Corporate Presentation March 2009

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1 Corporate Presentation March

2 Agenda Ι Company Profile ΙΙ Product Range ΙΙΙ Sector s Data ΙV Strategy V Expansion in the Balkans VI Investment Program VII FY 2008 Results Highlights 2

3 Ι. Company Profile : 1. History milestones 2. Group Premises 3. Group Structure 4. Competitive Advantages 5. Financial Profile 3

4 History Milestones 1931: SIDMA (Steel Trading of Macedonia) is founded in Thessaloniki by the Amariglio brothers. Activity of business: import and distribution of steel products : The headquarters move to Athens. SIDMA establishes its leading position in the sector 1991: SIDMA begins its transformation to a Steel Service Center. The first processing lines are installed : One merger and one acquisition in the sector. 1999: SIDMA joins forces with SIDENOR group. 2001: SIDMA acquires the majority of PANELCO S.A., a manufacturer of polyurethane steel sandwich panels. 2004: Export activity to the Balkans begins. 2005: SIDMA enters the Athens Stock Exchange. Subsidiaries in Bulgaria and Romania are founded. 2007: Construction of three new Steel Service Centers (Inofyta, Bucharest and Sofia) is completed. 4

5 Group Premises Aspropyrgos (Athens Area) Inofyta (Athens Area) Oreokastro (Thessaloniki Area) PANELCO S.A. (Lamia) SIDMA Bulgaria (Sofia) SIDMA Romania (Bucharest) 5

6 Inofyta (Athens Area) Land 80,000 m 2 Storage facilities and offices 11,000 m 2 Equipment 3 Cut-to-length & slitting lines 1 Stainless Steel Cut-to-length line 1 Stainless Steel Polishing line Production capacity 200 thousand metric tones per annum Customers Manufacturers Merchants Volume serviced 25% of total sales in Greece 52% of total production in Greece 6

7 Aspropyrgos (Athens Area) Land 35,000 m 2 Storage facilities and offices 13,500 m 2 Equipment 1 Shot-blasting machine, primer painting line 1 Flame-cutting line and saw Production Capacity 60 thousand metric tones per annum Customers Merchants Manufacturers Construction companies Volume serviced 30% of total sales in Greece 7% of total production in Greece 7

8 Oreokastro (Thessaloniki Area) Land 53,000 m 2 Storage facilities and offices 20,000 m 2 Equipment 5 Cut-to-length and slitting lines 1 profiling line Production Capacity 255 thousand metric tons per annum Customers Merchants Manufacturers Technical companies Volume serviced 45% of total sales in Greece 41% of total production in Greece 8

9 Panelco (Lamia Industrial Area) Land 43,000 m 2 Storage facilities and offices 10,500 m 2 Machinery equipment 1 Continuous polyurethane infusion line 1 Non-continuous infusion line and press 1 profiling line 1 Cold forming (bending) machine Production Capacity 2 million m 2 per annum Customers Merchants Construction Companies Contractors 9

10 SIDMA Romania (Bucharest Area) Land 35,000 m 2 Storage facilities and offices 6,500 m 2 Equipment 2 Cut-to-length lines Production Capacity 85 thousand metric tones per annum Customers Merchants Manufacturers Construction companies 10

11 SIDMA Bulgaria (Sofia Area) Land 39,000 m 2 Storage facilities and offices 9,000 m 2 Equipment 2 Cut-to-length lines 1 Slitting line Production Capacity 100 thousand metric tons per annum Customers Merchants Manufacturers Construction companies 11

12 Group Structure 12

13 Competitive Advantage SIDMA Group Diversified Customer Base: The company has a well-diversified customer base (no customer accounts for more than 2%) Synergies: Synergies in purchasing and distribution with shareholder Sidenor Group, the strongest steel group in Greece. Expansion in Balkan growth markets alongside Sidenor : Bulgaria and Romania face high development growth while the present consumption for steel per capita is 125 kilos and 160 kilos respectively. In the industrially advanced countries it exceeds 550 kilos/capita. Strong Management Team: The company is run by experienced management. Strong distribution network: The company covers sales countrywide through a strong distribution network. Market Leader: The company holds the leading position in the Greek market in terms of sales since a long time. 13

