institutional presentation -...
TRANSCRIPT
This presentation may contain forward-looking statements which are inherently difficult to predict. Actual results could
differ materially for a variety of reasons. Forward-looking statements speak only as of the date they are made and the
Company does not assume any obligation to update them in light of new information or future developments.
This material is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy
or sell any securities or related financial instruments. Likewise it does not give and should not be treated as giving
investment advice. It has no regard to the specific investment objectives, financial situation or particular needs of any
recipient.
No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability
of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own
judgment.
Certain percentages and other amounts included in this document have been rounded to facilitate its presentation. Thus,
numbers presented as total in some tables may not represent the arithmetic sum of the numbers that precede them and
may differ from those presented in the financial statements.
Disclaimer
2
4
Purpose and Values
We believe that each person can make a difference in others lives and we exist to nurture
relationships that bring more flavor to the everyday life.
Our Purpose
Our Values
TrustWe honor our commitments with seriousness and discipline. We value transparency in our relationships, and
for that, we aim to gain respect and trust.
EntrepreneurshipWe believe in those who dream with the effort and courage of who realize their dreams. This is the driving
force for entrepreneurship and growth with profitability.
EnthusiasmWe express joy, vitality and energy in our everyday life.
Therefore, we inspire people.
ResponsibilityWe prioritize ethics and high quality standards in everything we do. This way we seek to ensure the
sustainability of our business and of the environment, going beyond results.
ProximityWe build strong partnerships as a way of establishing deep lasting relationships with all stakeholders:
consumers, customers, employees and suppliers.
5
Camil’s IPO
Camil successfully completed its Initial Public Offering on September 2017
Ownership Structure
on February 2018IPO Highlights
Camil is listed on B3’s
Novo Mercado segment, the highest level
of corporate governance
R$9.00 / sharePriced on September 26, 2017
41.0 million ONs Primary Offering
86.5 million ONsSecondary Offering
R$1.2 billionOffering Size
R$357.0 millionNet proceeds from Primary Offering
Camil Investimentos;
56.0%
Warburg Pincus; 8.6%
Management and controlling
shareholders; 4.3%
Treasury stocks; 0.7%
Free Float; 30.4%
Main Brands and Segments
Leading position in all operating markets
– #1 processor and distributor of rice in Brazil (Camil brand)
– #1 processor and distributor of rice in Uruguay (Saman brand)
– #1 processor and distributor of rice in Chile (Tucapel brand)
– #1 processor and distributor of rice in Peru (Costeño brand)
– #1 player in refined sugar in Brazil (União brand)
– #1 player in the canned sardine and #2 in the canned tuna market in Brazil (Coqueiro and Pescador brands)
29 processing facilities and 18 distribution centers distributed throughout LatAm
Reaches more than 20,000 direct and 285,000 indirect sales points in Brazil
Exports to more than 50 countries
6
Camil at a Glance
Founded in 1963, Camil is a leading food company in Latin America with a diversified portfolio
of several brands in rice, beans, canned fish and sugar
Highlights
Grains Sugar Canned Fish
Leadership positioning in all segments and countries in which it operates,
Camil is one of the largest food companies in Brazil
Notes:
(1) Santa Cruz plant produces both rice and sugar
(2) Considers both plants operated by Raízen
(3) Market shares referring to total Camil Company brands
(4) Company’s market share in the Rice Market only
(5) Nielsen Retail Index – Apr17 - Mar18
(6) Comisión Sectorial del Arroz – Mar17 - Feb18. Local Internal Market Share. Export Market Share is 48% (#1 player)
(7) Nielsen Chile – Mar17 - Feb18
(8) Top of mind – Sugar Kantar Nov16 / Rice and Fish Ipsos Nov17
(9) Kantar Worldpanel Peru – Apr17 - Mar18
Processing and Distribution Platform
Rice Processing Facilities: 23 (81
in Brazil)
Fish Processing Facilities: 2
Sugar Packaging Facilities: 41,2
Distribution Centers: 18 (8 in Brazil)
Rice Producing Regions
Beans Producing Regions
Grains Sugar Fish
Brazil3 Uruguay Chile Peru
Grains
Business Divisions Overview
Brands
Market Share1st
8.1%4,5
1st
35.2%5
2nd
40.5%6
2nd
43.8%5
2nd
24.3%5
Sardine Tuna
1st
49.1%9
1st
32.9%7
Net Revenue
(Feb-18)
Facilities
Top of
Mind860% 84%
47%
Sardine
37%
Tuna
n.a. 50% 72%
EBITDA
(Feb-18)
Processing
& Packaging
8 plants
4
packing
plants
2 plants 8 plants 3 plants 3 plants
Diversification across 3 products categories
R$1,3 bi
(29% of total)
7
(Uruguay)
(Argentina)(Chile)
(Peru)
R$3,3 bi
(71% of total)
R$142 mn
(29% of total)
R$347 mn
(71% of total)
Foundation, in the
city of Itaqui-RS
1963
Pioneer in distributing
packed rice (migration
from rice in bulk)
1974
Inauguration of the
distribution center in SP
1975
Beans
commercialization
1987
Acquisition of SAMAN
Brazil in Pernambuco
2001
Acquisition of
Camaquã plant in RS
2002
Logistics expansion: new
subsidiaries in North and
Northeast regions
2005
Acquisition of
in Uruguay
2007
Acquisition of Rio
Grande plant
20082009
Acquisition of
in Chile
Acquisition of the brand
Bom Maranhense
2010 2011 2012 2013
Marketing
Structuring
2014
Acquisition of
in Peru
60’s: Foundation 80’s: Organic Expansion 90’s: Professionalization 2000’s: Acquisitions
8
Camil’s Timeline
Present for more than 50 years in brazilian everyday life, Camil grew in South America grains segment and
expanded its portfolio into new categories
2017
Camill’s
IPO
2017: IPO
Acquisition of canned
fish and Costeño
Acquisition of
sugar category
FishSugar
Grains - InternationalGrains - Brazil
9
Complementary product portfolio composed of high value
added items
Value addedBiscuits
Core
Main products across the segments that Camil operates
Notes:
(1) Considers 12 months ended on February for 2010 and 2017
(2) Market share figures for Camil as a Company for the Brazilian market
(3) Nielsen Retail Index – Apr17 - Mar18
(4) Nielsen Scantrack - Apr17 - Mar18
(5) Top of mind – Sugar Kantar Nov16 / Rice and Fish Ipsos Nov17
20101
20171
R$1,407 million
R$142 million
n.a.
