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$: Company Presentation - Refractory Engineering · PDF fileBeroa Technology Group Company Presentation September 2009 ... (Glass) Refractory Constr. Refractory Constr. Germany UK Australia$
Beroa Technology GroupCompany Presentation

September 2009

1Beroa Company Presentation –September 09

What is Beroa

2 Business Sectors

3 Group structure

4 Financials

5 Corporate Governance

6 Shareholders

1

Beroa Company Presentation –September 09 2

1. What is Beroa

“The leading engineering group in the management of thermal energy”

“A group that has implemented GLOBAL MANAGEMENT”


What is Beroa

2 Business Sectors

3 Group structure

4 Financials


6 Shareholders

1


2. Business Sectors

2.1 Refractory Lining

2.2 Chimneys

2.3 Tall Structures

2.4 Ceramic Welding

2.5 Others



2.1. Refractory Lining

Offering all application fields throughout the network of companies and subsidiariesRepresents 55% of Revenues

Engineering

Material Supply

Installation

Energy

Ind. Furnaces Cement, Lime & Non-Fer.

Steel Ind.

Glass Ind.

Environment

Chem. & Petr.

SCOPE MARKETS

2.2. Chimney Construction

Design

Material Supply

Construction

SCOPE

Repairs

Power Generation

Steel Ind.

Cement Ind.

Petrochem. Ind.

Glass Ind.

Environment

Chemical Ind.

MARKETS

Application: Power generation and production processesTechnologies : Concrete & Metallic Represents 25% of Revenues



2.3. Tall Structures

Represents 10% of Revenues

Design

Material Supply

Construction

SCOPE

Repairs

Solar Towers

Windmills

Communication Towers

Building Cores

Silos

MARKETS


2.4. Ceramic Welding

New activity in the groupHigh value services that reduces production stops to our clientsRepresents 1% of Revenues

Inspection

Machine Design

Application

SCOPE

Repairs

Coke Ovens

Glass Ovens

MARKETS

2.5. Others

Represents 10% of Revenues


What is Beroa

2 Business Sectors

3 Group structure

4 Financials


6 Shareholders

1


3. Integration Track Record of BEROA

• BEROA has a strong track record of integrating important players worldwide


BEROAGermany

KARRENAGermanyRefr. & Ch. 100%

CTPFranceRefr. 85%

BURWITZGermanyRefr. 100%

BIERRUMUKCh. 100%

ALTACSpainCh. 60%

ICCUSACh. & Others 35%

CRIItalyCh & R 70%

YORK LININGAustraliaRefr. 100%

FORTERLisbonRefr. 100%

SteelconDenmarkCh. 51%

KBFGelsenkirchenOthers 80%

RCCRyhadChim & Refr. 60%

SKSGermanyRefr. 33%

BUSUSACh & Refr 90%

NOVOCOSGermanyRefr. Welding. 66%

RamcoUSARefr. 80%

3.


A Group with Tradition and ExperienceOrders In

2008 €m

Karrena European leader in the sector, established in 1914 in Germany 199

Beroa US A new established operation to cover the US market 14

Sorg Karrena S. Specialist in the glass industry, following a heritage since 1872 in Germany 28

FORTER European leader providing man-power for ref. Lining est. In 1989 in Portugal 30

BIERRUM British Leader in chimney constr., following an heritage tradition since 1928 5

ICC One of the most important US companies in the sector, est. In 1927 29

CTP-Thermique Leader in the French market est. in 1926 33

CRI Start up in Italy following an industrial tradition since 1882 34

ALTAC Start up in Spain following a heritage in chimney construction since 1976 21

KBF Truck mixer and concrete plant constructor since 1976 50

RCC A new establishment to serve the Gulf Area. 2

BURWITZ Specialist in Maintenance and Shot Creeting. Est. In 1949 55

York Linings Est. In 1974, one of the Australian leaders in refractory lining 30

NovoCos Est. In 2003, a promising player in the ceramic welding 4

Steelcon European steel stack leader 26

Total amount 562

Ramco US specialist in the refractory lining 1


3. Company Organization

BEROA

TECHNOLOGY GROUP, GmbH

Ratingen (Germany)

100%

KBF ALTAC FORTER Burwitz

Concrete Mixers and Plants Chimneys KARRENA GmbH Refractory Constr. Refractory Constr.

Germany Spain Refr.+Chimneys Portugal Germany

80% 60% Ratingen (Germany) 100% 100%

HIT BIERRUM BIERRUM Australia KARRENA GmbH KARRENA SORG KARRENA SERVICES

Constr. Metálica Chimneys Chimneys Refr.+Chimneys Refractory Constr. Refractory Constr. (Glass) Refractory Constr. Refractory Constr.

