Historical Data

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

1Q09
2Q09
3Q09
4Q09
1Q10
in R$ millions
Net revenue
82.4
104.6
102.7
114.6
115.5
EBITDA
31.6
42.8
37.7
45.6
42.8
38.4%
40.9%
36.7%
39.8%
37.0%
EBITDA margin (%)

Net earnings
12.0
20.1
16.6
19.8
18.7
ROIC (%)
0.0%
0.0%
0.0%
0.0%
0.0%
9.0
14.2
30.5
22.7
58.7
387.4
Rental net PP&E
Others
Capex
Invested Capital
From 2013 onwards, the data does not consider the Industrial Services business unit.
From 1Q13, ROIC and Invested Capital are reported as LTM figures
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
131.3
148.9
154.2
145.0
164.0
175.1
193.5
199.1
211.1
50.5
55.9
45.4
52.8
58.0
50.8
76.4
86.2
84.4
38.4%
37.6%
29.4%
36.4%
35.4%
29.0%
39.5%
43.3%
40.0%
26.1
28.5
30.1
22.2
22.6
17.8
29.5
32.7
39.2
0.0%
0.0%
21.0%
0.0%
0.0%
0.0%
12.3%
0.0%
0.0%
90.0
121.0
78.8
184.6
105.2
121.6
114.4
58.4
83.5
458.4
556.7
645.3
749.6
894.2
1,002.3
1,092.9
1,143.7
1,195.0
591.7
686.9
784.1
867.6
924.8
976.4
158.0
207.3
218.2
225.3
218.9
218.5
Menu
3Q12
4Q12
1Q13,
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
222.2
246.8
188.4
211.8
222.0
210.1
207.8
213.0
191.5
96.1
91.7
95.7
98.9
106.1
110.5
107.5
105.9
66.7
43.3%
37.1%
50.8%
46.7%
47.8%
52.6%
51.7%
49.7%
34.8%
38.0
41.6
39.3
48.1
39.6
45.6
33.9
33.4
3.2
0.0%
14.7%
14.7%
14.8%
14.4%
0.0%
13.8%
12.3%
9.4%
79.4
76.3
127.5
150.3
127.7
93.9
102.3
54.7
19.5
1,218.0
1,268.5
1,254.3
1,318.9
1,391.3
1,471.4
1,482.4
1,573.9
1,662.5
1,003.1
1,059.5
869.3
926.2
985.0
1,045.1
1,101.5
1,142.8
1,162.2
214.9
209.0
385.0
392.8
406.3
426.3
380.9
431.1
500.3
2009
2010
2011
2012
2013,
404.2
549.9
677.6
879.3
832.3
157.6
194.5
238.1
358.4
411.2
39.0%
35.4%
35.1%
40.8%
49.4%
68.4
103.3
92.2
151.5
172.6
0.0%
21.0%
12.3%
14.7%
0.0%
76.3
348.5
525.9
297.6
499.3
510.5
932.7
1,114.9
1,471.4
732.5
991.6
1,045.1
200.2
123.3
426.3
Mills - Net revenue per type

1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
in R$ millions
Rental
63.8
68.5
70.5
80.0
74.6
84.6
Technical support services
16.0
32.2
27.1
28.6
29.6
35.6
0.6
2.5
4.0
5.5
9.6
6.0
Sales
Others
Total net revenue
1.9
1.4
1.1
0.4
1.7
5.0
82.4
104.6
102.7
114.6
115.5
131.3
Mills - Net revenue per business unit

in R$ millions
1Q09
2Q09
3Q09
Heavy Construction
32.8
39.9%
37.1
35.4%
36.9
36.0%
Real Estate
14.1
17.2%
14.7
14.0%
15.1
14.7%
Industrial Services
23.4
28.4%
40.8
39.0%
36.1
35.1%
Rental
12.0
14.6%
12.1
11.6%
14.6
14.2%
82.4
100.0%
104.6
100.0%
102.7
100.0%
Total net revenue
Pro-forma result, including results for Industrial Service business unit.
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
91.8
91.1
96.8
105.4
119.3
132.4
137.9
147.9
155.8
42.6
43.6
37.6
43.3
41.3
37.6
42.3
44.5
41.4
8.7
12.7
5.6
7.3
8.5
19.2
13.0
13.5
19.0
5.9
6.8
5.0
8.0
6.0
4.3
6.0
5.2
6.0
148.9
154.2
145.0
164.0
175.1
193.5
199.1
211.1
222.2
4Q09
1Q10
2Q10
3Q10
4Q10
39.4
34.4%
35.7
30.9%
41.7
31.8%
42.7
28.7%
34.2
18.3
15.9%
22.7
19.6%
21.8
16.6%
27.9
18.7%
32.8
41.2
36.0%
40.0
34.6%
46.5
35.4%
52.5
35.2%
56.4
15.7
13.7%
17.2
14.9%
21.3
16.2%
25.8
17.4%
30.8
114.6
100.0%
115.5
100.0%
131.3
100.0%
148.9
100.0%
154.2
Menu
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
166.7
160.1
166.9
170.5
176.6
176.7
175.7
161.4
45.9
4.3
8.0
4.3
4.8
2.5
3.0
1.3
28.6
17.2
26.6
35.1
22.5
17.1
25.8
19.1
5.6
6.8
10.3
12.1
6.1
11.5
8.4
9.8
246.8
188.4
211.8
222.0
210.1
207.8
213.0
191.5
1Q11
2Q11
3Q11
4Q11
22.2%
31.8
22.0%
30.6
18.6%
33.2
19.0%
36.1
18.6%
21.3%
29.2
20.1%
34.7
21.2%
39.4
22.5%
52.5
27.1%
36.6%
50.2
34.6%
57.5
35.1%
56.9
32.5%
50.2
25.9%
20.0%
33.7
23.3%
41.2
25.1%
45.6
26.1%
54.9
28.3%
100.0%
145.0
100.0%
164.0
100.0%
175.1
100.0%
193.5
100.0%
Colocar *
2009
2010
2011
2012
2013
282.9
342.1
453.9
608.2
674.2
103.9
151.4
159.8
174.1
21.4
12.6
37.0
40.6
74.1
101.3
4.8
19.4
23.3
22.8
35.3
404.2
549.9
677.6
879.3
832.3
1Q12
2Q12
3Q12
4Q12
1Q13
39.3
19.7%
41.9
19.9%
45.5
20.5%
47.3
19.2%
47.5
52.5
26.4%
58.9
27.9%
60.5
27.2%
66.0
26.7%
64.9
50.9
25.5%
54.8
26.0%
48.8
22.0%
59.3
24.0%
51.5
56.5
28.4%
55.4
26.3%
67.4
30.3%
74.2
30.1%
76.1
199.1
100.0%
211.1
100.0%
222.2
100.0%
246.8
100.0%
239.9
2Q13
3Q13
4Q13
1Q14
19.8%
55.1
20.3%
55.7
20.0%
58.6
23.5%
51.0
24.6%
27.0%
66.5
24.5%
72.4
25.9%
54.2
21.7%
59.5
28.6%
21.5%
59.8
22.0%
57.2
20.5%
39.9
16.0%
0.0%
31.7%
90.1
33.2%
93.9
33.6%
97.2
38.9%
97.3
46.8%
100.0%
271.5
100.0%
279.2
100.0%
249.9
100.0%
207.8
100.0%
2Q14
3Q14
2009
2010
55.5
26.1%
51.9
27.1%
146.2
36.2%
154.3
58.8
27.6%
48.6
25.4%
62.2
15.4%
105.1
0.0%
0.0%
141.4
35.0%
195.4
98.6
46.3%
91.0
47.5%
54.4
13.5%
95.1
213.0
100.0%
191.5
100.0%
404.2
100.0%
549.9
2011
2012
2013
28.1%
131.6
19.4%
174.1
19.8%
217.0
20.8%
19.1%
155.8
23.0%
238.0
27.1%
258.0
24.8%
35.5%
214.8
31.7%
213.8
24.3%
208.3
20.0%
17.3%
175.4
25.9%
253.5
28.8%
357.3
34.3%
100.0%
677.6
100.0%
879.3
100.0%
1,040.6
100.0%
Mills - Cost of goods and services sold (COGS) and the general, administrative and operating expenses (G&A), ex-deprec
in R$ millions
Costs of job execution
1Q09
2Q09
3Q09
25.9
51.0%
34.1
55.2%
33.8
52.0%
Costs of sale of equipment
0.3
0.6%
1.5
2.4%
2.3
3.5%
Costs of asset write-offs
0.1
0.2%
0.1
0.1%
0.1
0.1%
Equipment storage
COGS
26.3
G&A
24.5
Total COGS + G&A
50.7
51.8%
35.7
48.2%
100.0%
26.2
61.8
57.7%
42.3%
100.0%
36.1
28.9
65.0
55.6%
44.4%
100.0%
nses (G&A), ex-depreciation

