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Sahaviriya Steel Industries PLC
Opportunity Day
Fourth Quarter 2012 26 March 2013
Sahaviriya Steel Industries PLC
Opportunity Day
Fourth Quarter 2012 26 March 2013
2
The information contained in this presentation is intended solely for your personal reference only. If you
are not an intended recipient, you must not read, disclose, copy, circulate, retain, distribute or take any
action in reliance upon this material.
This presentation is not intended to substitute your own analysis and investigation, and should not be
considered a recommendation to any recipient of this presentation. Some statements contained herein
are forward-looking statements identified by the use of forward-looking terminology such as “may”, “will”,
“expect”, “anticipate”, “intend”, “estimate”, “continue”, “plan” or other similar words, which are subject to
various risks and uncertainties. These statements include statements with respect to Sahaviriya Steel
Industries Public Company Limited (the “Company” or “SSI”)’s, Sahaviriya Steel Industries UK Limited
(“SSI UK”)’s and their subsidiaries (collectively referred to as “SSI Group”) corporate plans, strategies and
beliefs and other statements that are not historical facts.
This presentation is prepared based on the assumptions and beliefs of SSI Group’s management in light
of the information currently available to the Company involving risks and uncertainties which may cause
the actual results, performance or achievements to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements. Nothing in this
presentation is, or shall be relied on as promise or representation of the Company as to the future.
Disclaimer
3
Capacity
3.6 mtpa(2)
100,000 dwt(1) x 2 14 mmts through-put
HotCoil CleanStrip®
4 mtpa(2) 1 mtpa(2)
CRC 1.2 mtpa(2)
EG 0.24 mtpa(2)
Domestic capacity
Share n/a n/a 55% 66% 43% 100%
1) dwt = Deadweight ton
2) mtpa = million tons per annum
3) SV Group includes Sahaviriya Group, Sahaviriya Inter Steel Holdings, and Viriyaprapaikit Family
100% 51% 3.7% 35.19%
Finished products
out-bound
Raw materials
in-bound
Integrate World Class Steel Businesses
Innovate Premium Value Products
Major shareholders
as of 27 Feb 2013 3)
Coated Steel Sheet
Cold Rolled Coil
Hot Rolled Coil
Deep-sea Port
Iron and Steel Making
99.99%
Engineering & Maintenance Service
Long-term
Strategies
ASEAN’s Largest Flat Steel Producer
36%
21%
35%
4% 4%
SV Group Vanomet Others JFE MISI
4
AEC & Impact on Thai Steel Industry
Automotive & Parts
Electrical & Electronics
Food Production Hub
(Packing)
Machinery and Metal
Working Production
Base
Manufacturing &
Assembly Hub
Electrical & Electronics
Thailand is center of ASEAN production
hub in electrical appliances
Food Production Hub
(Packing)
Thailand is center of world food
factory. Canned food output has been
grown up slightly. Mechanization of
agricultural process will increase more
output in canned food. Tourism Hub
Potential AEC-impacted sectors SSI targets high grade market, though impacted, growth is promising
Automotive & Parts
Thailand is center of ASEAN
production hub for automobiles.
Remark :* White goods include fan, rice cooker, refrigerator, air conditioner and compressor
Source : Thailand Automotive Institute , FTI, and ISIT
0
10
20
30
40
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
White goods (Million Units)
CAGR 02-12
5.1%
0
200
400
600
800
1000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Canned Seafood (Unit : '000 tons)
Canned fruit (Unit : '000 tons)
CAGR 02-12
4.9%
0
500
1000
1500
2000
2500
3000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Passenger car ('000 units)
Commercial car ('000 units) CAGR 02-12
15.4%
0
10
20
30
40
50
60
2011E
Million tonnes Apparent Steel Consumption in ASEAN
Production Import Export Consumption
0
10
20
30
40
50
60
2011E
Million tonnes Apparent Steel Consumption in ASEAN
Production Import Export Consumption
5
Thailand flat steel demand: the biggest and most sophisticated in ASEAN
Application Midstream & Downstream Upstream (Iron & Steel Making)
Checkered
Source : WSA, ISIT, SEASI, Federation of Thai Industry
4.4
6.2 0.8
0.4
HRC P/O
Hot Rolling
2.5 3.1
5.6 MT
Cold Rolling
CRC
1.2 MT
Coating
Coated
Local (MT)
Import (MT)
2012 Domestic
Demand
10.6 MT
Total Flat
Products
(excl.plate)
Slab
Thailand Flat Steel: largest and most sophisticated consumption in ASEAN, approximately 6.2 mtpa or 58% of total consumption served by net import
1.1 2.7
MT
ASEAN’s industrialisation and urbanisation has driven and will drive consistent high growth.
