Votorantim cement leads to

Votorantim Cimentos, which had the most profitable business of the Votorantim Group in 2012, will capitalize on the stock market. The company, which has shone, while other business areas are weighing on the results, filed on Monday night, the Brazilian Securities Commission (CVM), an application for registration of its initial public offering of units in the BM & FBovespa. The company will have dual listing, also with ADR in New York.
The operation, which will be held by the company and by its parent company, Votorantim Industrial (VID), will involve a primary and a secondary offering of units, formed by one common share and two preferred shares.
According to it the value, the offer should be $ 3.5 billion to $ 4.5 billion. But still not set the percentage of the share capital of the company-largest cement manufacturer in the country and the first in the industry to open the national capital that the family will Ermírio de Moraes on the market. The idea is to use balance sheet data for the first quarter, which will be released by may, and launch the actions around June or July.
The price of the papers will be set according to the investors ' intentions, but an estimate based on the capital increases made by the company in recent years indicate a minimum value of $ 131. In the latest operation, in December 2011, Votorantim Cimentos issued 96 thousand shares r $ 43,71 each. However, the price may be much higher, in the view of analysts, as the company has had positive results in 2012-profit of $ 1.6 billion and operating income (Ebitda) of r $ 3.2 billion.
In addition, they say, by holding the cement market leadership in the country, with around 36%, the company can add a larger prize.
The primary placement resources will be used to finance organic expansion, diversification of portfolio in Brazil and potential acquisitions in the construction material or international asset, says the company in the preliminary prospectus. The capital, points out, can also be used for "strategic investments for further improving the efficiency of operations, but the firm caveat that may revise the allocation of resources. Already the amount coming from the secondary offering will 100% for the VID.
Last year, Votorantim sold 24.4 million tons of cement in the country and Latin America, 4% more than in 2011. In North America, were 3 million tonnes. In December, concluded the exchange of its stake in Cimpor by other Portuguese cement assets in six countries. As a result, amounted to 16.3 million tons to its global capacity. According to the Chief Financial Officer of the VID, John Miranda, these new operations can add € 130 million to Ebitda.
The company's revenue was r $ 9.5 billion in 2012, an increase of 9% in one year and the equivalent of 40% of the total net revenue of the VID. The positive outcome helped offset the losses of the business group of metals-which according to the VID had loss of r $ 1.9 billion-steel ($ 79 million), and pulp and paper ($ 205 million). The VID ended the year with a profit of $ 87 million, 93% below the result of 2011.
The prediction is that the Votorantim Group closed last year at a loss around $ 1 billion, including the result of the Bank, in which it shares control with the Banco do Brazil.
Although the business area with better performance in the group, the Cement has a net debt of R $ 9.8 billion, about 3 times Ebitda. The profile is slightly better than the VID, with 3.6 times. Already the company box totaled r $ 3 billion at the end of last year. The long-term debt was $ 12.2 billion.
The Outlook for the cement market in the country are optimistic: this year, the company expects an increase of 7% in demand.