SlideShare ist ein Scribd-Unternehmen logo
1 von 25
Downloaden Sie, um offline zu lesen
Klöckner & Co SEKlöckner & Co SE
A Leading Multi Metal Distributor
Q1 2009 Results
Analysts‘ and Investors‘ Conference Call
A Leading Multi Metal Distributor
Q1 2009 Results
Analysts‘ and Investors‘ Conference Call
May 14, 2009May 14, 2009
Dr. Thomas LudwigDr. Thomas Ludwig
CEOCEO
Gisbert RGisbert Rüühlhl
CFOCFO
2
Agenda
1. Overview Q1 2009, market and strategy
Dr. Thomas Ludwig, CEO
2. Financials Q1 2009 and outlook
Gisbert Rühl, CFO
Appendix
3
Strong hit in Q1 but strong cash flow and financing secured
Overview Q1 2009
Sales and volumes in Q1 around a third under previous year’s levels
Operating result clearly negative
Net debt further reduced to €322m (-44%)
Further cost cutting measures and inventory reduction initiated
Financing secured: credit lines of €1.5bn free of performance based covenants as a
result of the completed restructuring of syndicated loan and ABS facilities
Installment plan for French cartel fine requires only a €10m payment in 2009
4
Results Q1 2009
(€m) Q1 2009 Q1 2008 Δ%
Volume (Ttons) 1,068 1,720 -37.9
Sales 1,095 1,660 -34.0
EBITDA -132 109 -220.6
EBIT -149 93 -260.1
5
Demand through the trough, prices begin to stabilize
Prices have fallen further during Q1 but less than in Q4
Long-products reached bottom-line already, flat-products expected to follow soon
Demand still weak but through the trough, destocking expected to slip into Q3
Global steel production still on historical low levels except China
Small rebound of economic indicators in construction and machinery- and equipment
manufacturing
NAdomestic prices FOB US Midwest mill in USD/to
400
500
600
700
800
900
1000
1100
1200
Jan
06M
ar06M
ay
06Jul06Sep
06Nov
06Jan
07M
ar07M
ay
07Jul07Sep
07Nov
07Jan
08M
ar08M
ay
08Jul08Sep
08Nov
08Jan
09M
ar09M
ay
09
HRC WF Beams
EU domestic prices in EUR/to
300
400
500
600
700
800
900
1000
Jan
06M
ar06M
ay
06Jul06Sep
06Nov
06Jan
07M
ar07M
ay
06Jul07Sep
07Nov
07Jan
08M
ar08M
ay
08July
08Sep
08Nov
08Jan
09M
ar09M
ay
09
HRC Medium sections
6
Net savings of ~ €100m for 2009 targeted
Focus:
European sourcing
Ongoing improvement of distribution network
Main areas of savings: sales, supply chain, purchasing
STAR Phase I + II
Executed immediate action programs and STAR
Further upside potential
2006 ~ €20 million
2007 ~ €40 million
2008 ~ €30 million
2009 ~ €30 million
2010 ~ €20 million
~ €140 million
Reduction of around 1500 jobs or 15% of total workforce:
5.2% already left since Q3 2008
Key priority is liquidity and NWC management
Cash position of €447m, NWC reduced by €401m to
€1,006m
Stock and inventory as key lever for debt reduction:
€322m net debt, inventory levels below 900Tt
Acquisitions are postponed for the time being
Non-essential investments postponed
Net savings 2009: €65m, full impact (€100m) can only be
seen from 2010 onwards
Immediate action programs
(started in Oct. 2008, upgraded in March 2009)
7
In € million
Net debt
In € billion
Net working capital
Business model works also under extreme conditions
Q3/2008 Q4/2008
-18%
1.7
1.4
Q3/2008 Q4/2008
-17%690
571
322
-44%
Q1/2009 Q1/2009
1.0
-29%
Strong cash flow generation leads to net debt of €322m
8
Resume: Demand/prices through the trough
Broad results slump in Q1
Early anticipation of market downturn allowed us to react quicker and stricter than most
competitors
Sharp cost cutting initiatives show first results; 2/3 of planned headcount reduction
already completed or signed
Flexible business model with high cash flow generation allowed us to reduce net debt
significantly
Strong balance sheet and restructured €1.5bn lines give us enough headroom
Klöckner & Co is in a position to act fast if opportunities occur during the crisis
Tough Q1, outlook improving slightly
9
Klöckner & Co: A view ahead
Crisis management Managing structural changes Managing growth
Cost cutting
NWC-reduction
Safeguard financing
STAR program
ongoing improvement
STAR program
add. structural measures
Acquisition strategy
Acquisition strategy
further postponed
Stable/
positive
market
development
Negative
market
development
10
Agenda
1. Overview Q1 2009, market and strategy
Dr. Thomas Ludwig, CEO
2. Financials Q1 2009 and outlook
Gisbert Rühl, CFO
Appendix
11
Summary income statement Q1 2009
(€m)
Q1
2009
Q1
2008
Δ%
Volume (Ttons) 1,068 1,720 -37.9
Sales 1,095 1,660 -34.0
Gross profit
% margin
78
7.1
340
20.5
-77.1
-65.2
EBITDA
% margin
-132
-12.0
109
6.6
-220.6
-282.8
EBIT
Financial result
-149
-16
93
-17
-260.1
-6.1
Income before taxes -165 76 -317.0
Income taxes 38 -24 -259.1
Minority interests 2 -2 -201.9
Net income* -126 51 -347.7
EPS basic (€) -2.70 1.09 -347.7
EPS diluted (€) -2.43 1.06 -328.6
* Attributable to shareholders of Klöckner & Co SE
12
Factors impacting EBITDA Q1 2009
Impact Amount (€m) Comments
Windfall losses -60 to -80
Declining prices affected almost
all products
Effect difficult to quantify due to
strong dynamics and very limited
purchases
Volume losses -100 to -120
Impact of poor economic
environment
Special expense effects -35 to -45
Mainly driven by price related
devaluation of inventories at
quarter end
Acquisitions / divestitures -15
Mainly affected by divestiture of
KVT
One-offs 4 Sale of property in France
Exchange rate effects -1
13
Organic volume development in
North America -37.9%
Includes acquisition-related
sales of €34m for Q1/2009 in
North America
EBITDA in Europe includes
€4m net disposal gains in
Q1/2009
Comments
Segment performance Q1 2009
(€m) Europe
North
America
HQ/
Consol.
Total
Volume (Ttons)
Q1 2009 827 240 - 1,068
Q1 2008 1,211 509 - 1,720
Δ % -31.7 -52.8 -37.9
Sales
Q1 2009 883 213 - 1,095
Q1 2008 1,358 301 - 1,660
Δ % -35.0 -29.4 -34.0
EBITDA
Q1 2009 -93 -31 -8 -132
% margin -10.5 -14.6 -12.0
Q1 2008 84 26 -1 109
% margin 6.2 8.8 - 6.6
Δ % EBITDA -210.9 -217.0 -220.7
14
Balance sheet as of March 31, 2009
(€m)
Mar. 31,
2009
Dec. 31,
2008**
Long-term assets 802 803
Inventories 765 1,001
Trade receivables 689 799
Cash & Cash equivalents* 447 297
Other assets 194 184
Total assets 2,897 3,084
Equity 957 1,081
Total long-term liabilities 1,067 1,177
• thereof financial liabilities 696 813
Total short-term liabilities 873 826
• thereof trade payables 449 392
Total equity and liabilities 2,897 3,084
Net working capital 1,006 1,407
Net financial debt 322 571
* Including restricted cash of €7m; ** restated due to initial application of IFRIC 14
Shareholders’ equity:
Decreased from 35% to 33%,
would be at 39% if cash used for
net debt reduction
Financial debt:
Leverage reduced from 0.95x
to 0.89x EBITDA
Gearing reduced from 53%
to 34%
Net Working Capital:
Decrease is price- and volume
driven
Comments
15
Statement of cash flow
Operating CF negatively
impacted by volume drop, offset
by change in NWC
Investing CF mainly balanced
because of postponement of
acquisitions and
investment cut
Comments(€m)
Q1
2009
Q1
2008
Operating CF -136 107
Changes in net working capital 414 -88
Others -17 -29
Cash flow from operating activities 261 -10
Inflow from disposals of fixed assets/others 5 3
Outflow from investments in fixed assets -10 -143
Cash flow from investing activities -5 -141
Proceeds from capital increase
Changes in financial liabilities -106 111
Net interest payments -5 -5
Cash flow from financing activities -111 105
Total cash flow 145 -45
16
New financial structureOld financial structure
Bank Debt
Securitized
Debt
Capital Market
Debt
Bank Debt
Securitized
Debt
Capital Market
Debt
NWC
Acquisitions
NWC
Acquisitions
Changes in financial structure succeeded
Now €1.5bn facilities without performance covenants in place
54%
Bilateral
Facilities
ABS
Convertible
Bond
Syndicated
Loan
€600m
€380m
€505m
€325m
28%
18%
PerformanceCovenants
Syndicated
Loan
€300m
PerformanceCovenants
Bilateral
Facilities
ABS
Convertible
Bond
€380m
€505m
€325m
33%
22%
45%
17
Outlook 2009
Some products show stabilization in prices, esp. long-products, others are close to
Volume wise through the trough but still low absolute levels
Q2 results expected to be clearly better than Q1 results (but still negative)
Business model works: strong cash flow generation will lead to even lower net debt
Strict cost cutting measures on track, headcount reduction to be completed during
summer
Credit lines without performance based covenants of €1.5bn allow us to take growth
opportunities emerging during the crisis
Well prepared: cost cutting on track, financing restructured!
18
Agenda
1. Overview Q1 2009, market and strategy
Dr. Thomas Ludwig, CEO
2. Financials Q1 2009 and outlook
Gisbert Rühl, CFO
Appendix
19
Appendix
Table of contents
Financial calendar 2009 and contact details
Quarterly results and FY results 2009/2008/2007/2006/2005
Steel cycle and EBITDA/cash flow relationship
Current shareholder structure
20
Contact details Investor Relations
Dr. Thilo Theilen, Head of IR
Phone: +49 203 307 2050
Fax: +49 203 307 5025
E-mail: thilo.theilen@kloeckner.de
Internet: www.kloeckner.de
Financial calendar 2009
May 26: Annual General Meeting
August 13: Q2/H1 Interim Report
October: Capital Market Days
November 13: Q3 Interim Report
Financial calendar 2009 and contact details
21
(€m)
Q1
2009
Q4
2008
Q3
2008
Q2
2008
Q1
2008
Q4
2007
Q3
2007
Q2
2007
Q1
2007
FY
2008
FY
2007
FY
2006
FY
2005*
Volume (Ttons) 1,068 1,151 1,348 1,755 1,720 1,585 1,601 1,663 1,629 5,974 6,478 6,127 5,868
Sales 1,095 1,394 1.773 1,922 1,660 1,492 1,583 1,650 1,550 6,750 6,274 5,532 4,964
Gross profit 78 173 390 462 340 300 286 328 307 1,366 1,221 1,208 987
% margin 7.1 12.4 22.0 24.0 20.5 20.1 18.0 19.8 19.8 20.2 19.5 21.8 19.9
EBITDA -132 -134 413 212 109 83 93 103 92 600 371 395 197
% margin -12.0 -9.6 23.3 11.0 6.6 5.6 5.9 6.2 5.9 8.9 5.9 7.1 4.0
EBIT -149 -152 395 197 93 65 76 87 78 533 307 337 135
Financial result -16 -18 -18 -17 -17 -17 -17 -52 -10 -70 -97 -64 -54
Income before
taxes
-165 -171 378 180 76 48 59 35 68 463 210 273 81
Income taxes 38 29 -30 -55 -24 -6 -14 -12 -22 -79 -54 -39 -29
Minority interests 2 -15 -4 3 -2 4 8 4 6 -14 23 28 16
Net income -126 -126 351 122 51 37 37 19 40 398 133 206 36
EPS basic (€) -2.70 -2.72 7.56 2.63 1.09 0.80 0.79 0.41 0.86 8.56 2.87 4.44 -
EPS diluted (€) -2.43 -2.44 7.01 2.48 1.06 0.80 0.78 0.41 0.86 8.11 2.87 4.44 -
Quarterly results and FY results 2009/2008/2007/2006/2005
* Pro-forma consolidated figures for FY 2005, without release of negative goodwill of €139 million and without transaction costs of
€39 million, without restructuring expenses of €17 million (incurred Q4) and without activity disposal of €1.9 million (incurred Q4).
22
(€m)
Theoretical relationship*
Klöckner & Co buys and sells products at spot
prices generally
Sales increase as a function of the steel price
inflation environment
Costs of material are based on historical average
cost method for inventory and therefore lag the
steel price increase
This time lag creates accounting windfall profits
(windfall losses in a decreasing steel price
environment) inflating (deflating) EBITDA
Assuming stable inventory volume cash flow is
impacted by higher NWC needs
The windfall profits (losses) are mirrored by
inventory book value increases (decreases)
Comments
Steel cycle and EBITDA/cash flow relationship
*Assuming stable inventory volumes
Windfall
profits
Windfall
losses
Margin
Margin
Steel price Sales
Cost of material EBITDA
Cash flow
1
2
3
4
4
5
6 6
1
2
3
4
5
6
23
Current shareholder structure
Source: Survey Thomson Financial (as of Feb. 09)
Identified institutional
investors account for 66%
UK based investors
dominate (Franklin
previously accounted for
US share)
Top 10 individual
shareholdings represent
around 31%
100% Free float
CommentsGeographical breakdown of identified institutional investors
Germany
22%
United
Kingdom31%
US
21%
11%
Rest of
Europe
10%
Switzerland
France
4%1%
Rest of World
24
Our symbol
the ears
attentive to customer needs
the eyes
looking forward to new developments
the nose
sniffing out opportunities
to improve performance
the ball
symbolic of our role to fetch
and carry for our customers
the legs
always moving fast to keep up with
the demands of the customers
25
Disclaimer
This presentation contains forward-looking statements. These statements use words
like “believes”, “assumes”, “expects” or similar formulations. Various known and
unknown risks, uncertainties and other factors could lead to material differences
between the actual future results, financial situation, development or performance of
our company and those either expressed or implied by these statements. These factors
include, among other things:
Downturns in the business cycle of the industries in which we compete;
Increases in the prices of our raw materials, especially if we are unable to pass
these costs along to customers;
Fluctuation in international currency exchange rates as well as changes in the
general economic climate
and other factors identified in this presentation.
In view of these uncertainties, we caution you not to place undue reliance on these
forward-looking statements. We assume no liability whatsoever to update these
forward-looking statements or to conform them to future events or developments.

