Results on 31 March, 2018

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(1)Acerinox | Results for the First Quarter of 2018. . Results on 31 March, 2018. Page 0. / 13. WorldReginfo - ed24ed78-23c6-488e-9e8d-f61e8e6a86f1. F r e e tr an s l at i o n f r o m t he or i g i n a l i n Sp a n i s h. In the e v en t o f d is c r e pa n c y , th e Sp a n i s h- la n g ua g e v er s i o n pr e va i l s.

(2) Acerinox | Results for the First Quarter of 2018. DISCLAIMER T h i s d o cu men t h a s b ee n d r awn u p i n g o o d fa i t h up o n t he b a s is o f th e d at a a nd f a c t s a v a i l a b le on t h e d a y o f i ts p ub l i c a t i on a nd s ho u l d b e r ea d t og et h er w i th a l l t h e p ub l i c i n f or ma t i on pr o v i de d a n d/o r p u b l i sh e d b y AC E R I N O X , S .A . T h i s do c u men t m a y c on t a in s ta t em en t s w i t h r eg ar d to th e fu t ur e in t e nt i o n s, f or e c a s t s a nd e s t i m at e s o f A C ER INO X , S . A . a n d its b u s i n e s s. T h e se t yp e s o f s ta t em en t s a nd / or c o n t en t s m ay i n c l u d e d ec l a r at i o n s or e x p e c ta t i ons w i t h r e g ar d t o t h e cur r e nt p la n s , o b j e c t i ve s a nd f or e ca s t s of t he c om p any a n d i t s grou p , in c l u d in g d e c l ar a t io n s c o n c er n i ng t r e n d s o r c i r c u m s t an c e s w h i c h m i gh t a f f e ct i t s cu r r e nt f in a n c ia l s i t u a t io n a nd i t s r a t io s , r e s u lt s , s tr ate g i e s , pro d uc t i o n l e v e l s, e x p e nd i tur e, costs, exchange r a tes, investments a n d /o r d i v i d en d p o l i c y . It m a y a l s o c o nt a i n r e fe r e n ce s to t h e s i tua t i o n an d tr en d s o f t he m ar k e t o f r aw m a te r ia l s , e s p e c i a l l y n ic k e l a nd c hr o m e . T h e se s t at em e n t s a n d co n t en t s h a ve b ee n i s s u ed i n g oo d f a ith , u p on t h e b a s i s o f t he k n o w le d ge an d i n fo r m at i on a v a i l a b le on t h e da t e o f t h i s a n no u n ce m e nt a nd , de s p i t e b e i n g r e a so n ab l e , d o n ot c on s t it u t e a gu ar an t e e o f f u tu r e c o mp l i a n ce. T h e s e st a te m e nt s an d contents are subject to r isks, uncertain ties , changes and situations beyond the contr o l o f AC ER INO X , S. A ., m e an i n g t ha t t hey m a y no t c om p l y , i n f u l l o r i n p ar t , w it h w ha t i s e x p e c te d a n d/ or d e c lar e d.. N e i th er th i s d o c u me n t n or th e in f or m at i o n co n ta i n ed h er e in c onst i t u te an o ffe r t o se l l , p u r ch a s e or e x c h a ng e o r a n i n v it a t io n t o ma k e a n of f er to bu y , pu r c ha s e or ex c h a n ge , o r a r e co mm e nd a t i on or a dv i c e r eg ar d i ng an y a s s e t o r f in a n c ia l in s t r u me n t i ss u e d b y t he A c e r in o x G r ou p . A n y p er so n w h o a c qu ir e s a s s e t s sh o u l d d o s o u p o n t he ba sis o f h i s or h e r ow n j ud ge m e nt a f te r r e c e i v i n g t he p r of e s s i on a l a d v i c e d e eme d ap pr op r iat e . N o k i nd o f i n v e s tm en t a c t i v i t y s h ould b e p er for me d u p on t he b a s i s o f th e in f or ma t i on or f o r e c a s t s c o n t a in e d i n t h i s do c u me nt a t i on . Neither AC ER INOX, S.A. nor its subsid iaries assume liability of any kind for the damages w h ich m a y arise fr om an y u se of th is do cu m en t or its co n te n t s.. Page 1. / 13. WorldReginfo - ed24ed78-23c6-488e-9e8d-f61e8e6a86f1. E x c e p t t o t he e x te n t r e qu i r ed b y t he a p p l i c ab l e l aw , A C ER INO X , S .A . do e s n o t a s s um e a n y o b l ig a t ion t o p u b l i c l y u p d at e i t s f utu r e d e c la r a t io n s a nd s ta te m e nt s , e v e n w he n ne w d a t a ar e p u b li s h e d o r f ur th e r u nf or e see n e ve n t s w hi c h m i gh t a f fe c t th e m ar i se . A C ER INO X , S . A . pr o v i d es i n f or m a t io n o n t h e a bo ve a nd ot h er fa c t or s w h i c h m a y a f fe c t i t s f u tu r e s t ate m e nt s c o n ce r n in g i t s b us i n e s s , e xp ec t a t i on s a nd /o r f i n a n c ia l r e s u l t s i n t h e d o c u me n t s it s ub m it s t o t he S p an i sh N a t io n a l S e c ur i t i e s Ma r k et C o mm is s i o n . A l l i n t er e s te d p ar t i e s ar e i n v it e d t o v ie w th e s e d o c um en t s ..

