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Klöckner & Co SEKlöckner & Co SE
A Leading Multi Metal Distributor
Credit Suisse Mining and Steel Conference
September 23 2010 in London
Gisbert Rühl
CEO/CFO September 23, 2010 in London
00 Disclaimer
This presentation contains forward-looking statements. The statements use words like “believe”, “assume”,
“expect” or similar formulations. Various known and unknown risks, uncertainties and other factors could
lead to material differences between the actual results financial situation development or performance oflead to material differences between the actual results, financial situation, development or performance of
our company and those either expressed or implied in these statements. The factors include, among other
things:
• Downturns in the business cycle of the industries we compete in;
• Increases in our raw material prices, especially if we are unable to pass these costs
along to customers;
• Fluctuations in international currency exchange rates as well as changes in the general
economic climateeconomic 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 have them
f fconform with to future events or developments.
This presentation is not an offer for sale or a solicitation of an offer to purchase any securities of
Klöckner & Co SE or any of its affiliates ("Klöckner & Co").
Klöckner & Co securities including but not limited to rights shares and bonds may not be offered or soldKlöckner & Co securities, including, but not limited to, rights, shares and bonds, may not be offered or sold
in the United States or to or for the account or benefit of U.S. citizens (as such term is defined in Regulation
S under the U.S. Securities Act of 1933, as amended (the "Securities Act")) unless registered under the
Securities Act or have an exemption from such registration.
2
Agenda
Overview01
Financials and performance Q2 201002
Market, Strategy & Outlook03
Appendix04 Appendix04
3
01 Distributor in the sweet spot
Suppliers Sourcing
Products Logistics/
CustomersSuppliers Sourcing
and services
g
Distribution
• Purchase
volume p a of
Customers
• Global Sourcing
in competitive
• One-stop-shop
with wide
• Efficient
inventory
• ~178,000
customersvolume p.a. of
>5 million tons
• Diversified set
of suppliers
worldwide
in competitive
sizes
• Strategic
partnerships
• Frame contracts
with wide
product range of
high-quality
products
• Value added
inventory
management
• Local presence
• Tailor-made
logistics
customers
• No customer
with more than
1% of sales
• Average orderworldwide
approx. 70
• Frame contracts
• Leverage one
supplier against
the other
• N l ti
Value added
processing
services
• Quality
assurance
logistics
including on-
time delivery
within 24 hours
• Average order
size of €2,000
• Wide range of
industries and
markets• No speculative
trading
assurance markets
• Service more
important than
price
4
Klöckner & Co’s value chainGlobal suppliers Local customers
01 Klöckner & Co at a glance
Sales by industryKlöckner & Co
• Leading producer-independent steel and metal
distributor in the European and North American
markets combined
• Network with around 250 distribution locations in
Europe and North America
Sales by marketsSales by product
5
Including Becker Stahl-Service Group pro-forma figures (year ending September)
Agenda
Overview01
Financials and performance Q2 201002
Market, Strategy & Outlook03
Appendix04 Appendix04
6
02 Improving financials in Q2 2010
• Strong benefit from restocking driven by economic recovery, price increases, cost cutting
measures and acquisitions
Sales
1 448 Tto+37.4%
Volumes
€1 416m+47.7%
1,053 Tto
1,448 Tto
1,180
Tto €959m
€1,416m
€1,049m
Q2 2009 Q2 2010Q1 2010 Q2 2009 Q2 2010Q1 2010
Gross profit
€331m
€236
EBITDA
€100m
+423.3% €29m
+106.0%
€161m
Q2 2009 Q2 2010Q1 2010
€236m
€-31m
Q2 2009 Q2 2010
€29m
Q1 2010
7
Q2 2009 Q2 2010Q1 2010
02 Both segments improved performance in Q2 2010
Volume (Tto) Sales (€m) EBITDA (€m)
798
1,180
47.9%
28 2%*
42.5%815
1,162
286
798
93
28.2%11.8%*
238
286
161
236
3
93
13
19.8%
46.9%
Q2 09 Q2 10 Q2 09 Q2 10
-25
Q2 10Q2 09
Europe
North America
8
* without BSS
02 Strong balance sheet
Q2 2010 Comments
€3,435m
• Equity ratio of 35%
883
1,208
Non-current
assets
Equity
• Net debt €245m
• Gearing* at 21%
• NWC increase by €204m to €1,072m
880Inventories
y ,
during Q2
852
84
1,260
Trade receivables
Other
Non-current
liabilities
84
736
967
