Mills' Results: Ebitda Financial Indicators Per Division

Mills' Results
Menu
Main Indicators
Revenue
COGS G&A
EBITDA
Financial Indicators per Division
Income Statement
Balance Sheet
Cash flow
Capex per division
Mills - Main financial figures

1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
in R$ millions
Net revenue
EBITDA
EBITDA margin (%)
Net earnings
ROIC (%)
Capex
82.4
104.6
102.7
114.6
115.5
131.3
148.9
154.2
31.6
42.8
37.7
45.6
42.8
50.5
55.9
45.4
38.4%
40.9%
36.7%
39.8%
37.0%
38.4%
37.6%
29.4%
12.0
20.1
16.6
19.8
18.7
26.1
28.5
30.1
21.6%
29.4%
23.3%
26.0%
23.1%
23.0%
20.3%
18.8%
14.2
30.5
22.7
58.7
90.0
121.0
78.8
9.0
Menu
1Q11
145.0
2Q11
164.0
3Q11
175.1
4Q11
193.5
1Q12
2009
2010
2011
199.1
404.2
549.9
677.6
52.8
58.0
50.8
76.4
86.2
157.6
194.5
238.1
36.4%
35.4%
29.0%
39.5%
43.3%
39.0%
35.4%
35.1%
22.2
22.6
17.8
29.5
32.7
68.4
103.3
92.2
13.8%
12.7%
8.6%
14.2%
15.1%
25.0%
21.0%
12.3%
184.6
105.2
114.4
58.4
76.3
348.5
525.9
121.6
Mills - Net revenue per type
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
in R$ millions
Rental
63.8
68.5
70.5
80.0
74.6
84.6
91.8
91.1
Technical support services
16.0
32.2
27.1
28.6
29.6
35.6
42.6
43.6
Sales
0.6
2.5
4.0
5.5
9.6
6.0
8.7
12.7
Others
1.9
1.4
1.1
0.4
1.7
5.0
5.9
6.8
82.4
104.6
102.7
114.6
115.5
131.3
148.9
154.2
Total net revenue
Mills - Net revenue per division

