Post on 28-Jul-2015
COMPANY LARGEST MANUFACTURER OF REVOLVERS LEADING NATIONAL HELMETS’ PRODUCTION BRAZILIAN COMPANY WITH METAL INJECTION MOLDING TECHNOLOGY
OVERVIEW
COMPANY
OVERVIEW
- Pistols
- Revolvers
- Long Guns
- Air Guns
- Bullet-Proof Vests
- Acessories
- Helmets for
Motorcyclists
- Helmets for
Cyclists
- Motorcycle case
- Acessories
HELMETS FIREARMS
PLASTICS
- Containers
- Bins
MIM
Metal Injection
Molding
77% 18%
4%
1%
Part.* Part.*
Part.*
Part.*
*Contribution on 1st Quarter Net Revenue
FACILITIES
Forjas Taurus S.A. Porto Alegre – RS Handguns 1,300 Employees
Taurus Holdings Inc. Miami – Florida Firearms and M.I.M. 250 Employees
Polimetal São Leopoldo – RS Forgery, Machining and M.I.M. 900 Employees
Forjas Taurus S.A. - Branch 5 São Leopoldo – RS Long Guns 200 Employees
Taurus Blind. Nordeste Simões Filho – BA Helmets 200 Employees
Taurus Blindagens Mandirituba – PR Helmets, Bulletproof Vests and Plastics 600 Employees
COMPANY
3.450 Employees
1980 – Beretta operational aquisition 1982 – IPO 1983 – Taurus Internacional 1985 – Taurus Ferramentas 1986 – Induma 1988 – Taurus Holdings
1939 – Forjas Taurus
TIMELINE
1970 – Control to foreign investors 1977 – Management buyout
1991 – Champion’s assets 1997 - Rossi – Revolver (use of the brand, technology and productive processes) 1999 – Pollymer and titanium guns
00´s
30´s
70´s
80´s
90´s
COMPANY 2000 - Taurus Capacetes 2004 - Famastil 2004 – Taurus Máquinas-Ferramenta 2006 - Taurus Helmets 2006 - “The Judge” - Revolver 2008 - Rossi – Long Guns 2010 - Taurus Blindagens Nordeste 2011 - Admission to Level 2 of BM&FBOVESPA (Corporate Gov.) - Aquisition of SteelInject 2012 – Heritage Manufacturing Inc. Acquisition - Divestment of Taurus Máquinas-Ferramenta - Relocation of the long gun and M.I.M. sites to São
Leopoldo/RS 2013 - Diamondback – Global Distribution - Lean Manufaturing - Relocation of Steelinject to São Leopoldo/RS - Repactuation of Taurus Máquinas-Ferramenta divestment 2014 – New Shareholder: Companhia Brasileira de Cartuchos (CBC) - Helmets for Cyclists
CORPORATE GOVERNANCE
TAG ALONG 100%
(ON and PN)
DIVIDENDS 35%
(Semiannual)
MINIMUM OF 40% INDEPENDENT
BOARD MEMBERS
VOTING RIGHTS TO PREFERRED SHARES
(In Relevant Topics)
COMPANY
BOARD AND COMITTEES
Jorio Dauster Magalhães e Silva
Ruy Lopes Filho
André Ricardo Balbi
Cerviño
Fernando José Soares
Estima
João Verner Juenemann
Luiz Cláudio Moraes
Salésio Nuhs
Chairman (Independent)
Vice – Chairman
Independent Independent
56% of Independent
Members
Audit and Risks Comittee
Compensational and Personnel Development
Management and Corporate Governance Comittee
João Verner Juenemann Fábio Luiz Munhoz Mazzaro Thiago Piovesan (CFO & IRO)
Marcos Bodin de Saint Ange Comnene Salésio Nuhs Adriana Bozzetti (HR)
Luiz Cláudio Moraes Ruy Lopes Filho Thiago Piovesan (CFO & IRO)
COMPANY Fábio Luiz Munhoz Mazzaro
Independent
Marcos Bodin
Comnene
Independent
STATUTORY AND EXECUTIVE BOARD OF DIRECTORS
COMPANY
CEO André Ricardo Balbi Cerviño
CFO & IRO Thiago
Piovesan
VP MARKETING AND SALES
Eduardo Ermida Moretti
CEO – TAURUS HOLDINGS INC.
