PPT模板-鋼鐵行業(yè)藍(lán)色.ppt
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PPT模板-鋼鐵行業(yè)藍(lán)色.ppt
LNMHoldingsN V December2002 Disclaimer IscorLimitedsharesarepubliclytradedontheJSESecuritiesExchangeSouthAfrica the JSE lists Assuch IscorLimitedisregulatedbytheJSEandissubjecttotheprovisionsoftheListingsRequirementsoftheJSE TheInsiderTradingAct135of1998 theCompaniesAct61of1973 asamended andtheSecuritiesRegulationCodeonTakeoversandMergers collectively the Laws Thispresentationwilldiscloseinformation the Information thatisconsideredinsideinformationforthepurposesoftheLaws Byattendingatorparticipatinginthispresentationyouwillbedeemedtobean insider forthepurposesoftheLaws Assuch youwillbeprohibitedfromselling transferringorotherwisedealingwithortradinginIscorLimitedshares andfromdisclosingorpassingonsuchInformation exceptinaccordancewiththeLawsoruponthereleaseofallsuchInformationintothepublicdomain ApublicannouncementisexpectedtotakeplaceonTuesday 3December2002 Thispresentationcontains forward lookingstatements thatexpressorimplyexpectationsoffutureeventsorresults Allforward lookingstatementsinvolveanumberofrisks uncertaintiesandotherfactors andLNMHoldingsN V LNM cannotgiveassurancesthatsuchstatementswillprovetobecorrect Risks uncertaintiesandotherfactorsthatcouldcauseactualeventsorresultstodifferfromthoseexpressedorimpliedbytheforward lookingstatementsinclude withoutlimitation thesatisfactionofclosingconditionstoanyoffermadebyLNM theacceptanceorrejectionofanyagreementbyregulators delaysintheregulatoryprocesses changesintheeconomicorpoliticalsituationinSouthAfrica theEuropeanUnion theUnitedStatesofAmericaandotherrelevantjurisdictions changesinthesteelindustrywithinanysuchcountryorareaorworldwideandtheperformanceof andcostsavingsrealisedby IscorLimited Giventheseandotheruncertainties youarecautionednottoplaceunduerelianceonanyoftheforward lookingstatementscontainedinthispresentationorotherwise LNMassumesnoresponsibilityforanyactionyoumaytakeuponreceiptoftheInformationandyoushouldformyourownviewastothemeritsordemeritsofanyofferthatmaybemadebyLNM LNMexpresslydrawsyourattentiontotheaboverestrictionsandqualifications Shouldyounotwishtobesubjecttotherestrictionsrelatingto insiders undertheLaws youshouldnotattendatorparticipateinthispresentationandyoushouldinformLNMoritsfinancialadvisersimmediately 2 PartialOffertoIscorLimitedshareholders 3 Agenda BackgroundtoLNMandTheLNMGroupLNM sinvolvementinIscorLimitedTheOfferAppendix additionalinformationonTheLNMGroup 4 BackgroundtoLNMandTheLNMGroup 5 TheLNMGroupOverview Establishedin1976asa60ktparodmillinIndonesiaNow2ndlargestglobalsteelproducerThemostglobalsteelcompanyintheworld verticallyintegratedsteelmakingfacilitiesin11 countries broadgeographicandproductdiversificationAsuccessfultrackrecordinbothadvancedandemergingmarketeconomiesSubstantialexperienceturningaroundunder performingsteelmakingassetsMajorsuppliertoE U andNorthAmericanautoandapplianceindustry twotechnicalresearchcentresAmongstthelowestcoststeelproducersintheworld bothintegratedandmini millprocessesofsteelmakingLNMHoldingsNVisawhollyownedmemberoftheTheLNMGroup acquisitionofNovaHutagreed pendingcompletion 6 AGlobalForceinSteel IspatMexicana Mexico IspatSidbec Canada CaribbeanIspat Trinidad LNMHoldingsN V TheNetherlandsAntilles IspatSidex Romania IspatHamburgerStahlwerke Germany IspatStahlwerkRuhrort Germany IspatWalzdrahtHochfeld Germany IspatInland USA I NTekI NKote IspatKarmet Kazakhstan IspatAnnaba Algeria TheLNMGroup IspatInternationalN V TheNetherlands P T IspatIndo Indonesia IspatUnimetal France Trefileurope NovaHut Czechrepublic IscorLimited SouthAfrica 34 81 investment acquisitionagreed pendingcompletion Oneofthefastestgrowingsteelcompaniesintheworld 7 CaribbeanIspat Trinidad IspatMexicana Mexico IspatInland U S A IspatSidbec Canada IspatInternationalLimited U K LNMHoldingsN V IspatInternationalN V TheNetherlands IspatUnimetal France