Rockwool A/S Class A · OMXCOP:ROCK_A

Rockwool A/S Class A — Q1 2012 Earnings Presentation

29 slides from Rockwool A/S Class A's earnings presentation, May 23, 2012

  1. Slide 1: 2012 Q1 results, Copenhagen, 23 May 2012

    2012 Q1 results - Copenhagen, 23 May 2012 2012 Q1 results Copenhagen 23 May 2012 CFO, Gilles Maria 1

  2. Slide 2: Forward-looking statement

    2012 Q1 results - Copenhagen, 23 May 2012 Forward-looking statement The statements on the future in this presentation, including expected sales and earnings, are associated with risks and uncertainties and may be affected by factors influencing the activities of the group, e.g. the global economic e

  3. Slide 3: Highlights

    2012 Q1 results - Copenhagen, 23 May 2012 Highlights  Good sales development across most markets with sales up 11% organically  EU sales showed satisfactory growth - only February below expectations (weather effect)  As predicted earlier, Russian sales growth leveling off  Continued strong deman

  4. Slide 4: Western Europe

    2012 Q1 results - Copenhagen, 23 May 2012 Western Europe  France and Germany showed good sales growth underpinned by public renovation programmes  Additional German measures in the pipeline including tightened building codes for new build  Scandinavia showing better development  Netherlands and

  5. Slide 5: Central / Eastern Europe

    2012 Q1 results - Copenhagen, 23 May 2012 Central / Eastern Europe  Poland shows accelerating sales development with double digit growth  Sales also improving in CZ but less significantly  Further south in the region, the market situation is still difficult  The Croation factory has now received

  6. Slide 6: Russia

    2012 Q1 results - Copenhagen, 23 May 2012 Russia  Russian construction markets in good shape benefitting from strong economy  As expected, the high sales growth of last year is leveling off Factory but we still expect reasonable growth in 2012  Renovation of existing building high in new governme

  7. Slide 7: North America

    2012 Q1 results - Copenhagen, 23 May 2012 North America  The very positive growth levels continue in the North American market  Fledging recovery in the US construction  DIY penetration succesfull with good sales via Lowe’s and Home depot  The Group is investigating the Factory options for expan

  8. Slide 8: Asia

    2012 Q1 results - Copenhagen, 23 May 2012 Asia  Strong demand in China met with growing imports  The Group is investigating the options for expanding capacity north China  Good development in Singapore, Malaysia and Thailand Sales office Factory  Indian factory still in running-in phase. The Roc

  9. Slide 9: Systems segment

    2012 Q1 results - Copenhagen, 23 May 2012 Systems segment  Satisfactory overall sales development but slightly lower EBIT-ratio  Positive development in Rockfon and Rockpanel businesses whereas Grodan and Lapinus Fibres are facing difficult market conditions  The new Rockfon plant in the St. Pete

  10. Slide 10: Financial

    2012 Q1 results - Copenhagen, 23 May 2012 Financial 10

  11. Slide 11: Net sales first quarter 2012

    2012 Q1 results - Copenhagen, 23 May 2012 Net sales first quarter 2012 3,500 3,249 3,255 3,099 2,933 3,000 2,539 2,520 2,500 DKK million 2,000 1,500 1,000 500 16% 11% -5% -18% -1% 0 -500 2007 2008 2009 2010 2011 2012 Net sales Changes 11

  12. Slide 12: EBITDA first quarter

    2012 Q1 results - Copenhagen, 23 May 2012 EBITDA first quarter 2011 784 800 600 527 DKK million 377 347 408 400 274 200 38% -33% -48% -8% 18% 0 2007 2008 2009 2010 2011 2012 -200 EBITDA Changes 12

  13. Slide 13: EBIT first quarter 2012

    2012 Q1 results - Copenhagen, 23 May 2012 EBIT first quarter 2012 800 615 600 DKK million 400 337 154 200 146 115% 104 68 48% -45% -80% -29% 0 2007 2008 2009 2010 2011 2012 -200 EBIT Changes 13

  14. Slide 14: EBIT first quarter 2012 per business segment

    2012 Q1 results - Copenhagen, 23 May 2012 EBIT first quarter 2012 per business segment 600 561 500 400 DKK million 297 300 200 81 70 85 64 100 34 50 59 54 35 20 20 -10 -11 11 -1 5 0 2007 2008 2009 2010 2011 2012 -100 Insulation Segment Systems Segment Elim. & Holding companies 14