Weitere ähnliche Inhalte

Was ist angesagt?

Deutsche EuroShop | Interim Report H1 2013
Deutsche EuroShop | Interim Report H1 2013Deutsche EuroShop | Interim Report H1 2013
Deutsche EuroShop | Interim Report H1 2013Deutsche EuroShop AG
 
Klöckner & Co - Global Resources Conference 2010
Klöckner & Co - Global Resources Conference 2010Klöckner & Co - Global Resources Conference 2010
Klöckner & Co - Global Resources Conference 2010Klöckner & Co SE
 
Klöckner & Co - Full Year Results 2009
Klöckner & Co - Full Year Results 2009Klöckner & Co - Full Year Results 2009
Klöckner & Co - Full Year Results 2009Klöckner & Co SE
 
Klöckner & Co - 6th Basic Material Seminar 2011
Klöckner & Co - 6th Basic Material Seminar 2011Klöckner & Co - 6th Basic Material Seminar 2011
Klöckner & Co - 6th Basic Material Seminar 2011Klöckner & Co SE
 
Klöckner & Co - Q3 2013 Results, Analysts' and Investors' Conference, Novemb...
Klöckner & Co - Q3 2013 Results, Analysts' and Investors' Conference,  Novemb...Klöckner & Co - Q3 2013 Results, Analysts' and Investors' Conference,  Novemb...
Klöckner & Co - Q3 2013 Results, Analysts' and Investors' Conference, Novemb...Klöckner & Co SE
 
Klöckner & Co - Roadshow Presentation May 2009
Klöckner & Co - Roadshow Presentation May 2009Klöckner & Co - Roadshow Presentation May 2009
Klöckner & Co - Roadshow Presentation May 2009Klöckner & Co SE
 
Klöckner & Co - 14th German Investment Seminar 2012
Klöckner & Co - 14th German Investment Seminar 2012Klöckner & Co - 14th German Investment Seminar 2012
Klöckner & Co - 14th German Investment Seminar 2012Klöckner & Co SE
 
Klöckner & Co - Roadshow Presentation August 9, 2013
Klöckner & Co - Roadshow Presentation August 9, 2013Klöckner & Co - Roadshow Presentation August 9, 2013
Klöckner & Co - Roadshow Presentation August 9, 2013Klöckner & Co SE
 
AT&S Quarterly Financial Report Q1 2018/19
AT&S Quarterly Financial Report Q1 2018/19AT&S Quarterly Financial Report Q1 2018/19
AT&S Quarterly Financial Report Q1 2018/19AT&S_IR
 
Deutsche EuroShop | Quarterly Statement 9M 2019
Deutsche EuroShop | Quarterly Statement 9M 2019Deutsche EuroShop | Quarterly Statement 9M 2019
Deutsche EuroShop | Quarterly Statement 9M 2019Deutsche EuroShop AG
 
Klöckner & Co - Q3 2011 Results
Klöckner & Co - Q3 2011 ResultsKlöckner & Co - Q3 2011 Results
Klöckner & Co - Q3 2011 ResultsKlöckner & Co SE
 
News@Facts March 2015
 News@Facts March 2015 News@Facts March 2015
News@Facts March 2015Snam
 
Klöckner & Co - German Industrial Opportunities
Klöckner & Co - German Industrial OpportunitiesKlöckner & Co - German Industrial Opportunities
Klöckner & Co - German Industrial OpportunitiesKlöckner & Co SE
 
Deutsche EuroShop | Quarterly Statement 3M 2018
Deutsche EuroShop | Quarterly Statement 3M 2018Deutsche EuroShop | Quarterly Statement 3M 2018
Deutsche EuroShop | Quarterly Statement 3M 2018Deutsche EuroShop AG
 
