Duratex - Corporate Presentation 2Q11
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Duratex - Corporate Presentation 2Q11 Duratex - Corporate Presentation 2Q11 Presentation Transcript

  • CORPORATE PRESENTATION AUGUST 2011 Investor Relations / www.duratex.com.br -1-
  • SCENARIO 2010 2010 Overcoming the crisis of 2009 Cost pressure from the second semester (labor on labor and copper) copper Rates Recovery base Recovery of price Rates Recovery Costs in balance Recovery of price base Tax exemptionuntil March IPI exemption until March 2011 2011 Macro-prudential measures Cost pressures(labor and copper) (labor and copper) Increasing Interest Rates Sanitary wares : : Cost pressures (resin) (resin) a) Incease of prices price increase : Demand at 2010 level b) start-up of a new furnace in Recife new furnace in Recife c) incorporation of activity of Deca Nordeste Deca Nordeste Metals: a) cost management b) start-up of new galvanoplastic equipment -2-
  • SCENARIO UNEMPLOYMENT RATE IN BRAZIL (%) MINIMUM WAGE ( in R$) 545 510 465 415deseasonalized 380 350 ,4% 8,4 300 R 10 7,4 6,8 6,8 CAG 6,4 6,5 6,4 6,4 6,1 5,3 June´11 6,2% Dec/10 dez /06 dez /07 dez /08 dez /09 dez /10 jan/´11 fev /´11 m arç o/´11 6,2%m ai/´11 abr/´11 2005 2006 2007 2008 2009 2010 2011 SOURCE: BACEN SOURCE: IBGE DISPOSABLE INCOME (R$ mn) TOTAL CREDIT x xPIB inIN BRAZIL %) CREDITL GDP BRAZIL ( (%) 419.593 432.407 373.340 385.634 4 00000 48% 345.923 46,9% 328.204 47% 46,6% 46,5% 46,6% 309.671 46,3% 46,5% 46% 5,7% 3 00000 45,0% CAGR 45% 2 00000 44% 43% 42% 1 00000 40,8% 41% 40% 0 2005 2006 2007 2008 2009 2010 UDM up atéMay´11 UDM to 2008 2009 2010 jan/11 Jan/11 fev/11 mar/11 Feb/11 March/11 abr/11 April/11 mai/11 May/11 SOURCE: IBGE Maio´11 SOURCE: BACEN -3-
  • 52,0% -4-
  • SCENARIO NET REVENUE OF A SELECTION OF BUILDING COMPANIES IN BRAZIL (in R$ mn) 87.861 +21,5% 81.518 68.843 56.670 13E = 16% CAG R 10- 2.010 2011E 2012E 2013E LAUNCHES (in R$ mn) +21,7% 97.294 106.521 86.866 71.377 = 14% CAG R 10-13E 2.010 2011E 2012E 2013ESOURCE: Research Credit Suisse, June/11Selected companies: (PDG, MR V, Cyrela, Brookfield, Rossi, Gafisa, Tecnisa, Eeven, Direcional, Viver, CCDI) -5-
  • SCENARIOGLOBAL INFLATION RATES INFLATION RATE IN BRAZIL- SIGNS OF DECELERATION CPI inflation r ates Emerging econom ies Monthly average: 0,73% average: Setember/2010 – April/2011 (year-on-year % change) MonthlyMensal::0,33% Média average 0,33% average: June/2011 – December/2011 Sources: OECD, Haver Analytic s. Source: BCB/ IBGE Note: Latest observation refers to May 2011 except for Korea and Turkey (June 2011). * Focus Report - Market expectations –median (24.June.2011) COMPLEX INTERNATIONAL SCENARIO Inflation in emerging economies Euro Zone (expectation for 201) • Sovereign debt crises • Low and unequal growth • Inflation risk Japan • Earthquake , Tsunami Earthquake, • Eonomic downturn United States BRAZIL • Nuclear crisis • Losing strength and growth IPCA: 6,15 (*) • Disruption of supply chains • Unemployment still high IGPM: 6,01 • Inflation on the rise • Negotiation of debt ceiling North Africa & Source: BCB/ BLOOMBERG/ FOCUS REPORT Middle East • Tunisia • Syria (*) IPCA (National Index of Consumer Prices) South Africa IGPM (General Index of Market Prices) • Egypt • Yemen • Libya -6-
