analysts presentation trevi group 1q12 presentation.ppt [modalit … · financial results...

Financial Results

CONFERENCE CALL

Cesena15th May 2012

2012 First Quarter Results

Ended 31st March 2012

1. TREVI Group

2. 1Q 2012 Financial Results

3. Appendix

4. Q&A

2

Rome (ITALY) Metro Line Soilmec Hydromill

• 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

3

TREVI Group: Business Model

Venezuela

U.S.A.

Mozambique

Nigeria

U.A.E.

Germany Italy

Hong Kong

Argentina

Colombia

Canada

Qatar

New Zealand

Peru

Austria

Venezuela

Argentina

AlgeriaPhilippines

Panama

Angola

Colombia

Saudi Arabia

Libya

PETREVENDivision

TREVIDivision

Italy

34 Operating Companies in 25 Countries – 47 Business Units

Chile

4

TREVI Group: Services Sector Presence

Denmark

Kuwait

Turkey

Oman

Brazil

SOILMECDivision

DRILLMECDivision

Japan

China

Singapore

Italy

U.S.A.

France

UK

India

Germany

U.S.A.

Australia

Italy

Brazil

17 Operating Companies in 12 Countries – 21 Business Units

Algeria

Russia

5

TREVI Group: Mechanical Sector Presence

Hong Kong

Technological InnovationProcess Innovation

STRENGTHENING MARKET LEADERSHIP

MECHANICAL SECTORSERVICES SECTOR

6

TREVI Group: Competitive Advantage

GROUP SYNERGIES

CONSTANT INNOVATION

OUR COMPETITVE ADVANTAGE

� Strong revenue generationSignificant revenue generation from all business lines

� Marginality improved considerably vs 4Q’11Registering an improvement on the previous quarter performance

� Strong Backlog & Stabilizing outlook Easing operative situation in markets in which we operate

� Controlled Net Financial PositionThe increase in Total indebtedness is consistent with the company’s strategy

Expected full payments from oil rigs delivery in following quarters to considerably ease leverage

7

TREVI Group: 1Q 2012 Key messages

� 1Q12 NFP a peak

� Significant NFP improvement in second half

Peak

Harvesting

Outlook 2012

8

2012

REVENUES

EBITDA

NFP

2013

REVENUES

EBITDA

NFP

� Increase in Revenues

� Cash generation in 2H12

� NFP to improve considerably in second half

� Marginality improving with growth in 2013 (important negotiations on course)

On Track

*

* vs FY 2011 Results

Group’s Divisions OverlookS

PEC

IA

L F

OU

ND

ATIO

NS

SER

VIC

ES

•Strong order backlog

•Easing Outlook

•Relevant increase in Revenues & Margins

•Key contracts (Denmark & West Africa) to contribute by 2H2012

•Large infrastructure sector stable & construction sector under pressure

OIL &

GA

S S

ER

VIC

ES

•Organic & sound business growth

•Initiated preliminary activities for client delivery (Petra)

•Entrance in Brazil as a “one stop shop” oil & gas service provider

•Overall clear operations outlook & organic growth

OIL &

GA

S R

IG

S

•Huge momentum with over triple digit growth yoyrevenue increase

•Robust order pipeline

•Secured key geographies

•Expecting relevant contracts payment

•Exploration and Production on track

•HH series on the right growth track

•International tenders show higher degree of competition

SP

EC

IA

L F

OU

ND

ATIO

NS

RIG

S

•Meaningless yoyrevenue change

•Negative impact of seasonality

•Mature markets are showing some signs of recovery

•To grasp opportunities in high growth markets

•Higher competition hindering pricing and marginality

•Lower visibility in order backlog

1Q12 Sales +19.0% +3.4% +119.7% E2.3%

9

vs 1Q11

1. TREVI Group


3. Appendix

4. Q&A

10

Copenaghen (DENMARK) CITYRINGEN work site

11

1Q 2012 Results

� Significant increase in consolidated revenues Continued strong volume of sales

� Stable and robust Backlog Significant visibility on future revenues

� Net Financial Position in line with the growth of the business The net indebtedness follows the cyclicality of the business

