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BM march 2013

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juan ortega

on 19 March 2013

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Transcript of BM march 2013

HELLER INTERNATIONAL S.A.
BOARD OF DIRECTORS MEETING
MARCH 2013 FOR WHOM WE WORK COLOMBIAN MACROECONOMIC DATA 2012 The Economy.

Forecasted GDP growth for 2013: 4.5%.

In the Colombian case, the so called, by the President, locomotives, did not pull out with the required dynamism.

The Planning Department, in charge of the delayed execution of social programs, is holding a significant amount of cash.

Free trade agreements signed in the finished year, and to be signed in the coming one, are supposed to give a great impulse to the economy in 2013 in spite of the low dynamics of the developed countries. COLOMBIAN MACROECONOMIC DATA 2012 The Economy.

US dollar exchange rate is located at its lowest level compared with the peso at the end of the last century, 20% less valued.

Direct foreign investment has reached more than 4% of GDP or USD$ 16 billions in 2012.

Inflation. It closed at 2.44% last year, which gives the Central Bank, Banco de la República, a wide margin to vary the intervention rate (4.25% at the end of the year).

Exports. Oil production reached almost 1million barrels per day and became by far the first item of exports followed by coal. Exports over passed USD$ 60 billion.

Central Bank would buy dollars from the market for an amount of USD$ 25 million per day in order to reach an exchange rate higher than $1,800. COLOMBIAN MACROECONOMIC DATA 2012 Tax Reform
For particular individuals (employees) it introduces new concepts as IMAN or Impuesto Alternativo Nacional (National Alternative Tax), and Impuesto Mínimo Simplificado, IMAS (Minimum Simplified Tax).

Tax Rates. The reform establishes 15% for Free Trade Zone entities.

The national government says that tariffs taxing employment will go down from 29.5% to 16% to stimulate employment. Companies located in Free Trade Zones keep paying social charges.

The Reform introduces modifications to VAT structure.

The reform sets rules on capital contributions, mergers, transfer prices and windfall provided by the fix assets sale. Dividends will not be taxed in the case that profits have been levied on the company. COLOMBIAN MACROECONOMIC DATA 2012 The macroeconomy.
TLC impulsing growth.
Intervention rate, central bank: 4,25%
Fiscal reform: no influence in FTZ regime. SOME DATA FINANCIAL STATEMENS 2012. BALANCE SHEET P & L CASH FLOW SALES. Position profiles.
Salaries policy
Updated policies
Loan funds.
Laws compliance.
Role definitions.
New offices.
New lab.
Personal safety.
Welfare labor conditions.
Training. HUMAN RESOURCES, MAIN SUPORT FOR A SUCCESFUL MANAGEMENT. HUMAN RESOURCES RASP B TYPE & SCRAP HISTORY. PRODUCTION COST HISTORY Cost control campaings.
Ideas to lower costs. CONTROLLING COSTS WILL PRODUCE STABILITY AND THE POSSIBILITY TO DO TECHNOLOGICAL INVESTMENTS. COST CONTROL COST PRODUCT INNOVATION WILL MAKE US GROW. 7 new products:

Raspngo.
Great Legend
Great Red Tang.
Omega.
Great Big Hoof.
MyHeller.
1070. PRODUCT INNOVATION Operators quality training.

Cp focus and improvement.

