Sao Martinho S.a. · BMFBOVESPA:SMTO3
Sao Martinho — 3Q19 Earnings Presentation
9 slides from Sao Martinho's earnings presentation, February 2019
Slide 1: Earnings Release Conference Call - 3rd Quarter Harvest 2018/2019
Earnings Release Conference Call 3rd Quarter Harvest 2018/2019
Slide 2: Disclaimer
Disclaimer • This presentation contains forward-looking statements relating to the business outlook, operating and financial projections, and the growth prospects of São Martinho S.A. These statements merely represent projections and as such are based exclusively on management’s expectations about t
Slide 3: Agenda
Agenda 1. Financial Highlights 4. Hedge Position 2. Production Costs 5. Ethanol Scenario 3. Indebtedness 33
Slide 4: Financial Highlights
Financial Highlights Table 1 R$ ‘000 Executive Summary 3Q18 3Q19 Chg. (%) 9M18 9M19 Chg. (%) Net Revenue¹ 899,679 842,562 -6.3% 2,503,746 2,257,155 -9.8% Adjusted EBITDA 497,440 417,320 -16.1% 1,364,365 1,134,948 -16.8% Adjusted EBITDA Margin 55.3% 49.5% -5.8 p.p. 54.5% 50.3% -4.2 p.p. Adjusted EBIT
Slide 5: Production Cost: Lower dilution of costs due to lower crushing
Production Cost: Lower dilution of costs due to lower crushing Crushed Sugarcane (‘000 tons) Graph 1 Graph 2 Graph 3 Graph 4 -7.9% +8.8% The Company has not -10.2% -42.8% defined the Operational 22,206 9,508 9,933 3,534 Guidance for the 2019/2020 20,450 8,739 8,921 harvest. Considering the current c
Slide 6: Indebtedness
Indebtedness Table 1 Debt Profile Currency - Net Mar/18 Dec/18 Chg.% Graph 2 Graph 3 R$ '000 Gross Debt 3,975,153 4,326,349 8.8% Financial Capital Market Cash and Cash Equiv alents 1,512,385 1,221,133 -19.3% Institutions 35% Net Debt 2,462,768 3,105,216 26.1% 37% Net Debt / LTM EBI TDA - R$ 1.26 x 1
Slide 7: Hedge Position
Hedge Position Volume Average Price Average Price1 SUGAR Hedged (ton) (US$ c/p) (R$/ton) 94% of own Crop Year 2018/2019 307,413 13.61 1,087 cane hedged Crop Year 2019/2020 367,352 13.34 1,180 50%2 of own cane hedged 1 - Considering the hedged volume in sugar and MTM of dollar volume to be hedged 2 -
Slide 8: Ethanol Scenario
Ethanol Scenario Ethanol Average Price (R$/m³) and Ethanol/Gasoline Parity (SP/MG/Goiás) Hydrous Ethanol Graph 1 +4% (Feb/08) 73% 72% 1,892 1,899 1,873 1,886 71% 70% 1,825 70% 69% 70% 1,757 68% 67% 1,716 1,759 1,747 1,691 71% 1,632 1,557 1,520 70% 70% 1,572 1,524 1,473 1,512 1,720 68% 1,424 1,371 1,
Slide 9: Contacts - Investor Relations
Contacts - Investor Relations +55 11 2105-4100 ri@saomartinho.com.br www.saomartinho.com.br/ri