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Transcript of Apresenta o Resultados 2010 eng - Celulose Irani › uploads › informacao_financeira_ri ›...
Irani.com.br
Presentation of 4Q10 and 2010 results
Joaçaba (SC), March 29, 2011.
Irani.com.br
1. Celulose Irani S.A. 03
2. Operating Performance 19
2.1 Paper Segment 202.2 Packaging Segment (corrugated cardboard) 222.3 Forestry RS and Resins Segment 25
3. Economic-Financial Segment 27
3.1 Gross Revenue 283.2 Account Statements 333.3 Financial Indicators 38
Content
Irani.com.br
1. Celulose Irani S.A. 03
2. Operating Performance 19
2.1 Paper Segment 202.2 Packaging Segment (corrugated cardboard) 222.3 Forestry RS and Resins Segment 25
3. Economic-Financial Segment 27
3.1 Gross Revenue 283.2 Account Statements 333.3 Financial Indicators 38
Content
Irani.com.br
• founded in 1941 and controlled by Habitasul Group since 1994;
• 1.687 direct employees (Dec/2010);
• 4 Industrial Units in 3 Brazilian states;
• 196,921 tons of paper produced in 2010;
• R$ 447,4 million net revenue in 2010;
• R$ 267,7 million invested from 2007 to 2010;
• 43,5 thousand hectares of planted forests and preservation areas;
Celulose Irani S.A.
Chose the commitment with sustainability to became more competitive, reaching
management excellence, higher profitability and higher market value
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Irani.com.br
70 years of Sustainability
The Company produces Kraft paper,
sheet and boxes of corrugated paper and,
resins besides selling furniture.
Its activities show total
commitment to Sustainability.
Manages its business seeking positive and longstanding results to all involved
parties, with absolute respect to the environment and people.
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Irani.com.br
In 1941, when IRANI was founded
ecology, preservation or sustainability were
not discussed.
Development was focused on concepts
suitable to that historical moment.
Nowadays, sustainability is the basic parameter
for management model at IRANI, allowing
higher economic, social and environmental
performance.
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Irani.com.br
Ecologically Correct
Adopts procedures that avoid or
minimize negative impacts to the
environment.
Economically Feasible
Guarantees investments
profitability, adding value to
business.
Socially Fair
Generates benefits to local
communities, respecting the rights of
employees and their families
A Company that adopts the principles of SUSTAINABILITY has consciousness
that its acting, management policies and market strategies attend to
Triple Bottom Line: environment, society and economy. In other words:
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Formed
a virtuous
circle
Ecologically
Correct
IRANI uses as raw
material its own planted
forests and parings –
paper and
cardboard already used by
society.
Economically Feasible
From raw material, the company produces pulp, paper, packaging
and other products, this production generates wealth to its clients
and investors.
Socially Fair
There are many jobs.
Company interaction in
local communities is
effective.
IRANI products used by
communities can serve
as parings.
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Irani.com.br
PLANTS
Paper and Packaging - Vargem Bonita (SC)
Packaging - Indaiatuba (SP)
Resins - Balneário Pinhal (RS)
DISTRIBUTION CENTER
Meu Móvel de Madeira - Rio Negrinho (SC)
OFFICES
Adm., Financial and IR - Joaçaba (SC)
Commercial - São Paulo (SP)
Headquarters - Porto Alegre (RS)
Location
São Paulo
Indaiatuba
Rio Negrinho
Joaçaba
Vargem Bonita
Balneário PinhalPortoAlegre
São Paulo
Paraná
Santa Catarina
Rio Grande do Sul
Cities of Água Doce,
Catanduvas,Vargem Bonita,Irani
and Ponte Serrada (SC)
Forestry Areas of Celulose Irani S.A.
Cities of Cidreira, Balneário Pinhal,
Mostardas and Tavares (RS)
Forestry Areas of Habitasul Florestal
Forests
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Irani.com.br
• Market - domestic and foreign;
• Kraft Paper of 30 to 200 g/m2, brown, white and
colorful, for line: FineKraft, FlashKraft, FlatKraft,
FlexiKraf, BagKraft and EnveloKraft for flexible
packaging. And Kraft Liner, Test Liner, Miolo and
Recicled for hard packaging.