R$4,663 million
R$490 million
Rice: 8.1%3
Beans: 6.8%4
Sugar: 35.2%3
Sardine: 43.8%3
Tuna: 24.3%2
2
4
5
1 Net Revenue
EBITDA
Market Share2
Top of Mind (Brazil)5
Rice: 60%
Beans: 53%
Sugar: 84%
Sardine: 47%
Tuna: 37%
Rice: n.a.
Beans: n.a.
Sugar: n.a.
Sardine: n.a.
Tuna: n.a.
10
Iconic performance supported by the creation of a leading
brand portfolio
Since its IPO attempt in 2011, Camil expanded its portfolio to the sugar and canned fish categories,
and more than tripled its revenue and EBITDA
9.9% 15.7%3 ROIC
Despite the slowdown in the Brazilian economy, Camil posted solid results maintaining EBITDA margin over +10%
Even in a challenging environment,
Camil was able to post double-digit
growth, maintaining profitability
11
Solid Business Model with Stable and Resilient Margins
Net Revenue by Segment
CAGR+15%
Camil: Net Revenue (R$mn)
EBITDA Evolution (R$mn) Net Profit Evolution (R$mn)
168,6
126,6 141,7
209,1
312,7
375,3 360,1
422,9
547,0 489,9 22,9% 23,0%
24,2%
27,1%
24,1% 24,5%23,2%
24,5% 24,7% 24,7%
11,1%
9,6% 10,1%
11,7% 11,3%10,5%
9,8% 10,0%11,1% 10,5%
R$50
R$150
R$250
R$350
R$450
R$550
R$650
12M08 12M09 12M10 12M11 12M12 12M13 12M14 12M15 12M16 12M17EBITDA Gross Margin EBITDA Margin
Net Profit Evolution (R$mn)
5874
5674
137124
105 111
202
2513,8%
5,6%
4,0% 4,1%4,9%
3,5%2,9% 2,6%
4,1%
5,4%
11,1%
9,6% 10,1%
11,7% 11,3%10,5%
9,8% 10,0%11,1%
10,5%
R$0
R$50
R$100
R$150
R$200
R$250
R$300
R$350
R$400
R$450
12M08 12M09 12M10 12M11 12M12 12M13 12M14 12M15 12M16 12M17Net Income Net Margin EBITDA Margin
R$20
R$40
R$60
R$80
R$100
R$120
R$140
R$160
R$180
CAGR+20%
CAGR+14%
Notes:
Company fiscal year begins in March and ends in February of the following year (inclusive).
24.5%23.2%
24.5% 24.7% 24.7%
941.6 1,075.2
1,293.6
1,264.5
1,331.5
2,639.9 2,600.6 2,935.3
3,683.3 3,331.4
R$800
R$1,300
R$1,800
R$2,300
R$2,800
R$3,300
R$3,800
R$4,300
R$4,800
R$5,300
12M13 12M14 12M15 12M16 12M17
Food Products Brasil Food Products International Gross Margin
Iconic Brand Recognition… …Leading to a Leadership Position in all Sectors & Regions1
13
Brazil – RICE2
#1 8.1%
#2 Player 2 5.1%
#3 Player 3 4.5%
Peru – RICE3
#1 49.1%
#2 Player 2 5.1%
#3 Player 3 4.5%
Chile – RICE5
#1 32.9%
#2 Player 2 17.2%
#3 Player 3 (PLs) 43.5%
Brazil – REFINED SUGAR2
#1 35.2%
#2 Player 2 18.5%
#3 Player 3 12.0%
Brazil – SARDINE2
#1 Player 1 45.4%
#2 43.8%
Brazil – TUNA2
#1 Player 1 58.6%
#2 24.3%
Uruguay – RICE4
#1 48.0%
#2 Player 2 40.5%
Percentage values indicate market
share in terms of volume.
Market leader in São Paulo City:
Rice 36.2% market share
Rice: 65% Top of Mind in São Paulo
One of the most complete line of
products: More than 10 variations of
grains, including ready to eat
One of the most complete line of
products: traditional and new
segments (i.e. “Fit” sugar, Sucralose,
Naturals)
Top of Mind leader (84%)
“Top-5 Suppliers” Award (#1)
Complete line of products: Tuna,
Sardines, Tuna Sauces and Pâtés
47% Top of Mind in Sardine and
37% in Tuna
“Top-5 Suppliers” Award
(Sardine #1; Tuna #2)
Market Leader with Iconic Brand Recognition
Notes:
(1) Market shares referring to total Camil Company brands
(2) Nielsen Retail Index – Apr17 - Mar18
(3) Kantar Worldpanel – Apr17 - Mar18
(4) Comisión Sectorial del Arroz – Mar17 - Feb18. 40,5% for Local Internal Market Share (#2 player)
(5) Nielsen – Mar17 - Feb18. Player 3 includes private label volumes
União: Brand of strong emotional bond, preferred by consumers and with greater perception of value!
