Beruflich Dokumente
Kultur Dokumente
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
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
COATED BOARDS
market share
50%
sole
supplier
of
liquid
packaging board in Latin
America
50%
INDUSTRIAL BAGS
market share
KRAFTLINER
installed capacity
40%
16%
CORRUGATED BOXES
30%
33%
EXPORTS
67%
DOMESTIC
OTHERS
70%
FOOD
MARKETS
market share
5
KLABIN TODAY
LTM - R$ million
adjusted EBITDA
CONSISTENT PERFORMANCE
91
614
258
922
1885
SALES VOLUME
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%
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
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
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%
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
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
market pulp
PULP MARKET
DISTRIBUTION
45%
33%
eucalyptus
long fiber
22%
other
short fibers
24
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
25
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
23.7
6.4
170
110
long fiber
fluff and
SBSK
100
SBSK = pinus long fiber from USA
26
2013
USA
96%
high potential
of growth
BRA
50%
ARG
72%
27
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
CIF EUROPE
US$/TONNE
15
long fiber x short fiber
jul
13
aug sep
13 13
jan
14
jul
14
aug sep oct nov dez jan feb mar apr may
14 14 14 14 14 15 15 15 15 15
30
INCOME STATEMENT
(R$ 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%
(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%
(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%
(2.489.678)
201.462
(498.508)
N/A
399%
(3.672.827)
(195.222)
1781%
(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%
716.803
(1.340.833)
-
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
3.209.847
1.786.858
1.697.824
Debentures
232.462
502.065
Suppliers
717.132
663.730
1.376.085
1.240.197
663.617
607.449
Taxes payable
665.645
579.025
Other receivables
118.368
136.047
Dividends to pay
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
14.308.399
9.796.361
1.196.629
1.387.647
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
139.179
136.445
REFIS Adherence
365.317
377.530
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
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
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
2021
589
280
359
309
2022
2023
215
2024
165
0
Local
Currency
5,731
2025/26
numbers in R$ million
33