Income and Cash Flow Statements
Economic Outlook
2Q16 Results
The global outlook remained stable and had given favorable signals to the emerging markets
even in a high risk scenario with uncertainties caused by the exit of the United Kingdom from
the European Union. In the United States, the economy continued to recover, pointing to a
GDP expansion of 3% on an annual basis. In China, the growth has been stabilizing and the
economic volatility tends to reduce.
The environment improvement has driven global financial conditions and commodities prices,
and there has been a recovery in the inflows to the emerging economies, favoring the Latin
American market. This has also allowed greater exchange rate stability, having a better
perspective of the inflation outlook in the economies in this region. For the two main
economies of the region, Brazil and Argentina, the weight of domestic issues has been
material, maintaining them in recession, in spite of already existing stabilization in economic
activity, confirming expectations of a recovery from 2017 on.
In Brazil, in spite of 0.3% retraction in GDP in the 1Q16 and also an expected decline in the
2Q16, the latest economic activity data have been better than expected. Nevertheless, the
labor market continued weak, with the month of May of 2016 recording the 14th consecutive
month of employment reduction. Inflation, measured by the IPCA, although pressured by the
food price increases, should fall in the coming months and end up the year at 7%, according to
the Focus Report of the Brazilian Central Bank of 07/01/16.
Brazilian industry has showing signs of improvement, with a highlight for higher confidence
rate and signs that inventory levels have been adjusted, favoring production recovery in the
second half of 2016. Industrial production indicators have shown stability in comparison with
the last few months. Accumulated industrial production in 2016 shows a decline of 10% over
the same period of the previous year. Steel intensive industry sectors had the greatest down
falls, with capital goods production declining 23% and durable goods, 25%.
2Q16 Results
2Q16
1Q16
2Q15
1H16
1H15
89%
85%
76%
87%
82%
Exports
11%
15%
24%
13%
18%
Total
100%
100%
100%
100%
100%
Gross Margin
2Q16
1Q16
2Q15
1H16
1H15
0.1%
-2.0%
3.9%
-0.9%
6.5%
lower result of asset sale and write-off of assets, which totaled R$0.9 million in the
2Q16, against R$72.0 million in the 1Q16;
higher non-absorbed costs with idle production in the amount of R$127.2 million,
which R$119.0 million were related to depreciation, against R$118.8 million in the
1Q16, which R$80.3 million were related to depreciation;
higher negative result with the sale of surplus electric energy, which was a negative
R$44.5 million in the 2Q16, against a negative R$40.8 million in the 1Q16.
On the other hand, there were fiscal credits of R$53.2 million in the 2Q16, against zero in the
1Q16 and there was no impairment of assets in the 2Q16, against an impairment of assets of
R$8.0 million in the 1Q16.
Thus, net operating expenses totaled R$296.0 million in the 2Q16, against R$279.6 million in
the 1Q16. In this manner, the Companys operating margin presented the following
performance:
2Q16 Results
EBIT Margin
2Q16
1Q16
2Q15
1H16
1H15
-14.4%
-15.7%
-40.9%
-15.0%
-19.8%
Adjusted EBITDA
Adjusted EBITDA is calculated from net income (loss), reversing profit (loss) from discontinued
operations, income tax and social contribution, financial result, depreciation, amortization and
depletion, equity in the results of Associate, Joint Subsidiary and Subsidiary Companies and
not consider the impairment of assets. The adjusted EBITDA includes the proportional
participation of 70% of Unigal and others joint subsidiary companies .
