Rockwool A/S Class A · OMXCOP:ROCK_A

Rockwool A/S Class A — Q3 2012 Earnings Presentation

29 slides from Rockwool A/S Class A's earnings presentation, Nov 21, 2012

  1. Slide 1: Q3 results 2012

    Q3 results - Copenhagen 2012 Q3 results 2012 CFO, Gilles Maria 1

  2. Slide 2: Forward-looking statement

    Q3 results - Copenhagen 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 economic environment, i

  3. Slide 3: Group development

    Q3 results - Copenhagen 2012 Group development 3

  4. Slide 4: Highlights

    Q3 results - Copenhagen 2012 Highlights  Sales in Q3 2012 were 7% up compared to same quarter last year  The sales growth was primarely driven by better product mix and prices  The ongoing financial crisis keeps new construction activities at low level but renovation markets continue to perform w

  5. Slide 5: Western Europe

    Q3 results - Copenhagen 2012 Western Europe  Overall, trading conditions have deteriorated during autumn  Our 2% sales increase compared to Q3 2011 is due to positive sale prices and negative sales volume developments in most markets  Energy renovation markets continue to show resilience  Major

  6. Slide 6: Europe Division - Reengineering our Danish insulation business

    Q3 results - Copenhagen 2012 Europe Division - Reengineering our Danish insulation business  Major investment (DKK 450 mil.) to revitalise the Danish production platform  Investments in improved efficiency and product quality  State of the art technologies in melting, spinning and compression to

  7. Slide 7: Eastern Europe & Russia

    Q3 results - Copenhagen 2012 Eastern Europe & Russia  Sales increased by 12% compared to same period last year, varying largely from region to region  Growth in Russia still at reasonable level. New Volga factory now running at full capacity  Poland which has so far been in good shape is now leve

  8. Slide 8: North America and Asia

    Q3 results - Copenhagen 2012 North America and Asia  Sales grew by 21% in the region  In North America, the nascent recovery in new residental construction supports our development  Rebuild after superstorm Sandy will add to renovation activities in Northeast US in the coming months  DIY sales d

  9. Slide 9: Systems segment

    Q3 results - Copenhagen 2012 Systems segment  Sales grew 13% in Q3 compared to same period 2011. EBIT was with DKK 70 mill more or less flat still affected by extraordinary effects  Positive sales development across all major business areas caused by both volume and price increases  ROCKFON sales

  10. Slide 10: Financial

    Q3 results - Copenhagen 2012 Financial 10

  11. Slide 11: Net sales Q3 2012

    Q3 results - Copenhagen 2012 Net sales Q3 2012 Based on unchanged exchange rates the increase is 7% compared to last year 10,297 10,081 10,727 11000 9,937 10000 7,995 8,472 9000 DKK million 8000 7000 6000 5000 4000 3000 2000 17% 1000 6% 8% -2% -21% 0 -1000 2007 2008 2009 2010 2011 2012 Net sales Cha

  12. Slide 12: Geographical split of external net sales

    Q3 results - Copenhagen 2012 Geographical split of external net sales YTD DKK million Q3 2012 Growth Q3 2012 Growth Western Europe 2,351 2% 6,853 3% Eastern Europe incl. Russia 1,008 12% 2,400 14% North America, Asia and others 516 21% 1,474 25% Total 3,875 7% 10,727 8% YTD DKK million Q3 2011 Q3 20

  13. Slide 13: EBITDA Q3 2012

    Q3 results - Copenhagen 2012 EBITDA Q3 2012 2,537 2400 1,764 2000 DKK million 1,632 1600 1,319 1,306 1,010 1200 800 31% 25% 400 -30% -43% -1% 0 2007 2008 2009 2010 2011 2012 -400 EBITDA Changes 13

  14. Slide 14: EBITDA Q3 2012 per business segment

    Q3 results - Copenhagen 2012 EBITDA Q3 2012 per business segment 2,363 2400 2200 2000 1800 DKK million 1,585 1600 1,363 1400 1200 923 1,034 1,036 1000 800 600 400 221 126 134 207 203 200 96 48 46 78 49 -10 66 0 2007 2008 2009 2010 2011 2012 Insulation Segment Systems Segment Elim. & Holding companie

  15. Slide 15: EBITDA ratio Q3 2012 per business segment

    Q3 results - Copenhagen 2012 EBITDA ratio Q3 2012 per business segment 28% 26% 24% 24% 22% 20% 17% 18% 16% 13% 13% 13% 13% 14% 12% 12% 11% 11% 10% 9% 9% 8% 7% 6% 4% 2% 0% 2007 2008 2009 2010 2011 2012 Insulation Segment Systems Segment 15

