business year 2003 results - acerinox · 1111 2222 3333 4444 5555 6666 7777 8888 9999 10110010...

Madrid, 27 February 2004Madrid, 27 Madrid, 27 FebruaryFebruary 20042004

SPANISH

ANALISTS

ASOCIATION

SPANISH SPANISH

ANALISTSANALISTS

ASOCIATIONASOCIATION

BUSINESS YEAR

2003 RESULTS

BUSINESS YEARBUSINESS YEAR

2003 RESULTS2003 RESULTS

EVOLUTION OF GDP. YEARS 1998 EVOLUTION OF GDP. YEARS 1998 EVOLUTION OF GDP. YEARS 1998 EVOLUTION OF GDP. YEARS 1998 EVOLUTION OF GDP. YEARS 1998 EVOLUTION OF GDP. YEARS 1998 EVOLUTION OF GDP. YEARS 1998 EVOLUTION OF GDP. YEARS 1998 –––––––– 2003e 2003e 2003e 2003e 2003e 2003e 2003e 2003e

SourceSourceSourceSourceSourceSourceSourceSource : : : : : : : : International Monetary FundInternational Monetary FundInternational Monetary FundInternational Monetary FundInternational Monetary FundInternational Monetary FundInternational Monetary FundInternational Monetary Fund (IMF) (IMF) (IMF) (IMF) (IMF) (IMF) (IMF) (IMF) and Fortis Bankand Fortis Bankand Fortis Bankand Fortis Bankand Fortis Bankand Fortis Bankand Fortis Bankand Fortis Bank

0000

1111

2222

3333

4444

5555

6666

7777

8888

9999

10101010

1998199819981998 1999199919991999 2000200020002000 2001200120012001 2002200220022002 2003e2003e2003e2003e

CHINACHINACHINACHINA

WORLDWORLDWORLDWORLD

USAUSAUSAUSA

EUROPEANEUROPEANEUROPEANEUROPEAN

UNION (15)UNION (15)UNION (15)UNION (15)

%

16,61016,61016,61016,610

Ending Ending Ending Ending 2003200320032003

3.0003.0003.0003.000

5.0005.0005.0005.000

7.0007.0007.0007.000

9.0009.0009.0009.000

11.00011.00011.00011.000

13.00013.00013.00013.000

15.00015.00015.00015.000

17.00017.00017.00017.000

19.00019.00019.00019.000

84 85 86 87 88 89 90 91 92 93 84 85 86 87 88 89 90 91 92 93 84 85 86 87 88 89 90 91 92 93 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 0394 95 96 97 98 99 00 01 02 0394 95 96 97 98 99 00 01 02 0394 95 96 97 98 99 00 01 02 03

US$/US$/US$/US$/US$/US$/US$/US$/MtMtMtMtMtMtMtMt. Ni.. Ni.. Ni.. Ni.. Ni.. Ni.. Ni.. Ni.

7,1107,1107,1107,110

BeginningBeginningBeginningBeginning

2003200320032003

OFFICIAL NICKEL PRICE IN THE L.M.E.OFFICIAL NICKEL PRICE IN THE L.M.E.OFFICIAL NICKEL PRICE IN THE L.M.E.OFFICIAL NICKEL PRICE IN THE L.M.E.OFFICIAL NICKEL PRICE IN THE L.M.E.OFFICIAL NICKEL PRICE IN THE L.M.E.OFFICIAL NICKEL PRICE IN THE L.M.E.OFFICIAL NICKEL PRICE IN THE L.M.E.((((((((MonthlyMonthlyMonthlyMonthlyMonthlyMonthlyMonthlyMonthly Average Average Average Average Average Average Average Average ValuesValuesValuesValuesValuesValuesValuesValues) 1984 ) 1984 ) 1984 ) 1984 ) 1984 ) 1984 ) 1984 ) 1984 -------- 20032003200320032003200320032003

19,00019,00019,00019,000

17,00017,00017,00017,000

15,00015,00015,00015,000

13,00013,00013,00013,000

11,00011,00011,00011,000

9,0009,0009,0009,000

7,0007,0007,0007,000

5,0005,0005,0005,000

3,0003,0003,0003,000

0,000,000,000,00

0,200,200,200,20

0,400,400,400,40

0,600,600,600,60

0,800,800,800,80

1,001,001,001,00

1,201,201,201,201,201,201,201,20

1,001,001,001,00

0,800,800,800,80

0,600,600,600,60

0,400,400,400,40

0,200,200,200,20

0000

FERROCHROME PRICE (FERROCHROME PRICE (FERROCHROME PRICE (FERROCHROME PRICE (FERROCHROME PRICE (FERROCHROME PRICE (FERROCHROME PRICE (FERROCHROME PRICE (MetalMetalMetalMetalMetalMetalMetalMetal BulletinBulletinBulletinBulletinBulletinBulletinBulletinBulletin))))))))

89 90 91 92 93 94 95 96 97 98 99 00 089 90 91 92 93 94 95 96 97 98 99 00 089 90 91 92 93 94 95 96 97 98 99 00 089 90 91 92 93 94 95 96 97 98 99 00 01 02 031 02 031 02 031 02 03

USD / Lb. Cr.USD / Lb. Cr.USD / Lb. Cr.USD / Lb. Cr.USD / Lb. Cr.USD / Lb. Cr.USD / Lb. Cr.USD / Lb. Cr.

