MIRA INFORM REPORT

Report Date :

07.06.2012

IDENTIFICATION DETAILS

Name :	ACERINOX SA
Registered Office :	C/ Santiago de Compostela n 100, Madrid, 28035
Country :	Spain
Financials (as on) :	31.03.2012
Date of Incorporation :	30.09.1970
Com. Reg. No.:	A28250777
Legal Form :	Public Parent Company
Line of Business :	manufacturing, alloy and distribution of flat and long stainless steel products
No. of Employees :	7,340

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Spain	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name & address

Acerinox SA

C/ Santiago de Compostela n 100

Madrid, 28035

Spain

Tel: 34-913-985100

Fax: 34-913-985197

Web: www.acerinox.com

Synthesis

Employees: 7,340

Company Type: Public Parent

Corporate Family: 42 Companies

Traded: Mercado Continuo Espana: ACX

Incorporation Date: 30-Sep-1970

Auditor: KPMG Auditores, SL

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Euro

Annual Sales: 6,538.2 1

Net Income: 102.5

Total Assets: 5,285.1 2

Market Value: 2,631.9 (25-May-2012)

Business Description

Acerinox SA is a Spain-based company principally engaged in the manufacturing, alloy and distribution of flat and long stainless steel products. The Company’s products portfolio comprises slabs, billets, plates, coils, sheets, bars, circles, wired rods, angles and bars, among others. The Company’s facilities include a production plant located in Algeciras, service centers operating in Barcelona, La Coruna and Madrid; as well as factories in Spain, the United States, South Africa and Malaysia. The Company is a parent of Grupo Acerinox, a group which comprises a number of controlled entities with operations established worldwide. As of December 31, 2011, Alba Participaciones SA was its major shareholder with 24.24% of its interest. For the fiscal year ended 31 December 2011, Acerinox SA's total revenue increased 4% to EUR4.71B. Net income for the period decreased 40% to EUR73.7M. Total revenue reflects an increase in demand for Comapny's products in Primary andLarge Products business segments. Net income for the period was offset by decreased both gross and operating profit margins as well as by increased interest expenses and foreign exchange costs.

Industry

Industry Iron and Steel

ANZSIC 2006: 2110 - Iron Smelting and Steel Manufacturing

NACE 2002: 2710 - Manufacture of basic iron and steel and of ferro-alloys

NAICS 2002: 331111 - Iron and Steel Mills

UK SIC 2003: 2710 - Manufacture of basic iron and steel and of ferro-alloys

US SIC 1987: 3312 - Steel Works, Blast Furnaces (Including Coke Ovens), and Rolling Mills

Key Executives

Name	Title
Bernardo Velazquez Herreros	Chief Executive Officer, Executive Director
Miguel Ferrandis Torres	Chief Financial Officer
Oswald Wolfe Gomez	Director of Sales
Alvaro Munoz Lopez	Non-Member Seretary of the Board
Antonio Fernandez-Pacheco Martinez	General Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Accounting Issues/SEC Inquiries	1	Acerinox SA Appoints KPMG Auditores SL As Its New External Auditor	13-Jun-2011
Restructuring / Reorganization	2	Acerinox SA Announces Reorganization of Its Industrial Business; Establishes New Subsidiary	10-Jun-2011
New Business / Unit / Subsidiary	3	Acerinox SA Starts Operations At Bahru Stainless Steel factory in Johor Bahru, Malasia	14-Dec-2011
Debt Financing / Related	1	Acerinox SA Signs Loan Agreement In the United States of America	12-Jan-2012
Dividends	5	Acerinox SA Plans FY 2011 Complementary Dividend Payment	3-May-2012

* number of significant developments within the last 12 months

News

Title	Date
Exporters fly the flag for Spanish economy Business Times (Malaysia) (662 Words)	21-May-2012
Inveravante boosts investments in Inditex, Repsol shares in Q1 2012 ADP Spain News (195 Words)	18-May-2012
Bloomberg BNA Publishes 2012 Edition of "Preventing Sexual Harassment and Other Workplace Harassment: A Fact Sheet for Employees" Associated Press (575 Words)	14-May-2012
Banca March 2011 profit falls to EUR 72.4m on provisions ADP Spain News (194 Words)	7-Mar-2012
Acerinox 2011 profit slips 39.9% Y/Y ADP Spain News (160 Words)	29-Feb-2

Financial Summary

As of 31-Mar-2012

Key Ratios Company Industry

Current Ratio (MRQ) 1.91 2.95

Quick Ratio (MRQ) 0.79 1.63

Debt to Equity (MRQ) 0.68 0.67

Sales 5 Year Growth -3.66 8.01

Stock Snapshot

Traded: Mercado Continuo Espana: ACX

As of 25-May-2012

   Financials in: EUR

Recent Price	8.41	EPS	0.29
52 Week High	13.43	Price/Sales	0.45
52 Week Low	8.01	Dividend Rate	0.35
Avg. Volume (mil)	0.80	Price/Book	1.22
Market Value (mil)	2,097.65	Beta	0.95

	Price % Change	Rel S&P 500%
4 Week	-10.33%	-2.06%
13 Week	-21.25%	2.63%
52 Week	-35.84%	0.05%
Year to Date	-15.10%	11.15%

Registered No.(ESP): A28250777

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location

C/ Santiago de Compostela n 100

Madrid, 28035

Spain

Tel: 34-913-985100

Fax: 34-913-985197

Web: www.acerinox.com

Quote Symbol - Exchange

ACX - Mercado Continuo Espana

Sales EUR(mil): 4,702.2

Assets EUR(mil): 4,071.2

Employees: 7,340

Fiscal Year End: 31-Dec-2011

Industry: Iron and Steel

Incorporation Date: 30-Sep-1970

Company Type: Public Parent

Quoted Status: Quoted

Registered No.(ESP): A28250777

Chief Executive Officer,

Executive Director: Bernardo Velazquez Herreros

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Executives

Financial Information

Home Page

Investor Relations

News Releases

Products/Services

Contents

Industry Codes

Business Description

Financial Data

Market Data

Shareholders

Branch Offices

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

2110 - Iron Smelting and Steel Manufacturing

2122 - Steel Pipe and Tube Manufacturing

6240 - Financial Asset Investing

2121 - Iron and Steel Casting

NACE 2002 Codes:

7415 - Management activities of holding companies

2732 - Cold rolling of narrow strip

2752 - Casting of steel

2710 - Manufacture of basic iron and steel and of ferro-alloys

2721 - Manufacture of cast iron tubes

NAICS 2002 Codes:

331210 - Iron and Steel Pipe and Tube Manufacturing from Purchased Steel

331513 - Steel Foundries (except Investment)

331221 - Rolled Steel Shape Manufacturing

551112 - Offices of Other Holding Companies

331111 - Iron and Steel Mills

US SIC 1987:

3312 - Steel Works, Blast Furnaces (Including Coke Ovens), and Rolling Mills

3325 - Steel Foundries, Not Elsewhere Classified

6719 - Offices of Holding Companies, Not Elsewhere Classified

3316 - Cold-Rolled Steel Sheet, Strip, and Bars

3317 - Steel Pipe and Tubes

UK SIC 2003:

2732 - Cold rolling of narrow strip

2710 - Manufacture of basic iron and steel and of ferro-alloys

2721 - Manufacture of cast iron tubes

7415 - Management activities of holding companies

2752 - Casting of steel

Business Description

Acerinox SA is a Spain-based company principally engaged in the manufacturing, alloy and distribution of flat and long stainless steel products. The Company’s products portfolio comprises slabs, billets, plates, coils, sheets, bars, circles, wired rods, angles and bars, among others. The Company’s facilities include a production plant located in Algeciras, service centers operating in Barcelona, La Coruna and Madrid; as well as factories in Spain, the United States, South Africa and Malaysia. The Company is a parent of Grupo Acerinox, a group which comprises a number of controlled entities with operations established worldwide. As of December 31, 2011, Alba Participaciones SA was its major shareholder with 24.24% of its interest. For the fiscal year ended 31 December 2011, Acerinox SA's total revenue increased 4% to EUR4.71B. Net income for the period decreased 40% to EUR73.7M. Total revenue reflects an increase in demand for Comapny's products in Primary andLarge Products business segments. Net income for the period was offset by decreased both gross and operating profit margins as well as by increased interest expenses and foreign exchange costs.

More Business Descriptions

Manufacture of basic iron and steel and of ferro-alloys

Acerinox SA is the Parent Company of a group of companies with interests in the manufacture and distribution of stainless steel

Steel Plates, Sheets, Strips, Rods, Bars & Tubing Mfr & Distr

Acerinox, S.A. (Acerinox) is a stainless steel manufacturer. The company, through its subsidiaries, engages in manufacturing wide range of stainless steel products such as slabs, billets, black coils, plates, hot-rolled coils, hot-rolled sheets and others. The company currently owns 18 commercial offices, 22 service centers and 32 warehouses globally. The company operates in various countries globally including UK, Germany, France, Italy, India, China, Japan, China, Canada, Chile and the US. The production facilities through which the company operates are Acerinox, S.A. (Spain), N.A.S. Inc (the US), Columbus Stainless (Pty) Ltd (South Africa),Bahru Stainless, SDN. BHD. (MALAYSIA) Roldan, S.A. (Spain) and Inoxfil, S.A. (Spain). Acerinox principally operates through three reportable segments: Flat Products, Long Products and Others. The Flat Products segment of the company is engaged in manufacturing wide range of stainless steel products, like slabs, billets, reel black, plates, hot rolled coil, hot rolled sheet, coil/sheet tears, crown sheet metal tears, cold roll sheets, dics and coil(strip)cold laminates. These are manufactured in the two stainless steel factories located in Spain and South Africa. For the fiscal year ended December 2010, Flat Products segment generated a revenue of EUR 4112.0m to company's total revenue. The Long Products segment of the company manufactures wide variety of stainless steel products, like billets, wire rod, angles, hot rolled flat bars, hot rolled re-bar, reinforcement bar in coils, cold rolled re-bar, hot rolled black bar, smooth turned bars, cold drawn bars, wire, profiles, color coated wire, stainless pre-stressed wire and stainless reinforcement wire. This segment operates through its stainless steel factories located in the US and Spain. For the fiscal year ended December 2010, Long Products segment generated a revenue of EUR 633.3m to company's total revenue.The Other segment of the company is engaged in manufacturing other stainless steel products which are not included in the other two segments. For the fiscal year ended 2010, this segment generated a revenue of EUR 55.6m to company's total revenue. Geographically, the company operates in five regions: Spain, Europe, America, Africa, Asia and Others. For the fiscal year ended December 2010, the company generated revenue of EUR 427.0m from Spain, EUR 1385.2m form Europe, EUR 1997.7m from America, EUR 264.7m from Africa, EUR 411.5 from Asia and EUR 14.1m from Others.

Acerinox, S.A. (Acerinox) is a stainless steel manufacturing company. The company, through its subsidiaries, manufactures and distributes slabs, billets, black coils, plates, hot-rolled coils, hot-rolled sheets, flat bars, hot-rolled re-bars, hot-rolled black bars, engraved sheets, cold-rolled coils, cold-rolled sheets and circles. The company principally operates through three reportable segments: Flat Products, Long Products and Others. It has six production facilities located at Spain, South Africa and the US.Acerinox, S.A operates more then 15 wholly owned subsidiaries. Acerinox has a worldwide presence with sales in the UK, Germany, France, Italy, India, China, Japan, China, Canada, Chile, the US and others.. The company is headquartered in Madrid, Spain.The company reported revenues of (Euro) EUR 4,524.40 million during the fiscal year ended December 2010, an increase of 50.15% over 2009. The operating profit of the company was EUR 232.15 million during the fiscal year 2010, whereas the company reported an operating loss of EUR 319.16 million during 2009. The net profit of the company was EUR 122.74 million during the fiscal year 2010, whereas the company reported a net loss of EUR 229.21 million during 2009.

Acerinox SA (Spain) manufactures and distributes stainless steel. The Acerinox Group consists of three fully integrated flat product production process factories, Factory of El Campo de Gibraltar (Spain), North American Stainless (USA) and Columbus Stainless (South Africa). Acerinox also owns two long product production companies Roldan SA (Ponferrada, Spain) and Inoxfil SA (Igualada, Spain).

Iron and Steel Mills and Ferroalloy Manufacturing

Financial Data

Financials in:	EUR(mil)
Revenue:	4,702.2
Net Income:	73.7
Assets:	4,071.2
Long Term Debt:	707.2
Total Liabilities:	2,350.2
Working Capital:	0.6
Date of Financial Data:	31-Dec-2011

1 Year Growth

3.9%

-39.9%

-4.0%

Market Data

Quote Symbol:	ACX
Exchange:	Mercado Continuo Espana
Currency:	EUR
Stock Price:	8.4
Stock Price Date:	05-25-2012
52 Week Price Change %:	-35.8
Market Value (mil):	2,097,648.0
SEDOL:	B01ZVZ5
ISIN:	ES0132105018
Equity and Dept Distribution:
10/2005, Capital repayment of EUR 0.08. 10/2007, Capital repayment of EUR 0.1.

Subsidiaries

Company	Percentage Owned	Country
Acerinox India Pte Ltd	100%	INDIA
Acerinox Shanghai	99.93%	PEOPLE'S REPUBLIC OF CHINA
Bahru Stainless, Sdn. Bhd.	67%	MALAYSIA
Acerinox Europa SAU	100%	SPAIN
Acerinox (UK) Limited	100%	UK
Acerinox Ploska Spzoo	99.93%	POLAND
Acerinox (Schweiz) AG	100%	SWITZERLAND
Acerinox South East Asia Pte Ltd	100%	SINGAPORE
D A Acerinox Chile SA	100%	CHILE
Newtecinvest AG	100%	SWITZERLAND
North American Stainless Inc	100%	USA
Inox RE SA	100%	LUXEMBOURG
Metalinox Bilbao SA	97.50%	SPAIN
Acerinox Argentina	90%	ARGENTINA
Acerinox Australasia Pty Ltd	100%	AUSTRALIA
Acerinox Benelux NV	100%	BELGIUM
Acerinox Brasil Ltda	100%	BRAZIL
Acerinox Deutschland GmbH	100%	GERMANY
Acerinox Pacific Ltd	100%	HONG KONG SAR
Acerinox Scandinavia AB	100%	SWEDEN
Acerinox Italia Srl	100%	ITALY
Metalinox Colombia SAS	100%	COLOMBIA
Columbus Stainless (Pty) Ltd	76%	SOUTH AFRICA
Roldán, S.A.	99.74%	SPAIN
Acerinox France SAS	100%	FRANCE
Yick Hoe Metal Industries Sdn Bhd	100%	MALAYSIA
Inoxcenter, S.L.	97.50%	SPAIN
Acerinox Metal Sanayii Ve Ticaret LS	100%	TURKEY
Acerinox Malaysia Sdn Bhd	100%	MALAYSIA
Acerinox Norway AS	100%	NORWAY
ACEROL - Comércio e Industria de Aços Inoxidáveis, Lda	100%	PORTUGAL
North American Stainless Financial Investments Ltd.	100%	USA

Branch Offices
Location Lermandabide, 17 Vitoria-Gasteiz, 1015 Tel: +(34) 945291254

Shareholders

Major Shareholders

Alba Participaciones SA (24.24%); Nisshin Steel Co Ltd (15.30%); Feynman Capital SL (11.85%); Casa Grande de Cartagena Sl (5%)

Key Corporate Relationships

Auditor:	KPMG Auditores, SL
Bank:	Caja Rural De Granada, S.C.C.
Auditor:	KPMG Auditores, SL, Kpmg Auditores Sl, KPMG Auditores SL

Strategic Initiatives

Resource Management

According to the World Steel Association, China will account for 45% of the global demand for steel in 2011, while India will emerge as the world's third-biggest steel consumer after China and the US.Strategic AcquisitionsWith the rising competition in the industry, it becomes very important for a player to have a diversified geographical presence. Establishing new facilities generally costs heavily for a company and it takes some time to realize the gains from the same. Instead, companies prefer the inorganic growth strategy of acquiring outstanding companies and expand their business operations globally. This has dual advantage of limiting competition and providing a ready made platform for the firm to foray a market. Recently, Acerinox acquired additional 75% stake in Yick Hoe Metals the main stainless steel distributor in Malaysia; from the local partner.

Strengths/Weaknesses (SWOT)

	Helpful to achieving the objective	Harmful to achieving the objective
Internal Origin (attributes of the organization)	Strengths · Strong Operating Performance · Wide Range of Product Offerings · Strong Foothold in the Market	Weaknesses · Limited Liquidity Position · Declining Market Share in Sector · Over dependence on Developed Markets
External Origin (attributes of the environment)	Opportunities · Recovery in the Global Steel Industry · Strategic Acquisitions · Strong Growth Potential in the Asian Markets	Threats · Stiff Competition · Consolidation in the Steel Industry · Operational Risks

Overview

Acerinox, S.A. (Acerinox), a Spain-based company, is engaged in stainless steel manufacture. It is the parent company of the Acerinox Group that comprises of North American Stainless (NAS) Inc., Roldan SA, Inoxfil SA and Columbus Stainless Ltd. The company’s strong foothold in the market and wide product range are its strengths. Further, strategic acquisitions and rising demand in Asian markets ensures a strong future. However, over dependence on developed markets, limited liquidity, declining operating margin and decreasing liquidity position are its major weaknesses. Growing competition via consolidation and operational risks will also affect the company’s growth.

Strengths

Strong Operating Performance

Acerinox displayed a strong operational performance in the fiscal year 2010. The company’s total revenues stood at €4,500.47m in fiscal 2010, an increase from the previous fiscal’s figure of €2,993.41m. Its gross profit stood at €1,214.47m, witnessing an increase from 2009 figure of €521.48. Also, its net income increased to €122.74m from €-229.21m in fiscal 2009. In addition, the company’s gross margin and net profit margin also grew to 26.84% and 2.71% in fiscal 2010 as compared to fiscal 2009. The operating margin of the company increased from -10.59% to 5.13% in 2010 as a result of decrease in costs as a percentage of sales from 110.59% to 94.86% in 2010. Thus a strong operational performance of the company would enhance the shareholders value as well as support the company's expansion plans.

Wide Range of Product Offerings

The company broadly deals in two categories of steel products : the flat steel products and large steel products. In stainless steel flat products the company caters to diverse kind of need by offering products such as billets,coil black,plates,hot rolled coil,hot rolled sheets, roughing, etc. In case of stainless steel large products category the company offers : billets, rods,angles, deck,corrugated hot rod,corrugated rolls in,corrugated bar cold. Thus through a wide range of product offerings the company has maintained a strong product portfolio .

Strong Foothold in the Market

Acerinox is a parent company of the Acerinox Group. The group operates through North American Stainless (NAS) Inc., Roldan SA, Inoxfil SA, Columbus Stainless Ltd. The group has its factories in Spain, Europe, Americas, Asia, Africa and Oceania. Apart from this, it also operates in the UK, Germany, Italy, Belgium, Poland, France, Norway, Australia and China. The major products of the company include hot-rolled coils, hot-rolled sheets, flat bars, hot-rolled black bars, hot-rolled re-bars, slabs, black coils, billets, plates, cold-rolled coils, engraved sheets, cold-rolled sheets and circles. The group’s extensive commercial network is spread in over 80 countries. The company currently owns 18 commercial offices, 22 service centers and 32 warehouses globally. The company operates in various countries globally including UK, Germany, France, Italy, India, China, Japan, China, Canada, Chile and the US. Thus this strong foothold in the global market helps the company enjoy a strong customer base as well as strong bargaining power.

Weaknesses

Limited Liquidity Position

Acerinox has a limited liquidity position. In the fiscal year 2010, the company's current ratio was 1.51 supported by cash and cash equivalents at €48m. This was below the Metals and Mining - Iron & Steel sector average* of 2.26. A lower than sector average* current ratio indicates that the company is in a weaker financial position than other companies in the sector. This may have an impact over the operational aspect of the company with respect to the future projects undertaken.

Declining Market Share in Sector

The company witnessed a decline in its market share over the fiscal year 2010. The company's compounded annual growth rate (CAGR) for revenue was -5.47% during 2006-2010 which was below the Metals and Mining - Iron & Steel sector average* of 20.47%. A lower than sector average* revenue CAGR may indicate that the company has underperformed the average sector growth and lost market share over the last four years. The company's underperformance could be attributed to a weak competitive position and lack of innovative products and services apart from flat and long products .

Over dependence on Developed Markets

Acerinox has a diversified geographical base with presence in Europe, Spain, America, Africa, Asia and Other regions. However, its majority sales are generated from American and European market. For the fiscal year 2010, the American market contributed 44.4% and European market contributed approximately 40.3% towards the company’s total revenues; while in the fiscal year 2009, the American market contributed 35.8% and European market contributed 40.8%. On the other hand, African and Asian regions contributed a mere 5.9% and 9.1% respectively towards the fiscal 2010 revenues. Thus this over dependence on the Developed market puts the company at a major disadvantage over its rivals who enjoy more diversified revenue base as well initiates a risk of stagnant as well as declining sales. The company could have major impact on its operational as well as financial performance during any political, economic or climatic change in the region.

