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2018 BUSINESS YEAR RESULTS PRESENTATION 28 FEBRUARY 2019 2018 BUSINESS YEAR RESULTS PRESENTATION DISCLAIMER This document may contain forward-looking information and statements about ACERINOX, S.A., its subsidiaries and/or its management.


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SLIDE 1

2018 BUSINESS YEAR RESULTS PRESENTATION

28 FEBRUARY 2019

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SLIDE 2

2

2018 BUSINESS YEAR RESULTS PRESENTATION

DISCLAIMER

This document may contain forward-looking information and statements about ACERINOX, S.A., its subsidiaries and/or its management. These forward-looking statements include financial projections and estimates and their underlying assumptions, and statements regarding the intent, belief or current expectations or forecasts of ACERINOX, S.A. and/or its management, as well as statements regarding future performance, plans, objectives,

  • perations, business, strategy, capital expenditures, results of operations, markets and products. These forward-looking statements or forecasts may also

include assumptions regarding future economic and other conditions, such as future nickel or chrome prices and, in general, are subject to risks, uncertainties and variables beyond ACERINOX’s control that can adversely affect them. These forward-looking statements and information do not constitute historical facts and can generally be identified by the use of terms such as “expects”, “anticipates”, “believes”, “plans”, “estimates” and similar expressions. ACERINOX, S.A. believes they all are reasonable but are not a guarantee of future performance, prices, results of operations, benefits or dividend payout policies. ACERINOX, S.A. future financial condition, financial ratios, business, results of

  • perations and dividends could differ materially from those expressed or implied in or projected by such forward-looking statements, information and forecasts.

All forward-looking statements included herein are based on information available on the date hereof. Except as required by applicable law, ACERINOX, S.A. does not undertake any obligation to publicly update or revise any forward-looking statements and information, even in the event of new information being published or new events occurring. Investors, holders of ACERINOX, S.A. securities and shareholders in ACERINOX, S.A. are cautioned not to place undue reliance on the forward-looking statements and information, which speak only as of the date they were made. All subsequent oral or written forward-looking statements or information attributable to ACERINOX, S.A. or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by this cautionary statement. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever for any loss arising from any use of this document, or its contents, or otherwise arising in connection with this document. Moreover, this document nor any part of it constitutes a contract, nor may it be used for incorporation into or interpretation of any contract or other type or agreement. The points contained in this disclaimer must be taken fully into account by all persons or entities obliged to take decisions or to draw up or to publish opinions

  • n securities issued by ACERINOX, S.A., in particular, by the analysts and investors reading this document. All the aforesaid persons are invited to consult the

public documentation and information that ACERINOX, S.A. reports to or files with the bodies responsible for supervising the main securities market and, in particular, with the Spanish National Securities Market Commission (CNMV in its Spanish initials).

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SLIDE 3

3

2018 BUSINESS YEAR RESULTS PRESENTATION

ACCIDENT RATE EVOLUTION

9 . 5 7 . 5 5 . 4 5 . 8 5 . 0 3 . 3 3 . 3 2 . 6 2 . 2

2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8

T a r g e t : z e r o a c c i d e n t s

  • A c c i d e n t r a t e = t o t a l n o . i n j u r i e s a n d i l l n e s s e s * 2 0 0 , 0 0 0 / n o . w o r k e d h o u r s
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4

2018 BUSINESS YEAR RESULTS PRESENTATION

2018: MAIN FINANCIAL FIGURES

2018 2017 Variation

Net Sales 5,011 4,627 8% EBITDA 480 489

  • 2%

Results before Taxes and Minorities

310 299 4%

Results after Taxes and Minorities

237 234 1%

Net Financial Debt

552 609

  • 9%

Net Financial Debt / EBITDA

1.15 1.25

  • 8%

Net Financial Debt / Equity

26% 31%

  • 16%

Free Cash Flow

171 181

  • 6%

Quick reaction to market corrections Strong cash generation and balance sheet Solid results in a very volatile environment

