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Klöckner & Co SE
A Leading Multi Metal Distributor

Christian Pokropp
Head of Investor
Relations & Corporate
Communications

Baader Bank AG
Baader Investment Conference
Munich
September 24, 2013
Disclaimer

This presentation contains forward-looking statements which reflect the current views of the management of
Klöckner & Co SE with respect to future events. They generally are designated by the words “expect”, “assume”,
“presume”, “intend”, “estimate”, “strive for”, “aim for”, “plan”, “will”, “strive”, “outlook” and comparable expressions and
generally contain information that relates to expectations or goals for economic conditions, sales proceeds or other
yardsticks for the success of the enterprise. Forward-looking statements are based on currently valid plans, estimates
and expectations. You therefore should view them with caution. Such statements are subject to risks and factors of
uncertainty, most of which are difficult to assess and which generally are outside of the control of Klöckner & Co SE. The
relevant factors include the effects of significant strategic and operational initiatives, including the acquisition or
disposition of companies. If these or other risks and factors of uncertainty occur or if the assumptions on which the
statements are based turn out to be incorrect, the actual results of Klöckner & Co SE can deviate significantly from those
that are expressed or implied in these statements. Klöckner & Co SE cannot give any guarantee that the expectations or
goals will be attained. Klöckner & Co SE – notwithstanding existing obligations under laws pertaining to capital markets –
rejects any responsibility for updating the forward-looking statements through taking into consideration new information
or future events or other things.
In addition to the key data prepared in accordance with International Financial Reporting Standards, Klöckner & Co SE is
presenting non-GAAP key data such as EBITDA, EBIT, Net Working Capital and net financial liabilities that are not a
component of the accounting regulations. These key data are to be viewed as supplementary to, but not as a substitute
for data prepared in accordance with International Financial Reporting Standards. Non-GAAP key data are not subject to
IFRS or any other generally applicable accounting regulations. Other companies may base these concepts upon other
definitions.

2
Agenda

01

Overview

02

Highlights and update on strategy

03

Financials Q2/H1 2013

04

Outlook

05

Appendix

3
01

Klöckner & Co SE at a glance

Producers

Distributor / Service Center

Customers
•

Products :

•
Services:

•
•
•

•

Klöckner & Co SE
Largest producer-independent steel and metal
distributor and one of the leading steel service
center companies in the European and American
markets combined
Distribution and service platform with around 230
locations worldwide
Key figures for 2012
Turnover:
7.1 million tons
Sales:
€7.4 billion
EBITDA
€139 million (before
restructuring)

4

Commercial/
residential
construction
Infrastructure

Machinery
and
mechanical
engineering

•

Automotive

•
•
•

Yellow Goods
White Goods
Miscellaneous
01

Holistic solution from covering procurement, logistics and processing

Suppliers

•

As a producerindependent
distributor, our
customers
benefit from our
diverse national
and
international
procurement
options

Products
and services

Sourcing

•

•

Procurement of
large quantities
Strategic
partnerships

•

•
•

Extensive
product range
Excellent
product and
processing
quality
Wide-ranging
service
provision

Logistics /
distribution

•
•

Klöckner & Co value chain

5

Local presence
Individual
delivery,
including 24hour-service

Customers

•
•

More than
160,000
customers
Average normal
order size
approx. €2,000
01

•

Global reach – local presence

With around 230 locations in 15 countries we assure local availability for our customers
NL:
3%

UK:
6%

D*:
25%
F/BE:
13%

Europe:
60%

CH:
10%

ES: 3%

USA:
38%
China:
1%

Brazil:
1%

As of December 2012
* 2012 EEC included, but completely sold in Q1 2013

6

•
•
•
•
•
•
•
•
•
•
•
•
•
•
•

Austria
Belgium
Brazil
China
England
France
Germany
Ireland
Mexico
Netherlands
Puerto Rico
Scotland
Spain
Switzerland
USA
01

Acquisitions shift exposure towards more promising regions and products

As of December 2012
* 2012 EEC included, but completely sold in Q1 2013

7
01

•

Klöckner is together with TK the second largest steel and metal distributor in Europe
and number three in the US

Position in the US significantly improved whereas market share in Europe is expected to remain
stable despite heavy restructuring measures

2007

Europe
5%

AMDS

2011
5%

TK
KCO

AMDS
TK
KCO

Salzgitter
Tata

Salzgitter

Others

Others

Tata

Reliance
Ryerson

US

TK
Samuel

1%

4%

O'Neal

Reliance
Ryerson

Russel

KloecknerMetals

Macsteel

TK

Metals USA

Others

PNA

Namasco
Others
Source: Eurometal, Purchasing Magazine, Service Center News

8
01

•
•
•
•

Steel demand in EU-27 still well below pre crisis level

Continuous recovery in North America since 2009, but again sharp decline in EU-27
Development in Brazil surprisingly weak since 2010, whereas steel demand in China is further
increasing
High overcapacities in Europe and China disturb global balance of supply and demand

Capacity utilization too low to strengthen margins through stronger price discipline
EU-27

NAFTA

China

Brazil
>850
>25%

210

669
624

198

646

588

183
+34%

145

153

-30%

140 139

551

131 135

133 142 131

-5%

-2%

111

120

121
447

84

418
35
+30%

2007 2008 2009 2010 2011 2012 2013e

Source: WSA

2007 2008 2009 2010 2011 2012 2013e

Installed steel production capacity in million t
Steel demand in million t

9

22 24 19 26 25 26

27

2007 2008 2009 2010 2011 2012 2013e

2007 2008 2009 2010 2011 2012 2013e
Agenda

01

Overview

02

Highlights and update on strategy

03

Financials Q2/H1 2013

04

Outlook

05

Appendix

10
02

Negative market impact increasingly compensated by far advanced restructuring
measures

EBITDA-margin improved, net loss reduced

•
•

Market especially in Europe (-7,4% yoy)* but also in the US (-2.5% yoy)** in Q2 further under pressure
Turnover of Klöckner & Co declined by 9.3% yoy also due to closure and divestment of sites and
exit of low margin business (-5.0%p)

•

Sales -13.5% yoy additionally burdened by lower price level Gross profit of €305m under proportionally
by 11.4% below prior year, gross margin improved from 17.5% to 18.0%

•
•

Q2-EBITDA of €43m met guidance of €35-45m also w/o incl. €7m from the release of pension accruals

•
•

Operating EBITDA of between €30m-€40m expected for Q3 2013

Restructuring measures far advanced: 60 out of 70 sites closed and 1.800 out of more than 2.000 HC
reduced; extended measures to be implemented by the end of 2013, EBITDA contribution of €17m in
Q2 and €29m in H1 realized
Full year operating EBITDA target at last year`s level of €140m (before restructuring) despite weaker
H1 2013. Restructuring costs of €18m (w/o compensating effects) expected against €77m in 2012.

* Source: Eurometal; turnover of distribution in Q2 in Europe yoy.
** Source: MSCI; turnover of distribution/ SSC in Q2 in the US yoy.

