Presentation 2Q17. Apresentação Usiminas 2T11 - APIMEC. Classification of the information: Public
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1 Presentation 2Q17 Apresentação Usiminas 2T11 - APIMEC Classification of the information: Public
2 2 Agenda Usiminas Profile Market Outlook Usiminas and its business units Financial Results
3 3 Company Profile Complete solution for products and services Steel company with the largest number of patents rights in Latin America Largest Research Center in the steel sector in Latin America First Brazilian steel company to have its quality system certified by ISO 9001 in 1992 First Brazilian steel company and second in the world to achieve the ISO environmental management certificate in 1996 Founded of the most enduring environmental education project of the private sector since 1984
4 4 Timeline Operation Start Up Cosipa privatization Listing on LATIBEX stock exchange section Creation of Soluções Usiminas One CNPJ: Usiminas incorporates Cosipa Selling of Ternium stake Joint Mining Agreements with MBL e Ferrous Automotiva Usiminas Divestment Temporary shutdown of the primary areas in Cubatão R$ 1 billion Mineração Usiminas capital reduction Usiminas privatization Listing on BOVESPA Launch of ADR I program on the OTC Market (New York) Acquisition of iron ore mines Acquisition of Zamprogna Creation of Mineração Usiminas Acquisition of Codeme and Metform stake Entrance of Ternium / Tenaris into Usiminas Control Group (New shareholders agreement) Friables Project conclusion on Mining (increasing the capacity to 12 million tons/year) R$ 1 billion capital increase Debt Renegotiation
5 Shareholding Composition Voting Capital Total Capital 1,253,079,108 Preferred 56.28% 705,260, % 547,818,424 Others 23.19% Nippon Group 21.10% * * Grupo de Controle (63,86%) * Free Float: 54.25% Ternium / Tenaris Group 19.76% Ternium/ Tenaris * Group 19.81% Control Group: 45.75% Usiminas Pension Fund Nippon Group 4.84% 11.31% Usiminas shares are traded on BM&FBovespa (São Paulo), on the OTC Market (New York) and on a LATIBEX exchange section (Madrid). 5
6 6 Complete Solution for Products and Services Business Units Steel Processing Capital Goods Steel Soluções Usiminas Usiminas Mecânica Ipatinga Plant Mining Cubatão Plant Unigal Usiminas Mineração Usiminas UPSTREAM DOWNSTREAM
7 Strategically Located Mining Steel Steel Processing Capital Goods 7
8 8 Social and Environmental Initiatives Usiminas Cultural Institute Usiminas invested over R$260 million, encouraging around 2,000 social projects São Francisco Xavier School First educational institution in Brazil to obtain ISO 9001 Márcio Cunha Hospital Reference center in healthcare all over Brazil Xerimbabo Usiminas Project Promotes protection and environmental education free of charge for more than 2 million young people
9 9 Agenda Usiminas Profile Market Outlook Usiminas and its business units Financial Results
10 World Crude Steel Market in 2016 Million Tons China Japan India 95.6 USA 78.6 Russia 70.8 South Korea 68.6 Germany Turkey Brazil Ukraine Nominal Capacity 2,351 Excess of Capacity 721 Production 1,630 Source: World Steel Association/OECD 10
11 World Crude Steel Production % 2% 7% 3% 2% 1% 6% 11% 4% 34% China Asia and Oceania* European Union North America South America 10% 7% 50% Europe (others) 16% Africa Others 23% 24% +31% 1,244 million tons 1,630 million tons *Except China Source: World Steel Association 11
