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Klöckner & Co SEKlöckner & Co SE
A Leading Multi Metal DistributorA Leading Multi Metal Distributor
UBS Global Basic Materials Conference
June 10, 2009 in London
Gisbert Rühl
CFO
2
Agenda
2. Q1 results 2009 and market update
Appendix
3. Financing and Strategy update
4. Outlook
1. Overview
3
Klöckner & Co at a glance
Klöckner & Co
Leading producer-independent steel and metal distributor in the European and North American
markets combined
Network with 260 distribution locations in Europe and North America
Around 10,000 employees
GB
24%
21%
14%
8%
6%
8%
19%
Germany
France
Spain
Nether-
lands
Switzerland
Sales split by markets
As of December 2008
Steel-flat
Products
Steel-long
Products
Special
and
Quality
Steel
Aluminum
Other Products
31%
31%
10%
8%
6%
14%
Sales split by product
As of December 2008
Other
Machinery/
Manufacturing
Auto-
motive
42%
24%
5%
29%
Sales split by industry
As of December 2008
Construction USA
Tubes
4
Distributor in the sweet spot
Local customersGlobal suppliers
Suppliers Sourcing
Products
and services
Logistics/
Distribution
Customers
Global Sourcing
in competitive
sizes
Strategic
partnerships
Frame contracts
Leverage one
supplier against
the other
No speculative
trading
One-stop-shop
with wide product
range of high-
quality products
Value added
processing
services
Quality assurance
Efficient inventory
management
Local presence
Tailor-made
logistics including
on-time delivery
within 24 hours
~185,000
customers
No customer with
more than 1% of
sales
Average order
size of €2,000
Wide range of
industries and
markets
Service more
important than
price
Purchase volume
p.a. of >5 million
tons
Diversified set of
worldwide approx.
70 suppliers
Klöckner & Co’s value chain
5
Volume related increase and windfall profits
result in strong EBITDA but high level of
capital employed because of value and
volume of stock
How the business model of Klöckner & Co works in…
High profitability in upturn due to windfall profits and volume increase
Strong cash flow generation in downturn due to working capital release
…an upturn with price and volume increases
EBITDA
Stock turnover
cycle of ~80 days
EBITDA
Δ Windfall
profits
Δ Volume
Windfall losses and write-offs but strong cash
flow generation to reduce net debt
…a downturn with price and volume declines
Net
working
capital
Stock turnover
cycle of ~80 days
Net
working
capital
Cash
flow
6
Cash flow goes up in a downturn market
1 1999 to 2005 unaudited pro-forma figures, Cash flow adjusted for M&A-activities;
Sales
in € bn1
EBITDA
in € million1
Year
FCF
in € million1
201 65 211 69 112 80 147 126 86
4.5
5.3
4.2 4.0 3.8
4.8
5.0
1999 2000 2001 2002 2003 2004 2005
151 220 150 156 140 349 197
5.5
2006
395
6.3
2007
371
6.7
2008
600
147
7
Agenda
2. Q1 results 2009 and market update
Appendix
3. Financing and Strategy update
4. Outlook
1. Overview
8
Strong hit in Q1 but strong cash flow and financing secured
Overview Q1 2009 and beyond
Sales and volumes in Q1 around a third under previous year’s levels
Operating result clearly negative
Net debt further reduced to €322m (-44%), currently down to €250m
Further cost cutting measures and inventory reduction initiated
Financing secured: credit lines of €1.6bn free of performance based covenants as a
result of the completed restructuring of syndicated loan and ABS facilities and new
convertible issuance (98m) in June at 6% coupon for five years
Installment plan for French cartel fine requires only a €10m payment in 2009
9
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
10
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
11
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
12
Demand through the trough, prices begin to stabilize
Prices for long- and flat-products have stabilized
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 confident indicators in construction and machinery- and equipment
manufacturing
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
NAdomestic prices FOB US Midwest mill in USD/to
400
500
600
700
800
900
1000
1100
1200
Jan
06M
ar06M
ay
06
Jul06Sep
06Nov
06Jan
07M
ar07M
ay
07
Jul07Sep
07Nov
07Jan
08M
ar08M
ay
08
Jul08Sep
08Nov
08Jan
09M
ar09M
ay
09
HRC WF Beams
13
Agenda
2. Q1 results 2009 and market update
Appendix
3. Crises management and growth opportunities
4. Outlook
1. Overview
14
Klöckner & Co: From crises to growth
Crisis management
Managing structural
changes
Managing growth
Cost cutting
NWC-/Debt-
Reduction
Safeguard
financing
Efficiency program
ongoing improvement
Efficiency program
add. structural measures
Acquisition strategy
Acquisition strategy
further postponed
Stable/
positive
market
development
Negative
market
development
15
Net savings of ~ €100m for 2009 targeted
Focus:
