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PUBLIC MEETING APIMEC - RS
December - 2011
COMPANY’S OVERVIEW
OPERATION MARKETS AND STRATEGIES
CONSOLIDATED INCOME
CAPITAL MARKET
PERSPECTIVES
1980 – Beretta1982 – IPO1983 – Internationalization: Taurus International1985 – Taurus Ferramentas1986 – Induma1988 – Taurus Holdings
1939 – Forjas Taurus
1970 – Control to foreign investors1977 – Forjas Taurus by Polimetal
1991 – Champion’s assets1997 – Rossi – Revólver (use of the brand, technology, assets and productive processes)1999 – Pollymer and titanium guns
2000 – Taurus Capacetes2004 – Famastil 2004 – Máquinas-Ferramenta2006 – Taurus Helmets 2006 – “The Judge”2008 – Taurus Inv. Imobiliários 2008 – Rossi – Long guns2008 – Metus2010 – Taurus Blindagens Nordeste2011 – Admission to BM&FBOVESPA Level 2/ Segregation of business industries into guns and metallurgy and plastics
BUSINESS HIGHLIGHTS
► Leader in the Brazilian helmets market.► It corresponds to 20% of the Group’s turnover.
► Businesses composed by the following industries: forging, boilerworks, ballistic vest, riot shield and plastic products.
► It corresponds to 8% of the Group’s turnover.
PROFILE
► Leader in the local market (90% share) and a strong competitor in the foreing market (19% share in the United States).
► It corresponds to 72% of the Group’s turnover.
► About 4,900 employees, divided into eight units in Brazil and one unit in the United States.
► Solid operation focus in foreing market.► Large innovation capacity and value capture through the strategy of permanent
launches of new products.► Flexibility for the production and manufacture of tailor-made solutions.
Capital Stock: R$ 201.000.000,00
Number of SharesON (Common shares): 42.744.720
PN (Preferred shares): 85.489.440
X.X% = Current percentage on Total Capital * It includes the interest of LFCE
31,4% 23,8% 19,6% 23,2%2,0%
100% 100%
35% 53,97% 99,86%100%
99,99% 99,99%
46,03%27,75%72,25%
100%
Polimetal Participações S.A.
Polimetal Participações S.A.
FORJAS TAURUS S.A.
Polimetal *94,1%
Common Shares Preferred Shares
Others5,9%
Geração Futuro35,7%
PREVI29,4%
Others34,9%
Taurus InternationalManufacturing, Inc.
Taurus Holdings, Inc.
Taurus Máquinas-
Ferramenta Ltda.
Taurus Blindagens Ltda.
Taurus Properties, Inc.
Famastil TaurusFerramentas
S.A.
Taurus Helmets Ind.
Plástica Ltda.
Taurus BlindagensNordeste Ltda.
Taurus Invest.Imobiliários Ltda.
BraztechInternational,
L.C.
Invespar72%
Invespar72%
LFCE28%LFCE28%
Capital Stock: R$ 257.797.469,79
Number of shares:ON (Common shares): 47.137.539
PN (Preferred shares): 94.275.078
X.X% = Current percentage on Total Capital
(*) Assets available for sale
FORJAS TAURUS S.A.
FORJAS TAURUS S.A.
Taurus Holdings, Inc.
Taurus Holdings, Inc.
Taurus Invest.Imobiliários Ltda.
Taurus Invest.Imobiliários Ltda.
Taurus International
Manufacturing,Inc
Taurus International
Manufacturing,IncTaurus
Properties, Inc.Taurus
Properties, Inc.
BraztechInternational
, L.C.
BraztechInternational
, L.C.
GUNSGUNSPOLIMETAL
(Metallurgy and Plastics)
POLIMETAL(Metallurgy and
Plastics)
Steelinject Injeção de Aços Ltda.
Steelinject Injeção de Aços Ltda.
Taurus Máquinas -Ferramenta
Ltda. (*)
Taurus Máquinas -Ferramenta
Ltda. (*)
Famastil Taurus
Ferramentas S.A.
Famastil Taurus
Ferramentas S.A.
Taurus Blindagens
Ltda.
Taurus Blindagens
Ltda.
