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Analyst Meeting
Second Quarter 2015
14 August 2015
Sahaviriya Steel Industries PLC
1
The information contained in this presentation is intended solely for your personal reference only. If you
are not an intended recipient, you must not read, disclose, copy, circulate, retain, distribute or take any
action in reliance upon this material.
This presentation is not intended to substitute your own analysis and investigation, and should not be
considered a recommendation to any recipient of this presentation. Some statements contained herein
are forward-looking statements identified by the use of forward-looking terminology such as “may”, “will”,
“expect”, “anticipate”, “intend”, “estimate”, “continue”, “plan” or other similar words, which are subject to
various risks and uncertainties. These statements include statements with respect to Sahaviriya Steel
Industries Public Company Limited (the “Company” or “SSI”)’s, Sahaviriya Steel Industries UK Limited
(“SSI UK”)’s and their subsidiaries (collectively referred to as “SSI Group”) corporate plans, strategies and
beliefs and other statements that are not historical facts.
This presentation is prepared based on the assumptions and beliefs of SSI Group’s management in light
of the information currently available to the Company involving risks and uncertainties which may cause
the actual results, performance or achievements to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements. Nothing in this
presentation is, or shall be relied on as promise or representation of the Company as to the future.
Disclaimer
UK Thailand
2
1) dwt = Deadweight ton 2) mtpa = million tons per annum 3) 50% ownership via SSI UK 4) Exchange rate used for translation = 32.46 THB/USD
ASEAN’s Largest Flat Steel Producer
Slab
3.6 mtpa 2)
N/A
Sahaviriya Steel
Industries UK Ltd.
100.0%
Cold-rolled steel
1.2 mtpa 2)
43%
Thai Cold Rolled
Steel Sheet Plc.
35.19%
Electro-galvanised
0.24 mtpa 2)
45%
Thai Coated Steel
Sheet Co., Ltd.
3.7%
Support:
Port
100,000 dwt 1),
14 mmt throughput
N/A
Prachuap Port
Co., Ltd.
51.0%
Hot-rolled coils
(pickled and oiled)
HotCoil
4 mtpa 2)
55%
Sahaviriya Steel
Industries Plc.
CleanStrip®
1 mtpa 2)
Parent Company
63%
Finished products
out-bound
Raw materials
in-bound
Coated
Steel Sheet
Cold Rolled
Coil
Hot Rolled
Coil Port Upstream Port
100% 51% 3.7% 35.19%
99.99%
50%
Support:
Port
170,000 dwt 1),
12 mmt throughput
N/A
Redcar Bulk
Terminal Limited
50.0% 3)
Engineering
Capacity
Domestic Capacity Share
Product Range
Legal Entity
SSI Ownership
Total Sales in 2014 4) 43 MUSD 1,441 MUSD 9 MUSD 998 MUSD 379 MUSD 85 MUSD
Innovate Premium Value Products
Integrate World Class Steel Business
Long-term
Strategies
2.6 1.0
3.6 MT
0.8 0.7
1.6 MT
2.3 2.4
4.7 MT
5.7 4.1
9.8 MT
3
Thailand Flat Steel Demand: the biggest and most sophisticated in ASEAN
Application Midstream & Downstream Upstream (Iron & Steel Making)
Checkered
HRC P/O
Hot Rolling
4.7 MT
Cold Rolling
CRC
1.5 MT
Coating
Coated
Local (MT)
Import (MT)
9.8 MT
Total Flat
Products
(excl.plate)
Slab
ASEAN’s industrialisation and urbanisation has driven and will drive consistent high growth.
LONG: CAGR 98-14
7.4%
FLAT: CAGR 98-14
8.7%
Apparent Steel Consumption High-grade Flat Steel Products Consumption
ASEAN steel consumption decelerated its growth rate to 3.5% in 2014.
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012P 2013 2014
47% 51%
53% 49%
1998 2014
Long
Flat
3.6 MT
43.5 46.2 42.0 48.6 52.4
58.8 63.5 65.7
2007 2008 2009 2010 2011 2012 2013 2014
Million Tons
Source : WSA, ISIT, SEASI, Federation of Thai Industry Source : SEAISI
Thailand Flat Steel Consumption: largest and most sophisticated in ASEAN, approximately net 5.7 mtpa or 58% served by import.
2014 Domestic
Flat Steel Demand
ASEAN’s steel consumption continued to grow at 3.5% in 2014, but mainly served by imports especially from China. Vietnam registered highest growth rate, followed by Philippines and Malaysia.
ASEAN’s steel consumption is projected to maintain a steady growth of around 4%-5% and surpass 80 million tons in 2018.
1.60 1.46
2.62 2.64
4.23 4.09
Q1/15 Q2/15
Flat
Long
0.1
1.1
0.5
0.9
0.2
1.1
0.3
1.0
HR Plate
HR Sheet
CR Sheet
Coated
Inner Chart = Q1/15
Outer Chart= Q2/15 Source : ISIT
Unit: Million MT
Flat Product Finished Steel Consumption
4
Q2/2015 Highlights
Total steel consumption contracted 3.1% QoQ due to
slower than expected recovery of domestic economy.
Long steel consumption dropped 9.1% QoQ; however,
flat steel consumption increased 0.5% QoQ.
Car production and A/C production fell 22% and 5%
QoQ respectively due to decreased domestic
purchasing power and export value. However, fridge
production could manage to rise 12% QoQ.
Thai Steel Market
Source : ISIT
Unit: Million MT
Total Apparent Finished Steel Consumption
Car and HA/EA Production
-
1,000
2,000
3,000
4,000
Cars Fridge A/C
(Thousand Units)
Source: ISIT and The Federation of Thai Industries
Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q2/14 Q3/14Q4/14 Q1/15 Q2/15
5
Thailand urban population increased from 26.4%
in 1980 to 44.1% in 2010, and 46.7% in 2014E;
whist number of stores’ regional branches
increasingly expanded during 2008-2014.
