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Reunião Apimec 18 e 19/08/2006

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The document provides financial information for a company from 2007 to 2008. It shows the company's net revenue, deductions from revenue, and other financial metrics like expenses over the two year period. While revenue decreased from 2007 to 2008, expenses also declined, resulting in similar net income levels each year. The data indicates the company's financial performance remained relatively stable during this time.

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Reunião Apimec 18 e 19/08/2006

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Reunião Apimec 18 e 19/08/2006

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Reunião Apimec 18 e 19/08/2006

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  • 12. > % # # # +# L &? > @ #( - # ## ) # # # 2 01 / 01 3 " 20 4 ". 0 / .3 20 " 20 4 4/ 40 "3 0 / .3 20 2 01 4/ 40 /2 01 2 66 ". 0 2 50 "3 .6 2 40 " 6 2" 0 20 4 2 / "4 0 2 66 ". 0 2 03 . 2 40 "6 4. 2 40 " 6 204 2 0 3 . 6 44 0 / .2 0 60 / .2 0 3 0 4 3 0 5 6 4 53 .0 3 0 . 3 0 5 6 60 5 /0 2 /0 2 2 6 2 6 2 6 2 6 +#+% # # # + #+% # # # 6J ) # # # # & 6(I # # I ! " ? !0> # # I( 23 " 5 " ! < 23" I ! " ?+ .: "= ( :< 9 $ = " " ?)% !0> !0> # # # I 23" ?+ %! 0 + > # # # I 23 " # - " 7 "G ' ?) ! 0 % > ;," 3 - 23" 12
  • 13. R % L &? > @ #( - # ## ) # # # &? > @ #( - 4 01 6 65 01 3 1 0 2 /0 " . 01 45 01 44 01 01 6/ 01 /0 /3 /0 01 5 40 6 0 / 4 01 2. 2.0 2 01 01 / 3 0/ 2 4/ 0 4 01 . 2 01 6 1S07 1S08 2T07 2T08 1S07 1S08 2T07 2T08 EBITDA Ajustes EBITDA sem efeitos não recorrentes Margem EBITDA Ajustado Margem EBITDA sem efeitos não recorrentes ) # # # #& 6(I 5! < 23 .: " "= ( :< 9' ? ) % ! 0> 23 # - " 7 "G ' ?) ! 0 % > ; B< (F #( " <% : %H B< I # - #( " & ! " . 3 I < I ." 3 " " < I# -7 "G 13 ; B< (F #( " < : H B< I # - #( " & ! " . 3 I. " (
  • 14. > % # > % # G # &? > @ #( - # ## ) # # # 83,0 69,9 12,4 (0,8) (10,6) (10,6) (47,6) (47,6) 1S07 1S08 2T07 2T08 1S07 1S08 2T07 2T08 6J ) # # # #& 6(I < # # 7 < # # 7 !9F % I !9F% I( 123 J " " 6 " @# - ? ) !0> " < # - "G 7 "' ? % )! 0> @ ? !0> " <% > % # # # ) # # >? 30 34 @ # - > % # ## ) # # > 25 ? 0 @# - 14
