apresentação do powerpointri.randon.com.br/enu/1838/randon_apres_institucional_2q16_eng.pdf · 2...
TRANSCRIPT
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RANDON PROFILE I N S T I T U T I O N A L P R O F I L E
R E S U L T S
2Q16 / 1H16
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Significant Information
We make forward-looking statements that are subject to risks and uncertainties. These statements are based on the beliefs and assumptions of our management and on information currently available to us. Forward-looking statements include statements regarding our intent, belief or current expectations or that of our directors or executive officer. Forward-looking statements also include information concerning our possible or assumed future results of operations as well as statements preceded by, followed by, or that include the words ''believes'‘, ''may'‘, ''will'‘, ''continues'‘, ''expects'‘, ''anticipates'‘, ''intends'‘, ''plans'‘, ''estimates'' or similar expressions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur. Our future results and shareholder values may differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict.
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Randon Profile
Leadership Growth
Competitive Recognition
Employees
7,804 Market Cap
R$ 1.0 billion
IPO
1971
Foundation
1949
o leader in the 4th biggest
automotive market in the world;
o among the 10 biggest
manufacturers of towed vehicles;
o leader in Brazil in all kinds of parts
produced by itself.
o fast and constant growing;
o present in all Brazilian economy
sectors;
o international exposure through
exports and foreign operations.
o one of the main suppliers in the
Brazilian commercial vehicles chain;
o complementary products and
integrated industrial sites;
o traditional partnerships and
worldwide exposure.
o one of the most respected brands in
transportation in Latam;
o elected among the best companies
to work in Latam;
o regular investments in R&D.
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Among the 10 biggest manufacturers of road equipment in the world;
Second major manufacturer of railway wagons in Brazil;
The largest manufacturer of specialty vehicles of up to 30 tons in Brazil.
Randon Profile C o n s o l i d a t e d N e t R e v e n u e D i s t r i b u t i o n b y S e g m e n t | 1 H 1 6
5.2% Financial Services 50.6% Autoparts Vehicles and Trailers 44.2%
One of the biggest friction material manufacturers in the Western hemisphere;
The largest producer of air brakes for commercial vehicles in Brazil;
Leader in production of friction material, air breaks, axles and suspension systems and coupling components for commercial vehicles.
One of the biggest consortium companies for commercial vehicles in Brazil;
In-house bank to finance clients and suppliers.
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C o r p o r a t e s t r u c t u r e
Randon Profile
57.3% Free Float
80.0% Tag Along
Total Stocks 345,775,809
RAPT3 229,260,282
RAPT4 116,515,527
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Chile
África do Sul
O p e r a t i o n a l s t r u c t u r e
Randon Profile
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2Q2016 2Q2015 Δ% Un.
1H2016 1H2015 Δ% Un.
Un. % CNR Un. % CNR Un. % CNR Un. % CNR
Vehicles and Road Equipment 44.2% 47.9% 47.9% - 45.0%
Trailers/ Semi-Trailers (un.) 2,696 66.9% 2,633 59.3% 2.4% 4,999 58.0% 4,697 57.2% 6.4%
Specialty Vehicles (un.) 44 2.5% 107 4.4% -58.9% 89 2.5% 206 7.2% -56.8%
Rail freight cars (un.) 429 30.5% 382 36.3% 12.3% 1,155 39.5% 786 35.6% 46.9%
Vehicles and Trailers
Randon SP
Physical Volume Sales | Breakdown of Revenues by Segment
Products 2011 2012 2013 2014 2015
Trailers/Semi-Trailers 25,678 21,106 25,489 16,619 10,584
Specialty Vehicles 832 1,085 1,316 580 355
Rail Freight Cars 913 862 322 1,356 1,999
Physical Volume Sold over the last 5 Years
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30.4% 28.8% 26.9% 26.2% 25.6%
28.2% 24.8%
27.5%
2012 2013 2014 2015 2Q2015 2Q2016 1H2015 1H2016
Vehicles and Trailers L e a d e r i n t h e d o m e s t i c m a r k e t
Trailers Market Share Randon | 1H2016
+2.6% +2.7%
Facchini 12.1%
Guerra 10.9%
Librelato 13.0%
Noma 10.3% Others
26.3%
.Randon 27.5%
12,516 Units 1H2016
Trailers Total Market| 1H2016
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General Cargo, Grain trailers, Cereal Trailers, Sugar-Cane Trailers, Forestry Equipment and Reefers.
