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November, 2012
1
Disclaimer
The statements contained in this presentation related to the business outlook, operating and financial projections, and growth prospects of Klabin S.A. are merely projections, and as such are based exclusively on the expectations of the Companys management concerning the future of the business. These forward-looking statements depend substantially on the market conditions, the performance of the Brazilian economy, the industry and international markets, and therefore are subject to change without prior notice.
This presentation on Klabins performance includes non-accounting and accounting data, such as operating and financial information,
as well as projections based on Managements expectations. Note that the non-accounting data has not been reviewed by the Companys independent auditors. The Companys management believes EBITDA may provide useful information on the Companys operating performance and allow for comparisons with other companies in the same industry. Note however that EBITDA is not a measure established in accordance with generally accepted accounting principles of the International Financial Reporting Standards IFRS, and may be defined and calculated differently by other companies.
A differentiated company
A differentiated company
Competitive forest Market position Industrial technology Superior cost management Clear growth strategy
Heart of Paran
Massive forest
Monte Alegre
Paran
Insolation
Forestry productivity
Cloning
71 62
49
55
58
Forestry 37 productivity
m3/(ha.year)
38 13 14 15
18
MAI
t/(ha.year)
10
1995
2000
2005
2015
Leader in the Brazilian packaging paper market, where we allocate more than 50% of our capacity
Market position
paper
Coated Boards
Kraftliner
653
50%
40%
thousand
market share
Sole supplier of liquid packaging board in Latin America
415
installed capacity
thousand
tonnes sold in 2011
7
Leader in the Brazilian packaging market where we allocate more than 95% of capacity
Market position
conversion
Industrial Bags
Corrugated Boxes
market share
50%
Second players market share is 16%
market share
15%
68%
Food
13% 7%
Others
Building
Exports
One of the three largest suppliers for Tetra Pak in the world, with long term relationship of more than 25 years
Export revenues account for approximately US$ 500 million per year
10
Constantly investing
Industrial technology
in the latest equipment and production efficiency 2008 2009 2010 2011 2012
Machine 9 of coated boards in Monte Alegre, the best and most modern in Latin America 4 new printers for corrugated boxes
Start up of a new corrugator in Jundia DI (SP), the widest and fastest in Brazil and one of the majors of the world
11
9M11
R$ / tonne
9M12
12
Group of executives with extensive experience in the market, merged with the hiring of new executives New compensation metrics: individual and collective goals Aggressive targets Variable compensation linked to results, focus on short-term and long-term Long-term incentives through stock matching
13
28%
25% 26% 1,089
24%
Adjusted EBITDA LTM Margin
1,180
1,286
Jun11
Sep11
Dec11
Mar12
Jun12
Sep12
Growth strategy
15
Great performance despite unfavorable economic conjuncture, explained by cost management From now on: economic conditions becoming more
favorable
150 tsd t
100 tsd t
Kraftliner production in Monte Alegre: 100 tsd t Recycled production in Goiana: 50 tsd t
17
210 tsd t
South sales:
50 tsd t
18
Numbers
Capex: R$ 300 million IRR: 18% ROE: 28% Start up: August 2014
19
Growth strategy
long-term
20
377 286
thousand tonnes
21
Same site, high productivity Project based on fluff market and Klabin paper needs Flex mill (long and short fibers) Capital structure to dilute risks
22
Inbound logistics
Average hauling distance
75 Km
New mill
Monte Alegre
50 Km
Outbond Logistics
Paranagu Port
Paran Terminal
Existing railroad to Paranagu Port: 424 km To be constructed: 17 km
