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Klöckner & Co SE
A Leading Multi Metal Distributor
JPM German Corporate Forum
October 12, 2011
Gisbert Rühl
CEO/CFO
2
Ein- bis zweizeiliger Folientitel00 Disclaimer
This presentation contains forward-looking statements which reflect the current views of the management of
Klöckner & Co SE with respect to future events. They generally are designated by the words ―expect‖, ―assume‖,
―presume‖, ―intend‖, ―estimate‖, ―strive for‖, ―aim for‖, ―plan‖, ―will‖, ―strive‖, ―outlook‖ and comparable expressions
and generally contain information that relates to expectations or goals for economic conditions, sales proceeds or
other yardsticks for the success of the enterprise. Forward-looking statements are based on currently valid plans,
estimates and expectations. You therefore should view them with caution. Such statements are subject to risks and
factors of uncertainty, most of which are difficult to assess and which generally are outside of the control of Klöckner
& Co SE. The relevant factors include the effects of significant strategic and operational initiatives, including the
acquisition or disposition of companies. If these or other risks and factors of uncertainty occur or if the assumptions
on which the statements are based turn out to be incorrect, the actual results of Klöckner & Co SE can deviate
significantly from those that are expressed or implied in these statements. Klöckner & Co SE cannot give any
guarantee that the expectations or goals will be attained. Klöckner & Co SE – notwithstanding existing obligations
under laws pertaining to capital markets – rejects any responsibility for updating the forward-looking statements
through taking into consideration new information or future events or other things.
In addition to the key data prepared in accordance with International Financial Reporting Standards, Klöckner & Co
SE is presenting non-GAAP key data such as EBITDA, EBIT, Net Working Capital and net financial liabilities that are
not a component of the accounting regulations. These key data are to be viewed as supplementary to, but not as a
substitute for data prepared in accordance with International Financial Reporting Standards. Non-GAAP key data
are not subject to IFRS or any other generally applicable accounting regulations. Other companies may base these
concepts upon other definitions.
3
Agenda
02 Recent developments, financials and performance Q2 2011
03 Market environment
04 Outlook
05 Appendix
01 Overview
CustomersDistributor/ Service CenterProducers
Products:
Klöckner & Co SE
 Largest producer-independent steel and
metal distributor in Europe and America
combined
 Distribution and service platform with
around 290 locations
 Key figures for 2010
Sales volumes: 5.3 million tons
Sales: €5.2 billion
EBITDA: €238 million
Services:
4
Ein- bis zweizeiliger Folientitel
 Machinery
and
mechanical
engineering
 Yellow Goods
 White Goods
 Miscellaneous
 Automotive
 Commercial/
residential
construction
 Infrastructure
01 Klöckner & Co SE at a glance
5
Suppliers Sourcing
Products
and services
Logistics /
distribution
• As a producer-
independent
distributor, our
customers benefit
from our diverse
national and
international
procurement options
Customers
• Procurement of
large quantities
• Strategic
partnerships
• Extensive product
range
• Excellent product
and processing
quality
• Wide-ranging
service provision
• Local presence
• Individual delivery,
including 24-hour-
service
• More than 170,000
customers
• Average normal
order size approx.
€2,000
• Service and
availability more
important than price
Holistic solution from covering procurement, logistics and processing
Klöckner & Co value chain
01 Business model
6
Agenda
02 Recent developments, financials and performance Q2 2011
03 Market environment
04 Outlook
05 Appendix
01 Overview
7
02 Highlights Q2
• Challenging quarter due to unexpectedly strong price pressure in all markets leading to an
EBITDA of €62m (3.3% margin), negatively impacted by one offs of €10m (3.8% adjusted
margin)
• Sales volumes increased organically less than typical seasonally due to prebuying effect in
Q1 rolling over and a cautious stance of customers in Q2
• Consolidation of Macsteel and Frefer completed
• Integration of Macsteel and Namasco in the US progressing, synergies higher than initially
expected
• Principle agreement to terminate the earn-out for Macsteel will lead to reduced purchase
price by USD60m and earlier realization of synergy effects
• Capital increase with net proceeds of €517m provides strong backing for
Klöckner & Co 2020
8
02 Steel imports caused pressure in all markets
• Orders to the US were placed during Q1 when the spread
between domestic and import prices justified it and
domestic prices were still rising
• Imports rose by 26% in Q2 to an average of 2.4m
to/month compared to 1.9m to/ month in Q1
• HRC price dropped by USD220 per st since peak
• Fewer imports in the coming months expected due to
lower domestic prices and uncertain economic
environment
US imports of steel products (in kto/ month)
EU imports of steel products (in kto/ month)
US
• Flat steel import licenses increased by 67% in H1
vs. last year to an average of 1.8m to/ month
reaching the peak in May
• HRC dropped by €75 per ton since peak
• Eurometal expects imports into EU to grow by
26% in 2011
Europe
Source: US Census bureau, Eurostat/ Eurometal
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Jul
07
Nov
07
Mar
08
July
08
Nov
08
Mar
09
Jul
09
Nov
09
Mar
10
Jul
10
Nov
10
Mar
11
Jul
11
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Jul
07
Nov
07
Mar
08
July
08
Nov
08
Mar
09
Jul
09
Nov
09
Mar
10
Jul
10
Nov
10
Mar
11
Jul
11
700
800
900
1,000
1,100
Jan Feb Mar Apr May Jun
Procurement prices in €/ to Inventory value in €/ to Selling prices in €/ to
9
02 Margin squeeze through pricing environment in Q2
H1 comparison of procurement prices, inventory values and selling prices
• Inventory values per ton still increased during the quarter whereas selling prices already leveled off and procurement
prices softened
* Figures not comparable due to adjustments for Frefer & Macsteel, inventory allowances and mix effects
19.4% Gross margin*
11.7% Gross margin*
10
02 Steel cycles get shorter and more pronounced
Source: SBB
HRC price development
-150
-100
-50
0
50
100
150
Q1
05
Q2
05
Q3
05
Q4
05
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
ChangeinUSDperton
• Price volatility increasing due to switch to monthly contract prices, persisting overcapacity and overall lower
