- Economic activity in Latin America remains weak but growth is stabilizing as inflation pressures reduce due to currency stability relative to 2015.
- Commodity prices for agriculture and oil are consistent with fundamentals while the Mexican and Colombian pesos underperformed in May despite oil price recovery.
- Inflation remains above targets in most countries but is on a downward trend, allowing some loosening of monetary policy stances.
Snam and its peers reported largely positive 1Q 2015 results. Snam's net profit increased 11% year-over-year to €325 million, driven by growth in revenue and efficiency measures. Italgas, a Snam subsidiary, acquired full control of Acam Gas. Stock markets were mostly higher in April, while the utility sector rose 0.8%, bolstered by French water companies. Oil prices significantly increased in April due to production declines and geopolitical tensions.
Santander earns €4.61 billion during the first nine months of 2016BANCO SANTANDER
Banco Santander has delivered €4,606 million in attributable profits for the first nine months of 2016, down 22.5% from the same period in 2015 due to the impact of extraordinary items announced in Q2 of this year and Q2 of 2015. Excluding extraordinary items and exchange rate movements, profits grew by 8% year on year to €4,975 million.
The document provides an overview of Banco Santander's financial results for the first half of 2015. Key points include:
- Profit grew 24% year-over-year to EUR 3.4 billion, driven by increased commercial revenues and improved cost of credit.
- Loans increased 7% and customer funds grew 8% compared to the prior year.
- Capital and solvency ratios strengthened, with the CET1 ratio up to 9.8%.
- The bank continued transforming its business model to be more simple, personal and fair for customers.
- Traffic decreased 3.7% in 2Q16 excluding new acquisitions. Adjusted EBITDA increased 5.9% with a margin of 63.3%, up 1.9 percentage points. Net profit decreased 36.8% to R$147.8 million on the same basis.
- Gross debt totaled R$14.7 billion, with debt amortization of R$1.346 billion in 2016 and R$4.347 billion in 2017. Average debt cost was 124.95% of CDI. Net debt to EBITDA was 3.3x.
- Recent funding included R$4.047 billion in debentures and loans, extending debt maturity profile. Invest
Banco Santander's financial report summarizes the company's performance from January to September 2016. Key highlights include an increase in loyal and digital customers, underlying profit growth driven by stable commercial revenues and provisions, and solid capital ratios. Non-performing loans declined while coverage ratios increased. By business area, Continental Europe saw higher profits, the UK saw lower profits due to tax surcharges, Latin America saw higher profits despite currency impacts, and the US saw lower profits due to higher costs and provisions.
- Banco Santander presented its earnings for January to September 2016. Key metrics included an underlying return on tangible equity of 11.2% and a non-performing loan ratio of 4.15%.
- Gross income increased 2.2% year-over-year on a currency-neutral basis, driven by growth in net interest income and fees. Underlying attributable profit rose 8.4% excluding one-off items.
- Operating expenses declined 1% excluding inflation and perimeter changes through active cost management. Loan-loss provisions were stable at €7.1 billion despite a challenging environment in some markets.
- Traffic fell 2.8% in 4Q15 excluding new businesses. Toll collection via electronic means increased to 69% of total.
- Adjusted EBITDA on a same-basis increased slightly by 0.4% with margins of 59.8%. Net income on the same basis fell 19.1%.
- The company addressed 42% of debt maturing in 2016-2017 and obtained new funding of over R$3.6 billion in 4Q15 at favorable rates.
Klöckner & Co SE reported financial results for the third quarter of 2010. Sales volumes were down slightly from the previous quarter but prices seem to have stabilized. EBITDA for Q3 was lower than Q2 due to declining volumes, but the company expects full year sales to increase over 25% from acquisitions and recovery in customer demand. Management outlined a new strategy called Klöckner & Co 2020 to further growth organically and through acquisitions, especially in emerging markets, in order to become the leading global multi-metal distributor and achieve an EBITDA margin above 6% through business optimization.
Snam and its peers reported largely positive 1Q 2015 results. Snam's net profit increased 11% year-over-year to €325 million, driven by growth in revenue and efficiency measures. Italgas, a Snam subsidiary, acquired full control of Acam Gas. Stock markets were mostly higher in April, while the utility sector rose 0.8%, bolstered by French water companies. Oil prices significantly increased in April due to production declines and geopolitical tensions.
Santander earns €4.61 billion during the first nine months of 2016BANCO SANTANDER
Banco Santander has delivered €4,606 million in attributable profits for the first nine months of 2016, down 22.5% from the same period in 2015 due to the impact of extraordinary items announced in Q2 of this year and Q2 of 2015. Excluding extraordinary items and exchange rate movements, profits grew by 8% year on year to €4,975 million.
The document provides an overview of Banco Santander's financial results for the first half of 2015. Key points include:
- Profit grew 24% year-over-year to EUR 3.4 billion, driven by increased commercial revenues and improved cost of credit.
- Loans increased 7% and customer funds grew 8% compared to the prior year.
- Capital and solvency ratios strengthened, with the CET1 ratio up to 9.8%.
- The bank continued transforming its business model to be more simple, personal and fair for customers.
- Traffic decreased 3.7% in 2Q16 excluding new acquisitions. Adjusted EBITDA increased 5.9% with a margin of 63.3%, up 1.9 percentage points. Net profit decreased 36.8% to R$147.8 million on the same basis.
- Gross debt totaled R$14.7 billion, with debt amortization of R$1.346 billion in 2016 and R$4.347 billion in 2017. Average debt cost was 124.95% of CDI. Net debt to EBITDA was 3.3x.
- Recent funding included R$4.047 billion in debentures and loans, extending debt maturity profile. Invest
Banco Santander's financial report summarizes the company's performance from January to September 2016. Key highlights include an increase in loyal and digital customers, underlying profit growth driven by stable commercial revenues and provisions, and solid capital ratios. Non-performing loans declined while coverage ratios increased. By business area, Continental Europe saw higher profits, the UK saw lower profits due to tax surcharges, Latin America saw higher profits despite currency impacts, and the US saw lower profits due to higher costs and provisions.
- Banco Santander presented its earnings for January to September 2016. Key metrics included an underlying return on tangible equity of 11.2% and a non-performing loan ratio of 4.15%.
- Gross income increased 2.2% year-over-year on a currency-neutral basis, driven by growth in net interest income and fees. Underlying attributable profit rose 8.4% excluding one-off items.
- Operating expenses declined 1% excluding inflation and perimeter changes through active cost management. Loan-loss provisions were stable at €7.1 billion despite a challenging environment in some markets.
- Traffic fell 2.8% in 4Q15 excluding new businesses. Toll collection via electronic means increased to 69% of total.
- Adjusted EBITDA on a same-basis increased slightly by 0.4% with margins of 59.8%. Net income on the same basis fell 19.1%.
- The company addressed 42% of debt maturing in 2016-2017 and obtained new funding of over R$3.6 billion in 4Q15 at favorable rates.
Klöckner & Co SE reported financial results for the third quarter of 2010. Sales volumes were down slightly from the previous quarter but prices seem to have stabilized. EBITDA for Q3 was lower than Q2 due to declining volumes, but the company expects full year sales to increase over 25% from acquisitions and recovery in customer demand. Management outlined a new strategy called Klöckner & Co 2020 to further growth organically and through acquisitions, especially in emerging markets, in order to become the leading global multi-metal distributor and achieve an EBITDA margin above 6% through business optimization.
- Klöckner & Co reported financial results for Q1 2013 that were impacted by macroeconomic uncertainty, price declines, and severe weather in Europe. Turnover increased 3.8% quarter-over-quarter but decreased 11.4% year-over-year.
- EBITDA came in at the low end of guidance at €29 million, benefiting from cost reductions of €16 million from the restructuring program but hampered by declining sales volumes and prices.
- The restructuring program is nearly complete, having reduced headcount by 1,600 and closed 50 of 60 targeted sites. The program has significantly improved Klöckner & Co's margins and cost base.
Klöckner & Co - Roadshow Presentation November 2010Klöckner & Co SE
Klöckner & Co SE is a leading multi-metal distributor that presented its financial results and growth strategy through 2020. In Q3 2010, sales increased year-over-year while earnings improved. The company aims to accelerate external growth, boost organic growth, optimize business processes, and strengthen management development. By 2020, Klöckner & Co seeks to become the first truly global multi-metal distributor through international expansion, notably in emerging markets.
This document provides an overview of Santander Group's financial performance for January-September 2013.
Key highlights include:
- Attributable profit of €3.31 billion for the first nine months, up 77% year-over-year.
- Core capital ratio increased to 11.56% as of September, up 1.23% from the prior year.
- Non-performing loan ratio was 5.43%, up slightly from the prior quarter but down from 5.69% in September 2012.
- Retail banking contributed 74% of attributable operating profit, led by Latin America (34%) and the UK (15%).
Metso Q3 2019 Interim Review presentationMetso Group
Metso reported its Q3/2019 results. Orders received were up 1% to EUR 894 million and sales were up 19% to EUR 933 million. Adjusted EBITA was EUR 131 million, with a margin of 14.0%. Minerals orders were down 2% but sales were up 19%. Flow Control orders were up 15% and sales up 16%. The transaction to create Metso Outotec is proceeding according to plan, with targeted closing in Q2/2020. Market activity is expected to remain at the current level for both segments in the near future.
SQM is a global producer of specialty plant nutrients, iodine, lithium, and industrial chemicals. In 2015, SQM reported revenues of $1.7 billion and EBITDA of $724 million, with a 42% EBITDA margin. SQM has unique and abundant natural resources in Chile, including the world's largest deposits of nitrates and iodine. It is also the lowest cost producer of lithium globally. SQM has a solid financial position and expects higher sales volumes and capital expenditures in 2016.
- Telecom Italia Group reported its 3Q'17 results, with total revenues of €4.907 billion, up 2.0% YoY on an organic basis. Service revenues were €4.593 billion, up 1.8% YoY organically.
- EBITDA was €2.226 billion for the quarter, representing organic growth of 2.0% YoY. Domestic EBITDA margin was resilient at 47.7% despite commercial investment.