89 124 140 101 103 101 41 41 41 79 103 106 191 126 53 119 118 151 154 58

9% 11% 12% 9% 9% 9% 4% 5% 4% 8% 10% 10% 15% 11% 5% 11% 9% 11% 12% 5%

0% 5% 10 % 15 % 20 % 25 %

50 100 150 200

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2014 2015 2016 2017 2018

Quarterly EBITDA evolution (mill €)

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5

2018 BUSINESS YEAR RESULTS PRESENTATION

FOURTH QUARTER PERFORMANCE

Q4 MARKET HIGHLIGHTS

  • Strong apparent demand correction
  • Downtrend in raw material prices
  • High inventory levels
  • Europe
  • Ineffective provisional

safeguards measures

  • High import pressure
  • Historically low base price
  • US
  • Seasonal slowdown
  • Stable base prices
  • Asia
  • New players
  • Oversupply
  • Historically low prices
  • Robust margins in US
  • Weak margins in Europe and Asia
  • Inventory adjustment of €22 million
  • Adjusted production to market
  • Well managed working capital
  • Strong cash generation
  • Significant debt reduction
  • Effective cost control

Q4 ACERINOX HIGHLIGHTS

X X X X X X X X X X

     

X

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SLIDE 6

118 151 154 2 0 4 0 6 0 8 0 1 0 0 1 2 0 1 4 0 1 6 0 1 8 0

Q1 Q2 Q3 Q4

6

2018 BUSINESS YEAR RESULTS PRESENTATION

FOURTH QUARTER PERFORMANCE

668 639 617 516 Q1 Q2 Q3 Q4

  • 46

114

  • 11

114 Q1 Q2 Q3 Q4 609 667 537 666 552 Q417 Q1 Q2 Q3 Q4

MELTING PRODUCTION FREE CASH FLOW NET FINANCIAL DEBT EBITDA

Thousand tons Million € Million € Million €

(Before dividends)

58 22

Inventory adjustment

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7

2018 BUSINESS YEAR RESULTS PRESENTATION

FULL YEAR PERFORMANCE

FY MARKET HIGHLIGHTS FY ACERINOX HIGHLIGHTS

  • Market volatility
  • Asian overcapacity
  • Input cost pressures
  • Reduction of imports in the US
  • Strong demand in the US
  • Ineffective provisional safeguard

measures in Europe

  • Increased import pressure into

Europe

  • Low stainless steel prices in Europe

and Asia

  • NAS strong performance
  • Tough environment in Bahru

Stainless

  • Acerinox Europa and Columbus

affected by low prices

  • Managed the business in relation to

market conditions

  • Strong cash generation
  • Cost and working capital control
  • Debt reduction
  • Solid results:
  • Best year of the decade in net profit
  • Second best year in EBITDA
  • Focus on shareholder returns

X

        

X X X X X X X

 

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8

2018 BUSINESS YEAR RESULTS PRESENTATION

FULL YEAR PERFORMANCE

286 329 489

15 16 17 18 2,320 2,475 2,519 2,440 15 16 17 18

  • 50

111 181 171 15 16 17 18 711 620 609 552 15 16 17 18

MELTING PRODUCTION FREE CASH FLOW NET FINANCIAL DEBT EBITDA

Thousand tons Million € Million € Million €

(Before dividends)

480

22 Inventory adjustment

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SLIDE 9

489 480

(22) (14) (65) 22 70

9

2018 BUSINESS YEAR RESULTS PRESENTATION

FULL YEAR PERFORMANCE

EBITDA

EBITDA 2017 Inventory adjustment to NRV Currency Price increase of energy and consumables Sales volume Business actions EBITDA 2018

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10

2018 BUSINESS YEAR RESULTS PRESENTATION

FULL YEAR PERFORMANCE

CASH FLOW

480 326 171 43 (87) (66) (155) (128)

E B I T D A W o r k i n g C a p i t a l F i n a n c i a l c h a r g e s T a x &

  • t h e r

O p e r a t i n g C a s h F l o w C A P E X F C F D i v i d e n d s & t r e a s u r y s h a r e s C F a f t e r d i v i d e n d s

