Apresentação do PowerPoint - Tegma RI · 47% 50% 53% 56% 2013 2014 2015 2016 2017 2018 Southeast...
Transcript of Apresentação do PowerPoint - Tegma RI · 47% 50% 53% 56% 2013 2014 2015 2016 2017 2018 Southeast...
Institutional presentation
2
INDEX
1. Tegma history and overview
2. Market overview
3. Business segments
4. Consolidated financial and
governance review
2
One of the largest logistics companies of Brazil
Founded in 1969
Located in São Bernardo do Campo - SP
Annual revenues of R$1.5 billion
Market cap ~ R$1.9 bn
1.8k employees in 31 bases in 11 states
Asset light business model
Listed on B3 since 2017/ Novo Mercado | Ticker: TGMA3.bz
High level of governance: Fiscal Council, Audit Committee, 2 independent members (1 independent chairman) in the board of directors
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4
Vehicles Logistics Start Up, as Sinimbu and organic growth
1969 1997
Merger with Coimex Group;
Incorporation of subsidiaries Schlatter and Transfer, expanding the participation in vehicles logistics market;
1998 2001
Start Up as “Tegma”;
IPO;
Industrial logistics Start Up;
Warehouse Start Up;
Acquisition of 49% stake in Catlog;
2002 2010
Acquisition of Direct Express and LTD operations;
Discontinuation of LTD operations and sale of Direct Express
Creation of a JV for bonded warehouse GDL
2011 2018
Logistic operator for chemical, glasses
and household appliances industry
Integrated inbound transport
management, optimizing and planning
routes according demand
Solid raw material storage/shipping and
in-house liquid management
Reduced inventory levels in the client
supply chain
Leader in the logistics of brand new
vehicles in Brazil (~27% market share)
serving all automakers in the country
Asset light model with outsourced fleet
and high resilience of results
Low requirement of investments
67 thousand square meters of
warehouses in São Paulo, Rio de Janeiro
and Espírito Santo
Inventory, labeling and assembly of kits
The country's largest bonded area for
the management of imported vehicles
in the CLIA Cariacica-ES
% 2018 Revenues % 2018 EBITDA
5
85%
12%
3%
85%
15%
AUTOMOTIVE
LOGISTICS
INDUSTRIAL
LOGISTICS
WAREHOUSE
INTE
GR
ATE
D L
OG
ISTI
CS
Major competitors
3 lst yrsrevenuechange
Growth drivers
4%
N/A
Sales of brandnew vehicles in Brazil/Mercosul and averagedistance of trips
Inboundoutsourcing among industries in Brazil (homeappliances, home ´n care,
glasses)
Increase ofinventoriesmanagement outsourcing ofconsumptiongoods retailers
Major clients
AUTOMOTIVE
LOGISTICS
INDUSTRIAL
LOGISTICS
WAREHOUSE
INTE
GR
ATE
D L
OG
ISTI
CS
6
+44%
Fleet KPI´s / SLA´s
1.0k
0.2k
1.5 thousand
(93%
outsourced)
65 carriers
owned
82 trucks
outsourced
-
- Transit time of deliveries;
- Level of vehicle damage;
- Inventory level; - Manufacturing
plantinterruption
- Processing NF's on the same issuing day;
- Stock accuracy -
99.98%
#employees
0.5k
Assetintensity
Low
Medium
Low
AUTOMOTIVE
LOGISTICS
INDUSTRIAL
LOGISTICS
WAREHOUSE
INTE
GR
ATE
D L
OG
ISTI
CS
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INDEX
1. Tegma history and overview
2. Market overview
3. Business segments
4. Consolidated financial and
governance review
8
North/Northeast/CenterwestProduction: 14%
Consump.: 29%
-15%
Source: ANFAVEA and FENABRAVE
* Considering FY 2017Source: ANFAVEA
Brazilian automotive market:
65 industrial units / 11 states
31 assemblers / 616 autoparts
9th largest domestic market
4.0% national GDP
5.592 dealerships
5.2 inhabitants per vehicle
25% of production is exported (2017)
11.6% of national sales is imported (2017)
Installed capacity: 4.5 million vehicles
High concentration of production in
South/Southeast – demanding logistics
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Southeast/SouthProduction: 86%
Consump : 71%
+16%
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
5,0
1957 1961 1965 1969 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017
Vehicles Sales
-35% vspeak
2016: -45% vspeak
-43% vs peak
Mill
ion
2019E: +11% vs 2018Source: ANFAVEA
10
2019E: +39% vs
2016
