Business Year Results
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1 2017 A c e r i n o x B u s i n e s s Y e a r R e s u l t s Business Year Results F r e e t r a n s l a t i o n 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 0
2 DISCLAIMER 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 in 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 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 it s p u b l i c a t ion 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 li c 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 in 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 i o n s, f o r e c a s t s a n d e s t im a t e s o f A C ER I N O X, S. A. a n d it s b u s in 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 in c 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 w ith r e g a r d t o t h e c u r r e n t p la 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 it s g r o u p, i n c l u d in 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 i r c u m s t a n c e s w h ic h m igh t a f f e c t i t s c u r r e n t f ina n c i a l s itu a t i o n a n d i t s r a t i o s, r e s u lt s, s t r a t e g i e s, p r o d u c t io n lev e l s, e x p e n d i t u r e, c o s t s, e x c h a n g e r a t e s, i n v e s t m e n t s a n d / o r d iv id e n d p o l i c y. I t m a y a l s o c o n t a in r e f e r e n c e s t o t h e s i t u 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 inf o r m a t i o n a v a i la b le 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 in g r e a s o n a b l e, d o n o t c o n s t it 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 jec t t o r is k s, u n c e r t a int ie s, c h a n g e s a n d s it u a t io n 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 ll o r i n p a r t, w ith wh 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 l a w, A C 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 l ig a t i o n t o p u b l ic ly u p d a t e its f u t u r e d e c lar 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 is e. A CERI N O X, S. A. p r o v id e s in f o r m a t ion 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 it s b u s i n e s s, e x p e c t a t i o n s a n d / o r f i n a n c i a l r e s u lt s in t h e d o c u m e n t s it s u b m its t o t h e S p a n is h N a t ion a l S e c u r it ie s M a r k e t C o m m i s s io n. A l 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 is d o c u m e n t n o r t h e inf o r m a t io n c o n t a in e d h e r e i n c o n s t i t u 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 in v i t a t ion 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 ion o r a d v i c e r e g a r d in g a n y a s s e t o r f in a n c i a l in s t r u m e n t i s s u e d b y t h e Ac e r i n o x G r o u p. A n y p e r s o n wh o a c q u ir e s a s s e t s s h o u l d 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 j u 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 iat e. N o k i n d o f in v e s t m e n t a c t iv it 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 CERI N O X, S. A. n o r i t s s u b s id iar ies 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. 1
3 Telephone conference and live broadcast of the presentation of the results for the 2017 financial year Ac e r i n o x wi ll h o l d t h e p r e s e n t a t io n o f i t s r e s u l t s o n t h e I n t e r c o n t i n e n t a l Hot e l, M a d r id, a t 1 0 : 3 0 a. m. C E T, wi t h t h e p r e s e n c e o f t h e Cha i r m a n, M r R a f a e l M ir a n d a, t h e C EO, M r B e r n a r d o V e l á z q u e z a n d t h e r e s t o f t h e m a n a g e m e n t t e a m. A c o n f e r e n c e c a ll a n d l iv e b r o a d c a s t o f t h e p r e s e n t a t i o n wi ll t a k e p l a c e a t t h e s a m e t ime. T o a c c e s s t h e p r e s e n t a t io n v i a t e le p h o n e c o n f e r e n c e, y o u c a n u s e o n e o f t h e f o l lo wi n 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 : Sp a n i s h la n g u a g e : f o l lo wed b y t h e p in c o d e : # En g l ish l a n g u a g e : Sp a i n : , f o ll o w e d b y t h e p i n c o d e : # UK: , f o ll o w e d b y t h e p in c o d e : # Yo u c a n f o ll o w t h e p r e s e n t a t ion t h r o u g h t h e Sh a r e h o ld e r 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 ion a n d a l l t h e a u d io v i s u a l m a t e r i a l w il l b e a v a i la b l e o n t h e Acer in o x web s i t e a f t e r t h e e v e n t. Annual Report for the Financial Year T h e a u d it e d A n n u a l R e p o r t f o r t h e F in a n c ia l Yea r, wh ic h in c lu d e s t h e M a n a g e m e n t Rep o r t, t h e Ac e r i n o x Rep o r t a n d t h e a u d i t o r s ' o p in i o n, a n d t h e Cor p o r a t e G o v e r n a n c e Rep o r t a r e a v a i lab le o n t h e Ace r in o x w e b s it e, w ww. a c e r ino x. c o m 2
