Slide 1: Tesmec Group First Quarter 2013 Analyst Presentation
Tesmec Group First Quarter 2013 Analyst Presentation, 10 May 2013 Corporate
Slide 2: Agenda
Agenda 2013 – Business update P. Mosconi, GM 2013 – First Quarter Financials A.Bramani, CFO Outlook 2013 A.Caccia Dominioni, CEO Appendix 2/18
Slide 3: Business overview
Business overview MISSION: to operate in strategic markets for the growth and the modernization of every country in the world From IPO .. To .. Overhead & Urban Overhead & Grids Railway Urban Civil Civil Trenching Underground Construction Underground efficiency Lines Construction Infrastructure Infr
Slide 4: Operating Companies
Group Structure at March 31,2013 Tesmec S.p.A. Tesmec Tesmec Tesmec USA Tesmec Rus S.A. (75%)* Balkani (100%) (100%) (100%) Fully Consolidated East Tesmec Service Operating Companies Trenchers (100%) Effect on (91%) I-Light and AMC2 EBITDA and Pre-Tax Profit Tesmec Condux Peninsula Tesmec Equity (49
Slide 5: Business Update
Business Update RAILWAY New vehicles for maintenance & diagnostic operations GRIDS EFFICIENCY Advanced systems for predictive maintenance on power lines First constant tension stringing unit New technologies for RFI in Italy for maintenance operation in China STRINGING EQUIPMENT Big machines for top
Slide 6: Good performance in International Markets
Good performance in International Markets TRENCHER STRINGING +9% 96 % +12% EXPORT 6/18
Slide 7: 1Q 2013 Economics Results
1Q 2013 Economics Results Delta % 1Q INCOME STATEMENT 1Q 2013 1Q 2012 2013 vs 2012 (Euro Mln) Revenues 25,9 23,3 +11% EBITDA 5,1 4,9 +4% % On Revenues 20% 21% EBIT 3,6 3,4 +6% % On Revenues 14% 15% Profit Before taxes 1,4 +165% 3,8 % On Revenues 6% 15% NET INCOME 0,9 +167% 2,4 % On Revenues 4% 9% ST
Slide 8: Revenues: international scale and exposure to growing economies
Revenues: international scale and exposure to growing economies 1Q 2013 1Q 2012 6% 21% 10% 24% 14% 22% 11% 5% 20% 12% 24% 33% Italy Europe Middle East BRICs and Oceania Africa North-Central America 8/18
Slide 9: Net Profit 1Q2013
NET PROFIT 1Q2013 4 0,3 1,8 3 (0,8) 2 0,2 1 2,4 0,9 0 Net Income EBITDA Forex Financial Taxes Net Income 1Q 2012 Charges 1Q 2013 Positive exchange rate impact in the period and decrease of the cost of funding 9/18
Slide 10: 1Q 2013 Financial Results
1Q 2013 Financial Results Financial Information 1Q 2013 1Q 2012 FY 2012 (Euro Mln) NWC 54,7 50,7 48,8 Non current assets 50,8 48,2 49,6 Other LT assets/(Liabilities) 2,0 2,2 1,0 NET INVESTED CAPITAL 107,5 101,1 99,4 NFP 61,7 61,9 56,5 EQUITY 45,8 39,2 42,9 TOTAL SOURCES OF FINANCING 107,5 101,1 99,4
Slide 11: Working Capital Evolution
Working Capital Evolution 1Q 2013 FY 2012 Days* Days 1Q 2013 2012 Values in € Mln Trade Receivables 38,9 43,6 116 131 Inventories 52,8 44,8 157 135 Trade Payables (30,7) (32,1) 92 96 Other current assets/(Liabilities) (6,3) (7,5) 18 23 NET WORKING CAPITAL 54,7 48,8 Working Capital Evolution 1Q 2013*
Slide 12: Net Financial Position Evolution
Net Financial Position Evolution Operating Net Financial Position excluding IAS 17 Figurative Debt Accounting 70 56,5 60 20,5 61,7 20,7 50 (IAS 17) 0,7 1,6 5,9 0,8 1,4 40 30 (5,0) 41,2 20 35,8 35,8 10 0 NFP Operating OFCF NWC Inv. Other Int.exp. Taxes Operating Capex NFP FY 2012 NFP Ass. capex Net n
Slide 13: Exchange exposure 1Q 2013
Exchange exposure 1Q 2013 Revenues Operating Costs 12% 44% 56% Euro Euro USD 88% USD Trade Receivables Trade Payables 1% Euro 9% 45% USD Euro 54% 91% USD Other Currency 13/18
Slide 14: Order Book
Order Book ORDER BOOK YEAR END 2012 – 1Q 2013 € mln TRENCHERS +2% € mln 40 60,9 62,1 23,1 29,4 60 20 9,3 15,6 23,1 0 29,4 Order book 2012 1Q 2013 Revenues Order Intake Order book 1Q 2013 40 STRINGING EQUIPMENT € mln 20 37,8 40 32,7 23,1 32,7 16,6 11,5 20 0 2012 0 1Q 2013 Order book 1Q 2013 Revenues
Slide 15: Outlook 2013
Outlook 2013 After the positive results achieved in first quarter 2013 Tesmec confirms the guidelines for the year in terms of: - revenues; - profitability; - net financial position. It is worth to be noted that revenues of the Group are linked to the investment cycle of the infrastructural business
Slide 16: Outlook 2013
Outlook 2013 Double digit increase in new business Railway: -> the investment in new sectors Railway and Grid Management will bring a significant contribution to Group revenues; -> the first important contracts with National and International Railway Authorities and private customers will be deliver
Slide 17: Shareholding Structure
Shareholding Structure Albemarle AM Italiana Alimenti 2,10% Treasury Share 5,34% Lazard Freres Gestion 1,54% 3T Finanziaria S.p.A. S.A.S. 7,45% 2,07% TTC S.r.l. 30,30% Free float 38,37% Shares directly owned by Directors FI.IND S.p.A. 0,29% 12,54% 17/18
Slide 18: Appendix A - Summary 1Q 2013 Profit & Loss statement
Appendix A - Summary 1Q 2013 Profit & Loss statement Delta vs Profit & Loss Account (€ mln) 1Q 2013 1Q 2012 Delta % 2012 Net Revenues 25,9 23,3 2,6 11% Raw materials costs (-) (10,4) (8,9) (1,5) 17% Cost for services (-) (4,9) (4,9) 0,0 0% Personnel Costs (-) (5,9) (4,9) (1,0) 20% Other operating re
Slide 19: Appendix B - Summary Balance Sheet
Appendix B - Summary Balance Sheet Balance Sheet (€ mln) 1Q 2013 2012 Inventory 52,8 44,8 Accounts receivable 38,9 43,6 Accounts payable (-) (30,7) (32,1) Op. working capital 61,0 56,3 Other current assets (liabilities) (6,3) (7,5) Net working capital 54,7 48,8 Tangible assets 39,9 39,8 Intangible a
Slide 20: TESMEC S.p.A - Headquarters
The Manager responsible for preparing the company’s financial reports, Andrea Bramani, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting rec