press release presentation 3 q15
TRANSCRIPT
3Q15 RESULTS
2015: Adjustments implemented and recovery of margins
• Net Revenues: R$202.8 million, down 20.3% against the same period of the previous year (R$254.3 million). The main reason behind this fall in Net Revenues was the slower pace of release of federal financial resources raised by Kepler Weber’s clients, which delayed the delivery of equipment and billing (conversion of the order portfolio into net revenues).
• Gross Profit: R$37 million, down by 45.8%, particularly due to delayed billings and assembly costs.
• Net Income: R$6.7 million as a result of lower revenues, lower rates of conversion of the order portfolio, and the adjustments made to recover the Company’s profitability.
• EBITDA: R$22.5 million, with a margin of 11.1%
• Net Debt: negative by R$6.8 million at the end of the quarter (R$72.2 million negative at the end of 2014)
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35,682
202,261
-101,175 (-36%)
3Q15
178,720
1,250 16,387 35,593
125,490
3Q14
279,896
32,249
9,704
Exports 0% Bulk Handling -96%
Parts and Services +69% Storage -38%
YTD14
881,117
77,344
25,391 83,070
695,312
-233,504 (-27%)
YTD15
647,613
108,054 36,165
67,610
435,785
Exports -19% Bulk Handling +40%
Parts and Services +42% Storage -37%
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Sales – R$ Thousand
25,439
-26,611 (-41%)
-11,530 (-45%)
YTD15
38,326
YTD14
13,909
3Q14
64,937
3Q15
225,548
+70,034 (+31%)
SEP/15
295,582
DEC/14
29,668
-11,269 (-38%)
YTD15
48,226
YTD14
74,790
3Q15
18,399
3Q14
-26,565 (-36%)
-51,583 (-20%)
-172,107 (-26%)
YTD15
482,194
YTD14
654,301
3Q15
202,765
3Q14
254,348
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PRODUCTION –TONS. OUTPUT –TONS.
BACK LOG – R$ Thousand NET REVENUE – R$ Thousand
-109,235 (-65%)
-31,321 (-46%)
9M15
58,751
12%
9M14
167,986
26%
3T15
37,000
18%
3T14
68,321
27%
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GROSS PROFIT (R$ Thousand)
GROSS MARGIN (%)
-35,864 (-61%)
-122,812 (-89%)
14,986
3%
YTD14
137,798
21%
3Q15
22,493
11%
3Q14
58,357
23%
YTD15
EBITDA
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EBITDA (R$ Thousand)
EBITDA MARGIN (%)
Net Income (R$ thousands) 3T15 3T14 Δ% 9M15 9M14 Δ%
Income (Loss) for the Period 6,743 34,247 -80.3% (6,890) 83,088 -108.3%
(+) Provision for Income and Social Contribution Taxes - Current and Deferred3,723 13,322 -72.1% (4,584) 33,629 -113.6%
(-) Financial Revenues (6,342) (7,410) -14.4% (17,936) (19,653) -8.7%
(+) Financial Expenses 12,654 13,707 -7.7% 27,584 28,087 -1.8%
(+) Depreciation and Amortization 5,715 4,491 +27.3% 16,812 12,647 +32.9%
EBITDA 22,493 58,357 -61.5% 14,986 137,798 -89.1%
3Q15 3Q14 Δ% YTD15 YTD14 Δ%
+65,465 (-91%)
3T15
-6,751
2014
-72,216
-6,751
3Q15 Disponib.
57,375
Longo Prazo
-6,730
Curto Prazo
14,820
2014
-72,216
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3Q15 2014
INDEBTEDNESS
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116,717
18%
3Q15
10,466
5%
3Q14
47,569
19%
-128,191 (-109.8%)
-37,103 (-78%)
YTD15
-11,474
-2%
YTD14
-6,890
-89,978 (-108.3%)
-27,504 (-80%)
YTD15
-1%
YTD14
83,088
13%
3Q15
6,743
3%
3Q14
34,247
13%
NET PROFIT IN THE PERIOD (R$ Thousand)
% OF NET REVENUE EARNINGS BEFORE INCOME TAX AND SOCIAL
CONTRIBUTION ON NET INCOME (R$ Thousand)
% OF NET REVENUE
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Ownership Breakdown
Geração Futuro Corretora de Valores
8.58%
8.45%
Victoire Brasil Investimentos Adm. RecursosFernando Francisco Brochado Heller
Banco Clássico
9.94%13.00%
Banco do Brasil Investimentos17.45%
Previ
17.48%Other Minority
25.10%
Total Shareholding Structure
09/30/2015
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Appendix
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RESULTS
CONSOLIDATED STATEMENTS OF INCOME 3Q15
Vertical
Analysis
3Q15
3Q14
Vertical
Analysis
2Q15
Horizontal
Analysis
2Q15 vs.