current assets
Liquidity
Current
liabilities
9
* Gearing = Net debt/Equity attributable to shareholders of
Klöckner & Co SE
02 NWC and cash position reflects recovery in operations
• NWC typically increases in a situation when volumes and prices go up and order activity is
going down because of the summer slowdown and the anticipation of falling prices
Development of NWC (in €m) Development of cash position (in €m)
Inventories
Receivables
Payables
Promissory
notes
other868
1,072
82
162 -40
615
736
99 -156
3
145
Inventories
increased mainly
due to higher
price levels
Inventories
Operating
CF
CF from
investing
activities
CF from
financing
activities
615
-5
35
145
Change in
NWC and
other assets
Receivables up
due to strong
Payables grew at
a lower rate due
to less order
activity act t esdue to strong
sales volumes in
June
CF from operations
-57
Q1 2010
NWC
Q2 2010
NWC
Q1 2010
Cash
Q2 2010
Cash
10
NWC NWC Cash
position
Cash
position
02 Significant financial scope for growth
• Maturity profile extended from 1.7 to 3.2 years and available facilities increased to €2.0bn
• European ABS been extended for another 2 years, same amount €420m
• Placement of €145m Promissory notes
• Renewal and extension of syndicated loan from €300m to €500m in June
Maturity profile of drawn amountsCredit facilities Maturity profile of drawn amounts
Bilaterals incl. lease
Convertibles
Syndicated loan
€114m
€4m
Credit facilities
y
ABS
Promissory notes
€325m
€225m
€4m
AcquisitionsNWC
€500m
>€500m*
€510m
Syndicated
Loan
€98m
Convertible
Bond 2009
€145m
Promissory
Notes
€9m
€68
€32m €75m
€98m
€12m
€7m€450m
Bilateral
Facilities
ABS
Bond 2009
€325m
Convertible
Bond 2007
11
2011 2013 2015
€58m
2010
€68m
2012
€75m
2014
* Including proceeds of rights issue in September 2009
Agenda
Overview01
Financials and performance Q2 201002
Market, Strategy & Outlook03
Appendix04 Appendix04
12
03
Steel prices have rallied for six consecutive months but softened
in recent weeks as expected
• As expected by Klöckner & Co steel prices softened in recent weeks because restarts of
idled capacity exceeded demand
• Prices for long products are recovering currently driven by scrap
• A rebound for flat products in Q4 is also feasible if mills keep disciplined and not restarting
idled capacity directly after the summer againidled capacity directly after the summer again
1,100
1,200
t)inthe
800
900
1,000
opeand($/st
400
500
600
700
s(€/t)inEuro
US
200
300
400
Mar Jun- Sep- Dec Mar Jun- Sep- Dec Mar Jun- Sep- Dec Mar Jun- Sep- Dec Mar Jun- Sep-
Steelprices
13
Source: SBB
06 06 06 07 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10
HRC-Europe HRC-US Medium sections-Europe Beams-US
03 Steel production is significantly outstripping steel consumption
Crude steel production H1/2010
compared to H1/2009
Apparent steel consumption estimate
2010 as compared to 2009p p
World +28% +11%
EU 27 +44% +14%EU 27 44% 14%
CIS +20% +11%
Other Europe +17% +14%
North America +60% +24%
South America +36% +20%
Asia +24% +8%
of which: China +21% +7%
Middle East +12% +10%
Source: Worldsteel, estimates from April
14
03 Steel inventories in Europe and the US remain on low levels
6.0120
4 5
5.0
5.5
100
110
nts
3 5
4.0
4.5
80
90
nthsofshipmen
tocksIndex
2.5
3.0
3.5
60
70
Mon
St
1.5
2.0
40
50
Jan-08 Mar 08 May 08 Jul-08 Sep-08 Nov-08 Jan-09 Mar 09 May 09 Jul-09 Sep-09 Nov-09 Jan-10 Mar 10 May 10
Stocks Index Europe Stocks Index US Months Europe Months US
15
Source: Metals Service Center Institute, Eurometal (all figures indexed; Jan 08 = 100)
03 Successful acquisition-led growth re-established
Country Acquired 1) Company Sales (FY) 2)
GER Mar 2010 Becker Stahl-Service ~€600m
Acquisitions1) Acquired sales1),2)
~€662m
USA Sep 2010 Angeles Steel ~€30m
CH Jan 2010 Bläsi AG €32m
2010 3 acquisitions so far ~€662m
US Mar 2008 Temtco €226m
UK Jan 2008 Multitubes €5m
€567m
2008 2 acquisitions €231m
CH Sep 2007 Lehner & Tonossi €9m
UK Sep 2007 Interpipe €14m
US Sep 2007 ScanSteel €7mUS Sep 2007 ScanSteel €7m
BG Aug 2007 Metalsnab €36m
UK Jun 2007 Westok €26m
US May 2007 Premier Steel €23m
GER A 2007 Z t €11 12
€231m
GER Apr 2007 Zweygart €11m
GER Apr 2007 Max Carl €15m
GER Apr 2007 Edelstahlservice €17m
US Apr 2007 Primary Steel €360m
€141m
€108m
12
NL Apr 2007 Teuling €14m
F Jan 2007 Tournier €35m
2007 12 acquisitions €567m
2006 4 acquisitions €108m
€108m
2
4
2
3
16
q
¹ As of announcement 2 Figures refer to the latest fiscal years, prior to the
