brazil - Alpargatas

Transcription

brazil - Alpargatas
1
1 Company Overview
2 Brands
3 Growth Drivers
4 Financial Highlights
2
1 Company Overview
2 Brands
3 Growth Drivers
4 Financial Highlights
3
Who we are
 The largest Brazilian footwear and apparel company in Latin America
 Brands that lead markets with strong growth prospects
SANDALS
SPORTING GOODS
LUXURY APPAREL
 Global business: - operations in Brazil, Argentina, Europe and the USA
- exports to 85 countries
 Flexible sourcing
 Multi-channel distribution model
 Consistent results and healthy capital structure
4
Business breakdown
Revenue by brand
2012: R$3.0 billion
Revenue by region
2012: R$3.0 billion
Volume by product
2012: 265,3 million pairs/units
Volume by channel in Brazil
2012: 226,6 million pairs/units
5
Attractive portfolio
6
Flexible sourcing
Installed Capacity
BRAZIL
 Sandals:
• 2012: 255 million pairs/year
• 2014: 355 million pairs/year
 Athletic footwear:
• 13 million pairs/year
ARGENTINA
 Athletic footwear:
• 11 million pairs/year
VIETNAM, CHINA AND INDONESIA
 Import of sporting apparel and
footwear
7
Global distribution
Havaianas is sold in 85 countries
Flagship stores (2012)
Number of
stores
Brazil
Abroad
Total
Havaianas
281
101
382
Timberland
18
-
18
Topper
-
12
12
Meggashop
19
-
19
Outlet
Alpargatas
-
17
17
Osklen
64
6
70
Total
382
136
518
Points of sale
8
BRAZIL
ARGENTINA
170,000
1,500
USA, EUROPE
AND EXPORTS
10,000
TOTAL
181,500
Lean management structure
CEO
Business Units
Corporate Functions
Sandals
Industrial
Sporting Goods
Supply Chain
Luxury apparel
Financial & IT
Argentina
Human Resources
Legal
Strategic Planning
9
1 Company Overview
2 Brands
3 Growth Drivers
4 Financial Highlights
10
Brand Identity
Products
 Most well known Brazilian consumer brand worldwide
 Among the 10 most valuable brands in the Brazilian
retail market in 2013, according to Interbrand
 50 years in 2012, with more than 4 billion pairs sold
 International recognition:
55% of the Europeans know the brand
33% of the Americans
91% of the Australians
Distribution Channels
Media Coverage
Vogue China
San Francisco Macy’s
Natalie
Portman
Brazil
Flagship stores
12
14
279
89
368
150,000
10,000
Third-party operations
Vogue India
(Franchises, concessions
and distributors)
Multi brand
(points of sale)
11
382
2
Own stores
Marie Claire
International
Stores in Brazil
Concept store in São Paulo
Franchise store in São Paulo
Stores abroad
Barcelona
12
Madrid
London
Milan
Franchises in Brazil (279)
Franchises – general information
 Average monthly sales: US$34,000
NORTH 4%
h
 Average monthly volume: 3,000 units
h
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NORTHEAST 12%
h
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h
h
h
h
h
h h
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h
h
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MIDWEST 9%
h
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h
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h
hh
h
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hh
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SOUTHEAST 70%
h
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SOUTH 5%
13
 Average ticket: US$21
 Annual sales per sqm: US$20,000
 Same stores sales (2012x2011):
 volume: 4,5%
 sales: 8,1%
Fast growth in the number of franchises
CAGR
09-13
= 42%
Brand Identity
Products
 Leading brand in running performance in Brazil
 Wave: state of the art cushioning technology
 Product categories: running, football, volley
and judo
 Licensed brand since 1996
Media Coverage