  • 15. > % # !% !9F% &? > @ #( - # ## ) # # # 4 01 2 505,2 2 01 . 01 386,8 347,5 339,5 347,5 2 01 / 221,1 197,0 197,0 1S07 1S08 2T07 2T08 1S07 1S08 2T07 2T08 # !9F % ) # # # #& 6 (I <% ' % 5! < 23 .: " " = ( : < ' % < 9' ? )) ! 0 > = # # % = # # 2 43 F 01 23 " # - " G " 7 ' ? % 9F% 2 I !0> # "' ?* +! 0 K + > . 5 ! " " - 23 ' " " JB = # 2O O . $ ? *D 23 L" , # # O O $ ? *D 23 ." , 15
  • 16. 9= G # % K S! K &? > @ #( - # F%# = # ; 9= % I 4.435 4.216 597 449 23 ! " ? +! 0> 2.979 2.760 9= !9F% I 3.838 3.851 23 ! %* " ? !0> G% # " M ' 8 3 " " ! " "" " 2T07 2T08 (F J !6 ? N) ) ) Longo Prazo Curto Prazo # !0 > - % 8 # K 8 & (L 9= % ; 7,8 6,2 6,8 6,6 IGP-DI 5,8 53,5% Taxa Fixa 12,8% 125,3% 123,3% 120,9% 113,0% Libor 0,7% 105,3% CDI/Selic 33,0% 2T07 3T07 4T07 1T08 2T08 & " . 3" ? N+ +! 0 ) > " . " ? N* ! 0 > % CDI Prazo Médio - Anos + ! > . 20 ? " 35 @ #- ; " !- 8 3" # "! & 23" :. 16
  • 17. :=# = ! !5S ! !3S 7 =# J B * D) %H & D N2 01 /3 N2 01 N6/ 01 N66 01 ! " # $ %$ # & 9=# #: =# = # #2 O O 42 . (2> . = ( . +' 5 " 5 (2> . = B . )' 5 " 5 " 0 " - :% # # - I# = " O ( -" "23 - " + ' % # 7 # J 23 " : " # 1! " + 7 " : " " "= ! - > P " 17
  • 18. #% J #G# U* F #: = # # # 5 @ &# = @ # )' # (0 F%# 7# = R 35 03 % # # #% .2 0 * G% # 6& % G + (0 : # 0 4 4 0 2 2 "6 3 :# # #% # T # 7 @ 0. 4 2/ 0 2 # #:# # #% # T #& + 26 ;2 2( 36 46 34 4 . 3 5 6 2 * # #% J #: = #L J #G# %* F L L ) # > & !# # ( 18
  • 19. :# # % % # J D ' ( 5 -! C P :. B = ! 2 " - ! " " " * " - -! "= " -" " = 1 # % ) !%K#! # ! : ". " 3 ( ! " ! !-" 5 )% 2 + " =! 8 " 3 8" " - 2> " # # % % # ." ! 5 5 123" 5 2> 5 B =" ! 0" 3 - " "! 8 . - 2> ' @ 5 123" @ #" 23" - 3" @ L 2> " " " " 5 " 5 4 @ ." 23 !" " 2" 19
  • 20. :# 7# G K # 0% # # 0 ## = # #@ 9 % # # #:# 7# &: ( # ) # +2. 2 . I ." ! 5 "! 0F " 1 " = " : 2> Q ( ! "F N. 3" = 23 " " ! ! # # 7# " " " !- ! "" =! " =$ ! 3 8 " > % # K ) B# % % # 7% !6 (. ! . R # !- "! : J "(! "" " ! -" 6 " 3 " ! " ! :# # = 7# & ?2 0 > . @ #( - $7 I. "! : J "(! 7 K $7 IP " 123" ! " " 4 -" -" " F .# R ?) ! * " " 5 3" " 123" "! N " 23" "75 ' " 6 " " ! 5" = $ " S- T UN 0 " J " 5 3" " 123 N " P 3" =$ ! # # 20
  • 21. # F%# % # # 2 1 % 0 60 2" 30: 4 E@ R % #> 3 0 ? / @# - ## #% = #4 01 # . # 6 !% !9F% #> 2 6 ? /0 @# - 0 01 . ) # 6 # #> 4 /3 ? 30 @# # - =# ### # ) 2 > % # #64 01 %> 20 ? / @# - 9= 9F% T 2 ## #= > # # 8 # V # N# #) > # # # # B J# =# # # R # #> # = % # # G% # & ?2 5 0 > "5 5 @ #( # - > R # # % ) #N 02 0 1 = Q # ) # . #R @ % # 21
