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North America
OL NCJ1nwovens
Q4- 2013 Financial Results Analysts Conference Call
March 2014
- -
AVGOL Nonwovens
Financial Results Analysts Conference Call
This presentation is based on the Company financial reports There is no data in this presentation that isnrsquot presented in the public financial reports If there is any discrepancy between this presentation and the data in the financial report thatwas issued to the Israeli SEC and the TASE the valid data is the one which appears in theformal reports
This presentation is provided for information and as a matter of record only It does not constitute an offer to sell or a solicitation of an offer to buy or sell securities or other financialinstruments in any jurisdiction or any advice or recommendation with respect to such securities or other financial instruments of the company
1
AVGOL Nonwovens
Analysts Conference Call Agenda
bull Key Highlights
bull Financial highlights
bull Revenue Breakdown
bull COGS Breakdown
bull Cash Flow
bull Balance Sheet
2
- -
AVGOL Nonwovens
Analysts Conference Call Presentation Team
Mr Michael Teacher
Chairman
Mr Shachar Rachim
CFO Interim CEO
3
- -
AVGOL Nonwovens
Analysts Conference Call Financial Highlights USD Million
Q4 2013 Q4 2012 2013 2012
Q4 FY
Revenue net 896 145 783 3426 9 3151
Gross Profit
EBIT
Net Profit
EBITDA
168 187
96 108
60 67
154 172
147
306
642
158
146 187
74 94
36 46
133 170
575 168
334 97
166 49
557 163
‐9
‐10
‐24
‐3
631 200
373 118
219 70 573
182
31‐12‐13 31‐12‐12
Total Assets Net Debt Net Debt Total Assets Net DebtEBITDA
4418 1645 372 295
5 10
4224 1491 353 260
Companyrsquos Net Profit before allocation to majority and minority shareholders
4
SalesCapital Employed Ratio
113x 118x
102x
0 099x
063x 059x 064x 064x
2009 2010 2011 2012
- Avgol - Pegas - Providencia
bull PGI - SalesCE ratio at 279 (2010) 257 (2011) 209 (2012) 207 ( 9M2013)
164
137
ROCE 172
-47
- Avgol - Pegas - Providencia - PGI
107x
101
072
2013
1299 1049
Ill gt z Ill gt
74 Ill
0
If
2013
Net DebtEBITDA
387 375 387
378
340 25 281
262
131
2009 2010 2011 2012 2013 - Avgol - Pegas - Providencia - PGI
EBITDA from Revenue 316
208 20 0 193
203
179 181 14
130 119 112 mr--~-----~~~~~~----middot 163 114
2009 2010 2011 2012 2013
- Avgol - Pegas - Providencia - PGI
AVGOL Nonwovens
Analysts Conference Call
PGI data ndash base ( except EBITDA )on Q3-13
This presentation is based on the Companyrsquos financial reports If there is any discrepancy between this presentation and the data in the financial reports the valid data is the one which appears in the formal reports of the companies Financial Results Currency translated by Avgol to USD - PEGAS in EUR PROVIDENCIA in BRL and there might be foreign exchange translation impacts
5
- -
-
I I
AVGOL Nonwovens
Analysts Conference Call Investments amp Net Debt
bull Net Debt EBITDA ratio increased to
295 during Q413 ( vs 260 in Q413)
bull The company initiate its investment in
new line at Russia Till now we already
paid approximately USD216M 25
27
29
31
33
35
37
39
41
43
125
130
135
140
145
150
155
160
165
170
175
Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
Net Debt Net debt to Asset
6
- -
AVGOL Nonwovens
Analysts Conference Call Key Highlights
Financial 2013 annual
Revenues in 2013 totaled approximately USD 3426 million growth of about 87 compared to 2012
Volumes sold during 2013 were higher than in 2012 due to the increase in production capacities in China and the United States
The gross profit margin however declined to 168 from 200 largely due to the effects of the fixed costs including depreciation charge on the new lines which was not yet balanced by higher sales
Consolidated EBITDA in 2013 totaled approximately USD 557 million (USD 571 million in 2012)
Operating cash-flow for the year totaled approximately USD 342 with a year end cash balance of USD 481 million
7
AV(iOL No 1wovens
8
Analysts Conference Call Key Highlights
Financial Q4 2013
Avgolrsquos revenues during the fourth quarter totaled approximately USD 896 million growth of about 145 compared to revenues totaling approximately USD 783 million during the corresponding period last year
The gross profit during the fourth quarter of 2013 totaled approximately USD 168 million constituting about 187 out of the total income compared to gross profit of approximately USD 146 million during the corresponding quarter in 2012
Operating profit during the fourth quarter of 2013 totaled approximately USD 96 million compared to operating profit of approximately USD 74 million during the corresponding period last year The increase in operating profit during the fourth quarter of 2013 compared to the corresponding period last year derived mainly from the increase in the quantities sold and from the higher output in China
Net financing expenses during the fourth quarter of 2013 totaled approximately USD 16 million which is similar to the level of expenses during the corresponding quarter in 2012 During the quarter the Company generated gains from exchange-rate differentials mainly due to the USD-EUR exchange rates
AVli L Nonwovens
9
Analysts Conference Call Key Highlights
Market amp Business The company is continuing to work intensively to address the operational issues in
US it is channeling considerable managerial efforts towards improving operating efficiency The company assume to have ongoing volatility in the process before being confident to declare that the operating issues are fully addressed
Demand for the Companyrsquos products continues to be robust and the company is confident that the focus on meeting the requisite operating efficiency targets will enable the Company to satisfy customer demand
Sales in China during the fourth quarter continued to show growth but there is not yet full utilization of the production capacity of all three lines at the plant At this stage the company is continuing to support the demands of the United States and Russian operations from the plant in China although this does involve an additional logistics cost
The construction of the infrastructure for the new production line in Russia is underway Customer demand in Russia continues to be robust and in order to sustain its positioning as a market leader in this territory the Company is supporting the supply of fabric to the Russian market from the Grouprsquos other plants
bull bull bull bull bull bull
bull bull bull bull bull
bull
AVGOL Nonwovens
Analysts Conference Call Cost of Goods Sold (COGS)
74
7
6
3 2 8
2013 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
74
7
6
3 2
8 2012 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
Source Company Financial Reports
10
- -
bull
AVGOL Nonwovens
Analysts Conference Call Profit Development
‐
50
100
150
200
250
Q1 ‐ 08
Q2 ‐ 08
Q3‐08
Q4‐08
Q1 ‐ 09
Q2 ‐ 09
Q3‐09
Q4‐09
Q1 ‐ 10
Q2 ‐ 10
Q3‐10
Q4‐10
Q1‐11
Q2‐11
Q3‐11
Q4‐11
Q1‐12
Q2‐12
Q3‐12
Q4‐12
Q1‐13
Q2‐13
Q3‐13
Q4‐13
USD 000
Gross Profit amp Operating Profit development
Gross EBIT
Source Company Financial Reports
11
byopera ac s
Net cash provided by operating activities
eq me I
Netcas h used for investment activities
Net cas h prov ided by (used for ) financ ing activities
Increase (decrease ) in cash and cash equivalents
led
esiee
Balance of cash and cash equivalents at the begiming of the year
Effect of e_xchange rate d ifferences on cash balances held in foreign currency
BaJance of cash and cash equivalents at the end of the year
For the year ended DeoembM 31 2013 2012 2011 USO USO USO
ttiou11Y1de tnouDM11 Ulouunde
6642
542
2 S-26
23534
24685
3
34 84 45460 3 3
42364
( 6 32 4
(9594)
( 2
(6422)
54 24
( middot64 )
805 8982
35
9
- - - - -
2449
AVGOL Nonwovens
Analysts Conference Call Cash Flow
ST = Short Term LT = Long Term Source Company Financial Reports
12
AVGOL Nonwovens
Analysts Conference Call Balance Sheet Highlights
As on December 31 2013 2012 USD USD
thousands thousands CURRENT ASSETS Cash and cash equivalents 48051 54724 Trade receivables 55745 51329 Other receivables and debit balances 5704 3895 Current tax assets 4757 3746 Derivatives 6933 4664 Inventories 46617 38947 Total current assets 167807 157305
NONCURRENT ASSETS Property plant and equipment net 257291 251119 Derivatives 13200 6187 Deferred tax assets 850 695 Intangible assets 1573 2204 Long-term debit balances 1095 4849 Total noncurrent assets 274009 265054
Total assets 441816 422359
CURRENT LIABILITIES Short-term credit from banking corporations 13387 25878 Liabilities in respect of derivatives 70 138 Current maturities of long-term bonds 22188 19405 Trade payables 37361 31352 Liabilities in respect of current taxes 1864 794 Other payables and credit balances 12123 9949 Total current liabilities 90993 87516
NONCURRENT LIABILITIES Long-term loans from banking corporations 79504 89454 Bonds 109282 79778 Liabilities in respect of derivatives 269 582 Employee benefit liabilities 78 150 Deferred tax liabilities 27767 25021 Total noncurrent liabilities 216900 194985
TOTAL EQUITY 133923 139858
Total liabilities and equity 441816 422359
13 Source Company Financial Reports
North America
AVGOL Nonwovens
Financial Results Analysts Conference Call
Thank You
14
- -
AVGOL Nonwovens
Financial Results Analysts Conference Call
This presentation is based on the Company financial reports There is no data in this presentation that isnrsquot presented in the public financial reports If there is any discrepancy between this presentation and the data in the financial report thatwas issued to the Israeli SEC and the TASE the valid data is the one which appears in theformal reports
This presentation is provided for information and as a matter of record only It does not constitute an offer to sell or a solicitation of an offer to buy or sell securities or other financialinstruments in any jurisdiction or any advice or recommendation with respect to such securities or other financial instruments of the company
1
AVGOL Nonwovens
Analysts Conference Call Agenda
bull Key Highlights
bull Financial highlights
bull Revenue Breakdown
bull COGS Breakdown
bull Cash Flow
bull Balance Sheet
2
- -