(3) Acerinox | Results for the First Quarter of 2018. Telephone conference and live broadcast of the presentation of the results for the First Quarter of 2018. A c e r in o x w i l l h o l d t h e pr e se n t at i o n f or t h e r e s u lt s of t h e f i r st qu art er of 20 1 8 , in E ng l i s h , t o d a y, 27 Ap r i l , at 10 . 00 A M ( C ET ) , d ir e ct e d by M i gu e l F er r a nd i s , G r ou p C F O , a c c o m pa n i ed b y th e I n v e st or R e l at i o n s t e am . T o a c c e s s the pr e s en t at i on v i a te l e ph on e c o nf er en ce , y o u c a n use o n e o f t he f o l l ow i ng n u m ber s , 5 - 10 m i nu t e s b ef or e th e st ar t o f t h e e v en t: S p a i n : + 3 4 91 4 1 42 0 21 U K : + 44 20 30 4 3 24 4 0 F o l l ow ed b y th e PI N c o de : 1 8 61 0 60 0# T h e pr e se n tat i o n ca n b e fo l l o w e d fr o m t h e w e b s i te o f A ce r in o x ( w w w .a c er i nox. c o m) , i n t h e se c t i on of S ha r e h o ld er s an d I n v e sto r s .. Page 2. / 13. WorldReginfo - ed24ed78-23c6-488e-9e8d-f61e8e6a86f1. T h e pr e s en t a t i o n a n d a l l t h e au d i o- v is u a l m at er i a l w i l l b e a v a il a b l e on t he A c e r in o x w e b s it e ..

(4) Acerinox | Results for the First Quarter of 2018. Results for the First Quarter of 2018. . . . . . . The EB ITDA has rise n to 118 million euros, a figure similar to that of the previous q u ar t er an d 3 9 % lo w er tha n in t h e f ir st qu ar t er of 2 0 1 7, w h ich w a s b oo st ed b y t he r e co ver y of ra w m at er i a l s T h e pr of it s a ft er t a xe s an d m in or it y int er e st s h a ve tot a lle d 5 8 m illio n eu ro s com p ar ed to 98 million euros in the first quarter of 2017 T h e G r o u p ’ s n e t s a le s , t o t a l l in g 1 , 2 5 4 m illion euros, slightly incr eased by 0.1% co m p are d w ith th e sam e pe r iod o f th e p r e vio u s ye ar , an d 1 2 % h ig h er w it h r esp e ct t o t h e p r e v i o u s q u ar t er M e lt ing pr o du ct io n, t o ta llin g 6 6 8, 0 76 to n n e s, in cr ea se d b y 0. 1% in co m p ar iso n w ith the same period of the pr evious ye ar . Cold rolling pr oduction , standing at 461,565 t o n ne s , h a s in c r ea s e d b y 5 . 3 % w i t h r es p e c t t o t h e fir s t q u ar t er of 2 01 7 Investments amounting to 33 million euros have been approved T h e B oar d o f D ir e c t or s h a s pr o po s e d t o t h e G e n er a l S h ar e ho l d er s’ M ee t i n g a d iv i d e n d o f 0 . 45 e ur os p er s h are , t o b e m ad e ef f e c t i ve b y me a n s o f a s i ng l e ca s h p a ym e n t i n J u l y , an d t h e r e n o v at i o n of f i v e b oa r d m e mb er s The result s in the se cond quarter will improv e, boosted by the sa tisfactory situatio n o f th e Am er i ca n mar k e t. Quarterly evolution of the EBITDA Millions of euros (% of sales). Page 3. / 13. WorldReginfo - ed24ed78-23c6-488e-9e8d-f61e8e6a86f1. .