LONG: CAGR 98-11
6.8%
FLAT: CAGR 98-11
9.2%
High growth, but served by import due to lack of raw material regionally
Apparent Steel Consumption High-grade Flat Steel Products Consumption
ASEAN steel demand is now 50 million tons per annum and is forecasted to constantly grow at 5.3%
0
10
20
30
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E
0
10
20
30
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E
47% 54%
53% 46%
1998 2011
Long
Flat
90
80
70
60
50
40
30
20
10
CAGR 01-11
5.3%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20 17 2018 2019 2020
Forecast
CAGR 12-20
5.3%
3.8 MT
6
Key Driver from Construction Sector
Construction
62%
% YoY
2011 2012 2013F
Year H1 H2 Year Year
GDP (at 1988 Price) 0.1 2.2 10.7 6.4 4.5-5.5
Total Investment 3.3 7.7 19.2 13.3 8.9
Private 7.2 10.5 18.9 14.6 8
Public -8.7 -2.7 20.4 8.9 12
Total Consumption 1.3 3.9 9.4 6.7 3.5
Private 1.3 4.1 9.1 6.6 3.5
Public 1.1 2.7 10.8 7.4 3.5
Export of Goods (USD) 16.4 -0.2 6.3 3.2 11
Volume 10.2 -3.3 5.9 2.6 7
Import of Goods (USD) 24.7 13.4 5.6 7.8 11.3
Volume 13.3 6.6 6.1 6.1 7.8
Current Account to GDP (%) 3.4 -0.5 2 0.7 0.9
Inflation 3.8 3 3.1 3 2.5-3.5
Source: National Economic and Social Development Board
Economic Projection Year 2013
Automotive 16%
Machinery & Industrial
13%
Appliance 12%
Packaging 5%
Construction
54%
Domestic Steel Demand Breakdown
Source: ISIT
Thailand Construction Outlook Index
Source: Oxford Economics and analysis of ISIT
Opportunities in Construction Projects
Infrastructure
Development
Residential and
Commercial
Building
Industrial
Factories
• Mass Transit Development
• Irrigation Development
• New Condominium and Housing
along Subway and Skytrain Lines
• Urbanisation of cities other than
Bangkok
• New Investment from Machinery
and Appliances Sectors
• Factory Relocation from Japan 0
20
40
60
80
100
120
140
2000 2002 2004 2006 2008 2010 2012 2014
Thailand Capital Formation in Construction Outlook Index
CAGR 2010-2015 = 3.7%
7
Tranche Capital Increase
Plan
Actual Amount
(as of 27 Feb 13)
Tentative Plan Remark
1. PP to Vanomet 5,440 MB 1,967.3 MB 2,458.3 MB
(80 MUSD *)
Another 16 MUSD is expected to be
contributed by the end of Q2/2013
2. Rights Offering 1,246.9 MB 425.3 MB 425.3 MB
Proceeds from subscription for
625,496,021 new shares, mostly from
Sahaviriya Group whilst other existing
shareholders’ subscription was
extremely marginal
3. PP to General Investors and
SVG 3,604 MB 2,285.4 MB 3,604.0 MB
JFE = 25 MUSD, Wonjin ≈ 6.28 MUSD
MISI = 25 MUSD, TRM ≈ 4.03 MUSD
SVG = 14.15 MUSD and ≈ 37.54 MUSD
to be further injected as necessary and
appropriate.
4. PP to SISH for CD Buyback 1,783.8 MB 510 MB 1,783.8 MB Still in process and expects to be
completed by the end of Q2/2013
5. PP to SISH for Repayment
of Sub-loans 1,140.2 MB 996.3 MB 996.3 MB Completed
Total 13,214.9 MB
(≈ 413 MUSD)
6,184.4 MB
(≈ 201.48 MUSD)
9,267.7 MB
(≈ 297.41 MUSD)
6. Vanomet Trade Credit
Facility - -
≈ 2,700 MB
(90 MUSD**)
Vanomet intends to provide 80 MUSD
as equity and retain up to 90 MUSD as
trade credit line.
7. Sales of TCR Shares - 1,568.25 MB
(≈ 50 MUSD)
1,568.25 MB
(≈ 50 MUSD) Completed
Grand Total 13,214.9 MB
(≈ 413 MUSD)
7,752.65 MB
(≈ 251.48 MUSD)
≈13,535.95 MB
(≈ 437.41 MUSD)
SSI TH Capital Increase
*Equity injection only; does not include trade credit amount; **The Company and Vanomet may consider to convert more of such revolving working capital facility into additional newly issued ordinary shares. Assume FX = 30 Baht/USD
SS
I C
apita
l in
cre
ase
Oth
er
fun
din
g
8
Sources of fund Actual Amount
(as of 27 Feb
13)
Tentative Plan Remark
1. Proceed from PP to Vanomet 64.00 MUSD 80 MUSD
1) Another 16 MUSD is expected to be
contributed by the end of Q2/2013
2) The remaining of 90 MUSD will be left
as a trade credit to SSI UK
2. Proceeds from Rights Offering 13.85 MUSD 13.85 MUSD Completed
3. Proceeds from PP to general
investors and SVG 74.46 MUSD 112 MUSD
To be further injected during ramp-up
period as necessary and appropriate
4. Proceeds from PP to repay SISH
(Sub-loan + interest) 32.56 MUSD 32.56 MUSD Completed
5. Conversion of slab prepayment 125 MUSD 125 MUSD Completed
6. Proceeds from Sales of TCR
Shares 50 MUSD 50 MUSD Completed
Grand Total 359.87 MUSD 413.41 MUSD
SSI UK Capital Increase Progress
9
Shareholding Structure Movements
As of 19 Oct 12 Tentative Plan As of 27 Feb 13
#shares (in million)
%shares
SV Group 6,439 35%
Vanomet 2,805 15%
Other 9,092 50%
Total 18,337 100%
#shares (in million)
%shares
SV Group 9,929 36%
Vanomet 5,690 21%
JFE 1,134 4%
MISI 1,134 4%
Other 9,544 35%
Total 27,431 100%
#shares (in million)
%shares
SV Group 13,741 43%
Vanomet 6,393 20%
JFE 1,134 3.5%
MISI 1,134 3.5%
Other 9,544 30%
Total 31,946 100%
SV Group 35%
Vanomet 15%
Others 50%
SV Group 36%
Vanomet
21%
Others 35%
JFE 4%
MISI 4%
0%
0%
SV Group 43%
Vanomet 20%
Others 30%
JFE 3.5%
MISI 3.5%
0%
0%
10
Highlights
Agenda
Recent Update and Ongoing Project
Q4/2012 Performance Results
Q4/2012 Financial Results
Outlook and Guidance
Q & A
Q4/2012 Highlights – Highest Quarterly Revenues
Fourth Quarter of 2012
LTIFR 2.01, -43% QoQ and +2% YoY
Sale and Service Revenues 17,599 MB,
+11% QoQ and +35% YoY, the highest
quarterly revenues
HRC sales 647k tons (2nd highest), +10% QoQ
and +114% YoY
Slab Sales 666 k tons with 25% to 3rd parties
HRC Spread USD 73/ton, -16% QoQ and
-44% YoY
HRC Rolling Margin 10.6%
HRC EBITDA USD 18.5/ton
Slab Spread USD 54/ton, Slab margin 10.7%
Negative Group EBITDA 2,078 MB, and
Net Loss 3,259 MB
TCRSS achieved 10 million tons of cumulative
cold-rolled steel production in Q4/12
Anti-dumping duty on China origin HRC
Boron-added
Safeguard on HRC Alloys-added
11
Year 2012
LTIFR 2.55, +26% YoY
Sale and Service Revenues 60,604 MB
(highest yearly revenues), +26% YoY
HRC shipment 2,184 k tons with HRC sales
2,155 k tons (2nd highest), +26% YoY
Slab sales 1,680 ktons with 18% to 3rd parties
HRC Spread USD 89/ton, -31% YoY
HRC Rolling Margin 12.5%
HRC EBITDA USD 16/ton, -46% YoY
Slab Spread USD 41/ton, Slab margin 7.8%
Negative Group EBITDA 10,680 MB, and
Net Loss 15,903 MB
Q4/2012 Highlights – Safety and Award
Lost Time Injury Frequency Rate (LTIFR) 2.01 in Q4/12 -
43% QoQ and +2% YoY
SSI stock has been selected as 1 of the 6 newcomers in the
SET100 index in the first 6 months of 2013.
