Heringer Day. August, 2011
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1 Heringer Day August, 2011
2 Agenda 3:10 p.m. Global and Local Fertilizer Industry Overview Company Overview Dalton Carlos Heringer CEO 4:00 p.m. Questions and Answers Session 4:30 p.m. Coffee break 5:00 p.m. Global and Local Agribusiness Overview André Pessoa - Agroconsult Consultoria e Projetos Managing Partner 5:45 p.m. Investor Relations and Closing 2
3 Global Fertilizer Industry 3
4 Global Fertilizer Consumption by Nutrient Estimated growth of 2.9% in 2011 Annual estimated average growth of 2.4% from 2010 to 2015 Source : IFA, December 2010; (e) estimate 4
5 Global Production Capacity of Fertilizers Strong production recovery after 2009, increasing utilized capacity Source: IFA Note 1 The total volume contemplates industrial use fertilizers 5
6 Global Fertilizer Producers Ammonia (N) Phosphate Rock (P) Other Continents 26.1% Asia 56.5% Americas 14.8% Africa 2.6% Other Cont. 8.4% Americas 21.5% Africa 21.0% Asia 49.0% Potassium Chloride (K) Americas 31.1% Asia 22.9% Europe 46.0% Source : ANDA / IFA 6
7 Investments in Raw Material Production Nitrogen (N) Phosphorus (P) Potassium (K) World Reserves Available Limited Limited Investments in new capacities US$ 1.4 billion per 1 million tons of ammonia 3 years US$ 1.6 billion per 1 million tons of P2O5(i) 3-4 years US$ 1.6 billion per 1 million tons of KCL(ii) 5-7 years Producing Countries ~ 75 countries (ammonia basis) 1st China; 2nd Russia; 3rd India; 4th USA ~ 100 countries (P2O5 basis) 1st China; 2nd USA; 3rd Morocco; 4th Russia 12 countries (KCl basis) 1st Canada; 2nd Russia; 3rd Belarus; 4th Germany Market Characteristics Regional Brazilian Position 1% of World's Production 3% of World's Consumption Global Global Players 4% of World's Production 9% of World's Consumption Global few Global Players 1% of World's Production 14% of World's Consumption Announced Investments China, Qatar, Saudi Arabia, Egypt, Brazil and Iran China, Brazil, Morocco, Saudi Arabia and Peru Canada, Argentine, Russia, China, Israel and Jordan (i) includes phosphate rock, sulfuric acid, phosphoric acid and MAP /DAP (ii) conventional mining Source: IFA / ANDA / Potash Corp / BMO - APRIL/2009 7
8 Global Markets and CAGR of Largest Markets Global Largest Fertilizer Markets (1) CAGR of Largest Markets % 27.7% 3.5% 51.1 mm tons % 11.8% % % 2.2% 1.8% 1.7% % % % INDIA USA BRAZIL Volume 2010 Market Share 2010 Brazil is the world s 4 th largest market and is growing above the global average Note:(1) In nutrient consumption/ Source: IFA/ANDA 8
9 Brazilian Fertilizers Industry 9
10 Evolution of Brazilian Industry and Heringer Heringer CAGR 17.5% Industry CAGR 5.6% Brazilian Market Heringer Source: Anda / Heringer CAGR Heringer s 2010 Market Share = 18.5% 10
11 Sustainability and Fertilizers in Brazil 1,800 1,600 1,400 1,200 1,000 Base: 1969/70 Marketing Year = 100 PLANTED AREA/ha AGRI PRODUCTION FERTILIZERS Planted area CAGR(1969 to 2009) of 2%, versus agricultural production CAGR of 5% Fertilizer consumption CAGR of 7% shows the contribution of this input to environmental preservation, leading to an important gain in agricultural productivity *Planted area in hectares of soybean, corn, beans (grain), paddy rice, wheat (grain), herbaceous cotton, sorghum (grain), oats (grain), barley (grains), triticale (grain), sunflower (grain), rye (grain). *Agricultural production of following crops: soybean, corn, beans (grain), paddy rice, wheat (grain), herbaceous cotton (seed), sorghum (grain), oats (grain), barley (grain), triticale (grain), sunflower (grain), rye (grain). Source: Agroconsult 11
12 Brazil -Total and Arable Land Regional Distribution - millions of ha % Total area % Arable area Amazon Rainforest % Legal Reserve % Cities, Lakes, Rivers & Waterlogged areas % Other Uses % Reforestation 5 0.6% Sub-total % Pasture % 50.6% Annual and Permanent Crops % 21.2% Area Available for Agriculture % 28.2% Sub-total % 100.0% Total Brazil % Source: IBGE, CONAB, MAPA, GV Agro 12
