annual general meeting brussels - nyrstar/media/files/n/nyrstar-ir/... · 8.2) which in accordance...
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Annual General MeetingBrussels
30 April 2008
2
Julien De WildeChairman
3
Please switchoff your mobilephones
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Board of Directors
Peter MansellPaul Fowler Karel Vinck
Ray Stewart Roland Junck
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Senior Management Team
Greg McMillanHeinz Eigner
Paul BibbyErling Sorensen
6
Today’s meeting is in Dutch in accordance withthe applicable laws.
Interventions in Dutch, French or English will betranslated simultaneously.
7
Constitution
of the
Bureau
8
Agenda
1. Submission of, and discussion on, the annual report of the Board ofDirectors and the report of the Statutory Auditors on the statutoryfinancial statements for the fiscal year ended on 31 December 2007
2. Approval of the statutory financial statements of the company for thefiscal year ended on 31 December 2007, and of the proposedallocation of the result
3. Submission of, and discussion on, the annual report of the Board ofDirectors and the report of the Statutory Auditors on the consolidatedfinancial statements for the fiscal year ended on 31 December 2007
4. Submission of the consolidated financial statements of the companyfor the fiscal year ended on 31 December 2007
5. Discharge from liability to the Directors of the company
6. Discharge from liability to the Statutory Auditors of the company
7. Approval, as far as needed and applicable, in accordance with Article556 of the Belgian Company Code
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Convening
and
Composition
of the
Meeting
10
Deliberation
11
Paul FowlerChief Executive Officer
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Key 2007 Highlights
� Good financial performance in challenging market conditions
� Successful completion of IPO
� Set platform for future growth through integration of assets
� Total zinc production of 1,073,000 tonnes, up 3% from 2006
� Revenue of €3,815 million, up 13% from 2006
� EBITDA of €560 million, up 5% from 2006
� Proposed dividend of €0.40 per share
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Safety, Health and Environment
� Safety & Health� 16% reduction in 2007 indicative
of LTR 9.3� Targeting 25% improvement in
2008
� Environment� 56 recordable incidents in 2007,
all minor� Targeting 20% reduction in 2008� Capital projects focusing on
emission reduction andaddressing historicalcontamination
11.1
9.3
0
2
4
6
8
10
12
2006 2007
LTR*
* Excludes Chinese joint ventures
14
Plant Performance
Zinc Lead
129
253*
225
121
250239
77
1,269 1,294
0
200
400
600
800
1,000
1,200
1,400
2006 2007 Auby Balen &Overpelt
Budel Clarksville Hobart Port Pirie Other0
50
100
150
200
250
300
3502007Year-on-Year
* Excludes 11,000 tonnes of cathodes purchased from Auby for conversion into zinc and zinc alloys
� Production (‘000s tonnes)
15
Total Operating Costs
0
200
400
600
800
2006 2007
Employee
Energy
Other
626*
727** � Year-on-year increase inunderlying costs by 16%� Increased allocation of
corporate and other costs inH1 for former Zinifex sites
� Higher maintenance costs inH2 due to technical problems
� Stable energy costs despitehigher production levels
* Modified Pro Forma basis** Operating costs are on an underlying basis
€ millions
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Capital Expenditure
0
20
40
60
80
100
120
140
160
2006 2007 2008
102*
150
� Expect capex spend to be€150 million in 2008.� €70 million on maintenance� €50 million on environmental� €30 million on growth projects
108*
€ millions
Maintenance
Environment
Growth
* Modified Pro Forma basis
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Challenging Market Conditions
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
1.1
1.15
1.2
1.25
1.3
1.35
1.4
1.45
1.5
1.55
Jan-06 Jun-06 Dec-06 Jun-07 Dec-07
€ \ US$ Exchange Rate
Source: Bloomberg
Zinc LME Spot(US$\tonne)
€ \ US$Exchange Rate
Zinc LME Spot
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Financial Highlights
N/A547353194Underlying EBITDA*
533560358202EBITDA*
1,1441,219721498Gross Profit
3,3893,8152,0901,725Revenue
224221117104Lead Production (‘000 tonnes)
1,0451,073545528Zinc Production (‘000 tonnes)
20062007H1H2unless otherwise indicated
12 months to 31 December2007€ millions
* Includes income from associates
As Nyrstar did not exist in 2006 it is unable to calculate an underlying 2006 result
� Unaudited modified pro forma results