acquisitions of the companies
2005 2006 2007 2008 2009 2010
Business optimization well on track03
Central purchasing and product management department IPM created
Significantly improved visibility of market price developmentg y p y p p
Central supplier negotiations and enforcement through tight monitoring of country
purchasing
Central supplier bonus management
Purchasing
IPM tightly controls local inventory levels
C t l i k t d i t l l t t ttiI t Central risk assessment and inventory level target setting
Monitoring of market price development and turnover levels
Purchasing order volume and associated material inflow management
Inventory
management
New department “Operations Europe” driving definition and role out of best
practices processes in warehousing and logisticsDistribution
Uniform SAP 6.0 roll-out with broadly standardized processes started
Elimination of low/non performing locations
network
17
03 How the Company structurally improved over the past two years
• Procurement Central European Sourcing levers procurement conditions
• Inventories International Product-Management tightly controls inventories
• Processes European operations centrally define best practices
• S t IT t d t d t f ll t d d• Systems IT systems updated to fully support upgraded processes
• Management New country CEO’s in Europe to support new structure, lean board
• I ti ti B l b t t i l i it d t ll b ti• Incentivation Balance between entrepreneurial spirit and cross-country collaboration
• Balance sheet Healthy balance sheet with prolonged maturities
• Growth 3 acquisitions already completed and €500m still available• Growth 3 acquisitions already completed and €500m still available
► Flexibility and efficiency increased► Flexibility and efficiency increased
► Advantages of scale materialized
► Growth opportunities realized
18
03 What we expect from main industries in H2 2010 served by Klöckner & Co
► Construction
• We meanwhile think that construction is through the trough in Europe as well as in
N th A i W l i fi t i f li ht i tNorth America. We are also seeing first signs of slight improvement
• Nevertheless construction is expected to remain weak for the full year
► Machinery and mechanical engineering
• Significantly increasing order intakes for machinery and mechanical engineering in H1
2010 will be translated into higher production in H2 2010
► Automotive
• Automotive is currently stronger than expected but will probably soften slightly in H2
as restocking eases and the wreckage premiums have expired. High exports will limit
the contraction especially in the premium segment
19
03 Outlook
► Third quarter
• Volumes expected to be seasonally lighter than Q2 as usual• Volumes expected to be seasonally lighter than Q2 as usual
• EBITDA between weather impacted Q1 and the price and volume driven Q2
► Full year
• >25% sales growth resulting from acquisitions and normalization of customers’ stock
levelslevels
• >200 Mio. € EBITDA (>4% EBITDA-margin) driven by economic growth, successfully
integrated acquisitions and sustained cost cutting measures
► Risks
• Slowdown of economic recovery i.e. because of high sovereign debt levelsy g g
• Weak banking system
20
Agenda
Overview01
Financials and performance Q2 201002
Market, Strategy & Outlook03
Appendix04 Appendix04
21
04 Appendix
Financial calendar 2010/2011
November 10 2010 Q3 interim report 2010November 10, 2010 Q3 interim report 2010
March 8, 2011 Annual Statement 2010
May 11, 2011 Q1 interim report 2011
May 20, 2011 Annual General Meeting 2011
August 10, 2011 Q2 interim report 2011
November 9, 2011 Q3 interim report 2011p
Contact details Investor RelationsContact details Investor Relations
Dr. Thilo Theilen, Head of Investor Relations & Corporate Communications
Phone: +49 203 307 2050
F 49 203 307 5025Fax: +49 203 307 5025
E-mail: thilo.theilen@kloeckner.de
Internet: www.kloeckner.de
22
04 Quarterly results and FY results 2005-2010
(€m)
Q2
2010
Q1
2010
Q4
2009
Q3
2009
Q2
2009
Q1
2009
FY
2009
FY
2008
FY
2007
FY
2006
FY
2005*
Volume (Ttons) 1,448 1,180 966 1,033 1,053 1,068 4,119 5,974 6,478 6,127 5,868
Sales 1,416 1,049 873 934 959 1,095 3,860 6,750 6,274 5,532 4,964
Gross profit 331 236 198 208 161 78 645 1 366 1 221 1 208 987Gross profit 331 236 198 208 161 78 645 1,366 1,221 1,208 987
% margin 23.4 22.5 22.6 22.3 16.8 7.1 16.7 20.2 19.5 21.8 19.9
EBITDA 100 29 83 11 -31 -132 -68 601 371 395 197
