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Company presentation October 2015 ANDRITZ GROUP
Contents:
1. ANDRITZ GROUP overview
3. Long-term goals and summary/outlook
2. Business areas: market update
KEY FINANCIAL FIGURES 2014
* MEUR = million euro
The ANDRITZ GROUP Overview
Unit 2014
Order intake MEUR* 6,101.0
Order backlog (as of end of period) MEUR 7,510.6
Sales MEUR 5,859.3
EBITA MEUR 379.5
Net income (including non-controlling interests) MEUR 210.0
Employees (as of end of period; without apprentices) - 24,853
Profile: globally leading supplier of plants, equipment, and services for hydropower stations, the pulp and paper industry, the metal-working and steel industries, and solid/liquid separation in the municipal and industrial sectors Headquarters: Graz, Austria Global presence: over 250 production sites and service/sales companies worldwide
3 Company presentation October 2015
Product offerings: equipment for production of all types of pulp, paper, tissue, and board; energy boilers Order intake 2014: 1,996 MEUR Sales 2014: 1,969 MEUR Share of ANDRITZ GROUP’s total order intake: 30-35%
Worldwide leading position in four business areas HYDRO and PULP & PAPER …
Product offerings: electromechanical equipment for hydropower plants (turbines, generators); pumps; turbo generators Order intake 2014: 1,817 MEUR Sales 2014: 1,752 MEUR Share of ANDRITZ GROUP’s total order intake: 30-35%
4 Company presentation October 2015
Product offerings: equipment for solid/liquid separation for municipalities and various industries; equipment for production of animal feed and biomass pellets Order intake 2014: 596 MEUR Sales 2014: 587 MEUR Share of ANDRITZ GROUP’s total order intake: 10%
Product offerings: presses for metalforming (Schuler); systems for production of stainless steel, carbon steel, and non-ferrous metal strip; industrial furnace plants Order intake 2014: 1,693 MEUR Sales 2014: 1,550 MEUR Share of ANDRITZ GROUP’s total order intake: 25%
… METALS and SEPARATION
5 Company presentation October 2015
6 Company presentation October 2015
Strengthening of market position Growth through organic expansion and acquisitions
Acquisitions by business area since 1990
1,481 1,744
2,710 3,283
3,610 3,198
3,554
4,596
5,177 5,711
5,859
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Sales; in MEUR Order intake; in MEUR
Compound Annual Growth Rate (CAGR) of Group sales 2004-2014: +14% p. a. (thereof approximately half organic growth)
2011 Tristar Industries 2011 Asselin-Thibeau 2012 AES 2013 MeWa 2015 Euroslot
METALS 1997 Sundwig 1998 Thermtec 2000 Kohler 2002 SELAS SAS Furnace Div. 2004 Kaiser 2005 Lynson 2008 Maerz 2012 Bricmont 2012 Soutec 2013 Schuler (> 95%) 2013 FBB Engineering 2014 Herr-Voss Stamco 2015 Yadon (51%)* SEPARATION 1992 TCW Engineering 1995 Jesma-Matador 1996 Guinard 2000 UMT 2002 3SYS 2004 Bird Machine 2004 NETZSCH Filtration 2004 Fluid Bed Systems 2005 Lenser Filtration 2006 CONTEC Decanter 2009 Delkor Capital Equipment 2009 Frautech 2010 KMPT 2012 Gouda 2013 Shende Machinery
HYDRO 2006 VA TECH HYDRO 2007 Tigép 2008 GE Hydro business 2008 GEHI (JV) 2010 Precision Machine 2010 Hammerfest Strøm (59%) 2010 Ritz 2011 Hemicycle Controls PULP & PAPER 1990 Sprout-Bauer 1992 Durametal 1994 Kone Wood 1998 Kvaerner Hymac 1999 Winberg 2000 Ahlstrom Machinery 2000 Lamb Baling Line 2000 Voith Andritz Tissue LLC (JV) 2002 ABB Drying 2003 IDEAS Simulation 2003 Acutest Oy 2003 Fiedler 2004 EMS (JV) 2005 Cybermetrics 2005 Universal Dynamics Group 2006 Küsters 2006 Carbona 2006 Pilão 2007 Bachofen + Meier 2007 Sindus 2008 Kufferath 2009 Rollteck 2010 Rieter Perfojet 2010 DMT/Biax 2011 AE&E Austria 2011 Iggesund Tools
* Closing expected for Q1 2016
Contents:
1. ANDRITZ GROUP overview
3. Long-term goals and summary/outlook
2. Business areas: market update
8
HYDRO Challenging, but solid market environment
Large-scale plants Small-scale plants Pumps
Market
update
>> Solid, but rather slow project activity for modernizations in Europe and North America
>> Pumped storage projects on hold due to low electricity prices
>> Greenfield hydropower projects in emerging
markets, however awards expected only in the long term
Good activity, especially in emerging markets (high energy demand, low capex needs)
Demand for special pumps to remain at good level (irrigation, water transport, nuclear, etc.)