35.2%
72%
Unique Footprint
150,000 points of sale
reaching big part of the
population
Wide presence across all
States of Brazil
Pricing Power3
"Brand of sugar": higher
prices compared to the
main competitors³
Market Leadership Absolute Leadership
Total Company refined
sugar brands have 35%¹
market share
Unique Brand One of the most
traditional and valuable
brands in Brazil
84%² of Top of Mind
Market Share(1)
14
Sugar | Case Study
Notes:
(1) Nielsen | Retail Index – Apr17 – Mar18
(2) Top of mind – Kantar – Nov16
(3) União Refinado 1kg. Source Nielsen | Retail index – Feb/Mar18
+14%
114
100
Main Competitor
Sugar price
One of the most recognized
brands in Brazil
One of the 30 most loved brands
in 2013
1º
15
Unique
Marketing
Efforts
Innovation
Strategy and
Execution in
the POS
A
B
C
Relevant brand positioning
Powerful consumer engagement
platforms
Impactful Live marketing/
promotional initiatives
Clear Price-Portfolio Strategy
Brand leverage through culinary
programs and specialists
Sell-out Incentives:
High Visibility,
Promotions, MPOS;
Execution:
New Shopper
Experience
Brand value creation
Halo Effect on the Core Brand
Margin accreative
Improved Go-to-Market Strategy
8.1
5.14.5
3.5
Camil Player 1 Player 2 Player 3
105,2
100
Camil Others
Premium Price Compared to Competitors2SP
26%
MG
11%
RJ
10%BA
6%
RS
5%
Others
42%
National
Grains
Market
Camil is Market Leader in Brazil
Camil has 8.1%1
of
the Brazilian rice
market, which is
highly fragmented
Notes:
(1) Nielsen Retail Index - Apr17 - Mar18
(2) Nielsen Retail Index - Mar18. Considers only non-premium brands16
Market share of rice in the Brazilian market (%)
Camil's unique brand awareness leads to a
Unusual combination of market leadership and pricing power
+5,2%
Rice price in Brazil (base 100)
Rice | Case Study
17
Rice | Broad Product Portfolio
Tailored product offering for targeted consumer segments across Brazil
Premium
Uppermainstream
Mainstream
Value Priced Products
Notes:
(1) White rice price index Nielsen Retail Index - Mar18
(2) Nielsen Scantrack - Mar18
(3) Price index for Pop brand only Mar18
Avg. national prices
Avg. regional prices
95³
111 100
112
129²
Portfolio Camil¹Product Portfolio - Breakdown
Avg market
selling price
129
Avg market
selling price
111
Avg market
selling price
101
Avg market
selling price
93
Product Shelving
18
Unique Distribution Platform
36%
100%
36%
24%
4%
Key Accounts Grocery Stores Wholesales Distributors Total Sales
Selected Accounts / Retailers
Selected Wholesale Stores
Sales Breakdown per Distributors (2017)
Despite its long-standing relationship with the main Brazilian
retailers (key accounts) and wholesalers, Camil distribute 40% of its
sales through grocery stores and distributors
Grain
s
Brand
Su
gar
Fish
Production 19
Agriculture
Processing
Packing
Distribution
Marketing
Origination
Solid Business Model
–
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
-
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
100.00
jan-06
set-0
6
mai-07
jan-08
set-0
8
mai-09
jan-10
set-1
0
mai-11
jan-12
set-1
2
mai-13
jan-14
set-1
4
mai-15
jan-16
set-1
6
mai-17
Since 2006, Camil maintained gross margin of 22.5% - 28.0%,
mainly due to its weekly pricing capacity
Business Model: Proven Cost Transfer Capability (rice case)
Notes:
(1) Adjusted by the monthly inflation of the period (Jan/2006 – Feb/2017)
(G
ro
ss m
arg
in
)
Average
sale price
(R$/30kg)
Average
cost
(R$/30kg)
Sale / CostGross
marginYear
2006
37.0 22.3 1.7x 25.4%
2007
39.4 22.7 1.7x 27.9%
2008
42.0 24.8 1.7x 25.9%
2009
53.9 34.2 1.6x 24.9%
2010
51.0 30.8 1.7x 24.6%
2011
50.5 28.6 1.8x 25.1%
2012
45.5 25.1 1.8x 27.2%
2013
55.8 34.4 1.6x 26.3%
2014
59.2 35.5 1.7x 22.8%
2015
63.5 36.9 1.7x 24.2%
2016
67.3 37.4 1.8x 24.5%
80.5 46.5 1.7x 24.7%
20
Solid Business Model with Stable and Resilient Margins
Subtitle
Average purchase price (CIF - R$/30kg)
Gross margin (% net revenue)Average selling price (CIF - R$/30kg)
Adjusted selling price (1)
(CIF - R$/30kg)
2005
25%
11%10%
6%5% 5%
4% 4% 4%3%
23%
SP MG RJ BA RS PR PE CE GO PA Others
Distribution of Grain Sales by Brazilian State (% value)
Metropolitan regions – expansion to countryside
Minas
Gerais
São
Paulo
High potential to consolidate leadership towards
countryside
Expansion to white areas……Coupled with consolidation of the Brazilian grains
market
Unique opportunity to consolidate the fragmented Brazilian rice market....
8.1%
5.1%4.5%
3.5%
Player 2 Player 3 Player 4
1º
…with additional expansion opportunities in the also fragmented bean market
Even in regions where it is the absolute
leader, there is still potential for
expansion as brand penetration is not
homogeneous in each state
Notes:
(1) Rice Nielsen Retail Index Apr17 - Mar18
(2) Beans Nielsen Scantrack Apr17 - Mar18 21
1
Rice
Bean
s
IV III
II
VI
I
V
36%
15%
2%
10%
1%
10%
IV III
II
VI
I
V
19%
7%
1%
2%
0,2%
7%
8.0%
6.8%
5.3%4.9%
Player 1 Player 3 Player 4
2º
Unique position to consolidate Brazilian rice and beans markets
Backed by
Private Equity
Acquisitions
history
Player 2
Player 3
Player 4
% of total rice market share1
Rice Market Share
Beans Market Share
Clear and Tangible Avenues for Expansion
VII
1%
VII
3%
Source: Camil - Considers the amounts accumulated in the 12-month period up to the highlighted date.
