Investor Presentaiton
和 Selected financial data, excluding results from
divested operations (1)
(R$ million)
2014
2015
2016
2017E
Net Revenues (1)
1,206
1,289
1,393
1,485
(excluding results from divested operations)
Growth
7%
8%
7%
Operating Costs (1)
755
822
848
925
(excluding results from divested operations)
% of Net Rev.
63%
64%
61%
62%
SG&A (1)
259
144
156
140
(excluding results from divested operations)
% of Net Rev.
21%
11%
11%
9%
Lower SG&A as % of net
Adj. EBITDA (1) (2)
191
323
389
420
revenues reflecting
% Margin
16%
25%
28%
28%
elimination of redundancies,
Growth
69%
21%
8%
synergies, and cost discipline
Adj. CAPEX (1) (3)
88
76
120
114
% of Net Rev.
7%
6%
9%
8%
Adj. EBITDA - Adj. CAPEX (1) (2) (3) (4)
103
247
269
306
% of Net Rev.
9%
19%
19%
21%
(US$ million) (5)
Net Revenues (1)
Adj. EBITDA (1) (2)
Adj. CAPEX (1) (3)
Adj. EBITDA - Adj. CAPEX (1) (2) (3) (4)
378
404
437
466
60
101
122
132
28
24
38
36
32
77
85
96
(1)
(2)
Metrics exclude the effects of the following divested operations: (i) residual Estre contracts with Petrobras related to Estre O&G operations, following the spin-off of this entity to Estre's founding
shareholder in September 2014, (ii) sub-scale collections operations (Azaleia) following the sale of these contracts back to the original seller in May 2015, and (iii) Estrans landfill in Argentina following
the sale of Estre's interest in this entity in December 2015. Estre's and Boulevard's management believe such presentation facilitates greater comparability between periods by isolating Estre's ongoing
operations. Divested operations is a non-IFRS measure and is not representative of Estre's discontinued operations as defined by IFRS and as will be reflected in Estre's financial statements. For
additional information regarding Estre's divested operations, see the Appendix hereto.
Adj. EBITDA and Adj. EBITDA Margin are non-IFRS financial measures. Estre calculates Adjusted EBITDA Margin as Adjusted EBITDA divided by Net Revenues. For a reconciliation of Estre's Adj. EBITDA to
net income (loss), see the Appendix hereto.
Adj. CAPEX reflects certain accounting adjustments to exclude the effects of expenditures that were not related to the acquisition of durable capital goods, such as costs associated with internal
assessments of controls, software and technology expenditures to improve internal controls systems, and non-cash accounting adjustments to property, plant and equipment.
(3)
14
(4)
Adj. EBITDA - Adj. CAPEX is a non-IFRS financial measure.
(5)
US$ information presented using an exchange rate of R$3.19 to US$1.00.
estre
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