Results as of 30 September 2018
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- Lauren Allen
- 5 years ago
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1 rt Results as of 30 September 2018 F r e e t r a n s l a t ion f r o m t h e o r ig ina l in S p a n is h. I n t h e e v e n t o f d i s c r e p a n c y, t h e Sp a n i s h - la n g u a g e v e r s ion p r e v a i ls Page 0 / 14
2 LEGAL NOTICE T h is d o c u m e n t h a s b e e n d r a w n u p i n g o o d f a i t h u p o n t h e b a s is o f t h e d a t a a n d f a c t s a v a il a b l e o n t h e d a y o f i t s p u b li c a t io n a n d s h o u l d b e r e a d t o g e t h e r w i t h a ll t h e p u b l ic inf o r m a t io n p r o v id e d a n d / o r p u b l is h e d b y AC E RI N O X, S. A. T h is d o c u m e n t m a y c o n t a i n s t a t e m e n t s wi t h r e g a r d t o t h e f u t u r e i n t e n t ion s, f o r e c a s t s a n d e s t ima t e s o f A C ER I N O X, S. A. a n d i t s b u s i n e s s. T h e s e t y p e s o f s t a t e m e n t s a n d / o r c o n t e n t s m a y inc lu d e d e c lara t io n s o r e x p e c t a t i o n s wit h r e g a r d t o t h e c u r r e n t p l a n s, o b j e c t iv e s a n d f o r e c a s t s o f t h e c o m p a n y a n d its g r o u p, in c l u d i n g d e c l a r a t i o n s c o n c e r n in g t r e n d s o r c ir c u m s t a n c e s w h ic h m ig h t a f f e c t i t s c u r r e n t f i n a n c ia l s i t u a t i o n a n d i t s r a t ios, r e s u lt s, s t r a t e g ie s, p r o d u c t io n le v e ls, e x p e n d itur e, c o s t s, e x c h a n g e r a t e s, in v e s t m e n t s a n d / o r d i v i d e n d p o li c y. I t m a y a lso c o n t a in r e f e r e n c e s t o t h e s itu a t i o n a n d t r e n d s o f t h e m a r k e t o f r a w m a t e r ials, e s p e c i a l ly n i c k e l a n d c h r o m e. T h e s e s t a t e m e n t s a n d c o n t e n t s h a v e b e e n is s u e d i n g o o d f a i t h, u p o n t h e b a s i s o f t h e k n o wl e d g e a n d i n f o r m a t io n a v a il a b l e o n t h e d a t e o f t h i s a n n o u n c e m e n t a n d, d e s p ite b e i n g r e a s o n a b l e, d o n o t c o n s t i t u t e a g u a r a n t e e o f f u t u r e c o m p li a n c e. T h e s e s t a t e m e n t s a n d c o n t e n t s a r e s u b j e c t t o r is k s, u n c e r t a in t i e s, c h a n g e s a n d s it u a t ion s b e y o n d t h e c o n t r o l o f A C ER I N O X, S. A., m e a n ing t h a t t h e y m a y n o t c o m p ly, i n f u l l o r in p a r t, wi t h w h a t is e x p e c t e d a n d / o r d e c l a r e d. Ex c e p t t o t h e e x t e n t r e q u i r e d b y t h e a p p li c a b le la w, AC E RI N O X, S. A. d o e s n o t a s s u m e a n y o b li g a t io n t o p u b li c l y u p d a t e it s f u t u r e d e c la r a t i o n s a n d s t a t e m e n t s, e v e n w h e n n e w d a t a a r e p u b l is h e d o r f u r t h e r u n f o r e s e e n e v e n t s wh ic h m i g h t a f f e c t t h e m a r i s e. A CERI N O X, S. A. p r o v id e s infor m a t io n o n t h e a b o v e a n d o t h e r f a c t o r s w h ic h m a y a f f e c t its f u t u r e s t a t e m e n t s c o n c e r n i n g i