Tecnotree Oyj · OMXHEX:TEM1V
Tecnotree Oyj — H1 2010 Earnings Presentation
28 slides from Tecnotree Oyj's earnings presentation, Aug 12, 2010
Slide 1: Tecnotree Corporation Interim Report 1-6/2010
Tecnotree Corporation Interim Report 1-6/2010 Eero Mertano President and CEO 12.8.2010
Slide 2: Tecnotree Group in Brief
Tecnotree Group in Brief H1 Highlights (comparisons to H1/2009) • Positive development in H1 2010 – Net sales were 33.5 M€ (26.5) – Operating result before R&D capitalizations & amortizations and one-time costs was 1.4 M€ (-4.8) – Encouraging flow of new orders received: 42.7 M€ – Order book at the
Slide 3: Financial Highlights
Financial Highlights M€ 1-6/2010 4-6/2010 Net sales 33.5 (26.5) 19.3 (15.0) Ebit before R&D capitalisation & Operative Ebit amortisation and one-time costs 1.4 (-4.8) 2.0 (-2.7) Ebit -1.2 (-3.3) 0.7 (-1.6) Net result -3.6 (-4.6) -0.8 (-2.9) Order intake 42.7 (38.3) 18.4 (24.8) Order book 21.0 (21.5)
Slide 4: Net Sales by Area
Net Sales by Area Americas 45%(52%), Europe 12%(14%), MEA 34%(28%), APAC 9% (6%) M€ +9% Total change +26% 16,0 14,0 +53% 12,0 10,0 8,0 6,0 +5% +93% 4,0 2,0 0,0 Americas Europe MEA APAC 1-6/2009 13,9 3,7 7,4 1,5 1-6/2010 15,2 3,9 11,5 2,9 4 12.8.2010 Interim Report 1-6/2010
Slide 5: Sales and Orders
Sales and Orders M€ 35 30 25 20 15 10 5 0 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/2010 Tecnotree sales 22,2 18,2 21,7 11,5 15,0 13,2 13,5 14,1 19,3 OBL 25,1 17,2 9,7 11,7 21,5 15,2 11,7 21,9 21,0 Order intake 30,5 10,3 14,2 13,5 24,8 6,9 12,5 24,3 18,4 5 12.8.2010 Interim Report 1-6/2010
Slide 6: Consolidated Balance Sheet
Consolidated Balance Sheet EUR Million 30.6.2010 30.6.2009 Change % Non-current assets Fixed assets 28.7 32.6 -12.0 Consolidated goodwill 22.5 18.8 19.6 Other non-current assets 3.0 1.8 63.0 Current assets Inventories 1.2 1.6 -21.2 Trade receivables 20.9 18.1 15.6 Other receivables 24.2 22.2 8.9 Inv
Slide 7: Consolidated Balance Sheet
Consolidated Balance Sheet EUR Million 30.6.2010 30.6.2009 Change % Shareholders’ equity 81.6 87.9 -7.1 Interest-bearing liabilities 15.6 17.8 -12.2 Deferred tax liabilites 3.8 6.3 -40.0 Other non-current liabilities 0.9 0.3 Current liabilities Interest-bearing liabilities 2.3 2.3 0.4 Non-interest-b
Slide 8: Prospects for 2010
Prospects for 2010 Consistent with the improving market sentiment and demand, Tecnotree estimates that sales will be considerably higher in 2010 than in 2009. The higher sales and reduced costs are expected to improve profitability significantly. Despite improving profitability the previously estima
Slide 9: Additional Financial Information for Investors
Additional Financial Information for Investors
Slide 10: Consolidated Income Statement