Competition Stable competition at challenging level. Main competitors: GE/Alstom, Voith
Outlook Stable -
Long-term average growth
potential:
3-4% p.a.
Stable +/- Stable +/-
Company presentation October 2015
>> Change/reduction of global market volume mainly caused by large-scale hydropower projects > 100 MEUR >> Excluding large-scale hydropower projects > 100 MEUR, global electromechanical equipment market amounts to 4-5 bn. EUR p.a.
5.5 4.7
3.7 4.3 4.8
1.9 3.6
1.4 1.6
1.5
2010 2011 2012 2013 2014
5.9
9
HYDRO: Development of global market volume for electro-mechanical equipment since 2010
7.4
8.3
5.1
6.3
█ Global market volume for electro-mechanical equipment below 100 MEUR per project █ Large orders > 100 MEUR
Average 4.6 bn. p.a.
EUR*
* Average global market volume for electro-mechanical equipment below 100 MEUR per project
Company presentation October 2015
Planned projects Country MW Total plant Time frame São Luiz do Tapajós Brazil 8,040 Medium to long term
Inga 3 Congo 4,800 Medium to long term Site C Canada 1,302 Effective within next 2-3 years Koralm Austria 918 Effective within next 2-3 years
Swansea Bay United Kingdom 352 Expected to be booked in 2016 Grand Coulee Units G19-G21 Turbine upgrade/rehabilitation United States 1,800-2,310 Effective within next 2-3 years
Baleh Malaysia 1,325 Effective within next 2-3 years Grand Coulee Rewind – 3rd
Powerhouse United States 1,800-2,310
Effective within next 2-3 years Upper Cisokan Indonesia 1,040 Effective within next 2-3 years
Nachtigal Cameroon 419 Effective within next 2-3 years Nam Theun 1 Laos 533 Effective within next 2-3 years
Mangla – Rehab Pakistan 888 Effective within next 2-3 years McNary – Runner Replacement United States 980-1,127 Effective within next 2-3 years
Large-scale hydro projects with potential order values of > 100 MEUR for electro-mechanical equipment
Advance work agreement signed. ANDRITZ HYDRO
share ~ 250 MEUR.
10 Company presentation October 2015
11
PULP & PAPER Good project activity, but unchanged challenging competition
Pulp Paper/packaging Nonwoven/plastic film Service
Market
update
>> Investments in greenfield pulp mills to continue
>> Modernization projects to increase
capacity, efficiency, and profitability of existing mills
>> Green energy investments
>> Some selective biomass pelleting projects
>> Stable demand for tissue and containerboard machines, predominantly in emerging markets
>> More stringent quality
requirements for food packaging
>> Stable and good project activity for nonwoven
>> Good potential in
certain niches
>> Plastic film: sharp market decline due to overcapacity
Good potential to grow organically and by acquisitions
Competition Unchanged challenging competition. Main pulp competitor: Valmet
Outlook
Long-term average growth
potential:
2-3% p.a.
Stable +/- Stable +/-
Company presentation October 2015
Mozambique: Chile: Owner – project Capacity/a.* Planned start-up
Arauco – Bio-Bio 1.6 2018 et seq.
