2q18 and 1h18 results -...
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2Q18 and
1H18 Results
Conference call
July 27, 2018
9:30 a.m. (Eastern Time)
10:30 a.m. (Brasilia Time)
2
This presentation contains statements that can represent expectations
about future events or results. These statements are based on certain
suppositions and analyses made by the company in accordance with its
experience, with the economic environment and market conditions, and
expected future developments, many of which are beyond the company’s
control. Important factors could lead to significant differences between
real results and the statements on expectations about future events or
results, including the company’s business strategy, Brazilian and
international economic conditions, technology, financial strategy,
developments in the footwear industry, conditions of the financial market,
and uncertainty on the company’s future results from operations, plans,
objectives, expectations and intentions – among other factors. In view of
these aspects, the company’s results could differ significantly from those
indicated or implicit in any statements of expectations about future
events or results.
Disclaimer
3
Basis for the distribution of dividends – 1H18 R$
Net profit for the period 221,862,014.69
( - ) Tax incentives reserve (90,896,778.07)
Legal reserve calculation basis 130,965,236.62
( - ) Legal reserve – 5% (6,548,261.83)
Basis for the dividend for the period up to June 30, 2018 124,416,974.79 1
( - ) 1st interim dividend (90,731,045.64) 1
Balance of dividends payable, 2Q18 33,685,929.15 1
Total dividends proposed by management 33,685,929.15 1
Mandatory dividends (R$124.416.974,79 x 25%) 31,104,243.70
Dividend proposed in addition to the minimum mandatory 93,312,731.09
Sum 124,416,974.79
1 Dividend will be paid “ad referendum” of the Annual General Meeting that will examine the balance sheet and financial
statements for the 2018 fiscal year.
Dividends
4
Dividends
Dividend proposed
DividendDate
approved
Ex-dividend
date
Date of start
of payment
Gross amount
R$
Gross amount
per share R$Net amount R$
Net amount per
share R$
Dividend 1 e 2 Apr. 26, 2018 May 8, 2018 May 23, 2018 90,731,045.64 0.100570903 90,731,045.64 0.100570903
Dividend 1 Jul. 26, 2018 Aug. 7, 2018 Aug. 22, 2018 33,685,929.15 0.037418208 33,685,929.15 0.037418208
Soma 124,416,974.79 0.137989111 124,416,974.79 0.137989111
1 Dividend approved “ad referendum” of the Annual General Meeting that will examine the balance sheet and financial statements
for the 2018 fiscal year.
2 Amount per share adjusted to the split approved at the Extraordinary General Meeting of April 23, 2018.
5
Receita bruta
Consolidada
Domestic market: R$ 416.5 million 0.6%
Exports: R$ 127.9 million 5.0%
Exports: US$ 35.5 million (6.4%)
Lucro líquido
ConsolidadoR$ 65.8 million (28.4%)
EBITR$ 62.2 million 8.7%
Margin 13.9% 0.9 p.p.
Câmbio Positive impact: R$ 13.9 million
VolumeDomestic market: 24.7 million pairs 2.4%
Exports: 8.3 million pairs (10.5%)
Preço médio
Domestic Market R$ 16.86 (1.7%)
ExportsR$ 15.49 17.3%
US$ 4.30 4.6%
Highlights 2Q18 (YOY 2017)
Exchange
Gross revenue
per pair
Net profit
EBIT
Volumes
Gross revenue
6
Gross sales revenue
– Domestic Market (DM) and exports
Analysed by effect of volume, mix and gross revenue per pair
536.0 530.5 544.49.8 (7.5) (12.8) 5.0
13.9
0
100
200
300
400
500
600
Grossrevenue -
2Q17
Volumeeffect - DM
Mix/Grossrevenue perpair effect -
