Slide 1: Results Release First Half 2024
RESULTS RELEASE First Half 2024 JULY 2024 H1 2024 RESULTS / PAG. 1
Slide 2: Main Considerations
MAIN CONSIDERATIONS FOUNDATIONS FOR GROWTH HAVE BEEN LAID MANUFACTURE OF THE ADNOC ORDER HAS The first half of 2024 closed with sales of €398.0M, an EBITDA of €50.1M, and a margin of 12.6% COMMENCED ($1B) First-half results were impacted by extraordinary factors as a result of the kick-off of th
Slide 3: Main Financial Figures
MAIN FINANCIAL FIGURES H1 2023 H1 2024 % Var. Q2 2023 Q2 2024 % Var. (€M) Sales 434.8 398.0 -8.5% 202.5 211.4 4.4% EBITDA 64.3 50.1 -22.2% 33.9 25.1 -25.9% EBITDA Margin 14.8% 12.6% 16.7% 11.9% EBIT 41.0 27.4 -33.1% 22.3 13.9 -37.6% EBIT Margin 9.4% 6.9% 11.0% 6.6% Earnings Before Taxes 27.9 9.2 -67
Slide 4: Main Figures from the Income Statement
MAIN FIGURES FROM THE INCOME STATEMENT SALES First-half sales stood at €398.0M, below the figure reached in the same 434.8 period of the previous year €M 398.0 - Declining trend in nickel prices: turnover of the most commodity 211.4 products is being negatively affected 202.5 - The average nickel pr
Slide 5: Main Figures from the Balance Sheet: Working Capital
MAIN FIGURES FROM THE BALANCE SHEET: WORKING CAPITAL WORKING CAPITAL OVER SALES: INCREASED TURNOVER IS FORESEEN INCREASE IN WORKING CAPITAL DUE TO THE FORESEEABLE RISE IN TURNOVER The working capital amounts to €321.0M, up €86.5M on the 2023 year-end The prospects of increased turnover in the coming
Slide 6: Main Figures from the Balance Sheet: Net Financial Debt
MAIN FIGURES FROM THE BALANCE SHEET: NET FINANCIAL DEBT Net Financial Debt TUBACEX is building a new OCTG tube finishing and threading plant in Abu Dhabi, as part of the major $1,000M project, whereby operations will commence later this year €M - Investment to date in this plant amounts to €38.5M
Slide 7: Revenues Breakdown
REVENUES BREAKDOWN New businesess E&P Gas PREMIUM PRODUCTS 18.0% Very good figures in intake of high value-added products, with a clearly better 25.0% performance than traditional products Significant pipeline of project awards expected for the second half of the year, which could give new impetus t
Slide 8: Backlog Evolution
BACKLOG EVOLUTION ROBUST SITUATION OF THE BACKLOG Book-to-bill ratio TOTAL BACKLOG INCLUDING ADNOC’S PROJECT 1,600M€ H1 2024 1.0x Backlog remains stable compared to the 2023 year-end This figure is concentrated in projects with high added value Book-to-bill ratio for the year is 1.0x, slightly highe
Slide 9: Commercial Remarks (I) E&P Oil&Gas
COMMERCIAL REMARKS (I) E&P OIL&GAS UPSTREAM OCTG - Tubacex commences first orders for the Abu Dhabi OCTG long term frame agreement with ADNOC - Tender activity in the Middle East remains buoyant, complimented by steady demand in Brazil - Tubacex continues to strengthen its positioning as leading p
Slide 10: Commercial Remarks (II) Industrial & PowerGen
COMMERCIAL REMARKS (II) INDUSTRIAL & POWERGEN The industrial sector continues to account for a major part of Tubacex’s sales INDUSTRIAL In the first quarter of 2024, order intake for refinery and petrochemical pipelines and furnaces in China, mainly Ethylene, can be highlighted Tubacex’s positio
Slide 11: Commercial Remarks (III) Low Carbon & New Businesses
COMMERCIAL REMARKS (III) LOW CARBON & NEW BUSINESESS LOW CARBON Carbon Capture - Some slowdown in bidding activity in the USA (the most dynamic region to date) due to delays in the execution of operators' projects as a result of delays in approvals - Good positioning in various projects in the USA
