Randoncorp S.a. · BMFBOVESPA:RAPT3
Randoncorp — Q3 2012 Earnings Presentation
19 slides from Randoncorp's earnings presentation, November 2012
Slide 1: nen
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Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that are subject to risks and uncertainties. These statements are based on Management's beliefs and assumptions, as well as on currently available information. Forward-looking statements include information on our current intentions, b
Slide 3: Agenda
Agenda Period Highlights Market Overview Operating Results Financial Results Market Capital Outlook 3 3Q12 / 9M12 3 RESULT S
Slide 4: Period Highlights
Period Highlights • Total gross revenue of R$1.3 billion in 3Q12, 18.6% down on 3Q11; Consolidated net revenue of R$887.5 million in 3Q12, 18.0% lower than in 3Q11. • Exports reached US$73 million in 3Q12; Gross margin of 21.8%, EBITDA margin of 9.1% and EBITDA of R$79.4 million in • 3Q12 (42% down
Slide 5: Market Overview
Market Overview Economic stimuli have begun to show their first effects, increasing • the number of orders. Demand is fueled by the service industry and an expected excellent • 2012/2013 crop. (1) Trucks manufactured : 99,410 units in 9M12, 39.9% down on • 9M11. • September sales fell, as clients ad
Slide 6: Operating Results: Sales Volume
Operating Results Sales Volume (units) 3Q2012 3Q2011 D% 9M2012 9M2011 D% Vehicles and trailers/semi-trailers Towed vehicles (un.) 5,480 6.,61 -16.5% 15,006 18,722 -19.8% Specialty vehicles (un.) 214 207 3.4% 893 603 48.1% Rail wagons (un.) 120 85 41.2% 478 813 -41.2% Auto parts Friction materials (t
Slide 7: Operating Results: Consolidated Net Revenue by Segment
Operating Results Consolidated Net Revenue by Segment 3Q2012 3Q2011 D% 9M2012 9M2011 D% Vehicles and trailers/semi-trailers 50.87% 48.56% 2.32 p.p. 50.46% 49.34% 1.12 p.p. Towed vehicles (un.) 84.05% 86.53% -2.48 p.p. 79.65% 79.48% 0.17 p.p. Specialty vehicles (un.) 9.56% 8.97% 0.59 p.p. 12.20% 8.09
Slide 8: Operating Results: Exports
Operating Results Exports CAGR US$ million 5.80% -3.50% 287 294 -3.10% 235 240 206 164 199 76 73 2007 2008 2009 2010 2011 3Q11 3Q12 9M11 9M12 Other Central and South 9M11 - 5% America Mercosur + Chile 9M11 - 6 % 7% 9M11 - 45% Africa 9M11 - 9% 16% 31% 12% 3% 31% Exports Europe destinations by economi
Slide 9: Financial Results: Total Gross Revenue and Net Revenue
Financial Results CAGR Total Gross Revenue Including intercompany sales 15.44% R$ million 6,385.0 -19.67% 5,594.1 4,551.3 -18.66% 4,778.7 3,595.3 3,703.8 3,838.9 1,655.0 1,346.1 2007 2008 2009 2010 2011 3Q11 3Q12 9M11 9M12 CAGR Consolidated Net Revenue R$ million 13.21% 4,156.4 -20.05% 3,719.0 3,059
Slide 10: Financial Results: Gross Profit and COGS Breakdown
Financial Results CAGR Gross Profit | Gross Margin R$ million 11.00% 1,018.9 -32.33% 906.6 833.7 790.0 671.1 561.7 -26.49% 534.6 260.4 191.4 2007 2008 2009 2010 2011 3Q11 3Q12 9M11 9M12 Consolidated COGS Breakdown Depreciation R$ million Other 2,5% 8.8% Labor Raw materials 13.1% 75.5% 39% Metal Comp
Slide 11: Financial Results: EBITDA and EBITDA Margin
Financial Results CAGR EBITDA | EBITDA Margin R$ million 16.40% -52.82% 541.4 556.7 520.8 451.7 388.6 -41.63% 297.4 213.1 15.4% 17.0% 136.0 14.6% 13.4% 79.4 14.5% 12.0% 12.7% 8.5% 9.1% 2007 2008 2009 2010 2011 3Q11 3Q12 9M11 9M12 136 EBITDA | EBITDA Margin - Quarterly R$ million 105 79 67 67 12.7% 1
Slide 12: Financial Results: Net Income and Net Margin
Financial Results Net Income| Net Margin R$ million CAGR 11.62% -87.67% 269.1 249.5 231.1 -79.47% 218.9 173.4 135.2 6.9% 7.6% 6.7% 6.5% 7.0% 5.5% 62.9 12.9 27.0 5.9% 1.5% 1.1% 2007 2008 2009 2010 2011 3Q11 3Q12 9M11 9M12 Net Income | Net Margin - Quarterly 63 R$ million 50 5.9% 4.9% 19 -5 13 2.6% 1.