0.570.570.570.57

Ending Ending Ending Ending

2003200320032003

0.340.340.340.34

Beginning Beginning Beginning Beginning

2003200320032003

1.201.201.201.20

1.001.001.001.00

0.800.800.800.80

0.600.600.600.60

0.400.400.400.40

0.200.200.200.20

0000

MOLYBDENUM PRICE (MOLYBDENUM PRICE (MOLYBDENUM PRICE (MOLYBDENUM PRICE (MOLYBDENUM PRICE (MOLYBDENUM PRICE (MOLYBDENUM PRICE (MOLYBDENUM PRICE (Metal Metal Metal Metal Metal Metal Metal Metal BulletinBulletinBulletinBulletinBulletinBulletinBulletinBulletin))))))))

USD / Lb. USD / Lb. USD / Lb. USD / Lb. USD / Lb. USD / Lb. USD / Lb. USD / Lb. MoMoMoMoMoMoMoMo........

89 90 91 92 93 94 95 96 97 98 99 00 89 90 91 92 93 94 95 96 97 98 99 00 89 90 91 92 93 94 95 96 97 98 99 00 89 90 91 92 93 94 95 96 97 98 99 00 01 02 0301 02 0301 02 0301 02 030000

2222

4444

6666

8888

10101010

12121212

14141414

16161616

18181818

7.67.67.67.6

Ending Ending Ending Ending

2003200320032003

3.23.23.23.2

BeginningBeginningBeginningBeginning

2003200320032003

Tasa anual crecimiento1990Tasa anual crecimiento1990Tasa anual crecimiento1990Tasa anual crecimiento1990Tasa anual crecimiento1990Tasa anual crecimiento1990Tasa anual crecimiento1990Tasa anual crecimiento1990--------2003(e)2003(e)2003(e)2003(e)2003(e)2003(e)2003(e)2003(e)

MUNDO : 6,7%MUNDO : 6,7%MUNDO : 6,7%MUNDO : 6,7%MUNDO : 6,7%MUNDO : 6,7%MUNDO : 6,7%MUNDO : 6,7%

· China : 26,6%· China : 26,6%· China : 26,6%· China : 26,6%· China : 26,6%· China : 26,6%· China : 26,6%· China : 26,6%

· Resto del Mundo : 4.4%· Resto del Mundo : 4.4%· Resto del Mundo : 4.4%· Resto del Mundo : 4.4%· Resto del Mundo : 4.4%· Resto del Mundo : 4.4%· Resto del Mundo : 4.4%· Resto del Mundo : 4.4%

0000

1.5001.5001.5001.500

3.0003.0003.0003.000

4.5004.5004.5004.500

6.0006.0006.0006.000

7.5007.5007.5007.500

9.0009.0009.0009.000

10.50010.50010.50010.500

12.00012.00012.00012.000

13.50013.50013.50013.500

1990199019901990 1995199519951995 1997199719971997 1998199819981998 1999199919991999 2000200020002000 2001200120012001 20022002200220022003(e)2003(e)2003(e)2003(e)

7%7%7%7%7%7%7%7%

34%34%34%34%34%34%34%34%

18%18%18%18%18%18%18%18%

41%41%41%41%41%41%41%41%

9%9%9%9%9%9%9%9%

11%11%11%11%11%11%11%11%

25%25%25%25%25%25%25%25%

55%55%55%55%55%55%55%55%

‘000 ‘000 ‘000 ‘000 ‘000 ‘000 ‘000 ‘000 MtMtMtMtMtMtMtMt

,,,,

APPARENT APPARENT APPARENT APPARENT APPARENT APPARENT APPARENT APPARENT WORLD WORLD WORLD WORLD WORLD WORLD WORLD WORLD CONSUMPTION COLD CONSUMPTION COLD CONSUMPTION COLD CONSUMPTION COLD CONSUMPTION COLD CONSUMPTION COLD CONSUMPTION COLD CONSUMPTION COLD ROLLED FLAT PRODUCTSROLLED FLAT PRODUCTSROLLED FLAT PRODUCTSROLLED FLAT PRODUCTSROLLED FLAT PRODUCTSROLLED FLAT PRODUCTSROLLED FLAT PRODUCTSROLLED FLAT PRODUCTS

ASIA CLAIMS HALF OF ASIA CLAIMS HALF OF ASIA CLAIMS HALF OF ASIA CLAIMS HALF OF ASIA CLAIMS HALF OF ASIA CLAIMS HALF OF ASIA CLAIMS HALF OF ASIA CLAIMS HALF OF WORLD WORLD WORLD WORLD WORLD WORLD WORLD WORLD CONSUMPTION, CHINA ONE QUARTERCONSUMPTION, CHINA ONE QUARTERCONSUMPTION, CHINA ONE QUARTERCONSUMPTION, CHINA ONE QUARTERCONSUMPTION, CHINA ONE QUARTERCONSUMPTION, CHINA ONE QUARTERCONSUMPTION, CHINA ONE QUARTERCONSUMPTION, CHINA ONE QUARTER13,50013,50013,50013,500

12,00012,00012,00012,000

10,50010,50010,50010,500

9,0009,0009,0009,000

7,5007,5007,5007,500

6,0006,0006,0006,000

4,5004,5004,5004,500

3,0003,0003,0003,000

1,5001,5001,5001,500

0000

Others Others Others Others USA W.USA W.USA W.USA W.Europe Other Europe Other Europe Other Europe Other Asia China Asia China Asia China Asia China JapanJapanJapanJapan

CAGR 1990CAGR 1990CAGR 1990CAGR 1990CAGR 1990CAGR 1990CAGR 1990CAGR 1990--------2003(e)2003(e)2003(e)2003(e)2003(e)2003(e)2003(e)2003(e)

WORLD WORLD WORLD WORLD WORLD WORLD WORLD WORLD : 6.7%: 6.7%: 6.7%: 6.7%: 6.7%: 6.7%: 6.7%: 6.7%

· China : 26.6%· China : 26.6%· China : 26.6%· China : 26.6%· China : 26.6%· China : 26.6%· China : 26.6%· China : 26.6%

