Brazil Sample Report

Serasa - Credit Rating®
Brazil Sample Report
DATE: DD/MM/200X 14:34:18
CREDIT MANAGEMENT AND BUSINESS SUPPORT SOLUTIONS
CREDIT RATING CORPORATE+
SERASA S/A
REPORT: 112.759 OF 07/04/2009
CNPJ: 62.173.620/0001-80
VALUES IN UNITS OF REAIS
LANGUAGE: IN CERTAIN CIRCUMSTANCES INFORMATION IN THIS REPORT MAY BE QUOTED IN THE LOCAL LANGUAGE. IN CASE OF
DIFFICULTY, PLEASE CONTACT YOUR SERASA ACCOUNT MANAGER.
RATING (POSITION IN 18/05/20XX 14:34:TT)
RISK CLASS:
1
PROBABILITY OF DEFAULT WHITHIN THE RANGE:
0.05%
IDENTIFICATION (UPDATED IN 12/03/20YY)
CNPJ 62.173.620/0001-80
SOCIAL DENOMINATION SERASA S/A
TRADE NAME SERASA EXPERIAN
NIRE 35.300.062.566
FOUNDATION 26/06/1968
ECONOMIC GROUP EXPERIAN GROUP
REGISTRY 41.251 IN 05/02/2009
PREDECESSOR
SERASA CENTRALIZACAO DE SERVICOS DOS BANCOS S/A
TILL 02/04/2002
SERASA SERVICOS E ASSESSORIA S/A
TILL 15/09/1970
PARTNERSHIP S TYPE CLOSE CORPORATION
BRANCHS:
BRAZIL: 72
MID-WEST: 4
NORTH: 6
NORTHEAST: 12
SOUTH : 13
SOUTHEAST: 37
HEADQUARTERS LOCALIZATION (UPDATED IN 24/03/20XX)
ADDRESS AL DOS QUINIMURAS 187
PLANALTO PAULISTA
SAO PAULO /SP
ZIP 04068-900
PHONE 11 2847-9000 , 11 3242-9837 , 11 3242-8309 , 11 3241-4662 , 11 3241-4474
FAX 11 2847-8663
HOME PAGE WWW.SERASA.COM.BR
PRODUCTION (UPDATED IN 12/03/20XX)
SERASA EXPERIAN S.35.00.00 INFORMATION SERVICES
ACTIVITY CODE
NATIONAL CODE OF 70.204-00
ECONOMIC ACTIVITY
IN THE SEGMENT SINCE 26/06/1968
ORIGIN OF PURCHASES DOMESTIC MARKET = 100%
MAIN PRODUCTS 100.0% SOLUCOES PARA GESTAO DE CREDITO E NEGOCIOS
EMPLOYEES NB 2.512
MANAGEM 897
ENT
PRODUCTION
808
ADDITIONAL INFORMATION
DO TOTAL DE 2.512 FUNCIONARIOS, CONSTAM, AINDA, 807 ALOCADOS EM VENDAS. FONTE: EMPRESA DATA: 10/03/2009
DOMESTIC
INFORMED SUPPLIERS (UPDATED IN 28/07/2008)
CNPJ
34.028.316/0001-03
NAME
% PURCH
ASES
RELATED
NO
33.530.486/
0001-29
EMPRESA
BRASILEIRA DE
TELECOMUNICAC
OES S/A
EMBRATEL
EMPRESA BRASILEIRA DE
CORREIOS E TELEGRAFOS ECT
NO
NO
72.381.189/
0001-10
DELL
COMPUTADORES
DO BRASIL LTDA
33.372.251/0001-56
IBM BRASIL IND MAQUINAS E
SERVICOS LTDA
NO
47.866.934/0001-74
TICKET SERVICOS S/A
NO
QUALITY PROGRAMS (UPDATED IN 06/10/2008)
ISO CERTIFICATIONS
CERTIFICATE
PROCESS/PRODUCT
CERTIFICATION COMPANY
DATE
CERTIF
EXPIRATIO
N
ISO 9001
ACHEI RECHEQUE CADAST, SOBRE CHEQUES SEM
