Conference Call / Webcast Third Quarter 2008 Earnings
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1 Conference Call / Webcast Third Quarter 2008 Earnings Paulo Penido Pinto Marques CFO and Investor Relations Director October 31,
2 Disclaimer Declarations relative to business perspectives of the Company, operating and financial results and projections, and references to the growth of the Company, constitute mere forecasts and were based on Management s expectations in relation to future performance. These expectations are highly dependent on market behavior, Brazil s economic situation, the industry and international markets, and are therefore subject to change. 2
3 Macro Economic Analysis - Brazil Brazilian economy went through a strong period of growth until Sep/08. The country should end 2008 with strong economic figures. Estimates GDP Growth = 5.3% Industrial Production Growth = 5.5% Inflation: 4.5% (BACEN target) Steel Industry: Flat Steel demand increased 10% until September/08 when compared to the same period of 2007, growth observed in almost all sectors. 3
4 Macro Economic Analysis - World The subprime mortgage crisis in the US directly influenced the financial bubble. Greater impacts were felt throughout the world, affecting mainly the US and European economies. An inflationary pressure was seen due to an increase in the commodity prices. Steel Industry: Uncertainty regarding the continued growth of demand. Reduction of inventory levels. Decrease in international prices. 4
5 Outlook Domestic Demand For 2009, the forecast is a more modest expansion pace in domestic demand for flat steel, which can be supplied without imports and of the overburden of the production units. Demand Growth (thous. tons) +6,9% +2,8% Usiminas can make necessary operational adjustments in order to maintain the balance between supply and demand
6 Development Plan Investment Plan is well structured. Capex fits into the capital structure considered adequate by the Company. 50% of the investment plan s capex will be financed with cash generation and the remainder through debt. Loans and Financing already signed Transactions Value US$ million Value R$ million Term Years BNDES - Credit Line BNDES Eurobonds Debentures / 5 Prepayment / 7 JBIC
7 Development Plan The capex plan can be adjusted in order to preserve the quality of the Company s financial performance. US$ million STEELMAKING MINING TOTAL At the investment peak, the Total Debt/EBITDA ratio reaches the maximum of 2,5x Investment Grade maintenance TOTAL
8 3Q08 and 9M08 Results R$ million 3Q Q Q 2008 Chg. 3Q08/3Q07 9M M 2007 Chg. 9M08/9M07 Total Sales Volume (000 t) 1,915 2,094 1,917-9% 5,718 6,010-5% Net Revenues 4,451 3,630 3,973 23% 11,978 10,346 16% Gross P rofit 1,836 1,343 1,455 37% 4,524 3,690 23% Operating Result (EBIT) (a) 1,489 1,139 1,245 31% 3,745 3,118 20% Financia l Result (537) (366) 83 0% Net Incom e % 2,387 2,202 8% EBITDA (b) 1,894 1,375 1,458 38% 4,607 3,786 22% EBITDA MARGIM 42.6% 37.9% 36.7% p.p. 38.5% 36.6% p.p. EBITDA (R$/t) % % Total Assets 25,388 19,893 24,415 28% 25,388 19,893 28% Net Debt 1,579 (243) 552 1,579 (243) 0% Stockholders' Equity 14,334 12,115 13,598 18% 14,334 12,115 18% (a) E arnings before interest, tax and participations. (b) Earnings before interest, taxes, depreciation, amortization and participations. Highlights Net revenue was record in 3Q08 - R$ 4.5 billion, due to better prices and mix. EBITDA record in the quarter - R$ 1.9 billion Highlights was the EBITDA margin in 3Q08 = 42.6%. Net Profit of R$ 2.4 billion in the 9M08, 8% higher than 9M07. Higher result of equity income. Conservative financial management. Usiminas does not speculate thought financial derivatives. Impact in the quarter of R$ 498 million due to foreign exchange costs (devaluation of the Brazilian real against the US dollar = accounting impact, non-cash effect). 8
