Cementir Holding N.v. · MIL:CEM
Cementir — FY2019 Earnings Presentation
20 slides from Cementir's earnings presentation, Mar 5, 2020
Slide 1: Cementir Holding N.V. 2019 Full Year results
Cementir Holding N.V. 2019 Full Year results March 5th, 2020 Conference call | Rome, 5 March 2020
Slide 2: 2019 Full Year results highlights
2019 Full Year results highlights • Revenues reached 1,211.8 M€ (+1.3%) including 33.0 M€ from three additional months of LWCC consolidation − Like-for-like Revenue declined by 1.4% due to significant drop in revenue in Turkey, offset by other regions • EBITDA increased by 10.6% to 263.8 M€ includin
Slide 3: Nordic & Baltic
Nordic & Baltic 43% 51% • Denmark − Domestic grey and white cement volumes rose by 5% and 10%, respectively. Domestic prices in line with inflation Share of Share of − White cement exports moderately up; grey cement exports were down 2019 Group Revenue 2019 Group Ebitda due to lower deliveries to No
Slide 4: Belgium and France
Belgium and France (1) 20% 25% • Belgium Share of Share of • France 2019 Group Revenue 2019 Group Ebitda − Grey cement and clinker volumes increased by more than 10%, with higher sales in Belgium, France and The Netherlands. Prices up in Belgium and minor increase in exports − RMC volumes down in Be
Slide 5: North America
North America 9% 12% Share of Share of 2019 Group Revenue 2019 Group Ebitda • United States − Comparisons with 2018 are altered by three additional months of line by line consolidation in 2019. − Market was hampered by unfavourable weather conditions in Texas and New York State, more competition and
Slide 6: Turkey
Turkey (1) -1% 10% Share of Share of 2019 Group Revenue 2019 Group Ebitda • Turkey − Domestic grey cement volumes dropped by 24%, partially offset by higher exports. Domestic prices down in local currency − In the last 4 months of 2019 the domestic market bounced back with volumes up +22% YoY. − RMC
Slide 7: Egypt
Egypt 3% 2% Share of Share of 2019 Group Revenue 2019 Group Ebitda • Egypt − Stabilization of security situation in the Sinai area allowed a good volume recovery − Domestic prices in local currency showed robust recovery EUR '000 2019 2018 Chg % − Export volumes increased by more than 20% to all mai
Slide 8: Asia Pacific
Asia Pacific 7% 9% • China Share of Share of − Strong white cement and clinker volumes in the domestic market 2019 Group Revenue 2019 Group Ebitda with prices up more than inflation − EBITDA progression YoY (+22.3%) thanks mainly to favorable trend in volumes and prices EUR '000 2019 2018 Chg % • Ma
Slide 9: Italy
Italy 5% 3% Share of Share of 2019 Group Revenue 2019 Group Ebitda EUR '000 2019 2018 Chg % • Italy Revenue 65,490 78,023 (16.1%) − The increase in EBITDA can be attributed mainly to Spartan Hive, EBITDA 8,571 2,598 229.9% which commercialised cement and clinker to both Group EBITDA Margin % 13.1% 3
Slide 10: Financial result
Financial result Chg (EUR 000) 2019 2018 % Net profit from Associates 310 1,050 (70%) Total financial income 4,636 70,835 (93%) Total financial expense (25,654) (28,145) (9%) Foreign exchange rate gains (losses) (4,387) (12,318) (64%) Net financial income (expense) (25,405) 30,372 184% Net financial
Slide 11: Cash Flow Bridge
Cash Flow Bridge Net financial debt decreased by 100.1 M€ to 239.6 M€ if we take into account the 84.3 M€ debt increase due to IFRS 16 introduction -100.1 EUR million 339.7 14.4 55.1 84.3 32.4 263.8 27.3 239.6 255.4 63.3 Pro-Forma EBITDA Capex Dividends Taxes Other Working Net Debt 2018 Net debt (1)
Slide 12: 2020 Guidance
2020 Guidance • 2020 Revenues ~ Eur 1.27 BN • 2020 EBITDA ~ Eur 270 M • 2020 NFP ~ Eur 180 M • 2020 Capex ~ Eur 86 M (of which Eur 12 M for sustainability and Eur 5.6 M for digitization capex) These forecasts do not include any evaluation, which would be premature at this stage, of the impacts on wo
Slide 13: Cementir Innovation drive and Sustainability / Digitization Targets
Cementir Innovation drive and Sustainability / Digitization Targets Innovation Sustainability Digitization Research Quality and Technical centre New organizational setup and New digitization program to improve with > 40 dedicated employees sustainability governance industrial processes Proprietary F
Slide 14: We identified specific initiatives to achieve CO2 reduction targets
We identified specific initiatives to achieve CO2 reduction targets Clear Roadmap Both in Grey and White Cement ✓ Actions Short-term (1-3yrs) Mid-term (4-6yrs) Long-term (7-10yrs) 30% CO2 reduction target by 2030 Investments on kilns to optimize heat Specific Heat Consumption consumption Increase al
Slide 15: Digitization Driving Financial Results
Digitization Driving Financial Results Detailed timeline with clear targets Financial impact only starting to materialise • Specific initiatives identified across all areas including 100% production, maintenance and logistics ~€15m of savings run-rate by 2023 (2023E) • Phase I implementation already
Slide 16: Appendix
Appendix ‘on ( Concretely Dynamic ~ cementirholding (wr
Slide 17: IFRS 16 Impact on 2019 main figures
IFRS 16 Impact on 2019 main figures Starting from 1/1/2019 the Group has adopted the new accounting standard IFRS16 – “Leases”, which has led to the recognition of right-of-use assets (in assets) and lease liabilities (in liabilities) in the statement of financial position, and the corresponding rec
Slide 18: Consolidated Income Statement
Consolidated Income Statement (EUR million) 2019 2018 Chg % REVENUE FROM SALES AND SERVICES 1,211.8 1,196.2 1.3% Change in inventories 5.8 12.4 (53.2%) Other revenue 25.8 31.1 (17.2%) TOTAL OPERATING REVENUE 1,243.4 1,239.7 0.3% Raw materials costs (466.4) (479.3) (2.7%) Personnel costs (184.9) (176
Slide 19: Consolidated Balance sheet
Consolidated Balance sheet EUR million CAPITAL EMPLOYED 31/12/2019 31/12/2018 NON CURRENT ASSETS & LIABILITIES Tangible, intangible and financial assets 1,520.2 1,462.4 Deferred taxes assets/ liabilities (96.3) (98.5) Other non current assets/ liabilities (76.0) (72.8) TOTAL NON CURRENT ASSETS & LIA
Slide 20: Disclaimer and Other information
Disclaimer and Other information •This presentation has been prepared by and is the sole responsibility of Cementir Holding N.V. (the Investor Relations: “Company”) for the sole purpose described herein. In no case may it or any other statement (oral or otherwise) made at any time in connection here