Bookstore Chain ffl Financial highlights

Transcrição

Agenda
Group overview
Editora Saraiva - Publishing House
Livraria Saraiva - Bookstore Chain
Financial highlights
Final remarks
1
Group Overview
Editora Saraiva (publishing house)
One of the largest book publishers in Brazil
Leader in the law book industry
Law content in electronic media: Saraivajur.com.br
3rd in the elementary and high school textbook industry
Investing in Business Admin./Economics Publishing line
Livraria Saraiva (retail)
The largest bookstore chain in Brazil
Pioneer in the introduction of the Super Store concept
The largest on-line retailer of books in Brazil
32 stores: 14 Super Stores and 18 traditional stores
2
Strategies - Operations Publishing
Editora Saraiva:
Construct a complete and renewed catalogue;
Promote an aggressive, reaching the most important markets:
Adoption of books in Brazil is decided by teachers
Build partnership with new and existing authors;
Take full advantage of existing synergies among publishing lines,
diluting fixed costs;
Be aware of Internet & new technologies as well as acquisitions
opportunities & strategic alliances
(Eg. Formato Editorial - August/2003)
3
Strategies - Operations Retail
Livraria Saraiva:
Sales channels give a unique purchase experience
Ç Seek all possible synergies among operations
Clicks & Mortar model
Retail is detail
Ç Seek constant innovation in order to differentiate itself from
competitors
Ç Serve the customer in different selling channels:
Bricks & Mortar stores, Internet, telemarketing
Knowledge of publishing and book markets
Ç Have a product mix that enhances the “purchase experience”:
culture + leisure + entertainment
4
Growth - Innovation
408
CAGR 18,4% p.a. (1995 - 2002)
392
5%
353
Gross Revenue Consolidated
R$ million
229
157
Lower Government
book purchases in Y02
81
45
Saraiva
Data
1994
1995
Super
Stores
254
295
178
120
1993
279
1996
1997
1998
1999
2000
2001
2002
“Renascer” acq.
SaraivaJur.com
Business Adm./
Economics
“Atual” acq.
Saraiva.com
3rd Q
02
3rd Q
03
“Formato”
acquisition
5
Agenda
Group overview
Final remarks
6
Publishing Market in Brazil
R$ 1.44 Billion (2000)
300
R$ Million
250
Religious
7%
150
Textbooks
52%
Technical
14%
Textbooks Industry - 2002
200
100
50
0
(1)
Ática
Scipione
FTD
Saraiva
Moderna
(1)
Editora do
Brasil
60
R$ Million
50
General
Interest
21%
Law Industry - 2002
40
30
Law
6%
20
10
0
Saraiva
Sources: Cerlalc (Centro Regional para o Livro na América Latina e Caribe),
CBL (Câmara Brasileira do Livro), and ABIGRAF (Associação Brasileira da
Indústria Gráfica), Gazeta Mercantil, Saraiva
(1)
(2)
RT
(2)
(2)
Forense
Revenues in 2000
Revenues in 1999
7
Sales to Government through PNLD(*)
Considerable increase in sales of textbooks to the Government (R$ Million)
Constant Catalog Renovation
1998 - Editora Atual Acquisition
2000 - Renascer’s Book Catalog Aquisition
2003 - Formato Acquisition
90
80
70
81.4
73.4
65.0
(**)
67.7
60
42.9
50
13.7
41.9
40
30
20
9.1
14.9
23.4
19.8
Low Government
book purchases:
Replacement Year
11.8
10
0
PNLD
'95
'96
'97
'98
'99
'00
'01
'02
'03
'04
(*)
PNLD - Programa Nacional do Livro Didático (NationalTextbooks Program)
(**) To be confirmed. Preliminary data, not contracted.
Source: Saraiva
8
Formato Editorial
Publishing house with headquarters in
Minas Gerais State
Textbooks & Readers: Excellent catalog, with
aproximately 450 titles
Great synergies with Editora Saraiva
(Distribution / Logistics / Administrative Expenses)
9
Editora Saraiva´s Competitive Advantages
Proprietary content creating strong barriers to new
entrants
Strong distribution structure (13 branches)
Consolidated brand name (Company founded in 1917)
strong relationship with teachers and professionals
Excellent relationship with authors
Access to funding (debt & equity)
publicly held Company
Professional management
10
Competitive Advantages
Promotion &
distribution at the
branches facilitate
the adoption of
Saraiva’s titles
Manaus
Belém
Fortaleza
Recife
Salvador
Brasília
Belo
Horizonte
Goiânia
Campo
Grande
Rio de
Janeiro
Ribeirão
Preto
Distribution Center
São Paulo
Curitiba
Porto
Alegre
11
Market Trends
Publishing Industry:
Internet, new technologies: great opportunities
recognized value of proprietary content
Consensus that Education is a top priority in Brazil
Industry’s growth above population’s growth
Ï First “wave”: increase access to school
Ï Second “wave”: increase quality of Education
12
Education in Brazil
High school & College levels - large potential
Students Enrolled (Million)
40
34.7
32.0
SARAIVA is
well positioned
to fulfill future
demand in both
segments
30
20
10
0
4.9
