UniCredit Group German Investment Conference September 22-24, 2009 Munich
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1 UniCredit Group German Investment Conference September 22-24, 2009 Munich
2 UCG German Investment Conference Agenda SGL Group Business Overview Fundamental trends and mid term outlook Recent Financials and 2009 outlook Q&A 2
3 SGL Group Business structure Performance Products (PP) Advanced Materials (AM) Performance Products (PP) Graphite & Carbon Electrodes Cathodes & Furnace Linings Graphite Materials & Systems (GMS) Graphite Specialties (GS) Process Technology (PT) Expanded Graphite (EG) Carbon Fibers & Composites (CFC) Carbon Fibers/Composite Materials Composite Components Aero Structures Technology and Innovation (T&I) Six Sigma (SGL Excellence) 3
4 PP AM Performance Products Performance Products (PP) PP GMS CFC Business Lines 2008 Group Sales PP Sales & EBIT Margins Graphite & Carbon Electrodes Cathodes & Furnace Linings CFC 14% PP 60% 14% CAGR* 19% 15% % % % GMS 26% Sales m EBIT Margin * Compound Annual Growth Rate in Sales : Carbon & Graphite Business Unit Key industries served Steel Aluminum Ferrous and non-ferrous metals Characteristics Supplying the metal industries Leading competitive position Ongoing growth in eastern world High ROS & ROCE Strong cash flow Stable growth 4
5 PP AM Performance Products (PP) Performance Products (PP) PP GMS CFC Sales 2008 Cathodes & Furnace Linings 25% Graphite & Carbon Electrodes 75% Medium-term targets ( ) Volume growth: 2 3% p.a. ROS: > 20% Highlights 2008 Strategic priorities Production adjusted to reduced demand Investment into 60kt Malaysian carbon & graphite plant continues Continued cost reduction projects Major initiative to increase customer value through product quality and consistency Start of first graphite electrodes (GE) production module in Malaysia 5
6 PP AM Performance Products Graphite electrodes (GE) PP GMS CFC Steel Making An Electric Arc Furnace (EAF) Graphite Electrode SECTION VIEW TROUGH EAF Graphite Electrodes Furnace shell Molten steel Rocker tilt Tilt cylinder Eccentric bottom tapping (EBT) cm Teaming ladle cm Connecting Pin Source: steeluniversity.org 6
7 PP AM Performance Products Graphite electrodes (GE) for steel production in EAFs PP GMS CFC Growth in steel production fuelled by infrastructure demand from emerging countries Scrap availability limits EAF growth in emerging countries Due to continued efficiency gains GE demand growth only 1 2% p.a. GE critical to EAF furnace efficiency but only 2 3% of steelmaking conversion cost Worldwide steel production: blast oxygen furnace/electric arc furnace [in tm] 1, Blast oxygen furnace Electric arc furnace Source: WSD, IISI, own estimate An EAF (electric arc furnace) is a furnace that heats charged scrap steel material (also known as mini mills) BOF (blast oxygen furnace) is the steelmaking route that uses iron ore and coking coal to produce primary steel (also known as integrated steel) 7
8 PP AM Performance Products Graphite electrode production process PP GMS CFC GE critical to EAF furnace efficiency but only 2 3% of steelmaking conversion cost GE is a consumable replaced every 5 to 8h GE sold mostly in annual contracts Needle coke requirements sourced on basis of multiyear contracts Production process takes up to 3 months 8
9 PP AM Performance Products Graphite electrode market PP GMS CFC Capacity by competitor in 2008* UHP/HP-quality Regional Demand in 2008 In tmt 250 North/Middle East, Africa, Australia 8% Europe 28% 200 Americas 22% 150 Asia 42% SGL (GER) Graftech (U.S.) Showa a Denko (J) Tokai Carbon (J) Graphite India (IN) (N) HEG (IN) Nippon Nippor, Carbon (J) SEC (J) CGE (U.S.) * Russia and China: Potential UHP capacity dependent on equipment, technical capability and needle coke availability Source: SGL Group s own estimates (as of January 2009) 9