14 SIDMA S.A. at a glance Producer SIDMA S.A. Products: Flat, Long, Wire Products & Panels. Services: Shot blasting, Polishing, Slitting & Cutting. Leading steel distributor in the Greek and Balkan markets combined. Distribution network with 5 warehouses in Greece and the Balkans. About 370 employees. Key financials FY 2008 Sales: 300 million Customer Construction: Building and civil engineering Merchants: Retail Manufacturing : Machinery White Appliances Mechanical Engineering Others: Public Sector Metal products Shipbuilding Etc. 14

15 Financial profile last six years mio Turnover mio CAGR 11% SIDMA Agency % Profitability Ratios 20 18, ,6 12, ,5 4,1 4, ,8 11,5 7,8 9,8 3,5 0, Gross Profit margin Earnings before Taxes margin mio Gross Profit* 24,9 26,3 22,0 21,4 12,8 15, * before depreciation charges Earnings before Taxes 15,4 12,3 5,6 6,3 4,2-0, With regard to FY 2005, ASE related extraordinary 15 expenses of 1,2 mio have not been taken into account.

16 ΙI. Product Range 1. Flat Products 2. Long Products 3. Wire Products 4. Panels 16

17 Product Range FLAT PRODUCTS Hot Rolled Coils & Sheets Cold Rolled Coils & Sheets Pickled & Oil Coils & Sheets Galvanized Coils & Sheets Corrugated &Trapezoidal Sheets Prepainted Coils & Sheets Stainless Steel Coils & Sheets LONG PRODUCTS Merchant Bars Profiles Rectangular Hollow Sections Construction Tubes WIRE PRODUCTS Panels Galvanized Wire Galvanized Fencing Mesh Black Wire 17

18 III. Sector Information 1. Steel Cycle and EBITDA / cash flow relationship 18

19 Steel Cycle and EBITDA / cash flow relationship Theoretical relationship* Comments 1) The Company buys and sells products at spot prices generally 2) Sales increase as a function of the steel price inflation environment 3) Cost of material are based on an average cost method for inventory and therefore lag the steel price increase 4) This time lag creates accounting windfall profits (windfall losses in a decreasing steel price environment) inflating (deflating) EBITDA 5) Assuming stable inventory volume cash flow is impacted by higher NWC needs 6) The windfall profits (losses) are mirrored by inventory book value increases (decreases) *Assuming stable inventory volumes 19

20 ΙV. Strategy 1. Risk Management 2. Growth Management 20

21 Risk Management Effective risk management is central to SIDMA s success and growth. Sources of risk: Source Source Client Client Default Default Market Market Cyclicality Cyclicality Market Market Leadership Leadership challenge challenge Capital Capital Structure Structure Action Action Credit Credit Insurance Insurance 75% 75% receivables receivables is is covered covered Keep Keep low low inventories inventories Long Long term term relationship relationship with with suppliers suppliers More More value value added added products products Broad Broad sales sales network network Diversified Diversified customer customer base base Focus Focus on on sales sales volume volume in in order order to to maintain maintain high high purchasing purchasing power power Total Total Loans Loans / / Equity Equity <2.0 <2.0 Funds Funds for for expansion expansion Use Use part part of of available available credit credit lines lines Risks are evaluated and managed within a common framework. Each department / unit identifies and takes measures against the risks it faces. 21

22 Strategy for Growth 1 Establish an important presence through our new Steel Service Centers in Bulgaria and Romania 2 Increase market share with important end users 3 Enter new markets in the Balkan region 4 Develop new products and services in the Greek market to increase ties with end users and add value 5 Enhance existing and develop new strategic partnerships with major steel producers 22

23 V. Expansion in the Balkan 23

24 Presence in the Balkans Future Expansion Possible Future Expansion Actual Presence 24

25 Expansion in the Balkans Goal: To create a network of modern Steel Service Centers Countries of first phase of expansion: Bulgaria and Romania Countries of second phase of expansion: Serbia and Albania Strategic Alliance in above countries: with SIDENOR and some of our main suppliers Business opportunities: Satisfactory growth rates Increased demand for steel products (infrastructure modernization, metal construction, white appliances, ship-building). Increasing capital inflows (EU accession, improving economic environment). Lack of large and organized steel service centers. Comparative Advantages: Know-how, experience, financial robustness. Important position of the SIDENOR Group in the Balkans. 25