TCRSS received the Quality Management Award granted in
the Prime Minister’s Industry Award 2012, held by the Ministry
of Industry. TCRSS has been receiving the award since 2003.
Lost Time Injury
Frequency Rate
(LTIFR)
2012 2011 2012 2011
Q4 Q3 Q4 Jan-Dec Jan-Dec
SSI 0.00 0.00 1.37 0.36 2.14
TCRSS 0.00 0.00 0.00 0.51 0.53
WCE 0.00 2.08 4.06 1.05 4.17
PPC 0.00 0.00 0.00 0.00 0.00
SSI UK 4.51 6.56 2.22 4.81 1.66
SSI Group 2.01 3.49 1.96 2.55 2.03
Note : LTIFR = Number of lost time injuries per 1,000,000 man-hours worked
(Number of LTI’s x 1,000,000/Man-hours worked)
12
2.45 2.19
1.74 1.96
2.57
2.19
3.49
2.01 2.03
2.55
SSI Group’s LTIFR
13
Highlights
Agenda
Recent Update and Ongoing Project
Q4/2012 Performance Results
Q4/2012 Financial Results
Outlook and Guidance
Q & A
14
Project Capacity/
Particulars
Budgeted Capital
Expenditure
Target Key
Milestone Date
SSI UK
Restart Project
3.6 MT per annum
of slab production
290 MUSD
(As at 31 Dec 12,
286 MUSD committed and
255 MUSD has been paid)
Relit on 15 Apr 12
First slab cast on 18 Apr 12
PCI projected to start in
Q2/13
Ongoing Projects
SSI UK PCI Project (Progress of work at 31 Dec 2012)
15
Construction start : Apr 2012
Target completion : Q2/2013
PCI Building : 63%
Electrical Building : 69%
Nitrogen Storage : 44%
Utilities Pipe Bridge : 36%
Stove Waste Gas : 42%
Splitter House : 24%
Casthouse : 63%
Raw Coal Handling : 59%
Commissioning : 0%
PCI
Building
63%
Utilities Pipe Bridge
36%
Raw Coal
Handling
59%
Electrical
Building
69%
Nitrogen Storage
Compound
44%
Turnkey Project Management and Investment Cost 57 MUSD
Forecast Budget to Close the Project 65 MUSD (Due to scope change)
Actual Payment 42.8 MUSD (Committed Expenditure 58.35 MUSD)
Overall Construction Progress 62%
Splitter House
24%
16
1.8
3.2 3.4
Year 2012 Year 2013 Year 2014
Slab Production Plan (SSI UK)
0.7 0.8 0.8 0.9 0.7
1.5
2.3
3.2
Q1 13 Q2 13 Q3 13 Q4 13
Slab production (MT)
Cumulative annual production (MT)
SSI UK’s outside customers
17
Customer in UK
• Plate Mill for structural and high
end plate with capacity of 0.3
million tons per year.
Customer in Italy
• Plate Mill for general and high
strength plate such as API,
pipe, etc with capacity of 0.35
million tons per year.
Customer in Germany (Q3/12)
• Plate Mill for high end
application of machine tools
and part with capacity of 0.15
million tons per year.
New customer in Mexico
• Fully integrated flat and long
carbon steel producer of HR and
CR for automotive and high end
application
Customer in UK
• Hot Strip Mill with total capacity
of 1.0 million tons per year.
Customer in Turkey
• Hot Strip Mill for high grade
pipe and API with total
capacity of 3.0 million tons
per year.
Q2/13
Q4/12
Q3/12
Q4/12
Q3/12
Q2/12
The project of SSI UK Slab Quality Qualification begun from first shipment arrival in Q2/2012. Below
shows the result as of Q4/2012 and the plan to complete the project by Q2/2013.
Progress of Quality Qualification of SSI UK Slab
0
5
10
15
20
25
30
35
Q2/2012 Q3/2012
Q4/2012 Q1/2013 (Target) Q2/2013
(Target)
7 8
18 27 31
24 23
13
4
Finished On progress
HRC grades categorised by
Customers' Application
Cut to sheet 4 grades
Pipe 4 grades
Checkered product 2 grades
Re-rolling 11 grades
Automotive & HA/EA
7 grades
Gas cylinder 3 grades
Total 31 grades
18
Note : Evaluation process is based on International standards such as Japanese Industrial Standard (JIS), American Society for the Testing of Materials (ASTM) and Thailand Industrial Standard (TIS), Customer requirements and SSI internal control, the results show that HRC quality produced form SSI UK
slab is in the same level with other World class manufacturers such as Japan, Brazil and etc.
