2009 RESULTS REPORT
26th February 2010
- ACERINOX GROUP MAINTAINS POSITIVE RESULTS AFTER TAXES AND MINORITIES (+6.4 MILLION EUROS) IN THE FOURTH QUARTER.
- THE PROFITS REGISTERED IN THE SECOND HALF OF THE YEAR ARE INSUFFICIENT TO OFFSET THE LOSSES OF THE FIRST HALF OF THE YEAR REGISTERED AS A RESULT OF THE WORLD ECONOMIC AND INDUSTRIAL RECESSION.
- THE YEAR NET LOSS HAS BEEN REDUCED TO 229.2 MILLION EUROS.
- THE GROUP HAS IMPROVED ITS WORKING CAPITAL IN 498 MILLION EUROS, MAINLY DUE TO THE SIGNIFICANT REDUCTION OF INVENTORIES CARRIED OUT DURING THE YEAR FOR AN AMOUNT OF 412 MILLION EUROS.
- THE COMBINED EFFECT OF THE MARKET IMPROVEMENT, THE ADJUSTMENT PLAN AND THE EXCELLENCE PLAN STRENGTHEN ACERINOX GROUP COMPETITIVENESS AND ALLOW US TO BE OPTIMISTIC FOR 2010.
- THE GROUP MAINTAINS ITS SRATEGIC PLAN UNALTERED.
- WE FORECAST THAT 2010 WILL BE A RECOVERY YEAR. THE FIRST QUARTER RESULTS WILL BE POSITIVE IN LINE WITH THE PROFITS ACHIEVED IN THE LAST TWO QUARTERS OF 2009.
Million euros ACERINOX GROUP
66.7 87.9
-29.2
-135.8 -93.0
-162.0 19.4
6.4
-200 -150 -100 -50 0 50 100 150
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008 2009
QUARTERLY EVOLUTION OF THE RESULT AFTER TAXES AND MINORITIES
Summary of year 2009
The world economic crisis and the halt of the industrial activity, together with the strong process of reduction of stainless steel inventories in the factories and warehouses, were the main feature of the first half of the year, and the worst one in the stainless steel history. In the second half of the year the market situation improves, together with the joint effects of the Excellence Plan 2009-10 and the Adjustment Plan, which determined the Group results change of trend.
The registered net losses, 229.2 million euros, give proof of the dramatic difficulties the sector has gone through during year 2009. Symmetrical to 2008, the year shows to well distinguished halves.
In such a complex year ACERINOX has managed to confirm its leadership in North America, to confirm its policy of opening trading offices, to hasten its Excellence Plan implementation and to bring out its investment in a plant in Asia, which is an essential mainstay in the Group strategy until 2020. Hence the change of trend of 2009 and our optimism facing this year.
Raw Materials
During the first quarter 2009 the nickel prices maintained levels of around 10,000 USD/Mt and from there they were rising to become stabilized from the Summer at levels of around 18,000 USD/Mt.
OFFICIAL NICKEL PRICE IN THE L.M.E.
(Years 2008 – 2009)Average price: cash / three months USD/Mt.
J F M A M J J A S O N D J F M A M J J A S O N D 0
5,000 10,000 15,000 20,000 25,000 30,000 35,000
Ferro-chrome prices also increased from the second quarter as a result of the stainless steel demand improvement and the increase of the energy costs.
Markets
The first half of 2009 has been the worst of the stainless steel history with a world production slump of 26.7% with regard to 2008 like period. This sharp fall affected all the regions to the same extent (Europe –41%, America –39%, and Asia excluding China –34%). The only exception is China, which increased its production by 5%.
In the third quarter there was a recovery of demand and the market activity, which could not be maintained until the end of the year due to the effort from the stockists and end customers not to end the year with high levels of inventories and leverage.
• Europe
In the European market as a whole, production fell by 24% and apparent consumption dropped by 27%. These figures show the magnitude of the European industrial recession during the year.
The base prices in Europe have followed the world trend featured by weakness during the first half of the year and an improvement during the third quarter with a downward correction in the fourth quarter.