Klöckner & Co - Steubing AG Stahl Round Table 2010
Klöckner & Co - Steubing AG Stahl Round Table 2010Klöckner & Co - Steubing AG Stahl Round Table 2010
Klöckner & Co - Steubing AG Stahl Round Table 2010Klöckner & Co SE
 
Klöckner & Co - Q2 2013 Results
Klöckner & Co - Q2 2013 ResultsKlöckner & Co - Q2 2013 Results
Klöckner & Co - Q2 2013 ResultsKlöckner & Co SE
 
Klöckner & Co - Roadshow Presentation March 2010
Klöckner & Co - Roadshow Presentation March 2010Klöckner & Co - Roadshow Presentation March 2010
Klöckner & Co - Roadshow Presentation March 2010Klöckner & Co SE
 
Klöckner & Co - Roadshow Presentation February 2009
Klöckner & Co - Roadshow Presentation February 2009Klöckner & Co - Roadshow Presentation February 2009
Klöckner & Co - Roadshow Presentation February 2009Klöckner & Co SE
 
Klöckner & Co - Q3 2013 Results, Press Telephone Conference, November 6, 2013
Klöckner & Co - Q3 2013 Results, Press Telephone Conference, November 6, 2013Klöckner & Co - Q3 2013 Results, Press Telephone Conference, November 6, 2013
Klöckner & Co - Q3 2013 Results, Press Telephone Conference, November 6, 2013Klöckner & Co SE
 
Kloeckner & Co Analysts and Investor Presentation 3rd Quarter results 2014
Kloeckner & Co Analysts and Investor Presentation 3rd Quarter results 2014Kloeckner & Co Analysts and Investor Presentation 3rd Quarter results 2014
Kloeckner & Co Analysts and Investor Presentation 3rd Quarter results 2014Klöckner & Co SE
 

Was ist angesagt? (20)

Deutsche EuroShop | Interim Report H1 2013
Deutsche EuroShop | Interim Report H1 2013Deutsche EuroShop | Interim Report H1 2013
Deutsche EuroShop | Interim Report H1 2013
 
Klöckner & Co - Global Resources Conference 2010
Klöckner & Co - Global Resources Conference 2010Klöckner & Co - Global Resources Conference 2010
Klöckner & Co - Global Resources Conference 2010
 
Klöckner & Co - Full Year Results 2009
Klöckner & Co - Full Year Results 2009Klöckner & Co - Full Year Results 2009
Klöckner & Co - Full Year Results 2009
 
Klöckner & Co - 6th Basic Material Seminar 2011
Klöckner & Co - 6th Basic Material Seminar 2011Klöckner & Co - 6th Basic Material Seminar 2011
Klöckner & Co - 6th Basic Material Seminar 2011
 
Klöckner & Co - Q3 2013 Results, Analysts' and Investors' Conference, Novemb...
Klöckner & Co - Q3 2013 Results, Analysts' and Investors' Conference,  Novemb...Klöckner & Co - Q3 2013 Results, Analysts' and Investors' Conference,  Novemb...
Klöckner & Co - Q3 2013 Results, Analysts' and Investors' Conference, Novemb...
 
Klöckner & Co - Roadshow Presentation May 2009
Klöckner & Co - Roadshow Presentation May 2009Klöckner & Co - Roadshow Presentation May 2009
Klöckner & Co - Roadshow Presentation May 2009
 
Klöckner & Co - 14th German Investment Seminar 2012
Klöckner & Co - 14th German Investment Seminar 2012Klöckner & Co - 14th German Investment Seminar 2012
Klöckner & Co - 14th German Investment Seminar 2012
 
Klöckner & Co - Roadshow Presentation August 9, 2013
Klöckner & Co - Roadshow Presentation August 9, 2013Klöckner & Co - Roadshow Presentation August 9, 2013
Klöckner & Co - Roadshow Presentation August 9, 2013
 
AT&S Quarterly Financial Report Q1 2018/19
AT&S Quarterly Financial Report Q1 2018/19AT&S Quarterly Financial Report Q1 2018/19
AT&S Quarterly Financial Report Q1 2018/19
 
Deutsche EuroShop | Quarterly Statement 9M 2019
Deutsche EuroShop | Quarterly Statement 9M 2019Deutsche EuroShop | Quarterly Statement 9M 2019
Deutsche EuroShop | Quarterly Statement 9M 2019
 
Klöckner & Co - Q3 2011 Results
Klöckner & Co - Q3 2011 ResultsKlöckner & Co - Q3 2011 Results
Klöckner & Co - Q3 2011 Results
 
News@Facts March 2015
 News@Facts March 2015 News@Facts March 2015
News@Facts March 2015
 
Klöckner & Co - German Industrial Opportunities
Klöckner & Co - German Industrial OpportunitiesKlöckner & Co - German Industrial Opportunities
Klöckner & Co - German Industrial Opportunities
 
Deutsche EuroShop | Quarterly Statement 3M 2018
Deutsche EuroShop | Quarterly Statement 3M 2018Deutsche EuroShop | Quarterly Statement 3M 2018
Deutsche EuroShop | Quarterly Statement 3M 2018
 
Klöckner & Co - Steubing AG Stahl Round Table 2010
Klöckner & Co - Steubing AG Stahl Round Table 2010Klöckner & Co - Steubing AG Stahl Round Table 2010
Klöckner & Co - Steubing AG Stahl Round Table 2010
 
Klöckner & Co - Q2 2013 Results
Klöckner & Co - Q2 2013 ResultsKlöckner & Co - Q2 2013 Results
Klöckner & Co - Q2 2013 Results
 
Klöckner & Co - Roadshow Presentation March 2010
Klöckner & Co - Roadshow Presentation March 2010Klöckner & Co - Roadshow Presentation March 2010
Klöckner & Co - Roadshow Presentation March 2010
 
Klöckner & Co - Roadshow Presentation February 2009
Klöckner & Co - Roadshow Presentation February 2009Klöckner & Co - Roadshow Presentation February 2009
Klöckner & Co - Roadshow Presentation February 2009
 
Klöckner & Co - Q3 2013 Results, Press Telephone Conference, November 6, 2013
Klöckner & Co - Q3 2013 Results, Press Telephone Conference, November 6, 2013Klöckner & Co - Q3 2013 Results, Press Telephone Conference, November 6, 2013
Klöckner & Co - Q3 2013 Results, Press Telephone Conference, November 6, 2013
 
Kloeckner & Co Analysts and Investor Presentation 3rd Quarter results 2014
Kloeckner & Co Analysts and Investor Presentation 3rd Quarter results 2014Kloeckner & Co Analysts and Investor Presentation 3rd Quarter results 2014
Kloeckner & Co Analysts and Investor Presentation 3rd Quarter results 2014
 

Andere mochten auch

Klöckner & Co - Roadshow Presentation November 2008
Klöckner & Co - Roadshow Presentation November 2008Klöckner & Co - Roadshow Presentation November 2008
Klöckner & Co - Roadshow Presentation November 2008Klöckner & Co SE
 
Klöckner & Co - Q2 2008 Results
Klöckner & Co - Q2 2008 ResultsKlöckner & Co - Q2 2008 Results
Klöckner & Co - Q2 2008 ResultsKlöckner & Co SE
 
Klöckner & Co - Global Industrial and A&D Conference 2012
Klöckner & Co - Global Industrial and A&D Conference 2012Klöckner & Co - Global Industrial and A&D Conference 2012
Klöckner & Co - Global Industrial and A&D Conference 2012Klöckner & Co SE
 
Klöckner & Co - Roadshow Presentation November 23, 2007
Klöckner & Co - Roadshow Presentation November 23, 2007Klöckner & Co - Roadshow Presentation November 23, 2007
Klöckner & Co - Roadshow Presentation November 23, 2007Klöckner & Co SE
 
Klöckner & Co - Roadshow Presentation December 2008
Klöckner & Co - Roadshow Presentation December 2008Klöckner & Co - Roadshow Presentation December 2008
Klöckner & Co - Roadshow Presentation December 2008Klöckner & Co SE
 
Klöckner & Co - Global Resources Conference 2011
Klöckner & Co - Global Resources Conference 2011Klöckner & Co - Global Resources Conference 2011
Klöckner & Co - Global Resources Conference 2011Klöckner & Co SE
 
Klöckner & Co - German, Swiss & Austrian Conference 2012
Klöckner & Co - German, Swiss & Austrian Conference 2012Klöckner & Co - German, Swiss & Austrian Conference 2012
Klöckner & Co - German, Swiss & Austrian Conference 2012Klöckner & Co SE
 
Klöckner & Co - German & Austrian Corporate Conference 2009
Klöckner & Co - German & Austrian Corporate Conference 2009Klöckner & Co - German & Austrian Corporate Conference 2009
Klöckner & Co - German & Austrian Corporate Conference 2009Klöckner & Co SE
 
Klöckner & Co - Roadshow Presentation June 2009
Klöckner & Co - Roadshow Presentation June 2009Klöckner & Co - Roadshow Presentation June 2009
Klöckner & Co - Roadshow Presentation June 2009Klöckner & Co SE
 
