2. Financial data is presented in accordance to the International Financial Reporting Standards and represents the Company’s
consolidated results in million reais (R$), unless otherwise indicated. Company fiscal year begins in March and ends in
February of the following year (inclusive). The results here presented do not consider the acquisition of SLC Alimentos S.A.,
concluded by Camil in December 2018, except when specified.
This presentation may contain forward-looking statements which are inherently difficult to predict. Actual results could
differ materially for a variety of reasons. Forward-looking statements speak only as of the date they are made and the
Company does not assume any obligation to update them in light of new information or future developments.
This material is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy
or sell any securities or related financial instruments. Likewise it does not give and should not be treated as giving
investment advice. It has no regard to the specific investment objectives, financial situation or particular needs of any
recipient. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or
reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of
their own judgment.
This presentation contains resumed information which shall not be considered complete. Certain percentages and other
amounts included in this document have been rounded to facilitate its presentation. Thus, numbers presented as total in
some tables may not represent the arithmetic sum of the numbers that precede them and may differ from those presented
in the financial statements. Operational data are not audited, as they consist in measures which are not recognized by IFRS
or other accounting standards. Nor this presentation, neither anything here contained, should create basis for any contract
or commitment.
All information here contained are subject to adjustments and revisions without notice. By creating this presentation,
neither the Company, nor any of its affiliated companies, directors, executives or employees assume any obligation to
supply the receiver access to any additional information, update this presentation or any information, or correct any
inaccuracy in any of these information. This presentation does not contain all of the relevant information about the
Company.
Disclaimer
2
3. I. Camil Alimentos Overview
II. Key Investment Thesis
III. SLC Alimentos Acquisition
Appendix
A. Financial Highlights (Latest Results)
B. Industry Highlights
C. Selected Comparable Companies
Table of Contents
5. 5
Purpose and Values
We believe that each person can make a difference in others lives and we exist to nurture
relationships that bring more flavor to the everyday life
Our Purpose
Our Values
Trust
We honor our commitments with seriousness and discipline. We value transparency in our relationships, and
for that, we aim to gain respect and trust.
Entrepreneurship
We believe in those who dream with the effort and courage of who realize their dreams. This is the driving
force for entrepreneurship and growth with profitability.
Enthusiasm
We express joy, vitality and energy in our everyday life.
Therefore, we inspire people.
Responsibility
We prioritize ethics and high quality standards in everything we do. This way we seek to ensure the
sustainability of our business and of the environment, going beyond results.
Proximity
We build strong partnerships as a way of establishing deep lasting relationships with all stakeholders:
consumers, customers, employees and suppliers.
6. Leading position in all operating markets
– #1 processor and distributor of rice in Brazil (Camil brand)
– #1 processor and distributor of rice in Uruguay (Saman brand)
– #1 processor and distributor of rice in Chile (Tucapel brand)
– #1 processor and distributor of rice in Peru (Costeño brand)
– #1 player in refined sugar in Brazil (União brand)
– #2 player in the canned sardine and canned tuna market in Brazil
(Coqueiro and Pescador brands)
27 processing facilities and 16 distribution centers distributed throughout
LatAm, with operations in 4 countries
Reaches more than 20,000 direct and 285,000 indirect sales points in
Brazil
Exports to more than 50 countries
6
Camil at a Glance
Founded in 1963, Camil is a leading food company in Latin America with a diversified portfolio
of several brands in rice, beans, sugar and canned fish
Notes:
(1) Santa Cruz plant produces both rice and sugar; considers both plants operated by Raízen
(2) Shareholder Structure ended on April 2019; Camil Investimentos includes Quartiero’s participation as individual holders; Free float excludes shares on treasury, related parties and Warburg Pincus
(3) EBITDA and Net Income includes non-recurring events
(4) Includes SLC Alimentos´ acquisition concluded on Dec/2018
(Uruguay)
(Chile)
(Peru)
Grains Processing Facilities: 22 (10¹ in Brazil)
Fish Processing Facilities: 1
Sugar Packaging Facilities: 41,2
Distribution Centers: 16
Rice Producing Regions
Beans Producing Regions
Camil
Investimentos
Free Float
60.6% 8.6% 5.1% 29.3%
2015 2016 2017 2018
Net Revenues 4,229 4,948 4,663 4,749
Growth YoY 15.0% 17.0% -5.8% 1.8%
Gross Profit 1,034 1,221 1,151 1,222
Margin 24.5% 24.7% 24.7% 25.7%
EBITDA 423 547 490 483
Margin 10.0% 11.1% 10.5% 10.2%
Net Income 111 202 251 362
Margin 2.6% 4.1% 5.4% 7.6%
Net Debt 998 1,014 571 1,032
Net Debt / EBITDA 2.4 x 1.9 x 1.2 x 2.1 x
Highlights Processing and Distribution Platform¹
Shareholder Structure² (%) Financial Highlights (R$mn)3,4
Leadership positioning in all segments and countries in which it operates, Camil is one of the largest food companies in LatAm
7. 7
Timeline
Present for more than 50 years in the Brazilian everyday life, Camil grew in South America grains segment and expanded its portfolio
into new categories
Acquisition of
SLC Alimentos;
Sale of La Loma
Foundation, in the city
of Itaqui-RS
1963
Pioneer in distributing
packed rice (migration
from rice in bulk)
1974
Inauguration of the
distribution center in SP
1975
Beans
commercialization
1987
Acquisition of SAMAN
Brazil in Pernambuco
2001
Acquisition of Camaquã
plant in RS
2002
Logistics expansion: new
subsidiaries in North and
Northeast regions
2005
Acquisition of
in Uruguay
2007
Acquisition of Rio
Grande plant
20082009
Acquisition of
in Chile
Acquisition of the brand
Bom Maranhense
2010 2011 2012 2014
Acquisition of
in Peru
60’s: Foundation 80’s: Organic Expansion 90’s: Professionalization
2000’s: Acquisitions / International Expansion
2017
Camil’s
IPO
2017/2018: Recent Transactions
Acquisition of canned fish
and Costeño
Acquisition of sugar
category
2013
Acquisition of
Carreteiro and
in Argentina
2018
Private Equity History
1998 – 1st Private Equity: TCW (acquisition of
cooperative’s participation 50%)
2006 – TCW divestment (by leveraging Camil)
2011 – Gávea’s investment (31.75% of Camil)
2016 – Gávea’s divestment (by Warburg Pincus
by same Portfolio Manager)
2016 – Warburg Pincus investment
2017 – Warburg Pincus partial divestment (sale
of 23% participation on IPO; remains with 9%
stake)
2001 – SAMAN Brazil, in Pernambuco (Brazil)
2002 – Camaquã Plant (Brazil)
2007 – Saman (Uruguay)
2009 – Tucapel (Chile)
2010 - BB Mendes (Brazil)
2011 – Pescador (Canned Fish – Brazil)
2011 – Coqueiro (Canned Fish – Brazil)
2011 – Costeño (Peru)
2012 – União and Da Barra brands (Sugar - Brazil)
2013 – Carreteiro (Brazil)
2013 – La Loma (Argentina) – sold on 2018
2014 – Paisana (Peru)
2018 – SLC Alimentos (Brazil)
Camil Acquisitions
8. 8
Camil’s IPO
Camil successfully completed its Initial Public Offering on September 2017
Ownership StructureIPO Highlights
Camil is listed on B3’s
Novo Mercado
segment, the highest level
of corporate governance
R$9.00 / share
Priced on September 26, 2017
41.0 million ONs
Primary Offering
86.5 million ONs
Secondary Offering
R$1.2 billion
Offering Size
R$357.0 million
Net proceeds from Primary Offering
As of April, 2019
(1) Shareholder Structure ended on May 2019; Camil Investimentos includes Quartiero’s participation as individual holders; Free float excludes shares on treasury, related parties and Warburg Pincus
Camil
Investimentos
Free Float
60.6% 8.6% 5.1% 29.3%
9. FishSugar
Grains - InternationalGrains - Brazil
9
Product Portfolio
Complementary product portfolio composed of high value added items
Value addedBiscuits
Core
Main products across the segments that Camil operates
Value added
10. Grains Sugar Fish
Brazil1 Uruguay Chile Peru
Grains
Sardine
Top of
Mind10 60% 83%
47% Sardine
37% Tuna
n.a. 50% 72%
Facilities
(# plants)
10¹² 4 1 7¹¹ 2 3
Diversification Across 3 Products Categories
10
EBITDA
2018
(Fev-19)
R$177 mm
(37% of total)
R$307 mm
(63% of total)
Main
Brands
Market Share
2nd
41%6
2nd
24%6
1st
9%2,3
1st
32%5
Tuna
1st
48%7
1st
31%8
1st
41%9
Sardine
Net Revenue
2018
(Fev-19)
R$1.4 bn
(30% of total)
R$3.3 bn
(70% of total)
Business Divisions Overview
2nd
9%2,4
Rice Beans
Notes:
(1) Market shares referring to total Camil Company brands; (2) Market share Camil + SLC Alimentos; (3) Nielsen Retail Index for Rice (INA Dec18-Jan19); (4) Nielsen Scantrack Index for Beans (INA Dec18-Jan19) Considering Data with Cash and
Carry, Camil is #2 player; (5) Nielsen Retail Index for Sugar Out18-Nov18; (6) Nielsen Retail Index for Sardine and Tuna (Dec18–Jan19); (7) Uruguay: Market share local market + exports - Consecha Comision Sectorial del Arroz. Local market only:
42% (#2 player); (8) Nielsen Scantrack Chile Dec18-Jan19; (9) Kantar Worldpanel Peru Dec18–Jan19; (10) Top of Mind Camil Ipsos, Jan19; (11) Data does not include Arrozur’s plant in Uruguay; Company which Saman has 49% share; (12)
Includes SLC Alimentos´ acquisition on Dec/18
11. Rice
1º
9%2,3
1º
32%5
2º
41%6
2º
24%6
1º
9%2,4
Sugar Canned FishGrains
Beans Sardines TunaSugar
Uruguay7 Chile Peru
1º
48%
1º
33%8
1º
33%9
BrazilInternational
11
Recognized Brands, Leadership and Innovation
Broad consumer recognition and innovation leads to several awards and market leading positions
& win the
award for best brands of
Rice and Beans, and
Sugar, by Datafolha
Camil brands win the
award for Top 5 brands of
2018 for Sugar and Tuna,
by Super Varejo Magazine
Aug/2018
Aug/2018
• IR Magazine Awards 2018
• Recognitions by Institutional Investor 2018
• As Melhores da Dinheiro Rural 2018
• Valor 1.000 2018
• Melhores e Maiores Exame 2018
• Selo RA 1000 2018 – Reclame Aqui
• Prêmio APAS Acontece 2018 e 2017
• Troféu Carrinho de Ouro 2017
Other Awards Camil
Notes:
(1) Market shares referring to total Camil Company brands; (2) Market share Camil + SLC Alimentos; (3) Nielsen Retail Index for Rice (INA Dec18-Jan19); (4) Nielsen Scantrack Index for Beans (INA Dec18-Jan19). Considering Data with Cash
and Carry, Camil is #2 player; (5) Nielsen Retail Index for Sugar Out18-Nov18; (6) Nielsen Retail Index for Sardine and Tuna (Dec18–Jan19); (7) Uruguay: Market share local market + exports - Consecha Comision Sectorial del Arroz 2016/17.
