DEXCO S.A. BTG CEO Conference
February, 22, 2022
Disclaimer
The information herein has been prepared by Dexco S.A. and does not represent any form of prospectus regarding the purchase or subscription to the company's shares or securities.
This material contains general information relating to Dexco and the markets in which the company operates.
No representation or guarantee, expressed or implied, is made herein, and no reliance should be placed on the accuracy, justification or completeness of the information provided.
Dexco does not offer any assurances or guarantees regarding the fulfilment of expectations described.
2
4Q21 Results - highlights
Best performance in the history of the Company, with an annual EBITDA of R$2.2 billion, 70% more than for the previous highest year (2020)
Improvement in the mix and the successful pass-through of price increases drove improvement to the margin;
Maintenance of Working Capital/Net Revenue at low levels (~10%);
Less than 2 months to go before the start of operations at the Dissolving Wood Pulp unit.
Adjusted and Recurring EBITDA
R$ million / %
+14% | +70% |
588 | 2,188 | ||
516 | 1,288 | ||
27.3% | 26.1% | 21.9% | 26.8% |
4Q20 | 4Q21 | 2020 | 2021 |
Adjusted and Recurring | EBITDA | ||
EBITDA | Margin % |
Rec. Net Revenue and Gross Margin
R$ million / %
+39%
+19%8,170
Free Cash Flow FY
R$ million
CCR¹: 41%
2,188 | 2020 | 2021 | |||
1,288 | 1,129901 | ||||
485 | 530 | 425 |
Financial Leverage
R$ million
Net Debt | Net Debt/Recurring EBITDA (LTM) | |||
1.2x | 1.2x | 0.9x | 0.8x | 1.1x |
2,251 5,880 34.9%
1,894 35.5% 31.5%
32.7%
4Q20 4Q21 2020 2021
Recurring Net | Gross |
Revenue | Margin % |
Recurring Net Income
R$ million
25 | ||||
(53)(123) | (153) | (74) | (21) | |
(475) | ||||
(462) | (380) | |||
(598) |
1,477
2,448
1,870 1,771 1,705
+117% 1,148
+45%
(690) | |||||||
Recurring | CAPEX | Finance | Tax | Working Others | FCF | Projects | FCF |
EBITDA | Sustaining | Flow | Capital | Sustaining | and | Total | |
others² |
281
407 528
4Q20 4Q21 2020 2021
3
1 - Cash Conversion Ratio: rate of conversion of Adjusted and Recurring EBITDA into Sustaining FCF;
2 - Expansion Projects, DX Ventures, Investment in LD Celulores, non-recurring payments and receipts.
4Q20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 |
Results - Wood
R$1.5 billion in Adjusted and Recurring EBITDA for the year, +68% higher than the total achieved in 2013 (best ever result)
Record productivity leading to 100% capacity utilization, already benefiting from the debottlenecking process;
Increase of 38% in unit revenue vs 4Q20, the cost pass-through being the highlight in the period;
New quarterly record for Adjusted and Recurring EBITDA of R$385 million, +20% higher than for the same period the previous year.
Adjusted and Recurring EBITDA & | Rec. Net Revenue & Gross Margin | |||||||||||
Margin | Pro Forma | |||||||||||
R$ million / % | R$ million /% | |||||||||||
+87% | 1,477 | +46% | 4,762 | |||||||||
+20% | ||||||||||||
+23% | 3,251 | |||||||||||
385 | 788 | 1,302 | ||||||||||
320 | 31.0% | 1,056 | ||||||||||
38.1% | 36.4% | |||||||||||
30.3% | 30.4% | 30.7% | ||||||||||
29.6% | 24.2% | |||||||||||
4Q20 | 4Q21 | 2020 | 2021 | 4Q20 | 4Q21 | 2020 | 2021 | |||||
Adjusted and Recurring | EBITDA | Net Revenue | Gross | |||||||||
EBITDA | Margin % | Margin% | ||||||||||
Capacity Utilization 4Q21
%
Wood MDF MDP
100% 100% 100%
Capacity Utilization 2021
%
Wood MDF MDP
95% 96% 94%
Volume
000m3
-11%+10%
849 757 2,827 3,120
4Q20 4Q21 2020 2021
Results - Deca
R$411 million in Adjusted and Recurring EBITDA for the year, +34% higher than for 2020, a record high.
Capacity Utilization 4Q21
%
Deca | Hydra | Metals | San Ware |
65% | |||
32% | 81% | 73% | |
Increase in unit revenue of 21% for the year and 36% in 4Q21
arising from the successful price increases and improvement to Capacity% Utilization 2021 the mix;
Significant improvement in EBITDA margins, with gains for the third consecutive year;
R$118 million in Adjusted and Recurring EBITDA in 4Q21 slightly less than for 4Q20 due to lower volumes sold.
Deca Hydra
80% 67%
Metals | San Ware |
87% | 84% |
Adjusted and Recurring EBITDA & | Rec. Net Revenue & Gross Margin | Volume | |||||||||||||||
Margin | Pro Forma | ||||||||||||||||
pieces | |||||||||||||||||
R$ million / % | R$ million /% | ||||||||||||||||
+34% | +31% | +8% | |||||||||||||||
+15% | |||||||||||||||||
-5% | |||||||||||||||||
2,251 | -16% | 29,616 | |||||||||||||||
411 | |||||||||||||||||
630 | 8,490 | ||||||||||||||||
125 | 118 | 306 | 549 | 1,718 | 7,163 | 27,315 | |||||||||||
18.3% | |||||||||||||||||
22.8% | 17.8% | 35.9% | 32.1% | 30.5% | |||||||||||||
18.8% | 28.4% | ||||||||||||||||
4Q20 | 4Q21 | 2020 | 2021 | 4Q20 | 4Q21 | 2020 | 2021 | 4Q20 | 4Q21 | 2020 | 2021 | ||||||
Adjusted and Recurring | EBITDA | Net Revenue | Gross | ||||||||||||||
EBITDA | Margin % | Margin % |
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Dexco SA published this content on 22 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2022 22:42:55 UTC.
