Q Financial Results. Milan May 7th, 2015

Transcription

1 Q Financial Results Milan May 7th, 2015

2 Agenda Q Highlights Grup verview Results by business Outlk Financial results Appendix Q Financial Results 2

3 Q Key Financials Eur Millins, % n Sales Sales Adjusted EBITDA (1) 6,840 6,901 Excl. WL 603 Excl. WL % * 1,579 1, % * 1,616 1, % 4.9% 6.8% 8.7% 7.1% 7.5% 2014 Q1'14 Q1' Q1'14 Q1'15 * Org. Grwth Operative Net Wrking Capital (2) 2014 Q1'14 Q1' Q1'14 Q1'15 Net Financial Psitin ,133 1, % 11.7% 10.2% Dec-14 Mar-14 Mar-15 Dec-14 Mar-14 Mar-15 (1) Adjusted excluding nn-recurring incme/expenses; (2) Defined as NWC excluding derivatives; % n sales is defined as Operative NWC n annualized last quarter sales Q Financial Results 3

4 Organic Grwth and Adj. EBITDA by business Prfitability increase driven by Energy Prjects & Telecm. Psitive impact frm currencies Adj. EBITDA ( millin) Organic Grwth % 8 37 Excl. WL +19.5% +18.2% % -2.8% Q1 15 Q1 15 Q1 15 Q1 15 Q1 15 Energy Prjects E&I Industrial & Netw. Telecm Cmpnents Excl. WL % +5.9% +5.9% 28 FX impact 78 Ttal Excl. WL Q1 15 Q1 15 Excl. WL FX impact Q1 14 Q1 15 Q1 14 Q1 15 Q1 14 Q1 15 Q1 14 Q1 15 Q1 14 Q1 15 Energy Prjects E&I Industrial & Netw. Telecm Cmpnents Q1 14 Q1 15 Q1 14 Q1 15 Ttal Nte: Ttal includes Other business (Energy Prducts) Q Financial Results 4

5 Agenda Q Highlights Grup verview Results by business Outlk Financial results Appendix Q Financial Results 5

6 Energy Prjects Eur Millins, % n Sales 1,355 Sales 1,416 Excl. WL Submarine Highlights Slid market in Eurpe, stable tendering activity in the cming mnths +19.5% * % * Accelerated prductin f deep-water sectin f Western Link prject. Deep-water installatin starting frm Q2 Undergrund High Vltage 2014 Q1'14 Q1' Q1'14 Q1'15 * Org. Grwth Adj. EBITDA Excl. WL % 3.1% 11.1% 17.5% 14.9% 13.9% SURF Q1 in line with previus year: psitive trend in the UK, France and Middle East ppsed t weakness in Italy, the Nrdics and Russia. Sme prjects delayed in the US, market slwdwn in Brazil Increased rder bk thanks t sme imprtant prjects awarded in Q1 (Italy-France, Kuwait) Strng Q1 perfrmance sustained by umbilical sales in Brazil and psitive trend f DHT in Nrth America Stability in flexible pipes sales 2014 Q1'14 Q1' Q1'14 Q1'15 Q Financial Results 6

7 ~650 ~800 ~900 ~1,000 ~250 ~1,050 ~300 ~1,700 ~1,900 ~2,300 ~2,050 ~650 ~650 ~2,500 ~2,350 ~650 ~2,450 ~650 ~550 ~450 ~500 ~450 ~500 ~650 Transmissin backlg at peak level Strng tendering activity in Q1 Transmissin Orders Backlg ( m) Majr transmissin prjects awarded in Q1 Wikinger (GER), submarine 60m Submarine High Vltage ~3,000 ~3,100 Kuwait, undergrund 50m ~2,800 ~2,800 Italy-France, undergrund 200m ~2,450 ~2,350 ~2, Hertz ptin (GER), submarine 230m Fcus n Italy-France intercnnectin FRANCE ITALY ~1,650 ~1,700 ~1,550 Grand Ile ~1,100 ~900 Surce: Terna Pissasc Apprx. 190 km, ± 320 kv extruded HVDC undergrund cable, tw 600 MW biplar circuit Prject value incl. civil wrks ver 500m, f which Prysmian s share apprx. 200m Custmers: Terna Rete Italia and RTE Q Financial Results 7

