duratex - corporate presentation 2q11
Post on 22-Jun-2015
389 Views
Preview:
TRANSCRIPT
-1-
Investor Relations / www.duratex.com.br
CORPORATE PRESENTATION
AUGUST 2011
-2-
2010
SCENARIO
Overcoming the crisis of 2009
Rates Recovery
Costs in balance
IPI exemption until March
2010
Cost pressure from the second semester (labor
and copper)
Rates Recovery
2011
Macro-prudential measures
Increasing Interest Rates
Cost pressures (resin)
Demand at 2010 level
2011
Cost pressures (labor and copper)
Sanitary wares :
a) Incease of prices
b) start-up of new furnace in Recife
c) incorporation of activity of Deca Nordeste
Metals:
a) cost management
b) start-up of new galvanoplastic equipment
(labor and copper)
Recovery of price base
Tax exemption until March
on labor
:
start-up of a new furnace in Recife
price increase(resin)
Recovery of price base
and copper
:
incorporation of Deca Nordeste
-3-
8,47,4
6,8 6,8
5,3
6,5 6,4 6,46,1 6,4
dez /06 dez /07 dez /08 dez /09 dez /10 jan/´11 fev /´11 m arço/´11 abr/´11 m ai/´11
TOTAL CREDIT x PIB in BRAZIL ( %) DISPOSABLE INCOME (R$ mn)
309.671328.204
345.923373.340 385.634
432.407419.593
0
1 00000
2 00000
3 00000
4 00000
2005 2006 2007 2008 2009 2010 UDM até
Maio´11
UNEMPLOYMENT RATE IN BRAZIL (%)
June´11
6,2%
SOURCE: IBGE
SOURCE: IBGE
46,6% 46,9%46,5%46,5%46,3%
46,6%
45,0%
40,8%
40%
41%
42%
43%
44%
45%
46%
47%
48%
2008 2009 2010 jan/11 fev/11 mar/11 abr/11 mai/11SOURCE: BACEN
300350
380415
465510
545
2005 2006 2007 2008 2009 2010 2011
MINIMUM WAGE ( in R$)
SOURCE: BACEN
CAGR 5,7%
CAGR 10,4%
UDM up to May´11 Jan/11 Feb/11 March/11 April/11 May/11
dese
ason
aliz
ed
SCENARIO
Dec/10
6,2%
TOTAL CREDITL x GDP IN BRAZIL (%)
-4-
52,0%
-5-
56.670
68.843
81.51887.861
2.010 2011E 2012E 2013E
71.377
86.866
97.294106.521
2.010 2011E 2012E 2013E
CAGR 10-13E = 16%
CAGR 10-13E = 14%
NET REVENUE OF A SELECTION OF BUILDING COMPANIES IN BRAZIL (in R$ mn) Homebuilders P/BV 2012E
LAUNCHES (in R$ mn) Homebuilders P/BV 2012E
SOURCE: Research Credit Suisse, June/11
Selected companies: (PDG, MRV, Cyrela, Brookfield, Rossi, Gafisa, Tecnisa, Eeven, Direcional, Viver, CCDI)
SCENARIO
+21,5%
+21,7%
-6-
Source: BCB/ IBGE* Focus Report - Market expectations –median (24.June.2011)
GLOBAL INFLATION RATES
Sources: OECD, Haver Analytics.
Note: Latest observation refers to May 2011 except for Korea and Turkey (June 2011).
