Sonae Indústria S.G.P.S — Sonae Indústria — H1 2010 Earnings Presentation
16 slides from Sonae Indústria S.G.P.S's earnings presentation, 2010
Slide 1: Highlights of 1H10 Results
SONAE INDÚSTRIA HIGHLIGHTS OF 1H10 RESULTS 1
Slide 2: Consolidated Operational Review
HIGHLIGHTS OF 1H10 RESULTS SONAE INDÚSTRIA CONSOLIDATED OPERATIONAL REVIEW Comparing 2Q10 with 1Q10: Turnover increased by 6%, despite the sale of the Lure plant Prices continue to follow a positive trend Recurrent EBITDA increased from 7 to 22 million Euros Net Loss reduced to 6 million Euros (down
Slide 3: Volumes Sold and Capacity Utilization
HIGHLIGHTS OF 1H10 RESULTS SONAE INDÚSTRIA VOLUMES SOLD AND CAPACITY UTILIZATION In 2Q10, volumes sold were at the same level as 1Q10, despite the sale of Lure plant. Capacity utilization from 1Q10 to 2Q10 increased from 72% to 77%. CONSOLIDATED VOLUME SALES WITHOUT BRAZIL Millions of m3 Capacity Ut
Slide 4: Price and Cost Evolution
HIGHLIGHTS OF 1H10 RESULTS SONAE INDÚSTRIA PRICE AND COST EVOLUTION CONSOLIDATED QUARTERLY AVERAGE COSTS * (eur/m3) BASE 100:2Q07 During 2Q10, chemical and wood prices moved slightly up but 1,4 consolidated variable costs per 1,2 cubic meter have decreased due to 1,0 less energy consumption when 0,8
Slide 5: Chemicals: Urea and Methanol
HIGHLIGHTS OF 1H10 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 6: Consolidated Operational Review
HIGHLIGHTS OF 1H10 RESULTS SONAE INDÚSTRIA CONSOLIDATED OPERATIONAL REVIEW Consolidated Turnover in 2Q10 increased 6% to 339 million Euros, and recurrent EBITDA improved from 7 to 22 million Euros, when compared to 1Q10; But comparing 2Q10 with 2Q09, like-for-like, recurrent EBITDA increased from 6
Slide 7: Geographic Review of Operations: Iberia
HIGHLIGHTS OF 1H10 RESULTS Geographic Review of Operations IBERIA TURNOVER & RECURRENT EBITDA € Mn IBERIA Iberia continue to suffer from tough 140 30,0% market conditions. 120 25,0% Comparing 2Q10 with 1Q10, volumes 93 99 100 92 sold in Iberia increased by 7%. This 84 80 20,0% effect, combined with
Slide 8: Geographic Review of Operations: Central Europe
HIGHLIGHTS OF 1H10 RESULTS Geographic Review of Operations CENTRAL EUROPE (Germany, France and the UK) TURNOVER & RECURRENT EBITDA In Germany, we have been witnessed a more € Mn CENTRAL EUROPE positive and sustainable market, particularly for 260 30,0% OSB. This recovering market, combined with 240
Slide 9: Geographic Review of Operations: Rest of the World
HIGHLIGHTS OF 1H10 RESULTS Geographic Review of Operations REST OF THE WORLD (Canada and South Africa) In Canada, volumes sold increased by € Mn Turnover & Recurrent EBITDA Margin RoW 7% from 1Q10 to 2Q10 and capacity utilization increased further 9pp. As a result, turnover in 2Q10 (in local 79 curr
Slide 10: Capex, Working Capital and Net Debt
HIGHLIGHTS OF 1H10 RESULTS SONAE INDÚSTRIA CAPEX, WORKING CAPITAL AND NET DEBT Additions to Fixed Assets in 1H10 were 8 million Euros, mostly related to investments in essential maintenance, Health & Safety and Environmental improvements. Working Capital increased by 31 million Euros during 1H10. In
Slide 11: Scheduled Loan Repayments
HIGHLIGHTS OF 1H10 RESULTS SONAE INDÚSTRIA SCHEDULED LOAN REPAYMENTS SCHEDULED LOAN REPAYMENTS 250 (as of 30th June 2010*) 240 230 220 210 200 190 180 170 160 150 140 130 120 110 100 90 80 70 144 60 50 109 40 91 30 53 65 72 20 41 10 28 0 2H10 1H11 2H11 2012 2013 2014 2015 ≥2016 In May 2010, we refin
Slide 12: Profit & Loss Account
HIGHLIGHTS OF 1H10 RESULTS SONAE INDÚSTRIA PROFIT & LOSS ACCOUNT (euro millions) 1H09* FY09 1Q10 2Q10 1H10 Turnover 615 1.283 320 339 659 Other Operational Income 23 162 20 25 45 EBITDA 1 104 (6) 24 18 Recurrent EBITDA 6 46 7 22 29 Recurrent EBITDA Margin % 1,0% 3,6% 2,2% 6,5% 4,4% Depreciation and
Slide 13: Balance Sheet
HIGHLIGHTS OF 1H10 RESULTS SONAE INDÚSTRIA BALANCE SHEET (euro millions) 1H09 FY09 1Q10 1H10 Non Current Assets 1.413 1.233 1.237 1.168 Tangible Assets 1.224 1.083 1.083 1.024 Goodwill 107 92 93 93 Deferred Tax 57 33 36 34 Other Non Current Assets 25 24 25 17 Current Assets 440 370 395 407 Inventori
Slide 14: Looking Forward
LOOKING FORWARD 14
Slide 15: Looking Forward
HIGHLIGHTS OF 1H10 RESULTS SONAE INDÚSTRIA LOOKING FORWARD We expect 3Q10 volumes to be negatively impacted by the normal seasonal effect due to summer holidays. We will continue to fight for a recovery in our contribution margin, which is still at a low level. We will continue to optimize our opera
Slide 16: Sonae Indústria
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