8 Energy & Infrastructure Eur Millins, % n Sales Sales Highlights 2,677 Trade & Installers Lw single digit rganic grwth supprted by psitive trend in Nrth America and sme Eurpean cuntries (the Nrdics, Spain and Eastern Eurpe); rest f Eurpe stable n lw levels +3.3% * Persistent weak cnstructin activity in Brazil Price level in line with previus quarters 2014 Q1'14 Q1'15 * Org. Grwth Pwer Distributin 108 Adj. EBITDA Mid single digit rganic grwth thanks t slight vlume recvery in the Nrdics and Germany Psitive trend in Argentina due t new investments t strengthen the netwrk Prices in line with previus quarters % 3.3% 3.8% 2014 Q1'14 Q1'15 Q Financial Results 8

9 Industrial & Netwrk Cmpnents Eur Millins, % n Sales Sales Highlights 1,708 Specialties & OEMs Psitive trend in APAC, slight imprvement in Americas. Eurpe Infrastructure prjects still weak n lw levels. Gd perfrmance f Railway, Rlling Stck and Nuclear ffset by weak Infrastructures and Marine -2.8% * Oil & Gas Still gd perfrmance in the prject business (>75% f sales), particularly in APAC, Middle East and Caspian area. Prfitability impacted by very lw vlumes in MRO business 2014 Q1'14 Q1'15 * Org. Grwth Adj. EBITDA Elevatr Slid perfrmance in all areas (US, Eurpe and Asia) 126 Autmtive Perfrmance negatively impacted by increased cmpetitin in certain markets and frm harness makers. Refcus n custmer mix and high-end part f prducts prtfli t supprt prfitability in the medium term % 7.0% 6.5% 2014 Q1'14 Q1'15 Netwrk Cmpnents Psitive perfrmance in China (HV) and imprvement in MV in Eurpe. Weak demand fr HV accessries in Eurpe Q Financial Results 9

10 Telecm Eur Millins, % n Sales Sales Highlights 994 Optical, Cnnectivity & Fiber % * 279 Strng rganic grwth in ptical (FTTH/FTTA develpment and backhaul investments) in almst all gegraphical areas, prices stable vs. previus year. Prfitability supprted by YOFC results Sund demand in the US, Eurpe (France, Italy) and Australia (NBN prject). Market develpment belw expectatins in Latam First benefits frm investments t reduce cst f fiber 2014 Q1'14 Q1'15 * Org. Grwth Adj. EBITDA % 7.6% 10.1% Multimedia & Specials 15% 10% 5% 0% -5% -10% -15% -20% Stability f vlumes and prices in Eurpe. Increasing presence in Apac and Brazil. Fcus n high margin prducts and imprvement f custmer service level Organic grwth (% change vs. same quarter f previus year) 2014 Q1'14 Q1'15 Org.grwth frm Q1 12 t Q4 13 calculated accrding t previus accunting criteria Q Financial Results 10

11 Agenda Q Highlights Grup verview Results by business Outlk Financial results Appendix Q Financial Results 11

12 FY 2015 Outlk Strng recvery in prfitability driven by Submarine and Telecm. Psitive impact frm FX 2015 Adj.EBITDA Target ( millin) FY 15 vs. FY 14 ( millin) 616 Mid-pint 641m 666 Western Link effect ( 56m) Western Link effect n FY 15 Adj.EBITDA Mid-pint 585m 610 FY'14 FY'15 Mid-pint Target Mid-pint target assumptins: Psitive trend in Submarine, SURF and Telecm Slight vlumes recvery in cyclical businesses with stable prices Psitive impact frm FX Lwer impact frm WL prject Q Financial Results 12

13 Cst Efficiency plan Cumulated Cst Savings ( millin) Organizatin & Ftprint Prcurement Organizatin & Ftprint YTD 2016 Target 2019 Run-rate Optmizatin f Eurpean rganizatin & ftprint Cumulated Csts ( millin) Capex Opex +213 in 4y Creatin f Centers f Operatinal Excellence and Service Centers Reginal scpe and scale effectiveness Netwrking streamlining and lean structures Service perfrmance and flexibility vs. market dynamics 85 millin additinal cst efficiencies by millin future cash-in frm dispsals f land & building 2014 YTD 2018 YTD Additinal cash-in frm dispsals f land & building ~ 30-40m Q Financial Results 13

14 Agenda Q Highlights Grup verview Results by business Outlk Financial results Appendix Q Financial Results 14

15 Prfit and Lss Statement Eur Millins Q Q WL effect Q1 15 vs. Q1 14 Sales 1,753 1,579 (3) YY ttal grwth 11.0% YY rganic grwth 5.9% Adj.EBITDA % n sales 6.8% 4.9% Adj.EBITDA excl. WL % n sales 7.5% 7.1% Nn recurring items (14) 20 - EBITDA % n sales 6.0% 6.2% Adj.EBIT % n sales 4.8% 2.6% Nn recurring items (14) 20 - Special items 13 (20) - EBIT % n sales 4.7% 2.6% Financial charges (20) (35) - EBT % n sales 3.6% 0.4% Taxes (21) (2) (7) % n EBT 33.3% n.m. Net incme % n sales 2.4% 0.3% Net incme excl. WL % n sales 2.9% 1.9% (15) in Q1 15 (37) in Q1 14 (11) in Q1 15 (26) in Q1 14 Q Financial Results 15