Current
19
Sales Breakdown by End-user Segments
Auto 4%
HA/EA 1%
M/C 0%
Energy 1%
General industries
27%
Year 2012
Auto 7%
HA/EA 2% M/C
0% Energy 2%
General industries
23%
Year 2013 f
Construction
67%
Construction
66%
Target Plan
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
2012 2012 (Actual)
2013 2014
0.020 0.017
0.440
0.780 0.40
0.38
0.33
0.19
Qty (MMT) Other Slabs
SSI-UK Slab
Introduction of SSI UK slabs to high end customers project
(Others 42%)
Purpose: To introduce SSI UK’s slabs use in high end applications such as cold
rolling, HA/EA and automotive.
(SSI UK
80%) (SSI UK
58%) (SSI UK 5%)
(Others 95%)
0.42
0.97
Important development in Q4
Cold rolling application:
Auto, HA/EA application:
20
0.39
(SSI UK 4.5%)
(Others 95.5%)
0.77
- Start supply commercial lot to new cold-roll customer
- Got approval for 2nd trial lot from current cold-roll customer and plan to start supplying commercial lot in Q1/13
- Under materials approval stage, SSI has already submitted steel samples of
SSI-UK slab to 3 car producers. One of them has already approved SSI materials in early Q1/13
(Others 20%)
21
Highlights
Agenda
Recent Update and Ongoing Project
Q4/2012 Performance Results
Q4/2012 Financial Results
Outlook and Guidance
Q & A
Integration Premium Value Cost Sales
CO
NT
INU
AL
AC
TIO
N
Q
4/2
012 R
ES
ULT
• Reap further synergy with
TCRSS, WCE, SSI UK
• Ongoing projects include
SSI UK restart project to
increase economy of
scale and lower
production cost
• Maximize PVPs (high-grade
& unique & IVPs)
• Invest in technology, people
and R&D to develop future
high-grade products
• Increase production to bring
down average fixed cost per
ton.
• Maintain domestic sales
• Compete for margin than
volume
• Sold 16k tons to TCRSS
• SSI UK slabs delivered to
SSI TH 502k tons
• Sold 203 k tons of PVPs in
Q4/12, (31% of total sales
volume)
• Achieved 10.6% rolling
margin in Q4/12, decreased
from 12.4% in Q3/12
HRC
• HRC sales 647 k tons,
+10% QoQ
• Domestic market share at
33% decreased from 37% in
Q3/12
• Export sales 8 k tons
Iron & Steel
Slab shipment 666k tons
HRC
• Production 602 k tons, from
627 k tons in Q3/12
• Productivity rate 404 ton/hr,
from 418 ton/hr in Q3/12
• HSM utilisation rate 60%,
decreased from 63% in Q2/12
• HRC yield loss down to 1.50%
in Q4/12 from 1.67% in Q3/12
• HRC conversion cost USD
84/ton, from USD 75/ton in
Q3/12
Iron & Steel
• Slab production 668k tons
Note: PVPs = Premium Value Products
IVPs = Innovated Value Products
Q4/2012 Performance Results
the highest quarterly consolidated revenues
22
• Reap further synergy with
TCRSS, WCE, SSI UK
• Ongoing projects include
SSI UK restart project to
increase economy of
scale and lower
production cost
Integration Premium Value Cost Sales
CO
NT
INU
AL
AC
TIO
N
Year
2012 R
ES
ULT
• Sold 120k tons to TCRSS
and tolling for
29 k tons in 2012
• SSI UK slabs delivered to
SSI TH 1,386 k tons
• Maximize PVPs (high-grade
& unique & IVPs)
• Invest in technology, people
and R&D to develop future
high-grade products
• Sold 802 k tons of PVPs in
2012, (37% of total sales
volume)
• Achieved 12.5% rolling
margin in 2012, down from
16.8% in 2011
• New Innovation in Premium
Value Product: “SuperFlat,”
“You+,” and “Speed+”
• New customer: 2 new
customers in steel cylinder
and steel pipe industries
• Increase production to bring
down average fixed cost per
ton.
HRC
• HRC shipment 2,184k tons
• HRC sales 2,155 k tons,
+37% YoY
• Domestic market share at
32%
Iron & Steel
Slab shipment 1,680 k tons
• Maintain domestic sales
• Compete for margin than
volume
HRC
• Production 2,096 k tons, from
1,564 k tons in 2011
• Productivity rate 328 ton/hr,
from 264 ton/hr in 2011
• HSM utilisation rate 52%,
increase from 39% in 2011
• HRC yield loss down to 1.56%
from 1.59% in 2011
• HRC conversion cost
decreased to USD 80/ton
Iron & Steel
• Slab production 1,765k tons
Note: PVPs = Premium Value Products
IVPs = Innovated Value Products
Year 2012 Performance Results
23
the highest yearly consolidated revenues
24
HRC Sale Volume increased to 647 k tons in Q4/12 from 588 k tons in Q3/12.
Slab inventory on hand and in-transit decreased to 647 k tons at the end of Q4/12 due to the increasing in sale volume.
HRC Conversion Cost increased to USD 84/ton from USD 75/ton resulted from planned annual shut-down in December.
HRC Business Performance
32
53
40
61
54
47 38
53 48
72
47
68
48
51
33 27
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12
Slab turnover (excl. In transit) HRC turnover
Yield
Loss 1.71% 1.60% 1.58% 1.45% 1.56% 1.51% 1.67% 1.50%
524
330
414
303
497
423
588
647
539
279
371 376
500
368
627 602
340 337
224 202 278
230
418 404
-500
-400
-300
-200
-100
0
100
200
300
400
500
200.00
300.00
400.00
500.00
600.00
700.00
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12
Sale Volume (k tons) Production (k tons) Productivity (ton/hr)
130 225 207
140 126
350 393
330 220
468
169
496
348
445
371 394 155
71 354
241
395
349 276
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12
Slab Incoming (k tons) Slab on Hand (k tons) Slab in Transit (k tons)
73.3
98.6 89.6
84.9 79.4
84.6
74.5 84.1
68.0
91.0
78.0 85.0
71.7
84.1
74.1 75.6
54
28 37 38
50
37
63 60
-50
-40
-30
-20
-10
-
10
20
30
40
50
60
70
40.0
50.0
60.0
70.0
80.0
90.0
100.0
110.0
120.0
130.0
140.0
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12
Real Normalised Utilisation Rate (%)
25
Average Selling Prices continuously decreased from
USD 807/ton in Q3/11 to USD 694/ton in Q4/12.