STAINLESS STEEL COLD ROLLED SHEET PRICES AISI. 304 2.0 mm
(1999 – 2009)€/Mt GERMAN MARKET
Base Price Alloy Surcharge SOURCE: MBR 99 00 01 02 03 04 05 06 07 08 09
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000
• America
The American market has also adjust its production to the demand evolution.
The prices slump in the first half of the year was even worse than in Europe.
Nevertheless, the upward reaction was also stronger and even in the fourth quarter the producers announce a price rise which as become consolidated in the market.
• Asia
The crisis in the financial markets has affected the Asian countries to a lesser extent than other economies. In the second half of the year both the stainless steel production and consumption increased.
The Asian factories productions, according to our estimations and China excluded, have fallen by 24%. Nevertheless, in China production went up by 26.8%, contrasting with the corrections in all the markets.
The evolution prices in Asia has been different to the European and American markets. In the first half of the year prices were momentarily higher but they were lower at the year end.
STAINLESS STEEL COLD ROLLED SHEET PRICES AISI. 304 2.0 mm
(1999 – 2009)Base Price Alloy Surcharge
USD/Mt NORTH AMERICAN MARKET
SOURCE: MBR 99 00 01 02 03 04 05 06 07 08 09
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000
Productions
In such a tough year as 2009 ACERINOX Group production has matched the market demand and to the established plans to reduce inventories.
In this context, the geographical diversification of the production assets and the wide commercial network in the five continents have played a primary role, making the best of the demand increases where they were locally taken place.
The year started with a very low activity, as a result of the dramatic reduction of inventories which had begun in the fourth quarter 2008, not only in the stainless steel sector by also in all the supply chain.
una mejora del 40% frente a la del trimestre anterior, manteniendo una evolución creciente desde el cuarto trimestre de 2008. El acumulado del año todavía es un 21,3% inferior al del mismo periodo del año anterior, aunque se van acortando las diferencias.
USA
GERMANY
SOURCE: Metal Bulletin Research “Stainless Steel Monthly”
ASIA (since year 2008;
average of China,Taiwan and South Korea)
STAINLESS STEEL COLD ROLLED SHEET PRICES AISI. 304 2.0 mm
(1999 – 2009)USD/Mt, final price, alloy surcharge included
99 00 01 02 03 04 05 06 07 08 09 1,000
1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000
Variation
1Q 2Q 3Q 4Q Accumulated over 2008
Melting shop 339.6 435.0 610.9 421.0 1,806.4 -11.6%
Hot rolling shop 296.1 382.3 546.4 403.5 1,628.2 -9.3%
Cold rolling shop 217.5 208.2 351.5 294.1 1,071.3 -17.9%
Long product (Hot rolling) 31.0 33.3 39.9 36.9 141.1 -30.2%
Thousand Mt 2009
In the second quarter production improved by 28.0% with regard to the first quarter. In the third quarter it increased by an additional 40.4%, achieving normal levels due to the recovery of demand in Asia, which later would be followed by the rest of the world. In the fourth quarter it dropped by 31.1%
because the customers and stockists needed to end the year with the lowest possible working capital.
In this context, ACERINOX Group has had a good performance, better than the average of the sector, excluding China, decreasing its production by 11.6%
with regard to 2008. It is to be highlighted the very positive production increase of COLUMBUS, +3.4%, making the best of the Asian markets improvement.
626,340 605,722
527,419
284,375
434,962 610,867
420,953 339,574
0 100,000 200,000 300,000 400,000 500,000 600,000 700,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Year 2008 Year 2009
QUARTERLY EVOLUTION OF ACERINOX GROUP PRODUCTIONS
MELTING SHOP (Mt)
Results
ACERINOX Group has achieved negative results after taxes and minorities of 229.2 million euros.
