Sonae Indústria S.G.P.S — Sonae Indústria — H1 2009 Earnings Presentation
18 slides from Sonae Indústria S.G.P.S's earnings presentation, August 2009
Slide 1: Highlights of 1H09 Results
SONAE INDÚSTRIA HIGHLIGHTS OF 1H09 RESULTS August 2009 1
Slide 2: Consolidated Operational Review
HIGHLIGHTS OF 1H 2009 RESULTS SONAE INDÚSTRIA CONSOLIDATED OPERATIONAL REVIEW During the 2Q09 and, as expected, business environment remained tough. Nevertheless, we have seen a stabilization of our volumes sold. When compared 1Q09 with 2Q09, we were able to increase our volumes sold in all countrie
Slide 3: Consolidated Operational Review: Restructuring
HIGHLIGHTS OF 1H 2009 RESULTS SONAE INDÚSTRIA CONSOLIDATED OPERATIONAL REVIEW Regarding our restructuring process: Measures to reduce fixed costs already resulted in a decline of 27 million euros when comparing to 1H09 with 1H08 and 3,7 million euros when compared 2Q09 with 1Q09. For the coming quar
Slide 4: Price and Cost Evolution
HIGHLIGHTS OF 1H 2009 RESULTS SONAE INDÚSTRIA PRICE AND COST EVOLUTION CONSOLIDATED QUARTERLY AVERAGE COSTS (eur/m3) BASE 100:2Q07 Chemical costs have 1,3 further decreased 1,1 during this quarter 0,9 0,7 0,5 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Wood Chemicals Unfortunately the CONSOLIDATED
Slide 5: Chemicals: Urea and Methanol
HIGHLIGHTS OF 1H 2009 RESULTS SONAE INDÚSTRIA CHEMICALS: UREA AND METHANOL CHEMICAL COSTS HAVE A SIGNIFICANT IMPACT IN OUR COST STRUCTURE (AROUND 35% VARIABLE COSTS) UREA AND METHANOL ARE THE MAIN CHEMICALS USED TO PRODUCE RESINS USED IN OUR PRODUCTION NWE ICIS METHANOL PRICES - Oct. 2003_2009 560 4
Slide 6: Geographic Review of Operations: Iberia
HIGHLIGHTS OF 1H 2009 RESULTS SONAE INDÚSTRIA GEOGRAPHIC REVIEW OF OPERATIONS IBERIA TURNOVER & RECURRENT EBITDA Millions of Euros IBERIA 1Q09 seems to have been the bottom of the crisis in Iberia. 180 30,0% 160 During 2Q09, despite the 140 25,0% negative seasonal effect of the 120 118 20,0% 105 102
Slide 7: Geographic Review of Operations: Central Europe
HIGHLIGHTS OF 1H 2009 RESULTS SONAE INDÚSTRIA GEOGRAPHIC REVIEW OF OPERATIONS CENTRAL EUROPE (Germany, France and the UK) TURNOVER & RECURRENT EBITDA CENTRAL EUROPE Millions of Euros In Germany and France demand is still very weak 350 20,0% 300 Additional volumes from 268 15,0% Eastern countries are
Slide 8: Geographic Review of Operations: Central Europe
HIGHLIGHTS OF 1H 2009 RESULTS SONAE INDÚSTRIA GEOGRAPHIC REVIEW OF OPERATIONS CENTRAL EUROPE (Germany, France and the UK) We will continue our restructuring plan In Germany we have started negotiations with works council for the closure of the Kaisersesch plan. (around 200 FTEs and 350.000 m3 PB) In
Slide 9: Geographic Review of Operations: Rest of the World
HIGHLIGHTS OF 1H 2009 RESULTS SONAE INDÚSTRIA GEOGRAPHIC REVIEW OF OPERATIONS REST OF THE WORLD (Canada, Brazil and South Africa) In Canada, demand is still weak TURNOVER & RECURRENT EBITDA Millions of Euros but we are gaining market REST OF THE WORLD share. Volumes sold increased 65,0% further 12%
Slide 10: Geographic Review of Operations: Brazil
HIGHLIGHTS OF 1H 2009 RESULTS SONAE INDÚSTRIA GEOGRAPHIC REVIEW OF OPERATIONS REST OF THE WORLD (Canada, Brazil and South Africa) Brazil, has been experiencing a resilient demand, when compared to other countries. Nevertheless, the new MDF BRAZIL RAWBOARD CAPACITY PLANS (PB+MDF) Thousands m3 capacit
Slide 11: Consolidated Operational Review
HIGHLIGHTS OF 1H 2009 RESULTS SONAE INDÚSTRIA CONSOLIDATED OPERATIONAL REVIEW When compared 2Q09 with 1Q09, Consolidated Turnover decreased by 6% and volumes sold declined 3%; In 2Q09, Recurrent EBITDA achieved 13 million euros, compared to 6 million in 1Q09 And TOTAL EBITDA in 2Q09 was 9 million eu
Slide 12: Consolidated Financial Review
HIGHLIGHTS OF 1H 2009 RESULTS SONAE INDÚSTRIA CONSOLIDATED FINANCIAL REVIEW The increase in fixed assets this quarter was 7 million Euros, which includes mainly essential investments in maintenance, Health & Safety and Environmental issues We were able to decrease during 2Q09 our Net Debt by 21 mill
Slide 13: Scheduled Loan Repayments
HIGHLIGHTS OF 1H 2009 RESULTS SONAE INDÚSTRIA SCHEDULED LOAN REPAYMENTS SCHEDULED LOAN REPAYMENTS (as of 30th June 2009) 104 0 0 0 168 106 107 105 113 3 72 56 34 3Q09 4Q09 1H10 2H10 2011 2012 2013 2014 >2014 Securitization Refinancing for the 80 million Euros bond issue maturing in October 2009 is c
Slide 14: Profit & Loss Account
HIGHLIGHTS OF 1H 2009 RESULTS SONAE INDÚSTRIA PROFIT & LOSS ACCOUNT (euro millions) 1H08 2008 1Q'09 2Q09 1H09 Turnover 965 1.769 346 325 671 Other Operational Income 77 114 11 14 25 EBITDA 126 139 4 9 13 Recurrent EBITDA 79 100 6 13 19 Recurrent EBITDA Margin % 8,2% 5,7% 1,7% 3,9% 2,8% Depreciation
Slide 15: Balance Sheet
HIGHLIGHTS OF 1H 2009 RESULTS SONAE INDÚSTRIA BALANCE SHEET 1H'08 2008 1Q'09 1H09 Non Current Assets 1.467 1.386 1.384 1.413 Tangible Assets 1.294 1.203 1.198 1.224 Goodwill 95 104 104 107 Deferred Tax 54 54 55 57 Other Non Current Assets 24 26 26 25 Current Assets 694 532 467 440 Inventories 249 19
Slide 16: Looking Forward
LOOKING FORWARD 16
Slide 17: Looking Forward
HIGHLIGHTS OF 1Q 2009 RESULTS SONAE INDÚSTRIA LOOKING FORWARD We expect a slow recovery in the wood base panel industry in the coming quarters Fixed costs should continue to decline, following the implementation of our restructuring program We will continue to study and implement further restructuri
Slide 18: | SONAE
| SONAE INDUSTRIA