2015 BUSINESS YEAR RESULTS PRESENTACIN DE RESULTADOS M a d r i d - PowerPoint PPT Presentation

2015 BUSINESS YEAR RESULTS PRESENTACIÓN DE RESULTADOS M a d r i d , 1 M a r c h 2 0 1 6 ACERINOX Ejercicio 2014 1

M A I N F I N A N C I A L F I G U R E S O F A C E R I N O X 2015 2014 Variation Net Sales 4,221 4,380 -4% EBITDA 286 454 -37% EBIT 121 298 -59% 77 244 -68% Results before Taxes and Minorities 43 136 -69% Results after Taxes and Minorities 711 616 15% Net Financial Debt 2.48 1.36 83% Net Financial Debt / EBITDA 35% 33% 6% Net Financial Debt / Equity A p p a r e n t N i c k e l C h i n a c o n s u m p t i o n p r i c e d r o p s l o w d o w n d e c r e a s e s I m p o r t s S t o c k s L o w p r i c e s p r e s s u r e r e d u c t i o n 2

S TA I N L E S S S T E E L W O R L D W I D E P R O D U C T I O N T h o u s a n d s t o n s 42,000 Est imat ed w o rld p ro d u ct ion o f St ain less 36,000 St eel in 2015 : 30,000 41.7 million Mt Tasa de crecimiento anual 24,000 Años 1950 a 2011e: +5,8 % ( +0.1% o v e r 2 0 1 4 ) 18,000 12,000 C o m p o u n d a n n u a l g r o w t h r a t e 1 9 5 0 – 2 0 1 5 e : 6,000 + 5.9% 0 50 60 70 80 90 00 10 15e S o u r c e : I S S F a n d A c e r i n o x 3

S TA I N L E S S S T E E L W O R L D W I D E P R O D U C T I O N T h o u s a n d s t o n s Ch in a red u ces p ro d u ct ion f o r t h e f irst t im e in 15 years 45,000 40,000 35,000 30,000 25,000 China 20,000 Rest of Asia America 15,000 Europe + Africa 10,000 5,000 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015e 4

U S M A R K E T I N 2 0 1 5 S TA I N L E S S S T E E L I N V E N T O R I E S AT D I S T R I B U T O R S N o r m a l i z e d l e v e l s S o u r c e : M S C I C O L D - R O L L E D I M P O R T S 600 4 M o n t h s o f r o t a t i o n T h o u s a n d s t o n s M t 500 S t r o n g S o u r c e : U S D e p t . C o m m e r c e i n c r e a s e i n 400 2 0 1 4 45,000 300 3 200 35,000 100 0 2 J F M A M J JL A S O N D J F M A M J JL A S O N D N o r m a l i z e d 25,000 2 0 1 4 2 0 1 5 s i n c e J u l y 15,000 S o u r c e : U S C e n s u s B u r e a u J F M A M J JL A S O N D J F M A M J JL A S O N D 2014 2015 C O N S T R U C T I O N + 1 1 % S o u r c e : W a r b s a u t o R E A L D E M A N D G R O W T H S o u r c e : A H A M H O U S E H O L D A U T O P R O D U C T I O N A P P L I A N C E S + 3 % + 8 % 5

E U R O P E A N M A R K E T I N 2 0 1 5 I N V E N T O R I E S O F C O L D - R O L L E D R e f e r e n c e : G e r m a y N o r m a l i z e d l e v e l s 100,000 70 S o u r c e : E H V D a y s o f r o t a t i o n 65 M e t r i c t o n s 80,000 60 60,000 55 C O L D - R O L L E D I M P O R T S 40,000 50 20,000 45 0 40 M t J F M A M J JL A S O N D J F M A M J JL A S O N D 2 0 1 4 2 0 1 5 400,000 350,000 300,000 S o u r c e : E U R O F E R R E C O V E R Y O F T H E D E M A N D I N E U R O P E 250,000 200,000 S o r u c e : E U R O F E R 150,000 C O N S T R U C T I O N + 2 % 100,000 S o u r c e : A c e r i n o x 50,000 0 J F M A M J JL A S O N D J F M A M J JL A S O N D 2014 2015 I m p o r t s h a v e r e t u r n e d t o 2 0 1 3 l e v e l s H O U S E H O L D A U T O A P P L I A N C E S S o u r c e : E U R O F E R P R O D U C T I O N + 4 % + 7 % 6

