Tecnicas Reunidas Sa · BME:TRE
Tecnicas Reunidas Sa — H1 2010 Earnings Presentation
19 slides from Tecnicas Reunidas Sa's earnings presentation, Sep 1, 2010
Slide 1: First Half 2010 Results Presentation
TECNICAS REUNIDAS Juan Lladó CEO First Half 2010 Results Presentation 1st of September 2010
Slide 2: Index
INDEX TECNICAS REUNIDAS ¾ BACKLOG & AWARDS ¾ 1H 2010 FINANCIAL RESULTS ¾ OUTLOOK 1
Slide 3: 1H 2010 Backlog
1H 2010 BACKLOG Backlog €m 7.000 6,230 6.000 4,713 4,711 4,820 5.000 ¾ BACKLOG ABOVE 4.000 € 6BN FOR SECOND 3,040 3.000 CONSECUTIVE QUARTER 2.000 1.000 0 2006 2007 2008 2009 1H 10 Oil and gas Power 2
Slide 4: Backlog Analysis by Award Date and Geography
BACKLOG ANALYSIS BY AWARD DATE BY GEOGRAPHY Rest of Europe Spain 44% Middle East 18% 19% 6% 13% 13% ROW 24% Saudi 41% Arabia 22% ≤ 2007 2008 2009 2010 3
Slide 5: Backlog Analysis by Contract Type and Client
BACKLOG ANALYSIS BY CONTRACT TYPE BY CLIENT 8% NOCs 51% 40% 52% IOCs 44% UTILITIES & OTHERS OBE LSTK OTHER 5% 4
Slide 6: 1H 2010 Awards
1H 2010 AWARDS Awards €m 4,500 4,000 3,582 3,500 3,000 2,621 2,754 2,661 2,500 2,207 2,000 1,500 1,000 500 0 2006 2007 2008 2009 1H 2010 Last years reported awards 2010 awards 5
Slide 7: Detail on Recent Awards: Package 1 Yanbu Project, Saudi Arabia
DETAIL ON RECENT AWARDS Package 1 Yanbu Project, Saudi Arabia Highlights ¾ EPC project, for package 1 of the Yanbu project in Saudi Arabia. ¾ Project includes: engineering, procurement and construction of a delayed coker unit (114,000 bpd capacity) and a mercaptan removal unit (12,000 LPG treatment
Slide 8: 2Q 2010 Awards: Package 1 Shah Gas Field Project, Abu Dhabi
2Q 2010 AWARDS Package 1 Shah Gas Field Project, Abu Dhabi Highlights ¾ EPC project, for package 1 of the Shah gas project in Abu Dhabi. ¾ Consortium between TR and Punj Lloyd. TR holds the majority. ¾ Project includes engineering, purchase of equipment and materials, construction and start up of pi
Slide 9: 2Q 2010 Awards: Margarita Gas Field Project, Bolivia
2Q 2010 AWARDS Margarita Gas Field Project, Bolivia Highlights ¾ EPC project, for the Margarita gas field project in Bolivia. ¾ Project includes: engineering, purchase of equipment and materials, construction and start up of processing facilities (6 mcmpd). ¾ The Margarita field is located in the Ca
Slide 10: Index: 1H 2010 Financial Results
TECNICAS REUNIDAS ¾ BACKLOG & AWARDS ¾ 1H 2010 FINANCIAL RESULTS ¾ OUTLOOK 9
Slide 11: Sales and EBITDA Growth
SALES AND EBITDA GROWTH SALES EBITDA €m €m 3,000 2,634 180 2,479 156 2,500 160 148 140 +8% 2,000 120 +8% 1,366 100 1,500 1,266 81 75 80 1,000 60 40 500 20 0 0 2008 2009 1H 09 1H 10 2008 2009 1H 09 1H 10 10
Slide 12: Margin Stability
MARGIN STABILITY EBITDA MARGIN EBIT MARGIN % % 7.0% 7.0% 6.0% 5.9% 5.9% 5.7% 5.7% 6.0% 5.7% 6.0% 5.4% 5.6% 5.0% 5.0% 4.0% 4.0% 3.0% 3.0% 2.0% 2.0% 1.0% 1.0% 0.0% 0.0% 2007 2008 2009 1H 10 2007 2008 2009 1H 10 11
Slide 13: Financial Results
FINANCIAL RESULTS Profit and Loss Account 1H 10 1H 09 Var. 2009 € million Revenues 1,366.0 1,265.9 7.9% 2,634.3 EBITDA 80.6 74.9 7.5% 155.9 Margin 5.9% 5.9% 5.9% EBIT 77.2 71.6 7.8% 149.0 Margin 5.6% 5.7% 5.7% Net Financial Results 9.1 1.6 12.8 Profit Before Taxes 85.8 73.4 16.9% 160.8 Taxes -9.5 -6
Slide 14: Net Cash Position
NET CASH POSITION ¾ Net cash position at June 30th, 2010: € 646 million €m 900 796 646 575 600 422 0.34 300 0 2007 2008 2009 1H 10 13
Slide 15: Dividend Policy
DIVIDEND POLICY ¾ 2009 Dividend proposal: € 1.34 per share (€ 72.8 million, 50% payout) DPS progression €/Share 1.5 CAGR 28% 1.3 1.1 0.65 0.68 0.9 0.7 0.52 0.5 0.34 0.64 0.66 0.3 0.45 0.30 0.1 2007 2008 2009 2010 Interim dividend (January) Complementary dividend (July) 14
Slide 16: Index: Outlook
TECNICAS REUNIDAS ¾ BACKLOG & AWARDS ¾ 1H 2010 FINANCIAL RESULTS ¾ OUTLOOK 15
Slide 17: Outlook
OUTLOOK ¾ Backlog increase guarantees revenue growth ¾ Healthy, diversified backlog helps to derisk future margins ¾ Competitiveness of TR’s bids in recent major Middle East projects ¾ Strong bidding pipeline ahead in all divisions and regions ¾ Foreseen strong investment levels in the sector longer
Slide 18: Disclaimer
Disclaimer This document has been prepared by Tecnicas Reunidas S.A. (the Company) solely for use at presentations held in connection with the announcement of the Company's results for the first half of 2010. This document contains forward-looking statements of the Company and/or its management. The
Slide 19: UNIDAS
= UNIDAS