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Financial Results
CONFERENCE CALL
Cesena
26th March 2012
2011 Annual Results
Ended 31s t December 2011
1. TREVI Group
2. FY 2011 Financial Results
3. Appendix
4. Q&A
2
Rome (ITALY) Metro Line Soilmec Hydromill
Comment of the Chairman on the FY11
3
“2011 showed a considerable increase in revenues. The TREVI Group was
able to achieve its guidance in terms of revenues, registering in the fourth
quarter a strong increase in revenues (+28%) and acquiring a significant
volume of strategic contracts during the year. The macroeconomic
scenario of the second semester has been one of the primary factors of the
diminishing operative margin. The order portfolio in 2011 increased more
than 28% exceeding one billion Euro and confirming the capability of the
Group to acquire new and relevant orders even in a competitive and
challenging market. The Oil & Gas sector continues an absolutely
remarkable trend and the Group remains well positioned to grasp the
opportunities in the market. We take into account the gradual stabilization
of the economy but we maintain a prudent outlook for 2012 while
foreseeing interesting opportunities in the second half of the year and also
in the following one.”
• Onshore Drilling
• Long term contracts
• Latin America emerging
Player
• Hydraulic Rotary Rigs
• Cranes
• Jet Grouting
• Tunnel Consolidation
• Casing Oscillators
• Extractors
• Drilling Tools
• Other Equipment
• Automatic Rigs
(HH Series)
• Land rigs
• Derricks & Offshore
• Mobile Drilling Rigs
• Hydraulic Top Drives
• Triplex Mud Pumps
• Deep Foundations
• Geotechnical Works
• Marine Works
• Tunnel Consolidation
• Automated Car Parks
• Environment
SERVICESSector
MECHANICAL Sector
Projects for renewable energy
Special foundation services Oil drilling services Oil drilling rigs Special foundation rigs
4
TREVI Group: Business Model
Technological InnovationProcess Innovation
STRENGTHENING MARKET LEADERSHIP
MECHANICAL SECTORSERVICES SECTOR
5
TREVI Group: Competitive Advantage
GROUP
SYNERGIES
CONSTANT INNOVATION
OUR
COMPETITVE ADVANTAGE
Venezuela
U.S.A.
Mozambique
Nigeria
U.A.E.
Oman
Germany Italy
Hong Kong
Argentina
Colombia
Canada
Qatar
New Zealand
Peru
Austria
Venezuela
Argentina
AlgeriaPhilippines
Panama
Angola
Colombia
Saudi Arabia
Libya
PETREVENDivision
TREVIDivision
Italy
31 Operating Companies in 22 Countries – 44 Business Units
Chile
6
TREVI Group: Services Sector Presence
SOILMECDivision
DRILLMECDivision
Japan
China
Singapore
Italy
U.S.A.
France
UK
India
Germany
U.S.A.
Australia
Italy
Brazil
16 Operating Companies in 11 Countries – 21 Business Units
Algeria
Russia
7
TREVI Group: Mechanical Sector Presence
UNIQUELY INTEGRATED PLAYER BOTH IN GROUND
ENGINEERING & OIL DRILLING SERVICES AND
DRILLING & FOUNDATIONS EQUIPMENT 8
TREVI Group: Key differentiating factors
• Proven track recordUnprecedented track record operating for over 50 years worldwide and
successfully facing the utmost challenges
• Well diversified client portfolioUnmatched and historical International diversification of the business being
less dependent of local markets
• World leading technologyContinuously innovating the highest standards of technology to best meet the
market’s demand
• Flexible & unique business model Extensive industry know#how in finding the most suitable solutions for any job
Unique and adaptable business model for industry competitive advantage
Group New Contracts awarded in 2011
9
Backlog €1,012M
€151M€570M €227M
� New contracts awarded in
over 20 countries
� Accessed new & strategic geographies
� Robust order pipeline from Oil & Gas rigs
� Customer retention
confirmed by renewals in Oil
& Gas Services
� Secure outlook for growth
€64M
10
TREVI Group: Key 2011 accomplishments
� Expanded operations overall at all divisional levels2011 Revenues: TREVI #3.6%, Soilmec +9.7%, Petreven +23.3%, Drillmec +31.4%