in R$ millions
Heavy Construction
1Q09
32.8
14.1
Jahu - Residential and Commercial Construction
Industrial Services
23.4
Rental
12.0
Total net revenue
82.4
2Q09
3Q09
4Q09
39.9%
37.1
35.4%
36.9
36.0%
39.4
34.4%
17.2%
14.7
14.0%
15.1
14.7%
18.3
15.9%
28.4%
40.8
39.0%
36.1
35.1%
41.2
36.0%
14.6%
12.1
11.6%
14.6
14.2%
15.7
13.7%
100.0%
104.6
100.0%
102.7
100.0%
114.6
100.0%
Menu
1Q11
2Q11
3Q11
4Q11
1Q12
2009
2010
2011
96.8
105.4
119.3
132.4
137.9
282.9
342.1
453.9
37.6
43.3
41.3
37.6
42.3
103.9
151.4
159.8
5.6
7.3
8.5
19.2
13.0
12.6
37.0
40.6
5.0
8.0
6.0
4.3
6.0
4.8
19.4
23.3
145.0
164.0
175.1
193.5
199.1
404.2
549.9
677.6
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
35.7
30.9%
41.7
31.8%
42.7
28.7%
34.2
22.2%
31.8
22.0%
30.6
18.6%
22.7
19.6%
21.8
16.6%
27.9
18.7%
32.8
21.3%
29.2
20.1%
34.7
21.2%
40.0
34.6%
46.5
35.4%
52.5
35.2%
56.4
36.6%
50.2
34.6%
57.5
35.1%
17.2
14.9%
21.3
16.2%
25.8
17.4%
30.8
20.0%
33.7
23.3%
41.2
25.1%
115.5
100.0%
131.3
100.0%
148.9
100.0%
154.2
100.0%
145.0
100.0%
164.0
100.0%
3Q11
4Q11
1Q12
2009
2010
2011
33.2
19.0%
36.1
18.6%
39.3
19.7%
146.2
36.2%
154.3
28.1%
131.6
19.4%
39.4
22.5%
52.5
27.1%
52.5
26.4%
62.2
15.4%
105.1
19.1%
155.8
23.0%
56.9
32.5%
50.2
25.9%
50.9
25.5%
141.4
35.0%
195.4
35.5%
214.8
31.7%
175.4
45.6
26.1%
54.9
28.3%
56.5
28.4%
54.4
13.5%
95.1
17.3%
175.1
100.0%
193.5
100.0%
199.1
100.0%
404.2
100.0%
549.9
100.0%
677.6
25.9%
100.0%
Mills - Cost of goods and services sold (COGS) and the general, administrative and operating expenses (G&A)
in R$ millions
Costs of job execution
1Q09
2Q09
3Q09
4Q09
1Q10
25.9
51.0%
34.1
55.2%
33.8
52.0%
37.7
54.7%
35.7
Costs of sale of equipment
0.3
0.6%
1.5
2.4%
2.3
3.5%
3.4
5.0%
5.4
Costs of asset write-offs
0.1
0.2%
0.1
0.1%
0.1
0.1%
0.1
0.1%
0.1
Equipment storage
COGS, ex-depreciation
26.3
51.8%
G&A
24.5
48.2%
Total COGS, ex-depreciation + G&A
50.7 100.0%
35.7
26.2
61.8
57.7%
42.3%
100.0%
36.1
28.9
65.0
55.6%
41.2
59.7%
41.1
44.4%
27.8
40.3%
31.6
69.0 100.0%
72.7
100.0%
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
49.1%
44.1
54.6%
50.9
54.7%
51.9
47.7%
45.9
49.8%
52.2
49.3%
58.5
47.1%
53.3
7.4%
3.6
4.5%
6.2
6.7%
8.0
7.4%
3.5
3.8%
4.5
4.3%
5.6
4.5%
11.8
0.1%
0.4
0.4%
1.0
1.0%
2.6
2.4%
1.2
1.4%
1.3
1.2%
0.6
0.5%
1.4
56.6%
48.1
59.5%
58.1
62.5%
43.4%
32.7
40.5%
34.9
37.5%
100.0%
80.8 100.0%
93.0 100.0%
5.4
5.8%
6.7
6.3%
8.1
6.6%
7.1
62.6
57.5%
56.0
60.8%
64.7
61.1%
72.9
58.7%
73.7
46.3
42.5%
36.1
39.2%
41.2
38.9%
51.3
41.3%
43.4
124.2 100.0%
117.1
108.8 100.0%
92.1 100.0%
106.0 100.0%
Menu
1Q12
2009
2010
2011
45.5%
48.6
43.0%
131.5
53.3%
182.6
51.4%
210.0
47.8%
10.1%
6.2
5.5%
7.5
3.0%
23.2
6.5%
25.5
5.8%
1.2%
1.2
1.1%
0.3
0.1%
4.0
1.1%
4.6
1.0%
6.1%
7.6
6.7%
0.0%
0.0%
27.3
6.2%
63.0%
63.6
56.4%
139.3
56.5%
209.9
59.1%
267.4
60.8%
49.3
43.6%
107.3
43.5%
145.5
40.9%
172.1
112.9 100.0%
246.5
37.0%
100.0%
100.0%
355.4
100.0%
439.5
39.2%
100.0%
Mills - EBITDA per division

in R$ millions
1Q09
2Q09
3Q09
4Q09
17.1
54.0%
19.1
44.7%
17.2
45.5%
20.3
7.1
22.6%
7.7
18.0%
7.3
19.4%
9.7
Industrial Services
0.2
0.6%
9.0
21.1%
5.3
14.1%
6.3
Rental
7.3
22.9%
7.0
16.3%
7.9
21.0%
9.2
Heavy Construction
Total EBITDA
EBITDA margin (%)
31.6 100.0%
38.4%
42.8 100.0%
40.9%
37.7 100.0%
36.7%
45.6
39.8%
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
44.6%
16.4
38.3%
21.6
42.9%
22.3
39.9%
13.3
29.2%
15.6
29.4%
14.1
24.3%
21.3%
10.3
24.0%
10.0
19.8%
11.9
21.4%
11.6
25.6%
12.3
23.2%
13.5
23.2%
13.8%
6.3
14.8%
6.9
13.8%
7.0
12.6%
5.8
12.8%
6.1
11.6%
8.1
14.0%
20.2%
9.8
22.9%
11.9
23.5%
14.6
26.2%
14.7
32.3%
18.9
35.8%
22.3
38.4%
100.0%
42.8 100.0%
37.0%
50.5 100.0%
38.4%
55.9 100.0%
37.6%
45.4 100.0%
29.4%
52.8 100.0%
36.4%
58.0 100.0%
35.4%
3Q11
4Q11
1Q12
2009
2010
8.6
17.0%
19.5
25.5%
18.9
21.9%
73.7
46.7%
73.6
37.8%
16.4
32.2%
23.9
31.2%
26.3
30.5%
31.8
20.2%
43.9
22.6%
4.1
8.1%
2.3
3.1%
6.2
7.2%
20.8
13.2%
26.1
13.4%
21.7
42.7%
30.7
40.2%
34.9
40.4%
31.3
19.9%
51.0
26.2%
157.6
100.0%
194.5
100.0%
50.8 100.0%
29.0%
76.4 100.0%
39.5%
86.2 100.0%
43.3%
39.0%
35.4%
Menu
2011
57.8
24.3%
66.0
27.7%
20.7
8.7%
93.6
39.3%
238.1
100.0%
35.1%
Mills - Capex per division
in R$ millions
1Q09
2Q09
3Q09
4Q09
1Q10
Heavy Construction
2.6
1.4
9.3
8.9
21.6
0.3
1.8
6.6
7.1
11.2
Industrial Services
1.5
0.5
1.5
2.0
7.3
Rental
3.8
10.1
12.8
3.4
18.1
Corporate
0.8
0.5
0.3
1.3
0.5
Organic growth
9.0
14.2
30.5
22.7
58.7
Acquisition
Total capex
9.0
14.2
30.5
22.7
58.7
Realizado
2Q10
2009
2010
19.2
3Q10
25.0
4Q10
8.5
1Q11
8.4
2Q11
8.2
3Q11
13.8
4Q11
16.9
1Q12
9.0
22.1
74.3
24.7
33.6
34.5
37.0
40.8
50.6
56.6
15.4
15.8
104.0
7.3
6.8
3.6
2.2
4.1
6.9
4.1
3.2
5.4
25.0
35.1
52.5
25.0
42.4
43.1
43.9
33.4
26.0
30.1
130.6
3.8
3.1
7.3
4.7
3.5
6.4
3.4
4.8
2.9
14.6
90.0
121.0
78.8
94.6
99.7
121.6
114.4
58.4
76.3
348.5
90.0
5.5
184.6
105.2
121.6
114.4
90.0
121.0
78.8
58.4
76.3
348.5
Menu
2011
47.3
190.5
17.3
162.8
12.5
430.4
95.5
525.9
Heavy Construction Division - financial indicators

1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
in R$ millions
Net revenue
Rental
28.9
31.5
31.4
33.5
29.8
32.4
32.7
26.8
4.0
5.6
5.5
5.9
5.8
9.3
10.0
7.4
Total net revenue
32.8
37.1
36.9
39.4
35.7
41.7
42.7
34.2
EBITDA
17.1
19.1
17.2
20.3
16.4
21.6
22.3
13.3
EBITDA margin (%)
52.0%
51.5%
46.5%
51.6%
45.9%
51.9%
52.2%
38.8%
ROIC (%)
33.0%
35.6%
29.5%
32.5%
24.4%
28.5%
25.5%
18.8%
Technical support services, sales and others
Capex
Invested Capital
Depreciation
2.6
1.4
9.3
8.9
21.6
19.2
25.0
8.5
113.2
119.2
126.5
130.7
138.4
162.2
184.4
200.6
2.9
3.0
3.2
4.3
3.6
3.9
4.5
4.8
Jahu - Residential and Commercial Construction Division - financial indicators

1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
in R$ millions
Net revenue
Rental
Total net revenue
EBITDA
14.0
14.2
14.6
15.3
16.5
19.6
21.9
23.6
0.2
0.5
0.5
2.9
6.2
2.2
6.0
9.2
14.1
14.7
15.1
18.3
22.7
21.8
27.9
32.8
7.1
7.7
7.3
9.7
10.3
10.0
11.9
11.6
EBITDA margin (%)
50.5%
52.4%
48.4%
53.3%
45.3%
46.0%
42.8%
35.5%
ROIC (%)
27.4%
28.7%
25.6%
30.4%
Capex
Invested Capital
Depreciation
29.2%
23.6%
21.3%
22.3%
0.3
1.8
6.6
7.1
11.2
24.7
33.6
34.5
61.9
64.0
68.5
75.0
83.2
97.8
123.7
154.1
0.7
0.7
0.7
1.1
1.1
1.4
1.9
2.5
Industrial Services Division - financial indicators

1T09
2T09
3T09
4T09
1T10
2T10
3T10
4T10
in R$ millions
Net revenue
Maintenance
13.3
25.7
23.7
28.7
27.6
31.9
36.3
42.8
New plants
10.1
15.0
12.3
12.5
12.4
14.7
16.2
13.6
23.4
40.8
36.1
41.2
40.0
46.5
52.5
56.4
0.2
9.0
5.3
6.3
6.3
6.9
7.0
5.8
Total net revenue

