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FORM 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 or 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For MARCH 28, 2002
Companhia Vale do Rio Doce
(Exact name of Registrant as specified in its charter)
Valley of the Doce River Company
(Translation of Registrant's name into English)
Federative Republic of Brazil
(Jurisdiction of incorporation or organization)
Avenida Graca Aranha, No. 26
20005-900 Rio de Janeiro, RJ, Brazil
(Address of principal executive offices)
[Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:]
FORM 20-F X FORM 40-F
--- ---
[Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
+Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of
1934.]
YES NO X
--- ---
[If "Yes " is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b):] Not applicable
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Companhia Vale do Rio Doce
TABLE OF CONTENTS
This Form 6-K contains the following:
Sequential
Page
Item Number
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1. Press Release entitled "Companhia Vale Do Rio Doce's
Performance in 2001", dated March 27, 2002..................... 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
COMPANHIA VALE DO RIO DOCE
By: /s/ Roberto Castello Branco
-------------------------------
Name: Roberto Castello Branco
Title: Head of Investor Relations
Dated: March 28, 2002
[LOGO] COMPANHIA VALE DO RIO DOCE
Press Release 2001
COMPANHIA VALE DO RIO DOCE'S PERFORMANCE IN 2001
Rio de Janeiro, March 27, 2002 - Despite the global recession, in 2001 Companhia
Vale do Rio Doce (CVRD), for the fifth year running, achieved record net
earnings of R$ 3.051 billion. This was 43.0% higher than that reported in 2000,
of R$ 2.133 billion. In the period between 1997, when CVRD was privatized, and
2001, net profit has grown at an average annual rate of 41.7%.
Reflecting the earnings achieved, the return on consolidated shareholders'
equity amounted to 25.9% compared to 20.2% in the previous year. Earnings
distribution, in the form of interest on shareholders equity, was also a record
R$ 1.774 billion, the equivalent of R$ 4.61 per share, 38.4% higher than the
figure for 2000 of R$ 1.282 billion.
From January 1997 to December 2001, total shareholder return was, in U.S. dollar
terms, 11.8% per year.
The quality of the Company's assets, as well as the acquisitions and the
divestments carried out, were extremely important in determining the results for
2001. The depreciation of the Brazilian real against the U.S. dollar was
favorable in that it helped to widen margins and increase cash generation.
However, in the short term, its effect on net earnings was negative due to the
impact on net liabilities in foreign currency (net foreign debt less assets
owned abroad).
In 2001, consolidated gross revenue amounted to R$ 11.015 billion, 21.7% higher
than the previous year, R$ 9.048 billion.
Consolidated cash generation, as measured by EBITDA (earnings before interest,
tax, depreciation and amortization) amounted to R$ 5.128 billion, up 35.4% on
2000. The high ratio of EBITDA/net revenues, of 48.5%, reveals CVRD's
excellent capacity to convert revenue into operating profits. The ferrous
division (iron ore, pellets, manganese and ferro-alloys) was responsible for 74%
of the EBITDA generation, aluminum 10%, logistics 7%, steel 5% and non ferrous
4%.
The Company's consolidated exports amounted to US$ 3.297 billion in 2001
compared to US$ 3.016 billion in 2000. Net exports (exports less imports)
amounted to US$ 2.883 billion, CVRD being the company that contributed the most
to Brazil's trade surplus in 2001.
CVRD invested US$ 1.537 billion in 2001, US$ 911.7 million of which was spent on
acquisitions. 88.5% of capital expenditure was allocated to mining activities.
www.cvrd.com.br
CVRD Investor Relations:
Roberto Castello Branco
Andreia Reis
Daniela Tinoco
Barbara Geluda
Rafael Azevedo
Tel: (5521) 3814-4540
rio@cvrd.com.br
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For the fourth quarter of 2001 (4Q01) Parent Company net earnings amounted to R$
639 million, in line with the previous quarters, with the exception of 3Q01,
which showed particularly high earnings due to the profit from the sale of the
stake in Cenibra. EBITDA in the Parent Company in 4Q01 amounted to R$ 804
million, a drop of 18.5% on the previous quarter, but 30.1% higher than the same
period a year earlier. In 2001, EBITDA in the Parent Company totaled R$ 3.254
billion, and the EBITDA margin was 51.0%. The ferrous division was responsible
for 85.6% of the cash generation, logistics 9.6% and non ferrous 4.8%.
In operational terms, a number of significant records were achieved:
o Consolidated sales of iron ore and pellets totaled 143.6 million tons,
beating the record set in 2000 of 118.0 million tons by 21.7%;
o The Carajas Railroad (EFC) and the Vitoria a Minas Railroad (EFVM)
together carried record cargoes of 167.4 million tons, compared to the
record set in 2000 of 164 million tons;
o General cargo (products other than iron ore and pellets) transported
by EFC and EFVM totaled 12.9 billion net ton kilometers (nkt), 4.0%
higher than the record achieved in 2000 of 12.4 billion nkt.
In acquiring Ferteco and 50% of the voting capital of Caemi, CVRD consolidated
its leadership position in the global iron ore market. CVRD purchased the stake
held by Phelps Dodge in the Sossego project becoming the full owner of the
project. This allowed a substantial cut in investment costs, from US$ 431
million to US$ 383 million due to the exploitation of synergies. This
transformed the capex cost of this copper project into one of the lowest in the
world (US$ 2,553 per ton).
CVRD sold several non-core assets - CSN, Bahia Sul, Cenibra, Rio Doce Pasha and
Docenave vessels -obtaining proceeds of approximately US$ 1.3 billion.
During 2001, significant long term contracts were signed for the sale of iron
ore and pellets with the Shanghai Baosteel Iron & Steel Group, China's largest
steelworks, and Acesita, the largest producer of stainless steel in Latin
America, controlled by Arcelor, the world's largest steel company. At the same
time, a memorandum of understanding was signed with Codelco, the world's largest
copper producer, with the aim of forming a joint venture for the combined
exploitation of opportunities in the copper mining segment.
In March 2002, CVRD was involved in two important transactions in the world's
capital markets.
The Company issued US$ 300 million worth of bonds, with a term of five years.
This issue received Moody's risk classification Baa2 and the spread over the
equivalent yield from U.S Treasury bonds, with a similar maturity date, was 455
basis points, the lowest for recent issues by Brazilian companies with the same
maturity. Yield to investor return is 8.75% per year.
