Eucatex S.a. Industria E Comercio · BMFBOVESPA:EUCA3
Eucatex S.a. Industria E Comercio — 4Q12 Earnings Presentation
23 slides from Eucatex S.a. Industria E Comercio's earnings presentation, Mar 21, 2013
Slide 1: APIMEC 2013
J % © euUCcateED APIMEC 2013 March 21, 2013
Slide 2: Eucatex Group
Eucatex Group Founded in 1951 Segments: Furniture Industry, Retail, Civil Construction and Export Market Subsidiary in Atlanta, GA, USA 73 eucalyptus plantations with total of 45,800 hectares Number of employees – 2,451 MDP and Paints and Production Unit Fiberboard T-HDF/MDF Laminated Flooring Varni
Slide 3: Operating Data – Segment
Operating Data – Segment R$ 232.5 million R$ 264.8 million 4% 12% 6% 7% Export Market Retail 41% Civil Construction 43% Furniture Industry 44% 43% 4Q11 4Q12 Breakdown by Segment/Product Civil Construction Export Market Furniture Industry Retail Metallic T-HDF/MDF 2% MDP 4% 3% Wall T-HDF/MDF Partitio
Slide 4: Operating Data – Product
Operating Data – Product R$ 264.8 million R$ 232.5 million 22% MDP 24% T-HDF/MDF Fiberboard 22% 17% Paints and Varnishes Laminated Flooring 19% 23% Other 21% 22% 13% 13% 1% 3% 4Q11 4Q12 4
Slide 5: Fiberboard
139 118 120 130 Fiberboard 114 110 106 Total Market (‘000 m³) 104 Net Revenue 100 100 92.2 90.6 4Q11 4Q12 Var R$ 53.3 million R$ 51.4 million -3.6% 2011 2012 Var R$ 197.2 million R$ 189.7 million -3.8% Domestic Market Share 1T06 1T07 1T08 1T09 1T10 4Q11 4Q12 Var 2011 2012 Var 4Q11 4Q12 Source: ABIPA
Slide 6: T-HDF / MDF
139 118 120 130 T-HDF / MDF 114 110 T-HDF + MDF Market 106 (‘000 104 m³) Net Revenue 100 100 951.7 4Q11 4Q12 Var 777.6 R$ 39.3 million R$ 57.5 million 46.3% 2011 2012 Var R$ 151.5 million R$ 202.5 million 33.7% Market Share – T-HDF/MDF 4Q11 4Q12 1T06 1T07 1T08 1T09 1T10 4Q11 4Q12 Var 2011 2012 Var S
Slide 7: T-HDF / MDF
T-HDF / MDF * Only portuguese 7
Slide 8: MDP
MDP 139 130 120 118 114 Net Revenue 110 Market (‘000106 m³) 104 4Q11 4Q12 Var100 100 733.6 781.8 R$ 54.9 million R$ 59.0 million 7.5% 2011 2012 Var R$ 216.7 million R$ 230.6 million 6.4% Market Share 4Q11 4Q12 Var 2011 2012 Var 11% 10% -1 p.p. 11% 10% -1 p.p. % of MDP Coated 1T06 1T07 4Q111T08 1T09
Slide 9: Laminated Flooring
139 120 Laminated Flooring 130 118 114 110 Net Revenue Market (‘000 106m²)104 100 100 3.497.0 4Q11 4Q12 Var 3.117.9 R$ 29.5 million R$ 33.7 million 14.1% 2011 2012 Var R$ 107.4 million R$ 115.2 million 7.3% Market Share 4Q11 4Q12 Var 2011 2012 1T06 Var 1T07 1T08 1T09 1T10 4Q11 4Q12 38% 40% 2 p.p. 38
Slide 10: Paints and Varnishes
139 120 Paints 130 and Varnishes 118 114 110 Net Revenue Market – million106 gallons 104 100 100 4Q11 4Q12 Var 314.3 304.6 R$ 53.5 million R$ 52.6 million -1.7% 2011 2012 Var R$ 196.9 million R$ 198.5 million 0.8% Market Share 4Q11 4Q12 Var 2011 2012 1T06 Var 1T07 1T08 1T09 1T10 4Q11 4Q12 6% 6% - 6%
Slide 11: Indicators
Indicators Total Credit as a Percentage of GDP Ireland 183% 53.5% Spain 176% 49.1% Holland 166% 43.7% 45.2% 41.3% United States 163% 34.2% Greece 111% 30.2% 26.4% 24.7% 28.1% 24.5% Italy 110% 22.0% 24.0% France 103% Germany 101% Thailand 87% Chile 73% 1905n1905r05l 1905n1905r05l Brazil * 54% Source:
Slide 12: Indicators
Indicators Total Credit and Mortgage Loans Default Rates (90 days) 161.3% 166.7% 5.5% 5.6% 5.9% 5.1% 5.0% 90.6% 4.3% 4.0% 4.2% 4.3% 4.4% 4.6% 2.7% 4.2% 77.6% 73.7% 3.6% 53.5% 19.1% 6.3% 11.0% Brazil * Chile Thailand United States United Kingdom Loans (% GDP 2011) Mortgage (% GDP 2011) Source: Bacen
