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Usiminas 1T18 Public Disclosure - Belo Horizonte, October 25, 2019. Usinas Siderúrgicas de Minas Gerais S.A. - Usiminas (B3: USIM3, USIM5 and USIM6; OTC: USDMY and USNZY; LATIBEX: XUSIO and XUSI) today releases its third quarter (3Q19) results. Operational and financial information of the Company, except where otherwise stated, are presented based on consolidated figures, in Brazilian Real, according to International Financial Reporting Standards (IFRS). All comparisons made in this release take into consideration the second quarter of 2019 (2Q19), unless stated otherwise. Release of the 3Q19 results Main operational and financial indicators in the 3Q19 ➢ Steel sales volume of 1.0 million tons; ➢ Iron ore sales volume of 2.5 million tons; ➢ Consolidated Adjusted EBITDA of R$441 million and Adjusted EBITDA margin of 11.5%; ➢ Working capital on 09/30/19 of R$4.8 billion; ➢ Cash position on 09/30/19 of R$1.8 billion; ➢ Investments of R$140 million. Highlights Change Change R$ million - Consolidated 3Q19 2Q19 3Q18 3Q19/2Q19 3Q19/3Q18 9M19 9M18 9M19/9M18 CHECK Steel Sales Volume (000 t) 1,033 1,059 1,107 -2% -7% 3,095 3,173 -2% Iron Ore Sales Volume (000 t) 2,453 1,772 1,768 38% 39% 6,121 4,960 23% Net Revenue 3,850 3,694 3,862 4% 0% 11,076 10,310 7% COGS (3,374) (3,088) (3,217) 9% 5% (9,498) (8,471) 12% Gross Profit (Loss) 476 606 644 -22% -26% 1,578 1,839 -14% Net Income (Loss) (139) 171 289 - - 109 427 -75% EBITDA (Instruction CVM 527) 453 570 686 -21% -34% 1,497 1,804 -17% EBITDA Margin (Instruction CVM 527) 12% 15% 18% - 4 p.p. - 6 p.p. 14% 18% - 4 p.p. Adjusted EBITDA 441 576 703 -23% -37% 1,505 1,863 -19% Adjusted EBITDA Margin 11% 16% 18% - 4 p.p. - 7 p.p. 14% 18% - 4 p.p. Investments (CAPEX) 140 105 90 33% 55% 334 222 50% Cash and Cash Equivalents 1,822 1,245 1,682 46% 8% 1,822 1,682 8% Market Data - 09/30/19 Index • Consolidated Results B3: USIM5 R$7.81/share • Performance of the Business Units: USIM3 R$9.35/share - Mining - Steel EUA/OTC: USNZY US$1.86/ADR - Steel Processing - Capital Goods LATIBEX: XUSI €1.63/share • Others XUSIO €2.18/share • Highlights • Post-Closing Event • Capital Markets • Balance Sheet, Income and Cash Flow Statements Classificação da informação: Pública 3Q19 Results 1 Economic Outlook Recent economic activity indicators point to a considerably lower-than-expected rate of growth for this year. Nevertheless, Brazilian economy remains in a slow and gradual recovery process. In the January-August 2019 period, domestic industrial production measured by the Brazilian Geography and Statistics Institute (IBGE) receded 1.7% in relation to the same period of the previous year. The segments associated to steel consumption showed growth. The Durable Goods segment grew 0.5%, driven by increased automobile and domestic appliances production, while Capital Goods presented expansion of 0.8%, influenced by truck and bus production increase, as did the Machinery and Equipment segment. Industrial production results accounted by the National Industrial Confederation (CNI) confirm the difficult recovery of activity over the course of 2019. Installed capacity utilization, for example, rose for two straight months, July and August, and currently is 0.1 p.p. above last year’s average. Industrial revenue showed a 1.9% decline in the period, but grew for three straight months, June, July and August. Other indicators, such as the number of hours worked and job level, were positive in August, however still present difficulty advancing in a more consistent form. Although having shown declines in the August survey, CNI’s expectation indices continue optimistic concerning demand, raw materials purchases and jobs. The exported quantity index, however, has been falling since January due to lower exports to Argentina, an important industrialized goods destination. The investment intention index fell in September, although it remains relatively high at 53.5 points, 4.3 points above the historical average. Banco Central’s economic activity index, the IBC-Br, points to a 0.87% growth in January- August, compared to the same period of the previous year. The September Banco Central Inflation Report, the latest available, increased its projection of GDP growth from 0.8% to 0.9% in 2019. The increase was driven by positive expected growth of Agriculture (revised from +1.1% to +1.8%). The Services GDP forecast was maintained at 1.0% growth and the Industrial GDP expected growth was reduced from 0.2% to 0.1%. The Banco Central Focus Report expectations survey shows lower economic growth at the end of 2019. After falling strongly over the second quarter, the projected GDP expansion showed a stable performance in the third quarter and presently is at 0.87%, a level it has maintained for six weeks. The following is a list of Focus Report