The third and final stage of the Company's privatization was successfully
completed with the global offering of common shares held by the National
Treasury and the BNDES (National Bank of Economic and Social Development). In
consequence, the Company's shareholder base widened considerably and the free
float was significantly increased. CVRD's common shares began trading on the New
York Stock Exchange on March 21, 2002 as American Depositary Receipts (ADRs),
identified by ticker symbol RIO. Each ADR corresponds to one common share.
Leading indicators of economic activity are suggesting a synchronized recovery
in the global economy from the middle of this year. Monetary and fiscal stimuli
appear to be bearing fruit in the United States, the European Union has
benefited from de-regulation of its labor market and lower rates of income tax,
emerging Asian exporting economies are returning to growth, the rate of economic
expansion in China continues very high and Brazil is beginning to recover from
the economic shocks of last year. The
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demand outlook has therefore improved for minerals and metals, and for CVRD's
cargo transportation services.
The raising of steel import barriers by the U.S. government will slow the
inevitable restructuring of the steel industry there, threatening to unleash a
global wave of protectionism. But this is not expected to have a significant
effect on CVRD's estimated sales of iron ore and pellets.
CONSOLIDATED RESULTS FOR 2001
Under generally accepted Brazilian accounting practices (BR GAAP) results are
consolidated from those companies that are under effective control, or shared
control as defined by shareholders agreements, independent of the percentage of
capital held by CVRD. Consolidation is in proportion to the stake held by CVRD
in each company.
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FINANCIAL INDICATORS CONSOLIDATED
-------------------------------------------------------------------------------
R$ million
2000 2001
-------------------------------------------------------------------------------
Gross Revenues 9,048 11,015
Exports (US$ million) 3,016 3,297
Gross Margin (%) 44.1 47.6
Equity Income 152 102
Net Income 2,133 3,051
Net Income per Share 5.54 7.95
Interest on Shareholders' Equity 1,282 1,774
EBITDA 3,788 5,128
EBITDA Margin (%) 43.1 48.5
ROE (%) 20.2 25.9
Gross Debt (US$ million) 4,042 4,126
Net Debt (US$ million) 2,691 2,916
Gross Debt/EBITDA (x) 2.09 1.87
EBITDA/Financial Expenses (x) 5.36 5.36
Sales: volumes, revenues and margins
CVRD's consolidated sales of iron ore and pellets reached a record 143.6 million
tons 2001, an increase of 21.7% on the previous year. This amount includes sales
by CVRD, the pellet joint ventures (Nibrasco, Itabraso, Kobrasco and
Hispanobras), Ferteco, Samarco and GIIC, eliminating transactions between
companies. Not included, for example, are sales of pellet feed by the Parent
Company to the joint ventures, while on the other hand sales by Samarco are GIIC
are calculated in proportion to the stakes held by CVRD. Of the sales increase
of 25.6 million tons over the previous year, 10.5 million, or 40.4%, of this was
due to the performance of companies acquired in 2000 and 2001.
Sales of iron ore increased by 25.8%, while pellet sales rose by only 9.9%,
reflecting the falling cycle in the demand for this product. Of the total volume
sold, 121.8 million tons - 85% - were exported.
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CONSOLIDATED SALES OF IRON ORE AND PELLETS
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million
tons
Iron Ore 2000 % 2001 %
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Parent Company 79,389 67.3 93,432 65.0
Socoimex 1,151 1.0 -- --
Samitri 6,434 5.5 5,397 3.8
Samarco * 515 0.4 893 0.6
Urucum 591 0.5 627 0.4
Ferteco 10,418 7.3
Total 88,080 74.6 110,767 77.1
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Pellets 2000 % 2001 %
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Parent Company + JVs 25,885 21.9 23,316 16.2
Samarco * 3,687 3.1 4,707 3.3
Ferteco 3,340 2.3
GIIC * 362 0.3 1,526 1.1
Total 29,934 25.4 32,889 22.9
Grand Total 118,014 100.0 143,656 100.0
* sales attributed in proportion to size of stake held by CVRD
Socoimex: acquired on May 11, 2000 and consolidated into CVRD on August 31, 2000
Samitri/Samarco: acquired on May 30, 2000 and consolidated into CVRD on
October 1, 2001
GIIC: acquired on October 9, 2000
Ferteco: acquired on April 27, 2001
CVRD managed to substantially increase its share in the Chinese market, signing
a contract with Baosteel for the annual supply of 6 million tons of iron ore for
20 years, and widening its client base. Sales to China by the Parent Company in
2001 amounted to 14.9 million tons, up 62% on the previous year, and represented
16.1% of China's total iron ore imports, estimated at 92.3 million tons. For
2002, it is expected that sales to China will continue to expand.
Sales of ferro-alloys in 2001 amounted to 362.4 thousand tons, 65% were exported
and 35% sold to the domestic market. Due to the closure of the Almas and Caetes
mines, gold sales fell from 17.4 tons in 2000 to 15.8 tons in 2001. In 2002,
gold sales are likely to show a further decline as mining operations are ceased
at Igarape Bahia. Gold production should recover when the copper mining
operations begin in Carajas.
Due to energy rationing, Albras was forced to cut down its sales by 9.3%,
selling 331.7 thousand tons of primary aluminum. Alunorte sold 1.595 million
tons of alumina, 3.6% less than the previous year.
The railroads wholly owned by CVRD, EFC and EFVM, transported 167.4 million
tons, up 2.1% on 2000. 47.0 million tons were transported for customers, 28.1%
of the total - 18.6 million tons of iron ore and pellets and 28.4 million of
general cargo. In net ton kilometer terms, general cargo carried by EFC and EFVM
in 2001 totaled 12.9 billion. The Centro-Atlantica Railroad (FCA), operated by
CVRD, carried 8.4 billion ntk, compared with 7.7 billion in 2000.
Gross consolidated revenues amounted to R$ 11.015 billion in 2001, 21.7% higher
than in 2000, of R$ 9.048 billion. Some 84% of gross revenues came from Brazil,
while the remaining 16%, R$ 1.803 billion, came from subsidiaries and joint
ventures abroad. Revenue denominated in foreign currency accounted for
approximately 80% of the total.
Gross sales margin amounted to 47.6%, exceeding the figure for the previous year
of 44.1%.
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Sales of iron ore and pellets in 2001 accounted for 54% of gross revenues - R$
5.919 billion, compared to 44% in 2000.