4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
37.7
54.7%
35.7
49.1%
44.1
54.6%
50.9
54.7%
51.9
47.7%
45.9
3.4
5.0%
5.4
7.4%
3.6
4.5%
6.2
6.7%
8.0
7.4%
3.5
0.1
0.1%
0.1
0.1%
0.4
0.4%
1.0
1.0%
2.6
2.4%
1.2
5.4
41.2
27.8
69.0
59.7%
40.3%
100.0%
41.1
31.6
72.7
56.6%
43.4%
100.0%
48.1
32.7
80.8
59.5%
40.5%
100.0%
58.1
34.9
93.0
62.5%
37.5%
100.0%
62.6
46.3
108.8
57.5%
42.5%
100.0%
56.0
36.1
92.1
2Q11
3Q11
4Q11
1Q12
2Q12
49.8%
52.2
49.3%
58.5
47.1%
53.3
45.5%
48.6
43.0%
56.0
44.2%
3.8%
4.5
4.3%
5.6
4.5%
11.8
10.1%
6.2
5.5%
7.2
5.7%
1.4%
1.3
1.2%
0.6
0.5%
1.4
1.2%
1.2
1.1%
1.6
1.2%
5.8%
6.7
6.3%
8.1
6.6%
7.1
6.1%
7.6
6.7%
8.1
6.4%
60.8%
64.7
61.1%
72.9
58.7%
73.7
63.0%
63.6
56.4%
72.8
57.5%
39.2%
100.0%
41.2
106.0
38.9%
100.0%
51.3
124.2
41.3%
100.0%
43.4
117.1
37.0%
100.0%
49.3
112.9
43.6%
100.0%
53.9
126.7
42.5%
100.0%
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
56.5
44.8%
64.2
41.4%
19.5
21.0%
24.5
21.7%
25.2
21.7%
23.7
11.0
8.7%
16.5
10.6%
12.1
13.0%
20.9
18.5%
22.1
19.1%
13.0
1.9
1.5%
0.2
0.1%
0.9
0.9%
2.3
2.0%
3.4
3.0%
2.3
9.4
7.5%
10.5
6.8%
9.1
9.8%
10.3
9.1%
11.3
9.8%
11.9
78.9
62.6%
91.4
58.9%
41.5
44.7%
57.9
51.3%
62.0
53.5%
50.9
47.2
126.1
37.4%
100.0%
63.8
155.2
41.1%
100.0%
51.3
92.8
55.3%
100.0%
54.9
112.9
48.7%
100.0%
53.9
115.9
46.5%
100.0%
48.6
99.5
Menu
1Q14
2Q14
3Q14
2009
23.8%
22.2
21.9%
24.1
21.1%
23.3
18.6%
131.5
53.3%
13.0%
8.9
8.7%
14.7
12.9%
19.1
15.2%
7.5
3.0%
2.3%
1.7
1.6%
1.7
1.5%
6.4
5.1%
0.3
0.1%
11.9%
10.1
10.0%
10.9
9.6%
14.9
11.8%
0.0%
51.1%
42.8
42.3%
51.5
45.1%
63.6
50.7%
139.3
49.3%
107.3
48.9%
100.0%
58.5
101.4
57.7%
100.0%
62.6
114.1
54.9%
100.0%
61.9
125.5
100.0%
246.5
56.5%
43.5%
100.0%
2010
2011
2012
2013
182.6
51.4%
210.0
47.8%
225.2
43.2%
92.8
22.1%
23.2
6.5%
25.5
5.8%
41.0
7.9%
68.0
16.2%
4.0
1.1%
4.6
1.0%
4.9
0.9%
8.9
2.1%
0.0%
27.3
6.2%
35.5
6.8%
42.6
10.1%
59.1%
267.4
60.8%
306.7
58.9%
212.3
50.4%
40.9%
172.1
209.9
145.5
355.4
100.0%
439.5
39.2%
100.0%
214.1
520.8
41.1%
100.0%
208.7
421.0
49.6%
100.0%
Mills - EBITDA per business unit

in R$ millions
1Q09
2Q09
3Q09
17.1
54.0%
19.1
44.7%
17.2
45.5%
Real Estate
7.1
22.6%
7.7
18.0%
7.3
19.4%
Industrial Services
0.2
0.6%
9.0
21.1%
5.3
14.1%
Rental
7.3
22.9%
7.0
16.3%
7.9
21.0%
31.6
100.0%
42.8
100.0%
37.7
100.0%
Heavy Construction
Total EBITDA
EBITDA margin (%)
38.4%
40.9%
36.7%
Pro-forma result, including results for Industrial Service business unit.