The main magnitudes achieved in the year are the following:
EVOLUTION OF THE RESULT AFTER TAXES AND MINORITIES ACERINOX GROUP
-229.2 312.3
-10.5 154.5
503.0
-250 -200 -150 -100 -50 0 50 100 150 200 250 300 350 400 450 500 550
2005 2006 2007 2008 2009
Million €
31
stDECEMBER 2009 RESULTS
(*) EBITDA is defined as the operating result excluding depreciation and provisions (**) EBIT is defined as the net operating result
CONSOLIDATED GROUP 2009 2008 Variation
Net Sales 2,993,409 5,050,571 -40.7%
EBITDA (*) -165,007 299,684 ---
EBIT (**) -319,158 47,971 ---
Profit before taxes and minorities -348,582 -16,746 1981.5%
Depreciation 125,090 121,859 2.7%
Gross Cash Flow -223,492 105,113 ---
Profit after taxes and minorities -229,206 -10,455 2092.4%
Net Cash Flow -104,116 111,404 ---
The Group net sales, 2,993 million euros, is 40.7% lower than the invoiced figure of the previous year and are the lowest in the last six years, as a result of the market slump, the deliveries and prices sharp drop, much lower as a whole than in previous years.
Nevertheless, the competitive advantage of ACERINOX for being a global player, with integrated productions three continents and with an important commercial network in all the markets, involves its flexibility to increase its presence in the most active markets each moment and adjust it in those going through difficulties. Thus, in 2009 ACERINOX Group has increased by 4.1 points its sales Asia. An 89% of the Group commercial activity is done out of Spain.
GEOGRAPHICAL DISTRIBUTION OF ACERINOX GROUP NET SALES YEAR 2008
Europe Europe 44.1%
44.1%
Americas Americas 36.4%
36.4%
Asia Asia 13.6%
13.6%
Africa Africa 5.8%
5.8%
Oceania Oceania 0.1%0.1%
Europe Europe 40.8%
40.8%
Americas Americas 35.8%
35.8%
Asia Asia 17.7%
17.7%
Africa Africa 5.4%5.4%
Oceania Oceania 0.3%
0.3%
YEAR 2009
1,567
1,122
918 770 783
1,592
617 675
0 500 1,000 1,500 2,000 2,500
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2008 2009
Million €
EVOLUTION OF ACERINOX GROUP NET SALES
ACERINOX Group EBITDA in the second half of the year, 117.2 million euros, has not been sufficient to offset the negative EBITDA of the first half of the year.
In the whole of the year, and for the first time in its history, ACERINOX has had a negative EBITDA, -165 million euros.
Acerinox Consolidated Group Profit and Loss Account EVOLUTION OF THE CONSOLIDATED GROUP EBITDA (*)
962.7
457.0
299.7 752.2
-165.0 -300
-200 -100 0 100 200 300 400 500 600 700 800 900 1,000
2005 2006 2007 2008 2009
5.9 10.8
17.1
Average 2005 – 2009:
461.3 (9.3%)
10.9
-5.5
(*) EBITDA is defined as the operating result excluding depreciation and provision
Million € (% over sales)
Million € 1º Q. 09 2º Q. 09 3º T.09 4ºT.09 2009 2008 Variation
Net sales 617.00 674.94 918.45 783.02 2,993.41 5,050.57 -40.7%
Gross margin 70.35 -37.14 261.96 244.00 539.17 1,008.18 -46.5%
% over sales 11.4% -5.5% 28.5% 31.2% 18.0% 20.0%
EBITDA (*) -97.97 -184.19 62.29 54.86 -165.01 299.68 -155.1%
% over sales -15.9% -27.3% 6.8% 7.0% -5.5% 5.9%
Gross operating result -97.97 -209.88 62.29 54.86 -190.69 171.27 -211.3%
% over sales -15.9% -31.1% 6.8% 7.0% -6.4% 3.4%
EBIT -128.24 -240.83 30.71 19.20 -319.16 47.97 -765.3%
% over sales -20.8% -35.7% 3.3% 2.5% -10.7% 0.9%
Result before taxes
-141.22 -247.83 25.68 14.79 -348.58 -16.75 1981.5%
Result after taxes and minorities
-92.98 -161.99 19.36 6.40 -229.21 -10.45 2092.4%
Depreciation 29.19 30.78 31.57 33.54 125.09 121.86 2.7%
Net cash flow -63.79 -131.21 50.93 39.94 -104.12 111.40 -193.5%
January-December
(*) EBITDA is defined as the operating result excluding depreciation and provisions
It is very important to point out the working capital decrease in 498 million euros, mainly due to the significant inventories reduction carried out at the beginning of the year for an amount of 412 million euros.
