Prysmian S.p.a. · MIL:PRY
Prysmian — Banca Akros Workshop 2013
76 slides from Prysmian's conference presentation, Jun 22, 2013
Slide 1: Company Presentation
Company Presentation Banca Akros Workshop 2013 Ravello (Italy) - June 22th, 2013 Company Presentation – June 2013 1
Slide 2: Agenda
AGENDA Group Overview & 2013 Outlook Draka integration Financial Results Appendix Company Presentation – June 2013 2
Slide 3: Q1 2013 Key Financials
Q1 2013 Key Financials Euro Millions, % on Sales Sales Adjusted EBITDA (3) Adjusted EBIT (4) -1.8%* 647 7,973 7,848 586 483 435 -7.6%* 1,874 1,711 130 115 91 77 2011(1) 2012 Q1'12 Q1'13 2011 (1) 2012 Q1'12 Q1'13 2011(1) 2012 Q1'12 Q1'13 * Org. Growth 7.3% 8.2% 6.9% 6.7% 5.5% 6.2% 4.9% 4.5% Adjusted
Slide 4: Adj. EBITDA bridge
Adj. EBITDA bridge Lower profitability mainly due to Telecom and cyclical business in Europe Adj. EBITDA evolution Euro million 3 (4) (4) ( 11 ) 130 115 * Q1 2012 Utilities T&I Industrial Telecom Q1 2013 T&I Renewables N.& S. America Org.growth Org.growth 11% of Org.growth Industrial Sales -11.7% -4
Slide 5: Utilities
Utilities Euro Millions, % on Sales Sales to Third Parties Highlights DISTRIBUTION +1.1%* • Limited organic decrease in Q1 with respect to a low comparable basis in 2,318 2,287 PY. No signs of demand recovery in Europe • Lower profitability driven by volume reduction and tough price competition part
Slide 6: Trade & Installers
Trade & Installers Euro Millions, % on Sales Sales to Third Parties Highlights • Significant downturn in European demand vs 2012. New bottom in several -2.6%* countries (partially due to unfavourable weather conditions) from already 2,233 2,159 low volumes in 2012 • Europe: double digit volume decli
Slide 7: Industrial
Industrial Euro Millions, % on Sales Sales to Third Parties Highlights OGP -1.5%* • Lower sales in Q1 due to investments decrease in on-shore application 1,824 partially offset by off-shore. Better sales mix (higher margin in off-shore) 1,801 supporting profitability SURF • Low start of the year for
Slide 8: Telecom
Telecom Euro Millions, % on Sales Sales to Third Parties Highlights -3.5%* • Sales and profitability decrease in Q1 mainly due to sharp drop of optical cables in North and South America (compared to extremely high volumes 1,431 1,466 of H1’12). Further strong decrease in Copper cables Optical / Fibe
Slide 9: 2013 Outlook – Profitability recovery expected next quarters
2013 Outlook – Profitability recovery expected next quarters Leverage on additional synergies and transmission to face new bottom in cyclical businesses FY 2013 Adj.EBITDA Target (€ mln) 600 650 H1 2013E H2 2013E • Worsening of cyclical 339 • Continuous weakness businesses in Europe in European cycl
Slide 10: Synergies target increased – Increasing efforts on production rationalization
Synergies target increased – Increasing efforts on production rationalization New upgrade in synergies plan with additional actions to face the continuous downturn Update on Synergies Plan 2011-15 Overheads (Fixed costs) Euro million Procurement ~175 • Strong Operations ~150 decrease in 125-150 cycl
Slide 11: Key commercial initiatives in Industrial and Telecom
Key commercial initiatives in Industrial and Telecom Leverage on global product portfolio to increase sales and profitability Industrial: ~ +€240m sales by 2015 Telecom: ~ +€190m sales by 2015 CAGR ’12-’15 driven by new initiatives: ~ +4%* CAGR ’12-’15 driven by new initiatives: ~ +4%* OEMs OEMs •Cr
Slide 12: Agenda
AGENDA Group Overview & 2013 Outlook Draka integration Financial Results Appendix Company Presentation – June 2013 12
Slide 13: The new organization model
The new organization model To strengthen leadership in all business segments leveraging on a global platform New organization: a matrix linking country and group functions Utilities T&I Industrial Telecom Group Functions Local Intermediate Global (Optical+Copper) Business Multimedia & Optical Fiber
Slide 14: Integration process update