· · · · · · · · Rest ofRest ofRest ofRest ofRest ofRest ofRest ofRest of thethethethethethethethe World : 4.4%World : 4.4%World : 4.4%World : 4.4%World : 4.4%World : 4.4%World : 4.4%World : 4.4%

1995 1996 1997 1998 1999 2000 2001 2002 20031995 1996 1997 1998 1999 2000 2001 2002 20031995 1996 1997 1998 1999 2000 2001 2002 20031995 1996 1997 1998 1999 2000 2001 2002 20031.000

1.250

1.500

1.750

2.000

2.250

2.500

2.750

3.000

3.250

3.500

3.750

STAINLESS STEEL SHEET PRICESSTAINLESS STEEL SHEET PRICESSTAINLESS STEEL SHEET PRICESSTAINLESS STEEL SHEET PRICESAISI. 304 2,0 mm AISI. 304 2,0 mm AISI. 304 2,0 mm AISI. 304 2,0 mm YEAR 2003YEAR 2003YEAR 2003YEAR 2003

US$/Mt, final price, alloy surcharge included

USA

GERMANY

HONG KONG

SOURCE: Metal Bulletin

Research “Stainless Steel

Monthly”

3,7503,7503,7503,750

3,5003,5003,5003,500

3,2503,2503,2503,250

3,0003,0003,0003,000

2,7502,7502,7502,750

2,5002,5002,5002,500

2,2502,2502,2502,250

2,0002,0002,0002,000

1,7501,7501,7501,750

1,5001,5001,5001,500

1,2501,2501,2501,250

1,0001,0001,0001,000

-8

-4

0

4

8

12

16

20

24

28

32

36

40

Source: Reuters

EVOLUTION OF THE EVOLUTION OF THE EVOLUTION OF THE EVOLUTION OF THE €, ASIAN CURRENCY AND €, ASIAN CURRENCY AND €, ASIAN CURRENCY AND €, ASIAN CURRENCY AND EVOLUTION OF THE EVOLUTION OF THE EVOLUTION OF THE EVOLUTION OF THE €, ASIAN CURRENCY AND €, ASIAN CURRENCY AND €, ASIAN CURRENCY AND €, ASIAN CURRENCY AND SOUTH AFRICAN RAND VS USDSOUTH AFRICAN RAND VS USDSOUTH AFRICAN RAND VS USDSOUTH AFRICAN RAND VS USDSOUTH AFRICAN RAND VS USDSOUTH AFRICAN RAND VS USDSOUTH AFRICAN RAND VS USDSOUTH AFRICAN RAND VS USD

Jan Jan Jan Jan Feb Mar Feb Mar Feb Mar Feb Mar Apr Apr Apr Apr May Jun Jul May Jun Jul May Jun Jul May Jun Jul Aug Aug Aug Aug Sep Oct Nov Sep Oct Nov Sep Oct Nov Sep Oct Nov DecDecDecDec

RAND +30.3RAND +30.3RAND +30.3RAND +30.3

€ +20.4€ +20.4€ +20.4€ +20.4

JPY +10.9JPY +10.9JPY +10.9JPY +10.9JapanJapanJapanJapan

CNY +0.0024CNY +0.0024CNY +0.0024CNY +0.0024ChinaChinaChinaChina

KRW KRW KRW KRW ---- 0.60.60.60.6

South Korea South Korea South Korea South Korea

%%%%

0000

250250250250

500500500500

750750750750

1.0001.0001.0001.000

1.2501.2501.2501.250

1.5001.5001.5001.500

1.7501.7501.7501.750

2.0002.0002.0002.000

2.2502.2502.2502.250

1999199919991999 2000200020002000 2001200120012001 2002200220022002 2003200320032003

0000

250250250250

500500500500

750750750750

1.0001.0001.0001.000

1.2501.2501.2501.250

1.5001.5001.5001.500

1.7501.7501.7501.750

2.0002.0002.0002.000

2.2502.2502.2502.250

1999199919991999 2000200020002000 2001200120012001 2002200220022002 2003200320032003

0000

250250250250

500500500500

750750750750

1.0001.0001.0001.000

1.2501.2501.2501.250

1.5001.5001.5001.500

1.7501.7501.7501.750

2.0002.0002.0002.000

2.2502.2502.2502.250

1999199919991999 2000200020002000 2001200120012001 2002200220022002 2003200320032003

FLAT PRODUCT PRODUCTIONS OF THEFLAT PRODUCT PRODUCTIONS OF THEFLAT PRODUCT PRODUCTIONS OF THEFLAT PRODUCT PRODUCTIONS OF THEFLAT PRODUCT PRODUCTIONS OF THEFLAT PRODUCT PRODUCTIONS OF THEFLAT PRODUCT PRODUCTIONS OF THEFLAT PRODUCT PRODUCTIONS OF THE ACERINOXACERINOXACERINOXACERINOXACERINOXACERINOXACERINOXACERINOX

GROUP (´000 GROUP (´000 GROUP (´000 GROUP (´000 GROUP (´000 GROUP (´000 GROUP (´000 GROUP (´000 MtMtMtMtMtMtMtMt))))))))

MELTING SHOPMELTING SHOPMELTING SHOPMELTING SHOP HOT ROLLINGHOT ROLLINGHOT ROLLINGHOT ROLLING COLD ROLLINGCOLD ROLLINGCOLD ROLLINGCOLD ROLLING

TotalTotalTotalTotal Acerinox, S.A.Acerinox, S.A.Acerinox, S.A.Acerinox, S.A. NASNASNASNAS ColumbusColumbusColumbusColumbus

2.2 2.2 2.2 2.2 millmillmillmill. . . . tonstonstonstons. . . .