4 2017 Business Year Results Ac e r i n o x o b t a in s t h e b e s t r e s u lt s o f t h e las t t e n y e a r s, a p r o f i t a f t e r t a x e s a n d m i n o r i t y int e r e s t s o f m il li o n e u r o s T h e r e c o v e r y o f t h e m a r k e t in t h e la s t s t r e t c h o f t h e y e a r a n d t h e t a x r e f o r m in t h e Un ite d Sta t e s b o o s t e d t h e r e s u lt s i n t h e f o u r t h q u a r t e r E BIT D A, a t m i ll io n e u r o s, i s % h i g h e r t h a n t h a t o f t h e p r e v i o u s f ina n c i a l y e a r ( 329 m i ll ion e u r o s ) Ne w r e c o r d in c o ld r o ll e d p r o d u c t io n, 1. 7 m il l i on mt. M e l t i n g s h o p p r o d u c t io n, 2. 5 m il li o n mt, in c r e a s e s b y 1. 8 % Net s a le s, 4, m i ll io n e u r o s, i s 16.6 % h ig h e r t h a n i n t h e p r e v iou s y e a r, d u e t o t h e r e b o u n d in s t a i n l e s s s t e e l p r ic e s O p e r a t i n g c a s h f lo w a m o u n t s t o m i ll ion e u r o s ( m il li o n e u r o s i n ). C a s h f lo w a f t e r p a y ing d iv ide n d s a n d in v e s t m e n t s i s 5 7 m i ll ion e u r o s Net f ina n c ial de b t is 6 09 m il li o n e u r o s, 1.7 % lo wer th a n t h a t o f t h e p r e v i o u s y e a r T h e f irst y e a r o f t h e E x c e lle n c e P la n V ( ) e n d s w i t h a t a r g e t a c h i e v e d o f 4 9 %, wh ic h r e p r e s e n t s a r e c u r r in g s a v ing o f m i l lio n e u r o s T h e r a m p u p o f t h e b r ig h t a n n e a li n g l ine, B A, in t h e U n it e d S t a t e s h a s b e e n a s u c c e s s. Pro d u c t i o n in t h e n e w l ine s of Ac e r i n o x Euro p a w il l s t a r t i n M a r c h T h e y e a r s t a r t s s a t is f a c t o r i ly. Ba s e p r ice i n c r e a s e s h a v e b e e n a c h i e v e d in t h e North Am e r i c a n m a r k e t E B I T D A M i l l i on e u r o s ( % o v e r s a l e s ) 3
5 Stainless Steel Market T h e s t a in le s s s t e e l p r o d u c t i o n in e x c e e d e d t h e i n it ia l g r o wth f o r e c a s t s t h a t w e r e s e t a t a r o u n d 4 %. Ba s e d o n t h e d a t a f r o m t h e I n t e r n a t io n a l Sta in le s s S t e e l F o r u m ( I S SF) t h e g r o wth u p t o Se p t e m b e r w a s a t 7. 4 %, w h i ls t o u r o w n e s t i m a t e s p u t g r o wt h f o r t h e who le y e a r a t a r o u n d 5. 7 %, w ith t h e c o m p o u n d a n n u a l gr o w t h r a t e s in c e u n a lter e d a t 5. 9 %, a r a t e t h a t h a s a c c e l e r a t e d in t h e las t d e c a d e t o 7. 1 %. W o r l d p r o d u c t i o n o f s t a i n l e s s s t e e l e T h o u s a n d m t. e : e s t i m a t e s S o u r c e I S S F a n d A c e r i n o x T h is i n c r e a s e o c c u r s e s p e c ia ll y in t h e s e c o n d h a lf o f t h e y e a r : Thousand mt 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Year ,192 11,745 11,401 12,110 45,448 Year 2017e 11,664 11,335 12,537 12, S o u r c e I S S F and A c e r i n o x Ch ina r e m a in s t h e m a in p r o d u c e r, w ith o v e r h a lf o f a ll wor ld p r o d u c t i o n a lth o u g h it is impo r t a n t t o n o t e t h a t a ll r e g i o n s g r o w e Variation Europe 7,280 7, % United States 2,481 2, % China 24,608 25, % Thousand mt India 3,324 3, % Japon 3,093 3, % Others 4,661 5, % Total 45,448 48, % S o u r c e I S S F and A c e r i n o x 4
6 Europe F o ll o w in g t h e s h a r p in c r e a s e in a p p a r e n t c o n s u m p t io n o f f l a t p r o d u c t i n E u r o p e i n , ( 8. 7 %), i n , t h e t r e n d wa s c o n f irme d a n d a p p a r e n t c o n s u m p t i o n r o s e a g a i n b y 0. 7 % t o m i ll io n mt, c lo s e t o t h e h i s t o r ic r e c o r d o f , ind i c a t ing t h a t t h e c r is is i n Euro p e is f i n a l ly o v e r. Ac c o r d i n g t o o u r e s t ima t e s, t h e Euro p e a n c o u n t r y wi t h t h e h ig h e s t in c r e a s e in c o n s u m p t ion was P o la n d, wi t h a n inc r e a s e o f 5. 9 %, f o ll o w e d c lo s e ly b y S p a in w ith 4. 6 %, wher e a p p a r e n t c o n s u m p t i o n i s s t i ll 1 5 % b e lo w t h e h ig h e s t l e v e ls o f A m o n g t h e o t h e r c o u n t r ies, t h e s it u a t ion o f t h e UK is w o r t h n o t in g. A f t e r t h e s t e e p f a ll l a s t y e a r c a u s e d b y Bre x i t, it s lev e l s r e m a in e d s t a b l e i n , e n d ing w ith a s l ig h t d e c l in e o f 0. 5 %. I n t h e o t h e r m a jor E U c o u n t r i e s, G e r m a n y r o s e b y 0. 4 % w h i le I t a l y a n d F r a n c e f e l l b y 1. 9 % a n d 1. 7 %, r e s p e c t ive ly. I m p o r t s o f f lat p r o d u c t s c o n t inu e d t o r i s e b y %, wit h t h e i m p o r t s s h a r e r i s in g f r o m 2 3 % in t o 2 7 % i n I m p o r t s o f c o ld r o l le d p r o d u c t s r o s e b y %, wh il s t h o t r o ll e d p r o d u c t s r o s e b y %, d r i v e n b y t h e impo r t s o f h o t r o ll e d c o il f r o m C h in a f o r t h e larg e s t e e l t r a n s f o r m e r s in t h e I t a l ian m a r k e t. T h e s t r o n g d e m a n d n o t e d in t h e f ir s t q u a r t e r o f t h e y e a r led t o a n in c r e a s e in i n v e n t o r y, wh ich w o u l d o n l y r e t u r n t o t h e a v e r a g e l e v e ls o f p r e v i o u s y e a r s i n Se p t e m b e r, e n d i n g t h e y e a r wit h a d e q u a t e le v e ls. Ba s e p r ic e s wer e s t a b le i n t h e f irst q u a r t e r, b u t la t e r d e t e r ior a t e d t o war d s t h e e n d o f t h e t h ir d q u a r t e r a n d r e c o v e r d u r i n g t h e f o u r t h q u a r t e r. Rea l c o n s u m p t ion r e m a i n e d s t r o n g, a n d k e y s e c t o r s f o r s t a in le s s s t e e l s u c h a s c o n s t r u c t io n c o n f irme d t h e t r e n d o f Ac c o r d i n g t o e s t im a t e s f r o m Eur o f e r, t h e c o n s t r u c t io n s e c t o r g r e w b y 4. 