Anthony Acitelli
SUPPLY CHAIN EXECUTIVE
Marco A. Fialho Harzheim
COO Eduardo
Rácz
HELMETS & PLASTICS EXECUTIVE
Leonardo Aita
FISCAL COUNCIL
PERMANENTLY INSTALLED
COMPANY
Amoreti Franco Gibbon
Juliano Puchalski Teixeira
Alternate: Edgar Pereira Ribeiro
Alternate: Carlos Eduardo Bandeira de Mello Francesconi
Haroldo Zago
Alternate: Heldo Jorge dos Santos Pereira Junior
Mauro César Medeiros de Mello
Alternate: Nildo Teixeira Freire
Reinaldo Fujimoto
Alternate: José Aírton Veras Carvalho
SHAREHOLDERS
COMPANY
SHAREHOLDERS Before Capital Increase
Jul/2014 After Capital Increase
Oct/2014 After Stock Inplit
May/2015
TOTAL ON PN TOTAL ON PN TOTAL ON PN
CBC 6.0% 15.6% 0.9% 27.9% 52.5% 0.9% 31.3% 59.1% 0.9%
ESTIMAPAR 12.8% 37.3% 0.1% 12.1% 23.2% 0.0% 9.0% 17.2% 0.0%
PREVI 26.8% 15.3% 32.7% 19.4% 7.3% 32.7% 17.5% 7.2% 28.9%
FIGI 3.5% 10.1% 0.0% 2.5% 4.8% 0.0% 3.5% 6.6% 0.0%
OTHERS 50.9% 21.7% 66.3% 38.1% 12.2% 66.4% 38.7% 9.9% 70.2%
Capital Stock
Before Capital Increase Jul/2014
After Capital Increase Oct/2014
After Stock Inplit (11:1) May/2015
ON = 44,310,333 (34.4%) ON = 92,832,547 (52.3%) ON = 8,439,322 (52.3%)
PN = 84,666,177 (65.6%) PN = 84,751,880 (47.7%) PN = 7,704,716 (47.7%)
TOTAL = 128,976,510 TOTAL = 177,584,427 TOTAL = 16,144,038
SOCIAL COMMITMENT
• Kids of the Future
• Library
• Digital Space
• Sign Language Course
• Educational Benefits
• Impulsor News
COMPANY
TAURUS 75 YEARS
COMPANY
Arsenio Frantz – Sales Manager
18 years Protecting People
Lucas Davila – Revolver Assembly
2 years Protecting People
Cheryne M. Makki – Financial Analyst
4 years Protecting People
TAURUS 75 YEARS
COMPANY New Visual Identity Manual
Unification of Business Units
Improve Brand Perception
FIREARMS & Acessories
IMPACT FACTORS
SEASONALITY
DEMAND
ECONOMICS
COSTS
• Trade Fairs • Hunting Season
• Innovation • Quality • Actions
• Currency • Macroeconomics
• Labour • Raw Material
FIREARMS TAURUS’ MARKET – 77% Consolidated Net Revenue
FIREARMS & Acessories
Law Enforcement (50%)
Private Security (45%)
Consumer Market (5%)
CONSUMER Market
Law Enforcement (60%)
Consumer Market (40%)
16% Firearms Revenue
74% Firearms Revenue
10% Firearms Revenue
PRODUCT GENERATIONS
4th Generation • Long Guns (restricted use)
3rd Generation • Long Guns
2nd Generation • Pistols
1st Generation • Revolvers
FIREARMS & Acessories
AWARDS
2012 FIELD & STREAM BEST OF THE BEST AWARD TAURUS TRACKER 992
2011 NRA: HANDGUN OF THE YEAR
PT 740 SLIM
2013 MANUFACTURER OF THE YEAR
TAURUS INTERNATIONAL MFG, INC.
