Post on 19-Jun-2015
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Results - 201003/30/2011
Food Energy
Sector of Activity
Cotton Soyabean Corn
Ethanol Biodiesel Vegetable Oil
Renewable Energy
The biodiesel industry operates in a fully regulated market(quartely auctions coordinated by ANP).
The sector works with idleness at the rate of 60%.
The biodiesel sector has to grow and to develop into anew regulatory milistone.
Social Fuel Stamp.
Variable cost industry (90% of the cost come fromsoyabean oil and methanol).
B5, 3 years before the schedule.
Still dependent of the soyabean as feedstock.
Biodiesel
0.74 69404
1,1671,608
2,397
2005 2006 2007 2008 2009 2010
Brazillian Biodiesel Production(thousand m³)
80%
18%
2%
Raw material participation in brazillian production
Soybean oil
Bovine fat
Others
Brasil Ecodiesel has in operation four transesterification units, with 518.4 thousands m³/ year biodieselproduction capacity.
The company has taken some initiatives for cost reduction, as well as soybean crushing volumeincrease, wich contributes to raw material cost reduction
Biodiesel
Brasil Ecodiesel has and intends to operate this year vegetable oil extraction units, where vegetable oil isextracted from agricultural production originating from own chain and partnership.
In 2010, the company crushed, in outsourced manner, 71,461 tons of soyabean grains purchased fromfamily farming, generating revenues amounting to R$ 35.5 million with bran sale.
With Maeda merger, Brasil Ecodiesel became the holder a 25% interest in Tropical Bioenergia, in apartnership with BP Biofuels (50%), and LDC-SEV Bioenergia (25%).
Tropical Bioenergia has a 2.4 million ton grinding capacity, with 60%/40% sugar and ethanol productionflexibility, and vice-versa.
Vegetable Oil
Ethanol
Renewable Energy
Biodiesel Facilities
Crushing Facilities
Plant Locations
BiodieselPorto Nacional - TOCap./ year:129,600m³
Crusher (Soya)São Luiz Gonzaga - RSCap./year: 270,000ton
Crusher (Cotton)Itumbiara – GOCap./year: 155,700ton
BiodieselSão Luís - MACap./ year: 129,600m³
Biodiesel and crusher. (Mamona)Iraquara – BACap./year(bill): 129,600m³Cap./year(crusher): 180,000ton
BiodieselRosário do Sul – RSCap./year:129,600m³
Crusher (Soya)Cruz Alta – RSCap./year: 270,000ton
Strong demand against existing commodities supply.
High agricultural commodity prices due to, among otherreasons, the low inventories of most agricultural products.
World population growth.
75,0
125,0
175,0
225,0
CEPEA/ESALQ Price Indexes(Base 100 = 01/04/2010)
Cotton Corn Soybean
Food / Agricultural Commodities
Food / Agricultural Commodities
Maeda merger adds to Brasil Ecodiesel the experience of one of the most traditional agricultural producersinthe brazillian markets.
Total planted area for 2010/2011 harvest is 85,811.
We are on the frontier of what is considered the most advanced in international agribusiness.
Farms State Available Area Planting Total Cotton Soybean Corn OthersDom Pedro BA 16,966 15,921 8,742 6,390 - 789
Amizade BA 11,298 9,898 2,269 6,418 - 1,211Sucesso BA 12,682 - -
Guapirama MT 9,001 9,374 4,299 5,075 - -São José MT 29,207 38,331 3,442 24,228 10,032 629Catalão GO 3,923 3,877 - 3,006 456 415
Bartolomeu GO 8,486 8,410 - 7,652 758 -Total 91,563 85,811 18,752 52,769 11,246 3,044
Distribution per cropAREAS STATEMENTS - CROP 2010-11 (ha)
State 2010/2011BA 25,819MT 47,705GO 12,287
Total 85,811
Planted Area (ha)
CROP SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
SOYA (MT)
SOYA (BA)
SOYA (GO)
COTTON(MT)
COTTON(BA)
Planting Treatment Harvesting
Planting Treatment Harvesting
Planting Treatment Harvesting
Planting Treatment
Planting Treat..
Planting T.
Planting Treatment Harvesting
Planting Treatment Harvesting
Plant.
Planting T.
CORN(MT)
CORN(BA)
Planting Treatment
Planting Treatment Harvesting
Harvesting Planting Treatment
Farming Calendar
Farms(2011/12 crops)
Dom Pedro São Desidério - BAPlanting (11/12): 16,237haPlanting (10/11): 15,921ha
Batalha do BartolomeuGuarda-Mor - MGPlanting (11/12): 8,410haPlanting (10/11): 8,410ha
São José Campo N. P. - MTPlanting (11/12): 42,494haPlanting (10/11): 38,331ha
CatalãoCatalão - GOPlanting (11/12): 3,877haPlanting (10/11): 3,877ha Amizade
Correntina - BAPlanting (11/12): 10,998haPlanting (10/11): 9,898ha
Sucesso Irecê - BAPlanting (11/12): 0 ha
Planting (11/12)
BA: 27,235 ha MT: 52,990 ha GO: 12,287 ha
Total: 92,512 ha
Guapirama Diamantino - MTPlanting (11/12): 10,496haPlanting (10/11): 9,374ha
Farm Locations
Economic and Financial Performance
Principal (Main) Accounting Changes
Adoption of the standard full IFRS - Inclusion of CPC's.
