1Q15 RESULTS

2015: A year of economic adjustment and implementation of the new ERP system

• Net Revenues: R$107.9 million, down by 37.7% against the same period of the previous year (R$173.3 million). The decrease in Net Revenues was chiefly due to adapting to the new ERP system implemented in the first days of January 2015, which caused a temporary delay in the Company’s deliveries.

• Gross Profit: R$3.0 million, or a drop of 93.1%, chiefly due to the postponement of deliveries and lower productivity rates as a result of the new ERP system.

• Net Loss: R$14.3, as a result of lower revenues and negative variation in the exchange rate.

• EBITDA: negative by R$11.0 million, with negative margin of 10.2%.

• Cash generation: due to lower activity levels as a result of delayed invoicing, the Company's cash generation decreased by R$24.9 million in 1Q15.

• Net Debt: negative by R$41.7 million at the end of the 1st quarter (negative by R$72.2 million at the end of 2014).

2

Sales – R$ Thousand -82,433 (-26%)

1Q15

236,401

78,853 (33%)

10,253 (4%)

16,091 (7%)

131,203 (56%)

1Q14

318,833

28,485 (9%)

8,388 (3%) 30,932 (10%)

251,029 (79%)

Bulk Handling +177%

Parts and Services +22%

Exports -48%

Storage -48%

4

PRODUCTION –TONS. OUTPUT –TONS.

BACK LOG – R$ Thousand

NET REVENUE – R$ Thousand

1Q14

15,519 10,172

1Q15

-5,347 (-34%)

-8,329 (-42%)

1Q14 1Q15

19,729

11,400

388,680

March/14

-50,680 (-13%)

338,000

March/15

107,909

8,172 (5%) 20,227 (12%)

127,979 (74%)

16,892 (10%)

173,270

1Q14

88,772 (82%)

7,915 (7%)

6,104 (6%) 5,118 (5%)

-65,361 (-37.7%)

1Q15

Parts and Services -37%

Bulk Handling -64%

Exports -61%

Storage -31%

5

CONTRIBUTION MARGIN

Net Revenue (-) Variable Costs

GROSS PROFIT (R$ Thousand)

GROSS MARGIN (%)

1Q14

2,992

1Q15

-40,311 (-93%)

3%

43,303

25%

1Q15

33.7%

-5.8 p.p.

1Q14

39.5%

EBITDA (R$ Thousand)

EBITDA MARGIN (%)

EBITDA

6

Net Income (R$ thousands) 1Q15 1Q14 Δ%

Income (Loss) for the Period (14.281) 23.774 -160.1%

(+) Provision for Income and Social Contribution - Current and Deferred (5.954) 6.596 -190.3%

(-) Financial Revenues (7.073) (7.454) -5.1%

(+) Financial Expenses 10.870 7.807 +39.2%

(+) Depreciation and Amortization 5.481 4.049 +35.4%

EBITDA (10.957) 34.772 -131.5%

1Q15 1Q14

34,772

20%

-45,729 (-132%)

-10%

-10,957

7

INDEBTEDNESS Debt (R$ thousands) 1Q15 2014 Var (%)

EXIM Pre-Shipment 30,492 25,284 +20.6%

FINAME PSI 1,204 1,102 +9.3%

FINIMP 4,441 7,874 -43.6%

FINEP 3,540 3,509 +0.9%

Short Term 39,677 37,769 5.1%

EXIM Pre-Shipment 31,608 39,885 -20.8%

FINAME PSI 10,228 10,241 -0.1%

FINEP 17,585 18,500 -4.9%

Long Term 59,421 68,626 -13.4%

Total Debt 99,098 106,395 -6.9%

Cash and Cash Equivalents (Current and Non-Current) (140,84) (178,611) -21.1%

Net Debt (41,742) (72,216) -42.2%

1Q15

(41.742)

Cash

37.771

Long Term

(9.205)

Short Term

1.908

2014

(72.216)

+30,474 (-42%)

1Q15

-41,742

2014

-72,216

8

NET PROFIT IN THE PERIOD (R$ Thousand)

% OF NET REVENUE

-13.2%

-38,055 (-160%)

1Q14 1Q15

23,774

13.7%

-14,281 -20,235

30,370

-18.8%

1Q15 1Q14

-50,605 (-167%)

17.5%

EARNINGS BEFORE INCOME TAX AND SOCIAL

CONTRIBUTION ON NET INCOME (R$ Thousand)

% OF NET REVENUE

9

Ownership Breakdown

17.54%

Previ

17.56%

Banco do Brasil Investimentos

Sul America Expertise FIA

5.21%

Banco Clássico

9.99% Fernando Francisco Brochado Heller

12.11%

Other Minority 37.59%

03/31/2014

Geração Futuro Corretora de Valores

Victoire Brasil Investimentos Adm. Recursos

9,55%

7,18%

9,94% Fernando Francisco Brochado Heller

12,05%

Banco do Brasil Investimentos 17,46%

Previ

17,48%

Banco Clássico

Other Minority

26,34%

03/31/2015

10

Appendix

11

RESULTS

CONSOLIDATED STATEMENTS OF

INCOME 1Q15

Vertical

Analysis

1Q15

1Q14

Vertical

Analysis

1Q15

Horizontal

Analysis

1Q15x1Q14

(In thousands of Reais, except for percentages)

NET OPERATING REVENUES 107,909 100.00% 173,27 100.00% -37.72%

COST OF GOODS SOLD (104,917) -97.23% (129,967) -75.01% -19.27%

GROSS PROFIT 2,992 2.77% 43,303 24.99% -93.09%

Selling expenses (9,092) -8.43% (8,170) -4.72% 11.29%

General and administrative expenses (11,470) -10.63% (9,532) -5.50% 20.33%

Other operating revenues 2,267 2.10% 6,632 3.83% -65.82%

Other operating expenses (1,135) -1.05% (1,510) -0.86% -24.83%

OPERATING INCOME (16,438) -15.23% 30,723 17.73% -153.50%

Financial expenses (10,870) -10.07% (7,807) -4.51% 39.23%

Financial revenues 7,073 6.55% 7,454 4.31% -5.11%

INCOME BEFORE INCOME AND SOCIAL CONTRIBUTION TAXES(20,235) -18.75% 30,37 17.53% -166.63%0

Current income and social contribution taxes (364) -0.34% (4,420) -2.55% -91.76%

Deferred income and social contribution taxes 6,318 5.85% (2,176) -1.26% -390.35%

INCOME AND SOCIAL CONTRIBUTION TAXES 5,954 5.52% (6,596) -3.81% -190.27%

NET INCOME FOR THE PERIOD (14,281) -13.23% 23,774 13.72% -160.07%- -

12

Balance sheet - Assets

13

Balance sheet - Liabilities

Olivier Michel Colas Felipe Fontes

Vice-President Executive Officer IR Analyst

THANK YOU !

Tel.: +55 (11) 4873-0302

E-mail: ri.kepler@kepler.com.br

Website: www.kepler.com.br/ri

Investor Relations