- Domestic service revenues showed stabilization, with positive mobile trends and strong fiber broadband net additions of 249k in the quarter. Total mobile customers grew 333k QoQ.
This document provides a financial report for Banco Santander for the first half of 2013. Some key highlights include:
- Attributable profit of €2,255 million for H1 2013, up 28.9% from H1 2012.
- Core capital ratio of 11.11% as of June 2013, up from previous quarter.
- Agreement reached to boost Santander's asset management business by partnering with two investment firms.
- Business volumes grew across most regions, especially in Brazil and Latin America.
- Provisions stabilized or decreased across most areas except Spain.
- Santander was recognized as the "Sustainable Global Bank of the Year."
SQM is a global producer of specialty plant nutrients, lithium and industrial chemicals. It has unique and abundant natural resources in Chile. It has a solid financial position with revenues of $1.8 billion, EBITDA of $758 million and a debt to equity ratio of 1.01. SQM has leading market positions in speciality fertilizers like potassium nitrate and industrial chemicals like solar salts. It is also the lowest cost producer of lithium and a major player in iodine.
SQM is a global producer of specialty plant nutrients, lithium and industrial chemicals. It has unique and abundant natural resources in Chile. It has a solid financial position with revenues of $1.8 billion, EBITDA of $758 million and low debt levels. SQM holds leading market positions in speciality fertilizers like potassium nitrate and niche industrial chemicals like solar salts. It also has opportunities in lithium and metallic exploration.
Presentation To North American Fixed Income Investors 29 31 March 2010Rio Tinto plc
- The document is a presentation by Rio Tinto to North American fixed income investors in March 2010 providing an overview of the company, highlights from 2009, the economic outlook, and priorities for 2010.
- In 2009, Rio Tinto achieved cost savings, recovered prices in the second half, completed divestments, and reduced net debt significantly.
- For 2010, priorities include operational delivery, transforming the aluminum business, pursuing growth through disciplined capital spending, and prudent balance sheet management.
This document provides an overview of Rio Tinto's investor seminar on October 30, 2009. It includes forward-looking statements and notes that actual results may differ. The seminar covers Rio Tinto's financial position, business strategy, and plans for operations. It also notes safety as a top priority and provides injury rate statistics.
Atento reported its financial results for the fourth quarter and full year of 2015. Revenue grew 8.4% in Q4 and 9.6% for the full year, driven by new client wins and growth in higher-value solutions. Adjusted EBITDA grew 6.7% for the full year despite margin compression from inflation and new client ramp-ups. For 2016, Atento expects revenue growth of 1-5% and adjusted EBITDA margins of 11-12%, focusing on growth, profitability, and debt reduction.
- Masco Corporation presented its third quarter 2016 earnings results, highlighting revenue growth of 2% year-over-year to $1.877 billion driven by strength in end markets and market share gains.
- Operating profit increased to $275 million, a margin of 14.7%, due to operating leverage from volume growth and productivity initiatives. However, operating profit was negatively impacted by a $21 million increase to warranty reserves.
- The presentation provided financial results by business segment, with plumbing products and builders' hardware driving growth, while cabinetry and windows saw mixed results. Management also discussed strengthening the balance sheet through debt repayment and share repurchases.
3M reported first quarter earnings in April 2016. Sales declined 2.2% to $7.4 billion due to foreign exchange impacts, while organic local currency sales declined 0.8%. Earnings per share grew 10.8% to $2.05 due to tax benefits, acquisitions, and share repurchases. Operating margins expanded 1.3 percentage points to 24.1% through productivity gains and price increases. The company reaffirmed full-year sales and earnings guidance.
Barry Callebaut Full-Year Results 2018/19 - Media/Analyst PresentationBarry Callebaut
Mid-term guidance delivered, good momentum continues - we just published our Full-Year Results for the fiscal year 2018/19 (ended August 31, 2019). Check out our Roadshow Presentation 2018/19 to check out more details of our financial results as well as an outlook for our business.
#BarryCallebaut #chocolate #cocoa #FinancialResults
SQM is a global producer of specialty plant nutrients, industrial chemicals, and lithium. It has unique and abundant natural resources in Chile. The presentation highlights SQM's leading market positions, solid financial performance, and opportunities for future growth through increased sales volumes and cost reductions. Key investment highlights include low-cost operations, sales diversification globally, and a strong financial position.
Monsanto reported strong financial results for the fourth quarter and full fiscal year 2008. Net sales increased 35% in the fourth quarter and 36% for the full fiscal year. Diluted EPS on an ongoing basis improved 83% in the fourth quarter and 84% for the full fiscal year. Seeds and traits segments all saw gross profit increases. Over 70% of $2.8 billion in operating cash was used for acquisitions, technology collaborations, and capital investments to support growth. Monsanto expects another year of double-digit earnings growth in 2009, driven by continued strength in seeds and traits.
The document provides an earnings release and conference call agenda for a company's 3Q13 results. Key highlights included record launches of R$1.6 billion in 9M13, with 80% in an affordable housing program. Sales reached a record R$1.7 billion in 9M13, up 51% year-over-year. Inventory was reduced by 9% in 9M13, with continued focus on geographical diversification. Net income increased 17% to R$178 million in 9M13, with a net margin of 13.6%. The presentation provides additional financial details on revenues, costs, margins, and capital structure.
The financial report summarizes Santander Group's performance in the first quarter of 2014. Key highlights include a 22.9% increase in attributable profit compared to the previous quarter, driven by growth across all major income statement lines. The common equity tier 1 ratio was 10.6% and loan volumes increased in emerging markets by around 10% year-over-year. Business segments in Latin America, the UK, and Continental Europe reported higher profits compared to the previous quarter. Santander continued initiatives to transform retail banking and launched new programs to support SMEs across its markets.
Klöckner & Co - Roadshow Presentation August 2012Klöckner & Co SE
Klöckner & Co SE is a leading multi-metal distributor that saw turnover increase 5.7% year-over-year in Q2 2012 driven by acquisitions and organic growth in the US. However, the worsening market environment in Europe makes achieving last year's EBITDA unlikely. The company has significantly expanded the scope of its restructuring measures, closing 11 sites in Spain and about 10 sites in France. Net income was negatively impacted by €17 million in restructuring costs and €30 million in impairments.
The company reported financial results for the first quarter of 2010. Net revenue increased 7.3% to R$247 million driven by growth in vehicle sales and logistics services. EBITDA grew 9.6% to R$38.1 million and the EBITDA margin increased slightly to 15.4%. The automotive logistics segment saw a 14.8% increase in net revenue and 15.8% growth in EBITDA. However, the integrated logistics segment experienced declines in net revenue and EBITDA of 20.2% and 12.7%, respectively. Overall, net income increased 19.7% to R$22.6 million.
- Klöckner & Co reported financial results for Q1 2013 that were impacted by macroeconomic uncertainty, price declines, and severe weather in Europe. Turnover increased 3.8% quarter-over-quarter but decreased 11.4% year-over-year.
- EBITDA came in at the low end of guidance at €29 million, benefiting from cost reductions of €16 million from the restructuring program but hampered by declining sales volumes and prices.
- The restructuring program is nearly complete, having reduced headcount by 1,600 and closed 50 of 60 targeted sites. The program has significantly improved Klöckner & Co's margins and cost base.
Klöckner & Co - Roadshow Presentation November 2010Klöckner & Co SE
Klöckner & Co SE is a leading multi-metal distributor that presented its financial results and growth strategy through 2020. In Q3 2010, sales increased year-over-year while earnings improved. The company aims to accelerate external growth, boost organic growth, optimize business processes, and strengthen management development. By 2020, Klöckner & Co seeks to become the first truly global multi-metal distributor through international expansion, notably in emerging markets.
This document provides an overview of Santander Group's financial performance for January-September 2013.
Key highlights include:
- Attributable profit of €3.31 billion for the first nine months, up 77% year-over-year.
- Core capital ratio increased to 11.56% as of September, up 1.23% from the prior year.
- Non-performing loan ratio was 5.43%, up slightly from the prior quarter but down from 5.69% in September 2012.
- Retail banking contributed 74% of attributable operating profit, led by Latin America (34%) and the UK (15%).
Metso Q3 2019 Interim Review presentationMetso Group
Metso reported its Q3/2019 results. Orders received were up 1% to EUR 894 million and sales were up 19% to EUR 933 million. Adjusted EBITA was EUR 131 million, with a margin of 14.0%. Minerals orders were down 2% but sales were up 19%. Flow Control orders were up 15% and sales up 16%. The transaction to create Metso Outotec is proceeding according to plan, with targeted closing in Q2/2020. Market activity is expected to remain at the current level for both segments in the near future.
SQM is a global producer of specialty plant nutrients, iodine, lithium, and industrial chemicals. In 2015, SQM reported revenues of $1.7 billion and EBITDA of $724 million, with a 42% EBITDA margin. SQM has unique and abundant natural resources in Chile, including the world's largest deposits of nitrates and iodine. It is also the lowest cost producer of lithium globally. SQM has a solid financial position and expects higher sales volumes and capital expenditures in 2016.
- Telecom Italia Group reported its 3Q'17 results, with total revenues of €4.907 billion, up 2.0% YoY on an organic basis. Service revenues were €4.593 billion, up 1.8% YoY organically.
- EBITDA was €2.226 billion for the quarter, representing organic growth of 2.0% YoY. Domestic EBITDA margin was resilient at 47.7% despite commercial investment.
- Domestic service revenues showed stabilization, with positive mobile trends and strong fiber broadband net additions of 249k in the quarter. Total mobile customers grew 333k QoQ.
This document provides a financial report for Banco Santander for the first half of 2013. Some key highlights include:
- Attributable profit of €2,255 million for H1 2013, up 28.9% from H1 2012.
- Core capital ratio of 11.11% as of June 2013, up from previous quarter.
- Agreement reached to boost Santander's asset management business by partnering with two investment firms.
- Business volumes grew across most regions, especially in Brazil and Latin America.
- Provisions stabilized or decreased across most areas except Spain.
- Santander was recognized as the "Sustainable Global Bank of the Year."