FUNDOS
FCAV-FUNDACAO CARLOS ALBERTO VANZOLINI
09/2008
09/2011
ISO 9001
CREDIT BUREAU, CAPT, CADAST, HABITO PAGAMENTOS
FCAV-FUNDACAO CARLOS ALBERTO VANZOLINI
09/2008
09/2011
ISO 9001
CONCENTRE CAPTACAO, CADAST, PROTESTOS,
FALENCIAS,
FCAV-FUNDACAO CARLOS ALBERTO VANZOLINI
09/2008
09/2011
ISO 9001
REFIN - PENDENCIAS BANCARIAS, CAPTACAO, CADAST,
FCAV-FUNDACAO CARLOS ALBERTO VANZOLINI
09/2008
09/2011
ISO 9001
PEFIN - PENDENCIAS CAPTACAO, CADAST, MANUT,
DISPO
FCAV-FUNDACAO CARLOS ALBERTO VANZOLINI
09/2008
09/2011
COMMERCIALISM (UPDATED IN 10/03/2009)
MAIN DOMESTIC
CONSUMERS
MARKET
SALES DOMESTIC MARKET = 100%
COMPOSITIO
N
REGIONS: SOUTHEAST:79.8% ; SOUTH :9.8% ; NORTH:1.8% ; NORTHEAST:5.4% ; MIDDLE-WEST:3.2%
INFORMED CLIENTS (UPDATED IN 20/12/2007)
COMPANIES, CLASS ENTITIES, CREDIT INSTITUTIONS
OWNERSHIP ( UPDATED IN 07/04/2009)
EQUITY CAPITAL
SOCIAL 145.000.000
PAID-IN 145.000.000
ORIGIN HOLLAND
CONTROL PRIVATE
NATURE CLOSED
SOCIAL PICTURE
CPF/CNPJ
PARTNER/SHAREHOLDER
ENTRANC
E
12/2007
NATIONALITY
% VOTING
CAP
% TOTAL
CAPITAL
08.890.301/0001-40
GUS EUROPE HOLDING B V
HOLLAND
70,0
70,0
08.845.753/0001-00
BIU PARTICIPACOES S/A
BRAZIL
24,3
24,3
90.400.888/0001-42
BANCO SANTANDER BRASIL S/A
BRAZIL
2,1
2,1
33.066.408/0001-15
BANCO ABN AMRO REAL S/A
BRAZIL
1,6
1,6
01.701.201/0001-89
HSBC BANK BRASIL S/A BANCO MULTIPLO
BRAZIL
1,2
1,2
58.160.789/0001-28
BANCO SAFRA S/A
BRAZIL
0,2
0,2
33.254.319/0001-00
HSBC FINANCE BRASIL S/A BANCO
MULTIPLO
BRAZIL
0,1
0,1
06/1968
62.173.620/0001-80
ACOES EM TESOURARIA
BRAZIL
0,1
0,1
00.861.397/0001-06
ATRIUM PARTICIPACOES CONSULTORIA E
ADMINISTRACAO LTDA
BRAZIL
0,1
0,1
04.913.711/0001-08
BANCO DO ESTADO DO PARA S/A
BRAZIL
0,1
0,1
MANAGEMENT ( UPDATED IN 07/04/2009)
CPF/CNPJ
MANAGER
POSITION
NATIONALITY
STATUS
ENTRANCE
TERM
355.827.150-53
FRANCISCO
TOSTA VALIM
FILHO
PRES DIRECT
BRAZIL
MARRIED
01/2008
01/2008 - 04/2010
952.949.378-91
LAERCIO DE
OLIVEIRA PINTO
DIRECTOR
BRAZIL
MARRIED
06/2004
04/2007 - 04/2010
053.407.718-81
RICARDO
DIRECTOR
RODRIGUES
LOUREIRO E SILVA
BRAZIL
MARRIED
11/2006
04/2007 - 04/2010
007.311.058-26
RALPH THOMAZ
SHERMAN
BRAZIL
MARRIED
08/2008
08/2008 - 04/2010
DIRECTOR
BOARD OF DIRECTORS (UPDATED IN 07/04/2009)
CPF/CNPJ
COUNCIL MEMBER
POSITION
TERM
CHRISTOPHER ANTHONY CALLERO
PRESIDENT