+24.6%+24.6%+24.6%+24.6%


+10.4%+10.4%+10.4%+10.4%


+4.5%+4.5%+4.5%+4.5%

2,2502,2502,2502,250

2,0002,0002,0002,000

1,7501,7501,7501,750

1,5001,5001,5001,500

1,2501,2501,2501,250

1,0001,0001,0001,000

750750750750

500500500500

250250250250

0000

2,2502,2502,2502,250

2,0002,0002,0002,000

1,7501,7501,7501,750

1,5001,5001,5001,500

1,2501,2501,2501,250

1,0001,0001,0001,000

750750750750

500500500500

250250250250

0000

2,2502,2502,2502,250

2,0002,0002,0002,000

1,7501,7501,7501,750

1,5001,5001,5001,500

1,2501,2501,2501,250

1,0001,0001,0001,000

750750750750

500500500500

250250250250

0000

0000

20202020

40404040

60606060

80808080

100100100100

120120120120

140140140140

160160160160

99999999 00000000 01010101 02020202 03030303

TOTALTOTALTOTALTOTAL

ROLDANROLDANROLDANROLDAN

NASNASNASNAS

LONGLONGLONGLONGLONGLONGLONGLONG PRODUCT PRODUCTIONS OF THEPRODUCT PRODUCTIONS OF THEPRODUCT PRODUCTIONS OF THEPRODUCT PRODUCTIONS OF THEPRODUCT PRODUCTIONS OF THEPRODUCT PRODUCTIONS OF THEPRODUCT PRODUCTIONS OF THEPRODUCT PRODUCTIONS OF THEACERINOXACERINOXACERINOXACERINOXACERINOXACERINOXACERINOXACERINOX GROUPGROUPGROUPGROUPGROUPGROUPGROUPGROUP

´000 ´000 ´000 ´000 ´000 ´000 ´000 ´000 MtMtMtMtMtMtMtMt

0000

250250250250

500500500500

750750750750

1.0001.0001.0001.000

1.2501.2501.2501.250

1.5001.5001.5001.500

1.7501.7501.7501.750

2.0002.0002.0002.000

2.2502.2502.2502.250

2.5002.5002.5002.500

2.7502.7502.7502.750

3.0003.0003.0003.000

97979797 98989898 99999999 00000000 01010101 02020202 03030303

Consolidated GroupConsolidated GroupConsolidated GroupConsolidated Group

ACERINOX S.A.ACERINOX S.A.ACERINOX S.A.ACERINOX S.A.

Trading CompaniesTrading CompaniesTrading CompaniesTrading Companies

N.A.S.N.A.S.N.A.S.N.A.S.

COLUMBUSCOLUMBUSCOLUMBUSCOLUMBUS

ROLDAN + INOXFILROLDAN + INOXFILROLDAN + INOXFILROLDAN + INOXFIL

EVOLUTION OF NET SALES OFEVOLUTION OF NET SALES OFEVOLUTION OF NET SALES OFEVOLUTION OF NET SALES OFACERINOXACERINOXACERINOXACERINOX GROUPGROUPGROUPGROUP

Million EurosMillion EurosMillion EurosMillion Euros2,9132,9132,9132,913

1,4361,4361,4361,436

1,2391,2391,2391,239

852852852852

746746746746

258258258258

3,0003,0003,0003,000

2,7502,7502,7502,750

2,5002,5002,5002,500

2,2502,2502,2502,250

2,0002,0002,0002,000

1,7501,7501,7501,750

1,5001,5001,5001,500

1,2501,2501,2501,250

1,0001,0001,0001,000

750750750750

500500500500

250250250250

0000

GEOGRAPHICAL DISTRIBUTION OF THE GEOGRAPHICAL DISTRIBUTION OF THE GEOGRAPHICAL DISTRIBUTION OF THE GEOGRAPHICAL DISTRIBUTION OF THE GEOGRAPHICAL DISTRIBUTION OF THE GEOGRAPHICAL DISTRIBUTION OF THE GEOGRAPHICAL DISTRIBUTION OF THE GEOGRAPHICAL DISTRIBUTION OF THE ACERINOX GROUP. NET SALESACERINOX GROUP. NET SALESACERINOX GROUP. NET SALESACERINOX GROUP. NET SALESACERINOX GROUP. NET SALESACERINOX GROUP. NET SALESACERINOX GROUP. NET SALESACERINOX GROUP. NET SALES

EuropeEuropeEuropeEurope

45.6%45.6%45.6%45.6%

AmericasAmericasAmericasAmericas

27%27%27%27%

AsiaAsiaAsiaAsia

21.3%21.3%21.3%21.3%

OceaniaOceaniaOceaniaOceania

0.1%0.1%0.1%0.1%

AfricaAfricaAfricaAfrica

6%6%6%6%

YEAR 2002YEAR 2002YEAR 2002YEAR 2002YEAR 2002YEAR 2002YEAR 2002YEAR 2002YEAR 2003YEAR 2003YEAR 2003YEAR 2003YEAR 2003YEAR 2003YEAR 2003YEAR 2003