  • SCENARIO WOOD PANELS´ MARKET TOTAL CONSUMPTION OF PANELS IN BRAZIL (Source ABIPA, in ‘000 m³) 2.972MDF 2.263 2.352 2.037 1.861 ,4% +26 1.487,9 1.413,5 1.459,4 -1,9%Usage:Rounded edges, sculpturedsurfaces,frames 2005 2006 2007 2008 2009 2010 1S10 1S11 MDF: AVAILABLE EFFECTIVE CAPACITY: 3.660 K m³/YEAR EFFECTIVE CAPACITY OF THE INDUSTRY: 4.080 K m³/YEAR*MDP 2.633 2.885 2.548 2.431 2.102 2.186 +18,7% 1.449,6 1.443,3 =Usage:Flat parts, 2005 2006 2007 2008 2009 2010 1S10 1S11Sides / Partitions / Shelves MDP: AVAILABLE EFFECTIVE CAPACITY : 3.620 K m³/YEAR EFFECTIVE CAPACITY OF THE INDUSTRY : 4.000 K m³/YEAR** Annual effective capacity of the industry based on lines already installed, after periods of ramp-up and minor investments -7-
  • SCENARIO BUILDING MATERIALS INDUSTRY ABRAMAT INDEX* - INTERNAL MARKET Achieved x Projected ( accumulated x same period last year) 7,00% ** 5,00% 0,58% March July 1H 2011 ForecastSource: Associação Brasileira da Indústr ia de Materiais de Construção* Monthly indicator of sales per for mance of the Building Materials Industry -8-
  • PERFORMANCE RECONCILIATION OF TOTAL ASSETS AND EQUITY TOTAL ASSETS (in R$´000) 30/June/2011 31/March/2011 30/June/2010 Before adjustments to IFRS 5.503.248 5.080.107 423.141 4.862.693 640.555 Business Combination 744.274 751.460 (7.186) 769.747 (25.473) Biological Assets 326.188 334.492 (8.304) 286.264 39.924 Employee Benefits 69.881 69.102 779 61.320 8.561 Other adjustments 2.873 2.873 0 (14.785) 17.658 After adjustments to IFRS 6.646.464 6.238.034 408.430 5.965.239 681.225 Variation 1.143.216 1.157.927 (14.711) 1.102.546 40.670 EQUITY (in R$´000) 30/June/2011 31/March/2011 30/June/2010 Before adjustments to IFRS 2.732.339 2.692.433 39.906 2.454.787 277.552 Business Combination 549.068 552.053 (2.985) 564.123 (15.055) Biological Assets 215.284 220.764 (5.480) 188.934 26.350 Employee Benefits 46.121 45.608 513 40.471 5.650 Other adjustments 19.450 9.675 9.775 61.708 (42.258) After adjustments to IFRS 3.562.262 3.520.533 41.729 3.310.023 252.239 Variation 829.923 828.100 1.823 855.236 (25.313) -9-
  • PERFORMANCE INDEBTEDNESS LEVERAGE AND AMORTIZATION SCHEDULE ENDIVIDAMENTOR$´000 30/June/2011 30/06/2011 31/March/2011 31/03/2011 Variation 3/June/2010 Variação 30/06/2010 Variation VariaçãoShort Term DebtEndividamento Curto Prazo 531.969 513.686 18.283 592.778 (60.809)Long Term DebtEndividamento Longo Prazo 1.397.867 1.168.154 229.713 1.053.608 344.259Total Financial DebtEndividamento Total 1.929.836 1.681.840 247.996 1.646.386 283.450CashDisponibilidades 759.763 501.746 258.017 717.732 42.031Net DebtEndividamento Líquido 1.170.073 1.180.094 (10.021) 928.654 241.419Net Debt/ EquityEndividamento Líquido / PL 32,8% 33,5% - 28,1% -Net Debt/ EBITDA Líquido / EBITDA*Endividamento * 1,31 1,33 - 1,48 -* EBITDA in the last 12 months ORIGIN OF DEBT AMORTIZATION SCHEDULE (in R$ mn) 1.929,8 264,1 Foreign Currency 625,8 5,9% 342,5 759,8 321,6 375,8 Domestic Currency Cash Total 2011 2012 2013 2014 After 94,1% Debt 2014 -10-
