March/2006
Transcrição
1 Presentation to Investors Agenda Overview and Consolidated Performance Editora Saraiva Livraria Saraiva 2 First Class Corporate Governance 9 First company in Brazil to guarantee tag along rights in its Bylaws - March 2000 90% tag along for preferred shares 3 Jorge Eduardo Saraiva 9 Bylaws establishing that the company will not retain excess cash – mandatory distribution of financial availability* that exceeds 25% of total assets in case it occurs during four consecutive quarters 99.91% 9 GVA®: Shareholder Value Management 9 Level 2 of Bovespa Corporate Governance * Financial availability: Cash and banks + financial investments – short and long term loans and financings Our Business 4 The company focuses on book publishing and retailing of books and other related products 9 Saraiva offers a complete catalogue of elementary and high school Textbooks; Law books; Business Administration, Economics and Accounting books 9 Market leader in the Law segment – approximately 40% of market share 9 3rd largest publisher of elementary and high school Textbooks – around 17% of market share 9 National distribution: Chain of 12 branches 9 Largest bookstore chain in Brazil in terms of revenues 9 30 stores: 15 MegaStores and 15 regular stores 9 Pioneer in the concept of MegaStore in Brazil 9 Category Killer: books, CDs, DVDs, stationery, periodicals, electronics, etc. 9 The “Saraiva Plus” loyalty Card launched in Jun/05 already has more than 773,0 thousand members as of March 2006 9 One of the pioneers in e-commerce in Brazil - 1998 9 One of the largest on-line book retailers in Brazil 9 More than 896 thousand active clients 9 Operation integrated with the physical stores 9 Extended product mix History of Constant Success and Growth 5 We are an innovative company, we have proprietary and quality content, we have a strong brand and constantly seek for innovation in our operations Consolidated Gross Revenue (R$ million) CAGR 13.9% p.a. (1996-2005) Acquisition of Atual Publishing House 1st MegaStore Publishing * Bookstore Launching of Saraiva.com website 353 229 254 157 178 78 83 79 95 121 140 1996 1997 1998 1999 108 Business Administration, Economics and Accounting Books 171 408 195 392 172 (1) 1 444 206 489 227 114 224 (1) 1 182 213 220 238 262 281 2000 2001 2002 2003 2004 2005 Acquisition of Renascer Publishing House catalogue Launching of SaraivaJur.com website * Publishing Revenue: excludes sales to Saraiva Bookstore (1) Lower governmental purchases – Years of book replacement 506 Acquisition of Formato Publishing House Long Distance Learning, Customized Editions Saraiva Breakdown – FY2005 6 Publishing House: strong cash generation and low CAPEX needs Bookstore: accelerated growth potential (physical stores and Saraiva.com) Net Revenues (1) R$ 477.2 Million EBITDA (1) R$ 76.3 Million Bookstore 21% Bookstore 53% Publishing House 47% Publishing House 79% (1) Consolidated 2005 2005 Financial Highlights – Consolidated 7 9 Record net profit for the second year in a row Net profit of R$ 40.0 million, growth of 120.0% compared to 2004 Net revenue of R$ 477.2 million, increase of 9.0% compared to 2004 EBITDA of R$ 76.3 million, significant increase of 52% compared to 2004 Gross Revenues Net Revenues Gross Profit EBITDA Net Profit 2005 R$ million 505.6 477.2 260.4 76.3 40.0 VA % 105.9% 100.0% 54.6% 16.0% 8.4% 2004 R$ million 489.1 437.7 229.6 50.4 18.2 VA % 111.8% 100.0% 52.5% 11.5% 4.2% HA% 3.4% 9.0% 13.4% 51.5% 119.8% Consolidated Performance 8 Highlights R$ million Gross Revenue Consolidated Gross Revenue BooksStores Gross Revenue Publishing House Net Sales % Gross Margin 1Q 05 1Q 06 Var. 183,6 200,5 9,2% 75,3 97,4 30,2% 108,3 103,1 -3,2% 177,0 191,8 8,4% 59,1% 60,9% 51,5 56,7 % EBITDA Margin 29,1% 29,6% Net Income 29,8 34,1 14,7% Investiment 0,8 0,8 -6,2% 32,8% 33,0% 0,2pp 24,8 14,8 -40,4% EBITDA % SGA/Net Sales PNLD 1,8pp 10,2% 0,5pp Consolidated Performance 9 Sale Mix– 1Q 06 3.5% 3.0% 9.0% 1.1% 1.3% 1Q 06 1Q 05 Editora 51.4% 30.6% 29.2% Livraria 2.0% 48.6% 7,4% 12.9% Textbooks & Readers Law Government Others 29.2% 31.4% 12.9% 13.0% 7.4% 13.0% 2.0% 1.6% 1Q 06 1Q 05 Books Stationery Software Áudio & Video Electronics Others 30.6% 26.5% 3.5% 4.1% 3.0% 1.7% 9.0% 7.1% 1.1% 0.3% 1.3% 1.3% Consolidated Performance (1) 10 Net Cash Position (R$ Million) 36.1 40.8 36.7 21.5 1Q02 (1) 1Q03 1Q04 Net Cash Position = Cash & Banks – Loans and financing 18.1 1Q05 1Q06 Offering Structure 11 Offering Size (Including Greenshoe) Total: 8.3MM Preferred Shares Primary: 3.0MM Preferred Shares Secondary: 5.3MM Preferred Shares Transaction Date Pricing: April 11 Selling Shareholders Saraiva S/A Livreiros Editores, Investidor Profissional ("IP"), IFC, Others. Free Float after Offering 70,6% of preferred shares Lock-Up 180 days Bookrunners Banco Santander and Pactual Shareholdings – Preferred Shares Preferred Shares Before Offering Preferred Shares After Offering Investidor Profissional 21.1% Investidor Profissional; 50.0% Others; 37.7% .9% IFC; 3 IRB; 6.1% Others 70.6% Treasury Shares; 2.3% 12 IRB 4.7% IFC 1.7% Treasury Shares 1.9% Agenda Overview and Consolidated Performance Editora Saraiva Livraria Saraiva 13 Publishing Market Overview 14 Outstanding position in the markets where we operate and possibility to operate in other publishing lines (1) 60 Brazil(1) Publishing Market in Gross Revenue – R$ 1.76 Billion 57 Law Books Net Revenues – R$ million 50 41 40 30 23 Professional and Technical Books* 14.0% 20 16 10 0 300 Textbooks 54.6% General Publications 21.8% RT (2) Saraiva Religious Books 9.6% Atlas Forense Text Books (1) 269 Net Revenues – R$ million 250 219 200 163 150 150 100 60 50 * Includes law books (1) 2004 (2) 2003 Source: Company reports and Serasa 50 0 Ática Scipione FTD / Quinteto Saraiva / Atual / Formato Moderna IBEP / Nacional Editora do Brasil Education in Brazil 15 Growth potential in High Schools and College Investments to increase the quantity of students attending school 9 In this market, the largest purchaser of elementary and high school textbooks is the Federal Government through the National Book Acquisition Program for public schools - PNLD (14.8% of the Group revenues in 2005) 32.0 Students Enrolled (million) 34.0 Saraiva is well positioned to fulfill the future demand in both segments 9.2 4.9 4.2 1.7 1994 Elementary School CAGR Source: MEC, INEP e SEEC 0.8% 2004 High School 6.4% College 10.6% Publishing House 16 Saraiva Publishing House has a national presence - 12 branches and 17 authorized dealers • Several publishing lines allows Saraiva to dilute fixed cost and create competitive advantages Location of branches and dealers 9 The adoption of elementary and high school textbooks in Brazil is decided by teachers Santarém Santarém Belém Macapá Macapá Teresina Fortaleza Manaus São Luiz Imperatriz Imperatriz Natal Natal Recife 9 The branches have inventories to meet local demand and maximize sales efforts through our sales personnel Rio Branco Aracaju João Pessoa Maceió Salvador Porto Velho Cuiabá á Palmas Bras ília Brasília Belo Horizonte Uberlândia Uberlândia Goiânia Vitória Vitória Campo Grande Rio de Janeiro Ribeirão Preto São Paulo: Centro Distribution de Distribui Center ç ção Curitiba Porto Alegre Florianópolis Branch Dealers Government Programs Cycles 17 The National Elementary Textbook Program (PNLD) is based on a three-year cycle, and on the third