CONDENSED CASH-FLOW STATEMENT CONSOLIDATED GROUP
Million Euro Year 2009 Year 2008
Result before taxes -348.6 -16.7
Adjustments for: 46.6 239.2
Depreciation and amortisation 125.1 121.9
Changes in provisions -118.9 34.6
Other adjustments in the result 40.5 82.7
Changes in working capital 497.6 452.9
Changes in operating working capital (1) 285.4 677.9
Others 212.1 -225.0
Other cash-flow from operating activities -7.0 -179.4
Income tax 37.2 -102.6
Financial expenses -44.2 -76.8
NET CASH-FLOW FROM OPERATING ACTIVITIES 188.6 496.0
Payments for investments on fixed assets -230.4 -328.7
Others 1.9 0.7
NET CASH-FLOW FROM INVESTING ACTIVITIES -228.4 -328.0
NET CASH-FLOW GENERATED -39.8 168.0
Acquisition of treasury shares -3.3 -127.5
Dividends payed to shareholders and minorities -112.2 -114.7
Changes in net debt 108.9 -22.3
Changes in bank debt 129.3 -71.4
Conversion differences -20.4 49.1
Attributable to minority interests 38.2 0.0
Others 1.9 1.1
NET CASH-FLOW FROM FINANCING ACTIVITIES 33.5 -263.4
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS -6.3 -95.4
Opening cash and cash equivalents 79.7 167.3
Effect of the exchange rate fluctuations on cash held 0.0 7.8
CLOSING CASH AND CASH EQUIVALENTS 73.3 79.7
(1) Inventories + trade debtors - trade creditors
CONDENSED BALANCE OF ACERINOX CONSOLIDATED GROUP La continuidad en los porcentajes de distribución acredita que la crisis de la demanda ha afectado a todos los mercados mundiales por igual.
ASSETS
Million €
2009 2008 Variation
Non-current assets 2,002.06 1,844.84 8.5%
Current assets 1,615.72 1,881.89 -14.1%
- Inventories 1,154.45 1,388.38 -16.8%
- Debtors 371.19 373.37 -0.6%
Trade debtors 304.17 294.60 3.3%
Other debtors 67.01 78.77 -14.9%
- Cash and other current assets 90.09 120.14 -25.0%
TOTAL ASSETS 3,617.79 3,726.73 -2.9%
LIABILITIES
Million € 2009 2008 variation
Equity 1,752.52 2,020.55 -13.3%
Non-current liabilities 800.07 912.35 -12.3%
- Interest-bearing loans and borrowings 543.18 615.76 -11.8%
- Other non-current liabilities 256.89 296.59 -13.4%
Current liabilities 1,065.19 793.84 34.2%
- Interest-bearing loans and borrowings 604.63 402.76 50.1%
- Trade creditors 306.15 245.08 24.9%
- Other current liabilities 154.42 146.00 5.8%
TOTAL EQUITY AND LIABILITIES 3,617.79 3,726.73 -2.9%
The net financial debt at the end of the year, 1,074.5 million euros is 14.5%
higher than in year 2008. It is not a significant increase for a year when, despite the strong losses, the Group has carried out investments for 231 million euros and has paid directly or indirectly 115.5 million euros to the shareholders, which calculated on gearing, means 61.3%. 51% of the total debt, 543.2 million euros is long term, which gives the Group liquidity to finance the working capital and to keep the investments plan scheduled for the next years.
