1Q19 Earnings Presentation
Disclaimer The following material presents the results for the first quarter of 2019 (1Q19 – March, April and May 2019). In this presentation, financial data is presented in accordance to the International Financial Reporting Standards and represents the Company’s consolidated results in million reais (R$) with comparisons referring to the first quarter of 2018 (1Q18 – March, April and May 2018; YoY comparison) and to the fourth quarter of 2018 (4Q18 – December, January and February 2019; QoQ comparison), except when otherwise specified. Results here presented contemplate the results of SLC Alimentos as of the acquisition´s conclusion on December 3rd, 2018. This presentation contains resumed information which shall not be considered complete. This material is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Likewise it does not give and should not be treated as giving investment advice. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. Certain percentages and other amounts included in this document have been rounded to facilitate its presentation. Thus, numbers presented as total in some tables may not represent the arithmetic sum of the numbers that precede them and may differ from those presented in the financial statements. Operational data are not audited, as they consist in measures which are not recognized by IFRS or other accounting standards. Nor this presentation, neither anything here contained, should create basis for any contract or commitment. All information here contained are subject to adjustments and revisions without notice. By creating this presentation, neither the Company, nor any of it´s affiliated companies, directors, executives or employees assume any obligation to supply the receiver access to any additional information, update this presentation or any information, or correct any inaccuracy in any of these information. This presentation does not contain all of the relevant information about the Company. 2
Highlights Quarter highlights includes volumes increase in grains, sugar and canned fish categories of +37.4%, +11.4% and +40.6% YoY, respectively. 1Q19 Financial Highlights Latest News YoY Comparisons and subsequent events R$1.2 billion Net Revenue ( +23.2%) June-2019 • Payment of R$21mm in IOE , R$6mm approved in R$942 million Brazil Food Segment ( +34.4%) R$296 million International Food Segment ( -2.8%) Shareholders ’ Meeting and R$15mm approved by the Board of Directors; May-2019 R$287 million Gross Profit ( +8.9%) • Top of Mind Prize (RS) for Namorado and União brands, 23.2% Gross Margin ( -3.0pp) promoted by Amanhã magazine • Camil wins three trophies in EMBANEWS Prize 2019 for R$83 million EBITDA ( +1.2%) packagings. Packagings for Arroz Camil Minuto Caseiro (Design category), Camil and Camil Gourmet product lines 6.7% EBITDA Margin ( -1.5pp) (Marketing category) were acknowledged April-2019 R$50 million Net Income ( +52.8%) • We concluded the 8 th debentures issuance (CRA) of 4.0% Net Margin ( +0.8pp) R$600 million, in two series with maturities in 2023 and 2025; • 2 nd Share Buyback Program to be used in executives 2.2x Net Debt/EBITDA remuneration plans through the means of stock options; 3
Main Indicators Camil reaches Net Revenue of R$1.2 billion (+23.2% YoY) in the quarter Highlights 1Q18 4Q18 1Q19 1Q19 vs 1Q19 vs Closing Date 31-may-18 28-Feb-19 31-may-19 1Q18 4Q18 Net Revenues 1,004.4 1,332.0 1,237.1 23.2% -7.1% Food Products Brasil 700.4 987.6 941.5 34.4% -4.7% Food Products International 304.0 344.4 295.6 -2.8% -14.2% Gross Profit 263.3 322.4 286.8 8.9% -11.0% Gross Margin (%) 26.2% 24.2% 23.2% -3.0pp -1.0pp EBITDA 82.0 115.2 83.0 1.2% -28.0% EBITDA Margin (%) 8.2% 8.6% 6.7% -1.5pp -1.9pp Net Income 32.6 100.3 49.8 52.8% -50.3% Net Margin (%) 3.2% 7.5% 4.0% 0.8pp -3.5pp Capex 26.5 295.3 29.9 12.8% -89.9% Operational Highlights - Volume (in thousand ton) Volume - Brazil Grains 153.3 221.2 210.6 37.4% -4.8% Rice 136.1 197.7 187.2 37.6% -5.3% Beans 17.2 23.5 23.3 35.7% -0.5% Sugar 123.4 135.2 137.5 11.4% 1.7% Canned Fish 5.0 12.0 7.0 40.6% -41.1% Volume - International 125.9 170.6 110.6 -12.1% -35.2% Uruguay 86.0 131.0 69.4 -19.3% -47.0% Chile 20.4 18.6 20.5 0.5% 10.2% Peru 19.5 21.0 20.7 6.2% -1.4% Source: Company 1 SLC Alimentos´ Results consolidated as of the conclusion of the acquisition (December 3, 2018). 4 2 Information on International Volume exclude La Loma, Argentinian subsidiary with 100% of Camil´s participation sold in 2Q18.
