Gerdau S.A. (GGB) · 24 Years of Financial statements

Income Statement

Revenue

1,885

1,833

2,676

2,332

3,265

4,521

6,952

8,883

11,823

15,819

18,104

15,226

18,914

18,999

18,531

16,874

16,006

11,000

11,563

11,145

11,891

9,863

8,434

14,063

COGS

1,220

1,125

1,823

1,650

2,350

3,438

4,839

6,556

8,762

11,886

13,400

12,683

15,589

16,258

16,215

14,701

14,072

9,917

10,499

10,057

10,307

8,818

7,293

10,326

Gross Profit

665

708

853

682

915

1,083

2,113

2,327

3,061

3,933

4,704

2,543

3,326

2,741

2,316

2,173

1,934

1,083

1,064

1,088

1,584

1,046

1,142

3,737

Gross Profit Ratio

35.26%

38.62%

31.88%

29.26%

28.03%

23.96%

30.40%

26.20%

25.89%

24.86%

25.98%

16.70%

17.58%

14.43%

12.50%

12.88%

12.08%

9.85%

9.20%

9.76%

13.32%

10.60%

13.54%

26.57%

Operating Expenses

372

355

466

288

335

387

485

677

1,076

1,398

1,246

1,402

1,130

1,335

1,175

1,030

993

627

648

472

435

244

79

143

R&D Expenses

- -

Selling, G&A Exp.

277

245

325

288

335

387

514

668

1,076

1,380

1,285

1,344

1,420

1,289

1,206

1,106

1,026

652

688

500

426

356

295

378

General and Admin. Exp.

- -

820

- -

987

984

1,088

965

919

827

766

454

469

341

279

237

196

250

Selling and Marketing Exp.

- -

256

- -

297

360

332

324

287

279

260

198

218

158

147

119

99

128

Other Expenses

95

110

141

- -

(29)

8

- -

18

(39)

58

(291)

46

(31)

(75)

(33)

(24)

(39)

(28)

9

(112)

(215)

(235)

COGS and Expenses

1,592

1,480

2,289

1,938

2,684

3,825

5,324

7,232

9,838

13,284

14,646

14,085

16,719

17,593

17,390

15,731

15,065

10,544

11,147

10,529

10,741

9,062

7,372

10,469

Interest Income

- -

458

- -

209

250

178

245

79

49

27

33

43

35

34

17

12

Interest Expense

- -

436

- -

700

738

661

521

396

382

443

371

473

400

303

233

197

190

Depreciation and Amortization

95

110

141

137

179

182

269

301

503

688

819

1,001

1,141

951

892

859

838

658

779

632

487

516

481

477

EBITDA

341

326

375

360

417

657

1,834

1,882

2,889

2,836

3,631

2,398

3,395

2,684

2,014

1,809

1,752

(497)

458

1,012

1,341

1,163

1,347

4,295

EBITDA ratio

18.08%

17.79%

14.01%

15.42%

12.78%

14.53%

26.38%

21.19%

24.43%

17.93%

20.06%

15.75%

17.95%

14.12%

10.87%

10.72%

10.95%

(4.52)%

3.96%

9.08%

11.27%

11.79%

15.96%

30.54%

Operating Income

293

353

387

394

581

696

1,628

1,650

2,093

2,535

3,458

548

2,196

1,511

1,146

1,166

1,091

(812)

(503)

332

1,043

792

1,062

3,594

Operating Income ratio

15.55%

19.25%

14.46%

16.89%

17.79%

15.39%

23.42%

18.58%

17.70%

16.02%

19.10%

3.60%

11.61%

7.95%

6.18%

6.91%

6.81%

(7.38)%

(4.35)%

2.98%

8.77%

8.03%

12.59%

25.55%

Total Other Income Exp.(Gains)

(47)

(137)

(153)

(171)

(342)

(171)

94

109

265

145

(912)

43

(413)

(250)

(385)

(551)

(587)

(727)

(290)

(345)

(487)

(375)

(389)

45

Income Before Tax

246

216

234

223

238

524

1,722

1,759

2,358

2,680

2,546

592

1,783

1,261

761

615

503

(1,538)

(793)

(13)

556

417

673

3,639

Income Before Tax ratio

13.06%

11.80%

8.75%

9.57%

7.30%

11.60%

24.77%

19.81%

19.94%

16.94%

14.06%

3.89%

9.43%

6.64%

4.11%

3.64%

3.14%

(13.98)%

(6.86)%

(0.12)%

4.67%

4.22%

7.98%

25.88%

Income Tax Expense (Gain)

52

21

46

55

7

(34)

407

465

438

531

410

15

302

136

31

(102)

(57)

(378)

93

89

(44)

114

213

846

Net Income

194

195

189

168

232

509

1,158

1,116

1,511

1,617

1,702

644

1,291

1,076

696

670

528

(1,149)