Europe Europe Europe Europe Europe Europe Europe Europe

45.1%45.1%45.1%45.1%45.1%45.1%45.1%45.1%

AmericasAmericasAmericasAmericasAmericasAmericasAmericasAmericas

26.1%26.1%26.1%26.1%26.1%26.1%26.1%26.1%AsiaAsiaAsiaAsiaAsiaAsiaAsiaAsia

22.8%22.8%22.8%22.8%22.8%22.8%22.8%22.8%

AfricaAfricaAfricaAfricaAfricaAfricaAfricaAfrica

5.4%5.4%5.4%5.4%5.4%5.4%5.4%5.4%

OceaniaOceaniaOceaniaOceaniaOceaniaOceaniaOceaniaOceania

0.6%0.6%0.6%0.6%0.6%0.6%0.6%0.6%

FACTORY OF CAMPO DE GIBRALTARFACTORY OF CAMPO DE GIBRALTARFACTORY OF CAMPO DE GIBRALTARFACTORY OF CAMPO DE GIBRALTARFACTORY OF CAMPO DE GIBRALTARFACTORY OF CAMPO DE GIBRALTARFACTORY OF CAMPO DE GIBRALTARFACTORY OF CAMPO DE GIBRALTAR

0000

100100100100

200200200200

300300300300

400400400400

500500500500

600600600600

700700700700

800800800800

900900900900

1.0001.0001.0001.000

1.1001.1001.1001.100

EVOLUTION OF PRODUCTIONS AT CAMPO DE EVOLUTION OF PRODUCTIONS AT CAMPO DE EVOLUTION OF PRODUCTIONS AT CAMPO DE EVOLUTION OF PRODUCTIONS AT CAMPO DE EVOLUTION OF PRODUCTIONS AT CAMPO DE EVOLUTION OF PRODUCTIONS AT CAMPO DE EVOLUTION OF PRODUCTIONS AT CAMPO DE EVOLUTION OF PRODUCTIONS AT CAMPO DE GIBRALTAR FACTORY (1973 GIBRALTAR FACTORY (1973 GIBRALTAR FACTORY (1973 GIBRALTAR FACTORY (1973 GIBRALTAR FACTORY (1973 GIBRALTAR FACTORY (1973 GIBRALTAR FACTORY (1973 GIBRALTAR FACTORY (1973 –––––––– 2003)2003)2003)2003)2003)2003)2003)2003)

Melting ShopMelting ShopMelting ShopMelting ShopMelting ShopMelting ShopMelting ShopMelting Shop

Hot Hot Hot Hot Hot Hot Hot Hot RollingRollingRollingRollingRollingRollingRollingRolling

Cold Cold Cold Cold Cold Cold Cold Cold RollingRollingRollingRollingRollingRollingRollingRolling

´000 Mt´000 Mt´000 Mt´000 Mt

1,0121,0121,0121,012

838838838838

618618618618

73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03

1,1001,1001,1001,100

1,0001,0001,0001,000

3131313131313131ST ST ST ST ST ST ST ST DECEMBER, 2003 RESULTSDECEMBER, 2003 RESULTSDECEMBER, 2003 RESULTSDECEMBER, 2003 RESULTSDECEMBER, 2003 RESULTSDECEMBER, 2003 RESULTSDECEMBER, 2003 RESULTSDECEMBER, 2003 RESULTS

Year 2003Year 2003Year 2003Year 2003 Year 2002Year 2002Year 2002Year 2002 % Variation % Variation % Variation % Variation

NET SALES 1,436.1 1,197.9 +19.9

DEPRECIATION 49.5 52.7 -6.0

PROFIT AFTER TAXES 102.7 93.3 +10.1

NET CASH FLOW 152.2 146.0 +4.3

ACERINOX, S.A.ACERINOX, S.A.ACERINOX, S.A.ACERINOX, S.A.Figures in million

Euros

FACTORY OF KENTUCKY (U.S.A.)FACTORY OF KENTUCKY (U.S.A.)FACTORY OF KENTUCKY (U.S.A.)FACTORY OF KENTUCKY (U.S.A.)FACTORY OF KENTUCKY (U.S.A.)FACTORY OF KENTUCKY (U.S.A.)FACTORY OF KENTUCKY (U.S.A.)FACTORY OF KENTUCKY (U.S.A.)

EVOLUTION OF PRODUCTIONS AT KENTUCKY EVOLUTION OF PRODUCTIONS AT KENTUCKY EVOLUTION OF PRODUCTIONS AT KENTUCKY EVOLUTION OF PRODUCTIONS AT KENTUCKY EVOLUTION OF PRODUCTIONS AT KENTUCKY EVOLUTION OF PRODUCTIONS AT KENTUCKY EVOLUTION OF PRODUCTIONS AT KENTUCKY EVOLUTION OF PRODUCTIONS AT KENTUCKY FACTORYFACTORYFACTORYFACTORYFACTORYFACTORYFACTORYFACTORY

0000

100100100100

200200200200

300300300300

400400400400

500500500500

600600600600

700700700700

99999999 00000000 01010101 02020202 03030303

Melting ShopMelting ShopMelting ShopMelting Shop

Hot RollingHot RollingHot RollingHot Rolling

Cold RollingCold RollingCold RollingCold Rolling

´000 ´000 ´000 ´000 MtMtMtMt

NAS NAS NAS NAS NAS NAS NAS NAS LONGLONGLONGLONGLONGLONGLONGLONG PRODUCTSPRODUCTSPRODUCTSPRODUCTSPRODUCTSPRODUCTSPRODUCTSPRODUCTS


NET SALES 852.4 618.4 +37.8

DEPRECIATION 43.9 31.5 +39.5

PROFIT AFTER TAXES 36.8 43.8 -16.0

NET CASH FLOW 80.7 75.3 +7.3

NASNASNASNASFigures in million

USD


Nº3 COLD ROLLING SENDZIMIR MILLNº3 COLD ROLLING SENDZIMIR MILLNº3 COLD ROLLING SENDZIMIR MILLNº3 COLD ROLLING SENDZIMIR MILLNº3 COLD ROLLING SENDZIMIR MILLNº3 COLD ROLLING SENDZIMIR MILLNº3 COLD ROLLING SENDZIMIR MILLNº3 COLD ROLLING SENDZIMIR MILL