Homebuilders P/ABV last reported COMPLEX INTERNATIONAL SCENARIO
Source: BCB/ BLOOMBERG/ FOCUS REPORT(*) IPCA (National Index of Consumer Prices)
IGPM (General Index of Market Prices)
BRAZILBRAZILIPCA: 6,15IPCA: 6,15IGPM: 6,01IGPM: 6,01
Média Mensal: 0,33%
SCENARIO
CPI inflation rates
(year-on-year % change)
Monthly averageMonthly average: 0,73%: 0,73%Setember/2010 – April/2011
Monthly averageMonthly average: 0,33%: 0,33%June/2011 – December/2011
Emerging economiesEmerging economies
Inflation in emerging economiesInflation in emerging economies(expectation(expectation for 201)for 201)Euro ZoneEuro Zone
••Sovereign debt crisesSovereign debt crises•• Low and unequal growthLow and unequal growth•• Inflation riskInflation risk
United StatesUnited States•• Losing strength and growthLosing strength and growth••Unemployment still highUnemployment still high•• Inflation on the riseInflation on the rise••Negotiation of debt ceilingNegotiation of debt ceiling
JapanJapan••EarthquakeEarthquake, Tsunami, Tsunami••Eonomic downturnEonomic downturn••Nuclear crisisNuclear crisis••Disruption of supply chainsDisruption of supply chains
North Africa & North Africa & Middle EastMiddle East•• TunisiaTunisia•• EgyptEgypt
•• LibyaLibya
•• SyriaSyria
•• YemenYemenSouth AfricaSouth Africa
INFLATION RATE IN BRAZIL- SIGNS OF DECELERATION
(*)
-7-
WOOD PANELS´ MARKETSCENARIO
2.102 2.186
2.548 2.6332.431
2.885
1.449,6 1.443,3
2005 2006 2007 2008 2009 2010 1S10 1S11
MDP
Usage:
Flat parts,
Sides / Partitions / Shelves
Usage:
Rounded edges, sculptured
surfaces,frames
Homebuilders P/ABV last reported TOTAL CONSUMPTION OF PANELS IN BRAZIL (Source ABIPA, in ‘000 m³)
=
+18,7%
* Annual effective capacity of the industry based on lines already installed, after periods of ramp-up and minor investments
MDP: AVAILABLE EFFECTIVE CAPACITY : 3.620 K m³/YEAR
EFFECTIVE CAPACITY OF THE INDUSTRY : 4.000 K m³/YEAR*
MDF
1.413,5
1.8612.037
2.263 2.352
2.972
1.487,9 1.459,4
2005 2006 2007 2008 2009 2010 1S10 1S11
MDF: AVAILABLE EFFECTIVE CAPACITY: 3.660 K m³/YEAR
EFFECTIVE CAPACITY OF THE INDUSTRY: 4.080 K m³/YEAR*
-1,9%
+26,4%
-8-
Source: Associação Brasileira da Indústr ia de Materiais de Construção
* Monthly indicator of sales per formance of the Building Materials Industry
1H1H
**
BUILDING MATERIALS INDUSTRY
0,58%0,58%
7,00%7,00%
5,00%5,00%
2011 2011 ForecastForecast
MarchMarch JulyJuly
SCENARIO
ABRAMAT INDEX* - INTERNAL MARKET
Achieved x Projected ( accumulated x same period last year)
-9-
PERFORMANCE RECONCILIATION OF TOTAL ASSETS AND EQUITY
TOTAL ASSETS 30/June/2011 31/March/2011 30/June/2010
Before adjustments to IFRS 5.503.248 5.080.107 423.141 4.862.693 640.555
Business Combination 744.274 751.460 (7.186) 769.747 (25.473)
Biological Assets 326.188 334.492 (8.304) 286.264 39.924
Employee Benefits 69.881 69.102 779 61.320 8.561