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11

2018 BUSINESS YEAR RESULTS PRESENTATION

FULL YEAR PERFORMANCE

2.48 1.88 1.25 1.15

2015 2016 2017 2018

44 30 19 2

2015 2016 2017 2018

NET FINANCIAL DEBT / EBITDA NET FINANCIAL EXPENSES 3 9 2 3 9 6

2017 2018

629 634

2017 2018

OPERATING EXPENSES PERSONNEL +1% +1%

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12

2018 BUSINESS YEAR RESULTS PRESENTATION

RESTRUCTURING OF BAHRU STAINLESS

NON CASH MEASURES:

  • Impairment in the investment value of the Holding Company:

EUR 155 mill

  • Capital Increase: USD 332 mill.

NO IMPACT IN THE CONSOLIDATED RESULTS

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SLIDE 13

0.44 0.45 0.45 0.50

2016 (*) 2017 2018 2019

13

2018 BUSINESS YEAR RESULTS PRESENTATION

CAPITAL ALLOCATION

94 173 173 144

2015 2016 2017 2018

  • Coil build up line - NAS
  • Ladle furnace - Acerinox
  • Ladle furnace - Columbus
  • Slitter line - Columbus

( * ) S c r i p d i v i d e n d

DIVIDEND INCREASE 11% SHARE BUYBACK PROGRAMME: CAPEX RETURN TO SHAREHOLDERS PHASE I: 2% CAPEX IN PROGRESS:

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14

2018 BUSINESS YEAR RESULTS PRESENTATION

EXCELLENCE PLAN V

  • Focused on operational excellence
  • Best practices in each business unit
  • Management and control tool

97 52 53 50 27 20 40 60 80 100 120 140

PE I 2009 - 2010 PE II 2011 – 2012 PE III 2013 – 2014 PE IV 2015 – 2016 PE V 2017 – 2018 PE VI 2019 – 2020 M€

58% 73% 88% 74% 55%

133MM€ 90MM€ 60MM€ 67MM€ 50MM€ 45MM€

Achieved 2 0 1 7 - 2 0 1 8 E X C E L L E N C E P L A N V

T a r g e t : 5 0 m i l l i o n E U R A c h i e v e d : 5 5 % , 2 7 m i l l i o n E U R

5 c h a p t e r s : O p e r a t i o n s , W o r k i n g C a p i t a l , P e r s o n n e l , C o m m e r c i a l a n d S u p p l y C h a i n

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15

2018 BUSINESS YEAR RESULTS PRESENTATION

THE NEXT STEP: EXCELLENCE 360º

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16

2018 BUSINESS YEAR RESULTS PRESENTATION

EXCELLENCE 360º

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17

2018 BUSINESS YEAR RESULTS PRESENTATION

EXCELLENCE 360º: ROADMAP

2019 2020 2021 2022

112 MM€

89%

EXCELLENCE 360º TARGET = EUR125 MILLION IN 2023 (RECURRENT)

24 MM€

19%

2023

125 MM€

100%

  • Excel Plan VI integrated with the Excellence 360º

59 MM€

47%

86 MM€

69%

360º

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18

2018 BUSINESS YEAR RESULTS PRESENTATION

OUTLOOK

Q1 EBITDA IS EXPECTED TO BE HIGHER THAN IN Q4 18

  • Inventories

in Europe at normal levels

  • Inventories

in US will be normal by the end of the quarter

  • These situation, together with

the increase in the nickel price, will improve the market situation.