M a r k e t c h a r a c t e r i s t i c s
Vehicles and Trailers
Sales by Segment|1H2016
Tipper
Tankers
Primary Sector
Services
Industry
Bases, Trailers for coils, General cargo, Siders, Stainless steel tankers and Low-bed.
Tippers, Skeletal Bases for Containers and Carbon Steel Tankers.
Gran Trailers
strong distribution representatives in all main markets
logistics costs | regulation | import tax | financing
direct relation with Brazilian GDP
Latam and African markets
Fragmented base of clients
Import Barriers
Exposure to all economy segments
Exports concentrated
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54,401 40,493 59,284 59,435 52,537
126 142 145 153 171
70,161
166
56,452
171
12,516
161
29,620
131
Vehicles and Trailers SI
ZE O
F M
AR
KET
(S
ALE
S B
RA
ZIL)
C
OM
PET
ITO
RS
Others
Noma
Librelato
Guerra
Facchini
33.0% 35.2% 32.2% 32.6% 30.4% 28.8% 26.9% 26.2% 27.5%
3.9% 4.8%
6.7% 8.6% 11.2% 10.9% 10.4% 10.3%
13.0%
14.3% 11.4% 11.4% 12.1% 10.4% 12.2%
12.1% 11.2% 12.1%
15.9% 14.9% 14.9% 11.4% 12.2% 12.2% 11.4% 12.6%
10.9%
6.4% 7.3% 6.5% 7.4% 9.7% 9.3% 9.5% 11.7% 10.3%
26.4% 26.3% 28.3% 28.0% 26.2% 26.6% 29.7% 28.0% 26.3%
2008 2009 2010 2011 2012 2013 2014 2015 1S. 2016
L e a d e r i n t h e d o m e s t i c m a r k e t
1H2016
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Autoparts
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P h y s i c a l V o l u m e S a l e s | B r e a k d o w n o f R e v e n u e s b y S e g m e n t
Autoparts
2Q2016 2Q2015 Δ% Un.
1H2016 1H2015 Δ% Un.
Un. % CNR Un. % CNR Un. % CNR Un. % CNR Autoparts 50.6% 47.1% 47.2% 50.2%
Friction Material (ton.) 16,431 60.9% 18,412 56.9% -10.8% 33,209 61.5% 35,529 54.6% -6.5% Brakes (un.) 114,682 14.3% 123,687 14.6% -7.3% 212,615 13.7% 264,280 14.8% -19.5% Coupling Systems (un.) 13,160 6.0% 12,015 5.1% 9.5% 26,139 6.3% 26,464 5.4% -1.2% Suspension and Undercarriage Systems (un.) 31,561 18.6% 51,675 23.1% -38.9% 59,590 18.3% 101,777 24.9% -41.5% Castings (ton.) 4,065 0.2% 4,025 0.3% 1.0% 8,032 0.3% 9,214 0.2% -12.8%
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Main component in each controlled company 1H2016
L e a d e r i n t h e d o m e s t i c m a r k e t
Autoparts
Market Share Main Competitors
Brakes
Axles and Suspensions
Articulation Systems
Friction Materials
Knorr (Alemanha) – unit in SP Wabco (EUA) – unit in SP Guerra – Brasil/RS Silpa – Brasil/RS Mercado Cativo – (MB, Scania)
Hendrickson (EUA) BPW (Alemanha) SAF Holland (EUA e Alemanha) – unit in SP Fuwa (China) HBZ – Brasil/SP
Fontaine (EUA) – unit in PR GF – George Fischer (Suíça) – oficce in RS Fuwa (China)
SYL – Brasil/SP TRW (EUA) – unit in São Paulo Brakeparts – Brasil/SP Nakata (EUA) – unit in São Paulo Federal Mogul (EUA)
87%
50% 45%
89%
Fifth-wheel - OEM Air Brakes - OEM Brake Linings -Aftermarket
Axles andSuspensions - OEM
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Vendas por Mercado | 1T2016
big clients play a major role in sales
simultaneous engeneering | import tax | financing
direct relation with the Brazilian GDP
mainly USA market
M a r k e t c h a r a c t e r i s t i c s a n d s a l e s b y s e g m e n t s
Autoparts
Concentrated base of clients
Moderated imports
Exposure to the OEMs demand
Exports concentrated in NAFTA
Sales by Segments|1H2016
OEM
Aftermarket
Exports
Original Equipment Manufacturer of commercial vehicles – trucks, buses and towed.
