apresentação do powerpoint€¦ · 2,0 2,5 3,0 3,5 4,0 1960 1964 1968 1972 1976 1980 1984 1988...
TRANSCRIPT
Institutional Presentation
INDEX
1. Tegma history and overview
2. Market overview
3. Business segments
4. Consolidated financial and
governance review
INSTITUTIONAL PRESENTATION
One of the largest logistics companies in
Brazil
Founded in 1969
Located in São Bernardo do Campo – SP
Annual revenues of R$1.6 billion
1.9k employees in 31 bases in 11 states
Asset light business model
Listed on B3 since 2007/ Novo Mercado |
Ticker: TGMA3.bz
High level of governance: Fiscal Council,
Audit Committee, 2 independent members
(1 independent chairman) in the board of
directors
INSTITUTIONAL PRESENTATION
INSTITUTIONAL PRESENTATION
1969
Vehicle logistics
operation start up as
Transportadora Sinimbu
Ltda. (“Sinimbu”)
1998
Unification of Sinimbu, Transportadora Schlatter Ltda.
and Transfer Transportadora Ferroviária de Veículos
Automotores Ltda., with the entry of Axis Holding Ltda.;
constituted Axis Sinimbu Logística Automotiva Ltda.
2001
Acquisition of Translor
Veículos Ltda.
2002
- Incorporation of Autotrans partner;
- Change the company name of Axis to Tegma Gestão
Logística Ltda., as a result of the acquisition of the part
held by Allied Holdings (Coimex Group and the Itavema-
Sinimbu Group) - Axis do Brasil unlinked the group
2004
Acquisition of 49% of
Catlog Logística de
Transportes S.A..
2006
Constitution of Tegmax Comércio
e Serviços Ltda. (automobile
auction)
- Acquisition of 100% of Tegma Cargas Especiais Ltda.;
- Acquisition of 100% of Tegma Logística Integrada S.A. and
PDI Comércio Indústria e Serviço Ltda.;
- Creation of Tegma Venezuela S.A,;
- Tegma´s IPO – TGMA3
2007
Acquisition of 100% of
Nortev Transportes de
Veículos Ltda.
2008
Acquisition of Direct Express
Logística Integrada S.A. and Trans
Commerce Transporte de Cargas
Ltda. (e-commerce)
2011 and 2012
- Direct sale to 8M/B2W.
- Discontinuation of Trans
Commerce operations
2014
- Sale of Tegma Venezuela
S.A,
2017
Creation of a JV for bonded
warehouse GDL Gestão de
Desenvolvimento em
Logística S.A.
2018
Logistic operator for home ´n care, glasses and
household appliances industry
Integrated inbound transport management,
optimizing and planning routes according
demand
Solid raw material storage/shipping and in-
house liquid management
Reduced inventory levels in the client supply
chain
AUTOMOTIVE
LOGISTICS
INDUSTRIAL
LOGISTICS
WAREHOUSE
Leader in the logistics of brand new vehicles in
Brazil (~27% market share) serving all
automakers in the country
Asset light model with outsourced fleet and high
resilience of results
Low requirement of investments
27 thousand square meters of warehouses in
São Paulo and Rio de Janeiro providing
Inventory, labeling and assembly of kits
The country's largest bonded area for the
management of imported vehicles in the CLIA
Cariacica-ES
INT
EG
RA
TE
D L
OG
IST
ICS
% 2019 Revenues % 2019 EBITDA
INSTITUTIONAL PRESENTATION
88%
10%
2%
84%
16%
Major
competitors
3 last yrs
revenue
change
Growth drivers
-6%
N/A
Sales of brand new
vehicles in
Brazil/Mercosul and
average distance of
trips
Inbound
outsourcing among
industries in Brazil
Increase of
inventories
management
outsourcing of
consumption goods
retailers
Major clients
AUTOMOTIVE
LOGISTICS
INDUSTRIAL
LOGISTICS
WAREHOUSE
INT
EG
RA
TE
D L
OG
IST
ICS
+30%
INSTITUTIONAL PRESENTATION
Unilever, P&G
Electrolux, Ipê
Cebrace,
Saint-Gobain
Nespresso,
Burger King
Pepsico, Canon
Beleza Natural,
L´Óreal
GM, Volkswagen
Fiat, Toyota, Ford
Hyundai,
Renault, Nissan,
Honda
Fleet KPI´s / SLA´s
1.0k
0.3k
1.5 thousand
(93%
outsourced)
65 carriers
owned
82 trucks
outsourced
-
- Transit time of
deliveries;
- Level of vehicle
damage.