There are 4 updated machines
that produce paper with
capacity of 214,700tons in 2011.
Paper Segment
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Irani.com.br
Cardboard Packaging
Segment
• PACKAGING SC:
2 corrugating machines and 6 printers with production
capacity of 66,000 t in 2011
• PACKAGING SP:
1 corrugating machine and 5 printers with production
capacity of de 96,000 t in 2011
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Irani.com.br
Resins Segment
•extraction of resin from own pinus forest;
•produces Rosin and Turpentine;
•foreign market – Asia, Middle East, Europe,
Africa, North America, Central and South America
Production capacity of 8,000 t
in 2011
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Irani.com.br
Furniture Segment
• sales of reforest wood furniture;
• digital store - Meu Móvel de Madeira -
www.meumoveldemadeira.com.br
(domestic market and Latin America);
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Irani.com.br
Mission
To generate value for our clients, by furnish excellent and secure services as
renewable forestry products, with absolute respect towards both environment and
people, and guaranteeing sustainability of our business, by increased growth, fair
and lasting return to our investors.
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Vision
To be among the 5 (five) largest and best Brazilian companies in the segments in
which we deal in as well as among the best 100 companies to work for in Brazil. To be
recognized and chosen by our clients, our suppliers partners and to be attractive to
our investors, by always seeking the highest level of operational effectiveness and
innovation in terms of our products and services.
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Irani.com.br
Awards and Recognitions received in 2010
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Fiema 2010 PrizeEnvironmental Technology Category
Corporate Citizem Prize ADVB/SCEnvironmental Preservation Category
Brazilian Environmental BenchmarkingAward – Awarded by Mais Projetos
5th Brazil Environmental PrizeBest air work in 2010 Category
The Best 500 of Dinheiro – Awarded byIsto É Dinheiro Magazine
Top 10 in Sustainability Reports3rd place in research realized by
FBDS and SustainAbility.
Expressão de Ecologia Prize
Pollution Control Category
RISI Magazine
Amanhã
Irani.com.br17
G3 – GRI Guidelines for Sustainability Reports
The Global Compact -
United Nations (UN) Initiative
Business Agreement for
Integrity and against
corruption
ETHOS Institute
Accession to principles and guidelines
Irani.com.br
Certifications received by IRANI
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All production from Packaging Unit SC, at VargemBonita, is monitored and certified during all its
process
Chain of Custody Certification ensures that the product was manufactured following strict standards in the
entire production process, from forest to final consumer
FSC seal attests responsible forest management and
the proper acquisition of raw material by IRANI
The certification according to NBR
ISO 9001 establish requirements for
the Quality Management
System of IRANI and assure the quality of
its products and process.
Irani.com.br
1. Celulose Irani S.A. 03
2. Operating Performance 19
2.1 Paper Segment 202.2 Packaging Segment (corrugated cardboard) 222.3 Forestry RS and Resins Segment 25
3. Economic-Financial Segment 27
3.1 Gross Revenue 283.2 Account Statements 333.3 Financial Indicators 38
Agenda
Irani.com.br
2.1 Paper Segment
20
Irani.com.br
Paper Production Volume IRANI
In tons
Paper dispatch IRANI
In tons
Source: Irani
Irani Market Share(%):
21
+3.8%
+0.5%
50,125
196,921184,868
48,29549,852
4Q10 3Q10 4Q09 2010 2009
+6.5%
4.6%
Foreign Market
11%Transfer for packaging
63%Domestic Market
26%122,517 ton
21,283 ton
51,384 ton
4.5%
Paper Segment
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2.2 Corrugated Cardboard
Segment
Irani.com.br
Over the last few years, packaging business has been growing significantly above market
