analysts presentation trevi group 3q11 ... · pdf file financial results conference call...

Financial Results

CONFERENCE CALL

Cesena 15th November 2011

2011 Third Quarter YTD

Ended 30th September 2011

1. TREVI Group

2. 3Q 2011 Financial Results

3. Appendix

4. Q&A

2

Rome (ITALY) Metro Line Soilmec Hydromill

Comment of the Chairman on the 3Q11

3

“We express our appreciation for the positive results of the first nine

months. Total revenues grew and operational margins were in line with

that of the previous quarters. The Order Backlog as of September 30th

grew to over 1 billion Euro from 759 million Euro of the same period

last year, an increase of more than 34%. The noteworthy value and

quality of the orders secured, aside from the orders acquired following

the third quarter and the ongoing negotiations, confirm the capacity of

the Group to create solid basis for the near future even in an uncertain

and challenging framework. We confirm expected year end total

revenues at around 1 billion Euro.”

• 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

SERVICES Sector

MECHANICAL Sector

Projects for renewable energy

Special foundation services Oil drilling services Oil drilling rigs Special foundation rigs

4

TREVI Group: Business Model

Technological InnovationProcess Innovation

STRENGTHENING MARKET LEADERSHIP

MECHANICAL SECTORSERVICES SECTOR

5

TREVI Group: Competitive Advantage

GROUP SYNERGIES

CONSTANT INNOVATION

OUR COMPETITVE ADVANTAGE

Venezuela

U.S.A.

Mozambique

Nigeria

U.A.E.

Oman

Germany Italy

Hong Kong

Argentina

Colombia

Canada

Qatar

New Zealand

Peru

Austria

Venezuela

Argentina

Algeria Philippines

Panama

Angola

Colombia

Saudi Arabia

Libya

PETREVEN Division

TREVI Division

Italy

31 Operating Companies in 22 Countries – 44 Business Units

Chile

6

TREVI Group: Services Sector Presence

SOILMEC Division

DRILLMEC Division

Japan

China

Singapore

Italy

U.S.A.

France

UK

India

Germany

U.S.A.

Australia

Italy

Brazil

16 Operating Companies in 11 Countries – 21 Business Units

Algeria

Russia

7

TREVI Group: Mechanical Sector Presence

UNIQUELY INTEGRATED PLAYER BOTH IN GROUND

ENGINEERING & OIL DRILLING SERVICES AND

DRILLING & FOUNDATIONS EQUIPMENT 8

TREVI Group: Key differentiating factors

• Proven track record Unprecedented track record operating for over 50 years worldwide and successfully facing the utmost challenges

• Well diversified client portfolio Unmatched and historical International diversification of the business being less dependent of local markets

• World leading technology Continuously innovating the highest standards of technology to best meet the market’s demand

• Flexible & unique business model Extensive industry know#how in finding the most suitable solutions for any job Unique and adaptable business model for industry competitive advantage

1. TREVI Group

2. 3Q 2011 Financial Results

3. Appendix

4. Q&A

9

Copenaghen (DENMARK) CITYRINGEN work site

10

Results 3Q11

� Revenues substantially in line Maintenance of volume of sales

� Consistent margins Preservation of operational profitability

� Very robust Backlog New orders announced signal a very positive market trend

� Revenues: €250m +6% vs 3Q10

� EBITDA: €32m >13% vs 3Q10

� EBIT: €20m >8% vs 3Q10

� PBT: €17m Flat vs 3Q10

� Backlog: €1,021m +34% vs 3Q10

� PFN: €386m In line with the business

FY 2010 Eur 000 9M11* % 9M11

as

reported 9M10 %

952.938 TOTAL REVENUES 753.000 9,3% 724.123 689.123 5,1%

137.258 EBITDA 101.406 >4,4% 97.082 106.092 >8,5%

14,4% % Total Revenues 13,5% 13,4% 15,4%

84.313 EBIT 64.748 >1,6% 61.732 65.786 >6,2%

8,8% % Total Revenues 8,6% 8,5% 9,5%

70.184 EBT 48.505 >11,4% 45.383 54.718 >17,1%

46.361 GROUP NET PROFIT 26.073 >25,0% 24.019 34.763 >30,9%

11

9M11 yoy KPIs at constant currency

� Revenues increased to €753m +9,3% at constant currency

� EBITDA at €101m >4,4% at constant currency

� Group Net Profit at €26m

*results at constant currency; % change vs 9M10

At constant currency*

12

Quarterly Financial Highlights

Eur mln

Eur mln

Eur 000 1Q11 2Q11 3Q11 9M11

TOTAL REVENUES 216.921 257.617 249.586 724.123

Changes in inventories of finished and semiBfinished products 15.407 15.902 23.776 55.085