Replacement parts.
Parts for OEMs abroad as well as for the international aftermarket.
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Overview B u s i n e s s E n v i r o n m e n t
The 2Q2016 still reflects a very low market for production and sales of vehicles and trailers;
Truck sales reached 25,589 units in 1H2016, a drop of 31.4% year over year;
The number of trailers and semi-trailers sold amounted to 12,516 units in 1H2016, 14.7% less than that of 1H2015;
Higher confidence level for both entrepreneurs and consumers reinforce the expectation for a more favorable economic scenario in the months to come.
.
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Highlights – 2Q16
2Q2016 2Q2015 D% 1H2016 1H2015 D%
PRODUCTION 28,513 33,102 -13.9% 54,891 71,613 -23.4%
Trucks (*) 16,099 18,317 -12.1% 31,299 41,630 -24.8%
Buses (*) 4,900 6,179 -20.7% 9,239 13,865 -33.4%
Trailers/ Semi-Trailers (***) 7,514 8,606 -12.7% 14,353 16,118 -11.0%
SALES (DOMESTIC MARKET) 21,916 30,171 -27.4% 43,788 61,636 -29.0%
Trucks (*) 12,478 17,987 -30.6% 25,589 37,295 -31.4%
Buses (*) 2,963 4,458 -33.5% 5,683 9,665 -41.2%
Trailers/ Semi-Trailers (**) 6,475 7,726 -16.2% 12,516 14,676 -14.7%
* Dada from Anfavea Newsletter.
** Dada from ANFIR Statistics.
*** Dada from ANFIR+Aliceweb
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Highlights – 2Q16
2Q2016 2Q2015 Δ% 1H2016 1H2015 Δ%
Total Gross Revenue (*) 984,152 1,015,785 -3.1% 2,004,665 2,010,537 -0.3%
Domestic market 834,472 898,930 -7.2% 1,732,960 1,777,195 -2.5%
Foreign market 149,680 116,855 28.1% 271,705 233,342 16.4%
Foreign market in US$ 42,042 37,895 10.9% 74,228 77,656 -4.4%
Consolidated Net Revenue 696,752 734,727 -5.2% 1,431,366 1,431,549 0.0%
Consolidated Gross Profit 162,366 156,283 3.9% 293,383 308,277 -4.8%
Gross Margin (%) 23.3% 21.3% 2.0 p.p. 20.5% 21.5% -1.0 p.p.
Consolidated Net Profit 6,867 274 2401.9% -2,689 832 -423.3%
Net Margin (%) 1.0% 0.0% 0.9 p.p. -0.2% 0.1% -0.2 p.p.
Consolidated EBITDA 75,300 47,025 60.1% 121,781 97,994 24.3%
EBITDA Margin (%) 10.8% 6.4% 4.4 p.p. 8.5% 6.8% 1.7 p.p.