24,40%14,63%
Invespar/LFCE
ON 43,80% PN 0,05%
Invespar/LFCE
ON 43,80% PN 0,05%
Previ ON 14,38% PN 29,41%
Previ ON 14,38% PN 29,41%
Geração Futuro
ON 12,19% PN 24,94%
Geração Futuro
ON 12,19% PN 24,94%
Free Float ON 23,63% PN 35,40%
Free Float ON 23,63% PN 35,40%
Treasury ON 6,00% PN 10,20%
Treasury ON 6,00% PN 10,20%
20,69% 31,48% 8,80%
Taurus Helmets
Ind. Plast.Ltda.
Taurus Helmets
Ind. Plast.Ltda.
Taurus BlindagensNordeste
Ltda.
Taurus BlindagensNordeste
Ltda.
THEME BEFORE THE RESTRUCTURATION
AFTER THE RESTRUCTURATION
PNS RIGHTS
PN shares with priority:
In capital reimbursement, with no award, in case of settlement;
In the receipt of the dividend that shall be distributed. It shall be, at least, 6% on own capital for this type of shares.
Preferred shares with:
Priority in capital reimbursement, with no award, in case of taurus settlement;
Profit share distributed in equal terms with nos; Tag along of 100%; Voting right at the general meeting in relevant
issues.
MINIMUM DIVIDEND Mandatory dividend of 25%. Mandatory dividend of 35%, paid on a half-yearly
basis.
TAG-ALONG Tag along of 80% to the minority
shareholders who hold common shares.
Tag along of 100% to all minority shareholders.
BOARD OF DIRECTORS
Non-controlling shareholders have the right to elect a representative in the board of directors, in compliance with the Section 141 of Brazilian Companies Act.;
No expectation of independent director.
Non-controlling shareholders elect at least two representatives in the board of directors;
Two major non-controlling shareholders, who hold preferred shares, appoint a member from the board of directors, one of them in agreement with the controlling shareholder;
40% of the independent members from the board of directors.
COMMITEES Inexistent. Creation of risks and audit committees, compensation
and personnel development, and corporate governance and management.
BM&F BOVESPA LEVEL 2
No operation in any stock exchange level.
Adhesion to BM&FBOVESPA Level 2; By-laws with material governance provision, such as
the adoption of the arbitration chamber for the market.
CEO CEO
Board of DirectorsBoard of Directors
Controllership Executive
Board
Controllership Executive
Board
TIMICEOTIMICEO
FinancesExecutive
Board
FinancesExecutive
Board
Personnel Management
Manager
Personnel Management
Manager
Guns and Forged productsIndustrial
Executive Board
Guns and Forged productsIndustrial
Executive Board
Guns and Forged productsBusiness
Executive Board
Guns and Forged productsBusiness
Executive Board
Helmets and Bullet-proof vests
General Manager
Helmets and Bullet-proof vests
General Manager
CSC Senior Vice-President
CSC Senior Vice-President Senior Vice-PresidentSenior Vice-President
Tax BoardTax Board
Committees- Audit and Risks- Compensation and Personnel Development- Management and Corporate Governance
Committees- Audit and Risks- Compensation and Personnel Development- Management and Corporate Governance
ShareholdersShareholders
Investor RelationsOfficer
Investor RelationsOfficer
AuditAudit
MchinesIndustrial Manager
MchinesIndustrial Manager
► Products: revolvers, pistols, carbines, air
guns, long guns and police weapons.
► Major local “competitor”: Imbel (focused on
heavy guns).
► Competitors abroad: Glock, S&W and Ruger.
► Local market relatively protected due to
legal and economic restraints to the
entrance of competitors.
► Large innovation capacity: use of polymer
and titanium for the manufacture of guns.
► Continuous investments in automation, in
order to reduce production costs.
OPERATION
► Focus on high-profitability and guns basead
on new technologies.
► Development of models that have low
development cost and add a significant
margin.
► Non-lethal weapons to be used in great
events, such as the World Cup and the
Olympic Games.
► Entrance to new international markets
through the development of tailor-made
products.
STRATEGY
► According to UN organizations (police manpower per
inhabitants), the ideal manpower would be 1 (one)
policeman for each 250 thousand inhabitants.
► The constant and increasing problem with security in
Brazil intensifies the expectations that the police
manpower shall be significantly increased over the
next few years.
► The improvement in working consditions and the
reinforcement of the effective manpower also
suggest a good scenario for the coming years. The
Military Police of all the States, for instande, have
been purchasing pistols to replace old .38.
► Taking into account the leadership and the
recognition of Taurus brand in the market, this event
can significantly increase the Company’s sales.