AVGOL Nonwovens
Analysts Conference Call Presentation Team
Mr Michael Teacher
Chairman
Mr Shachar Rachim
CFO Interim CEO
3
- -
AVGOL Nonwovens
Analysts Conference Call Financial Highlights USD Million
Q4 2013 Q4 2012 2013 2012
Q4 FY
Revenue net 896 145 783 3426 9 3151
Gross Profit
EBIT
Net Profit
EBITDA
168 187
96 108
60 67
154 172
147
306
642
158
146 187
74 94
36 46
133 170
575 168
334 97
166 49
557 163
‐9
‐10
‐24
‐3
631 200
373 118
219 70 573
182
31‐12‐13 31‐12‐12
Total Assets Net Debt Net Debt Total Assets Net DebtEBITDA
4418 1645 372 295
5 10
4224 1491 353 260
Companyrsquos Net Profit before allocation to majority and minority shareholders
4
SalesCapital Employed Ratio
113x 118x
102x
0 099x
063x 059x 064x 064x
2009 2010 2011 2012
- Avgol - Pegas - Providencia
bull PGI - SalesCE ratio at 279 (2010) 257 (2011) 209 (2012) 207 ( 9M2013)
164
137
ROCE 172
-47
- Avgol - Pegas - Providencia - PGI
107x
101
072
2013
1299 1049
Ill gt z Ill gt
74 Ill
0
If
2013
Net DebtEBITDA
387 375 387
378
340 25 281
262
131
2009 2010 2011 2012 2013 - Avgol - Pegas - Providencia - PGI
EBITDA from Revenue 316
208 20 0 193
203
179 181 14
130 119 112 mr--~-----~~~~~~----middot 163 114
2009 2010 2011 2012 2013
- Avgol - Pegas - Providencia - PGI
AVGOL Nonwovens
Analysts Conference Call
PGI data ndash base ( except EBITDA )on Q3-13
This presentation is based on the Companyrsquos financial reports If there is any discrepancy between this presentation and the data in the financial reports the valid data is the one which appears in the formal reports of the companies Financial Results Currency translated by Avgol to USD - PEGAS in EUR PROVIDENCIA in BRL and there might be foreign exchange translation impacts
5
- -
-
I I
AVGOL Nonwovens
Analysts Conference Call Investments amp Net Debt
bull Net Debt EBITDA ratio increased to
295 during Q413 ( vs 260 in Q413)
bull The company initiate its investment in
new line at Russia Till now we already
paid approximately USD216M 25
27
29
31
33
35
37
39
41
43
125
130
135
140
145
150
155
160
165
170
175
Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
Net Debt Net debt to Asset
6
- -
AVGOL Nonwovens
Analysts Conference Call Key Highlights
Financial 2013 annual
Revenues in 2013 totaled approximately USD 3426 million growth of about 87 compared to 2012
Volumes sold during 2013 were higher than in 2012 due to the increase in production capacities in China and the United States
The gross profit margin however declined to 168 from 200 largely due to the effects of the fixed costs including depreciation charge on the new lines which was not yet balanced by higher sales
Consolidated EBITDA in 2013 totaled approximately USD 557 million (USD 571 million in 2012)
Operating cash-flow for the year totaled approximately USD 342 with a year end cash balance of USD 481 million
7
AV(iOL No 1wovens
8
Analysts Conference Call Key Highlights
Financial Q4 2013
Avgolrsquos revenues during the fourth quarter totaled approximately USD 896 million growth of about 145 compared to revenues totaling approximately USD 783 million during the corresponding period last year
The gross profit during the fourth quarter of 2013 totaled approximately USD 168 million constituting about 187 out of the total income compared to gross profit of approximately USD 146 million during the corresponding quarter in 2012
Operating profit during the fourth quarter of 2013 totaled approximately USD 96 million compared to operating profit of approximately USD 74 million during the corresponding period last year The increase in operating profit during the fourth quarter of 2013 compared to the corresponding period last year derived mainly from the increase in the quantities sold and from the higher output in China
Net financing expenses during the fourth quarter of 2013 totaled approximately USD 16 million which is similar to the level of expenses during the corresponding quarter in 2012 During the quarter the Company generated gains from exchange-rate differentials mainly due to the USD-EUR exchange rates
AVli L Nonwovens
9
Analysts Conference Call Key Highlights
Market amp Business The company is continuing to work intensively to address the operational issues in
US it is channeling considerable managerial efforts towards improving operating efficiency The company assume to have ongoing volatility in the process before being confident to declare that the operating issues are fully addressed
Demand for the Companyrsquos products continues to be robust and the company is confident that the focus on meeting the requisite operating efficiency targets will enable the Company to satisfy customer demand
Sales in China during the fourth quarter continued to show growth but there is not yet full utilization of the production capacity of all three lines at the plant At this stage the company is continuing to support the demands of the United States and Russian operations from the plant in China although this does involve an additional logistics cost
The construction of the infrastructure for the new production line in Russia is underway Customer demand in Russia continues to be robust and in order to sustain its positioning as a market leader in this territory the Company is supporting the supply of fabric to the Russian market from the Grouprsquos other plants
bull bull bull bull bull bull
bull bull bull bull bull
bull
AVGOL Nonwovens
Analysts Conference Call Cost of Goods Sold (COGS)
74
7
6
3 2 8
2013 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
74
7
6
3 2
8 2012 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
Source Company Financial Reports
10
- -
bull
AVGOL Nonwovens
Analysts Conference Call Profit Development
‐
50
100
150
200
250
Q1 ‐ 08
Q2 ‐ 08
Q3‐08
Q4‐08
Q1 ‐ 09
Q2 ‐ 09
Q3‐09
Q4‐09
Q1 ‐ 10
Q2 ‐ 10
Q3‐10
Q4‐10
Q1‐11
Q2‐11
Q3‐11
Q4‐11
Q1‐12
Q2‐12
Q3‐12
Q4‐12
Q1‐13
Q2‐13
Q3‐13
Q4‐13
USD 000
Gross Profit amp Operating Profit development
Gross EBIT
Source Company Financial Reports
11
byopera ac s
Net cash provided by operating activities
eq me I
Netcas h used for investment activities
Net cas h prov ided by (used for ) financ ing activities
Increase (decrease ) in cash and cash equivalents
led
esiee
Balance of cash and cash equivalents at the begiming of the year
Effect of e_xchange rate d ifferences on cash balances held in foreign currency
BaJance of cash and cash equivalents at the end of the year
For the year ended DeoembM 31 2013 2012 2011 USO USO USO
ttiou11Y1de tnouDM11 Ulouunde
6642
542
2 S-26
23534
24685
3
34 84 45460 3 3
42364
( 6 32 4
(9594)
( 2
(6422)
54 24
( middot64 )
805 8982
35
9
- - - - -
2449
AVGOL Nonwovens
Analysts Conference Call Cash Flow
ST = Short Term LT = Long Term Source Company Financial Reports
12
AVGOL Nonwovens
Analysts Conference Call Balance Sheet Highlights
As on December 31 2013 2012 USD USD
thousands thousands CURRENT ASSETS Cash and cash equivalents 48051 54724 Trade receivables 55745 51329 Other receivables and debit balances 5704 3895 Current tax assets 4757 3746 Derivatives 6933 4664 Inventories 46617 38947 Total current assets 167807 157305
NONCURRENT ASSETS Property plant and equipment net 257291 251119 Derivatives 13200 6187 Deferred tax assets 850 695 Intangible assets 1573 2204 Long-term debit balances 1095 4849 Total noncurrent assets 274009 265054
Total assets 441816 422359
CURRENT LIABILITIES Short-term credit from banking corporations 13387 25878 Liabilities in respect of derivatives 70 138 Current maturities of long-term bonds 22188 19405 Trade payables 37361 31352 Liabilities in respect of current taxes 1864 794 Other payables and credit balances 12123 9949 Total current liabilities 90993 87516
NONCURRENT LIABILITIES Long-term loans from banking corporations 79504 89454 Bonds 109282 79778 Liabilities in respect of derivatives 269 582 Employee benefit liabilities 78 150 Deferred tax liabilities 27767 25021 Total noncurrent liabilities 216900 194985
TOTAL EQUITY 133923 139858
Total liabilities and equity 441816 422359
13 Source Company Financial Reports
North America
AVGOL Nonwovens
Financial Results Analysts Conference Call
Thank You
14
AVGOL Nonwovens
Analysts Conference Call Agenda
bull Key Highlights
bull Financial highlights
bull Revenue Breakdown
bull COGS Breakdown
bull Cash Flow
bull Balance Sheet
2
- -
AVGOL Nonwovens
Analysts Conference Call Presentation Team
Mr Michael Teacher
Chairman
Mr Shachar Rachim
CFO Interim CEO
3
- -
AVGOL Nonwovens
Analysts Conference Call Financial Highlights USD Million
Q4 2013 Q4 2012 2013 2012
Q4 FY
Revenue net 896 145 783 3426 9 3151
Gross Profit
EBIT
Net Profit
EBITDA
168 187
96 108
60 67
154 172
147
306
642
158
146 187
74 94
36 46
133 170
575 168
334 97
166 49
557 163
‐9
‐10
‐24
‐3
631 200
373 118
219 70 573
182
31‐12‐13 31‐12‐12
Total Assets Net Debt Net Debt Total Assets Net DebtEBITDA
4418 1645 372 295
5 10
4224 1491 353 260
Companyrsquos Net Profit before allocation to majority and minority shareholders
4
SalesCapital Employed Ratio
113x 118x
102x
0 099x
063x 059x 064x 064x
2009 2010 2011 2012
- Avgol - Pegas - Providencia
bull PGI - SalesCE ratio at 279 (2010) 257 (2011) 209 (2012) 207 ( 9M2013)
164
137
ROCE 172
-47
- Avgol - Pegas - Providencia - PGI
107x
101
072
2013
1299 1049
Ill gt z Ill gt
74 Ill
0
If
2013
Net DebtEBITDA
387 375 387
378
340 25 281
262
131
2009 2010 2011 2012 2013 - Avgol - Pegas - Providencia - PGI
EBITDA from Revenue 316
208 20 0 193
203
179 181 14
130 119 112 mr--~-----~~~~~~----middot 163 114
2009 2010 2011 2012 2013
- Avgol - Pegas - Providencia - PGI
AVGOL Nonwovens
Analysts Conference Call
PGI data ndash base ( except EBITDA )on Q3-13
This presentation is based on the Companyrsquos financial reports If there is any discrepancy between this presentation and the data in the financial reports the valid data is the one which appears in the formal reports of the companies Financial Results Currency translated by Avgol to USD - PEGAS in EUR PROVIDENCIA in BRL and there might be foreign exchange translation impacts
5
- -
-
I I
AVGOL Nonwovens
Analysts Conference Call Investments amp Net Debt
bull Net Debt EBITDA ratio increased to
