Transcript
BRASIL ECODIESEL S.A.
NBome
PRESENTATION OF 2Q10 RESULTS
BRASIL ECODIESEL S.A.Investor Relations
BRASIL ECODIESEL S.A.
Brazilian Biodiesel Market
The Company
Results – 2Q10
Strategy
BRASIL ECODIESEL S.A.
Brazilian Biodiesel Market
The Company
Results – 2Q10
Strategy
BRASIL ECODIESEL S.A. | Brazilian Diesel Market - What is Biodiesel?
Technology Raw Material
Key Factor of Success:technology or raw material? “Our goal is to achieve the highest standard
quality in large scale production using
different vegetable oils!”
BRASIL ECODIESEL S.A. | Brazilian Diesel Market
Brazilian Diesel Market (‘000,000 m³)
Source: National Agency for Petroleum, Natural Gas and Biofuels – ANP.(*) 2009 Forecast
Diesel is the main Brazilian fuel, 42% of all oil derived
fuels and more than 50% of transportation fuels.
Domestic market extremely significant, favoring the development and consolidation
of the sector.
BRASIL ECODIESEL S.A.
2005 – 2007
Blend: up to 2%
1st Sem/08
Blend: min. 2%
Jul/08 – Jun/09
Blend: min. 3%
Jul/09 – Dec/09
Blend: min. 4%
2010 on
Blend: min. 5%
Biodiesel Law: Mandatory use to increase production
Source: ANP.(1) Forecast considers B5 in 2010.
Current blend percentages are only the
initial stimulus.
Higher blends are already feasible in
engines.
Production growth shows the
success of the program
| Brazilian Diesel Market – National Biodiesel Program
BRASIL ECODIESEL S.A.
Brazilian Biodiesel Market
The Company
Results – 2Q10
Strategy
BRASIL ECODIESEL S.A.
Brasil Ecodiesel on the map
| The Company- Brasil Ecodiesel on the map
Biodiesel Plants
Farms
BRASIL ECODIESEL S.A. | The Company – Board of Administration and Officers
All common shares with equal voting rights
Tag-Along of 100%
None of the board members are executives
Active Fiscal Council
Board Members
Name / Position Age
Carlos Antonio Rocca
Chairman and Independent Board Member69
Wagner Pinheiro de Oliveira
Independent Board Member47
Mauro Fernando Maria Arruda
Board Member 63
Silvio Tini de Araújo
Board Member63
Jose Ferraz Ferreira Filho
Board Member63
Marco Antonio Moura de Castro
Board Member56
Mauro A. Cerchiari
Chief Executive Officer (CEO)56
Charles Mann de Toledo
Investors Relations and New Businesses Officer51
Expedito Parente Júnior
Industrial Officer29
Main Executives
Name / Position Age
Eduardo de Come
Chief Financial Officer (CFO)44
Guilherme Augusto Raposo
Operations Officer43
Corporate Governance
Joel Mendes Rennó
Vice-Chairman72
BRASIL ECODIESEL S.A. | The Company - Restructuring
Recent Past - Restructuring
BRASIL ECODIESEL S.A. | The Company – Fulfillment of Contracts Evolution
Fulfillment of Contracts with Petrobras
BRASIL ECODIESEL S.A.
Brazilian Biodiesel Market
The Company
Results – 2Q10
Strategy
BRASIL ECODIESEL S.A. | The Company – Strategic Direction for the next 5 years
EQUITIES
Search for alternative raw materials
Viability studies of Jatropha Curcasplantations in BA, MS and other locations.
Search partners for the development of R&D in the agricultural area
Search for raw material supply partnerships for the short and medium terms.
Corporate Restructuring – Headquarters and organizational
Redefinition of the Corporate Image
Creation of the Company’s industrial R&D
Monitoring M&A opportunities in the market
Reallocation of Floriano and Crateús idle assets and the crushing units equipments from Porto Nacional
Activate Iraquara and São Luiz Gonzaga’s crushing units.
Project to improve industrial efficiency
Social Fuel Stamp (Selo Combustível Social) -work with more advanced forms of Family Farming organizations
Search for long term financing
Selling our farms in Piauí, Ceará and Minas Geraisstates
Selling of Crateús crushing unit
SERVICESFIXED INCOME
Strategic Direction
STRATEGICLong Term
OPERATIONALShort Term
DIVESTMENTIdle Assets
“Higher demand for biodiesel , more control of vegetable oil supply, and less interference of the
government.”
Biodiesel Scenario:
BRASIL ECODIESEL S.A.
Brazilian Biodiesel Market
The Company
Results – 2Q10
Strategy
BRASIL ECODIESEL S.A. | Results – 2Q10 Highlights
Net Revenue of R$107.9 million in 2Q10
Net Income of R$2.5 million with EBITDA of R$9.4 million
Adjusted Net Income(*) of R$3.8 million and Adjusted EBITDA(*) of R$10.5 million in 2Q10
EBITDA Margin of 8.7% and Adjusted EBITDA Margin(*) of 9.8% in 2Q10
Reduction in indebtedness from R$65.8 million (1Q109) to R$65.0 million (2Q10);
Increase of 36.3% in net cash, from R$48.3 million (1Q10) to R$65.9 million (2Q10);
The shares of ECOD were included in Ibovespa and IBrX-50 Index.