11
Against the background of continuing muted outlook for the European steel market
we further extended our comprehensive restructuring program (KCO 6.0) in May

02

Measures

•
•
•
•
•
•
•

Program extension in France
Realization of further synergy potential in the US
Reduction of overall > 2,000 employees (= 17%) and ~70 sites
Total cost reduction increased to €190m
Total annual EBITDA-impact increased to ~€160m (before: €150m)
Reduction of NWC by >€170m

Additional cost of approximately €18m mainly offset by NWC release

€51m

2011-2012

2013

€29m

€65m

€45m

2014

already realized

12

Total annual EBITDA-impact of ~€160m
02

Restructuring far advanced

Employees

Comments

11,577 -1,200

•

UK
ESP

F

9,995

-23

GER
Americas

Europe

•

-359

EEC

US

~9,700
BR Holding

Q3 2011

F, US

Q2 2013

•

Q4 2013

Reduced by ~ 1,600, including temps ~1,800

Sites
290
290

Q3 2011

UK

ESP

F

EEC

GER

US

BR 230 230

F, US

Q2 2013

220
220

Q4 2013

13

1,800 out of more than 2,000 HC
reductions completed
60 out of 70 targeted branches closed
or sold since start of program in Q3
2011
Only extended measures concerning
France and the US outstanding which
are according to plan to be
implemented in H2
02

KCO 6.0 measures having strong impact on the P&L

KCO 6.0 EBITDA impact

Comments

•

77*)
KCO 6.0
EBITDA
expenses
€29m

-27

30

•

72

-37

•

40
-11
EBITDA
H1 2012

Volume
Effect

Price
Effect

KCO
6.0 GP
effect

KCO 6.0
Fix-cost
effect

OPEX

•

EBITDA
H1 2013

In H1 measures contributed an
additional €29m to EBITDA against
prior year, Q1: €12m, Q2: €17m
Cost cuts achieved trough KCO 6.0
amounted to €40m in H1
Gross profit despite higher margin
€-75m due to lower turnover
OPEX declined by 9% compared to
Q2 2012

Total GP effect: ~€75m

OPEX

in €m

1)

294

288

-2.2%

Q2 12 3)

280

-2.6%

Q3 12 3)

Q4 123)

274

-2.3%

-1.8%

Q1 13

Q2 13

14

Includes one-off gain of €7m due to release of pension accruals.

3)

269

After restructuring costs of €20m.

2)

-9%

Incl. expenses due to initial application of IAS19 revised 2011
and excl. restructuring expenses.
02

KCO WIN measures to support “Klöckner & Co 2020“ strategy

Growth and
optimization

External &
internal
growth

•

KCO WIN
Profitable growth strategy with focus on value added products and
services

•
•
•

Optimized net working capital
Optimized pricing and sales force management
Global sourcing to leverage price potential and global material flows

Service model

•
•
•

Advanced logistics
Extended e-commerce solutions
Specific value streams for servicing customers

Business model
innovations

•

Management &
personnel
development

•

Operations

Differentiation

Enabling
activities

Controlling &
IT systems

•
•
•

Opportunities for disruptive innovations through fundamental business
model changes
Optimized and extended management reviews and
development programs
Advanced systems for Accounting, Controlling, Audit, Tax & Treasury
Extended Corporate IT
Advanced global collaboration

15
02

•

Exposure to peripheral states in Europe is rather limited after restructuring

95% of European business is in Core Europe (Sales 2012)
2,000

Reduced by end of the year

95%
6,923

9%

5%
36%

European
Employees1)

23%

14

sold (EEC)

46

closed end of 2013

<5%
155

European
sites2)
2)

1) Basis

is September 2011
locations only

2) Distribution

16

20%

2%
02

•

Despite market distortion basis for reaching higher margin level
established through transformation of Group structure and cost cutting

Exposure to historically more commoditized European general line distribution cut by half until 2015
2007
€6.3bn
3% Canada

13% USA

Major
acquisitions

Major
divestments /
restructuring

Temtco 2008

Canada 2008

Organic
growth

2015e
€8.6bn

Primary 2007
USA
43% USA

Macsteel 2011
14% CH

Brazil 2011

1% EM

12% CH
KVT 2008
70% European
general line
distribution

grow and
increase margin

BSS 2010

grow and stabilize
high earnings level

9% BSS

35%
European
general line
distribution

EEC 2013
Restructuring
KCO 6.0

17

improve
profitable
core
02

•

In the same period share of higher margin business will be increased by 11%pts

Sales exposure to more commoditized construction business down from 42% in 2007 to 30%
by 2015

Others
27%

Others
28%

Automotive
12%

Automotive
6%

31%

Machinery
25%

Construction
42%

2007

Others
28%

Automotive
14%

+6%pts

Machinery
25%

-7%pts

Construction
35%

2013e
18

+5%pts

42%
Machinery
28%

-5%pts

Construction
30%

2015e
Agenda

01

Overview

02

Highlights and update on strategy

03

Financials Q2/H1 2013

04

Outlook

05

Appendix

19
03

Financials Q2 2013

Turnover

Sales
-9.3%

€1,964m

-13.5%

1,863 Tto

€1,698m

1,690 Tto

Q2 2012

Q2 2013

Q2 2012

Gross profit
€344m*
€340m**

EBITDA
-11.4%
-10.2%

Q2 2012

Q2 2013

€305m

€50m*

Q2 2013

€33m**
Q2 2012

* Excluding restructuring costs but restated for the initial application of IAS19 revised 2011.
** Including restructuring costs and restated for the initial application of IAS19 revised 2011.
Restructuring costs

20

-13.5%
+31.7%

€43m
Q2 2013
03

Financials H1 2013

Turnover

Sales
€3,909m

-10.3%

-15.0%

3,720 Tto
3,336 Tto

H1 2012

€3,322m

H1 2013

H1 2012

Gross profit
€687m*
€683m**

EBITDA
-11.6%

-11.1%

€97m*

€608m

-26.1%
€77m**

H1 2012

H1 2013

H1 2013

H1 2012

* Excluding restructuring costs but restated for the initial application of IAS19 revised 2011.
** Including restructuring costs and restated for the initial application of IAS19 revised 2011.
Restructuring costs

21

-6.5%

€72m
H1 2013
03

Turnover and sales

Turnover (Tto) & Americas share

Sales (€m) & Americas share
+30.5%

1,885

1,857 1,863
1,763

1,765

1,764
1,636

39.5

39.5

1,585
40.5

41.1

42.3

42.7

1,646
43.5

1,885

1,945

1,964

1,739

1,847
1,633

44.3

27.6

-9.3%

33.6

34.6

37.1

37.0

37.8

1,625

36.3

1,690

37.4

+4.5%

+2.7%

•

•

Q3
2011

Q4
2011

Q1
2012

Q2
2012

Q3
2012

Q4
2012

Q1
2013

37.5

-13.5%

32.4

Q2
2011

1,698

Q2
2013

Q2
2011

Q3
2011

Q4
2011

Q1
2012

Q2
2012

Q3
2012

Q4
2012

Q1
2013

Q2
2013

•

Turnover share of Americas segment continuously
increasing from 32% in Q2 2011 to over 44% in Q2
2013
22

Sales -13.5% yoy additionally impacted by lower
price level

•

Turnover down 9.3% yoy due to weak steel markets
and restructuring impact of -5.0%p but sequentially
up by 2.7% driven by seasonal effects

Average price per ton down yoy (Q2 2013: €1,004
vs. Q2 2012: €1,054)
03

Gross profit and EBITDA

Gross profit (€m) / Gross-margin (%)

EBITDA (€m) / EBITDA-margin (%)
62

344

344*

47*

50*

337

43*
3.3

37
2.5*

17.9

318

18.5*
307

16.8

Q2
2011

•

17.6

Q3
2011

Q4
2011

306
17.7

18.6

302*

17.5*

303

Q1
2013

2.4*

1.9

305

Q4
2012

29

24*

18.0

Q2
2013

2.5*

1.0

1.3*
21*

1.8

1.3*

18

Q4
2011

Q1
Q2
Q3
Q4
Q1
2012** 2012** 2012** 2012** 2013

16.6

Q1
2012

Q2
2012

Q3
2012

Q2
2011

•

Despite further declining prices, gross profit margin
improved compared to Q2 2012 (+0.5%p) mainly
due to exit of low margin business

Q3
2011

Strong cost reduction with positive effect on
EBITDA-margin, generating significantly higher
EBITDA qoq out of only slightly improved gross profit

* Incl. €7m pension release; without release 2.1% EBITDA-margin
* Before restructuring costs.
** As restated for the initial application of IAS19 revised 2011.