Local market only: 42% (#2 player); (8) Nielsen Scantrack Chile Jun17-Aug18; (9) Kantar Worldpanel Peru Aug18-Sep18;
• Camil Minuto Caseiro (Instant Rice)
• Rice Biscuit (small package)
• União: Cake mix
• Partnership – Natural Sweetener
• New sardine and tuna fillets
Brands
Awards Leadership¹
Innovation
12. 169
123 142
209
315
375 361
423
547
490 483
11,1%
9,4% 10,1% 11,7% 11,3% 10,5% 9,8% 10,0% 11,1% 10,5% 10,2%
22,9% 22,8% 24,2%
27,1%
24,1% 24,5% 23,2% 24,5% 24,7% 24,7% 25,7%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
EBITDA EBITDA Margin Gross Margin
58 71 56 74
137 124
105 111
202
251
362
3,8%
5,4%
4,0% 4,1%
4,9%
3,5%
2,9% 2,6%
4,1%
5,4%
7,6%
00%
01%
02%
03%
04%
05%
06%
07%
08%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Net Income Net Margin
1.513
1.313 1.407
1.784
2.776
3.582 3.676
4.229
4.948
4.663 4.749
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Camil historically posted solid and profitable results
Even in a challenging environment,
Camil was able to post double-digit
growth, maintaining profitability
12
Solid Business Model with Stable and Resilient Margins
CAGR+13%
CAGR+20%CAGR+11%
Notes:
Company fiscal year begins in March and ends in February of the following year (inclusive).
Camil: Net Revenue (R$mm) Net Revenue by Segment (R$mm)
EBITDA Evolution (R$mm) Net Profit Evolution (R$mm)
Excluding non-recurring events,
2018 Net Income reached
R$246mn (5.2% margin)
2.640 2.601 2.935
3.683 3.331 3.346
942 1.075
1.294
1.265
1.332 1.4023.582 3.676
4.229
4.948
4.663 4.749
25%
23%
24% 25% 25%
26%
2013 2014 2015 2016 2017 2018
Food Products Brazil Food Products International Gross Margin
14. Wide Distribution
Network Reaching
more than 400k POS
2
Market Leader with
Iconic Brand
Recognition
1
Solid Business
Model with Stable
and Resilient
Margins
3
Key Investment Thesis
Solid Cash Flow
Generation
Supported by Strong
Operating Results
6
14
Investment Grade
Indebtedness Profile
5
Seasoned
Management Team
and the Highest
Standards of
Corporate
Governance in Place
4
15. Iconic Brand Recognition… …Leading to a Leadership Position in all Sectors & Regions1
15
Brazil – RICE2,3
#1 9%
#2 Player 2 4%
#3 Player 3 3%
Peru – RICE9
#1 33%
#2 Player 2 5%
#3 Player 3 4%
Chile – RICE8
#1 33%
#2 Player 2 17%
#3 Player 3 (PLs) 43%
Brazil – REFINED SUGAR5
#1 32%
#2 Player 2 19%
#3 Player 3 15%
Brazil – SARDINE6
#1 Player 1 47%
#2 41%
Brazil – TUNA6
#1 Player 1 58%
#2 24%
Uruguay – RICE7
#1 48%
#2 Player 2 40%
Percentage values indicate market
share in terms of volume.
Market leader in São Paulo City:
Rice 40% market share10
Rice: 60% Top of Mind¹¹ in São Paulo
One of the most complete line of
products: More than 10 variations of
grains, including ready to eat
One of the most complete line of
products: traditional and new
segments (i.e. “Fit” sugar, Sucralose,
Naturals)
Top of Mind leader (83%)¹¹
“Top-5 Suppliers” Award (#1)
Complete line of products: Tuna,
Sardines, Tuna Sauces and Pâtés
65% Top of Mind in Sardine and
56% in Tuna¹¹
“Top-5 Suppliers” Award
(Sardine #1; Tuna #2)
Notes:
(1) Market shares referring to total Camil Company brands; (2) Market share Camil + SLC Alimentos; (3) Nielsen Retail Index for Rice (INA Dec18-Jan19); (4) Nielsen Scantrack Index for Beans (INA Dec18-Jan19); (5) Nielsen Retail Index for
Sugar Out18-Nov18; (6) Nielsen Retail Index for Sardine and Tuna (Dec18–Jan19); (7) Uruguay: Market share local market + exports - Consecha Comision Sectorial del Arroz 2016/17. Local market only: 42% (#2 player); (8) Nielsen Scantrack
Chile Jun17-Aug18; (9) Kantar Worldpanel Peru Aug18-Sep18; (10) Nielsen Retail Index for Rice INA Dec18-Jan19 Market share Camil + SLC Alimentos (11) Top of Mind Camil Ipsos, Jan19;
Brazil – BEANS2,4
#1 9%
#2 Player 2 7%
#3 Player 3 5%
Market Leader with Iconic Brand Recognition
16. OwnSalesForce
34%
33%
26%
7%
WholesaleRetailersKeyAccounts
OutsourcedSales
Force
Distributor
#
Indicates the
representativeness of
direct points of sale
by region in Brazil
28%
12%
14%
41%
4%
% Sales
Fev/2018
95% of sales made by the
company’s own sales force
and 5% from distributors
(canned fish)
More than 14,000 direct and
300,000 indirect point of
sales in Brazil
16
Accounts / Retailers
Wholesale Stores
Strong distribution network with more than 400,000 points of sale, favoring the business expansion to new segments
Wide Distribution Network Reaching more than 400k POS
17. 2.640 2.601 2.935
3.683 3.331 3.346
942 1.075
1.294
1.265
1.332 1.4023.582 3.676
4.229
4.948
4.663 4.749
24,5%
23,2%
24,5% 24,7% 24,7%
25,7%
2013 2014 2015 2016 2017 2018
Food Products Brazil Food Products International Gross Margin
169
123 142
209
315
375 361
423
547
490 483
11,1%
9,4% 10,1% 11,7% 11,3% 10,5% 9,8% 10,0% 11,1% 10,5% 10,2%
22,9% 22,8% 24,2%
27,1%
24,1% 24,5% 23,2% 24,5% 24,7% 24,7% 25,7%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
EBITDA EBITDA Margin Gross Margin
1.513
1.313 1.407
1.784
2.776
3.582 3.676
4.229
4.948
4.663 4.749
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Despite the slowdown in the Brazilian economy, Camil posted solid results maintaining EBITDA margin over +10%
Even in a challenging environment,
Camil was able to post double-digit
growth, maintaining profitability
17
Solid Business Model with Stable and Resilient Margins
CAGR+13%
CAGR+11%
Notes:
Company fiscal year begins in March and ends in February of the following year (inclusive).