10 PP AM Performance Products Cathodes for the aluminum industry PP GMS CFC Industrialization of BRICs & weight/ strength/cost advantages in higher energy cost environment Quantum leap in aluminum demand from historical 2 3% to 4 6% p.a. Cathodes essential to aluminum smelters Existing smelters relining Investment good (5 7 years shelf life) New smelter construction leading to higher relining demand long term Existing smelters upgrading => amorphous cathodes => graphitized cathodes only three established producers of graphitized cathodes Cathodes essential for aluminum smelting but representing only 1% of production costs for 1t aluminum SGL Group largest producer worldwide Aluminum Global Production Scenarios /New 2009 will be affected by the inventory cycle. Fundamentals for Al production growth remain solid leaving the original long-term outlook unchanged Primary AL Production in kt/a 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 World Primary AL Prod 3.6 % CAGR 39 mio. tm 49 mio. tm 36 mio. tm E 2012E 2015E Source: IAI, King, SGL Group s own estimates, Hydro, CRU, Rusal 2018E 64 mio. tm 2020E 10
11 PP AM Performance Products Cathodes for the aluminum industry PP GMS CFC Aluminum Smelter Cathodes cm cm cm Special glue Cathode blocks Ramming pastes Sidewall blocks Source: SGL Group 11
12 PP AM Performance Products Market shares in cathodes 2008 PP GMS CFC Western world concentrated, Chinese expected to follow in long term Substantial cathodes growth due to strong aluminum demand and subsequent new greenfield smelter investments and stepchange in relining demand Market Shares in Cathodes 2008 CIS 12% Bawtry 5% NDK 1% SGL 25% Continued substitution with graphitized cathodes where SGL Group s market share is higher (> 30%) Double digit growth for graphitized cathodes due to higher efficiency and yield advantages Graphitized cathodes industry highly concentrated (only 3 4 established players) graphitization capability a bottleneck SEC 13% Alcan 3% Others 1% China 20% Carbone Savoie 20% Source SGL Group s own estimates, market shares based on volume excluding Chinese capacities 12
13 PP AM Advanced Materials Graphite Materials & Systems (GMS) PP GMS CFC Business Lines 2008 Group Sales GMS Sales & EBIT Margins Graphite Specialties Process Technology 9% CAGR* 11% 13% 14% Expanded Graphite CFC 14% PP 60% 7% % Key industries served Chemical Energy Solar Semiconductor High-temperature processes Automotive Mechanical engineering GMS 26% Characteristics Supplying the manufacturing industries Focus on innovative applications Sales m EBIT Margin * Compound Annual Growth Rate in Sales : (Graphite) Specialties Business Unit incl. Expanded Graphite Business Line Sustainable sales growth Solid earnings potential 13
14 PP AM Advanced Materials Graphite Materials & Systems (GMS) PP GMS CFC Sales 2008 Medium-term targets ( ) Expanded Graphite 9% Process Technology 23% Graphite Specialties 68% Sales growth: 6 8% p.a. ROS: >10% Highlights 2008 Strategic priorities Graphite Specialties (GS): Capacity expansion soft felt, carbon fiber reinforced carbon, isostatic graphite Process Technology (PT): Production growth in Asia (China, India) and Russia Expanded Graphite (EG): Growth via new applications Increase production and market share in Asia and Eastern Europe Continue driving growth by innovation and material substitution Continued cost savings and margin improvement 14
15 PP Graphite Materials & Systems Graphite Specialties feedstock production and machining PP GMS AM CFC Raw Materials (Pitches & Cokes) High quality raw materials from reliable sources Pre-pressing Processes Breaking, milling, sieving, binding, mixing, homogenizing Pressing Isostatic pressing or Extruding Graphitizing 2,800 C 3,000 C Formation of graphite structure and densification Baking 850 C 1,200 C Carbonizing, Densification Machining Finishing Machining of the feedstock: Sawing, turning, milling, sanding, boring, lapping, polishing Impregnation, coating, purification 15
16 PP AM Graphite Materials & Systems Graphite Specialties semiconductor application PP GMS CFC Extremely pure graphite heater for the semiconductor industry Reaches % C 16
17 PP AM Graphite Materials & Systems Process Technology product portfolio PP GMS CFC Overview Systems HCl Synthesis Sulfuric acid Porous burner FCHC destruction Equipment Heat exchanger Columns Pumps Quenches/Vessels Services Parts Diagnosis Repairs 17
