NARANJITO IND DE MAQUINAS LTDA

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1 REPORT: DE 01/01/2010 CREDIT MANAGEMENT AND BUSINESS SUPPORT SOLUTIONS BALANCE SHEETS ANALYSIS REPORT NARANJITO IND DE MAQUINAS LTDA CNPJ (Corporate Tax Payer Registration): : / VALUES IN UNITS OF REAIS CNPJ (NATIONAL REGISTRY OF LEGAL ENTITY) SITUATION ON 25/06/2010: ACTIVE IDENTIFICATION (DATE REPORT IN 01/01/2010) CNPJ (Corporate Tax Payer Registration) / SOCIAL NARANJITO IND DE MAQUINAS LTDA DENOMINATION TRADE NAME NARANJITO HEADQUARTERS LOCALIZATION (DATE REPORT IN 01/01/2010) ADRESS R DAS OLIMPIADAS 1000 SOBRADINHO FEIRA DE SANTANA /BA ZIP PHONE , , , FAX PRODUCTION (DATE REPORT IN 01/01/2010) SERASA EXPERIAN ACTIVITY CODE I TRACTORS AND AGRICULTURAL IMPLEMENTS INDUSTRY NATIONAL CODE OF ECONOMIC ACTIVITY IN THE SEGMENT SINCE 08/06/1972 ORIGIN OF PURCHASES DOMESTIC MARKET = 30,0 INTERNATIONAL MARKET = 70,0 MAIN PRODUCTS 10,0 FLORESTAL TRACTORS EMPLOYEES NB 500 9,0 CARREGADOR FLORESTAL 4,0 COLHEITADEIRA FLORESTAL BALANCE SHEETS LAST FINANCIAL STATEM: INT F STAT VALUES IN MILLIONS OF REAIS CURRENCY REAL CHECK THE COMPARATIVE FIRM VS. CORPORATE CONCERN ANALYSIS HERE INT F STAT - ASSETS BALANCE SHEETS B/A C/B CASH & MARK SECURITIES FINANCIAL INVESTMENTS CUSTOMERS INVENTORY

2 ADV FOR INV PURCHASE OTHER CREDITS CURR ASSETS FINANCIAL INVESTMENTS INVENTORY ADV FOR INV PURCHASE INV FIRMS/PART C/A OTHER CREDITS LONG T ASSETS TOT INVESTMENTS PROPERTY & EQUIPMENT INTANGIBLE ASSETS DEFERRED ASSETS NON-CURRENT ASSETS TOTAL ASSETS LIABILITIES B/A C/B SUPPLIERS LOANS AND FINANCING SECURITIES ISSUED INCOME TAX SAL TAX CONT ADV FROM CUSTOMERS OTHER DEBITS CURR LIABILITIES LOANS AND FINANCING SECURITIES ISSUED INCOME TAX DEF PROFITS INV FIRMS/PART C/A OTHER DEBITS LONG T LIABILITIES CAPITAL CAPITAL RESERVES REVALUATION RESERVES PROFITS RSRV RETAINED EARNINGS/ LOSSES STOCKHOLDERS EQUITY NON-CURRENT LIABILITIES TOT LIAB INCOME STATEMENTS B/A C/B GROSS SALES REVENUES DEDUCTIONS NET SALES IND/COM COSTS COSTS GROSS PROFIT/ LOSS ADM EXPENSES SALES EXPENSES ACTIVITY PROFIT/ LOSS

3 NET INTEREST EXPEN INCOME P & L INVESTMENTS OPERATING PROFIT/LOSS PROFIT/LOSS BEF INC TAX PROV INC TAX LEVY PROFS STOCK HOLDINGS PROFIT/ LOSS FOR THE YEAR DIVIDENDS NET PROFIT/LOSS YEAR EBITDA TOTAL SHARES PAY OUT EARNINGS PER SHARE 4,16-0,06 3,34-0,06 3,51-0,06 STOCK EQUITY EVOLUTION BEGINNING STOCK EQUITY PROFITS LOSSES PERIOD DIVIDENDS ADJUSTMENT STOCKHOLDERS EQUITY TOTAL SHARES EQUITY VALUE PER SHARE 16,42 0,81 18,79 0,81 19,49 0,81 INVESTMENT INDICATORS INVESTMENT EVOLUTION B/A C/B INITIAL BALANCE INVESTMENT INCREASES PREMIUM AMORT EQUITY EQUIVALENCE DIVIDENDS RECEIVED ADJUSTMENT-INVESTMENT EV YEAR-END BALANCE EVOLUTION OF FIXED, DEFERRED AND INTANGIBLE B/A C/B INITIAL FIXED ASS+ DEF FIXED ASSETS ACQUISITION CHARGED-OFF FIX ASS COST DEPR+AMORTIZATION ENDING FIXED ASSETS+DEF CASH FLOW B/A C/B NET SALES