(5) Acerinox | Results for the First Quarter of 2018. Stainless Steel Market T h e f i n a l d em a n d f or s ta in l e s s s t ee l ha s c o n t in u ed t o p er for m w e l l i n a l l mar k e t s , i n l in e w i t h t h e goo d p er fo r m an c e o f th e w or l d e co n om y , a l th o ugh th e fu n dam e n ta l s ar e d i f f er en t in ea c h on e . T h e Am e r ic an ma r k et h as d i s p l a ye d a g oo d p er fo r m a n c e i n th e f ir s t q ua r t er i n te r m s of b o t h c o n su mp t i o n a nd pr ice s , bo o s te d b y th e n ew s o n th e t ar i f f m e a s ure s . T h i s i n cr ea se d co n s um p t io n a n d a ct i v i t y i n a l l s e c to r s h a s m e an t t h at st o c ks h a ve b e en r e du c e d t o 2 .6 m on t h s, belo w t h e a v era g e o f r e ce n t y e ar s . I m p or t s h a ve f a l l e n b y 1 5%, c h i e f l y d u e t o t h e imp l e m en t at i o n o f S e ct i o n 2 3 2 , w h i ch p r op o s e s a 25 % t a r i ff on im p or t s o f m el t i n g p r o d u cts. A s a r e su l t , p r i c e s h a ve e v o l v e d u pw a r d s d ur in g th e f ir s t q uar te r . T h e p r ice s we r e a f fe ct e d in Jan u ar y by t he sh ar p d e clin e in the a llo y su r cha r ge a s a r e su lt o f th e d e clin e in ferr o chr om e price s. T h is eff e ct wa s cor re ct e d in F ebr u ar y an d M ar c h a s a r e s u l t o f t h e r i s e i n t h e pr ice o f n i c k e l a n d t h e b a se pr i c e .. Prices of stainless steel coil | 2.0mm cold-rolled AISI 304. Source: Platts. F i n a l d em a nd i n t he E ur op e a n m ar k et h a s c o nt i n ued t o e v o l v e sa t i s f a ct or i l y . H ow e v er , Page 4. / 13. WorldReginfo - ed24ed78-23c6-488e-9e8d-f61e8e6a86f1. 2017 – March 2018.

(6) Acerinox | Results for the First Quarter of 2018. t h e pr i ce d i ff er e n t ia l w i th A s i a , t h e s t r en g th of th e E ur o a nd t h e a n no u nc e m e nt of p r ot e c t io n i s t m e a s ure s i n t h e U n it e d St a t e s h a ve ma d e it a ver y a t tr a ct i v e ma r k et for i m p or t s, w h i ch h a ve a lr ead y a c h ie v e d a 2 8 % d e g r ee o f p en e tr atio n . T h e i n cr ea s ed i mp or t s are p l a c in g a gr e at d e a l o f p r e s sur e o n p r i c e s. I n a n o t e i s s u ed o n 2 6 M ar ch , t h e E ur op e a n C o mm is s i o n a n no un c e d t he b eg i n n i ng o f a s a fe g ua r d i n v e s t i ga t i on r e l a te d t o s te e l im p or t s to pr e ve n t th e d i v er s i on o f i m p or t s fr om t h e U n i t ed S t a te s t o E ur o p e . S t o c k s i n E ur o p e ar e a l so a t lo w le v e l s , a c c or d i n g to o ur e st i ma t es . In M ar ch th e y st o od a t 52 da y s , w h e n t h e a v era g e i s 5 7 d ay s . T h e A s ian ma r k et s, e sp ec i a l l y C h i n a, h a v e pe r f orm e d w e l l i n th e m a i n s t a in l e s s s te e l c o n s u mer s ec t o r s. H ow e ve r , th e st r o ng c om p e t it i on i n t h e r e g ion h a s k e pt pri c e s i n A s i a w e l l b e l ow t he r e s t o f t h e m ar k e t s. T h e h i g h le ve l s o f pr od uct i o n , c o in c id i n g w i t h l ow er a c t i v it y d u e to t h e C h i n e s e N ew Y e ar , h a s le d t o in c r e a s e s i n i n ve n to r ies i n th e f i r st q u ar t er.. Raw materials and alloy surcharges T h e co r r e c t io n e x p er ie n ce d b y n i c k e l l a s t N o ve mbe r , t o ge t he r w i t h th e 15 % f a l l in t h e p r i c e o f fe r r oc h r om e f or t he q u ar ter , l e d t o a s h arp dro p i n t he a l l oy s u r c har g e in J a n ua r y, m a i n l y in th e U n it e d S t at es. T h i s ef f e ct w a s c or r e c ted i n F ebr u ar y a n d M ar ch as a r e s u lt o f th e su b s eq u e nt e vo l u t io n of th e p r ice o f n i c k e l.. Official price of nickel on the LME. Average quarterly price of ferrochrome Page 5. / 13. WorldReginfo - ed24ed78-23c6-488e-9e8d-f61e8e6a86f1. Average daily price for cash/three months (USD/t). Years 2017 - 26 April, 2018.