IRANI Market Share (%):
Source: ABPO (Brazilian Association of
Corrugated Cardboard) and Irani
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5.47% 5.0%
Packaging Sales Volume - IRANI Packaging Sales Volume - ABPO
In thousand square feet In thousand square feet
+9%
270,548
63,63969,447
217,300
72,657
4Q10 3Q10 4Q09 2010 2009
+24.5%
-4%
4,942,621
1,221,1011,253,435 1,257,989
4,365,837
4Q10 3Q10 4Q09 2010 2009
+13%
-0.4%
+3%
Irani.com.br
The same growth is shown in tons when compared to the market
Source: ABPO (Brazilian Association of
Corrugated Cardboard) and Irani
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Packaging Sales Volume - IRANI Packaging Sales Volume - ABPO
In tons In tons
IRANI Market Share (%): 4.85% 4.58%
123,350
104,157
33,12931,50129,475
4Q10 3Q10 4Q09 2010 2009
+7%
-5%
+18%640,873
2,542,830
646,122
2,273,866
628,159
4Q10 3Q10 4Q09 2010 2009
+2%
-0.8%
+12%
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2.3 Forestry RS and Resins
Segment
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Forestry RS and Resins Segment
Source: Irani
26
Rosin and Turpentine Production Volume Rosin and Turpentine Sales Volume
In tons In tons
-593
4,853
768
6,361
4Q10 3Q10 4Q09 2010 2009
6,351
12
1,291965
5,250
4Q10 3Q10 4Q09 2010 2009
-24%-17%
Irani.com.br
1. Celulose Irani S.A. 03
2. Operating Performance 19
2.1 Paper Segment 202.2 Packaging Segment (corrugated cardboard) 222.3 Forestry RS and Resins Segment 25
3. Economic-Financial Segment 27
3.1 Gross Revenue 283.2 Account Statements 333.3 Financial Indicators 38
Agenda
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3.1 Gross Revenue
Gross revenue increased at an average rate of 13.9% p.y. since 2000
29Irani.com.br
59
137160
216
321
366 362 378
440
74
104 125149
174227
75 68 50 3538332722
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2000 2001 2002 2003 2004 2005 2006 2007 2008
Gross Revenue (R$ million) Gross Revenue (U$ million) EBITDA
Δ Gross Revenue - 17% 35% 49% 14% -1% 4% 16% 10%
- 21% 19% 18% 17% 13% 13% 15% 15%Ebitda Margin
486
117
266271
2009
243
93
479
-1%
25%
48
575
328
92
20%
21%
CAGR + 13.9%
2010
CAGR - Compounded Annual Growth Rate
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And in 2010 Packaging segment (SC and SP) accounted for 60% of net revenue
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Net Revenue Breakdown 2010
Packaging Paper Resins Furniture Subsidiaries
60%
5%
2%
3%
30%
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Net revenue increased 18.7% as compared to 2009, reaching 447 million
2010 Net Revenue Breakdown [million R$]
2010
447
398
49
89%
11%
100%
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2009 Net Revenue Breakdown [million R$]
2009Foreign Market
Domestic Market
377
301
76
80%
20%
100%
Net revenue amount include discontinued operation
Foreign Market
Domestic Market
28.1
37.1
45.5
52.2
37.6
28.0
9.110.4
19.7
27.0 27.8
1.832.35
2.92 3.09 2.932.43 2.18 1.95 1.83 1.99 1.75
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CAGR - Compounded Annual Growth Rate
Amount in million
Exports increased at an average rate of 10.8% p.y. since 2000
Δ Exp - +14% +89% +37% +3% +1% +32% +23% +15% -28%
Δ Dollar -10%- +28% + 24% + 6% -5% -17% -11% -6% +9%
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-25%
-12%
CAGR +10.8%
Irani.com.br
3.2 Account Statements
33
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Balance Sheet
34
Amount in R$ thousand
Consolidated Consolidated
01/01/09 12/31/09
Assets 1,140,805 1,062,465
Current 116,861 127,066
Assets available for sale
Non current 1,023,944 935,399
Liabilities 1,140,805 1,062,465
Current 195,197 205,005
Non current 520,937 414,739
Shareholders’ equity 424,671 442,721
Celulose Irani S.A
Amount of 2010 are impacted by the full adoption of IFRS in account methods. Figures of 12/31/09 and 01/01/09
represented for comparison with the same criteria.
The interim financial statements related to March, June and September 2010 will be represented with the adoption of new
account methods.
