2. The consolidated financial statements presented here are consistent with the criteria of international accounting standards - IFRS issued by the
International Accounting Standards Board – IASB, based on audited financial information. Non-financial information contained herein, as well
as other operational information, were not audited by independent auditors and may include forward-looking statements and reflects the
current views and perspectives of the management on the evolution of macro-economic environment, conditions of the mining and
refractories industries, company performance and financial results. Any statements, projections, expectations, estimates and plans contained
in this document that do not describe historical facts, and the factors or trends affecting financial condition, liquidity or results of operations,
are forward-looking statements and involve several risks and uncertainties.
This presentation should not be construed as legal, tax, investment or other advice. This presentation does not constitute an offer, or invitation,
or solicitation of an offer, to subscribe for or purchase any securities, and neither any part of this presentation nor any information or
statement contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Under no
circumstances, neither the Company nor its subsidiaries, directors, officers, agents or employees be liable to third parties (including investors)
for any investment decision based on information and statements in this presentation, or for any damages resulting therefrom, corresponding
or specific.
The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice. Magnesita
has no obligation to update it or revise it in light of new information and / or in face of future events, safeguard the current regulations which
we are submitted to. This presentation and its contents are proprietary information of the Company and may not be reproduced or circulated,
partially or completely, without the prior written consent of the Company.
Changes in historical numbers
For comparison purposes, 2013 figures have been adjusted to reflect accounting changes implemented by the Company
in late 2013.
Disclosure
2
10. 10
CAPEX and Working Capital
Working Capital (R$ million; %)
CAPEX (R$ million)
4Q14
23
34
1Q15
73
1Q14
-54%
46%
30.6%
3Q14
979
34.0%
1Q14
1,017
35.4%
1Q15
961
29.8%
4Q14
878
2Q14
1,002
35.1%
Working Capital
% of sales
187
1Q15 LTM
-8%
204
1Q14 LTM
11. 8,2
Net Debt per currency (as of March* 2015)
11
*EBITDA excluding other revenues/expenses
Amortization Schedule (R$ million)
*EBITDA excluding other revenues/expenses
Capital Structure
Amortization Schedule
Leverage (R$ million) Leverage ex-perpetual (R$ million)
1.7061.5961.5371.4841.494
425387404379385
1Q15
3.5x
4.1x
4Q14
3.9x
4.1x
3Q14
3.7x
3.9x
2Q14
4.0x
3.9x
1Q14
3.8x
3.9x
Net Debt / EBITDA Adj by fx
Net Debt / EBITDA¹
EBITDA
Net Debt
887931911922914
425387404379385
1Q15
2,1x
2,1x
4Q14
2,4x
2,4x
3Q14
2,3x
2,3x
2Q14
2,5x
2,5x
1Q14
2,4x
2,4x
Net Debt / EBITDA Adj by fx
Net Debt / EBITDA¹
EBITDA
Net Debt
88.5%
Short term
11.5%
Long term
EUR
20%
USD48%
BRL
32%
*Currency exposure as of March 27th, before the Swap expiration on March 30th
12. Octavio Pereira Lopes
CEO
Eduardo Gotilla
CFO e IRO
Daniel Domiciano
IR Manager
Lucas Veiga
IR Analyst
Phone: +55 11 3152-3237/3241/3202
ri@magnesita.com
www.magnesita.com/ri
12
Investor Relations