Integration process update In 2011-12 executed over 50% of actions planned in the full integration process Q2 2011 H2 2011 FY 2012 FY 2013 Design Execution • New Group • Start deployment • Consolidate “One- • Actions completed to achieve the Organization of new company” identity with €100m cumul
Slide 15: First step of production footprint optimization completed
First step of production footprint optimization completed 7 plants closed and 1 plant restructured since Draka acquisition Wuppertal (GER) Industrial cables - partial closure Eschweiler (GER) T&I/Industrial cables Angel (CHI) Hickory (US) Semi-finished products/wires Derby (UK) Industrial/control ca
Slide 16: Agenda
AGENDA Group Overview & 2013 Outlook Draka integration Financial Results Appendix Company Presentation – June 2013 16
Slide 17: Profit and Loss Statement
Profit and Loss Statement Euro Millions Q1 2013 Q1 2012 FY 2012 Sales 1,711 1,874 7,848 YoY total growth (8.7%) YoY organic growth (7.6%) Adj.EBITDA 115 130 647 % on sales 6.7% 6.9% 8.2% Non recurring items (16) (15) (101) EBITDA 99 115 546 % on sales 5.8% 6.1% 7.0% Adj.EBIT 77 91 483 % on sales 4.5
Slide 18: Extraordinary Effects
Extraordinary Effects Euro Millions Q1 2013 Q1 2012 FY 2012 Antitrust investigation (2) 1 (1) Restructuring (10) (14) (74) Draka integration costs - (1) (9) Other (4) (1) (17) EBITDA adjustments (16) (15) (101) Special items (17) 13 (20) Gain/(loss) on metal derivatives (12) 18 14 Assets impairment
Slide 19: Financial Charges
Financial Charges Euro Millions Q1 2013 Q1 2012 FY 2012 a) a) Net interest expenses (28) (26) (111) Bank fees amortization (3) (2) (10) Gain/(loss) on exchange rates - (1) (29) Gain/(loss) on derivatives (1 ) (13) (1) 18 Non recurring effects (5) - (5) Net financial charges (49) (30) (137) Share in
Slide 20: Statement of financial position (Balance Sheet)
Statement of financial position (Balance Sheet) Euro Millions 31 December 31 March 2013 31 March 2012 2012 Net fixed assets 2,305 2,234 2,311 of which: intangible assets 652 615 655 of which: property, plants & equipment 1,544 1,528 1,543 Net working capital 807 814 479 of which: derivatives assets/
Slide 21: Cash Flow
Cash Flow Euro Millions Q1 2013 Q1 2012 FY 2012 Adj.EBITDA 115 130 647 Non recurring items (16) (15) (101) EBITDA 99 115 546 Net Change in provisions & others (27) (12) (1) Cash flow from operations (before WC changes) 72 103 545 Working Capital changes (351) (243) 75 Paid Income Taxes (13) (15) (74
Slide 22: Agenda – Appendix: Prysmian at a Glance
AGENDA Group Overview & 2013 Outlook Draka integration Financial Results Appendix – Prysmian at a Glance Company Presentation – June 2013 22
Slide 23: Prysmian Group at a glance
Prysmian Group at a glance FY 2012 Results Sales breakdown by geography Sales breakdown by business APAC 15% Telecom 19% Utilities Latin 29% America Other 9% 2% € 7.8 bn € 7.8 bn N. America 14% Industrial EMEA 23% 62% T&I 27% Adj. EBITDA by business Adj. EBITDA margin by business Telecom 11.8% 25% 1
Slide 24: Key Milestones
Key Milestones 1998 2001 2005 2008 2011 Growth by Restructuring Growth by Profitable growth Managing the downturn acquisition process acquisition Public Largest Cable July 28th 2005: Listing Strategic Company Maker Closure of 11 Goldman Sachs Acquisitions May 3rd 2007: investments March 2010: plants
Slide 25: The World's Leading Cables & Systems Company
The World’s Leading Cables & Systems Company N°1 in cable solutions for the energy and telecommunication business 7.8 6.3 5.5 €bn, 2012 Sales 4.5 4.1 3.9 3.8 3.0 2.8 1.1 Prysmian Nexans LS Cable & General Cable Southwire Furukawa Leoni Fujikura Hitachi Cable NKT Cables Group System Source: Companies
Slide 26: Prysmian Group business portfolio
Prysmian Group business portfolio Focus on high value added segments PROFITABILITY Extended SURF business (Flexible Pipes + perimeter Umbilicals) Network Components Submarine Look for High Extra HV Profitable Optical Cables & Fibre Growth High Voltage • Focus on products and service Industrial Mediu
Slide 27: Long Cycle Businesses Vs. Short Cycle Businesses
