1q12 results presentation€¦ · annual sales generally distributed in the proportion of around...
TRANSCRIPT
1Q12 Results Presentation
Disclaimer
2
The forward-looking statements contained in this document relating to the business outlook, projections of
operating and financial results and those related to the growth prospects of Unicasa are merely estimates and,
as such, based exclusively on the Management’s expectations about the future of the business and therefore,
subject to known and unknown risks and uncertainties, which may result in said expectations not materializing
or be substantially different from expectations.
AGENDA
Highlights
Operating performance
Financial performance
Shareholding structure
AGENDA
Highlights
Period Highlights
5
Unicasa held its IPO on April 27, 2012, raising R$ 425.6 million. The shares, listed on the Novo Mercado
segment, were sold at a unit price of R$14.00;
Growth of 18.0% in revenue from the New brand exclusive stores and 10.2% in sales of multibrand stores, in
comparison with 1Q11;
As part of the expansion plan, 30 new stores will be added to the New dealer network, taking the store count
to 409;
Net revenue totaled R$ 66.2 million in the quarter, up 1.2%, with EBITDA of R$ 21.3 million and EBITDA
margin of 32.2%;
Our store network reached 897 exclusive stores, with a total area of 233,258 thousand m2, with a presence
in 339 cities across Brazil, compared to 315 as on December 31, 2011; and
Same Store Sales at the Dell Anno, Favorita and New exclusive stores grew 7.3%.
New
The New brand grew in 1Q12, with the exclusive store network increasing by 30 to take the total to 409, with
Net Revenue growth of 18.0% over 1Q11 and Same Store Sales growing by 23.9%.
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379
409
2011 1Q12
Number of StoresNew
100.0
123.9
1Q11 1Q12
Same Store Sales - New(Standard 100)
AGENDA
Operating
performance
Overview
Renowned brands in all consumption segments, strengthened by differentiated marketing efforts
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Founding
Brand Positioning
Social Classes
Dis
trib
ution
Channel POS
% of Gr.
Rev. 1Q122
Average Ticket
1985
• Contemporary
Design
A and B
~15 mm domiciles1
Exclusive stores
57.5% (R$ 51.3 mm)
2003
• Versatile and
complete solutions
2009
Intelligent use of space
in a practical manner
Competitive prices
Focus on store openings
and brand consolidation
C
~20 million domiciles1
Exclusive
24.2% (R$ 21.6 mm)
Multibrand
4.9% (R$4.3 mm)
2007
“Point-of-Entry Brand"
Focus on multibrand
and planned furniture
sector
D
~10 million domiciles1
9.6% (R$ 8.5 mm)
2010
Capitalize on the growth
of real estate and
tourism sectors as well
as grand sporting events
Real estate developers /
Hospitality and
Construction segment
Direct Sales
1.5% (R$ 1.3 mm)
458 409 216
• Consolidated brands
• Mature stores
• Focus on training storeowners
Exclusive Multibrand
30 1,965
Note: (1) Classification according to IBGE – Monthly Income: Segment A: over R$ 6,745.00, segment B: between R$5,174.00 and R$6,745.00, segment C: between R$1,200.00 and R$5,174.00, segment D:
between R$725.00 and R$1,200.00
(2) Ratio to Total Gross Revenue. Remaining sales refer to exports
Overview
897 exclusive stores(1)
2,206 multibrand stores nationwide
339 cities across Brazil
(1) Includes 30 exclusive Telasul Planejados stores
Constant focus on the consumer market, aligned with the best production practices, enables supply of 220,000 furniture modules per month
390,841 modules sold in 1Q12
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Lojas % PIB
56 6% 5%
120 13% 14%
46 5% 10%
525 59% 55%
150 17% 17%
N
NE
CO
SE
S
897
exclusive
stores
The largest company in Brazil’s planned furniture sector
* Sales area does not include Telasul
209 229
2011 1Q12
Sales Area* andNumber of Stores
(Consolidated, thousand m²)
886Stores
897Stores
Overview
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Seasonality
The furniture market is more susceptible to
market developments that reheat the economy
from the second half of the year as a result of
the Christmas bonus and year-end festivities.
In this regard, the demand for products is
higher in the second half of the year, with
annual sales generally distributed in the
proportion of around 55.0% to 58.0% in the
second half, compared to 42.0% to 45.0% in
the first half.
Same Store Sales
Same Store Sales growth of Dell Anno, Favorita and New,
together, was 7.3%. Our calculation of Same Store Sales
considers the revenue from the Company’s exclusive stores
that have operated with significant changes1 in the past 12
months.
1 Significant changes refer to i) change of storeowner; ii) change in the store location; iii) change
in the Unicasa brand (E.g.: Favorita to New)
19%
23%
29% 29%
20%
23%
27%
30%
22% 23%25%
30%
22% 23%
28% 27%
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Quarterly Net revenue / Annual Net Revenue
100.0109.3
100.0107.3
1Q10 1Q11 1Q11 1Q12
Same Store Sales - Unicasa(Standard 100)
AGENDA
Financial
performance
Executive Summary
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Executive Summary 1Q12 1Q11 Δ
Gross Revenue (R$ '000) 89,173 88,570 0.7%
Net Revenue (R$ '000) 66,190 65,400 1.2%
Gross Profit (R$ '000) 28,847 28,550 1.0%
Net Income (R$ '000) 13,968 13,830 1.0%
Net Margin 21.1% 21.1% -
EBITDA (R$ '000) 21,310 21,010 1.4%
EBITDA Margin 32.2% 32.1% 0.1 p.p.