Klöckner & Co - Roadshow Presentation September, 2007
Klöckner & Co - Roadshow Presentation September, 2007Klöckner & Co - Roadshow Presentation September, 2007
Klöckner & Co - Roadshow Presentation September, 2007Klöckner & Co SE
 
Klöckner & Co - Capital Market Days 2010
Klöckner & Co - Capital Market Days 2010Klöckner & Co - Capital Market Days 2010
Klöckner & Co - Capital Market Days 2010Klöckner & Co SE
 
Klöckner & Co - Roadshow Presentation October 1-2, 2007
Klöckner & Co - Roadshow Presentation October 1-2, 2007Klöckner & Co - Roadshow Presentation October 1-2, 2007
Klöckner & Co - Roadshow Presentation October 1-2, 2007Klöckner & Co SE
 
Klöckner & Co - German Investment Seminar 2010
Klöckner & Co - German Investment Seminar 2010Klöckner & Co - German Investment Seminar 2010
Klöckner & Co - German Investment Seminar 2010Klöckner & Co SE
 
Klöckner & Co - Global Steel and Mining Conference 2009
Klöckner & Co - Global Steel and Mining Conference 2009Klöckner & Co - Global Steel and Mining Conference 2009
Klöckner & Co - Global Steel and Mining Conference 2009Klöckner & Co SE
 
Klöckner & Co - Roadshow Presentation March, 2008
Klöckner & Co - Roadshow Presentation March, 2008Klöckner & Co - Roadshow Presentation March, 2008
Klöckner & Co - Roadshow Presentation March, 2008Klöckner & Co SE
 
Klöckner & Co - Roadshow Presentation August 13, 2013
Klöckner & Co - Roadshow Presentation August 13, 2013Klöckner & Co - Roadshow Presentation August 13, 2013
Klöckner & Co - Roadshow Presentation August 13, 2013Klöckner & Co SE
 
Klöckner & Co - 10th German Corporate Conference, June 20-21, 2007
Klöckner & Co - 10th German Corporate Conference, June 20-21, 2007Klöckner & Co - 10th German Corporate Conference, June 20-21, 2007
Klöckner & Co - 10th German Corporate Conference, June 20-21, 2007Klöckner & Co SE
 
Klöckner & Co - Roadshow Presentation April, 2008
Klöckner & Co - Roadshow Presentation April, 2008Klöckner & Co - Roadshow Presentation April, 2008
Klöckner & Co - Roadshow Presentation April, 2008Klöckner & Co SE
 
Terminos de referencia
Terminos de referencia  Terminos de referencia
Terminos de referencia fer7777
 

Andere mochten auch (20)

Klöckner & Co - Roadshow Presentation November 2008
Klöckner & Co - Roadshow Presentation November 2008Klöckner & Co - Roadshow Presentation November 2008
Klöckner & Co - Roadshow Presentation November 2008
 
Klöckner & Co - Q2 2008 Results
Klöckner & Co - Q2 2008 ResultsKlöckner & Co - Q2 2008 Results
Klöckner & Co - Q2 2008 Results
 
Klöckner & Co - Global Industrial and A&D Conference 2012
Klöckner & Co - Global Industrial and A&D Conference 2012Klöckner & Co - Global Industrial and A&D Conference 2012
Klöckner & Co - Global Industrial and A&D Conference 2012
 
Klöckner & Co - Roadshow Presentation November 23, 2007
Klöckner & Co - Roadshow Presentation November 23, 2007Klöckner & Co - Roadshow Presentation November 23, 2007
Klöckner & Co - Roadshow Presentation November 23, 2007
 
Klöckner & Co - Roadshow Presentation December 2008
Klöckner & Co - Roadshow Presentation December 2008Klöckner & Co - Roadshow Presentation December 2008
Klöckner & Co - Roadshow Presentation December 2008
 
Klöckner & Co - Global Resources Conference 2011
Klöckner & Co - Global Resources Conference 2011Klöckner & Co - Global Resources Conference 2011
Klöckner & Co - Global Resources Conference 2011
 
Klöckner & Co - German, Swiss & Austrian Conference 2012
Klöckner & Co - German, Swiss & Austrian Conference 2012Klöckner & Co - German, Swiss & Austrian Conference 2012
Klöckner & Co - German, Swiss & Austrian Conference 2012
 
Klöckner & Co - German & Austrian Corporate Conference 2009
Klöckner & Co - German & Austrian Corporate Conference 2009Klöckner & Co - German & Austrian Corporate Conference 2009
Klöckner & Co - German & Austrian Corporate Conference 2009
 
Klöckner & Co - Roadshow Presentation June 2009
Klöckner & Co - Roadshow Presentation June 2009Klöckner & Co - Roadshow Presentation June 2009
Klöckner & Co - Roadshow Presentation June 2009
 
Klöckner & Co - Roadshow Presentation September, 2007
Klöckner & Co - Roadshow Presentation September, 2007Klöckner & Co - Roadshow Presentation September, 2007
Klöckner & Co - Roadshow Presentation September, 2007
 
Klöckner & Co - Capital Market Days 2010
Klöckner & Co - Capital Market Days 2010Klöckner & Co - Capital Market Days 2010
Klöckner & Co - Capital Market Days 2010
 
Klöckner & Co - Roadshow Presentation October 1-2, 2007
Klöckner & Co - Roadshow Presentation October 1-2, 2007Klöckner & Co - Roadshow Presentation October 1-2, 2007
Klöckner & Co - Roadshow Presentation October 1-2, 2007
 
Klöckner & Co - German Investment Seminar 2010
Klöckner & Co - German Investment Seminar 2010Klöckner & Co - German Investment Seminar 2010
Klöckner & Co - German Investment Seminar 2010
 
Klöckner & Co - Global Steel and Mining Conference 2009
Klöckner & Co - Global Steel and Mining Conference 2009Klöckner & Co - Global Steel and Mining Conference 2009
Klöckner & Co - Global Steel and Mining Conference 2009
 
Klöckner & Co - Roadshow Presentation March, 2008
Klöckner & Co - Roadshow Presentation March, 2008Klöckner & Co - Roadshow Presentation March, 2008
Klöckner & Co - Roadshow Presentation March, 2008
 
Klöckner & Co - Roadshow Presentation August 13, 2013
Klöckner & Co - Roadshow Presentation August 13, 2013Klöckner & Co - Roadshow Presentation August 13, 2013
Klöckner & Co - Roadshow Presentation August 13, 2013
 
Klöckner & Co - 10th German Corporate Conference, June 20-21, 2007
Klöckner & Co - 10th German Corporate Conference, June 20-21, 2007Klöckner & Co - 10th German Corporate Conference, June 20-21, 2007
Klöckner & Co - 10th German Corporate Conference, June 20-21, 2007
 
Klöckner & Co - Roadshow Presentation April, 2008
Klöckner & Co - Roadshow Presentation April, 2008Klöckner & Co - Roadshow Presentation April, 2008
Klöckner & Co - Roadshow Presentation April, 2008
 
Pbs smkg 2013
Pbs smkg 2013Pbs smkg 2013
Pbs smkg 2013
 
Terminos de referencia
Terminos de referencia  Terminos de referencia
Terminos de referencia
 

Ähnlich wie Klöckner & Co - Q1 2009 Results

Klöckner & Co - Q3 2008 Results
Klöckner & Co - Q3 2008 ResultsKlöckner & Co - Q3 2008 Results
Klöckner & Co - Q3 2008 ResultsKlöckner & Co SE
 
Klöckner & Co - UBS Global Basic Materials Conference 2009
Klöckner & Co - UBS Global Basic Materials Conference 2009Klöckner & Co - UBS Global Basic Materials Conference 2009
Klöckner & Co - UBS Global Basic Materials Conference 2009Klöckner & Co SE
 
Klöckner & Co - Roadshow Presentation November 2011
Klöckner & Co - Roadshow Presentation November 2011Klöckner & Co - Roadshow Presentation November 2011
Klöckner & Co - Roadshow Presentation November 2011Klöckner & Co SE
 
Klöckner & Co - Global Metals & Mining Conference 2011
Klöckner & Co - Global Metals & Mining Conference 2011Klöckner & Co - Global Metals & Mining Conference 2011
Klöckner & Co - Global Metals & Mining Conference 2011Klöckner & Co SE
 
Klöckner & Co - Full Year 2010 Results
Klöckner & Co - Full Year 2010 ResultsKlöckner & Co - Full Year 2010 Results
Klöckner & Co - Full Year 2010 ResultsKlöckner & Co SE
 
Klöckner & Co - Roadshow Presentation March 2009
Klöckner & Co - Roadshow Presentation March 2009Klöckner & Co - Roadshow Presentation March 2009
Klöckner & Co - Roadshow Presentation March 2009Klöckner & Co SE
 
Klöckner & Co - Roadshow Presentation June 2009
Klöckner & Co - Roadshow Presentation June 2009Klöckner & Co - Roadshow Presentation June 2009
Klöckner & Co - Roadshow Presentation June 2009Klöckner & Co SE
 
