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Klöckner & Co - Roadshow Presentation November 2012

- Klöckner & Co SE reported flat sales in Q3 but EBITDA declined significantly due to continued price erosion. - The scope of Klöckner's restructuring program will be expanded significantly, with the goal of achieving around €150 million in annual EBITDA savings by 2014. - Klöckner will close approximately 60 sites and reduce its workforce by over 1,800 positions as part of the expanded restructuring effort.

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Klöckner & Co SE A Leading Multi Metal Distributor Klöckner & Co SE CEO/CFO Gisbert Rühl November 2012
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. 2
Overview Q3 and update on strategy01 Financials Q3 2012 Outlook Appendix 02 03 04 Agenda 3
Overview Q3 and ytd 2012 • Strong organic turnover growth in the US compensated turnover decline in Europe resulting in flat Group’s turnover in Q3 yoy; seasonal decline Q3 vs. Q2 (-5.3%) • European turnover in Q3 down -4.6% yoy better than market (-9%) despite closures and exiting low margin business, ytd -5.9% vs. market of -9% • Turnover growth in Q3 in US +9.4% vs. market -1.9% yoy, ytd +6.7% (w/o acquisition) vs. market of +3.3% • Sales in Q3 -2.0% yoy at €1,847m, ytd +7.4% • EBITDA in Q3 at €19m below guidance of €25-35m given further price pressure in September and missing recovery after summer, ytd €117m before restructuring costs • Free CF in Q3 slightly positive (+€2m) • EBITDA contribution of restructuring program €12m in Q3 or €37m since program start • Scope of restructuring measures with reduction of about 60 sites and more than 1,800 headcounts to be significantly expanded to an annual EBITDA-impact of ~€150m with big swing in 2013 and fully effective from 2014 on 4 01
Continued price erosion weighed steadily on margins 5 01 Source: Steel Business Briefing, Eurometal, MSCI, Worldsteel, own estimates HRC/To indexed vs. Gross-margin Europe in € North America in USD China in Renminbi Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 21.0 20.6 22.3 17.9 16.8 17.6 17.7 17.3 16.6 Europe • 8% decline of steel distribution‘s turnover expected in 2012 • Drain on margins in connection with declining prices due to widening oversupply US • 3-4% growth of steel distribution turnover expected in 2012 • Nevertheless, overcapacities and import pressure being reflected in the margins Steel prices: 50 60 70 80 90 100 110 120 130 140 150 160
Against the background of the current market situation today‘s focus is on business optimization and organic growth 6 01 Business optimization Organic growth strategy Currentfocus External growth strategy • Full implementation of significantly extended restructuring program • Reduction of ~60 sites • Workforce reduction of >1,800 • Increasing share of value added services and higher margin products around core business • Increasing share of value added services and higher margin products around core business • Realizing synergies especially in purchasing
Total impact of ~€150m annual EBITDA-contribution targeted from 2014 on 7 01 • Workforce reduction of >1,800 • Reduction of ~60 sites • Disposal of ~€500m sales in low margin business • 50/50 impact on personnel costs and Opex • Reducing NWC by €140m • Incremental one-off costs of ~€60m will be booked by at least 2/3 in Q4 and financed by release of NWC • 800 employees reduced • 20 sites reduced • ~€25m sales reduced • €70m NWC release • €37m EBITDA impact realized since program start; €12m in Q3 Program measures Achieved by end of September Annual incremental EBITDA-impact 2013 2014 €50m€37m already realized €60m €40m Total annual EBITDA-impact of ~€150m 2011-2012
