PRESS RELEASE DANIELI GROUP

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1 Danieli & C. Officine Meccaniche S.p.A. Buttrio (UD) via Nazionale n. 41 Fully-Paid Share Capital of Euro 81,304,566 Tax Code and Registration Number with the Register of Companies of Udine: PRESS RELEASE DANIELI GROUP The Board of Directors of Danieli met today, September 25, 2014, to examine and approve the financial statements for the year from July 01, 2013 to June 30, 2014, and the consolidated financial statements for the same period. CONSOLIDATED FINANCIAL STATEMENTS AT JUNE 30, 2014 (millions of euro) 30/06/ /06/2013 Variation Revenues 2, , % Gross operating margin (Ebitda) % EBIT % Net profit for the period % Net profit attributable to the Group % Positive net financial position % Number of employees 11,424 10,944 4% Group s order book 3,079 3,206-4% (of which Steel Making) % Summary of results for the year 2013/2014 The trend of Group revenues has remained substantially stable for the Plant Making sector (engineering and construction of metal steel and aluminium making plants), whereas it has improved considerably in the Steel Making sector (production of steel) with the ABS Group (Acciaierie Bertoli Safau and ABS Sisak) thanks to a stronger consolidation of the Italian and European companies. The Board of Directors has acknowledged the results and pointed out that: - Danieli Plant Making has in any case maintained the set profitability targets, thanks not only to its technological leadership in many sectors, but also to a consolidated competitiveness in managing the engineering and manufacturing costs of the Asian subsidiaries, while ensuring at the same time a high quality of supplied products. - during the year ABS Steel Making has maintained a better level of plant utilisation. the strategy from now to 2018 has been defined, which will demand further investments in the ABS Group companies, estimated at 350 million euro approx. As far as capital expenditure is concerned, during the year the Plant Making sector saw the inauguration of the new Research Centre at Buttrio and especially of the new factories in India and Russia which are now completing their production ramp up. 1

2 In the Steel Making sector, ABS has concluded the first step of investments at Sisak in Croatia, where the plants were successfully started up, while investments continue at Pozzuolo with the new reversible rolling mills for the Rotoforge project and the technological upgrading of the casting machine MCC3. The ABS market, which is substantially European, remains volatile with 30/45 days visibility. Worldwide prospects of the metal making sector which influence the activity of the Danieli Plant Making segment In the second half of 2014 worldwide steel production reached nearly 820 million ton, up by 2.5% compared to the same period of the previous year. There exists an average overcapacity of 15/25% particularly in China which exports by squeezing prices. The steel market is therefore consolidating the results of 2013, and the forecast is that in 2014 the output of last year will be exceeded: China, India and Middle East continue to grow even if at a rate close to 2/3%, while Russia, USA, Japan and the EU are gradually recovering their past production levels. The need for an economic and financial policy coordinated globally to sustain growth through structured development plans enabling to implement medium and long term investments more efficiently has been confirmed. Expectations are for a worldwide level of growth in steel consumption of 2.5% per year for the next years. The existing overcapacity will therefore take a few years yet to be absorbed. However, a general improvement is expected starting in 2016, thanks to the many private investments and public infrastructure projects that will come into effect especially in countries with emerging economies. Lack of social and political stability affecting certain regions worldwide is another unforeseeable factor. Summary of Results by Business Segment Revenues (millions of euro) 30/06/ /06/2013 Variation Plant making 2, , % Steel making % Total 2, , % Gross operating margin (Ebitda) (in millions of euro) 30/06/ /06/2013 Variation Plant making % Steel making % Total % Operating income (in millions of euro) 30/06/ /06/2013 Variation Plant making % Steel making % Total % Net profit for the period (in millions of euro) 30/06/ /06/2013 Variation 2

