Sao Martinho S.a. · BMFBOVESPA:SMTO3
Sao Martinho — 4Q16 Earnings Presentation
11 slides from Sao Martinho's earnings presentation
Slide 1: Earnings Release Conference Call 15/16 Harvest 4Q16
Earnings Release Conference Call 15/16 Harvest 4Q16
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 Operational Highlights 5 Indebtedness 2 Financial Highlights 6 Hedging 3 Cost of Production Analysis 7 Guidance 4 15/16 Capex 3
Slide 4: Operational Highlights
Operational Highlights OPERATING DATA 14/15 15/16 YoY (%) São Martinho - Consolidated Crushing ('000 tons) 18,718 20,024 7.0% Own 12,326 12,985 5.3% Third Parties 6,392 7,039 10.1% Production Sugar ('000 tons) 1,231 1,230 -0.1% Anhydrous ('000 m3) 438 445 1.5% Hydrous ('000 m3) 353 306 -13.3% Cogene
Slide 5: Financial Highlights
Financial Highlights Table 1 4Q15 4Q16 Chg. % Graph 1 SUGAR Graph 2 ETHANOL Net Revenue 718,325 818,146 13.9% 1,994.4 +5.8% +44.7% 1,081.7 COGS (cash) 331,233 401,820 21.3% 1,022.3 Selling Expenses 28,050 33,666 20.0% 1,378.1 +7.0% G&A Expenses 42,873 41,061 -4.2% 362.6 338.9 -18.0% Adjusted EBITDA
Slide 6: Cost of Production Analysis – 15/16 Harvest
Cost of Production Analysis – 15/16 Harvest 14/15 15/16 Chg. % Net Revenue 2,349,764 2,831,124 20.5% A COGS (cash) 1,023,245 1,281,788 25.3% Selling Expenses 94,218 109,145 15.8% G&A Expenses 149,794 145,214 -3.1% Adjusted EBITDA 1,091,592 1,301,240 19.2% B EBITDA Cost 1,258,171 1,529,884 21.6% A-B
Slide 7: CAPEX
CAPEX 14/15 15/16 Chg. % Maintenance 626,802 676,596 7.9% Inflation Agricultural equipment's Operational Improvements 60,195 74,545 23.8% adequation at Santa Cruz mill Expansion 125,029 89,675 -28.3% Sugar storage capacity Expansion at Santa Cruz Capex Total 812,026 840,816 3.5%
Slide 8: Indebtedness
Indebtedness Table 1 Graph 1 CURRENCY Graph 2 TERM Short- USD term 45% Reais 20% INDEBTEDNESS Mar/16 Mar/15 Chg%. (R$) 55% R$ '000 Indebtedness in foreign exchange 1,819,988 1,759,149 -3.3% Long- term BNDES / Rural Credit 909,947 799,041 -12.2% 80% Working Capital 825,910 1,215,533 47.2% Obligations
Slide 9: Hedging
Hedging Average Sugar Volume Exposure in NDFs Debt in Inputs in Net Price Percentage (mil tons) USD in USD USD USD Exposure (US$ c/p) Guidance of Production 16/17 1,356,000 Consecana fixed 34,851 Equivalent in USD 102 mm Fixed volume - Own Cane 732,216 14.42 69% 232 mm 88 mm 25 mm 93% (ou 44%) 9
Slide 10: Guidance
Guidance Performed Guidance YoY (%) OPERATING DATA 15/16 Harvest 16/17 São Martinho - Consolidated Crushing ('000 tons) 20,024 20,553 2.6% Production Sugar ('000 tons) 1,230 1,356 10.3% Anhydrous ('000 m3) 445 455 2.2% Hydrous ('000 m3) 306 340 11.1% Cogeneration ('000 MWh) 741 753 1.6% Average TRS
Slide 11: Contacts - IR
Contacts - IR Felipe Vicchiato CFO e IRO Aline Reigada IR Manager Letícia Montagnani IR Senior Analyst Telephone: +55 11 2105-4100 E-mail: ri@saomartinho.com.br Website: www.saomartinho.com.br/ir 11