% margin 7.1 2.8 9.5 1.2 -3.2 -12.0 -1.8 8.9 5.9 7.1 4.0% margin 7.1 2.8 9.5 1.2 3.2 12.0 1.8 8.9 5.9 7.1 4.0
EBIT 78 11 26 -7 -48 -149 -178 533 307 337 135
Financial result -17 -15 -16 -14 -15 -16 -62 -70 -97 -64 -54
Income before taxes 61 -4 9 -21 -63 -165 -240 463 210 273 81
Income taxes -14 6 3 -2 16 38 54 -79 -54 -39 -29
Net income 47 2 12 -23 -47 -127 -186 384 156 235 52
Minority interests 1 1 3 0 1 -2 3 -14 23 28 16
Net income KlöCo 46 1 9 -23 -48 -126 -188 398 133 206 36
EPS basic (€) 0.69 0.02 0.56 -0.42 -1.04 -2.70 -3.61 8.56 2.87 4.44 -
EPS diluted (€) 0.69 0.02 0.56 -0.42 -0.85 -2.43 -3.61 8.11 2.87 4.44 -
23
* 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).
04 Balance sheet as of June 30, 2010
(€m)
June 30,
2010
Dec. 31,
2009 Comments
Non-current assets 883 712
Inventories 880 571
Shareholders’ equity:
• Decreased from 41% to
35% mainly due to BSS
Trade receivables 852 464
Cash & Cash equivalents 736 827
Other assets 84 139
y
• Would be at 45% if
cash were used for
debt reduction
Financial debt:Other assets 84 139
Total assets 3,435 2,713
Equity 1,208 1,123
Financial debt:
• Gearing at 21%
• Net debt position due to
purchase price
Total non-current liabilities 1,260 927
thereof financial liabilities 887 619
Total current liabilities 967 663
payment for BSS and
Bläsi AG and NWC
build-up
NWC:
thereof trade payables 660 398
Total equity and liabilities 3,435 2,713
Net working capital 1,072 637
NWC:
• Swing mainly driven by
BSS consolidation and
pickup in business
24
Net financial debt 245 -150
04 Statement of cash flow H1
Comments(€m) H1 2010 H1 2009
• NWC changes due to
built up of inventories
and receivables
Operating CF 128 -170
Changes in net working capital -266 640
Others 21 2 • Investing CF impacted
by acquisitions of BSS
and Bläsi
Others 21 -2
Cash flow from operating activities -117 468
Inflow from disposals of fixed assets/others 2 6
Outflow from acquisitions -124 0Outflow from acquisitions -124 0
Outflow from investments in fixed assets/others -10 -8
Cash flow from investing activities -132 -2
Equity component of convertible bond 0 26Equity component of convertible bond 0 26
Changes in financial liabilities 230 -149
Net interest payments -19 -22
Repayments of shareholder loan BSS -58 0Repayments of shareholder loan BSS -58 0
Cash flow from financing activities 153 -145
Total cash flow -96 321
25
04 Segment performance Q2 2010
(€m) Europe
North
America
HQ/
Consol. Total Comments
Volume (Ttons)
Q2 2010 1,162 286 - 1,448
Q2 2009 815 238 - 1,053
• Excl. BSS volume
increase in Europe was
11 8% and total volume
Δ % 42.5 19.8 - 37.4
Sales
Q2 2010 1 180 236 1 416
11.8% and total volume
increase was 13.6%
• Without BSS total sales
were 31.4% yoy
Q2 2010 1,180 236 - 1,416
Q2 2009 798 161 - 959
Δ % 47.9 46.9 - 47.7
EBITDA
Q2 2010 93 13 -6 100
% margin 7.9 5.4 - 7.1
Q2 2009 3 -25 -9 -31
% margin 0.3 -15.8 - -3.2
Δ % EBITDA 3,442.0 -149.8 - -423.3
26
% 3, 0 9 8 3 3
04 Current shareholder structure
Geographical breakdown of identified institutional investors
Comments
• Identified institutional investors account for 52%
• German investors dominate
• Top 10 shareholdings represent around 26%Top 10 shareholdings represent around 26%
• Retail shareholders represent 27%
• 100% free float
27
04 Our symbol
the ears the eyesthe ears
attentive to customer needs
the eyes
looking forward to new developments
the nosethe nose
sniffing out opportunities
to improve performance
the ball
symbolic of our role to fetchsymbolic of our role to fetch
and carry for our customers
the legsthe legs
always moving fast to keep up with
the demands of the customers
28

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Klöckner & Co - Mining and Steel Conference 2010

  • 1. Klöckner & Co SEKlöckner & Co SE A Leading Multi Metal Distributor Credit Suisse Mining and Steel Conference September 23 2010 in London Gisbert Rühl CEO/CFO September 23, 2010 in London