FIREARMS & Acessories
PUBLIC SECURITY
Source: Public Security 2013 Report (data from 2012)
FIREARMS & Acessories
- Police Force Federal Police > 15.000
Civil Police > 120.000
Military Police > 400.000
City Guard * > 100.000
*Law n. 13.022 – August, 2014
- Armed Forces Armed Forces > 270.000
PRIVATE SECURITY
FIREARMS & Acessories
Vigilants in acitivity 700,000 * Non-considered the patrimonial organic vigilance
N. Companies 2,400 in 2013 (+5% in relation to 2012)
Sector Revenue R$ 44 billions in 2013 (2014 guidance = R$ 50 billions/year)
Source: FENAVIST
-
1.000.000
2.000.000
3.000.000
4.000.000
5.000.000
6.000.000
7.000.000
8.000.000
9.000.000
-
10.000
20.000
30.000
40.000
50.000
60.000
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
Evolution of Firearms and Ammunition Acquisition by Private Security Companies
MARKET SHARE
90% OF HANDGUNS MARKET SHARE IN BRAZIL PEERS: CBC AND IMBEL 10% OF MARKET SHARE
FIREARMS & Acessories
TAURUS DEFENSE - Targets
TAURUS
DEFENSE
Act as the link between TAURUS and Defense Ministry and
Armed Forces;
Represent TAURUS in specific forums;
Contribute on the process of consolidation of the TAURUS’
brand to the concepts of quality, safe, security and reliability;
Contribute on the sales growth, in particulary, to Armed Forces;
Manage the work related to the relevant legislation to the EED
(Strategic Defense Companies) and others inherent legal
frameworks of the company’s activity.
TAURUS
DEFENSE
Política
Nacional
de Defesa
Prioritize the development of independent technological capabilities;
Subordinate commercial considerations to the strategic imperatives;
Prevent the polarization of Defense Industrial Base between advanced research and routine production;
Use the development of defense technologies as a focus for the development of operational capabilities.
BRAZILIAN DEFENSE STRATEGY – Legal Base
CONCEPTS
TAURUS
DEFENSE
PRODE: all good, service, construction or information, including weapons,
ammunition, transportation or communications, uniforms and individual or
collective materials used in the defense activities, excepts the
administrative use;
PED: all PRODE that, due the technology content, the difficulty to obtaining
or the indispensability, is of strategic interest for national defense;
CONCEPTS
TAURUS
DEFENSE
EED: all companies that are certified by the Defense Ministry that meet the
following conditions:
Be aimed at carrying out research activities, projects, development, industrialization,
service, production, repair, maintance, overhaul, conversion, modernization or
maintance of PED in Brazil;
Have the headquarters in Brazil, its management and the industrial establishment;
Dispose, in Brazil, of comproved own technology knowledgement or complemented
by partnership agreement with the Scientific and Technological Institution;
Ensure, that foreign shareholders can not act on General Shareholders Meetings with
number of votes representing more than 2/3 of the total votes exercisable by brazilian
shareholders; and
Ensure production continuity in Brazil.
INCENTIVES
TAURUS
DEFENSE
RETID: Special Tax System for Defense Industry
PIS/PASEP and COFINS exemption
IPI exemption
Source: Law N. 12,598/2012
The EED will have access to special tax system and
funding for programs, projects and actions related to
goods and services of national defense under the law terms .
ATHLETES SPONSORSHIP
FIREARMS & Acessories
Alex Larche
Sporting teenager
shooter
Mauro Cauduro
Outstanding positions on
Brazilian competitions
Jessie Duff
Champion of the 2014
World Shoot XVII
Taurus’ team captain
CARRY ON MOVEMENT
Considered a breakthrough in shooting sports, Alex Larch is the new member of Taurus team lead by Jessie Duff
Alex Larche
Taurus offers to its customers a new concept in packaging, providing greater security and perceived quality.