16 Nn Recurring and Special Items n EBIT Eur Millins Q Q Antitrust investigatin (6) 1 Restructuring (8) (3) Price adjustments - 21 Other - 1 EBITDA adjustments (14) 20 Special items 13 (20) Gain/(lss) n metal derivatives 20 (19) Assets impairment (6) - Other (1) (1) EBIT adjustments (1) - Q Financial Results 16

17 Financial Charges Eur Millins Q Q Net interest expenses (21) (22) f which nn-cash cnv.bnd interest exp. (2) (2) Bank fees amrtizatin (1) (2) Gain/(lss) n exchange rates (11) (2) Gain/(lss) n derivatives 1) 14 (8) Nn recurring effects (1) (1) Net financial charges (20) (35) 1) Includes currency and interest rate derivatives Q Financial Results 17

18 Statement f financial psitin (Balance Sheet) Eur Millins 31 Mar Mar Dec 2014 Net fixed assets 2,260 2,188 2,219 f which: intangible assets f which: prperty, plants & equipment 1,442 1,383 1,414 Net wrking capital f which: derivatives assets/(liabilities) 3 (33) (16) f which: Operative Net wrking capital Prvisins & deferred taxes (283) (267) (281) Net Capital Emplyed 2,693 2,629 2,345 Emplyee prvisins Sharehlders' equity 1,286 1,189 1,183 f which: attributable t minrity interest Net financial psitin 1,040 1, Ttal Financing and Equity 2,693 2,629 2,345 Q Financial Results 18

19 Cash Flw Eur Millins Q Q FY 2014 Adj.EBITDA Nn recurring items (14) 20 (13) EBITDA Net Change in prvisins & thers (6) (35) (53) Share f incme frm investments in p.activities (7) (5) (43) Cash Flw frm peratins (bef. WC changes) Wrking Capital changes (286) (334) (1) Dividends received Paid Incme Taxes (15) (13) (72) Cash flw frm peratins (198) (281) 363 Acquisitins Net Operative CAPEX (22) (22) (155) Free Cash Flw (unlevered) (220) (303) 217 Financial charges (16) (13) (110) Free Cash Flw (levered) (236) (316) 107 Free Cash Flw (levered) excl. acquisitins (236) (316) 98 Dividends - - (90) Treasury shares buy-back & ther equity mvements 2 - (20) Net Cash Flw (234) (316) (3) NFP beginning f the perid (802) (805) (805) Net cash flw (234) (316) (3) Other variatins (4) (12) 6 NFP end f the perid (1,040) (1,133) (802) Q Financial Results 19

20 Agenda Q Highlights Grup verview Results by business Outlk Financial results Appendix Q Financial Results 20

21 Bridge Cnslidated Sales Eur Millins Energy Prjects Energy Prducts 52 ( 1 ) ( 14 ) Org.grwth +19.5% 1,075 Org.grwth +1.0% 1,141 Q Org.Grwth Metal Effect Exc. Rate Q Q Org.Grwth Metal Effect Exc. Rate Q Telecm Ttal Cnslidated ( 15 ) Org.grwth % 1,579 Org.grwth +5.9% 1,753 Q Org.Grwth Metal Effect Exc. Rate Q Q Org.Grwth Metal Effect Exc. Rate Q Q Financial Results 21

22 Prfit and Lss Statement Eur Millins Q excl. WL submarine prject effect Q WL submarine prject effect Q Q excl. WL submarine prject effect Q WL submarine prject effect Q Sales 1,793 (40) 1,753 1,616 (37) 1,579 YY ttal grwth 10.9% 11.0% YY rganic grwth 5.9% 5.9% Adj.EBITDA 135 (15) (37) 78 % n sales 7.5% 6.8% 7.1% 4.9% Nn recurring items (14) - (14) EBITDA 121 (15) (37) 98 % n sales 6.7% 6.0% 8.3% 6.2% Adj.EBIT 99 (15) (37) 42 % n sales 5.5% 4.8% 4.9% 2.6% Nn recurring items (14) - (14) Special items (20) - (20) EBIT 98 (15) (37) 42 % n sales 5.5% 4.7% 4.9% 2.6% Financial charges (20) - (20) (35) - (35) EBT 78 (15) (37) 7 % n sales 4.3% 3.6% 2.7% 0.4% Taxes (25) 4 (21) (13) 11 (2) % n EBT 32.1% 33.3% 29.7% n.m. Net incme 53 (11) (26) 5 Q Financial Results 22