295 during Q413 ( vs 260 in Q413)
bull The company initiate its investment in
new line at Russia Till now we already
paid approximately USD216M 25
27
29
31
33
35
37
39
41
43
125
130
135
140
145
150
155
160
165
170
175
Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
Net Debt Net debt to Asset
6
- -
AVGOL Nonwovens
Analysts Conference Call Key Highlights
Financial 2013 annual
Revenues in 2013 totaled approximately USD 3426 million growth of about 87 compared to 2012
Volumes sold during 2013 were higher than in 2012 due to the increase in production capacities in China and the United States
The gross profit margin however declined to 168 from 200 largely due to the effects of the fixed costs including depreciation charge on the new lines which was not yet balanced by higher sales
Consolidated EBITDA in 2013 totaled approximately USD 557 million (USD 571 million in 2012)
Operating cash-flow for the year totaled approximately USD 342 with a year end cash balance of USD 481 million
7
AV(iOL No 1wovens
8
Analysts Conference Call Key Highlights
Financial Q4 2013
Avgolrsquos revenues during the fourth quarter totaled approximately USD 896 million growth of about 145 compared to revenues totaling approximately USD 783 million during the corresponding period last year
The gross profit during the fourth quarter of 2013 totaled approximately USD 168 million constituting about 187 out of the total income compared to gross profit of approximately USD 146 million during the corresponding quarter in 2012
Operating profit during the fourth quarter of 2013 totaled approximately USD 96 million compared to operating profit of approximately USD 74 million during the corresponding period last year The increase in operating profit during the fourth quarter of 2013 compared to the corresponding period last year derived mainly from the increase in the quantities sold and from the higher output in China
Net financing expenses during the fourth quarter of 2013 totaled approximately USD 16 million which is similar to the level of expenses during the corresponding quarter in 2012 During the quarter the Company generated gains from exchange-rate differentials mainly due to the USD-EUR exchange rates
AVli L Nonwovens
9
Analysts Conference Call Key Highlights
Market amp Business The company is continuing to work intensively to address the operational issues in
US it is channeling considerable managerial efforts towards improving operating efficiency The company assume to have ongoing volatility in the process before being confident to declare that the operating issues are fully addressed
Demand for the Companyrsquos products continues to be robust and the company is confident that the focus on meeting the requisite operating efficiency targets will enable the Company to satisfy customer demand
Sales in China during the fourth quarter continued to show growth but there is not yet full utilization of the production capacity of all three lines at the plant At this stage the company is continuing to support the demands of the United States and Russian operations from the plant in China although this does involve an additional logistics cost
The construction of the infrastructure for the new production line in Russia is underway Customer demand in Russia continues to be robust and in order to sustain its positioning as a market leader in this territory the Company is supporting the supply of fabric to the Russian market from the Grouprsquos other plants
bull bull bull bull bull bull
bull bull bull bull bull
bull
AVGOL Nonwovens
Analysts Conference Call Cost of Goods Sold (COGS)
74
7
6
3 2 8
2013 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
74
7
6
3 2
8 2012 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
Source Company Financial Reports
10
- -
bull
AVGOL Nonwovens
Analysts Conference Call Profit Development
‐
50
100
150
200
250
Q1 ‐ 08
Q2 ‐ 08
Q3‐08
Q4‐08
Q1 ‐ 09
Q2 ‐ 09
Q3‐09
Q4‐09
Q1 ‐ 10
Q2 ‐ 10
Q3‐10
Q4‐10
Q1‐11
Q2‐11
Q3‐11
Q4‐11
Q1‐12
Q2‐12
Q3‐12
Q4‐12
Q1‐13
Q2‐13
Q3‐13
Q4‐13
USD 000
Gross Profit amp Operating Profit development
Gross EBIT
Source Company Financial Reports
11
byopera ac s
Net cash provided by operating activities
eq me I
Netcas h used for investment activities
Net cas h prov ided by (used for ) financ ing activities
Increase (decrease ) in cash and cash equivalents
led
esiee
Balance of cash and cash equivalents at the begiming of the year
Effect of e_xchange rate d ifferences on cash balances held in foreign currency
BaJance of cash and cash equivalents at the end of the year
For the year ended DeoembM 31 2013 2012 2011 USO USO USO
ttiou11Y1de tnouDM11 Ulouunde
6642
542
2 S-26
23534
24685
3
34 84 45460 3 3
42364
( 6 32 4
(9594)
( 2
(6422)
54 24
( middot64 )
805 8982
35
9
- - - - -
2449
AVGOL Nonwovens
Analysts Conference Call Cash Flow
ST = Short Term LT = Long Term Source Company Financial Reports
12
AVGOL Nonwovens
Analysts Conference Call Balance Sheet Highlights
As on December 31 2013 2012 USD USD
thousands thousands CURRENT ASSETS Cash and cash equivalents 48051 54724 Trade receivables 55745 51329 Other receivables and debit balances 5704 3895 Current tax assets 4757 3746 Derivatives 6933 4664 Inventories 46617 38947 Total current assets 167807 157305
NONCURRENT ASSETS Property plant and equipment net 257291 251119 Derivatives 13200 6187 Deferred tax assets 850 695 Intangible assets 1573 2204 Long-term debit balances 1095 4849 Total noncurrent assets 274009 265054
Total assets 441816 422359
CURRENT LIABILITIES Short-term credit from banking corporations 13387 25878 Liabilities in respect of derivatives 70 138 Current maturities of long-term bonds 22188 19405 Trade payables 37361 31352 Liabilities in respect of current taxes 1864 794 Other payables and credit balances 12123 9949 Total current liabilities 90993 87516
NONCURRENT LIABILITIES Long-term loans from banking corporations 79504 89454 Bonds 109282 79778 Liabilities in respect of derivatives 269 582 Employee benefit liabilities 78 150 Deferred tax liabilities 27767 25021 Total noncurrent liabilities 216900 194985
TOTAL EQUITY 133923 139858
Total liabilities and equity 441816 422359
13 Source Company Financial Reports
North America
AVGOL Nonwovens
Financial Results Analysts Conference Call
Thank You
14
- -
AVGOL Nonwovens
Analysts Conference Call Presentation Team
Mr Michael Teacher
Chairman
Mr Shachar Rachim
CFO Interim CEO
3
- -
AVGOL Nonwovens
Analysts Conference Call Financial Highlights USD Million
Q4 2013 Q4 2012 2013 2012
Q4 FY
Revenue net 896 145 783 3426 9 3151
Gross Profit
EBIT
Net Profit
EBITDA
168 187
96 108
60 67
154 172
147
306
642
158
146 187
74 94
36 46
133 170
575 168
334 97
166 49
557 163
‐9
‐10
‐24
‐3
631 200
373 118
219 70 573
182
31‐12‐13 31‐12‐12
Total Assets Net Debt Net Debt Total Assets Net DebtEBITDA
4418 1645 372 295
5 10
4224 1491 353 260
Companyrsquos Net Profit before allocation to majority and minority shareholders
4
SalesCapital Employed Ratio
113x 118x
102x
0 099x
063x 059x 064x 064x
2009 2010 2011 2012
- Avgol - Pegas - Providencia
bull PGI - SalesCE ratio at 279 (2010) 257 (2011) 209 (2012) 207 ( 9M2013)
164
137
ROCE 172
-47
- Avgol - Pegas - Providencia - PGI
107x
101
072
2013
1299 1049
Ill gt z Ill gt
74 Ill
0
If
2013
Net DebtEBITDA
387 375 387
378
340 25 281
262
131
2009 2010 2011 2012 2013 - Avgol - Pegas - Providencia - PGI
EBITDA from Revenue 316
208 20 0 193
203
179 181 14
130 119 112 mr--~-----~~~~~~----middot 163 114
2009 2010 2011 2012 2013
- Avgol - Pegas - Providencia - PGI
AVGOL Nonwovens
Analysts Conference Call
PGI data ndash base ( except EBITDA )on Q3-13
This presentation is based on the Companyrsquos financial reports If there is any discrepancy between this presentation and the data in the financial reports the valid data is the one which appears in the formal reports of the companies Financial Results Currency translated by Avgol to USD - PEGAS in EUR PROVIDENCIA in BRL and there might be foreign exchange translation impacts
5
- -
-
I I
AVGOL Nonwovens
Analysts Conference Call Investments amp Net Debt
bull Net Debt EBITDA ratio increased to
295 during Q413 ( vs 260 in Q413)
bull The company initiate its investment in
new line at Russia Till now we already
paid approximately USD216M 25
27
29
31
33
35
37
39
41
43
125
130
135
140
145
150
155
160
165
170
175
Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
Net Debt Net debt to Asset
6
- -
AVGOL Nonwovens
Analysts Conference Call Key Highlights
Financial 2013 annual
Revenues in 2013 totaled approximately USD 3426 million growth of about 87 compared to 2012
Volumes sold during 2013 were higher than in 2012 due to the increase in production capacities in China and the United States
The gross profit margin however declined to 168 from 200 largely due to the effects of the fixed costs including depreciation charge on the new lines which was not yet balanced by higher sales
Consolidated EBITDA in 2013 totaled approximately USD 557 million (USD 571 million in 2012)
Operating cash-flow for the year totaled approximately USD 342 with a year end cash balance of USD 481 million
7
AV(iOL No 1wovens
8
Analysts Conference Call Key Highlights
Financial Q4 2013
Avgolrsquos revenues during the fourth quarter totaled approximately USD 896 million growth of about 145 compared to revenues totaling approximately USD 783 million during the corresponding period last year
The gross profit during the fourth quarter of 2013 totaled approximately USD 168 million constituting about 187 out of the total income compared to gross profit of approximately USD 146 million during the corresponding quarter in 2012
Operating profit during the fourth quarter of 2013 totaled approximately USD 96 million compared to operating profit of approximately USD 74 million during the corresponding period last year The increase in operating profit during the fourth quarter of 2013 compared to the corresponding period last year derived mainly from the increase in the quantities sold and from the higher output in China