Same Store Sales 7.3% 9.3% -2.0 p.p.
Earnings per Share (R$) 0.25 0.24 1.0%
ROIC, Net 28.0% 34.8% -6.8 p.p.
Net Revenue
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Net Revenue grew 1.2%, from R$ 65.4 million in 1Q11 to R$ 66.2 million in 1Q12.
R$ '000 1Q12 1Q11 Δ
Gross Revenue from Sales 89,173 88,570 0.7%
Domestic Market 88,131 87,459 0.8%
Dell Anno and Favorita 51,311 55,458 -7.5%
New Exclusive Dealers 21,575 18,282 18.0%
New Multibrand Dealers 4,341 3,940 10.2%
Telasul 8,540 6,770 26.1%
Unicasa Corporate 1,329 1,637 -18.8%
Other Revenues 1,035 1,372 -24.6%
Export Market 1,042 1,111 -6.2%
Sales Deduction (22,983) (23,170) -0.8%
Net Revenue from Sales 66,190 65,400 1.2%
65,400 66,190
0
10000
20000
30000
40000
50000
60000
70000
60,000
61,000
62,000
63,000
64,000
65,000
66,000
67,000
68,000
69,000
70,000
1Q11 1Q12
Net Revenue(R$ '000)
Gross Profit and Net Income
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Gross profit in the quarter totaled R$ 28.8 million, 1.0% higher than in 1Q11 (R$ 28.5 million). Gross Margin
ended March at 43.6%. Net Income was R$ 14.0 million, 1.0% higher than in 1Q11 (R$ 13.8 million). Net
Margin also remained stable in relation to 1Q11, at 21.1%.
28,550 28,847
43.7% 43.6%
41.0%
41.5%
42.0%
42.5%
43.0%
43.5%
44.0%
44.5%
45.0%
20,000
22,000
24,000
26,000
28,000
30,000
32,000
34,000
36,000
38,000
40,000
1Q11 1Q12
Gross Profit andGross Margin
(R$ '000)
13,830 13,968
21.1% 21.1%
17.0%
18.0%
19.0%
20.0%
21.0%
22.0%
23.0%
10,000
11,000
12,000
13,000
14,000
15,000
16,000
17,000
18,000
19,000
20,000
1Q11 1Q12
Net Income andNet Margin
(R$ '000)
EBITDA and Debt
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EBITDA grew 1.4% to reach R$ 21.3 million, with EBITDA margin climbing to 32.2%.
Most of Unicasa’s loans are long term and taken only from top-tier banks and BNDES. Gross debt at the end of
March totaled R$ 6.5 million, of which 16.9% consisted of short-term debt (R$ 1.1 million) and 83.1% consisted
of long-term debt.
² Last 12 months
R$ '000 1Q12 1Q11 Δ
Net Income for the Period 13,968 13,830 1.0%
(-) Income Tax and Social Contribution (7,379) (7,228) 2.1%
(-) Financial Result 2,145 1,679 27.8%
EBIT 19,202 19,379 -0.9%
(-) Depreciation and Amortization (2,108) (1,631) 29.2%
EBITDA 21,310 21,010 1.4%
EBITDA Margin 32.2% 32.1% 0.1 p.p.
R$ '000 1Q12 2011 Δ
Short Term Debt 1,131 1,115 1.4%
Long Term Debt 5,394 5,688 -5.2%
Gross Debt 6,525 6,803 -4.1%
Cash and Cash Equivalents 6,309 12,454 -49.3%
Net Debt 216 (5,651) -
EBITDA (LTM²) 80,745 80,445 0.4%
Net Debt/EBITDA (LTM²) 0.00 (0.07) -
Capex and ROIC
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CAPEX
After the investments of R$30.3 million made during the course of 2011, Unicasa continues to invest in its
operations to sustain the expansion of its business and maintain its production infrastructure up to date with
the latest technologies available in the market.
In 1Q12, investments in its manufacturing unit totaled R$ 2.0 million, of which R$ 0.6 million (30.0%) was
invested in installations and improvements at its production infrastructure, R$ 1.2 million (60.0%) in machinery
and equipment, and R$ 0.2 million (10.0%) in new show rooms for the New and Telasul brands.
ROIC
Unicasa’s net ROIC decreased from 34.8% in 1Q11 to 28.0% in 1Q12, mainly due to the higher capital
invested in 1Q12, mainly in accounts receivable on account of the repositioning.
² Last 12 months
R$ '000 1Q12 1Q11 Δ
EBIT (LTM²) 73,201 69,067 6.0%
Average of Operating Assets 185,571 138,066 34.4%
ROIC 39.4% 50.0% -10.6 p.p.
Effective IR + CSLL rate (LTM²) -29.1% -30.4% 1,3 p.p.
ROIC, Net 28.0% 34.8% -6,8 p.p.
Shareholding structure after the IPO
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*As announced to the market on April 30, Squadra Investimentos Gestão de Recursos Ltda. and a Squadra Investments
Gestão de Recursos Ltda. acquired material shareholding interest of about 5.58% and, as announced on May 3, BTG Pactual
Asset Management S/A acquired material shareholding interest of 5.13%.
Unicasa Móveis
Alexandre Grendene Bartelle
Frank Zietolie Others Free Float*
39.78%8.62% 5.60% 46.00%
Investor Relations Team
Paulo Junqueira
Chief Financial and Investor
Relations Officer
Alisandra Matos
IR Analyst
Telephone: (54) 3455-4425
E-mail: [email protected]
Website: http://unicasamoveis.com.br/ri
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