Klöckner & Co SE. A Leading Multi Metal Distributor
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1 Klöckner & Co SE A Leading Multi Metal Distributor Credit Suisse Global Steel and Mining Conference September 24, 2008 in London Gisbert Rühl CFO
2 Agenda 1. Overview 2. Strategy update 3. Market update 4. Q2/H1 financial review 5. Targets and outlook Appendix 2
3 Klöckner & Co at a glance Klöckner & Co Leading producer-independent steel and metal distributor in the European and North American markets combined Network with more than 260 distribution locations in Europe and North America More than 10,000 employees Key financials FC Sales: > 7 billion - Operating EBITDA: > 500 million Other Netherlands Automotive Sales split by industry 6% 27% Machinery/ Manufacturing As of December 25% 42% Eastern Europe GB Sales split by markets 1% 9% 5% 13% 10% Spain As of December Canada 4% 14% Switzerland 23% 21% Germany/ Austria France/ Belgium Other Products Aluminum Special and Quality Steel Sales split by product 6% 9% As of July % 13% 32% 30% Steel-long Products Steel-flat Products 3
4 Highlights 2008 Extraordinary Q2 and half year record results Further expansion especially through the acquisition of Temtco in the US Disposal of KVT (CH) with high tax free income and cash contribution completed Sale of the automotive-related Canadian Namasco Ltd. concluded Business optimization program STAR fully on track Transformation of Klöckner & Co AG into a SE (Societas Europaea) completed Record results and ongoing profitable growth 4
5 Agenda 1. Overview 2. Strategy update 3. Market update 4. Q2/H1 financial review 5. Targets and outlook Appendix 5
6 Profitable growth Profitable growth through value-added distribution and services within multi metals to companies in Europe and North America Grow more than the market Continuous business optimization 1 Accretive acquisitions driving market consolidation 2 STAR Program to optimize Purchasing Logistics Distribution network 6
7 1 Continued expansion through accretive acquisitions Country Acquired Company Sales (FY) Mar 2008 Temtco 226 million Jan 2008 Multitubes 5 million 2008 Ytd 2 acquisitions 231 million Sep Lehner & Tonossi 9 million Sep Interpipe 14 million Sep ScanSteel 7 million Aug Metalsnab 36 million Jun Westok 26 million May Premier Steel 23 million Apr Zweygart 11 million Apr Max Carl 15 million Apr Edelstahlservice 17 million Apr Primary Steel 360 million Apr Teuling 14 million Jan Tournier 35 million 12 acquisitions 567 million 4 acquisitions 108 million 567 million million 108 million Acquisitions Sales > 600 million
8 1 Continued expansion through accretive acquisitions Expected EBITDA contribution in 2008 from investments of about 260 million for acquisitions made in million Expected EBITDA contribution in 2008 from investments of about 130 million for acquisitions made in 2008 so far 40 million (partially consolidated) 55 million (annualized) 8
9 2 STAR program fully on track Phase I ( ) Overall targets: Central purchasing on country level Improvement of distribution network Improvement of inventory management Overall targets: Phase II (2008 onwards) European sourcing Ongoing improvement of logistics and distribution network Upside potential : ~ 20 million : ~ 40 million 2008: ~ 20 million ~ 80 million 16 million realized in H1 Upside potential 2008 ~ 10 million 2009: ~ 30 million 2010: ~ 20 million ~ 60 million 9
10 Agenda 1. Overview 2. Strategy update 3. Market update 4. Q2/H1 financial review 5. Targets and outlook Appendix 10
11 Strong market development in Europe Very strong price increases Growing underlying steel demand despite some weak local markets such as Spain MB flat prices - Europe domestic EUR/MT SBB long prices - Europe domestic EUR/MT CQ CQ CQ CQ CQ1 CQ2 CQ3 CQ4 CQ1 CQ2 CQ3 CQ4 CQ CQ CQ CQ CQ CQ CQ1 CQ2 CQ3 CQ4 CQ1 CQ2 CQ3 CQ4 CQ CQ HRC CRC HDG Merchant Rebar Sections 11
12 Strong price development in North America Very strong price increases Growing underlying steel demand remains weak SBB long prices - North America domestic USD/MT SBB long prices - North America domestic USD/MT CQ CQ CQ CQ CQ1 CQ2 CQ3 CQ4 CQ1 CQ2 CQ3 CQ4 CQ CQ CQ CQ CQ CQ CQ1 CQ2 CQ3 CQ4 CQ1 CQ2 CQ3 CQ4 CQ CQ Merchant Rebar Heavy sections Merchant Rebar Heavy sections 12
13 Short-term steel prices remain high despite slowing demand Demand in the EU will be effected by further slowdown mainly in Spain and UK US demand development will stay weak Steel prices are expected to peak in Q3 Even if prices soften slightly in 2009 they will remain on a high level, supported by: Normal inventory levels Lower Chinese exports High raw material costs which will keep cash costs on a high level supporting continuing supply discipline High capacity utilization driven by world wide slower but robust demand Increased pricing power of producers due to higher consolidation in Europe and North America Steel market will remain supply constrained 13
