Tecnicas Reunidas SA · BME:TRE
Tecnicas Reunidas SA — H1 2008 Earnings Presentation
26 slides from Tecnicas Reunidas SA's earnings presentation, Sep 1, 2008
Slide 1: First Half 2008 Results Presentation
TECNICAS REUNIDAS Juan Lladó CEO First Half 2008 Results Presentation 1st of September 2008
Slide 2: Agenda
TECNICAS REUNIDAS ¾ AWARDS AND BACKLOG ¾ RECORD PIPELINE ¾ RESOURCES ¾ 1H 2008 FINANCIAL RESULTS ¾ ANNEX: BACKLOG DETAIL 1
Slide 3: 1H 08 Awards and Backlog
1H 08 AWARDS AND BACKLOG Awards (1) Backlog (1) €m €m 4.500 6.000 5,074 4.000 3,582 4,713 5.000 3.500 2,621 3.000 4.000 3,040 2.500 3.000 2.000 1,485 1,461 1,712 1.500 2.000 1.000 1.000 500 0 0 2005 2006 2007 1H 08 2005 2006 2007 1H 08 Oil and gas Power (1) Does not include data from Infrastructure
Slide 4: Recent Awards
RECENT AWARDS OBE / LSTK • Combined Cycle, SAUDI ARAMCO, Manifa, Saudi Arabia • Hydrocracker, MOL, Szazhalombatta, Hungary • Combined Cycle, ESSENT, Moerdijk, Holland SERVICES & TECHNOLOGY • Polyethilene Plant, REPSOL, Sines, Portugal • Crude Distillation Unit, SAMIR, Mohammedia, Morocco • Nitric Ac
Slide 5: Main Recent Awards: Manifa Power Generation Project
MAIN RECENT AWARDS Manifa Power Generation Project Manifa Oil Field Highlights ¾ Lump Sum Turnkey (LSTK) contract ¾ 400MW combined cycle (CCGT) with two gas turbines and a steam one, with steam export boilers as well as electric and connected substations. ¾ The new Manifa oil field will have a produ
Slide 6: Main Recent Awards: Danube's Hydrocracker, Hungary
MAIN RECENT AWARDS Danube’s Hydrocraker , Hungary Highlights ¾ Convertible Lum Sum Turnkey (LSTK) contract ¾ New Vacuum Gasoil Hydrocracking unit planned to deliver 1.3 Mt/year premium quality middle-distillates. ¾ The project is among the most complex in refining processes: - Hydrocracking Unit of
Slide 7: Main Recent Awards: Essent CCGT (Holland)
MAIN RECENT AWARDS Essent CCGT (Holland) Highlights ¾ EPC Contract for TR as partner of General Electric. ¾ The combined cycle (CCGT) will have a capacity of 426 MW. ¾ TR and GE will carry out the FEED phase during the first 8 months and after, both companies will execute the EPC contract. ¾ Contrac
Slide 8: Technology Awards
TECHNOLOGY AWARDS Nitric Acid Plant, Dow + Saudi Aramco Zinc Plant, Dowa Metals & Mining TR’s R&D Laboratory 7
Slide 9: Healthy Backlog
HEALTHY BACKLOG 1H 2008 Backlog: € 5,074 M 9 DIVERSIFED 9 RECENT 9 DE-RISKED 8
Slide 10: Healthy Backlog: Diversified
HEALTHY BACKLOG: DIVERSIFIED Rest of Middle Europe 38% East 15% 19% 56% 25% Spain 22% Saudi Arabia ROW 5% 20% OIL AND GAS PETROCH. POWER ¾ Backlog diversification By region By product 9
Slide 11: Healthy Backlog: Recent
HEALTHY BACKLOG: RECENT 2% 12% 28% 58% ≤ 2005 2006 2007 2008 ¾ Most of the current backlog contracted under new pricing environment ¾ New awards provide visibility up to 2011 10
Slide 12: Healthy Backlog: De-risked
HEALTHY BACKLOG: DE- RISKED 12% 25% 63% OBE LSTK OTHER ¾ De-risked through OBE contracting: – 63% originally awarded on OBE basis – 45% to be converted 11
Slide 13: Agenda
