Vicat Sa · EURONEXT:VCT
Vicat Sa — H1 2020 Earnings Presentation
22 slides from Vicat Sa's earnings presentation, Jul 31, 2020
Slide 1: H1 2020 Results
Friday 31 July 2020 2020 H1 RESULTS Hugues Chomel Chief Financial Officer Stéphane Bisseuil Investor Relations Officer
Slide 2: Disclaimer
Disclaimer ▼ This presentation may contain forward-looking statements. Such forward-looking statements do not constitute forecasts regarding results or any other performance indicator, but rather trends or targets. ▼ These statements are by their nature subject to risks and uncertainties as describe
Slide 3: Highlights
Highlights H1 2020 results Analysis by geographical region Cash flow statement and balance sheet 2020 outlook -3-
Slide 4: H1 2020 highlights: Controlled impact from Covid-19
H1 2020 highlights: Controlled impact from Covid-19 Cash flow : Sales at €1,304 million €175 million -3.2% at constant scope and exchange rates Free cash flow : €100 million EBITDA at €213 million -5.8% at constant scope and exchange rates Solid financial structure €175 million Leverage at 2.49x US
Slide 5: H1 2020 results
Highlights H1 2020 results Analysis by geographical region Cash flow statement and balance sheet 2020 outlook -5-
Slide 6: Simplified income statement
Simplified income statement (€ million) H1 2020 H1 2019 Change Change (reported) (at constant scope and exchange rates) Consolidated sales 1,304 1,340 -2.7% -3.2% EBITDA 213 228 -6.7% -5.8% EBIT 76 97 -21.9% -19.2% Consolidated net income 29 48 -38.8% -30.7% Net income, Group share 27 46 -41.4% -36.
Slide 7: Strong recovery in June
Strong recovery in June 2020 monthly regional variation in sales* January February March April May June +20€m 0 -20€m -40€m France Europe America Asia Mediterranean Africa *On a published basis -7-
Slide 8: H1 2019/H1 2020 EBITDA variations
H1 2019/H1 2020 EBITDA variations By region ▼ Controlled impact from Covid-19 but considerable differences from one region to another €M +18 +9 -28 -10 -5 +2 Europe Africa Americas Mediterranean Asia Mali India Egypt Italy Mauritania Brazil France Kazakhstan Turkey Switzerland Senegal USA -8-
Slide 9: Analysis by geographical region
Highlights H1 2020 results Analysis by geographical region Cash flow statement and balance sheet 2020 outlook -9-
Slide 10: Analysis by region: France
Analysis by region France (€ million) H1 2020 H1 2019 Change Change (reported) (at constant scope and exchange rates) Sales 444 500 -11.3% -12.5% EBITDA 56 84 -33.1% -33.3% EBIT 14 44 -68.9% -68.1% ▼ Significant impact of the pandemic on the ▼ In the Cement business, operational sales Group’s perfor
Slide 11: Analysis by region: Switzerland and Italy
Analysis by region Europe: Switzerland and Italy (€ million) H1 2020 H1 2019 Change Change (reported) (at constant scope and exchange rates) Sales 198 182 +9.0% +2.1% EBITDA 40 38 +4.4% -1.4% EBIT 20 19 +1.9% -3.8% SWITZERLAND ITALY ▼ Market not significantly affected by the ▼ Operational sales decl
Slide 12: Analysis by region: United States and Brazil
Analysis by region Americas: United States and Brazil (€ million) H1 2020 H1 2019 Change Change (reported) (at constant scope and exchange rates) Sales 298 275 +8.2% +9.1% EBITDA 56 39 +45.3% +51.1% EBIT 26 8 +239.6% +265.6% UNITED STATES BRAZIL ▼ Broadly supportive market conditions ▼ Pandemic stru
Slide 13: Analysis by region: India and Kazakhstan
Analysis by region Asia: India and Kazakhstan (€ million) H1 2020 H1 2019 Change Change (reported) (at constant scope and exchange rates) Sales 149 193 -22.8% -20.2% EBITDA 38 48 -21.0% -18.3% EBIT 19 31 -39.1% -37.0% INDIA KAZAKHSTAN ▼ Worst hit country in the Group’s portfolio ▼ Stable sales (-0.2
Slide 14: Analysis by region: Turkey and Egypt
Analysis by region Mediterranean: Turkey and Egypt (€ million) H1 2020 H1 2019 Change Change (reported) (at constant scope and exchange rates) Sales 75 75 +0.3% +6.2% EBITDA -9 -4 -118.1% -96.3% EBIT -18 -14 -31.7% -26.1% TURKEY EGYPT ▼ Sales at €54 million, up +6% ▼ Sales at €21 million, up +7% – S
Slide 15: Analysis by region: Senegal, Mali and Mauritania
Analysis by region Africa: Senegal, Mali and Mauritania (€ million) H1 2020 H1 2019 Change Change (reported) (at constant scope and exchange rates) Sales 140 115 +21.8% +21.8% EBITDA 32 23 +37.3% +37.3% EBIT 15 8 +80.2% +80.3% ▼ Positive macroeconomic and sector environment despite pandemic’s substa
Slide 16: Cash flow statement and balance sheet
Highlights H1 2020 results Analysis by geographical region Cash flow statement and balance sheet 2020 outlook - 16 -
Slide 17: Financial position: Cash flow
Financial position Cash flow Cash flow of €175 million compared to €173 million at end-June 2019 - Capital expenditure of €122 million (of which close to a third for the new kiln-line at Ragland, Alabama, USA) compared to €108 million at end-June 2019 - Free Cash flow of €100 million supported in pa
Slide 18: Financial position: Balance-sheet items
Financial position Balance-sheet items (under IFRS 16) Net debt of €1,271 million versus €1,465 million at end-June 2019 Consolidated equity of €2,404 million compared with €2,461 million at end-June 2019 Gearing of 52.86% versus 59.54% at end-June 2019 Leverage of 2.49x versus 2.95x at end-June 201
Slide 19: US private placement
US private placement 15-year maturity - €175 million financing agreement ▼ On 30 July 2020, the Group entered into an agreement structured as a US private placement with a leading US investor – 15-year maturity – Fixed rate of 2.07% – To be drawn down on 30 November 2020 to repay the maturing US pri
Slide 20: 2020 outlook
Highlights H1 2020 results Analysis by geographical region Cash flow statement and balance sheet 2020 outlook - 20 -
Slide 21: 2020 outlook
2020 outlook ▼ In 2020, macroeconomic conditions in all of the countries where the Group is active are likely to be significantly affected by the Covid-19 crisis, to varying degrees depending on health conditions and the governmental responses. ▼ The following items should help curb the crisis’ impa
Slide 22: 2020 outlook (1)
2020 outlook (1) ▼ The detailed information concerning the 2020 outlook for the Group’s various markets is available in the H1 2020 press release on our website www.vicat.com - 22 -