Klöckner & Co SE. Commerzbank Sector Conference A Leading Multi Metal Distributor. Gisbert Rühl CEO. Frankfurt.
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1 Klöckner & Co SE A Leading Multi Metal Distributor Gisbert Rühl CEO Commerzbank Sector Conference Frankfurt September 9,
2 Disclaimer This presentation contains forward-looking statements which reflect the current views of the management of Klöckner & Co SE with respect to future events. They generally are designated by the words expect, assume, presume, intend, estimate, strive for, aim for, plan, will, endeavor, outlook and comparable expressions and generally contain information that relates to expectations or goals for economic conditions, sales proceeds or other yardsticks for the success of the enterprise. Forward-looking statements are based on currently valid plans, estimates and expectations. You therefore should view them with caution. Such statements are subject to risks and factors of uncertainty, most of which are difficult to assess and which generally are outside of the control of Klöckner & Co SE. The relevant factors include the effects of significant strategic and operational initiatives, including the acquisition or disposition of companies. If these or other risks and factors of uncertainty occur or if the assumptions on which the statements are based turn out to be incorrect, the actual results of Klöckner & Co SE can deviate significantly from those that are expressed or implied in these statements. Klöckner & Co SE cannot give any guarantee that the expectations or goals will be attained. Klöckner & Co SE notwithstanding existing obligations under laws pertaining to capital markets rejects any responsibility for updating the forward-looking statements through taking into consideration new information or future events or other things. In addition to the key data prepared in accordance with International Financial Reporting Standards, Klöckner & Co SE is presenting non-gaap key data such as EBITDA, EBIT, Net Working Capital and net financial liabilities that are not a component of the accounting regulations. These key data are to be viewed as supplementary to, but not as a substitute for data prepared in accordance with International Financial Reporting Standards. Non-GAAP key data are not subject to IFRS or any other generally applicable accounting regulations. Other companies may base these concepts upon other definitions. 2
3 Agenda 01 Highlights and update on strategy 02 Financials 03 Outlook 04 Appendix 3
4 01 Highlights Sales increased despite declining market volumes and lower price level slightly by 0.8% yoy to 1.7bn due to currency effects Gross profit slightly below prior year`s quarter at 320m; Gross margin also slightly lower at 18.9% EBITDA before restructuring of 36m within the guidance range of 35 to 45m and significantly up compared to EBITDA of 10m Extended KCO WIN+ program including additional restructuring measures in France and further structural optimization measures in Europe burdened reported EBITDA of - 17m in by 52m but contributing up to 30m from 2017 onwards the major part thereof already in 2016 Cash flow from operating activities up by 172m against prior year period FY EBITDA before restructuring to be significantly lower than last year due to weak H1 Swoctem GmbH (Friedhelm Loh) with stake of more than 10% in Klöckner & Co 4
5 01 : Improving environment in CH, mixed in the US and still weak in France Exchange rate related price erosion halted More favorable procurement opportunities outside Switzerland due to stronger Swiss Franc Steel demand from construction industry remains healthy Easing import pressure led to slight recovery of steel prices after strong downturn but attempts to increase prices further not successful Continuing weak volume development in the oil & gas sector and agriculture but increasing demand in all other sectors Filing of trade cases could help to bring market in better balance but inventories still too high and unknown volumes of imported steel still in ports Construction market remains in crisis mode despite increasing GDP Large scale commodity business with weak demand and heavy pressure on prices Only moderate recovery of steel demand expected in the coming years 5
6 01 EBITDA in H1 heavily impacted by adverse market effects EBITDA impact yoy 56 * H1 yoy 101 Market related GP effect of -34m -15 Volume Effect -19 Price Effect Market related GP effect of -57m KCO WIN Effect 5 2 Net FX Effect 3 8 OPEX 1 2 Other Effects mainly IFRIC (bef. restr.) Restructuring costs (rep.) -7 Comments Results significantly burdened by negative market effects of - 34m in and totally - 57m in H1 Negative volume effect of 15m in and 16m in H1 due to continuously weak markets esp. in the US Negative price effect of 19m in and 41m in H1 mainly due to deteriorating prices in the US and f/x related also in CH Income statement figures skewed by currency effects H1 * Volume Effect Price Effect * Before initial application of IFRIC 21. KCO WIN Effect Net FX Effect OPEX Other Effects mainly IFRIC 21 (bef. restr.) Restructuring costs 6 H1 (rep.)
