Addressing the challenges. Credit Suisse Latam Commodities CEO/CFO Conference São Paulo, March 25, 2015
|
|
- Maximillian Ralf Fisher
- 6 years ago
- Views:
Transcription
1 0 Addressing the challenges Credit Suisse Latam Commodities CEO/CFO Conference São Paulo, March 25, 2015
2 1 Disclaimer This presentation may include statements that present Vale's expectations about future events or results. All statements, when based upon expectations about the future and not on historical facts, involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM), the French Autorité des Marchés Financiers (AMF) and The Stock Exchange of Hong Kong Limited, and in particular the factors discussed under Forward- Looking Statements and Risk Factors in Vale s annual report on Form 20-F.
3 2 DOCUMENT CONTENT The iron ore and nickel markets Vale s short-term competitive levers Vale s cash flow in
4 3 DOCUMENT CONTENT The iron ore and nickel markets Vale s short-term competitive levers Vale s cash flow in
5 4 VALE S PERSPECTIVE ON THE IRON ORE MARKET Cash Cost Curve¹ Total Supply² growth Mt 1, , Austrralia Brazil China Others Inventory consumption 2015 Cost reductions and oversupply will keep on pressuring the iron ore prices in the short term. Chinese SOEs and Seaborne Junior Miners are cutting capacity. ¹ Source: Macquarie ² Total Supply = seaborne + China domestic - pellets
6 5 VALE S PERSPECTIVE ON THE NICKEL MARKET NPI supply Some misconceptions NPI supply is inelastic Vale s views NPI producers will not shut down completely and/or immediately when the price is below their cost structure but: There has been more muted NPI production in February and March as a result of prices below the cost structure There have been a number of environmental shutdowns for NPI producers in the past couple of weeks. Supply of Nickel ore Imports of lower grade nickel ore from the Philippines will replace ore imports from Indonesia High grade nickel ore stocks helped to support NPI production in 2014 but also helped to maintain a lower cost structure In 2015, as NPI producers are forced to utilize lower grade ores they will be faced with a rising cost structure. Nickel market LME stocks are increasing The nickel market is oversupplied across the value chain The increase of LME inventories are linked to credit conditions in China, which led to an outflow of nickel from Chinese warehouses towards the LME. Considering this outflow along with the nickel drawdown across the value chain in China, the market actually shifted into deficit in 2014.
7 DOCUMENT CONTENT 6 The iron ore and nickel markets Vale s short-term competitive levers Vale s cash flow in
8 7 LEVER 1: SIGNIFICANT VOLUME INCREASES Iron Ore¹ Nickel Mt Kt E 2016E 2017E 2018E 2019E E 2016E Coal² Copper Mt Kt E 2016E 2017E 2018E 2019E ¹ Including third party purchases and excluding Samarco s attributable production ² Mozambique production only E 2016E
9 8 EVOLUTION OF SALOBO PRODUCTION AND NORMALIZED EBITDA Production Kt Normalized EBITDA¹ US$ million LME Copper prices US$ k/t Tie ins Salobo I and II 1,000 21,1 19,7 25,9 31,6 1Q14 2Q14 3Q14 4Q14 FY15E² Q14 2Q14 3Q14 4Q14 FY after full ramp up² 71 Still a lot of room to increase Salobo s EBITDA, even at lower copper prices. ¹ Normalized by 4Q14 Salobo realized prices ² As per guidance given at the last Vale Day, with copper prices at US$6,800/t
10 9 EBITDA BREAKEVEN IN NEW CALEDONIA (VNC)? Production Kt 37 EBITDA US$ million E E VNC 2015 EBITDA may range from breakeven¹ to a 50% reduction in 2014 loss² ¹ Considering LME Ni prices at US$21,000/t ² Considering LME Ni prices at US$14,000/t
11 10 ADJUSTED EBITDA¹ OF THE FERTILIZER BUSINESS US$ million EBITDA after PRC expenses² SSP prices Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Improvement in the fertilizer business with positive EBITDA generation after the losses registered by the stoppage for the Project Rio Coloardo in 2013 in spite of price reductions of about 20% for the fertilizer products ¹ Adjusted EBITDA excludes gains and/or losses on sales of assets and non-recurring expenses and includes dividends received from non-consolidated affiliates. ² PRC Expenses (US$ million): 7 in 1Q13, 76 in 2Q13, 213 in 3Q13, 102 in 4Q13, 5 in 1Q14, 5 in 2Q14, -5 in 3Q14, 17 in 4Q14.
