Tessenderlo Group N.v. · EURONEXT:TESB
Tessenderlo — Q3 2011 Earnings Presentation
29 slides from Tessenderlo's earnings presentation, Oct 27, 2011
Slide 1: 3Q11 and 9M11 Results
Tessenderlo Group reports continued operational progress in the third quarter of 2011 while further strengthening its balance sheet 3Q11 and 9M11 Results October 27th, 2011
Slide 2: Highlights
Highlights Continued operational improvement 3Q11 revenue and REBITDA +10% at comparable scope Strategic execution on track Agreement signed to acquire BT Bautechnik Sold 13.33% of T-Power shares Sold Canadian profiles business Closed sale of PVC/CA/part of OCD Sold US profiles busin
Slide 3: Underlying growth continued in 3Q11
Underlying growth continued in 3Q11 GROUP KEY FIGURES % Change at % Change at 3Q11 3Q10 comparable Million EUR 9M11 9M10 comparable scope scope 519.8 503.3 9.8% Revenue 1,636.7 1,523,8 11.2% 47.3 46.6 9.7% REBITDA 164.2 133.0 28.6% 9.1% 9.3% REBITDA margin 10.0% 8.7% 27.5 25.6 19.8% REBIT 103.8 68.7
Slide 4: Solid balance sheet further strengthened
Solid balance sheet further strengthened 850.0 4 700.0 • Net debt benefited from receipt of 3 proceeds from sales of PVC/CA 1.9 550.0 1.6 2 and US profiles businesses 1.0 1 1.1 • Non-recourse factoring reduced 400.0 0.9 0.6 0 following sale of PVC/CA 284.1 283.2 250.0 226.5 -1 123.5 121.2 • Working
Slide 5: 3Q11 Revenue by operating segment
3Q11 Revenue by operating segment Million EUR and % increase versus 3Q10 at comparable scope +7.7% +4.6% +16.5% -1.8% +24.6% Other Tessenderlo Gelatin & PPS & Businesses Kerley Scope Inorganics Akiolis Profiles +6.1 +2.5 (2.6) +17.1 (29.9) +23.3 503.3 +9.8% 519.8 +46.4 Revenue Revenue 3Q10 3Q11 • Re
Slide 6: 9M11 Revenue by operating segment
9M11 Revenue by operating segment Million EUR and % increase versus 9M10 at comparable scope +17.0% +10.3% +4.0% +11.6% +18.2% Tessenderlo PPS & Gelatin & Other Inorganics Profiles Businesses Kerley Scope Akiolis +31.0 +30.2 +16.8 +54.8 +31.3 (51.3) 1523.8 +11.2% 1636.7 +164.2 Revenue Revenue 9M10 9
Slide 7: 3Q11 REBITDA by operating segment
3Q11 REBITDA by operating segment Million EUR and % increase versus 3Q10 at comparable scope Gelatin & Tessenderlo Other Kerley Businesses PPS & Non- Inorganics Akiolis Profiles Scope allocated +1.2 +0.0 (0.2) +2.0 (2.0) (3.5) +3.1 46.6 +9.7% 47.3 +4.2 REBITDA REBITDA 3Q10 3Q11 • 3Q11 REBITDA rose 9
Slide 8: 9M11 REBITDA by operating segment
