Prysmian S.p.a. · MIL:PRY
Prysmian — Q1 2012 Earnings Presentation
21 slides from Prysmian's earnings presentation, May 10, 2012
Slide 1: Q1 2012 Financial Results
Q1 2012 Financial Results Milan, 10th May 2012 Presentation title | Prysmian Group | Date 1
Slide 2: Agenda
AGENDA Q1 2012 Highlights & 2012 Outlook Financial Results Appendix Q1 2012 Financial Results 2
Slide 3: Q1 2012 Key Financials
Q1 2012 Key Financials Euro Millions, % on Sales Sales Adjusted EBITDA (4) Adjusted EBIT (5) Reported(1) Full combined(2) Reported(1) Full combined(2) Reported(1) Full combined(2) 568 426 3 7,583 387 309 4,571 3 1,881 1,874 119 130 91 1,490 3 101 76 84 2010 2011 Q1'11 Q1'11 Q1'12 2010 2011 Q1'11 Q1'
Slide 4: Utilities
Utilities Euro Millions, % of Sales – Full Combined Results Sales to Third Parties Highlights DISTRIBUTION 2,267 1,873 • Lower volume due to weak demand in key European countries. Continuous positive trend in other geographical areas • Positive volume trend in Nordic countries partially offset lower
Slide 5: Trade & Installers
Trade & Installers Euro Millions, % of Sales – Full Combined Results Sales to Third Parties Highlights • Minor recovery in demand driven by extra-European countries 2,412 2,236 • Europe: lower volumes in Central and South Europe partially offset by slight improvement in Eastern Europe, Nordics and U
Slide 6: Industrial
Industrial Euro Millions, % of Sales – Full Combined Results Sales to Third Parties Highlights OGP • Strong oil Offshore demand driving increase in sales and profitability. 1,736 Better capacity saturation in Norway and China driven by positive trend in 1,481 North Sea and Asian markets SURF • Incre
Slide 7: Telecom
Telecom Euro Millions, % of Sales – Full Combined Results Sales to Third Parties Highlights Optical / Fiber 1,431 • Positive trend in demand expected to continue driven by higher data 1,276 traffic in consolidated markets and new backbone/metropolitan ring connections in emerging countries • Gradual
Slide 8: 2012 Outlook
2012 Outlook Growing profitability in a challenging market environment LTM* Adj.EBITDA evolution (€ mln) 2012 Adj.EBITDA Target (€ mln) 600 650 Midpoint target based on: 625 597 586 • Growing synergies from Draka integration 576 576 554 535 • Higher contribution from submarine • Continuous increase
Slide 9: Agenda
AGENDA Q1 2012 Highlights & 2012 Outlook Financial Results Appendix Q1 2012 Financial Results 9
Slide 10: Profit and Loss Statement
Profit and Loss Statement Euro Millions Q1 2011 Q1 2011 Q1 2012 Reported a) Combined b) Sales 1,874 1,490 1,881 YoY total growth -0.4% c) YoY organic growth 2.5% c) Adj.EBITDA 130 101 119 % on sales 6.9% 6.8% 6.3% Non recurring items (15) (9) EBITDA 115 92 % on sales 6.1% 6.2% Adj.EBIT 91 76 84 % on
Slide 11: Extraordinary Effects
Extraordinary Effects Euro Millions Q1 2011 Q1 2012 Reported a) Antitrust investigation 1 - Restructuring (14) (2) Draka transaction costs - (5) Draka integration costs (1) - Draka change of control effects - (2) Other (1) - EBITDA adjustments (15) (9) Special items 13 (20) Gain/(loss) on metal deri
Slide 12: Financial Charges
Financial Charges Euro Millions Q1 2011 Q1 2012 Reported a) Net interest expenses (26) (22) Bank fees Amortization (2) (2) Gain/(loss) on exchange rates (1) (9) (1) Gain/(loss) on derivatives (1) 4 Net financial charges (30) (29) Share in net income of associates 2 1 Notes Total financial charges (2
Slide 13: Statement of financial position (Balance Sheet)
Statement of financial position (Balance Sheet) Euro Millions 31 March ‘12 31 March ‘11 31 December ‘11 Net fixed assets 2,234 2,114 2,255 of which: intangible assets 615 583 618 of which: property, plants & equipment 1,528 1,459 1,544 Net working capital 814 970 552 of which: derivatives assets/(li
Slide 14: Cash Flow
Cash Flow Euro Millions Q1 2011 Q1 2011 Q1 2012 Reported a) Combined b) Adj.EBITDA 130 101 119 Non recurring items (15) (9) (14) EBITDA 115 92 105 Net Change in provisions & others (12) (14) (15) Cash flow from operations 103 78 90 (before WC changes) Working Capital changes (243) (177) (269) Paid I
Slide 15: Agenda
AGENDA Q1 2012 Highlights & 2012 Outlook Financial Results Appendix Q1 2012 Financial Results 15
Slide 16: Bridge Consolidated Sales
Bridge Consolidated Sales Euro Millions – Full Combined Total Consolidated +2.5% 48 ( 71 ) 16 1,881 1,874 Q1 2011 Combined Org.Growth Metal Effect Exchange Rate Q1 2012 Energy Cables & Systems Division +1.8% 28 ( 68 ) 9 1,559 1,528 Q1 2011 Combined Org.Growth Metal Effect Exchange Rate Q1 2012 Telec
Slide 17: Energy Segment – Profit and Loss Statement
Energy Segment – Profit and Loss Statement Euro Millions Q1 2011 Q1 2011 Q1 2012 Reported a) Combined b) Sales to Third Parties 1,528 1,284 1,559 YoY total growth -2.0% c) YoY organic growth 1.8% c) Adj. EBITDA 95 84 94 % on sales 6.2% 6.5% 5.9% Adj. EBIT 68 64 68 % on sales 4.5% 4.9% 4.3% a) Includ
Slide 18: Energy Segment – Sales and Profitability by business area
Energy Segment – Sales and Profitability by business area Euro Millions, % of Sales Growth – Q1 combined Q1 2011 Total Organic Q1 2012 Comb. growth growth Utilities 489 514 -4.8% -3.8% Sales to Third Parties Trade & Installers 541 567 -4.6% 2.5% Industrial 464 413 12.4% 15.2% Others 34 65 n.m. n.m.
Slide 19: Telecom Segment – Profit and Loss Statement
Telecom Segment – Profit and Loss Statement Euro Millions Q1 2011 Q1 2011 Q1 2012 Reported a) Combined b) Sales to Third Parties 346 206 322 YoY total growth 7.4% c) YoY organic growth 6.1% c) Adj. EBITDA 35 17 25 % on sales 10.0% 8.1% 7.4% Adj. EBIT 23 12 16 % on sales 6.5% 5.7% 4.9% a) Includes Dr
Slide 20: Reference Scenario
Reference Scenario Commodities & Forex Brent Copper Aluminium Brent $/ton Copper $/ton Aluminium $/ton Brent €/ton Copper €/ton Aluminium €/ton 150 12,000 3,500 3,000 125 10,000 2,500 100 8,000 2,000 75 6,000 1,500 50 4,000 1,000 25 2,000 500 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-08 Jan-09 Jan-10 J
Slide 21: Disclaimer
Disclaimer • The managers responsible for preparing the company's financial reports, J.Calvo and C.Soprano, declare, pursuant to paragraph 2 of Article 154-bis of the Consolidated Financial Act, that the accounting information contained in this presentation corresponds to the results documented in t