7 01 KCO WIN significantly extended towards KCO WIN+ All countries France* Further European countries China Total Scope Measures Operating optimization Optimized pricing Sales force effectiveness Purchasing excellence Warehouse management and logistics Decreasing complexity and focusing on the proximity business + Consolidation and closure of 11 sites Headcount reduction of ~310 Forced exit of large customer commodity business Downsizing of country holding Further reduction of commodity business and downsizing of administrative functions Consolidation and closure of 5 sites Headcount reduction of ~260 Downsizing of country holdings Full exit Closure of SSC in Changshu Headcount reduction of ~35 Consolidation and closure of 17 sites Headcount reduction of ~600 * Measures which are submitted to the workers` council for an opinion. 7
8 01 KCO WIN+ effects EBITDA effect Total one-off effects of 52m Overall KCO WIN+ effect of up to 60m from 2017 onwards Existing measures adjusted against the background of deteriorating market conditions New measures with incremental effect of 30m in the coming two years Significant share thereof already in 2016 / 2016/ m already realized 26m ~ 30m Total annual EBITDA impact of up to 60m from 2017 onwards Cash effect Cash out to be overcompensated by working capital release in 2016 Additional positive midterm effect through asset sales 8
9 01 Klöckner & Co 2020 growth strategy to drive the change Klöckner & Co 2020 Current focus Differentiation Digitalization Development and group wide rollout of innovative digital tools by kloeckner.i to further increase customer benefits Digital integration of customers and suppliers across a wide range of interfaces Entry into Industry 4.0 business through digital networks with machines automatically ordering new stock Additional staffing at kloeckner.i from currently 15 to 20 employees until year-end Products and services Extension of 3D-Laser-Center in the UK and starting up new tube laser in the US Significant expansion of investments in higher value-added products and services Growth and optimization Operations External & internal growth KCO WIN+ including additional restructuring measures in France and further structural optimization measures in other European countries Acquisition of higher value-added business intended until year-end Regional focus on the US market due to good growth perspectives 9
10 01 Developing of first integrated digital service platform for steel and metal distribution Supplier side: Supplier integration started Ongoing ideation and prototyping with partners Customer side: Onboarding of first customers started this month Full roll-out in H
11 Agenda 01 Highlights and update on strategy 02 Financials 03 Outlook 04 Appendix 11
12 02 Shipments and sales Shipments (Tto) Sales ( m) 1,690 1,617 1,633 1,720 1,690 1,661 1,645 1,698 1,600 1,572 1,680 1,675 1,577 1,697 1,693 1,555 1,492 1, % +0.8% -1.0% -0.3% Decrease yoy and qoq driven by the weak market situation in Europe and Americas yoy increase despite lower shipments due to strong US Dollar and Swiss Franc Sales decreased qoq in less pronounced than shipments 12
13 02 Gross profit and EBITDA strong sequential upward momentum Gross profit* ( m) / Gross margin* (%) EBITDA* ( m) / EBITDA margin* (%) ** ** ** ** Gross margin with 19.2% stable yoy qoq gross margin improved from 18.2% by 1.0%p * Before restructuring cost. ** Prior year amount restated due to the inital application of IFRIC 21 (Levies). EBITDA before restructuring burdened by weak market situation EBITDA margin before restructuring therefore down by 1.4%p to 2.1% yoy but improved qoq by 1.5%p 13