3 Plant making % Steel making % Total % Strategies Among the Danieli mottos we find: - Passion to innovate and perform and We do not shop around for noble equipment. The Danieli Group will therefore continue to consolidate and expand its activities to ensure an increased competitiveness in terms of innovation, technology, quality, costs, productivity and customer service; Danieli is renowned not only for its plant-making capabilities but also for its manufacturing ones: in Europe with noble and high-tech products, in Asia with the design and manufacturing of consolidated and tested products with the same European quality. - A step ahead with the aim of defining a new organizational model of the group to develop its present structure in a way which better reflects the emerging needs of the markets. In particular, to consolidate these strategies, we have decided to strengthen the Danieli Academy for the development of the Juniors, the updating of the Seniors and the management and enhancement of talented youths. Order Backlog The Group s order backlog was in line with year-end figures of the previous year and well diversified by geographical area and product line and, for the year ended June 30, 2014, amounted to 3,079 million euro (of which 217 million euro in the special steels sector), compared to 3,206 million euro for the year ended June 30, 2013 (of which 184 million euro for special steels). Human Resources The number of employees of the Danieli Group at June 30, 2014 was 11,424, increased by 480 units compared to June 30, Compared to 2013, staff has increased by 4% above all owing to the startup and strengthening of the activities in India, Russia and China. Danieli continues to pursue high rates of innovation, efficiency and quality of customer service; it follows that the team excellence plays a very important and strategic role for the company s success. The importance of managing with great attention the enhancement of people s potentials and skills to ensure that the Group staff training is in line with the best practice is therefore confirmed. Consolidated value added The determination of the generated economic value translates the Group s capacity to create wealth and distribute it in terms of remuneration to the identified stakeholders. The following tables show the distribution of economic value among the stakeholders through the reclassification of the figures of the consolidated income statement. 3

4 (in millions of euro) Determination of the overall added value A. Sales and other income 2, ,782.3 B. Intermediate production and other costs 2, ,181.0 (A - B) Global core value added C. Non-recurrent ancillary components Global value added The global value added is shared among the following recipients: personnel (direct remuneration consisting of wages, salaries, employee termination indemnity, and indirect remuneration consisting of social security); Public Administration (income taxes and sundry taxes); venture capital (distribution of dividends); third party remuneration (non-controlling interests); company remuneration (reinvested profits); lenders remuneration (interest on loans), and donations and sponsorships (sponsorships, charitable donations and other contributions). (in millions of euro) Distribution of global value added A. Personnel remuneration % % B. Public Administration remuneration % % C. Venture capital remuneration % % D. Third party remuneration % % E. Company remuneration % % F. Lenders remuneration % % G. Donations and sponsorship % % Global value added % % The core value added increased in absolute terms in the period although remaining stable in percentage terms, despite an increase in sales and other income. The share of personnel remuneration, which maintains a central role within the Danieli organization, remains high, equaling 65% approx. of the total value added. Resolutions of the Board of Directors In addition to the approval of the financial statements, the Board of Directors will submit the following items to the Shareholders meeting convened in the registered office for October 28, 2014 at 2 p.m. on single call: 1. distribution of a unit dividend of euro for ordinary shares and euro for savings shares, for a total of 23,074,526 euro against detachment of the dividend coupon n. 36 for both types of shares on November 10, 2014, payable as of November 12, 2014 (record date November 11, 2014). This dividend comes from the distribution of the financial year s profits. The Board has also acknowledged that during the financial year bonuses were paid to employees for an overall company cost of 3.5 million euro approximately. 4

5 Danieli Group Activities The Danieli Group runs two main businesses: the first (Plantmaking) is in the field of engineering and manufacture of plants including turnkey plants for the production of metals. Its principal operating companies in the Plantmaking segment are in Europe (Italy, Sweden, Germany, France, Austria, The Netherlands, United Kingdom, Russia, Spain) and in Asia (China, Thailand, India, Vietnam), with service centers in the US, Brazil, Egypt, Turkey and Ukraine. In the Plant Making sector Danieli is one of the top three manufacturers in the world for metalmaking plants and machines, market leader in meltshops and plants for the production of long products (these plants produce steel in electric arc furnaces sometimes from direct reduced iron and in addition to being competitive in terms of Capex and Opex, are also environment-friendly, compared to integrated plants that use blast furnaces and coke), and second in the manufacture of plants for flat products. The second business (Steelmaking) concerns the production of special steels through the companies Acciaierie Bertoli Safau S.p.A. (ABS) and ABS Sisak d.o.o. (ABS Sisak). The steels produced in these facilities supply the automotive industry, heavy-duty vehicles, engineering, energy and petroleum industries. ABS is the number one steelmaker in Italy and among the leading ones in Europe in its field. The Danieli Group employs about 6,000 people in Friuli-Venezia Giulia both directly and through the allied industries. It contributes by 40% to the yearly exports of the province of Udine, and by 20% to the exports of the whole region. Attached are the consolidated balance sheet, income statement (excluding the comprehensive income) and financial position of the Danieli Group and of the Parent Company Danieli & C. Officine Meccaniche S.p.A., related to the year ended on June 30, 2014, compared with the data for the year ended on June 30,

