Rockwool A/S Class A · OMXCOP:ROCK_A

Rockwool A/S Class A — Q2 2012 Earnings Presentation

32 slides from Rockwool A/S Class A's earnings presentation, Aug 27, 2012

  1. Slide 1: 2012 Q2 results Copenhagen 27 August 2012

    2012 Q2 results - Copenhagen, 27 August 2012 2012 Q2 results Copenhagen 27 August 2012 CEO Eelco van Heel CFO Gilles Maria 1

  2. Slide 2: Forward-looking statement

    2012 Q2 results - Copenhagen, 27 August 2012 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 economi

  3. Slide 3: Highlights, first half 2012

    2012 Q2 results - Copenhagen, 27 August 2012 Highlights, first half 2012  Continued solid performance with sales up 9% compared to first half 2011. Satisfactory sales price and margin improvements.  EBIT up 46% - EBIT ratio 6% which represents an improvement of 1.6%- point.  In Europe, sales show

  4. Slide 4: Western Europe

    2012 Q2 results - Copenhagen, 27 August 2012 Western Europe  Sales increased by 3.5% primarily driven by strong renovation activities whereas newbuilt remains depressed.  Very different market developments with good trading conditions in France, Poland and Germany against difficult market circumst

  5. Slide 5: Eastern Europe & Russia

    2012 Q2 results - Copenhagen, 27 August 2012 Eastern Europe & Russia  Sales increased by 16% compared to same period last year, varying largely from region to region.  Growth in Russia still substantial but market circumstances getting tougher. ELA 5 well ahead of learning curve.  Poland shows a

  6. Slide 6: North America and Asia

    2012 Q2 results - Copenhagen, 27 August 2012 North America and Asia  Sales increased by 28% and reached EUR 129 million.  Now represents 14% of total sales of the Group.  Solid demand in China for non-combustible insulation expected to be even stronger once new fire safety regulation formally com

  7. Slide 7: First US factory

    2012 Q2 results - Copenhagen, 27 August 2012 First US factory Grand Forks Milton  A high capacity line with more than 100,000 tons annual output. Will produce a full range of insulation products covering a.o. strategic New factory growth areas DIY and flat roof. near Memphis  To be commissioned in

  8. Slide 8: Systems segment

    2012 Q2 results - Copenhagen, 27 August 2012 Systems segment  Sales grew 7% compared to same period 2011. EBIT decreased 11% due to extraordinary effects, the underlying business development is positive.  Positive sales development especially driven by Rockfon. Decision to increase Rockfon capacit

  9. Slide 9: Europe Division - Reengineering of our European insulation business

    2012 Q2 results - Copenhagen, 27 August 2012 Europe Division - Reengineering of our European insulation business  Organisation as of 1 January.  Customer and segment focussed  Close to the decision maker  Innovation in segments like ETICS, flat roof, cladded façade ….  Reengineering production

  10. Slide 10: Financial

    2012 Q2 results - Copenhagen, 27 August 2012 Financial 10

  11. Slide 11: Net sales H1 2012

    2012 Q2 results - Copenhagen, 27 August 2012 Net sales H1 2012 6,698 6,852 7,000 6,577 6,301 6,500 5,445 6,000 5,203 5,500 5,000 DKK million 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 -2% -21% 5% 11% 9% 500 0 -500 2007 2008 2009 2010 2011 2012 Net sales Changes 11

  12. Slide 12: Geographical split of external net sales

    2012 Q2 results - Copenhagen, 27 August 2012 Geographical split of external net sales YTD DKK million Q1 2012 Q2 2012 Q2 2012 Western Europe 2,215 2,287 4,502 Eastern Europe incl. Russia 565 827 1,392 North America, Asia and others 469 489 958 Total 3,249 3,603 6,852 YTD DKK million Q1 2011 Q2 2011

  13. Slide 13: EBITDA H1 2012

    2012 Q2 results - Copenhagen, 27 August 2012 EBITDA H1 2012 1,800 1,647 1,600 1,400 1,156 DKK million 1,200 944 1,000 860 778 800 598 600 400 200 -30% -48% 44% -10% 21% 0 2007 2008 2009 2010 2011 2012 -200 EBITDA Changes 13

  14. Slide 14: EBITDA H1 2012 per business segment

    2012 Q2 results - Copenhagen, 27 August 2012 EBITDA H1 2012 per business segment 1,559 1,600 1,400 1,200 DKK million 1,023 1,000 799 800 668 532 605 600 400 139 149 132 200 106 60 28 28 53 53 12 23 13 0 2007 2008 2009 2010 2011 2012 Insulation Segment Systems Segment Elim. & Holding companies 14

  15. Slide 15: EBITDA ratio H1 2012 per business segment

    2012 Q2 results - Copenhagen, 27 August 2012 EBITDA ratio H1 2012 per business segment 28% 26% 25% 24% 22% 20% 18% 17% 16% 14% 13% 13% 14% 12% 12% 11% 11% 10% 10% 10% 8% 7% 6% 6% 4% 2% 0% 2007 2008 2009 2010 2011 2012 Insulation Segment Systems Segment 15