EBITDA
EBITDA margin (%)
ROIC (%)
Capex
0.8%
22.1%
14.7%
15.3%
15.8%
14.9%
13.4%
10.3%
-6.5%
32.7%
16.4%
18.4%
17.7%
17.3%
14.9%
14.8%
1.5
0.5
1.5
2.0
7.3
7.3
6.8
3.6
Invested Capital
Depreciation
57.8
60.3
61.0
62.2
69.3
78.3
88.3
97.3
1.6
1.6
1.6
2.0
1.7
1.8
2.1
2.2
Rental Division - financial indicators

1T09
2T09
3T09
4T09
1T10
2T10
3T10
4T10
in R$ millions
Net revenue
Rental
Total net revenue
EBITDA
11.7
11.2
13.1
15.1
16.0
19.3
23.9
25.7
0.3
0.9
1.5
0.6
1.2
2.0
1.9
5.1
12.0
12.1
14.6
15.7
17.2
21.3
25.8
30.8
11.9
14.6
14.7
EBITDA margin (%)
60.4%
57.7%
54.2%
58.6%
57.0%
55.8%
56.6%
47.6%
ROIC (%)
22.9%
19.8%
18.6%
20.5%
23.5%
19.6%
17.3%
18.7%
Capex
Invested Capital
Depreciation
7.3
7.0
7.9
9.2
9.8
3.8
10.1
12.8
3.4
18.1
35.1
52.5
25.0
64.0
67.8
81.5
82.8
80.6
114.0
154.5
187.8
1.7
1.9
2.2
2.8
2.6
3.4
4.5
5.0
Menu
1Q11
2Q11
3Q11
4Q11
1Q12
2009
2010
2011
25.0
24.3
27.3
32.5
33.1
125.3
121.8
109.2
6.8
6.2
5.9
3.5
6.3
20.9
32.4
22.5
31.8
30.6
33.2
36.1
39.3
146.2
154.3
131.6
15.6
14.1
8.6
19.5
18.9
73.7
73.6
57.8
48.9%
46.2%
26.0%
54.0%
48.0%
50.4%
47.7%
43.9%
14.4%
12.1%
4.5%
17.5%
16.6%
32.9%
24.1%
12.1%
8.4
8.2
13.8
16.9
9.0
22.1
74.3
47.3
203.9
209.7
215.8
222.0
226.1
121.1
171.1
213.3
5.1
5.1
5.2
5.6
5.5
13.3
16.8
20.9
1Q11
2Q11
3Q11
4Q11
1Q12
2009
2010
2011
26.0
30.9
34.9
40.3
45.3
58.1
81.6
132.2
3.2
3.8
4.4
12.1
7.2
4.0
23.5
23.6
29.2
34.7
39.4
52.5
52.5
62.2
105.1
155.8
12.3
13.5
16.4
23.9
26.3
31.8
43.9
66.0
42.0%
38.8%
41.6%
45.5%
50.1%
51.2%
41.7%
42.4%
15.2%
13.0%
12.5%
16.3%
15.6%
26.9%
23.5%
14.3%
37.0
46.3
50.6
56.6
15.4
15.8
104.0
190.5
175.4
216.9
262.0
310.8
345.4
70.1
114.7
241.4
2.7
3.2
4.7
5.8
7.1
3.3
6.8
16.5
1T11
2T11
3T11
4T11
1T12
2009
91.5
2010
138.5
2011
37.9
39.9
41.1
39.5
35.0
158.3
12.3
17.6
15.8
10.7
15.9
49.9
56.9
56.5
50.2
57.5
56.9
50.2
50.9
141.4
195.4
214.8
6.1
8.1
4.1
2.3
6.2
20.8
26.1
20.7
12.2%
14.2%
7.2%
4.7%
12.1%
14.7%
13.4%
9.7%
9.6%
14.2%
3.2%
-1.2%
7.5%
15.0%
16.0%
5.9%
6.9
4.1
3.2
25.0
17.3
2.2
4.1
5.4
108.4
111.3
123.2
133.3
127.4
62.0
83.3
119.7
2.4
2.5
2.7
2.9
2.8
6.7
7.8
10.5
1T11
2T11
3T11
4T11
1T12
2009
2010
2011
30.8
36.7
42.3
47.2
50.5
51.1
84.9
157.0
2.9
4.5
3.3
7.7
6.0
3.3
10.1
18.4
33.7
41.2
45.6
54.9
56.5
54.4
95.1
175.4
18.9
22.3
21.7
30.7
34.9
31.3
51.0
93.6
56.0%
54.1%
47.6%
56.0%
61.8%
57.6%
53.6%
53.4%
17.3%
17.1%
12.9%
18.6%
20.3%
21.4%
19.2%
16.5%
42.4
43.1
43.9
33.4
26.0
30.1
130.6
162.8
212.4
260.3
306.3
334.8
353.2
70.3
134.1
277.8
5.8
6.4
7.6
8.5
9.3
8.6
15.6
28.2
Mills - Income Statement

