RESULTS PRESENTATION 1 ST QUARTER 2011
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1 RESULTS PRESENTATION 1 ST QUARTER 2011
2 HIGHLIGHTS STRUCTURE AND SEGMENT REPORTING MANAGEMENT ANALYSIS - ECONOMIC AND FINANCIAL ANALYSIS - ANALYSIS BY SEGMENT - CAPEX - NET DEBT APPENDICES
3 HIGHLIGHTS
4 HIGHLIGHTS Operating Revenues of M, up by 13.1% in a weak market environment EBITDA of 6 M, and positive EBIT of 1.6 M Net Profit attributable to shareholders of 0.4 M Strong Order Books: in Metallic Construction 344 M and in Solar 293 M 4
5 STRUCTURE AND SEGMENT REPORTING
6 MARTIFER S NEW STRUCTURE OTHERS Steel Structures Aluminium Façades Stainless Steel EPC PV Solutions Distribution Engineering Wind Industry 6
7 MANAGEMENT ANALYSIS
8 MANAGEMENT ANALYSIS ECONOMIC AND FINANCIAL ANALYSIS 8
9 ECONOMIC AND FINANCIAL ANALYSIS Reported Figures - non audited 1Q 1Q M - IFRS 2011 Marg Marg. Var. % Revenues % EBITDA % % -50.2% EBIT % % n.m. Financial Results n.m. Profit before tax % Income tax % Consolidated Net Profit % % -84.3% Attributable to non-controlling interests % to shareholders % Revenues increased 13.1% YoY to M GEOGRAPHIC DISTRIBUTION OF REVENUES IN 1Q11 EBITDA registered 6 M, a decrease YoY of 50.2%, with a 5.2% margin, comparing with 11.9% in 1Q10 Net Financial Expense amounted to 0.7 M, including 5.9 M capital gain resulting from the sale of Home Energy and REpower Portugal Net Interest Expenses were 4.2 M, comparing with 4.1 M in the 1Q10 Subsidiaries Prio Energy and Prio Foods contributed positively with approximately 0.8 M 16.5% 5.6% 12.1% 8.6% 8.1% 5.9% 43.3% Portugal Spain Eastern Europe Angola Central&Southern Europe USA Other Net Profit amounted 0.3 M, comparing with 2.1 M in 1Q10 9
10 REVENUES REVENUES - QoQ Trend M T09 2T09 3T09 4T09 1T10 2T10 3T10 4T10 1T11 Revenues 1Q Q 2010 M Weight M Weight Var. % Martifer Consolidated % Metallic Construction % % 1.4% Solar % % 57.5% Others % % -35.0% Note: Others include Holding and Adjustments Revenues increased 13.1% YoY to M, showing a positive development of the activity in a very weak market environment Core business areas Metallic Construction and Solar weight 96.7% of the Revenues Metallic Construction segment presented revenues in line with the same period last year Solar segment showed a strong growth of 57.5% YoY The first quarter is typically a weak quarter in the year 10
11 EBITDA EBITDA - QoQ Trend EBITDA Margin 13.5% % % 9% 10.3% 10.2% 11.9% % 5.2% 1T09 2T09 3T09 4T09 1T10 2T10 3T10 4T10 1T11 EBITDA 1Q Q 2010 M Margin M Margin Var. % Martifer Consolidated % % -50.2% Metallic Construction % % -45.1% Solar % % -71.6% Others % % -26.6% Note: Others include Holding and Adjustments Consolidated EBITDA in the first quarter registered a sum of 6.0 M, a decrease of 50.2% YoY EBITDA margin of 5.2% versus 11.9% YoY Operational performance is explained by lower margins in the projects of metallic constructions and solar areas and by the internationalization effort with the associated costs of entry 11
12 MANAGEMENT ANALYSIS ANALYSIS BY SEGMENT 12
13 METALLIC CONSTRUCTION Sector Trends Specific Markets PORTUGAL The Government has recently asked the European Union for a bailout; the austerity programme includes a reduction in public investment (even some that was already contracted) and the economy is expected to recover in 2013 SPAIN The Minister of Civil Works has announced 10 billion euro bids of new projects this year, double the value awarded last year, which can represent a good opportunity ANGOLA Continues to show a strong dynamic, both from the public and the private sectors, but the high risk of the country remains the key point for the companies operating in the market International Outlook The metallic construction segment is suffering with the lack of investment resulting from the crisis, leading to tough competition for the projects available, and therefore to a reduction in margins Most European countries are still fighting to return to growth levels from before the crisis Emerging markets have been driving economic growth and there has been significant demand for metallic structure, mostly in Asia and South America Steel prices rose during the first 3 Months of 2011, the European Steel price index is up by 39.9% YoY UK The prospects for 2011 are not very encouraging, but all signs indicate that 2012 will be a positive year with increasing demand EASTERN CENTRAL EUROPE The economic growth in these countries is very slow at the moment; the construction market only now seems to show improvement on the demand side BRAZIL The country with higher expected growth for the following years, with significant public investment due to the World Cup in 2014 and the Olympic Games in 2016; it is a certainty for the future OTHER GEOGRAPHIES The North of Africa and the Middle East are interesting geographies to look out for in the next months and years, even though current political and social turmoil recommends caution and judicious selection of markets/projects; Latin America is an interesting and growing market, somehow following on Brazil s footsteps 13
