Sie sind auf Seite 1von 33

INSTITUTIONAL PRESENTATION

NOVEMBER, 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
GROWTH

KLABIN TODAY

2 MILLION TONNES OF PAPER AND PACKAGING CAPACITY


Forestry

Total lands
Planted area
Pine
Eucaliptus
Native forests

tsd hectares
490
235
144
91
255

Total capacity
Coated boards
Kraftliner
Sack kraft
Recycled

tsd tonnes
2020
750
830
210
230

Papers

Conversion

tsd tonnes
Total capacity
Corrugated boxes
Industrial bags

810
655
155
4

FLEXIBLE PRODUCT LINE

LEADER IN ALL SEGMENTS IN BRAZIL AND LINKED TO RESILIENT MARKETS

COATED BOARDS
market share

50%
sole
supplier
of
liquid
packaging board in Latin
America

50%
INDUSTRIAL BAGS
market share

KRAFTLINER

SALES VOLUME DESTINATION (9M15)


PAPER AND PACKAGING

installed capacity

40%

16%
CORRUGATED BOXES

30%

33%

EXPORTS

67%

DOMESTIC

OTHERS

70%

FOOD
MARKETS

FLEXIBILITY AND RESILIENT MARKETS

market share
5

KLABIN TODAY

LTM - R$ million

adjusted EBITDA

CONSISTENT PERFORMANCE

91
614
258
922

1885

SALES VOLUME

MIX AND PRICE


IMPROVEMENT

BEST FORESTRY YIELD

COST CUTTING
PROGRAM

INDUSTRIAL EFFICIENCY
PERFORMANCE IMPROVEMENT
FLEXIBLE PRODUCT LINE

JUN 2011

SEP 2015
6

PUMA PROJECT

LOW OPERATION
COST
ANNUAL PRODUCTION
CAPACITY

1.5 MILLION
TONNES OF PULP

1.1 MILLION

TONNES OF

SHORT FIBER

400 THOUSAND
TONNES OF

LONG FIBER
PART CONVERTED TO FLUFF

PUMA PROJECT

PRODUCTION OF

270 MW

of ENERGY
SELF SUFFICIENT
120 MW
FOR PUMA
USE

150 MW
FOR SALE IN
THE MARKET

46%

PUMA

INDUSTRIAL CAPEX

TOTAL CAPEX

14%

national equipments and


materials

14%

R$ 7.2 BI

INDUSTRIAL CAPEX

imported
equipments

27%

engineering
and other
services

R$ 5.8 BI
NET OF
RECOVERABLE
TAXES

PROJECT

FULLY FUNDED
civil construction
and assembly

PUMA LOGISTICS
MULTIMODAL

72 Km

441 Km

forestry average
distance

FORESTS

railway to the port

PARANAGU
PORT

PULP MILL

INBOUND

OUTBOUND
10

PUMA COMPETITIVENESS
HARDWOOD
450

350
312
200

FOB

US$/TONNE

PUMA

million
tonnes
Source: Hawkins Wright April 2015

10

million
tonnes

15

million
tonnes

20

million
tonnes

25

million
tonnes

30

million
tonnes

ANNUAL

CAPACITY
11

PUMA COMPETITIVENESS
SOFTWOOD

445

472

418
337

FOB

US$/TONNE

PUMA

million
tonnes
Source: Hawkins Wright April 2015

10

million
tonnes

15

million
tonnes

20

million
tonnes

25

million
tonnes

ANNUAL

CAPACITY
12

adjusted EBITDA

PREPARED TO GROW

PAPER
MACHINE 11

COST CUTTING
MIX
VOLUME

LTM - R$ million

PAPER
MACHINE 10

PUMA
PROJECT
JUN 2011

2021

SEP 2015

CONSISTENT RESULTS

GROWTH PERSPECTIVES
13

EARNINGS
3Q15

HIGHLIGHTS
SALES VOLUME

excluding wood tsd tonnes

1,328

1,334

32%

33%

68%

67%

9M14

9M15

exports

NET REVENUE

ADJUSTED EBITDA

R$ million

3,637

25%
75%

9M14

R$ million

4,092

30%

1,210

1,372

70%

9M15

9M14

9M15

domestic
market
15

PAPER

BUSINESS UNIT

COATED
BOARDS
+5%

471

thousand
tonnes

491

thousand
tonnes

42%

42%

58%

9M14

KRAFTLINER

KRAFTLINER (3)
KRAFTLINER AND
COATED BOARDS (1)
RECYCLED (2)

1,459

1,211

R$
million

R$
million

597

0%

300

thousand
tonnes

300

thousand
tonnes

65%

69%

35%

31%

R$
million

479

R$
million

58%

9M15

9M14

9M15

9M14

exports

domestic
market

9M15

9M14

9M15
16

CONVERSION
MARKET POSITION
CORRUGATED BOXES (7)
CORRUGATED BOXES AND
INDUSTRIAL BAGS (1)
INDUSTRIAL BAGS (3)