6 Consolidated Financial Statements of the Danieli Group (millions of euro) CONSOLIDATED BALANCE SHEET (*) 30/06/ /06/2013 Assets Non-current assets 1, ,020.2 Current assets 4, ,297.6 Total assets 5, ,317.8 Liabilities and equity Share Capital Other reserves and profits brought forward, 1, ,341.1 including profit from previous year Equity 1, ,422.4 Non-controlling interests Non-current liabilities Current liabilities 3, ,451.8 Total liabilities 5, ,317.8 Year ended CONSOLIDATED INCOME STATEMENT (*) 30/06/ /06/2013 Revenues 2, ,782.3 Raw materials and consumables (1,503.8) (1,399.3) Cost of personnel (416.7) (409.0) Other operating costs (707.7) (693.5) Depreciation, amortisation and write-downs (105.2) (98.1) Operating income Financial income (charges) Gains (losses) on foreign exchange transactions (22.0) 7.7 Gains arising from the valuation of shareholdings in associated companies with the equity method 1.5 (0.9) Profit (loss) before tax Income taxes (51.2) (45.2) Net profit for the period Loss (profit) attributable to non-controlling interests (0.1) (0.7) Net profit for the period attributable to the Group (*) Some of the items of the consolidated Balance Sheet and Income Statement are shown in summarised form compared to the Financial Statements. 6

7 CONSOLIDATED NET FINANCIAL POSITION (millions of euro) 30/06/ /06/2013 Variation Non-current financial assets - Non-current financial receivables (7.2) Total non-current financial assets (7.2) Current financial assets - Securities and other financial receivables Cash at banks 1, ,647.2 (343.4) Total current financial assets 1, ,845.0 (204.2) Non-current financial liabilities - Bank debts Total non-current financial liabilities Current financial liabilities - Bank debts and other financial liabilities (224.0) Total current financial liabilities (224.0) Non-current net financial position (202.1) (175.5) (26.6) Current net financial position 1, , Positive net financial position (6.8) Gross financial indebtedness (796.9) (1,001.5)

8 Financial Statements of Danieli & C. Officine Meccaniche S.p.A. (millions of euro) BALANCE SHEET (*) 30/06/ /06/2013 Assets Non-current assets 1, ,309.0 Current assets 1, ,262.6 Total assets 2, ,571.6 Liabilities and equity Share Capital Other reserves and profits brought forward, including profit from previous year Equity Non-current liabilities Current liabilities 1, ,932.7 Total liabilities 2, ,571.6 Year ended Year ended INCOME STATEMENT (*) 30/06/ /06/2013 Revenues 1, Raw materials and consumables (604.3) (502.4) Cost of personnel (148.0) (150.5) Other operating costs (280.3) (298.5) Depreciation, amortisation and write-downs (20.3) (15.8) Operating income Financial income (charges) Gains (losses) on foreign exchange transactions (4.2) 7.8 Profit (loss) before tax Income taxes (4.6) (4.2) Net profit for the period (*) Some of the items of the consolidated Balance Sheet and Income Statement are shown in summarised form compared to the Financial Statements. 8

9 NET FINANCIAL POSITION OF DANIELI & C. OFFICINE MECCANICHE S.p.A. (millions of euro) 30/06/ /06/2013 Variation Current financial assets - Other financial receivables (0.1) - Cash at banks Total current financial assets Non-current financial liabilities - Bank debts (14.9) Total non-current financial liabilities (14.9) Current financial liabilities - Bank debts and other financial liabilities (61.8) Total current financial liabilities (61.8) Non-current net financial position (41.6) (56.5) 14.9 Current net financial position (103.8) (165.8) 62.0 Negative net financial position (145.4) (222.3) 76.9 Gross financial indebtedness (244.3) (321.0)

10 Dr. Alessandro Brussi, the manager responsible for preparation of company accounting documents, in accordance with article 154 bis paragraph 2 of the Financial Consolidation Act declares that, as far as he is aware, the financial statements contained herein correspond to the documental findings, books and records at June 30, CORPORATE CONTACTS: Investor relations: Manager: Dr. Alessandro Brussi (phone no ) Department of Corporate Affairs: Mrs. Daniela Boz, (phone no ) Danieli & C. Officine Meccaniche S.p.A. Via Nazionale, Buttrio (Udine) Fully-Paid Share Capital of Euro 81,304,566 Tax number, VAT registration number, and registration number with the Register of Companies of Udine: REA (ECONOMIC AND ADMINISTRATIVE INDEX): UD Tel Fax Financial statements and publications are available on internet site of Borsa Italiana S.p.A. and on the Company Internet Site: Investors section 10

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