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3Q10 Results3Q10 Results
October 10October 10thth, 2010, 2010
SCHEDULESCHEDULE
HIGHLIGHTSHIGHLIGHTS
RESULTSRESULTSRESULTSRESULTS
OUTLOOKOUTLOOK
2
Providência USA
HIGHLIGHTS
Stability in polypropylene resin prices, our main raw-material, contributing to an
improvement in our margins during the quarter;
Contracting of pre-shipment export finance from the BNDES – National Economic and
Social Development Bank under the BNDES-Exim Pre-Shipment Program in the amount
of R$ 150 million, at an annual fixed interest rate of 7.0% and a maturity of 18 months.
The Company will use the funds from this financing in export operations. Funds were
drawn down in October;
3
drawn down in October;
The Board of Directors approved the payout of dividends equivalent to 100% of
adjusted net income for the period ending June 30 2010 totaling R$ 11.1 million and
corresponding to approximately R$ 0.14 per share. Payment will be effected on
November 26 2011 and the Company’s shares will trade ex-dividend from November 19
2010;
HIGHLIGHTSHIGHLIGHTS
RESULTSRESULTS
SCHEDULESCHEDULE
RESULTSRESULTS
OUTLOOKOUTLOOK
4
SALES VOLUMESALES VOLUME((in thousands of tonsin thousands of tons))
17,7 18,7 18,1
1,4 1,3 1,6
19,1 20,0 19,7
Growth of 2.4% in sales volume of
nonwovens when compared with
3Q09 and a reduction of 3.2% against
2Q10;
5
17,7 18,7 18,1
3Q09 2Q10 3Q10
Nonwovens Others
We continue operating at full
capacity, approximately 20 thousand
tons per quarter.
NET REVENUE NET REVENUE
NONWOVENS NONWOVENS (in (in millionsmillions ofof Reais)Reais)
114,8 114,1
Compared with 3Q09, we posted an
increase of R$ 13.4 million, equivalent to
13.3%. The major factors driving the
increase in net operating income were
sales volume, realignment of prices and
currency exchange rate impact;
6
100,7
114,8 114,1
3Q09 2Q10 3Q10
currency exchange rate impact;
In relation to 2Q10, we reported
stability, despite the oscillations in the
currency exchange rate during this
period.
COGS (COGS (CostCost ofof GoodsGoods SoldSold))
NONWOVENSNONWOVENS
67,1
76,4 72,1
R$ 3,51 R$ 3,82
R$ 3,66
The reduction in absolute figures of 5.6%
when compared with 2Q10 is largely due to
a decline in polypropylene prices in this last
quarter;
7
R$ 3,51 R$ 3,82
R$ 3,66
3Q09 2Q10 3Q10
COGS (R$ thousand) Unitary COGS (R$)
Throughout 3Q10, polypropylene prices
reported stability;
Note: 3Q09 COGS was adjusted for comparability purposes. During 3Q09, accumulated depreciation was readjusted up
to the month of September 2009 (CPC 13 - Brazilian Accounting Pronouncements Committee), this readjustment being
booked in full through a revision of the useful life of fixed assets in the form of property, plant and equipment. As a
result, COGS would be R$ 56.0 million.
EBITDA (R$ EBITDA (R$ million) million)
and EBITDA Margin and EBITDA Margin (%) (%)
26,1 24,9
30,1
25,1% 25,8%
3Q10 EBITDA reported growth of
21.1% or R$ 5.2 million against 2Q10
and 15.6% higher that the same
period in 2009;
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21,4%
3Q09 2Q10 3Q10
Ebitda Ebitda Margin (%)
EBITDA Margin reached 25.8% for
this quarter, representing an increase
of 4.4 p.p compared with 2Q10 and
0.8 p.p. against 3Q09.
NET INCOME (RNET INCOME (R$ $ million) million)
and NET MARGIN and NET MARGIN (%)(%)
10,7
7,2
14,2
12,2%
15,0%
25,0%
35,0%
During the quarter, net income
reported growth of 98.3% compared
with 2Q10 and 33.1% compared with
3Q09. These results reflect recovery
9
10,3%
6,2%
12,2%
-
5,0%
3Q09 2Q10 3Q10
Net Income Net Margin (%)
of margins and lower financial
expenses.
Note: 3Q09 Net Income was adjusted for comparability purposes. During 3Q09, accumulated depreciation was
readjusted up to the month of September 2009 (CPC 13 - Brazilian Accounting Pronouncements Committee), this
readjustment being booked in full through a revision of the useful life of fixed assets in the form of property, plant and
equipment. As a result Net Income would be R$ 18.0 million.
CASH AND CASH EQUIVALENTS
(R$ million)
272,0
The Company’s cash position fell 14.4% or
R$ 39.1 million compared with 3Q09, mainly
due to payment of dividends, debt interest
and principal;
10
272,0 225,8 233,0
3Q09 2Q10 3Q10
When compared with 2Q10, the cash
position increased 3.2%, equivalent to R$
7.2 million, operating cash generation being
particularly worthy of note.
NET DEBT
(R$ million)
Company Net Debt posted an increase of
R$ 38.0 million compared with 3Q10, with
the most important funding raised being
destined for financing the new production
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161,2 192,5
230,5
3Q09 2Q10 3Q10
line in the USA;
62% of debt is local currency denominated
and 38% in foreign currency.
DEBT / CASHDEBT / CASH
ConsolidatedConsolidated Net Net DebtDebt
R$ (MM) 09/30/2009 09/30/2010Var 3Q10 /
3Q09
Total Debt
Short Term 60.8 145.3 139.1%
Long Term 372.5 318.1 -14.6%
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Long Term 372.5 318.1 -14.6%
Total 433.2 463.4 7.0%
Cash 272.0 233.0 -14.4%
Net Debt 161.2 230.5 43.0%
Net Debt / Adjusted EBITDA 1.4 2.5 78.6%
Shareholders' Equity 508.0 521.0 2.6%
HIGHLIGHTSHIGHLIGHTS
RESULTSRESULTS
SCHEDULESCHEDULE
RESULTSRESULTS
OUTLOOKOUTLOOK
13
A very favorable 4th quarter outlook for operations to continue at full capacity is
supported by the existing order book;
Forecasted price stability for our principal raw material, polypropylene, should
contribute to margins remaining at the same level in the final quarter of the year;
OUTLOOKOUTLOOK
The Company’s major investment project this year, the plant in the United States, is
proceeding according to plan both from the operational as well as the financial point
of view. All main scheduled shipments have already been concluded and plant
assembly is progressing apace.
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CEO: Hermínio V. S. de Freitas
CFO: Eduardo Feldmann CostaCFO: Eduardo Feldmann Costa
IR : Gizele Rigoni
Tel: +55 (41) 3381-8673
Fax: +55 (41) 3283-5909
São José dos Pinhais – PR
www.providencia.com.br/ir
www.twitter.com/providencia_ri
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