Slide 12: Main ESG KPIs
MAIN ESG KPIs Indicator Ud. 2019* H1 2024 Goal 2030 ENVIRONMENT Mwh/ Energy Intensity(1) 2.85 1.64 2.13 GAV ENERGY & Ton CO2/ CLIMATE Scope 1 y 2 Emissions intensity(2) 0.70 0.26 0.28 GAV % total % Renewable Energy 0% 32.8% 40% energy CIRCULAR Waste recycled % total 60.5% 82.7% 95% ECONOMY generated
Slide 13: Stock Information
STOCK INFORMATION GROWTH POTENTIAL Stock Evolution Key Data €/share # shares outsanding 126,549,251 3,8 3.64€ 3,6 3.24€ 3,4 €/share (06.30.24) 3.24€ 3,2 3,0 3.035€ Market Cap. (M€) 410.0M€ 2,8 2,6 2,4 % evolution -7.4% 2,2 2,0 Maximun 3.64€ (Jan. 5) 31/12/2023 07/01/2024 14/01/2024 21/01/2024 28/01/
Slide 14: Strategic Agreement
STRATEGIC AGREEMENT TUBACEX BOOSTS ITS GROWTH WITH THE ENTRY OF MUBADALA IN ITS OCTG BUSINESS SETTING UP OF A JOINT VENTURE IN WHICH TUBACEX HOLDS THE MAJORITY STAKE The operation is structured as a Joint Venture in which TUBACEX holds 51% and Mubadala Investment Company enters with 49% STRUCTURAL C
Slide 15: Conclusions: Growth Prospects Over the Coming Quarters
CONCLUSIONS GROWTH PROSPECTS OVER THE COMING QUARTERS ACTIVATION OF THE ADNOC ORDER BACKLOG PROJECT Order backlog remains at historical levels and is Manufacture of materials for the ADNOC concentrated in high value-added products project has commenced NEW OCTG PLANT Construction of the new OCTG fin
Slide 16: New Strategic Plan NT2
NEW STRATEGIC PLAN NT2: NEW TUBACEX NEXT TRANSITION NT2 2027 TARGETS DRIVING SUSTAINABLE VALUE AND TO REDUCE OIL MARKET & GAS LEADERS IN ENTERING INTO A NEW PHASE OF VALUE EXPOSURE TO LOW CARBON CREATION FOR OUR SHAREHOLDERS 1/3 OF THE BUSINESS BUSINESS TO BE A POINT REVENUE REASONS TO INVEST IN TUB
Slide 17: Appendix
APPENDIX H1 2024 RESULTS / PAG. 17
Slide 18: Consolidated Income Statement Detail
CONSOLIDATED INCOME STATEMENT DETAIL (€M) H1 2023 H1 2024 % var. Q2 2023 Q2 2024 % var. Sales 434.8 398.0 -8.5% 202.5 211.4 4.4% Change in inventories 37.6 31.0 -17.5% 24.5 6.3 -74.3% Other income 7.8 7.3 -6.5% 4.1 2.1 -48.1% Cost of materials (210.1) (187.2) -10.9% (96.4) (93.9) -2.5% Personnel exp
Slide 19: Consolidated Balance Sheet Detail
CONSOLIDATED BALANCE SHEET DETAIL (€M) 31/12/23 30/06/24 %var. (€M) 31/12/23 30/06/24 %var. Intangible assets 112.6 112.6 0.1% Equity, Group Share 240.0 237.4 -1.1% Tangible assests 306.7 318.4 3.8% Minority interests 53.6 54.4 1.4% Financial assets 99.1 100.0 0.9% Equity 293.6 291.7 -0.6% Non-curre
Slide 20: Historical Quarterly Evolution: Sales & EBITDA
HISTORICAL QUARTERLY EVOLUTION: SALES & EBITDA Sales €M 202.5 211.4 195.7 180.0 128.3 73.5 Q2 2019 Q2 2020 Q2 2021 Q2 2022 Q2 2023 Q2 2024 EBITDA 33.9 €M 25.1 23.4 19.0 16.7% 12.0% 11.9% 7.4 10.6% 5.8% 0.2 0.3% Q2 2019 Q2 2020 Q2 2021 Q2 2022 Q2 2023 Q2 2024 % EBITDA Margin H1 2024 RESULTS / PAG. 20
Slide 21: Alternative Performance Measures – APM I
ALTERNATIVE PERFOMANCE MEASURES – APM I Tubacex presents its results in accordance with the generally accepted accounting principles (IFRS). Furthermore, this report provides other non- IFRS financial measures, called Alternative Performance Measures (APM), which are used by management to assess the
Slide 22: Alternative Performance Measures – APM II
ALTERNATIVE PERFOMANCE MEASURES – APM II PROFIT BEFORE TAXES Tubacex presents the calculation of the Profit before tax margin as the ratio between the Profit before tax and the sales figure MARGIN NET FINANCIAL DEBT Tubacex presents the calculation of Net Financial Debt as the difference between the
Slide 23: H1 2024 RESULTS / PAG. 23
H1 2024 RESULTS / PAG. 23