3 %, a u t o m o t i v e c o n t i n u e d a s s t r o n g ly a s in r e c e n t y e a r s a n d g r e w b y 3. 7 %, in li n e wi t h t h e h o m e a p p li a n c e s i n d u s t r y, wh ic h a ls o g r e w b y 3. 7 %. America Rea l c o n s u m p t ion o f t h e Amer ic a n m a r k e t m a in t a i n e d s u s t a in e d g r o wth, t h e c o n s t r u c t io n 1 industr y o n c e a g a in, g r e w 3.8%, f o r t h e t h ir d y e a r r u n n ing. T h e d o m e s t i c a p p lia n c e 2 s e c t o r a l s o g r e w b y 5. 8 %, w h i le p r o d u c t i o n a n d s a le s in t h e a u t o m o t iv e 3 s e c t o r s u f f e r e d c o r r e c t i o n s o f % a n d %, a lt h o u g h t h i s m e a n s t h a t le v e ls a c t u a l ly r e m a ine d h igh, c o n s i d e r in g t h a t h a d b e e n a r e c o r d y e a r. Ac c o r d i n g t o t h e l a t e s t a v a i la b le d a t a, t h e f l a t p r o d u c t m a r k e t g r e w b y 3 % in M e a n wh il e, t h e r e a c t iv a t i o n o f t h e O i l & G a s i n d u s t r y r e v i v e d t h e m a r k e t f o r lo n g p r o d u c t, wh ich g r e w b y m o r e t h a n 2 0 % t o c o m p e n s a t e f o r t h e f a ll o f % in I n v e n t o r ie s were c o n s t a n t t h r o u g h o u t , b u t 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. T h e 1 S o u r c e : C e n s u s B u r e a u 2 A H A M 3 L i g h t V e h i c l e s W a r d s 5
7 b a s e p r i c e s o f t h e Am e r ica n m a r k e t wer e f a ir ly s t a b le t h r o u g h o u t t h e y e a r, w h i le v a r i a t ion s in r a w m a t e r ia ls a f f e c t e d t h e a ll o y s u r c h a r g e. Bo t h C a n a d a a n d M e x i c o r e g i s t e r e d i n c r e a s e s o f a p 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 s, wi t h c o n s u m p t ion i n t h e lat t e r c o u n t r y c o n t in u in g t o g r o w s t r o n g ly t h a n k s t o s e c t o r s s u c h a s a u t o m o t i v e. I n S o u t h A m e r ica, t h e r e c o v e r y o f Bra z i l w a s t h e h i g h l igh t, wit h a g r o wt h o f 1 5 %, a n d a c c o u n t i n g f o r n e a r l y 7 0 % of t o t a l c o n s u m p t io n o f f l a t s p r o d u c t s i n t h e r e g ion. P r i c e o f s t a i n l e s s s t e e l c o i l. A I S I m m U S D / mt, f i n a l p r i c e, a l l o y s u r c h a r g e i n c l u d e d S o u r c e P l a t t s Africa and Middle East T h e a p 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 s in So u t h A f r ic a f e l l b y 6. 9 % in a c c o r d i n g t o o u r e s t i m a t e s, r e f le c t in g p r o b le m s in t h e e c o n o m y a n d p o l iti c a l i n s t a b il it y, a lt h o u g h t h e r e wa s a r e c o v e r y in t h e la s t m o n t h s o f t h e y e a r i n s e c t o r s s u c h a s m in i n g, w h i c h c o u ld le a d t o f u r t h e r r i s e s in c o n s u m p t ion o f s t a i n l e s s s t e e l. As p a r t o f it s b u s ine s s s t r a t e g y, a n d t o c o m p e n s a t e t h e w e a k n e s s o f t h e l o c a l m a r k e t, Co lumb u s c o n t i n u e d t o in c r e a s e t h e n u m b e r o f c o u n t r i e s t o w h i c h it e x p o r t s t o r e a c h a t o t a l o f 6 7 c o u n t r ie s. I n t h e M id d l e E a s t, t h e U n it e d Arab Em irat e s s t a n d s o u t a s t h e lar g e s t m a r k e t a n d t h e b e s t p e r f o r m i n g c o u n t r y in t h e r e g io n ( wher e t h e G r o u p h a s a n o f f i c e in Du b a i). I t i s a l s o worth m e n t i o n i n g t h e g r o wt h o f Afr ic a n m a r k e t s o f M o r o c c o a n d A lge r ia, wher e Ac e r i n o x i s t h e m a r k e t l e a d e r. 6
8 Asia T h e larg e s t s t a inles s s t e e l m a r k e t, China, i n c r e a s e d its a p p a r e n t c o n s u m p t io n a g a in, b y 7. 2 %, a c c o r d in g t o d a t a f r o m t h e Ch in a S t a inles s St e e l Cou n c il, a b s o r b in g t h e g r o w t h o f its p r o d u c t ion, a s t h e r e w a s a s t a b il iza t i o n o f e x p o r t s. T h is a ll o w s u s t o b e o p t imis t ic a b o u t a b e t t e r b a la n c e b e t wee n c a p a c ity a n d d o m e s t ic d e m a n d i n China. Ev o l u t i o n o f p r i c e s in t h e Ch ine s e m a r k e t wa s s i m i l a r t o o t h e r m a r k e t s t h r o u g h o u t t h e y e a r, a l t h o u g h a l wa y s lo w e r, p u t t ing p r e s s u r e o n t h e in t e r n a t ion a l m a r k e t, e s p e c ia ll y in t h e A S E A N re g i o n. T h e y e a r e n d e d w it h lo w inv e n t o r i e s i n W u x i a n d F o s h a n, i n le v e ls b e lo w a v e r a g e in r e c e n t y e a r s. Raw materials T h e r e c o v e r y o f in d u s t r i a l