Increase in fixed assets for internal use 5.824 14.450 5.674 25.948

Other nonBordinary operating revenues 0 0 0 0

VALUE OF PRODUCTION 238.153 287.968 279.036 805.157

Raw materials and external services 157.367 200.992 198.079 556.438

Other operating costs 3.668 4.150 3.482 11.300

VALUE ADDED 77.118 82.826 77.475 237.419

Personnel expenses 45.096 50.047 45.195 140.338

EBITDA 32.021 32.780 32.280 97.082

% Total Revenues 14,8% 12,7% 12,9% 13,4%

Depreciation 11.409 11.354 11.505 34.268

Provisions and writeBdowns 322 408 352 1.082

EBIT 20.290 21.018 20.423 61.731

% Total Revenues 9,4% 8,2% 8,2% 8,5%

Financial revenues/(expenses) (3.849) (4.630) (3.894) (12.372)

Gains/(Losses) on exchange rates (3.980) (404) 407 (3.976)

Other Gains/(Losses) 0 2 (2) 0

EBT 12.462 15.985 16.934 45.383

Tax 4.362 7.586 8.175 20.123

Minorities 506 659 76 1.241

GROUP NET PROFIT 7.594 7.740 8.683 24.019

9M 2011 % 9M 2010 % ∆%

VALUE OF PRODUCTION 805.2 696.3 15,6%

REVENUES 724.1 100,0% 689.1 100,0% 5,1%

EBITDA 97.1 13,4% 106.1 15,4% 78,5%

EBIT 61.7 8,5% 65.8 9,5% 76,2%

FINANCIAL COSTS (12.4) >1,7% (9.2) >1,3% 34,5%

TAXES 20.1 2,8% 20.6 3,0% 2,1%

NET PROFIT 24.0 3,3% 34.8 5,0% 730,9%

9M 2011 9M 2010 ∆%

NET CAPITAL EMPLOYED 762.2 745.4 2,3%

EQUITY 376.6 349.6 7,7%

NET FINANCIAL INDEBTEDNESS 385.7 395.7 2,5%

BACKLOG 1,021.2 759.4 34,5%

9M 2011 9M 2010

NFP / EBITDA 2.98x 2.80x

NFP / EQUITY 1.02x 1.13x

9M 2011 9M 2010

EMPLOYEES 6,231 6,073 13

Financial Highlights 9M11 yoy

Eur mln

Eur mln

14

Income Statement 9M11 vs 9M10

FY 2010 Eur 000 9M11 9M10 ∆% ∆% ∆% ∆%

952.938 TOTAL REVENUES 724.124 689.123 5,1%

(34.005) Changes in inventories of finished and semiBfinished products 55.085 (7.359)

23.269 Increase in fixed assets for internal use 25.948 14.559

0 Other nonBordinary operating revenues 0 0

942.202 VALUE OF PRODUCTION 805.157 696.323 15,6%

619.964 Raw materials and external services 556.438 455.877

12.383 Other operating costs 11.300 8.535

309.856 VALUE ADDED 237.419 231.911 2,4%

172.598 Personnel expenses 140.338 125.819

137.258 EBITDA 97.081 106.092 >8,5%

14,4% % Total Revenues 13,4% 15,4%

45.332 Depreciation 34.268 35.220

7.613 Provisions and writeBdowns 1.082 5.086

84.313 EBIT 61.731 65.786 >6,2%

8,8% % Total Revenues 8,5% 9,5%

(14.101) Financial revenues/(expenses) (12.373) (9.199)

(276) Gains/(Losses) on exchange rates (3.977) (1.972)

249 Other Gains/(Losses) 0 103

70.184 EBT 45.381 54.718 >17,1%

24.506 Tax 20.123 20.557

(683) Minorities 1.241 (602)

46.361 GROUP NET PROFIT 24.017 34.763 >30,9%

Based on non Consolidated data 15

Services

Sector

47,4%

Mechanical

Sector

52,6%

Drilling

Sector

40,9%

Core

Business

59,1%

One Group: Two Points of view

T o

ta l R

e v e n

u e s 9

M 1

1 :

E u

r 7

2 4

,1 m

ln

16

Revenues Before and After Consolidation

Eur mln 9M11 9M10 ∆% ∆% ∆% ∆%

Special Foundation Services (TREVI) 293,1 308,6 #5,0%

Drilling Services (PETREVEN) 67,1 58,1 15,4%

Interdivisional Adjustments and Eliminations