SQM is a global producer of specialty plant nutrients, lithium and industrial chemicals. It has unique and abundant natural resources in Chile. It has a solid financial position with revenues of $1.8 billion, EBITDA of $758 million and a debt to equity ratio of 1.01. SQM has leading market positions in speciality fertilizers like potassium nitrate and industrial chemicals like solar salts. It is also the lowest cost producer of lithium and a major player in iodine.
SQM is a global producer of specialty plant nutrients, lithium and industrial chemicals. It has unique and abundant natural resources in Chile. It has a solid financial position with revenues of $1.8 billion, EBITDA of $758 million and low debt levels. SQM holds leading market positions in speciality fertilizers like potassium nitrate and niche industrial chemicals like solar salts. It also has opportunities in lithium and metallic exploration.
Presentation To North American Fixed Income Investors 29 31 March 2010Rio Tinto plc
- The document is a presentation by Rio Tinto to North American fixed income investors in March 2010 providing an overview of the company, highlights from 2009, the economic outlook, and priorities for 2010.
- In 2009, Rio Tinto achieved cost savings, recovered prices in the second half, completed divestments, and reduced net debt significantly.
- For 2010, priorities include operational delivery, transforming the aluminum business, pursuing growth through disciplined capital spending, and prudent balance sheet management.
This document provides an overview of Rio Tinto's investor seminar on October 30, 2009. It includes forward-looking statements and notes that actual results may differ. The seminar covers Rio Tinto's financial position, business strategy, and plans for operations. It also notes safety as a top priority and provides injury rate statistics.
Atento reported its financial results for the fourth quarter and full year of 2015. Revenue grew 8.4% in Q4 and 9.6% for the full year, driven by new client wins and growth in higher-value solutions. Adjusted EBITDA grew 6.7% for the full year despite margin compression from inflation and new client ramp-ups. For 2016, Atento expects revenue growth of 1-5% and adjusted EBITDA margins of 11-12%, focusing on growth, profitability, and debt reduction.
- Masco Corporation presented its third quarter 2016 earnings results, highlighting revenue growth of 2% year-over-year to $1.877 billion driven by strength in end markets and market share gains.
- Operating profit increased to $275 million, a margin of 14.7%, due to operating leverage from volume growth and productivity initiatives. However, operating profit was negatively impacted by a $21 million increase to warranty reserves.
- The presentation provided financial results by business segment, with plumbing products and builders' hardware driving growth, while cabinetry and windows saw mixed results. Management also discussed strengthening the balance sheet through debt repayment and share repurchases.
3M reported first quarter earnings in April 2016. Sales declined 2.2% to $7.4 billion due to foreign exchange impacts, while organic local currency sales declined 0.8%. Earnings per share grew 10.8% to $2.05 due to tax benefits, acquisitions, and share repurchases. Operating margins expanded 1.3 percentage points to 24.1% through productivity gains and price increases. The company reaffirmed full-year sales and earnings guidance.
Barry Callebaut Full-Year Results 2018/19 - Media/Analyst PresentationBarry Callebaut
Mid-term guidance delivered, good momentum continues - we just published our Full-Year Results for the fiscal year 2018/19 (ended August 31, 2019). Check out our Roadshow Presentation 2018/19 to check out more details of our financial results as well as an outlook for our business.
#BarryCallebaut #chocolate #cocoa #FinancialResults
SQM is a global producer of specialty plant nutrients, industrial chemicals, and lithium. It has unique and abundant natural resources in Chile. The presentation highlights SQM's leading market positions, solid financial performance, and opportunities for future growth through increased sales volumes and cost reductions. Key investment highlights include low-cost operations, sales diversification globally, and a strong financial position.
Monsanto reported strong financial results for the fourth quarter and full fiscal year 2008. Net sales increased 35% in the fourth quarter and 36% for the full fiscal year. Diluted EPS on an ongoing basis improved 83% in the fourth quarter and 84% for the full fiscal year. Seeds and traits segments all saw gross profit increases. Over 70% of $2.8 billion in operating cash was used for acquisitions, technology collaborations, and capital investments to support growth. Monsanto expects another year of double-digit earnings growth in 2009, driven by continued strength in seeds and traits.
The document provides an earnings release and conference call agenda for a company's 3Q13 results. Key highlights included record launches of R$1.6 billion in 9M13, with 80% in an affordable housing program. Sales reached a record R$1.7 billion in 9M13, up 51% year-over-year. Inventory was reduced by 9% in 9M13, with continued focus on geographical diversification. Net income increased 17% to R$178 million in 9M13, with a net margin of 13.6%. The presentation provides additional financial details on revenues, costs, margins, and capital structure.
The financial report summarizes Santander Group's performance in the first quarter of 2014. Key highlights include a 22.9% increase in attributable profit compared to the previous quarter, driven by growth across all major income statement lines. The common equity tier 1 ratio was 10.6% and loan volumes increased in emerging markets by around 10% year-over-year. Business segments in Latin America, the UK, and Continental Europe reported higher profits compared to the previous quarter. Santander continued initiatives to transform retail banking and launched new programs to support SMEs across its markets.
Klöckner & Co - Roadshow Presentation August 2012Klöckner & Co SE
Klöckner & Co SE is a leading multi-metal distributor that saw turnover increase 5.7% year-over-year in Q2 2012 driven by acquisitions and organic growth in the US. However, the worsening market environment in Europe makes achieving last year's EBITDA unlikely. The company has significantly expanded the scope of its restructuring measures, closing 11 sites in Spain and about 10 sites in France. Net income was negatively impacted by €17 million in restructuring costs and €30 million in impairments.
The company reported financial results for the first quarter of 2010. Net revenue increased 7.3% to R$247 million driven by growth in vehicle sales and logistics services. EBITDA grew 9.6% to R$38.1 million and the EBITDA margin increased slightly to 15.4%. The automotive logistics segment saw a 14.8% increase in net revenue and 15.8% growth in EBITDA. However, the integrated logistics segment experienced declines in net revenue and EBITDA of 20.2% and 12.7%, respectively. Overall, net income increased 19.7% to R$22.6 million.
Flextronics International Ltd. earning presentationinvestorrelation
- The company reported financial results for the fourth quarter and fiscal year ended March 31, 2009
- Net sales decreased 28% quarter-over-quarter and 30% year-over-year due to weak demand across all markets
- Gross margin declined to 4.2% from 6.2% due to lower sales and restructuring charges of $128.8 million
- The company announced a restructuring plan to reduce costs through lower depreciation and employee expenses with expected annual savings of $230-260 million to be realized within 2-3 quarters
The document provides financial and operational results for Estácio Participações for the first quarter of 2016 compared to the first quarter of 2015. Some key highlights include:
- Growth in on-campus and distance learning enrollment.
- 11.4% growth in student base and 9.8% growth in net revenue.
- Adjusted EBITDA increased 9.1% and net income declined slightly by 1.6%.
- Accounts receivable balances and days sales outstanding increased significantly due to growth in FIES financing. However, an agreement with the government established a repayment schedule for outstanding 2015 FIES balances over the next three years.
CCR reported financial results for the third quarter of 2016. Consolidated traffic decreased 1.5% year-over-year excluding a new acquisition. Adjusted EBITDA increased 151.1% due to a one-time gain from the sale of STP shares, or increased 3.2% excluding this gain. Net profit reached R$1,151.1 million, an increase of 366.0% driven primarily by the STP sale, or decreased 1.7% excluding one-time items. CCR also provided highlights on recent debt issuances and an extension of its debt maturity profile.
This document summarizes the 2Q07 earnings release of Estácio Participações, the largest private higher education provider in Brazil. It saw small revenue growth in 2Q07 compared to the same period last year. Net income grew substantially due to one-time IPO expenses in the previous year. The company continues its strategy of organic growth and acquisitions to capture scale gains and synergies across its operations.
- The company reported quarterly results that were in line with budget, with continued growth in student enrollment and retention. It acquired 5 institutions with 12,000 undergraduate students for R$24 million and opened 3 new schools with 3,200 students for R$10.3 million.
- Key financial highlights included an 18% increase in net revenue, 17% increase in gross profit, and 4% increase in net income compared to the prior year quarter. The company maintained a solid cash position invested conservatively.
The document is the transcript of a conference call discussing Itaú Unibanco Holding's third quarter 2016 earnings. It provides pro forma financial information combining Itaú Unibanco and CorpBanca following their April 2016 merger. Key highlights include a 0.4% increase in recurring net income compared to last quarter and a 4.2% increase in operating revenues. Recurring return on equity was 19.9%, down 70 basis points from the previous quarter.
4Q results Core sales growth -3% –Adjusted EPS of $0.37 fff$%f FY16 free cash flow of $171 million, or 113% of adjusted net income Significant progress in portfolio management, cost reduction, management alignment Water Management performing well in favorable market environment Core operations deliver 20.3% adjusted EBITDA margin in fiscal 2016 Solid momentum in US nonresidential construction end markets Process & Motion Control outlook positive for aerospace, food & beverage Stabilizing sell-through in industrial distribution implies improving year-over-year comparisons Cambridge acquisition builds on leadership in food & beverage, expands consumer exposure Initiating guidance range for fiscal 2017 Adjusted EPS of $1.47-1.57 gggj$ Slow-growth end-market environment continues, but industrial MRO stabilizing Supply chain optimization & footprint repositioning on track to deliver $30 million annual savings
- LafargeHolcim reported a 6% increase in adjusted operating EBITDA for Q2 2016 compared to the same period in 2015 on a like-for-like basis. The company exceeded its CHF 3.5 billion divestment target and profitability improved due to effective pricing strategies, cost discipline, and synergies from the merger. The outlook for 2016 was confirmed.
Klöckner & Co - Roadshow Presentation May 10, 2013Klöckner & Co SE
Klöckner & Co SE held a roadshow presentation in London on May 10, 2013. The presentation was led by CEO Gisbert Rühl and provided highlights and an update on Klöckner & Co's strategy, financial results for Q1 2013, and outlook. Key points included that the restructuring has significantly improved Klöckner & Co's margins and cost structure, but volumes are still lagging. The presentation also reviewed the company's strong balance sheet and progress achieving its restructuring targets.