23

Q2
2013
03

Key figures by segment

Turnover (Tto)

Sales (€m)

EBITDA (€m)
50

Europe

1,365
1,251

1,192
1,067 990 1,105 1,097 1,018

1,137
908

930

1,223 1,237

1,149

941

35*
28***
24

22*

22*
16*

-14.3%

Turnover (Tto)
698

752
646

12*

-14.2%

Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2011 2011 2011 2012 2012 2012 2012 2013 2013

Americas

1,041 1,017 1,061

Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2011 2011 2011 2012 2012 2012 2012 2013 2013

Sales (€m)
766

746
677

716

571

634

Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2011 2011 2011 2012** 2012** 2012** 2012** 2013 2013

EBITDA (€m)
722

749

727

602

698
592

608

637

520

29
23

22
15

21

20

16*
13

12

-12.3%

-2.1%

Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2011 2011 2011 2012 2012 2012 2012 2013 2013

14

Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2011 2011 2011 2012 2012 2012 2012 2013 2013

* Restructuring costs: Europe: €3m in Q1, €17m in Q2, €-1m in Q3 and €57m in Q4; Q4 2011: €10m; Americas: €1m in Q4.
** As restated for the initial application of IAS19 revised 2011.
*** Includes €7m release of pensions.

24

Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2011 2011 2011 2012** 2012** 2012** 2012** 2013 2013
03

Cash flow and net debt development

Cash flow reconciliation in Q2 2013 (€m)
18

Comments

•
•
•

-9

43

NWC reduced qoq due to weak demand

•

-29

Interest relates to cash outs mainly for
convertible bond (€6m), promissory
notes (€10m), transaction cost for ABS and
syndicated loan renewal (€2m) and interest
derivates (€3m)

-35
-12

-20
-8

EBITDA Change in Interest Taxes
reported NWC

Other

CF from Capex
operating net
activities

Free CF

Development of net financial debt in Q2 2013 (€m)
Q1 2013

-482

CF from
operating
activities

Capex
(net)

-12
-8

Other*
Q2 2013

13

-489

* exchange rate effects, interest.

25

Capex (net) of €-8m
Other mainly includes cash outs for
restructuring provisions of €11m and
payments for settling hedging derivates of
€12m
03

Strong balance sheet
Assets

Equity & liabilities

3,880
1,107

Inventories

1,069

1,254

3,880

1,502

1,514
38.9%

1,384

1,251

994

1,132

FY 2012**

Equity

3,897

38.7%

Non-current assets

3,897

Q2 2013

1,198
Non-current liabilities

Trade receivables

787

960

Other current assets

122

Liquidity

610

100
570

FY 2012**

Q2 2013

Current liabilities

Comments

•
•
•
•

Equity ratio still solid at 39%

* Gearing = Net debt/Equity attributable to shareholders of
Klöckner & Co SE less goodwill from business
combinations subsequent to May 23, 2013.

Net debt of €489m

** As restated for the initial application of IAS 19 rev. 2011.

Gearing* at 33%

NWC increased seasonally by €49m to €1,456m
26
03

Balanced maturity profile June 2013

Drawn amount
€m Facility

€m

Committed
Q2 2013*

Q2 2013

FY 2012*
Adjusted equity

565

184

98

4

4

9

ABS

570

179

161

Gearing 3)

Syndicated Loan

360

161

161

Promissory Note

269

270

348

Maturity profile of committed facilities and drawn
amounts (€m)
864

Bilateral Facilities

1)

Other Bonds

1,493
489

Net debt

33%

8

Total Senior Debt

1,768

798

777

Convertible 2009 2)

98

92

92

Convertible 2010 2)

186

170

164

2,052

1,060

1,033

570

611

360

471
371

Total Debt
Cash
Net Debt

489

212
52
62

206
46

422

*Including interest
1) Including finance lease
2) Drawn amount excludes equity component
3) Net debt/Equity attributable to shareholders of Klöckner & Co SE less goodwill from business combinations
subsequent to May 23, 2013
4) Incl. Swiss facilities of 156 Mio. EUR which are automatically renewed on a yearly basis

2013

98

4)

299
42
71

179
62

ABS

98

261

11

71

216

160

104
186

2015
Syndicated loan

Left side: committed facilities

27

8

19

2014

Bilaterals

67

360

268

186

136

136

2016
Promissory notes

Right side: drawn amounts

210
112

Thereafter
Convertibles
03

•

Balance sheet remains strong

•
•

•

Equity ratio still solid at 39%
Gearing at a low level of 33%

Financing position is very robust

•
•
•
•
•

•

Solid financing and balance sheet structure support strategy “Klöckner & Co 2020“

Diversified finance structure with 10 different finance instruments
Balanced maturity profile with average maturity of 3 years
Access to facilities of around €2.1bn in total
€570m cash
European ABS and Syndicated Loan each amounting to €360m prolonged until May 2016

Targets for 2013

•
•

Free cash flow positive
Reducing NWC and net debt
28
Agenda

01

Overview

02

Highlights and update on strategy

03

Financials Q2/H1 2013

04

Outlook

05

Appendix

29
04

Demand expectations for H2

As the seasonal summer slowdown approaches, markets in Europe and North America
will remain quiet with prices tending overall upwards in Q3

•
Europe

•
•

US

•
•

Brazil

•
•

China

•
•

Construction in Germany and Switzerland slightly better, France and UK stable on low level,
Spain weak
Auto is expected to be low throughout 2013, especially in France
Slightly improving demand for machinery & mechanical engineering in Germany
Auto, HVAC, barge and shipbuilding, storage tanks better
non-res construction, mining, yellow goods, machinery weaker

Further increasing demand for agricultural equipment, trucks and in energy sector
Weaker demand for mining and sugar mills

Healthy demand for steel structures and port equipment for export
Basically all other sectors are not doing well, particularly mechanical engineering and
construction equipment, which is heavily oversupplied
30
04

•

Outlook

Q3 2013

•

Turnover and sales to be seasonally lower but less pronounced because of improving outlook in
the US

•

EBITDA guidance of €30-40m driven by increasing prices and further restructuring effects kicking in

•

FY 2013

•
•
•
•

Turnover and sales expected to come in below prior year`s level mainly due to weaker H1
Operating EBITDA target at last year`s level of €140m before restructuring costs
Free cash flow expected to be positive
Net debt again to be reduced yoy despite restructuring cash-outs

31
Agenda

01

Overview

02

Highlights and update on strategy

03

Financials Q2/H1 2013

04

Outlook

05

Appendix

32
05

Quarterly results and FY results 2008-2013

(€m)

Q2
2013

Q1
2013

Q4
2012*

Q3
2012*

Q2
2012*

Q1
2012*

Q4
2011

Turnover (Tto)

1,690

1,646

1,585

1,764

1,863

1,857

1,636

1,765

1,763

7,068

6,661

5,314

4,119

5,974

Sales

1,698

1,625

1,633

1,847

1,964

1,945

1,739

1,885

1,885

7,388

7,095

5,198

3,860

6,750

Gross profit

305

303

298

306

340

344

307

318

337

1,288

1,315

1,136

645

1,366

% margin

18.0

18.6

18.3

16.6

17.3

17.7

17.6

16.8

17.9

17.4

18.5

21.9

16.7

20.2

EBITDA rep.