C H I N A I N 2 0 1 5 S . S . S T O C K S A T W U X I A N D F O S H A N S o u r c e : 5 1 b x g N o r m a l i z e d l i v e l s T h o u s a n d s t o n s 400 300 T O T A L S T A I N L E S S S T E E L E X P O R T S 200 100 M t 0 J F M A M J JL A S O N D J F M A M J JL A S O N D 400,000 300,000 D E M A N D I N C H I N A S o u r c e : I S S F S o u r c e : N B S C O N S T R U C T I O N + 1 % 200,000 S o u r c e : N B S S o u r c e : C A A M 100,000 J F M A M J JL A S O N D J F M A M J JL A S O N D 2014 2015 E x p o r t s d e c r e a s e d 1 3 % H O U S E H O L D A U T O A P P L I A N C E S P R O D U C T I O N - 2 % + 3 % 7

E S T I M AT E D G R O W T H O F A P PA R E N T C O N S U M P T I O N % 2 0 1 4 – 2 0 1 3 % 2 0 1 5 – 2 0 1 4 % F o r e c a s t 2 0 1 6 – 2 0 1 5 Euro / Africa - 2.2% +7.8% +3.0% China America +8.4% +3.8% +4.0% - 1.9% +7.5% +2.2% Asia without China +10.7% - 1.3% +4.9% The reduction in stocks caused the decrease in apparent consumption S o u r c e : I S S F 8

O F F I C I A L N I C K E L P R I C E I N T H E L . M . E . [ 2 0 1 4 - 2 0 1 5 ] A v e r a g e p r i c e : c a s h / t h r e e m o n t h s ( U S D / M t . N i ) T wenty months of 25,000 downwar d tendency 20,000 12- year lows 15,000 10,000 5,000 J F M A M J J A S O N D J F M A M J J A S O N D 9

S TA I N L E S S S T E E L C O L D R O L L E D S H E E T P R I C E S A I S I 3 0 4 2 . 0 m m [ 2 0 1 4 – 2 0 1 5 ] U S D / M t , f i n a l p r i c e , a l l o y s u r c h a r g e i n c l u d e d 3,500 Shar p declines in all m ar kets 3,000 2,500 E U R O P E - 1 8 % ( - 1 2 % E U R ) 2,000 U S A - 4 2 % A S I A - 2 7 % 1,500 2 0 1 4 2 0 1 5 S o u r c e : P l a t t s 1 0

A C E R I N O X M E LT I N G S H O P P R O D U C T I O N T o n s Melting shop pr oduction stability : r ecover y in Acer inox Eur opa and Columbus, and decr ease in NAS 631,576 600,540 617,496 611,321 562,065 560,180 545,706 515,519 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y e a r 2 0 1 4 Y e a r 2 0 1 5 1 1

P R O D U C T I O N O F A C E R I N O X T h o u s a n d s t o n s Year 2015 Year 2014 Variation Jan-Dec 2015 / 2014 Q1 Q2 Q3 Q4 Accumulated Melting shop 600.5 611.3 562.1 545.7 2,319.6 2,324.8 -0.2% 524.3 536.1 497.5 480.8 2,038.7 2,049.3 -0.5% Hot rolling shop Cold rolling shop 395.1 430.4 393.2 390.4 1,609.0 1,555.6 3.4% 57.0 60.7 50.7 47.6 215.9 241.6 -10.6% Long product (Hot rolling) Cold r olling pr oduction r ecor d T h o u s a n d s t o n s 1 , 6 0 9 1 , 5 9 5 1 , 5 5 6 1 , 4 9 9 1 , 4 7 0 1 , 4 5 5 1 , 4 1 8 1 , 3 0 5 1 , 2 9 1 1 , 2 7 0 1 , 0 7 1 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 1 2