47%
50%
53%
56%
2013 2014 2015 2016 2017 2018
Southeast Ex-Southeast
11
Vehicles fleetand average age
Used vehicle sales (and ratio vsnew vehicle sales)
Vehicles exportsVehicles production
Domestic salesper region
Domestic salesper category
Source: ANFAVEA, SINDIPEÇAS, ABLA and FENABRAVE
36
38
3940
41 41
8.48.5 8.6
8.9
9.1
9.3
2012 2013 2014 2015 2016 2017
9.410.1 10.0 10.0
10.7 10.7
2.63.0
4.0
5.0 4.94.3
2013 2014 2015 2016 2017 2018
3.5
3.0
2.32.1
2.62.7
2013 2014 2015 2016 2017 2018
0.5
0.3
0.4
0.5
0.7
0.6
2013 2014 2015 2016 2017 2018
0%
20%
40%
60%
80%
100%
2014 2015 2016 2017 2018
Rent a Car Sales ex-rentacar
INDEX
1. Tegma history and overview
2. Market overview
3. Business segments
4. Consolidated financial and
governance review
12
12
Services provided:
Transfer and distribution of brand new vehicles;For all automakers installed in Brazil
Yard management and storage of vehicles;
PDI (Pre-Delivery-Inspection);For rent-a-car and corporate fleet
13
14
A logistics optimization program that integrates the
demands of automakers and resellers across multiple regions
to streamline and avoid empty journeys using real-time truck
tracking and load composition software, focused on vehicle
visibility, damage control and environmental management of
the entire operation
Local orcentral hub
(storage)
Local orcentral hub
(storage)
Port
*Pre-delivery-inspection
PDI*
Do
me
stic
de
live
rie
s
Exp
ort
de
live
rie
s
In numbers:
Attending 16 OEM´s and importers
781 thousand vehicles hauled per year
754 thousand trips per year
791 million km per year per vehicle
21 hubs in Brazil
Deliveries in more than 1 thousand
autodealers in Brazil
Port
OEM
OEM
Autodealer
RAC/ fleet
Monitoring 100% of trucks;
Electronic control of speed
and work journey
GPS delivery confirmation
10
Tegma’s entire fleet location
GPS mapping of a delivery
15
Services provided:
Yard management
Control the vehicle’s input /
output from yards;
Integrate vehicle’s information
with the transport system;
Vehicle handling in the yard;
Yard in São José dos pinhais – Parana State
Operational control centerVehicle storage
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Inspection process Inspection process
Inspection process
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Services provided:
Inspection, preparation,
installation of components for
rent-a-car and companies fleet;
Nationalization of imported
vehicles;
DC Toyota
Suape
Cariacica
Caju
Resende
Juiz de Fora
Igarapé
Camaçari
BelémManaus
SJPParanaguá
Araquari
Itajaí
Gravataí
Guaíba
Rio Grande
Chuí
Sumaré
SorocabaPiracicaba
Indaiatuba
SBCSJC
São José dos Campos
Area: 81 thou sqm
São José dos Pinhais
Area: 160 thou sqm
Camaçari
Area: 64 thou sqm
São Bernardo do
Campo
Area: 260 thou sqm
With Yard
Total yard area:
1.8 million sqm
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• Southeast region:• Cariacica – ES• Resende – RJ• Rio de Janeiro - RJ• Piracicaba - SP
• North region:• Manaus – AM• Belém – PA
• Northeast region:• Camaçari – BA• Suape – PE
• South region:• São José dos Pinhais – PR• Gravataí – RS• Chuí – RS• Araquari - SC
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• SBC – SP• SJC – SP• Itirapina - SP• Indaiatuba – SP• Sorocaba - SP
• Itajaí – PR• Paranaguá – PR• Guaíba - RS• Rio Grande – RS
Tegma’s main yards
Revenue depends on the # of
vehicles transported and on the
distance for delivering them upon a
fee (R$/total distance)
Freight costs and other variable
costs (81% of COGS) depend as well
on the # of vehicles transported and
on the distance for delivering them
Tegma manages vehicles for all
automakers in Brazil
SLA´s (Services Level Agreements)
include the transit time and damage
on % of vehicles handled
Prices (with OEM´s and truckers)
are annually readjusted (april-may)
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average distance of trips from SP DC
Average of 40 days of receivables / 14 days of payment;
Average of 81% of variable costs (% of total COGS);
High resiliency of margins and FCF;
Low demand for expantion investments.