The document summarizes Tegma Gestao Logistica's financial results for the second quarter of 2011. It reported increased net revenue driven by sales of vehicles, auto parts, and consumer goods. EBITDA was impacted by consolidating a new acquisition and increasing infrastructure. The automotive logistics segment grew revenue but saw lower margins. Integrated logistics grew significantly through new business segments. Net income decreased from one-time gains in the prior year. The company has a low debt level and extended loan terms.
Tricumen 2Q16 Capital Markes Results Review_open 290816Tricumen Ltd
The 1H16 operating revenue reported by banks in this report totalled $86bn. This was 14% below 1H15. 2Q16 totalled $31bn, 12% down versus a prior-year period. In US dollar terms, issuance and advisory fees dropped 28% vs 2Q15 and equities by 20%, while FICC was essentially flat, with several banks reporting a surge in revenue spurred by Brexit. US banks increased their share of the peer group's pre-tax profit.
European Banking Authority's (EBA) stress test, published in July, managed to satisfy almost no-one: some deemed it too benign, others unrealistic. Both arguments make sense: EBA's test did not include sovereign defaults, mitigating actions by banks, Brexit, or an extended period of low-interest rate environment. Also, the EBA's test focuses on prudential regulatory measures which, in our view, do not reflect true market risks - and those, if the US regulators have their way, could feature in Basel 4, along with stronger capital rules for bank leverage.
This issue features reorganised definitions for several FICC products.
- The company reported financial results for its fiscal first quarter of 2016, with net revenue of $563 million, gross margin of 61.6% excluding special items, and earnings per share of $0.42 excluding special items.
- Revenue declined 3% year-over-year, with declines in most end markets except automotive which was flat.
- The company provided guidance for the second quarter of fiscal 2016, anticipating revenue between $490-520 million with gross margin of 60-63% excluding special items.
Q2 2016 Earnings Presentation - Bruker CorporationInvestorBruker
- Bruker reported a 6% decline in Q2 revenue to $371.7M, driven primarily by delays in European academic funding and weaker industrial markets. With cost actions, non-GAAP gross profit margin expanded 250 bps to 47.6% and non-GAAP operating margin was flat at 10.8%.
- For H1 2016, revenue was essentially flat at $747.1M. Non-GAAP gross profit margin increased 110 bps to 47.2% and non-GAAP operating margin expanded 120 bps to 11.7%, resulting in 28% growth in non-GAAP EPS.
- Key priorities for 2016 include continuing margin expansion, strengthening business processes, and acceler
Arezzo & Co reported strong financial results for 2Q17. Net income grew 30% to R$39.3 million with margins expanding. Gross profit increased 16.8% to R$154.3 million and EBITDA grew 22.8% to R$50.3 million. All brands and channels experienced sales growth. The company continues expanding through new store openings and growing its online presence. ROIC improved to 23.7%, demonstrating efficient use of capital.
The document summarizes Generali Group's 1Q 2016 financial results. Key highlights include:
- Operating result decreased 12.3% to €1,163 million due to lower realized investment gains.
- Net result decreased 13.8% to €588 million, following the trend of the operating result.
- Shareholders' equity increased 5.8% to €24.9 billion due to higher unrealized gains and the quarter's result.
- Solvency II ratio (internal model view) was 188%, down from 202% at year-end 2015.
Presentazione risultati primo semestre 2017Italiaonline
IL CDA APPROVA I RISULTATI DEL PRIMO SEMESTRE 2017:
PROSEGUE LA CRESCITA DELLA REDDITIVITA’ OPERATIVA E RALLENTA LA FLESSIONE DEI RICAVI GRAZIE AI PRIMI EFFETTI POSITIVI DERIVANTI DAL RINNOVAMENTO DEL PORTAFOGLIO PRODOTTI DIGITAL
UTILE NETTO + 65% SU BASE ANNUA A €6,3 MILIONI (€3,8 MILIONI NEL PRIMO SEMESTRE 2016)
POSIZIONE FINANZIARIA NETTA POSITIVA PARI A € 69 MILIONI, DOPO IL DIVIDENDO STRAORDINARIO DI € 80 MILIONI, UNLEVERED FCF A €37 MILIONI
- Sales increased 11% to a record $505 million in Q4 2019, with organic growth of -2%. EBIT increased 22% to $51 million.
- Net income increased 28% to $35 million. Operating cash flow reached a record level of $97 million, up $40 million.
- Net debt to EBITDA was reduced to 2.5 from 3.2 in Q3. The Vietnam factory became profitable.
Similar to Monthly review latam mayo2016 v130616 (20)
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
The Impact of Generative AI and 4th Industrial RevolutionPaolo Maresca
This infographic explores the transformative power of Generative AI, a key driver of the 4th Industrial Revolution. Discover how Generative AI is revolutionizing industries, accelerating innovation, and shaping the future of work.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
3. 3
Latam Zone - May 2016
Macroeconomic environment
Economic activity in LatAm is weak, but growth is stabilizing. The more favorable evolution of currencies, relative to 2015, amid low
growth is helping reduce inflationary pressures
Commodities: Gains in agricultural and oil prices are consistent with fundamentals.
Two currencies underperformed during May despite oil price recovery : Mexican & Colombian peso.
Inflation remains above the upper bound of the target in most cases, but it is on a downward trend, in this context, the monetary policy
stance is loosening.
By country, some points to remark:
Argentina: Bitter adjustment taking its toll on activity, and the recession is now broad-based.
Brazil: Reforms start to take shape, but uncertainties remain. The recession continues, but the economy could stabilize in the second half.
Chile: No recovery yet. Low copper prices, less fiscal support and pessimistic private-sector sentiment are weightening on activity
Colombia: Tightening cycle coming to an end by it’s expected CB implement one final 25bp hike (7.5%).
Mexico: Renewed peso volatility (17.5 to the dollar). additional rate hikes this year are unlikely.
Peru: A new government Pedro Pablo Kuczynski (PPK) is the next president of Peru. The PPK administration would be welcomed by the
business community, but governability will not come easily
By 2017:
We are expecting growth to improve somewhat relative to this year. A further oil-price recovery will benefit activity, especially in Mexico
and Colombia.As uncertainty over reforms in Chile diminishes, some recovery in confidence is likely. Peru’s economy may also grow
faster next year, mining production continues to be strong. In 2017, the Brazilian economy is expected to grow by 1.0% (compared to a
3.5% contraction this year) while Argentina’s economy is expected to grow by 3% (versus a 1% GDP fall this year).
4. Latam Zone - May 2016
Key points closing
4
Revenues: +15.7M€ @A-2015 & -9.4 M€ @B2016
Ecuador (-8.3M€). Tariffs and users lower than budgeted (-4.0 M€). IFRIC 12 (-3.3 M€). Growths not achieved (-0.7 M€).
Colombia (-3.9M€). Contract of Bucaramanga finished at the end of 2015 (-1.6 M€). Growths not achieved (-1.7 M€).
Chile (+0.7 M€). Volume increase in Santiago Poniente (+1.4 M€). Growths not achieved (-0.7 M€).
EBITDA : -2.6M€ @A-2015 & -4.8M€ @B.2016
México (-3.6 M€). Increase in bad debt provisions in CAASA (-0.8M€), Puerto Vallarta (-0.7 M€) and Tuxtla Gutierrez (-2.4 M€).
Colombia (-0.5 M€): Negative impact of contract of Bucaramanga (-0.4 M€).
Chile (+0.6 M). Volume increase in Santiago Poniente Landfill.
OPERATING INCOME: -0.2M€ @A-2015 & -4.1 M€ @B-2016
Decrease in amortization cost in México and Colombia for Capex delay (+1.4 M€) compensated by increase in S. Poniente (Chili) depreciation (-0.2 M€)
Good performance in Tibitoc (equity method: +0.3 M€)
Severance payments in Deltacom caused by restructuration process (-0.3 M€) and increase in personnel provision in old contract of BBAA.
CAPEX lower than B-2016 in 23M€
Chile (+3.4 M€): Santiago Poniente Landfill (+2.7 M€)
Ecuador (+7.5M€): Interagua Investment Plan (+5.8 M€)
México (+ 6.6M€). Mainly in CAASA (+1.6M€)
Delay in growths: La Campana Landfill in Argentina (+1.5 M€) Colombia (+1.5 M€) and VE Ecuador (+1,7 M€)
Var. Op. WK: -16.1M€ @ A-2016
Ecuador (-7.1 M€): Increase in trade receivables (T/R) due to bill collection worsening (-3 M€) and PTU payment in April (-3.1 M€)
Avellaneda (-5.1M): Payment of labor indemnity (-5.4 M€) and Social Security debt (-1.0 M€) compensated by decrease in T/R (+1.9 M€).
Brazil (-2.8 M€): Decrease T/R in CLE (+1.4 M€) compensated by decrease in T/P (-3.2 M€) Collection in Barueri of debt from 2015 (0.8 M€) .