Opportunities

Recovery in the Global Steel Industry

The global financial crisis which occurred in 2009 affected the demand of steel production which witnessed a sharp contraction. In year 2010 when the world economic conditions started their recovery with the world Stainless steel consumption and production has regaining its historical trend. The world production has increased by 24.9%, which is a new all time high of 30.6m tons. This allows consolidating again the exceptional annual growth rate of 6% during the last sixty years. Worldsteel expects steel demand in India to grow 13.7% in 2011, following a growth of 7.7% in 2009. The EU steel demand is expected to increase by 4% in 2011 and 2012 driven by the restocking of inventory. This indicates the consistency of the parameters on which the strategic plan of the company is based. This recovery in the global steel demand will have a positive inpact on the company’s business volumes as well as financials.

Strategic Acquisitions

With the rising competition in the industry, it becomes very important for a player to have a diversified geographical presence. Establishing new facilities generally costs heavily for a company and it takes some time to realize the gains from the same. Instead, companies prefer the inorganic growth strategy of acquiring outstanding companies and expand their business operations globally. This has dual advantage of limiting competition and providing a ready made platform for the firm to foray a market. Recently, Acerinox acquired additional 75% stake in Yick Hoe Metals the main stainless steel distributor in Malaysia; from the local partner. The company previously held 25% stake in the company. The company further can target such high potential firms, especially in the emerging markets, to meet its objectives of strengthening its business portfolio and to gain access to new business platforms for its expansion activities.

Strong Growth Potential in the Asian Markets

The increasing demand for steel in Asian countries, including China and India, will enable the company to record substantial growth. Increase in demand is expected to be driven by countries such as Brazil, Russia, India and China, while growth in the developed world will be slower as matured economies struggle to recover from the global downturn. China and India are expected to constitute the biggest market for the global steel industry. Both the countries are very highly investment-driven, which translates into surge in employment, urbanization, disposable income and consequently, growth. Chinese domestic consumption of crude steel is likely to grow 8% to 9% to 650 million tons in 2011. According to in-house estimates, China’s crude steel production is expected to be around 680 million tons with the possible consumption of 650 million tons in 2012, which would be close to the peak. The net effect of growth in China and the accelerating growth in India will have enormous implications for raw materials used in steel making as they will drive the demand for coal and iron ore. According to the World Steel Association, China will account for 45% of the global demand for steel in 2011, while India will emerge as the world's third-biggest steel consumer after China and the US.

Threats

Stiff Competition

The global steel industry is capital intensive, cyclical and highly competitive. Acerinox S.A. faces strong competition for other global steel producers such as ArcelorMittal, United States Steel Corporation, Bayou Steel Corporation, JFE Holdings, Inc., Nippon Steel Corporation, Nucor Corporation and Outokumpu Oyj. Competing with companies like these in its business could increase pricing pressures and could thereby negatively impact the company’s revenues.

Consolidation in the Steel Industry

The steel industry has been witnessing a strong consolidation phase with many major acquisitions and mergers taking place in the recent past. The noteworthy mergers include Mittal Steel’s acquisition and then merger with Arcelor in 2006 and Tata Steel and Corus merger in 2007. Corus too was the result of a merger between British Steel and Hoogovens in 2002. Similar trend has been witnessed in the European and Asian markets. US Steel acquired players in Slovakia and Serbia, while smaller size companies have been acquiring each other to mark their presence in the highly competitive industry. Even in China, strong consolidation phase is expected with top ten Chinese steel producers accounting 50% of the national production. Thus, this ongoing consolidation will create big giants resulting in increased competition among them. This may have an adverse affect on the Acerinox’s future growth plans.

Operational Risks

The metal and mining companies are subject to various risks associated with the industry and its processes. These risks range from prospecting to extraction and getting the product to the market. The risk category includes project risks, technical risks, social risks, product chain risks, and political and security risks. Project risks include factors like feasibility determination, mine development and mine closure while Technical risks include mine planning, grade control, reserve risk, metallurgic risk, input costs and extraction risks. Social risks include employee health, safety, community and environmental while Product chain risks include stockpiling, intermediate processing, blending, joint and by products and transportation. The company also faces Political and security risks associated with political uncertainties as well as mine and product security risks. Thus, any failure by the company in assessing its risk exposure as well as processes and procedures could have a major impact on its business operations.

Corporate Family	Corporate Structure News:
	Acerinox SA
Acerinox SA Total Corporate Family Members: 42

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Acerinox SA	Parent	Madrid	Spain	Iron and Steel	6,538.2	7,340
Columbus Stainless (Pty) Ltd	Subsidiary	Middelburg	South Africa	Iron and Steel		1,700
Roldan Sa	Subsidiary	Madrid	Spain	Iron and Steel	393.8	468
Inoxfil Sa	Subsidiary	Igualada, Barcelona	Spain	Construction - Supplies and Fixtures	55.9	130
North American Stainless	Subsidiary	Ghent, KY	United States	Iron and Steel	228.0	400
North American Stainless	Branch	Pendergrass, GA	United States	Construction Services	5.0	25
Inoxcenter Sl	Subsidiary	Paterna, Valencia	Spain	Miscellaneous Capital Goods	330.3	298
Inoxcenter Canarias Sa	Subsidiary	Telde, Las Palmas	Spain	Miscellaneous Capital Goods	5.2	13
Yick Hoe Metal Industries Sdn Bhd	Subsidiary	Ulu Tiram, Johor	Malaysia	Miscellaneous Capital Goods	78.8	150
Acerinox Italia Srl	Subsidiary	Basiano, MI	Italy	Miscellaneous Capital Goods	398.1	100
Acerinox Venezuela	Subsidiary	Caracas	Venezuela	Construction - Supplies and Fixtures	8.0	100
Acerinox Deutschland GmbH	Subsidiary	Langenfeld (Rheinland), Nordrhein-Westfalen	Germany	Construction - Supplies and Fixtures	476.9	65
ACEROL - Comércio e Industria de Aços Inoxidáveis, Lda	Subsidiary	São Romão do Coronado, Oporto	Portugal	Miscellaneous Capital Goods	76.1	50
Acerinox France	Subsidiary	Paris	France	Iron and Steel		45
Acerinox (U.K.) Ltd.	Subsidiary	Wednesbury	United Kingdom	Miscellaneous Capital Goods	175.8	42
Acerinox (UK) Limited	Subsidiary	Wednesbury	United Kingdom	Miscellaneous Capital Goods	175.8	42
Metalinox Bilbao Sociedad Anonima	Subsidiary	Galdakao, Vizcaya	Spain	Miscellaneous Fabricated Products	86.2	42
Acerinox Scandinavia AB	Subsidiary	Malmö	Sweden	Iron and Steel	252.4	39
Inoxidables De Euskadi Sa	Subsidiary	Vitoria-Gasteiz, Alava	Spain	Miscellaneous Capital Goods	113.1	39
Acimetal Sl	Subsidiary	Terrassa, Barcelona	Spain	Miscellaneous Capital Goods	30.6	36
Acerinox France SAS	Subsidiary	Gonesse	France	Miscellaneous Capital Goods	200.3	34
Betinoks Turkey	Subsidiary	Istanbul	Turkey	Miscellaneous Capital Goods		30
Acerinox Chile	Subsidiary	Santiago	Chile	Construction - Supplies and Fixtures	71.0	25
Inoxidables De Galicia Sl	Subsidiary	O Porriño, Pontevedra	Spain	Miscellaneous Capital Goods	27.9	23
Acerinox Polska Sp.Zo.O.	Subsidiary	Warsaw	Poland	Construction - Supplies and Fixtures		19
Acerinox Sea Pte Ltd	Subsidiary	Singapore	Singapore	Construction - Supplies and Fixtures	84.0	18
NAS Canada	Subsidiary	Guelph, ON	Canada	Miscellaneous Capital Goods	4.6	18
NAS Mexico	Subsidiary	Apodaca, NL	Mexico	Miscellaneous Capital Goods	9.0	12
Acerinox Norway AS	Subsidiary	Oslo	Norway	Miscellaneous Capital Goods	3.9	10
Acerinox Pacific	Subsidiary	Wanchai	Hong Kong	Construction - Supplies and Fixtures	1.0	10
Acerinox Colombia	Subsidiary	Bogota	Colombia	Construction - Supplies and Fixtures		5
Acerinox Poland Sp zoo	Subsidiary	Warsaw	Poland	Miscellaneous Capital Goods	3.0	4
Acerinox Benelux, S.A./NV	Subsidiary	Brussels	Belgium	Construction - Supplies and Fixtures		4
Acx Do Brasil Representacoes, Ltda.	Subsidiary	Sao Paulo	Brazil	Miscellaneous Capital Goods	34.0	3
Acerinox Australasia Pty Ltd	Subsidiary	Chatswood, NSW	Australia	Miscellaneous Fabricated Products	30.0	3
Acerinox Peru	Subsidiary	Lima	Peru	Miscellaneous Capital Goods	2.0	3
Acerinox-Shanghai	Subsidiary	Shanghai	China	Iron and Steel	1.0
Acerinox Tokyo	Subsidiary	Chiba	Japan	Iron and Steel	1.0
Acerinox Argentina	Subsidiary	Buenos Aires	Argentina	Miscellaneous Fabricated Products
Acerinox Schweiz S.A.	Subsidiary	Mellingen	Switzerland	Iron and Steel
Acerinox Chile S.A.	Subsidiary	Lampa	Chile	Iron and Steel
Acerinox Scandinavia A.B.	Subsidiary	Kungsbacka	Sweden	Iron and Steel

Competitors Report

Company Name	Location	Employees	Ownership
ArcelorMittal	Luxembourg, Luxembourg	258,000	Public
ArcelorMittal LaPlace	La Place, Louisiana, United States	524	Private
JFE Holdings, Inc.	Tokyo, Japan	54,400	Public
Mittal Steel	AC Rotterdam, Netherlands	22,400	Private
Nippon Steel Corporation	Tokyo, Japan	59,183	Public
Nucor Corporation	Charlotte, North Carolina, United States	20,800	Public
Outokumpu Oyj	Espoo, Finland	7,968	Public
ThyssenKrupp AG	Essen, Germany	159,009	Public
United States Steel Corporation	Pittsburgh, Pennsylvania, United States	43,000	Public

executive report

Board of Directors

Name	Title	Function
Victoriano Munoz Cava	Chairman & CEO	Chairman
Rafael Naranjo Olmedo	Chairman of the Board	Chairman
Biography Mr. Rafael Naranjo Olmedo serves as Chairman of the Board of Directors of Acerinox SA. He has held this post since 2008. He acts also as Chairman of the Company's Executive Committee. Previously, he served as Chief Executive Officer of the Company from June 2007 until July 27, 2010, and has been on the Company's Board since May 30, 2002. He joined the Company in 1970. In addition, he has been Chairman of North American Stainless. He is holds a degree in Industrial Engineering.
Marcelino Oreja Aguirre	Director	Director/Board Member
Tonegawa Akira	Member Of The Board	Director/Board Member
Pedro Ballesteros Quintana	Director, Representative of Corporacion Financiera Alba SA	Director/Board Member
Biography Mr. Pedro Ballesteros Quintana serves as Member of the Board of Directors of Acerinox SA, representing Corporacion Financiera Alba SA. He was appointed to this post on June 9, 2011. He is also Member of the Company's Audit Committee. He is also Non-Executive Chairman of the Board of Directors of MARCH-UNIPSA, having served as Executive Chairman until May 2010. Age: 64
Clemente Cebrian Ara	Director, Representative of Casa Grande de Cartagena SL	Director/Board Member
Biography Mr. Clemente Cebrian Ara serves as Member of the Board of Directors of Acerinox SA, representing Casa Grande de Cartagena SL. He has been on the Company's Board since June 14, 2007, and was appointed to his current post on June 9, 2011. He is also Member of the Company's Audit Committee. He has acted as Counsel for GESVILAR and Administrator of Casa Grande de Cartagena SL. He holds a degree in Industrial Engineering.
Manuel Conthe Gutierrez	Independent Director	Director/Board Member
Biography Mr. Manuel Conthe Gutierrez serves as Independent Member of the Board of Directors of Acerinox SA. He was appointed to this post on June 9, 2011. He has also been President of the Spanish Stock Market Commission, between 2004 and 2007, as well as he was Vice President for the Financial Sector of the World Bank and Secretary of State for Economy. Since 2007, he has been Consultant at the newspaper Expansion y Actualidad Economica. He holds a Bachelors degree in Law. In addition, he is a State Economist. Age: 58
Juan March de la Lastra	Director	Director/Board Member
Oscar Fanjul Martin	Director, Representative of Feynman Capital SL (Omega)	Director/Board Member
Biography Mr. Oscar Fanjul Martin serves as Member of the Board of Directors of Acerinox SA, representing Feynman Capital SL (Omega). He has been on the Company's Board since May 30, 2000. He serves as Member of the Company's Executive, Nominating and Remuneration Committees. He has also worked as Director in Inmocaral, as well as Managing Director of Omega Capital SL. In addition, he has been Member of the Board of Directors of the London Stock Exchange, Marsh & McLennan Companies, Lafarge and Areva. He holds a degree in Economic Sciences. Age: 63
Cesar Antonio Figaredo Mora	Member Of The Board	Director/Board Member
David Herrero GarcÃa	Director	Director/Board Member
José Mª Aguirre González	Director	Director/Board Member
Jose Ramon Guerediaga Mendiola	Independent Director	Director/Board Member
Biography Mr. Jose Ramon Guerediaga Mendiola serves as Independent Member of the Board of Directors of Acerinox SA. He has been on the Company's Board since June 21, 1994. He is also Member of the Company's Executive Committee and Chairman of the Nominating and Remuneration Committee. In addition, he has acted as Chairman of Banco Credito Local and Member of the Board of Directors of BBVA Bancomer, Calcinor SA and Patricio Echevarria, as well as Member of the Governing Board of Unviersidad de Deusto. He graduated in Economic Sciences and Law from Universidad de Deusto. Education: Universidad de Deusto (Law) Universidad de Deusto (Economic Sciences)
Ryo Hattori	Director, Representative of Nisshin Steel Co Ltd	Director/Board Member
Biography Mr. Ryo Hattori serves as Member of the Board of Directors of Acerinox SA, representing Nisshin Steel Co Ltd. He has been on the Company's Board since May 28, 2009. He also serves as Member of the Executive and Audit Committees of the Company. In addition, he has served as General Manager for Special Assignment at the Stainless Steel Sales Department and Overseas Project Department of Nisshin Steel Co Ltd. He holds a degree in Law.
Kazuo Hoshino	Director	Director/Board Member
Suzuki Kei	Member Of The Board	Director/Board Member
Jose Luis Lejeune Castrillo	Member Of The Board	Director/Board Member
Boyd Leslie	Member Of The Board	Director/Board Member
Urrutia Jose Llado Fernandez	Member Of The Board	Director/Board Member
Luis Lobon Gayoso	Director, Representative of Corporacion Financiera Alba SA	Director/Board Member
Biography Mr. Luis Lobon Gayoso serves as Member of the Board of Directors of Acerinox SA, representing Corporacion Financiera Alba SA. He was appointed to this post on October 28, 2009. He is Member of the Company's Executive Committee. He has worked at Corporacion Financiera Alba SA, as well as he has been Member of the Board of Directors of ACS Servicios Industriales SA, Dragados SA, Deya Capital SCRRS SA, Arta Capital SGERC SA and Ros Roca Environment SA. He holds a degree in Economics.
Santos Martinez-Conde Gutierrez-Barquin	Director, Representative of Corporacion Financiera Alba SA	Director/Board Member
Biography Mr. Santos Martinez-Conde Gutierrez-Barquin serves as Member of the Board of Directors of Acerinox SA, representing Corporacion Financiera Alba SA. He has been on the Company's Board since May 30, 2002. He also serves as Member of the Company's Executive and Nominating and Remuneration Committees of the Company. He has also served as Chief Executive Officer of Corporacion Financiera Alba SA and Member of the Board of Directors of ACS Actividades de Construccion y Servicios SA and Union Fenosa. He holds a degree in Nuclear Science from Universidad Pontifica Comillas and a Masters degree in Business Administration from the same university. Age: 57 Education: Universidad Pontificia Comillas, M (Business Administration) Universidad Pontificia Comillas (Nuclear Science)
Braulio Medel Camara	Independent Director	Director/Board Member
Biography Mr. Braulio Medel Camara serves as Independent Member of the Board of Directors of Acerinox SA. He has been on the Company's Board since May 27, 2008. He is Member of the Company's Nominating and Remuneration Committee. He has also served as President of Unicaja and the Federation of Savings Institutions of Andalucia, as well as he is Professor at Universidad de Malaga and Member of the Board of Directors of Iberdrola SA. He holds a Bachelors degree in Business and Economic Sciences from Universidad Complutense de Madrid and obtained a Doctorate in Philosophy degree in Economics and Business Sciences from Universidad de Malaga. Age: 65 Education: Universidad de Malaga, PHD (Business and Economics) Universidad Complutense de Madrid, B (Business and Economics)
Wada Mitsuji	Member Of The Board	Director/Board Member
Yukio Nariyoshi	Director, Representative of Nisshin Steel Co Ltd	Director/Board Member
Biography Mr. Yukio Nariyoshi serves as Member of the Board of Directors of Acerinox SA, representing Nisshin Steel Co Ltd. He was appointed to this post on June 9, 2011. He is also Member of the Board of Directors and Executive Vice President of Nisshin Steel Co Ltd. he obtained a Masters degree from the Kyoto University in March 1977. Age: 59 Education: Kyoto University, M
Co Ltd Nisshin Steel	Member Of The Board	Director/Board Member
Corp Nissho Iwai	Member Of The Board	Director/Board Member
Diego Prado Perez-Seoane	Director, Representative of Feynman Capital SL (Omega)	Director/Board Member
Biography Mr. Diego Prado Perez-Seoane serves as Member of the Board of Directors of Acerinox SA, representing Feynman Capital SL (Omega). He has been on the Company's Board since June 9, 2005. He is also Member of the Company's Audit Committee. In addition, he acts as Chairman of Ritz Hotel in Madrid, Member of the Board of Directors of MULTITEL (ONO) and IBERBRANDA and Director of Omega Capital SL. He holds a degree in Civil Engineering and a Master degree in Business Administration.
Mvuleni Geoffrey Qhena	Director, Representative of Industrial Development Corp	Director/Board Member
Biography Mr. Mvuleni Geoffrey Qhena serves as Member of the Board of Directors of Acerinox SA, representing Industrial Development Corp. He has been on the Company's Board since June 1, 2006. He is also Chief Executive Officer of Industrial Development Corporation (IDC). He holds a degree in Accounting from the University of South Africa. Education: University of South Africa - UNISA (Accounting)
Mvuleni Quena	Director representing IDC	Director/Board Member
Belen Romana Garcia	Independent Director	Director/Board Member
Biography Ms. Belen Romana Garcia serves as Independent Member of the Board of Directors of Acerinox SA. She was appointed to this post on May 28, 2009. She is also Chairman of the Company's Audit Committee. She has been Director of Strategy and Corporate Development of ONO, Member of the Board of Directors and Chairman of the Audit Committee of Banco Espanol de Credito SA and Member of the Board of Directors of Ageas SA/NV. She graduated with a Bachelors degree in Economic Sciences from Universidad Autonoma de Madrid. Age: 47 Education: Universidad Autonoma de Madrid, B (Economic Sciences)
Saburo Takada	Director	Director/Board Member
Bernardo Velazquez Herreros	Chief Executive Officer, Executive Director	Director/Board Member
Biography Mr. Bernardo Velazquez Herreros serves as Chief Executive Officer and Executive Member of the Board of Directors of Acerinox SA. He has held these posts since July 27, 2010, and has been on the Company's Board since June 8, 2010. Previously, he served as Planning Director of the Company until December 13, 2007, when he was appointed as General Manager. In addition, he is Member of the Company's Executive Committee. He also acts as Chairman of Bahru Stainless, Acerinox Europa SAU and Inoxcenter SL and Member of the Board of Directors of North American Stainless and Columbus. He holds a degree in Industrial Engineering.