18 PP AM Graphite Materials & Systems Innovation driving new product portfolio PP GMS CFC Examples: Graphite for Li-Ion batteries Crucibles and molds for solar production and LEDs Molds and spacers for ceramic-armoring applications Heaters for the semicon industry High purity expanded graphite for thermal (electronics, climate) management and environmental needs Specialty graphite for nuclear power (PBMR) Graphites for particle filter for diesel engines and exhaust systems GMS 2008 sales: 412 m 2/3 established 1/3 new 1/3 of sales based on new products introduced over the last 4 years 18
19 PP AM Graphite Materials & Systems Major customer industries and market shares 2008 PP GMS CFC Chemicals Energy: Solar Semiconductor Metallurgy Energy: Batteries & Nuclear Tool Manufacturing High-temperature Processes Automotive Glass and Ceramics % of Total GMS Sales % 15% 10% 10% 9% 6% 5% 3% 2% Global Market Share % 25% 20% 20% 40% 15% 15% 15% 5% Source: SGL Group s own estimates, w/o EC Business 19
20 PP AM Advanced Materials Carbon Fibers and Composites (CFC) PP GMS CFC Business Lines 2008 Group Sales CFC Sales & EBIT Margins Carbon Fibers/ Composite Materials 25% CAGR* 2% 2% Composite Components Aero Structures CFC 14% PP 60% -3% -3% Key industries served Energy Aerospace & Defense Automotive Mechanical Engineering Sporting Goods Medical Technology GMS 26% Characteristics New applications in automotive, energy, aeronautics High earnings improvement potential Sales m EBIT Margin * Compound Annual Growth Rate in Sales SGL Technologies Business Unit excl. Expanded Graphite Business Line Complete value chain in house Only EU carbon fiber company 20
21 PP AM Advanced Materials Carbon Fibers and Composites (CFC) PP GMS CFC Sales 2008 Aero Structure 18% Composite Components 9% Brake Discs (until FY 2008) 16% Carbon Fibers 15% Composite Materials 42% Medium-term targets ( ) Sales growth: > 15% p.a. ROS (mid term): > 10% Highlights 2008 Carbon Fibers & Composite Materials (CF & CM): Own precursor development New carbon fiber lines in UK, USA Continued growth from wind energy Composite Components (CC): Integration SGL Rotec Aero Structures (AS): Investment into automation technologies at HITCO for aerospace & defense business Strategic priorities Secure own raw material supply Expand Carbon Fiber capacities Develop specific applications in: Alternative energies Aviation/defense technology Automotive Support organic growth with targeted partnerships and acquisitions 21
22 PP AM Carbon Fibers & Composites Unique offering of the complete value chain PP GMS CFC Core Business JV-partnering Composite Components Raw material Carbon Fiber Composite Materials Aerospace & Defense e.g. HITCO (100%) PAN Precursor EPG (44% JV with Lenzing) Strategic alliance with Mitsubishi Rayon (MRC) Carbon Fiber Production capacity: approx. 4,000t in Scotland; approx. 2,000t in USA Prepreg Preform SGL epo (100%) SGL Kümpers (51%) Industrial & Energy Automotive e.g. SGL Rotec (51%) e.g. Benteler SGL (50%) Brembo SGL Carbon Ceramic Brakes (50%) Core Competencies Materials Technology Processes Core Competencies Development of final use/applications Design of finished parts/ manufacturing techniques Marketing Promoting substitution 22
23 Carbon Fibers & Composites Slow down in growth for carbon fibers expected for 2-3 years PP PP GMS AM CFC CF market forecast [in t mt] CF demand forecast 23
24 PP AM Carbon Fibers & Composites Carbon fiber capacity PP GMS CFC Capacity in t 12,000 Toray (J) 10,000 Toho/ Fortafil (J) Zoltek (US) Name plate capacities* carbon fiber (excl. oxidized fiber) LT = Low tow fiber 1 24k HT = High tow fiber k * Actual production tends to be 20 30% below name plate capacity 8,000 Mitsubishi Rayon (J) 6,000 4,000 2,000 11,000 9,300 9,000 7,000 SGL (GER) approx. 6,000*) Formosa Plastic (TW) 4,000 Hexcel (US) 3,300 Cytec (US) 2,000 0 Precursor Own Own Own Own Partially own Own Own Own Product LT LT HT LT HT LT LT LT Markets Aero/Ind. Aero/Ind. Ind. Ind. Ind. Ind. Aero/Ind. Aero/Ind. Source: SGL Group s own estimates (as of January 2009) *) SGL Group capacity from early 2009 on 24