  16. Slide 16: EBIT H1 2012

    2012 Q2 results - Copenhagen, 27 August 2012 EBIT H1 2012 1,400 1,301 1,200 1,000 773 DKK million 800 600 430 377 400 294 177 113% 200 -41% -77% -22% 46% 0 -200 2007 2008 2009 2010 2011 2012 -400 EBIT Changes 16

  17. Slide 17: EBIT H1 2012 per business segment

    2012 Q2 results - Copenhagen, 27 August 2012 EBIT H1 2012 per business segment 1,400 1,230 1,200 1,000 DKK million 800 662 600 400 298 224 140 138 159 148 131 200 104 59 52 -15 -13 12 7 15 1 0 2007 2008 2009 2010 2011 2012 -200 Insulation Segment Systems Segment Elim. & Holding companies 17

  18. Slide 18: Financial items H1 2012

    2012 Q2 results - Copenhagen, 27 August 2012 Financial items H1 2012 10 3 0 0 DKK million -10 -20 -18 -24 -30 -30 -33 -40 2007 2008 2009 2010 2011 2012 18

  19. Slide 19: Profit H1 2012 after minority interests

    2012 Q2 results - Copenhagen, 27 August 2012 Profit H1 2012 after minority interests 1,000 905 900 800 DKK million 700 600 538 500 400 281 300 206 191 200 90 100 0 2007 2008 2009 2010 2011 2012 19

  20. Slide 20: Change in working capital H1 2012

    2012 Q2 results - Copenhagen, 27 August 2012 Change in working capital H1 2012 200 164 100 5 0 DKK million -100 -200 -300 -340 -363 -362 -400 -423 -500 2007 2008 2009 2010 2011 2012 20

  21. Slide 21: Stock end of H1 2012

    2012 Q2 results - Copenhagen, 27 August 2012 Stock end of H1 2012 1,600 27 1,367 1,345 1,400 76 1,168 1,183 1,110 1,200 DKK million 926 710 1,000 733 735 623 800 689 527 600 400 610 657 524 435 421 200 399 0 2008 2009 2010 2011 2011YE 2012 Finished goods Raw material and consumables 21

  22. Slide 22: Debtors end of H1 2012

    2012 Q2 results - Copenhagen, 27 August 2012 Debtors end of H1 2012 1,709 1,743 1,742 1,800 1,662 1,498 1,600 1,348 1,400 DKK million 1,200 1,000 800 600 400 200 0 2007 2008 2009 2010 2011 2012 22

  23. Slide 23: Cash flow from H1 2012

    2012 Q2 results - Copenhagen, 27 August 2012 Cash flow from H1 2012 1,200 1,094 1,000 800 663 613 DKK million 600 279 283 336 400 200 4 53 0 -50 -200 -400 -334 -431 -600 -800 2007 2008 2009 2010 2011 2012 Cash flow from operating activities Changes 23

  24. Slide 24: Investments and acquisitions H1 2012

    2012 Q2 results - Copenhagen, 27 August 2012 Investments and acquisitions H1 2012 1,392 1,400 1,200 1,000 DKK million 932 750 800 659 31 539 600 168 440 452 100 409 400 2 491 253 460 208 294 200 279 121 78 145 900 0 2007 2008 2009 2010 2011 2012 Maintenance CAPEX Capacity Program Acquisitions 24

  25. Slide 25: Energy prices

    2012 Q2 results - Copenhagen, 27 August 2012 Energy prices DKK million 25

  26. Slide 26: Expectations

    2012 Q2 results - Copenhagen, 27 August 2012 Expectations 26

  27. Slide 27: Expectations for 2012

    2012 Q2 results - Copenhagen, 27 August 2012 Expectations for 2012  The Group expects sales to increase by at least 5% for the full year.  Expected full year result after minority interests remains between DKK 650 and 700 million.  Capex excluding acquisitions is expected to be DKK 1200 million,

  28. Slide 28: Long term sales development 1984-2012e

    2012 Q2 results - Copenhagen, 27 August 2012 Long term sales development 1984-2012e 16,000 14,000 12,000 DKK million 10,000 8,000 6,000 4,000 2,000 0 28

  29. Slide 29: Long term EBITDA ratio 1984-2012e

    2012 Q2 results - Copenhagen, 27 August 2012 Long term EBITDA ratio 1984-2012e 25% 20% Percentage 15% 10% 5% 0% 29

  30. Slide 30: Long term EBIT ratio 1984-2012e

    2012 Q2 results - Copenhagen, 27 August 2012 Long term EBIT ratio 1984-2012e 20% 15% Percentage Goal 11% 10% 5% 0% 30

  31. Slide 31: Investments and acquisitions full year

    2012 Q2 results - Copenhagen, 27 August 2012 Investments and acquisitions full year 2,642 2,700 2,400 2,100 DKK million 1,689 1,800 1,620 1,412 1,500 1,170 1,200 1,200 1,200 101 2 31 817 900 424 617 1,125 634 953 600 310 774 300 495 482 505 285 0 2007 2008 2009 2010 2011 2012 Maintenance CAPEX Capac

  32. Slide 32: Questions ?

    2012 Q2 results - Copenhagen, 27 August 2012 Questions ? 32

Rockwool — Q2 2012 Earnings Presentation on 6ix