Rockwool A/s Class A · OMXCOP:ROCK_A
Rockwool A/s Class A — Q3 2007 Earnings Presentation
27 slides from Rockwool A/s Class A's earnings presentation, Nov 21, 2007
Slide 1: Handelsbanken, 21 November 2007
Handelsbanken, 21 November 2007
Slide 2: Agenda
Agenda 1. Main results from Q2-Q3 2007 2. Market situation 3. Growth drivers 4. Questions The statements on the future in this presentation, including expected sales and earnings, are associated with risks and uncertainties and may be affected by factors influencing the activities of the group
Slide 3: Main results from Q1-Q3 2007
Main results from Q1-Q3 2007
Slide 4: Net sales first months
Net sales first 9 months Net sales have increased by 25% from 2006 to 2007 Net sales in DKK mill. 12000 25% 10297 30% Annual increase in % 10000 8224 25% 8000 7077 20% 5820 6404 16% 6000 10% 11% 15% 4000 10% 2000 5% 0 0% 2003 2004 2005 2006 2007 Net sales Annual increase
Slide 5: EBDIT first months
EBDIT first 9 months EBDIT have increased by 81% from 2006 to 2007 2800 2537 200% Annual increase in % EBDIT in DKK mill. 2400 2000 150% 1600 1402 1046 81% 100% 1200 846 693 800 34% 50% 22% 24% 400 0 0% 2003 2004 2005 2006 2007 EBDIT Annual increase
Slide 6: EBIT first months
EBIT first 9 months EBIT have increased by 151% from 2006 to 2007 2400 2025 200% Annual increase in % 151% EBIT in DKK mill. 2000 150% 1600 1200 807 100% 64% 56% 800 596 383 35% 50% 400 233 0 0% 2003 2004 2005 2006 2007 EBIT Annual increase
Slide 7: Profit first months after minority interests
Profit first 9 months after minority interests 1600 1414 1400 1200 DKK mill. 1000 800 600 521 400 359 205 200 95 0 2003 2004 2005 2006 2007
Slide 8: EBIT first months per business segment
EBIT first 9 months per business segment 1897 1950 1750 1550 1350 DKK mill. 1150 950 750 690 550 393 543 350 250 19 24 60 57 106 150 11 30 22 -50 -28 -29 2003 2004 2005 2006 2007 Insulation Systems Division Elim. & Holding companies
Slide 9: Change in working capital first months
Change in working capital first 9 months 200 144 100 84 DKK mill. 0 -100 -200 -215 -221 -300 -400 -500 -434 2003 2004 2005 2006 2007
Slide 10: Stocks end of first months
Stocks end of first 9 months 1200 1053 1000 927 DKK mill. 800 800 747 640 600 400 200 0 2003 2004 2005 2006 2007
Slide 11: Debtors end of first months
Debtors end of first 9 months 2400 2110 2000 1729 DKK mill. 1673 1600 1493 1428 1200 800 400 0 2003 2004 2005 2006 2007
Slide 12: Expectations for 2007
Expectations for 2007 Sales growth 22% Æ 2007 turnover of DKK 14.1 bn Profit of the year of DKK 1900 mio. Investment level will be DKK 1.5 bn
Slide 13: Market situation
Market situation
Slide 14: Western Europe
Western Europe Renovation is good in both residential and non-residential. Oil price around $100 will be a driver Newbuild residential is overall showing a downward trend but with some variation from country to country Newbuild non-residential remains healthy Technical insulation and OEM is
Slide 15: Central & Eastern Europe
Central & Eastern Europe In CEE we see sales growth in all segments but to varying degree Russia and the Baltics are strong Lately, Poland, Hungary and the Czech Republic has showed some stabilisation especially within residential We expect a yearly Central and Eastern European insulation ma
Slide 16: Product properties and market segments
Product properties and market segments FLEXIBLE PRODUCTS RIGID PRODUCTS Main applications: Main applications: Residential, refurbishment and newbuild Non-residential (flat roof, facade, foundation, sandwich panels) technical insulation, OEM Glass wool Foam plastics Key market: Key market: Flexible p
Slide 17: Energy efficiency – legal developments
Energy efficiency – legal developments
Slide 18: Energy efficiency of buildings - status
Energy efficiency of buildings - status 33% 26% 41% of all energy in EU is of all energy in EU is of all energy in EU is used for transport used by industry used by buildings 2/3 of energy consumption in 80% of energy consumption buildings is used for heating is used in small buildings and cooling <
Slide 19: Energy Efficiency in Buildings - EU waves
Energy Efficiency in Buildings - 3 EU waves Market effect: Market effect: Market effect: 2007 onwards 2009 onwards 2010 onwards Energy Performance of Energy Services Directive Action Plan on Buildings Directive Energy Efficiency - Energy Performance Calculation - 9 % improvement in EE - Minus 20% in
Slide 20: EPBD - strengthening of building codes
1 EPBD - strengthening of building codes Country Introduced in connection with Further political announced strengthening EPBD implementation Belgium (Flanders) 18% Czech Republic 0% Strengthening scheduled for 2010 – new level unknown Denmark 25-30% Additional 25-30% 2011 and 2016 Finland 0% France
Slide 21: Targets of national saving plans
2 Targets of national saving plans Country Yearly energy savings target either from national plans or announced to EU Belgium (Flanders) delayed Czech Republic 1% Denmark 1,15% - 1,4% (new plan will follow in near future) Finland 1% France 1.2% in existing plan but the plan will be revised after the
Slide 22: Energy action plan
3 Energy action plan Expected introduction of very low-energy/passive house level requirements for newbuild United Kingdom France Germany Denmark Netherlands Norway 2013 2015 2017 2020
Slide 23: How to cope with the historic growth?
How to cope with the historic growth?
Slide 24: Capacity expansion
Capacity expansion Istria, Croatia 111.000 tons St. Eloy-Les-Mines 43.000 tons Malkinia, Poland 80.000 tons Wern Tarw, UK 100.000 tons Milton, Canada Volga, Russia 100.000 tons 100-120.000 tons Kiev, Ukraine 110.000 tons 2007 2008 2008 2008 2009 2010 Q3 Q2 Q3 Q4 Q1 Q1
Slide 25: Capacity expansion
Capacity expansion Trondheim Vyborg Moss Grand Forks Milton Doense Moskva Vamdrup Flechtingen Malkinia Gladbeck Cigacice Wern Tarw Roermond Kiev Bohumin Neuburg Gógánfa St. Eloy- Tapolca Melaka (Malaysia) Les-Mines Istria Caparroso Iglesias
Slide 26: Map of Russia and surrounding region
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Slide 27: Questions
Questions