STATEMENT OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001
(In thousands of Reais)
	Parent company		Consolidated
	2002	2001	2002
GROSS SALES REVENUE	217.983	164.457	429.333
Sales Taxes	-43.210	-33.415	-74.026
NET SALES REVENUE	174.773	131.042	355.307
Cost of Products Sold	-132.405	-100.367	-273.368
GROSS INCOME	42.368	30.675	81.939
Selling Expenses	-4.972	-3.657	-10.643
General and Administrative Expenses	-13.750	-12.123	-20.882
Other Operating Revenues and Expenses	426	1.153	246
OPERATING INCOME BEFORE FINANCIAL INCOME, EQUITY ACCOUNTING AND PREMIUM AMORTIZATION
	24.072	16.048	50.660
Financial Income	5.474	3.975	-3.201
CPMF, IOF, PIS and COFINS on Financial Income	-1.459	-1.257	-2.793
OPERATING INCOME BEFORE EQUITY ACCOUNTING	28.087	18.766	44.666
Equity Accounting and Premium Amortization	15.175	-	-5.020
OPERATING INCOME	43.262	18.766	39.646
Non-Operating Income	-205	-910	5.398
INCOME BEFORE TAXES AND PARTICIPATION	43.057	17.856	45.044
Income Tax and Social Contribution	-2.603	-3.293	-2.603
Employees’ and Management’s Participation	-3.421	-1.486	-3.421
NET INCOME BEFORE MINORITY SHAREHOLDING
	37.033	13.077	39.020
Minority Shareholding	-	-	-1.987
NET INCOME	37.033	13.077	37.033
Net Earnings per Thousand-Share Lot -  R$	87	31	87
The accompanying notes are an integral part of these financial statements