CORPORATE PRESENTATION - SEPTEMBER 2019 - ELVALHALCOR

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CORPORATE PRESENTATION - SEPTEMBER 2019 - ELVALHALCOR
September 2019   Corporate Presentation
                                          1
CORPORATE PRESENTATION - SEPTEMBER 2019 - ELVALHALCOR
Table of Contents

Section 1.     ElvalHalcor Overview             Page   3
Section 2.     Market Update                    Page   14
Section 3.     Aluminium Segment                Page   18
Section 4.     Copper Segment                   Page   25
Section 5.     Financial Information            Page   32

Appendix I.    Company History                  Page   45
Appendix II.   Sustainable Development Policy   Page   48

                                                            2
CORPORATE PRESENTATION - SEPTEMBER 2019 - ELVALHALCOR
ElvalHalcor Overview
CORPORATE PRESENTATION - SEPTEMBER 2019 - ELVALHALCOR
ElvalHalcor at a Glance

ElvalHalcor is a Greek-based leading global player in the non-ferrous metals industry

                       Key Highlights

 Leading global manufacturer of aluminium and copper
  products, formed in December 2017 via the merger of Elval           2.1               1.9                142
  and Halcor                                                       EUR billion       EUR billion      EUR million adj.
                                                                    revenue         total exports        EBITDA
 More than 80 years of experience

 Ranks amongst the biggest global non-ferrous metal
  industry producers

 Commercial export orientation with well-balanced
                                                                                                        European
  international presence across more than 100 countries
                                                                     482              Νο.1               leading
                                                                                   Copper tubes        positions in
                                                                 Thousand tons
 Solid client base comprising blue chip, sector-leading         volume of sales
                                                                                    producer in        aluminium
  companies                                                                           Europe            products

 Strong production base across 14 industrial units in Greece,
  Bulgaria, Turkey and the Netherlands

 Investment plan €150m in Aluminium segment which is
  expected to increase total output by c.20% upon completion         102                14                >500
                                                                   Countries                           EUR million
                                                                                   State of the art
                                                                  products are                         investments
 Listed on Athens Stock Exchange.                                                   production
                                                                                                      during the last
                                                                    shipped            plants
                                                                                                         10 years

                                                                                                                         4
CORPORATE PRESENTATION - SEPTEMBER 2019 - ELVALHALCOR
Corporate Structure Overview

                                           (1)

                                                                    Other Shareholders

                                 91.4%                                    8.6%

                               100%                                          89%
                                          Other Participations
                                        • Cenergy Holdings (25%)
                               100% • Elkeme (93%)                           100%
                                        • International Trade (28%)
      Aluminium

                                                                                                                                  Copper
                               100%                                          100%

                                49%                                          50%

                                                                                                                 Isitma

                                50%                                          50%

                                   1.    Viohalco S.A. is a Belgium-based holding company of leading metal processing companies
                                         across Europe. It is dual listed on the Brussels and the Athens Stock Exchanges                   5
                                   2.    UACJ ElvalHalcor , HC Isitma and Nedzink are JVs
CORPORATE PRESENTATION - SEPTEMBER 2019 - ELVALHALCOR
International Focus

Highly extrovert business model with solid presence in more than 100 countries around the globe and
revenues generated abroad representing over 92% of total turnover
Group turnover (FY’18)

                                                                         13%
                                                                       Germany
                                                              Netherlands(1)              9%
                                                        6% UK                              Other Europe
                                                                                             (non-EU)
                                                          8%
                                          10%              France
                                         America
                                                                25%                 8%
                                                                               12% Greece                             6%
                                                               Other EU
                                                                                Italy                                 Asia

                                                                                                            3%
  Production facilities                                                                            Africa & Oceania

       Bulgaria

                             Turkey(1)

                    Greece

                                                   1.   NedZink B.V. and HC Isitma production facilities are JVs
                                                                                                                             6
CORPORATE PRESENTATION - SEPTEMBER 2019 - ELVALHALCOR
Position in the Value Chain
Aluminium

                                                                                                       Manufacturing
                                                                                                                                       Client
                Mining                      Refining                  Smelting
                                                                                                                                       Industry
                                                                                         Casting            Rolling        Finishing

            Extracting Bauxite        Alumina refinery         Electrolytic         Producing basic   Reshaping into     Finalizing
            from mine                                          converting to        shapes: slabs     intermediary       products
                                                               primary aluminium                      products

                                              Leaching and Electrowining                               Manufacturing
                                                                                                                                         Client
Copper

                 Mining
                                                                                                                                        Industry
                                                                                                           Rolling/
                                           Smelting                 Refining             Casting                          Finishing
                                                                                                          Extruding

            Extracting ore from    Purifying to copper    Electrolytic converting   Producing basic   Reshaping into   Finalizing
            mine (crushing,        anodes (99% pure)      to cathodes (99.9999%     shapes: rods,     intermediary     products
            grinding, flotation,                          pure)                     slabs, billets    products
            concentrating)

                                                                                                                                                   7
CORPORATE PRESENTATION - SEPTEMBER 2019 - ELVALHALCOR
Pass-through Business Model

Focus on maximizing Net Added Value, with limited exposure to commodity price volatility

   ElvalHalcor purchases primary copper and aluminium, scrap and alloying metals to re-melt the materials and create products.
   Majority of cost of raw materials is directly linked to LME metal price, which is passed on to customers.
   ElvalHalcor creates net added value primarily through a fabrication cost mark-up.
           Premiums are charged on top of LME prices including (i) premium to cover cost of receiving physical metal, (ii) any regional premiums,
            and (iii) a conversion price, representing cost and margin on manufacturing the final product
   As a result, ElvalHalcor has minimal net exposure to aluminium and copper prices.
                                                                                                                             Sales Price
                                                                                                                           EH Added Value
                                                                                                 Net Added Value           (Fabrication and
                                                                                                                         Transportation Cost
                                                                                                                              Mark-up)
                       Raw Material Costs                            Scrap Result
                                                                                                                                LME
                                                                      +Premium
                                                                                                                              Premium

              Scrap:
      LME price net of scrap                Metal Result
      rebates and contained
      alloying metal rebates

                                                                                                                             LME Metal
                                                                                                                               Price
       Primary Aluminium,                                        Pass-through of raw material cost
                                      Raw Material Costs:                                      RawtoMaterial
                                                                                                     customers
                                                                                                             Costs:
       Copper and Alloys:
                                         Accounting                                                Accounting
        LME Metal Price &
                                          Valuation                                                 Valuation
          LME Premium

                                                                                                                                                     8
CORPORATE PRESENTATION - SEPTEMBER 2019 - ELVALHALCOR
Financial Highlights FY 2018

                              FY 2017                                 FY 2018                                              2017 vs 2018
              Revenue : €1,863m                   Revenue: €2,118m                                           Revenue growth

                                                                                                                                 Increase driven by
                                                                                                             +14%
Revenue(1)

                                   921                                                                                           growth in volumes by
                                                                 1,079          1,039
                          942      49%                                                                                           8.8% at Copper segment
                                                                  51%            49%
                          51%                                                                                                    and 7.0% at Aluminium
                                                                                                                                 segment.