White Box FIREARMS
& Acessories
CARRY ON MOVEMENT
Taurus cares about its consumers: new Customer Service extended to all american territory. FIREARMS
& Acessories
GROWTH STRATEGIES
FIREARMS & Acessories
Specific products for Consumer and Law Enforcement markets
Develop new products for the US market
Improve the after-sale: maintance, retrofit and training
Increase the sales for civilian brazilian market
Improve the Taurus brand perception
IMPACT FACTORS
HELMETS
& Acessories Motorcycles Sales
Car substitution for motorcycle
Mobility and traffic saving
Delivery Services
Motocab
Credit Defaults’ growth
Restricted credit concession
% of down payments’ value
Number of installments
Motorcycle maintenance X Helmet
acquisition
Inexistence of financing for used low
cilinder motocycles
CLIENTS
Fleet Owners Wholesale Magazines Retail Governments
Trade Representatives
HELMETS
& Acessories
HELMETS MARKET IN NUMBERS
45% BRAZILIAN MOTORCYCLE HELMETS MARKET SHARE
4.8 MILLIONS UNITS/YEAR
POTENTIAL MARKET
1.5 HELMETS PER
MOTORCYCLE IN
BRAZIL
6 YEARS: HELMET’S LIFE TIME ESTIMATED BY THE MARKET
HELMETS
& Acessories
43,4%
42,9%
43,5%
45,1%
46,7% 46,7%
45,8% 45,7% 45,6%
45,0%
45,4% 45,6%
45,3%
dez/08 dez/09 dez/10 dez/11 dez/12 dez/13 mar/14 jun/14 set/14 dez/14 mar/15 abr/15 mai/15
Market Share Evolution - TAURUS HELMETS
Source: Taurus
HELMETS
& Acessories
PEERS Nome Logo País Nome Logo País Nome Logo País
AGV Itália HELD Alemanha NAU Portugal
AIROH Itália HELT Brasil NOLAN Itália
ARAI Japão HJC EUA NORISK Brasil
ASTONE França ICON EUA ONE EUA
BELL EUA KRAFT Brasil PEELS Brasil
BIEFFE Brasil LAZER Bélgica PRO TORK Brasil
CRAFT Alemanha LS2 Espanha SHARK França
EBF Brasil MARUSHIN Itália SHOEI Japão
FLY Brasil MHR China STARPLAST Brasil
FOX EUA MIXS Brasil TAURUS Brasil
HARLEY-
DAVIDSONEUA MT Espanha VAZ Brasil
10%
OTHERS
Market Share Brazil
HELMETS
& Acessories
45%
45%
NEW!
Redesign the helmet
sales success:
SAN MARINO,
the model is smaller,
lighter,
with better aerodynamics,
maintaining the large peripheral vision.
HELMETS
& Acessories
NEW!
“Brazilian leader in helmets manufacturing, Taurus expands its portfolio
with the launchof new features for motorcycles medium and high
displacement. By now, the brand offers a complete TOP line of helmets
developed in partnership with
Italian company Caberg ”
- MOTO.com.br
HELMETS
& Acessories
COMPETITIVE ADVANTAGES
Quality Raw material from recognized suppliers
Compliance with brazilian quality
standard (NBR 7471/2001)
Adaptation to european standards
Production scale
Design Updated and innovative design
Artwork with excellent finishing
HELMETS
& Acessories
GROWTH STRATEGIES
Criate a vintage line of helmets
Explore the foreign market
Evaluate the opportunities of producing helmets
with higher added value
Increase the marketing actions: exhibitions,
specific magazines, others.
Increase the line of helmets for cyclists
HELMETS
& Acessories
ENVIRONMENTAL CONSCIOUSNESS
Safety traffic campaign
Participation in associations
like APAE, ABAI and
others
Recycling events and
adaptation to Environmental
Institute of Paraná
HELMETS
& Acessories
CONTEINERS PLASTICS - CLIENTS
Trade Representatives
Contractors Resale Residentail Condominums
Industries Prefectures
METALLURGY
& PLASTICS
CONTEINERS PLASTICS – PEERS
Other manufacturers not standardized and
imported
Contemar e Omnium
METALLURGY
& PLASTICS
FAMASTIL
TAURUS TOOLS PREMIUM LINE.