Net financing expenses during the fourth quarter of 2013 totaled approximately USD 16 million which is similar to the level of expenses during the corresponding quarter in 2012 During the quarter the Company generated gains from exchange-rate differentials mainly due to the USD-EUR exchange rates
AVli L Nonwovens
9
Analysts Conference Call Key Highlights
Market amp Business The company is continuing to work intensively to address the operational issues in
US it is channeling considerable managerial efforts towards improving operating efficiency The company assume to have ongoing volatility in the process before being confident to declare that the operating issues are fully addressed
Demand for the Companyrsquos products continues to be robust and the company is confident that the focus on meeting the requisite operating efficiency targets will enable the Company to satisfy customer demand
Sales in China during the fourth quarter continued to show growth but there is not yet full utilization of the production capacity of all three lines at the plant At this stage the company is continuing to support the demands of the United States and Russian operations from the plant in China although this does involve an additional logistics cost
The construction of the infrastructure for the new production line in Russia is underway Customer demand in Russia continues to be robust and in order to sustain its positioning as a market leader in this territory the Company is supporting the supply of fabric to the Russian market from the Grouprsquos other plants
bull bull bull bull bull bull
bull bull bull bull bull
bull
AVGOL Nonwovens
Analysts Conference Call Cost of Goods Sold (COGS)
74
7
6
3 2 8
2013 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
74
7
6
3 2
8 2012 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
Source Company Financial Reports
10
- -
bull
AVGOL Nonwovens
Analysts Conference Call Profit Development
‐
50
100
150
200
250
Q1 ‐ 08
Q2 ‐ 08
Q3‐08
Q4‐08
Q1 ‐ 09
Q2 ‐ 09
Q3‐09
Q4‐09
Q1 ‐ 10
Q2 ‐ 10
Q3‐10
Q4‐10
Q1‐11
Q2‐11
Q3‐11
Q4‐11
Q1‐12
Q2‐12
Q3‐12
Q4‐12
Q1‐13
Q2‐13
Q3‐13
Q4‐13
USD 000
Gross Profit amp Operating Profit development
Gross EBIT
Source Company Financial Reports
11
byopera ac s
Net cash provided by operating activities
eq me I
Netcas h used for investment activities
Net cas h prov ided by (used for ) financ ing activities
Increase (decrease ) in cash and cash equivalents
led
esiee
Balance of cash and cash equivalents at the begiming of the year
Effect of e_xchange rate d ifferences on cash balances held in foreign currency
BaJance of cash and cash equivalents at the end of the year
For the year ended DeoembM 31 2013 2012 2011 USO USO USO
ttiou11Y1de tnouDM11 Ulouunde
6642
542
2 S-26
23534
24685
3
34 84 45460 3 3
42364
( 6 32 4
(9594)
( 2
(6422)
54 24
( middot64 )
805 8982
35
9
- - - - -
2449
AVGOL Nonwovens
Analysts Conference Call Cash Flow
ST = Short Term LT = Long Term Source Company Financial Reports
12
AVGOL Nonwovens
Analysts Conference Call Balance Sheet Highlights
As on December 31 2013 2012 USD USD
thousands thousands CURRENT ASSETS Cash and cash equivalents 48051 54724 Trade receivables 55745 51329 Other receivables and debit balances 5704 3895 Current tax assets 4757 3746 Derivatives 6933 4664 Inventories 46617 38947 Total current assets 167807 157305
NONCURRENT ASSETS Property plant and equipment net 257291 251119 Derivatives 13200 6187 Deferred tax assets 850 695 Intangible assets 1573 2204 Long-term debit balances 1095 4849 Total noncurrent assets 274009 265054
Total assets 441816 422359
CURRENT LIABILITIES Short-term credit from banking corporations 13387 25878 Liabilities in respect of derivatives 70 138 Current maturities of long-term bonds 22188 19405 Trade payables 37361 31352 Liabilities in respect of current taxes 1864 794 Other payables and credit balances 12123 9949 Total current liabilities 90993 87516
NONCURRENT LIABILITIES Long-term loans from banking corporations 79504 89454 Bonds 109282 79778 Liabilities in respect of derivatives 269 582 Employee benefit liabilities 78 150 Deferred tax liabilities 27767 25021 Total noncurrent liabilities 216900 194985
TOTAL EQUITY 133923 139858
Total liabilities and equity 441816 422359
13 Source Company Financial Reports
North America
AVGOL Nonwovens
Financial Results Analysts Conference Call
Thank You
14
- -
AVGOL Nonwovens
Analysts Conference Call Financial Highlights USD Million
Q4 2013 Q4 2012 2013 2012
Q4 FY
Revenue net 896 145 783 3426 9 3151
Gross Profit
EBIT
Net Profit
EBITDA
168 187
96 108
60 67
154 172
147
306
642
158
146 187
74 94
36 46
133 170
575 168
334 97
166 49
557 163
‐9
‐10
‐24
‐3
631 200
373 118
219 70 573
182
31‐12‐13 31‐12‐12
Total Assets Net Debt Net Debt Total Assets Net DebtEBITDA
4418 1645 372 295
5 10
4224 1491 353 260
Companyrsquos Net Profit before allocation to majority and minority shareholders
4
SalesCapital Employed Ratio
113x 118x
102x
0 099x
063x 059x 064x 064x
2009 2010 2011 2012
- Avgol - Pegas - Providencia
bull PGI - SalesCE ratio at 279 (2010) 257 (2011) 209 (2012) 207 ( 9M2013)
164
137
ROCE 172
-47
- Avgol - Pegas - Providencia - PGI
107x
101
072
2013
1299 1049
Ill gt z Ill gt
74 Ill
0
If
2013
Net DebtEBITDA
387 375 387
378
340 25 281
262
131
2009 2010 2011 2012 2013 - Avgol - Pegas - Providencia - PGI
EBITDA from Revenue 316
208 20 0 193
203
179 181 14
130 119 112 mr--~-----~~~~~~----middot 163 114
2009 2010 2011 2012 2013
- Avgol - Pegas - Providencia - PGI
AVGOL Nonwovens
Analysts Conference Call
PGI data ndash base ( except EBITDA )on Q3-13
This presentation is based on the Companyrsquos financial reports If there is any discrepancy between this presentation and the data in the financial reports the valid data is the one which appears in the formal reports of the companies Financial Results Currency translated by Avgol to USD - PEGAS in EUR PROVIDENCIA in BRL and there might be foreign exchange translation impacts
5
- -
-
I I
AVGOL Nonwovens
Analysts Conference Call Investments amp Net Debt
bull Net Debt EBITDA ratio increased to
295 during Q413 ( vs 260 in Q413)
bull The company initiate its investment in
new line at Russia Till now we already
paid approximately USD216M 25
27
29
31
33
35
37
39
41
43
125
130
135
140
145
150
155
160
165
170
175
Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
Net Debt Net debt to Asset
6
- -
AVGOL Nonwovens
Analysts Conference Call Key Highlights
Financial 2013 annual
Revenues in 2013 totaled approximately USD 3426 million growth of about 87 compared to 2012
Volumes sold during 2013 were higher than in 2012 due to the increase in production capacities in China and the United States
The gross profit margin however declined to 168 from 200 largely due to the effects of the fixed costs including depreciation charge on the new lines which was not yet balanced by higher sales
Consolidated EBITDA in 2013 totaled approximately USD 557 million (USD 571 million in 2012)
Operating cash-flow for the year totaled approximately USD 342 with a year end cash balance of USD 481 million
7
AV(iOL No 1wovens
8
Analysts Conference Call Key Highlights
Financial Q4 2013
Avgolrsquos revenues during the fourth quarter totaled approximately USD 896 million growth of about 145 compared to revenues totaling approximately USD 783 million during the corresponding period last year
The gross profit during the fourth quarter of 2013 totaled approximately USD 168 million constituting about 187 out of the total income compared to gross profit of approximately USD 146 million during the corresponding quarter in 2012
Operating profit during the fourth quarter of 2013 totaled approximately USD 96 million compared to operating profit of approximately USD 74 million during the corresponding period last year The increase in operating profit during the fourth quarter of 2013 compared to the corresponding period last year derived mainly from the increase in the quantities sold and from the higher output in China
Net financing expenses during the fourth quarter of 2013 totaled approximately USD 16 million which is similar to the level of expenses during the corresponding quarter in 2012 During the quarter the Company generated gains from exchange-rate differentials mainly due to the USD-EUR exchange rates
AVli L Nonwovens
9
Analysts Conference Call Key Highlights
Market amp Business The company is continuing to work intensively to address the operational issues in
US it is channeling considerable managerial efforts towards improving operating efficiency The company assume to have ongoing volatility in the process before being confident to declare that the operating issues are fully addressed
Demand for the Companyrsquos products continues to be robust and the company is confident that the focus on meeting the requisite operating efficiency targets will enable the Company to satisfy customer demand
Sales in China during the fourth quarter continued to show growth but there is not yet full utilization of the production capacity of all three lines at the plant At this stage the company is continuing to support the demands of the United States and Russian operations from the plant in China although this does involve an additional logistics cost
The construction of the infrastructure for the new production line in Russia is underway Customer demand in Russia continues to be robust and in order to sustain its positioning as a market leader in this territory the Company is supporting the supply of fabric to the Russian market from the Grouprsquos other plants
bull bull bull bull bull bull
bull bull bull bull bull
bull
AVGOL Nonwovens
Analysts Conference Call Cost of Goods Sold (COGS)
74
7
6
3 2 8
2013 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
74
7
6
3 2
8 2012 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
Source Company Financial Reports
10
- -
bull
AVGOL Nonwovens
Analysts Conference Call Profit Development
‐
50
100
150
200
250
Q1 ‐ 08
Q2 ‐ 08
Q3‐08
Q4‐08
Q1 ‐ 09
Q2 ‐ 09
Q3‐09
Q4‐09
Q1 ‐ 10
Q2 ‐ 10
Q3‐10
Q4‐10
Q1‐11
Q2‐11
Q3‐11
Q4‐11
Q1‐12
Q2‐12
Q3‐12
Q4‐12
Q1‐13
Q2‐13
Q3‐13
Q4‐13
USD 000
Gross Profit amp Operating Profit development
Gross EBIT
Source Company Financial Reports
11