Adjusted EBITDA 86,357 54,299 59.0% 174,672 134,383 30.0%
Adjusted EBITDA Margin (%) 12.4% 7.4% 5.0 p.p. 12.0% 9.4% 2.6 p.p.
(*) Without elimination of intercompany sales. Values in thousands of Reais
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121.8
174.7 20.0
30.7 0.5 3.2 1.5
8.5% 12.0%
EBITDA Hedge Accounting Restructuring Restructuring Provision- Randon SP
Non-operatingprovisions
Write-off of intangibleassets - Randon SP
Adjusted EBITDA
EBITDA 1H2016
ADJUSTED EBITDA 1H2016
Highlights – 1H16 N O N - R E C U R R I N G E F F E C T S
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Adjusted Statements of Income
2Q2016 AV% 2Q2016 ADJ AV% 1H2016 AV% 1H2016 ADJ AV%
(+) Hedge Accounting - 0.0% 570 0.1% - 0.0% 19,985 1.4%
Consolidated Net Revenue 696,752 100.0% 697,322 100.0% 1,431,366 100.0% 1,451,351 100.0%
(+) COGS Restructuring - 0.0% 14,151 2.0% - 0.0% 26,598 1.8%
(+) COGS Restructuring Provision - 0.0% -3,430 -0.5% - 0.0% - 0.0%
Cost of Sales and Services -534,386 -76.7% -523,665 -75.1% -1,137,983 -79.5% -1,111,385 -76.6%
Gross Profit 162,366 23.3% 173,657 24.9% 293,383 20.5% 339,966 23.4%
Operating Expenses -116,751 -16.8% -116,751 -16.7% -232,811 -16.3% -232,811 -16.0%
(+) SG&A Restructuring - 0.0% 1,187 0.2% - 0.0% 4,109 0.3%
(+) SG&A Restructuring Provision - 0.0% -1,046 -0.1% - 0.0% 521 0.0%
(+) Write-off of intangible assets - 0.0% - 0.0% - 0.0% 3,183 0.2%
(+) Non-operating provisions - 0.0% -375 -0.1% - 0.0% -1,505 -0.1%
Operating Expenses -116,751 -16.8% -116,985 -16.8% -232,811 -16.3% -226,503 -15.6%
EBIT 45,615 6.5% 56,672 8.1% 60,572 4.2% 113,463 7.8%
EBITDA 75,300 10.8% 86,357 12.4% 121,781 8.5% 174,672 12.0%
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Overview – 2Q16 B u s i n e s s S e g m e n t s – T r a i l e r s / S e m i - t r a i l e r s
T R A I L E R S / S E M I - T R A I L E R S
• Low but stable market volumes; • Marketshare = 28.2% in 2Q2016 | 25.6% in 2Q2015; • Intense commercial competition; • Slow recovery of prices.
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Overview – 2Q16 B u s i n e s s s e g m e n t s – V e h i c l e s a n d R o a d E q u i p m e n t
Veículos e Implementos
R A I L F R E I G H T C A R S
S P E C I A L T Y V E H I C L E S
• Number of railcars produced reached 429 units in 2Q2016, a raise of 12.3% compared to 2Q2015;
• Firm orders for the next quarter; • Ongoing quotations.
• The shutdown of infrastructure and construction projects are strongly affecting the sector;
• Sales decreased 58.9% in 2Q2016 (compared to 2Q2015).
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Overview – 2Q16 B u s i n e s s s e g m e n t s – A u t o p a r t s
A U T O P E Ç A S
• OEMs indicate stable market volumes, but iddle capacity on factories remain in high levels;
• Volumes produced by the company this quarter were higher than 1Q2016, despite the slow domestic market;
• Exports and aftermarket support the consistency of results and reinforce good perspectives for the year.
