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Results presentation 3 q13

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Results presentation 3 q13

  1. 1. 3Q13 Results November 7, 2013
  2. 2. SCHEDULE Providência USA HIGHLIGHTS RESULTS OUTLOOK Providência USA 2
  3. 3. HIGHLIGHTS 3Q13 Sales Volume amounted to 31.4 thousand tons, an increase of 20.5% in relation to the same period in 2012. On a quarter-on-quarter comparative basis there was an increase of 3.0%; The Company reported Net Revenue of R$ 211.1 million, a 26.6% increase on 3Q12, largely reflecting increasing sales volume; Adjusted EBITDA reached R$ 40.1 million, an 11.0% improvement on 3Q12 and 25.0% compared with 2Q13; Net Income in the period amounted to R$ 10.0 million, a 21.0 % improvement on 2Q13; The Company posted an increase in Net Debt of R$ 44.3 million, 9.9% greater than 3Q12, a consequence of the currency variation on US dollar denominated financing; Approval was given for the distribution of interim dividends of R$ 17.9 million, totaling 100% of the adjusted dividend calculation base in the first half of 2013.
  4. 4. SCHEDULE HIGHLIGHTS RESULTS OUTLOOK 4
  5. 5. SALES VOLUME (in thousands of tons) Sales of nonwovens grew 23.7% compared with 3Q12 due to the full capacity reached by KAMI 13, the 2nd production line in the US, that started up this year. Sales Volume / Quarter Sales Volume Accumulated 88.9 30.5 26.1 23.6 73.7 7.4 6.5 2.5 2.5 3Q12 31.4 2.5 28.0 29.2 2Q13 Nonwovens 3Q13 Others 81.5 67.2 YTD 2012 YTD 2013 Nonwovens Others
  6. 6. NET REVENUE (in millions of Reais) Net revenue from sales for 3Q13 amounted to R$ 211.1 million, an increase of 26.6% compared with 3Q12. When compared with 2Q13, growth was 9.3%, in large part due to an increase in sales volume; Net revenue Accumulated Net revenue / Quarter R$ 6.40 R$ 6.72 R$ 6.33 R$ 6.35 R$ 6.20 564.8 166.7 3Q12 Net Revenue 193.1 2Q13 457.2 211.1 YTD 2012 3Q13 Unitary Net Revenue Net Revenue YTD 2013 Unitary Net Revenue The increase is largely due to the higher sales volume. 6
  7. 7. COGS (Cost of Goods Sold) (in millions of Reais) The cost of goods sold (COGS) totaled R$ 156.9 million in 3Q13, 37.2% higher against the R$ 114.3 million recorded in 3Q12 and an increase of 10.5% compared with the R$ 142.0 million in 2Q13. GOGS / Quarter GOGS Accumulated R$ 4.66 R$ 4.66 R$ 4.99 R$ 4.33 R$ 4.39 114.3 3Q12 142.0 2Q13 COGS (R$ thousand) 156.9 413.9 319.0 3Q13 Unitary COGS (R$) YTD 2012 COGS (R$ thousand) YTD 2013 Total unitary COGS (R$) This performance is largely the result of higher sales volume and increased raw material costs. 7
  8. 8. EBITDA (in millions of Reais) and EBITDA MARGIN (%) Adjusted EBITDA in 3Q13 reached R$ 40.1 million, an improvement of 11.0% when compared with the R$36.1 million reported in 3Q12. In relation to 2Q13, adjusted EBITDA increased by 25.0%. EBITDA Accumulated EBITDA / Quarter 20.4% 21.7% 17.3% 16.6% 19.0% 98.0 40.1 36.1 32.1 93.2 3Q12 EBITDA 2Q13 3Q13 Ebitda Margin (%) YTD 2012 EBITDA YTD 2013 Ebitda Margin (%)
  9. 9. 25,0 NET INCOME (in millions of Reais) and NET MARGIN(%) Net income for the quarter amounted to R$ 10.0 million. Net Income / Quarter Net income Accumulated 11.4% 7.4% 4.3% 4.1% 4.7% 18.9 33.8 8.2 3Q12 2Q13 Net income 23.2 10.0 3Q13 Net Margin (%) YTD 2012 Net income YTD 2013 Net Margin (%) The adjusted dividend calculation base for the quarter was R$ 12.5 million, the difference representing the realization of the deemed cost for the quarter, net of tax. 9
