Tubacex, S.a. · BME:TUB
Tubacex — Q1 2023 Earnings Presentation
25 slides from Tubacex's earnings presentation, April 2023
Slide 1: Tubacex Group Q1 2023 Results Release
TUBACEX GROUP Q1 2023 Results Release April 2023
Slide 2: Main Highlights
Q1 2023 Results Main Highlights Extremely positive quarter in terms of results generated and order intake Seventh consecutive quarter of growth, with the highest ever quarterly sales figure and EBITDA The sales margins have been consolidated at the Strategic Plan target levels (EBITDA margin a
Slide 3: Main financial figures
Q1 2023 Results Main financial figures Q1 2022 Q1 2023 % Var. Q4 2022 Q1 2023 % Var. (€M) Sales 158.1 232.2 46.9% 187.7 232.2 23.8% EBITDA 19.0 30.5 60.0% 25.0 30.5 21.6% EBITDA Margin 12.0% 13.1% 13.3% 13.1% EBIT 7.4 18.7 153.6% 12.7 18.7 46.9% EBIT Margin 4.7% 8.1% 6.8% 8.1% Net Profit 3.4 10.0 19
Slide 4: Main Figures from the Income Statement
Q1 2023 Results Main Figures from the Income Statement Sales (€M) Sales for the first quarter have amounted to €232.2 232.2 232.2 million, the highest quarterly level ever 187.7 Up 46.9% on the first quarter of 2022 158.1 Up 23.8% on the previous quarter The growth in sales reflects the incr
Slide 5: Main Figures from the Income Statement
Q1 2023 Results Main Figures from the Income Statement Quarterly Average EBITDA evolution (€M) Annual EBITDA evolution (€M) 30.5 24.8 25.0 23.4 92.3 COVID Effect 19.0 69.6 17.4 16.8 67.1 12.6 9.5 38.1 4.7 17.5 Q1 30.5 2023 0.1 2018* 2019* 2020* H1 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 2019 2020 2021 2022 2023 2
Slide 6: Main Figures from the Balance Sheet: Working Capital
Q1 2023 Results Main Figures from the Balance Sheet: Working Capital Working Capital Working capital has amounted to €229.2 million, €0.7M below the 2022 year-end figure, in spite of the €5.6M increase in inventory levels and the upward trend in invoicing 230.0 229.2 Increase in inventory levels
Slide 7: Main Figures from the Balance Sheet: Net Financial Debt
Q1 2023 Results Main Figures from the Balance Sheet: Net Financial Debt Net Financial Debt Part of the cash generated in the quarter has been allocated to the purchase or the minority stakes in Saudi and in Norway and to the 287.1 286.8 beginning of the investment in the Abu Dhabi plant (€8.5M)
Slide 8: Revenues breakdown
Q1 2023 Results Revenues breakdown Order intake remains at extremely high levels, with record intake in the first quarter of the year Very good situation in the Gas Upstream sector, with continued positive prospects Unprecedented investments have been announced in the Offshore segment and the
Slide 9: Backlog Evolution
Q1 2023 Results Backlog Evolution Backlog evolution +29.4% Book-to-bill ratio 650.0 650.0 +336.2% 502.3 Q1 2023 1.01x 115.2 Total Backlog including ADNOC’s project amounts to €1,650M 01.2021 12.2021 12.2022* 03. 2023 Record invoicing with the order intake at the same level as the 2022 year-end B
Slide 10: Upstream commercial remarks
Q1 2023 Results Commercial remarks (i) Continued positive outlook for high allow requirements in critical well environments in all Upstream major hubs with special mention for Middle East, Brazil and Guyana Tubacex started the full supply and service installation in the Buzios pre-salt developme
Slide 11: PowerGen commercial remarks
Q1 2023 Results Commercial remarks (ii) The industrial sector, in which the chemical, petrochemical and fluid transport sectors prevail, is still one of the Group’s leading sectors Industrial The reactivation of investments in the Middle East and the United States and the reactivation of several
Slide 12: New businesses commercial remarks