12 11 IMPACT OF BRL DEPRECIATION ON THE BALANCE SHEET Simulation Projects 2015 CAPEX BRL denominated US$ bi 7.7 x CAPEX 2015 US$ bi 10.2 BRL denominated % + US$ bi Sustaining 2015 US$ bi Potential gains in 2015 US$ bi 0.78 x BRL denominated US$ bi 20.3 BRL depreciation¹ + Cost + Expenses BRL denominated US$ bi 12.6 x Cost + Expenses US$ bi 75 BRL denominated % Costs LTM14² US$ bi 21.2 Expenses LTM14² % 0, US$ bi 3.5 Each 0.10 R$/US$ devaluation offsets the cash flow impact of about US$ 2/t of iron ore price reduction ¹ 0,10 R$/US$ Depreciation of the BRL, against 4Q14 average, equates to 3.8% ² Net of depreciation, LTM14 = Last twelve months ended on December 31, 2014
13 12 COST AND EXPENSES REDUCTION LEVERS IN 2015 High Low Our goal Deliver cost and expenses reductions beyond the exchange rate benefit Levers in 2015 Bunker and freight Renegotiation of service and supply contracts Review of organizational structures Reduction in general overhead Valemaxes in China Lower strip ratios and lower average transportation distances (N4WS) Fixed costs dilution Financial impact in 2015 Timing of initial impact 1Q 2Q 2Q 2Q 3Q 3Q 3Q
14 13 REALIZED IRON ORE PRICE LEVERS IN 2015 Levers in 2015 Financial impact in 2015 High Low Timing of initial impact Our goal Reduction of the high silica ore supply 2Q Reduce the difference between realized price and iron ore Platts index (IODEX) Renegotiation of the freight component in the pricing of the FOB contracts Bunker impact of the FOB contracts Quality improvement (N4WS and Itabirites projects) 3Q 1Q 2Q
15 14 REALIZED PELLET PRICES US$/t IODEX 147 Pellet Realized Price Q14 2Q14 3Q14 4Q pellet premiums smoothed the IODEX impact in the Pellet realized prices. Same pattern may be expected in 2015.
16 15 OTHER LEVERS IN 2015 High Low Levers in 2015 Financial impact in 2015 Timing of initial impact Reduction in growth Capex 1Q Reduction in sustaining Capex 1Q Improvement of Australia EBITDA, driven by the stoppage of the Integra and Isaac Plains mines, as well as cost savings in Carborough Downs 1Q Optimization of product portfolio Whenever required
17 16 DOCUMENT CONTENT The iron ore and nickel markets Vale s short-term competitive levers Vale s cash flow in
18 17 ESTIMATE ON CASH UNLOCKED FROM 2015 DIVESTITURES Initiatives Cash Impact in 2015 Update Timing Goldstream Completed: US$ 900 million is being paid today. 1Q Redeemable shares Company structure and contracts being adjusted 3Q VLOCs 4 vessels from COSCO + 2 vessels from undisclosed partners + financial structure 3Q Mozambique Coal Project Finance: transaction structure in advanced stage of discussion Government authorizations and direct agreements with lenders under discussion 4Q Total Potential from US$6 bi to US$7 bi
19 18 EVOLUTION OF WORKING CAPITAL US$ billion, year end Levers Accounts receivable 10,7 8,5 6,9 4,0 3, (Target) Accounts payable Parts inventory Advances to suppliers Finished products inventory
20 19 DEBT PROFILE AND LIQUIDITY US$ billion Debt amortization schedule¹ Committed Credit Facilities² 28,8 2,7 8,9 19,0 5,0 1,2 1,4 2,0 2,4 4, onwards Total Gross debt Revolving credit lines Non-project financing related³ Project financing related 4 Total 80% of our debt settlement will occur after 2018 US$ 8.9 billion available in credit lines ¹ As of December 31, Including hedge transactions. ² Amount not yet withdrawn. ³ Export Import Bank of China and Bank of China Limited: related to the construction of 12 Valemaxes at the Rongsheng shipyard. 4 BNDES: related to several projects in Brazil
21 20 RISK AGENCIES RATING A/A2 S&P Moody s Fitch A-/A3 Baa1/BBB+ Baa2/BBB BBB+ BBB+ Baa2 Baa3/BBB- IG Non-IG Ba1/BB+ jan/07 jan/08 jan/09 jan/10 jan/11 jan/12 jan/13 jan/14 jan/15
22 21 RISK AGENCIES PERCEPTIONS S&P We continue to assess Vale's business risk profile as "strong" ( ) Debt refinancing and good access to capital markets have led to a very smooth amortization schedule. The company has consistently tapped international debt markets, which we believe has resulted in a well-structured debt profile. The outlook is stable, reflecting our view that the industry's cash cost curve and Vale's business resilience will limit the risk from lower iron prices. Moody s Despite the weaker price environment ( ), we expect that Vale will continue to exhibit adequate metrics relative to its rating category. The stable outlook reflects our view that Vale s credit profile and operations will remain solid for its Baa2 ratings Fitch Commodity producing companies credit profiles are analyzed though the cycle, providing tolerance for peaks in leverage over one or two years as a result of large investments. Vale displays sufficient liquidity in the peak leverage year of 2015 and exhibits swift deleveraging and strong FCF generation post-2016 Fitch does not consider a rating downgrade for Vale to be warranted under any of the four scenarios presented.