DM
Volumeeffect -Exports
Mix/Grossrevenue perpair effect -
Exports
Grossrevenue
without FXeffect
FX effect -Exports
Grossrevenue -
2Q18
R$
millio
n
Average US dollar: 2Q17 = R$3.2137 / 2Q18 = R$3.6056 - ∆ 12.2%
7
Performance
– Compound average growth rate (CAGR):
R$ million 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 2Q18 CAGR
Gross revenue 286.9 371.7 391.0 307.2 412.6 504.7 488.7 462.1 499.2 536.0 544.4 6.6%
Change Y-o-Y 29.6% 5.2% (21.4%) 34.3% 22.3% (3.2%) (5.4%) 8.0% 7.4% 1.6%
Net profit 42.4 57.3 38.0 36.9 59.5 66.2 72.4 86.8 93.0 92.0 65.8 4.5%
Change Y-o-Y 35.2% (33.7%) (3.1%) 61.4% 11.2% 9.4% 19.8% 7.2% (1.1%) (28.4%)
R$ million 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 2Q18 CAGR
Advertising
expenses19.8 19.8 19.9 20.0 28.5 26.7 26.2 21.3 25.1 25.9 23.8 1.8%
% of net revenue 9.1% 6.7% 6.5% 8.2% 8.6% 6.6% 6.6% 5.6% 6.2% 5.9% 5.3%
8
440.1 446.12.3 6.9 (0.8) 0.4 (2.8)
0
50
100
150
200
250
300
350
400
450
500
Net salesrevenue -
2Q17
Increase ingross revenue
- DM
Increase ingross revenue
- Exports
Reintegra Increase insales returnsand taxes on
sales
Increase indiscountsgranted to
clients
Net salesrevenue -
2Q18
R$ m
illio
n
5.5% 0.6%
Net sales revenue
0.6%
Increase in Exports revenue = R$ 6.1 mn / 5.0%
(35.9%) 14.8%
Increase in deductions from sales = (R$ 2.4 mn) / 2.5%
9
197.9 196.36.0 (2.5) (2.6) (2.5)
0
50
100
150
200
250
Gross profit -2Q17
Increase in netsales revenue
Increase rawmaterials
Increasepersonnel costs
Increase othercosts
Gross profit -2Q18
R$ m
illio
n
Increase COGS = (R$ 7.6 mn) / 3.1%
2.4% 5.5%
Gross profit
1.4% 2.7%
10
EBIT
57.2
62.2
(1.6) 2.1 0.4
4.1
0
10
20
30
40
50
60
70
EBIT - 2Q17 Increase grossprofit
Advertising andpublicity
Operatingexpenses
Other operatingincome /expenses
EBIT - 2Q18
R$ m
illio
n
(8.1%) (0.4%)
Decrease operating expenses = R$ 6.6 mn / (4.7%)
11
Net financial revenue (expenses)(R$ ‘000) 2Q17 2Q18 Change % Change R$
Interest received from clients 670 611 (8.8%) (59)
Revenue from cash investments 44,736 35,810 (20.0%) (8,926)
Other financial revenues 753 1,429 89.8% 676
Subtotal 46,159 37,850 (18.0%) (8,309)
Costs of financings (2,290) (2,957) 29.1% (667)
Cofins and PIS taxes on Financial revenues (2,290) (1,849) (19.3%) 441
Other financial expenses (963) (1,045) 8.5% (82)
Subtotal (5,543) (5,851) 5.6% (308)
Net financial revenues (expenses) (1) 40,616 31,999 (21.2%) (8,617)
Revenue from FX derivatives – BM&FBovespa 1,472 1,607 9.2% 135
Foreign exchange gains 9,941 31,113 213.0% 21,172
Subtotal 11,413 32,720 186.7% 21,307
Op, expenses on FX derivatives – BM&FBovespa (3,194) (30,171) 844.6% (26,977)
Expenses of FX variation (5,707) (26,479) 364.0% (20,772)
Subtotal (8,901) (56,650) 536.4% (47,749)
Net gain (loss) on FX variations (2) 2,512 (23,930) (1,052.6%) (26,442)
Adjustments to present value (APV) 16,186 11,693 (27.8%) (4,493)
Financial result – APV (3) 16,186 11,693 (27.8%) (4,493)
Net financial revenues (expenses) (1) + (2) + (3) 59,314 19,762 (66.7%) (39,552)
12
92.0
65.8
5.0 (39.6)
8.4
0
20
40
60
80
100
120
Net profit - 2Q17 Increase EBIT Net financial result Taxes Net profit - 2Q18
R$ m
illio
n
(66.7%)
Net profit
8.7%
(34.3%)
Decrease Net profit = (R$ 26.2 mn)
13
Receita bruta
Consolidada
Domestic market: R$ 922.6 million 4.3%
Exports: R$ 285.5 million 5.0%
Exports: US$ 83.4 million (2.6%)
Lucro líquido
ConsolidadoR$ 221.9 million (15.9%)
EBITR$ 182.6 million 9.4%
Margin 18.4% 0.8 p.p.
