Conference Call 1Q13 Results

Transcrição

1 Conference Call 1Q13 Results

2 2 Negócios Internacionais Negócios Domestic Nacionais Operations USA,Europa e Exportações Márcio Utsch

3 Sales Volume Growth in volume driven by: New products Campaigns Social media NEGÓCIOS NACIONAIS VOLUME DE VENDAS CALÇADOS ESPORTIVOS (milhões de unidades) + 26% 2,889 2,118 1,681 1T12 4T12 1T13 NEGÓCIOS NACIONAIS VOLUME DE VENDAS CALÇADOS, VESTUÁRIO E ACESSÓRIOS (milhões de unidades) - 4,2% Restricted sandal production capacity until inauguration of the news sandals plant in Montes Claros NEGÓCIOS NACIONAIS VOLUME DE VENDAS HAVAIANAS E DUPÉ (milhões de unidades) - 4,8% 62,317 56,251 53,904 1T12 4T12 1T13 Força de Havaianas (1) : Spontaneous awareness: 98% Purchase in the last 12 months: 78% Most mentioned brand: 71% 57,362 53,091 50,522 1T12 4T12 1T13 3 (1) Survey conducted in 1Q13

4 Net Revenue Revenue climbed 13%, mainly due to higher volumes, higher average price and a richer mix in sports footwear sales. Average prices (vs. 1Q12): Sandals: +3% Sports footwear: from 7.7% to 28% NEGÓCIOS NACIONAIS RECEITA LÍQUIDA (R$ milhões) + 13% 462,5 652,6 522,6 1T12 4T12 1T13 4

5 Gross Profit Higher volumes, a higher average price and a richer mix made gross profit increase by 10.4% and gross margin reach 45.3% NEGÓCIOS NACIONAIS LUCRO BRUTO (R$ milhões) NEGÓCIOS NACIONAIS MARGEM BRUTA + 10,4% 2,2 214,5 292,3 236,8 (3,3) 46,4% 48,6% 45,3% 1T12 4T12 1T13 Margens: 46,4% 44,8% 45,3% Margem Bruta 1T12 Volume / Preço/ Mix + Eficiência fabril Sub-total Variação cambial e Commodities Margem Bruta 1T13 Benefits from Lean Manufacturing project reflected in the margin 13% devaluation of the real against the dollar increased cost of commodity raw materials and imported footwear. Higher cost of rubber: 4% vs. 1Q12 26% vs. 1Q11 5

6 EBITDA 6 EBITDA grew by 5% and margin reached 16.7% DOMESTIC OPERATIONS EBITDA (R$ million 33.6 (14.0) (15.4) Higher cost of commodity raw materials and imported footwear Q12 EBITDA Gross Profit Strategic Operating Expenses Subtotal Exchange variation and commodity prices 1Q13 EBITDA Margin 18% 19.7% 16.7% + Revenue + Manufacturing efficiency Brand communication Development and launch of products Entry in new sporting categories

7 7 Argentina

8 Sales Volume Lower sales volume in sports footwear reflects weaker demand ALPARGATAS ARGENTINA VOLUME DE VENDAS CALÇADOS ESPORTIVOS (milhões de pares) - 9% 1,622 1,585 1,442 1T12 4T12 1T13 Measures being developed in 2013: Greater variety in sports footwear in existing distribution channels Entry into new channels with an increased number of points of sale The export of some Rainha and Topper models to Brazil Acceleration in Mizuno distribution network 8

9 Net Revenue Net revenue 2.4% higher in Argentinean pesos due to the growth of: textile business (+14%) retail (+58%) ALPARGATAS ARGENTINA COMPOSIÇÃO DA RECEITA LÍQUIDA 1T13 13% 35% 52% Calçados Têxteis Varejo Increase in the revenue in pesos was offset by the devaluation of 2.4% against the real 9

10 EBITDA 10 EBITDA reflected the decline in gross profitability The Rumbo 38 project should increase gross profitability Cost-efficient packaging Replacement of production inputs Economy of scale Efficiency in transportation logistics

