Investor Presentation • May 6, 2016
Investor Presentation
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We focus on strategic markets for the growth and modernization of every country.
Tesmec designs, manufactures and sells products, technologies and integrated solutions for the construction, maintenance and efficiency of infrastructures related to the transport and distribution of energy, data and material, such as: overhead and underground networks, traditional and high speed railway lines, energy cables and pipelines. In addition to traditional businesses, Tesmec is increasing its market presence offering solutions for Power Grid's efficiency & management.
Convergence between power grids and telecom networks Growing interest in renewable energy and sustainability aspects Increase in efficiency spending for a rising global energy demand
Automatic fiber optic and energy cable laying system both FTTH and long distance
Smart applications for greater energy management and savings Increasing demand of integrated systems rather than a single equipment Particular attention to specialist services to face customers' requests Complete range of solutions for construction, maintenance and management of infrastructures
Smart, green and cost savings working system
Modernization of power grids infrastructures
From telecommunications to and power infrastructures we provide integrated systems and innovative installation technologies for any environment. No matter the challenge, we have knowledge and experience to get your job done safely and efficiently.
Complete
Bauma is the largest meeting place to find international market leaders and the biggest hub for the construction machinery industry into all markets.
Tesmec had the great pleasure to showcase its latest technologies and advanced solutions for energy and telecommunication world.
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Energy Automation
ELECTRONICS FOR DISTRIBUTION
PROTECTIONS AND
ELECTRONIC DEVICES FOR TELECOMMUNICATION, TELEPROTECTION AND REMOTE CONTROL
ELECTRONIC INTEGRATED SENSORS, DEVICES FOR FAULT DETECTION AND MEASUREMENT
These acquisitions represent a significant step in the growth process in the energy world and allow the Group to complete its portfolio of solutions for different voltage classes (high, medium and low) and applications, in order to face the new technological challenges related to renewable energy sources and distributed generation.
Growing pressure on safety issue (e.g. signaling and train control, vehicles able to perform without line interruption)
Focus on green and environmental aspects
Efficiency first (e.g. vehicles able to perform without line interruption)
Advanced railcars in compliance with the highest technical standards
Multipurpose units for catenary installation and maintenance especially designed for high speed railway lines
| GROUP | 1Q2016 | 1Q2015 | Delta % |
|---|---|---|---|
| Revenues | 40,5 | 34,4 | 17,5% |
| EBITDA | 5,4 | 4,4 | 21,8% |
| % on Revenues | 13% | 13% | |
| EBIT | 2,5 | 2,4 | 4,2% |
| % on Revenues | 6% | 7% | |
| DIE | -1,4 | 2,8 | -150% |
| Differences in Exchange | |||
| NET INCOME | -0,1 | 2,8 | -104% |
| % on Revenues | 0% | 8% | |
| GROUP | 1Q2016 | 2015 | Delta % |
| PFN (IAS17) | 107,1 | 89,9 | 19,1% |
PFN (without IAS17) 89,6 72,1 24,3%
| 10,4 | 19,5 | -46,6% |
|---|---|---|
| -42,9% | ||
| % on Revenues 19,0% |
17,8% | |
| 2,0 | 1Q20161Q2015Delta % 3,5 |
| TRENCHERS | 1Q20161Q2015Delta % | ||
|---|---|---|---|
| Revenues | 29,2 | 14,3 | 103,8% |
| EBITDA | 3,7 | 1,2 | 208,3% |
| % on Revenues | 12,8% | 8,2% |
| RAILWAY | 1Q20161Q2015Delta % | ||
|---|---|---|---|
| Revenues | 0,8 | 0,6 | 37,6% |
| EBITDA | -0,3 | -0,2 | 20,5% |
| % on Revenues | 41,5% | -41,5% |
1Q2015 EBITDA increases more than proportionally with respect to Revenues 1Q2016
| 1Q2016 Financial Results | ||||