Executives

Name	Title	Function
Victoriano Munoz Cava	Chairman & CEO	Chief Executive Officer
Bernardo Velazquez Herreros	Chief Executive Officer, Executive Director	Chief Executive Officer
Biography Mr. Bernardo Velazquez Herreros serves as Chief Executive Officer and Executive Member of the Board of Directors of Acerinox SA. He has held these posts since July 27, 2010, and has been on the Company's Board since June 8, 2010. Previously, he served as Planning Director of the Company until December 13, 2007, when he was appointed as General Manager. In addition, he is Member of the Company's Executive Committee. He also acts as Chairman of Bahru Stainless, Acerinox Europa SAU and Inoxcenter SL and Member of the Board of Directors of North American Stainless and Columbus. He holds a degree in Industrial Engineering.
Alvaro Arnaiz Eguren	Chief Executive Officer of Acerol Portugal	Division Head Executive
Philippe Audeon	Chief Executive Officer of Acerinox France SARL	Division Head Executive
Carlos Bores Sainz de Vicuna	Director of Acerinox Shanghai Co Ltd Wuxi (China), Representation Office	Division Head Executive
Alejandro Bria Mas	Director of Acerinox Guanzhou (China) Representation Office	Division Head Executive
Angel Brunen Cea	Chief Executive Officer of Inoxfil SA	Division Head Executive
Pablo Cantle Cornejo	Chief Executive Officer of Acerinox UK Ltd	Division Head Executive
Jose Cruz de Viciola Garcia	Chief Executive Officer of Inoxidables de Euskadi SA	Division Head Executive
Gonzalo Del Campo Barcon	CEO of Acerinox Colombia, Director of Acerinox SA Venezuela Representation Office	Division Head Executive
Jaime Del Diego Sanz	Director of Acerinox Pte Ltd (Vietnam) Representation Office	Division Head Executive
Giovanni Di Carli	Chief Executive Officer of Acerinox Italia SRL	Division Head Executive
Cristobal Fuentes Tovar	Chief Executive Officer of North American Stainless (NAS)	Division Head Executive
Jan Gjerlaug	Chief Executive Officer of Acerinox Norway AS	Division Head Executive
Luis Pablo Gonzalez Robles	Chief Executive Officer of Acerinox Benelux SA-NU	Division Head Executive
Ignacio Gutierrez Narvarte	Director of Acerinox Indonesia Representation Office	Division Head Executive
Geoffrey Hale	Chief Executive Officer of Acerinox Australasia Pty Ltd	Division Head Executive
Alfredo Ipanaque Vertiz	Director of Acerinox SA Peru Representation Office	Division Head Executive
Patrik Kachchhi	Chief Executive Officer of Acerinox India Private Ltd	Division Head Executive
Bengt Lagergren	Chief Executive Officer of Acerinox Scandinavia SA	Division Head Executive
Joachim Maas	Chief Executive Officer of Acerinox Deutchland GMBH	Division Head Executive
Roger Mansfield	Chief Executive Officer of North American Stainless (NAS) Canada	Division Head Executive
Dave Martin	Chief Executive Officer of Columbus Stainless Pty Ltd	Division Head Executive
Jose Luis Masi Sainz de los Terreros	Chief Executive Officer of Acerinox Europa SAU and Director of Gibraltar Field	Division Head Executive
Lucien Matthews	Chief Executive Officer of Bahru Stainless Sdn Bhd	Division Head Executive
Domingo Nieves Diaz	Chief Executive Officer of Grupinox	Division Head Executive
Hernan Ortega Avendano	Chief Executive Officer of Acerinox Chile	Division Head Executive
Hildegard Poitz	Chief Executive Officer of Acerinox Schweiz AG	Division Head Executive
Benjamin Ramos Flores	CEO of Acerinox South East Asia Pte Ltd, Acerinox Malaysia Sdn Bhd, Yick Hoe Metals	Division Head Executive
Jose Carlos Rodriguez Aranda	Chief Executive Officer of Acerinox Argentina SA	Division Head Executive
Jorge Rodriguez Rovira	Factory Manager of Roldan SA	Division Head Executive
Jaan Roxan Arroyo	Chief Executive Officer Acerinox Metal Sanayii ve Tic Ltd Stl (Turkey)	Division Head Executive
Pilar Senise Garcia	Chief Executive Officer of Acerinox Polska SP ZOO	Division Head Executive
Daniel Sillero Gunther	Chief Executive Officer Acerinox Brasil Ltd	Division Head Executive
Barbara Thirion	Chief Executive Officer of North American Stainless (NAS) Mexico	Division Head Executive
Jorge Valverde Navas	CEO of Acerinox Pacific Ltd (Hong Kong) and Acerinox Shanghai Co Ltd	Division Head Executive
Alvaro Munoz Lopez	Non-Member Seretary of the Board	Company Secretary
Biography Mr. Alvaro Munoz Lopez serves as Non-Member Secretary of the Board of Directors of Acerinox SA. He also serves as Non-Member Secretary of the Company's Executive, Audit and Nominating and Remuneration Committees.
Luis Gimeno Valledor	General Counsel, General Secretary	Company Secretary
Miguel Ferrandis Torres	Chief Financial Officer	Finance Executive
Oswald Wolfe Gomez	Director of Sales	Sales Executive
Riestra Pita Jose	Commercial Manager	Commercial Executive
Juan Esteve Bestit	Joint Attorney	Legal Executive
Muñoz Campos Victoriano	Production Manager	Manufacturing Executive
Fernando Mayans Altaba	Director	Other
Julian Camacho Garcia	Commissioner	Other
Antonio Fernandez-Pacheco Martinez	General Director	Other
Fumio Oda	Director	Other

Significant Developments

Acerinox SA Plans FY 2011 Complementary Dividend Payment May 03, 2012

Acerinox SA announced that it is planning a complementary dividend payment for fiscal year 2011 at a gross value of EUR 0.15 per share, effective on July 5, 2012.

Acerinox SA Announces FY 2011 Second Interim Dividend Payment Mar 13, 2012

Acerinox SA announced that it has decided to distribute its second interim dividend payment for fiscal year 2011 at a gross value of EUR 0.10 per share (total net value of EUR 0.079 per share), to be paid on April 4, 2012.

Acerinox SA Signs Loan Agreement In the United States of America Jan 12, 2012

Acerinox SA (Acerinox) announced that it has signed a syndicated loan agreement for up to USD 482 million with BB&T Capital Markets, JP Morgan Chase Bank NA, Wells Fargo Bank NA and Fifth Third Bank, among others. The agreement has been subscribed by Acerinox and its wholly owned subsidiary North American Stainless Inc (NAS) distributing the total amount in 80% for Acerinox and 20% for NAS. The credit is due to expire on February 2017.

Acerinox SA Announces FY 2011 First Interim Dividend Payment Dec 20, 2011

Acerinox SA announced that it has decided to distribute a first interim dividend payment for fiscal year 2011 at a total gross value of EUR 0.10 per share (total net value of EUR 0.081 per share), effective on January 5, 2012. For the fiscal year 2010, the Company distributed a first interim dividend worth the gross value of EUR 0.10 per share (EUR 0.081 net).

Acerinox SA Starts Operations At Bahru Stainless Steel factory in Johor Bahru, Malasia Dec 14, 2011

Acerinox SA announced that it has initiated operations at its Bahru stainless steel factory in Johor Bahru (Malasia), which has started the commissioning of the first phase, consisting of a cold rolling Sendzimir mill with a 1,500 millimeters(mm) wide, an annealing and pickling line combination, skinpass mill and finishing workshop. Its production capacity is 240,000 tons per year of which 182,000 will be cold rolling.

Acerinox SA Approves Creation Of New Entity And Business Reorganization Sep 29, 2011

Acerinox SA announced that its Board of Directors has approved the creation a new entity that will operate under the name of ACERINOX Europa SAU, to which the Company will segregate its industrial business unit. The value of the assets transferred to the new entity reaches EUR 934,000 million. Other details were not disclosed.

Acerinox SA Announces Dividend Payment Sep 13, 2011

Acerinox SA announced that it will pay a dividend at a value of EUR 0.10 per share, which will be distributed among 249,304,546 shares on October 5, 2011. Other details were not disclosed.

Acerinox SA To Propose Creation Of New Company And Business Reorganization Aug 08, 2011

Acerinox SA announced that it will propose the creation of a new company which will operate under the name of ACERINOX Europa SAU, to which the Company will segregate its industrial business unit. Other details were not disclosed.

Acerinox SA Appoints KPMG Auditores SL As Its New External Auditor Jun 13, 2011

Acerinox SA announced that it has appointed KPMG Auditores SL as its new external auditor to carry out the review and legal auditing of the Company for the fiscal year 2011.

Acerinox SA Announces Reorganization of Its Industrial Business; Establishes New Subsidiary Jun 10, 2011

Acerinox SA announced that it has decided to proceed with the reorganization of its industrial business, transferring 100% of its flat stainless steel production, distribution and logistics assets located in Palmones, Los Barrios, Cadiz, to a new subsidiary, which will be established under the name of Acerinox Europa SAU. Other details were not disclosed.

Acerinox SA Announces FY 2010 Complementary Dividend Payment And FY 2010 Dividend Payment Jun 09, 2011

Acerinox SA announced a complementary dividend payment for fiscal year 2010 at a value of EUR 0.15 per share, effective on July 5, 2011. Two dividend payments at a value of EUR 0.10 per share each, and distributed on January 5, 2011 and April 5, 2011, together with the refund at a value of EUR 0.10 per share, effective on October 5, 2011, constitute a total dividend payment for fiscal year 2010 in the amount of EUR 112.2 million at a value of EUR 0.45 per share. For fiscal year 2009 the Company distributed a dividend at a value of EUR 0.45 per share.

Acerinox SA To Temporarily Reduce Employment Contracts At Its Campo de Gibraltar Production Plant Jun 07, 2011

Acerinox SA announced that, due to production circumstances, it has requested to the Spanish Labor Authorities for a temporary reduction of up to 50% of its employment contracts at the Company's Campo de Gibraltar production plant, for the period between July 1, 2011, and December 31, 2011. This decision will affect 1,663 people out of the 2,243 employees at the production plant.

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No
Charges	2,005.0	1,502.7	3,015.4
Stock Reduction	-	80.3	184.0
Supplies	1,523.6	1,008.7	2,262.1
Goods Consumption	6.4	1.7	0.3
Consumption of Raw Materials	1,517.3	1,006.9	2,261.8
Staff Costs	173.7	166.5	197.6
Wages and Salaries	133.1	126.2	151.1
Social Security Costs	40.6	40.3	46.5
Depreciation	40.0	38.7	46.9
Allowance for Trade Operations	-0.1	0.2	2.2
Stock Provision Variation	-	-	2.2
Losses from Unrecovered Receivables	-0.1	0.2	0.0
Other Operating Charges	212.2	197.6	258.8
External Services	206.5	191.5	248.9
Taxes	2.7	2.7	3.0
Other Operating Expenses	3.1	3.4	6.9
Operating Benefits	165.0	-	-
Financials and Similar Charges	43.0	36.7	67.9
Due to Liabilities With Group Companies	2.3	0.1	-
Due to Other Liabilities	40.7	36.3	67.9
Losses from Financial Investments	0.1	0.3	-
Changes in Financial Investment Provisions	3.9	18.8	-
Exchange Losses	-	-	10.1
Net Financial Income	-	-	162.9
Profit From Ordinary Activities	136.8	-	126.7
Changes in Provisions for Assets	-1.2	0.8	0.7
Losses From Assets and Securities Portfolio	-	-	0.0
Extraordinary Profit	3.9	5.9	7.4
Profit Before Taxes	140.7	-	134.1
Corporation Tax	9.7	-45.6	-14.8
Financial Year Result (Profit)	131.0	-	119.3
Income	2,136.0	1,420.3	3,164.3
Net Total Sales	2,056.4	1,368.0	2,862.5
Sales	1,929.3	1,374.4	2,877.4
Rendering of Services	138.2	1.5	1.7
Sales Refunds	-11.2	-7.9	-16.6
Increase in Stocks	31.8	-	-
Works Performed for Fixed Assets	6.0	6.7	45.2
Miscellaneous Operating Income	20.4	3.7	7.8
Auxiliary Income From Current Management	3.7	3.7	5.2
Grants	-	-	0.2
Charges for Provisions	16.7	-	2.3
Operating Losses	-	113.5	36.2
Income From Equity Investment	0.1	4.7	214.6
In Group Companies	-	4.3	210.2
In Associated Companies	-	0.1	3.3
Third Parties	0.1	0.3	1.1
Income From Miscellaneous Interests	8.2	9.1	26.2
From Group Companies	7.4	8.9	10.9
Miscellaneous Interests	0.9	0.2	1.1
Profit on Financial Investment	-	-	14.2
Gains from Exchange Rate	10.4	21.3	-
Negative Financial Results	28.2	20.4	-
Ordinary Activities' Losses	-	133.9	-
Profit on Disposal of Assets	3.1	1.5	-
Capital Grants Transferred to Profit and Loss	-0.4	5.2	8.0
Losses Before Taxes	-	128.0	-
Financial Year Result (Losses)	-	82.4	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Research and Development Costs	14.0	13.7	11.6
Concessions, Patents, Trademarks	1.0	3.2	5.2
Fees Paid for Premises	0.7	0.5	0.6
Software	1.0	1.1	1.6
Payments on Account	9.0	7.0	7.7
Total Intangible Fixed Assets	25.7	25.5	26.7
Land and Construction	70.7	76.0	72.4
Technical Installations and Machinery	165.8	178.2	122.2
Other Installations, Tools, and Furniture	1.1	1.2	0.8
Tangible Fixed Assets Under Construction	6.8	17.4	57.0
Other Tangible Assets	8.8	9.5	6.5
Total Tangible Fixed Assets	253.3	282.3	258.9
Investments in Group Companies	1,699.1	1,729.8	1,530.5
Investments in Associated Companies	1.5	1.5	1.3
Long-Term Securities Portfolio	23.5	18.8	21.1
Other Receivables	0.0	0.0	0.1
Long-Term Guarantees and Deposits	0.4	1.5	1.1
Financial Investments	1,724.6	1,751.6	1,554.1
Total Fixed Assets	2,003.6	2,059.4	1,839.6
Raw Materials and Other Consumables	154.7	159.7	211.2
Goods in Process	81.9	80.2	167.7
Finished Products	137.9	116.4	86.6
Byproducts and Recovered Materials	7.7	8.1	20.8
Payments on Account	0.2	0.0	0.1
Total Stocks	382.4	364.4	486.5
Trade Debtors	29.8	23.9	73.1
Receivables, Group Companies	569.9	660.2	676.2
Receivables, Associated Companies	0.0	0.0	0.0
Other Debtors	2.1	6.4	3.7
Staff	0.1	0.4	0.1
Public Bodies	122.9	134.2	62.8
Total Debtors	724.8	825.2	815.9
Receivables from Group Companies	171.4	28.9	-
Other Receivables	43.5	-	-
Short-Term Guarantees and Deposits	-	-	20.7
Total Short-Term Investments	214.9	28.9	20.7
Cash	1.9	5.6	7.5
Prepayments and Accrued Income	1.1	1.2	2.2
Total Current Assets	1,325.1	1,225.4	1,332.8
Total Assets	3,328.6	3,284.7	3,172.5
Revaluation Reserves	5.5	7.1	7.1
Legal Reserve	16.7	17.9	17.7
Reserves for Own Shares	5.8	7.4	7.4
Miscellaneous Reserves	987.7	1,250.4	1,246.1
Total Reserves	1,010.2	1,275.8	1,271.2
Profit or Loss for the Financial Year	132.7	-85.0	141.5
Interim Dividend Paid	-33.4	-	-34.7
Own Shares for Capital Reduction	-	-	-70.2
Total Equity	1,374.7	1,511.4	1,655.0
Capital Grants	4.5	3.6	1.7
Total Deferred Income	4.5	3.6	1.7
Provisions for Taxes	0.2	2.0	2.0
Other Provisions	3.2	43.3	43.7
Total Provisions for Liabilities and Charges	3.4	45.3	45.8
Loans and Other Liabilities	839.2	689.6	855.9
Total Amounts Owed to Credit Institutions	839.2	689.6	855.9
Long-Term Guarantees and Deposits Received	2.3	2.4	3.0
Long-Term Payables to Public Bodies	55.7	70.8	40.8
Total Other Creditors	58.0	73.2	43.9
Total Long Term Liabilities	897.2	762.8	899.8
Loans and Other Liabilities	396.8	697.5	270.0
Total Amounts Owed to Credit Institutions	396.8	697.5	270.0
Amounts Owed to Group Companies	245.6	18.2	17.0
Total Short-Term Amounts Owed to Group and Associa	245.6	18.2	17.0
Advanced Payments from Customers	1.9	4.1	10.6
Amounts Owed for Purchases of Goods or Services	325.6	207.8	201.3
Total Trade Creditors	327.5	212.0	211.9
Public Bodies	18.1	6.7	7.0
Bills of Exchange Payable	3.1	1.0	3.6
Miscellaneous Debts	42.7	14.0	49.7
Wages and Salaries Payable	15.2	12.4	11.1
Total Other Creditors	79.0	34.0	71.3
Total Short Term Creditors	1,048.9	961.7	570.2
Total Liabilities and Equity	3,328.6	3,284.7	3,172.5

