Tubacex, S.a. · BME:TUB
Tubacex — H1 2023 Earnings Presentation
24 slides from Tubacex's earnings presentation, Jul 1, 2023
Slide 1: TUBACEX Group H1 2023 Results Release
TUBACEX GROUP H1 2023 Results Release
Slide 2: Main Highlights
H1 2023 Results Main Highlights Strong results for the first half of the year confirm the Group's good prospects We have had a very positive quarter in terms of sales and results Eighth consecutive quarter of improved results, with the highest ever quarterly EBITDA and margin figures In the
Slide 3: Main financial figures
H1 2023 Results Main financial figures H1 2022 H1 2023 % Var. Q2 2022 Q2 2023 % Var. (€M) Sales 353.8 434.8 22.9% 195.7 202.5 3.5% EBITDA 42.5 64.3 51.4% 23.4 33.9 44.5% EBITDA Margin 12.0% 14.8% 12.0% 16.7% EBIT 18.1 41.0 127.1% 10.7 22.3 108.8% EBIT Margin 5.1% 9.4% 5.5% 11.0% Earnings Before Taxe
Slide 4: Main Figures from the Income Statement
H1 2023 Results Main Figures from the Income Statement Sales (€M) Sales for the first half of the year have amounted to 434.8 195.7 202.5 €434.8 million, the company’s highest half yearly 353.8 sales figure ever Sales growth of 22.9% with respect to the first half of 2022 reflects the success of
Slide 5: Main Figures from the Income Statement
H1 2023 Results Main Figures from the Income Statement Quarterly Average EBITDA evolution (€M) Annual EBITDA evolution (€M) 33.9 30.5 25.0 23.4 24.8 COVID Effect 92.3 19.0 69.6 67.1 17.4 16.8 12.6 9.5 38.1 64.3 H1 4.7 17.5 2023 0.1 2018* 2019* 2020* H1 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2018 2019 2020 2021 202
Slide 6: Main Figures from the Balance Sheet: Working Capital
H1 2023 Results Main Figures from the Balance Sheet: Working Capital Working Capital (M€) The Working Capital stands at €235.1 million, up €5.1 million on the 2022 year-end figure, in a business situation with sales growth of 22.9% 230.0 235.1 The inventory levels for the first half of the year
Slide 7: Main Figures from the Balance Sheet: Net Financial Debt
H1 2023 Results Main Figures from the Balance Sheet: Net Financial Debt Net Financial Debt (M€) Part of the cash generated in the first half of the year was used for the purchase of the minority stake in Saudi Arabia, the acquisition in Norway, the start of investment in the Abu Dhabi plant and th
Slide 8: Revenues breakdown
H1 2023 Results Revenues breakdown Order intake remains at high levels, in line with turnover The macroeconomic environment and the rises in interest rates is causing a slowdown in the sale of low value-added products, as well as in certain segments of the North American market The Group’s sal
Slide 9: Backlog Evolution
H1 2023 Results Backlog Evolution Backlog evolution +29.4% Book-to-bill ratio 650.0 650.0 +336.2% 502.3 H1 2023 1.0x 115.2 Total Backlog including ADNOC’s project amounts to €1,650M 01.2021 12.2021 12.2022* 06. 2023* Record invoicing with the order intake at the same level as the 2022 year-end B
Slide 10: Commercial remarks (i): Upstream
H1 2023 Results Commercial remarks (i) In OCTG we are continuing to execute strongly on the back of the order backlog for Brasil in Upstream 2023 Continued positive outlook for high allow requirements in critical well environments in all major hubs with special mention for Middle East, Brazil an
Slide 11: Commercial remarks (ii): Industrial and PowerGen
H1 2023 Results Commercial remarks (ii) Order intake for the lowest added value products have experienced a slowdown in recent months Industrial - Some projects are being re-evaluated due to growing macroeconomic uncertainty, high interest rates and because expectations of a strong recovery in Chi
Slide 12: Commercial remarks (iii): New businesses