It does not include capital gain from the sale of the Industrial Services business unit and costs associated with it.
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
20.3
44.6%
16.4
38.3%
21.6
42.9%
22.3
39.9%
13.3
29.2%
15.6
9.7
21.3%
10.3
24.0%
10.0
19.8%
11.9
21.4%
11.6
25.6%
12.3
6.3
13.8%
6.3
14.8%
6.9
13.8%
7.0
12.6%
5.8
12.8%
6.1
9.2
20.2%
9.8
22.9%
11.9
23.5%
14.6
26.2%
14.7
32.3%
18.9
45.6
100.0%
42.8
100.0%
50.5
100.0%
55.9
100.0%
45.4
100.0%
39.8%
37.0%
38.4%
37.6%
29.4%
52.8
36.4%
2Q11
3Q11
4Q11
1Q12
2Q12
29.4%
14.1
24.3%
8.6
17.0%
19.5
25.5%
18.9
21.9%
21.2
25.1%
23.2%
13.5
23.2%
16.4
32.2%
23.9
31.2%
26.3
30.5%
27.2
32.2%
11.6%
8.1
14.0%
4.1
8.1%
2.3
3.1%
6.2
7.2%
4.7
5.5%
35.8%
22.3
38.4%
21.7
42.7%
30.7
40.2%
34.9
40.4%
31.4
37.2%
58.0
100.0%
50.8
100.0%
76.4
100.0%
86.2
100.0%
84.4
100.0%
100.0%
35.4%
29.0%
39.5%
43.3%
40.0%
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13,
24.1
25.1%
20.2
22.0%
24.3
23.9%
25.1
23.3%
29.4
26.9%
29.3
33.8
35.2%
26.1
28.5%
27.7
27.2%
24.6
22.9%
24.4
22.3%
17.1
0.1
0.1%
8.4
9.2%
6.3
6.2%
8.5
7.9%
3.3
3.0%
1.4
38.0
39.6%
36.9
40.3%
43.6
42.7%
49.3
45.9%
52.3
47.8%
56.0
96.1
100.0%
91.7
100.0%
102.0
100.0%
107.5
100.0%
109.4
100.0%
43.3%
37.1%
42.5%
39.6%
39.2%
103.8
41.5%
Menu
1Q14
2Q14
3Q14
2009
28.2%
25.6
23.8%
25.6
24.2%
21.4
32.1%
73.7
16.5%
23.5
21.8%
25.2
23.8%
(4.7)
-7.0%
31.8
1.3%
0.0%
0.0%
0.0%
20.8
54.0%
58.4
54.3%
55.1
52.0%
50.0
74.9%
31.3
107.5
100.0%
105.9
100.0%
66.7
100.0%
100.0%
51.7%
49.7%
34.8%
157.6
39.0%
2010
2011
2012
2013,
46.7%
73.6
37.8%
57.8
24.3%
84.3
23.5%
108.1
25.6%
20.2%
43.9
22.6%
66.0
27.7%
113.4
31.6%
93.8
22.2%
13.2%
26.1
13.4%
20.7
8.7%
19.4
5.4%
19.5
4.6%
19.9%
51.0
26.2%
93.6
39.3%
141.2
39.4%
201.2
47.6%
194.5
100.0%
238.1
100.0%
358.5
100.0%
422.6
100.0%
100.0%
35.4%
35.1%
40.8%
40.6%
Mills - Capex per business unit
in R$ millions
1Q09
2Q09
3Q09
4Q09
1Q10
Heavy Construction
2.6
1.4
9.3
8.9
21.6
Real Estate
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
9.0
14.2
30.5
22.7
58.7
Organic growth
Acquisition
Total capex
9.0
14.2
30.5
22.7
58.7
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
19.2
25.0
8.5
8.4
8.2
13.8
16.9
9.0
24.7
33.6
34.5
37.0
40.8
50.6
56.6
15.4
7.3
6.8
3.6
2.2
4.1
6.9
4.1
3.2
35.1
52.5
25.0
42.4
43.1
43.9
33.4
26.0
3.8
3.1
7.3
4.7
3.5
6.4
3.4
4.8
90.0
121.0
78.8
94.6
99.7
121.6
114.4
58.4
90.0
121.0
90.0
5.5
78.8
184.6
105.2
121.6
114.4
58.4
Realizado
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
24.0
11.3
6.3
21.7
28.8
26.5
29.4
15.0
12.5
22.8
9.1
24.9
44.8
16.1
4.2
4.5
1.1
0.2
0.4
0.2
0.3
2.0
1.7
40.9
40.3
53.7
73.3
69.3
74.2
50.4
73.3
5.1
4.9
6.7
7.7
7.6
10.9
10.3
9.5
83.5
79.4
76.3
127.8
150.7
129.7
96.1
102.3
83.5
79.4
76.3
127.8
150.7
129.7
96.1
102.3
Menu
2Q14
3Q14
2009
2010
2011
2012
2013
9M14
11.3
9.1
22.1
74.3
47.3
50.5
106.3
35.4
8.9
1.7
15.8
104.0
185.0
59.8
90.1
15.1
5.4
25.0
17.3
4.9
4.2
28.5
3.0
30.1
130.6
162.8
160.9
267.2
104.8
6.0
5.7
2.9
14.6
18.0
21.5
36.5
21.3
54.7
19.5
76.3
348.5
430.4
297.6
504.3
176.6
54.7
19.5
76.3
348.5
95.5
525.9
297.6
504.3
176.6
Heavy Construction - financial indicators

1Q09
2Q09
3Q09
4Q09
1Q10
in R$ millions
Net revenue
Rental
Technical support services, sales and others
28.9
31.5
31.4
33.5
29.8
4.0
5.6
5.5
5.9
5.8
Total net revenue
32.8
37.1
36.9
39.4
35.7
EBITDA
17.1
19.1
17.2
20.3
16.4
EBITDA margin (%)
52.0%
51.5%
46.5%
51.6%
45.9%
ROIC (%)
33.0%
35.6%
29.5%
32.5%
24.4%
2.6
1.4
9.3
8.9
21.6
Capex
Invested Capital
Rental Net PP&E
Others
Invested Capital
Depreciation
113.2
119.2
126.5
130.7
138.4
2.9
3.0
3.2
4.3
3.6
Real Estate - financial indicators

1Q09
2Q09
3Q09
4Q09
1Q10
in R$ millions
Net revenue
Rental
14.0
14.2
14.6
15.3
16.5
0.2
0.5
0.5
2.9
6.2
14.1
14.7
15.1
18.3
22.7
7.1
7.7
7.3
9.7
10.3
EBITDA margin (%)
50.5%
52.4%
48.4%
53.3%
45.3%
ROIC (%)
27.4%
28.7%
25.6%
30.4%
29.2%
0.3
1.8
6.6
7.1
11.2
Total net revenue

EBITDA
Capex
Invested Capital
Rental Net PP&E
Others
Invested Capital
Depreciation
61.9
64.0
68.5
75.0
83.2
0.7
0.7
0.7
1.1
1.1
Industrial Services - financial indicators

1Q09
in R$ millions
2Q09
3Q09
4Q09
1Q10
Net revenue
Maintenance
13.3
25.7
23.7
28.7
27.6
New plants
10.1
15.0
12.3
12.5
12.4
Total net revenue
23.4
40.8
36.1
41.2
40.0
0.2
9.0
5.3
6.3
6.3
0.8%
22.1%
14.7%
15.3%
15.8%
-6.5%
32.7%
16.4%
18.4%
17.7%
EBITDA
EBITDA margin (%)
ROIC (%)
Capex
Invested Capital
Depreciation
1.5
0.5
1.5
2.0
7.3
57.8
60.3
61.0
62.2
69.3
1.6
1.6
1.6
2.0
1.7
Rental - financial indicators

1Q09
2Q09
3Q09
4Q09
1Q10
in R$ millions
Net revenue
Rental
11.7
11.2
13.1
15.1
16.0
0.3
0.9
1.5
0.6
1.2
12.0
12.1
14.6
15.7
17.2
7.3
7.0
7.9
9.2
9.8
EBITDA margin (%)
60.4%
57.7%
54.2%
58.6%
57.0%
ROIC (%)
22.9%
19.8%
18.6%
20.5%
23.5%
3.8
10.1
12.8
3.4
18.1
Total net revenue

