Apresentação 3 Q13 final
-
Upload
cia-hering-ri -
Category
Economy & Finance
-
view
255 -
download
0
Transcript of Apresentação 3 Q13 final
3Q13 Results
Conference Call October 25, 2013
DISCLAIMER
This presentation contains forward-looking statements regarding the
prospects of the business, estimates for operating and financial results, and
those regarding Cia. Hering's growth prospects. These are merely projections
and, as such, are based exclusively on the expectations of Cia. Hering
management concerning the future of the business and its continued access
to capital to fund the Company’s business Plan. Such forward-looking
statements depend, substantially, on changes in market conditions,
government regulations, competitive pressures, the performance of the
Brazilian economy and the industry, among other factors and risks disclosed
in Cia. Hering’s filed disclosure documents and are, therefore, subject to
change without prior notice.
AGENDA
Operating Performance
3Q13 Results
Outlook
4
3Q13 OVERVIEW
Gross Revenues (R$ million)
EBITDA (R$ million) Distribution Network
R$ 279.7
R$ 36.8
R$ 23.2
R$ 309.8
R$ 38.4
R$ 24.9
+10.7%
R$ 33.8 R$ 46.1 +36.0%
+4.2%
+7.5%
3Q12 3Q13
Foreign
Market R$ 7.5 R$ 7.9 +5.3%
R$ 388.4 R$ 435.0 +12.0%
Hering Store Network (Sell Out R$ million)
Channel 3Q12 3Q13 % Domestic
Market 3Q13 % Growth
Multi-brand
Retail
16,963
clients
17,717
clients 51.4% 19.3%
Franchises 502
stores 614 stores 36.1% 8.4%
Webstore 3 stores 3 stores 1.3% -3.0%
Own Stores 62 stores 69 stores 11.2% -1.4%
303.0 303.0 303.0 327.5
+71 Stores
-2.4% -
3Q12 Expansion SSS 3Q13
+8.1%
74.4 82.5
23,0% 22,8%
10.8%
3Q12 3Q13
EBITDA EBITDA Margin
AGENDA
Operating Performance
3Q13 Results
Outlook
7
SALES PERFORMANCE
In 3Q13, Gross Revenues reached R$ 435.0 million (+12.0%) with double digit growth
across Hering and Hering Kids brands.
Gross Revenues per Brand (R$ million) Gross Revenes per Channel (R$ million)
279.7 309.8
33.8
46.1 36.8
38.4 23.2
24.9
3Q12 3Q13
Hering Hering Kids PUC dzarm.
4.2%
7.5%
12.1%
36.5%
180.5 215.4
139.8
151.5
5.5
5.3 47.6
47.0
3Q12 3Q13
Multibrand Retail Franchise Webstore Owned Stores
-3.0%
-1.4%
19.3%
8.4%
8
GROSS PROFIT AND EBITDA
1.0 p.p. expansion in gross margin due to lower promotional activity in the quarter,
compensated by the PPR (Profit Sharing Program) provisioning, keeping the EBITDA
margin pratically stable.
Gross Profit and Gross Margin (R$ million) EBITDA and EBITDA Margin (R$ million )
142.2 162.0
13.9%
43.9% 44.9%
45.1% 46.2%
3Q12 3Q13
Gross Profit Gross Margin Cash Gross Margin
74.4 82.5
23.0% 22.8%
10.8%
3Q12 3Q13
EBITDA EBITDA Margin
9
NET INCOME
+6.7% growth in Net Income, as a result of EBITDA growth combined with higher
Income & Social Contribution Taxes.
Net Income (R$ million)
54.6 58.3
16.9% 16.1%
6.7%
3Q12 3Q13
Net Income Net Margin
CAPEX
CapEx totalled R$ 25.4 million in 3Q13, with highlight to IT infrastructure (R$ 7.5
million) due to the process of extending the SAP to the commercial and logistics
departments.
Time
2008 Implementation 1st Phase (Project Aug/2007-Mar/2008)
• Back-Office • Accounting
Implementation 2nd Phase (Project Jul/2011-Jan/2014) • Sales • Logistics
• Production
Capex (R$ million)
2014
Future
SAP Project – Phase 2
12.7 14.7
5.4
7.5 0.3
0.8
1.5
2.4
19.9
25.4
27.6%
3Q12 3Q13
Industry IT Others Stores
11
SAP Project
The Company is carrying additional inventory due to the preparation for
implementing the SAP and foresees a normalization of inventory levels throughout
1S14.
Inventory* (Items)
*Finished Goods + Resale Goods
2Q13 3Q13 4Q13 1Q14 2Q14
Inventory w/ SAP Additional Inventory SAP Preparation Previous Year
12
CASH FLOW
Free Cash Flow of R$32.6 million, afected mainly by the punctual increase in inventory
due to the preparation for implementing the SAP.
Cash Flow - Consolidated (R$ thousand) 3Q12 3Q13 Chg.
EBITDA 74,431 82,461 8,030
Non cash items 815 1,345 530
Current Income tax and Social Contribution (18,022) (19,099) (1,077)
Working Capital Investment 48,779 (6,717) (55,496)
Decrease in trade accounts receivable 33,835 63,151 29,316
Decrease (increase) in inventories (10,459) (84,008) (73,549)
Increase in accounts payable to suppliers 20,610 21,735 1,125
Increase in taxes payable (1,748) (5,043) (3,295)
Others 6,541 (2,552) (9,093)
CapEx (19,875) (25,405) (5,530)
Free Cash Flow 86,128 32,585 (53,543)
AGENDA
Operating Performance
3Q13 Results
Outlook
14
OUTLOOK
Challenging business enviornment throughout the next quarters.
Evolution of the organizational structure of the Company with a focus on Brand Management
1st Cia. Investor Day: Dec/10
INVESTOR RELATIONS TEAM
Fabio Hering – CEO
Frederico Oldani – CFO and IRO
Alissa Prince – IR Manager
Daniel Popovich – IR Analyst
Tel. +55 (11) 3371-4867
E-mail: [email protected]
Website: www.ciahering.com.br/ri