1Q24
Earnings
Presentation
ri.klabin.com.br
ri.klabin.com.br | 1Q24 Earnings Presentation |
DISCLAIMER
This presentation may contain forward-looking projections or statements. Such statements are exposed to known and unknown risks and different nature uncertainties that may cause these expectations not to materialize or to differ materially from those anticipated. Furthermore, these expectations and projections are made based on estimates, information or methodology that may be inaccurate or incorrect.
Those risks and uncertainties, among others, are related to: (i) future demand for the Company's products; (ii) changes in the aspects that impact the domestic and international product prices; (iii) changes in cost structures;
- changes in the seasonality of markets; (v) competition in the markets in which the Company operates; (vi) exchange variations; (vii) changes in the global market and especially in the markets where the Company operates or sells its products; (viii) capital markets; and (ix) factors that affect the company's operation, including changes in laws and regulations. For additional information on factors that may impact the Company's statements, please consult the Reference Form, in particular item 4 (Risk Factors), which is registered with CVM and also available on the Company's Investor Relations website.
There is no guarantee that the Company's expectations or projections will occur and current results are no guarantee of future performance. This presentation is up to this date and Klabin has no obligation to update it in light of new information and/or future events.
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ri.klabin.com.br | 1Q24 Earnings Presentation |
1Q24 PERFORMANCE - Sales Volume
Pulp
362 | SHORT FIBER | 27% |
252 k tons | ||
k tons | LONG FIBER/FLUFF | 12% |
110 k tons | ||
Paper - Market | ||
COATED BOARDS | 21% | |
306 | 198 k tons | |
k tons | KRAFTLINER | 12% |
108 k tons | ||
Packaging
CORRUGATED BOXES | 23% | |
248 | 215 k tons | |
k tons | INDUSTRIAL BAGS | 4% |
33 k tons | ||
Total Sales¹
922
k tons
Convertion
(Integration)
CORRUGATED
BOXES
63%
Integration²
INDUSTRIAL
BAGS
% of total sales volume
Adjusted EBITDA by
Segment³ 1Q24
R$ 1.652 bn
Pulp | |
Paper & | 40% |
Packaging | |
60% |
1 - Excludes wood sales.
2 - It considers the amount of paper used for the production of packaging in relation to the volume of containerboard produced in the period (441 thousand tons)
3 - Result of 'Other' allocated in the respective businesses and Forestry result allocated to "Paper and Packaging".
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ri.klabin.com.br | 1Q24 Earnings Presentation |
1Q24 RESULTS
Sales volume driven by the ramp-up of PM27 and PM28 and drop in costs benefited the result
Sales Volume¹ | Net Revenue² |
(thousand tons) | (R$ million) |
Exchange³ | 1Q23 | 1Q24 |
R$ / US$ | ||
Average dollar | 5.20 | 4.95 |
Adjusted EBITDA
(R$ million)
+5%
881
43%
57%
922
42%
58%
Foreign Market
Domestic
Market
-8%
4,831
38%
62%
4,430
35%
65%
40% 37%
-15%
1,942
1,652
1Q23 | 1Q24 | 1Q23 | 1Q24 |
Domestic Market Foreign Market
1 - Excludes wood and includes subproducts sales
2 - Includes wood sales, subproducts and hedge accounting
3 - Source: Central Bank of Brazil
1Q23 1Q24
EBITDA Margin | Adjusted EBITDA |
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ri.klabin.com.br | 1Q24 Earnings Presentation |
PULP
Heated demand, flexible mix between geographies and cost discipline favored the result
Sales Volume
(thousand tons)
-3%
373 362
Short Fiber 271 | 252 |
Long Fiber | 26 | 18 | |||
92 | |||||
Fluff | 76 | ||||
1Q23 | 1Q24 |
Short Fiber and Long | Production Cash Cost | |||||||||||
Fiber/Fluff Net Price | (R$ per ton) | |||||||||||
(US$ per ton¹) | ||||||||||||
-18% | US$ | US$ | US$ | |||||||||
261/t¹ | 266/t¹ | 255/t¹ | ||||||||||
-15% | Short Fiber | |||||||||||
Long Fiber + Fluff | -7% | |||||||||||
1,156 | ||||||||||||
949 | -4% | |||||||||||
779 | 1,355 | |||||||||||
659 | 1,318 | 1,263 | ||||||||||
1Q23 | 1Q24 | 1Q23 | 4Q23 | 1Q24 |
1 - Calculated with the average dollar of the period
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ri.klabin.com.br | 1Q24 Earnings Presentation |
