2015 Results Coemac Relevant works where our solutions have

2015 Results Coemac Relevant works where our solutions have

2016 Annual General Meeting
President & CEO
Javier González Ochoa
Economic climate
Spain leads Eurozone recovery
Negative interest rates
EBC expansionary monetary
policy
High unemployment rate
Public and private indebtedness
Highest growth in Eurozone
(GDP 2015: 3,2%)
Weakness of the Euro
Oil price
Page nº 2
Growth slowdown
forecasted for GDP 2016
(Bank of Spain): +2,7%
Economic climate
Building activity grew strongly, unlike civil works
 Annual variation 2015 vs 2014 of the construction segments in Spain
42.5%
29.6%
11.5%
-27.3%
New
Residential
New non
residential
Source: Ministry of Public Works, SEOPAN
Page nº 3
Renovation
Civil works
-21.6%
Hydraulic
civil works
Economic climate
New Residential has been the main growth segment
 Building permits for new residential in Spain
-14.6%
+42.5%
-43.6%
78,286
-22.4%
+1.7%
49,695
44,162
2011
Source: Ministry of Public Works
Page nº 4
2012
34,288
34,873
2013
2014
2015
2015 Results Coemac
2015 has supposed a turning point for Coemac
Change of company name and brand
Reduction of nearly all financial debt
following the divestment of the tiles
business and loss of control of
insulation business
Consolidation of market growth and
return to profitability in business
Page nº 5
-363,5
million euros
+127%
EBITDA growth
2015 Results Coemac
Improved result and balance sheet restructure
In million euros
2015
2014
Variation
129.7
120.8
+7.4%
8.4
3.7
+126.8%
6.5%
3.1%
+3.4 pp
-76.0
-118.4
+35.8%
Continued
activities (1)
-68.9
-57.8
-19.1%
Discontinued
activities (2)
-4.5
-74.8
+94.0%
Minority
-2.6
14.2
-118.5%
Debt financial debt
1.5
365.0
-363.5
Sales
EBITDA
% over sales
Net Result
(1) 2015
figure includes atypical effects of provisions and restructuring of -53.9 million euros
(2) Insulation and Tiles businesses
Page nº 6
2015 Results Coemac
Sales by business line
In million euros
+7.4%
129.7
+4.1
120.8
2014
Total 2015
Page nº 7
+0.2
+4.6
+6.3%
+8.2%
-9.0%
Gypsum
Piping
systems
Corporate
& Adjustm.
77.7
54.6
-2.6
2015
2015 Results Coemac
Sales by region
In million euros
+7.4%
-0.7
129.7
+4.4
120.8
2014
Total 2015
Page nº 8
+5.2
+5.6%
+23.5%
-6.9%
Spain
Europe
Other regions
97.6
23.1
9.0
2015
2015 Results Coemac
Profitability improvement
In million euros
 Evolution of Ebitda and Ebitda Margin (%)
 Growth in both business
lines
 Improved industrial and
commercial efficiency
8.4
+127%
+ 3.4 pp
3.7
Page nº 9
3.1%
6.5%
2014
2015
2015 Results Coemac
Financial management
In million euros
 Evolution of net financial debt
365.0
 Insulation business
disinvestment
 Control of working capital
 Operating cash flow
improvement
-363.5
MM€
1.5
2014
Page nº 10
2015
2015 Results Coemac
Relevant works where our solutions have been chosen
Cádiz bridge
Adequa Sanecor® system
Page nº 11
2015 Results Coemac
Relevant works where our solutions have been chosen
BBVA Headquarters in Madrid
Soundproof system Adequa AR®
Page nº 12
2015 Results Coemac
Relevant works where our solutions have been chosen
Pompidou Museum in Málaga
Pladur® Solutions
Page nº 13
2015 Results Coemac
Relevant works where our solutions have been chosen
Iberdrola Tower in Bilbao
Algíss® Solutions
Page nº 14
2015 Results Coemac
In 2015 we continued with the execution of the business strategy
Differentiated
solutions
•
•
International
diversification
New ceilings Pladur®
FON+
Special gypsums for
renovation Algíss
Cristal®
•
Multiconnection for
Soundproof system
Adequa AR®
•
New Adequa® channels
for floor drainage
Page nº 15
Efficiency in
operations
•
Operation
management by
markets
•
Improved service
level
•
Growth in online
sales channel
•
Increased
productivity
43
+
x2
20
Countries with
commercial
presence
+
2015 Results Coemac
Share performance
2015
2016
220
200
IBEX-35
-7.2%
180
160
140
120
100
80
Coemac
-10.5%
60
COEMAC
Page nº 16
IBEX-35
2015 Results Coemac
Significant increase in volume traded in 2015 and 2016
In million euros
 2012-2015 Evolution of the average daily trading
618
x2
300
100
107
2013
2014
x3
35
2012
Source: Madrid Stock Market
Page nº 17
2015
1T 2016
Outlook
2016 will be determined by the following aspects
• Uncertainty in the domestic market
• Advances in export
• Increased profitability
• Significant improvement in Net Result
Page nº 18
Outlook
Macroeconomic indicators
 Annual variation of G.D.P. and contribution of construction in Spain
2014
2015
2016F
2017F
1.4%
3.2%
2.8%
2.1%
-0.1%
3.7%
3.8%
0.2%
1.1%
1.3%
1.4%
0.9%
1.5%
1.6%
1.7%
Source: Caixabank Research (April 2016)
Page nº 19
5.3%
Advance 2016
First quarter results
1Q 2016
1Q 2015
Variation
Sales
33,8
32,9
+3,0%
EBITDA
2,6
1,9
+36,2%
7,7%
5,8%
+1,9 pp
-1,7
-18,9
+91,3%
-1,1
-5,0
+78,8%
-
-13,3
n/a
Minority
-0,6
-0,7
+14,0%
Debt financial debt
1,0
363,5
-362,5
% over sales
Net Result
Continued
activities
Discontinued
activities (1)
(1)
In million euros
Insulation and Tiles businesses
Page nº 20
Outlook
Profitable growth
In million euros
Real
Strategic goals 2016-18
~180
139.7
122.3
1.4
129.7
120.8
3.7
-2.3
2012
2013
2014

