Agenda. JOÃO MIRANDA CEO Votorantim S.A. Portfolio Management. LORIVAL LUZ CFO and IRO Votorantim Cimentos. MARIO BERTONCINI CFO Votorantim Metais
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2 Agenda JOÃO MIRANDA CEO Votorantim S.A. Portfolio Management LORIVAL LUZ CFO and IRO Votorantim Cimentos MARIO BERTONCINI CFO Votorantim Metais SERGIO MALACRIDA Corporate Treasurer Officer and IRO Votorantim S.A. Portfolio Management JOÃO MIRANDA CEO Votorantim S.A. Portfolio Management Votorantim S.A Scenario Consolidated Operating Performance Long Steel, Fibria and Citrosuco Results Votorantim Cimentos Results Votorantim Metais Results Consolidated Financial Performance Final Remarks
3 JOÃO MIRANDA CEO Votorantim S.A. Portfolio Management
4 Votorantim S.A. Votorantim Participações S.A. ORANGE JUICE Votorantim S.A. Industrial Votorantim Finanças Banco Votorantim CEMENT ALUMINUM NICKEL ZINC AND BYPRODUCTS ENERGY LONG STEEL PULP Votorantim holds: 60.06% of Milpo 82.42% of APDR 29.42% of Fibria 50.00% of Citrosuco 50.00% of Banco Votorantim
5 Votorantim S.A. Votorantim Participações Votorantim S.A. S.A. CEMENT ALUMINUM NICKEL ZINC AND BYPRODUCTS ENERGY LONG STEEL PULP ORANGE JUICE FINANCIAL SEGMENT VCBR (Brazil) VCNA (North America) VCEAA (Europe, Africa and Asia) CBA ZNBR (Brazil) Cajamarquilla (Peru) Milpo (Peru) US Zinc (North America) VE VS (Brazil) Acerbrag (Argentina) APDR (Colombia) METALS AND MINING Votorantim holds: 60.06% of Milpo 82.42% of APDR 29.42% of Fibria 50.00% of Citrosuco 50.00% of Banco Votorantim
6 2015 was marked by global market disappointment and unfavorable economic conditions Inflation and interest rates close to zero in Europe Deceleration of Chinese growth 6.8% (estimate of 6.3% for 2016) Source: IMF Increase in American interest rates Strengthening of the U.S. dollar Decline in commodities prices Geopolitical issues
7 In Brazil, the economy was impacted by the constant worsening of expectations Evolution of expectations Exchange rate and CDS CPI GDP US$/R$ CDS 11% 10% 9% 0.0% 10.7% 1% 0% -1% % 7% 7.1% -3.8% -2% -3% -4% % -5% Source: IBGE and Brazilian Central Bank Source: Brazilian Central Bank and Bloomberg
8 Highlights Record net revenue R$31.5 billion Net income R$382 million Adjusted EBITDA R$7.0 billion Net debt/ebitda 2.78x
9 Consolidated net revenue (R$ million) Evolution by business Revenue by business 28, % +26% +16% +22% 1, (89) 31,521 +6% 14% 4% 21% Record net revenue, with a contribution from all businesses Higher metals prices in BRL +11% 45% 3% 13% Consolidation of the overseas operations, benefiting from the depreciation of the BRL Cement Aluminum Nickel Zinc and byproducts 2014 Cement Aluminum Nickel Zinc and byproducts Long steel (1) Other 2015 Long steel Other (1) (1) Includes holding, Votorantim Energia, Baesa, Enercan, eliminations and others
10 Consolidated adjusted EBITDA (R$ million) Evolution by business EBITDA by business 7,137 (314) -9% (611) (150) % N.M. +15% +8% -2% 686 6,994 46% 11% 21% 14% 7% Brazilian operations impacted by the economic recession Solid results of the foreign operations Fibria s extraordinary dividends and land sales contributed to 2015 results Cement Aluminum Margin (%) 2014 Cement Aluminum Nickel Zinc and byproducts 25% 23% 18% -8% 21% Long steel 11% (1) Other % Zinc and byproducts Other (1) Long steel (1) Includes holding, Votorantim Energia, Baesa, Enercan, eliminations and others
11 Long steel Results (R$ million) Volume (kton) Net revenue Adjusted EBITDA 1,822 1,822 +6% 3,976 (231) 344-9% +4% 136 4, % +8% 428 (115) 92-60% +66% % Brazilian operations impacted by lower demand from construction Improved results in Argentina due to higher prices as a result of the devaluation of the Argentine peso Higher sales volume in the construction sector, in Colombia Brazil Argentina Colombia 2015 Margin 2014 Brazil Argentina Colombia 2015 (%) 11% 3% 22% 17% 11%
