Cognor Holding Sa · GPW:COG
Cognor Holding Sa — FY2011 Earnings Presentation
22 slides from Cognor Holding Sa's earnings presentation, Mar 27, 2012
Slide 1: 2011 Business and Financial Performance
2011 Business and Financial Performance March 27, 2012 1 2012-03-27
Slide 2: Content
Content 1. Introduction 2. Business overview 3. Financials 4. Divestitures and Internal Reorganization 5. 2012 outlook 6. Q&A 2 2012-03-27
Slide 3: Introduction
Section 1 Introduction 3 2012-03-27
Slide 4: Introduction: Speaker
Introduction Speaker Krzysztof Zoła CFO Age – 40 10 years with the Company 4 2012-03-27
Slide 5: 2011 Highlights
Introduction 2011 Highlights • Improved demand, prices and margins for all products particularly in H1. H2 weaker in terms of automotive sectors (HSJ). Q4 zloty weakening made a positive contribution to sales of semi-products (Ferrostal) • 59% yoy revenues increase; sharp increase of profitability;
Slide 6: Business Overview
Section 2 Business Overview 6 2012-03-27
Slide 7: Business Overview: Environment
Business Overview Environment CRUDE STEEL PRODUCTION (1) Y 2011 % YoY Y 2010 Y 2009 mln tonnes Poland 8,8 10% 8,0 7,2 EU (27) 177,4 3% 172,9 139,0 China 683,3 9% 626,7 567,8 Global 1 490,1 7% 1 395,5 1 220,0 UNIT PRICES (2) 2011 % YoY 2010 2009 PLN / Ton Scrap metal 1 017 17% 870 646 Billets (FERR)
Slide 8: Segments: Scrap Metal
Business Overview Segments SCRAP METAL Y 2011 Y 2010 Y 2009 PURCHASES FROM EXTERNAL SUPPLIERS Tonnes FERR 158 537 90 855 86 839 ZLMET 429 488 332 240 351 289 HSJ 123 718 105 533 77 474 OTHER 0 620 1 106 INTERNAL USE Tonnes FERR 410 545 286 270 286 700 HSJ 211 872 157 241 111 849 SALES TO EXTERNAL CU
Slide 9: Segments: Billets
Business Overview Segments BILLETS Y 2011 Y 2010 Y 2009 PURCHASES Tonnes EXTERNAL SOURCES 0 0 1 922 PRODUCTION Tonnes FERR 348 596 240 043 248 823 HSJ 186 012 134 665 96 035 INTERNAL USE Tonnes FERR 96 357 61 186 115 166 HSJ 169 103 132 256 95 648 SALES TO EXTERNAL CUSTOMERS Tonnes ZLOM 0 0 129 FERR
Slide 10: Segments: Finished Products
Business Overview Segments FINISHED PRODUCTS Y 2011 Y 2010 Y 2009 PRODUCTION Tonnes ZWWB 82 322 53 767 66 549 FERR 0 0 33 472 HSJ 158 335 116 379 97 546 SALES TO EXTERNAL CUSTOMERS Tonnes ZLOM 0 0 86 FERR 84 291 59 897 108 419 HSJ 147 282 122 337 92 954 SALES ‘000 PLN CONSOLIDATED 718 070 478 102 40
Slide 11: Financials
Section 3 Financials 11 2012-03-27
Slide 12: Financials: Income Statement
Financials INCOME STATEMENT Y 2011 Y 2010 Y 2009 '000 PLN Revenue 1 549 647 975 282 782 015 Cost of sales -1 377 076 -909 068 -809 392 Gross profit 172 571 66 214 -27 377 Other income 9 919 9 673 9 765 • EBITDA adjusted for Distribution expenses -36 171 -32 394 -27 073 non-recurring items: Administr
Slide 13: Financials: Assets
Financials ASSETS Y 2011 Y 2010 Y 2009 '000 PLN A. TOTAL NON-CURRENT ASSETS 499 437 459 195 826 348 I. Intangible assets 17 067 20 487 42 175 II. Property, plant and equipment 342 734 373 818 663 451 III. Other receivables 44 583 241 3 295 • A.III. includes PLN 44.3 IV. Investment property and other
Slide 14: Financials: Equity and Liabilities
Financials EQUITY AND LIABILITIES Y 2011 Y 2010 Y 2009 '000 PLN A. EQUITY 176 441 91 858 241 225 I. Issued share capital 132 444 132 444 102 374 II. Reserves and retained earnings 31 796 -49 389 125 928 III. Minority interest 12 201 8 803 12 923 • Debt reduced by PLN B. LIABILITIES 803 176 1 344 320
Slide 15: Financials: Cash Flow and Main Metrics
Financials CASH FLOW Y 2011 Y 2010 Y 2009 A. FROM OPERATING ACTIVITIES -32 697 30 769 -6 193 B. FROM INVESTING ACTIVITIES -7 151 8 658 1 432 C. FROM FINANCING ACTIVITIES -140 658 -31 651 -62 186 NET INCREASE IN CASH -180 506 7 776 -66 947 • PLN 130,2 negative cash flow from working capital MAIN METR
Slide 16: Internal Reorganization
Section 4 Internal Reorganization 16 2012-03-27
Slide 17: Divestiture of Distribution Division and Considerations Behind Internal Reorganization
Divestiture of Distribution Division and Considerations Behind Internal Reorganization • Sale of 100% of shares in Cognor Stahlhandel GmbH to Mechel • Conditional SPA – 09.12.2010, closing 31.01.2011 r. • Price for 100% of shares was set at EUR 32.8m and referenced to the company’s figures as of 31.
Slide 18: Group's Structure Post Internal Reorganization
Group’s Structure Post Internal Reorganization Zlomrex-Finans Zlomrex China OMS 100% 100% Restricted Other Production Group PS Holdco COG Cognor Group 64,4% SERVICES COG FINANSE BSS 100% 100% 100% 100% ZLX Other CENTRUM COGNOR 100% CEN SZCZ Production Scrap 100% 51% 100% KAPITAŁ KAPITAŁ SK 99,9% 100
Slide 19: 2012 Outlook
Section 5 2012 Outlook 19 2012-03-27
Slide 20: 2012 Outlook: Main factors
2012 Outlook Main factors • Polish GDP around 3% • Production expected to slightly fall in Europe with relatively strong Polish market. Demand, prices and margins likely to stabilize on 2011 levels with zloty to strengthen further against the EUR and the USD • Utilization rates may continue to rise,
Slide 21: Q&A
> \ | yi \s Section 6 Together reach more Q&A 21 2012-03-27
Slide 22: Cognor SA contact details
COGNOR SA ul. Zielona 26, 42 - 360 Poraj tel. +48 34 316 01 10, fax +48 34 316 01 12 [email protected], www.cognor,pl 22 2012-03-27