07/2007 - 04/2009
ELCIO ANIBAL DE LUCCA
VICE PRESID
04/2007 - 04/2009
ANDRE SAPOZNIK
COUNSELOR
12/2007 - 04/2009
ROBERT FRANCIS NELSON
COUNSELOR
07/2007 - 04/2009
FRANCISCO TOSTA VALIM FILHO
COUNSELOR
07/2008 - 04/2009
SCOTT NOBLE LESLIE
COUNSELOR
07/2007 - 04/2009
SERGIO RIBEIRO DA COSTA WERLANG
COUNSELOR
08/2007 - 04/2009
LUIZ FERNANDO PERES
COUNSELOR
04/2007 - 04/2009
ELIO VITUCCI
COUNSELOR
07/2008 - 04/2009
PAUL TIMOTHY COLEMAN BROOKS
COUNSELOR
01/2008 - 04/2009
RICHARD CONRICK GALLAGHER JR
COUNSELOR
07/2007 - 04/2009
SHAREHOLDERS´ INTERESTS (UPDATED IN 18/05/2009)
CNPJ
AFFILIATED FIRMS
CITY/STA
PARTICIPANT
LINK
% EQUITY CAPITAL
02.804.233/0001-72 REAL CORRETORA DE SEGUROS S/A
SAO PAULO / SP
BANCO ABN AMRO REAL S/A
SHAREHOLDER
100,0%
61.510.574/0001-02 SANTANDER S/A CORRETORA DE CAMBIO E TITULOS
BANCO SANTANDER BRASIL S/A
SAO PAULO / SP
SHAREHOLDER
100,0%
00.589.171/0001-06 SANTANDER BRASIL ARRENDAMENTO MERCANTIL S/A
BANCO SANTANDER BRASIL S/A
BARUERI / SP
SHAREHOLDER
99,9%
33.066.408/0001-15 BANCO ABN AMRO REAL S/A
SAO PAULO / SP
BANCO SANTANDER BRASIL S/A
SHAREHOLDER
100,0%
52.312.907/0001-90 SANTANDER S/A SERVICOS TECNICOS ADMINISTRATIVOS CORRETAGEM SEGUROS
BANCO SANTANDER BRASIL S/A
SAO PAULO / SP
SHAREHOLDER
100,0%
02.736.455/0001-03 SANTANDER INVESTIMENTOS EM PARTICIPACOES S/A
BANCO SANTANDER BRASIL S/A
SAO PAULO / SP
SHAREHOLDER
97,6%
SEE AGRUPE
REPORTED PROPERTIES IN 08/05/2009
KIND
BUILDING
AREA LAND
CONSTRUCTED AREA
INFORMED VAL
LIEN
9.998 SQM
19.500 SQM
2.072.289
NO
181.205
NO
86.747
NO
MORT
GAGE
LOCATION: AL QUINIMURAS 187 SAO PAULO / SP
PROPRIETÁRIO: SERASA S/A
LAND
LOCATION: R DA CONSOLACAO 2095 SAO PAULO / SP
PROPRIETÁRIO: SERASA S/A
LAND
374 SQM
LOCATION: AL QUINIMURAS 160 SAO PAULO / SP
PROPRIETÁRIO: SERASA S/A
WE HAVE ADDITIONAL REAL ESTATE INFORMATION UNDER:
TOTAL AMMOUNT
ATRIUM PARTICIPACOES CONSULTORIA E ADMINISTRACAO LTDA
159.066
REPORTED INSURANCE IN 08/05/2009
TYPE
AMNT
SEVERAL RIS
CIVIL LIAB
EXPIR DATE
INSURED
24.368.102
14/03/2010
490.707
01/03/2010
FIRM
01/10/2009
FIRM
AUTOMOBILE
FIRM
WE HAVE ADDITIONAL INSURANCE INFORMATION
AMNT TOTAL
SERASA S/A
0
BANK REFERENCES (UPDATED IN 19/12/2007)
INSTITUTION
CODE
AGENCY
BANCO BRADESCO S/A
0237
0500
BANCO ITAU S/A
0341
0057
BANCO ABN AMRO REAL S/A
0356
0562