Distribution Channels
Flagship stores
Brazil
Own stores
-
Third-party operations
(Franchises, concessions
and distributors)
Multi brand
(points of sale)
14
-
5,000
Brand Identity
Products
 Most renowned football brand in Brazil
 Leading sporting goods brand in Argentina
 Product categories Brazil: football, casual,
running and rugby
 Product categories Argentina: football, tennis,
casual, running, rugby, basketball and
fitness & training
Media Coverage
Distribution Channels
Brazil
Flagship stores
Own stores
Third-party operations
(Franchises, concessions
and distributors)
Multi brand
(points of sale)
15
Argentina
382
-
12
14
-
-
368
5,500
1,500
Brand Identity
Products
 Brazil’s pioneering sporting goods brand, with
the first 100% Brazilian cushioning system
 Product categories: running and casual
Media Coverage
Distribution Channels
Flagship stores
Own stores
Sneakers BR
Third-party operations
(Franchises, concessions
and distributors)
Multi brand
(points of sale)
16
Brazil
-
-
5,000
Brand Identity
Products
 Global premium outdoor brand
 Product categories: adventure and casual
 Licensed brand since 1996
Media Coverage
Distribution Channels
Flagship stores
Own stores
Third-party operations
(Franchises, concessions
and distributors)
Multi brand
(points of sale)
17
Brazil
11
7
1,500
Brand Identity
Products
 Most renowned Brazilian luxury apparel brand
 Product categories: surfing, casual and
collection
 Reference in sustainability
 Added to Alpargatas’ portfolio in March 2013
Distribution Channels
Media Coverage
Flagship stores
Brazil
Own stores
Third-party operations
Sting
Madonna
(Franchises, concessions
and distributors)
Multi brand
(points of sale)
18
International
70
38
6
44
26
-
26
370
na
1 Company Overview
2 Brands
3 Growth Drivers
4 Financial Highlights
19
Sandals
How will we grow?
Brazil’s sandals market
(million of pairs)
 Consolidating Havaianas as a dominant
brand in Brazil:
- Innovation
- Communication
- Distribution
- Brand extension
CAGR
12-14
= 6%
Expanding international presence:
- New markets
- Brand expansion
- Exclusive stores
 Increasing production capacity
Source: Kantar WorldPanel, GfK and Alpargatas’ estimates
20
New sandals plant
Location: Montes Claros, State of Minas Gerais
Focus: higher value added sandals
Inauguration: 2Q13
Capacity: 105 million pairs/year
Cost saving: 10% to 15%
Technology
 Automatic feeding and dosing systems
 Continuous production system
Social and Environmental Projects
 Natural lightning and ventilation, capture and use
of rain water, solar energy, waste recycling
 Automatic rubber cutting
 Initiatives of the Alpargatas Institute and
Advantages: Standardization, agility and
reduction of losses
21
inauguration of the Alpargatas Museum
Athletic footwear
How will we grow?
 Consolidating leadership in Brazil:
- Mizuno: running
- Topper: football
- Rainha: casual
- Timberland: adventure
 Entering new categories:
- Topper: running and rugby
- Mizuno: football and volley
- Rainha: volley
 Creating strong regional
sporting brands:
- Topper: South America
- Mizuno: Argentina
 Expanding retail: new Mizuno
stores in Rio and Sao Paulo
Brazil’s athletic footwear market
(million pairs)
CAGR
121
12-14
= 4.1%
125
131 CAGR
12-14
Running
7%
Football
27%
Casual
Other
Sports
6%
-11%
Source: Kantar WorldPanel, GfK and Alpargatas’ estimates
22
Athletic footwear
23
1 Company Overview
2 Brands
3 Growth Drivers
4 Financial Highlights
24
Peer comparison
ALPARGATAS
NIKE
ADIDAS
ASICS
MIZUNO
VF.Co
12/31/2012
5/31/2011
12/31/2012
3/31/2011
3/31/2011