inventories compared to pre-crisis levels
• Raw material cost inflation and change to quarterly or even spot basis
• Customers’ price sensitivity increased even pronouncing price cycles due to opportunistic buying behavior with
negative impact on stockholding distribution
HRC price changes since 2005
11
02
EBITDA
€100m
€62m
-38.3%
Q2 2011Q2 2010
€331m
€337m
+1.8%
Q2 2011Q2 2010
Gross profit
€1,416m
€1,885m+33.1%
Q2 2011Q2 2010
SalesSales volumes
1,448 Tto
+21.8%
Q2 2010 Q2 2011
1,763 Tto
Key financials Q2 2011
1,033 966
1,180
1,448
1,368 1,318
1,498
1,763
Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011
934 873
1,049
1,416 1,401
1,332
1,587
Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011
12
02
Sales (€m)Sales volumes (Tto)
Sales volumes and sales
+21.8% +33.1%
+17.7% +18.8%
1,885
Gross profit (€m)/ Gross-margin
0
2
4
6
8
10
12
Ein- bis zweizeiliger Folientitel02 Gross profit and EBITDA
13
EBITDA (€m)/ EBITDA-margin
22.3% 22.6% 22.5%
23.4%
21.0%
20.6%
22.3%
17.9%
• Margins decreased due to increasing inventory
values while sales prices were declining during Q2
• EBITDA negatively impacted by €10m one-offs,
whereof €15m write downs on inventories
9.5%
1.2%
2.8%
7.1%
4.3% 3.6%
6.6%
3.3%
1 3
Reihe1
6.6%
11
83
29
100
61
48
104
62
Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011
208 198
236
331
294
275
353
337
Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011
14
Ein- bis zweizeiliger Folientitel02 Net income and earnings per share
EPS basic (€)*Net income (€m)
* adjusted for capital increase
-23
12
2
47
15 17
44
5
Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011
-0.42
0.56
0.02
0.69
0.21
0.25
0.65
0.07
Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011
-227 -600
-137
Capex Other**
15
Ein- bis zweizeiliger Folientitel02 Cash flow predominantly impacted by acquisitions and capital increase
Development of net financial debt in Q2 (€m)Cash flow reconciliation in Q2 (€m)
** exchange rate effects, interest
Q1 Q2
-137
-591
62
EBITDA Change in
NWC
Taxes Other
CF from
operating
activities Capex
Free
CF
-20
517
-444
Acquisitions*
-10
Capital
increase
Acquisitions*
Assumed
Debt
-43-444
-236
* net of cash acquired / capital increase in Frefer
-10
-188
9
CF from
operating
activities
Dividends
-20
784 730
909
1.162
1.0841.029
1.164 1.192
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
16
Ein- bis zweizeiliger Folientitel02 Segment performance Q2 2011
Volumes (Tto) Sales (€m) EBITDA (€m)
** Without acquisitions in 2011
Volumes (Tto) Sales (€m) EBITDA (€m)
** * * * * ** *
EuropeAmericas
249 236
271 286 284 289
334
571
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
159 143
191
236 232 228
297
520
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
10
3
9
13
5 7
30
23
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
775 730
858
1.1801.1691.104
1.2901.365
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
4
143
25
93
60
45
81
50
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
+2.6% +15.7%
+99.6%/ +14.4%** +120.4%/ +23.5%**
* Consolidation of BSS as of March 1, 2010
17
02 Integration of Macsteel Service Centers USA progressing
Key facts Macsteel
• Consolidation as of May 1, 2011
• Sales volume contribution in Q2: 223kTo
• Sales contribution in Q2: €211m
• EBITDA contribution in Q2: €8m (w/o PPA €10m)
• Principle agreement to terminate the earn-out for Macsteel
will lead to reduced purchase price by USD60m and earlier
realization of synergy effects
• Continues to be a positive and great fit
• Synergy potential higher than initially expected
• Fields of synergies are marketing and sales, national key
accounts, products and facilities, purchasing, personnel,
cross utilization of assets and logistics
• Integrated entities will be rebranded to Klöckner
• Management team in place
Klöckner
North America Macsteel
Combined
North America
Geographic reach
(North America)
32
locations
30
locations
62
locations
Market position
(North America)
#10 #8
#3 in multi
metal, #2 in
carbon steel
SSC business
expansion
—  
Product mix
improvement
Plate and long
focused
Flat products
Improved
sales mix
Plate Processing
Service Center
Plate Processing and
Fabrication Service
Center
Plate Processing Service
Center
Hawaii
Puerto RicoMexico
Macsteel Map
Legend
Headquarters
General Line
Service Center
Flat Rolled
Processing Center
Namasco Map Legend
Plate Processing
Service Center
Plate Processing and
Fabrication Service
Center
Plate Processing Service
Center
Hawaii
Puerto RicoMexico
Macsteel Map
Legend
Headquarters
General Line
Service Center
Flat Rolled
Processing Center
Namasco Map Legend
Combined locations
Update on integration status
18
02 Frefer faced with market in a transition period
Key facts Frefer
Market environment in Q2
• Consolidation as of June 1, 2011
• Sales volume contribution in Q2: 9kTo
• Sales contribution in Q2: €7m
• EBITDA contribution in Q2: €-0.6m (w/o PPA €-0.9m)
• Entry into long steel market in Brazil with preferred supplier
under consideration to broaden product portfolio
Frefer: 14 locations in Brazil
• Difficult situation due to price pressure coming from imports
and overstocking, but mid- to longterm perspectives remain
promising
• Stock ratios steadily decreasing being currently at 3.4 months
of supply pointing to a turnaround
• Longterm prospects of the market being rather incrementally
positive
Source: SECEX, Alice Web, Barclays Capital
Flat steel imports (kt)
0
50
100
150
200
250
300
350
400
450
500
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
Jul
10
Sep
10
Nov
10
Jan
11
Mar
11
May
11
Jul
11
Headquarters
Branches
02
19
Q2 2011 (in €m) Strong balance sheet ratios
• Net debt €600m
• Gearing* at 36%
• Equity ratio at 37%
* Gearing = Net debt/Equity attributable to shareholders of
Klöckner & Co SE less goodwill from business
combinations subsequent to May 28, 2010
1,268
1,393
1,142
98 / 23*
1,035
€4,936m
1,849
1,943
1,144
Non-current
assets
Inventories
Trade receivables
Liquidity
Other
current assets
Equity
Non-current
liabilities
Current
liabilities
149*
148*
37*
164*
332*
457*
*Thereof MSCUSA and Frefer proportion
Frefer 74
MSCUSA 383
Frefer 2
MSCUSA 21
Impact of MSCUSA & Frefer consolidation
(as of June 30, 2011):
Frefer 45
MSCUSA 104
Frefer 18
MSCUSA 130
• Non-current assets include intangible assets (customer
relations, trade name) of €171.2m and goodwill of
€147.5m as well as property, plant and equipment of
€112.5m
• Net working capital contribution of €383.8m
• Transaction volume €680.2m
• D&A for the Group will increase in 2011 by ~€30m (incl.
