 Results as of 30 September 2017

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(1). Results as of 30 September 2017. Page 0 / 14. WorldReginfo - 1e90feec-bdc6-4670-95b2-f74155d5aeec. F ree t ran sl ati on from t he orig ina l in S pan is h. In th e eve nt of di scr epa nc y, the Sp ani sh - la ngu age ve rs ion prev ai ls.

(2) DISCLAIMER T his do cum ent ha s b een draw n u p i n go od fai th up on t he b as is of the dat a and fac ts ava il abl e on t he da y of i t s pub li cat io n and sho ul d be rea d tog eth er w ith a ll the pu bl ic inf orma tio n p rov id ed and / or pu bl is hed b y AC E RI N O X, S . A. T his do cu men t ma y con ta in sta tem ent s wi th r egar d to the fu ture i nte nti on s, fore cas ts and e sti mat es o f A C E RI N OX , S . A. an d it s bu si ne ss . Thes e ty pe s of s tat emen ts an d/or con ten ts m ay inc lu de d ec lara tio ns or ex pe cta ti ons wit h reg ard t o th e c urre nt pl an s, obj ect iv es and f ore ca sts of th e co mpa ny a nd its grou p, i nc lu din g de c lara tio ns con cern in g t ren ds or cir c umst an ce s whi ch mi gh t a ffe ct it s curre nt fi nan ci al si tua ti on and it s rat io s, re sul ts , s trate gi es, pr od uct io n le v els , exp en dit ure, cos ts , exc han ge rate s, i nv est men ts a nd/ o r div id end p ol ic y. I t ma y al so con tai n ref ere nce s to t he sit uat io n a nd tren ds of th e mar ket of ra w m ater ia ls , esp ec ial ly n ic ke l a nd chr o me. T hes e sta tem ent s an d co nten ts h ave b een is sue d i n good f ai th, u pon th e ba si s of th e kno wl edg e an d i nf or mat io n ava i lab le o n th e da te of th is ann oun cem ent an d, de sp ite bei ng r ea son abl e, do n ot con st itu te a guar ant ee o f fut ure co mpl ia nc e. T hes e sta teme nt s a nd con ten ts are s ub je ct t o ri s ks, un c erta int ie s, cha nge s a nd s itu ati on s bey ond th e co ntro l of AC E RI NO X, S. A. , mea nin g tha t they m ay no t com pl y, in ful l or in part, w it h wha t i s ex pec te d an d/or de c lare d. Ex ce pt t o the ext ent r equ i red by the app li cab le la w, AC E RI NO X , S. A. d oe s no t as sum e any ob li gat io n t o p ub li cl y upda te it s fut ure de cla rat i ons an d sta tem ent s, ev en whe n n ew data are pu bl is hed or fur th er un for ese en ev ent s wh ic h mi ght af fe ct the m ar is e.. Ne ith er t hi s d oc ume nt nor the i nfor mat io n c ont ai ne d her ei n con st itu te an off er to s el l, purc has e or e xc h ang e or an in vi tat ion to ma ke an o ffer to buy , pur cha se or e xch ang e, or a r eco mme nda tio n or a dvi ce r eg ardi ng any a sse t or f ina nc ia l i nstr ume nt is sue d b y the Ac eri no x Gro up. A ny pers on who acq uir es a ss e ts s hou ld d o s o up on t he bas is o f his or her ow n ju dge men t after r ece i vin g th e pro fe ss ion al a dv ic e dee med ap propr iat e. No k ind of i nve stm en t act i vit y s hou ld be perf orme d upon t he b as is o f the inf or mati on or fore cas ts c ont ain ed in th is do cume nt ati on. Ne ith er A C E RI NO X, S .A . nor it s s ub sid iar ie s as s ume l ia bi lit y o f an y k ind for th e dama ges w hi ch ma y ar is e from an y u se of th is do cu ment or it s con ten ts.. Page 1 / 14. WorldReginfo - 1e90feec-bdc6-4670-95b2-f74155d5aeec. A CE RI N O X, S. A. p rov id es infor mat io n on t he a bov e and ot her f ac tors wh ic h may a ffe ct its fu ture s tat eme nts c on cern ing i ts bu si nes s, ex p ect ati on s a nd/ or f in anc ia l res ult s in the do cum ent s it s ubm it s to the S pan is h Na tio na l Se cur it ies M ark et Co mmi ss ion . A ll int eres ted p arti es are i nv it ed t o vie w the se do cum ent s..