12/31/2012
1.5
24.1
19.6
3.1
2.0
10.9
16%
6.7%
8.3%
2.3%
(2.9%)
9.2%
0.2
3.4
1.9
0.3
0.1
1.7
EBITDA CAGR
(last five years)
14%
5.8%
2.7%
(0.7%)
(7.1%)
11.3%
EBITDA Margin
14%
14%
9.8%
10.2%
5.1%
15.3%
21.4%
22%
13.5%
10%
4.1%
22.5%
Last balance sheet
released
Net Revenue
(US$ billion)
Net Revenue CAGR
(last five years)
EBITDA
(US$ billion)
ROE
Source: Companies’ earnings releases
25
Net sales
(R$ million)
CAGR
09-12=
16%
3,007
2,575
2,232
1,927
26
Sales volume
(million units)
CAGR
244.0
218.9
27
09-12=
6.6%
249.6
265.3
Gross Profit
(R$ million)
CAGR
1,018
09-12=
15%
1,154
1,273
831
Gross Margin
- Domestic
- Havaianas International
- Argentina
46%
56%
27%
48%
61%
28%
49%
50%
27%
45%
55%
25%
Consolidated
43%
46%
45%
42%
28
EBITDA
(R$ million)
CAGR
09-12=
13%
401
405
414
18%
-6%
12%
21%
2%
13%
19%
0%
11%
16%
10%
6%
15%
18%
16%
14%
290
EBITDA Margin
- Domestic
- Havaianas International
- Argentina
Consolidated
29
Cash net of debt
(R$ million)
30
Shareholders’ compensation
(R$ million)
Payout
24%
29%
26%
39%
Dividend Yield
0.6%
1.7%
1.5%
2.1%
(base March 31, 2013)
31
Average in the
Brazilian
consumer sector
1.4%
Stock performance
Average in the
Brazilian
(March 31, 2013)
consumer sector
P/E
(base March 31, 2013)
32
18.5x
38.3x
Corporate structure
100%
100%
Alpargatas
Argentina
Alpargatas
USA
18.7%
Alpargatas
Europe
100%
Tavex
Corporation
(Spain)
Cia. Brasileira
de Sandálias
(Brazil)
Common shares
Preferred shares
Market cap
199,676,488
189,124,980
388,801,468
Camargo Corrêa
33
100%
Silvio Tini Group
Treasury
Free Float
IR Team
 José Roberto Lettiere – CFO and IRO
lettiere@alpargatas.com.br
55 11 3847-7406
 José Sálvio Moraes – IR Manager
jsalvio@alpargatas.com.br
55 11 3847-7397
 Mariane Weger – IR
mweger@alpargatas.com.br
55 11 3847-7672
 Bruno Keinradl Monteiro – IR
brunokm@alpargatas.com.br
55 11 3847-7465
34
HISTORY OF GROWTH AND INNOVATION
Foundation
Foundation
Growth
Growth and
and
Creation
Creation
Leadership
Leadership and
and
Recognition
Recognition
• With the launching • Alpargatas receives the Mauá
of Conga and
award, sponsored by the São
Paulo Stock Exchange and
• Begins production Bamba sneakers,
Alpargatas initiates Jornal do Brasil, for its
of Alpargatas
a new era in
relationship with the capital
Roda and
footwear in Brazil
market
Encerados
• Creation of
• Elected the best in its sector
Locomotiva
Havaianas sandals
by Exame Magazine
brands in São
Paulo
• In 1970´s the
• New factories are opened in
Company launches
Campina Grande, Santa Rita
• Driven by the
Topper and acquires and João Pessoa, in Paraíba
Brazilian
State, Northeast of Brazil
Rainha brand
economic growth,
Alpargatas lists
• Beginning of Havaianas
its shares on the
turnaround with the
São Paulo Stock
launching of Havaianas Top
Exchange in 1913
• Licenses of Mizuno and
Timberland brands to the
Brazilian market
• Foundation in
1907
• Havaianas sales hit an alltime record: one hundred
million pairs are sold
1900s
1900s
35
1950s
1950s
1960s
1960s
1970s
1970s
1980s
1980s
1990s
1990s
Global
Global Footprint
Footprint
• Havaianas, one of the
most important Brazilian
brand of the 20th century,
conquers store windows
worldwide
• Alpargatas expands its
retail business and ends
2010 with 212 stores in 4
countries
• Camargo Corrêa S.A.
becomes the main
shareholder of Alpargatas
• Several awards related to
marketing and brand
recognition
• Startup of its own
operations in Europe and
in the United States
• Acquisition of Alpargatas
Argentina
• Creation of Alpargatas’
Institute, the social arm of
the Company
2000s
2000s