14 METALLIC CONSTRUCTION Order Book Project Location Total Value Beginning Year End Year Artenius PTA plant Sines, Portugal Euro 23.8 M Galp Petrogal conversion of refinery Sines, Portugal Euro 23.6 M Coach Museum Lisbon, Portugal Euro 5.5 M Ulla Bridge Corunna, Spain Euro 20.8 M Repsol Head Quarters Madrid, Spain Euro 20.5 M Amiens Hospital Amiens, France Euro 7.0 M Office Building ZAC Victor Hugo Paris, France Euro 3.0 M CHU D'Orleans Paris, France Euro 9.6 M Lille Stadium (locksmiths) Lille, France Euro 5.9 M Carfi Siedlce, Poland PLN 11.5 M Renault Factory Tangier, Morocco Euro 41.9 M Canberra Airport Terminal Canberra, Australia AUD 10.6 M Alstom Mannheim 9 Mannheim, Germany Euro 18.5 M Morocco Mall Casablanca, Morocco Euro 7.1 M Office Building in Luanda Luanda, Angola Euro 13.3 M Financial City Luanda, Angola Euro 13.6 M Edinburgh International Conference Centre Edinburgh, Scotland GBP 8.3 M Scotland s National Arena Glasgow, Scotland GBP 12.9 M Birmingham New Street Birmingham, England GBP 8.2 M Sisk Bridges Torun, Poland PLN 60.2 M Nissan Battery Plant Cacia, Portugal Euro 5.4 M BBVA Headquarters Madrid, Spain Euro 12.0 M King Abdullah Financial District Riad, Saudi Arabia Euro 20.8 M Note: Variations in some of the projects values between periods may occur due to changes in the total value of contracts ORDER BOOK FY2010 TOTAL: 360 M Other - 23% Iberia - 29% Angola - 10% Eastern Europe - 11% Central Europe - 27% ORDER BOOK 1Q2011 TOTAL: 344 M Other - 23% Iberia - 23% USA + Brazil - 4% Angola - 11% Eastern Europe - 12% Central Europe - 27% 14
15 METALLIC CONSTRUCTION Earnings Metallic Construction 1Q 1Q Var. % M Revenues % EBITDA % EBITDA Margin 5.2% 9.6% -4.4 pp EBIT % EBIT Margin 1.5% 5.5% -4.0 pp Net Financial Expenses n.m. Income tax % Net Profit n.m. Attributable to non-controlling interests n.m. Attributable to shareholders n.m. Metallic Construction s Revenues in the 1Q11 were stable at 72.5 M, despite the unfavourable sector environment EBITDA reached 3.8 M, corresponding to an EBITDA margin of 5.2%, a decrease of 4.4 p.p. YoY, justified by the lower margins in projects due to higher competition and also the delay in synergies from the merger Net Profit totalled -0.2 M, of which -0.1 M attributable to non-controlling interests in Martifer Angola Total Net Debt reached M ; added to this we have 34.8 M of debt from the Holding 15
16 SOLAR Sector Trends Specific Markets ITALY Final 2010 numbers are still unclear, as there seems to be a huge difference between what was installed and what was connected to the grid; this said, up until now the GSE (Italian Grid Manager) registered 5.1 GW connected to the grid, but there are still more than 2 GW waiting to be connected; in the meantime a new tariff has been defined until 2013, attractive enough to guarantee a strong market for this period (3 to 6.5 GW), with focus on the rooftop segment PORTUGAL The Government announced the objective of 1,500 MW of solar capacity installed by 2020; in the end of 2010 there was a tender for 75 MW of PV SPAIN The new Renewable Energy Plan for the country forecasts 7.25 GW of PV installed by 2020, which leaves a market of around 500 MW per year International Outlook Installed capacity at the beginning of the year was about 40 GW, enough to produce 50 TWh per year Of the 16.6 GW of new capacity in 2010, more than 13 GW were installed in the European Union Germany, the most mature market, installed 7.4 GW, maintaining its position as the biggest PV market in the world; with the decrease previewed for the FiTs, its new capacity will be reduced to 5-6 GW; this market has the lowest prices for PV systems Crisis in Japan has contributed to the resurgence of the debate on the world s future energy mix and security of energy supply where PV is part of the solution; with the evolution of PV systems costs it is more and more an alternative to conventional electricity sources FRANCE After a good 2010, the Government has defined a cap/corridor system with annual objectives per market segment, which will likely toughen the competition; it is one of the promising markets for 2011 due to all the permits issued under the previous legislation BELGIUM The market in 2011 should be around 200 to 300 MW, still dependent on the changes that support schemes may suffer this year; the rooftop segment will continue stable GREECE After having installed 150 MW in 2010, the market appears to have finally taken off, with 250 MW forecasted for 2011 in small and medium installations UK This market s potential for 2011 may be less than initially expected due to the adjustments made on the FiT that will seriously damage the ground segment, but it remains one of the most promising markets in EU in the short term USA Strong market, specially in California (representing 60% of total installations), should reach between 1.5 and 3.0 GW this year CANADA Strong FiT in Ontario, with the obligation of 60% of the components/ resources coming from the region; market should reach at least 200 MW in