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4,156.4 3,501.9
4,253.3 3,778.8
3,099.4
734.7 696.8 1,431.5 1,431.4
2011 2012 2013 2014 2015 2Q15 2Q16 1H15 1H16
6,385.0 5,350.6
6,620.3 5,457.3
4,236.9
1,015.8 984.2 2,010.5 2,004.7
2011 2012 2013 2014 2015 2Q15 2Q16 1H15 1H16
Financial Results
CAGR
-9.7%
CAGR
-7.1%
0.0%
-3.1% -0.3%
-5.2%
To t a l G r o s s R e v e n u e I n c l u d i n g i n t e r c o m p a n y s a l e s R $ m i l l i o n
C o n s o l i d a t e d N e t R e v e n u e R $ m i l l i o n
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Financial Results
C o n s o l i d a t e d B r e a k d o w n o f C O G S 1 H 2 0 1 6 | R $ m i l l i o n
CAGR
-10.9% -4.8% 3.9%
Raw material 70.2%
Labor 14.7%
Depreciation 3.7%
Others 11.4%
G r o s s P r o f i t | G r o s s M a r g i n R $ m i l l i o n
1,018.9
732.2
1,039.6 943.0
640.9
156.3 162.4 308.3 293.4
24.5%
20.9%
24.4% 25.0%
20.7% 21.3% 23.3%
21.5% 20.5%
2011 2012 2013 2014 2015 2Q15 2Q16 1H15 1H16
COGS 1H2016
R$ 1.1 billion (79.5% of CNR)
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Financial Results
CAGR
-26.6% 59.0% 24.3%
Adjusted EBITDA
60.1%
E B I T D A | E B I T D A M a r g i n R $ m i l l i o n
556.7
280.2
563.9 490.5
161.9 47.0 75.3 98.0 121.8
54.3 86.4
13.4% 8.0%
13.3% 13.0% 5.2% 6.4%
10.8% 6.8% 8.5% 7.4% 12.4%
2011 2012 2013 2014 2015 2Q15 2Q16 1H15 1H16 2Q15 2Q16
47 42
21
46
75 6.4%
5.0%
2.6%
6.3%
10.8%
2Q15 3Q15 4Q15 1Q16 2Q16
E B I T D A | E B I T D A M a r g i n s – Q u a r t e r l y R $ m i l l i o n
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Financial Results N e t I n c o m e | N e t M a r g i n R $ m i l l i o n
269.1
42.6
235.1 202.0
-24.6
0.3 6.9 0.8
-2.7
6.5% 1.2% 5.5% 5.3%
-0.8% 0.0% 1.0% 0.1% -0.2%
2011 2012 2013 2014 2015 2Q15 2Q16 1H15 1H16
N e t I n c o m e | N e t M a r g i n – Q u a r t e r l y R $ m i l l i o n
0
-4
-21 -10
7
0.0% -0.5% -2.6% -1.3%
1.0%
2Q15 3Q15 4Q15 1Q16 2Q16
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Vehicles and Trailers/Semi-Trailers
Autoparts Financial Services Consolidated
2Q2016 2Q2015 Δ% 2Q2016 2Q2015 Δ% 2Q2016 2Q2015 Δ% 2Q2016 2Q2015 Δ%
Grosse Revenue 379,583 416,265 -8.8% 453,247 443,745 2.1% 39,626 48,040 -17.5% 872,456 908,049 -3.9%
Deduction in Gross Revenue -71,402 -72,482 -1.5% -100,827 -97,514 3.4% -3,475 -3,327 4.5% -175,704 -173,323 1.4%
Net Revenue 308,182 343,782 -10.4% 352,420 346,231 1.8% 36,150 44,713 -19.1% 696,752 734,727 -5.2%
Cost of Sales and Services -275,762 -301,366 -8.5% -256,338 -272,576 -6.0% -2,287 -4,502 -49.2% -534,386 -578,444 -7.6%
Gross Profit 32,420 42,417 -23.6% 96,082 73,655 30.4% 33,864 40,211 -15.8% 162,366 156,283 3.9%
GROSS MARGIN (%) 10.5% 12.3% -1.8 p.p. 27.3% 21.3% 6.0 p.p. 93.7% 89.9% 3.7 p.p. 23.3% 21.3% 2.0 p.p.