Incorporation of Maeda - Consolidation of the DF's
Realization of the PPA (Purchase Pricing Allocation) on goodwill on acquisition of Maeda
Consolidated Headline Result2010 VA (%) 2009 VA (%) HA (%) 2010 (**) VA (%) 2009 (*) VA (%) HA (%)
Volume of biodiesel sold (m³) 172,247 151,966 13.35% 172,247 151,966 13.35%
Gross Revenue 465,009 117.8% 404,919 115.9% 14.84% 465,009 117.8% 404,919 115.9% 14.84%
Net Revenue 394,792 100.0% 349,322 100.0% 13.02% 394,792 100.0% 349,322 100.0% 13.02%
(-) Biological Asset Fair Value Variation 2,646 0.7% 1,591 0.5% 66.31% 2,646 0.7% 1,591 0.5% 66.31%
(-) COGS 350,328 88.7% 312,031 89.3% 12.27% 350,328 88.7% 312,031 89.3% 12.27%
Gross Profit (Loss) 41,818 10.6% 38,882 11.1% 7.55% 41,818 10.6% 38,882 11.1% 7.55%
(-) Operating expenses 62,488 15.8% 42,053 12.0% 48.59% 50,379 12.8% 36,159 10.4% 39.33%General and Administratives 45,550 34,877 30.60% 45,550 34,877 30.60%Taxes (tributárias) 756 1,282 -41.03% 756 1,282 -41.03%Others operating Income (expenses) 16,182 5,894 174.55% 16,182 5,894 174.55%
Other non recurrent Expenses 9,003 Strategic new target adjustment (14,897)Petrobras Agreement (12,109)
Operating Income (EBIT) (20,670) -5.2% (3,171) -0.9% 551.79% (8,561) -2.2% 2,723 0.8%
Financial Income (2,240) -0.6% (31,707) -9.1% 4,155 1.1% (31,707) -9.1%Reversal correction of client payment in advance
(6,395)
New profit (loss) (22,910) -5.8% (34,879) -10.0% -34.32% (4,406) -1.1% (28,985) -8.3%Net Margin -5.80% -9.98% -1.12% -8.30%
EBITDA (9,340) -2.4% 22,793 6.5% 2,769 0.7% 28,687 8.2% -90.35%EBITDA Margin -2.37% 6.52% 0.70% 8.21%
Description Book Values Adjusted Values
Note: Adjusted data disregard the following amounts:(*) Other revenues/non-recurring expenses referring right of use assignment and raw material inventory amount adjustment(*) Strategic new target adjustment(**)Reversal of fines referring to the agreement with Petrobrás(**) Correction of advance to customers received in 2007
Balance SheetAssets
2010 VA 2009 VA 2010/2009Tota Current Assets 440,528 100% 251,134 100% 75%Total non-current assets 881,274 200% 267,217 106% 230%Total Assets 1,321,802 300% 518,351 206% 155%
AssetsConsolidated (BR GAAP and IFRS)
2010 VA 2009 VA 2010/2009Tota Current Assets 226,184 100% 243,604 100% -7%Total non-current assets 571,432 253% 271,505 111% 110%Total Assets 797,616 353% 515,109 211% 55%
AssetsCompany (BR GAAP)
Balance SheetLiabilities and Shareholders Equity
2010 VA 2009 VA 2010/2009Total Current Liabilities 316,837 24% 50,822 10% 523%Total non-current Liabilities 318,499 24% 78,703 15% 305%Total Shareholder´s Equity 686,466 52% 388,826 75% 77%Total Liabilities and Shareholder´s Equity 1,321,802 100% 518,351 100% 155%
Liabilities and Shareholder´s EquityConsolidated (BR GAAP and IFRS)
2010 VA 2009 VA 2010/2009Total Current Liabilities 51,101 6% 47,982 9% 7%Total non-current Liabilities 60,042 8% 78,301 15% -23%Total Shareholder´s Equity 686,473 86% 388,826 75% 77%Total Liabilities and Shareholder´s Equity 797,616 100% 515,109 100% 55%
Liabilities and Shareholder´s EquityCompany (BR GAAP)
Revenue
2009 4,053 7,031 30,238 26,793 52,666 31,183 151,966
3Q10 - - - 23,969 17,714 - 41,683
4Q10 - - 124 11,546 9,572 217 21,4592010 122 120 17,437 74,070 62,890 17,608 172,247
2009 10,939 19,114 79,349 71,023 138,196 81,703 400,325
3Q10 - - - 57,397 41,365 - 98,762
4Q10 - - 231 22,462 18,749 422 41,864
2010 323 318 45,812 180,627 152,973 46,644 426,696