PPA) and thereafter annual run rate ~€40m
Frefer 20
MSCUSA 312
Frefer 12
MSCUSA 152
Frefer 33
MSCUSA 4
02 Balance sheet as of June 30, 2011
Sales/ NWC as percentage of sales
20
02 NWC / sales remains constantly below 20%
0%
5%
10%
15%
25%
30%
0%
5%
10%
15%
25%
30%
20%
0
1,000
1,500
2,000
2,500
* adjusted for MSCUSA and Frefer
1,394
1,398
1,550
1,650
1,583
1,492
1,660
1,922
1,773
1,394
1,095
959
934
873
1,049
1,416
1,401
1,332
1,587
1,885
22%
20%
21%
23% 23%
22%
21% 21%
24%
25%
23%
20% 19%
18%
19% 19% 19% 19%
500
Q3
2006
Q4
2006
Q1
2007
Q2
2007
Q3
2007
Q4
2007
Q1
2008
Q2
2008
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
0%
5%
10%
15%
25%
30%
Sales in €m NWC as % of sales (4x quarterly sales)
18%
20%*
500
02
€m Drawn amount
Facility Committed Q2 2011* FY 2010*
Bilateral Facilities1) 580 250 73
Other Bonds 40 41 0
ABS 560 221 88
Syndicated Loan 500 226 226
Promissory Note2) 343 345 147
Total Senior Debt 2,023 1,083 534
Convertible 20073) 325 314 306
Convertible 20093) 98 81 81
Convertible 20103) 186 157 151
Total Debt 2,632 1,635 1,072
Cash 1,035 935
Net Debt 600 137
*Including interest
1) Including finance lease; volume increased in connection with the acquisition
of Macsteel
2) New promissory notes issued in Q2 2011 (€198m)
3) Drawn amount excludes equity component
4) Net debt/Equity attributable to shareholders of Klöckner & Co SE less
goodwill from business combinations subsequent to May 28, 2010
€m
Q2
2011
Equity 1,849
Net debt 600
Gearing4) 36%
Maturity profile of committed facilities and drawn
amounts (€m)
Credit limits
Drawn amounts
244
442
517
676
753
51
378
179
398
682
2011 2012 2013 2014 Thereafter
21
Further diversification and improvement of financial position in Q2
22
Agenda
02 Recent developments, financials and performance Q2 2011
03 Market environment
04 Outlook
05 Appendix
01 Overview
23
03 Global economies losing pace after strong recovery
• All major indicators across the globe declined
during the quarter, downside risks have increased
again
• US economy on hold while waiting for the outcome
of the governmental budgetary cuts, factory
production is slowing, growth rates and
expectations being reduced
• Northern Europe slowly recovering further whereas
Southern Europe still struggling given the lack of
export oriented industries and ongoing weakness
in construction
• China adjusting growth to higher single digit
percentage points p.a. in order to avoid
overheating of the economy
• Although government has limited loans in order to
avoid inflation, Brazilian economy is still growing
robustly
PMIs
Expansion
Contraction
30
35
40
45
50
55
60
65
70
Jul
05
Mar
06
Nov
06
Jul
07
Mar
08
Nov
08
Jul
09
Mar
10
Nov
10
Jul
11
North America Europe Brazil China
24
03 Construction
• US construction spending in non residential
expected to remain subdued for the remainder of the
year
• Infrastructure spending dependent on budgetary
cuts, but anyhow so far steel exposure limited
• Residential construction seems to have bottomed
but steel intensity is limited
• Early indicators like USA Architectural Billings Index
point to a recovery in 2012 at the earliest
US
• Construction output is recovering in Germany and
the Baltic Sea area, stabilizing in France and
suffering further in Southern Europe
Europe
Eurozoneconstructionindex
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
Jan
02
Jul
02
Jan
03
Jul
03
Jan
04
Jul
04
Jan
05
Jul
05
Jan
06
Jul
06
Jan
07
Jul
07
Jan
08
Jul
08
Jan
09
Jul
09
Jan
10
Jul
10
Jan
11
ConstructionspendingsUS
US Residential construction per month in mUSD US Non-Residential construction per month in mUSD
80
90
100
110
Eurozone construction spending Index
Construction in Europe and the US
25
03
• Automotive sales in the US are still robust with H1
being 12.8% above last year, but loosing momentum
with June only being 3.0% above last year
• US automotive production that had been affected by
parts shortages from Japan and seasonal model
year change will return to more normal levels
• Machinery production in the US, esp. heavy,
agricultural and mining equipment has been robust
but the growth rate is slowing; industrial plant
manufacturing has been improving
US and EU domestic car sales
(in thousand units/quarter)
US
Europe
• European car sales are expected to stay on high level
although wreckage premiums caused base effect
• Machinery in Europe still robust but losing momentum
due to spill-over effects for exports fading out
2,000
2,500
3,000
3,500
4,000
4,500
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
EU sales US sales
Source: Bloomberg
Automotive, machinery and mechanical engineering
26
Agenda
02 Recent developments, financials and performance Q2 2011
03 Market environment
04 Outlook
05 Appendix
01 Overview
27
04 Preparing for slower growth with profitability action plan
2008 2009 2010* 2011e* 2012e*
Volumes
-27 %
Capacities with
Wave 1+2 -15 %
Reaction to
current market
expectations
• We prepare for slower growth
scenario with profitability action plan
to reach 6% target EBITDA-margin
asap
• Measures focus on admin and
overhead and structural changes in
the country organizations
• Divestment of mid triple digit €m
amount
• Net EBITDA contribution of mid
double digit €m, majority already in
2012
• One-off costs of low double digit €m
fully compensated by disposal
proceeds
Organic volume development
28
04 Outlook
• Q3 2011
• Volumes to be seasonally lighter on organic basis
• EBITDA expected seasonally below Q2 level
• Prices to stabilize during Q3 with upside potential after summer depending on supply balance
and further macro economic trends
• Full year 2011 guidance
• >25% volume and sales growth resulting from acquisitions expected with precondition that world
economies not entering into a recession
• Midterm EBITDA margin target of 6% not realistic to be achieved already in 2011
29
Agenda
02 Recent developments, financials and performance Q2 2011
03 Market environment
04 Outlook
05 Appendix
01 Overview
30
05 Appendix
Contact details Investor Relations
Dr. Thilo Theilen, Head of Investor Relations & Corporate Communications
