Slide 1: Tesmec Group 1Q 2012 Results
Tesmec Group 1Q 2012 Results Analyst Presentation, 11 May 2012 Corporate
Slide 2: Agenda
Agenda First Quarter 2012 – Key facts A.Caccia Dominioni, CEO Group structure overview A.Caccia Dominioni, CEO International Strategy Follow up A.Caccia Dominioni, CEO 1Q 2012 - Main business highlights Stringing P.Mosconi, GM 1Q 2012 – Main business highlights Trencher A.Caccia Dominioni,
Slide 3: First Quarter 2012 Key Facts
First Quarter 2012 Key Facts •Ordinary Shareholders’ Meeting of Tesmec S.p.A. approved the purchase plan of treasury shares and appointed a new independent director •Acquisition of 40% stake of Bertel company in order Jan 2012 to enlarge Tesmec offering in the High Voltage grid management •Signature
Slide 4: Group Structure at March 31, 2012
Group Structure at March 31,2012 NEW COMPANY CREATED/PURCHASED IN 2012 Tesmec S.p.A. Existing Company at 1.1.2012 Tesmec Tesmec Tesmec Tesmec USA Inc Rus S.A. Balkani (75%)* (100%) (100%) EAD (100%) Effect on Fully EBITDA Tesmec Service s.r.l. Consolidated and Pre-Tax (100%) Profit I-Light Operating
Slide 5: International strategy follow up
International strategy follow up new product/market opening • Russia: delivered first set of stringing wagons to a russian railway contractor. • USA : starting of a new railway sector -> several projects in railways electrification both with local authority and main railway contractors. • KSA : afte
Slide 6: Main business highlights in 1Q 2012: Stringing
Main business highlights in 1Q 2012: Stringing • Financials: Sales 14,8 mln; Margins 20%; Backlog 26,7 mln. • Main markets: Nord and Central America; Europe; Africa. • Product/Technology: Railway Complete range of product for construction and maintenance of railway electrical lines enhanced by the a
Slide 7: Main business highlights in 1Q 2012: Trencher
Main business highlights in 1Q 2012: Trencher • Financials: Sales 8,6 mln; Margins 24%; Backlog 21,3 mln. • Main markets: Nord and Central America; Arabian peninsula. • Product/Technology: Trenchtronic New generation machine thanks to the innovative electronics control & management system • Power ca
Slide 8: 1Q 2012 Results
1Q 2012 Results Tesmec (Cons.) Income Statement 2012 vs Financial Information (€m) (€ mln) 1Q 2011 1Q 2012 2011 2011 1Q 2012 delta % Revenues 26,5 23,3 -12% Net working capital 48,4 50,7 Non current assets 48,2 48,2 EBITDA 5,3 4,9 -8% Other LT assets/(liab) 1,9 2,2 % Revenues 20% 21% Net invested ca
Slide 9: Revenues: international scale and exposure to growing economies
Revenues: international scale and exposure to growing economies 1Q 2011 1Q 2012 Stringing equipment 64% on Total Revenue 2012 2% 1% 8% 11% 5% 14% 2% 16% 27% 33% 5% 76% Italy Europe Middle East BRICs and Oceania Africa North-Central America Trenchers 36% on Total Revenue 2012 27% 9% 26% 13% 43% 14% 2
Slide 10: Stringing Division Results
Stringing Division Results Revenues (€ mln) EBITDA (€ mln and % of Net Revenues) 1Q 2011 – 1Q 2012 1Q 2011 – 1Q 2012 6 20 22% 15 20% 4 10 17,1 14,8 2 5 3,7 2,9 0 0 1Q 2011 1Q 2012 1Q 2011 1Q 2012 10/19
Slide 11: Trencher Division Results
Trencher Division Results Revenues (€ mln) EBITDA (€ mln and % of Net Revenues) 1Q 2011 – 1Q 2012 1Q 2011 – 1Q 2012 12 3 24% 16% 9 2 6 9,4 3 8,6 1 1,6 2 0 0 1Q 2011 1Q 2012 1Q 2011 1Q 2012 11/19
Slide 12: Net Profit path
NET PROFIT path Net Profit decrease mainly due to the Forex effect (Non-recurring effect) NET PROFIT 1Q 2012 2 1,5 (0,4) 0,6 1 1,9 0,5 0,9 (1) (0,1) (0,1) 0 Net Profit Ebitda Forex Others Depr. & Amort. Taxes Net Profit 1Q 2011 Items 1Q 2012 12/19
Slide 13: Working Capital Evolution
Working Capital Evolution Tesmec Group 180 169 Description 1Q 160 2011 141 2012 140 154 Trade 120 136 43,9 40,0 Receiv ables 100 100 Inv entory 42,1 43,9 80 85 Trade pay ables (26,5) (26,0) 60 40 43 Other current 28 (11,1) (7,2) 20 asset/liabilities - Net Working Calculated on Revenues 48,4 50,7 Day
Slide 14: Exchange exposure 1Q 2012
Exchange exposure 1Q 2012 Revenues Operating Costs 8% 28% Euro Euro USD USD 72% 92% Trade Receivables Trade Payables 6% Euro Euro 45% 55% USD USD 94% 14/19
Slide 15: Order Book
Order Book ORDER BOOK YEAR END 2011 – 1Q 2012 € mln 60 44,1 48,0 45 21,3 19,1 30 15 26,7 25,0 0 2011 1Q 2012 Stringing Equipment Trenchers STRINGING EQUIPMENT TRENCHERS € mln € mln 30 25 25 20 20 15 15 25,0 26,7 21,3 10 19,1 10 14,8 16,5 5 10,8 5 8,6 0 0 Order 1Q 2012 Order Order Order book 1Q 2012
Slide 16: Outlook 2012
Outlook 2012 The number of orders already in the backlog and the increase in the number of ongoing negotiations for both the sector Stringing and Trencher can permit to achieve in 2012 a results in line with estimated consensus. 16/19
Slide 17: Appendix A - Summary 1Q 2012 Profit & Loss statement
Appendix A - Summary 1Q 2012 Profit & Loss statement 1Q 1Q Profit & Loss Account (€ mln) Delta vs 2012 2011 Delta % 2011 Net Revenues 23,3 26,5 (3,2) -12,1% Raw materials costs (-) (8,9) (11,7) 2,8 -24% Cost for services (-) (4,9) (5,2) 0,3 -6% Personnel Costs (-) (4,9) (4,7) (0,2) 4% Other operatin
Slide 18: Appendix B - Summary Balance Sheet
Appendix B - Summary Balance Sheet Balance Sheet (€ mln) 1Q 2012 2011 Inventory 43,9 42,1 Accounts receivable 40,0 43,9 Accounts payable (-) (26,0) (26,5) Op. working capital 57,9 59,5 Other current assets (liabilities) (7,2) (11,1) Net working capital 50,7 48,4 Tangible assets 38,6 38,9 Intangible
Slide 19: TESMEC S.p.A - Headquarters
The Manager responsible for preparing the company’s financial reports, Andrea Bramani, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting rec