Slide 13: Consolidated Income Statement - Segment
Financial Results Consolidated Income Statement - Segment R$ million/% Vehicles and trailers/semi-trailers Auto parts Financial services Consolidated 3Q2012 3Q2011 Δ% 3Q2012 3Q2011 Δ% 3Q2012 3Q2011 Δ% 3Q2012 3Q2011 Δ% -14% -24% 26% -19% Gross revenue 550,527 642,701 527,760 692,783 22,670 18,014 1,1
Slide 14: Financial Results: Capex and Shareholders' Equity | ROE
Financial Results CAPEX CAGR R$ million 6.01% 43.72% 280.7 248.3 196.6 190.5 18.94% 222.8 155.0 123.3 56.9 67.7 2007 2008 2009 2010 2011 3Q11 3Q12 9M11 9M12 CAGR Shareholders’ Equity| ROE R$ million 21.42% 1,354.3 1,353.5 1,172.0 1,001.7 907.1 623.0 33.0% 37.0% 15.0% 25.0% 23.0% 5.7% 14 2007 2008 20
Slide 15: Gross Debt Breakdown and Net Debt / EBITDA
Financial Results 1H12 Gross Debt Breakdown R$’000 | % 31.8% Total gross debt R$1,591,048 Reais Foreign Gross debt in reais R$1,085,828 currency 68.2% Gross debt in foreign currency R$505,219 USD rate (September 30, 2012) R$2.0306 699.5 Debt| Net Debt / EBITDA 603.5 R$ million 2.20x Industrial Net 3
Slide 16: Capital Market
Capital Market 10.9 RAPT4 Price | Daily Liquidity 26.74% R$ per share | R$ ‘000 8.6 6.8 5.2 4.2 3.6 R$ 10.42 R$ 12.29 R$ 11.77 R$ 10.22 R$ 8.52 38.15% R$ 3.91 2007 2008 2009 2010 2011 9M12 Dividends and Interest on Equity R$ million | R$ per share 91.3 50% bonus 72.7 70.7 55.3 .0,37 39.4 .0,45 0.29
Slide 17: Outlook: 2012 Guidance - Revised
Outlook 2012 Guidance - Revised Total Gross Revenue R$5.1 bn Consolidated Net Revenue R$3.5 bn Exports US$280 mn Imports US$100 mn Capex R$230 mn 17 3Q12 / 9M12 17 RESULT S
Slide 18: Outlook
Outlook • Brazil’s GDP growth forecast: 1.54% in 2012 and 4% in 2013.* Crop output – average forecast (2013): 177.7 million to 182.8 million • metric tons, between 7.2% and 10% higher than in the last cycle. ** The truck market shows the first signs of improvement, pursuing balance • between demand
Slide 19: Investor Relations
Investor Relations IR Contact ri@randon.com.br +55 54 3209.2505 19 3Q12 / 9M12 19 RESULT S