In contrast, transportation revenues fell as a percentage of the total from 17%
to 14%, reflecting the fact that Socoimex, Samitri and Ferteco, being acquired
by CVRD, ceased to be clients of EFVM and the port of Tubarao. At the same time
revenues by Docenave fell due to the sale of part of the fleet. In absolute
terms, gross revenue from transportation services fell, from R$ 1.580 billion in
2000 to R$ 1.490 billion in 2001.
Gross revenues from the aluminum division was down slightly, due to lower
quantities and prices, amounting to R$ 1.118 billion in 2001 compared to R$
1.127 billion in the previous year.
[Graphic Omitted]
Variation in net earnings
Net earnings amounted to R$ 3.051 billion, an increase of R$ 918 million and 43%
higher than reported in 2000 of R$ 2.133 billion.
Two factors contributed significantly to the rise in earnings: the growth in net
operating revenues of R$ 1.792 billion and capital gains from the sale of
shareholdings (Bahia Sul and Cenibra) of some R$ 1.702 billion. On the negative
side, depreciation of the Brazilian Real negatively impacted earnings by R$ 741
million, the cost of goods sold (COGS) rose by R$ 640 million, operational
expenses increased by R$ 618 million and there was a R$ 437 million goodwill
amortization.
The main reason for the increase in COGS was the acquisition of companies such
as Samitri and Ferteco, whose costs were added to those of CVRD. However, on the
other hand, sale from these companies were added to net consolidated revenues.
Expenditure on electricity accounted for 8.1% of COGS, in 2001, compared to 6.7%
in 2000, reflecting the rise in costs due to power rationing.
The growth in operational expenses was mainly due to increases in the following
items: an increase in sales expenses of R$ 90 million, and administrative costs,
R$ 164 million; an increase in fixed assets write offs of R$ 186 million; tax
provisions, R$ 122 million; and loss provisions of R$ 169 million.
CVRD decided to write off all the premiums paid on stakes acquired in 2001. The
premiums were: for FCA, R$ 147 million; PPSA, R$ 83 million; Sibra, R$ 81
million; GIIC, R$ 60 million; and for Usiminas, R$ 55 million.
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[Graphic Omitted]
Cash Flow
EBITDA generated in 2001 of R$ 5.128 billion was R$ 1.340 billion higher than
the figure for the previous year. The main reason behind this increase was the
growth in net operating revenues of R$ 1.792 billion, partially offset by a rise
in COGS of R$ 640 million, and a rise in sales and administrative expenses of R$
254 million.
[Graphic Omitted]
The ferrous division was responsible for 74% of the EBITDA generation, aluminum
10%, logistics 7%, steel 5% and non ferrous 4%.
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[Graphic Omitted]
Debt
CVRD's total consolidated debt, in BR GAAP, amounted to US$ 4.126 billion as of
December 31 2001, slightly higher than the previous years figure of US$ 4.042
billion.
Net consolidated debt represented less than two times EBITDA in 2001. Interest
coverage was at a very comfortable level, EBITDA being 5.36 times financial
expenses.
RESULTS OF THE PARENT COMPANY IN 4Q01
Parent Company gross revenues in the 4Q01 amounted to R$ 1.809 billion. Its
composition by product was as follows: iron ore 59%, pellets 17%, logistics 15%,
gold 5%, potash 2% and others 2%.
Gross margin amounted to 48.9%, approximately the same as the average for the
last seven quarters (49.0%), but lower than that recorded in 3Q01, of 51.5%.
This drop is essentially due to the fall in gross revenue of 1.7% and the 3.2%
rise in COGS.
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FINANCIAL INDICATORS - PARENT COMPANY
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R$ million
4Q00 3Q01 4Q01 2000 2001
-------------------------------------------------------------------------------
Gross Revenues 1,404 1,840 1,809 5,169 6,617
Gross Margin (%) 47.8 51.5 48.9 49.2 48.9
Net Earnings 532 1,207 639 2,133 3,051
EBITDA 618 986 804 2,403 3,254
EBITDA Margin (%) 45.8 55.4 46.1 48.3 51.0
Net Operating Cash Flow 499 1,169 358 1,848 3,515
ROE annualized (%) 20.2 43.2 25.9 20.2 25.9
Gross Debt (US$ million) 1,825 1,987 2,000 1,825 2,000
Net Debt (US$ million) 1,023 1,473 1,722 1,023 1,722
Investments (US$ million) 375 183 597 1,602 1,537
Net earnings by the Parent Company in 4Q01 amounted to R$ 639 million. This
figure was 20.1% than the same quarter in the previous year. It is clearly much
lower than the third quarter result of R$ 1.207 billion which was boosted
substantially by the sale of Cenibra.
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[Graphic Omitted]
EBITDA in 4Q01 was down R$ 182 million on the previous quarter. There were
various factors that contributed to this: a rise in COGS (R$ 26 million), a
increase in sales, general and administrative expenses of R$ 33 million and a
drop both in net revenues of R$ 32 million, and in dividends received from
subsidiaries and affiliates of R$ 83 million. EBITDA margin, of 46.1%, was also
lower than that achieved in 3Q01, which hit a record level of 55.4%, influenced
by the depreciation in the Real against the U.S. dollar.
[Graphic Omitted]
In 2001, EBITDA amounted to R$ 3.254 billion, 35.4% higher than the previous
year. The EBITDA margin was 51.0%, against 48.3% in 2000. The ferrous division
was responsible for 85.6% of the cash generation, logistics 9.6% and non ferrous
4.8%.
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[Graphic Omitted]
Gross debt at the Parent Company amounted to US$ 2.0 billion at the end of
December 2001, equal to 1.43 times EBITDA for the year. At the same time EBITDA
in 2001 was equal to 6.6 times financial expenses, this indicator being
unchanged from the same period in 2000.
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DEBT LEVERAGE AND COVERAGE
-------------------------------------------------------------------------------
4Q00 3Q01 4Q01 2000 2001
-------------------------------------------------------------------------------
Gross Debt/(Gross Debt + Equity) 25.2% 32.2% 28.3% 25.2% 28.3%
Gross Debt/LTM EBITDA 1.48 1.73 1.43 1.49 1.43
EBITDA/Interest Expenses 5.42 4.61 10.18 6.66 6.57
Capital Expenditure in 2001
CVRD invested US$ 1.537 billion in 2001, slightly less than the previous year's
figure of US$ 1.602 billion, the highest in the Company's history. Investment
decisions are based on rigorous analysis, with the central aim of creating
shareholder value. In other words, the minimum return required from each
investment, adjusted for risk, must be higher than the weighted average cost of
capital for the Company.
Expenditure on acquisitions, US$ 911.7 million, accounted for about 60% of
total investment. The main items were the purchase of Ferteco which involved
US$ 566 million, 50% of Caemi's voting capital for US$ 278 million and 50% of
Mineracao Sossego for US$ 42.5 million.
Investments in projects totaled US$ 264.4 million. US$ 84.1 million was
allocated to the construction of the Sao Luis Pelletizing Plant while US$ 55.1
million in the mine-railroad-port infrastructure necessary to its
implementation. This is the CVRD's twelfth pelletizing plant, and will be under
operation on the 2Q02. Its nominal production capacity is 6 million tons of
pellets per year. This pelletizing plant is the most modern in the world and
its capex cost is very low, US$ 31 per ton.
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FINANCIAL STATEMENT - CONSOLIDATED
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R$ million
2000 2001
-------------------------------------------------------------------------------
Gross Operating Revenues 9,048 11,015
Value Added Tax (266) (441)
Net Operating Revenues 8,782 10,574
Cost of Goods Sold 4,905 (5,545)
Gross Income 3,877 5,029
Gross Margin (%) 44.1% 47.6%
Result of Investment Participation 152 (299)
Equity Income 152 102
Goodwill Amortization - (437)
Provision for Losses - -
Others - 36
Operating Expenses (1,391) (2,009)
Selling (156) (246)
General & Administrative (458) (622)
Research and Development (89) (101)
Others (688) (1,040)
Financial Expenses (707) (957)
Financial Revenues 369 284
Monetary Variation (325) (1,066)
Gross Income 1,975 982
Discontinued Operations 184 1,770
Income Taxes (11) 259
Net Earnings Before Minority Interest 2,148 3,011
Minority Interest (15) 40
Net Earnings 2,133 3,051
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BALANCE SHEET - CONSOLIDATED
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R$ million
2000 2001
-------------------------------------------------------------------------------
Assets
Current Assets 6,111 7,387
Long Term Assets 2,515 2,672
Permanent Assets 15,204 16,346
Total 23,830 26,405
Liabilities and Stockholders' Equity
Current Liabilities 5,133 5,335
Long Term Liabilities 7,928 9,137
Others 203 166
Shareholders' Equity 10,566 11,767
Capital 3,000 4,000
Reserves 7,566 7,767
Total 23,830 26,405
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FINANCIAL STATEMENT - PARENT
COMPANY
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R$ million
4Q00 3Q01 4Q01 2000 2001
----------------------------------------------------------------------------------------------------------
Gross Operating Revenues 1,404 1,840 1,809 5,169 6,617
Value Added Tax (56) (61) (64) (189) (232)
Net Operating Revenues 1,348 1,779 1,745 4,980 6,385
Cost of Goods Sold (704) (863) (891) (2,531) (3,261)
Gross Income 644 916 854 2,449 3,124
Gross Margin (%) 47.8 51.5 48.9 49.2 48.9
Result of Investment Participation 100 (572) 97 715 37
Equity Income 168 (6) 150 799 708
Goodwill Amortization (11) (296) (89) (27) (437)
Provision for Losses (57) (270) 25 (57) (245)
Others - - 11 - 11
Operating Expenses (284) (430) (469) (1,029) (1,304)
Selling (28) (32) (33) (77) (118)
General & Administrative (66) (90) (123) (222) (338)
Research and Development (28) (30) (30) (87) (101)
Others (162) (278) (283) (643) (747)
Financial Expenses (114) (214) (79) (361) (495)
Financial Revenues 94 30 (3) 185 83
Monetary Variation (102) (471) 467 (159) (521)
Gross Income 338 (741) 867 1,800 924
Discontinued Operations 38 1,472 - 184 1,770
Income Taxes 156 476 (228) 149 357
Net Income 532 1,207 639 2,133 3,051
Net Income per Share (R$) 1.38 3.14 1.66 5.54 7.95
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BALANCE SHEET - PARENT COMPANY
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R$ million
4Q00 3Q01 4Q01 2000 2001
----------------------------------------------------------------------------------------------------------
Assets
Current Assets 4,205 5,281 3,990 4,205 3,990
Long Term Assets 2,116 2,316 2,507 2,116 2,507
Permanent Assets 13,722 15,986 15,928 13,722 15,928
Total 20,043 23,583 22,425 20,043 22,425
Liabilities and Stockholders' Equity
Current Liabilities 3,383 5,074 3,623 3,383 3,623
Long Term Liabilities 6,094 7,336 7,035 6,094 7,035
Shareholders' Equity 10,566 11,174 11,767 10,566 11,767
Capital 3,000 4,000 4,000 3,000 4,000
Reserves 7,566 7,174 7,767 7,566 7,767
Total 20,043 23,584 22,425 20,043 22,425
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EQUITY INCOME - PARENT COMPANY
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R$ million
4Q00 3Q01 4Q01 2000 2001
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Ferrous
Iron Ore and Pellets 20 93 (9) 253 328
Manganese and Ferro-Alloys 9 26 47 19 101
Non-Ferrous - - - - -
Transportation 53 (85) (33) 13 (57)
Shareholding Interests
Steel 38 70 (40) 169 190
Pulp and Paper (6) 12 (58) 8 (34)
Aluminum 49 (125) 239 327 170
Fertilizers 5 4 8 10 14
Others - - (4) - (4)
Total 168 (5) 150 799 708
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CAPITAL EXPENDITURES - 2001
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By business area US$ million % By category US$ million %