% of total beans market share1
22
Clear recovery opportunities in the sugar and fish markets
and expansion to new categories in South America
Consolidation in
the Fish Market in
Brazil
3
International
Geographic
Expansion
5
Entry into new markets
and long-term opportunity
for entry into new
categories Focus Regions for
Expansion
New Markets
5.4%
2.5% 1.9%
Solid Growth Perspective
Rice sales CAGR 2016-2021
ArgentinaPeru ColômbiaNotes:
(1) Bimonthly Nielsen Retail Index
Expansion to
New Categories
4
Pasta - R$8.1 billion
Coffee - R$19.7 billion
Flour- R$12.5 billion
Additional Potential Market Rated
at + R$40 billion
2%
6%
4%
88%
Pasta Coffee Farinaceous
Camil's unique
distribution network
enables products to
expand into other
growing markets
Total Market Packaged Foods
R$342bi
Market share - actual
Tuna Market Share1
(%)Sardine Market Share1
(%)
Fine Sugar Market Share Evolution1
(%)
Recovery in the
Sugar Market in
Brazil
2
Clear and Tangible Avenues for Expansion
39.7% 34.3% 34.0% 36.5% 36.1% 37.7% 40.2% 36.7% 36.2% 34.8% 34.5% 37.0% 36.0% 33.0%
Dec/Jan'16 Feb/Mar'16 Apr/May'16 Jun/Jul'16 Aug/Sep'16 Oct/Nov'16 Dec/Jan'17 Feb/Mar'17 Apr/May'17 Jun/Jul'17 Aug/Sep'17 Oct/Nov'17 Dec/Jan'18 Feb/Mar'18
43.4% 43.5% 42.1%22.6% 22.7% 22.9%
Camil record share was 25.9% in Nov 2017. Camil expects to reduce
share gap to its main competition, reaching 34.7% until 2020, which
represents an additional volume of 5 thousand tones per year
Camil record share was 45,5% in May 2017. Camil expects to reach
46.5% market share until 2020, consolidating its leadership position
with an additional volume of 10 thousand tones per year
Market Share
23
Solid Corporate Governance
Jairo Quartiero
(Chairman)
Piero
Minardi
Alain
Belda
Thiago
Quartiero
Jacques
Quartiero
José Fay
(Board Member at J.Macedo
former CEO of BRF)
Carlos Júlio
(Former CEO of Tecnisa
and HSM do Brasil)
Founding
Family
Warburg
Pincus
Independent
Members
Corporate Governance
Camil has high levels of controls and corporate governance, being supported by
independent board members for +10 years and being audited for +15 years (big 4)
Listing on Novo Mercado, highest
Corporate Governance standard at
B3
Common voting shares only
100% Tag along
2 or 20% of independent Board
Members
Minimum Free Float of 25%
OPA by fair value
Evaluation of Board of Directors,
Management, and Committees
Board of Directors
Since 2008, the Board of Directors
is responsible for general strategic
policies
2 independent Board Members
12 meetings/year on average
Election for unified terms of 2
years
Re-election is permitted.
Election date: June 2017
End of office: June 2018
24
All Camil's directors have
experience in their respective areas of expertise
25 25
Luciano Quartiero
CEO
Ex-CFO of Camil Alimentos
Post-Graduate in Finance from the University of California, USA and
MBA at IBMEC, Brazil
Graduated in Business Administration from PUC / SP, Brazil
3 23
Andréa Martins 1
Marketing Director
Former Director of the North-Northeast Business Unit at Mondelez
do Brasil Ltda.
Former General Manager of Kraft Foods Ecuador Ltd and different
positions in marketing at Kraft Foods Brasil Ltda.
Postgraduate in Business Administration from the University of
California, USA
Graduated in Social Communication from ESPM, Brazil
1 29
Pérsio Pinheiro 1
HR Director
Former Director of People, Management and Innovation Processes -
Ypê (Química Amparo)
Former Director of Organizational Development and HR
International - BRF S / A
MBA in Human Resources by FIA / USP
Graduated in Business Administration from FEA / USP
k
9 30
Previous experience in Casarin, Saman and Josapar companies in
the areas of sales and supplies
Graduated in Agricultural Engineering from Federal University
MBA FGV in Business Management and Marketing Management
André Ziglia
Supply Director
5 22
Max Sommerhauzer Vaz da Silva 1
Commercial Director
Former Commercial Director of Cosan S.A.
Former Commercial Manager and Marketing of Agricultural
Machines Jacto S.A.
Post-Graduate in Business Administration from FIA / USP
Graduated in Agronomy from Universidade Estadual Paulista UNESP
- Jaboticabal
Years of experience in Camil
Legend
Years of experience in the market
18 36
Jaime Ghisi
Logistics Director
Former Commercial Manager Mercosul Ferrovia ALL
Former Regional Superintendent of AGEF - General Warehouse
Customs Brokers
Graduated in Civil Engineering from PUC / RS, Brazil
Flavio Vargas, CFA
CFO and IR Director
Ex-CFO of Smiles S.A.
Ex-Director of Fleet and Treasury of Gol Linhas Aéreas S.A.
MBA, with honors, in Finance from NY University, Stern, EUA
Graduated in Mechanical Engineering from Escola Politécnica,
Universidade de SP, Brazil
1 20
Renato Gastaud1
LatAm Director
Former Superintendent and Industrial Director of Josapar
He has relevant experience in rice, market in which it has been
inserted for 39 years, of which 15 in Camil
Graduated in Agricultural Engineering at UFPEL / RS
15 39
Renato Costa 1
Industrial Director
Former Industrial Director of Kraft Heinz
He has relevant experience in the industrial area, having passed
through Suzano and Ambev, where for 16 years he held various
positions in logistics and management
Graduated in Mechanical Engineering from UMC and holds an MBA
in Marketing from FGV and in business management from IBMEC /
SP1 19
Notes:
(1) Non statutory directors.
Leadership with Wide Experience in the Sector…
25
Consolidated platform uniquely positioned for sustained organic growth
Camil has a consolidated and scalable distribution platform, positioning the company to leverage on the development of new segments and change in
consumers habits
8
High potential for inorganic growth
Leadership position across all segments the Company operates, coupled with its distribution platform, enabling fast and efficient integration of new
operations and capacity to capture synergies
9
Growth Avenues
Camil
Market leader with unique brand awareness4
Wide distribution network reaching close to 20k customers 5
Clear and tangible avenues for expansion and consolidation6
Seasoned management team backed by top-notch sponsorship7
Key Messages
Market
Resilient demand
The Company’s main market proves resilient to economic downturns as the consumption of rice and beans has a strong cultural appeal, being a pillar of
the Brazilians’ typical diet
1
Low exposure to fluctuations in commodities prices
The market dynamics differ materially from the general commodity market, as the quality perception and brand awareness are key factors in customers’
buying decision process
2
Weekly price pass-through
The grains and sugar retail markets present active price dynamics, with weekly price pass-through, ensuring stability of margins. The canned fish market
is going through a change in its price dynamics, in which price pass-through is becoming more frequent
3
27
Historical Financial highlights
Camil Consolidated Profitability Evolution
Notes:
Company fiscal year begins in March and ends in February of the following year (inclusive).
Profitability Evolution (R$mn)EBITDA Evolution (R$mn)
Net Profit Evolution (R$mn) Margin Profitability Evolution (% of Net Rev.)