11 11 USA, USA, Europa Europe e Exportações & Exports

12 Sales Volume and Revenue Volume climbed 41.5% led by the sales increases of: 56% in Europe 21% in the United States 38% in exports Net revenue grew 72.6% due to: prices on average 5% higher in Europe and 7% in the USA richer product mix, particularly in exports to Asia opening of stores in Europe stronger dollar and euro vs. the Brazilian real ALPARGATAS USA, ALPARGATAS EUROPA E EXPORTAÇÕES VOLUME DE VENDAS (milhões de unidades) ALPARGATAS USA, ALPARGATAS EUROPA E EXPORTAÇÕES RECEITA LÍQUIDA (R$ milhões) + 41,5% + 72,6% 10, ,7 7,683 6,424 76,9 55,8 1T12 4T12 1T13 1T12 4T12 1T13 12

13 EBITDA EBITDA totaled R$38.3 million. The margin of 28.9% reflects productivity gain in operating expenses. ALPARGATAS USA, ALPARGATAS EUROPA E EXPORTAÇÕES EBITDA (R$ milhões) Increase in revenue Greater dilution of fixed costs 29,6 (7,4) 4,8 11,3 33,5 38,3 EBITDA 1T12 Lucro Bruto Despesas Operacionais Estratégicas Sub- total Variação Cambial EBITDA 1T13 Margens 14,7% 25,2% 28,9% More investments in: Communication Opening of stores Stronger dollar and euro 13

14 14 1Q13 Consolidated Results José Roberto Lettiere

15 1Q13 Continuation of revenue and profitability growth curves RECEITA LÍQUIDA CONSOLIDADA (R$ milhões) LUCRO BRUTO CONSOLIDADO (R$ MILHÕES) MARGEM: % RL + 17,9% + 17,6% 648,9 727,3 794,2 836,6 764,9 287,7 44,3% 313,3 322,1 43,1% 40,6% 349,7 338,4 41,8% 44,3% 1T12 2T12 3T12 4T12 1T13 1T12 2T12 3T12 4T12 1T13 EBITDA CONSOLIDADO (R$ MILHÕES) MARGEM: % RL LUCRO LÍQUIDO CONSOLIDADO (R$ MILHÕES) MARGEM: % RL + 15,3% + 18% 92,3 106,5 103,3 129,5 122,8 78,2 61,4 74,1 66,3 16,4% 74,4 10,2% 13,0% 15,5% 16,1% 12,0% 8,4% 9,3% 7,9% 12,1% 1T12 2T12 3T12 4T12 1T13 1T12 2T12 3T12 4T12 1T13 15

16 Flow of the 1Q13 Results Net income increases by 18% Gross profit and EBITDA move up. Margins remain flat versus 1Q12 despite higher costs (exchange rate variation) and increased expenses (inflation) Innovative products and brands capture demand Revenue grows due to higher volumes, higher average price and a richer mix Increase in sales volumes Brazil: sports footwear Abroad: sandals 16

17 Sales Volume Innovative products and brands capture demand Increase in sales volume Brazil: sports footwear Abroad: sandals NEGÓCIOS NACIONAIS VOLUME DE VENDAS CALÇADOS ESPORTIVOS (milhões de unidades) + 26% 2,889 2,118 VOLUME DE VENDAS CONSOLIDADO (milhões de unidades) 1, % 70,769 1T12 4T12 1T13 65,885 66,545 ALPARGATAS USA, ALPARGATAS EUROPA E EXPORTAÇÕES VOLUME DE VENDAS (milhões de unidades) 1T12 4T12 1T ,5% 7,683 6,424 10,869 1T12 4T12 1T13 17

18 Net Revenue Increase in sales volume Brazil: sports footwear Abroad: sandals Revenue grows due to higher volumes, higher average price and a richer mix RECEITA LÍQUIDA CONSOLIDADA (R$ milhões) 648,9 + 17,9% 836,6 764,9 Average increase in sales prices: SANDALS: Brazil: 3% (reais) Europe: 5% (euros) USA: 7% (dollar) SPORTS FOOTWEAR: Brazil: 7.7% to 28% 1T12 4T12 1T13 18