2Q14
NET OPERATING REVENUES 202,765 100.00% 254,348 100.00% -20.28%
COST OF PRODUCTS SOLD (165,765) -81.75% (186,027) -73.14% -10.89%
GROSS PROFIT 37,000 18.25% 68,321 26.86% -45.84%
Selling expenses (10,282) -5.07% (10,782) -4.24% -4.64%
General and administrative expenses (13,622) -6.72% (12,974) -5.10% 4.99%
Other operating revenues 7,207 3.55% 11,303 4.44% -36.24%
Other operating expenses (3,525) -1.74% (2,002) -0.78% 76.07%
OPERATING INCOME 16,778 8.27% 53,866 21.18% -68.85%
Financial expenses (12,654) -6.24% (13,707) -5.39% -7.68%
Financial revenues 6,342 3.13% 7,410 2.92% -14.41%
INCOME BEFORE INCOME AND SOCIAL CONTRIBUTION TAXES 10,466 5.16% 47,569 18.70% -78.00%-
Current income and social contribution taxes (478) -0.24% (9,418) -3.70% -94.92%
Deferred income and social contribution taxes (3,245) -1.60% (3,904) -1.53% -16.88%
INCOME AND SOCIAL CONTRIBUTION TAXES (3,723) -1.84% (13,322) -5.24% -72.05%
NET INCOME FOR THE PERIOD 6,743 3.33% 34,247 13.46% -80.31%- -
(In thousands of Reais, except percentages)
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RESULTS - ACCUMULATED
CONSOLIDATED STATEMENTS OF INCOME -
ACCUMULATED YTD 2015
Vertical
Analysis
YTD15
YTD 2014
Vertical
Analysis
YTD14
Horizontal
Analysis
YTD15 vs
YTD14
(In thousands of reais, except percentages)
NET OPERATING REVENUES 482,194 100.00% 654,301 100.00% -26.30%
COST OF PRODUCTS SOLD (423,443) -87.82% (486,315) -74.33% -12.93%
GROSS PROFIT 58,751 12.18% 167,986 25.67% -65.03%
Selling expenses (29,234) -6.06% (27,989) -4.28% 4.45%
General and administrative expenses (39,348) -8.16% (33,215) -5.08% 18.46%
Other operating revenues 14,677 3.04% 25,940 3.96% -43.42%
Other operating expenses (6,672) -1.38% (7,571) -1.16% -11.87%
OPERATING INCOME (1,826) -0.38% 125,151 19.13% -101.46%
Financial expenses (27,584) -5.72% (28,087) -4.29% -1.79%
Financial revenues 17,936 3.72% 19,653 3.00% -8.74%
INCOME BEFORE INCOME AND SOCIAL CONTRIBUTION TAXES(11,474) -2.38% 116,717 17.83% -109.83%-
Current income and social contribution taxes (535) -0.11% (23,545) -3.60% -97.73%
Deferred income and social contribution taxes 5,119 1.06% (10,084) -1.54% -150.76%
INCOME AND SOCIAL CONTRIBUTION TAXES 4,584 0.95% (33,629) -5.14% -113.63%
NET INCOME FOR THE PERIOD (6,890) -1.43% 83,088 12.69% -108.29%19,476 -
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Balance sheet - Assets
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Balance sheet - Liabilities
Olivier Michel Colas Felipe Fontes
Vice-President Executive Officer IR Analyst
THANK YOU !
Tel.: +55 (11) 4873-0302
E-mail: [email protected]
Website: www.kepler.com.br/ri
Investor Relations