Tecnotree Oyj · OMXHEX:TEM1V
Tecnotree Oyj — H1 2009 Earnings Presentation
26 slides from Tecnotree Oyj's earnings presentation, Aug 12, 2009
Slide 1: Tecnomen Lifetree Corporation Interim Report 1-6/2009
Tecnomen Lifetree Corporation Interim Report 1‐6/2009 12.8.2009 Jarmo Niemi President and CEO 1
Slide 2: Tecnotree Highlights
Tecnotree Highlights Tecnotree India consolidated from 6th of May 2009 M€ 1‐6/2009 4‐6/2009 Net sales 26.5 (37.3) 15.0 (22.2) Ebit ‐3.2 (3.2) ‐1.5 (3.6) Net result ‐4.6 (2.3) ‐2.8 (3.5) Order intake 38.3 (45.0) 24.8 (30.5) Order book 21.5 (25.1) 21.5 (25.1) Cash flow after investments (w/o 0.9 (2.1)
Slide 3: Tecnotree Business Units
Tecnotree Business Units VAS BSS/OSS • Net sales were 11.0 M€ (23.3) • Net sales were 15,5 M€ (14,0) • BU EBIT was ‐2.1 M€ (6.1) • BU EBIT was 0.5 M€ (‐1.6) • Maintenance revenue 5.5 M€ • Maintenance revenue 4.7 M€ • eZoner sales stopped • Lifetree sales 2.9 M€ / EBIT 0.5 M€ • NGM deliveries for thr
Slide 4: Consolidated Income Statement
Consolidated Income Statement Tecnotree India consolidated from 6 May 2009 EUR Million 4‐6/2009 4‐6/2008 Change % Net sales 15.0 22.2 ‐32.6 Other operating income 0.0 0.0 Materials and services ‐3.4 ‐4.5 ‐24.2 Employee benefit expenses ‐6.2 ‐6.4 ‐3.8 Other operating expenses ‐5.2 ‐6.2 ‐16.0 Deprecia
Slide 5: Consolidated Income Statement
Consolidated Income Statement Tecnotree India consolidated from 6 May 2009 EUR Million 1‐6/2009 1‐6/2008 Change % Net sales 26.5 37.3 ‐28.9 Other operating income 0.0 0.0 Materials and services ‐5.4 ‐8.9 ‐39.1 Employee benefit expenses ‐11.7 ‐11.9 ‐1.6 Other operating expenses ‐9.5 ‐10.6 ‐10.2 Depre
Slide 6: Consolidated Income Statement (Pro forma)
Consolidated Income Statement (Pro forma, Tecnotree India included Apr‐Jun of both years) EUR Million 4‐6/2009 4‐6/2008 Change % Net sales 16.2 25.7 ‐36.9 Other operating income 0.0 0.4 Materials and services ‐3.6 ‐5.1 ‐29.0 Employee benefit expenses ‐6.6 ‐7.2 ‐8.7 Other operating expenses ‐5.5 ‐6.9
Slide 7: Consolidated Income Statement (Pro forma)
Consolidated Income Statement (Pro forma, Tecnotree India included Jan‐Jun of both years) EUR Million 1‐6/2009 1‐6/2008 Change % Net sales 31.5 44.4 ‐29.0 Other operating income 0.2 0.5 ‐66.0 Materials and services ‐6.9 ‐10.3 ‐32.7 Employee benefit expenses ‐13.7 ‐13.7 0.0 Other operating expenses ‐
Slide 8: Sales and Orders by Quarter
Sales and Orders by Quarter 35 30 25 20 M€ 15 10 5 0 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Sales 19,6 16,9 20,1 11,0 20,8 19,1 19,2 15,2 22,2 18,2 21,7 11,5 15,0 OBL 16 18,5 15,0 15,9 20,5 17,1 17,5 16,8 25,1 17,2 9,7 11,7 21,5 Order intake 14,3 19,4 16,6 11,9
Slide 9: Net Sales by Business Unit