(888)

(108)

593

299

455

2,781

Net Income Ratio

10.28%

10.66%

7.04%

7.21%

7.10%

11.26%

16.66%

12.56%

12.78%

10.22%

9.40%

4.23%

6.82%

5.66%

3.75%

3.97%

3.30%

(10.44)%

(7.68)%

(0.97)%

4.99%

3.04%

5.40%

19.78%

EPS

0.28

0.00

0.17

0.38

0.87

0.84

1.14

1.22

0.45

0.90

0.65

0.41

0.39

0.31

(0.69)

(0.52)

(0.06)

0.35

0.18

0.27

1.64

EPS Diluted

0.26

0.00

0.17

0.38

0.87

0.84

1.13

1.21

1.22

0.45

0.90

0.65

0.41

0.39

0.31

(0.69)

(0.52)

(0.06)

0.35

0.18

0.27

1.64

Weighted Avg. Shares Outs.

1,328

66,267,043

1,115,033

1,327,853

1,332

1,335

1,328

1,325

1,392

1,420

1,425

1,643

1,700

1,704

1,705

1,687

1,709

1,696

1,699

1,701

1,706

Weighted Avg. Shares Outs. Dil.

1,328

66,267,043

1,115,033

1,327,853

1,332

1,336

1,333

1,335

1,342

1,337

1,392

1,420

1,425

1,645

1,700

1,704

1,705

1,687

1,709

1,696

1,699

1,701

1,706

SEC Link

Link

Balance Sheet

Cash and Cash Equivalents

11

10

12

28

40

92

249

532

485

1,138

875

1,200

639

792

701

889

1,147

1,426

1,555

771

745

657

889

747

Short-Term Investments

339

375

290

308

368

236

405

1,759

2,230

1,758

1,463

1,503

672

1,664

517

899

1,053

321

315

248

118

909

585

471

Cash & Short-Term Investments

350

385

303

336

408

328

653

2,291

2,714

2,896

2,339

2,703

1,311

2,457

1,218

1,787

2,200

1,746

1,870

1,019

863

1,566

1,474

1,218

Net Receivables

217

354

332

290

362

465

835

778

1,534

1,782

1,591

1,936

1,900

2,371

2,260

2,186

2,104

1,511

1,445

1,114

1,075

911

1,153

1,492

Inventory

292

494

458

446

633

796

1,594

1,660

2,377

3,418

4,492

3,300

4,096

4,325

4,402

3,598

3,336

2,216

1,945

2,023

2,362

1,906

1,765

3,027

Other Current Assets

114

40

74

65

121

167

240

447

587

553

188

493

141

127

123

140

124

206

1,273

209

155

114

122

Total Current Assets

973

1,272

1,167

1,137

1,524

1,756

3,323

4,969

7,072

8,682

8,975

8,126

7,800

9,293

8,007

7,694

7,781

5,598

5,465

5,429

4,509

4,537

4,506

5,859

PP&E

1,279

2,012

1,542

1,391

2,085

2,299

2,790

3,513

5,980

8,622

8,664

9,599

9,743

9,281

9,607

9,067

8,326

5,870

5,943

4,964

4,005

4,150

3,478

3,519

Goodwill

- -

148

336

3,536

4,879

4,833

4,915

4,913

4,895

4,806

4,724

3,698

2,908

2,382

2,347

2,356

2,330

2,231

Intangible Assets

- -

114

119

141

- -

609

740

570

709

683

666

634

582

463

405

293

215

168

120

92

Goodwill and Intangible Assets

- -

114

119

141

148

336

4,146

5,619

5,403

5,624

5,596

5,561

5,440

5,306

4,162

3,314

2,676

2,563

2,523

2,450

2,322

Investments

- -

209

- -

810

700

789

738

703

673

525

352

245

387

449

451

437

600

Tax Assets

- -

63

44

98

231

153

181

187

138

988

773

951

831

1,078

870

966

1,087

1,046

922

998

1,013

653

526

Other Non-Current Assets

308

240

460

395

265

355

444

478

679

1,389

454

977

934

1,081

948

898

814

624

765

808

687

762

626

424

Total Non-Current Assets

1,587

2,252

2,065

1,830

2,562

3,004

3,529

4,320

7,391

14,294

16,535

17,451

18,042

17,527

17,898

16,948

15,936

12,094

11,313

9,757

8,701

8,899

7,645

7,391

Other Assets

- -

0

- -

Total Assets

2,559

3,524

3,231

2,967

4,086

4,760

6,852

9,289

14,463

22,977

25,510

25,577

25,842

26,820

25,904

24,642

23,717

17,692

16,778

15,186

13,210

13,436

12,151

13,250

Accounts Payable

92

172

208

138

282

372

628

675

1,111

1,455

1,234

978

1,074

1,724

1,493

1,385

1,218

916

843

960

1,061

936

1,047

1,439

Short-Term Debt

278

717

691

572

1,105

797

