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Financial Statements  (ANALYSED IN 30/11/2010)

LAST FINANCIAL STATEM: BAL SHEET

VALUES IN THOUSANDS  OF  DOLLARS
 

BALANCE SHEETS

  A-31/12/2007 % B-31/12/2008 % %B/A C-31/12/2009 % %C/B

ASSETS 
CASH & MAR1.093 1 1.139 1 4 1.852 2 62
CUSTOMERS20.600 25 18.658 23 -9 28.799 26 54
INVENTORY 10.464 13 13.331 17 27 16.220 15 21
ADV FOR IN 40 365 812 288 -21
OTHER CRED680 1 2.076 3 205 3.283 3 58
CURR ASSET32.877 40 35.569 44 8 50.442 45 41
INV FIRMS/P 688 1 700 1 1 965 1 37
OTHER CRED5.322 6 10.812 14 103 21.711 20 100
LONG T ASS 6.010 7 11.512 14 91 22.676 20 96
TOT INVEST 922 1 1.343 2 45 -100
PROPERTY &28.352 34 23.646 30 -16 31.349 28 32
INTANGIBLE 14.501 18 7.923 10 -45 6.518 6 -17
NON-CURREN
49.785 60 44.424 56 -10 60.543 55 36
TOTAL ASSE82.662 100 79.993 100 -3 110.985 100 38
 
  A-31/12/2007 % B-31/12/2008 % %B/A C-31/12/2009 % %C/B
LIABILITIES 
SUPPLIERS 13.412 16 10.838 14 -19 15.170 14 39
LOANS AND 6.462 8 14.441 18 123 20.706 19 43
SAL TAX CO 3.624 4 3.060 4 -15 4.778 4 56
INV FIRMS/P 1.053 1 1.551 2 47 -100
OTHER DEBI 1.788 2 1.299 2 -27 2.196 2 69
CURR LIABIL26.339 32 31.189 39 18 42.850 39 37
LOANS AND 6.373 8 5.229 7 -17 7.948 7 51
TAXES AND LEVIES 326 519 59
OTHER DEBI 2.263 3 2.193 3 -3 5.956 5 171
LONG T LIAB8.636 10 7.748 10 -10 14.423 13 86
CAPITAL 45.968 56 34.841 44 -24 46.763 42 34
CAPITAL RE 148 112 -24 150 33
PROFITS RS 1.571 2 6.103 8 288 6.799 6 11
STOCKHOLDE
47.687 58 41.056 51 -13 53.712 48 30
NON-CURRENT
56.323 68 48.804 61 -13 68.135 61 39
TOT LIAB 82.662 100 79.993 100 -3 110.985 100 38

INCOME STATEMENTS

  A-31/12/2007 % B-31/12/2008 % %B/A C-31/12/2009 % %C/B

GROSS SALE192.162 123 269.163 120 40 311.958 116 15
REVENUES 35.831 -23 45.001 -20 25 43.434 -16 -3
NET SALES 156.331 100 224.162 100 43 268.524 100 19
IND/COM CO 97.881 -63 152.067 -68 55 195.818 -73 28
COSTS 97.881 -63 152.067 -68 55 195.818 -73 28
GROSS PROF58.450 37 72.095 32 23 72.706 27
ADM EXPEN 9.600 -6 15.758 -7 64 14.021 -5 -11
SALES EXPE39.789 -25 44.683 -20 12 45.267 -17 1
ACTIVITY PR9.061 6 11.654 5 28 13.418 5 15
NET INTERE -3.509 -2 -5.742 -3 -63 -2.613 -1 54
OTH OPERAT INCOME 4.564 2 -100
P & L INVE 2.447 2 644 -73 -83 -112
OPERATING 7.999 5 11.120 5 39 10.722 4 -3
NON OPERAT-3.409 -2 100
PROFIT/LOSS4.590 3 11.120 5 142 10.722 4 -3
PROV INC T 207 4.959 2 2.295 6.030 2 21
PROFIT/ LOS4.797 3 16.079 7 235 16.752 6 4
DIVIDENDS 5.871 -4 8.922 -4 51 19.728 -7 121
NET PROFIT -1.074 -1 7.157 3 766 -2.976 -1 -141
EBITDA 12.845 8 14.573 7 13 20.204 8 38
TOTAL SHAR664 504 -24 676 34
2007 STANDARD 2008 STANDARD 2009 STANDARD
PAY OUT 122% - 56% - 118% -
EARNINGS P7,22 - 31,92 - 24,78 -