4 INT FUNDS GEN FROM ACT INT FIN FUNDS GEN NON-OPER INT FUNDS GEN TOTAL INT FUNDS GEN ST GRANTED FIN VAR ST FINANCING VAR ST WORKING CAP NEED VAR OPERATING CASH FLOW ST FIN RES COLLECTION ST FIN RES INVESTMENT CASH FLOW ADJ LT INVERSIONS GRANTED LT FIN VAR LT WK CAP NEEDS VAR LT FIN RES COLLECTION LT FIN RES INVESTMENT LT CASH FLOW PERMANENT SOURCES PERMANENT INVESTMENTS NET CASH GENERATION AV+INIT FIN INVESTMENTS AV+ENDING FIN INVESTMNTS ACTIVITY INDICATORS B/A C/B NET SALES OP OUTST ASSETS OP OUTST LIABS WORK CAP NEEDS FINANCIAL OUTST ASSETS FINANCIAL OUTST LIABS TREASURY BALANCE PERMANENT LIABILITIES PERMANENT ASSETS WORKING CAPITAL REAL SALES EVOLUTION AV DAYS SALES IN INVENTOR AVERAGE COLLECTION PERIOD AVERAGE PAYABLE PERIOD FINAN CYCLE MED TERM BASE FIN CYCLE WORK CAP BASE GENERAL LIQUIDITY 0,95 1,01 0,82 1,01 0,82 1,01 CURRENT RATIO 0,46 1,28 0,68 1,28 0,72 1,28 QUICK RATIO 0,26 0,55 0,40 0,55 0,43 0,55 STRUCTURE INDICATORS B/A C/B TOTAL DEBT SHORT TERM DEBT LONG TERM DEBT

5 TOTAL INT-BEARING DEBT ST INTEREST-BEARING DEBT LT INTEREST-BEARING DEBT AV+FIN INVESTMENTS NET TOTAL DEBT NET INTEREST-BEARING DEBT EBITDA TOTAL INT FUNDS GEN NET TOTAL DEBT / EBITDA 2,98 4,98 2,92 4,98 3,07 4,98 NET INT-B DEBT/EBITDA 0,44 1,58 0,78 1,58 0,91 1,58 TOTAL DEBT/IFG 4,28 5,08 2,66 5,08 4,04 5,08 SHORT TERM DEBT/IFG 2,86 2,91 1,35 2,91 2,08 2,91 ST INT-B DEBT/EBITDA 0,26 0,70 0,46 0,70 0,61 0,70 DEBT TO EQUITY FIXED ASS TO ST EQUITY BANK DEBT TO TOTAL ASSETS BANK DEBT TO STOCK EQUITY BANK DEBT TO TOTAL LIABIL S T BANK DEBT TO CUR ASSE PERC OF TRADE BILLS DISC CASH FLOW FREE B/A C/B OPERATING CASH FLOW FIX ASSETS INVEST (CAPEX) NET CAPEX OPERATING CF NET CAPEX CF/NET I-B DEBT 0,44 0,53-0,53-0,53 NET CAPEX CF/NET TOT DEBT 0,07 0,14-0,14-0,14 OBSOL OF PROP & EQUIP INDICATORS OF RESULTS B/A C/B ECONOMIC VALUE GENERATED ECONOMIC VALUE GEN RATE WEIGHT AV COST CAP (WACC) COST OF EQUITY COST OF TOTAL DEBT ADJ RET AVG ASSETS ASSET TURNOVER 0,52 0,99 0,42 0,99 0,44 0,99 NET PROFIT MARGIN RETURN ON AVERAGE ASSETS RETURN ON AVERAGE EQUITY CONCLUSION THE TRIAL BALANCE ANALYSIS ENDED IN 31/03/9999 SHOWED NON SIGNIFICANT CHANGES OF THE

6 ECONOMIFINANCIAL SITUATION IN RELATION TO THE PREVIOUS FINANCIAL YEAR. AFTER DEDUCTING THE INFLATION MEASURED BY THE IGP-DI, THE NET REVENUE OF THE PERIOD ENDED IN 03/2010, ANNUALIZED AND COMPARED TO 2009, INDICATED TENDENCY IN REAL GROWTH OF 9. THIS PERFORMANCE, ASSOCIATED WITH THE OPERATIONAL COSTS AND EXPENSES MAINTENANCE RESULTED IN EBITDA OF 31 OF THE REVENUE AND NET PROFIT OF 21. THE FINANCIAL YEAR RESULT EARNED IN 03/2010 AND THE VALUES REVERSION WHICH DO NOT REPRESENT EFFECTIVE CASH FLOW, MADE THE INTERNAL RESOURCES GENERATION POSSIBLE, AND THIS MORE THAN ENOUGH COVERED THE WORKING CAPITAL ADDITIONAL NEEDS, MAINLY DUE TO THE RESOURCES INCREASE ALLOCATED IN THE OPERATIONAL ASSET. FOR THIS REASON, THE COMPANY PRESENTED POSITIVE OPERATIONAL CASH FLOW. THE CASH FLOW WAS ALSO COMPLEMENTED BY INCREASE IN BANK FINANCING, WITHOUT SIGNIFICANTLY AFFECTING THE CAPITAL STRUCTURE, WHICH PRESENTED MODERATE INDEBTEDNESS LEVEL, COMPRISING 40 OF ONEROUS RESOURCES. THE RESOURCES OBTAINED WERE DIRECTED TO NEW INVESTMENTS IN FIXED ASSETS, INCOME TAX PAYMENT, DISTRIBUTION OF PROFITS AND LOANS TO AFFILIATED INDIVIDUALS AND FIRMS. AFTER THE OPERATIONS, THE GENERATED AND CAPTURED RESOURCES WERE HIGHER THAN THE DISBURSEMENTS, PROVIDING AVAILABILITY INCREASE IN THE AMOUNT OF , WITHOUT SIGNIFICANTLY CHANGING THE LIQUIDITY. 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.

CHAPTER 3. Topics in Chapter. Analysis of Financial Statements

CHAPTER 3. Topics in Chapter. Analysis of Financial Statements CHAPTER 3 Analysis of Financial Statements 1 Topics in Chapter Ratio analysis DuPont equation Effects of improving ratios Limitations of ratio analysis Qualitative factors 2 Determinants of Intrinsic Value: