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APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa

Tenaris Sa · Apr 6, 2006 · 23 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 1
    Investor Day New York April 6, 2006 Paolo Rocca Chairman and CEO
  2. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 2
    A key player in the global energy industry Leading global supplier of oilfield US Billion US Million equipment to the oil and gas 80 2,500 industry 70 2,000 60 Leading supplier of welded pipes 50 for oil and gas pipelines in…
  3. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 3
    Growth driven by oil & gas activity Revenue Gross profit 2003 2004 2005 2003 2004 2005 Seamless 2,388 3,273 5,123 856 1,198 2,407 Welded 351 348 845 76 99 289 Energy 333 418 526 17 19 13 Others 108 97 242 23 43 85 Total 3,180 4,136…
  4. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 4
    Global operations Distribution of seamless Distribution of seamless sales production (2.8 mill tons) volume (2.9 mill tons) 2005 2005 Europe Middle East Far East & Oceania 30% 18% 8% Europe Far East & Oceania 23% 14%…
  5. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 5
    With worldwide presence Investor Day Tenaris April 6, 2006 6
  6. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 6
    Integrated business model Focus on sales of high value products direct to end-user customer base Global industrial system producing comprehensive range of products to a single quality standard Global R&D network Global…
  7. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 7
    Leading market position World seamless OCTG production 2005 market share Others, 7% Tenaris, 19% Japan, 8% US Steel, 8% TPCO, 9% Rest of USA, 4% V&M, 13% Rest of China, 16% TMK, 11% Rest of CIS, 5% Source: Company…
  8. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 8
    Demand for oil and gas continues to grow Projected world oil demand Projected world gas demand (Million of barrels per day) (Trillion cubic feet per year) 140 180 160 120 CAGR 1.6% CAGR 2.3% 140 100 120 80 100 80 60…
  9. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 9
    But worldwide oil production exceeds discoveries 60 Billion bbl/year 55 50 45 40 35 30 25 20 15 10 5 0 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 Annual Discoveries Annual Production…
  10. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 10
    Drilling activity is growing faster than production International rig count US and Canada rig count (excluding US, Canada, Russia, onshore China) 1000 2000 CAGR 6.8% CAGR 7.8% 900 1800 800 1600 700 1400 600 1200 500 1000 400…
  11. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 11
    Rising reserve depletion leads to higher OCTG consumption Example of a mature basin Oil Gas 125 400 120 350 115 300 110 250 105 200 100 150 95 100 90 85 50 80 0 2002 2003 2004 2005 2002 2003 2004 2005 Production…
  12. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 12
    Reserve development to be in complex operating environments Production trend towards non-conventional sources 2003 Oil & Gas production 2010 Oil & Gas production Acid Sour 0% LNG Tight Gas Arctic 6% Tight Gas Acid Sour 3% 4% 0%…
  13. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 13
    Well complexity drives demand for premium products Land Land Offsh. Shallow Water Offshore Deep Water Shallow Well Directional Deep Well Directional Deep Well Deep Well 30 50 m 9 5/8 300 m 20 800 m 18 5/8 850 m 13 5/8…
  14. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 14
    Oil and gas E&P capex will increase Capex survey Billion US 300 Oil and gas industry has 238 +15% strong cash flow from high oil 250 and gas prices 207 200 156 Reserve replacement and 150 135 increased well complexity…
  15. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 15
    Meeting rising demand for OCTG ... 2003 2004 2005 Increase 05/04 Oilfield (OCTG) 44% 46% 53% 24% Pipelines (risers, flowlines, etc) 10% 8% 9% 22% Process & Power Plant 25% 27% 20% -22% Industrial & Automotive 21% 19% 18% 6% Sales…
  16. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 16
    and for high-end products Tenaris high-end production Premium connections Thousand tons 700 45% Chrome and CRA High end/Total (RHS) 40% 600 Special, sour and high collapse 35% 500 steel grades 30% 400 25% Offshore risers…
  17. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 17
    Seamless pipe margins growing US 2,000 1,000 USD/b 1,800 bl 900 1,600 800 1,400 700 1,200 1,000 600 800 500 600 400 400 300 200 0 200 2001 2002 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 Margin…
  18. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 18
    Driving financial performance Millions of US 2003 2004 2005 4Q 2005 Net Sales 3,180 4,136 6,736 1,899 EBITDA 1 602 899 2,163 635 EBITDA margin 19% 22% 32% 33% EBIT 288 814 1,948 577 EBIT margin 9% 20% 29% 30% Net income 3 210 2 785 2…
  19. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 19
    Investing in growth and paying dividends Million US 800 700 600 500 400 300 200 100 0 2002 2003 2004 2005 Acquisitions Capex Dividends Investor Day Tenaris April 6, 2006 20
  20. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 20
    Investment program to expand high-end capacity New R&D facility in Mexico and expansion of existing facilities in Italy Expansion of heat treatment capacity Increase of premium connection manufacturing capacity New premium…
  21. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 21
    Liquidity of shares has increased Average daily trading Free float shares by market December 2005 Millions of US Mexico 2% ADRs 55% 180 Argentina 160 16% 140 120 Italy 100 27% 80 December 2004 60 Mexico 2% 40…
  22. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 22
    Summary A leading global player in the oilfield services and equipment sector Well positioned to benefit from increased drilling activity and well complexity Integrated business model and leading market position Strong…
  23. APRIL 2006 INVESTOR PRESENTATION – Tenaris Sa – slide 23
    Investor Day Tenaris April 6, 2006 24

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