HSBC BANK BRASIL S.A. - BANCO MULTIPLO
0399
0343
UNIBANCO UNIAO DE BANCOS BRASILEIROS S/A
0409
0022
BUSINESS BEHAVIOUR (POSITION IN 18/05/2009)
RELATIONSHIP WITH SUPPLIERS
0-6 MONTHS
6 MONTHS-1YEAR
1-3 YEARS
3-5 YEARS
5-10 YEARS
+10 YEARS
4
11
39
11
16
9
RELATIONSHIP MORE OLD: 08/1987
INACT
7
CONSULTED SOURCES: 97
PAYMENTS BEHAVIOR (NUMBER OF INVOICE)
PONCTUAL
8-15
16-30
31-60
+60
CASH
QTY
%
QTY
%
QTY
%
QTY
%
QTY
%
QTY
%
179
97
4
2
1
1
1
0
0
0
46
0
CONSULTED SOURCES: 45
BUSINESS REFERENCES (POSITION IN 18/05/2009)
DATE
AMNT
ERAGE
IT FINISHES PURCHASE
07/05/2009
310
7.590
HIGHEST INVOICE
02/12/2008
272.105
21.938
HIGHEST ACCUMUL
11/12/2008
385.258
32.264
PAYMENT DEFAULT (POSITION IN 18/05/2009)
COMMERCIAL
NO NEGATIVE INFORMATION FOUND ON THE QUERIED TAX NB
BANK CLERK
NO NEGATIVE INFORMATION FOUND ON THE QUERIED TAX NB
PUBLIC FILING - CONCENTRE (POSITION IN 18/05/2009)
NO NEGATIVE INFORMATION FOUND ON THE QUERIED TAX NB
NOTES (UPDATED IN 12/03/2009)
IN 12/2007 THE FIRM INCORPORATED EXPERIAN BRASIL AQUISICOES LTDA - CNPJ 08.474. 803-90.
Financial Statements (ANALYSED IN 07/04/2009)
LAST FINANCIAL STATEM: INT F STAT
CURRENCY DOLLAR
VALUES IN THOUSANDS OF DOLLARS
BALANCE SHEETS
A-31/12/2006
%
B-31/03/2008
%
%B/A
C-31/12/2008
%
%C/B
ASSETS
CASH & MARK SECURITIES
6.726
1
877
5.586
1
-16
FINANCIAL INVESTMENTS
47.618
32
39.222
6
-17
52.939
11
34
CUSTOMERS
38.688
26
47.975
8
24
48.563
10
1
INVENTORY
ADV FOR INV PURCHASE
688
441
-100
257
48
OTHER CREDITS
4.809
21
3
42.389
75
7
781
12.149
2
-71
CURR ASSETS
92.265
61
136.387
22
47
119.285
24
-12
8.445
6
19.611
3
132
17.431
3
-11
8.445
6
19.611
3
132
19.025
4
-2
49.451
33
59.396
9
20
44.643
9
-24
-100
157
413.663
66
9.999
316.418
63
-23
INV FIRMS/PART C/A
OTHER CREDITS
LONG T ASSETS
PROPERTY & EQUIPMENT
1.594
INTANGIBLE ASSETS
118
DEFERRED ASSETS
111
NON-CURRENT ASSETS
TOTAL ASSETS
-36
58.125
39
492.670
78
747
380.243
76
-22
150.390
100
629.057
100
318
499.528
100
-20
A-31/12/2006
%
B-31/03/2008
%
%B/A
C-31/12/2008
%
%C/B
11.992
8
19.156
3
59
12.361
2
LIABILITIES
SUPPLIERS
INCOME TAX
SAL TAX CONT
302
1.432
374
-35
-100
19.738
13
20.843
3
5
27.721
6
32
OTHER DEBITS
15.400
10
36.163
6
134
28.286
6
-21
CURR LIABILITIES
47.432
32
77.594
12
63
68.368
14
-11
5.007
3
9.435
1
88
20.215
4
114
LONG T LIABILITIES
5.007