EBITDA
Capex
Invested Capital
Rental Net PP&E
Others
Invested Capital
Depreciation
64.0
67.8
81.5
82.8
80.6
1.7
1.9
2.2
2.8
2.6
2Q10
3Q10
4Q10
32.4
32.7
1Q11
26.8
25.0
2Q11
24.3
3Q11
27.3
4Q11
32.5
1Q12
33.1
2Q12
36.9
9.3
10.0
7.4
6.8
6.2
5.9
3.5
6.3
5.0
41.7
42.7
34.2
31.8
30.6
33.2
36.1
39.3
41.9
21.6
22.3
13.3
15.6
14.1
8.6
19.5
18.9
21.2
51.9%
52.2%
38.8%
48.9%
46.2%
26.0%
54.0%
48.0%
50.6%
28.5%
25.5%
18.8%
14.4%
12.1%
4.5%
17.5%
16.6%
17.8%
19.2
25.0
8.5
8.4
8.2
13.8
16.9
9.0
24.0
160.2
160.5
166.9
177.9
181.9
190.1
43.7
49.2
48.9
44.1
44.2
49.3
162.2
184.4
200.6
203.9
209.7
215.8
222.0
226.1
239.4
3.9
4.5
4.8
5.1
5.1
5.2
5.6
5.5
6.0
2Q10
3Q10
19.6
4Q10
21.9
1Q11
23.6
26.0
2Q11
30.9
3Q11
4Q11
34.9
40.3
1Q12
2Q12
45.3
48.5
2.2
6.0
9.2
3.2
3.8
4.4
12.1
7.2
10.4
21.8
27.9
32.8
29.2
34.7
39.4
52.5
52.5
58.9
10.0
11.9
11.6
12.3
13.5
16.4
23.9
26.3
27.2
46.0%
42.8%
35.5%
42.0%
38.8%
41.6%
45.5%
50.1%
46.1%
23.6%
21.3%
22.3%
15.2%
13.0%
12.5%
16.3%
15.6%
14.8%
24.7
33.6
34.5
37.0
46.3
50.6
56.6
15.4
12.5
135.2
168.5
204.8
256.1
283.7
287.0
40.2
48.4
57.3
54.8
61.7
78.9
97.8
123.7
154.1
175.4
216.9
262.0
310.8
345.4
365.9
1.4
1.9
2.5
2.7
3.2
4.7
5.8
7.1
7.8
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
31.9
36.3
42.8
37.9
39.9
41.1
39.5
35.0
37.6
14.7
16.2
13.6
12.3
17.6
15.8
10.7
15.9
17.2
46.5
52.5
56.4
50.2
57.5
56.9
50.2
50.9
54.8
6.9
7.0
5.8
6.1
8.1
4.1
2.3
6.2
4.7
14.9%
13.4%
10.3%
12.2%
14.2%
7.2%
4.7%
12.1%
8.5%
17.3%
14.9%
14.8%
9.6%
14.2%
3.2%
-1.2%
7.5%
3.9%
7.3
6.8
3.6
2.2
4.1
6.9
4.1
3.2
1.1
78.3
88.3
97.3
108.4
111.3
123.2
133.3
127.4
127.3
1.8
2.1
2.2
2.4
2.5
2.7
2.9
2.8
2.9
2Q10
3Q10
19.3
4Q10
23.9
1Q11
25.7
30.8
2Q11
36.7
3Q11
42.3
4Q11
47.2
1Q12
50.5
2Q12
50.6
2.0
1.9
5.1
2.9
4.5
3.3
7.7
6.0
4.8
21.3
25.8
30.8
33.7
41.2
45.6
54.9
56.5
55.4
11.9
14.6
14.7
18.9
22.3
21.7
30.7
34.9
31.4
55.8%
56.6%
47.6%
56.0%
54.1%
47.6%
56.0%
61.8%
56.6%
19.6%
17.3%
18.7%
17.3%
17.1%
12.9%
18.6%
20.3%
16.3%
35.1
52.5
25.0
42.4
43.1
43.9
33.4
26.0
40.9
202.0
231.8
267.0
294.8
315.7
325.5
10.3
28.5
39.3
39.9
37.6
45.7
114.0
154.5
187.8
212.4
260.3
306.3
334.8
353.2
371.2
3.4
4.5
5.0
5.8
6.4
7.6
8.5
9.3
9.7
3Q12
37.0
4Q12
39.1
1Q13
2Q13
3Q13
4Q13
39.4
41.0
42.2
46.6
1Q14
43.8
2Q14
45.9
3Q14
44.4
8.5
8.2
8.0
14.1
13.5
12.1
7.3
9.7
7.5
45.5
47.3
47.5
55.1
55.7
58.6
51.0
55.5
51.9
24.1
20.2
24.3
25.1
29.4
29.3
25.6
25.6
21.4
52.9%
42.7%
51.3%
45.5%
52.8%
49.9%
50.2%
46.2%
41.2%
19.7%
14.8%
17.8%
17.7%
18.1%
19.2%
17.9%
16.3%
13.3%
11.3
6.3
22.2
29.1
26.8
29.5
15.0
11.5
9.5
200.0
201.3
199.5
207.5
215.6
224.4
236.4
245.1
250.0
47.7
53.2
50.2
53.8
55.6
59.1
63.2
74.3
84.8
247.7
254.4
249.6
261.3
271.2
283.5
299.6
319.4
334.8
6.6
6.7
7.1
7.2
7.7
8.5
9.4
10.0
10.2
3Q12
4Q12
49.2
49.9
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
53.3
52.0
47.8
44.0
44.8
45.5
3Q14
37.3
11.4
16.1
11.5
14.5
24.5
10.3
14.7
13.4
11.3
60.5
66.0
64.9
66.5
72.4
54.2
59.5
58.8
48.6
33.8
26.1
27.7
24.6
24.4
17.1
23.5
25.2
(4.7)
55.9%
39.6%
42.8%
37.0%
33.7%
31.5%
39.4%
42.8%
-9.6%
20.2%
12.6%
15.0%
13.4%
10.6%
8.1%
6.7%
6.5%
2.1%
22.8
9.1
25.3
45.1
17.2
4.5
5.0
9.4
2.1
293.3
300.7
297.3
307.9
320.5
331.1
336.6
336.3
327.9
72.5
87.3
86.8
97.3
112.7
132.7
149.7
154.0
157.6
365.8
388.0
384.1
405.1
433.2
463.8
486.3
490.3
485.5
7.4
8.7
8.9
9.6
10.2
11.3
11.5
11.7
12.2
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
30.3
32.8
29.4
36.7
32.6
22.7
18.5
26.5
22.1
23.1
24.6
17.1
48.8
59.3
51.5
59.8
57.2
39.9
0.1
8.4
6.3
8.5
3.3
1.4
0.2%
14.2%
12.2%
14.3%
5.7%
3.5%
0.0%
-6.2%
13.3%
8.9%
16.4%
9.5%
5.7%
0.0%
0.2
0.4
0.3
0.4
2.0
2.2
123.7
117.6
112.3
99.3
89.6
53.0
2.9
2.8
2.7
2.7
0.2
0.2
1Q14
2Q14
3Q12
57.0
4Q12
64.3
1Q13
2Q13
3Q13
67.3
73.8
80.5
4Q13
86.1
88.1
84.4
3Q14
79.7
10.4
9.9
8.8
16.3
13.4
11.1
9.1
14.2
11.3
67.4
74.2
76.1
90.1
93.9
97.2
97.3
98.6
91.0
38.0
36.9
43.6
49.3
52.3
56.0
58.4
55.1
50.0
56.5%
49.8%
57.3%
54.7%
55.7%
57.7%
60.1%
55.8%
54.9%
19.8%
16.9%
18.0%
18.5%
18.1%
18.2%
17.8%
16.2%
14.5%
40.3
53.7
73.6
69.6
75.4
51.9
73.7
29.5
3.6
354.5
385.3
372.5
410.7
448.8
489.6
528.5
561.4
584.3
35.1
31.7
37.3
38.0
43.0
50.7
60.1
82.6
99.6
389.7
417.1
409.9
448.7
491.8
540.3
588.6
644.0
683.8
10.6
11.8
12.6
14.4
15.8
17.7
18.7
20.3
20.9
Menu
2009
2010
125.3
2011
121.8
109.2
2012
146.1
2013
169.3
20.9
32.4
22.5
28.0
47.7
146.2
154.3
131.6
174.1
217.0
73.7
73.6
57.8
84.3
108.1
50.4%
47.7%
43.9%
48.5%
49.8%
32.9%
24.1%
12.1%
17.2%
19.2%
22.1
74.3
47.3
50.5
107.6
166.7
192.8
224.4
46.6
48.9
59.1
121.1
171.1
213.3
241.7
283.5
13.3
16.8
20.9
24.8
30.5
2009
2010
58.1
2011
81.6
132.2
2012
192.9
2013
197.2
4.0
23.5
23.6
45.1
60.8
62.2
105.1
155.8
238.0
258.0
31.8
43.9
66.0
113.4
93.8
51.2%
41.7%
42.4%
47.7%
36.4%
26.9%
23.5%
14.3%
15.7%
8.1%
15.8
104.0
190.5
59.8
92.1
191.7
291.1
331.1
49.8
75.6
132.7
70.1
114.7
241.4
366.7
463.8
3.3
6.8
16.5
31.0
40.1
2009
2010
2011
2012
2013
91.5
138.5
158.3
135.8
121.5
49.9
56.9
56.5
78.0
86.8
141.4
195.4
214.8
213.8
208.3
20.8
26.1
20.7
19.4
19.5
14.7%
13.4%
9.7%
9.1%
9.4%
15.0%
16.0%
5.9%
4.6%
10.9%
5.4
25.0
17.3
4.9
5.0
62.0
83.3
119.7
123.3
86.6
6.7
7.8
10.5
11.4
5.8
2009
2010
2011
51.1
84.9
157.0
2012
222.5
2013
307.7
3.3
10.1
18.4
31.0
49.6
54.4
95.1
175.4
253.5
357.3
31.3
51.0
93.6
141.2
201.2
57.6%
53.6%
53.4%
55.7%
56.3%
0.0%
19.2%
16.5%
18.2%
18.2%
30.1
130.6
162.8
160.9
270.5
248.5
345.6
489.6
29.4
37.5
50.7
70.3
134.1
277.8
383.1
540.3
8.6
15.6
28.2
41.4
60.5
Mills - DRE
in R$ million
Net revenue from sales and services

