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Votorantim Cimentos S.A Votorantim Cimentos S.A. (Controladora e consolidado) Demonstrações Financeiras intermediárias em 30 de setembro de 2011 e relatório de revisão Relatório de revisão sobre as demonstrações financeiras intermediárias Aos Administradores e Acionistas Votorantim Cimentos S.A. Introdução Revisamos o balanço patrimonial da Votorantim Cimentos S.A. (a "Companhia"), em 30 de setembro de 2011, e as respectivas demonstrações do resultado, do resultado abrangente, das mutações do patrimônio líquido e dos fluxos de caixa para o período findo nessa data. Revisamos, também, o balanço patrimonial consolidado da Votorantim Cimentos S.A e suas controladas ("Consolidado"), em 30 de setembro de 2011, e as respectivas demonstrações consolidadas do resultado, do resultado abrangente, das mutações do patrimônio líquido e dos fluxos de caixa para o período findo nessa data. A administração da Companhia é responsável pela elaboração e adequada apresentação das demonstrações financeiras intermediárias individuais condensadas de acordo com o Pronunciamento Técnico CPC 21 - Demonstração Intermediária e das demonstrações financeiras intermediárias consolidadas condensadas de acordo com o Pronunciamento Técnico CPC 21 - Demonstração Intermediária e com a norma internacional de contabilidade IAS 34 - Interim Financial Reporting, emitida pelo International Accounting Standards Board (IASB). Nossa responsabilidade é a de expressar uma conclusão sobre essas demonstrações financeiras intermediárias condensadas com base em nossa revisão. Alcance da revisão Conduzimos nossa revisão de acordo com as normas brasileiras e internacionais de revisão de informações intermediárias (NBC TR 2410 - Revisão de Informações Intermediárias Executada pelo Auditor da Entidade e ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectivamente). Uma revisão de informações intermediárias consiste na realização de indagações, principalmente às pessoas responsáveis pelos assuntos financeiros e contábeis e na aplicação de procedimentos analíticos e de outros procedimentos de revisão. O alcance de uma revisão é significativamente menor do que o de uma auditoria conduzida de acordo com as normas de auditoria e, consequentemente, não nos permitiu obter segurança de que tomamos conhecimento de todos os assuntos significativos que poderiam ser identificados em uma auditoria. Portanto, não expressamos uma opinião de auditoria. 2 PricewaterhouseCoopers, Av. Francisco Matarazzo 1400, Torre Torino, São Paulo, SP, Brasil 05001-903, Caixa Postal 61005 T: (11) 3674-2000, F: (11) 3674-2000, www.pwc.com/br Votorantim Cimentos S.A Conclusão sobre as demonstrações financeiras intermediárias individuais condensadas Com base em nossa revisão, não temos conhecimento de nenhum fato que nos leve a acreditar que as demonstrações financeiras intermediárias individuais condensadas acima referidas não estão elaboradas, em todos os aspectos relevantes, de acordo com o Pronunciamento Técnico CPC 21 - Demonstração Intermediária. Conclusão sobre as demonstrações financeiras intermediárias consolidadas condensadas Com base em nossa revisão, não temos conhecimento de nenhum fato que nos leve a acreditar que as demonstrações financeiras intermediárias consolidadas condensadas acima referidas não estão elaboradas, em todos os aspectos relevantes, de acordo com o Pronunciamento Técnico CPC 21 - Demonstração Intermediária e a norma internacional de contabilidade IAS 34 -Interim Financial Reporting, emitida pelo International Accounting Standards Board (IASB). Ênfase Conforme descrito na nota 12 às demonstrações financeiras intermediárias consolidadas condensadas, a Companhia e suas controladas mantém relações e transações em montantes significativos com partes relacionadas. Consequentemente, os resultados de suas operações podem ser diferentes daqueles que seriam obtidos de transações efetuadas apenas com partes não relacionadas. Nossa conclusão não está ressalvada em função desse assunto. Outros assuntos Informação suplementar - demonstrações do valor adicionado Revisamos , também, as demonstrações intermediárias do valor adicionado (DVA), individuais e consolidadas, referentes ao período findo em 30 de setembro de 2011, apresentadas como informação suplementar. Essas demonstrações foram submetidas aos mesmos procedimentos de revisão descritos anteriormente e, com base em nossa revisão, não temos conhecimento de nenhum fato que nos leve a acreditar que não estão adequadamente elaboradas, em todos os seus aspectos relevantes, em relação às demonstrações financeiras intermediárias condensadas tomadas em conjunto. São Paulo, 16 de novembro de 2011 PricewaterhouseCoopers Mario Miguel Tomaz Tannhauser Junior Auditores Independentes Contador CRC 1SP217245/O-8 "S" PR CRC 