EBITDA Breakdown
Consolidated (R$ thousand)
2Q16
1Q16
2Q15
1H16
1H15
(123,357)
(151,377)
(780,798)
(274,734)
(1,016,178)
(18,675)
(15,360)
(319,383)
(34,035)
(397,454)
(114,621)
(101,553)
317,273
318,086
60,620
49,796
(36,655)
(51,845)
44,212
Impairment of Assets
67,784
(216,174)
304,342
635,359
(755,210)
110,416
401,529
610,772
(401,331)
(33,991)
(88,500)
45,597
31,361
89,809
68,987
8,030
985,046
7,637
985,046
51,578
227,206
119,362
606,740
(393)
Adjusted EBITDA
40,629
(45,962)
Adjusted EBITDA totaled R$$67.8 million in the 2Q16, against R$51.6 million in the 1Q16, an
increase of 31.4%, due to the better performance in all the Business Units of the Company,
Mining, Steel, Steel Transformation and Capital Goods. In the 2Q16, Adjusted EBITDA margin
was 3.3%, against 2.5% in the 1Q16. The Adjusted EBITDA margins are shown below:
4Q15
2Q15
1H16
1H15
3.3%
2.5%
8.5%
2.9%
11.3%
Financial Results
Net financial results were R$114.6 million in the 2Q16, against R$101.6 million in the 1Q16, a
12.9% increase, mainly due to higher financial income as a result of fiscal credits of R$50.8
million and the appreciation of 9.8% of the Real against the Dollar in the 2Q16, against an
appreciation of 8.9% in the 1Q16.
Financial Result - Consolidated
R$ thousand
2Q16
Payable in
1Q16
2Q15
Change
2Q16/1Q16
1H16
1H15
328,090
346,957
85,830
-5%
675,047
(304,985)
(165,904)
(129,051)
(35,265)
29%
(294,955)
58,718
115,983
56,180
46,374
106%
172,163
89,020
93%
63,393
50,032
47,350
27%
113,425
94,919
19%
(166,918)
(176,913)
(140,191)
-6%
(343,831)
(256,663)
34%
(60,023)
(45,652)
(44,727)
31%
(105,675)
(82,538)
FINANCIAL RESULT
114,621
101,553
(40,629)
13%
216,174
(401,529)
9.8%
8.9%
3,3%
2Q16 Results
Change
1H16/1H15
-47.0%
-13.4%
-321%
28%
-154%
-
Working Capital
In the 2Q16, the Company presented working capital of R$2.1 billion, against R$2.2 billion in the
1Q16, mainly due to the reduction in inventories in Reais of raw materials and steel products, to
the reduction in the steel volumes in 9.3% and to a decrease in accounts receivable,
compensated by a decrease in other current liabilities, in function of a reduction in the
outstanding balance of forfaiting transactions.
Investments (CAPEX)
In the 2Q16, CAPEX totaled R$50.4 million, 28.2% lower compared with the 1Q16, which was
R$70.1 million, reduced at a minimum operational level according to the weak demand,
preserving the Companys operations. The main investments made were with sustaining
CAPEX, with 83% in the Steel Unit, 12% in the Mining, 4% in the Steel Transformation and 1%
in the Capital Goods Unit.
Capital Increase
For the purpose of reinforcing the Companys cash position, Usiminas issued new shares,
voting shares and preferred shares, totaling R$1,050,294,935.04.
The Board of Directors approved the Capital Increase on 06/03/16 with the subscription of
39,292,918 preferred class A shares, identical to shares of the same type and already
existing class, at the issuance price of R$1.28 per share, totaling R$50,294,935.04.
On 07/19/16, the Extraordinary General Meeting homologated the Capital Increase of
200,000,000 voting shares at the issuance price of R$5.00 per share, totaling
R$1,000,000,000.00.
Thus, the Companys equity capital was increased to R$13,200,294,935.04 divided into
1,253,079,108 shares, being 705,260,684 voting shares, 547,740,661 preferred class A shares
and 77,763 preferred class B shares, all subscribed, without nominal value.
In this manner, the Control Group participation in voting shares is:
Free Float: 54.25%
Others
23.19%
Ternium / Tenaris
Group
19.76%
2Q16 Results
Nippon Group
21.10%
Ternium/ Tenaris
Group
19.81%
Usiminas Pension
Fund
4.84%
Nippon Group
11.31%
Indebtedness
In June 2016, the Company concluded another important step in its debt restructuring, signing
with Brazilian lenders (Banco do Brasil, Bradesco, Ita Unibanco and BNDES) and with
debenture holders a biding Term Sheet with specific for the final documents, including total
tenor of 10 years, grace period of three years, interest rates, obligations, covenants, among
others. The negotiation with the Japanese banks is moving on well and is forecast to be
concluded until the Standstill final deadline, 09/12/16.