Net Revenue (R$mm)
Net Revenue by Segment (R$mm)EBITDA (R$ millions) and Margin (% of Net Revenues)
During 2015-16, the GDP decreased 7.2%
- returning to pre-2010 levels
Brasil: GDP and Retail Sales (% growth, real terms)
10,9%
6,7%
8,4%
4,3%
2,2%
(4,3)%
(6,3)%
2,0% 2,3%
7,5%
3,9%
1,9%
3,0%
0,1%
(3,8)% (3,6)%
1,0%
1,1%
2010 2011 2012 2013 2014 2015 2016 2017 2018
Retail Sales Total GDP
18. 18
The segments in which Camil operates present active price dynamics, with weekly price pass-through, ensuring stability of margins
Rice – Market¹ vs. Camil’s prices Beans – Market² vs. Camil’s prices
Sugar – Market³ vs. Camil’s prices Canned Fish – Camil Gross Price (in R$/kg)
Solid Business Model with Stable and Resilient Margins
(Cont´d)
Notes: (1) CEPEA; rice indicator Esalq/Senar-RS 50kg; (2) Agrolink; beans indicator Sc 60kg; (3) CEPEA; Cristal Sugar indicator Esalq-SP 50kg
16
17
18
19
20
21
22
23
fev-17 mai-17 ago-17 nov-17 fev-18 mai-18 ago-18 nov-18 fev-19
Camil - Preço Bruto
19. Adjusted selling price (1) (CIF - R$/30kg)
Notes:
(1) Adjusted by the monthly inflation of the period, since Jan/2006
(Grossmargin)
Average
sale price
(R$/30kg)
Average
cost
(R$/30kg)
Sale / Cost
Gross
margin
Year
2006
2007
39.4 22.7 1.7x 27.9%
2008
42.0 24.8 1.7x 25.9%
2009
53.9 34.2 1.6x 24.9%
2010
51.0 30.8 1.7x 24.6%
2011
50.5 28.6 1.8x 25.1%
2012
45.5 25.1 1.8x 27.2%
2013
55.8 34.4 1.6x 26.3%
2014
59.2 35.5 1.7x 22.8%
2015
63.5 36.9 1.7x 24.2%
2016
67.3 37.4 1.8x 24.5%
80.5 46.5 1.7x 24.7%
19
Subtitle
Average purchase price (CIF - R$/30kg)
Gross margin (% net revenue)Average selling price (CIF - R$/30kg)
2017 74.0 39.8 1.9x 24.7%
Since 2006, Camil maintained gross margin of 22.5% - 28.0%, mainly due to its weekly pricing capacity
Business Model: Proven Cost Transfer Capability (rice case)
Solid Business Model with Stable and Resilient Margins
(Cont´d)
2018 75.9 41.2 1.8x 25.1%
20. Rice
Brand
Agriculture Origination
SugarCannedFish
Processing Packaging Distribution Marketing
Pricing and Purchasing
Strategy
Weekly purchases at spot price
Provision of storage to producers
throughout the year: benefits from
logistics costs increasing Camil’s
bargaining power
Regulated price system protects Saman’s
margins
Price paid to producers based on Saman’s
sale price (no FX risk despite the export-
led model)
Local purchases at market price (c. 50%)
Also imports rice from Saman
Most part of its rice imported rice from
Saman
Long term supply contract with Raízen
with guaranteed volume (take-or-pay)
Based on a market price derived from
international sugar prices
Super Barra: project to internalize the
process of packaging by Camil
Acquisition from fragmented suppliers at
market prices, complemented by import
contracts
Concentrated industry favors price
discipline
20
Solid Business Model with Stable and Resilient Margins
(Cont´d)
21. Main Competitor
União: Brand of strong emotional bond, preferred by consumers and with greater perception of value!
Unique Footprint
150,000 points of sale
reaching big part of the
population
Wide presence across all
States of Brazil
Pricing Power
"Brand of sugar": higher
prices compared to the
main competitors
Market Leadership
Absolute Leadership with
83% of Top of Mind¹
Total Company refined
sugar brands have 36%²
market share
Market Share
21Notes: (1) Top of Mind Camil Ipsos, Jan19; (2) Nielsen Retail Index for Sugar Dez-Jan19; (3) Price Index Nielsen
115
100
Sugar price³
1º
+5%
105
100
Camil Others
Rice Strategy
Replicating the sugar model
from commodity to brand
Increase premium price
Rice price³
Others
Premium Price | Sugar Case Study and Rice Strategy
+15%
36%
22. 22
Rice | Broad Product Portfolio
Tailored product offering for targeted consumer segments across Brazil
Premium
Upper
mainstream
Mainstream
Value Priced Products
Notes: (1) White rice price index Nielsen Retail Index
Avg. national prices
Avg. regional prices
95
100 100
115
Portfolio Camil¹Product Portfolio - Breakdown
Avg market
selling price
115
Avg market
selling price
105
Avg market
selling price
100
Avg market
selling price
95
Product Shelving
105
23. 23
Fragmented Industry with high opportunity for expansion and consolidation
Historical Volume
Market Share (in volume)
Market Share¹
Fragmented market:
Top 5 players have 25% of
market share
1º
Rice Market Share
% of Camil’s rice market share1,2
% of total rice market share
IV III
II
I
V
51%
4%
7%
10%
22%
7%
7%
23%
21%
16%
VII
5% 12%
VI1% 13%
Brazil – RICE2,3
#1 9%
#2 Player 2 4%
#3 Player 3 3%
Product Portfolio
Mainstream
Valuepricing
brands
538
556
600 596
630
2014
2015
2016
2017
2018
Wide and fragmented market
High industry consolidation
opportunity
Rice Industry
Ton mm
Last 5y
Brazil Food Segment | Rice
Notes:
(1) Market shares referring to total Camil Company brands; (2) Market share Camil + SLC Alimentos; (3) Nielsen Retail Index for Rice (INA Dec18-Jan19)
126
147 147 150
139 143 137 137
121
138
146
137 135
145
159
147 148
168
156
144
136 136
163
198
0
50
100
150
200
250
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
24. 24
Ton mm
Last 5y
Fragmented Industry with high opportunity for expansion and consolidation
Historical Volume
Market Share (in volume)
Market Share¹
Wide and fragmented market
High industry consolidation
opportunity
Product Portfolio
Mainstream
Valuepricing
brands
Beans Industry
Fragmented market:
Top 5 players have 20% of
market share
1º
Beans Market Share
% of Camil’s beans market share1,2
% of total beans market share
IV III
II
I
V
49%
7%
2%
4%
37%
15%
23%
18%
12%
17%
VII
1% 3%
VI1% 10%
Brazil – BEANS2,4
#1 9%
#2 Player 2 7%
#3 Player 3 5%
Brazil Food Segment | Beans
Notes:
(1) Market shares referring to total Camil Company brands; (2) Market share Camil + SLC Alimentos; (4) Nielsen Scantrack Index for Beans (INA Dec18-Jan19)
17
19 19 20 19 18
17
14
17
19
17 16 16
20 21
19
20 19
16 16 17
19 20
23
-
5
10
15
20
25
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
68 69
76
72
80
2014
2015
2016
2017
2018
25. "Brand of sugar": higher
prices compared to the
main competitors
25
Sugar: wide, resilient and consolidated industry
Historical Volume
Market Share and Pricing Power Product Portfolio
MainstreamValuepricing
brands
Brazil – REFINED SUGAR¹
#1 32%
#2 Player 2 19%
#3 Player 3 15%
1º
Sugar Market Share
115
100
Sugar price²
Pricing Power
Consolidated Industry:
top 3 players have 65% of
the market
Consolidated industry
Concentrated on one supplier – long
term contract, take-or-pay
Sugar Industry
Ton mm
Last 5y
Brazil Food Segment | Sugar
Notes: (1) Nielsen Retail Index for Sugar Out18-Nov18; (2) Price Index Nielsen
+15%
Main Competitor
148
155
163
145
151
161
149
129
137
153
144
111
138
142
148
125
152
138
132
118
123
132 135 135
100
110
120
130
140
150
160
170
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
591
545
553
541
526
2014
2015
2016
2017
2018
26. 26
Canned Fish: consolidated industry, with growth in consumption and seasonality on Lent period
Historical Volume
Market Share Product Portfolio
MainstreamValuepricing
brands
2º
Sardine Market Share
Consolidated Industry:
top 2 players have 90% of
the market
Consolidated industry
Growth in consumption of canned fish
Seasonality on lent period
Canned Fish Industry
Brazil – SARDINE1
#1 Player 1 47%
#2 41%
Brazil – TUNA1
#1 Player 1 58%
#2 24%
2º Tuna Market Share
Consolidated Industry:
top 2 players have 80% of
the market
Ton mm
Last 5y
Brazil Food Segment | Canned Fish
Notes: (1) Nielsen Retail Index for Sardine and Tuna Dec18–Jan19;
7 7 8
11
6
5
8
12
7 6
11
12
8 8
9
14
8
6
11 11
5
8
10
12
-
2
4
6
8
10
12
14
16
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
32
37
40
36 35
2014
2015
2016
2017
2018
27. 5.4%
2.5% 1.9%
R$342bi
Chile
ready for
new
categories
27
Consolidation of the Brazilian grains market coupled with geographical expansion
Consolidation
New Categories
1
2
Rice sales Growth
(CAGR 2016-2021)
New markets and long-term opportunities in new regions
Regions with focus
on expansion
New markets
ArgentinaPeru Colombia
High growth opportunities
Pasta - R$8.1 bi
Coffee - R$19.7 bi
Flower - R$12.5 bi
2%
6%
4%
88%
Camil's wide distribution network allows synergies in expansion to
other categories
Packaged Market
Rice
Beans
IV III
II
I
V
7%
6%
23%
21%
16%
VII
11%
VI14%
IV III
II
I
V
17%
20%
20%
12%
17%
VII
4%
VI10%
% of beans consumption by region
Notes:
(1) Market share Camil + SLC Alimentos; (2) Nielsen Retail Index for Rice (INA Dec18-Jan19); (3) Nielsen Scantrack Index for Beans (INA Dec18-Jan19) Considering Data with Cash and Carry, Camil is #2 player
% of rice consumption by region
New Geographies3
1º
Rice Market Share
Brazil – RICE1,2
#1 9%
#2 Player 2 4%
#3 Player 3 3%
1º
Beans Market Share
Brazil – BEANS1,3
#1 9%
#2 Player 2 7%
#3 Player 3 5%
Growth Opportunities
28. 28
26 26
Luciano Quartiero¹
CEO
Ex-CFO of Camil Alimentos
Post-Graduate in Finance from the University of California, USA and
MBA at IBMEC, Brazil
Graduated in Business Administration from PUC / SP, Brazil
k
10 31
Previous experience in Casarin, Saman and Josapar companies in
the areas of sales and supplies
Graduated in Agricultural Engineering from Federal University
MBA FGV in Business Management and Marketing Management
André Ziglia
Supply Director
6 23
Max Sommerhauzer Vaz da Silva
Commercial Director
Former Commercial Director of Cosan S.A.