� Secured key strategic geographies diversifying revenuesSignificant contracts acquired enable market diversification
(Mexico, Belarus, Turkey, China, Eastern Europe & Russia, West Africa, Brazil)
� Oil & Gas strong momentum embraced by drilling division Awarded strategic contracts by primary standing clients strengthening further
company awareness
� Strengthened balance sheet for future growth opportunities
Successfully completed a capital increase through the conversion into shares of the
Indirect exchangeable bond for €45m. Total Net Equity at €438m
Group’s Divisions OverlookSP
EC
IA
L F
OU
ND
ATIO
NS SER
VIC
ES
•Strong order backlog
•Long term visibility
•Meaningless yoyrevenue change
•Key contracts (Denmark & West Africa)to contribute by 2H2012
•Large infrastructure sector stable & construction sector under pressure
OIL &
GA
S S
ER
VIC
ES
•Double digit growth on sound business strategy
•Renewed contracts in Argentina with key customers
•Entrance in Brazil as a “one stop shop” oil & gas service provider
•Overall clear operations outlook & organic growth
OIL &
GA
S R
IG
S
•Durable momentum with over 30% yoyrevenue increase
•Robust order pipeline
•Secured key geographies
•Oil prices incentivizing Exploration and Production
•HH series on the right growth track
•International tenders show higher degree of competition
SP
EC
IA
L F
OU
ND
ATIO
NS R
IG
S
•Revenue increase notwithstanding overall market conditions
•Mature markets are showing signs of recovery
•To grasp opportunities in high growth markets
•Higher competition hindering pricing and marginality
•Lower visibility in order backlog
FY11 Sales C3.6% +23.3% +31.4% +9.7%
11
vs FY10
• Sturdy revenue generationStrongest quarter ever performance in terms of revenue generation
(4Q’11 €337m +28% yoy)
• Security in backlogAssurance in a “quality” backlog (€1,012m the second highest in the last six
years)
• NFP in line with the steady business growthThe cyclicality of the nature of the business is reflected in the NFP; with key
contracts in delivery during the year we foresee a sound financial position
• Leverage on Group’s international activities to gain opportunities
Able to grasp opportunities in the International markets due to the well
diversified business model
• Outlook is more challenging but fundamentals remain strongly in place
The market conditions are challenging but we have put in place secure business that will aid for further growth
12
TREVI Group: Key messages
1. TREVI Group
2. FY 2011 Financial Results
3. Appendix
4. Q&A
13
Copenaghen (DENMARK) CITYRINGEN work site
14
2011 Annual Results
� Significant increase in consolidated revenues Strong volume of sales
� Very robust Backlog New orders announced signal a very positive market trend
� Net Financial Position in line with the growth of the business The net indebtedness follows the cyclicality of the business
� Revenues: €1,061m €953m vs FY10
� EBITDA: €119m €137m vs FY10
� EBIT: €69m €84m vs FY10
� PBT: €51m €70m vs FY10
� Backlog: €1,012m €788m vs FY10
� NFP: €404m €396m vs FY10
Eur 000 FY11* % FY11
as reported FY10 %
TOTAL REVENUES 1.093.147 14,7% 1.061.427 952.938 11,4%
EBITDA 122.937 D10,4% 118.960 137.258 D13,3%
% Total Revenues 11,2% 11,2% 14,4%
EBIT 71.978 D14,6% 69.287 84.313 D17,8%
% Total Revenues 6,6% 6,5% 8,8%
EBT 54.233 D22,7% 51.290 70.184 D26,9%
GROUP NET PROFIT 27.762 D40,1% 25.701 46.361 D44,6%
15
FY11 yoy KPIs at constant currency
� Revenues increased to €1,093m +14,7% at constant currency
� EBITDA at €123m
� Group Net Profit at €28m *results at constant currency; % change vs FY10
At constant currency*
16
Quarterly Financial Highlights
Eur mln
Eur mln
FY 2010 Eur 000 1Q11 2Q11 3Q11 4Q11 FY11
952.938 TOTAL REVENUES 216.921 257.616 249.586 337.303 1.061.427
(34.005) Changes in inventories of finished and semiEfinished products 15.407 15.902 23.776 (10.341) 44.744