Potential in capturing growth in automobiles,
electrical appliances, and food packaging
as a center of ASEAN production
Opportunities in Thailand Urbanization
AEC-Opportunities towards ASEAN Construction and Infrastructure
Rising GDP Driven by Middle-Income
Production Growth in ASEAN’s Selective Sectors
'02 '14
Car
'02 '14
White Goods
'02 '14
Canned Fruit & Canned Seafood
Source : Thailand Automotive Institute , FTI, and ISIT
CAGR 08-14 = +13.6% +28.8% +11.8% +9.8%
HomePro Siam Global Robinson Makro
House
Thailand Steel Consumption (k tons)
Growing ASEAN Steel Consumption
Expansion of Stores’ Regional Branches (2008-2014)
ASEAN Steel Market & Key Growth Drivers
1 2
3
4
33
7
20
44
71
32 39
77
Packaging 5%
Auto 19%
Construction
53%
M/C & Ind.
13%
Appliance
11%
Source: ISIT
43.2%
20.4%
32.7%
27.1%
30.2%
22.0%
29.8%
Source: Fiscal Policy Office
Unit: % of GDP
2014 Domestic Steel Demand Breakdown
GDI/GDP Ratio
’08 ’14 ’08 ’14 ’08 ’14 ’08 ‘14
Growth in ASEAN’s GDP driven by middle-class income,
whose consumption is likely to fuel sales of HA/EA and
automobiles.
Source: IMF, SEAISI, and Worldmeters Remark: ASEAN data includes Thailand, Indonesia, Vietnam, Malaysia, Philippines and Singapore
Stages of Steel Use Per Capita
1. Very low level before economic take-off
2. Rapid rise
3. Leveling off
4. Decline
5. Stabilization
Above figures were calculated by SSI from (1) World Bank’s
forecasted population (2) 8.23% CAGR of ASEAN GDP’s
growth (forecasted by Economy Watch) and (3) WSA’s
relationship between GDP per Capita and ASU per Capita.
ASEAN Steel Consumption (k tons)
2.8% 8.8% 6.6% 8.9% 8.7%
Growth in GDP per Capita from 2014-2020
7.2%
Source : IMF Estimate
12.6% 10.2% 4.0% 5.1% 9.0%
0
10,000
20,000
30,000
40,000
0
50,000
100,000
150,000
200,000
6
Highlights
Agenda
Recent Update and Ongoing Projects
Q2/2015 Performance Results
Q2/2015 Financial Results
Outlook and Guidance
Q & A
Supplementary Appendix
7
Group CEO’s Message
“Though the EBITDA loss in Q2/2015 is similar to Q1/2015, the narrative is
quite different. There was significant improvement in the HRC Business in Q2
– HRC Sales Volume grew 11% to 307k tons, Premium Value Products ratio
reached 44% highest record, and HRC EBITDA turned around from negative
$38.6/ton to positive $32.4/ton as we had consumed most of the high-cost
raw materials (from the first quarter) and started to consume cheaper raw
materials. In Q3, we expect to see this improving trend continue and a return
to profitability then.
The market conditions for the Upstream Business continued to be extremely
challenging. China’s steel export is at all-time high, owing to its severe over-
capacity problem, slowing economy, and also the distorting export tax rebate
system. This is causing problems to the steel industry globally and
depressing margins everywhere. The compressing margins are significantly
bigger than the gains from our cost reduction effort, therefore we will
unfortunately continue to struggle for the time being.
Though the steel industry is in turmoil, we are not disheartened. We believe
that our focus on innovation to create value for our customers and better
margins, and our focus on integration between our various businesses and
production assets to achieve economy of scale and lower cost, will yield
improving financial result. That is what we are here for and we remain
committed to our vision.”
innovate strength
Up
str
ea
m
Q2/2015 Highlights: Business Results
8
Highlights in Q2/2015
Upstream Business recorded its highest quarterly
Slab Sales Volume to 3rd Party Customers of
564k tons or 83% of total Slab Sales Volume.
HRC Business achieved its highest quarterly
Premium Value Products sales ratio 44% of total
HRC Sales Volume.
For the case of Anti-dumping Measure on HRC
whose origins are from 14 countries, the
Committee on Dumping and Subsidies
announced the Notification on Sunset Review to
extend the measure with the same duty rates for
5 years, effective from 23 May 15 to 22 May 20.
1) HRC Rolling Margin = HRC Spread / HRC Average Selling Price; Slab Margin = Slab Spread / Slab Average Selling Price. 2) HRC EBITDA includes net stock loss provision (reversal) (USD 51.3/ton) in Q2/2015, USD 15.9/ton in Q1/2015, (USD 0.3/ton) in Q2/2014,
(USD 19.4/ton) in 6M/2015, and (USD 1.1/ton) in 6M/2014.
Q2/15 Q1/15 %QoQ Q2/14 %YoY 6M/15 6M/14 %YoY
Group LTIFR 1.61 2.15 -25% 0.94 +71% 1.88 2.47 -24%
Group Revenues (MB) 11,867 11,023 +8% 18,051 -34% 22,890 37,062 -38%
Group Sales Volume
(k tons)
871 718 +21% 902 -3% 1,589 1,850 -14%
Group EBITDA (MB) (1,777) (1,654) -7% 0.3 N.A. (3,431) 76 N.A.
