Sonae Indústria S.G.P.S — Sonae Indústria — 9M14 Earnings Presentation
14 slides from Sonae Indústria S.G.P.S's earnings presentation, Nov 13, 2014
Slide 1: 9M14 results
SONAE INDÚSTRIA 9M14 results Investors and Analysts Conference Call Together, creating the future 13 November 2014
Slide 2: Results Highlights
9 MONTHS RESULTS 2014 | SONAE INDÚSTRIA HIGHLIGHTS RESULTS HIGHLIGHTS I. Turnover affected by the reduced industrial footprint II. Recurrent EBITDA up by 27% against last year, with recurrent EBITDA margin reaching 9.1% III. LTM Recurrent EBITDA up by 5 million Euros, to 83 million Euros IV. Net los
Slide 3: Operational Review | Turnover
9 MONTHS RESULTS 2014 | SONAE INDÚSTRIA OPERATIONAL REVIEW | TURNOVER 350 1,000 915 Consolidated 289 290 14.0% 856 14.0%9M14 turnover reduced 300 267 12.0% 800 12.0%6% y.o.y. mainly due to Turnover (million euros) 250 9.0% 9.1% 10.0% 10.0%reduced industrial & 200 6.6% 600 Turnover 8.0% 6.8% 7.7% 8.0
Slide 4: Operational Review | Sales Volumes & Average Selling Prices
9 MONTHS RESULTS 2014 | SONAE INDÚSTRIA OPERATIONAL REVIEW | SALES VOLUMES & AVERAGE SELLING PRICES • 3Q14 Sales volumes Sales volumes 1,401 negatively impacted by 1,344 (boards only, maintenance shutdowns. 1,198 1,220 1,219 1,242 1,197 Sales volumes ‘000 m3) 1,142 1,165 1,139 1,021 Improvements in
Slide 5: Operational Review | Variable Costs
9 MONTHS RESULTS 2014 | SONAE INDÚSTRIA OPERATIONAL REVIEW | VARIABLE COSTS 1.10 • Average unitary costs reduced Average unitary 1.05 when compared to 2Q14, mostly variable costs 1.00 driven by better chemical costs and (Base 100: 1Q12 0.95 slight reduction in wood costs. raw boards only, euros/m3)
Slide 6: Operational Review | Capacity Utilization
9 MONTHS RESULTS 2014 | SONAE INDÚSTRIA OPERATIONAL REVIEW | CAPACITY UTILIZATION Average Capacity Utilization Index 81% 77% 77% 77% 72% 72% Average capacity utilization index (%) 8.0 69% 70% 8.0 7.0 6.6 7.0 6.6 6.6 7.0 6.2 6.2 6.0 1.8 5.8 5.8 Installed 6.0 production capacity (million m3) 1.6 1.7 1
Slide 7: Operational Review | Recurrent EBITDA
9 MONTHS RESULTS 2014 | SONAE INDÚSTRIA OPERATIONAL REVIEW | RECURRENT EBITDA LTM Recurrent EBITDA per region (million euros) 50 Northern Europe Consolidated LTM Recurrent EBITDA (million euros) 40 Rest of the World 30 20 300 10 Southern Europe 274 Improvement of 27% in recurrent EBITDA of 0 250 227
Slide 8: Financial Review | P&L Account
9 MONTHS RESULTS 2014 | SONAE INDÚSTRIA FINANCIAL REVIEW | P&L ACCOUNT P&L ACCOUNT 9M14 / 3Q14 / Million euros 9M13 (a) 9M14 9M13 (a) 3Q13 (a) 2Q14 3Q14 3Q13 (a) Consolidated turnover 915 856 (6%) 289 290 267 (8%) 3Q14 non Recurrent items of 3.6 million euros (non Other operational income 18 43 137%
Slide 9: Financial Review | Capex and Working Capital
9 MONTHS RESULTS 2014 | SONAE INDÚSTRIA FINANCIAL REVIEW | CAPEX and WK 60 46 • 3Q14 additions to Fixed Tangible Assets were CAPEX 50 of 21 million euros. The major part of this (million euros) 35 404Q 21 amount is associated with the investments in 6 22 303Q the increase of capacity of melamine 13
Slide 10: Financial Review | Net Debt
9 MONTHS RESULTS 2014 | SONAE INDÚSTRIA FINANCIAL REVIEW | NET DEBT Net Debt (Million euros) ND/Rec. EBITDA 950 25.0 x Net debt 900 Net debt to LTM Rec. EBITDA 20.0 x • Net debt decreased by 7 850 million Euros to 689 million 15.0 x Euros, compared to 1H14 800 but was 13 million Euros above the valu
Slide 11: Refinancing: Scheduled Loan Repayments
9 MONTHS RESULTS 2014 | SONAE INDÚSTRIA REFINANCING Million euros SCHEDULED LOAN REPAYMENTS (CONSIDERING REFINANCING AGREEMENTS AND SHARE CAPITAL INCREASE OF 150 MILLION EUROS)* • The chart below incorporates updated information considering the agreements reached with the main two creditor banks. 30
Slide 12: Questions?
9 MONTHS RESULTS 2014 | SONAE INDÚSTRIA QUESTIONS? Thank you 12
Slide 13: Glossary
9 MONTHS RESULTS 2014 | SONAE INDÚSTRIA Glossary Capacity Utilization Index Finished-Available Production (m3) / Installed production capacity (m3); raw boards only CAPEX Investment in Tangible Fixed Assets Earnings Before Interests and Taxes + Depreciations and Amortizations + (Provisions and impai
Slide 14: Safe Harbour
9 MONTHS RESULTS 2014 | SONAE INDÚSTRIA SAFE HARBOUR This document may contain forward-looking information and statements, based on management’s current expectations or beliefs. Forward-looking statements are statements that are not historical facts. These forward-looking statement are subject to a