Sites with poor contribution margins even in better market conditions will be closed – more attractive business handed over to adjacent sites 8 01 • Sites with poor contribution margins before full allocation of central overheads even in better market conditions are earmarked for permanent closures • Typically, we keep the local sales force for the more attractive business and supply our customers from adjacent sites • Experience shows that between 1/2 and 2/3 of sales can be maintained • The expanded restructuring program will result in a reduction of about 60 sites following this approach of which 20 have been cut already • Closure of sites predominantly financed by release of NWC  Selective approach results in significant profit improvement with limited loss in market share Site2 Site1 Site3 Site4
Optimizing and gradual expansion of core business towards higher and more stable margins 9 01 Optimizing current core business • Significant reduction of indirect overheads • Improving productivity in warehousing and reduction of logistics costs • Selective closure of sites with negative contribution margins  Main target is to improve efficiency and reduce costs Selective expansion of value added services • Mainly targeting existing accounts with known demand • Low risk investments in new equipment with known technologies (plate burning, sawing, painting, etc.)  Main target is to increase margins and reduce volatility Selective expansion of product range • Expanding product range around core offering by more specialized products (country specific approach depending on experience of sales force) • Leverage existing customer base served by existing sales force  Main target is to increase share of higher margin products at marginal costs 1 3 2 1 2 3Products Services Current business scope
Overview Q3 and update on strategy01 Financials Q3 2012 Outlook Appendix 02 03 04 Agenda 10
Financials Q3 201202 EBITDA Sales Gross profit Turnover 1,765 Tto -0.1% Q3 2011 Q3 2012 1,764 Tto €1,885m €1,847m -2.0% Q3 2012Q3 2011 €37m -49.0% Q3 2012Q3 2011 €19m €318m €306m -3.7% Q3 2012Q3 2011 11
Financials 9M 201202 EBITDA Sales Gross profit Turnover 5,026 Tto +9.1% Q1-Q3 2011 Q1-Q3 2012 5,483 Tto €5,357m €5,755m +7.4% Q1-Q3 2012Q1-Q3 2011 €203m -42.5% Q1-Q3 2012Q1-Q3 2011 €117m* €1,008m €993m* -1.4% Q1-Q3 2012Q1-Q3 2011 12 * Before restructuring costs Restructuring costs
EBITDA (€m) / EBITDA-margin (%) Gross profit and EBITDA02 Gross profit (€m) / Gross-margin (%) • Gross profit-margin further eroded due to ongoing price pressure • EBITDA of €19m not impacted by restructuring costs which have been postponed to Q4 (France) 13 * Before restructuring costs 61 48 104 62 37 14 45 50* 19 4.3 3.6 6.6 3.3 1.9 0.8 2.3 1.7 1.0 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 294 275 353 337 318 307 344 344* 306 21.0 20.6 22.3 17.9 16.8 17.6 17.7 17.3 16.6 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
Segment performance Q3 201202 Turnover (Tto) Sales (€m) EBITDA (€m) Turnover (Tto) Sales (€m) EBITDA (€m) EuropeAmericas * Restructuring costs of €3m in Q1 and €17m in Q2 and €-1m in Q3 1,0841,029 1,1641,192 1,067 990 1,1051,097 1,018 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 -4.6% 1,1691,104 1,290 1,365 1,251 1,137 1,2231,237 1,149 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 -8.1% 284 289 334 571 698 646 752 766 746 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 +6.8% 232 228 297 520 634 602 722 727 698 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 +10.0% 60 45 81 50 24 12 20* 19* Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 14* 5 7 30 23 15 13 29 21 11 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 14
Net income and EPS02 15 Net income (€m) 0.21 0.25 0.65 0.07 -0.11 -0.27 -0.10 0.03** -0.27 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 EPS basic (€)* * Adjusted for capital increase ** Before restructuring expenses and impairments • Net income trails unsatisfying EBITDA • €28m D&A include ppa effects of €10m in Q3 • Tax benefit of €2.4m less than usual tax rate of 30%+ due to non-recognition of deferred tax assets on operating losses Comments 15 17 44 5 -12 -27 -10 3** -28 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
Free cash flow slightly positive in Q302 Cash flow reconciliation in Q3 2012 (€m) 16 60,0 EBITDA Change in NWC Taxes Other CF from operating activities Capex Free CF Development of net financial debt in Q3 2012 (€m) * exchange rate effects, interest Q2 Capex Other* Q3 -582 +12 -10 -16 -596 19 2 -5 -4 12 -10 2 CF from operating activities
Strong balance sheet02 *Gearing = Net debt/Equity attributable to shareholders of Klöckner & Co SE less goodwill from business combinations subsequent to May 28, 2010 **Total capital = net debt plus equity (w/o minorities) Comments • Equity ratio of 41% • Net debt of €596m • Gearing* at 37% • Net debt to total capital** at 26% 50% 27.5% 31.1% 23.8% 2.5% 15.1% Balance sheet total September 30, 2012: €4,354m 40.5% 34.4% 25.1% Non-current assets 1,198 Inventories 1,356 Trade receivables 1,035 Other current assets 109 Liquidity 656 Equity 1,763 Non-current liabilities 1,497 Current liabilities 1,094 100% 0% 17
Balanced maturity profile despite repayment of Convertible in July 201202 18 Facility (€m) Committed Drawn amount September 30, 2012* December 31, 2011* Bilateral Facilities1) 596 192 126 Other Bonds 14 14 20 ABS 515 215 175 Syndicated Loan 500 227 226 Promissory Note 343 349 349 Total Senior Debt 1,968 997 896 Convertible 20092) 98 89 86 Convertible 20102) 186 166 157 Total Debt 2,252 1,252 1,458 Cash 656 987 Net Debt 596 471 Maturity profile of committed facilities and drawn amounts (€m) Committed facilities Drawn amounts 304 125 1,035 296 492 37 103 472 266 394 2012 2013 2014 2015 Thereafter *Including interest 1) Including finance lease 2) Drawn amount excludes equity component
Overview Q3 and update on strategy01 Financials Q3 2012 Outlook Appendix 02 03 04 Agenda 19
Outlook • Macro assumptions • No material changes expected until year-end • Q4 2012 • Turnover in Q4 expected to be down vs. Q3 due to seasonality and destocking • EBITDA in Q4 expected to be around Q3’s level before restructuring costs • Strong positive CF due to NWC release • FY 2012 • Turnover ~7,100 Tto • Sales ~€7,450m • EBITDA before restructuring costs between €130m and €140m • Net debt <€500m 20 03
Overview Q3 and update on strategy01 Financials Q3 2012 Outlook Appendix 02 03 04 Agenda 21
Appendix 22 04 Financial calendar 2013 March 6, 2013 Annual Financial Statements 2012 May 8, 2013 Q1 interim report 2013 May 24, 2013 Annual General Meeting 2013 August 7, 2013 Q2 interim report 2013 November 6, 2013 Q3 interim report 2013 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.com Internet: www.kloeckner.com
Quarterly results and FY results 2007-2012 23 04 (€m) Q3 2012 Q2 2012 Q1 2012 Q4 2011 Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 FY 2011 FY 2010 FY 2009 FY 2008 FY 2007 Turnover (Tto) 1,764 1,863 1,857 1,636 1,765 1,763 1,498 1,318 1,368 6,661 5,314 4,119 5,974 6,478 Sales 1,847 1,964 1,945 1,739 1,885 1,885 1,587 1,332 1,401 7,095 5,198 3,860 6,750 6,274 Gross profit 306 340 344 307 318 337 353 275 294 1,315 1,136 645 1,366 1,221 % margin 16.6 17.3 17.7 17.6 16.8 17.9 22.3 20.6 21.0 18.5 21.9 16.7 20.2 19.5 EBITDA 19 33 45 14 37 62 104 48 61 217 238 -68 601 371 % margin 1.0 1.7 2.3 0.8 1.9 3.3 6.6 3.6 4.3 3.1 4.6 -1.8 8.9 5.9 EBIT -9 -23 18 -18 8 36 86 24 39 111 152 -178 533 307 Financial result -21 -18 -24 -21 -22 -21 -19 -19 -16 -84 -67 -62 -70 -97 Income before taxes -30 -41 -6 -39 -15 15 66 5 22 27 84 -240 463 210 Income taxes 2 3 -4 12 3 -9 -22 12 -7 -17 -4 54 -79 -54 Net income -28 -38 -10 -27 -12 5 44 17 15 10 80 -186 384 156 Minority interests -1 0 0 -1 -1 0 1 1 1 -1 3 3 -14 23 Net income KlöCo -27 -38 -10 -27 -11 5 43 16 14 12 78 -188 398 133 EPS basic (€) -0.27 -0.38 -0.10 -0.27 -0.11 0.07 0.65 0.25 0.21 0.14 1.17 -3.61 8.56 2.87 EPS diluted (€) -0.27 -0.38 -0.10 -0.27 -0.11 0.07 0.60 0.25 0.21 0.14 1.17 -3.61 8.11 2.87
Balance sheet as of September 30, 2012 24 04 Comments(€m) September 30, 2012 December 31, 2011 Non-current assets 1,198 1,295 Inventories 1,356 1,362 Trade receivables 1,035 922 Cash & Cash equivalents 656 987 Other assets 109 140 Total assets 4,354 4,706 Equity 1,763 1,843 Total non-current liabilities 1,497 1,526 thereof financial liabilities 1,095 1,068 Total current liabilities 1,094 1,337 thereof trade payables 725 750 Total equity and liabilities 4,354 4,706 Net working capital 1,666 1,534 Net financial debt 596 471 Shareholders’ equity: • Stable at 41% Financial debt: • Gearing at 37% • Gross debt of €1.3bn and cash position of €0.7bn result in a net debt position of €596m NWC: • Increase mainly due to seasonal effects
Profit & loss Q3 2012 vs. Q3 2011 25 04 (€m) Q3 2012 Q3 2011 ∆ in %* Sales 1,847 1,885 -2.0 Gross profit 306 318 -3.7 Personnel costs -154 -148 -4.5 Other operating expenses -140 -146 +4.1 EBITDA 19 37 -49.0 Depreciation, Amortization, Impairments -28 -29 +5.2 EBIT -9 8 -216.8 Financial result -21 -22 +5.0 EBT -30 -15 -103.0 Taxes 2 3 -24.0 Net income -28 -12 -136.5 Minorities -1 -1 +32.2 Net income attributable to KCO shareholders -27 -11 -150.5 * earnings impact
Segment performance Q3 2012 26 04 (€m) Europe Americas HQ/Consol. Total Turnover (Tto) Q3 2012 1,018 746 1,764 Q3 2011 1,067 698 1,765 ∆ % -4.6 6.8 -0.1 Sales Q3 2012 1,149 698 1,847 Q3 2011 1,251 634 1,885 ∆ % -8.1 10.0 -2.0 EBITDA Q3 2012 15 11 -7 19 % margin 1.3 1.6 1.0 Q3 2011 24 15 -2 37 % margin 2.0 2.3 1.9 ∆ % EBITDA -39.4 -26.0 -49.0
Acquisitions shift exposure towards more promising regions and products 27 04 24% Long productsQuality steel/Stainless steel 8% Aluminium 7% Tubes 6% 42% Flat productsOthers 13% Sales by product 28% USA France/Belgium 16% Switzerland 13% UK 6% 28% Germany/EEC Spain 4% Sales by markets Netherlands 3% Brazil 1% China <1% Machinery and mechanical 24% engineering Miscellaneous 11% Local dealers 10% Household appliances/ Consumer goods 7% 37% Construction industry Automotive industry 11% Sales by industry As of December 2011
Current shareholder structure 28 04 Geographical breakdown of identified institutional investors Comments • Identified institutional investors account for 46% • US investors incl. retail dominate • Top 10 shareholdings represent around 30% • Retail shareholders represent 35% • 100% freefloat As of September 2012 Other EU 17% US 33% Other World 8% Switzerland 4% Germany 27% France 8% UK 3%
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 29

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Klöckner & Co - Roadshow Presentation November 2012

  • 1.
