Tessenderlo Group N.v. · EURONEXT:TESB
Tessenderlo — Q2 2012 Earnings Presentation
26 slides from Tessenderlo's earnings presentation, Aug 29, 2012
Slide 1: Second Quarter 2012 Results
TESSENDERLO GROUP Second Quarter 2012 Results August 29, 2012
Slide 2: Highlights
Highlights Further evidence of strong progress in strategy execution • Tessenderlo Kerley recently closed a long term agreement to supply a US gold mining operation of Barrick Gold with its thiosulfates products • The group announces today its intention to divest its continental European profiles ac
Slide 3: 2Q12 revenue by operating segment
2Q12 revenue by operating segment million EUR and % increase versus 2Q11 at comparable scope +31.8% +8.3% -0.8% -2.1% -7.7% Gelatin & Other Tessenderlo Inorganics PPS & Akiolis Businesses Scope Kerley Profiles +9.7 (0.7) (2.1) (11.5) (20.1) +26.1 + 4.0% 561.9 563.3 + 21.4 Revenue Revenue 2Q11 2Q12 •
Slide 4: HY12 revenue by operating segment
HY12 revenue by operating segment million EUR and % increase versus HY11 at comparable scope +21.9% +6.3% +0.4% -0.2% -5.4% Tessenderlo Gelatin & Other PPS & Inorganics Businesses Scope Kerley Akiolis Profiles +14.9 +0.8 (0.4) (15.4) (43.1) +34.5 1116.9 + 3.2% 1108.2 + 34.3 Revenue Revenue HY11 HY12
Slide 5: 2Q12 REBITDA by operating segment
2Q12 REBITDA by operating segment million EUR and % increase versus 2Q11 at comparable scope Tessenderlo Gelatin & Non- PPS & Other Kerley Akiolis allocated Profiles Scope Businesses Inorganics +6.2 +0.7 +0.3 (2.3) (3.7) (6.2) (0.2) 60.8 - 8.2% 55.7 - 4.9 REBITDA REBITDA 2Q11 2Q12 • 2Q12 REBITDA is
Slide 6: HY12 REBITDA by operating segment
HY12 REBITDA by operating segment million EUR and % increase versus HY11 at comparable scope Non- Gelatin & PPS & Tessenderlo Other allocated Akiolis Profiles Kerley Businesses Inorganics Scope +10.6 (0.6) (2.4) (2.8) (1.1) (8.6) (12.2) - 14.0% 116.9 99.8 - 16.0 REBITDA REBITDA HY11 HY12 • REBITDA i
Slide 7: Net debt position
Net debt position 850.0 5 Million EUR 3 700.0 2.0 1.4 1.5 1 550.0 1.1 1.4 0.8 -1 400.0 335.9 315.1 305.2 -3 91.4 250.0 138.4 85.8 -5 100.0 219.4 244.5 176.8 -7 -50.0 30/06/2011 31/12/2011 30/06/2012 -9 Net debt (Million EUR) Non-recourse factoring (Million EUR) Notional net debt including non-recour
Slide 8: Outlook
Outlook Performance for the first half of 2012 is overall in line with the group’s expectations. Taking into account the group’s traditional higher weighting in the first half year, demand for most of the group’s activities is anticipated to be slightly below for the rest of the year, when compared
Slide 9: Operational Highlights
Operational Highlights GROUP KEY FIGURES % Change at % Change at 2Q12 2Q11 comparable Million EUR HY12 HY11 comparable scope scope 563.3 561.9 4.0% Revenue 1,108.2 1,116.9 3.2% 55.7 60.8 -8.2% REBITDA 99.8 116.9 -14.0% 9.9% 10.8% - REBITDA margin 9.0% 10.5% - 33.3 41.0 -20.0% REBIT 55.9 76.3 -27.4%
Slide 10: 2Q12 group revenue and REBITDA per segment
2Q12 group revenue and REBITDA per segment Revenue (% of total) REBITDA (% of total*) Other businesses 2.6% Inorganics Other businesses PPS & 4.8% 15.8% Profiles PPS & 25.2% Profiles 19.7% Tessenderlo Inorganics 17.3% 563.3 55.7 44.5% Kerley mEUR mEUR 22.5% 19.2% Gelatin Gelatin 28.4% & & Tessenderl
Slide 11: HY12 group revenue and REBITDA per segment
HY12 group revenue and REBITDA per segment Revenue (% of total) REBITDA (% of total*) Other businesses 3.8% 1.7% Inorganics Other businesses PPS & 16.3% Profiles PPS & 25.1% Profiles 18.6% Tessenderlo T essenderlo Kerley 17.3% 1,108.2 99.8 46.0% Kerley mEUR mEUR 22.6% Gelatin 29.9% 18.7% Gelatin & &
Slide 12: Tessenderlo Kerley
REBITDA (% of total) Tessenderlo Kerley HY12 46.0% Revenue (Million EUR) REBITDA (Million EUR) & REBITDA margin (%) 300 60 27.2% 26.5% 50 2011 200 2012 40 26.1% 30 25.5% 52.2 100 191.6 20 41.6 157.1 27.6 82.1 108.2 10 21.4 0 0 2Q HY 2Q HY Revenue 2Q HY REBITDA 2Q HY % Change at % Change at + 31.8% +
Slide 13: Gelatin and Akiolis
REBITDA (% of total) Gelatin and Akiolis HY12 29.9% Revenue (Million EUR) REBITDA (Million EUR) & REBITDA margin (%) 300 40 15.4% 13.5% 35 30 2011 200 2012 14.5% 25 13.9% 250.6 20 36.3 15 33.9 100 235.7 16.9 17.6 10 117.0 126.7 5 0 0 2Q HY 2Q HY Revenue 2Q HY REBITDA 2Q HY % Change at % Change at +