12 Crude Steel Consumption per Capita Kg per habitant China South Korea Japan United States Germany Spain Brazil Mexico World Average Source: World Steel Association 12
13 Brazilian Flat Steel Market Million Tons 22% 7% 11% 14% 13% 12% 15% 15% 8% 12% Jan/May'17 Production Consumption Imports Source: Instituto Aço Brasil / Usiminas Excludes Slabs 13
14 Brazilian Flat Steel Apparent Consumption Evolution Quarterly - Thousand Tons 2,434 2,419 2,452 2, , ,351 1,467 1,317 1,316 1, Q16 3Q16 4Q16 1Q17 2Q17 Source: Usiminas Commercial Planning Usiminas Other Companies Imports Total 14
15 15 Flat Steel Consumption Markets Auto Industry and Autoparts Household Appliances Agricultural and Road Machinery Civil Construction Oil and Gas Pipelines Hot Rolled, Cold Rolled and Galvanized Cold Rolled and Galvanized Heavy Plates and Hot Rolled Heavy Plates, Hot Rolled, Cold Rolled and Galvanized Heavy Plates and Hot Rolled Heavy Plates and Hot Rolled
16 16 Agenda Usiminas Profile Market Outlook Usiminas and its business units Financial Results
17 Flat Steel Capacity of Production Thousand Tons Slab Caster Slabs Placas Heavy Plates Hot Coils Laminados a Cold Coils Quente EG Eletrogalvanizados Galvanized Ipatinga Plant 5,000 1,000 3,600 2, ,050 2,100 ** Cubatão Plant 4,500* 1,000** 1, HDG Nominal Capacity 9,500* 2,000* 8,000 3, ,050 Optimized Rolling Capacity * Temporary shutdown of the primary areas of Cubatão ** Temporary shutdown of the rolling mills - 1,900 4,200 2, ,020 17
18 Sales Volume Steel Business Unit Quarterly - Thousand Tons Q16 3Q16 4Q16 1Q17 2Q17 Exports Domestic Market 18
19 Exports Main Markets Steel Business Unit 1Q17 2Q17 4% 3% 3% 2% 8% 1% 8% 36% Germany Argentina USA Spain Mexico United Kingdom Belgium Colombia 4% 5% 5% 9% 3% 2% 7% 35% Portugal 35% Others 11% 19% 19
20 20 Cost of Goods Sold - COGS Steel Business Unit 1Q17 2Q17-11% 4% 7% 7% 10% 8% 31% 16% Other Raw Materials Coal and Coke Labor (direct and indirect) Iron Ore and Pellets Energy and Fuels Spare Parts 6% 9% 6% 3% -2% 8% 27% 17% 12% 17% Depreciation 10% 16%
21 Adjusted EBITDA and EBITDA Margin Steel Business Unit Quarterly - R$ Million (42) (2) (35) (14) (23) (2) (71) (34) (1) (14) 498 2T16 3T16 4T16 1T17 2T17 Venda/baixa de Ativos Venda de Energia PDD EBITDA sem efeitos extraordinários Término de contrato EBITDA Reportado 21 21
22 22 Investments Steel Business Unit Heavy Plates Hot dip galvanized Electrogalvanized Slabs Hot Rolled Cold Rolled Capacity increase to generate finished products 7.2 million t 9.7 million t (2010) (2014)
23 23 Investments Steel Business Unit CLC Technology (Accelerated Cooling Process for Heavy Plates) Start up in 2010 Meets the requirements of Petrobras, focused on presalt, besides the shipbuilding sector Galvanizing Line Start up in 2011 Double the capacity to 1 million tons /year Higher expertise in ultraresistant steel production (dual phase)
24 24 Investments Steel Business Unit Hot Strip Mill Start up in 2012 Capacity to process 2.3 million tons / year Improving products portfolio (beams, ultra resistant wheels, higher grades API s) Pickling Line Start up in 2013 Capacity to process 1.7 million tons / year Better thickness tolerance, flatness and surface controls of materials for wheels, beams and compressors