  • Safeguard

measures in Europe are working properly, Imports fell in January

These effects will be especially evident in the second quarter of the year

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SLIDE 19

THANK YOU

Q&A

2018 BUSINESS YEAR RESULTS PRESENTATION

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20

2018 BUSINESS YEAR RESULTS PRESENTATION

A c e r i n o x E u r o p a A P L i n e N A S B A L i n e

APPENDIX

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21

2018 BUSINESS YEAR RESULTS PRESENTATION

ACERINOX: GLOBAL PLAYER

  • Sp an ish m u lt in at ional co mp an y
  • F u lly d ed icat ed t o st ain less st eel
  • Net sales: EUR 5,011 m illio n ( 2018)
  • Am o n g larg est p ro d u cers in t h e w o rld w it h 3.5

m illio n t o n s o f m elt in g cap acit y

  • 6 f act o ries in 4 co n t in ent s
  • 6,709 p ro f essio n als in 5 co n t in en t s
  • Presen ce in 40 co u n t ries w o rld w ide w it h sales

in 80 co u n t ries

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22

2018 BUSINESS YEAR RESULTS PRESENTATION

HISTORY

1 9 7 0 ,

i n c o r p o r a t i o n o f A C E R I N O X , S . A . ( S p a i n )

1 9 9 0 ,

i n c o r p o r a t i o n o f N O R T H A M E R I C A N S T A I N L E S S ( U S A )

2 0 0 2 ,

i n c o r p o r a t i o n o f C O L U M B U S S T A I N L E S S ( S o u t h A f r i c a )

2 0 0 9 ,

i n c o r p o r a t i o n o f B A H R U S T A I N L E S S ( M a l a y s i a )

A c e r i n o x , S . A . 9 7 % H a n w a ( M e t a l O n e C o r p ) 3 %

M A I N A C E R I N O X S H A R E H O L D E R S

S i n c e : C u r r e n t p o s i t i o n : 2 0 0 1 C o r p o r a c i ó n F i n a n c i e r a A l b a , S . A . 1 8 . 9 6 % 1 9 7 0 N i s s h i n S t e e l H o l d i n g s C o r p . L t d . 1 5 . 4 9 % 1 9 9 8 F e y n m a n C a p i t a l S . L . ( O M E G A ) 9 . 8 8 % 2 0 0 2 I n d u s t r i a l D e v e l o p m e n t C o r p . ( I . D . C . ) 3 . 0 4 %

S o u r c e : C N M V

1 0 0 % A c e r i n o x S . A . A c e r i n o x , S . A . 7 6 % I . D . C . 2 4 %

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23

2018 BUSINESS YEAR RESULTS PRESENTATION

ACERINOX PRINCIPLES AND VALUES

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24

2018 BUSINESS YEAR RESULTS PRESENTATION

ACERINOX PRODUCTION CAPACITY

M e l t i n g 1 . 4 H o t R o l l i n g 1 . 2 C o l d R o l l i n g 0 . 8 L o n g P r o d . 0 . 2 M e l t i n g 1 . 1 H o t R o l l i n g 0 . 9 C o l d R o l l i n g 0 . 7 L o n g P r o d . 0 . 2 M e l t i n g 1 . 0 H o t R o l l i n g 1 . 0 C o l d R o l l i n g 0 . 5 M e l t i n g ( * ) 1 . 0 H o t R o l l i n g ( * ) 1 . 0 C o l d R o l l i n g ( * ) 0 . 6

( * ) O n c e i t ’ s c o m p l e t e d

N O R T H A M E R I C A N S T A I N L E S S

F U L L Y I N T E G R A T E D P L A N T

A C E R I N O X E U R O P A

F U L L Y I N T E G R A T E D P L A N T

C O L U M B U S S T A I N L E S S

F U L L Y I N T E G R A T E D P L A N T

M i l l i o n m t

B A H R U S T A I N L E S S

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25

2018 BUSINESS YEAR RESULTS PRESENTATION

STAINLESS STEEL WORLD PRODUCTION

5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 50 60 70 80 90 00 10 18e

S o u r c e : I S S F a n d A c e r i n o x

W o r l d p r o d u c t i o n o f S t a i n l e s s S t e e l i n 2 0 1 8 e :

50.7 million mt

( + 5 . 5 % o v e r 2 0 1 7 )

C o m p o u n d a n n u a l g r o w t h r a t e 1 9 5 0 – 2 0 1 8 e :

+ 5.9%

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26

2018 BUSINESS YEAR RESULTS PRESENTATION

STAINLESS STEEL WORLD PRODUCTION

C h i n a a c c o u n t s f o r 5 2 % o f w o r l d p r o d u c t i o n i n 2 0 1 8