byopera ac s
Net cash provided by operating activities
eq me I
Netcas h used for investment activities
Net cas h prov ided by (used for ) financ ing activities
Increase (decrease ) in cash and cash equivalents
led
esiee
Balance of cash and cash equivalents at the begiming of the year
Effect of e_xchange rate d ifferences on cash balances held in foreign currency
BaJance of cash and cash equivalents at the end of the year
For the year ended DeoembM 31 2013 2012 2011 USO USO USO
ttiou11Y1de tnouDM11 Ulouunde
6642
542
2 S-26
23534
24685
3
34 84 45460 3 3
42364
( 6 32 4
(9594)
( 2
(6422)
54 24
( middot64 )
805 8982
35
9
- - - - -
2449
AVGOL Nonwovens
Analysts Conference Call Cash Flow
ST = Short Term LT = Long Term Source Company Financial Reports
12
AVGOL Nonwovens
Analysts Conference Call Balance Sheet Highlights
As on December 31 2013 2012 USD USD
thousands thousands CURRENT ASSETS Cash and cash equivalents 48051 54724 Trade receivables 55745 51329 Other receivables and debit balances 5704 3895 Current tax assets 4757 3746 Derivatives 6933 4664 Inventories 46617 38947 Total current assets 167807 157305
NONCURRENT ASSETS Property plant and equipment net 257291 251119 Derivatives 13200 6187 Deferred tax assets 850 695 Intangible assets 1573 2204 Long-term debit balances 1095 4849 Total noncurrent assets 274009 265054
Total assets 441816 422359
CURRENT LIABILITIES Short-term credit from banking corporations 13387 25878 Liabilities in respect of derivatives 70 138 Current maturities of long-term bonds 22188 19405 Trade payables 37361 31352 Liabilities in respect of current taxes 1864 794 Other payables and credit balances 12123 9949 Total current liabilities 90993 87516
NONCURRENT LIABILITIES Long-term loans from banking corporations 79504 89454 Bonds 109282 79778 Liabilities in respect of derivatives 269 582 Employee benefit liabilities 78 150 Deferred tax liabilities 27767 25021 Total noncurrent liabilities 216900 194985
TOTAL EQUITY 133923 139858
Total liabilities and equity 441816 422359
13 Source Company Financial Reports
North America
AVGOL Nonwovens
Financial Results Analysts Conference Call
Thank You
14
SalesCapital Employed Ratio
113x 118x
102x
0 099x
063x 059x 064x 064x
2009 2010 2011 2012
- Avgol - Pegas - Providencia
bull PGI - SalesCE ratio at 279 (2010) 257 (2011) 209 (2012) 207 ( 9M2013)
164
137
ROCE 172
-47
- Avgol - Pegas - Providencia - PGI
107x
101
072
2013
1299 1049
Ill gt z Ill gt
74 Ill
0
If
2013
Net DebtEBITDA
387 375 387
378
340 25 281
262
131
2009 2010 2011 2012 2013 - Avgol - Pegas - Providencia - PGI
EBITDA from Revenue 316
208 20 0 193
203
179 181 14
130 119 112 mr--~-----~~~~~~----middot 163 114
2009 2010 2011 2012 2013
- Avgol - Pegas - Providencia - PGI
AVGOL Nonwovens
Analysts Conference Call
PGI data ndash base ( except EBITDA )on Q3-13
This presentation is based on the Companyrsquos financial reports If there is any discrepancy between this presentation and the data in the financial reports the valid data is the one which appears in the formal reports of the companies Financial Results Currency translated by Avgol to USD - PEGAS in EUR PROVIDENCIA in BRL and there might be foreign exchange translation impacts
5
- -
-
I I
AVGOL Nonwovens
Analysts Conference Call Investments amp Net Debt
bull Net Debt EBITDA ratio increased to
295 during Q413 ( vs 260 in Q413)
bull The company initiate its investment in
new line at Russia Till now we already
paid approximately USD216M 25
27
29
31
33
35
37
39
41
43
125
130
135
140
145
150
155
160
165
170
175
Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
Net Debt Net debt to Asset
6
- -
AVGOL Nonwovens
Analysts Conference Call Key Highlights
Financial 2013 annual
Revenues in 2013 totaled approximately USD 3426 million growth of about 87 compared to 2012
Volumes sold during 2013 were higher than in 2012 due to the increase in production capacities in China and the United States
The gross profit margin however declined to 168 from 200 largely due to the effects of the fixed costs including depreciation charge on the new lines which was not yet balanced by higher sales
Consolidated EBITDA in 2013 totaled approximately USD 557 million (USD 571 million in 2012)
Operating cash-flow for the year totaled approximately USD 342 with a year end cash balance of USD 481 million
7
AV(iOL No 1wovens
8
Analysts Conference Call Key Highlights
Financial Q4 2013
Avgolrsquos revenues during the fourth quarter totaled approximately USD 896 million growth of about 145 compared to revenues totaling approximately USD 783 million during the corresponding period last year
The gross profit during the fourth quarter of 2013 totaled approximately USD 168 million constituting about 187 out of the total income compared to gross profit of approximately USD 146 million during the corresponding quarter in 2012
Operating profit during the fourth quarter of 2013 totaled approximately USD 96 million compared to operating profit of approximately USD 74 million during the corresponding period last year The increase in operating profit during the fourth quarter of 2013 compared to the corresponding period last year derived mainly from the increase in the quantities sold and from the higher output in China
Net financing expenses during the fourth quarter of 2013 totaled approximately USD 16 million which is similar to the level of expenses during the corresponding quarter in 2012 During the quarter the Company generated gains from exchange-rate differentials mainly due to the USD-EUR exchange rates
AVli L Nonwovens
9
Analysts Conference Call Key Highlights
Market amp Business The company is continuing to work intensively to address the operational issues in
US it is channeling considerable managerial efforts towards improving operating efficiency The company assume to have ongoing volatility in the process before being confident to declare that the operating issues are fully addressed
Demand for the Companyrsquos products continues to be robust and the company is confident that the focus on meeting the requisite operating efficiency targets will enable the Company to satisfy customer demand
Sales in China during the fourth quarter continued to show growth but there is not yet full utilization of the production capacity of all three lines at the plant At this stage the company is continuing to support the demands of the United States and Russian operations from the plant in China although this does involve an additional logistics cost
The construction of the infrastructure for the new production line in Russia is underway Customer demand in Russia continues to be robust and in order to sustain its positioning as a market leader in this territory the Company is supporting the supply of fabric to the Russian market from the Grouprsquos other plants
bull bull bull bull bull bull
bull bull bull bull bull
bull
AVGOL Nonwovens
Analysts Conference Call Cost of Goods Sold (COGS)
74
7
6
3 2 8
2013 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
74
7
6
3 2
8 2012 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
Source Company Financial Reports
10
- -
bull
AVGOL Nonwovens
Analysts Conference Call Profit Development
‐
50
100
150
200
250
Q1 ‐ 08
Q2 ‐ 08
Q3‐08
Q4‐08
Q1 ‐ 09
Q2 ‐ 09
Q3‐09
Q4‐09
Q1 ‐ 10
Q2 ‐ 10
Q3‐10
Q4‐10
Q1‐11
Q2‐11
Q3‐11
Q4‐11
Q1‐12
Q2‐12
Q3‐12
Q4‐12
Q1‐13
Q2‐13
Q3‐13
Q4‐13
USD 000
Gross Profit amp Operating Profit development
Gross EBIT
Source Company Financial Reports
11
byopera ac s
Net cash provided by operating activities
eq me I
Netcas h used for investment activities
Net cas h prov ided by (used for ) financ ing activities
Increase (decrease ) in cash and cash equivalents
led
esiee
Balance of cash and cash equivalents at the begiming of the year
Effect of e_xchange rate d ifferences on cash balances held in foreign currency
BaJance of cash and cash equivalents at the end of the year
For the year ended DeoembM 31 2013 2012 2011 USO USO USO
ttiou11Y1de tnouDM11 Ulouunde
6642
542
2 S-26
23534
24685
3
34 84 45460 3 3
42364
( 6 32 4
(9594)
( 2
(6422)
54 24
( middot64 )
805 8982
35
9
- - - - -
2449
AVGOL Nonwovens
Analysts Conference Call Cash Flow
ST = Short Term LT = Long Term Source Company Financial Reports
12
AVGOL Nonwovens
Analysts Conference Call Balance Sheet Highlights
As on December 31 2013 2012 USD USD
thousands thousands CURRENT ASSETS Cash and cash equivalents 48051 54724 Trade receivables 55745 51329 Other receivables and debit balances 5704 3895 Current tax assets 4757 3746 Derivatives 6933 4664 Inventories 46617 38947 Total current assets 167807 157305
NONCURRENT ASSETS Property plant and equipment net 257291 251119 Derivatives 13200 6187 Deferred tax assets 850 695 Intangible assets 1573 2204 Long-term debit balances 1095 4849 Total noncurrent assets 274009 265054
Total assets 441816 422359
CURRENT LIABILITIES Short-term credit from banking corporations 13387 25878 Liabilities in respect of derivatives 70 138 Current maturities of long-term bonds 22188 19405 Trade payables 37361 31352 Liabilities in respect of current taxes 1864 794 Other payables and credit balances 12123 9949 Total current liabilities 90993 87516
NONCURRENT LIABILITIES Long-term loans from banking corporations 79504 89454 Bonds 109282 79778 Liabilities in respect of derivatives 269 582 Employee benefit liabilities 78 150 Deferred tax liabilities 27767 25021 Total noncurrent liabilities 216900 194985
TOTAL EQUITY 133923 139858
Total liabilities and equity 441816 422359
13 Source Company Financial Reports
North America
AVGOL Nonwovens
Financial Results Analysts Conference Call
Thank You
14
- -
-
I I
AVGOL Nonwovens
Analysts Conference Call Investments amp Net Debt
bull Net Debt EBITDA ratio increased to
295 during Q413 ( vs 260 in Q413)
bull The company initiate its investment in
new line at Russia Till now we already
paid approximately USD216M 25
27
29
31
33
35
37
39
41
43
125
130
135
140
145
150
155
160
165
170
175
Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
Net Debt Net debt to Asset
6
- -
AVGOL Nonwovens
Analysts Conference Call Key Highlights
Financial 2013 annual
