2016 first quarter results - financial corporate trevifin · 2016 first quarter results ......
TRANSCRIPT
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Special foundation services
€144,2m
Oil drilling rigs
€54,4m
Oil drilling services
€26,3m
Special foundation rigs
€53,3m
1Q16 Revenues
4
Special foundation services
€144,2m
Geotechnical Works
Marine Works Deep Foundations Tunnel Consolidation
Environment
1Q16 Revenues
6
Oil drilling rigs
€54,4m Land Rigs
Hydraulic Drilling Rigs
Mud Pumps
Drawworks Top Drives
AHEAD Rigs Modular Offshore
Conventional Packages
1Q16 Revenues
7
Oil drilling services
€26,3m
CILE:
1 RIG HH220
1 RIG HH102
2 WO HH102
VENEZUELA:
1 RIG HH200
1 RIG HH300
ARGENTINA:
7 RIGS HH102
2 RIGS HH220
PERU’:
1 RIGS HH102
COLOMBIA:
1 RIGS HH220
1Q16 Revenues
11
Financial Highlights
Revenues
€265m Ebitda
€36m
Ebit
€19m
Backlog
€1.080m
Net Result
€-8m
Net Financial Position
€533m
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• Very strong order intake in the first quarter;
• Trevi Division hard backlog represents 75% of total; it increased to 803 million
Euros from 541;
• The quality of hard backlog is represented by higher than in recent past
implicit margins;
• Good level of operating margins achieved in 1Q16;
• Positive trends in international construction markets and in particular in
infrastructure sector;
• More than 5% QoQ increase in revenue, notwithstanding a still weak domestic
market;
Group’s Divisions Overlook
• Revenue at constant levels because of seasonality;
• Strong improvement in margins, due to better market conditions and higher
efficiency in production process;
• Positive feedback from international clients in Bauma Exhibition, the largest
event in the Industry;
• High Technology new line of products introduced at the Bauma Exhibition are
expected to generate increased volume of sales and margins;
• Investment in HIT products is securing new markets segments and major
opportunities;
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Group’s Divisions Overlook
• Continued strong volatility and uncertainty in O&G. Price per barrel of petrol
(Brent) increased to more than 48 dollars from the minimum of 28 touched in
January (plus 71% in slightly more than 4 months);
• Negotiations in progress for supply of rigs in different geographic area
expected to be concluded in second half;
• QoQ 30% decrease in revenues due to market conditions;
• Drillmec is waging on a reorganization plan and cost cutting, started in
October 2015, which will bring major results in second quarter;
• Management is focused in improving after sales services, and is offering to
clients maintenance, training and engineering through medium terms
contracts to improve profitability of operating drilling rigs;
• Planned investments in R&D to develop HOD system;
• Management is focused on working capital decrease through better
management of credits
• A fewer number of rigs are currently operating
• Marginality challenged by more uncertain environment
• Negotiating contracts renewals to secure continuing operations
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Financial Highlights 1Q16 yoy
Euro
Euro
1Q16 % 1Q15 % Δ%
VALUE OF PRODUCTION 286,1 309,7 -7,6%
REVENUES 264,6 100,0% 297,0 100,0% -10,9%
EBITDA 35,7 13,5% 21,3 7,2% 67,3%
EBIT 18,6 7,0% 5,0 1,7% 271,4%
FINANCIAL COSTS (6,5) -2,4% (5,6) -1,9% 14,9%
TAXES 0,2 0,1% 0,7 0,2% 75,4%
NET PROFIT (8,4) -3,2% 1,9 0,6% N/A
1Q16 1Q15 Δ%*
NET CAPITAL EMPLOYED 1.086,1 1.216,3 -10,7%
EQUITY 552,7 716,2 -22,8%
