Professional Documents
Culture Documents
Apresentao Usiminas
2T11 - APIMEC
2Q16
Classification of the information: Public
Agenda
Usiminas
Profile
Market
Outlook
Financial
Results
Company Profile
Timeline
Operation
Start Up
1962
Cosipa
privatization
1991
Usiminas
privatization
Listing on
BOVESPA
1993
Listing on
LATIBEX
stock
exchange
section
1994
Listing on
ADR I on
the OTC
Market
(New York)
2005
Creation of
Solues
Usiminas
One CNPJ:
Usiminas
incorporates
Cosipa
2008
Acquisition
of iron ore
mines
Acquisition
of
Zamprogna
2009
Selling of
Ternium stake
Joint Mining
Agreements
with MBL e
Ferrous
Automotiva
Usiminas
Divestment
2011
2013
2010
Creation of
Minerao
Usiminas
Acquisition
of Codeme
and Metform
stake
2012
Entrance of
Ternium /
Tenaris into
Usiminas
Control Group
(New
shareholders
agreement)
Temporary
shutdown
of the
primary
areas in
Cubato
2014
2015
Friables
Project
conclusion on
Mining
(increasing
the capacity
to 12 million
tons/year )
2016
R$ 1 billion
capital
increase
Shareholding Composition
Total Capital
1,253,079,108
Voting Capital
56.28%
43.71%
705,260,684
547,740,661
Outros
23.19%
Grupo Nippon
21.10%
*
*
Grupo TT
19.76%
Grupo
Nippon
11.31%
Grupo Ternium/
Tenaris
19.81%
Previdncia
Usiminas
4.84%
Usiminas shares are traded on BM&FBovespa (So Paulo), on the OTC Market (New York) and on a LATIBEX
exchange section (Madrid).
Steel Processing
Steel
Solues Usiminas
Capital Goods
Usiminas Mecnica
Ipatinga Plant
Cubato Plant
Mining
Unigal Usiminas
Minerao Usiminas
UPSTREAM
DOWNSTREAM
Strategically Located
Mining
Steel
Steel Processing
Capital Goods
7
24.44
25.13
21.78
18.26
21.93
21.41
22.21
17.53
11.62
11.80
12.40
12.30
10.55
8.81
10.45
6.72
10.12
10.52
5.08
6.15
2.59
2004
5.05
3.67
2005
2006
2007
2008
2009
2010
2011
2012
USIM3
Note: The prices are adjusted by removing the effects of events such as Bonus and Unfolding
2013
2014
4.02 4.09
1.55
1.81
1.97
2015
1Q16
2Q16
USIM5
8
Agenda
Usiminas
Profile
Market
Outlook
Financial
Results
China
Japan
803.8
105.2
India
89.6
USA
78.9
Russia
71.1
South Korea
69.7
Germany
42.7
Brazil
33.2
Turkey
31.5
Ukraine
22.9
Excess of Capacity
704
Capacity
2,351
Production
1,647
10
22%
14%
11%
5%
12%
15%
15%
7%
6%
15.7
12.5
13%
15.2
14.5
14.3
13.1
14.3
13.6
14.9
14
15.0 14.8
14.3
13.5
13.4
12.1
11.9
10.9
10.2
9.0
2007
2008
2009
Production
Source: Instituto Ao Brasil / Usiminas Excludes Slabs
2010
2011