  • 23. #) #* # #4 #J # / D # # # 2 @ #8 # % #*0 # :% % # # "5 2 E0 3 # %0 2 0 1 ## # # % 2 1 ## #% 8=# # % = 0 8 ## 7 K # 23 +# C # R% % # # # ) &: B ( 2 1 % 9F% 7%9 ) > % # +# G # # = # :> 4; 6 >? @# - 5 6 2 % # :# & E@ : ( 2 ". 3 6 2 "3 4 2 6 . "2 . + > # # !9F% 2 6 "4 2 5 ". . 63 6 " " * 2 / " 6 2 / " / 54 6 + $ =% # # # 6 01 /2 6 01 32 6 01 6 ## = = # ! #* !% !9F% 5. 2 5/ 46 & !( F%# # # # ) # # 3"6 A #7 23
  • 24. ! " P " 5 $ % :# I 6; . /. E@ 20 >? @# - 3,2% -/ 1,5 3,7% 0,7 2,5% V:& 2,2 4,3% "" 1,3 7,6% < 6,0 21,6% 2,2 :. J P$ P< 7,8% " $P - 2,2 & 8,1% ( :< 9 3,6 11,8% # T 3,0 8,8% 4,1 #* # # # 4 1 0 # #8 /W @ = # # 9 " 2 # # ## # # ## 5 01 & 0 : 42 5 / E( # & / : 2 0 E(" 24
  • 25. # 8 2 # :# ; E 8 # G % B:E@ 6 4 " / 6 / " 2 1 6 4 .2 5 221 23 21 2 4 " . 2/1 261 2 1 2 /. 2 3 6 "3 2 4 "5 3 3 / "3 6 2 5 ". 6 2 . ". 2 . "3 4 2 / "4 2 5 "4 4 4 . 3 5 6 2 2 6 2 :# B E 8 :# O # #% # % > O# % # # 01 6 # :# & 2 J 7 # # % I 2 6( . 2" 4 * % D D ? * D W0 J . 2" - G 0D " ? % D W0 J :# 1 % # # #% ) > ; > 66 O E@ ? 06 &" 6 E 8 2 3 ( # 8 # )% 2 =8 ; > 2 66 O E@& ? ? 5 0/ > . 03 E@ . O 2 6 ( 25
  • 26. )7 # J #G @ & G # ( 7 # % @ ## $ #:# &$ ( : ## % 8 # 0 # # #) # % # # Q# 7 # # # # # ) # # ! ; 01 / G#/ 01 $: J #G @ J 7 # #9 # # # / 01 5 $ / 01 52 / 01 55 / 01 . / 01 4 / 01 5 / 01 / 01 / 7 0 40 : % % 20 4. 0 3 = = @ = 203 0 0 4 D % < # #@ // 0 25 0 26 0 ! # 60 23 0 60 0 6 54 0 # 30 2 4 . 3 5 6 2 % # % @ .0 <8 &0$<& # -" X P " $ #XP 0 3 26
  • 27. =# # 2 #J; I> 20 ? / @# - # 2 J; I> 20 ? 3 @# - - 23 J " " 123" X $ ? F " % 45,4% ) !0 > # 7" J" 123" .V Y ? %! 0 "3 32,3% = ." " F ! "! ?**! 0 > ! " !< ? ! 0" 3 . V : "G 4 : "G 3 " 3 " ! " :" 3 17,7% . " - " %W J ?+ 4,5% !0 > *. V " " " " G "' >? @# - @ - +J W 3/ 0 @ ( 2 23 = " "" !" " % 20 66 .0 53 30 6 @ ( 4 * D)D F= ! 6 " " ? !0 > " ? ! 0" " : 3 63 0 2/ 0 50 20 3 @ (5 " 2 :- 3 C5 " - " #J B = #= . 3 5 6 &( 2 > 3/ ? 0 @# - B>P =# # # = K &/ / > / 2 / (I ? 2 @ # - 27
  • 28. +7 # J +7 I#J # # 0 9 03 & 21 . E(0 8 ## 7 K # 6I ! " - " " : ". " " 3 K " 23 - - 1 - " " " " + " 5 " " !- ! " " " ># -# % # I " :" . " 3 =9 " 0 " 2> ! - 23" 4! &" ! " " 5 6 ", "J " " " ": " 4 " ON N D #* # # # # )= # 7% ## # # X # % = # 7 # ##J # % # # # # " @ =# ## = =# % -# ) # # X # :=# # % 0 7# % # # I ." 0 4 " L" - "$5 23" 5 28
  • 29. > # # % ;>? @# - > # # % # ## ) # # # N4 01 42 / 65 / 5 N 01 / 4. 6. 6. 4. 4. &4 ( 2 63 6 66 63 63 62 62 N 5 1 0 6. N24 01 N.5 01 43 / 4/ 43 / 22 N 01 2 5 46 25 25 &6 ( 2 B 01 5 N6. 01 46 4352 3 4378 6 42 2 6 2 6 2 6 2 6 >= ## > # # !9F% #% -# # #% -# > # # 9F% # = # # # 6 J 2 " 5! 23 ".: " 5 " !- " 3 " D = " " " <% ' @ B $ ! " ! ? % !0 > @ # 2> 3" ? )%! 0> @ ! " ? +! 0 > 29
