press release presentation 1 q15
TRANSCRIPT
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1Q15 RESULTS
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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$72.2 million at the end of 2014).
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Sales – R$ 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%
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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%
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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%
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EBITDA (R$ Thousand)
EBITDA MARGIN (%)
EBITDA
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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
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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
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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
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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
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Appendix
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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%- -
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Balance sheet - Assets
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Balance sheet - Liabilities
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Olivier Michel Colas Felipe Fontes
Vice-President Executive Officer IR Analyst
THANK YOU !
Tel.: +55 (11) 4873-0302
E-mail: [email protected]
Website: www.kepler.com.br/ri
Investor Relations