Klöckner & Co - Capital Goods & Steel Conference
Klöckner & Co - Capital Goods & Steel ConferenceKlöckner & Co - Capital Goods & Steel Conference
Klöckner & Co - Capital Goods & Steel ConferenceKlöckner & Co SE
 
Klöckner & Co - Q2 2009 Results
Klöckner & Co - Q2 2009 ResultsKlöckner & Co - Q2 2009 Results
Klöckner & Co - Q2 2009 ResultsKlöckner & Co SE
 
Klöckner & Co - German Corporate Forum 2011
Klöckner & Co - German Corporate Forum 2011Klöckner & Co - German Corporate Forum 2011
Klöckner & Co - German Corporate Forum 2011Klöckner & Co SE
 
Klöckner & Co - 3rd ltaú BBA Commodities Conference 2011
Klöckner & Co - 3rd ltaú BBA Commodities Conference 2011Klöckner & Co - 3rd ltaú BBA Commodities Conference 2011
Klöckner & Co - 3rd ltaú BBA Commodities Conference 2011Klöckner & Co SE
 
Klöckner & Co - Roadshow Credit Suisse, August 9, 2013
Klöckner & Co - Roadshow Credit Suisse, August 9, 2013Klöckner & Co - Roadshow Credit Suisse, August 9, 2013
Klöckner & Co - Roadshow Credit Suisse, August 9, 2013Klöckner & Co SE
 
Klöckner & Co - Roadshow HSBC, August 13, 2013
Klöckner & Co - Roadshow HSBC, August 13, 2013Klöckner & Co - Roadshow HSBC, August 13, 2013
Klöckner & Co - Roadshow HSBC, August 13, 2013Klöckner & Co SE
 
Klöckner & Co - Dresdner Kleinwort - German Investment Seminar 2009
Klöckner & Co - Dresdner Kleinwort - German Investment Seminar 2009Klöckner & Co - Dresdner Kleinwort - German Investment Seminar 2009
Klöckner & Co - Dresdner Kleinwort - German Investment Seminar 2009Klöckner & Co SE
 
Klöckner & Co - Roadshow Presentation August 8, 2013
Klöckner & Co - Roadshow Presentation August 8, 2013Klöckner & Co - Roadshow Presentation August 8, 2013
Klöckner & Co - Roadshow Presentation August 8, 2013Klöckner & Co SE
 
Klöckner & Co - UBS Best of Germany Conference 2011
Klöckner & Co - UBS Best of Germany Conference 2011Klöckner & Co - UBS Best of Germany Conference 2011
Klöckner & Co - UBS Best of Germany Conference 2011Klöckner & Co SE
 
Klöckner & Co - Global Steel & Mining Conference 2011
Klöckner & Co - Global Steel & Mining Conference 2011Klöckner & Co - Global Steel & Mining Conference 2011
Klöckner & Co - Global Steel & Mining Conference 2011Klöckner & Co SE
 
Klöckner & Co - Q3 2009 Results
 Klöckner & Co - Q3 2009 Results  Klöckner & Co - Q3 2009 Results
Klöckner & Co - Q3 2009 Results Klöckner & Co SE
 
Klöckner & Co - Berenberg and Goldman Sachs, German Corporate Conference, Sep...
Klöckner & Co - Berenberg and Goldman Sachs, German Corporate Conference, Sep...Klöckner & Co - Berenberg and Goldman Sachs, German Corporate Conference, Sep...
Klöckner & Co - Berenberg and Goldman Sachs, German Corporate Conference, Sep...Klöckner & Co SE
 
Klöckner & Co - Q3 2010 Results
Klöckner & Co - Q3 2010 ResultsKlöckner & Co - Q3 2010 Results
Klöckner & Co - Q3 2010 ResultsKlöckner & Co SE
 

Ähnlich wie Klöckner & Co - Q1 2009 Results (20)

Klöckner & Co - Q3 2008 Results
Klöckner & Co - Q3 2008 ResultsKlöckner & Co - Q3 2008 Results
Klöckner & Co - Q3 2008 Results
 
Klöckner & Co - UBS Global Basic Materials Conference 2009
Klöckner & Co - UBS Global Basic Materials Conference 2009Klöckner & Co - UBS Global Basic Materials Conference 2009
Klöckner & Co - UBS Global Basic Materials Conference 2009
 
Klöckner & Co - Roadshow Presentation November 2011
Klöckner & Co - Roadshow Presentation November 2011Klöckner & Co - Roadshow Presentation November 2011
Klöckner & Co - Roadshow Presentation November 2011
 
Klöckner & Co - Global Metals & Mining Conference 2011
Klöckner & Co - Global Metals & Mining Conference 2011Klöckner & Co - Global Metals & Mining Conference 2011
Klöckner & Co - Global Metals & Mining Conference 2011
 
Klöckner & Co - Full Year 2010 Results
Klöckner & Co - Full Year 2010 ResultsKlöckner & Co - Full Year 2010 Results
Klöckner & Co - Full Year 2010 Results
 
Klöckner & Co - Roadshow Presentation March 2009
Klöckner & Co - Roadshow Presentation March 2009Klöckner & Co - Roadshow Presentation March 2009
Klöckner & Co - Roadshow Presentation March 2009
 
Klöckner & Co - Roadshow Presentation June 2009
Klöckner & Co - Roadshow Presentation June 2009Klöckner & Co - Roadshow Presentation June 2009
Klöckner & Co - Roadshow Presentation June 2009
 
Klöckner & Co - Capital Goods & Steel Conference
Klöckner & Co - Capital Goods & Steel ConferenceKlöckner & Co - Capital Goods & Steel Conference
Klöckner & Co - Capital Goods & Steel Conference
 
Klöckner & Co - Q2 2009 Results
Klöckner & Co - Q2 2009 ResultsKlöckner & Co - Q2 2009 Results
Klöckner & Co - Q2 2009 Results
 
Klöckner & Co - German Corporate Forum 2011
Klöckner & Co - German Corporate Forum 2011Klöckner & Co - German Corporate Forum 2011
Klöckner & Co - German Corporate Forum 2011
 
Klöckner & Co - 3rd ltaú BBA Commodities Conference 2011
Klöckner & Co - 3rd ltaú BBA Commodities Conference 2011Klöckner & Co - 3rd ltaú BBA Commodities Conference 2011
Klöckner & Co - 3rd ltaú BBA Commodities Conference 2011
 
Klöckner & Co - Roadshow Credit Suisse, August 9, 2013
Klöckner & Co - Roadshow Credit Suisse, August 9, 2013Klöckner & Co - Roadshow Credit Suisse, August 9, 2013
Klöckner & Co - Roadshow Credit Suisse, August 9, 2013
 
Klöckner & Co - Roadshow HSBC, August 13, 2013
Klöckner & Co - Roadshow HSBC, August 13, 2013Klöckner & Co - Roadshow HSBC, August 13, 2013
Klöckner & Co - Roadshow HSBC, August 13, 2013
 
Klöckner & Co - Dresdner Kleinwort - German Investment Seminar 2009
Klöckner & Co - Dresdner Kleinwort - German Investment Seminar 2009Klöckner & Co - Dresdner Kleinwort - German Investment Seminar 2009
Klöckner & Co - Dresdner Kleinwort - German Investment Seminar 2009
 
Klöckner & Co - Roadshow Presentation August 8, 2013
Klöckner & Co - Roadshow Presentation August 8, 2013Klöckner & Co - Roadshow Presentation August 8, 2013
Klöckner & Co - Roadshow Presentation August 8, 2013
 
Klöckner & Co - UBS Best of Germany Conference 2011
Klöckner & Co - UBS Best of Germany Conference 2011Klöckner & Co - UBS Best of Germany Conference 2011
Klöckner & Co - UBS Best of Germany Conference 2011
 
Klöckner & Co - Global Steel & Mining Conference 2011
Klöckner & Co - Global Steel & Mining Conference 2011Klöckner & Co - Global Steel & Mining Conference 2011
Klöckner & Co - Global Steel & Mining Conference 2011
 
Klöckner & Co - Q3 2009 Results
 Klöckner & Co - Q3 2009 Results  Klöckner & Co - Q3 2009 Results
Klöckner & Co - Q3 2009 Results
 
Klöckner & Co - Berenberg and Goldman Sachs, German Corporate Conference, Sep...
Klöckner & Co - Berenberg and Goldman Sachs, German Corporate Conference, Sep...Klöckner & Co - Berenberg and Goldman Sachs, German Corporate Conference, Sep...
Klöckner & Co - Berenberg and Goldman Sachs, German Corporate Conference, Sep...
 
