Presentation 12052011

486 views

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
486
On SlideShare
0
From Embeds
0
Number of Embeds
23
Actions
Shares
0
Downloads
3
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Presentation 12052011

  1. 1. Results – 1Q11 13/05/2011 1
  2. 2. SECTOR OF ACTIVITY FOOD ENERGY COTTON ETHANOL SOYA BIODIESEL CORN VEGETABLE OIL 2
  3. 3. BRAZILIAN BIODIESEL MARKET 2005 – 2007 1st Sem/08 Jul/08 – Jun/09 Jul/09 – Dec/09 2010 on Blend: up to 2% Blend: min. 2% Blend: min. 3% Blend: min. 4% Blend: min. 5%• The biodiesel industry operates in a fully regulated market (quartely Brazillian Biodiesel auctions coordinated by ANP). Production (‘000 m³)• The sector works with idleness at the 1 2005 rate of 60%. 69 2006• The biodiesel sector remains dependent on a new regulatory milistone that 190% 402 2007 signals an increase in the percentage of biodiesel blend in diesel. 38% 1167 2008• Social Fuel Stamp. 49% 1,608 2009 2,397 2010• Variable cost industry (90% of the cost come from soybean oil and methanol).• B5, 3 years before the schedule. Source: ANP. 3
  4. 4. B100 AND VEGETABLE OIL PRICES –2011 VERSUS 2010 Description Unit 2010 2011 Variation (%)Sale Price B100 with no ICMS R$/m³ 2,338.87 2,303.64 -1.5B100 Factor / Market OV Cost 1.53 1.21 -20.8 4
  5. 5. PLANT LOCATIONS Biodiesel Biodiesel São Luís - MA Porto Nacional - TO Cap./ year: 129,600m³ Cap./ year:129,600m³ Biodiesel and crusher. (Mamona) Iraquara – BA Cap./year(bill): 129,600m³ Cap./year(crusher): 180,000ton Crusher (Cotton) Itumbiara – GO Cap./year: 155,700ton Crusher (Soya) Biodiesel Facilities São Luiz Gonzaga - RS Cap./year: 270,000ton Crushing Facilities Biodiesel Rosário do Sul – RS Cap./year:129,600m³
  6. 6. FOOD Strong demand (mainly from the emerging markets) against the current offer seen in the international market. High agricultural commodity prices due to, among other reasons, the low inventories of the most agricultural products. World population growth. 6
  7. 7. MAEDA PROJECT Optimize the product Investments in Increase the Otimize the tecnology leased farm New Crops mix (Algodão –Soja- Milho) Industrialization Diversify the product portfolio, Optimize the cash in projects that provide a fast revenue growth and allow a boosting financial results;Include new sectors.Focus in markets that enable sustainable growth in the short, medium anf long terms that represent a naturaldiversification. 7
  8. 8. FARMS Violeto Bandeira Dom Pedro Crateús – CE São Desidério - BA Alvorada do Gurguéia –PI Planting (11/12): 0 ha São Vicente Planting (11/12): 16.237ha Planting (11/12): 0 ha Parambú – CE Planting (11/12): 0 haSão JoséCampo N. P. - MTPlanting (11/12): 42.494ha Sucesso Irecê - BAGuapirama Planting (11/12): 0 haDiamantino - MTPlanting (11/12): 10.496ha São José II Novo Cruzeiro - MG Planting (11/12): 0 ha Polo Catalão Planting (11/12) Catalão - GO Planting (11/12): 3.877ha BA: 27.235 ha Amizade MT: 52.990 ha Correntina - BA GO: 12.287 ha Planting (11/12): 10.998ha Batalha do Total: 92.512 ha Bartolomeu Guarda-Mor - MG Planting (11/12): 8.410ha 8
  9. 9. LAND PORTFOLIO AREAS STATEMENTS - 2010-11 HARVEST Distribution per crop Farms State Planting Total Cotton Soyabean Corn Others Dom Pedro BA 15,921 8,742 6,390 - 789 Amizade BA 9,898 2,269 6,418 - 1,211 Sucesso BA - - - - - Bandeira CE - - - - - São Vicente CE/PI - - - - - Catalão GO 3,877 - 3,006 456 415 Bartolomeu GO 8,410 - 7,652 758 - São José II MG - - - - - Guapirama MT 10,523 4,299 5,075 1,149 - São José MT 34,464 3,442 24,228 4,774 2,020 Violeto PI - - - - - Total 83,093 18,752 52,769 7,137 4,435 9
  10. 10. FARMING CALENDAR CROP SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DECSOYA(MT) Planting Treatment Harvesting Planting TreatmentSOYA(BA) Planting Treatment Harvesting Planting Treat..SOYA(GO) Planting Treatment Harvesting Planting T.COTTON (MT) Planting Treatment Harvesting Plant.COTTON (BA) Planting Treatment Harvesting Planting T.CORN (MT) Planting Treatment HarvestingCORN (BA) Planting Treatment Harvesting Planting Treatment
  11. 11. REVENUES AVARAGE DISTRIBUTION 11
  12. 12. Results 12
