general shareholders meeting business year 2015
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GENERAL SHAREHOLDERS MEETING BUSINESS YEAR 2015 0 CHAIRMAN S - PowerPoint PPT Presentation

GENERAL SHAREHOLDERS MEETING BUSINESS YEAR 2015 0 CHAIRMAN S REPORT 1 C H A I R M A N S R E P O R T Global economy 2 C H A I R M A N S R E P O R T The Spanish economy 3 C H A I R M A N S R E P O R T Business year results 4


  1. GENERAL SHAREHOLDERS’ MEETING BUSINESS YEAR 2015 0

  2. CHAIRMAN ´ S REPORT 1

  3. C H A I R M A N ´ S R E P O R T Global economy 2

  4. C H A I R M A N ´ S R E P O R T The Spanish economy 3

  5. C H A I R M A N ´ S R E P O R T Business year results 4

  6. C H A I R M A N ´ S R E P O R T First Quarter 2016 5

  7. C H A I R M A N ´ S R E P O R T Significant events worth highlighting 6

  8. C H A I R M A N ´ S R E P O R T Responsibility and sustainability 7

  9. C H A I R M A N ´ S R E P O R T Research & Development 8

  10. C H A I R M A N ´ S R E P O R T Corporate governance 9

  11. C H A I R M A N ´ S R E P O R T Acerinox share 10

  12. C H A I R M A N ´ S R E P O R T Agreements 11

  13. C H A I R M A N ´ S R E P O R T The path forward 12

  14. CEO ´ S REPORT 13

  15. A c e r i n o x H e a d q u a r t e r s 14

  16. W O R L D E C O N O M I C C R I S I S 2015 Lower growth expectations in the US Risk of the European Union, Greece Slower growth in China Raw material crisis Political tensions, conflicts, refugees ... 15

  17. R AW M AT E R I A L C R I S I S O f f i c i a l r a w m a t e r i a l p r i c e s i n t h e L . M . E . Y e a r 2 0 1 5 D a i l y p e r c e n t a g e d a t a ( U S $ / M t , c a s h ) 2 5 % N i c k e l C o o p e r A l u m i n u m Z i n c 0 % - 1 7 . 2 % - 2 5 . 5 % - 2 5 % - 2 6 . 7 % - 4 1 . 8 % - 5 0 % 2 0 1 5 16

  18. R E C O V E RY O F A C T I V I T Y R u n w a y 17

  19. 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 China Rest of Asia America Europe + Africa 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 18

  20. 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 China Rest of Asia 52% America Europe + Africa 3% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 19

  21. 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 2 1 . 6 m i l l i o n t o n s China Rest of Asia 52% America Europe + Africa 7 3 0 , 0 0 0 t o n s 3% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20

  22. D e m o n s t r a t i o n i n B r u s s e l s a g a i n s t C h i n a a s a m a r k e t e c o n o m y 21

  23. F a c t o r y o f A c e r i n o x E u r o p a 22

  24. F a c t o r y o f N o r t h A m e r i c a n S t a i n l e s s 23

  25. C H I N A T O T A L E X P O R T S T o n s 400,000 300,000 S o u r c e : I S S F 200,000 100,000 E F M A M J JL A S O N D E F M A M J JL A S O N D 2014 2015 D E M A N D I N C H I N A E x p o r t s d e c r e s e s 1 3 % C O N S T R U C T I O N + 1 % S o u r c e : N B S S o u r c e : C A A M S o u r c e : N B S 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 : + 3 % - 2 % 24

  26. W O R L D P R O D U C T I O N : E V O L U T I O N 42,000 T h o u s a n d t o n s 2015: 41.5 millIon tons 36,000 30,000 24,000 CAGR 1950 – 2015: + 6% 18,000 12,000 6,000 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 5 S o u r c e : I S S F a n d A c e r i n o x 25

  27. S h i p p r o p e l l e r s a n d n o z z l e s 26

  28. W o r k e r a t t h e B a h r u S t a i n l e s s f a c t o r y 27

  29. A P PA R E N T C O N S U M P T I O N % 2 0 1 5 – 2 0 1 4 Euro / Africa América - 1.7% China - 7.0 % +1.5% S o u r c e : I S S F 28

  30. A C E R I N O X P R O D U C T I O N Year 2015 Year 2014 Variation Jan-Dec 2015 / 2014 Q1 Q2 Q3 Q4 Accumulated Melting Shop 601 611 562 546 2,320 2,325 -0.2% Thousand Mt Hot Rolling 524 536 498 481 2,039 2,049 -0.5% Cold Rolling 395 430 393 390 1,609 1,556 3.4% Long Product (Hot Rolled) 57 61 51 48 216 242 -10.6% 29