CAGR
0.8%
4.2 (*)
1.7
1994
Elementary
Sources: Inep; MEC
(*) 2002 data
9.1
2003
High School
College
6.4%
10.6%
13
Agenda
Group overview
Final remarks
14
Saraiva - The Largest Bookstore Chain in Brazil
Gross Revenues of the Brazilian Book Industry - R$ 2.06 Billion (2000)
61% via Bookstores - R$ 1.26 Billion (2000)
Others
39%
R$ Million
200
Bookstore Industry - 2002
150
100
50
0
Bookstore
61%
(2)
Saraiva
Siciliano
La Selva
(1)
(1)
Cultura
Sodiler
(1)
(2)
Sources: Cerlalc (Centro Regional para o Livro na América Latina e Caribe), CBL
(Câmara Brasileira do Livro), and ABIGRAF (Associação Brasileira da Indústria Gráfica),
Gazeta Mercantil, Saraiva
(1)
Nobel
Revenue in 2000
Revenue in 2001
15
Geographic Location
32 Stores - 14 Super Stores and 18 Traditional Stores
PE
Traditional Store
DF
Traditional Store
RJ (6 Stores)
1
Goiânia
Super Store
1
Traditional Stores
2
Super Stores
4
1
(opened in Nov./03)
SP (21 Stores)
Traditional Stores
PR
Super Stores
Super Store 1
RS
Super Store 1
14
7
16
Livraria Saraiva
Product Mix
100%
2002
Electronics
0.3%
80%
Audio & Video
19.4%
60%
Multimedia
8.4%
Stationary
11.6%
40%
Books
60.2%
20%
0%
1996
1997
1998
Books Stationary
1999
Multimedia
2000
2001
2002
Audio & Video Electronics
17
Source: Livraria Saraiva (2002)
Livraria Saraiva´s Competitive Advantages
Largest bookstore chain in Brazil, both in terms of
revenues and sales area; scale of operations
Ï Dilute fixed costs
Ï Increase purchasing power
“First mover”, with presence in important shopping malls
Strong brand name: customers’ share of mind
Privileged position for expansion
Ð Lower costs for implementing new stores
Ï Internet: large synergies with the bricks and mortar model
Ï There are no wholesalers of books in Brazil
18
Saraiva.com.br - Competitive Advantages
Relationship with Saraiva Bookstore
• Brand recognition
• Fulfillment capabilities
• Large products offering
• Customer profile
• Geographic coverage
• “In-store” orders /
services provided
19
Market Trends
Bookstore Industry:
New selling channels
ÏInternet: clicks & mortar model creates more value to
shareholders
Service differentiation and focus in the
“purchase experience”
ÏComplete mix of products
ÏConstant innovation
20
Agenda
Group overview
Final remarks
21
Financial Highlights
Consolidated EBITDA and EBITDA Margins
51.4 49.2
R$ Million
44.2
31.7
35.4
35.3
29.3
22.6 24.1
17.6
'95
'96
'97
'98
'99
'00
'01
15.4%
15.0%
14.1%
14.7%
15.0%
13.4%
13.5%
'02
13.6%
3rd Q
02
13.6%
3rd Q
03
10.8%
22
Saraiva Publishing House
R$ Million
Gross Revenue
Total Sales
201.7
Priv. Market Sales
51.1
68.2
38.0
134.6
112.7
20.0
125.5
90.1
78.9
101.1
106.5
19.0
16.8
13.3
71.0
21.6
'96
'97
14.9
'98
'99
'00
'01
'02
'95
17.0
12.9
16.8
13.7
7.6
6.6
'95
42.5
24.9
121.0
64.5
45.5
180.0
178.3
84.9
EBITDA
Net Income (*)
'96
'97
'98
'99
'00
'01
'02
Financial expenses resulting from the devaluation of the Brazilian currency in 1999 and 2002 were fully
recognized in the year´s Income Statement.
(*) Does not include Livraria´s Equity Result
23
Saraiva Bookstore (retail)
R$ Million
EBITDA & Net Income
Gross Revenue
212.9
EBITDA
Net Income
220.4
10.5
10.1
140.1
94.5
181.7
4.3
121.4
6.2
5.1
6.7
5.9
2.5
1.5
79.5
2.4
0.6
1.0
0.6
60.8
'95
'95
'96
'97
'98
'99
'00
'01
'02
'96
'97
'98
'99
'00
-3.9
'01
'02
-4.0
-2.5
24
Agenda
Group overview
Final remarks
25
Scenario for 2003
Government:
“Complete purchase” of textbooks
for elementary schools st
th
from 1 to 4 grade
“Formato Editorial” Acquisition (Aug./2003)
Excelent catalogue
Law segment sales: New Civil Code
Bookstore: New stores
Itaim - São Paulo (SP)
Goiânia (GO)
Saraiva.com: Strong sales growth
26
Corporate Governance
1st Company in Brazil to guarantee tag along rights
in its By Laws
By Laws oblige the Company to distribute cash that
exceeds 25% of its total assets if it occurs in four
successive quarters
ANIMEC: “Publicly Held Company 2000”
Stock Repurchase Program
From sep./2002 to mar./2003: 1.43% of total shares
repurchased
Representative of no controlling shareholders in the
Board of Directors
ADR level 1
27
Final Remarks
Solid growth perspectives
Excellent positioning
Capital Market has strategic importance
Excellent relationship with minority
shareholders: Corporate Governance
28
Contacts
João Luís Ramos Hopp
CFO and Investor Relations Director
Telephone: (55-11) 3613 3263
e-mail: [email protected]
Mauricio Fanganiello
Planning and Controlling Manager
Telephone: (55-11) 3613 3302
e-mail: [email protected]
Investor relations web site: http://sf.editorasaraiva.com.br
29

Bookstore Chain ffl Financial highlights

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