23.269 Increase in fixed assets for internal use 5.824 14.450 5.674 5.481 31.429
0 Other nonEordinary operating revenues 0 0 0 0 0
942.202 VALUE OF PRODUCTION 238.153 287.969 279.036 332.443 1.137.600
619.964 Raw materials and external services 157.367 200.992 198.079 253.382 809.820
12.383 Other operating costs 3.668 4.150 3.482 4.050 15.350
309.856 VALUE ADDED 77.118 82.827 77.475 75.011 312.430
172.598 Personnel expenses 45.096 50.047 45.195 53.133 193.471
137.258 EBITDA 32.021 32.780 32.280 21.878 118.960
14,4% % Total Revenues 14,8% 12,7% 12,9% 6,5% 11,2%
45.332 Depreciation 11.409 11.354 11.505 12.065 46.333
7.613 Provisions and writeEdowns 322 407 352 2.257 3.340
84.313 EBIT 20.290 21.019 20.423 7.555 69.287
8,8% % Total Revenues 9,4% 8,2% 8,2% 2,2% 6,5%
(14.101) Financial revenues/(expenses) (3.849) (4.630) (3.894) (5.341) (17.714)
(276) Gains/(Losses) on exchange rates (3.980) (404) 407 3.693 (283)
249 Other Gains/(Losses) 0 2 (2) 0 0
70.184 EBT 12.462 15.986 16.934 5.908 51.290
24.506 Tax 4.362 7.586 8.175 4.062 24.185
(683) Minorities 506 659 76 164 1.405
46.361 GROUP NET PROFIT 7.594 7.742 8.683 1.682 25.701
FY11 % FY10 % ∆%
VALUE OF PRODUCTION 1,137.6 942.2 20,7%
REVENUES 1,061.4 100,0% 952.9 100,0% 11,4%
EBITDA 119.0 11,2% 137.3 14,4% 13,3%
EBIT 69.3 6,5% 84.3 8,8% C17,8%
FINANCIAL COSTS (17.7) D1,7% (14.1) D1,5% 25,6%
TAXES 24.2 2,3% 24.5 2,6% 1,3%
NET PROFIT 25.7 2,4% 46.4 4,9% C44,6%
FY11 FY10
NET CAPITAL EMPLOYED 842.4 762.5 10,5%
EQUITY 437.9 366.5 19,5%
NET FINANCIAL POSITION 403.8 396.0 C2,0%
BACKLOG 1,012.5 788.4 28,4%
FY11 FY10
NFP / EBITDA 3,39X 2,89x
NFP / EQUITY 0,92X 1,08x
FY11 FY10
EMPLOYEES 6,114 5,90317
Financial Highlights FY11 yoy
Eur mln
Eur mln
18
Income Statement FY11 vs FY10
Eur 000 FY11 FY10 ∆% ∆% ∆% ∆%
TOTAL REVENUES 1.061.427 952.938 11,4%
Changes in inventories of finished and semiEfinished products 44.744 (34.005)
Increase in fixed assets for internal use 31.429 23.269
Other nonEordinary operating revenues 0 0
VALUE OF PRODUCTION 1.137.600 942.202 20,7%
Raw materials and external services 809.820 619.964
Other operating costs 15.350 12.383
VALUE ADDED 312.430 309.855 0,8%
Personnel expenses 193.471 172.598
EBITDA 118.960 137.257 D13,3%
% Total Revenues 11,2% 14,4%
Depreciation 46.333 45.332
Provisions and writeEdowns 3.340 7.613
EBIT 69.287 84.312 D17,8%
% Total Revenues 6,5% 8,8%
Financial revenues/(expenses) (17.714) (14.101)
Gains/(Losses) on exchange rates (283) (276)
Other Gains/(Losses) 0 249
EBT 51.290 70.184 D26,9%
Tax 24.185 24.506
Minorities 1.405 (683)
GROUP NET PROFIT 25.701 46.361 D44,6%
Based on non Consolidated data19
Services
Sector
45,6%
Mechanical
Sector
54,4%
Drilling
Sector
43,3%
Core
Business
56,7%
One Group: Two Points of view
To
tal
Reven
ues F
Y1
1:
Eu
r1
,06
1.4
mln
20
Revenues Before and After Consolidation
Eur mln FY11 FY10 ∆% ∆% ∆% ∆%
Special Foundation Services (TREVI) 404,3 419,5 #3,6%
Drilling Services (PETREVEN) 98,6 80,0 23,3%
Interdivisional Adjustments and Eliminations (7,5) (6,1)
SubDTotal Foundations and Drilling Services Sector 495,4 493,4 0,4%
Machines for Special Foundations (SOILMEC) 222,0 202,3 9,7%
Drilling Rigs (DRILLMEC) 378,8 288,4 31,4%
Interdivisional Adjustments and Eliminations (4,1) (5,3)
SubDTotal Mechanical Sector 596,7 485,4 22,9%
Parent Company 13,1 14,5
Interdivisional Eliminations (43,8) (40,3)
TOTAL CONSOLIDATED REVENUES 1.061,4 953,0 11,4%
21
Breakdown per Geographical Area
498,0
642,4
841,6
1.069,2 1.035,8
952,9
1.061,4
636,8
1.109,0
709,3788,4
1.012,5
780,3
22
Backlog
Foundation Sector Drilling Sector
GEOGRAPHICAL AREA (Eur mln) FY11 %
Italy 163,1 16,1%
Europe (Italy excl.) 130,9 12,9%
U.S.A. and Canada 101,2 10,0%
Latin America 281,5 27,8%
Africa 115,5 11,4%
Middle East and Asia 204,9 20,2%
Far East 15,4 1,5%
TOTAL 1.012,5 100,0%
NFP FY11NFP FY10 EBIT + D&A
FREE CASH FLOW
D 30,3 mln Eur
Eur
mln
INVESTMENTS INTERESTS EXCHANGE DIFFERENCES
