Tecnicas Reunidas Sa · BME:TRE
Tecnicas Reunidas Sa — FY2019 Earnings Presentation
21 slides from Tecnicas Reunidas Sa's earnings presentation, Feb 27, 2020
Slide 1: Full Year 2019 Results Presentation
FULL YEAR 2019 RESULTS PRESENTATION FEBRUARY 27TH 2020 JUAN LLADÓ CEO
Slide 2: Content
CONTENT Results FY 2019 ➢ Awards ➢ Backlog ➢ Pipeline ➢ De-risking and Optimisation ➢ Financial Results ➢ Outlook 2
Slide 3: Recent Awards
RECENT AWARDS Results FY 2019 Q1 2020 ▪ EPC clean fuel refinery for Sonatrach, Algeria ▪ EPm polypropylene project for CKPC, Canada Q4 2019 ▪ Energy efficiency project for Termocandelaria, Colombia ▪ Competitive FEED, olefin complex for Ineos, Belgium ▪ Tuban BED and FEED for Pertamina and Rosneft,
Slide 4: YTD 2020 Awards: Hassi Messaoud refinery
YTD 2020 AWARDS Results FY 2019 ▪ Hassi Messaoud refinery ▪ EPC for a high conversion grassroots refinery for clean fuel production for fulfillment of stringent environmental requirements (Euro V) ▪ Value: US$ 3,700 million. 55% TR share exceeding US$ 2,000 million ▪ Capacity of 5 million tons/year
Slide 5: YTD 2020 Awards: CKPC polypropylene
YTD 2020 AWARDS Results FY 2019 ▪ Client: CKPC (joint venture 50/50 KIPIC and Pembina) ▪ New facility to convert propane into polypropylene (550,000 tons per year) ▪ Reimbursable EPm contract ▪ Polypropylene is one of the most commonly used building blocks in the manufacturing industry and it is ful
Slide 6: Recent 2019 Awards
RECENT 2019 AWARDS Results FY 2019 ▪ Client: Termocandelaria ▪ Client: Ineos ▪ Conversion to combined cycle of ▪ Competitive FEED for the utilities, power Termocandelaria’s gas turbine power plant and infrastructure package of INEOS’ large in Cartagena (Colombia) olefin complex in Belgium ▪ Increase
Slide 7: The Last 18-Months Awards Confirm the Recovery of the Market
THE LAST 18-MONTHS AWARDS CONFIRM THE RECOVERY OF THE MARKET Results 9M 2019 Upstream Oil & Gas Refining ▪ Adgas ADNOC ▪ Singapore Exxon ▪ Bu Hasa ADNOC ▪ FEED Tuban Pertamina/Rosneft ▪ Marjan field Saudi Aramco ▪ FEED YPF ▪ FEED Upper Zakum ADNOC/Exxon ▪ Hassi Messaoud Sonatrach Repeating Customer
Slide 8: Content
CONTENT Results FY 2019 ➢ Awards ➢ Backlog ➢ Pipeline ➢ De-risking and Optimisation ➢ Financial Results ➢ Outlook 8
Slide 9: Large, Fresh and Diversified Backlog
LARGE, FRESH AND DIVERSIFIED BACKLOG Results FY 2019 …starting 2020 at almost €12bn backlog1 BACKLOG SPLIT BY LAUNCH YEAR BY PRODUCTS 74% 49% 45% 26% 6% Pre-2018 2018 and 2019 Upstream Downstream Power 1. Including Algeria 9
Slide 10: Content
CONTENT Results FY 2019 ➢ Awards ➢ Backlog ➢ Pipeline ➢ De-risking and Optimisation ➢ Financial Results ➢ Outlook 10
Slide 11: Large and Dynamic Pipeline
LARGE AND DYNAMIC PIPELINE Results FY 2019 The pipeline reflects the strong 50Billion USD fundamentals of the industry ▪ Gas as the backbone of the energy 45 transition 40 ▪ Upstream asset replacement ▪ Demand growth for energy and 35 43 45 41 petrochemicals in emerging countries 30 ▪ Process effici
Slide 12: Content
CONTENT Results FY 2019 ➢ Awards ➢ Backlog ➢ Pipeline ➢ De-risking and Optimisation ➢ Financial Results ➢ Outlook 12
Slide 13: De-risked and Optimisation Initiatives
DE-RISKED AND OPTIMISATION INITIATIVES Results FY 2019 ▪ TR-ansforma plan will redefine the group's cost structure and optimize company operations ▪ Non-core divestment plan expected to be closed in H1 2020. Circa € 50 million capital gains expected (€15.7 million1) ▪ Tax settlement closed with the
Slide 14: Content
CONTENT Results FY 2019 ➢ Awards ➢ Backlog ➢ Pipeline ➢ De-risking and Optimisation ➢ Financial Results ➢ Outlook 14
Slide 15: Profit and Loss
PROFIT AND LOSS Results FY 2019 PROFIT AND LOSS € Million 2019 Adjusted 2018 Var. Revenues 4,699 4,396 +7% ▪ Delivering projects for $15 Bn EBIT1 68.1 42.1 +66% Margin 1.5% 1.0% ▪ Sales growth as new projects Net financial results1 -17.1 -18.8 progress Profit before taxes 51.0 22.3 129% ▪ Operating
Slide 16: Cash Position
CASH POSITION Results FY 2019 Net Cash Position M€ 371 ▪ Working capital improvement 258 250 ▪ >70% of the backlog in 219 215 Middle East 189 3Q 2018 2018 1Q 2019 2Q 2019 3Q 2019 2019 16
Slide 17: Content
CONTENT Results FY 2019 ➢ Awards ➢ Backlog ➢ Pipeline ➢ De-risking and Optimisation ➢ Financial Results ➢ Outlook 17
Slide 18: Business and Market Outlook
Results FY 2019 BUSINESS AND MARKET OUTLOOK A strengthened franchise… ▪ Successful delivery of complex projects ▪ Repeating business with renowned Guidance 2020: clients ▪ Sales: €5.2 – €5.5 Bn ▪ Technological skills increasingly ▪ EBIT margin above 3% recognized ▪ Ongoing dynamic pipeline ▪ A far m
Slide 19: Disclaimer
DISCLAIMER This document has been prepared by Técnicas Reunidas S.A. (the Company) solely for use at presentations held in connection with the announcement of the Company's results for the first nine months of 2019. This document contains forward-looking statements of the Company and/or its manageme
Slide 20: Tecnicas Reunidas
A TECNICAS REUNIDAS
Slide 21: Appendix: P&L Adjustments
APPENDIX: P&L ADJUSTMENTS Results FY 2019 Non- FY 2019 FY 2019 IFRS 16 recurrent Adjusted € Million items EBITDA 110.2 -28.5 - 81.7 DEPRECIATION -42.1 28.5 - -13.6 EBIT 68.2 -0.1 - 68.1 NET FINANCIAL RESULT -12.4 0.9 -5.7 -17.1 TAX -65.8 - 54.2 -11.6 NET PROFIT -10.0 0.9 48.5 39.4 21