Investor Presentaiton
TMK
vallourec
TMK - Superior Earnings Resilience Through the Cycle
M
Tenaris
4 288
4 402
3 871
3 781
3 458
3 661
3 675
1 866
1 842
2 987
1 461
1 113
1 049
885
1 046
2 633
Total
pipes sales
volume
2 422 2 560 2 410 2 412
2 668
(ths. tonnes)
----------------
981
605
1 990
355
2 618
461
2 624
2 323
2 159
2 256
630
1 670
1411
1 281
2 612
2 790
2006
2 028
2 157
1 994
1 635
Adjusted
EBITDA
margin(a), %
Cash
conversion (b)
T
2013
2014 2015 2016 2017
9M 18
2013
2014
2015
2016 2017
9M 18
2013
2014
■Seamless Welded
■Seamless Welded
2015 2016
■Total sales
2017
9M 18
15%
16% 16%
14%
14%
14%
26%
26%
20%
18%
18%
16%
15%
14%
2%
0,1%
2013 2014
2015
2016 2017
9M 18
2013
2014 2015 2016
2017
9M 18
(2%)
(7%)
2013 2014 2015 2016
2017
9M 18
60%
65%
68%
67%
61%
64%
73%
60%
2013
2014
2015 2016
2017
9M 18
Source: Companies' public reporting
75%
55%
41%
38%
7%
n.m.
n.m.
n.m.
(51%)
(32%)
2013
2014
2015 2016
2017
9M 18
2013
2014
2015 2016 2017
9M 18
Note: (a) 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
(b) Calculated as (Adjusted EBITDA - Capex) / Adjusted EBITDA
7View entire presentation