19 slides from Elvalhalcor Hellenic Copper And Aluminium Industry's earnings presentation, 2023
Slide 1: H1'23 Financial Results
7S ELVALHALCOR H 1 Financial Results
Slide 2: Financial Highlights
Financial Highlights. • Weak demand across most markets in comparison to the extraordinary high demand of H1’22. Interest rates hikes have affected growth, investments and consumption. • a-EBITDA at 130.9 million on H1’23, decline by 18.0% yoy, 53.6 % higher than H1’21. • Rising interest rates were
Slide 3: Macroeconomic Charts
Macroeconomic Charts. LME Prices TTF - Gas Global demand for metals is affecting prices. Improved supply, lower consumption. Europe's NG reserves full. 11,000 5,000 TTF DAILY PRICES LME PRICES 300 4,000 250 9,000 AL €/tn 200 CU €/tn 3,000 €/MWh 150 7,000 100 2,000 50 5,000 1,000 0 Aluminium Copper T
Slide 4: Consolidated Cost Analysis
Consolidated Slightly increased energy costs excluding Al, Cu, Zn, and Cost Analysis. other metals costs. H1’22 H1’23 Other operating Energy Other operating Energy 15% 17% 13% 18% Maintenance Maintenance 6% 5% Third party fees 11% Third party fees 13% 27% 26% Employee benefits Employee benefits 11%
Slide 5: Sales evolution per quarter
Sales evolution per quarter. Sales Volumes (‘000tn) Aluminium +12.4% +9.4% +10.9% +2.8% -4.1% 2021 +0.3% 102 104 94 97 98 95 2022 91 91 91 85 2023 Q1 Q2 Q3 Q4 Copper 2021 2022 +5.1% +5.8% -8.6% -6.9% -3.7% -9.4% 2023 49 52 48 51 48 47 47 45 43 44 Q1 Q2 Q3 Q4 5 Source: Company information
Slide 6: a-EBITDA evolution per quarter
a-EBITDA evolution per quarter. a-EBITDA (€m) Aluminium +117.3% -44.9% 2021 +106.7% +98.0% -26.8% 66 2022 58 53 2023 39 36 +20.2% 30 29 28 26 23 Q1 Q2 Q3 Q4 Copper +45.6% +27.3% 2021 +33.3% 31 +47.8% 2022 24 21 -19.6% -4.8% 2023 19 16 16 13 13 14 13 Q1 Q2 Q3 Q4 6 Source: Company information
Slide 7: a-EBITDA evolution per ton
a-EBITDA evolution per ton. By Segment (EUR/ tons) CAGR +10% AL 605.1 386.2 318.7 H1’21 H1’22 H1’23 CU +41% 588.8 396.4 298.2 H1’21 H1’22 H1’23 1. Source: Financial Statements and Company information. 7
Slide 8: IVA per ton evolution
IVA per ton evolution. By Segment (EUR/ tons) +33% -3% Al 1,564.1 1,522.3 1,175.3 30.06.2021 30.06.2022 30.06.2023 Cu +16% +27% 1,578.9 1,362.7 1,071.7 30.06.2021 30.06.2022 30.06.2023 8 Source: Company information
Slide 9: Revenue of Core Products by Market
Revenue of Core Products by Market Al Cu Aluminium Revenue Breakdown (Η1’23) Copper Revenue Breakdown (Η1’23) By Market (% of tons) By Market (% of tons) Transportation Other Industrial Markets HVAC&R Building & Construction 1% 8% 6% 13% Energy & Power Networks Industrial Applications 1% 30% Energy
Slide 10: Revenue of Core Products per Geographical Segment
Revenue of Core Products per Geographical Segment. Cu Al Revenue breakdown (Η1’23) Revenue breakdown (H1’23) By Geographical Segment (% of €) By Geographical Segment (% of €) America Greece America 8% 5% Greece 7% 4% UK Asia 4% Africa & Oceania 5% Africa & Oceania 2% 2% Other Other Europe Europe 7%
Slide 11: Consolidated Key Figures
Resilient operating profitability. Accounting metal result turns negative. Consolidated Increased financial costs. AL CU Key Figures. Volumes (kTn) Revenue (€m) EBITDA (€m) +9.2% +45.8% -3.2% -8.6% +68.0% -51.2% 299 1,960 289 1,791 206 273 1,344 983 864 1. Adjusted for aluminium and copper price flu
Slide 12: Consolidated Key Figures
Resilient operating profitability. Consolidated Accounting metal result turns negative. Increased financial costs. Key Figures. EBIT (€m) a - EBIT (€m) +93.3% +143.7% -63.3% -25.5% 172 125 93 1. Adjusted for aluminium and copper price fluctuations and other non recurring items. 89 135 96 49 63 51 44
Slide 13: Deviation analysis on the Consolidated Profit before taxes
Deviation analysis on the Increased costs and downtrend in Consolidated Profit before taxes. metal prices. Increased costs, lower spread between scrap and primary prices, partially offset Amounts in €m by the increased 153.5 conversion prices. 1.5 From accounting metal Increased profit -> metal loss
Slide 14: Analysis on the Consolidated Cash Flows
Strong Profitability and successful Analysis on the management of working capital paves the Consolidated Cash Flows. way for further reduction of debt. Amounts in €m Improved working capital management, lower metal prices. Improved working Slowdown capital management, investments lower metal prices.
Slide 15: Evolution of the Consolidated Working Capital and Net Debt
Evolution of the Consolidated Working Capital and Net Debt. Consolidated Net Debt Breakdown (€m) Working Capital % of Sales -15.6% 1,049 Improved over year-end and comparable period figures. ~ 21% 956 885 ~ 23% ~ 21% ~ 20% Long-term 759 784 748 Amounts in €m 30.06.2022 968 31.12.2022 911 Short-term
Slide 16: Debt Maturity
Debt Well positioned Maturity. to meet the challenges. Majority of Debt is on Long-term tenure. 54% of the loans on a fixed rate. Partially hedged from the potential increase of interest rates. ~ 21% Short term bank loans Fixed through IRS use 8% Current portion of long term 18% 12 Long term Fixed R
Slide 17: Capex Evolution
Capex Slowing down Investments. Evolution. Cu Al 172 Source: Annual Financial Statements and Company information. 164 12 €m 20 145 Copper 15 420 Αluminium 116 22 98 92 6 160 34 144 130 38 53 94 92 13 58 40 2018 2019 2020 2021 2022 Η1’22 Η1’23 17
Slide 18: Disclaimer
Disclaimer. The information contained in this corporate presentation (CP) has been prepared by ElvalHalcor S.A. (the Company). It is Forward Looking Statements based on historical financial data and other information already publicly disclosed by the Company. It also includes Certain statements in t
Slide 19: www.elvalhalcor.com
www.elvalhalcor.com