9 Manutenção da liderança de mercado - Market Share de 49% no 3T08. Consolidated Sales Production volume and sales in line with the Company s planning. Consolidated Sales (000 t) 2,170 1,910 1,971 2,011 2,095 1,981 2,028 1,992 1,980 1,829 1,954 1,971 1,980 1,936 1,917 1,886 1,915 1,768 1,770 24% 23% 19% 28% 27% 29% 29% 19% 13% 16% 46% 38% 31% 32% 33% 28% 22% 30% 31% 3Q08 Total Sales: Down 9% in relation to 3Q07 and stable in relation to 2Q08. DM = sales growth of 7% until Sep/08. 72% 73% 71% 71% 78% 70% 69% 54% 62% 69% 68% 67% 72% 76% 77% 81% 81% 87% 84% EM: down 37% in relation to 3Q07 and increase of 19% in relation to 2Q08 1Q04 2Q 04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 Domestic Market Export Market Market Share: 49% 9
10 Domestic Market Sales and Exports Domestic Market Sales 3Q08 Exports 9M08 Processed Products 3% HDG 6% Slabs 9% Heavy Plates 24% Argentina 18% Germany 7% South Korea 4% Taiwan 7% Vietnan 3% Thailand 5% Outros 9% Electrogalv. 3% Cold Rolled 24% Hot Rolled 31% Chile 8% Mexico 13% Spain 13% USA 13% 10
11 Financial Highlights Record EBITDA consolidates the basis for the Company s growth EBITDA & EBITDA Margin 31% 31% 34% 39% 36% 35% 37% 38% 35% 35% 37% 43% Record EBITDA totaled R$ 1.9 billion (US$ 1.1 billion) in 3Q08, that is, 38% higher than 3Q07 and 30% higher than 2Q08. Total of R$ R$ 4.6 billion in the 9M ,137 Highlight for the EBITDA margin of 43% in 3Q08. 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 EBITDA (US$ million) EBITDA Margin 11
12 Financial Highlights Usiminas finds itself in a favorable position to implement its development plan. Consolidated Net Debt/EBITDA Q05 1Q06 2 Q06 3Q0 6 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 Net Debt: US$ 0.8 billion in 9/30/08 Adequate debt profile Debt profile by Currency: Local: 32% Foreign: 68% CND (US$ bi) CND/EBITDA 12
13 3Q08 Consolidated Cash Flow - R$ million Solid and consistent cash generation. 1, , (6) 4,098 Others Final Balance Inicial Balance EBITDA New Financing Amortization of Financing Interest Working Capital Change Investments Dividends/Interest on Capital
14 Stock Performance ADR Nível I Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 IB O VES PA USIM5 USIM Despite the solid fundamentals, Usiminas shares depreciated around 30% until September/08, due to the international crisis and to the plummeting stock market prices. 14
15 Other Highlights of the Quarter New executive structure announced by the Board of Directors assures better capability to face market trends. Within Usiminas s commercial strategy, the remaining 49% participation in DUFER S/A was acquired, reinforcing the group s presence in the distribution and services center segments. Usiminas Mecânica and Nuclebrás Equipamentos Pesados Nuclep established a partnership to supply capital goods. The forecast of projects is in the amount of R$ 300 million. Usiminas is included, for the second consecutive year, in the Dow Jones Sustainability World Index the only steel company in the Americas to be part of this index. 15
16 Declarations contained in this presentation in relation to the business outlook of the Company, operational and financial projections and references to the growth potential of the Company constitute mere forecasts and were based on the expectations of the Management in relation to future performance. These expectations are highly dependent on market behavior, of the economic situation in Brazil, on industry and international markets, and are, therefore, subject to changes. ADR Nível I Investor Relations: Bruno Seno Fusaro (Head of IR) Gilson Rodrigues Bentes Matheus Perdigão Rosa brunofusaro@usiminas.com.br gilson@cosipa.com.br mprosa@usiminas.com.br Tel.: Tel.: Tel.: Fax: Luciana Valadares dos Santos Diogo Dias Gonçalves lsantos@usiminas.com.br dgoncalves@usiminas.com.br Tel.: Tel.:
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