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Institutional Presentation 1Q15
Institutional Presentation 1Q15
JUNE, 2015
KLBN11
KLBN11 / KLBAY
DISCLAIMER
The statements contained in this presentation related to the business outlook, operating and financial projections, and growth prospects of
Klabin S.A. are merely projections, and as such are based exclusively on the expectations of the Companys management concerning the
future of the business.
These forward-looking statements depend substantially on the market conditions, the performance of the Brazilian economy, the industry
and international markets, and therefore are subject to change without prior notice.
This presentation on Klabins performance includes non-accounting and accounting data, such as operating and financial information, as
well as projections based on Managements expectations. Note that the non-accounting data has not been reviewed by the Companys
independent auditors.
The Companys management believes EBITDA may provide useful information on the Companys operating performance and allow for
comparisons with other companies in the same industry. Note however that EBITDA is not a measure established in accordance with
generally accepted accounting principles of the International Financial Reporting Standards IFRS, and may be defined and calculated
differently by other companies.
CONSISTENT
PERFORMANCE
INTEGRATED BUSINESSES
COMPETITIVENESS TROUGH ALL THE CHAIN
FOREST
PULP
243
1.7
thousand ha
million tonnes
COATED
BOARDS
750
thousand tonnes
220
INDUSTRIAL BAGS
and SACK KRAFT
thousand
tonnes
330
thousand
tonnes
EUCALYPTUS AND PINE
FORESTS
HIGH YIELD
FOREST
CORRUGATED BOXES
and KRAFTLINER
1,050
thousand tonnes
OLD CORRUGATED
CONTAINERS
INDUSTRIAL
EFFICIENCY
HIGH QUALITY
and FLEXIBILITY
50%
LEADER IN BRAZIL
IN ALL MARKETS
KRAFTLINER
68%
sole supplier of
liquid packaging
board in Latin
America
market share
INDUSTRIAL
BAGS
STRONGLY LINKED TO
RESILIENT MARKETS
installed capacity
40%
CORRUGATED
BOXES
7%
building
12%
others
50%
16%
market share
source: ABPO, IB
market share
food
13%
other
consumer
goods
BUSINESS EVOLUTION
TIMELINE
2011- 2013
2014 - 2015
2016
2016 on
PERFORMANCE
IMPROVEMENT
PAPER
EXPANSIONS COMPLETED
PUMA
PULP MILL
NEW GROWTH
OPPORTUNITIES
EBITDA GROWTH
CONSISTENT RESULTS DESPITE CHALLENGING SCENARIOS
35%
31%
30%
25%
20%
16%
15%
10%
10%
7%
5%
0%
2011
-5%
-10% *LTM = Last twelve months
2012
EBITDA KLABIN
2013
BRL/US$
Brazil GDP
2014
World GDP
EBITDA GROWTH
SUSTAINABLE PERFORMANCE
1,755
1,718
1,652
1,602
1,562
1,504
1,452
1,424
1,351
1,180
1,089
939
800
922
1,000
1,027
1,200
1,286
1,400
LTM - R$ million
adjusted EBITDA
1,600
1,627
1,800
600
400
2011 - 2013
PERFORMANCE IMPROVEMENT
2014 - 2015
STABLE MARGINS +
EXPANSION OF CAPACITY
8
PUMA
PROJECT
10
LOW OPERATION
COST
ANNUAL PRODUCTION
CAPACITY
1.5 MILLION
TONNES OF PULP
1.1 MILLION
TONNES OF
SHORT FIBER
PRODUCTION OF
270 MWh
of ENERGY
SELF SUFFICIENT
120 MWh
FOR PUMA
USE
150 MWh
FOR SALE IN
THE MARKET
400 THOUSAND
TONNES OF
LONG FIBER
PART CONVERTED TO FLUFF
11
CURRENT STATUS
COMPLETION
areas delivered to
EPCs
100% of earthmoving
concluded
COST
Assembly started
lower dependency on
imported equipments
EUR 365 million
(55% already paid)
0%
0%
95% of
equipment
supplies,
materials and
services
concluded
41%
100%
46%
INDUSTRIAL CAPEX
TOTAL CAPEX
14%
14%
R$ 7.2 BI
INDUSTRIAL CAPEX
imported
equipments
R$ 5.8 BI
27%
engineering
and other
services
NET OF
RECOVERABLE
TAXES
PROJECT
FULLY FUNDED
civil construction and
assembly
13
LOGISTICS
MULTIMODAL
72 Km
441 Km
forestry average
distance
FORESTS
PARANAGU
PORT
PULP MILL
INBOUND
OUTBOUND
14
EARNINGS
1Q15
HIGHLIGHTS
SALES VOLUME
NET REVENUE
R$ million
ADJUSTED EBITDA
R$ million
1,308
443
437
1,203
35%
33%
26%
65%
67%
74%
1Q14
1Q15
exports
1Q14