(3) Presentation of the results for the third quarter of 2017 via webcast and conference call. Ac eri no x wi ll ho ld a pr e sen tat ion for th e re su lt s of the th ird qu arter of 201 7, in En gl ish , on 3 1 Oc tob er, a t 10.00 am C ET, con du cte d by the CFO , Mr Mi gue l Fe rra nd is , and ac com pan ie d b y t he I nve stor R el at ion s t eam . T o A cc es s th e pre sen tat i on v ia c onf ere nce ca ll y ou ca n u se on e of the f oll ow in g numb ers 5 - 1 0 m inu te s b ef ore t he ev ent be gi ns: Ca ll s fr om the U nit ed K i ngdo m: +44 20 304 324 40 Ca ll s fr om S pai n a nd th e re st of the w orl d: +34 91 4142 021 T h es e n umb ers mu st be fol lo wed b y t he pin co de b elo w: 90 652 016 # T he pr ese nt ati on can be f oll ow ed f rom the we bs ite of Ac erin o x (w ww .a cer ino x .com ), i n the se ct ion of Shar eho ld er s a nd Inv es tor s.. Page 2 / 14. WorldReginfo - 1e90feec-bdc6-4670-95b2-f74155d5aeec. T he pre se nta ti on an d a ll the a udi o - v is ua l ma teri al wi ll b e a vai la ble on t he Ac eri no x web si te..

(4) Results as of 30 September 2017. . . . . . . . . . Ac eri no x ha s o bta in ed pr ofi ts t ot al lin g 1 57 m il li on Eur os aft er t ax es a nd m inor it y int eres ts , c omp ared w ith t he f igur e of 44 mi ll ion E u ros f o r t he f irs t n ine mon t hs o f 2016 T he de cl ine i n raw m ate rial s dur in g the th ird q u arter af fe cte d al l the ma rket s, lea din g pri ce s do wn . Qu arter ly r e su lt s aft er ta xe s and m in orit y i nter es ts were 7 mil li on E uro s Melt in g pr odu ct ion , to ta ll in g 1,8 87, 385 ton ne s, r o se b y 1 % in co mpar is on wi th Jan uary - S ept emb er 201 6 T he Gr oup ’s cu mul at iv e tu rnov er, 3 ,51 1 m il lio n Euro s, i ncr ea sed by 2 0 % s et a gai nst the sa me per iod in t he pr evi ou s y ear . Net s ale s in the th ird qua rter w as 6 % hig her than i n t he thi rd quar ter of 201 6 An E BIT D A to ta ll ing 3 70 mil li on Euro s w as g ene ra ted i n the fir st n ine m ont hs, a fig ure 6 6 % h igh er th an t hat re cor ded in Ja nuar y - Se pte mber 201 6. I t s too d at 53 mil li on E uro s i n t he th ird q uarte r, 49 % lo wer t h an in t he same p erio d o f 2 01 6 T he o per ati ng ca sh fl ow to tal led 22 8 m il li on E uro s T he p aym ent for in ves tm ent s un dert ak en in t he p erio d am oun ted to 1 41 mil li on Eur os Ac eri no x di str ib ute d a c as h di vi den d of 0.4 5 Euro s per s hare in Ju ly, a t ota l of 12 4 mil li on E uro s T he Gro up’ s ne t fin an cia l de bt a s of 30 Se ptem b er sto od at 69 7 mi ll ion Eur os , comp are d w ith 6 20 m il li o n Eu ros on 31 De cem ber 2016 . It h as i ncr ea sed s lig ht ly over th e y ear fo ll ow ing t he pa ymen ts ma de and t h e g reate r v al ue of our st oc ks T he s itu at ion h as n orm al iz ed in the f our th qu art er, e nab lin g us to a ddre ss the year 's end w ith op tim is m. Re s u l t s a f t e r t a x e s a n d m i n o ri t y i n t e r e s t s Millions of euros. Page 3 / 14. WorldReginfo - 1e90feec-bdc6-4670-95b2-f74155d5aeec. .

