apresentação 1t09 inglês - versão 1.ppt [modo de ...higgghlights fnet operating revenue (nor) in...
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RESULTS 1Q09
Highlightsg g
Net Operating Revenue (NOR) in the 1Q09 reached R$ 118.7 million, practically the
same value reported in the same period of 2008
Gross Income of R$ 38.1 million and Gross Margin of 32.1%
EBITDA of R$ 32.9 million in this quarter, corresponds to an EBITDA Margin of 27.7%
(2.4 p.p. lower than in the 1Q08)
CAPEX totaled R$ 66.6 million in the 1Q09, according to the ongoing strategic investment
planp
New MDP Plant in Taquari (RS) – Currently in the final phase of the electrical and
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mechanical assembly stage, remains on schedule for startup by mid-2009.
Our Business
Products
MDPParticles from timber or recycled wood set in3 layers glued together with synthetic thermosetresin
Higher mechanic resistance
Lower production cost
Ideal for straight line parts and flat surfaces
Fiber from timber or “premium” recycled wood gluedtogether with synthetic thermoset resin
MDF
g y
Uniform distribution of fiber
Ideal for machined parts in bass-relief and roundedgesedges
Flooring, window and door frames in construction
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Launches
MDP and MDF with BP coating5 lines with 9 new patterns
MDP and MDF with BP coatingAnti-microbial action Longer lasting furnitureEasier to be cleaned
MDPResistant to humidityResistant to termites5-year guarantee
Ready-made parts FF highly similar to woodGood cost-benefit relationship
BP: Panel coated with cellulose sheets impregnated with melamine resin offering high resistance to abrasion and chemical products
FF: Panel coated with finish foil cellulose sheets, specially treated with varnish, offering different levels of shine 5
Forests
Total Forest Area of 86 6 thousand haTotal Forest Area of 86.6 thousand ha(17.9 thousand ha RS and 68.7 thousandha MG)
Wood supply at competitive pricesthrough own forests and long-termcontractscontracts
Low freight cost with forests located nearfactories (50 km RS and 130 Km MG)factories (50 km – RS and 130 Km – MG)
Planted Eucalyptus from selected clones match Genotypes to Environment
Increase in the productivity of forests through research with emphasis in the geneticimprovement and mineral nutrition
Professional and integrated forestry operations
Forestry operations certified by the Forest Stewardship Council (FSC) 6
Industrial Plants
Total Capacity: 1 150 thousand m³/yearUberaba
Total Capacity: 1,150 thousand m /year800 thousand m³/year of PB350 thousand m³/year of MDF
E f l h i fi d tEconomy of scale sharing fixed cost
Flexibility in the production and coating lines
New Low-Pressure Coating Line alreadyoperating
Self-sufficient in wood supply
TaquariTaquariContinuous Line capacity of 700 thousand m³/year
Startup forecast for mid this year
L t d i t diti l f t iLocated in a traditional forestry region
Supply from forests complemented by recycledwood
100km distant from the main furniture production
center in Brazil7
Brazilian Panel Market
MDP Total (‘000 m³)MDP‐19.3%
36 2% 36 7%36.2%
63.3%63.8%
36.7%
646 522
MDF1Q08 1Q09
Total (‘000 m³)
1Q08 1Q09
‐2.5%
34.7% 42.2%
65.3% 57.8% 476 464
Source: ABIPA
1Q091Q08
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1Q08 1Q09
Coated Non Coated
Results 1Q09
Results
PANEL 1Q09 1Q08 % 4Q08 %Total Panels Production (m³) 173,441 180,919 (4.1) 251,652 (31.1) Panel Sales - Total (m³) 172,262 178,688 (3.6) 207,552 (17.0)
NON - COATED PANEL 83,287 92,731 (10.2) 124,680 (33.2)
/1
/2 /2
COATED PANEL 81,472 81,224 0.3 74,531 9.3 Unit Net Operating Revenue (R$/m³) 640 633 1.2 636 0.7
NON - COATED PANEL 543 552 (1.6) 566 (4.1) COATED PANEL 714 688 3.8 719 (0.6) /1 Considers Non Coated and Coated Panel, Ready-made parts and Strips
/1
Panel Sales – Total (m³)
/2 Considers PB + MDF
‐3.6%
183179 179 172198 208
10Note: Some differences may appear due to rounding
1Q08 2Q08 3Q08 4Q08 1Q08 1Q09
Results
N t O ti R NOR (R$ illi )Net Operating Revenue - NOR (R$ million)‐1.8%
121 126 121 119133 140
1Q08 2Q08 3Q08 4Q08 1Q08 1Q09
Cost of Goods Sold - COGS (R$ million)
68%
+ 9.0%
67%
( )
58%
74 73 74 81
62%61%
82 94
61%
Non recurrent expenses of R$ 2.3
million
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1Q08 2Q08 3Q08 4Q08 1Q08 1Q09million
% of COGS in relation to NOR Note: Some differences may appear due to rounding
Results
Coated Panel 1Q09Non Coated Panel – 1Q09
Cost Structure – Uberaba Plant (PB)
Coated Panel ‐ 1Q09Non Coated Panel – 1Q09
4% 11%
Work Force
Others 8% 12%
Work Force
Others
69% Raw Material
8%
7%
Energy
Freight
65% Raw Material
12%
6% 9%
Energy
Freight
Coated Panel – 4Q08Non Coated Panel – 4Q08
Freight