Other adjustments 2.873 2.873 0 (14.785) 17.658
After adjustments to IFRS 6.646.464 6.238.034 408.430 5.965.239 681.225
Variation 1.143.216 1.157.927 (14.711) 1.102.546 40.670
EQUITY (in R$´000) 30/June/2011 31/March/2011 30/June/2010
Before adjustments to IFRS 2.732.339 2.692.433 39.906 2.454.787 277.552
Business Combination 549.068 552.053 (2.985) 564.123 (15.055)
Biological Assets 215.284 220.764 (5.480) 188.934 26.350
Employee Benefits 46.121 45.608 513 40.471 5.650
Other adjustments 19.450 9.675 9.775 61.708 (42.258)
After adjustments to IFRS 3.562.262 3.520.533 41.729 3.310.023 252.239
Variation 829.923 828.100 1.823 855.236 (25.313)
(in R$´000)
-10-
PERFORMANCE INDEBTEDNESS
R$´000
30/06/2011 31/03/2011 Variação 30/06/2010 Variação
Endividamento Curto Prazo 531.969 513.686 18.283 592.778 (60.809)
Endividamento Longo Prazo 1.397.867 1.168.154 229.713 1.053.608 344.259
Endividamento Total 1.929.836 1.681.840 247.996 1.646.386 283.450
Disponibilidades 759.763 501.746 258.017 717.732 42.031
Endividamento Líquido 1.170.073 1.180.094 (10.021) 928.654 241.419
Endividamento Líquido / PL 32,8% 33,5% - 28,1% -
Endividamento Líquido / EBITDA* 1,31 1,33 - 1,48 -
ENDIVIDAMENTO
Domestic Currency
94,1%
Foreign Currency
5,9%
375,8
759,8321,6
342,5
625,8
264,11.929,8
Cash Total
Debt
2011 2012 2013 2014 After
2014
(in R$ mn)
Homebuilders P/ABV last reportedLEVERAGE AND AMORTIZATION SCHEDULE
ORIGIN OF DEBT AMORTIZATION SCHEDULE
* EBITDA in the last 12 months
Variation3/June/2010Variation31/March/201130/June/2011
Short Term Debt
Long Term Debt
Total Financial DebtCash
Net Debt
Net Debt/ Equity
Net Debt/ EBITDA *
-11-
PERFORMANCE RECONCILIATION OF NET INCOME
* Fixed asset revenue
R$́000
After adjustments to IFRS (R$́ 000) 2Q11 1Q11 % 2Q10 % 1H2011 1H2010 %
Consolidated Net Revenue 751.181 659.865 13,8 712.303 5,5 1.411.046 1.318.883 7,0
Gross Profit 253.856 225.018 12,8 284.716 (10,8) 478.874 506.439 (5,4)
Operating profit before financial result 143.411 123.177 16,4 172.259 (16,7) 266.588 301.757 (11,7)
Income before Taxes and Contributions 111.287 94.091 18,3 149.128 (25,4) 205.378 251.839 (18,4)
Net Income 100.383 76.876 30,6 102.720 (2,3) 177.259 171.357 3,4
ROE 11,3% 8,8% - 12,6% - 10,1% 10,6% -
Extraordinary Events * (9.284) 0 - 0 - (9.284) 0 -
Recurrent Net Income 91.099 76.876 18,5 102.720 (11,3) 167.975 171.357 (2,0)
Recurrent ROE 10,3% 8,8% - 12,6% - 9,6% 10,6% -
Reconciliation IFRS to BR GAAP 2Q11 1Q11 % 2Q10 % 1H2011 1H2010 %
Net Income (After adjustments to IFRS) 100.383 76.876 30,6 102.720 (2,3) 177.259 171.357 3,4
Business Combination 2.919 4.072 (28,3) 3.940 (25,9) 6.991 7.333 (4,7)
Biological Assets 5.481 (1.536) (456,8) (6.131) (189,4) 3.945 (3.757) (205,0)
Employee Benefits (515) (1.517) (66,1) (1.809) (71,5) (2.032) (3.618) (43,8)
Other Adjusts 0 0 - 13.086 - 0 21.178 -