-------------------------------------------------------------------------------------------------------
Ferrous Minerals 1,256.5 81.7% Equity Investments 75.5 4.9%
Transportation 86.6 5.6% Maintenance 231.9 15.0%
Non Ferrous Minerals 104.5 6.8% Projects 264.4 17.2%
Energy 52.1 3.4% Mineral Exploration 29.8 1.9%
Others 37.7 2.5% Information Technology 17.5 1.1%
Technological Research 6.6 0.4%
Acquisitions 911.7 59.4%
Total 1,537.4 100.0% Total 1,537.4 100.0%
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SALES VOLUMES - PARENT COMPANY
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thousand tons
IRON ORE AND PELLETS 4Q00 3Q01 4Q01 2000 2001
---------------------------------------------------------------------------------------------------------
Foreign Market 20,755 24,237 24,154 79,643 90,039
Southern System 9,545 13,169 11,548 36,373 43,237
Fines 5,216 9,637 7,672 20,235 28,218
Lump 636 555 843 2,808 2,421
Pellets 3,693 2,977 3,033 13,330 12,598
Northern System 11,210 11,068 12,606 43,270 46,802
Fines 10,193 10,181 11,299 39,735 42,920
Lump 1,017 887 1,307 3,535 3,882
Domestic Marker 9,874 10,532 9,661 37,097 39,909
Southern System 8,943 9,686 8,751 33,770 35,924
Fines 7,559 7,763 6,956 28,952 29,426
Lump 689 1,127 996 2,602 3,711
Pellets 695 796 799 2,216 2,787
Northern System 931 846 910 3,327 3,985
Fines 29 36 117 587 835
Lump 902 810 793 2,740 3,150
Iron Ore 26,241 30,996 29,983 101,194 114,563
Fines 22,997 27,617 26,044 89,509 101,399
Lump 3,244 3,379 3,939 11,685 13,164
Pellets 4,388 3,773 3,832 15,546 15,385
Total 30,629 34,769 33,815 116,740 129,948
---------------------------------------------------------------------------------------------------------
OTHER PRODUCTS AND SERVICES 4Q00 3Q01 4Q01 2000 2001
---------------------------------------------------------------------------------------------------------
Gold (Kg) 4,865 4,488 4,390 17,387 15,815
Foreign Market 4,865 4,488 4,390 17,370 15,815
Domestic Market - - - 17 -
Manganese 322 13 5 1,300 215
Foreign Market 164 - - 876 77
Domestic Market 158 13 5 424 138
Potash 127 124 95 561 503
Transportation Services 26,611 21,306 20,204 107,103 92,089
Railroads 16,046 14,078 13,640 65,945 60,371
Southern System 14,469 12,423 12,078 60,504 54,186
Northern System 1,577 1,655 1,562 5,441 6,185
Port Services 10,565 7,228 6,564 41,158 31,718
Southern System 10,004 6,434 5,974 39,027 29,233
Northern System 561 794 590 2,131 2,485
14
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IRON ORE AND PELLETS SALES - PARENT COMPANY
---------------------------------------------------------------------------------------------------------
million tons
GEOGRAPHICAL DESTINATION
FOREIGN MARKET 4Q00 3Q01 4Q01 2000 2001
---------------------------------------------------------------------------------------------------------
ASIA
China 2.7 5.6 3.4 9.2 14.9
South Korea 1.9 1.6 1.3 7.0 6.0
Philippines 0.4 0.1 0.5 1.4 1.2
Japan 4.0 4.3 4.4 17.5 17.1
Taiwan 0.3 0.6 0.6 1.6 2.2
Others 0.1 0.4 0.6 0.4 1.1
Total 9.4 12.6 10.8 37.1 42.5
EUROPE
Germany 2.3 2.7 2.9 8.2 10.1
Spain 0.8 0.5 1.0 2.9 2.9
France 0.9 0.9 1.1 2.9 3.9
Italy 0.9 1.0 1.4 4.8 5.1
United Kingdom 0.3 0.3 0.5 1.5 1.6
Others 2.4 3.2 3.4 8.2 10.8
Total 7.6 8.6 10.3 28.5 34.4
AMERICAS
Argentina 0.5 0.4 0.5 1.4 1.9
United States 0.6 0.9 0.6 3.5 2.9
Others 0.4 0.5 0.2 2.0 1.5
Total 1.5 1.8 1.3 6.9 6.3
AFRICA/MIDDLE EAST /
AUSTRALASIA
Bahrain 0.5 0.3 0.3 2.0 1.7
Others 1.8 1.0 1.4 5.2 5.1
Total 2.3 1.3 1.7 7.2 6.8
TOTAL 20.8 24.3 24.1 79.7 90.0
---------------------------------------------------------------------------------------------------------
DOMESTIC MARKET 4Q00 3Q01 4Q01 2000 2001
---------------------------------------------------------------------------------------------------------
Steel Mills 4.5 5.2 5.3 15.5 20.2
Affiliated Pelletizing Companies 5.4 5.3 4.4 21.6 19.7
Total 9.9 10.5 9.7 37.1 39.9
TOTAL 30.7 34.8 33.8 116.8 129.9
---------------------------------------------------------------------------------------------------------
ORIGIN 4Q00 3Q01 4Q01 2000 2001
---------------------------------------------------------------------------------------------------------
Northern System 12.1 11.9 13.5 46.6 50.8
Southern System 18.6 22.9 20.3 70.1 79.1
TOTAL 30.7 34.8 33.8 116.8 129.9
15
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---------------------------------------------------------------------------------------------------
IRON ORE AND PELLETS - FINANCIAL INDICATORS
---------------------------------------------------------------------------------------------------
R$ million
HISPANOBRAS 4Q00 3Q01 4Q01 2000 2001
---------------------------------------------------------------------------------------------------
Sales (thousand tons) 1,080 882 998 3,933 3,608
Foreign Market 480 422 148 1,443 1,218
Domestic Market 600 460 850 2,490 2,390
Average Price (US$/ton) 31.28 32.64 31.12 30.56 31.42
Net Operating Revenues 65 73 79 224 269
Cost of Goods Sold (53) (60) (64) (186) (223)
Financial Results 2 4 (5) 5 2
Net Earnings 8 10 4 21 25
Gross Margin (%) 18.9 17.7 18.5 16.7 17.1
EBITDA 14 17 14 45 53
EBITDA Margin (%) 21.5 23.3 18.2 19.9 19.8
