2017 BUSINESS YEAR RESULTS M a d r i d 2 8 F e b r u a r y 2 0 1 8 0
D I S C L A I M E R This document may contain forward-looking information and statements about ACERINOX, S.A., its subsidiaries and/or its management. These forward-looking statements include financial projections and estimates and their underlying assumptions, and statements regarding the intent, belief or current expectations or forecasts of ACERINOX, S.A. and/or its management, as well as statements regarding future performance, plans, objectives, operations, business, strategy, capital expenditures, results of operations, markets and products. These forward-looking statements or forecasts may also include assumptions regarding future economic and other conditions, such as future nickel or chrome prices and, in general, are subject to risks, uncertainties and variables beyond ACERINOX’s control that can adversely affect them. These forward-looking statements and information do not constitute historical facts and can generally be identified by the use of terms such as “expects”, “anticipates”, “believes”, “plans”, “estimates” and similar expressions. ACERINOX, S.A. believes they all are reasonable but are not a guarantee of future performance, prices, results of operations, benefits or dividend payout policies. ACERINOX, S.A. future financial condition, financial ratios, business, results of operations and dividends could differ materially from those expressed or implied in or projected by such forward-looking statements, information and forecasts. All forward-looking statements included herein are based on information available on the date hereof. Except as required by applicable law, ACERINOX, S.A. does not undertake any obligation to publicly update or revise any forward-looking statements and information, even in the event of new information being published or new events occurring. Investors, holders of ACERINOX, S.A. securities and shareholders in ACERINOX, S.A. are cautioned not to place undue reliance on the forward-looking statements and information, which speak only as of the date they were made. All subsequent oral or written forward-looking statements or information attributable to ACERINOX, S.A. or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by this cautionary statement. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever for any loss arising from any use of this document, or its contents, or otherwise arising in connection with this document. Moreover, this document nor any part of it constitutes a contract, nor may it be used for incorporation into or interpretation of any contract or other type or agreement. The points contained in this disclaimer must be taken fully into account by all persons or entities obliged to take decisions or to draw up or to publish opinions on securities issued by ACERINOX, S.A., in particular, by the analysts and investors reading this document. All the aforesaid persons are invited to consult the public documentation and information that ACERINOX, S.A. reports to or files with the bodies responsible for supervising the main securities market and, in particular, with the Spanish National Securities Market Commission (CNMV in its Spanish initials). 1
2 0 1 7 : M A I N F I N A N C I A L F I G U R E S M i l l i o n E U R 2017 2016 Variation Net Sales 4,627 3,968 17% EBITDA 489 329 49% EBIT 318 157 102% 299 128 134% Results before Taxes and Minorities 234 80 192% Results after Taxes and Minorities 609 620 -2% Net Financial Debt Net Financial Debt / EBITDA 1.2 1.9 -34% 31% 29% 8% Net Financial Debt / Equity 2 0 1 7 : B e s t y e a r o f t h e d e c a d e 2
A C E R I N O X E B I T D A E V O L U T I O N M i l l i o n E U R ( % o v e r s a l e s ) 4 8 9 4 5 4 5 0 0 2 0 . 0 % 3 8 1 3 4 1 4 0 0 3 2 9 2 8 6 3 0 0 2 2 8 1 0 . 6 % 1 9 8 1 0 . 4 % 1 7 1 1 0 . 0 % 8 . 5 % 8 . 3 % 2 0 0 7 . 3 % 6 . 8 % 5 . 8 % 4 . 3 % 1 0 0 3 . 4 % 0 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 2 0 1 6 2 0 1 7 0 . 0 % - 1 0 0 - 6 . 4 % - 2 0 0 - 1 9 1 - 3 0 0 - 1 0 . 0 % 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 T a r g e t : z e r o a c c i d e n t s 9 . 5 7 . 5 5 . 8 5 . 4 5 . 0 3 . 3 3 . 3 2 . 6 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 • 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 4
