Localfrio prioritizes exit to the sea
Valor Econômico
Localfrio, a company specialized in the operation of cargo storage area, plans to become one of the largest groups of container logistics operation in the country in the medium term and for that he needs an exit to the sea. In the past years the company has been preparing to reach such goal based on three guidelines: leveraged growth, guaranteed in the acquisition of assets rather than in the organic growth; consolidation of corporate governance and management; and preparation to go public until 2015, when it projects having an income of nearly R$ 500 million (US$ 312.5 million) - in a conservative scenario.
"The port sector has great growth potential that will be consolidated. And Localfrio wants to be a great consolidator, for that reason we're doing such movement already aiming at the future", says the President of the group, Marcelo Orpinelli, ahead the company since 2009 when he received from the Board the mission of doubling the company income in five years. Two years ago, the earnings of the company was of R$ 167 million (US$ 89.3 million). This year, it should close at R$ 320 million (US$ 200 million), mainly due to the purchase of four companies in 2010. With another acquisition, it would already double in size - anticipating the goal established by the shareholders.
The company has storage facilities in the back area in Guarujá (SP), Itajaí (SC), Suape (PE), road carriage companies that make the distribution of the containers, and two storage units for dry and refrigerated cargo in the city of São Paulo. Last year, he acquired four businesses that give another dimension to the group. It is lacking, however, the so much dreamed exit to the sea. "Our inclination is the back area. Do we want to go to the water? We do, and we are working on that. Therefore, we are taking part in the public bidding of new ports, new wharves", says Orpinelli, without mentioning a specific region. Questioned, he points out, however, it that would make every sense to have an area on a port where it is present with one of the unit of back area.
According to the Executive, the possibility of growth in the scenario in which the operator controls the port and back storage area chain can be 50% greater. The growth plans do not cover mergers or private partners. "We'll grow alone. We are buyers, not sellers", he says. On the option of betting more in the purchase of assets, the Executive says: "The risks are also greater, but we have our feet on the ground. The group is extremely capitalized, safe." The level of indebtedness of the company has always been low, it increased with the issuance of debentures to acquire companies in 2010. The operation of volumes should grow 20% this year.