673

566

1,063

1,418

1,699

778

1,020

943

1,260

778

767

603

1,369

605

470

439

320

366

Tax Payable

- -

224

- -

223

388

316

318

258

276

299

124

128

107

192

159

271

253

Deferred Revenue

- -

Other Current Liabilities

99

165

71

175

201

287

411

438

521

908

505

620

615

652

806

625

641

342

308

657

467

313

572

461

Total Current Liabilities

469

1,055

970

885

1,588

1,456

1,712

1,679

2,919

3,782

3,661

2,764

3,026

3,637

3,817

3,063

2,924

1,985

2,648

2,329

2,191

1,847

2,210

2,520

Long-Term Debt

603

915

831

729

995

1,285

1,625

2,644

442

7,566

8,338

7,552

7,819

6,400

5,897

6,294

6,577

6,076

4,952

4,379

3,370

3,754

3,221

2,323

Deferred Revenue

- -

Deferred Tax Liabilities

69

139

144

152

128

72

59

141

415

853

1,322

1,304

1,368

997

1,404

1,051

948

712

809

275

229

330

238

330

Other Non-Current Liabilities

199

210

178

131

201

283

291

366

5,764

965

1,370

1,332

1,491

1,556

736

680

756

850

915

990

738

744

499

391

Total Non-Current Liabilities

871

1,264

1,154

1,012

1,325

1,640

1,975

3,152

6,622

9,384

11,030

10,189

10,677

8,953

8,037

8,025

8,282

7,638

6,676

5,644

4,338

4,828

3,957

3,045

Other Liabilities

- -

Capital Lease Obligations

- -

200

165

Total Liabilities

1,340

2,319

2,124

1,897

2,913

3,096

3,688

4,831

9,541

13,166

14,691

12,953

13,703

12,590

11,854

11,088

11,206

9,623

9,324

7,973

6,528

6,675

6,167

5,564

Preferred Stock

- -

563

- -

Common Stock

278

729

279

281

980

1,539

2,209

- -

8,138

9,430

- -

9,392

8,148

7,242

4,858

5,911

5,811

4,959

4,789

3,705

3,455

Retained Earnings

445

310

676

766

937

1,159

1,510

1,429

1,457

2,570

2,208

3,325

3,335

3,350

4,479

4,433

4,276

1,744

1,156

1,001

1,238

1,404

3,202

Other Compreh. Income(Loss)

(851)

(1,015)

(860)

(837)

(918)

(737)

(515)

(212)

74

912

811

(779)

(7,325)

(158)

407

1,096

1,336

2,218

1,225

1,216

1,243

1,288

1,428

1,533

Other Total Stockhold. Equity

1,348

1,181

1,012

861

2

(3)

(12)

112

3,390

3,523

5,693

(66)

6,292

10,221

(985)

(835)

(740)

(823)

(913)

(890)

(812)

(775)

(597)

(543)

Total Stockholders Equity

1,219

1,205

1,108

1,070

865

1,400

2,523

3,539

4,922

7,005

8,712

10,618

11,731

13,414

13,293

12,843

12,114

7,997

7,379

7,138

6,628

6,707

5,941

7,647

Total Liab.&Stockhold. Equity

2,559

3,524

3,231

2,967

3,778

4,495

6,210

8,369

14,463

20,171

23,403

23,571

25,434

26,003

25,147

23,931

23,320

17,620

16,703

15,111

13,156

13,382

12,108

13,212

Minority Interest

- -

Total Liabilities & Equity

2,559

3,524

3,231

2,967

3,778

4,495

6,210

8,369

14,463

20,171

23,403

23,571

25,434

26,003

25,147

23,931

23,320

17,620

16,703

15,111

13,156

13,382

12,108

13,212

SEC Link

Link

Cash Flow Statement

Net Income

194

195

189

168

232

509

1,158

1,116

1,511

1,617

2,136

576

1,481

1,126

730

717

560

(1,160)

(886)

(102)

599

303

460

2,793

Depreciation and Amortization

95

110

141

137

179

182

269

301

503

688

819

1,001

1,141

951

892

859

838

658

779

632

487

516

481

477

Deferred Income Tax

14

- -

15

29

(21)

(122)

77

118

(3)

111

410

15

302

136

114

(15)

49

(297)

200

56

(58)

23

44

656

Stock Based Compensation

- -

3

13

11

7

18

16

15

12

14

11

- -

Change in Working Capital

(13)

(110)

(115)

(52)

(271)

(93)

(521)

(1,382)

(842)

544

(1,637)

2,260

(1,026)

(1,059)

(780)

486

(332)

416

125

(288)

(705)

312

118

(1,223)

Accounts Receivable

- -

(44)

- -

460

832

(398)