t s b u s in e s s, e x p e c t a t i o n s a n d / o r f in a n c i a l r e s u l t s i n t h e d o c u m e n t s i t s u b m i t s t o t h e S p a n is h Na t io n a l S e c u r i t i e s M a r k e t C o m m is s i o n. Al l int e r e s t e d p a r t i e s a r e i n v it e d t o v ie w t h e s e d o c u m e n t s. Ne ith e r t h i s d o c u m e n t n o r t h e i n f o r m a t io n c o n t a i n e d h e r e i n c o n s t itu t e a n o f f e r t o s e l l, p u r c h a s e o r e x c h a n g e o r a n i n v ita t io n t o m a k e a n o f f e r t o b u y, p u r c h a s e o r e x c h a n g e, o r a r e c o m m e n d a t io n o r a d v i c e r e g a r d ing a n y a s s e t o r f i n a n c i a l ins t r u m e n t is s u e d b y t h e Ac e r i n o x G r o u p. An y p e r s o n w h o a c q u ire s a s s e t s s h o u ld d o s o u p o n t h e b a s i s o f h is o r h e r o wn ju d g e m e n t a f t e r r e c e iv ing t h e p r o f e s s io n a l a d v ic e d e e m e d a p p r o p r i a t e. No k i n d o f i n v e s t m e n t a c t i v i t y s h o u ld b e p e r f o r m e d u p o n t h e b a s i s o f t h e i n f o r m a t io n o r f o r e c a s t s c o n t a i n e d i n t h i s d o c u m e n t a t ion. Ne ith e r A C ER I N O X, S. A. n o r its s u b s i d i a r i e s a s s u m e lia b i li t y o f a n y k in d f o r t h e d a m a g e s wh ich m a y a r i s e f r o m a n y u s e o f t h is d o c u m e n t o r it s c o n t e n t s. Page 1 / 14
3 Presentation of the Results for the Third Quarter of 2018 via Webcast and Conference Call Ac e r i n o x wi l l b e m a k i n g a p r e s e n t a t i o n o f t h e r e s u l t s f o r t h e t h ir d q u a r t e r o f , in En g l ish, t o d a y, 2 6 O c t o b e r, a t 1 pm C ET, d ire c t e d b y M i g u e l F e r r a n d i s, G r o u p CF O, a c c o m p a n ied b y t h e I n v e s t o r R e l a t i o n s t e a m. T o a c c e s s t h e p r e s e n t a t i o n v ia c o n f e r e n c e c a l l, y o u c a n u s e o n e o f t h e f o l lo win g n u m b e r s, m in u t e s b e f o r e t h e s t a r t o f t h e e v e n t : Ca ll s f r o m t h e U n it e d K i n g d o m : Ca ll s f r o m S p a i n a n d o t h e r c o u n t r ies : F o ll o w e d b y t h e PI N c o d e : # Yo u c a n f o l lo w t h e p r e s e n t a t i o n v ia t h e S h a r e h o lder s a n d I n v e s t o r s s e c t i o n o f t h e Ac e r i n o x web s i t e ( w ww. a c e r in o x. c o m ). Bo t h t h e p r e s e n t a t i o n a n d a ll t h e a u d io v i s u a l m a t e r i a l w i ll b e a v a i la b l e o n t h e Ac e r i n o x web s i t e. Page 2 / 14
4 Results as of 30 September 2018 Ac e r i n o x o b t a in e d a p r o f i t a f t e r t a x a n d m i n o r it y int e r e s t s o f m il lio n, 4 0 % h ig h e r t h a n i n t h e f irst n i n e m o n t h s o f ( m i ll ion). T h e E BIT D A, m il li o n, i s 1 4 % h ig h e r t h a n t h a t f o r t h e s a m e p e r i o d of t h e p r e v i o u s y e a r ( m i ll ion) T h e p r o f it s f o r t h e t h ird qu a r t e r, 8 3 m i ll ion, were a 4 % i m p r o v e m e n t o n t h e p r e v i o u s q u a r t e r ( 8 0 m i ll ion) a n d 1 3 t ime s h i g h e r t h a n in t h e t