� Revenues: €308m €217m vs 1Q11

� EBITDA: €32m €32m vs 1Q11

� EBIT: €19m €20m vs 1Q11

� PBT: €13m €12m vs 1Q11

� Backlog: €939m €986m vs 1Q11

� NFP: €495m €406m vs 1Q11

1Q 2012 % 1Q 2011 % ∆%

VALUE OF PRODUCTION 325.6 238.2 36,7%

REVENUES 307.8 100,0% 216.9 100,0% 41,9%

EBITDA 31.7 10,3% 32.0 14,8% E1,1%

EBIT 19.1 6,2% 20.3 9,4% E6,1%

FINANCIAL COSTS (4.0) E1,3% (3.8) E1,8% 4,4%

TAXES 4.8 1,5% 4.4 2,0% E8,9%

NET PROFIT 8.2 2,7% 7.6 3,5% 8,5%

1Q 2012 1Q 2011 ∆%

NET CAPITAL EMPLOYED 930.3 764.0 21,8%

EQUITY 434.8 357.7 21,5%

NET FINANCIAL POSITION 495.0 406.2 E21,9%

BACKLOG 939.2 986.4 E4,8%

1Q 2012 1Q 2011

NFP / EBITDA 3,91X 3,17X

NFP / EQUITY 1,14X 1,14X

1Q 2012 1Q 2011

EMPLOYEES 6,068 6,13912

Financial Highlights 1Q12 yoy

Eur mln

Eur mln

13

Income Statement 1Q12 vs 1Q11

Eur 000 1Q12 1Q11 ∆% ∆% ∆% ∆%

TOTAL REVENUES 307.819 216.921 41,9%

Changes in inventories of finished and semiCfinished products 10.755 15.407

Increase in fixed assets for internal use 7.049 5.824

Other nonCordinary operating revenues 0 0


Raw materials and external services 237.836 157.367

Other operating costs 3.801 3.668

VALUE ADDED 83.986 77.118 8,9%

Personnel expenses 52.310 45.096

EBITDA 31.677 32.021 E1,1%

% Total Revenues 10,3% 14,8%

Depreciation 10.822 11.409

Provisions and writeCdowns 1.795 322

EBIT 19.060 20.290 E6,1%


Financial revenues/(expenses) (4.017) (3.849)

Gains/(Losses) on exchange rates (2.366) (3.980)

Other Gains/(Losses) 0 0

EBT 12.677 12.462 1,7%

Tax 4.751 4.362

Minorities (314) 506

GROUP NET PROFIT 8.240 7.594 8,5%

Based on non Consolidated data14

Services

Sector

44,4%

Mechanical

Sector

55,6%

Drilling

Sector

47,1%

Core

Business

52,9%

One Group: Two Points of view

To

tal R

even

ues 1

Q1

2:

Eu

r3

07

.8 m

ln

Eur mln 1Q12 1Q11 ∆% ∆% ∆% ∆%

Special Foundation Services (TREVI) 116,9 98,2 19,0%

Drilling Services (PETREVEN) 22,8 22,0 3,4%

Interdivisional Adjustments and Eliminations (1,2) (2,0)

SubETotal Foundations and Drilling Services 138,4 118,2 17,1%

Machines for Special Foundations (SOILMEC) 49,4 50,6 ,2,3%

Drilling Rigs (DRILLMEC) 125,4 57,1 119,7%

Interdivisional Adjustments and Eliminations (0,4) (1,7)

SubETotal Mechanical Division 174,3 105,9 64,6%

Parent Company 3,4 3,1

Interdivisional Eliminations (8,4) (10,3)