Phone: +49 203 307 2050
Fax: +49 203 307 5025
E-mail: thilo.theilen@kloeckner.de
Internet: www.kloeckner.de
Financial calendar 2011/2012
November 9, 2011 Q3 interim report 2011
March 7, 2012 Annual Financial Statements 2011
May 9, 2012 Q1 interim report 2012
May 25, 2012 Annual General Meeting 2012
August 8, 2012 Q2 interim report 2012
November 7, 2012 Q3 interim report 2012
31
05 Quarterly results and FY results 2006-2011
(€m)
Q2
2011
Q1
2011
Q4
2010
Q3
2010
Q2
2010
Q1
2010
Q4
2009
Q3
2009
Q2
2009
Q1
2009
FY
2010
FY
2009
FY
2008
FY
2007
FY
2006
Volumes (Tto) 1,763 1,498 1,318 1,368 1,448 1,180 966 1,033 1,053 1,068 5,314 4,119 5,974 6,478 6,127
Sales 1,885 1,587 1,332 1,401 1,416 1,049 873 934 959 1,095 5,198 3,860 6,750 6,274 5,532
Gross profit 337 353 275 294 331 236 198 208 161 78 1,136 645 1,366 1,221 1,208
% margin 17.9 22.3 20.6 21.0 23.4 22.5 22.6 22.3 16.8 7.1 21.9 16.7 20.2 19.5 21.8
EBITDA 62 104 48 61 100 29 83 11 -31 -132 238 -68 601 371 395
% margin 3.3 6.6 3.6 4.3 7.1 2.8 9.5 1.2 -3.2 -12.0 4.6 -1.8 8.9 5.9 7.1
EBIT 36 86 24 39 78 11 26 -7 -48 -149 152 -178 533 307 337
Financial result -21 -19 -19 -16 -17 -15 -16 -14 -15 -16 -67 -62 -70 -97 -64
Income before taxes 15 66 5 22 61 -4 9 -21 -63 -165 84 -240 463 210 273
Income taxes -9 -22 12 -7 -14 6 3 -2 16 38 -4 54 -79 -54 -39
Net income 5 44 17 15 47 2 12 -23 -47 -127 80 -186 384 156 235
Minority interests 0 1 1 1 1 1 3 0 1 -2 3 3 -14 23 28
Net income KlöCo 5 43 16 14 46 1 9 -23 -48 -126 77 -188 398 133 206
EPS basic (€) 0.07 0.65 0.25 0.21 0.69 0.02 0.56 -0.42 -1.04 -2.70 1.17 -3.61 8.56 2.87 4.44
EPS diluted (€) 0.07 0.60 0.25 0.21 0.69 0.02 0.56 -0.42 -0.85 -2.43 1.17 -3.61 8.11 2.87 4.44
* 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).
32
05
¹ Date of announcement 2 Sales in the year prior to acquisitions
Acquisitions1) Acquired sales1),2)
€141m
€567m
€108m
2
4
12
2
2005 2006 2007 2008 2009 2010
4
€231m
€712m
Country Acquired 1) Company Sales (FY)2)
GER Mar 2010 Becker Stahl-Service €600m
CH Jan 2010 Bläsi €32m
2010 4 acquisitions €712m
US Mar 2008 Temtco €226m
UK Jan 2008 Multitubes €5m
2008 2 acquisitions €231m
CH Sep 2007 Lehner & Tonossi €9m
UK Sep 2007 Interpipe €14m
US Sep 2007 ScanSteel €7m
BG Aug 2007 Metalsnab €36m
UK Jun 2007 Westok €26m
US May 2007 Premier Steel €23m
GER Apr 2007 Zweygart €11m
GER Apr 2007 Max Carl €15m
GER Apr 2007 Edelstahlservice €17m
US Apr 2007 Primary Steel €360m
NL Apr 2007 Teuling €14m
F Jan 2007 Tournier €35m
2007 12 acquisitions €567m
2006 4 acquisitions €108m
USA Dec 2010 Lake Steel €50m
USA Sep 2010 Angeles Welding €30m
2011
2
€1.15bnBrazil May 2011 Frefer €150m
USA April 2011 Macsteel €1bn
2011 2 acquisitions so far €1,150m
Strong Growth: 24 acquisitions, 2 in 2011
33
05
Sales by industry
BSS shifts exposure of customer industries
Sales by marketsSales by product
• Exposure to construction industry declined by
3.8% as intended
• Automotive rose by 4.2% due to BSS
• Diversification in customer industries will go on
34
05 Balance sheet as of June 30, 2011
(€m) June 30,
2011
Dec. 31,
2010
Non-current assets 1,268 856
Inventories 1,393 899
Trade receivables 1,142 703
Cash & Cash equivalents 1,035 935
Other assets 98 98
Total assets 4,936 3,491
Equity 1,849 1,290
Total non-current liabilities 1,943 1,361
thereof financial liabilities 1,519 1,021
Total current liabilities 1,144 840
thereof trade payables 102 585
Total equity and liabilities 4,936 3,491
Net working capital 1,713 1,017
Net financial debt 600 137
Comments
Shareholders’ equity:
• Stable at 37% despite NWC
increase, benefitting from capital
increase
Financial debt:
• Gearing at 36%
• Net debt position due to acquisitions
increased business
NWC:
• Swing mainly driven by acquisitions
and also due to increased business
35
05 Statement of cash flow Q2
Comments
• NWC changes due to
increased business and
acquisitions
• €444m were cash outflows
for MSCUSA and Frefer
(€m) Q2 2011 Q2 2010
Operating CF 64 99
Changes in net working capital -188 -170
Others -13 14
Cash flow from operating activities -137 -57
Inflow from disposals of fixed assets/others 0 1
Outflow for acquisitions -444 0
Outflow for investments in fixed assets/others -10 -6
Cash flow from investing activities -454 -5
Capital increase 517 0
Changes in financial liabilities 430 196
Dividends -20 0
Net interest payments -21 -16
Repayments of financial liabilities in connection with
business combinations
-196 0
Cash flow from financing activities 710 180
Total cash flow 118 118
36
05 Segment performance Q2 2011
(€m) Europe Americas*
HQ/
Consol. Total
Volume (Ttons)
Q2 2011 1,192 571 - 1,763
Q2 2010 1,162 286 - 1,448
Δ % 2.6 99.6 21.8
Sales
Q2 2011 1,365 520 - 1,885
Q2 2010 1,180 236 - 1,416
Δ % 15.7 120.4 33.1
EBITDA
Q2 2011 50 23 -11 62
% margin 3.6 4.4 3.3
Q2 2010 93 13 -6 100
% margin 7.9 5.4 7.1
Δ % EBITDA -46.6 81.7 -38.3
Comments
• Excl. MSCUSA, Frefer and Lake
Steel volume increase in Americas
was 14.4% and sales increase was
23.5% yoy
• Without acquisitions total volume
increased by 4.9% and total sales
by 17.0% yoy
* in 2010 North America
37
05
Geographical breakdown of identified institutional investors
Current shareholder structure
Comments
• Identified institutional investors account for 50%
• German investors incl. retail dominate
• Top 10 shareholdings represent around 26%
• Retail shareholders represent 20%
38
05
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
Our symbol

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Klöckner & Co - German Corporate Forum 2011

  • 1. Klöckner & Co SE A Leading Multi Metal Distributor JPM German Corporate Forum October 12, 2011 Gisbert Rühl CEO/CFO
