Sao Martinho S.a. · BMFBOVESPA:SMTO3
Sao Martinho — 4Q18 Earnings Presentation
11 slides from Sao Martinho's earnings presentation, 2018
Slide 1: Earnings Release Conference Call 4Q18 17/18 Harvest
Earnings Release Conference Call 4Q18 17/18 Harvest
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. 18/19 Production Guidance 2. Financial Highlights 6. Hedge 3. Costs 6. Ethanol Scenario 4. Indebtedness
Slide 4: Operational Highlights
Operational Highlights Table 1 12M17 12M18 Chg.(%) Crushed Sugarcane (‘000 tons) 19,281 22,206 15.2% Own 13,398 15,191 13.4% Third Parties 5,883 7,015 19.2% Mechanized Harvest 98.9% 99.8% 0.87 p.p. Agricultural Yield (ton/ha) 78.7 79.5 1.1% Average TRS (kg/ton) 130.3 139.8 7.3% Production Sugar ('00
Slide 5: Financial Highlights
Financial Highlights Table 1 Graph 1 SUGAR R$ ‘000 4Q17 4Q18 Chg. (%) Net Revenue* 894.270 1.118.241 25,0% Adjusted EBITDA 400.991 585.629 46,0% Adjusted EBITDA Margin 44,8% 52,4% 7,5 p.p. Adjusted EBIT 182.232 296.278 62,6% Adjusted EBIT Margin 20,4% 26,5% 6,1 p.p. Adjustment to Maturity of Hedge A
Slide 6: Costs
Costs Cash COGS Sugar (R$/ton) Ethanol (R$/m³) Graphic 1 Graphic 2 Unity Cash Cost -21.5% 12M18 Sugar Ethanol Energy Others Total R$ '000.000 Cost of Goods Sold 1,084 1,170 38 43 2,336 -18.7% Selling Expenses 102 8 10 1 120 General and Adminstrativ e Expenses 85 92 - 3 180 999 (-) Depreciation/Amort
Slide 7: Indebtedness
Indebtedness Table 1 Mar/17 Mar/18 Chg.% Graph 1 Graph 2 R$ Thousand CURRENCY - GROSS CURRENCY - NET PESA 41,959 29,225 -30.3% Rural Credit 678,426 509,214 -24.9% BNDES / FINAME 828,443 582,203 -29.7% Working Capital 495,136 397,336 -19.8% International Finance Corporation (IFC) - 303,797 n.m. USD P
Slide 8: 18/19 Production Guidance
18/19 Production Guidance Table 1 Actual Guidance Production Chg. (%) 17/18 Crop Year 18/19 Crop Year Crushing ('000 tons) 22,206 20,570 -7.4% Sugar ('000 tons) 1,407 980 -30.4% Anhydrous ('000 m³) 487 456 -6.4% Hydrous ('000 m³) 466 663 42.4% Cogeneration ('000MWh) 913 850 -6.9% Average TRS (Kg/Ton
Slide 9: Hedge
Hedge Table 1 Table 2 Volume Avg. Price Avg. Price Hedged Avg. Price (US$ c/p) (R$ /Ton) USD '000 ('000 tons) (R$/US$) Sugar 2018/2019 crop year 535,037 15.51 1,144.8 Sugar 123,495 3.35 Ethanol 11.100 3.32 2018/2019 Crop Year 134.60 3.35 Our sugar prices hedged The volume of NDF’s in U.S. dollar on
Slide 10: Ethanol Scenario
Ethanol Scenario Graphic 1 +7.36% 1,924 1,892 1,899 1,873 PIS/COFINS 1,825 1,744 Increase 1,720 1,579 1,628 1,632 1,595 1,557 1,512 1,520 1,473 1,424 1,371 2.2 2.2 2.3 2.3 2.2 2.1 2.2 2.0 2.0 2.0 1.9 1.9 1.9 1.9 1.8 1.7 1.6 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17
Slide 11: Contacts - IR
Contacts - IR Felipe Vicchiato CFO e IRO Aline Reigada IR Manager Telephone: +55 11 2105-4100 E-mail: ri@saomartinho.com.br Website: www.saomartinho.com.br/ir 11