25 Ensuring the Future SGL Excellence enables productivity and growth SGL Excellence Innovation Excellence Started in 2002 The core element of the Company mission An ongoing and Company wide program Our philosophy of doing business Operational Excellence People Excellence Commercial Excellence SIX SIGMA Our core methodology Focuses on: Customer value Measurable objectives and results Applies to every function in our Company Empowers our employees with skills and tools: > 2,000 SIX SIGMA trained employees > 550 Green Belts > 100 Black Belts 25
26 Ensuring the Future SGL Excellence enables productivity and growth Since 2002 continuous cost reduction of 187 million in total % 96% 94% 78% 74% 72% 89% 86% 70% 81% 81% 63% 65% 66% Total Cost*/Sales (%) COGS/Sales (%) Annual Net Savings ( m) * Before antitrust 26
27 Global Trend 1 Continued demand for resources when growth returns Despite repeated revisions, growth still expected for China and India Global growth will continue post financial crisis induced recession Estimated GDP Growth (in %) Economic growth induces demand for Materials: - Infrastructure - Capital goods - Packaging - Transport/Logistics Energy: -Oil -Gas - Electricity Germany Eurozone Source: IMF Report (July 09) USA Brazil Russia India China Means continued growth in steel and aluminum production 27
28 Global Trend 1 Continued demand for resources when growth returns Steel and aluminum: Essential for infrastructure in Asia and Eastern Europe High per capita growth potential in steel and aluminum in comparison to Western World Steel consumption Aluminum consumption 2007 Crude Steel (kg/capita) 2007 Total Aluminum (kg/capita) Japan Italy Spain Germany Canada Turkey USA Russia China France Mexico Argentina Brazil South Africa India Philippines Indonesia Italy Germany Japan Spain USA Canada France China Turkey Mexico Russia South Africa Brazil India Philippines Source: World Steel Association Steel Statistical Yearbook 2008 Source: European Aluminium Association Aluminium Use in Europe Country Profiles Infrastructure build up in emerging economies has only just begun 28
29 Meanwhile Worldwide record-size stimulus packages to fuel demand Biggest packages in history for US, Germany and many other countries China is committing a massive 14% of GDP 1, % 14% 12% 10% The Far East is committing much more than other regions 400 8% 6% Major industries benefiting include: Infrastructure Renewable energy Early days but signs of results US Japan China Germany Spain Canada Australia France UK Denmark Singapore Taiwan South Korea Hungary Italy Netherlands Indonesia Sweden India Finland Austria Malaysia Greece 4% 2% 0% Investment $bn Investment/GDP % 29
30 Meanwhile Almost every stimulus package has an infrastructure component US Stimulus Investments Energy $43bn Education & Training $53bn Health Care $59bn Other $8bn Infrastructure and Science $111bn China Stimulus Investments Most will be spent on building: Highways Airports Other public works Protecting the Vulnerable $81bn Tax Relief $288bn Germany Stimulus Investments State & Local Fiscal Relief $144bn 14% of stimulus investment to go to infrastructure + $17.4bn loans to auto companies Package includes 17.3bn investment in infrastructure Cars > 9 year old, receive 2,500 towards a new car on trade in Source: The American Recovery and Reinvestment Act 30
31 Global Trend 2 Acceleration of Substitution Process Example: Civil Aircraft Growing demand for raw materials puts pressure on supplies and prices of traditional materials and energy Accelerated substitution by carbon and graphite Example: increased composites content in new aircrafts to reduce fuel consumption and emissions Boeing 747 In service 1970 Titanium 6% Steel 12% Miscellaneous 1% Composites 1% Aluminum 80% Estimated Carbon Fiber Tow Usage* Airbus Boeing Boeing 787 Expected in service 2010 Titanium 15% to 2015 * Usage in commercial jets worldwide (tonnes) Source: The Carbon Fiber Industry: Global Strategic Market Evaluation Steel 10% Miscellaneous 5% Aluminum 20% Composites 50% 31