Import Slab Cost reduced to USD 585-595/ton in Q4/12.
HRC Rolling Margin down to 10.6 % in Q4/12 from
12.4% in Q3/12
EBITDA up to 367 MB (+28% QoQ, +74% YoY), and
EBITDA/ton up to 18.5 USD/ton (+20% QoQ, -22% YoY)
HRC Business Performance
COST*
USD/ton
555-565 725-735 675-685 660-670 630-640 575-585 610-620 585-595
Note: * Import Cost of slab is based on CIF
434 371
301
655
342 349
824
645
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12
Imported Slab Volume (k tons)
736
761
807
783
752
731
700 694
21%
14% 15% 17%
12%
16%
12% 11%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
600
800
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12
Avg. Selling Prices HRC Rolling Margin
907
57 214 211
569
-166
287 367
56.7
6.2
17.8
23.6
37.2
-12.1
15.4 18.5
-20
-10
0
10
20
30
40
50
60
-400
-200
0
200
400
600
800
1,000
1,200
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12
US
D/t
on
Mill
ion B
aht
EBITDA (left-axis) EBITDA/ton (right-axis)
10% 8% 10% 11% 7% 4% 8% 8% 3%
0% 7% 2% 7%
9% 3% 7%
11% 13%
11% 12% 11%
8% 14% 11%
16% 16% 15%
14% 10% 11%
15% 12%
59% 62% 57%
61% 64% 69% 61% 63%
Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 . 2011 2012
Commercial
Unique
High-Grade
Innovated Value Product
Innovated Value Product (High-Grade)
26
Premium Value Products accounted for 31% or 203 k tons in Q4/12
Premium Value Products accounted for 37% or 802 k tons in year 2012 or +31% YoY
Innovated Value Products sold in Q4/12 = 81 k tons, down from 90k tons in Q3/12
Innovated Value Products sold in year 2012 = 308 k tons, up from 170 k tons in year 2011
or +82% YoY
HRC Business - Sales Ratio of Premium Value Products
31% 37%
21% 21% 20% 16%
15% 19%
19% 19%
18%
19% 22% 31%
30% 27%
37% 33%
16% 14%
3% 0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Q1/12 Q2/12 Q3/12 Q4/12
SSI
Other Domestic Producers
Import- Carbon Steels
Import- Carbon Steels & PO
Import- Other (Alloy Steel)
27
HRC Domestic Market Share
SSI’s market share was 33% in Q4/12, down from 37% in Q3/12; while shares of imports was up
from 60% to 67% in Q4/12.
Total apparent steel supply in Q4/12 has grown by 15% QoQ to approx. 1.9 MMT, of which 602 k
tons were supplied by SSI and the remaining were supplied by imports.
54% 59%
60%
* Recently identifiable from designated harmonized code for alloy steel (previously classified as stainless steel)
67%
Iron and Steel Making Business
Slab Production and Sale in Q4/2012
Slab production increased from 620 k tons in Q3/12 to 668 k tons in Q4/12
Slab sale decreased from 679 k tons in Q3/12 to 666 k tons in Q4/12,
with 25% sold to external parties
Slab spread improved from 44 USD/ton in Q3/12 to 54 USD/ton in Q4/12
28
477
335
620 679 668 666
Slab Production Slab Sale FY2012
551 544 503
544 500
449
Q2 Q3 Q4
Avg Selling Price Avg RM Price Slab Spread
44
54
Volume in ‘000 tons SSI UK’s Slab Spread (USD)
Q2 Q3 Q4 Q2 Q3 Q4
7
1,765 1,680
29
Highlights
Agenda
Recent Update and Ongoing Project
Q4/2012 Performance Results
Q4/2012 Financial Results
Outlook and Guidance
Q & A
30
Note
• EBITDA = Net Profit + Tax Expense + Depreciation & Amortisation + Interest Expenses
• Q1/11 EBITDA calculated from net profit included gain from business acquisition
Consolidated Revenues & EBITDA & Net Profit (MB)
GROUP P&L
12,016
9,511
13,439 13,008
15,742
11,469
15,794
17,599
5,938
-335
-2,099 -1,985 -1,879
-3,576 -3,146 -2,078
5,526
-1,053
-2,965 -2,376 -2,841
-5,022 -4,782
-3,259
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12
Revenue EBITDA Net Profit
47,975
60,604
1,519
-10,680
-981
-15,903
2011 2012
-1,879
-3,577 -3,146 -2,078
-2,841
-5,022 -4,782 -3,259
Consolidated Performance
31
Q1/12 Q2/12 Q3/12 Q4/12 Y2011 Y2012
RE
VE
NU
E
EB
ITD
A
NE
T P
RO
FIT
80%
19%
0% 0%
HRC
Iron & Steel
Port
Engineering
% by Business unit
in Year 2012
1,056
280 97
-258
-10,680 -11,855
HRC Iron &
Steel
Port Engineering
EBITDA
in 2012
Related
transaction
155 45
-191 -63
-15,903
-1,655
-14,194
HRC Iron &
Steel
Port Engineering
Net profit
in 2012
Related
transaction
Non-controlling
interest
15,742 11,469
15,794 17,599 47,975
60,604
1,405
-10,680
-981
-15,903
Unit: MB
Recent consolidated net profit
32
-210 -86
-1,432
2,053
-3,259
-6,000
-4,000
-2,000
-
2,000
4,000
6,000
8,000
Q4/12
Revenues COGS SGA Reserve Interests Others Net Profit
17,599
-21,183
60,604
-2,056 -490
-3,876
-
1,794
-15,903
-20,000
-15,000
-10,000
-5,000
-
5,000
10,000
15,000
20,000
25,000
Year 2012
-71,879
Onerous
contract
Note : Included FX gain of 579 MB,