Former Commercial Manager and Marketing of Agricultural
Machines Jacto S.A.
Post-Graduate in Business Administration from FIA / USP
Graduated in Agronomy from Universidade Estadual Paulista UNESP
- Jaboticabal
Flavio Vargas, CFA¹
CFO and IR Director
Ex-CFO of Smiles S.A.
Ex-Director of Fleet and Treasury of Gol Linhas Aéreas S.A.
MBA, with honors, in Finance from NY University, Stern, EUA
Graduated in Mechanical Engineering from Escola Politécnica,
Universidade de SP, Brazil
2 21
Renato Gastaud
LatAm Director
Former Superintendent and Industrial Director of Josapar
He has relevant experience in rice, market in which it has been
inserted for 39 years, of which 15 in Camil
Graduated in Agricultural Engineering at UFPEL / RS
16 40
Renato Costa
Industrial Director
Former Industrial Director of Kraft Heinz
He has relevant experience in the industrial area, having passed
through Suzano and Ambev, where for 16 years he held various
positions in logistics and management
Graduated in Mechanical Engineering from UMC and holds an MBA
in Marketing from FGV and in business management from IBMEC /
SP2 20
Notes:
(1) Statutory directors.
Leadership with Wide Experience in the Sector
All Camil's directors have experience in their respective areas of expertise
Christina Larroude
Marketing Director
Experienced marketing leader in FMCG market
2nd line leadership positions in Companies such as P&G and J&J in
multiple segments (Laundry, Beauty, Personal and Baby Care, OTC)
Graduated and MBA in Business Administration in FGV/EAESP, major
Marketing5 20
Erika Magalhães
Human Resources Director
Ex - HR Vice President at Estacio Participações
Ex – Director at Allied Tecnologia
20 years of HR experience, having passed trough in Ambev, Noble
and Grupo Libra.
MBA in Finance from ESAMC, with graduate in Administration at
UNIFEV, and Psychology at UNP-PB.1
Claudio Giglio¹
Legal Officer
Camil’s former Tax Officer;
Graduated in Accounting and Law from the Federal University of RS;
Knowledge in corporate reorganizations and in direct and indirect
taxes.
8
20
25
Years of experience in Camil
Legend
Years of experience in the market
29. 29
Jairo Quartiero
(Chairman)
Piero
Minardi
(Warburg Pincus)
Alain
Belda
(Warburg Pincus)
Thiago
Quartiero
Jacques
Quartiero
José Fay
(Board Member at J.Macedo
former CEO of BRF)
Carlos Júlio
(Former CEO of Tecnisa
and HSM do Brasil)
Founding
Family
Warburg
Pincus
Independent
Members
Listing on Novo Mercado, highest
Corporate Governance standard at
B3
Common voting shares only
100% Tag along
2 or 20% of independent Board
Members
Minimum Free Float of 25%
OPA by fair value
Evaluation of Board of Directors,
Management, and Committees
Minimum dividend/JCP of 25% of
the net profit (after legal reserves
and contingencies – in compliance
with Law No 6.404)
Since 2008, the Board of Directors
is responsible for general strategic
policies
2 independent Board Members
12 meetings/year on average
Election for unified terms of 2 years
Re-election is permitted.
(+) 4 Committees elected:
Financial Committee
Audit Committee
Personnel Management Committee;
and
Ethics Committee
Solid Corporate Governance
Camil has high levels of controls and corporate governance, being supported by
independent board members for +10 years and being audited for +15 years (big 4)
Board of Directors Corporate Governance
30. 30
Elaborate and recommend the approval of the Company’s financial policies, as well as monitoring and analysis of its
effectiveness and implementation
Periodically analysis of the company’s budget, monthly; quarterly and annual results; investment plan, etc
Periodically analysis of the impact of the company’s investment and financing plan on its capital structure
Define parameters to maintain the company’s capital structure and liquidity; among other responsibilities
Total members: 3 to 5, with at least 1 member from the BoD
Assist the Board of Directors in respect to accounting, internal controls, financial reports, auditing and compliance
matters
Support in the hiring and/or destitution of independent auditors
Supervision and monitoring of the company’s internal audit area activities; among other responsibilities
Total members: 3 to 5, with at least 1 member from the BoD
Composed by the CEO, Vice-President, CFO in addition to Legal, Audit and Human Resources personnel
The Ethics Committee is mainly engaged in the reinforcement and monitoring of transparency and best practices by
shareholders, board, suppliers, clients, third parties, employees, etc
Main monitoring activities: protection of confidential information (including third parties), gifts and entertainment,
sexual and moral harassment, conflicting interests, sustainability, safety, among others
Financial
Audit
Ethics
Analysis and recommendation of changes in remuneration policies, including salary adjustments, personnel goals, etc
Analysis and report on special conditions for hiring and dismissal of directors
Continuously contribute to the company’s succession plan (president and directors); among others responsibilities
Total members: minimum of 4 members, with at least 1 members from de BoDPersonnel
Management
Solid Corporate Governance
(Cont’d)
Well-defined committees structure aiming to enhance the company’s organizational policies and
comply with the best corporate practices
Committees Main Responsibilities/Guidelines
31. Since 2008, the Board of Directors is responsible for general
strategic policies
2 independent Board Members
12 meetings/year on average
Election for unified terms of 2 years
Re-election is permitted.
(+) 4 Committees elected:
Financial Committee
Audit Committee
Personnel Management Committee; and
Ethics Committee
Listed on Novo Mercado, highest Corporate Governance standard
at B3
Common voting shares only
100% Tag along
2 or 20% of independent Board Members
Minimum Free Float of 25%
OPA by fair value
Evaluation of Board of Directors, Management, and Committees
Minimum dividend/JCP of 25% of the net profit (after legal
reserves and contingencies – in compliance with Law No 6.404)
• Financing Program for the Smaller
Producers (education, assistance with
agronomists and monitoring)
• Monthly Donation of Staple Baskets
Products
• Product Portfolio and Communication
focused on Health
• Education for Healthy Eating in Social
Media
• HACCP
• Biomass - Thermoelectric Plant in Itaqui and Capão do Leão
• Effluent Treatment (Industrial Process)
• Fish - Dolphin Free
• Amyris Partnership – Sustainability in R&D in future initiatives
Solid corporate governance focused on value creation for shareholders and commitment to environmental and social practices
31
Environmental Governance
Social
Environmental, Social and Governance (ESG)
33. 33
M&A: SLC Acquisition - Transaction Summary
Acquisition
Investment
Overview
Acquisition
100% of SLC Alimentos Ltda.
from Grupo SLC Participações
Total: R$308mn, divided by R$140mn in cash (+) R$40mn of retention (+) R$128mn of net debt¹
Acquisition aligned to the Company’s expansion strategy and an important step towards the consolidation of the
grain market in Brazil
• Consolidation of the grain market in Brazil
• Portfolio composed with relevant brands in the value pricing segment and brand
• Increase in volumes on rice and beans category, strengthening Camil’s competitiveness
• Growth acceleration on South, Southeast and Northeast regions in Brazil
• Complementarity of logistics and distribution platforms
• Operational and commercial potential synergies
Approvals and
Closing
Concluded:
• Oct. 26, 2018: Board of Directors Approval
• Oct. 26, 2018: Signature of the SPA
Next steps (Estimated):
• Nov/2018: CADE’s analysis
• Dec/2018: Closing
Brands
34. Industrial Facility and
Distribution Center
Simões Filho/BA
Caucaia/CE
Conceição do Araguaia/PA
Porto Alegre/RS
Jandira/SP
Distribution Centers
1
2
3
4
5
12
3
4
5 1
2
3
4
5
Jaboatão dos Guararapes/PE
Paraíso do Tocantins/TO
Tatuí/SP
Alegrete/RS
Capão do Leão/RS
1
2
3
4
5
Industrial Facilities
Commercial
office
Headquarters
Porto Alegre/RS
6
34
SLC Acquisition: Overview
Ex-subsidiary of SLC Participações Group
Founded in December 2000
and three other brands in the portfolio.