European sourcing
Ongoing improvement of distribution network
Main areas of savings: sales, supply chain, purchasing
Efficiency enhancement program
Cost Cutting: Programs initiated and partially implemented
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)
16
In € million
Net debt
In € billion
Net working capital
NWC-/Debt-Reduction: Targets already achieved
Q3/2008 Q4/2008
1.7
1.4
Q3/2008 Q4/2008
-17%
690
571
322
-44%
Q1/2009 Q1/2009
1.0
-29%
Strong CF generation leads to net debt of €250m until May
250
May/2009
-18%
-22%
17
New financial structureOld financial structure
Bank Debt
Securitized
Debt
Capital Market
Debt
Bank Debt
Securitized
Debt
Capital Market
Debt
NWC
Acquisitions
NWC
Acquisitions
Safeguard financing: Changes in financial structure succeeded
Now €1.6bn 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
Bonds
€380m
€505m
€325m
32%
26%
42%
€98m
18
Efficiency program: Ongoing improvement
SalesSourcing Warehousing / Distribution
Centralization of sourcing
function
Supplier concentration
Third country sourcing
Warehouse network
optimization (incl. site closure)
Concentration of stock in single
locations
Optimization of internal and
external logistics
Customer segmentation by size
and trade
Profitability oriented pricing and
service offering
Reigniting dormant accounts
Product Portfolio / Service Offering
Product portfolio optimization (profitability / capital
requirements)
Increasing share of value added services
Sharing of products within Group
Eliminating slow/no movers
Processes / IT Systems (Enabler)
Standardizing processes
Introduction of standardized SAP suit and data
model (article codes, inventory management, etc.)
Shared services
Activity based costing (ProDacapo)
19
Acquisition strategy: Distribution sector still highly fragmented
Source: Company data, Eurometal, Morgan Stanley Research
Western
Europe
NAFTA
Distributors versus steel producers
Steel ProducerSteel Distributor
Steel Distributor
Top
6 -20
Top 5
65%17%
18%
Others
Top 5
31%
69%
Steel Producer
Others
Top 5
39%
61%
Others
Top
6 -20
Top 5
Others
17%
33%
50%
Consolidation in production well ahead of distribution
20
Country Acquired Company Sales (FY)
Mar 2008 Temtco €226 million
Jan 2008 Multitubes €5 million
2008 2 acquisitions €231 million
Sep 2007 Lehner & Tonossi €9 million
Sep 2007 Interpipe €14 million
Sep 2007 ScanSteel €7 million
Aug 2007 Metalsnab €36 million
Jun 2007 Westok €26 million
May 2007 Premier Steel €23 million
Apr 2007 Zweygart €11 million
Apr 2007 Max Carl €15 million
Apr 2007 Edelstahlservice €17 million
Apr 2007 Primary Steel €360 million
Apr 2007 Teuling €14 million
Jan 2007 Tournier €35 million
2007 12 acquisitions €567 million
2006 4 acquisitions €108 million
€141 million
€567 million
Back to past performance when markets stabilizing
12
4
2
2005 2006 2007
Acquisitions Sales
€231 million
2008
€108 million
2
21
Agenda
2. Q1 results 2009 and market update
Appendix
3. Financing and Strategy update
4. Outlook
1. Overview
22
Outlook 2009
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 €1.6bn allow us to take growth
opportunities emerging during the crisis
Well prepared: cost cutting on track, financing restructured!
23
Agenda
2. Q1 results 2009 and market update
Appendix
3. Financing and Strategy update
4. Outlook
1. Overview
24
Appendix
Table of contents
Financial calendar 2009 and contact details
Summary income statement Q1 2009
Quarterly results and FY results 2009/2008/2007/2006/2005
Current shareholder structure
Steel cycle and EBITDA/cash flow relationship
Segment performance Q1 2009
Statement of cash flow
25
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
August 13: Q2/H1 Interim Report
October: Capital Market Days
November 13: Q3 Interim Report
Financial calendar 2009 and contact details
26
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
27
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
28
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
29
(€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).
30
(€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
31
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, 9,89%)
Top 10 individual
shareholdings represent
around 31%
100% Free float
Retail shareholder
represent 11%
CommentsGeographical breakdown of identified institutional investors
Germany
22%
United
Kingdom31%
US
21%
11%
Rest of
Europe
10%
Switzerland
France
4%1%
Rest of World
32
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
33
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:
o Downturns in the business cycle of the industries in which we compete;
o Increases in the prices of our raw materials, especially if we are unable to pass these costs
along to customers;
o 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.