Consolidated Income Statement Tecnotree India consolidated from 6 May 2009 EUR Million 4-6/2010 4-6/2009 Change % Net sales 19.3 15.0 28.7 Other operating income 0.0 0.0 -91.5 Materials and services -3.8 -3.4 10.8 Employee benefit expenses -7.4 -6.2 20.8 Depreciation -2.1 -1.8 17.3 Other operating e
Slide 11: Key Figures of Income Statement
Key Figures of Income Statement Tecnotree India consolidated from 6 May 2009 EUR Million Pro forma 4-6/2010 4-6/2009 4-6/2009 Net sales 19.3 15.0 16.2 Operating result before R&D 2.0 -2.7 -2.6 capitalizations & amortizations and one- time costs R&D capitalizations 0.2 2.2 2.2 R&D amortizations -1.4
Slide 12: Consolidated Income Statement
Consolidated Income Statement Tecnotree India consolidated from 6 May 2009 EUR Million 1-6/2010 1-6/2009 Change % Net sales 33.5 26.5 26.1 Other operating income 0.0 0.0 89.9 Materials and services -5.9 -5.4 8.9 Employee benefit expenses -14.5 -11.7 23.5 Depreciation -4.2 -3.2 31.6 Other operating e
Slide 13: Key Figures of Income Statement
Key Figures of Income Statement Tecnotree India consolidated from 6 May 2009 EUR Million Pro forma 1-6/2010 1-6/2009 1-6/2009 Net sales 33.5 26.5 31.5 Operating result before R&D 1.4 -4.8 -4.6 capitalizations & amortizations and one- time costs R&D capitalizations 0.4 3.5 3.5 R&D amortizations -2.9
Slide 14: Consolidated Income Statement
Consolidated Income Statement (Pro forma, Tecnotree India included Apr-Jun of both years) EUR Million 4-6/2010 4-6/2009 Change % Net sales 19.3 16.2 19.4 Other operating income 0.0 0.0 -91.5 Materials and services -3.8 -3.6 4.4 Employee benefit expenses -7.4 -6.6 12.8 Depreciation -2.1 -1.9 10.7 Oth
Slide 15: Consolidated Income Statement
Consolidated Income Statement (Pro forma, Tecnotree India included Jan-Jun of both years) EUR Million 1-6/2010 1-6/2009 Change % Net sales 33.5 31.5 6.3 Other operating income 0.0 0.2 -83.2 Materials and services -5.9 -6.9 -14.7 Employee benefit expenses -14.5 -13.7 6.1 Depreciation -4.2 -3.4 23.2 O
Slide 16: Sales and Operative Ebit
Sales and Operative Ebit M€25 25 % 20 % 20 15 % 15 10 % 5% 10 0% 5 -5 % -10 % 0 -15 % -5 -20 % Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Sales 22,2 18,2 21,7 11,5 15,0 13,2 13,5 14,1 19,3 Operative Ebit 2,7 2,6 4,6 -2,1 -2,7 -2,1 -2,0 -0,6 2,0 Operative Ebit % 12 % 14 % 21 % -18 % -18 %
Slide 17: Sales by Area: Americas
Sales by Area Americas M€ 25 80 % 70 % 20 60 % 15 50 % 40 % 10 30 % 20 % 5 10 % 0 0% Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Tecnotree 22,2 18,2 21,7 11,5 15,0 13,2 13,5 14,1 19,3 Sales Americas 12,0 13,7 11,9 7,0 6,9 3,4 5,8 4,5 10,7 % 54 % 75 % 55 % 61 % 46 % 26 % 43 % 32 % 55 % 4 pe
Slide 18: Sales by Area: Europe
Sales by Area Europe M€ 25 25 % 20 20 % 15 15 % 10 10 % 5 5% 0 0% -5 -5 % Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Tecnotree 22,2 18,2 21,7 11,5 15,0 13,2 13,5 14,1 19,3 Sales Europe 4,9 1,4 3,7 1,6 2,0 1,9 -0,3 2,0 1,9 % 22 % 8% 17 % 14 % 13 % 14 % -2 % 14 % 10 % 4 per. Mov. Avg. (%) 1
Slide 19: Sales by Area: MEA