Câmbio Positive impact: R$ 20.5 million
VolumeDomestic Market: 54.2 million pairs 6.2%
Exports: 19.2 million pairs (4.9%)
Preço médio
Domestic market R$ 17.04 (1.8%)
ExportsR$ 14.84 10.4%
US$ 4.33 2.4%
Highlights 1H18 (YOY 2017)
Exchange
Gross revenue
per pair
Net profit
EBIT
Volumes
Gross revenue
14
Gross sales revenue
– Domestic Market (DM) and exports
Analysed by effect of volume, mix and gross revenue per pair
1,156.91,187.6 1,208.155.1 (17.4) (13.3) 6.3 20.5
0
200
400
600
800
1.000
1.200
1.400
Grossrevenue -
1H17
Impactvolume - DM
Mix/Grossrevenue perpair effect -
DM
Impactvolume -Exports
Mix/Grossrevenue perpair effect -
Exports
Grossrevenue
without FXeffect
FX effect -Exports
Grossrevenue -
1H17
R$
millio
n
Average US dollar: 1H17 = R$3.1783 / 1H18 = R$3.4247 - ∆ 7.8%
15
Performance
– Compound average growth rate (CAGR):
R$ million 1H08 1H09 1H10 1H11 1H12 1H13 1H14 1H15 1H16 1H17 1H18 CAGR
Gross revenue 618.2 743.2 847.6 699.3 908.1 1,108.3 1,104.2 1,100.6 1,065.8 1,156.9 1,208.1 6.9%
Change Y-o-Y 20.2% 14.1% (17.5%) 29.8% 22.0% (0.4%) (0.3%) (3.2%) 8.5% 4.4%
Net profit 83.4 121.6 84.9 100.4 141.5 168.5 168.9 223.7 236.6 263.7 221.9 10.3%
Change Y-o-Y 45.8% (30.1%) 18.2% 41.0% 19.1% 0.2% 32.4% 5.8% 11.5% (15.9%)
R$ million 1H08 1H09 1H10 1H11 1H12 1H13 1H14 1H15 1H16 1H17 1H18 CAGR
Advertising
expenses37.2 38.5 38.3 38.7 58.4 59.5 52.5 45.2 47.5 47.0 45.3 2.0%
% of net revenue 7.7% 6.4% 5.6% 6.9% 8.0% 6.7% 5.9% 5.0% 5.4% 4.9% 4.6%
16
950.3991.937.7 25.3 (11.4) (0.4) (6.0) (3.6)
0
200
400
600
800
1.000
1.200
Net salesrevenue -
1H17
Increasegross
revenue -DM
Increasegross
revenue -Exports
Exports taxincentive
Reintegra Increase insales returnsand taxes on
sales
Increase indiscountsgranted to
clients
Net salesrevenue -
1H18
R$ m
illio
n
9.9% 3.6%
Net sales revenue
4.3%
Increase export revenue = R$ 13.5 mn / 5.0%
(8.9%) 8.4%
Increase deduction from sales = (R$ 9.6 mn) / 4.6%
17
445.0 455.541.7 (9.0) (11.9) (10.3)
0
100
200
300
400
500
600
Gross profit -1H17
Increase in netsales revenue
Increase rawmaterials
Increasepersonnel costs
Increase othercosts
Gross profit -1H18
R$ m
illio
n
Increase COGS = (R$ 31.2 mn) / 6.2%
4.1% 11.4%
Gross profit
4.4% 6.0%
18
EBIT
166.9
182.610.5 1.7 (5.4) 8.9
0
20
40
60
80
100
120
140
160
180
200
EBIT - 1H17 Increase grossprofit
Advertising andpublicity
Operatingexpenses
Other operatingincome /expenses
EBIT - 1H18
R$ m
illio
n
(3.6%) 2.4%
Decrease operating expenses = R$ 5.2 mn / (1.9%)
19
Net financial revenue (expenses)(R$ ‘000) 1H17 1H18 Change % Change R$
Interest received from clients 1,113 1,120 0.6% 7
Revenue from cash investments 96,800 69,667 (28.0%) (27,133)
Other financial revenues 1,779 3,301 85.6% 1,522
Subtotal 99,692 74,088 (25.7%) (25,604)
Costs of financings (5,143) (5,342) 3.9% (199)
Cofins and PIS taxes on Financial revenues (4,814) (3,582) (25.6%) 1,232
Other financial expenses (1,928) (2,076) 7.7% (148)
Subtotal (11,885) (11,000) (7.4%) 885
Net financial revenues (expenses) (1) 87,807 63,088 (28.2%) (24,719)
Revenue from FX derivatives – BM&FBovespa 16,782 10,740 (36.0%) (6,042)
Foreign exchange gains 18,769 48,285 157.3% 29,516
Subtotal 35,551 59,025 66.0% 23,474
Op, expenses on FX derivatives – BM&FBovespa (6,848) (34,036) 397.0% (27,188)
Expenses of FX variation (16,443) (44,064) 168.0% (27,621)
Subtotal (23,291) (78,100) 235.3% (54,809)
Net gain (loss) on FX variations (2) 12,260 (19,075) (255.6%) (31,335)
Adjustments to present value (APV) 36,427 28,353 (22.2%) (8,074)
Financial result – APV (3) 36,427 28,353 (22.2%) (8,074)
Net financial revenues (expenses) (1) + (2) + (3) 136,494 72,366 (47.0%) (64,128)
20
263.7
221.9
15.7 (64.1)
6.6
0
50
100
150
200
250
300
Net profit - 1H17 Increase EBIT Net financial result Taxes Net profit - 1H18
R$ m
illio
n
(47.0%)
Net profit
9.4%
(16.4%)
Decrease net profit = (R$ 41.8 mn)
21
Thank You!
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