1,627
R$
million

9M14

536

1,665

thousand
tonnes

R$
million

9M15

9M14

514

thousand
tonnes

9M15
17

CASH COST
UNIT
CASH COST

1,848
R$/tonne

2,021
R$/tonne

CASH COST
BREAKDOWN 3Q15

Others
Electricity
5%
Maintenance 9%
materials /
stoppage
10%

Labor / third
parties
32%

Fuel Oil
3%

Freight
12%

3Q14

3Q15*

Wood / Fibers
15%

Chemicals
14%

*Excluding non-recurring itens from other operating revenues and


expenses

18

NET DEBT
Gross Debt
Cash
Net Debt

in 09/30/15
R$ 17.5 billion
R$ 5.9 billion
R$ 11.6 billion

19

CAPEX
CAPEX
R$ million

2011

2012

2013

2014

2015E

2016E

maintenance

3T14
296

3T14
390

3T14
369

3T14
384

3T14
405

3T14
567

special projects and growth

159

264

431

319

120

95

vale do corisco

428

99

2,242

4,303

1,883

883

654

899

2,945

4,828

2,545

PUMA project
total

20

Investor Relations
www.klabin.com.br/ir
invest@klabin.com.br
Phone: +55 (11) 3046-8401

APPENDIX
PUMA MARKET
FINANCIAL FIGURES

PUMA

PULP MARKET

PULP MARKET
2014

VIRGIN
FIBER
mm t PULP

164
112

million tonnes

52.6

million
tonnes

integrated pulp

Source: Hawkins Wright; RISI

market pulp

PULP MARKET
DISTRIBUTION

45%
33%
eucalyptus

long fiber

22%
other
short fibers

24

PUMA: 6th LARGEST PULP MILL


LARGEST MARKET PULP MILLS OF THE WORLD

million tonnes per year in 2014

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

Montes del Plata

Source: Hawkins Wright

1,300

WORLD DEMAND

million tonnes per year in 2014

short fiber

28.6

52.6 market
pulp

17.5

eucalyptus

25

4th LARGEST IN FLUFF


WORLD CAPACITY OF FLUFF
thousand tonnes per year in 2014

2,296

GP
1,420

Weyco

1,045

IP
400

Puma
Klabin

334

Domtar

290

Resolute
Stora
Arauco
Rock Tenn
Rayonier
UPM

255

250

mills
converted in
fluff mills

the only designed to produce


fluff from the start
WORLD DEMAND

million tonnes per year in 2014

23.7
6.4

170
110

long fiber

fluff and
SBSK

100
SBSK = pinus long fiber from USA

Source: Hawkins Wright

26

FOCUS ON CONSUMER MARKETS


MARKET PENETRATION IN
DISPOSABLE DIAPERS

SOPHISTICATION AND INNOVATION IN


HIGHER VALUE ADDED PRODUCTS

2013

USA

96%
high potential
of growth
BRA

50%

ARG

72%

Source: RISI, Euromonitor

27

BRAZIL IS THE 3RD LARGEST MARKET


OF DISPOSABLE DIAPERS IN THE WORLD

SALES OF DIAPERS
FOR ADULTS
R$ billion

0.9

SALES OF DIAPERS
FOR INFANT

1.1

R$ billion

0.8
0.7
0.4
2009

0.5

2010

2011

2012

2013

2014

3.4

2009

Source: Euromonitor

4.0

2010

4.6

2011

4.8

2012

5.8

5.3

2013

2014
28

COMPOSITION OF DIAPERS
30% TO 50% OF THE AVERAGE WEIGHT
OF A DIAPER IS COMPOSED OF

FLUFF

(20 TO 40G)

29

SPREADS AMONG DIFFERENT FIBERS


235

CIF EUROPE
US$/TONNE

fluff x short fiber

15
long fiber x short fiber

jul
13

aug sep
13 13

oct nov dec


13 13 13

Source: RISI, FOEX

jan
14

feb mar apr may jun


14 14 14 14 14

jul
14

aug sep oct nov dez jan feb mar apr may
14 14 14 14 14 15 15 15 15 15
30

INCOME STATEMENT
(R$ thousands)

3Q15

2Q15

3Q14

3Q15/2Q15

3Q15/3Q14

9M15

9M14

9M15/9M14

Gross Revenue

1.719.529

1.593.961

1.540.725

8%

12%

4.868.571

4.381.858

11%

Net Revenue

1.445.697

1.337.936

1.282.208

8%

13%

4.092.082

3.636.772

13%

98.731

155.230

252.784

-36%

-61%

309.499

904.460

-66%

Change in fair value - biological assets


Cost of Products Sold

(929.311)

(1.058.415)

(909.269)

-12%

2%

Gross Profit

615.117

434.751

625.723

41%

-2%

Selling Expenses

(107.458)

(105.594)

(98.218)