23 22 STRONG FREE CASH FLOW AND DIVIDEND YIELD AS OF 2017 Capex will be less than US$ 5 billion Volumes will increase by about 40% in iron ore, 20% in nickel and 20% in copper Costs will decrease with higher productivity, further dilution of fixed costs and expenses and organizational restructuring Iron ore quality will support an increase in price realization Freight costs will decrease Free cash flow and dividends will reach unprecedented levels and debt will reduce gradually
24 23
Ricardo Teles / Agência Vale. Vale s Performance in 2Q17
Ricardo Teles / Agência Vale Vale s Performance in 2Q17 Rio de Janeiro, July 27 th, 2017 1 Agenda 2 This presentation may include statements that present Vale's expectations about future events or results.
More informationRicardo Teles / Vale. Vale s Performance in 2017
Ricardo Teles / Vale Vale s Performance in 2017 Rio 1 de Janeiro, February 28 th, 2018 Agenda 2 This presentation may include statements that present Vale's expectations about future events or results.
More informationTubarão Port, ES, Brazil. Vale s Performance in 2Q16
0 Tubarão Port, ES, Brazil Vale s Performance in Rio de Janeiro, July 28 th, 2016 1 Disclaimer This presentation may include statements that present Vale's expectations about future events or results.
More informationRicardo Teles / Agência Vale. Vale s Performance in 1Q17
Ricardo Teles / Agência Vale Vale s Performance in 1Q17 Rio de Janeiro, April 27 th, 2017 1 Agenda 2 This presentation may include statements that present Vale's expectations about future events or results.
More informationRicardo Teles / Agência Vale. Vale s Performance in 1Q18
Ricardo Teles / Agência Vale Vale s Performance in 1Q18 Rio de Janeiro, April 26 th, 2018 1 Agenda 2 This presentation may include statements that present Vale's expectations about future events or results.
More informationRicardo Teles / Agência Vale. Vale s Performance in 2Q18
Ricardo Teles / Agência Vale Vale s Performance in 2Q18 Rio de Janeiro, July 25 th, 2018 1 Agenda 2 This presentation may include statements that present Vale's expectations about future events or results.
More informationVale: focus on capital allocation and costs
Vale: focus on capital allocation and costs Fabio Schvartsman Itaú 9th Annual Itaú BBA LatAm Commodities Conference 1 São Paulo, September 27th, 2017 This presentation may include statements that present
More informationTruckless system S11D. Vale s Performance in 3Q18
Truckless system S11D Vale s Performance in 3Q18 Rio 1 de Janeiro, October 25 th, 2018 Agenda 2 This presentation may include statements that present Vale's expectations about future events or results.
More informationVale: a vision of the future
Ricardo Teles / Agência Vale Vale: a vision of the future Fabio Schvartsman Citi 9th Annual Brazil Equity Conference São 1 Paulo, June 28th, 2017 Agenda 2 This presentation may include statements that
More informationVale Global Exploration Simexmin 2016
Vale Global Exploration Simexmin 2016 May 17 th, 2016 Disclaimer This presentation may include statements that present Vale's expectations about future events or results. All statements, when based upon
More informationNickel Market Outlook
22/9/215 Nickel Market Outlook Stuart Harshaw This presentation may include statements that present Vale's expectations about future events or results. All statements, when based upon expectations about
More informationCORPORATE PRESENTATION 3Q12 RESULTS
CORPORATE PRESENTATION 3Q12 RESULTS November 2012 1 Disclaimer The information contained in this presentation concerning projections of Votorantim Industrial S.A. and its subsidiaries ( Votorantim ) may
More informationVale s performance in 2016
Vale s performance in 2016 Ricardo Teles / Agência Vale www.vale.com vale.ri@vale.com Appp Vale Investors & Media ios: https://itunes.apple.com/us/app/vale-investor-media-portugues/id1087134066?ls=1&mt=8
More informationDiscussion with sell-side analysts. Rio de Janeiro, July 11 th 2014 Luciano Siani, Vale CFO
0 Discussion with sell-side analysts Ri d J i J l 11 th 2014 Rio de Janeiro, July 11 th 2014 Luciano Siani, Vale CFO 1 OBJECTIVE OF THE DISCUSSION The objective of this discussion is to clarify topics
More informationInvestor Relations Department
Vale s Performance in 2018 www.vale.com vale.ri@vale.com Tel.: (55 21) 3485-3900 Investor Relations Department André Figueiredo André Werner Carla Albano Miller Fernando Mascarenhas Samir Bassil Bruno
More informationCORPORATE PRESENTATION 3Q13 RESULTS