h ird q u a r t e r o f ( 7 m i ll ion). T h e E BIT D A o f m i ll i o n was a 2 % i m p r o v e m e n t o n t h e p r e c e d in g q u a r t e r ( m il li o n ) a n d 3 t i m e s h igh e r t h a n t h a t f o r t h e t h ir d q u a r t e r o f ( 5 3 m i ll ion) T h e g o o d p e r f o r m a n c e o f t h e Am e r i c a n m a r k e t h a s b o o s t e d t h e G r o u p s p r o f its T h e G r o u p s n e t s a l e s f o r t h e f ir s t n i n e m o n t h s, t o t a ll ing 3, m i ll ion, in c r e a s e d b y 1 0 % c o m p a r e d wi t h t h e s a m e p e r i o d of t h e p r e v i o u s y e a r M e lt in g p r o d u c t ion, t o t a ll ing 1, 9 2 3, t o n n e s, r o s e b y 2 % in c o m p a r is o n wi t h J a n u a r y - S e p t e m b e r Net f ina n c ial de b t a s a t 3 0 S e p t e m b e r was m i ll i o n O p e r a t i n g c a s h f lo w f o r t h e G r o u p f r o m J a n u a r y t o S e p t e m b e r inc r e a s e d t o m il li o n Ac e r i n o x d is t r ib u t e d a c a s h d iv id e n d o f p e r s h a r e i n J u l y a t o t a l o f m il li o n M a c r o e c o n o m i c u n c e r t a i n t ies a n d lo wer p r ic e s o f r a w m a t e r i a l s w il l le a d t o a d e c li n e in a c t iv it y in t h e f o u r t h q u a r t e r Q u a r t e r l y e v o l u t i o n o f t h e E B I T D A M i l l i o n s o f e u r o s ( % o f s a l e s ) Page 3 / 14
5 Stainless Steel Market G lo b a l p r o d u c t io n o f s t a inless s t e e l i n c r e a s e d b y 13% t o m i ll io n t o n n e s d u r i n g t h e f irst h a l f o f , a c c o r d i n g t o t h e lat e s t f ig u r e s f r o m t h e I S SF ( I n t e r n a t i o n a l St a i n le s s St e e l F o r u m ). T h e i n c r e a s e o f 1 3 % i n C h ina s o u t p u t in t h e f i r s t s ix m o n t h s o f t h e y e a r, a s we ll a s t h e g r o w t h o f t h e C h in e s e m a n u f a c t u r e r T s ing s h a n in I n d o n e s i a, w e r e n o t e worth y d e v e lo p m e n t s. T h e s e f a c t o r s g e n e r a t e d a n o v e r s u p p ly o n t h e As i a n m a r k e t wi t h v e r y n e g a t i v e e f f e c t s o n p r i c e s. North America Ap p a r e n t c o n s u m p t ion o f f lat pro d u c t i n t h e Nor t h A m e r i c a n m a r k e t h a d g r o w n b y 2 % b y J u l y. T h e g o o d p r o g r e s s o f t h e m a r k e t e n a b l e d p r i c e s t o r i s e d u r in g t h e f i r s t n in e m o n t h s o f t h e y e a r, h e lpe d a ls o b y t h e d e c r e a s e in i m p o r t s. P r i c e s o f s t a i n l e s s s t e e l c o i l 2. 0 m m c o l d - r o l l e d A I S I S e p t e m b e r Source: Platts Page 4 / 14
6 T h e s e f a c t o r s m e a n t t h a t s t o c k s r e m a in e d a t 2. 