Tesmec Group STAR CONFERENCE PRESENTATION Milan, 26 – 27 March 2013 Corporate
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Tesmec Group
STAR CONFERENCE PRESENTATION Milan, 26 – 27 March 2013
Corporate
2/24
Business overview
Railway Lines
Railway Electrification
& Maintenance
RAILWAY EQUIPMENT
Overhead & Underground Power Lines
Transmission & Distribution
Networks
STRINGING EQUIPMENT
Grids efficiency
INTEGRATED SYSTEMS
Transmission & Distribution
Networks
Pipelines Telecom
Bulk Excavation
Trenching Services
TRENCHERS
Urban Construction
MULTIPURPOSE MACHINES
Road Jobs Construction
Utilities
Special Contracting
Civil Infrastructure
TRENCHERS
Urban Construction
MULTIPURPOSE MACHINES
Road Jobs Construction
Utilities
Overhead & Underground Power Lines
Transmission & Distribution Networks
STRINGING EQUIPMENT
Pipelines Telecom
Bulk Excavation
Civil Infrastructure
TRENCHERS
MISSION: operate in strategic markets for the growth and the modernization of every
country in the world
From IPO .. To ..
CROSS SELLING: new opportunities
3/24
Grids Efficiency - Business Development
TRANSMISSION LINES
HIGH VOLTAGE LINES
SMART GRIDS
MEDIUM & LOW VOLTAGE LINES
SENSING, ANALYTICS AND CONTROL
TELE-PROTECTION Driver Solutions
Co-Design
Deployment
Local power generation
Grids efficiency
Predictive maintenance
COMMUNICATIONS
4/24
Railways - Business Evolution
Catenary Installation
Catenary Installation Maintenance Operations
Products range
upgrade
&
Fast-moving work cars with on board signaling and diagnostic devices Vehicles suitable for maintenance and diagnostic operations Snow removal vehicles
Constant Tension Stringing Units specifically designed and manufactured for stringing cables in construction and maintenance of railways lines electrification or refurbishment
5/24
Tesmec Group Strategy
Focus on QUALITY to get the PREMIUM Sector of the market
LEADERSHIP
6/24
Innovation: Research & Development
Beijing
Milano *AVERAGE AMOUNT
> 5%* OF TOTAL REVENUES
INVESTED EVERY YEAR
IN INTERNAL R&D
Bergamo Pisa
Collaboration with universities:
TRENCHERS New electronics for remote control and maintenance
STRINGING Design of special machines
for high changelling projects
GRIDS EFFICIENCY Advanced systems for
predictive maintenance on power lines
RAILWAY New vehicles for
maintenance & diagnostic operations
7/24
Internationalization
STRINGING
global market
TRENCHERS
specific markets
North America, Middle East
RAILWAY
specific markets
North America, Italy, Norway, China, Turkey, Russia
GRIDS EFFICIENCY
specific markets
Italy, Russia, Turkey, Middle East, Nigeria
GALLMAC
specific markets
North America, Europe
TRENCHING SERVICES
specific markets
Qatar, Italy, North America, South Africa, Saudi Arabia
Asia Europe&Africa Americas
1/3 1/3 1/3
95%
EXPORT
REVENUE
8/24
2012 Performance of foreign subsidiaries
JV Condux-Tesmec (50%) Revenue 10.8 million € (+112% vs PY) Revenue growth confirms success of the Group's strategy in North America Market
Tesmec USA (100%) Revenue 20.5 million € (+61% vs PY) Performing better than previous year both in volumes and margins with a improvement contribution at Group Level
JV Tesmec Peninsula (49%) Revenue 13.5 million € (+864% vs PY) Decrease in existing stock with sales to third parties.
Tesmec SA (100%) Revenue 1.4 million € Good start up of the activities with rental contract already trasformed in sale in 2012
Tesmec RUS (100%) Revenue 1.3 million € Tesmec Rus now in place with financial performance in line with expectations;
9/24
Group Structure at December 31, 2012
Tesmec S.p.A.
Tesmec Balkani (100%)
Tesmec Service (100%)
I-Light and AMC2
Tesmec USA
(75%)*
Fully Consolidated
Tesmec Peninsula
(49%)
East Trenchers
(24%)
Condux Tesmec (50%)
Locavert (39%)
Equity Method
* The remaining 25% is held by Simest S.p.A. Since Tesmec has an obligation to buy it back from Simest S.p.A., from an accounting point of view the participation of the Parent Company in Tesmec S.p.A. is consolidated on a 100% basis.
Opera
ting C
om
panie
s
Effect on EBITDA
and Pre-Tax Profit
Effect on Pre-Tax Profit
Tesmec S.A.