Reversal of environmental
provision of 808 MB and Income
tax benefit s of 613 MB
Note : Included FX gain of 346 MB,
Reversal of environmental
provision of 808 MB and Income
tax benefits of 601 MB
Unit: MB
Unit: MB
Net Loss Contribution: Year 2011 – Year 2012
33
Unit: MB
-981
-5,271 -6,252
-9,215
-2,554 +2,314 -1,345 +1,772 -1,914
+876 -100 +179 +62 +67 +28 +174
-15,903
Net Loss
2011
Spread Volume Conversion
SSI UK Loss
GP PPC GP WCE
NRV
SG&A Onerous
Interest
Tax FX
Gain from
SSI UK
Acquisition
Others
Net Loss
2012
Net Loss 2011
excl. acquisition gain
34
Revenues and EBITDA Margin by Business Unit
HRC
Deep Sea Port Engineering and Maintenance Services
HRC Business generated revenues of 13,946 MB in Q4/12 (+7% QoQ, +82% YoY), with the EBITDA margin of 2.6%
Iron and Steel Making Business recorded revenues of 11,030 MB in Q4/12 with negative EBITDA margin of -21%
Deep Sea Port Business generated revenues of118 MB in Q4/12 (-7% QoQ but +26% YoY), with the EBITDA margin of 80%
Engineering and Maintenance Services Business generated revenues of 226 MB in Q4/12 (+34% QoQ and +42% YoY), with the EBITDA
margin of 18%
Iron and Steel
11,946
7,734
10,373
7,647
11,584
9,853
13,087 13,946
8%
1% 2% 3%
5%
-2%
2% 3%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
-
5,000
10,000
15,000
20,000
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12
Note: No sale revenues in Q1/11
1,677 2,994
5,266 4,085
7,424
12,425 11,030
-21% -83% -42% -61% -48%
-28% -21% -1
-0.5
0
0.5
1
1.5
2
2.5
3
3.5
4
-8,000
-3,000
2,000
7,000
12,000
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12
138
179 159 149
130
162 168
226
16%
11% 10% 12% 13%
11% 13%
18%
-10%
-5%
0%
5%
10%
15%
20%
-
50
100
150
200
250
300
350
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12
71 63
53
93
72 56
127 118
75% 76%
66%
81%
71%
61%
79% 80%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
-
20
40
60
80
100
120
140
160
180
200
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12
90 25
44 108
78 59
33
255
SSI UK Loss in 2011 and 2012
35
Year 2011
Loss from Coke Operation
Loss from Pre start-up expenses
Financing cost
Loss from Production Commissioning
and Slab Operation
Others
Year 2012
192
500
Loss 192 MUSD in year 2011 is
excluding gain from business
acquisition of 174 MUSD
Note : Included provision for
onerous contract of 25.7 MUSD,
SG&A of 38 MUSD and tax
Income tax benefit of 23.4 MUSD
Unit: MUSD
SSI UK Net profit in Year 2012
36
-1,181 -490 -1,763
1,493
-14,194
-20,000
-15,000
-10,000
-5,000
-
5,000
10,000
15,000
20,000
25,000
30,000
Revenues COGS SGA Reserve Interests Others Net Profit
34,964
-47,217
Unit: MB
Note : : Included Reversal of
environmental provision of 808 MB
and Income tax benefit s of 623 MB
Onerous
contract
37
Consolidated Financial Position
Interest Bearing Debt/Equity (x) Current Ratio (x)
1.27 1.15
0.95 0.84
0.72 0.75 0.71 0.71
0.0
0.5
1.0
1.5
2.0
Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12
22,838 22,185
25,838 25,432 25,309 25,178
16,983
24,423 25,302
21,615
Dec-11 Mar-12 Jun-12 Sep-12 Dec-12
S/T Loan Inventories
Current Ratio remained relatively constant through out 2012 but decreased from year 2011 as external funds were used
to fund working capital.
Interest Bearing Debt/Equity rose through out 2012 as loans were drawn to fund SSI UK’s Restart Project and from
issuance of convertible debenture until the equity injection in November and December 2012.
Total Equity at year end 2012 increased QoQ due to the equity injection in Q4/12 but not enough to off set the impact of
net losses for the year. Hence, total equity declined by 10,000 MB YoY.
54,921
24,948
56,165
21,443
58,198
17,173
55,364
12,419
55,491
14,882
31,443
61,416 24,225
58,947
33,167
74,192
37,823
80,768
33,029
73,638
Dec-11 Mar-12 Jun-12 Sep-12 Dec-12
Non Current Assets Current Assets Equities Total Liabilities
1.30 1.50 1.49 1.82
2.19
3.13
4.35
3.49
0.0
1.0
2.0
3.0
4.0
5.0
Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12
Consolidated Working Capital (MB) Total Assets and Liabilities (MB)
38
Highlights
Agenda
Recent Update and Ongoing Project
Q4/2012 Performance Results
Q4/2012 Financial Results
Outlook and Guidance
Q & A
39
Market Summary: Iron Ore and Coking Coal
Figure 1 (Top Left): Spot iron ore price turned
around from bottom in September.
Figure 2 (Bottom Left): Hard coking coal price
trended downward from beginning of 2011 and
recovered in Q4/12.
Figure 3 (Top Right): Freight cost recovered in
Q3/12 and softened down in Q4/12.