Group Net Profit
( Loss) (MB)
(3,236) (3,026) -7% (1,406) -130% (6,262) (2,803) -123%
HRC Production Volume
(k tons)
320 221 +45% 382 -16% 540 779 -31%
HRC Sales Volume
(k tons)
307 278 +11% 384 -20% 585 846 -31%
HRC Selling Price
(USD/ton) 532 607 -12% 682 -22% 568 674 -16%
HRC Spread (USD/ton) 34 65 -48% 117 -71% 49 122 -60%
HRC Rolling Margin 1) 6.5% 10.8% 17.1% 8.7% 18.1%
HRC EBITDA 2) (USD/ton) 32.4 (38.6) +184% 46.2 -30% (0.8) 56.1 -102%
Slab Production Volume
(k tons) 696 721 -3% 670 +4% 1,417 1,366 +4%
Slab Sales Volume
(k tons) 679 715 -5% 646 +5% 1,394 1,362 +2%
Slab Sales Volume to 3rd
parties (k tons)
(% of Slab Sales Volume)
564
(83%)
440
(62%)
+28% 517
(80%)
+9% 1004
(72%)
1,003
(74%)
+0.1%
Slab Selling Price
(USD/ton)
337 370 -9% 520 -35% 354 521 -32%
Slab Spread (USD/ton) 103 118 -13% 189 -46% 111 165 -33%
Slab Margin 1) 30.6% 32.0% 36.4% 31.3% 31.7%
Group Sales Volume and Revenues
GR
OU
P
HR
C
595 425
462 384 355 267 278 307
333 371
486 517 356 490 440
564
927 796
948 902
711 757 718 871
16,796 16,100
19,011
18,051
14,014 14,200
11,023 11,867
-
5,000
10,000
15,000
20,000
-
500
1,000
1,500
2,000
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 HRC Sales Volume (k tons) Slab Sales Volume to 3rd Pty (k tons) Total Sales Volume Group Revenues (million Baht)
-1,654
+72
-665
-386
-125
+860
+119 +2
-1,777
Q1/15 EBITDA Sales Volume Metal Spread Conversion Cost
SG&A Stock Loss Provision
Net Foreign Exchange Gain
(Loss)
Others Q2/15 EBITDA
Q1/2015 – Q2/2015 EBITDA Bridge
9
Unit: MB
Q2/2015 Highlights: Safety and Awards
Lost Time Injury Frequency Rate (LTIFR) improved from
2.15 in Q1/15 to 1.61 in Q2/15.
Lost Time Injury
Frequency Rate
(LTIFR)*
2015 2014 2015 2014
Q2 Q1 Q2 Jan-Jun Jan-Jun
SSI 0.00 1.58 1.57 0.84 1.48
TCRSS 0.00 2.13 0.00 1.07 0.00
WCE 2.27 4.07 0.00 3.22 3.42
PPC 0.00 0.00 0.00 0.00 5.94
SSI UK 2.57 1.90 1.30 2.23 3.19
SSI Group 1.61 2.15 0.94 1.88 2.47
* LTIFR = Number of lost time injuries per 1,000,000 man hours worked (Number of LTI’s x 1,000,000/Man hours worked)
10
1.41
2.79
3.96
0.94 0.91
2.16 2.15
1.61
2.47
1.88
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 6M/14 6M/15
SSI Group’s LTIFR
11
Highlights
Agenda
Recent Update and Ongoing Projects
Q2/2015 Performance Results
Q2/2015 Financial Results
Outlook and Guidance
Q & A
Supplementary Appendix
Group Sales Volume Breakdown by Geography
12
64% 57%
49% 43%
52%
37% 42%
36%
31%
36%
24%
27%
29%
45%
48% 59%
5% 7%
27% 30% 19% 19%
7% 3% 5%
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15
Africa
N.America
Europe/ Middle East
Asia/ Australia
13
SSI UK
SSI UK
SSI UK
2013
(Actual)
2014
(Actual)
2015
(Actual 6M)
2015
(Target)
Total Hi-Grade 0.36 MMT 0.30 MMT 0.18 MMT 0.55 MMT
SSI-UK 0.17 MMT 0.18 MMT 0.12 MMT 0.44 MMT
46% 61% 67% 80%
Innovate Premium Value Products – Grow and Accelerate PVP
SSI-UK Slab to High-Grade Market Accreditation
Automobile
HRC for Re-rolled
Thin Gauge
IVPs
Focus on 4 key growth products
10.7% 20%
5.6% 20%
160kt 360kt
1,100kt 1,350kt
1,550kt 1,750kt
2014 2016
At least 5 car
models expected to be launched
Hi-end applications
expected to be launched
Expand to
AEC and export market
Increase IVP to all segments
SSI
SSI
220kt
520kt
Checker
PVPs
Important Development in Q2/15
Auto, HA/EA Application:
3 Automotive customers approved material 7
grades (High strength steel grade).
PVPs
29%
34%
38%
42%
34%
39% 41%
44%
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15
Unique High-Grade
IVP IVP (High-Grade)
Subtotal: Premium Value
38%
62%
2014
Commercial
Grade
PVPs 48%
2016
Commercial
Grade
52%
PVPs
Premium Value Products Pipeline
14
2014 2015 2016
Auto -
Xtra Forming Steel
Auto – Hi-Ten Steel
Auto – Auto HR for CR Steel
CRC for Coated –
Xtra Surface Coated Steel
HA/EA – EA Forming Steel
Structural – Xtra Strength Steel
Steel for Machinery
& Agricultural
Purpose – Wear Resistant Hi-C Steel
Structural Steel
Parts – Advanced
Forming Hi-Ten Steel
6 Groups of PVPs are being developed throughout Y2015-2016 for 5 segments
Auto
Auto
Machinery
Auto
HA/EA
Structural
Structural
Re-rolled
Structural
Automotive
HA/EA
Re rolling
Machinery
PVPs 48%
2016
Commercial
Grade
52%
PVPs 38%
2014
Commercial
Grade
62%
Integrate World-class Steel Business - Quick-win Projects
15
2015 Pipeline
Note: Project’s titles have been changed for pertinent meaning.
16
Skimming Vision System - D1
Project schedule
Payback Period
Financial Justification Project Details
$20k
2 months
Quick-win Project: Q2/2015 Result
Investment
Skimming Vision System - D1 was undertaken following
the excellent benefits achieved from Skimming Vision
System - D2. The installation of the thermal image
camera will enhance operator’s visualization and
accuracy of skimming process or removal of sulphur
bearing slag from the hot metal ladle, resulting in
reduced iron lost.