Brand was awarded prizes for top of mind
Net Revenue reached R$512mn and EBITDA R$32mn in
20174
Approx. volume of 205k tons in rice and 16k tons in
beans in 2017
5 industrial facilities (closing of 3 facilities in 2019) and 8
DCs in Brazil
SLC Alimentos Incorporated by Camil Alimentos on
March/2019, as approved by the Shareholders’ Meeting
Source:
1- SLC Alimentos; 2- Nielsen Retail Index Monthly, Acum. INA Dec18-Jan19); 3- Nielsen Scantrack, Acum. INA Dec18-Jan19);
4- Calculated based on Financial Statements which were audited by E&Y from January to December 2017.
Overview¹ Market share
Rice - Market share (%)²
Company
7.4% 1.8%
Main Brand
Beans - Market share (%)³ 8.1% 1.0%
Brands¹
Namorado
Rice: white, parboiled, whole-grain
Beans: black, carioca, red and white
Lentils
Namorado Gourmet
Rice
Export: Angola, Cape Verde, Canada,
USA, England, Uruguay
Butuí
Rice: white e parboiled
Beans: black and carioca
Present in Northern region, SP and MG
Bonzão
Rice: white rice and rice for dogs
Present in the northern region
Americano
Rice: white rice
Main markets: Tocantins, southern Pará
and southern Maranhão
Brands Camil and Namorado combined hold approx. 9% of the rice and beans
market in Brazil
Brasília/DF6
35. 35
SLC Acquisition: Financial and Operational Highlights
Source
1- SLC Alimentos – audited data from Jan-17 to Dec-17; Camil data from Mar-17 to Feb-18
12M17
Period ended on Feb. 28, 2018 Dec. 31, 2017
12M17 12M17 12M17
Audited Audited Pro-forma
Volume Grains Brazil (k ton)
Grains 668,5 221,0 889,5
Rice 596,1 205,0 801,1
Beans 72,4 16,0 88,4
Financial Statements (R$mn)
Net Revenues 4,663 512 5,175
(-) Cost of Sales and Services (3,513) (400) (3,913)
Gross Profit 1,151 112 1,263
(-) SG&A (782) (86) (868)
(+/-) Other Operating Income and
Result in Uncons. Subs.
31 - 31
EBIT 400 26 426
(+/-) Finacial Result (74) (13) (87)
Pre-Tax Income 325 13 338
(-) Total Income Taxes (75) (1) (76)
Net Income 251 12 263
EBITDA Reconciliation
Net Income 251 12 263
(-) Net Finacial Result 74 13 87
(+) Income Taxes 75 1 76
(+) Depreciation and Amortization 90 6 96
(=) EBITDA 490 32 522
Margins
Gross Margin 24.7% 21.9% 24.4%
EBITDA Margin 10.5% 6.2% 10.1%
Net Margin 5.4% 2.7% 5.1%
+
36. 3.157
4.229
4.948
4.663
423
547
490
111
202
251
571
308
457
563
512
35
37
32
24
10
12
128 180
Firm Value
2015A
2016A
2017A
2015A
2016A
2017A
2015A
2016A
2017A
Net Debt 2017
36
Combined Historical Financial Highlights1 (R$mn)
SLC AlimentosCamil
10.6%
10.1%
3.9%
5.1%
Combo
C S
91% 9%
90% 10%
90% 10%
90% 10%
92% 8%
94% 6%
94% 6%
82% 18%
95% 5%
95% 5%
72% 28%
9.8%
2.9%
11.1% 6.5%
10.5% 6.2%
6.4%
5.4%
1.2x 4.0x 1.7x
Combo
10.0% 7.7%
5.4%
FinancialIndicatorsDebt
NetRevenues
EBITDA/
margin
NetProfit/
margin
Leverage
(DL/EBITDA 17)
Value
1.7%
2.4%
5.2%
Source:
1- SLC Alimentos – audited data from Jan-17 to Dec-17; Camil data from Mar-17 to Feb-18
2- SLC Alimentos was bought by leverage increase (R$308mn being R$180mn Equity and R$128mn SLC Debt)
3- Camil Alimentos S.A. and SLC Agrícola Ltda. Market Share Data Nielsen (Retail + Wholesale)
Market Share Brazilian Rice per Region
SLC Acquisition: Pro-forma
Estimated Synergies
Synergies by COGS and G&A:
approx. R$10 million/year
(+)
Synergies by tax credits:
R$80 million
Supplies
1
2
3
4
5
6
Industrial
Logistics
Administrative
Capital Structure
Sales
Main sources of synergies:
7%
32%
1%
8%
8%
2%
21%
2%
2%
5%
3%
2%
2%
0%
0%
0%
Total Brazil
Greater São
Paulo
South
NE
Int. São Paulo
SE (ex-SP RJ)
Rio de Janeiro
Midwest
9%
ComboCombo
37%
4%
10%
10%
2%
21%
2%
3,465
4,686
5,511
5,175
458
584
522
135
212
263
879²
37. Camil
Market leader with unique brand awareness4
Wide distribution network reaching more than 300k POS5
Compelling Business Model with Stable and Resilient Margins6
Seasoned management team and the highest standards of corporate governance in place7
Strong Cash Position and Investment Grade Indebtedness Profile8
Access to cheap financing Alternatives and Local DCM9
Key Takeaways
Market
Resilient demand
The Company’s main market proves resilient to economic downturns as the consumption of rice and beans has a strong cultural appeal, being a pillar of
the Brazilians’ typical diet
1
Low exposure to fluctuations in commodities prices
The market dynamics differ materially from the general commodity market, as the quality perception and brand awareness are key factors in customers’
buying decision process
2
Weekly price pass-through
The grains and sugar retail markets present active price dynamics, with weekly price pass-through, ensuring stability of margins. The canned fish market
is going through a change in its price dynamics, in which price pass-through is becoming more frequent
3
Growth Avenues
Consolidated platform uniquely positioned for sustained organic growth
Camil has a consolidated and scalable distribution platform, positioning the company to leverage on the development of new segments and change in
consumers habits
10
High potential for inorganic growth
Leadership position across all segments the Company operates, coupled with its distribution platform, enabling fast and efficient integration of new
operations and capacity to capture synergies
11
37
39. 39
Highlights
• Company of the year “Melhores da Dinheiro Rural” (2018);
• Datafolha’s Award of Best Rice, Beans and Sugar brands
for Camil and União (2018);
• Camil in “The 5 most” ranking of 2018 in the Sugar and
Tuna categories by Revista Super Varejo;
• IR Magazine Awards Prize 2018 – Best IR by CEO or CFO
Small cap and Best IR Executive Small cap;
• Multiple honors by Institutional Investor;
• Camil is one of the “Innovation Champions”, by Revista
Amanhã;
• “The Largest and the Best” by Exame (2018);
• “Valor 1000” Prize (2018);
• “RA 1000” Stamp 2018 (Attendance);
• Award “APAS Acontece” by Mercearia Commodities
Awards
Launches
Highlights of 2018News and Announcements
• Camil: “Arroz Minuto Caseiro”;
• União: Launch of cake mix;
• P&D: Partnership Amyris – Natural Sweetener;
• Coqueiro: Tuna and Sardine Fillets
• Camil Alimentos CRA IV Debenture Issuance with total value
of R$600 mm in Apr/19
• 2nd Share Repurchase Program was approved, of up to
3.565.275 common shares, with Oct/19 as the final date
• SLC Alimentos Incorporation approved at Camil’s
Extraordinary General Meeting in Mar/19
• Launch of the New Factory in Suape (PE) in Mar/19, with
multi-category production and a distribution center attached
2018 Highlights
• SLC Alimentos Acquisition and Incorporation;
• IPO: 1-year celebration of Camil’s IPO in Sep/2018;
• IOE: distribution of R$85mm in the fiscal year;
• La Loma Selling (Argentina) in August 2018;
• Market Maker in August 2018;
• Share Repurchase 1st Program concluded in June 2018 and
2nd Program approved in April 2019;
• Administration: Installation of Management Committees;
• Market: Truck drivers´ strike in May 2018.