(5) Stainless Steel Market Wor ld st ai nle ss s tee l prod uct ion i ncr eas ed by 5 % in the fir st ha lf of th e year , a ccor di ng to t he lat es t a vai la ble da t a pro vi ded by th e I nter nat ion al S tai nl es s Ste el Foru m (I S SF). T he inc rea sed pr odu ct ion i n a ll r eg ion s is w orth h igh l igh tin g. T he sta in le ss s tee l mar ket in the th ird qu arter was mark ed by fa ll s in t he pri c es of ra w mater ia ls . T he p ri ce of ferro chr ome i n th e t hir d q uart er sto od at 1 10 U S¢/ Lb, eq ui va len t to a 29 % decr eas e f rom th e f igur e o f 15 4U S ¢/L b re cor ded i n t he sec ond qu art er. A v e ra g e q u a r t e rl y p ri c e o f f e r ro c h ro m e US ¢ / L b . C r. O f f i c i a l p ri c e o f n i c k e l o n t h e L . M . E . 2016 - September 2017. Page 4 / 14. WorldReginfo - 1e90feec-bdc6-4670-95b2-f74155d5aeec. T his drop , to get her wi th t he ad ju stm ent of th e n ic k el pr ic e thr oug hou t Ju ne and t he firs t ha lf o f Ju ly , le d to s harp f al ls i n al lo y su rch ar ges a nd pr es sure t he b as e pri ces and sa le s v ol ume s..