in R$ millions
Net revenue from sales and services
1Q09
2Q09
3Q09
4Q09
82.4
104.6
102.7
114.6
(32.8)
(42.4)
(43.4)
(51.0)
49.5
62.1
59.3
63.6
(24.8)
(26.5)
(29.3)
(28.2)
Operating profit before financial result
24.7
35.6
30.0
35.4
Financial expense
(7.0)
(6.1)
(5.7)
(6.5)
Financial income
0.2
0.3
0.2
0.3
Financial result
(6.8)
(5.9)
(5.5)
(6.2)
Profit before taxation
17.9
29.7
24.5
29.2
Income tax and social contribution expenses
(6.0)
(9.7)
(8.0)
(9.5)
Net income
12.0
20.1
16.6
19.8
87,220
87,220
87,220
87,421
0.14
0.23
0.19
0.23
Cost of products sold and services rendered

Gross profit
General and administrative expenses
Number of shares at the end of the period (in thousands)

Net income per share at the end of the period - R$
Menu
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
115.5
131.3
148.9
154.2
145.0
164.0
175.1
193.5
199.1
(49.6)
(58.2)
(70.5)
(76.5)
(71.3)
(81.2)
(92.3)
(95.6)
(87.4)
65.9
73.1
78.4
77.7
73.7
82.8
82.8
97.9
111.8
(32.1)
(33.2)
(35.5)
(46.9)
(36.8)
(42.0)
(52.1)
(44.2)
(50.2)
33.8
39.9
42.9
30.8
36.8
40.7
30.7
53.7
61.6
(6.2)
(6.6)
(7.2)
(4.4)
(5.1)
(12.3)
(16.6)
(12.5)
(12.6)
0.5
6.3
7.1
4.8
2.1
5.4
4.6
2.7
1.4
(5.8)
(0.3)
(0.1)
0.5
(3.1)
(7.0)
(12.0)
(9.9)
(11.3)
28.1
39.6
42.8
31.3
33.8
33.8
18.8
43.8
50.3
(9.4)
(13.5)
(14.4)
(1.2)
(11.6)
(11.2)
(0.9)
(14.3)
(17.6)
18.7
26.1
28.5
30.1
22.2
22.6
17.9
29.5
32.7
87,421
124,611
124,611
125,495
125,495
125,495
125,591
125,657
125,690
0.21
0.21
0.23
0.24
0.18
0.18
0.14
0.24
0.26
Mills - Balance Sheet

in R$ millions
1Q09
2Q09
3Q09
4Q09
1Q10
Assets
Current Assets
Cash and cash equivalents
13.0
Marketable securities
Trade receivables
Inventories
Recoverable taxes
Advances to suppliers
Derivative financial instruments
Other current assets
2.6
8.3
1.6
1.8
45.1
62.3
70.7
71.5
84.6
0.7
1.3
1.3
1.4
2.0
20.0
20.5
20.9
25.7
14.8
2.8
-
3.3
3.1
4.4
4.3
3.4
82.1
89.8
105.6
104.5
109.4
Trade receivables
5.2
5.0
4.7
4.4
4.3
Recoverable taxes
0.1
0.2
0.2
0.2
0.2
17.0
16.5
16.6
10.0
9.5
6.5
6.6
6.0
6.0
6.1
28.8
28.3
27.5
20.6
20.1
Total Current Assets

Non-Current Assets
Long-term assets
Deferred taxes
Deposits in court
Investment
234.4
241.4
262.7
276.0
322.3
39.1
39.1
39.1
39.3
39.3
273.5
280.5
301.8
315.3
361.6
Total Non-Current Assets
302.3
308.8
329.3
335.8
381.7
Total Assets
384.4
398.6
434.9
440.3
491.1
Property, plant and equipment