A C E R I N O X v s C O N S E N S U S C o n s e n s u s c o m p i l e d b y A c e r i n o x a t J a n u a r y 2 6 t h , 2 0 1 7 CONSENSUS 1 YEAR AGO Accumulated Variation over 2017 Million EUR 2017 Consensus SALES 4,627 4,419 5% 489 443 10% EBITDA % over sales 11% 10% EBIT 318 282 13% % over sales 7% 6% 299 232 29% RESULTS BEFORE TAXES PRO FORMA RESULTS AFTER TAXES 208 180 16% AND MINORITIES (without US Tax Reform) 234 180 30% RESULTS AFTER TAXES AND MINORITIES 5
A C E R I N O X E B I T D A M i l l i o n E U R 2017 : 489 Mill EUR ( +49% over 2016) 191 200. 00 180. 00 + 5 6 % 160. 00 126 A v e r a g e : 1 2 2 M i l l E U R 119 140. 00 120. 00 100. 00 - 5 6 % 80. 00 53 60. 00 40. 00 20. 00 00 0. Q1 Q2 Q3 Q4 6
R AW M AT E R I A L P R I C E S N i c k e l 2 0 1 6 2 0 1 7 2 0 1 8 1 6 , 0 0 0 A v e r a g e p r i c e : c a s h / t h r e e ( L M E ) 1 4 , 0 0 0 m o n t h s U S D / m t 1 2 , 0 0 0 1 0 , 0 0 0 V o l a t i l i t y o f r a w 8 , 0 0 0 m a t e r i a l O N D J F M A M J J A S O N D J F p r i c e s F e r r o c h r o m e 1 6 5 ( M e t a l B u l l e t i n ) 1 5 4 U S ¢ / L b . C r 1 3 9 11 8 11 0 11 0 Q4 Q1 Q2 Q3 Q4 Q1 2016 2017 2018 7
S TA I N L E S S S T E E L P R I C E S , 2 0 1 7 A I S I 3 0 4 2 . 0 m m . U S D / m t , c o i l 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 2 0 1 7 2 0 1 8 3,100 2,900 a n d A c e r i n o x 2,700 2,500 2,300 S o u r c e : P l a t t s 2,100 1,900 1,700 1,500 J F M A M J JL A S O N D J F M U S E U A s i a P o s i t i v e t r e n d 8
R E A L G D P G R O W T H R e a l G D P g r o w t h ( 2 0 1 3 = 1 0 0 ) A S E A N - 5 E u r o a r e a 130 130 + 5 . 3 % 120 120 o v e r 2 0 1 6 110 110 + 2 . 4 % G r o w t h i n a l l o v e r 2 0 1 6 r e g i o n s 100 100 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 S o u r c e : I M F S o u t h A f r i c a U n i t e d S t a t e s 130 130 120 120 + 2 . 3 % 110 110 o v e r 2 0 1 6 + 0 . 9 % o v e r 2 0 1 6 100 100 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 + 6 . 8 % S p a i n C h i n a 130 130 o v e r 2 0 1 6 120 120 + 3 . 1 % 110 110 o v e r 2 0 1 6 100 100 9 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7
S E C T O R I N D I C AT O R S C o n s t r u c t i o n H o u s e h o l d V e h i c l e a p p l i a n c e s p r o d u c t i o n +3.7% +4.3% +3.7% E u r o f e r ´ s e s t i m a t e f o r E u r o f e r ´ s e s t i m a t e f o r E u r o f e r ´ s e s t i m a t e f o r 2 0 1 7 2 0 1 7 2 0 1 7 -2.5% +3.8% +5.8% Y e a r t o D e c e m b e r Y e a r t o D e c e m b e r Y e a r t o D e c e m b e r S o u r c e : W a r d s A u t o S o u r c e : U S C e n s u s B u r e a u S o u r c e : A H A M +3.9% +7.0% +10.9% Y e a r t o D e c e m b e r Y e a r t o D e c e m b e r Y e a r t o D e c e m b e r S o u r c e : N B S S o u r c e : N B S S o u r c e : C A A M 1 0
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 6 % 2 0 1 7 e Euro + Africa % 2 0 1 8 f +6.9 +2.6 +2.2 China America +13.8 +6.5 +5.7 +2.2 +2.2 +2.5 Asia without China 2 0 1 7 / C S S C +8.0 +3.2 +3.0 S o u r c e : I S S F O c t o b e r e : e s t i m a t e s f : f o r e c a s t WORLD +9.9 +4.6 +4.1 1 1
S TA I N L E S S S T E E L W O R L D P R O D U C T I O N T h o u s a n d s m t E s t i m a t e d w o r l d p r o d u c t i o n o f 50,000 S t a i n l e s s S t e e l i n 2 0 1 7 e : 45,000 40,000 48.1 million mt 35,000 Tasa de crecimiento anual ( + 5 . 7 % o v e r 2 0 1 6 ) 30,000 Años 1950 a 2011e: +5,8 % 25,000 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 7 e : 20,000 S o u r c e : I S S F a n d A c e r i n o x + 5.9% 15,000 10,000 C o m p o u n d a n n u a l g r o w t h e : e s t i m a t e s r a t e 2 0 0 8 – 2 0 1 7 e : 5,000 + 7.1% 0 1 9 5 0 1 9 6 0 1 9 7 0 1 9 8 0 1 9 9 0 2 0 0 0 2 0 1 0 2 0 1 7 e 2 0 0 8 1 2
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