12
* Annual capacity in million tons (may change over time); source: Pöyry. Capacity/year refers to added gross capacity (i.e. relevant as accessible market) without taking into account possible shut-downs of existing capacities
Brazil: Owner – project Capacity/a.* Planned start-up
Eldorado – Três Lagoas 2.3 2018 et seq. Veracel – Eunápolis 2.0 2019 et seq.
Braxel – Peixes 2.0 2019 et seq. CRPE Holding S.A – Ribas do Rio Pardo 2.2 2019 et seq. Suzano – Imperatriz 1.3 2019 et seq.
Fibria – Aracruz 1.7 2019 et seq.
Owner Capacity/a.* Planned start-up Portucel 1.5 2019 et seq.
Finland:
Owner – project Capacity/a.* Planned start-up Finnpulp – Kuopio 1.1 2019 et seq.
China: Owner – project Capacity/a* Planned start-up
Guangxi Jingui – Qinzhou City 1.2 2019 et seq.
PULP & PAPER Good project activity for greenfield pulps mills
Company presentation October 2015
13
METALS: good project activity in metalforming and strip processing plants driven by automotive industry
Metalforming Carbon Steel / Stainless steel Aluminum
Market
update
>> Good demand from automotive manufacturers, especially in Asia and Americas until beginning of 2015; since Q1 2015 slow-down of project activity, realization of current projects unclear.
>> Stable demand from other industries
Investment activity to remain at low level in H2 2015 and H1 2016. More investment activities lately in carbon and stainless in Europe.
Good demand, especially for processing lines to continue, driven by automotive industry mainly in EU, NAFTA and Asia.
Competition Stable competition at challenging level
Main competitors from Japan and China Main competitors: Danieli, SMS, Primetals (Mitsubishi/VAI)
Outlook
Long-term average growth
potential:
4-5% p.a.
Stable - Stable +/- Stable -
Company presentation October 2015
14
METALS Forecast passenger car until 2021 China
Source: JSC Automotive
Car units in million
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
20
24
22
12
18
16
14
Worst Case Base Case
Company presentation October 2015
15
METALS Vehicle density per 1,000 inhabitant – world (2000-2014)
554 557
732
152 107
11 7
524 576
800
230
128
29 10
572 592
310
195 106
22
Germany Japan Brazil USA Russia China India
2007 2014
2000
Company presentation October 2015
Source: IHS Automotive
16
Automotive lightweight design motivation Light-Duty Vehicle Standards on CO2 Emissions
0
20
40
60
80
100
120
140
160
180
200
220
2000 2005 2010 2015 2020 2025
Source: ICCT 2014, Historical fleet CO2 emissions performance and current or proposed light commercial vehicle/light truck standards
Grams CO2 per km, normalized to NEDC Liters per 100 km (gasoline equivalent)
9
8
7
6
5
4
3
2
1
Historical performance Enacted targets Proposed targets or targets under study
US 2025:
China 2020:
KSA 2020:
Canada 2025:
India 2021:
Japan 2020:
S. Korea 2020:
Mexico 2016:
EU 2021:
Brazil 2017:
97
117
142
97
113
122
97
145
95
138
Company presentation October 2015
17
Automotive light weight design – motivation Net weight of the golf (1974-2013)
Source: Volkswagen
600
800
1000
1200
1400
1600
1 2 3 4 5 6 7
Netweight in kgDepending on model type and configuration
Company presentation October 2015
18
Automotive light weight design Clever light weight design
The multi-material body in white combines different components of light weight metals: High-strenght steels
Cold and hotformed steels
Aluminium
Magnesium
Carbon fiber reinforces plastics
Less use of soft deep drawing steels
Material mix increases the complexity in the joining technology
The design concept of the hybrid construction:
The right material – (depending on the function) at the right place – in the smallest amount possible!