43

29

-35

18

33

44

14

37

62

60

217

238

-68

601

% margin

2.5

1.8

-2.1

1.0

1.7

2.3

0.8

1.9

3.3

0.8

3.1

4.6

-1.8

8.9

EBIT

17

2

-89

-9

-24

18

-18

8

36

-105

111

152

-178

533

-19

-19

-14

-22

-18

-25

-21

-22

-21

-80

-84

-67

-62

-70

Income before taxes

-2

-16

-103

-31

-42

-8

-39

-15

15

-185

27

84

-240

463

Income taxes

-2

1

-19

3

3

-4

12

3

-9

-18

-17

-4

54

-79

Net income

-4

-16

-123

-29

-39

-12

-27

-12

5

-203

10

80

-186

384

0

0

-1

-1

0

1

-1

-1

0

-3

-1

3

3

-14

-4

-16

-122

-28

-39

-11

-27

-11

5

-200

12

78

-188

398

EPS basic (€)

-0.04

-0.16

-1.22

-0.28

-0.39

-0.11

-0.27

-0.11

0.07

-2.00

0.14

1.17

-3.61

8.56

EPS diluted (€)

-0.04

-0.16

-1.22

-0.28

-0.39

-0.11

-0.27

-0.11

0.07

-2.00

0.14

1.17

-3.61

8.11

Financial result

Minority interests
Net income KlöCo

*) Restated due to initial application of IAS19 revised 2011.

33

Q3
2011

Q2
2011

FY
2012*

FY
2011

FY
2010

FY
2009

FY
2008
05

Balance sheet as of June 30, 2013

(€m)

June 30, 2013

December 31, 2012*

Comments

Non-current assets

1,069

1,107

Inventories

1,198

1,254

Trade receivables

960

787

•

Cash & Cash equivalents

570

610

Financial debt:

Other assets

100

122

Total assets

3,897

3,880

Equity

1,514

1,502

Total non-current
liabilities

1,251

1,384

825

914

Total current liabilities

1,132

994

thereof trade payables

702

634

Total equity and
liabilities

3,897

3,880

Net working capital

1,456

1,407

489

422

thereof financial liabilities

Net financial debt
*) Restated due to initial application of IAS19 revised 2011.

34

Shareholders’ equity:

•
•

Remains stable at 38.9%
Gearing at 33%
Gross debt of €1.1bn and
cash position of €0.6bn
result in a net debt position
of €489m
05

Statement of changes in equity

-132

•

Improvement mainly
due to higher interest
rates

•
•

1,634
-16

8

Net investment hedges
f/x foreign subsidiaries

13

1.634
1,507

1,502

Revised equity
as of December
31, 2012*

Equity as of
December 31,
2012 (as restated
for IAS19)

Net Income

* As restated for the initial application of IAS 19 rev. 2011

IAS 19R

35

F/X and Hedging
Reserves

Equity as of
March 31, 2013
05

KCO 6.0 EBITDA impact Q1 and Q2 2013

Q1 2013

Q2 2013

47
31)

50
KCO 6.0
EBITDA
expenses
€12m

-21

KCO 6.0
EBITDA
expenses
€17m

171)
-6
10

44

43

-16

33

29

-21

16

24

-4
EBITDA
Q2 2012

20

Volume
Effect

Price
Effect

KCO
6.0 GP
effect

-7
KCO 6.0
Fix-cost
effect

OPEX

EBITDA
Q2 2013

EBITDA
Q2 2012

Total GP effect: €41m

1)

Price
Effect

KCO
6.0 GP
effect

Total GP effect: €34m

Restructuring costs.

2)

Volume
Effect

Includes one-off gain of €7m due to release of pension accruals.

36

KCO 6.0
Fix-cost
effect

OPEX 2) EBITDA
Q2 2013
05

Profit & loss Q2 2013

(€m)

Q2 2013

Q2 2012*

1,698

1,964

305

340

Personnel costs

-142

-163

Other operating expenses (net)

-120

-144

43

33

-26

-57

17

-24

-19

-18

EBT

-2

-42

Taxes

-2

3

Net income

-4

-39

0

0

-4

-39

Sales

Gross profit

EBITDA
Depreciation & Amortization
EBIT
Financial result

Minorities
Net income attributable to KCO shareholders

*) Restated due to initial application of IAS19 revised 2011.

37
05

Segment performance Q2 2013

(€m)

Europe

Americas

HQ/Consol.

Total

Q2 2013

941

749

1,690

Q2 2012

1,097

766

1,863

-14.3

-2.1

-9.3

Q2 2013

1,061

637

0

1,698

Q2 2012

1,237

727

0

1,964

-14.2

-12.3

Q2 2013

28

20

% margin

2.6

3.2

Q2 2012*

18

22

%margin

1.4

3.0

1.7

Δ % EBITDA

54.2

-6.6

31.7

Turnover (Tto)

Δ%
Sales

Δ%

-13.5

EBITDA
-5

43

2.5
-7

33

* Restated due to initial application of IAS19 revised 2011.

38
05

Strong Growth: 24 acquisitions since the IPO

Acquired 1)

Country

Company

Sales (FY)2)

Brazil

May 2011

Frefer

USA

April 2011

Macsteel

2011

2 acquisitions
Lake Steel

€50m

USA

Sep 2010

Angeles Welding

€30m

GER

Mar 2010

Becker Stahl-Service

€600m

CH

Jan 2010

Bläsi

€32m

2010

4 acquisitions

€712m

US

Mar 2008

Temtco

€226m

UK

Jan 2008

Multitubes

€5m

2008

2 acquisitions

€231m

CH

Sep 2007

Lehner & Tonossi

€9m

UK

Sep 2007

Interpipe

€14m

US

Sep 2007

ScanSteel

€7m

BG

Aug 2007

Metalsnab

€36m

UK

Jun 2007

Westok

€26m

US

€1.15bn

€1,150m

Dec 2010

Acquired sales1),2)

€1bn

USA

Acquisitions1)

€150m

May 2007

Premier Steel

Apr 2007

Zweygart

€11m

GER

Apr 2007

Max Carl

€15m

GER

Apr 2007

Edelstahlservice

€17m

US

Apr 2007

Primary Steel

€360m

NL

Apr 2007

Teuling

€14m

F

Jan 2007

Tournier

€35m

2007

12 acquisitions

€567m

2006

4 acquisitions

€567m

€23m

GER

€712m

€108m

¹ Date of announcement

2

12

€231m

€141m
€108m
4

4

2

2005

Sales in the year prior to acquisitions

39

2

2

2006

2007

2008

2009

2010

2011
05

Current shareholder structure

Comments

Geographical breakdown of identified
institutional investors
US
Germany

•

42%
24%

•

UK

9%

France

8%

•

Switzerland

6%

•

Other EU

4%

Other World

7%

As of July 2013.

