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.
Disclosure
2
LTM = “Last Twelve Months”
10. 10
CAPEX and Working Capital
Working Capital (R$ million; %)
CAPEX (R$ million)
1Q15
41
2Q14
25%
2Q15
51%
51
34
85
33%
1H14 1H15
64
LTM 2Q14
-5%
LTM 2Q15
209
198
33.9%34.0%
1Q15
975
26.1%
28.7%
961
30.6%
34.8%
878
29.8%
28.4%
4Q14
979
3Q14
30.8%
2Q14
35.1%
1,002
2Q15
WK adj. by FX¹ as % of annualized sales
WK as % of annualized sales²
WK
¹WK adjusted by same FX as sales
²Quarterly sales multiplied by 4
11. 8,2
Net Debt per currency (as of June 2015)
11
¹Adjusted EBITDA
²Net Debt adjusted by the same FX as EBITDA
Amortization Schedule (R$ million)
¹Adjusted EBITDA
²Net Debt adjusted by the same FX as EBITDA
Capital Structure
Amortization Schedule
Leverage (R$ million) Leverage ex-perpetual (R$ million)
432425387404379
2Q15
1,709
3.7x
4.0x
1Q15
1,706
3.5x
4.0x
4Q14
1,596
3.9x
4.1x
3Q14
1,537
3.7x
3.8x
2Q14
1,484
4.0x
3.9x
Net Debt / EBITDA adj. by FX²
Net Debt / EBITDA
EBITDA¹
Net Debt
917887931911922
432425387404379
2Q15
2.1x
2.1x
1Q15
2.0x
2.1x
4Q14
2.4x
2.4x
3Q14
2.3x
2.3x
2Q14
2.5x
2.4x
Net Debt / EBITDA adj. by FX²
Net Debt / EBITDA
EBITDA¹
Net Debt
EUR
32%USD
36%
BRL
32%
776
2018 2020 Perp
20
2019
892
222
2017
290
2016
89
2015
144
Cash
838
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/ir
12
Investor Relations