168.6
126.6 141.7
209.1
312.7
375.3 360.1
422.9
547.0 489.9 22.9% 23.0%
24.2%
27.1%
24.1% 24.5%23.2%
24.5% 24.7% 24.7%
11.1%
9.6% 10.1%
11.7% 11.3%10.5%
9.8% 10.0%11.1% 10.5%
R$50
R$150
R$250
R$350
R$450
R$550
R$650
12M08 12M09 12M10 12M11 12M12 12M13 12M14 12M15 12M16 12M17EBITDA Gross Margin EBITDA Margin
11.1%9.6% 10.1%
11.7% 11.3% 10.5% 9.8% 10.0%11.1% 10.5%
3.8%5.6%
4.0% 4.1% 4.9%3.5% 2.9% 2.6%
4.1%5.4%
R$0
R$100
R$200
R$300
R$400
R$500
R$600
12M08 12M09 12M10 12M11 12M12 12M13 12M14 12M15 12M16 12M17
EBITDA Net Income EBITDA Margin Net Margin
22.9% 23.0%24.2%
27.1%
24.1% 24.5%23.2%
24.5% 24.7% 24.7%
11.1%
9.6% 10.1%
11.7% 11.3%10.5%
9.8% 10.0%11.1% 10.5%
3.8%
5.6%
4.0% 4.1%4.9%
3.5%2.9% 2.6%
4.1%5.4%
0%
5%
10%
15%
20%
25%
30%
12M08 12M09 12M10 12M11 12M12 12M13 12M14 12M15 12M16 12M17
Gross Margin EBITDA Margin Net Margin
5874
5674
137124
105 111
202
2513.8%
5.6%
4.0% 4.1%4.9%
3.5%2.9% 2.6%
4.1%
5.4%
11.1%
9.6% 10.1%
11.7% 11.3%10.5%
9.8% 10.0%11.1%
10.5%
R$0
R$50
R$100
R$150
R$200
R$250
R$300
R$350
R$400
R$450
12M08 12M09 12M10 12M11 12M12 12M13 12M14 12M15 12M16 12M17Net Income Net Margin EBITDA Margin
28
4Q17 and FY2017 Results
Financial Highlights
Notes:
(1) Comparisons refer to results ended on Feb 28, 2017 (4Q16 and 2016)
4Q17 Financial Highlights
Comparisons refers to 4Q16¹
R$1.1 billion Net Revenue ( -11.6%)
R$767 million Brazil Food Segment ( -18.6%)R$349 million International Food Segment ( +9.1%)
R$4.7 billion Net Revenue ( -5.8%)
R$3.3 billion Brazil Food Segment ( -9.6%)R$1.3 billion International Food Segment ( +5.3%)
R$285 million Gross Profit ( +1.6%)
25.% Gross Margin ( +3.3pp)
R$1.2 billion Gross Profit ( -5.8%)
24.7% Gross Margin (stable vs. 2016)
R$119 million EBITDA ( +21.9%)
10.7% EBITDA Margin ( +2.9pp)
R$490 million EBITDA ( -10.5%)
10.5% EBITDA Margin ( -0.6pp)
R$77 million Net Income ( +286.6%)
6,9% Net Margin ( +5.3pp)
R$251 million Net Income ( +24.4%)
5.4% Net Margin ( +1.3pp)
2017 Financial Highlights
Comparisons refers to 2016¹
29
Brazil Food Segment | Rice
4Q17 and FY2017 Results
Main
str
eam
We reviewed our pricing strategy and our product’s composition to
adjust the Company to a new market reality
Volume:
• 128.4 thousand tons on 4Q17 (-13.0%)
• 596.1 thousand tons on 2017 (-0.6%)
Raw material acquisition - average market prices:
• R$36.61/bag on 4Q17 (-25.7%)
• R$38.40/bag on 2017 (-18.6%)
Lower decrease in Camil’s gross prices vs. market prices:
• R$2.33 on 4Q17 (-11.3%)
• R$2.37 on 2017 (-8.3%)
Decrease in value priced brands volume
Increase in Camil’s brand volume
Rice Brazil – Market vs. Camil’s pricesRice prices – Brazilian Market (in R$/50kg)
Source: Esalq Senar Source: Esalq Senar, Company
Rice – Camil’s PortfolioRice – Main Highlights
The reduction in gross prices was lower than the decrease of market prices, as a result of Camil’s strategy to preserve profitability and
brand positioning in the market
Valu
e
Bra
nd
s
Notes:
(1) Comparisons refer to results ended on Feb 28, 2017 (4Q16 and 2016)
30
Brazil Food Segment | Beans
4Q17 and FY2017 Results
Beans – Camil’s PortfolioBeans – Main Highlights
Beans value priced category: distribution similar to rice
Beans Brazil – Market vs. Camil’s pricesBeans prices – Brazilian Market (in R$/60kg)
Source: Agrolink Source: Agrolink, Company
Volume:
• 16.4 thousand tons on 4Q17 (-14.9%)
• 72,4 thousand tons on 2017 (-4.7%)
Raw material acquisition - average market prices:
• R$98.90/bag on 4Q17 (-40.9%)
• R$132.13/bag on 2017 (-50.3%)
Lower decrease in Camil’s gross prices vs. market prices:
• R$3.23 on 4Q17 (-22.9%); and
• R$3.86 on 2017 (-31.9%).
Decrease in value priced brands volume
Increase in Camil’s brand volume
The reduction in gross prices was lower than the decrease of market prices, as a result of Camil’s strategy to preserve profitability and
brand positioning in the market
Main
str
eam
V
alu
e
Bra
nd
s
Notes:
(1) Comparisons refer to results ended on Feb 28, 2017 (4Q16 and 2016)
31
Brazil Food Segment | Sugar
4Q17 and FY2017 Results
The reduction in gross prices was lower than the decrease of market prices, as a result of Camil’s strategy to preserve profitability and
brand positioning in the market
União: absolute leadership with greater perception of value translated
in premium prices
Sugar – Camil’s PortfolioSugar – Main Highlights
Sugar Brazil – Market vs. Camil’s pricesSugar prices – Brazilian Market (in R$/50kg)
Source: Esalq Senar Source: Esalq Senar, Company
Volume:
• 118.0 thousand tons on 4Q17 (-5.9%)
• 541.3 thousand tons on 2017 (-2.2%)
Raw material acquisition - average market prices:
• R$60.92/bag on 4T17 (-30.6%)
• R$64.24/bag on 2017 (-25.4%)
Lower decrease in Camil’s gross prices vs. market prices:
• R$2.11 on 4Q17 (-18.9%)
• R$2.22 on 2017 (-12.5%)
Decrease in value priced brands volume
Increase in Camil’s brand volume
The reduction in gross prices was lower than the decrease of market prices, as a result of Camil’s strategy to preserve profitability and
brand positioning in the market
Main
str
eam
V
alu
e
Bra
nd
s
Notes:
(1) Comparisons refer to results ended on Feb 28, 2017 (4Q16 and 2016)
32
Brazil Food Segment | Canned Fish
4Q17 and FY2017 Results
Continued challenge of sardine and tuna fishing in the Brazilian coast resulted in record levels of imports by the industry
Pescados Brasil - Volume de Vendas Camil
8,08 8,30 9,21
14,02
7,55 6,18
10,92 11,39
39,62
36,05
0
5
10
15
20
25
30
35
40
45
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016/17 2017/18
Canned Fish – Camil’s Gross Prices (R$/kg)Canned Fish – Camil’s Volume (‘000 ton)
Source: Company Source: Company
Canned Fish – Camil’s PortfolioCanned Fish – Main Highlights
Volume:
• 11.4 thousand tons on 4Q17 (-18.7%)
• 36.1 thousand tons on 2017 (-9.0%)
2017: Raw material reached record levels of imports
Camil’s gross prices:
• R$20.92 on 4Q17 (+22.9%)
• R$19.42 on 2017 (+13.5%)
Improved industrial performance + efficiency gains from the
canned fish operations concentration at Navegantes (SC)
Main
str
eam
V
alu
e
Bra
nd
s
Notes:
(1) Comparisons refer to results ended on Feb 28, 2017 (4Q16 and 2016)
33
International Food Segment
4Q17 and FY2017 Results
We continue to present a better operational performance: the combined effect of volume growth and price increase in local currency
offset the exchange devaluation in each country we operate.
