Caxias do Sul, November 9 th, 2011. Disclosure of 3Q11 Results Carlos Zignani- Investor Relations...
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Transcript of Caxias do Sul, November 9 th, 2011. Disclosure of 3Q11 Results Carlos Zignani- Investor Relations...
Caxias do Sul, November 9th, 2011.
Disclosure of 3Q11 Disclosure of 3Q11
ResultsResults
Disclosure of 3Q11 Disclosure of 3Q11
ResultsResultsCarlos Zignani - Investor Relations Director
Thiago A. Deiro - Investor Relations Manager
José A. Valiati - Controller and Chief Financial Director
Presentation:Presentation:Presentation:Presentation:
This presentation contains future information. Such information is not
simply historical facts, but reflects the desires and the expectations of the
Company’s leadership. The words anticipates, desires, hopes, forecasts,
intends, plans, predicts, projects, wishes and similar ones, intend to
identify affirmations that necessarily involve known and unknown risks.
Known risks include uncertainties that are not limited to the impact of the
competitiveness of the prices and services, market acceptance of services,
the Company’s service transitions and its competitors, the approval of
regulations, currency, fluctuation in the exchange rate, changes in the mix
of services offered, and other risks described in the reports of the
Company. This presentantion is updated until the present date. However,
Marcopolo is not obligated to update it with new information and/or future
events.
ISCLAIMER
3Q11 Highlights and Outlook for 20123Q11 Highlights and Outlook for 2012
Operating and Financial ResultsOperating and Financial Results
Stock MarketStock Market
UTLINE
• Brazilian Total Production: 9,922 units +12.0%
• Marcopolo’s Total Production: 8,982 units +24.3%
• Net Revenues: R$ 888.6 million +24.6%
• EBITDA: R$ 127.2 million +42.4%
• EBITDA Margin: 14.3%
• Net Profit: R$ 78.5 million +20.8%
• Improvement in Marcopolo’s shares liquidity
4
IGHLIGHTS 3Q11 x 3Q10
• Brazil
Market heated up with order backlog until the end of January/2012
2012 Municipal Elections – tendency to renewal of the urban fleet
Initial demand for BRTs
Tender for interstate and international lines concessions expected to happen in the 1H12
Euro 5 Emission Standards starting January, 2012
FINAME – PSI: valid until December 2011
Growth of the GDP, Income and Employment level
Possibility of the introduction of a new credit line called “Green Finame” supported by the BNDES
5
UTLOOK - 2012
• India
– TMML to diversify product portfolio – increasing production with focus on
results;
• Egypt
– GB Polo to diversify product portfolio introducing Marcopolo’s products;
• South Africa
– Stable level of production;
• Mexico
– Increasing production with upward bias;
• Colombia
– High level of production. Moderate growth in 2012;
• Argentina
– Company will maintain the growth pace due to high level of demand.6
UTLOOK - 2012
3Q11 Highlights and Outlook for 20123Q11 Highlights and Outlook for 2012
Operating and Financial ResultsOperating and Financial Results
Stock MarketStock Market
UTLINE
2009 2010 2011 E 3Q10 3Q11 9M10 9M11
41.7
46.3 46.0 45.6 45.5 45.5
2009 2010 3Q10 3Q11 9M10 9M11
Domestic Market