year of the cycle a smaller number of books is purchased, only to replace books that have been ruined in the two previous years 9 In replacement years, Saraiva sales within PNLD are naturally lower Book replacement year 9 Great market potential (Public Schools): 85.5 8.0 million students enrolled in Public High Schools 73.4 65.0 PNLEM 06 = 12.6 million books 9 Saraiva: well positioned catalogue = big potential 11.8 9.1 (1) In million of R$ 1995 41.9 23.4 19.8 1994 63.8 42.9 PNLEM 06: Saraiva = 25.1% market share in monetary terms 14.9 83.3 1996 1997 1998 1999 2000 PNLD/PNLEM (1) (contract year) 2001 2002 2003 2004 2005 Cycle of Governmental Purchases - Elementary Education 18 Fiscal Year Program st 1 Grade nd th 2 - 4 Grade th th 5 - 8 Grade Number of books Purchased (Total) Allocation Fiscal Year % children who receive books 2006 PNLD 07 100% 100% 8% 2007 PNLD 08 100% 8% 100% 2008 PNLD 09 100% 8% 8% 100 - 110MM 100 - 110MM 40 - 45MM 70% 4Q06 30% 1Q07 70% 4Q07 30% 1Q08 90% 4Q08 10% 1Q09 Strategy – Publishing House 19 We will keep on expanding our business through the consolidation of our market position and strategic acquisitions of publishing houses and catalogues 9 Entrance barriers: local content, strong distribution, relationship with authors and teachers 9Market position growth and consolidation Acquisition of other publishing houses or catalogues New products and strong distribution chain Use of new medias, CD ROM, Internet and Long Distance Learning 9Enhancement of the relationship with teachers 9Increase in operating efficiency Saraiva S.A. Livreiros Editores - “Editora” 20 Highlights R$ million Gross Revenue 1Q 05 1Q 06 Var. 112,2 108,6 -3,2% Private Market 87,4 93,8 7,3% Government 24,8 14,8 -40,4% 112,1 108,5 -3,3% Net Sales % Gross Margin 70,7% 77,6% 6,9pp EBITDA 46,2 50,5 9,3% % EBITDA Margin 41,2% 46,5% 5,3pp Net Income 29,8 34,1 14,7% Investiment 0,3 0,2 -36,6% 30,5% 30,2% (0,3)pp % SGA/Net Sales Editora Saraiva 21 Gross Revenue (R$ Million) and EBITDA (R$ Million) and Gross Margin (%) EBITDA Margin (%) 75.8% 1 76.4% 1 70.9% 1 70.7% 1 77.6% 1 60.0 49.2% 50.0 44.2% 40.6% 41.2% 46.5% 40.0 83.3 92.0 115.7 112.2 108.6 30.0 20.0 10.0 39.5 38.7 43.6 46.2 50.5 1Q02 1Q03 1Q04 1Q05 1Q06 - 1Q02 1Q03 1Q04 1Q05 1Q06 Gross Revenue R$ million Private Market Government 1Q02 1Q03 1Q04 1Q05 1Q06 74,4 86,8 87,6 87,4 93,8 8,8 5,2 28,1 24,8 14,8 55.0% 53.0% 51.0% 49.0% 47.0% 45.0% 43.0% 41.0% 39.0% 37.0% 35.0% 33.0% 31.0% 29.0% 27.0% 25.0% 23.0% Agenda Overview and Consolidated Performance Editora Saraiva Livraria Saraiva 22 The Book Retail Market 23 The States of São Paulo and Rio de Janeiro represent around 65% of the book retail market in Brazil(1) 9 Very fragmented market 9 More than 1,500 bookstores in Brazil, of which 70% are located in the South and Southeast regions 9 Inequality in bookstore distribution Book retail market revenues – R$ 2.47 Billion(2) 250 223 Net Revenues(2) -R$ Million 200 Other 39% 147 150 Bookstores 61% 89 100 66 50 0 Saraiva (1) Source CBL In 2004 Sources: CBL (Brazilian Book Chamber), Saraiva, Serasa. (2) Siciliano Cultura La Selva Bookstore: Bricks and Mortar 24 Leader in book retailing in Brazil in terms of revenues, Saraiva operates through 30 stores in some of the main cities and through Saraiva.com, one of the main e-commerce websites in Brazil 9 Sales area of 20.1 thousand m² in strategic locations 9 Store models: MegaStores, regular stores and “new regular stores” 9 They offer an unique purchasing experience in a pleasant and well dimensioned physical areas Bookstores Location Expansion potential PE MegaStore DF Regular Store 1 GO MegaStore 1 PR MegaStore RS MegaStore Evolution of the product mix 1 1 