40

Identified institutional investors
account for 51%
German investors incl. retail
dominate
Top 10 shareholdings represent
around 25%
Retail shareholders represent 30%
05

Appendix

Financial calendar 2013/2014
November 6, 2013

Q3 interim report 2013

March 5, 2014

Annual Financial Statements 2013

May 7, 2014

Q1 interim report 2014

June 6, 2014

Annual General Meeting 2014, Düsseldorf

August 6, 2014

Q2 interim report 2014

November 5, 2014

Q3 interim report 2014

Contact details Investor Relations
Christian Pokropp, Head of Investor Relations & Corporate Communications
Phone:

+49 203 307 2050

Fax:

+49 203 307 5025

E-mail:

christian.pokropp@kloeckner.com

Internet:

www.kloeckner.com

41
Our Symbol

the ears
attentive to customer needs

the eyes
looking forward to new developments

the nose
sniffing out opportunities
to improve performance

the legs
always moving fast to keep up with
the demands of the customers

the ball
symbolic of our role to fetch
and carry for our customers

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Klöckner & Co - Baader Bank AG, Baader Investment Conference, September 24, 2013

  • 1. Klöckner & Co SE A Leading Multi Metal Distributor Christian Pokropp Head of Investor Relations & Corporate Communications Baader Bank AG Baader Investment Conference Munich September 24, 2013
  • 2. Disclaimer This presentation contains forward-looking statements which reflect the current views of the management of Klöckner & Co SE with respect to future events. They generally are designated by the words “expect”, “assume”, “presume”, “intend”, “estimate”, “strive for”, “aim for”, “plan”, “will”, “strive”, “outlook” and comparable expressions and generally contain information that relates to expectations or goals for economic conditions, sales proceeds or other yardsticks for the success of the enterprise. Forward-looking statements are based on currently valid plans, estimates and expectations. You therefore should view them with caution. Such statements are subject to risks and factors of uncertainty, most of which are difficult to assess and which generally are outside of the control of Klöckner & Co SE. The relevant factors include the effects of significant strategic and operational initiatives, including the acquisition or disposition of companies. If these or other risks and factors of uncertainty occur or if the assumptions on which the statements are based turn out to be incorrect, the actual results of Klöckner & Co SE can deviate significantly from those that are expressed or implied in these statements. Klöckner & Co SE cannot give any guarantee that the expectations or goals will be attained. Klöckner & Co SE – notwithstanding existing obligations under laws pertaining to capital markets – rejects any responsibility for updating the forward-looking statements through taking into consideration new information or future events or other things. In addition to the key data prepared in accordance with International Financial Reporting Standards, Klöckner & Co SE is presenting non-GAAP key data such as EBITDA, EBIT, Net Working Capital and net financial liabilities that are not a component of the accounting regulations. These key data are to be viewed as supplementary to, but not as a substitute for data prepared in accordance with International Financial Reporting Standards. Non-GAAP key data are not subject to IFRS or any other generally applicable accounting regulations. Other companies may base these concepts upon other definitions. 2
  • 3. Agenda 01 Overview 02 Highlights and update on strategy 03 Financials Q2/H1 2013 04 Outlook 05 Appendix 3
  • 4. 01 Klöckner & Co SE at a glance Producers Distributor / Service Center Customers • Products : • Services: • • • • Klöckner & Co SE Largest producer-independent steel and metal distributor and one of the leading steel service center companies in the European and American markets combined Distribution and service platform with around 230 locations worldwide Key figures for 2012 Turnover: 7.1 million tons Sales: €7.4 billion EBITDA €139 million (before restructuring) 4 Commercial/ residential construction Infrastructure Machinery and mechanical engineering • Automotive • • • Yellow Goods White Goods Miscellaneous
  • 5. 01 Holistic solution from covering procurement, logistics and processing Suppliers • As a producerindependent distributor, our customers benefit from our diverse national and international procurement options Products and services Sourcing • • Procurement of large quantities Strategic partnerships • • • Extensive product range Excellent product and processing quality Wide-ranging service provision Logistics / distribution • • Klöckner & Co value chain 5 Local presence Individual delivery, including 24hour-service Customers • • More than 160,000 customers Average normal order size approx. €2,000
  • 6. 01 • Global reach – local presence With around 230 locations in 15 countries we assure local availability for our customers NL: 3% UK: 6% D*: 25% F/BE: 13% Europe: 60% CH: 10% ES: 3% USA: 38% China: 1% Brazil: 1% As of December 2012 * 2012 EEC included, but completely sold in Q1 2013 6 • • • • • • • • • • • • • • • Austria Belgium Brazil China England France Germany Ireland Mexico Netherlands Puerto Rico Scotland Spain Switzerland USA
  • 7. 01 Acquisitions shift exposure towards more promising regions and products As of December 2012 * 2012 EEC included, but completely sold in Q1 2013 7
  • 8. 01 • Klöckner is together with TK the second largest steel and metal distributor in Europe and number three in the US Position in the US significantly improved whereas market share in Europe is expected to remain stable despite heavy restructuring measures 2007 Europe 5% AMDS 2011 5% TK KCO AMDS TK KCO Salzgitter Tata Salzgitter Others Others Tata Reliance Ryerson US TK Samuel 1% 4% O'Neal Reliance Ryerson Russel KloecknerMetals Macsteel TK Metals USA Others PNA Namasco Others Source: Eurometal, Purchasing Magazine, Service Center News 8
  • 9. 01 • • • • Steel demand in EU-27 still well below pre crisis level Continuous recovery in North America since 2009, but again sharp decline in EU-27 Development in Brazil surprisingly weak since 2010, whereas steel demand in China is further increasing High overcapacities in Europe and China disturb global balance of supply and demand Capacity utilization too low to strengthen margins through stronger price discipline EU-27 NAFTA China Brazil >850 >25% 210 669 624 198 646 588 183 +34% 145 153 -30% 140 139 551 131 135 133 142 131 -5% -2% 111 120 121 447 84 418 35 +30% 2007 2008 2009 2010 2011 2012 2013e Source: WSA 2007 2008 2009 2010 2011 2012 2013e Installed steel production capacity in million t Steel demand in million t 9 22 24 19 26 25 26 27 2007 2008 2009 2010 2011 2012 2013e 2007 2008 2009 2010 2011 2012 2013e
