ENCE Energia y Celulosa SA · BME:ENC

ENCE Energia y Celulosa SA — H1 2011 Earnings Presentation

13 slides from ENCE Energia y Celulosa SA's earnings presentation, Jul 27, 2011

  1. Slide 1: Ence 1H11 results

    Ence 1H11 results Madrid - July 27th, 2011 1

  2. Slide 2: 1H11 results: highlights

    1H11 results: highlights 1 Signing of 50MW project finance, fostering the visibility of the biomass expansion program 2 Solid operating performance to maximize utilization ratio drives pulp and electricity output & sales growth 3 Supportive pulp market prices, which remain attractive despite dollar

  3. Slide 3: 1H11 results: summary of main financial indicators

    1H11 results: summary of main financial indicators 1H11 1H10 Change €Mn €Mn y/y Net sales (M€) 419.3 378.1 11% Pulp Sales (M€) 304.7 283.4 8% Energy Sales (M€) 85.3 65.8 30% Forestry and Other Sales (M€) 29.4 28.8 2% EBITDA (adjusted) 89.5 92.5 (3%) Hedging (9.7) (5.6) n.s. Severance payments (4.4)

  4. Slide 4: 1H11 results: pulp sales evolution

    1H11 results: pulp sales evolution Pulp sales (M€) 340.000 Evolution of pulp sales and production 320.000 +8% 300.000 280.000 260.000 305 240.000 220.000 Production expected to top 315.000 283 tons in 3Q11 at current july levels 200.000 180.000 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 1H10

  5. Slide 5: Price evolution: a stable environment ...

    Price evolution: a stable environment ... 1000 25 150 Evolution of pulp prices per ton Comparison of long and short fiber in days of inventory and price 900 20 120 800 15 90 700 10 60 600 5 30 500 0 0 400 (5) (30) 300 (10) (60) Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Ju

  6. Slide 6: ... supported by the evolution of demand and inventories

    ... supported by the evolution of demand and inventories 4.000 40% 55 Global and chinese demand ('000t/month) Inventories in days 3.500 (3 months average) 35% 50 3.000 30% 45 2.500 25% 40 2.000 20% 35 1.500 15% 30 1.000 10% 25 500 5% 20 Producers Consumers 15 0 0% May-00 May-01 May-02 May-03 May-04

  7. Slide 7: 1H11 results: renewable energy sales evolution

    1H11 results: renewable energy sales evolution Electricity sales (M€) 430.000 Evolution of electricity sales and production +30% 380.000 330.000 85 66 280.000 230.000 180.000 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 1H10 1H11 Electricity Sales (MWh) Electricity Production (MWh) ƒ Increasing

  8. Slide 8: 1H11 results: cash cost evolution

    1H11 results: cash cost evolution 400 15,9 Evolution of cash cost (€/t) 390 4,8 380 6,1 0,1 11,0 1,1 1,5 370 12,8 360 376 350 363 Affected by rise in oil & gas prices 340 330 Cash Cost 1H10 Wood cost Energy cost MWh sold per Price per MWh Chemical and Production fix Commercial and Corporate costs Ca

  9. Slide 9: 1H11 results: EBITDA evolution

    1H11 results: EBITDA evolution EBITDA (M€) Adjusted EBITDA (M€) -3% -15% ƒ Adjusted EBITDA stands at €89,5Mn in 1H11, -3% below the 1H10 88,2 92,5 89,5 ƒ EBITDA stands at €75,2Mn in 1H11, -15% 75,2 below the 1H10 ƒ The fall is mainly due to the increased consumption of chemicals, due to the change i

  10. Slide 10: 1H11 results: net debt and cash flow evolution

    1H11 results: net debt and cash flow evolution Cash flow generation in 1H11 6 12 0 90 84 23 71 71 48 48 13 35 35 Adjusted EBITDA Changes in Interest payments Other operating Capex related to Cash available for Non recurrent Cash available in 1H11 working capital cashflows pulp activity (a) biomass c

  11. Slide 11: 1H11 results: highlights

    1H11 results: highlights 1 Signing of 50MW project finance, fostering the visibility of the biomass expansion program 2 Solid operating performance to maximize utilization ratio drives pulp and electricity output & sales growth 3 Supportive pulp market prices, which remain attractive despite dollar

  12. Slide 12: Disclaimer

    Disclaimer This presentation contains statements that constitute forward looking statements in its general meaning and within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this document and include statements regarding the inten

  13. Slide 13: Gracias

    Ence Innovating by nature Gracias 13

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