---------------------------------------------------------------------------------------------------
NIBRASCO 4Q00 3Q01 4Q01 2000 2001
---------------------------------------------------------------------------------------------------
Sales (thousand tons) 2,565 1,562 1,252 8,764 6,993
Foreign Market 627 514 432 2,398 2,311
Domestic Market 1,938 1,048 820 6,366 4,682
Average Price (US$/ton) 30.65 29.22 27.90 30.13 29.80
Net Operating Revenues 150 109 99 478 482
Cost of Goods Sold (127) (102) (88) (404) (423)
Financial Results (2) (8) - 6 (7)
Net Earnings 9 (34) 7 34 14
Gross Margin (%) 15.4 6.6 11.1 15.4 12.3
EBITDA 12 24 14 59 69
EBITDA Margin (%) 8.3 22.2 14.0 12.4 14.3
Net Debt (in US$ million) 8 7 6 8 6
- Short Term 2 3 2 2 2
- Long Term 6 5 4 6 4
---------------------------------------------------------------------------------------------------
ITABRASCO 4Q00 3Q01 4Q01 2000 2001
---------------------------------------------------------------------------------------------------
Sales (thousand tons) 752 742 995 3,486 3,287
Foreign Market 539 471 700 2,804 2,247
Domestic Market 213 271 295 682 1,040
Average Price (US$/ton) 31.22 31.69 31.90 30.98 31.72
Net Operating Revenues 46 59 80 198 246
Cost of Goods Sold (35) (52) (60) (171) (203)
Financial Results 3 2 (6) 4 1
Net Earnings 7 4 4 14 29
Gross Margin (%) 24.2 12.0 25.5 14.0 17.5
EBITDA 11 10 16 26 39
EBITDA Margin (%) 24.4 16.3 20.2 13.1 16.0
16
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IRON ORE AND PELLETS - FINANCIAL INDICATORS
----------------------------------------------------------------------------------------------------------
R$ million
KOBRASCO 4Q00 3Q01 4Q01 2000 2001
----------------------------------------------------------------------------------------------------------
Sales (thousand tons) 1,294 1,123 1,068 4,415 4,184
Foreign Market 824 493 558 3,682 2,135
Domestic Market 470 630 510 733 2,049
Average Price (US$/ton) 30.95 31.19 31.20 30.05 30.93
Net Operating Revenues 76 91 85 241 307
Cost of Goods Sold (59) (68) (67) (188) (238)
Financial Results (22) (53) 42 (45) (66)
Net Earnings (2) (72) 53 6 (38)
Gross Margin (%) 22.3 25.3 21.1 21.7 22.5
EBITDA 20 24 19 59 75
EBITDA Margin (%) 25.8 26.4 22.9 24.4 24.4
Net Debt (in US$ million) 122 149 129 122 129
- Short Term - 20 - - -
- Long Term 122 129 129 122 129
----------------------------------------------------------------------------------------------------------
SAMARCO 4Q00 3Q01 4Q01 2000 2001
----------------------------------------------------------------------------------------------------------
Sales Foreign Market (thousand tons) 4,295 2,312 2,571 14,622 11,201
Average Price (US$/ton) 31.03 28.56 32.00 29.40 29.70
Net Operating Revenues 243 167 208 756 764
Cost of Goods Sold (135) (73) (103) (403) (353)
Financial Results (44) (98) 51 (168) (157)
Net Earnings 25 (48) 117 11 106
Gross Margin (%) 44.3 56.0 50.6 46.7 53.8
EBITDA 87 86 89 319 369
EBITDA Margin (%) 35.9 51.8 42.7 42.1 48.3
Net Debt (in US$ million) 316 259 277 316 277
- Short Term 170 140 167 170 167
- Long Term 146 119 110 146 110
----------------------------------------------------------------------------------------------------------
GIIC * 4Q00 3Q01 4Q01 2000 2001
----------------------------------------------------------------------------------------------------------
Sales Foreign Market (thousand tons) n.a. 661 785 3,761 3,052
Net Operating Revenues n.a. 35,151 29,031 151,619 127,168
Cost of Goods Sold n.a. (32,104) (23,004) (136,259) (111,125)
Gross Profit n.a. 3,047 6,027 15,360 16,043
Other Income n.a. 427 244 4,711 1,763
S G & A n.a. (1,144) (1,284) (4,781) (4,772)
Net Income n.a. 2,330 4,987 15,290 13,034
* Financial Indicators according to IASC (International Accounting Standards
Committee).
17
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ITACO 4Q00 3Q01* 4Q01 2000 2001
----------------------------------------------------------------------------------------------------------
Sales (thousand tons)
Iron Ore 8,449 13,796 14,254 41,744 48,028
Pellets 867 1,966 1,727 7,344 8,270
Manganese 151 260 342 1,023 1,245
Bauxite 52 162 283 779 862
Alumina 20 42 57 200 169
Aluminum 30 35 32 163 153
Net Operating Revenues 316,643 384,594 381,037 1,349,761 1,458,434
Cost of Goods Sold (296,840) (348,026) (342,010) (1,252,605) (1,333,644)
Equity Income (1,838) 24,155 19,833 27,008 53,101
Net Income (19,869) 546,832 81,692 71,091 648,696
EBITDA 7,251 571,637 26,799 69,365 657,216
* includes sale disposal of Cenibra
----------------------------------------------------------------------------------------------------------
ALUMINUM - SELECTED FINANCIAL INDICATORS
----------------------------------------------------------------------------------------------------------
R$ million
MRN 4Q00 3Q01 4Q01 2000 2001
----------------------------------------------------------------------------------------------------------
Sales (thousand tons) 2,826 2,760 3,175 11,242 10,952
Foreign Market 811 954 992 3,991 3,413
Domestic Market 2,015 1,806 2,183 7,251 7,539
Average Price (US$/ton) 21.04 20.99 21.67 21.18 20.95
Net Operating Revenues 103 139 154 399 504
Cost of Goods Sold (51) (60) (65) (200) (222)
Financial Results 1 (2) (4) 7 (8)