STOCK EQUITY EVOLUTION

  31/12/2007 % 31/12/2008 % 31/12/2009 %

BEGINNING 24.148 51 47.687 116 41.056 76
PROFITS LO 4.797 10 16.079 39 16.752 31
DIVIDENDS 5.871 -12 8.922 -22 19.728 -37
MERGER 19.452 41
CONVERSIO 5.161 11 -13.788 -34 15.632 29
STOCKHOLD47.687 100 41.056 100 53.712 100
TOTAL SHAR664 504 676
2007 STANDARD 2008 STANDARD 2009 STANDARD
EQUITY VAL 71,76 - 81,52 - 79,46 -

INVESTMENT INDICATORS

INVESTMENT EVOLUTION
  A- 31/12/2007 % B- 31/12/2008 %B/A % C- 31/12/2009 % %C/B
INITIAL BALANCE 922 69 1.343 45
CHARGED-OF
1.525 -165 223 -85 -17 1.260 465
EQUITY EQU 2.447 265 644 -73 48 -83 -112
YEAR-END 922 100 1.343 45 100 -100

EVOLUTION OF FIXED, DEFERRED AND INTANGIBLE

  A- 31/12/2007 % B- 31/12/2008 %B/A % C- 31/12/2009 % %C/B
INITIAL FIX 21.159 49 42.853 136 102 31.569 83 -26
FIXED ASSE 7.044 16 -100 4.620 12
CHARGED-OF403 -1 8.868 -28 2.100 1.234 -3 -86
DEPR+AMOR3.784 -9 2.416 -8 -36 3.774 -10 56
ADJUSTMENT18.837 44 -100 6.686 18
ENDING FIX 42.853 100 31.569 100 -26 37.867 100 19

CASH FLOW

  A- 31/12/2007 % B- 31/12/2008 %B/A % C- 31/12/2009 % %C/B

NET SALES 156.331 100 224.162 100 43 268.524 100 19
INT FUNDS 12.845 8 14.573 7 13 20.204 8 38
INT FIN FUN -3.509 -2 -1.352 -1 61 -3.220 -1 -138
NON-OPER I -1.481 -1 9.091 4 713 2.494 1 -72
TOTAL INT 7.855 5 22.312 10 184 19.478 7 -12
ST GRANTED9.954 6 1.250 1 -87 12.953 5 936
ST FINANCI 7.068 5 -3.138 -1 -144 6.050 2 292
ST WORKING2.886 2 4.388 2 52 6.903 3 57
OPERATING 4.969 3 17.924 8 260 12.575 5 -29
ST FIN RES 2.690 2 8.477 4 215 7.162 3 -15
ST FIN RES 259 1.885 -1 627 2.758 -1 46
CASH FLOW 7.400 5 24.516 11 231 16.979 6 -30
ADJ LT INVERSIONS -329 -2.405 -1 -631
GRANTED LT1.477 1 933 -36 -1.908 -1 -304
LT FIN RECEIVED VAR 326 193 -40
LT WK CAP 1.477 1 607 -58 -2.101 -1 -446
LT FIN RES 2.923 2 -100 6.482 2
LT FIN RES 1.674 -1 5.783 -3 245 13.072 -5 126
LT CASH FL 7.172 5 17.797 8 148 10.085 4 -43
PERMANENT24.865 16 4.959 2 -80 21.689 8 337
PERMANENT-31.797 -20 -22.710 -10 28 -31.061 -12 -36
NET CASH G 240 46 -80 713 1.450
AV+INIT FIN 853 1 1.093 28 1.139 4
AV+ENDING 1.093 1 1.139 1 4 1.852 1 62

ACTIVITY INDICATORS

  A- 31/12/2007 % B- 31/12/2008 %B/A % C- 31/12/2009 % %C/B

NET SALES 156.331 100 224.162 100 43 268.524 100 19
OP OUTST A 31.104 20 32.354 14 4 45.307 17 40
OP OUTST L 17.036 11 13.898 6 -18 19.948 7 43
WORK CAP 14.068 9 18.456 8 31 25.359 9 37
FINANCIAL 1.773 1 3.215 1 81 5.135 2 59
FINANCIAL 9.303 6 17.291 8 85 22.902 9 32
TREASURY -7.530 -5 -14.076 -6 -86 -17.767 -7 -26
PERMANENT56.323
L 36 48.804 22 -13 68.135 25 39
PERMANENT49.785 32 44.424 20 -10 60.543 23 36
WORKING CA6.538 4 4.380 2 -33 7.592 3 73

