Tessenderlo Group N.v. · EURONEXT:TESB
Tessenderlo — Q1 2013 Earnings Presentation
21 slides from Tessenderlo's earnings presentation, May 16, 2013
Slide 1: First Quarter 2013 Results
TESSENDERLO GROUP First Quarter 2013 Results May 16, 2013
Slide 2: Highlights
Highlights Strategy execution update • January 2013: Tessenderlo Group completed the sale of its continental European profiles activities • February 2013: the group announced its intention to divest its Compounds activities to Mitsubishi Chemical Corporation • On May 3 2013, the sale of the Italian
Slide 3: 1Q13 revenue by operating segment
1Q13 revenue by operating segment Million EUR and % increase versus 1Q12 at comparable scope +8.1% +0.1% -2.9% -10.5% -12.7% Gelatin & Other Tessenderlo PPS & Scope Akiolis Businesses Kerley Profiles Inorganics (38.9) +10.0 +0.1 (2.4) (13.0) (14.0) 544.8 - 3.8% 486.5 - 19.4 Revenue Revenue 1Q12 1Q13
Slide 4: 1Q13 REBITDA by operating segment
1Q13 REBITDA by operating segment Million EUR and % increase versus 1Q12 at comparable scope Other Inorganics Gelatin & Non- PPS & Scope Businesses Akiolis allocated Profiles Tessenderlo Kerley +1.1 (0.6) (0.8) (1.3) +1.1 (3.2) (7.4) 43.8 - 23.2% 32.7 - 9.8 REBITDA REBITDA 1Q12 1Q13 • 1Q13 REBITDA 2
Slide 5: Net debt position
Net debt position Million EUR 900.0 5.2 5 750.0 2.9 2.5 3 3.3 600.0 1.6 1.5 2.0 2.2 1 1.1 393.9 431.9 450.0 0.9 332.4 99.3 283.2 305.2 79.9 -1 300.0 123.4 85.8 121.2 150.0 314.0 332.6 -3 209.0 219.4 162.0 0.0 -5 31/12/2009 31/12/2010 31/12/2011 31/12/2012 30/03/2013 Net debt (Million EUR) Non-recour
Slide 6: Outlook
Outlook For Tessenderlo Kerley the planting season is now underway, and April 2013 activity has been very strong and well above April 2012, providing an indication that 2013 should be another solid year for Tessenderlo Kerley. For PPS and Profiles, the level of construction activity in Europe remain
Slide 7: Operational Highlights
Operational Highlights GROUP KEY FIGURES % Change as % Change at Million EUR 1Q13 1Q12 reported comparable scope Revenue 486.5 544.8 -10.7% -3.8% REBITDA 32.7 43.8 -25.4% -23.2% REBITDA margin 6.7% 8.0% - - REBIT 13.6 22.4 -39.2% -40.6% REBIT margin 2.8% 4.1% - - Non-recurring items 0.0 -4.6 - - EBI
Slide 8: 1Q13 group revenue and REBITDA per segment
1Q13 group revenue and REBITDA per segment Revenue (% of total) REBITDA (% of total*) Other businesses Inorganics Other businesses 3.8% 3.2% Gelatin 13.1% & PPS & Akiolis Profiles 27.5% 12.3% Tessenderlo Kerley Tessenderlo 16.6% 41.9% Kerley 486.5 32.7 mEUR mEUR 19.8% 22.9% Gelatin 38.7% & Inorganic
Slide 9: Tessenderlo Kerley
REBITDA (% of total) Tessenderlo Kerley 41.9% 1Q13 Revenue (Million EUR) REBITDA (Million EUR) & REBITDA margin (%) 90 30 29.4% 80 25 21.2% 70 2012 60 2013 20 50 15 40 83.4 81.0 24.5 30 10 20 17.1 5 10 0 0 1Q 1Q Revenue 1Q REBITDA 1Q % Change at % Change at -2.9% -30.2% comparable scope comparable s
Slide 10: Delayed start of US planting season versus early 2012 planting
Delayed start of US planting season versus early 2012 planting Corn Planted % Spring Wheat Planted % 100 100 90 90 80 80 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 % April April April April April May May May % April April April April April May May May 1 8 15 22 29 6 13 20 1 8 15 22 29 6 13 20 % o
Slide 11: Gelatin and Akiolis
