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2nd September 2014
Alumetal Group
H1 2014 financial results
H1 2014 and LTM at glance
± Volume sales – 80k tons in H1 2014 and 148k tons in LTM
± Adjusted EBITDA – PLN 45 mn in H1 2014 and PLN 81 mn in LTM
± Adjusted net profit – PLN 34 mn in H1 2014 and PLN 60 mn in LTM
± Low net debt due to improved EBITDA, lower working capital level, lowcapex and low effecitve CIT rate
Motor vehicle registrations in the EU in thou. units
15 387 15 530 14 309 14 132
13 343 13 130 12 054 11 851 12 253
2 743 2 990
2 451 1 642
1 761 1 935
1 695 1 712 1 790
10 000
11 000
12 000
13 000
14 000
15 000
16 000
17 000
18 000
19 000
2006 2007 2008 2009 2010 2011 2012 2013 LTM
CV
PC
± In H1 2014 sales of motor vehicles in the EU increased by 6,8% (increase by 6,5% in PC and 9,3% in CV)
± In LTM sales of motor vehicles in the EU increased by 3,5% (increase by 3,4% in PC and 4,5% in CV)
Metal Bulletin 226 alloy spread in EUR
± Good relation between scrap prices and 226 alloy (standard alloy) maintained in 2Q 2014
0
100
200
300
400
500
600
Import/export of scrap to/from Poland and EU in thou. tons
± In January-May 2014 exports of scrap from Poland increased by 6% to 67k tons and imports to Poland increased by 32% to 79k tons
± In January-May 2014 exports of scrap from the EU decreased by 2% to 381k tons(63% of exports go to China and India) and imports to the EU increased by 6% to 151k tons
-
200
400
600
800
1 000
1 200
2001 2003 2005 2007 2009 2011 2013
Export
Import
-
50
100
150
200
250
2004 2006 2008 2010 2012 LTM
Import
Export
Import/export to/from Poland Import/export to/from EU
Volume sales in thou. tons
28,2
40,0
58,7
79,7
0,0
10,0
20,0
30,0
40,0
50,0
60,0
70,0
80,0
90,0
2q'13 2q'14 1h'13 1h'14
88,1 99,4
126,9
147,9
-
20,0
40,0
60,0
80,0
100,0
120,0
140,0
160,0
2011 2012 2013 LTM
42%
36%
17%
± In H1 2014 volume sales increased by 36% to 80k tons
± In LTM volume sales increased by 17% to 148k tons
812 845
1 015
1 162
-
200
400
600
800
1 000
1 200
1 400
2011 2012 2013 LTM
225
305
469
617
0
100
200
300
400
500
600
700
2q'13 2q'14 1h'13 1h'14
Sales revenue in mn PLN
35%
31% 14%
± In H1 2014 sales revenue increased by 31% to PLN 617 mn
± In LTM sales revenue increased by 14% to PLN 1.162 mn
EBITDA in mn PLN
9,4
13,4
18,6
36,2
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
2q'13 2q'14 1h'13 1h'14
95%63,0
52,9 54,0
71,6
-
10,0
20,0
30,0
40,0
50,0
60,0
70,0
80,0
2011 2012 2013 LTM
42%
33%
± In H1 2014 EBITDA increased by 95% to PLN 36 mn
± In LTM EBITDA increased by 33% to PLN 72 mn
Net profit in mn PLN
4,8
10,7 10,5
28,0
0,0
5,0
10,0
15,0
20,0
25,0
30,0
2q'13 2q'14 1h'13 1h'14
44,0
34,4 35,8
53,2
-
10,0
20,0
30,0
40,0
50,0
60,0
2011 2012 2013 LTM
125%
165%49%
± In H1 2014 net profit increased by 165% to PLN 28 mn
± In LTM net profit increased by 49% to PLN 53 mn
