Tessenderlo Group N.v. · EURONEXT:TESB
Tessenderlo — H1 2014 Earnings Presentation
15 slides from Tessenderlo's earnings presentation, Aug 27, 2014
Slide 1: Tessenderlo Group HY14 Results
TESSENDERLO GROUP HY14 Results August 27, 2014
Slide 2: Key notes
Key notes 2Q14 results confirm 1Q14 performance, thanks to the profitability of the Agro segment and to cost management initiatives throughout the group. Operating performance • HY14 revenue at comparable scope decreased by 4.3% compared to HY13, or by 2.2% when excluding the FX effect. • Rebitda in
Slide 3: Operational Highlights
Operational Highlights GROUP KEY FIGURES in Million EUR % Change at % Change at 2Q14 2Q13 comparable Million EUR HY14 HY13 comparable scope scope 379.3 542.4 -11.0% Revenue 775.7 1,029.0 -4.3% 45.3 49.0 8.4% REBITDA 87.1 81.7 18.0% 11.9% 9.0% REBITDA margin 11.2% 7.9% REBIT 54.7 43.9 37.2% REBIT mar
Slide 4: HY14 revenue by operating segment
HY14 revenue by operating segment Million EUR and % increase versus HY13 1,200.0 1,029.0 -11.1 -27.3 4.9 -219.9 1,000.0 775.7 800.0 Comparable scope 600.0 -4.3% -33.4 400.0 Total Group -24.6% 200.0 -253.3 0.0 Revenue HY13 Agro Bio-valorization Industrial Other Revenue HY14 solutions 4
Slide 5: HY14 REBITDA by operating segment
HY14 REBITDA by operating segment Million EUR and % increase versus HY13 120.0 20.0 -14.8 100.0 7.9 -7.7 87.1 81.7 80.0 Comparable scope 60.0 +18.0% +13.1 40.0 Total Group 20.0 +6.7% +5.4 0.0 REBITDA HY13 Agro Bio-valorization Industrial solutions Other REBITDA HY14 5
Slide 6: Net debt position
Net debt position Million EUR 900.0 5 750.0 2.9 2.5 2.4 3 600.0 1.6 1.5 2.0 2.2 1.6 1 450.0 0.9 1.1 393.9 340.8 305.2 79.9 291.3 300.0 283.2 81.9 -1 85.8 92.3 121.2 150.0 314.0 -3 219.4 258.9 162.0 199.0 0.0 -5 31/12/2010 31/12/2011 31/12/2012 31/12/2013 30/06/2014 Non-recourse factoring (Million EU
Slide 7: Outlook
Outlook The group does not anticipate any material recovery of volumes and margins in the bio-valorization segment for the foreseeable future. Based on the current assumptions and in view of the seasonality of the business, the group anticipates the REBITDA Group for the full year to end up slightly
Slide 8: HY14 group revenue and REBITDA per segment
HY14 group revenue and REBITDA per segment Revenue (% of total) REBITDA (% of total) Other Bio- 1.4% Other 4.0% valorization Bio- 8.8% Agro valorization Agro Industrial solutions 26.6% 38.3% 19.7% 775.7 87.1 mEUR mEUR 70.2% 31.1% Industrial solutions 8
Slide 9: Agro
REBITDA (% of total) Agro 1HY2014 70.2% Revenue (Million EUR) REBITDA (Million EUR) & REBITDA margin (%) 400 20.6% 70 2013 60 300 2014 13.4% 50 200 307.8 40 61.1 296.7 30 100 20 41.2 10 0 0 HY HY Revenue HY Rebitda HY % Change -3.6% % Change +48.5% • The HY14 revenue decreased by 3.6% or by 0.8% whe
Slide 10: Bio-valorization
REBITDA (% of total) 8.8% Bio-valorization 1HY2014 Revenue (Million EUR) REBITDA (Million EUR) & REBITDA margin (%) 400 8.4% 2013 3.2% 300 2014 9 200 268.6 7 22.5 241.3 5 100 3 7.6 1 0 HY -1 HY -3 Revenue HY Rebitda HY % Change -10.2% % Change -65.9% • The revenue decreased by 10.2% in HY14 or by 7.
Slide 11: Industrial solutions
REBITDA (% of total) Industrial solutions 19.7% 1HY2014 Revenue (Million EUR) REBITDA (Million EUR) & REBITDA margin (%) 300 2013 2014 200 25 8.3% 20 206.5 4.6% 15 17.1 100 201.5 10 5 9.2 0 0 HY -5 HY Revenue HY Rebitda HY % Change +2.4% % Change +86.4% • The HY14 revenue of the segment “Industrial
Slide 12: REBIT to Profit details for HY14
REBIT to Profit details for HY14 Million EUR Non-recurring Net finance Income Tax Share of result REBIT 1HY14 items EBIT costs Expense of investments PROFIT 1HY14 (2.2) (10.8) (15.7) 1.6 54.7 52.6 (6.7) 27.7 12
Slide 13: Net debt evolution HY14
Net debt evolution HY14 Million EUR Net Debt Evolution - 1HY 2014 -150.0 87.1 -200.0 -199.0 -250.0 -31.1 -258.9 -12.8 5.1 11.9 10.5 2.2 -300.0 -17.1 3.6 0.5 -350.0 Net Debt CAPEX Non-recurring Financial charges Capital Capital increase Change in Dividends Change in WC Sale of non- REBITDA Net Debt D
Slide 14: Balance Sheet
Balance Sheet Million EUR 1800.0 1800.0 1600.0 1,188.3 1,089.9 1,051.1 1600.0 1,188.3 1,089.9 1,051.1 1400.0 1400.0 Non-current assets 1.3 0.0 Liabilities associated 8.8 1200.0 8.3 held for 1200.0 sale 0.0 with assets classified 1.8 as held for sale 1000.0 1000.0 Other current assets 512.5 437.3 397
Slide 15: About Tessenderlo Group and financial news wires
Tessenderlo Group is a worldwide specialty company, focused on food, agriculture, water management and on valorizing bio- residuals. The group employs about 5,000 people and is a leader in most of its markets, with a consolidated revenue of 1.8 billion EUR in 2013. Tessenderlo Chemie NV is listed on