REBITDA (% of total) Gelatin and Akiolis 1Q13 38.7% Revenue (Million EUR) REBITDA (Million EUR) & REBITDA margin (%) 13.3% 160 18 11.8% 140 16 120 2012 14 2013 100 12 10 80 60 124.0 134.0 8 16.5 15.8 6 40 4 20 2 0 0 1Q 1Q Revenue 1Q REBITDA 1Q % Change at % Change at +8.1% -3.8% comparable scope com
Slide 12: Inorganics
REBITDA (% of total) 3.2% Inorganics 1Q13 Revenue (Million EUR) REBITDA (Million EUR) & REBITDA margin (%) 1.4% 120 1 100 1 0.2% 2012 80 2013 1 1 60 110.2 96.1 1 1.3 40 0 20 0 0.2 0 0 1Q 1Q Revenue 1Q REBITDA 1Q % Change at % Change at -12.7% nm comparable scope comparable scope • Inorganics revenue
Slide 13: Plastic Pipe Systems and Profiles
REBITDA (% of total) 12.3% Plastic Pipe Systems and Profiles 1Q13 Revenue (Million EUR) REBITDA (Million EUR) & REBITDA margin (%) 160 (11.2) 10 6.4% (0.5) 140 net scope 9 4.5% 8 120 2012 7 2013 100 6 80 5 60 135.7 4 8.7 111.5 3 40 2 5.0 20 1 0 0 1Q 1Q Revenue 1Q REBITDA 1Q % Change at % Change at -
Slide 14: Dutch construction activity shows strong decline
Dutch construction activity shows strong decline Dwellings building permits issued 120000 100000 80000 60000 40000 20000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 * Source: Statistics Netherlands 2013, Company analysis 14
Slide 15: Other Businesses
REBITDA (% of total) 3.8% Other Businesses* 1Q13 * Includes Compounds, OCD, Pharma, Water Treatment and Sulfur Derivatives Revenue (Million EUR) REBITDA (Million EUR) & REBITDA margin (%) (27.7) 100 2 (0.8) 2.4% 90 net scope 2 80 1 1.4% 2012 70 2013 1 60 1 50 40 91.6 1 1.6 30 64.0 1 1.3 0 20 10 0 0
Slide 16: REBIT to Profit details for 1Q13
REBIT to Profit details for 1Q13 Million EUR REBIT Non-recurring Net finance Income Tax Share of result PROFIT/LOSS 1Q13 items EBIT costs Expense of investments 1Q13 (6.6) 13.6 13.6 (7.3) 1.5 1.1 0.0.6) 16
Slide 17: Non-recurring items 1Q13
Non-recurring items 1Q13 Million EUR Capital gain on sale of non strategic Provisions and Losses on disposal Other income and Total non-recurring assets claims Impairment losses groups expenses items (1.9) 4.7 (0.1) (1.0) (1.8) 0.0 4.7 m EUR from sale of land (1.0) m EUR results electricity contract
Slide 18: Net debt evolution 1Q13
Net debt evolution 1Q13 Million EUR Net debt Net debt 31/12/2012 31/03/2013 (314.0) (332.6) Change in WC (before factoring) Change REBITDA CAPEX Financial Sale of in factoring charges Non-recurring non-strategic (36.7) & taxes and other assets 32.7 (21.2) (11.5) (7.7) 6.4 19.4 Growth CAPEX: (9.6) Fi
Slide 19: Group Trade Working Capital
Group Trade Working Capital Million EUR 700 30% 600 21.6 22.1% 25% 19.8 20% 500 21.4% 19.3% 15% 400 17.0% 10% 300 5% 452.2 200 361.1 399.5 0% 100 -5% 0 -10% Mar 2012 Dec 2012 Mar 2013 Trade Working Capital excluding factoring Trade Working Capital excluding factoring/Last 12 months revenue (%) Norma
Slide 20: Balance Sheet
Balance Sheet Million EUR 1800 1800 1,420.4 1,420.4 1600 1600 1,315.7 Non-current assets 1,315.7 1,263.0 8.1 1,263.0 held for sale 1400 1400 Liabilities associated 34.5 40.6 with assets classified 63.1 as held for sale 1200 64.4 1200 525.1 Other current assets 669.1 1000 573.6 1000 560.0 542.0 533.6
Slide 21: Financial News wires and company description
Tessenderlo Group is a worldwide specialty company, focused on food, agriculture, water management and on valorizing bio- residuals. The group employs about 7000 people and is a leader in most of its markets, with a consolidated revenue of 2.1 billion EUR in 2012. Tessenderlo Chemie NV is listed on