US
$/to
n
US
$/to
n
Brazil ore (FOB) cent/dmtu convert to
US$/ton by assume Fe content 63%
(CFR )
US
$/to
n
-
10.0
20.0
30.0
Ja
n-1
1
Fe
b-1
1
Ma
r-1
1
Ap
r-1
1
Ma
y-1
1
Ju
n-1
1
Ju
l-1
1
Au
g-1
1
Se
p-1
1
Oct-
11
N
ov-1
1
Dec-1
1
Ja
n-1
2
Fe
b-1
2
Ma
r-1
2
Ap
r-1
2
Ma
y-1
2
Ju
n-1
2
Ju
l-1
2
Au
g-1
2
Se
p-1
2
Oct-
12
N
ov-1
2
Dec-1
2
Ja
n-1
3
Freights: Capesize Iron Ore (USD/t)
Brazil - China Brazil - Rotterdam W. Australia - China
100
200
300
400
Ja
n-1
1
Fe
b-1
1
Ma
r-1
1
Ap
r-1
1
Ma
y-1
1
Ju
n-1
1
Ju
l-1
1
Au
g-1
1
Se
p-1
1
Oct-
11
No
v-1
1
De
c-1
1
Ja
n-1
2
Fe
b-1
2
Ma
r-1
2
Ap
r-1
2
Ma
y-1
2
Ju
n-1
2
Ju
l-1
2
Au
g-1
2
Se
p-1
2
Oct-
12
No
v-1
2
De
c-1
2
Ja
n-1
3
Hard Coking Coal
Benchmark Contract Spot HCC
50
100
150
200
Ja
n-1
1
Fe
b-1
1
Ma
r-1
1
Ap
r-1
1
Ma
y-1
1
Ju
n-1
1
Ju
l-1
1
Au
g-1
1
Se
p-1
1
Oct-
11
Nov-1
1
Dec-1
1
Ja
n-1
2
Fe
b-1
2
Ma
r-1
2
Ap
r-1
2
Ma
y-1
2
Ju
n-1
2
Ju
l-1
2
Au
g-1
2
Se
p-1
2
Oct-
12
Nov-1
2
Dec-1
2
Ja
n-1
3
Iron Ore
Benchmark Contract Spot iron ore
Average Prices of HRC and its Raw Materials
40
Source: SBB-Steel Business Briefing website (Q1/13 update as of 27 Feb 13)
HRC and Slab Prices Primary Raw Materials
Raw material and Steel prices started to fall from June, bottomed out by the
end of Q3/12, and Q4/12, and recovered in Q1/13.
400
500
600
700
800
900
Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13
Slab (CFR East Asia import) Slab (FOB Latin export)
HRC (CFR East Asia import) HRC Ex-mill US midwest
0
100
200
300
400
Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13
Premium HCC (FOB Australia)
Iron Ore (63% Fe CFR North China)
Steel Use and Production by Geography011-12
41
Excess Finished Crude
Region 2011 2012 (f) 2013 (f) 2011 2012 (f) 2013 (f) Demand Steel Steel
European Union (27) 153.1 144.5 148.1 5.9 -5.6 2.1 -10.2 154.7 171.9
Other Europe 33.2 34.4 36.0 12.7 3.8 4.5 -0.1 34.5 38.3
CIS 54.8 55.2 57.4 13.8 0.8 3.9 -47.0 102.2 113.5
NAFTA 121.3 130.4 135.1 9 7.5 3.6 20.8 109.6 121.8
Central & South America 45.7 47.4 50.4 2.6 3.8 6.3 6.1 41.3 45.9
Africa 23.9 25.3 27.3 -3.4 5.8 7.7
Middle East 48.2 49.9 52.8 2.9 3.5 5.9
Asia & Oceania 900.6 922.2 947.9 5.9 2.4 2.8 33.4 888.8 987.6
World 1,380.9 1,409.4 1,454.9 6.2 2.1 3.2 48.1 1,361.3 1,512.6
China 623.9 639.5 659.2 6.2 2.5 3.1 1.9 637.6 708.4
World excl. China 757.0 769.9 795.6 6.3 1.7 3.3 46.2 723.7 804.1
ASU, Million ton Growth Rate, %
30.2 33.545.0
Source : Production based on WSA as of 22 Jan 2013
Production
Growth Rate, %
Slight growth in world
demand comparing to
production
Regional production cut to
match with decline in
regional demand
Excess production from
CIS is mainly sold to EU,
North, Central & South
America and Africa &
Middle East.
Excess production from
China is mainly sold to
Asia.
Region 2011 2012
European Union (27) 177.7 169.4
Other Europe 39.1 39.9
CIS 112.7 111.3
NAFTA 118.9 121.9
Central & South America 48.4 46.9
Africa
Middle East
Asia & Oceania 993.7 1,018.5
World 1,529.2 1,547.8
China 694.8 716.5
World excl. China 834.4 831.3
38.7 39.9
Crude Steel Production Grow th Rate %
2012
-4.7
2.0
-1.2
2.5
-3.1
2.5
1.2
3.1
-0.4
3.1
Crude Steel Production by Geography
42
Source : World Steel Association; The 62 countries included in this table accounted for approximately 98% of total world crude steel production in 2011.
Crude Steel Production slightly decreased in Q4/12 as a result of production
cut by some steel mills.
Crude steel production is estimated to increase by 1.2% in 2012.
46 48 42 42 44 45 41 40
29 30 30 30 31 31 30 29 12 13 12 12 12 12 12 12
174 179 175 157 174 182 178 174
68 67 67 68
68 70 69 68
48 48 47 48
48 48 47 46
376 384 374 356
377 388 376
368
0
100
200
300
400
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12
(Mil
lio
ns
To
ns
)
World Crude Steel Production (2011-2012)
Europe
North America
South America
China
Asia (Others)
Others
Total
43
4.93 5.35
9.87 11.26
0
2
4
6
8
10
12
14
16
18
2011 2012
Mill
ion
MT
Flat
Long
0.5
6.1
2.5
0.8
0.6
6.9
2.8
1.0
HR Plate
HR Sheet
CR Sheet
Coated
Inner Chart =2011
Outer Chart= 2012
Unit: Million MT
Apparent Finished Steel Consumption Flat Steel Consumption
Car/ HA/ EA Production • Steel consumption in Thailand in 2012
increased 12.2% from growth in flat and
long products of 14.1% and 8.6%,
respectively.
• Growth in flat products consumption was
mostly driven by the 70% rise in vehicle
production consequent to the
government’s tax-rate on first-time car
buyer.