TOTAL CONSOLIDATED REVENUES 307,8 216,9 41,9%

15

Revenues Before and After Consolidation

16

Breakdown per Geographical Area

163,2178,9

234,8

289,2

235,0216,9

307,8

668,1

901,7

831,0

986,4 939,2

786,0

17

Backlog

Foundation Sector Drilling Sector

GEOGRAPHICAL AREA (Eur mln) 1Q12 %

Italy 159,3 17,0%

Europe (Italy excl.) 108,8 11,6%

U.S.A. and Canada 93,9 10,0%

Latin America 275,5 29,3%

Africa 100,9 10,7%

Middle East and Asia 186,2 19,8%

Far East 14,5 1,5%

TOTAL 939,2 100,0%

NFP 1Q12NFP FY11 EBIT + D&A

FREE CASH FLOW

E 79,6 mln Eur

Eur

mln

INVESTMENTS INTERESTS EXCHANGE DIFFERENCES

OTHERTAXES ∆ WORKING CAPITAL

18

Net Financial Position

1Q 08 1Q 09 1Q 10 1Q 11 1Q 12

Eu

r m

ln

1Q 07

EBITDA/Net Fin. Exp. 7,9x8,3x10,7x9,2x11,4x7,7x19

Financial Ratios

186,6

415,4

173,6

406,2

495,0

414,4

136,4

1Q 06

11,3x

Eur mln

EQUITY NET FINANCIAL POSITION

137,9

269,6

168,3

357,7

495,0

344,1

434,8

Short Term Debt

Long Term Debt

20

Equity and Net Financial Position

107,5

91,4

158,1

116,3 121,3 118,2

138,4

21Based on non Consolidated Data

Foundations and Drilling Services Division

Based on non Consolidated Data22

Mechanical Division

100,3

137,2

123,0115,8

105,9

174,3

1. TREVI Group


3. Appendix

4. Q&A

23

Drillmec HHE201

24

Income Statement 1Q12 vs 1Q11

Eur 000 1Q12 1Q11 ∆% ∆% ∆% ∆%

TOTAL REVENUES 307.819 216.921 41,9%

Changes in inventories of finished and semiCfinished products 10.755 15.407

Increase in fixed assets for internal use 7.049 5.824

Other nonCordinary operating revenues 0 0


Raw materials and external services 237.836 157.367

Other operating costs 3.801 3.668

VALUE ADDED 83.986 77.118 8,9%

Personnel expenses 52.310 45.096

EBITDA 31.677 32.021 E1,1%


Depreciation 10.822 11.409

Provisions and writeCdowns 1.795 322

EBIT 19.060 20.290 E6,1%


Financial revenues/(expenses) (4.017) (3.849)

Gains/(Losses) on exchange rates (2.366) (3.980)

Other Gains/(Losses) 0 0

EBT 12.677 12.462 1,7%

Tax 4.751 4.362

Minorities (314) 506

GROUP NET PROFIT 8.240 7.594 8,5%

25

Statement of Financial Position 1Q12 vs 1Q11

Eur 000 1Q12 1Q11 ∆% ∆% ∆% ∆%

Fixed assets

C Tangible fixed assets 334.277 312.572

C Intangible fixed assets 22.117 18.639

C Financial fixed assets 9.075 7.417

Net working capital

C Inventories 503.060 436.994

C Trade receivables 454.313 302.757

C Trade payables (C) (303.549) (201.189)

C PreCpayments (C) (89.397) (97.587)

C Other assets (liabilities) 18.857 1.124

Fixed assets plus net working capital 948.753 780.727 21,5%

PostEemployment benefits (E) (18.423) (16.771)

NET INVESTED CAPITAL 930.331 763.956 21,8%

Financed by:

Group net shareholders' funds 423.229 345.535

Minorities' share of net shareholders' funds 11.549 12.182

Net financial position 495.553 406.238

TOTAL SOURCES OF FINANCING 930.331 763.956 21,8%

1. TREVI Group


3. Appendix

4. Q&A

26

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 154Cbis of the consolidated law on finance, that theaccounting 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 oran 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 thedate they are made.

However, the management of TREVI – Finanziaria Industriale SpA believes that theexpectations are reasonable, but, at the same time, points out to holders and investors that allthe information and all the statements are subject to various risk and many of which are verydifficult to predict and to control.

TREVI – Finanziaria Industriale SpA does not undertake any obligation to update forwardlooking statements to reflect any changes in own expectations with regard thereto or anychanges in events.

27

Disclaimer

Investor Relations Team:

Stefano CampanaJosef Mastragostino

Cristina Trevisani

[email protected]

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