10 20 30 40 50

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Others Japan India China USA Europe

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27

2018 BUSINESS YEAR RESULTS PRESENTATION

RAW MATERIAL PRICES

Y e a r s 2 0 1 7 - 2 0 1 9 , u p t o F e b r u a r y 2 5

A v e r a g e p r i c e : c a s h / t h r e e m o n t h s U S D / m t

5,000 10,000 15,000 20,000

J F M A M J J A S O N D J F M A M J Jl A S O N D J F A v e r a g e q u a r t e r l y p r i c e U S ¢ / L b . C r

108 108 108 104 92 82 98 110 165 154 110 139 118 142 138 124 112

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2015 2016 2017 2018 2019

F E R R O C H R O M E N I C K E L

S o u r c e : L M E S o u r c e : M e t a l B u l l e t i n
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28

2018 BUSINESS YEAR RESULTS PRESENTATION

STAINLESS STEEL COLD ROLLED SHEET PRICES AISI 304 2.0 MM

S o u r c e : C R U

U S D / m t , f i n a l p r i c e , a l l o y s u r c h a r g e i n c l u d e d

2612

2295 1990

1500 1700 1900 2100 2300 2500 2700 2900 3100 3300 J F M A M J JL A S O N D J F M A M J JL A S O N D J 2017 2018 2019

U S A N O R T H E R N E U R O P E A S I A

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29

2018 BUSINESS YEAR RESULTS PRESENTATION

STAINLESS STEEL INVENTORIES

2 3 4

100 200 300 400 500 600

J F M A M J JL A S O N D J F M A M J JL A S O N D J F M A M J JL A S O N D J F M A M J JL A S O N D J F M A M J JL A S O N D

20 40 60 80 100

J F M A M J JL A S O N D J F M A M J JL A S O N D J F M A M J JL A S O N D J F M A M J JL A S O N D J F M A M J JL A S O N D

40 50 60 70 80 2 0 1 4 D a y s

  • f s t o c k

100 200 300 400 500

J F M A M J JL A S O N D J F M A M J JL A S O N D J F M A M J JL A S O N D J F M A M J JL A S O N D J F M A M J JL A S O N D

M o n t h s

  • f s t o c k
T h o u s a n d m t A v e r a g e 2 0 1 4 - N o v 2 0 1 8 4 7 1 , 0 0 0 m t A v e r a g e 2 0 1 4 - D i c 2 0 1 8 2 9 9 , 0 0 0 m t T h o u s a n d m t T h o u s a n d m t A v e r a g e 2 0 1 4 - N o v 2 0 1 8 7 6 , 5 5 3 m t

I N V E N T O R I E S O F C O L D - R O L L E D I N V E N T O R I E S A T D I S T R I B U T O R S I N V E N T O R I E S A T W U X I & F O S H A N

S o u r c e : E H V G e r m a n y S o u r c e : M S C I S o u r c e : 5 1 b x g

2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 4

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30

2018 BUSINESS YEAR RESULTS PRESENTATION

PRODUCTION

  • 3 . 1 % o v e r 1 2 M 2 0 1 7

MELT ING SHO P HO T RO L L ING CO L D RO L L ING

T h o u s a n d m t

  • 4 . 9 % o v e r 1 2 M 2 0 1 7

+ 0 . 8 % o v e r 1 2 M 2 0 1 7 617 634 558 516 601 611 562 546 575 652 637 611 668 605 615 631 668 639 617 516

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2014 2015 2016 2017 2018

542 552 491 464 524 536 498 481 526 563 572 547 593 535 542 560 577 561 524 458

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2014 2015 2016 2017 2018

384 412 385 375 395 430 393 390 418 428 429 441 438 436 427 437 462 471 443 377

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2014 2015 2016 2017 2018

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31

2018 BUSINESS YEAR RESULTS PRESENTATION

BALANCE SHEET

ASSETS LIABILITIES Million € 2018 2017 Variation Million € 2018 2017 Variation Non-current assets 2,133.77 2,147.62