Chile
Uruguay
Production
mainly for
domestic market
Production
mainly for
domestic market
Production
mainly for export
Peru
Volume reached 143.2 thousand tons on 4Q17 (-7.6%)
and 547.8 thousand tons (+3.4%) on 2017.
Price in US$ per ton increased by 1.5% on 4Q17 and
decreased by 2.8% on 2017.
4.3% dollar exchange devaluation
Volume reached 18.3 thousand tons on 4Q17 (+3.7%)
and 75.8 thousand tons (+4.8%) on 2017.
Price in CLP per ton increased 3.7% on 4Q17 and 4.8%
on 2017.
0,2% Chilean peso exchange devaluation.
Volume reached 22.8 thousand tons on 4Q17
(+19.1%) and 94.1 thousand tons (+9.5%) on 2017.
Price in PEN per ton decreased 8,2% on 4Q17 and
4,7% on 2017.
1,4% Peruvian soles exchange devaluation
Operational Highlights - International International Operational Performance – Quarterly Evolution (‘000 ton)
International Operational Performance – Annual Evolution (‘000 ton)
Source: Company
Source: Company
Notes:
(1) Comparisons refer to results ended on Feb 28, 2017 (4Q16 and 2016)
34
Financial Results
4Q17 and FY2017 Results
Net Financial Expense (in R$mn)
2017 Liability Management
Net Financial Expenses decrease
Decrease of average market tax rate (SELIC)
Net Debt reduction (-43.7%)
o from R$1,014 million (feb/17) to R$571 milhões (feb/18)
Reduction of debt cost
o R$973 million issuance of Agribusiness Receivables
Certificate over the past months at a remuneration
interest lower than the Interbank Deposit Rate (DI).
The Company concluded its important initiatives to improve its capital structure, including the reduction of the cost of debt and
better amortization profile.
Statements (in R$ millions) 4Q17 3Q17 4Q16 4Q17 vs 4Q17 vs 2017 2016 2017 vs.
Closing Date 28-feb-18 30-nov-17 28-feb-17 3Q17 4Q16 28-feb-18 28-feb-17 2016
EBIT 96.1 105.7 77.0 -9.0% 24.9% 399.6 460.4 -13.2%
(+/-) Finacial Result (13.0) (12.6) (39.3) 3.7% -66.9% (74.4) (158.0) -52.9%
(-) Debt Interest Expense (33.6) (40.4) (62.3) -16.9% -46.0% (181.1) (224.2) -19.2%
(+) Interest Income 20.6 27.9 23.0 -26.1% -10.3% 106.7 66.2 61.2%
Pre-Tax Income 83.1 93.1 37.6 -10.7% 120.8% 325.2 302.4 7.5%
(-) Total Income Taxes (5.8) (21.2) (17.7) -72.4% -66.9% (74.5) (100.8) -26.1%
Net Income 77.3 71.9 20.0 7.5% 286.6% 250.7 201.6 24.4%
Notes:
(1) Comparisons refer to results ended on Feb 28, 2017 (4Q16 and 2016)
Rice Market | Market Share
Rice is the main element in Brazilians’ diet, with resilient consumption and stable production
levels
36
The rice industry in Brazil is characterized by a resilient demand based on cultural identity
Notes:
(1) Company’s Volumes / USDA
(2) Nielsen Retail Index - Apr17 - Mar18
Rice Brazil - Consumption Evolution USDA
Rice Brazil - Market Share Evolution
40%
45%
50%
55%
60%
65%
70%
75%
80%
7.200
7.400
7.600
7.800
8.000
8.200
8.400
8.600
8.800
9.000
9.200
99/00 01/02 03/04 05/06 07/08 09/10 11/12 13/14 15/16 17/18E 19/20E
Milled Rice Consumption Brasil (mn ton) % Milled Rice Cons./Prod.
4,8% 4,8%4,9%
5,2%
6,0%
6,6% 6,6%
6,3%6,5%
7,6%7,5%
3,0%
3,5%
4,0%
4,5%
5,0%
5,5%
6,0%
6,5%
7,0%
7,5%
8,0%
300
350
400
450
500
550
600
650
700
07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18E
Rice - Volume Sold (k ton) Rice - Market Share
Highlights
Large and resilient marketP
Fragmented marketP
Strong consolidation
potentialP
8.1
5.14.5
3.5
Camil Player 1 Player 2 Player 3
Rice Brazil – Consumption Evolution USDA¹Rice Brazil - Consumption Evolution USDA
Rice Brazil - Market Share Evolution
40%
45%
50%
55%
60%
65%
70%
75%
80%
7.200
7.400
7.600
7.800
8.000
8.200
8.400
8.600
8.800
9.000
9.200
99/00 01/02 03/04 05/06 07/08 09/10 11/12 13/14 15/16 17/18E 19/20E
Milled Rice Consumption Brasil (mn ton) % Milled Rice Cons./Prod.