Nº3 ANNEALING AND PICKLING LINENº3 ANNEALING AND PICKLING LINENº3 ANNEALING AND PICKLING LINENº3 ANNEALING AND PICKLING LINENº3 ANNEALING AND PICKLING LINENº3 ANNEALING AND PICKLING LINENº3 ANNEALING AND PICKLING LINENº3 ANNEALING AND PICKLING LINE

FACTORY OF MIDDELBURG (FACTORY OF MIDDELBURG (FACTORY OF MIDDELBURG (FACTORY OF MIDDELBURG (FACTORY OF MIDDELBURG (FACTORY OF MIDDELBURG (FACTORY OF MIDDELBURG (FACTORY OF MIDDELBURG (SouthSouthSouthSouthSouthSouthSouthSouth AfricaAfricaAfricaAfricaAfricaAfricaAfricaAfrica))))))))

+30.3%+30.3%+30.3%+30.3%

+8.2%+8.2%+8.2%+8.2%

-10%-10%-10%-10%

-5%-5%-5%-5%

0%0%0%0%

5%5%5%5%

10%10%10%10%

15%15%15%15%

20%20%20%20%

25%25%25%25%

30%30%30%30%

35%35%35%35%

40%40%40%40%

ZAR/USDZAR/USDZAR/USDZAR/USD ZAR/EUROZAR/EUROZAR/EUROZAR/EURO

EVOLUTION OF THE SOUTH AFRICAN RAND VS USD EVOLUTION OF THE SOUTH AFRICAN RAND VS USD EVOLUTION OF THE SOUTH AFRICAN RAND VS USD EVOLUTION OF THE SOUTH AFRICAN RAND VS USD EVOLUTION OF THE SOUTH AFRICAN RAND VS USD EVOLUTION OF THE SOUTH AFRICAN RAND VS USD EVOLUTION OF THE SOUTH AFRICAN RAND VS USD EVOLUTION OF THE SOUTH AFRICAN RAND VS USD

AND EURO. YEAR 2003.AND EURO. YEAR 2003.AND EURO. YEAR 2003.AND EURO. YEAR 2003.AND EURO. YEAR 2003.AND EURO. YEAR 2003.AND EURO. YEAR 2003.AND EURO. YEAR 2003. Daily officialDaily officialDaily officialDaily officialDaily officialDaily officialDaily officialDaily official datadatadatadatadatadatadatadata of theof theof theof theof theof theof theof the ECBECBECBECBECBECBECBECB

Jan Jan Feb Mar Feb Mar Apr Apr May Jun Jul May Jun Jul Aug Aug Sep Oct Sep Oct Nov Nov Dec Dec

31313131----DecDecDecDec----2002 312002 312002 312002 31----DecDecDecDec----2003200320032003

Exchange rate Exchange rate Exchange rate Exchange rate ZAR / USD : 0.1164 0.1517ZAR / USD : 0.1164 0.1517ZAR / USD : 0.1164 0.1517ZAR / USD : 0.1164 0.1517

Exchange rate Exchange rate Exchange rate Exchange rate ZAR / EUR : 0.1110 0.1201ZAR / EUR : 0.1110 0.1201ZAR / EUR : 0.1110 0.1201ZAR / EUR : 0.1110 0.1201

%%%%

80808080

90909090

100100100100

110110110110

120120120120

130130130130

140140140140

150150150150

160160160160

1996 1997 1998 1999 2000 2001 2002 2003e

SOUTH AFRICAN APPARENT STAINLESS STEEL SOUTH AFRICAN APPARENT STAINLESS STEEL SOUTH AFRICAN APPARENT STAINLESS STEEL SOUTH AFRICAN APPARENT STAINLESS STEEL SOUTH AFRICAN APPARENT STAINLESS STEEL SOUTH AFRICAN APPARENT STAINLESS STEEL SOUTH AFRICAN APPARENT STAINLESS STEEL SOUTH AFRICAN APPARENT STAINLESS STEEL CONSUMPTIONCONSUMPTIONCONSUMPTIONCONSUMPTIONCONSUMPTIONCONSUMPTIONCONSUMPTIONCONSUMPTION


COMPOUND ANNUAL GROWTH: +7.7%




100100100100

200200200200

300300300300

400400400400

500500500500

600600600600

700700700700

800800800800

2001200120012001 2002200220022002 2003200320032003 2004(e)2004(e)2004(e)2004(e)2005(e)2005(e)2005(e)2005(e)

Melting ShopMelting ShopMelting ShopMelting Shop

Hot RollingHot RollingHot RollingHot Rolling

Cold RollingCold RollingCold RollingCold Rolling

+24.6%+24.6%+24.6%+24.6%+24.6%+24.6%+24.6%+24.6%

COLUMBUS STAINLESS PRODUCTIONCOLUMBUS STAINLESS PRODUCTIONCOLUMBUS STAINLESS PRODUCTIONCOLUMBUS STAINLESS PRODUCTIONCOLUMBUS STAINLESS PRODUCTIONCOLUMBUS STAINLESS PRODUCTIONCOLUMBUS STAINLESS PRODUCTIONCOLUMBUS STAINLESS PRODUCTION