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Strategy
IndustryLeadership
Optimisingthe AssetsSynergiesSkills
Transfer
Enhancingthe OperationsTechnology Experience Productivity
TreatmentCharge
Regional Premiums
Industry consolidation
GrowthProjects
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Outlook
� End-use demand predominantly driven by metals-intensive growth of
emerging economies
� Increase in smelting capacity mainly from China and India needed to
support domestic demand
� Surplus zinc mine production likely to result in higher treatment
charges over the medium term
� Treatment charge negotiations progressing as expected
� Premiums are tightening yet remain above historical norms
� Total metal production in 2008 expected to increase by up to 3%
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Julien De WildeChairman
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Shareholder Questions
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Voting
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Agenda
and
Proposed Resolutions
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1. Submission of, and discussion on, the annualreport of the board of directors and the report ofthe statutory auditors on the statutory financialstatements for the fiscal year ended on December31, 2007.
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2. Approval of the statutory financial statements of thecompany for the fiscal year ended on December 31,2007, and of the proposed allocation of the result.
Proposed resolution: The general shareholders’meeting approves the statutory financial statementsfor the fiscal year ended on December 31, 2007, aswell as the allocation of the result as proposed bythe board of directors.
1. Allocation to the legal reserves €3,092,813.53
2. Carried forward to the next fiscal year €18,763,457.10
3. Profit to be distributed €40,000,000
1. FOR
2. AGAINST
3. ABSTAIN
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3. Submission of, and discussion on, the annualreport of the board of directors and the report ofthe statutory auditors on the consolidatedfinancial statements for the fiscal year ended onDecember 31,2007.
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4. Submission of the consolidated financialstatements of the company for the fiscal yearended on December 31,2007.
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5. Discharge from liability to the directors of thecompany.
Proposed solution: The general shareholders’meeting grants discharge from liability to each ofthe directors who were in office during theprevious fiscal year, for the performance of theirmandate during that fiscal year.
1. FOR
2. AGAINST
3. ABSTAIN
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6. Discharge from liability to the statutory auditors ofthe company
Proposed resolution: The general shareholders’meeting grants discharge from liability to thestatutory auditors which were in office during theprevious fiscal year, for the performance of theirmandate during that fiscal year.
1. FOR
2. AGAINST
3. ABSTAIN
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7. Approval, as far as needed and applicable, in accordance with Article556 of the Belgian Company Code.
Proposed resolution: To the extent necessary, the general shareholders’meeting approves the three-year € 350 million Multicurrency RevolvingFacility Agreement entered into by the company on December 19, 2007(“Multicurrency Revolving Facility Agreement”).
The general shareholders’ meeting takes note of, approves and ratifies, asfar as needed and applicable, in accordance with Article 556 of theBelgian Company Code, any clauses included in the MulticurrencyRevolving Facility Agreement (including, without being limited to, Article8.2) which in accordance with Article 556 of the Belgian Company Codeentail rights to third parties that have an impact on the company’s equityor give rise to a liability or obligation of the company, whereby theexercise of such rights is dependent upon a public take-over bid on thecompany’s shares or a change of the control over the company. Thegeneral shareholders’ meeting grants a special power of attorney to eachdirector and the company secretary of the company, acting singly and withthe power of substitution, to perform the formalities required by Article 556of the Belgian Company Code with respect to this resolution.
1. FOR
2. AGAINST
3. ABSTAIN
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Julien De WildeChairman
Annual General MeetingBrussels
30 April 2008