4,8% 4,8%4,9%
5,2%
6,0%
6,6% 6,6%
6,3%6,5%
7,6%7,5%
3,0%
3,5%
4,0%
4,5%
5,0%
5,5%
6,0%
6,5%
7,0%
7,5%
8,0%
300
350
400
450
500
550
600
650
700
07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18E
Rice - Volume Sold (k ton) Rice - Market Share
Rice Brazil – Market Share Evolution¹
Rice Brazil – Market share of rice in the Brazilian market (%)
141.0
105.2
45.0
11.7 2.1 1.0 0.1
135.0
77.7
69.2 65.1
39.9
12.4 12.0 8.6
11.6 11.8 12.1 12.4
10.6
12.1
11/12 12/13 13/14 14/15 15/16 16/17E
Per capita Consumption by Country1
Notes:
(1) OECD, FAO and CONAB/ Average of 2013 and 2015 figures
(2) Rice husk represents ~32% of the grain’s total weight
11.7 12.6
12.0 11.5 11.4 11.5
11/12 12/13 13/14 14/15 15/16 16/17E
Industry Overview | Rice
Rice is the main element in Brazilians’ diet, with resilient consumption and stable production
levels
Largest Producers in the World1
Ton mm
National Production
Ton mm
World’s 9th
largest rice producer
China India Indonesia Peru Uruguay Chile
9º
Brazil
kg/year
Indonesia China India Peru Brazil USA Chile Uruguay
National Consumption of Paddy2
Ton mm
Rice is highly penetrated in Brazil, being part of the country’s
cultural identity
37
Consumption Historically Stable
Production Historically Stable
The rice industry in Brazil is characterized by a combination of (i) resilient demand based on cultural identity
and (ii) high and stable production levels
Rice Market | Historical Crop Data
Rice is the main element in Brazilians’ diet, with resilient consumption and stable production
levels
38
The rice industry in Brazil is characterized by a resilient demand based on cultural identity
Rice Brazil - Long Term Market (in R$/50kg) Rice Brazil - Long Term - Market vs. Camil
Rice Brazil - Prices per Crop (in R$/50kg) Rice Brazil - Supply vs. Consumption Evolution
18,0
22,0
26,0
30,0
34,0
38,0
42,0
46,0
50,0
54,0
Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Rice Brazil Average +1 STDV -1 STDV
1,20
1,40
1,60
1,80
2,00
2,20
2,40
2,60
2,80
18,0
22,0
26,0
30,0
34,0
38,0
42,0
46,0
50,0
fev-07 fev-08 fev-09 fev-10 fev-11 fev-12 fev-13 fev-14 fev-15 fev-16 fev-17 fev-18
Cam
il -
Pre
ço B
ruto
(R
$/kg
)
Pre
ço A
rro
z -
Esal
q S
en
ar (
RS/
50kg
)
Brazil - Rice Price Camill - Gross Price
26,0
28,0
30,0
32,0
34,0
36,0
38,0
40,0
42,0
44,0
46,0
48,0
50,0
52,0
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Average
10.000
10.500
11.000
11.500
12.000
12.500
13.000
13.500
14.000
00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18E
mn
to
n
Production (mn ton) Consumption Brasil (mn ton)Notes:
Source: Conab, Esalq Senar and Company
Rice Market | Historical Crop Data
Rice is the main element in Brazilians’ diet, with resilient consumption and stable production
levels
39
The rice industry in Brazil is characterized by a resilient demand based on cultural identity
Rice Brazil - Production and Area Rice Brazil - Production Area vs. Productivity Evolution
Rice Brazil - Consumption vs. Production Evolution Rice Brazil - International Trade Evolution
1.000
2.000
3.000
4.000
5.000
6.000
7.000
1.800
2.800
3.800
4.800
5.800
6.800
7.800
76/77 81/82 86/87 91/92 99/97 01/02 06/07 11/12 16/17
Pro
du
tivi
dad
e (k
g/h
a)
Áre
a (h
a)
Brazil - Planted Area Rice (ha) Brazil - Rice Productivity (kg/ha)
1.500
2.000
2.500
3.000
3.500
4.000
10.000
10.500
11.000
11.500
12.000
12.500
13.000
13.500
14.000
99/00 01/02 03/04 05/06 07/08 09/10 11/12 13/14 15/16 17/18E
Production (mn ton) Planted Area (ha)
10.000
11.000
12.000
13.000
14.000
15.000
16.000
99/00 01/02 03/04 05/06 07/08 09/10 11/12 13/14 15/16 17/18E
Consumption Brasil (mn ton) Supply Brasil (mn ton)
0
500
1.000
1.500
2.000
2.500
99/00 01/02 03/04 05/06 07/08 09/10 11/12 13/14 15/16 17/18E
Import (mn ton) Export (mn ton)Notes:
Source: Conab, Esalq Senar and Company
0.9 0.9
1.0 1.1
0.9
1.1
11/12 12/13 13/14 14/15 15/16 16/17E
Notes:
(1) CONAB; Agrolink; 15/16 crop registered significant drop in productivity due to rainfall scarcity during the period40
0.00
100.00
200.00
300.00
400.00
500.00
Jul-07 Jul-09 Jul-11 Jul-13 Jul-15 Jul-17
2.9 2.8
3.53.2
2.5
3.3
11/12 12/13 13/14 14/15 15/16 16/17E
1
CAGR09/10-16/17E: 2.2%
National Production
Ton mm
Average Productivity
Ton/hectare
3 annual crops in Brazil and only 1 in other producing countries
Price volatility due to beans perishability
Historical Price
R$/60 Kg sack
National Consumption
Ton mm
3.53.3 3.4 3.4
2.8
3.4
11/12 12/13 13/14 14/15 15/16 16/17E
Consumption Historically Stable
Production Historically Stable
With stable production levels, the beans market in Brazil are characterized by a combination of: (i) resilient
demand based on cultural identity and (ii) supply stability
Industry Overview | Beans
Beans are also one of the main elements in Brazilian’s diet
11.6 11.0
21.3
3.4 2.8 3.4
2014 2015 2016
Sales (R$ bn) Volume (ton mm)
Notes:
(1) CONAB and Nielsen/ Considers average sales price in accordance to Nielsen data
(2) Stores with over 4,000 sqm of sales area
(3) Stores with 1,000 sqm to 4,000 sqm of sales area
(4) Stores with less than 1,000 sqm of sales area
(5) Beans Nielsen Scantrack Apr17 - Mar18
National Beans Sales
41
Industry Overview | Beans (cont’d)