CORPORATE PRESENTATION RESULTS November 2013 Disclaimer The information contained in this presentation concerning projections of Votorantim Industrial S.A. and its subsidiaries ( Votorantim ) may be deemed
More informationTubarão Pellet Plants. Vale s Performance in 1Q18
Tubarão Pellet Plants Vale s Performance in 1Q18 www.vale.com vale.ri@vale.com App Vale Investors & Media ios: https://itunes.apple.com/us/app/vale-investor-media-portugues/id1087134066?ls=1&mt=8 Android:
More information31 December 2013 Half year results February 2014
31 December 2013 Half year results February 2014 Disclaimer Important Notice The purpose of this presentation is to provide general information about Fortescue Metals Group Limited ("Fortescue"). It is
More informationVOTORANTIM INDUSTRIAL 2013 EARNINGS RELEASE
São Paulo, March 11 th, 2014. Votorantim Industrial S.A. (VID), a company engaged in heavy building materials (cement, ready-mix concrete, aggregates and mortar), metals (aluminum, zinc and nickel), mining
More informationVOTORANTIM INDUSTRIAL 3Q15 EARNINGS RELEASE
São Paulo, November 23 rd, 2015. Votorantim Industrial S.A. (VID, Company), a company engaged in the basic building materials (cement, readymix concrete, aggregates and mortar), metals (aluminum, zinc
More informationRicardo Teles/Vale Vale s Performance in 2017
Ricardo Teles/Vale Vale s Performance in 2017 www.vale.com vale.ri@vale.com App Vale Investors & Media ios: https://itunes.apple.com/us/app/vale-investor-media-portugues/id1087134066?ls=1&mt=8 Android:
More informationInterim Financial Statements June 30, 2018
Interim Financial Statements June 30, 2018 BRGAAP in R$ (English) Vale S.A. Interim Financial Statements Contents Page Report on the review of the quarterly information - ITR 3 and Parent Company Income
More informationVale s Performance in 3Q17
Ricardo Teles/Vale Vale s Performance in 3Q17 www.vale.com vale.ri@vale.com App Vale Investors & Media ios: https://itunes.apple.com/us/app/vale-investor-media-portugues/id1087134066?ls=1&mt=8 Android:
More informationThe mining industry: looking beyond the crisis Washington D.C. Fabio Barbosa March 4, 2009
The mining industry: looking beyond the crisis Fabio Barbosa Washington D.C. March 4, 2009 1 Disclaimer This presentation may include declarations about Vale's expectations regarding future events or results.
More informationINTERIM RESULTS PRESENTATION
BHP Billiton Limited BHP Billiton Plc 171 Collins Street Neathouse Place Melbourne Victoria 3000 Australia London SW1V 1LH UK GPO BOX 86 Tel +44 20 7802 4000 Melbourne Victoria 3001 Australia Fax + 44
More informationEarnings Conference Call 4Q15
Earnings Conference Call 4Q15 Investor Relations São Paulo, February 19, 2016 Disclaimer on forward-looking statements This presentation includes forward-looking statements. These forward-looking statements
More informationFixed Income Presentation 3Q17
Fixed Income Presentation 3Q17 1 Agenda 1. Company Overview 2. Investment Highlights 3. Operating and Financial Highlights 2 Section 1 Company Overview 3 Company Overview Company Overview Competitive Advantages
More informationFixed Income Presentation 1Q18
Fixed Income Presentation 1Q18 1 Agenda 1. Company Overview 2. Investment Highlights 3. Operating and Financial Highlights 2 Section 1 Company Overview 3 Company Overview Company Overview Competitive Advantages
More informationInterim Financial Statements June 30, 2018
Interim Financial Statements June 30, 2018 IFRS in US$ Vale S.A. Interim Financial Statements Contents Page Report of independent registered public accounting firm 3 Consolidated Income Statement 6 Consolidated
More informationGENERATING STRONG FREE CASH FLOW
GENERATING STRONG FREE CASH FLOW VALE S PERFORMANCE IN 2Q14 BM&F BOVESPA: VALE3, VALE5 NYSE: VALE, VALE.P HKEx: 6210, 6230 EURONEXT PARIS: VALE3, VALE5 LATIBEX: XVALO, XVALP Rio de Janeiro, July 31, 2014
More informationGlobal Iron Ore and Steel Forecast Unlocking value across our portfolio. Edgar Basto, Asset President Western Australia Iron Ore 21 March 2018
Global Iron Ore and Steel Forecast Unlocking value across our portfolio Edgar Basto, Asset President Western Australia Iron Ore Disclaimer Forward-looking statements This presentation contains forward-looking
More informationSecond Quarter 2014 Results. July 24, 2014
Second Quarter 2014 Results July 24, 2014 Forward Looking Information Both these slides and the accompanying oral presentation contain certain forward-looking statements within the meaning of the United
More informationPositive Free Cash Flow of R$39 million in 3Q16