14 Long-term steel prices are still expected to rise Long-term steel prices are still expected to rise based on robust demand as well as higher cash and fixed costs for new capacities Cash costs driven by iron ore and coking coal prices are expected to remain on a high level Expected global steel demand growth of 5 to 6% p.a. requires 70 to 90 million tons of new capacity each year, thereof 20 to 40 million tons ex China Steel prices must rise to cover escalating fixed costs for new capacities Steel market will remain supply constrained 14
15 Agenda 1. Overview 2. Strategy update 3. Market update 4. Q2/H1 financial review 5. Targets and outlook Appendix 15
16 Financial highlights Q2/H ( m) Q Q2 Δ% H H1 Δ% Volume (Ttons) 1,755 1, ,475 3, Sales 1,922 1, ,582 3, EBITDA EBIT
17 Summary income statement Q2/H ( m) Q Q2 Δ% H H1 Volume (Ttons) 1,755 1, ,475 3, Sales 1,922 1, ,582 3, Gross profit % margin EBITDA % margin EBIT Financial result Δ% Income before taxes Income taxes Minority interests Net income EPS (basic) EPS (diluted)
18 Underlying EBITDA H ( m) H H1 Δ EBITDA as reported One-offs Operating EBITDA Windfall effects Exchange rate effects Special expense effects Underlying EBITDA Acquisitions (LTM*) Underlying EBITDA excluding Acquisitions * LTM: Last twelve months Underlying EBITDA again improved 18
19 Segment performance H ( m) Volume (Ttons) Europe North America HQ/ Consol. Total H ,434 1,041-3,475 H1 2, ,292 Δ % Sales H , ,582 H1 2, ,199 Δ % EBITDA H % margin H % margin Δ % EBITDA Comments Includes acquisition-related sales of M 63 for H1 2008* in Europe and sales of M 226 for H1 2008* in North America * Sales of acquired companies for the first twelve months of their consolidation 19
20 Balance sheet H ( m) June 30, 2008 December 31, Comments Long-term assets Inventories Trade receivables Cash & cash equivalents Other assets Total assets Equity 786 1,199 1, , , Financial debt: Syndicated loan: 404 million ABS: 322 million Bilateral credits: 195 million Convertible: 275 million Total long-term liabilities - thereof financial liabilities Total short-term liabilities 1,376 1,043 1,380 1, Net Working Capital: Sales-, acquisition- and price-driven - thereof trade payables Total equity and liabilities 3,612 2,966 Net working capital* 1,652 1,323 Net financial debt* 1, * Including Canada and KVT 20
21 Statement of cash flow ( m) H H1 Operating CF Changes in net working capital Others Cash flow from operating activities Inflow from disposals of fixed assets/others 8 15 Outflow from investments in fixed assets* Cash flow from investing activities Changes in financial liabilities Net interest payments Dividends Cash flow from financing activities Total cash flow Comments Operating CF more than fully covered the investments in net working capital Investing CF mainly impacted by increased stake in Swiss Holding and acquisition of Temtco CF from financing activities driven by acquisitions *and acquisition of subsidiaries 21
22 Agenda 1. Overview 2. Strategy update 3. Market update 4. Q2/H1 financial review 5. Targets and outlook Appendix 22
23 General financial targets/limits and guidance Top line sales growth Underlying EBITDA margin Leverage (Net financial debt/ebitda LTM) Gearing (Net financial debt/equity) General target/limit > 10% p.a. > 6% < 3.0x < 150% Actual H % 6.9% 2.2x 125.2% Challenging financial targets throughout the cycle 23
24 Outlook 2008 For the full year 2008, we expect the following key figures: Sales of more than 7 billion EBITDA before one-offs of more than 500 million Reported EBITDA including divestments of more than 770 million Net income of more than 500 million The raised outlook is based on record half year results and still overall favorable market environment for the steel distribution industry going forward despite a weaker global economic development and is supported by the following effects: Positive contribution from STAR program Positive contribution from acquisitions made in and in 2008 Further stock gains in the course of H Outlook raised again 2008 results far above 24
25 Agenda 1. Overview 2. Strategy update 3. Market update 4. Q2/H1 financial review 5. Targets and outlook Appendix 25
26 Financial calendar 2008 and contact details Financial calendar 2008 November 14: Q3 Interim Report Contact details Investor Relations Claudia Nickolaus, Head of IR Phone: Fax: Internet: 26
