Outokumpu Oyj · OMXHEX:OUT1V
Outokumpu Oyj — Investor Presentation (May 2020)
86 slides from Outokumpu Oyj's investor presentation, May 2020
Slide 1: Shaping the future for stainless steel
Shaping the future for stainless steel Investor presentation May 2020
Slide 2: Table of contents
Table of contents 1. Outokumpu in brief (slide 3) 2. Business areas (slide 18) 3. Markets (slide 25) 4. Sustainability (slide 33) 5. Ferrochrome (slide 44) 6. R&D (slide 48) 7. Latest financials Q1 2020 (slide 53) 8. Appendix (slide 67) 2 | May 29, 2020
Slide 3: Outokumpu in brief
Outokumpu in brief
Slide 4: Outokumpu – global stainless steel producer
Outokumpu – global stainless steel producer Sustainability Stainless leader with Listed in Adjusted Operations in Net sales steel Personnel EBITDA 90% Nasdaq €6.4bn deliveries >30 10,390 OMX €263m 2.2mt recycled countries Helsinki content Sales by business area* Sales by destination* Sales by custom
Slide 5: Vision 2020
Customers Vision 2020 Shareholders Employees Best value creator Time bound: in stainless steel sense of urgency by 2020 through customer orientation and efficiency Back to basics 5 | May 29, 2020
Slide 6: We have improved our performance in many fronts
We have improved our performance in many fronts Cultural shift Americas’ financial Commercial excellence – from silos into one and operational enhanced mix and company with step change margins uniform processes and ways of working Improved cost competitiveness and Digital transformation productivity
Slide 7: We take care of our employees and our customer satisfaction is by far the highest in the industry
We take care of our employees and our customer satisfaction is by far the highest in the industry Organizational health index1 Safety development2 Customer satisfaction3 1st Outokumpu quartile 8.7 2nd quartile Competitors 58% 72% Absolutely or 3rd very satisfied quartile 4.4 customers3 4.1 4th 3.2 q
Slide 8: Financial development in 2016–2019
Financial development in 2016–2019 Net debt Cumulative Gearing below adjusted EBITDA improved by €1.1 €1.7 35% billion* billion * At the end of 2019, excluding IFRS16 adjustment; implementation impact on January 1, 2019 8 | May 29, 2020
Slide 9: We continue to strengthen our balance sheet and reduce net debt
We continue to strengthen our balance sheet and reduce net debt Net debt, EUR million Strong focus 1,800 IFRS16 impact* 80% on cash 69% EUR 131 million generation 70% 1,600 51% 60% 1,400 45% 45% 50% Efficient net 40% 1,200 40% working capital management 30% 1,000 20% 800 10% Divestment 1,610 1,242 1
Slide 10: We have a firm foundation for future growth
We have a firm foundation for future growth Solid Wide Best operations Leadership in Digitally product customer and sustainability enabled range service financials 10 | May 29, 2020
Slide 11: Stainless steel is the future for sustainable modern society
Stainless steel is the future for sustainable modern society with its unbeatable features Corrosion Sustainable resistant Heat Hygienic resistant High Aesthetic Heat strength Corrosion resistant resistant Cost Durable efficient 11 | May 29, 2020
Slide 12: The world needs long lasting, hygienic and sustainable solutions
Economic and Healthcare, clean population growth water, appliances.. The world needs long Infrastructure, mobility Buildings, elevators, trains, bridges,… and urbanization lasting, hygienic and Climate change and Energy investments, sustainable limited resources resource efficiency,… solutions Susta
Slide 13: The demand for stainless steel keeps on growing
The demand for stainless steel keeps on growing Global stainless steel real demand in 2019 Expected stainless steel real demand in 2025 Heavy Other industries Other +35% Heavy industries +17% Architecture, Building & Architecture, Construction Building & +24% 54.2 43.8 Construction +39% million tonn
Slide 14: We have a balanced customer portfolio
We have a balanced customer portfolio* End-customers • Long term contracts Consumer goods • Large quantities 54% 10% • Special grades Distributors Automotive 12% • Ferritics and duplex 46% • Technical advice Architecture, building & • Develop relationships & receive construction 3% volume discounts