14 XX 02 Segment performance (shipments and sales) Shipments (Tto) Comments Europe -4.4% 1,720 1, % Shipments European shipments lower by 1.7% Americas is down by 7.9% due to a very weak market Americas % 675 Europe Americas Sales ( m) +0.8% 1, % 1, % 608 1,693 1, Sales Europe sales down in line with weaker market (-1.7%). However, lower prices were compensated by the strong Swiss Franc and the British Pound Americas segment sales increased due to a favorable f/x development 14
15 02 Segment performance (gross profit and EBITDA) Gross profit ( m)* Europe Americas % % -2.5% Comments Europe Gross margin up by 0.6%p to 21.0% EBITDA down yoy by 4m but strong improvement qoq by + 21m EBITDA margin down yoy by 0.4%p to 2.7% EBITDA ( m)* Europe Americas % % -57.1% HQ/Consol ** Americas Gross margin down by 1.3%p to 16.2% EBITDA down yoy by 17m with signs of improvement qoq EBITDA margin down by 2.9%p to 2.0% * Before restructuring costs. ** Prior year amount restated due to the inital application of IFRIC 21 (Levies). 15
16 02 Cash flow and net debt development Cash flow reconciliation in ( m) Comments EBITDA 83 Change in NWC -11 Interest -6 Taxes 52 Restr. -5 Other 96 Cash flow from op. activities Disposal Capex proceeds 102 Free cash flow Strong NWC release of 83m Other include changes in other provisions and other operating assets/liabilities as well as non-cash items including gain on asset sales Disposal proceeds include inflows of 14m from the sale of our Amsterdam warehouse Development of net financial debt in ( m) Net Debt 650 CF from operating activities 96 Disposal proceeds 22 Capex -16 F/X 5 Dividends -20 Other -8 Net debt 571 Net debt decreased from 650m to 571m primarily driven by NWC release F/X impact in led to 5m decrease Other include payments under hedging derivatives and interest 16
17 02 Maturity profile June Facility Committed ( m) Drawn amount ( m, IFRS) * FY * Covenant definition m Syndicated Loan ABS (Europe, US) ABL US Promissory Notes Convertible ) Bilateral Facilities 2) Total Debt 1, Cash Adjusted equity 1,375 Net debt 571 Gearing 3) 41% Maturity profile of committed facilities & drawn amounts ( m) Net Debt *Including interest accrued, excluding deferred transaction costs. 1) Drawn amount excludes equity component. 2) Including finance lease. 3) Net debt/equity attributable to shareholders of Klöckner & Co SE less goodwill from business combinations subsequent to May 23, Thereafter Bilaterals ABS Syndicated loan Promissory notes Convertibles ABL US Left side: committed facilities Right side: drawn amounts (nominal amounts) 17
18 Agenda 01 Highlights and update on strategy 02 Financials 03 Outlook 04 Appendix 18
19 03 Segment specific business outlook Europe US +0-1% +0-1% Real steel demand Construction industry Manufacturing, machinery and mechanical engineering, etc. Energy industry Automotive industry 19
20 03 Outlook FY Sales to be slightly up; negative effect of anticipated lower steel price level to be overcompensated by currency effects EBITDA before restructuring measures expected to be significantly down mainly due to weak H1 20
21 Agenda 01 Highlights and update on strategy 02 Financials 03 Outlook 04 Appendix 21
22 04 Quarterly results and FY results ( m) * * * * FY FY FY 2012** Shipments (Tto) 1,645 1,661 1,555 1,690 1,720 1,633 1,492 1,617 1,690 6,598 6,445 7,068 Sales 1,693 1,697 1,577 1,675 1,680 1,572 1,455 1,600 1,698 6,504 6,378 7,388 Gross profit ,261 1,188 1,288 % margin EBITDA rep % margin EBIT Financial result Income before taxes Income taxes Net income Minority interests Net income KlöCo EPS basic ( ) EPS diluted ( ) * Restated due to initial application of IFRIC 21. ** Restated due to initial application IAS 19 revised