              EBITDA: €160m                       EBITDA: €165m                                               EBITDA evolution

                                   50                                         47                                +3%              EBITDA positively driven
EBITDA(1)

                                  31%                                        28%
                                                                                                                                 by evolution of sales, but
                           110                                        118                                                        with less metal cost.
                           69%                                        72%

              a-EBITDA: €129m                     a-EBITDA: €142m                                             a-EBITDA growth

                                                                                                              +10%               Reflecting the positive
a-EBITDA(2)

                                    41                                           46                                              evolution of the
                                   33%                                          32%
                           88                                       96                                                           operational profitability.
                          67%                                      68%

                                                                                                                                     €0.03
                     Aluminium           Copper
                                                                                                                                      DPS
                                                    1.   Pro forma like-for-like financials
                                                    2.   a-EBITDA refers to EBITDA excluding effect from Metal Result                                         9
CORPORATE PRESENTATION - SEPTEMBER 2019 - ELVALHALCOR
Financial Highlights H1’19

                            H1 ‘18                                   H1 ‘19                                            H1’18 vs H1’19
           Revenue: €1,053m                     Revenue: €1,081m                                            Revenue

                                                                                                                           Increase driven by
                                                                                                             +3%
Revenue

                                 535                                                                                       evolution of volumes by
                                                                536           545
                       518       51%
                                                                              51%                                          4.1% in the Aluminium
                                                                49%
                       49%                                                                                                 segment and 3.2% in the
                                                                                                                           Copper segment.

           EBITDA: €82m                         EBITDA: €70m                                                EBITDA

                                 30                                         20                               - 14%
                                                                                                                           EBITDA reduced, as a
EBITDΑ

                                37%                                        29%
                                                                                                                           result of the declining
                           52                                        50                                                    metal prices.
                          63%                                       71%

           a-EBITDA: €68m                       a-EBITDA: €78m                                              a-EBITDA

                                                                                                            +15%           Positively affected by the
a-EBITDA

                                  24                                           25
                                 33%                                          32%                                          increase of volumes sold
                                                                  53
                        44                                                                                                 as well as the
                       67%                                       68%
                                                                                                                           operational profitability.

                  Aluminium            Copper

                                                  a-EBITDA refers to EBITDA excluding effect from Metal Result
                                                                                                                                                     10
Overview of Growth Drivers

The increasing global demand for lighter products in the automotive industry and for more efficient means of electricity/energy
transportation constitute the main growth drivers for aluminium and copper respectively

     Climate change initiatives                       Energy efficiency                                        Lighter products

                                                                                        Efficiency
              Decrease

             emmisions

                                                Change of energy sources

                                                    Increase               Decrease
                                                    Renewable              Coal / Oil                            Lighter products
                                                    natural gas

                                                                                                     Aluminium                      Electric cars
                                                                                                     Strong momentum          Strong momentum
                                                                                                     for aluminium           for copper used for
                                                                                                     products                  electricity / energy
                                                                                                                                   transportation

                                                                                                                                                      11
Overview of Growth Drivers

Global effort for reduction of plastic pollution is leading to increased demand for fully recyclable materials like aluminium.

                                                    The aluminum can is by far the most recycled beverage container
                                                    by consumers. The closed loop nature of aluminum can recycling,
                                                    and the metal’s inherent high value in the recycling stream, drive a
                                                              virtuous environmental and economic cycle.

                                                      Source: The Aluminium Association                                          12
Strategic Priorities

Capitalizing on market trends and own strengths to accelerate EBITDA growth

                          Situation Overview / Actions                                                               Expected Outcome

                                                                                                            Increase Installed Capacity (‘000tn)(1)

             Currently operating at full capacity allowing for                                                            +20%             350
Aluminium

              improving sales/product mix profitability.                                                       293

             New €150m investment to boost capacity by 57,000tn
              (or c.20% of existing capacity), further improve cost and
              quality and lay foundations for further expansion.

                                                                                                               2018                       2020F

                                                                                                               Increase Capacity Utilization(2)

             Turnaround of FRP Copper and alloy unit, allowing
              double-digit growth rate taking advantage of excess
Copper

              capacity and favourable market dynamics.
                                                                                                               65%

             High capacity utilization for tube plants and market
              positioning driving sales mix profitability.

                                                                                                               2018                       2022F

                                                           1.     Refers to the main Aluminium FRP plant
                                                           2.     Refers to Sofia Med’s plant in Bulgaria                                             13
Market Update
Diversified Exposure to Structural Attractive and Growing Markets

                      Global growth and urbanization with energy efficiency and sector specific trends…

                                                                Growth and Urbanisation                                                                                                                       Energy Efficiency

                       Accelerating Growth Across Developed and Emerging Economies                                                                                                    Key Climate Change Legislation and Targets in EH Geographies
                                                                                                                                                                                    20-fold increase in the number of global climate change laws since 1997
       16
                                                                                                                                                                                    Key EU targets for 2020 (Europe 2020 Strategy)
Real GDP Growth, Δ%

       12                                                                                                                                                                              At least 20% cut in greenhouse gas emissions compared with 1990
                8                                                                                                                                                                      Increase renewable energy’s share of total consumption to 20%
                                                                                                                                                                                       Move towards a 20% increase in energy efficiency
                4
                                                                                                                                                                                    The EU is part of the new global climate agreement (Paris Agreement)
                0
                                                                                                                                                                                     agreed in 2015 and due to be implemented from 2020
                      1984

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                                                                               2000

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                                                                                                                     2010

                                                                                                                            2012

                                                                                                                                   2014

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                                                                                                                                                  2018

                                                                                                                                                           2020F

                                                                                                                                                                   2022F

                                                                                                                                                                           2024F
           -4                                                                                                                                                                       The EU has committed to a second phase of the Kyoto Protocol running
           -8                                                                                                                                                                        from 2013 to 2020
                                     Advanced economies                       European Union                       Emerging market and developing economies

  -12                                                                                                                                                                               Aluminium is the cleanest packing material

                                                                                                                                                                                                                                                            (1)
                                                          Global Working Population (bn)                                                                                                  Consumer Recycling Rate for Competing Packaging Types

