Slide 1: Tesmec Group First Half 2013 Analyst Presentation
Tesmec Group First Half 2013 Analyst Presentation, 2 August 2013 Corporate
Slide 2: Agenda
Agenda 2013 – Business update P. Mosconi, GM 2013 – First Half Financials A.Bramani, CFO Outlook 2013 A.Caccia Dominioni, CEO Appendix 2/19
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 June 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 (49%
Slide 5: Business Update
Business Update Special Project FSKA High Voltage Grid Efficiency North America Russia Shale Gas project China Qatar South America Special Machines New Doha Port Special Project 5/19
Slide 6: Business Update
Business Update - Stringing -> stability with increase in special projects and good performance of the JV (Condux-Tesmec) in the North American market. - Grid Efficiency -> continues the pilot project on High Voltage Grid Efficiency with FSKA; -> important developments in Grid Efficiency in Medium V
Slide 7: Business Update
Business Update - Trencher -> strong growth in the Middle East Market: - Bulk Excavation project in Qatar; - Special Projects in Saudi Arabia. -> strong growth in the North American Market: - Shale Gas Projects; - projects in Canada. - Trencher Services -> Contract Fleet Management in Qatar. 7/19
Slide 8: 1H 2013 Economics Results
1H 2013 Economics Results Delta % 1H INCOME STATEMENT 1H 2013 1H 2012 2013 vs 2012 (Euro Mln) Revenues 57,3 50,0 +15% EBITDA 11,5 9,7 +19% % On Revenues 20% 19% EBIT 8,5 6,8 +25% % On Revenues 15% 14% Profit Before taxes 5,4 +33% 7,1 % On Revenues 11% 12% NET INCOME 3,3 +37% 4,6 % On Revenues 7% 8%
Slide 9: Revenues: international scale and exposure to growing economies
Revenues: international scale and exposure to growing economies 1H 2013 1H 2012 4% 6% 25% 14% 23% 22% 6% 23% 7% 13% 28% 27% Italy Europe Middle East BRICs and Oceania Africa North-Central America 9/19
Slide 10: Net Profit 1H2013
NET PROFIT 1H2013 8 6 1,7 0,6 (0,5) (0,5) 4 2 3,3 4,6 0 Net Income EBITDA Forex Financial Taxes Net Income 1H 2012 Charges 1H 2013 Increase in EBITDA impact in the period and decrease of the cost of funding 10/19
Slide 11: 1H 2013 Financial Results
1H 2013 Financial Results Financial Information 1H 2013 FY 2012 1H 2012 (Euro Mln) NWC 48,8 51,7 54,4 Non current assets 49,6 51,2 49,5 Other LT assets/(Liabilities) 1,0 0,2 1,2 NET INVESTED CAPITAL 99,4 103,1 105,1 NFP 59,8 56,5 65,8 EQUITY 43,3 42,9 39,3 TOTAL SOURCES OF FINANCING 103,1 99,4 105,1
Slide 12: Working Capital Evolution
Working Capital Evolution 1H 2013 FY 2012 Days* Days 1H 2013 2012 Values in € Mln Trade Receivables 36,3 43,6 101 131 Inventories 56,3 44,8 157 135 Trade Payables (33,3) (32,1) 93 96 Other current assets/(Liabilities) (7,6) (7,5) 21 23 NET WORKING CAPITAL 51,7 48,8 Working Capital Evolution 1H 2013*
Slide 13: Net Financial Position Evolution
Net Financial Position Evolution Operating Net Financial Position excluding IAS 17 Figurative Debt Accounting 70 56,5 60 20,4 59,8 20,7 50 (IAS 17) 3,3 1,3 1,6 40 0,8 3,7 2,9 39,4 30 (10) 20 35,8 35,8 10 0 NFP Operating OFCF NWC Inv. Div. Other Int.exp. Taxes Operating Capex NFP FY 2012 NFP Ass. Pai
Slide 14: Exchange exposure 1H 2013
Exchange exposure 1H 2013 Revenues Operating Costs 12% 38% 62% Euro Euro USD 88% USD Trade Receivables Trade Payables 4% 5% 4% Euro Euro 36% 60% USD USD 91% Other Other Currency Currency 14/19
Slide 15: Order Book
Order Book ORDER BOOK 1H 2013 TRENCHERS STRINGING € mln € mln 40 45 37,8 27,3 26,8 33,8 23,1 23,6 25,3 30 20 21,3 15 0 0 Order book 1H 2013 Order Order book Order 1H 2013 Order Order FY2012 Revenues Intake 1H 2013 book Revenues Intake book FY 2012 1H 2013 25,3 26,8 52,1 Mln 15/19
Slide 16: Outlook 2013
Outlook 2013 After the positive results achieved in the first six months 2013 Tesmec confirms the growth trend for the entire year: - with different trends in the various market in which the Group operates; - change in product mix; - double digit overall growth trend. 16/19
Slide 17: Shareholding Structure
Shareholding Structure Albemarle AM Italiana Alimenti 2,10% Treasury Share 5,34% Lazard Freres Gestion 1,82% 3T Finanziaria S.p.A. S.A.S. 7,45% 2,07% TTC S.r.l. 30,30% Free float 38,14% Shares directly owned by Directors FI.IND S.p.A. 0,24% 12,54% 17/19
Slide 18: Appendix A - Summary 1H 2013 Profit & Loss statement
Appendix A - Summary 1H 2013 Profit & Loss statement Delta vs Profit & Loss Account (€ mln) 1H 2013 1H 2012 Delta % 2012 Net Revenues 57,3 50,0 7,3 15% Raw materials costs (-) (24,4) (20,8) (3,6) 17% Cost for services (-) (10,7) (9,8) (0,9) 9% Personnel Costs (-) (11,9) (9,9) (2,0) 20% Other operati
Slide 19: Appendix B - Summary Balance Sheet
Appendix B - Summary Balance Sheet Balance Sheet (€ mln) 1H 2013 2012 Inventory 56,3 44,8 Accounts receivable 36,3 43,6 Accounts payable (-) (33,3) (32,1) Op. working capital 59,3 56,3 Other current assets (liabilities) (7,6) (7,5) Net working capital 51,7 48,8 Tangible assets 39,4 39,8 Intangible a
Slide 20: 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