(7) Acerinox | Results for the First Quarter of 2018. US¢ / Lb. Cr. Source: Metal Bulletin. T h e r e ce n t rise of t h e price of n icke l a nd f err o chr om e w ill be re f le ct e d in t he a llo y s u r c har g e s of t he s e co n d q u ar t er.. Production T h e Acer ino x Gr ou p ’s m e ltin g pr od u ct ion in t h e f ir st q u ar t er o f 2 01 8 ha s to t a lle d 66 8 ,0 7 6 t o n ne s , a f igu r e 0 .1 % h i g h e r t ha n t h at f or th e sa me p er i o d o f t he pr e v i ou s ye a r . Quarterly melting production. Hot rolling flat production, to t a l l in g 5 7 7 , 4 7 0 t o n n e s, h a s d e cr e a se d b y 2 . 5 % w i t h r e sp e c t t o th e Ja n ua r y - Ma r ch per io d of 20 1 7. Meanwhile, cold rolling production, totallin g 461,565 tonnes, has in creased by 5.3% c o m p are d w it h t he f ir s t q u ar t er o f the pr e v i o u s ye a r , a s a r es u l t o f t h e in c r ea s e i n p r od u c t io n a t B a hr u. Acerinox Production Page 6. / 13. WorldReginfo - ed24ed78-23c6-488e-9e8d-f61e8e6a86f1. Thousands of t.

(8) Acerinox | Results for the First Quarter of 2018. Thousands of t. Melting shop Hot rolling shop Cold rolling shop Long product (Hot rolling). Thousand t. 2018. 2016. Variation (%). Q1. Q2. Q3. Q4. Accumulated. Jan-Mar. 668.1. ---. ---. ---. 668.1. 667.5. 0.1%. 577.5. ---. ---. ---. 577.5. 592.5. -2.5%. 461.6. ---. ---. ---. 461.6. 438.3. 5.3%. 64.6. ---. ---. ---. 64.6. 58.5. 10.5%. L o n g pr od u c ts ar e pr o gr es s i n g v er y fa v o ur a b l y, ch i e f l y in Eur o p e , w h er e th e G r ou p ’ s p r od u c t io n ha s t ot a l l ed 64 , 6 02 to n ne s, 1 0. 5 % m o r e t h an i n t he fir s t q u art er of 2 01 7 .. Results Net sales, totalling 1,254 million euros, has incr eased by 0.1 % compared with the same p e r io d o f t h e pr e v i o u s y ea r . Condensed profit and loss account. The EBITDA generated in the qu arter, 118 million euros, was similar to that of the p r e v io u s q u ar te r , bu t 3 9 % l o w er th a n in t he s am e pe r i od of t h e p r e v io u s ye ar , w h e n i t w a s b o o st e d b y th e sh arp i n cr e a se s in r aw ma t er ia l s . I t i s i mp o r t a nt t o h ig h l i g ht th e u p w ar d tr e nd du r in g t he q ua r t er , c on s t i t ut i n g a g o o d s t art i ng po i n t f or th e co m i ng m o n th s . Quarterly evolution of the EBITDA Page 7. / 13. WorldReginfo - ed24ed78-23c6-488e-9e8d-f61e8e6a86f1. Millions of euros.