Operating Expenses -45,076 -42,341 6.5% -46,581 -61,134 -23.8% -25,094 -36,822 -31.8% -116,751 -140,297 -16.8%
EBIT -12,656 76 -16763.6% 49,501 12,521 295.3% 8,769 3,389 158.8% 45,615 15,986 185.3%
EBITDA -2,939 9,225 -131.9% 69,352 33,271 108.4% 8,887 4,529 96.2% 75,300 47,025 60.1%
EBITDA MARGIN (%) -1.0% 2.7% -3.6 p.p. 19.7% 9.6% 10.1 p.p. 24.6% 10.1% 14.5 p.p. 10.8% 6.4% 4.4 p.p.
Adjusted EBITDA 6,240 10,801 -42.2% 70,912 34,829 103.6% 9,205 8,670 6.2% 86,357 54,299 59.0%
Adjusted EBITDA Margin (R$) 2.0% 3.1% -1.0 p.p. 20.1% 10.1% 10.1 p.p. 25.5% 23.8% 1.6 p.p. 12.4% 7.4% 5.0 p.p.
Financial Results C o n s o l i d a t e d I n c o m e S t a t e m e n t – S e g m e n t R $ M i l l i o n / %
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Financial Results
2Q2015 3Q2015 4Q2015 2015 1Q2016 2Q2016
Consolidated Net Revenue 734.7 853.0 814.9 3,099.4 734.6 696.8
% Vehicles and trailers/semi-trailers 46.8% 53.7% 54.9% 50.0% 51.3% 44.2%
% Autoparts 47.1% 41.9% 42.1% 45.8% 43.9% 50.6%
% Financial Services 6.1% 4.4% 3.0% 4.2% 4.8% 5.2%
Consolidated Gross Profit 156.3 173.6 159.1 640.9 131.0 162.4
% Gross Margin 21.3% 20.3% 19.5% 20.7% 17.8% 23.3%
EBITDA 47.0 42.5 21.4 161.9 46.5 75.3
% EBITDA Margin 6.4% 5.0% 2.6% 5.2% 6.3% 10.8%
Net Income 0.3 -4.5 -21.0 -24.6 -9.6 6.9
% Net Income 0.0% -0.5% -2.6% -0.8% -1.3% 1.0%
C o n s o l i d a t e d I n c o m e S t a t e m e n t – b y S e g m e n t / Q u a r t e r l y R $ M i l l i o n / %
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294 264 242
192 158
38 42 78 74
2011 2012 2013 2014 2015 2Q15 2Q16 1H15 1H16
Operating Results
E x p o r t s - D e s t i n a t i o n b y e c o n o m i c b l o c 1 H 2 0 1 6 | U S $ M i l l i o n
CAGR
-14.4% -19,9%
-12,5% 10.9%
-4.4%
E x p o r t s U S $ M i l l i o n
41%
29%
2%
14%
1%
9%
4% 1%
39% 34%
2%
8%
2%
11%
4% 1%
MERCOSUR + CHILE NAFTA EUROPE AFRICA ASIA SOUTH ANDCENTRAL AMERICA
MIDDLE EAST OCEANIA
1H2015 1H2016
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1,354.3 1,369.5 1,337.2
1,431.6
1,277.3
1,484.2
23.0%
3.1%
17.2% 15.1%
-1.7% -2.0%
2011 2012 2013 2014 2015 1H16
Financial Results
CAGR
-10.2%
-80.5%
CAGR
-1.5%
-71.3%
+R$ 158.1 Million Investment in Fras-le
(Capital Increase) I N V E S T M E N T S R $ m i l l i o n
248.3 276.9 287.6
124.8 161.6
32.6 6.3 68.9
19.8
2011 2012 2013 2014 2015 2Q15 2Q16 1H15 1H16
S h a r e h o l d e r s ’ E q u i t y | R O E R $ m i l l i o n
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1,161.3
815.2 120.8
154.4 69.7 41.1 37.7 2.1
1 H 2 0 1 5 C U S T O M E R S I N V E N T O R I E S R E C O V E R A B L E T A X E S