  • 0.6%

Equity 2,119.30 1,970.30 7.6% Current assets 2,473.82 2,256.39 9.6% Non-current liabilities 1,226.22 1,149.38 6.7%

  • Inventories

1,018.74 990.48 2.9%

  • Interest-bearing loans and borrowings

1,026.29 936.68 9.6%

  • Debtors

589.78 613.20

  • 3.8%
  • Other non-current liabilities

199.93 212.70

  • 6.0%

Trade debtors 524.69 552.06

  • 5.0%

Other debtors 65.09 61.14 6.5% Current liabilities 1,262.07 1,284.34

  • 1.7%
  • Cash

850.11 620.54 37.0%

  • Interest-bearing loans and borrowings

375.89 293.08 28.3%

  • Other current assets

15.18 32.17

  • 52.8%
  • Trade creditors

783.86 856.71

  • 8.5%
  • Other current liabilities

102.32 134.55

  • 24.0%

TOTAL ASSETS 4,607.59 4,404.01 4.6% TOTAL EQUITY AND LIABILITIES 4,607.59 4,404.01 4.6%

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32

2018 BUSINESS YEAR RESULTS PRESENTATION

WORKING CAPITAL

  • 1,000
  • 500

500 1,000 1,500 2,000 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 dic-14 Dec-15 Dec-16 Dec-17 Dec-18 I n v e n t o r i e s T r a d e D e b t o r s T r a d e C r e d i t o r s W o r k i n g C a p i t a l

Million €

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33

2018 BUSINESS YEAR RESULTS PRESENTATION

NET FINANCIAL DEBT

939 1,075 1,084 887 582 529 616 711 620 609 552

200 400 600 800 1,000 1,200

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

46.5% 61.3% 56.3% 47.1% 33.9% 34.1% 33.2% 35.1% 28.6% 30.9% 26.0% 5.48

  • 5.63

2.84 2.60 2.94 2.32 1.36 2.48 1.88 1.25 1.15 Gearing NFD / EBITDA

Million €

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34

2018 BUSINESS YEAR RESULTS PRESENTATION

CASH FLOW

Millones EUR

Jan - Mar 2018 Apr - Jun 2018 Jul - Sep 2018 Oct-Dec 2018 Jan - Dec 2018 Jan - Dec 2017 EBITDA 118 151 154 58 480 489 Changes in working capital

  • 103

17

  • 102

101

  • 87

1 Changes in operating working capital

  • 106

9

  • 95

118

  • 74

16

  • Inventories
  • 3
  • 56
  • 73

104

  • 28
  • 103
  • Trade debtors
  • 141

25 10 133 27

  • 24
  • Trade creditors

38 40

  • 33
  • 119
  • 73

144 Others 3 8

  • 7
  • 17
  • 14
  • 16

Income tax

  • 22
  • 27
  • 27
  • 5
  • 81
  • 82

Financial expenses

  • 4
  • 3
  • 8
  • 1
  • 15
  • 28

Others 5 9 16 30

  • 13

OPERATING CASH FLOW

  • 12

143 26 169 326 366 Payments for investments on fixed assets

  • 34
  • 29
  • 37
  • 55
  • 155
  • 185

FREE CASH FLOW

  • 46

114

  • 11

114 171 181 Dividends and treasury shares

  • 1
  • 124
  • 2
  • 128
  • 124

CASH FLOW AFTER DIVIDENDS

  • 47

114

  • 135

112 43 57 Conversion differences

  • 11

16 6 2 14

  • 46

Variation in net financial debt

  • 57

130

  • 129

114 57 11

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35

2018 BUSINESS YEAR RESULTS PRESENTATION

CASH GENERATION 2008-2018

Cash generation for:

  • investments
  • shareholder remuneration
  • debt reduction

Cash generation 3.422

CAPEX

  • 1.927

Return to shareholders

  • 1.124

Net debt reduction 371

M i l l i o n E U R

U N IQU E C A SE