  • PERFORMANCE RECONCILIATION OF NET INCOMER$´000After adjustments to IFRS (R$´000) 2Q11 1Q11 % 2Q10 % 1H2011 1H2010 %Consolidated Net Revenue 751.181 659.865 13,8 712.303 5,5 1.411.046 1.318.883 7,0Gross Profit 253.856 225.018 12,8 284.716 (10,8) 478.874 506.439 (5,4)Operating profit before financial result 143.411 123.177 16,4 172.259 (16,7) 266.588 301.757 (11,7)Income before Taxes and Contributions 111.287 94.091 18,3 149.128 (25,4) 205.378 251.839 (18,4)Net Income 100.383 76.876 30,6 102.720 (2,3) 177.259 171.357 3,4ROE 11,3% 8,8% - 12,6% - 10,1% 10,6% -Extraordinary Events * (9.284) 0 - 0 - (9.284) 0 -Recurrent Net Income 91.099 76.876 18,5 102.720 (11,3) 167.975 171.357 (2,0)Recurrent ROE 10,3% 8,8% - 12,6% - 9,6% 10,6% -Reconciliation IFRS to BR GAAP 2Q11 1Q11 % 2Q10 % 1H2011 1H2010 %Net Income (After adjustments to IFRS) 100.383 76.876 30,6 102.720 (2,3) 177.259 171.357 3,4Business Combination 2.919 4.072 (28,3) 3.940 (25,9) 6.991 7.333 (4,7)Biological Assets 5.481 (1.536) (456,8) (6.131) (189,4) 3.945 (3.757) (205,0)Employee Benefits (515) (1.517) (66,1) (1.809) (71,5) (2.032) (3.618) (43,8)Other Adjusts 0 0 - 13.086 - 0 21.178 -Net Income Before adjustments to IFRS 108.268 77.895 39,0 111.806 (3,2) 186.163 192.493 (3,3)ROE Before adjustments to IFRS 16,0% 11,7% - 18,5% - 13,9% 16,1% -Extraordinary Events * (9.284) 0 - 0 - (9.284) 0 -Recurrent Net Income 98.984 77.895 27,1 111.806 (11,5) 176.879 192.493 (8,1)Recurrent ROE 14,6% 11,7% - 18,5% - 13,2% 16,1% -* Fixed asset revenue -11-
  • PERFORMANCE NET REVENUES NET REVENUES (in R$´000) 2Q11 1Q11 % 2Q10 % 1H2011 1H2010 %Consolidated Net Revenues 751.181 659.865 13,8 712.303 5,5 1.411.046 1.318.883 7,0 Wood Division 480.680 413.708 16,2 470.694 2,1 894.388 883.663 1,2 Deca Division 270.501 246.157 9,9 241.609 12,0 516.658 435.220 18,7 ORIGIN OF NET REVENUE IN 2Q11GEOGRAPHICAL DISTRIBUTION OF SALES CONSOLIDATED NET REVENUES M DF /HDF /SDF / M DP FOREIGN MERCADO LAMINATED FLOORING PISO LAM INADO 20,2% MARKET EXTERNO 34,7% 4% CHAPA DE FIBRA HARDBOARD 8,6% COM PONENTES COMPONENTS LOUÇAS 0,5% VITREOUS DOMESTIC MERCADO SANITÁRIAS CHINA M ETAIS METAL MARKET INTERNO 17,2% SANITÁRIOS FITTINGS 96% 18,8% -12-
  • PERFORMANCE RECONCILIATION OF CONSOLIDATED EBITDAAfter adjustments to IFRS (R$´000)R$´000 2Q11 1Q11 % 2Q10 % 1H2011 1H2010 %Consolidated Net Revenues 751.181 659.865 13,8 712.303 5,5 1.411.046 1.318.883 7,0Operating profit before financial result 143.411 123.177 16,4 172.260 (16,7) 266.588 301.756 (11,7)Depreciation / Amortization / Depletion 75.018 63.969 17,3 57.788 29,8 138.987 115.599 20,2Change in Fair Value of Biological Assets (27.693) (35.603) (22,2) (46.185) (40,0) (63.296) (76.902) (17,7)Depletion portion of Biological Assets 35.998 33.275 8,2 36.896 (2,4) 69.273 71.210 (2,7)Employee Benefits (780) (2.298) (66,1) (2.741) (71,5) (3.078) (5.482) (43,9)EBITDA 225.954 182.520 23,8 218.018 3,6 408.474 406.181 0,6EBITDA Margin 30,1% 27,7% - 30,6% - 28,9% 30,8% -Extraordinary Events* (14.068) 0 - 0 - (14.068) 0 -Recurrent EBITDA 211.886 182.520 16,1 218.018 (2,8) 394.406 406.181 (2,9)Recurrent EBITDA Margin 28,2% 27,7% - 30,6% - 28,0% 30,8% -Recurrent EBITDA by Division Wood 145.846 110.249 32,3 146.444 (0,4) 256.095 275.339 (7,0) Deca 66.040 72.271 (8,6) 71.574 (7,7) 138.311 130.842 5,7* Fixed asset revenue -13-