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	KPMG Auditores, SL	KPMG Auditores, SL	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	6,496.5	5,960.3	4,163.0	7,387.3	9,445.0
Revenue	6,496.5	5,960.3	4,163.0	7,387.3	9,445.0
Other Revenue	41.6	31.5	27.6	30.0	17.7
Other Revenue, Total	41.6	31.5	27.6	30.0	17.7
Total Revenue	6,538.2	5,991.8	4,190.6	7,417.3	9,462.7
Cost of Revenue	4,846.3	4,351.9	3,437.8	5,940.0	7,428.9
Cost of Revenue, Total	4,846.3	4,351.9	3,437.8	5,940.0	7,428.9
Gross Profit	1,650.2	1,608.4	725.2	1,447.4	2,016.1
Selling/General/Administrative Expense	-	-	-	-	11.8
Labor & Related Expense	495.3	458.4	430.4	475.7	441.3
Total Selling/General/Administrative Expenses	495.3	458.4	430.4	475.7	453.1
Depreciation	204.1	195.7	174.0	178.2	176.0
Depreciation/Amortization	204.1	195.7	174.0	178.2	176.0
Impairment-Assets Held for Use	4.3	-	-	-	-
Loss (Gain) on Sale of Assets - Operating	0.2	2.1	2.1	1.7	0.2
Other Unusual Expense (Income)	-9.9	-	0.9	0.4	-
Unusual Expense (Income)	-5.3	2.1	3.0	2.0	0.2
Other Operating Expense	730.2	676.2	589.4	751.2	682.8
Other, Net	-	-	-	-	1.5
Other Operating Expenses, Total	730.2	676.2	589.4	751.2	684.3
Total Operating Expense	6,270.6	5,684.3	4,634.5	7,347.1	8,742.5
Operating Income	267.6	307.4	-443.9	70.2	720.3
Interest Expense - Non-Operating	-88.5	-69.0	-	-	-
Interest Expense, Net Non-Operating	-88.5	-69.0	-	-	-
Interest Income - Non-Operating	11.1	2.9	-	-	11.3
Investment Income - Non-Operating	-5.8	13.6	17.7	14.6	22.2
Interest/Investment Income - Non-Operating	5.3	16.5	17.7	14.6	33.4
Interest Income (Expense) - Net Non-Operating	-	-	-62.9	-119.1	-126.6
Interest Income (Expense) - Net Non-Operating Total	-83.2	-52.5	-45.3	-104.5	-93.2
Other Non-Operating Income (Expense)	-	-	4.3	9.8	0.7
Other, Net	-	-	4.3	9.8	0.7
Income Before Tax	184.4	255.0	-484.8	-24.5	627.8
Total Income Tax	92.4	99.7	-151.0	-11.4	196.7
Income After Tax	92.0	155.3	-333.8	-13.1	431.1
Minority Interest	10.5	7.3	15.0	-2.2	-3.7
Net Income Before Extraord Items	102.5	162.6	-318.8	-15.3	427.4
Net Income	102.5	162.6	-318.8	-15.3	427.4
Income Available to Common Excl Extraord Items	102.5	162.6	-318.8	-15.3	427.4
Income Available to Common Incl Extraord Items	102.5	162.6	-318.8	-15.3	427.4
Basic/Primary Weighted Average Shares	249.3	249.3	249.3	249.7	259.2
Basic EPS Excl Extraord Items	0.41	0.65	-1.28	-0.06	1.65
Basic/Primary EPS Incl Extraord Items	0.41	0.65	-1.28	-0.06	1.65
Dilution Adjustment	-	0.0	0.0	0.0	-
Diluted Net Income	102.5	162.6	-318.8	-15.3	427.4
Diluted Weighted Average Shares	249.3	249.3	249.3	249.7	259.2
Diluted EPS Excl Extraord Items	0.41	0.65	-1.28	-0.06	1.65
Diluted EPS Incl Extraord Items	0.41	0.65	-1.28	-0.06	1.65
Dividends per Share - Common Stock Primary Issue	0.52	0.48	0.39	0.42	0.39
Gross Dividends - Common Stock	156.0	148.6	156.0	164.2	166.0
Interest Expense, Supplemental	88.5	69.0	-	-	-
Depreciation, Supplemental	202.0	192.3	170.0	173.3	170.6
Total Special Items	-5.3	2.1	3.0	2.0	0.2
Normalized Income Before Tax	179.1	257.1	-481.8	-22.5	628.0
Effect of Special Items on Income Taxes	-2.7	0.8	1.1	0.7	0.1
Inc Tax Ex Impact of Sp Items	89.7	100.5	-150.0	-10.7	196.7
Normalized Income After Tax	89.4	156.6	-331.8	-11.8	431.3
Normalized Inc. Avail to Com.	99.8	163.8	-316.8	-14.0	427.6
Basic Normalized EPS	0.40	0.66	-1.27	-0.06	1.65
Diluted Normalized EPS	0.40	0.66	-1.27	-0.06	1.65
Amort of Intangibles, Supplemental	2.1	3.4	4.0	4.9	5.4
Rental Expenses	14.1	15.4	5.8	6.3	8.0
Research & Development Exp, Supplemental	3.3	3.6	3.1	4.4	4.2
Normalized EBIT	262.2	309.5	-440.9	72.2	720.5
Normalized EBITDA	466.3	505.3	-266.9	250.4	896.5
Current Tax - Total	94.9	65.1	-52.7	73.6	198.5
Current Tax - Total	94.9	65.1	-52.7	73.6	198.5
Deferred Tax - Total	-18.0	21.3	-98.4	-99.4	-6.5
Deferred Tax - Total	-18.0	21.3	-98.4	-99.4	-6.5
Other Tax	15.5	13.3	0.1	14.4	4.7
Income Tax - Total	92.4	99.7	-151.0	-11.4	196.7
Defined Contribution Expense - Domestic	9.9	12.9	10.3	18.6	-
Total Pension Expense	9.9	12.9	10.3	18.6	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986	0.719399	0.683971
Auditor	KPMG Auditores, SL	KPMG Auditores, SL	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	213.7	152.4	105.2	110.8	244.6
Short Term Investments	22.4	14.8	13.2	24.5	42.0
Cash and Short Term Investments	236.1	167.2	118.3	135.2	286.5
Accounts Receivable - Trade, Gross	619.2	663.3	437.6	410.1	1,097.2
Provision for Doubtful Accounts	-9.0	-8.6	-9.4	-7.9	-8.4
Trade Accounts Receivable - Net	610.2	654.7	428.2	402.2	1,088.8
Other Receivables	52.5	62.9	115.3	148.6	128.4
Total Receivables, Net	662.8	717.7	543.5	550.8	1,217.2
Inventories - Finished Goods	769.3	952.3	890.9	1,035.3	1,604.9
Inventories - Work In Progress	268.0	315.8	235.0	344.1	476.5
Inventories - Raw Materials	398.3	502.8	511.6	518.8	617.0
Inventories - Other	17.6	22.3	18.9	31.7	15.0
Total Inventory	1,453.2	1,793.2	1,656.4	1,929.9	2,713.3
Other Current Assets	10.3	11.5	-	-	-
Other Current Assets, Total	10.3	11.5	-	-	-
Total Current Assets	2,362.4	2,689.5	2,318.2	2,615.9	4,217.0
Land/Improvements	867.4	864.5	857.3	716.8	701.6
Machinery/Equipment	3,752.7	3,845.2	3,797.4	3,113.7	3,201.3
Construction in Progress	436.8	365.0	169.3	482.1	232.3
Other Property/Plant/Equipment	163.4	138.7	139.3	132.4	144.7
Property/Plant/Equipment - Gross	5,220.4	5,213.5	4,963.3	4,445.0	4,280.0
Accumulated Depreciation	-2,642.6	-2,558.2	-2,445.8	-2,197.3	-2,195.5
Property/Plant/Equipment - Net	2,577.8	2,655.3	2,517.5	2,247.7	2,084.5
Goodwill, Net	89.7	92.7	99.2	96.1	101.1
Intangibles - Gross	72.1	72.4	73.7	66.2	62.8
Accumulated Intangible Amortization	-62.7	-59.6	-60.5	-50.9	-48.8
Intangibles, Net	9.4	12.8	13.2	15.3	14.0
LT Investment - Affiliate Companies	0.1	0.1	0.2	6.4	7.0
LT Investments - Other	16.1	23.5	18.8	21.1	6.8
Long Term Investments	16.2	23.7	19.0	27.5	13.8
Deferred Income Tax - Long Term Asset	213.6	199.4	220.9	175.5	68.2
Other Long Term Assets	16.1	15.2	2.8	2.3	2.1
Other Long Term Assets, Total	229.7	214.6	223.7	177.8	70.3
Total Assets	5,285.1	5,688.7	5,190.6	5,180.3	6,500.7
Accounts Payable	924.4	895.3	502.8	402.6	949.6
Accrued Expenses	33.4	33.9	-	-	-
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	446.6	633.7	867.5	559.9	1,001.8
Dividends Payable	32.4	81.9	0.2	34.8	-
Income Taxes Payable	36.2	65.6	0.3	1.3	18.8
Other Current Liabilities	86.9	66.4	157.5	104.9	165.2
Other Current liabilities, Total	155.6	213.9	158.0	141.1	184.0
Total Current Liabilities	1,560.0	1,776.8	1,528.3	1,103.5	2,135.4
Long Term Debt	918.0	972.3	779.3	855.9	591.6
Capital Lease Obligations	-	-	-	-	0.0
Total Long Term Debt	918.0	972.3	779.3	855.9	591.6
Total Debt	1,364.7	1,606.0	1,646.8	1,415.8	1,593.5
Deferred Income Tax - LT Liability	313.5	317.7	294.5	345.0	358.4
Deferred Income Tax	313.5	317.7	294.5	345.0	358.4
Minority Interest	208.0	195.5	168.6	105.4	140.8
Reserves	18.2	19.6	63.5	59.7	37.4
Other Long Term Liabilities	33.2	21.6	10.5	7.6	4.1
Other Liabilities, Total	51.4	41.1	74.0	67.3	41.5
Total Liabilities	3,051.0	3,303.3	2,844.8	2,477.0	3,267.7
Common Stock	80.9	83.6	89.4	88.4	94.9
Common Stock	80.9	83.6	89.4	88.4	94.9
Additional Paid-In Capital	138.0	176.1	224.1	251.8	301.7
Retained Earnings (Accumulated Deficit)	2,146.2	2,248.1	2,356.2	2,800.8	3,223.0
Treasury Stock - Common	-	-	0.0	-70.2	-8.0
Translation Adjustment	-71.7	-76.8	-323.9	-332.7	-340.7
Other Equity	-59.3	-45.7	0.0	-34.7	-37.8
Other Equity, Total	-131.0	-122.5	-323.9	-367.4	-378.5
Total Equity	2,234.1	2,385.3	2,345.9	2,703.3	3,233.0
Total Liabilities & Shareholders’ Equity	5,285.1	5,688.7	5,190.6	5,180.3	6,500.7
Shares Outstanding - Common Stock Primary Issue	249.3	249.3	249.3	249.7	259.5
Total Common Shares Outstanding	249.3	249.3	249.3	249.7	259.5
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	4.6	-
Employees	7,372	7,381	7,328	7,577	7,450
Accumulated Intangible Amort, Suppl.	62.7	59.6	60.5	50.9	48.8
Deferred Revenue - Long Term	7.1	9.8	8.1	4.6	2.0
Total Long Term Debt, Supplemental	1,364.7	1,606.0	1,646.8	1,415.8	1,593.5
Long Term Debt Maturing within 1 Year	446.6	633.7	867.5	559.9	1,001.8
Long Term Debt Maturing in Year 2	315.4	321.5	32.7	139.7	4.6
Long Term Debt Maturing in Year 3	220.8	192.2	204.8	0.8	0.0
Long Term Debt Maturing in Year 4	126.0	132.7	126.7	79.2	0.0
Long Term Debt Maturing in 2-3 Years	536.3	513.7	237.5	140.5	4.6
Long Term Debt Maturing in 4-5 Years	126.0	132.7	126.7	79.2	0.0
Long Term Debt Matur. in Year 6 & Beyond	255.8	325.9	415.1	636.2	587.0
Pension Obligation - Domestic	1.5	1.4	1.3	-	-
Post-Retirement Obligation	10.7	11.9	10.5	-	-
Funded Status - Domestic	-1.5	-1.4	-1.3	-	-
Funded Status - Post-Retirement	-10.7	-11.9	-10.5	-	-
Total Funded Status	-12.2	-13.3	-11.8	-	-
Total Plan Obligations	12.2	13.3	11.8	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	KPMG Auditores, SL	KPMG Auditores, SL	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	184.4	255.0	-484.8	-24.5	627.8
Depreciation	204.1	195.7	174.0	178.2	176.0
Depreciation/Depletion	204.1	195.7	174.0	178.2	176.0
Unusual Items	4.6	2.1	0.5	1.0	-1.5
Equity in Net Earnings (Loss)	0.0	0.1	0.1	0.3	-3.3
Other Non-Cash Items	-4.7	-4.5	-175.2	30.8	-10.6
Non-Cash Items	-0.1	-2.3	-174.6	32.1	-15.4
Accounts Receivable	-20.8	-167.4	70.2	588.6	221.3
Inventories	263.6	-156.9	573.4	532.7	249.9
Accounts Payable	43.4	368.5	48.4	-458.8	-70.3
Taxes Payable	-	-	51.7	-150.0	-328.0
Other Operating Cash Flow	-65.5	-21.7	4.1	27.2	-13.9
Changes in Working Capital	220.7	22.5	747.7	539.6	59.0
Cash from Operating Activities	609.1	470.9	262.3	725.4	847.4
Purchase of Fixed Assets	-246.7	-295.8	-320.4	-488.8	-287.0
Purchase/Acquisition of Intangibles	-5.2	-1.2	-1.0	-1.1	1.4
Capital Expenditures	-252.0	-297.0	-321.4	-489.9	-285.6
Sale of Fixed Assets	1.2	0.2	0.7	1.1	9.4
Purchase of Investments	-1.6	-13.5	0.0	8.0	-2.8
Sale of Intangible Assets	-	-	0.0	0.1	0.0
Other Investing Cash Flow	0.3	0.1	3.1	1.1	1.6
Other Investing Cash Flow Items, Total	-0.2	-13.2	3.7	10.2	8.2
Cash from Investing Activities	-252.1	-310.2	-317.7	-479.7	-277.4
Other Financing Cash Flow	13.5	-17.5	18.5	-36.9	-35.5
Financing Cash Flow Items	13.5	-17.5	18.5	-36.9	-35.5
Cash Dividends Paid - Common	-121.3	-115.6	-121.4	-130.9	-127.5
Total Cash Dividends Paid	-121.3	-115.6	-121.4	-130.9	-127.5
Repurchase/Retirement of Common	-	0.0	-4.6	-186.5	-7.5
Common Stock, Net	-	0.0	-4.6	-186.5	-7.5
Issuance (Retirement) of Stock, Net	-	0.0	-4.6	-186.5	-7.5
Long Term Debt Issued	281.1	308.2	391.5	319.6	548.0
Long Term Debt Reduction	-459.9	-292.4	-237.4	-350.6	-775.8
Long Term Debt, Net	-178.8	15.8	154.1	-31.0	-227.8
Issuance (Retirement) of Debt, Net	-178.8	15.8	154.1	-31.0	-227.8
Cash from Financing Activities	-286.6	-117.3	46.6	-385.3	-398.3
Foreign Exchange Effects	0.6	9.9	0.0	11.4	-2.5
Net Change in Cash	71.0	53.3	-8.9	-128.1	169.2
Net Cash - Beginning Balance	157.9	97.1	110.8	244.7	59.8
Net Cash - Ending Balance	228.9	150.4	101.9	116.5	228.9
Cash Interest Paid	82.0	67.4	64.9	121.0	125.9
Cash Taxes Paid	106.2	34.7	51.7	150.0	328.0

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	KPMG Auditores, SL	KPMG Auditores, SL	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Turnover	6,496.5	5,960.3	4,163.0	7,387.3	9,445.0
Other Income	41.6	31.5	27.6	30.0	17.7
Total Revenue	6,538.2	5,991.8	4,190.6	7,417.3	9,462.7
Inventories	179.9	-135.6	352.3	526.5	225.7
Work Capitalised	-24.3	-11.8	-5.6	-41.4	-7.2
Materials	4,690.6	4,499.3	3,091.1	5,454.9	7,210.4
Staff Costs	495.3	458.4	430.4	475.7	441.3
Other Charges	730.2	676.2	589.4	751.2	674.8
Depreciation	204.1	195.7	174.0	178.2	176.0
Trade Provisions	-	-	-	-	1.5
Rental Expense	-	-	-	-	8.0
Taxes	-	-	-	-	11.8
Extraordinary Exp.	-	-	0.9	0.4	-
Grants	-9.9	-	-	-	-
Impairment, Assets Held for Use	4.3	-	-	-	-
Loss on Disposal	0.5	2.1	2.1	1.7	0.2
Profit on Disposal	-0.3	-	-	-	-
Total Operating Expense	6,270.6	5,684.3	4,634.5	7,347.1	8,742.5
Interest Income	11.1	2.9	-	-	11.3
Financial Income	-	-	4.3	9.8	0.7
Dividend Income	0.3	0.1	-	-	-
Interest Expense	-88.5	-69.0	-	-	-
Financial Expense	-	-	-62.9	-119.1	-126.6
Variation Financial Instruments	15.0	-4.8	-22.6	22.8	-0.4
Exchange Gains	-19.2	18.4	36.2	-7.8	19.3
Shareholdings	0.0	-0.1	-0.1	-0.3	3.3
Impairment/ Sale of Financial Instrument	-1.9	-	-	-	-
Consolidated Differences	-	-	4.2	0.0	-
Net Income Before Taxes	184.4	255.0	-484.8	-24.5	627.8
Provision for Income Taxes	92.4	99.7	-151.0	-11.4	196.7
Net Income After Taxes	92.0	155.3	-333.8	-13.1	431.1
Minority Interests	10.5	7.3	15.0	-2.2	-3.7
Net Income Before Extra. Items	102.5	162.6	-318.8	-15.3	427.4
Net Income	102.5	162.6	-318.8	-15.3	427.4
Income Available to Com Excl ExtraOrd	102.5	162.6	-318.8	-15.3	427.4
Income Available to Com Incl ExtraOrd	102.5	162.6	-318.8	-15.3	427.4
Basic Weighted Average Shares	249.3	249.3	249.3	249.7	259.2
Basic EPS Excluding ExtraOrdinary Items	0.41	0.65	-1.28	-0.06	1.65
Basic EPS Including ExtraOrdinary Item	0.41	0.65	-1.28	-0.06	1.65
Dilution Adjustment	-	0.0	0.0	0.0	-
Diluted Net Income	102.5	162.6	-318.8	-15.3	427.4
Diluted Weighted Average Shares	249.3	249.3	249.3	249.7	259.2
Diluted EPS Excluding ExtraOrd Items	0.41	0.65	-1.28	-0.06	1.65
Diluted EPS Including ExtraOrd Items	0.41	0.65	-1.28	-0.06	1.65
DPS-Common Stock	0.52	0.48	0.39	0.42	0.39
Gross Dividends - Common Stock	156.0	148.6	156.0	164.2	166.0
Normalized Income Before Taxes	179.1	257.1	-481.8	-22.5	628.0
Inc Tax Ex Impact of Sp Items	89.7	100.5	-150.0	-10.7	196.7
Normalized Income After Taxes	89.4	156.6	-331.8	-11.8	431.3
Normalized Inc. Avail to Com.	99.8	163.8	-316.8	-14.0	427.6
Basic Normalized EPS	0.40	0.66	-1.27	-0.06	1.65
Diluted Normalized EPS	0.40	0.66	-1.27	-0.06	1.65
Amort of Intangibles	2.1	3.4	4.0	4.9	5.4
Interest Expense, Supplemental	88.5	69.0	-	-	-
Rental Expense	14.1	15.4	5.8	6.3	8.0
R&D Expenses	3.3	3.6	3.1	4.4	4.2
Depreciation	202.0	192.3	170.0	173.3	170.6
Corporation Tax	94.9	65.1	-52.7	73.6	198.5
Current Tax - Total	94.9	65.1	-52.7	73.6	198.5
Deferred Tax	-18.0	21.3	-98.4	-99.4	-6.5
Deferred Tax - Total	-18.0	21.3	-98.4	-99.4	-6.5
Other Tax	15.5	13.3	0.1	14.4	4.7
Income Tax - Total	92.4	99.7	-151.0	-11.4	196.7
Defined Contribution Expense	9.9	12.9	10.3	18.6	-
Total Pension Expense	9.9	12.9	10.3	18.6	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986	0.719399	0.683971
Auditor	KPMG Auditores, SL	KPMG Auditores, SL	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Raw Materials	398.3	502.8	511.6	518.8	617.0
Work in Pogress	268.0	315.8	235.0	344.1	476.5
Finished Goods	769.3	952.3	890.9	1,035.3	1,604.9
Other Inventories	16.9	22.1	18.9	31.4	14.6
Advances	0.7	0.2	0.1	0.3	0.3
Trade Debtors	619.2	663.3	436.4	409.5	1,096.8
Consolid. Cies	-	-	1.1	0.6	0.5
Other Debtors	41.7	43.8	48.9	82.1	99.8
Provisions	-9.0	-8.6	-9.4	-7.9	-8.4
Short-Term Secs.	22.4	14.8	13.2	24.5	42.0
Tax Receivable	10.8	19.1	66.4	66.5	28.6
Other Current Assets	10.3	11.5	-	-	-
Cash Bank/Hand	101.9	65.2	57.0	83.3	244.6
ST Investments	111.8	87.1	48.1	27.5	-
Total Current Assets	2,362.4	2,689.5	2,318.2	2,615.9	4,217.0
Intangibles Amortiz.	-62.7	-59.6	-60.5	-50.9	-
Intangibles	72.1	72.4	73.7	66.2	-
Rights	-	-	-	-	3.4
Industry Property	-	-	-	-	35.4
Development	-	-	-	-	0.1
Other Intangibles	-	-	-	-	23.9
Amortisation	-	-	-	-	-48.8
Land/Buildings	867.4	864.5	857.3	716.8	701.6
Plant/Machinery	3,752.7	3,845.2	3,797.4	3,113.7	3,201.3
Otr. Fixed Asset	163.4	138.7	139.3	132.4	144.7
Construction	436.8	365.0	169.3	482.1	232.3
Depreciation	-2,642.6	-2,558.2	-2,445.8	-2,197.3	-2,195.5
Shareholdings	0.1	0.1	0.2	6.4	7.0
Financial Assets Held for Sale	16.1	23.5	18.8	21.1	6.8
Goodwill	89.7	92.7	99.2	96.1	101.1
Other Financial Assets	16.1	15.2	-	-	-
Deferred Tax	213.6	199.4	220.9	175.5	68.2
Other LT Assets	-	-	2.8	2.3	2.1
Total Assets	5,285.1	5,688.7	5,190.6	5,180.3	6,500.7
Bank Loans	446.6	633.7	867.5	559.9	1,001.8
Trade Creditors	924.4	895.3	502.8	402.6	949.6
Other Creditors	57.9	35.1	143.0	97.1	150.0
Taxes Payable	32.8	51.0	-	-	-
Dividends	32.4	81.9	0.2	34.8	-
Trade Provisions	14.2	14.2	7.6	6.3	14.3
Accruals	33.4	33.9	-	-	-
Financial Liabilities	14.8	17.0	6.9	1.5	0.9
Tax on Current Earnings	3.4	14.6	0.3	1.3	18.8
Total Current Liabilities	1,560.0	1,776.8	1,528.3	1,103.5	2,135.4
Bank Loans	918.0	972.3	779.3	855.9	591.6
Financial Leasing	-	-	-	-	0.0
Total Long Term Debt	918.0	972.3	779.3	855.9	591.6
Minority Int.	208.0	195.5	168.6	105.4	140.8
Provisions	18.2	19.6	63.5	59.7	37.4
Deferred Tax	313.5	317.7	294.5	345.0	358.4
Other LT Liabilities	26.1	11.8	2.4	3.0	2.2
Deferred Income	7.1	9.8	8.1	4.6	2.0
Total Liabilities	3,051.0	3,303.3	2,844.8	2,477.0	3,267.7
Share Capital	80.9	83.6	89.4	88.4	94.9
Share Premium	138.0	176.1	224.1	251.8	301.7
Reserves	2,050.5	2,083.5	2,685.1	2,815.4	2,766.4
Treasury Stock	-	-	0.0	-70.2	-8.0
Financial Assets for Sale	-10.2	-7.0	-	-	-
Hedge Operations	-16.7	-5.3	-	-	-
Currency Trans.	-71.7	-76.8	-323.9	-332.7	-340.7
Profit/Loss	95.7	164.7	-328.9	-14.5	456.6
Interim Dividend	-32.4	-33.4	0.0	-34.7	-37.8
Total Equity	2,234.1	2,385.3	2,345.9	2,703.3	3,233.0
Total Liabilities & Shareholders' Equity	5,285.1	5,688.7	5,190.6	5,180.3	6,500.7
S/O-Common Stock	249.3	249.3	249.3	249.7	259.5
Total Common Shares Outstanding	249.3	249.3	249.3	249.7	259.5
T/S-Common Stock	0.0	0.0	0.0	4.6	-
Deferred Income-LT	7.1	9.8	8.1	4.6	2.0
Accumulated Intangible Amortization	62.7	59.6	60.5	50.9	48.8
Full-Time Employees	7,372	7,381	7,328	7,577	7,450
LT Debt Maturing Within 1 Year	446.6	633.7	867.5	559.9	1,001.8
LT Debt Maturing Within 2 Years	315.4	321.5	32.7	139.7	4.6
LT Debt Maturing Within 3 Years	220.8	192.2	204.8	0.8	0.0
LT Debt Maturing Within 4 Years	126.0	132.7	126.7	79.2	0.0
LT Debt/ Remaining Maturities	255.8	325.9	415.1	636.2	587.0
Total Long Term Debt, Supplemental	1,364.7	1,606.0	1,646.8	1,415.8	1,593.5
Pension Obligation	1.5	1.4	1.3	-	-
Funded Status	-1.5	-1.4	-1.3	-	-
Post-Retirement Obligation	10.7	11.9	10.5	-	-
Funded Status - Post-Retirement	-10.7	-11.9	-10.5	-	-
Total Funded Status	-12.2	-13.3	-11.8	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	KPMG Auditores, SL	KPMG Auditores, SL	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	184.4	255.0	-484.8	-24.5	627.8
Depreciation	204.1	195.7	174.0	178.2	176.0
Impairment Corrections	9.8	13.9	-170.9	53.9	0.0
Impairment/Financial Instruments	-	-	-	-1.6	0.0
Interest Paid	-82.0	-67.4	-64.9	-121.0	-125.9
Interest Received	4.6	1.7	3.5	8.7	11.3
Income Tax	-	-	51.7	-150.0	-328.0
Provisions	5.8	-12.6	5.5	-3.2	2.7
Financial Instruments	4.0	-1.9	15.5	-21.2	3.3
Financial Income	-11.4	-3.0	-4.3	-9.8	-12.0
Equity Result	0.0	0.1	0.1	0.3	-3.3
Sale of Assets	4.6	2.1	0.5	1.0	-1.5
Grants	-8.9	-2.9	-5.5	-8.5	-1.2
Inventories	263.6	-156.9	573.4	532.7	249.9
Debtors	-20.8	-167.4	70.2	588.6	221.3
Creditors	43.4	368.5	48.4	-458.8	-70.3
Financial Expenses	88.7	78.2	58.5	123.5	126.1
Other Income/Expenses	25.4	2.4	-8.5	37.3	-28.6
Tax Paid	-106.2	-34.7	-	-	-
Cash from Operating Activities	609.1	470.9	262.3	725.4	847.4
Purchase Intangibles	-5.2	-1.2	-1.0	-1.1	1.4
Purchase Tangibles	-246.7	-295.8	-320.4	-488.8	-287.0
Purchase Investments	-0.1	-0.2	-0.1	0.0	-2.7
Purchase Other Investment	-1.7	-13.5	-0.1	-0.5	-0.1
Sale Tangibles	1.2	0.2	0.7	1.1	9.4
Sale Intangibles	-	-	0.0	0.1	0.0
Sale Investments	0.2	0.2	0.2	8.5	0.0
Dividends Received	0.3	0.1	0.3	1.1	1.6
Other Investing	-	0.0	2.8	-	-
Cash from Investing Activities	-252.1	-310.2	-317.7	-479.7	-277.4
Purchase Own Shares	-	0.0	-4.6	-186.5	-7.5
Share Premium Fund	-34.7	-33.0	-34.7	-36.9	-35.5
Dividends	-121.3	-115.6	-121.4	-130.9	-127.5
LT Debts Paid	-459.9	-292.4	-237.4	-350.6	-775.8
LT Debts Received	281.1	308.2	391.5	319.6	548.0
Other External Contribution	48.2	15.5	53.1	-	-
Cash from Financing Activities	-286.6	-117.3	46.6	-385.3	-398.3
Foreign Exchange Effects	0.6	9.9	0.0	11.4	-2.5
Net Change in Cash	71.0	53.3	-8.9	-128.1	169.2
Cash Interest Paid	82.0	67.4	64.9	121.0	125.9
Cash Taxes Paid	106.2	34.7	51.7	150.0	328.0
Net cash-Beginning Balance	157.9	97.1	110.8	244.7	59.8
Net Cash-Ending Balance	228.9	150.4	101.9	116.5	228.9

