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4Q 2011 and 2011
Results
February 28th, 2012
SCHEDULE
HIGHLIGHTS
RESULTS
OUTLOOK
2
Providência USA
Providência USAProvidência USA
HIGHLIGHTS 4Q 2011
Sales Volume amounted to 87.7 thousand tons in 2011, a growth of 11.7% in relation to the
preceding year. In 4Q11 we reported 23.0 thousand tons, 14.0% more than in 4Q10;
Net Revenue reached R$ 526.6 million during the year, 16.2% more than 2010, basically reflecting
an increase in sales volume. In 4Q11 we reached R$ 142.0 million, 22.5% more than in 4Q10;
Gross Profits were R$ 161.4 million in 2011 and R$ 46.2 million in 4Q11, a 7.4% increase in the
year and 15.3% in the quarter;
In November, the Company drew down the value on an export finance line from the BNDES
amounting to R$ 50 million at an annual fixed rate of interest of 9.0%, repayable in 18 months;
On November 25, the Company made an interim dividend payment of R$ 14.1 million, relating to
100% of the adjusted net income for the first half of 2011 and, subject to approval by the AGM, is
proposing the distribution of 100% of the annual adjusted dividend calculation base, equivalent to
R$ 39.5 million, R$ 25.4 million of which will be paid out in 2012.
3
HIGHLIGHTS
RESULTS
OUTLOOK
4
SCHEDULE
Providência USA
73,6 80,3
5,0
7,5 78,6
87,8
2010 2011Nonwovens Others
19,0 21,2 20,6
1,2 1,6 2,4
20,2 22,8
23,0
4Q10 3Q11 4Q11
SALES VOLUME(in thousands of tons)
In 2011 the Company reported an increase in
Total Sales Volume of 11.7% in relation to the
preceding year;
5
Our first production line in the US reached more
than 1,000 tons sales/month, in line with the
Company’s forecast for ramping up production,
contributing to the increase in sales volume.
In 4Q11 we reported 23.0 thousand tons and sales
of nonwovens grew 8.7% compared with 4Q10;
Aggregate Net Revenue for fiscal year 2011
reached R$ 526.6 million, a 16.2% increase in
relation to the R$ 453.3 million in 2010;
453,3
526,6
2010 2011
116,0 142,7 142,0
4Q10 3Q11 4Q11
NET REVENUE (in millions of Reais)
6
This growth principally reflects an increase in sales
volume, price realignment as well as greater use of
production capacity which recorded a volume of 23
thousand tons in the quarter.
In 4Q11 the Company’s Net Revenue was R$ 142.0
million, equivalent to a growth of 22.5% when
compared with 4Q10;
COGS (Cost of Goods Sold)(in millions of Reais)
303,0
365,2
R$3,86
R$4,16
R$(35,00) R$(34,00) R$(33,00) R$(32,00) R$(31,00) R$(30,00) R$(29,00) R$(28,00) R$(27,00) R$(26,00) R$(25,00) R$(24,00) R$(23,00) R$(22,00) R$(21,00) R$(20,00) R$(19,00) R$(18,00) R$(17,00) R$(16,00) R$(15,00) R$(14,00) R$(13,00) R$(12,00) R$(11,00) R$(10,00) R$(9,00) R$(8,00) R$(7,00) R$(6,00) R$(5,00) R$(4,00) R$(3,00) R$(2,00) R$(1,00) R$- R$1,00 R$2,00 R$3,00 R$4,00 R$5,00 R$6,00 R$7,00 R$8,00 R$9,00 R$10,00 R$11,00 R$12,00 R$13,00 R$14,00 R$15,00 R$16,00 R$17,00 R$18,00 R$19,00 R$20,00
2010 2011
75,9 95,7 95,8
R$3,77 R$4,21 R$4,17
R$-
R$5,00
4Q10 3Q11 4Q11
COGS totaled R$ 95.8 million in 4Q11, an increase
of 26.2% against 4Q10. For fiscal year 2011, the
Company reported a 20.5% rise in relation to 2010;
This was principally due to higher sales volume in
2011 since on a unit COGS basis, the increase was
only 7.9% in relation to 2010, a reflection of the
principal cost component, polypropylene, which
reported higher prices during the year under review.
