Rockwool A/S Class A · OMXCOP:ROCK_A

Rockwool A/S Class A — FY2011 Earnings Presentation

37 slides from Rockwool A/S Class A's earnings presentation, Mar 2, 2012

  1. Slide 1: 2011 results, Copenhagen 2 March 2012

    2011 results – Copenhagen 2 March 2012 2011 results, Copenhagen 2 March 2012 CEO Eelco van Heel CFO Gilles Maria 1

  2. Slide 2: Forward-looking statement

    2011 results – Copenhagen 2 March 2012 Forward-looking statement The statements on the future in this presentation, including expected sales and earnings, are associated with risks and uncertainties and may be affected by factors influencing the activities of the group, e.g. the global economic envi

  3. Slide 3: Agenda

    2011 results – Copenhagen 2 March 2012 Agenda  Welcome by CFO Gilles Maria  Financials by CFO Gilles Maria  Group development by CEO Eelco van Heel  Questions ? 3

  4. Slide 4: Financial

    2011 results – Copenhagen 2 March 2012 Financial 4

  5. Slide 5: Net sales

    2011 results – Copenhagen 2 March 2012 Net sales 16,000 13,908 13,700 13,748 14,000 11,168 11,732 11,537 12,000 DKK million 10,000 8,000 6,000 4,000 21% 17% 2,000 5% -1% -18% 0 -2,000 2006 2007 2008 2009 2010 2011 -4,000 Net sales Changes 5

  6. Slide 6: Net sales per country

    2011 results – Copenhagen 2 March 2012 Net sales per country In % of total net sales for the Group 2010 2011 Growth Germany 16% 15% 10% France 14% 14% 15% Russia 9% 11% 45% Netherlands 9% 8% -2% North America 7% 8% 19% Polen 6% 6% 17% Great Britain 5% 5% 18% Asia 2% 5% 280% Others 32% 28% 15% 6

  7. Slide 7: EBITDA

    2011 results – Copenhagen 2 March 2012 EBITDA 3,600 3,391 3,000 2,373 2,400 DKK million 2,221 1,781 1,821 1,800 1,529 1,200 65% 600 17% -30% -36% 2% 0 -600 2006 2007 2008 2009 2010 2011 EBITDA Changes 7

  8. Slide 8: EBITDA for the period Q4

    2011 results – Copenhagen 2 March 2012 EBITDA for the period Q4 1,000 854 800 720 609 DKK million 600 519 515 463 400 19% 200 11% -11% -29% -15% 0 -200 2006 2007 2008 2009 2010 2011 EBITDA Changes 8

  9. Slide 9: EBITDA per business segment

    2011 results – Copenhagen 2 March 2012 EBITDA per business segment 3,046 3,200 2,800 2,400 DKK million 1,831 1,957 2,000 1,445 1,600 1,329 1,369 1,200 800 188 320 336 252 339 355 400 103 25 80 74 21 -52 0 2006 2007 2008 2009 2010 2011 -400 Insulation Segment Systems Segment Elim. & Holding companies

  10. Slide 10: EBIT

    2011 results – Copenhagen 2 March 2012 EBIT 2,706 2,800 2,400 2,000 DKK million 1,502 1,600 1,405 1,200 -44% 904 793 800 576 38% 400 14% -44% -62% 0 -400 2006 2007 2008 2009 2010 2011 EBIT Changes 10

  11. Slide 11: EBIT per business segment

    2011 results – Copenhagen 2 March 2012 EBIT per business segment 2,396 2,400 2,000 1,600 DKK million 1,150 1,162 1,200 800 522 510 551 318 332 249 336 353 400 171 84 -8 8 -53 0 -195 0 2006 2007 2008 2009 2010 2011 -400 Insulation Segment Systems Segment Elim. & Holding companies 11

  12. Slide 12: Financial items

    2011 results – Copenhagen 2 March 2012 Financial items 30 21 20 8 10 DKK million -34 -42 -17 -47 0 -10 -20 -30 -40 -50 2006 2007 2008 2009 2010 2011 12

  13. Slide 13: Effective tax percentage

    2011 results – Copenhagen 2 March 2012 Effective tax percentage 40 37.0 35 33.9 30,8 30.1 30.7 30 25.4 25 20 15 10 5 0 2006 2007 2008 2009 2010 2011 13

  14. Slide 14: Profit after minority interests

    2011 results – Copenhagen 2 March 2012 Profit after minority interests The profit for 2011 increased by 25% compared to last year 1,966 2,000 1,750 1,500 DKK million 1,250 950 1,004 1,000 640 750 512 500 322 250 0 2006 2007 2008 2009 2010 2011 14

  15. Slide 15: Change in working capital

    2011 results – Copenhagen 2 March 2012 Change in working capital 800 598 600 400 DKK million 200 -4 -468 -138 -84 -47 0 -200 -400 -600 2006 2007 2008 2009 2010 2011 15

  16. Slide 16: Inventories

    2011 results – Copenhagen 2 March 2012 Inventories 1,400 1,323 1,267 40 30 1,110 1,200 1,007 39 1,000 DKK million 25 661 801 769 881 800 22 21 650 585 600 436 478 400 576 200 402 397 421 312 301 0 2006 2007 2008 2009 2010 2011 Finished goods Raw material and consumables Work in progress 16

  17. Slide 17: Debtors

    2011 results – Copenhagen 2 March 2012 Debtors 1,600 27 1,400 76 DKK mill. 1,200 1,000 1,499 1,514 1,471 1,322 1,437 800 1,299 600 400 200 0 2006 2007 2008 2009 2010 2011 Increase due to acquisitions 17

