Viscofan, S.a. · BME:VIS
Viscofan — Q1 2013 Earnings Presentation
12 slides from Viscofan's earnings presentation, Apr 24, 2013
Slide 1: January – March 2013 Results
January – March 2013 Results Results January - March 2013 24 April 2013
Slide 2: Aviso legal
Aviso legal El presente documento puede contener manifestaciones de futuro sobre intenciones, expectativas o previsiones de la Compañía a la fecha de realización del mismo adicionales a la información financiera obligatoria cuyo único propósito es proporcionar información más detallada sobre perspec
Slide 3: Consolidated results 1Q13
Consolidated results 1Q13 Top line growth in a quarter marked by start up costs and inflation on raw material and energy % Change MM € 1Q13 1Q12 % Change ex-forex1 ex- Revenue 184.6 177.9 +3.8% +5.9% EBITDA 42.4 42.8 -1.1% +2.0% EBITDA margin 22.9% 24.1% -1.2 p.p. EBIT 30.4 31.6 -3.8% Capex 1Q13 PBT
Slide 4: Consolidated results 1Q13: revenue growth and margin pressure
Consolidated results 1Q13 Revenue growth and better productivity in an environment of margin pressure due to input costs inflation, co-generation taxes and exchange rates. % y- y -o-y change +7.9% +5.9% +6.5% (ex-forex) +5.2% +3.8% +3.8% +3.1% -1.1% 1.1% +2.0% (ex-forex) -3.8% 3.8% Revenue Cost of P
Slide 5: Net profit growth despite higher tax pressure
Consolidated results 1Q13 Net profit growth despite higher tax pressure. 30.4 +0.3 -7.4 +0.5% vs. 1Q12 23.4 EBIT Net financial Taxes Net profit results Net financial results (MM €) 1T13 Effective fiscal tax 1T12 1,2 23.9% 0,3 0,2 0,1 20.9% -0,7 -0,9 -1,7 2,2 Financial Financial 1Q12 1Q13 incomes exp
Slide 6: Casings division
Casings division Results January - March 2013 6
Slide 7: Casings: top line growth boosted by volume and co-generation sales
CASINGS Top line growth boosted by volume casing sales and recurrent co-generation sales… Revenue evolution (MM €) 2012 166.6 165.3 160.0 163.4 2013 154.0 +3.9% 1Q 2Q 3Q 4Q Casings sales Co-generation +3.7% vs. 1Q12 +5.8% vs. 1Q12 Results January - March 2013 7
Slide 8: Casings: growth eroded partially by Brazilian real and US$ weakness
CASINGS … eroded partially by Brazilian real and US$ weakness... Revenue (MM €) +3.9% vs. 1Q12 +5.9 p.p. +0.5p.p. +0.5p.p. -2.4 p.p. 160.0 154.0 ex-forex Co-generation Forex1 casings Volumes and Electricity sales Brazilian real commercial price and US$ discipline weakness 1Q12 1Q13 1 For comparative
Slide 9: Casings: geographical revenue breakdown
CASINGS … and the weakness in North America, offset by the volume strength in emerging areas1. Geographical revenue breakdown (MM €) 31.1% 52.9% North America Europe and Asia 16.0% 84.5 Latam 79.0 50.8 49.8 1Q12 1Q13 24.2 25.7 +7.0% -2.0% +6.0% 1 Revenue per origin of sale Latam North America Europe
Slide 10: Casings EBITDA: start of China operations, lower US activity
CASINGS Q1 marked by the start of operations in China, lower activity in US, and new co-generation taxes. EBITDA (MM €) 2012 46.4 46.1 43.4 2013 41.4 41.1 +2.5% -0.8% ex-forex 2T 3T 4T 1T EBITDA margin Gross margin1 -0.3 p.p. 26.9% 25.7% Productivity margin2 +0.2 p.p. -1.2 p.p. Energy costs: +10.8%
Slide 11: Vegetable Foods: IAN Group results
VEGETABLE FOODS IAN Group keeps growing on top line despite economic crisis in the Spanish market, lower household consumption and higher costs of raw materials. Revenue (MM €): EBITDA (MM €): Net profit (MM €): +3.0% -11.6% -13.3% 23.9 24.6 1.5 1.3 0.7 0.6 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13 EBITDA margi
Slide 12: To sum up
To sum up Market keeps its growth trend, especially on emerging areas. Satisfactory start of operations in the new Chinesse plant. plant . €20.4MM Capex, including the new investments in Uruguay. The target is to start collagen casings production in 12 months. Inflation on raw materials prices , esp