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Conference Call 4Q15
- 1. Conference Call – Earning Results 4Q15 – 03/30/2016
- 2. Disclaimer “Forward looking statements included in this presentation regarding the Company’s business, operating and financial results and Company’s growth are only predictions and were based on management's expectations regarding future performance. These expectations are highly dependent on market conditions, Brazilian economic scenario, industry performance and international markets, and are therefore subject to change.” 2
- 3. Highlights of 4Q15 (when compared to 4Q14) 3 • Economic figures registered variations of: GDP Brazil: -3.8% GDP for construction sector1: -8.8% • Variation on sales volume in the segments below: Chrysotile mineral: -22.7% Fiber-cement: -11.2% Concrete tiles: -6.1% • Consolidated Net Revenue reached R$240.8 million, decline of 8.7% • Adjusted EBTIDA decreased 71.0%, reaching R$15.9 million • Net loss totaled R$12.3 million • Recognitions in the Commercial area 1 Projected growth for construction GDP in 2015. (Source: BACEN) 2 Domestic construction material sales in 2015, adjusted for inflation. 3 Growth of the consolidated gross revenue in 2015 vs 2014 corrected for inflation in accordance with the IGP-M index. ABRAMAT2: -12.9% Eternit3: -8.2%
- 5. 2015 x 2014 • Domestic Market – down by 7.0% • Foreign Market – decline of 20.5% 4Q15 x 4Q14 • Domestic Market – drop of 2.1% • Foreign Market – decrease of 42.0% 5 Sales of Chrysotile Mineral (thousand tons) Domestic Market Foreign Market -22.7%-10.8% -13.3%-1.0%
- 6. 6 Sales of Fiber-Cement (thousand tons) -11.2%5.5% -6.7%4.4%
- 7. 7 Sales of Concrete Tiles (thousand pieces) -6.1% -22.8% -21.2% -12.3%
- 8. Economic and Financial Information
- 9. 9 Domestic Market Foreign Market Consolidated Net Revenue (R$ million) 4Q15 x 4Q14 • Domestic Market – drop of 6.3% • Foreign Market – reduction of 17.9% 2015 x 2014 • Domestic Market – down by 2.9% • Foreign Market – increase of 11.6% -8.7%4.1% -0.3%2.2%
- 10. 10 COGS Breakdown – 4Q15 Fiber-cement Chrysotile Mineral Concrete Tiles (*) Cement (41%), Chrysotile Mineral (41%) and the others (18%) (**) Fuel, explosives, packaging, among the others (***) Cement (49%), sand (34%) and the others (17%)
- 11. 11 Adjusted EBITDA* (R$ million) and Adjusted EBITDA Margin (%) -71.0% 22.2% -11.1%-2.8% *Adjusted EBITDA is an indicator used by the Company's Management to analyze the operational and economic performance of its consolidated business, excluding equity pickup due to the fact that CSC is a joint venture and its information is not consolidated.
- 12. 12 Net Income (Loss) (R$ million) and Net Margin (%) --8.1% -65.5% -16.7%
- 13. 13 Reconciliation of Adjusted EBITDA* X Net Income *Adjusted EBITDA is an indicator used by the Company's Management to analyze the operational and economic performance of its consolidated business, excluding equity pickup due to the fact that CSC is a joint venture and its information is not consolidated.
- 14. 14 Origin of debt Repayment Schedule Debt 12/31/13 12/31/14 12/31/15 Short- term gross debt 56.9 88.9 90.3 Long-term gross debt 25.8 39.0 76.9 Cash and cash equivalents (13.3) (13.4) (5.6) Short-term investments (same cash equivalents) (35.7) (35.0) (16.7) Net debt 33.7 79.5 144.9 EBITDA (last 12 months) 178.0 165.5 131.5 Net debt / EBITDA x 0.19 0.48 1.10 EBITDA (last 12 months) 184.3 179.2 159.2 Net debt / EBITDA x 0.18 0.44 0.91 Net debt / Equity 6.7% 15.4% 29.0% Debt (R$ million) * * In 4Q15 the debt in foreign currency was 100% naturally hedged by accounts receivable from chrysotile exports.
- 15. 15 Capital Expenditures (R$ million) * CAPEX forecast for the fiscal year 2016.
- 16. Capital Markets
- 17. 17 Highlights Geração L. Par. F. I. A. 13.78% Luiz Barsi Filho 13.75% Victor Adler 7.82% Directors 1.01% Stocks in Treasury 0.03% Shareholding Structure – Feb/16 FREE-FLOAT 84.7% *Independent directors in accordance with BM&FBOVESPA Novo Mercado Regulations Individual Investors Corporations Investors Abroad Clubs, Funds and Foundations Board of Directors Member since Luis Terepins* - President 2011 Lírio Albino Parisotto* 2004 Marcelo Munhoz Auricchio* 2011 Leonardo Deeke Boguszewski* 2014 Marcelo Gasparino da Silva* 2014 Luiz Barsi Filho* 2015 Raphael Manhães Martins* 2015 Board of Auditors Member since André Eduardo Dantas - Coordinator 2013 Paulo Henrique Z. Funchal 2013 Benedito Carlos Dias da Silva 2015 Luciano Luiz Barsi 2015 Robert Juenemann 2015
- 18. 18 Policy of Remuneration Net Income x Distributed Earnings (R$ million) Pay Out Dividends and Interest on own capitalNet Income *The amount of distributed earnings includes distribution based on retained earnings from previous years 43 2013 2014 2015 102 85 29 72 72 25 18* 70% 84% 145%
- 19. 19 Share Buyback Program • Buyback program approved on January 28, 2016, by the Board of Directors. • Acquisition of up to two million (2,000,000) shares issued by the Company to be held in treasury and subsequently sold or cancelled, with no reduction in the capital stock. • The acquisitions may take place within a period of twelve (12) months, starting January 29, 2016 and ending on January 28, 2017.
- 20. Recognitions
- 21. 21 Recognitions Commercial • Eternit • Top of Mind Award • Época ReclameAQUI 2015 Award • 21st PINI Award • 19th Best Product of the Year Award • Tégula • 21st PINI Award
- 22. 22 Phone: (55-11) 3194-3881 (55-11) 3194-3872 Este material foi produzido com papéis certificados FSC (Forest Stewardship Council), que é uma garantia de que a matéria-prima advém de uma floresta manejada de forma ecologicamente correta, socialmente e economicamente viável. www.blogdaeternit.com.br www.eternit.com.br/ir Nelson Pazikas nelson.pazikas@eternit.com.br Paula D. A. Barhum Macedo paula.barhum@eternit.com.br Rodrigo Lopes da Luz rodrigo.luz@eternit.com.br @Eternit_RI Dr. Fernandes Coelho Street, 85 – 8th floor Pinheiros – São Paulo / SP 05423-040 Thiago Scheider thiago.scheider@eternit.com.br Further Information