presentation 12052011
TRANSCRIPT
Results – 1Q1113/05/2011
1
FOOD ENERGY
SECTOR OF ACTIVITY
ETHANOL
SOYA
CORN
COTTON
BIODIESEL
VEGETABLE OIL
2
69402
11671,608
1 200520062007200820092010
190%38%
49%
Brazillian Biodiesel Production (‘000 m³)
2,397
Source: ANP.
2010 onBlend: min. 5%
Jul/09 – Dec/09Blend: min. 4%
Jul/08 – Jun/09Blend: min. 3%
1st Sem/08Blend: min. 2%
2005 – 2007Blend: up to 2%
BRAZILIAN BIODIESEL MARKET
• The biodiesel industry operates in a fully regulated market (quartelyauctions coordinated by ANP).
• The sector works with idleness at the rate of 60%.
• The biodiesel sector remains dependenton a new regulatory milistone thatsignals an increase in the percentage ofbiodiesel blend in diesel.
• Social Fuel Stamp.
• Variable cost industry (90% of the costcome from soybean oil and methanol).
• B5, 3 years before the schedule.
3
B100 AND VEGETABLE OIL PRICES –2011 VERSUS 2010
4
Description Unit 2010 2011 Variation (%)Sale Price B100 with no ICMS R$/m³ 2,338.87 2,303.64 -1.5B100 Factor / Market OV Cost 1.53 1.21 -20.8
Biodiesel Facilities
Crushing Facilities
PLANT LOCATIONS
BiodieselPorto Nacional - TOCap./ year:129,600m³
Crusher (Soya)São Luiz Gonzaga - RSCap./year: 270,000ton
Crusher (Cotton)Itumbiara – GOCap./year: 155,700ton
BiodieselSão Luís - MACap./ year: 129,600m³
Biodiesel and crusher. (Mamona)Iraquara – BACap./year(bill): 129,600m³Cap./year(crusher): 180,000ton
BiodieselRosário do Sul – RSCap./year:129,600m³
FOOD
Strong demand (mainly from the emergingmarkets) against the current offer seen in theinternational market.
High agricultural commodity prices due to,among other reasons, the low inventories of themost agricultural products.
World population growth.
6
MAEDA PROJECT
Diversify the product portfolio,
Optimize the cash in projects that provide a fast revenue growth and allow a boosting financial results;
Include new sectors.
Focus in markets that enable sustainable growth in the short, medium anf long terms that represent a natural diversification.
Optimize the product mix (Algodão –Soja- Milho)
Investments in tecnology
Increase the leased farm New Crops Otimize the
Industrialization
7
FARMS
Dom Pedro São Desidério - BAPlanting (11/12): 16.237ha
Batalha do BartolomeuGuarda-Mor - MGPlanting (11/12): 8.410ha
São José Campo N. P. - MTPlanting (11/12): 42.494ha
Polo CatalãoCatalão - GOPlanting (11/12): 3.877ha
Amizade Correntina - BAPlanting (11/12): 10.998ha
Sucesso Irecê - BAPlanting (11/12): 0 ha
Planting (11/12)
BA: 27.235 haMT: 52.990 haGO: 12.287 ha
Total: 92.512 ha
Guapirama Diamantino - MTPlanting (11/12): 10.496ha
Bandeira Crateús – CEPlanting (11/12): 0 ha
São José IINovo Cruzeiro - MGPlanting (11/12): 0 ha
Violeto Alvorada do Gurguéia –PI Planting (11/12): 0 ha
São Vicente Parambú – CEPlanting (11/12): 0 ha
8
LAND PORTFOLIO
9
Farms State Planting Total Cotton Soyabean Corn OthersDom Pedro BA 15,921 8,742 6,390 - 789
Amizade BA 9,898 2,269 6,418 - 1,211Sucesso BA - - - - -Bandeira CE - - - - -
São Vicente CE/PI - - - - -Catalão GO 3,877 - 3,006 456 415
Bartolomeu GO 8,410 - 7,652 758 -São José II MG - - - - -Guapirama MT 10,523 4,299 5,075 1,149 -
São José MT 34,464 3,442 24,228 4,774 2,020Violeto PI - - - - -
Total 83,093 18,752 52,769 7,137 4,435
AREAS STATEMENTS - 2010-11 HARVESTDistribution per crop
CROP SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
SOYA (MT)
SOYA (BA)
SOYA (GO)
COTTON(MT)
COTTON(BA)
Planting Treatment Harvesting
Planting Treatment Harvesting
Planting Treatment Harvesting
Planting Treatment
Planting Treat..
Planting T.
Planting Treatment Harvesting
Planting Treatment Harvesting
Plant.
Planting T.
CORN(MT)
CORN(BA)
Planting Treatment
Planting Treatment Harvesting
Harvesting Planting Treatment
FARMING CALENDAR
REVENUES AVARAGE DISTRIBUTION
11
Results
12
•Brasil Ecodiesel and Petrobras executed an agreement concluding an existingprocess between the companies
• Crush on a large scale of soybeans in the Rio Grande do Sul. Reduction ofcosts of the oil and sale of the soybean gran.