  31. S T E E L M A K E R S C O N C E N T R AT I O N C A R B O N S T E E L S TA I N L E S S S T E E L To p 1 0 To p 1 0 2 5 % 4 2 % p r o d u c e r s p r o d u c e r s R e s t 5 8 % R e s t 7 5 % F i r s t p r o d u c e r : 5 . 7 % A c e r i n o x : 5 . 8 % S o u r c e : W o r l d S t e e l , P l a t t s , S M R , I S S F a n d A c e r i n o x 30

  32. A C E R I N O X P R O D U C T I O N Year 2015 Year 2014 Variation Jan-Dec 2015 / 2014 Q1 Q2 Q3 Q4 Accumulated Melting Shop 601 611 562 546 2,320 2,325 -0.2% Thousand Mt Hot Rolling 524 536 498 481 2,039 2,049 -0.5% Cold Rolling 395 430 393 390 1,609 1,556 3.4% Long Product (Hot Rolled) 57 61 51 48 216 242 -10.6% Cold r olling pr oduction r ecor d 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 T h o u s a n d M t 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 31

  33. 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 N O R T H E U R O P E A N M A R K E T 3,000 € / M t 2,500 2,000 A l l o y s u r c h a r g e 1,500 1,000 B a s e p r i c e 500 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 J F M A M J JL A S O N D 2 0 1 4 2 0 1 5 2 0 1 6 S o u r c e : P l a t t s S o u r c e : P l a t t s 32

  34. 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 S h a r p d e c l i n e s i n a l l m a r k e t s 3,500 3,000 2,500 E U R O P E U S A 2,000 A S I A 1,500 2 0 1 4 2 0 1 5 2 0 1 6 S o u r c e : P l a t t s U S D / t , f i n a l p r i c e , i n c l u d i n g a l l o y s u r c h a r g e 33

  35. N I C K E L P R I C E I N T H E L M E T wenty months of downwar d tendency 25,000 1 2 - y e a r l o w s 20,000 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 J F M A M 2 0 1 5 2 0 1 6 2 0 1 4 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 ) 34

  36. N I C K E L P R I C E I N T H E L M E M i n i m u m l e v e l s s i n c e 2 0 0 3 55,000 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 2 0 0 3 2 0 0 4 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 2 0 1 6 M o n t h l y a v e r a g e p r i c e s ( U S D / M t . N i . ) 35

  37. E U R O P E A N U N I O N C O L D R O L L E D I N V E N T O R I E S C O L D R O L L E D I M P O R T S R e f e r e n c e : G e r m a n y M t N o r m a l i z e d l e v e l s 120,000 S o u r c e : E H V D a y s o f r o t a t i o n 100,000 70 100,000 S o u r c e : E U R O F E R 65 80,000 80,000 T o n s 60 60,000 60,000 55 40,000 40,000 50 20,000 20,000 45 0 0 40 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J JL A S O N D J F M A M J JL A S O N D 2013 2014 2015 2 0 1 4 2 0 1 5 E x p o r t s h a v e f a l l e n b y 2 3 % R E C O V E R Y I N E U R O P E A N D E M A N D C O N S T R U C T I O N + 2 % S o u r c e : A c e r i n o x S o u r c e : E U R O F E R H O U S E H O L D A P P L I A N C E S + 4 % A U T O P R O D U C T I O N + 7 % S o u r c e : E U R O F E R 36

  38. U N I T E D S TAT E S I N V E N T O R I E S A T 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 C O L D R O L L E D I M P O R T S S o u r c e : M S C I M t S o u r c e : U S D e p t . C o m m e r c e 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 t o n s 500 400 300 3 200 100 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 2 0 1 4 2 0 1 5 S t r o n g i n c r e a s e i n 2 0 1 4 S o u r c e : U S C e n s u s B u r e a u 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 A U T O H O U S E H O L D P R O D U C T I O N + 3 % A P P L I A N C E S + 8 % 37

  39. O V E R C A PA C I T Y: C H I N A I N V E N T O R I E S I N W U X I A N D F O S H A N T O T A L E X P O R T S T h o u s a n d t o n s S o u r c e : 5 1 b x g T o n s 400 400,000 300 200 300,000 S o u r c e : I S S F 100 200,000 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 100,000 2014 2015 E F M A M J JL A S O N D E F M A M J JL A S O N D 2014 2015 D E M A N D I N C H I N A C O N S T R U C T I O N + 1 % S o u r c e : N B S S o u r c e e : C A A M S o u r c e : N B S 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 + 3 % - 2 % 38

  40. 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 -3.6% EBITDA 286 454 -37.0% Result after taxes and 43 136 -68.5% minorities Net financial debt 711 616 15.4% Net financial debt / EBITDA 2.48 1.36 83.2% Net financial debt / Equity 35% 33% 5.9% S o u r c e : P l a t t s 39

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