Subsequently to the quarter, the amount held by court related to CSN was released, which
summed to the initial amount of the capital increase transactions of R$ 871.5 million, totaling
R$1,050,294,935.04 of capital increase (voting shares and preferred shares).
On 06/30/16, consolidated gross debt was R$7.2 billion, against R$7.4 billion on 03/31/16, a
2.6% decrease. Debt by maturity composition was 42% short term and 58% long term. Since
the Standstill agreement was signed with creditors, there was no verification of financial
covenants on 06/30/16.
The chart below demonstrates the consolidated debt indexes:
Total Indebtedness by Index - Consolidated
30-Jun-16
R$ thousand
Short Term
Local Currency
TJLP
CDI
Others
Foreign Currency (*)
Gross Debt
Long Term
TOTAL
31-Mar-16
TOTAL
58%
Change
Jun16/Mar16
30-Jun-15
TOTAL
Change
Jun16/Jun15
2,166,970
2,034,749
4,201,719
4,096,296
3%
4,277,111
-2%
174,316
206,002
380,318
380,136
0%
507,697
-25%
1,902,113
1,733,783
3,635,896
3,583,170
1%
3,631,126
90,541
94,964
185,505
132,990
39%
138,288
34%
908,937
2,127,008
3,035,945
42%
3,331,822
-9%
3,327,611
-9%
3,075,907
4,161,757
7,237,664
100%
7,428,118
-3%
7,604,722
-5%
0%
2,712,903
1,735,627
56%
2,889,080
-6%
Net Debt
4,524,761
5,692,491
-21%
4,715,642
-4%
The graph below demonstrates the cash position and debt profile (principal only) in millions of
Reais on 06/30/16, before conclusion of the debt renegotiation forecast to 09/12/16:
2,713
225
1,618
1,710
1,871
523
2,488
590
1,334
1,003
68
1,029
1,187
935
810
491
538
Cash
2016
2017
2018
Local Currency
2Q16 Results
2019
318
15
0
14
13
13-
33
33
2020
2021
2022
2023 on
Foreign Currency
Minerao
Transformao do
Ao
Siderurgia
Minerao Usiminas
Usina de Ipatinga
Usina de Cubato
Unigal
Bens de Capital
Solues Usiminas
Usiminas Mecnica
Mining
2Q16
Net Revenue
Steel
Processing
Steel*
1Q16
2Q16
1Q16
2Q16
Capital Goods
1Q16
2Q16
1Q16
Adjustment
2Q16
Consolidated
1Q16
2Q16
1Q16
101
106
1,778
1,739
432
431
155
170
(438)
(405)
2,028
2,041
Domestic Market
77
56
1,570
1,476
432
431
155
170
(438)
(405)
1,796
1,728
Exports
25
50
207
263
232
313
(105)
(1,780)
(1,786)
(398)
(410)
(141)
(152)
374
372
(2,025)
(2,081)
(3)
(47)
34
21
14
17
(64)
(33)
COGS
(80)
21
(41)
(39)
(53)
(220)
(188)
(27)
(25)
(10)
(15)
(296)
(280)
EBIT
(18)
(52)
(223)
(235)
(4)
(63)
(31)
(293)
(320)
14
10
(27)
Adjusted EBITDA
Adj.EBITDA Margin
21
(12)
21%
-11%
50
46
3%
3%
3%
1%
6%
5%
6
-
68
3%
52
3%
Mining
1H16
Net Revenue
Domestic Market
Exports
1H16
1H16
1H15
1H16
1H15
1H16
1H15
1H16
1H15
4,957
863
1,016
325
440
(843)
(1,283)
4,069
5,357
133
227
3,046
3,994
862
1,011
325
440
(843)
(1,283)
3,524
4,390
471
963
546
967
(233)
(3,567)
(4,633)
(808)
(990)
1,227
(4,107)
(5,008)
(6)
(50)
22
(92)
(1,037)
(408)
EBIT
(70)
(1,043)
(458)
Adjusted EBITDA
9
4%
37
16%
96
3%
(293)
(379)
324
55
25
32
61
(286)
(52)
(52)
(26)
(34)
746
(97)
(56)
(38)
(1,407)
(1,058)
(27)
28
(94)
(54)
(613)
543
17
(13)
18
40
(21)
(1)
119
11%
2%
1%
6%
9%
349
(576)
38
2Q16 Results
Consolidated
3,517
Adj.EBITDA Margin
1H15
Adjustment
227
(186)
1H15
Capital Goods
207
74
COGS
Steel
Processing
Steel*
3%
607
11%
I.