  • 30. % # # # +# ;>? @# - % # # # +# # ## ) # # # 34 N ./1 0 B2 01 / 3 3 23 / 2. 5 23 6 22 B4 01 35 24 22 N /41 0 25 /6 25 24 3 5 . 3 3 .3 5 5 25 42 42 42 44 44 25 25 44 44 22 55 25 2 6 2 6 2 6 2 6 # # 0 #> % # @9 # # # # # # % $ I !- " - 8 " 6 " <% ? +! 0> " E D%D " % D ? *! 0> ? !0 D ! > >= ## # = #> 2 0 ? 34 @# - 6 #= Q % ## # # 7% # O+G 30
  • 31. & ? > @# ( - # ## ) # # # 6 01 62 6 01 6 6 01 62 6 01 6 6 01 5. 6 01 5. 6 01 5 01 22 N2 01 5 N/ 1 0 54 N . 1 0 54 N5. 01 33 3/ . / / 6 44 / 2 6 2 6 2 6 2 6 # 7 31
  • 32. > % # G # ;>? @# - > % # G # B>? @# - # ## ) # # # 2 6 2 6 2 6 2 6 2 &/ 2( &2( B . 251 40 B 201 3 & ( 3 &3 5( &3 5( B24 1 0 & 2 2 ( & 2 2 ( % # : B 8 & 0. .4 1 J 03 41 6F ( %# # 9= @ 0 # #> 247 @ ? 0 ) # = 6 7 K # # # # 7% # O ) = #> 4 0 ? @# - 32
  • 33. > % # !% !9F% B>? @# - # ## ) # # # . 01 4 . 01 2/ . 01 / 4 01 /5 4 01 64 4 01 /5 4 01 3. 4 01 3. N2. 01 N2 1 0 B 351 0 44 46 42 46 B/2 01 2. 2. 4 24 2. 4. 26 . 2 6 2 6 2 6 2 6 !% !9F% # !9F% = # #2 1 JB = # 2O O . % 9F% I # "' ? * ! 0 K > # # O O . 5 ! " " - 23 ' " " $ ? * D 23 L " , $ ? * D 23 . % " , 33
  • 34. # # #*J 7 =# J ; #J2 ,R @ O 6 % * : 4 N2 01 /3 7=# N 6/ 01 N 52 01 : . B // 01 % F D% 5 D% " " D% 1% D =D D F D '% = # Y# L % # 7 # 2 01 2 21 2 6 21 5 " ": ! O # 1! " % 2 01 5 21 4 21 . "- " Z " " "" 21 6 / 01 5/ 3 7 " : " " 21 3 "= ! - > P " .1 / 01 3 . 21 5 ; " 23" ". " " 34
  • 35. :# ." ! 5 :" # % % # G 0" ' 5 B B" " " : ". " 3 ( = ! ! 2 " - ! " " " + " - -! "= " -" " 1 = R : # % J % 2 =! 8 "! -" " 5 2 "< 9 B 4 B " B" B F " ( 5 3 " = N L" F " "-" "4 F " " "$ ! " " 4! " - - ! " " " " ! "! 35
  • 36. :# J "(! #- : 7 J# ( 0! " 2> !- E " 2> < " " (2> ( :B " " SB . !" U - ( : "- - 3- " " F "E " ! E LP , ! 6 N 8 # 7 J "" 5 " # " ! " !- J " # -" - L X- ! 6" , =" ! " +% T N ! " #G ." 23" ! 0" ! 3 " " X ."! 3 $ #" 23 " " ! E " -" " - = LP , # #R #F%# ." 23" " +! 0> " " 7 " 36
  • 37. # F%# :# 1 ## #% 2 #> 5 0 ? 6 @# - 2 0 3/ 2 01 % # # #9 # & ?3 / > 20 @ #( - !% 9F% #> 4 5/ ? 0 @# - 2 0# # # % % # #2. 01 2 6& ?4 0 > 5 @ #( - 7% # = # # # # Q2 1 % 9F% 2 37
  • 38. Z 38
  • 39. # 2> " " ! " E- - " 5 " E -" 2> 7 F "" - " = " "- " ! " !- " !$ ! ! - > = ! " 8- ! 23 ! " 23 "= " " !- N 8- 3" ! - ! 2 " ! " " !- 0 " [ " "B " ! " " 4 " "! " " "- " " F ! 2 N