Recent events
40. R$100 million Net Profit ( +29.8%)
7.5% Net Margin ( +0.6pp)
40
Financial Highlights of 4Q18
R$1.3 billion Net Revenue ( +19.3%)
R$988 million Brazil Food Segment ( +28.8%)
R$344 million International Food Segment ( -1.4%)
1 Excluding the effects of non-recurrent revenues in other operating revenues (expenses), financial result
and income tax.
R$322 million Gross Profit( +13.2%)
24.2% Gross Margin ( -1.3pp)
R$115 million EBITDA ( -3.5%)
8.6% EBITDA Margin ( -2.0pp)
R$87 million EBITDA ( -26.8%)
6.6% EBITDA Margin ( -4.1pp)
R$78 million Net Profit ( +0.4%)
5.8% Net Margin ( -1.1pp)
Excluding the effects of non-recurrent revenues and expenses¹:
Highlights (var. YoY)
4Q18: Gross Revenue Breakdown (R$mm)
R$1.5 billion Gross Revenue ( +16.9%)
Net Revenue grows 19.3% in the period, with an increase of 13.2% in the Brazil Food Segment´s Net Revenue, driven by SLC Alimentos
acquisition in the period
4Q18: Profitability Evolution (R$mm)
41. Highlights (var. YoY) Profitability Evolution (R$mm)
2018: Gross Revenue Breakdown (R$mm)
Growth of 1.8% in Net Revenue in the period, with an increase of 5.3% in the International Food Segment Net Revenue, driven by
Exchange rate effect in the period
R$362 million Net Profit ( +44.6%)
7.6% Net Margin ( +2.3pp)
41
Financial Highlights of the Year
R$4.7 billion Net Revenue ( +1.8%)
R$3.3 billion Brazil Food Segment ( +0.4%)
R$1.4 billion International Food Segment ( +5.3%)
1 Excluding the effects of non-recurrent revenues in other operating revenues (expenses), financial result
and income tax.
R$1.2 billion Gross Profit ( +6.2%)
25.7% Gross Margin ( +1.1pp)
R$483 million EBITDA ( -1.3%)
10.2% EBITDA Margin ( -0.3pp)
R$404 million EBITDA ( -17.5%)
8.5% EBITDA Margin ( -2.0pp)
R$249 million Net Profit ( -0.6%)
5.2% Net Margin ( -0.1pp)
Excluding the effects of non-recurrent revenues and expenses¹:
R$5.5 billion Gross Revenue ( +1.2%)
42. 42
Operational Highlights
Annual Volume Evolution (k ton)Quarterly Volume Evolution (k ton)
Uruguai
73%
Chile
13%
Peru
13%
Argentina
1%
Uruguai
77%
Chile
11%
Peru
12%
Brasil
68%
Internacional
32%
Brasil
75%
Internacional
25%
Volume Breakdown by Country (%)Volume Breakdown by Segment (%)
201820184Q18 4Q18
Growth of 16.8% in the quarterly consolidated volume YoY, driven by the growth in grains in the period and
reduction of 4.4% YoY in the year, with an international volume reduction in the period
43. 43
Brazil Food Segment | Rice
Sales Volume
• 4Q18: 197.7 k tons (+48.0% QoQ and +54.0% YoY)
• 2018: 630.1 k tons (+5.7% YoY)
Sales Volumes ex-SLC Alimentos:
• 4Q18: 147.3 k tons (+10.2% QoQ and +14.7% YoY)
• 2018: 579.7 k tons (-2.8% YoY)
Average Raw Material Price¹
• 4Q18: R$40.09/bag (-8.9% QoQ and +9.5% YoY)
• 2018: R$40.41/bag in 2018 (+5.3% YoY)
Camil Gross Price
• 4Q18: R$2.46/kg (-5.4% QoQ and +5.5% YoY)
• 2018: R$2.46/kg (+3.8% YoY)
Source: Company Source: Esalq Senar¹, Company
We highlight volume increase in the quarter and a challenging sales scenario in the year
Rice – Volume and Camil Net Price Rice – Brazil Market Price vs. Camil Gross Price
Rice – Product PortfolioRice – Highlights
¹Source: CEPEA; Paddy Rice Index Esalq/Senar-RS 50kg.
Source: Company
MainstreamValuepricing
brands
2.0
2.1
2.2
2.3
2.4
2.5
2.6
2.7
30
35
40
45
50
55
60
Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19
Camil(R$/kg)
EsalqSenar(RS/50kg)
Brazil - Rice Price Gross Prices
44. 44
Brazil Food Segment | Beans
Source: Company Source: Agrolink¹, Company
We highlight quarterly and annual growth in volumes
Beans - Volume and Net Price Camil Beans – Brazil Market Price vs. Camil Gross Price
Beans – Product PortfolioBeans – Highlights
¹Source: Agrolink; Carioca Beans Indicator Sc 60kg.
Source: Company
Sales Volume
• 4Q18: 23.5 k tons (+16.9% QoQ and +43.0% YoY)
• 2018: 80.2 k tons (+10.8% YoY)
Sales Volumes ex-SLC Alimentos:
• 4Q18: 19.4 k tons (-3.4% QoQ and +18.2% YoY)
• 2018: 76.1 k tons (+5.1% YoY)
Average Raw Material Price¹
• 4Q18: R$191.12/bag (+91.8% QoQ and +93.2% YoY)
• 2018: R$122.64/bag (-7.2% YoY)
Camil Gross Price
• 4Q18: R$4.62/kg (+40.9% QoQ and +43.0% YoY)
• 2018: R$3.69/kg (-4.2% YoY)
MainstreamValuepricing
brands
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
0
50
100
150
200
250
300
Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19
Camil(R$/kg)
Agrolink(RS/60kg)
Brazil - Beans Price Camill - Gross Price
45. 45
Brazil Food Segment | Sugar
Source: Esalq Senar Source: Esalq Senar, Company
We highlight volumes growth in the quarter YoY
Sugar – Volume and Camil Net Price Sugar – Brasil Market Price vs. Camil Gross Price
Sugar – Product PortfolioSugar – Highlights
Source: Company
¹Source: CEPEA; Cristal Sugar Indicator Esalq-SP 50kg.
Parceria União & Amyris
Adoçante Natural
P&D
Sales Volume
• 4Q18: 135.2 k tons (+0.4% QoQ and +14.6% YoY)
• 2018: 525.5 k tons (-2.9% YoY)
Average Raw Material Price¹
• 4Q18: R$68.63/bag in 4Q18 (+6.8% QoQ and +12.7% YoY)
• 2018: R$60.30/bag in 2018 (-6.1% YoY)
Camil Gross Price
• 4Q18: R$2.02/kg (-3.3% QoQ and -4.5% YoY)
• 2018: R$2.04/kg (-8.1% YoY)
MainstreamValuepricing
brands
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
2.8
3.0
40
50
60
70
80
90
100
Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19
Camil(R$/kg)
EsalqCEPEASP(RS/50kg)
Brazil - Sugar Price Camill - Gross Price
46. 46
Brazil Food Segment | Fish
Source: Company Source: Company
We highlight volumes growth in the quarter (QoQ and YoY)
Fish - Volume and Net Price Camil Fish – Gross Price Camil (R$/kg)
Fish – Product PortfolioFish – Highlights
Source: Company
Sales Volume
• 4Q18: 12.0 k tons (+18.1% QoQ and +5.0% YoY)
• 2018: 35.2 k tons (-2.3% YoY)
Raw Material
• Continued difficulties in local fishing for sardines;
• Improvement in local fishing for tuna.
Camil Gross Price
• 4Q18: R$20.31/kg (+1.3% QoQ and -2.9% YoY)
• 2018: R$20.39/kg (+5.0% YoY)
MainstreamValuepricing
brands
16
17
18
19
20
21
22
23
fev-17 mai-17 ago-17 nov-17 fev-18 mai-18 ago-18 nov-18 fev-19
Camill - Gross Price
47. 47
International Food Segment
Chile
Uruguay
Domestic
Market
Export
Market
Peru
Sales Volume
• 4Q18: 131.0 k tons (-4.0% QoQ and -8.5% YoY)
• 2018: 457.6 k tons (-16.5% YoY)
Gross Price in BRL
• 4Q18: R$1.81 (-14.8% QoQ and +7.6% YoY)
• 2018: R$1.95/kg (+21.4% YoY)
Source: Company
Source: Company
International – Quarterly Volume Evolution (k ton)
International – Breakdown (%)
We highlight volumes increase in Chile
International – Main Remarks
Sales Volume
• 4Q18: 18.6 k tons (-9.0% QoQ and +1.9% YoY)
• 2018: 79.4 k tons (+4.8% YoY)
Gross Price in BRL
• 4Q18: R$5.32 (-5.3% QoQ and +2.1% YoY)
• 2018: R$5.67/kg (+13.5% YoY)
Sales Volume
• 4Q18: 21.0 k tons (-5.5% QoQ and -6.9% YoY)
• 2018: 83.6 k tons (-11.2% YoY)
Gross Price in BRL
• 4Q18: R$4.70 (-2.3% QoQ and +16.4% YoY)
• 2018: R$4.63/kg (+16.6% YoY)
717,935
620,559
97,712
191,687 183,956 170,632
123,098
144,846
179,120 170,632
Uruguai
73%
Chile
13%
Peru
13%
Argentina
1%
Uruguai
77%
Chile
11%
Peru
12%
Domestic
Market
48. 48
Financial Highlights
Camil reaches Gross Profit of R$322mm (+13% YoY) with Gross Margin of 24.2% in the quarter and
R$1.2 billion (+6.2% YoY) with 25.7% in the year
Statements (in R$ millions) 4Q17 3Q18 4Q18 4Q18 vs 4Q18 vs 12M17 12M18 12M18 vs.