3Q16 Earnings Release Positive Free Cash Flow of R$39 million in 3Q16 São Paulo, November 10, 2016 Marfrig Global Foods S.A. Marfrig (BM&FBovespa Novo Mercado: MRFG3 and Level 1 ADR: MRTTY) announces today
More information1H 2014 IFRS FINANCIAL RESULTS. August 28, 2014 Moscow
1H 214 IFRS FINANCIAL RESULTS August 28, 214 Moscow Disclaimer The information contained herein has been prepared using information available to OJSC MMC Norilsk Nickel ( Norilsk Nickel or NN ) at the
More informationCliffs Natural Resources Inc. Reports Fourth-Quarter and Full-Year 2014 Results
NEWS RELEASE Cliffs Natural Resources Inc. Reports Fourth-Quarter and Full-Year 2014 Results Reports Fourth-Quarter Adjusted EBITDA 1 of $297 million Reports U.S. Iron Ore Realized Pricing of $99 Per Ton
More informationCorporate Presentation 1Q16 Results. June 2016
Corporate Presentation Results June 2016 1 Disclaimer The information contained in this presentation concerning Votorantim S.A. and its subsidiaries ( Votorantim ) may be deemed to include statements which
More informationVotorantim Industrial. 1. Message from the Management. Management Report 2011
Votorantim Industrial Management Report 2011 We are submitting for appreciation, the Management Report and respective Consolidated Financial Statements ( FS ) for Votorantim Industrial S.A. ( VID or Votorantim
More informationFixed Income Presentation 4Q17
Fixed Income Presentation 4Q17 1 Agenda 1. Company Overview 2. Investment Highlights 3. Operating and Financial Highlights 2 Section 1 Company Overview 3 Company Overview Company Overview Competitive Advantages
More information2016 ANNUAL RESULTS 14 FEBRUARY 2017
2016 ANNUAL RESULTS 14 FEBRUARY 2017 DISCLAIMER Certain statements made in this presentation constitute forward-looking statements. Forward-looking statements are typically identified by the use of forward-looking
More informationMerrill Lynch Global Metals & Mining Conference. Presented by Cynthia Carroll, Chief Executive 12 May 2009
Merrill Lynch Global Metals & Mining Conference Presented by Cynthia Carroll, Chief Executive 12 May 2009 Agenda 1 Our Strategic Focus 2 Market Environment 3 Taking Rapid and Decisive Action 4 Pursuing
More informationMalaysia Distribution Center Mohd Darus bin Hasib. Vale s Performance in 2Q18
Malaysia Distribution Center Mohd Darus bin Hasib Vale s Performance in 2Q18 www.vale.com vale.ri@vale.com Tel.: (55 21) 3485-3900 App Vale Investors & Media ios: https://itunes.apple.com/us/app/vale-investor-media-portugues/id1087134066?ls=1&mt=8
More informationBUILDING ON FIRM FOUNDATIONS DELIVERING A SUSTAINABLE FUTURE ENHANCING OUTCOMES
KUMBA IRON ORE LIMITED 2017 ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2017 BUILDING ON FIRM FOUNDATIONS DELIVERING A SUSTAINABLE FUTURE ENHANCING OUTCOMES MEDIA Sinah Phochana sinah.phochana@angloamerican.com
More informationThe premium mining player
The premium mining player isclaimer This presentation may include statements that presenting Vale's expectations about future events or results. All statements, when based upon expectations about the future,
More informationInvestor Presentation
Investor Presentation 2017 www.gerdau.com 1 Outlook Gerdau Highlights 2 Region / Country (in Mt and %) 2017f 17/16 18/17 World 1,622 7.0% 1.6% European Union 162 2.5% 1.4% Better outlook for steel consumption
More informationFinancial Statements December 31, 2013 BR GAAP
Financial Statements December 31, 2013 BR GAAP Filed with the CVM, SEC and HKEx on February 26, 2014 Vale S.A. Index to the Financial Statements Page Report of Independent Auditor s Report 3 and Balance
More informationIFRS 1Q14 VALE S PERFORMANCE IN 1Q14
VALE S PERFORMANCE IN 1Q14 BM&F BOVESPA: VALE3, VALE5 NYSE: VALE, VALE.P HKEx: 6210, 6230 EURONEXT PARIS: VALE3, VALE5 LATIBEX: XVALO, XVALP Rio de Janeiro, April 30, 2014 Vale S.A. (Vale) delivered a
More informationInvestor Presentation
Investor Presentation 2017 www.gerdau.com 1 Outlook Gerdau Highlights 2 Region / Country (in Mt and %) 2017f 17/16 World 1,622 7.0% European Union 162 2.5% Better outlook for steel consumption NAFTA 139
More informationCash flow and balance sheet Financial resilience
Cash flow and balance sheet Financial resilience Capital markets day 2017 N O V E M B E R 7-8, 2 0 1 7 N E W Y O R K Ericsson Internal 2017-10-06 Page 1 Carl Mellander CFO Ericsson Internal 2017-10-06
More informationHindalco. Investor Presentation Q4 FY17 Mumbai, May 30, Excellence by Design
Hindalco Investor Presentation Q4 FY17 Mumbai, May 30, 2017 Forward Looking & Cautionary Statement Certain statements in this report may be forward looking statements within the meaning of applicable securities