MINING
Contrary to all expectations, in the 2Q16, the average price of iron ore in the international market
presented an increase of around 15% in relation to the 1Q16, with the quarterly average price
reaching US$56/t (62%Fe, CFR China). This behavior does not have a clear explanation from a
purely market standpoint and was mainly attributed to speculative movements in futures markets
and to the increase in profitability of the Chinese mills, due to the increase in the steel price in the
country. It is worthwhile mentioning that in the period a peak price of US$71/t was recorded, the
highest amount registered in the last 18 months.
In regards to the outlook for the near future, the general view is that there will be a downfall in
prices, mainly in the 4th quarter of 2016. Recent data show a considerable advance in iron ore
production in Australia, which may result in the addition in of around 55 million tons annualized of
new supply 2016. In parallel, the start up of the second half of Vales S11D project of around 90
million tons, on an annual basis, will add even more pressure on supply side and, consequently, on
prices.
Production
Sales - Third Parties - Domestic Market
Sales - Exports
Sales to Usiminas
Total Sales
2Q16
1Q16
2Q15
Chg.
2Q16/1Q16
-1%
691
701
1,009
17
16
135
177
344
6%
-49%
1H16
Chg.
1H16/1H15
1H15
1,392
2,470
-44%
33
226
-85%
521
593
614
1,071
-3%
1,207
2,119
-43%
787
974
1,206
-19%
1,761
2,345
-25%
2Q16 Results
Investments (CAPEX)
In the 2Q16, investments totaled R$5.9 million, against R$3.7 million in the 1Q16, reffering to
sustaining CAPEX.
II)
STEEL
After four consecutive quarters of decline, Brazilian flat steel consumption returned to grow in
the 2Q16, reaching 2.3 million tons, which represents a growth of 6.3% in relation to the
1Q16. Local plants accounted for 94% of volume and imports, 6%. Although the share of
imports grew 17% in comparison with the 1Q16, they remained at a low level, approximately
138 thousand tons in the quarter, the lowest share since 2007.
Among the segments, a positive highlight to White Goods, with 17% growth, to Automotive,
with 13%, and to Distribution, with 6%.
In terms of product lines, heavy plates consumption fell 18.4% in the 2Q16 against the 1Q16,
in every sector in which it is consumed. On the other hand, other products showed a recovery
of 8.2% jointly.
2Q16
1Q16
2Q15
Chg.
2Q16/1Q16
1H16
1H15
Chg.
1H16/1H15
776
777
746
0%
1,553
1,485
5%
-100%
17
1,220
-99%
-2%
1,570
2,705
-42%
17
580
776
794
1,326
Sales
In the 2Q16, total sales volume was 899 thousand tons of steel, stable in relation to the 1Q16.
Domestic market sales totaled 784 thousand tons, 3.4% greater than in the 1Q16, while exports
decreased 20.5%, totaling 115 thousand tons. There was a greater selectivity in exports, made
possible by the decrease in the excess of production in the Cubato plant. There was a
2Q16 Results
substantial improvement in the market mix, with sales volume registering 87% to the domestic
market and 13% for exports.