Closing Date 28-Feb-18 31-nov-18 28-Feb-19 4Q17 3Q18 28-Feb-18 28-Feb-19 12M17
Net Revenues 1,116.3 1,266.8 1,332.0 19.3% 5.1% 4,663.0 4,748.8 1.8%
(-) Cost of Sales and Services (831.4) (946.9) (1,009.6) 21.4% 6.6% (3,512.5) (3,527.1) 0.4%
Gross Profit 284.9 319.9 322.4 13.2% 0.8% 1,150.5 1,221.7 6.2%
(-) SG&A (198.0) (231.1) (263.0) 32.8% 13.8% (782.2) (923.9) 18.1%
(+/-) Equity (Earnings)/Losses in Uncons. Subs. (0.6) (0.3) (0.4) -29.1% 33.3% (1.9) (1.0) -47.4%
Other Operating Income 9.8 39.2 28.9 195.3% n.a. 33.2 85.2 156.6%
EBIT 96.1 127.7 87.9 -8.6% -31.2% 399.6 382.0 -4.4%
(+/-) Finacial Result (13.0) 18.8 (16.6) 27.5% -188.3% (74.4) (16.0) -78.5%
Pre-Tax Income 83.1 146.5 71.3 -14.2% -51.3% 325.2 366.0 12.5%
(-) Total Income Taxes (5.8) 3.8 29.0 -596.2% 663.2% (74.5) (3.6) -95.2%
Net Income 77.3 150.3 100.3 29.8% -33.3% 250.7 362.4 44.6%
EBITDA Reconciliation
Net Income 77.3 150.3 100.3 29.8% -33.3% 250.7 362.4 44.6%
(-) Net Finacial Result 13.0 (18.8) 16.6 27.5% -188.3% 74.4 16.0 -78.5%
(-) Income Taxes 5.8 (3.8) (29.0) -596.2% 663.2% 74.5 3.6 -95.2%
(-) Depreciation and Amortization 23.2 23.7 27.3 17.7% 15.2% 90.2 101.4 12.4%
(=) EBITDA 119.3 151.4 115.2 -3.5% -23.9% 489.8 483.4 -1.3%
Margins
Gross Margin 25.5% 25.3% 24.2% -1.3pp -1.0pp 24.7% 25.7% 1.1pp
EBITDA Margin 10.7% 12.0% 8.6% -2.0pp -3.3pp 10.5% 10.2% -0.3pp
Net Margin 6.9% 11.9% 7.5% 0.6pp -4.3pp 5.4% 7.6% 2.3pp
49. 49
Financial Highlights: Gross Revenue
2018: Brazil - Gross Revenue by Category (R$mm)
2018: International - Gross Revenue by Country (R$mm)
4Q18: Brazil – Gross Revenue by Category (R$mm)
4Q18: International – Gross Revenue by Country (R$mm)
Gross Revenue reached R$1.5 billion in the quarter (+16.9% YoY) and R$5.5 billion in the year (+1.2% YoY)
50. 50
Financial Highlights: COGS and Gross Profit
Net Revenue Quarterly Evolution vs. Costs (R$mm) Net Revenue Annual Evolution vs. Costs (R$mm)
COGS – Highlights
COGS 4Q18: R$1.0 billion (+21.4% YoY)
• Brazil: +32.4% YoY
• SLC Alimentos acquisition in 4Q18
• increase in average Market prices
• International: -3.2% YoY
• reduction in raw material prices in Uruguay
• sales reduction in Uruguay and Peru
COGS 2018: R$3.5 billion (+0.4% YoY)
• Brazil: -0.4% YoY
• average sugar Market price reduction
• International: +2.6% YoY
• exchange rate variation in the period (average Exchange
BRL/USD +16.6%)
Camil reached Gross Profit of R$322mm (+13% YoY) with Gross Margin of 24.2% in the quarter and
R$1.2 billion (+6.2% YoY) with a 25.7% margin in the year
Gross Margin Evolution by Segment (%)
26%
24%
22%
21%
24%
24%
24%
25%
26%
28%
23%
22%
24%
24%
25%
26%
26%
28%
25%
24%
R$600
R$700
R$800
R$900
R$1,000
R$1,100
R$1,200
R$1,300
1Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q174Q171Q182Q183Q184Q18
Net Revenues COGS Gross Margin
51. 51
Financial Highlights: Costs and Expenses
SG&A/Net Revenue Quarterly Evolution (%) SG&A/Net Revenue Annual Evolution (%)
SG&A – Highlights of the Quarter
4Q18: R$263 million (+32.8% YoY)/ 2018: R$924 million (+18.1% YoY)
• sales expenses: +32.9% YoY 4Q18 and +16.1% YoY in the year
• Brazil: +49.7% YoY 4Q18 and +19.3% YoY in the year
• SLC Alimentos acquisition and freight expenses
increase
• International: +5.7% YoY 4Q18 and +10.1% YoY in the year
• currency: R$7.6 million 4Q18 and R$28 million in 2018
• growth in sales expenses in Chile
• G&A: +32.6% YoY 4Q18 and +22.7% YoY in the year
• Brazil: +39.7% YoY 4Q18 and +22.8% YoY in the year
• SLC Alimentos acquisition and projects expenses
• International: +9.8% YoY 4Q18 and +22.3% YoY in the year
• currency: R$1.8 million 4Q18 and R$5.1 million in 2018
Growth in SG&A in the periods driven by SLC Alimentos acquisition and freight expenses
Other Operating Revenues/Expenses
4Q18: +R$29.0 million (+209.7% YoY)
+R$27.9 million in non-recurrent revenues:
• (+) 25.8 million in tax credits
• (+) 12.8 million in provision adjustments for the closure of São Gonçalo
plant
• (-) R$6.3 million in provision for the closure of Sertãozinho plant
2018: +R$84.2 million (+169.0% YoY)
+R$79.1 million in non-recurrent revenues:
• (+) 93.0 million in credits for ICMS subsidy
• (+) R$9.5 million in other tax credits and Funrural
• (+) R$15.3 million for the selling of La Loma (Argentina)
• (-) R$31.4 million in provision for the closure of São Gonçalo plant
• (-) R$6.3 million provision for the closure of Sertãozinho plant
16%16%
15%15%
16%16%
17%
17%
17%
15%
13%
16%16%
16%
16%
17%
21%
18%
15%
18%
11%11%11%10%11%11%10%11%11%
10%
9%
11%11%
12%
11%
12%
13%13%
13%
14%
5% 5% 5% 4%
5% 5% 5%
7%
5% 5% 4%
6%
5% 5% 5% 5%
7% 6%
6% 6%
0%
5%
10%
15%
20%
25%
1Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q174Q171Q182Q183Q184Q18
Operating Expenses Selling Expenses G&A Expenses
52. Indebtedness R$1.4 billion
(+11.1% YoY and +3.1% QoQ):
• SLC Alimentos Acquisition
• CRA Debentures Emission
Subsequent Event
Apr/19: R$600mn CRA Debentures with
full amortization in on maturity
1st series: 98% of DI Rate and
maturity on Apr/23
2nd series: 101% of DI Rate and
maturity on Apr/25
Liability Management
We issued R$1.4 billion in CRA
Debentures in the last 2 years, at costs
close to 100% of the DI rate.