PAPER AND CORRUGATED BOXES
Sales volume driven by the ramp-up of PM27 and PM28 and strong demand in the kraftliner and corrugated boxes segments
PAPER | |
Sales Volume | Net Revenue |
(thousand tons) | (R$ million) |
CORRUGATED BOXES
Sales Volume | Net Revenue |
(million m²) | (R$ million) |
+16% | |
263 | 306 |
1Q23 | 1Q24 |
+3% | |
1,374 | 1,411 |
1Q23 | 1Q24 |
+6% | |
367 | 387 |
1Q23 | 1Q24 |
2024e | |
+1% | |
1,217 | 1,235 |
1Q23 | 1Q24 |
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ri.klabin.com.br1Q24 Earnings Presentation
TOTAL CASH COST
1Q24 total cash cost lower than the Company's guidance of R$ 3,100 per ton for 2024
Total Cash Cost1/2 | COGS1 | Sales and G&A expenses |
(R$ per ton) | (R$ per ton) | (R$ per ton) |
-9% | ||
3,273 | -1% | |
3,000 | 2,984 | |
1Q23 | 4Q23 | 1Q24 |
-6% | ||
2,437 | -1% | |
2,322 | 2,295 | |
1Q23 | 4Q23 | 1Q24 |
-17% | ||
782 | -4% | |
676 | 650 | |
1Q23 | 4Q23 | 1Q24 |
1 - Excludes the maintenance cost of scheduled downtimes | 7 |
2 - Excludes the non-recurring effect of extemporaneous credit of R$ 63.4 million due to the exclusion of ICMS in the PIS/Cofins base in 4Q23 |
ri.klabin.com.br | 1Q24 Earnings Presentation |
NET DEBT AND LEVERAGE
Leverage remains within the parameters of the Financial Indebtedness Policy²
4.2 | 3.6 | ||||||||
4.0 | 3.2 | 3.0 | 2.7 | 2.7 | 2.8 | ||||
3.3 | 2.7 | 2.7 | 2.6 | ||||||
2.9 | |||||||||
3.1 | 2.4 | 2.7 | 2.6 | 2.6 | 2.6 | 2.6 | |||
21,744 | 18,770 | 19,950 | 20,916 | 17,890 | 20,525 | 21,435 | 21,038 | 20,985 | 19,515 |
Position in 03/31/2024
(R$ billion)
Gross Debt | R$ 33.1 | ||
Cash³ | R$ 11.8 | ||
Net Debt | R$ 21.3 | ||
3.2 | 3.3 | 3.5 | |
3.5 | |||
3.2 | 3.2 | ||
20,882 20,193 21,350
5,153 | 5,618 | 6,313 | 6,885 | 7,336 | 7,528 | 7,911 | 7,931 | 8,148 | 7,502 | 6,544 | 6,322 | 6,032 | |||||||||
1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | |||||||||
Net Debt (R$ million) | Adjusted EBITDA LTM1 (R$ million) | Net Debt / EBITDA (LTM1 - US$)³ | Net Debt / EBITDA (LTM1 - R$)³/4 | ||||||||||||||||||
1 | - LTM: Last twelve months | ||||||||||||||||||||
2 | - Access the financial indebtedness policy in full on the IR website | 8 | |||||||||||||||||||
3 | - Does not include a US$ 500 million Revolving Credit line maturing in Oct/26 | ||||||||||||||||||||
4 | - Net Debt/EBITDA (US$): considers the dollar of the ending of the period for the calculation of net debt and the average dollar of the |
period for EBITDA
ri.klabin.com.br | 1Q24 Earnings Presentation |
AMORTIZATION SCHEDULE
Robust cash position and extended debt profile. Cash of US$ 1.2 bilion for Caetê Project payment
Revolving | 14,298 | ||
Credit | 2,498 | US$ | 47%R$ |
Facility1 | 53% | ||
6,490
6,263
1Q24 | 4Q23 | |
In months | ||
Average Debt Maturity | 90 | 94 |
Cost of Debt in US$ | 5.7% p.y | 5.7% p.y |
Cash Position 11,800
2,600
2,767
6,292
6,060
3,329 | 3,074 | 3,583 |
1,384 1,742 1,930
850
1,265 892 671
119
Liquidity 2024 2025 2026
2,568
198
2027
198
2028
203
2029
821
205616
2030
3,141 | 2,007 | 3,583 | |||||||||||||||||||
852 | 245 | ||||||||||||||||||||
80 | 1,068 | ||||||||||||||||||||
616 | |||||||||||||||||||||
188 | 236 | 165 | 0 | ||||||||||||||||||
2031 | 2032 | 2033 | 2034 to | 2040 to | |||||||||||||||||
2039 | 2049 |
Local Currency Foreign Currency
1 - Revolving Credit Facility (RCF) of US$ 500 million maturing in Oct/26
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ri.klabin.com.br | 1Q24 Earnings Presentation |
DIVIDENDS & IoC
R$ million considering accrual basis | |||
Dividend | 6.8% | 5.7% | 5.3% |
Yield¹ | |||
1,628 | |||
1,340 | 1,281 |
1 - Calculated based on the earnings paid per unit and the average daily closing price of the unit in the period 2 - As approved at the Board of Directors Meeting held on 04/24/2024. To access the Notice to Shareholders, click here
3 - To access the full Dividends and Interest on Equity Policy, click here
2022 | 2023 | LTM 2024 |
Dividends + IoC (R$ millions)
1Q24² Dividends: R$ 330 millions
Dividend Policy³: Target between
15% and 25% of Adjusted EBITDA
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Klabin SA published this content on 26 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2024 15:00:33 UTC.