GRUPA ALUMETAL Prezentacja

Report
Alumetal Group
Q3 2014 financial results
30th October 2014
Q3 2014 and LTM at glance
 Volume sales – 37k tons in Q3 2014 and 151k tons in LTM
 Adjusted EBITDA – PLN 20 mn in Q3 2014 and PLN 85 mn in LTM
 Adjusted net profit – PLN 14 mn in Q3 2014 and PLN 62 mn in LTM
 Low net debt due to improved EBITDA, low capex and low effecitve CIT rate
Motor vehicle registrations in the EU in thou. units
19,000
18,000
17,000
2,743
2,990
16,000
2,451
15,000
1,642
1,761
14,000
13,000
15,387
CV
1,935
15,530
14,309
12,000
14,132
13,343
PC
1,830
1,695
1,712
12,054
11,851
2012
2013
13,130
11,000
12,400
10,000
2006
2007
2008
2009
2010
2011
LTM

In Q3 2014 sales of motor vehicle in the EU increased by 5,8% (increase by 5,1% in PC and 10,1% in CV)

In LTM sales of motor vehicle in the EU increased by 4,9% (increase by 4,6% in PC and 6,9% in CV)
0

09-2014
07-2014
05-2014
03-2014
01-2014
11-2013
09-2013
07-2013
05-2013
03-2013
01-2013
11-2012
09-2012
07-2012
05-2012
03-2012
01-2012
11-2011
09-2011
07-2011
05-2011
03-2011
01-2011
11-2010
09-2010
07-2010
05-2010
03-2010
01-2010
11-2009
09-2009
07-2009
05-2009
03-2009
01-2009
11-2008
09-2008
07-2008
05-2008
03-2008
01-2008
Metal Bulletin 226 alloy spread w EUR
Margin benchmark (EUR/t)
600
500
400
300
200
100
In Q3 2014 slight improvement of relation between scrap cost and standard 226 alloy prices
Volume sales in thou. tons
140.0
26%
120.0
116.9
140.0
100.0
80.0
8%
34.4
99.4
88.1
60.0
37.2
40.0
20.0
20.0
0.0
3Q'13
126.9
80.0
60.0
40.0
150.7
120.0
93.1
100.0
19%
160.0
3Q'14
9M'13
9M'14

In Q3 2014 volume sales increased by 8% to 37k tons

In LTM volume sales increased by 19% to 151k tons
2011
2012
2013
LTM
Sales revenue in mn PLN
1,000
22%
900
800
908.9
1,400
16%
1,200
743.7
1,015.3
1,000
700
600
800
500
7%
400
274.2
300
1,180.5
811.7
844.6
2011
2012
600
292.3
400
200
200
100
0
0
3Q'13
3Q'14
9M'13
9M'14

In Q3 2014 sales revenue increased by 7% to PLN 292 mn

In LTM sales revenue increased by 16% to over PLN 1180 mn
2013
LTM
EBITDA in mn PLN
60.0
55.9
60%
80.0
70.0
50.0
39%
63.0
60.0
40.0
35.0
30.0
16.4
52.9
54.0
2012
2013
50.0
20%
20.0
74.9
40.0
19.8
30.0
20.0
10.0
10.0
0.0
3Q'13
3Q'14
9M'13
9M'14
-

In Q3 2014 EBITDA increased by 20% to PLN 20 mn

In LTM EBITDA increased by 39% to PLN 75 mn
2011
LTM
EBITDA per ton in PLN
11%
600
800
531
27%
478
500
478
17%
600
376
400
715
700
532
500
300
497
425
400
300
200
200
100
100
0
0
3Q'13
3Q'14
9M'13
9M'14
2011

In Q3 2014 EBITDA per ton increased by 11% to 531 PLN/t

In LTM EBITDA per ton increased by 17% to 497 PLN/t
2012
2013
LTM
Net profit in mn PLN
45.0
42.0
40.0
83%
60.0
50.0
35.0
53%
44.0
40.0
30.0
22.9
25.0
15.0
12.4
34.4
35.8
2012
2013
30.0
14%
20.0
54,9
14.0
20.0
10.0
10.0
5.0
-
0.0
3Q'13
3Q'14
9M'13
9M'14

In Q3 2014 net profit increased by 14% to PLN 14 mn

In LTM net profit increased by 53% to PLN 55 mn
2011
LTM
The impact of one-off events for 1-3Q 2014 results in thou. PLN
VAT – reversal of provision
1 106
IPO costs
- 1 490
Cimos – creation of provision
- 9 757
Impact on EBITDA
VAT – reversal of provision + interest
Impact on EBT
CIT
Impact on net profit
- 10 142
884
- 9 258
2 137
- 7 121
Adjusted EBITDA in mn PLN
66,1*
70.0
60.0
55.9
89%
50.0
40.0
16.4
57%
74.9
63.0
60.0
52.9
54.0
50.0
24%
20.0
80.0
70.0
35.0
30.0
85,0*
90.0
40.0
19,8 20,3*
30.0
20.0
10.0
10.0
3Q'13
3Q'14
9M'13
9M'14
2011
* Adjusted by impact of one-off events

In Q3 2014 adjusted EBITDA increased by 24% to PLN 20 mn

In LTM adjusted EBITDA increased by 57% to PLN 85 mn
2012
2013
LTM
Adjusted EBITDA per ton in PLN
14%
600
500
565*
531 546*
50%
478
478
800
715
700
33%
600
376
400
564*
532
500
497
425
400
300
300
200
200
100
100
0
3Q'13
3Q'14
9M'13
9M'14
0
2011
2012
* Adjusted by impact of one-off events

In Q3 2014 adjusted EBITDA per ton increased by 14% to PLN 546

In LTM adjusted EBITDA per ton increased by 33% to PLN 564
2013
LTM
Adjusted net profit mn PLN
60.0
70.0
49,1*
50.0
114%
42.0
73%
22.9
17%
34.4
35.8
30.0
14.0 14,5*
12.4
54.9
44.0
40.0
30.0
20.0
60.0
50.0
40.0
62,0*
20.0
10.0
10.0
0.0
3Q'13
3Q'14
9M'13
9M'14
2011
* Adjusted by impact of one-off events

In Q3 2014 adjusted net profit increased by 17% to PLN 14,5 mn

In LTM adjusted net profit increased by 73% to PLN 62 mn
2012
2013
LTM
Capex in mn PLN
30.0
70.0
28.2
64.2
60.0
25.0
-74%
20.0
50.0
38.6
40.0
33.5
15.0
-62%
30.0
10.0
7.4
-68%
20.0
12.7
5.1
5.0
10.0
1.6
-
0.0
3Q'13
3Q'14
9M'13
9M'14

In Q3 2014 capex decreased by 68% to PLN 1,6 mn

In LTM capex decreased by 62% to PLN 12,7 mn
2011
2012
2013
LTM
OCF vs EBITDA in mn PLN
80.0
55,9
60.0
70.0
50.0
38,8
35.0
40.0
16.4
3Q'13
-10.0
60.0
69.5
60.9
52.9
54.0
36.5
40.0
19.8
30.0
5.8
6.1
10.0
63.0
50.0
30.0
20.0
74.9
3Q'14 -2.3 9M'13
20.0
17.2
10.0
9M'14
2011
EBITDA
OCF
2012
EBITDA

In Q3 2014 OCF amounted to minus PLN 2 mn vs EBIDTA PLN 20 mn

In LTM OCF amounted to PLN 69,5 mn vs EBIDTA PLN 75 mn
2013
LTM
OCF
Net debt and effective CIT rate
Net debt
120.0
1.8
2.0
1.8
100.0
1.4
80.0
60.0
Effective CIT rate
1.6
1.3
1.4
0.8
1.0
112.1
40.0
1.2
0.8
72.1
70.2
61.7
20.0
0.6
0.4
0.2
0.0
0.0
2011
2012
Net debt
2013
9M'14
Net debt/EBITDA
14.0%
12.0%
12.3%
10.0%
8.0%
7.8%
6.0%
4.0%
2.0%
1.7%
0.0%
-2.0%
2011
2012
2013
9M'14-1.2%

At the end of September 2014 net debt amounted to PLN 62 mn and Net debt/EBIDTA ratio
decreased from 1,3x at the end of 2013 to 0,8x at the end of Q3 2014

Effective CIT rate in Q3 2014 was negative due to the provision for CIMOS receivables
Provision for receivables from CIMOS

The Management Board decided to make a provision for the total amount of the receivables
amounting to PLN 9.757 thou. in the results of H1 2014

On 5th August 2014 Alumetal received the letter with the proposal of claim repayment in the
following way:



25% of the amount shall be paid in October 2014
30% of the amount shall be divided into 8 semi-annual installments due from October 2015
45% of the amount shall be redeemed

The court indicated the deadline until 3rd September 2014 for Cimos to present the
restructuring plan

On 15th October 2014 Alumetal received the letter confirming an intention of first payment
(25% of the amount) within November 2014 (5 days after approval of restucturing plan by
the District Court of Koper)
Status of project in Hungary
 On



1st October 2014 – business plan accepted by Supervisory Board
PLN 120 mn capex
ca. 60k tons production capacity realized in one stage
start of the production in Q4 2016
 On 9th October 2014 – order for design of the plant was issued
 On 10th October 2014 – preliminary purchase agreement of the land was signed
 On 10th October 2014 – binding offer from Hungarian Goverment was obtaind
(public aid up to 35% of eligible capex, the split between cash grant/CIT allowance
close to Management expectations)
Summary
 Q3 2014 financial results in line with the Management expectations
 Market situation should be stable till the end of 2014
 Strong OCF, low leverage and obtained Hungarian public aid will allow to finance
capex of Hungarian project and continue the dividend policy

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