(*) Excludes non-recurring revenue of R$ 1.1 million, due to the transfer of the Company’s headquarters to São Paulo.
BRASIL ECODIESEL S.A. | Results– 4Q09 Results
a) Excludes non-recurring revenue of R$11.0 million from accumulated ICMS tax benefits, pursuant to CP07, and R$36.4 million resulting from anaccounting adjustment related to the termination of a contract with Enguia Gen for the provision of biodiesel production capacity.b) Excludes non-recurring revenue of R$10.8 million from ICMS tax benefits, pursuant to CP07.c) Excludes non-recurring revenue of R$ 1.1 million, due to the transfer of the Company’s headquarters to São Paulo.
BRASIL ECODIESEL S.A. | Results – Revenue, Costs and Expenses
a) Excludes non-recurring revenue of R$11.0 million from accumulated ICMS tax benefits, pursuant to CP07.b) Excludes non-recurring revenue of R$10.8 million from ICMS tax benefits, pursuant to CP07.
BRASIL ECODIESEL S.A. | Results – Debt position
Indebtdness (in R$ thousands) 6/30/2009 Part. % 3/31/2010 Part. % 6/30/2010 Part. %
2010 63,788 46.6% - - - -
2011 62,612 45.7% 12,008 23.2% 8,532 17.8%
2012 10,501 7.7% 15,854 30.6% 15,728 32.7%
2013 11 0.0% 15,780 30.4% 15,664 32.6%
2014 0 0.0% 8,204 15.8% 8,142 16.9%
Total 136,912 100% 55,676 100% 48,066 100%
BRASIL ECODIESEL S.A. | Results – Net Profit
1Q10(a) 1Q10(b) 2Q10 2Q10(c)
Adjusted Net Income (25,665) 7,549 2,678 3,807
Adjusted Net Margin 5.45% 2.48% 3.53%
a) Excludes non-recurring revenue of R$11.0 million from accumulated ICMS tax benefits, pursuant to CP07, and R$36.4 million resulting from anaccounting adjustment related to the termination of a contract with Enguia Gen for the provision of biodiesel production capacity.b) Excludes non-recurring revenue of R$10.8 million from ICMS tax benefits, pursuant to CP07.c) Excludes non-recurring revenue of R$ 1.1 million, due to the transfer of the Company’s headquarters to São Paulo.
BRASIL ECODIESEL S.A. | Results – EBITDA
a) Excludes non-recurring revenue of R$11.0 million from accumulated ICMS tax benefits, pursuant to CP07, and R$36.4 million resulting from anaccounting adjustment related to the termination of a contract with Enguia Gen for the provision of biodiesel production capacity.b) Excludes non-recurring revenue of R$10.8 million from ICMS tax benefits, pursuant to CP07.c) Excludes non-recurring revenue of R$ 1.1 million, due to the transfer of the Company’s headquarters to São Paulo.
2Q09 (a) 1Q10 1Q10(b) 2Q10 2Q10(c)
Adjusted Net Income 41,176 149,384 138,543 107,858 107,858
(-) COGS 38,312 119,748 119,748 88,684 88,684
Gross Profit (Loss) 2,864 29,636 18,795 19,174 19,174
Adjusted Net Profit (Loss) (25,665) 18,390 7,549 2,678 3,807
Adjusted EBITDA (1,967) 23,409 12,568 9,410 10,539
Adjusted EBITDA Margin -4.78% 15.67% 9.07% 8.72% 9.77%
BRASIL ECODIESEL S.A. | Results – Prices and Financial Volume Evolution
Price EvolutionIbovespa x Ecod3
(100 basis in Jan/09)
Financial Volume Ecod3
(in million reais)
12 M Average – R$42million
BRASIL ECODIESEL S.A. | Results – Market Cap and Shareholding Structure
Number of Shares:
725,248,727
Shareholding Structure (%)(06/30/2010)
Market Cap:(07/30/2010)
R$ 645,471,367.03
Number of shareholders: 25,189
BRASIL ECODIESEL S.A.
P R E S E N T
• IBOVESPA
• IBRX50
• IBX
• IGCX
• ITAG
• SMLL
• IVBX2
• ETF – BlackRock (New York)
P E R S P E C T I V E S
• Carbon Efficient Index
| The Company – Index and ETF
Participation in the main index/ETF:
BRASIL ECODIESEL S.A.
NBomePhone: 55 11 3137-3114
ri@brasilecodiesel.com.br
www.brasilecodiesel.com.br
Investor Relations
BRASIL ECODIESEL S.A.
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