1,205
1,275
1,179
424
323
427
850
751
2Q15
3Q15
903
882
4Q15
Domestic Market
145
899
115
758
784
1Q16
2Q16
Exports
2Q16
8% 6%
1H16
Argentina
2%
Germany
27%
USA
9%
5%
10%
4%
26%
Taiwan
7%
Spain
9%
Belgique
9%
In
Mexico
21%
19%
20%
Others
19%
2Q16
1Q16
Change
2Q16/1Q16
2Q15
1H16
Change
2015/2014
1H15
899
100%
903
100%
1,275
100%
1,802
100%
2,531
100%
-29%
Heavy Plates
109
12%
145
16%
244
19%
-24%
254
14%
531
21%
-52%
Hot Rolled
240
27%
260
29%
392
31%
-8%
500
28%
809
32%
-38%
Cold Rolled
277
31%
239
26%
248
19%
16%
516
29%
561
22%
-8%
Galvanized
251
28%
229
25%
196
15%
10%
481
27%
410
16%
17%
Total Sales
Processed Products
Slabs
0%
0%
0%
0%
20
2%
30
3%
191
15%
-34%
0%
0%
50
3%
210
8%
-76%
783
87%
758
84%
850
67%
3%
1,540
86%
1,956
77%
-21%
Heavy Plates
102
13%
135
15%
217
17%
-24%
237
15%
478
19%
-50%
Hot Coils
219
28%
219
24%
216
17%
0%
439
28%
557
22%
-21%
Cold Coils
236
30%
205
23%
226
18%
15%
441
29%
512
20%
-14%
Galvanized
205
26%
179
20%
165
13%
14%
384
25%
358
14%
7%
0%
0%
0%
0%
0%
20
3%
20
2%
23
2%
1%
40
3%
42
2%
-4%
115
13%
145
16%
424
33%
-21%
261
14%
575
23%
-55%
6%
10
1%
27
2%
-28%
17
7%
53
2%
-68%
Hot Rolled
21
18%
40
4%
175
14%
-49%
61
23%
252
10%
-76%
Cold Rolled
41
35%
34
4%
23
2%
20%
75
29%
49
2%
53%
Galvanized
47
41%
51
6%
31
2%
-7%
97
37%
52
2%
89%
Processed Products
0%
0%
0%
0%
0%
Slabs
0%
10
1%
169
13%
10
4%
169
7%
-94%
Domestic Market
Processed Products
Slabs
Exports
Heavy Plates
2Q16 Results
10
lower result of asset sale and write-off of assets, which totaled R$0.8 million in the
2Q16, against R$72.0 million in the 1Q16;
higher non-absorbed costs with idle production in the amount of R$106.6 million, which
R$99.1 million were related to depreciation, against R$98.0 million in the 1Q16, which
R$60.4 million were related to depreciation;
higher negative result with the sale of surplus electric energy, which was a negative
R$41.9 million in the 2Q16, against a negative R$36.8 million in the 1Q16.
On the other hand, there were fiscal credits of R$53.2 million in the 2Q16, against zero in the
1Q16, and there was no impairment of assets in the 2Q16, against an impairment of assets of
R$8.0 million in the 1Q16.
Net operating expenses totaled R$220.2 million in the 2Q16, against R$188.2 million in the
1Q16.
Thus, Adjusted EBITDA in the 2Q16 totaled R$49.7 million, against R$45.9 million in the 1Q16, a
8.1% increase. Adjusted EBITDA margin was 2.8% in the 2Q16, against 2.6% in the 1Q16, a 0.2
perceptual points increase.
Investments (CAPEX)
Investments totaled R$41.8 million in the 2Q16, against R$64.3 million in the 1Q16, mainly
applied to sustaining CAPEX, reduced at a minimum operational level according to the weak
demand, preserving the Companys operations
III)
STEEL PROCESSING
Solues Usiminas SU
Solues Usiminas operates in the distribution, services and small-diameter tubes markets
nationwide, offering its customers high-value added products. It serves several economic
segments, such as automotive, auto parts, civil construction, distribution, electro-electronics,
machinery and equipment and household appliances, among others.
2Q16 Results
11
Sales of the Distribution, Services/Just-In-Time and Tubes were responsible for 46%, 46% and
8%, respectively, of the total sales volume in the 2Q16.
IV)
CAPITAL GOODS
Main Contracts
In the 2Q16, the main projects were for the railcar segment for pulp and structures for bridges
and viaducts.
12
of R$5.00 (five reais) per share. Bylaws amendments were approved to reflect the changes
concerning the Company's Social Capital.