  2007 STANDARD 2008 STANDARD 2009 STANDARD

REAL SALES27% - 43% - 20% -
AV DAYS SA 31 - 27 - 29 -
AVERAGE CO41 - 32 - 33 -
AVERAGE PA71 - 48 - 40 -
FINAN CYCL 1 - 11 - 22 -
FIN CYCLE 32 - 30 - 34 -
GENERAL LI 1,11 - 1,21 - 1,28 -
CURRENT RA1,25 - 1,14 - 1,18 -
QUICK RATI 0,82 - 0,63 - 0,72 -

STRUCTURE INDICATORS

  A-31/12/2007 % B-31/12/2008 % %B/A C-31/12/2009 % %C/B

TOTAL DEBT34.975 100 38.937 100 11 57.273 100 47
SHORT TERM26.339 75 31.189 80 18 42.850 75 37
LONG TERM 8.636 25 7.748 20 -10 14.423 25 86
TOTAL INT- 12.835 100 19.670 100 53 28.654 100 45
ST INTERES 6.462 50 14.441 73 123 20.706 72 43
LT INTERES 6.373 50 5.229 27 -17 7.948 28 51
AV+FIN INV 1.093 1.139 4 1.852 62
NET TOTAL 33.882 37.798 11 55.421 46
NET INTERE 11.742 18.531 57 26.802 44
EBITDA 12.845 14.573 13 20.204 38
TOTAL INT 7.855 22.312 184 19.478 -12

  2007 STANDARD 2008 STANDARD 2009 STANDARD

NET TOTAL D2,64 - 2,59 - 2,74 -
NET INT-B D 0,91 - 1,27 - 1,33 -
TOTAL DEBT4,45 - 1,75 - 2,94 -
SHORT TERM3,35 - 1,40 - 2,20 -
ST INT-B DE 0,50 - 0,99 - 1,02 -
DEBT TO EQ 73% - 95% - 107% -
FIXED ASS T 92% - 80% - 70% -
BANK DEBT 16% - 25% - 26% -
BANK DEBT 27% - 48% - 53% -
BANK DEBT 37% - 51% - 50% -
S T BANK D 20% - 41% - 41% -
PERC OF TR 0% - 0% - 0% -

CASH FLOW FREE

  A- 31/12/2007 % B- 31/12/2008 %B/A % C- 31/12/2009 % %C/B
OPERATING 4.969 17.924 260 12.575 -29
FIX ASSETS 7.044 -100 4.620
NET CAPEX -2.075 17.924 963 7.955 -55

  2007 STANDARD 2008 STANDARD 2009 STANDARD

NET CAPEX C- - 0,97 - 0,30 -
NET CAPEX - - 0,47 - 0,14 -
OBSOL OF P 38% - 41% - 47% -

INDICATORS OF RESULTS

  A-31/12/2007 % B-31/12/2008 % %B/A C-31/12/2009 % %C/B

ECONOMIC V926 10.898 1.076 12.700 16
  2007 STANDARD 2008 STANDARD 2009 STANDARD
ECONOMIC V1% - 13% - 13% -
WEIGHT AV 10% - 11% - 8% -
COST OF EQ 12% - 12% - 10% -
COST OF TO 8% - 10% - 7% -
ADJ RET AV 12% - 25% - 22% -
ASSET TUR 1,89 - 2,80 - 2,42 -
NET PROFIT 3% - 7% - 6% -
RETURN ON 7% - 20% - 18% -
RETURN ON 13% - 36% - 35% -

THE PRESENT REPORT IS STRICTLY CONFIDENTIAL AND ITS SOLE PURPOSE IS TO SUPPORT CREDIT AND BUSINESS DECISION-MAKING. REP
ESS DECISION-MAKING. REPRODUCTION, WHETHER IN PART OR IN FULL, IS PROHIBITED, AS ITS DISCLOSURE, BY ANY AND ALL MEANS, TO ANY THIRD PAR
L MEANS, TO ANY THIRD PARTIES. THE DECISION WHETHER OR NOT TO GRANT CREDIT IS THE CREDIT PROVIDERS EXCLUSIVE RESPONSIBILITY.
RESPONSIBILITY.