- Inventory level;
- Manufacturing
plant interruption
- Processing NF's
on the same
issuing day;
- Stock accuracy -
99.98%
#
employees
0.3k
Asset
intensity
Low
Medium
Low
AUTOMOTIVE
LOGISTICS
INDUSTRIAL
LOGISTICS
WAREHOUSE
INT
EG
RA
TE
D L
OG
IST
ICS
INSTITUTIONAL PRESENTATION
INDEX
1. Tegma history and overview
2. Market overview
3. Business segments
4. Consolidated financial and
governance review
INSTITUTIONAL PRESENTATION
North/Northeast/Centerwest
Production: 16%
Consump.: 28%
-12%
Source: ANFAVEA and FENABRAVE
Brazilian automotive market:
65 industrial units
31 assemblers
4.0% national GDP
+5K dealerships
5.2 inhabitants per vehicle
15% of production is exported (2019)
10% of national sales is imported (2019)
Installed capacity: 4.5 million vehicles p.y
High concentration of production in
South/Southeast – demanding logistics
Southeast/South
Production: 84%
Consump : 72%
+12%
INSTITUTIONAL PRESENTATION
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020E
Série1
-35% vs
peak
2016:
-45% vs
peak
-43% vs peak
Mill
ion
2020E: +9% vs 2019
Source: ANFAVEA
2020E:
+46% vs
2016
Vehicles Sales
INSTITUTIONAL PRESENTATION
INSTITUTIONAL PRESENTATION
Source: Car Sales Statistics
#Sales per
Region2019 2018 2017 2016 2015 2014
1 China 21.0 23.3 24.2 23.7 20.0 18.4
2 USA 17.0 17.2 17.1 17.5 17.4 16.4
3 Europe 15.8 15.6 15.6 15.1 14.2 13.0
4 Japan 4.3 4.4 4.4 4.1 4.2 4.7
5 India 3.0 3.4 3.2 3.0 2.8 2.6
6 Brazil 2.7 2.5 2.2 2.0 2.5 3.3
7 Russia 1.8 1.8 1.6 1.4 1.6 2.5
% Var YoY
1 Brazil 8% 14% 9% -20% -26% -7%
2 Europe 1% 0% 3% 7% 9% 6%
3 USA -1% 0% -2% 0% 6% 6%
4 Japan -2% 0% 6% -2% -10% 3%
5 Russia -2% 13% 12% -11% -36% -10%
6 China -10% -4% 2% 18% 9% 13%
7 India -13% 5% 9% 7% 8% 1%
6th largest automotive
market
Market with the highest
growth in 2018-2019 and
steady growth in the last 3
years
Industry still with idle
capacity and space to
expand production (25%
below peak production)
Rent-a-car companies
boosted sales recovery
and project growth for next
years
Vehicles fleet
and average age
Used vehicle sales (and ratio vs
new vehicle sales)
Vehicles exportsVehicles production
Domestic sales
per region
Domestic sales
per category
Source: ANFAVEA, SINDIPEÇAS, ABLA and FENABRAVE
10.0 10.0 10.010.7 10.7 11.0
3.0
4.0
5.0 4.94.3 4.1
2014 2015 2016 2017 2018 2019
3.0
2.42.1
2.62.8 2.8
2014 2015 2016 2017 2018 2019
0.3
0.4
0.5
0.7
0.6
0.4
2014 2015 2016 2017 2018 2019
INSTITUTIONAL PRESENTATION
47%
50%
53%
56%
2012 2014 2016 2018
Southeast Ex-Southeast
20%
27%
34%
41%
48%
2014 2016 2018
Corporate Sales Retail sales
38
39
4041 41
42
8,00
8,200
8,400
8,600
8,800
9,00
9,200
9,400
9,600
2013 2014 2015 2016 2017 2018
INDEX
1. Tegma history and overview
2. Market overview
3. Business segments
4. Consolidated financial and
governance review
INSTITUTIONAL PRESENTATION
Services rendered:
Transfer and distribution of brand new vehicles;For all automakers installed in Brazil
Yard management and storage of vehicles;
PDI (Pre-Delivery-Inspection);For rent-a-car and corporate fleet
INSTITUTIONAL PRESENTATION
A logistics optimization program that integrates the
demands of automakers and resellers across multiple regions to
