Tecnicas Reunidas Sa · BME:TRE
Tecnicas Reunidas Sa — 9M 2010 Earnings Presentation
19 slides from Tecnicas Reunidas Sa's earnings presentation, Nov 15, 2010
Slide 1: Nine Month 2010 Results Presentation
TECNICAS REUNIDAS Juan Lladó CEO Nine Month 2010 Results Presentation 15th of November 2010
Slide 2: Index
INDEX TECNICAS REUNIDAS ¾ BACKLOG & AWARDS ¾ 9M 2010 FINANCIAL RESULTS ¾ OUTLOOK 1
Slide 3: 9M 2010 Backlog
9M 2010 BACKLOG Backlog €m 7,000 6,302 6,000 4,713 4,711 4,820 ¾ BACKLOG REACHED 5,000 A NEW RECORD LEVEL 4,000 3,040 ¾ BACKLOG ABOVE 3,000 € 6 BILLION FOR THE THIRD CONSECUTIVE 2,000 QUARTER 1,000 0 2006 2007 2008 2009 9M 10 Oil and gas Power 2
Slide 4: Backlog Analysis by Award Date and Geography
BACKLOG ANALYSIS BY AWARD DATE BY GEOGRAPHY Rest of Europe Spain 15% 15% 5% 55% Middle East 11% 11% Saudi ROW Arabia 26% 43% 19% ≤ 2007 2008 2009 2010 3
Slide 5: Backlog Analysis by Contract Type and Client
BACKLOG ANALYSIS BY CONTRACT TYPE BY CLIENT 7% NOCs 55% 48% 45% IOCs 40% UTILITIES & OTHERS OBE LSTK OTHER 5% 4
Slide 6: 9M 2010 Awards
9M 2010 AWARDS Awards €m 4,500 4,000 3,582 3,580 3,500 3,000 ¾ AWARDS IN 2010 2,621 2,661 2,500 2,207 WILL SET A RECORD 2,000 FOR THE COMPANY 1,500 1,000 500 0 2006 2007 2008 2009 9M 2010 5
Slide 7: 3Q 2010 Awards: LNG Storage Tank, Mejillones, Chile
3Q 2010 AWARDS LNG Storage Tank BOLIVIA Mejillones, Chile PARAGUAY Mejillones CHILE Highlights ¾ EPC project for an onshore LNG storage tank in the North of Chile, Mejillones. TR completed the first phase of the terminal. ¾ The project includes a full containment onshore LNG storage tank (175,000 m3
Slide 8: 3Q 2010 Awards: LNG Terminal and Tanks, China
3Q 2010 AWARDS LNG terminal and tanks, China Highlights ¾ EPC project for three LNG tanks and engineering for a LNG terminal in Zhuhai, in the Guangdong province, in the People’s Republic of China. ¾ The project includes the construction of three LNG tanks (160,000 m3 capacity) and a LNG terminal (3
Slide 9: 3Q 2010 Awards: Package 1 Yanbu Project, Saudi Arabia
3Q 2010 AWARDS Package 1 Yanbu Project, Saudi Arabia Highlights ¾ EPC project for package 1 of the Yanbu project in Saudi Arabia. ¾ Project includes: engineering, procurement and construction of a delayed coker unit (114,000 bpd capacity) and a mercaptan removal unit (12,000 LPG treatment capacity).
Slide 10: 9M 2010 Financial Results
TECNICAS REUNIDAS ¾ BACKLOG & AWARDS ¾ 9M 2010 FINANCIAL RESULTS ¾ OUTLOOK 9
Slide 11: Sales and EBITDA Growth
SALES AND EBITDA GROWTH SALES EBITDA €m €m 3,000 2,634 +8% 180 2,479 156 +7% 2,500 148 150 2,063 121 2,000 1,916 114 120 1,500 90 1,000 60 500 30 0 0 2008 2009 9M 09 9M 10 2008 2009 9M 09 9M 10 10
Slide 12: 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% 5.6% 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 9M 10 2007 2008 2009 9M 10 11
Slide 13: Financial Results
FINANCIAL RESULTS Profit and Loss Account 9M 10 9M 09 Var. 2009 € million Revenues 2,063.3 1,915.9 7.7% 2,634.3 EBITDA 121.4 113.8 6.6% 155.9 Margin 5.9% 5.9% 5.9% EBIT 116.2 108.4 7.2% 149.0 Margin 5.6% 5.7% 5.7% Net Financial Results -3.2 6.0 12.8 Profit Before Taxes 112.2 114.6 -2.1% 160.8 Taxes
Slide 14: Settlement of Tax Audit
SETTLEMENT OF TAX AUDIT ¾ AGREEMENT WITH TAX AGENCY TO INCREASE TRANSFER PRICES FOR RESOURCES ASSIGNED TO JV’s (UTEs) OPERATING ABROAD ¾ TAX AUDIT SETTLEMENT BREAKDOWN: AMOUNT CONCEPT ACCOUNTING TREATMENT € MILLION 2004 – 2007 Assesments 22.6 Retained earnings reduction Delayed interests 3.6 2010 Fi
Slide 15: Net Cash Position
NET CASH POSITION ¾ Net cash position at September 30th, 2010: € 511 million €m 900 796 575 600 511 422 0.34 300 0 2007 2008 2009 9M 10 14
Slide 16: Outlook
TECNICAS REUNIDAS ¾ BACKLOG & AWARDS ¾ 9M 2010 FINANCIAL RESULTS ¾ OUTLOOK 15
Slide 17: 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 projects ¾ Large bidding pipeline in all divisions and regions ¾ Strong investment levels foreseen longer term 16
Slide 18: 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 nine months of 2010. This document contains forward-looking statements of the Company and/or its manageme
Slide 19: UNIDAS
= UNIDAS