    Klöckner & CoSE A Leading Multi Metal Distributor Klöckner & Co SE CEO/CFO Gisbert Rühl November 2012
  • 2.
    Disclaimer This presentation containsforward-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. 2
  • 3.
    Overview Q3 andupdate on strategy01 Financials Q3 2012 Outlook Appendix 02 03 04 Agenda 3
  • 4.
    Overview Q3 andytd 2012 • Strong organic turnover growth in the US compensated turnover decline in Europe resulting in flat Group’s turnover in Q3 yoy; seasonal decline Q3 vs. Q2 (-5.3%) • European turnover in Q3 down -4.6% yoy better than market (-9%) despite closures and exiting low margin business, ytd -5.9% vs. market of -9% • Turnover growth in Q3 in US +9.4% vs. market -1.9% yoy, ytd +6.7% (w/o acquisition) vs. market of +3.3% • Sales in Q3 -2.0% yoy at €1,847m, ytd +7.4% • EBITDA in Q3 at €19m below guidance of €25-35m given further price pressure in September and missing recovery after summer, ytd €117m before restructuring costs • Free CF in Q3 slightly positive (+€2m) • EBITDA contribution of restructuring program €12m in Q3 or €37m since program start • Scope of restructuring measures with reduction of about 60 sites and more than 1,800 headcounts to be significantly expanded to an annual EBITDA-impact of ~€150m with big swing in 2013 and fully effective from 2014 on 4 01
  • 5.
    Continued price erosionweighed steadily on margins 5 01 Source: Steel Business Briefing, Eurometal, MSCI, Worldsteel, own estimates HRC/To indexed vs. Gross-margin Europe in € North America in USD China in Renminbi Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 21.0 20.6 22.3 17.9 16.8 17.6 17.7 17.3 16.6 Europe • 8% decline of steel distribution‘s turnover expected in 2012 • Drain on margins in connection with declining prices due to widening oversupply US • 3-4% growth of steel distribution turnover expected in 2012 • Nevertheless, overcapacities and import pressure being reflected in the margins Steel prices: 50 60 70 80 90 100 110 120 130 140 150 160
  • 6.
    Against the backgroundof the current market situation today‘s focus is on business optimization and organic growth 6 01 Business optimization Organic growth strategy Currentfocus External growth strategy • Full implementation of significantly extended restructuring program • Reduction of ~60 sites • Workforce reduction of >1,800 • Increasing share of value added services and higher margin products around core business • Increasing share of value added services and higher margin products around core business • Realizing synergies especially in purchasing
  • 7.
    Total impact of~€150m annual EBITDA-contribution targeted from 2014 on 7 01 • Workforce reduction of >1,800 • Reduction of ~60 sites • Disposal of ~€500m sales in low margin business • 50/50 impact on personnel costs and Opex • Reducing NWC by €140m • Incremental one-off costs of ~€60m will be booked by at least 2/3 in Q4 and financed by release of NWC • 800 employees reduced • 20 sites reduced • ~€25m sales reduced • €70m NWC release • €37m EBITDA impact realized since program start; €12m in Q3 Program measures Achieved by end of September Annual incremental EBITDA-impact 2013 2014 €50m€37m already realized €60m €40m Total annual EBITDA-impact of ~€150m 2011-2012
  • 8.
    Sites with poorcontribution margins even in better market conditions will be closed – more attractive business handed over to adjacent sites 8 01 • Sites with poor contribution margins before full allocation of central overheads even in better market conditions are earmarked for permanent closures • Typically, we keep the local sales force for the more attractive business and supply our customers from adjacent sites • Experience shows that between 1/2 and 2/3 of sales can be maintained • The expanded restructuring program will result in a reduction of about 60 sites following this approach of which 20 have been cut already • Closure of sites predominantly financed by release of NWC  Selective approach results in significant profit improvement with limited loss in market share Site2 Site1 Site3 Site4
  • 9.