+22.8%+22.8%+22.8%+22.8%+22.8%+22.8%+22.8%+22.8%


COLUMBUSCOLUMBUSCOLUMBUSCOLUMBUS


NET SALES NET SALES NET SALES NET SALES 746.2746.2746.2746.2 569.0569.0569.0569.0 +31.1+31.1+31.1+31.1

DEPRECIATION DEPRECIATION DEPRECIATION DEPRECIATION 16.616.616.616.6 9.09.09.09.0 +84.3+84.3+84.3+84.3

PROFIT AFTER TAXES PROFIT AFTER TAXES PROFIT AFTER TAXES PROFIT AFTER TAXES -15.4-15.4-15.4-15.4 22.722.722.722.7 ----------------

NET CASH FLOW NET CASH FLOW NET CASH FLOW NET CASH FLOW 1.11.11.11.1 31.731.731.731.7 -96.4-96.4-96.4-96.4


Figures in Figures in million million

EurosEuros

FOUNDATIONS OF Nº3 SENDZIMIR MILLFOUNDATIONS OF Nº3 SENDZIMIR MILLFOUNDATIONS OF Nº3 SENDZIMIR MILLFOUNDATIONS OF Nº3 SENDZIMIR MILLFOUNDATIONS OF Nº3 SENDZIMIR MILLFOUNDATIONS OF Nº3 SENDZIMIR MILLFOUNDATIONS OF Nº3 SENDZIMIR MILLFOUNDATIONS OF Nº3 SENDZIMIR MILL

ACERINOX GROUPACERINOX GROUPACERINOX GROUPACERINOX GROUP

Year 2003Year 2003Year 2003Year 2003 Year 2002Year 2002Year 2002Year 2002 % Variation% Variation% Variation% Variation

NET SALES NET SALES NET SALES NET SALES 2,913.22,913.22,913.22,913.2 2,499.82,499.82,499.82,499.8 +16.5+16.5+16.5+16.5

DEPRECIATION DEPRECIATION DEPRECIATION DEPRECIATION 127.7127.7127.7127.7 111.6111.6111.6111.6 +14.5+14.5+14.5+14.5

PROFIT AFTER TAXES PROFIT AFTER TAXES PROFIT AFTER TAXES PROFIT AFTER TAXES 125.6125.6125.6125.6 175.5175.5175.5175.5 -28.4-28.4-28.4-28.4

NET CASH FLOW NET CASH FLOW NET CASH FLOW NET CASH FLOW 253.3253.3253.3253.3 287.1287.1287.1287.1 -11.7-11.7-11.7-11.7


Figures in Figures in millionmillion

EurosEuros

6.96.96.96.9 7.67.67.67.611.011.011.011.0

01 02 03

EVOLUTION OF R.O.E. AND R.O.C.E.EVOLUTION OF R.O.E. AND R.O.C.E.EVOLUTION OF R.O.E. AND R.O.C.E.EVOLUTION OF R.O.E. AND R.O.C.E.EVOLUTION OF R.O.E. AND R.O.C.E.EVOLUTION OF R.O.E. AND R.O.C.E.EVOLUTION OF R.O.E. AND R.O.C.E.EVOLUTION OF R.O.E. AND R.O.C.E.ACERINOX ACERINOX ACERINOX ACERINOX ACERINOX ACERINOX ACERINOX ACERINOX CONSOLIDATED GROUPCONSOLIDATED GROUPCONSOLIDATED GROUPCONSOLIDATED GROUPCONSOLIDATED GROUPCONSOLIDATED GROUPCONSOLIDATED GROUPCONSOLIDATED GROUP

9.49.49.49.4

16.216.216.216.2

7.77.77.77.7

01 02 03

R.O.E. (%)R.O.E. (%)R.O.E. (%)R.O.E. (%) R.O.C.E. (%)R.O.C.E. (%)R.O.C.E. (%)R.O.C.E. (%)

Average Average Average Average valuevaluevaluevalue : 11.1: 11.1: 11.1: 11.1Average Average Average Average valuevaluevaluevalue : 8.5: 8.5: 8.5: 8.5

39.539.539.539.5

22.222.222.222.217.917.917.917.9

01010101 02020202 03030303

EVOLUTION OF NET INVESTMENTS AND GEARINGEVOLUTION OF NET INVESTMENTS AND GEARINGEVOLUTION OF NET INVESTMENTS AND GEARINGEVOLUTION OF NET INVESTMENTS AND GEARINGEVOLUTION OF NET INVESTMENTS AND GEARINGEVOLUTION OF NET INVESTMENTS AND GEARINGEVOLUTION OF NET INVESTMENTS AND GEARINGEVOLUTION OF NET INVESTMENTS AND GEARINGACERINOXACERINOXACERINOXACERINOXACERINOXACERINOXACERINOXACERINOX CONSOLIDATED GROUPCONSOLIDATED GROUPCONSOLIDATED GROUPCONSOLIDATED GROUPCONSOLIDATED GROUPCONSOLIDATED GROUPCONSOLIDATED GROUPCONSOLIDATED GROUP

282282282282

452452452452

269269269269

01010101 02020202 03030303

NET INVESTMENTSNET INVESTMENTSNET INVESTMENTSNET INVESTMENTS

((((millionmillionmillionmillion euros)euros)euros)euros)

GEARINGGEARINGGEARINGGEARING

(%)(%)(%)(%)

232(*)

220

(*) 232 (*) 232 (*) 232 (*) 232 millionmillionmillionmillion € € € € concern to the acquisitionconcern to the acquisitionconcern to the acquisitionconcern to the acquisitionof theof theof theof the 64% 64% 64% 64% of Columbus Stainlessof Columbus Stainlessof Columbus Stainlessof Columbus Stainless