p r o d u c t i o n a n d t h e c o n s e q u e n t i n c r e a s e in c o n s u m p t ion a ll o w e d f o r a n i m p r o v e m e n t in t h e p r ic e s o f r a w m a t e r ia ls i n A s u s u a l, d e m a n d in Ch ina w a s a n im p o r t a n t f a c t o r in t h e m o v e m e n t o f s o m e r a w m a t e r i a l s d u r i n g t h e y e a r. O f f i c i a l n i c k e l P r i c e i n t h e L M E, y e a r 2017 U S D / mt, a v e r a g e P r i c e c a s h /th r e e m o n t h s T h e p r i c e o f n i c k e l f o l lo wed a d o wn ward t r e n d i n t h e f irst h a lf o f t h e y e a r. T h e a n n o u n c e m e n t o f t h e p a r t i a l l ift ing o f t h e ban o n n i c k e l o r e e x p o r t s f r o m I n d o n e s i a, w it h t h e c o n s e q u e n t p o t e n t ia l r ise i n n ic k e l p ig iron p r o d u c t io n i n Ch ina, t o g e t h e r wi t h t h e u n c e r t a int y a b o u t t h e r e s i l ien c e o f Ch ine s e e c o n o m i c g r o w t h led t o a d r o p i n p r ic e s t o t h e m in im u m a n n u a l p r ic e o f 8, U SD / m t in J u n e. T h e b e g i n n i n g o f t h e s e c o n d h a lf o f t h e y e a r m a r k e d a t u r n ing p o i n t. T h e a n n o u n c e m e n t o f n ic k e l p r o d u c t i o n c a p s c o m b in e d wi t h h e a l t h y d e m a n d, e s p e c i a l ly in China, were t h e b a s is o f t h e r e c o v e r y o f t h e p r i c e s, wh ic h r o s e o v e r 1 2, USD/ m t, le v e ls n o t s e e n s i n c e J u l y Be s i d e s t h e s e f a c t o r s, t h e p o s it ion s t a k e n b y f i n a n c i a l i n v e s t o r s i n t h e m e t a l s e x c h a n g e, d u e t o t h e i n t e r e s t in n ic k e l a s a c o m p o n e n t i n b a t t e r ie s f o r e le c t r ic c a r s, c a u s e d t h e p r ic e t o r is e t o h igh e r l e v e ls in t h e l a s t m o n t h s o f t h e y e a r. Ni c k e l p r ic e s r e a c h e d t h e ir h ig h e s t p o i n t in N o v e m b e r, a t 1 2, U S D/mt, b e f o r e e n d in g t h e y e a r a t 1 2, 2 83 U S D/m t. 7
9 De s p i t e t h e i n c r e a s e in t h e p r o d u c t io n o f p ig n i c k e l in Ch in a a n d I n d o n e s i a i n , c o n s u m p t ion was s t r o n g e r t h a n p r o d u c t ion o f t h is m e t a l f o r t h e s e c o n d y e a r r u n n i n g, lea d in g t o a n e s t i m a t e d d e f ic it o f 1 2 8, m t a t t h e e n d o f t h e y e a r, r e d u c i n g t h e s t o c k s a v a il a b l e o n t h e m a r k e t. St o c k o n t h e L M E f e l l b y 5, m t, e n d in g t h e y e a r a t 3 6 6, m t. T h e r e d u c t io n o n t h e Sh a n g h a i Ex c h a n g e wa s e v e n m o r e p r o n o u n c e d, 4 9, m t t o 4 4, m t a t t h e e n d o f t h e y e a r. De s p i t e t h e r e c o v e r y o f t h e p r ic e s i n t h e s e c o n d h a l f o f t h e y e a r, n i c k e l wa s t h e m e t a l wh ich s a w t h e l e a s t m o v e m e n t, wi t h a n in c r e a s e o f % d u r in g T h e h i g h e s t incr e a s e w a s f o r a l u m i n i u m wit h %, f o l lo wed b y z i n c w it h % a n d c o p p e r w it h %. T h e p r i c e o f f e r r o c h r o m e h a s b e e n o n e o f t h e m o s t v o la t i le in r e c e n t y e a r s. I t s t a r t e d t h e y e a r wit h a n a n n u a l h i g h in t h e f irst q u a r t e r, whe n i t r e a c h e d U S / L b, p r ice n o t r e a c h e d s in c e t h e s e c o n d q u a r t e r o f T h i s s t e e p r i s e w a s d r i v e n b y t h e c h a n g e s in t h e C h i n e s e m a r k e t. L o w s t o c k s o f b o t h c h r o m e o r e f o r lo c a l p r o d u c t io n a n d f e r r o c h r o m e a t t h e e n d o f c a u s e d p r i c e s t o r ise a n d a f f e c t e d g lob a l p r i c e s in a l l m a r k e t s. Pr ice s s t a r t e d t o f a l l b a c k a s t h e p r o c e s s o f r e s t o c k in g wo u n d d o wn, r e a c h ing U S / L b in t h e s e c o n d q u a r t e r. I t w a s in t h e t h ird q u a r t e r, whe n s t o c k s h a d b e e n f u l ly r e p l e n ish e d, t h a t t h e lo w g lob a l d e m a n d s e n t t h e p r i c e s s t r o n g ly d o w n w a r d, e n d in g u p a t U S / L b. T h e r e c o v e r y o f d e m a n d a f t e r t h e s u m m e r s a w p r ic e s i m p r o v e r e a c h i n g U S / L b f o r t h e f o u r t h q u a r t e r. O b v io u s ly, t h i s v o l a t i li t y m a k e s m a n a g ing o u r s t o c k s d if f i c u l t a n d in c r e a s e s u n c e r t a int y. Production Ac e r i n o x p r o d u c t ion i n r e g i s t e r e d it s h i g h e s t f ig u r e s e v e r f o r c o ld r o ll i n g, w ith 1, 7 3 8, mt, a n d t h e s e c o n d h igh e s t f i g u r e s f o r h o t r o ll in g, w it h 2, 2 3 0, mt, a s we ll a s f o r m e l t i n g, w ith 2, 5 1 8, Variation (%) Q1 Q2 Q3 Q4 Accumulated Jan-Dec Melting shop , , % Thousand mt Hot rolling shop , , % Cold rolling shop , , % Long product (Hot rolling) % T h e s e v o l u m e s r e p r e s e n t a n inc r e a s e o v e r t h e p r e v i o u s y e a r o f 1. 3 % i n t h e c a s e o f c o ld r o ll in g a n d 1. 0 % a n d 1. 8 % in t h e c a s e o f h o t r o l li n g a n d m e l t i n g, r e s p e c t iv e l y. Ne x t, w e s h o w t h e p r o d u c t ion s b y p la n t s : 8
