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Annual Report 2014 Outokumpu Annual Report 2014 1

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Annual Report 2014 Outokumpu Annual Report 2014 1 Annual report 2014 Outokumpu Annual report 2014 1 This Annual report includes Financial statements and Corporate governance statement. For our environmental and social reporting, please check our Sustainability Strong presence report 2014. CONTENTS Strong presence in key markets .................... 1 in key markets Key figures .......................................................... 2 CEO foreword ...................................................... 3 Market environment .......................................... 4 APAC Total stainless steel consumption Highlights ............................................................. 8 in the APAC region grew slower Members of the Leadership Team ...............12 in 2014 compared to 2013, but still much faster than in the other Members of the Board of Directors ............14 regions. Overall the region grew by 6% in 2014 with consumption Review by the Board of Directors 2014 .....16 growing especially in China, India, Auditor’s report ................................................30 Japan and South Korea. Key focus for this region is to contribute Consolidated financial statements, IFRS ..32 to the growth of Outokumpu by establishing a profitable foothold Consolidated statement of income .............32 in the APAC region and to focus Consolidated statement on selected customer and product segments in which the Outokumpu 5 of financial position .......................................34 offering is differentiated from its competitors. Consolidated statement of cash flows .......36 Consolidated statement of changes in equity ......................................38 Notes to the consolidated financial statements .....................................39 EMEA Key financial figures of the Group ..............93 Total stainless steel consumption in the EMEA region grew stronger in 2014 compared to 2013. The increase in Share-related key figures ..............................95 consumption by 4% in 2014 was driven by positive growth rates in Eastern and Western Europe, Middle East and Africa AMERICAS Definitions of key financial figures ..............96 and a decline in CIS. Outokumpu archived a significant Total stainless steel profitability improvement driven by improved product mix and Parent company consumption in the Americas benefits from restructuring and cost saving programs. After region grew slightly stronger the closure of the Krefeld melt shop in 2013, Outokumpu financial statements, FAS ........................97 in 2014 compared to 2013. has continued restructuring in both melting and cold rolling In the main region NAFTA, Income statement of in 2014 to improve capacity utilization of its mills. The next consumption increased by milestones are Bochum closure in 2015 and investments in the parent company ......................................97 4% in 2014, with most of the the Krefeld cold rolling mill. growth in the US and Mexico. Balance sheet of Outokumpu focused on the the parent company ......................................98 ramp-up of its new integrated stainless steel mill in Calvert, Cash flow statement Alabama, USA. The ramp-up towards the full capacity and of the parent company .............................. 100 potential of the mill is in good Statement of changes in equity progress. of the parent company .............................. 101 Corporate Governance in 2014 ................. 102 Production locations Risk management ......................................... 110 Service center locations Shares and shareholders ............................ 115 Number of locations 2 Outokumpu Annual report 2014 CEO FOREWORD Outokumpu Annual report 2014 3 Key figures Sales, 6 844 € million Sales, 6 844 € million Coil EMEA 59% Coil Americas 16% Coil EMEA 59% APAC 6% Coil Americas 16% Quarto Plate 6% APAC 6% CEO foreword Long Products 7% Quarto Plate 6% Other operations 6% Long Products 7% Other operations 6% n 2014 Outokumpu turned towards Group key figures the right direction. During the first We still have a lot of work ahead of us, months of the year we sold the 2014 2013 Terni mill and VDM operations to but halving our losses in 2014 shows that Sales (€ million) 6 844 6 745 IThyssenKrupp, thereby reducing our net debt by 1.3 billion euro, and carried out EBITDA (€ million) 104 -165 the merger, our strategy and efficiency comprehensive financing arrangements Underlying EBITDA (€ million) 232 -32 including a rights issue of 650 million measures are starting to bear fruit.” EBIT (€ million) -243 -510 euro that gave us the financial strength to continue our turnaround to profitability. Mika Seitovirta, CEO Underlying EBIT (€ million) -377 -88 Reaching an agreement with the labor Net