Rockwool A/S Class A · OMXCOP:ROCK_A
Rockwool A/S Class A — Q1 2013 Earnings Presentation
29 slides from Rockwool A/S Class A's earnings presentation, May 23, 2013
Slide 1: 2013 Q1 results, Copenhagen
2013 Q1 results - Copenhagen, 23 May 2013 2013 Q1 results, Copenhagen 23 May 2013 CFO Gilles Maria
Slide 2: Forward-looking statement
2013 Q1 results - Copenhagen, 23 May 2013 Forward-looking statement The statements on the future in this presentation, including expected sales and earnings, are associated with risks and uncertainties and may be affected by factors influencing the activities of the Group, e.g. the global economic e
Slide 3: Group development
2013 Q1 results - Copenhagen, 23 May 2013 Group development
Slide 4: Highlights
2013 Q1 results - Copenhagen, 23 May 2013 Highlights Q1 sales declined by 3%, impacted by subdued economy in Western Europe as well as fewer working days and difficult climate conditions Insulation sales fell 4% and System sales grew by 1% Sales prices continue to show a slight upward trend bu
Slide 5: Western Europe
2013 Q1 results - Copenhagen, 23 May 2013 Western Europe (63% of Q1 sales) ROCKWOOL Q1 sales decreased in the region by 8% compared to 2012 Volumes declined even more impacted by harsh winter weather. External insulation segments such as roofs and facades particularly hit Reasonable catch-up i
Slide 6: Eastern Europe including Russia
2013 Q1 results - Copenhagen, 23 May 2013 Eastern Europe including Russia (18.5% of Q1 sales) Sales developed nicely in the region with an overall growth rate of 3.0% The development in Russia has been exceptionally good in a difficult environment. Capacity is sold out Polish sales also hit by
Slide 7: North America
2013 Q1 results - Copenhagen, 23 May 2013 North America (Together with Asia and rest of the world 18.5% of Q1 sales) Sales continued to grow at double-digit rates General market environment positive with construction activity picking up US development particularly rapid Strong performance in
Slide 8: Asia
2013 Q1 results - Copenhagen, 23 May 2013 Asia (Together with North America and rest of the world 18.5% of Q1 sales) Sales development was limited Still no clarification on the expected tightening of fire safety regulation for use of non-combustible insulation in China Results of Indian activi
Slide 9: Systems business
2013 Q1 results - Copenhagen, 23 May 2013 Systems business Sales increased by 1.4% with contribution by most of the businesses EBIT was up 8% helped by improved pricing The Group continues to strive for accelerated internationalisation of some of the Systems Division activities e.g. ROCKFON in
Slide 10: Financial
2013 Q1 results - Copenhagen, 23 May 2013 Financial
Slide 11: Net sales
2013 Q1 results - Copenhagen, 23 May 2013 Net sales first quarter 2013 The exhange rate effect is very limited 3,500 3,249 3,145 3,099 2,933 3,000 2,539 2,520 2,500 DKK million 2,000 1,500 1,000 500 -18% -1% 16% 11% -3% 0 -500 2008 2009 2010 2011 2012 2013 Net sales Changes
Slide 12: Geographical split of external net sales
2013 Q1 results - Copenhagen, 23 May 2013 Geographical split of external net sales DKK million Q1 2012 Q1 2013 Growth Western Europe 2,164 1,979 -8.5% Eastern Europe incl. Russia 565 582 3.0% North America, Asia and others 520 584 12.3% Total 3,249 3,145 -3.2%
Slide 13: EBITDA
2013 Q1 results - Copenhagen, 23 May 2013 EBITDA first quarter 2013 600 528 379 411 414 400 350 DKK million 280 200 36% 17% -47% -8% 1% 0 2008 2009 2010 2011 2012 2013 -200 2012 EBITDA Changes
Slide 14: EBITDA per business segment