(6) T he p erf orma nce of un der l yin g d ema nd ha s re mai ne d po si ti ve in al l the mar ke ts. In th e Eu ro p ea n m a rk et , acc ord ing to o ur e st imat e s, a ppar ent co nsu mpt io n con tin ued to in cre ase by +3 %, i n the third quar ter. In ma jor m a rket s w e ca n po int t o ri ses in Ita ly +2 %, G erma ny + 3 % an d Sp ain +5 %, wh il e Fran ce remai ns sta gna nt. Imp ort s of h ot roll ed prod uc ts in crea se d s ign if ica nt ly , mo st ly fr om C hi na, al ong w ith c old - r ol led produ ct s f rom T ai wa n. T he i nv ent ori es wer e ad ju ste d i n l ate A ugu st and n ow sta nd a t n orma li ze d l e vel s, as we fore ca st in th e Not e a c comp an yi ng our S eco nd - Q uarte r Res ul ts. F ina l d ema nd rema in s h eal t hy , wi th in crea se s in the ma in se ct ors , a cc o rdin g t o E UR OF ER ’s e sti mat es for the y ear 201 7 ( upd ate d i n O cto ber) : c ar prod uc tio n r i se by +3 %, co nstr uc ti on by +4 % and wh it e g ood s b y + 1 %. In t he Un ite d State s , the mark et d ema nd f or b oth h ot a nd col d - ro ll ed pr od uct s rem ai ns hea lth y. T he f in al se ct ors co nt inu e to p erf orm we ll . Ac cor di ng to our es ti mat es, t he con stru ct ion sec tor ro se b y +5 % u nt il A ugu st in com par is on w ith t he sa me per io d the p rev io us ye ar, wh ile h ous eho ld ap pl ia nc es in crea se d by +6 % un ti l S ept emb er . The c ar se ct or f el l b y 8 % fr om its p eak l eve ls un til Sep tem ber . T he ma nuf ac turer s o f eq uipm ent for the foo d i n dus try m ai nta ine d s tron g dema nd duri ng t he f ir st n ine mon t hs o f 20 17, and the in di c ator s ref le ct the sam e tr e nd i n th e fourt h q uart er. T he ab ov e - men ti one d d ow ntur n o f the car s ect or is off se t by hea vy tran spor t v ehi cl es ( tra cto rs, v an s an d lor rie s), es pec ia ll y th ose as so cia te d wit h th e food i ndu str y.. Nort h Am eri can Sta in le ss (N A S) a ch ie ved a pri ce r i se of abo ut 80 U SD per t onne for Se pte mber . So u th Af r ican ma rke t co ndi tio ns rem ai n very d iff i cul t a nd le ve ls of s al es ( - 8 %) a nd act iv it y were l ow t hrou gh out th e t hir d q uar ter, du e to th e sit uat io n in th e c o untr y a nd the va lue of th e r and . T rade a ct iv ity lev el s at the y ear en d ten d to b e lo w, bu t thi s ye ar the greate r comp et it ive ne ss ac hi eve d by th e r and ma y c orr ect thi s e ffe ct , a s ca n b e o bs erve d in the min in g a nd car s ect ors .. Page 5 / 14. WorldReginfo - 1e90feec-bdc6-4670-95b2-f74155d5aeec. Inv ent orie s i n the d i stri bu tio n se ctor in crea se d sl ig htl y to war ds t he en d of t h e quar ter as a res ul t of th e h igh er n umber of pur cha se s, b rou ght a bo ut b y t he e xp ec ted in crea se in the al lo y sur char ge in S epte mber ..

(7) P ri c e s o f S t a i n l e s s S t e e l Co i l | 2 . 0 m m c o l d - r o l l e d A I S I 3 0 4 2015 – Sep 2017. Source: Platts. In Ch in a , the i nv ent ori es at t he W ux i and Fo sha n ware hou se s r ema in be lo w av erag e. T he fin al s ect ors c ont in ue t o gro w si gni fi can tl y. A cc ord ing to o ur est im ate s, car produ ct ion i s in crea si ng b y 5 %, c on stru ct ion b y 9 % and hou se hol d a pp li anc es by 12 %. T he M ala ysi an g ov ernm e nt h as im pos ed pro vi sio na l an ti - dum pi ng d ut ie s on i mport s o f col d - ro ll ed s tai nl es s st ee l from C hi na, So uth Kor e a, Tai wa n an d Tha il and , fol lo wi ng the co nfir mat io n t hat th ere is s uff ic ien t e v ide nce to c ont inu e i ts in ve st iga ti on.. Page 6 / 14. WorldReginfo - 1e90feec-bdc6-4670-95b2-f74155d5aeec. Due t o en viro nme nta l pro blem s, m any f ac tor ies in Ch ina h ave h al ted t hei r p rodu cti on of gra ph ite el ectr od es u nt i l th ey u nde rta ke t he r efor ms en ac ted by the ir g ove r nmen t, a fac tor wh ic h is si gn ifi ca ntl y a ffe ct ing th e pr ic es an d vol ume s of thi s prod uc t..