Itaquí Total
Revenue B100 (m3)
Revenue from B100 (R$ mil)
Biodiesel Floriano Crateús IraquaraPorto
NacionalRosário do
Sul
COGS
Gross Revenue, Net Revenue and Financial Income
Debt
2009Maeda Brasil Ecodiesel Total
Short Term (109,454) (16,457) (125,911) (10,886)(+) Long Term (66,284) (39,272) (105,556) (55,676)(=) Total Debt (175,738) (55,729) (231,467) (66,562)(+) Cash and Cash Equivalents 12,980 113,361 126,341 103,822 (=) Cash/ Net Debt (162,758) 57,632 (105,126) 37,260 Adjustment: Sale of assets 77,850 77,850 (=) Cash/ Net Debt Adjusted (84,908) 57,632 (27,276) 37,260
Debt (in thousands R$)2010
Net Loss
2009 2010 2009 (*) 2010 (*)Net Income (Loss) (34,879) (22,910) (28,985) (4,406)Net Margin -9.98% -5.80% -8.30% -1.12%
EBITDA
2009 2010 2009 (*) 2010 (**)Net Revenue 349,322 394,792 349,322 394,792 (-) COGS 312,031 350,328 312,031 350,328 Fair value variation of biological asset 1,591 (2,646) 1,591 (2,646)Gross Income (Loss) 38,882 41,818 38,882 41,818 Net Income (Loss) (34,879) (22,910) (28,985) (4,406)EBITDA 22,793 (9,340) 28,687 2,769 EBITDA Margin 6.52% -2.37% 8.21% 0.70%
Note: Adjusted data disregard the following amounts:(*) Other revenues/non-recurring expenses referring right of use assignment and raw material inventory amount adjustment(*) Strategic new target adjustment(**)Reversal of fines referring to the agreement with Petrobrás(**) Correction of advance to customers received in 2007
Price Evolution e Financial Volume
Market Value(December 30, 2010 )
R$ 1,084 Million
Number of SharesR$ 1,084,190,282
Number of Shareholders24,174
22,4
6,8
70,8
Vila Rica I - Mutual Fund
Bonsucex Holding
Others
Sharesholders Position (%)
Price Evolution e Financial Volume
Indexes
Estimates
EstimatesRevenue, Net Revenue and EBITDA
*Crop year 11/12 – September 2011 to August 2012
2011 Crop year 11/12*Brasil Ecodiesel 654 654
Maeda 289 370Total 952 1,024
Sales Revenue
2011 Crop year 11/12*Brasil Ecodiesel 569 569
Maeda 277 342Total 846 911
Net Income
2011 Crop year 11/12*Brasil Ecodiesel 12 12
Maeda 38 52Total 50 64
EBITDA
EstimatesPlanted Area
State 2011/2012BA 27,236MT 52,990GO 12,286
Total 92,512
Planted Area (ha)
Farms State Available Area Planting Total Cotton Soybean Corn OthersDom Pedro BA 16,968 16,237 8,351 6,780 - 1,103
Amizade BA 12,398 10,998 2,741 5,946 - 2,311Sucesso BA 12,682 - - - - -
Guapirama MT 9,001 10,496 4,915 5,583 - -São José MT 29,208 42,494 7,066 24,723 10,076 629Catalão GO 3,923 3,877 - 3,114 348 415
Bartolomeu GO 8,486 8,410 2,975 4,621 815 -Total 92,666 92,512 26,048 50,767 11,239 4,458
AREAS STATEMENTS - CROP 2011-12 (ha)Distribution per crop
EstimatesInvestments
Project DescriptionAssets Working Capital Total
Glycerin Burning • Use of glycerin and wood for supplying the
boilers of Rosário do Sul, in replacement to
the fuel oil.
$2.60 $2.60
Crusher - São Luis Gonzaga Operation of the crushing unit of São Luiz
Gonzaga in order to operate with soy
purchased in the RS.
$1.70 $43.00 $44.70
Agricultural Machinery • Purchase of machinery (19 tractors, 19
seeders, 9 pulverizers and 5 cotton
harvesters).
$20.00 $20.00
Crusher Itumbiara - GO • Operation of the cotton crushing unit $41.00 $41.00
Mix Improvement • Improvement to the products mix and
higher advantage from the planted area$16.50 $16.50
TOTAL INVESTMENTS $24.30 $100.50 $124.80
Investments (Millions R$)
Investor Relations
Phone: 55 11 3137-3114ri@brasilecodiesel.com.brwww.brasilecodiesel.com.br