    Optimizing and gradualexpansion of core business towards higher and more stable margins 9 01 Optimizing current core business • Significant reduction of indirect overheads • Improving productivity in warehousing and reduction of logistics costs • Selective closure of sites with negative contribution margins  Main target is to improve efficiency and reduce costs Selective expansion of value added services • Mainly targeting existing accounts with known demand • Low risk investments in new equipment with known technologies (plate burning, sawing, painting, etc.)  Main target is to increase margins and reduce volatility Selective expansion of product range • Expanding product range around core offering by more specialized products (country specific approach depending on experience of sales force) • Leverage existing customer base served by existing sales force  Main target is to increase share of higher margin products at marginal costs 1 3 2 1 2 3Products Services Current business scope
  • 10.
    Overview Q3 andupdate on strategy01 Financials Q3 2012 Outlook Appendix 02 03 04 Agenda 10
  • 11.
    Financials Q3 201202 EBITDA Sales Grossprofit Turnover 1,765 Tto -0.1% Q3 2011 Q3 2012 1,764 Tto €1,885m €1,847m -2.0% Q3 2012Q3 2011 €37m -49.0% Q3 2012Q3 2011 €19m €318m €306m -3.7% Q3 2012Q3 2011 11
  • 12.
    Financials 9M 201202 EBITDA Sales Grossprofit Turnover 5,026 Tto +9.1% Q1-Q3 2011 Q1-Q3 2012 5,483 Tto €5,357m €5,755m +7.4% Q1-Q3 2012Q1-Q3 2011 €203m -42.5% Q1-Q3 2012Q1-Q3 2011 €117m* €1,008m €993m* -1.4% Q1-Q3 2012Q1-Q3 2011 12 * Before restructuring costs Restructuring costs
  • 13.
    EBITDA (€m) /EBITDA-margin (%) Gross profit and EBITDA02 Gross profit (€m) / Gross-margin (%) • Gross profit-margin further eroded due to ongoing price pressure • EBITDA of €19m not impacted by restructuring costs which have been postponed to Q4 (France) 13 * Before restructuring costs 61 48 104 62 37 14 45 50* 19 4.3 3.6 6.6 3.3 1.9 0.8 2.3 1.7 1.0 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 294 275 353 337 318 307 344 344* 306 21.0 20.6 22.3 17.9 16.8 17.6 17.7 17.3 16.6 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
  • 14.
    Segment performance Q3201202 Turnover (Tto) Sales (€m) EBITDA (€m) Turnover (Tto) Sales (€m) EBITDA (€m) EuropeAmericas * Restructuring costs of €3m in Q1 and €17m in Q2 and €-1m in Q3 1,0841,029 1,1641,192 1,067 990 1,1051,097 1,018 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 -4.6% 1,1691,104 1,290 1,365 1,251 1,137 1,2231,237 1,149 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 -8.1% 284 289 334 571 698 646 752 766 746 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 +6.8% 232 228 297 520 634 602 722 727 698 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 +10.0% 60 45 81 50 24 12 20* 19* Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 14* 5 7 30 23 15 13 29 21 11 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 14
  • 15.
    Net income andEPS02 15 Net income (€m) 0.21 0.25 0.65 0.07 -0.11 -0.27 -0.10 0.03** -0.27 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 EPS basic (€)* * Adjusted for capital increase ** Before restructuring expenses and impairments • Net income trails unsatisfying EBITDA • €28m D&A include ppa effects of €10m in Q3 • Tax benefit of €2.4m less than usual tax rate of 30%+ due to non-recognition of deferred tax assets on operating losses Comments 15 17 44 5 -12 -27 -10 3** -28 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
  • 16.
    Free cash flowslightly positive in Q302 Cash flow reconciliation in Q3 2012 (€m) 16 60,0 EBITDA Change in NWC Taxes Other CF from operating activities Capex Free CF Development of net financial debt in Q3 2012 (€m) * exchange rate effects, interest Q2 Capex Other* Q3 -582 +12 -10 -16 -596 19 2 -5 -4 12 -10 2 CF from operating activities
  • 17.