CUSTOMER MIX IN BRAZIL
POLICES AND OTHER PUBLIC SAFETY ENTITIES
STORES
SUVEILLANCE COMPANY
OTHERS
64,4%
19%
13%
3,6%
► UNITED STATES: Interests in pistol and
revolvers industries (US$ 1.21 billion market)
and in long industry (US$ 1.35 billion market).
► OTHER COUNTRIES: Germany, Algeria,
Indonesia, Singapore and others.
► The Company’s large INNOVATION
CAPACITY enables the development of
specific value-added products for different
customers.
► Attendance in the word’s MAJOR FAIRS IN
THE INDUSTRY, such as Shot Show (USA)
and IWA Show (Germany), presenting its new
product concepts to the market.
Quality Guarantee System - ISO 9001:2008 Certificate
Handgun of the Year
► Pioneer in manufacturing helmets in Brazil, currently trading 2.4 million
helmets/year, in a potential market of about 4.8 million helmets/year.
► Leader in domestic motorcycle helmets with market share of 50%. It has a
widely scattered market operation, selling to miscellaneous customers
(stores) throughout the country.
► It has four major competitors: Starplast, EBF Vaz, Tork and EBF.
► In this industry, the company’s growth is closely related to the growth rate of
the Brazilian motorcycle fleet which, on the other hand, depends on GDP and
credit growth rates. The projection is that 2011 will end with a growth rate of
14% for 2010.
► In line with other company’s products, Taurus operates in riot shields, tactical
vests and bullet-proof vests markets, basically supplying products to
governmental security autarchies and private security companies. Therefore,
it has the same growth drivers as the guns industry.
► Forged products are na optimization of the company’s production capacity, since the technology used for these products is similar to the one used for the guns forging, that is, the company develops a scale by producing such parts.
► The products are manufactured in ferrous and non-ferrous metals. They are mostly destined to the oil, gas, automotive industry and agricultural markets.
► The growth of this industry is closely related to the relevance of economy development, especially the increase rates for the acquisition of gross capital.
► Acquisition of the company Steelinject Injeção de Aços Ltda.: focus on the increasing use of weapon parts, manufactured through the M.I.M. process and entrance to third parties’ market,
FORGING AND E M.I.M.
► 35% share in the company Famastil Taurus
Ferramentas S.A.
► Sales increase is closely related to the
growth of civil construction in Brazil.
► Large market growth perspective in eletric
tools line.
TOOLS AND ACCESSORIES
9M109M11
41%46%
59%54%
439,5443,7
3Q10 3Q11
49%
51%
152,1
53%
47%
140,0
1H101H11
287,3303,7
63% 57%
37% 43%
Foreing Market
Domestic Market
BY MARKET
EXPORTS – IN MILLION US$
2009
212,7
2010
185,7
1H09
109,2
1H10
99,3
1H11
107,0
9M09
103,5
9M10
142,8
9M11
147,9
BY PRODUCT (9M11)
Others 8,2% R$ 36,5
Guns 72,2%R$ 320,4
Total: net revenue R$ 443,7
Helmets 19,6%R$ 86,8
BY GEOGRAPHY (9M11)
45%United States
Others 9%
Brazil 46%
GROSS MARGIN PER INDUSTRY
44,9%
Guns
43,0%
Helmets
4,4%
Others
GROSS PROFIT AND TOTAL GROSS MARGIN
287,5 289,3
44%37%
2009 2010
132,1 121,3
46% 40%
1H10 1H11
202,9 187,6
46% 42%
9M10 9M11
NET INCOMEEBITDA AND EBITDA MARGIN
133,7137,1
20% 20%
2009 2010
69,359,6
24%20%
1H101H11
107,593,7
24%21%
9M10 9M11
52,0
70,3
2009 2010
34,0
6,9
1H10 1H11
52,9
23,4
9M10 9M11
+35,2%
ANNUAL 9M
NET REVENUE GROSS INCOME GROSS MARGININCOME BEFORE
TAXATION9M10 9M11 Var. 9M10 9M11 Var. 9M10 9M11 Var. 9M10 9M11 Var.
GUNS 321,4 320,4 -0,3% 171,2 143,9 -16% 53,3% 44,9% -8,4 p.p. 63,5 6,2 -90%
HELMETS 67,5 86,8 29% 29,5 37,3 26% 43,7% 43,0% -0,7 p.p. 19,5 31,8 63%
OTHERS 50,6 36,5 -28% 2,2 6,4 191% 4,4% 16,2% +13 p.p. (3,9) (4,6) -
TOTAL 439,5 443,7 1% 202,9 187,6 -8% 46,2% 42,3% -3,9 p.p. 79,1 33,4 -58%
QUARTERLY NET REVENUE GROSS INCOME GROSS MARGIN
INCOME BEFORE TAXATION
3T10 3T11 Var. 3T10 3T11 Var. 3T10 3T11 Var. 3T10 3T11 Var.