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 31-Mar-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	-	-	6,538.2	3.93%	-2.49%	-3.66%
Operating Income1	-	-	267.6	-17.11%	58.89%	-25.85%
Income Available to Common Excl Extraord Items1	-	-	102.5	-39.93%	-	-31.89%
Basic EPS Excl Extraord Items1	-	-	0.41	-39.94%	-	-31.34%
Capital Expenditures2	0.0	-33.62%	252.0	-19.20%	-18.52%	0.65%
Cash from Operating Activities2	-0.1	-	609.1	23.22%	-4.05%	-
Free Cash Flow	-0.2	-	333.5	95.66%	16.85%	-
Total Assets3	5.8	-0.65%	5,285.1	-3.99%	2.99%	-3.48%
Total Liabilities3	3.2	-0.57%	3,051.0	-4.55%	9.67%	-2.63%
Total Long Term Debt3	1.4	42.52%	918.0	-2.42%	4.72%	29.96%
Employees3	-	-	7372	-0.12%	-0.91%	0.46%
Total Common Shares Outstanding3	249.3	0.00%	249.3	0.00%	-0.05%	-0.80%
1-ExchangeRate: EUR to USD Average for Period	Â	Â	0.719190	Â	Â	Â
2-ExchangeRate: EUR to USD Average for Period	0.762971	Â	0.719190	Â	Â	Â
3-ExchangeRate: EUR to USD Period End Date	0.753463	Â	0.770327	Â	Â	Â

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	25.40%	26.99%	17.42%	19.59%	21.35%
Operating Margin	4.09%	5.13%	-10.59%	0.95%	7.61%
Pretax Margin	2.82%	4.26%	-11.57%	-0.33%	6.63%
Net Profit Margin	1.57%	2.71%	-7.61%	-0.21%	4.52%
Financial Strength
Current Ratio	1.51	1.51	1.52	2.37	1.97
Long Term Debt/Equity	0.41	0.41	0.33	0.32	0.18
Total Debt/Equity	0.61	0.67	0.70	0.52	0.49
Interest Coverage	-	-	-7.05	0.59	5.69
Management Effectiveness
Return on Assets	1.59%	2.98%	-6.54%	-0.22%	6.77%
Return on Equity	4.21%	7.19%	-12.81%	-0.50%	14.24%
Efficiency
Receivables Turnover	9.00	9.90	7.78	8.25	7.38
Inventory Turnover	2.84	2.64	1.94	2.50	2.72
Asset Turnover	1.13	1.15	0.82	1.24	1.49

Market Valuation USD (mil)
Enterprise Value2	4,134.4	.	Enterprise Value/Revenue (TTM)	0.67
Price/Book (MRQ)	1.10	.	Enterprise Value/EBITDA (TTM)	9.22
Market Cap as of 25-May-20121		.
1-ExchangeRate: EUR to USD on 25-May-2012	Â
2-ExchangeRate: EUR to USD on 31-Mar-2012	0.753463

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	1.51	1.51	1.52	2.37	1.97
Quick/Acid Test Ratio	0.58	0.50	0.43	0.62	0.70
Working Capital1	802.4	912.7	789.9	1,512.5	2,081.6
Long Term Debt/Equity	0.41	0.41	0.33	0.32	0.18
Total Debt/Equity	0.61	0.67	0.70	0.52	0.49
Long Term Debt/Total Capital	0.26	0.24	0.20	0.21	0.12
Total Debt/Total Capital	0.38	0.40	0.41	0.34	0.33
Interest Coverage	-	-	-7.05	0.59	5.69
Payout Ratio	127.33%	74.04%	-30.84%	-684.96%	23.82%
Effective Tax Rate	50.09%	39.09%	-	-	31.33%
Total Capital1	3,598.8	3,991.3	3,992.7	4,119.1	4,826.5
Efficiency
Asset Turnover	1.13	1.15	0.82	1.24	1.49
Inventory Turnover	2.84	2.64	1.94	2.50	2.72
Days In Inventory	128.60	138.35	187.73	145.79	134.30
Receivables Turnover	9.00	9.90	7.78	8.25	7.38
Days Receivables Outstanding	40.58	36.86	46.94	44.22	49.49
Revenue/Employee2	828,018	822,319	589,968	930,319	1,356,826
Operating Income/Employee2	33,886	42,194	-62,488	8,801	103,276
EBITDA/Employee2	59,734	69,056	-37,997	31,157	128,511
Profitability
Gross Margin	25.40%	26.99%	17.42%	19.59%	21.35%
Operating Margin	4.09%	5.13%	-10.59%	0.95%	7.61%
EBITDA Margin	7.21%	8.40%	-6.44%	3.35%	9.47%
EBIT Margin	4.09%	5.13%	-10.59%	0.95%	7.61%
Pretax Margin	2.82%	4.26%	-11.57%	-0.33%	6.63%
Net Profit Margin	1.57%	2.71%	-7.61%	-0.21%	4.52%
COGS/Revenue	74.12%	72.63%	82.04%	80.08%	78.51%
SG&A Expense/Revenue	7.58%	7.65%	10.27%	6.41%	4.79%
Management Effectiveness
Return on Assets	1.59%	2.98%	-6.54%	-0.22%	6.77%
Return on Equity	4.21%	7.19%	-12.81%	-0.50%	14.24%
Valuation
Free Cash Flow/Share2	1.34	0.71	-0.24	0.90	2.31
Operating Cash Flow/Share 2	2.28	1.91	1.09	2.76	3.49
1-ExchangeRate: EUR to USD Period End Date	0.770327	0.745406	0.696986	0.719399	0.683971
2-ExchangeRate: EUR to USD Average for Period	0.770327	0.745406	0.696986	0.719399	0.683971

Current Market Multiples
Market Cap/Equity (MRQ)	1.10
Enterprise Value/Equity (MRQ)	1.64

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	KPMG Auditores, SL	KPMG Auditores, SL	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	6,496.5	5,960.3	4,163.0	7,387.3	9,445.0
Revenue	6,496.5	5,960.3	4,163.0	7,387.3	9,445.0
Other Revenue	41.6	31.5	27.6	30.0	17.7
Other Revenue, Total	41.6	31.5	27.6	30.0	17.7
Total Revenue	6,538.2	5,991.8	4,190.6	7,417.3	9,462.7
Cost of Revenue	4,846.3	4,351.9	3,437.8	5,940.0	7,428.9
Cost of Revenue, Total	4,846.3	4,351.9	3,437.8	5,940.0	7,428.9
Gross Profit	1,650.2	1,608.4	725.2	1,447.4	2,016.1
Selling/General/Administrative Expense	-	-	-	-	11.8
Labor & Related Expense	495.3	458.4	430.4	475.7	441.3
Total Selling/General/Administrative Expenses	495.3	458.4	430.4	475.7	453.1
Depreciation	204.1	195.7	174.0	178.2	176.0
Depreciation/Amortization	204.1	195.7	174.0	178.2	176.0
Impairment-Assets Held for Use	4.3	-	-	-	-
Loss (Gain) on Sale of Assets - Operating	0.2	2.1	2.1	1.7	0.2
Other Unusual Expense (Income)	-9.9	-	0.9	0.4	-
Unusual Expense (Income)	-5.3	2.1	3.0	2.0	0.2
Other Operating Expense	730.2	676.2	589.4	751.2	682.8
Other, Net	-	-	-	-	1.5
Other Operating Expenses, Total	730.2	676.2	589.4	751.2	684.3
Total Operating Expense	6,270.6	5,684.3	4,634.5	7,347.1	8,742.5
Operating Income	267.6	307.4	-443.9	70.2	720.3
Interest Expense - Non-Operating	-88.5	-69.0	-	-	-
Interest Expense, Net Non-Operating	-88.5	-69.0	-	-	-
Interest Income - Non-Operating	11.1	2.9	-	-	11.3
Investment Income - Non-Operating	-5.8	13.6	17.7	14.6	22.2
Interest/Investment Income - Non-Operating	5.3	16.5	17.7	14.6	33.4
Interest Income (Expense) - Net Non-Operating	-	-	-62.9	-119.1	-126.6
Interest Income (Expense) - Net Non-Operating Total	-83.2	-52.5	-45.3	-104.5	-93.2
Other Non-Operating Income (Expense)	-	-	4.3	9.8	0.7
Other, Net	-	-	4.3	9.8	0.7
Income Before Tax	184.4	255.0	-484.8	-24.5	627.8
Total Income Tax	92.4	99.7	-151.0	-11.4	196.7
Income After Tax	92.0	155.3	-333.8	-13.1	431.1
Minority Interest	10.5	7.3	15.0	-2.2	-3.7
Net Income Before Extraord Items	102.5	162.6	-318.8	-15.3	427.4
Net Income	102.5	162.6	-318.8	-15.3	427.4
Income Available to Common Excl Extraord Items	102.5	162.6	-318.8	-15.3	427.4
Income Available to Common Incl Extraord Items	102.5	162.6	-318.8	-15.3	427.4
Basic/Primary Weighted Average Shares	249.3	249.3	249.3	249.7	259.2
Basic EPS Excl Extraord Items	0.41	0.65	-1.28	-0.06	1.65
Basic/Primary EPS Incl Extraord Items	0.41	0.65	-1.28	-0.06	1.65
Dilution Adjustment	-	0.0	0.0	0.0	-
Diluted Net Income	102.5	162.6	-318.8	-15.3	427.4
Diluted Weighted Average Shares	249.3	249.3	249.3	249.7	259.2
Diluted EPS Excl Extraord Items	0.41	0.65	-1.28	-0.06	1.65
Diluted EPS Incl Extraord Items	0.41	0.65	-1.28	-0.06	1.65
Dividends per Share - Common Stock Primary Issue	0.52	0.48	0.39	0.42	0.39
Gross Dividends - Common Stock	156.0	148.6	156.0	164.2	166.0
Interest Expense, Supplemental	88.5	69.0	-	-	-
Depreciation, Supplemental	202.0	192.3	170.0	173.3	170.6
Total Special Items	-5.3	2.1	3.0	2.0	0.2
Normalized Income Before Tax	179.1	257.1	-481.8	-22.5	628.0
Effect of Special Items on Income Taxes	-2.7	0.8	1.1	0.7	0.1
Inc Tax Ex Impact of Sp Items	89.7	100.5	-150.0	-10.7	196.7
Normalized Income After Tax	89.4	156.6	-331.8	-11.8	431.3
Normalized Inc. Avail to Com.	99.8	163.8	-316.8	-14.0	427.6
Basic Normalized EPS	0.40	0.66	-1.27	-0.06	1.65
Diluted Normalized EPS	0.40	0.66	-1.27	-0.06	1.65
Amort of Intangibles, Supplemental	2.1	3.4	4.0	4.9	5.4
Rental Expenses	14.1	15.4	5.8	6.3	8.0
Research & Development Exp, Supplemental	3.3	3.6	3.1	4.4	4.2
Normalized EBIT	262.2	309.5	-440.9	72.2	720.5
Normalized EBITDA	466.3	505.3	-266.9	250.4	896.5
Current Tax - Total	94.9	65.1	-52.7	73.6	198.5
Current Tax - Total	94.9	65.1	-52.7	73.6	198.5
Deferred Tax - Total	-18.0	21.3	-98.4	-99.4	-6.5
Deferred Tax - Total	-18.0	21.3	-98.4	-99.4	-6.5
Other Tax	15.5	13.3	0.1	14.4	4.7
Income Tax - Total	92.4	99.7	-151.0	-11.4	196.7
Defined Contribution Expense - Domestic	9.9	12.9	10.3	18.6	-
Total Pension Expense	9.9	12.9	10.3	18.6	-

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	6 Months	3 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.762971	0.724783	0.707825	0.713558	0.731463
Net Sales	1.6	2,913.7	1.5	3,588.3	1.9
Revenue	1.6	2,913.7	1.5	3,588.3	1.9
Other Revenue	-	4.3	-	37.6	-
Other Revenue, Total	-	4.3	-	37.6	-
Total Revenue	-	2,918.0	-	3,625.9	-
Cost of Revenue	-	2,229.8	-	2,619.7	-
Cost of Revenue, Total	-	2,229.8	-	2,619.7	-
Gross Profit	-	683.9	-	968.6	-
Labor & Related Expense	-	239.1	-	256.4	-
Total Selling/General/Administrative Expenses	-	239.1	-	256.4	-
Depreciation	0.0	101.4	0.1	102.7	0.1
Depreciation/Amortization	0.0	101.4	0.1	102.7	0.1
Impairment-Assets Held for Sale	-	4.3	-	0.3	-
Other Unusual Expense (Income)	-	-7.9	-	-2.0	-
Unusual Expense (Income)	-	-3.6	-	-1.7	-
Other Operating Expense	-	339.5	-	391.1	-
Other Operating Expenses, Total	-	339.5	-	391.1	-
Total Operating Expense	-	2,906.2	-	3,368.2	-
Operating Income	-	11.8	-	257.7	-
Interest Expense - Non-Operating	-	-45.3	-	-43.1	-
Interest Expense, Net Non-Operating	-	-45.3	-	-43.1	-
Investment Income - Non-Operating	-	-8.1	-	2.1	-
Interest/Investment Income - Non-Operating	-	-8.1	-	2.1	-
Interest Income (Expense) - Net Non-Operating Total	-	-53.4	-	-41.1	-
Other Non-Operating Income (Expense)	-	8.5	-	2.9	-
Other, Net	-	8.5	-	2.9	-
Income Before Tax	0.1	-33.1	0.0	219.5	0.1
Total Income Tax	-	13.8	-	79.0	-
Income After Tax	0.0	-47.0	0.0	140.5	0.1
Minority Interest	-	8.2	-	2.2	-
Net Income Before Extraord Items	-	-38.7	-	142.7	-
Net Income	-	-38.7	-	142.7	-
Income Available to Common Excl Extraord Items	-	-38.7	-	142.7	-
Income Available to Common Incl Extraord Items	-	-38.7	-	142.7	-
Basic/Primary Weighted Average Shares	-	250.3	-	248.3	-
Basic EPS Excl Extraord Items	-	-0.15	-	0.57	-
Basic/Primary EPS Incl Extraord Items	-	-0.15	-	0.57	-
Dilution Adjustment	-	0.0	-	-	-
Diluted Net Income	-	-38.7	-	142.7	-
Diluted Weighted Average Shares	-	250.3	-	248.3	-
Diluted EPS Excl Extraord Items	-	-0.15	-	0.57	-
Diluted EPS Incl Extraord Items	-	-0.15	-	0.57	-
Dividends per Share - Common Stock Primary Issue	-	0.30	0.11	0.11	0.00
Gross Dividends - Common Stock	-	-	-	-	0.0
Interest Expense, Supplemental	-	45.3	-	43.1	-
Depreciation, Supplemental	0.0	100.4	0.1	101.6	0.1
Total Special Items	-	-3.6	-	-1.7	-
Normalized Income Before Tax	-	-36.7	-	217.8	-
Effect of Special Items on Income Taxes	-	-1.3	-	-0.6	-
Inc Tax Ex Impact of Sp Items	-	12.6	-	78.4	-
Normalized Income After Tax	-	-49.3	-	139.4	-
Normalized Inc. Avail to Com.	-	-41.1	-	141.6	-
Basic Normalized EPS	-	-0.16	-	0.57	-
Diluted Normalized EPS	-	-0.16	-	0.57	-
Amort of Intangibles, Supplemental	-	1.0	-	1.1	-
Normalized EBIT	-	8.2	-	256.0	-
Normalized EBITDA	-	109.6	-	358.7	-
Current Tax - Other	-	-1.5	-	79.0	-
Current Tax - Total	-	-1.5	-	79.0	-
Other Tax	-	15.4	-	0.0	-
Income Tax - Total	-	13.8	-	79.0	-

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986	0.719399	0.683971
Auditor	KPMG Auditores, SL	KPMG Auditores, SL	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	213.7	152.4	105.2	110.8	244.6
Short Term Investments	22.4	14.8	13.2	24.5	42.0
Cash and Short Term Investments	236.1	167.2	118.3	135.2	286.5
Accounts Receivable - Trade, Gross	619.2	663.3	437.6	410.1	1,097.2
Provision for Doubtful Accounts	-9.0	-8.6	-9.4	-7.9	-8.4
Trade Accounts Receivable - Net	610.2	654.7	428.2	402.2	1,088.8
Other Receivables	52.5	62.9	115.3	148.6	128.4
Total Receivables, Net	662.8	717.7	543.5	550.8	1,217.2
Inventories - Finished Goods	769.3	952.3	890.9	1,035.3	1,604.9
Inventories - Work In Progress	268.0	315.8	235.0	344.1	476.5
Inventories - Raw Materials	398.3	502.8	511.6	518.8	617.0
Inventories - Other	17.6	22.3	18.9	31.7	15.0
Total Inventory	1,453.2	1,793.2	1,656.4	1,929.9	2,713.3
Other Current Assets	10.3	11.5	-	-	-
Other Current Assets, Total	10.3	11.5	-	-	-
Total Current Assets	2,362.4	2,689.5	2,318.2	2,615.9	4,217.0
Land/Improvements	867.4	864.5	857.3	716.8	701.6
Machinery/Equipment	3,752.7	3,845.2	3,797.4	3,113.7	3,201.3
Construction in Progress	436.8	365.0	169.3	482.1	232.3
Other Property/Plant/Equipment	163.4	138.7	139.3	132.4	144.7
Property/Plant/Equipment - Gross	5,220.4	5,213.5	4,963.3	4,445.0	4,280.0
Accumulated Depreciation	-2,642.6	-2,558.2	-2,445.8	-2,197.3	-2,195.5
Property/Plant/Equipment - Net	2,577.8	2,655.3	2,517.5	2,247.7	2,084.5
Goodwill, Net	89.7	92.7	99.2	96.1	101.1
Intangibles - Gross	72.1	72.4	73.7	66.2	62.8
Accumulated Intangible Amortization	-62.7	-59.6	-60.5	-50.9	-48.8
Intangibles, Net	9.4	12.8	13.2	15.3	14.0
LT Investment - Affiliate Companies	0.1	0.1	0.2	6.4	7.0
LT Investments - Other	16.1	23.5	18.8	21.1	6.8
Long Term Investments	16.2	23.7	19.0	27.5	13.8
Deferred Income Tax - Long Term Asset	213.6	199.4	220.9	175.5	68.2
Other Long Term Assets	16.1	15.2	2.8	2.3	2.1
Other Long Term Assets, Total	229.7	214.6	223.7	177.8	70.3
Total Assets	5,285.1	5,688.7	5,190.6	5,180.3	6,500.7
Accounts Payable	924.4	895.3	502.8	402.6	949.6
Accrued Expenses	33.4	33.9	-	-	-
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	446.6	633.7	867.5	559.9	1,001.8
Dividends Payable	32.4	81.9	0.2	34.8	-
Income Taxes Payable	36.2	65.6	0.3	1.3	18.8
Other Current Liabilities	86.9	66.4	157.5	104.9	165.2
Other Current liabilities, Total	155.6	213.9	158.0	141.1	184.0
Total Current Liabilities	1,560.0	1,776.8	1,528.3	1,103.5	2,135.4
Long Term Debt	918.0	972.3	779.3	855.9	591.6
Capital Lease Obligations	-	-	-	-	0.0
Total Long Term Debt	918.0	972.3	779.3	855.9	591.6
Total Debt	1,364.7	1,606.0	1,646.8	1,415.8	1,593.5
Deferred Income Tax - LT Liability	313.5	317.7	294.5	345.0	358.4
Deferred Income Tax	313.5	317.7	294.5	345.0	358.4
Minority Interest	208.0	195.5	168.6	105.4	140.8
Reserves	18.2	19.6	63.5	59.7	37.4
Other Long Term Liabilities	33.2	21.6	10.5	7.6	4.1
Other Liabilities, Total	51.4	41.1	74.0	67.3	41.5
Total Liabilities	3,051.0	3,303.3	2,844.8	2,477.0	3,267.7
Common Stock	80.9	83.6	89.4	88.4	94.9
Common Stock	80.9	83.6	89.4	88.4	94.9
Additional Paid-In Capital	138.0	176.1	224.1	251.8	301.7
Retained Earnings (Accumulated Deficit)	2,146.2	2,248.1	2,356.2	2,800.8	3,223.0
Treasury Stock - Common	-	-	0.0	-70.2	-8.0
Translation Adjustment	-71.7	-76.8	-323.9	-332.7	-340.7
Other Equity	-59.3	-45.7	0.0	-34.7	-37.8
Other Equity, Total	-131.0	-122.5	-323.9	-367.4	-378.5
Total Equity	2,234.1	2,385.3	2,345.9	2,703.3	3,233.0
Total Liabilities & Shareholders’ Equity	5,285.1	5,688.7	5,190.6	5,180.3	6,500.7
Shares Outstanding - Common Stock Primary Issue	249.3	249.3	249.3	249.7	259.5
Total Common Shares Outstanding	249.3	249.3	249.3	249.7	259.5
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	4.6	-
Employees	7,372	7,381	7,328	7,577	7,450
Accumulated Intangible Amort, Suppl.	62.7	59.6	60.5	50.9	48.8
Deferred Revenue - Long Term	7.1	9.8	8.1	4.6	2.0
Total Long Term Debt, Supplemental	1,364.7	1,606.0	1,646.8	1,415.8	1,593.5
Long Term Debt Maturing within 1 Year	446.6	633.7	867.5	559.9	1,001.8
Long Term Debt Maturing in Year 2	315.4	321.5	32.7	139.7	4.6
Long Term Debt Maturing in Year 3	220.8	192.2	204.8	0.8	0.0
Long Term Debt Maturing in Year 4	126.0	132.7	126.7	79.2	0.0
Long Term Debt Maturing in 2-3 Years	536.3	513.7	237.5	140.5	4.6
Long Term Debt Maturing in 4-5 Years	126.0	132.7	126.7	79.2	0.0
Long Term Debt Matur. in Year 6 & Beyond	255.8	325.9	415.1	636.2	587.0
Pension Obligation - Domestic	1.5	1.4	1.3	-	-
Post-Retirement Obligation	10.7	11.9	10.5	-	-
Funded Status - Domestic	-1.5	-1.4	-1.3	-	-
Funded Status - Post-Retirement	-10.7	-11.9	-10.5	-	-
Total Funded Status	-12.2	-13.3	-11.8	-	-
Total Plan Obligations	12.2	13.3	11.8	-	-