Million €
(655,4)
(674,0)
(828,6)
(1.254,3) (922,6)
Year 2008 Year 2009
NET FINANCIAL DEBT. CONSOLIDATED GROUP
1,074.5
0 250 500 750 1,000 1,250 1,500 1,750
J F M A M J J A S O N D J F M A M J J A S O N D
61%
39%
December 2009
Total exisiting lines:
1,873 mill. €
CURRENT CREDIT LINES IN ACERINOX GROUP
Used credit facilities
Available credit facilities
51%
49%
December 2009
DISCLOSURE OF THE SHORT AND LONG TERM DEBT WITH FINANCIAL INSTITUTIONS
(*) Treasury has been deducted of the short term debt
Long term debt Short term
debt (*)
Human Resources
The Adjustment Plan carried out by the Group in 2009 to deal with the consequences of the international economic recession, has implied the need to reduce the staff in all the companies of the Group. As a whole, 412 jobs have been removed, 5.5% of the staff, which already was the more adjusted one of all our competitors.
On the other hand, 230 workers have joined the company Malaysia, 24 of the joint Bahru Stainless and 206 belong to Yick Hoe distribution network, which have been integrated in ACERINOX commercial network this year
As a result, the total staff as of 31st December 2010 amounted to 7,328 employees, decreasing by 2.4% with regard to the staff at the end of 2008.
It is to be highlighted that more than 50% of the staff is working abroad.
HUMAN RESOURCES
Valores medios mensuales (USD/Tm. Ni.)
Valores medios mensuales (USD/Tm. Ni.) Tm. en milesTm. en miles
2009 2008 Variation
- ACERINOX, S.A. 2,576 2,667 -3.41%
- NAS 1,340 1,377 -2.69%
- COLUMBUS 1,736 1,920 -9.58%
- BAHRU STAINLESS 24 0 ---
- ROLDAN and INOXFIL 586 626 -6.39%
- SPANISH TRADING COMPANIES 411 461 -10.85%
- OVERSEAS TRADING COMPANIES 655 459 42.70%
TOTAL GROUP 7,328 7,510 -2.42%
Yearly return to shareholders in 2009
The financial strength of ACERINOX has allow to keep its traditional policy of consolidating the increases of return per share. Despite the international economic recession and its effects in the stainless steel sector, ACERINOX has maintained a refund of 0.45 euros per share, which was increased in the exceptional year 2007.
The amount paid to the shareholders during the natural year 2009, 0.45 euros per share, is equivalent to a yearly yield of 3.96% with regard to the closing exchange of the last day of year 2008, which was 11.37 euros per share. If the yearly revaluation is added to the 0.45 euros per share, the yield achieved during the year would be 31.75%.
Yearly return to shareholders in 2010.
According to the announcement of the 18th December 2009, ACERINOX Board of Directors, in its meeting held on that date, resolved to propose to the next General Shareholders Meeting to keep a return of 0.45 euros per share during year 2010.
Thus, should the General Shareholders Meeting approves the return of 0.35 euros proposed by the Board of Directors of the 5th of July 2010 and the refund of the issue premium of 0.10 euros per share to be effective in October 2010, the yearly return to the shareholders would be 0.45 euros per share, the same as in years 2007, 2008 and 2009 for the equal concepts.
RETURN TO SHAREHOLDERS
Dividend Dividend
0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0.50 0.55
05 06 07 08 09
0.34
0.26 0.08
0.34
0.26 0.08
0.48
0.35 0.10
0.45
0.35 0.10 0.45
0.35 0.10
0.03
€ / share
Attendance bonus AGM
Issue Premium Refund
Excellence Plan
In February 2009 “the Excellence Plan 2009-2010” was brought out. It consists of 10 chapters, which include improvements of quality and process, inventories management, reduction of costs and better use of the synergies among factories and service centers of the Group. The results of the implementation of this program were estimated in recurrent savings of 133 million euros yearly, from the third year.
This plan is born as a result of an intense “benchmarking” internal program among the Group companies, sharing the best practices of each of them so as to improve the processes along the supplying chain and ambitious targets were established but also realistic as each of them has already been proved to be successful in one of the factories.
The geographical distribution of Acerinox Group, with 3 integrated factories with similar structure and size in three different continents, allows a unique opportunity in the sector to carry out these exercises of comparison. The exchanges of technical information among the experts of the different areas in all the factories are the perfect framework to the steady and continuous improvement of the quality, processes, efficiency and costs control.