(109)

82

(10)

(14)

308

20

(17)

18

163

(102)

(290)

Inventory

(17)

- -

(42)

(58)

(94)

(74)

(533)

0

(179)

(442)

(1,076)

2,161

(699)

(366)

(129)

431

(65)

499

244

(383)

(625)

387

(82)

(1,383)

Accounts Payable

- -

(957)

(994)

66

602

(255)

(55)

(95)

(194)

34

242

232

(160)

195

455

Other Working Capital

- -

(110)

(22)

- -

(40)

182

(69)

(660)

1,005

35

230

266

(895)

- -

Other Non-Cash Items

(20)

104

(4)

33

231

(8)

163

192

283

358

(161)

(222)

585

(243)

1,146

(329)

(163)

2,178

848

318

181

(757)

132

(457)

Cash Provided by Operating Activities

269

299

225

314

350

467

1,147

345

1,452

3,319

1,570

3,643

2,494

918

2,119

1,735

967

1,808

1,080

627

515

409

1,234

2,247

CAPEX

(345)

(309)

(265)

(245)

(186)

(297)

(441)

(697)

(1,035)

(1,329)

(1,184)

(790)

(833)

(1,128)

(1,602)

(1,167)

(906)

(619)

(423)

(275)

(325)

(460)

(347)

(573)

Acquisitions Net

- -

15

(392)

(15)

(316)

(70)

(659)

(4,273)

(1,761)

(41)

(171)

(40)

(101)

(78)

- -

(16)

- -

(54)

(97)

(18)

(93)

20

Purchases of Investments

(995)

(338)

(368)

(284)

(848)

(957)

(500)

(141)

(1,529)

(662)

(210)

(1,486)

(827)

(388)

- -

Sales/Maturities of Investments

957

- -

405

225

847

1,100

424

141

1,406

784

184

1,637

853

418

- -

Other Investing Activities

(76)

(1)

(3)

148

6

4

(68)

6

124

(90)

136

78

(45)

(70)

(51)

33

348

(9)

78

156

1,019

(20)

(18)

(15)

Cash Used for Investing Activities

(459)

(648)

(231)

(141)

(573)

(165)

(901)

(760)

(1,694)

(5,570)

(2,834)

(601)

(966)

(1,133)

(1,677)

(1,144)

(504)

(611)

(328)

(162)

614

(473)

(429)

(538)

Debt Repayment

- -

(1,465)

- -

(2,146)

(4,859)

(2,081)

(2,043)

(1,036)

(2,211)

(818)

(1,269)

(1,416)

(2,186)

(1,546)

(1,272)

(1,028)

(968)

Common Stock Issued

- -

3

- -

2

- -

181

221

- -

515

1,246

- -

Common Stock Repurchased

(0)

- -

(6)

(9)

(7)

(33)

- -

(22)

(7)

(23)

(42)

(22)

- -

(48)

(29)

- -

(63)

- -

Dividends Paid

(45)

(38)

(66)

(71)

(74)

(122)

(276)

(395)

(444)

(538)

(713)

(189)

(614)

(296)

(255)

(181)

(171)

(90)

(26)

(154)

(120)

(53)

(958)

Other Financing Activities

242

530

73

(84)

355

(121)

26

805

2,118

2,883

2,757

2,225

610

2,770

808

2,051

792

690

754

988

666

1,390

601

134

Cash Used/Provided by Financing Activities

196

495

7

(155)

283

(249)

(77)

624

176

2,860

1,123

(2,830)

(2,108)

390

(506)

(341)

(197)

(717)

(718)

(1,225)

(1,096)

(2)

(480)

(1,792)

Effect of Forex Changes on Cash

(0)

- -

1

(2)

(48)

(2)

(12)

74

20

43

141

(174)

(41)

48

44

30

92

177

(213)

2

54

4

56

1

Net Change In Cash

7

146

3

15

13

52

156

283

(47)

652

0

37

(621)

223

(19)

280

358

656

(180)

(757)

86

(62)

380

(82)

Cash at the End of Period

11

385

12

28

40

92

249

532

485

1,138

875

1,200

639

792

701

889

1,147

1,426

1,555

771

745

657

889

747

Cash at the Beginning of Period

4

239

10

12

28

40

93

249

531

486

875

1,163

1,260

569

720

608

790

770

1,735

1,529

658

719

509

829

Free Cash Flow

(76)

(9)

(39)

69

165

170

706

(352)

417

1,990

386

2,853

1,660

(211)

517

568

61

1,189

657

352

190

(51)

886

1,674

SEC Link

Link

Forex Rate

0.83

0.55

0.51

0.43

0.28

0.35

0.38

0.43

0.47

0.56

0.43

0.57

0.60

0.54

0.49

0.42

0.38

0.25

0.31

0.30

0.26

0.25

0.19

0.18

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