IspatHamburgerStahlwerkeIspatStahlwerkRuhrortIspatWalzdrahtHochfeld Germany IspatAnnaba Algeria IspatKarmet Kazakhstan IspatIndo Indonesia IspatSidex Romania IscorLimited SouthAfrica 34 81 investment NovaHut CzechRepublic GlobalPresence acquisitionagreed pendingcompletion 8 WorldClassFacilities In 000MT Capacity mt acquisitionagreed pendingcompletion 9 GlobalManagementPhilosophy Manageeachsubsidiaryasadecentralised incentivebasedandentrepreneurialbusinessunitContinuousoperationalimprovementsthroughKnowledgeIntegrationProgramme KIP implementbestpracticeineachdisciplinethroughinter companyandindustry widebenchmarkingContinuousfocusoncostreductionandqualityimprovementsPromotionofsocialharmonyineachandeverybusinessunitSignificantbenefitsfromaggregatedpurchasingpowerandglobalmarketingknowledge 10 TurnaroundExpertise LNMGrouphasestablishedareputationforimprovingtheperformanceofsteelproducingassetsgloballyImplementationofgroup widebestpracticetoimproveoperations lowercosts increasevalueadded improvequalityAppropriatecapitalexpenditureprogrammesforrealimprovements 11 SteelShipments 000MT 9min2002 9mpriorto acquisition Karmet Kazakhstan 1995 123 231 1 707 TurnaroundProgress LNMOperatingSubsidiary Acquired CostUS MT Acquisition 9mpriorto Annaba Algeria 2001 637 337 216 986 Figuresfor9monthsto30September2002 9min2002 Sidex Romania 2001 198 237 2 333 2 810 3 037 Inthe7acquisitionsofIspatInternational similarperformancewasachieved averagegrowthinsteelshipmentsof23 sinceacquisition averagereductionincostpertonneof21 sinceacquisition 12 MarketLeadershipinourChosenMarkets GroupCustomersBase AWho sWhoofLeadersinIndustry 13 BuildingLeadershipintheGlobalSteelIndustry Oneoftheworld slargestandfastestgrowingsteelproducers Customerserviceorientation Worldclassemployeerelations HRpractices Reputationforoperatingefficiencyandproductquality Highquality lowcostassets Productandgeographicdiversity Significantorganicgrowth Assetoptimization Leaderinsteeltechnology 14 LNM sinvolvementinIscorLimited 15 Background EnteredintoBusinessAssistanceAgreement BAA inNovember2001 approvedbyshareholdersinJanuary2002 requiredLNMtoinvestUS 75millioninIscorLimitedequity allowsLNMtoearnupto10 ofIscorLimiteduponreducingIscorLimitedcostbasebyR700million inJanuary2002moneyterms AllowsIscorLimitedtobenefitfromLNM sinternationalexpertiseandprovenoperatingtrackrecordLNMprovidescertainbusiness purchasing marketingandtechnicalassistanceBAAdesignedtoenhanceearningsforbenefitofallshareholdersLNMhassatisfiedequityacquisitionrequirementandnowowns34 81 ofIscorLimited 16 SharePriceEvolution N D J F M A M J J A S O N 0 5 10 15 20 25 30 ISCORLIMITED Source DATASTREAMandHSBCanalysis LNMsignsBAA IscorLimitedshareholdersapproveBAA 266 UPLIFT Shareprice R 17 IscorLimitedvalueunbundled ISCORLIMITED KUMBARESOURCES Source DATASTREAMandHSBCanalysis LNMconsidersthatthepostunbundlingbenefitsforshareholdersmaybedemonstratedthroughIscorLimited ssharepriceperformance Note NotadjustedforIscorrightsissue Shareprice rebasedto100 18 ActionstakenunderBAA Atotalof31groupvisitssofar 17LNMtoIscor 14IscortoLNM Objective generatecostsavingsideas transferknowledge helpimplementimprovedpracticesSomemajorareasofimpact BlastFurnace reline campaignextension burden fuelrateoptimization Steelmaking refractoryconsumption plantoperationandmaintenanceissues Rolling hotrollingmaintenancetraining qualityinspectionprocedureforflatrolling WireRod Baroperationandmaintenance INTERACTIONWITHLNM 19 ActionstakenunderBAA Iscorunits participationinLNMKIPsonironmaking steelmaking Romania wirerod Germany hotrolling US materials Canada InitiationofIscor sownKIPprogramwithLNMassistanceSignificantsharingofexpertiseine sales marketing R D capitalprojectevaluation yieldoptimisationandbudgeting KNOWLEDGESHARING 20 ActionstakenunderBAA Intensivebenchmarkingacrossoperationsfromcokemakingtorolling procurement