12 Fibria Results (1) (R$ million) Net revenue Adjusted EBITDA Net debt and net debt//ebitda (2) +42% 7,084 10,081 2, % 5, x 7,549 11, x Record net revenue and adjusted EBITDA in net income of R$357 million Payment of extraordinary dividends totaling R$2 billion in 2015 For more details, please go to: fibria.com/ir Margin (%) (1) Fibria s 100% (Votorantim has a 29.4% equity participation in Fibria) 39% 53% (2) Net Debt/EBITDA in US$
13 Largest orange juice producer in the world Processing of more than 100 million boxes of oranges in the 14/15 harvest Capacity to supply 20% of global production
14 Citrosuco Results (1) (US$ million) Net revenue Adjusted EBITDA Net debt and net debt//ebitda (2) -4% 1,307 1, % x x The best result since Citrovita and Citrosuco merger Operational stability together with better fruit yields have ensured an increase of 70% in EBITDA Decrease of 1.4x Net Debt/EBITDA 13/14 Harvest 14/15 Harvest 13/14 Harvest 14/15 Harvest 06/30/14 06/30/15 Margin (%) 8% 15% (1) Citrosuco s 100% (Votorantim has a 50.0% equity participation in Citrosuco)
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16 LORIVAL LUZ CFO and IRO Votorantim Cimentos
17 (R$ million) Resilient performance despite the challenging market conditions Volume (mton) Net revenue Adjusted EBITDA -6% +6% ,292 (864) 1, , % +15% -9% +41% -9% 3,549 (830) , % +2% -30% +145% Geographic diversification together with operational discipline played a fundamental role in resisting Brazil s economic recession VCBR VCNA VCEAA VCSA VCBR VCNA VCEAA VCSA 2015 Margin (%) 27% 24% 21% 21% 22% 23%
18 Cash generation (R$ million) Solid EBITDA and the divestment of non-strategic assets resulted in strong cash generation, permitting the continuity of strategic investments 3, (223) (1,874) 610 (1,271) 1,592 (67) 269 1,133 Adjusted EBITDA Working capital / Other Income taxes CAPEX CFO 2015 Investments, net Financial result Dividends paid FX impact on cash FCF 2015
19 Maintenance of investments with discipline (R$ million) Capex Evolution of global capacity (mtpa) +40% 1,874 1, , % 42% 20% Non-Expansion Expansion Brazil Overseas Capacity Expansion Asset Swap
20 Focus on geographic diversification in strategic regions Sivas (Turkey) Brownfield project Added capacity: 1.2 Mtpa Start-up: 2017 Canada Charlevoix (USA) Brownfield project Added capacity : 0.6 Mtpa Start-up: 2017 E.U.A. Spain Morocco Tunisia Turkey China India Itacamba (Bolivia) Greenfield project Added capacity : 0.9 Mtpa Start-up : 2H16 Bolivia Brazil Uruguay Primavera (Brazil) Greenfield project Added capacity: 1.2 Mtpa Start-up: 1H16 Edealina (Brazil) Greenfield project Added capacity : 1.0 Mtpa Start-up: Dec/ Mtpa in 2017
21 Solid liquidity position and extended debt profile (R$ billion) Net debt and net debt//ebitda Debt amortization profile (pro-forma) Revolving credit facility Cash (1) foreign currency (62%) R$ (38%) Liability management aiming to extend the amortization profile, thereby eliminating refinancing and liquidity risk 4.5 x Average debt term: 9.6 years 3.4 x Cash position covers more than 4.7 years of amortizations (3) Foreign currency debt in hedge accounting matching investments abroad 12/31/14 12/31/15 (2) (1) Includes cash, cash equivalents and financial investments (2) Includes operations in China (3) Includes Revolver
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23 MARIO BERTONCINI CFO Votorantim Metais
24 Zinc & byproducts Aluminum 5th largest producer of refined zinc in the world Zinc mines are in the industry s 1st and 2nd quartiles Strong mining presence in Brazil and Peru Growth platform for zinc and copper Main producer of primary aluminum for the Brazilian market Leader in strategic market segments
25 VMH CBA Zinc & Byproducts Aluminum & other business Value creation through upstream growth, especially in zinc and copper mining in the Americas GROWTH INITIATIVES - VMH Brownfield Greenfield Operational excellence and strategic repositioning in the downstream segment ALUMINUM BUSINESS MODEL Upstream Downstream Extension of the working life of the Vazante and Morro Agudo mines Expansion of Cerro Lindo Integration of the Pasco Complex Extremo Norte (Vazante) Ambrósia Sul Aripuanã Magistral Pukaqaqa Shalipayco Bongará Hilarion Mining Refining Smelting/ Casting Cost competiveness in each stage of the value chain Flexibility to react to market dynamics Rolling Extrusion Leading supplier of value added solutions Product mix focused on higher growth markets