streamline and avoid empty journeys using real-time truck tracking
and load composition software, focused on vehicle visibility, damage
control and environmental management of the entire operation
Local or
central hub (storage)
Local or
central hub (storage)
Port
*Pre-delivery-inspection
PDI*
Dom
estic
deliv
eries
Export
de
live
rie
s
Attending 16 OEM´s and importers
821 thousand vehicles hauled per year
79 thousand trips per year
880 million km per year
21 hubs in Brazil
Deliveries for more than 2.9 thousand
autodealers in Brazil
Port
OEM
OEM
Autodealer
RAC/ fleet
INSTITUTIONAL PRESENTATION
Monitoring 100% of trucks;
Electronic control of speed and
work journey
GPS delivery confirmation
Tegma’s entire fleet location
GPS mapping of a delivery
INSTITUTIONAL PRESENTATION
Services rendered:
Yard management
Control vehicle input/output from
yards
Integrate vehicle’s information with
the transport system
Vehicle handling in the yard
Yard in São José dos Pinhais – Parana State
Operational control center
Vehicle storage
INSTITUTIONAL PRESENTATION
Inspection process
Inspection process
Inspection process
Services rendered:
Inspection, preparation, installation
of components for rent-a-car and
companies fleet
Nationalization of imported vehicles
INSTITUTIONAL PRESENTATION
DC Toyota
Suape
Cariacica
Caju
Resende
Juiz de Fora
Igarapé
Camaçari
BelémManaus
SJPParanaguá
Araquari
Itajaí
Gravataí
Guaíba
Rio Grande
Chuí
Sumaré
SorocabaPiracicaba
Indaiatuba
SBCSJ
C
São José dos Campos
Area: 81 thou sqm
São José dos Pinhais
Area: 160 thou sqm
Camaçari
Area: 64 thou sqm
São Bernardo do
Campo
Area: 260 thou sqm
With Yard
Total yard area:
1.8 million sqm
• Southeast region:
• Cariacica – ES
• Resende – RJ
• Rio de Janeiro -
RJ
• Piracicaba - SP
• North region:
• Manaus – AM
• Belém – PA
• Northeast region:
• Camaçari – BA
• Suape – PE
• South region:
• São José dos Pinhais – PR
• Gravataí – RS
• Chuí – RS
• Araquari - SC
• SBC – SP
• SJC – SP
• Itirapina - SP
• Indaiatuba – SP
• Sorocaba - SP
• Itajaí – PR
• Paranaguá – PR
• Guaíba - RS
• Rio Grande – RS
INSTITUTIONAL PRESENTATION
Tegma’s main yards
Highlights vehicle logistics:
Revenue depends on the # of
vehicles transported and on the distance
for delivering them upon a fee (R$/total
distance)
Freight costs and other variable
costs (81% of COGS) depend as well on
the # of vehicles transported and on the
distance for delivering them
Tegma manages vehicles for almost
all automakers in Brazil
SLA´s (Services Level Agreements)
include the transit time and damage on %
of vehicles handled
Prices (with OEM´s and truckers)
are annually readjusted (april-may)
Average distance
of trips
from SP DC
INSTITUTIONAL PRESENTATION
Gross revenues
1.026
766
681754 781
821
1.103 1,073
948 9461.013
1.073
29% 28%29%
27%
25%
29%
2014 2015 2016 2017 2018 2019
Vehicles transported (Thou)
Average distance
Market Share
1.557
1,049
940
1.129
1.3481.464
2014 2015 2016 2017 2018 2019
175
9578
118
172180
14%
10% 10%
13%
16%15%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0,0
50,0
100,0
150,0
200,0
250,0
300,0
2014 2015 2016 2017 2018 2019
Adj EBITDA Adj EBITDA Mg.