As of 31st December 2009, after 10 months of the plan application, 64% of the fixed targets on regular basis have been achieved and the forecasted savings are being obtained steadily. During 2010 we will continue working in this field to complete the whole plan.
Due to the success of the “Excellence Plan 2009-2010” and although the period is not finished yet, new sections are being incorporated and new targets are being set, which are currently being studied and assessed.
Strategic Plan
In spite of the world economic situation, the Group has maintained its Strategic Plan, which will be developed until 2020. An essential part of this Plan is the investment in the new factory in Malaysia, Bahru Stainless.
• Bahru Stainless
The works are well under progress. All the equipment of the first phase, and the main supplies have already been contracted. The preparation and compacting of the land, the electric substation building and the wiring and piping supports have been finished. The construction works of the pier which will give service to the factory are also well advanced. This pier will allow to dock ships up to 40,000 Mt for the reception of raw materials.
In pararell the contracting process o local technicians and workers has begun and the first training courses have started in ACERINOX and COLUMBUS factories.
The cutting lines will come into operation at midyear 2010 to process the materials coming from ACERINOX and NISSHIN STEEL factories.
The cold rolling operations will start in the second half of 2011. The investment of the first phase has been increased to 370 million USD and the second phase is being prepared.
The project will be developed by stages and as we made in the Campo de Gibraltar and Kentucky factories, it will be self financing, creating value from the start up of the first phase. From its start and to the melting shop installation, BAHRU STAINLESS will contribute to the increasing use of the installed capacities in the rest of the Group factories. That is to say, no new production capacities will be added, but it will improve the use rate of the already existing capacities, increasing this way the Group competitiveness.
In the first phase, its production capacity will amount to 240,000 Mt/year, 180,000 Mt of them will be cold rolled products and 300 direct jobs will be created. It will give service mainly to the customers of the ASEAN area, of strong growth and where ACERINOX Group has a powerful commercial presence for years.
This investment has the support and the experience of the technical staff of the 3 factories of the Group. Likewise, it is to be highlighted the commitment of the Malaysian authorities with the project success, always helping the works progress.
• Commercial Development
Under these circumstances and thanks to the development policy of the last years and the evolving of its Strategic Plan, ACERINOX Group is exceptionally well prepared for this new stage of recovery, which will strengthen our leadership position in the world context.
The distribution of our production assets with integrated factories in three continents and the fourth one, in its initial stages, in Asia, and also a wide commercial network all over the world, represent a unique structure in the sector.
During 2009 we concluded the enlargement of Birmigham warehouse (UK) and began the construction of a new warehouse in Bolonia (Italy), which will be operation in June 2010.
The investments in the new cutting lines for the service centers of Pennsylvania (US) y de Warsaw (Poland) have come to and end and very soon new cutting equipment will be installed in Monterrey (Mexico).
Likewise, offices have been opened in Mumbai (India) and Wuxi (China).
In March the purchase of Yick Hoe Metals was completed, and consequently the Group becomes the first distributor in Malaysia, where the local network has been enlarged with the two new warehouses of Kuala Lumpur and Penang, which are already in operation.
A new office in Yakarta (Indonesia) will be opened soon.
Outlook
Despite de negative results of year 2009, we consider it to be an unusual fact result of the also unusual circumstances of the whole crisis in the economic, industrial and financial fields and that the Group has all the foundations to guarantee positive results. In fact, as we already announced in July 2009, in the third and fourth quarter of year 2009 still in crisis environment, the results have been positive.
At the beginning of 2010 we are noticing improvements in demand, which mean increases in the order book and in the production activity, which will improve the results at the end of the first quarter, and will be confirmed in the second quarter.
In the first quarter 2010 we expect to register positive quarterly results in line with the figures achieved in the third and fourth quarter 2009.
In 2010 the recovery will take place, although its strength will be determined by the general economy evolution.