Long Cycle Businesses Vs. Short Cycle Businesses Adj. EBITDA breakdown Long Cycle Businesses Short Cycle Businesses Short Cycle Businesses Adj. EBITDA 67% 33% (Combined Prysmian + Draka) • Profitability: stable at bottom level (excl. synergies contribution) Utilities Utilities • Over 50% profitabili
Slide 28: Sales evolution by geographical area
Sales evolution by geographical area Improving geographical diversification with a limited exposure to weaker southern European countries € million Italy & Spain accounting for approx. 7% of Group 7,973 7,848 Adj.EBITDA 6,990 15% 15% EMEA Sales breakdown 14% 9% 9% FY 2012 – Total = 62% 8% 12% Power
Slide 29: CAPEX evolution
CAPEX evolution Investments focused on high value added businesses Capacity Increase & Product mix (€m) 2012 Capex by destination Maintenance, Efficiency, IT and R&D Maintenance, Efficiency, IT and R&D Capacity Increase & Product mix Capacity Increase & Product Mix 159 152 116 IT and R&D 107 102 85
Slide 30: Metal Price Impact on Profitability
Metal Price Impact on Profitability Supply Main Metal Influence on Cable Price Metal Fluctuation Management Contract Application Impact Impact • Projects (Energy • Technology and design • Pricing locked-in at order intake transmission) content are the main • Profitability protection through Predeter
Slide 31: Agenda – Appendix: Energy
AGENDA Group Overview & Outlook 2013 Draka integration Financial Results Appendix – Energy Company Presentation – June 2013 31
Slide 32: Clusters of Cable Manufacturers in the Industry
Clusters of Cable Manufacturers in the Industry Competitive scenario – Energy Cables Company Presentation – June 2013 32
Slide 33: Full package of solutions for Energy Business
Full package of solutions for Energy Business Utilities Trade & Installers Industrial • Power Transmission • LV cables for construction • Specialties & OEM (rolling stock, nuclear, defence, crane, – Underground EHV, HV-DC/AC – Fire performing mining, marine, electro medical, – Submarine (turn-key) E
Slide 34: Utilities – Power Transmission
Utilities – Power Transmission Business description Key customers High/extra high voltage power transmission Customer base drawn from all major national solutions for the utilities sector transmission networks operators • Underground High Voltage Cabling solutions for power plant sites and primary d
Slide 35: Utilities – Submarine as key driver of profitability increase
Utilities – Submarine as key driver of profitability increase Record Order-book despite European outlook confirms commitment on renewables and interconnections Sales breakdown Orders Backlog Evolution FY 2012 Submarine (€ million) ~1,900 ~1,700 Network components 7% ~1,000~1,050 Transmission - ~900
Slide 36: Utilities – Positive transmission outlook in 2013
Utilities – Positive transmission outlook in 2013 Record Order-intake in submarine and good coverage for HV sales Utilities – FY2012 Results Transmission – Sales & Orders Backlog € million € million 2,287 270 ~ 1,900 7% 11% 22% 43% 67% ~ 600 ~ 550 ~ 550 50% Sales Adj. EBITDA Sales FY Orders Sales FY
Slide 37: Utilities – Investing in submarine to increase ROCE
Utilities – Investing in submarine to increase ROCE Strengthening production and installation (GME acquisition) capabilities Arco Felice (Italy) Drammen (Norway) Pikkala (Finland) Main projects in execution/order backlog: 1. Western Link 2. HelWin 1-2/ SylWin 1/ BorWin 2/ DolWin 3 1 2 / Deutsche Buc
Slide 38: Utilities – Off-shore wind development in Europe still at early stage
Utilities – Off-shore wind development in Europe still at early stage High visibility on new projects to be awarded next quarters Europe Offshore Wind capacity (GW) Europe 2012 Cumulated Capacity by Country Cumulated Offshore Wind capacity (L axis) Others 0.2 GW Annual Additional capacity (R axis) N
Slide 39: Utilities – Transmission
Utilities – Transmission Changing Energy generation mix implies a re-engineering of transmission grids Main primary drivers for grid development in Europe toward 2020 Evolution of the generation mix Scenario EU2020 2012 a) 320 458 963 GW 53 126 2020 a) 456 536 1,214 GW 132 82 Renewable Energy Source