The project aims to reduce skimming loss by 0.83t per
skim in each ladle
Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15
End of Apr 2015 Project finished
Mar 2015 Project started
Feb 2015 Project approved
Jun 2015 Hand-Over
May 2015 Commissioned
Monitoring and Benefit Evaluation
17
Predicting Hot Metal Properties System
Project schedule
Payback Period
Financial Justification Project Details
Zero
Immediately
Investment
The project is creating software using a Neural Model to
forecast chemistry and temperature of the hot metal.
This is in order to increase the accuracy in scrap
preparation at Steelmaking whilst reducing the total
amount of scrap used.
The project was completed early April 2015. Benefit till
the end of June 2015 was USD 0.22 million.
Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15
Early of Apr 2015 Project finished
Mar 2015 Project started
Feb 2015 Project approved
May 2015 Hand-Over
Apr 2015 Commissioned
Monitoring and Benefit Evaluation
Quick-win Project: Q2/2015 Result
15
18
Thickening Sinter Bed to 615mm.
Project schedule
Payback Period
Financial Justification Project Details
$15k
Less than 1 month
Investment
The project aims to maximise sinter output by
increasing the ability to use more raw materials in
the sinter bed. Five sets of laser distance sensors
will be installed to ensure the sinter lays flat on the
bed without any waving. The increase of sinter
output will enable a reduction in pellet usage at the
Blast Furnace.
May 15 Jun 15 July 15 Aug 15 Sep 15
Aug 2015 Project finished
May 2015 Project started
May 2015 Project approved
Mar 2015 Hand-Over
Aug 2015 Commissioned
Monitoring and Benefit Evaluation
Quick-win Project: To be Delivered in Q3/2015
The picture shows the guideline of laser sensor installation.
19
Highlights
Agenda
Recent Update and Ongoing Projects
Q2/2015 Performance Results
Q2/2015 Financial Results
Outlook and Guidance
Q & A
Supplementary Appendix
HRC Sales Volume increased 11% QoQ to 307k tons. However, sales growth was less than expected due to slower-than-expected recovery of domestic
economy, high import volume of downstream steel products i.e. steel pipe and steel purlin, as well as the continuing drop of steel prices which held
customers’ buying decision.
HRC Production Volume increased 45% QoQ to 320k tons.
HRC Average Selling Prices decreased 12% QoQ to USD 532/ton, contributing to HRC Rolling Margin of 6.5%.
Thailand’s HRC sales volume decreased 3% QoQ to 1,443k tons from 1,492k tons in Q1/15 due to slower-than-expected economic recovery. However,
SSI’s HRC market share increased QoQ to 19%.
20
HRC Business Performance
HSM
Yield
Loss
1.63% 1.60% 1.67% 1.58% 1.79% 1.59% 1.69% 1.82%
Import
Slab
Cost
535-545 515-525 530-540 545-555 535-545 520-530 515-525 455-465
595
425 462 384
355 267 278 307
515
408 397 382 388
257 221
320
52% 41% 40% 38% 39%
26% 22% 32%
-100.00
100.00
300.00
500.00
700.00
900.00
1,100.00
1,300.00
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15
Tho
usa
nd
s
Sales Volume (k tons) Production (k tons) Utilisation Rate (%)
648 660 667 682 701
668
607 532
14.3%
18.4% 19.0% 17.1%
18.9% 18.3%
10.8%
6.5%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
300
500
700
900
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15
Avg. Selling Prices HRC Rolling Margin
511
363 389 369 391
285
188
283
-
100
200
300
400
500
600
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15
Imported Slabs (k tons)
21% 25%
30% 27% 21%
16% 17%
17% 16%
17%
24% 16%
20% 18%
16%
15% 20% 18%
22% 27%
24% 22%
16% 18% 19%
62% 58%
66%
60%
54%
Q2/14 Q3/14 Q4/14 Q1/15 Q2/15
Domestic HRC Market Shares
SSI
Other Local Supplies
Import - Other (Alloy steel)
Import - Carbon steels P&O
Import - Carbon steels
21
Steel Pipe Import
Above steel pipe import includes: Carbon Steel Pipe, Alloy Steel Pipe, Square or Rectangular Pipe, and Other
Welded Pipes.
Steel pipe import volume has been increasing drastically since 2014, especially from China.
High level of steel pipe import volume has affected domestic pipe manufacturers and SSI.
Metal Tube Cold-forming Steel Association has been working since late Q4/14 to file a petition for a trade
remedy measure.
9,147 13,502 9,952 8,633 9,081 16,300
37,742 37,919
24,940 31,749 15,970
19,770
7,694 15,175
39,742 27,831
21,275
7,355
4,957
7,445
4,485
4,933
2,272
6,751
3,223 5,046
5,711
5,274
1,859
2,945
5,175
4,720
5,633
2,821
2,655 2,737
2,732
2,843
3,108
2,790
665
1,616
1,906
885
1,766 2,934
5,982
5,408
7,178
8,864
35,443
44,541
27,456
34,265
56,468 54,849
73,441
58,799
42,043
53,794
60,217
54,619
59,130
53,105
43,950 44,637
39,371 39,653 43,322
36,482
Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15
Steel Pipe Import
Vietnam
Taiwan
South Korea
Japan
China
Total Volume
Average Price (Baht/ton)
Import Volume (Tons)
Slab Sales Volume decreased 5% QoQ to 679k tons, with 83% sold to 3rd parties.
Slab Production decreased 3% QoQ to 696k tons due to planned annual shutdown.
Slab Average Selling Price dropped 9% QoQ to USD 337/ton, and Slab Margin decreased to 30.6% as steel prices in the
world market continued to decline resulting in lower Slab Spread.
