Tecnicas Reunidas Sa · BME:TRE
Tecnicas Reunidas Sa — Q1 2010 Earnings Presentation
17 slides from Tecnicas Reunidas Sa's earnings presentation, May 14, 2010
Slide 1: First Quarter 2010 Results Presentation
TECNICAS REUNIDAS Juan Lladó CEO First Quarter 2010 Results Presentation 14th of May 2010
Slide 2: Index
INDEX TECNICAS REUNIDAS ¾ BACKLOG & AWARDS ¾ 1Q 2010 FINANCIAL RESULTS ¾ OUTLOOK 1
Slide 3: 1Q 2010 Backlog
1Q 2010 BACKLOG Backlog €m 7,000 6,230 6,000 4,713 4,711 4,820 5,000 ¾ HEALTHY 4,000 3,040 ¾ DIVERSIFIED 3,000 ¾ SPANS TO 2014 2,000 1,000 0 2006 2007 2008 2009 1Q 10 Oil and gas Power 2
Slide 4: 1Q 2010 Awards
1Q 2010 AWARDS Awards €m 4,500 4,000 3,582 3,500 3,000 2,621 2,661 2,500 2,207 2,284 2,000 1,500 1,000 500 0 2006 2007 2008 2009 1Q 2010 Last years reported awards 2010 awards 3
Slide 5: Detail on Recent Awards: Shah Gas Field Project, Abu Dhabi
DETAIL ON RECENT AWARDS Package 1 Shah Gas Field Project, Abu Dhabi Highlights ¾ EPC project, for package 1 of the Shah gas project in Abu Dhabi. ¾ Consortium between TR and Punj Lloyd. TR holds the majority. ¾ Project includes engineering, purchase of equipment and materials, construction and start
Slide 6: 1Q 2010 Awards: Upgrading of Izmit Refinery, Turkey
1Q 2010 AWARDS Upgrading of Izmit Refinery, Turkey Highlights ¾ OBE contract for the upgrade of the Izmit Refinery (Turkey) ¾ Project includes: hydrocraker, vacuum, coker, naphtha hydrogeneration, diesel desulfurization, hydrogen, sulphur recovery, amine regeneration and sour water stripping unit ¾
Slide 7: 1Q 2010 Awards: Modernization of Talara Refinery, Peru
1Q 2010 AWARDS Modernization of Talara Refinery, Peru Highlights ¾ OBE contract for revamping and extension of the Talara Refinery (Peru) ¾ Project includes main distillation and processing units, such as: catalytic cracking, vacuum distillates, hydrotreating of diesel, hydrotreating of cracking nap
Slide 8: Index
TECNICAS REUNIDAS ¾ BACKLOG & AWARDS ¾ 1Q 2010 FINANCIAL RESULTS ¾ OUTLOOK 7
Slide 9: Sales and EBITDA Growth
SALES AND EBITDA GROWTH SALES EBITDA €m €m 3,000 2,634 180 2,479 156 2,500 160 148 140 2,000 120 1,500 +9% 100 80 +8% 1,000 673 60 620 40 37 40 500 20 0 0 2008 2009 1Q 09 1Q 10 2008 2009 1Q 09 1Q 10 8
Slide 10: Margin Stability
MARGIN STABILITY EBITDA MARGIN EBIT MARGIN % % 7.0% 7.0% 6.0% 5.9% 5.9% 5.7% 5.7% 6.0% 5.7% 6.0% 5.4% 5.7% 5.0% 5.0% 4.0% 4.0% 3.0% 3.0% 2.0% 2.0% 1.0% 1.0% 0.0% 0.0% 2007 2008 2009 1Q 10 2007 2008 2009 1Q 10 9
Slide 11: Financial Results
FINANCIAL RESULTS Profit and Loss Account 1Q 10 1Q 09 Var. 2009 € million Revenues 672.5 620.0 8.5% 2,634.3 EBITDA 39.6 36.6 8.1% 155.9 Margin 5.9% 5.9% 5.9% EBIT 38.3 35.0 9.2% 149.0 Margin 5.7% 5.7% 5.7% Net Financial Results 4.7 2.2 12.8 Profit Before Taxes 42.8 37.2 15.1% 160.8 Taxes -4.6 -3.0 -
Slide 12: Net Cash Position
NET CASH POSITION ¾ Net cash position at March 31st, 2010: € 557 million €m 900 796 575 557 600 422 0.34 300 0 2007 2008 2009 1Q 10 11
Slide 13: Dividend Policy
DIVIDEND POLICY ¾ 2009 Dividend proposal: € 1.34 per share (€ 72.8 million, 50% payout) DPS progression €/Share 1.5 CAGR 28% 1.3 1.1 0.65 0.68 0.9 0.7 0.52 0.5 0.34 0.64 0.66 0.3 0.45 0.30 0.1 2007 2008 2009 2010* Interim dividend (January) Complementary dividend (July) * Pending approval by AGM 12
Slide 14: Index
TECNICAS REUNIDAS ¾ BACKLOG & AWARDS ¾ 1Q 2010 FINANCIAL RESULTS ¾ OUTLOOK 13
Slide 15: Outlook
OUTLOOK ¾ Backlog increase guarantees revenue growth ¾ Healthy, diversified backlog helps to derisk future margins ¾ Competitiveness of TR’s bids in recent major Middle East projects ¾ Strong bidding pipeline ahead in all divisions and regions ¾ Economic recovery will sustain strong investment level
Slide 16: Disclaimer
Disclaimer This document has been prepared by Tecnicas Reunidas S.A. (the Company) solely for use at presentations held in connection with the announcement of the Company's results for the first quarter of 2010. This document contains forward-looking statements of the Company and/or its management.
Slide 17: UNIDAS
= UNIDAS