Company presentation October 2015
19
SEPARATION Mixed development of markets
Municipal Industrial Feed Biomass pelleting
Market
update
Investment activity at reasonable levels, mainly in developed markets
>> Reasonable demand in food processing and chemicals
>> Low project activity in
mining/minerals
Continuing at solid level Stable demand to continue
Competition Very fragmented market with global and regional competitors
Outlook Stable +/- Stable +/- Stable + Stable +
Long-term average growth
potential:
2-3% p.a.
Company presentation October 2015
Contents:
1. ANDRITZ GROUP overview
3. Long-term goals and summary/outlook
2. Business areas: market update
7.5 8.3 8.3 8.1 8.3
6.7
2010 2011 2012 2013 2014 H1 2015
5.4 5.2 6.2
4.1*
7.1** 5.9
2010 2011 2012 2013 2014 H1 2015
Long-term EBITA margin goal per business area
HYDRO
METALS
PULP & PAPER
SEPARATION
21
7.3 6.4
5.9
-1.8
5.2
6.7
2010 2011 2012 2013 2014 H1 20152013
* Including restructuring expenses of ~40 MEUR for Schuler ** Schuler: 8.8%
7.7 7.8 6.9
-0.1
3.7 3.3
2010 2011 2012 2013 2014 H1 2015
Long-term goal:
8.5-9.0%
Long-term goal:
7.0-8.0%
Long-term goal:
8.0-9.0%
Long-term goal:
7.0-8.0%
Company presentation October 2015
4.7 5.2 5.3 5.1
6.3 6.1 6.1 6.4 6.5
5.1
7.2 7.2 6.9
2.9*
6.5 6.2
7.1
937 1,319 1,110 1,225
1,481 1,744
2,710
3,283 3,610
3,198 3,554
4,596
5,177 5,711*
5,859
3,006
6,160
0
1,000
2,000
3,000
4,000
5,000
6,000
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 H1 2015 2015E**
EBITA margin (%) Sales (MEUR)* Including Schuler as of March 1, 2013; no pro forma figures are available for the reference periods of previous years ** Consensus as of October 1, 2015
Target to continue long-term profitable growth Goal: further improve profitability with top-line sales growth
%
MEUR
Average 2005-2009:
6.0% Average 2000-2004:
5.3%
22
Medium-term: Increase EBITA margin to 7-8%
with sales growth
Company presentation October 2015
Financials Appendix:
24
216 276 266 354 288 325 322 383 274 263 264 309 250 327 292 356 332 354 385 411 343 435 427 540 452 516
735 1,007
731 806 763 983
751 899 889
1,071 790 784 756 867
732 830 897 1,095
924 1,087 1,173
1,412 1,186 1,252 1,266
1,474
1,164 1,446 1,535 1,566
1,220 1,440 1,464
1,736
1,404 1,601
Q1
00
Q2
00
Q3
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Q4
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Q1
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Q1
14
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Q1
15
Q2
15
ANDRITZ GROUP by quarter
Sales
242 291 298 402 378 324 201 218 246 353 364 337 351 316 423 304 370 406 293
769
393 497 510 574 748
530 786 828
1,031 1,007
614
1,098 1,196 933
772 805 981
731 842 794 908
1,395
932 896
1,666 1,979
1,254
808
1,361 1,193 1,239 1,131
1,288 1,238 1,525 1,560
1,742
1,238 1,592 1,529 1,431
1,149
Q1
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Q2
00
Q3
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Q1
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Q1
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Q1
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Q3
