Cognor Holding Sa · GPW:COG
Cognor Holding Sa — Złomrex — Q2 2009 Earnings Presentation
21 slides from Cognor Holding Sa's earnings presentation, Sep 9, 2009
Slide 1: Q2 2009 Business and Financial Performance
ZŁOMREX S.A. Q2 2009 Business and Financial Performance September 9, 2009
Slide 2: Content
Content 1. Introduction 2. Business overview 3. Financials 4. Q3 2009 outlook 5. Q&A 2
Slide 3: Introduction
ZŁOMREX S.A. Introduction Section 1
Slide 4: Speakers
Introduction Speakers Krzysztof Krzysztof Walarowski Zola Commercial CFO Director Member of the Member of the Board Board Age – 35 Age – 52 8 yrs with 6 yrs with Złomrex Złomrex 4
Slide 5: Q2 2009 Highlights
Introduction Q2 2009 Highlights Still very weak demand with prices falling untill May. Very weak performance, negative EBITDA for the second consecutive quarter Negotiations on sale of Zeljezara Split finilized in Q3 2009. Sale of Kollensperger 5
Slide 6: Q2 2009 Highlights
Introduction Q2 2009 Highlights Very bad market environment GDP growth just above 0% in Poland but positive Steel consumption decline by 45% in Poland. 36% decrease in steel production 6
Slide 7: Business overview
ZŁOMREX S.A. Business overview Section 2
Slide 8: Business environment
Business overview Business environment CRUDE STEEL PRODUCTION(1) Q2 2009 % YoY Q2 2008 million tonnes Poland 1,8 -36% 2,8 EU (25) 31,4 -41% 53,2 Global 284,6 -20% 355,3 STEEL USE(2) Q2 2009 % YoY Q2 2008 million tonnes Poland 1,902 -45% 3,491 long produts 0,662 -64% 1,838 flat products 1,014 -51% 2,
Slide 9: Q2 2009 performance drivers
Business overview Q2 2009 performance drivers SALES Q2 2009 % YoY Q2 2008 Tonnes SCRAP 17 424 -71% 59 070 BILLETS 39 067 -10% 43 646 FINISHED PRODUCTS 152 232 -58% 358 527 SALES Q2 2009 % YoY Q2 2008 000 PLN SCRAP 12 737 -82% 69 382 BILLETS 54 542 -42% 93 995 FINISHED PRODUCTS 430 326 -57% 1 003 230
Slide 10: Segments Scrap Metal Q2
Business overview Segments SCRAP METAL Q2 2009 Q2 2008 PURCHASES FROM EXTERNAL SUPPLIERS Tonnes ZLOM 0 0 ZLMET 108 448 189 705 HSJ 18 782 60 963 ZJEL 330 37 678 FERR 6 363 0 OTHER 0 0 INTERNAL USE Tonnes ZLOM 95 229 115 207 ZLMET 0 0 HSJ 25 065 69 061 ZJEL 1 505 32 427 SALES TO EXTERNAL CUSTOMERS To
Slide 11: Segments Billets Q2
Business overview Segments BILLETS Q2 2009 Q2 2008 PURCHASES Tonnes EXTERNAL SOURCES 0 12 745 PRODUCTION Tonnes FERR 82 866 101 591 HSJ 21 617 59 482 ZJEL 1 430 27 704 INTERNAL USE Tonnes ZLOM 44 590 72 017 HSJ 20 826 58 155 ZJEL 1 430 27 704 SALES TO EXTERNAL CUSTOMERS Tonnes ZLOM 251 40 946 FERR 3
Slide 12: Segments Finished Products Q2
Business overview Segments FINISHED PRODUCTS Q2 2009 Q2 2008 PRODUCTION Tonnes ZWWB 16 915 37 654 FERR 14 999 23 122 HSJ 22 140 52 221 ZJEL 1 475 34 278 SALES TO EXTERNAL CUSTOMERS Tonnes RETAIL 68 358 171 877 BULK 83 874 186 650 SALES '000 PLN CONSOLIDATED 430 326 1 003 230 TOTAL PRODUCTION in TONN
Slide 13: Financials
ZŁOMREX S.A. Financials Section 3
Slide 14: P&L
Financials P&L INCOME STATEMENT Q2 2009 H1 2009 Q1 2009 Q2 2008 '000 PLN Revenue 508 953 1 070 196 561 243 1 248 059 Cost of sales -491 857 -1 042 515 -550 658 -1 066 326 Gross profit 17 096 27 681 10 585 181 733 Gross profit margin 3,4% 2,6% 1,9% 14,6% Other income 9 716 24 047 14 331 7 770 Distrib
Slide 15: Assets
Financials Assets ASSETS Q2 2009 Q1 2009 Q2 2008 '000 PLN A. TOTAL NON-CURRENT ASSETS 917 637 997 963 1 202 021 I. Intangible assets 46 036 47 085 44 007 II. Property, plant and equipment 742 896 817 849 1 035 831 III. Other receivables 1 386 1 556 9 318 IV. Investment property and other investments
Slide 16: Equity and Liabilities
Financials Equity and Liabilities EQUITY AND LIABILITIES Q2 2009 Q1 2009 Q2 2008 A. EQUITY 432 785 449 727 743 960 '000 PLN I. Issued share capital 47 691 47 691 47 691 II. Reserves and retained earnings 263 050 248 860 551 962 III. Minority interest 122 044 153 176 144 307 B. LIABILITIES 1 384 997
Slide 17: Cash Flow
Financials Cash Flow CASH FLOW Q2 2009 Q1 2009 Q2 2008 '000 PLN 57 537 -93 168 26 032 A. FROM OPERATING ACTIVITIES 101 495 -48 500 -32 042 B. FROM INVESTING ACTIVITIES -176 002 70 817 -28 987 C. FROM FINANCING ACTIVITIES NET INCREASE IN CASH -16 970 -70 851 -34 997 17
Slide 18: Metrics
Financials Metrics MAIN METRICS Q2 2009 Q1 2009 Q2 2008 Liquidity ratio 1,15 1,28 1,27 Quick ratio 0,55 0,57 0,63 Inventories turnover (days) 75 88 65 Receivables turnover (days) 61 61 61 EBITDA margin -15,75% -11,37% 7,14% Net profit margin 2,59% -21,79% 5,49% Equity 432 785 449 727 743 960 Net deb
Slide 19: Q3 2009 Outlook
ZŁOMREX S.A. Q2 2009 Outlook Section 4
Slide 20: Q3 2009 outlook
Q3 2009 outlook Polish GDP around 1% Slight increase in steel consumption in Poland comparison to Q1 2009 and Q2 2009 Slight proice incrase Better sales and results Further increas in production level 20
Slide 21: Q&A
_——sZEOMREX S.A. == —_O8A — Section 4