Results Presentation 4Q22 / 2022
March 9, 2023
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
Organizational Structure
Executive Committee
President
Antonio Joaquim
de Oliveira
Director | Director | Director of Admin, | Director of | Director of | Director of | ||||||||||||
Vice-president of | Vice-president | Finance & | IT & Growth | People & ESG | Marketing & | ||||||||||||
Wood Division | Deca & Tiles | Investor Relations | Design | ||||||||||||||
Henrique Haddad | Raul Guaragna | Francisco Semeraro | Daniel Franco | Glizia Prado | Marina Crocomo | ||||||||||||
1 | Relevant fact announced by Dexco on January 24, 2023. | 3 |
Headlines
4Q22/20224
Pro-forma Adjusted & Recurring EBITDA of R$1.927 M in 2022, including the 49% of LD Celulose's
EBITDA
- Market shrinking which has impacted results, in particular, the Finishings For Construction sector;
- Pricing and product mix sustaining revenue levels for the year, despite the fall in 4Q22;
-
EBITDA of R$517million in 4Q22, including the 49% of LD
Celulose's EBITDA; - LD Celulose operating at full capacity, with Recurring EBITDA of R$307 million and Margin of 56%, in 4Q22, with Dexco's part being R$151 million.
Recurring Net Revenue | Recurring Net Income | Adjusted & Recurring EBITDA | ||
and GrossMargin | and Margin | |||
R$ million / % | R$ million | R$ million / % |
+4% | -33% |
-12% | 8,487 | -49% | 588 | ||||
8,170 | 517 | ||||||
2,251 | 1,148 | ||||||
1,980 | 407 | 151 | |||||
771 | |||||||
35.1% | 31.0% | 35.1% | 33.8% | 207 | 366 | ||
26.1% | |||||||
18.5% |
2,188 1,927
194 | |
1,732 | |
26.8% | 20.4% |
4Q21 | 4Q22 | 2021 | 2022 | 4Q21 | 4Q22 | 4Q21 | 4Q22 | 2021 | 2022 | ||||||
2021 | 2022 | ||||||||||||||
Net Revenue | Gross | Adjusted & | Adjusted & Recurring | EBITDA | |||||||||||
Margin % | Recurring | EBITDA | Margin % | ||||||||||||
EBITDA - LD | 4 | ||||||||||||||
Celulose | |||||||||||||||
Cash Flow
2022
Working Capital/Net Revenue continues at low levels (~16%)
Free Cash Flow YTD
- Stabilization of cash flow following a significant fall in 2021;
- Focus on the reforestation process driving Sustaining Capex;
- Final contributions for ramping up LD Celulose of R$312 million;
- Confirmation of investment in projects in 2022, including:
- R$190 million: New ceramic tiles unit in SP;
- R$116 million: Productivity projects, improvement in the mix and Deca automation;
- R$98 million: Improvement to the panels mix, factory debottlenecking and forestry expansion.
Cash Conversion Cycle
R$ million | Days | 2021 | 2022 | |||||||||||||||||||||
2,188 | 2021 | 2022 | 152 | |||||||||||||||||||||
97 | ||||||||||||||||||||||||
1,732 | 50 | 48 | 99 | 96 | 47 | |||||||||||||||||||
901 | -3 | |||||||||||||||||||||||
PMR Client | PME Inventory | PMP Suppliers | Cash Convertion | |||||||||||||||||||||
425 | CAPEX | |||||||||||||||||||||||
0 | ||||||||||||||||||||||||
(74) | (21) | (37) | R$ million | |||||||||||||||||||||
(123) | (132) | |||||||||||||||||||||||
Investments | 4Q21 | 4Q22 | 2021 | 2022 | ||||||||||||||||||||
(303) | (380) | |||||||||||||||||||||||
(690)(864) | (470) | (475) | FORESTRY OPEX | 141 | 101 | 296 | 430 | |||||||||||||||||
(823) | (859) | MAINTENANCE | 149 | 158 | 394 | 382 | ||||||||||||||||||
Recurring | Sustaining | Financial | Tax | Working | Other | Sustaining | Projects¹ | FCL | Sustaining CAPEX² | 291 | 259 | 690 | 864 | |||||||||||
PROJECTS ³ | 296 | 148 | 475 | 823 | ||||||||||||||||||||
EBITDA | CAPEX | Flow | Capital | FCL | Total |
1 - Projects, DX Ventures, LD Celulose, non-recurring payments and receivables | 2 - Factory maintenance and modernization and ongoing running of the business | 3 - Projects, DX Ventures, M&A and LD Celulose | 5 |
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Disclaimer
Dexco SA published this content on 09 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 March 2023 12:34:11 UTC.