32 Global Trend 3 Alternative energy sources Growing demand for energy accelerates demand for alternative energy sources due to scarcity of fossil fuels as well as global warming (CO 2 emission) Example: Wind Wind energy today provides only ~1.3% of electricity generation worldwide Economic crisis expected to impact wind industry in 2009, mainly in US, leading to postponements of large projects No dip expected in 2009 on global basis as decline in US is compensated by significant growth expectations in Europe and Asia CAGR of annual installations of 22% expected over next years Annual wind turbine installations (MW) E 2010E 2011E 2012E 2013E Source: BTM World Market Update (March 2009) Installed cumulative wind turbine capacity (MW) Europe Americas Asia RoW CAGR 24% CAGR 22% E 2010E 2011E 2012E 2013E Source: BTM World Market Update (March 2009) 32
33 Global Trend 4 Where other materials fail Unique properties of carbon, graphite and carbon fiber/composites: Stability at very high temperatures (up to 3,000 degrees Celsius) Very light weight Self-lubricating Non-corrosive Resistance to chemical attack High purity and inertness Electrical and thermal conductivity can be varied Highest degree of stiffness and flexural strength Carbon where other materials fail 33
34 Global Trend 4 Where other materials fail Graphite Examples Special graphite recipes for lithium-ion batteries Graphite components for solar grade silicon Specialty graphites for semiconductors Graphite parts for solar/led production 34
35 Global Trend 4 Where other materials fail Carbon Fiber Examples Carbon fiber composite materials and components for automotive Carbon fiber composite components for aerospace Carbon fibers for reinforcement of cement and concrete Carbon fiber prepregs for windmill blades 35
36 Global trends support the carbon and graphite industry and SGL Group as its largest global player Carbon and graphite industry uniquely positioned to benefit from global trends SGL Group as the largest global carbon and graphite player to participate in growth opportunities resulting from these trends Global Trends Resources Demand Substitution Process Alternative Energy Unique Properties Performance Products (PP) Advanced Materials (AM) Performance Products (PP) Graphite Materials & Systems (GMS) Carbon Fibers & Composites (CFC) 36
37 Latest results reflect destocking and lower demand in key industries H1/2009: Performance Products (PP) in million Sales EBITDA Profit from operations (EBIT) Return on sales H1/ % H1/ % Sales decrease 38%, thereof price/volume: -40%, currency: +2% Steel industry continued its destocking activities and production cuts, therefore substantially reduced demand for GE Cathode business continued to develop satisfactorily Higher selling prices in all product lines EBIT decrease of 49% due to lower sales and production levels as well as expenses relating to the commissioning of the new Malaysian production Cost savings of 5 million 37
38 Latest results reflect destocking and lower demand in key industries H1/2009: Graphite Materials & Systems (GMS) in million Sales EBITDA Profit from operations (EBIT) Return on sales H1/ % H1/ % Sales increase: 1%, thereof price/volume: -4%, currency: +5% Besides positive currency translation effects sales increase primarily driven by Business Line Process Technology and the invoicing of a large project GMS still benefiting from high order backlog from previous year, which was mainly related to chemical, solar and lithium ion battery business EBIT decrease of 23% due to currency losses from hedging transaction, which were partially offset by the invoicing of a large project Cost savings of 3 million 38
