Tubacex, S.a. · BME:TUB
Tubacex — Q1 2022 Earnings Presentation
19 slides from Tubacex's earnings presentation, April 2022
Slide 1: CEO letter on first quarter 2022 results
Today, we are presenting solid and robust results for the first quarter of 2022, following the upward trend that was observed in the final quarter of last year. The start of the year has been extremely turbulent, with the Russian invasion of Ukraine, inflation levels that are unprecedented in recent
Slide 2: TUBACEX Group First Quarter 2022 Results Release
TUBACEX GROUP First Quarter 2022 Results Release April 2022
Slide 3: Highlights
Q1 2022 Results Highlights The results for the first quarter continue the positive trend which began in mid-2021 The EBITDA for the first quarter of 2022 is the highest quarterly EBITDA since 2019, confirming TUBACEX’s forecast of obtaining results above those for 2018 and 2019 Despite externa
Slide 4: Main financial figures
Q1 2022 Results Main financial figures Q1 2021 Q1 2022 % Var. Q4 2021 % Var. (€M) Sales 86.5 158.1 +82.7% 118.6 +33.3% EBITDA 0.1 19.0 n.m. 12.6 +51.5% EBITDA Margin 0.1% 12.0% 10.6% EBIT -12.6 7.4 n.m. 0.3 n.m. EBIT Margin neg. 4.7% 0.2% Net Profit -16.4 3.4 n.m. 0.2 n.m. Net Margin neg. 2.1% 0.1%
Slide 5: Key Figures of P&L
Q1 2022 Results Key Figures of P&L Sales - YoY Sales – QoQ Sales for the first quarter of the year have amounted to €158.1M, far above those in the same quarter of +33.3% 2021 and in the previous quarter +82.7% 158.1 158.1 The increase in the sales figure reflects the overall 118.6 upward trend
Slide 6: Key Figures of P&L
Q1 2022 Results Key Figures of P&L Average EBITDA evolution (€M) 20 19.0 1 17.4 16.8 0,95 0,9 0,85 15 0,8 0,75 12.6 0,7 0,65 0,6 9.5 0,55 10 0,5 0,45 4.7 0,4 0,35 5 0,3 0,25 0,2 0,15 0.1 0,1 0 0,05 0 2018* 2019* 2020* H1 2 0 2 1 * Q3 2021 Q4 2021 Q1 2022 *Quarterly average EBITDA in the relevant per
Slide 7: Key Figures of Balance Sheet: Working Capital
Q1 2022 Results Key Figures of Balance Sheet: Working Capital Working Capital The working capital amounts to €228.1M, up €5.6M on the 2021 year- end 250,0 222.5 228.1 200,0% Increase of €50.5M in inventory levels: 180,0% 200,0 160,0% − Extraordinary effort in inventories that will be regulated 1
Slide 8: Key Figures of Balance Sheet: Net Financial Debt
Q1 2022 Results Key Figures of Balance Sheet: Net Financial Debt Net Financial Debt Increase in the net financial debt related to the increase in working capital 400 336.2 347.8 60,0x 50,0x The net financial debt ratio over EBITDA has improved significantly, 300 19.2x 40,0x moving from 19.2x to
Slide 9: Revenues breakdown by sector
Q1 2022 Results Revenues breakdown by sector The overall tendency in order intake is extremely positive in practically all sectors and geographical areas The backlog is in excess of €500M and major awards are expected in the short term that will significantly boost this figure Market recovery
Slide 10: Commercial remarks: Oil projects, Subsea, PowerGen
Q1 2022 Results Commercial remarks Western Africa, Australia, South-East Asia and Mexico are particularly relevant in Oil projects and the Persian Gulf and Middle East stand out to address the growing OCTG demand for gas Brazil is a strong demand hub with major orders from Petrobras Major proj
Slide 11: Commercial remarks: Oil&Gas and Others
Q1 2022 Results Commercial remarks Promising global prospects in the Midstream sector, from FPSO to major LNG projects Oil&Gas Relaunch of major Downstream projects that have been at a standstill until now Excellent prospects in the special components sector for Oil&Gas drilling operations, pa
Slide 12: Revenues breakdown by final destination
Q1 2022 Results Revenues breakdown by final destination Europe 35% Oil&Gas projects in the America 26% North Sea Reactivation of the nuclear Growing importance of the segment in France precision segment Recovery of the aeronautical sector Increasing exposure to the Asia 35% drilling segmen
Slide 13: Stock Information
Q1 2022 Results Stock Information Tubacex stock evolution (€/share) 1,9 €1.84 Key data 1,8 # shares 128,978,782 outstanding 1,7 €/share 1.84€ (03.31.22) 1,6 Market Cap. 237.1€ (M€) 1,5 €1.50 % evolución +22.4% 1,4 YTD 31/12/2021 07/01/2022 14/01/2022 21/01/2022 28/01/2022 04/02/2022 11/02/2022 18/02
Slide 14: Stock Information: Shareholders Structure
Q1 2022 Results Stock Information Shareholders Structure During the first quarter of the year, Ecofin Ltd has notified the CNMV of its loss of its significant shareholder condition (which was Grupo Aristrain 11.0% reached in 2014) Inversiones AzValor 6.2% Furthermore, Santalucía has updated its
Slide 15: Appendix
3 Appendix
Slide 16: Income Statement - Detail
Q1 2022 Results Income Statement - Detail (€ M) Q1 2021 Q1 2022 change % Q4 2021 Q1 2022 change % Sales 86.5 158.1 82.7% 118.6 158.1 33.3% Change in inventories (5.7) 25.5 n.m. (7.5) 25.5 n.m. Other income 4.3 5.6 32.2% 3.6 5.6 56.0% Cost of materials (35.6) (76.9) 115.8% (39.0) (76.9) 97.2% Personn
Slide 17: Balance Sheet - Detail
Q1 2022 Results Balance Sheet - Detail (€ M) 2021-12-31 2022-03-31 %change (€ M) 2021-12-31 2022-03-31 %change Intangible assets 114.1 114.3 0.2% Equity, Group Share 197.4 202.2 2.4% Tangible assets 278.1 273.9 1.5% Minority interests 51.8 51.1 -1.4% Financial assets 90.6 93.7 3.4% Equity 249.2 253.
Slide 18: Historical quarterly evolution: Revenues & EBITDA
Q1 2022 Results Historical quarterly evolution: Revenues & EBITDA Revenues (€M) 168 158 143 154 87 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 EBITDA (€M) 20,0 19.0 25,0% 18,0 15.8 16,0 14.3 20,0% 14,0 12.4 12,0 15,0% 10,0 9.9% 12.0% 8,0 8.1% 10,0% 6,0 4,0 9.4% 0.1 5,0% 2,0 0,0 0.1% 0,0% Q1 2018 Q1 2019
Slide 19: Thank You!
THANK YOU! TUBACEX GROUP