TECNICAS REUNIDAS ¾ AWARDS AND BACKLOG ¾ RECORD PIPELINE ¾ RESOURCES ¾ 1H 2008 FINANCIAL RESULTS ¾ ANNEX: BACKLOG DETAIL 12
Slide 14: Record Pipeline: Pipeline Regions
RECORD PIPELINE PIPELINE REGIONS 1bn 8bn • PERSIAN GULF • EUROPE 15.5bn • MEDITERRANEAN UPSTREAM • LATAM DOWNSTREAM POWER Total € 24.5 billion 13
Slide 15: Agenda
TECNICAS REUNIDAS ¾ AWARDS AND BACKLOG ¾ RECORD PIPELINE ¾ RESOURCES ¾ 1H 2008 FINANCIAL RESULTS ¾ ANNEX: BACKLOG DETAIL 14
Slide 16: Resources: Human Resources
RESOURCES HUMAN RESOURCES Employees 5.500 10% 4,832 20% 4,412 5.000 4.500 24% 3,654 4.000 25% 2,943 3.500 3.000 2,347 2.500 2.000 1.500 1.000 500 0 2004 2005 2006 2007 1H 08 SPAIN ABROAD Non-technical Technical 19% 81% 15
Slide 17: Agenda
TECNICAS REUNIDAS ¾ AWARDS AND BACKLOG ¾ RECORD PIPELINE ¾ RESOURCES ¾ 1H 2008 FINANCIAL RESULTS ¾ ANNEX: BACKLOG DETAIL 16
Slide 18: Sales and EBITDA Growth
SALES and EBITDA GROWTH SALES EBITDA €m €m 1,500 1,173 100 +284% 430% 69 913 80 1,000 51 60 485 305 40 24 500 13 20 0 0 1H 05 1H 06 1H 07 1H 08 1H 05 1H 06 1H 07 1H 08 17
Slide 19: Margins: Enhancement and Protection
MARGINS: Enhancement and Protection EBITDA MARGIN EBIT MARGIN % % 7.0% 5.9% 5.4% 5.7% 7.0% 5.6% 5.4% 6.0% 5.1% 4.6% 6.0% 4.2% 5.0% 5.0% 4.0% 4.0% 3.0% 3.0% 2.0% 2.0% 1.0% 1.0% 0.0% 0.0% 2005 2006 2007 1H 08 2005 2006 2007 1H 08 18
Slide 20: Financial Results
FINANCIAL RESULTS Profit and Loss Account € million 1H 08 1H 07 Var. 2007 Revenues 1,172.7 913.0 29% 2,005.2 EBITDA 68.7 50.6 36% 113.3 Margin 5.9% 5.5% 5.7% EBIT 65.6 48.4 36% 108.0 Margin 5.6% 5.3% 5.4% Net Financial Results 3.1 4.1 6.0 Profit before Taxes 69.0 52.5 32% 114.6 Taxes -6.9 -3.0 -6.7
Slide 21: Net Cash Position and Dividends Policy
NET CASH POSITION AND DIVIDENDS POLICY ¾ Net cash position at 30th June, 2008: € 479 million ¾ 2007 Dividend: €54.5 M – Interim dividend: €25.2 M (January, 2008) – Complementary dividend: €29.3 M (July, 2008) Net Cash Position 500 400 300 479 422 200 318 100 0 2006 2007 1H 08 20
Slide 22: Agenda
TECNICAS REUNIDAS ¾ AWARDS AND BACKLOG ¾ RECORD PIPELINE ¾ RESOURCES ¾ 1H 2008 FINANCIAL RESULTS ¾ ANNEX: BACKLOG DETAIL 21
Slide 23: 1H 08 Backlog by Project
1H 08 BACKLOG BY PROJECT Project Country Client End Hydrocraker Danube* Hungary MOL 2011 Elefsina Greece Hellenic Petroleum 2011 Khabarovsk Russia OC Alliance 2011 Sines* Portugal Galp 2011 Hydrocraker -Cartagena Spain Repsol 2011 Borouge Project* United Arabs Emirates ADNOC/ Borealis 2010 Refining
Slide 24: 1H 08 Backlog by Project
1H 08 BACKLOG BY PROJECT Project Country Client End Mejillones Chile Codelco/Suez 2009 Saih Rawl (compression) Oman PDO 2009 Medgaz Algeria Medgaz 2009 RKF Algeria Cepsa/Sonatrach 2008 Upstream TFT Algeria Total/Repsol/Sonatrach 2008 and Gas Ju’aymah Saudi Arabia Saudi Aramco 2008 Hawiyah Saudi Arab
Slide 25: Disclaimer
Disclaimer This document has been prepared by Tecnicas Reunidas S.A. (the Company) solely for use at presentations held in connection with the announcement of the Company's results for the first half of 2008. This document contains forward-looking statements of the Company and/or its management. The
Slide 26: UNIDAS
y UNIDAS