SGI updating. QUALITY EXCELENCE – OUR MAIN FOCUS QUALITY CLAIMS. 60 claims received.
Tooth deformation, main reason. Cp PROCESS CONTROL. BOVINE PODOLOGY.
INTERNAL & EAFIT TOOTH SHAPE STUDIES BEFORE CORPORATE SOCIAL RESPONSIBILITY AT ALL LEVELS.
Environmental care culture.
Housekeeping.
The green rasp.
Buffing wheel sharpening.
Acid and soda replacement.
Galaxy & Inmunol: environmental aggresive products. AFTER BEFORE AFTER Leader change - New chief.
Maintenance plan being restructured.
Third party contractors rationalized.
Maitenance savings philosophy.
Infomante – Shop DB- cost and programing control. MAINTENANCE WILL HELP GUARANTEE THE OPERATIONAL EXCELENCE. 8 VAT claims in stand by.
COP$ 138 MM involved.
Emco is purchasing DDP.
In the mid term, that $ COP138 MM will go down (DDP sales causes an in favor balance that will compensate it).
Files are being shipped as goods.
Maquila is not allowed.
Estimated risk in case of VAT lawsuit not favorable to Heller: COP$ 450 million.
DIAN decission by the end of April 2013.




SIMONDS FILES ISSUE TRANSFER PRICES.

DIAN requires Heller to correct incomes for 2007 in cop$ 1.611 millions.
Penalty equivalent to cop$ 386 millions.
Heller sued that decision at Tribunal Administrativo de Antioquia.
Expecting final decission in 5 – 7 years. LABOR DEMAND AGAINST HELLER:

Filed by a former worker of a contractor during 34 warehouse construction.
Date filed: January 2010.
Date claimed: May 15/ 2008 – June 02/ 2008
Claim: salaries, social expenses, daughter social expenses, endowment, legal indemnization, and penalties.
Salary at the firing date: cop$ 900.000/month.
Risk: medium.
Penalty involved: estimated cop$ 70 millions. LEGAL REQUIREMENTS IFRS SCHEDULE. ADMINISTRATIVE & CURRENT ISSUES LEGAL ISSUES INTELECTUAL PROPERTY AND COPYRIGHT.
We comply with the law.

CONTROL AND MONITORING.
Heller is incorporated according to Colombian law.
We meet all legal regulations.
Except for the ones mentioned before no judicial processes.


EVOLUTION OF THE COMPANY.
Goals are being accomplished.
All Social Security payments updated.
Software licensed. TO ALL BOARD OF DIRECTORS MEMBERS, THANKS A LOT
FOR ALL YOUR TRUST AND SUPPORT.
 
 
 
CARLOS AUGUSTO LARA ARIAS
GENERAL MANAGER
 


MARCH 19th - 2013. HUMAN RESOURCES INDICATORS. AFTER BALANCE SHEET 2012
ASSETS P & L 2012
COSTS GROUP TO CUSTOMER SALES: 311.662 RASPS.
BUDGETED: 318.00 RASPS.
(301.000 Heller brands)

PACKED AT HELLER: 305.099 RASPS.
BUDGETED: 294.000 RASPS.

FILES PACKED AT HELLER: 123.600 FILES.
BUDGETED: 126.204 FILES. Expected
rasps
2013:

394.000 PRODUCTION AT HELLER. LEAN MANUFACTURING. Induction hardening.
Hardening robots.
punching, packing
Punching press automation.
Flat sharpening nozzle.
Buffing wheel sharpening.
Inhouse black oxide.
Automated rubbing. PROCESS INNOVATION,
ALWAYS IN OUR MINDS. PROCESS INNOVATION. QUALITY CLAIMS. 56 claims received, 166 units involved.
Tooth deformation, main reason. Process improvement needs to be made.
Suppliers management.
Fixed steel prices for 2013.
Accountability tasks: much to improve.
S&OP.
Obsolete inventory. LOGISTICS MUST GUARANTEE THE EXCELENCE IN CUSTOMER SERVICE. TRANSFER PRICES.

In 2013 we need to submit an Individual Declaration of Transfer Prices for the activities in 2012. 2013 equity includes 31 warehouse capitalization at fiscal value. EQUITY EVOLUTION.
31 WAREHOUSE CAPITALIZATION. CAPEX 2012 - 2013 2013 challenge: 394.000 units. Cp = (upper spec limit – lower spec limit) / (6 x std dev)
RQt= Qf+Qth+Qh+Qh
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