5. Latam Zone – May 2016
Key Financial Indicators
5
FX Rate TCM
Prior Year
(Y-1)
Actual (Y)
Monthly
Budget
Variance to
Actual
(in €m)
Variance to
Actual at
constant
exchange
rate (in €m)
Variance to
Budget (in
€m)
Variance to
Budget at
constant
exchange
rate (in €m)
Prior Year
(Y-1)
Budget
FORECAST
1
% of Completion
of Latest Estimate
(at current
exchange rate)
Key financial indicators of P&L
Revenue 273,6 228,4 261,1 -45,2 15,7 -32,7 -9,4 654,7 662,7 597,6 38,22%
EBITDA excluding Management Fees, Trade Mark and Know how 49,1 39,4 47,1 -9,7 -1,1 -7,7 -4,6 122,0 132,6 122,8 32,05%
EBITDA(A) 45,7 35,7 43,2 -10,0 -2,6 -7,5 -4,8 112,7 123,1 113,9 31,33%
EBITDAMargin (%) 16,69% 15,63% 16,53% 17,21% 18,58% 19,06%
Current EBIT 19,9 15,7 21,0 -4,2 -0,2 -5,3 -4,1 68,7 68,6 64,0 24,50%
of which Share of net income (loss) of JV and associates 0,8 1,0 0,8 0,2 0,5 0,2 0,3 1,9 1,9 1,7 61,59%
Other operating revenue and expenses (*) -0,2 -0,2 -0,3 -0,2 -0,3 -0,9 -0,6 33,57%
Operating Profit After Share of Profit of Equity 19,9 15,5 21,0 -4,4 -0,5 -5,5 -4,4 67,8 68,6 63,4 24,41%
Op Income Margin (%) 7,26% 6,77% 8,03% 10,36% 10,35% 10,60%
Key financial indicators of Change in NFD
Industrial Investments -22,9 -16,8 -41,2 6,0 2,9 24,3 23,0 -63,0 -72,5 -68,5 24,56%
Industrial Disposals 0,3 0,2 -0,1 0,0 0,2 0,3 1,7 0,8 0,3 70,34%
Net industrial investments B -22,6 -16,6 5,9 2,9 -16,6 -17,9 -61,2 -71,7 -68,2 24,35%
Net industrial investments / EBITDA(%) -49,41% -46,57% -54,34% -58,22% -59,91%
Change in operating working capital (net) C -15,1 -16,1 -1,0 -4,1 -16,1 -17,4 -17,6 -9,2 -6,9 231,51%
Simplified Free cash flow = A+ B + C 8,0 3,0 43,2 -5,0 -4,4 -40,2 -40,1 33,9 42,3 38,7 7,74%
Financial investments (incl. newly consolidated affiliates) 5,4 -2,6 -8,0 -9,5 -2,6 -3,1 4,2 0,0 -64,4 4,03%
Financial Disposals (incl. deconsolidation of affiliates) -5,2 1,5 6,6 7,0 1,5 1,5 -4,7 0,0 1,2 126,31%
Net Financial Investments 0,2 -1,1 -1,4 -2,5 -1,1 -1,6 -0,5 0,0 -63,3 1,79%
Key financial indicators of Management Balance Sheet
Operating working capital 86,8 88,8 2,0 13,9 88,8 96,2 76,7 71,7 78,1 113,67%
DSO 94 101 90 7 98 90 91
Capital Employed (incl. OFA) - end of period 609,4 573,1 -36,3 53,2 573,1 618,2 577,9 605,5 645,4 88,79%
NFD 205,9 231,3 25,4 67,7 231,3 248,8 215,5 239,8 308,9 74,87%
ROCE calculation
Average Capital employed (incl. OFA) 554,1 581,9 598,8
ROCE before tax 12,41% 11,79% 10,68%
SG&Aanalysis
SG&A Expenses excluding MFees, Trade Mark and Know how -25,5 -19,9 -22,7 5,6 -0,0 2,8 0,7 -55,2 -56,9 -48,8 40,83%
Management Fees, Trade Mark and Know how -3,4 -3,7 -3,9 -0,3 -1,5 0,2 -0,2 -9,3 -9,4 -8,9 41,25%
SG&Aexcluding MFees, Trade Mark and Know how / Revenue (%) -9,31% -8,72% -8,71% -8,43% -8,58% -8,16%
Staff costs analysis
Staff Costs (COS + SG&A) -80,4 -64,1 -74,9 16,3 -5,7 10,9 2,7 -199,9 -190,0 -164,5 38,96%
Average FTE 11.728 10.526 10.652 -1.202 -126 10.808 10.652 10.879 0,00%
Year To Date
6. Latam Zone – May 2016
Key Financial Indicators. Split by BU
6
FX Rate 16,06 4,19 770,64 3.508,37 1,12 19,99 3,79 308,92 1,00
TOTAL ARGENTINA BRAZIL CHILE COLOMBIA ECUADOR MEXICO PERU VENEZUELA
SPAIN %
OTHERS
Key financial indicators of P&L
Revenue 228,4 56,0 29,4 11,6 18,6 56,0 54,9 1,7 0,2
EBITDA excluding Management Fees, Trade Mark and Know how A 39,4 5,6 7,0 2,6 4,8 12,4 9,0 -0,9 -0,0 -1,1
EBITDA 35,7 4,4 6,5 2,4 4,4 11,9 8,2 -0,9 -0,0 -1,1
EBITDAMargin (%) 15,63% 7,86% 22,20% 20,27% 23,43% 21,17% 14,96% -52,44% -472,69%
Current EBIT 15,7 3,1 4,8 0,8 2,0 5,6 1,6 -0,9 -0,0 -1,3
of which Share of net income (loss) of JV and associates 1,0 -0,0 0,8 0,3
Other operating revenue and expenses (*) -0,2 -0,2
Operating income 15,5 2,9 4,8 0,8 2,0 5,6 1,6 -0,9 -0,0 -1,3
Op Income Margin (%) 6,77% 5,16% 16,31% 7,03% 10,81% 9,94% 2,95% -54,30% -544,36%
Key financial indicators of Change in NFD
Industrial Investments -16,8 -1,6 -1,7 -0,4 -2,4 -5,6 -4,8 -0,3 -0,0 -0,1
Industrial Disposals 0,2 0,1 0,0 0,0 0,0 0,0 0,0
Net industrial investments B -16,6 -1,5 -1,7 -0,4 -2,3 -5,6 -4,7 -0,3 -0,0 -0,1
Net industrial investments / EBITDA(%) -46,57% -33,25% -26,12% -16,47% -53,87% -47,53% -57,68% 31,36% 0,47% 6,17%
Change in operating working capital (net) C -16,1 -3,7 -2,8 -2,0 0,0 -7,1 -1,3 -0,9 0,0 1,7
Simplified Free cash flow = A+ B + C 3,0 -0,8 2,1 -0,1 2,0 -0,9 2,2 -2,1 -0,0 0,5
Financial investments (incl. newly consolidated affiliates) -2,6 -2,2 -1,4 -0,0 0,1 1,0
Financial Disposals (incl. deconsolidation of affiliates) 1,5 0,2 1,4 0,0 0,0 -0,2
Net Financial Investments -1,1 -2,0 0,0 -0,0 0,1 1,0 0,0 0,0 -0,2
Key financial indicators of Management Balance Sheet
Operating working capital 88,8 17,1 13,3 3,6 3,3 13,7 29,8 1,0 -1,0 8,0
DSO 101 90 90 82 61 81 156 70
Capital Employed (incl. OFA) - end of period 573,1 55,5 41,2 34,6 48,7 207,9 170,1 12,5 -1,0 3,7
NFD 231,3 42,2 25,2 31,5 10,7 87,3 15,5 1,6 0,1 17,0
ROCE calculation
Average Capital employed (incl. OFA)
ROCE before tax
SG&Aanalysis
SG&A Expenses excluding MFees, Trade Mark and Know how -19,9 -5,1 -2,2 -1,1 -1,4 -2,9 -5,0 -0,8 -0,0 -1,4
Management Fees, Trade Mark and Know how -3,7 -1,2 -0,5 -0,2 -0,4 -0,6 -0,8 -0,0
SG&Aexcluding MFees, Trade Mark and Know how / Revenue (%) -8,72% -9,14% -7,63% -9,64% -7,55% -5,12% -9,06% -44,60% -603,59%
Staff costs analysis
Staff Costs (COS + SG&A) -64,1 -25,0 -6,6 -4,1 -4,8 -8,6 -11,6 -1,2 -0,0 -2,2
Average FTE 10.526 1.959 1.139 770 2.186 1.159 3.056 209 0 48
Year To Date
7. SIGNIFICANT EVENTS (I)
Latam Zone
Executive Summary: Significant events (I)
Argentina
Avellaneda: Contract finished on January 18th. Negative impact in revenues compensated by better EBITDA than budgeted mainly
caused by less impact of severance payments.
Buenos Aires: Recovery debt (5,8 M€) regarding to A-2015.Tariffs update has been advanced due to prices increase between
November 2015 and May 2016, so this implies an increase in revenues and EBITDA
Misiones: Tariff update has been lower than budgeted (23,8% Vs 32%).
DELTACOM: Revenues are lower than budget due to it has yet not achieved the tariffs update, but there are negotiations with
customers to reach that level However, EBITDA is over budget due to decrease in cost of subcontractors and maintenance. Despite
bad general activity environment, commercial performance has improved regarding last year.
Brazil
Purchase signing of Pedreira Landfill in May 31st. Capitalization process of VSA is underway.
Arcelor Mittal (CLE contract) has paid the services invoicing in November and December 2015. In May closing all services invoicing
since January to April has been paid, so the only outstanding invoice at this moment is May. Additionally we have annual update of
tariffs and increase in volume due to service hired with Air Products.
Barueri Contract: Decrease in revenues due to equipment reduction for green areas. Agreement to collect 6.6M BRL on debt 2015.
In may has been collected 50%.
New contract “Aguas de Palhoça” since April 2016 (Revenues +2 M€).
Chile
Awarded the Rancagua tender (solid waste collection, mechanical and manual street sweeping, and final disposal). Five-year
contract. (Revenues 4.4 M€/y).
Santiago Poniente: It has been authorized an increase of the volume limitation from 40.000 T/month to 72.800 Ton/month.
Incoming tons in landfill remain above historical average (53.000 t/month vs 37.000 t/month).
Bad performance in industrial activity due to mainly by customers losses and delay in growth projects (CMPC Nacimiento
postponed until 2017).
7
8. SIGNIFICANT EVENTS (II)
Latam Zone
Executive Summary: Significant events (II)
Ecuador
Agreement with EMAPAG regarding to the extraordinary process of tariff update and rejection of arbitral process. Documents are being
prepared for analysis and subsequent signing in June.
Regarding to the ordinary process of tariff update and if the agreement concludes as planned, the contract will continue with quarterly
tariffs updates. Otherwise the arbitral process will maintain the forecasted dates and the new hearing will be the next January 2017.
Ecuadorian Government blames to EMAPAG and INTERAGUA for the pollution that affected an ecological protected water zone.
Environmental Ministry has initiated an administrative procedure. An external Lawyer has been hired to lead the defense of INTERAGUA.