Slide 14: Inorganics
REBITDA (% of total) 1.7% Inorganics HY12 Revenue (Million EUR) REBITDA (Million EUR) & REBITDA margin (%) 300 25 20 2011 6.8% 200 2012 15 0.9% 7.8% 10 1.7% 14.1 100 207.7 207.1 5 99.8 97.6 7.8 1.6 1.9 0 0 2Q HY 2Q HY Revenue 2Q HY REBITDA 2Q HY % Change at % Change at - 2.1% + 0.4% - 79.3% - 86.7%
Slide 15: Plastic Pipe Systems and Profiles
REBITDA (% of total) 18.6% Plastic Pipe Systems and Profiles HY12 Revenue (Million EUR) REBITDA (Million EUR) & REBITDA margin (%) (7.9) 8.0% 300 30 7.6% (0.2) 25 net scope 9.2% 2011 8.6% 200 (4.3) 2012 20 (0.1) 301.1 277.8 15 24.2 21.1 100 10 158.0 142.1 14.6 12.2 5 0 0 2Q HY 2Q HY Revenue 2Q HY RE
Slide 16: Other Businesses
REBITDA (% of total) 3.8% Other Businesses* HY12 * Includes Compounds, OCD, Pharma, Water Treatment and Sulfur Derivatives Revenue (Million EUR) REBITDA (Million EUR) & REBITDA margin (%) 6.3% 300 20 2.4% 18 (35.2) net scope 16 (0.9) 2011 14 6.3% 200 2012 12 3.3% (15.7) 10 (0.05) 8 100 215.9 13.7 18
Slide 17: REBIT to Profit details for 2Q12
REBIT to Profit details for 2Q12 Million EUR REBIT Non-recurring Net finance Income Tax Share of result PROFIT 2Q12 items EBIT costs Expense of investments 2Q12 33.3 (33.1) 0.2 (5.9) (15.1) (10.5) 1.2 Effective tax rate based on recurrent profit (+)/loss (-) amounts to 43.0% 17
Slide 18: REBIT to Profit details for HY12
REBIT to Profit details for HY12 Million EUR REBIT Non-recurring Net finance Income Tax Share of result PROFIT HY12 items EBIT costs Expense of investments HY12 (37.7) 55.9 18.2 (11.6) (19.4) 3.6 (9.2) Effective tax rate based on recurrent profit (+)/loss (-) amounts to 46.8% 18
Slide 19: Non-recurring items 2Q12
Non-recurring items 2Q12 Million EUR Capital gain on sale Losses on disposal of non strategic Provisions and Other income and groups classified as Total non-recurring assets claims Restructuring expenses held for sale items 11.2 (1.0) (2.0) (5.3) (35.9) (33.1) Main drivers: (1.8) m EUR realized resu
Slide 20: Non-recurring items HY12
Non-recurring items HY12 Million EUR Capital gain on sale Losses on disposal of non strategic Provisions and Other income and groups classified as Total non-recurring assets claims Restructuring expenses held for sale items 11.6 (1.0) (3.0) (9.4) (35.9) (37.7) Main drivers: (3.8) m EUR realized resu
Slide 21: Net debt evolution 2Q12
Net debt evolution 2Q12 Million EUR Net debt Net debt 31/03/2012 30/06/2012 (254.9) (244.5) REBITDA CAPEX Non-recurring Change in and other WC (before Sale of non- Financial factoring) strategic assets (25.9) charges & taxes Acquisitions 55.7 (15.4) 22.4 (13.2) (12.8) (0.4) Growth CAPEX: (14.1) Main
Slide 22: Net debt evolution HY12
Net debt evolution HY12 Million EUR Net debt Net debt 31/12/2011 30/06/2012 (219.4) Change in (244.5) WC (before factoring) CAPEX REBITDA Non- recurring and Sale of (53.6) Financial non-strategic other charges and Further assets (48.0) Change in settlement 99.8 taxes Acquisitions factoring PVC/CA sa
Slide 23: Group Trade Working Capital
Group Trade Working Capital Million EUR 700 30% 25% 600 19.8% 21.1% 18.7% 20% 500 15% 400 10% 300 5% 200 397.3 421.1 446.4 0% 100 -5% 0 -10% June 2011 December 2011 June 2012 Trade Working Capital excluding factoring Trade Working Capital excluding factoring/Last 12 months revenue (%) 23
Slide 24: Balance Sheet
Balance Sheet Million EUR 1800 1800 1557.5 1,557.5 1600 1,379.7 1,428.6 1600 1,428.6 Non-current assets 1,379.7 217.5 135.6 Liabilities associated held for 1400 sale 20.8 1400 15.7 with assets classified 7.8 as held for sale 1200 1200 602.1 520.8 553.1 Other liabilities 641.7 656.0 Other current ass
Slide 25: Q&A Second Quarter 2012 Results
Q&A Second Quarter 2012 Results August 29, 2012
Slide 26: Tessenderlo Group company description and financial news wires
Tessenderlo Group is a worldwide specialty company, focused on food, agriculture, water management and on valorizing bio- residuals. The group employs about 7500 people and is a leader in most of its markets, with a consolidated revenue of 2.1 billion EUR in 2011. Tessenderlo Chemie NV is listed on