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Q4
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Q1
14
Q2
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Q3
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Q4
14
Q1
15
Q2
15
Order intake
6 12 17 14 13 17 21 17 13 11 14 21 11 13 15 24 17 24 23 28 20 26 28 34 27 31 42 60
40 48 52 62 44 58 56
75 44 37 46
62 44 54 67
93
56 76 90
110
73 83 87 116
14
83 70
-3
49
85 101
145
73
112
Q1
00
Q2
00
Q3
00
Q4
00
Q1
01
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Q3
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14
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Q1
15
Q2
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EBITA
2.6 4.2
6.4
3.8 4.6 5.1
6.5
4.5 4.9 4.1
5.2 6.8
4.4 4.0 5.2
6.7 5.2
6.8 6.0
6.9 5.7 5.9 6.5 6.3 5.9 6.0 5.7 6.0
5.3 5.9 6.8 6.3 5.9 6.4 6.3
7.0 5.5
4.7 6.1
7.2 6.0 6.5
7.5 8.5
6.1 6.9
7.7 7.8
6.1 6.6 6.8 7.9
1.2
5.7 4.6
-0.2
4.0
5.9 6.9
8.4
5.2
7.0
Q1
00
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00
Q3
00
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00
Q1
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14
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Q3
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Q4
14
Q1
15
Q2
15
EBITA margin
25
HYDRO by quarter
Sales
184
351 294 257
194
471 392 377
243
531 574 480
324 315 391
759
391 329
584 513
716
284
598 516
391 504
574
280 367
644 523
291 351
651
447 348
Q1
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Q2
00
Q3
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01
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Q1
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Q1
14
Q2
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Q3
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Q1
15
Q2
15
Order intake
9 11 8 8 15 19
13 15 22
38
21 17 26
37
23 24 27
44
27 33 33
55
30 30 32
61
27 35 38
48
24 32 35
53
20
38
Q1
00
Q2
00
Q3
00
Q4
00
Q1
01
Q2
01
Q3
01
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01
Q1
02
Q2
02
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02
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02
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03
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05
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06
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07
Q2
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07
Q1
08
Q2
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08
Q1
09
Q2
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Q1
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10
Q1
11
Q2
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Q3
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Q4
11
Q1
12
Q2
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12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
EBITA
5.0 4.2 4.7 3.7
6.6 6.1 5.8 5.6 7.2
9.0
6.5 5.0
7.7 9.5
6.6 6.6 7.1 9.0
7.4 7.5 7.8
10.0
7.5 7.5 7.3
10.3
7.0 7.4 8.4
9.5
6.7 7.3 8.2
10.2
4.9
8.3
Q1
00
Q2
00
Q3
00
Q4
00
Q1
01
Q2
01
Q3