Slide 40: Utilities – Transmission
Utilities – Transmission First round of investments to increase wind off-shore and interconnections to main consumption centers Main subsea and underground projects of pan-European significance List of main projects Main power flow trends 1. Italy – Montenegro Main subsea & underground projects in d
Slide 41: Utilities – Submarine Systems
Utilities – Submarine Systems Key success factors Latest Key projects Customers Period €m (1) US Offshore platforms ExxonMobil's 2014-15 $100m • Track record and reliability Balearic Islands Red Eléctrica de España 2014-15 85 • Ability to design/execute turnkey Deutsche Bucht TenneT 2014-15 50 solut
Slide 42: Utilities – Western Link a milestone in the submarine sector
Utilities – Western Link a milestone in the submarine sector Confirmed leadership in terms of know-how and innovation capabilities Western Link route Large Off-shore Wind investments planned in Scotland Western Link milestones • The highest value cable project ever awarded, worth €800 mln • The high
Slide 43: Utilities – Power Distribution
Utilities – Power Distribution Market drivers Key customers Key customers are all major national distribution network operators • Long term growth in electricity consumption • Mandated improvements in service quality • Investment incentives to utilities • Urbanization Key success factors Action plan
Slide 44: Trade & Installers
Trade & Installers Business description Key customers • Low voltage cables for residential and non • Key customers include major: residential construction • Specialized distributors • Channel differentiation with both: • Direct sales to end customers (Installers) • General distributors • Indirect sa
Slide 45: Trade & Installers – Technology content
Trade & Installers Key success factors Product overview • Product range • On-time delivery / Product availability • Inventory/WC management • Cost leadership + • Channel management Fire Performance/ • Customers’ relationship Accessories Technology content Specials High-End Low Smoke Action plan Zero
Slide 46: Trade & Installers
Trade & Installers Sales breakdown Sales breakdown by geographical area Total Construction Investments FY 2012 2012 = 100 140 North America 130 C.&S. America 120 APAC* Eastern Europe 110 22% Europe Italy & Spain 100 8% Nordics 90 8% 80 A08 A09 A10 A11 E12 E13 E14 E15 E16 € 2.2 bn N. America * Excl.
Slide 47: Industrial
Industrial Business description Key customers Integrated cable solutions highly customized to our Large and differentiated customer base industrial customers worldwide generally served through direct sales Oil & Gas Addressing the cable needs of research and refining, exploration and production. Pro
Slide 48: Industrial
Industrial Sales breakdown Sales breakdown by geographical area Sales breakdown by business segment FY 2012 FY 2012 Other Asia Pacific Elevator 4% 18% 7% Specialties & Renewables OEM Latin America 12% 32% 8% € 1.8 bn € 1.8 bn EMEA OGP & SURF 48% 23% North America 26% Automotive 22% Company Presentat
Slide 49: Industrial – Off-shore oil exploration
Industrial – Off-shore oil exploration Oilfield structure Flexible Pipes Fixed Floating Platform Floating Platform (SEMI-SUBMERSIBLE) Platform (FPSO) Umbilical Injection control Umbilical (Power) Flexible Pipes Umbilical For control Christmas Manifold Tree Petrol Well Company Presentation – June 201
Slide 50: Industrial – Off-shore oil exploration
Industrial – Off-shore oil exploration Cross selling opportunities driven by the new Downhole technology business contributed by Draka Downhole Technology (DHT) HYBRID ELECTRO-OPTIC FIBER OPTIC ELECTRICAL GAS & FLUID TUBING PACKAGED GAS & FLUID TUBING Company Presentation – June 2013 50
Slide 51: Macro-structure of Energy Cables