Q1 2023 Results Commercial remarks (iii) Improvement in the process of identifying Low Carbon projects, with a new definition of taxonomy Low Carbon It is expected US federal government stimulus will lead to rapid growth in CCUS (Carbon Capture, Use and Storage) project developments for Clean Am
Slide 13: Main ESG KPIs
Q1 2023 Results Main ESG KPIs *2020 and 2021 are not considered as representative years due to Covid-19 and strike in some sites 1. Group companies intensities weight by energy use 2. Group companies intensities weight by emissions GAV: Gross Added Value (€k) TUBACEX – Q1 2023 Results 13
Slide 14: Stock Information
Q1 2023 Results Stock Information Tubacex stock evolution (€/share) Key data 2,7 # shares 2,6 128,978,782 2.52€ outstanding 2,5 €/share 2.435€ 2,4 (03.31.23) 2.435€ 2,3 Market Cap (€M) 314.1€M 2,2 % evolution YTD +21.9% 2,1 2,0 Max. €2.52 (March 5th) 2.01€ 1,9 31/12/2022 06/01/2023 12/01/2023 18/01/
Slide 15: Conclusions
Q1 2023 Results Conclusions The improvement rate in terms of results has been maintained, reaching the Group’s highest ever quarterly Sales Figure and EBITDA Working capital and debt containment in an upward earnings environment On track to fulfill the strategic objectives by 2025 Already fu
Slide 16: Tubacex recognized by CDP as a leading company
Q1 2023 Results: Relevant Facts (i) Tubacex recognized by CDP as a leading company Tubacex is in the leadership band in the Climate Change 2022 Score Report drawn up by the Carbon Disclosure Project (CDP) The Tubacex score of “A-” is above the European average of “B” and the average for the sect
Slide 17: Significant award from Aker Solutions
Q1 2023 Results: Significant events (i) Significant award from Aker Solutions Aker Solutions selects Tubacex as a delivery partner for umbilical tubes for key projects on the Norwegian Continental Shelf An order intake for a sum of more than €70 million is one of the most significant deals in th
Slide 18: Operations in Brazil
Q1 2023 Results: Significant events (i) Operations in Brazil Tubacex has started its first operations in Brazil for Buzios project Employees of the group are working at the platform, located 200km off the shore and 1,850m deepwaters, preparing stands for the pipes TUBACEX – Q1 2023 Results 18
Slide 19: Appendix
Appendix
Slide 20: Income Statement - Detail
Appendix Q1 2023 Results Income Statement - Detail (€ M) Q1 2022 Q1 2023 change % Q4 2022 Q1 2023 change % Sales 158,1 232,2 46,9% 187,7 232,2 23,8% Change in inventories 25,5 13,1 -48,6% 12,4 13,1 5,9% Other income 5,6 3,8 -33,3% 4,0 3,8 -6,1% Cost of materials (76,9) (113,8) 47,9% (82,7) (113,8) 3
Slide 21: Balance Sheet - Detail
Appendix Q1 2023 Results Balance Sheet - Detail (€ M) 31/12/2022 31/03/2023 %change (€ M) 31/12/2022 31/03/2023 %change Intangible assets 114,4 111,0 -2,9% Equity, Group Share 221,5 228,0 2,9% Tangible assets 266,8 271,1 1,6% Minority interests 54,6 51,4 -5,9% Financial assets 100,3 100,3 0,0% Equit
Slide 22: Historical quarterly evolution: Revenues & EBITDA
Appendix Q1 2023 Results Historical quarterly evolution: Revenues & EBITDA Revenues (€M) 232.2 168.5 158.1 143.5 153.7 86.5 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 EBITDA (€M) 30.5 19.0 15.8 14.3 13.1% 12.4 12.0% 9.4% 9.9% 8.1% 0.1 0.1% Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 % Mg EB
Slide 23: Alternative Performance Measures
Annex - Alternative Performance Measures Alternative Performance Measures 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 a
Slide 24: Alternative Performance Measures
Annex - Alternative Performance Measures Alternative Performance Measures PROFIT BEFORE TAX MARGIN: Tubacex presents the calculation of the Profit before tax margin as the ratio between the Profit before tax and the sales figure NET FINANCIAL DEBT: Tubacex presents the calculation of Net Financi
Slide 25: Thank You!
THANK YOU! TUBACEX GROUP