01
Q4
01
Q1
02
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02
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02
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02
Q1
03
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03
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03
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05
Q1
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06
Q1
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Q1
14
Q2
14
Q3
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Q4
14
Q1
15
Q2
15
EBITA margin
183 253
162 213 228
308 218
273 308 407
317 334 337 391 349 358 381
492
365 441 418
550
403 404 439
591
381 469 451
503
363 443 427
520 408
458
Q1
00
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00
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00
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00
Q1
01
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03
Q1
04
Q2
04
Q3
04
Q4
04
Q1
05
Q2
05
Q3
05
Q4
05
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
26
127 191 172
228 187 217 216 263
167 151 161 193 160 218 193 239 210 215 225 235 209
260 240 324
250 290 320
445 333 372 339
419 319 351 311 345
234 232 205 232 217 262 288 338 373 414
493 583 564 600 561 557
452 480 525 549
400 470 501
599
481 563
Q1
00
Q2
00
Q3
00
Q4
00
Q1
01
Q2
01
Q3
01
Q4
01
Q1
02
Q2
02
Q3
02
Q4
02
Q1
03
Q2
03
Q3
03
Q4
03
Q1
04
Q2
04
Q3
04
Q4
04
Q1
05
Q2
05
Q3
05
Q4
05
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
PULP & PAPER by quarter
Sales
147 179 222 336
224 205 111 103 154 222 223 243 178 194 282 203 243 234 151
592
146 257 212
403 433 315 380 304 380
535
186 306
417 294 244
78 165 138 302 319 340 409 327 313
818
1,227
313 314 529 452 542
439 424 392 602
490 655
402 572
366 462 447
Q1
00
Q2
00
Q3
00
Q4
00
Q1
01
Q2
01
Q3
01
Q4
01
Q1
02
Q2
02
Q3
02
Q4
02
Q1
03
Q2
03
Q3
03
Q4
03
Q1
04
Q2
04
Q3
04
Q4
04
Q1
05
Q2
05
Q3
05
Q4
05
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Order intake
2 8 6
14 6
12 15 21
7 7 9 17
9 12 12 16
12 16 16 21
14 14 15 21
13 18 19
26
15 24 22 23
19 21 19
8 9 -8
7 10 11 18 21
30
20 28
37 34 30 38 38
29
-24
22
-8 -27
10
27 29 36
28
42
Q1
00
Q2
00
Q3
00
Q4
00
Q1
01
Q2
01
Q3
01
Q4
01
Q1
02
Q2
02
Q3
02
Q4
02
Q1
03
Q2
03
Q3
03
Q4
03
Q1
04
Q2
04
Q3
04
Q4
04
Q1
05
Q2
05
Q3
05
Q4
05
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
EBITA
1.6
4.3 3.7
6.2
3.3
5.6 7.1 7.8
4.1 4.4 5.7
8.5
5.7 5.4 6.2 6.9
5.9 7.3 7.2
8.8
6.5 5.5 6.0 6.5 6.4 6.3 5.8 5.8
4.5
6.5 6.3 5.5 5.9 5.9 5.9
2.5 3.6
-3.6
3.4 4.4
5.3 6.9 7.3
8.9
5.4 6.7
7.6 5.8 5.4
6.3 6.8 5.1
-5.2
4.6
-1.5 -4.8
2.6
5.8 5.8 6.0 5.8 7.5
Q1
00
Q2
00
Q3
00
Q4
00
Q1
01
Q2
01
Q3
01
Q4
01
Q1
02
Q2
02
Q3
02
Q4
02
Q1
03
Q2
03
Q3
03
Q4
03
Q1
04
Q2
04
Q3
04
Q4
04
Q1
05
Q2
05
Q3
05
Q4
05
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
EBITA margin
27
44 34 36 55 40 41 39 47 47 45 44 41 39 53 42 39 54 58 64 60 52 66 82 77 83 92 120 156
122 92 79 116 113
155 144 154 135 109 108 122 78 84 84 94 71 91 101 109 89 87 118 110
202
347 414
348 333 390 390
439 377
419
Q1
00
Q2
00
Q3
00
Q4
00