OTHERTAXES ∆ WORKING CAPITAL
23
Net Financial Position
FY 07 FY 08 FY 09 FY 10 FY 11
Eu
r m
ln
FY 06
EBITDA/Net Fin. Exp. 6,7x9,7x10,4x9,7x9,8x8,2x24
Financial Ratios
175,5
322,1
142,6
396,0403,8
443,8
126,0
FY 05
6,2x
Eur mln
EQUITY NET FINANCIAL POSITION
127,4
235,3
163,5
366,5
403,8
315,9
437,9
Short Term Debt
Long Term Debt
25
Equity and Net Financial Position
102,1
361,5
517,8
401,2
554,2
493,4 495,4
26Based on non Consolidated Data
Foundations and Drilling Services Division
Based on non Consolidated Data27
Mechanical Division
310,0
607,2
464,9496,4 485,4
596,7
1. TREVI Group
2. FY 2011 Financial Results
3. Appendix
4. Q&A
28
Drillmec HHC201
29
Income Statement FY11 vs FY10
Eur 000 FY11 FY10 ∆% ∆% ∆% ∆%
TOTAL REVENUES 1.061.427 952.938 11,4%
Changes in inventories of finished and semiEfinished products 44.744 (34.005)
Increase in fixed assets for internal use 31.429 23.269
Other nonEordinary operating revenues 0 0
VALUE OF PRODUCTION 1.137.600 942.202 20,7%
Raw materials and external services 809.820 619.964
Other operating costs 15.350 12.383
VALUE ADDED 312.430 309.855 0,8%
Personnel expenses 193.471 172.598
EBITDA 118.960 137.257 D13,3%
% Total Revenues 11,2% 14,4%
Depreciation 46.333 45.332
Provisions and writeEdowns 3.340 7.613
EBIT 69.287 84.312 D17,8%
% Total Revenues 6,5% 8,8%
Financial revenues/(expenses) (17.714) (14.101)
Gains/(Losses) on exchange rates (283) (276)
Other Gains/(Losses) 0 249
EBT 51.290 70.184 D26,9%
Tax 24.185 24.506
Minorities 1.405 (683)
GROUP NET PROFIT 25.701 46.361 D44,6%
30
Statement of Financial Position FY11 vs FY10
Eur 000 FY11 FY10 ∆% ∆% ∆% ∆%
Fixed assets
E Tangible fixed assets 339.635 323.762
E Intangible fixed assets 20.553 18.444
E Financial fixed assets 8.224 5.162
Net working capital
E Inventories 480.629 409.073
E Trade receivables 427.431 307.032
E Trade payables (E) (338.821) (191.106)
E PreEpayments (E) (85.333) (88.068)
E Other assets (liabilities) 7.973 (4.864)
Fixed assets plus net working capital 860.290 779.434 10,4%
PostDemployment benefits (D) (17.926) (16.915)
NET INVESTED CAPITAL 842.364 762.519 10,5%
Financed by:
Group net shareholders' funds 425.811 354.157
Minorities' share of net shareholders' funds 12.076 12.351
Total financial indebtedness 404.477 396.012
TOTAL SOURCES OF FINANCING 842.364 762.519 10,5%
1. TREVI Group
2. FY 2011 Financial Results
3. Appendix
4. Q&A
31
Works on the Panama Canal – (PANAMA)
The Executive in charge of the preparation of accounting documents “Daniele Forti” declares,pursuant to paragraph 2 of article 154Ebis of the consolidated law on finance, that the
accounting information contained in this presentation corresponds to the document results,
books and accounting records.
This presentation, prepared by TREVI – Finanziaria Industriale SpA, contains forward lookinginformation and statements about the group and in no case may it be interpreted as an offer or
an invitation to sell or purchase any security issued by the company or its subsidiaries.
These statements include financial projections and estimates and their underlying assumptions,
statements regarding plans, objectives and expectations to future operations, products andservices, and statements regarding future performance.
Forward looking statements involve inherent risks and uncertainties are current only at the
date they are made.
However, the management of TREVI – Finanziaria Industriale SpA believes that the
expectations are reasonable, but, at the same time, points out to holders and investors that all
the information and all the statements are subject to various risk and many of which are very
difficult to predict and to control.
TREVI – Finanziaria Industriale SpA does not undertake any obligation to update forward
looking statements to reflect any changes in own expectations with regard thereto or any
changes in events.
32
Disclaimer