39 Latest results reflect destocking and lower demand in key industries H1/2009: Carbon Fibers & Composites (CFC) in million Sales EBITDA Profit from operations (EBIT) Return on sales H1/ % H1/ % Sales increase: 37%, thereof price/volume/sgl Rotec: +32%, currency: +5% Strong sales increase mainly driven by consolidation of SGL Rotec On May 28, 2009, we completed the transfer of our brake disc activities into JV with Brembo. Up to this date, brake disc business was still consolidated in SGL Group and reported separately under Corporate Costs. Former Business Line Brake Discs was retroactively separated from CFC Earnings of CFC impacted by increased depreciation and start up costs for the new carbon fibers lines, high R&D expenses as well as acquisition related writedowns from purchase price allocation and integration costs Cost savings of 3 million 39
40 Latest results reflect destocking and lower demand in key industries H1/2009: Central T&I, Brake Discs, and Corporate Costs in million Other sales (incl. Brake Discs) Central T&I Costs Brake Discs (EBIT) Corporate Costs H1/ H1/ On May 28, 2009, we completed the transfer of our brake disc activities into JV with Brembo. Up to this date, brake disc business was still consolidated in SGL Group and reported separately under Corporate Costs Sales with automotive industry has almost halved compared to H1/2008 due to weak demand especially in the premium car segment Central T&I Costs decreased by 19% reflecting the clear focus of our T&I activities given the difficult circumstances Corporate Costs decreased by 33% due to stringent expense management relating to purchased services and the lower expense level relating to Management Incentive Systems 40
41 Latest results reflect destocking and lower demand in key industries H1/2009: Group in million Sales EBITDA Profit from operations (EBIT) Profit before tax Net profit after minority interests EPS, basic [in ] H1/ H1/ Sales decrease 20%, thereof price/volume: -23%, currency: +3% mainly due to continued destocking and production cuts in steel industry Disproportionate reduction in EBITDA (-51%) and EBIT (-63%) due to reduced production volumes and associated fix cost charges as well as high start up costs of new production facilities EBIT margin at 10% Cost savings 11 million More than proportionate decrease in profit before tax (-76%) due to higher net financial costs Despite economic crisis positive net profit at 23 million 41
42 SGL Group Group outlook for 2009 P & L Statement Sales below record 2008 level Corresponding EBIT to decline more than proportionately Net financial costs higher than in 2008 Capex and Balance Sheet Key KPI: Gearing level to remain around 0.5 based on today s portfolio Capex below 200 million Gearing ~ 0.5 defines capex level Capex for organic growth largely to be financed through operational cash flow 42
43 Mid term Minimum Targets Over the Cycle Unchanged Once normality returns post 2009 Group Sales growth: 5 10% p.a. CAGR organic ROS: > 12% ROCE: > 17% Performance Products (PP) Volume growth: 2 3% p.a. ROS: > 20% Graphite Materials & Systems (GMS) Sales growth: 6 8% p.a. ROS: > 10% Carbon Fibers & Composites (CFC) Sales growth: > 15% p.a. ROS: > 10% mid term To deliver profitable growth! 43
44 Any questions?
45 Important Notice Forward-looking statements: This presentation contains statements on future developments that are based on currently available information and that involve risks and uncertainties that could lead to actual results deviating from these forward-looking statements. The statements on future developments are not intended as guarantees; rather, such developments and results are dependent on a number of factors, they contain various risks and uncertainties and are based on assumptions that may prove to be incorrect. These risks and uncertainties include, for example, unforeseeable changes in political, economic and business conditions, particularly in the area of electric steel production, the competitive situation, interest rate and currency developments, technological developments and other risks and unanticipated circumstances. We see other risks in price developments, unexpected developments relating to acquired and consolidated companies, and ongoing cost optimization programs. SGL Group does not intend to update these forward-looking statements.
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