2%

9%

(307.513)

(283.873)

8%

(78.796)

(82.927)

(69.367)

-5%

14%

(236.687)

(215.179)

10%

(7.528)

(9.912)

15.384

-24%

N/A

(23.473)

41.800

N/A

(193.782)

(198.433)

(152.201)

-2%

27%

(567.673)

421.335

236.318

473.522

78%

-11%

916.115

1.430.141

-36%

10.707

5.804

23.032

84%

-54%

24.046

34.381

-30%

General & Administrative Expenses


Other Revenues (Expenses)
Total Operating Expenses
Operating Income (before Fin. Results)
Equity pickup

(2.917.793)

(2.653.839)

1.483.788

1.887.393

10%
-21%

(457.252)

24%

Financial Expenses

(235.507)

(163.412)

(226.856)

44%

4%

(614.633)

(429.961)

43%

Financial Revenues

177.378

125.770

149.318

41%

19%

421.994

403.562

5%

(2.431.549)

239.104

(420.970)

-1117%

478%

(3.480.188)

(168.823)

1961%

Net Financial Revenues

(2.489.678)

201.462

(498.508)

N/A

399%

(3.672.827)

(195.222)

1781%

Net Income before Taxes

(2.057.636)

443.584

(1.954)

N/A

105204%

(2.732.666)

(147.988)

8.963

N/A

7897%

295.596

7.009

N/A

N/A

0%

0%

-37%

-16%

730.281

-87%

N/A

8.430

-36%

-61%

(309.499)

(904.460)

-66%

Net Foreign Exchange Losses

Income Tax and Soc. Contrib.


Net income

716.803
(1.340.833)
-

Depreciation and amortization


Cost of carrying out assigned to property - land
Change in fair value of biological assets
Vale do Corisco
Adjusted EBITDA

185.980

293.985

977

7.453

(98.731)

(155.230)

222.366
(252.784)

958.863
(1.773.803)
-

1.269.300

N/A

(411.599)

N/A

857.701

N/A

0%

656.749

11%

N/A

10.047

8.719

8.326

15%

21%

26.933

27.264

-1%

519.608

391.245

451.430

33%

15%

1.372.260

1.209.694

13%

numbers in thousand R$

31

BALANCE SHEET
Assets
Current Assets
Cash and banks
Short-term investments
Securities
Receivables

Sep-15
8.733.329

Jun-15
7.802.555

41.727

39.881

5.328.822

4.678.747

539.065

521.209

Liabilities and Stockholders' Equity


Current Liabilities

3.209.847

1.786.858

1.697.824

Debentures

232.462

502.065

Suppliers

717.132

663.730

Loans and financing

1.376.085

1.240.197

663.617

607.449

Taxes payable

Recoverble taxes and contributions

665.645

579.025

Salaries and payroll charges

Other receivables

118.368

136.047

Dividends to pay

Income tax and social contribution

REFIS Adherence
16.443.532

15.342.872

1.048.708

913.338

Jun-15

3.174.916

Inventories

Noncurrent Assets

Sep-15

50.241

36.253

206.313

165.491

60.506

50.400

121.404

94.084

Noncurrent Liabilities

17.010.204

13.424.620

Loans and financing

14.308.399

9.796.361

1.196.629

1.387.647

Other accounts payable

Long term
Taxes to compensate
Judicial Deposits

81.564

84.426

Other receivables

209.963

201.959

Debentures
Deferred income tax and social contribution

706.916

1.428.556

Other accounts payable - Investors SCPs

139.179

136.445

REFIS Adherence

365.317

377.530

Other accounts payable

293.764

298.081

4.991.741

6.510.960

Capital

2.377.849

2.376.000

Capital reserve

1.299.181

1.301.030

Other investments
Property, plant & equipment, net
Biological assets
Intangible assets

510.136

504.635

11.042.867

10.096.021

3.537.696

3.531.080

12.598

11.413

StockholdersEquity

Revaluation reserve

48.716

48.730

342.555

1.879.743

Valuation adjustments to shareholders'equity

1.087.742

1.069.759

Treasury stock

(164.302)

(164.302)

Profit reserve

Total

25.176.861

23.145.427

Total

numbers in thousand R$

25.176.861

23.145.427

32

LOAN MATURITY SCHEDULE


R$ million

2,440

2,405

1,642

1,535

2,237

2,563
1,522

2,397

Foreign
Currency
11,793

2,182

1,665
1,765
920

1,484

Gross Debt
17,524

1,004
895

1,041
582

582

341

341

241

241

4Q15

2015

846

798

536

870
572

2016

2017

2018

2019

479

2020

Local currency : R$ 5.7 billion


Average tenor: 42 months

2021

589
280

359

309

2022

2023

215
2024

165
0

Local
Currency
5,731

2025/26

Foreign currency: R$ 11.8 billion


Average tenor : 54 months

numbers in R$ million

33

Das könnte Ihnen auch gefallen