Upstream Business
22
333 371 486 517
356 490 440
564
1,003 1,004 698 738 696 670 705 689 721 696
1,366 1,417
728 713 717 646 688 709 715 679
1,362 1,394
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 6M/14 6M/15
Slab Sales Volume to 3rd Parties (k tons)
Slab Total Sales Volume (k tons)
Slab Production (k tons)
474 497 522 520 507 496
370 337
521
354
19.8% 21.3%
27.5%
36.4% 38.1%
41.8%
32.0%
30.6% 31.7% 31.3%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
100
300
500
700
900
1,100
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 6M/14 6M/15
Avg. Selling Price (USD/ton) Slab Margin (%)
23
Highlights
Agenda
Recent Update and Ongoing Projects
Q2/2015 Performance Results
Q2/2015 Financial Results
Outlook and Guidance
Q & A
Supplementary Appendix
HRC 44%
Upstream 54%
Port 0.3%
Engineering 1.0%
+334
-2,177
+50 +7 +10
-1,777
EBITDA Q2/2015
-222
-3,045
+20 +1 -1 +11
-3,236
Net Profit Q2/2015
Consolidated Performance
24
RE
VE
NU
E
EB
ITD
A
NE
T P
RO
FIT
% by Business Unit in Q2/2015
HRC Upstream
Port Engineering
EBITDA
Q2/15
Related
transaction
Unit: MB
Note: EBITDA = Net Profit + Tax Expense + Depreciation & Amortisation + Interest Expenses
Port Related
transaction
HRC Upstream
Engineering
Net Profit
Q2/15
Non-
controlling
interest
16,796 16,100 19,011 18,051 14,014 14,200 11,023 11,867
37,062
22,890
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 6M/14 6M/15
HRC Upstream Port Engineering
(1,337) (1,464)
75 0.3 866
(133) -1,654 (1,777)
76
(3,431)
(2,902) (2,907) (1,397) (1,406) (547)
(1,552) (3,026) (3,236)
(2,803) (6,262)
Q2/2015 EBITDA to Net Profit and EBITDA to Free Cash Flow
25
Unit: MB
Unit: MB
-2,259 -1,777
-633
-2,411
-4
-830 +34 -19
-3,229
-7
-3,236
+481
Core EBITDA Stock Loss Provision
EBITDA D&A Operating Income
Income from Equity
Net Interest Expense
Forex and Other Finance Costs
Others Pre-tax Income Taxes and Non-controlling
Interest
Net Income
Q2/2015 Core EBITDA to Net Profit
-2,259 -1,777
+2,642
-752 +113
+481
Core EBITDA Stock Loss Provision EBITDA Change in Operating Activities
Net Cash Provided by (used in) Investing
Activities
Free Cash Flow
Q2/2015 Core EBITDA to Free Cash Flow
26
Revenues and EBITDA Margin by Business Unit
HRC Business
Port Business Engineering Business
Upstream Business
Upstream Business contributed negative EBITDA margin as a result of decreased Slab Spread following a continuing
drop in steel prices in the world market.
11,174 11,443 12,513 11,309 11,343 11,644 8,816 7,780
23,822
16,596
-18% -16% -7% -5% 3% 0.2% -14%
-28% -6%
-21% -80%
-30%
20%
70%
120%
170%
220%
270%
320%
370%
-20,000
-10,000
-
10,000
20,000
30,000
40,000
50,000
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 6M/14 6M/15
Revenues (MB) EBITDA Margin (%)
95 81 67 59
78 79 61 67
126 128
73% 77%
66% 61%
71% 72% 72% 75%
64% 73%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
-
50
100
150
200
250
300
350
400
450
500
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 6M/14 6M/15
Revenue (MB) EBITDA Margin (%)
216 230 223 229 199 152 160 167
452
327
9% 10%
5%
-11%
-42%
-11%
-2% 4%
-3% 1%
-50%
-45%
-40%
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
-300
-200
-100
-
100
200
300
400
500
600
700
800
900
1,000
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 6M/14 6M/15
Revenue (MB) EBITDA Margin (%)
12,272 8,995 10,170 8,602 7,845
5,765 5,446 5,252
18,772
10,698
4% 8% 9%
7% 7%
-4% -6%
6% 8%
-0.2%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 6M/14 6M/15
Revenues (MB) EBITDA Margin (%)
27
Consolidated Financial Position
Current Ratio was down from 0.32x in Q1/15 to 0.27x in Q2/15 resulted from lower inventories and trade accounts
receivable.
In Q2/15, Interest-Bearing Debt/Equity was not available due to negative equity.
Consolidated Working Capital (MB) Total Assets and Liabilities (MB)
Interest-Bearing Debt/Equity (x) Current Ratio (x)
0.60 0.64 0.59
0.53
0.41 0.33 0.32
0.27
Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 15-Mar 15-Jun
4.15 4.89 5.73 6.80 7.40 9.62
21.60
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 15-Mar 15-Jun
N.A.
