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Teraplast First Impression FY 2009 (IFRS, consolidated)

Following its Shareholders Meeting, Teraplast released its consolidated FY 2009 results under IFRS which include the results of the main entity, Teraplast (plastic pipes producer and PVC processor) and Politub (PE pipes producer) and Plastsistem (the thermo-insulating sandwich panel producer).

The consolidation had a negative impact on the bottom line (RON 6 mn vs. RON 7.7 mn reported by Teraplast under RAS on a stand-alone basis).

Sales helped by exports: Sales amounted to RON 247.5 mn, down 8% yoy, but 5% higher yoy than our estimates due to higher sales of merchandise (+16% yoy) and a better than expected performance from Politub, which reported flat yoy sales while we expected a contraction of 15-20%. Sales of thermo insulated panels were down 22% yoy broadly in line with our estimates (-25% yoy). Group's sales on the local market decreased 10% yoy, while exports climbed 29% yoy helped by entering of new markets.

Adjustments to FY 2008 results: Teraplast identified an error in its 2008 IFRS financial statements. FY 2008 bottom line was negatively impacted by an increase of RON 1.8 mn in salaries expenses. Taking into account the adjustments made for 2008, TRP salaries costs show a 2% yoy decrease in 2009 to RON 29 mn, which however is almost 10% higher compared to our numbers in spite of the fact that we also forecasted a reduction in salaries expenses. This altered our EBITDA estimation and thus the comparison with our estimates is less relevant. As Teraplast finalized the construction and relocation to Saratel Industrial Park, depreciation cost increased more than we estimated (RON 14.3 vs. our est. of RON 12.2 mn) and negatively impacted TRP's margins.

Outlook and recommendation: With a mix of both positive and negative elements we rate the news as negative. We will update our model to incorporate the data related to the development of each business line and the 2010 guidelines issued by the company for the Group's main entity Teraplast. For the moment we maintain our Hold recommendation but we put the target price under review.

Sursa: http://www.rciro.ro

Tags: teraplast sales

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