Tessenderlo Group N.v. · EURONEXT:TESB
Tessenderlo — Q1 2012 Earnings Presentation
20 slides from Tessenderlo's earnings presentation, May 10, 2012
Slide 1: Tessenderlo Group First Quarter 2012 results
Tessenderlo Group First Quarter 2012 results May 10, 2012
Slide 2: Highlights
Highlights Operating segments present contrasting performances but overall in line with expectations 1Q12 revenue: +2.4% 1Q12 REBITDA: -20.3% compared to record 1Q11 Strong operating performance of Tessenderlo Kerley and Gelatin Strategic investment supports growth ambitions Purchased gl
Slide 3: 1Q12 revenue by operating segment
1Q12 revenue by operating segment million EUR and % increase versus 1Q11 at comparable scope +11.2% +4.4% +2.7% +0.3% -2.8% Scope Tessenderlo Gelatin & Inorganics Other PPS & Kerley Akiolis Businesses Profiles (23.0) +5.2 +2.9 +0.3 (3.8) +8.4 554.9 + 2.4 % 544.8 + 12.9 Revenue Revenue 1Q11 1Q12 • 1Q
Slide 4: 1Q12 REBITDA by operating segment
1Q12 REBITDA by operating segment million EUR and % increase versus 1Q11 at comparable scope Tessenderlo PPS & Non- Profiles Gelatin & Kerley allocated Other Scope Akiolis Businesses Inorganics (0.6) (0.9) (0.9) +4.4 (3.0) (4.9) (6.0) 56.0 - 20.3 % 44.1 - 11.0 REBITDA REBITDA 1Q11 1Q12 • 1Q12 REBITD
Slide 5: Net debt position
Net debt position 850.0 5 3 700.0 1.9 1.5 1.5 1 550.0 1.1 1.4 0.8 -1 400.0 346.3 304.4 305.2 -3 91.3 250.0 127.6 85.8 -5 100.0 219.4 254.9 176.8 -7 -50.0 31/03/2011 31/12/2011 31/03/2012 -9 Net debt (Million EUR) Non-recourse factoring (Million EUR) Notional net debt including non-recourse factoring
Slide 6: Outlook
Outlook In spite of contrasting segment performances, first quarter results are overall in line with management expectations. The results confirm Tessenderlo Group’s view of 2012 as a year of transition, based on the elements disclosed with the full year 2011 results. Despite challenges in some acti
Slide 7: 1Q12 performance in line with expectations
1Q12 performance in line with expectations GROUP KEY FIGURES % Change as % Change at Million EUR 1Q12 1Q11 reported comparable scope Revenue 544.8 554.9 -1.8% 2.4% REBITDA 44.1 56.0 -21.4% -20.3% REBITDA margin 8.1% 10.1% - - REBIT 22.6 35.4 -36.3% -36.5% REBIT margin 4.2% 6.4% - - Non-recurring ite
Slide 8: 1Q12 group revenue and REBITDA per segment
1Q12 group revenue and REBITDA per segment Revenue (% of total) REBITDA (% of total*) Other businesses 2.5% 0.5% Inorganics Tessenderlo Kerley PPS & 15.3% PPS & Profiles 24.9% Profiles 17.4% Other businesses 16.8% 544.8 44.1 47.8% Tessenderlo Kerley mEUR mEUR 22.8% Gelatin 31.7% Gelatin 20.2% & & In
Slide 9: Tessenderlo Kerley
REBITDA (% of total) 44.1 47.8% mEUR Tessenderlo Kerley REBITDA (Million EUR) & Revenue (Million EUR) REBITDA margin (%) 100 29.4% 30 30% 26.8% 75 25 25% 20 50 15 20% 75.0 83.4 24.5 10 20.1 25 15% 5 0 0 10% 1Q11 1Q12 1Q11 1Q12 Revenue 1Q12 REBITDA 1Q12 % Change at % Change at +11.2% +21.9% comparabl
Slide 10: Gelatin and Akiolis