Coated Panel – 4Q08Non Coated Panel – 4Q08
8% 8%
Work Force
Others3% 6% 6%
Work ForceOthers
Energy
70% Raw Material
5%
10%
Energy
Freight76%
Raw Material
6% 9% Freight
12Note: Depreciation, amortization and depletion not included
Results
Price Evolution - Base 100 = Jan/07
Urea – Formaldehyd Resin (R$)
140
120
140
80
100
60
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Results
EBITDA (R$ illi )
34%
‐9.6%
EBITDA (R$ million)
36
31% 32%30%
42 41 44 36 33
30%28%
Non recurrent f
1Q08 2Q08 3Q08 4Q08
36 33
1Q08 1Q09
expenses of R$ 3 million
EBITDA Margin
Net Result (R$ million)‐66.8%
1919 24 20 11
Non recurrent net expenses of R$ 6 million
1Q08 2Q08 3Q08 4Q08
196
1Q08 1Q09
19 24 20 11 (including derivative transactions liquidation)
Note: Some differences may appear due to rounding 14
Results
I d bt d (R$ illi )4 years and 3 months
Average Cost 1Q09Average Maturity
7 5% p a
Indebtedness (R$ million)
426.0
464.1
Average Cost 1Q09 7.5% p.a.
303.4
362 4 362.2362.4
248.6
362.2
1 2 1 2 1 2
63.654.8
260.5
Gross CashGross
C h
101.9 76.9
Gross
118.7
1 2 1 2 1 2
03/31/2008 12/31/2008 03/31/2009Debt Cash Debt Cash CashDebt
Note: Some differences may appear due to rounding 15
Results24,937%
I d b d B C f464.1
Indebtedness By Currency as of 03/31/2009(R$ million)
11.7
9.7%
2.6%
45.1
Unhedged Financing in US$ and €
Debt nominated in foreign currency hedged in R$hedged in R$
407.387.7% Debt in R$
97.4%
In this quarter Satipel liquidated the last derivative transaction with strikes 16
Results
Depreciation Depletion and Amortization
336,815
Depreciation, Depletion and Amortization1Q09 R$ 14.5 million CAPEX (R$ thousand)
33,877
57,162
127,181 11,503 150,000171,205
75,588 15,000
35,785
24,000 6,806
,503
30,000
,
66,639
48,328
118,595
81,000 52,483
6,118 1,232
,
2007 2008 2009 (E) 1Q09
Forestry Maintenance and Expansion Industrial Maintenance Industrial Expansion ‐Uberaba Industrial Expansion ‐Taquari
(E) – Estimated Note: Capex net of taxes 17
Sustainabilityy
Sustainabilityy
Wood supply exclusively originated from planted forests, with certified forestry operations in
accordance to the FSC – Forestry Stewardship Council principles and criteria, in
di ti ith th d ti t d t k t th Ub b (MG) i d t i l itcoordination with the production custody network at the Uberaba (MG) industrial site
Recycling wood scraps in the productive processes through the use of wood by-products
from other industries of the sectorfrom other industries of the sector
Adding value to planted forests: (1) Wood products – for panels, sawmills and energy and
(2) non wood products Pinus resin carbon arrest and production of honey(2) non-wood products – Pinus resin, carbon arrest and production of honey
Environmental management programs focused on native flora and fauna conservation, on
monitoring hydrological basins and recovery of decayed ecosystemsmonitoring hydrological basins and recovery of decayed ecosystems
Relations with the Community and Social Programs: Partnership with Government, Schools
and Community Centers focused on technical education employability digital inclusion andand Community Centers focused on technical education, employability, digital inclusion and
alternative means of generating income
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Current Moment
Current Moment
TAQUARI (RS)Investment in the new 700,000 m³/year MDP factory ready for production by mid 2009Old li li d i i d i F b 2009 d i b 120 th k fOld cyclic line decommissioned in February 2009 reducing by 120 the work force
UBERABA (MG)N i i f ili b i bl dNew impregnation facility being assembledNew coating line in operationAnnual preventive maintenance of the MDP line done in MarchRepairs and tests performed at the MDF refinerWork force reduced by 40
New state-of-the-art lines and large scale guarantee product g g pcomplementariness and competitiveness to Satipel
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Disclaimer
The forward-looking statements contained herein related to the future ofSatipel business, its estimated operating and financial results and itsgrowth prospects are merely projections, and as such are basedexclusively on management's expectationsexclusively on management s expectations.
These expectations in turn depend substantially on changes in marketconditions and the performance of the Brazilian economy, the sector andthe international markets, and are therefore subject to change without priornotice.
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Contacts
Flavio Marassi DonatelliCFO and Investor Relations Officer
Charles E. AllenI t R l ti S i t d tInvestor Relations Superintendent
Tel: (11) 3646 4760Fax: (11) 3646-4761
ri@satipel com [email protected]/ri
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