Intangible assets
in R$ millions
1Q09
2Q09
3Q09
4Q09
1Q10
Liabilities
Current Liabilities
Suppliers
Borrowings and financings
Debentures
Salaries and payroll charges
5.6
12.2
12.6
11.7
23.3
49.0
50.6
56.6
56.8
59.0
12.6
15.6
18.0
14.7
20.2
Income tax and social contribution
2.3
4.3
4.5
0.1
3.3
Tax refinancing program (REFIS)
0.8
0.8
2.7
4.1
4.6
4.0
2.7
12.0
6.6
9.2
13.8
3.7
16.2
15.5
Taxes payable
Profit sharing payable
Dividends payable
7.5
Derivative financial instruments
Other current liabilities
0.3
0.2
0.9
1.3
1.3
Total Current Liabilities
92.0
93.6
106.4
119.4
129.8
139.4
130.4
135.3
127.1
147.2
Non-Current Liabilities
Borrowings and financings
Debentures
Provision for tax, civil and labor risks
22.6
22.9
24.0
8.5
8.8
Taxes payable
0.6
0.6
2.7
0.4
0.3
Deferred taxes
(2.1)
11.0
11.2
Accounts payable - stock option plan
0.5
0.5
0.5
0.6
0.6
Other non-current liabilities
0.6
1.0
Total Non-Current Liabilities
163.1
154.4
160.4
148.2
169.2
Total Liabilities
255.1
248.0
266.8
267.7
299.0
Capital
80.5
80.6
80.6
80.7
97.5
Earnings reserves
34.1
34.1
34.1
86.2
70.0
Stockholders' Equity
Capital reserves
Valuation adjustments to equity
2.7
3.8
4.8
5.7
5.8
12.0
32.1
48.6
18.7
Total Stockholders' Equity
Retained earnings
129.3
150.6
168.1
172.6
192.1
Total Liabilities and Stockholders' Equity
384.4
398.6
434.9
440.3
491.1
Menu
2Q10
3.1
3Q10
4Q10
196.9
1Q11
2Q11
3Q11
6.2
4.3
179.0
136.1
11.0
96.7
107.1
122.1
122.6
127.5
126.5
139.1
140.1
2.4
3.9
5.6
6.7
10.1
11.8
11.2
15.1
15.6
20.3
26.2
19.0
22.2
21.2
22.1
22.8
8.3
7.3
9.1
9.0
9.6
11.5
3.8
35.2
1Q12
298.9
72.2
4Q11
30.3
2.8
7.8
3.4
4.4
3.6
5.2
4.1
3.0
4.2
424.5
339.9
307.9
176.5
352.9
245.4
224.9
216.3
4.1
4.0
3.8
3.4
3.1
3.2
2.6
2.4
0.2
4.4
3.9
3.9
3.0
28.5
31.6
30.9
8.9
13.2
8.1
8.4
16.5
22.0
16.1
17.8
6.4
6.4
7.3
7.3
7.5
7.8
10.9
11.0
19.5
28.0
23.1
23.1
30.1
61.4
61.2
62.2
90.0
88.0
88.0
87.4
87.4
394.7
495.8
551.2
621.2
698.4
788.6
872.9
897.2
39.3
39.6
41.9
41.8
42.0
44.7
45.5
47.2
434.0
535.4
593.1
753.0
828.4
921.2
1,005.8
1,031.7
453.5
563.4
616.2
776.0
858.4
982.7
1,067.0
1,093.9
878.1
903.3
924.1
952.5
1,211.3
1,228.1
1,291.8
1,310.2
2Q11
3Q11
4Q11
1Q12
2Q10
3Q10
4Q10
4Q11
21.0
28.6
32.7
24.3
32.3
12.1
35.9
19.8
47.4
46.0
46.7
78.2
40.6
41.0
65.3
64.1
6.4
15.8
6.1
13.8
21.3
21.2
26.2
26.9
28.7
33.3
25.0
26.3
1.7
3.2
3.3
2.9
0.0
2.7
5.3
0.8
0.7
0.7
0.9
0.9
0.7
0.4
0.1
4.1
4.4
7.9
3.4
3.8
9.9
8.1
8.1
7.7
10.9
17.5
1.4
3.5
4.7
7.9
3.6
24.5
21.9
21.9
24.5
7.0
2.2
7.4
2.4
12.0
0.4
18.9
11.3
5.0
0.1
2.2
5.1
4.4
5.2
106.2
127.3
160.8
175.0
120.2
96.5
85.9
78.7
177.7
168.2
81.6
77.1
71.1
68.2
268.2
268.3
268.4
268.5
11.7
12.7
16.1
14.7
9.6
9.1
0.3
0.3
5.0
8.0
9.4
11.2
11.0
10.7
10.4
10.5
10.7
9.8
11.1
10.0
146.5
11.5
133.0
11.3
10.5
1.0
0.9
1.0
0.8
0.7
0.6
0.6
0.5
142.6
121.6
108.2
101.3
380.9
378.6
378.0
373.7
248.7
248.9
268.9
276.3
513.9
525.1
555.7
542.0
523.5
523.5
525.1
525.1
525.1
526.8
527.6
528.0
70.0
70.0
145.2
144.8
144.4
144.1
212.0
211.7
(8.4)
(8.1)
(8.2)
(7.7)
(6.9)
(6.5)
(5.6)
(4.7)
(0.5)
(4.2)
(7.0)
(8.6)
(10.7)
(3.1)
2.1
0.2
44.8
73.2
22.6
45.5
41.8
33.0
629.3
654.4
655.2
676.2
697.5
703.1
736.1
768.2
878.1
903.3
924.1
952.5
1,211.3
1,228.1
1,291.8
1,310.2
Mills - Cash flow