RJ (6 stores) Regular Stores MegaStores 2 4 1 SP (19 stores) Regular Stores MegaStores 12 7 Books 18.7% 17.7% 8.5% 10.9% 11.2% 10.9% 8.6% 57.9% 56.5% 56.2% 2003 2004 2005 Stationary 25.4% 5.3% Multimedia Audio & Video Periodicals Electronic Other Saraiva.com – Operating Synergies with Bricks and Mortar Through complementary activities, we are capable of quickly reducing costs and adding scale, in addition to identify and act with more flexibility and readiness 9 Scale of operations 9 Brand recognition 9 Expertise in logistics and distribution 9 Geographic coverage 9 Service rendering 9 Consumer’s profile 25 Bookstore Strategy: Bricks and Mortar Our growth strategy is based on the evolution of the concept of MegaStore and on the new concept of regular store, on the diversification and adaptation of the product mix and strategic acquisitions 9Market position growth and consolidation Expansion of the physical store chain in the new model Strategic acquisitions Store refurbishing 9New categories of products and store models 9Efficiency in working capital management 9Brand enhancing 26 Strategy: Saraiva.com Focus on the consolidation of our categories and on the diversification of our product mix along with marketing investments 9 Investment in services 9 Larger investments in marketing and larger presence on internet portals 9 New categories Imported books Electronic products Games 9 Logistics and delivery services 27 Livraria Saraiva – Evolution of Revenues R$ million 1Q 05 Gross Revenue 75,3 Same Comparable Sales (*) 1Q 06 28 Var. 98,0 30,2% 74,5 93,3 25,2% Saraiva.com 18,2 27,0 48,5% Physical Stores (total) 57,1 71,0 24,3% Same Stores Sales (*) 56,3 66,3 17,7% 1Q 05 4% 1Q 06 17% 10% 7% 6% 2% 1% 3% 3% Books Stationery Software 65% (*) Includes Saraiva.com 19% Áudio & Video Electronics Others 63% Livraria e Papelaria Saraiva S.A. - “Livraria” 29 Highlights R$ million 1Q 05 1Q 06 Var. Gross Revenue 75,3 98,0 30,2% Net Sales 68,7 89,5 30,2% % Gross Margin 36,8% 36,5% (0,3)pp 5,3 7,3 36,9% % EBITDA Margin 7,7% 8,1% Net Income 2,0 2,9 48,0% Investiment 0,5 0,6 13,1% % SGA/Net Sales 31,9% 30,9% (1,0)pp Working Capital 33,8 27,3 -19,3% % Working Capital/Net Sales 12,8% Ajusted EBITDA (*) (*) Ajusted EBITDA: does not include Saraiva Plus provision. 9,0% 0,4pp (3,8)pp Livraria Saraiva R$ million Inventories Clients Suppliers Working Capital 1Q 05 Turn Over 38,8 97 17,8 24 22,8 58 33,8 63 30 1Q 06 Turn Over 35,8 77 25,7 30 34,2 68 27,3 39 Working Capital (1) / Gross Sales (2) (%) 18.3% 17.8% 16.2% 12.8% 9.0% 1Q02 1Q03 1Q04 1Q05 1Q06 (1) Inventories + Clients – Suppliers (avarage last 12 months) (2) Gross Sales last 12 months. Var. -7,7% 44,4% 50,2% -19,3% Saraiva.com.br 31 Highlights R$ million 1Q 05 1Q 06 Var. Gross Revenue 18,2 27,0 48,5% Net Sales 17,0 24,8 46,1% Ajusted EBITDA (1) 2,9 3,3 13,3% Customers Base (Thousand) (2) 551 896 62,6% 18,6% 27,6% 87,8 108,2 % of Livraria's Revenue Avarage Ticket (R$) 5.9 8.9 3.0 3.0 23,2% 27,0 Gross Revenue X SG&A 18% 18.2 13.8 9,0pp 3.7 3.6 28% 5.1 Megas Tradicionais 1Q02 1Q03 1Q04 1Q05 Gross Revenue SG&A (1) Ajusted EBITDA: does not include Saraiva Plus provision. (2) Active clients: users who have bought at least once in the last two years. Pontocom 1Q06 54% Contacts João Luís Ramos Hopp CFO and Investor Relations Director phone: (55 11) 3613 3263 e-mail: [email protected] Mauricio Fanganiello Planning and Controlling Manager phone: (55 11) 3613 3302 e-mail: [email protected] IR Website: www.saraivari.com.br Ligia Montagnani Investor Relations Consultant FIRB – Financial Investor Relations Brasil phone: (55 11) 3897 6405 e-mail: [email protected] 32
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