1Earnings call – 4Q11 and 2011March 08,2012
2HighlightsGrowth in refractory solutions• Refractory volume grew by 6.8% YTD and 3.4% compared to the previous quarter• S...
3Revenues and volumes by segment%4Q11 (a) 3Q11 (b) 4Q10 (c) (a/b) (a/c) 2011 (d) 2010 (e) (d/e)Refractory SolutionsVolume ...
4Refractory solutions by sectorNet revenue by sectorR$ million+5.2%4Q11426.63Q11434.34Q10405.489.83Q1162.44Q1071.54Q11+25....
5Region 2011 TotalNorth America 1 14Europe 1 8Asia 1 4South America 3 36TOTAL 6 62New CPP contractsNumber of contractsRefr...
6Gross margin by segmentGross margin%Quarter YTD4Q11 3Q11 4Q10 2011 2010Refractory solutions 30.6 32.2 31.0 32.1 35.0Miner...
7Cash generation and net income (R$ million)Net income EBITDA and EBITDA Margin (%) Cash flow from Operations34.44Q1020.54...
8Working capital and cash conversion cycleCash conversionDaysWorking capitalR$ million741.210.8%4T113T11787.72T11790.61T11...
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4 q11 results presentation

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4 q11 results presentation

  1. 1. 1Earnings call – 4Q11 and 2011March 08,2012
  2. 2. 2HighlightsGrowth in refractory solutions• Refractory volume grew by 6.8% YTD and 3.4% compared to the previous quarter• Strong sales growth in the US, Europe and Asia operations, above the industry, with market share gains• Strong sales growth to the industrial sector in 4Q11 (+44% vs 3Q11 and 25.6% vs 4T10)• 6 new CPP contracts in 2011 (3 in 4Q11); 3 outside South AmericaRecord high operating cash flow generation•Record of R$ 565.4 million YTD operating cash flow•R$ 91.4 million working capital reduction vs. 4Q10 (26-day shorter cash conversion cycle). Compared tothe previous quarter, reduction of R$ 46.5 million (11-day shorter cash conversion cycle).Revenues growth• Net revenues of R$ 2.3 billion in 2011, up 1.9% from 2010, driven by growth sales of refractorysolutions• Net revenues of R$ 599.1 million in 4Q11, increasing by 6.7% vs 3Q11 and 1.9% vs 4Q10, driven bysales in US and Europe, sales of minerals (+72.5% vs 3Q11), sales to the industrial sector, besides theimpact of exchange depreciationVertical integration projects• Brumado expansion - start-up in April/2012• Graphite – focus on environmental license
  3. 3. 3Revenues and volumes by segment%4Q11 (a) 3Q11 (b) 4Q10 (c) (a/b) (a/c) 2011 (d) 2010 (e) (d/e)Refractory SolutionsVolume (t) 271,791 262,891 263,957 3.4% 3.0% 1,106,915 1,036,845 6.8%Revenues (R$ 000) 516,381 496,708 476,892 4.0% 8.3% 2,035,282 1,959,285 3.9%MineralsVolume (t) 226,004 172,235 160,743 31.2% 40.6% 674,350 881,755 -23.5%Revenues (R$ 000) 48,576 28,157 68,764 72.5% -29.4% 131,052 157,970 -17.0%ServicesRevenues (R$ 000) 34,167 36,604 42,536 -6.7% -19.7% 152,569 159,129 -4.1%TOTALRevenues (R$ 000) 599,125 561,469 588,192 6.7% 1.9% 2,318,902 2,276,384 1.9%Product LineQuarter % Year
  4. 4. 4Refractory solutions by sectorNet revenue by sectorR$ million+5.2%4Q11426.63Q11434.34Q10405.489.83Q1162.44Q1071.54Q11+25.6%1,671.2+4.1%20111,739.02010288.1+2.8%2011296.32010SteelIndustrial
  5. 5. 5Region 2011 TotalNorth America 1 14Europe 1 8Asia 1 4South America 3 36TOTAL 6 62New CPP contractsNumber of contractsRefractory solutions - CPP32.9% of revenues to the steel sector in 201133.5% of revenues to the steel sector in 4Q1124 26 273136 40 424752 56 59 59 59 62Before200820081Q092Q093Q094Q091Q102Q103Q104Q101Q112Q113Q114Q11242141630 03 62Before20082008200920101T112T113T114T11TotalNew CPP contractsNumber of contracts
  6. 6. 6Gross margin by segmentGross margin%Quarter YTD4Q11 3Q11 4Q10 2011 2010Refractory solutions 30.6 32.2 31.0 32.1 35.0Minerals 44.9 50.6 44.6 45.8 42.1Services 9.7 10.4 19.1 11.3 16.2TOTAL 30.5 31.7 31.8 31.5 34.2
  7. 7. 7Cash generation and net income (R$ million)Net income EBITDA and EBITDA Margin (%) Cash flow from Operations34.44Q1020.54Q1111.63Q11 4Q11104.83Q11188.44Q10220.54Q11111.818.73Q11118.721.14Q10110.518.898.6201092.3+7%2011-8%2011427.418.42010463.320.41.5 x2011565.42010365.2
  8. 8. 8Working capital and cash conversion cycleCash conversionDaysWorking capitalR$ million741.210.8%4T113T11787.72T11790.61T11805.24T10831.026 days shorter cash conversion cycle vs.4Q1011 days shorter cash conversion cycle vs.3Q10R$ 91 million reduction vs 4Q10R$ 46 million reduction vs 3Q11161153145 14613548566676 79129 129 129144 1384T10 1T11 2T11 3T11 4T11Cash conversion cycle Suppliers Inventories

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