More informationAnnual Results Presentation
SHOUGANG CONCORD INTERNATIONAL ENTERPRISES CO., LTD. Year ended 31 December 2011 Annual Results Presentation Index 1 2 3 4 Overview-Summary Review of Segments Group Outlook Appendix-Financials Group Overview
More informationGlobal Metals & Mining/Steel Conference. November 20, 2014
Global Metals & Mining/Steel Conference November 20, 2014 Forward Looking Information Both these slides and the accompanying oral presentation contain certain forward-looking statements within the meaning
More informationEarnings Conference Call 1Q17
Earnings Conference Call Investor Relations São Paulo, May 15th, 2017 DISCLAIMER ON FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements. These forward-looking statements are
More informationInvestor Presentation
Investor Presentation 2017 www.gerdau.com 1 Outlook Gerdau Highlights 2 Better outlook for steel consumption Region / Country (in mt and %) 2017f 17/16 World 1,535 1.3% European Union 158 0.5% NAFTA 135
More informationConsolidated Financial Results for the Three-Month Period Ended June 30, 2017 [IFRS]
Consolidated Financial Results for the Three-Month Period Ended June 30, 2017 [IFRS] Tokyo, August 3, 2017 - Mitsui & Co., Ltd. announced its consolidated financial results for the three-month period ended
More informationCorsa Coal Corp The Coal Institute Summer Trade Seminar, Myrtle Beach, SC
Corsa Coal Corp The Coal Institute Summer Trade Seminar, Myrtle Beach, SC July 2018 Acosta Deep Mine Day of Grand Opening Somerset County, Pennsylvania Forward-looking Statements Certain statements and
More informationCOMPANHIA VALE DO RIO DOCE PERFORMANCE IN THE FIRST QUARTER OF 2001 (1Q01)
Vale do Rio Doce Press Release 1Q01 1 BOVESPA: VALE3 (common), VALE5 (preferred) NYSE: RIO PR (ADR) LATIBEX: XVALP COMPANHIA VALE DO RIO DOCE PERFORMANCE IN THE FIRST QUARTER OF 2001 (1Q01) Rio de Janeiro,
More informationInvestor Presentation
Investor Presentation 2017 www.gerdau.com 1 Outlook Gerdau Highlights 2 Better outlook for steel consumption Region / Country (in mt and %) 2017f 17/16 World 1,535 1.3% European Union 158 0.5% NAFTA 135
More informationFirst Quarter 2018 May 3, 2018
First Quarter 2018 May 3, 2018 Safe Harbor Please note that in this presentation, we may discuss events or results that have not yet occurred or been realized, commonly referred to as forward-looking statements.
More informationNovelis Q4 and Fiscal Year 2016 Earnings Conference Call
Novelis Q4 and Fiscal Year 2016 Earnings Conference Call May 10, 2016 Steve Fisher President and Chief Executive Officer Steve Pohl Vice President and Interim Chief Financial Officer 1 Safe Harbor Statement
More informationSteel Mining Cement Logistic. Earnings Presentation 2Q18 August, 8 th 2018
Steel Mining Cement Logistic Energy Earnings Presentation August, 8 th 2018 HIGHLIGHTS 1 Improvement of Operational Results 2 1 2 Adjusted EBITDA of R$1,420MM, increase of 58% YoY and 14% QoQ, with upside
More informationCONSOLIDATED EARNINGS RELEASE COMPAÑÍA MINERA MILPO S.A.A FIRST QUARTER
CONSOLIDATED EARNINGS RELEASE COMPAÑÍA MINERA MILPO S.A.A. 2016 FIRST QUARTER This report analyzes the most important operating and financial results related to Companía Minera Milpo S.A.A. and Subsidiaries,
More informationREVIEWED GROUP INTERIM RESULTS AND INTERIM DIVIDEND DECLARATION
REVIEWED GROUP INTERIM RESULTS AND INTERIM DIVIDEND DECLARATION Six-month period ended 30 June 2009 Presentation Sipho Nkosi : Chief Executive Officer Wim de Klerk : Finance Director 20 August 2009 Disclaimer
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C FORM 8-K CURRENT REPORT
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event
More informationBEATING RECORDS AND CREATING VALUE
BOVESPA: VALE3, VALE5 NYSE: RIO, RIOPR LATIBEX: XVALO, XVALP www.cvrd.com.br rio@cvrd.com.br Investor Relations Departament Roberto Castello Branco Barbara Geluda Daniela Tinoco Eduardo Mello Franco Rafael
More informationUC RUSAL ANNOUNCES RESULTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2012
Press-release UC RUSAL ANNOUNCES RESULTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2012 Moscow, 12 November 2012 UC RUSAL (SEHK: 486, Euronext: RUSAL/RUAL, Moscow Exchange: RUALR/RUALRS), the world
More informationCorporates Corporates
Corporates Sector Credit Factors for National Ratings Special Report This report is an addendum to the master report, Corporate Rating Methodology, dated. The report describes the criteria applied by India
More informationINSTITUTIONAL PRESENTATION