  10. 10. NET DEBT (in millions of Reais) A Net Debt increased 12.4% when compared with 3Q12 due to an increase in Gross Debt of R$ 19.6 million as well as a reduction in cash and liquid hedge instruments of R$ 34.8 million. Net Debt fell 0.2% in relation to 2Q13; Net Debt / Quarter 495.1 27% 494.3 73% 439.9 3Q12 Total Debt % 2Q13 Net Debt 3Q13 Local currency Foreign currency The foreign currency named debt was mainly borrowed in the USA with a natural hedge in the form of Providência’s revenue flows and assets in that country.
  11. 11. DEBT / CASH (in millions of Reais) Consolidated Net Debt In R$ (MM) 3Q12 2Q13 3Q13 Ch. 3Q13 / 3Q12 Short Term 127.0 117.7 51.4 -59.5% Long Term 428.5 349.2 523.6 22.2% Total Cash and liquid hedge instruments 555.4 466.8 575.0 3.5% 115.5 70.4 80.7 -30.1% Net Debit Shareholders' Equity 439.9 396.5 494.3 12.4% 697.8 678.7 662.1 -5.1% 3.68 3.95 3.86 4.9% Net Debt / Adjusted EBITDA 11
  12. 12. 25,0 DIVIDENDS (in millions of Reais) The Board of Directors decided at its meeting held on September 17, 2013 on the distribution of 100% of dividends calculated on the data base June 30, 2013, representing R$ 17.9 MM to be payed on November 25, 2013. Dividends Payable 0.24 0.22 0.18 19,2 17,9 This calculation base corresponds to: 1º Half 2013 Net income (-) Legal Reserves legal (5%) 14,1 (+) Realization of deemed cost 2011: (+) 1 Reversal of plan Stockoptions: Dividends payable 1st Half 2011 1st Half 2012 Dividends Paid (R$ MM) 13.3 MM 0.7 MM 5.1 MM 0.2 MM 17.9 MM 1st Half 2013 Dividend/Share 12
  13. 13. 25,0 MARKET VALUE RATIOS PRVI3 Asset Value / Quarter 0.99 0.79 PRVI3 - Proportion of dividends paid on the share value in the last three years 0.96 8.06% 7.37% 5.54% 3Q12 2Q13 3Q13 2010 Share Price / Asset Value per share 2011 2012 Dividend Yield Share Value - IBOVESPA R$ 10 R$ 8,95 R$ 9 R$ 8,70 R$ 8,25 R$ 7,92 R$ 8 Change 3T13 / 3T12 PRVI3 IBOVESPA R$ 6,85 R$ 7 15,6% -11,6% R$ 6 R$ 5 set/12 dez/12 mar/13 jun/13 set/13 13
  14. 14. SCHEDULE HIGHLIGHTS RESULTS OUTLOOK
  15. 15. OUTLOOK With the 2nd Statesville nonwovens line now operating at full capacity, the objective is to improve the mix by increasing the percentage of higher value added products; Installed capacity will have reached 140 thousand tons/year by year-end, reaffirming the Company’s ranking as one of the largest and most modern players in the global nonwovens industry. K12 K13 15
  16. 16. CEO/CFO: Hermínio V. S. de Freitas RI : Gabriela Las Casas Danielle Cabrini Tel: +55 (41) 3381-8673 Fax: +55 (41) 3381-7656 São José dos Pinhais – PR www.providencia.com.br/ri www.twiter.com/providencia_ri The words “believe”, “anticipate”, “expect”, “estimate”, “will”, “plan”, “may”, “intend”, “foresee”, “project” and other similar expressions indicate forward-looking statements. These forward-looking statements involve uncertainties, risks and assumptions, since they include information related to our potential or assumed future operating results, business strategy, financing plans, competitive position in the market, industry environment, potential growth opportunities and the effects of future regulations and competition. In addition, forward-looking statements refer only to the date on which they were made and should not be taken as a guarantee of future performance. Providência is under no obligation to update this presentation with new information and/or future events . 16

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