2012
Consumption
2013
2014
2015
2016p
Imports
11
Auto Industry
and Autoparts
Household
Appliances
Agricultural and
Road Machinery
Hot Rolled,
Cold Rolled and
Galvanized
Civil
Construction
Heavy Plates,
Hot Rolled,
Cold Rolled and
Galvanized
Pipelines
12
Agenda
Usiminas
Profile
Market
Outlook
Financial
Results
13
Galvanized
Slab Caster
Slabs
Placas
Heavy Plates
Hot Coils
Laminados a
Quente
3,600
Ipatinga Plant
5,000
1,000
Cubato Plant
4,500*
1,000**
Nominal
Capacity
9,500*
2,000*
1,900
Optimized
Rolling
Capacity
Cold Coils
EG
Eletrogalvanizados
HDG
2,500
360
1,200
8,000
3,700
360
1,050
4,200
2,200
350
1,020
2,100 **
2.300
1,050
-
14
Sales Volume
Steel Business Unit Thousand Tons
1,275
1,179
33%
1,205
27%
36%
67%
2Q15
903
899
16%
13%
84%
87%
1Q16
2Q16
73%
64%
3Q15
4Q15
Domestic Market
Exports
15
1Q16
2%
5%
2%
5%
6%
2Q16
6%
25%
2%
8%
27%
9%
7%
9%
10%
20%
21%
19%
19%
Argentina
India
Germany
Italy
USA
Taiwan
Portugal
Spain
Belgique
Mexico
Others
16
1Q16
2Q16
3.4%
6.6%
2.5%
5.5%
18.9%
18.8%
6.9%
8.0%
7.2%
8.3%
13.1%
9.5%
17.3%
8.9%
10.0%
12.6%
9.2%
11.0%
10.8%
11.5%
Structural Expenses
Depreciation
Spare Parts
Inventories Variation
Others
17
50
3%
(37)
1
(42)
1Q16
2Q16
(6)
(82)
-4%
(52)
(2)
(179)
-8%
2Q15
Assets Sale/
Write-off
3Q15
Sales of Surplus
Electric Energy
4Q15
Adjusted EBITDA
Adjusted EBITDA
Margin
18
7%
5%
169
1%
91
11
(77)
(125)
-4%
-6%
2Q15
3Q15
Adjusted EBITDA
4Q15
1Q16
2Q16
Description
Mining Business Unit
It has 20% of voting shares of MRS Logistica, being part of the Control Group
Shareholder Composition
Production Capacity
Lump
2 million
70%
Sinter Feed
4 million
30%
Pellet Feed
6 million
20
Location
Mining Business Unit
Igarap
So Joaquim
De Bicas
Minerita
MUSA
Central
MUSA
Oeste
Arcelor
Mittal
MUSA
Leste
Ferrous
(Santanense)
MMX
Comisa
Emicon
MUSA
Pau de Vinho
Ferrous
MBL
Itatiaiuu
Minerao Usiminas
21
Logistics
Mining Business Unit
Minerao
Usiminas
40 Km
MODAL Cargo
Terminal
60 Km
TCS - Sarzedo
Cargo Terminal
IPATINGA Plant
CUBATO Plant
Sepetiba/Itagua
Port
Export
22
23
Sales Volume
Mining Business Unit Thousand Tons
1,206
135
974
775
41
787
344
670
12
177
16
17
658
614
593
4Q15
1Q16
2Q16
1,071
734
2Q15
3Q15
Sales to Usiminas
Exports
24
58
2Q15
56
55
3Q15
47
48
4Q15
1Q16
2Q16
25
21
21%
10
-5%
(6)
(3)
(4)
(12)
-11%
(24)
-27%
(102)
2Q15
3Q15
-119%
4Q15
Adjusted EBITDA
1Q16
2Q16
26
24%
(16)
(8)
-8%
(28)
-15%
24
(103)
-32%