(100%)
Tesmec Rus
(100%)
Existing Company at 1.1.2012
NEW COMPANY CREATED/PURCHASED IN 2012
Bertel (40%)
Equity Method
10/24
Integration: Key Partnership
PARTNERSHIP
WITH KEY PLAYERS
ACQUISITIONS
TECHNOLOGICAL
AGREEMENT
STRATEGIC JV
COLLABORATION WITH ACADEMIC
WORLD
11/24
2012 Economics Results
80,8
16,4 20%
11,7 14%
5,2 6%
39
7,9 20%
5,9 15%
2,9 7%
119,8
24,3 20%
17,6 15%
8,1 7%
Revenues EBITDA % On Revenues
EBIT % On Revenues
NET INCOME % On Revenues
111,8
19 17%
13,2 12%
6,6 6%
+7%
+28%
+33%
+23%
9M 2012
4Q 2012
FY 2012
FY 2011
Delta % 2012 vs 2011
INCOME STATEMENT (Euro Mln)
Revenues % Increase vs LY
EBITDA % on Revenues
68,9 +5,6%
14,4 21%
50,9 +9,5%
9,9 19%
65,3 -
14,9 23%
46,5
4,1 9%
STRINGING 2012
TRENCHER 2012
TRENCHER 2011
STRINGING 2011
12/24
2010-2012 Revenues Evolution
0
40
80
120
2010 2011 2012 Last quarter 9M
REVENUE 105
120 112
Mln €
CAGR (‘10-’12)
7%
0 50 100
2010
2011
2012
Mln € 0 20 40 60
2010
2011
2012
Mln €
STRINGING TRENCHER CAGR (‘10-’12)
3%
CAGR (‘10-’12)
13%
69
65
65 40
47
51
13/24
4%
22%
24%
31%
6%
13% 6%
21%
20%24%
5%
24%
Revenues: international scale and exposure to growing economies
Italy Europe Middle East BRICs and Oceania Africa North-Central America
2011 2012
14/24
2010-2012 EBITDA Evolution
0
10
20
30
2010 2011 2012 Last quarter 9M
CAGR (’10-’12)
15%
EBITDA 24
19
18*
Mln €
* EBITDA affected by 3,3 IPO non recurring costs -> EBITDA without IPO costs equal to Euro 18.4 Mln
0 10 20
2010
2011
2012
0 5 10 15
2010
2011
2012
STRINGING TRENCHER CAGR (‘10-’12)
6%
CAGR (‘10-’12)
31%
14
15
13
4
6
10
Mln € Mln €
15/24
2010-2012 Net Profit
0
2
4
6
8
10
2010 2011 2012
CAGR (’10-’12)
25%
NET PROFIT 8,1
6,6
5,2
Mln €
0
2
4
2010 2011 2012 2013E*
3,2 3 2,6
DIVIDEND DISTRIBUTION
3,7
* calculated based on the proposal of the BoD made in March 14,2013 and on the shares outstanding as of 18.03.2013
16/24
2012 Financial Results
49,2
51,1
1,1
101,4
NWC Non current assets Other LT assets/(Liabilities) NET INVESTED CAPITAL
9M 2012
FY 2012
FY 2011
Financial Information (Euro Mln)
NFP EQUITY TOTAL SOURCES OF FINANCING
48,8
49,6
1
99,4
48,4
48,2
1,9
98,5
60,8
40,6
101,4
56,5
42,9
99,4
59,6
38,9
98,5
17/24
48,4 48,8
2,7
(0,3)
(5,6)
3,6
0
20
40
60
FY2011 Net Working
capital
Inventories Trade Receivables
Trade Payables
Other current ass. / liab.
2012 Net Working
capital
Working Capital Evolution
Working Capital Evolution
Values in € Mln
* Calculated on Revenues
Trade Receivables Inventories Trade Payables Other current assets/(Liabilities) NET WORKING CAPITAL
FY 2012
FY 2011
43,6
44,8
(32,1)
(7,5)
48,8
43,9
42,1
(26,5)
(11,1)
48,4
Days* 2012
131
135
96
23
141
136
85
35
Days* 2011
NET WORKING CAPITAL
REVENUES
41%
2012
NET WORKING CAPITAL
REVENUES
43%
2011
18/24
Net Financial Position Evolution
37,9 37,9
21,7
(IAS 17)
(20,7)
0,4 3,2 0,8
7,33,1
3,8
35,8
20,7 56,5
0
10
20
30
40
50
60
70
NFP
FY 2011
Operating
NFP
FY 2011
OFCF NWC Dividend
paid
Inv.
Ass.