  • 2. 00 Disclaimer This presentation contains forward-looking statements. The statements use words like “believe”, “assume”, “expect” or similar formulations. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual results financial situation development or performance oflead to material differences between the actual results, financial situation, development or performance of our company and those either expressed or implied in these statements. The factors include, among other things: • Downturns in the business cycle of the industries we compete in; • Increases in our raw material prices, especially if we are unable to pass these costs along to customers; • Fluctuations in international currency exchange rates as well as changes in the general economic climateeconomic 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 have them f fconform with to future events or developments. This presentation is not an offer for sale or a solicitation of an offer to purchase any securities of Klöckner & Co SE or any of its affiliates ("Klöckner & Co"). Klöckner & Co securities including but not limited to rights shares and bonds may not be offered or soldKlöckner & Co securities, including, but not limited to, rights, shares and bonds, may not be offered or sold in the United States or to or for the account or benefit of U.S. citizens (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")) unless registered under the Securities Act or have an exemption from such registration. 2
  • 3. Agenda Overview01 Financials and performance Q2 201002 Market, Strategy & Outlook03 Appendix04 Appendix04 3
  • 4. 01 Distributor in the sweet spot Suppliers Sourcing Products Logistics/ CustomersSuppliers Sourcing and services g Distribution • Purchase volume p a of Customers • Global Sourcing in competitive • One-stop-shop with wide • Efficient inventory • ~178,000 customersvolume p.a. of >5 million tons • Diversified set of suppliers worldwide in competitive sizes • Strategic partnerships • Frame contracts with wide product range of high-quality products • Value added inventory management • Local presence • Tailor-made logistics customers • No customer with more than 1% of sales • Average orderworldwide approx. 70 • Frame contracts • Leverage one supplier against the other • N l ti Value added processing services • Quality assurance logistics including on- time delivery within 24 hours • Average order size of €2,000 • Wide range of industries and markets• No speculative trading assurance markets • Service more important than price 4 Klöckner & Co’s value chainGlobal suppliers Local customers
  • 5. 01 Klöckner & Co at a glance Sales by industryKlöckner & Co • Leading producer-independent steel and metal distributor in the European and North American markets combined • Network with around 250 distribution locations in Europe and North America Sales by marketsSales by product 5 Including Becker Stahl-Service Group pro-forma figures (year ending September)
  • 6. Agenda Overview01 Financials and performance Q2 201002 Market, Strategy & Outlook03 Appendix04 Appendix04 6
  • 7. 02 Improving financials in Q2 2010 • Strong benefit from restocking driven by economic recovery, price increases, cost cutting measures and acquisitions Sales 1 448 Tto+37.4% Volumes €1 416m+47.7% 1,053 Tto 1,448 Tto 1,180 Tto €959m €1,416m €1,049m Q2 2009 Q2 2010Q1 2010 Q2 2009 Q2 2010Q1 2010 Gross profit €331m €236 EBITDA €100m +423.3% €29m +106.0% €161m Q2 2009 Q2 2010Q1 2010 €236m €-31m Q2 2009 Q2 2010 €29m Q1 2010 7 Q2 2009 Q2 2010Q1 2010
  • 8. 02 Both segments improved performance in Q2 2010 Volume (Tto) Sales (€m) EBITDA (€m) 798 1,180 47.9% 28 2%* 42.5%815 1,162 286 798 93 28.2%11.8%* 238 286 161 236 3 93 13 19.8% 46.9% Q2 09 Q2 10 Q2 09 Q2 10 -25 Q2 10Q2 09 Europe North America 8 * without BSS
  • 9. 02 Strong balance sheet Q2 2010 Comments €3,435m • Equity ratio of 35% 883 1,208 Non-current assets Equity • Net debt €245m • Gearing* at 21% • NWC increase by €204m to €1,072m 880Inventories y , during Q2 852 84 1,260 Trade receivables Other Non-current liabilities 84 736 967 current assets Liquidity Current liabilities 9 * Gearing = Net debt/Equity attributable to shareholders of Klöckner & Co SE
  • 10. 02 NWC and cash position reflects recovery in operations • NWC typically increases in a situation when volumes and prices go up and order activity is going down because of the summer slowdown and the anticipation of falling prices Development of NWC (in €m) Development of cash position (in €m) Inventories Receivables Payables Promissory notes other868 1,072 82 162 -40 615 736 99 -156 3 145 Inventories increased mainly due to higher price levels Inventories Operating CF CF from investing activities CF from financing activities 615 -5 35 145 Change in NWC and other assets Receivables up due to strong Payables grew at a lower rate due to less order activity act t esdue to strong sales volumes in June CF from operations -57 Q1 2010 NWC Q2 2010 NWC Q1 2010 Cash Q2 2010 Cash 10 NWC NWC Cash position Cash position