The documents related to the issue are available on the websites of CVM (www.cvm.gov.br),
BM&FBOVESPA (www.bmfbovespa.com.br) and the Company (www.usiminas.com/ri).
Extension of Standstill
Usiminas agreed with its creditors to extend to September 12, 2016 the period of suspension
of payment obligations of the principal amount and of compliance with financial covenants.
This extension was necessary in order to provide enough time for the conclusion of the final
documentation regarding the debt renegotiation and to the approval of final documentation by
the creditors internal committees.
All other conditions that had been settled in the Standstill Agreement and in the biding Term
Sheets signed between Usiminas, Brazilian Banks and Debenture holders remain in full force.
2Q16 Results
13
Capital Markets
Usiminas Performance Summary - BM&FBOVESPA (USIM5)
2Q16
Number of Deals
Change
2Q16/1Q16
1Q16
Change
2Q16/2Q15
2Q15
738,205
719,719
3%
500,667
11,718
11,995
-2%
8,208
1,741,154
1,304,536
33%
457,804
280%
27,637
21,742
27%
7,505
268%
3,665
1,763
108%
2,462
49%
58
29
97%
40
Maximum
2.60
2.11
23%
6.97
-63%
Minimum
1.45
0.85
71%
4.12
-65%
Closing
1.97
1.81
9%
4.12
-52%
1,997
1,834
9%
4,177
-52%
Daily Average
Traded - thousand shares
Daily Average
Financial Volume - R$ million
Daily Average
47%
43%
44%
Latibex Madrid
Usiminas shares are traded on the LATIBEX the Madrid Stock Exchange: XUSI as preferred
shares and XUSIO as common shares. On 06/30/16, XUSI closed quoted at 0.58,
appreciating 28.9% in the quarter. XUSIO shares closed quoted at 01.20, appreciating 16.5%
in the period.
2Q16 Results
14
cristina.morgan@usiminas.com
leonardo.rosa@usiminas.com
diogo.goncalves@usiminas.com
r.couto@usiminas.com
55
55
55
55
31
31
31
31
3499-8772
3499-8550
3499-8710
3499-8619
Dial-in Numbers:
Dial-in Numbers:
Statements contained in this release, relative to the business outlook of the Company, forecasts of operating and financial income and references
to growth prospects are mere forecasts and were based on the expectations of Management in relation to future performance. These expectations
are highly dependent on market conduct, the economic situation in Brazil, its industry and international markets and, therefore, are subject to
change.
2Q16 Results
15
30-Jun-16
31-Mar-16
30-Jun-15
6,739,085
2,712,903
1,233,438
284,585
2,305,591
8,709
58,746
135,113
6,099,534
1,735,627
1,289,168
317,430
2,481,868
10,574
78,040
186,827
8,560,921
2,889,080
1,357,433
367,277
3,595,707
17,611
108,699
225,114
20,516,248
4,553,616
3,322,746
610,238
4,302
87,722
342,097
186,511
1,122,739
14,491,957
347,936
21,752,966
Long-Term Receivable
Deferred Income Tax & Social Contribution
Deposits at Law
Accounts Receiv. Affiliated Companies
Taxes Recoverable
Financial Instruments
Others
Investments
Property, Plant and Equipment
Intangible
20,117,670
4,432,189
3,361,515
625,730
4,300
83,011
170,670
186,963
1,157,844
14,191,715
335,922
Total Assets
26,856,755
26,615,782
Non-Current Assets
3,805,774
2,481,044
599,420
4,630
87,418
335,582
297,680
1,145,575
15,408,654
1,392,963
30,313,887
5,843,359
