Tubacex, S.a. · BME:TUB
Tubacex — 9M 2022 Earnings Presentation
23 slides from Tubacex's earnings presentation, October 2022
Slide 1: CEO letter on third quarter 2022 results
The results for the third quarter of 2022 continue to demonstrate that this is the year of recovery for TUBACEX. At the start of the year, we set the objective of surpassing the results obtained in 2018 and 2019. The EBITDA for the first nine months of 2022 presented today amounts to €67.3 million,
Slide 2: TUBACEX Group 9M 2022 Results Release
TUBACEX GROUP 9M 2022 Results Release October 2022
Slide 3: Main Highlights
9M 2022 Results Main Highlights Fifth consecutive quarter of improved results, with EBITDA margins structurally in line with the Group’s strategic objective Particularly outstanding results in an inflationary environment, reflecting TUBACEX’s competitiveness and resilience The significant cost
Slide 4: Main financial figures
9M 2022 Results Main financial figures 9M 2021 9M 2022 % Var. Q3 2021 Q3 2022 % Var. (€M) Sales 246.4 527.1 +113.9% 86.4 173.3 +100.5% EBITDA 5.0 67.3 n.m. 4.7 24.8 n.m. EBITDA Margin 2.0% 12.8% 5.5% 14.3% EBIT -27.6 31.7 n.m. -5.6 13.6 n.m. EBIT Margin neg. 6.0% neg. 7.9% Profit Before Taxes -36.3
Slide 5: Main Figures from the Income Statement
9M 2022 Results Main Figures from the Income Statement Sales (€M) Sales between January and September amounted to €527.1M: doubling those for the same period of 527.1 173.3 2021 The growth in sales reflects the increase in volume 86.4 sold and an improved mix 246.4 EBIDTA of €67.3M for the fir
Slide 6: Main Figures from the Income Statement
9M 2022 Results Main Figures from the Income Statement Quarterly Average EBITDA evolution (€M) Annual EBITDA evolution (€M) 24.8 23.4 19.0 69.6 67.1 17.4 16.8 12.6 67.3 9.5 38.1 9M22 4.7 17.5 0.1 2018* 2019* 2020* H1 2021 Q3 2021 Q4 2021 Q12022 Q2 2022 Q3 2022 2018 2019 2020 2021 2022 *Quarterly ave
Slide 7: Main Figures from the Balance Sheet: Working Capital
9M 2022 Results Main Figures from the Balance Sheet: Working Capital Working Capital The working capital amounts to €242.3M, up €19.9M on the 2021 year-end and at a similar level to that reported in June 242.3 Increase of €76.3M in inventory levels due to: 222.5 − Increased cost of raw materials
Slide 8: Main Figures from the Balance Sheet: Net Financial Debt
9M 2022 Results Main Figures from the Balance Sheet: Net Financial Debt Net Financial Debt Reduction of Net Financial Debt by €2.9M with respect to the 2021 336.2 333.4 year-end, despite the increase in stock levels 19.2x The Net Financial Debt over EBITDA ratio continues its improving trend 4.2
Slide 9: Revenues breakdown by sector 9M 2022
9M 2022 Results Revenues breakdown by sector 9M 2022 The overall tendency in order intake is extremely positive in practically all sectors and geographical areas Very good prospects in the gas and nuclear markets thanks to their recognition as transition energies by the European Union High lev
Slide 10: Backlog Evolution
9M 2022 Results Backlog Evolution Backlog evolution +17.9% +336.2% 592.0 502.3 Book-to-bill ratio 9M 2022 1.23x 115.2 01.2021 12.2021 09.2022* We are continuing to increase our backlog, even with the significant increase in invoicing Book-to-bill ratio of 1.23 in the first 9M of 2022 thanks to t
Slide 11: Commercial remarks (i)
