Investor Presentaiton
TMK - Superior Earnings Resilience Through the Cycle
Competitor 1
TMK
TMK
Competitor 2
3,871
3,784
3,989
3,828
3,458
1,461
1,113
1,246
1,177
2,633
3,571
2,618 877
1,046
3,271
671
2,364
Total
2,256
2,291
1,404
605
pipes sales
1,990
355
461
1,389
1,411
1,281
volume(a)
2,410
2,412
2,671
2,743
2,651
355
2,694 2,600
2,028
2,157
278
872
1,635
(ths. tonnes)
1,049
1,111
T
2015
2016
2017
2018
2019
1H20
2015
2016
■ Seamless = Welded
2017
■ Seamless
2018
2019
1H20
2015
2016
2017
2018
2019
1H20
Welded
■ Total sales
Adjusted
16%
16%
14%
14%
14%
15%
18%
18%
20%
19%
14%
11%
8%
EBITDA
7%
margin(a,b), %
3.8%
0.1%
2015
2016
2017
2018
2019
1H20
2015
2016
2017
2018
2019
1H20
(2%)
(7%)
2015
2016
2017
2018
2019
1H20
Cash
conversion(a,c)
77%
74%
68%
67%
61%
68%
70%
61%
66%
54%
43%
41%
n.m.
7%
0%
n.m.
n.m.
2015
2016
2017
2018
2019
1H20
2015
2016
2017
2018
2019
1H20
2015
(32%)
2016
2017
2018
2019
1H20
Source: Companies' public reporting
Note: Competitor 1, Competitor 2 are top three global pipe producers
(a) TMK results include TMK-IPSCO up to 2019
TMK
(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
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