10 Flat Product [mt] ACERINOX EUROPA NAS COLUMBUS BAHRU TOTAL Variation % over 2016 Melting shop 827,108 1,100, ,829 2,518, % Hot rolling shop 703, , ,472 2,230, % Cold rolling shop 493, , , ,161 1,738, % Ba h r u St a i n l e s s p lan t c o n t in u e s t o c o n t r ibu t e t o in c r e a s e p r o d u c t i o n a n d im p r o v e t h e c o s t s o f t h e e n t i r e G r o u p t h r o u g h t h e s u p p ly of b la c k c o i l. I n , i n a v e r y c o m p e t it iv e m a r k e t, it i n c r e a s e d t h e p r o d u c t i o n o f c o ld r o l li n g b y %. Results T h e r e s u lt s o b t a in e d wer e t h e b e s t o f t h e la s t t e n y e a r s. E B I T D A M i l l i o n e u r o s ( % o v e r s a l e s ) T h e E BIT D A r e a c h e d, b o t h in a b s o lu t e t e r m s, m il li o n e u r o s, a n d i n m a r g i n o v e r s a le s, %, e x c e e d i n g t h a t o b t a in e d in s a t isf a c t o r y y e a r s s u c h a s a n d , e v e n t h o u g h p r ic e s i n t h e m a i n m a r k e t s wer e b e l o w t h o s e o f t h o s e y e a r s. A l l t h i s p r o v e s t h e h ig h lev e l s o f e f f i c i e n c y a c h i e v e d in t h i s p e r i o d, wh ich w a s p a r t i c u l a r l y c o m p li c a t e d f o r t h e s e c t o r. Wi t h r e s p e c t t o t h e p r e v i o u s p e r i o d, w it h a g r o wt h i n t u r n o v e r o f %, it im p r o v e d t h e E BIT D A b y %. T h e r e s u lt a f t e r t a x, m i ll io n e u r o s, a lmo s t t r iples t h a t o f
11 M o s t s i g n i f i c a n t d a t a T h o u s a n d e u r o s Variation Net sales 4,627 3, % EBITDA % EBIT % Result before taxes and minorities Result after taxes and minorities % % T h is r e s u lt is p a r t ic u la r l y c o m m e n d a b l e in a y e a r m a r k e d b y h ig h v o la t i li t y in r a w m a t e r ia ls, whic h h a d h ig h l y s ig n if ic a n t c o n s e q u e n c e s wit h i n t h e m a r k e t a n d o n p r i c e s. T h e e x c e p t io n a l f irst q u a r t e r w a s c o m p e n s a t e d f o r b y a n e q u a ll y a b n o r m a l th ir d q u a r t e r, t h i s t ime d u e t o it s wea k n e s s. T h i s v o la t i li t y, wh ic h i s s o h a r m f u l f o r t h e s e c t o r, n o t o n l y a f f e c t s r e s u l t s, b u t a l s o h a s c o n s e q u e n c e s f o r t h e r e c e ip t o f o r d e r s, f o r a p p a r e n t c o n s u m p t ion, a n d f o r t h e c o n s o l ida t io n o f impr o v e m e n t s in p r ic e s a t t a i n e d. E B I T D A M i l l i o n e u r o s ( % o v e r s a l e s ) T h e n e t t u r n o v e r, 4, m i l lio n e u r o s, w a s % h igh e r t h a n i n t h e p r e v iou s y e a r, t h a n k s t o a n u p t u r n in p r ic e s. T h e a v e r a g e p r i c e o f t h e AI SI c o i l ( a c c o r d i n g t o P lat t s ) incr e a s e d b y 1 8 % i n Eu r o p e, 2 6 % in t h e U SA a n d b y 1 7 % i n A s ia, c o m p a r e d t o G e o g r a p h i c a l D i s t r i b u t i o n o f A c e r i n o x n e t t u r n o v e r i n
12 T h e t o t a l o p e r a t i n g c o s t s, m i l lio n e u r o s, incr e a s e d b y 6. 5 %, i n a y e a r in w h i c h m e lt in g p r o d u c t ion i n c r e a s e d b y 1. 8 %. Per s o n n e l c o s t s r o s e b y 4. 5 %. T h i s in c r e a s e n o t o n l y c o r r e s p o n d s t o t h e incr e a s e in s t a f f b y 2. 6 %, b u t a l s o a n inc r e a s e in r e m u n e r a t ion d u e t o t h e e f f e c t o f impr o v e m e n t s in p r o d u c t iv it y a n d r e s u l t s. O p e r a t i n g c o s t s, m i ll i o n e u r o s, inc r e a s e d b y 9. 0 %. A m o n g t h e s e c o s t s t h e incr e a s e s o f 9. 1 % f o r s u p p li e s a n d 7. 5 % f o r f r e igh t s t a n d o u t. Depr e c iat io n a n d a m o r t iz a t io n, m il li o n e u r o s, r e m a in e d s t a b l e w it h r e s p e c t t o t he p r e v iou s y e a r. T h e n e t f i n a n c i a l e x p e n s e s, 1 9 m i ll ion e u r o s, were % lo wer t h a n t h e p r e v iou s y e a r. I t is t h e f if t h c o n s e c u t i v e y e a r t h a t t h e f i n a n c ial c o s t s h a v e b e e n c u t, h a v i n g b e e n r e d u c e d d u r in g t h i s p e r i o d ( ) b y %. N e t f i n a n c i a l e x p e n s e s M i l l i o n e u r o s 11
13 Re s u l t s b e f o r e t a x e s, m il li o n e u r o s, w e r e % h i g h e r t h a n in t h e p r e v i o u s y e a r. At t h e e n d o f D e c e m b e r, t h e Amer ic a n t a x r e f o r m wa s p a s s e d, w h i c h w il l h a v e a v e r y b e n e f i c i a l e f f e c t o n North Am e r i c a n St a in le s s a n d t h e Con s o li d a t e d G r o u p. A lt h o u g h it wi ll c o m e in t o f o r c e a n d its e f f e c t s w il l b e s e e n in , t h e n e t r e s u lt f o r b e n e f it e d f r o m t h e a d ju s t m e n t o f d e f e r r e d t a x lia b i li t ie s t o t h e n e w t a x r a t e. Cash generation T h e g e n e r a t ion o f c a s h c o n t i n u e s t o b e a p r ior it y f o r t h e G r o u p. T h e u n wa v e r ing c o n t r o l o f wor k in g c a p i t a l wi t h i n t h