WEG Q1 2013 Conference Call
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Transcript of WEG Q1 2013 Conference Call
C f C llConference Call 1Q13April 25th, 2013
Disclamer
The statements that may eventually be made during this conference call relating to WEG’s business perspectives, projections and operating and financial goals and to WEG’s potential future growth are management beliefs and expectations, as well as information that are currently available.
These statements involve risks, uncertainties and the use of assumptions, as they relate to future events and, as such, depend on circumstances that may or may not be present.
Investors should understand that the general economic conditionsInvestors should understand that the general economic conditions, conditions of the industry and other operating factors may affect WEG’s future performance and lead to results that may differ materially from those
d i h f t id tiexpressed in such future considerations.
1Q13 Conference Call April 25, 2013Page 2
HighlightsQuarterly Figures
Q1 2013 Q4 2012 % Q1 2012 %
Net Operating Revenue 1 477 577 1 662 258 11 1% 1 369 762 7 9%
Quarterly Figures
Net Operating Revenue 1,477,577 1,662,258 -11.1% 1,369,762 7.9%
Domestic Market 772,935 774,533 -0.2% 714,268 8.2% External Markets 704,642 887,725 -20.6% 655,494 7.5%
External Markets in US$ 353,077 431,141 -18.1% 370,825 -4.8%
Gross Operating Profit 463,635 528,641 -12.3% 391,967 18.3%
Gross Margin 31 4% 31 8% 28 6%Gross Margin 31.4% 31.8% 28.6%Net Income 172,299 183,157 -5.9% 148,247 16.2%
Net Margin 11.7% 11.0% 10.8%EBITDA 248,898 289,786 -14.1% 198,251 25.5%
EBITDA Margin 16.8% 17.4% 14.5%EPS 0.2777 0.2952 -5.9% 0.2390 16.2%EPS 0.2777 0.2952 5.9% 0.2390 16.2%
Figures in R$ Thousand
1Q13 Conference Call April 25, 2013Page 3
Net Operating RevenueQuarterly EvolutionQuarterly Evolution
In R$ million
Domestic Market
1,478 1,662 1,613
1,529 1 370
External Market
52%48% 50% 47%
52%
1,370
52%
48% 52% 50% 53% 48%
Q1 Q2 Q3 Q4 Q1
1Q13 Conference Call April 25, 2013
2012 2013Page 4
Business AreasRevenue breakdownRevenue breakdown
5% 8% 7% 7% 7%9%
17%13% 9% 11%
8% 7% 7% 7%
33%
30%
24%23% 20%
52%46%
57% 61% 62%
1Q13 Conference Call April 25, 2013
1Q09 1Q10 1Q11 1Q12 1Q13Industrial Equipment GTD Domestic Use Paints & Varnishes
Page 5
Costs of Goods Sold
Materials
Materials64%
64%
1Q13 1Q121Q13Other Costs
1Q12
Depreciation4%
9%
Labor23%
Labor23%
Depreciation5%
Other Costs8%
1Q13 Conference Call April 25, 2013Page 6
Main impacts on EBITDA
Q1 2013 Q4 2012 % Q1 2012 %Q1 2013 Q4 2012 % Q1 2012 %Net Operating Revenues 1.477,6 1.662,3 -11,1% 1.369,8 7,9%
Consolidated Net Income for the Period 173,1 184,8 -6,4% 151,3 14,4%, , , , ,Net Margin 11,7% 11,1% 11,0%(+) Income taxes & Contributions 48,3 53,7 -9,9% 43,3 11,7%(+/-) Financial income (expenses) (24,7) (2,7) 826,4% (45,9) -46,3%( ) D i i & A i i(+) Depreciation & Amortization 52,1 54,0 -3,4% 49,6 5,2%EBITDA 248,9 289,8 -14,1% 198,3 25,5%EBITDA Margin 16,8% 17,4% 14,5%
Figures in R$ thousandsFigures in R$ thousands
1Q13 Conference Call April 25, 2013Page 7
Working Capital
In % of Net Revenue
50 0%
40,0%
50,0%
30,0% Working Capital
20,0% InventoriesClients
10,0%Suppliers
0,0%
1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13
ppAdvances
1Q13 Conference Call April 25, 2013
1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13
Page 8
Capex Program
In R$ million
O
56 873.7
55 558 7
Outside Brazil
Brazil
64 56.0
9.3 5.1 3.7 5.0
56.8 50.4 55.5 58.7
53.7 51.9 45.464.5 50.8
2012 2013
Q1 Q2 Q3 Q4 Q1
1Q13 Conference Call April 25, 2013
2012 2013
Page 9
Contacts
Laurence Beltrão GomesFinance and Investor Relations Officer [email protected]
Luís Fernando M. OliveiraLuís Fernando M. OliveiraInvestor Relations Manager +55 (47) 3276-6973 l i f d @ [email protected]/weg_ir
1Q13 Conference Call April 25, 2013Page 10