2SP000160/O-5 3 Índice Demonstrações financeiras intermediárias consolidadas Balanço patrimonial 2 Demonstrações do resultado 3 Demonstrações do resultado abrangente 4 Demonstrações das mutações do patrimônio líquido 5 Demonstrações dos fluxos de caixa 6 Demonstrações do valor adicionado 7 Notas explicativas da administração às demonstrações financeiras intermediárias consolidadas 1 Considerações gerais 8 2 Apresentaçãodasdemonstraçõesfinanceiras 11 2.1 Base de preparação 11 2.2 Consolidação 11 3 Normas alterações e interpretações de normas que ainda não estão em vigor 12 4 Estimativas e premissas contábeis críticas 13 5 Gestãoderiscofinanceiro 13 5.1 Fatores de risco financeiro 13 5.2 Estimativa do valor justo 17 5.3Demonstrativodaanálisedesensibilidade 17 5.4 Instrumentos Financeiros Derivativos 18 6 Qualidade dos Créditos dos ativos financeiros 19 7 Caixaeequivalentesdecaixa 19 8 Aplicações financeiras 19 9 Contasareceberdeclientes 20 10 Estoques 20 11 Tributos a recuperar 21 12 Partes relacionadas 22 13 Investimentos 25 14Imobilizado 27 15Intangível 29 16 Empréstimos e financiamentos 30 17 Contas a pagar - Trading 35 18 Imposto de renda e contribuição social diferidos 35 19 Obrigações tributárias, provisão para contingências e depósitos judiciais 36 20 Programa de recuperação fiscal - REFIS 39 21 Patrimônio líquido 40 22 Receitalíquida 42 23 Outras receitas operacionais, líquidas 42 24 Despesas por natureza 42 25 Despesas de benefícios a empregados 43 26 Resultadofinanceirolíquido 43 27 Seguros 43 1 de 44 Votorantim Cimentos S.A. Balanços patrimoniais intermediários Em milhares de reais (2.653.750) Consolidado Controladora ConsolidadoControladora Ativo Nota 30/9/2011 31/12/2010 30/9/2011 31/12/2010 Passivo e patrimônio líquido Nota 30/9/2011 31/12/2010 30/9/2011 31/12/2010 Circulante Circulante Caixaeequivalentesdecaixa 7 6.544 7.102 95.194 24.948 Empréstimosefinanciamentos 16 300.495 139.226 448.064 220.679 Aplicaçõesfinanceiras 8 1.524.598 875.744 1.673.503 1.174.985 Fornecedores 297.014 324.464 597.176 638.528 Contasareceberdeclientes 9 460.972 328.284 989.760 679.562 Salárioseencargossociais 107.169 95.293 151.936 111.386 Estoques 10 535.758 318.667 1.027.096 796.836 Tributosarecolher 364.935 156.460 599.471 357.279 Tributosarecuperar 11 230.488 52.414 333.276 97.254 Dividendosapagar 12 328.376 650.101 337.949 668.990 Adiantamentosafornecedores 66.353 52.821 109.602 73.199 Adiantamentosdeclientes 10.285 13.828 16.964 26.288 Dividendosareceber 12 41.430 110.477 33.701 5.543 Contasapagar- Trading 17 100.769 23.356 187.735 Outrosativos 48.963 57.907 96.177 142.588 Outrospassivos 121.677 94.844 218.199 194.694 2.915.106 1.803.416 4.358.309 2.994.915 1.529.951 1.574.985 2.393.115 2.405.579 Não circulante Não circulante Realizávelalongoprazo Empréstimosefinanciamentos NC 16 6.634.143 4.171.267 7.486.569 5.027.644 Aplicações financeiras NC 8 13.305 8.995 13.305 8.995 Partesrelacionadas PasNC 12 3.971.276 4.546.172 1.388.220 1.748.042 Partesrelacionadas 12 386.589 328.377 358.814 257.081 Provisãoparacontingênciase Tributosdiferidos 18(b) 411.119 353.836 634.963 479.765 obrigaçõestributárias 19(a) 485.242 458.897 692.122 691.376 Tributos a recuperar NC 11 8.860 18.369 18.843 22.967 Tributosdiferidos PasNC 18(b) 886.408 873.922 1.171.237 1.068.156 Outros ativos NC 93.978 18.557 363.894 241.780 Outrospassivos NC 258.864 188.008 578.303 467.770 Investimentos 13 12.090.190 11.066.862 3.817.582 3.318.656 12.235.933 10.238.266 11.316.451 9.002.988 Imobilizado 14 3.283.825 2.439.412 6.766.705 5.658.250 Intangível 15 145.243 154.552 3.160.588 2.997.433 Patrimôniolíquido 21 Capitalsocial 2.741.825 2.327.212 2.741.825 2.327.212 16.433.109 14.388.960 15.134.694 12.984.927 Reservaparaincentivosfiscais 248.204 220.813 248.204 220.813 Reservasdelucros 1.583.031 1.983.031 1.583.031 1.983.031 Lucros acumulados 884.797 884.797 Ajustesdeavaliaçãopatrimonial 124.474 (151.931) 124.474 (151.931) Total do patrimônio líquido dos acionistas controladores 5.582.331 4.379.125 5.582.331 4.379.125 Participaçãodosacionistasnãocontroladores 201.106 192.150 Totaldopatrimôniolíquido 5.582.331 4.379.125 5.783.437 4.571.275 Totaldoativo 19.348.215 16.192.376 19.493.003 15.979.842 Totaldopassivoepatrimôniolíquido 19.348.215 16.192.376 19.493.003 15.979.842 As notas explicativas são parte integrante das demonstrações financeiras intermediárias. 2 de 44 Votorantim Cimentos S.A. Demonstrações intermediárias do resultado dos períodos de nove meses findos em 30 de setembro Em milhares de reais Controladora Consolidado Nota 2011 2010 2011 2010 Receita líquida 22 3.911.325 877.688 6.369.597 5.998.235 Custodosprodutosvendidosedosserviçosprestados (2.400.869) (509.953) (4.203.620) (3.596.024) Lucro bruto 1.510.456 367.735 2.165.977 2.402.211
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