3,075,907
852,326
245,170
108,447
478,837
119,314
140
80,077
821,159
61,982
4,884,036
2,683,255
836,683
241,759
128,740
706,873
131,505
140
59,002
0
96,079
4,718,708
1,723,993
2,069,668
319,435
98,461
188,279
146,731
141
69,897
0
102,103
Long-Term Liabilities
Loans and Financing and Taxes Payable in Installments
Actuarial Liability
Provision for Legal Liabilities
Financial Instruments
Environmental Protection Provision
Others
6,303,747
4,161,757
1,184,437
539,918
44,838
134,838
237,959
6,920,481
4,744,863
1,158,741
572,214
78,248
130,913
235,502
7,916,813
5,880,729
1,213,051
501,267
198,335
92,149
31,282
Shareholders' Equity
Capital
Reserves & Revenues from Fiscal Year
Non-controlling shareholders participation
Total Liabilities and Shareholders' Equity
2Q16 Results
14,709,649
12,200,295
916,997
1,592,357
14,811,265
12,150,000
1,074,987
1,586,278
17,678,366
12,150,000
3,661,445
1,866,921
26,856,755
26,615,782
30,313,887
16
2Q16
Net Revenues
Domestic Market
Exports
COGS
Gross Profit
Gross Margin
Operating Income (Expenses)
Selling Expenses
Provision for Doubtful Accounts
Other Selling Expenses
EBIT
EBIT Margin
Financial Result
Financial Income
Financial Expenses
Equity in the Results of Associate and Subsidiary Companies
Operating Profit (Loss)
Income Tax / Social Contribution
Net Income (Loss)
Net Margin
Attributable:
Shareholders
Minority Shareholders
EBITDA (Instruction CVM 527)
EBITDA Margin (Instruction CVM 527)
Adjusted EBITDA - Joint Subsidiary Companies proportional EBITDA
Adjusted EBITDA Margin
Depreciation and Amortization
1Q16
2Q15
Chg.
2Q16/1Q16
2,028,012
1,795,984
232,028
(2,025,315)
2,697
0.1%
(296,005)
(55,746)
(5,778)
(49,968)
(86,152)
(154,107)
(3,579)
883
(44,465)
(127,236)
393
19,897
(293,308)
-14.5%
114,621
145,707
(31,086)
36,655
(142,032)
18,675
(123,357)
-6.1%
2,040,890
1,727,749
313,141
(2,081,470)
(40,580)
-2.0%
(279,555)
(79,690)
(16,910)
(62,780)
(89,744)
(110,121)
(14,609)
71,972
(40,797)
(118,751)
(8,030)
94
(320,135)
-15.7%
101,553
99,122
2,431
51,845
(166,737)
15,360
(151,377)
-7.4%
2,676,762
2,039,974
636,788
(2,571,385)
105,377
3.9%
(1,198,920)
(60,535)
(1,917)
(58,618)
(107,821)
(1,030,564)
(12,360)
4,085
40,938
(31,020)
(985,046)
(49,200)
(1,093,543)
-40.9%
(40,629)
52,673
(93,302)
33,991
(1,100,181)
319,383
(780,798)
-29.2%
-1%
4%
-26%
-3%
+ 2.1 p.p.
6%
-30%
-66%
-20%
-4%
40%
-76%
-99%
9%
7%
21067%
-8%
+ 1.2 p.p.
13%
47%
-29%
-15%
22%
-19%
+ 1.3 p.p.
(129,432)
6,075
60,620
3.0%
67,784
3.3%
317,273
(152,770)
1,393
49,796
2.4%
51,578
2.5%
318,086
(602,187)
(178,611)
(755,210)
-28.2%
227,206
8.5%
304,342
-15%
336%
22%
+ 0.6 p.p.
31%
+ 0.8 p.p.
0%
EBIT
EBIT Margin
Financial Result
Financial Income
Financial Expenses
Equity in the Results of Associate and Subsidiary Companies
Operating Profit (Loss)
Income Tax / Social Contribution
Net Income (Loss)
Net Margin
Attributable:
Shareholders
Minority Shareholders
EBITDA (Instruction CVM 527)
EBITDA Margin (Instruction CVM 527)
Adjusted EBITDA - Joint Subsidiary Companies proportional EBITDA
Adjusted EBITDA Margin
Depreciation and Amortization
2Q16 Results
1H16
Chg.