Average of 51 days of receivables / 11 days of payment;
Average of 81% of variable costs (% of total COGS);
High resiliency of margins and FCF;
Low demand for expansion investments;
INSTITUTIONAL PRESENTATION
Inventory management, transportation and
storage;
Gross sales: BRL 189 mm py;
Assets employed: chemical carriers, general
carriers (the trucks are all outsourced);
Warehouses in Cubatão and Indaiatuba (all
rented) Tegma warehouses
INSTITUTIONAL PRESENTATION
Unilever, P&G
Electrolux, Ipê
Cebrace,
Saint-Gobain
Main clients:
6 SHIPS/ MONTHS 45 TRUCKS / SHIP110,000 TONS/
MONTH
52,000 TONS /
MONTHS
78,000 TONS /
MONTHS
PORT OPERATION
UNLOADING
TRANSPORT
RETROPORT
WAREHOUSE
STORAGE
ROAD
TRANSPORT
IN HOUSE
OPERATION
PLANNING
TEGMA
Supplier of the largest powder
detergent factory in the world,
operating 24 x 7
Other Home ´n care and glass
industries clients
Inventories covering 24-48 hrs of
production
Inventories 100 miles from plant
Resulting in client inventory
reduction
INSTITUTIONAL PRESENTATION
Supplier C
Supplier B
Supplier AEmpty
packages
Parts
Milk-run
OEM
ETOS
System
Material planning
MRP PSFT
Order:
Demand
Driven
Follow Up
After Tegma
Curitiba
São Carlos
Inbound process advantages
Tegma web portal with visibility of the control of the
packaging;
Investment and management carried out by
Tegma;
Supplier collection information available 1 day in
advance;
KPIs online in the web portal.40% increase
in vehicle
ocupation
INSTITUTIONAL PRESENTATION
Bonded and general warehouses, inventories
management, labeling and assembly of kits;
Gross sales: BRL 38 mm py;
Assets employed: internal warehouse structures (the
warehouses are rented);
27 thousand sqm of warehouses in Rio de Janeiro
and in São Paulo. Tegma warehouses
Castello Branco warehouse
INSTITUTIONAL PRESENTATION
Nespresso, Burger King
Pepsico, Canon
Beleza Natural,
L´Óreal
Main clients
230243
200 201191 190
2014 2015 2016 2017 2018 2019
Gross Revenues
13
4
11
17
28
34
7%
2%
7%
10%
18%
22%
2014 2015 2016 2017 2018 2019
Adj EBITDA Adj EBITDA Mg.
Recent developments provide more previsibility;
Industrial logistics with high resiliency of sales and results;
Warehouses have more fixed costs;
Constant cost control and active pipeline of new clients.
INSTITUTIONAL PRESENTATION
INDEX
1. Tegma history and overview
2. Market overview
3. Business segments
4. Consolidated financial and
governance review
INSTITUTIONAL PRESENTATION
Dividends per share Payout %ROE%ROIC%
189
99 89
135
200 212
13%
9%10%
12%
16% 15%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
20
14
20
15
20
16
20
17
20
18
20
19
0
50
100
150
200
250
300
350
Adjusted EBITDA (BRL million)
1.1
1.2
1.1
1.3
1.51.7
20
14
20
15
20
16
20
17
20
18
20
19
Gross Revenues (BRL billion)
2935
5161
72
139
20
14
20
15
20
16
20
17
20
18
20
19
Free cash flow (BRL million)
(23)
10 14
104 108
194
20
14
20
15
20
16
20
17
20
18
20
19
Net income (BRL million)
3% 4%
24%23%
41%
17%
6%
11%
28% 33%28%
29%
20
14
20
15
20
16
20
17
20
18
20
19
INSTITUTIONAL PRESENTATION
-0.08
0.12
0.930.99
1.14
53%61% 60% 60%
43%
20
14
20
15
20
16
20
17
20
18
20
19
Tegma’s Local
Rating
Net debt Net debt / Adjusted
EBITDA
67
136
78
25
10 10 10
Cash
De
c/1
9
TT
M 1
2M
FC
F*
202
0
202
1
202
2
202
3
202
4
Debt ScheduleAmortization
150
99
74 7570
1.41.5
1.1
0.60.4 0.3
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
5,0
201
4
201
5
201
6
201
7
201
8
201
9
0
20
40
60
80
100
120
140
160
Indebtness (BRL million)
INSTITUTIONAL PRESENTATION
AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