Macro-structure of Energy Cables Product macro structure Production process Conductor Final production Outer jacket (drawing, Insulation Screening Lay up Armouring Sheathing quality (Polyolefine, PVC, inspection Insulation (XLPE, EPDM) stranding) …) WB yarns Conductor (Cu, Al) Building Wire (T&I) Lo
Slide 52: Agenda – Appendix: Telecom
AGENDA Group Overview & 2013 Outlook Draka integration Financial Results Appendix – Telecom Company Presentation – June 2013 52
Slide 53: Major Players within the Telecom Industry
Major Players within the Telecom Industry Competitive scenario Global Market Presence Continental YOFC Local Niche Focused Wide Product Portfolio Range Company Presentation – June 2013 53
Slide 54: Our Telecom Business
Our Telecom Business Business description Key customers Integrated cable solutions focused on high -end Telecom Key customers include key operators in the telecom sector Telecom solutions Optical cables: tailored for all today’s challenging environments from underground ducts to overhead lines, rail
Slide 55: Telecom
Telecom Sales breakdown Sales breakdown by geographical area Sales breakdown by business segment FY 2012 FY 2012 JVs and other Asia Pacific Optical, 23% 27% Connectivity and Fiber EMEA 45% 44% € 1.5 bn € 1.5 bn Multimedia & Latin America Specials 15% 18% North America Copper 14% 14% Company Presenta
Slide 56: Telecom – Solid drivers in optical confirmed despite low start of the year
Telecom – Solid drivers in optical confirmed despite low start of the year Growing investments expected in South America, EMEA and APAC Global optical cables demand 19% -5% +23% Prysmian 2015 vs. 2012 Sales* Market Growth 33% North America Prysmian +28% 2015 vs. 2012 Sales* Market Growth 37% EMEA Pr
Slide 57: Optical cables
Optical cables Global overview Market trends Key success factors • Demand function of level of capital expenditures • Continuous innovation and development of new budgeted by large telecom companies cable & fibre products (PTT/incumbents as well as alternative • Cable design innovation with special
Slide 58: Telecom Cables Main Applications
Telecom Cables Main Applications BACKBONE METROPOLITAN RING ACCESS NETWORK Company Presentation – June 2013 58
Slide 59: Consolidated leadership in Australia to benefit from new NBN project
Consolidated leadership in Australia to benefit from new NBN project Start-up of National broadband network in 2011 Rollout plan for National Broadband Network • Government initiative to provide direct fibre connection to 93% of Australian subscribers (residential and business) • AUD 43 bn capex pla
Slide 60: Telecom – FTTA as key driver of optical demand
Telecom – FTTA as key driver of optical demand 4G and Long Term Evolution (LTE) deployments require Fiber-to-the-Antenna (FTTA) Number of Global LTE Subscribers Forecast Millions of users Roof top antenna towers for urban applications Antenna towers used by 4G and LTE networks Source: IHS iSuppli Re
Slide 61: Macro-structure of Telecom Cables
Macro-structure of Telecom Cables Product macro structure Production process Primary Coating (250 Micron) Fibre Cladding (125 Micron) optic Core (10 Micron) Final quality Pre form deposition Consolidation Drawing inspection Main Technologies: OVD - VAD - MCVD Aramid Yarns Loose tubes Optical fibres
Slide 62: Agenda – Appendix: Financials
AGENDA Group Overview & 2013 Outlook Draka integration Financial Results Appendix – Financials Company Presentation – June 2013 62
Slide 63: Bridge Consolidated Sales
Bridge Consolidated Sales Euro Millions Total Consolidated -7.6% ( 143) (4 ) ( 27) 11 1,874 1,700 1,711 Q1 2012 Org.Growth Metal Effect Exchange Rate Q1 2013 L-f-L Perimeter effect Q1 2013 Energy Cables & Systems Division -5.2% ( 80 ) (3 ) ( 21) (6) 1,528 1,424 1,418 Q1 2012 Org.Growth Metal Effect
Slide 64: Energy Segment – Profit and Loss Statement
Energy Segment – Profit and Loss Statement Euro Millions Q1 2013 Q1 2012 FY 2012 Sales to Third Parties 1,418 1,528 6,382 YoY total growth (7.2%) YoY organic growth (5.2%) Adj. EBITDA 91 95 487 % on sales 6.4% 6.2% 7.6% Adj. EBIT 66 68 379 % on sales 4.6% 4.5% 5.9% Company Presentation – June 2013 6
