Sonae Indústria S.G.P.S — Sonae Indústria — Q1 2010 Earnings Presentation
17 slides from Sonae Indústria S.G.P.S's earnings presentation, 2010
Slide 1: Highlights of 1Q10 Results
SONAE INDÚSTRIA HIGHLIGHTS OF 1Q10 RESULTS 1
Slide 2: Consolidated Operational Review: 1Q10 Highlights
HIGHLIGHTS OF 1Q10 RESULTS SONAE INDÚSTRIA CONSOLIDATED OPERATIONAL REVIEW 1Q10 Highlights Markets recovering albeit from a low level Production efficiency improved 17%, as a result of the restructuring program Prices following a positive trend Extreme winter conditions in Central Europe led to prod
Slide 3: Consolidated Operational Review: Restructuring Process
HIGHLIGHTS OF 1Q10 RESULTS SONAE INDÚSTRIA CONSOLIDATED OPERATIONAL REVIEW Regarding our restructuring process Beginning of this year, we close Duisburg plant. Additionally, a voluntary social plan for a further 57 employees at our Horn plant was agreed. During 1Q10, like-for-like, we were able to d
Slide 4: Consolidated Operational Review: Sales Volumes and Capacity Utilization
HIGHLIGHTS OF 1Q10 RESULTS SONAE INDÚSTRIA CONSOLIDATED OPERATIONAL REVIEW In 1Q10, sales volume were affected by adverse weather conditions and by the closure of Kaisersesch plant. Capacity utilization from 4Q09 to 1Q10 increased. CONSOLIDATED VOLUME SALES WITHOUT BRAZIL Millions of m3 Capacity Uti
Slide 5: Price and Cost Evolution
HIGHLIGHTS OF 1Q10 RESULTS SONAE INDÚSTRIA PRICE AND COST EVOLUTION CONSOLIDATED QUARTERLY AVERAGE COSTS * (eur/m3) BASE 100:1Q07 During 1Q10, chemical prices moved slightly up and wood prices 1,4 increased sharply, led by seasonal 1,2 factors and market demand 1,0 recovery. Additionally, consumptio
Slide 6: Chemicals: Urea and Methanol
HIGHLIGHTS OF 1Q10 RESULTS SONAE INDÚSTRIA CHEMICALS: UREA AND METHANOL CHEMICAL COSTS HAVE A SIGNIFICANT IMPACT IN OUR COST STRUCTURE (AROUND 30% VARIABLE COSTS) UREA AND METHANOL ARE THE MAIN CHEMICALS USED TO PRODUCE RESINS USED IN OUR PRODUCTION NWE ICIS Methanol Prices - Out. 2003_2010 480 Euro
Slide 7: Consolidated Operational Review: Turnover and Recurrent EBITDA
HIGHLIGHTS OF 1Q10 RESULTS SONAE INDÚSTRIA CONSOLIDATED OPERATIONAL REVIEW Consolidated operational figures: Consolidated Turnover in 1Q10 increased to 320 million Euros, and recurrent EBITDA decreased from 16 to 7 million Euros, when compared to 4Q09; But comparing to last year, like-for-like, recu
Slide 8: Geographic Review of Operations: Iberia
HIGHLIGHTS OF 1Q10 RESULTS SONAE INDÚSTRIA GEOGRAPHIC REVIEW OF OPERATIONS TURNOVER & RECURRENT EBITDA € Mn IBERIA IBERIA 140 30,0% Iberia continue to suffer from tough 120 25,0% market conditions. 100 93 92 84 20,0% 84 80 Compared to 1Q09, Iberia recovered, 80 15,0% with both volumes sold and Turno
Slide 9: Geographic Review of Operations: Central Europe
HIGHLIGHTS OF 1Q10 RESULTS SONAE INDÚSTRIA GEOGRAPHIC REVIEW OF OPERATIONS CENTRAL EUROPE (Germany, France and the UK) TURNOVER & RECURRENT EBITDA € Mn CENTRAL EUROPE In Germany, during 1Q10 comparing 260 30,0% to 4Q09, variable cost increased by 240 220 25,0% 15% and price increases did not 200 193
Slide 10: Geographic Review of Operations: Rest of the World
HIGHLIGHTS OF 1Q10 RESULTS SONAE INDÚSTRIA GEOGRAPHIC REVIEW OF OPERATIONS REST OF THE WORLD (Canada and South Africa) In Canada, our capacity utilization € Mn Turnover & Recurrent EBITDA Margin RoW continue to increase (8pp from 4Q09 to 1Q10), and turnover increases by 21% to 34 million 79 Euros. N
Slide 11: Consolidated Financial Review
HIGHLIGHTS OF 1Q10 RESULTS SONAE INDÚSTRIA CONSOLIDATED FINANCIAL REVIEW Additions to Fixed Assets in 1Q10 were 4 million Euros, mostly related to investments in essential maintenance, Health & Safety and Environmental improvements. Working Capital increased by 35 million Euros during 1Q10 due to th
Slide 12: Scheduled Loan Repayments
HIGHLIGHTS OF 1Q10 RESULTS SONAE INDÚSTRIA SCHEDULED LOAN REPAYMENTS SCHEDULED LOAN REPAYMENTS * (as of 31st March 2010) 250 240 230 220 210 200 190 180 170 160 150 140 130 120 110 100 90 184 80 150 70 60 130 50 114 40 30 68 20 38 10 15 0 1H10 2H10 2011 2012 2013 2014 ≥2015 In May 2010, we refinance
Slide 13: Profit & Loss Account
HIGHLIGHTS OF 1Q10 RESULTS SONAE INDÚSTRIA PROFIT & LOSS ACCOUNT (euro millions) 1Q09 1Q09* FY09 4Q09 1Q10 Turnover 346 319 1.283 312 320 Other Operational Income 11 11 162 59 20 EBITDA 4 (2) 104 27 (6) Recurrent EBITDA 6 0 46 16 7 Recurrent EBITDA Margin % 1,7% 0,1% 3,6% 5,1% 2,2% Depreciation and
Slide 14: Balance Sheet
HIGHLIGHTS OF 1Q10 RESULTS SONAE INDÚSTRIA BALANCE SHEET (euro millions) 1Q09 1H09 9M09 FY09 1Q10 Non Current Assets 1.384 1.413 1.250 1.233 1.237 Tangible Assets 1.198 1.224 1.098 1.083 1.083 Goodwill 104 107 92 92 93 Deferred Tax 55 57 36 33 36 Other Non Current Assets 26 25 24 24 25 Current Asset
Slide 15: Looking Forward
LOOKING FORWARD 15
Slide 16: Looking Forward
SONAE INDÚSTRIA LOOKING FORWARD We expect a continuing recovery in the wood based panels industry over the coming quarters both in terms of sales volumes and sales prices. Variable costs are expected to level out, or even decline, as a result of the seasonality of wood prices. Fixed costs should con
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