Pulp Mill
24
Capital structure
Klabin SA US$ 1 billion 51% Investors US$ 1 billion 49%
Financial results
26
Sales
1,306
34% 66%
1,290
2,895
32% 68% 22% 78%
3,085
24% 76%
9M11
9M12
9M11
Net revenue
(R$ million)
9M12
Sales volume
(thousand tonnes)
Export Market
Domestic Market
27
709 605
60
9M11
(R$ million)
9M12
9M11
(R$ million)
9M12
Adjusted EBITDA
Net income
28
2,5
2,3
2,5
6,0
2.2 2.2
2.2 2.2
2.1 2.1
2.0 2.0
2.4 2.4
2.5 2.5
2.3 2.3
2.5 2.5
2.3 2.3
4,0
2.735
3.014
2.462
2.106
2.128
2.002
2.313
2,106
set-10
2,002
mar-11
1,893
jun-11
1.893
2,128
dez-10
2,313
2.674
2,674
3.090
2,735
3,014
3,090
-0,5 -1,0
mar-12
set-11
dez-11
jun-10
jun-12
set-12
-1,5 -2,0
Endividamento Lquido
(UDM)
29
3,150
R$ million
800
79 721
582
130
559
83 477
610
47 564
502
36 466
436
99 337
463
488
452
310 247
83
207 164 103
234
86 148
219
96 123
Cash
Forward
Gross debt
R$ 6.2 billion
30
Capex
R$ million Maintenance and special projects Sack kraft expansion Recycled expansion Total
31
Appendix
32
Shareholder structure
Common
Monteiro Aranha 20%
Preferred
Treasury 5%
BNDES 13%
316,827,563 shares
Level 1 of Corporate Governance at BM&FBovespa Tag along rights of 70% for preferred shares
600,855,733 shares
Average daily trading volume in 9M12 R$ 23 million Dividends in 2011 R$ 207 million (yield 4%*)
Capacity
Domestic market 2.5 m t
wood logs
243 k ha
eucalyptus and pine forests
700 k t
coated boards
1.7 m t
planted forests: 243 thousand ha short fiber and long fiber pulp
145 k t 960 k t
kraftliner industrial bags
200 k t
recycled paper
540 k t
corrugated boxes
34
403
380 57% 43% 9M12 9M11 9M12
Kraftliner
63%
37% 9M11
486
502
47% 53% 9M12
968
1.111
boards
Kraftliner Recycled Kraftliner and coated boards
Coated
9M11
9M12
Thousand tonnes
Domestic market
R$ million
Export market
35
912
Corrugated
boxes
9M11 9M12 9M11 9M12
Industrial
Corrugated boxes Industrial bags Corrugated boxes and industrial bags
101
105
359
413
bags
9M11
9M12
9M11
9M12
Thousand tonnes
R$ million
36
Imports
Exchange rate (R$ / US$) 1,72 1,65 2,03
1,87
jan-10
mar-10
jan-11
mar-11
jan-12
mar-12
mai-10
mai-11
nov-10
nov-11
mai-12
jul-10
jul-11
set-10
set-11
jul-12
set-12
Jan 10
Jan 11
Jan 12
May 12
Sep 12
Income statement
(R$ thousand)
Gross Revenue Net Revenue Change in fair value - biological assets Cost of Products Sold Gross Profit Selling Expenses General & Administrative Expenses Other Revenues (Expenses) Total Operating Expenses Operating Income (before Fin. Results) Equity pickup Financial Expenses Financial Revenues Net Foreign Exchange Losses Net Financial Revenues Net Income before Taxes Income Tax and Soc. Contrib. Net income Depreciation and amortization Change in fair value of biological assets Vale do Corisco EBITDA
3Q12
1.305.430 1.085.766 333.122 (714.806) 704.082 (81.989) (74.243) 1.236 (154.996) 549.086 1.755 (115.435) 75.953 (15.377) (54.859) 495.982 (165.144) 330.838 151.759 (333.122) 7.033 374.756
2Q12
1.232.089 1.030.299 4.850 (755.367) 279.782 (96.499) (66.464) (1.042) (164.005) 115.777 19.988 (129.005) 72.486 (412.140) (468.659) (332.894) 148.988 (183.906) 164.348 (4.850) 6.001 281.276
3Q11
1.199.418 990.623 19.255 (729.482) 280.396 (76.594) (64.311) 7.359 (133.546) 146.850
3Q12/2Q12 6% 5% 6768% -5% 152% -15% 12% -219% -5% 374% -91%
3Q12/3Q11 9% 10% 1630% -2% 151% 7% 15% -83% 16% 274% N/A 3% -15% -97% -90% N/A N/A N/A 1% 1630% N/A 35%
9M12
3.702.632 3.085.306 772.578 (2.098.211) 1.759.673 (258.616) (200.272) (4.164) (463.052) 1.296.621 25.329 (333.592) 216.569 (352.371) (469.394) 852.556 (247.106) 605.450 423.952 (772.578) 19.403 967.398
9M11
3.489.050 2.895.075 272.146 (2.213.520) 953.701 (238.996) (176.367) (11.368) (426.731) 526.970
(112.572) 89.135 (500.955) (524.392) (377.542) 134.487 (243.055) 149.811 (19.255) 277.406
-11% 5% -96% -88% N/A N/A N/A -8% 6768% 17% 33%
(338.393) 241.978 (339.954) (436.369) 90.601 (30.311) 60.290 462.335 (272.146) 717.159
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