(9) Acerinox | Results for the First Quarter of 2018. Millions of euros (% of sales). T h e main expenditur e items have been kept under contr o l. T h us, both per sonnel and o p er a t in g c os t s ha v e f a l l en b y 2 % a n d d e pr e c i at i o n & am or t i z at i on ha s d r o p ped b y 10 %, while the net financial resu lt has been positive. In short, we have obtain ed a pre-tax result totalling 76 million euros, which, although it i s a f i g ur e 46 % l o w er t han i n th e pr e vi o u s ye ar , r ep r e se n t s a 5% i m p r o ve me n t o n th e f o ur t h q uar t er o f 20 1 7. The profit s after taxes and minority interest s total 58 million euros, boosted by the fall i n t a xa t i on i n t h e U n i t ed St a t e s. Condensed balance sheet. The working operating capital, 792 million euro s, increase d by 106 million eur o s, mainly d u e t o t h e h ig h er tra d e r ec e i v a b l e s r e su l t i n g fr om mo r e n et s a le s i n Mar c h .. Page 8. / 13. WorldReginfo - ed24ed78-23c6-488e-9e8d-f61e8e6a86f1. Millions of euros.

(10) Acerinox | Results for the First Quarter of 2018. March 2018. December 2017. Inventories. 994. 990. Trade receivables. 693. 552. Trade payables. 895. 857. Working Capital. 792. 686. Millions of Euros. H i g her r e q u ire m e nt s o f w or k i n g ca p i ta l h a v e de t er m in e d th e g en er at i o n of t he q u ar t er 's cash flow. The operatin g cash flow was -12 million eur o s, while free ca sh flow, after investments, was -46 million euros. This situat ion will level off in the se cond quarter.. Condensed cash flow statement. The Group’s net financial debt as of 31 March st ood at 667 million euros, compared with 6 0 9 m i l l i o n eu r o s on 31 D e c e m ber 20 17 . T h i s r i se is c h i e f l y d ue t o t h e a b o ve-m e n t io n ed i n c r ea s e in tra d e r e ce i v a bl e s a nd th e de p r e c i a t io n of t he do l l ar . As of 31 March, Acerin ox has lines of credit amounting to 2,043 million euros, 37 % of w h ich ar e a va ila b le.. Page 9. / 13. WorldReginfo - ed24ed78-23c6-488e-9e8d-f61e8e6a86f1. Millions of euros.