CCC
CC
C
RD
D
Fitch Rating
Board of Directors
2Mopia/Cabana
representants
2Coimex
representants
2Independents
1 chairman
Fiscal Council
2Indicated by
controlling
shareholders
1Indicated by
minorities
Management
Marcos Medeiros
CEO
Ramón Pérez –
CFO/DRI
Auditing Comitee
2Indicated by
controlling
shareholders
1Independent
Management, People and
Governance Committee
2Indicated by
controlling
shareholders
1Independent
INSTITUTIONAL PRESENTATION
0.48
0.39
0.32
0.43
0.27
0.36
0.26
0.160.20
0.31
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
Opacity(black smoke emission) (m-¹)
Projects that also
aim at socio-environmental benefits
Environmental
compliance in 2019
Environmental Legal
Requirements
98.1%
Environmental
licenses
93.1%
Vaporization system in washers
85% reduction in effluent generation
in Cubatão
90% reduction in water consumption
in Cubatão and 96% in Araquari /
SC;
Water reuse system SBC site
85% lower than
the legal limit
Main certifications:
Wanderléia Carrier
-11% in CO2 emissions;
-10% in accident occurrence;
INSTITUTIONAL PRESENTATION
Tegma’s
own
vehicular
inspection
Trucks not
attending
legal limit are
forbidden to
transport
70.5
87.4 88.291.4 92.5 93.1 93.1
20
13
20
14
20
15
20
16
20
17
20
18
20
19
Legal Compliance (General)
5
7
9
11
13
15
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20
EV/EBITDA PE
INSTITUTIONAL PRESENTATION
-140
-105
-70
-35
0
35
70
105
140
Jul-07 Jul-09 Jul-11 Jul-13 Jul-15 Jul-17 Jul-19
TGMA3 IBOV
Direct Express
acquisition and
E-commerce
business expansion
Brazilian auto market strong growth
E-commerce
Business losses
and Direct
Express Sale Brazilian Fiscal Crisis,
unemployment spike
Impeachment Dilma
Rousseff
Brazilian auto market strong decline Brazilian auto market growth
Int´n Financial Crisis
Historical TGMA3 EV/EBITDA and PE
Michel Temer Presidency
Cabana
7%
Free Float
48%
Coimex
20%
MOPIA
25%
Shareholder agreement
Ownership structure
2.0MUSD ADTV
2019
2.5MUSD ADTV
1Q20Truckers Strike
Social security
reform approval
Jair Bolsonaro
ahead in pools
& election
Stock price performance since IPO (nominal quote)
TGMA3 performance is very correlated to auto industry in Brazil
2.9xP/Book
in 2018
3.5xP/Book
in 2019
Sell side analysis ADTV
P/Book
IR websiteDetailed Statement of changes in beneficial
ownership of securities history
Financial historical in .xls with indicators, sell
side and industry estimatives, dividends and
explanatory notes
Tegma awarded by two renowed magazines
as one of the best IR professional and CEO of
Brasil and Latam in 2018 and in 2019
INSTITUTIONAL PRESENTATION
Corporate startup accelerator (Corporate Venture)
Tegma open innovation arm
First accelerator specialized in logistics in Brazil
Focus on solutions
for the following
areas:
Cargo transport;
Yards and warehouses;
Customer Service
Automation;
Fleet management;
E-commerce (B2B
platforms);
Technology for Logistics
(Blockchain, IoT, BigData,
I.A.).
Two rounds accomplished:
180 companies applied
18 POC´s
4 startup´s hired
2 investments
What we are looking
for:
Companies that introduce
innovative solutions in digital
logistics, transportation and
mobility;
Near of economic
equilibrium, with customers and
recurring revenue;
Companies that aggregate
value to our services, forming
longstanding partnerships.
TegUp coworking
INSTITUTIONAL PRESENTATION
Investor relationshttps://ri.tegma.com.br/en/
RI Contacts:
Ian Nunes – [email protected] - + 55 11 4397 9423
William Santos – [email protected] - +55 11 4397 9399