21,614 21,889 22,062 21,564 22,148 22,638 22,269 22,506
16,817 17,388
14,517
11,947 13,456 13,629
12,788
10,093
Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15
S/T Loan Inventories
55,465
13,529
55,297
12,301
56,572
10,610
55,662
9,062
55,396
7,611
54,263
7,005
54,284
5,460
53,363
2,407
53,948
-990
27,975
69,910
26,842
69,838
28,154
74,116
24,891
71,491
21,237
69,021
24,134
71,392
23,009
71,833
22,641
73,598
19,374
74,312
Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15
Non Current Assets Current Assets Equities Total Liabilities
28
Highlights
Agenda
Recent Update and Ongoing Projects
Q2/2015 Performance Results
Q2/2015 Financial Results
Outlook and Guidance
Q & A
Supplementary Appendix
Market Summary: HRC, Slab and Raw Materials
29
0
200
400
600
800 Jun-1
1
Jul-11
Aug-1
1
Sep-1
1
Oct-
11
Nov-1
1
Dec-1
1
Jan-1
2
Feb-1
2
Mar-
12
Apr-
12
May-
12
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oct-
12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Oct-
13
Nov-1
3
Dec-1
3
Jan-1
4
Feb-1
4
Mar-
14
Apr-
14
May-
14
Jun-1
4
Jul-14
Aug-1
4
Sep-1
4
Oct-
14
Nov-1
4
Dec-1
4
Jan-1
5
Feb-1
5
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
US
D/t
on
HRC
HRC (FOB China)
0
200
400
600
800
Jun-1
1
Jul-11
Aug-1
1
Sep-1
1
Oct-
11
Nov-1
1
Dec-1
1
Jan-1
2
Feb-1
2
Mar-
12
Apr-
12
May-
12
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oct-
12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Oct-
13
Nov-1
3
Dec-1
3
Jan-1
4
Feb-1
4
Mar-
14
Apr-
14
May-
14
Jun-1
4
Jul-14
Aug-1
4
Sep-1
4
Oct-
14
Nov-1
4
Dec-1
4
Jan-1
5
Feb-1
5
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
US
D/t
on
Slab & Scrap
Slab (CFR East Asia import) Scrap (FOB Netherland)
0
40
80
120
160
200
Jun-1
1
Jul-11
Aug-1
1
Sep-1
1
Oct-
11
Nov-1
1
Dec-1
1
Jan-1
2
Feb-1
2
Mar-
12
Apr-
12
May-
12
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oct-
12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Oct-
13
Nov-1
3
Dec-1
3
Jan-1
4
Feb-1
4
Mar-
14
Apr-
14
May-
14
Jun-1
4
Jul-14
Aug-1
4
Sep-1
4
Oct-
14
Nov-1
4
Dec-1
4
Jan-1
5
Feb-1
5
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
US
D/t
on
Iron Ore
Iron Ore (CFR China)
0
100
200
300
400
Jul-11
Aug-1
1
Sep-1
1
Oct-
11
Nov-1
1
Dec-1
1
Jan-1
2
Feb-1
2
Mar-
12
Apr-
12
May-
12
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oct-
12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Oct-
13
Nov-1
3
Dec-1
3
Jan-1
4
Feb-1
4
Mar-
14
Apr-
14
May-
14
Jun-1
4
Jul-14
Aug-1
4
Sep-1
4
Oct-
14
Nov-1
4
Dec-1
4
Jan-1
5
Feb-1
5
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
US
D/t
on
Coking Coal
Hard Coking Coal (FOB Australia)
Crude Steel Production by Geography
30
Crude steel production in Q2/15 improved 2.8% QoQ, as a result of the overall increase of most regions,
led by China, Europe, South America, Asia (Others), and Others whose production increased 3.9%, 1.8%,
1.1%, 1.0%, and 4% QoQ respectively. However, crude steel production in North America dropped 0.4%
QoQ.
40 42 44 44 40 42 43 44
30 30 29 30 31 30 28 28 12 11 11 11 12 11 11 11
197 188 201 209 205 199 200 208
69 71 71
72 71 72 71 72
45 48 47
49 47 47 45 47
393 391 403
415 405 401 399 410
-
100
200
300
400
Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15
(Millio
n T
on
s)
Others
Asia (Others)
China
South America
North America
Europe
Total
Source: Monthly Estimate from WSA website
2,552 2,573 2,578 2,664
4,113 4,438
3,896
3,322
24 28 25 12
6,642
6,984
6,449
5,974
6,558
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2012 2013 2014 2015F
Domestic Production Import Export
HRC ASS Original Forecast
745 586
545 644 675
911
1,093 950
802 750
3 2 3 2 3
1,653 1,676 1,492 1,443 1,422
-500
-
500
1,000
1,500
2,000
-
500
1,000
1,500
2,000
Q3/14 Q4/14 Q1/15 Q2/15 Q3/15F
HRC Apparent Steel Supply (in ’000 tons)
Thailand HRC Outlook
31
Source: Iron and Steel Institution of Thailand for 2011-2014.
2015F is forecasted upon actual data and SSI’s estimate.
HRC Apparent Steel Supply is expected to drop 1% QoQ to 1,422k tons in Q3/15.
HRC Apparent Steel Supply in 2015 is reforecasted to decrease 7% YoY to approx. 5,974k tons from 6,449k tons in
2014 due to a slower than expected recovery of domestic economy in 2015.
2014 2015F %YoY
2,578 2,664 +3%
3,896 3,322 -15%
25 12 -53%
6,449 5,974 -7%
Q4/14 Q1/15 Q2/15 Q3/15F
Domestic Production 586 545 644 675
Import 1,093 950 802 750
Export 2 3 2 3
Total Supply 1,676 1,492 1,443 1,422
Outlook and Guidance for Q3/2015
32
Up
str
eam
Guidance for Q2/15 Actual Q2/15 Guidance for Q3/15
HRC Sales Volume Increase 23-25% QoQ 307k tons;
Increase 11% QoQ
Increase 30-40% QoQ
HRC Average Selling Price Decrease 15-17% QoQ USD 532 per ton;
Decrease 12% QoQ
Decrease 6-8%
Slab Cost Decrease 10-12% QoQ USD 459 per ton;
Decrease 11 % QoQ
Decrease 20-22%
HRC Rolling Margin 10-12% 6.5% 24-26%
Guidance for Q2/15 Actual Q2/15 Guidance for Q3/15
Slab Production Volume
Flat 696k tons;
Decrease 3% QoQ
Increase 6-8% QoQ
Slab Sales Volume Flat 679k tons;
Decrease 5% QoQ
Increase 12-14% QoQ
3rd Parties Sales Volume 55-60% 83% 65-70%
Slab Average Selling Price Decrease 10-12% QoQ USD 337per ton;
Decrease 9% QoQ
Decrease 10-12% QoQ
Raw Material Costs Decrease 5-7% QoQ USD 234 per ton;
Decrease 7% QoQ
Decrease 5-7% QoQ
Slab Margin 27-29% 30.6% 25-27%
HR
C
33
Highlights
Agenda
Recent Update and Ongoing Projects
Q2/2015 Performance Results
Q2/2015 Financial Results
Outlook and Guidance
Q & A
Supplementary Appendix
34
SSI at a Glance
Basic Information Group Business
Company: SAHAVIRIYA STEEL
INDUSTRIES PLC.