(8) Production T hrou gho ut th e Ja nuar y - Se pte mber p eri od, A cer in ox’ s me lt ing p rod uct io n, 1,88 7,3 85 tonn es , i ncr ea sed by 1 % i n c ompa ri son w ith th e p re vio us ye ar. Q u a r t e rl y M e l t i n g S h o p P r o d u c t i o n Thousands of Mt. Si mi lar ly , th e ma nuf ac ture of h ot - ro l led fl at pr odu ct s , 1,6 70 ,32 9 to nne s, wa s 1 % h ig her than i n t he Jan uar y - Sep te mber per iod of 20 16. A c e ri n o x p ro d u c t i o n Thousands of Mt. Hot rolling shop Cold rolling shop Long product (Hot rolling). Q1 667.5. Q2 605.3. Q3 614.6. 592.5. 535.4. 438.3 58.5. 2016 Q4. Variation (%). Accumulated 1,887.4. Jan-Sep 1,864.4. 1.2%. 542.4. 1,670.3. 1,661.8. 0.5%. 436.2. 426.8. 1,301.4. 1,275.1. 2.1%. 57.3. 54.3. 170.1. 171.6. -0.9%. As fo r c ol d - ro lle d p rod uct s , 1, 301 ,25 4 t onn es , t he y i ncre ase d by 2 % wi th r es p ect to th e firs t n in e m ont hs of 20 16. Hot- r ol le d lon g pro duc ts , 170, 122 t onn es , fe ll b y 1 % o ver th e ye ar, s ti ll a ffe cte d by th e oil an d g as se ct or, al tho ug h th is ha s alr ead y b egu n t o re cov er.. Page 7 / 14. WorldReginfo - 1e90feec-bdc6-4670-95b2-f74155d5aeec. Melting shop. Thousand Mt. 2017.

(9) Results T he ac cum ula ted re su lt s for 20 17 di sp la y a cle a r im pro vem ent w it h re sp ect to t he prev iou s y ear. Ho we ver , the ma in f eat ure t hi s year is t he v ari ati on b e twe en t he quart ers as a re sul t of th e vol at ile nat ure of t he ra w mater ia l pr ic es a nd t he d e mand for sta in les s ste el . T h e t ren d wa s re ver sed i n Se ptem be r a nd th e r esu lt s b ega n to impr ove . Net sal es , 3,5 11 mi ll io n Eur os , in crea se d by 20 % wi th res pe ct to t he s ame peri od of the pre vi ou s year , due t o the ri se s in fi na l pri ces in all mar ket s, a s it w as po ss ibl e to tran sfer th e inc rea se s i n r a w mat eri al pri ce s t o t he mark et . Co 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. An E BIT D A tota ll in g 370 mil li on E uro s wa s gen era ted, 6 6 % hig her th an in t he sam e peri od la st ye ar, wi th a sa les mar gi n o f 1 0.5 %. Due to t he d ecr eas es in a llo y s urc harg es and bas e pric es in a ll the mar ket s, t he th ird quart er E BIT D A wa s 58 % l ower th an in th e pr ev iou s quart er.. Page 8 / 14. WorldReginfo - 1e90feec-bdc6-4670-95b2-f74155d5aeec. Millions of euros.