Slide 13: Indicators
Indicators Poverty Index Consumer Confidence Index 124.5 122.4 120.2 114.7 27.5% 26.7% 28.1% 25.4% 98.5 22.8% 19.3% 18.3% 16.0% 15.3% 13.7% 12.9% 10.9% 9.6% 8.6% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012* 2013* 2014* 4Q08 4Q09 4Q10 4Q11 4Q12 Source: FGV and * Itaú Unibanco projecti
Slide 14: Financial Data
Financial Data Highlights (R$ million) 4Q12 A.V. % 4Q11 A.V. % Var. (%) 2012 A.V. % 2011 A.V. % Var. (%) Net Revenue 264.8 100.0% 232.5 100.0% 13.9% 963.5 100.0% 899.1 100.0% 7.2% Fair value of biological assets 9.9 3.7% 11.7 5.0% 15.3% 41.8 4.3% 43.6 4.9% 4.1% Cost of products sold (191.8) -72.4% (
Slide 15: Debt
Debt Debt (R$ million) 2012 2011 Var. (%) Short-Term Debt 146.9 146.7 0.2% Long-Term Debt 126.9 85.9 47.7% Gross Debt 273.8 232.6 17.7% Cash and Cash Equivalents 6.9 17.0 -59.5% Net Debt 266.9 215.5 23.8% % Short-Term Debt 54% 63% -9.4 p.p. Net Cash (Debt)/EBITDA 1.4 1.2 25.0% Net Debt / EBITDA Debt
Slide 16: Capex
Capex Capex in 2012 R$ million % New Laminated Flooring Line – Botucatu/SP 1Q12 43.6 37% 2Q12 30.4 26% 3Q12 24.4 21% Doors and Wall Partitions line – Salto/SP 4Q12 19.9 16% Total 118.4 Expansion of Recycled Material Cleaning Capacity of the Recycling Line Ancillary equipment for T-HDF/MDF Sustainabi
Slide 17: Sustainability – Forests
Sustainability – Forests 73 farms with Average Radius New Mechanized Harvesting System • Substitutes use of chainsaws; eucalyptus • Increased productivity; Salto Botucatu plantations totaling • Lower input costs; and 45,800 hectares • Benefits for environment and 152 km 42 Km surrounding rural commu
Slide 18: Sustainability - Recycling
Sustainability - Recycling Recycling Unit Guaranteed sustainability and possibility of developing new projects Total Processing Capacity Equivalent to Ton/Year Trees Forests 240,000 ton 2 million / year 1,500 hectares Processed Volume (tons) 99,808 Gains in Wood Purchases 89,383 Consumpti Wood Recyc
Slide 19: Capital Markets
Capital Markets EUCA4 vs. IBOVESPA (Base = 100) 42% Dez. 28 R$ 7.90 Mar. 15 R$ 9.35 0% Ibovespa Eucatex Multiples Evolution of Shareholders’ Equity Market Value / Book Value per Share 0.7 EV / EBITDA 5.4 Shareholders’ Equity 8.3 Sep-06Sep-06 Dec-08 Dec-08 Dec-09Dec-10 Dec-09 Dec-10 Dec-11 Dec-11 Dec
Slide 20: Novo Mercado
Novo Mercado • Material Fact • Meetings with Institutional Investors • Meetings with Buy-Side and Sell-Side Analysts Dec/2012 • Receipt and response to 1st • Transfer of Net Assets Circular from CVM and Liabilities • Adaptation of Bylaws • Application for IPO of 030/2013 Mar/2013 ECTX • Receipt of 1
Slide 21: Novo Mercado
© eucatex Novo Mercado CALL NOTICE EXTRAORDINARY SHAREHOLDERS' MEETING Sao Paulo, March 20, 2013 - Eucatex S.A. (EUCA3 and EUCA4). one of the largest manufacturers of fiberboard in Brazil, with operations also in the segments of paints and varnishes, laminated flooring, wall partitions and doors, co
Slide 22: EUCATEX S.A.
e eucatex EUCATEX S.A. Selo per: APIMEC-SP ON SNH}ITN
Slide 23: IR Contacts
IR Contacts José Antonio G. de Carvalho Executive VP and IRO Sergio Henrique Ribeiro Controller Waneska Bandeira Investor Relations (55 11) 3049-2473 ri@eucatex.com.br www.eucatex.com.br/ir
Eucatex S.A. Indústria e Comércio — 4Q12 Earnings Presentation on 6ix