  • 10. Agenda 01 Overview 02 Highlights and update on strategy 03 Financials Q2/H1 2013 04 Outlook 05 Appendix 10
  • 11. 02 Negative market impact increasingly compensated by far advanced restructuring measures EBITDA-margin improved, net loss reduced • • Market especially in Europe (-7,4% yoy)* but also in the US (-2.5% yoy)** in Q2 further under pressure Turnover of Klöckner & Co declined by 9.3% yoy also due to closure and divestment of sites and exit of low margin business (-5.0%p) • Sales -13.5% yoy additionally burdened by lower price level Gross profit of €305m under proportionally by 11.4% below prior year, gross margin improved from 17.5% to 18.0% • • Q2-EBITDA of €43m met guidance of €35-45m also w/o incl. €7m from the release of pension accruals • • Operating EBITDA of between €30m-€40m expected for Q3 2013 Restructuring measures far advanced: 60 out of 70 sites closed and 1.800 out of more than 2.000 HC reduced; extended measures to be implemented by the end of 2013, EBITDA contribution of €17m in Q2 and €29m in H1 realized Full year operating EBITDA target at last year`s level of €140m (before restructuring) despite weaker H1 2013. Restructuring costs of €18m (w/o compensating effects) expected against €77m in 2012. * Source: Eurometal; turnover of distribution in Q2 in Europe yoy. ** Source: MSCI; turnover of distribution/ SSC in Q2 in the US yoy. 11
  • 12. Against the background of continuing muted outlook for the European steel market we further extended our comprehensive restructuring program (KCO 6.0) in May 02 Measures • • • • • • • Program extension in France Realization of further synergy potential in the US Reduction of overall > 2,000 employees (= 17%) and ~70 sites Total cost reduction increased to €190m Total annual EBITDA-impact increased to ~€160m (before: €150m) Reduction of NWC by >€170m Additional cost of approximately €18m mainly offset by NWC release €51m 2011-2012 2013 €29m €65m €45m 2014 already realized 12 Total annual EBITDA-impact of ~€160m
  • 13. 02 Restructuring far advanced Employees Comments 11,577 -1,200 • UK ESP F 9,995 -23 GER Americas Europe • -359 EEC US ~9,700 BR Holding Q3 2011 F, US Q2 2013 • Q4 2013 Reduced by ~ 1,600, including temps ~1,800 Sites 290 290 Q3 2011 UK ESP F EEC GER US BR 230 230 F, US Q2 2013 220 220 Q4 2013 13 1,800 out of more than 2,000 HC reductions completed 60 out of 70 targeted branches closed or sold since start of program in Q3 2011 Only extended measures concerning France and the US outstanding which are according to plan to be implemented in H2
  • 14. 02 KCO 6.0 measures having strong impact on the P&L KCO 6.0 EBITDA impact Comments • 77*) KCO 6.0 EBITDA expenses €29m -27 30 • 72 -37 • 40 -11 EBITDA H1 2012 Volume Effect Price Effect KCO 6.0 GP effect KCO 6.0 Fix-cost effect OPEX • EBITDA H1 2013 In H1 measures contributed an additional €29m to EBITDA against prior year, Q1: €12m, Q2: €17m Cost cuts achieved trough KCO 6.0 amounted to €40m in H1 Gross profit despite higher margin €-75m due to lower turnover OPEX declined by 9% compared to Q2 2012 Total GP effect: ~€75m OPEX in €m 1) 294 288 -2.2% Q2 12 3) 280 -2.6% Q3 12 3) Q4 123) 274 -2.3% -1.8% Q1 13 Q2 13 14 Includes one-off gain of €7m due to release of pension accruals. 3) 269 After restructuring costs of €20m. 2) -9% Incl. expenses due to initial application of IAS19 revised 2011 and excl. restructuring expenses.
  • 15. 02 KCO WIN measures to support “Klöckner & Co 2020“ strategy Growth and optimization External & internal growth • KCO WIN Profitable growth strategy with focus on value added products and services • • • Optimized net working capital Optimized pricing and sales force management Global sourcing to leverage price potential and global material flows Service model • • • Advanced logistics Extended e-commerce solutions Specific value streams for servicing customers Business model innovations • Management & personnel development • Operations Differentiation Enabling activities Controlling & IT systems • • • Opportunities for disruptive innovations through fundamental business model changes Optimized and extended management reviews and development programs Advanced systems for Accounting, Controlling, Audit, Tax & Treasury Extended Corporate IT Advanced global collaboration 15
  • 16. 02 • Exposure to peripheral states in Europe is rather limited after restructuring 95% of European business is in Core Europe (Sales 2012) 2,000 Reduced by end of the year 95% 6,923 9% 5% 36% European Employees1) 23% 14 sold (EEC) 46 closed end of 2013 <5% 155 European sites2) 2) 1) Basis is September 2011 locations only 2) Distribution 16 20% 2%
  • 17. 02 • Despite market distortion basis for reaching higher margin level established through transformation of Group structure and cost cutting Exposure to historically more commoditized European general line distribution cut by half until 2015 2007 €6.3bn 3% Canada 13% USA Major acquisitions Major divestments / restructuring Temtco 2008 Canada 2008 Organic growth 2015e €8.6bn Primary 2007 USA 43% USA Macsteel 2011 14% CH Brazil 2011 1% EM 12% CH KVT 2008 70% European general line distribution grow and increase margin BSS 2010 grow and stabilize high earnings level 9% BSS 35% European general line distribution EEC 2013 Restructuring KCO 6.0 17 improve profitable core
  • 18. 02 • In the same period share of higher margin business will be increased by 11%pts Sales exposure to more commoditized construction business down from 42% in 2007 to 30% by 2015 Others 27% Others 28% Automotive 12% Automotive 6% 31% Machinery 25% Construction 42% 2007 Others 28% Automotive 14% +6%pts Machinery 25% -7%pts Construction 35% 2013e 18 +5%pts 42% Machinery 28% -5%pts Construction 30% 2015e
  • 19. Agenda 01 Overview 02 Highlights and update on strategy 03 Financials Q2/H1 2013 04 Outlook 05 Appendix 19
  • 20. 03 Financials Q2 2013 Turnover Sales -9.3% €1,964m -13.5% 1,863 Tto €1,698m 1,690 Tto Q2 2012 Q2 2013 Q2 2012 Gross profit €344m* €340m** EBITDA -11.4% -10.2% Q2 2012 Q2 2013 €305m €50m* Q2 2013 €33m** Q2 2012 * Excluding restructuring costs but restated for the initial application of IAS19 revised 2011. ** Including restructuring costs and restated for the initial application of IAS19 revised 2011. Restructuring costs 20 -13.5% +31.7% €43m Q2 2013
  • 21. 03 Financials H1 2013 Turnover Sales €3,909m -10.3% -15.0% 3,720 Tto 3,336 Tto H1 2012 €3,322m H1 2013 H1 2012 Gross profit €687m* €683m** EBITDA -11.6% -11.1% €97m* €608m -26.1% €77m** H1 2012 H1 2013 H1 2013 H1 2012 * Excluding restructuring costs but restated for the initial application of IAS19 revised 2011. ** Including restructuring costs and restated for the initial application of IAS19 revised 2011. Restructuring costs 21 -6.5% €72m H1 2013
