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3Q 2012 Results

November 08th, 2012
SCHEDULE

Providência USA

HIGHLIGHTS

RESULTS

OUTLOOK

Providência USA

2
HIGHLIGHTS 3Q 2012

Sales Volume 14.6% higher than 3Q11 reaching 26.1 thousand tons. This increase is due
to the start of sales from our 2nd production line in Pouso Alegre and also the full capacity
reached by our 1st production in the United States;
Adjusted EBITDA reported a record R$ 36.1 million in 3Q12, a growth of 14.0% in relation

to the same period in 2011;
Net Income was also a record at R$ 18.9 million in 3Q12, 23.1% higher than 3Q11, with a
Margin of 11.4%. For the YTD12, we posted a net income of R$ 33.8 million, 36.2% more

than for the same period 2011;
Operating Cash generation amounted to R$ 118.9 million in the first nine months of the
year, a 108.2% increase over the same period for 2011;

The expansion project in Statesville (NC) in the United States is progressing according to
plan. It will add another 20 thousand tons/year to production capacity in that country.

3
SCHEDULE

HIGHLIGHTS

RESULTS

OUTLOOK

4
SALES VOLUME
(in thousands of tons)
The growth of 14.6% in 3Q12 compared with 3Q11 reflects both the full capacity at which
our 1st US line of production is operating as well as the initial sales from the 2nd production
line at the Pouso Alegre plant, inaugurated in June/12.
73.7
64.8
5.1

22.7

24.6

6.5

26.1

1.6

2.3

2.5

21.1

22.3

2Q12

3Q12

67.2

23.6

3Q11

59.7

YTD 11

Nonwovens

Others

YTD 12
5
NET REVENUE
(in millions of Reais)
The amount of R$ 166.7 million in Net Revenue in
3Q12 is the result of 16.8% growth in relation to 3Q11, in
turn reflecting the increase in sales volume, improvement
in the product mix, price realignment and the foreign460,0
exchange translation effect.

142.7

151.0

166.7

3Q11

2Q12

3Q12

440,0
420,0
400,0
380,0
360,0
340,0
320,0
300,0
280,0
260,0
240,0
220,0
200,0
180,0
160,0
140,0
120,0
100,0
80,0
60,0
40,0
20,0
-

457.2
384.6

YTD 11

YTD 12

6
COGS (Cost of Goods Sold)
(in millions of Reais)
COGS totaled R$ 114.3 million in 3Q12, an increase of 19.5% in relation to 3Q11. This result
is mainly a reflection of the higher sales volume, given that unit COGS posted a year-on-year
rise of only 4.2%.

R$ 4.33

360,0
340,0

0,0

320,0

0,0

300,0

0,0

280,0

0,0

260,0

0,0

240,0

0,0

220,0

0,0

R$ 4.40

0,0

R$ 4.39

0,0

0,0

R$ 4.16

200,0

R$

180,0

319.0

160,0

R$ 4.21

140,0

0,0

120,0

0,0

100,0

0,0

269.3

80,0

0,0

0,0

95.7

108.1

114.3

60,0
40,0
20,0

0,0

R$3,70 -

-

3Q11

2Q12

3Q12

R$

YTD 11

YTD 12
7
EBITDA (in millions of Reais)
and EBITDA MARGIN (%)
Adjusted EBITDA reached R$ 36.1 million, a year-on-year growth of

14.0%. EBITDA was a record for a single quarter;
80,0
60,0

20.4%
22,2%

21,7%
60,0

18,7%

18.1%

40,0

93.2
40,0

69.6
20,0

31.7

36.1

20,0

28.2

-

0,0%

3Q11

2Q12

3Q12

-

0

YTD 11

YTD 12

For the YTD12, the company reported a total of R$ 93.2 million, 33.9% more than the
8
same period in 2011.
25,0

NET INCOME (in millons of Reais)
and NET MARGIN(%)
11.4%

10.8%

The calculation base for adjusted
Dividends in 3Q12, considering the
deemed cost, reached R$ 21.5 million,

5.2%
18.9

and R$ 40.7 million in YTD12.