2Q15
3Q15
-120%
4Q15
Adjusted EBITDA
1Q16
2Q16
Description
Solues Usiminas - Steel Processing
Recife
Serra
Taubat
Guarulhos
So Paulo
Porto Alegre
28
3.3%
14
0.7%
3
(1)
(4)
-0.2%
(9)
-1%
-2%
2Q15
3Q15
Adjusted EBITDA
4Q15
1Q16
2Q16
Description
Usiminas Mecnica - Capital Goods
Market Segments: Steel Structures, Shipbuilding and Offshore, Oil and Gas, Industrial
Assembly and Equipment, Foundry and Railcars
Steel Structures
30
30
12%
11%
10%
6%
5%
26
23
24
2Q15
3Q15
Adjusted EBITDA
4Q15
1Q16
10
2Q16
Agenda
Usiminas
Profile
Market
Data
Financial
Results
32
8%
227
41
4
52
3%
(2)
(11)
-3%
(1)
(50)
72
68
3%
(41)
1
(44)
1Q16
2Q16
(65)
(250)
-10%
2Q15
Assets Sale/
Write-off
3Q15
Sales of Surplus
Electric Energy
4Q15
Adjusted EBITDA
Adjusted EBITDA
Margin
33
8%
5%
182
1%
111
20
(52)
-2%
(199)
-9%
2Q15
3Q15
Adjusted EBITDA
4Q15
1Q16
2Q16
34
2,650
111
102
638
6
41
277
798
60
604
439
463
Adjust
50
44
1,819
(20)
2010
90
1,863
582
1,264
112
1,806
2011
1,546
1,151
291
28
87
378
(11)(68)
2012
Capital Goods
282
(23)
2013
Steel Processing
-4(6)
2014
(89)
2015
Mining
119
18
17
9 96 (21)
1H16
Steel
35
EBITDA Breakdown
Consolidated (R$ thousand)
Net Income (Loss)
2Q16
1Q16
2Q15
1H16
1H15
(123,357)
(151,377)
(780,798)
(274,734)
(1,016,178)
(18,675)
(15,360)
(319,383)
(34,035)
(397,454)
(114,621)
(101,553)
317,273
318,086
60,620
49,796
(36,655)
(51,845)
(33,991)
(88,500)
(45,962)
44,212
45,597
31,361
89,809
68,987
8,030
985,046
7,637
985,046
51,578
227,206
119,362
606,740
Impairment of Assets
Adjusted EBITDA
(393)
67,784
40,629
304,342
(755,210)
(216,174)
401,529
635,359
610,772
110,416
(401,331)
36
Duration:
2,713
R$: 29 months
US$: 27 months
225
1,871
1,618
1,710
523
2,488
590
1,334
1,003
68
1,029
1,187
935
810
491
538
Cash
2016
2017
2018
2019
Local Currency
318
15
0
14
13
13-
33
33
2020
2021
2022
2023 on
Foreign Currency
The renegotiation of debt is expected to be completed in 9/12/16 and this debt profile will be changed
accordingly.
37
7,705
7,473
7,282
5,577
4,584
5,681
5,546
7,073
4,360
871*
2,889
2,397
2Q15
3Q15
Gross Debt
Net Debt
2,024
1,736
1,842
4Q15
1Q16
2Q16
Cash
Capital Increase
* This amount doesnt include R$181.2 million of CSN's subscription in the Capital Increase, which were held by Court until the end of
the 2Q16. On July 19th, this amount was credited into the Usiminas account, totalizing RS1.050 billion of capital increase (ON and PN).