23 04 Segment performance Shipments (Tto) Sales ( m) EBITDA*,** before restructuring ( m) Europe ,072 1,061 1, ,006 1, % -1.7% 1,025 1, Americas Shipments (Tto) Sales ( m) EBITDA* before restructuring ( m) % +5.2% Restructuring costs ( m) Europe * amounts restated due to the inital application of IFRIC 21 (Levies). Americas 2 11 ** Including pension release: 7m, in 6m and 1m and sale of French La Courneuve site 13m. 23
24 04 Profit & loss ( m) * Sales 1,693 1,680 Gross profit Personnel costs Other operating expenses (net) EBITDA Depreciation & Amortization EBIT Financial result EBT Taxes 1-7 Net income Minorities -1 0 Net income attributable to KCO shareholders * restated for the initial application of IFRIC
25 04 Strong balance sheet 3,629 Assets 3,714 Equity & liabilities 3,629 3,714 Non-current assets 1,103 1,168 Equity 1,429 39% 1,407 38% Inventories 1,318 1,216 Financial liabilities Trade receivables Other current assets Liquidity Pensions Trade payables Other liabilities Dec 31, Jun 30, Dec 31, Jun 30, Comments Equity ratio further healthy at 38% Net debt of 571m Gearing* at 41% NWC increased from 1,321m to 1,452m * Gearing = Net debt/equity attributable to shareholders of Klöckner & Co SE less goodwill from business combinations subsequent to May 23,. 25
26 04 Sales by markets, products and industries Sales by markets Sales by industry Salesbyproduct As of December 31, 26
27 04 Current shareholder structure Geographical breakdown of identified institutional investors US 50% Germany 20% France 8% UK 7% Switzerland 4% Rest of World 8% Comments Identified institutional investors account for 66% German investors incl. retail dominate Top 10 shareholdings represent around 35% Retail shareholders represent 31% Rest of EU 3% As of July 27
28 04 Current shareholder structure Voting Rights Announcements according to WpHG (Security Trading Act)* Date of publication Subject to compulsory notification Portion of voting stock 29/07/ UBS Group AG 3.53% 28/07/ Swoctem GmbH / Friedhelm Loh 10.38% 27/05/ Federated Global Investment Management Corp. 5.06% 04/03/ Franklin Mutual Series Funds 3.07% 02/06/ Interfer Holding GmbH 4.98% 07/04/ Templeton Investment Counsel, LLC 5.02% 18/03/ Franklin Mutual Advisors included therein: 5.35% Franklin Templeton Investment Funds (3.15%) 08/01/ Franklin Templeton Investments Corp. 4.99% 02/02/2012 Dimensional Holdings Inc. / Dimensional Fund Advisors LP 3.06% *) The table lists all shareholders, whose Klöckner & Co SE voting shares currently exceed one of the notification thresholds under section 21 clause 1 WpHG, based on notification. 28
29 04 Products Flat Products Hollow Sections Long Products Stainless / Aluminium 29
30 04 Products / Services Coils Decoiling / Cutting / Slitting Cutting to Length / Bending Surface treatment 30
31 04 Services Laser cutting / Flame cutting 3D-Laser 3D-Laser 3D-Laser 31
32 04 Appendix Financial calendar /2016 November 3, interim report March 1, 2016 Annual Financial Statements May 4, 2016 interim report 2016 May 13, 2016 Annual General Meeting 2016, Düsseldorf August 4, 2016 interim report 2016 November 3, 2016 interim report 2016 Contact details Investor Relations Christian Pokropp, Head of Investor Relations & Corporate Communications Phone: Fax: Internet: 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 legs always moving fast to keep up with the demands of the customers the ball symbolic of our role to fetch and carry for our customers
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