15.4
7.8

7.4%
0,0%

3Q11

2Q12

6.5%

3Q12

20,0

33.8

Net Income totaled R$ 18.9 million in 3Q12, an
24.8

increase of 23.1% comparing to 3Q11. For the YTD12,
the company reported a total of R$ 33.8 million,
36.2% more than the same period in 2011;
-

9

YTD 11

YTD 12

0
NET DEBT
(in millions of Reais)
Net Debt increased 47.8% when compared
with 3Q11 due to new investments coming on
line during the course of the year. The
majority of the financing for new lines is
already in place and the debt balance is
expected to begin a downward trend;

403.1

450.0

304.5

The foreign currency named debt was
mainly borrowed in the USA with a natural
hedge in the form of Providência’s revenue
flows and assets in that country.

30.5%
1Q11

2Q11

3Q11

Foreign
Currency

69.5%

Local
Currency

10
DEBT / CASH
(in millions of Reais)
Consolidated Net Debt
R$ (MM)

09/30/2011 09/30/2012

Ch. 3Q12 /
3Q11

Total Debt
Short Term
Long Term
Total

312.8
314.7
627.5

127.0
428.5
555.5

-59.%
36.2%
-11.5%

Cash

323.0

105.5

-67.3%

Net Debt

304.5

450.0

47.8%

Shareholders' Equity

698.9

697.8

-0.2%

3.4

3.7

8.2%

2.8

2.3

-18.1%
11

Net Debt / Adjusted EBITDA
Net Debt / Adjusted EBITDA
without the lines that startup in 2012
25,0

DIVIDENDS
(in millions of Reais)
The Company announced the distribution of Dividends at 100% of the calculation base for
the adjusted net profit in the period ending June 30, 2012 in the amount of R$ 19.2 million,
in excess of R$ 0.24 per share. Payout will take place on 11/26/2012, the share trading exdividends from 11/14/2012.
R$0,24

22,0

R$0,18
17,0

0,25

0,20

R$0,14
0,15

12,0

0,10

19,2
0,05

14,1

7,0

11,1
0,00
2,0
-0,05

-3,0

1st Half
2010

1st Half
2011

Dividends Paid (R$ million)

1st Half
2012
Dividend/Share

-0,10

12
25,0

MARKET VALUE RATIOS
Dividend Yield *
3,83%
2,95%
2,33%

1st Half
2010

1,40

1st Half
2011

1st Half1,20
2012

1,00
* Dividend per Share / Share price at the end of the period.

Share Price / Book Value per Share
0,80

0,60

0,40

0,66

0,74

0,79

2Q12

13
3Q12

0,20

-

3Q11
SCHEDULE

HIGHLIGHTS

RESULTS

OUTLOOK
OUTLOOK
Dividend payout was 100% of the adjusted Net Income in the period ending June 30 2012,
amounting to R$ 19.2 million, in excess of R$ 0.24 per share. The value will be paid out on

November 26, 2012, the shares trading ex-dividends in November 14, 2012;
The goal is for the 2nd production line in Pouso Alegre (MG) – the Company’s 12nd –
unveiled in June/12 and with 20 thousand tons/year of capacity, to reach full capacity by the

end of this year;
According to the expected schedule, we shall be concluding the 13th production line - the
second in Statesville (NC) – at the end of 2012, increasing the production capacity in the
United States from 20 to 40 thousand tons/year;
Providência will end 2012 with a capacity of 140 thousand tons/year, underscoring its
position as one of the largest and most modern players in the world nonwovens industry.
15
CEO: Hermínio V. S. de Freitas
CFO: Eduardo Feldmann Costa
IR : Gabriela Las Casas
Beatriz Tokarski
Tel: +55 (41) 3381-8673
Fax: +55 (41) 3283-5909
São José dos Pinhais – PR
www.providencia.com.br/ir
www.twitter.com/providencia_ri

The words “believe”, “anticipate”, “expect”, “estimate”, “will”, “plan”, “may”, “intend”, “foresee”, “project” and other similar expressions indicate forward-looking
statements. These forward-looking statements involve uncertainties, risks and assumptions, since they include information related to our potential or assumed future
operating results, business strategy, financing plans, competitive position in the market, industry environment, potential growth opportunities and the effects of future
regulations and competition. In addition, forward-looking statements refer only to the date on which they were made and should not be taken as a guarantee of future
performance. Providência is under no obligation to update this presentation with new information and/or future events .