23 Energy Prjects Segment Prfit and Lss Statement Eur Millins Q excl. WL submarine prject effect Q WL submarine prject effect Q Q excl. WL submarine prject effect Q WL submarine prject effect Q Sales t Third Parties 373 (40) (37) 268 YY ttal grwth 22.4% 24.3% YY rganic grwth 18.2% 19.5% Adj. EBITDA 52 (15) (37) 8 % n sales 13.9% 11.1% 14.9% 3.1% Adj. EBIT 42 (15) (37) (2) % n sales 11.3% 8.2% 11.5% (0.7%) Q Financial Results 23

24 Adj. EBIT Adj. EBITDA Sales t Third Parties Energy Prducts Segment Prfit and Lss Statement Eur Millins Q Q E&I YY ttal grwth 7.5% 0.0% YY rganic grwth 3.3% 0.0% Industrial & Netw. Cmp YY ttal grwth 4.2% 0.0% YY rganic grwth (2.8%) 0.0% Other YY ttal grwth 5.9% 0.0% YY rganic grwth 1.8% 0.0% ENERGY PRODUCTS 1,141 1,075 YY ttal grwth 6.2% 0.0% YY rganic grwth 1.0% 0.0% E&I % n sales 3.8% 3.3% Industrial & Netw. Cmp % n sales 6.5% 7.0% Other 1 2 % n sales 4.0% 6.7% ENERGY PRODUCTS % n sales 4.8% 4.8% E&I % n sales 2.3% 2.2% Industrial & Netw. Cmp % n sales 5.1% 5.3% Other - 1 % n sales 0.0% 4.3% ENERGY PRODUCTS % n sales 3.3% 3.4% Q Financial Results 24

25 Telecm Segment Prfit and Lss Statement Eur Millins Q Q Sales t Third Parties YY ttal grwth 18.4% YY rganic grwth 13.1% Adj. EBITDA % n sales 10.1% 7.6% Adj. EBIT 19 7 % n sales 6.8% 3.0% Q Financial Results 25

26 Reference Scenari Cmmdities & Frex Brent Cpper Aluminium 150 Brent $/bbl Brent /bbl 12,000 Cpper $/tn Cpper /tn 3,500 Aluminium $/tn Aluminium /tn ,000 3, ,000 6,000 2,500 2,000 1, ,000 1, J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 2,000 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 EUR / USD EUR / GBP EUR / BRL J-08 J-09 J-10 J-11 J-12 J-13 J-14 J J-08 J-09 J-10 J-11 J-12 J-13 J-14 J J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15 Based n mnthly average data Surce: Nasdaq OMX Q Financial Results 26

27 Disclaimer The managers respnsible fr preparing the cmpany's financial reprts, A.Btt and C.Spran, declare, pursuant t paragraph 2 f Article 154-bis f the Cnslidated Financial Act, that the accunting infrmatin cntained in this presentatin crrespnds t the results dcumented in the bks, accunting and ther recrds f the cmpany. Certain infrmatin included in this dcument is frward lking and is subject t imprtant risks and uncertainties that culd cause actual results t differ materially. The Cmpany's businesses include its Energy Prjects, Energy Prducts and Telecm Operating Segments, and its utlk is predminantly based n its interpretatin f what it cnsiders t be the key ecnmic factrs affecting these businesses. Any estimates r frward-lking statements cntained in this dcument are referred t the current date and, therefre, any f the assumptins underlying this dcument r any f the circumstances r data mentined in this dcument may change. Prysmian S.p.A. expressly disclaims and des nt assume any liability in cnnectin with any inaccuracies in any f these estimates r frward-lking statements r in cnnectin with any use by any third party f such estimates r frward-lking statements. This dcument des nt represent investment advice r a recmmendatin fr the purchase r sale f financial prducts and/r f any kind f financial services. Finally, this dcument des nt represent an investment slicitatin in Italy, pursuant t Sectin 1, letter (t) f Legislative Decree n. 58 f February 24, 1998, r in any ther cuntry r state. In additin t the standard financial reprting frmats and indicatrs required under IFRS, this dcument cntains a number f reclassified tables and alternative perfrmance indicatrs. The purpse is t help users better evaluate the Grup's ecnmic and financial perfrmance. Hwever, these tables and indicatrs shuld nt be treated as a substitute fr the standard nes required by IFRS. Q Financial Results 27