Force if it says ' comfortable ' for acquisitions in 2015

After "Digest" the effect in their accounts of the investment of $ 410 million on the purchase of 50% of dairy miner Itambé, last year to Force food, J&F Group (the holding company that controls the JBS), now feels "comfortable" to resume the acquisition strategy in 2015, said yesterday the company CEO, Gilberto Xandó, during meeting with analysts and investors.
So who bought the Itambé, the Force saw its index leverage ratio (ratio of net debt and Ebitda in 12 months) up to 4 times, which triggered a process of improvement of the financial profile is now complete, making room for new acquisitions. At the end of September, the index fell to 2.6 times below the restrictive clause ("covenants") of 3 times scheduled for 2015, according to the terms of a debenture issued by Force to finance the acquisition of Itambé.
"We can be ready in 2015 to suddenly make another move," said Xandó, underscoring the importance of leverage. On the radar of the Force, are regions where no factories-North, Northeast and South. "These moves make sense", he said, when asked by an analyst about the steps of the Force in the coming years.
Despite admitting that he is "comfortable" to make acquisitions, said no date for Xandó outbreak these expansion and that this process will depend on the opportunities that arise.
During the auction sales of assets judicial LBR-Brazil Dairy, Vigor and Itambé made offerings by factories located in Garanhuns (PE) and Tapejara (RS). At the auction, but both were taken by ARC Medical logistics, who was with the two factories (see LBR changes plans for its remaining operations).
For Xandó, expand operations of the Force-and of the Itambé-to other regions of the country is crucial to make the company more "national". In the case of Force, strong in Sao Paulo, the main shot in this direction was the purchase of 50% of the Itambé, which is prominent in the State of Minas Gerais but also has significant sales of powdered milk in the Northeast, the Midwest and in Rio de Janeiro. In addition, the Force took over a dairy factory that BRF built in Barra do Piraí (RJ). "We were a company more in Sao Paulo. With the Itambé, we were more present in Brazil, "he said.
With the geographic expansion allowed by the force, Itambé favored by the expansion of its distribution structure, beat Nestlé in the lead of the Brazilian market of Greek yogurt in the readings made by Nielsen in September and October, said the Executive. According to him, the Force appeared with 32% of the national market of Greek yogurt.
The Greek yogurt debuted in Brazil last year and became the flagship of Force amid the strategy of "reprecificação" of the portfolio to expand sales of products with higher added value. This strategy has helped the Force to increase the Ebitda margin-both with regard only to the parent company (which DISCONSIDERES Itambé 's operations) and in the consolidated results. In the first case, the margin jumped from 5.8 percent in the third quarter of 2013, to 10.6% in the same period this year. As Xandó, you can have this margin exceeds 15%, although it should be stressed that this is not a goal.
We've consolidated results, which add up to Force and Itambé and generated annual revenues of more than $ 4 billion in 2014, the Ebitda margin grew from 6.1% to 7.5% in the comparison between the third quarters of 2013 and 2014. In this case, it is also possible to envision larger margins, due to the reprecificação process of portfolio whereby Itambé too shall pass.
Xandó also reaffirmed the desire of the Force in the future, assuming 100% of the Itambé. But that depends on the Central Cooperative of rural producers of Minas Gerais (CCPR), owner of the other 50% of the company.