  15. Slide 15: Financial items first quarter 2012

    2012 Q1 results - Copenhagen, 23 May 2012 Financial items first quarter 2012 10 6 -4 -8 -14 -16 -16 DKK million 0 -10 -20 2007 2008 2009 2010 2011 2012 15

  16. Slide 16: Profit first quarter 2012 after minority interests

    2012 Q1 results - Copenhagen, 23 May 2012 Profit first quarter 2012 after minority interests 428 450 400 350 DKK million 300 242 250 200 150 78 68 103 100 38 50 0 2007 2008 2009 2010 2011 2012 16

  17. Slide 17: Change in working capital first quarter 2012

    2012 Q1 results - Copenhagen, 23 May 2012 Change in working capital first quarter 2012 0 -50 -64 -100 -84 DKK million -150 -200 -250 -245 -247 -300 -280 -350 -339 -400 2007 2008 2009 2010 2011 2012 17

  18. Slide 18: Stock end of first quarter 2012

    2012 Q1 results - Copenhagen, 23 May 2012 Stock end of first quarter 2012 1,600 1,433 27 1,400 76 1,277 1,182 1,200 1,110 DKK million 926 1,000 986 704 845 643 689 800 210 539 600 400 573 635 539 447 421 200 387 0 2008 2009 2010 2011 2011YE 2012 Finished goods Raw material and consumables 18

  19. Slide 19: Debtors end of first quarter 2012

    2012 Q1 results - Copenhagen, 23 May 2012 Debtors end of first quarter 2012 1,709 1,743 1,800 1,676 1,498 1,596 1,600 1,348 1,400 DKK million 1,200 1,000 800 600 400 200 0 2007 2008 2009 2010 2011 2012 Increase due to acquisitions 19

  20. Slide 20: Cash flow from first quarter 2012

    2012 Q1 results - Copenhagen, 23 May 2012 Cash flow from first quarter 2012 500 423 400 304% 300 DKK million 200 143 77 100 51 37 -25 0 -100 -66% -46% -52% -200 -168% -300 -400 -500 2007 2008 2009 2010 2011 2012 Cash flow from operating activities Changes 20

  21. Slide 21: Investments and acquisitions first quarter 2012

    2012 Q1 results - Copenhagen, 23 May 2012 Investments and acquisitions first quarter 2012 700 615 27 600 500 DKK million 400 400 350 ??? 280 300 249 142 200 344 215 86 260 100 36 138 101 50 0 2007 2008 2009 2010 2011 2012 Capital Expenditure Acquisitions 21

  22. Slide 22: Energy prices

    2012 Q1 results - Copenhagen, 23 May 2012 Energy prices DKK million 22

  23. Slide 23: Expectations

    2012 Q1 results - Copenhagen, 23 May 2012 Expectations 23

  24. Slide 24: Expectations 2012

    2012 Q1 results - Copenhagen, 23 May 2012 Expectations 2012  The Group expects net sales at current exchange rates to increase by 5% for the full year 2012  The Group expects a result after minority interests between DKK 650 and 700 million  Capital expenditure excluding acquisitions is now expec

  25. Slide 25: Long term sales development 1984-2012e

    2012 Q1 results - Copenhagen, 23 May 2012 Long term sales development 1984-2012e 16,000 14,000 12,000 DKK million 10,000 8,000 6,000 4,000 2,000 0 25

  26. Slide 26: Long term EBITDA ratio 1984-2012e

    2012 Q1 results - Copenhagen, 23 May 2012 Long term EBITDA ratio 1984-2012e 25% 20% Percentage 15% 10% 5% 0% 26

  27. Slide 27: Long term EBIT ratio 1984-2012e

    2012 Q1 results - Copenhagen, 23 May 2012 Long term EBIT ratio 1984-2012e 20% 15% Percentage Goal 11% 10% 5% 0% 27

  28. Slide 28: Investments and acquisitions full year

    2012 Q1 results - Copenhagen, 23 May 2012 Investments and acquisitions full year 2,642 2,700 2,400 2,100 DKK million 1,689 1,800 1,620 1,412 1,500 1,300 1,170 1,200 1,200 101 31 817 400 900 617 1,125 634 953 600 310 900 300 495 482 505 285 0 2007 2008 2009 2010 2011 2012e Maintenance CAPEX Capacity

  29. Slide 29: Questions?

    2012 Q1 results - Copenhagen, 23 May 2012 Questions ? 29

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