Slide 1: Tesmec Group 9M 2013 Analyst Presentation
Tesmec Group 9M 2013 Analyst Presentation, 8 November 2013 Corporate
Slide 2: Agenda
Agenda 2013 – Business update A.Caccia Dominioni, CEO 2013 – 9MFinancials A.Bramani, CFO Outlook 2013 A.Caccia Dominioni, CEO Appendix 2/21
Slide 3: Business overview
Business overview MISSION: to operate in strategic markets for the growth and the modernization of every country in the world From IPO .. To .. Overhead & Urban Overhead & Grids Railway Urban Civil Civil Trenching Underground Construction Underground efficiency Lines Construction Infrastructure Infr
Slide 4: Operating Companies
Group Structure at September 30,2013 Tesmec S.p.A. Tesmec Tesmec Tesmec USA Tesmec Rus S.A. (75%)* Balkani (100%) (100%) (100%) Fully Consolidated East Tesmec Service Operating Companies Trenchers (100%) Effect on (91%) I-Light and AMC2 EBITDA and Pre-Tax Profit Tesmec Condux Peninsula Tesmec Equity
Slide 5: Product Update
Product Update - Stringing -> strengthened technological leadership through development of know how and equipment for special projects (long distance crossing: rivers, fjords etc). - Grid Efficiency -> integrated solutions for predictive maintenance, losses control and smart management on transmissi
Slide 6: Product Update
Product Update -Trencher -> Shale Oil & Gas: new generation of Big Bucket machines. -> Fiber Optic Installation: ground detection and integrated solutions for excavation in urban area. -> Agriculture: a complete line of new fully automated machines Common drivers of all developments: HIGH PRODUCTIVI
Slide 7: Market Update
Market Update USA -> the US Market has become in all sectors one of the most important markets for the Group also thanks to the national policy supporting investments: - to renew and interconnect (East-West) the Electric Grid; - to improve the transport (Shale Oil & Gas and Railway). -> main growth
Slide 8: Market Update
Market Update Russia -> the slowdown in construction of new power lines was partially offset thanks to the strategy of diversifying product with greater input from the business of : - Railways Contracts already running and good - Grid Efficiency prospects for the future. -> Tesmec participated in th
Slide 9: Market Update
Market Update Middle East -> confirms the sale of trencher for large infrastructure projects; -> development of fleet management trencher sold to customers and used in infrastructure projects such as the port of Doha, the Doha Metro and other infrastructure. India -> the market has confirmed its imp
Slide 10: 9M 2013 Economics Results
9M 2013 Economics Results Delta % 9M INCOME STATEMENT 9M 2013 9M 2012 2013 vs 2012 (Euro Mln) Revenues 85,1 80,8 +5% EBITDA 15,9 16,3 -2% % On Revenues 19% 20% EBIT 11,2 11,6 -3% % On Revenues 13% 14% Profit Before taxes 8,2 - 8,2 % On Revenues 10% 10% NET INCOME 5,2 -3% 5,1 % On Revenues 7% 6% STRI
Slide 11: Revenues: international scale and exposure to growing economies 9M 2013
Revenues: international scale and exposure to growing economies 9M 2013 9M 2012 5% 6% 24% 15% 22% 23% 6% 6% 24% 15% 26% 28% Italy Europe Middle East BRICs and Oceania Africa North-Central America 11/19
Slide 12: NET PROFIT 9M2013
NET PROFIT 9M2013 8 6 1,0 (0,1) (0,4) 4 (0,6) 5,2 5,1 2 0 Net Income EBITDA Forex Net Financial Taxes Net Income 9M 2012 Costs 9M 2013 The period was impacted by negative forex and lower impact of Net Financial Cost 12/21
Slide 13: 9M 2013 Financial Results
9M 2013 Financial Results Financial Information 9M 2013 9M 2012 FY 2012 (Euro Mln) NWC 48,8 54,3 49,1 Non current assets 49,6 51,7 51,1 Other LT assets/(Liabilities) 1,0 0,1 1,1 NET INVESTED CAPITAL 99,4 106,1 101,3 NFP 62,9 60,8 56,5 EQUITY 43,2 40,5 42,9 TOTAL SOURCES OF FINANCING 106,1 101,3 99,4
Slide 14: Working Capital Evolution
Working Capital Evolution 9M 2013 FY 2012 Days* Days 9M 2013 2012 Values in € Mln Trade Receivables 37,9 43,6 101 131 Inventories 53,0 44,8 157 135 Trade Payables (28,7) (32,1) 93 96 Other current assets/(Liabilities) (7,9) (7,5) 21 23 NET WORKING CAPITAL 54,3 48,8 Working Capital Evolution 9M 2013*
Slide 15: Net Financial Position Evolution
Net Financial Position Evolution Operating Net Financial Position 70 excluding IAS 17 Figurative Debt Accounting 56,5 60 62,9 20,7 20,1 50 (IAS 17) 2,4 2,3 5,4 40 0,8 3,7 5,5 30 42,8 20 35,8 35,8 (13,1) 10 0 NFP Operating OFCF NWC Inv. Div. Other Int.exp. Taxes Operating Capex NFP FY 2012 NFP Ass. P
Slide 16: Exchange exposure 9M 2013
Exchange exposure 9M 2013 Revenues Operating Costs 13% 38% 62% Euro Euro USD 87% USD Trade Receivables Trade Payables 8% 2% 45% Euro USD Euro 53% 92% USD Other Currency 16/21
Slide 17: Order Book
Order Book ORDER BOOK 9M 2013 TRENCHERS STRINGING € mln € mln 41,3 38,7 40 46,4 45 37,8 35,6 23,1 25,7 27,0 30 20 15 0 0 Order book 9M 2013 Order Order book Order 9M 2013 Order Order FY2012 Revenues Intake 9M 2013 book Revenues Intake book FY 2012 9M 2013 25,7 27 52,7 Mln 17/21
Slide 18: Outlook 2013
Outlook 2013 In a context of market volatility the strategy of diversification in terms of technological solutions offered and markets, as well as the flexibility of the Group, have enabled it to respond to the difficult global macroeconomic environment. Based on the results achieved in the first ni
Slide 19: Shareholding Structure
Shareholding Structure Italiana Alimenti Albemarle AM Treasury Share 5,34% 5,04% 3T Finanziaria S.p.A. 1,82% 4,88% Lazard Freres Gestion S.A.S. 2,07% TTC S.r.l. 30,30% Free float 37,77% Shares directly owned FI.IND S.p.A. by Directors 12,54% 0,24% 19/21
Slide 20: Appendix A - Summary 9M 2013 Profit & Loss statement
Appendix A - Summary 9M 2013 Profit & Loss statement Delta vs Profit & Loss Account (€ mln) 9M 2013 9M 2012 Delta % 2012 Net Revenues 85,1 80,7 4,4 5% Raw materials costs (-) (38,2) (35,6) (2,6) 7% Cost for services (-) (15,0) (14,8) (0,2) 1% Personnel Costs (-) (17,3) (14,6) (2,7) 18% Other operati
Slide 21: Appendix B - Summary Balance Sheet
Appendix B - Summary Balance Sheet Balance Sheet (€ mln) 9M 2013 2012 Inventory 53,0 44,8 Accounts receivable 37,9 43,6 Accounts payable (-) (28,7) (32,1) Op. working capital 62,2 56,3 Other current assets (liabilities) (7,9) (7,5) Net working capital 54,3 48,8 Tangible assets 39,6 39,8 Intangible a
Slide 22: TESMEC S.p.A - Headquarters
The Manager responsible for preparing the company’s financial reports, Andrea Bramani, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting rec