INSTITUTIONAL PRESENTATION DISCLAIMER This presentation contains estimates and forward-looking statements regarding our strategy and opportunities for future growth. Such information is mainly based on
More informationConsolidated Information
, Dear Shareholders: In, Gerdau prioritized free cash generation, which amounted R$3.0 billion, compared to R$1.9 billion in, supported by working capital management, optimization of costs, restriction
More informationQUARTERLY RESULTS GERDAU S.A. 4Q18
QUARTERLY RESULTS GERDAU S.A. 4Q18 4Q18 HIGHLIGHTS São Paulo, February 21, 2019 Gerdau S.A. (B3: GGBR4 / NYSE: GGB) announces its results for the fourth quarter of 2018. The consolidated financial statements
More informationFirst Quarter April 21, 2010
First Quarter 2010 Investor Conference Call and Webcast April 21, 2010 Forward Looking Information Both these slides and the accompanying oral presentation contain certain forward-looking statements within
More informationInvestor Day 2014: Strategic progress Mining exploiting our potential
Investor Day 2014: Strategic progress Mining exploiting our potential Bill Scotting, EVP and CEO Mining 10 March 2014 Mary River iron ore project, Baffinland Disclaimer Forward-Looking Statements This
More informationSuzano Papel e Celulose S.A. Unaudited Condensed Consolidated Interim Financial Information as of June 30, 2018 and independent auditor s report.
Unaudited Condensed Interim Financial Information and independent auditor s report. Unaudited condensed consolidated interim financial information Adjusted EBITDA¹ in 2Q18 of R$1,449/ton, leading the industry
More informationCliffs Natural Resources Inc. Reports Third-Quarter Results. Reports Realized Pricing of $101 Per Ton in U.S. Iron Ore in Q3 2014
NEWS RELEASE Cliffs Natural Resources Inc. Reports Third-Quarter Results Reports Adjusted EBITDA 1 of $233 million and Adjusted Earnings 2 of $0.21 per diluted share Reports Realized Pricing of $101 Per
More information4Q99 Performance of Companhia Vale do Rio Doce
Companhia Vale do Rio Doce 4Q99 Performance of Companhia Vale do Rio Doce Global Macroeconomic Scenario The Brazilian economy issued strong signs of recovery in 4Q99. GDP growth up 3.1% in 4Q99 over 4Q98
More informationH Results. July 26th 2018
H1 2018 Results July 26th 2018 FIRST SIGNIFICANT ADVANCES IN THE CARREFOUR 2022 TRANSFORMATION PLAN H1 2018: Strong momentum for Carrefour 2022 OMNICHANNEL RAPIDLY RAMPING-UP Rapid implementation of food
More informationHighlights of the fourth quarter of 2017
Consolidated Highlights Highlights of the fourth quarter of Free cash flow of R$ 1.0 billion in 4Q17, double the amount generated in 3Q17. Selling, general and administrative expenses decrease 26% in 4Q17
More informationROADSHOW POST-Q2 & H RESULTS. September 2016
ROADSHOW POST-Q2 & H1 2016 RESULTS September 2016 1. COMPANY OVERVIEW Rexel at a glance : Strategic partner for suppliers and customers Energy Providers Suppliers Customers Endusers Economies of scale
More informationManagement s Discussion and Analysis of Financial Condition & Results of Operations Nine Months Ended 30 September 2018.
Management s Discussion and Analysis of Financial Condition & Results of Operations Nine Months Ended tember Financial Results Nine Months Ended Three Months Ended (US$ million / million tonnes) Tonnage
More information2018 Interim Financial Results 24 July 2018
2018 Interim Financial Results 24 July 2018 DISCLAIMER Certain statements made in this presentation constitute forward-looking statements. Forward-looking statements are typically identified by the use
More informationFirst quarter report 1
report 1 2 FIRST QUARTER REPORT Contents Contents Financial review 3 Overview 3 Market developments and outlook 5 Additional factors impacting Hydro 7 Underlying EBIT 8 Finance 12 Tax 12 Items excluded
More informationNOVELIS Q3 FISCAL 2019 EARNINGS CONFERENCE CALL
NOVELIS Q3 FISCAL 2019 EARNINGS CONFERENCE CALL February 5, 2019 Steve Fisher President and Chief Executive Officer Dev Ahuja Senior Vice President and Chief Financial Officer SAFE HARBOR STATEMENT Forward-looking
More informationGlobal Metals, Mining & Steel Conference
Global Metals, Mining & Steel Conference Don Lindsay, President and Chief Executive Officer May 15, 2018 Forward Looking Information Both these slides and the accompanying oral presentations contain certain
More informationTernium Announces Fourth Quarter and Full Year 2012 Results
Sebastián Martí Ternium - Investor Relations +1 (866) 890 0443 +54 (11) 4018 2389 www.ternium.com Ternium Announces Fourth Quarter and Full Year 2012 Results Luxembourg, February 20, 2013 Ternium S.A.