Cost of products sold and services rendered
Gross profit
Other operational revenues
General and administrative expenses
1Q09
2Q09
3Q09
82.4
104.6
102.7
(32.8)
(42.4)
(43.4)
49.5
62.1
59.3
(24.8)
(26.5)
(29.3)
Operating profit
24.7
35.6
30.0
Financial expense
(7.0)
(6.1)
(5.7)
Financial income
0.2
0.3
0.2
Financial result
(6.8)
(5.9)
(5.5)
Profit before taxation
17.9
29.7
24.5
Income tax and social contribution expenses
(6.0)
(9.7)
(8.0)
Results of continued operations
12.0
20.1
16.6
12.0
20.1
16.6
87,220
87,220
87,220
0.14
0.23
0.19
Results of discontinued operations

Net income
Number of shares at the end of the period (in thousands)
Net income per shares at the end of the period (R$)
Reclassified, excluding Industrial Services business unit, for comparison.
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
114.6
115.5
131.3
148.9
154.2
145.0
164.0
(51.0)
(49.6)
(58.2)
(70.5)
(76.5)
(71.3)
(81.2)
63.6
65.9
73.1
78.4
77.7
73.7
82.8
(28.2)
(32.1)
(33.2)
(35.5)
(46.9)
(36.8)
(42.0)
35.4
33.8
39.9
42.9
30.8
36.8
40.7
(6.5)
(6.2)
(6.6)
(7.2)
(4.4)
(5.1)
(12.3)
0.3
0.5
6.3
7.1
4.8
2.1
5.4
(6.2)
(5.8)
(0.3)
(0.1)
0.5
(3.1)
(7.0)
29.2
28.1
39.6
42.8
31.3
33.8
33.8
(9.5)
(9.4)
(13.5)
(14.4)
(1.2)
(11.6)
(11.2)
19.8
18.7
26.1
28.5
30.1
22.2
22.6
19.8
18.7
26.1
28.5
30.1
22.2
22.6
87,421
87,421
124,611
124,611
125,495
125,495
125,495
0.23
0.21
0.21
0.23
0.24
0.18
0.18
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
175.1
193.5
148.3
156.3
173.4
187.5
188.4
211.8
(92.3)
(95.6)
(48.5)
(54.3)
(61.7)
(73.7)
(68.4)
(87.3)
82.8
97.9
99.7
102.0
111.8
113.9
120.0
124.5
###
(52.1)
(44.2)
(41.6)
(45.7)
(40.3)
(57.9)
(52.9)
(56.8)
30.7
53.7
58.1
56.3
71.5
56.0
67.1
67.7
(16.6)
(12.5)
(10.8)
(9.9)
(9.8)
(14.4)
(11.3)
(16.8)
4.6
2.7
1.1
0.9
1.0
7.6
2.1
5.0
(12.0)
(9.9)
(9.7)
(9.0)
(8.8)
(6.7)
(9.2)
(11.8)
18.8
43.8
48.4
47.2
62.6
49.2
57.9
55.9
(0.9)
(14.3)
(17.0)
(8.5)
(22.2)
(11.0)
(20.2)
(11.3)
17.9
29.5
31.5
38.7
40.4
38.3
37.6
44.6
1.2
0.6
(2.4)
1.2
1.6
3.5
17.9
29.5
32.7
39.2
38.0
39.4
39.3
48.1
125,591
125,657
125,690
126,149
126,314
126,399
126,492
127,120
0.14
0.24
0.26
0.31
0.30
0.31
0.31
0.38
Menu
3Q13
4Q13
1Q14
2Q14
3Q14
222.0
210.1
207.8
213.0
191.5
(93.5)
(85.7)
(79.0)
(89.9)
(102.7)
128.5
124.4
128.8
123.0
88.7
8.3
(56.0)
(59.6)
(61.9)
(66.3)
(66.1)
72.4
73.0
66.9
56.8
22.7
(14.8)
(17.0)
(20.6)
(25.9)
(28.2)
2.5
3.5
4.0
7.5
10.4
(12.3)
(13.5)
(16.5)
(18.4)
(17.8)
60.1
59.5
50.3
38.4
4.9
(21.5)
(12.7)
(16.5)
(5.0)
(1.7)
38.6
46.8
33.9
33.4
3.2
1.0
(1.2)
39.6
45.6
33.9
33.4
3.2
127,314
127,386
127,491
128,026
128,058
0.31
0.36
0.27
0.26
0.03
Mills - Balance Sheet

in R$ millions
1Q09
2Q09
3Q09
Assets
Current Assets
Cash and cash equivalents
13.0
2.6
8.3
45.1
62.3
70.7
0.7
1.3
###
20.0
20.5
20.9
Advances to suppliers
Derivative financial instruments
Assets available for sale
2.3
###
3.9
Marketable securities
Trade receivables
Inventories
Recoverable taxes
Other current assets

Total Current Assets
81.1
89.0
105.1
Trade receivables
5.2
5.0
4.7
Recoverable taxes
0.1
0.2
###
17.0
16.5
16.6
6.5
6.6
6.0
28.8
28.3
27.5
Non-Current Assets
Deferred taxes
Deposits in court
Other current assets
Investment
Property, plant and equipment
Intangible assets
234.4
241.4
39.1
###
262.7
39.1
273.5
280.5
301.8
Total Non-Current Assets
302.3
308.8
329.3
Total Assets
383.4
397.8
434.4
in R$ millions
1T09
2T09
3T09
Liabilities
Current Liabilities
Suppliers
5.6
12.2
12.6
49.0
50.6
56.6
12.6
15.6
18.0
Income tax and social contribution
2.3
4.3
4.5
Tax refinancing program (REFIS)
2.7
4.1
4.6
12.0
6.6
9.2
Borrowings and financings

Debentures
Salaries and payroll charges
Taxes payable
Profit sharing payable
Dividends and interest on equity payable
7.5
Advances on assets held for sale
Liabilities associated with assets available for sale

Other current liabilities
Total Current Liabilities
0.3
0.2
0.9
92.0
93.6
106.4
139.4
130.4
135.3
Non-Current Liabilities
Borrowings and financings
Debentures
22.6
22.9
24.0
Provision for tax, civil and labor risks

Tributos a pagar
0.6
###
2.7
Deferred taxes
(2.1)
0.5
###
0.5
Contas a pagar - plano de aes

