BUSINESS YEAR 2009 RESULTS

Transcription

1 BUSINESS YEAR 2009 RESULTS Madrid, 26 February 2010

2 WORLD PRODUCTION OF STAINLESS STEEL Thousand Mt. 30,000 28,000 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Compound annual growth rate Years : +5.5% Source: VALE INCO e ISSF

3 OFFICIAL NICKEL PRICE IN THE L.M.E. (Years ) Average price: cash / three months USD/Mt. 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 J F M A M J J A S O N D J F M A M J J A S O N D

4 OFFICIAL NICKEL PRICE IN THE L.M.E. ( ) Monthly average values (USD/Mt. Ni.) 55,000 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 Average : 8,062 USD/Mt. Ni 10,000 5,

5 FERROCHROME QUARTERLY AVERAGE PRICES (Metal Bulletin) US / Lb. Cr

6 STAINLESS STEEL COLD ROLLED SHEET PRICES AISI mm ( ) USD/Mt, final price, alloy surcharge included 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 USA GERMANY ASIA (since year 2008; average of China,Taiwan and South Korea) 2,000 1,500 1, SOURCE: Metal Bulletin Research Stainless Steel Monthly

7 STAINLESS STEEL COLD ROLLED SHEET PRICES AISI mm ( ) /Mt GERMAN MARKET 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Base Price Alloy Surcharge SOURCE: MBR

8 STAINLESS STEEL COLD ROLLED SHEET PRICES AISI mm ( ) USD/Mt 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, NORTH AMERICAN MARKET Base Price Alloy Surcharge SOURCE: MBR

9 PRODUCTION OF ACERINOX GROUP Mt Year 2009 FLAT PRODUCTS ACERINOX NAS COLUMBUS TOTAL Variation over 2008 MELTING SHOP 577, , ,261 1,806, % HOT ROLLING 485, , ,718 1,628, % COLD ROLLING 374, , ,972 1,071, % LONG PRODUCTS ROLDAN NAS TOTAL Variation over 2008 HOT ROLLING 78,567 62, , % FINISHED PRODUCTS 71,783 56, , %

10 QUARTERLY EVOLUTION OF ACERINOX GROUP PRODUCTIONS MELTING SHOP (Mt) 700, , , , , , , , , , , , , , ,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Year 2008 Year 2009

11 EVOLUTION OF ACERINOX GROUP NET SALES Million Consolidated Group Trading Companies N.A.S. ACERINOX S.A Columbus Roldan + Inoxfil

12 GEOGRAPHICAL DISTRIBUTION OF ACERINOX GROUP NET SALES YEAR 2009 YEAR 2008 Europe Oceania 0.3% 40.8% Oceania 0.1% Europe 44.1% Africa 5.4% Asia 17.7% Americas 35.8% Africa 5.8% Asia 13.6% Americas 36.4%

13 EVOLUTION OF THE RESULT AFTER TAXES AND MINORITIES. ACERINOX GROUP Million

14 QUARTERLY EVOLUTION OF THE RESULT AFTER TAXES AND MINORITIES. ACERINOX GROUP Million º T 2º T 3º T 4ºT 1º T 2º T 3º T 4ºT

15 QUARTERLY CONDENSED PROFIT & LOSS ACCOUNT ACERINOX CONSOLIDATED GROUP Year 2009 Million 1º Q. 09 2º Q. 09 3º T.09 4ºT Variation Net sales , , % Gross margin , % % over sales 11.4% -5.5% 28.5% 31.2% 18.0% 20.0% EBITDA (*) % % over sales -15.9% -27.3% 6.8% 7.0% -5.5% 5.9% Gross operating result % % over sales -15.9% -31.1% 6.8% 7.0% -6.4% 3.4% EBIT % % over sales -20.8% -35.7% 3.3% 2.5% -10.7% 0.9% Result before taxes January-December % Result after taxes and minorities % Depreciation % Net cash flow % (*) EBITDA is defined as the operating result excluding depreciation and provisions

16 CONDENSED BALANCE SHEET ACERINOX CONSOLIDATED GROUP Year 2009 ASSETS LIABILITIES Million Variation Million variation Non-current assets 2, , % Equity 1, , % Current assets 1, , % Non-current liabilities % - Inventories 1, , % - Interest-bearing loans and borrowings % - Debtors % - Other non-current liabilities % Trade debtors % Other debtors % Current liabilities 1, % - Cash and other current assets % - Interest-bearing loans and borrowings % - Trade creditors % - Other current liabilities % TOTAL ASSETS 3, , % TOTAL EQUITY AND LIABILITIES 3, , %