3
9.435
1
88
20.215
4
114
CAPITAL
65.130
43
82.900
13
27
62.045
12
-25
2.431
2
3.277
1
34
5.373
1
63
455.295
72
340.760
68
-25
OTHER DEBITS
PROFITS RSRV
RESERVES
RETAINED EARNINGS/ LOSSES
STOCKHOLDERS EQUITY
30.390
20
556
97.951
65
542.028
86
-98
2.767
1
397
453
410.945
82
-24
NON-CURRENT LIABILITIES
102.958
68
551.463
88
435
431.160
86
-21
TOT LIAB
150.390
100
629.057
100
318
499.528
100
-20
INCOME STATEMENTS
A-31/12/2006
%
B-31/03/2008
%
%B/A
C-31/12/2008
%
%C/B
317.843
114
540.856
115
70
398.844
116
-26
38.529
-14
69.527
-15
80
55.932
-16
-19
NET SALES
279.314
100
471.329
100
68
342.912
100
-27
COSTS
134.294
-48
238.677
-51
77
159.592
-47
-33
GROSS PROFIT/ LOSS
145.020
52
232.652
49
60
183.320
53
-21
ADM EXPENSES
46.435
-17
87.389
-19
88
60.343
-18
-30
SALES EXPENSES
35.015
-13
66.922
-14
91
49.805
-15
-25
63.570
23
78.341
17
23
73.172
21
-6
7.181
3
7.696
2
7
7.826
2
1
70.751
25
86.037
18
21
80.998
24
-5
GROSS SALES
REVENUES DEDUCTIONS
ACTIVITY PROFIT/ LOSS
NET INTEREST EXP/INCOME
OPERATING PROFIT/LOSS
NON OPERATING INCOME/EXP
-1.632
-1
-1.224
25
-410
PROFIT/LOSS BEF INC TAX
69.119
25
84.813
18
22
80.588
24
-4
PROV INC TAX LEVY PROFS
-21.818
-8
-26.869
-6
-23
-6.006
-2
77
NET PROFIT/ LOSS
47.301
17
57.944
12
22
74.582
22
28
DIVIDENDS
38.788
-14
98.321
-21
153
53.133
-15
-45
NET PROFIT/LOSS
EBITDA
TOTAL SHARES
66
8.513
3
-40.377
-9
-574
21.449
6
153
69.678
25
105.745
22
51
107.214
31
1
3.727
3.727
3.727
2006 STANDA
RD
PAY OUT
EARNINGS PER SHARE
2008 STANDA
RD
2008 STANDA
RD
82%
-
170%
-
71%
-
12,69
-
12,44
-
26,68
-
STOCK EQUITY EVOLUTION
31/12/2006
%
31/03/2008
%
31/12/2008
%
BEGINNING STOCKH EQUITY
80.474
82
97.951
18
542.028
132
PROFITS LOSSES PERIOD
47.301
48
57.944
11
74.582
18
DIVIDENDS
38.788
-40
98.321
-18
53.133
-13
455.295
84
CONVERSION ADJUSTMENT
8.964
9
29.159
5
-152.532
-37
STOCKHOLDERSEQUITY
97.951
100
542.028
100
410.945
100
2006
STANDARD
2008
STANDARD
2008
26,28
-
145,45
-
110,27
ADJUSTMENT
TOTAL SHARES
3.727
3.727
STANDARD EQUITY VALUE PER
SHARE
3.727
INVESTMENT INDICATORS
EVOLUTION OF FIXED, DEFERRED AND INTANGIBLE
A- 31/12/2006
%
B- 31/03/2008
%B/A
%
C- 31/12/2008
%
%C/B
47.658
96
49.680
11
4
473.059
131
852
FIXED ASSETS ACQUISITION
4.673
9
18.879
4
304
6.927
2
CHARGED-OFF FIX ASS COST
1.071
-2
296
-72
123
