Rockwool A/S Class A · OMXCOP:ROCK_A

Rockwool A/S Class A — ROCKWOOL International — Q3 2013 Earnings Presentation

27 slides from Rockwool A/S Class A's earnings presentation, Nov 21, 2013

  1. Slide 1: 2013 Q3 results

    2013 Q3 results - Copenhagen, 21 November 2013 2013 Q3 results Copenhagen 21 November 2013 CFO, Gilles Maria 1

  2. Slide 2: Forward-looking statement

    2013 Q3 results - Copenhagen, 21 November 2013 Forward-looking statement The statements on the future in this presentation, including expected sales and earnings, are associated with risks and uncertainties and may be affected by factors influencing the activities of the Group, e.g. the global econo

  3. Slide 3: Group development

    2013 Q3 results - Copenhagen, 21 November 2013 Group development 3

  4. Slide 4: Highlights

    2013 Q3 results - Copenhagen, 21 November 2013 Highlights  Sales conditions in most markets continued to improve gradually. Sales were up 2% in Q3 despite a negative currency effect  The gradual recovery in the Western European insulation markets continue  Good developement for the rest of the wo

  5. Slide 5: Net sales Q1-Q3 2013

    2013 Q3 results - Copenhagen, 21 November 2013 Net sales Q1-Q3 2013 10,081 10,727 10,768 11000 9,937 10000 8,472 9000 7,995 DKK million 8000 7000 6000 5000 4000 3000 17% 2000 6% 8% 1000 -21% 0% 0 -1000 2008 2009 2010 2011 2012 2013 Net sales Changes 5

  6. Slide 6: Geographical split of external net sales

    2013 Q3 results - Copenhagen, 21 November 2013 Geographical split of external net sales YTD DKK million Q3 2013 Growth Q3 2013 Growth Western Europe 2,304 1% 6,518 -2% Eastern Europe incl. Russia 1,038 3% 2,497 4% North America, Asia and others 595 3% 1,753 7% Total 3,937 2% 10,768 0% YTD DKK millio

  7. Slide 7: Western Europe

    2013 Q3 results - Copenhagen, 21 November 2013 Western Europe  Sales were up 1% in Q3 on the back of a relatively stable price development  The core markets of Germany and France continue to perform well. Acquisition of German BASF still expected to be closed by the end of the year  Business impr

  8. Slide 8: Eastern Europe & Russia

    2013 Q3 results - Copenhagen, 21 November 2013 Eastern Europe & Russia  Q3 Sales increased by 7% in local currency, or 3% including negative currency effect  Continued positive development in Russia  Poland also improving on volume and sales prices  Positive trends also seen in the Baltics where

  9. Slide 9: North America, Asia and rest of the World

    2013 Q3 results - Copenhagen, 21 November 2013 North America, Asia and rest of the World  Sales increased by 3% in the quarter but with big differences between the regions  North American operations continued to develop strongly but was impacted by negative currency effects (especially CAD), and h

  10. Slide 10: Systems segment

    2013 Q3 results - Copenhagen, 21 November 2013 Systems segment  Sales progressed by 3% and EBIT by 18% in the quarter  Ceiling sales developing positively but still subject to relatively weak, but improving, Western European markets  CMC deal closed to form a global ceiling system provider. Integ

  11. Slide 11: Energy input costs

    2013 Q3 results - Copenhagen, 21 November 2013 Energy input costs Sources: European Energy Exchange (EEX), Coke Market Report, London Stock Exchange 11

  12. Slide 12: EBITDA Q1-Q3 2013

    2013 Q3 results - Copenhagen, 21 November 2013 EBITDA Q1-Q3 2013 2000 1,768 1,689 1,642 1600 1,325 1,316 DKK million 1,027 1200 800 29% 400 25% 3% -42% 0 -1% -400 2008 2009 2010 2011 2012 2013 EBITDA Changes 12

  13. Slide 13: EBITDA Q1-Q3 2013 per business segment

    2013 Q3 results - Copenhagen, 21 November 2013 EBITDA Q1-Q3 2013 per business segment 2000 1800 1,589 1600 1,319 1,363 DKK million 1400 1200 1,040 1,046 940 1000 800 600 400 134 207 221 203 231 96 120 200 78 46 49 95 -10 0 2008 2009 2010 2011 2012 2013 Insulation Segment Systems Segment Elim. & Hold

  14. Slide 14: EBITDA ratio Q1-Q3 2013 per business segment

    2013 Q3 results - Copenhagen, 21 November 2013 EBITDA ratio Q1-Q3 2013 per business segment 24% 22% 20% 17% 18% 16% 13% 13% 13% 13% 14% 14% 12% 12% 11% 11% 12% 10% 9% 8% 7% 6% 4% 2% 0% 2008 2009 2010 2011 2012 2013 Insulation Segment Systems Segment 14