  • 2. 2 Ein- bis zweizeiliger Folientitel00 Disclaimer This presentation contains forward-looking statements which reflect the current views of the management of Klöckner & Co SE with respect to future events. They generally are designated by the words ―expect‖, ―assume‖, ―presume‖, ―intend‖, ―estimate‖, ―strive for‖, ―aim for‖, ―plan‖, ―will‖, ―strive‖, ―outlook‖ and comparable expressions and generally contain information that relates to expectations or goals for economic conditions, sales proceeds or other yardsticks for the success of the enterprise. Forward-looking statements are based on currently valid plans, estimates and expectations. You therefore should view them with caution. Such statements are subject to risks and factors of uncertainty, most of which are difficult to assess and which generally are outside of the control of Klöckner & Co SE. The relevant factors include the effects of significant strategic and operational initiatives, including the acquisition or disposition of companies. If these or other risks and factors of uncertainty occur or if the assumptions on which the statements are based turn out to be incorrect, the actual results of Klöckner & Co SE can deviate significantly from those that are expressed or implied in these statements. Klöckner & Co SE cannot give any guarantee that the expectations or goals will be attained. Klöckner & Co SE – notwithstanding existing obligations under laws pertaining to capital markets – rejects any responsibility for updating the forward-looking statements through taking into consideration new information or future events or other things. In addition to the key data prepared in accordance with International Financial Reporting Standards, Klöckner & Co SE is presenting non-GAAP key data such as EBITDA, EBIT, Net Working Capital and net financial liabilities that are not a component of the accounting regulations. These key data are to be viewed as supplementary to, but not as a substitute for data prepared in accordance with International Financial Reporting Standards. Non-GAAP key data are not subject to IFRS or any other generally applicable accounting regulations. Other companies may base these concepts upon other definitions.
  • 3. 3 Agenda 02 Recent developments, financials and performance Q2 2011 03 Market environment 04 Outlook 05 Appendix 01 Overview
  • 4. CustomersDistributor/ Service CenterProducers Products: Klöckner & Co SE  Largest producer-independent steel and metal distributor in Europe and America combined  Distribution and service platform with around 290 locations  Key figures for 2010 Sales volumes: 5.3 million tons Sales: €5.2 billion EBITDA: €238 million Services: 4 Ein- bis zweizeiliger Folientitel  Machinery and mechanical engineering  Yellow Goods  White Goods  Miscellaneous  Automotive  Commercial/ residential construction  Infrastructure 01 Klöckner & Co SE at a glance
  • 5. 5 Suppliers Sourcing Products and services Logistics / distribution • As a producer- independent distributor, our customers benefit from our diverse national and international procurement options Customers • Procurement of large quantities • Strategic partnerships • Extensive product range • Excellent product and processing quality • Wide-ranging service provision • Local presence • Individual delivery, including 24-hour- service • More than 170,000 customers • Average normal order size approx. €2,000 • Service and availability more important than price Holistic solution from covering procurement, logistics and processing Klöckner & Co value chain 01 Business model
  • 6. 6 Agenda 02 Recent developments, financials and performance Q2 2011 03 Market environment 04 Outlook 05 Appendix 01 Overview
  • 7. 7 02 Highlights Q2 • Challenging quarter due to unexpectedly strong price pressure in all markets leading to an EBITDA of €62m (3.3% margin), negatively impacted by one offs of €10m (3.8% adjusted margin) • Sales volumes increased organically less than typical seasonally due to prebuying effect in Q1 rolling over and a cautious stance of customers in Q2 • Consolidation of Macsteel and Frefer completed • Integration of Macsteel and Namasco in the US progressing, synergies higher than initially expected • Principle agreement to terminate the earn-out for Macsteel will lead to reduced purchase price by USD60m and earlier realization of synergy effects • Capital increase with net proceeds of €517m provides strong backing for Klöckner & Co 2020
  • 8. 8 02 Steel imports caused pressure in all markets • Orders to the US were placed during Q1 when the spread between domestic and import prices justified it and domestic prices were still rising • Imports rose by 26% in Q2 to an average of 2.4m to/month compared to 1.9m to/ month in Q1 • HRC price dropped by USD220 per st since peak • Fewer imports in the coming months expected due to lower domestic prices and uncertain economic environment US imports of steel products (in kto/ month) EU imports of steel products (in kto/ month) US • Flat steel import licenses increased by 67% in H1 vs. last year to an average of 1.8m to/ month reaching the peak in May • HRC dropped by €75 per ton since peak • Eurometal expects imports into EU to grow by 26% in 2011 Europe Source: US Census bureau, Eurostat/ Eurometal 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Jul 07 Nov 07 Mar 08 July 08 Nov 08 Mar 09 Jul 09 Nov 09 Mar 10 Jul 10 Nov 10 Mar 11 Jul 11 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Jul 07 Nov 07 Mar 08 July 08 Nov 08 Mar 09 Jul 09 Nov 09 Mar 10 Jul 10 Nov 10 Mar 11 Jul 11
  • 9. 700 800 900 1,000 1,100 Jan Feb Mar Apr May Jun Procurement prices in €/ to Inventory value in €/ to Selling prices in €/ to 9 02 Margin squeeze through pricing environment in Q2 H1 comparison of procurement prices, inventory values and selling prices • Inventory values per ton still increased during the quarter whereas selling prices already leveled off and procurement prices softened * Figures not comparable due to adjustments for Frefer & Macsteel, inventory allowances and mix effects 19.4% Gross margin* 11.7% Gross margin*
