EARNINGS CALL
4Q14
Earnings Call – 2Q15
Call de Resultados
4T14
JULY 24, 2015
KLBN11
ECONOMIC SCENARIO
PIB
ABPO*
IBÁ**
Average exchange
Kraftliner
3,17
579
2,35
Focus`s
Estimation of
23/10/2015
2015
(Jan-Sep)
*Associação Brasileira de Papel Ondulado (ABPO)
**Instituto Brasileiro de Árvore (IBÁ)
2015
(Jan-Ago)
2014
557
2015
(Jan-Sep)
2014
Financeiro e RI
2015
(Jan-Sep)
HIGHLIGHTS
NET REVENUE
R$1,446 million
EXPORT VOLUME
8% growth
ADJUSTED EBITDA
R$520 million
INVESTMENTS
R$1.1 billion
PUMA PROJECT
87% complete
Net revenue of R$1,446 million, 13% up on 3Q14. Year-to-date net
revenue came to R$4,092 million, also 13% more than in 9M14.
Export sales volume came to 154 thousand tonnes, 8% up on
3Q14 and 11% up on 2Q15, underlining Klabin’s flexibility in a
scenario of a weakened Brazilian economy.
Adjusted EBITDA of R$520 million in the quarter, 15% higher than
in the same period last year, with an EBITDA margin of 36%,
versus 35% in 3Q14. In the first nine months, adjusted EBITDA
totaled R$1,372 million, 13% more than in 9M14.
Given the acceleration of the Puma Project disbursements,
investments amounted to R$1,113 million in 3Q15, R$970 million
of which in the new pulp mill.
The works for Klabin’s new 1.5 million tonnes p.a. pulp mill closed
3Q15 87% complete, with 70% of the investments already
disbursed.
SALES
Sales volume
(excluding wood – tsd tonnes)
-1%
467
31%
Net Revenue
(R$ million)
1,450
463
33%
1,282
33%
24%
69%
3Q14
Domestic Market
67%
76%
3Q15
3Q14
Exports
67%
3Q15
EBITDA GROWTH
17º CONSECUTIVE QUARTER GROWTH
.0
.5
1.7
1.7
1.7
1,089
922
.5
939
.0
1,027
.5
1.7
1,180
1.7
1.7
1.7
1.7
1.7
1.7
1.8
1.8
1.8
1.8
1.8
1.8
1.8
1,881
1,812
1,755
1,718
1,652
1,627
1,602
1,562
1,504
1,424
.0
1,286
.5
1,351
.0
1,452
EBITDA GROWTH
1.8
.0
.5
-
Jun-11 Sep-11 Dec-11Mar-12Jun-12 Sep-12 Dec-12Mar-13Jun-13 Sep-13 Dec-13Mar-14Jun-14 Sep-14 Dec-14Mar-15Jun-15 Sep-15
CASH BALANCE AND DEBT
NET DEBT AND LEVERAGE
0
6,2
0
Gross Debt
Cash
Net Debt
4,5
4,2
4,6
0
Net Debt/EBITDA (R$)
8.144
7.440
1,8
Mar-15
1,7
2,3
5.242
3.985
Dec-13
1,7
Dec-14
3.595
Sep-13
Net Debt (R$ million)
1,7
4.028
3.437
Jun-13
Mar-13
0
3.136
0
2,7
Sep-14
2,4
3,3
2,4
2.824
2,2
2,3
2,6
Jun-14
2,2
2,4
2.711
0
2,2
2,4
Mar-14
0
3,8
3,0
Jun-15
0
11.614
0
in 06/30/15
R$ 13.3 billion
R$ 5.2 billion
R$ 8.1 billion
Net Debt/EBITDA (US$)
Sep-15
0
7,
6,
6,
5,
5,
4,
4,
3,
3,
2,
2,
1,
1,
0,
0,
CAPEX
R$ milhões
3T15
9M15
Florestal
26
70
Continuidade operacional
88
234
Projetos especiais e expansões
29
101
970
2.858
1.113
3.263
Projeto Puma
Total
Projetos de expansão em curso
Projeto Puma
Capacidade Adicional
1,5 milhão de toneldas
Total investido no projeto
R$ 5.199 milhões
Avanço físico de 87% até setembro/15
Thank You!
k l a b i n . c o m . b r