                                                                                                                                                                   5,4              60%
                                                                                                                                                  5,3                                             50%
                                                                                                                                   5,3                                              50%
                                                                                                                      5,2
                                                                                             5,1        5,1                                                                         40%
                                                                              5,1
                                                                                                                                                                                                                        26%                    29%
                                                                5,0                                                                                                                 30%
                                                  4,9
                                    4,9                                                                                                                                             20%
                        4,8
                                                                                                                                                                                    10%

                                                                                                                                                                                     0%

                                                                                                                                                                                           Aluminium Cans           Glass Bottle           Plastic Bottle
                      2012 2013 2014 2015 2016 2017 2018 2019F 2020F 2021F 2022F

                                                                                                       Source: CRU, IMF                      1.          Source: The Aluminium Association
                                                                                                                                                                                                                                                                  15
Diversified Exposure to Structural Attractive and Growing Markets

 …driving demand growth for aluminium and copper

 Increasing GDP leads to demand for Aluminium and Copper, providing an attractive market backdrop for ElvalHalcor
 Increasing global working population leads to demand for copper and aluminium through increasing residential construction and household uses such as
  plumbing, air conditioning systems and electrical appliances
 Higher focus on energy efficiency and fuel efficiency standards is leading to light-weighting of vehicles through the use of aluminium and increasing
  demand for hybrid and electric vehicles which have high copper content

                               Aluminium Demand (mt)                                                                            Copper Demand (mt)

  100                                                                                CAGR           30                                                                               CAGR

                                                                                                                                 25            25      25         25         25
                                                                              81                                      25
                                                                    76               2.2%                                                                                             4.0%
                                                                                                            23
                                                72       74                                                                                                                           3.8%
   75                             69                                                 4.2%
           64
                         66                                                          1.3%(3)                                                                                          1.9%
                                                                                                    20
                                                                                     2.5%                                                                                             2.6%
   50

                                                                                     3.4%                                                                                             0.7%
                                                                                                    10
   25

    0                                                                                               0
          2017          2018     2019F         2020F   2021F      2022F     2025F                         2017       2018       2019F      2020F     2021F      2022F      2025F
               (1)                       (2)                                                                 (1)                         (2)
        Asia         Americas    Europe         Middle East & Turkey       Others                        Asia      Americas      Europe        Middle East & Turkey       Others

                                                 Source: CRU, European Aluminium Association   1.    Excluding MEA and Turkey     3.    European Aluminium Association estimates an
                                                                                               2.    Excluding Russia                   increase in consumption of 3% per annum for ‘18-’22   16
Diversified Exposure to Structural Attractive and Growing Markets

 Selling product into diverse end markets that are expected to grow or have limited sensitivity to economic
 cycles
                       European Aluminium             European Copper
Product Categories                                                                            Key Macro Drivers                                  Effect on ElvalHalcor
                       Market Size (‘000 tn)(1)     Market Size (‘000 tn)(1),(2)

23%                                                                                                                                  Increase market share of high margin wide, tension
                                                                                       Manufacturing activity and industrial         levelled aluminium sheets and coils for the renewable
Industrial                      614                                                     growth in emerging countries                  energy sector
                                                              158                      Increased demand for solar panels, wind      Long delivery times of competition is giving EH a
Applications                                                                            turbines, high frequency cables               great opportunity having installed the APS and having
                                2017                         2016
                                                                                                                                      made the investments to increase capacity

18%                                                                                    Stable, resilient end markets linked to
                                                                                        population and GDP growth                    Ability to increase market share, obtain large volumes
Rigid Packaging                 227
                                                              NA                       Consumer spending and preferences             and secure long term contracts with can-makers
(Food, Beverage)                2017                                                   Recycling rates and regulations

                                                                                       Regulations limiting lead content in
16%                                                                                                                                  Regulatory driven growth in low-lead and lead-free
                                                                                        potable water plumbing fixtures
                                                                                                                                      copper alloys is expected
Building and                    547
                                                                                       Population growth – Urbanization
                                                                                                                                     Utilize the painting line’s capacity further so as to
                                                              282                      Mature region housing recovery
Construction                                                                           Energy neutral buildings
                                                                                                                                      serve diversified geographical areas (USA, Asia,
                                2017                                                                                                  Australia)
                                                            2016                       Environmental legislations

14%                                                                                    Consumer spending
                                                                                                                                     Capture the opportunity to penetrate further the high
Flexible Packaging              864                                                    Take away and prepackaged food
                                                                                                                                      margin blister pharma and inner-liner tobacco sub-
                                                                                        demand
(Food, Pharmac-                                               NA                                                                      sectors
                                                                                       Industrial production
eutical, Tobacco)               2017

                                                                                                                                     Demand for Strip connectors and Bus bars expected
15%
                                                                                       Substitution of steel from Aluminium due      to double in the next 3-5 years
Automotive &                    136                                                     to light-weighting of vehicles               Increased participation in the automotive sector
Commercial                       7
                                                                                       Automobile production by model/car size      Competitors are shifting focus towards the
Transportation                                                134                      Fuel efficiency standards                     automotive sector without increasing their hot mill
                                                                                       Electric vehicle production                   capacity which creates opportunities for EH to
                                2017
                                                             2016                                                                     increase market share in other applications

 6%                                                                                                                                  Energy transfer demand will increase in certain
                                                                                       Capital investment
                                                                                                                                      geographical areas
                                                                                       Construction activity
Electronics &                   124                           48                       Industrial production
                                                                                                                                     Demand for connectors will increase
Electrical                                                                                                                           Further investigate and penetrate a highly promising
                                                                                       Consumer spending
                                2017                         2016
                                                                                                                                      and evolving sector
                                                                                                                                     More alloyed tubes that EH can produce and new
 8%                                                                                    Capital Investment
                                                                                                                                      profiles that a few manufacturers can achieve e.g. IGT
                                                                                       Construction activity
                                                              133                                                                     of 5mm
HVAC & R                         NA                                                    HVAC market is expanding in Europe,
                                                                                                                                     Utilize in house R&D, Elkeme and the JV with UACJ
                                                                                        especially in non-residential buildings
                                                                                                                                      Corp. to penetrate the market with innovative Brazing
                                                            2016                        and transport
                                                                                                                                      alloys

                                 % of 2018 Production Source: CRU           1.     Aluminium and copper market sizes refer to 2017 and 2016 respectively
                                                                            2.     Excludes 203,000 tons of other end markets. Total Copper consumption expected to grow at a CAGR of          17
                                                                                   1.8% between 2017 and 2022
Aluminium Segment
Aluminium Segment

