presentation call 2q17 eng v4ri.camilalimentos.com.br/wp-content/uploads/sites/3... · &dplo...
TRANSCRIPT
Earnings Conference CallOctober 16, 2017
1
2
Camil successfully completed its initial public offering on September 2017
Ownership Structure Post IPO1IPO Highlights
CamilInvestimentos2
WP Fundo de Investimento Free Float
60.3% 8.6% 31.1%
Camil was listed on B3’s Novo Mercado segment,
the highest levelof corporate governance
B3: CAML3
R$9.00 / sharePriced on September 26, 2017
41.0 million ONs Primary Offering
86.5 million ONsSecondary Offering
R$1.2 billionOffering Size
R$357.0 millionNet proceeds from Primary Offering
Note:(1) Without considering the overallotment option exercise (greenshoe).(2) Includes shares owned by Camil Investimentos´ shareholders held directly at the Company
3
Main Highlights
Latest news
• Launch of Company’s new corporate brandReinforces Company´s values: trust, responsibility, entrepreneurship, proximity and enthusiasm.
• Inauguration of new headquarter in São Paulo, Brazil
• Launch of new promotional campaign
Purpose and Values built by everyone
Campaign on TV, Outdoor, Promotional, POS
Sucralose Innovation SupportOutdoor, Tasting spot, POS
14.53
14.76
14.44 14.26
14.00 14.10 14.20 14.30 14.40 14.50 14.60 14.70 14.80
8.3 6.2
16.0 13.7
-
5.0
10.0
15.0
20.0
2T16 2T17 6M16 6M17
142.0 138.5
279.9 290.9
2T16 2T17 6M16 6M17
2.20
1.97
2.19
2.01
1.85 1.90 1.95 2.00 2.05 2.10 2.15 2.20 2.25
19.8 19.5
36.2 40.0
- 10.0 20.0 30.0 40.0 50.0
2T16 2T17 6M16 6M17
6.72
3.90
5.83
3.83
- 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.002.34
2.11
2.21 2.12
Net
Pric
e(R
$/Kg
)
4
Operational Performance
RiceRice BeansBeans
SugarSugar Canned FishCanned Fish
159.4 155.8
304.9 323.5
2T16 2T17 6M16 6M17
-9.6% -4.1%
-2.3%
+6.1%
Volu
mes
(‘000
ton)
Net
Pric
e(R
$/Kg
) -42.0% -34.4%
-1.5%
+10.4%
Volu
mes
(‘000
ton)
Net
Pric
e(R
$/Kg
) -10.3% -8.2%
-2.5%
+3.9%
Volu
mes
(‘000
ton)
Net
Pric
e(R
$/Kg
)
+1.5%-1.2%
-25.5%
-14.3%Vo
lum
es(‘0
00 to
n)
2Q16 2Q17
2Q16 2Q17
2Q16 2Q17
2Q16 2Q17
63.5 40.3
114.4 101.5
2T16 2T17 6M16 6M17
5.0%
3.5%
4.7%
4.3%
0.0%1.0%2.0%3.0%4.0%5.0%6.0%13.9%
9.8%
12.6%
10.1%
0.0%2.0%4.0%6.0%8.0%
10.0%12.0%14.0%16.0%
27.7%
24.3%
26.8%
24.3%
22.0%23.0%24.0%25.0%26.0%27.0%28.0%
5
Financial Highlights
Net Revenue (R$ million)Net Revenue (R$ million) Gross Profit and Gross MarginGross Profit and Gross Margin
EBITDA and EBITDA MarginEBITDA and EBITDA Margin
978.6 814.4
1,783.2 1,745.5 294.4
347.4
626.1 642.0
2T16 2T17 6M16 6M17
Alimentício Brasil Alimentício Internacional
2.409.3 2.387.4
1.161.91.273.1-8.7%
-0.9%
352.9 282.3
646.8 579.7
2T16 2T17 6M16 6M17
Gro
ss M
argi
n(%
)
-3.4pp -2.6pp
EBIT
DA M
argi
n(%
)
-4.1pp -2.5pp
-35.4%
-20.4%N
et M
argi
n(%
)
-1.5pp -0.5pp
176.9 114.3
303.4 241.6
2T16 2T17 6M16 6M17
Net Income and Net MarginNet Income and Net Margin
2Q16 2Q17
2Q16 2Q17
Domestic Market Sales International Market Sales
EBIT
DA (R
$Mn)
Gro
ss P
rofit
(R$M
n)
-20.0%
-10.4%
2Q16 2Q17
Net
Inco
me
(R$M
n)
-36.5%
-11.2%
2Q16 2Q17