(11) Acerinox | Results for the First Quarter of 2018. Investments A t t h e e n d o f M ar c h , t h e ne w A P- 5 a n ne a l i n g a n d p ic k l i n g l i n e at A c e r in o x E ur o p a s ta r t e d up in a trial phase, with the most advanc ed technological systems available and a level o f c o m p e t it i ve n e s s w h i c h w i l l g en er a t e n e w q u a l it y s t a n da r d s . Wit h t he a bo v e, A c er i n o x w i l l m a n uf a c t u r e a pro d u ct w it h gr ea t er ad d ed v a l ue , q ua l i t y a nd r e l i a b i l it y a n d r ed u c e i t s c o s t s a nd e n v ir o nm en ta l i m pa c t . T h i s n ew e qu i p m en t w i l l a l s o pro v i d e f i n a l cu s t ome r s w it h t h inn e r ga u ge s , w i t h 1, 5 00 m m w i dt h s , th u s e xp a nd i ng t he i r r a ng e o f p r o d u ct s . T h e t e s t s p er fo r m e d h a ve e x ce e de d o u r e x p e c ta tio n s in t er ms o f th e q ual i t y of t h e p r od u c t a nd th e ef f i c i en c y o f t h e pr o c es s . L a s t s um me r , t h e S L- 9 l on g i t ud i n a l cut t i n g l in e w as l a u n c he d , w h i l e t h e b eg i n n i ng o f March sa w the commencement of cold rollin g o n t h e ne w Z M - 7 l i n e a n d n ow t h e 1 4 0million- eu ro in vestment is complete, with the start-up of the annealing and pickling line. T h e in s t a l la t io n o f t h i s equ i p m en t for ms p a r t o f t h e A c e r in o x S tr at e g i c P la n f or 2 0 162 0 2 0, w h i c h p r i or it i z e s r ap i d - r e t ur n i nv e s t m en t s ( f ive y e ar s i n th e c a se of the n ew A P- 5 l i n e ) a s w e l l a s o p er at i o na l e x c e l l e n ce, w i th t he m ax i m u m u s e of i t s f i n an c i a l c a p a c i t y a n d st r e n gt h . W i t h i n th i s f r a m ew or k, tw o i n v e st m en t s f or A c eri n o x Eur o pa a nd C o lu mb u s w er e a p pr o v ed at th e me e t in g of t he B oa r d of D ir e ct or s he l d on 2 5 A pr i l . I n b o th ca s e s i t i s a ladle furnace which will im prove the melting making process, as well as the operating c o s t s an d q ua l i t y , w h i le r e d u c i ng th e e n v i r o nm e nta l i m pa c t . The in vestment totals 12 m illion euros at Columbus and 21 million e u r o s a t A c e r i n o x E u r o p a, a s th e l at t er e n ta i l s m or e c i v il w or k .. General Shareholders' Meeting T h e G en er a l S h ar e ho l d er s' M e e t i ng o f A c e r in o x S . A. w i l l be h e l d o n 1 0 M a y, 20 1 8 . I t w i l l t a k e p la c e at P a s eo d e la C a st e l l an a 3 3 ( t he M utu a M adr i l e ña b u i l d i ng ) , Ma d r id . T he a g e nd a a nd t he p r o p os e d a gr e eme n t s ar e pu b l i s h ed o n t he A cer i no x w e b s it e ( w w w .a c er i no x . c o m) a nd t h e C N M V. A m o ng o th er m a t ter s , t he r e no v a t io n o f f i v e bo ar d m e mb er s w il l b e pr o po s ed , t og e th er w i t h t h e d i s tr i b u t i on o f a div i d e n d o f 0.4 5 e ur o s p er s h a r e , t o be m a d e e ff e c t i ve b y me a n s of a single ca sh payment in July.. Page 10. / 13. WorldReginfo - ed24ed78-23c6-488e-9e8d-f61e8e6a86f1. I n ke e p in g w i t h t h e G r o up ’ s po l i c y , th e p a y ba c k o n t h e se in ve s t m en t s i s le s s th a n 5 y e a r s..

(12) Acerinox | Results for the First Quarter of 2018. Outlook T h e se c o nd q u ar t er w i l l r e f l e c t t h e h igh d e ma n d e xi s t i n g i n a l l t h e m ar k et s , e n c o ur ag e d b y t he r i s e s in n i c k e l a nd f er r o c hr om e p r i c e s. T h e pr i c e s i n t h e Eu r o p ean m ar k et w i l l d e p en d on th e d i ff er e nt ia l w i th t he Asi a n m ar ke t a n d t h e e ff e ct s o f t he pr ote c t i o n i sm i n t h e U n it e d S ta t e s .. Page 11. / 13. WorldReginfo - ed24ed78-23c6-488e-9e8d-f61e8e6a86f1. H ow e v er , A ce r i no x w i l l be n e f it f r om t h e s t r e ng t h o f t he U n i t ed S t a t e s, i t s m a i n m ar k e t , w h ere th er e h a v e a l r e a d y b e en th r e e pr i c e in cr e a ses..

(13) Acerinox | Results for the First Quarter of 2018. Page 12. / 13. WorldReginfo - ed24ed78-23c6-488e-9e8d-f61e8e6a86f1. Main economic-financial figures.

(14) Acerinox | Results for the First Quarter of 2018. Alternative Performance Measures (definitions of terms used) Saving relating to the Excellence Plan: estimated saving on efficiency on the basis of this study defined in each Plan Operating Working Capital: Inventories + Trade receivables – Trade payables Net Cash Flow: Results after taxes and minority interest + depreciation and amortization Net Financial Debt: Debt with banks + bond issuance - cash Net Financial Debt / EBITDA: Net Financial Debt / annualized EBITDA EBIT: Operating income EBITDA: Operating income + depreciation and amortization + variation of current provisions Debt Ratio: Net Financial Debt / Equity Net financial result: Financial income – financial expenses ± exchange rate variations ROCE: Operating income / (Equity + Net financial debt) ROE: Results after taxes and minority interest / Equity. Page 13. / 13. WorldReginfo - ed24ed78-23c6-488e-9e8d-f61e8e6a86f1. ICR (interest coverage ratio): EBIT/Net financial result.

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