Revenues in 2013 totaled approximately USD 3426 million growth of about 87 compared to 2012
Volumes sold during 2013 were higher than in 2012 due to the increase in production capacities in China and the United States
The gross profit margin however declined to 168 from 200 largely due to the effects of the fixed costs including depreciation charge on the new lines which was not yet balanced by higher sales
Consolidated EBITDA in 2013 totaled approximately USD 557 million (USD 571 million in 2012)
Operating cash-flow for the year totaled approximately USD 342 with a year end cash balance of USD 481 million
7
AV(iOL No 1wovens
8
Analysts Conference Call Key Highlights
Financial Q4 2013
Avgolrsquos revenues during the fourth quarter totaled approximately USD 896 million growth of about 145 compared to revenues totaling approximately USD 783 million during the corresponding period last year
The gross profit during the fourth quarter of 2013 totaled approximately USD 168 million constituting about 187 out of the total income compared to gross profit of approximately USD 146 million during the corresponding quarter in 2012
Operating profit during the fourth quarter of 2013 totaled approximately USD 96 million compared to operating profit of approximately USD 74 million during the corresponding period last year The increase in operating profit during the fourth quarter of 2013 compared to the corresponding period last year derived mainly from the increase in the quantities sold and from the higher output in China
Net financing expenses during the fourth quarter of 2013 totaled approximately USD 16 million which is similar to the level of expenses during the corresponding quarter in 2012 During the quarter the Company generated gains from exchange-rate differentials mainly due to the USD-EUR exchange rates
AVli L Nonwovens
9
Analysts Conference Call Key Highlights
Market amp Business The company is continuing to work intensively to address the operational issues in
US it is channeling considerable managerial efforts towards improving operating efficiency The company assume to have ongoing volatility in the process before being confident to declare that the operating issues are fully addressed
Demand for the Companyrsquos products continues to be robust and the company is confident that the focus on meeting the requisite operating efficiency targets will enable the Company to satisfy customer demand
Sales in China during the fourth quarter continued to show growth but there is not yet full utilization of the production capacity of all three lines at the plant At this stage the company is continuing to support the demands of the United States and Russian operations from the plant in China although this does involve an additional logistics cost
The construction of the infrastructure for the new production line in Russia is underway Customer demand in Russia continues to be robust and in order to sustain its positioning as a market leader in this territory the Company is supporting the supply of fabric to the Russian market from the Grouprsquos other plants
bull bull bull bull bull bull
bull bull bull bull bull
bull
AVGOL Nonwovens
Analysts Conference Call Cost of Goods Sold (COGS)
74
7
6
3 2 8
2013 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
74
7
6
3 2
8 2012 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
Source Company Financial Reports
10
- -
bull
AVGOL Nonwovens
Analysts Conference Call Profit Development
‐
50
100
150
200
250
Q1 ‐ 08
Q2 ‐ 08
Q3‐08
Q4‐08
Q1 ‐ 09
Q2 ‐ 09
Q3‐09
Q4‐09
Q1 ‐ 10
Q2 ‐ 10
Q3‐10
Q4‐10
Q1‐11
Q2‐11
Q3‐11
Q4‐11
Q1‐12
Q2‐12
Q3‐12
Q4‐12
Q1‐13
Q2‐13
Q3‐13
Q4‐13
USD 000
Gross Profit amp Operating Profit development
Gross EBIT
Source Company Financial Reports
11
byopera ac s
Net cash provided by operating activities
eq me I
Netcas h used for investment activities
Net cas h prov ided by (used for ) financ ing activities
Increase (decrease ) in cash and cash equivalents
led
esiee
Balance of cash and cash equivalents at the begiming of the year
Effect of e_xchange rate d ifferences on cash balances held in foreign currency
BaJance of cash and cash equivalents at the end of the year
For the year ended DeoembM 31 2013 2012 2011 USO USO USO
ttiou11Y1de tnouDM11 Ulouunde
6642
542
2 S-26
23534
24685
3
34 84 45460 3 3
42364
( 6 32 4
(9594)
( 2
(6422)
54 24
( middot64 )
805 8982
35
9
- - - - -
2449
AVGOL Nonwovens
Analysts Conference Call Cash Flow
ST = Short Term LT = Long Term Source Company Financial Reports
12
AVGOL Nonwovens
Analysts Conference Call Balance Sheet Highlights
As on December 31 2013 2012 USD USD
thousands thousands CURRENT ASSETS Cash and cash equivalents 48051 54724 Trade receivables 55745 51329 Other receivables and debit balances 5704 3895 Current tax assets 4757 3746 Derivatives 6933 4664 Inventories 46617 38947 Total current assets 167807 157305
NONCURRENT ASSETS Property plant and equipment net 257291 251119 Derivatives 13200 6187 Deferred tax assets 850 695 Intangible assets 1573 2204 Long-term debit balances 1095 4849 Total noncurrent assets 274009 265054
Total assets 441816 422359
CURRENT LIABILITIES Short-term credit from banking corporations 13387 25878 Liabilities in respect of derivatives 70 138 Current maturities of long-term bonds 22188 19405 Trade payables 37361 31352 Liabilities in respect of current taxes 1864 794 Other payables and credit balances 12123 9949 Total current liabilities 90993 87516
NONCURRENT LIABILITIES Long-term loans from banking corporations 79504 89454 Bonds 109282 79778 Liabilities in respect of derivatives 269 582 Employee benefit liabilities 78 150 Deferred tax liabilities 27767 25021 Total noncurrent liabilities 216900 194985
TOTAL EQUITY 133923 139858
Total liabilities and equity 441816 422359
13 Source Company Financial Reports
North America
AVGOL Nonwovens
Financial Results Analysts Conference Call
Thank You
14
- -
AVGOL Nonwovens
Analysts Conference Call Key Highlights
Financial 2013 annual
Revenues in 2013 totaled approximately USD 3426 million growth of about 87 compared to 2012
Volumes sold during 2013 were higher than in 2012 due to the increase in production capacities in China and the United States
The gross profit margin however declined to 168 from 200 largely due to the effects of the fixed costs including depreciation charge on the new lines which was not yet balanced by higher sales
Consolidated EBITDA in 2013 totaled approximately USD 557 million (USD 571 million in 2012)
Operating cash-flow for the year totaled approximately USD 342 with a year end cash balance of USD 481 million
7
AV(iOL No 1wovens
8
Analysts Conference Call Key Highlights
Financial Q4 2013
Avgolrsquos revenues during the fourth quarter totaled approximately USD 896 million growth of about 145 compared to revenues totaling approximately USD 783 million during the corresponding period last year
The gross profit during the fourth quarter of 2013 totaled approximately USD 168 million constituting about 187 out of the total income compared to gross profit of approximately USD 146 million during the corresponding quarter in 2012
Operating profit during the fourth quarter of 2013 totaled approximately USD 96 million compared to operating profit of approximately USD 74 million during the corresponding period last year The increase in operating profit during the fourth quarter of 2013 compared to the corresponding period last year derived mainly from the increase in the quantities sold and from the higher output in China
Net financing expenses during the fourth quarter of 2013 totaled approximately USD 16 million which is similar to the level of expenses during the corresponding quarter in 2012 During the quarter the Company generated gains from exchange-rate differentials mainly due to the USD-EUR exchange rates
AVli L Nonwovens
9
Analysts Conference Call Key Highlights
Market amp Business The company is continuing to work intensively to address the operational issues in
US it is channeling considerable managerial efforts towards improving operating efficiency The company assume to have ongoing volatility in the process before being confident to declare that the operating issues are fully addressed
Demand for the Companyrsquos products continues to be robust and the company is confident that the focus on meeting the requisite operating efficiency targets will enable the Company to satisfy customer demand
Sales in China during the fourth quarter continued to show growth but there is not yet full utilization of the production capacity of all three lines at the plant At this stage the company is continuing to support the demands of the United States and Russian operations from the plant in China although this does involve an additional logistics cost
The construction of the infrastructure for the new production line in Russia is underway Customer demand in Russia continues to be robust and in order to sustain its positioning as a market leader in this territory the Company is supporting the supply of fabric to the Russian market from the Grouprsquos other plants
bull bull bull bull bull bull
bull bull bull bull bull
bull
AVGOL Nonwovens
Analysts Conference Call Cost of Goods Sold (COGS)
74
7
6
3 2 8
2013 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
74
7
6
3 2
8 2012 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
Source Company Financial Reports
10
- -
bull
AVGOL Nonwovens
Analysts Conference Call Profit Development
‐
50
100
150
200
250
Q1 ‐ 08
Q2 ‐ 08
Q3‐08
Q4‐08
Q1 ‐ 09
Q2 ‐ 09
Q3‐09
Q4‐09
Q1 ‐ 10
Q2 ‐ 10
Q3‐10
Q4‐10
Q1‐11
Q2‐11
Q3‐11
Q4‐11
Q1‐12
Q2‐12
Q3‐12
Q4‐12
Q1‐13
Q2‐13
Q3‐13
Q4‐13
USD 000
Gross Profit amp Operating Profit development
Gross EBIT
Source Company Financial Reports
11
byopera ac s
Net cash provided by operating activities
eq me I
Netcas h used for investment activities
Net cas h prov ided by (used for ) financ ing activities
Increase (decrease ) in cash and cash equivalents
led
esiee
Balance of cash and cash equivalents at the begiming of the year
Effect of e_xchange rate d ifferences on cash balances held in foreign currency