8.4
2015
Sales
Page nº 21
~145
EBITDA
~20
~13
2016
…
2018
Future challenges
“This is the moment to begin to return to our people and to our
shareholders part of the value that has been lost along the way
over the last few years”
• Period of growth and investment
• Meeting the Strategic Plan goals
• Recover the value
Page nº 22
Corporate reorganisation
Page nº 23
Current corporate structure
Corporación
Empresarial de
Materiales de
Construcción, S.A.
100%
10%
URSA Insulation
Holding BV
ATC 2015, S.A.
59%
Gypsum business
Page nº 24
100%
100%
Fibrocementos NT,
S.A.
Coemac Iberia, S.L.
100%
Piping systems
business
Background
• Restructure undertook and the negative results of the loss of control of
insulation business generated a situation of assets imbalance in the individual
balance of Corporación Empresarial de Materiales de Construcción, S.A.
(Coemac, S.A.)
• Equity shown in the individual balance Coemac, S.A. at December 31, 2015 was
negative amounting to 93,324 thousand euros
• This fact was reported by the group in the 2H 2015 report (February 29, 2016)
• In this situation, the individual company would be in grounds for dissolution
(Audit Report 2015 , Deloitte, March 31, 2016)
Page nº 25
Corporate restructuring measures proposed by the Board of Directors
1. Capital reduction in Coemac, S.A.
‒
Capital reduction by losses in Corporación Empresaria del Materiales de Construcción, S.A.
‒
Amount of the reduction140.224.862,97 euros
‒
Share capital of 142,199,861.04 euros goes to 1,974,998.07 euros
‒
Reduction of the nominal value of shares from 72 cents to 1 euro cent
2. Segregation of Coemac, S.A. activity in favor of its wholly-owned subsidiary
Coemac Building Materials , S.L.
3. Merger by acquisition of Fibrocementos NT, S.A. and Coemac Iberia, S.L. by
Coemac , S.A.
4. Corporate reorganization , that is, the contribution of the shares of Yesos Ibéricos,
S.A. , ATC 2015, S.A. and Adequa WS , S.L. to Coemac Building Materials , S.L.
Page nº 26
Corporate structure after the proposed reorganisation
Corporación
Empresarial de
Materiales de
Construcción, S.A.
10%
URSA Insulation
Holding BV
100%
100%
Adequa Water
Solutions, S.A.
COEMAC Building
Materials, S.L.
59%
Gypsum business
Page nº 27
100%
Piping systems
business
100%
ATC 2015, S.A.
What effects will have these measures have?
 The capital reduction and reorganization measures will have no effect on the
consolidated equity of the Group
 The consolidated book value of the shares of the Company will not be modified
 There will be no dilution to shareholders, the participation rate in the Social
Capital of Coemac is not reduced
 The asset balance is restored in the legal term
 More efficient corporate structure
Page nº 28
Speaking time
Page nº 29
Voting on resolutions
Page nº 30
Proposed resolutions (1 of 2)
1. Review and approval of the individual financial statements 2015
2. Review and approval of the proposed allocation of 2015 result
3. Review and approval of the consolidated group financial statements 2015
4. Approval of Directors management of the company
5. Re-election of the Auditor for 2016
6. Annual Compensation Report of the Board of Directors
7. Board remuneration for the financial year 2016
Page nº 31
Proposed resolutions (2 of 2)
8. Reduction of capital for losses
9. Ratification of Director appointed by cooptation
10. Modifications of the Regulations of the Board
11. Corporate reorganization of the Coemac Group
12. Segregation Coemac, S.A. in favor of its subsidiary Coemac Building Materials, S.L.
13. Merger by acquisition of Fibrocementos of NT, S.A. and Coemac Iberia, S.L. by
Corporación Empresarial de Materiales de Construcción, S.A.
14. Authorization for the acquisition of own shares
15. Delegation of powers to formalize the resolutions adopted by the General
Meeting
Page nº 32
Thank you for your attention
2016 Annual General Meeting
Disclaimer
This document contains information prepared internally and coming from different sources as well as future
forecasts relative to the financial situation, results from operations, business and strategies of Coemac.
Those statements are based on a number of assumptions which ultimately might not be accurate, and are
subject to risk factors of a financial, commercial, market, regulatory or generally economic nature, on which only
estimates may be made.
Consequently, the analysts and investors should suitably assess the information provided. Coemac has no
obligation in respect of updating the information contained herein and its publication, whether resulting from
the appearance of new information, new events or for any other reason.
Page nº 34