 State of the art production      Fifth largest player   7 plants in Greece, with    89% of turnover in      Invested more than
facilities with capabilities to   in Europe with 7%        annual production           sales abroad in     €350m in equipment
produce wide coils and long          market share          capacity exceeding       around 100 countries   and R&D for capacity
             slabs                                            290,000 tons                                 expansion and quality
                                                           Investment plan of                               improvement during
                                                                                                               the last 10 years
                                                           €150m expected to
                                                          increase capacity by
                                                             c.20% by 2020

                                                                                                                               19
Revenue by Segment & Market Share

                                                         Revenue breakdown (FY 2018)
                        By Market   (% of tons)                                                    By Geographical Segment      (% of €)

                                                                                                              Greece         Other
                                               Rigid                                                                        Europe
                Industrial                                                                                     12%
                                             Packaging                                                                        8%
               Applications                    28%
                   17%
                                                                                                                                  America
                                                                                              EU (excl.                            14%
      Building &
                                                                                              Greece)
     Construction
         11%                                                                                    58%
                                                                                                                                 Asia
                                                  Transportati                               88% outside                         7%
                                                     on &                                    Greece
                     Flexible                                                                                              Africa &
                    packaging                     Automotive                                                               oceania
                       22%                            22%                                                                    1%

                                                                  Market shares
                                                         European market Shares (2016)
                                                                                (2018)                                                     65%
   Flat Rolled Aluminium Products                                      Coated Aluminium                                Aluminium Foil

                          7%
                                                                                       15%                                                 6%

     93%                                                         85%                                           94%

                     c.39% Market Share in Food Packaging
                     c.22% Market Share in Marine Applications                                                 Group’s share           Other Companies’ share
                     13% Market Share in Building and Construction
                                      Source: Company estimates, addressable markets
                                                                                                                                                                 20
Main Production Facilities
                      Rolling                                            Foil Rolling                                               Foil Converting

    Oinofyta                                              Oinofyta                                                       Mandra
    Greece                                                Greece                                                         Greece

 Flat rolled aluminium products and solutions for:    Foil for:                                                      Foil for:
 • Sea, road and rail transportation                  • Pharmaceutical packaging                                     • Pharmaceutical packaging
 • Food & beverages packaging                         • Technical applications semi rigid packaging                  • Flexible packaging
 • HVAC                                               • Household aluminium foil semi, etc.                          • Confectionery, etc.
 Capacity: 292,500 tons/year(1)                       Capacity: 52,000 tons/year                                     Capacity: 26,000 tons/year

             Composite Panels                                          Rolling Shutters                                               Coil Coating

    St.Thomas                                             Nea Artaki                                                       Thiva
      Greece                                               Greece                                                         Greece

 Solutions for a complete range of coated aluminium   •   Aluminium rolling shutters and doors                         Aluminium coil and strips coating for architectural
 products used in the building envelope               •   Spacer bars                                                  use
                                                      •   Powder coating

                                                             1.   Expected to increase by c.20% upon completion of the €150 million investment
                                                                                                                                                                             21
Aluminium - Rolled Products/Markets

  Packaging

  •   Beverage cans
  •   Food containers
  •   Closure caps
  •   Flexible packaging
  •   Household foil

  Shipbuilding

  •   Patrol vessels
  •   Catamarans
  •   Yachts
  •   Ferries

  Commercial
  Transportation
  •   Tipper trucks
  •   Road silos
  •   Refrigerator trucks
  •   Cargo wagons

  Automotive
  •   Internal parts
  •   Heat exchangers
  •   Air pressure vessels/ Fuel tanks
  •   Suspension & brake systems

                                         22
Aluminium - Rolled Products/Markets

  Industrial
  applications

  •   Lamp base
  •   Renewable energy
  •   Multi-layer tubes
  •   Bus ducts

  Domestic
  applications

  •   Cookware
  •   White goods

  Building &
  Construction
  •   Façades
  •   Roofing
  •   Rain gutters
  •   False ceilings
  •   Roller shutters
  •   Functional coatings
  •   Flashings

                                      23
Certified Processes and Quality Standards

                      Quality: certified according to ISO 9001/2015

                      Environmental management: certified with ISO 14001/2015

                      Energy management system: certified according ISO 50001/2011

                      Health and safety management systems: certified according to
                       Occupational health and Safety management systems: OHSAS
                       18001/2007

                      Certified according to IATF 16949

                      Certifications by all major classification societies

                      Quality standards according to individual customer requirements

                                                                                         24
Copper Segment
Copper Segment

State of the art production       European market         Products sold in    High specifications   Strong input in:
facilities for copper and     leader in copper tubes    around 80 countries   output according to
copper alloy products:                                   around the world,                          • HVAC&R industry
                              Rapidly rising position                          customers’ quality
                               in copper and copper     representing 96% of         demand          • Electrical industry
- Largest tube mills in
  EMEA region and                     alloy RFP           segment’s total                           • Production
  among the most                                              turnover                                engineering
  efficient in Europe
- One of the largest
  extrusion presses
  worldwide

                                                                                                                            26
Revenue by Segment & Market Share

                                                        Revenue Breakdown (FY 2018)

                      By Market   (% of tons)                                         By Geographical Segment            (% of €)

                                   Buildings &                                                               Greece
                                                                                                   America
                                  Construction                                              Asia               4% Africa &
                                                                                                     6%
                                       25%                                                  6%                      Oceania
                                                                                                                      3%
                                                   Electronics                      Other
                                                   & Electrical                    Europe
        Industrial                                    16%                           10%
       Applications
           35%

      Automotive &                                                                                                        EU (excl.
       Commercial                                                                                                         Greece)
                                                                                  96% outside
      Transportatio                                                                                                         71%
                                                                                  Greece
            n                                    HVAC
           1%                                    23%

                                                    European Market Shares (2018)
            Copper Tubes                            Extruded Copper and Alloy Products               Rolled Copper and Alloy Products

                                                                        4%                                                7%
                          18%

     82%                                                                                                       93%
                                                                  96%

     Group’s share      Other Companies’ share

                                    Source: Company estimates
                                                                                                                                        27
Production Facilities
                       Tubes                                                 Foundry                                                      Copper and Brass

     Oinofyta                                               Oinofyta                                                          Sofia
     Greece                                                 Greece                                                           Bulgaria

 Copper tube plant producing:                          Foundry producing:
                                                                                                                        Specialises in the production of rolled and
 •   Copper tubes with or without plastic coating or   •   Copper billets and slabs                                     extruded copper and copper alloy products
     industrial insulation                             •   Copper alloy billets
                                                                                                                        Capacity: 120,000 tons/year
 Capacity: 80,000 tons/year                            Capacity: 235,000 tons/year

