Duratex S.A.


Duratex closed the year with a recurring consolidated net profit of R$439.4 million. For the accumulated annual result, the recurring Ebitda totaled R$850.6 million, equivalent to a 31% margin, which represents a strong expansion compared to the margin presented in 2009, of 25.6%.

In the Wood Division, the year was characterized by the consolidation of the association between Duratex and Satipel, which occurred during the second half of 2009, and by a movement to boost the production of the new MDP panel plants in Taquari, Rio Grande do Sul; and the MDF plants in Agudos, São Paulo and Uberaba, Minas Gerais.

According to the Brazilian Wood Panel Industry Association (ABIPA), the demand for panels grew 21% with relation to 2009, for a total of approximately 6.2 million m 3 during the year, representing a growth near 1.1 million m3 during the period. This growth represents approximately 14% of the industry's effective capacity and is equivalent to two new plants similar to the last ones inaugurated by Duratex.

The annual growth in net revenue at this division was of 23% compared to the pro forma revenue for the previous year, reaching R$1.8 billion. This level of growth, recorded above the issued volume expansion, reflects the more favorable prices and sales mix in 2010, a result of the positive market scenario.

Sales directed abroad continued to be pressured by the unfavorable foreign exchange rate and the market condition itself, which is still feeling the effects of crisis that began at the end of 2008 and which had severe impacts on the construction segment in the more developed blocks.

The performance of the Deca segment during the year was quite positive. The positive civil construction scenario favored the business environment extensively, allowing the division to operate with high industrial occupation rates in 2010, benefitting significantly from economies of scale. The period was also marked by a 9.3% growth in the issued volume and a 20.4% growth in net revenue, resulting from a more favorable sales mix and the 10.2% increase in the unit net revenue.

Based on comparison, the Brazilian Association for the Construction Materials Industry (Abramat) Index, a performance indicator for construction material industry sales, presented a 12.4% growth in 2010, with Deca surpassing the average sector performance.

Attentive to the market opportunities predicted for 2010, Duratex invested and maintained in its planning for the upcoming period some important investments focused on expanding the capacity in its segments of operation.

In the Wood Division, it is planned to invest in new Low Pressure coating presses, a paper impregnator and a new line of laminate floors that will allow it to further expand its sales mix when completed.

In the Deca Division, both the bathroom accessories and fixtures are currently part of a program to adjust the company's offer capacity to the growing demand resulting from the booming construction industry.

Within the corporate sphere, it concluded the process to install its new technology infrastructure based on the SAP platform. In July, it successfully migrated its database and completed the respective integrity tests.

At the end of the year, the Duratex market value totaled R$8.2 billion, based on the final share quote of R$17.85. This closure price corresponds to a valuation, compared to the final quote for the previous year, of 10.2%. For comparison purposes, the Bovespa Index (Ibovespa), the main market reference, presented a 1.0% growth during the same period.

In 2010, the company completed 573,000 business transactions with company shares, responsible for moving 297 million shares equivalent to R$5.1 billion. This level of liquidity guaranteed the share's presence in the Ibovespa portfolio, which consists of approximately 60 shares, and whose main criteria for inclusion involves aspects related to share liquidity.

Another important index in which the Duratex share portfolio has been included is the Business Sustainability Index (ISE). This index consists of approximately 40 shares from companies that have earned distinction for applying the concept of sustainability. The index performs an integrated evaluation of social, environment and economic-financial aspects that were incorporated with practices related to corporate governance, business characteristics, the nature of the product and climate change.


"There is an integration of governance processes that is always oriented by the values that guide Itaúsa. The year of 2010 was a very good one for the consolidation of these projects. At Duratex, we were able to obtain all of the planned synergies. The teams worked together very well and this begins at the level of the shareholders. Our market is favored by the positive moment currently experienced by the country."

Henri Penchas

CEO of Duratex


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