Net Earnings 40 52 100 186 244
Gross Margin (%) 50.5 56.8 57.8 49.9 56.0
EBITDA 61 88 99 234 319
EBITDA Margin (%) 59.2 63.3 64.3 58.7 63.3
----------------------------------------------------------------------------------------------------------
ALUNORTE 4Q00 3Q01 4Q01 2000 2001
----------------------------------------------------------------------------------------------------------
Sales (thousand tons) 419 365 405 1,596 1,540
Foreign Market 210 205 232 795 819
Domestic Market 209 160 173 801 721
Average Price (US$/ton) 198.83 184.94 167.23 196.63 185.51
Net Operating Revenues 165 177 172 590 687
Cost of Goods Sold (116) (122) (140) (415) (498)
Financial Results (62) (157) 126 (139) (204)
Net Earnings (21) (128) 139 23 (50)
Gross Margin (%) 29.7 31.1 18.6 29.7 27.5
EBITDA 35 64 37 176 217
EBITDA Margin (%) 21.2 36.2 21.5 29.8 31.6
Net Debt (in US$ million) 437 429 425 437 425
- Short Term - - - - -
- Long Term 437 429 425 437 425
18
[Logo] Companhia
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-------------------------------------------------------------------------------------------------------
ALUMINUM - SELECTED FINANCIAL
INDICATORS
-------------------------------------------------------------------------------------------------------
R$ million
ALBRAS 4Q00 3Q01 4Q01 2000 2001
-------------------------------------------------------------------------------------------------------
Sales (thousand tons) 90 80 70 366 332
Foreign Market 87 76 66 351 317
Domestic Market 3 4 4 15 15
Average Price (US$/ton) 1,484.70 1,390.89 1,282.77 1,508.42 1,428.99
Net Operating Revenues 258 278 232 1,006 1,095
Cost of Goods Sold (144) (161) (147) (584) (646)
Financial Results (80) (252) 222 (174) (263)
Net Earnings 29 (196) 220 244 32
Gross Margin (%) 44.2 42.1 36.7 42.0 41.0
EBITDA 117 89 90 426 438
EBITDA Margin (%) 45.4 32.0 38.8 42.4 40.0
Net Debt (in US$ million) 696 592 591 696 591
- Short Term 160 95 141 160 141
- Long Term 536 497 450 536 450
-------------------------------------------------------------------------------------------------------
VALESUL 4Q00 3Q01 4Q01 2000 2001
-------------------------------------------------------------------------------------------------------
Sales (thousand tons) 25 18 16 86 76
Foreign Market 9 7 5 30 23
Domestic Market 16 11 11 56 53
Average Price (US$/ton) 1,844.00 1,784.68 1,757.16 1,912.41 1,913.54
Net Operating Revenues 78 77 67 271 303
Cost of Goods Sold (59) (55) (50) (199) (214)
Financial Results (1) (9) (1) (4) (9)
Net Earnings 13 12 7 41 43
Gross Margin (%) 24.4 28.6 25.4 26.6 29.4
EBITDA 37 28 14 132 82
EBITDA Margin (%) 47.4 36.4 20.9 48.7 27.1
Net Debt (in US$ million) 29 3 3 29 3
- Short Term 26 - 1 26 1
- Long Term 3 3 2 3 2
19
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EQUITY INCOME - PARENT COMPANY
-------------------------------------------------------------------------------------------------------
R$ million
COMPANY/PARTICIPATION % 4Q00 3Q01 4Q01 2000 2001
-------------------------------------------------------------------------------------------------------
DOCENAVE 100.00 37.3 (79.0) (29.5) 15.8 (44.1)
DOCEPAR 100.00 (59.0) 0.0 0.0 (38.1) 0.0
ALUVALE 94.74 30.6 (120.7) 222.4 282.8 138.3
FLORESTAS 99.85 (7.6) 4.1 1.4 (3.0) 9.7
RDE (own operations) 99.80 68.9 72.3 (55.1) 147.5 172.0
ITACO 99.99 (5.3) 262.4 (132.3) 173.0 271.5
DOCEGEO 99.99 0.1 0.0 0.2 0.3 0.2
RDI 100.00 1.3 1.8 (1.1) 0.6 1.2
TACUMA (FCA) 100.00 16.8 0.0 0.0 (0.5) 0.0
URUCUM 100.00 1.8 6.3 (4.7) 11.6 7.3
TERM.VILA VELHA 99.89 (0.3) 2.0 1.2 3.2 6.0
VALE ENERGIA 90.00 0.0 0.0 0.0 0.0 0.0
NORPEL 99.90 0.0 (0.7) 0.6 0.2 0.5
M.ANDIA (SOSSEGO) 99.50 (0.6) (0.4) 0.3 (1.0) (0.6)
PARA PIGMENTOS 75.50 0.0 0.0 0.1 0.0 0.1
SAMITRI 100.00 (7.9) (31.3) 0.0 8.7 0.5
SOCOIMEX(consolidated) 0.0 0.0 0.0 5.6 0.0
MINERACAO MATO GROSSO 100.00 (0.1) 0.0 0.0 (0.1) 0.0
SIBRA 98.16 0.0 5.7 51.5 0.0 71.0
ZAGAIA (FERTECO) 100.00 0.0 (107.5) 50.0 0.0 (60.0)
BELEM 99.99 0.0 0.0 8.8 0.0 8.8
MSE 99.99 0.0 0.0 0.4 0.0 0.4
KSG 99.99 0.0 0.0 0.5 0.0 0.5
BRASAMERICAN LIMITED 99.70 0.0 0.0 (2.2) 0.0 (2.2)
BRASILUX 100.00 0.0 0.0 (2.4) 0.0 (2.4)
CELMAR 85.00 0.0 0.0 (55.4) 0.0 (55.4)
Total from SUBSIDIARIES 76.0 15.0 54.7 606.6 523.3
BAHIA SUL - 0.0 0.0 0.0 0.0 0.0
MSG 51.00 2.3 2.8 (0.3) 7.4 6.0
CENIBRA - 0.0 0.0 0.0 0.0 0.0
CST 22.85 14.7 (0.3) 27.2 51.7 14.2
NIBRASCO 51.00 4.5 (17.3) 1.9 17.5 (7.1)
FOSFERTIL 10.96 4.4 3.5 7.7 10.0 13.6
HISPANOBRAS 50.89 4.0 5.3 1.9 10.5 12.9
ITABRASCO 50.90 3.3 2.3 2.1 7.1 14.5
NOVA ERA SILICON 49.00 0.9 (0.2) 2.0 2.6 2.7
USIMINAS 11.46 12.9 0.2 (2.1) 35.3 0.6
CIA.FERROV.NORDESTE 30.00 (1.1) 0.0 0.0 (1.1) 0.0
KOBRASCO 50.00 (1.2) (16.3) 6.8 2.8 (18.8)
FERROBAN 18.74 (2.8) (0.7) (10.6) (8.8) (20.5)
CSN - 50.1 0.0 0.0 57.8 107.5
SAMARCO 50.00 0.0 0.0 58.7 0.0 58.7
BAOVALE 50.00 0.0 0.0 0.1 0.0 0.1
Total from AFFILIATES 92.0 (20.7) 95.4 192.8 184.4
Total 168.0 (5.7) 150.1 799.4 707.7
20
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--------------------------------------------------------------------------------------------------------
EQUITY INCOME - PARENT
COMPANY
--------------------------------------------------------------------------------------------------------