e s c o p e o f a f a v o u r a b l e c y c l e a ll o w e d t h e G r o u p t o o b t a i n a n o p e r a t i ng c a s h f lo w o f m il lio n e u r o s. C a s h F l o w M i l l i o n e u r o s T h e s a t i s f a c t o r y s u r g e in i n v e s t m e n t in t h e U SA a n d t h e a d v a n c e s s t a t e o f t h o s e o f Cam p o d e G ib r a l t a r, t o g e t h e r w ith t h e r e s t o f t h e p l a n t s, r e s u l t e d in a p a y m e n t o f m il li o n e u r o s f o r t h e p e r i o d. A s a r e s u lt, t h e f r e e c a s h f lo w g e n e r a t e d i n t h e p e r io d wa s m i ll ion, wh ich a llo we d t h e p a y m e n t o f a c a s h - o n l y d iv ide n d o f m il lio n e u r o s. An a l y s ing a lon g e r p e r io d, t h e Ac e r i n o x G r o u p, in t h e m o s t c o m p li c a t e d p e r i o d f o r t h e ind u s t r y, w a s c a p a b l e o f g e n e r a t ing 3, m il li o n e u r o s, wh ich a ll o w e d it t o u n d e r t a k e inv e s t m e n t s f o r 1, m il li o n e u r o s, p a y t h e s h a r e h o l d e r s m il li o n e u r o s, a n d r e d u c e t h e n e t f in a n c ia l d e b t b y m i ll ion e u r o s. T h e r e wa s n o t a n o t h e r m a n u f a c t u r e r in t h e ind u s t r y in t h i s p e r iod wh ich wa s c a p a b le o f m a in t a in ing its s t r a t e g ic in v e s t m e n t p lan a n d it s p o l ic y o f s h a r e h o ld e r r e m u n e r a t ion, wh ile a t t h e s a m e t ime r e d u c ing i t s d e b t. 12
14 C a s h g e n e r a t i o n M i l l i o n e u r o s Cash generation 3,081 CAPEX 1,771 Return to shareholders 996 Net debt reduction 314 Balance Sheet T h e inc o m e s t a t e m e n t f o r t h e p e r io d was n o t s ig n i f ica n t ly a f f e c t e d b y t h e v a r iat ion i n e x c h a n g e r a t e s, b u t t h e m a in e n t r i e s o n t h e b a la n c e s h e e t, w it h r e g a r d s t o t h e e x c h a n g e r a t e a t p e r i o d e n d, r e f le c t t h e s e v a r iat ion s, wit h t h e m a in e f f e c t b e in g c a u s e d b y t h e d e p r e c i a t ion o f t h e U S d o l lar b y %. B a l a n c e S h e e t M i l l i o n e u r o s T h e G r o u p i s e x p o s e d t o f lu c t u a t ion s wi t h i n t h e d o ll a r d u e t o t h e s ig n i f i c a n c e o f it s inv e s t m e n t s in North Amer ica n Sta in les s a n d Bahr u St a in le s s. F o r t h a t r e a s o n, d e s p i t e t h e g o o d r e s u l t s f r o m t h e p e r i o d, e q u it y w a s r e d u c e d b y 9. 1 %, a n d n o n - c u r r e n t a s s e t s b y 8. 9 %. T h e n e t f i n a n c i a l d e b t, wh ich f e l l b y 1 1 m il lio n e u r o s, w o u l d h a v e s e e n a s i g n ifi c a n t l y g r e a t e r f a l l wer e i t n o t f o r a d e p r e c i a t ion in c a s h p o s it io n s h e ld in d o lla r, wh i c h h a d a 6 2 m il li o n e u r o s e f f e c t. Ne t F i n a n c i a l D e b t / E BIT D A r a t i o i s 1. 2 t ime s. 13
15 N e t f i n a n c i a l d e b t s e n s i t i v i t y t o t h e e x c h a n g e r a t e M i l l i o n e u r o s Financing Dur ing t h e p e r iod, t h e G r o u p p r o c e e d e d w it h t h e r e f in a n c in g o f it s d e b t, wit h t h e a im o f e x t e n d i n g d u e d a t e s, r e d u c i n g c o s t s a n d impr o v i n g t h e q u a l it y o f t h e d e b t. O v e r a l l o p e r a t io n s were c l o s e d f o r a t o t a l o f m il l ion e u r o s, o f wh ic h we r e a im e d a t r e d u c ing t h e c o s t o f e x i s t i n g f ina n c e, a n d m i ll ion e u r o s wer e n e w o p e r a t ion s a t a v e r y c o m p e t i t i v e c o s t. O f t h e s e, m i ll ion e u r o s h a s a m a t u r ity p e r io d e q u a l t o o r g r e a t e r t h a n 7 y e a r s. T h e b u lk o f t h e d e b t i s c o v e r e d b y a f i x e d r a t e, a n d p r a c t i c a l ly a l l o f i t i s f r e e o f c o v e n a n t s. I n a d d it io n, Columb u s St a in le s s r e n e g o t iat e d a n d r e s t r u c t u r e d t h e b o r r o w i n g b a s e f a c il it y o f 3, m il li o n S o u t h Afr ica n r a n d, in a n o p e r a t ion t h a t n o t o n ly e x t e n d e d t h e m a t u r it y p e r iod, b u t a l s o m o d i f ie d s p e c i f i c c o n d i t i o n s in t h e s t r u c t u r e in o r d e r t o p r o v ide Co lumb u s wi t h g r e a t e r f i n a n c ia l f l e x ibili t y, wh i le r e d u c i n g t h e c o s t, a n d in c r e a s in g t h e n u m b e r o f i n t e r v e n in g b a n k s t o 1 1. T h e f in a l m a t u r ity d a t e f o r t h e o p e r a t io n i s J u n e Financing Ratios T h e m a in r a t io s b e n e f i t f r o m b o t h t h e im p r o v e d r e s u l t s a n d t h e c o n t i n u o u s s t r e n g t h e n i n g o f o u r b a l a n c e. T h e n e t f i n a n c ial d e b t / E BIT D A r a t io s t o o d a t 1. 2 t ime s a n d h a s f a ll e n b y 5 0 % s in c e