2013 Q1 results - Copenhagen, 23 May 2013 EBITDA first quarter 2013 per business segment 475 500 400 DKK million 297 303 305 300 263 260 200 100 65 51 54 71 68 43 41 20 28 19 2 -3 0 2008 2009 2010 2011 2012 2013 -100 Insulation Segment Systems Segment Elim. & Holding companies
Slide 15: EBIT
2013 Q1 results - Copenhagen, 23 May 2013 EBIT first quarter 2013 600 400 337 DKK million 200 154 153 146 115% 104 68 48% -80% -29% -1% 0 2008 2009 2010 2011 2012 2013 -200 EBIT Changes
Slide 16: EBIT per business segment
2013 Q1 results - Copenhagen, 23 May 2013 EBIT first quarter 2013 per business segment 400 297 300 DKK million 200 81 100 50 59 54 70 67 63 64 68 20 35 24 21 -10 -11 11 -1 0 2008 2009 2010 2011 2012 2013 -100 Insulation Segment Systems Segment Elim. & Holding companies
Slide 17: Financial items
2013 Q1 results - Copenhagen, 23 May 2013 Financial items first quarter 2013 10 6 -8 -14 -16 -16 -16 DKK million 0 -10 -20 2008 2009 2010 2011 2012 2013
Slide 18: Profit for the period
2013 Q1 results - Copenhagen, 23 May 2013 Profit for the first quarter 2013 300 257 250 DKK million 200 150 100 99 100 85 60 42 50 0 2008 2009 2010 2011 2012 2013
Slide 19: Change in working capital
2013 Q1 results - Copenhagen, 23 May 2013 Change in working capital first quarter 2013 0 -50 -61 -100 -82 DKK million -150 -200 -250 -242 -300 -278 -350 -339 -400 -395 2008 2009 2010 2011 2012 2013
Slide 20: Stock end of first quarter 2013
2013 Q1 results - Copenhagen, 23 May 2013 Stock end of first quarter 2013 1,600 1,373 1,351 1,400 1,197 1,175 1,200 1,106 601 1,000 926 857 624 796 567 645 800 161 600 470 400 750 635 573 539 530 200 447 387 0 2008 2009 2010 2011 2012 2012 YE 2013 Finished goods Raw material and consumables
Slide 21: Debtors end of first quarter
2013 Q1 results - Copenhagen, 23 May 2013 Debtors end of first quarter 2013 1,743 1,800 1,676 1,596 1,627 1,600 1,498 1,348 1,400 DKK million 1,200 1,000 800 600 400 200 0 2008 2009 2010 2011 2012 2013
Slide 22: Investments and acquisitions
2013 Q1 results - Copenhagen, 23 May 2013 Investments and acquisitions first quarter 2013 700 618 600 500 DKK million 400 400 352 280 265 251 300 249 200 142 212 88 100 36 138 103 52 0 2008 2009 2010 2011 2012 2013 Capital Expenditure Acquisitions
Slide 23: Cash flow from operating activities
2013 Q1 results - Copenhagen, 23 May 2013 Cash flow from first quarter 2013 200 146 79 100 39 56 0 DKK million -25 -49 -31 -100 -200 -209 -300 -282 -273 -305 -400 -500 -472 2008 2009 2010 2011 2012 2013 Cash flow from operating activities Free cash flow
Slide 24: Energy prices
2013 Q1 results - Copenhagen, 23 May 2013 Energy prices
Slide 25: Expectations
2013 Q1 results - Copenhagen, 23 May 2013 Expectations
Slide 26: Expectations 2013
2013 Q1 results - Copenhagen, 23 May 2013 Expectations 2013 The Group confirms net sales for 2013 at current exchange rates to be slightly above the level of 2012 The Group still expects a profit for the year of around DKK 700 million Capital expenditure excluding acquisitions is now expected
Slide 27: Long term sales development 1984-2013e
2013 Q1 results - Copenhagen, 23 May 2013 Long term sales development 1984-2013e 16,000 14,000 12,000 DKK million 10,000 8,000 6,000 4,000 2,000 0
Slide 28: Investments and acquisitions full year 2013e
2013 Q1 results - Copenhagen, 23 May 2013 Investments and acquisitions full year 2013e 2,653 2,700 2,400 2,100 1,689 DKK million 1,689 1,800 1,421 1,500 1,500 1,180 1,198 1,200 101 31 31 101 982 800 817 900 817 634 617 617 1,125 634 473 600 310 310 480 509 600 300 964 515 294 0 2008 2009 2010 2011 2
Slide 29: Questions?
2013 Q1 results - Copenhagen, 23 May 2013 Questions ?