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Teleconferencia 3 q12

  • 3. HIGHLIGHTS 3Q 2012 Sales Volume 14.6% higher than 3Q11 reaching 26.1 thousand tons. This increase is due to the start of sales from our 2nd production line in Pouso Alegre and also the full capacity reached by our 1st production in the United States; Adjusted EBITDA reported a record R$ 36.1 million in 3Q12, a growth of 14.0% in relation to the same period in 2011; Net Income was also a record at R$ 18.9 million in 3Q12, 23.1% higher than 3Q11, with a Margin of 11.4%. For the YTD12, we posted a net income of R$ 33.8 million, 36.2% more than for the same period 2011; Operating Cash generation amounted to R$ 118.9 million in the first nine months of the year, a 108.2% increase over the same period for 2011; The expansion project in Statesville (NC) in the United States is progressing according to plan. It will add another 20 thousand tons/year to production capacity in that country. 3
  • 5. SALES VOLUME (in thousands of tons) The growth of 14.6% in 3Q12 compared with 3Q11 reflects both the full capacity at which our 1st US line of production is operating as well as the initial sales from the 2nd production line at the Pouso Alegre plant, inaugurated in June/12. 73.7 64.8 5.1 22.7 24.6 6.5 26.1 1.6 2.3 2.5 21.1 22.3 2Q12 3Q12 67.2 23.6 3Q11 59.7 YTD 11 Nonwovens Others YTD 12 5
  • 6. NET REVENUE (in millions of Reais) The amount of R$ 166.7 million in Net Revenue in 3Q12 is the result of 16.8% growth in relation to 3Q11, in turn reflecting the increase in sales volume, improvement in the product mix, price realignment and the foreign460,0 exchange translation effect. 142.7 151.0 166.7 3Q11 2Q12 3Q12 440,0 420,0 400,0 380,0 360,0 340,0 320,0 300,0 280,0 260,0 240,0 220,0 200,0 180,0 160,0 140,0 120,0 100,0 80,0 60,0 40,0 20,0 - 457.2 384.6 YTD 11 YTD 12 6
  • 7. COGS (Cost of Goods Sold) (in millions of Reais) COGS totaled R$ 114.3 million in 3Q12, an increase of 19.5% in relation to 3Q11. This result is mainly a reflection of the higher sales volume, given that unit COGS posted a year-on-year rise of only 4.2%. R$ 4.33 360,0 340,0 0,0 320,0 0,0 300,0 0,0 280,0 0,0 260,0 0,0 240,0 0,0 220,0 0,0 R$ 4.40 0,0 R$ 4.39 0,0 0,0 R$ 4.16 200,0 R$ 180,0 319.0 160,0 R$ 4.21 140,0 0,0 120,0 0,0 100,0 0,0 269.3 80,0 0,0 0,0 95.7 108.1 114.3 60,0 40,0 20,0 0,0 R$3,70 - - 3Q11 2Q12 3Q12 R$ YTD 11 YTD 12 7
  • 8. EBITDA (in millions of Reais) and EBITDA MARGIN (%) Adjusted EBITDA reached R$ 36.1 million, a year-on-year growth of 14.0%. EBITDA was a record for a single quarter; 80,0 60,0 20.4% 22,2% 21,7% 60,0 18,7% 18.1% 40,0 93.2 40,0 69.6 20,0 31.7 36.1 20,0 28.2 - 0,0% 3Q11 2Q12 3Q12 - 0 YTD 11 YTD 12 For the YTD12, the company reported a total of R$ 93.2 million, 33.9% more than the 8 same period in 2011.
  • 9. 25,0 NET INCOME (in millons of Reais) and NET MARGIN(%) 11.4% 10.8% The calculation base for adjusted Dividends in 3Q12, considering the deemed cost, reached R$ 21.5 million, 5.2% 18.9 and R$ 40.7 million in YTD12. 15.4 7.8 7.4% 0,0% 3Q11 2Q12 6.5% 3Q12 20,0 33.8 Net Income totaled R$ 18.9 million in 3Q12, an 24.8 increase of 23.1% comparing to 3Q11. For the YTD12, the company reported a total of R$ 33.8 million, 36.2% more than the same period in 2011; - 9 YTD 11 YTD 12 0