Other Liabilities
Total Non-Current Liabilities
163.1
154.4
160.4
Total Liabilities
255.1
248.0
266.8
Capital
80.5
80.6
###
Earnings reserves
34.1
Stockholders' Equity
Capital reserves
###
34.1
2.7
3.8
4.8
12.0
32.1
48.6
Total Stockholders' Equity
129.3
150.6
168.1
Total Liabilities and Stockholders' Equity
384.4
398.6
434.9
Valuation adjustments to equity

Retained earnings
4Q09
1Q10
2Q10
3Q10
1.6
1.8
3.1
298.9
71.5
84.6
96.7
1.4
2.0
2.4
25.7
14.8
4Q10
196.9
1Q11
2Q11
3Q11
6.2
4.3
136.1
11.0
107.1
122.1
122.6
127.5
126.5
3.9
5.6
6.7
10.1
11.8
15.6
20.3
26.2
19.0
22.2
21.2
2.8
8.3
7.3
9.1
9.0
9.6
4.1
3.4
7.8
3.4
4.4
3.6
5.2
4.1
104.2
109.4
424.5
339.9
307.9
176.5
352.9
245.4
4.4
4.3
4.1
4.0
3.8
3.4
3.1
3.2
0.2
###
0.2
4.4
3.9
3.9
3.0
28.5
10.0
9.5
8.9
13.2
8.1
8.4
8.5
22.0
6.0
6.1
6.4
6.4
7.3
7.3
7.5
7.8
20.6
20.1
19.5
28.0
23.1
23.1
22.1
61.4
90.0
88.0
88.0
179.0
72.2
276.0
322.3
394.7
495.8
551.2
621.2
698.4
788.6
39.3
39.3
39.3
39.6
41.9
41.8
42.0
44.7
315.3
361.6
434.0
535.4
593.1
753.0
828.4
921.2
335.8
381.7
453.5
563.4
616.2
776.0
850.4
982.7
440.1
491.1
878.1
903.3
924.1
952.5
1,203.3
1,228.1
4T09
1T10
2T10
3T10
4T10
1T11
2T11
3T11
11.7
23.3
21.0
28.6
32.7
24.3
32.3
12.1
56.8
59.0
47.4
46.0
46.7
78.2
40.6
41.0
6.4
15.8
14.7
20.2
21.2
26.2
21.3
26.9
28.7
33.3
0.1
3.3
1.7
3.2
3.3
2.9
0.0
0.8
0.8
0.8
0.7
0.7
0.9
0.9
0.7
4.0
2.7
4.1
4.4
7.9
3.4
3.8
9.9
13.8
3.7
7.7
10.9
17.5
1.4
3.5
4.7
16.2
15.5
24.5
24.5
0.4
18.9
7.0
11.3
5.0
1.3
1.3
2.2
7.4
2.4
12.0
2.2
5.1
119.4
129.8
106.2
127.3
160.8
175.0
133.0
146.5
127.1
147.2
120.2
96.5
85.9
78.7
81.6
77.1
8.5
8.8
9.6
9.1
11.1
0.4
0.3
0.3
0.3
5.0
11.0
11.2
11.5
9.8
268.2
268.3
11.3
11.7
12.7
9.4
10.0
10.5
10.7
10.4
0.6
###
0.6
1.0
1.0
0.9
1.0
0.8
0.6
0.6
148.2
169.2
142.6
121.6
108.2
101.3
372.9
378.6
267.7
299.0
248.7
248.9
268.9
276.3
505.9
525.1
80.7
97.5
523.5
###
525.1
###
525.1
526.8
86.2
70.0
###
70.0
145.2
144.8
144.4
144.1
(8.4)
(8.1)
(8.2)
(7.7)
(6.9)
(6.5)
5.7
5.8
(0.5)
(4.2)
(7.0)
(8.6)
(10.7)
(3.1)
18.7
44.8
73.2
22.6
45.5
41.8
172.6
192.1
629.3
654.4
655.2
676.2
697.5
703.1
440.3
491.1
878.1
903.3
924.1
952.5
1,203.3
1,228.1
4Q11
1Q12
2Q12
3Q12
35.2
30.3
29.3
4Q12
299.4
-
1Q13
2Q13
3Q13
44.2
24.5
47.3
45.7
159.6
138.0
139.1
140.1
156.5
168.1
194.8
199.4
165.1
174.1
11.2
15.1
15.0
21.3
26.9
29.9
30.9
30.9
22.1
22.8
27.5
27.8
35.0
26.5
35.8
31.3
11.5
3.8
7.0
6.9
6.7
5.5
0.7
0.3
2.8
1.3
0.0
4.0
0.4
106.7
95.2
3.0
4.2
4.7
4.6
6.5
7.2
8.6
9.4
224.9
216.3
241.2
528.0
473.7
431.1
399.1
387.4
2.6
2.4
2.5
2.5
2.5
2.1
2.1
2.1
31.6
30.9
30.4
29.5
30.7
31.2
34.8
42.3
4.9
6.8
7.0
2.8
10.9
11.0
11.4
11.5
11.9
11.8
11.7
9.7
50.0
51.2
51.4
46.3
45.1
45.1
48.6
54.0
87.4
###
87.4
87.4
87.4
87.4
87.4
87.4
872.9
897.2
943.0
978.6
1,003.3
1,084.3
1,124.1
1,189.4
45.5
47.2
49.1
51.6
54.5
57.5
59.9
64.2
1,005.8
1,031.7
1,079.5
1,117.6
1,145.3
1,229.2
1,271.4
1,341.0
1,055.8
1,082.9
1,130.9
1,163.9
1,190.4
1,274.3
1,319.9
1,395.0
1,280.6
1,299.2
1,372.1
1,691.9
1,664.1
1,705.4
1,719.0
1,782.5
4T11
1T12
2T12
3T12
4T12
1T13
2T13
3T13
35.9
19.8
47.3
46.1
47.8
58.5
70.1
61.1
65.3
64.1
114.9
109.1
41.8
38.5
15.7
14.5
6.1
13.8
4.6
13.2
13.0
17.8
110.6
110.0
25.0
26.3
32.1
37.2
27.6
33.3
23.8
25.9
2.7
5.3
4.7
5.8
0.8
9.8
0.4
0.1
0.9
0.9
0.9
0.9
0.9
0.9
8.1
8.1
10.5
9.9
18.6
7.7
10.7
7.1
7.9
3.6
7.9
11.8
20.1
4.1
10.8
15.0
21.9
###
18.8
18.8
36.2
36.2
20.4
20.4
0.1
0.8
1.6
25.2
12.7
14.6
4.4
5.2
4.9
6.3
7.8
8.8
3.1
3.1
177.7
168.2
241.7
258.0
214.5
213.1
279.7
307.7
71.1
68.2
42.0
40.4
30.2
30.5
23.5
20.8
268.4
268.5
268.6
537.3
537.5
537.7
447.8
448.0
16.1
14.7
16.0
11.0
9.9
10.3
10.6
10.4
2.4
1.8
5.5
1.0
10.5
10.7
10.0
9.9
9.8
9.7
9.6
9.5
0.6
0.5
0.7
0.6
0.4
0.3
0.2
0.0
366.7
362.7
337.3
599.2
590.2
590.4
497.3
489.8
544.5
531.0
579.0
857.2
804.7
803.5
776.9
797.6
527.6
528.0
533.6
536.2
537.6
539.5
548.8
551.9
212.0
211.7
211.3
210.9
321.8
321.4
321.0
321.0
(5.6)
(4.7)
(3.8)
(1.9)
0.2
2.2
4.7
7.2
2.1
0.2
1.1
0.3
(0.3)
(0.8)
2.9
0.5
33.0
50.9
89.2
39.6
64.6
104.3
736.1
768.2
793.1
834.7
859.3
901.9
942.1
984.9
1,280.6
1,299.2
1,372.1
1,691.9
1,664.1
1,705.4
1,719.0
1,782.5
Menu
4Q13
1Q14
2Q14
3Q14
25.8
8.5
93.7
161.1
-
177.4
192.2
199.1
177.9
36.3
36.6
37.8
32.0
38.7
33.6
32.6
29.8
0.5
0.2
0.3
0.2
7.5
0.1
26.8
27.4
16.5
17.0
6.5
9.8
8.0
4.7
319.5
308.2
388.2
422.7
1.4
1.4
1.3
0.9
42.8
44.2
41.6
36.4
5.0
10.4
20.0
10.1
10.4
10.3
10.5
47.3
48.4
49.6
34.0
101.5
109.5
113.1
101.7
87.4
87.4
87.4
87.4
1,224.5
1,264.8
1,265.5
1,230.9
68.4
73.8
75.0
76.0
1,380.3
1,426.1
1,427.9
1,394.3
1,481.8
1,535.6
1,541.1
1,496.0
1,801.2
1,843.8
1,929.2
1,918.7
4T13
1T14
2T14
3T14
37.9
55.4
29.1
18.6
12.8
49.1
45.4
46.4
112.5
120.2
107.1
109.6
19.2
23.6
24.3
25.3
6.2
2.7
2.9
1.0
1.0
1.0
1.0
7.1
4.6
8.6
4.7
18.7
0.6
1.7
41.0
41.0
21.8
21.8
3.3
5.2
1.2
4.9
3.5
5.1
2.1
255.0
308.5
252.0
233.6
58.7
17.2
16.5
15.7
0.3
448.2
448.4
572.1
573.3
10.6
11.4
11.6
12.8
2.5
9.4
9.4
9.3
9.2
0.1
0.1
529.7
486.5
609.5
611.0
784.7
795.0
861.5
844.6
553.2
554.9
563.1
563.3
447.9
447.9
447.9
447.9
10.2
12.4
14.9
17.3
5.2
(0.2)
(0.2)
0.3
33.9
42.2
45.4
1,016.5
1,048.8
1,067.7
1,074.1
1,801.2
1,843.8
1,929.2
1,918.7
Mills - Cash flow