Drop in sales given that the tariff applied has been lower than budgeted one. Additionally the number of users and average consumption
has been lower than the budgeted ones. Strong cost cutting implies that EBITDA is only -0.2 M€ over B2016.
New commercial project to collect the waste collection fee in “Guayaquil” has begun at 2Q 2016
Delay in growth projects until second half of 2016. Manta Project has begun the first phase (US$ 0.3 M for 6 months)
The negotiations with IDB continue in order to obtain long term financing. New banking disponibilities have allowed to pay MF &
dividends (4M USD).
Colombia
Tunja: New WWTP (2 of the 3 already built modules) is in start-up previous process. In August 2016 they would begin their processes with
the 6 month start-up period. The corresponding increase in wastewater tariffs has already been negotiated and approved by the
municipality. In B-2016 was forecasted the start of WWTP in January.
Valle del Cauca. New waste collection tariffs. The new tariffs include activities we were not doing. It will imply an increase in activities and
revenues, beginning on May 2016, not included in budget.
San Andres. IDB is developing an study to extend water network to all the island. We are the supervisors of the study. In addition in June
we will start the negotiations with the government to change the contract.
Chicamocha: The contract finished on December 14th. The debt had to be paid in 30 days, but lack of liquidity of client has not allowed it
(0.4 M€ remain unpaid).
8
9. SIGNIFICANT EVENTS (III)
Latam Zone
Executive Summary: Significant events (III)
Mexico
Aguascalientes: Increase in revenues due to growth in volume caused by the achieved continuity of service (Improvement in
hydraulic production with 21 hours of continuous service). Bad debt provisions increase over B-2016 due to collection rate
has been of 89% Vs. 94% in Budget.
Extension of the SAPSA Concession for 5 years.
RIMSA: Decrease in revenues due to the falling of the budgeted tariff of the client TAMSA (-0.7M€). Client has not accepted
RIMSA's proposed prices, because are out of their budget but the negotiations are in progress. On the other hand, incomes
proceed from other activities like engineering, laboratories, recycling,… have an important decrease (-1.2 M€).
Tuxtla: Increase in bad debt provisions over B-2016 (-2.4 M€). It is expecting to reach an agreement for the collection of
overdue debt.
Puerto Vallarta: Increase in bad debt provisions (1.0 M€). In F-1 has been considered a 100% bad debt provision (2.1M€).
La Caldera / Casa Colorada. Contracts have been renewed for 3 months from March to June 2016 w/o works of maintenance.
Under negotiation the renewal of these contracts, including works of maintenance.
Peru:
New contract with EMMSA (EMMSA II) started in February.
Ending of “Sedacusco” contract in January. We’ll do a new offer to renew the contract.
Contract of Cajamarca delayed. The start of this contract in B-2016 was scheduled in January.
9
10. Performance Indicators: ROA & EBITDA
10
ROA: Operational deviation @ B-2016 = -9.4 M€
Forex -23.3 M€ @ B-2016.
Ecuador -8.3 M€: Impact of IFRIC 12 respect B2016 (-3.3 M€). Less volume (-0.5 M€) and lower tariff (-3.5 M€).
Growths delayed (-0.7 M€)
Argentina +2.2 M€: Energy activity (+0.3 M€). CABA Contract (+3.4 M€) by advancement in tariff update.
Ending Avellaneda contract in 18.01 instead of 31.01 budgeted (-0.5 M€). Misiones (-0,4M€) & Deltacom (-0.5
M€), by updating tariff lower than budgeted.
Brazil +0.4 M€: updating tariff in landfill activity (+0.3 M€). CLE (+0.9M€) mainly caused by increase in volume
(Fx). Commercial waste collection activity (-0.3 M€) by less volume. Reduction of services in Barueri (-1.1 M€).
Chile +0.7 M€: Strong increase in Santiago Poniente landfill (+1.5 M€) due to higher volume of tons received
by the fire in Santa Marta landfill. Commercial waste collection activity (-0.5 M€) due to Molymet Project &
Chilán budgeted but not done. Loss of clients in Concepcion (CCU Temuco) and Rancagua (Essbio) respect
budgeted.
Mexico -0.8 M€: Strong increase of volume in Aguascalientes Contract (+1.2M€) by higher water production
and water consume (21 hours/day vs 16hours/day in B2016), and updating tariff (+0.7M€). RIMSA (-1.2 M€):
despite of increase of volume of tons (+0.6M€), there is a decrease in prices by not to take into account the
treatment of waste of TAMSA (-0.7 M€) and other services non made (-1,2M€) such as laboratory & recycle
activities, etc. La Caldera (-0.9 M€) & Casa Colorada (-0.3M€) by maintenance services budgeted non made.
Delay start -up TMA Queretaro (-0.3 M€).
Colombia -3.9 M€ Delay in growth projects (-1.7 M€). Loss Chicamocha Contract in Dec 2015 (-1.6 M€). Impact
of IFRIC 12 respect B2016 in Tunja (-0.2 M€) and Monteria (-0.2 M€). Cúcuta (-0.3 M€) by delay in updating
price budgeted in January 2016 .
Peru +0.3 M€ due to new contracts non budgeted: EMMSA (+0,2M€) & EMMSA II (+0.5 M€). End of Sedacusco
contract in January 2016 (-0.3 M€). Delay in Cajamarca contract (-0.3M€). Better performance in Aguamin
O&M (+0.1 M€) & PTAR South (+0.2 M€)
EBITDA: Operational devi ation @ B-2016 = -4.8 M€
Forex -2.7 M€ @ B-2016.
Argentina +0.4 M€. Better performance CABA contract (+1.3M€). Ending Avellaneda contract (+0.2 M€). Drop
in revenues in Deltacom are compensated mainly by less subcontractors costs (+0.2 M€) . Non updating tariff
in Misiones (-0,4M€). Energy activity (-0.4M€) due to MF and additional investigations costs in order to
achieved a new contract. Old Contract of BBAA (-0.5 M€) due to penalties communicated in April.
Brazil +0.5 M€, by better performance in Gestion Global contracts (+0,1M€) & Ipero Landfill (+0.1 M€). Start
up of new water contract Palhoça (+0,1M€).
Chile +0.6 M€, mainly due to the increase of tons in Santiago Poniente Landfill because of fire Santa Marta
landfill (+1.2 M€). Commercial waste collection activity (-0.6 M€).
Colombia -0.5 M€, due to loss Chicamocha contract.
Ecuador -1.0 M€. Increase in bad debt provision (-0.6 M€), and strong cost cutting in order to compensate
decrease in revenues (+8.4 M€).
México -3.6 M€: Strong impact due to the increase of bad debt provisions in Tuxtla contract (-2.3 M€) and
Aguascalientes (-0.8 M€) & Puerto Vallarta (-0.7 M€)
Perú -0.3 M€: Loss contracts: Huachipa (-0.3M€) & Sedacusco (-0.1M€). Delay Cajamarça contract (-0.1M€).
273,6
228,4
261,1Revenue
A - 15(May) A - 16(May) B - 16 (May)
45,7
35,7
43,2
16,7%
15,6%
16,5%
A - 15 (May) A - 16 (May) B - 16 (May)
Ebitda
11. Performance Indicators: Op Income & Capex
11
Operating Income: Operational deviation @ B-2016 = -4.4 M€
Forex -1.1 M€ @ B-2016
Decrease in cost for depreciation (+1.5 M€) for delay in CAPEX:
Colombia (+0.8M€), mainly by Buga Landfill (+0.3M€), ending Chicamocha
contract (+0.1M€), Monteria (+0.1M€) and growth budgeted not made
(+0.1M€).
Mexico (+0.6 M€), mainly by Aguascalientes (+0.2 M€) &Tuxtla (works in
cells) (+0.1M€).
Chile: Increase in cost for depreciation in Santiago Poniente Landfill (-0.2 M€) due
to higher volume of tons because of fire Santa Marta Landfill.
Argentina: Severance payments in DELTACOM (-0.3 M€) caused by restructuration
process.
Better performance from Tibitoc (+0.3 M€)
CAPEX Operational deviation @ B-2016 +23.0 M€
Forex: 1.3 M€ @ B-2016
Argentina +1.7 M€, by delay in La Campana project (+1.6M€) , CABA Contract
(+0.4M€) and Latis ERP (+0.3M€). Misiones (-0.3M€)
Brazil +0.3 M€, by delay in Gestion Global contract (+0.7M€). Advance of CAPEX
in Florianopolis landfill (-0.6M€), budgeted for June & July 2016.
Chile +3.4 M€, mainly due to Santiago Poniente Landfill (+2.7M€) and industrial
activity (+0.5 M.€)
Colombia +2.8 M€, by delay in Growth budgeted (+1.5 M€) , Monteria (+0.2 M€),
Valle del Cauca contracts (+1.1 M€).
Ecuador +7.5 M€, by INTERAGUA Contract (+5.6M€) and delay in growth
budgeted (+1.7 M€)
México +7.5 M€: mainly due to Aguascalientes (+1.7 M€), RIMSA (+0.9 M€)
Xalapa (+0.8 M€), Silao (+0.8 M€) , Tuxtla (+0.4M€), El Realito (+0.4M€), and
Biomédicos (+0.4M€).
19,9
15,5
21,0
Op.
Income
A - 15(May) A - 16(May) B- 16 (May)
-22,9
-16,8
-41,2
Capex
A -15(May) A -16(May) B-16 (May)
12. BUSINESS DEVELOPMENT (I)
Latam Zone
Executive Summary: Business development (I)
Brazil
Sao Paulo street cleaning bid. The capital has been divided into 5 zones. Bid to be published on June / July. We will tender to a Zone
with revenues for 36 million € / year; 5 years.
CLE. Proposal for an extension of the current contract (15 years) has been presented offering a 20% discount to be applied
immediately.
Tres Lagoas Fibria contract extension due to the client opening a new plant with double capacity (ROA11 M BRL length 10 years).
Current contract will finish at the end of 2017.
Araçariguama landfill development. All the technical obstacles have been overcome. Now we are waiting for the resolution from
Cetesb ITU.