  • 11. 02 Significant financial scope for growth • Maturity profile extended from 1.7 to 3.2 years and available facilities increased to €2.0bn • European ABS been extended for another 2 years, same amount €420m • Placement of €145m Promissory notes • Renewal and extension of syndicated loan from €300m to €500m in June Maturity profile of drawn amountsCredit facilities Maturity profile of drawn amounts Bilaterals incl. lease Convertibles Syndicated loan €114m €4m Credit facilities y ABS Promissory notes €325m €225m €4m AcquisitionsNWC €500m >€500m* €510m Syndicated Loan €98m Convertible Bond 2009 €145m Promissory Notes €9m €68 €32m €75m €98m €12m €7m€450m Bilateral Facilities ABS Bond 2009 €325m Convertible Bond 2007 11 2011 2013 2015 €58m 2010 €68m 2012 €75m 2014 * Including proceeds of rights issue in September 2009
  • 12. Agenda Overview01 Financials and performance Q2 201002 Market, Strategy & Outlook03 Appendix04 Appendix04 12
  • 13. 03 Steel prices have rallied for six consecutive months but softened in recent weeks as expected • As expected by Klöckner & Co steel prices softened in recent weeks because restarts of idled capacity exceeded demand • Prices for long products are recovering currently driven by scrap • A rebound for flat products in Q4 is also feasible if mills keep disciplined and not restarting idled capacity directly after the summer againidled capacity directly after the summer again 1,100 1,200 t)inthe 800 900 1,000 opeand($/st 400 500 600 700 s(€/t)inEuro US 200 300 400 Mar Jun- Sep- Dec Mar Jun- Sep- Dec Mar Jun- Sep- Dec Mar Jun- Sep- Dec Mar Jun- Sep- Steelprices 13 Source: SBB 06 06 06 07 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 HRC-Europe HRC-US Medium sections-Europe Beams-US
  • 14. 03 Steel production is significantly outstripping steel consumption Crude steel production H1/2010 compared to H1/2009 Apparent steel consumption estimate 2010 as compared to 2009p p World +28% +11% EU 27 +44% +14%EU 27 44% 14% CIS +20% +11% Other Europe +17% +14% North America +60% +24% South America +36% +20% Asia +24% +8% of which: China +21% +7% Middle East +12% +10% Source: Worldsteel, estimates from April 14
  • 15. 03 Steel inventories in Europe and the US remain on low levels 6.0120 4 5 5.0 5.5 100 110 nts 3 5 4.0 4.5 80 90 nthsofshipmen tocksIndex 2.5 3.0 3.5 60 70 Mon St 1.5 2.0 40 50 Jan-08 Mar 08 May 08 Jul-08 Sep-08 Nov-08 Jan-09 Mar 09 May 09 Jul-09 Sep-09 Nov-09 Jan-10 Mar 10 May 10 Stocks Index Europe Stocks Index US Months Europe Months US 15 Source: Metals Service Center Institute, Eurometal (all figures indexed; Jan 08 = 100)
  • 16. 03 Successful acquisition-led growth re-established Country Acquired 1) Company Sales (FY) 2) GER Mar 2010 Becker Stahl-Service ~€600m Acquisitions1) Acquired sales1),2) ~€662m USA Sep 2010 Angeles Steel ~€30m CH Jan 2010 Bläsi AG €32m 2010 3 acquisitions so far ~€662m US Mar 2008 Temtco €226m UK Jan 2008 Multitubes €5m €567m 2008 2 acquisitions €231m CH Sep 2007 Lehner & Tonossi €9m UK Sep 2007 Interpipe €14m US Sep 2007 ScanSteel €7mUS Sep 2007 ScanSteel €7m BG Aug 2007 Metalsnab €36m UK Jun 2007 Westok €26m US May 2007 Premier Steel €23m GER A 2007 Z t €11 12 €231m GER Apr 2007 Zweygart €11m GER Apr 2007 Max Carl €15m GER Apr 2007 Edelstahlservice €17m US Apr 2007 Primary Steel €360m €141m €108m 12 NL Apr 2007 Teuling €14m F Jan 2007 Tournier €35m 2007 12 acquisitions €567m 2006 4 acquisitions €108m €108m 2 4 2 3 16 q ¹ As of announcement 2 Figures refer to the latest fiscal years, prior to the acquisitions of the companies 2005 2006 2007 2008 2009 2010
  • 17. Business optimization well on track03 Central purchasing and product management department IPM created Significantly improved visibility of market price developmentg y p y p p Central supplier negotiations and enforcement through tight monitoring of country purchasing Central supplier bonus management Purchasing IPM tightly controls local inventory levels C t l i k t d i t l l t t ttiI t Central risk assessment and inventory level target setting Monitoring of market price development and turnover levels Purchasing order volume and associated material inflow management Inventory management New department “Operations Europe” driving definition and role out of best practices processes in warehousing and logisticsDistribution Uniform SAP 6.0 roll-out with broadly standardized processes started Elimination of low/non performing locations network 17
