INSTITUTIONAL PRESENTATION NOVEMBER, 2015 KLBN11 KLBN11 / KLBAY

Transcription

1 INSTITUTIONAL PRESENTATION NOVEMBER, 2015 KLBN11 KLBN11 / KLBAY

2 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 Company s 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 Klabin s performance includes non-accounting and accounting data, such as operating and financial information, as well as projections based on Management s expectations. Note that the non-accounting data has not been reviewed by the Company s independent auditors. The Company s management believes EBITDA may provide useful information on the Company s 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. 2

3 CONSISTENT GROWTH

4 Forestry Papers KLABIN TODAY 2 MILLION TONNES OF PAPER AND PACKAGING CAPACITY tsd hectares Total lands 490 Planted area 235 Pine 144 Eucaliptus 91 Native forests 255 tsd Total capacity 2020 Coated boards 750 Kraftliner 830 Sack kraft 210 Recycled 230 Conversion tsd Total capacity 810 Corrugated boxes 655 Industrial bags 155 4

5 FLEXIBLE PRODUCT LINE LEADER IN ALL SEGMENTS IN BRAZIL AND LINKED TO RESILIENT MARKETS COATED BOARDS market share KRAFTLINER installed capacity SALES VOLUME DESTINATION (9M15) PAPER AND PACKAGING 50% sole supplier of liquid packaging board in Latin America 40% 33% EXPORTS 30% OTHERS 50% 16% 67% DOMESTIC 70% FOOD MARKETS INDUSTRIAL BAGS market share CORRUGATED BOXES market share FLEXIBILITY AND RESILIENT MARKETS 5

6 adjusted EBITDA LTM - R$ KLABIN TODAY CONSISTENT PERFORMANCE SALES VOLUME COST CUTTING PROGRAM MIX AND PRICE IMPROVEMENT BEST FORESTRY YIELD INDUSTRIAL EFFICIENCY PERFORMANCE IMPROVEMENT FLEXIBLE PRODUCT LINE JUN 2011 SEP

7 PUMA PROJECT 7

8 LOW OPERATION COST ANNUAL PRODUCTION CAPACITY 1.5 MILLION TONNES OF PULP PUMA PROJECT PRODUCTION OF 270 MW of ENERGY SELF SUFFICIENT 1.1 MILLION TONNES OF SHORT FIBER 400 THOUSAND TONNES OF LONG FIBER PART CONVERTED TO FLUFF 120 MW FOR PUMA USE 150 MW FOR SALE IN THE MARKET 8

9 46% PUMA INDUSTRIAL CAPEX 14% TOTAL CAPEX R$ 7.2 BI national equipments and materials 14% imported equipments 27% INDUSTRIAL CAPEX R$ 5.8 BI NET OF RECOVERABLE TAXES engineering and other services civil construction and assembly PROJECT FULLY FUNDED 9

10 PUMA LOGISTICS MULTIMODAL 72 Km forestry average distance 441 Km railway to the port FORESTS PULP MILL PARANAGUÁ PORT INBOUND OUTBOUND 10

11 PUMA COMPETITIVENESS HARDWOOD FOB US$/TONNE 200 PUMA ANNUAL CAPACITY Source: Hawkins Wright April

12 PUMA COMPETITIVENESS SOFTWOOD FOB US$/TONNE PUMA ANNUAL CAPACITY Source: Hawkins Wright April

13 adjusted EBITDA LTM - R$ PREPARED TO GROW PAPER MACHINE 10 PAPER MACHINE 11 COST CUTTING MIX VOLUME PUMA PROJECT JUN 2011 CONSISTENT RESULTS SEP 2015 GROWTH PERSPECTIVES

14 EARNINGS 3Q15

15 SALES VOLUME excluding wood tsd NET REVENUE R$ HIGHLIGHTS ADJUSTED EBITDA R$ 1,328 32% 1,334 33% 3,637 25% 4,092 30% 1,210 1,372 68% 67% 75% 70% 9M14 9M15 9M14 9M15 9M14 9M15 exports domestic market 15

16 471 thousand COATED BOARDS 42% +5% 491 thousand 42% 1,211 R$ PAPER BUSINESS UNIT 1,459 R$ KRAFTLINER (3) KRAFTLINER AND COATED BOARDS (1) RECYCLED (2) 300 thousand 65% 0% 300 thousand 69% KRAFTLINER 479 R$ 597 R$ 58% 58% 35% 31% 9M14 9M15 9M14 9M15 9M14 9M15 9M14 9M15 exports domestic market 16

17 CONVERSION MARKET POSITION CORRUGATED BOXES (7) CORRUGATED BOXES AND INDUSTRIAL BAGS (1) INDUSTRIAL BAGS (3) 1,627 R$ 1,665 R$ 536 thousand 514 thousand 9M14 9M15 + 9M14 9M15 17

18 CASH COST UNIT CASH COST CASH COST BREAKDOWN 3Q15 1,848 R$/tonne 2,021 R$/tonne Electricity Maintenance 9% materials / stoppage 10% Others 5% Labor / third parties 32% Fuel Oil 3% 3Q14 3Q15* Freight 12% Chemicals 14% Wood / Fibers 15% *Excluding non-recurring itens from other operating revenues and expenses 18

19 NET DEBT Gross Debt Cash Net Debt in 09/30/15 R$ 17.5 billion R$ 5.9 billion R$ 11.6 billion 19

20 CAPEX CAPEX R$ E 2016E maintenance 3T T T T T T special projects and growth vale do corisco PUMA project ,242 4,303 1,883 total ,945 4,828 2,545 20