16 N e t f i n a n c i a l d e b t / E B I T D A T i m e s T h e I CR ( int e r e s t c o v e r a g e r a t i o ) r e f le c t s t h e c o n t i n u o u s i m p r o v e m e n t o f t h e G r o u p s f in a n c in g, wh ic h s t a n d s a t t ime s, c o m p a r e d w it h 2. 7 in I n t e r e s t c o v e r a g e ( E B I T / N e t f i n a n c i a l c o s t s ) T i m e s T h e R O E h a s in c r e a s e d f r o m 2. 1 % i n t o % i n T h e RO C E h a s d e v e lop e d a lo n g s i m i lar li n e s, impr o v ing b y %. ROE ROCE ROE and ROCE T i m e s Human Resources T h e g e o g r a p h i c a l d i s t r ibu t i o n o f t h e 6, p e o p le w h o f o r m e d p a r t o f t h e Ac e r i n o x G r o u p a t 3 1 Dec e m b e r i s a c le a r ind ic a t i o n o f t h e i n t e r n a t ion a l vo c a t io n o f t h e C o m p a n y. 15
17 M o r e t h a n h a l f o f t h e e m p l o y e e s o f t h e A c e r ino x G r o u p wo r k o u t s id e E u r o p e. T h e r e a r e 3, p e o p l e ( 4 6 %) w o r k i n g in t h e O l d Co n t ine n t, wh ile t h e o t h e r 3, wor k e r s a r e e m p l o y e d o n t h e o t h e r f o u r c o n t i n e n t s. S p e c if ic a l ly, A c e r i n o x h a s 1, e m p loy e e s in Am e r i c a ( 2 2 %), 1, i n A f r ic a ( 2 1 %) a n d in A s i a ( 9 %). T h e wor k f o r c e i n c r e a s e d b y 2. 6 % s in c e t h e i m p l e m e n t a t i o n o f n e w li n e s w h ic h h a s incr e a s e d p r o d u c t i o n. N u m b e r o f e m p l o y e e s a s o f 3 1 D e c e m b e r Excellence Plan Ex c e ll e n c e P la n V ( ) is c u r r e n t l y u n d e r w a y in t h e Ac e r i n o x G r o u p. T h e f ir s t y e a r o f a p p li c a t ion e n d e d w ith 4 9 % c o m p l e t i o n o f t h e t o t a l r e c u r r in g s a v in g s t a r g e t f o r e c a s t o f 5 0 m i ll io n e u r o s. T h e r e f o r e, in t h e s a m e c o n d iti o n s, t h e s a m e c h a r a c t e r i s t ic s a n d c ircu m s t a n c e s a s t h e f ina n c ia l y e a r, t h i s w o u l d imp ly a s a v i n g o f m il lio n e u r o s. T h e c u r r e n t P lan, a p p r o v e d b y t h e B o a r d o f D ire c t o r s i n De c e m b e r , h a s 2 0 c h a p t e r s wh ich lo o k f o r imp r o v e m e n t s in a r e a s s u c h a s m a n u f a c t u r i n g, e f f i c i e n c y, f l e x i b il it y a n d c u s t o m e r s e r v i c e. Ex c e ll e n c e P la n s a r e a t o o l f o r im p r o v in g p r o d u c t i o n c o s t s a lon g t h e who le s u p p ly c h a i n, r e s u lt ing f r o m a b e n c h m a r k in g e x e r c i s e o f t h e b e s t p r a c t i c e s i n e a c h o f t h e p r o c e s s e s a n d u n it s in t h e G r o u p. T h e s e p la n s a r e a n e s s e n t ial m a n a g e m e n t t o o l b o t h f o r t h e d if f e r e n t c o m p a n ie s a s w e l l t h e m a n a g e m e n t o f t h e G r o u p. T h e y h a v e a c h i e v e d i m p o r t a n t s u c c e s s e s s i n c e , wh e n t h e y were f irst i m p l e m e n t e d. Ea c h p la n i s p u t f o r w a r d w i t h t h e a im a n d c r i t e r ia o f o p t im iz in g a n d m a k ing imp r o v e m e n t s o n t h e p r e v i o u s o n e s, s o t h a t t h e a c c u m u l a t e d s a v i n g s t o d a t e a r e c o n s o li d a t e d a n d f o r m t h e b a s i s o f t h e n e x t p la n. T h e d i f f e r e n t p la n s a p p l ied h a v e r e g i s t e r e d r e c u r r ing s a v in g s o f 9 7 m i ll ion e u r o s in P lan I ( ), 5 3 m il li o n in P lan I I ( ), 5 3 in P lan I I I ( ) a n d 5 0 i n Pl a n I V ( ). 16
18 Investments in Fixed Assets The g l o b a l a m o u n t o f i n v e s t m e n t s, r o s e t o m il li o n e u r o s i n , a s im il a r s u m t o t h e p r e v i o u s y e a r, i n w h ic h m a i n t e n a n c e in v e s t m e n t s a r e in c l u d e d t o e q u i p t h e ins t a lla t i o n s w it h t h e m o s t a d v a n c e d t e c h n o l o g y a n d e q u ipm e n t. I n v e s t m e n t s i n f i x e d a s s e t s M i l l i o n e u r o s North Ame r i c a n S t a inles s s t a r t e d n e w p r o d u c t io n l in e s in a f t e r a n in v e s t m e n t o f n e a r ly m il lio n e u r o s. T h i s e x p a n s io n a d d e d a b r i g h t a n n e a li n g B A l ine a n d c o ld r o ll in g m i ll t o t h e p r o d u c t i v e c a p a c i t y o f t h e p l a n t, e n a b li n g i t t o p r o d u c e b r i g h t f in ish s t a in les s s t e e l ( a p r o d u c t wi t h g r o win g d e m a n d in t h is m a r k e t ). Ac e r i n o x E u r o p a wi ll a ls o o p e n n e w l ine s i n t h e f i r s t m o n t h s o f A f t e r a t o t a l inv e s t m e n t o f m il li o n e u r o s, o f w h i c h wer e i n v e s t e d la s t y e a r, t h e p la n t wi ll s t a r t u p a n e w a n n e a l in g a n d p ic k l ing ( A P) li n e a n d a c o ld r o ll ing m i ll. A n e w s li t t i n g l ine, wh ich is a lr e a d y wor k in g, c o m p le t e s t h e s e in v e s t m e n t s. T h is wi ll impr o v e t h e q u a lit y o f its p r o d u c t s, r e d u c e c o s t s a n d t h e e n v i r o n m e n t a l im p a c t. I n b o t h c a s e s, t h e s e a r e s t r a t e g ic in v e s t m e n t s a p p r o v e d b y t h e Bo a r d o f Dir e c t o r s in i n o r d e r t o b o o s t a n d r e inf o r c e t h e l e a d e r s h ip o f Ac e r i n o x in N o r t h Ame r i c a a n d t o impr o v e i t s p o s it io n in t h e E u r o p e a n M a r k e