The impact of one-off events for 2Q 2014 results in thou. PLN
VAT – reversal of provision 1 106
IPO costs - 597
Cimos – creation of provision - 9 757
Impact on EBITDA - 9 249
VAT – reversal of provision + interest 884
Impact on EBT - 8 365
CIT 1 967
Impact on net profit - 6 398
9,4 13,4
18,6
36,2
22,6
45,4
-5,0
10,0 15,0 20,0 25,0 30,0 35,0 40,0 45,0 50,0
2q'13 2q'14 1h'13 1h'14
63,0
52,9 54,0
71,6 80,8
-
10,0
20,0
30,0
40,0
50,0
60,0
70,0
80,0
90,0
2011 2012 2013 LTM
140%
144%
50%
± In H1 2014 adjusted EBITDA increased by 144% to PLN 45 mn
± In LTM adjusted EBITDA increased by 50% to PLN 81 mn
Adjusted EBITDA in mn PLN
Adjusted EBITDA per ton in PLN
334 334 317
454
565 570
0
100
200
300
400
500
600
2q'13 2q'14 1h'13 1h'14
715
532
425484
547
0
100
200
300
400
500
600
700
800
2011 2012 2013 LTM
69% 80%28%
± In H1 2014 adjusted EBITDA per ton increased by 80% to PLN 570
± In LTM adjusted EBITDA per ton increased by 28% to PLN 547
4,8
10,7 10,5
28,0
17,1
34,3
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
2q'13 2q'14 1h'13 1h'14
Adjusted net profit mn PLN
44,0
34,4 35,8
53,2 59,6
-
10,0
20,0
30,0
40,0
50,0
60,0
70,0
2011 2012 2013 LTM
259%
226% 67%
± In H1 2014 adjusted net profit increased by 226% to PLN 34 mn
± In LTM adjusted net profit increased by 67% to PLN 60 mn
Capex in mn PLN
12,9
2,7
23,0
5,7
0,0
5,0
10,0
15,0
20,0
25,0
2q'13 2q'14 1h'13 1h'14
64,2
38,6 33,5
16,2
-
10,0
20,0
30,0
40,0
50,0
60,0
70,0
2011 2012 2013 LTM
-79%
-75%
-52%
± In H1 2014 capex decreased by 75% do PLN 6 mn
± In LTM capex decreased by 52% to PLN 16 mn
OCF vs EBITDA in mn PLN
9,4 13,4
18,6
36,2
12,0
28,1
-0,5
40,2
-5,0
-
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
45,0
2q'13 2q'14 1h'13 1h'14
EBITDA OCF
63,0
52,9 54,0
71,6
17,2
60,9
36,5
77,2
-
10,0
20,0
30,0
40,0
50,0
60,0
70,0
80,0
90,0
2011 2012 2013 LTM
EBITDA OCF
± In H1 2014 OCF amounted to PLN 40 mn vs. EBITDA PLN 36 mn
± In LTM OCF amounted to PLN 77 mn vs. EBITDA PLN 72 mn
Net debt and effective CIT rate
112,1
72,170,2
46,6
1,8
1,4 1,3
0,7
0,00,20,40,60,81,01,21,41,61,82,0
0,0
20,0
40,0
60,0
80,0
100,0
120,0
2011 2012 2013 1h'14
Net debt Net debt/EBITDA
12,3%
7,8%
1,7%
-3,1%-4,0%
-2,0%
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
14,0%
2011 2012 2013 1h'14
Net debt Effective CIT rate
± At the end of June 2014 net debt amounted to PLN 47 mn and Net debt/EBITDA ratiodecreased from 1,3x at the end of 2013 to 0,7x in mid-2014
± Effective CIT rate in H1 2014 was negative due to the provision for CIMOS receivables
Summary
± H1 2014 financial results in accordance with the expectations
± Market situation in H2 2014 should be similar to H1 2014 althoughprice volatility significantly higher
± Strong balance sheet allows to finance expansion capex and continue the dividend policy (50% payout)
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