Investor Presentaiton
TMK - Superior Earnings Resilience Through the Cycle
TMK
TMK
Tenaris
vallourec
3 871
3 989
3 784
3 828
3 458
3,571
3,271
1 461
1 113
1 246
1 177
2,633
2,618
877
1 046
671
2,364
2,256
2,291
Total
605
1,990
461
pipes sales
355
1,411
1,281
volume(a)
2410
2412
2 671
2 743
2 651
714
2,694
2,600
835
2,028
2,157
450
(ths. tonnes)
188
1,635
170
526
665
T
2015
2016
2017
2018
2019
1Q20
2015
2016
2017
2018
2019
1Q20
2015
2016
2017
2018
2019
1Q20
■ Seamless = Welded
■Seamless ■ Welded
■ Total sales
16%
16%
14%
14%
14%
16%
18%
18%
20%
19%
14%
16%
Adjusted
EBITDA
margin(a,b), %
8%
8%
3.8%
0.1%
2015
2016
2017
2018
2019
1Q20
2015
2016
2017
2018
2019
1Q20
(2%)
(7%)
2015
2016
2017
2018
2019
1Q20
Cash
conversion(a,c)
68%
67%
68%
61%
64%
61%
77%
74%
76%
41%
7%
n.m.
0%
n.m.
n.m.
54%
54%
2015
2016
2017
2018
2019
1Q20
2015
(32%)
2016
2017
2018
2019
1Q20
2015
2016
2017
2018
2019
1Q20
Source: Companies' public reporting
Note: (a) TMK results in 2015-2019 include TMK-IPSCO. Since the beginning of January 2020 TMK-IPSCO was deconsolidated.
(b) Adjusted EBITDA for TMK represents profit/(loss) for the period excluding finance costs and finance income, income tax (benefit)/expense, depreciation and amortisation, foreign exchange (gain)/loss, impairment/ (reversal of impairment) of non-current assets, movements in
allowances and provisions (except for provisions for bonuses), (gain)/loss on disposal of property, plant and equipment, (gain)/loss on changes in fair value of financial instruments, share of (profit)/loss of associates and other non-cash, non-recurring and unusual items
(c) Calculated as (Adjusted EBITDA - Capex) / Adjusted EBITDA
TMK
6View entire presentation