in R$ millions
1Q09
2Q09
3Q09
Cash flow from operating activities

Net income before taxation
12.0
20.1
16.6
Adjustments
Depreciation and amortization
6.9
7.1
9.0
Provision for tax, civil and labor risks
Expense on stock options
1.0
1.0
1.7
Residual value of fixed and intangible assets
0.4
0.1
0.3
Gain on sale of fixed and intangible assets
Marketable securities income
Interest, monetary and exchange rate variation on loans, contingencies and deposits in court
6.8
5.8
5.5
Deffered Income tax and social contribution
0.2
0.4
0.4
Changes in assets and liabilities

Trade receivables
Allowance for doubtful debts
6.5
(17.0)
Inventories
(8.2)
(0.3)
(0.6)
0.1
Recoverable taxes
1.9
(0.4)
(0.4)
Deposits in court
0.0
(0.0)
0.6
Prepaid expenses
0.1
0.2
0.3
Prepaid suppliers
0.2
0.1
(1.3)
Other assets
(0.8)
(0.1)
(0.3)
Suppliers
(7.9)
6.6
0.4
Salaries and payroll charges
(0.5)
2.9
2.4
Income tax and social contribution
(0.3)
2.0
Tax recovery program - Law 11,941/2009
Taxes payable
0.2
(2.2)
(0.9)
1.4
2.6
3.4
(5.4)
2.7
Provision for contingencies
0.3
0.3
1.1
Other liabilities
0.2
(0.0)
0.1
1.9
(10.1)
(1.8)
Cash from operations
29.1
24.5
31.6
Interest paid
(3.3)
(6.2)
(2.9)
Income tax and social contribution paid
Profit sharing paid
Net cash provided by operating activities
25.8
18.2
28.6
Cash flow from investment activities

Marketable securities
Acquisitions of investments
Acquisitions of fixed and intangible assets
(9.0)
(14.2)
(30.5)
Revenue from sale of non current and intangible assets
PIS and COFINS tax credits from acquisition of rental equipment
(1.0)
(0.1)
(0.3)
Asset write-off
Cash used in investing activities
(10.0)
0.0
(14.2)
(30.8)
Cash flow from financing activities