Slide 15: Outokumpu has the broadest product portfolio
Flat products Long products Ferrochrome Outokumpu has the broadest Slab Quarto plate Cast semis Bar product portfolio globally. Chrome is the most important Hot rolled Cold rolled Rolled and Rebar raw material used in stainless black coil white coil forged billet steel production. The use of our Out
Slide 16: We have a solid presence in key regions
We have a solid presence in key regions Avesta* Fagersta Tornio* Integrated melt shop, hot and cold rolling Degerfors Kemi Sheffield Nyby Other mills Krefeld* Helsinki Mine Richburg Dillenburg Dahlerbrück Service centers Calvert San Luis Potosí Headquarters in Helsinki, Finland R&D centers * 16 | Ma
Slide 17: Fully integrated production asset base
Fully integrated production asset base Europe Americas Long Products Total Tornio Avesta + Krefeld + Degerfors Calvert Mexinox Sheffield Richburg Degerfors Fagersta 1,000 tonnes Nyby Dillenburg Finland Sweden Germany Sweden USA Mexico UK USA Sweden Sweden Melting 1,450 450 900 450 3,250 Hot rolling
Slide 18: Business areas
Business areas
Slide 19: Outokumpu’s assets work as one integrated system
Outokumpu’s assets work as one integrated system Sales by business area in 2019 Avesta € 6,403 million Fagersta Tornio Degerfors Kemi Sheffield Nyby Krefeld Richburg Dillenburg Calvert Dahlerbrück San Luis Potosí Europe Americas Long Products Ferrochrome 19 | May 29, 2020
Slide 20: #1 stainless steel producer in Europe, #2 in the US
#1 stainless steel producer in Europe, #2 in the US Business EUROPE AMERICAS LONG PRODUCTS FERROCHROME area 28% 21% US Europe 4% Market share #1 #2 11% 10% #6 Production Finland, Sweden & US & Mexico UK, Sweden & US Finland facilities Germany Largest Distributors Distributors Distributors Automotive
Slide 21: State-of-the-art production facilities – Europe
State-of-the-art production facilities – Europe Outokumpu’s assets work as one integrated system with large integrated sites in Tornio, Finland and Avesta, Sweden feeding rest of the mills Europe. Outputs include a wide range of austenitic and ferritic standard stailess steel grades and tailored and
Slide 22: State-of-the-art production facilities – Americas
State-of-the-art production facilities – Americas The Americas’ production units are located in Alabama, US and San Luis Potosí, Mexico. The production sites are supported by distribution centers in Illinois, Pennsylvania and California, US and a service center in Argentina. The business area produc
Slide 23: State-of-the-art production facilities – Long Products
State-of-the-art production facilities – Long Products The integrated mill in Sheffield, UK feeds semi-finished products to finishing facilities in Sweden and US. Long Products’ product offering consists of a broad range of bars, wire-rod, wire, rebar and semi-finished products in standard and tailo
Slide 24: State-of-the-art production facilities – Ferrochrome
State-of-the-art production facilities – Ferrochrome Ferrochrome is an integral part of Outokumpu’s operations, and supported by our Kemi mine. It is a clear competitive advantage to us. Majority of the produced ferrochrome is consumed internally by our own mills, and approximately 25% is sold to ot
Slide 25: Markets
Markets
Slide 26: High import penetration, price pressure and low demand have changed the market dynamics
High import penetration, price pressure and low demand have changed the market dynamics • Unfair trade practices • Trade wars have led and growing competition to market disruption from Asian producers • New pricing mechanisms: • Shift towards NPI leads from alloy surcharge to a change in scrap prici
Slide 27: Scrap is a competitive advantage and driver for sustainability
Scrap is a competitive advantage and driver for sustainability Global Abundance Scrap and Scrap and competitiveness of scrap the importance correlation to vs. other forms of for carbon neutrality LME nickel nickel Scrap is the most Both Europe and Realization of Market moving competitive traded Amer