transportationlogisticsandITamongothersSignificantcostsavingsideasgeneratedmainlytowardsimprovementsinyield productivity maintenance refractory quality purchasingAssistedsuccessfulturnaroundofthewholeoperationwithrecordthroughput BENCHMARKING SALDANHA 21 ActionstakenunderBAA Effectivesavingsincapitalprojectswithinallbusinessunits particularlyatVDBRecentfocusonBFreline Sinterplantupgrade HSMautomation BOFDe sulphurisation BOFOff gasrecoveryandCokeovengascleaningQuicksavingsrealizedin importedironorepelletsprocurement importedcokingcoaltransportationcost importedrefractoriesandelectrodesSavingsinvariousareasincludingITarebeingcaptured CAPITALEXPENDITURE PURCHASING 22 2001 Rm 2002 2001 2002 Netoperatingprofit 609 1 308 153 885 IscorLimitedResultsSinceLNMInvolvement y eJune SaldanhaSteel 247 46 128 Longproducts 159 679 102 223 Suprachem 67 121 15 30 Group other 77 87 4 20 Headlineearnings loss 163 480 11 601 Headlineearnings loss pershare cents 54 139 2 5 134 8 Flatproducts 460 842 86 524 Septemberquarter Source IscorLimitedpublishedfinancialstatements 23 TheOffer 24 Rationale LNMwishestoincreaseitsholdingabove35 andretainremunerationsharesundertheBAALNMhasdiscusseditsparticipationwith IscorLimitedmanagement SouthAfricanGovernmentLNMhasconcludedthatIscorLimitedshouldatthistime remainaSouthAfricanlistedentity haveasufficientfreefloattoensuremarketliquidityThereforeaPartialOfferhasbeenstructuredtoallowshareholderstosellaportionofIscorLimitedsharestoLNMLNMbelievesshareholdersshouldbegiventheopportunitytosellaportionoftheirsharesatapremiumLNMisseekingshareholderapprovaltowaivetherequirementtomakeamandatoryoffertoshareholders 25 OfferTerms LNMismakingapartialofferincashforupto12 19 ofIscorLimited sissuedsharesOfferpriceofR30 00persharePremiumof 38 2 overtheclosingpriceon2December2002 18 6 overIscorLimited salltimeclosinghigh 27 0 over30dayvolumeweightedaverageclosingpriceShareholdersmaytenderallorpartoftheirholdingsinIscorLimitedIfmorethan12 19 istendered LNMwillpro rateacceptances Source I NetBridgeandHSBC 26 BenefitsforIscorLimited AccessagreaterleveloftechnologyFurtherenhanceco ordinationofpurchasingandmarketingFurtheraccelerateIscorLimited stransformationintoaworldclassproducerInLNM sview theoffershouldnotadverselyaffectthe independenceofIscorLimitedBoard maintenanceofarm slengthbusinessrelationshipbetweenLNMandIscorLimited corporategovernancestandards 27 Conditions ApprovalbyIscorLimitedshareholdersingeneralmeeting shareholderstowaiverequirementtomakeamandatoryofferinrespectofthepartialofferRecommendationofIscorLimitedBoardApprovalbySRPNogovernmentalorregulatoryproceedingsaffectingtheofferNomaterialadversechangetoIscor sproperty plantandequipment noranyreductioninprofitabilityinexcessof50percentofcurrentlevels 28 IndicativeTimetable 3December2002 FirmIntentionAnnouncement6December2002 Postofferdocument20December2002 BoardresponseandNoticeofMeeting17January2003 EGM24January2003 Closing29January2003 Paymentofconsideration 29 AdditionalinformationonTheLNMGroup 30 JointVenturesandSubsidiaries ProductsFacilityCapacityPercentageCountry 000 OwnershipRawMaterialsIronoreMinorcaMine3 000100 USAIronoreEmpireMine8 00040 USAIronorePe aColorada3 50050 MexicoIronoreIspatTebessa3 00070 AlgeriaIronoreLisakovski Kentube AtasuMines5 000100 KazakhstanPulverizedcoalPCI70050 USAMetallurgicalCoalKaragandaugol12 000100 KazakhstanCokeKaragandaugol7 000100 KazakhstanDownstream FlatColdrolledproductsI NTek1 60060 USAGalvanizedsteelI NKote1 10050 USAGalvanizedsheetSorevco22050 CanadaDownstream Wire WireproductsWireproductsTrefileurope385100 FranceWireproductsKentWire Ispat 140100 UKWireproductsWalker Wire120100 USAWireproductsAcufil100100 CanadaWireproductsWDI73033 33 GermanyWireproductsIspatWire30100 IndonesiaBrightdrawnbarsSMR100100 FranceOtherPipesPMT30051 MexicoPipesDeltaTubeLtd12050 CanadaServicesSersiin50 MexicoShippingcompanyIspatShipping585DWT100 UKPowerIspatPower555MW100 Kazahkstan 31 TheLNMG 32