      Alloy Bars, Tubes and Wires                              Coins blanks and Rings                                                           Tubes

                                                                                                                                 Gebze
                                                                                                                                 Turkey

                                                                                                                                            Titanium Zinc
     Oinofyta                                              Pogoni
     Greece                                                Greece

 Specialises in the production of extruded             Specialises in the production all types of coin
 copper alloy                                          blanks and rings                                                       Budel
                                                                                                                            Netherlands
 Capacity: 40,000 tons/year                            Capacity: 2,800 tons/year
                                                              1.    HC Isitma is a JV in which ElvalHalcor participates by 50%
                                                                                                                                                                      28
Products and Main Applications

     Copper tubes
     Copper tubes bare, pre-insulated or inner grooved from 4 up to 108 mm for:

Building &                                                                   Renewable
Construction                                                                 Energy

•   Water supply and Heating networks                                        •    Solar panels
•   Under floor heating and cooling                                          •    Solar system networks
•   Air-conditioning                                                         •    Geothermal heating & cooling
•   Refrigeration
•   Natural gas
•   Medical gas distribution networks
•   Fire extinguishing networks

HVAC&R
                                                                             Industrial
                                                                             Applications
•   Air-conditioning
•   Refrigeration                                                            •    Fittings
•   Heat exchangers                                                          •    High frequency cables
                                                                             •    Boilers
                                                                             •    Filters
                                                                             •    Various industrial applications

                                                                                                                    29
Products and Main Applications

 Innovative products - Cusmart®
 Copper tubes for:                                                       Extruded
 • Water supply
 • Heating (pre-insulated with PE-X)
                                                                         Products
 • Under floor heating

 Cusmart ® provides a complete system along with a wide range of         Copper alloy and brass rods,
 Compression and Press fittings.                                         bars, sections, tubes, flats, wires for:
                                                                         Construction, decoration, electrical
 Due to combination of high quality plastics with lower wall thickness   engineering (electronic control panels,
 copper tubes, the replacement cost per ton is lower compared to the     valves, batteries etc.), supports for
 cost of a pure copper product.                                          gutters.

                                                                         Produced by Fitco and Sofia Med
 Meets the requirements and are certified according to DVGW Vp 652,
 ELOT 1425/ 1426 and NSF/ANSI 61.

                                                                         Rolled
                                                                         Products

                                                                         Copper and brass and HP alloys in
                                                                         sheets, strips, plates for:
                                                                         Construction (roofing, gutters),
                                                                         electrical engineering (connectors,
                                                                         transformers, boilers, etc.), decoration.

                                                                         Produced by Sofia Med

                                                                                                                     30
Certified Processes and Quality Standards

                                                          SPAIN - AENOR        GERMANY - GL       GERMANY - TUV CERT   ROMANIA - AR

Halcor’s capability to produce meets all international     RUSSIA - GOST       FRANCE - CSTB       GERMANY - DVGW      FINLAND - VTT

specifications and customer specific requirements, with
the highest standards of QUALITY
   Quality: certified according to ISO 9001/2015
   Environmental Management: certified with ISO          SWEDEN - SITAC         USA - NSF         FRANCE - AFNOR      GERMANY - CU
    14001/2015
   Energy Management System: certified according ISO
    50001/2011
   Health and Safety Management Systems: certified
                                                           CROATIA - VIK          U.K. - BSI      SINGAPORE - SETSCO   EUROPEAN COM.
    according to Οccupational Health and Safety
    Management Systems: OHSAS 18001/2007

                                                          ALGERIA - GREDEG   NETHERLANDS - KIWA

                                                                                                                                       31
Financial Information
Sales Evolution(1)

                                                         Sales Volumes (‘000tn)

                                                                                                                                                                          CAGR
                                                                                                                                                                        2009-2018

 Copper   Aluminium                                                                                                                                                         6.9%

                                                                                                                                                 482                        6.5%
                                                                                                                              448
                                                                     399                405                418
                          361     370             372
              333                                                                                                                                169
                                                                                                           135                156
   269                                                               135                137
                          121     125             132                                                                                                               249
              113                                                                                                                                312
    93                                                                                                     283                292
                                                                     264                268                                                               87         90
                          241     245             240
              220
   177                                                                                                                                                    153       159           Cu

                                                                                                                                                                                  Al

   2009       2010       2011    2012            2013               2014               2015               2016               2017               2018              H1'19

                     Steadily increasing sales underline solid and continuous momentum

                                        1.   Figures for 2015 and backwards are not based on audited information but management estimates and adjustments in order to present information
                                             on a like-for-like comparable basis, as the consolidation perimeter and the composition of the company and the group was much different
                                                                                                                                                                                            33
Key Figures (1)

     Solid financial performance driven by top line growth and profitability improvements
                                Revenue (€m)                                                                           EBITDA vs Adjusted EBITDA(2) (€m)
Volume
(‘000tn)                                                                                           EBITDA           Adjusted EBITDA                                                      EBITDA
           418          448               482                                                                                                                                            a-EBITDA

                                                                                                                                 160                         165
                                         2,118
                                                                                                                                                                   142
                       1,863                                                                          125 118                            129
       1,534

                                                                  1,081                                                                              H1’18                       70   78
                                                  H1’18                                                                                               82
                                                                                                                                                                         H1’18
                                                  1,053
                                                                                                                                                                          68

                                                                                                         2016                       2017                      2018               H1'19
       2016            2017              2018                     H1'19

                               Net Income (€m)                                                                                     Net Debt / a-EBITDA
                                                                                            Net Debt
                                                                                             (€m)                                                             544                 558
                                                                                                          524                       527
                                            64
                              61
                                                                                                                                         (0.9x) change

                                                                                                          4,5x
                                                                                                                                     4,1x                     3,8x                3,6x
                                                   H1’18
                 24
                                                    30               20

               2016       2017             2018                   H1'19                                  2016                       2017                      2018               H1'19

                                                   1.     Figures for 2016 are pro-forma consolidated included in the audited financial statements
                                                   2.     Adjusted for aluminium and copper price fluctuations and other non recurring items
                                                                                                                                                                                                    34
                                                   3.     2019 annualized a-EBITDA based on H1’19
Key Figures (1)

    Profitability growth supported by both segments

                                                           Adjusted EBITDA per Division (€m)

                                                                                                                                  142
                                                                                                 129
                                                                  118
                                        108                                                                                        46
                   92                                              30                            42
                                         30                                                                                                                       78
                   23                                                                                                              96    H1’18
                                                                   87                            87                                       24                      25
                                         79
                   69                                                                                                                      44
                                                                                                                                                                  54