Tatui waste disposal emergency contract has been signed. 120 K inhabitant close to Ipero (volume 3K T/m)
Vale. Desal project (50 m3/h) in Vitória-ES. Working with VWT Brazil. Bid expected for July.
Petrobras. In preparation of proposal for an oily sludge unit (8.000 Tn/m) in Sao Paulo region.
Refap. Ammonia removal project again in consideration. Bidding expected in June.
Tecab. New proposal submitted for 300 m3/h. Waiting for feedback from Petrobras.
Portobello Gas valorization: in progress
Chile
Marchigue landfill (VI Region). Signed a rental agreement for the construction and operation of a industrial sludge landfill for its first
stage (7.800 t/year). If the project fulfills expectations a second stage (120.000 t/year) is included in the agreement. First stage
characteristics: revenues 0,2 million € / year, CAPEX 0,2 million €, 6 years contract.
CMPC Nacimiento proposal has been delayed. We don’t expect to start operations until beginning 2.017 (This project was included in B-
2016 since July with revenues of 1.2M€) .
Valparaiso refinery. New bidding for O&M for 2 O&M of 2 WWTP units.
Two new contracts of final disposal have been obtained (Padre Hurtado and El Monte. Revenues: 1,5 M€ in 4 years).
Molyb. Molybdenum plant. Offer presented for transportation and disposal of salts. Revenues 1,0 M€ / year. CAPEX 0.4 M€. 4 years
contract.
12
13. BUSINESS DEVELOPMENT (II)
Latam Zone
Executive Summary : Business development (II)
Peru
Cercado de Lima waste management contract. To be launched on July. Preparation of the tender with technical support from other LatAm
countries (Argentina for collection, Chile for street cleaning, Mexico for landfill). Collection and analysis of technical information in
progress.
Trujillo (Sedalib) (north of Peru). Public tender for the commercial management of the public water company. Offer to be presented on
14th June (1,5 million € / t, 3 years)
Hospital waste management (Lima). Presentation of technical studies to the authority (Proinversion). Objective: declaration of viability of
private co-financed initiative next July 2016 (revenues expected 20 million US$ / y, 20 years contract).
EMMSA. 2y contract extension signed in February. We expect to double contact in August with the launch of the new market modules.
Industrial development opportunities in F& B (Ajegroup & Alicorp) and mining (Shougan).
Cajamarca: Bid with short term (2 / 3 years) to operate current landfill and to present a new IP as a co-financed project. Previous project
was cancelled due to MEF rejection. 380K hab. (130 Tn/day).
Industrial development opportunities in F& B (Ajegroup & Alicorp) and mining (Shougan).
Trujillo PetroPerú: Spanish group Ferrovial has decided not to continue with the project. We are waiting for Petroperu changing critical
issues (maximum tariff, maximum delay to begin operations) before deciding about our position on the project.
Mexico
Cydsa / Sisa. Authorization for a pilot test and basic engineering for removing solids from a brine stream in the salt wells at Coatzacoalcos.
WtE project of 3.000 Tn in Mexico City is fulfilling its milestones. Bid to be published on 4th July. Offers to be presented on 10th August.
PEMEX – GWDP (Blackstone´s energy-focused private equity business) bidding process: 10 DBO bids for the refurbishment and O&M (20
years) of the wastewater treatment of 18 PEMEX sites (refineries, gas processing plants and petrochemical complexes). Estimated CAPEX
50/80 M USD each one. Veolia Mexico and VWT Pittsburgh have submitted an application. The first bid (Minatitlan Refinery) is expected
to be launched in April-May.
13
14. BUSINESS DEVELOPMENT (III)
Latam Zone
Executive Summary: : Business development (III)
14
Colombia
Agrocascada. Pacific Rubiales is close to bankruptcy. We are negotiating a very short term (1 year) O&M contract waiting to observe
how the situation develops.
EPM. Constitution of the Asset-Co. 14 possible customers. First offer presented to EPM for the energetic efficiency of their own
building .
Bucaramanga: Operation of waste collection activities on free competition is going to launch. Break point at 50K customers.
Ecopetrol. Offer presented with Asteralis for the handling of pipes with cumulated radioactivity.
Argentina
WTP Punta Lara (ANSA). 800.000 hab. 120.000 m3/d. Overhauling of a 60 years old WTP. CAPEX of 30 million €. OPEX of 10 million €
/year. The bid is to be published on July as a DBO (2 years for the works and 10 years for the operations).
Zarate/Campana. Pending of authorization from new municipal responsibles.
Veolia Energia. Emerson has decided to quit Argentina and has appointed us as their representativies for their products.
Neuquen. Negotiations with Neuquen municipality for an industrial / domestic water treatment plant.
Ecuador
Ajegrupo : BOT proposal submitted to the client.
Petroecuador. Pending DBO due to the oil sector crisis.
Manta: after Earthquake it is necessary to refocus the commercial strategy.
15. 15
Latam Zone - May 2016
Risks & Opportunities
Argentina
BBAA : tariff update , invoice of certain additional services rendered and client debt recovery.
Zarate Landfill develop: Incertitude regarding when we will have the operation license (ROA B-16 1M€)
Energy services commercial performance.
Brazil
Barueri 2015 client debt recovery (4M€) adjusted in F1. Agreement signed by 6.6M BRL (1.6M€) of which 50% collected in May.
Extension CLE project. Negotiation with Arcelor Mittal in progress. If positive, we’d have to do a credit note to the client (2.4M€)
Pedreira has been closed at May 31st and it will be integrated in financial statement since June while F1 expected July.
Colombia
Loss of Chicamocha waste collection contract in Bucaramanga (Colombia) and new project to develop waste services under competition.
Take control in 2 water contract currently consolidated in equity method: Tibitoc & S. Andres.
Valle del Cauca: Debt not recovered in “Buenaventura” and increase Capex in renewal contracts.
Chile
Increase volume in Santiago Poniente requires to be successful in next tenders (Maipu)
Performance commercial waste collection due to poor activity and continuous management changes.
We have been succeed in Rancagua waste collection contract tender. The new signed contract has a greater scope than budgeted.
Ecuador
5 year tariff review has been eliminated avoiding a significant risk on budget.
A energy price reduction has a negative impact on ordinary tariff review
Political issues in electoral year are complicated. We have received threats about environmental pollution responsibility
Earthquake effect: Tax Extraordinary measures adopted by Goverment to finance damages
Mexico
Client debt recovery. Action Plan in CAASA to reduce percentage of bad debt. Some agreement could be achieved with Municipalities
Industrial activity, mainly in hazardous waste remains uncertain.
16. Global Overview
– Others Performance indicators
– Capex
– Operating Working Capital
– Ageing Balance & DSO
– Net Financial Debt
– Capital employed & ROCE
17. Performance Indicators:
Revenue (Activity & BU)
17
73% ROA in @A-2016 in three countries:
Argentina, Ecuador and Mexico.
Waste contracts are the 54% of total Zone
revenues.
Energy services contracts 100% located in
Argentina.
Strong negative impact due to FX (-23.3 M€),
mainly Argentina (-13.5 M€), Mexico (-6.1 M€)
and Ecuador (-2.2 M€).
Revenue per Activity
103,5 93,5 108,4
157,1
123,6
138,9
12,9
11,3
13,8
0
50
100
150
200
250
300
A - 15 (May) A - 16 (May) B - 16 (May)
Revenue per BU
72,9
56,0 67,2
60,7
54,9
61,8
61,8
56,0
66,5
36,1
29,4
28,2
24,2
18,6
24,1
11,0
11,6
11,5
7,0
1,9
1,7
0
50
100
150
200
250
300
A - 15 (May) A - 16 (May) B - 16 (May)
Others
CHI
COL
BRA
ECU
MEX
ARG
94 M€; 41%
124 M€; 54%
11 M€; 5%
% Revenue / Activity
18. Performance Indicators per Activity:
Profitability ratio (%ebitda/revenue)
18
74.3 % EBITDA in @A2016 (26.6 M€) is located in three countries:
Ecuador 11.9 M€
Mexico 8.2 M€
Brazil 6.5 M€
Strong impact of bad debt provision, due to collections problems
in Mexico: Tuxla contract (-2.8 M€), Aguascalientes (-0,8M€) and
Puerto Vallarta (-0.7 M€)
21,8 17,1 19,7
21,0% 18,3%
18,2%
A - 15 (May) A - 16 (May) B - 16 (May)
% WATER
23,0 18,9 23,4
14,6%
15,3% 16,8%
A - 15 (May) A - 16 (May) B - 16 (May)
% WASTE
0,9
-0,3
0,1
6,9%
-2,6%
0,5%
A - 15 (May) A - 16 (May) B - 16 (May)
% ENERGY
Ebitda per BU
12,5
8,2
12,7
13,9
11,9
13,3
6,6
4,4
5,1
5,7
4,4
5,2
6,4
6,5
5,8
1,9
2,4
1,9
0
5
10
15
20
25
30
35
40
45
50
A - 15 (May) A - 16 (May) B - 16 (May)
CHI
BRA
COL
ARG
ECU
MEX
19. Performance Indicators per BU:
Profitability ratio (%ebitda/revenue)
19
6,6
4,4 5,1
9,0%
7,9% 7,6%
A - 15 (May) A - 16 (May) B - 16 (May)
ARG
6,4 6,5 5,8
17,8%
22,2%
20,7%
A - 15 (May) A - 16 (May) B - 16 (May)
BRA
1,9 2,4 1,9
17,0%
20,3%
16,1%
A - 15 (May) A - 16 (May) B - 16 (May)
CHI
5,7
4,4 5,2
23,5% 23,4%
21,6%
A - 15 (May) A - 16 (May) B - 16 (May)
COL
13,9
11,9
13,3
22,5%
21,2%
20,0%
A - 15 (May) A - 16 (May) B - 16 (May)
ECU
12,5
8,2
12,7
20,5%
15,0%
20,6%
A - 15 (May) A - 16 (May) B - 16 (May)
MEX
20. Performance Indicators:
Cash Indicators & Balance Indicators
20
Capital Employed
609,4
573,1
605,5
550
560
570
580
590
600
610
620
A - 15 A - 16 B - 16
Net Financial Debt
205,9
231,3
239,8
180
190
200
210
220
230
240
250
A - 15 A - 16 B - 16
Operating WK
86,8 88,8
71,7
0
10
20
30
40
50
60
70
80
90
100
A - 15 A - 16 B - 16
Simplified Free Cash-flow
8,0
3,0
42,3
0
5
10
15
20
25
30
35
40
45
A - 15 A - 16 B - 16
Change in Operating WK
-15,1
-16,1
-9,2
-18
-16
-14
-12
-10
-8
-6
-4
-2
0
A - 15 A - 16 B - 16
22. Latam Zone
OPERATING Working capital
22
ARG: (-3.7M€) Decrease in trade receivables in Avellaneda (+1.9 M€: liquidation of 2015 tariff update remaining invoice) and
U.T.E. Dalkia - Lanusse Salud (+0.4 M€: payment with C.A.B.A. bonds). Payment of dismissal compensations (-5.4 M€) and
liquidation of social security and taxes (-1 M€) in Avellaneda after the end of contract. The Mar’16 trade receivables reduction in
Lamcef (payment received in Buenos Aires Province bonds) was compensated due current trade receivables increase Mar’16-
May’16 (0 M€ net effect). Other minor variations (+0.4 M€).