  13. 13. HIGHLIGHTS•Brasil Ecodiesel and Petrobras executed an agreement concluding an existingprocess between the companies• Crush on a large scale of soybeans in the Rio Grande do Sul. Reduction ofcosts of the oil and sale of the soybean gran.•Recovery the Social Fuel Stamp of the Iraquara Unit• Delayed harvest of soybeans in Mato Grosso, due to the rains•Achieve a higher levels of yield in soybean harvest; (MAEDA)• Soybean yield rates achieved two years earlier than expected – 54.9 SC/Ha• Consolidation of the integration (both of accounting and operational) with theMaeda and its affiliates. (ECOD / MAEDA) 13
  14. 14. CONSOLIDATED HEADLINE RESULTS Book Values Adjusted Values Description 1Q11 VA (%) 1Q10 VA (%) HA (%) 1Q11 VA (%) 1Q10 VA (%) HA (%)Gross Revenue 227,850 111.1% 166,290 111.3% 37.02% 227,850 111.1% 166,290 120.0% 37.02% CPC07 Tax Incentives (10,841) ¹Net Revenue 205,004 100.0% 149,384 100.0% 37.23% 205,004 100.0% 138,543 100.0% 47.97%(-) Change in Biological Asset Fair Value 13,216 6.4% (612) -0.4% 13,216 6.4% (612) -0.4% 0.00%(-) COGS (195,663) -95.4% (119.237) -79.8% 64.10% (195,663) -95.4% (119,237) -86.1% 64.10%Gross Profit (Loss) 22,557 11.0% 29,535 19.8% -23.63% 22,557 11.0% 18,694 13.5% 20.66%(-) Operating expenses (18,314) -8.9% (9,676) -6.5% 89.27% 14,164 6.9% 9,676 7.0% 46.38%General and Administratives (19,526) (9,682) 101.67% (15,376) (9,682) 58.83% Stock options 2,637 ² Maeda Goodwill adjustment 1,512 ³Taxes (tributárias) (265) (17) (265) -17Others operating Income (expenses) 1,477 23 1,477 23Operating Income (EBIT) 4,243 2.1% 19,859 13.3% -78.63% 8,393 4.1% 9,018 6.5% -6.94%Financial Income 1,263 0.6% 234 0.2% 439.74% 1,263 0.6% 234 0.2% 439.74%Lucro (Prejuízo) Líquido antes IR e CS 5,506 2.7% 20,093 13.5% -72.60% 9,655 4.7% 9,252 6.7% 4.36% IR (Income Tax) and CSLL (Social Contribution) (6,371) (4,101) (6,371) (4,101)New profit (loss) (865) 15,992 -105.41% 3,284 5,151 -36.25%Net Margin -0.42% 10.71% 1.60% 3.72%EBITDA 11,944 5.8% 22,819 15.3% -47.66% 16,093 7.9% 11,948 8.6% 34.69%EBITDA Margin 5.83% 15.28% 7.85% 8.62% (1) Non-recurring income amounting to R$ 10.8 million from accumulated ICMS tax benefits, in line with CPC07 (2) Accounting for granted options fair value 14 (3) Maeda goodwill amortization
  15. 15. REVENUE Biodiesel Total 1Q10 61,977 Revenue B100 (m3) 4Q10 21,459 1Q11 47,612 1Q10 165,425 Revenue B100 (R$ thousands) 4Q10 41,864 1Q11 125,271 15
  16. 16. COGS 16
  17. 17. GROSS REVENUE, NET REVENUEAND FINANCIAL INCOME 17
  18. 18. OPERATING EXPENSESGENERAL AND ADMINISTRATIVE 19,525 9,682 2%V 2% Holding 18
  19. 19. DEBT 3/31/2011 12/31/2010 Debt (in R$ thousands) Maeda* Brasil Ecodiesel Total Maeda* Brasil Ecodiesel Total Short Term (139,607) (16,051) (155,658) (109,454) (16,457) (125,911)Long Term (59,144) (35,635) (94,779) (66,284) (39,272) (105,556)(=) Total Indebtedness (198,751) (51,686) (250,437) (175,738) (55,729) (231,467)Availability 5,759 78,949 84,708 12,980 113,361 126,341(=) Net Cash/Debt Adjusted (192,992) 27,263 (165,729) (162,758) 57,632 (105,126) Receivable Update - sales of asset 85,027 85,027 77,850 77,850(=) Net Cash/Debt Adjusted (107,965) 27,263 (80,702) (84,908) 57,632 (27,276)* Holding disregarding the consolidated data of Tropical Bioenergy enterprises, Jaborandi Agrícola and Jaborandi Propriedades. 19
  20. 20. RESULTS FOR THE PERIOD Consolidated Results 1Q10 1Q11 Ecodiesel Maeda Total Ecodiesel Maeda Total Net Income (Loss) 15,992 - (5,343) 4,479 (864) Financial Income (234) - 140 (1,403) (1,263) IR and CSLL 4,101 - 2 6,370 6,372 Depreciation and Amortization 2,960 - 3,104 4,596 7,700 EBITDA 22,819 - (2,098) 14,042 11,944 Tax Incentive CPC07 (10,871) - - - - Share-based Payment - - 2,502 135 2,637 Maeda Goodwill Adjustment - PPA - - 1,512 - 1,512 Adjusted EBITDA 11,948 - 1,916 14,177 16,093 20
  21. 21. PRICE EVOLUTION 21
  22. 22. MARKET VALUE AND SHAREHOLDERS POSITION Market Value (March 31, 2011 ) Shareholders Position (%) R$ 911 Milhões 20 8 Number of Shares 72 1,084,190,282 Vila Rica I Fundo de Investimento Bonsucex Holding Others Number of Shareholders 24.172 22
  23. 23. INDEXES 23
  24. 24. Investor RelationsPhone: 55 11 3137-3114ri@brasilecodiesel.com.brwww.brasilecodiesel.com.br 24

×