QUALITY AND INNOVATION
PARTICIPATION OF 35% IN
ASSOCIATED
METALLURGY
& PLASTICS
TAURUS NET REVENUE IN 4Q14 and 1Q15
61
CENTRAL AMERICA/
LATAM 4Q14 1Q15
FIREARMS R$ 5.9 R$ 3.2
Part. 4% 2%
USA 4Q14 1Q15
FIREARMS R$ 75.9 R$ 98.9
Part. 45% 57%
BRAZIL 4Q14 1Q15
FIREARMS R$ 27.9 R$ 20.8
Part. 17% 12%
HELMETS R$ 33.3 R$ 31.0
Part. 20% 18%
EUROPE 4Q14 1Q15
FIREARMS R$ 1.2 R$ 3.2
Part. 1% 2%
AFRICA 4Q14 1Q15
FIREARMS R$ 8,5 R$ 1,2
Part. 5% 1%
ASIA 4Q14 1Q15
FIREARMS R$ 7.0 R$ 6.2
Part. 4% 4%
In BRL Millions
OCEANIA 4Q14 1Q15
FIREARMS R$ 0.38 R$ 0.24
Part. 0.23% 0.14%
-25%
-86%
-37%
31%
-7%
-47% -11%
158%
MAINLY IMPACTS ON 1Q15 RESULTS
IMPACTS
62
Production
Increase*
Non-Recurring
Expenses and
Judicial Proceedings
Mar/15: 211 Feb/15: 161 Jan/15: 133 Aug/14: 100
Firearms
American Market
1Q15/1Q14 + 6.5%
OPERATIONAL RESUMPTION
1Q15/4Q14 + 31.3%
Carter Case Provision R$ 69.3 mi
Exchange
Impact
Financial Expenses Exch. Var. - R$ 78.9
R$/USD: 3.14 mar/15 R$/USD: 2.64 dec/14
Financial Income Exch. Var. + R$ 17.1
*Quantity Produced
Basis 100 in Aug/14
Advising and Consulting Expenses R$ 1.0 mi
Termination Labor Contracts R$ 3.8 mi
NON-OPERATIONAL OR NON-RECURRING EXPENSES – 1Q15
IMPACTS
63
• Carter Case: R$ 69.3 millions
• Termination Labor Contracts: R$ 3.8 millions
• Advising and Consulting Expenses: R$ 1.0 millions
TOTAL R$ 74.1 millions
COGS: R$ 3.1 millions
Adm. Exp.: R$ 1.7 millions
Sales Exp.: R$ 2.0 millions
Others Exp.: R$ 67.3 millions
ST: 58%
LT: 42%
ECONOMIC AND FINANCIAL INDICATORS
RESULTS
Variation %
Ratios 1Q15 4Q14 1Q14 1Q15/1Q14 1Q15/4Q14
Net revenue 173,5 166,9 168,1 3,2% 4,0%
Domestic market 60,5 67,9 62,4 -2,9% -10,8%
Foreign market 113,0 99,1 105,8 6,8% 14,1%
COGS 138,4 115,8 122,4 13,0% 19,5%
Gross Profit 35,2 51,1 45,7 -23,1% -31,2%
Gross Margin - % 20,3% 30,6% 27,2% -6,9 p.p. -10,4 p.p.
Operating Expenses -110,3 -69,2 -41,2 167,8% 59,2%
Operating Profit (EBIT) -75,1 -18,1 4,5 -1755,2% 314,7%
EBIT Margin - % -43,3% -10,8% 2,7% -46,0 p.p. -32,4 p.p.
Net Financial Income -68,3 -35,6 -9,9 591,3% 91,9%
Depreciation and amortization (1) 8,5 8,4 8,1 5,2% 0,9%
Net Income - Consolidated -149,9 -60,7 -4,5 3201,6% 147,1%
Net Income Margin - Consolidated -86,4% -36,3% -2,7% -83,7 p.p. -50,0 p.p.
Adjusted EBITDA (2) 9,0 2,3 29,2 -69,0% 293,3%
Adjusted EBITDA Margin - % 5,2% 1,4% 17,3% -12,1 p.p. 3,8 p.p.
Total Assets 1.000,9 979,8 1.089,2 -8,1% 2,2%
Equity -56,4 52,1 134,7 -141,8% -208,2%
Investiments (CAPEX) 4,6 3,4 3,1 49,3% 35,3%
RESULTS BY BUSINESS SEGMENT
1Q15 Part. % 1Q14 Part. % Var. 1Q15 1Q14 Var. 1Q15 1Q14 Var.p.p 1Q15 1Q14 Var.