BRA: (-2.8 M€) VSA: Decrease in trade receivables due to CLE contract payment (+1.4 M€), decrease in trade payables (-1.3 M€).
PMA Brazil: Increase in trade receivables because of Barueri non-payment (-0.4 M€), increase in tax receivables (-0.4 M€) and
decrease in trade payables (-1.9 M€). Other minor variations (-0.2 M€).
CHI: (-2.1 M€) Increase in trade receivables (-1.2 M€) in PSU/Santiago Poniente due to rise in waste disposals as a result of
competitor landfill difficulties and increase in capacity. Decrease in intercompany payables to PMA Madrid from PMA Chile (-0.8
M€). Other minor variations (-0.1 M€).
ECU: (-7 M€) Increase in trade payables (+2.3 M€) due to maintenance works in water/sewerage networks. Increase in inventories
(-1.7M€: pipes and meter boxes). Increase in trade receivables due to bill collection worsening (-3 M€). Decrease in salaries due
to PTU (-3.1 M€). Decrease in intercompany payables to SADE and PMA Madrid (-1.5 M€).
MEX: (-1.3 M€): Trade receivables: Aguascalientes (-2.4 M€: due to 2015 Water Law), SETASA (-2.2 M€: Nuevo Laredo, Guadalupe
and Juarez bills non-paid), MMA (-1.4 M€: Querétaro, Veracruz an Morelia bills non-paid) Puerto Vallarta (-1.1 M€ Municipality
bills non-paid). Increase in Aguascalientes impairment (+2 M€) and Tuxtla (+2 M€, 2015 municipality non-paid bills). Increase in
tax payables due to VAT regularization process in SETASA (+1.9 M€). Other slight variations (-0.1 M€).
PER: (-0.9 M€): Decrease in intercompany payables to PMA Madrid due to debt conversion in equity.
Zone (Madrid) (+1.7 M€): Debt from BU´s relating to Interco´s.
in millions of euros
Operating
WC
Trade
receivables
Trade
payables
Inventories
ACTUAL - 2015.12 76,7 217,2 154,9 14,4
Activity 22,5 20,4 1,7 3,7
Impairment -6,4 -6,4 0,0 0,0
Scope 0,0 0,0 0,0 0,0
Forex -4,1 -11,5 -7,8 -0,3
Other flows 0,1 0,1 0,1 0,1
ACTUAL - 2016.05 88,8 219,7 148,8 17,9
Variance 12,1 2,6 -6,0 3,5
Cash flow in (+) / out (-) -16,1 -14,0 1,7 -3,7
in millions of
euros
Operating WC Trade receivables Trade payables Inventories
Argentina -3,7 -0,3 -2,9 -0,5
Brazil -2,8 -0,6 -2,2 0,1
Chile -2,0 -1,3 -0,7 0,0
Colombia 0,0 0,5 0,0 -0,5
Ecuador -7,1 -4,1 -1,3 -1,7
Mexico -1,3 -8,1 7,8 -1,0
Peru -0,9 0,0 -0,8 -0,1
Resto 1,7 -0,1 1,8 0,0
TOTAL LATAM -16,1 -14,0 1,7 -3,7
56. Bridge Revenue (A 16 – A 15)
56
273,6
0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0
0,0
228,4
- 60,9
- 0,0
- 0,0
- 0,0 - 0,5 - 5,8
- 0,0
- 0,8 - 4,1
- 0,0
0,0
18,8 1,5 2,0 0,0
0,0
4,5
0,0
0,0
0,0
-
50
100
150
200
250
300
A - 15 FOREX ARG BRA CHI COL ECU MEX PER VEN SPAIN &
OTHERS
A - 16
Forex depreciation in Latam : -60.9 M€
Advancement in tariff update and higher
price in BBAA Contract (+11.8 M€), Dalkia
(+4.4 M€), and Industrial activity (+3.2 M€)
Aguascalientes (+3.0 M€), mainly due to
higher water production by extension service
(21h/day instead of 16h/day) (+2.2 M€)
Increase volume of tons received in Santiago
Poniente due to the fire in Santa Marta
landfill (+1.9 M€)
Update tariff and increase volume in Clé
contract (+1.7 M€)
Higher volume (+0.6 M€) and update tariff
(+0.7 M€) in Florianopolis contract
New projects in Peru (+1.3 M€): Milpo (+0.6
M€), EMMSA (+0.6 M€) and Emmsa II (+0.2
M€).
Decrease services in Barueri contract (-
1.7M€)
Loss Contracts:
- COL: Chicamocha (-1.9M€) &
Buenaventura Contract (-0.8 M€)
- -PER: Huachipa (-1.5 M€) & Siac Procom
contract (-1.9 M€)
- ARG: Avellaneda (-6.0 M€)
- I12 Interagua Contract (-4.8 M€)
57. Bridge Revenue (A 16 – B 16)
57
0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0
0,0
0,0 0,0 0,0 0,0
228,4
- 23,3
- 0,0 - 0,0 - 0,0
- 0,0
- 0,0
- 0,0 - 0,4 - 0,5 - 0,5 - 0,7 - 0,9 - 1,1 - 1,2 - 1,6 - 1,7 - 7,5
- 0,0
2,2 1,7 1,5 0,9 0,7 0,5 0,0 0,0 0,0 0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
-
50
100
150
200
250
Forex depreciation in Latam: -23.3 M€
Advancement tariff in CABA contract (+3.4
M€)
Higher water production by extension service
(21h/day instead of 16h/day) (+1.2 M€) &
updating tariff in Aguascalientes contract
(+0.7M€).
Increase volume of tons received in Santiago
Poniente due to the fire in Santa Marta
landfill (+1.5 M€)
New contracts in Brazil: Aguas de Palhoça
(+0.5M€) & Peru: EMMSA (0.2 M€) and
EMMSA II (+0.5M€)
Loss Avellaneda contract on 18th January,
instead of 31 st January budgeted (-0.5 M€)
Growth budgeted non made in Ecuador (-
0.7M€)
Decrease services in Barueri contract (-1.1M€)
Delay grothw budgeted in Colombia: Water (-
1.4 M€) & Waste (-0.3 M€)
Loss Chicamocha contract in A2015 non
budgeted (-1.6 M€)
Worst performance RIMSA (-1.2 M€)
Interagua contract (-7.5 M€), mainly by I12
impact @B2016 (-3.3 M€) & increase credit
note (-3.3 M€)
58. Latam Zone – May 2016
KFI Split by Activity
58
FX Rate
TOTAL WATER WASTE ENERGY
Key financial indicators of P&L
Revenue 228,4 93,5 123,6 11,3
EBITDA excluding Management Fees, Trade Mark and Know how A 39,4 18,3 21,4 -0,3
EBITDA 35,7 17,1 18,9 -0,3
EBITDA Margin (%) 15,63% 18,29% 15,27% -2,57%
Current EBIT 15,7 7,6 8,4 -0,3
of which Share of net income (loss) of JV and associates 1,0 1,0 0,0
Other operating revenue and expenses (*) -0,2 -0,2
Operating income 15,5 7,6 8,2 -0,3
Op Income Margin (%) 6,77% 8,08% 6,63% -2,50%
Key financial indicators of Change in NFD
Industrial Investments -16,8 -7,5 -9,1 -0,2
Industrial Disposals 0,2 0,0 0,2 0,0
Net industrial investments B -16,6 -7,5 -8,9 -0,2
Net industrial investments / EBITDA (%) -46,57% -43,82% -47,34% 65,51%
Change in operating working capital (net) C -16,1 -10,4 -6,4 0,7
Simplified Free cash flow = A + B + C 3,0 -0,8 3,6 0,2
Financial investments (incl. newly consolidated affiliates) -2,6 1,0 -3,0 -0,5
Financial Disposals (incl. deconsolidation of affiliates) 1,5 -0,1 1,5
Net Financial Investments -1,1 0,9 -1,5 -0,5
Key financial indicators of Management Balance Sheet
Operating working capital 88,8 31,6 57,1 0,0
DSO 101 436
Capital Employed (incl. OFA) - end of period 573,1 348,4 224,1 0,6
NFD 231,3 52,4 178,0 0,9
ROCE calculation
Average Capital employed (incl. OFA)
ROCE before tax
SG&A analysis
SG&A Expenses excluding MFees, Trade Mark and Know how -19,9 -6,9 -11,3 -1,7
Management Fees, Trade Mark and Know how -3,7 -1,2 -2,5
SG&A excluding MFees, Trade Mark and Know how / Revenue (%) -8,72% -7,36% -9,18% -15,04%
Staff costs analysis
Staff Costs (COS + SG&A) -64,1 -16,9 -42,6 -4,6
Average FTE 1.575 0 1.139 436
KEY FINANCIAL INDICATORS
Year To Date