t. I n a d d it ion, in Ac e r i n o x E u r o p a, t h e m o d e r n i z a t io n o f t h e a n n e a l ing a n d p ic k lin g li n e A P3, is b e ing r e v a m p ing wi t h t h e a im o f e q u a t i n g it i n t e c h n o l o g y a n d q u a li t y o f it s p r o d u c t s t o t h e n e w li n e. F o r t h e S o u t h Afr ic a n p l a n t, Co lu m b u s St a i n le s s, t h e Bo a r d o f D ire c t o r s o f Ac e r i n o x a p p r o v e d a n inv e s t m e n t o f 5 m i ll ion e u r o s i n De c e m b e r f o r t h e i n s t a l la t io n o f a n e w s l itt e r l ine t h a t w il l im p r o v e t h e s e r v i c e it o f f e r s its c u s t o m e r s a n d r e d u c e d e l ive r y t ime s. T h e G r o u p i n v e s t e d 1 1 m i ll ion e u r o s i n t h i s p l a n t la s t y e a r. 17
19 Return to shareholders F o ll o w in g t h e y e a r s t o , in wh ic h A c e r ino x o f f e r e d it s s h a r e h o l d e r s t h e o p t i o n o f a s c r i p d i v id e n d, t h e G e n e r a l Shar e h o ld e r s M e e t ing h e ld o n 1 J u n e a g r e e d t o m a k e a s ing le pay m e n t o f e u r o s p e r s h a r e in c a s h, wh ic h wa s p a id to shar e h o lder s o n 5 J u l y Si n c e , Ac e r i n o x h a s r e m u n e r a t e d i t s s h a r e h o lder s w ith o u t int e r r u p t ion w it h a n a n n u a l s u m o f e u r o s p e r s h a r e, wh e t h e r t h r o u g h a c a s h o r s c r ip d i v i d e n d. A n n u a l s h a r e h o l d e r r e m u n e r a t i o n E u r o s / s h a r e ( * ) S c r i p d i v i d e n d Outlook T h e r e c e n t t a x r e f o r m i n t h e Un it e d S t a t e s w il l h a v e a c le a r l y p o s it iv e e f f e c t o n t h e r e s u lt s o f A c e r in o x. T o a n t i c ip a t e t h e b e h a v io u r o f t h e G r o u p i n , it w il l b e n e c e s s a ry t o b e v e r y a war e o f t h e p o s s ible p r o t e c t i o n i s t m e a s u r e s in t h a t c o u n t r y, o f t h e r e a c t io n o f E u r o p e a n d o t h e r c o u n t r ies in t h e c a s e o f t h e s e m e a s u r e s wer e a d o p t e d a n d o f t h e m a n a g e m e n t o f t h e e x c e s s o f p r o d u c t i o n c a p a c ity i n s t a l led, e s p e c i a l ly in A s i a. I n t h is las t f a c t o r wi l l h a v e s p e c i a l imp o r t a n c e t h e g r o wth o f t h e p r o d u c t i o n in I n d o n e s i a, b u t a ls o t h e c lo s i n g o f m i ll s i n Ch ina o r i t s c h a n g e o f a c t iv it y t o war d s t h e m a n u f a c t u r e o f c a r b o n s t e e l. O n c e a g a i n f l e x ib il ity, e f f ic ie n c y a n d c o n t r o l o f c o s t s w il l b e k e y f a c t o r s t h a t wi ll d e t e r m i n e t h e r e s u l t s o f A c e r ino x, f o r wh ic h we t r u s t in t h e i n c r e a s e o f t h e c o m p e t it ive n e s s a c h ie v e d d u r i n g t h e l a s t y e a r s a n d i n t h e c u r r e n t im p r o v e m e n t p l a n s. T h e g o o d s it u a t io n o f t h e e c o n o m y in p r a c t ica ll y a ll c o u n t r ie s s h o u l d b o o s t t h e c o n s u m p t ion o f s t a inles s s t e e l, e s p e c i a l ly if in v e s t m e n t s in infr a s t r u c t u r e a r e r e a c t iv a t e d a n d a p h a s e o f e x p a n s i o n o f p u b l ic s p e n d in g i s e n t e r e d, a s p r i v a t e c o n s u m p t ion a n d p r o d u c t ion o f c a p ita l g o o d s a r e s h o wi n g p o s it iv e p e r f o r m a n c e. Al t h o u g h t h e c o m p a r iso n wi t h t h e y e a r wi ll s t a r t b e i n g n e g a t iv e d u e t o t h e e x c e p t io n a l r e s u lts o b t a in e d in t h e f irst q u a r t e r o f t h e p r e v io u s y e a r, f a v o u r e d b y t h e s t r o n g in c r e a s e s in t h e p r i c e s o f r a w m a t e r ia ls, t h e c u r r e n t s it u a t ion, jo in wi t h t h e c o n t r o l o f s t o c k s in t h e m a in c o n s u m e r m a r k e t s a n d t h e p r i c e s r e c o v e r y in t h e f o u r t h q u a r t e r, a ll o w t o b e o p t i m is t i c f o r t h e y e a r T h e a l lo y p r e m ium s a r e r is ing a n d t h e b a s e p r ic e s h a v e a lr e a d y imp r o v e d in t h e Un ite d St a t e s. 18
20 Main economic -financial figures 19
21 Alternative Performance Measures (definitions of terms used) Savin g relat ing to th e Excell ence Pla n: estim ated saving on effici enc y on t he basis of this study d efined in each Plan Operat ing Working Ca p ital: Invent ories + Tra de receivables Tr ade pay ables Net Cash Flow : Results afte r taxes and mino rity interest + de preciat ion and amortization Net Finan cial Deb t: De bt with banks + bond iss uance - cash EBI T: Ope rating income EBI TDA: Opera ting income + depreciation a nd a mortization + variation o f current provisions Net fina ncial expe nses : Financial income financial expenses ± excha nge ra te variations ROCE: Ope rating incom e / (Equity + Net fi nanci al d ebt) ROE: Resul ts afte r tax e s and minori ty inte rest / Equity Debt Ra tio : Ne t Financi al Deb t / Equity IRC (i nte rest cove rage rati o): EBIT/ Net financi al expenses 20
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