Klöckner & Co - Q3 2010 Results
Klöckner & Co - Q3 2010 ResultsKlöckner & Co - Q3 2010 Results
Klöckner & Co - Q3 2010 Results
 

Mehr von Klöckner & Co SE

Klöckner & Co SE - Q2 2017 Results - Press Conference
Klöckner & Co SE - Q2 2017 Results - Press ConferenceKlöckner & Co SE - Q2 2017 Results - Press Conference
Klöckner & Co SE - Q2 2017 Results - Press ConferenceKlöckner & Co SE
 
Klöckner & Co SE - Q2 2017 Results - Analysts' and Investors' Conference
Klöckner & Co SE - Q2 2017 Results - Analysts' and Investors' ConferenceKlöckner & Co SE - Q2 2017 Results - Analysts' and Investors' Conference
Klöckner & Co SE - Q2 2017 Results - Analysts' and Investors' ConferenceKlöckner & Co SE
 
Klöckner & Co SE - Interim Report Q2 2017
Klöckner & Co SE - Interim Report Q2 2017Klöckner & Co SE - Interim Report Q2 2017
Klöckner & Co SE - Interim Report Q2 2017Klöckner & Co SE
 
Klöckner & Co SE - Company presentation
Klöckner & Co SE - Company presentation Klöckner & Co SE - Company presentation
Klöckner & Co SE - Company presentation Klöckner & Co SE
 
Klöckner & Co SE - Unternehmenspräsentation
Klöckner & Co SE - UnternehmenspräsentationKlöckner & Co SE - Unternehmenspräsentation
Klöckner & Co SE - UnternehmenspräsentationKlöckner & Co SE
 
Klöckner & Co SE - Q1 2017 Results - Press Conference
Klöckner & Co SE - Q1 2017 Results - Press ConferenceKlöckner & Co SE - Q1 2017 Results - Press Conference
Klöckner & Co SE - Q1 2017 Results - Press ConferenceKlöckner & Co SE
 
Klöckner & Co SE - Q1 2017 Results - Analysts' and Investors' Conference
Klöckner & Co SE - Q1 2017 Results - Analysts' and Investors' ConferenceKlöckner & Co SE - Q1 2017 Results - Analysts' and Investors' Conference
Klöckner & Co SE - Q1 2017 Results - Analysts' and Investors' ConferenceKlöckner & Co SE
 
Klöckner & Co SE - Interim Management Statement for Q1 2017
Klöckner & Co SE - Interim Management Statement for Q1 2017Klöckner & Co SE - Interim Management Statement for Q1 2017
Klöckner & Co SE - Interim Management Statement for Q1 2017Klöckner & Co SE
 
Klöckner & Co SE - Analysts' and Investors' Conference FY 2016
Klöckner & Co SE - Analysts' and Investors' Conference FY 2016Klöckner & Co SE - Analysts' and Investors' Conference FY 2016
Klöckner & Co SE - Analysts' and Investors' Conference FY 2016Klöckner & Co SE
 
Klöckner & Co SE - FY 2016 Results
Klöckner & Co SE - FY 2016 ResultsKlöckner & Co SE - FY 2016 Results
Klöckner & Co SE - FY 2016 ResultsKlöckner & Co SE
 
Klöckner & Co SE - Annual Report 2016
Klöckner & Co SE - Annual Report 2016Klöckner & Co SE - Annual Report 2016
Klöckner & Co SE - Annual Report 2016Klöckner & Co SE
 
Klöckner & Co SE - Interim Management Statement for 9M 2016
Klöckner & Co SE - Interim Management Statement for 9M 2016Klöckner & Co SE - Interim Management Statement for 9M 2016
Klöckner & Co SE - Interim Management Statement for 9M 2016Klöckner & Co SE
 
Klöckner & Co SE - Analysts' and Investors' Conference
Klöckner & Co SE - Analysts' and Investors' ConferenceKlöckner & Co SE - Analysts' and Investors' Conference
Klöckner & Co SE - Analysts' and Investors' ConferenceKlöckner & Co SE
 
Klöckner & Co SE Press Conference Presentation Q2 2016 results
Klöckner & Co SE Press Conference Presentation Q2 2016 resultsKlöckner & Co SE Press Conference Presentation Q2 2016 results
Klöckner & Co SE Press Conference Presentation Q2 2016 resultsKlöckner & Co SE
 
Klöckner & Co SE Press release Q2 2016
Klöckner & Co SE Press release Q2 2016Klöckner & Co SE Press release Q2 2016
Klöckner & Co SE Press release Q2 2016Klöckner & Co SE
 
Klöckner & Co SE Interim report Q2 2016
Klöckner & Co SE Interim report Q2 2016Klöckner & Co SE Interim report Q2 2016
Klöckner & Co SE Interim report Q2 2016Klöckner & Co SE
 
Klöckner & Co SE Analysts' and Investors' Presentation Q2 2016
Klöckner & Co SE Analysts' and Investors' Presentation Q2 2016Klöckner & Co SE Analysts' and Investors' Presentation Q2 2016
Klöckner & Co SE Analysts' and Investors' Presentation Q2 2016Klöckner & Co SE
 
Interim Management statement Q1 2016
Interim Management statement Q1 2016Interim Management statement Q1 2016
Interim Management statement Q1 2016Klöckner & Co SE
 
Klöckner & Co SE Press Conference Presentation Q1 2016 results
Klöckner & Co SE Press Conference Presentation Q1 2016 resultsKlöckner & Co SE Press Conference Presentation Q1 2016 results
Klöckner & Co SE Press Conference Presentation Q1 2016 resultsKlöckner & Co SE
 
Klöckner & Co SE Analysts' and Investors' Presentation Q1 2016
Klöckner & Co SE Analysts' and Investors' Presentation Q1 2016Klöckner & Co SE Analysts' and Investors' Presentation Q1 2016
Klöckner & Co SE Analysts' and Investors' Presentation Q1 2016Klöckner & Co SE
 

Mehr von Klöckner & Co SE (20)

Klöckner & Co SE - Q2 2017 Results - Press Conference
Klöckner & Co SE - Q2 2017 Results - Press ConferenceKlöckner & Co SE - Q2 2017 Results - Press Conference
Klöckner & Co SE - Q2 2017 Results - Press Conference
 
Klöckner & Co SE - Q2 2017 Results - Analysts' and Investors' Conference
Klöckner & Co SE - Q2 2017 Results - Analysts' and Investors' ConferenceKlöckner & Co SE - Q2 2017 Results - Analysts' and Investors' Conference
Klöckner & Co SE - Q2 2017 Results - Analysts' and Investors' Conference
 
Klöckner & Co SE - Interim Report Q2 2017
Klöckner & Co SE - Interim Report Q2 2017Klöckner & Co SE - Interim Report Q2 2017
Klöckner & Co SE - Interim Report Q2 2017
 
Klöckner & Co SE - Company presentation
Klöckner & Co SE - Company presentation Klöckner & Co SE - Company presentation
Klöckner & Co SE - Company presentation
 
Klöckner & Co SE - Unternehmenspräsentation
Klöckner & Co SE - UnternehmenspräsentationKlöckner & Co SE - Unternehmenspräsentation
Klöckner & Co SE - Unternehmenspräsentation
 
Klöckner & Co SE - Q1 2017 Results - Press Conference
Klöckner & Co SE - Q1 2017 Results - Press ConferenceKlöckner & Co SE - Q1 2017 Results - Press Conference
Klöckner & Co SE - Q1 2017 Results - Press Conference
 
Klöckner & Co SE - Q1 2017 Results - Analysts' and Investors' Conference
Klöckner & Co SE - Q1 2017 Results - Analysts' and Investors' ConferenceKlöckner & Co SE - Q1 2017 Results - Analysts' and Investors' Conference
Klöckner & Co SE - Q1 2017 Results - Analysts' and Investors' Conference
 
Klöckner & Co SE - Interim Management Statement for Q1 2017
Klöckner & Co SE - Interim Management Statement for Q1 2017Klöckner & Co SE - Interim Management Statement for Q1 2017
Klöckner & Co SE - Interim Management Statement for Q1 2017
 
Klöckner & Co SE - Analysts' and Investors' Conference FY 2016
Klöckner & Co SE - Analysts' and Investors' Conference FY 2016Klöckner & Co SE - Analysts' and Investors' Conference FY 2016
Klöckner & Co SE - Analysts' and Investors' Conference FY 2016
 
Klöckner & Co SE - FY 2016 Results
Klöckner & Co SE - FY 2016 ResultsKlöckner & Co SE - FY 2016 Results
Klöckner & Co SE - FY 2016 Results
 
Klöckner & Co SE - Annual Report 2016
Klöckner & Co SE - Annual Report 2016Klöckner & Co SE - Annual Report 2016
Klöckner & Co SE - Annual Report 2016
 
Klöckner & Co SE - Interim Management Statement for 9M 2016
Klöckner & Co SE - Interim Management Statement for 9M 2016Klöckner & Co SE - Interim Management Statement for 9M 2016
Klöckner & Co SE - Interim Management Statement for 9M 2016
 
Klöckner & Co SE - Analysts' and Investors' Conference
Klöckner & Co SE - Analysts' and Investors' ConferenceKlöckner & Co SE - Analysts' and Investors' Conference
Klöckner & Co SE - Analysts' and Investors' Conference
 
Klöckner & Co SE Press Conference Presentation Q2 2016 results
Klöckner & Co SE Press Conference Presentation Q2 2016 resultsKlöckner & Co SE Press Conference Presentation Q2 2016 results
Klöckner & Co SE Press Conference Presentation Q2 2016 results
 
Klöckner & Co SE Press release Q2 2016
Klöckner & Co SE Press release Q2 2016Klöckner & Co SE Press release Q2 2016
Klöckner & Co SE Press release Q2 2016
 