S U P P L I E R S C U S T O R M E R S A D V A N C E S
O T H E R S 1 H 2 0 1 6
Financial Results G r o s s D e b t B r e a k d o w n 1 H 2 0 1 6 R $ ’ 0 0 0 | %
Reais 68.7%
Foreign Currency
31.3%
Total gross debt R$ 2,379,707,600
Gross debt in BR currency R$ 1,634,028,077
Gross debt in foreign currency R$ 745,679,523
USD rate (Jun. 30, 2016) R$ 3.2089
C o n s o l i d a t e d W o r k i n g C a p i t a l R $ M i l l i o n – 1 H 2 0 1 6
- R$ 346.1 Mn
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383.5
760.4
1,193.2 1,057.8
1,357.3 1,270.3
658.1
929.0
386.3
0.69 2.70 2.12 2.16 8.38
4.27 3.54 2.95 2.23
2011 2012 2013 2014 2015 1H15 1H16 1H15 1H16
Financial Results G r o s s D e b t B r e a k d o w n 1 H 2 0 1 6 R $ ‘ 0 0 0 | %
D e b t | N e t D e b t / E B I T D A R $ m i l l i o n
Consolidated Net Debt (without Randon Bank)
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Financial Results C o n s o l i d a t e d N e t D e b t ( w i t h o u t R a n d o n B a n k ) R $ M i l l i o n – 1 H 2 0 1 6
The chart above shows the company’s debt, without the cash and debt indicators of the Randon Bank. The comparative EBITDA used to calculate debt is adjusted to the non-recurring effects of the period. Consolidated net debt at the end of 1H2016 amounts to R$ 658.1 million, a multiple of 3.54x EBITDA over the last 12 Months (2.20x if considering the EBITDA adjusted to the non-recurring effects of the period). Consolidated net debt (without Randon Bank) at the end of 1H2016 amounts to R$ 386.3 million, a multiple of 2.23x EBITDA over the last 12 Months (1.35x if considering the EBITDA adjusted to the non-recurring effects of the period).
1,104.7 1,426.2 1,565.0
1,777.8 1,781.4
-1,721.3
-2,365.1 -2,262.2
-2,829.9
-2,167.6
2.15 x 1.68 x 1.45 x 4.24 x 1.35 x
-616.6 -938.9
-697.2 -1,052.0
-386.3
Dec, 2012 Dec, 2013 Dec, 2014 Adjusted Dec, 2015 Adjusted Jun, 2016
Consolidated Net Debt (without Randon Bank) (R$ Million)
Cash Loans Consolidated Net Debt (without Randon Bank)
*Net Debt/EBITDA
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91.3
15.8
68.6 59.0
-
0.37
0.07
0.28 0.19
-
2011 2012 2013 2014 2015
8.6
12.0 12.6
9.3
4.1 5.8
4.0
6.28 9.54 8.83 4.71 2.45 3.22 3.25
2011 2012 2013 2014 2015 1H15 1H16
-46,7%
-32.1%
Bonus 25%
0.9%
Capital Markets R A P T 4 P r i c e / D a i l y L i q u i d i t y R $ p e r s h a r e | R $ ’ 0 0 0
Note: When comparing results with prior years, we have already taken into account the updated quotation with regard to the effect of bonus and payment of dividends.