  • 22. 03 Turnover and sales Turnover (Tto) & Americas share Sales (€m) & Americas share +30.5% 1,885 1,857 1,863 1,763 1,765 1,764 1,636 39.5 39.5 1,585 40.5 41.1 42.3 42.7 1,646 43.5 1,885 1,945 1,964 1,739 1,847 1,633 44.3 27.6 -9.3% 33.6 34.6 37.1 37.0 37.8 1,625 36.3 1,690 37.4 +4.5% +2.7% • • Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 37.5 -13.5% 32.4 Q2 2011 1,698 Q2 2013 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 • Turnover share of Americas segment continuously increasing from 32% in Q2 2011 to over 44% in Q2 2013 22 Sales -13.5% yoy additionally impacted by lower price level • Turnover down 9.3% yoy due to weak steel markets and restructuring impact of -5.0%p but sequentially up by 2.7% driven by seasonal effects Average price per ton down yoy (Q2 2013: €1,004 vs. Q2 2012: €1,054)
  • 23. 03 Gross profit and EBITDA Gross profit (€m) / Gross-margin (%) EBITDA (€m) / EBITDA-margin (%) 62 344 344* 47* 50* 337 43* 3.3 37 2.5* 17.9 318 18.5* 307 16.8 Q2 2011 • 17.6 Q3 2011 Q4 2011 306 17.7 18.6 302* 17.5* 303 Q1 2013 2.4* 1.9 305 Q4 2012 29 24* 18.0 Q2 2013 2.5* 1.0 1.3* 21* 1.8 1.3* 18 Q4 2011 Q1 Q2 Q3 Q4 Q1 2012** 2012** 2012** 2012** 2013 16.6 Q1 2012 Q2 2012 Q3 2012 Q2 2011 • Despite further declining prices, gross profit margin improved compared to Q2 2012 (+0.5%p) mainly due to exit of low margin business Q3 2011 Strong cost reduction with positive effect on EBITDA-margin, generating significantly higher EBITDA qoq out of only slightly improved gross profit * Incl. €7m pension release; without release 2.1% EBITDA-margin * Before restructuring costs. ** As restated for the initial application of IAS19 revised 2011. 23 Q2 2013
  • 24. 03 Key figures by segment Turnover (Tto) Sales (€m) EBITDA (€m) 50 Europe 1,365 1,251 1,192 1,067 990 1,105 1,097 1,018 1,137 908 930 1,223 1,237 1,149 941 35* 28*** 24 22* 22* 16* -14.3% Turnover (Tto) 698 752 646 12* -14.2% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2011 2011 2012 2012 2012 2012 2013 2013 Americas 1,041 1,017 1,061 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2011 2011 2012 2012 2012 2012 2013 2013 Sales (€m) 766 746 677 716 571 634 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2011 2011 2012** 2012** 2012** 2012** 2013 2013 EBITDA (€m) 722 749 727 602 698 592 608 637 520 29 23 22 15 21 20 16* 13 12 -12.3% -2.1% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2011 2011 2012 2012 2012 2012 2013 2013 14 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2011 2011 2012 2012 2012 2012 2013 2013 * Restructuring costs: Europe: €3m in Q1, €17m in Q2, €-1m in Q3 and €57m in Q4; Q4 2011: €10m; Americas: €1m in Q4. ** As restated for the initial application of IAS19 revised 2011. *** Includes €7m release of pensions. 24 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2011 2011 2012** 2012** 2012** 2012** 2013 2013
  • 25. 03 Cash flow and net debt development Cash flow reconciliation in Q2 2013 (€m) 18 Comments • • • -9 43 NWC reduced qoq due to weak demand • -29 Interest relates to cash outs mainly for convertible bond (€6m), promissory notes (€10m), transaction cost for ABS and syndicated loan renewal (€2m) and interest derivates (€3m) -35 -12 -20 -8 EBITDA Change in Interest Taxes reported NWC Other CF from Capex operating net activities Free CF Development of net financial debt in Q2 2013 (€m) Q1 2013 -482 CF from operating activities Capex (net) -12 -8 Other* Q2 2013 13 -489 * exchange rate effects, interest. 25 Capex (net) of €-8m Other mainly includes cash outs for restructuring provisions of €11m and payments for settling hedging derivates of €12m
  • 26. 03 Strong balance sheet Assets Equity & liabilities 3,880 1,107 Inventories 1,069 1,254 3,880 1,502 1,514 38.9% 1,384 1,251 994 1,132 FY 2012** Equity 3,897 38.7% Non-current assets 3,897 Q2 2013 1,198 Non-current liabilities Trade receivables 787 960 Other current assets 122 Liquidity 610 100 570 FY 2012** Q2 2013 Current liabilities Comments • • • • Equity ratio still solid at 39% * Gearing = Net debt/Equity attributable to shareholders of Klöckner & Co SE less goodwill from business combinations subsequent to May 23, 2013. Net debt of €489m ** As restated for the initial application of IAS 19 rev. 2011. Gearing* at 33% NWC increased seasonally by €49m to €1,456m 26
  • 27. 03 Balanced maturity profile June 2013 Drawn amount €m Facility €m Committed Q2 2013* Q2 2013 FY 2012* Adjusted equity 565 184 98 4 4 9 ABS 570 179 161 Gearing 3) Syndicated Loan 360 161 161 Promissory Note 269 270 348 Maturity profile of committed facilities and drawn amounts (€m) 864 Bilateral Facilities 1) Other Bonds 1,493 489 Net debt 33% 8 Total Senior Debt 1,768 798 777 Convertible 2009 2) 98 92 92 Convertible 2010 2) 186 170 164 2,052 1,060 1,033 570 611 360 471 371 Total Debt Cash Net Debt 489 212 52 62 206 46 422 *Including interest 1) Including finance lease 2) Drawn amount excludes equity component 3) Net debt/Equity attributable to shareholders of Klöckner & Co SE less goodwill from business combinations subsequent to May 23, 2013 4) Incl. Swiss facilities of 156 Mio. EUR which are automatically renewed on a yearly basis 2013 98 4) 299 42 71 179 62 ABS 98 261 11 71 216 160 104 186 2015 Syndicated loan Left side: committed facilities 27 8 19 2014 Bilaterals 67 360 268 186 136 136 2016 Promissory notes Right side: drawn amounts 210 112 Thereafter Convertibles
  • 28. 03 • Balance sheet remains strong • • • Equity ratio still solid at 39% Gearing at a low level of 33% Financing position is very robust • • • • • • Solid financing and balance sheet structure support strategy “Klöckner & Co 2020“ Diversified finance structure with 10 different finance instruments Balanced maturity profile with average maturity of 3 years Access to facilities of around €2.1bn in total €570m cash European ABS and Syndicated Loan each amounting to €360m prolonged until May 2016 Targets for 2013 • • Free cash flow positive Reducing NWC and net debt 28
  • 29. Agenda 01 Overview 02 Highlights and update on strategy 03 Financials Q2/H1 2013 04 Outlook 05 Appendix 29
  • 30. 04 Demand expectations for H2 As the seasonal summer slowdown approaches, markets in Europe and North America will remain quiet with prices tending overall upwards in Q3 • Europe • • US • • Brazil • • China • • Construction in Germany and Switzerland slightly better, France and UK stable on low level, Spain weak Auto is expected to be low throughout 2013, especially in France Slightly improving demand for machinery & mechanical engineering in Germany Auto, HVAC, barge and shipbuilding, storage tanks better non-res construction, mining, yellow goods, machinery weaker Further increasing demand for agricultural equipment, trucks and in energy sector Weaker demand for mining and sugar mills Healthy demand for steel structures and port equipment for export Basically all other sectors are not doing well, particularly mechanical engineering and construction equipment, which is heavily oversupplied 30