28%
461
424
72%
1Q15
1Q15
1Q14
domestic
market
16
PAPER
BUSINESS UNIT
COATED
BOARDS
1%
161
thousand
tonnes
45%
474
163
thousand
tonnes
45%
415
R$ million
R$ million
105
thousand
tonnes
69%
55%
182
96
thousand
tonnes
171
R$ million
R$ million
66%
55%
31%
1Q14
KRAFTLINER
KRAFTLINER (3)
KRAFTLINER AND COATED
BOARDS (1)
RECYCLED (2)
1Q15
1Q14
1Q15
1Q14
exports
domestic
market
34%
1Q15
1Q14
1Q15
17
CONVERSION
MARKET POSITION
CORRUGATED BOXES (7)
CORRUGATED BOXES AND
INDUSTRIAL BAGS (1)
INDUSTRIAL BAGS (3)
525
R$ million
1Q14
173
536
thousand
tonnes
R$ million
1Q15
1Q14
169
thousand
tonnes
1Q15
18
CASH COST
UNIT
CASH COST
1,782
R$/tonne
1,900
R$/tonne
CASH COST
BREAKDOWN
Electricity
10%
Maintenance
materials /
stoppage
10%
Others
6%
Labor / third
parties
32%
Fuel Oil
3%
Wood / Fibers
13%
Freight
11%
1Q14
1Q15*
Chemicals
15%
19
NET DEBT
Net Debt
(R$ million)
.000
4,2
3,0
2,4
2,6
2,4
1,7
1,7
5.242
000
2,2
2,4
2.824
2,5
Jun-14
2,4
2.711
2,5
Mar-14
2,3
Mar-15
Dec-14
4.028
Sep-14
3.985
3.595
Sep-13
Dec-13
3.437
3.136
Mar-13
Net Debt
Jun-13
3.278
3.090
Sep-12
Dec-12
3.014
Jun-12
Mar-12
2.674
000
000
7.440
000
6,0
5,5
5,0
4,5
4,0
3,5
3,0
2,5
2,0
1,5
1,0
0,5
0,0
-0,5
-1,0
-1,5
-2,0
DEBT PROFILE
5,600
MATURITY SCHEDULE
R$ million
1.755
772
1.421
1.454
971
894
1.193
1.055
983
1.407
1.413
673
1.351
897
585
734
398
560
470
2015
2016
2017
2018
483
241
450
190
296
CASH
POSITION
613
2019
215
2020
2021
242
2022
70
120
62
2023
2024
CAPEX
CAPEX
R$ million
2011
2012
2013
2014
2015E
maintenance
3T14
296
3T14
390
3T14
369
3T14
384
3T14
350
159
264
431
319
385
vale do corisco
428
99
2,242
3,437
883
654
899
2,945
4,172
PUMA project
total
22
Investor Relations
www.klabin.com.br/ir
invest@klabin.com.br
Phone: +55 (11) 3046-8401
APPENDIX
EARNINGS1Q15
PUMA MARKET
COMMERCIAL CONTRACT
PUMA
PULP MARKET
PULP MARKET
2014
VIRGIN
FIBER
mm t PULP
164
112
PULP MARKET
DISTRIBUTION
45%
million tonnes
33%
52.6
million tonnes
eucalyptus
long fiber
22%
integrated pulp
market pulp
other
short fibers
26
Fibria Aracruz
2,340
April Riau
2,200
April Rizhao
1,700
CMPC Guaba
1,690
Suzano Mucuri
1,565
Klabin
1,500
Suzano Maranho
1,500
Eldorado
1,500
1,300
WORLD DEMAND
short fiber
28.6
52.6 market
pulp
17.5
eucalyptus
27
2,296
GP
1,420
Weyco
1,045
IP
400
Puma
Klabin
334
Domtar
290
Resolute
250
Arauco
Rayonier
UPM
255
Stora
Rock Tenn
mills
converted in
fluff mills
23,7
170
110
6,4
fibra longa
fluff and
SBSK
100
SBSK = pinus long fiber from USA
28
2013
USA
96%
high potential of
growth
BRA
50%
ARG
72%
Source: RISI, Euromonitor
29
SALES OF DIAPERS
FOR INFANT
1.2
R$ billion
R$ billion
1.0
0.8
0.6
0.4
0.5
6.5
6.0
5.7
4.9
2008
2009
2010
2011
2012
4.2
2013
3.3
2008
Source: Euromonitor
2009
2010
2011
2012
2013
30
COMPOSITION OF DIAPERS
30% TO 50% OF THE AVERAGE WEIGHT
OF A DIAPER IS COMPOSED OF FLUFF (20 TO 40G)
31
CIF EUROPE
US$/TONNE
60
may
13
jun
13
jul
13
aug sep
13
13
oct
13
nov
13
dec
13
jan
14
feb
14
mar
14
apr may
14
14
jun
14
jul
14
500
400
CIF EUROPE
US$/TONNE
PUMA
10
15
20
25
million
tonnes
million
tonnes
million
tonnes
million
tonnes
million
tonnes
ANNUAL
CAPACITY
33
Contract Rationale
PumaProject
1.5
mt/year
1.1 mt
of hardwood
Sale minimum
900 kt
of hardwood / year
200 kt
of hardwood / year
400 kt
of softwood,
part converted to fluff
SOUTH AMERICA
+
400 kt
of softwood / year
ALL MARKETS
Sales dynamics
9 0 0 kt
hardwood
final
customer
pulp
plant
Paranagu Port
(PR)
forestry
KLABIN
industrial efficiency
FIBRIA
commercial expertise
Timeline
900 kt of
hardwood
pro rata of the
period
2016
Phase out 2
50% of the delivered
in 2019
2017
From start-up
date until December
2018
12 months
2019
12 months
2021
2020
12 months
12 months
2022
12 months
72 months
after start-up
Agreement benefits
Mutual value creation, with better servicing for both Companies customers base.
