"Armored" sectors favor large groups in the crisis

São Paulo-amid the crisis that hit the brazilian economy and that has taken large groups to restructure debts and other even asking for judicial reorganization, some conglomerates with multisectoral activities have proven immune-or almost-the turbulence and are able to stand out in a bleak scenario, in which the gross domestic product (GDP) shrank by 3.8 percent last year and should shrink at least 3% in 2016.
At a time when domestic consumption, man does not have much to complain about the crisis the groups that made bets like: sell essential items, such as medicines, with consumption growing in population ageing endorsed; invest in agribusiness, single pillar of the brazilian economy to close in blue in 2015; or invest in overseas expansion.
Fit into this category of "privileged" groups like the Brazilians Ultra and J&F, the German Bayer and Canadian Brookfield, according to consultants, bank managers and analysts heard by the report.
Owner of the network of fuel stations Ipiranga, the Ultra Group has obtained good results on Ultragaz, which sells kitchen canister, since the population has done more meals at home. When he decided to enter a new sector in 2013, the Group purchased the Extrafarma, pharmaceutical retail.
Already the German group Bayer took last year, important strategic decision on exit of the chemical sector to focus on drugs and in agribusiness.
The company is among the ten largest in the country in medicines and among the five largest in agrochemicals.
The J&F, as well as positioned in the agribusiness, prioritized its business expansion of global reach, as the Eldorado (of pulp) and Alpargatas (owner of Flip-flops).
One of the main buyers of assets in Brazil, Brookfield benefits from investments in renewable energy, which has more attractive prices, and highway concessions, which have guaranteed cash flow.
Selection
The resilience of these groups doesn''t just come from the fact that they are multi-sectoral, affirms Paulo Furquim, Coordinator of the Centre for research in business school strategy Insper.
The secret is the seleA strength of these large groups is based on numbers. Although the sale of fuels have been stable in 2015, compared with the previous year, Ipiranga-main business of Ultra-high 12% had in the recipe, to 75.7 billion R$. Profit rose 21 percent, to 1.2 billion R$.
The President of Ultra, Thilo Mannhardt, disputes the luck factor. "There''s no such thing as luck. Yes, the work of developing businesses that make sense for the company. The expansion of Extrafarma, that already occurs at Ipiranga. "
Global leader in beef, with JBS (Friboi), the J&F has 88% of its income arising outside of Brazil. In the third quarter of 2015, the giant animal protein made R$ 43 billion, almost 40 percent more than in the same period in 2014. The profit, on the same comparison, climbed 214%, to 3.4 billion R$.
According to the President of the Council of J&F, Henrique Meirelles, the decision to have a global presence was taken still in 2007, with the purchase of American Swift. Later, this logic has been applied to the creation of the Eldorado cellulose (whose production is almost 100% exported) and the recent purchase of Alpargatas (owner of Flip-flops). "Our goal is to have production in several countries."
The brazilian subsidiary of Bayer also presented good results last year: sales totaled R$ 10.17 billion, up 26% on 2014.
Despite being aware of the high cost of production in the country (the inputs are important and most medicines have controlled price), the President of Bayer in Brazil, Theo Van der Loo, says that the Country continues to be a key market. "We would be the third largest by revenue, and no room for the devaluation of the real."
Brookfield already took the actual cheaper to buy assets in Brazil: today, has 40 billion R$ applied for here (R $ 5 billion more than in 2014). Owns commercial buildings (such as the currently occupied by Itaú BBA, in São Paulo), small hydropower plants and takes part in highway concessionaires.
Future
To look ahead, these groups also show appetite to continue to invest. The J&F, which earned more than $ 12 billion with currency derivatives last year by JBS, would be interested in adding new businesses to the portfolio.
According to sources, the Group would be looking at opportunities from the financial sector even in consumer goods, like Natura. The story, Meirelles denied interest in cosmetics company, but said there is still room for acquisitions.
Brookfield would be keeping an eye on troubled assets, including the Spanish Abengoa, which filed for reorganization in his country. Sought, the Canadian Manager did not comment.
Ultra group already provides for expanding the number of gas stations in the Midwest regions, North and Northeast. In addition, does not rule out new acquisitions, including businesses that Petrobras is placing the sale to overcome the crisis. of assets that they did.
"Cases like Ultra, Brookfield and Bayer show a prudent combination of assets and certain lucky right now more delicate. In the case of J&F, which has a larger debt in dollars, the fact of the group to be well positioned globally. "