H U M A N R E S O U R C E S Mor e than half of the G r oup's employees wor k outside Eur ope B y c o n t i n e n t s , p e r c e n t a g e o f t h e G r o u p ' s 2015 e m p l o y e e s : Acerinox, S.A. 57 E U R O P E Acerinox Europa 2,073 4 8 . 2 % NAS 1,370 A M E R I C A Columbus 1,345 A S I A / PA C I F I C 2 1 . 6 % 9 . 5 % Bahru Stainless 521 Roldán and Inoxfil 512 A F R I C A Spanish Trading Companies 235 2 0 . 7 % Overseas Trading Companies 393 Total 6,506 1 3

A C E R I N O X A C C I D E N T R AT E E V O L U T I O N Target: zero accidents 17.2 13.9 12.4 9.5 9.0 8.8 7.5 7.5 5.9 5.8 5.9 5.9 5.6 5.4 5.0 4.9 4.5 4.7 4.2 3.8 3.8 3.8 3.3 3.3 3.0 3.0 2.8 2.8 0.9 0.0 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 A V E R A G E A C E R I N O X N A S C O L U M B U S B A H R U P R O M E D I O A C X / N A S / C L B / B H R • A c c i d e n t r a t e = t o t a l n o . i n j u r i e s a n d i l l n e s s e s * 2 0 0 , 0 0 0 / n o . w o r k e d h o u r s 1 4

Q U A R T E R LY P R O F I T & L O S S A C C O U N T O F T H E C O N S O L I D AT E D G R O U P M i l l i o n s e u r o s January- December Million € Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 2014 Variation Net sales 1,144.31 1,170.91 1,000.86 905.35 4,221.43 4,380.29 -3.6% Gross operating result / 102.55 101.08 41.50 41.10 286.23 454.18 -37.0% EBITDA % over sales 9.0% 8.6% 4.1% 4.5% 6.8% 10.4% EBIT 61.89 58.92 0.53 -0.46 120.89 297.69 -59.4% % over sales 5.4% 5.0% 0.1% -0.1% 2.9% 6.8% Result before taxes 48.20 47.82 -9.75 -9.37 76.90 243.78 -68.5% Result after taxes and 31.01 32.91 -8.04 -12.99 42.89 136.33 -68.5% minorities Depreciation 40.42 41.75 40.28 41.23 163.68 150.34 8.9% Net cash flow 71.43 74.67 32.23 28.25 206.57 286.67 -27.9% 1 5

G E O G R A P H I C A L D I S T R I B U T I O N O F A C E R I N O X N E T S A L E S Y e a r 2 0 1 5 E u r o p e 3 8 . 0 % O c e a n i a 0 . 3 % A f r i c a 5 . 4 % A s i a 1 0 . 7 % A m e r i c a 4 5 . 7 % Sp an ish mu lt in at ional Sales in 80 co u n t ries Co m m ercial su b sid iaries in 39 co u n t ries S p a i n a c c o u n t s f o r 1 0 % o f s a l e s 1 6

Q U A R T E R LY E V O L U T I O N O F T H E E B I T D A O F T H E C O N S O L I D AT E D G R O U P M i l l i o n s e u r o s ( % o v e r s a l e s ) T ough mar ket conditions Inventor y adjustment: 14 million eur os 140 150 25.0% 124 Str ong pr ice 20.0% deter ior ation in 103 101 101 100 89 Amer ica and Asia 15.0% 71 68 12.4% 10.8% 10.0% 51 Commodities 9.3% 9.0% 8.6% 7.7% 8.7% 50 42 41 38 pr ice fall 6.6% 4.9% 3.9% 5.0% 4.1% 4.5% 0 0.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 - 3 7 % + 9 9 % 2 0 1 3 : 2 2 8 M i l l € 2 0 1 4 : 4 5 4 M i l l € 2 0 1 5 : 2 8 6 M i l l € 1 7