8 m o n t h s, b e l o w t h e a v e r a g e o f r e c e n t y e a r s. Europe Ap p a r e n t c o n s u m p t ion o f f lat p r o d u c t i n t h e Eur o p e a n m a r k e t h a s c o n t i n u e d t o d e v e l o p in a s a t is f a c t o r y m a n n e r, a n d a s a t Au g u s t, h a d g o n e u p b y 1 %. H o w e v e r, a s we m e n t ion e d in p r e v iou s r e p o r t s, t h e p r i c e d i f f e r e n t ia l wi t h As i a m a d e it a v e r y a t t r a c t i v e m a r k e t f o r imp o r t s, wh ic h h a v e a lrea d y a m o u n t e d t o 3 0 %. O n 1 8 J u l y, t h e Euro p e a n Com m i s s ion a n n o u n c e d p r o v is ion a l s a f e g u a r d s m e a s u r e s a f f e c t ing i m p o r t s o f a r a n g e o f s t e e l p r o d u c t s. T h e a i m o f t h e s e m e a s u r e s is t o e n s u r e s u p p l y t o Eu r o p e a n c o n s u m e r s, b u t a t t h e s a m e t ime, t o p r o t e c t t h e Euro p e a n m a r k e t f r o m t h e d iv e r t in g o f s t e e l i m p o r t s a s a r e s u lt o f t a r i f f s in o t h e r m a r k e t s. T h e s e s a f e g u a r d m e a s u r e s c a m e in t o f o r c e o n T h u r s d a y 1 9 J u ly a n d w il l re m a i n in f o r c e f o r d a y s, s u b je c t t o p u b l ica t i o n o f t h e d e f i n it iv e m e a s u r e s. T h e p r e s s u r e o f impo r t s i n t o Eur o p e i s e r o d ing t h e b a s e p r i c e. Due t o t h e s e a s o n a l it y o f t h e t h ird q u a r t e r in a d d i t io n t o im p o r t s, i n v e n t o r i e s a r e a t 6 6 d a y s, s l ig h t l y a b o v e t h e a v e r a g e o f r e c e n t y e a r s, a l t h o u g h w e h o p e t h a t t h e y wi ll r e a c h n o r m a l le v e l s in t h e f o u r t h q u a r t e r. Asia As ia n m a r k e t s a r e p e r f o r m ing we ll a s r e g a r d s d e m a n d, e s p e c ia l ly China. H o w e v e r, e x c e s s d e m a n d in t h e r e g ion a n d t h e n e w o u t p u t in I n d o n e s i a k e p t p r i c e s i n As ia w e l l b e l o w t h e o t h e r m a r k e t s. Page 5 / 14
7 Raw Materials Al t h o u g h n i c k e l h a s c o n t in u e d t o p e r f o r m well o v e r t h e y e a r a s a wh o l e, m a c r o e c o n o m ic u n c e r t a int ie s a c c e n t u a t e d in t h e t h ir d q u a r t e r h a v e le d t o a p r ic e d r o p p i n g of 1 6 % in t h e p e r i o d. O f f i c i a l p r i c e o f n i c k e l o n t h e L M E A v e r a g e d a i l y p r i c e f o r c a s h / t h r e e m o n t h s ( U S D / t ). Y e a r s S e p t e m b e r T h e p r i c e o f f e r r o c h r o m e in t h e t h ir d q u a r t e r r e m a i n e d s t a b l e w ith r e s p e c t t o t h e p r e v iou s o n e, b u t we e x p e c t a f a l l o f 1 0 % i n t h e f o u r t h q u a r t e r. A v e r a g e q u a r t e r l y p r i c e o f f e r r o c h r o m e U S / l b C r Source: Metal Bulletin Page 6 / 14
8 Production I n t h e f ir s t n ine m o n t h s o f t h e y e a r, m e l t in g o u t p u t ( 1, 9 2 3, t o n n e s ) i n c r e a s e d b y 1. 9 % c o m p a r e d t o t h e s a m e p e r iod t h e p r e v iou s y e a r, h o t r o l li n g o f f l a t p r o d u c t s ( 1, 6 6 2, t o n n e s ) we n t d o w n b y 0. 5 % a n d c o ld - r o ll in g o u t p u t ( 1, 3 7 4, t o n n e s ) wa s 5. 7 % h ig h e r. Q u a r t e r l y m e l t i n g o u t p u t T h o u s a n d s o f t o n n e s M e lt in g o u t p u t in t h e t h ir d q u a r t e r w a s 0. 3 % h ig h e r t h a n in t h e s a m e p e r i o d t h e p r e v iou s y e a r. F lat p r o d u c t h o t r o l li n g o u t p u t w a s 3. 3 % lo we r a n d c o ld r o ll i n g o u t p u t 3. 7 % high e r t h a n t h e t h ir d q u a r t e r o f A c e r i n o x P r o d u c t i o n T h o u s a n d s o f t o n n e s L o n g p r o d u c t h o t - r o l li n g o u t p u t o v e r t h e f ir s t n ine m o n t h s o f t h e y e a r ( 1 9 4, t o n n e s ) wa s % h igh e r t h a n f o r t h e s a m e p e r i o d o f t h e p r e v iou s y e a r. O u t p u t i n t h e t h ir d q u a r t e r wa s % h igh e r t h a n i n t h e t h i r d q u a r t e r o f Page 7 / 14
