| STATEMENT OF INCOME | ||||||
| for the years ended December 31, 2004 and 2003 | ||||||
| ( In thousands of Reais ) | ||||||
| PARENT COMPANY | CONSOLIDATED | |||||
| 2004 | 2003 | 2004 | 2003 | |||
| Domestic Sales Revenue | 775.387 | 437.214 | 775.387 | 437.214 | ||
| Foreign Sales Revenue | 110.941 | 88.821 | 110.941 | 88.821 | ||
| GROSS SALES REVENUE | 886.328 | 526.035 | 886.328 | 526.035 | ||
| Taxes and Sales Deductions | (182.357) | (83.297) | (182.357) | (83.297) | ||
| NET SALES REVENUE | 703.971 | 442.738 | 703.971 | 442.738 | ||
| Cost of Products Sold | (525.378) | (352.549) | (525.378) | (352.549) | ||
| GROSS INCOME | 178.593 | 90.189 | 178.593 | 90.189 | ||
| Selling Expenses | (26.020) | (22.292) | (26.020) | (22.292) | ||
| General and Administrative Expenses | (32.888) | (21.228) | (32.962) | (21.338) | ||
| Other Operating Revenues and Expenses | (10.218) | 5.086 | (10.194) | 5.225 | ||
| OPERATING INCOME BEFORE FINANCIAL | ||||||
| INCOME, EQUITY ACCOUNTING | 109.467 | 51.755 | 109.417 | 51.784 | ||
| AND PREMIUM AMORTIZATION | ||||||
| Financial Income | (6.974) | (8.144) | (7.138) | (8.145) | ||
| "CPMF", "IOF", "PIS" e "COFINS" on Financial Income | (4.200) | (2.898) | (4.200) | (2.898) | ||
| OPERATING INCOME BEFORE EQUITY | 98.293 | 40.713 | 98.079 | 40.741 | ||
| ACCOUNTING AND PREMIUM AMORTIZATION | ||||||
| Premium Amortization | (5.295) | (2.671) | (5.295) | (2.671) | ||
| Equity Accounting | 11 | (245) | 225 | (273) | ||
| OPERATING INCOME | 93.009 | 37.797 | 93.009 | 37.797 | ||
| Non Operating Income | (478) | (15) | (478) | (15) | ||
| INCOME BEFORE TAXES AND PARTICIPATIONS | 92.531 | 37.782 | 92.531 | 37.782 | ||
| Income Tax and Social Contribution | (12.580) | (4.772) | (12.580) | (4.772) | ||
| Employees' and Management's Participation | (9.112) | (2.434) | (9.112) | (2.434) | ||
| NET INCOME | 70.839 | 30.576 | 70.839 | 30.576 | ||
| Net Earnings per Thousand-Share Lot - R$ | 112 | 49 | 112 | 49 | ||
| EBITDA | 125.731 | 62.198 | 125.681 | 62.227 | ||