Net Income Before adjustments to IFRS 108.268 77.895 39,0 111.806 (3,2) 186.163 192.493 (3,3)
ROE Before adjustments to IFRS 16,0% 11,7% - 18,5% - 13,9% 16,1% -
Extraordinary Events * (9.284) 0 - 0 - (9.284) 0 -
Recurrent Net Income 98.984 77.895 27,1 111.806 (11,5) 176.879 192.493 (8,1)
Recurrent ROE 14,6% 11,7% - 18,5% - 13,2% 16,1% -
-12-
PERFORMANCE NET REVENUES
Homebuilders P/ABV last reportedORIGIN OF NET REVENUE IN 2Q11
MERCADO
EXTERNO
4%
MERCADO
INTERNO
96%
CHAPA DE FIBRA
8,6%
LOUÇAS
SANITÁRIAS
17,2%M ETAIS
SANITÁRIOS
18,8%
M DF /HDF /SDF /
PISO LAM INADO
34,7%
M DP
20,2%
COM PONENTES
0,5%
2Q11 1Q11 % 2Q10 % 1H2011 1H2010 %
Consolidated Net Revenues 751.181 659.865 13,8 712.303 5,5 1.411.046 1.318.883 7,0
Wood Division 480.680 413.708 16,2 470.694 2,1 894.388 883.663 1,2
Deca Division 270.501 246.157 9,9 241.609 12,0 516.658 435.220 18,7
Homebuilders P/ABV last reportedNET REVENUES (in R$´000)
GEOGRAPHICAL DISTRIBUTION OF SALES CONSOLIDATED NET REVENUES
FOREIGN
MARKET
DOMESTIC
MARKET
LAMINATED FLOORING
HARDBOARD
COMPONENTS
METAL
FITTINGS
VITREOUS
CHINA
-13-
PERFORMANCE RECONCILIATION OF CONSOLIDATED EBITDA
After adjustments to IFRS (R$´000)R$´000
2Q11 1Q11 % 2Q10 % 1H2011 1H2010 %
Consolidated Net Revenues 751.181 659.865 13,8 712.303 5,5 1.411.046 1.318.883 7,0
Operating profit before financial result 143.411 123.177 16,4 172.260 (16,7) 266.588 301.756 (11,7)
Depreciation / Amortization / Depletion 75.018 63.969 17,3 57.788 29,8 138.987 115.599 20,2
Change in Fair Value of Biological Assets (27.693) (35.603) (22,2) (46.185) (40,0) (63.296) (76.902) (17,7)
Depletion portion of Biological Assets 35.998 33.275 8,2 36.896 (2,4) 69.273 71.210 (2,7)
Employee Benefits (780) (2.298) (66,1) (2.741) (71,5) (3.078) (5.482) (43,9)
EBITDA 225.954 182.520 23,8 218.018 3,6 408.474 406.181 0,6
EBITDA Margin 30,1% 27,7% - 30,6% - 28,9% 30,8% -
Extraordinary Events* (14.068) 0 - 0 - (14.068) 0 -
Recurrent EBITDA 211.886 182.520 16,1 218.018 (2,8) 394.406 406.181 (2,9)
Recurrent EBITDA Margin 28,2% 27,7% - 30,6% - 28,0% 30,8% -
Recurrent EBITDA by Division
Wood 145.846 110.249 32,3 146.444 (0,4) 256.095 275.339 (7,0)
Deca 66.040 72.271 (8,6) 71.574 (7,7) 138.311 130.842 5,7
* Fixed asset revenue
-14-
PERFORMANCE RECONCILIATION OF CONSOLIDATED EBITDA
Before adjustments to IFRS R$´000R$´000
2Q11 1Q11 % 2Q10 % 1H2011 1H2010 %
Consolidated Net Revenue 751.181 659.865 13,8 712.303 5,5 1.411.046 1.318.883 7,0
Operating profit before financial result 163.524 131.864 24,0 174.321 (6,2) 295.388 317.112 (6,9)
Depreciation / Amortization / Depletion 68.442 57.624 18,8 51.832 32,0 126.066 103.705 21,6
EBITDA 231.966 189.488 22,4 226.153 2,6 421.454 420.817 0,2
EBITDA Margin 30,9% 28,7% - 31,7% - 29,9% 31,9% -
Extraordinary Events * (14.068) 0 - 0 - (14.068) 0 -
Recurrent EBITDA 217.898 189.488 15,0 226.153 (3,7) 407.386 420.817 (3,2)