•Recovery the Social Fuel Stamp of the Iraquara Unit
• Delayed harvest of soybeans in Mato Grosso, due to the rains
•Achieve a higher levels of yield in soybean harvest; (MAEDA)
• Soybean yield rates achieved two years earlier than expected – 54.9 SC/Ha
• Consolidation of the integration (both of accounting and operational) with theMaeda and its affiliates. (ECOD / MAEDA)
HIGHLIGHTS
13
CONSOLIDATED HEADLINE RESULTS
(1) Non-recurring income amounting to R$ 10.8 million from accumulated ICMS tax benefits, in line with CPC07(2) Accounting for granted options fair value(3) Maeda goodwill amortization
14
1Q11 VA (%) 1Q10 VA (%) HA (%) 1Q11 VA (%) 1Q10 VA (%) HA (%)
Gross Revenue 227,850 111.1% 166,290 111.3% 37.02% 227,850 111.1% 166,290 120.0% 37.02%CPC07 Tax Incentives (10,841) ¹
Net Revenue 205,004 100.0% 149,384 100.0% 37.23% 205,004 100.0% 138,543 100.0% 47.97%
(-) Change in Biological Asset Fair Value 13,216 6.4% (612) -0.4% 13,216 6.4% (612) -0.4% 0.00%
(-) COGS (195,663) -95.4% (119.237) -79.8% 64.10% (195,663) -95.4% (119,237) -86.1% 64.10%
Gross Profit (Loss) 22,557 11.0% 29,535 19.8% -23.63% 22,557 11.0% 18,694 13.5% 20.66%
(-) Operating expenses (18,314) -8.9% (9,676) -6.5% 89.27% 14,164 6.9% 9,676 7.0% 46.38%General and Administratives (19,526) (9,682) 101.67% (15,376) (9,682) 58.83%
Stock options 2,637 ²Maeda Goodwill adjustment 1,512 ³
Taxes (tributárias) (265) (17) (265) -17Others operating Income (expenses) 1,477 23 1,477 23
Operating Income (EBIT) 4,243 2.1% 19,859 13.3% -78.63% 8,393 4.1% 9,018 6.5% -6.94%
Financial Income 1,263 0.6% 234 0.2% 439.74% 1,263 0.6% 234 0.2% 439.74%
Lucro (Prejuízo) Líquido antes IR e CS 5,506 2.7% 20,093 13.5% -72.60% 9,655 4.7% 9,252 6.7% 4.36%IR (Income Tax) and CSLL (Social Contribution) (6,371) (4,101) (6,371) (4,101)
New profit (loss) (865) 15,992 -105.41% 3,284 5,151 -36.25%Net Margin -0.42% 10.71% 1.60% 3.72%
EBITDA 11,944 5.8% 22,819 15.3% -47.66% 16,093 7.9% 11,948 8.6% 34.69%EBITDA Margin 5.83% 15.28% 7.85% 8.62%
Description Book Values Adjusted Values
REVENUE
15
1Q10 61,9774Q10 21,4591Q11 47,6121Q10 165,4254Q10 41,8641Q11 125,271
Total
Revenue B100 (m3)
Revenue B100 (R$ thousands)
Biodiesel
COGS
16
GROSS REVENUE, NET REVENUE AND FINANCIAL INCOME
17
OPERATING EXPENSESGENERAL AND ADMINISTRATIVE
18
2%V9,682
19,525
2%Holding
DEBT
19
Maeda* Brasil Ecodiesel Total Maeda* Brasil Ecodiesel Total Short Term (139,607) (16,051) (155,658) (109,454) (16,457) (125,911)Long Term (59,144) (35,635) (94,779) (66,284) (39,272) (105,556)(=) Total Indebtedness (198,751) (51,686) (250,437) (175,738) (55,729) (231,467)Availability 5,759 78,949 84,708 12,980 113,361 126,341 (=) Net Cash/Debt Adjusted (192,992) 27,263 (165,729) (162,758) 57,632 (105,126) Receivable Update - sales of asset 85,027 85,027 77,850 77,850 (=) Net Cash/Debt Adjusted (107,965) 27,263 (80,702) (84,908) 57,632 (27,276) * Holding disregarding the consolidated data of Tropical Bioenergy enterprises, Jaborandi Agrícola and Jaborandi Propriedades.
Debt (in R$ thousands) 3/31/2011 12/31/2010
RESULTS FOR THE PERIOD
20
Ecodiesel Maeda Total Ecodiesel Maeda TotalNet Income (Loss) 15,992 - (5,343) 4,479 (864) Financial Income (234) - 140 (1,403) (1,263)
IR and CSLL 4,101 - 2 6,370 6,372 Depreciation and Amortization 2,960 - 3,104 4,596 7,700 EBITDA 22,819 - (2,098) 14,042 11,944
Tax Incentive CPC07 (10,871) - - - -Share-based Payment - - 2,502 135 2,637 Maeda Goodwill Adjustment - PPA - - 1,512 - 1,512
Adjusted EBITDA 11,948 - 1,916 14,177 16,093
1Q10 1Q11Consolidated Results
PRICE EVOLUTION
21
MARKET VALUE AND SHAREHOLDERS POSITION
Market Value(March 31, 2011 )
R$ 911 Milhões
Number of Shares1,084,190,282
Number of Shareholders24.172
22
20
8
72
Shareholders Position (%)
Vila Rica I Fundo de Investimento Bonsucex Holding Others
INDEXES
23