                  2014                  2015                      2016                       2017                                 2018                           H1'19
                                                                         Aluminium        Copper

                  Aluminium – Adjusted EBITDA per ton (€/tn)                                            Copper – Adjusted EBITDA per ton (€/tn)
Volume                   268      283          292   312             159          Volume                                                                                   90
            264                                                                               135            137            135             156            169
(‘000tn)                                                                          (‘000tn)
                                                                    337
                         294     309           298   308
                                                                                                                                            272            274 H1’18 276
           262                                              H1’18                                                                                               287
                                                             285                                              217            225
                                                                                               167

           2014          2015   2016          2017   2018           H1'19                     2014           2015           2016           2017           2018           H1'19

                                                             1.    Figures for 2017 and backwards are not based on audited information but management estimates and
                                                                   adjustments in order to present information on a like-for-like comparable basis, as the consolidation perimeter   35
                                                                   and the composition of the company and the group was much different
Deviation analysis in the Consolidated Profit before taxes

     Volumes:                                                  Reduction of interest rates following the
     Al: Δ+7.0%                                                         refinancing of debt.
     Cu: Δ+8.8%)

                                       4
                                                    10                                                                                      76
Μ€                      24                                                                                                     2
                                                                         7                                      5
       64                                                                                     2

                                    Increase of profitability driven by the increase in sales volumes.

     2017          Volume effect    Variable    Metal Result          SG&A                 Other             Financial   Share of Equity   2018
            (1)

                                   Cost & Mix                                                                              accounted
                                                                                                                            investees

                                                      1.   2017 financial figures are pro-forma comparable
                                                      2.   Source: Company data                                                                   36
Evolution of the Consolidated Working Capital

                                                                                      The increase in Payables is following the
                             Increase in inventory is following the
                                                                                       increased need for inventory, orders for
                            increased demands of the evolution of
                                                                                      fixed assets for the materialization of the
                             the Revenues and sales volumes and
                                                                                    investment program as well as the increase
                           temporarily from other external factors.
              +20%                                                                             of the days of payment.

                     519
                                                                                                                         483
                                                                                                            453
        433

                                                                                  +42%

                                                                                         254
                                                         218
                                         199
                                                                            179

                                                                                                                                    2017
                                                                                                                                    2018
Μ€

          Inventory                         Receivables                       Payabes                       Working Capital

                                Source: Consolidated Financial Statements
                                                                                                                                       37
Consolidated Cash Flows

                                                                                                        Out of Which 53 Μ€ for the Aluminium rolling
     Strong profitability is                   Reduction of interest                                   division in the context of the 150 Μ€ investment
      positively affecting                     charges following the                                      program and 23 Μ€ for the Copper tubes
     Operating cash flows.                    refinancing of debt on                                      division for the installation of the additional
                                                   better terms.                                                         capacity of 5 kt.

                                    33

                                                        30
Μ€
                                                                              7
                      165

                                                                                                  90

     41
                                                                                                                 17                                34
                                                                                                                                   5

 Cash in the        EBITDA        Interest          Working              Other             Investments     Investments        Financing          Cash at
 beginning        profitability                     Capital            operational         for Capacity    for strategic                       the end of
 of the year                                                                                 increase        alliances                          the year

                                    Source: Consolidated Financial Statements and Company estimates
                                                                                                                                                            38
Consolidated Debt Maturity

                        FY 2017                                                   FY 2018
Total Loans & Borrowings:                        Total Loans & Borrowings:
€568 m                                           €578 m

                                 275                                            384                   Refinancing of Debt with a five year
                     293         48%                                            66%                    maturity and reduction of interest
                                                                                       194
                     52%                                                               34%                           rates.

  Long-term                  Short-term

          275                                                                                      268
                                                                                            250
                                                                                                                                     2017
                       194                                                                                                           2018
                                                                                                                                     Μ€

                                                                   75
                                                  39                                                                            41
                                                                                                                      4
        Short-term (
Capex Evolution(1)

Accelerating capex to support growth momentum

                                              Capex Evolution (€m)
                                                                                                                Mainly driven by the €150m in
                                                                                                                    Aluminium segment

                                                                                                                                                150

                                                                                                                                                 23

                                                                                                                     92

                                                                                                                     34
       56                                                                                55                                                     127
       9              47                                     46
                                   42                                                    13
                      14                                      8
                                   13
                                                                                                                     58
       47                                                                                41
                      33                                     38
                                   30

      2013           2014         2015                      2016                        2017                       2018                       2019F

                                                  Aluminium           Copper

                                         1.   Figures for 2015 and backwards are not based on audited information but management estimates and
                                              adjustments in order to present information on a like-for-like comparable basis, as the consolidation perimeter   40
                                              and the composition of the company and the group was much different
Share Price Performance and Shareholder structure

              Shareholder structure - ElvalHalcor                    Shareholder structure – Cenergy Holdings

                      Free Float;
                        8,56%                                             Free Float;
                                                                            18,07%

                                                                                                        Viohalco S.A.;
                                                                ElvalHalcor;                               56,73%
                                               Viohalco S.A.;     25,20%
                                                  91,44%

              Share price performance - ElvalHalcor                 Share price performance – Cenergy Holdings

     Symbol: ELHA                                               Symbol: CENER
     MCap EUR 692m (as of Sep 10, 2019)                         MCap EUR 257m (as of Sep 10, 2019)
     Num of shares: 375.2m                                      Num of shares: 191.3m

                                                                                                                         41
Income Statement (pro forma)(1)
Profit & Loss Statement                                                           Reconciliation of a-EBITDA (Financial Statements)
Amounts in € million                    2016        2017               2018       Amounts in € million                                           2016         2017         2018
Revenue                               1,534.1     1,863.3            2,117.8      EBITDA                                                        124.7        160.5         165.2
Aluminium Segment                       842.7       941.5            1,079.0      + Loss / (Profit) from Metal                                   (6.6)       (33.1)        (23.0)
Copper Segment                          691.4       921.8            1,038.8
                                                                                  + Restructuring Costs                                             -           0.2            -
Cost of Sales                        (1,420.1)   (1,706.4)         (1,950.8)
                                                                                  + Loss / (Profit) from Revaluation of Fixed Assets                -           1.9            -
Gross Profit                            114.1       156.9             166.9
                                                                                  Adjusted EBITDA                                               118.0        129.4         142.1
Gross Profit Margin (%)                7.43%       8.42%              7.88%
                                                                                  As % of Revenue                                                7.7%         6.9%         6.7%