  18. Slide 18: Investments and acquisitions

    2011 results – Copenhagen 2 March 2012 Investments and acquisitions 2,642 2,700 2,400 2,100 1,689 DKK million 25 1,800 1,621 1,412 1,500 1,170 1,200 1,200 1,004 31 31 101 817 900 1,126 416 634 617 953 600 310 300 588 495 505 482 285 0 2006 2007 2008 2009 2010 2011 Acquisitions Capacity Program Maint

  19. Slide 19: Cash flow

    2011 results – Copenhagen 2 March 2012 Cash flow Cash flow from operations for 2011 increased by 19% compared to last year 2,700 2,480 2,400 1,950 2,100 1,810 1,800 1,507 1,285 1,527 DKK million 1,500 1,200 900 670 443 600 242 300 -973 -665 0 -300 -600 -900 -1,200 2006 2007 2008 2009 2010 2011 Cash

  20. Slide 20: Energy prices

    2011 results – Copenhagen 2 March 2012 Energy prices 20

  21. Slide 21: Expectations

    2011 results – Copenhagen 2 March 2012 Expectations 21

  22. Slide 22: Expectations for 2012

    2011 results – Copenhagen 2 March 2012 Expectations for 2012  Net sales is expected to increase by 5% in 2012 compared to last year  Profit after minority interests for 2012 is forecast at more than DKK 600 million  Investment expenditure excluding acquisitions is expected to be DKK 1,400 million

  23. Slide 23: Long term sales development 1984-2012e

    2011 results – Copenhagen 2 March 2012 Long term sales development 1984-2012e 16,000 14,000 12,000 DKK million 10,000 8,000 6,000 4,000 2,000 0 23

  24. Slide 24: Long term EBITDA ratio 1984-2012e

    2011 results – Copenhagen 2 March 2012 Long term EBITDA ratio 1984-2012e 25% 20% Percentage 15% 10% 5% 0% 24

  25. Slide 25: Long term EBIT ratio 1984-2012e

    2011 results – Copenhagen 2 March 2012 Long term EBIT ratio 1984-2012e 20% 15% Percentage Goal 11% 10% 5% 0% 25

  26. Slide 26: Questions? Group developments

    2011 results – Copenhagen 2 March 2012 Questions ? Group developments 26

  27. Slide 27: Highlights

    2011 results – Copenhagen 2 March 2012 Highlights  The main core markets in Western Europe perform satisfactorily whilst remaining smaller ones are hurting  Central & Eastern Europe still subdued with recovery in Poland  Russia well on track. Commissioning in January 2012 of the new Volga factory

  28. Slide 28: Western Europe (64% of 2011 sales)

    2011 results – Copenhagen 2 March 2012 Western Europe (64% of 2011 sales)  Overall, the DE, F and to a lesser extent Scandinavian markets show robust performance under the circumstances whereas NL, UK and ES are in a difficult situation  The new build market remains depressed with only Germany and

  29. Slide 29: Central and Eastern Europe (10% of 2011 sales)

    2011 results – Copenhagen 2 March 2012 Central and Eastern Europe (10% of 2011 sales)  The recovery seen in Poland since summer 2011 continues; markets in CZ and SK also showing improvements  Both volumes and prices are recovering from a low level  HU and most of ex-Yugoslavia still in difficulti

  30. Slide 30: North America (8% of 2011 sales)

    2011 results – Copenhagen 2 March 2012 North America (8% of 2011 sales)  Continued strong double-digit sales growth in North America  US growth rate approx. twice as big as Canadian  DIY market is the big engine behind US sales with successful penetration of big box stores, lumber yards and gener

  31. Slide 31: Russia (11% of 2011 sales)

    2011 results – Copenhagen 2 March 2012 Russia (11% of 2011 sales)  The Russian market continues to grow substantially  Energy refurbishment and fire safety remain focus areas for government spending  New factory in Kazan region started production in January 2012 – 3 months ahead of original sched

  32. Slide 32: Asia (5% of 2011 sales)

    2011 results – Copenhagen 2 March 2012 Asia (5% of 2011 sales)  Following the recent focus on fire safety in high-rise buildings in China, demand for non-combustible stone wool products has exploded. Our 4 factories in South East Asia are sold out  The Group is importing increasing amounts of buil

  33. Slide 33: The suspended ceiling success continues

    2011 results – Copenhagen 2 March 2012 The suspended ceiling success continues  The Rockfon suspended ceiling business continues its success now accounting for more than 10% of Group sales and providing a considerable contribution to its profits  Rockfon has become an increasingly strong number 2

  34. Slide 34: Focus on cladded facades

    2011 results – Copenhagen 2 March 2012 Focus on cladded facades  The Rockpanel business is increasingly successful in establishing itself as a serious European player – and highly profitable  Main strategy based on increasing penetration of existing markets in Western Europe: NL, BE, DK, UK, DE 

  35. Slide 35: Focus on facades - ETICS

    2011 results – Copenhagen 2 March 2012 Focus on facades - ETICS  External Thermal Insulation Composite Systems (ETICS) are increasingly popular solutions, especially in the renovation market  An ETICS system is a total façade solution consisting of insulation, render, mesh and paint  EPS is prese

  36. Slide 36: Fire safety of buildings a growing concern

    2011 results – Copenhagen 2 March 2012 Fire safety of buildings a growing concern  The global usage of combustible insulation in sensitive segments like facades, roofs and sandwich panels is irresponsible in light of the danger to human life and loss of assets  If insufficiently protected, combust

  37. Slide 37: Questions ?

    2011 results – Copenhagen 2 March 2012 Questions ? 37

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