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Klöckner & Co - UBS Global Basic Materials Conference 2009

  • 1. Klöckner & Co SEKlöckner & Co SE A Leading Multi Metal DistributorA Leading Multi Metal Distributor UBS Global Basic Materials Conference June 10, 2009 in London Gisbert Rühl CFO
  • 2. 2 Agenda 2. Q1 results 2009 and market update Appendix 3. Financing and Strategy update 4. Outlook 1. Overview
  • 3. 3 Klöckner & Co at a glance Klöckner & Co Leading producer-independent steel and metal distributor in the European and North American markets combined Network with 260 distribution locations in Europe and North America Around 10,000 employees GB 24% 21% 14% 8% 6% 8% 19% Germany France Spain Nether- lands Switzerland Sales split by markets As of December 2008 Steel-flat Products Steel-long Products Special and Quality Steel Aluminum Other Products 31% 31% 10% 8% 6% 14% Sales split by product As of December 2008 Other Machinery/ Manufacturing Auto- motive 42% 24% 5% 29% Sales split by industry As of December 2008 Construction USA Tubes
  • 4. 4 Distributor in the sweet spot Local customersGlobal suppliers Suppliers Sourcing Products and services Logistics/ Distribution Customers Global Sourcing in competitive sizes Strategic partnerships Frame contracts Leverage one supplier against the other No speculative trading One-stop-shop with wide product range of high- quality products Value added processing services Quality assurance Efficient inventory management Local presence Tailor-made logistics including on-time delivery within 24 hours ~185,000 customers No customer with more than 1% of sales Average order size of €2,000 Wide range of industries and markets Service more important than price Purchase volume p.a. of >5 million tons Diversified set of worldwide approx. 70 suppliers Klöckner & Co’s value chain
  • 5. 5 Volume related increase and windfall profits result in strong EBITDA but high level of capital employed because of value and volume of stock How the business model of Klöckner & Co works in… High profitability in upturn due to windfall profits and volume increase Strong cash flow generation in downturn due to working capital release …an upturn with price and volume increases EBITDA Stock turnover cycle of ~80 days EBITDA Δ Windfall profits Δ Volume Windfall losses and write-offs but strong cash flow generation to reduce net debt …a downturn with price and volume declines Net working capital Stock turnover cycle of ~80 days Net working capital Cash flow
  • 6. 6 Cash flow goes up in a downturn market 1 1999 to 2005 unaudited pro-forma figures, Cash flow adjusted for M&A-activities; Sales in € bn1 EBITDA in € million1 Year FCF in € million1 201 65 211 69 112 80 147 126 86 4.5 5.3 4.2 4.0 3.8 4.8 5.0 1999 2000 2001 2002 2003 2004 2005 151 220 150 156 140 349 197 5.5 2006 395 6.3 2007 371 6.7 2008 600 147
  • 7. 7 Agenda 2. Q1 results 2009 and market update Appendix 3. Financing and Strategy update 4. Outlook 1. Overview
  • 8. 8 Strong hit in Q1 but strong cash flow and financing secured Overview Q1 2009 and beyond Sales and volumes in Q1 around a third under previous year’s levels Operating result clearly negative Net debt further reduced to €322m (-44%), currently down to €250m Further cost cutting measures and inventory reduction initiated Financing secured: credit lines of €1.6bn free of performance based covenants as a result of the completed restructuring of syndicated loan and ABS facilities and new convertible issuance (98m) in June at 6% coupon for five years Installment plan for French cartel fine requires only a €10m payment in 2009
  • 9. 9 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
  • 10. 10 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
  • 11. 11 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
  • 12. 12 Demand through the trough, prices begin to stabilize Prices for long- and flat-products have stabilized 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 confident indicators in construction and machinery- and equipment manufacturing 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 NAdomestic prices FOB US Midwest mill in USD/to 400 500 600 700 800 900 1000 1100 1200 Jan 06M ar06M ay 06 Jul06Sep 06Nov 06Jan 07M ar07M ay 07 Jul07Sep 07Nov 07Jan 08M ar08M ay 08 Jul08Sep 08Nov 08Jan 09M ar09M ay 09 HRC WF Beams
  • 13. 13 Agenda 2. Q1 results 2009 and market update Appendix 3. Crises management and growth opportunities 4. Outlook 1. Overview
  • 14. 14 Klöckner & Co: From crises to growth Crisis management Managing structural changes Managing growth Cost cutting NWC-/Debt- Reduction Safeguard financing Efficiency program ongoing improvement Efficiency program add. structural measures Acquisition strategy Acquisition strategy further postponed Stable/ positive market development Negative market development
