(GRI 2.8)
| 2004 | 2005 | 2006 | 2007 | 2008 |
2008 | CAGR(1) | equal | |
| Law | Law | Law | Law | Law | Law | Based on | Based on | |
| 6,404 | 6,404 | 6,404 | 6,404 | 6,404 | 11,638 | Law | Law | |
| Shipments | (3) | 6,404 | 11,638 | |||||
| Wood (in ‘000 m³) | 1,050.8 | 1,040.4 | 1,218.5 | 1,275.9 | 1,292.3 | = | 5,3% | - |
| Deca (in ‘000 pieces) | 13,747 | 12,825 | 13,981 | 15,041 | 17,563 | = | 6,3% | - |
| Results (R$ million) | ||||||||
| Net Revenues | 1,188.2 | 1,270.6 | 1,489.2 | 1,670.6 | 1,943.2 | 1,913.6 | 13.1% | 12.7% |
| Domestic Market | 950.6 | 1,065.7 | 1,265.6 | 1478.0 | 1,732.6 | 1,733.7 | 16.2% | - |
| Export Market | 237.6 | 204.9 | 223.6 | 192.6 | 210.6 | 179.9 | - | - |
| EBITDA (2) | 320.6 | 362.6 | 458.1 | 558.1 | 560.4 | 559.4 | 15.0% | 14.9% |
| Net Income | 125.3 | 137.1 | 226.0 | 318.9 | 333.9 | 313.8 | 27.8% | 25.8% |
| Earnings per Share (R$) | 1.06 | 1.16 | 1.78 | 2.46 | 2.57 | 2.42 | 24.8% | 22.9% |
| Added Value | 761.1 | 865.3 | 1,001.5 | 1,136.6 | 1,285.6 | = | 14.0% | - |
| Profitability | ||||||||
| Gross Margin | 39.1% | 41.5% | 43.2% | 45.0% | 39.8% | 40.2% | - | - |
| EBITDA Margin | 27.0% | 28.5% | 30.8% | 33.4% | 28.8% | 29.2% | - | - |
| Net Margin | 10.5% | 10.8% | 15.2% | 19.1% | 17.2% | 16.4% | - | - |
| Return on Equity (ROE) | 13.1% | 13.5% | 18.3% | 21.5% | 20.4% | 19.2% | - | - |
| Return on Invested Capital (ROIC) | 10.6% | 12.3% | 15.9% | 18.6% | 14.3% | 14.5% | - | - |
| Financial (R$ million) | ||||||||
| Total Assets | 1,806.9 | 1,941.7 | 2,375.2 | 2,750.5 | 3,372.9 | 3,373.4 | 16.9% | = |
| Equity Capital | 990.4 | 1,050.9 | 1,395.8 | 1,557.1 | 1,733.1 | 1,732.2 | 15.0% | = |
| Total bank debt | 517.7 | 591.0 | 618.2 | 670.7 | 1,084.4 | 1,084.4 | 20.3% | = |
| Net Debt / Equity Capital (%) | 40.9% | 33.6% | 3.1% | -5.3% | 28.5% | 28.1% | - | - |
| Net Debt / EBITDA (x) | 1.28 | 0.98 | 0.10 | -0.15 | 0.87 | 0.87 | - | - |
| Capital Expenditures | 136.8 | 108.4 | 105.4 | 222.3 | 673.4 | = | - | - |
| Dividends (R$ million) | ||||||||
| Gross Dividends (Accrual method) | 58.1 | 46.4 | 76.9 | 154.6 | 110.0 | = | 17.3% | = |
| Gross Dividends (cash) | 29.1 | 52.7 | 51.8 | 149.1 | 107.3 | = | 38.6% | = |
| Dividend by accrual / net income (pay-out) | 46.4% | 33.8% | 34.0% | 48.5% | 35.0% | = | - | - |
| Dividend-yield (4) (cash) | 4.6% | 3.6% | 2.8% | 3.5% | 1,9% | = | - | - |
| Capital Markets | ||||||||
| Number of outstanding shares (in thousands) | 117,827.2 | 117,827.2 | 128,125.8 | 129,695.4 | 129,695.4 | = | - | - |
| Average trading volume of the most liquid share (PN in R$ million) | 1.5 | 1.3 | 8.2 | 27.2 | 18.3 | = | 86.9% | = |
| Price of the most liquid share at the end of the period (PN in R$) | 12.40 | 14.85 | 33.20 | 43.50 | 14.39 | = | 3.8% | = |
| Market value (capitalization) at the price of the most liquid share (PN in R$ million) | 1,461.0 | 1,749.7 | 4,253.2 | 5,641.7 | 1,866.3 | = | 6.3% | = |
| Book Value per share at the end of the period (R$) | 8.41 | 8.95 | 10.9 | 11.90 | 13.36 | 13.35 | 12.3% | 12.2% |
| Operational | ||||||||
| Number of direct employees | 5,951 | 5,890 | 6,076 | 6,785 | 7,886 | = | - | - |
| Number of outsourced parties | 132 | 149 | 161 | 114 | 149 | = | - | - |
| Net revenue per employee (R$ ‘000) | 199.7 | 215.7 | 245.1 | 246.2 | 246.4 | 242.7 | 5.4% | 5.0% |
| EBITDA per employee (R$ ‘000) | 53.9 | 61.6 | 75.4 | 82.3 | 71.1 | 70.9 | 7.2% | 7.1% |
| Social | ||||||||
| Social Investment (R$ million) | 1.,4 | 1.8 | 2.0 | 2.6 | 0.9 | = | - | - |
| Employees trained | 42,945 | 33,894 | 44,356 | 61,121 | 65,568 | = | - | - |
| Environmental | ||||||||
| Environmental Investment | 6.1 | 9.4 | 10.2 | 13.6 | 12.3 | = | - | - |
| Consumption of water – Wood (m³/m³) | 3.6 | 3.6 | 3.0 | 3.2 | 3.2 | = | - | - |
| Consumption of water – Deca (l/piece) | 13.9 | 14.7 | 15.7 | 15.7 | 11.9 | = | - | - |
(1) CAGR (Compounded Annual Growth Rate).
(2) EBITDA (earnings before interest, taxes, depreciation and amortization): an indicator of operating cash generation.
(3) Law n° 11,638 was passed in December 2007, defining changes in accounting standards for some events, as part of the process to migrate Brazilian to international practices. For this reason, and with the aim of providing more transparency in the analysis, the main indicators are also available according to the previous standard (Law n° 6,404), and are thus comparable with previous financial periods, and the values based on the new Law. From now on, all the analysis contained in this report will be based on Law n° 11,638 for the results related to 2008, unless otherwise stated.
(4) Dividend yield: indicator of the cash dividend received during the year divided by the share price at the beginning of the period.