Germany UK Australia Germany Spain Germany

52% 100% 100% 100% 100% 1/3

RCC CRI CRI - Chile LFB KARRENA KARRENA GLAS Refractory Constr. Refractory Constr.

Refr.+Chimneys Refr.+Chimneys Refr.+Chimneys Refractory Constr. Refractory Constr. Refractory Constr. (Glass)

Saudi Arabia Italy Chile Germany Venezuela Germany

60% 70% 100% 100% 100% 100%

KARRENA TANQU.GUACARA SORG FEUERUNGSBAU Refractory Constr. Refractory Constr.

Beroa Invest YFA FORTER Australia Refr.+Chimneys Steel Construction Refractory Constr. (Glass)

Refractory Constr. Refractory Constr. Refractory Constr. Poland Venezuela Germany

France Australia Australia 100% 100% 100%

85,14% 100% 70%

KARRENA KARRENA GLASOFENBAU LEIPZIG Refractory Constr.

Chimneys Refractory Constr. Refractory Constr. (Glass) Germany

CTP T NOVOCOS Italy México Germany 51%

Refractory Constr. Ceramic Welding 100% 100% 90% Beroa Technology Group

France Germany Branch office

100% 66% KCT KARRENA SKS - Ibérica Bahrain Refractory Constr.

Refractory Constr. Refractory Constr. Refractory Constr. (Glass) Poland

France Argentina Spain 100%

SEFI FICA Steelcon Steelcon Slovakia 100% 100% 94%

Refractory Constr. Chimneys Refractory Constr.

France Denmark Slovakia KARRENA Fuse Tech International Refractory Constr. Refractory Constr.

100% 51% 100% Refr.+Chimneys Refractory Constr. (Glass)

Malaysia Germany

Beroa Corp. 59% 66%

Refr.+Chimneys

Delaware (USA) KARRENA SKS - Italia Refractory Constr. Refractory Constr.

100% Refr.+Chimneys Refractory Constr. (Glass)

Saudi Arabia Germany / Italy

KARRENA Refr. Linings International Chimney 55% 100%

Refractory Constr. Chimneys

Delaware (USA) (Buffalo) USA KARRENA Refractory Constr. Refractory Constr.

100% 35% Refr.+Chimneys

Chile

RAMCO Continental Clay 99,9%

Refractory Constr. Brick Manufacture Didier Corrosion

USA (Buffalo) USA Refractory Constr. Corrosion Engineering

(80%) 100% South Africa

100%

KARRENA International

Chimneys S.A. Industrial Linings

(Buffalo) USA Corrosion Engineering

90% + (35%*10%) = 93,50 Under formation South Africa

Branch Office 51%

KARRENA Intl. Chimneys

Chimneys

(Buffalo) USA

100%

49%

UAE

Beroa International

Oman

?

Beroa Refractory & Ins.

40%

Refraline

Burwitz Refractory Turkey

Turkey

51%

70%

100%

South Africa

BEROA ABU OBAID

Bahrain

45%

Beroa Nexus

Qatar

(49%)

