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H1 2018RESULTS
23RD JULY 2018
DISCLAIMERThis presentation includes or may include representations or estimations concerning the
future about intentions, expectations or forecasts of VIDRALA or its management. which
may refer to the evolution of its business performance and its results. These forward looking
statements refer to our intentions, opinions and future expectations, and include, without
limitation, statements concerning our future business development and economic
performance. While these forward looking statements represent our judgment and future
expectations concerning the development of our business, a number of risks, uncertainties
and other important factors could cause actual developments and results to differ
materially from our expectations. These factors include, but are not limited to, (1) general
market, macro-economic, governmental and regulatory trends, (2) movements in local and
international securities markets, currency exchange rates and interest rates as well as
commodities, (3) competitive pressures, (4) technological developments, (5) changes in the
financial position or credit worthiness of our customers, obligors and counterparties.
The risk factors and other key factors that we have indicated in our past and future filings
and reports, including those with the regulatory and supervisory authorities (including the
Spanish Securities Market Authority – Comisión Nacional del Mercado de Valores - CNMV),
could adversely affect our business and financial performance. VIDRALA expressly declines
any obligation or commitment to provide any update or revision of the information herein
contained, any change in expectations or modification of the facts, conditions and
circumstances upon which such estimations concerning the future have been based, even
if those lead to a change in the strategy or the intentions shown herein.
This presentation can be used by those entities that may have to adopt decisions or
proceed to carry out opinions related to securities issued by VIDRALA and, in particular, by
analysts. It is expressly warned that this document may contain not audited or summarised
information. It is expressly advised to the readers of this document to consult the public
information registered by VIDRALA with the regulatory authorities, in particular, the
periodical information and prospectuses registered with the Spanish Securities Market
Authority – Comisión Nacional del Mercado de Valores (CNMV).
H1 2018 KEY FIGURES
Net sales (EUR million)
EBITDA (EUR million)
Earnings per share (EUR/share)
Debt (EUR million)
Debt /EBITDA (multiple)
H1 2018
480.6
119.2
2.23
477.8
2.1x
Change
+20.0%
+24.1%
+22.2%
+59.9%
+0.5x
3
Organic change(on a like-for-like and
constant currency basis)
+3.4%
+5.9%
SALES
4
YEAR OVER YEAR CHANGEEUR million
400.5
468.0480.6
+16.9%
+3.4% -0.7%
250
300
350
400
450
500
550
H1 2017
reported
Santos
Barosa
H1 2017
H1 2017
like-for-like
Organic FX H1 2018
+20.0%YoY
EBITDA
5
YEAR OVER YEAR CHANGEEUR million
96.0
113.1
119.2+17.8%
+5.9% -0.5%
70
85
100
115
130
H1 2017
reported
Santos
Barosa
H1 2017
H1 2017
like-for-like
Organic FX H1 2018
+24.1%YoY
OPERATING MARGINS
6
YEAR OVER YEAR CHANGEAs percentage of sales
24.0%
24.8%
20%
21%
22%
23%
24%
25%
26%
H1 2017
reported
H1 2018
+80 bps
EARNINGS PER SHARE
7
SIX-MONTHLY EVOLUTION SINCE 2015EUR per share
1.15
1.36
1.83
2.23
0
1
2
3
6 months
2015
6 months
2016
6 months
2017
6 months
2018
+22.2%YoY
CASH PROFILE
8
FREE CASH FLOW GENERATION LAST 12 MONTHS TO JUNE 2018
EUR million / as percentage of sales
218.6
96.9
0
50
100
150
200
250
EBITDA Capex WC & Others FCF
-11.9%
-1.6%
10.7%
24.2%
DEBT
9
SIX-MONTHLY EVOLUTION SINCE 2015Debt in EUR million and times EBITDA
474
370
299
478
2.9x
2.2x
1.6x
2.1x
0,0x
0,5x
1,0x
1,5x
2,0x
2,5x
3,0x
0
100
200
300
400
500
600
700
jun-15 jun-16 jun-17 jun-18
Santos Barosa acquisitionEUR 252.7 million (EV)
H1 2018 MAIN HIGHLIGHTS
10
ORGANIC TOP-LINE GROWTH OF 3.4%Sales during the first six months 2018 amounted to EUR 480.6 million, showing an organic growth of 3.4%
on a like-for-like and constant currency basis.
OPERATING MARGIN OF 24.8%Operating profit, EBITDA, was EUR 119.2 million representing an operating margin of 24.8%.
DOUBLE-DIGIT GROWTH IN EARNINGSEarnings reached EUR 2.23 per share, an increase of 22% over the previous year.
DELEVERAGING, MAIN USE OF CASHNet debt at June 30, 2018 stood at EUR 477.8 million, reflecting a leverage ratio of 2.1 times last twelve
months pro forma EBITDA.
INTEGRATION OF SANTOS BAROSASynergies stemming from SB deal continue to be expected at 5% of its LTM sales at the time of acquisition,
to be fully executed at year-end.
FY 2018 OUTLOOK
11
Actuals
Full Year
2017
Last Twelve Months
at June 2018
Full Year 2018
Trends
Sales
growth+5.1% YoY organic
like-for-like
+3.9% YoY organiclike-for-like
Modest growth in sales volumes and prices.
Operating
margins23.8%
EBITDA/sales
24.2% EBITDA/sales
Moderate gradual expansion, FY 2018
margins in the range of 24%-25%.
Earnings
growth+31.9% YoY
EUR 3.61 per share
+25.5% YoYEUR 4.00 per share
Double-digit annual growth in earnings per
share for FY 2018.
Financial
leverage
2.2xLTM EBITDA
at Dec 31, 2017
2.1xLTM EBITDA
at Jun 30, 2018
Higher capex offset by improved operational
cash. Debt reduction main use of cash.
2018 year-on-year deleveraging estimated in
the range of 0.3x-0.5x EBITDA.
GUIDANCE 2018, published on the occasion of the AGM, REITERATED