H1 2023 Results Commercial remarks (iii) Improvement in the process of identifying Low Carbon projects, with a new definition of taxonomy In the last months we have seen increased quoting activity for CCUS applications CCUS Low Carbon (Carbon Capture, Use and Storage) in USA, Asia and Australia
Slide 13: Main ESG KPIs
H1 2023 Results Main ESG KPIs *2020 and 2021 are not considered as representative years due to Covid-19 and strike in some sites 1. Group companies intensities weight by energy use 2. Group companies intensities weight by emissions GAV: Gross Added Value (€k) TUBACEX – H1 2023 Results 13
Slide 14: Stock Information
H1 2023 Results Stock Information Tubacex stock evolution (€/share) Key data 2,9 2.86€ 2,8 # shares 128,978,782 2,7 outstanding 2,6 €/share 2.715€ (06.30.23) 2,5 2.715€ 2,4 Market Cap (€M) 350.2€M 2,3 2,2 % evolution YTD +35.9% 2,1 2,0 Max. €2.855 (June 19th) 2.01€ 1,9 31/12/2022 06/01/2023 12/01/20
Slide 15: Conclusions
H1 2023 Results Conclusions The results for the first half of the year are exceeding all of our expectations in terms of the results improvement rate and gross cash generation TUBACEX is ahead of schedule in the fulfillment of most of its strategic objectives for 2025, in terms of results, debt
Slide 16: Shareholders' General Meeting: Relevant Facts (i)
H1 2023 Results: Relevant Facts (i) Shareholders' General Meeting Tubacex held its Shareholders' General Meeting on 24th May, having already fulfilled part of the financial objectives in the first year of the Strategic Plan Given the early fulfillment of these objectives, Tubacex has announced t
Slide 17: Signing of the land concession for the plant in Abu Dhabi
H1 2023 Results: Relevant Facts (ii) Signing of the land concession for the plant in Abu Dhabi Tubacex will build a tube finishing and threading plant in Abu Dhabi within the framework of the Abu Dhabi Energy Company (ADNOC) contract signed in 2022 Tubacex signed the concession of the land in th
Slide 18: Appendix
TUBACEX GROUP Appendix
Slide 19: Income Statement - Detail
Appendix H1 2023 Results Income Statement - Detail (€ M) H1 2022 H1 2023 change % Q2 2022 Q2 2023 change % Sales 353,8 434,8 22,9% 195,7 202,5 3,5% Change in inventories 43,0 37,6 -12,5% 17,5 24,5 40,2% Other income 9,2 7,8 -14,5% 3,5 4,1 15,5% Cost of materials (171,8) (210,1) 22,3% (94,9) (96,4) 1
Slide 20: Balance Sheet - Detail
Appendix H1 2023 Results Balance Sheet - Detail (€ M) 31/12/2022 30/06/2023 %change (€ M) 31/12/2022 30/06/2023 %change Intangible assets 114,4 110,2 -3,7% Equity, Group Share 221,5 228,2 3,0% Tangible assets 266,8 274,9 3,0% Minority interests 54,6 53,7 -1,7% Financial assets 100,3 99,4 -0,9% Equit
Slide 21: Historical quarterly evolution: Revenues & EBITDA
Appendix H1 2023 Results Historical quarterly evolution: Revenues & EBITDA Revenues (€M) 195.7 202.5 192.1 180.0 128.3 73.5 Q2 2018 Q2 2019 Q2 2020 Q2 2021 Q2 2022 Q2 2023 EBITDA (€M) 33.9 23.4 19.8 19.0 16.7% 10.3% 7.4 12.0% 10.6% 5.8% 0.2 0.3% Q2 2018 Q2 2019 Q2 2020 Q2 2021 Q2 2022 Q2 2023 % EBIT
Slide 22: Alternative Performance Measures
Annex - Alternative Performance Measures Alternative Performance Measures Tubacex presents its results in accordance with the generally accepted accounting principles (IFRS). Furthermore, this report provides other non-IFRS financial measures, called Alternative Performance Measures (APM), which a
Slide 23: Alternative Performance Measures
Annex - Alternative Performance Measures Alternative Performance Measures PROFIT BEFORE TAX MARGIN: Tubacex presents the calculation of the Profit before tax margin as the ratio between the Profit before tax and the sales figure NET FINANCIAL DEBT: Tubacex presents the calculation of Net Financi
Slide 24: TUBACEX Group
TUBACEX GROUP a) Oo > =< c © a _