RETURN TO SHAREHOLDERSRETURN TO SHAREHOLDERSRETURN TO SHAREHOLDERSRETURN TO SHAREHOLDERSRETURN TO SHAREHOLDERSRETURN TO SHAREHOLDERSRETURN TO SHAREHOLDERSRETURN TO SHAREHOLDERS

0,00

0,25

0,50

0,75

1,00

1,25

94 95 96 97 98 99 00 01 02 03

Euros per shareEuros per shareEuros per shareEuros per shareEuros per shareEuros per shareEuros per shareEuros per share

BUSINESS YEARBUSINESS YEARBUSINESS YEARBUSINESS YEARBUSINESS YEARBUSINESS YEARBUSINESS YEARBUSINESS YEAR

DividendsDividendsDividendsDividends

Interim DividendInterim DividendInterim DividendInterim Dividend

Issue Premiun RefundIssue Premiun RefundIssue Premiun RefundIssue Premiun Refund

0.36

0.48

0.48

0.48

0.48

0.90

1.08

0.78 0.78

0.46

0.12

0.240.30 0.30 0.30 0.30

0.36

0.48

0,60

0.720.78

0.90

1.08 1.081.14

ComplementaryComplementaryComplementaryComplementaryDividendDividendDividendDividend

1.25

1.00

0.75

0.50

0.25

0

EVOLUTION OF THE STOCK EXCHANGE MARKET EVOLUTION OF THE STOCK EXCHANGE MARKET EVOLUTION OF THE STOCK EXCHANGE MARKET EVOLUTION OF THE STOCK EXCHANGE MARKET EVOLUTION OF THE STOCK EXCHANGE MARKET EVOLUTION OF THE STOCK EXCHANGE MARKET EVOLUTION OF THE STOCK EXCHANGE MARKET EVOLUTION OF THE STOCK EXCHANGE MARKET AND USD. YEAR 2003AND USD. YEAR 2003AND USD. YEAR 2003AND USD. YEAR 2003AND USD. YEAR 2003AND USD. YEAR 2003AND USD. YEAR 2003AND USD. YEAR 2003........ Daily percentage Daily percentage Daily percentage Daily percentage Daily percentage Daily percentage Daily percentage Daily percentage datadatadatadatadatadatadatadata

USD/EURO USD/EURO USD/EURO USD/EURO USD/EURO USD/EURO USD/EURO USD/EURO ((((((((OfficialOfficialOfficialOfficialOfficialOfficialOfficialOfficial data data data data data data data data ofofofofofofofof the the the the the the the the

European European European European European European European European Central Central Central Central Central Central Central Central BankBankBankBankBankBankBankBank))))))))

6.8%6.8%6.8%6.8%

28.1%28.1%28.1%28.1%

-17.0%-17.0%-17.0%-17.0%

-20%-20%-20%-20%

-15%-15%-15%-15%

-10%-10%-10%-10%

-5%-5%-5%-5%

0%0%0%0%

5%5%5%5%

10%10%10%10%

15%15%15%15%

20%20%20%20%

25%25%25%25%

30%30%30%30%

ACERINOXACERINOXACERINOXACERINOXACERINOXACERINOXACERINOXACERINOX

Jan Jan Feb Mar Feb Mar Apr Apr May Jun Jul May Jun Jul Aug Aug Sep Oct Sep Oct Nov Nov Dec Dec

IBEX 35IBEX 35IBEX 35IBEX 35IBEX 35IBEX 35IBEX 35IBEX 35

MONTHLY EVOLUTION OF MONTHLY EVOLUTION OF MONTHLY EVOLUTION OF MONTHLY EVOLUTION OF MONTHLY EVOLUTION OF MONTHLY EVOLUTION OF MONTHLY EVOLUTION OF MONTHLY EVOLUTION OF ACERINOXACERINOXACERINOXACERINOXACERINOXACERINOXACERINOXACERINOX, S.A. AND , S.A. AND , S.A. AND , S.A. AND , S.A. AND , S.A. AND , S.A. AND , S.A. AND IBEXIBEXIBEXIBEXIBEXIBEXIBEXIBEX--------35 (199935 (199935 (199935 (199935 (199935 (199935 (199935 (1999--------2003)2003)2003)2003)2003)2003)2003)2003)

-50

0

50

100

150

MMMM

99999999

JJJJ

99999999

SSSS

99999999

DDDD

99999999

MMMM

00000000

JJJJ

00000000

SSSS

00000000

DDDD

00000000

MMMM

01010101

JJJJ

01010101

SSSS

01010101

DDDD

01010101

MMMM

02020202

JJJJ

02020202

SSSS

02020202

DDDD

02020202

MMMM

03030303

JJJJ

03030303

SSSS

03030303

DDDD

03030303

ACERINOXACERINOXACERINOXACERINOX IBEX 35IBEX 35IBEX 35IBEX 35

%%%%

+88.2%

-21.3%

31-12-98 ACX= 19.9 IBEX 35= 9,836.6

30-12-03 ACX= 37.4 IBEX 35= 7,737.2

Flat Product FactoryFlat Product Factory

Long Product FactoryLong Product Factory

WORLD WIDE WORLD WIDE WORLD WIDE WORLD WIDE WORLD WIDE WORLD WIDE WORLD WIDE WORLD WIDE PRESENCE OF THE PRESENCE OF THE PRESENCE OF THE PRESENCE OF THE PRESENCE OF THE PRESENCE OF THE PRESENCE OF THE PRESENCE OF THE ACERINOX ACERINOX ACERINOX ACERINOX ACERINOX ACERINOX ACERINOX ACERINOX GROUPGROUPGROUPGROUPGROUPGROUPGROUPGROUP

business year 2003 results - acerinox · 1111 2222 3333 4444 5555 6666 7777 8888 9999 10110010...

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