Slide 28: Market balance must be restored by addressing unfair market practices
Market balance must be restored by addressing unfair market practices Stronger Trade defence EU’s WTO Carbon Border safeguards tools complaint Adjustment needed in Europe anti-dumping & against Indonesia’s to prevent carbon also beyond current anti-subsidy ore export ban and leakage period investiga
Slide 29: Nickel price declined during the first quarter
Nickel price declined during the first quarter Transaction prices 304 stainless, Average nickel price, Ferrochrome USD/tonne USD/tonne benchmark price, USD/lb 3,400 2,900 2,400 1,900 1,400 Q4/19 Q1/20 Q4/19 Q1/20 Europe USA China Source: CRU 29 | May 29, 2020
Slide 30: Import pressure in Europe remained high
Import pressure in Europe remained high Third-country cold rolled imports1 into Europe, Third-country cold rolled imports2 into the US, 1,000 tonnes 1,000 tonnes 50 100 50 29% 30 80 40 40 60 30 20 14% 30 40 20 20 10 20 10 10 0 0 0 0 From rest of world From China From rest of world From China From re
Slide 31: Raw materials - price development
Raw materials - price development Nickel1, USD / tonne Ferrochrome2, USD / lb. 21,000 1.5 Q2/20 19,000 April 30 12,134 USD/t 1.3 1.14 USD/lb. 17,000 15,000 1.1 13,000 January 14 0.9 0.70 USD/lb. 11,000 European contract price 0.7 9,000 European spot price 7,000 0.5 Jan'18 Feb Mar Apr May Jun Jul Aug
Slide 32: Stainless steel market
Stainless steel market Major stainless steel producers Outokumpu’s market share Million tonnes 2019 2018 2019 Tsingshan 9.8 10.2 Europe 28% TISCO 4.5 5.5 NAFTA 21% POSCO (incl. ZPSS) 3.3 3.3 Globally ~6% Acerinox 3.3 3.2 Outokumpu 3.2 3.3 Aperam 3.0 2.1 32 | May 29, 2020 Source: Global crude stainle
Slide 33: Sustainability
Sustainability
Slide 34: Sustainability is at heart of our strategy
Sustainability is at heart of our strategy Operational VISION 2020: Safety excellence To be the best value creator in stainless steel by 2020 Commercial through customer orientation Sustainability excellence and efficiency. Americas Digital transformation High-performing organization 34 | May 29, 20
Slide 35: We are committed to reaching carbon neutrality by 2050 in-line with EU Green Deal targets
We are committed to reaching carbon neutrality by 2050 in-line with EU Green Deal targets 20% lower Carbon neutral by carbon footprint by 2023 2050 1 1) Our carbon neutrality commitment relates to scope 1+2. Regarding scope 3, we’re working closely with our RM suppliers to ensure that they identify
Slide 36: We are the leading producer of sustainable stainless steel globally
We are the leading producer of sustainable stainless steel globally and we have the lowest carbon footprint in the industry Carbon footprint Industry leading Low ferrochrome High usage of less than recycled content carbon footprint: carbon neutral globally electricity in Europe 30% 90% 42% +80% of t
Slide 37: Stainless steel from China and Indonesia has up-to five times higher carbon footprint
Stainless steel from China and Indonesia has up-to five times higher carbon footprint CO2 emissions of stainless steel producers Drivers of high carbon footprint for Chinese and Indonesian 8 stainless steel Tonne of CO2 per tonne crude steel 6 1. Low utilization of recycled material 4 2. Low nickel
Slide 38: We are on track to reach our science based target 20% lower carbon footprint by 2023
We are on track to reach our science based target 20% lower carbon footprint by 2023 Outokumpu CO2 emissions intensity 1 Outokumpu CO2 footprint by category (2019) 2.0 Tonne of CO2 per tonne crude steel 1.5 28% 1.0 47% 0.5 18% 0.0 7% 2014- 2019 2023 2016 target Direct Indirect Transport Raw material
Slide 39: Our commitment to sustainability has been recognised…
Our commitment to sustainability has been recognised… Gold rating – top 5% performer – Outokumpu is included in the from supplier sustainability Sustainability Yearbook 2020 platform EcoVadis indicating we are in the top 15% sustainability performers of steel industry. 39 | May 29, 2020
Slide 40: …and we have clear priorities to do more
