22/07/2016PDF 77KbH1 2016 results presentation

2016 FIRST HALF RESULTS
July 22, 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).
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H1 2016 KEY FIGURES
EUR in millions
H1 2016
Change (yoy)
Sales
EBITDA
EBIT
Net income
392.8
85.6
46.6
33.8
+1.0%
+9.1%
+12.6%
+18.3%
EPS (EUR/share)
1.36
+18.3%
Free cash flow
Debt
49.7
369.9
-21.9%
3
SALES
YEAR OVER YEAR CHANGE
EUR in millions
410
+3.5%
-2.5%
400
YoY
+1.0%
390
380
370
392.85
388.92
360
350
6 MONTHS
2015
FX GBP/EUR
6 MONTHS 2015:
0.7323
ORGANIC
GROWTH
FOREX
F/X
6 MONTHS
2016
FX GBP/EUR
6 MONTHS 2016:
0.7788
4
EBITDA
YEAR OVER YEAR CHANGE
EUR in millions
100
+11.7%
90
-2.5%
YoY
+9.1%
80
70
85.56
78.39
60
6 MONTHS 2015
ORGANIC
GROWTH
F/X
FOREX
6 MONTHS 2016
5
OPERATING MARGINS (EBITDA)
YEAR OVER YEAR CHANGE
As percentage of sales
25,0%
20,0%
20.2%
21.8%
15,0%
10,0%
5,0%
0,0%
6 MONTHS
2015
6 MONTHS
2016
6
WORKING CAPITAL
YEAR OVER YEAR CHANGE
As percentage of sales
35,00%
34.4%
34,00%
33,00%
32,00%
31,00%
30,00%
29.0%
29,00%
28,00%
27,00%
26,00%
AS AT 30 JUNE 2015
AS AT 30 JUNE 2016
7
CASH PROFILE
CASH GENERATION LAST TWELVE MONTHS TO JUNE 2016
EUR in millions and as percentage of sales
20.8%
-6.6%
+1.0%
168.4
15.3%
123.2
CASH
CONVERSION
73%
OF EBITDA
EBITDA MARGIN AS
AT JUNE 2016
CAPEX
WORKING CAPITAL, FREE CASH FLOW
TAXES, FINANCIAL
OVER SALES
EXPENSES AND
OTHERS
8
CASH ALLOCATION
USE OF CASH LAST TWELVE MONTHS TO JUNE 2016
EUR in millions
+123.2
-19.2
473.9
DEBT AS AT 30 JUNE 2015 ORGANIC FREE CASH FLOW DIVIDENDS AND BUYBACKS
LAST TWELVE MONTHS JUNE
LTM JUNE 2016
2016
369.9
DEBT AS AT 30 JUNE 2016
2.19x
LTM EBITDA
9
EARNINGS PER SHARE
FIRST HALF SINCE 2012
EUR per share
YoY
+18.3%
1,60
1,40
1,20
1,00
0,80
0,60
0,40
0,20
0,00
1.15
6 MONTHS
2012
6 MONTHS
2013
6 MONTHS
2014
6 MONTHS
2015
1.36
6 MONTHS
2016
10
DEBT EVOLUTION
QUARTER BY QUARTER CHANGE
EUR in millions
550,0
500,0
490.7
473.9
440.2
450,0
404.3
400,0
401.9
369.9
350,0
300,0
AS AT MARCH AS AT JUNE
31,2015
30,2015
DEBT/
EBITDA
2.94x
2.87x
AS AT
SEPTEMBER
30,2015
AS AT
DECEMBER
31,2015
2.72x
2.51x
AS AT MARCH AS AT JUNE
31,2016
30,2016
2.45x
2.19x
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Q&A