(10) Q u a r t e rl y e v o l u t i o n o f t h e E B I T D A Millions of euros. T he p rof it s a fter ta xe s an d mi nor it y int eres ts to ta ll ed 1 58 mi ll ion Euro s, a fi gure 3.5 time s hi ghe r tha n in Ja n uary - S ept emb er 201 6. Th e resu lt af ter ta xe s and minor it y int eres ts s too d a t 7 mi ll io n Euro s in the th ird qu arte r. T he Gro up’ s net f ina nc ia l debt s too d a t 697 m il lio n Eur os on 30 Se ptem ber , c ompar ed wi th 6 20 mi ll ion Euro s o n 31 D ece mber 20 16. Th i s i ncr eas e is not s ign if ic ant if we bear in m in d th at, dur ing the year , 14 1 m il li on e uro s w ere inv es ted , a ca sh div id end tota ll in g 1 24 m i ll ion E uro s wa s p ai d o ut and th e o pe rati ng wor ki ng ca pit al in cr eas ed by 39 mi ll ion Eur os a s a resu lt of th e in crea se i n the pr ice o f our st oc ks . The Gr o up’ s net fin anc ia l d ebt ha s a l so b een aff ec ted by th e d epr eci at ion of the D ol lar , a s mos t o f Ac eri no x’ s c as h i nv es tmen ts are in th e a bov e curre n cy.. Co n d e n s e d B a l a n c e S h e e t Millions of euros ASSETS. LIABILITIES Sep 17. 2016. Variation. Sep 17. 2016. Variation. Non-current assets. 2,147.04. 2,357.53. -8.9%. Equity. 1,917.50. 2,168.68. -11.6%. Current assets. 2,082.63. 2,097.51. -0.7%. Non-current liabilities. 1,201.24. 1,191.17. 0.8%. 918.40 599.05 547.97 51.08 565.17. 887.42 575.51 527.79 47.73 634.58. 3.5% 4.1% 3.8% 7.0% -10.9%. - Interest-bearing loans and borrowings. 969.63 231.61. 936.81 254.37. 3.5% -8.9%. 1,110.93. 1,095.20. 1.4%. 278.91 725.68 106.34. 281.61 712.97 100.61. -1.0% 1.8% 5.7%. 4,229.67. 4,455.05. -5.1%. 4,229.67. 4,455.05. -5.1%. - Inventories - Debtors Trade debtors Other debtors - Cash and other current assets. TOTAL ASSETS. - Other non-current liabilities. Current liabilities - Interest-bearing loans and borrowings - Trade creditors - Other current liabilities TOTAL EQUITY AND LIABILITIES. Page 9 / 14. WorldReginfo - 1e90feec-bdc6-4670-95b2-f74155d5aeec. As of 30 Sep tem ber, A ce rino x h ad li ne s o f cr ed it amou nti ng to 1,9 16 mi ll io n Euro s, 35 % o f wh ich w ere av ai lab le..

(11) T he o pera ti ng wor kin g c a pit al sto od at 7 41 m i ll ion Eur os , c omp ared w ith 70 2 mi ll ion Eur os on 31 D ece mber 20 16.. We sho uld m en tio n th e si gni fi can t fa ll i n op erat in g wor kin g ca pi ta l, 13 2 mi ll io n Eu ros , under ta ken dur in g t he th ir d qu arte r. O p e r a t i n g W o rk i n g Ca p i t a l. As a re su lt o f th e ab ove , the o pera ti ng c as h fl ow to tal led 228 mi ll ion E uro s, enab li ng the Gro up to ma in tai n the pac e of it s inv es tme nts , 1 41 mil l ion Euro s, an d the paym ent of d iv id end s t ota l lin g 1 24 mil li on E uro s. Ca s h F l o w J a n - S e p 2 0 1 7 . M i l l i o n s o f e u ro s. Page 10 / 14. WorldReginfo - 1e90feec-bdc6-4670-95b2-f74155d5aeec. Millions of euros.

(12) Co n d e n s e d S t a t e m e n t o f C a s h F l o w Millions of euros. Las t 27 Oc tob er w it nes se d the off ic ia l op en ing of t he ne w m anu fa ctur ing li n es a t N A S (the n ew bri ght an nea li ng –B A- li ne a nd t he co ld - r oll in g mi ll) , i n th e pr ese n ce o f th e Gov erno r o f Ke ntu ck y a nd the B oard of D ire ct ors of Ac eri no x.. Page 11 / 14. WorldReginfo - 1e90feec-bdc6-4670-95b2-f74155d5aeec. Investments.

(13) Outlook T he t hir d q uar ter beh ave d a s we fore ca st in Ju ly , and th e re ver sa l o f t he trend w e anno un ced th en has o cc ur red t oo. T his re in for ces o ur opt im i sm to ward s th e fourt h qu arter , in term s of bo th a c tiv it y and pric es an d m arg ins .. Page 12 / 14. WorldReginfo - 1e90feec-bdc6-4670-95b2-f74155d5aeec. T he 20 17 f ina nc ia l ye ar w il l end w ith re su lt s w hi ch refl ect the r ec over y o f th e mark et and im prov ed mar gin s, a s a r esu lt of th e sav in gs ach ie ved by t he E xc el len ce P lan s. T he i nco me g ener ate d w i ll e nab le u s t o ma int ain our s trat eg ic i nv es tmen t pla n and con tin ue w ith sh are hol der remun er at io n..