  16. Slide 16: EBIT Q3 2012

    Q3 results - Copenhagen 2012 EBIT Q3 2012 2,025 2000 1600 DKK million 1,176 1200 814 800 613 575 340 80% 400 42% -42% -71% -6% 0 -400 2010 2011 2007 2008 2009 2012 EBIT Changes 16

  17. Slide 17: EBIT Q3 2012 per business segment

    Q3 results - Copenhagen 2012 EBIT Q3 2012 per business segment 2000 1,879 1800 1600 1400 DKK million 1200 1,032 1000 800 610 600 299 384 364 400 131 94 205 219 201 124 200 22 13 -53 24 -8 3 0 2007 2008 2009 2010 2011 2012 -200 Insulation Segment Systems Segment Elim. & Holding companies 17

  18. Slide 18: Financial items Q3 2012

    Q3 results - Copenhagen 2012 Financial items Q3 2012 20 11 6 10 0 DKK million -10 -20 -24 -30 -40 -38 -44 -50 -47 2007 2008 2009 2010 2011 2012 18

  19. Slide 19: Profit Q3 2012 after minority interests

    Q3 results - Copenhagen 2012 Profit Q3 2012 after minority interests 1600 1,414 1400 1200 DKK million 1000 802 800 538 600 346 383 400 170 200 0 2007 2008 2009 2010 2011 2012 19

  20. Slide 20: Change in working capital Q3 2012

    Q3 results - Copenhagen 2012 Change in working capital Q3 2012 500 441 400 300 DKK million 200 105 100 0 -100 -107 -200 -168 -179 -221 -300 2007 2008 2009 2010 2011 2012 20

  21. Slide 21: Stock end of Q3 2012

    Q3 results - Copenhagen 2012 Stock end of Q3 2012 1600 1,360 1,397 1400 1,178 1,110 1200 DKK million 1,053 542 993 954 725 1000 487 800 361 671 689 535 535 600 818 400 566 632 672 507 421 200 419 0 2007 2008 2009 2010 2011 2011YE 2012 Finished goods Raw material and consumables 21

  22. Slide 22: Debtors end of Q3 2012

    Q3 results - Copenhagen 2012 Debtors end of Q3 2012 1,773 1,803 1,705 1800 1,509 1,561 1600 1,403 1400 DKK million 1200 1000 800 600 400 200 0 2007 2008 2009 2010 2011 2012 22

  23. Slide 23: Cash flow from Q3 2012

    Q3 results - Copenhagen 2012 Cash flow from Q3 2012 2500 2,114 2000 DKK million 1500 1,196 1,225 1,223 1,006 866 929 1000 524 500 231 107 27 0 -500 -817 -1000 2007 2008 2009 2010 2011 2012 Cash flow from operating activities Free cash flow 23

  24. Slide 24: Investments and acquisitions Q3 2012

    Q3 results - Copenhagen 2012 Investments and acquisitions Q3 2012 2,013 2000 1800 1600 DKK million 1400 1,287 1,109 1200 802 994 902 1000 31 759 101 699 800 563 802 2 600 453 726 353 314 400 231 348 200 400 383 307 175 0 2007 2008 2009 2010 2011 2012 Maintenance CAPEX Capacity Program Acquisitions 2

  25. Slide 25: Expectations

    Q3 results - Copenhagen 2012 Expectations  The Group expects net sales at current exchange rates to increase by 6% for the full year 2012  The Group expects a result after minority interests of at least DKK 700 million including assets write off by DKK 80 million (EBIT)  Capital expenditure exclu

  26. Slide 26: Long term sales development 1984-2012e

    Q3 results - Copenhagen 2012 Long term sales development 1984-2012e 16,000 14,000 12,000 DKK million 1,287 10,000 802 8,000 101 6,000 563 802 453 353 314 4,000 2,000 0 26

  27. Slide 27: Long term EBITDA ratio 1984-2012e

    Q3 results - Copenhagen 2012 Long term EBITDA ratio 1984-2012e 25% 20% Percentage 1,287 15% 802 10% 101 563 802 453 353 314 5% 0% 27

  28. Slide 28: Long term EBIT ratio 1984-2012e

    Q3 results - Copenhagen 2012 Long term EBIT ratio 1984-2012e 20% 15% Percentage 1,287 802 Goal 11% 10% 101 563 802 453 353 314 5% 0% 28

  29. Slide 29: Questions ?

    Q3 results - Copenhagen 2012 Questions ? 29

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