9M 2022 Results Commercial remarks (i) Major orders in Brazil, where TUBACEX has reinforced its presence with the opening of a service and repair center OCTG Success in commercial positioning in the Middle East with the award of a major order in Abu Dhabi Increased presence in the design phase
Slide 12: Commercial remarks (ii)
9M 2022 Results Commercial remarks (ii) Delays in the relaunch of Mid and Downstream projects due to geopolitical Oil&Gas circumstances or the reanalysis of costs The gas Midstream sector is expected to be the first to start recovering in the last quarter Significant growth in precision machin
Slide 13: Revenues breakdown by final destination (9M 2022)
9M 2022 Results Revenues breakdown by final destination (9M 2022) Europe 29% Norway is the main market America 25% for Subsea Opportunities in the nuclear Growing importance of the segment in France precision segment Recovery of the aeronautical sector Increasing exposure to the Asia & ME
Slide 14: Main ESG KPIs
9M 2022 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 2022 Results 13
Slide 15: Stock Information
9M 2022 Results Stock Information Tubacex stock evolution (€/share) Key data 2,7 €2.615 2,6 # shares 2,5 128,978,782 2,4 outstanding 2,3 €/share 2,2 1.96€ (09.30.22) 2,1 2,0 1,9 Market Cap (€M) 252.9€M 1,8 €1.96 1,7 1,6 % evolution YTD +30.5% 1,5 €1.552 1,4 1,3 1.50€ Max. €2.615 (June 7th) 1,2 €1.55
Slide 16: Stock Information: Shareholders' Structure
9M 2022 Results Stock Information Shareholders’ Structure Changes in the significant shareholder structure: March 2022: Ecofin informed of the Grupo Aristrain loss of its significant shareholder 11.0% EDM Gestión situation (reached in 2014) 5.0% May 2022: Santalucía updated its Inversiones AzV
Slide 17: Appendix
Appendix
Slide 18: Growth projects – Core products
Appendix 9M 2022 Results Growth projects– Core products TX local footprint in NTS JV in Guyana OCTG repair in Brazil Kazakhstan Guyana will be one of the largest oil First order with KPO (joint venture Some local repair service is required & gas production hubs in the world between Royal Dutch
Slide 19: Significant award
Appendix 9M 2022 Results Significant award On 22 June, TUBACEX announced the award of its biggest ever order for a value in excess of 30,000 tonnes for the supply of comprehensive CRA OCTG solutions for gas extraction in the Middle East over the coming ten years The order represents a minimum of
Slide 20: Income Statement - Detail
Appendix 9M 2022 Results Income Statement - Detail (€ M) 9M 2021 9M 2022 change % Q3 2021 Q3 2022 change % Sales 246,4 527,1 113,9% 86,4 173,3 100,5% Change in inventories 0,5 41,3 n.m. 0,6 (1,7) n.m. Other income 11,4 11,4 0,9% 2,3 2,3 0,9% Cost of materials (116,4) (247,8) 112,9% (42,3) (76,0) 79,
Slide 21: Balance Sheet - Detail
Appendix 9M 2022 Results Balance Sheet - Detail (€ M) 2021-12-31 2022-09-30 %change (€ M) 2021-12-31 2022-09-30 %change Equity, Group Share 197,4 231,0 17,0% Intangible assets 114,1 116,7 2,3% Minority interests 51,8 53,1 2,6% Tangible assets 278,1 276,7 0,5% Equity 249,2 284,1 14,0% Financial asset
Slide 22: Historical quarterly evolution: Revenues & EBITDA
Appendix 9M 2022 Results Historical quarterly evolution: Revenues & EBITDA Revenues (€M) 173.3 159.3 152.8 107.6 86.4 Q3 2018 Q3 2019 Q3 2020 Q3 2021 Q3 2022 EBITDA (€M) 24.8 19.7 14.3% 12.4% 13.0 8.5% 6.6 4.7 5.5% 6.1% Q3 2018 Q3 2019 Q3 2020 Q3 2021 Q3 2022 % Mg EBITDA EBITDA TUBACEX – 9M 2022 Res
Slide 23: Thank you!
THANK YOU! TUBACEX GROUP