Gross Sales
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1,186
1,026
766681
754 781
28% 29% 28% 29%27%
25%
2013 2014 2015 2016 2017 2018
Number os vehicles transported
Market Share
1,6991,557
1,149
940
1,129
1.348
2013 2014 2015 2016 2017 2018
206
175
9578
118
172
15%14%
10% 10%
13%
16%
0
0,02
0,04
0,06
0,08
0,1
0,12
0,14
0,16
0,18
0
50
100
150
200
250
300
2013 2014 2015 2016 2017 2018
Adj EBITDA Adj EBITDA Mg.
21
Inventory management, transportation and
storage;
Gross sales: BRL 143 mm py;
Assets employed: chemical carriers, general
carriers (the trucks are all outsourced);
Warehouses in Cubatao and Indaiatuba (all
rented) Tegma warehouses
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6 SHIPS/ MONTHS 45 TRUCKS / SHIP 110,000 TONS/ MONTH 52,000 TONS / MONTHS 78,000 TONS / MONTHS
PORT OPERATION UNLOADING
TRANSPORTRETROPORT
WAREHOUSESTORAGE
ROAD TRANSPORT
IN HOUSEOPERATION
PLANNING TEGMA
Supplier of the largest powder
detergent factory in the world,
operating 24 x 7
Other Home´n care and glass
industries clients
Inventories covering 24-48 hrs of
production
Inventories 100 miles from plant
Resulting in client inventory
reduction
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Supplier C
Supplier B
Supplier AEmpty
packages
Parts
Milk-run
OEM
ETOS
System
Material planning
MRP PSFT
Order:Demand
Driven
Follow Up
After Tegma
Curitiba
São Carlos
Inbound process advantages
Tegma web portal with visibility of the control
of the packaging;
Investment and management carried out by
Tegma;
Supplier collection information available 1 day
in advance;
KPIs online in the web portal.40% increasein vehicleocupation
Major clients
Bonded and general warehouses, inventories management, labeling and assembly of kits;
Gross sales: BRL 47 mm py;
Assets employed: internal warehouse structures (thewarehouses are rented);
67 thousand sqm of warehouses in Rio de Janeiro, São Paulo and Espirito Santo.
Tegma warehouses
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Castello Branco warehouse
238 230243
200 201191
2013 2014 2015 2016 2017 2018
Recent developments provide more previsibility;
Industrial logistics with high resiliency of sales and results;
Warehouses have more fixed costs;
Constant cost control and active pipeline of new clientes.
Gross Sales
25
-6
13
4
11
17
28
-3%
7%
2%
7%10%
18%
2013 2014 2015 2016 2017 2018
Adj EBITDA Adj EBITDA Mg.
