Tubacex, S.a. · BME:TUB
Tubacex — FY2023 Earnings Presentation
24 slides from Tubacex's earnings presentation, Feb 29, 2024
Slide 1: Results Release Full Year 2023
RESULTS RELEASE FULL YEAR 2023 FEBRUARY 2024 FY 2023 RESULTS / PAG. 1
Slide 2: Main Considerations
MAIN CONSIDERATIONS CONSOLIDATION OF THE GROWTH TREND FORTALEZA DE ROBUST RESULTS The Sales Figure of €852.4M and EBITDA of €125.2M are the highest ever for TUBACEX RESULTADOS The EBITDA margin continues to improve, setting an annual record at 14.7% and reaching the peak of 14.9% in the final qu
Slide 3: Main Financial Figures
MAIN FINANCIAL FIGURES FY 2022 FY 2023 % Var. Q4 2022 Q4 2023 % Var. (€M) Sales 714.7 852.4 19.3% 187.7 210.4 12.1% EBITDA 92.3 125.2 35.6% 25.0 31.4 25.6% EBITDA Margin 12.9% 14.7% 13.3% 14.9% EBIT 44.5 80.7 81.6% 12.7 20.2 58.1% EBIT Margin 6.2% 9.5% 6.8% 9.6% Earnings Before Taxes 26.9 49.6 84.5%
Slide 4: Main Figures from the Income Statement
MAIN FIGURES FROM THE INCOME STATEMENT SALES Sales for the year reached €852.4M, up 19.3% on those for 2022 €M (Average nickel price was 16.3% lower than the average price in 2022, with an 852.4 210.4 accumulated fall of 45.8% over the year) 714.7 187.7 In an environment marked by a significant fall
Slide 5: Main Figures from the Income Statement
MAIN FIGURES FROM THE INCOME STATEMENT Quarterly EBITDA Evolution (€M€) Annual EBITDA Evolution (€M) 2023 Average: €31.3M 125.2 2022 Average: €23.1M 33.9 Average Pre 30.5 31.4 29.5 Covid:17.1M€ 92.3 24.8 25.0 23.4 Covid Effect 69.6 67.1 19.0 17.4 16.8 12.6 9.5 38.1 4.7 17.5 0.1 2018* 2019* 2020* H1
Slide 6: Main Figures from the Balance Sheet: Working Capital
MAIN FIGURES FROM THE BALANCE SHEET: WORKING CAPITAL WORKING CAPITAL OVER SALES AT STRATEGIC PLAN TARGET LEVLES MAJOR EFFORT IN CONTAINING THE WORKING CAPITAL IN SPITE OF Working Capital (€M) A SIGNIFICANT INCREASE IN SALES The Working Capital stands at €234.5M, up €4.5M on the 2022 year-end figure,
Slide 7: Main Figures from the Balance Sheet: Net Financial Debt
MAIN FIGURES FROM THE BALANCE SHEET: NET FINANCIAL DEBT Net Financial Debt €M Part of the cash generated throughout the year has been used for the purchase of the minority stake in 287.1 280.7 Saudi Arabia, the acquisition of a stake in Norway, the start of investment in the Abu Dhabi plant and the
Slide 8: Revenues Breakdown
REVENUES BREAKDOWN New businesess E&P Gas PREMIUM PRODUCTS 15.0% 24.0% The good positioning with strategic customers, together with the strategy of entering into long-term agreements is enabling an optimum product mix to be maintained and margins to be consolidated in strategic levels ORDER INTAKE O
Slide 9: Breakdown of Revenues by Final Destination
BREAKDOWN OF REVENUES BY FINAL DESTINATION EUROPE 21% High demand for complex machined products in the North Sea Long-term contracts with umbilical manufacturers Opportunities in the nuclear segment in France Good prospects in gas processing plants in the Caspian Sea region AMERICA 33% Gro
Slide 10: Backlog Evolution
BACKLOG EVOLUTION ROBUST SITUATION OF THE BACKLOG Backlog Evolution Book-to-bill ratio €M TOTAL BACKLOG INCLUDING ADNOC’S PROJECT +29.4% +336.2% 650.0 600.0 1,600M€ 502.3 FY 2023 0.94x Record turnover with order intake at historically high levels 115.2 Book-to-bill ratio for the year stands at 0.94x
Slide 11: Commercial Remarks (I) E&P Oil&Gas
COMMERCIAL REMARKS (I) E&P OIL&GAS UPSTREAM Overall activity in the Upstream segment remains strong Operations in the deep waters of Brazil have continued, where Tubacex has already supplied 10 wells in the Buzios field A continued increase in Petrobas operations is expected over the coming mo
Slide 12: Commercial Remarks (II) Industrial & PowerGen