  • 31. 04 • Outlook Q3 2013 • Turnover and sales to be seasonally lower but less pronounced because of improving outlook in the US • EBITDA guidance of €30-40m driven by increasing prices and further restructuring effects kicking in • FY 2013 • • • • Turnover and sales expected to come in below prior year`s level mainly due to weaker H1 Operating EBITDA target at last year`s level of €140m before restructuring costs Free cash flow expected to be positive Net debt again to be reduced yoy despite restructuring cash-outs 31
  • 32. Agenda 01 Overview 02 Highlights and update on strategy 03 Financials Q2/H1 2013 04 Outlook 05 Appendix 32
  • 33. 05 Quarterly results and FY results 2008-2013 (€m) Q2 2013 Q1 2013 Q4 2012* Q3 2012* Q2 2012* Q1 2012* Q4 2011 Turnover (Tto) 1,690 1,646 1,585 1,764 1,863 1,857 1,636 1,765 1,763 7,068 6,661 5,314 4,119 5,974 Sales 1,698 1,625 1,633 1,847 1,964 1,945 1,739 1,885 1,885 7,388 7,095 5,198 3,860 6,750 Gross profit 305 303 298 306 340 344 307 318 337 1,288 1,315 1,136 645 1,366 % margin 18.0 18.6 18.3 16.6 17.3 17.7 17.6 16.8 17.9 17.4 18.5 21.9 16.7 20.2 EBITDA rep. 43 29 -35 18 33 44 14 37 62 60 217 238 -68 601 % margin 2.5 1.8 -2.1 1.0 1.7 2.3 0.8 1.9 3.3 0.8 3.1 4.6 -1.8 8.9 EBIT 17 2 -89 -9 -24 18 -18 8 36 -105 111 152 -178 533 -19 -19 -14 -22 -18 -25 -21 -22 -21 -80 -84 -67 -62 -70 Income before taxes -2 -16 -103 -31 -42 -8 -39 -15 15 -185 27 84 -240 463 Income taxes -2 1 -19 3 3 -4 12 3 -9 -18 -17 -4 54 -79 Net income -4 -16 -123 -29 -39 -12 -27 -12 5 -203 10 80 -186 384 0 0 -1 -1 0 1 -1 -1 0 -3 -1 3 3 -14 -4 -16 -122 -28 -39 -11 -27 -11 5 -200 12 78 -188 398 EPS basic (€) -0.04 -0.16 -1.22 -0.28 -0.39 -0.11 -0.27 -0.11 0.07 -2.00 0.14 1.17 -3.61 8.56 EPS diluted (€) -0.04 -0.16 -1.22 -0.28 -0.39 -0.11 -0.27 -0.11 0.07 -2.00 0.14 1.17 -3.61 8.11 Financial result Minority interests Net income KlöCo *) Restated due to initial application of IAS19 revised 2011. 33 Q3 2011 Q2 2011 FY 2012* FY 2011 FY 2010 FY 2009 FY 2008
  • 34. 05 Balance sheet as of June 30, 2013 (€m) June 30, 2013 December 31, 2012* Comments Non-current assets 1,069 1,107 Inventories 1,198 1,254 Trade receivables 960 787 • Cash & Cash equivalents 570 610 Financial debt: Other assets 100 122 Total assets 3,897 3,880 Equity 1,514 1,502 Total non-current liabilities 1,251 1,384 825 914 Total current liabilities 1,132 994 thereof trade payables 702 634 Total equity and liabilities 3,897 3,880 Net working capital 1,456 1,407 489 422 thereof financial liabilities Net financial debt *) Restated due to initial application of IAS19 revised 2011. 34 Shareholders’ equity: • • Remains stable at 38.9% Gearing at 33% Gross debt of €1.1bn and cash position of €0.6bn result in a net debt position of €489m
  • 35. 05 Statement of changes in equity -132 • Improvement mainly due to higher interest rates • • 1,634 -16 8 Net investment hedges f/x foreign subsidiaries 13 1.634 1,507 1,502 Revised equity as of December 31, 2012* Equity as of December 31, 2012 (as restated for IAS19) Net Income * As restated for the initial application of IAS 19 rev. 2011 IAS 19R 35 F/X and Hedging Reserves Equity as of March 31, 2013
  • 36. 05 KCO 6.0 EBITDA impact Q1 and Q2 2013 Q1 2013 Q2 2013 47 31) 50 KCO 6.0 EBITDA expenses €12m -21 KCO 6.0 EBITDA expenses €17m 171) -6 10 44 43 -16 33 29 -21 16 24 -4 EBITDA Q2 2012 20 Volume Effect Price Effect KCO 6.0 GP effect -7 KCO 6.0 Fix-cost effect OPEX EBITDA Q2 2013 EBITDA Q2 2012 Total GP effect: €41m 1) Price Effect KCO 6.0 GP effect Total GP effect: €34m Restructuring costs. 2) Volume Effect Includes one-off gain of €7m due to release of pension accruals. 36 KCO 6.0 Fix-cost effect OPEX 2) EBITDA Q2 2013
  • 37. 05 Profit & loss Q2 2013 (€m) Q2 2013 Q2 2012* 1,698 1,964 305 340 Personnel costs -142 -163 Other operating expenses (net) -120 -144 43 33 -26 -57 17 -24 -19 -18 EBT -2 -42 Taxes -2 3 Net income -4 -39 0 0 -4 -39 Sales Gross profit EBITDA Depreciation & Amortization EBIT Financial result Minorities Net income attributable to KCO shareholders *) Restated due to initial application of IAS19 revised 2011. 37
  • 38. 05 Segment performance Q2 2013 (€m) Europe Americas HQ/Consol. Total Q2 2013 941 749 1,690 Q2 2012 1,097 766 1,863 -14.3 -2.1 -9.3 Q2 2013 1,061 637 0 1,698 Q2 2012 1,237 727 0 1,964 -14.2 -12.3 Q2 2013 28 20 % margin 2.6 3.2 Q2 2012* 18 22 %margin 1.4 3.0 1.7 Δ % EBITDA 54.2 -6.6 31.7 Turnover (Tto) Δ% Sales Δ% -13.5 EBITDA -5 43 2.5 -7 33 * Restated due to initial application of IAS19 revised 2011. 38
  • 39. 05 Strong Growth: 24 acquisitions since the IPO Acquired 1) Country Company Sales (FY)2) Brazil May 2011 Frefer USA April 2011 Macsteel 2011 2 acquisitions Lake Steel €50m USA Sep 2010 Angeles Welding €30m GER Mar 2010 Becker Stahl-Service €600m CH Jan 2010 Bläsi €32m 2010 4 acquisitions €712m US Mar 2008 Temtco €226m UK Jan 2008 Multitubes €5m 2008 2 acquisitions €231m CH Sep 2007 Lehner & Tonossi €9m UK Sep 2007 Interpipe €14m US Sep 2007 ScanSteel €7m BG Aug 2007 Metalsnab €36m UK Jun 2007 Westok €26m US €1.15bn €1,150m Dec 2010 Acquired sales1),2) €1bn USA Acquisitions1) €150m May 2007 Premier Steel Apr 2007 Zweygart €11m GER Apr 2007 Max Carl €15m GER Apr 2007 Edelstahlservice €17m US Apr 2007 Primary Steel €360m NL Apr 2007 Teuling €14m F Jan 2007 Tournier €35m 2007 12 acquisitions €567m 2006 4 acquisitions €567m €23m GER €712m €108m ¹ Date of announcement 2 12 €231m €141m €108m 4 4 2 2005 Sales in the year prior to acquisitions 39 2 2 2006 2007 2008 2009 2010 2011
  • 40. 05 Current shareholder structure Comments Geographical breakdown of identified institutional investors US Germany • 42% 24% • UK 9% France 8% • Switzerland 6% • Other EU 4% Other World 7% As of July 2013. 40 Identified institutional investors account for 51% German investors incl. retail dominate Top 10 shareholdings represent around 25% Retail shareholders represent 30%
  • 41. 05 Appendix Financial calendar 2013/2014 November 6, 2013 Q3 interim report 2013 March 5, 2014 Annual Financial Statements 2013 May 7, 2014 Q1 interim report 2014 June 6, 2014 Annual General Meeting 2014, Düsseldorf August 6, 2014 Q2 interim report 2014 November 5, 2014 Q3 interim report 2014 Contact details Investor Relations Christian Pokropp, Head of Investor Relations & Corporate Communications Phone: +49 203 307 2050 Fax: +49 203 307 5025 E-mail: christian.pokropp@kloeckner.com Internet: www.kloeckner.com 41
  • 42. Our Symbol the ears attentive to customer needs the eyes looking forward to new developments the nose sniffing out opportunities to improve performance the legs always moving fast to keep up with the demands of the customers the ball symbolic of our role to fetch and carry for our customers