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.753463	0.770327	0.745323	0.689727	0.704672
Cash & Equivalents	0.4	213.7	0.3	88.1	-
Short Term Investments	-	22.4	-	6.3	-
Cash and Short Term Investments	0.4	236.1	0.3	94.4	-
Trade Accounts Receivable - Net	0.7	610.2	0.6	766.8	0.9
Other Receivables	0.1	41.7	0.1	60.2	0.1
Total Receivables, Net	0.8	652.0	0.7	827.1	0.9
Inventories - Finished Goods	-	769.3	-	977.5	-
Inventories - Work In Progress	-	284.9	-	382.2	-
Inventories - Raw Materials	-	398.3	-	585.2	-
Inventories - Other	-	0.7	-	0.2	-
Total Inventory	1.6	1,453.2	1.6	1,945.2	2.0
Other Current Assets	-	21.1	-	27.7	0.2
Other Current Assets, Total	-	21.1	-	27.7	0.2
Total Current Assets	2.8	2,362.4	2.6	2,894.4	3.1
Land/Improvements	-	867.4	-	911.3	-
Machinery/Equipment	-	3,752.7	-	4,022.1	-
Construction in Progress	-	436.8	-	390.2	-
Other Property/Plant/Equipment	-	163.4	-	148.9	-
Property/Plant/Equipment - Gross	-	5,220.4	-	5,472.6	-
Accumulated Depreciation	-	-2,642.6	-	-2,770.9	-
Property/Plant/Equipment - Net	-	2,577.8	2.9	2,701.7	3.1
Goodwill, Net	-	89.7	-	100.2	-
Intangibles - Gross	-	72.1	-	81.1	-
Accumulated Intangible Amortization	-	-62.7	-	-64.9	-
Intangibles, Net	-	9.4	-	16.2	-
LT Investment - Affiliate Companies	-	0.1	-	0.1	-
LT Investments - Other	-	32.2	-	39.6	-
Long Term Investments	-	32.2	-	39.7	-
Deferred Income Tax - Long Term Asset	-	213.6	-	214.0	-
Other Long Term Assets	3.0	-	-	-	-
Other Long Term Assets, Total	3.0	213.6	-	214.0	-
Total Assets	5.8	5,285.1	5.5	5,966.3	6.2
Accounts Payable	0.8	826.8	0.6	658.2	0.9
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	0.3	461.4	0.6	831.0	0.7
Income Taxes Payable	-	3.4	-	15.7	-
Other Current Liabilities	0.3	268.4	0.3	338.8	0.4
Other Current liabilities, Total	0.3	271.8	0.3	354.5	0.4
Total Current Liabilities	1.4	1,560.0	1.5	1,843.7	2.0
Long Term Debt	1.4	918.0	1.1	1,145.2	1.1
Total Long Term Debt	1.4	918.0	1.1	1,145.2	1.1
Total Debt	1.7	1,379.4	1.7	1,976.2	1.8
Deferred Income Tax - LT Liability	-	313.5	-	325.2	-
Deferred Income Tax	-	313.5	-	325.2	-
Minority Interest	-	208.0	-	208.0	-
Reserves	-	18.2	-	18.7	-
Other Long Term Liabilities	0.4	33.2	0.3	23.0	0.4
Other Liabilities, Total	0.4	51.4	0.3	41.7	0.4
Total Liabilities	3.2	3,051.0	3.0	3,563.8	3.5
Common Stock	-	80.9	-	90.4	-
Common Stock	-	80.9	-	90.4	-
Additional Paid-In Capital	-	138.0	-	154.2	-
Retained Earnings (Accumulated Deficit)	-	2,146.2	-	2,456.4	-
Translation Adjustment	-	-71.7	-	-287.6	-
Other Equity	2.5	-59.3	2.5	-10.9	2.7
Other Equity, Total	2.5	-131.0	2.5	-298.5	2.7
Total Equity	2.5	2,234.1	2.5	2,402.4	2.7
Total Liabilities & Shareholders’ Equity	5.8	5,285.1	5.5	5,966.3	6.2
Shares Outstanding - Common Stock Primary Issue	249.3	249.3	249.3	249.3	249.3
Total Common Shares Outstanding	249.3	249.3	249.3	249.3	249.3
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	7,340	7,372	7,430	7,438	7,438
Accumulated Intangible Amort, Suppl.	-	62.7	-	64.9	-
Deferred Revenue - Long Term	-	7.1	-	14.5	-

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	KPMG Auditores, SL	KPMG Auditores, SL	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	184.4	255.0	-484.8	-24.5	627.8
Depreciation	204.1	195.7	174.0	178.2	176.0
Depreciation/Depletion	204.1	195.7	174.0	178.2	176.0
Unusual Items	4.6	2.1	0.5	1.0	-1.5
Equity in Net Earnings (Loss)	0.0	0.1	0.1	0.3	-3.3
Other Non-Cash Items	-4.7	-4.5	-175.2	30.8	-10.6
Non-Cash Items	-0.1	-2.3	-174.6	32.1	-15.4
Accounts Receivable	-20.8	-167.4	70.2	588.6	221.3
Inventories	263.6	-156.9	573.4	532.7	249.9
Accounts Payable	43.4	368.5	48.4	-458.8	-70.3
Taxes Payable	-	-	51.7	-150.0	-328.0
Other Operating Cash Flow	-65.5	-21.7	4.1	27.2	-13.9
Changes in Working Capital	220.7	22.5	747.7	539.6	59.0
Cash from Operating Activities	609.1	470.9	262.3	725.4	847.4
Purchase of Fixed Assets	-246.7	-295.8	-320.4	-488.8	-287.0
Purchase/Acquisition of Intangibles	-5.2	-1.2	-1.0	-1.1	1.4
Capital Expenditures	-252.0	-297.0	-321.4	-489.9	-285.6
Sale of Fixed Assets	1.2	0.2	0.7	1.1	9.4
Purchase of Investments	-1.6	-13.5	0.0	8.0	-2.8
Sale of Intangible Assets	-	-	0.0	0.1	0.0
Other Investing Cash Flow	0.3	0.1	3.1	1.1	1.6
Other Investing Cash Flow Items, Total	-0.2	-13.2	3.7	10.2	8.2
Cash from Investing Activities	-252.1	-310.2	-317.7	-479.7	-277.4
Other Financing Cash Flow	13.5	-17.5	18.5	-36.9	-35.5
Financing Cash Flow Items	13.5	-17.5	18.5	-36.9	-35.5
Cash Dividends Paid - Common	-121.3	-115.6	-121.4	-130.9	-127.5
Total Cash Dividends Paid	-121.3	-115.6	-121.4	-130.9	-127.5
Repurchase/Retirement of Common	-	0.0	-4.6	-186.5	-7.5
Common Stock, Net	-	0.0	-4.6	-186.5	-7.5
Issuance (Retirement) of Stock, Net	-	0.0	-4.6	-186.5	-7.5
Long Term Debt Issued	281.1	308.2	391.5	319.6	548.0
Long Term Debt Reduction	-459.9	-292.4	-237.4	-350.6	-775.8
Long Term Debt, Net	-178.8	15.8	154.1	-31.0	-227.8
Issuance (Retirement) of Debt, Net	-178.8	15.8	154.1	-31.0	-227.8
Cash from Financing Activities	-286.6	-117.3	46.6	-385.3	-398.3
Foreign Exchange Effects	0.6	9.9	0.0	11.4	-2.5
Net Change in Cash	71.0	53.3	-8.9	-128.1	169.2
Net Cash - Beginning Balance	157.9	97.1	110.8	244.7	59.8
Net Cash - Ending Balance	228.9	150.4	101.9	116.5	228.9
Cash Interest Paid	82.0	67.4	64.9	121.0	125.9
Cash Taxes Paid	106.2	34.7	51.7	150.0	328.0

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.762971	0.71919	0.711706	0.713558	0.731463
Net Income/Starting Line	0.1	184.4	0.2	219.5	0.1
Depreciation	0.0	204.1	0.2	102.7	0.1
Depreciation/Depletion	0.0	204.1	0.2	102.7	0.1
Unusual Items	-	-4.3	-	-2.0	-
Equity in Net Earnings (Loss)	-	0.0	-	0.0	-
Other Non-Cash Items	0.0	116.5	0.1	69.4	0.0
Non-Cash Items	0.0	112.2	0.1	67.4	0.0
Accounts Receivable	-	-20.8	-	-129.2	-
Inventories	-	263.6	-	-152.1	-
Accounts Payable	-	43.4	-	-151.7	-
Other Operating Cash Flow	-0.2	-177.7	-0.2	-90.4	-0.2
Changes in Working Capital	-0.2	108.4	-0.2	-523.4	-0.2
Cash from Operating Activities	-0.1	609.1	0.2	-133.8	0.0
Purchase of Fixed Assets	0.0	-246.7	-0.2	-128.5	-0.1
Purchase/Acquisition of Intangibles	-	-5.2	-	-1.3	-
Capital Expenditures	0.0	-252.0	-0.2	-129.7	-0.1
Acquisition of Business	-	-0.1	-	-0.1	-
Sale of Fixed Assets	-	1.2	-	0.6	-
Sale/Maturity of Investment	-	0.2	-	0.2	-
Purchase of Investments	-	-1.7	-	-0.8	-
Other Investing Cash Flow	0.0	0.3	0.0	0.3	0.0
Other Investing Cash Flow Items, Total	0.0	-0.2	0.0	0.1	0.0
Cash from Investing Activities	0.0	-252.1	-0.2	-129.6	-0.1
Other Financing Cash Flow	0.0	13.5	0.1	16.3	0.0
Financing Cash Flow Items	0.0	13.5	0.1	16.3	0.0
Cash Dividends Paid - Common	0.0	-121.3	-0.1	-69.9	0.0
Total Cash Dividends Paid	0.0	-121.3	-0.1	-69.9	0.0
Long Term Debt Issued	-	281.1	-	258.2	-
Long Term Debt Reduction	-	-459.9	-	-6.6	-
Long Term Debt, Net	0.3	-178.8	0.1	251.6	0.1
Issuance (Retirement) of Debt, Net	0.3	-178.8	0.1	251.6	0.1
Cash from Financing Activities	0.3	-286.6	0.0	198.0	0.0
Foreign Exchange Effects	0.0	0.6	0.0	-8.6	0.0
Net Change in Cash	0.1	71.0	0.1	-74.0	0.0
Net Cash - Beginning Balance	0.2	157.9	0.2	159.2	0.2
Net Cash - Ending Balance	0.4	228.9	0.3	85.1	0.2
Cash Interest Paid	-	82.0	-	40.9	-
Cash Taxes Paid	0.0	106.2	0.1	48.8	0.0

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	KPMG Auditores, SL	KPMG Auditores, SL	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Turnover	6,496.5	5,960.3	4,163.0	7,387.3	9,445.0
Other Income	41.6	31.5	27.6	30.0	17.7
Total Revenue	6,538.2	5,991.8	4,190.6	7,417.3	9,462.7
Inventories	179.9	-135.6	352.3	526.5	225.7
Work Capitalised	-24.3	-11.8	-5.6	-41.4	-7.2
Materials	4,690.6	4,499.3	3,091.1	5,454.9	7,210.4
Staff Costs	495.3	458.4	430.4	475.7	441.3
Other Charges	730.2	676.2	589.4	751.2	674.8
Depreciation	204.1	195.7	174.0	178.2	176.0
Trade Provisions	-	-	-	-	1.5
Rental Expense	-	-	-	-	8.0
Taxes	-	-	-	-	11.8
Extraordinary Exp.	-	-	0.9	0.4	-
Grants	-9.9	-	-	-	-
Impairment, Assets Held for Use	4.3	-	-	-	-
Loss on Disposal	0.5	2.1	2.1	1.7	0.2
Profit on Disposal	-0.3	-	-	-	-
Total Operating Expense	6,270.6	5,684.3	4,634.5	7,347.1	8,742.5
Interest Income	11.1	2.9	-	-	11.3
Financial Income	-	-	4.3	9.8	0.7
Dividend Income	0.3	0.1	-	-	-
Interest Expense	-88.5	-69.0	-	-	-
Financial Expense	-	-	-62.9	-119.1	-126.6
Variation Financial Instruments	15.0	-4.8	-22.6	22.8	-0.4
Exchange Gains	-19.2	18.4	36.2	-7.8	19.3
Shareholdings	0.0	-0.1	-0.1	-0.3	3.3
Impairment/ Sale of Financial Instrument	-1.9	-	-	-	-
Consolidated Differences	-	-	4.2	0.0	-
Net Income Before Taxes	184.4	255.0	-484.8	-24.5	627.8
Provision for Income Taxes	92.4	99.7	-151.0	-11.4	196.7
Net Income After Taxes	92.0	155.3	-333.8	-13.1	431.1
Minority Interests	10.5	7.3	15.0	-2.2	-3.7
Net Income Before Extra. Items	102.5	162.6	-318.8	-15.3	427.4
Net Income	102.5	162.6	-318.8	-15.3	427.4
Income Available to Com Excl ExtraOrd	102.5	162.6	-318.8	-15.3	427.4
Income Available to Com Incl ExtraOrd	102.5	162.6	-318.8	-15.3	427.4
Basic Weighted Average Shares	249.3	249.3	249.3	249.7	259.2
Basic EPS Excluding ExtraOrdinary Items	0.41	0.65	-1.28	-0.06	1.65
Basic EPS Including ExtraOrdinary Item	0.41	0.65	-1.28	-0.06	1.65
Dilution Adjustment	-	0.0	0.0	0.0	-
Diluted Net Income	102.5	162.6	-318.8	-15.3	427.4
Diluted Weighted Average Shares	249.3	249.3	249.3	249.7	259.2
Diluted EPS Excluding ExtraOrd Items	0.41	0.65	-1.28	-0.06	1.65
Diluted EPS Including ExtraOrd Items	0.41	0.65	-1.28	-0.06	1.65
DPS-Common Stock	0.52	0.48	0.39	0.42	0.39
Gross Dividends - Common Stock	156.0	148.6	156.0	164.2	166.0
Normalized Income Before Taxes	179.1	257.1	-481.8	-22.5	628.0
Inc Tax Ex Impact of Sp Items	89.7	100.5	-150.0	-10.7	196.7
Normalized Income After Taxes	89.4	156.6	-331.8	-11.8	431.3
Normalized Inc. Avail to Com.	99.8	163.8	-316.8	-14.0	427.6
Basic Normalized EPS	0.40	0.66	-1.27	-0.06	1.65
Diluted Normalized EPS	0.40	0.66	-1.27	-0.06	1.65
Amort of Intangibles	2.1	3.4	4.0	4.9	5.4
Interest Expense, Supplemental	88.5	69.0	-	-	-
Rental Expense	14.1	15.4	5.8	6.3	8.0
R&D Expenses	3.3	3.6	3.1	4.4	4.2
Depreciation	202.0	192.3	170.0	173.3	170.6
Corporation Tax	94.9	65.1	-52.7	73.6	198.5
Current Tax - Total	94.9	65.1	-52.7	73.6	198.5
Deferred Tax	-18.0	21.3	-98.4	-99.4	-6.5
Deferred Tax - Total	-18.0	21.3	-98.4	-99.4	-6.5
Other Tax	15.5	13.3	0.1	14.4	4.7
Income Tax - Total	92.4	99.7	-151.0	-11.4	196.7
Defined Contribution Expense	9.9	12.9	10.3	18.6	-
Total Pension Expense	9.9	12.9	10.3	18.6	-

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	30-Jun-2011	31-Dec-2010	30-Jun-2010	31-Dec-2009
Period Length	6 Months	6 Months	6 Months	6 Months	6 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Dec-2009
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.724783	0.713558	0.75577	0.754409	0.688522
Net Turnover	2,913.7	3,588.3	3,080.7	2,879.3	2,471.2
Other Income	4.3	37.6	9.9	18.1	16.9
Total Revenue	2,918.0	3,625.9	3,090.6	2,897.4	2,488.1
Stocks/W.I.P	211.5	-33.5	153.8	-289.9	-219.0
Own Work	-12.5	-11.7	-7.4	-4.4	-2.8
Suppliers	2,030.8	2,664.9	2,161.5	2,337.9	1,972.3
Staff Costs	239.1	256.4	232.6	225.8	226.3
Other Costs	339.5	391.1	327.0	349.3	344.2
Depreciation	101.4	102.7	98.6	97.1	94.6
Grants	-7.9	-2.0	-1.9	-1.6	-
Impairment - Sale of Assets	4.3	0.3	2.0	0.1	-
Other Results	-	-	-	0.0	-
Total Operating Expense	2,906.2	3,368.2	2,966.1	2,714.4	2,415.6
Financial Income	8.5	2.9	2.1	0.9	2.2
Financial Expenses	-	-	-	-	-27.3
Interest Expense	-45.3	-43.1	-42.3	-26.7	-
Financial Instruments	18.4	-5.5	-27.9	23.1	-9.1
Exchange Losses/Profits	-26.5	7.6	40.3	-21.9	20.5
Shareholdings	0.0	0.0	0.0	0.0	-0.1
Consolidated Cies	-	-	-	-	0.0
Net Income Before Taxes	-33.1	219.5	96.6	158.4	58.8
Provision for Income Taxes	13.8	79.0	49.1	50.6	19.8
Net Income After Taxes	-47.0	140.5	47.5	107.8	39.0
Minority Interests	8.2	2.2	7.6	-0.3	-1.5
Net Income Before Extra. Items	-38.7	142.7	55.1	107.5	37.4
Net Income	-38.7	142.7	55.1	107.5	37.4
Income Available to Com Excl ExtraOrd	-38.7	142.7	55.1	107.5	37.4
Income Available to Com Incl ExtraOrd	-38.7	142.7	55.1	107.5	37.4
Basic Weighted Average Shares	250.3	248.3	249.3	249.3	249.3
Basic EPS Excluding ExtraOrdinary Items	-0.15	0.57	0.22	0.43	0.15
Basic EPS Including ExtraOrdinary Item	-0.15	0.57	0.22	0.43	0.15
Dilution Adjustment	0.0	-	0.0	0.0	-
Diluted Net Income	-38.7	142.7	55.1	107.5	37.4
Diluted Weighted Average Shares	250.3	248.3	249.3	249.3	249.3
Diluted EPS Excluding ExtraOrd Items	-0.15	0.57	0.22	0.43	0.15
Diluted EPS Including ExtraOrd Items	-0.15	0.57	0.22	0.43	0.15
DPS-Common Stock	0.30	0.11	0.27	0.11	0.00
Gross Dividends - Common Stock	-	-	115.5	33.0	36.2
Normalized Income Before Taxes	-36.7	217.8	96.7	157.0	58.8
Inc Tax Ex Impact of Sp Items	12.6	78.4	49.1	50.1	19.8
Normalized Income After Taxes	-49.3	139.4	47.5	106.8	39.0
Normalized Inc. Avail to Com.	-41.1	141.6	55.1	106.5	37.4
Basic Normalized EPS	-0.16	0.57	0.22	0.43	0.15
Diluted Normalized EPS	-0.16	0.57	0.22	0.43	0.15
Interest Expense, Supplemental	45.3	43.1	42.3	26.7	-
Depreciation	100.4	101.6	97.0	95.3	91.9
Amortization	1.0	1.1	1.6	1.8	2.7
Income Tax	-1.5	79.0	-	50.6	19.8
Current Tax - Total	-1.5	79.0	-	50.6	19.8
Other Tax	15.4	0.0	-	0.0	0.0
Income Tax - Total	13.8	79.0	-	50.6	19.8