COMMERCIAL REMARKS (II) INDUSTRIAL & POWERGEN INDUSTRIAL Order intake for the lowest added value products have experienced a slowdown in recent months Some projects are being re-evaluated due to growing macroeconomic uncertainty and high interest rates A reactivation in the award of major projec
Slide 13: Commercial Remarks (III) Low Carbon & New Businesses
COMMERCIAL REMARKS (III) LOW CARBON & NEW BUSINESESS Major orders have continued to be received for CCUS (Carbon Capture, Use and Storage) in LOW CARBON both the USA (where some delays can be observed in awards anticipated by the customers due to administrative procedures) and in other regions, su
Slide 14: Main ESG KPIs
MAIN ESG KPIs Indicator Ud. 2019* 2023 Goal 2030 ENVIRONMENT Mwh/ Energy Intensity(1) 2.85 1.40 2.13 GAV ENERGY & Ton CO2/ CLIMATE Scope 1 y 2 Emissions intensity(2) 0.70 0.22 0.28 GAV % total % Renewable Energy 0% 33.7% 40% energy CIRCULAR Waste recycled % total 60.5% 82.2% 95% ECONOMY generated SU
Slide 15: Stock Information
STOCK INFORMATION GROWTH POTENTIAL Stock Evolution Key Data €/share 3.66€ # shares outsanding 126,549,251 3,7 3,5 +75.2% 3,3 3.5€ €/share (12.31.23) 3.50€ 3,1 2,9 Market Cap. (M€) 442.9M€ 2,7 2,5 2,3 % evolution +75.2% 2,1 2.01€ 1,9 Maximun 3.66€ (Dec. 27) 31/12/2022 14/01/2023 28/01/2023 11/02/2023
Slide 16: Conclusions: Expectations Have Been Confirmed
CONCLUSIONS: EXPECTATIONS HAVE BEEN CONFIRMED 2023: A RECORD YEAR IN RESULTS STRATEGIC OBJECTIVES ORDER BACKLOG TUBACEX is ahead of schedule in meeting Order intake remains at high levels, enabling the most of its strategic objectives for 2025 backlog to remain at historic levels COMMITMENT VISIBILI
Slide 17: New Strategic Plan Release
NEW STRATEGIC PLAN RELEASE NT2: NEW TUBACEX NEXT TRANSITION NT2 2027 TARGETS DRIVING SUSTAINABLE VALUE AND TO REDUCE OIL MARKET & GAS LEADERS IN ENTERING INTO A NEW PHASE OF VALUE EXPOSURE TO LOW CARBON CREATION FOR OUR SHAREHOLDERS 1/3 OF THE BUSINESS BUSINESS TO BE A POINT REVENUE REASONS TO INVES
Slide 18: Appendix
APPENDIX FY 2023 RESULTS / PAG. 18 18
Slide 19: Consolidated Income Statement Detail
CONSOLIDATED INCOME STATEMENT DETAIL (€M) FY 2022 FY 2023 % var. Q4 2022 Q4 2023 % var. Sales 714.7 852.4 19.3% 187.7 210.4 12.1% Change in inventories 53.6 11.3 -79.0% 12.4 (9.6) n.m. Other income 15.5 19.0 22.9% 4.0 8.1 101.3% Cost of materials (330.5) (377.9) 14.3% (82.7) (84.8) 2.5% Personnel ex
Slide 20: Consolidated Balance Sheet Detail
CONSOLIDATED BALANCE SHEET DETAIL (€M) 31/12/22 31/12/23 %var. (€M) 31/12/22 31/12/23 %var. Intangible assets 114.4 112.6 -1.6% Equity, Group Share 221.5 240.0 8.4% Tangible assests 266.8 306.7 14.9% Minority interests 54.6 53.6 -1.8% Financial assets 100.3 99.0 -1.2% Equity 276.1 293.6 6.4% Non-cur
Slide 21: Historical Quarterly Evolution: Sales & EBITDA
HISTORICAL QUARTERLY EVOLUTION: SALES & EBITDA Sales 210.4 €M 187.7 157.4 137.2 118.6 90.0 Q4 2018 Q4 2019 Q4 2020 Q4 2021 Q4 2022 Q4 2023 EBITDA 31.4 €M 25.0 20.8 13.3% 14.6% 14.3 11.7 12.6 15.2% 13.0% 10.6% 9.1% Q4 2018 Q4 2019 Q4 2020 Q4 2021 Q4 2022 Q4 2023 % EBITDA Mg EBITDA FY 2023 RESULTS / P
Slide 22: Alternative Performance Measures – APM I
ALTERNATIVE PERFOMANCE MEASURES – APM I Tubacex presents its results in accordance with the generally accepted accounting principles (IFRS). Furthermore, this report provides other non- IFRS financial measures, called Alternative Performance Measures (APM), which are used by management to assess the
Slide 23: Alternative Performance Measures – APM II
ALTERNATIVE PERFOMANCE MEASURES – APM II PROFIT BEFORE TAXES Tubacex presents the calculation of the Profit before tax margin as the ratio between the Profit before tax and the sales figure MARGIN NET FINANCIAL DEBT Tubacex presents the calculation of Net Financial Debt as the difference between the
Slide 24: FY 2023 RESULTS / PAG. 24
FY 2023 RESULTS / PAG. 24 24