DEPR+AMORTIZATION
6.108
-12
27.404
-6
348
20.891
-6
-23
ADJUSTMENT-FIX+DEF EV
4.528
9
432.200
91
9.445
-97.754
-27
-122
49.680
100
473.059
100
852
361.218
100
-23
INITIAL FIXED ASS+ DEF
ENDING FIXED ASSETS+DEF
-63
-58
CASH FLOW
NET SALES
INT FUNDS GEN FROM ACT
INT FIN FUNDS GEN
A- 31/12/2006
%
B- 31/03/2008
%B/A
%
C- 31/12/2008
%
%C/B
279.314
100
471.329
100
68
342.912
100
-27
69.678
25
105.745
22
51
107.214
31
1
7.181
3
7.696
2
7
7.826
2
-65
-287
NON-OPER INT FUNDS GEN
-561
TOTAL INT FUNDS GEN
-928
76.298
27
112.513
24
47
114.753
ST GRANTED FIN VAR
10.535
4
8.502
2
-19
152
ST FINANCING VAR
10.826
4
8.269
2
ST WORKING CAP NEED VAR
OPERATING CASH FLOW
ST FIN RES COLLECTION
-291
233
1
69
33
1
-98
-23
83
-98
180
69
-70
76.589
27
112.280
24
46
114.684
33
2
2.995
1
21.893
5
630
29.831
9
36
ST FIN RES INVESTMENT
CASH FLOW
1.554
-1
37.978
-8
2.343
9.309
-3
-75
78.030
28
96.195
20
23
135.206
39
40
-13.151
-4
4
ADJ LT INVERSIONS
LT FIN RES COLLECTION
3.808
1
4.428
1
16
12.960
LT FIN RES INVESTMENT
2.778
-1
11.166
-2
301
1.594
79.060
28
89.457
19
13
133.421
39
49
8.964
3
484.454
103
5.304
97.754
29
-79
-69.807
-25
-576.269
-122
-725
-218.598
-64
62
18.217
7
-2.358
-1
-112
12.577
4
633
LT CASH FLOW
PERMANENT SOURCES
PERMANENT INVESTMENTS
NET CASH GENERATION
AV+INIT FIN INVESTMENTS
AV+ENDING FIN INVESTMNTS
192
-85
30.089
11
48.306
10
60
45.948
13
-4
48.306
17
45.948
10
-4
58.525
17
27
ACTIVITY INDICATORS
A- 31/12/2006
%
B- 31/03/2008
%B/A
%
C- 31/12/2008
%
%C/B
279.314
100
471.329
100
68
342.912
100
-27
OP OUTST ASSETS
41.544
15
50.046
11
20
50.198
15
OP OUTST LIABS
31.730
11
39.999
8
26
40.082
12
WORK CAP NEEDS
9.814
4
10.047
2
2
10.116
3
FINANCIAL OUTST ASSETS
50.721
18
86.341
18
70
69.087
20
FINANCIAL OUTST LIABS
15.702
6
37.595
8
139
28.286
8
-24
TREASURY BALANCE
35.019
13
48.746
10
39
40.801
12
-16
PERMANENT LIABILITIES
-21
NET SALES
-19
102.958
37
551.463
117
435
431.160
126
PERMANENT ASSETS
58.125
21
492.670
105
747
380.243
111
-22
WORKING CAPITAL
44.833
16
58.793
12
31
50.917
15
-13
2006 STANDARD
REAL SALES EVOLUTION
2008 STANDARD
2008 STANDAR
D
37%
-
35%
-
21%
-
AV DAYS SALES IN INVENTOR
-
-
-
-
-
-
AVERAGE COLLECTION PERIOD
-
-
-
-
-
-
AVERAGE PAYABLE PERIOD
-
-
-
-
-
-
FINAN CYCLE MED TERM BASE
-
-
-
-
-
-
FIN CYCLE WORK CAP BASE
-
-
-
-