27 Distributor in the sweet spot Suppliers Sourcing Products and services Logistics/ Distribution Customers Purchase volume p.a. of >6 million tons Diversified set of worldwide approx. 70 suppliers Global Sourcing in competitive sizes Strategic partnerships Frame contracts Leverage one supplier against the other No speculative trading One-stop-shop with wide product range of highquality products Value added processing services Quality assurance Efficient inventory management Local presence Tailor-made logistics including on-time delivery within 24 hours > 210,000 customers No customer with more than 1% of sales Average order size of 2,500 Wide range of industries and markets Service more important than price Global suppliers Klöckner & Co s value chain Local customers 27
28 More than 260 distribution locations in Europe and NA USA IRL GB F NL B D CH A CZ PL LT RO BU CN E USA 30 D/A 23 F/B 75 CH 35 E 54 GB 26 IRL 1 NL 5 Eastern Europe 13 28
29 Largest independent multi metal distributor 71.7% 11.1% Europe () Other mill-tied and independent distributors Structure: Size in value: Companies: Source: company reports, own estimates ArcelorMittal (Distribution approx. 5%) 9.8% 6.4% 1.0% ThyssenKrupp Klöckner & Co BE Group 67% through distribution, service centers ~ 71 91bn ~3,000 few mill-tied, most independent 71.2% Other 5.1% Structure: Size in value: Companies: North America () Reliance Steel Ryerson 4.2% McJunkin ThyssenKrupp Materials NA 2.8% 2.2% 2.2% 1.8% 1.7% Source: Purchasing Magazine (May 2008), own estimates Samuel, Son & Co 1.3% 1.3% 1.2% 1.1% 1.0% 1.0% 1.0% 0.9% O'Neal Steel Russel Metals Mac-Steel Metals USA Namasco (Klöckner & Co) PNA Group Worthington Steel A.M. Castle Carpenter Technology Steel Technologies 50-60% through distribution, service centers ~ 100bn ~1,300 only independent distributors 29
30 Quarterly results and FY results 2008///2005 ( m) Q Q Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 FY FY FY 2005* Volume (Ttons) 1,755 1,720 1,585 1,601 1,663 1,629 1,453 1,467 1,605 1,601 6,478 6,127 5,868 Sales 1,922 1,660 1,492 1,583 1,650 1,550 1,398 1,394 1,418 1,323 6,274 5,532 4,964 Gross profit ,221 1, % margin EBITDA % margin EBIT Financial result Income before taxes Income taxes Minority interests Net income EPS basic ( ) EPS diluted (in ) * Pro-forma consolidated figures for FY 2005, without release of negative goodwill of 139 million and without transaction costs of 39 million, without restructuring expenses of 17 million (incurred Q4) and without activity disposal of 1,9 million (incurred Q4). 30
31 Debt facilities ( m) Old debt structure Change in debt structure New debt structure ABS Europe ABS USA Total Syndicated loan Bilateral credit agreements Total senior bank facilities Convertible bond High yield bond Total facilities 1, ,815 31
32 Current shareholder structure Geographical breakdown of identified institutional investors Comments 24% United Kingdom Identified institutional investors account for 74% US based investors still dominate but share decreased in favor of UK (up from 14% as of Sept. ) US 41% 20% Germany Top 10 individual shareholdings represent around 48% 7% Rest of Europe 4% 4% Spain Switzerland Rest of World < 1% (geographical breakdown) Retail share increased from 11% to almost 14% Source: Survey Thomson Financial (as of Febr. 08) 32
33 Our symbol the ears attentive to customer needs the eyes looking forward to new developments the nose sniffing out opportunities to improve performance the ball symbolic of our role to fetch and carry for our customers the legs always moving fast to keep up with the demands of the customers 33
34 Disclaimer This presentation contains forward-looking statements. These statements use words like "believes, "assumes," "expects" or similar formulations. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of our company and those either expressed or implied by these statements. These factors include, among other things: Downturns in the business cycle of the industries in which we compete; Increases in the prices of our raw materials, especially if we are unable to pass these costs along to customers; Fluctuation in international currency exchange rates as well as changes in the general economic climate and other factors identified in this presentation. In view of these uncertainties, we caution you not to place undue reliance on these forward-looking statements. We assume no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. 34
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