3Q15 Earnings Presentation

Transcription

1 3Q15 Earnings Presentation

2 Disclaimer This report and the conference cover the results for Raízen s 3Q15 which refers to October, November and December As this dislosure has occurred prior to that of Cosan, Raízen has opted to, exceptionally, hold an conference call. The figures reported herein may differ from those reported by Cosan as being Raízen s. This is due to (1) Raízen s fiscal year being from April to March, and (2) certain accounting differences, especially caused by the effects of Cosan s revaluating Raízen s assets and liabilities when forming the joint venture. This presentation contains estimates and forward-looking statements regarding our strategy and future growth opportunities. Such information is mostly based on our current expectations and estimates or projections of future events and trends which affect or may affect our businesses and operating results. Even though we believe these estimates and forward-looking statements about our future operations are based on reasonable assumptions, they are subject to risks and uncertainties and are made considering the information currently available to us. Our estimates and forward-looking statements may be influenced by the following factors, among others: (1) general economic, political, demographic, and commercial conditions in Brazil and more specifically in the geographic markets we serve; (2) inflation and depreciation of the Brazilian currency; (3) competitive developments in the ethanol and sugar industries; (4) our ability to implement our capital investment plan, including our ability to obtain financing as necessary and at reasonable terms; (5) our ability to compete and conduct our businesses in the future; (6) changes in consumer demand; (7) changes in our businesses; (8) government interventions resulting in changes in the economy, taxes, rates or the regulatory environment; and (9) other factors affecting our financial position, liquidity, and results of operations. The words believe, may, should, estimate, continue, foresee, intend, expect, and similar words indicate estimates and forward-looking statements. Estimates and forward-looking statements solely refer to the date they were made, and we are not obliged to update or revise any estimate and/or forward-looking statements in view of new information, future events or other factors. Estimates and forward-looking statements involve risks and uncertainties and therefore are no guarantee of future performance. Our future results may substantially differ from such estimates and forward-looking statements. Considering the risks and uncertainties described above, estimates and forward-looking statements discussed in this presentation may not occur and our future results and performance may substantially differ from those expressed in such forward-looking statements because of the factors mentioned above and other factors. Due to these uncertainties, investors should not make any investment decision based on such estimates and forward-looking statements.

3 1 Raízen Consolidated and Combined 3Q15 Highlights Net Revenue 1,700.0 EBITDA 2 and EBITDA Margin Net Income (Loss) 7.8% 1, ,426 16,975 1, ,155 14,876 1, R$17.0 billion, up 14% over 3Q14 R$1.4 billion, up 24% year-over-year R$314 million, up 45% compared to 3Q14 8.4% 9.0% 8.0% 7.0% % 5.0% % 3.0% 2.0% 1.0% 0.0% Higher volumes of sugar (39%) and ethanol (14%) sold by Raízen Energia. Increase of 7% in total fuels sold by Raízen Combustíveis; highlights were diesel, mogas, and ethanol. Increase in the average price of products sold mainly due to the rise in fuel prices by Petrobras. Higher sales by Raízen Energia (strategy of postponing sales to the end of the harvest). Increase of 88% in gross margin of Cogen business due to operational improvements and better prices. Growth in Raízen Combustíveis sales volumes, sustained unit margin. Better operating results reported by Raízen Combustíveis and Raízen Energia, offsetting a higher financial expense due to foreign exchange variation (DIE). G&A expenses down by 22%. 1 The combined financial information refers to the consolidated and combined financial statements of Raízen Energia S.A. and Raízen Combustíveis S.A., with the necessary eliminations among the companies. 2 EBITDA adjusted for the effects of hedge accounting, biological asset and agricultural product.

4 Raízen Combustíveis Volumes sold (million liters) 3, , , ,0 2,234 2, , , , ,8 2, ,0 6,583 6, , , , , , ,6 1, ,2 654, , ,6 607, ,0 2,108 2,313 1, , , , , ,0 2,651 2, , , Diesel Mogas Mogas Jet-A1 Ethanol Ethanol Others Average Average unit price unit (R$/m3) price (R$/m3) 13,065 Net Revenue 14, EBITDA and EBITDA Margin 4.8% 4.6% billion liters sold, up 7% year-over-year R$14.7 billion, up 13% R$670.5 million, up 7% Increase of 10.6% in ethanol sold and of 9.7% in mogas sold. Increased network of reseller stations (5,356 stations) and convenience stores (944 stores) in line with the strategy of converting white pumpers. Increase of 7% in volumes sold and 5% in the average price of products sold due to the rise in fuel prices by Petrobras. Better operating results with a higher gross margin, more than offsetting the lower gain from sale of assets. Lower G&A and Operating Expenses.

5 Raízen Energia Crushed sugarcane (million tons) Sugar production ( 000 tons) Ethanol production ('000 m³) , Energy sold ('000 MWh) Sugarcane crushing: 11.7 million tons, down 28% compared to 3Q14 due to drier weather that impacted the growth of sugarcane. Sugarcane TRS (Kg/ton) TRS: up 3% year-over-year due to a drier weather, causing a higher concentration of total sugars in the harvested cane Energy Sold: lower sugarcane availability partially compensated by operational optimization

6 Raízen Energia Net Revenue EBITDA 1 and EBITDA Margin 28,6% Sugar Export Hedge Summary 31/12/2014 2,125 2,641 24,7% 2, T'14 2, T' / /16 Sugar NY11 Volume (000' ton) 2, Average price ( US$/lb)* Foreign exchange US$ Volume (US$ million) 1, Average price (R$/US$) * Does not include polarization premium R$2.6 billion, up 24% year-over-year EBITDA of R$755.5 million, up 44% Higher concentration of sales volume in the quarter, with a 39% increase in sugar and 14% in ethanol. Higher sales of sugar and ethanol. Better energy cogeneration results. Higher prices for ethanol and energy cogeneration. Lower general and administrative expenses. 1 EBITDA adjusted for the effects of hedge accounting, biological asset and agricultural product.

7 Guilherme Cerqueira CFO and Investor Relations Officer Rafael Bergman Treasury, Controllership and Planning Director Pedro Aparicio Treasury Manager and IR Website: