02/24/2016 FY2015 Results PresentationPDF 857Kb

2015
Full Year Results
February 24, 2016
DISCLAIMER
This 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, macroeconomic, 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).
2
FY 2015 KEY FIGURES
EUR in millions
FY 2015
Change (yoy)
Sales
EBITDA
EBIT
Net income
802.6
161.3
86.3
60.9
+71.4%
+48.6%
+24.1%
+18.0%
EPS (EUR/share)
2.46
+18.0%
Free cash flow *
Debt **
88.2
404.3
+22.0%
-15.0%
* Free cash flow ex-acquistion of Encirc, as detailed in this document.
** Net debt variation year over year over net debt proforma at the start of the year after the acquisition of Encirc Ltd.
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SALES
ANNUAL ACCUMULATED SINCE 2011
EUR in millions
850
800
750
700
650
600
550
500
450
400
350
300
250
200
150
100
50
0
802.6
Encirc
433.3
456.9
472.9
468.4
PreEncirc
2011
2012
2013
2014
2015
4
SALES
YEAR OVER YEAR CHANGE
EUR in millions
YoY
+5.0%
FX GBP/EUR
2014:
0.8061
FX GBP/EUR
2015:
0.7258
5
SALES
QUARTER BY QUARTER 2014 proforma vs 2015
EUR in millions
2014 PROFORMA
250,0
200,0
QoQ
+3.9%
171.0 177.7
QoQ
+5.0%
QoQ
+4.0%
203.0
211.2
2015
203.7
QoQ
+6.9%
213.9
186.9
199.8
150,0
100,0
50,0
0,0
FIRST QUARTER
SECOND QUARTER
THIRD QUARTER
FOURTH QUARTER
6
EBITDA
ANNUAL ACCUMULATED SINCE 2011
EUR in millions
200
161.3
150
100
100.3
103.5
114.0
Encirc
108.5
PreEncirc
50
0
2011
2012
2013
2014
2015
7
EBITDA
YEAR OVER YEAR CHANGE
EUR in millions
YoY
-2.6%
FX GBP/EUR
2014:
0.8061
FX GBP/EUR
2015:
0.7258
8
OPERATING MARGINS (EBITDA)
QUARTER BY QUARTER 2014 proforma vs 2015
As a percentage of sales
2014 PROFORMA
25,0%
20.4% 20.4%
20,0%
22.0%
2015
23,2%
20.0%
20.2%
20,7% 19.9%
15,0%
10,0%
5,0%
0,0%
FIRST QUARTER
SECOND QUARTER
THIRD QUARTER
FOURTH QUARTER
9
EARNINGS PER SHARE
SINCE 2004
EUR per share
YoY
+18%
3,00
2.46
2,50
2.08
2,00
1,50
1,00
0,50
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
0,00
10
CASH PROFILE
CASH GENERATION FULL YEAR 2015
As a percentage of sales
20.1%
EBITDA
MARGIN
AS AT
DEC 2015
-7.4%
-1.7%
CAPEX
WORKING
CAPITAL,TAXES,
FINANCIALS
AND OTHERS
11.0%
FREE
CASH
FLOW
OVER
SALES
CASH
CONVERSION
55%
OF EBITDA
11
CASH ALLOCATION
USE OF CASH FULL YEAR 2015
EUR in millions
88.2
408.6
ENCIRC
ACQUISITION
CLOSED ON
JANUARY 14, 2015
ORGANIC
FREE CASH
FLOW
2015
16.0
DIVIDENDS
AND
BUYBACKS
2015
404.3
DEBT AS AT
DEC 2015
67.9
DEBT AS AT
DEC 2014
2.51x
LTM EBITDA
12
DEBT EVOLUTION
QUARTER BY QUARTER CHANGE 2015
EUR in millions
500
490.7
480
473.9
460
440.2
440
404.3
420
400
380
360
340
320
300
DEBT/
EBITDA
AS AT MARCH 31,2015
AS AT JUNE 30,2015
AS AT SEPTEMBER 30,2015
2.94x
2.87x
2.72x
AS AT DECEMBER 31,2015
2.51x
13
Q&A