Net Sales by Business Unit VAS 42 % (62 %), BSS/OSS 58 % (38 %) of Net Sales 25,0 ‐53% 20,0 +11% 15,0 10,0 5,0 0,0 VAS BSS/OSS Act 1‐6/2008 23,3 14,0 Act 1‐6/2009 11,0 15,5 9 12.8.2009 Interim Report 1‐6/2009
Slide 10: Sales by Business Unit: VAS
Sales by Business Unit VAS M€ 25 20 15 10 5 0 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Tecnotree Sales 16,9 20,1 11,0 20,8 19,1 19,2 15,2 22,2 18,2 21,7 11,5 15,0 VAS Sales 6,7 12,7 7,9 10,1 10,5 9,9 12,4 10,9 5,9 11,2 4,9 6,1 4 per. Mov. Avg. (VAS Sales) 10 12.8.2009
Slide 11: Sales by Business Unit: BSS/OSS
Sales by Business Unit BSS/OSS 25 M€ 20 15 10 5 0 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Tecnotree Sales 16,9 20,1 11,0 20,8 19,1 19,2 15,2 22,2 18,2 21,7 11,5 15,0 BSS/OSS Sales 10,2 7,4 3,1 10,8 8,6 9,3 2,8 11,2 12,3 10,5 6,6 8,9 4 per. Mov. Avg. (BSS/OSS Sales) 11
Slide 12: Net Sales by Area
Net Sales by Area Americas 52,5% (42,6%), EMEA 41,9% (41,3%), APAC 5,6% (16,1%) M€ Total change ‐29% 18 ‐13% ‐28% 16 14 12 10 8 ‐75% 6 4 2 0 Americas EMEA APAC 1‐6/2008 15,9 15,4 6,0 1‐6/2009 13,9 11,1 1,5 12 12.8.2009 Interim Report 1‐6/2009
Slide 13: Sales by Area: Americas
Sales by Area Americas 25 20 15 M€ 10 5 0 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Tecnotree Sales 16,9 20,1 11,0 20,8 19,1 19,2 15,2 22,2 18,2 21,7 11,5 15,0 Americas 11,2 10,1 5,0 11,0 9,5 12,2 3,9 12,0 13,7 11,9 7,0 6,9 4 per. Mov. Avg. (Americas) 13 12.8.2009 Inter
Slide 14: Sales by Area: EMEA
Sales by Area EMEA 25 20 15 10 5 0 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Tecnotree Sales 16,9 20,1 11,0 20,8 19,1 19,2 15,2 22,2 18,2 21,7 11,5 15,0 EMEA 4,7 8,5 5,8 7,1 8,9 4,9 7,7 7,8 3,4 8,7 3,8 7,4 4 per. Mov. Avg. (EMEA) 14 12.8.2009 Interim Report 1‐6/2009
Slide 15: Sales by Area: APAC
Sales by Area APAC 25 20 15 M€ 10 5 0 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Tecnotree Sales 16,9 20,1 11,0 20,8 19,1 19,2 15,2 22,2 18,2 21,7 11,5 15,0 APAC 1,0 1,4 0,3 2,7 0,7 2,0 3,6 2,4 1,0 1,1 0,8 0,7 4 per. Mov. Avg. (APAC) 15 12.8.2009 Interim Report 1‐6/2009
Slide 16: Sales Distribution
Sales Distribution 25 20 15 M€ 10 5 0 Q3/ 06 Q4/ 06 Q1/ 07 Q2/ 07 Q3/ 07 Q4/ 07 Q1/ 08 Q2/ 08 Q3/ 08 Q4/ 08 Q1/ 09 Q2/ 09 T ecnot r ee Sal es 16, 9 20, 1 11, 0 20, 8 19, 1 19, 2 15, 2 22, 2 18, 2 21, 7 11, 5 15, 0 Ser vi c es 2, 4 2, 1 3, 2 3, 9 2, 9 5, 0 3, 8 4, 8 4, 5 5, 5 3, 9 6, 3 New Cust omer
Slide 17: Orderbook by Product Line
Orderbook by Product Line M€ 16 14 12 10 8 6 4 2 0 Q2 2005 Q2 2006 Q2 2007 Q2 2008 Q2 2009 VAS 10,5 8,1 13,1 10,2 8,3 BSS/OSS 4,3 7,9 7,5 14,9 13,2 17 12.8.2009 Interim Report 1‐6/2009
Slide 18: Number of Personnel
Number of Personnel > 70% in low cost countries 900 800 700 600 468 500 400 300 200 395 374 352 347 352 355 365 359 354 354 350 352 100 0 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 18 12.8.2009 Interim Report 1‐6/2009