Q1
01
Q2
01
Q3
01
Q4
01
Q1
02
Q2
02
Q3
02
Q4
02
Q1
03
Q2
03
Q3
03
Q4
03
Q1
04
Q2
04
Q3
04
Q4
04
Q1
05
Q2
05
Q3
05
Q4
05
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
METALS by quarter
Sales
51 36 26 16 83 59 27 27 28 58 61 28
111 60 79 38 35
93 72 67 89 122 193
41 136
64 117 85
217
86 116 217 245
118 172
77 124
22 116
35 43 99
55 106 105 78 71 65 64 47
160
53 145
390 424
276
420 378
530
365 385
211
Q1
00
Q2
00
Q3
00
Q4
00
Q1
01
Q2
01
Q3
01
Q4
01
Q1
02
Q2
02
Q3
02
Q4
02
Q1
03
Q2
03
Q3
03
Q4
03
Q1
04
Q2
04
Q3
04
Q4
04
Q1
05
Q2
05
Q3
05
Q4
05
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Order intake
2 -1 5 0 3 1 2 1 3 4 1 1 0
0
2 3 3 3 2 4 2 4 6 5 6 4 9 12 9 6 6 9 7
13 9 11 8
2 9
2 4 3 6 6 3 3 5 8 4 5 8 8
13
24
37
-21
13
25 31
40
22 25
Q1
00
Q2
00
Q3
00
Q4
00
Q1
01
Q2
01
Q3
01
Q4
01
Q1
02
Q2
02
Q3
02
Q4
02
Q1
03
Q2
03
Q3
03
Q4
03
Q1
04
Q2
04
Q3
04
Q4
04
Q1
05
Q2
05
Q3
05
Q4
05
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
EBITA
EBITA margin
4.6
-2.3
13.5
0.5
6.4
1.5
4.8 2.1
6.3 8.4
2.5 1.5 0.3
3.6
7.4 5.4 5.2
3.8 6.4
4.0 5.3
6.8 6.1 6.9 4.5
7.1 7.8 7.2 6.2 8.1 7.6
6.2 8.5
6.0 7.4
5.9
1.4
8.3
1.7
4.9 3.1
6.7 6.8 4.5
3.1 5.2
7.4 4.7
6.2 6.8 6.8 6.6 6.9 9.0
-6.1
4.0 6.5
8.0 9.2
5.8 6.1
Q1
00
Q2
00
Q3
00
Q4
00
Q1
01
Q2
01
Q3
01
Q4
01
Q1
02
Q2
02
Q3
02
Q4
02
Q1
03
Q2
03
Q3
03
Q4
03
Q1
04
Q2
04
Q3
04
Q4
04
Q1
05
Q2
05
Q3
05
Q4
05
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15-0,2
28
26 31 33 44 30 35 35 35 25 31 30 37
22 21 27 41 40 45
57 76
50 76 66
97 81 87 82
117
80 98
82 105
66 84 89
127
71 81 76 95
56
89 101
130
81 105
124 132
90 111 104
163
128 150 145
166
124 138 147
178
139 161
Q1 00 Q3 00 Q1 01 Q3 01 Q1 02 Q3 02 Q1 03 Q3 03 Q1 04 Q3 04 Q1 05 Q3 05 Q1 06 Q3 06 Q1 07 Q3 07 Q1 08 Q3 08 Q1 09 Q3 09 Q1 10 Q3 10 Q1 11 Q3 11 Q1 12 Q3 12 Q1 13 Q3 13 Q1 14 Q3 14 Q1 15
SEPARATION by quarter
Sales
19 49
23 27 32 26 27 56
31 43 46 28 27 21 29 34
57 37 42
65
123
70 70 77
127
84 74 60
98 91 83 75 99 100
75 87 84 69 79 74
89 93
129 113 125 122 121
95 124 135
107 102
146 176
132 150 144
166 138 148 136 145
Q1
00
Q2
00
Q3
00
Q4
00
Q1
01
Q2
01
Q3
01
Q4
01
Q1
02
Q2
02
Q3
02
Q4
02
Q1
03
Q2
03
Q3
03
Q4
03
Q1
04
Q2
04
Q3
04
Q4
04
Q1
05
Q2
05
Q3
05
Q4
05
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Order intake
EBITA
8.9
0.7
3.9 4.6
7.8 7.3
2.6 4.0
0.4 -1.9 3.0
1.6 -1.8 -5.1 0.8
7.1
1.0
6.9 5.6
4.2 3.0
8.2 6.4 6.0 5.6 6.0 5.1 5.6 6.7 6.6 5.6
8.5
4.1 6.7
4.6
11.7
5.9 4.6 5.3
13.4
5.4
8.8 9.7 6.9
5.5 8.5
10.0 9.3
5.6 5.7 5.8
10.7
-1.6 1.3 1.7 -1.7 0.4
-0.3
4.0
8.7
2.8 3.7
Q1
00
Q2
00
Q3
00
Q4
00
Q1
01
Q2
01
Q3
01
Q4
01
Q1
02
Q2
02
Q3
02
Q4
02
Q1
03
Q2
03
Q3
03
Q4
03
Q1
04
Q2
04
Q3
04
Q4
04
Q1
05
Q2
05
Q3
05
Q4
05
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
EBITA margin
2 0 1 0
2 3 1 1 0 -1 1 1 -1 0
3 0
3 3 3 2
6 4
6 5 5 4 7 5 7
5
9
3 6
4
15
4 4 4
13
3
8 10 9
5
9
13 12
5 6 6
17
-2 2 2
-3 1
0
6
16
4 6
Q1
00
Q2
00
Q3
00
Q4
00
Q1
01
Q2
01
Q3
01
Q4
01
Q1
02
Q2
02
Q3
02
Q4
02
Q1
03
Q2
03
Q3
03
Q4
03
Q1
04
Q2
04
Q3
04
Q4
04
Q1
05
Q2
05
Q3
05
Q4
05
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
0