NET FINANCIAL POSITION 533,1 499,7 -6,7%
BACKLOG 1.080,3 1.121,1 -3,6%
1Q16 1Q15
NFP / EBITDA n/a 4,28X
NFP / EQUITY 0,96X 0,70X
1Q16 1Q15
EMPLOYEES 7.447 7.653
Eur mln 1Q16 1Q15 D%
Drilling Rigs (DRILLMEC) 54,4 79,8 -31,8%
Drilling Services (PETREVEN) 26,3 34,3 -23,4%
Interdivisional Adjustments and Eliminations (0,4) (0,5)
Sub-Total Oil & Gas Sector 80,3 113,6 -29,3%
Special Foundation Services (TREVI) 144,2 137,2 5,1%
Machines for Special Foundations (SOILMEC) 53,3 55,1 -3,4%
Interdivisional Adjustments and Eliminations (2,8) (4,0)
Sub-Total Foundation Sector 194,7 188,3 3,4%
Parent Company 6,7 6,0
Interdivisional Eliminations (17,1) (10,9)
TOTAL CONSOLIDATED REVENUES 264,6 297,0 -10,9%
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Revenues Before and After Consolidation
The Group Backlog
FY05 FY06 FY07 FY08 FY09 FY10
329 316432
701
483530
188321
277
408
298258
Foundation Division Drilling Division
Eu
r m
ln
Foundation Sector Oil & Gas Sector
FY05 FY06 FY07 FY08 FY09 FY10
329 316432
701
483530
188321
277
408
298258
Foundation Division Drilling Division
Eu
r m
ln
17
1.080,3
901,7
831,0 786,0
986,4 939,2
1.122,0 1.091,9
1.121,1
419,8
34,8 0,2
109,8
4,0 6,5
17,8 9,9
533,1
18
Net Financial Position
NFP 1Q16 NFP FY15 EBIT
+ D&A
Eu
r m
ln
NET
INVESTMENTS
INTERESTS EXCHANGE
DIFFERENCES OTHER
TAXES Δ WORKING
CAPITAL
FREE CASH FLOW
-79 mln Euro
1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q16
Euro mln
EQUITY NET FINANCIAL POSITION
Short Term Debt
Long Term Debt
20
Equity and Net Financial Position
269,6
357,7 344,1
434,8
716,2 *
552,7 *
428,9
473,3
533,1
*In
clu
de
s n
et
inc
rea
se in
ca
pit
al o
f €
19
2,9
m
The Group
361,5
401,2
517,8
554,2
493,4
9,2%
11,2%
13,3%
15,0%
11,6%
14,2%
16,2%
18,3%
24,7%
19,4%
7%
12%
17%
22%
27%
90
140
190
240
290
340
390
440
490
540
590
FY06 FY07 FY08 FY09 FY10
Ma
rg
in %
Eu
r m
ln
Revenues Ebit% Ebitda%
361,5
401,2
517,8
554,2
493,4
9,2%
11,2%
13,3%
15,0%
11,6%
14,2%
16,2%
18,3%
24,7%
19,4%
7%
12%
17%
22%
27%
90
140
190
240
290
340
390
440
490
540
590
FY06 FY07 FY08 FY09 FY10
Ma
rg
in %
Eu
r m
ln
Revenues Ebit% Ebitda%
361,5
401,2
517,8
554,2
493,4
9,2%
11,2%
13,3%
15,0%
11,6%
14,2%
16,2%
18,3%
24,7%
19,4%
7%
12%
17%
22%
27%
90
140
190
240
290
340
390
440
490
540
590
FY06 FY07 FY08 FY09 FY10
Ma
rg
in %
Eu
r m
ln
Revenues Ebit% Ebitda%
Based on non Consolidated Data
Foundations Sector
21
188,3 194,7
The Group
Based on non Consolidated Data
361,5
401,2
517,8
554,2
493,4
9,2%
11,2%
13,3%
15,0%
11,6%
14,2%
16,2%
18,3%
24,7%
19,4%
7%
12%
17%
22%
27%
90
140
190
240
290
340
390
440
490
540
590
FY06 FY07 FY08 FY09 FY10
Ma
rg
in %
Eu
r m
ln
Revenues Ebit% Ebitda%
361,5
401,2
517,8
554,2
493,4
9,2%
11,2%
13,3%
15,0%
11,6%
14,2%
16,2%
18,3%
24,7%
19,4%
7%
12%
17%
22%
27%
90
140
190
240
290
340
390
440
490
540
590
FY06 FY07 FY08 FY09 FY10
Ma
rg
in %
Eu
r m
ln
Revenues Ebit% Ebitda%
361,5
401,2
517,8
554,2
493,4
9,2%
11,2%
13,3%
15,0%
11,6%
14,2%
16,2%
18,3%
24,7%
19,4%
7%
12%
17%
22%
27%
90
140
190
240
290
340
390
440
490
540
590
FY06 FY07 FY08 FY09 FY10
Ma
rg
in %
Eu
r m
ln
Revenues Ebit% Ebitda%
Oil & Gas Sector
22
113,6
80,3
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MOSUL DAM
• €273 million contract value
• Contract assigned by: Iraqi Ministry of
Water Resources (MWR)
• The award follows an international
tender issued in October 2015, which
followed an expedited process
• Technologies: Advanced and
customized drilling and cement
grouting activities for the
consolidation of the foundations of the
dam.