Stock Symbol SSI
Foundation: 13 March 1990
1st Day Trading: 8 September 1994
Website: www.ssi-steel.com
Group Employees: 4,430 (at the end of 2014)
Group CEO: Mr. Win Viriyaprapaikit
Shareholding Structure (as of 30 March 2015)
Thailand Business
Hot-Rolled Coils Business
Cold-Rolled Coils Business
Coated Steel Sheet Business
Engineering Business
Port Business
UK Business
Upstream Business
Port Business
Share Information
Stock Code: SSI
No. of Listed Shares: 32,166,258,124 Shares
Registered Capital: THB 50,263,663,124
Paid-up Capital: THB 32,166,258,124
Par Value: THB 1.00
Foreign Limit: 49%
Foreign available: 19%
Dividend Policy: No less than 25% of the
Company's net profit each year
on a non-consolidated basis
Market Capitalisation: 5,147 MB or 147 MUSD*
Free Float: 50.38%
SV Group includes Sahaviriya Group,
Sahaviriya Inter Steel Holdings, and
Viriyaprapaikit Family
* Share and FX information as of 5 August 2015
SV Group 29.7%
Vanomet Holding
AG 19.7% MISI
3.5%
JFE 3.5%
Others 43.6%
35
Commercial grade
General steel pipes
General steel structure
General steel cut-to-sheet
Unique grade
Steel pipes
Steel cut-to-sheet
Floor plate steel
High grade
Re-rolling (Cold-rolled Steel)
Gas cylinder & pressure vessels
Automotive OEM & auto parts
HA/EA parts
Shipbuilding & high strength
structure
Atmospheric resistant steel &
line pipe
Machinery &industrial tools
Sectors Products
HRC-P/O
HRC
Applications
SS
I T
H
Slab
Products
SS
I U
K
Pla
te M
ills
Billet*
Mills
*Currently not in operation by SSI UK.
Tube Round
Bars & Rods
Steel Plates Shipbuilding
Crude oil storage tanks
Bridge construction
Off-shore structures
Threaded bars for construction
Wire rods
Springs
Off-shore line pipes
Oil & gas casing & tubing line
pipes
SSI Group’s Steel Products and Applications
36
High-grade
Unique
IVPs
Premium Value Products (PVPs) are steel products with premium value added resulted from our
initiatives to innovate and develop higher-quality products and services to better serve customers’ need.
Our PVPs consist of High-grade Products, Unique Products and Innovated Value Products (IVPs).
Definitions Hot-rolled steel products with high quality
through various quality control processes
for specific qualifications i.e. chemical,
mechanical, surface, etc. Hot-rolled steels for re-rolling.
Hot-rolled steel products with specific
qualities uniquely designed by SSI.
For example, HRC Thin Gauge, specially
thin flat steels with thickness less than
1.2 mm used for small diameter pipes, and Checkered Plate.
Innovated steel products and services
specially designed to offer higher-quality
products and services beyond customers’
expectation and to provide value added
to customers in other aspects in the same time.
Gas cylinder
Chassis & Components
Applications
Compressor
Small Diameter pipe
Water Tube pipe
Checkered Plate
Roof Structure
SSI’s Premium Value Products (PVPs)
Products Country of Origin Measures Duty Rate Status1)
Effective Period
HRC China, Malaysia Anti-dumping 30.91% - 42.51% Final 12 Aug 11 – 11 Aug 16
HRC
(with Boron
added)
China Anti-dumping 14.28% - 19.47% Final 26 Dec 12 – 25 Dec 17
HRC Japan, South Africa,
Russia, Kazakhstan,
India, South Korea,
Taiwan, Venezuela,
Argentina, Ukraine,
Algeria, Indonesia,
Slovakia, Romania
Anti-dumping 0% - 128.11% Final 23 May 15 – 22 May 20
HRC (with other
elements added)
All
(UN developing countries
excluded, except Turkey)
Safeguard
44.20%
43.57%
42.95%
Final
15 Sep 13 – 26 Feb 14
27 Feb 14 – 26 Feb 15
27 Feb 15 – 26 Feb 16 (Submission for Extension
on 9 Jun 15)
HRC (without
other elements
added; thickness
0.9-50 mm and
width 600-3,048
mm)
All
(UN developing
countries excluded,
except Brazil)
Safeguard
21.92%
21.52%
21.13%
Final
24 Dec 14 – 6 Jun 15
7 Jun 15 – 6 Jun 16
7 Jun 16 – 6 Jun 17
CRC China, Vietnam, Taiwan Anti-dumping 4.22% - 20.11% Final 6 Feb 14 – 5 Feb 19
37
Current Status of Anti-dumping & Safeguard Measures
1) According to Thai regulations, the two stages of AD and Safeguard measure are Provisional and Final Measure. Provisional Measure may be
imposed if there is clear evidence and a preliminary determination that increased imports have caused or are threatening to cause serious injury.
After making the Final Determination that dumped imports are causing injury for AD or imports are causing serious injury for SG, the Final measures
will be applied.