  • PERFORMANCE RECONCILIATION OF CONSOLIDATED EBITDAR$´000 adjustments to IFRS R$´000Before 2Q11 1Q11 % 2Q10 % 1H2011 1H2010 %Consolidated Net Revenue 751.181 659.865 13,8 712.303 5,5 1.411.046 1.318.883 7,0Operating profit before financial result 163.524 131.864 24,0 174.321 (6,2) 295.388 317.112 (6,9)Depreciation / Amortization / Depletion 68.442 57.624 18,8 51.832 32,0 126.066 103.705 21,6EBITDA 231.966 189.488 22,4 226.153 2,6 421.454 420.817 0,2EBITDA Margin 30,9% 28,7% - 31,7% - 29,9% 31,9% -Extraordinary Events * (14.068) 0 - 0 - (14.068) 0 -Recurrent EBITDA 217.898 189.488 15,0 226.153 (3,7) 407.386 420.817 (3,2)Recurrent EBITDA Margin 29,0% 28,7% - 31,7% - 28,9% 31,9% -Recurrent EBITDA by Division Wood 147.930 114.200 29,5 151.290 (2,2) 262.130 283.764 (7,6) Deca 69.968 75.288 (7,1) 74.863 (6,5) 145.256 137.053 6,0* Fixed asset revenue -14-
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  • PERFORMANCE EBITDA RECONCILIATIONAfter adjustments to IFRS (R$´000)R$´000 2Q11 1Q11 % 2Q10 % 1H2011 1H2010 %Shipment (in 1.000 items) 6.259 5.737 9,1 5.933 5,5 11.996 10.697 12,1Net Revenue 270.501 246.157 9,9 241.609 12,0 516.658 435.220 18,7Operating profit before financial result 53.057 61.008 (13,0) 62.238 (14,8) 114.065 113.157 0,8Depreciation / Amortization / Depletion 13.216 12.121 9,0 10.266 28,7 25.337 19.491 30,0Employee Benefits (233) (858) (72,8) (930) (74,9) (1.091) (1.805) (39,6)EBITDA 66.040 72.271 (8,6) 71.574 (7,7) 138.311 130.843 5,7EBITDA Margin 24,4% 29,4% - 29,6% - 26,8% 30,1% -Extraordinary Events 0 0 - 0 - 0 0 -Recurrent EBITDA 66.040 72.271 (8,6) 71.574 (7,7) 138.311 130.843 5,7Recurrent EBITDA Margin 24,4% 29,4% - 29,6% - 26,8% 30,1% -Before adjustments to IFRSRecurrent EBITDA 69.968 75.288 (7,1) 74.863 (6,5) 145.256 137.053 6,0Recurrent EBITDA Margin 25,9% 30,6% - 31,0% - 28,1% 31,5% - -17-
  • PERFORMANCE DECA DIVISION HIGHLIGHTS INSTALLED CAPACITY & OCCUPANCY RATE IN 2Q11 VITREOUS 9.800 K CHINA 89% 9.800 K items/year items/year METAL FITTINGS 93% 17.000 K 17.000 K items/year items/yearSHIPMENT (in ‘000 items) LOCALIZATION OF PLANTS 11.996 10.697 ,1% +12 5.933 6.259 5.529 5.413 5.737 % 9 p la n ta s +9,1 9 PLANTS METALS VITREOUS CHINA 2Q10 2T10 3Q10 3T10 4Q10 4T10 1Q11 1T11 2Q11 2T11 1S10 1S11 -18-
  • CAPEX CONSOLIDATED CONSOLIDADO CAPEX (R$ mn) R$ 2,9 billion 891,2 CAPEX in 1H2011 800,0 Estimated DECA FOREST 456,4 42% 18% 459,6 427,0 341,7 CORPORATE 1% WOOD 343,6 Accomplished 39% in 1H2011 2007 2008 2009 2010 2011E -19-
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  • CAPEX DECA DIVISION EVOLUTION OF NOMINAL CAPACITY (´000 items/year) & CAPEX Investments R$ 430 million Vitreous China % CAGR: 10,8 30.400 + 1,8mn items/year: acquisition of Elizabeth, PB (Feb/11) M 26.800 + 0,8mn items/year: new furnace in Cabo de Santo Agostinho, PE ( Apr/11) M 21.800 23.000 23.000 12.200 (*)+ 2,4mn items/year: reactivation and expansion of the Queimados unit, RJ (2012) M18.200 9.800 Metals 6.200 7.200 7.2003.800 +2,4mn items/year (2011/2012) M Robotic center of tuning 15.600 15.800 15.800 17.000 18.200 Milling machine14.440 Forging press New Galvanoplastic equipment 2007 2008 2009 2010 2011 2012 (*) Vitreous China in Queimados: ORIGINAL PROJECT: CAPEX R$ 100mn, Capacity: 1.9 million pieces / year Metal Metais Vitreous China Louças Sanitárias REVISED PROJECT: CAPEX R$ 130mn, Capacity: 2.4 million pieces / year OBJECTIVE: INCREASE OF PRODUCTION FOR HIGH AND MIDDLE INCOME SEGMENTS Metal Fittings - SP Metal Fittings Jundiaí - SP Vitreous China- PE -21-