Klöckner & Co SE Interim report Q2 2016
Klöckner & Co SE Interim report Q2 2016Klöckner & Co SE Interim report Q2 2016
Klöckner & Co SE Interim report Q2 2016
 
Klöckner & Co SE Analysts' and Investors' Presentation Q2 2016
Klöckner & Co SE Analysts' and Investors' Presentation Q2 2016Klöckner & Co SE Analysts' and Investors' Presentation Q2 2016
Klöckner & Co SE Analysts' and Investors' Presentation Q2 2016
 
Interim Management statement Q1 2016
Interim Management statement Q1 2016Interim Management statement Q1 2016
Interim Management statement Q1 2016
 
Klöckner & Co SE Press Conference Presentation Q1 2016 results
Klöckner & Co SE Press Conference Presentation Q1 2016 resultsKlöckner & Co SE Press Conference Presentation Q1 2016 results
Klöckner & Co SE Press Conference Presentation Q1 2016 results
 
Klöckner & Co SE Analysts' and Investors' Presentation Q1 2016
Klöckner & Co SE Analysts' and Investors' Presentation Q1 2016Klöckner & Co SE Analysts' and Investors' Presentation Q1 2016
Klöckner & Co SE Analysts' and Investors' Presentation Q1 2016
 

Kürzlich hochgeladen

Advancing Discovery New Craigmont Project’s High-grade Copper Potential
Advancing Discovery New Craigmont Project’s High-grade Copper PotentialAdvancing Discovery New Craigmont Project’s High-grade Copper Potential
Advancing Discovery New Craigmont Project’s High-grade Copper Potentialnicola_mining
 
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDF
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDFWWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDF
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDFMichael Claudio
 
Deutsche EuroShop | Preliminary Results FY 2023
Deutsche EuroShop | Preliminary Results FY 2023Deutsche EuroShop | Preliminary Results FY 2023
Deutsche EuroShop | Preliminary Results FY 2023Deutsche EuroShop AG
 
Nicola Mining Inc. Corporate Presentation March 2024
Nicola Mining Inc. Corporate Presentation March 2024Nicola Mining Inc. Corporate Presentation March 2024
Nicola Mining Inc. Corporate Presentation March 2024nicola_mining
 
Deutsche EuroShop | Company Presentation | 03/24
Deutsche EuroShop | Company Presentation | 03/24Deutsche EuroShop | Company Presentation | 03/24
Deutsche EuroShop | Company Presentation | 03/24Deutsche EuroShop AG
 
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024Osisko Gold Royalties Ltd - Corporate Presentation, March 2024
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024Osisko Gold Royalties Ltd
 
Terna Capital Markets Day 2024 Presentation
Terna Capital Markets Day 2024 PresentationTerna Capital Markets Day 2024 Presentation
Terna Capital Markets Day 2024 PresentationTerna SpA
 

Kürzlich hochgeladen (7)

Advancing Discovery New Craigmont Project’s High-grade Copper Potential
Advancing Discovery New Craigmont Project’s High-grade Copper PotentialAdvancing Discovery New Craigmont Project’s High-grade Copper Potential
Advancing Discovery New Craigmont Project’s High-grade Copper Potential
 
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDF
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDFWWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDF
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDF
 
Deutsche EuroShop | Preliminary Results FY 2023
Deutsche EuroShop | Preliminary Results FY 2023Deutsche EuroShop | Preliminary Results FY 2023
Deutsche EuroShop | Preliminary Results FY 2023
 
Nicola Mining Inc. Corporate Presentation March 2024
Nicola Mining Inc. Corporate Presentation March 2024Nicola Mining Inc. Corporate Presentation March 2024
Nicola Mining Inc. Corporate Presentation March 2024
 
Deutsche EuroShop | Company Presentation | 03/24
Deutsche EuroShop | Company Presentation | 03/24Deutsche EuroShop | Company Presentation | 03/24
Deutsche EuroShop | Company Presentation | 03/24
 
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024Osisko Gold Royalties Ltd - Corporate Presentation, March 2024
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024
 
Terna Capital Markets Day 2024 Presentation
Terna Capital Markets Day 2024 PresentationTerna Capital Markets Day 2024 Presentation
Terna Capital Markets Day 2024 Presentation
 