D i v i d e n d s a n d I n t e r e s t o n E q u i t y R $ m i l l i o n | R $ p e r s h a r e
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Sustainability E m p l o y m e n t | 1 H 2 0 1 6
S o c i a l I n v e s t m e n t s | 2 0 1 5
10,104 1H2015 7,804
Employees
education, food, private retirement plan, healthcare, transport, social responsability
77 million R$
Benefits
7.1 million R$ Environment
-22.8%
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6 14 18 57 AGE 60
S o c i a l R e s p o n s a b i l i t y – I m p l e m e n t e d P r o g r a m s
Sustainability
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A d d e d V a l u e C o n s o l i d a t e d D i s t r i b u i t i o n 1 H 2 0 1 6 – R $ 7 5 8 . 7 m i l l i o n
Sustainability
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Outlook G U I D A N C E R E V I E W 2 0 1 6
Guidance 2016
Total Gross Revenue R$ 4.0 bn
Consolidated Net Revenue R$ 2.9 bn
Investments R$ 60 mn
Revenues from abroad US$ 260 mn
Imports US$ 45 mn
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Outlook
Source: * BACEN / FOCUS Report (Aug 5,2016) ** 10th SAFRA-survey 2015/2016 - Conab
• Brazilian economic growth forecast: -3.23% in 2016 and +1.10% in 2017.*
• Harvest– national production of grains is estimated in 189.3 million tons, 8.9% lower than in prior cycle. **
• Economy: • Unstable political scenario keeps affecting the economy; • Higher entrepreneur and consumer confidence levels; • Strong need of public initiatives to promote businesses.
• Results 2Q16:
• Stable sales volumes with a slight increase in some segments, mainly in autoparts; • Company is adjusted to the size of the market; • Higher cash generation and strong debt reduction.
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Vehicles and Trailers
o Regional Business;
o Focus on primary sector, manufacturing and services;
o Trailers Domestic Fleet: 600,000 units (Source: ANTT)
o Average Age Trailers Domestic Fleet: 12 years (Source: ANTT)
o Focus on primary sector;
o Rail Nacional Fleet: 115,000 (Source: RF)
o Market Share 2015: 45.4%
o Total Market 2015: 4,608 units
o Focus on services sector;
o Nacional Backhoe Fleet of 85,000 (Source: Abimaq)
o Average Age Domestic Fleet: 10 years
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Caxias do Sul/RS
Chapecó/SC
Rosário/AR
Caxias do Sul/RS
Vehicles and Trailers
Rail Cars
Hopper, telescopic, gondola, tanker, sider and platform freight cars.
Specialty Vehicles
Backhoes and Off-Road Trucks.
General Cargo, Grain trailers, Cereal Trailers, Sugar-Cane Trailers, Forestry Equipment, Reefers, Bases, trailers for coils, general cargo, siders and stainless steel tankers.
Trailers
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Autoparts
o 5 plants in Caxias do Sul;
o Plants in the USA and China;
o Distribution centers in the USA, Europe e Argentina;
o Focus on sales for OEMs, exports and aftermarket;
o Exports to more than 100 countries;
o Joint Ventures with World Class partners.
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Autoparts
Caxias do Sul/RS
São Leopoldo/RS
China
EUA
Friction materials
Brake pads and shoes.
Caxias do Sul/RS
Axles and Suspensions
Hubs, drums, axles and suspension systems.
Incorporated Randon
Implementos In Dec. 2013
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Autoparts
Caxias do Sul/RS
Brakes
Brakes and components for commercial vehicles.
Coupling Systems
Articulation Systems, Fifth-wheel, King-Pin and landing gear.
Caxias do Sul/RS
Cast Iron
Cast iron parts: Hubs, drums, etc.
Caxias do Sul/RS
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Financial Services
Coop-payments
In the sectors of automobiles, real estate, trailers/semi-trailers, trucks, buses, minibuses, agricultural machinery and implements.
Services
Lines of financing for customers and suppliers.