1H16/1H15
1H15
4,068,902
3,523,733
545,169
(4,106,785)
(37,883)
-0.9%
(575,560)
(135,436)
(22,688)
(112,748)
(175,896)
(264,228)
(16,317)
72,855
(85,262)
(245,987)
(7,637)
18,120
(613,443)
-15.1%
216,174
244,829
(28,655)
88,500
(308,769)
34,035
(274,734)
-6.8%
5,357,184
4,389,680
967,504
(5,008,185)
348,999
6.5%
(1,407,064)
(111,689)
(732)
(110,957)
(230,292)
(1,065,083)
(43,644)
4,458
68,803
(31,020)
(985,046)
(78,634)
(1,058,065)
-19.8%
(401,529)
421,536
(823,065)
45,962
(1,413,632)
397,454
(1,016,178)
-19.0%
-24%
-20%
-44%
-18%
- 7.4 p.p.
-59%
21%
2999%
2%
-24%
-75%
-63%
1534%
693%
-99%
-42%
+ 4.7 p.p.
-42%
-97%
93%
-78%
-91%
-73%
+ 12.2 p.p.
(282,202)
748
110,416
2.7%
119,362
2.9%
635,359
(849,647)
(166,531)
(401,331)
-7.5%
606,739
11.3%
610,772
-67%
+ 10.2 p.p.
-80%
- 8.4 p.p.
4%
17
2Q16
1Q16
(123,357)
(90,664)
88,477
317,273
(883)
(36,655)
(393)
(20,855)
(9,422)
(372)
(5,515)
117,634
(151,377)
(54,411)
70,502
318,086
(1,972)
(51,845)
8,030
(20,441)
2,572
(350)
1,209
120,003
(Increase)/Decrease of Assets
Accounts Receivables Customer
Inventories
Recovery of Taxes
Judicial Deposits
Accounts Receiv. Affiliated Companies
Others
Total
51,725
192,095
37,836
(17,311)
2
44,097
308,444
127,563
288,733
51,389
(12,844)
110
(32,793)
422,158
15,643
4,697
21,075
(18,918)
(21,351)
(21,575)
(50,474)
(70,903)
16,112
(24,262)
18,203
38,016
(184,626)
(51,384)
(137,779)
(325,720)
355,175
216,441
(126,129)
(3,835)
(240,115)
(4,135)
225,211
(27,809)
(923,314)
(36,772)
54,699
1,624
(4,575)
111,194
(64,859)
2,364
855
(4,576)
(908,338)
44,978
19,007
(109,975)
(12,741)
871,454
(316)
(20,786)
24,825
(87,487)
(90,104)
(552)
(30,723)
(2)
746,643
(9,554)
(184,043)
(10,762)
875,121
(177,636)
622,636
800,272
1,497,757
622,636
622,636
1,112,991
1,735,627
53,962
923,314
800,272
1,224,185
2,024,457
(177,636)
(111,194)
676,598
2,036,305
2,712,903
2Q16 Results
18
622,636
1,112,991
1,735,627
1H16
1H15
(274,734)
(145,075)
158,979
635,359
(2,855)
(88,500)
7,637
(41,296)
(6,850)
(722)
(4,306)
237,637
(1,016,178)
575,016
67,779
610,772
(4,630)
(45,962)
985,046
(423,530)
25,993
8,258
5,416
787,980
179,288
480,828
89,225
(30,155)
112
11,304
730,602
(110,951)
(45,084)
(11,561)
(33,151)
17,753
(112,876)
(295,870)
31,755
(19,565)
39,278
19,098
(205,977)
(72,959)
(188,253)
(396,623)
120,924
(150,078)
(40,282)
(26,836)
(87,254)
8,040
(175,486)
571,616
316,624
(366,244)
(7,970)
(278,677)
(6,609)
197,402
31,338
(812,120)
(101,631)
57,063
2,479
(9,151)
(150,330)
0
0
(444,237)
6,315
0
38,119
(14,215)
(863,360)
(564,348)
43,832
(197,462)
0
(102,845)
871,454
(868)
(51,509)
1,698,925
(1,223,887)
(577)
662
(2)
562,600
(39,295)
435,828
(20,316)
(15,971)
(123,674)
(113,153)
800,272
2,109,812
676,598
1,996,659
800,272
1,224,185
2,024,457
(123,674)
812,120
2,109,812
742,091
2,851,903
(113,153)
150,330
676,598
2,036,305
2,712,903
2Q16 Results
19
1,996,659
892,421
2,889,080