  • 10. 10 02 Steel cycles get shorter and more pronounced Source: SBB HRC price development -150 -100 -50 0 50 100 150 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 ChangeinUSDperton • Price volatility increasing due to switch to monthly contract prices, persisting overcapacity and overall lower inventories compared to pre-crisis levels • Raw material cost inflation and change to quarterly or even spot basis • Customers’ price sensitivity increased even pronouncing price cycles due to opportunistic buying behavior with negative impact on stockholding distribution HRC price changes since 2005
  • 11. 11 02 EBITDA €100m €62m -38.3% Q2 2011Q2 2010 €331m €337m +1.8% Q2 2011Q2 2010 Gross profit €1,416m €1,885m+33.1% Q2 2011Q2 2010 SalesSales volumes 1,448 Tto +21.8% Q2 2010 Q2 2011 1,763 Tto Key financials Q2 2011
  • 12. 1,033 966 1,180 1,448 1,368 1,318 1,498 1,763 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 934 873 1,049 1,416 1,401 1,332 1,587 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 12 02 Sales (€m)Sales volumes (Tto) Sales volumes and sales +21.8% +33.1% +17.7% +18.8% 1,885
  • 13. Gross profit (€m)/ Gross-margin 0 2 4 6 8 10 12 Ein- bis zweizeiliger Folientitel02 Gross profit and EBITDA 13 EBITDA (€m)/ EBITDA-margin 22.3% 22.6% 22.5% 23.4% 21.0% 20.6% 22.3% 17.9% • Margins decreased due to increasing inventory values while sales prices were declining during Q2 • EBITDA negatively impacted by €10m one-offs, whereof €15m write downs on inventories 9.5% 1.2% 2.8% 7.1% 4.3% 3.6% 6.6% 3.3% 1 3 Reihe1 6.6% 11 83 29 100 61 48 104 62 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 208 198 236 331 294 275 353 337 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011
  • 14. 14 Ein- bis zweizeiliger Folientitel02 Net income and earnings per share EPS basic (€)*Net income (€m) * adjusted for capital increase -23 12 2 47 15 17 44 5 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 -0.42 0.56 0.02 0.69 0.21 0.25 0.65 0.07 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011
  • 15. -227 -600 -137 Capex Other** 15 Ein- bis zweizeiliger Folientitel02 Cash flow predominantly impacted by acquisitions and capital increase Development of net financial debt in Q2 (€m)Cash flow reconciliation in Q2 (€m) ** exchange rate effects, interest Q1 Q2 -137 -591 62 EBITDA Change in NWC Taxes Other CF from operating activities Capex Free CF -20 517 -444 Acquisitions* -10 Capital increase Acquisitions* Assumed Debt -43-444 -236 * net of cash acquired / capital increase in Frefer -10 -188 9 CF from operating activities Dividends -20
  • 16. 784 730 909 1.162 1.0841.029 1.164 1.192 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 16 Ein- bis zweizeiliger Folientitel02 Segment performance Q2 2011 Volumes (Tto) Sales (€m) EBITDA (€m) ** Without acquisitions in 2011 Volumes (Tto) Sales (€m) EBITDA (€m) ** * * * * ** * EuropeAmericas 249 236 271 286 284 289 334 571 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 159 143 191 236 232 228 297 520 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 10 3 9 13 5 7 30 23 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 775 730 858 1.1801.1691.104 1.2901.365 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 4 143 25 93 60 45 81 50 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 +2.6% +15.7% +99.6%/ +14.4%** +120.4%/ +23.5%** * Consolidation of BSS as of March 1, 2010
  • 17. 17 02 Integration of Macsteel Service Centers USA progressing Key facts Macsteel • Consolidation as of May 1, 2011 • Sales volume contribution in Q2: 223kTo • Sales contribution in Q2: €211m • EBITDA contribution in Q2: €8m (w/o PPA €10m) • Principle agreement to terminate the earn-out for Macsteel will lead to reduced purchase price by USD60m and earlier realization of synergy effects • Continues to be a positive and great fit • Synergy potential higher than initially expected • Fields of synergies are marketing and sales, national key accounts, products and facilities, purchasing, personnel, cross utilization of assets and logistics • Integrated entities will be rebranded to Klöckner • Management team in place Klöckner North America Macsteel Combined North America Geographic reach (North America) 32 locations 30 locations 62 locations Market position (North America) #10 #8 #3 in multi metal, #2 in carbon steel SSC business expansion —   Product mix improvement Plate and long focused Flat products Improved sales mix Plate Processing Service Center Plate Processing and Fabrication Service Center Plate Processing Service Center Hawaii Puerto RicoMexico Macsteel Map Legend Headquarters General Line Service Center Flat Rolled Processing Center Namasco Map Legend Plate Processing Service Center Plate Processing and Fabrication Service Center Plate Processing Service Center Hawaii Puerto RicoMexico Macsteel Map Legend Headquarters General Line Service Center Flat Rolled Processing Center Namasco Map Legend Combined locations Update on integration status
  • 18. 18 02 Frefer faced with market in a transition period Key facts Frefer Market environment in Q2 • Consolidation as of June 1, 2011 • Sales volume contribution in Q2: 9kTo • Sales contribution in Q2: €7m • EBITDA contribution in Q2: €-0.6m (w/o PPA €-0.9m) • Entry into long steel market in Brazil with preferred supplier under consideration to broaden product portfolio Frefer: 14 locations in Brazil • Difficult situation due to price pressure coming from imports and overstocking, but mid- to longterm perspectives remain promising • Stock ratios steadily decreasing being currently at 3.4 months of supply pointing to a turnaround • Longterm prospects of the market being rather incrementally positive Source: SECEX, Alice Web, Barclays Capital Flat steel imports (kt) 0 50 100 150 200 250 300 350 400 450 500 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 Jul 10 Sep 10 Nov 10 Jan 11 Mar 11 May 11 Jul 11 Headquarters Branches