BaJance of cash and cash equivalents at the end of the year
For the year ended DeoembM 31 2013 2012 2011 USO USO USO
ttiou11Y1de tnouDM11 Ulouunde
6642
542
2 S-26
23534
24685
3
34 84 45460 3 3
42364
( 6 32 4
(9594)
( 2
(6422)
54 24
( middot64 )
805 8982
35
9
- - - - -
2449
AVGOL Nonwovens
Analysts Conference Call Cash Flow
ST = Short Term LT = Long Term Source Company Financial Reports
12
AVGOL Nonwovens
Analysts Conference Call Balance Sheet Highlights
As on December 31 2013 2012 USD USD
thousands thousands CURRENT ASSETS Cash and cash equivalents 48051 54724 Trade receivables 55745 51329 Other receivables and debit balances 5704 3895 Current tax assets 4757 3746 Derivatives 6933 4664 Inventories 46617 38947 Total current assets 167807 157305
NONCURRENT ASSETS Property plant and equipment net 257291 251119 Derivatives 13200 6187 Deferred tax assets 850 695 Intangible assets 1573 2204 Long-term debit balances 1095 4849 Total noncurrent assets 274009 265054
Total assets 441816 422359
CURRENT LIABILITIES Short-term credit from banking corporations 13387 25878 Liabilities in respect of derivatives 70 138 Current maturities of long-term bonds 22188 19405 Trade payables 37361 31352 Liabilities in respect of current taxes 1864 794 Other payables and credit balances 12123 9949 Total current liabilities 90993 87516
NONCURRENT LIABILITIES Long-term loans from banking corporations 79504 89454 Bonds 109282 79778 Liabilities in respect of derivatives 269 582 Employee benefit liabilities 78 150 Deferred tax liabilities 27767 25021 Total noncurrent liabilities 216900 194985
TOTAL EQUITY 133923 139858
Total liabilities and equity 441816 422359
13 Source Company Financial Reports
North America
AVGOL Nonwovens
Financial Results Analysts Conference Call
Thank You
14
AV(iOL No 1wovens
8
Analysts Conference Call Key Highlights
Financial Q4 2013
Avgolrsquos revenues during the fourth quarter totaled approximately USD 896 million growth of about 145 compared to revenues totaling approximately USD 783 million during the corresponding period last year
The gross profit during the fourth quarter of 2013 totaled approximately USD 168 million constituting about 187 out of the total income compared to gross profit of approximately USD 146 million during the corresponding quarter in 2012
Operating profit during the fourth quarter of 2013 totaled approximately USD 96 million compared to operating profit of approximately USD 74 million during the corresponding period last year The increase in operating profit during the fourth quarter of 2013 compared to the corresponding period last year derived mainly from the increase in the quantities sold and from the higher output in China
Net financing expenses during the fourth quarter of 2013 totaled approximately USD 16 million which is similar to the level of expenses during the corresponding quarter in 2012 During the quarter the Company generated gains from exchange-rate differentials mainly due to the USD-EUR exchange rates
AVli L Nonwovens
9
Analysts Conference Call Key Highlights
Market amp Business The company is continuing to work intensively to address the operational issues in
US it is channeling considerable managerial efforts towards improving operating efficiency The company assume to have ongoing volatility in the process before being confident to declare that the operating issues are fully addressed
Demand for the Companyrsquos products continues to be robust and the company is confident that the focus on meeting the requisite operating efficiency targets will enable the Company to satisfy customer demand
Sales in China during the fourth quarter continued to show growth but there is not yet full utilization of the production capacity of all three lines at the plant At this stage the company is continuing to support the demands of the United States and Russian operations from the plant in China although this does involve an additional logistics cost
The construction of the infrastructure for the new production line in Russia is underway Customer demand in Russia continues to be robust and in order to sustain its positioning as a market leader in this territory the Company is supporting the supply of fabric to the Russian market from the Grouprsquos other plants
bull bull bull bull bull bull
bull bull bull bull bull
bull
AVGOL Nonwovens
Analysts Conference Call Cost of Goods Sold (COGS)
74
7
6
3 2 8
2013 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
74
7
6
3 2
8 2012 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
Source Company Financial Reports
10
- -
bull
AVGOL Nonwovens
Analysts Conference Call Profit Development
‐
50
100
150
200
250
Q1 ‐ 08
Q2 ‐ 08
Q3‐08
Q4‐08
Q1 ‐ 09
Q2 ‐ 09
Q3‐09
Q4‐09
Q1 ‐ 10
Q2 ‐ 10
Q3‐10
Q4‐10
Q1‐11
Q2‐11
Q3‐11
Q4‐11
Q1‐12
Q2‐12
Q3‐12
Q4‐12
Q1‐13
Q2‐13
Q3‐13
Q4‐13
USD 000
Gross Profit amp Operating Profit development
Gross EBIT
Source Company Financial Reports
11
byopera ac s
Net cash provided by operating activities
eq me I
Netcas h used for investment activities
Net cas h prov ided by (used for ) financ ing activities
Increase (decrease ) in cash and cash equivalents
led
esiee
Balance of cash and cash equivalents at the begiming of the year
Effect of e_xchange rate d ifferences on cash balances held in foreign currency
BaJance of cash and cash equivalents at the end of the year
For the year ended DeoembM 31 2013 2012 2011 USO USO USO
ttiou11Y1de tnouDM11 Ulouunde
6642
542
2 S-26
23534
24685
3
34 84 45460 3 3
42364
( 6 32 4
(9594)
( 2
(6422)
54 24
( middot64 )
805 8982
35
9
- - - - -
2449
AVGOL Nonwovens
Analysts Conference Call Cash Flow
ST = Short Term LT = Long Term Source Company Financial Reports
12
AVGOL Nonwovens
Analysts Conference Call Balance Sheet Highlights
As on December 31 2013 2012 USD USD
thousands thousands CURRENT ASSETS Cash and cash equivalents 48051 54724 Trade receivables 55745 51329 Other receivables and debit balances 5704 3895 Current tax assets 4757 3746 Derivatives 6933 4664 Inventories 46617 38947 Total current assets 167807 157305
NONCURRENT ASSETS Property plant and equipment net 257291 251119 Derivatives 13200 6187 Deferred tax assets 850 695 Intangible assets 1573 2204 Long-term debit balances 1095 4849 Total noncurrent assets 274009 265054
Total assets 441816 422359
CURRENT LIABILITIES Short-term credit from banking corporations 13387 25878 Liabilities in respect of derivatives 70 138 Current maturities of long-term bonds 22188 19405 Trade payables 37361 31352 Liabilities in respect of current taxes 1864 794 Other payables and credit balances 12123 9949 Total current liabilities 90993 87516
NONCURRENT LIABILITIES Long-term loans from banking corporations 79504 89454 Bonds 109282 79778 Liabilities in respect of derivatives 269 582 Employee benefit liabilities 78 150 Deferred tax liabilities 27767 25021 Total noncurrent liabilities 216900 194985
TOTAL EQUITY 133923 139858
Total liabilities and equity 441816 422359
13 Source Company Financial Reports
North America
AVGOL Nonwovens
Financial Results Analysts Conference Call
Thank You
14
AVli L Nonwovens
9
Analysts Conference Call Key Highlights
Market amp Business The company is continuing to work intensively to address the operational issues in
US it is channeling considerable managerial efforts towards improving operating efficiency The company assume to have ongoing volatility in the process before being confident to declare that the operating issues are fully addressed
Demand for the Companyrsquos products continues to be robust and the company is confident that the focus on meeting the requisite operating efficiency targets will enable the Company to satisfy customer demand
Sales in China during the fourth quarter continued to show growth but there is not yet full utilization of the production capacity of all three lines at the plant At this stage the company is continuing to support the demands of the United States and Russian operations from the plant in China although this does involve an additional logistics cost
The construction of the infrastructure for the new production line in Russia is underway Customer demand in Russia continues to be robust and in order to sustain its positioning as a market leader in this territory the Company is supporting the supply of fabric to the Russian market from the Grouprsquos other plants
bull bull bull bull bull bull
bull bull bull bull bull
bull
AVGOL Nonwovens
Analysts Conference Call Cost of Goods Sold (COGS)
74
7
6
3 2 8
2013 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
74
7
6
3 2
8 2012 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
Source Company Financial Reports
10
- -
bull
AVGOL Nonwovens
Analysts Conference Call Profit Development
‐
50
100
150
200
250
Q1 ‐ 08
Q2 ‐ 08
Q3‐08
Q4‐08
Q1 ‐ 09
Q2 ‐ 09
Q3‐09
Q4‐09
Q1 ‐ 10
Q2 ‐ 10
Q3‐10
Q4‐10
Q1‐11
Q2‐11
Q3‐11
Q4‐11
Q1‐12
Q2‐12
Q3‐12
Q4‐12
Q1‐13
Q2‐13
Q3‐13
Q4‐13
USD 000
Gross Profit amp Operating Profit development
Gross EBIT
Source Company Financial Reports
11
byopera ac s
Net cash provided by operating activities
eq me I
Netcas h used for investment activities
Net cas h prov ided by (used for ) financ ing activities
Increase (decrease ) in cash and cash equivalents
led
esiee
Balance of cash and cash equivalents at the begiming of the year
Effect of e_xchange rate d ifferences on cash balances held in foreign currency
BaJance of cash and cash equivalents at the end of the year
For the year ended DeoembM 31 2013 2012 2011 USO USO USO
ttiou11Y1de tnouDM11 Ulouunde
6642
542
2 S-26
23534
24685
3
34 84 45460 3 3
42364
( 6 32 4
(9594)
( 2
(6422)
54 24
( middot64 )
805 8982
35
9
- - - - -
2449
AVGOL Nonwovens
Analysts Conference Call Cash Flow
ST = Short Term LT = Long Term Source Company Financial Reports
12
AVGOL Nonwovens
Analysts Conference Call Balance Sheet Highlights
As on December 31 2013 2012 USD USD
thousands thousands CURRENT ASSETS Cash and cash equivalents 48051 54724 Trade receivables 55745 51329 Other receivables and debit balances 5704 3895 Current tax assets 4757 3746 Derivatives 6933 4664 Inventories 46617 38947 Total current assets 167807 157305