Financial Statements
6
Statements (in R$ millions) 2Q17 1Q17 2Q16 2T17 vs. 2T17 vs. 6M17 6M16 6M17 vs.Closing Date 31-ago-17 31-mai-17 31-ago-16 1T17 2T16 31-ago-17 31-ago-16 6M16
Gross Revenues 1,341.4 1,427.4 1,468.4 -6.0% -8.7% 2,768.8 2,778.9 -0.4%Sales Domestic Market 1,166.1 1,307.55 1,351.5 -10.8% -13.7% 2,473.68 2,514.4 -1.6%Sales Foreign Market 175.2 119.9 116.9 46.2% 49.9% 295.1 264.5 11.5%
(-) Sales Deductions (179.5) (201.8) (195.4) -11.1% -8.1% (381.3) (369.7) 3.2%Sales Taxes (85.9) (95.4) (97.1) -10.0% -11.5% (181.4) (182.4) -0.6%Returns and Rebates (93.5) (106.4) (98.2) -12.1% -4.8% (199.9) (187.2) 6.8%
Net Revenues 1,161.9 1,225.6 1,273.1 -5.2% -8.7% 2,387.4 2,409.3 -0.9%(-) Cost of Sales and Services (879.6) (928.2) (920.1) -5.2% -4.4% (1,807.8) (1,762.5) 2.6%Gross Profit 282.3 297.4 352.9 -5.1% -20.0% 579.7 646.8 -10.4%(-) Sell ing Expenses (142.1) (133.4) (129.2) 6.5% 10.0% (275.5) (257.5) 7.0%(-) G&A Expenses (59.0) (61.6) (71.0) -4.2% -16.8% (120.6) (124.1) -2.8%(+/-) Equity (Earnings)/Losses in Uncons. Subs. 0.4 (0.9) 0.5 -146.9% -23.5% (0.5) (0.5) 1.1%Other Operating Income 10.2 4.5 2.3 127.2% 342.7% 14.7 (5.8) -355.6%EBIT 91.8 106.1 155.6 -13.5% -41.0% 197.8 259.0 -23.6%(+/-) Finacial Result (26.0) (22.8) (52.7) 14.2% -50.6% (48.8) (85.4) -42.8%
(-) Debt Interest Expense (52.4) (54.7) (67.5) -4.3% -22.4% (107.0) (117.0) -8.5%(+) Interest Income 26.3 31.9 14.8 -17.5% 77.8% 58.2 31.6 84.4%
Pre-Tax Income 65.7 83.3 103.0 -21.1% -36.2% 149.0 173.6 -14.2%(-) Total Income Taxes (25.4) (22.1) (39.4) 15.2% -35.5% (47.5) (59.2) -19.9%
(-) Income Taxes (6.8) (16.8) (29.5) -59.3% -76.9% (23.6) (50.7) -53.5%(-) Diferred Income Taxes (18.6) (5.3) (9.9) 251.0% 88.0% (23.9) (8.5) 179.9%
Net Income 40.3 61.2 63.5 -34.1% -36.5% 101.5 114.4 -11.2%
EBITDA ReconciliationNet Income 40.3 61.2 63.5 -34.1% -36.5% 101.5 114.4 -11.2%(-) Net Finacial Result 26.0 22.8 52.7 14.2% -50.6% 48.8 85.4 -42.8%(+) Income Taxes 25.4 22.1 39.4 15.2% -35.5% 47.5 59.2 -19.9%(+) Depreciation and Amortization 22.5 21.3 21.3 5.7% 5.5% 43.8 44.4 -1.4%(=) EBITDA 114.3 127.3 176.9 -10.3% -35.4% 241.6 303.4 -20.4%
Debt
7
471.5
207.1
522.5
407.8
17.8 9.5
agosto-18 agosto-19 agosto-20 agosto-21 agosto-22 Após agosto/22
August 2017 (‘000 R$)
Debt amortizationDebt amortization
Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 After Aug-22
Debt 2Q17 1Q17 2Q17 vs31-aug-17 31-may-17 1Q17
Total Debt 1,636.2 1,397.9 17.0%Loans and financing 506.8 691.0 -26.7%Debentures 1,129.4 706.9 59.8%Short Term 471.5 608.4 -22.5%Long Term 1,164.7 789.5 47.5%
CurrencyR$ 1,233.0 1,078.2 14.4%USD 216.0 155.7 38.7%CLP 57.6 40.8 41.1%PEN 129.5 123.1 5.2%
LeverageGross Debt 1,636.2 1,397.9 17.0%Cash and Cash Equivalents + financial applications 421.2 323.9 30.1%
Gross Debt 1,215.0 1,074.0 13.1%EBITDA LTM 485.2 547.9 -11.4%Net Debt/EBITDA LTM 2.5x 2.0x 0.5pp
Luciano Quartiero Chief Executive Officer
Flavio Vargas Chief Finance and IR Officer
Investor RelationsPhone:
+55 11 3039-9238+55 11 3039-9237
E-mail: [email protected]