13 Brazilian Fertilizer Production Chain Segmentation of the production and distribution chain In 2010, Brazil imported 62% of the fertilizer it consumed Basic and Intermediate Fertilizer Producers Mineral Extraction Natural Gas N P K NPK Mixture Producers Natural Gas (N) Phosphate Rock (P) Potassium (K) Urea / Nitrate MAP / DAP TSP SSP Potassium Chloride Mixers and Distributors (NPK) Petrobras Vale Fert. Copebras Galvani Vale Fert. Vale Fert. Petrobras Copebras Vale Fert. Copebras Timac Vale Fert. Yara Vale Fert. Copebras Galvani Heringer Yara Timac Bunge Cibrafertil Fospar Profertil Vale Fert. Heringer Bunge Mosaic Yara Fertipar ADM Other 13
14 Major Players in NPK Market YARA 17% Trevo 14% Fertibras 3% MOSAIC 11% Solorico 7% Fertiza 4% 6% COPAS 4% HERINGER Approx. 100 companies: 20% Serrana 11% IAP 7% Manah 10% OTHERS 30% 6companies: 80% 18.5% BUNGE 32% Takenaka 4% Heringer reached a 18.5% market share in 2010 Source: Heringer estimates 14
15 Brazil s Agricultural Calendar CROPS JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC Soybean Harvest Planting Sugarcane Sugarcane Planting 18-Month System Northeast Harvest Center-South Harvest Sugarcane Planting 12-Month Sys. Northeast Harvest Coffee Planting/Coverage Harvest Planting/Coverage Corn Winter Crop Planting Harvest Winter Crop Harvest Planting Cotton (Mato Grosso) Winter Crop Planting / Coverage Harvest Winter Crop Harvest Planting Production cycle of the five crops with the highest fertilizer consumption in Brazil 15
16 Brazil: Important Agribusiness Player Brazil as a % of Global Production -2010/11 Brazil as a % of Global Exports -2010/11 1ST 1ST 1ST 2ND 1ST 1ST 1ST 2ND 5TH 3RD 5TH 3RD Orange Juice Coffee (bag) Soybean (grain) Sugar Cotton Corn Orange Juice Coffee (bag) Soybean (grain) Sugar Cotton Corn Brazil is one of the largest producers/exporters of agricultural products and has one of the lowest production costs in the world Source: USDA/ Agroconsult in metric tons 16
17 The Company 17
18 Fertilizer Deliveries by Crop Brazilian Market Heringer Reforest. 3% Reforest. 6% Other 27% Coffee 6% Corn 16% Other 22% Coffee 17% Sugarcane 14% Soybean 34% Sugarcane 20% Soybean 18% Corn 17% Heringer offers solutions for many different crops, minimizing the volatility associated with local climates and other specific conditions, such as price cyclicality, pests and disease Source: LSPA IBGE/CEPE AGRO and ANDA 18
19 Specialty Products Strong growth in Specialty Products share of overall sales in 2Q11 and 1H11 Specialty products help boost margins and improve customer loyalty with their high quality and efficiency One of the largest portfolios of specialty products on the market (31 products) Share of Specialty Products Specialty Products Line Sales Volume 19
20 Sales by Segment and Number of Clients Sales by Segment Number of Clients Cooperatives 8% Resale 6% Companies 44% Individuals 42% 34,997 45,190 44,958 Individuals/Companies = 86% of volume Focus on the retail segment is important for increasing profitability and mitigating risks 47,000 clients in the last 12 months 20
21 Mixing Units and Production Capacity 19 units located in the main consumer market, with installed mixing capacity of 5.7 million metric tons 1 Sulfuric Acid and Single Super Phosphate (SSP) Unit NORTH NORTHEAST Total deliveries in Brazil by region % 27.6% 12.2% 28.6% 29.7% North Northwest Midwest Southeast South Legend Mixing Units SSP Unit MIDWEST - Rosário do Catete Camaçari Rondonópolis Anápolis Rio Verde Catalão Uberaba Iguatama Três Corações Manhuaçu Dourados Viana Bebedouro SãoJoãodo Manhuaçu Ourinhos Paulínia Paranaguá Porto Alegre Rio Grande SOUTH SOUTHEAST 21
22 Financial Highlights Volume (million metric tons) Net Revenue(R$ thousand) 1,435,969 2,260,839 3,524,559 3,192,314 3,521,473 EBITDA (R$ thousand) 58,606 83,266 90,113 38, ,331 EBITDA Margin 4.1% 3.7% 2.6% 1.2% 6.0% EBITDA in 2010 was the highest in Heringer s history 22