106,2 102,1
23,4% 19,4%
-45-45-44-44-43-43-42-42-41-41-40-40-39-39-38-38-37-37-36-36-35-35-34-34-33-33-32-32-31-31-30-30-29-29-28-28-27-27-26-26-25-25-24-24-23-23-22-22-21-21-20-20-19-19-18-18-17-17-16-16-15-15-14-14-13-13-12-12-11-11-10-10-9-9-8-8-7-7-6-6-5-5-4-4-3-3-2-2-1-1011223344
2010 2011
28,4 32,8 29,1
24,5% 23,0% 20,5%
-
20,0
40,0
60,0
80,0
100,0
4Q10 3Q11 4Q11
EBITDA (in millions of Reais)
and EBITDA Margin (%)
The Adjusted EBITDA reached R$ 102.1 million in
2011 and totaled R$ 29.1 million in 4Q11, a growth
of 2.2% when compared with the R$ 28.4 million
reported in 4Q10;
8
This year-on-year reduction is directly related
to:
• The increase in the prices of our main raw
material, polypropylene.
• The startup and adjustments in the US
production line.
In 4Q11 EBITDA Margin amounted to 20.5%, 4.1
p.p. down on 4Q10;
23,8
29,5
5,6% 5,3%
-5500,0%-5450,0%-5400,0%-5350,0%-5300,0%-5250,0%-5200,0%-5150,0%-5100,0%-5050,0%-5000,0%-4950,0%-4900,0%-4850,0%-4800,0%-4750,0%-4700,0%-4650,0%-4600,0%-4550,0%-4500,0%-4450,0%-4400,0%-4350,0%-4300,0%-4250,0%-4200,0%-4150,0%-4100,0%-4050,0%-4000,0%-3950,0%-3900,0%-3850,0%-3800,0%-3750,0%-3700,0%-3650,0%-3600,0%-3550,0%-3500,0%-3450,0%-3400,0%-3350,0%-3300,0%-3250,0%-3200,0%-3150,0%-3100,0%-3050,0%-3000,0%-2950,0%-2900,0%-2850,0%-2800,0%-2750,0%-2700,0%-2650,0%-2600,0%-2550,0%-2500,0%-2450,0%-2400,0%-2350,0%-2300,0%-2250,0%-2200,0%-2150,0%-2100,0%-2050,0%-2000,0%-1950,0%-1900,0%-1850,0%-1800,0%-1750,0%-1700,0%-1650,0%-1600,0%-1550,0%-1500,0%-1450,0%-1400,0%-1350,0%-1300,0%-1250,0%-1200,0%-1150,0%-1100,0%-1050,0%-1000,0%-950,0%-900,0%-850,0%-800,0%-750,0%-700,0%-650,0%-600,0%-550,0%-500,0%-450,0%-400,0%-350,0%-300,0%-250,0%-200,0%-150,0%-100,0%-50,0%0,0%50,0%100,0%150,0%200,0%250,0%300,0%350,0%400,0%450,0%500,0%550,0%600,0%650,0%700,0%750,0%800,0%
2010 2011
5,6
15,4
4,6
4,8%10,8%
3,2%
-80,0%
-30,0%
20,0%
70,0%
-
20,0
4Q10 3Q11 4Q11
Net Income Net Margin
NET INCOME (in millions of Reais)
and NET MARGIN (%)
Net Income for the year was R$ 29.5 million, an
increase of 23.7% in relation to the preceding year;
9
The calculation base for the annual adjusted
dividends reached R$ 39.5 million reflecting the
realization of deemed cost and the reversal of a
provision for the first Stock Option Plan.
249,1
323,0
81,2
-
50,0
100,0
150,0
200,0
250,0
300,0
4Q10 3Q11 4Q11
CASH AND CASH EQUIVALENTS(in millions of Reais)
10
The Company reported a reduction in its year-on-year
outstanding Cash balance of 67.4% or R$ 168.0 million
and 74.9% or R$ 241.8 million against 3Q11;
This reduction is directly related to:
• The strategy of reducing our Total Debt (early
settlement of R$ 106.5 million in debentures and
of R$ 152.6 million in contracts under the BNDES-
Exim Pre-Shipment Program) that consequently
reduced our Cash level;
• The down payment effected for the two lines
that will startup in 2012;
• Interim dividend payment of R$ 14.1 million.
