Capral Limited · ASX:CAA
Capral — FY2009 Earnings Presentation
8 slides from Capral's earnings presentation, Feb 23, 2010
Slide 1: 2009 Full Year Results Presentation
2009 Full Year Results Presentation February 2010 2009 Full Year Results 23rd February 2010
Slide 2: Headlines - A Year of Two Halves
HEADLINES - A YEAR OF TWO HALVES ■ Financial Result: ■ Tonnes sold 55.2KT was down 16% on 2008. The first half was down by 24% as a result of the global financial crisis but improved in the second half to be down only 8% on H2 2008. ■ Trading EBITDA was a $1.4m loss (2008 - $7.6m loss). ■ Non-tradin
Slide 3: Significantly Lower Volumes in First Half of 2009; Volumes Improved in Second Half
SIGNIFICANTLY LOWER VOLUMES IN THE FIRST HALF OF 2009 DUE TO MARKET DOWNTURN & DESTOCKING - VOLUMES IMPROVED IN THE SECOND HALF BY 23% ‘000 Tonnes Capral responded with a range of measures: + 23% Realigned production output through reduced shifts / manning levels. Completed existing cost down in
Slide 4: EBITDA and Cash Flows Improved Considerably in the Second Half of 2009
EBITDA AND CASH FLOWS IMPROVED CONSIDERABLY IN THE SECOND HALF OF 2009 2009 2008 HY1 HY2 FY HY1 HY2 FY Sales volumes - external ('000 tonnes) 24.8 30.4 55.2 32.5 33.2 65.7 $m $m $m $m $m $m Sales revenue 177.0 204.4 381.4 271.1 256.4 527.5 Trading EBITDA (7.9) 6.5 (1.4) 3.7 (11.3) (7.6) Non-trading
Slide 5: There Were a Number of Non-Trading Items
THERE WERE A NUMBER OF NON-TRADING ITEMS FY 2009 FY 2008 $m $m Non-trading items: Convertible Note gain 23.0 - Asset impairment (19.5) - Profit on asset sales 1.0 5.2 Restructuring costs (3.4) (4.7) Other (0.5) (3.7) 0.6 (3.2) Goodwill impairment - (83.4) 2009 Full Year Results 23rd February 2010 5
Slide 6: Net Debt Reduced by $103.5M - Predominantly Due to Recapitalisation
NET DEBT REDUCED BY $103.5M - PREDOMINANTLY AS A RESULT OF THE RECAPITALISATION FY2009 FY2008 $m $m Cash and cash equivalents 21.7 1.6 (1) Convertible Notes - (44.0) Revolver facility - (21.0) (2) Term Loan 'A' - (11.3) Term Loan 'B' (26.9) (34.0) As at 31 December (5.2) (108.7) Notes 1. Acquisition
Slide 7: Market Analysis
MARKET ANALYSIS All market segments were depressed in the first half of 2009 exacerbated by destocking by customers. In the second half a slow market recovery commenced, accelerating in the residential market in the December 2009 quarter. ■ Residential ■ Dwelling approvals fell by 20% in the first h
Slide 8: Anti-Dumping
ANTI-DUMPING ■ Background ■ The Australian aluminium industry has suffered material injury from the effects of price undercutting from Chinese extrusion imports. Capral believes that this pricing reflects dumping and Chinese Government subsidy effects. ■ During the last decade, Chinese extrusion imp