INDEX
1. Tegma history and overview
2. Market overview
3. Business segments
4. Consolidated financial and
governance review
26
27
154169
9989
135
200
201
3
201
4
201
5
201
6
201
7
201
8
Adjusted EBITDA (BRL million)1.33
1.63
1.23 1.181.33
1.54
201
3
201
4
201
5
201
6
201
7
201
8
Gross Revenue (BRL billion)
Dividends per share
74
2935
51
61
72
201
3
201
4
201
5
201
6
201
7
201
8
Free cash flow (BRL million)
Payout %
112
97
55
19
(6) (1)
34
104 108
201
0
201
1
201
2
201
3
201
4
201
5
201
6
201
7
201
8
Net income (million)
ROE%ROIC%
21%
16%
3% 4%
28%
24%
15%
17%
6%
11%
23%
28%
201
3
201
4
201
5
20
16
201
7
201
8
ROE and ROIC
0.990.93
0.120.08
0.71
0.971,00
60%60%61%53%
100%
81%71%
201
8
201
7
201
6
201
5
201
4
201
3
201
2
201
1
Shareholder return
28
Net debt Net debt / Adjusted EBITDA
Outlook: Stable
Tegma’s Rating
Sep 2013
Sep 2014
B1 Nov 2015
May 2016
Dec 2017
B2
B1
Ba2
Ba3
84
34
53
78
25
Ca
sh
De
c/1
8
TTM
12
M
FC
F*
20
19
20
20
20
21
Debt amortization sched
280265
150
99
74 75
1.5
1.1 1.5
0.2
0.60.4
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
5,0
20
13
20
14
20
15
20
16
20
17
20
18
0
50
100
150
200
250
300
Indebtness (BRL million)
Cabana
7%Free Float
48%
Grupo Coimex
20%
29
GRUPO COIMEXInfrastructure Other businesses
MOPIA
MOPIA
25%
CABANA
Shareholder agreement
29
Board of Directors
2Mopia/Cabana
representants
2Coimex
representants
2Independents
1 chairman
Fiscal Council
2Indicated by
controlling
shareholders
1Indicated by
minorities
Management
Gennaro Oddone
CEO/DRI
Ramón Pérez - CFO
Auditing Comitee
2Indicated by
controlling
shareholders
1Independent
30
Management, People and
Governance Committee
2Indicated by
controlling
shareholders
1Independent
0,58
0,31
0,48
0,390,32
0,43
0,27
0,36
0,260,18
Opacity
(black smoke emission) (m-¹)
Projects that also
aim at socio-environmental benefits
Tegma’s ownVehicularinspection;
Trucks notattending legal limit are forbiddento transport;
70.5%
87.4% 88.2% 91.4% 92.5%
2013 2014 2015 2016 **2017
Legal compliance (General)
Environmental compliance in 2017
Environmental Legal Requirements
99%
Environmental licenses
93%
Vaporization system in washers
85% reduction in effluent
generation in Cubatão
90% reduction in water
consumption in Cubatão and
96% in Araquari / SC;
90% lower
than the
legal limit
Main certifications:
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Wanderléia Carrier
-11% in CO2 emissions;
-10% in accident occurrence;
Water reuse system SBC site
Sell side analysis
USD 2.05 mmADTV
(2018)
3.8xP/Book
32
*Mar 2019 figures
B1Global scale
Moody´s
Rating
6.17.2
8.1
8.1
13.5
14.915.8 15.3
7.86.2 7.5
14.8
12.9 11.113.0
1Q 2Q 3Q 4Q
EV EBITDA 2018 PE 2018 EV EBITDA 2019 PE 2019
Multiples history
33
IR websiteDetailed Statement of changes in beneficial ownership of securities history
Financial historical in .xls with indicators, sellside and industry estimatives, dividendsand explanatory notes
Tegma awarded by two renowedmagazines as one of the best IR professional and CEO of Brasil and Latam in 2018
Corporate startup accelerator (Corporate Venture)
Tegma open innovation arm
First accelerator specialized in logistics in Brazil
Focus on solutions
for the following
areas:
Cargo transportYards and warehousesCustomer Service AutomationFleet managementE-commerce (B2B platforms)Technology for Logistics (Blockchain, IoT, BigData, I.A.)
First round:
64 companies applied4 winners
1 investment
What we are looking
for:
Companies that introduce innovative solutions in digital logistics, transportation and mobility.
Near of economic equilibrium, with customers and recurring revenue
Companies that aggregate value to our services, forming longstanding partnerships
34
TegUp coworking
Second round:
14 approved
Investor relationsri.tegma.com.br
+55 11 4397-9423
Thiago Duarte de Brito
[email protected]+ 55 11 4397 9399