17 31 st DECEMBER 2009 RESULTS CONSOLIDATED GROUP Variation Net Sales 2,993,409 5,050, % EBITDA (*) -165, , EBIT (**) -319,158 47, Profit before taxes and minorities -348,582-16, % Depreciation 125, , % Gross Cash Flow -223, , Profit after taxes and minorities -229,206-10, % Net Cash Flow -104, , (*) EBITDA is defined as the operating result excluding depreciation and provisions (**) EBIT is defined as the net operating result

18 MAIN RATIOS AND MAGNITUDES OF THE CONSOLIDATED GROUP CONSOLIDATED GROUP Cash Flow per share Earning per share Gross margin 18.0% 20.0% EBITDA margin (*) -5.5% 5.9% Operating margin EBIT -10.7% 0.9% ROE -13.1% -0.5% ROCE -11.3% 1.6% GEARING 61.3% 46.5% Net Debt / EBITDA Book Value at 31-Dec (*) EBITDA is defined as the operating result excluding depreciation and provisions

19 EVOLUTION OF THE CONSOLIDATED GROUP EBITDA (*) Million (% over sales) 1, Average : (9.3%) (*) EBITDA is defined as the operating result excluding depreciation and provision

20 INVESTMENTS IN THE CONSOLIDATED GROUP Valores Thousand medios mensuales (USD/Tm. Ni.) Tm. en miles ACERINOX, S.A. 40,859 92,669 - NAS 45, ,845 - COLUMBUS 29,784 54,808 - BAHRU 101, ROLDAN and INOXFIL 1,682 8,506 - SPANISH TRADING COMPANIES 138 1,301 - OVERSEAS TRADING COMPANIES 10,449 20,121 TOTAL 230, ,250

21 EVOLUTION OF THE STOCK EXCHANGE MARKET ACERINOX, S.A. AND IBEX 35 Daily percentage data, year % 30% 20% +29.8% +27.8% IBEX 35 10% 0% ACERINOX -10% -20% -30% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

22 EVOLUTION OF THE STOCK EXCHANGE MARKET ACERINOX, S.A. AND IBEX 35 Weekly percentage data 150% 100% ACERINOX 50% 46.8% IBEX 35 0% 2.6% -50% -100%

23 MARKET CAPITALIZATION OF ACERINOX, S.A Figures in million 7,000 6,000 5,000 4,000 3,622 3,000 2,000 1,

24 RETURN TO SHAREHOLDERS / share Attendance bonus AGM Issue Premium Refund Dividend

25 EXCELLENCE PLAN Valores medios mensuales (USD/Tm. Ni.) Tm. en miles 10 chapters Internal benchmarking Realistic targets Recurrent savings: 133 million Already achieved: 64% (85 million )

26 HUMAN RESOURCES Valores medios mensuales (USD/Tm. Ni.) Tm. en miles Variation - ACERINOX, S.A. 2,576 2, % - NAS 1,340 1, % - COLUMBUS 1,736 1, % - BAHRU STAINLESS ROLDAN and INOXFIL % - SPANISH TRADING COMPANIES % - OVERSEAS TRADING COMPANIES % TOTAL GROUP 7,328 7, %

27 STRATEGIC PLAN

28 COMMERCIAL NETWORK OF ACERINOX GROUP Flat Products Facility (3) Long Products Facility (3) Service Centre (23) Warehouses (36) Commercial Office (30)

29 BAHRU STAINLESS

30 STRATEGIC LOCATION

31 LAND OF THE BAHRU STAINLESS FACTORY

32 GENERAL PLANT LAY-OUT

33 GENERAL PLANT LAY-OUT: 1st & 2nd PHASE

34 BAHRU STAINLESS: PIER

35 BAHRU STAINLESS: PIER

36 BAHRU STAINLESS

37 BAHRU STAINLESS

38 PRODUCTION CAPACITY OF THE GROUP AND WORLD CONSUMPTION PER AREAS (Million Mt) Melting Hot Rolling Cold Rolling Long Prod Melting Hot Rolling Cold Rolling Long Prod Melting Hot Rolling Cold Rolling Long Prod Melting Hot Rolling Cold Rolling Melting Hot Rolling Cold Rolling CONSUMPTION AMERICA 2.5 CONSUMPTION EUROPE + AFRICA 7.2 CONSUMPTION ASIA + OCEANIA 13.2

39 COMPARISON BETWEEN GDP AND STAINLESS STEEL CONSUMPTION PER CAPITA Year 2008 Source: Vale Inco, FMI UK USA France Canada Germany 40 Japan Italy 35 Spain GDP ( 000 USD/capita) South Korea Taiwan Mexico Russia Malaysia Brasil South Africa Indonesia Thailand India China Vietnam Stainless consumption kg/capita