More informationChina Iron Ore Beijing, 4 February 2015
China Iron Ore 2015 Beijing, 4 February 2015 Disclaimer Important Notice The purpose of this presentation is to provide general information about Fortescue Metals Group Limited ("Fortescue"). It is not
More informationNickel Market Analysis
Nickel Market Analysis When does the nickel price rally come? Kunihiko Mizuno, Nickel trader Disclaimer The statements in this presentation represent the considered views of Sumitomo corporation. It includes
More information1Q 2017 EARNINGS PRESENTATION MAY 10, 2017
1Q 2017 EARNINGS PRESENTATION MAY 10, 2017 Real Industry, Inc. 17 State Street, Suite 3811, New York, NY 10004 www.realindustryinc.com Real Alloy, Inc. 3700 Park East Dr., Suite 300, Beachwood, OH 44122
More information1 st Quarter Earnings
1 st Quarter Earnings Alcoa Corporation April 24, 2017 Important information Cautionary Statement regarding Forward-Looking Statements This presentation contains statements that relate to future events
More information1) Using the information provided for Gasparro Corp., complete the questions regarding fully diluted shares outstanding
Chapter 1 Comparable Companies Analysis 1) Using the information provided for Gasparro Corp., complete the questions regarding fully diluted shares outstanding General Information Company Name Gasparro
More informationTegma Gestao Logistica S.A.
CREDIT OPINION Tegma Gestao Logistica S.A. Update following the downgrade to B2 Update Summary Rating Rationale RATINGS Tegma Gestao Logistica S.A. Domicile Sao Paulo, Brazil Long Term Rating B2 Type LT
More informationQ EARNINGS PRESENTATION MAY 2, 2018
Q1 2018 EARNINGS PRESENTATION MAY 2, 2018 LEGAL DISCLAIMERS 2 FORWARD-LOOKING STATEMENTS This presentation contains, and management may make on our call today, certain forward-looking statements within
More informationIncreasing operational performance with capital discipline OPERATING CASH GENERATION¹ LTM² (R$ billion)
2Q16 Results Disclaimer The statements in this presentation constitute projections or forward-looking statements. Such statements are subject to known and unknown risks and uncertainties that could cause
More informationIsabel Nickel Project. Corporate Presentation March 2016
Isabel Nickel Project Corporate Presentation March 2016 1 Disclaimer This presentation has been prepared and is provided by Axiom Mining Limited ( the Company ). It should not be considered as an offer
More informationFourth quarter report 2011 Q Q Q Q
Fourth report Q Q Q Q page 2 FOURTH QUARTER Contents Contents About our reporting 3 Financial review 4 Overview 4 Market developments and outlook 7 Additional factors impacting Hydro 9 Underlying EBIT
More informationSecond Quarter 2018 Earnings Call August 3, 2018
Second Quarter 2018 Earnings Call August 3, 2018 Forward-Looking Statements This supplemental information contains forward-looking statements within the meaning of the Private Securities Litigation Reform
More informationThird quarter r esults results th November 2008
Third quarter results 2008 5th November 2008 Disclaimer Forward-Looking Statements This document may contain forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements
More informationFourth Quarter and Full Year 2018
Advancing Materials Innovation NASDAQ: GSM Fourth Quarter and Full Year 2018-0 - Forward-Looking Statements and non-ifrs Financial Metrics This presentation contains forward-looking statements within the
More informationFORACO INTERNATIONAL S.A. MANAGEMENT S DISCUSSION & ANALYSIS
FORACO INTERNATIONAL S.A. MANAGEMENT S DISCUSSION & ANALYSIS Three-month and nine-month periods ended September 30, 2017 FORACO INTERNATIONAL S.A. MANAGEMENT S DISCUSSION AND ANALYSIS The following Management
More informationChina Challenges and Opportunities. Murilo Ferreira, Vale CEO Rio de Janeiro, June 10, 2015
0 China Challenges and Opportunities Murilo Ferreira, Vale CEO Rio de Janeiro, June 10, 2015 1 Main messages The Chinese economy has been slowing down albeit from a much larger GDP base The Chinese Government
More informationCompany s Capital Structure. December 2015
Company s Capital Structure December 2015 0 AES Gener Strong Credit Profile Balanced Capital Structure Balanced financial policy aligned with investment grade rating Diversified presence in attractive
More informationPresentation for the Annual Shareholders Meeting. May 14, 2015
Presentation for the Annual Shareholders Meeting Forward Looking Statements The foregoing contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities
More information