…and we have clear priorities to do more Carbon neutral Sustainability Lobbying to achieve a roadmap credentials level playing field • Energy efficiency • Customer engagement • Secure legislation that improvements of industry • Develop average sustainability supports our business • Selected capex ce
Slide 41: We focus on 6 UN Sustainable Development Goals
We focus on 6 UN Sustainable Development Goals Outokumpu business is based on recycling and is a part of circular economy. Company focuses on resource efficiency as recycled content, the use of by- products to replace natural resources, as well as increasing the energy efficiency in production proce
Slide 42: Safety of our employees is our undisputed priority
Safety of our employees is our undisputed priority Total recordable injury frequency rate (TRIFR) TRIFR target 8.7 for 2020 <3.0 4.4 4.1 We aim to be among the 3.2 3.0 industry leaders in safety with the ultimate goal of zero accidents. 2016 2017 2018 2019 2020 target 42 | May 29, 2020
Slide 43: Ferrochrome
Ferrochrome
Slide 44: Own ferrochrome production is an important strategic asset for us
Own ferrochrome production is an important strategic asset for us Positive outlook for 2020 Deep mine project secures despite low ferrochrome our ore availability for the CO2 pricing future footprint of our ferrochrome is only 42% Ferrochrome market Global capacity cuts and of the industry expected
Slide 45: We extract significant value through integrated ownership of mines and smelters
We extract significant value through integrated ownership of mines and smelters Competitive Predictable Fast response Efficient inventory cost base cost and quality to changes management 46 | May 29, 2020
Slide 46: Deepening of Kemi mine in 2018–2021, we can secure future long-term supply
Deepening of Kemi mine in 2018–2021, we can secure future long-term supply EUR 250 million investment in vertical mine expansion New main level at 1,000 meters depth: new ore handling and hoisting system On schedule and budget • First ore feed already in 2020 • Full production by the end of 2021 47
Slide 47: R&D
R&D
Slide 48: We are using R&D and technology to increase our customers’ competitiveness
We are using R&D and technology to increase our customers’ competitiveness Our R&D vision 2023 Our unmatched technical competence creates extraordinary value and attracts new talents Being the industry benchmark in profitable stainless Current and Product New Ensuring Digital tools steel solutions a
Slide 49: Automotive applications for major OEMs
Automotive applications for major OEMs Enabler for battery packs • Qualified by major OEMs • H-Series stainless steel • Higher passenger protection Fuel cell technology • New design by Outokumpu • Close collaboration with a German OEM Weldable Sandwich • Sound dampening • High strength • Formable 50
Slide 50: Marine applications for demanding environments
Marine applications for demanding environments Exhaust cleaning (Scrubbers) • Excellent corrosion performance • Long lifetime in harsh conditions • Close collaboration with market leaders Ocean thermal energy • Heat exchanger with superior corrosion resistance • Improved heat transfer Oil, Gas & Off
Slide 51: Process development for higher efficiency
Process development for higher efficiency Inclusion Reduction Surface quality Digital Manufacturing • Smart melt shop • Substantial scratch • Connected quality treatment to reduce defect reduction in inspection along inclusions German operations process route • Excellent results with up • Frequency
Slide 52: Latest financials Q1 2020
Latest financials Q1 2020
Slide 53: Q1 result was driven by seasonally higher volumes and improved productivity
Q1 result was driven by seasonally higher volumes and improved productivity Group adjusted EBITDA, Adjusted EBITDA quarter-on-quarter comparison1, EUR million EUR million 106 91 73 54 45 Net of Pricing Ferro- Q1/19 Q2 Q3 Q4 Q1/20 Q4/19 Deliveries timing and Costs Others Q1/20 & mix chrome hedging 1)
Slide 54: Key figures Q1/20