Recurrent EBITDA Margin 29,0% 28,7% - 31,7% - 28,9% 31,9% -
Recurrent EBITDA by Division
Wood 147.930 114.200 29,5 151.290 (2,2) 262.130 283.764 (7,6)
Deca 69.968 75.288 (7,1) 74.863 (6,5) 145.256 137.053 6,0
* Fixed asset revenue
-15-
-16-
-17-
PERFORMANCE EBITDA RECONCILIATION
After adjustments to IFRS (R$´000)
R$´000
2Q11 1Q11 % 2Q10 % 1H2011 1H2010 %
Shipment (in 1.000 items) 6.259 5.737 9,1 5.933 5,5 11.996 10.697 12,1
Net Revenue 270.501 246.157 9,9 241.609 12,0 516.658 435.220 18,7
Operating profit before financial result 53.057 61.008 (13,0) 62.238 (14,8) 114.065 113.157 0,8
Depreciation / Amortization / Depletion 13.216 12.121 9,0 10.266 28,7 25.337 19.491 30,0
Employee Benefits (233) (858) (72,8) (930) (74,9) (1.091) (1.805) (39,6)
EBITDA 66.040 72.271 (8,6) 71.574 (7,7) 138.311 130.843 5,7
EBITDA Margin 24,4% 29,4% - 29,6% - 26,8% 30,1% -
Extraordinary Events 0 0 - 0 - 0 0 -
Recurrent EBITDA 66.040 72.271 (8,6) 71.574 (7,7) 138.311 130.843 5,7
Recurrent EBITDA Margin 24,4% 29,4% - 29,6% - 26,8% 30,1% -
Before adjustments to IFRS
Recurrent EBITDA 69.968 75.288 (7,1) 74.863 (6,5) 145.256 137.053 6,0
Recurrent EBITDA Margin 25,9% 30,6% - 31,0% - 28,1% 31,5% -
-18-
PERFORMANCE DECA DIVISION HIGHLIGHTS
93%
89%
17.000 K
items/year
17.000 K
items/year
9.800 K
items/year
9.800 K
items/year
METAL
FITTINGS
VITREOUS
CHINA
INSTALLED CAPACITY & OCCUPANCY RATE IN 2Q11
11.996
10.697
5.933 5.529 5.413 5.7376.259
2T10 3T10 4T10 1T11 2T11 1S10 1S11
+12,1%
+9,1%
SHIPMENT (in ‘000 items)
9 p la n ta s
LOCALIZATION OF PLANTS
2Q10 3Q10 4Q10 1Q11 2Q11
9 PLANTS
METALS
VITREOUS CHINA
-19-
CONSOLIDADOCAPEX CONSOLIDATED
891,2
341,7
427,0459,6
343,6
2007 2008 2009 2010 2011E
R$ 2,9 billion
800,0
WOOD
39%
FOREST
18%DECA
42%
Estimated
Accomplished
in 1H2011
CAPEX in 1H2011
CORPORATE 1%
456,4
CAPEX (R$ mn)
-20-
-21-
CAPEX DECA DIVISION
Metal Fittings - SPMetal Fittings - SP Metal Fittings Jundiaí - SP Vitreous China- PE
Homebuilders P/ABV last reportedEVOLUTION OF NOMINAL CAPACITY (´000 items/year) & CAPEX
14.440 15.600 15.800 15.800 17.000 18.200
3.8006.200 7.200 7.200
9.80012.200
2007 2008 2009 2010 2011 2012
Metais Louças Sanitárias
18.200
21.800 23.000 23.000
26.80030.400CAGR: 10,8%
Investments R$ 430 million Vitreous China
+ 1,8 M items/year: acquisition of Elizabeth, PB (Feb/11)
+ 0,8 M items/year: new furnace in Cabo de Santo Agostinho, PE ( Apr/11)
+ 2,4 M items/year: reactivation and expansion of the Queimados unit, RJ (2012)
Metals
+2,4 M items/year (2011/2012)
Robotic center of tuning
Milling machine
Forging press
New Galvanoplastic equipment
(*) Vitreous China in Queimados:
ORIGINAL PROJECT: CAPEX R$ 100mn, Capacity: 1.9 million pieces / year
REVISED PROJECT: CAPEX R$ 130mn, Capacity: 2.4 million pieces / year
OBJECTIVE:
INCREASE OF PRODUCTION FOR HIGH AND MIDDLE INCOME SEGMENTS