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MOSUL DAM
• Other activities include: repair and
maintenance of the bottom outlet
tunnels will also take place as they
are currently damaged
• Specialized courses and training for
technicians and local staff for the use
of Soilmec (TREVI Group) drilling rigs
will also commence
• The presence of the Italian military
forces, will ensure the safety of the
more than 450 technicians and staff
of TREVI
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First well for SOCAR
The Drillmec HH300 rig has completed
the works on the construction of the first
well on platform. All works have been
completed ahead of schedule.
P32
33
ORDERS IN THE OIL & GAS
SECTOR TOTALING ABOUT
280 MILLION USD
Five 2000hp AC rigs and two 3000HP rigs with
ENAFOR, an Algerian leading drilling services
company and acting on behalf of
SONATRACH, the national oil company and
largest African operator.
Two rigs of 2000hp AC HSL (Hydraulic Swing
Lift) with one of the largest drilling contractors
operating in Saudi Arabia. The Saudi company
has operated for more than 50 years in the
industry and has an important role in the
expansion program of Saudi Aramco, the
leading oil company in the country and world
leader in proven reserves.
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Drilling activities in the
Andes (Geothermal)
On November 1st 2015 the drilling rig of
Drillmec H-202 Extreme started drilling
activities at the Cerro Pabellon well at 4,550
meters above the sea level.
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Income Statement 1Q16 vs 1Q15
Eur 000 1Q16 1Q15
TOTAL REVENUES 264.636 297.009
Changes in inventories of finished and semi-finished products 19.407 7.385
Increase in fixed assets for internal use 2.037 5.311
Other non-ordinary operating revenues 0 0
VALUE OF PRODUCTION 286.081 309.704
Raw materials and external services 186.544 222.484
Other operating costs 3.599 3.114
VALUE ADDED 95.938 84.106
Personnel expenses 60.244 62.771
EBITDA 35.694 21.336
% Total Revenues 13,5% 7,2%
Depreciation 16.222 15.205
Provisions and write-downs 871 1.122
EBIT 18.601 5.008
% Total Revenues 7,0% 1,7%
Financial revenues/(expenses) (6.479) (5.638)
Gains/(Losses) on exchange rates (17.827) 3.567
Other Gains/(Losses) () ()
EBT (5.705) 2.937
Tax 181 734
Minorities 2.482 320
GROUP NET PROFIT (8.369) 1.883
37
Statement of Financial Position 1Q16 vs 1Q15
Eur 000 1Q16 1Q15 D%
Fixed assets
- Tangible fixed assets 379.122 406.533
- Intangible fixed assets 82.952 86.116
- Financial fixed assets 5.729 9.157
Net working capital
- Inventories 505.326 809.424
- Trade receivables 479.538 458.907
- Trade payables (-) (289.332) (289.937)
- Pre-payments (-) (138.881) (309.827)
- Other assets (liabilities) 81.379 67.163
Fixed assets plus net working capital 1.105.832 1.237.535 -10,6%
Post-employment benefits (-) (19.693) (21.271)
NET INVESTED CAPITAL 1.086.139 1.216.264 -10,7%
Financed by:
Group net shareholders' funds 538.804 699.705
Minorities' share of net shareholders' funds 13.885 16.456
Total financial indebtedness 533.450 500.103
TOTAL SOURCES OF FINANCING 1.086.139 1.216.264 -10,7%
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The Group
172 Dams worldwide
1st Oil & Gas Rig
manufacturer in
Europe
>62 Marine Projects in the
world
>50 Metros in
world
• Ownership*: 51%
• Market: 49%
• Established: 1957
• Listed: 1999
• Value Proposition:
Fully integrated Special
Foundation Services and Oil &
Gas Company
6 Main projects
US Army Corps
Company Facts
*Includes FSI
40
The Group
52 Companies
38 Countries
69 Business Units
Divisions:
Special
Foundations
Oil & Gas
Synergies
Innovation
Advantage
FY 2015 Results
Revenues €1,342m
Ebitda €9m
Ebit €-88m
NFP €420m
FY 2015 KPI
Added Value €273m
Backlog €949,4m
Employees 7,867
The Executive in charge of the preparation of accounting documents “Daniele Forti” declares, pursuant to paragraph 2 of article 154-bis 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 looking information 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 and services, 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.
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Disclaimer