Titan S.a. · EURONEXT:TITC
Titan — Titan Cement International — 9M 2023 Earnings Presentation
22 slides from Titan's earnings presentation, Nov 9, 2023
Slide 1: Financial Results – 9 Months 2023
Financial Results – 1st Half 2023 Ellinikon RM Plant, Greece Financial Results – 9 Months 2023 TCI Investors’ and Analysts’ Presentation Athens, 9 November 2023 OYMPIA ODOS, GREECE
Slide 2: 9 Months 2023 Highlights
9 Months 2023 Highlights Record earnings backed by robust sales in main markets • Group Sales increased by 14% to €1,892m ytd driven by increased volumes in all our regions and solid pricing levels. • Group EBITDA at €397m ytd, up by 72% as Group’s margins restore. All regions recorded double-digit
Slide 3: Record quarterly and 9-month earnings with all regions posting growth
Record quarterly and 9-month earnings with all regions posting growth Group Sales Group EBITDA Group NPAT (€ m) (€ m) (€ m) 9 Months Group Sales Group EBITDA Group NPAT (€ m) (€ m) (€ m) Third Quarter 3 9 Months 2023 Results – Investors’ and Analysts’ Presentation
Slide 4: Performing at higher levels after two years of growth
Performing at higher levels after two years of growth Group Sales Group EBITDA (€ m) 4 9 Months 2023 Results – Investors’ and Analysts’ Presentation
Slide 5: Earnings rise as sales increase while energy costs decline
Earnings rise as sales increase while energy costs decline Variance Variance In Million Euros, unless otherwise stated 9M 2023 9M 2022 Q3 2023 Q3 2022 9M 23 vs 9M 22 Q3 23 vs Q3 22 Sales 1,892.2 1,661.8 13.9% 663.2 626.3 5.9% Cost of Goods Sold -1,326.8 -1,290.8 2.8% -445.6 -481.7 -7.5% Gross Margin
Slide 6: Volumes growth across products. Domestic cement sales growth in main markets
Volumes growth across products. Domestic cement sales growth in main markets 9 Months Sales Volume Third Quarter Sales Volume +2% +4% 2022A 1 2.6 1 2.9 2023A 2022A 2023A 4 .6 4 .4 +3% -3% 1 4.4 1 4.8 +4% +7% 5 .0 4 .8 4 .22 4 .40 -4% +49% 1 .41 1 .51 0 .52 0 .50 0 .24 0 .35 (2) Cement (1), (2) Cemen
Slide 7: Earnings growth leads to stronger cashflow generation
Earnings growth leads to stronger cashflow generation Net debt contained despite returns to shareholders, seasonal WC needs and tax payments Sources and Uses of Cash 9M 2023 Operating Free Cash Flow (€ m) 24 (1 58) 400 3 97 €160m 300 (1 03) 200 (2 ) (5 4) (3 6) 100 (3 8) 2 32 0 EBITDA Non-Cash CapEx
Slide 8: CAPEX at par with last year at €158m
CAPEX at par with last year at €158m Completion of major US projects. Rise in investments in Greece and SEE Capital Expenditure (€ in millions) Major 2023 CAPEX projects Tampa Dome Norfolk Dome Titan America RMC Trucks Florida Silos Florida New Dragline Kamari Kiln Line #1 Calciner Kamari Calciner &
Slide 9: Stable Net Debt at €765m (- €147m vs September 2022)
Stable Net Debt at €765m (- €147m vs September 2022) Leverage ratio further dropped to 1.51x Group Net and Gross Debt Evolution (€ m) 9
Slide 10: Overview of markets performance
Overview of markets performance 501First Residences Foundation Pour, Miami, USA Credit: OneWorld Properties
Slide 11: In the US infrastructure spend and non-residential cover slowdown in residential
In the US infrastructure spend and non-residential cover slowdown in residential. Pricing momentum restored margins. Resilient pricing environment. USA Sales USA EBITDA 9 Months $237.1 $1,196.0 +78.1% $1,012.4 +18.1% $133.1m €-22.1m translation impact €-5.7m translation impact • Growth in US Sales b
Slide 12: Dynamic domestic growth in Greece. Higher profitability.
Dynamic domestic growth in Greece. Higher profitability. Growth in a positive economic environment Greece & WE Sales Greece & Corporate EBITDA 9 Months $ 200.7 • Sustained domestic Sales growth at high levels led to €299m (+23.7%) of Sales in Greece/WE despite slowdown at European Terminals. • Doubl
Slide 13: SEE markets captured further growth
SEE markets captured further growth Range of residential, commercial and infrastructure projects in our markets SEE Sales SEE EBITDA 9 Months $ 200.7 • SEE Sales rose by 13.0% to €315m in 9M 2023 supported by rising demand in most markets. • EBITDA at €108m (+64.1% vs 2022) driven by higher sales an
Slide 14: EMED suffered from currency devaluations and weak macroeconomics
EMED suffered from currency devaluations and weak macroeconomics Healthy demand in Turkey; Softening market in Egypt EMED Sales EMED EBITDA 9 Months $ 200.7 55.2% growth in local currency 153.4% growth in local currency • EMED Sales decreased by -5.9% to €174m, impacted by severe local currency deva
Slide 15: Brazil – Joint Venture: Cimento Apodi profitability improved
Brazil – Joint Venture: Cimento Apodi profitability improved $ 1,069.3 9M 2023 Apodi (100%) 2023 2022 Sales (€m) 96.9 83.4 $ 200.7 $ 200.6 EBITDA (€m) 15.4 12.2 * Consolidated on an equity basis • In 9M 2023, cement demand in Brazil reached 46.7m tons, 1.7% lower y-o-y. Both real estate and infrastr
Slide 16: Outlook
Outlook Patras cement plant, Greece
Slide 17: Outlook
Outlook Policy tightening and recent geopolitical developments lead to differentiated regional growth prospects. Positive outlook maintained for the Group, given demand levels across our geographical footprint, firm pricing and cost performance improvements. • In the US, higher rates impact resident
Slide 18: Appendix
@ TITAN Appendix
Slide 19: Group Balance Sheet September 2023
Group Balance Sheet 30 September 2023 Variance In Million Euros, unless otherwise stated 30 Sep' 23 31 Dec' 22 Sep 23 vs Dec 22 Property, plant & equipment and inv. Property 1,707.2 1,675.7 31.5 Intangible assets and goodwill 362.5 364.7 -2.2 Investments/Other non-current assets 151.5 141.7 9.8 Non-
Slide 20: Q3 Sales and Profitability by Region
Q3 Sales and Profitability by Region Sales USA GREECE & WE SEE EMED $ 265.9 $402 $368 +9.2% EBITDA USA GREECE & WE SEE EMED $90.8 $ 41.2 $65.1 +39.5% 20 9 Months 2023 Results – Investors’ and Analysts’ Presentation
Slide 21: Disclaimer
Disclaimer By accepting this presentation, recipients acknowledge that they have read, understood and accepted the terms of this disclaimer. This presentation (“the Presentation”) has been prepared by Titan Cement International S.A (the “Company” and together with its subsidiaries, “the Group”) is b
Slide 22: Thank you!
Thank you! We invite you to visit our corporate’s website dedicated section “Net Zero” & “Digitalization”, as we are shaping a more sustainable nature-positive future for all and creating an ecosystem of digital innovation.
Titan Cement International — 9M 2023 Earnings Presentation on 6ix