Sales by Area MEA M€ 25 60 % 20 50 % 40 % 15 30 % 10 20 % 5 10 % 0 0% Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Tecnotree 22,2 18,2 21,7 11,5 15,0 13,2 13,5 14,1 19,3 Sales MEA 2,9 2,1 4,9 2,1 5,4 7,4 6,3 5,9 5,7 % 13 % 12 % 23 % 18 % 36 % 56 % 47 % 42 % 30 % 4 per. Mov. Avg. (%) 19 12.8
Slide 20: Sales by Area: APAC
Sales by Area APAC M€ 25 14 % 12 % 20 10 % 15 8% 10 6% 4% 5 2% 0 0% Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Tecnotree 22,2 18,2 21,7 11,5 15,0 13,2 13,5 14,1 19,3 Sales APAC 2,4 1,0 1,1 0,8 0,7 0,5 1,7 1,8 1,1 % 11 % 5% 5% 7% 5% 4% 13 % 13 % 6% 4 per. Mov. Avg. (%) 20 12.8.2010 Interim
Slide 21: Sales Distribution
Sales Distribution M€ 25 20 15 10 5 0 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Tecnotree sales 22,2 18,2 21,7 11,5 15,0 13,2 13,5 14,1 19,3 Services 4,8 4,5 5,5 3,9 6,3 6,8 6,7 6,7 6,9 New customers 1,6 0,2 0,5 1,0 0,8 1,2 0,0 0,5 4,2 Existing customers 15,8 13,5 15,7 6,6 7,9 5,2 6,8 6,
Slide 22: Orderbook by Sales Area
Orderbook by Sales Area M€ 18 16 14 12 10 8 6 4 2 0 Q2/2008 Q2/2009 Q2/2010 Europe 3,1 3,4 2,6 MEA 2,9 12,3 11,7 LA 16,5 4,6 6,0 APAC 2,6 1,2 0,7 22 12.8.2010 Interim Report 1-6/2010
Slide 23: Materials and Services
Materials and Services M€ 25 25 % 20 20 % 15 15 % 10 10 % 5 5% 0 0% Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Sales 22,2 18,2 21,7 11,5 15,0 13,2 13,5 14,1 19,3 Materials and Services 4,5 4,1 3,8 2,0 3,4 2,3 3,0 2,1 3,8 % 20 % 23 % 17 % 17 % 23 % 17 % 22 % 15 % 20 % 4 per. Mov. Avg. (%)
Slide 24: Employee Benefits
Employee Benefits M€ 25 80 % 70 % 20 60 % 15 50 % 40 % 10 30 % 20 % 5 10 % 0 0% Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Sales 22,2 18,2 21,7 11,5 15,0 13,2 13,5 14,1 19,3 Employee 6,4 5,1 6,9 5,6 6,2 7,3 10,1 7,1 7,4 benefits % 29 % 28 % 32 % 49 % 41 % 55 % 75 % 50 % 39 % 4 per. Mov. A
Slide 25: Other Operating Expenses
Other Operating Expenses M€ 25 60 % 20 50 % 40 % 15 30 % 10 20 % 5 10 % 0 0% Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Sales 22,2 18,2 21,7 11,5 15,0 13,2 13,5 14,1 19,3 Other Opex 6,2 4,3 4,6 4,2 5,2 5,1 7,2 4,8 5,3 % 28 % 24 % 21 % 37 % 35 % 39 % 53 % 34 % 27 % 4 per. Mov. Avg. (%) 25
Slide 26: Assets by Quarter
Assets by Quarter M€ 140 120 100 80 60 40 20 0 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Cash 15,5 25,2 51,0 51,5 32,8 30,5 25,7 27,2 22,0 Investments 1,6 0,8 1,6 0,9 0,9 Other rec. (mainly WIP) 27,4 26,1 24,6 24,4 22,2 18,2 17,2 19,9 24,2 Trade receivables 20,5 14,1 14,4 12,1 18,1 18,0
Slide 27: Equity and Liabilities by Quarter
Equity and Liabilities by Quarter M€ 140 120 100 80 60 40 20 0 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Current non-interest bearing 12,0 10,8 10,8 11,0 15,1 12,8 18,1 18,0 19,3 Current interest bearing 20,0 20,0 2,3 2,2 2,3 2,3 2,3 Deferred tax 4,2 4,4 4,5 4,6 6,3 6,4 4,0 3,9 3,8 Long
Slide 28: Thank you!
Thank you!