Consolidated
12/31/10
1,144,760
181,783
7,090
955,887
1,144,760
209,696
467,934
467,130
- -
Irani.com.br
Statements of Income
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Net Revenue of Sales
Variation at fair value – biological assets
Cost of products sold
Gross Profit
Sale Expenses
General and Administrative Expenses
Net Financial Expenses
Other Operating Results
Operating Result
Income Tax and social contribution current
Income Tax and social contribution deferred
Net profit from continued operations
Net loss from discontinued operations
Celulose Irani S.A
3,696
349,997
(267,207)
86,486
(35,832)
(34,073)
12,845
16,261
45,687
(437)
(19,657)
25,593
2009
Consolidated
50,738
442,686
(320,090)
173,334
(37,661)
(48,458)
(41,619)
124
(3,831)
218
38,289
2010*
Consolidated
*The effects from the adoption of IRS are contemplated in
2010 fiscal period compared to 2009
Amount in R$ thousand
Continued operations
Discontinued operations
Management participation
Net profit
(3,641)
-
21,952
(3,928)
(3,818)
34,361
41,902
Indebtedness
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Amount in R$ million
Celulose Irani S.A.
Gross Debt 392.2 100% 314.2 100% 349.9 100%
Short Term 154.7 39% 138.7 44% 131.3 38%
Tax installments 3.9 3% 3.6 3% 4.1 3%
Bank Indebtedness 143.8 93% 134.8 97% 101.7 77%
Real Estate Credit Certificates - 0% - 0% 13.3 10%
Debentures - 0% - 0% 12.3 9%
Related Parties 7.0 5% 0.3 0% - 0%
Long Term 237.5 61% 175.5 56% 218.7 62%
Tax installments 12.4 5% 6.8 4% 14.6 7%
Bank Indebtedness 223.9 94% 168.7 96% 93.3 43%
Real Estate Credit Certificates - 0% - 0% 22.1 10%
Debentures - 0% - 0% 88.7 41%
Related Parties 1,2 0% - 0% - 0%
Bank Indebtedness + Debentures 367.7 303.5 331.2
Related Parties 8.1 0.3 -( - ) Available (4.7) (15.2) (50.8)
Bank Net Debt 371.2 288.6 280.4
Currency Debt 392.5 100% 314.2 100% 349.9 100%
Domestic 138.8 35% 139.3 44% 229.0 65%
Short Term 63.5 46% 68.5 49% 99.7 44%
Long Term 75.3 54% 70.8 51% 129.3 56%
Foreign 253.7 65% 174.9 56% 120.9 35%
Short Term 60.4 24% 70.2 40% 31.6 26%
Long Term 193.3 76% 104.7 60% 89.4 74%
12/31/2008 12/31/2009 12/31/2010
Irani.com.br
Financial Result
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Celulose Irani S.A.Realized
2008
Realized
2009
Realized
2010
Fx variation (61,894) 58,823 (360)
Negative Variation (96,028) (14,766) (31,190)
Positive Variation 34,134 73,589 30,830
Other expenses (31,855) (48,183) (46,963)
Interest (30,105) (43,976) (46,861)
Discounted granted (191) (928) (501)
Bank expenses (1,550) (2,978) 410
Other expenses (9) (301) (11)
Other revenue 2,560 1,948 4,579
Financial applications 2,042 269 3,006
Interest 475 1,165 824
Discounted 384 514 212
Disc. Loan anticipation (341) - 537
Financial Result (91,189) 12,588 (42,744)
Amount in R$ thousand. Include discontinued
operations in 2010
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3.3 Financial Indicators
38
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Main financial indicators
Include discontinued operations
R$ thousand 4Q10 3Q10 4Q09 2010 2009
Net Operating Revenue 115,836 124,851 96,451 447,472 376,879Domestic Market 107,862 112,282 86,389 397,902 301,132Foreign Market 7,974 12,569 10,062 49,570 75,747
Gross Profit 27,204 60,089 23,027 170,615 87,582Gross margin 23.5% 48.1% 23.9% 38.1% 23.2%
Operating result before taxes andparticipations (3,938) 31,714 9,520 39,765 40,116Operating Margin -3.4% 25.4% 9.9% 8.9% 10.6%
Net Result (2,331) 25,147 3,737 34,360 21,951
Net Margin -2.0% 20.1% 3.9% 7.7% 5.8%
R$ thousand 4Q10 3Q10 4Q09 2010 2009
Result before Taxes (3,938) 31,714 9,520 39,765 40,116
Fair value variation – biological assets 2,106 (23,842) (1,346) (50,738) (3,696)Depletion 4,729 4,109 3,733 16,212 25,001Depreciation and Amortization 9,129 8,641 9,338 34,801 37,281Financial Result 6,807 5,271 6,485 42,744 (12,588)EBITDA 18,833 25,893 27,730 82,784 86,114
Contingencies 2,408 2,663 1,683 9,432 4,581Non recurrent events* - - - - 1,645Adjusted EBITDA 21,241 28,556 29,413 92,216 92,340
EBITDA margin 18.3% 22.9% 30.5% 20.6% 24.5%
*Non recurring events: - - - - 1,645Asset sale - farm - - - - 188Windstorm - - - - 1,457