indicators on 10/11/19: Focus Projections Indicators 2019 GDP (IBGE) 0.9% Industrial GDP 0.3% Industrial Production (IBGE) -0.7% Inflation - IPCA 3.2% Interest - Selic (end of period) 4.8% Exchange rate R$/US$ - (end of period) 4.00 Source: Focus Report 10/11/19, Banco Central do Brasil. Classificação da informação: Pública 3Q19 Results 2 Economic and Financial Performance Comments on the Consolidated Results Net Revenue Net revenue in the 3Q19 was R$3.8 billion, against R$3.7 billion in the 2Q19, a 4.2% increase, mainly due to higher volume of sales in the Mining Unit, in the Steel Processing Unit and in the Capital Goods Unit in the period, partially compensated by lower sales volume of 2.5% in the Steel Unit. Net Revenue Breakdown 3Q19 2Q19 3Q18 9M19 9M18 Domestic Market 84% 84% 84% 83% 83% Exports 16% 16% 16% 17% 17% Total 100% 100% 100% 100% 100% Cost of Goods Sold - COGS Cost of goods sold – COGS – was R$3.4 billion in the 3Q19, against R$3.1 billion in the 2Q19, a 9.3% increase. For further information, see the Business Unit section of this release. Gross Profit Gross profit was R$476 million in the 3Q19, against R$606 million in the 2Q19, a 21.5% decrease. Gross margin is presented below: Gross Margin 3Q19 2Q19 3Q18 9M19 9M18 12.4% 16.4% 16.7% 14.2% 17.8% Operating Expenses and Income Sales expenses in the 3Q19 totaled R$74 million, a R$3 million increase over those in the 2Q19. In the 3Q19, general and administrative expenses were R$98 million, a 10.8% decrease over those in the 2Q19, which were R$110 million, mainly due to lower expenses with personnel and general expenses. In the 3Q19, other net operating income (expenses) were a negative R$163 million, a 22.2% increase over those in the 2Q19, which were a negative R$133 million, mainly due to: • Higher provisions for contingencies by R$99 million in the 3Q19, mainly referring to the addition of labor and civil contingencies. Partially compensated by: • Recognition of the principal amount of fiscal credits in the amount of R$78 million, of which R$58 million were accounted in the Steel Unit, R$18 million in the Mining Unit and R$2 million in the Capital Goods Unit, related to the judgement in the 3Q19 of exclusion of ICMS tax from the base calculation of PIS and COFINS (Note ICMS tax in the base calculation of PIS and COFINS taxes). Thus, net operating income (expenses) were a negative R$335 million in the 3Q19, against negative R$314 million in the 2Q19. Classificação da informação: Pública 3Q19 Results 3 In this manner, the Company’s operating margin presented the following performance: EBIT Margin 3Q19 2Q19 3Q18 9M19 9M18 3.8% 7.9% 9.2% 5.6% 8.5% Adjusted EBITDA Adjusted EBITDA is calculated from net income (loss), reversing: (a) income tax and social contribution; (b) financial result; (c) depreciation, amortization and depletion; (d) equity in the results of Associate and Jointly-controlled subsidiaries; (e) impairment of assets, and including the proportional share of 70% of Unigal and other Jointly-controlled subsidiaries. EBITDA Breakdown Consolidated (R$ thousand) 3Q19 2Q19 3Q18 9M19 9M18 Net Income (Loss) (138,980) 171,246 289,131 108,544 427,266 Income Tax / Social Contribution (106,514) 74,097 4,587 (11,461) 61,258 Financial Result 444,734 83,758 134,391 664,272 544,743 Depreciation, Amortization and depletion 253,663 240,920 257,514 735,603 770,950 EBITDA - Instruction CVM - 527 452,903 570,021 685,623 1,496,958 1,804,217 Equity in the Results of Associate and Jointly- (58,258) (36,877) (74,734) (132,628) (147,229) controlled subsidiaries Jointly-controlled subsidiaries proportional 46,524 42,738 91,873 140,233 205,789 EBITDA Adjusted EBITDA 441,169 575,882 702,762 1,504,563 1,862,777 Adjusted EBITDA Margin 11.5% 15.6% 18.2% 13.6% 18.1% Adjusted EBITDA was R$441 million in the 3Q19, against R$576 million in the 2Q19, a 23.4% decrease, as a result, mainly, of higher cost of goods sold in all the Company’s Business Units, partially compensated by higher sales volume of iron ore in the Mining Unit. For further information, see the Business Unit sections of this release. Financial Result In the 3Q19, the financial result was a negative R$445 million, a 431.0% increase in relation to the previous quarter, which was negative R$84 million. The variation is mainly due to: • An 8.7% depreciation of the Real against the Dollar in the period, which generated exchange losses of R$286 million in the 3Q19, against exchange gains of R$17 million in the 2Q19; • Increase of R$87 million in monetary effects on contingencies, totaling R$114 million in the 3Q19, against R$28 million in the 2Q19, referring mainly to civil contingencies; • Increase of R$68 million in financing commission expenses related to the debt instrument issuance operation concluded on 07/11/19.
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