38
CAPEX
Consolidated - R$ million
1,643
112
555
981
64
1,110
52
94
784
50
112
317
976
964
622
600
120
5 10
106
2012
2013
Others
2014
Mining
2015
1H16
Steel
39
G&A Expenses
Consolidated - R$ million
4.5%
4.0%
108
2Q15
4.2%
4.4%
4.2%
109
101
3Q15
4Q15
G&A
90
86
1Q16
2Q16
G&A/Net Revenues
40
Working Capital
Consolidated R$ billion
2.7
2.4
2Q15
3Q15
2.3
4Q15
2.2
2.1
1Q16
2Q16
41
Inventory
turnover
(days)
911
747
639
484
439
64
57
48
48
44
2Q15
3Q15
4Q15
1Q16
2Q16
42
105
(41)
(110)
(67)
(151)
(320)
(781)
(1,094)
(123)
(293)
(441)
(1,042)
(1,627)
(2,226)
USD/BRL
2Q15
3Q15
3.103
3.972
4Q15
3.904
1Q16
2Q16
3.558
3.210
End of period
Gross Profit
EBIT
Net Income
43
1,476
1,037
523
520
173
208
17
(38)
(275)
(614)
(3,685)
(3,725)
2013
2014
Gross Profit
2015
EBIT
1H16
Net Income
44
Income Statement
Per Business Unit R$ million
Mining
2Q16
Net Revenue
Steel
Processing
Steel*
1Q16
2Q16
1Q16
2Q16
Capital Goods
1Q16
2Q16
1Q16
Adjustment
2Q16
Consolidated
1Q16
2Q16
1Q16
101
106
1,778
1,739
432
431
155
170
(438)
(405)
2,028
2,041
Domestic Market
77
56
1,570
1,476
432
431
155
170
(438)
(405)
1,796
1,728
Exports
25
50
207
263
232
313
(105)
(1,780)
(1,786)
(398)
(410)
374
372
(2,025)
(2,081)
(3)
(47)
(64)
(33)
COGS
Gross Profit (Loss)
(80)
21
(39)
(53)
(220)
(188)
EBIT
(18)
(52)
(223)
(235)
Adjusted EBITDA
Adj.EBITDA Margin
21
21%
(12)
-11%
50
3%
46
3%
(141)
(152)
34
21
14
17
(27)
(25)
(10)
(15)
(4)
(63)
14
10
(27)
3%
1%
6%
5%
2
(31)
6
-
(41)
(296)
(280)
(293)
(320)
68
3%
52
3%
45
Income Statement
Per Business Unit R$ million
Mining
1H16
Net Revenue
Domestic Market
Exports
COGS
Gross Profit (Loss)
1H15
1H16
1H15
1H16
Capital Goods
1H15
1H16
1H15
Adjustment
1H16
Consolidated
1H15
1H16
1H15
207
227
3,517
4,957
863
1,016
325
440
(843)
(1,283)
4,069
5,357
133
227
3,046
3,994
862
1,011
325
440
(843)
(1,283)
3,524
4,390
471
963
546
967
(233)
(3,567)
(4,633)
(808)
(990)
1,227
(4,107)
(5,008)
(6)
(50)
74
(186)
22
(92)
(1,037)
(408)
EBIT
(70)
(1,043)
(458)
Adjusted EBITDA
Adj.EBITDA Margin
Steel
Processing
Steel*
9
4%
37
16%
96
3%
(293)
(379)
324
55
25
32
61
(286)
(52)
(52)
(26)
(34)
746
(97)
(56)
(38)
(576)
(1,407)
(1,058)
38
(27)
28
(94)
(54)
(613)
543
17
(13)
18
40
(21)
(1)
119
11%
2%
1%
6%
9%
349
3%
607
11%
46
Positive Agenda
Financial
Standstill agreement with the main creditors extended until September 12th;
Approximately 75% of total debt renegotiation concluded;
Capital Increase duly approved for R$1 billion;
CAPEX and Working Capital under control.
Industrial and Commercial
Cubato Reconfiguration and workforce restructuring;
Increases in prices in domestic market;
Increases in sales volume in domestic markets and exports.
Strategic
Goals for 2016;
Long term plans.
47
IR Manager
leonardo.rosa@usiminas.com
Phone: 55-31-3499.8550
IR Manager
diogo.goncalves@usiminas.com
Phone: 55-31-3499-8710
IR Analyst
r.couto@usiminas.com
Phone: 55-31-3499-8619
www.usiminas.com/ri
ADR
Level I
Declarations relative to business and perspectives of the Company, operating
and financial results and projections, and references to the growth of the
Company constitute mere forecasts and were based on Managements
expectations in relation to future performance, these expectations are highly
dependent on market behavior, on Brazils economic situation, on the industry
and on international markets, and are therefore subject to change.