Operational Highlights Growth of 14.3% in the quarterly consolidated volume YoY, driven by the growth in volumes of all categories in Brazil, partially impacted by international volume reduction in the period Quarterly Volume Evolution (k ton) 1Q19 +14.3% YoY International 110.6k I -13.6% QoQ -12.1% YoY -35.2% QoQ Canned Fish 7k P +40.6% YoY - 41.1% QoQ A Sugar 138k +11.4% YoY +1.7% QoQ F Beans 23k +35.7% YoY -0.5% QoQ A Rice 187k +37.6% YoY -5.3% QoQ Source: Company 1Q19 Volume and Revenue Breakdown (%) 1Q19 Sales Volumes (‘000 ton) Volume Net Revenue Highlights 1Q18 4Q18 1Q19 1Q19 vs 1Q19 vs Volumes ('000 ton) 31-may-18 28-Feb-19 31-may-19 1Q18 4Q18 Volumes - Brazil Grains 153.3 221.2 210.6 37.4% -4.8% Rice 136.1 197.7 187.2 37.6% -5.3% Beans 17.2 23.5 23.3 35.7% -0.5% Sugar 123.4 135.2 137.5 11.4% 1.7% Canned Fish 5.0 12.0 7.0 40.6% -41.1% Volumes - International 125.9 170.6 110.6 -12.1% -35.2% Uruguay 86.0 131.0 69.4 -19.3% -47.0% Chile 20.4 18.6 20.5 0.5% 10.2% Peru 19.5 21.0 20.7 6.2% -1.4% 5 Source: Company Source: Company Source: Company
Brazil Food Segment | Rice We highlight increase in volumes in 1Q19 (YoY) Rice – Camil’s Volume and Net Prices Rice – Market Prices vs. Camil’s Gross Prices Source: Company Source: Esalq Senar¹, Company Rice – Quarterly Highlights Rice – Product Portfolio Sales Volume: 187.2 thousand tons Mainstream +37.6 % YoY -5.3% QoQ Average raw material price¹: R$41.77/bag +16.4% YoY -4.21% QoQ Gross Price Camil: R$2.41/kg Value pricing +6.0% YoY brands -2.2% QoQ Sales volume loss in SLC Alimentos after the incorporation Increase in Market competitiveness and struggle to transfer cost increases to prices Source: Company 6 ¹Source: CEPEA; rice indicator Esalq/Senar-RS 50kg.
Brazil Food Segment | Beans We highlight increase in volumes in 1Q19 (YoY) Beans - Camil’s Volume and Net Prices Beans - Market Prices vs. Camil’s Gross Prices Source: Company Source: Agrolink, Company Beans – Quarterly Highlights Beans – Product Portfolio Sales volume: 23.3 thousand tons Mainstream +35.6% YoY -0.5% QoQ Average raw material price: R$256.40/bag +161.7% YoY +34.2% QoQ Gross price Camil : R$5.06/kg Value Pricing +54.1% YoY Brands +9.5% QoQ Positive performance with adjusted pricing strategy, ensuring profitability and consistency of results Source: Company 7 ¹Source: Agrolink; beans indicator Sc 60kg
Brazil Food Segment | Sugar We highlight increase in volumes in 1Q19 (YoY) Sugar - Camil’s Volume and Net Prices Sugar - Market Prices vs. Camil’s Gross Prices Source: Company Source: Esalq-Senar; Company Sugar – Product Portfolio Sugar – Quarterly Highlights Sales volume: 137.5 thousand tons +11.4% YoY Mainstream +1.7% QoQ Average raw material price¹: R$68.49/bag +28.0% YoY -0.2% QoQ Gross price Camil: R$1.98/kg +1.4% YoY Value Pricing Parceria União & Amyris Adoçante Natural -2.0% QoQ Brands P&D Sales increase in União refined sugar and value pricing brands Increase in Market competitiveness and struggle to transfer cost increases to prices Source: Company 8 ¹Source: CEPEA; Cristal Sugar indicator Esalq-SP 50kg.
Brazil Food Segment | Canned Fish We highlight increase in volumes in 1Q19 (YoY) Canned Fish - Camil’s Volume and Net Prices Canned Fish - Camil’s Gross Prices Source: Company Source: Company Canned Fish – Quarterly Highlights Canned Fish – Product Portfolio Sales volume: 7 thousand tons +40.6% YoY Mainstream -41.1% QoQ Gross price Camil: R$20.52/kg -4.9% YoY +1.1% QoQ Sales increase in Coqueiro and value pricing brand Pescador Value Pricing Brands Supply: continued struggle in local sardines fishing and improvement in local tuna fishing Source: Company 9
International Food Segment We highlight volumes increase in Chile, sales recovery in Peru and volumes reduction in Uruguay International - Main Considerations International Operational Performance – Quarterly Evolution (‘000 ton) Uruguay Export Market Sales volume : 69.4 thousand tons Production • -19.3% YoY decrease • -47.0% QoQ Gross price in US$/ton : Gross price in R$ : 1,95 • • -5.5% YoY +6.5% YoY • • +4.2% QoQ +7.8% QoQ Domestic Chile Market Good Sales volume : 20.5 thousand tons profitability Source: Company +0.5% YoY preservation +10.2% QoQ International – Breakdown 1Q19 (%) Gross Price in CLP/ton : Gross price in R$ : 5,76 By Country By Segment • • +90.3% YoY -0.7% YoY • • +107.0% QoQ +8.3% QoQ Domestic Peru Market Sales volume : 20.7 thousand tons Sales recovery +6.2% YoY -1.4% QoQ Gross price in SOL/ton : Gross price in R$ : 4.90 • • +1.9% YoY +13.7% YoY • • +0.0% QoQ +4.3% QoQ Source: Company 10
Recommend
More recommend