9 Results Sa le s r e v e n u e, t o t a l li n g 3, m il l ion, i n c r e a s e d b y 1 0 % c o m p a r e d w it h t h e s a m e p e r i o d t h e p r e v i o u s y e a r. C o n d e n s e d p r o f i t a n d l o s s a c c o u n t M i l l i o n s o f e u r o s January - September Q Q Q Variation Net sales 1,254 1,334 1,284 3,872 3,511 10% EBITDA % % over sales 9.4% 11.3% 12.0% 10.9% 10.5% EBIT % % over sales 6.1% 8.1% 8.7% 7.6% 6.8% Result before taxes % Result after taxes and minorities % Depreciation % Net cash flow % T h e E BIT D A a c c u m u la t e d u p t o J u n e ( m il li o n ) wa s 1 4 % h i g h e r t h a n t h a t f o r t h e s a m e p e r i o d t h e p r e v iou s y e a r. T h e E BIT D A f o r t h e t h i r d q u a r t e r o f m i ll i o n w a s t h r e e t ime s h i g h e r t h a n t h a t o f t h e s a m e p e r i o d t h e p r e v i o u s y e a r, a n d 2 % h ig h e r t h a n that o f t h e s e c o n d q u a r t e r o f Q u a r t e r l y e v o l u t i o n o f t h e E B I T D A M i l l i o n s o f e u r o s ( % o f s a l e s ) Page 8 / 14
10 Pre- t a x p r o f it s a c c u m u lat e d t h is y e a r ( m i ll io n ) were 3 0 % h i g h e r t h a n t h o s e f o r t h e s a m e p e r io d t h e p r e v iou s y e a r. Q u a r t e r l y p r o f its ( m il lio n ) s u r p a s s e d t h o s e o f t h e p r e c e d i n g q u a r t e r b y 5 %. Pro f i t s a f t e r t a x e s a n d m i n o r i t y i n t e r e s t s f o r t h e f i r s t n i n e m o n t h s o f t h e y e a r t o t a ll e d m i ll ion, w h i c h wa s 4 0 % h i g h e r t h a n i n t h e s a m e p e r iod o f Q u a r t e r l y p r o f i t s ( 8 3 m i ll ion) we r e 1 3 t ime s h i g h e r t h a n in t h e t h ird q u a r t e r o f a n d 4 % h i g h e r t h a n t h o s e o f t h e p r e v i o u s q u a r t e r. Q u a r t e r l y p r o f i t s a f t e r t a x e s a n d m i n o r i t y i n t e r e s t s M i l l i o n s o f e u r o s I n t h e t h ir d q u a r t e r, o p e r a t ing w o r k in g c a p it a l h a s in c r e a s e d b y 9 5 m i ll ion e u r o s, s t a n d in g at m i l lio n. C o n d e n s e d b a l a n c e s h e e t M i l l i o n s o f e u r o s Page 9 / 14
11 Hi g h e r r e q u ir e m e n t s o f wo r k in g c a p ita l h a v e d e t e r m i n e d c a s h g e n e r a t ion. O p e r a t i n g c a s h f lo w i n t h e f i r s t n i n e m o n t h s o f t h e y e a r wa s m il li o n, wh il e f r e e c a s h f l o w, a f t e r h a v ing m a d e in v e s t m e n t s t o t a lin g m il lio n, a m o u n t e d t o 5 7 m il li o n. I n t h e t h ird q u a r t e r, a d i v i d e n d f o r t h e s u m o f m il li o n w a s d i s t r i b u t e d. C o n d e n s e d c a s h f l o w s t a t e m e n t M i l l i o n s o f e u r o s As a r e s u lt o f t h e f o r e g o i n g, t h e G r o u p ' s n e t f ina n c ia l d e b t a s of 3 0 S e p t e m b e r wa s m il li o n, h a v i n g in c r e a s e d b y 5 7 m il li o n c o m p a r e d wi t h 3 1 D e c e m b e r , w h e n i t s t o o d a t m i l lio n. At 3 0 Se p t e m b e r, A c e r ino x h a d c r e d it l ine s a m o u n t i n g t o 2. 0 b i ll i o n, 2 9 % o f w h ich a r e a v a il a b l e. Page 10 / 14
