Tecnicas Reunidas Sa · BME:TRE
Tecnicas Reunidas Sa — Q1 2007 Earnings Presentation
21 slides from Tecnicas Reunidas Sa's earnings presentation, May 10, 2007
Slide 1: First quarter 2007 Results Presentation
TECNICAS REUNIDAS Juan Lladó CEO First quarter 2007 Results Presentation 10th of May 2007
Slide 2: 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 quarter results of 2007. This document contains forward-looking statements of the Company and/or its man
Slide 3: Index
INDEX TECNICAS REUNIDAS ¾ BUSINESS HIGHLIGHTS DELIVERY CUSTOMERS HUMAN RESOURCES MARGINS ¾ 1Q 2007 FINANCIAL RESULTS 2
Slide 4: Delivery: Execution of Current Backlog
DELIVERY: Execution of Current Backlog New record figure for Backlog Awards (1) Backlog (1) €m €m 3000 3500 3,333 2,621 3,040 2500 3000 2500 2000 1,485 2000 1500 1,712 1500 1000 713 707 983 1000 500 500 0 0 2004 2005 2006 1Q 07 2004 2005 2006 1Q 07 (1) Does not include data from Infrastructure & Ind
Slide 5: Delivery: 1Q 2007 Backlog
DELIVERY: 1Q 2007 Backlog Contracted Backlog Size Name Location Client End Date 31 March 2007 Saudi Rabigh Saudi Aramco 2008 Arabia Hydrocraker Huelva Spain CEPSA 2009 Coker Chile ENAP 2008 Nitric Acid Plant Chile ENAEX 2008 HDS – Bio Bio Chile ENAP 2008 Refining & Refining Units Mexico PEMEX 2008 P
Slide 6: Delivery: 1Q 2007 Backlog
DELIVERY: 1Q 2007 Backlog Backlog Size 31 March 2007 Contracted Name Location Client End Date Plana del Vent Spain Gas Natural 2007 As Pontes Spain Endesa 2008 Barranco de Tirajana Spain Endesa 2007 € 244 M Power Ocaña / Cuenca Spain - 2007 Escatrón I & II Spain Global 3 2008 Saih Rawl (Power) Oman
Slide 7: Customers: Strategy
CUSTOMERS: Strategy Main awards since IPO Gaining new customers Large complex projects SAIH RAWL PDO CARTAGENA KAYAN BOROUGE PetroChina 6
Slide 8: Customers: Strategy
CUSTOMERS: Strategy SPAIN EUROPE / FSU • Oil & Gas • Oil & Gas • Power • Power • Infrastructure PERSIAN GULF N. AFRICA • Oil & Gas • Oil & Gas • Power LATIN AMERICA • Oil & Gas 7
Slide 9: Customers: Main 2Q awards Oil & Gas - Borouge
CUSTOMERS: Main 2Q awards Oil & Gas Borouge utilities, offsites and external interconnecting project Highlights ¾ Project: expansion of the production facilities in Ruwais, Abu Dhabi, UAE. ¾ Expansion will triple Borouge’s annual production to two million tonnes of polyolefin's ¾ TR contract, with a
Slide 10: Customers: Main 2Q awards Oil & Gas - The client
CUSTOMERS: Main 2Q awards Oil & Gas Borouge utilities, offsites and external interconnecting project The client Borouge: JV between ADNOC and Borealis (60%-40%) ¾ Borealis: 65% Abu Dhabi Investment Authority (IPIC) and 35% OMV, the Austrian oil and gas group One of the European leaders in the pr
Slide 11: Customers: FEED for the Guanxi refinery for Petrochina
CUSTOMERS : Main 2Q awards Oil & Gas FEED for the Guanxi refinery for Petrochina Highlights ¾ FEED for the Hydrocracking (2,2 Mt/a) and the Continuous Catalytic Regeneration, CCR, at the new 200.000 bpd refinery in Qinzhou, Guanxi province. Guanxi PetroChina Hong Kong ¾ PetroChina Company Limited is
Slide 12: Customers: Main 2Q awards Infrastructures - Vigo Harbour
CUSTOMERS : Main 2Q awards Infrastructures Project for the Harbour of Vigo Highlights ¾ TR in consortium with Jean Nouvel and XMD Arquitectura e Cidade ¾ TR Scope: Engineering and construction management ¾ Execution period: 38 months 11
Slide 13: Human Resources
HUMAN RESOURCES 1 Headquarters and Central Production Center 2 Satellite Engineering Centers Employees Weight Employees 3,105 3,004 3.000 2,488 Non- 700 650 653 2.500 Technical 2,200 0% 600 19% 16% 2.000 500 14% 455 1.500 400 Technical 4.1% 81% 300 1.000 22% 13% 200 147 500 100 0 0 2004 2005 2006 1Q
Slide 14: Margins: Enhancement and Protection
MARGINS: Enhancement and Protection EBITDA MARGIN EBIT MARGIN % % 5.5% 5.4% 5.3% 5.1% 4.6% 4.2% 3.8% 3.3% 2004 2005 2006* 1Q 07 2004 2005 2006* 1Q 07 *Adjusted figures 13
Slide 15: Margins: Fresh Backlog
MARGINS: “FRESH” BACKLOG 1Q 2007 Backlog + Borouge* AWARDED 06/07 REST ¾ Approx. 80 % of backlog awarded in 2006/07 ¾ Approx. 70 % awarded in OBE basis * Borouge Project awarded in April 2007 14
Slide 16: Tecnicas Reunidas
TECNICAS REUNIDAS ¾ BUSINESS HIGHLIGHTS DELIVERY CUSTOMERS HUMAN RESOURCES MARGINS ¾ 1Q 2007 FINANCIAL RESULTS 15
Slide 17: Sales and EBITDA Growth
SALES and EBITDA GROWTH SALES EBITDA €m €m 1,235 66 80% 60 1,000 112% 685 40 31 102% 500 440 116% 24 219 20 11 0 0 2005 2006* 1Q 06* 1Q 07 2005 2006* 1Q06* 1Q 7 *Adjusted figures 16
Slide 18: Financial Results
FINANCIAL RESULTS Profit and Loss Account 1Q 07 1Q 06* Var. 2006* € million Revenues 440.5 219.2 101% 1,234.5 EBITDA 24.3 11.1 118% 66.6 Margin 5.5% 5.1% 5.4% EBIT 23.2 10.4 122% 62.7 Margin 5.3% 4.8% 5.1% Net Financial Results 2.0 3.6 5.2 Profit before Taxes 25.2 14.1 79% 68.4 Taxes -1.3 -0.3 -2.9
Slide 19: Net Cash Position
NET CASH POSITION € million 318 261 254 2005 2006 1Q 2007 ¾ 1Q 2007 decrease due to: Interim dividend outflow (€ 16,8 million) Payments to critical suppliers to ensure deadlines and cost savings 18
Slide 20: Dividends
DIVIDENDS ¾ 2006 payout of € 0.64 per share: € 35.8 million – Interim dividend: € 0.3 per share paid in January (€ 16.8 million) – Complementary dividend proposal: € 0.34 per share to be paid in July (€ 19.0 million) 40- 50% payout dividend policy 19
Slide 21: UNIDAS
if UNIDAS