Slide 19: Materials and Services
Materials and Services M€ 25 35 % 30 % 20 25 % 15 20 % 15 % 10 10 % 5 5% 0 0% Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Sales 16,9 20,1 11,0 20,8 19,1 19,2 15,2 22,2 18,2 21,7 11,5 15,0 Materials and Services 3,9 5,4 1,6 5,4 3,6 4,6 4,3 4,5 4,1 3,8 2,0 3,4 % 23,1% 26,9%
Slide 20: Employee Benefits
Employee Benefits M€ 25 60 % 50 % 20 40 % 15 30 % 10 20 % 5 10 % 0 0% Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Sales 16,9 20,1 11,0 20,8 19,1 19,2 15,2 22,2 18,2 21,7 11,5 15,0 Employee benefits 6,4 7,0 6,1 5,4 5,1 6,7 5,5 6,4 5,1 6,9 5,6 6,2 % 37,9 % 34,8 % 55,5 % 26,
Slide 21: Other Operating Expenses
Other Operating Expenses M€ 25 45 % 40 % 20 35 % 30 % 15 25 % 20 % 10 15 % 5 10 % 5% 0 0% Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Sales 16,9 20,1 11,0 20,8 19,1 19,2 15,2 22,2 18,2 21,7 11,5 15,0 Other Opex 4,8 6,2 4,3 5,3 4,2 4,6 4,3 6,2 4,3 4,6 4,2 5,2 % 28,4 % 30,8
Slide 22: Consolidated Balance Sheet
Consolidated Balance Sheet EUR Million 30.6.2009 30.6.2008 Change % Non‐current assets Fixed assets 32.1 25.9 25.4 Consolidated goodwill 19.2 0.7 Other non‐current assets 1.8 0.5 Current assets Inventories 1.6 1.8 ‐11.1 Trade receivables 18.1 20.5 ‐11.7 Other receivables 22.2 27.4 ‐19.0 Investments
Slide 23: Assets by Quarter
Assets by Quarter M€ 140 120 100 80 60 40 20 0 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Cash 23,4 20,4 7,3 6,3 9,2 17,5 11,8 15,5 25,2 51,0 51,5 32,8 Investments 1,6 Other rec. (mainly WIP) 24,3 19,7 19,8 23,6 34,4 24,8 23,6 27,4 26,1 24,6 24,4 22,2 Trade receivables 1
Slide 24: Consolidated Balance Sheet
Consolidated Balance Sheet EUR Million 30.6.2009 30.6.2008 Change % Shareholders’ equity 87.9 76.2 15.4 Interest‐bearing liabilities 17.8 0.0 Deferred tax liabilites 6.1 4.2 52.4 Other non‐current liabilities 0.3 Current liabilities Interest‐bearing liabilities 2.3 ‐ Non‐interest‐bearing liabilities
Slide 25: Equity and Liabilities by Quarter
Equity and Liabilities by Quarter M€ 140 120 100 80 60 40 20 0 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Current non‐interest bearing 11,1 11,4 9,7 12,7 10,4 13,8 10,0 12,0 10,8 10,8 11,0 15,1 Current interest bearing ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 20,0 20,0 2,3 Deferred tax 2,3 2,6
Slide 26: Prospects for 2009
Prospects for 2009 The whole year net sales are estimated to be lower than last year and, in line with this, the operating profit is expected to be negative. The integration of Tecnomen and Lifetree is going according to plan and the acquisition is expected to create considerable synergy benefits wh