21 Investor Relations Phone: +55 (11)

22 APPENDIX PUMA MARKET FINANCIAL FIGURES

23 PUMA PULP MARKET

24 PULP MARKET mm t 52.6 VIRGIN FIBER PULP PULP MARKET DISTRIBUTION long fiber 45% 22% 33% eucalyptus integrated pulp market pulp other short fibers Source: Hawkins Wright; RISI 24

25 LARGEST MARKET PULP MILLS OF THE WORLD per year in 2014 Fibria Aracruz 2,340 PUMA: 6 th LARGEST PULP MILL April Riau 2,200 April Rizhao 1,700 WORLD DEMAND per year in 2014 CMPC Guaíba 1,690 Suzano Mucuri 1,565 Klabin 1,500 Suzano Maranhão 1,500 Eldorado 1,500 short fiber market pulp Montes del Plata 1,300 eucalyptus Source: Hawkins Wright 25

26 4 th LARGEST IN FLUFF WORLD CAPACITY OF FLUFF thousand per year in 2014 GP Weyco IP Puma Klabin Domtar Resolute Stora Arauco Rock Tenn Rayonier UPM Source: Hawkins Wright 1,045 1,420 2,296 the only designed to produce fluff from the start mills converted in fluff mills WORLD DEMAND per year in long fiber SBSK = pinus long fiber from USA 6.4 fluff and SBSK 26

27 FOCUS ON CONSUMER MARKETS MARKET PENETRATION IN DISPOSABLE DIAPERS 2013 SOPHISTICATION AND INNOVATION IN HIGHER VALUE ADDED PRODUCTS USA 96% high potential of growth BRA 50% ARG 72% Source: RISI, Euromonitor 27

28 BRAZIL IS THE 3 RD LARGEST MARKET OF DISPOSABLE DIAPERS IN THE WORLD SALES OF DIAPERS FOR ADULTS R$ billion SALES OF DIAPERS FOR INFANT R$ billion Source: Euromonitor 28

29 COMPOSITION OF DIAPERS 30% TO 50% OF THE AVERAGE WEIGHT OF A DIAPER IS COMPOSED OF FLUFF (20 TO 40G) 29

30 SPREADS AMONG DIFFERENT FIBERS CIF EUROPE US$/TONNE 235 fluff x short fiber 15 long fiber x short fiber jul 13 aug 13 sep 13 oct 13 nov 13 dec 13 jan 14 feb 14 mar 14 apr 14 may 14 jun 14 jul 14 aug 14 sep 14 oct 14 nov 14 dez 14 jan 15 feb 15 mar 15 apr 15 may 15 Source: RISI, FOEX 30

31 INCOME STATEMENT 3Q15/2Q15 3Q15/3Q14 9M14 9M15/9M14 (R$ thousands) 3Q15 2Q15 3Q14 9M15 Gross Revenue % 12% % Net Revenue % 13% % Change in fair value - biological assets % -61% % Cost of Products Sold ( ) ( ) ( ) -12% 2% ( ) ( ) 10% Gross Profit % -2% % Selling Expenses ( ) ( ) (98.218) 2% 9% ( ) ( ) 8% General & Administrative Expenses (78.796) (82.927) (69.367) -5% 14% ( ) ( ) 10% Other Revenues (Expenses) (7.528) (9.912) % N/A (23.473) N/A Total Operating Expenses ( ) ( ) ( ) -2% 27% ( ) ( ) 24% Operating Income (before Fin. Results) % -11% % Equity pickup % -54% % Financial Expenses ( ) ( ) ( ) 44% 4% ( ) ( ) 43% Financial Revenues % 19% % Net Foreign Exchange Losses ( ) ( ) -1117% 478% ( ) ( ) 1961% Net Financial Revenues ( ) ( ) N/A 399% ( ) ( ) 1781% Net Income before Taxes ( ) (1.954) N/A % ( ) N/A Income Tax and Soc. Contrib ( ) N/A 7897% ( ) N/A Net income ( ) N/A N/A ( ) N/A % 0% - - 0% Depreciation and amortization % -16% % Cost of carrying out assigned to property - land % N/A N/A Change in fair value of biological assets (98.731) ( ) ( ) -36% -61% ( ) ( ) -66% Vale do Corisco % 21% % Adjusted EBITDA % 15% % numbers in thousand R$ 31

32 BALANCE SHEET Assets Sep-15 Jun-15 Liabilities and Stockholders' Equity Sep-15 Jun-15 Current Assets Current Liabilities Cash and banks Loans and financing Short-term investments Debentures Securities Suppliers Receivables Income tax and social contribution 0 0 Inventories Taxes payable Recoverble taxes and contributions Salaries and payroll charges Other receivables Dividends to pay 0 0 REFIS Adherence Noncurrent Assets Other accounts payable Long term Taxes to compensate Noncurrent Liabilities Judicial Deposits Loans and financing Other receivables Debentures Other investments Deferred income tax and social contribution Property, plant & equipment, net Other accounts payable - Investors SCPs Biological assets REFIS Adherence Intangible assets Other accounts payable Stockholders Equity Capital Capital reserve Revaluation reserve Profit reserve Valuation adjustments to shareholders'equity Treasury stock ( ) ( ) Total Total numbers in thousand R$ 32

33 LOAN MATURITY SCHEDULE R$ 1,765 2,440 2,405 1,642 1,535 2,237 1,665 2,563 1,522 2,397 2,182 Foreign Currency 11, ,484 1,004 Gross Debt 17, , Q /26 Local Currency 5,731 Local currency : R$ 5.7 billion Average tenor: 42 months Foreign currency: R$ 11.8 billion Average tenor : 54 months numbers in R$ 33