23 1H11 Income Statements (R$ Thousand) 1H11 % NR 1H10 % NR % 1H11/10 Net Revenue ,0% ,0% 35,7% COGS ( ) -87,9% ( ) -94,0% 27,0% Gross Profit ,1% ,0% 171,9% Freight and Commissions (87.524) -5,4% (67.921) -5,7% 28,9% SG&A (71.690) -4,5% (62.288) -5,3% 15,1% EBITDA ,0% (27.216) -2,3% Net Fin. Income /(Exp.) (28.683) -1,8% (56.964) -4,8% -49,6% Net Income ,6% (67.713) -5,7% Strong recovery in gross margin, net margin and EBITDA margin in 1H11 Net Revenue growth due to higher sales volume and prices Decrease in SG&A expenses as a percentage of Net Revenue due to scale gains Decrease in net financial expenses due to foreign exchange variation 23
24 2011 Outlook 24
25 Initiatives Development of new technologies for fertilizers Partnerships with academic institutes and research center Closer relationship with clients and suppliers Focus and transparency in communication and sustainability 25
26 2011 Outlook Average price of fertilizer raw materials higher than in 2010, but with trend of lower volatility Positive scenario for agriculture commodities in 2011: profitability of rural producers, with good barter ratio of agricultural products versus fertilizers Seasonality expected in the 1 st half is 43% and 57% in the 2 nd half of 2011 Brazilian fertilizer market expected to grow by 6.0% to volume of 26.0 million metric tons in 2011 Grain output projected to increase in the 2010/11 season and 2011/2012 season 26
27 International Raw Material Prices Average prices of fertilizer raw materials higher than in 2010 Brazil is a Price Taker Barter ratios remain at favorable levels 700 Uréia Sulfato de Amônio Nitrato de Amônio Super Fosfato Simples Super Fosfato Triplo Cloreto de Potássio DAP MAP May/10 Jun/10 Jul/10 Aug/10 Sep/10 Oct/10 Nov/10 Dec/10 Jan/11 Feb/11 Mar/11 Apr/11 May/11 Jun/11 Jul/11 Source: Heringer - Prices in USD CFR* = cost and freight per ton 27
28 Agricultural commodities demand fundamentals Grains World Production Grains World Consumption Final Inventories % Inventory / Use 2,500,000 2,000,000 1,500,000 1,000,000 23% 24% 22% 26% 36% 30% 25% 32% 23% 19% 19% 18% 22% 19% 40% 35% 30% 25% 20% 15% 500,000 10% 5% - 0% Consumption adjusted to production Low inventory world levels of grains Per capita income from emerging markets increased strongly in the last years, generating and inertial demand for food Population and urbanization growth in the world Source: USDA, August, 2011 Grains: Corn, Millet, Barley, Mixed Grains, Oat, Rice, Rye, Sorghum and Wheat 28
29 Brazilian Fertilizer Market - Seasonality Source: Anda / Heringer 2011E Estimate 29
30 Brazilian Fertilizer Market -Evolution and Expectations for 2011 Expected growth of 6% in 2011 Source: Anda / Heringer 2011E Estimate 30
31 Agricultural Commodities - Prices Soybean R$/bag (60kg/Paraná) Corn R$/bag (60kg/São Paulo) Sugarcane R$/bag (50kg/São Paulo) Arabica Coffee R$/bag (60kg/Brazil) Fonte e projeção : Agroconsult/ R$/SC *= Preços em saca 31
32 Agricultural Commodities -International Prices: Recent Evolution Soybean US$/bushel Corn US$/bushel Sugar US$/pound Coffee US$/pound Source: CME Group 32
33 Barter Ratio of Agricultural Products vs. Fertilizers Soybean Paraná (bag/60kg) Corn Paraná (bag/60kg) Sugarcane São Paulo (tons) Coffee (Brazil) Source: Agroconsult/bg* = bags 33
34 Grain Production and Planted Area Expected growth of 4.6% in Brazil s planted area in 2010/2011 marketing year Expected growth of 7.3% in Brazil s grain production in 2010/11 marketing year 2.6% increase in Brazil s average grain yield in 2010/2011 marketing year Source: CONAB / Agroconsult/ * Agroconsult's Projection and Company's Estimate Grains: corn, soybeans, rice, beans, sorghum, castor beans, cotton, sunflowers, barley, rye, oats, peanuts, wheat and triticale Fertilizers: 2011 Estimate 34
35 Heringer s Ownership Breakdown FHER3 is one of the 100 most liquid stocks on the BOVESPA and is a component of the SMLL, ITAG, INDX, IGC, IGCT, IMAT and IBRA stock indexes The free-float registered 86 foreign investors and 2,224 Brazilian investors FHER3 performance of -7.6% versus -23% of Bovespa Average daily trading volume of R$ 830,172 Ownership Breakdown and Free-Float Foreign and Brazilian Investors in Free-Float 35
36 Wilson Rio Mardonado Vinicius Alves de Lima Laís Cristina de Sá Bortolozzo Investor Relations Phone:
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