17 SOLAR Earnings Solar M Revenues EBITDA EBITDA Margin EBIT EBIT Margin Net Financial Expenses Income tax Net Profit Attributable to non-controlling interests Attributable to shareholders 1Q % % Q % % Var. % 57% -72% -8.3 pp -91% -7.6 pp n.m. -36% 42% n.m. -33% The backlog of the turnkey contracts (signed) is 293 M, with Italy, USA and Belgium as the geographies with the most significant contribution Revenues grew 57% YoY totalling 39.5 M, a consequence of the aggressive growth strategy implemented in 2010 EBITDA decreased 72% YoY to 0.7 M with a margin of 1.8% versus 10.1% in the same period last year, due to significant lower margins throughout the value chain, increase in structural costs from the entry in new markets and also the implicit lower margins on the distribution business CAPEX in the 1Q11 was 6.0 M, contrasting with 0.2 M in the same period last year, mostly due to the investment in the licensing of projects in the USA Net Profit totalled 0.8 M against 0.6 M in the same period last year, an YoY increase of 42% Total Net Debt was at 51.7 M at the end of the quarter, an increase of 22 M from the end of the year, explained by the investment in working capital 17
18 OTHERS RE Developer s Earnings & Others RE Developer 1Q 1Q Var. % M Revenues % EBITDA % EBITDA Margin 37.5% 37.4% 0.1 pp EBIT n.m. EBIT Margin 18.0% - - Net Financial Expenses >100% Income tax <-100% Net Profit % Attributable to non-controlling interests % Attributable to shareholders % Operating Revenue was 3.8 M in the 1Q11, corresponding to 55 MW of assets in operation The wind farms in Germany, sold in 2010, represented, in 1Q10, Revenues of 2 M EBITDA reached 1.4 M in the 1Q11, representing an EBITDA margin of 37.5%, affected by origination and development costs of projects in Poland, Romania and Brazil; the average EBITDA margin of the parks in operation was approximately 80% Total CAPEX in the first 3 months of 2011 reached 19.4 M, mostly applied to the development of wind projects in Poland (Bukowsko) Total Net Debt amounted to 65.5 M at the end of the period, of which 16.5 M from Project Finance and 12.5 M from project s leasings; added to this we have 94.6 M in debt from the Holding Net contribution from the application of the Equity Method to the subsidiaries Prio Energy and Prio Foods (accounted at 49%) reached approximately 0.8 M 18
19 CAPEX CAPEX QoQ TREND T09 2T09 3T09 4T09 1T10 2T10 3T10 4T10 1T11 The value of investment in fixed assets in the 1Q11 amounted to 27.6 M, essentially applied in the construction of RE Developer s wind farms in Poland (18.6 M ), which the Group expects to dispose in the medium term, and to the development of solar projects in the USA by Martifer Solar The breakdown of CAPEX in the period by business area was 2.2 M in Metallic Construction, 6.0 M in Solar and 19.4 M in Others (RE Developer) 19
20 NET DEBT M Metallic Construction Solar Other Holding Martifer Consolidated Corporate Net Debt allocated to operating activities Corporate Net Debt allocated to non-operating activities Non-Recourse Net Debt Total Net Debt Holding debt allocated to business units EBITDA* (Corporate Net Debt allocated to operating activities + Holding debt allocated to business units) / EBITDA 10.0 x 2.5 x 8.3 x 6.3 x * The value of EBITDA used in the calculation of financial ratios corresponds to the sum of the last 3 Quarters of 2010 with the 1 st Quarter of 2011 Note: Net Debt = Borrowings + Financial Leases (+/-) Derivatives Cash and Cash Equivalents 20
21 APPENDICES
22 P&L M 1Q11 Reported 1Q10 Reported Revenues % Earnings before depreciation, amortization and provisions & impairment losses (EBITDA) % EBITDA margin 5.2% 11.9% -6.6 pp Depreciation & Amortization % Provisions & Impairment Losses n.m. Operating Income (EBIT) n.m. EBIT margin 1.4% -8.5% 9.9 pp Financial Results n.m. Profit before taxes % Income tax % Net Profit % Attributable to shareholders % Attributable to non-controlling interests % per share Var. % 22
23 BALANCE SHEET M Mar-11 Dec-10 Var. Fixed Assets (including Goodwill) % Other non-current assets % Other non-current financial assets % Inventory and Receivables % Cash and cash equivalents >100% Total Assets 1, , % Shareholders Equity % Non-controlling interests % Non-controlling interests associated to assets held for sale Total Equity % Non-current debt and leasings % Other non-current liabilities % Current debt and leasings % Other current liabilities % Total Liabilities % 23
RESULTS PRESENTATION 1 ST SEMESTER 2011
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