    Strong balance sheet02 *Gearing= Net debt/Equity attributable to shareholders of Klöckner & Co SE less goodwill from business combinations subsequent to May 28, 2010 **Total capital = net debt plus equity (w/o minorities) Comments • Equity ratio of 41% • Net debt of €596m • Gearing* at 37% • Net debt to total capital** at 26% 50% 27.5% 31.1% 23.8% 2.5% 15.1% Balance sheet total September 30, 2012: €4,354m 40.5% 34.4% 25.1% Non-current assets 1,198 Inventories 1,356 Trade receivables 1,035 Other current assets 109 Liquidity 656 Equity 1,763 Non-current liabilities 1,497 Current liabilities 1,094 100% 0% 17
  • 18.
    Balanced maturity profiledespite repayment of Convertible in July 201202 18 Facility (€m) Committed Drawn amount September 30, 2012* December 31, 2011* Bilateral Facilities1) 596 192 126 Other Bonds 14 14 20 ABS 515 215 175 Syndicated Loan 500 227 226 Promissory Note 343 349 349 Total Senior Debt 1,968 997 896 Convertible 20092) 98 89 86 Convertible 20102) 186 166 157 Total Debt 2,252 1,252 1,458 Cash 656 987 Net Debt 596 471 Maturity profile of committed facilities and drawn amounts (€m) Committed facilities Drawn amounts 304 125 1,035 296 492 37 103 472 266 394 2012 2013 2014 2015 Thereafter *Including interest 1) Including finance lease 2) Drawn amount excludes equity component
  • 19.
    Overview Q3 andupdate on strategy01 Financials Q3 2012 Outlook Appendix 02 03 04 Agenda 19
  • 20.
    Outlook • Macro assumptions •No material changes expected until year-end • Q4 2012 • Turnover in Q4 expected to be down vs. Q3 due to seasonality and destocking • EBITDA in Q4 expected to be around Q3’s level before restructuring costs • Strong positive CF due to NWC release • FY 2012 • Turnover ~7,100 Tto • Sales ~€7,450m • EBITDA before restructuring costs between €130m and €140m • Net debt <€500m 20 03
  • 21.
    Overview Q3 andupdate on strategy01 Financials Q3 2012 Outlook Appendix 02 03 04 Agenda 21
  • 22.
    Appendix 22 04 Financial calendar 2013 March6, 2013 Annual Financial Statements 2012 May 8, 2013 Q1 interim report 2013 May 24, 2013 Annual General Meeting 2013 August 7, 2013 Q2 interim report 2013 November 6, 2013 Q3 interim report 2013 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.com Internet: www.kloeckner.com
  • 23.
    Quarterly results andFY results 2007-2012 23 04 (€m) Q3 2012 Q2 2012 Q1 2012 Q4 2011 Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 FY 2011 FY 2010 FY 2009 FY 2008 FY 2007 Turnover (Tto) 1,764 1,863 1,857 1,636 1,765 1,763 1,498 1,318 1,368 6,661 5,314 4,119 5,974 6,478 Sales 1,847 1,964 1,945 1,739 1,885 1,885 1,587 1,332 1,401 7,095 5,198 3,860 6,750 6,274 Gross profit 306 340 344 307 318 337 353 275 294 1,315 1,136 645 1,366 1,221 % margin 16.6 17.3 17.7 17.6 16.8 17.9 22.3 20.6 21.0 18.5 21.9 16.7 20.2 19.5 EBITDA 19 33 45 14 37 62 104 48 61 217 238 -68 601 371 % margin 1.0 1.7 2.3 0.8 1.9 3.3 6.6 3.6 4.3 3.1 4.6 -1.8 8.9 5.9 EBIT -9 -23 18 -18 8 36 86 24 39 111 152 -178 533 307 Financial result -21 -18 -24 -21 -22 -21 -19 -19 -16 -84 -67 -62 -70 -97 Income before taxes -30 -41 -6 -39 -15 15 66 5 22 27 84 -240 463 210 Income taxes 2 3 -4 12 3 -9 -22 12 -7 -17 -4 54 -79 -54 Net income -28 -38 -10 -27 -12 5 44 17 15 10 80 -186 384 156 Minority interests -1 0 0 -1 -1 0 1 1 1 -1 3 3 -14 23 Net income KlöCo -27 -38 -10 -27 -11 5 43 16 14 12 78 -188 398 133 EPS basic (€) -0.27 -0.38 -0.10 -0.27 -0.11 0.07 0.65 0.25 0.21 0.14 1.17 -3.61 8.56 2.87 EPS diluted (€) -0.27 -0.38 -0.10 -0.27 -0.11 0.07 0.60 0.25 0.21 0.14 1.17 -3.61 8.11 2.87
  • 24.