  15. Slide 15: EBIT Q1-Q3 2013

    2013 Q3 results - Copenhagen, 21 November 2013 EBIT Q1-Q3 2013 1600 1,176 1200 DKK million 886 814 800 613 575 340 80% 400 42% -6% 9% -71% 0 -400 2008 2009 2010 2011 2012 2013 EBIT Changes 15

  16. Slide 16: EBIT Q1-Q3 2013 per business segment

    2013 Q3 results - Copenhagen, 21 November 2013 EBIT Q1-Q3 2013 per business segment 1400 1200 1,032 1000 DKK million 800 626 556 600 384 364 400 299 201 229 131 205 219 200 94 57 31 13 -53 24 -8 0 2008 2009 2010 2011 2012 2013 -200 Insulation Segment Systems Segment Elim. & Holding companies 16

  17. Slide 17: Financial items Q1-Q3 2013

    2013 Q3 results - Copenhagen, 21 November 2013 Financial items Q1-Q3 2013 20 6 10 0 DKK million -10 -20 -24 -30 -40 -38 -37 -44 -50 -47 2008 2009 2010 2011 2012 2013 17

  18. Slide 18: Profit for the period Q1-Q3 2013

    2013 Q3 results - Copenhagen, 21 November 2013 Profit for the period Q1-Q3 2013 1600 1400 1200 DKK million 1000 849 800 537 602 600 376 373 400 202 200 0 2008 2009 2010 2011 2012 2013 18

  19. Slide 19: Change in working capital Q1-Q3 2013

    2013 Q3 results - Copenhagen, 21 November 2013 Change in working capital Q1-Q3 2013 Very low starting point from December 2012 and a seasonal short term effect 500 448 400 300 DKK million 200 113 100 0 -100 -100 -200 -169 -165 -300 -328 -400 2008 2009 2010 2011 2012 2013 19

  20. Slide 20: Stock end of Q3 2013

    2013 Q3 results - Copenhagen, 21 November 2013 Stock end of Q3 2013 1600 1,306 1400 1,309 1,270 1,175 1200 1,103 DKK million 928 578 1000 488 880 637 800 296 645 461 596 600 818 400 672 692 530 632 507 200 419 0 2008 2009 2010 2011 2012 2012 YE 2013 Finished goods Raw material and consumables 20

  21. Slide 21: Debtors end of Q3 2013

    2013 Q3 results - Copenhagen, 21 November 2013 Debtors end of Q3 2013 1,803 1,705 1,699 1800 1,509 1,561 1600 1,403 1400 DKK million 1200 1000 800 600 400 200 0 2008 2009 2010 2011 2012 2013 21

  22. Slide 22: Cash flow from Q1-Q3 2013

    2013 Q3 results - Copenhagen, 21 November 2013 Cash flow from Q1-Q3 2013 2000 1500 1,250 1,247 1,208 DKK million 1,059 879 938 1000 524 500 231 107 27 0 -310 -500 -817 -1000 2008 2009 2010 2011 2012 2013 Cash flow from operating activities Free cash flow 22

  23. Slide 23: Investments and acquisitions Q1-Q3 2013

    2013 Q3 results - Copenhagen, 21 November 2013 Investments and acquisitions Q1-Q3 2013 2,013 2000 1800 1600 1,368 DKK million 1400 1,287 1200 994 902 439 1000 31 759 101 699 800 2 530 600 563 353 453 314 400 726 231 348 383 200 400 400 175 0 2008 2009 2010 2011 2012 2013 Maintenance CAPEX Capacity P

  24. Slide 24: Expectations

    2013 Q3 results - Copenhagen, 21 November 2013 Expectations  The Group confirms its expectations for 2013 net sales at current exchange rates to be slightly above the level of 2012  The Group now expects a net profit for the year around DKK 800 million  Capital expenditure excluding acquisitions

  25. Slide 25: Long term sales development 1984-2013e

    2013 Q3 results - Copenhagen, 21 November 2013 Long term sales development 1984-2013e 16,000 14,000 12,000 DKK million 1,287 10,000 8,000 802 6,000 101 563 802 4,000 453 353 314 2,000 0 25

  26. Slide 26: Investments and acquisitions full year

    2013 Q3 results - Copenhagen, 21 November 2013 Investments and acquisitions full year 2,658 2,700 2,400 2,050 2,100 DKK million 1,800 1,689 1,430 700 1,500 1,203 1,212 1,200 101 31 817 982 900 850 969 634 617 473 600 310 300 494 509 538 500 303 0 2008 2009 2010 2011 2012 2013 Maintenance CAPEX Capac

  27. Slide 27: Questions?

    2013 Q3 results - Copenhagen, 21 November 2013 Questions ? 27

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