External Market
27,580
19,384
7,223
+9.5%
8,982
Marcopolo’s Market Share in Brazil
OTAL PRODUCTION (units) & MARKET SHARE (%)
30,200
Marcopolo’s Total Production
8
+24.3%
-0.4pp+4.6PP
20,23623,242
+14.9%
*E = expected
384.7
631.3
151.9195.0
468.9515.4
19.0% 21.3%
21.3% 21.9%
22.1% 21.3%
2009 2010 3Q10 3Q11 9M10 9M11
2009 2010 2011 E 3Q10 3Q11 9M10 9M11
2,964.5
2,023.8
713.3
+9.6%
884.82,120.3
+24.6%
3,250.0
Total Net Revenues
9
INANCIAL HIGHLIGHTS (R$ Million)
950.0
2,300.01,383.2
640.6
Gross Profit and Margin
+9.9%+64.1%
Domestic Market
External Market
2,079.7
888.6
2,420.2
+14.1%
+28.4%
*E = expected
177.4
398.3
89.3
127.2
300.1323.0
8.8% 13.4% 12.5% 14.3% 14.2% 13.3%
2009 2010 3Q10 3Q11 9M10 9M11
125.0
295.8
65.078.5
213.2230.6
6.2% 10.0% 9.1% 8.8% 10.1% 9.5%
2009 2010 3Q10 3Q11 9M10 9M11
EBITDA and Margin
10
Net Profit and Margin
+124.5%
+7.6%
+42.4%
+136.6%
+20.8%
+8.2%
INANCIAL HIGHLIGHTS (R$ Million)
18.4
23.3 23.4 23.1
2009 2010 9M10 9M11
729.9
955.9919.2
1,074.5
18.2%
40.0% 36.9% 34.1%
2009 2010 9M10 9M11
Net Equity & ROE
11
ROIC (%)
+31.0%+16.9%
-0.3pp
+4.9PP
INANCIAL HIGHLIGHTS (R$ Million)
113.6
81.5
70.061.2 63.1
2009 2010 2011E 9M10 9M11
2009 2010 9M10 9M11
Investments
12
Net Indebtedness
-14.1%
Net Debt (Industrial Segment)/LMT EBITDA
+9.5%709.6
508.4501.2
548.8
- 1.1x 0.02x
= Financial Segment = Industrial Segment
0.06x
+3.1%
-28.4%
*E = expected
INANCIAL HIGHLIGHTS (R$ Million)
13
3Q11 3Q10 Var. % 9M11 9M10 Var. %
Production - Units 8,982 7,223 24.3 23,242 20,236 14.9
Net Operating Revenues 888.6 713.3 24.6 2,420.2 2,120.3 14.1
Gross Profit 195.0 151.9 28.4 515.4 468.9 9.9
Financial Result Net (2.5) 20.6 (112.1) 42.2 49.5 (14.7)
Net Profit 78.5 65.0 20.8 230.6 213.2 8.2
EBITDA 127.2 89.3 42.4 323.0 300.1 7.6
Adjusted EBITDA 101.1 95.5 5.9 305.6 307.8 (0.7)
Net Fin. Liabilities - Industrial Segment 24.7 8.9 177.5 24.7 8.9 177.5
Total Assets 3,368.1 2,935.1 14.8 3,368.1 2,935.1 14.8
Net Equity 1,074.5 919.2 16.9 1,074.5 919.2 16.9
ONSOLIDATED FIGURES (R$ Million)
3Q11 Highlights and Outlook for 20123Q11 Highlights and Outlook for 2012
Operating and Financial ResultsOperating and Financial Results
Stock MarketStock Market
UTLINE
65.9%15.2%
9.1%6.1% 3.7%
Common Shares
As of October 31As of October 31stst, 2011., 2011. 15
HAREHOLDING DISTRIBUTION
Preferred Shares
16As of October 31As of October 31stst, 2011., 2011.
HAREHOLDING DISTRIBUTION
55.9%24.2%
7.7%
10.2% 1.1% 0.9%
9/ 30/ 2010 12/ 30/ 2010 3/ 30/ 2011 6/ 30/ 2011 9/ 30/ 2011
Marcopolo PN x Ibovespa - Base 100
POMO4: +29.9%
IBOV: -24.6%
R$ 5.31*
69,429 pts
R$ 6.90*
52,324 pts
17
TOCK PERFORMANCE
* Adjusted by 100% stock dividend approved on September 10th, 2010.
0
500
1000
1500
2000
2500
3000
3500
4000
-
2,0
4,0
6,0
8,0
10,0
12,0
14,0
Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11
Mark
et
Cap (
R$ M
illio
n)
Avera
ge D
aily
Volu
me (R
$ M
illio
n)
Average Daily Volume Market Cap
Marcopolo PN - POMO4
18
HARE LIQUIDITY & VALUATION
Carlos Zignani
Investor Relations Director
Tel: + 55 (54) 2101.4115
Thiago A. Deiro
Investor Relations Manager
Tel: + 55 (54) 2101.4660
www.marcopolo.com.br/irwww.marcopolo.com.br/ir
[email protected]@marcopolo.com.br
NVESTOR RELATIONS CONTACT