52
Financial Highlights: Financial Result and Indebtedness
Liability Management: Debt cost reduction
Financial Result Annual Evolution (R$mm)
Indebtedness (R$mm)
Financial Result Quarterly Evolution (R$mm)
+R$41.5
million non-
recurrent in
2018
Debt (in R$mn) 4Q17 3Q18 4Q18 4Q18 vs 4Q18 vs
Closing Date 28-Feb-18 31-nov-18 28-Feb-19 4Q17 3Q18
Total Debt 1,285.7 1,386.0 1,428.8 11.1% 3.1%
Loans and financing 310.0 404.3 448.7 44.7% 11.0%
Debentures 975.7 981.7 980.1 0.5% -0.2%
Short Term 160.0 275.9 514.1 221.3% 86.3%
Long Term 1,125.8 1,110.1 914.7 -18.8% -17.6%
Leverage
Gross Debt 1,285.7 1,386.0 1,428.8 11.1% 3.1%
Cash and Cash Equivalents +
financial applications
714.7 461.4 396.7 -44.5% -14.0%
Net Debt 571.0 924.6 1,032.1 80.8% 11.6%
Net Debt/EBITDA LTM 1.2x 1.9x 2.1x 1.0x 0.2x
53. 53
Profitability Evolution: Net Profit, EBITDA and Margins
Gross Margins Quarterly Profitability Evolution (%) Gross Margin Annual Profitability Evolution
Gross Margins Quarterly Profitability Evolution (%) Annual EBITDA Profitability Margins Evolution (%)
We are focused in efficiency and sales growth recovery to achieve profitability increase
54. Investment Grade Indebtedness Profile
54
Notes:
(1) Financial covenant of 3.5x Net Debt / EBITDA LTM
Stable outlook by S&P mainly backed by better expectations on enhanced credit metrics, leverage reduction and stable margins, all
supported by solid financial policies
Brazilian food processor and distributor Camil Alimentos has presented solid
credit metrics and resilient margins, despite volatile commodity prices and
economic conditions still recovering in Brazil, the company's main operating
country.
The recent acquisition of SLC Alimentos is part of Camil's growth, which we had
already incorporated into the ratings that we attributed to the company the
potential volatility in its metrics resulting from acquisitions.
The Brazilian sovereign rating continues to limit the company's ratings, and the
stable outlook (…). Camil's stand-alone credit profile (SACP) reflects our
expectation that, although it continues to seek new acquisitions, its EBITDA debt
ratio will remain below 3x and that the company will generate a positive free
cash flow for supporting liquidity.
Standard & Poor’s, November 2018
Constant monitoring of the company’s liquidity
situation by the implementation of a minimum cash
position policy
P Maximum indebtedness defined by financial covenant
of 3.5x Net Debt / EBITDA LTM1
P
1
Main Financial Policies and Indebtedness Evolution (R$ mm, except otherwise indicated)
Camil Alimentos Credit Rating by S&P S&P Recent Quotes on Camil Alimentos
Source: Bloomberg, April 2019
468
616
793
625
764
915 913 893 923 959
1.068
899 986
1.149
1.330
998 1.003
1.260
1.170
1.0141.074
1.215
744
571 604
829
925
1.032
2,0 x
2,4 x
2,7 x
2,0 x 2,2 x
2,5 x 2,5 x 2,4 x 2,5 x 2,6 x
2,8 x
2,5 x
2,7 x
3,1 x
3,4 x
2,4 x 2,2 x 2,4 x
2,1 x
1,9 x 2,0 x
2,5 x
1,6 x
1,2 x 1,4 x
1,8 x 1,9 x
2,1 x
3,5 x
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18
Net Debt Net Debt / EBITDA LTM Covenant
57. 135.0
77.7
69.2 65.1
39.9
12.4 12.0 8.6
Notes:
(1) FAO / Estimated paddy production for 2017
(2) Rice husk represents ~32% of the grain’s total weight
Resilient Demand and Favorable Market Dynamics
Rice Industry | Brazil
Ton mm
World’s 9th largest rice producer
China India Indonesia Peru Uruguay
9º
Brazil
kg/year
Indonesia China India Peru Brazil USA Chile Uruguay
Ton mm
Rice is highly penetrated in Brazil, being part of the country’s
cultural identity
57
Consumption Historically Stable
Production Historically Stable
Colombia
Ton mm
Largest Producers in the World1 National Production
Per capita Consumption by Country1 National Consumption of Paddy2
210.3
166.5
73.9
12.3
3 2.7 1.4
11.6 11.8 12.1 12.4
10.6
12.3 12.1
11/12 12/13 13/14 14/15 15/16 16/17 17/18E
11.7
12.6
12.0 11.5 11.4
12.0 12.0
11/12 12/13 13/14 14/15 15/16 16/17 17/18E
The rice industry in Brazil is characterized by a combination of (i) resilient demand based on cultural identity and (ii) high and stable
production levels
58. Chile - Total Consumption (‘000 tons)
Uruguay – Total Consumption3 (‘000 tons)
58
Growth Potential:
migration to packaged ricePCAGR13-17 : 1.6%
CAGR13-17 : 4.6%
CAGR13-17: 0.4%
Broad marketP
Resilient marketP
Export marketP
Domestic
Market
Domestic
Market
Export Market
Source: Company filings, Kantar WorldPanel; AC Nielsen; MINAGRI; Odepa; Annual rice harvest report (Uruguai); Asociación Cultivadores de Arroz; Ministerio da Agricultura (Brazil)
Note: (1) Considers the sum of imports and total production; (2) Considers production data
Peru – Total Consumption1 (‘000 tons)
Resilient Demand and Favorable Market Dynamics (Cont’d)
Rice Industry | Peru, Chile and Uruguay
1,273 1,095
1,390 1,359 1,287
79
79
79 79 86
1,352
1,174
1,469 1,438 1,373
2013 2014 2015 2016 2017
Exports Total Consumption
2
3,189 3,054
3,306 3,482 3,402
2013 2014 2015 2016 2017
161 156
204 196 193
2013 2014 2015 2016 2017
Peru, Chile e Uruguay present: (i) resilient market e (ii) potential to consolidate
59. 0.9 0.9
1.0
1.1
0.9
1.1
1.0
11/12 12/13 13/14 14/15 15/16 16/17 17/18E
59
1
CAGR11/12-17/18E: 1.4%
Ton mm Ton/hectare
3 annual crops in Brazil and only 1 in other producing countries
Price volatility due to beans perishability
R$/60 Kg sack Ton mm
Consumption Historically Stable
Production Historically Stable
Resilient Demand and Favorable Market Dynamics (Cont’d)
Beans Industry | Brazil
National Production Average Productivity
Historical Price National Consumption
2.9 2.8
3.5
3.2
2.5
3.4
3.1
11/12 12/13 13/14 14/15 15/16 16/17 17/18E
3.5 3.3 3.4 3.4
2.8
3.3 3.3
11/12 12/13 13/14 14/15 15/16 16/17 17/18E
0
100
200
300
400
500
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Aug-14
Nov-14
Feb-15
May-15
Aug-15
Nov-15
Feb-16
May-16
Aug-16
Nov-16
Feb-17
May-17
Aug-17
Nov-17
Feb-18
May-18
Aug-18
With stable production levels, the beans market in Brazil is also characterized by a combination of: (i) resilient demand based on cultural
identity and (ii) supply stability
Notes:
(1) CONAB; Agrolink; 15/16 crop registered significant drop in productivity due to rainfall scarcity during the period
60. 58 57 57
54
50
40 39 39 37
21
Cuba Australia Brazil Guatemala European
Union
South
Africa
Mexico Colombia Thailand Global
Median
11.2 11.3 11.4
10.9 10.9 11.0
12/13 13/14 14/15 15/16 16/17 17/18E
Notes:
(1) USDA; CONAB; ISO/ Larges producers data refers to 2016 and per capita consumptions refers to average between 2013 and 2015
(2) Considers consumption of industrialized products 60
CAGR15/16-17/18E: 6.8%
kg/year Ton mm
Ton mm Ton mm
Largest producer in the world
1º
Brazil is one of the largest sugar consumers in the world
Production Historically Stable
Consumption Historically Stable
Resilient Demand and Favorable Market Dynamics (Cont’d)
Sugar Industry | Brazil
Largest Producers in the World1 National Production
Per Capita Consumption1 National Consumption2
38.2 37.6
35.6
33.8
38.7 38.6
12/13 13/14 14/15 15/16 16/17 17/18E
39.0
24.8
15.5
10.0 9.3 7.8 6.1 5.8 5.6 4.6
Brazil India European
Union
China Thailand United
States
Mexico Russia Pakistan Australia
Brazil has a leading position in sugar production and consumption, presenting: (i) resilient demand and (ii) supply stability
61. (2.7)%
(0.7)%
1.7%
2.4%
392
474 483 507 485
2013 2014 2015 2016 2017
1,745
1,893 1,933 1,967 2,020
2013 2014 2015 2016 2017E
Notes:
(1) IBGE; ABPA; ABIEC; FAO; Euromonitor/ In 2017
(2) 2013 data 61
65.5
37.9
33.5
25.5 22.0 21.5 20.8
13.2 9.7 7.5
19.7
Hong
Kong
China France Italy Peru United
States
United
Kingdom
Chile Brazil Uruguay Global
Median
CAGR 13-17 (%)
kg/year Ton ‘000
Wide space to increase penetration Strong growth in the last years
Resilient Demand and Favorable Market Dynamics (Cont’d)
Fish Industry | Brazil
National Production Per Capita Protein Consumption Growth
Ton ‘000
Beef
Pork
Poultry
Fish
The fish industry in Brazil is consistently growing, driven by the trend of the diversification of protein sources and increase in the
consumption of food with higher nutritional value
Per Capita Consumption2 National Sales