ARMAS 112,5 97,0 -14% 60,1 50,0 -17% 53,4% 51,5% -2 p.p. 23,8 (13,3) -156%
CAPACETES 23,6 30,0 27% 10,4 13,4 30% 43,8% 44,7% 0,9 p.p. 7,0 12,0 71%
OUTROS 16,0 13,0 -19% 0,4 2,9 627% 2,6% 22,1% 19,5 p.p. (5,5) 0,7 113%
TOTAL 152,1 140,0 -8% 70,9 66,3 -6% 46,5% 47,3% -0,8 p.p. 25,3 (0,6) -102%
FIGURES IN MILLION BRAZILIAN REAIS
31-12-2010 30-06-2011 30-09-2011 Variationjun-sep/11
Endividamento curto prazo 86,5 99,8 94,6 -5,2%Endividamento longo prazo 133,7 132,0 235,0 78,0%Saques cambiais 4,5 7,80 38,6 394,9%Debêntures 105,3 90,3 144,3 59,8%Antecipação créditos imobiliários - CRI 42,1 39,3 37,8 -3,8%Derivativos (2,6) (1,7) 2,2 -229,4%Avais e garantias 131,2 111,1 - Endividamento bruto 500,7 478,6 552,5 15,4%(-) Disponibilidades e aplicações financeiras 188,7 187,0 169,4 -9,4%Endividamento líquido 312,0 291,6 383,1 31,4%EBITDA 139,3 119,8 119,1 -0,6%Endividamento líquido / EBITDA 2,24x 2,43x 3,15x +0,72 xEBITDA/Despesas Financeiras, Líquidas 5,24x 3,16x 3,17x -0,01 x
MATURITIES SCHEDULE – IN MILLION R$
-
30.000
60.000
90.000
120.000
150.000
180.000
210.000
2011 2012 2013 2014 2015 As of 2016
SHARE PERFORMANCE OF FORJAS TAURUS S.A. - BM&FBOVESPA
30-09-10 30-12-10 30-09-11 (i) Quotation per share - Historic ON (FJTA3) 5,01 5,50 1,91PN (FJTA4) 4,64 4,10 1,79 (ii) Quantity of shares ON 42.744.720 42.744.720 47.137.539PN 85.489.440 85.489.440 94.275.078 128.234.160 128.234.160 141.412.617 (iii) Market value – In thousand R$ ON 214.151 235.096 90.033PN 396.671 350.507 168.752Total 610.822 585.603 258.785
Adequacy and modernization of industrial park
Profitability with the growing activity integration and the pursuit of productive and operational excellence
Debt extension and reduction of its costs
Implantation of a management model with emphasis on agility, integration and outcome
► This reporting contains, or proposes to contain, forecasts and estimations, which reflect the Management’s goals and expectations Forjas Taurus S.A. (“Forjas Taurus” – FJTA4, FJTA3)
► Such information is subject to miscellaneous events whose realization cannot be assured by Taurus, including, but not limited to, the maintenance of the macroeconomic scenario and the economic and financial metrics. Such information is not merely based on historical facts, but also reflects purposes and expectations. The words “anticipate”, “wish”, “expectation”, “forecast”, “intend”, “plan”, “predict”, “prognostic”, “help” and similar words, either written or spoken, intend to mean statements that necessarily involve known and unknown risks.
► This presentation is based on events occurred until 09/30/2011, and Forjas Taurus S.A. is not required to update such data and it stresses out that investors shall check the public documents available on the websites www.cvm.gov.br, www.bovespa.com.br and www.taurusri.com.br (annual reports, quarterly income, accounting statements, and others).
► Forjas Taurus S.A is not responsible for investments transactions or decisions made based on information presented herein.
CEO
DENNIS BRAZ GONÇALVES
Director Investor Relations
DÓRIS WILHELM
Executive Director Finances
FELIPE SAIBRO DIAS
Senior Vice-President
JORGE PY VELLOSO
Executive Director Investor Relations
EDAIR DECONTO
www.taurusri.com.br
Tel.: (51) 3021.3000