    Balance sheet asof September 30, 2012 24 04 Comments(€m) September 30, 2012 December 31, 2011 Non-current assets 1,198 1,295 Inventories 1,356 1,362 Trade receivables 1,035 922 Cash & Cash equivalents 656 987 Other assets 109 140 Total assets 4,354 4,706 Equity 1,763 1,843 Total non-current liabilities 1,497 1,526 thereof financial liabilities 1,095 1,068 Total current liabilities 1,094 1,337 thereof trade payables 725 750 Total equity and liabilities 4,354 4,706 Net working capital 1,666 1,534 Net financial debt 596 471 Shareholders’ equity: • Stable at 41% Financial debt: • Gearing at 37% • Gross debt of €1.3bn and cash position of €0.7bn result in a net debt position of €596m NWC: • Increase mainly due to seasonal effects
  • 25.
    Profit & lossQ3 2012 vs. Q3 2011 25 04 (€m) Q3 2012 Q3 2011 ∆ in %* Sales 1,847 1,885 -2.0 Gross profit 306 318 -3.7 Personnel costs -154 -148 -4.5 Other operating expenses -140 -146 +4.1 EBITDA 19 37 -49.0 Depreciation, Amortization, Impairments -28 -29 +5.2 EBIT -9 8 -216.8 Financial result -21 -22 +5.0 EBT -30 -15 -103.0 Taxes 2 3 -24.0 Net income -28 -12 -136.5 Minorities -1 -1 +32.2 Net income attributable to KCO shareholders -27 -11 -150.5 * earnings impact
  • 26.
    Segment performance Q32012 26 04 (€m) Europe Americas HQ/Consol. Total Turnover (Tto) Q3 2012 1,018 746 1,764 Q3 2011 1,067 698 1,765 ∆ % -4.6 6.8 -0.1 Sales Q3 2012 1,149 698 1,847 Q3 2011 1,251 634 1,885 ∆ % -8.1 10.0 -2.0 EBITDA Q3 2012 15 11 -7 19 % margin 1.3 1.6 1.0 Q3 2011 24 15 -2 37 % margin 2.0 2.3 1.9 ∆ % EBITDA -39.4 -26.0 -49.0
  • 27.
    Acquisitions shift exposuretowards more promising regions and products 27 04 24% Long productsQuality steel/Stainless steel 8% Aluminium 7% Tubes 6% 42% Flat productsOthers 13% Sales by product 28% USA France/Belgium 16% Switzerland 13% UK 6% 28% Germany/EEC Spain 4% Sales by markets Netherlands 3% Brazil 1% China <1% Machinery and mechanical 24% engineering Miscellaneous 11% Local dealers 10% Household appliances/ Consumer goods 7% 37% Construction industry Automotive industry 11% Sales by industry As of December 2011
  • 28.
    Current shareholder structure 28 04 Geographicalbreakdown of identified institutional investors Comments • Identified institutional investors account for 46% • US investors incl. retail dominate • Top 10 shareholdings represent around 30% • Retail shareholders represent 35% • 100% freefloat As of September 2012 Other EU 17% US 33% Other World 8% Switzerland 4% Germany 27% France 8% UK 3%
  • 29.
    Our symbol the ears attentiveto 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 29