Net revenues for Kepler Weber in 3Q15 were R$202.8 million, down 20.3% from 3Q14, due to slower release of funds from clients delaying equipment delivery and billing. Gross profit declined 45.8% to R$37 million due to delayed billings and assembly costs. Net income was R$6.7 million as a result of lower revenues, conversion rates, and adjustments to recover profitability. EBITDA was R$22.5 million with an 11.1% margin. Net debt declined to negative R$6.8 million at quarter end.
2. 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)
2
11. 11
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)
12. 12
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 -