26 VI. The Investment Program 26

27 Investment Plan of the last six years Company investments in fixed assets : 32 mn. Expected benefits million Preservation of competitive advantage in the market. Better customer service Decrease in operating costs 0 Increase in value added Installation of new equipment Greater product range Increase company turnover & purchasing power 27

28 VII Results Highlights 1. P&L 2. Balance Sheet 3. Cash Flow 4. International Sales 28

29 P&L Sales (including consignment) increased by 14%. Increase of international sales & emphasis on growth in the Balkans EBITDA increased to 14 mil. or 9,4% without taking into consideration the devaluation of inventories by 2,7 mil. Net Profits decreased to 1.5 mil. or 29% prior to stock devaluation compared to the same period last year. P&L ( million) Dec. -08 Δ% Dec. -07 Turnover 217,4 22,4% 177,6 COGS 196,0 24,7% 157,2 Gross Profit 21,4 4,7% 20,4 Gross margin (%) 9,8% -1,7 pp 11,5% EBIT 7,9-22,8% 10,3 EBIT Margin (%) 3,7% -2,1 pp 5,8% EBITDA 11,3-11,7% 12,8 EBITDA Margin (%) 5,2% -2 pp 7,2% PBT -0,7-111,7% 5,6 TAX -0,1-95,5% -3,0 PAT -0,8-130,9% 2,6 MI 0,4-9,6% 0,4 Net Profit -1,2-155,6% 2,1 Net Profit Margin (%) -0,5% -1,8 pp 1,2% Earnings per Share -0,12-155,6% 0,21 Turnover (+ Consingement Sales) 287,1 14,3% 251,3 29

30 Balance Sheet Net debt increased by 23% to 113 million in accordance to the increase in inventories book values and the execution of the investment plan of the group. Long-term loans comprise 71% of total debt. 50% increase in inventory mainly due to the price increase of raw materials (compared with those of 2007) as well as the reduced sales volume of the last months of the year. Debt to Equity ratio increased to 2.0. The invested capital in the company amounted to 183 million. BS Dec. -08 Δ% Dec. -07 ( million) Assets Fixed Assets 63,2 22,4% 51,6 Inventory 54,8 49,6% 36,7 Receivables 86,9-25,2% 116,1 Cash & ST Securities 12,4 1305,7% 0,9 Other Assets 6,1 56,5% 3,9 Total Assets 223,4 6,8% 209,2 Liabilities Long Term Loans 79,5 20,1% 66,2 Total Long Term Liabilities 83,7 18,5% 70,7 Short Term Loans 45,7 75,1% 26,1 Payables 31,2-27,8% 43,3 Other Short Term Liabilities 5,4-40,4% 9,0 Total Short Term Liabilities 82,3 5,0% 78,4 Total Liabilities 166,0 11,4% 149,1 Share Capital 23,4 0,0% 23,4 Reserves 32,0-8,0% 34,8 Minority Interests 2,0 2,9% 2,0 Net Worth 57,4-4,5% 60,2 Total Liabilities & Equity 223,4 6,8% 209,2 30

31 Cash Flow ( million) Dec. -08 Δ% Dec. -07 Operating Activities 9,5-224,2% -7,6 Investing Activities -14,9 52,7% -9,8 Financing Activities 17,0 28,7% 13,2 Cash and cash equivalents at the beginning of period 0,9-82,5% 5,1 Cash and cash equivalents at the end of period 12,4 1305,7% 0,9 Cash flow from operating activities positive due to the huge decrease in accounts receivables. Investing activities increased as a result of the completion of the new headquarters at Inofyta as well as the 100% buyout of the minority interests of our subsidiaries SIDMA Romania and SIDMA Bulgaria. Financing activities increased mainly due to the increase of cash and cash equivalents at the end of

32 Focus on international sales Sales Jan Dec 2007 Sales Jan Dec 2008 Highlights Group in million Sales increase both domestically and internationally % International sales comprise of SIDMA & PANELCO exports as well as SIDMA Romania and SIDMA Bulgaria. 9.3% Gradual development of sales network in the Balkan area based on the full operation of new SSCs in Bulgaria and Romania. Domestic International Domestic International 32

33 Please send us a brief with your contact details to add you to the investor relations list. Institutional Investors and Analysts: o Tel: / Fax: o ir@sidma.gr o Internet: 33

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