Highlights
1
3
INCOME STATEMENT
(R$ thousand)
4Q14
3Q14
4Q13
4Q14/3Q14 4Q14/4Q13
2014
2013
2014/2013
Gross Revenue
1,518,233
1,540,725
1,485,726
-1%
2%
5,900,091
5,554,345
6%
Net Revenue
1,257,110
1,282,208
1,236,221
-2%
2%
4,893,882
4,599,337
6%
19,644
252,784
56,362
-92%
-65%
924,104
336,289
175%
(919,770)
(909,269)
(845,033)
1%
9%
Gross Profit
356,984
625,723
447,550
-43%
-20%
(3,573,609)
(3,206,917)
2,244,377
1,728,709
11%
30%
Selling Expenses
(95,853)
(98,218)
(96,777)
-2%
-1%
(379,726)
(362,638)
5%
(83,171)
(69,367)
(76,666)
20%
8%
(298,350)
(280,526)
6%
42,985
15,384
(1,342)
179%
N/A
84,785
11,472
(136,039)
(152,201)
(174,785)
-11%
-22%
220,945
473,522
272,765
-53%
-19%
1,651,086
1,097,017
51%
14,268
23,032
4,860
-38%
194%
48,649
22,235
119%
Financial Expenses
(224,971)
(226,856)
(119,667)
-1%
88%
(654,932)
(423,350)
55%
Financial Revenues
131,778
149,318
64,803
-12%
103%
535,340
212,957
151%
(357,697)
(420,970)
(193,655)
-15%
85%
(526,520)
(528,641)
0%
(450,890)
(498,508)
(248,519)
-10%
81%
(646,112)
(739,034)
-13%
(215,677)
(1,954)
10938%
N/A
380,218
177%
885%
N/A
(323,293)
88,306
(127,371)
295,216
3,169
(19,644)
8,963
29,106
(7,586)
(593,291)
639%
1,053,623
(631,692)
-6%
(90,121)
259%
7,009
21,520
N/A
N/A
730,330
290,097
152%
222,366
216,749
33%
36%
951,965
766,553
24%
N/A
N/A
3,169
-92%
-65%
(924,104)
(336,289)
(252,784)
(56,362)
N/A
175%
8,708
8,326
9,330
5%
-7%
35,972
34,400
5%
508,394
451,430
442,482
13%
15%
1,718,088
1,561,681
10%
numbers in thousand R$
40
BALANCE SHEET
Assets
Current Assets
Cash and banks
Short-term investments
Securities
dec-14
dez-13
7,899,676
4,826,148
400,684
130,836
4,845,149
2,599,036
1,779,513
1,479,788
1,124,976
Debentures
275,201
Suppliers
438,864
345,384
18,209
55,137
43,298
139,879
127,356
REFIS Adherence
50,400
50,400
79,604
69,890
497,604
249,511
1,148,676
1,145,154
Inventories
563,709
495,852
Taxes payable
331,968
120,050
Other receivables
111,886
85,709
13,274,179
dez-13
2,518,873
Receivables
Noncurrent Assets
dec-14
10,093,348
Long term
11,596,659
7,747,316
Taxes to compensate
428,884
123,684
8,160,320
5,838,621
Judicial Deposits
84,689
90,969
Debentures
1,070,263
Other receivables
236,050
171,322
1,699,823
1,220,187
Other investments
Noncurrent Liabilities
494,747
466,581
131,526
125,767
8,351,387
5,909,507
REFIS Adherence
384,607
393,492
Biological assets
3,667,085
3,321,985
150,120
169,249
Intangible assets
11,337
9,300
StockholdersEquity
7,058,323
5,392,667
Capital
2,271,500
2,271,500
Capital reserve
Revaluation reserve
1,295,919
48,767
4,419
49,269
Profit reserve
2,534,302
2,159,949
1,065,446
(157,611)
1,065,437
(157,907)
Treasury stock
Total
21,173,855
14,919,496
Total
numbers in thousand R$
21,173,855
14,919,496
41