Beans market with future growth perspectives
Highlights
Large and resilient marketP
Fragmented marketP
Strong consolidation
potentialP
CAGR14-16
(Sales): 35.3%
CAGR14-16
(Volume): 0.0%
R$ bi; Ton mm
The beans market is still very fragmented, mainly due to the producers fragile distribution structure
1
Market Share (in volume)
Beans Industry Market Share5
18.3%
57.6%
24.1%
Retail Beans Distribution
% of volume
Hypermarkets2
Supermarkets3
Neighborhood4 8.0%
6.8%
5.3%4.9%
Player 1 Player 3 Player 4
2º
58 57 5754
50
40 39 39 37
21
Cuba Australia Brazil Guatemala European
Union
South
Africa
Mexico Colombia Tailand Global
Median
39.2
21.9
16.5
10.0 9.58.0
6.6 6.1 6.0 5.1
Brazil India European
Union
Tailand China United
States
Mexico Russia Pakistan Australia
Notes:
(1) USDA; CONABT/ Average between 2013 and 2015
(2) Considers consumption of industrialized products 42
Industry Overview | Sugar
Brazil is the largest producer and exporter of sugar in the world, also being one of the largest
consumers
CAGR05/06-17/18E: 3,2%
Per Capita Consumption1
kg/year
National Consumption2
Ton mm
Largest Producers in the World1
Ton mm
National Production
Ton mm
Largest producer in the world
1º
Brazil is one of the largest sugar consumers in the world
11,2 11,3 11,410,9 10,9 11,0
12/13 13/14 14/15 15/16 16/17E 17/18E
38,3 37,935,6
33,5
38,7 38,7
12/13 13/14 14/15 15/16 16/17E 17/18E
Production Historically Stable
Consumption Historically Stable
Brazil has a leading position in sugar production and consumption, presenting: (i) resilient demand and (ii)
supply stability
2.52.6
3.6
1.3 1.4 1.3
2014 2015 2016
Sales (R$ bn) Volume (ton mm)
Notes:
(1) Nielsen; Sales and volume in accordance to Nielsen data
(2) 2016 data
(3) Nielsen | Retail Index – Apr17 – Mar18
Industry Overview | Sugar (cont’d)
The retail sugar market in Brazil is highly concentrated, with small players facing difficulties due
to high indebtedness levels
National Refined Sugar Sales1
43
Highlights
Large and resilient marketP
Highly concentrated
marketP
Strengthening of Camil's
positioningP
Retail Sugar Distribution2
% do volume Market Share (em volume)
Refined Sugar Industry Market Share3,4
47.9%
21.9%
20.5%
9.7%
CAGR14-16
(vendas): 20.8%
CAGR14-16
(volume): (0.8%)
R$ bi; Ton mm
In Brazil, the sugar market is still: (i) wide, (ii) resilient and (iii) highly concentrated
Supermarkets
(+10 checkouts)
Small retail
(5-9 checkouts)
Neighborhood
(1-4 checkouts)
Traditional retail
(mom-and-pop)
35.2%
72%
Absolute Leadership
Total Company refined sugar brands have 35%¹ market share
1º
Notes:
(1) IBGE; ABPA; ABIEC; FAO; Euromonitor/ In 2015
(2) 2013 data 44
Industry Overview | Fish
The fish industry in Brazil is consistently growing, driven by the trend of the diversification of protein
sources and increase in the consumption of food with higher nutritional value
Total Brazil production: 483.2 thousand tons1
1.4%
1.8%
2.1%
4.0%
Pork
Beef
Poultry
Fish
1st - Rondônia
3rd - Mato Grosso
1.5321.622
1.745
1.893 1.933 1.967
2011 2012 2013 2014 2015 2016
65.5
37.933.5
25.522.0 21.5 20.8
13.29.7
7.5
19.7
Hong
Kong
China France Italy Peru United
States
United
Kingdom
Chile Brazil Uruguay Global
Median
2nd - ParanáMain producers
Per Capita Consumption2
National Production Per Capita Protein Consumption Growth
CAGR 09-13
(%)
kg/year
National Sales
Ton ‘000
Wide space to increase penetration Strong growth in the last years
Fish protein in Brazil still has low penetration levels, but with high growth rates
0.7 0.8 0.8
25.728.0 27.7
2014 2015 2016
Sales (R$ bn) Volume (ton '000)
1.8 1.9 2.0
84.6 88.8 89.3
2014 2015 2016
Sales (R$ bn) Volume (ton '000)
45
Industry Overview | Fish (cont’d)
Concentrated market with strong growth potential
Notes:
(1) Nielsen; Sales and volume in accordance to Nielsen data
(2) 2016 data
(3) Bimonthly Nielsen Retail Index
National Preserve Sardine and Tuna Sales1
Highlights
Market with high
expansion potentialP
Highly concentrated
marketP
Strengthening of Camil's
positioningP
% do volume Market Share (volume)
Preserved Fish Industry Market Share3
CAGR14-16
(Sales): 6.0%
CAGR14-16
(Volume): 2.8%
R$ bi; Ton ‘000
Retail Preserved Fish Distribution2
In Brazil, the fish market has high potential for expansion and is highly concentrated
CAGR14-16
(Sales): 9.0%
CAGR14-16
(Volume): 3.7%
Sardine Tuna
Supermarkets
(+10 checkouts)
Small retail
(5-9 checkouts)
Neighborhood
(1-4 checkouts)
Traditional retail
(mom-and-pop)
31.7%
16.2%30.4%
21.7%
Sardine
59.1%18.5%
17.1%5.3%
Tuna
Tuna Market Share (%)
Sardine Market Share (%) 43.4% 43.5% 42.1%
22.6% 22.7% 22.9%
Camil record share was 25.9% in Nov 2017. Camil expects to reduce
share gap to its main competition, reaching 34.7% until 2020, which
represents an additional volume of 5 thousand tones per year
Camil record share was 45,5% in May 2017. Camil expects to reach
46.5% market share until 2020, consolidating its leadership position
with an additional volume of 10 thousand tones per year
Flavio Vargas
Chief Finance and IR Officer
Guilherme Salem
IR and Financial Planning
Investor Relations
Phone:
+55 11 3039-9238
+55 11 3039-9237
E-mail: [email protected]