  • 19. 02 19 Q2 2011 (in €m) Strong balance sheet ratios • Net debt €600m • Gearing* at 36% • Equity ratio at 37% * Gearing = Net debt/Equity attributable to shareholders of Klöckner & Co SE less goodwill from business combinations subsequent to May 28, 2010 1,268 1,393 1,142 98 / 23* 1,035 €4,936m 1,849 1,943 1,144 Non-current assets Inventories Trade receivables Liquidity Other current assets Equity Non-current liabilities Current liabilities 149* 148* 37* 164* 332* 457* *Thereof MSCUSA and Frefer proportion Frefer 74 MSCUSA 383 Frefer 2 MSCUSA 21 Impact of MSCUSA & Frefer consolidation (as of June 30, 2011): Frefer 45 MSCUSA 104 Frefer 18 MSCUSA 130 • Non-current assets include intangible assets (customer relations, trade name) of €171.2m and goodwill of €147.5m as well as property, plant and equipment of €112.5m • Net working capital contribution of €383.8m • Transaction volume €680.2m • D&A for the Group will increase in 2011 by ~€30m (incl. PPA) and thereafter annual run rate ~€40m Frefer 20 MSCUSA 312 Frefer 12 MSCUSA 152 Frefer 33 MSCUSA 4 02 Balance sheet as of June 30, 2011
  • 20. Sales/ NWC as percentage of sales 20 02 NWC / sales remains constantly below 20% 0% 5% 10% 15% 25% 30% 0% 5% 10% 15% 25% 30% 20% 0 1,000 1,500 2,000 2,500 * adjusted for MSCUSA and Frefer 1,394 1,398 1,550 1,650 1,583 1,492 1,660 1,922 1,773 1,394 1,095 959 934 873 1,049 1,416 1,401 1,332 1,587 1,885 22% 20% 21% 23% 23% 22% 21% 21% 24% 25% 23% 20% 19% 18% 19% 19% 19% 19% 500 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 0% 5% 10% 15% 25% 30% Sales in €m NWC as % of sales (4x quarterly sales) 18% 20%* 500
  • 21. 02 €m Drawn amount Facility Committed Q2 2011* FY 2010* Bilateral Facilities1) 580 250 73 Other Bonds 40 41 0 ABS 560 221 88 Syndicated Loan 500 226 226 Promissory Note2) 343 345 147 Total Senior Debt 2,023 1,083 534 Convertible 20073) 325 314 306 Convertible 20093) 98 81 81 Convertible 20103) 186 157 151 Total Debt 2,632 1,635 1,072 Cash 1,035 935 Net Debt 600 137 *Including interest 1) Including finance lease; volume increased in connection with the acquisition of Macsteel 2) New promissory notes issued in Q2 2011 (€198m) 3) Drawn amount excludes equity component 4) Net debt/Equity attributable to shareholders of Klöckner & Co SE less goodwill from business combinations subsequent to May 28, 2010 €m Q2 2011 Equity 1,849 Net debt 600 Gearing4) 36% Maturity profile of committed facilities and drawn amounts (€m) Credit limits Drawn amounts 244 442 517 676 753 51 378 179 398 682 2011 2012 2013 2014 Thereafter 21 Further diversification and improvement of financial position in Q2
  • 22. 22 Agenda 02 Recent developments, financials and performance Q2 2011 03 Market environment 04 Outlook 05 Appendix 01 Overview
  • 23. 23 03 Global economies losing pace after strong recovery • All major indicators across the globe declined during the quarter, downside risks have increased again • US economy on hold while waiting for the outcome of the governmental budgetary cuts, factory production is slowing, growth rates and expectations being reduced • Northern Europe slowly recovering further whereas Southern Europe still struggling given the lack of export oriented industries and ongoing weakness in construction • China adjusting growth to higher single digit percentage points p.a. in order to avoid overheating of the economy • Although government has limited loans in order to avoid inflation, Brazilian economy is still growing robustly PMIs Expansion Contraction 30 35 40 45 50 55 60 65 70 Jul 05 Mar 06 Nov 06 Jul 07 Mar 08 Nov 08 Jul 09 Mar 10 Nov 10 Jul 11 North America Europe Brazil China
  • 24. 24 03 Construction • US construction spending in non residential expected to remain subdued for the remainder of the year • Infrastructure spending dependent on budgetary cuts, but anyhow so far steel exposure limited • Residential construction seems to have bottomed but steel intensity is limited • Early indicators like USA Architectural Billings Index point to a recovery in 2012 at the earliest US • Construction output is recovering in Germany and the Baltic Sea area, stabilizing in France and suffering further in Southern Europe Europe Eurozoneconstructionindex 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 Jan 02 Jul 02 Jan 03 Jul 03 Jan 04 Jul 04 Jan 05 Jul 05 Jan 06 Jul 06 Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 ConstructionspendingsUS US Residential construction per month in mUSD US Non-Residential construction per month in mUSD 80 90 100 110 Eurozone construction spending Index Construction in Europe and the US
  • 25. 25 03 • Automotive sales in the US are still robust with H1 being 12.8% above last year, but loosing momentum with June only being 3.0% above last year • US automotive production that had been affected by parts shortages from Japan and seasonal model year change will return to more normal levels • Machinery production in the US, esp. heavy, agricultural and mining equipment has been robust but the growth rate is slowing; industrial plant manufacturing has been improving US and EU domestic car sales (in thousand units/quarter) US Europe • European car sales are expected to stay on high level although wreckage premiums caused base effect • Machinery in Europe still robust but losing momentum due to spill-over effects for exports fading out 2,000 2,500 3,000 3,500 4,000 4,500 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 EU sales US sales Source: Bloomberg Automotive, machinery and mechanical engineering
  • 26. 26 Agenda 02 Recent developments, financials and performance Q2 2011 03 Market environment 04 Outlook 05 Appendix 01 Overview
  • 27. 27 04 Preparing for slower growth with profitability action plan 2008 2009 2010* 2011e* 2012e* Volumes -27 % Capacities with Wave 1+2 -15 % Reaction to current market expectations • We prepare for slower growth scenario with profitability action plan to reach 6% target EBITDA-margin asap • Measures focus on admin and overhead and structural changes in the country organizations • Divestment of mid triple digit €m amount • Net EBITDA contribution of mid double digit €m, majority already in 2012 • One-off costs of low double digit €m fully compensated by disposal proceeds Organic volume development