-
-
GENERAL LIQUIDITY
1,92
-
1,79
-
1,56
-
CURRENT RATIO
1,95
-
1,76
-
1,74
-
QUICK RATIO
1,83
-
1,21
-
1,60
-
STRUCTURE INDICATORS
A-31/12/2006
%
B-31/03/2008
%
%B/A
C-31/12/2008
%
TOTAL DEBT
52.439
100
87.029
100
65
88.583
100
1
SHORT TERM DEBT
47.432
90
77.594
89
63
68.368
77
-11
5.007
10
9.435
11
23
114
LONG TERM DEBT
%C/B
88
20.215
48.306
45.948
-4
58.525
27
4.133
41.081
893
30.058
-26
EBITDA
69.678
105.745
51
107.214
1
TOTAL INT FUNDS GEN
76.298
112.513
47
114.753
1
AV+FIN INVESTMENTS
NET TOTAL DEBT
2006 STANDARD
NET TOTAL DEBT / EBITDA
2008 STANDARD
2008 STANDAR
D
0,06
-
0,49
-
0,21
-
-
-
-
-
-
-
TOTAL DEBT/IFG
0,69
-
0,97
-
0,58
-
SHORT TERM DEBT/IFG
0,62
-
0,86
-
0,45
-
ST INT-B DEBT/EBITDA
0,00
-
0,00
-
0,00
-
DEBT TO EQUITY
54%
-
16%
-
22%
-
FIXED ASS TO ST EQUITY
51%
-
87%
-
88%
-
BANK DEBT TO TOTAL ASSETS
0%
-
0%
-
0%
-
BANK DEBT TO STOCK EQUITY
0%
-
0%
-
0%
-
BANK DEBT TO TOTAL LIABIL
0%
-
0%
-
0%
-
S T BANK DEBT TO CUR ASSE
0%
-
0%
-
0%
-
PERC OF TRADE BILLS DISC
0%
-
0%
-
0%
-
NET INT-B DEBT/EBITDA
CASH FLOW FREE
A- 31/12/2006
%
C- 31/12/2008
76.589
112.280
46
114.684
2
FIX ASSETS INVEST (CAPEX)
4.673
18.879
304
6.927
-63
NET CAPEX OPERATING CF
71.916
93.401
29
107.757
15
OPERATING CASH FLOW
%
B- 31/03/2008
%B/A
%
%C/B
2006 STANDARD
NET CAPEX CF/NET I-B DEBT
NET CAPEX CF/NET TOT DEBT
OBSOL OF PROP & EQUIP
2008 STANDARD
2008 STANDAR
D
-
-
-
-
-
-
17,40
-
1,82
-
4,78
-
38%
-
44%
-
47%
-
INDICATORS OF RESULTS
A-31/12/2006
ECONOMIC VALUE GENERATED
%
B-31/03/2008
34.272
%
7.405
2006 STANDARD
%B/A
C-31/12/2008
-78
40.065
2008 STANDARD
%
%C/B
441
2008 STANDAR
D
ECONOMIC VALUE GEN RATE
26%
-
2%
-
7%
-
WEIGHT AV COST CAP (WACC)
10%
-
10%
-
11%
-
COST OF EQUITY
15%
-
12%
-
13%
-
COST OF TOTAL DEBT
1%
-
1%
-
1%
-
ADJ RET AVG ASSETS
36%
-
12%
-
18%
-
ASSET TURNOVER
1,86
-
0,60
-
0,92
-
NET PROFIT MARGIN
17%
-
12%
-
22%
-
RETURN ON AVERAGE ASSETS
36%
-
12%
-
18%
-
RETURN ON AVERAGE EQUITY
53%
-
14%
-
21%
-
THE PRESENT REPORT IS STRICTLY CONFIDENTIAL AND ITS SOLE PURPOSE IS TO SUPPORT CREDIT AND BUSINESS DECISION-MAKING. REPRODUCTION, WHETHER
IN PART OR IN FULL, IS PROHIBITED, AS ITS DISCLOSURE, BY ANY AND ALL MEANS, TO ANY THIRD PARTIES. THE DECISION WHETHER OR NOT TO GRANT CREDIT IS
THE CREDIT PROVIDERS EXCLUSIVE RESPONSIBILITY.