|---|---|---|---|---|
| -------------------------- | -- | -- | -- | -- |
| Financial Information (Euro mln) | 1Q2016 | 2015 |
|---|---|---|
| Net Working Capital | 80,6 | 63,5 |
| Non Current assets | 81,8 | 83,9 |
| Other Long Term assets/liabilities | (1,2) | (1,7) |
| Net Invested Capital | 161,2 | 145,7 |
| Net Financial Indebtness | 107,1 | 89,9 |
| Equity | 54,1 | 55,8 |
| Total Sources of Financing | 161,2 | 145,7 |
| 63,5 | |||
|---|---|---|---|
| (11,4) | (11,1) | -26 | -24 |
| (34,0) | (39,0) | -76 | -86 |
| 2,7 | 3,8 | 6 | 8 |
| 60,1 | 58,9 | 134 | 129 |
| 63,2 | 50,9 | 141 | 111 |
| 1Q2016 | 2015 | Days 1Q2016 |
Days 2015 |
| 80,6 |
2015 NFP increase has been mainly influenced by the seasonality and Bertel acquisition 1Q2016
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INCREASING DEMAND OF MODERNIZATION OF POWER GRIDS WORLDWIDE
PROJECTS OF GRIDS INTERCONNECTION AND INTEGRATION OF RENEWABLE ENERGIES IN THE NETWORKS
GROWING OPPORTUNITIES IN THE TELECOM AND FIBER OPTIC MARKET BOTH FTTH AND LONG DISTANCE
GROWING PRESSURE ON ENVIRONMENTAL AND SAFETY ISSUES IN THE MAIN BUSINESSES OF THE GROUP
UNDERGROUND CABLING IS BECOMING INCREASINGLY ATTRACTIVE, MAINLY FOR ENVIRONMENTAL AND AESTHETIC REASONS
NEW GREEN AND SMART PROJECTS WORLDWIDE
THREATS
COMPLEX ECONOMIC SITUATION FOR SOME OF THE MAIN WORLD ECONOMIES
OIL, GAS AND COMMODITY MARKET TREND
Minorities (0,06) - - -
% on Net Revenues 0 % 8 %
Net Income (Loss) (0,05) 2,8 (2,9) -104%
| Balance Sheet (€ mln) | 1Q2016 | 2015 |
|---|---|---|
| Inventory | 62,8 | 62,7 |
| Accounts receivable | 63,2 | 50,9 |
| Accounts payable (-) |
(34,0) | (39,0) |
| Op. working capital | 92,0 | 74,6 |
| Other current assets (liabilities) | (11,4) | (11,1) |
| Net working capital | 80,6 | 63,5 |
| Tangible assets |
60,5 | 65,3 |
| Intangible assets |
17,6 | 13,8 |
| Financial assets | 3,7 | 4,8 |
| Fixed assets | 81,8 | 83,9 |
| Ne t long term liabilities |
(1,2) | (1,7) |
| Net invested capital | 161,2 | 145,7 |
| Cash & near cash items (-) | (18,5) | (21,2) |
| Short term financial assets (-) | (7,3) | (11,8) |
| Short term borrowing | 60,2 | 45,2 |
| Medium-long term borrowing | 72,7 | 77,7 |
| Net financial position | 107,1 | 89,9 |
| Equity | 54,1 | 55,8 |
| Funds | 161,2 | 145,7 |
The Manager responsible for preparing the company's financial reports, Andrea Bramani, 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.
Certain information included in this document is forward looking and is subject to important risks and uncertainties that could cause actual results to differ materially.
Any estimates or forward-looking statements contained in this document are referred to the current date and, therefore, any of the assumptions underlying this document or any of the circumstances or data mentioned in this document may change. Tesmec S.p.A. expressly disclaims and does not assume any liability in connection with any inaccuracies in any of these estimates or forward-looking statements or in connection with any use by any third party of such estimates or forward-looking statements.
This document does not represent investment advice or a recommendation for the purchase or sale of financial products and/or of any kind of financial services. Finally, this document does not represent an investment solicitation in Italy, pursuant to Section 1, letter (t) of Legislative Decree no. 58 of February 24, 1998, or in any other country or state.
In addition to the standard financial reporting formats and indicators required under IFRS, this document contains a number of reclassified tables and alternative performance indicators. The purpose is to help users better evaluate the Group's economic and financial performance. However, these tables and indicators should not be treated as a substitute for the standard ones required by IFRS.
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