Key figures Q1/20 Q1/19 Q4/19 2019 Stainless steel deliveries 1,000 tonnes 588 621 458 2,196 Sales EUR million 1,615 1,715 1,398 6,403 Adjusted EBITDA EUR million 106 54 73 263 EBITDA EUR million 106 40 90 266 Net result EUR million 22 -39 -15 -75 Earnings per share EUR 0.05 -0.09 -0.04 -0.18 Operat
Slide 55: BA Europe – positive volume impact was offset by weaker product mix
BA Europe – positive volume impact was offset by weaker product mix Europe adjusted EBITDA, Adjusted EBITDA quarter-on-quarter comparison1, EUR million EUR million Weaker product mix 73 68 67 42 33 Net of Q1/19 Q2 Q3 Q4 Q1/20 Pricing Q4/19 Deliveries timing and Costs Others Q1/20 & mix hedging 1) In
Slide 56: BA Americas – best quarterly result since 2017
BA Americas – best quarterly result since 2017 Americas adjusted EBITDA, Adjusted EBITDA quarter-on-quarter comparison1, Higher production EUR million EUR million increased costs 20 10 -8 -11 -18 Net of Pricing Q1/19 Q2 Q3 Q4 Q1/20 Q4/19 Deliveries timing and Costs Others Q1/20 & mix hedging 1) Indi
Slide 57: BA Long Products – seasonally higher volumes
BA Long Products – seasonally higher volumes Long Products adjusted EBITDA, Adjusted EBITDA quarter-on-quarter comparison1, EUR million EUR million Both the external and internal deliveries increased 6 -1 -2 -3 -9 Net of Q4/19 Deliveries Pricing Costs Q1/20 timing and Q1/19 Q2 Q3 Q4 Q1/20 & mix hedg
Slide 58: Ferrochrome’s result supported by lower costs
Ferrochrome’s result supported by lower costs Ferrochrome adjusted EBITDA, Adjusted EBITDA quarter-on-quarter comparison1, EUR million EUR million Lower maintenance costs 30 31 25 19 16 FeCr Q1/19 Q2 Q3 Q4 Q1/20 Q4/19 Deliveries Costs Others Q1/20 price 1) Indicative columns based on management esti
Slide 59: First-quarter cash flow followed the seasonal pattern
First-quarter cash flow followed the seasonal pattern Cash flow, EUR million Capex estimate 2020, EUR million 240 2020 annual Capex reduced by 200 EUR 40 million to EUR 180 million 160 120 80 40 0 EBITDA Working Provisions, Operating Net cash Cash flow capital pensions, cash flow from before Expansi
Slide 60: Net debt reduction continues in 2020
Net debt reduction continues in 2020 Net debt, EUR million Net debt/LTM adjusted EBITDA 1,800 IFRS16 impact* 80% 69% EUR 131 million 70% 1,600 51% 60% 1,400 45% 45% 48% 40% 50% 1,200 40% 30% 1,000 20% 800 <1.0 10% 1,610 1,242 1,091 1,241 1,155 1,249 9.8 4.0 1.7 2.6 4.4 4.0 600 0% 2015 2016 2017 2018
Slide 61: EUR 250 million convertible bond repaid in February
EUR 250 million convertible bond repaid in February Debt structure* Debt maturity profile*, EUR million Total liquidity €0.9 billion 800 20% 15% Cash & cash 600 equivalents €411 million 12% 400 39% 14% 200 0 2020 2021 2022 2023 2024 2025+ Bonds Long term loans Current debt Pension loans Financial le
Slide 62: Outokumpu operative cost components
Outokumpu operative cost components* SG&A (excl. personnel D&A total and D&A) • Raw materials 60% Other cost of • Energy and other consumables sales 10–15% Energy and • Personnel expenses 10–15% consumables • Other cost of sales includes e.g. freight, maintenance and rents Personnel and leases Raw m
Slide 63: Over 4% productivity improvement in 2019 – more to come in 2020
Over 4% productivity improvement in 2019 – more to come in 2020 Raw material excellence Reduction of net working capital Productivity improvement Procurement initiatives is based on numerous Continuous debottlenecking of key equipment local projects Moving towards a single operating system Reliabili
Slide 64: Outlook for Q2 2020
Outlook for Q2 2020 The preventative measures and lockdowns related to the COVID-19 pandemic are expected to have a Due to the global significant impact on the stainless steel industry during 2020. economic uncertainty caused by the COVID-19 As a result of lower industrial production and diminishing
Slide 65: For more information, call Outokumpu Investor Relations
For more information, call Outokumpu Investor Relations or visit www.outokumpu.com/investors Marja Mäkinen VP – Investor Relations Q2 result August 7, 2020 Mobile +358 40 6712 999 E-mail: marja.makinen@outokumpu.com Linda Häkkilä Investor Relations Manager Q3 result Mobile: +358 40 071 9669 November