NET DEBT(in millions of Reais)
Net Debt recorded an increase of R$ 96.9
million, or 39.7%, in relation to 4Q10, the principal
factor being additional funding for investments in
the projects of new lines in Brazil and the USA;
In 4Q11, the Company drew down the value on
an export finance line from the BNDES amounting
to R$ 50 million at an annual fixed rate of interest
of 9.0%, repayable in 18 months. Resources from
this line will be used by the Company for export
operations;
Of total debt, the Company has 35% in local currency and 65%, foreign currency denominated mainly in
the US with natural hedge due to sales and assets in that country.11
243,9
304,5 340,8
4Q10 3Q11 4Q11
DEBT / CASH(in millions of Reais)
Consolidated Net Debt
12
R$ (MM) 12/31/2010 12/31/2011Ch. 4Q11 /
4Q10
Total Debt
Short Term 262,2 73,6 -71,9%
Long Term 230,8 348,4 50,9%
Total 493,1 422,0 -14,4%
Cash 249,1 81,2 -67,4%
Net Debt 243,9 340,8 39,7%
Shareholders' Equity 697,1 689,3 -1,1%
DIVIDENDS (in millions of Reais)
24,2
32,9
39,5
R$ 0,30
R$ 0,41
R$ 0,49
R$ -
R$ 0,05
R$ 0,10
R$ 0,15
R$ 0,20
R$ 0,25
R$ 0,30
R$ 0,35
R$ 0,40
R$ 0,45
R$ 0,50
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
45,0
Dividends Paid (R$ million) Dividend/Share
Net income for the fiscal year 2011 R$ 29.5 million
(-) Legal Reserve (5%) R$ 1.5 million
(+) Realization of the Deemed cost: R$ 10.2 million
(+) Reversal of the provision for the
first Stock Option Plan R$ 1,3 million
Calculation base for the annual adjusted
dividends R$ 39.5 million
13
Management is proposing payment of a dividend in addition to the minimum mandatory payment, of R$
25.4 million, subject to resolution by the AGM. This will raise the Company’s dividend payout to 100% of
the calculation base for adjusted annual dividends, totaling R$ 39.5 million for the 2011 fiscal year,
equivalent to approximately an earnings per share of R$ 0,49.
The calculation base corresponds to :
** To be ratified at the AGM
2009 2010 2011**
HIGHLIGHTS
RESULTS
OUTLOOK
SCHEDULE
Providência USA
OUTLOOK
An increase in sales volume is expected for 2012 with the entry into operation in the 2nd quarter of
the production line in Pouso Alegre (MG) and in the 4th quarter, the production line in Statesville (NC).
The two projects are part of the scheduled expansion plan and will add a further 40 thousand tons to
our current installed capacity - representing a 40% increase.
15
KAMI 13 – Statesville/NC
KAMI 12 – Pouso Alegre/MG – February 2012
KAMI 13 – Statesville/NC – February 2012
CEO: Hermínio V. S. de Freitas
CFO: Eduardo Feldmann Costa
IR : Gabriela Las Casas
Beatriz Tokarski
Tel: +55 (41) 3381-8673
Fax: +55 (41) 3283-5909
São José dos Pinhais – PR
www.providencia.com.br/ir
www.twitter.com/providencia_ri
The words “believe”, “anticipate”, “expect”, “estimate”, “will”, “plan”, “may”, “intend”, “foresee”, “project” and other similar expressions indicate forward-looking
statements. These forward-looking statements involve uncertainties, risks and assumptions, since they include information related to our potential or assumed future
operating results, business strategy, financing plans, competitive position in the market, industry environment, potential growth opportunities and the effects of future
regulations and competition. In addition, forward-looking statements refer only to the date on which they were made and should not be taken as a guarantee of future
performance. Providência is under no obligation to update this presentation with new information and/or future events .