Slide 1: H1 Results 2019
Friday 2 August 2019 2019 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 ▼ Figures for the first half of 2018 are presented on a proforma basis after taking ac
Slide 3: Agenda
Highlights H1 2019 results Analysis by geographical region Balance sheet and cash flow statement 2019 outlook H1 Results 2019 -3-
Slide 4: Highlights
Highlights Solid cash flow of Sales at €1,340 million €173 million EBITDA at €228 million, up +3.1% (at constant scope and exchange rates and excluding a non-recurring settlement payment booked in the US in the first half of 2018 ) Net Debt at €1.465 billion versus €1 112 Net income, Group share of
Slide 5: H1 2019 results
Highlights H1 2019 results Analysis by geographical region Balance sheet and cash flow statement 2019 outlook H1 Results 2019 -5-
Slide 6: Simplified income statement
Simplified income statement H1 2018 Change Change (€ million) H1 2019 restated (reported) (at constant scope and exchange rates) Consolidated sales 1,340 1,281 +4.6% -0.6% EBITDA 228 224 +1.7% -1.8% EBIT 97 107 -9.4% -8.0% Consolidated net income 48 61 -21.5% -17.4% Net income, Group share 46 58 -20
Slide 7: H1 2018/H1 2019 EBITDA bridge analysis
H1 2018/H1 2019 EBITDA bridge analysis ▼ Positive impact from higher selling prices throughout all activities ▼ Increase in variable costs: higher energy costs (+8%) ▼ Negative volume effect: strong decrease in Turkey, and, to a lower extent, in India ▼ Other: settlement payment booked in the first
Slide 8: H1 2018/H1 2019 EBITDA bridge analysis
H1 2018/H1 2019 EBITDA bridge analysis €M 20 15 10,6 10 16,9 5 9,6 2,2 3,8 0 1,2 -2,4 -0,9 -0,9 -5 -17,2 -10 -15 -1 -20 Mediterranean Europe Africa France Americas Asia Variation (incl. scope effect) FX Settlement payment H1 Results 2019 -8-
Slide 9: Analysis by geographical region
Highlights 2019 results Analysis by geographical region Balance sheet and cash flow statement 2019 outlook H1 Results 2019 -9-
Slide 10: Analysis by region: France
Analysis by region France H1 2018 Change Change (€ million) H1 2019 restated (reported) (at constant scope and exchange rates) Sales 500 473 +5.8% +5.1% EBITDA 84 75 +12.8% +12.4% EBIT 44 34 +28.7% +28.6% ▼ Buoyant business levels ▼ Cement – More favourable macroeconomic and sector environment – Ope
Slide 11: Analysis by region: Europe (excluding France)
Analysis by region Europe (excluding France) H1 2018 Change Change (€ million) H1 2019 restated (reported) (at constant scope and exchange rates) Sales 182 184 -1.2% -4.4% EBITDA 38 39 -3.1% -6.3% EBIT 19 22 -11.7% -14.7% SWITZERLAND ▼ Concrete & Aggregates ▼ Slowdown related to a decline in the Pre
Slide 12: Analysis by region: Americas
Analysis by region Americas H1 2018 Change Change (€ million) H1 2019 restated (reported) (at constant scope and exchange rates) Sales 275 194 +42.0% +4.2% EBITDA 39 40 -3.9% -23.8% EBIT 8 21 -63.0% -55.3% UNITED STATES ▼ Concrete ▼ Macroeconomic and sector environment – Operational sales up +6.4% •
Slide 13: Analysis by region: Asia
Analysis by region Asia H1 2018 Change Change (€ million) H1 2019 restated (reported) (at constant scope and exchange rates) Sales 193 200 -3.2% -2.3% EBITDA 48 32 +49.6% +52.4% EBIT 31 16 +93.8% +98.4% INDIA KAZAKHSTAN ▼ Sales of €162 million down -5.8% ▼ Sales up +18.4% – In line with Group strate
Slide 14: Analysis by region: Mediterranean
Analysis by region Mediterranean H1 2018 Change Change (€ million) H1 2019 restated (reported) (at constant scope and exchange rates) Sales 75 109 -31.8% -18.5% EBITDA -4 14 n/a n/a EBIT -14 4 n/a n/a TURKEY EGYPT ▼ In Turkey, sales at €57 million, down -23% due to ▼ Sales at €18 million, up +12.6%
Slide 15: Analysis by region: Africa
Analysis by region Africa H1 2018 Change Change (€ million) H1 2019 restated (reported) (at constant scope and exchange rates) Sales 115 122 -5.7% -5.9 EBITDA 23 24 -3.7% -3.8% EBIT 8 9 -11.6% -11.6% ▼ Positive macroeconomic and sector environment even if affected by elections in Senegal, Mali and M
Slide 16: Balance sheet and cash flow statement
Highlights H1 2019 results Analysis by geographical region Balance sheet and cash flow statement 2019 outlook H1 Results 2019 - 16 -
Slide 17: Financial position: Cash flow
Financial position Cash flow Cash flow of €173 million compared to €171 million at end-June 2018 - Capital expenditure of €108 million compared to €94 million at end-June 2018 - Net financial investments of €340 million mainly due to the Ciplan acquisition in Brazil H1 Results 2019 - 17 -
Slide 18: Financial position: Balance-sheet items (under IFRS 16)
Financial position Balance-sheet items (under IFRS 16) Net debt of €1,465 million versus €1,112 million at end-June 2018 Consolidated equity of €2,461 million compared with €2,329 million at end-June 2018 Gearing of 59.6% based on consolidated equity versus 47.8% at end-June 2018 Leverage of 2,95x a
Slide 19: 2019 outlook
Highlights H1 2019 results Analysis by geographical region Balance sheet and cash flow statement 2019 outlook H1 Results 2019 - 19 -
Slide 20: 2019 outlook
2019 outlook ▼ In 2019, the macroeconomic context is likely to include broadly firm economic growth, although certain emerging-market regions will continue to face an uncertain political and sector environment. ▼ Finally, consumed energy prices are likely to become much more favourable in the second
Slide 21: 2019 outlook
2019 outlook ▼ The detailed information concerning the 2019 outlook for the Group’s various markets is available in the H1 2019 press release on our website www.vicat.com H1 Results 2019 - 21 -