(14) Main economic-financial figures. Year 2017. CONSOLIDATED GROUP. Q1. Q2. Q3. 667.5 592.5 438.3 58.5. 605.3 535.4 436.2 57.3. 614.6 542.4 426.8 54.3. 2016. Q4. Accumulated. Jan-Sep. 1,887.4 1,670.3 1,301.4 170.1. 1,864.4 1,661.8 1,275.1 171.6. 0.00. 3,511.03. 2,914.64. 0.00. 369.93. 223.03. Melting shop Hot rolling shop Cold rolling shop Long product (hot rolling) Net sales (million €). 1,252.48 1,191.34 1,067.21. Gross operating result / EBITDA (million €). 191.24 % over sales. EBIT (million €). 125.60. 53.09. 0.0 0.0 0.0 0.0. 15.3%. 10.5%. 5.0%. 0.0%. 10.5%. 7.7%. 146.12. 80.89. 12.71. 0.00. 239.72. 96.64. 6.8%. 3.3%. % over sales 11.7%. 6.8%. 1.2%. 140.80. 75.98. 8.92. 0.00. 225.70. 72.58. Result after taxes and minorities (million €). 97.95. 52.80. 6.64. 0.00. 157.39. 44.50. Depreciation (million €). 45.28. 43.88. 40.80. 0.00. 129.96. 125.63. Net cash flow (million €). 143.24. 96.69. 47.43. 0.00. 287.36. 170.13. Number of empoyees. 6,616. 6,794. 6,818. 0. 6,818. 6,541. Net financial debt (million €). 600.55. 663.49. 696.65. 0.00. 696.65. 678.07. Debt to equity (%). 26.8%. 33.2%. 36.3%. 0.0%. 36.3%. 34.1%. Number of shares (million). 276.07. 276.07. 276.07. 0.00. 276.07. 276.07. ---. ---. 0.45. ---. 0.45. 0.440. Daily average shares traded (nº of shares, million). 1.54. 1.76. 1.37. 0.00. 1.55. 1.94. Result after taxes and minorities per share. 0.35. 0.19. 0.02. 0.00. 0.57. 0.16. Net cash flow per share. 0.52. 0.35. 0.17. 0.00. 1.04. 0.62. Result before taxes and minorities (million €). Return to shareholders (per share). 0.0%. Page 13 / 14. WorldReginfo - 1e90feec-bdc6-4670-95b2-f74155d5aeec. Production (Thousand Mt).

(15) Alternative Performance Measures (definitions of terms used) Sa vin g s rel ated to t h e E xcel lenc e Pl ans: e sti mat ed e ff ic ien cy s av ing s on t he b as is of t he st udy de fi ned for ea ch P lan Op e rat in g Wo rk in g Cap it al: I nv ent ori es + Tr ade de btor s - T rad e p aya bl es Net Ca sh F lo w: R esu lt af t er ta xe s a nd mi nor ity i nter est s + de pre cia ti on Net F in an cia l Deb t: In ter est - bear in g l oan s and bor r ow ing s + bo nd is su e - ca s h E BIT : Op erat in g i nc ome E BIT DA: O pera ti ng in com e + depr ec iat io n + pro vi si ons Net fi n an c ial exp e n se s : Fin anc ia l i nco me - f i nan cia l c os ts ± e xc ha n ge rat e dif fere nce s. Page 14 / 14. WorldReginfo - 1e90feec-bdc6-4670-95b2-f74155d5aeec. Deb t Ra tio : Ne t F ina nc ia l Deb t/ Eq uit y.

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