  • 18. 03 How the Company structurally improved over the past two years • Procurement Central European Sourcing levers procurement conditions • Inventories International Product-Management tightly controls inventories • Processes European operations centrally define best practices • S t IT t d t d t f ll t d d• Systems IT systems updated to fully support upgraded processes • Management New country CEO’s in Europe to support new structure, lean board • I ti ti B l b t t i l i it d t ll b ti• Incentivation Balance between entrepreneurial spirit and cross-country collaboration • Balance sheet Healthy balance sheet with prolonged maturities • Growth 3 acquisitions already completed and €500m still available• Growth 3 acquisitions already completed and €500m still available ► Flexibility and efficiency increased► Flexibility and efficiency increased ► Advantages of scale materialized ► Growth opportunities realized 18
  • 19. 03 What we expect from main industries in H2 2010 served by Klöckner & Co ► Construction • We meanwhile think that construction is through the trough in Europe as well as in N th A i W l i fi t i f li ht i tNorth America. We are also seeing first signs of slight improvement • Nevertheless construction is expected to remain weak for the full year ► Machinery and mechanical engineering • Significantly increasing order intakes for machinery and mechanical engineering in H1 2010 will be translated into higher production in H2 2010 ► Automotive • Automotive is currently stronger than expected but will probably soften slightly in H2 as restocking eases and the wreckage premiums have expired. High exports will limit the contraction especially in the premium segment 19
  • 20. 03 Outlook ► Third quarter • Volumes expected to be seasonally lighter than Q2 as usual• Volumes expected to be seasonally lighter than Q2 as usual • EBITDA between weather impacted Q1 and the price and volume driven Q2 ► Full year • >25% sales growth resulting from acquisitions and normalization of customers’ stock levelslevels • >200 Mio. € EBITDA (>4% EBITDA-margin) driven by economic growth, successfully integrated acquisitions and sustained cost cutting measures ► Risks • Slowdown of economic recovery i.e. because of high sovereign debt levelsy g g • Weak banking system 20
  • 21. Agenda Overview01 Financials and performance Q2 201002 Market, Strategy & Outlook03 Appendix04 Appendix04 21
  • 22. 04 Appendix Financial calendar 2010/2011 November 10 2010 Q3 interim report 2010November 10, 2010 Q3 interim report 2010 March 8, 2011 Annual Statement 2010 May 11, 2011 Q1 interim report 2011 May 20, 2011 Annual General Meeting 2011 August 10, 2011 Q2 interim report 2011 November 9, 2011 Q3 interim report 2011p Contact details Investor RelationsContact details Investor Relations Dr. Thilo Theilen, Head of Investor Relations & Corporate Communications Phone: +49 203 307 2050 F 49 203 307 5025Fax: +49 203 307 5025 E-mail: thilo.theilen@kloeckner.de Internet: www.kloeckner.de 22
  • 23. 04 Quarterly results and FY results 2005-2010 (€m) Q2 2010 Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 FY 2009 FY 2008 FY 2007 FY 2006 FY 2005* Volume (Ttons) 1,448 1,180 966 1,033 1,053 1,068 4,119 5,974 6,478 6,127 5,868 Sales 1,416 1,049 873 934 959 1,095 3,860 6,750 6,274 5,532 4,964 Gross profit 331 236 198 208 161 78 645 1 366 1 221 1 208 987Gross profit 331 236 198 208 161 78 645 1,366 1,221 1,208 987 % margin 23.4 22.5 22.6 22.3 16.8 7.1 16.7 20.2 19.5 21.8 19.9 EBITDA 100 29 83 11 -31 -132 -68 601 371 395 197 % margin 7.1 2.8 9.5 1.2 -3.2 -12.0 -1.8 8.9 5.9 7.1 4.0% margin 7.1 2.8 9.5 1.2 3.2 12.0 1.8 8.9 5.9 7.1 4.0 EBIT 78 11 26 -7 -48 -149 -178 533 307 337 135 Financial result -17 -15 -16 -14 -15 -16 -62 -70 -97 -64 -54 Income before taxes 61 -4 9 -21 -63 -165 -240 463 210 273 81 Income taxes -14 6 3 -2 16 38 54 -79 -54 -39 -29 Net income 47 2 12 -23 -47 -127 -186 384 156 235 52 Minority interests 1 1 3 0 1 -2 3 -14 23 28 16 Net income KlöCo 46 1 9 -23 -48 -126 -188 398 133 206 36 EPS basic (€) 0.69 0.02 0.56 -0.42 -1.04 -2.70 -3.61 8.56 2.87 4.44 - EPS diluted (€) 0.69 0.02 0.56 -0.42 -0.85 -2.43 -3.61 8.11 2.87 4.44 - 23 * 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).