25 25 Mainly Investment Concluded in 2015 Steel Business Unit Coke Plant Revamp - Ipatinga o Met coke with adequate specifications for pig iron production in the blast furnace process o Reduction of particle emissions, gases and volatile substances o Coke gas to be used in the operational facilities of Ipating Mill and electric energy production o Coke plant total capacity of 1,1 million tons/year o Started up on May 2015
26 26 Description Mining Business Unit o Located in Serra Azul/Minas Gerais state o 4 mining sites, acquired from J. Mendes in February, 2008 o Reserves of 2.6 billion tons of iron ore o It has 20% of voting shares of MRS Logistica, being part of the Control Group o Retroarea in Itaguaí Port Shareholder Composition Production Capacity 70% 30% Lump 2 million Sinter Feed 4 million Pellet Feed 6 million
27 Location Mining Business Unit Igarapé São Joaquim De Bicas Minerita MUSA Central MUSA Leste MMX MUSA Pau de Vinho MUSA Oeste Arcelor Mittal Ferrous (Santanense) Comisa Emicon Ferrous MBL Itatiaiuçu Mineração Usiminas 27
28 28 Investments Mining Business Unit Friables Project Increased capacity from 8 million to 12 million tons / year of iron ore Iron ore with better quality, higher concentration of iron content and lower impurity level Two iron ore processing plants
29 Sales Volume Mining Business Unit Quarterly - Thousand Tons Q16 3Q16 4Q16 1Q17 2Q17 Sales to 3rd parties - Domestic Market Exports Total 29
30 30 Iron Ore Price PLATTS (62% Fe CFR China) US$/ton Q16 3Q16 4Q16 1Q17 2Q17
31 Adjusted EBITDA and EBITDA Margin Mining Business Unit Quarterly - R$ million 253% % 16% 30% 48% T16 3T16 4T16 1T17 2T17 Porto Sudeste Agreement Reported EBITDA Reported EBITDA Margin 31
32 32 Description Soluções Usiminas - Steel Processing o o 8 industrial units in different Brazilian states: MG, SP, RS, ES, BA and PE Processing capacity of 2 million tons of steel/year o Net Revenue of R$1.9 billion in 2016 Recife Santa Luzia Betim Serra Taubaté Guarulhos São Paulo Porto Alegre
33 Adjusted EBITDA and EBITDA Margin Steel Processing Quarterly - R$ million 7% 4% 5% 3% 2% Q16 3Q16 4Q16 1Q17 2Q17 Reported EBITDA Reported EBITDA Margin 33
34 Description Usiminas Mecânica - Capital Goods o o Facilities in Ipatinga/Minas Gerais state, Congonhas/Minas Gerais state and in Cubatão/São Paulo state Market Segments: Steel Structures, Shipbuilding and Offshore, Oil and Gas, Industrial Assembly and Equipment, Foundry and Railcars o Net Revenue of R$568 million in 2016 Steel Structures Brasília 3rd Bridge 34
35 Adjusted EBITDA and EBITDA Margin Capital Goods - Quarterly - R$ million 6% 1% 10 1 (7) -7% (4) (2) -5% -2% 2Q16 3Q16 4Q16 1Q17 2Q17 Reported EBITDA Reported EBITDA Margin 35
36 36 Agenda Usiminas Profile Market Data Usiminas and its business units Financial Results
37 Adjusted EBITDA and EBITDA Margin Consolidated Quarterly - R$ million (44) (2) (36) (12) (23) 19 (6) (33) (4) (1) (16) (71) 2T16 3T16 4T16 1T17 2T17 Venda de Ativos Vendas de Energia PDD Acordo Porto Sudeste EBITDA sem efeitos extraordinários Término de contrato EBITDA Reportado 37