Slide 65: Energy Segment – Sales and Profitability by business area
Energy Segment – Sales and Profitability by business area Euro Millions, % on Sales Total Organic Q1 2013 Q1 2012 growth growth Sales to Third Parties Utilities 491 489 0.5% 2.3% Trade & Installers 470 541 (13.2%) (11.7%) Industrial 429 464 (7.6%) (4.9%) Others 28 34 n.m. n.m. Total Energy 1,418 1,5
Slide 66: Telecom Segment – Profit and Loss Statement
Telecom Segment – Profit and Loss Statement Euro Millions Q1 2013 Q1 2012 FY 2012 Sales to Third Parties 293 346 1,466 YoY total growth (15.4%) YoY organic growth (18.3%) Adj. EBITDA 24 35 160 % on sales 8.3% 10.0% 10.9% Adj. EBIT 11 23 104 % on sales 3.8% 6.5% 7.1% Company Presentation – June 2013
Slide 67: Financial Structure
Financial Structure Euro Millions Debt structure (€m) 31.03.2013 (€m) 31.03.13 31.03.12 31.12.12 Used Available Funds (2) Maturity Term Loan 185 672 670 185 - 12/2014 Revolving Credit Facility - - - - 396 12/2014 Eurobond 5.25% 418 417 413 418 - 04/2015 Convertible bond 1.25% 258 - - 258 - 03/2018 S
Slide 68: Prysmian Historical Key Financials
Prysmian Historical Key Financials Euro Millions, % of Sales – Pre Draka acquisition Sales Sales Adjusted EBITDA (1) Adjusted Adjusted EBITEBIT 1 (2) 529 542 5,007 5,118 5,144 4,571 464 477 407 403 387 3,742 3,731 330 334 309 265 +4.2% * +8.2% * +9.3% * +3.2% * -17.4% * 171 2005 2006 2007 2008 2009
Slide 69: Historical Key Financials by Business Area – Utilities and T&I
Historical Key Financials by Business Area – Utilities and T&I Euro Millions, % of Sales – Pre Draka acquisition Sales Vs Third Parties Adjusted EBITDA (1) Adjusted EBIT (2) 2,028 287 256 1,894 266 237 1,853 1,790 250 215 237 208 1,598 1,445 Utilities 197 157 +12.1% * 143 +3.3% * +1.5% * 107 -13.9%
Slide 70: Historical Key Financials by Business Area – Industrial and Telecom
Historical Key Financials by Business Area – Industrial and Telecom Euro Millions, % of Sales – Pre Draka acquisition Sales Vs Third Parties Adjusted EBITDA (1) Adjusted EBIT (2) 850 93 795 80 742 84 71 629 628 Industrial 62 61 489 46 +5.0% * +21.1% * 46 42 -1.1% * 39 34 -16.1% * 25 2005 2006 2007 2
Slide 71: Agenda – Appendix: Cable Industry Reference Market
AGENDA Group Overview & 2013 Outlook Draka integration Financial Results Appendix – Cable Industry Reference Market Company Presentation – June 2013 71
Slide 72: The Global Cables Reference Market
The Global Cables Reference Market World-Wide Cable Reference Market Size, 2012 2012 Global Cables Reference Market Energy Cables Reference Market (~€93bn) Latin North € 117 bn Latin America America America North 4% 13% 4% America 16% EMEA APAC 31% 52% EMEA APAC 30% 50% Telecom Cables Reference Mark
Slide 73: Market Volumes Trend
Market Volumes Trend Energy Cables Reference Market Million Tons • Long term growth driven by: Conductor 13.4 14.1 • Energy consumption 12.7 11.2 11.6 12.1 10.3 10.7 10.0 10.7 • Investments in power grid 9.5 7.8 8.5 9.0 interconnections 7.4 6.5 6.7 6.9 7.1 CAGR: 5.2% • Investments in power transmiss
Slide 74: Telecom – Demand evolution by geographical area
Telecom – Demand evolution by geographical area Optical fibre cable (Million km) CAGR (12-16) +4.5% 280 282 277 267 48 50 232 45 52 +6.0% 215 41 35 36 188 37 33 -3.4% 39 10 173 10 10 9 +6.3% 36 38 142 30 37 8 116 29 8 33 27 4 Total 92 3 26 EMEA 18 30 175 187 186 182 +5.7% 26 4 145 N. America 25 3 13
Slide 75: Reference Scenario
Reference Scenario Commodities & Forex Brent Copper Aluminium Brent $/ton Copper $/ton Aluminium $/ton Brent €/ton Copper €/ton Aluminium €/ton 150 12,000 3,500 125 10,000 3,000 2,500 100 8,000 2,000 75 6,000 1,500 50 4,000 1,000 25 2,000 500 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-08 Jan-09 J
Slide 76: Disclaimer
Disclaimer • The managers responsible for preparing the company's financial reports, A.Bott and C.Soprano, declare, pursuant to paragraph 2 of Article 154-bis of the Consolidated Financial Act, that the accounting information contained in this presentation corresponds to the results documented in th