  • 15. 15 Net savings of ~ €100m for 2009 targeted Focus: European sourcing Ongoing improvement of distribution network Main areas of savings: sales, supply chain, purchasing Efficiency enhancement program Cost Cutting: Programs initiated and partially implemented 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)
  • 16. 16 In € million Net debt In € billion Net working capital NWC-/Debt-Reduction: Targets already achieved Q3/2008 Q4/2008 1.7 1.4 Q3/2008 Q4/2008 -17% 690 571 322 -44% Q1/2009 Q1/2009 1.0 -29% Strong CF generation leads to net debt of €250m until May 250 May/2009 -18% -22%
  • 17. 17 New financial structureOld financial structure Bank Debt Securitized Debt Capital Market Debt Bank Debt Securitized Debt Capital Market Debt NWC Acquisitions NWC Acquisitions Safeguard financing: Changes in financial structure succeeded Now €1.6bn 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 Bonds €380m €505m €325m 32% 26% 42% €98m
  • 18. 18 Efficiency program: Ongoing improvement SalesSourcing Warehousing / Distribution Centralization of sourcing function Supplier concentration Third country sourcing Warehouse network optimization (incl. site closure) Concentration of stock in single locations Optimization of internal and external logistics Customer segmentation by size and trade Profitability oriented pricing and service offering Reigniting dormant accounts Product Portfolio / Service Offering Product portfolio optimization (profitability / capital requirements) Increasing share of value added services Sharing of products within Group Eliminating slow/no movers Processes / IT Systems (Enabler) Standardizing processes Introduction of standardized SAP suit and data model (article codes, inventory management, etc.) Shared services Activity based costing (ProDacapo)
  • 19. 19 Acquisition strategy: Distribution sector still highly fragmented Source: Company data, Eurometal, Morgan Stanley Research Western Europe NAFTA Distributors versus steel producers Steel ProducerSteel Distributor Steel Distributor Top 6 -20 Top 5 65%17% 18% Others Top 5 31% 69% Steel Producer Others Top 5 39% 61% Others Top 6 -20 Top 5 Others 17% 33% 50% Consolidation in production well ahead of distribution
  • 20. 20 Country Acquired Company Sales (FY) Mar 2008 Temtco €226 million Jan 2008 Multitubes €5 million 2008 2 acquisitions €231 million Sep 2007 Lehner & Tonossi €9 million Sep 2007 Interpipe €14 million Sep 2007 ScanSteel €7 million Aug 2007 Metalsnab €36 million Jun 2007 Westok €26 million May 2007 Premier Steel €23 million Apr 2007 Zweygart €11 million Apr 2007 Max Carl €15 million Apr 2007 Edelstahlservice €17 million Apr 2007 Primary Steel €360 million Apr 2007 Teuling €14 million Jan 2007 Tournier €35 million 2007 12 acquisitions €567 million 2006 4 acquisitions €108 million €141 million €567 million Back to past performance when markets stabilizing 12 4 2 2005 2006 2007 Acquisitions Sales €231 million 2008 €108 million 2
  • 21. 21 Agenda 2. Q1 results 2009 and market update Appendix 3. Financing and Strategy update 4. Outlook 1. Overview
  • 22. 22 Outlook 2009 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 €1.6bn allow us to take growth opportunities emerging during the crisis Well prepared: cost cutting on track, financing restructured!
  • 23. 23 Agenda 2. Q1 results 2009 and market update Appendix 3. Financing and Strategy update 4. Outlook 1. Overview
  • 24. 24 Appendix Table of contents Financial calendar 2009 and contact details Summary income statement Q1 2009 Quarterly results and FY results 2009/2008/2007/2006/2005 Current shareholder structure Steel cycle and EBITDA/cash flow relationship Segment performance Q1 2009 Statement of cash flow
  • 25. 25 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 August 13: Q2/H1 Interim Report October: Capital Market Days November 13: Q3 Interim Report Financial calendar 2009 and contact details
  • 26. 26 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
  • 27. 27 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
  • 28. 28 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
  • 29. 29 (€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).
  • 30. 30 (€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
  • 31. 31 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, 9,89%) Top 10 individual shareholdings represent around 31% 100% Free float Retail shareholder represent 11% CommentsGeographical breakdown of identified institutional investors Germany 22% United Kingdom31% US 21% 11% Rest of Europe 10% Switzerland France 4%1% Rest of World
  • 32. 32 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
  • 33. 33 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: o Downturns in the business cycle of the industries in which we compete; o Increases in the prices of our raw materials, especially if we are unable to pass these costs along to customers; o 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.