Data by companies
1st Q. 09 2nd Q. 09 3rd Q. 09 4th Q. 09 Year 2009 % over 2008 Acerinox, S.A. 121.4 113.6 178.2 164.6 577.9 -28.3%
NAS 130.4 161.0 245.0 145.7 682.2 -3.8%
Columbus 87.7 160.3 187.6 110.6 546.3 3.4%
Acerinox Group 339.6 435.0 610.9 421.0 1,806.4 -11.6%
1st Q. 09 2nd Q. 09 3rd Q. 09 4th Q. 09 Year 2009 % over 2008 Acerinox Group 617.0 674.9 918.5 783.0 2,993.4 -40.7%
Acerinox, S.A. 223.5 187.8 309.8 262.5 983.7 -49.7%
NAS (million USD) 264.6 313.1 554.7 407.8 1,540.1 -41.8%
Columbus 122.7 183.8 245.8 199.4 751.7 -29.6%
1st Q. 09 2nd Q. 09 3rd Q. 09 4th Q. 09 Year 2009
Acerinox Group -93.0 -162.0 19.4 6.40 -229.2 2092.4%
Acerinox, S.A. -27.0 -47.3 14.0 1.03 -59.2 ---
NAS (million USD) -40.5 -28.7 6.0 21.53 -41.7 ---
Columbus -13.6 -32.2 -0.3 6.35 -39.7 ---
Million €
PROFIT AFTER TAXES AND MINORITIES
% over 2008 Thousand Mt
MELTING PRODUCTION
Million €
NET SALES
Main economic-financial magnitudes
Year 2008
CONSOLIDATED GROUP 1st Q. 2nd Q. 3rd Q. 4th Q. Accumulated Jan - Dec Production (Mt.)
- Melting shop 339,574 434,962 610,867 420,953 1,806,357 2,043,856 - Hot rolling shop 296,109 382,267 546,360 403,498 1,628,233 1,795,536 - Cold rolling shop 217,503 208,153 351,532 294,085 1,071,274 1,305,477 - Long product (hot rolling) 30,954 33,286 39,928 36,924 141,092 202,068 Net sales (million €)
Group 617.00 674.94 918.45 783.02 2,993.41 5,050.57
- Acerinox, S.A. 223.52 187.84 309.82 262.48 983.65 1,957.01
- NAS (million USD) 264.63 313.07 554.65 407.77 1,540.13 2,647.49
- Columbus 122.71 183.76 245.83 199.36 751.66 1,067.04
EBITDA (*) (million €) -97.97 -184.19 62.29 54.86 -165.01 299.68
- % over sales -15.9% -27.3% 6.8% 7.0% -5.5% 5.9%
EBIT (million € -128.24 -240.83 30.71 19.20 -319.16 47.97
- % over sales -20.8% -35.7% 3.3% 2.5% -10.7% 0.9%
Result before taxes and minorities
(million €) -141.22 -247.83 25.68 14.79 -348.58 -16.75
Result after taxes and minorities
(million €) -92.98 -161.99 19.36 6.40 -229.21 -10.45
Depreciation (million €) 29.19 30.78 31.57 33.54 125.09 121.86
Net cash flow (million €) -63.79 -131.21 50.93 39.94 -104.12 111.40
Number of empoyees 7,327 7,358 7,345 7,328 7,328 7,510
Net financial debt (million €) 993.14 863.31 946.30 1,074.51 1,074.51 938.84
Debt to equity (%) 47.9% 49.2% 43.6% 61.3% 61.3% 46.5%
Number of shares (million) 254.30 254.30 249.30 249.30 249.30 254.30 Return to shareholders (per share) 0.10 0.10 0.15 0.10 0.45 0.45 Return to shareholders (million €) 24.97 24.93 37.40 24.93 112.23 114.74 Daily average shares traded (nº of
shares, million) 1.14 1.18 0.82 1.01 1.06 1.97
Result after taxes and minorities per
share -0.37 -0.64 0.08 0.03 -0.92 -0.04
Net cash flow per share -0.25 -0.52 0.20 0.16 -0.42 0.44
(*) EBITDA is defined as the operating result excluding depreciation and provisions
Year 2009