  • SUSTAINABILITY PRACTICES - Green Seal (FSC): The first company in Latin America to be certified (1995) - ISO 14001: nursery and forest areas of Botucatu Project that aims finding more efficient ways for using the planet. The water saving ratio, when adopting such methodology, is about 30% After LEED (Leadership in Energy and Environment Design) conformity evaluation, 9 product lines of Deca were awarded the Sustentax label with items that help saving up to 80% of water usage GBC Brazil has as its mission to help developing a sustainable construction industry in Brazil• 229 K hectares of land (own and leased) New Evolução da Produtividade em Novas Florestas Eucalipto Developments in Productivity in Eucalyptus Forests - São Paulo -• 160,9 K hectares of planted forests +160%• 268 million trees planted 60 51 52 48 IMA (m³/ha.ano)• 56 trees planted per minute 50 40 44 44 45 40 30 30 20• Cut between 6 and 7 years 20 10• Low distance between forests 0• Increased productivity Anos Anos 2000 2005 2006 2007 2008 2009 2010 60 80• Conservation of native forests Year base Ano base -22-
  • SUSTAINABILITY Annual and Sustainability Report 2010 with GRI (Global Reporting Initiative) APPLICATION LEVEL A -23-
  • CORPORATE GOVERNANCE CAPITAL STRUCTURE MAJOR SHAREHOLDERS IN JUNE 2011 27,4% 0,2% Total outstanding shares: Grupo Itaúsa 550.035.331(1) Grupo Ligna (1) Shares in treasury: 1.199.486 12,7% Fundos de Pensão Local Pension Funds Fundos de Investimentos Other Local Investors Investidores Estrangeiros Foreign Investors Treasury Tesouraria 2,0% 39,9% 17,8% 100% common shares (1 share, 1 vote) Free Float 42,6% ON Divided Policy: 30% of the adjusted Net Income Board of Directors: 9 Members, 3 of which being Independent Members, -24-
  • CORPORATE GOVERNANCE VALUE CREATION DURATEX e IBOVESPA base 100 (19.June.2009 – 30.June.2011) MARKET CAP: R$ 7,3 billion 300 +111,0 % 250 R$ 13,21 200 150 +21,3 % 62.337 100 50 0 9 0 0 1 9 9 0 0 10 11 9 0 0 0 1 1 9 0 1 09 10 t-0 r-1 t-1 r-1 0 -0 1 -1 -0 -1 -1 t-1 v-1 -1 -0 -1 -1 o- ai- o- ai- v- v- jun jan jun jun jul ar ar z z ou ab ou ab se fe ag de ag de no no m m m m DTEX Base 100 IBOV Base 100 -25-
  • DISCLAIMER The information contained herein was prepared by Duratex S.A. and does notconstitute an offering material, to subscribe for or purchase any of the Company’s securities. Thismaterial also brings general information about Duratex S.A. and its markets. No representation orwarranty, express or implied, is made concerning, and no reliance should be placed on, theaccuracy, fairness or completeness of the information presented herein. The Company can give no assurance that expectations disclosed in this presentationwill be confirmed. August, 2011 -26-
  • Investor Relationswww.duratex.com.br -27-