Klöckner & Co - Q1 2009 Results

  • 1. Klöckner & Co SEKlöckner & Co SE A Leading Multi Metal Distributor Q1 2009 Results Analysts‘ and Investors‘ Conference Call A Leading Multi Metal Distributor Q1 2009 Results Analysts‘ and Investors‘ Conference Call May 14, 2009May 14, 2009 Dr. Thomas LudwigDr. Thomas Ludwig CEOCEO Gisbert RGisbert Rüühlhl CFOCFO
  • 2. 2 Agenda 1. Overview Q1 2009, market and strategy Dr. Thomas Ludwig, CEO 2. Financials Q1 2009 and outlook Gisbert Rühl, CFO Appendix
  • 3. 3 Strong hit in Q1 but strong cash flow and financing secured Overview Q1 2009 Sales and volumes in Q1 around a third under previous year’s levels Operating result clearly negative Net debt further reduced to €322m (-44%) Further cost cutting measures and inventory reduction initiated Financing secured: credit lines of €1.5bn free of performance based covenants as a result of the completed restructuring of syndicated loan and ABS facilities Installment plan for French cartel fine requires only a €10m payment in 2009
  • 4. 4 Results Q1 2009 (€m) Q1 2009 Q1 2008 Δ% Volume (Ttons) 1,068 1,720 -37.9 Sales 1,095 1,660 -34.0 EBITDA -132 109 -220.6 EBIT -149 93 -260.1
  • 5. 5 Demand through the trough, prices begin to stabilize Prices have fallen further during Q1 but less than in Q4 Long-products reached bottom-line already, flat-products expected to follow soon Demand still weak but through the trough, destocking expected to slip into Q3 Global steel production still on historical low levels except China Small rebound of economic indicators in construction and machinery- and equipment manufacturing NAdomestic prices FOB US Midwest mill in USD/to 400 500 600 700 800 900 1000 1100 1200 Jan 06M ar06M ay 06Jul06Sep 06Nov 06Jan 07M ar07M ay 07Jul07Sep 07Nov 07Jan 08M ar08M ay 08Jul08Sep 08Nov 08Jan 09M ar09M ay 09 HRC WF Beams EU domestic prices in EUR/to 300 400 500 600 700 800 900 1000 Jan 06M ar06M ay 06Jul06Sep 06Nov 06Jan 07M ar07M ay 06Jul07Sep 07Nov 07Jan 08M ar08M ay 08July 08Sep 08Nov 08Jan 09M ar09M ay 09 HRC Medium sections
  • 6. 6 Net savings of ~ €100m for 2009 targeted Focus: European sourcing Ongoing improvement of distribution network Main areas of savings: sales, supply chain, purchasing STAR Phase I + II Executed immediate action programs and STAR Further upside potential 2006 ~ €20 million 2007 ~ €40 million 2008 ~ €30 million 2009 ~ €30 million 2010 ~ €20 million ~ €140 million Reduction of around 1500 jobs or 15% of total workforce: 5.2% already left since Q3 2008 Key priority is liquidity and NWC management Cash position of €447m, NWC reduced by €401m to €1,006m Stock and inventory as key lever for debt reduction: €322m net debt, inventory levels below 900Tt Acquisitions are postponed for the time being Non-essential investments postponed Net savings 2009: €65m, full impact (€100m) can only be seen from 2010 onwards Immediate action programs (started in Oct. 2008, upgraded in March 2009)
  • 7. 7 In € million Net debt In € billion Net working capital Business model works also under extreme conditions Q3/2008 Q4/2008 -18% 1.7 1.4 Q3/2008 Q4/2008 -17%690 571 322 -44% Q1/2009 Q1/2009 1.0 -29% Strong cash flow generation leads to net debt of €322m
  • 8. 8 Resume: Demand/prices through the trough Broad results slump in Q1 Early anticipation of market downturn allowed us to react quicker and stricter than most competitors Sharp cost cutting initiatives show first results; 2/3 of planned headcount reduction already completed or signed Flexible business model with high cash flow generation allowed us to reduce net debt significantly Strong balance sheet and restructured €1.5bn lines give us enough headroom Klöckner & Co is in a position to act fast if opportunities occur during the crisis Tough Q1, outlook improving slightly
  • 9. 9 Klöckner & Co: A view ahead Crisis management Managing structural changes Managing growth Cost cutting NWC-reduction Safeguard financing STAR program ongoing improvement STAR program add. structural measures Acquisition strategy Acquisition strategy further postponed Stable/ positive market development Negative market development
  • 10. 10 Agenda 1. Overview Q1 2009, market and strategy Dr. Thomas Ludwig, CEO 2. Financials Q1 2009 and outlook Gisbert Rühl, CFO Appendix
  • 11. 11 Summary income statement Q1 2009 (€m) Q1 2009 Q1 2008 Δ% Volume (Ttons) 1,068 1,720 -37.9 Sales 1,095 1,660 -34.0 Gross profit % margin 78 7.1 340 20.5 -77.1 -65.2 EBITDA % margin -132 -12.0 109 6.6 -220.6 -282.8 EBIT Financial result -149 -16 93 -17 -260.1 -6.1 Income before taxes -165 76 -317.0 Income taxes 38 -24 -259.1 Minority interests 2 -2 -201.9 Net income* -126 51 -347.7 EPS basic (€) -2.70 1.09 -347.7 EPS diluted (€) -2.43 1.06 -328.6 * Attributable to shareholders of Klöckner & Co SE
  • 12. 12 Factors impacting EBITDA Q1 2009 Impact Amount (€m) Comments Windfall losses -60 to -80 Declining prices affected almost all products Effect difficult to quantify due to strong dynamics and very limited purchases Volume losses -100 to -120 Impact of poor economic environment Special expense effects -35 to -45 Mainly driven by price related devaluation of inventories at quarter end Acquisitions / divestitures -15 Mainly affected by divestiture of KVT One-offs 4 Sale of property in France Exchange rate effects -1
  • 13. 13 Organic volume development in North America -37.9% Includes acquisition-related sales of €34m for Q1/2009 in North America EBITDA in Europe includes €4m net disposal gains in Q1/2009 Comments Segment performance Q1 2009 (€m) Europe North America HQ/ Consol. Total Volume (Ttons) Q1 2009 827 240 - 1,068 Q1 2008 1,211 509 - 1,720 Δ % -31.7 -52.8 -37.9 Sales Q1 2009 883 213 - 1,095 Q1 2008 1,358 301 - 1,660 Δ % -35.0 -29.4 -34.0 EBITDA Q1 2009 -93 -31 -8 -132 % margin -10.5 -14.6 -12.0 Q1 2008 84 26 -1 109 % margin 6.2 8.8 - 6.6 Δ % EBITDA -210.9 -217.0 -220.7
  • 14. 14 Balance sheet as of March 31, 2009 (€m) Mar. 31, 2009 Dec. 31, 2008** Long-term assets 802 803 Inventories 765 1,001 Trade receivables 689 799 Cash & Cash equivalents* 447 297 Other assets 194 184 Total assets 2,897 3,084 Equity 957 1,081 Total long-term liabilities 1,067 1,177 • thereof financial liabilities 696 813 Total short-term liabilities 873 826 • thereof trade payables 449 392 Total equity and liabilities 2,897 3,084 Net working capital 1,006 1,407 Net financial debt 322 571 * Including restricted cash of €7m; ** restated due to initial application of IFRIC 14 Shareholders’ equity: Decreased from 35% to 33%, would be at 39% if cash used for net debt reduction Financial debt: Leverage reduced from 0.95x to 0.89x EBITDA Gearing reduced from 53% to 34% Net Working Capital: Decrease is price- and volume driven Comments
  • 15. 15 Statement of cash flow Operating CF negatively impacted by volume drop, offset by change in NWC Investing CF mainly balanced because of postponement of acquisitions and investment cut Comments(€m) Q1 2009 Q1 2008 Operating CF -136 107 Changes in net working capital 414 -88 Others -17 -29 Cash flow from operating activities 261 -10 Inflow from disposals of fixed assets/others 5 3 Outflow from investments in fixed assets -10 -143 Cash flow from investing activities -5 -141 Proceeds from capital increase Changes in financial liabilities -106 111 Net interest payments -5 -5 Cash flow from financing activities -111 105 Total cash flow 145 -45
  • 16. 16 New financial structureOld financial structure Bank Debt Securitized Debt Capital Market Debt Bank Debt Securitized Debt Capital Market Debt NWC Acquisitions NWC Acquisitions Changes in financial structure succeeded Now €1.5bn facilities without performance covenants in place 54% Bilateral Facilities ABS Convertible Bond Syndicated Loan €600m €380m €505m €325m 28% 18% PerformanceCovenants Syndicated Loan €300m PerformanceCovenants Bilateral Facilities ABS Convertible Bond €380m €505m €325m 33% 22% 45%
  • 17. 17 Outlook 2009 Some products show stabilization in prices, esp. long-products, others are close to Volume wise through the trough but still low absolute levels Q2 results expected to be clearly better than Q1 results (but still negative) Business model works: strong cash flow generation will lead to even lower net debt Strict cost cutting measures on track, headcount reduction to be completed during summer Credit lines without performance based covenants of €1.5bn allow us to take growth opportunities emerging during the crisis Well prepared: cost cutting on track, financing restructured!
  • 18. 18 Agenda 1. Overview Q1 2009, market and strategy Dr. Thomas Ludwig, CEO 2. Financials Q1 2009 and outlook Gisbert Rühl, CFO Appendix
  • 19. 19 Appendix Table of contents Financial calendar 2009 and contact details Quarterly results and FY results 2009/2008/2007/2006/2005 Steel cycle and EBITDA/cash flow relationship Current shareholder structure
  • 20. 20 Contact details Investor Relations Dr. Thilo Theilen, Head of IR Phone: +49 203 307 2050 Fax: +49 203 307 5025 E-mail: thilo.theilen@kloeckner.de Internet: www.kloeckner.de Financial calendar 2009 May 26: Annual General Meeting August 13: Q2/H1 Interim Report October: Capital Market Days November 13: Q3 Interim Report Financial calendar 2009 and contact details
  • 21. 21 (€m) Q1 2009 Q4 2008 Q3 2008 Q2 2008 Q1 2008 Q4 2007 Q3 2007 Q2 2007 Q1 2007 FY 2008 FY 2007 FY 2006 FY 2005* Volume (Ttons) 1,068 1,151 1,348 1,755 1,720 1,585 1,601 1,663 1,629 5,974 6,478 6,127 5,868 Sales 1,095 1,394 1.773 1,922 1,660 1,492 1,583 1,650 1,550 6,750 6,274 5,532 4,964 Gross profit 78 173 390 462 340 300 286 328 307 1,366 1,221 1,208 987 % margin 7.1 12.4 22.0 24.0 20.5 20.1 18.0 19.8 19.8 20.2 19.5 21.8 19.9 EBITDA -132 -134 413 212 109 83 93 103 92 600 371 395 197 % margin -12.0 -9.6 23.3 11.0 6.6 5.6 5.9 6.2 5.9 8.9 5.9 7.1 4.0 EBIT -149 -152 395 197 93 65 76 87 78 533 307 337 135 Financial result -16 -18 -18 -17 -17 -17 -17 -52 -10 -70 -97 -64 -54 Income before taxes -165 -171 378 180 76 48 59 35 68 463 210 273 81 Income taxes 38 29 -30 -55 -24 -6 -14 -12 -22 -79 -54 -39 -29 Minority interests 2 -15 -4 3 -2 4 8 4 6 -14 23 28 16 Net income -126 -126 351 122 51 37 37 19 40 398 133 206 36 EPS basic (€) -2.70 -2.72 7.56 2.63 1.09 0.80 0.79 0.41 0.86 8.56 2.87 4.44 - EPS diluted (€) -2.43 -2.44 7.01 2.48 1.06 0.80 0.78 0.41 0.86 8.11 2.87 4.44 - Quarterly results and FY results 2009/2008/2007/2006/2005 * Pro-forma consolidated figures for FY 2005, without release of negative goodwill of €139 million and without transaction costs of €39 million, without restructuring expenses of €17 million (incurred Q4) and without activity disposal of €1.9 million (incurred Q4).
  • 22. 22 (€m) Theoretical relationship* Klöckner & Co buys and sells products at spot prices generally Sales increase as a function of the steel price inflation environment Costs of material are based on historical average cost method for inventory and therefore lag the steel price increase This time lag creates accounting windfall profits (windfall losses in a decreasing steel price environment) inflating (deflating) EBITDA Assuming stable inventory volume cash flow is impacted by higher NWC needs The windfall profits (losses) are mirrored by inventory book value increases (decreases) Comments Steel cycle and EBITDA/cash flow relationship *Assuming stable inventory volumes Windfall profits Windfall losses Margin Margin Steel price Sales Cost of material EBITDA Cash flow 1 2 3 4 4 5 6 6 1 2 3 4 5 6
  • 23. 23 Current shareholder structure Source: Survey Thomson Financial (as of Feb. 09) Identified institutional investors account for 66% UK based investors dominate (Franklin previously accounted for US share) Top 10 individual shareholdings represent around 31% 100% Free float CommentsGeographical breakdown of identified institutional investors Germany 22% United Kingdom31% US 21% 11% Rest of Europe 10% Switzerland France 4%1% Rest of World
  • 24. 24 Our symbol the ears attentive to customer needs the eyes looking forward to new developments the nose sniffing out opportunities to improve performance the ball symbolic of our role to fetch and carry for our customers the legs always moving fast to keep up with the demands of the customers
  • 25. 25 Disclaimer This presentation contains forward-looking statements. These statements use words like “believes”, “assumes”, “expects” or similar formulations. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of our company and those either expressed or implied by these statements. These factors include, among other things: Downturns in the business cycle of the industries in which we compete; Increases in the prices of our raw materials, especially if we are unable to pass these costs along to customers; Fluctuation in international currency exchange rates as well as changes in the general economic climate and other factors identified in this presentation. In view of these uncertainties, we caution you not to place undue reliance on these forward-looking statements. We assume no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.