Tubacex, S.a. · BME:TUB
Tubacex — 9M 2023 Earnings Presentation
24 slides from Tubacex's earnings presentation, October 2023
Slide 1: First Nine Months Results Release
TUBACEX GROUP First Nine Months H1 2023 Results Release October 2023
Slide 2: Main Considerations
9M 2023 Results Main Considerations Consolidation of the growth trend and strength of the Group’s results The results for the first nine months of the year exceed those for the whole of the previous year EBITDA and EBITDA margin figures for the third quarter are the highest ever for Tubacex
Slide 3: Main financial figures
9M 2023 Results Main financial figures 9M 2022 9M 2023 % Var. Q3 2022 Q3 2023 % Var. (€M) Sales 527.1 641.9 21.8% 173.3 207.2 19.6% EBITDA 67.3 93.8 39.3% 24.8 29.5 18.7% EBITDA Margin 12.8% 14.6% 14.3% 14.2% EBIT 31.7 60.6 91.1% 13.6 19.6 43.4% EBIT Margin 6.0% 9.4% 7.9% 9.4% Earnings Before Taxes
Slide 4: Main Figures from the Income Statement
9M 2023 Results Main Figures from the Income Statement The sales figure for the first nine months of the year stands Sales (€M) at €641.9M, up 21.8% for the same period in 2022 641.9 - Average nickel price is 11% lower than the average price in 527.1 207.2 2022, with an accumulated fall of 38% so
Slide 5: Main Figures from the Income Statement
9M 2023 Results Main Figures from the Income Statement Quarterly Average EBITDA evolution (€M) Annual EBITDA evolution (€M) 33.9 30.5 29.5 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 93.8 9M 4.7 17.5 2023 0.1 2018*2019*2020* H1 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2018 2019 2020 20
Slide 6: Main Figures from the Balance Sheet: Working Capital
9M 2023 Results Main Figures from the Balance Sheet: Working Capital Working Capital (M€) The Working Capital stands at €234.9M, up €4.9 M on the 2022 year- end figure, in a business situation with sales growth of 21.8% 230.0 234.9 The inventory levels for the first nine months of the year have
Slide 7: Main Figures from the Balance Sheet: Net Financial Debt
9M 2023 Results Main Figures from the Balance Sheet: Net Financial Debt Net Financial Debt (M€) Part of the cash generated in the first nine months of the year has been used for the purchase of a minority stake in Saudi Arabia, the acquisition 287.1 291.2 of a stake in Norway, the start of investm
Slide 8: Revenues breakdown
9M 2023 Results Revenues breakdown The Group’s sales are undergoing a significant increase in the Gas Upstream sector and the Asian and Middle East region, in line with the strategic objectives Order intake for premium products and long-term projects remains robust, with a book-to-bill ratio of
Slide 9: Backlog Evolution
9M 2023 Results Backlog Evolution Backlog evolution +29.4% Book-to-bill ratio 650.0 630.0 +336.2% 502.3 9M 2023 1.0x 115.2 Total Backlog including ADNOC’s project amounts to €1,630M 01.2021 12.2021 12.2022* 09. 2023* Record turnover with order intake at historically high levels Book-to-bill rati
Slide 10: Commercial remarks (i): Upstream
9M 2023 Results Commercial remarks (i) Strong order execution in Brazil with expectations for ongoing volume requirements in this market over the coming years Upstream - Tubacex has successfully implemented an extended supply chain solution in Brazil, including the supervision of finished product
Slide 11: Commercial remarks (ii): Industrial and PowerGen
9M 2023 Results Commercial remarks (ii) Order intake for the lowest added value products have experienced a slowdown in recent months - Some projects are being re-evaluated due to growing macroeconomic uncertainty and high interest Industrial rates This effect is not occurring in high value-adde
Slide 12: Commercial remarks (iii): New businesses
9M 2023 Results Commercial remarks (iii) Fervent interest in carbon capture opportunities in the U.S market boosted by government support - Emerging CCUS projects for international market witnessed by Tubacex first order in Malaysia Low Carbon Good positioning in the Tubacoat division in the Mid
Slide 13: Main ESG KPIs
9M 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 – 9M 2023 Results 13
Slide 14: Stock Information
9M 2023 Results Stock Information Tubacex stock evolution (€/share) 3,04€ Key data 3.085€ 3,1 +52.2% # shares 128,978,782 outstanding 2,9 €/share 3.04€ 2,7 (09.30.23) 2,5 Market Cap (€M) 392.1€M 2,3 % evolution YTD +52.2% 2,1 Max. €3.085 (Sept 28th) 2.01€ 1,9 31/12/2022 15/01/2023 30/01/2023 14/02/2
Slide 15: Conclusions
9M 2023 Results Conclusions Expectations for 2023 to be a landmark year in earnings have been confirmed Tubacex is ahead of schedule in meeting most of the strategic objectives for 2025 Strategic commitment to sustainability and the energy transition Good market momentum in which security of
Slide 16: Capital Markets Day – Save the Date
9M 2023 Results: Relevant Facts (i) Capital Markets Day – Save the Date TUBACEX – 9M 2023 Results 16
Slide 17: Conferences and Exhibitions
9M 2023 Results: Relevant Facts (ii) Conferences and Exhibitions Tubacex has attended two main Conferences held during the quarter In ADIPEC Exhibition and Conference 2023 Tubacex showcased its extensive range of advanced industrial products in energy and mobility sectors and its Adnoc Group sup
Slide 18: Appendix
TUBACEX GROUP Appendix
Slide 19: Income Statement - Detail
Appendix 9M 2023 Results Income Statement - Detail (€ M) 9M 2022 9M 2023 change % Q3 2022 Q3 2023 change % Sales 527,1 641,9 21,8% 173,3 207,2 n.m. Change in inventories 41,3 20,8 -49,6% (1,7) (16,8) 898,9% Other income 11,4 10,9 -4,5% 2,3 3,1 35,4% Cost of materials (247,8) (293,1) 18,3% (76,0) (83
Slide 20: Balance Sheet - Detail
Appendix 9M 2023 Results Balance Sheet - Detail (€ M) 31/12/2022 30/09/2023 %change (€ M) 31/12/2022 30/09/2023 %change Intangible assets 114,4 111,4 -2,6% Equity, Group Share 221,5 239,4 8,1% Tangible assets 266,8 289,7 8,6% Minority interests 54,6 53,1 -2,8% Financial assets 100,3 100,3 0,0% Equit
Slide 21: Historical quarterly evolution: Revenues & EBITDA
Appendix 9M 2023 Results Historical quarterly evolution: Revenues & EBITDA Revenues (€M) 207.2 173.3 159.3 152.8 107.6 86.4 Q3 2018 Q3 2019 Q3 2020 Q3 2021 Q3 2022 Q3 2023 EBITDA (€M) 29.5 24.8 19.7 13.0 14.3% 14.2% 12.4% 6.6 4.7 8.5% 6.1% 5.5% Q3 2018 Q3 2019 Q3 2020 Q3 2021 Q3 2022 Q3 2023 % Mg EB
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