result (€ million) -439 -1 003 unions regarding the closure of the Net cash generated from operating activities Bochum melt shop in Germany enabled (€ million) -126 34 us to accelerate the restructuring in Europe that is a key lever for improving Capital expenditure (€ million) 127 183 improved our gearing. The net result position in our home markets, particularly our financial performance. -439 million euro for the period shows in Germany, the biggest stainless steel Stainless steel deliveries (1 000 tonnes) 2 554 2 585 In the spring we were relieved of we still have work ahead of us. However, market in Europe. We will also raise the Personnel at the end of the period 12 125 12 561 the obligations set by the European halving our losses in 2014 shows that bar on operational efficiency, as we see Commission to supply our American the merger, our strategy and efficiency significant further potential in improving operations from the Terni mill. Ending measures are starting to bear fruit. right first time, yield improvement and Capital structure the slab deliveries from Europe improved In fact, the progress has given us scrap utilization. 2014 2013 the utilization rates of our Calvert mill confidence to raise the bar higher: we Two years ago we started a new and positioned Outokumpu a strong local intend to reach full synergy savings chapter in the Outokumpu history as Non-current debt (€ million) 1 597 3 270 player, “made in America”. Fully united, already this year and reach a total of a truly global leader in stainless steel, Current debt (€ million) 569 893 Calvert and the high-class cold-rolling 550 million euro annual synergy and with the goal to stop and reverse the mill in San Luis Potosí in Mexico gained cost savings by the end of 2017. By end downward spiral of losses that had Cash and cash equivalents (€ million) 191 607 good momentum on the NAFTA market: of 2014, we had already reached 385 continued for years. This has required Net interest-bearing debt at the end of the year our market share in US increased to 18% million euro of these total savings, and tremendous efforts: restructuring our (€ million) 1 974 3 556 from 15% in 2013, and in the NAFTA well on our way to release 400 million entire industrial footprint in Europe, Debt-to-equity ratio at the end of the year (%) 92.6 188.0 market our market share rose to 22%. euros of cash through working capital expanding to America and investing in Stainless steel demand picked up from management by the end of 2015. our future with the doubled ferrochrome Figures presented for continuing operations 2013, even in Europe after the negative During 2014 we also reinforced our production in Finland and world class trend of the previous years. To some customer focus. We won our largest quarto plate capacity in Sweden. extent the joy was short lived as new duplex delivery ever to a natural gas Due to the scale of the required Combined savings* uncertainties emerged to shadow the project in Oman, and signed a deal to changes, the headwinds and obstacles European economy and Asian imports deliver 800 tonnes of stainless steel in our path, the journey has tested € million reached new heights. Furthermore, the to create the façade of Baosteel’s new our endurance and the patience of 600 sharp increase in nickel price during head offices in China. We flattened our our shareholders. The progress we 500 the first half of the year plateaued in organizational structure to increase have made is a testimonial to the the summer and turned towards lower accountability and get closer to the perseverance and professionalism of 400 levels for the rest of the year. This customers. The reorganization also the Outokumpu employees, and we created a sharp contrast in demand, with lifted quarto plate and long products remain unwavering in our commitment to 300 distributors digesting their stocks and as business areas, providing more our shareholders: to turn the company postponing orders towards 2015. transparency to these businesses. back on a track that provides return on 200 Despite the market volatility, we In 2015 we will further strengthen the investments. 100 continued to improve our financial customer focus, constantly challenging performance. Our underlying EBIT ourselves to further improve our delivery 0 improved 289 million euro compared performance and customer services. We Mika Seitovirta 14 15 16 17 to 2013, decreased our net debt and will fight for a strong, profitable market Outokumpu CEO * 2015–2017 forecast. 4 Outokumpu Annual report 2014 MARKET ENVIRONmeNT MARKET ENVIRONmeNT Outokumpu Annual report 2014 5 SMR estimates that global stainless Market steel demand will reach 38.5 million tonnes and 40.6 million tonnes in environment 2015 and 2016, respectively. Our market position integrated production site in Calvert, End-uses of stainless steel
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