Capital subscription
0.1
Shares in treasury
Costs of issues of shares
Dividends and interest on capital invested paid
(7.5)
Amortization of borrowings
(8.4)
(11.8)
(9.6)
3.8
4.8
17.5
Net cash provided by (used in) financing activities
(4.6)
(14.4)
7.9
Increase in cash and cash equivalents
11.2
(10.3)
5.7
1.8
13.0
2.6
13.0
2.6
8.3
New borrowings / debentures
Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period
Menu
4Q09
1Q10
29.2
10.1
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
28.1
39.6
42.8
31.3
33.8
33.8
18.8
43.8
50.3
8.9
10.6
13.0
14.5
16.0
17.2
20.2
22.8
24.7
0.2
0.6
0.8
0.2
0.4
1.0
0.2
1.0
1.1
0.1
(0.4)
0.5
0.3
0.4
0.8
0.9
0.9
0.9
6.1
3.8
4.0
3.2
6.6
1.4
2.1
1.2
3.2
3.6
(0.1)
0.1
0.0
3.0
1.5
(0.9)
(1.5)
(4.2)
(4.3)
(3.8)
(2.9)
2.9
(4.3)
(7.4)
(6.2)
(6.6)
8.0
(1.6)
1.6
2.9
6.0
4.8
5.3
5.9
4.3
11.3
13.5
(1.3)
0.3
0.9
(0.6)
0.8
0.5
(0.3)
6.4
(0.0)
0.0
(0.7)
(4.3)
0.7
(11.8)
(7.2)
(0.4)
(1.5)
(1.7)
(1.1)
(3.3)
(1.8)
0.6
(3.9)
5.8
(13.6)
4.1
4.2
7.2
(21.6)
4.2
3.4
0.0
(0.4)
0.0
(1.0)
0.0
(0.2)
(0.3)
0.1
(0.1)
(0.0)
(0.9)
(1.9)
(1.6)
(3.9)
(0.0)
(0.7)
(1.7)
0.5
(3.7)
9.3
(0.9)
11.6
(2.3)
7.6
4.1
(8.4)
4.2
(0.7)
6.0
(1.5)
(11.9)
(0.1)
(0.7)
(9.0)
14.4
(0.7)
0.9
(15.6)
(13.0)
11.5
(10.3)
(0.2)
9.9
(3.3)
5.5
1.0
4.9
(4.9)
5.6
1.8
4.6
(8.3)
1.3
(2.1)
(1.8)
3.2
(1.9)
(0.3)
(1.0)
0.3
3.0
(5.3)
(0.0)
6.8
0.5
1.3
0.2
(0.5)
5.1
(5.1)
4.2
(0.5)
(1.0)
(10.5)
14.6
(5.3)
(18.5)
(15.7)
3.0
(1.1)
(11.5)
(18.5)
0.3
38.3
60.0
43.1
34.6
49.0
55.0
73.0
45.1
58.5
91.4
(6.8)
(3.8)
(7.4)
(2.5)
(5.5)
(4.3)
(2.8)
(2.9)
(22.2)
(2.5)
(7.3)
(5.7)
(16.1)
(1.5)
(8.7)
(2.2)
(8.5)
(7.0)
(2.7)
(15.1)
(0.0)
(13.9)
(0.0)
0.0
(0.0)
24.2
36.6
19.5
30.6
34.8
31.1
48.0
126.7
9.4
(90.0)
(3.4)
(0.0)
0.6
(94.6)
(96.0)
(137.6)
(292.7)
113.4
(22.7)
(58.7)
(89.9)
(119.9)
(80.0)
(17.5)
61.7
35.2
33.6
(102.1)
(7.9)
63.3
(73.0)
1.0
1.6
4.5
5.4
6.5
4.2
(4.2)
6.6
9.7
(53.8)
(94.2)
(378.1)
0.1
(13.8)
425.9
1.7
1.7
(0.5)
(25.5)
(57.2)
(1.1)
(21.7)
(137.6)
(94.9)
(63.3)
0.8
0.4
14.5
-
(14.5)
(0.2)
(0.4)
(15.5)
(3.6)
(24.1)
(0.4)
3.6
(15.1)
(10.9)
(46.8)
(31.0)
(10.7)
(6.3)
(63.8)
(8.2)
(8.0)
(8.7)
5.8
31.0
10.8
3.3
1.5
30.7
295.1
3.0
27.8
3.4
(9.2)
20.7
359.9
(27.9)
(7.9)
20.8
207.3
(4.4)
24.2
(4.9)
(6.8)
0.2
1.3
1.7
1.4
(1.9)
174.7
(106.8)
(37.1)
(4.9)
8.3
1.6
1.8
3.1
4.8
6.2
4.3
179.0
72.2
35.2
1.6
1.8
3.1
4.8
6.2
4.3
179.0
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35.2
30.3

Mills' Results: Ebitda Financial Indicators Per Division

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Mills' Results: Ebitda Financial Indicators Per Division

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Mills' Results

Mills - Main financial figures

Mills - Net revenue per type

Technical support services

Total net revenue

Mills - Net revenue per division

Total net revenue

Costs of job execution

Costs of sale of equipment

Costs of asset write-offs

Total COGS, ex-depreciation + G&A

Mills - EBITDA per division

Jahu - Residential and Commercial Construction

Mills - Capex per division

Jahu - Residential and Commercial Construction

Heavy Construction Division - financial indicators

Total net revenue

EBITDA margin (%)

Technical support services, sales and others

Jahu - Residential and Commercial Construction Division - financial indicators

EBITDA margin (%)

Industrial Services Division - financial indicators

Total net revenue

Rental Division - financial indicators

EBITDA margin (%)

Mills - Income Statement

Net revenue from sales and services

Operating profit before financial result

Profit before taxation

Income tax and social contribution expenses

Cost of products sold and services rendered

Number of shares at the end of the period (in thousands)

Mills - Balance Sheet

Total Current Assets

Total Non-Current Assets

Property, plant and equipment

Income tax and social contribution

Tax refinancing program (REFIS)

Derivative financial instruments

Other current liabilities

Total Current Liabilities

Tax refinancing program (REFIS)

Accounts payable - stock option plan

Other non-current liabilities

Total Non-Current Liabilities

Valuation adjustments to equity

Total Stockholders' Equity

Total Liabilities and Stockholders' Equity

Mills - Cash flow

Cash flow from operating activities

Provision for tax, civil and labor risks

Expense on stock options

Profit sharing payable

Residual value of fixed and intangible assets

Gain on sale of fixed and intangible assets

Marketable securities income

Tax refinancing program (REFIS)

Deffered Income tax and social contribution

Changes in assets and liabilities

Allowance for doubtful debts

Salaries and payroll charges

Income tax and social contribution