in R$ million
1Q09
Cash flow from operating activities

Net income before taxation
12.0
Adjustments
Depreciation and amortization
6.9
Provision for tax, civil and labor risks
Accrued expenses on stock options
1.0

Residual value of fixed and intangible assets
0.4
Gain on sale of property, plant and equipment and intangible assets
Marketable securities income

Interest, monetary and exchange rate variation on loans, contingencies and deposits in court
6.8
Allowance for doubtful debts
Others
Capital gain on disposal of investment

Income tax and social contribution diferred
0.2
15.3
Changes in assets and liabilities

Trade receivables
Inventories
6.5
(0.3)
Recoverable taxes
1.9
Deposits in court
0.0
Prepaid expenses
0.1
Prepaid suppliers
0.2
Other assets
(0.8)
Suppliers
(7.9)
Salaries and payroll charges
(0.5)
Income tax and social contribution
(0.3)
Tax recovery program - Law 11,941/2009

Taxes payable
(0.9)
3.4
Provision for contingencies
0.3
Other liabilities
0.2
1.9
Cash from operations

Interest paid
29.0
(3.3)
Income tax and social contribution paid
Profit sharing paid
Lawsuits settled
Net cash generated by operating activities
25.7
Cash flow from investment activities

Marketable securities
Advances on assets held for sale
Acquisitions of investments
Purchases of property, plant and equipment and intangible assets
Proceeds from sale of property, plant and equipment and intangible assets
(9.0)
-
PIS and COFINS tax credits from acquisition of rental equipment

Asset write-off
Net cash generated by (used in) investing activities
(1.0)
(10.0)
Cash flow from financing activities

Capital contributions
Shares in treasury
Costs of issues of shares
Dividends and interest on capital invested paid