12 Investments At t h e e n d o f M a r c h, t h e n e w A P - 5 a n n e a l ing a n d p ic k l ing l i n e a t A c e r i n o x E u r o p a s t a r t e d u p in a t r ia l p h a s e, w it h t h e m o s t a d v a n c e d t e c h n o lo g ic a l s y s t e m s a v a i l a b l e a n d a le v e l of c o m p e t iti v e n e s s wh ic h wi ll g e n e r a t e n e w q u a l ity s t a n d a r d s. Wit h t h e a b o v e, A c e r in o x wi ll m a n u f a c t u r e a p r o d u c t w it h g r e a t e r a d d e d v a lu e, q u a li t y a n d r e l i a b il i t y a n d r e d u c e its c o s t s a n d e n v ir o n m e n t a l imp a c t. T h is n e w e q u i p m e n t w il l a l s o p r o v ide f in a l c u s t o m e r s wit h t h in n e r g a u g e s, w ith 1, m m wi d t h s, t h u s e x p a n d in g t h e ir r a n g e o f p r o d u c t s. I m p l e m e n t a t i o n is g o in g v e r y we ll. T h e i n s t a l lat io n o f t h i s e q u ipm e n t f o r m s p a r t o f t h e Ac e r i n o x S t r a t e g i c P l a n , wh ich p r ior iti s e s inv e s t m e n t s o f f e r i n g r a p id r e t u r n s, o p e r a t i o n a l e x c e l l e n c e, o p t ima l u s e o f c a p a c ity a n d f in a n c ia l s t r e n g t h. I n t h e s e c o n d q u a r t e r, t wo in v e s t m e n t s f o r A c e r ino x Eu r o p a a n d C o lu m b u s wer e a p p r o v e d. I n b o t h c a s e s i t is a lad le f u r n a c e wh ich wi ll impr o v e t h e m e l t i n g p r o c e s s, a s we ll a s t h e o p e r a t i n g c o s t s a n d q u a li t y, w h i le r e d u c i n g t h e e n v i r o n m e n t a l imp a c t. T h e in v e s t m e n t t o t a l s 1 2 m i ll ion a t Columb u s a n d 2 1 m i ll ion a t Ac e r i n o x E u r o p a, a s t h e la t t e r e n t a il s m o r e c i v i l work. I n k e e p ing wi t h t h e G r o u p s p o l ic y, t h e r e t u r n o n t h e s e inv e s t m e n t s c o v e r s l e s s t h a n 5 y e a r s. Dur ing Augu s t a n d S e p t e m b e r, t h e r e w a s a r e v a m p i n g o f t h e A P 3 a n n e a li n g a n d p i c k li n g lin e, in o r d e r t o u p g r a d e it t o t h e l e v e l o f t h e n e w A P 5 a n n e a li n g a n d p ic k l ing l i n e. Return to Shareholder T h e G e n e r a l Sha r e h o ld e r s M e e t ing h e ld o n 1 0 M a y a p p r o v e d t h e d i s t r i b u t i o n o f a d iv id e n d o f p e r s h a r e i n c a s h, wh ic h was p e r f o r m e d o n 5 J u l y. Page 11 / 14