EBITDA - EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION(*)
Irani.com.br
-7.2%
Net operating revenue
As compared to 2009, net operating revenue increased 18.7% in 2010
+ 20.1%
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+ 18.7%
Amount in R$ thousand. Include discontinued operations
R$ 115,836 R$ 124,851
R$ 96,451
R$ 447,472
R$ 376,879
4Q10 3Q10 4Q09 2010 2009
Irani.com.br
Adjusted EBITDA of 2010 remained stable as
compared to 2009
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Amount in R$ thousand
-25.6%
-0.13%
-27.8%
R$ 21,241
R$ 28,556 R$ 29,413
R$ 92,216 R$ 92,340
R$ 0
R$ 20,000
R$ 40,000
R$ 60,000
R$ 80,000
R$ 100,000
4Q10 3Q10 4Q09 2010 2009
Irani.com.br
EBITDA margin was 20.6% in 2010 against 24.5% in 2009
EBITDA Margin – Quarter figures [%]
42
18.3%
22.9%
30.5%
20.6%
24.5%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
4Q10 3Q10 4Q09 2010 2009
Comments
•EBITDA in 2010 was not influenced by specific events, such as Refis adhesion and an extra sale of wood that were made in 2009 and help EBITDA on that period.
Irani.com.br
CommentsNet Debt [million R$]
• The figure of 6.35 times in 2008 carries the impact of dollar appreciation.
• In 2009 started the benefits from SuperaçãoProject and the settlement of the debt, and the rate ended 2009 at 3.13 times
•In 2010, this rate reflected good results and follows a decrease trend
Net Debt x Ebitda rate follows a decrease trend
43
288.6 280.4
58.882.2
126.6
200.9
371.5
1.17
2.333.36
3.86
6.35
3.13 3.04
2004 2005 2006 2007 2008 2009 2010
Net Debt Net Debt/EBITDA
Irani.com.br
The following material contains a presentation of general information related to Celulose Irani S.A. and its subsidiaries (together, “CeluloseIrani” or “Company”) in this particular date. This material was prepared exclusively for this presentation. This is summarized information without the purpose of being complete. We do not make any statement, implicit or explicit, and we do not guarantee any correction, adequacy or coverage of these information.
This presentation contains certain future statements and information related to Celulose Irani that reflect current visions and/or expectations of the Company and its management related to the performance, its businesses and future events. Statements include, without limitation, any statement that may contain forecast, indication or estimates and projection on future results, performance or goals, as well as, words like “we believe”, “we anticipate”, “we hope”, “we estimate”, “we project”, among others with similar meaning. These statements are subject to risks, uncertainties and future events. Warning is made to investors that several important aspects cause actual results to differ in a relevant way from such plans, objectives, expectations, projections and intentions expressed in this presentation. Under no circumstance, neither the Company, nor its subsidiaries, board of directors, executive board, agents or employees are responsible for any investment decision made by investors based on the information and statements presented in this material, or by any damage that may arise from it, correspondent or specific.
This presentation does not constitute any offer, invitation or subscription offer. Besides, neither this presentation, nor its content serves as basis for any contract or commitment of any kind.
The market and information of competitive positioning, including market projections cited throughout this presentation, were obtained from internal researches, market surveys, public and business information. Although we do not have any reasons to believe that these information or reports may not be accurate, we do not perform any kind of independent verification of competitive position, market position, growth rate or any other data provided by third parties or other industry publications. Celulose Irani is not responsible for the accuracy of this information.
This presentation and its content are property of the Company and can not be reproduced or circulate, partially and/or entirely, without the previous written consent of Celulose Irani.
Disclaimer
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