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1Q15 RESULTS
2015: A year of economic adjustment and implementation of the new ERP system
• Net Revenues: R$107.9 million, down by 37.7% against the same period of the previous year (R$173.3 million). The decrease in Net Revenues was chiefly due to adapting to the new ERP system implemented in the first days of January 2015, which caused a temporary delay in the Company’s deliveries.
• Gross Profit: R$3.0 million, or a drop of 93.1%, chiefly due to the postponement of deliveries and lower productivity rates as a result of the new ERP system.
• Net Loss: R$14.3, as a result of lower revenues and negative variation in the exchange rate.
• EBITDA: negative by R$11.0 million, with negative margin of 10.2%.
• Cash generation: due to lower activity levels as a result of delayed invoicing, the Company's cash generation decreased by R$24.9 million in 1Q15.
• Net Debt: negative by R$41.7 million at the end of the 1st quarter (negative by R$72.2 million at the end of 2014).
2
Sales – R$ Thousand -82,433 (-26%)
1Q15
236,401
78,853 (33%)
10,253 (4%)
16,091 (7%)
131,203 (56%)
1Q14
318,833
28,485 (9%)
8,388 (3%) 30,932 (10%)
251,029 (79%)
Bulk Handling +177%
Parts and Services +22%
Exports -48%
Storage -48%
4
PRODUCTION –TONS. OUTPUT –TONS.
BACK LOG – R$ Thousand
NET REVENUE – R$ Thousand
1Q14
15,519 10,172
1Q15
-5,347 (-34%)
-8,329 (-42%)
1Q14 1Q15
19,729
11,400
388,680
March/14
-50,680 (-13%)
338,000
March/15
107,909
8,172 (5%) 20,227 (12%)
127,979 (74%)
16,892 (10%)
173,270
1Q14
88,772 (82%)
7,915 (7%)
6,104 (6%) 5,118 (5%)
-65,361 (-37.7%)
1Q15
Parts and Services -37%
Bulk Handling -64%
Exports -61%
Storage -31%
5
CONTRIBUTION MARGIN
Net Revenue (-) Variable Costs
GROSS PROFIT (R$ Thousand)
GROSS MARGIN (%)
1Q14
2,992
1Q15
-40,311 (-93%)
3%
43,303
25%
1Q15
33.7%
-5.8 p.p.
1Q14
39.5%
EBITDA (R$ Thousand)
EBITDA MARGIN (%)
EBITDA
6
Net Income (R$ thousands) 1Q15 1Q14 Δ%
Income (Loss) for the Period (14.281) 23.774 -160.1%
(+) Provision for Income and Social Contribution - Current and Deferred (5.954) 6.596 -190.3%
(-) Financial Revenues (7.073) (7.454) -5.1%
(+) Financial Expenses 10.870 7.807 +39.2%
(+) Depreciation and Amortization 5.481 4.049 +35.4%
EBITDA (10.957) 34.772 -131.5%
1Q15 1Q14
34,772
20%
-45,729 (-132%)
-10%
-10,957
7
INDEBTEDNESS Debt (R$ thousands) 1Q15 2014 Var (%)
EXIM Pre-Shipment 30,492 25,284 +20.6%
FINAME PSI 1,204 1,102 +9.3%
FINIMP 4,441 7,874 -43.6%
FINEP 3,540 3,509 +0.9%
Short Term 39,677 37,769 5.1%
EXIM Pre-Shipment 31,608 39,885 -20.8%
FINAME PSI 10,228 10,241 -0.1%
FINEP 17,585 18,500 -4.9%
Long Term 59,421 68,626 -13.4%
Total Debt 99,098 106,395 -6.9%
Cash and Cash Equivalents (Current and Non-Current) (140,84) (178,611) -21.1%
Net Debt (41,742) (72,216) -42.2%
1Q15
(41.742)
Cash
37.771
Long Term
(9.205)
Short Term
1.908
2014
(72.216)
+30,474 (-42%)
1Q15
-41,742
2014
-72,216
8
NET PROFIT IN THE PERIOD (R$ Thousand)
% OF NET REVENUE
-13.2%
-38,055 (-160%)
1Q14 1Q15
23,774
13.7%
-14,281 -20,235
30,370
-18.8%
1Q15 1Q14
-50,605 (-167%)
17.5%
EARNINGS BEFORE INCOME TAX AND SOCIAL
CONTRIBUTION ON NET INCOME (R$ Thousand)
% OF NET REVENUE
9
Ownership Breakdown
17.54%
Previ
17.56%
Banco do Brasil Investimentos
Sul America Expertise FIA
5.21%
Banco Clássico
9.99% Fernando Francisco Brochado Heller
12.11%
Other Minority 37.59%
03/31/2014
Geração Futuro Corretora de Valores
Victoire Brasil Investimentos Adm. Recursos
9,55%
7,18%
9,94% Fernando Francisco Brochado Heller
12,05%
Banco do Brasil Investimentos 17,46%
Previ
17,48%
Banco Clássico
Other Minority
26,34%
03/31/2015
10
Appendix
11
RESULTS
CONSOLIDATED STATEMENTS OF
INCOME 1Q15
Vertical
Analysis
1Q15
1Q14
Vertical
Analysis
1Q15
Horizontal
Analysis
1Q15x1Q14
(In thousands of Reais, except for percentages)
NET OPERATING REVENUES 107,909 100.00% 173,27 100.00% -37.72%
COST OF GOODS SOLD (104,917) -97.23% (129,967) -75.01% -19.27%
GROSS PROFIT 2,992 2.77% 43,303 24.99% -93.09%
Selling expenses (9,092) -8.43% (8,170) -4.72% 11.29%
General and administrative expenses (11,470) -10.63% (9,532) -5.50% 20.33%
Other operating revenues 2,267 2.10% 6,632 3.83% -65.82%
Other operating expenses (1,135) -1.05% (1,510) -0.86% -24.83%
OPERATING INCOME (16,438) -15.23% 30,723 17.73% -153.50%
Financial expenses (10,870) -10.07% (7,807) -4.51% 39.23%
Financial revenues 7,073 6.55% 7,454 4.31% -5.11%
INCOME BEFORE INCOME AND SOCIAL CONTRIBUTION TAXES(20,235) -18.75% 30,37 17.53% -166.63%0
Current income and social contribution taxes (364) -0.34% (4,420) -2.55% -91.76%
Deferred income and social contribution taxes 6,318 5.85% (2,176) -1.26% -390.35%
INCOME AND SOCIAL CONTRIBUTION TAXES 5,954 5.52% (6,596) -3.81% -190.27%
NET INCOME FOR THE PERIOD (14,281) -13.23% 23,774 13.72% -160.07%- -
12
Balance sheet - Assets
13
Balance sheet - Liabilities
Olivier Michel Colas Felipe Fontes
Vice-President Executive Officer IR Analyst
THANK YOU !
Tel.: +55 (11) 4873-0302
E-mail: [email protected]
Website: www.kepler.com.br/ri
Investor Relations