Firearms 132,9 76,6% 124,0 73,8% 7,1% 21,8 30,2 -27,8% 16,4% 24,3% -7,9 (144,4) (12,3) NS
Helmets 31,0 17,9% 32,6 19,4% -4,9% 10,3 11,6 -11,4% 33,1% 35,6% -2,5 6,1 7,3 -16%
Others 9,6 5,6% 11,5 6,8% -16,1% 3,1 3,9 -21,0% 32,0% 34,0% -2,0 (5,1) (0,3) NS
Total 173,5 100,0% 168,1 100,0% 3,2% 35,2 45,7 -23,1% 20,3% 27,2% -6,9 (143,4) (5,3) NS
1Q15 Part. % 4Q14 Part. % Var. 1Q15 4Q14 Var. 1Q15 4Q14 Var.p.p 1Q15 4Q14 Var.
Firearms 132,9 76,6% 125,7 75,3% 5,7% 21,8 41,8 -47,9% 16,4% 33,3% -16,9 (144,4) (57,7) NS
Helmets 31,0 17,9% 33,3 20,0% -6,9% 10,3 11,2 -7,9% 33,1% 33,5% -0,4 6,1 4,6 33%
Others 9,6 5,6% 7,9 4,7% 22,5% 3,1 (1,9) NS 32,0% -23,7% 55,7 (5,1) (0,6) NS
Total 173,5 100,0% 166,9 100,0% 4,0% 35,2 51,1 -31,2% 20,3% 30,6% -10,4 (143,4) (53,7) NS
Comparative Quarter - Year over Year
Net Revenue Gross Income Gross Margin Income before taxes
Comparative Quarter - Current Quarter x Previous Quarter
Net Revenue Gross Income Gross Margin Income before taxes
OPERATIONAL EXPENSES – SG&A
RESULTS SG&A 1Q15 4Q14 Var.
Operational Expenses -110.3 -69.2 59.2%
Non-Recurring Operational Expenses -71.0 -17.5 305.6%
Operational Expenses, adjusted -39.9 -51.7 -24.2%
Net Revenue 173.5 166.9 4.0%
% Operational Expenses -63.5% -41.5% -22.1 p.p.
% Operational Expenses, adjusted -22.6% -31.0% 8.4 p.p.
EBITDA and Adjusted EBITDA (in thousands of BRL)
RESULTS
(1) The Company Management considered the results of Taurus Máquinas-Ferramenta Ltda. as non-recurrent in view of its operational divestment.
PERIOD 1Q14 1Q15
= NET LOSS (4.540) (149.893)
(+) IR/CSLL (807) 6.470
(+) Net Financial Expenses 46.965 106.610
(-) Net Interest Income (37.081) (38.284)
= EBITDA CVM Reg. 527/12 12.615 (66.594)
(+) Loss of Taurus Máquinas-Ferramenta Ltda. (1) 2.047 1.503
(+) Non-recurring Costs and Expenses 14.492 74.120
= ADJUSTED EBITDA 29.154 9.029
ADJUSTED EBITDA and Margin EBITDA – Monthly Evolution
RESULTS
(1) The Company Management considered the results of Taurus Máquinas-Ferramenta Ltda. as non-recurrent in view of its operational divestment.
NET FINANCIAL INCOME (LOSS)
RESULTS FINANCIAL EXPENSES 1Q15 Part. 1Q14 Part. Var.
Interest -16,238 15% -13,120 28% 23.8%
Exchange Variation -78,916 74% -19,047 41% 314.3%
IOF -389 0% -133 0% 192.5%
Swap on financial operations -8,068 8% -10,216 22% -21.0%
Adjustment to present value -1,744 2% -1,336 3% 30.5%
Other expenses -1,254 1% -3,113 7% -59.7%
TOTAL -106,609 100% -46,965 100% 127.0%
FINANCIAL INCOME 1Q15 Part. 1Q14 Part. Var.