Other Income                             13.7        14.8              14.1
Selling and Distribution expenses       (19.6)      (19.8)            (22.0)
Administrative expenses                 (31.2)      (37.7)            (42.9)
Other Expenses                           (8.4)      (12.2)             (9.1)
Operating profit / (loss)                68.5       102.0             107.0
Aluminium Segment                        48.9        67.2              77.0
Copper Segment                           19.6        34.7              30.1

Finance Income                            4.0            0.1             0.1
Finance Costs                           (40.4)      (36.9)            (32.3)
Dividends                                 0.0            0.0             0.0
Net Finance Income / (Costs)            (36.4)      (36.8)            (32.2)
Share of profit/ (loss) of equity-
                                          0.2        (1.3)               1.0
accounted investees
Profit/(Loss) Before Income Tax          32.3        63.9              75.8
Income Tax                               (8.7)       (2.6)            (11.5)
Profit/(Loss) from Continued
                                         23.5        61.3              64.3
Operations

EBITDA Calculation
Depreciation                             58.2        60.4              60.1
Grant Depreciation                       (2.0)       (1.9)             (2.0)
EBITDA                                  124.7       160.5             165.2
As % of Revenue                         8.1%        8.6%               7.8%

                                                    1.         Figures for 2017 and 2016 are based on pro-forma consolidation which is included in the audited financial
                                                               statements                                                                                                           42
Income Statement for the six months
Profit & Loss Statement                                    Reconciliation of a-EBITDA (Financial Statements)
Amounts in € million                  H1’18      H1’19     Amounts in € million                                H1’ 18   H1’19
Revenue                              1,053.2    1,081.0    EBITDA                                                82.5    70.1
Aluminium Segment                     518.2       535.9    + Loss / (Profit) from Metal                        (13.8)     8.3
Copper Segment                        535.0       545.1
                                                           Adjusted EBITDA                                       68.7    78.5
Cost of Sales                        (969.7)   (1,005.0)
                                                           As % of Revenue                                      6.5%    7.3%
Gross Profit                           83.5        76.0
Gross Profit Margin (%)                7.9%       7.0%

Other Income                             7.1        5.6
Selling and Distribution expenses     (10.4)      (11.0)
Administrative expenses               (22.9)      (23.2)
Impairment of Financial Assets         (0.2)        0.1
Other Expenses                         (5.4)       (5.3)
Operating profit / (loss)              51.7        42.3
Aluminium Segment                      30.1        30.9
Copper Segment                         21.7        11.4

Finance Income                           0.1        0.1
Finance Costs                         (17.4)      (13.3)
Dividends                                0.0        0.0
Net Finance Income / (Costs)          (17.3)      (13.2)
Share of profit/ (loss) of equity-
                                       (1.2)        2.4
accounted investees
Profit/(Loss) Before Income Tax        33.1        31.5
Income Tax                             (3.6)      (11.6)
Profit/(Loss) from Continued
                                       29.5        19.9
Operations

EBITDA Calculation
Depreciation                           31.8        28.8
Grant Depreciation                     (1.0)       (0.9)
EBITDA                                 82.5        70.1
As % of Revenue                        7.8%       6.5%

                                                                                                                                43
Balance Sheet

Balance Sheet
Amounts in € million            Dec-17    H1’ 18    Dec- 18    H1’19
Non-current Assets
Property, Plant and
                                 687.5     699.5      720.6    767.9
Equipment
Intangible Assets and                                                   Balance Sheet Highlights
                                   74.5      74.1      76.5      76.8
Goodwill                                                                Amounts in € million                 Dec-17    H1’18     Dec-18    H1’19
Investment Property                 7.1       7.0       6.8       8.4
                                                                        (i) Working Capital
Investments in Associates          64.2      79.1      82.8      84.6
                                                                        Inventories                           433.5     530.2     519.2     512.9
Other Non-current Assets            8.9       8.4       8.2       5.6
                                                                        Trade and Other Receivables            199.0     264.0     218.3     261.3
Current Assets
                                                                        Trade and Other Payables             (179.2)   (335.0)   (253.7)   (307.3)
Inventories                      433.5     530.2      519.2    512.9
                                                                                                              453.4     459.2     483.8     466.9
Trade and Other Receivables      199.0     264.0      218.3    261.3

Cash and Cash Equivalents          41.4      69.1      34.2      31.3
Other Current Assets                9.2       9.3       7.9       9.2   (ii) Net Debt
Total Assets                    1,525.4   1,740.4   1,674.5   1,758.1
                                                                        Loans and Borrowings                  552.0     580.1     564.1     568.0
Equity                                                                  Financial Lease Obligations             16.3      15.3      13.8      21.6
Share Capital                    211.4     211.4      211.4    211.4    Cash and Cash Equivalents             (41.4)    (69.1)    (34.2)    (31.3)
Other Reserves                   282.3     283.2      281.1    284.7
                                                                                                              526.8     526.3     543.7     558.3
Retained Earnings/(Losses)       161.8     189.9      224.3    229.6
Non-controlling Interest          12.9      13.3       13.7     14.0
Total Equity                     668.4     697.8      730.5    739.7
                                                                        (iii) Other BS Items
Non-current Liabilities                                                 Property, Plant and Equipment         687.5     699.5     720.6     767.9
Loans and Borrowings             278.9     330.0      372.9    372.7    Investments in Viohalco Associates     64.2      79.1      82.8      84,6
Financial Lease Obligations        14.0      12.8      11.5      17.2   Other Assets                           99.8      98.8      99.2    100.00
Deferred Tax Liabilities           61.8      63.9      58.0      58.1
                                                                        Deferred Tax Liabilities              (61.8)    (63.9)    (58.0)    (58.1)
Other Non Current Liabilities      38.0      37.2      36.7      35.7
                                                                        Other Liabilities                     (47.8)    (48.4)    (54.3)    (63.3)
Current Liabilities
                                                                                                              741.9     765.1     790.4     831.1
Trade and Other Payables         179.2     335.0      253.7    307.3
Loans and Borrowings             273.0     250.1      191.2    195.3
Financial Lease Obligations         2.3       2.5       2.3       4.4   (i)-(ii)+(iii) Net Asset Value        668.4     697.8     730.5     739.7
Other Current Liabilities          9.8      11.2       17.7      27.6
Total Liabilities                857.0     598.8      944.0   1,018.4

Total Equity & Liabilities      1,525.4   1,740.4   1,674.5   1,758.1

                                                                                                                                                     44
Appendix I. - Company History
Corporate Restructuring

                                                            Merger
                                                         Aluminium     Perimeter
                                                                            Copper

