tereos internacional sa (TERI3) Snapshot

Tereos Internacional S.A. announced consolidated earnings results for the fourth quarter and full year ended March 31, 2013. For the quarter, the company reported net revenue of BRL 2,064 million against BRL 1,804 million a year ago. Operating income was BRL 56 million against BRL 115 million a year ago. Net income before taxes was BRL 22 million against BRL 115 million a year ago. Net loss was BRL 12 million against net income of BRL 16 million a year ago. Net loss attributable to owners of the parent was BRL 10 million against net income attributable to owners of the parent of BRL 17 million a year ago. EBITDA (after CVM 527/12) was BRL 138 million against BRL 180 million a year ago. Adjusted EBITDA was BRL 115 million against BRL 217 million a year ago. Capital expenditure was BRL 369 million against BRL 414 million a year ago. For the full year, the company reported revenue of BRL 7,640 million against BRL 6,876 million a year ago. Revenues for the period were driven by higher sales volumes in sugarcane and starch & sweeteners segments, positive perimeter effect (Haussimont) and higher prices for starch & sweeteners, partially offset by lower prices for sugar and ethanol in Brazil, and low sales volumes for the Alcohol & Ethanol Europe segment. Operating income was BRL 215 million against BRL 387 million a year ago. Net income before taxes was BRL 13 million against BRL 260 million a year ago. Net loss was BRL 25 million against net income of BRL 157 million a year ago. Net loss attributable to owners of the parent was BRL 0 million against net income attributable to owners of the parent of BRL 138 million a year ago. Net cash provided by operating activities was BRL 630 million against BRL 722 million a year ago. Purchases of property, plant and equipment and intangibles assets were BRL 1,039 million against BRL 916 million a year ago. Purchases of biological assets were BRL 181 million against BRL 195 million a year ago. EBITDA (after CVM 527/12) was BRL 923 million against BRL 978 million a year ago. Adjusted EBITDA was BRL 869 million against BRL 959 million a year ago, mostly as a consequence of higher cereal prices, which could not be passed onto customers in full, and reduced ethanol volumes in Europe; the sugarcane division itself delivering a stable contribution. Capital expenditure was BRL 1,193 million against BRL 1,154 million a year ago. Total net debt as at March 31, 2013 was BRL 3,439 million.

Tereos Internacional S.A., Q4 2013 Earnings Call, Jun 13, 2013

Tereos Internacional S.A., Board Meeting, Jun 12, 2013.