  • 24. 04 Balance sheet as of June 30, 2010 (€m) June 30, 2010 Dec. 31, 2009 Comments Non-current assets 883 712 Inventories 880 571 Shareholders’ equity: • Decreased from 41% to 35% mainly due to BSS Trade receivables 852 464 Cash & Cash equivalents 736 827 Other assets 84 139 y • Would be at 45% if cash were used for debt reduction Financial debt:Other assets 84 139 Total assets 3,435 2,713 Equity 1,208 1,123 Financial debt: • Gearing at 21% • Net debt position due to purchase price Total non-current liabilities 1,260 927 thereof financial liabilities 887 619 Total current liabilities 967 663 payment for BSS and Bläsi AG and NWC build-up NWC: thereof trade payables 660 398 Total equity and liabilities 3,435 2,713 Net working capital 1,072 637 NWC: • Swing mainly driven by BSS consolidation and pickup in business 24 Net financial debt 245 -150
  • 25. 04 Statement of cash flow H1 Comments(€m) H1 2010 H1 2009 • NWC changes due to built up of inventories and receivables Operating CF 128 -170 Changes in net working capital -266 640 Others 21 2 • Investing CF impacted by acquisitions of BSS and Bläsi Others 21 -2 Cash flow from operating activities -117 468 Inflow from disposals of fixed assets/others 2 6 Outflow from acquisitions -124 0Outflow from acquisitions -124 0 Outflow from investments in fixed assets/others -10 -8 Cash flow from investing activities -132 -2 Equity component of convertible bond 0 26Equity component of convertible bond 0 26 Changes in financial liabilities 230 -149 Net interest payments -19 -22 Repayments of shareholder loan BSS -58 0Repayments of shareholder loan BSS -58 0 Cash flow from financing activities 153 -145 Total cash flow -96 321 25
  • 26. 04 Segment performance Q2 2010 (€m) Europe North America HQ/ Consol. Total Comments Volume (Ttons) Q2 2010 1,162 286 - 1,448 Q2 2009 815 238 - 1,053 • Excl. BSS volume increase in Europe was 11 8% and total volume Δ % 42.5 19.8 - 37.4 Sales Q2 2010 1 180 236 1 416 11.8% and total volume increase was 13.6% • Without BSS total sales were 31.4% yoy Q2 2010 1,180 236 - 1,416 Q2 2009 798 161 - 959 Δ % 47.9 46.9 - 47.7 EBITDA Q2 2010 93 13 -6 100 % margin 7.9 5.4 - 7.1 Q2 2009 3 -25 -9 -31 % margin 0.3 -15.8 - -3.2 Δ % EBITDA 3,442.0 -149.8 - -423.3 26 % 3, 0 9 8 3 3
  • 27. 04 Current shareholder structure Geographical breakdown of identified institutional investors Comments • Identified institutional investors account for 52% • German investors dominate • Top 10 shareholdings represent around 26%Top 10 shareholdings represent around 26% • Retail shareholders represent 27% • 100% free float 27
  • 28. 04 Our symbol the ears the eyesthe ears attentive to customer needs the eyes looking forward to new developments the nosethe nose sniffing out opportunities to improve performance the ball symbolic of our role to fetchsymbolic of our role to fetch and carry for our customers the legsthe legs always moving fast to keep up with the demands of the customers 28