  • 10. NET DEBT (in millions of Reais) Net Debt increased 47.8% when compared with 3Q11 due to new investments coming on line during the course of the year. The majority of the financing for new lines is already in place and the debt balance is expected to begin a downward trend; 403.1 450.0 304.5 The foreign currency named debt was mainly borrowed in the USA with a natural hedge in the form of Providência’s revenue flows and assets in that country. 30.5% 1Q11 2Q11 3Q11 Foreign Currency 69.5% Local Currency 10
  • 11. DEBT / CASH (in millions of Reais) Consolidated Net Debt R$ (MM) 09/30/2011 09/30/2012 Ch. 3Q12 / 3Q11 Total Debt Short Term Long Term Total 312.8 314.7 627.5 127.0 428.5 555.5 -59.% 36.2% -11.5% Cash 323.0 105.5 -67.3% Net Debt 304.5 450.0 47.8% Shareholders' Equity 698.9 697.8 -0.2% 3.4 3.7 8.2% 2.8 2.3 -18.1% 11 Net Debt / Adjusted EBITDA Net Debt / Adjusted EBITDA without the lines that startup in 2012
  • 12. 25,0 DIVIDENDS (in millions of Reais) The Company announced the distribution of Dividends at 100% of the calculation base for the adjusted net profit in the period ending June 30, 2012 in the amount of R$ 19.2 million, in excess of R$ 0.24 per share. Payout will take place on 11/26/2012, the share trading exdividends from 11/14/2012. R$0,24 22,0 R$0,18 17,0 0,25 0,20 R$0,14 0,15 12,0 0,10 19,2 0,05 14,1 7,0 11,1 0,00 2,0 -0,05 -3,0 1st Half 2010 1st Half 2011 Dividends Paid (R$ million) 1st Half 2012 Dividend/Share -0,10 12
  • 13. 25,0 MARKET VALUE RATIOS Dividend Yield * 3,83% 2,95% 2,33% 1st Half 2010 1,40 1st Half 2011 1st Half1,20 2012 1,00 * Dividend per Share / Share price at the end of the period. Share Price / Book Value per Share 0,80 0,60 0,40 0,66 0,74 0,79 2Q12 13 3Q12 0,20 - 3Q11
  • 15. OUTLOOK Dividend payout was 100% of the adjusted Net Income in the period ending June 30 2012, amounting to R$ 19.2 million, in excess of R$ 0.24 per share. The value will be paid out on November 26, 2012, the shares trading ex-dividends in November 14, 2012; The goal is for the 2nd production line in Pouso Alegre (MG) – the Company’s 12nd – unveiled in June/12 and with 20 thousand tons/year of capacity, to reach full capacity by the end of this year; According to the expected schedule, we shall be concluding the 13th production line - the second in Statesville (NC) – at the end of 2012, increasing the production capacity in the United States from 20 to 40 thousand tons/year; Providência will end 2012 with a capacity of 140 thousand tons/year, underscoring its position as one of the largest and most modern players in the world nonwovens industry. 15
  • 16. CEO: Hermínio V. S. de Freitas CFO: Eduardo Feldmann Costa IR : Gabriela Las Casas Beatriz Tokarski Tel: +55 (41) 3381-8673 Fax: +55 (41) 3283-5909 São José dos Pinhais – PR www.providencia.com.br/ir www.twitter.com/providencia_ri The words “believe”, “anticipate”, “expect”, “estimate”, “will”, “plan”, “may”, “intend”, “foresee”, “project” and other similar expressions indicate forward-looking statements. These forward-looking statements involve uncertainties, risks and assumptions, since they include information related to our potential or assumed future operating results, business strategy, financing plans, competitive position in the market, industry environment, potential growth opportunities and the effects of future regulations and competition. In addition, forward-looking statements refer only to the date on which they were made and should not be taken as a guarantee of future performance. Providência is under no obligation to update this presentation with new information and/or future events .