 Leading aluminium rolling manufacturer globally                                            Leading copper industry that specializes in the production,
                                                                                            processing and marketing of copper and copper alloy products
 Dynamic commercial presence in European and global
markets with established commercial network across 21                                        Largest copper tubes producer in Europe with dynamic
countries                                                                                   commercial presence in European and global markets
 Offers innovative solutions for packaging,                                                 Offers innovative solutions in the fields of plumbing,
transportation, energy, building & construction and                                         HVAC&R, renewable energy, engineering and industrial
industrial applications for more than 50 years                                              production for more than 80 years

 Exports c.89% of its production to around 100                                              Exports c.96% of its production to around 80 countries
countries
                                                                                             Operates seven production plants in Greece, Bulgaria,Turkey
 Operates seven cutting edge production facilities in                                      and the Netherlands with total annual capacity of 235,000tn
Greece, with total annual capacity of over 280,000tn                                        (excl. foundry products)

                                                             Merger Rationale
                  1                                      2                                             3

                                                         Sizeable
                  Financial strength                     Integrated production facilities              Extended marketing coverage

                  4                                      5                                             6

                  Procurement                            Technology                                    Improved
                  and cost efficiency synergies          and R&D pooling of resources                  environmental footprint

                                                                                                                                                       46
History Overview

                                                                                       2017
•       Cross-border merger by absorption of the Greece-based Elval                                  •   Gains leading position among European copper tubes manufacturers.
        Holdings, Alcomet, Diatour and the Luxembourg-based Eufina by                                •   Signing of cooperation agreement between Sofia Med and Dowa
        Viohalco                                                               2016           2016
                                                                                                         Metaltech for know-how and technology transfer
•       Establishment of a JV company with UACJ in Germany for selling         2015           2015   •   Set up of Reynolds Cuivre via the acquisition of Reynold’s copper
        heat exchanger materials produced by Elval                                                       segment’s commercial and distribution network in France
                                                                                                     •   Establishment of HC Isitma in cooperation with Turkish company Cantas
•       Increase of production capacity for 9m-long slabs and installation     2013
        of the second Green melt furnace for aluminium recycling                              2014   •   Awarded “Best suppliers for 2014” by Daikin Europe

•       Increase of Oinofyta plant’s production capacity to 240,000 tons
                                                                               2010                      Launch of new investment plan by Sofia Med aiming to strengthen its
        following completion of an extensive investment plan                                  2012   •
                                                                                                         production of value-added products
•       Installation of the first Green melt furnace for aluminium recycling   2009
                                                                                              2010   •   Completion of its 10-year extensive investment plan, which increased
•       Installation of new melting-cast house unit for production of 9m-                                Halcor’s competitiveness and production base
                                                                               2003
        long slabs in the Elval plant, Oinofyta
                                                                                              2005   •   Halcor’s plant in Athens initiates the manufacturing of titan-zinc
•       Installation of 2.5m-wide 6-Hi cold rolling mill                       2001                      rolled products
                                                                                                     •   Production of copper and brass rolled products was fully transferred
                                                                               1996                      to Sofia Med
•       Listing on the Athens Stock Exchange
                                                                                              2000   •   Through its subsidiary Sofia Med, Halcor purchased the fixed assets of
•       Installation of new single stand 2.5m-wide hot rolling mill            1993
                                                                                                         KOZM and commenced operations of its production plant in Sofia

    •   Incorporation of Elval and absorption of Viohalco’s aluminium                         1997   •   Listing of Halcor on the Athens Stock Exchange
        segment                                                                 1973
                                                                                                     •   Viohalco commenced activities on Copper
    •   Viohalco commenced activities on Aluminium                             1965           1937   •   Commencement of production in Viohalco’s industrial plants in
                                                                                                         Tavros (Athens)

                                                                                                                                                                            47
Appendix II. - Sustainable Development Policy
Sustainable Development Strategy

Constantly strengthen our leading position in the aluminium and copper industries by pursuing a corporate
strategy that promotes social responsibility and environmental protection

                                       Sustainable Development Pillars

                                          Responsible business development

     Care for society and our people                                                      Environmental protection

                                        Focus on quality and technological
                                         advancement across all production
                                         processes
  Humanistic philosophy                                                           Responsibility for the environment
                                        Continuous investment on production
  Occupational health and safety        facilities and R&D                        Applying responsible environmental
                                                                                    practices and taking preventive actions
  Supporting local communities         Provision of innovative products and
                                         solutions                                 Continuous improvement of our
                                                                                    environmental footprint
                                        Dynamic commercial activity and strong
                                         presence in markets with growth
                                         potential

                                        Customer-centric approach aimed at
                                         strengthening customer relationships

                                                                                                                              49
Sustainable Development Culture

Track record highlighting values and sustainable development culture

                        Aluminium recycling and                      State of the art                      Automated and
                        educational programs at                   industrial wastewater                 on-line environmental
                         Canal (Aluminium Can                       treatment for the                   parameter monitoring
                           Recycling Centre)                      Oinofyta plants (ZLD)

            Rolling oil                     Safe aluminium recycling                  Use of air pollution                     Closed circuit
         regeneration and                   with modern and energy                   abatement equipment                    degreasing system at
             extrusion                       efficient delacquering                                                             tubes plant
                                                     furnaces

                                                                                                                                                   50
Disclaimer

This presentation was prepared by ElvalHalcor S.A. (hereinafter referred as the «Company»). The information contained in the presentation has not been independently verified
and no guarantee or expression, is made or implied with respect to the fairness, accuracy, completeness, reasonableness or correctness of the information and opinions contained
herein. This presentation includes forward looking statements and future estimates which are susceptible to specific risks, uncertainties and other factors that could cause
significant deviation to the actual operational and financial results, economic condition, liquidity, performance, prospects and opportunities of the Company, such as but not
limited to:
–Competition
–Legislative and regulatory developments
–Global, macroeconomic and political trends
–Fluctuations in financial market conditions
–Delay or inability in obtaining approvals from authorities
–Technical development
–Litigation
–Adverse publicity and news coverage

The Company provides no assurance that the expectations will be fulfilled.

This presentation also includes information from other sources and third parties that has not been independently verified by the Company.

The information contained in the presentation can be subject to renewal, additions, revision and modification and this information might change significantly. The Company
assumes no obligation to update the information contained herein and the relative expressed comments. All the aforementioned are subject to change without notice.

The Company, its shareholders’ or any of the related parties, such as but not limited to: staff, consultants or representatives will have no liability for any loss incurred in any way or
by any use of this text or the contents which arise by it.

This presentation is not a part to any contract, agreement or obligation and cannot be used as such.

By attending this presentation, you agree upon complying with the aforementioned conditions and limitations.

                                                                                                                                                                                         51
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