R$ million
PROVISION FOR LOSSES % 4Q00 3Q01 4Q01 2000 2001
--------------------------------------------------------------------------------------------------------
VALEPONTOCOM 100.00 0.0 0.0 (18.0) 0.0 (18.0)
KOBRASCO 50.00 0.0 (19.7) 19.7 0.0 0.0
CIA.FERROV.NORDESTE 30.00 0.0 (32.9) (0.5) 0.0 (33.4)
DOCEPAR 100.00 (56.9) (5.5) 25.6 (56.9) 20.1
FCA 45.65 0.0 (108.0) 11.5 0.0 (96.5)
PARA PIGMENTOS 75.50 0.0 (103.7) 46.1 0.0 (57.6)
MINERACAO MATO GROSSO 100.00 0.0 0.0 (0.4) 0.0 (0.4)
CELMAR 85.00 0.0 0.0 (59.2) 0.0 (59.2)
Total (56.9) (269.8) 24.8 (56.9) (245.0)
--------------------------------------------------------------------------------------------------------
GOODWILL AMORTIZATION % 4Q00 3Q01 4Q01 2000 2001
--------------------------------------------------------------------------------------------------------
FCA 45.65 0.0 (138.6) (8.6) 0.0 (147.2)
GIIC (GULF) 50.00 0.0 (60.1) 0.0 0.0 (60.1)
PARA PIGMENTOS 75.50 (8.0) (74.9) 0.0 (14.0) (83.2)
RDME 100.00 0.0 0.0 (9.1) 0.0 (9.1)
CPFL 91.87 0.0 0.0 (3.2) 0.0 (3.2)
SIBRA 98.16 (1.1) (19.3) (19.3) (4.6) (77.2)
MINERACAO MATO GROSSO 100.00 0.0 0.0 0.0 0.0 (1.6)
USIMINAS 11.46 (2.2) (3.5) (48.8) (8.5) (55.1)
Total (11.3) (296.4) (89.0) (27.1) (436.7)
Gain on assets disposal and 0.0 0.0 11.0 0.0 11.0
dividends
Total 99.8 (571.9) 96.9 715.4 37.0
--------------------------------------------------------------------------------------------------------
EQUITY PARTICIPATION ON % 4Q00 3Q01 4Q01 2000 2001
DOCENAVE
--------------------------------------------------------------------------------------------------------
NAVEDOCE/Seamar 100.00 27.8 0.2 (11.5) 19.2 3.5
Own operations 100.00 (6.6) (157.0) 55.1 (27.6) (106.7)
NAVEDOCE/Seamar (G/L Foreign 100.00 16.4 77.5 (73.1) 24.4 59.1
Exchange)
Total 37.6 (79.3) (29.5) 16.0 (44.1)
--------------------------------------------------------------------------------------------------------
EQUITY PARTICIPATION ON % 4Q00 3Q01 4Q01 2000 2001
DOCEPAR
--------------------------------------------------------------------------------------------------------
Acominas 0.3 0.0 0.0 3.8 0.0
CSN 0.0 0.0 0.0 26.4 0.0
Own operations (steel) (59.6) 0.0 0.0 (68.5) 0.0
Total (59.3) 0.0 0.0 (38.3) 0.0
21
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--------------------------------------------------------------------------------------------------------
EQUITY INCOME - PARENT
COMPANY
--------------------------------------------------------------------------------------------------------
R$ million
EQUITY INCOME ON % 4Q00 3Q01 4Q01 2000 2001
ALUVALE
--------------------------------------------------------------------------------------------------------
ALUNORTE 45.58 (10.9) (59.7) 65.2 11.5 (22.6)
MRN 40.00 16.1 20.9 40.1 74.5 97.8
ALBRAS 51.00 14.5 (99.9) 112.4 124.4 16.5
VALESUL 54.51 7.1 6.7 3.7 22.3 23.4
Equity on Alunorte 0.4 0.0 1.2 25.0 1.2
Own operations 19.1 4.7 12.1 40.8 29.7
Total 46.3 (127.3) 234.7 298.5 146.0
--------------------------------------------------------------------------------------------------------
EQUITY INCOME ON ZAGAIA % 4Q00 3Q01 4Q01 2000 2001
--------------------------------------------------------------------------------------------------------
Ferteco 100.00 0.0 7.6 41.6 0.0 51.5
MRS 10.48 0.0 (13.0) 8.2 0.0 (4.8)
Own operations 0.0 (102.1) 0.2 0.0 (106.7)
Total 0.0 (107.5) 50.0 0.0 (60.0)
--------------------------------------------------------------------------------------------------------
EQUITY INCOME ON % 4Q00 3Q01 4Q01 2000 2001
FLORESTAS RIO DOCE
--------------------------------------------------------------------------------------------------------
BAHIA SUL 0.0 0.0 0.0 0.0 0.0
Own operations (7.6) 4.1 1.4 (3.0) 9.7
Total FRD (7.6) 4.1 1.4 (3.0) 9.7
--------------------------------------------------------------------------------------------------------
EQUITY INCOME ON ITACO % 4Q00 3Q01 4Q01 2000 2001
US$ million
--------------------------------------------------------------------------------------------------------
CSI 50.00 (1.6) (2.2) (0.2) 15.7 (5.2)
Rio Doce Pasha - 1.2 0.7 0.0 2.3 0.7
RDL 100.00 (1.0) 3.2 0.7 1.4 5.0
RDA 100.00 0.2 0.0 0.3 0.4 0.3
RDME 100.00 2.5 (2.0) 3.5 1.4 (0.7)
Kaolin 0.3 0.2 0.0 0.3 0.2
CSN Aceros 62.50 (0.7) 0.0 (0.9) (0.9) (0.9)
Alunorte 0.0 0.0 0.0 0.0 0.0
Samitri (0.1) 0.0 0.0 3.0 0.0
Samitri - foreign exchange losses (4.9) 0.0 0.0 (4.6) 0.0
Aluvale 5.26 8.0 (1.1) 5.1 8.0 3.3
GIIC (GULF) 50.00 1.5 2.2 5.8 1.5 9.2
CVRD Overseas 100.00 0.0 21.5 11.5 0.0 43.9
Quadrem 9.00 0.0 0.0 (1.9) 0.0 (1.9)
Own operations (24.3) 45.0 49.4 43.6 99.6
G/L Exchange 10.7 24.0 (111.4) 16.4 (40.4)
Total Itaco (8.2) 91.5 (38.1) 88.5 113.1
-------------------------------------------------------------------------------
"Some of the statements included in this report are forward-looking statements.
These statements are subject to specific products market changes and general
local and global macroeconomic performance. In addition, they involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of CVRD to be materially different from
any future results, performance or achievements of CVRD expressed or implied by
the forward-looking statements."