38
Unit: USD/Ton 2015 2015 %QoQ 2014 %YoY 2015 2014 %YoY
Q2 Q1 Q2 Jan-Jun Jan-Jun
HRC Average Selling Price 532 607 -12% 682 -22% 568 674 -16%
HRC Spread 1) 34 65 -48% 117 -71% 49 122 -60%
HRC Rolling Margin (%) 2) 6.5% 10.8% - 17.1% - 8.7% 18.1% -
HRC EBITDA 3) 32.4 (38.6) +184% 46.2 -30% (0.8) 56.1 -102%
HRC Sales Volume (k tons) 307 278 +11% 384 -20% 585 846 -31%
HRC Production Volume (k tons) 320 221 +45% 382 -16% 540 779 -31%
HRC Utilisation Rate (%) 32% 22% 38% 27% 39%
Slab Average Selling Price 337 370 -9% 520 -35% 354 521 -32%
Slab Spread 1) 103 118 -13% 189 -46% 111 165 -33%
Slab Margin (%) 2) 30.6% 32.0% 36.4% 31.3% 31.7%
Slab Sales Volume (k tons) 679 715 -5% 646 +5% 1,394 1,362 +2%
Portion Sold to 3rd Parties (%) 83% 62% 80% 72% 74%
Slab Production Volume (k tons) 696 721 -3% 670 +4% 1,417 1,366 +4%
Slab Utilisation Rate (%) 77% 80% 74% 79% 76%
1) HRC Spread & Slab Spread excludes the provision for loss on decline in value of inventories, or the reversal thereof. 2) HRC Rolling Margin = HRC Spread/Average Selling Price; Slab Margin = Slab Spread/Average Selling Price 3) HRC EBITDA includes net stock loss provision (reversal) (USD 51.3/ton) in Q2/2015, USD 15.9/ton in Q1/2015, (USD 0.3/ton) in Q2/2014,
(USD 19.4/ton) in 6M/2015, and (USD 1.1/ton) in 6M/2014.
Key Operational Performances
39
Unit: MB 2015 2015 %QoQ 2014 %YoY 2015 2014 %YoY
Q2 Q1 Q2 Jan-Jun Jan-Jun
Sales and Service Revenue 11,867 11,023 +8% 18,051 -34% 22,890 37,062 -38%
COGS 13,770 12,927 +7% 18,433 -25% 26,697 37,894 -30%
Gross Profit (Loss) (1,903) (1,904) +0.1% (382) -398% (3,807) (832) -357%
SG&A 509 384 +32% 369 +38% 893 726 +23%
Provision for Loss under
Onerous Contracts (Reversal) 18 (66) +127% (129) +114% (49) (218) +78%
Gain on Sales of Investments - - - - - - - -
EBITDA 1) (1,777) (1,654) -7% 0.3 N.A. (3,431) 76 N.A.
Interest Expenses 830 778 +7% 786 +6% 1,608 1,617 -1%
Depreciation and Amortisation 633 593 +7% 628 +1% 1,227 1,267 -3%
Income Tax Expense (Reversal) (4) 1 -659% (8) +42% (4) (5) +31%
Realised Gain (Loss) from FX (159) (105) -52% (170) +7% (264) (139) -90%
Unrealised Gain (Loss) from FX 205 32 +539% 24 +741% 237 35 +573%
Net Profit (Loss) (3,236) (3,026) -7% (1,406) -130% (6,262) (2,803) -123%
EPS (Baht per Share) (0.10) (0.09) -7% (0.04) -130% (0.19) (0.09) -123%
P&L Snapshot: Consolidated
40
Unit: MB 2015 2015 %QoQ 2014 %YoY 2015 2014 %YoY
Q2 Q1 Q2 Jan-Jun Jan-Jun
Sales and Service Revenue 5,252 5,446 -4% 8,602 -39% 10,698 18,772 -43%
COGS 4,845 5,707 -15% 8,002 -39% 10,552 17,319 -39%
Gross Profit (Loss) 407 (261) +256% 599 -32% 146 1,452 -90%
SG&A 382 262 +46% 232 +65% 644 457 +41%
Provision for Loss under
Onerous Contracts (Reversal) - (83) N.A. - N.A. (83) - N.A.
Gain on Sales of Investments - - - - - - - -
EBITDA 1) 334 (350) +195% 586 -43% (17) 1,548 -101%
Interest Expenses 430 414 +4% 420 +2% 844 882 -4%
Depreciation and Amortisation 127 97 +31% 139 -9% 224 292 -23%
Income Tax Expense (Reversal) (1) 3 -119% - N.A. 3 - N.A.
Realised Gain (Loss) from FX (2) (44) +96% (12) +86% (46) 40 -215%
Unrealised Gain (Loss) from FX 138 21 +552% 39 +254% 160 98 +63%
Net Profit (Loss) (222) (865) +74% 27 -928% (1,087) 374 -391%
EPS (Baht per Share) (0.01) (0.03) +74% 0.001 -928% (0.03) 0.01 -391%
P&L Snapshot: SSI TH
41
Unit: MB 2015 2015 %QoQ 2014 %YoY 2015 2014 %YoY
Q2 Q1 Q2 Jan-Jun Jan-Jun
Sales Revenue 7,780 8,816 -12% 11,309 -31% 16,596 23,822 -30%
Cost of Good Sold 10,107 10,508 -4% 12,333 -18% 20,616 26,210 -21%
Gross Profit (Loss) (2,327) (1,693) -37% (1,025) -127% (4,020) (2,388) -41%
SG&A 101 99 +2% 104 -3% 201 208 -3%
Provision for Loss under Onerous
Contracts (Reversal) (1) 23 -105% (129) +99% 22 (218) N.A.
EBITDA (2,177) (1,252) -74% (531) -310% (3,430) (1,413) -59%
Interest Expenses 392 356 +10% 361 +9% 748 726 +3%
Depreciation and Amortisation 475 465 +2% 455 +4% 940 909 +3%
Income Tax Expense (Reversal) - - - - - - -
Gain (Loss) on FX (186) 5 N.A. (164) -14% (182) (285) +57%
Gain (Loss) on Investments 10 82 -88% 160 -94% 92 227 -60%
Net Profit (Loss) (3,045) (2,073) -47% (1,347) -126% (5,118) (3,048) -40%
P&L Snapshot: SSI UK