Interest 1,896 5% 2,131 6% -11.0%
Exchange Variation 17,092 45% 25,592 69% -33.2%
Swap on financial operations 15,656 41% 6,065 16% 158.1%
Adjustment to present value 2,487 6% 2,147 6% 15.8%
Other income 1,153 3% 1,146 3% 0.6%
TOTAL 38,284 100% 37,081 100% 3.2%
NET FINANCIAL INCOME (LOSS) 1Q15 Part. 1Q14 Part. Var.
TOTAL -68,325 - -9,884 - 591.3%
INDEBTEDNESS - Composition
RESULTS
In millions BRL
03/31/2015 12/31/2014 03/31/2014Var. Mar/15
x Dec/14
Var. Mar/15
x Mar/14
Short term indebtedness 220,2 258,9 358,6 -15% -39%
Long term indebtedness 255,3 231,8 250,5 10% 2%
Exchange Serves 118,5 57,9 62,3 105% 90%
Debentures 125,7 125,8 54,4 0% 131%
Antecipation Mortages 5,4 8,5 17,0 -36% -68%
Advance on Receivables 36,9 25,1 53,9 47% -32%
Derivatives -34,9 -12,2 -19,7 186% 78%
Gross Indetbetedness 727,1 695,8 777,1 4% -6%
(-) Cash available and financial investments 108,8 159,8 232,8 -32% -53%
Net Indebtedness 618,2 536,1 544,3 15% 14%
Adjusted EBITDA 22,0 42,1 82,2 -48% -73%
Net Indebtedness/Adjusted EBITDA 28,15x 12,74x 6,62x
Adjusted EBITDA/Financial Expenses Net 0,15x 0,46x 1,17x
CASH FLOW
RESULTS
CASH FLOW - CONSOLIDATED 1Q15 1Q14 Var. %
Opening balance of cash and cash equivalents 104,536 281,119 -62.8%
Cash generated in operations -35,036 12,973 -370.1%
Income (loss) before income and social contribution taxes -143,424 -5,347 2,582.3%
Depreciation and amortization 8,503 8,078 5.3%
Cost of fixed assets written-off 859 1,116 -23.0%
Equity pickup 174 322 -46.0%
Provision for financial charges 56,198 8,223 583.4%
Provision for contingences 74,237 138 53,694.9%
Provision for doubtful accounts -2,097 -665 215.3%
Provision for guarantees 3,270 - -
Changes in assets and liabilities -29,953 2,212 -1,454.1%
Income and social contribution taxes paid -2,803 -1,104 153.9%
CASH FLOW
RESULTS
CASH FLOW – CONSOLIDATED (cont.) 1Q15 1Q14 Var. %
Net cash used in investment activities 9,673 -2,675 -461.6%
In property, plant and equipment -4,389 -2,566 71.0%
In intangible assets -200 -506 -60.5%
Interest earning bank deposits 14,343 - -
Other receivables -81 397 -
Net cash from financing activities -11,212 -58,608 -80.9%
Loans obtained 129,067 34,339 275.9%
Payment of loans -128,029 -77,279 65.7%
Payment of interest on loans -12,839 -12,451 3.1%
Others 589 -3,217 -118.3%
Increase (decrease) in cash and cash equivalents -36,575 -48,310 -24.3%
Closing balance of cash and cash equivalents 67,961 232,809 -70.8%
GUIDANCE
GUIDANCE 2015
The Management chose to not provide guidance for Net
Revenue and EBITDA for 2015;
CAPEX: the capital expenditures for 2015 approved in AGM is
BRL 31,2 millions, 15% have been done until 1Q15.
STRATEGIES
2015: A NEW CYCLE
RESUMPTION OF COMPANY
FUNDAMENTALS
REDUCING COMPANY
COMPLEXITY
FOCUS ON
PROFITABILITY
RESIZE THE INDUSTRIAL
PROCESS
FELIPE G. OLIVEIRA
IR Analyst
+55 51 3021 3001
www.taurusri.com.br
ri@taurus.com.br
THIAGO PIOVESAN
CFO & IRO
ANDRÉ R. BALBI CERVIÑO
CEO