Comp.
Other
capex Net
Int.exp.
net
Taxes Operating
NFP
2012
Capex
(IAS 17)
NFP
2012
59,6
Operating Net Financial Position without figurative debt for Grassobbio premises
2011 Generating good cash flow after paying
a good dividend 2012
19/24
Order Book
25
37,8
68,9
81,7
0
20
40
60
80
100
Order book
FY 2011
2012 Revenues
Order Intake
Order book 2012
19,1 23,1
50,9
54,9
0
20
40
60
Order book 2011
2012 Revenues
Order Intake
Order book 2012
STRINGING EQUIPMENT
TRENCHERS
ORDER BOOK YEAR END 2011 – 2012
Stringing Equipment Trenchers
€ mln
€ mln
€ mln
0
20
40
60
2011 2012
25 37,8
19,1
23,1
60,9
44,1
+38%
20/24
Key Projects
GRIDS EFFICIENCY Agreement with FSK
in Russia
RAILWAY High speed rail
catenary Installation in China
STRINGING Strong Grid &
High Voltage Grid
RAILWAY Strategic Project with
Amtrak
TRENCHERS Shale Gas projects Americas
Europe &
Africa Asia
RAILWAY New technologies for
RFI in Italy
SPECIALIST SERVICES
Platform in MiddleEast
TRENCHERS Development in
Qatar&Saudi Arabia
21/24
Outlook 2013 - 2015
Revenue increase in all lines of business for the next 3 years:
- Single digit in Stringing and Trencher;
- Double digit in new business lines (Railway, Efficiency and Special
Contracting). Financial: - No increase in Share Capital;
- Good dividend pay-out ratio;
- Capex in line with previous years.
22/24
Shareholding Structure
3T Finanziaria S.p.A.
7,45%
TTC S.r.l.
30,30%
FI.IND S.p.A.
12,54%
Shares directly owned
by Directors0,29%
Free float
38,44%
Lazard Freres Gestion
S.A.S. 2,07%
Albemarle AM
2,10%Treasury Share
1,47%
Italiana Alimenti
5,34%
23/24
Profit & Loss Account (€ mln) 2012 2011Delta vs
2011Delta %
Net Revenues 119,8 111,8 8,0 7%
Raw materials costs (-) (56,0) (55,6) (0,4) 1%
Cost for services (-) (20,3) (20,9) 0,6 -3%
Personnel Costs (-) (20,3) (17,9) (2,4) 13%
Other operating revenues/costs (+/-) (2,0) (1,6) (0,4) 25%
Portion of gain/(losses)
from equity investments evaluated
using the equity method
0,2 (0,1) 0,3 -300%
Capitalized R&D expenses 2,9 3,3 (0,4) -12%
Total operating costs (95,5) (92,8) (2,7) 3%
% on Net Revenues (80%) (83%)
EBITDA 24,3 19,0 5,3 28%
% on Net Revenues 20% 17%
Depreciation, amortization (-) (6,7) (5,7) (1,0) 18%
EBIT 17,6 13,3 4,3 33%
% on Net Revenues 15% 12%
Net Financial Income/Expenses (+/-) (5,4) (2,5) (2,9) 116%
Taxes (-) (4,1) (4,2) 0,1 -2%
Minorities - - - -
Net Income (Loss) 8,1 6,6 1,5 23%
% on Net Revenues 7% 6%
Appendix A - Summary 2012 Profit & Loss statement
24/24
Inventory 44,8 42,1
Accounts receivable 43,6 43,9
Accounts payable (-) (32,1) (26,5)
Op. working capital 56,3 59,5
Other current assets (liabilities) (7,5) (11,1)
Net working capital 48,8 48,4
Tangible assets 39,8 38,9
Intangible assets 7,6 8,0
Financial assets 2,2 1,4
Fixed assets 49,6 48,3
Net long term liabilities 1,0 1,8
Net invested capital 99,4 98,5
Cash & near cash items (-) (17,1) (13,8)
Short term financial assets (-) (5,2) (2,4)
Short term borrowing 29,6 25,4
Medium-long term borrowing 49,3 50,4
Net financial position 56,5 59,6
Equity 42,9 38,9
Funds 99,4 98,5
Balance Sheet (€ mln) 2012 2011
Appendix B - Summary Balance Sheet
TESMEC S.p.A - Headquarters via Zanica, 17/O - 24050 Grassobbio (BG) - Italy
Tel. +39.035.423 2911 - Fax +39.035.4522444 Management and Administration Fax +39.035.4522445 Stringing Equipment Division - Fax +39.035.335664 Trencher Division
www.tesmec.com - [email protected]
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.
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