9M11 REBITDA by operating segment Million EUR and % increase versus 9M10 at comparable scope Gelatin & PPS & Non- Inorganics Akiolis Profiles allocated Other Tessenderlo Businesses (0.7) Kerley +8.5 (5.1) Scope +9.6 +9.7 (5.3) +14.4 164.2 133.0 +28.6% +36.5 REBITDA REBITDA 9M10 9M11 • 9M11 featured
Slide 9: 3Q11 group Revenue and REBITDA per segment
3Q11 group Revenue and REBITDA per segment Revenue (% of total) REBITDA (% of total*) Tessenderlo Kerley Other businesses 10.9% 3.3% Gelatin & Other businesses PPS & Profiles Inorganics Akiolis 26.6% 20.1% 31.2% 16.6% 519.8 47.3 mEUR mEUR 21.8% 22.7% 23.2% PPS & 23.6% Inorganics Gelatin & Akiolis Pr
Slide 10: 9M11 group Revenue and REBITDA per segment
9M11 group Revenue and REBITDA per segment Revenue (% of total) REBITDA (% of total*) T essenderlo Kerley Other businesses 8.4% Tessenderlo Other businesses 13.0% PPS & Profiles Inorganics Kerley 26.9% 29.5% 13.6% 18.5% 1,636.7 164.2 mEUR mEUR 19.6% 21.8% 19.8% PPS & Gelatin & Akiolis Profiles 28.9%
Slide 11: Inorganics
REBITDA (% of total) 13.6% 164.2 mEUR Inorganics 2010 Revenue (Million EUR) REBITDA (Million EUR) & 2010 2011 REBITDA margin (%) 300 2011 30 7.8% 5.3% 200 20 324.9 9.6% 8.6% 294.7 25.3 100 10 15.7 94.6 117.9 8.2 11.3 0 0 Q3 9M Q3 9M % Change at % Change at comparable scope 3Q 9M comparable scope 3Q
Slide 12: Gelatin & Akiolis
REBITDA (% of total) 164.2 mEUR 28.9% Gelatin & Akiolis 2010 Revenue (Million EUR) REBITDA (Million EUR) & 2010 2011 REBITDA margin (%) 60 2011 15.1% 50 15.0% 300 40 15.0% 200 30 14.5% 356.4 53.8 301.6 45.3 20 100 103.6 120.7 10 17.5 15.5 0 0 Q3 9M Q3 9M % Change at % Change at comparable scope 3Q 9
Slide 13: Tessenderlo Kerley
REBITDA (% of total) 29.5% 164.2 mEUR Tessenderlo Kerley 2010 Revenue (Million EUR) REBITDA (Million EUR) & 2010 2011 REBITDA margin(%) 60 2011 25.7% 200 50 22.1% 40 23.5% 30 100 213.6 54.8 182.5 20 40.4 22.3% 10 53.9 56.5 13.2 12.0 0 0 Q3 9M Q3 9M % Change at % Change at comparable scope 3Q 9M comp
Slide 14: Plastic Pipe Systems & Profiles
REBITDA (% of total) 164.2 mEUR 19.6% Plastic Pipe Systems & Profiles 2010 REBITDA (Million EUR) & Revenue (Million EUR) 2010 2011 60 REBITDA margin(%) 429.1 2011 Scope 6.4 50 8.8% Scope 400 40 37.9 8.3% 0.9 300 30 8.8% 8.8% 200 439.5 147.5 422.7 20 6.4 13.3 37.0 36.4 100 0.9 141.0 138.5 10 12.4 12.
Slide 15: Other Businesses
REBITDA (% of total) 8.4% 164.2 mEUR Other Businesses* * Includes Water Treatment and Sulphur Derivatives Revenue (Million EUR) 2010 REBITDA (Million EUR) & 2010 2011 20 REBITDA margin 5.2% 2011 315.7 Scope Scope 300 44.8 2.2% 2.3% 2.2% 10.3 200 10 4.4 15.6 103.7 302.3 100 270.9 4.4 23.5 2.6 5.9 80.
