Transcript
1Q14 Results May 8, 2014
Operating Data – Net Revenue
2
By Product By Segment
Net Revenue 1Q13 1Q14 Var
R$ 252.7 million R$ 263.4 million 4.2%
Furniture Industry
43%
Construction40%
Retail10%
Export Market
7%Paint
Segment22%
Other3% MDP
25%
T-HDF/MDF
21%
Fiberboard
20%
Laminated
Flooring9%
1Q13 1Q14
1,703.1 1,743.6
Total Market ('000 m³)
Wood Segment
3 Source: ABIPA
1T06 1T07 1T08 1T09 1T10 1T11
100
110
120
106
114 108
100
118
130
104
139 138
Eucatex Mercado
Net Revenue
1Q13 1Q14 Var
R$ 198.6 million R$ 196.4 million -1.1%
MDP33%
T-HDF/MDF29%
Fiberboard 26%
Laminated Flooring
12%
Market
Wood Segment
Non-Resin Panels (Fiberboard)
Installed Capacity Utilization – 1Q14
4
Resin Panels
Breakdown of Costs – 1Q14
All Panels
Wood16%
Coating (Paper and Paint)
8%Other Materials
30%
Labor22%
Electricity8%
Thermal Power7% Depreciation
9%
Wood15%
Coating (Paper)
20%Other Materials
15%
Resin 27%
Labor7%
Electricity5%
Thermal Power
3% Depreciation8%
Wood16%
Coating (Paper)
15%Other Materials
21%
Resin 18%
Labor12%
Electricity6%
Thermal Power
4% Depreciation8%
Fiberboard(240,000 m³/year)
T-HDF/MDF(275,000 m³/year)
MDP(430,000 m³/year)
Laminated Flooring(12 million m²/year)
78%93% 86%
33%
8%
1T14
56%
1Q13 1Q14
64.4 66.3
Paint Segment
Breakdown of Costs – 1Q14 Installed Capacity Utilization
Total Capacity – 36 million gallons / year
5
Market – Million Gallons
Source: Eucatex
Net Revenue
1Q13 1Q14 Var
R$ 48.5 million R$ 59.1 million 21.7%
Market
1Q14
Raw Material75%
Packaging15%
Labor6% Electricity
1% Other Costs2%
Depreciation1%
Financial Data
6
NOTE: Non-recurring results – 1Q13 and 1Q14 – Terminations, labor claims and installment payments.
Highlights (R$ million) 1Q14 V.A. % 1Q13 V.A. % Var. (%)
Net Revenue 263.4 100.0% 252.7 100.0% 4.2%
Fair value of biological assets 11.9 4.5% 11.3 4.5% 5.8%
Cost of goods sold (192.5) -73.1% (181.4) -71.8% 6.1%
Gross income 82.9 31.5% 82.6 32.7% 0.3%
Gross Margin (%) 31.5% 32.7% -1.2 p.p.
Administrative expenses (14.2) -5.4% (12.8) -5.0% 11.5%
Selling expenses (37.6) -14.3% (34.0) -13.5% 10.6%
Other operating income and expenses (2.3) -0.9% (0.3) -0.1% -723.8%
EBITDA adjusted by non-cash events 42.2 16.0% 50.2 19.9% -15.9%
EBITDA Margin (%) 16.0% 19.9% -3.8 p.p.
Adjusted Recurring EBITDA 47.8 18.1% 52.4 20.8% -8.8%
Adjusted Recurring EBITDA Margin (%) 18.1% 20.8% -2.6 p.p.
Net financial result (5.6) -2.1% (8.2) -3.2% 31.6%
Non-recurring results (5.6) -2.1% (2.2) -0.9% -148.4%
Income and social contribution taxes (5.8) -2.2% (5.0) -2.0% 16.2%
Net Income 11.7 4.4% 20.1 8.0% -41.8%
Recurring Net Income 17.3 6.6% 22.4 8.9% -22.6%
Debt Profile
Debt
7
Debt (R$ million) 1Q14 2013 Var. (%)
Short-Term Debt 116.9 121.1 -3.5%
Long-Term Debt 180.3 182.7 -1.3%
Gross Debt 297.2 303.8 -2.2%
Cash and Cash Equivalents 10.3 20.7 -50.4%
Net Debt 286.9 283.1 1.4%
% Short-Term Debt 39% 40% -0.5 p.p.
Net Cash (Debt)/EBITDA 1.5 1.4 8.2%
Short Term39%
Long Term61%
Capex
8
Planned for 2014 R$ 100.7 million
Investments Made
1Q13 1Q14
Salto 8.00 12.800
Botucatu 6.300 2.700
Tintas .700 2.500
Sivicultura 8.900 9.100
Leasing 1.700 1.400
R$28.4 million
Total ForestR$10.7 million
R$25.7 million
Total ForestR$10.5 million
Panel
Factories46%
Paints
5%
Forest48%
Other
1%
8.0
6.3
0.7
8.9
1.7
12.8
2.7
2.5
9.1
1.4
76 farms with
eucalyptus
plantations,
totaling
46,000
hectares
Average Radius
Salto Botucatu
187 km 51 Km
Sustainability – Forestry and Recycling
9
Newly Planted Forests (hectares)
Volume Processed (ton) - Recycling
Total Processing Capacity - Recycling
Ton/Year Equivalent to
Trees Forests
240,000 ton 2 million / year 1,500 hectares
Gains in Wood Purchases – Recycling
Wood Market *
Recycled Variation Consump. Dry Ton Gain
R$210.60 ton/dry
R$148.58 ton/dry
R$62.02 ton/dry
20,679 R$1,282
thousand
* Wood chips - CIF
2010 2011 2012 2013 1Q14
4,080
5,036
4,603 4,579
523 1Q12 1Q13 1Q14
22,789
28,368
24,328
José Antonio G. de Carvalho Executive VP and IRO
Sergio Henrique Ribeiro Controller
Waneska Bandeira Investor Relations
(55 11) 3049-2473
ri@eucatex.com.br
www.eucatex.com.br/ri
IR Contacts
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