Burwitz Ruhr

Germany

Germany

Germany

GMI

100%

F & S Feuerungsbau

Burwitz Polska

Burwitz Montageservice

Germany

100%

LIZ SERVICE

France

100%

FORTER ASIA

100%

Burtherm Feuerungsbau

FORTER SOUTH AFRICA

South Africa

Taiwan

60%


3. Global Footprint of Beroa

• BEROA has companies and subsidiaries covering most of the world market

Countries with subsidiaries

Australia

EuropeFranceGermanyItalyPolandPortugalSpain

United KingdomDenmarkTurkeySlovakia

Countries with strategic alliances

AfricaEgyptSouth Africa

USA

GCCOmanSaudi ArabiaBahrainQatarAbu Dhabi

AsiaIndonesiaTaiwanVietnam

Latin AmericaArgentinaBrazilChileMexicoVenezuela

3. Chimneys & Tall Structures currently in construction



3. BEROA Evolution

1997 Establishment and acquisition 60% of KARRENA GmbH

1988 Reached 77% of KARRENA GmbH

1999 Reached 98% of KARRENA GmbH

2000 Management Reorganization, incorporation of Manfred Steiger and Guillermo Alvarez

2001 Reached 100% KARRENA GmbH

2002 Incorporation of FORTER

2003 Establishment of SKS and incorporation of BIERRUM

2004 Establishment of BEROA Corp and participation in ICCEstablishment of CRIParticipation in CTP

2005 Participation in ALTAC, Incorporation of Jorge Alvarez

2006 Participation in BURWITZ

2007 Reached 100% of BURWITZIncorporation of YLI York Linings International Pty Limited (Australia)

2008 Participation in NOVOCOSParticipation in Steelcon

2009 Participation in RAMCO 80%

What is Beroa

2 Business Sectors

3 Group structure

4 Financials


6 Shareholders

1



4. Aggregated New Orders Evolution (w.o. ITC)

w.o. ITC 2006 2007 2008

Refractory Lining 167,0 253,6 278,2

Chimneys 151,9 160,3 141,1

Steel Construction 36,9 48,9 60,2

Others 4,6 10,2 9,4

Total Group 360,4 473,0 488,8


4. Profit & Loss

P&L Beroa 2005 2006 2007 2008 Audit 2009 B

Consolidated Figures

Turnover 175,050 209,254 377,823 457,366 404,101

Growth 38,0% 19,5% 80,6% 21,1% -11,6%

COGS -137,203 -166,276 -316,777 -386,848 -325,414

Gross Margin 37,847 42,978 61,046 70,518 78,687

As % 21,6% 20,5% 16,2% 15,4% 19,5%

Income from minority part 0,288 1,269 1,096 1,874 0,520

SG&A -30,791 -32,505 -43,131 -48,498 -52,665

EBITDA 7,344 11,742 19,012 23,894 26,543

EBITDA margin 4,2% 5,6% 5,0% 5,2% 6,6%

Depreciation -1,433 -1,519 -3,396 -4,750 -5,031

EBIT 5,911 10,223 15,615 19,144 21,511

EBIT margin 3,4% 4,9% 4,1% 4,2% 5,3%

Financial Costs -0,751 -1,637 -2,881 -4,303 -5,731

EBT 5,160 8,586 12,734 14,841 15,780

EBT Margin 2,9% 4,1% 3,4% 3,2% 3,9%

Taxes -0,825 -3,792 -5,226 -5,211 -5,286

Taxes in % 16,0% 44,2% 41,0% 35,1% 33,5%

Net Profit 4,335 4,794 7,509 9,629 10,494

Net Profit Margin 2,5% 2,3% 2,0% 2,1% 2,6%

Minority Interest -0,778 -1,072 -1,459 -0,077 -2,426

Net Profit Group 3,557 3,722 6,050 9,552 8,068

Net Profit Margin 2,0% 1,8% 1,6% 2,1% 2,0%


4. Job Controlling

Turnover €m 440

Projects 164

Projects > € 1m 58

Projects > € 5m 23

• A specific follow-up process is implemented for all jobs surpassing €150 t throughout the group

• The process articulates the cooperation of the project managers and a dedicated controlling team currently composed by 6 professionals

• Its actual scope of activity is


4. Staff Situation

2.006 2.007 2.008 ∆

Management 72 96 98 2%

Office staff 370 519 574 11%

Field workers 2.111 3.246 3.420 5%

TOTAL GROUP 2.553 3.861 4.092 6%

Job type

Full time

76%

Training 1%Temporary

23%

Geographical area

Europa 45%

Australia 3%

Africa 10%

Asia 9%

Americas

33%

What is Beroa

2 Business Sectors

3 Group structure

4 Financials


6 Shareholders

1


5. Corporate Governance

Supervisory Board of the Spanish Holding

Fernando Álvarez Lamelas (President)

Jorge Alvarez

Manfred Steiger

Juan Maria Bilbao

Francisco Riberas

Pedro del Corro

Antón Pradera

Alfonso Ausín


Group Management (Vorstand)

Jorge Álvarez Chief Executive Officer

Manfred Steiger Chief Operative Officer - Refractory

Guillermo Álvarez Chief Operative Officer - Chimneys

Juan Casteres Chief Financial Officer

What is Beroa

2 Business Sectors

3 Group structure

4 Financials


6 Shareholders

1


6. BEROA’s Shareholder Structure

• Spanish shareholders, international management and worldwide presence

• Philosophy: Results through quality management and top technology

• Objective: • Capitalize on leadership position• Geographical expansion• Expansion in complementary activities

100%

BGTBilbao

INSSECBilbao

50%

BEROARatingen

SERVITMadrid

50%


6.1. Shareholders’ Background

• SERVIT was incorporated in 1994 by professionals coming from different industrial sectors, lead

by Fernando Á. Lamelas

– It holds 50% of BGT and is responsible for managing BEROA’s day-to-day operations

• INSSEC is an investment holding created in 1995 by influential Spanish industrials

– Investment portfolio is focused on the following sectors:

• Automotive components (CIE AUTOMOTIVE)

• Applied engineering (BEROA)

• Technological information (T.I.T.) (DOMINION)

– Sales in 2008: €1,8bln

– It holds 50% of BGT and acts as a long term investor


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