13 Board of Directors Appointments At a m e e t ing h e ld o n 2 4 O c t o b e r, t h e Bo a r d o f Dire c t o r s a p p o i n t e d M r I g n a c i o M a r t í n Sa n Vi c e n t e a s a n I n d e p e n d e n t D irec t o r. M r. I g n a c io M a r t í n S a n Vi c e n t e, , is a n I n d u s t r i a l Eng i n e e r w h o s e c a r e e r h a s b e e n in in d u s t r y, h a v i n g h e ld a m o n g o t h ers t h e p o s it io n s o f Ex e c u t ive C h a irm a n o f G a m e s a ( ) a n d C h i e f E x e c u t i v e O f f ic e r o f CI E A u t o m o t i v e ( ). He i s c u r r e n t ly a Dir e c t o r a t Rep s o l, Ban k o a a n d I n d r a, a n d m e m b e r o f t h e C o u n c il o f t h e A P D ( A s s o c iat ion f o r t h e Ad v a n c e m e n t o f M a n a g e m e n t ) Composition of the Commissions Ex e c u t i v e C o m m itt e e : I n d e p e n d e n t D ire c t o r M r. I g n a c io M a r t í n S a n V ic e n t e j o i n s t h e Com m it t e e Au d it C o m m itt e e : T h e B o a r d h a s a p p o i n t e d I n d e p e n d e n t Dire c t o r M r. D o n a ld J o h n s t o n a s Cha irma n o f t h e Com m it t e e. I n d e p e n d e n t D ire c t o r M s M a r t a M a r t í n e z Al o n s o a l s o jo in s t h e Co m m itt e e. Outlook M a c r o e c o n o m i c u n c e r t a i n t ies a n d l o w e r p r ice s o f r a w m a t e r i a l s w il l l e a d t o a d e c l i n e i n a c t iv it y i n t h e f o u r t h q u a r t e r. T h e e n d o f t h e y e a r w il l s e e s e a s o n a l e f f e c t s a n d t h e a d j u s t m e n t i n in v e n t o r i e s. T h e s e f a c t o r s, c o u p le d wit h t h e lo wer ing o f t h e a l lo y s u r c h a r g e, t h e e x c e s s o f m a t e r i a l a v a il a b l e in A s ia a n d t h e p r e s s u r e o f im p o r t s, w il l a f f e c t p r ic e s a n d m a r g i n s i n a l l ma r k e t s. Ne v e r t h e l e s s, t h e a n n u a l r e s u lt s wi ll c o n t i n u e t o b e h ig h e r t h a n l a s t y e a r s. Page 12 / 14
14 Main economic-financial figures Page 13 / 14
15 Alternative Performance Measures (definitions of terms used) Sa v i n g r e l a t i n g t o t h e Ex c e l l e n c e Pl a n s : e s t i m a t e d s a v i n g o n e f f ic ien c y o n t h e b a s i s o f t h i s s t u d y d e f in e d in e a c h P lan O p e rat i n g Wo rk i n g Cap i t a l : I n v e n t o r i e s + T r a d e r e c e i v a b l e s T r a d e p a y a b l e s Net Ca s h F l o w : Re s u lt s a f t e r t a x e s a n d m i n o r ity i n t e r e s t + d e p r e c i a t i o n a n d a m o r t iz a t ion Net Finan c i a l Debt: D e b t wi t h b a n k s + b o n d i s s u a n c e - c a s h Net Finan c i a l Debt / E BIT DA: N e t F in a n c ia l De b t / a n n u a li z e d E BIT D A E BIT: O p e r a t in g i n c o m e E BIT DA: O p e r a t ing in c o m e + d e p r e c ia t i o n a n d a m o r t iza t i o n + v a r i a t i o n o f c u r r e n t p r o v is io n s Debt Ra t i o : Ne t F ina n c ia l Deb t / Equ it y Net f i n a n c i a l resu l t : F ina n c i a l in c o m e f i n a n c i a l e x p e n s e s ± e x c h a n g e r a t e v a r ia t i o n s RO C E: O p e r a t ing i n c o m e / ( E q u ity + Ne t f in a n c ia l d e b t ) RO E: Re s u lt s a f t e r t a x e s a n d m in o r i t y in t e r e s t / E q u ity I C R (in t e re s t c o v e rag e ra t i o ) : E BIT / N e t f in a n c i a l r e s u l t Page 14 / 14
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