Slide 66: Appendix
Appendix
Slide 67: Production steps – cold rolled coil
Production steps – cold rolled coil Ferrochrome Kemi mine Steel melting shop Hot rolling mill Cold rolling plant works Sintering furnace Liquid Recycled Hot annealing and pickling line ferrochrome steel Walking Beam Furnace Underground Hoisting mine Smelter Sendzimir Mill Ferrochrome Electric Arc Ro
Slide 68: Stainless steels can be divided in four groups
Outokumpu is a global leader of advanced solutions and our stainless steels can be divided in four groups Deliveries by product group in 2019 Duplex Other Austenitics Ferritics Duplex Martensitic 8% 5% Ferritic Nickel content No nickel Low nickel content No nickel 18% Non-magnetic Magnetic Magnetic
Slide 69: Stainless steel prices reflect various factors
Stainless steel prices reflect various factors Raw material Short-term and Macro-economic prices and long-term Transport trends currency capacity costs fluctuations utilization Development in Import duties Cost of consumer Competition and other trade capital industries restrictions 70 | May 29, 2020
Slide 70: Traditional stainless steel base price model consists of three components
Traditional stainless steel base price model consists of three components Alloy surcharge Base price Base price Extras Alloy surcharge Customer-specific, Material-specific Product-specific usually monthly charges for non- instrument to base price standardized pass alloy costs products along the valu
Slide 71: The logics behind our net of timing and hedging
The logics behind our net of timing and hedging Underlying position Exposure Hedging Metal hedging Committed* sales Short 100% Committed** purchases Long 100% Net realizable value Excess stock Long 100% NRV, accounting principle Base stock Long Balance between managing earnings & cash flow volatilit
Slide 72: Corporate Governance
Corporate Governance Outokumpu Oyj, the Group’s parent company, is a public limited liability company, listed on Nasdaq Helsinki and incorporated and domiciled in Finland. In its corporate governance and management, Outokumpu Oyj complies with the laws and regulations applicable to Finnish public co
Slide 73: Outokumpu organization
Outokumpu organization President and CEO Heikki Malinen Human Resources & Finance Organization Development Business Transformation & IT Communications & IR Europe Americas Long Products Ferrochrome 74 | May 29, 2020
Slide 74: Ownership structure & major shareholders
Ownership structure & major shareholders Nominee registered and non-Finnish holders 24% Finnish institutions, companies and foundations 25% Solidium 22% Households 29% 1) Directly registered shareholders on March 31, 2020 75 | May 29, 2020
Slide 75: Solidium and governance
Solidium and governance • Holding company wholly owned by the State of Finland AA • Major shareholder in 12 listed companies including SSAB, Elisa, Sampo, Nokia, Tieto, Metso and Valmet • Mission is to strenghten and stabilize Finnish ownership in nationally important companies and to increase the v
Slide 76: Board of Directors
Board of Directors Chairman of the Board of Directors Members of the Board of Directors Kari Jordan Kati ter Eeva Sipilä Vesa-Pekka Chairman of the Horst Chairman of the Takala Remuneration Audit Committee Member of the Member of the Committee Audit Committee Audit Committee Pierre Julia Vareille Wo
Slide 77: Outokumpu Leadership Team
Outokumpu Leadership Team Heikki Pia Maciej Kari Tuutti Malinen Aaltonen- Gwozdz President – Chief Executive Forsell President – Long Products Officer Europe Chief Financial Officer Olli-Matti Liam Bates Jan Saksi Executive Vice Hofmann President – President – Executive Vice Supply Chain Americas Pr
Slide 78: Group key financials
Group key financials Key figures 2019 2018 20173) 2016 2015 Stainless steel deliveries 1,000 tonnes 2,196 2,428 2,448 2,444 2,381 Sales € million 6,403 6,872 6,356 5,690 6,384 Adjusted EBITDA € million 263 485 631 309 165 Net result € million -75 130 392 144 86 Return on equity 1) % -2.8 4.8 15.4 6.