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986	0.719399	0.683971
Auditor	KPMG Auditores, SL	KPMG Auditores, SL	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Raw Materials	398.3	502.8	511.6	518.8	617.0
Work in Pogress	268.0	315.8	235.0	344.1	476.5
Finished Goods	769.3	952.3	890.9	1,035.3	1,604.9
Other Inventories	16.9	22.1	18.9	31.4	14.6
Advances	0.7	0.2	0.1	0.3	0.3
Trade Debtors	619.2	663.3	436.4	409.5	1,096.8
Consolid. Cies	-	-	1.1	0.6	0.5
Other Debtors	41.7	43.8	48.9	82.1	99.8
Provisions	-9.0	-8.6	-9.4	-7.9	-8.4
Short-Term Secs.	22.4	14.8	13.2	24.5	42.0
Tax Receivable	10.8	19.1	66.4	66.5	28.6
Other Current Assets	10.3	11.5	-	-	-
Cash Bank/Hand	101.9	65.2	57.0	83.3	244.6
ST Investments	111.8	87.1	48.1	27.5	-
Total Current Assets	2,362.4	2,689.5	2,318.2	2,615.9	4,217.0
Intangibles Amortiz.	-62.7	-59.6	-60.5	-50.9	-
Intangibles	72.1	72.4	73.7	66.2	-
Rights	-	-	-	-	3.4
Industry Property	-	-	-	-	35.4
Development	-	-	-	-	0.1
Other Intangibles	-	-	-	-	23.9
Amortisation	-	-	-	-	-48.8
Land/Buildings	867.4	864.5	857.3	716.8	701.6
Plant/Machinery	3,752.7	3,845.2	3,797.4	3,113.7	3,201.3
Otr. Fixed Asset	163.4	138.7	139.3	132.4	144.7
Construction	436.8	365.0	169.3	482.1	232.3
Depreciation	-2,642.6	-2,558.2	-2,445.8	-2,197.3	-2,195.5
Shareholdings	0.1	0.1	0.2	6.4	7.0
Financial Assets Held for Sale	16.1	23.5	18.8	21.1	6.8
Goodwill	89.7	92.7	99.2	96.1	101.1
Other Financial Assets	16.1	15.2	-	-	-
Deferred Tax	213.6	199.4	220.9	175.5	68.2
Other LT Assets	-	-	2.8	2.3	2.1
Total Assets	5,285.1	5,688.7	5,190.6	5,180.3	6,500.7
Bank Loans	446.6	633.7	867.5	559.9	1,001.8
Trade Creditors	924.4	895.3	502.8	402.6	949.6
Other Creditors	57.9	35.1	143.0	97.1	150.0
Taxes Payable	32.8	51.0	-	-	-
Dividends	32.4	81.9	0.2	34.8	-
Trade Provisions	14.2	14.2	7.6	6.3	14.3
Accruals	33.4	33.9	-	-	-
Financial Liabilities	14.8	17.0	6.9	1.5	0.9
Tax on Current Earnings	3.4	14.6	0.3	1.3	18.8
Total Current Liabilities	1,560.0	1,776.8	1,528.3	1,103.5	2,135.4
Bank Loans	918.0	972.3	779.3	855.9	591.6
Financial Leasing	-	-	-	-	0.0
Total Long Term Debt	918.0	972.3	779.3	855.9	591.6
Minority Int.	208.0	195.5	168.6	105.4	140.8
Provisions	18.2	19.6	63.5	59.7	37.4
Deferred Tax	313.5	317.7	294.5	345.0	358.4
Other LT Liabilities	26.1	11.8	2.4	3.0	2.2
Deferred Income	7.1	9.8	8.1	4.6	2.0
Total Liabilities	3,051.0	3,303.3	2,844.8	2,477.0	3,267.7
Share Capital	80.9	83.6	89.4	88.4	94.9
Share Premium	138.0	176.1	224.1	251.8	301.7
Reserves	2,050.5	2,083.5	2,685.1	2,815.4	2,766.4
Treasury Stock	-	-	0.0	-70.2	-8.0
Financial Assets for Sale	-10.2	-7.0	-	-	-
Hedge Operations	-16.7	-5.3	-	-	-
Currency Trans.	-71.7	-76.8	-323.9	-332.7	-340.7
Profit/Loss	95.7	164.7	-328.9	-14.5	456.6
Interim Dividend	-32.4	-33.4	0.0	-34.7	-37.8
Total Equity	2,234.1	2,385.3	2,345.9	2,703.3	3,233.0
Total Liabilities & Shareholders' Equity	5,285.1	5,688.7	5,190.6	5,180.3	6,500.7
S/O-Common Stock	249.3	249.3	249.3	249.7	259.5
Total Common Shares Outstanding	249.3	249.3	249.3	249.7	259.5
T/S-Common Stock	0.0	0.0	0.0	4.6	-
Deferred Income-LT	7.1	9.8	8.1	4.6	2.0
Accumulated Intangible Amortization	62.7	59.6	60.5	50.9	48.8
Full-Time Employees	7,372	7,381	7,328	7,577	7,450
LT Debt Maturing Within 1 Year	446.6	633.7	867.5	559.9	1,001.8
LT Debt Maturing Within 2 Years	315.4	321.5	32.7	139.7	4.6
LT Debt Maturing Within 3 Years	220.8	192.2	204.8	0.8	0.0
LT Debt Maturing Within 4 Years	126.0	132.7	126.7	79.2	0.0
LT Debt/ Remaining Maturities	255.8	325.9	415.1	636.2	587.0
Total Long Term Debt, Supplemental	1,364.7	1,606.0	1,646.8	1,415.8	1,593.5
Pension Obligation	1.5	1.4	1.3	-	-
Funded Status	-1.5	-1.4	-1.3	-	-
Post-Retirement Obligation	10.7	11.9	10.5	-	-
Funded Status - Post-Retirement	-10.7	-11.9	-10.5	-	-
Total Funded Status	-12.2	-13.3	-11.8	-	-

Interim Balance Sheet

As Reported

Financials in: USD (mil) Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.753463	0.770327	0.745323	0.689727	0.704672
Inventories	1,610.4	-	1,604.7	-	1,987.4
Raw Materials	-	398.3	-	585.2	-
Inventories in Progress	-	268.0	-	346.2	-
Finished Goods	-	769.3	-	977.5	-
Byproducts	-	16.9	-	36.0	-
Advances	-	0.7	-	0.2	-
Receivables	709.7	-	-	-	-
Debtors	-	610.2	641.4	766.8	865.1
Other Debtors	65.8	41.7	53.0	60.2	69.8
Fiscal Assets on Current Earnings	-	10.8	-	9.2	-
Investments	-	22.4	-	6.3	-
Other Current Assets	-	10.3	-	18.6	181.1
Cash Bank/Hand	369.7	213.7	278.9	88.1	-
Total Current Assets	2,755.6	2,362.4	2,577.9	2,894.4	3,103.4
Other Intangibles	-	72.1	-	81.1	-
Amortization of Intangibles	-	-62.7	-	-64.9	-
Tangibles	-	-	2,876.6	-	3,087.3
Lands and Buildings	-	867.4	-	911.3	-
Installations and Machines	-	3,752.7	-	4,022.1	-
Other Tangibles	-	163.4	-	148.9	-
Tangibles in Progress	-	436.8	-	390.2	-
Depreciation	-	-2,642.6	-	-2,770.9	-
Shareholdings	-	0.1	-	0.1	-
Investment Held for Sale	-	32.2	-	39.6	-
Goodwill	-	89.7	-	100.2	-
Deferred Income Tax	-	213.6	-	214.0	-
Other Long Term Assets	2,996.8	-	-	-	-
Adjustment	0.0	-	-	-	-
Total Assets	5,752.4	5,285.1	5,454.6	5,966.3	6,190.6
Bank/Overdrafts	310.5	446.6	578.2	807.6	697.7
Trade Creditors	796.3	826.8	618.2	658.2	948.4
Non-Trade Creditors	-	141.0	-	239.2	-
Trade Provisions	-	14.2	-	20.8	-
Fiscal Liabilities on Current Earings	-	3.4	-	15.7	-
Other Current Liabilities	335.5	113.2	318.2	78.7	394.7
Other Financial Liabilities	-	14.8	-	23.4	-
Total Current Liabilities	1,442.3	1,560.0	1,514.7	1,843.7	2,040.8
Bank Loans	1,409.6	918.0	1,104.7	1,145.2	1,057.6
Total Long Term Debt	1,409.6	918.0	1,104.7	1,145.2	1,057.6
Minority Int.	-	208.0	-	208.0	-
Deferred Tax	-	313.5	-	325.2	-
Provisions	-	18.2	-	18.7	-
Other Creditors	-	26.1	-	8.4	-
Other Long Term Liabilities	379.7	-	340.0	-	376.7
Deferred Income	-	7.1	-	14.5	-
Total Liabilities	3,231.6	3,051.0	2,959.3	3,563.8	3,475.1
Shareholders Equity	2,520.7	-	2,495.3	-	2,715.5
Share Capital	-	80.9	-	90.4	-
Share Premium	-	138.0	-	154.2	-
Other Reserves	-	2,050.5	-	2,308.8	-
Translation Diff.	-	-71.7	-	-287.6	-
Profit/Loss	-	95.7	-	147.6	-
Dividends	-	-32.4	-	0.0	-
Cover Operations	-	-16.7	-	0.4	-
Assets Held for Sale	-	-10.2	-	-11.3	-
Total Equity	2,520.7	2,234.1	2,495.3	2,402.4	2,715.5
Total Liabilities & Shareholders' Equity	5,752.4	5,285.1	5,454.6	5,966.3	6,190.6
S/O-Common Stock	249.3	249.3	249.3	249.3	249.3
Total Common Shares Outstanding	249.3	249.3	249.3	249.3	249.3
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Deferred Income-LT	-	7.1	-	14.5	-
Accumulated Intangibles Amortization	-	62.7	-	64.9	-
Full-Time Employees	7,340	7,372	7,430	7,438	7,438

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	KPMG Auditores, SL	KPMG Auditores, SL	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	184.4	255.0	-484.8	-24.5	627.8
Depreciation	204.1	195.7	174.0	178.2	176.0
Impairment Corrections	9.8	13.9	-170.9	53.9	0.0
Impairment/Financial Instruments	-	-	-	-1.6	0.0
Interest Paid	-82.0	-67.4	-64.9	-121.0	-125.9
Interest Received	4.6	1.7	3.5	8.7	11.3
Income Tax	-	-	51.7	-150.0	-328.0
Provisions	5.8	-12.6	5.5	-3.2	2.7
Financial Instruments	4.0	-1.9	15.5	-21.2	3.3
Financial Income	-11.4	-3.0	-4.3	-9.8	-12.0
Equity Result	0.0	0.1	0.1	0.3	-3.3
Sale of Assets	4.6	2.1	0.5	1.0	-1.5
Grants	-8.9	-2.9	-5.5	-8.5	-1.2
Inventories	263.6	-156.9	573.4	532.7	249.9
Debtors	-20.8	-167.4	70.2	588.6	221.3
Creditors	43.4	368.5	48.4	-458.8	-70.3
Financial Expenses	88.7	78.2	58.5	123.5	126.1
Other Income/Expenses	25.4	2.4	-8.5	37.3	-28.6
Tax Paid	-106.2	-34.7	-	-	-
Cash from Operating Activities	609.1	470.9	262.3	725.4	847.4
Purchase Intangibles	-5.2	-1.2	-1.0	-1.1	1.4
Purchase Tangibles	-246.7	-295.8	-320.4	-488.8	-287.0
Purchase Investments	-0.1	-0.2	-0.1	0.0	-2.7
Purchase Other Investment	-1.7	-13.5	-0.1	-0.5	-0.1
Sale Tangibles	1.2	0.2	0.7	1.1	9.4
Sale Intangibles	-	-	0.0	0.1	0.0
Sale Investments	0.2	0.2	0.2	8.5	0.0
Dividends Received	0.3	0.1	0.3	1.1	1.6
Other Investing	-	0.0	2.8	-	-
Cash from Investing Activities	-252.1	-310.2	-317.7	-479.7	-277.4
Purchase Own Shares	-	0.0	-4.6	-186.5	-7.5
Share Premium Fund	-34.7	-33.0	-34.7	-36.9	-35.5
Dividends	-121.3	-115.6	-121.4	-130.9	-127.5
LT Debts Paid	-459.9	-292.4	-237.4	-350.6	-775.8
LT Debts Received	281.1	308.2	391.5	319.6	548.0
Other External Contribution	48.2	15.5	53.1	-	-
Cash from Financing Activities	-286.6	-117.3	46.6	-385.3	-398.3
Foreign Exchange Effects	0.6	9.9	0.0	11.4	-2.5
Net Change in Cash	71.0	53.3	-8.9	-128.1	169.2
Cash Interest Paid	82.0	67.4	64.9	121.0	125.9
Cash Taxes Paid	106.2	34.7	51.7	150.0	328.0
Net cash-Beginning Balance	157.9	97.1	110.8	244.7	59.8
Net Cash-Ending Balance	228.9	150.4	101.9	116.5	228.9

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.762971	0.71919	0.711706	0.713558	0.731463
Net Income	60.0	184.4	227.8	219.5	140.1
Depreciation	48.4	204.1	154.1	102.7	51.1
Provisions	4.7	5.8	5.6	-3.2	-4.2
Value Corrections	-	9.8	-	33.7	-
Grants	-	-8.9	-	-2.0	-
Sale of Assets	-	4.6	-	-0.1	-
Financial Instruments Variation	-	4.0	-	20.0	-
Financial Income	-	-11.4	-	-2.9	-
Financial Expense	-	88.7	-	43.3	-
Equity in Affiliates	-	0.0	-	0.0	-
Other Income/Expense	-	25.4	-	-24.7	-
Receivables	-	-20.8	-	-129.2	-
Inventories	-	263.6	-	-152.1	-
Payables	-	43.4	-	-151.7	-
Other Adjustments	19.7	-	112.3	-	15.7
Inventories/Clients/Suppliers	-247.3	-	19.7	-	-156.4
Other Working Capital	18.3	-	-142.6	-	-16.7
Interest Paid	-	-82.0	-	-40.9	-
Interest Received	-	4.6	-	2.6	-
Taxes Paid	-0.7	-106.2	-71.0	-48.8	7.0
Financial Charges	-14.0	-	-61.0	-	-19.4
Rounding Adjustment	-	-	0.1	-	-
Cash from Operating Activities	-110.9	609.1	245.0	-133.8	17.2
Group Companies	-	-0.1	-	-0.1	-
Tangibles - Purchase	-39.8	-246.7	-181.1	-128.5	-62.6
Intangibles - Purchase	-	-5.2	-	-1.3	-
Other Financial Assets - Purchase	-	-1.7	-	-0.8	-
Tangibles - Sale	-	1.2	-	0.6	-
Other Financial Assets - Sale	-	0.2	-	0.2	-
Dividend Received	-	0.3	-	0.3	-
Other Financing CF	-0.1	-	-2.0	-	-1.0
Adjustment	0.1	-	-	-	-0.1
Cash from Investing Activities	-39.8	-252.1	-183.1	-129.6	-63.7
LT Debt Issued	-	281.1	-	258.2	-
LT Debt Reduction	-	-459.9	-	-6.6	-
Dividends Paid	-32.6	-121.3	-122.7	-69.9	-34.0
LT Debt, Net	320.9	-	80.4	-	54.4
Conversion Differences	-3.4	-	29.2	-	29.1
Other Financing Activities	0.0	13.5	0.7	16.3	0.1
Minority Interest	-	-	48.6	-	-
Adjustment	-	-	0.1	-	-
Cash from Financing Activities	284.8	-286.6	36.4	198.0	49.6
Foreign Exchange Effects	2.4	0.6	-5.6	-8.6	-3.4
Net Change in Cash	136.4	71.0	92.7	-74.0	-0.3
Cash Interest Paid	-	82.0	-	40.9	-
Cash Taxes Paid	0.7	106.2	71.0	48.8	-7.0
Net Cash - Beginning Balance	215.7	157.9	159.6	159.2	155.3
Net Cash - Ending Balance	351.9	228.9	252.2	85.1	154.9

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Spain	599.6	9.2 %	565.6	9.5 %	473.4	11.4 %	842.7	11.4 %	-	-
Europe	-	-	1,834.6	30.8 %	1,227.0	29.5 %	2,411.2	32.6 %	3,943.2	41.7 %
Americas	-	-	2,645.7	44.4 %	1,491.9	35.8 %	2,686.0	36.4 %	3,404.0	36 %
Africa	-	-	350.6	5.9 %	224.2	5.4 %	430.6	5.8 %	475.7	5 %
Asia	-	-	545.1	9.1 %	735.5	17.7 %	1,006.8	13.6 %	1,615.5	17.1 %
United States	2,536.9	39 %	-	-	-	-	-	-	-	-
Germany	440.5	6.8 %	-	-	-	-	-	-	-	-
South Africa	397.6	6.1 %	-	-	-	-	-	-	-	-
Italy	346.9	5.3 %	-	-	-	-	-	-	-	-
Canada	241.0	3.7 %	-	-	-	-	-	-	-	-
France	225.4	3.5 %	-	-	-	-	-	-	-	-
United Kingdom	180.6	2.8 %	-	-	-	-	-	-	-	-
Mexico	146.8	2.3 %	-	-	-	-	-	-	-	-
Malaysia	100.0	1.5 %	-	-	-	-	-	-	-	-
Rest of the World	1,281.1	19.7 %	18.8	0.3 %	11.1	0.3 %	10.0	0.1 %	6.7	0.1 %
Segment Total	6,496.5	100 %	5,960.3	100 %	4,163.0	100 %	7,387.3	100 %	9,445.0	100 %
Consolidated Total	6,496.5	100 %	5,960.3	100 %	4,163.0	100 %	7,387.3	100 %	9,445.0	100 %
Exchange Rate: EUR to USD	0.719190		0.755078		0.719047		0.683679		0.730637
Total Revenue USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Spain	599.6	9.2 %	565.6	9.5 %	473.4	11.4 %	842.7	11.4 %	-	-
Europe	-	-	1,834.6	30.8 %	1,227.0	29.5 %	2,411.2	32.6 %	3,943.2	41.7 %
Americas	-	-	2,645.7	44.4 %	1,491.9	35.8 %	2,686.0	36.4 %	3,404.0	36 %
Africa	-	-	350.6	5.9 %	224.2	5.4 %	430.6	5.8 %	475.7	5 %
Asia	-	-	545.1	9.1 %	735.5	17.7 %	1,006.8	13.6 %	1,615.5	17.1 %
United States	2,536.9	39 %	-	-	-	-	-	-	-	-
Germany	440.5	6.8 %	-	-	-	-	-	-	-	-
South Africa	397.6	6.1 %	-	-	-	-	-	-	-	-
Italy	346.9	5.3 %	-	-	-	-	-	-	-	-
Canada	241.0	3.7 %	-	-	-	-	-	-	-	-
France	225.4	3.5 %	-	-	-	-	-	-	-	-
United Kingdom	180.6	2.8 %	-	-	-	-	-	-	-	-
Mexico	146.8	2.3 %	-	-	-	-	-	-	-	-
Malaysia	100.0	1.5 %	-	-	-	-	-	-	-	-
Rest of the World	1,281.1	19.7 %	18.8	0.3 %	11.1	0.3 %	10.0	0.1 %	6.7	0.1 %
Segment Total	6,496.5	100 %	5,960.3	100 %	4,163.0	100 %	7,387.3	100 %	9,445.0	100 %
Consolidated Total	6,496.5	100 %	5,960.3	100 %	4,163.0	100 %	7,387.3	100 %	9,445.0	100 %
Exchange Rate: EUR to USD	0.719190		0.755078		0.719047		0.683679		0.730637