19 Net Revenue (cont.) 32% of Alpargatas revenue was generated overseas RECEITA LÍQUIDA CONSOLIDADA POR REGIÃO 1T13 18% Alpargatas Brasil 14% 68% Alpargatas Argentina Alpargatas USA,Europa e Exportações 19

20 Gross Profit and EBITDA Revenue grows due to higher volumes, higher average price and a richer mix Gross profit and EBITDA move up. Margins remain flat versus 1Q12 despite higher costs (exchange rate variation) and increased expenses (inflation) LUCRO BRUTO CONSOLIDADO (R$ milhões) EBITDA CONSOLIDADO (R$ milhões) + 17,6% + 15,3% 287,7 349,7 338,4 106,5 129,5 122,8 1T12 4T12 1T13 Margens: 44,3% 41,8% 44,3% 1T12 4T12 1T13 Margens: 16,4% 15,5% 16,1% Productivity gain in operating expenses benefits the EBITDA margin 1Q12 = 30.3% of net revenue 1Q13 = 28.9% of net revenue 20

21 Net Income 21 Gross profit and EBITDA move up Net income grows 18% LUCRO LÍQUIDO CONSOLIDADO (R$ milhões) Decrease in interest rates by which cash investments are remunerated ,2 (3,5) (0,6) (1,3) 3, ,2 89,0 92, Lucro Líquido 1T12 EBITDA Resultado Financeiro IR Outros Sub-total Equivalência Patrimonial Coligadas Lucro Líquido 1T13 12% 11,6% 12,1% MARGENS

22 Cash Flow 22 Operational generation totaled R$55.5 million in 12 months FLUXO DE CAIXA CONSOLIDADO (R$ milhões) Geração operacional de caixa de R$ 55,5 milhões 430,0 (151,1) (223,4) 32,5 (32,6) (20,8) (67,5) 49,5 (84,0) 680,7 736,2 697,3 613,3 Saldo de EBITDA Caixa em 31/03/2012 Invest. Capital de Giro CAPEX Sub-total Operac. Resultado Financeiro IR/ CSLL Aumento Part. Argentina Invest. Osklen Amort. Dívidas Sub- total Remun. Acionistas Saldo de Caixa 31/03/2013

23 Net Financial Position 23 Financial solidity continues being a strength of Alpargatas POSIÇÃO FINANCEIRA LÍQUIDA (R$ milhões) 680,7 621,5 660,3 616,9 613,3 439,2 386,0 361,0 318,1 283,1 (241,5) (235,5) (299,3) (298,8) (330,2) 31/03/12 30/06/12 30/09/12 31/12/12 31/03/13 Caixa Endividamento Financeiro Consolidado Posição Financeira Líquida Consolidada

24 Remuneration for Shareholders 24 Remuneration for shareholders totals R$41.7 million year to date R$ million v Paid on June 19 Paid on April 17 Payout 39.4% 45.2%

25 Remuneration for Shareholders 25 A bonus of 10 shares for every 100 shares complements remuneration for shareholders Number of new shares: 38,880,147 Bonus unit cost: R$ Ex-bonus: April 25 th Credit of the new shares: April 30 th Auction of fractions: Trading floor of May 10 th Payment of fractions to shareholders: May 17 th

26 26 Share Performance Year to date, ALPA4 has performed better than Ibovespa (Bovespa Index) 144% 83% 88% Preferenciais ALPA4 Ibovespa 1% 15% -18% 34% 7% 9% -9% YTD 2013 (20/05/2013)

27 100 th anniversary as a publicly-traded company 27 In 2013, Alpargatas celebrates 100 years since its IPO; The Company has developed solid relationships with shareholders based on respect, transparency, and accountability. Appreciation of Preferred Shares 1.561% ALPA4 Ibovespa 174% 2002 a 2012 Average appreciation of ALPA4: 32% per year

28 28 Final message Márcio Utsch