38 Comparing Adjusted and CVM 527 EBITDA Consolidated R$ Thousand Consolidated (R$ thousand) 2Q17 1Q17 2Q16 1H17 1H16 Net Income (Loss) 175, ,318 (123,357) 284,028 (274,734) Income Tax / Social Contribution 34,922 58,855 (18,675) 93,777 (34,035) Financial Result 171,294 54,581 (114,621) 225,875 (216,174) Depreciation, Amortization 328, , , , ,359 EBITDA - Instruction CVM , ,095 60,620 1,238, ,416 Equity in the Results of Associate and Subsidiary Companies (15,278) (37,080) (36,655) (52,358) (88,500) Joint Subsidiary Companies proportional EBITDA 54,603 41,754 44,212 96,357 89,809 Impairment of Assets - - (393) - 7,637 Adjusted EBITDA 749, ,769 67,784 1,282, ,362 38
39 39 Debt Profile (Principal) Consolidated - R$ Million Duration: R$: 53 months US$:48 months 1, ,082 1,082 1,082 1, , Cash Local Currency Foreign Currency
40 40 Cash Position and Indebtedness (with interest money) Consolidated - R$ Million 7,238 Duration: R$: 53 months US$: 48 months 6,948 6,942 6,879 6,950 4,525 4,609 4,684 4,464 4,998 2,713 2,340 2,257 2,416 1,951 2Q16 3Q16 4Q16 1Q17 2Q17 Net Debt Cash Gross Debt
41 CAPEX Consolidated - R$ Million , H17 Others Mining Steel 41
42 G&A Evolution Consolidated - R$ million 4.2% 3.9% 4.3% 4.0% 3.8% Q16 3Q16 4Q16 1Q17 2Q17 G&A G&A/Net Revenues 42
43 43 Working Capital Consolidated R$ billion Q16 3Q16 4Q16 1Q17 2Q17
44 44 Working Capital Steel Inventories Thousand Tons Inventory turnover (days) Q16 3Q16 4Q16 1Q17 2Q17
45 Gross Profit, EBIT and Net Income - Quarterly Consolidated - R$ million * (34) (123) (107) (195) (293) 2Q16 3Q16 4Q16 1Q17 2Q17 USD/BRL End of period *Reversion of impairment in the Mining Unit of R$357.7 million, Gross Profit EBIT Net Income 45
46 Income Statement Per Business Unit R$ million - Quarterly Income Statement per Business Units - Non Audited - Quarterly R$ million Mining Steel* Steel Processing Capital Goods Adjustment Consolidated 2Q17 1Q17 2Q17 1Q17 2Q17 1Q17 2Q17 1Q17 2Q17 1Q17 2Q17 1Q17 Net Revenue ,458 2, (647) (626) 2,569 2,351 Domestic Market ,100 1, (647) (626) 2,212 2,110 Exports COGS (53) (53) (2,111) (1,798) (548) (512) (75) (82) (2,187) (1,870) Gross Profit (Loss) (47) (51) Operating Income (Expenses) 151 (42) (133) (218) (22) (26) (13) (11) 1 1 (16) (296) EBIT (8) (10) (46) (50) Adjusted EBITDA (2) (4) 211 (16) Adj.EBITDA Margin 253% 48% 20% 21% 5% 7% -2% -5% 0% 3% 29% 23% *Consolidated 70% of Unigal Note: All intercompany transactions are made at arm s length basis 46
47 Income Statement Per Business Unit R$ million - Semester Income Statement per Business Units - Non Audited - Semi-annually R$ million Mining Steel* Steel Processing Capital Goods Adjustment Consolidated 1H17 1H16 1H17 1H16 1H17 1H16 1H17 1H16 1H17 1H16 1H17 1H16 Net Revenue ,676 3,517 1, (1,273) (843) 4,920 4,069 Domestic Market ,078 3,046 1, (1,273) (843) 4,321 3,524 Exports COGS (106) (186) (3,909) (3,567) (1,061) (808) (157) (293) 1, (4,057) (4,107) Gross Profit (Loss) (50) (98) (97) 863 (38) Operating Income (Expenses) 109 (92) (351) (408) (48) (52) (24) (26) 2 3 (312) (576) EBIT 200 (70) 417 (458) 48 3 (18) 6 (96) (94) 551 (613) Adjusted EBITDA (6) 18 (16) (21) 1, Adj.EBITDA Margin 140% 4% 21% 3% 6% 2% -4% 6% 1% 2% 26% 3% *Consolidated 70% of Unigal Note: All intercompany transactions are made at arm s length basis 47
48 Leonardo Karam Rosa IR Manager Phone: ADR Level I Declarations relative to business and 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, on Brazil s economic situation, on the industry and on international markets, and are therefore subject to change.
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