(*)
Vitreous ChinaMetal
mn
mn
mn
mn
-22-
- Green Seal (FSC): The first company in Latin America to be certified (1995)
- ISO 14001: nursery and forest areas of Botucatu
PRACTICES
• 229 K hectares of land (own and leased)
• 160,9 K hectares of planted forests
• 268 million trees planted
• 56 trees planted per minute
• Cut between 6 and 7 years
• Low distance between forests
• Increased productivity
• Conservation of native forests
Evolução da Produtividade em Novas Florestas Eucalipto
- São Paulo -
2030
40 44 4452514845
0102030405060
Anos
60
Anos
80
2000 2005 2006 2007 2008 2009 2010
Ano base
IMA
(m
³/h
a.an
o)
+160%
Project that aims finding more efficient ways for using the planet. The water saving ratio, when adopting such methodology, is about 30%
After LEED (Leadership in Energy and Environment Design) conformity evaluation, 9 product lines of Deca were awarded the Sustentax
label with items that help saving up to 80% of water usage
GBC Brazil has as its mission to help developing a sustainable construction industry in Brazil
New Developments in Productivity in Eucalyptus Forests
Year base
SUSTAINABILITY
-23-
SUSTAINABILITY
Annual and Sustainability Report 2010 with GRI (Global Reporting Initiative) APPLICATION LEVEL A
-24-
CORPORATE GOVERNANCE CAPITAL STRUCTURE
39,9%
17,8%
2,0%
12,7%
27,4%
0,2%
Grupo Itaúsa
Grupo Ligna
Fundos de Pensão
Fundos de Investimentos
Investidores Estrangeiros
Tesouraria
Total outstanding shares:
550.035.331(1)
(1) Shares in treasury: 1.199.486
100% common shares (1 share, 1 vote)
Free Float 42,6% ON
Divided Policy: 30% of the adjusted Net Income
Board of Directors: 9 9 MembersMembers, 3 of , 3 of which being Independentwhich being Independent
Local Pension Funds
Other Local Investors
Foreign Investors
Treasury
MAJOR SHAREHOLDERS IN JUNE 2011
-25-
0
50
100
150
200
250
300
jun-0
9jul
-09
ago-
09
out-0
9
nov-
09
dez-
09
jan-1
0
mar
-10
abr-1
0
mai-
10
jun-1
0
ago-
10
set-1
0
out-1
0
nov-
10
dez-
10
fev-1
1
mar
-11
abr-1
1
mai-
11
jun-1
1
DTEX Base 100 IBOV Base 100
R$ 13,21
62.337
+111,0 %
+21,3 %
MARKET CAP: R$ 7,3 billion
VALUE CREATIONCORPORATE GOVERNANCE
DURATEX e IBOVESPA base 100 (19.June.2009 – 30.June.2011)
-26-
The information contained herein was prepared by Duratex S.A. and does not
constitute an offering material, to subscribe for or purchase any of the Company’s securities. This
material also brings general information about Duratex S.A. and its markets. No representation or
warranty, express or implied, is made concerning, and no reliance should be placed on, the
accuracy, fairness or completeness of the information presented herein.
The Company can give no assurance that expectations disclosed in this presentation
will be confirmed.
August, 2011
DISCLAIMER
-27-
Investor Relations
www.duratex.com.br
top related