Slide 16: REBIT to Profit details for 3Q11
REBIT to Profit details for 3Q11 Million EUR Profit from continuing Result from REBIT Non-recurring Income Tax Share of result operations discontinued PROFIT 3Q11 items EBIT Finance costs Expense of investments 3Q11 operations 3Q11 (0.1) (7.7) (5.1) 27.5 27.3 1.5 0.1 16.2 16.2 16
Slide 17: REBIT to Profit details for 9M11
REBIT to Profit details for 9M11 Million EUR Profit from Share of continuing Result from REBIT Non-recurring Income Tax result of operations discontinued PROFIT 9M11 items EBIT Finance costs Expense investments 9M11 operations 9M11 3.0 (18.7) (26.3) 103.8 106.8 4.5 66.4 (153.4) (87.0) 17
Slide 18: Non-recurring items 3Q11
Non-recurring items 3Q11 Million EUR 3.4 (3.0) (0.5) (0.1) Capital gain on sale of Restructuring Other Total non strategic assets non-recurring costs Non-recurring items 18 Financial data from continuing operations
Slide 19: Non-recurring items 9M11
Non-recurring items 9M11 Million EUR 0.1 (3.6) 8.9 (2.4) 3.1 Capital gain on sale of Provisions and claims Restructuring Other Total non strategic assets non-recurring costs Non-recurring items 19 Financial data from continuing operations
Slide 20: Net debt evolution
Net debt evolution Million EUR Net debt Net debt 31/12/2010 30/09/2011 Proceeds from sale of non- (133.4) (162.0) strategic Capex & other businesses investments CF from operating activities - CF from (77.9) operating 146.1 discontinued activities - continuing (64.3) Dividends Net other movements 47.
Slide 21: Group Trade Working Capital
Group Trade Working Capital Million EUR 700 20% 19.2% 600 19.0% 19% 500 18% 17.3% 400 17% 300 16% 200 371.6 410.8 351.0 15% 100 0 14% Sept 2010 Dec 2010 Sept 2011 Trade Working Capital excluding factoring Trade Working Capital excluding factoring/Last 12 months revenue (%) 21 Financial data from con
Slide 22: Balance sheet strengthened further
Balance sheet strengthened further Million EUR 1800.0 1,385.8 1,696.5 1,696.8 1800.0 1,385.8 1,696.5 1,696.8 Liabilities associated 18.1 0.4 6.5 with assets classified 1600.0 1600.0 as held for sale Non-current assets held for1400.0 sale 1400.0 7.6 649.9 662.3 648.9 665.3 Other liabilities 1200.0 12
Slide 23: Outlook
Outlook The group currently foresees that in the fourth quarter of 2011, the overall performance of its businesses will remain solid, taking into account seasonally lower volume activity. However, consistent with previous disclosure, the construction sector remains very weak and is not expected to i
Slide 24: Q&A
Q&A
Slide 25: Appendix
Appendix
Slide 26: 3Q11 financial summary
3Q11 financial summary % Change at comparable scope REVENUE (Million EUR) REBITDA (Million EUR) Continuing Discontinued Total Continuing Discontinued Total operations operations operations operations 519.8 46.4 566.2 47.3 -1.2 46.2 +9.8% +9.7% PROFIT FOR THE PERIOD (Million EUR) REBITDA MARGIN (%) C
Slide 27: 9M11 financial summary
9M11 financial summary % Change at comparable scope REVENUE (Million EUR) REBITDA (Million EUR) Continuing Discontinued Total Continuing Discontinued Total operations operations operations operations 1,636.7 352.8 1,989.5 164.2 16.5 180.7 +11.2% +28.6% PROFIT FOR THE PERIOD (Million EUR) REBITDA MAR
Slide 28: 9M11 result impacted by one-time non-cash charge taken in 2Q11
9M11 result impacted by one-time non-cash charge taken in 2Q11 GROUP KEY FIGURES – Discontinued operations 3Q11 3Q10 Million EUR 9M11 9M10 46.4 122.2 Revenue 352.8 362.8 -1.2 -1.0 REBITDA 16.5 2.0 -2.5% -0.8% REBITDA margin 4.7% 0.6% -1.1 -7.5 REBIT 4.2 -18.0 -2.4% -6.1% REBIT margin 1.2% -5.0% Recu
Slide 29: 3Q11 and 9M11 Results October 27th, 2011
Tessenderlo Group is a worldwide specialty company, focused on food, agriculture, water management and on valorizing bio-residuals. The group employs over 7,000 people and is a leader in most of its markets, with a consolidated revenue of 2.4 billion EUR in 2010. Tessenderlo Chemie NV is listed on E