NONCURRENT ASSETS Property plant and equipment net 257291 251119 Derivatives 13200 6187 Deferred tax assets 850 695 Intangible assets 1573 2204 Long-term debit balances 1095 4849 Total noncurrent assets 274009 265054
Total assets 441816 422359
CURRENT LIABILITIES Short-term credit from banking corporations 13387 25878 Liabilities in respect of derivatives 70 138 Current maturities of long-term bonds 22188 19405 Trade payables 37361 31352 Liabilities in respect of current taxes 1864 794 Other payables and credit balances 12123 9949 Total current liabilities 90993 87516
NONCURRENT LIABILITIES Long-term loans from banking corporations 79504 89454 Bonds 109282 79778 Liabilities in respect of derivatives 269 582 Employee benefit liabilities 78 150 Deferred tax liabilities 27767 25021 Total noncurrent liabilities 216900 194985
TOTAL EQUITY 133923 139858
Total liabilities and equity 441816 422359
13 Source Company Financial Reports
North America
AVGOL Nonwovens
Financial Results Analysts Conference Call
Thank You
14
bull bull bull bull bull bull
bull bull bull bull bull
bull
AVGOL Nonwovens
Analysts Conference Call Cost of Goods Sold (COGS)
74
7
6
3 2 8
2013 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
74
7
6
3 2
8 2012 COGS Breakdown
Materials
Labor
Electricity amp Local Taxes
Maintenance amp Insurance
Freight
Depreciation
Source Company Financial Reports
10
- -
bull
AVGOL Nonwovens
Analysts Conference Call Profit Development
‐
50
100
150
200
250
Q1 ‐ 08
Q2 ‐ 08
Q3‐08
Q4‐08
Q1 ‐ 09
Q2 ‐ 09
Q3‐09
Q4‐09
Q1 ‐ 10
Q2 ‐ 10
Q3‐10
Q4‐10
Q1‐11
Q2‐11
Q3‐11
Q4‐11
Q1‐12
Q2‐12
Q3‐12
Q4‐12
Q1‐13
Q2‐13
Q3‐13
Q4‐13
USD 000
Gross Profit amp Operating Profit development
Gross EBIT
Source Company Financial Reports
11
byopera ac s
Net cash provided by operating activities
eq me I
Netcas h used for investment activities
Net cas h prov ided by (used for ) financ ing activities
Increase (decrease ) in cash and cash equivalents
led
esiee
Balance of cash and cash equivalents at the begiming of the year
Effect of e_xchange rate d ifferences on cash balances held in foreign currency
BaJance of cash and cash equivalents at the end of the year
For the year ended DeoembM 31 2013 2012 2011 USO USO USO
ttiou11Y1de tnouDM11 Ulouunde
6642
542
2 S-26
23534
24685
3
34 84 45460 3 3
42364
( 6 32 4
(9594)
( 2
(6422)
54 24
( middot64 )
805 8982
35
9
- - - - -
2449
AVGOL Nonwovens
Analysts Conference Call Cash Flow
ST = Short Term LT = Long Term Source Company Financial Reports
12
AVGOL Nonwovens
Analysts Conference Call Balance Sheet Highlights
As on December 31 2013 2012 USD USD
thousands thousands CURRENT ASSETS Cash and cash equivalents 48051 54724 Trade receivables 55745 51329 Other receivables and debit balances 5704 3895 Current tax assets 4757 3746 Derivatives 6933 4664 Inventories 46617 38947 Total current assets 167807 157305
NONCURRENT ASSETS Property plant and equipment net 257291 251119 Derivatives 13200 6187 Deferred tax assets 850 695 Intangible assets 1573 2204 Long-term debit balances 1095 4849 Total noncurrent assets 274009 265054
Total assets 441816 422359
CURRENT LIABILITIES Short-term credit from banking corporations 13387 25878 Liabilities in respect of derivatives 70 138 Current maturities of long-term bonds 22188 19405 Trade payables 37361 31352 Liabilities in respect of current taxes 1864 794 Other payables and credit balances 12123 9949 Total current liabilities 90993 87516
NONCURRENT LIABILITIES Long-term loans from banking corporations 79504 89454 Bonds 109282 79778 Liabilities in respect of derivatives 269 582 Employee benefit liabilities 78 150 Deferred tax liabilities 27767 25021 Total noncurrent liabilities 216900 194985
TOTAL EQUITY 133923 139858
Total liabilities and equity 441816 422359
13 Source Company Financial Reports
North America
AVGOL Nonwovens
Financial Results Analysts Conference Call
Thank You
14
- -
bull
AVGOL Nonwovens
Analysts Conference Call Profit Development
‐
50
100
150
200
250
Q1 ‐ 08
Q2 ‐ 08
Q3‐08
Q4‐08
Q1 ‐ 09
Q2 ‐ 09
Q3‐09
Q4‐09
Q1 ‐ 10
Q2 ‐ 10
Q3‐10
Q4‐10
Q1‐11
Q2‐11
Q3‐11
Q4‐11
Q1‐12
Q2‐12
Q3‐12
Q4‐12
Q1‐13
Q2‐13
Q3‐13
Q4‐13
USD 000
Gross Profit amp Operating Profit development
Gross EBIT
Source Company Financial Reports
11
byopera ac s
Net cash provided by operating activities
eq me I
Netcas h used for investment activities
Net cas h prov ided by (used for ) financ ing activities
Increase (decrease ) in cash and cash equivalents
led
esiee
Balance of cash and cash equivalents at the begiming of the year
Effect of e_xchange rate d ifferences on cash balances held in foreign currency
BaJance of cash and cash equivalents at the end of the year
For the year ended DeoembM 31 2013 2012 2011 USO USO USO
ttiou11Y1de tnouDM11 Ulouunde
6642
542
2 S-26
23534
24685
3
34 84 45460 3 3
42364
( 6 32 4
(9594)
( 2
(6422)
54 24
( middot64 )
805 8982
35
9
- - - - -
2449
AVGOL Nonwovens
Analysts Conference Call Cash Flow
ST = Short Term LT = Long Term Source Company Financial Reports
12
AVGOL Nonwovens
Analysts Conference Call Balance Sheet Highlights
As on December 31 2013 2012 USD USD
thousands thousands CURRENT ASSETS Cash and cash equivalents 48051 54724 Trade receivables 55745 51329 Other receivables and debit balances 5704 3895 Current tax assets 4757 3746 Derivatives 6933 4664 Inventories 46617 38947 Total current assets 167807 157305
NONCURRENT ASSETS Property plant and equipment net 257291 251119 Derivatives 13200 6187 Deferred tax assets 850 695 Intangible assets 1573 2204 Long-term debit balances 1095 4849 Total noncurrent assets 274009 265054
Total assets 441816 422359
CURRENT LIABILITIES Short-term credit from banking corporations 13387 25878 Liabilities in respect of derivatives 70 138 Current maturities of long-term bonds 22188 19405 Trade payables 37361 31352 Liabilities in respect of current taxes 1864 794 Other payables and credit balances 12123 9949 Total current liabilities 90993 87516
NONCURRENT LIABILITIES Long-term loans from banking corporations 79504 89454 Bonds 109282 79778 Liabilities in respect of derivatives 269 582 Employee benefit liabilities 78 150 Deferred tax liabilities 27767 25021 Total noncurrent liabilities 216900 194985
TOTAL EQUITY 133923 139858
Total liabilities and equity 441816 422359
13 Source Company Financial Reports
North America
AVGOL Nonwovens
Financial Results Analysts Conference Call
Thank You
14
byopera ac s
Net cash provided by operating activities
eq me I
Netcas h used for investment activities
Net cas h prov ided by (used for ) financ ing activities
Increase (decrease ) in cash and cash equivalents
led
esiee
Balance of cash and cash equivalents at the begiming of the year
Effect of e_xchange rate d ifferences on cash balances held in foreign currency
BaJance of cash and cash equivalents at the end of the year
For the year ended DeoembM 31 2013 2012 2011 USO USO USO
ttiou11Y1de tnouDM11 Ulouunde
6642
542
2 S-26
23534
24685
3
34 84 45460 3 3
42364
( 6 32 4
(9594)
( 2
(6422)
54 24
( middot64 )
805 8982
35
9
- - - - -
2449
AVGOL Nonwovens
Analysts Conference Call Cash Flow
ST = Short Term LT = Long Term Source Company Financial Reports
12
AVGOL Nonwovens
Analysts Conference Call Balance Sheet Highlights
As on December 31 2013 2012 USD USD
thousands thousands CURRENT ASSETS Cash and cash equivalents 48051 54724 Trade receivables 55745 51329 Other receivables and debit balances 5704 3895 Current tax assets 4757 3746 Derivatives 6933 4664 Inventories 46617 38947 Total current assets 167807 157305
NONCURRENT ASSETS Property plant and equipment net 257291 251119 Derivatives 13200 6187 Deferred tax assets 850 695 Intangible assets 1573 2204 Long-term debit balances 1095 4849 Total noncurrent assets 274009 265054
Total assets 441816 422359
CURRENT LIABILITIES Short-term credit from banking corporations 13387 25878 Liabilities in respect of derivatives 70 138 Current maturities of long-term bonds 22188 19405 Trade payables 37361 31352 Liabilities in respect of current taxes 1864 794 Other payables and credit balances 12123 9949 Total current liabilities 90993 87516
NONCURRENT LIABILITIES Long-term loans from banking corporations 79504 89454 Bonds 109282 79778 Liabilities in respect of derivatives 269 582 Employee benefit liabilities 78 150 Deferred tax liabilities 27767 25021 Total noncurrent liabilities 216900 194985
TOTAL EQUITY 133923 139858
Total liabilities and equity 441816 422359
13 Source Company Financial Reports
North America
AVGOL Nonwovens
Financial Results Analysts Conference Call
Thank You
14
AVGOL Nonwovens
Analysts Conference Call Balance Sheet Highlights
As on December 31 2013 2012 USD USD
thousands thousands CURRENT ASSETS Cash and cash equivalents 48051 54724 Trade receivables 55745 51329 Other receivables and debit balances 5704 3895 Current tax assets 4757 3746 Derivatives 6933 4664 Inventories 46617 38947 Total current assets 167807 157305
NONCURRENT ASSETS Property plant and equipment net 257291 251119 Derivatives 13200 6187 Deferred tax assets 850 695 Intangible assets 1573 2204 Long-term debit balances 1095 4849 Total noncurrent assets 274009 265054
Total assets 441816 422359
CURRENT LIABILITIES Short-term credit from banking corporations 13387 25878 Liabilities in respect of derivatives 70 138 Current maturities of long-term bonds 22188 19405 Trade payables 37361 31352 Liabilities in respect of current taxes 1864 794 Other payables and credit balances 12123 9949 Total current liabilities 90993 87516
NONCURRENT LIABILITIES Long-term loans from banking corporations 79504 89454 Bonds 109282 79778 Liabilities in respect of derivatives 269 582 Employee benefit liabilities 78 150 Deferred tax liabilities 27767 25021 Total noncurrent liabilities 216900 194985
TOTAL EQUITY 133923 139858
Total liabilities and equity 441816 422359
13 Source Company Financial Reports
North America
AVGOL Nonwovens
Financial Results Analysts Conference Call
Thank You
14
North America
AVGOL Nonwovens
Financial Results Analysts Conference Call
Thank You
14
![Analysts Presentation Q4 & FY16 [Company Update]](https://img.pdfslide.us/doc/110x75/577c7c061a28abe05498fa86/analysts-presentation-q4-fy16-company-update.jpg)