Repayment of borrowings
Borrowings raised
(8.4)
3.8
Net cash generated by (used in) financing activities
(4.6)
Increase (decrease) in cash and cash equivalents
11.0
Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period
1.8
13.0
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
20.1
16.6
29.2
28.1
39.6
42.8
31.3
33.8
7.1
9.0
10.1
8.9
10.6
13.0
14.5
16.0
0.2
0.6
0.8
0.2
1.0
1.7
1.1
0.1
(0.4)
0.5
0.3
0.4
6.1
3.8
4.0
3.2
6.6
1.4
0.1
0.3
(0.1)
0.1
0.0
(1.3)
0.3
(0.9)
(1.5)
(4.2)
(4.3)
(3.8)
(2.9)
(6.2)
(6.6)
8.0
(1.6)
5.8
5.5
2.9
6.0
4.8
5.3
5.9
4.3
0.8
0.5
0.4
0.4
14.5
16.8
19.6
17.3
8.7
(17.0)
(8.2)
(0.2)
(13.0)
(0.6)
0.1
(0.1)
(0.7)
(0.4)
(0.4)
(9.0)
(0.0)
0.6
0.2
(0.0)
10.2
33.4
18.3
(11.9)
(10.3)
(15.6)
(0.6)
(0.4)
(1.5)
(1.7)
(1.1)
14.4
5.8
(13.6)
4.1
4.2
(0.7)
0.0
(0.4)
0.0
(1.0)
0.0
0.3
(0.0)
0.1
(1.3)
(0.1)
(0.3)
(0.9)
(1.9)
(1.6)
(3.9)
(0.0)
(0.7)
6.6
0.4
(0.9)
11.6
(2.3)
7.6
4.1
(8.4)
2.9
2.4
(3.3)
5.5
1.0
4.9
(4.9)
5.6
2.0
0.2
(2.2)
1.4
2.6
(2.1)
(1.8)
3.2
(1.9)
(0.3)
(1.0)
(5.4)
2.7
0.3
1.1
(0.0)
0.1
6.8
0.5
1.3
0.2
(0.5)
5.1
(10.1)
(1.8)
(10.5)
14.6
(5.3)
(18.5)
(15.7)
3.0
24.1
31.2
38.3
60.0
43.1
34.6
49.0
55.1
(6.2)
(2.9)
(6.8)
(3.8)
(7.4)
(2.5)
(5.5)
(4.3)
(7.3)
(5.7)
(16.1)
(1.5)
(8.7)
(2.2)
(0.0)
(13.9)
(0.0)
0.0
(17.5)
17.8
28.3
24.2
36.6
19.5
30.6
34.8
31.1
(292.7)
113.4
48.0
126.7
(14.2)
-
(30.5)
-
(22.7)
(58.7)
(89.9)
(119.9)
(80.0)
(94.6)
1.0
1.6
4.5
5.4
6.5
4.2
(0.1)
(0.3)
0.0
(14.2)
(30.8)
(25.5)
(21.7)
(57.2)
(378.1)
(1.1)
36.2
(13.8)
425.9
1.7
0.1
0.1
14.5
(14.5)
(0.2)
(0.4)
(7.5)
(15.5)
(3.6)
(11.8)
(9.6)
(15.1)
(10.9)
(46.8)
(31.0)
(10.7)
(6.3)
4.8
17.5
5.8
31.0
10.8
3.3
1.5
30.7
(14.4)
7.9
(9.2)
20.7
359.9
(27.9)
(7.9)
20.8
(10.8)
5.3
(6.8)
0.2
1.3
1.7
1.4
88.1
13.0
2.6
8.3
1.6
1.8
3.1
4.8
6.2
2.6
8.3
1.6
1.8
3.1
4.8
6.2
4.3
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
33.8
18.8
43.8
50.3
47.8
58.6
54.0
60.4
17.2
20.2
22.8
24.7
26.4
27.4
30.1
31.3
0.4
1.0
0.2
1.0
1.0
(4.8)
(1.1)
0.5
0.8
0.9
0.9
0.9
0.9
1.9
2.1
2.0
2.1
1.2
3.2
3.6
4.3
3.9
8.4
4.0
###
0.9
(0.6)
0.9
(0.0)
(0.0)
(0.1)
(6.3)
(5.8)
(4.3)
(7.4)
(6.1)
(8.8)
(3.7)
1.6
(1.5)
11.3
13.5
9.9
11.5
8.9
(10.2)
###
0.1
12.1
14.4
12.6
1.9
9.2
(0.3)
6.4
3.8
2.0
3.9
5.0
(0.1)
0.1
(0.1)
(0.0)
###
###
29.8
39.8
31.7
40.8
39.0
33.7
54.0
45.3
(6.1)
(8.7)
(11.8)
(7.2)
(20.2)
(13.6)
(30.7)
(9.1)
(3.3)
(1.8)
0.6
(3.9)
0.1
(6.3)
(5.7)
(3.0)
7.2
(21.6)
4.2
3.4
3.9
5.6
0.6
14.9
(0.2)
(0.3)
0.1
(0.1)
(0.5)
(0.0)
(0.4)
0.0
###
###
(1.7)
0.5
(3.7)
9.3
(4.9)
1.5
(1.6)
0.4
4.2
(0.7)
6.0
(1.5)
(2.0)
(2.4)
(0.1)
2.4
1.8
4.6
(8.3)
1.3
5.8
5.1
(9.6)
5.7
###
###
0.3
3.0
(5.3)
(0.0)
(0.6)
2.5
8.6
###
###
(5.1)
4.2
(0.5)
(1.0)
1.0
1.8
1.4
1.6
(2.9)
(20.8)
(18.5)
0.3
(17.4)
(6.0)
(37.5)
2.1
60.7
37.8
57.0
91.4
69.4
86.4
70.5
107.7
(2.8)
(2.9)
(22.2)
(2.5)
(19.0)
(3.1)
(22.5)
(7.9)
(8.5)
(7.0)
(2.7)
(15.1)
(16.2)
(8.4)
(15.3)
(0.0)
(7.9)
###
(20.0)
(2.6)
###
(0.1)
49.4
27.9
32.1
63.3
34.2
74.9
32.6
70.8
9.4
1.5
###
(159.6)
21.6
###
###
(10.9)
-
(8.9)
(96.0)
(137.6)
(102.1)
(73.0)
(53.9)
(78.1)
(74.5)
(119.5)
8.1
7.3
6.6
9.7
9.5
8.5
14.6
8.3
###
###
(78.5)
(130.3)
(94.0)
(63.3)
(44.5)
(69.6)
(219.6)
(89.7)
1.7
0.8
0.4
5.6
2.6
1.4
1.9
(0.5)
(0.0)
(0.0)
###
(24.1)
(0.4)
3.6
(21.9)
(63.8)
(8.2)
(8.0)
(8.7)
(7.1)
(9.7)
295.1
3.0
27.8
3.4
32.7
272.0
207.3
(4.4)
24.2
(4.9)
9.3
264.8
(68.2)
(0.9)
178.1
(106.8)
(37.6)
(4.9)
(1.0)
270.1
(255.2)
(19.7)
4.3
179.0
72.2
35.2
30.3
29.3
299.4
44.2
179.0
72.2
35.2
30.3
29.3
299.4
44.2
24.5
(69.6)
-
(3.7)
1.0
Menu
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
60.5
61.8
57.9
50.3
38.4
4.9
34.0
33.9
37.7
39.6
42.1
43.3
0.5
0.3
0.1
0.8
0.6
1.5
2.5
2.4
3.1
2.2
2.5
2.4
6.8
4.2
3.7
0.5
1.2
(1.7)
(11.5)
(16.5)
(8.5)
(10.1)
(11.4)
(12.0)
14.5
13.4
15.9
17.2
18.9
18.9
2.7
5.2
4.3
6.5
4.9
8.7
1.3
12.3
(8.3)
49.4
42.9
49.2
56.7
58.8
73.3
(21.1)
(1.0)
(13.3)
(21.4)
(11.5)
12.9
(0.9)
(0.1)
(5.3)
(0.3)
(1.2)
(2.0)
(1.4)
14.1
(0.0)
5.9
8.4
8.6
0.1
2.0
(0.4)
0.1
0.2
(0.1)
(0.7)
3.1
2.8
(2.9)
1.7
3.4
(2.5)
(0.2)
(1.1)
(1.8)
1.5
1.0
3.3
4.0
(6.6)
4.4
0.7
1.0
3.0
(3.6)
0.1
(0.0)
4.0
(0.6)
(7.6)
(0.1)
2.5
(1.3)
1.4
(3.2)
(27.8)
18.2
(21.4)
(17.3)
5.1
21.1
82.2
122.9
85.7
89.7
102.3
99.3
(12.8)
(14.4)
(13.7)
(9.7)
(20.2)
(16.8)
(17.7)
(9.6)
(29.3)
(7.1)
(13.4)
(10.7)
(0.1)
(0.0)
(18.6)
(0.2)
(0.5)
51.4
98.5
138.0
(0.4)
(0.2)
42.7
54.2
68.3
71.6
25.2
11.3
16.6
(136.7)
(139.6)
(118.7)
(82.9)
(82.5)
(31.0)
25.3
17.4
20.4
15.3
13.8
16.8
26.7
(96.9)
(98.3)
(67.7)
(57.4)
2.4
9.3
3.1
1.3
1.6
8.2
0.3
(36.2)
(3.0)
(2.6)
(2.5)
(41.0)
(3.3)
(28.6)
(3.2)
(3.1)
(3.0)
(292.8)
(3.6)
40.0
400.0
(55.4)
(3.1)
35.6
(3.9)
74.4
(6.6)
22.8
(1.6)
(19.9)
(17.3)
85.3
67.3
24.5
47.3
45.7
25.8
8.5
93.7
47.3
45.7
25.8
8.5
93.7
161.1
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Mills' Results

Mills - Main financial figures

EBITDA margin (%)

Rental net PP&E

Mills - Net revenue per type

Technical support services

Mills - Net revenue per business unit

Total net revenue

Pro-forma result, including results for Industrial Service business unit.

Costs of job execution

Costs of sale of equipment

Costs of asset write-offs

Total COGS + G&A

nses (G&A), ex-depreciation

Mills - EBITDA per business unit

Pro-forma result, including results for Industrial Service business unit.

Mills - Capex per business unit

Heavy Construction - financial indicators

Total net revenue

EBITDA margin (%)

Real Estate - financial indicators

EBITDA margin (%)

Total net revenue

Industrial Services - financial indicators

Total net revenue

Rental - financial indicators

EBITDA margin (%)

Total net revenue

Net revenue from sales and services

Profit before taxation

Income tax and social contribution expenses

Results of continued operations

Results of discontinued operations

Mills - Balance Sheet

Derivative financial instruments

Assets available for sale

Other current assets

Total Non-Current Assets

Income tax and social contribution

Tax refinancing program (REFIS)

Borrowings and financings

Dividends and interest on equity payable

Derivative financial instruments

Advances on assets held for sale

Liabilities associated with assets available for sale

Provision for tax, civil and labor risks

Tax refinancing program (REFIS)

Contas a pagar - plano de aes

Total Stockholders' Equity

Total Liabilities and Stockholders' Equity

Valuation adjustments to equity

Mills - Cash flow

Cash flow from operating activities

Provision for tax, civil and labor risks

Accrued expenses on stock options

Profit sharing payable

Tax refinancing program (REFIS)

Gain on sale of property, plant and equipment and intangible assets

Marketable securities income

Allowance for doubtful debts

Capital gain on disposal of investment

Changes in assets and liabilities

Salaries and payroll charges