Thai Steel Market
-
500
1,000
1,500
2,000
2,500
Cars and HA/EA Production 2012
-
2,000
4,000
6,000
8,000
10,000
Cars and HA/EA Production 2011-2012
In Thousands
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Car Fridge A/C Car Fridge A/C
‘11 ‘12 ‘11 ‘12 ‘11 ‘12
Source : ISIT
Source : FTI and BOT
Source : ISIT
Thailand HRC Outlook
HRC Apparent Steel Supply (in ’000 tons)
1,419
1,650
1,905 1,830
Q2/12 Q3/12 Q4/12 Q1/13
44
Source: Iron and Steel Institution of Thailand for 2008-2012
* Year 2013 is forecasted upon actual data and SSI’s estimate
Q2/12 Q3/12 Q4/12 Q1/13
Domestic Production 533 654 601 730
Import 889 1,003 1,314 1,100
Export 3 7 11 0
Total Supply
1,419
1,650 1,905 1,830
HRC apparent steel supply is expected to decline to 1.83 MT in Q1/2013, or -4% QoQ, due to
decrease in import.
HRC apparent steel supply in 2013 is forecasted to grow by 6.6% YoY to approx. 7.08 MT from
6.64 MT in 2012.
Source: Iron and Steel Institution of Thailand for Q2-Q4/12,
and SSI’s estimate for Q1/13
4,986
4,389
5,848
5,075
6,642
7,080
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2008 2009 2010 2011 2012 2013f
Domestic Production
Import
Export
Total Supply
2012 2013f
2,552 3,380
4,113 3,700
24 0
6,642 7,080
Outlook Guidance for Q1/2013
45
HRC Business (SSI)
HRC shipments are expected to be increased 7% QoQ
HRC average selling price is likely to rise while slab price is likely to soften
HRC Rolling Margin (HRC Spread/average selling price) is expected to be
in range of 18% - 20%.
Iron and Steel Making Business (SSI UK)
Slab sales are expected to be increased 7% QoQ and 39% will be sold to
external parties.
Slab average selling price is likely to increase.
Slab Margin (Slab Spread/average selling price) is expected to be in range
of 15-17 %.
46
Highlights
Agenda
Recent Update and Ongoing Project
Q2/2012 Performance Results
Q2/2012 Financial Results
Outlook and Guidance
Q & A
47
Unit: USD/Ton
2012 2011 2012 2011
Q4 Q3 Q4 Jan-Dec Jan-Dec
HRC Average Selling Price 694 700 783 717 769
HRC Spread 73 87 132 89 129
HRC Rolling Margin 10.6% 12.4% 16.9% 12.5% 16.8%
HRC EBITDA 18.5 15.4 23.6 16.0 29.4
HRC Shipments (k tons) 647 617* 303 2,184* 1,571
Production Volume (k tons) 602 627 376 2,096 1,564
Utilisation Rate (%) 60 63 38 52 39
Production Rate (Ton/hdw**) 404 418 202 328 264
Yield loss (%) 1.50 1.67 1.45 1.56 1.59
HRC Business Key Performance Snapshot
Note: * Including 29 k tons of tolling service volume in Q3/2012
** Ton/hdw = Ton per hour direct working time
48
Unit: MB 2012 2011 2012 2011
Q4 Q3 Q4 Jan-Dec Jan-Dec
Sale and Service Revenue 17,599 15,794 13,008 60,604 47,975
COGS (21,183) (18,730) (14,665) (71,879) (49,638)
SG&A (210) (718) 13 (2,056) (1,955)
Provision for loss under onerous
contracts (86) (147) (182) (490) (311)
Gain on business acquisition - - - - 5,271
EBITDA* (2,078) (3,146) (1,985) (10,680) 1,405
Interest Expenses (1,432) (952) (676) (3,876) (1,969)
Depreciation and Amortization (363) (666) (262) (1,948) (956)
Income Tax Expense 613 (17) 548 601 539
Realized Gain (Loss) from FX 857 (210) (481) 283 (502)
Unrealized Gain (Loss) from FX (269) (51) 169 63 (28)
Net Profit (Loss) (3,259) (4,782) (2,376) (15,903) (981)
EPS (Baht) (0.15) (0.26) (0.14) (0.84) (0.06)
Consolidated P&L Snapshot
49
SSI TH P&L Snapshot
Unit: MB 2012 2011 2012 2011
Q4 Q3 Q4 Jan-Dec Jan-Dec
Sale and Service Revenue 13,946 13,087 7,647 48,470 37,699
COGS (13,706) (13,260) (7,509) (47,838) (35,910)
SG&A (237) (223) (149) (777) 1,789
Provision for loss under onerous
contracts (15) (272) 129 0 (612)
Gain on business acquisition - - - - -
EBITDA* 367 287 211 1,056 1,389
Interest Expenses (615) (616) (412) (2,088) (1,321)
Depreciation and Amortization (174) (177) (124) (622) (512)
Realized Gain (Loss) from FX 337 53 (95) 359 (136)
Unrealized Gain (Loss) from FX (234) 171 54 68 (128)
Net Profit (Loss) (422) (506) (325) (1,655) (444)
EPS (Baht) (0.02) (0.03) (0.02) (0.09) (0.03)
50
Unit : MB 2012 2011
Sale Revenues 34,964 9,936
Cost of Good Sold (47,217) (13,643)
Admin Expenses (1,181) (1,251)
Provision for loss under
onerous contracts
(490) (311)
Gain from Business
Acquisition
- 5,271
EBITDA (11,855) (51)
Interest Expenses (1,763) (631)
Bank Fees (28) (104)
Gain (Loss) on FX (54) (284)
Gain (Loss) on Investment 55 7
Other Incomes 897 3
Income Tax 624 552
Net Profit (Loss) (14,194) (454)
SSI UK Financial Results
Profit and Loss Statement Statement of Financial Position
Unit : MB 2012 2011
Current Assets 10,759 8,553
Non-current Assets 33,623 31,218
Total Assets 44,382 39,771
Short-term Liabilities 13,128 7,565
Other Current Liabilities 5,010 5,963
Total Current Liabilities 18,139 13,528
Long-term Loans 14,646 10,057
Total Liabilities 35,202 27,732
Share Capital 23,801 12,255
Retained Earning (14,844) (650)
Total Equity 9,180 12,038
Total Liabilities & Equity 44,382 39,771