Slide 79: Balance sheet
Balance sheet Assets (EUR million) 2019 2018 Equity and liabilities (EUR million) 2019 2018 Non-current assets Equity attributable to the equity holders of the Company 2,562 2,750 Intangible assets 607 585 Non-current liabilities Property, plant and equipment 2,767 2,659 Non-current debt 1,053 798 I
Slide 80: Share-related key figures
Share-related key figures Key figures 2019 2018 2017 2016 2015 Earnings per share 1) 2) € -0.18 0.32 0.95 0.35 0.23 Cash flow per share € 0.90 0.52 0.79 0.94 -0.08 Equity per share 1) 2) € 6.22 6.70 6.59 5.84 5.60 Dividend per share € 0.10 3) 0.15 0.25 0.10 - Dividend yield % 3.6 4.7 3.2 1.2 - Price
Slide 81: Cash flow
Cash flow Key figures 2019 2018 2017 2016 Net result for the financial year € million -75 130 392 144 Total adjustments € million 330 313 259 134 Change in working capital € million 218 -112 -180 307 Provisions, pensions, financial charges and other € million -97 -112 -135 -187 Income taxes paid € m
Slide 82: Business area Europe
Business area Europe Key figures 2019 2018 2017 2016 2015 Stainless steel deliveries 1,000 tonnes 1,459 1,547 1,592 1,625 1,578 Sales € million 4,089 4,267 4,156 3,767 4,156 of which intra-group € million 66 97 81 93 120 Adjusted EBITDA € million 216 248 404 295 203 Adjustments to EBITDA € million 1
Slide 83: Business area Americas
Business area Americas Key figures 2019 2018 2017 2016 2015 Stainless steel deliveries 1,000 tonnes 601 762 742 690 533 Sales € million 1,346 1,715 1,546 1,325 1,214 of which intra-group € million 3 45 33 21 37 Adjusted EBITDA € million -27 -5 21 -27 -120 Adjustments to EBITDA € million - - - 21 -17
Slide 84: Business area Long Products
Business area Long Products Key figures 2019 2018 2017 2016 2015 Stainless steel deliveries 1,000 tonnes 226 285 264 245 213 Sales € million 642 740 591 487 551 of which intra-group € million 137 220 186 153 162 Adjusted EBITDA € million -7 25 16 -1 10 Adjustments to EBITDA € million - - - 19 - EBIT
Slide 85: Business area Ferrochrome
Business area Ferrochrome Key figures 2019 2018 2017 2016 2015 Ferrochrome production 1,000 tonnes 505 497 415 469 457 Sales € million 461 542 610 371 410 of which intra-group € million 293 345 483 269 295 Adjusted EBITDA € million 96 210 217 80 107 Adjustments to EBITDA € million - - - -0 - EBITDA
Slide 86: Disclaimer
Disclaimer This presentation contains, or may be deemed to contain, statements that are not historical facts but forward-looking statements. Such forward-looking statements are based on the current plans, estimates and expectations of Outokumpu’s management based on information available to it on th