Total Assets USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Spain	1,217.0	23 %	1,285.4	22.6 %	1,286.1	24.8 %	1,567.5	30.3 %	-	-
Europe	605.2	11.5 %	748.0	13.1 %	795.1	15.3 %	825.8	15.9 %	3,006.8	46.3 %
Americas	1,930.4	36.5 %	2,050.7	36 %	2,039.2	39.3 %	2,029.9	39.2 %	2,217.4	34.1 %
Africa	719.8	13.6 %	927.9	16.3 %	723.4	13.9 %	625.6	12.1 %	1,070.9	16.5 %
Asia	812.5	15.4 %	676.5	11.9 %	346.7	6.7 %	131.2	2.5 %	205.1	3.2 %
Rest of the World	0.2	0 %	0.3	0 %	0.1	0 %	0.3	0 %	0.4	0 %
Segment Total	5,285.1	100 %	5,688.7	100 %	5,190.6	100 %	5,180.3	100 %	6,500.7	100 %
Consolidated Total	5,285.1	100 %	5,688.7	100 %	5,190.6	100 %	5,180.3	100 %	6,500.7	100 %
Exchange Rate: EUR to USD	0.770327		0.745406		0.696986		0.719399		0.683971
Purchase of Fixed Assets USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Spain	45.7	19.4 %	32.8	11.4 %	59.4	18.5 %	149.9	29.9 %	-	-
Europe	4.6	2 %	14.4	5 %	13.6	4.2 %	29.2	5.8 %	122.5	41.6 %
Americas	24.3	10.3 %	20.6	7.1 %	64.0	19.9 %	241.2	48.2 %	136.3	46.3 %
Africa	16.0	6.8 %	15.2	5.3 %	41.4	12.9 %	75.3	15 %	35.7	12.1 %
Asia	144.7	61.5 %	204.8	71.2 %	142.7	44.4 %	5.1	1 %	0.0	0 %
Rest of the World	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Segment Total	235.4	100 %	287.9	100 %	321.1	100 %	500.6	100 %	294.5	100 %
Consolidated Total	235.4	100 %	287.9	100 %	321.1	100 %	500.6	100 %	294.5	100 %
Exchange Rate: EUR to USD	0.719190		0.755078		0.719047		0.683679		0.730637

Geographic Segments

Financials in: As Reported (mil)

Interim

External Revenue USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Africa	91.9	5.7 %	188.5	6.5 %	111.1	7.4 %	219.7	6.1 %	106.3	5.5 %
America	828.9	51.4 %	1,436.6	49.3 %	693.3	46.2 %	1,596.3	44.5 %	877.2	45.4 %
Asia	90.3	5.6 %	243.8	8.4 %	140.6	9.4 %	327.5	9.1 %	187.4	9.7 %
Europe	469.3	29.1 %	784.2	26.9 %	544.6	36.3 %	1,073.1	29.9 %	753.6	39 %
Spain	129.0	8 %	249.7	8.6 %	-	-	351.0	9.8 %	-	-
Other Countries (Oceania)	3.2	0.2 %	10.8	0.4 %	9.8	0.7 %	20.8	0.6 %	9.7	0.5 %
Adjustment	-	-	-	-	-	-	-	-	-1.9	-0.1 %
Segment Total	1,612.6	100 %	2,913.7	100 %	1,499.4	100 %	3,588.3	100 %	1,932.2	100 %
Consolidated Total	1,612.6	100 %	2,913.7	100 %	1,499.4	100 %	3,588.3	100 %	1,932.2	100 %
Exchange Rate: EUR to USD	0.762971		0.724783		0.707825		0.713558		0.731463
Total Revenue USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Africa	91.9	5.7 %	188.5	6.5 %	111.1	7.4 %	219.7	6.1 %	106.3	5.5 %
America	828.9	51.4 %	1,436.6	49.3 %	693.3	46.2 %	1,596.3	44.5 %	877.2	45.4 %
Asia	90.3	5.6 %	243.8	8.4 %	140.6	9.4 %	327.5	9.1 %	187.4	9.7 %
Europe	469.3	29.1 %	784.2	26.9 %	544.6	36.3 %	1,073.1	29.9 %	753.6	39 %
Spain	129.0	8 %	249.7	8.6 %	-	-	351.0	9.8 %	-	-
Other Countries (Oceania)	3.2	0.2 %	10.8	0.4 %	9.8	0.7 %	20.8	0.6 %	9.7	0.5 %
Adjustment	-	-	-	-	-	-	-	-	-1.9	-0.1 %
Segment Total	1,612.6	100 %	2,913.7	100 %	1,499.4	100 %	3,588.3	100 %	1,932.2	100 %
Consolidated Total	1,612.6	100 %	2,913.7	100 %	1,499.4	100 %	3,588.3	100 %	1,932.2	100 %
Exchange Rate: EUR to USD	0.762971		0.724783		0.707825		0.713558		0.731463

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
	31-Dec-11			31-Dec-10				31-Dec-09				31-Dec-08					31-Dec-07
Primary Products	5,787.3	88.1 %		5,429.1		90.4 %		3,874.5			92.3 %	7,345.0			98.5 %		8,767.2		92.6 %
Large Products	996.8	15.2 %		838.8		14 %		447.5			10.7 %	949.4			12.7 %		1,197.5		12.6 %
Other	14.6	0.2 %		67.3		1.1 %		88.8			2.1 %	115.8			1.6 %		148.1		1.6 %
Unallocated	7.6	0.1 %		23.1		0.4 %		-			-	-			-		-		-
Adjustment	-233.7	-3.6 %		-354.6		-5.9 %		-214.5			-5.1 %	-951.5			-12.8 %		-642.9		-6.8 %
Segment Total	6,572.7	100 %		6,003.7		100 %		4,196.2			100 %	7,458.7			100 %		9,469.9		100 %
Consolidated Total	6,572.7	100 %		6,003.7		100 %		4,196.2			100 %	7,458.7			100 %		9,469.9		100 %
Exchange Rate: EUR to USD	0.719190			0.755078				0.719047				0.683679					0.730637
Intersegment Revenue USD (mil)
			31-Dec-11				31-Dec-10			31-Dec-09				31-Dec-08				31-Dec-07
Primary Products			-203.8		0 %		-320.5		0 %	-188.5			0 %	-896.6		0 %		-573.1		0 %
Large Products			-29.9		0 %		-34.1		0 %	-26.0			0 %	-54.8		0 %		-69.8		0 %
Other			0.0		0 %		0.0		0 %	0.0			0 %	0.0		0 %		0.0		0 %
Unallocated			0.0		0 %		0.0		0 %	-			-	-		-		-		-
Adjustment			233.7		0 %		354.6		0 %	214.5			0 %	951.5		0 %		642.9		0 %
Segment Total			0.0		0 %		0.0		0 %	0.0			0 %	0.0		0 %		0.0		0 %
Consolidated Total			0.0		0 %		0.0		0 %	0.0			0 %	0.0		0 %		0.0		0 %
Exchange Rate: EUR to USD			0.719190				0.755078			0.719047				0.683679				0.730637

Total Revenue USD (mil)
	31-Dec-11		31-Dec-10			31-Dec-09			31-Dec-08			31-Dec-07
Primary Products	5,583.5	85 %	5,108.6	85.1 %		3,685.9	87.8 %		6,448.4		86.5 %	8,194.1		86.5 %
Large Products	966.9	14.7 %	804.7	13.4 %		421.5	10 %		894.6		12 %	1,127.7		11.9 %
Other	14.6	0.2 %	67.3	1.1 %		88.8	2.1 %		115.8		1.6 %	148.1		1.6 %
Unallocated	7.6	0.1 %	23.1	0.4 %		-	-		-		-	-		-
Adjustment	0.0	0 %	0.0	0 %		0.0	0 %		0.0		0 %	0.0		0 %
Segment Total	6,572.7	100 %	6,003.7	100 %		4,196.2	100 %		7,458.7		100 %	9,469.9		100 %
Consolidated Total	6,572.7	100 %	6,003.7	100 %		4,196.2	100 %		7,458.7		100 %	9,469.9		100 %
Exchange Rate: EUR to USD	0.719190		0.755078			0.719047			0.683679			0.730637
Gross Profit USD (mil)
					31-Dec-11					31-Dec-10
Primary Products					372.7			79 %		426.4			84.7 %
Large Products					109.7			23.3 %		66.6			13.2 %
Other					3.1			0.7 %		6.9			1.4 %
Unallocated					-13.8			-2.9 %		3.3			0.7 %
Adjustment					0.0			0 %		0.0			0 %
Segment Total					471.7			100 %		503.2			100 %
Consolidated Total					471.7			100 %		503.2			100 %
Exchange Rate: EUR to USD					0.719190					0.755078

Gross Margin (%)
					31-Dec-11					31-Dec-10
Primary Products					6.7				-	8.3				-
Large Products					11.4				-	8.3				-
Other					21.1				-	10.2				-
Unallocated					-182.9				-	14.5				-
Segment Total					7.2				-	8.4				-
Consolidated Total					7.2				-	8.4				-
Depreciation USD (mil)
	31-Dec-11		31-Dec-10			31-Dec-09		31-Dec-08				31-Dec-07
Primary Products	184.8	90.5 %	177.4	90.6 %		155.1	89.2 %	155.5			87.2 %	155.8	88.6 %
Large Products	18.2	8.9 %	18.0	9.2 %		18.4	10.6 %	22.3			12.5 %	19.7	11.2 %
Other	0.3	0.2 %	0.3	0.2 %		0.4	0.2 %	0.5			0.3 %	0.4	0.2 %
Unallocated	0.8	0.4 %	0.0	0 %		-	-	-			-	-	-
Adjustment	0.0	0 %	0.0	0 %		0.0	0 %	0.0			0 %	0.0	0 %
Segment Total	204.1	100 %	195.7	100 %		174.0	100 %	178.2			100 %	176.0	100 %
Consolidated Total	204.1	100 %	195.7	100 %		174.0	100 %	178.2			100 %	176.0	100 %
Exchange Rate: EUR to USD	0.719190		0.755078			0.719047		0.683679				0.730637

Income Before Tax USD (mil)
	31-Dec-11			31-Dec-10				31-Dec-09				31-Dec-08					31-Dec-07
Primary Products	127.8	69.3 %		226.0		88.7 %		-403.3			83.2 %	-7.3			29.8 %		564.6		89.9 %
Large Products	91.0	49.3 %		47.3		18.6 %		-91.0			18.8 %	-10.2			41.7 %		68.3		10.9 %
Other	2.3	1.3 %		6.2		2.4 %		9.5			-2 %	-7.0			28.5 %		-9.2		-1.5 %
Unallocated	-36.7	-19.9 %		-24.6		-9.7 %		-			-	-			-		-		-
Adjustment	0.0	0 %		0.0		0 %		0.0			0 %	6.4			-26 %		4.2		0.7 %
Segment Total	184.4	100 %		255.0		100 %		-484.8			100 %	-24.5			100 %		627.8		100 %
Consolidated Total	184.4	100 %		255.0		100 %		-484.8			100 %	-24.5			100 %		627.8		100 %
Exchange Rate: EUR to USD	0.719190			0.755078				0.719047				0.683679					0.730637
Pre-Tax Margin (%)
			31-Dec-11				31-Dec-10			31-Dec-09				31-Dec-08				31-Dec-07
Primary Products			2.3		-		4.4		-	-10.9			-	-0.1		-		6.9		-
Large Products			9.4		-		5.9		-	-21.6			-	-1.1		-		6.1		-
Other			16.0		-		9.3		-	10.7			-	-6.0		-		-6.2		-
Unallocated			-485.2		-		-106.7		-	-			-	-		-		-		-
Adjustment			-		-		-		-	-			-	-		-		-0.7		-
Segment Total			2.8		-		4.2		-	-11.6			-	-0.3		-		6.6		-
Consolidated Total			2.8		-		4.2		-	-11.6			-	-0.3		-		6.6		-

Total Income Tax USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Primary Products	45.3	49 %	76.2	76.5 %	152.4	100.9 %	5.9	51.9 %	181.4	92.2 %
Large Products	32.8	35.5 %	15.7	15.8 %	-0.4	-0.3 %	3.8	33.6 %	16.6	8.4 %
Other	0.6	0.7 %	1.8	1.8 %	-0.9	-0.6 %	1.7	14.6 %	-2.6	-1.3 %
Unallocated	13.7	14.8 %	5.9	5.9 %	-	-	-	-	-	-
Adjustment	0.0	0 %	0.0	0 %	0.0	0 %	-1.9	-16.6 %	1.2	0.6 %
Segment Total	92.4	100 %	99.7	100 %	151.0	100 %	11.4	100 %	196.7	100 %
Consolidated Total	92.4	100 %	99.7	100 %	151.0	100 %	11.4	100 %	196.7	100 %
Exchange Rate: EUR to USD	0.719190		0.755078		0.719047		0.683679		0.730637
Income After Tax USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Primary Products	82.5	89.6 %	149.8	96.5 %	-250.9	75.2 %	-1.4	10.5 %	383.2	88.9 %
Large Products	58.2	63.2 %	31.6	20.3 %	-91.4	27.4 %	-6.4	48.8 %	51.7	12 %
Other	1.7	1.9 %	4.4	2.9 %	8.6	-2.6 %	-5.3	40.7 %	-6.7	-1.6 %
Unallocated	-50.4	-54.8 %	-30.5	-19.7 %	-	-	-	-	-	-
Adjustment	0.0	0 %	0.0	0 %	0.0	0 %	4.5	-34.3 %	3.0	0.7 %
Segment Total	92.0	100 %	155.3	100 %	-333.8	100 %	-13.1	100 %	431.1	100 %
Consolidated Total	92.0	100 %	155.3	100 %	-333.8	100 %	-13.1	100 %	431.1	100 %
Exchange Rate: EUR to USD	0.719190		0.755078		0.719047		0.683679		0.730637

Net Profit Margin (%)
		31-Dec-11				31-Dec-10			31-Dec-09		31-Dec-08				31-Dec-07
Primary Products		1.5		-		2.9		-	-6.8	-	0.0		-		4.7		-
Large Products		6.0		-		3.9		-	-21.7	-	-0.7		-		4.6		-
Other		11.9		-		6.6		-	9.7	-	-4.6		-		-4.5		-
Unallocated		-666.0		-		-132.3		-	-	-	-		-		-		-
Adjustment		-		-		-		-	-	-	-		-		-0.5		-
Segment Total		1.4		-		2.6		-	-8.0	-	-0.2		-		4.6		-
Consolidated Total		1.4		-		2.6		-	-8.0	-	-0.2		-		4.6		-
Total Assets USD (mil)
	31-Dec-11		31-Dec-10				31-Dec-09			31-Dec-08				31-Dec-07
Primary Products	4,909.3	92.9 %	5,132.7		90.2 %		4,759.8		91.7 %	4,678.4		90.3 %		5,849.4		90 %
Large Products	209.3	4 %	371.3		6.5 %		350.2		6.7 %	416.4		8 %		535.4		8.2 %
Other	29.7	0.6 %	31.8		0.6 %		80.6		1.6 %	85.6		1.7 %		100.8		1.6 %
Unallocated	136.8	2.6 %	152.9		2.7 %		-		-	-		-		-		-
Adjustment	0.0	0 %	0.0		0 %		0.0		0 %	20.2		0.4 %		15.1		0.2 %
Segment Total	5,285.1	100 %	5,688.7		100 %		5,190.6		100 %	5,180.3		100 %		6,500.7		100 %
Consolidated Total	5,285.1	100 %	5,688.7		100 %		5,190.6		100 %	5,180.3		100 %		6,500.7		100 %
Exchange Rate: EUR to USD	0.770327		0.745406				0.696986			0.719399				0.683971

Total Liabilities USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Primary Products	1,477.0	52 %	1,793.8	57.7 %	2,417.6	90.3 %	2,093.6	88.3 %	2,752.0	88 %
Large Products	90.6	3.2 %	299.3	9.6 %	218.6	8.2 %	198.5	8.4 %	275.1	8.8 %
Other	29.5	1 %	58.8	1.9 %	40.0	1.5 %	79.7	3.4 %	93.0	3 %
Unallocated	1,246.0	43.8 %	956.0	30.8 %	-	-	-	-	-	-
Adjustment	0.0	0 %	0.0	0 %	0.0	0 %	8.1	0.3 %	6.9	0.2 %
Segment Total	2,843.0	100 %	3,107.9	100 %	2,676.2	100 %	2,371.7	100 %	3,126.9	100 %
Consolidated Total	2,843.0	100 %	3,107.9	100 %	2,676.2	100 %	2,371.7	100 %	3,126.9	100 %
Exchange Rate: EUR to USD	0.770327		0.745406		0.696986		0.719399		0.683971
Purchase of Fixed Assets USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Primary Products	218.1	92.7 %	283.7	99 %	313.9	97.8 %	483.2	96.5 %	270.1	91.7 %
Large Products	16.7	7.1 %	2.9	1 %	7.2	2.2 %	17.4	3.5 %	24.4	8.3 %
Other	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Unallocated	0.6	0.2 %	0.0	0 %	-	-	-	-	-	-
Adjustment	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Segment Total	235.4	100 %	286.5	100 %	321.1	100 %	500.6	100 %	294.5	100 %
Consolidated Total	235.4	100 %	286.5	100 %	321.1	100 %	500.6	100 %	294.5	100 %
Exchange Rate: EUR to USD	0.719190		0.755078		0.719047		0.683679		0.730637

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue USD (mil)
	31-Dec-11		30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09
Plane Stainless Steel Products	5,787.3	85.1 %	3,032.9	83.3 %	2,946.3	85 %	2,512.3	86.5 %	2,381.2	87.7 %
Large Stainless Steel Products	996.8	14.7 %	564.2	15.5 %	487.3	14.1 %	351.4	12.1 %	276.2	10.2 %
Other Stainless Steel Products	14.6	0.2 %	42.5	1.2 %	34.0	1 %	39.7	1.4 %	57.5	2.1 %
Segment Total	6,798.8	100 %	3,639.6	100 %	3,467.5	100 %	2,903.4	100 %	2,714.9	100 %
Eliminations	-226.2	-3.3 %	-	-	-354.3	-10.2 %	-	-	-224.0	-8.3 %
Consolidated Total	6,572.7	96.7 %	3,639.6	100 %	3,113.3	89.8 %	2,903.4	100 %	2,490.9	91.7 %
Exchange Rate: EUR to USD	0.719190		0.713558		0.755770		0.754409		0.688522
Intersegment Revenue USD (mil)
	31-Dec-11		30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09
Plane Stainless Steel Products	-203.8	87.2 %	-93.3	85.8 %	-161.2	90 %	-159.2	90.8 %	-283.8	87.3 %
Large Stainless Steel Products	-29.9	12.8 %	-15.4	14.2 %	-18.0	10 %	-16.2	9.2 %	-41.3	12.7 %
Other Stainless Steel Products	0.0	0 %	-	-	0.0	0 %	-	-	0.0	0 %
Segment Total	-233.7	100 %	-108.7	100 %	-179.2	100 %	-175.4	100 %	-325.1	100 %
Eliminations	233.7	-100 %	108.7	-100 %	179.2	-100 %	175.4	-100 %	325.1	-100 %
Consolidated Total	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Exchange Rate: EUR to USD	0.719190		0.713558		0.755770		0.754409		0.688522

Total Revenue USD (mil)
	31-Dec-11					30-Jun-11			31-Dec-10		30-Jun-10				31-Dec-09
Plane Stainless Steel Products	5,583.5		85 %			2,939.7		83.3 %	2,785.1	84.7 %	2,353.1		86.3 %		2,097.4		87.8 %
Large Stainless Steel Products	966.9		14.7 %			548.8		15.5 %	469.3	14.3 %	335.3		12.3 %		234.9		9.8 %
Other Stainless Steel Products	14.6		0.2 %			42.5		1.2 %	34.0	1 %	39.7		1.5 %		57.5		2.4 %
Segment Total	6,565.1		100 %			3,530.9		100 %	3,288.3	100 %	2,728.1		100 %		2,389.8		100 %
Eliminations	7.6		0.1 %			108.7		3.1 %	-175.1	-5.3 %	175.4		6.4 %		101.1		4.2 %
Consolidated Total	6,572.7		100.1 %			3,639.6		103.1 %	3,113.3	94.7 %	2,903.4		106.4 %		2,490.9		104.2 %
Exchange Rate: EUR to USD	0.719190					0.713558			0.755770		0.754409				0.688522
Income Before Tax USD (mil)
		31-Dec-11			30-Jun-11				31-Dec-10			30-Jun-10				31-Dec-09
Plane Stainless Steel Products		127.8		57.8 %	134.9		62.4 %		61.8	62.4 %		135.9		87.1 %		58.3		93.3 %
Large Stainless Steel Products		91.0		41.2 %	79.0		36.6 %		28.7	29 %		18.6		11.9 %		-13.0		-20.8 %
Other Stainless Steel Products		2.3		1.1 %	2.2		1 %		8.5	8.6 %		1.5		1 %		17.2		27.5 %
Segment Total		221.1		100 %	216.2		100 %		99.0	100 %		156.0		100 %		62.5		100 %
Eliminations		-36.7		-16.6 %	3.4		1.6 %		-2.4	-2.5 %		2.4		1.6 %		-3.8		-6 %
Consolidated Total		184.4		83.4 %	219.5		101.6 %		96.6	97.5 %		158.4		101.6 %		58.8		94 %
Exchange Rate: EUR to USD		0.719190			0.713558				0.755770			0.754409				0.688522

Pre-Tax Margin (%)
	31-Dec-11		30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09
Plane Stainless Steel Products	2.3	-	4.6	-	2.2	-	5.8	-	2.8	-
Large Stainless Steel Products	9.4	-	14.4	-	6.1	-	5.5	-	-5.5	-
Other Stainless Steel Products	16.0	-	5.2	-	25.0	-	3.7	-	30.0	-
Segment Total	3.4	-	6.1	-	3.0	-	5.7	-	2.6	-
Eliminations	-485.2	-	3.1	-	1.4	-	1.4	-	-3.7	-
Consolidated Total	2.8	-	6.0	-	3.1	-	5.5	-	2.4	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.50
UK Pound	1	Rs.85.58
Euro	1	Rs.69.30

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.