REBITDA (% of total) 44.1 mEUR 31.7% Gelatin and Akiolis Revenue (Million EUR) REBITDA (Million EUR) & REBITDA margin (%) 125 16.3% 20% 100 20 13.1% 15% 10% 75 15 118.8 124.0 5% 50 10 19.3 16.3 0% 25 5 -5% 0 0 -10% 1Q11 1Q12 1Q11 1Q12 Revenue 1Q12 REBITDA 1Q12 % Change at % Change at +4.4% -15.8% co
Slide 11: Inorganics
REBITDA (% of total) 0.5% 44.1 mEUR Inorganics REBITDA (Million EUR) & Revenue (Million EUR) REBITDA margin (%) 125 7 5.9% 6% 6 100 5% 5 4% 75 4 3% 50 107.3 110.2 3 6.3 2% 2 0.2% 1% 25 1 -1% 0.3 0 0 -2% 1Q11 1Q12 1Q11 1Q12 Revenue 1Q12 REBITDA 1Q12 % Change at % Change at +2.7% -95.8% comparable sco
Slide 12: Plastic Pipe Systems and Profiles
REBITDA (% of total) 17.4% 44.1 mEUR Plastic Pipe Systems and Profiles REBITDA (Million EUR) & Revenue (Million EUR) REBITDA margin (%) Scope 6.7% 6.6% 10% 143.1 135.7 14 150 12 0% (8.2) (4.7) 9.6 8.9 10 -10% (0.8) 100 8 (0.7) -20% 6 -30% 50 4 -40% 2 0 0 -50% 1Q11 1Q12 1Q11 1Q12 Revenue 1Q12 REBITDA
Slide 13: Other Businesses
REBITDA (% of total) 2.5% 44.1 mEUR Other Businesses* * Includes Compounds, OCD, Pharma, Water Treatment and Sulphur Derivatives Revenue (Million EUR) REBITDA (Million EUR) & REBITDA margin (%) Scope 125 110.6 9 6.4% 6% 8 (19.4) 91.6 7.0 100 7 5% (0.8) 6 4% 75 5 3% 4 50 2% 3 1.4% 1% 2 25 1 0% 1.3 0
Slide 14: REBIT to Profit details for 1Q12
REBIT to Profit details for 1Q12 Million EUR REBIT Non-recurring Income Tax Share of result of PROFIT 1Q12 items EBIT Net finance costs Expense investments 1Q12 (4.6) (5.7) 22.6 18.0 (8.9) 2.5 5.9 Effective tax rate of 72% due to majority of profits in US, while no DTAs were recognized in operations
Slide 15: Non-recurring items 1Q12
Non-recurring items 1Q12 Million EUR Capital gain on sale of non strategic assets Restructuring Other non-recurring costs Total non-recurring items 0.4 (1.0) (4.6) (4.1) Main drivers: (1.9) m EUR realized result on electricity contracts (1.2) m EUR interruption of sulfuric acid plant (0.4) m EUR pur
Slide 16: Net debt evolution 1Q12
Net debt evolution 1Q12 Million EUR 31/12/2011 31/03/2012 (219.4) (254.9) CAPEX Further Acquisitions Financial settlement charges and Net other PVC/CA sale Cash generated movements (22.1) taxes from operations (13.8) (11.7) (0.8) 1.8 11.1 Growth CAPEX: (9.6) m Carbaryl Financial Charges: (4.2) m REB
Slide 17: Group Trade Working Capital
Group Trade Working Capital Million EUR 700 30% 25% 600 21.4% 18.7% 19.8% 20% 500 15% 400 10% 300 5% 421.1 452.2 200 395.2 0% 100 -5% 0 -10% March 2011 December 2011 March 2012 Trade Working Capital excluding factoring Trade Working Capital excluding factoring/Last 12 months revenue (%) 17 Financial
Slide 18: Balance Sheet
Balance Sheet Million EUR 1800 1,737.8 1800 1,737.8 Non-current assets held for sale 0.4 1600 1,379.7 1,434.0 1600 1,434.0 1,379.7 1400 729.9 8.1 1400 671.1 Other current assets 7.8 1200 1200 522.8 Other liabilities 669.1 520.8 641.7 1000 Cash and 1000 117.4 145.7 cash equivalents Current debt 800 8
Slide 19: Q&A
Q&A
Slide 20: 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 N