Apresentao

Usiminas
4Q15
and 2015
Results
2T11 - APIMEC
Webcast
Classification of the information: Public

4Q15 Results Consolidated

Main Indicators

Steel Sales thousand tons

1,179

1,205
+2%

3Q15

4Q15

3Q15

670

4Q15

Net (loss) Profit R$ million

282%
(250)

3Q15

775
-14%

Adjusted EBITDA R$ million

(65)

Iron Ore Sales thousand tons

(1,042)

56%

(1,627)

4Q15
3Q15

4Q15

2015 Results Consolidated

Main Indicators

Steel Sales thousand tons

Iron Ore Sales thousand tons

5,623

5,541
-11%

4,915

-33%

3,790

2014

2015

Adjusted EBITDA R$ million

1,863

2014

2015

Net (loss) Profit R$ million

208

-84%

-R$3.893
291
(3,685)

2014

2015

2014

2015
3

Sales Volume - Steel

Thousand tons

1,179

1,205
5,541

27%
36%

4,915

17%

27%

27%
73%

83%

64%

3Q15

73%

2014

4Q15
Domestic Market

2015

Exports
4

Adjusted EBITDA and EBITDA Margin - Steel

R$ Million

Extraordinary effects

(33)

(6)
(82)

146

-4%

14%

EBITDA excluding
extraordinary effects

1,546
323

(2)
(179)

3%
380

-8%

3Q15

4Q15
Sales of Surplus Electric Energy

282
42
2014

97

2015

Adjusted EBITDA Margin

5

Adjusted EBITDA - Steel

R$ Million - Quarterly

Adjusted EBITDA
3Q15

Higher Operational
EBITDA before
Result
Extraordinary Effects

Steel Unit
Reestructuring

Result of the Asset

Sale/Write-Off

Adjusted EBITDA
4Q15

(33)
(82)
49
(94)

(179)

(52)

Adjusted EBITDA - Steel

R$ Million - Annual

Adjusted
EBITDA in 2014
Excluding the Excluding the without Sale of
Sale of Surplus Result of the Electric Energy
Adjusted
and the Assets
Electric Energy
Assets
EBITDA 2014
in 2014
Sale/Write-Off Sale/Write-Off

Lower
Operational
Result

EBITDA before
Result of the
Adjusted
Extraordinary Sale of Surplus Steel Unit
Assets
Electric Energy Reestructuring Sale/Write-Off EBITDA 2015
Effects

Price
Volume
Mix

(323)
(30)

(813)

1,546
1,193

42
380

(94)

(45)
282
7

Sales Volume Mining

Thousand tons

775
41

5,623
670
12

680
833

734

3,790
279

658
4,110
3,511

3Q15

4Q15
Sales to Usiminas

2014
Sales to 3rd parties - Domestic Market

2015
Exports
8

Adjusted EBITDA and EBITDA Margin - Mining

R$ Million

61

Extraordinary effects

37%

EBITDA excluding
extraordinary effects

277
56

(24)
-27%

163
50
24
139
(102)

(89)
-22%

-119%
3Q15

4Q15
Sales of Surplus Electric Energy

2014

2015

Adjusted EBITDA Margin

9

Adjusted EBITDA - Mining

R$ Million - Quarterly

Higher Operational
Result
Adjusted EBITDA 3Q15

84
(24)

EBITDA before
Extraordinary Effects

Mining Unit
Reestructure

Adjusted EBITDA 4Q15

61
(163)

(102)

10

Adjusted EBITDA - Mining

R$ Million - Annual

Adjusted EBITDA
2014

Excluding the Sale Adjusted EBITDA in

of Surplus Electric 2014 without Sale Lower Operational
Result
Energy in 2014 of Electric Energy

EBITDA before
Extraordinary
Effects

Sale of Surplus
Electric Energy

Mining Unit
Reestructuring

Adjusted EBITDA
2015

Price
Volume

(56)

277

171
221
24
50

163
(89)

11

Adjusted EBITDA and EBITDA Margin - Consolidated

R$ Million

57

Extraordinary effects

16%

EBITDA excluding
extraordinary effects

1,863
(2)
(65)

379
307

-3%
3%
(1)
(250)

291
65

540
249

-10%
3Q15

4Q15
Sales of Surplus Electric Energy

2014

2015

Adjusted EBITDA Margin

12

Adjusted EBITDA - Consolidated

R$ Million - Quarterly

Excluding the
Adjusted EBITDA in
Result of the
3Q15 without the
Adjusted EBITDA Assets Sale/Write- Assets Sale/Write- Higher Operational
3Q15
Result
Off on the 3Q15
Off

111

EBITDA before
Extraordinary
Effects

Business
Reestructuring

Result of the
Assets Sale/Write- Adjusted EBITDA
4Q15
Off

57
(257)

(54)

(65)
11

(250)

(50)

13

Adjusted EBITDA - Consolidated

R$ Million - Annual

Adjusted
EBITDA in 2014
Excluding the Excluding the without Sale of
Sale of Surplus Result of the Electric Energy
Adjusted
and the Assets
Electric Energy
Assets
EBITDA 2014
in 2014
Sale/Write-Off Sale/Write-Off

Lower
Operational
Result

EBITDA before
Result of the
Business
Adjusted
Extraordinary Sale of Surplus
Assets
Electric Energy Reestructuring Sale/Write-Off EBITDA 2015
Effects

(379)
(54)

(891)

1,863
1,430

65

540

(257)
(57)
291

14

G&A Evolution - Consolidated

R$ Million

4.5%

4.3%

4.3%

4.2%

101

3Q15

109

502

4Q15

2014

G&A

440

G&A/ Net Revenues

2015
15

Net Income (Loss) - Consolidated

R$ Million

208

(331)
(1,042)

257
(1,740)
(1,627)

(3,685)

257

1,039
1,688

3Q15

4Q15

Impairment of Assets (Net of

Withholding Taxes)

2014
Business Reestructuring

2015

Net Income (Loss) without

Extraordinary Effects

16

Working Capital Consolidated

R$ Billion

Steel Invetories Thousand tons

Inventory
turnover
(days)

886
747

639

2.4

4Q14

2.4

3Q15

2.3

4Q15

64

57

48

4Q14

3Q15

4Q15
17

Cash Position and Indebtedness Consolidated

R$ Million

8,111

7,886

5,714

5,862

6,702

3,850

2,852

2,397

4Q14

2,024

3Q15
Cash

Gross Debt

4Q15
Net Debt
18

CAPEX Consolidated
R$ Million

1,110
52
94
784
50
112

964
622

2014

2015
Others

Mining

Steel
19

ADR
Level I

Cristina Morgan C. Drumond

Head of IR
cristina.drumond@usiminas.com
Phone: +55 31 3499-8772

Leonardo Karam Rosa

Diogo Dias Gonalves

Investor Relations Manager

leonardo.rosa@usiminas.com
Phone: +55 31 3499-8550

Investor Relations Manager

diogo.goncalves@usiminas.com
Phone: +55 31 3499-8710

www.usiminas.com/ri

Declarations relative to business 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.

Renata Costa Couto

Investor Relations Analyst
r.couto@usiminas.com
Phone: +55 31 3499-8619