Altri, Sgps, S.a. · EURONEXT:ALTR
Altri, Sgps — Investor Presentation (May 2018)
23 slides from Altri, Sgps's investor presentation, May 2018
Slide 1: Pulp and forest: Presentation on Altri
Pulp and forest Presentation on Altri May 2018
Slide 2: Altri's overview
Altri’s overview Business development BHKP Market Appendix 2 2
Slide 3: Forest management
Forest management 81K ha under intervention in Portugal – 20% self sufficiency rate – Mainly focused on eucalyptus globulus Strategic location – High yield locations – 10/12 years growing age – 10 m3 per ha per year Focus on R&D – Over 40 years of experience – Genetic improvements obtained through t
Slide 4: 2 types of pulp produced
2 types of pulp produced BEKP – Celbi and Celtejo – 937 K tonnes produced in 2017 Dissolving pulp – Caima – 105 K tonnes produced in 2017 1,043 thousand tonnes of pulp produced in 2017 4
Slide 5: Altri sales: main markets
Altri sales: main markets 100% eucalyptus (hardwood) pulp production Breakdown 2017 Main end uses Main markets – Tissue (50%) – Printing and writing (21%) Paper – Specialties (19%) – Dissolving pulp (9%) VSF (rayon) 90% of total production exported – Paper pulp (BEKP): strategic focus on Europe – Di
Slide 6: Key financial indicators
Key financial indicators € million Total revenues EBITDA 700 665 666 250 612 221 600 550 522 534 200 191 495 500 472 167 161 143 141 400 150 113 114 300 100 200 50 100 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017 200 EBIT 140 Net profit 168 118 120 160 137 96 1
Slide 7: Pulp production: evolution
Pulp production: evolution From 115K ton in 2005 to above 1 million in 2017 Celbi’s expansion project: 365 M€ 1200 Acquisition of Celbi: 431 M€ 1,022 1,031 1,043 973 991 1000 910 Acquisition 847 of Celtejo: 787 Thousand tonnes 800 40 M€ 655 576 600 511 400 255 200 115 0 2005 2006 + 2007 + 2008 2009
Slide 8: Deleveraging trend
Deleveraging trend 412 million Euros in Net Debt reduction over the last 8 years € million 8
Slide 9: Free cash flow evolution
Free cash flow evolution 2010-2017 total FCF: € 604 million • € 412 million net debt reduction • € 192 million in dividends 150 2010-2017 total CAPEX: € 290 million 102 91 83 72 72 € million 68 62 62 58 57 57 55 48 50 51 44 45 40 41 51 32 27 23 17 16 9 4 4 5 4 2010 2011 2012 2013 2014 2015 2016 2016
Slide 10: Altri's overview
Altri’s overview Business development BHKP Market Appendix 10 10
Slide 11: Altri: looking forward
Altri: looking forward Ramping up to produce above 1 million tonnes of BHKP Debottlenecking in Celbi – 735 thousand tonnes produced in 2017 – Above 750 thousand tonnes by 2018E Celtejo – 202 thousand tonnes produced in 2017 – Undergoing investment to optimise production and unit costs 11
Slide 12: Altri: looking forward
Altri: looking forward Dissolving wood pulp in Caima mill – 105K tonnes of DP produced in 2017 Significant added value – One of the lowest cost producers worldwide – Prime quality rayon grade producer – Ambition to produce higher value added products: specialty grades 12
Slide 13: Altri's overview
Altri’s overview Business development BHKP Market Appendix 13 13
Slide 14: Global BHKP pulp market
Global BHKP pulp market Global hardwood demand grew 4.3% (CAGR) between 1990 – 2017 European hardwood demand grew 2.4% (CAGR) between 1990 – 2017 – From 5.4 M tonnes in 1990 to 10.1 M tonnes in 2017 (+4.7 M tonnes) – Mkt share decreased from 52% in 1990 to 31% in 2017 Chinese demand grew 15.1% (CAGR
Slide 15: Global BHKP pulp market
Global BHKP pulp market Global BHKP market BHKP supply and demand 2011-2017 (thousand tonnes) 2012-2017 (incremental thousand tonnes) 40000 95% 2000 35000 1800 90% 1600 30000 1400 25000 1200 85% 20000 1000 80% 800 15000 600 10000 75% 400 5000 200 0 70% 0 2011 2012 2013 2014 2015 2016 2017 2012 2013
Slide 16: Global BHKP pulp market: pulp price evolution
0 1000 1200 200 400 600 800 7-Jan-2003 25-Mar-2003 10-Jun-2003 Source: FOEX 26-Aug-2003 11-Nov-2003 27-Jan-2004 13-Apr-2004 29-Jun-2004 14-Sep-2004 30-Nov-2004 15-Feb-2005 3-May-2005 19-Jul-2005 4-Oct-2005 20-Dec-2005 7-Mar-2006 23-May-2006 8-Aug-2006 24-Oct-2006 9-Jan-2007 27-Mar-2007 12-Jun-2007 2
Slide 17: Altri's overview
Altri’s overview Business development BHKP Market Appendix 17 17
Slide 18: Business structure and shareholders
Business structure and shareholders 100% 50%* Celbi Celtejo Caima EDP Bioeléctrica Pulp Pulp Dissolving Biomass * Joint venture with EDP Major shareholders Free float 205.132 million shares 34% Management 66% 18
Slide 19: Biomass power production
Biomass power production 50% joint venture with EDP – 62 MW in operation Mortágua 1 8.6 MW – #1 biomass player in Portugal In operation – Equity accounting Celtejo Tariff 12.8 MW – 106€/MWh updated yearly on In operation recorded inflation – Feed in tariff granted for 25 years Financial highlights 2
Slide 20: Q1 2018 P&L
Q1 2018 P&L ALTRI, SGPS, S.A. CONSOLIDATED STATEMENTS OF PROFIT AND LOSS FOR THE PERIODS OF THREE MONTHS ENDED AT 31 MARCH 2018 AND 2017 (Amounts expressed in Euro) 31.03.2018 31.03.2017 Sales 169,892,818 154,999,151 Services rendered 2,315,456 2,411,633 Other income 1,176,513 2,425,030 Cost of sale
Slide 21: Q1 2018 BS | assets
Q1 2018 BS | assets ALTRI, SGPS, S.A. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF 31 MARCH 2018 AND 31 DECEMBER 2017 (Amounts expressed in Euro) ASSETS 31.03.2018 31.12.2017 NON CURRENT ASSETS: Biological assets 94,986,473 94,848,275 Tangible fixed assets 392,343,392 396,515,699 Investment p
Slide 22: Q1 2018 BS | shareholder's funds & liabilities
Q1 2018 BS | shareholder’s funds & liabilities ALTRI, SGPS, S.A. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF 31 MARCH 2018 AND 31 DECEMBER 2017 (Amounts expressed in Euro) SHAREHOLDERS' FUNDS AND LIABILITIES 31.03.2018 31.12.2017 SHAREHOLDERS' FUNDS: Share capital 25,641,459 25,641,459 Legal
Slide 23: Disclaimer
Disclaimer All data contained in this presentation may contain confidential and/or privileged information, and it is exclusively intended for its addressees. Unauthorized copy, reproduction or distribution is strictly prohibited. This presentation is provided “as is” without any express or implied w