  • 28. 28 04 Outlook • Q3 2011 • Volumes to be seasonally lighter on organic basis • EBITDA expected seasonally below Q2 level • Prices to stabilize during Q3 with upside potential after summer depending on supply balance and further macro economic trends • Full year 2011 guidance • >25% volume and sales growth resulting from acquisitions expected with precondition that world economies not entering into a recession • Midterm EBITDA margin target of 6% not realistic to be achieved already in 2011
  • 29. 29 Agenda 02 Recent developments, financials and performance Q2 2011 03 Market environment 04 Outlook 05 Appendix 01 Overview
  • 30. 30 05 Appendix Contact details Investor Relations Dr. Thilo Theilen, Head of Investor Relations & Corporate Communications Phone: +49 203 307 2050 Fax: +49 203 307 5025 E-mail: thilo.theilen@kloeckner.de Internet: www.kloeckner.de Financial calendar 2011/2012 November 9, 2011 Q3 interim report 2011 March 7, 2012 Annual Financial Statements 2011 May 9, 2012 Q1 interim report 2012 May 25, 2012 Annual General Meeting 2012 August 8, 2012 Q2 interim report 2012 November 7, 2012 Q3 interim report 2012
  • 31. 31 05 Quarterly results and FY results 2006-2011 (€m) Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 FY 2010 FY 2009 FY 2008 FY 2007 FY 2006 Volumes (Tto) 1,763 1,498 1,318 1,368 1,448 1,180 966 1,033 1,053 1,068 5,314 4,119 5,974 6,478 6,127 Sales 1,885 1,587 1,332 1,401 1,416 1,049 873 934 959 1,095 5,198 3,860 6,750 6,274 5,532 Gross profit 337 353 275 294 331 236 198 208 161 78 1,136 645 1,366 1,221 1,208 % margin 17.9 22.3 20.6 21.0 23.4 22.5 22.6 22.3 16.8 7.1 21.9 16.7 20.2 19.5 21.8 EBITDA 62 104 48 61 100 29 83 11 -31 -132 238 -68 601 371 395 % margin 3.3 6.6 3.6 4.3 7.1 2.8 9.5 1.2 -3.2 -12.0 4.6 -1.8 8.9 5.9 7.1 EBIT 36 86 24 39 78 11 26 -7 -48 -149 152 -178 533 307 337 Financial result -21 -19 -19 -16 -17 -15 -16 -14 -15 -16 -67 -62 -70 -97 -64 Income before taxes 15 66 5 22 61 -4 9 -21 -63 -165 84 -240 463 210 273 Income taxes -9 -22 12 -7 -14 6 3 -2 16 38 -4 54 -79 -54 -39 Net income 5 44 17 15 47 2 12 -23 -47 -127 80 -186 384 156 235 Minority interests 0 1 1 1 1 1 3 0 1 -2 3 3 -14 23 28 Net income KlöCo 5 43 16 14 46 1 9 -23 -48 -126 77 -188 398 133 206 EPS basic (€) 0.07 0.65 0.25 0.21 0.69 0.02 0.56 -0.42 -1.04 -2.70 1.17 -3.61 8.56 2.87 4.44 EPS diluted (€) 0.07 0.60 0.25 0.21 0.69 0.02 0.56 -0.42 -0.85 -2.43 1.17 -3.61 8.11 2.87 4.44 * 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).
  • 32. 32 05 ¹ Date of announcement 2 Sales in the year prior to acquisitions Acquisitions1) Acquired sales1),2) €141m €567m €108m 2 4 12 2 2005 2006 2007 2008 2009 2010 4 €231m €712m Country Acquired 1) Company Sales (FY)2) GER Mar 2010 Becker Stahl-Service €600m CH Jan 2010 Bläsi €32m 2010 4 acquisitions €712m US Mar 2008 Temtco €226m UK Jan 2008 Multitubes €5m 2008 2 acquisitions €231m CH Sep 2007 Lehner & Tonossi €9m UK Sep 2007 Interpipe €14m US Sep 2007 ScanSteel €7m BG Aug 2007 Metalsnab €36m UK Jun 2007 Westok €26m US May 2007 Premier Steel €23m GER Apr 2007 Zweygart €11m GER Apr 2007 Max Carl €15m GER Apr 2007 Edelstahlservice €17m US Apr 2007 Primary Steel €360m NL Apr 2007 Teuling €14m F Jan 2007 Tournier €35m 2007 12 acquisitions €567m 2006 4 acquisitions €108m USA Dec 2010 Lake Steel €50m USA Sep 2010 Angeles Welding €30m 2011 2 €1.15bnBrazil May 2011 Frefer €150m USA April 2011 Macsteel €1bn 2011 2 acquisitions so far €1,150m Strong Growth: 24 acquisitions, 2 in 2011
  • 33. 33 05 Sales by industry BSS shifts exposure of customer industries Sales by marketsSales by product • Exposure to construction industry declined by 3.8% as intended • Automotive rose by 4.2% due to BSS • Diversification in customer industries will go on
  • 34. 34 05 Balance sheet as of June 30, 2011 (€m) June 30, 2011 Dec. 31, 2010 Non-current assets 1,268 856 Inventories 1,393 899 Trade receivables 1,142 703 Cash & Cash equivalents 1,035 935 Other assets 98 98 Total assets 4,936 3,491 Equity 1,849 1,290 Total non-current liabilities 1,943 1,361 thereof financial liabilities 1,519 1,021 Total current liabilities 1,144 840 thereof trade payables 102 585 Total equity and liabilities 4,936 3,491 Net working capital 1,713 1,017 Net financial debt 600 137 Comments Shareholders’ equity: • Stable at 37% despite NWC increase, benefitting from capital increase Financial debt: • Gearing at 36% • Net debt position due to acquisitions increased business NWC: • Swing mainly driven by acquisitions and also due to increased business
  • 35. 35 05 Statement of cash flow Q2 Comments • NWC changes due to increased business and acquisitions • €444m were cash outflows for MSCUSA and Frefer (€m) Q2 2011 Q2 2010 Operating CF 64 99 Changes in net working capital -188 -170 Others -13 14 Cash flow from operating activities -137 -57 Inflow from disposals of fixed assets/others 0 1 Outflow for acquisitions -444 0 Outflow for investments in fixed assets/others -10 -6 Cash flow from investing activities -454 -5 Capital increase 517 0 Changes in financial liabilities 430 196 Dividends -20 0 Net interest payments -21 -16 Repayments of financial liabilities in connection with business combinations -196 0 Cash flow from financing activities 710 180 Total cash flow 118 118
  • 36. 36 05 Segment performance Q2 2011 (€m) Europe Americas* HQ/ Consol. Total Volume (Ttons) Q2 2011 1,192 571 - 1,763 Q2 2010 1,162 286 - 1,448 Δ % 2.6 99.6 21.8 Sales Q2 2011 1,365 520 - 1,885 Q2 2010 1,180 236 - 1,416 Δ % 15.7 120.4 33.1 EBITDA Q2 2011 50 23 -11 62 % margin 3.6 4.4 3.3 Q2 2010 93 13 -6 100 % margin 7.9 5.4 7.1 Δ % EBITDA -46.6 81.7 -38.3 Comments • Excl. MSCUSA, Frefer and Lake Steel volume increase in Americas was 14.4% and sales increase was 23.5% yoy • Without acquisitions total volume increased by 4.9% and total sales by 17.0% yoy * in 2010 North America
  • 37. 37 05 Geographical breakdown of identified institutional investors Current shareholder structure Comments • Identified institutional investors account for 50% • German investors incl. retail dominate • Top 10 shareholdings represent around 26% • Retail shareholders represent 20%
  • 38. 38 05 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 Our symbol