26 Zinc & byproducts Results (R$ million) Volume (kton) Net revenue Adjusted EBITDA Concentrates (1) Electrolytic zinc +22% +15% -2% +2% , % +25% 275 (62) 6, % 1, % 153 (43) +53% -6% (91) 1,441 Results fueled by zinc and galvanized steel exports, as well as higher prices in BRL (1) Includes zinc, lead and copper concentrate 2014 ZNBR CJM Milpo Other 2015 Margin 2014 ZNBR CJM Milpo Other 2015 (%) 23% 21%
27 Aluminum Results (R$ million) Volume (kton) Net revenue Adjusted EBITDA % 316 3, % 4,566 Aluminum 1, % 646 Energy Strategy of alumina and bauxite exports, cost reduction program and focus on the downstream product portfolio have mitigated the impact of Brazil s economic recession Energy sales in the 2014 auction benefited revenues in 2015, with no effect on EBITDA Aluminum Margin % 24% 16%
28 Nickel Results (R$ million) Volume (kton) Net revenue Adjusted EBITDA +12% % 3,625 4,566 Increase in the global use of nickel pig iron and the slowing of the steel market reduced the LME price to its lowest level for 14 years 40 (86) In January 2016, we announced the temporary suspension of nickel operations Margin % 4% -8%
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30 SERGIO MALACRIDA Corporate Treasurer Officer and IRO Votorantim S.A. Portfolio Management
31 Decision to increase investments (R$ million) Capex Breakdown Expansion Capex +32% 2,472 3,257 53% 47% 80% 10% 8% 2% Entry into the wind power market with investments of R$1.1 billion in seven wind farms in Brazil Expansion Non-Expansion Cement Zinc & byproducts Energy Other
32 Expansion projects Charlevoix (North America) Cement Metals Energy PA PI GO MG PI Ventos do Piauí Project Wind power 7 wind farms 206 MW of installed capacity Start-up in 2018 MG Vazante Project Zinc mine Brownfield project Extension of working life until 2026
33 Cash flows (R$ million) Operating and Free Free Cash Flow Generation CFO FCF 6, (634) (3,257) -11% 4,455 3, % 3,549 3, (1,522) 1,384 3,549 (386) 1, Adjusted EBITDA Working capital/ Other Income taxes CAPEX CFO 2015 Investments, net Financial result Dividends paid FX impact on cash FCF 2015
34 (R$ billion) Increase in gross debt due to depreciation of the BRL Gross debt Debt by currency (2) Cash by currency (3) (0.3) (1.8) % 54% 46% 42% 3% 17% 12/31/14 Borrowings/ Amort. principal Interest payments Provision for interest Exchange variation (1) Other 12/31/15 US$ R$ EUR Other R$ Foreign currency (1) Amount refers to cement operations in China (2) 4131 debt considered as R$ due to the debt s cross-currency swap (3) Includes cash, cash equivalents and financial investments
35 (R$ billion) Robust liquidity position and smooth amortization schedule Net debt and net debt//ebitda Debt amortization schedule Revolving Credit Facilities Cash (1) 2.78 x 2.31x Average debt maturity: 7.4 years /31/14 12/31/ (1) Includes cash, cash equivalents and financial investments
36 (R$ billion) Robust liquidity position and smooth amortization schedule 4.7 Debt amortization schedule (Pro forma) Revolving Credit Facilities Cash (1) Increase of the average debt maturity Average debt maturity: 7.6 years Reduction of debt amortization in the next 3 years (1) Includes cash, cash equivalents and financial investments
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38 JOÃO MIRANDA CEO Votorantim S.A. Portfolio Management
39 Final Remarks Geographic and business diversification supported consistent results, given the Brazilian recession Strategic investments in progress, including 7 wind farms Efficient financial management prepared for market volatility Commitment to financial deleveraging against the adverse scenario
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