GENERAL SHAREHOLDERS MEETING BUSINESS YEAR 2015 0 CHAIRMAN S - - PowerPoint PPT Presentation

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GENERAL SHAREHOLDERS MEETING BUSINESS YEAR 2015 0 CHAIRMAN S - - PowerPoint PPT Presentation

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GENERAL SHAREHOLDERS MEETING BUSINESS YEAR 2015 0 CHAIRMAN S REPORT 1 C H A I R M A N S R E P O R T Global economy 2 C H A I R M A N S R E P O R T The Spanish economy 3 C H A I R M A N S R E P O R T Business year results 4

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GENERAL SHAREHOLDERS’ MEETING BUSINESS YEAR 2015

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CHAIRMAN´S REPORT

1

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SLIDE 3

Global economy

C H A I R M A N ´ S R E P O R T

2

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SLIDE 4

The Spanish economy

C H A I R M A N ´ S R E P O R T

3

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SLIDE 5

Business year results

C H A I R M A N ´ S R E P O R T

4

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First Quarter 2016

C H A I R M A N ´ S R E P O R T

5

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SLIDE 7

Significant events worth highlighting

C H A I R M A N ´ S R E P O R T

6

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Responsibility and sustainability

C H A I R M A N ´ S R E P O R T

7

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Research & Development

C H A I R M A N ´ S R E P O R T

8

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Corporate governance

C H A I R M A N ´ S R E P O R T

9

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Acerinox share

C H A I R M A N ´ S R E P O R T

10

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Agreements

C H A I R M A N ´ S R E P O R T

11

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The path forward

C H A I R M A N ´ S R E P O R T

12

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CEO´S REPORT

13

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SLIDE 15

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A c e r i n o x H e a d q u a r t e r s

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SLIDE 16

W O R L D E C O N O M I C C R I S I S

2015

Lower growth expectations in the US Risk of the European Union, Greece Slower growth in China Raw material crisis Political tensions, conflicts, refugees ...

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R AW M AT E R I A L C R I S I S

O f f i c i a l r a w m a t e r i a l p r i c e s i n t h e L . M . E . Y e a r 2 0 1 5

D a i l y p e r c e n t a g e d a t a ( U S $ / M t , c a s h )

  • 5 0 %
  • 2 5 %

0 % 2 5 %

N i c k e l C o o p e r A l u m i n u m Z i n c

  • 2 5 . 5 %
  • 2 6 . 7 %
  • 1 7 . 2 %
  • 4 1 . 8 %

2 0 1 5

16

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R E C O V E RY O F A C T I V I T Y

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R u n w a y

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S TA I N L E S S S T E E L W O R L D P R O D U C T I O N

China Rest of Asia America Europe + Africa

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 18

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S TA I N L E S S S T E E L W O R L D P R O D U C T I O N

China Rest of Asia America Europe + Africa

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

3% 52%

19

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S TA I N L E S S S T E E L W O R L D P R O D U C T I O N

China Rest of Asia America Europe + Africa

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

3% 52%

7 3 0 , 0 0 0 t o n s 2 1 . 6 m i l l i o n t o n s

20

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D e m o n s t r a t i o n i n B r u s s e l s a g a i n s t C h i n a a s a m a r k e t e c o n o m y

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F a c t o r y o f A c e r i n o x E u r o p a

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SLIDE 24

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F a c t o r y o f N o r t h A m e r i c a n S t a i n l e s s

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S o u r c e : N B S

T o n s

T O T A L E X P O R T S

S o u r c e : I S S F

D E M A N D I N C H I N A

A U T O P R O D : + 3 % C O N S T R U C T I O N + 1 % H O U S E H O L D A P P L I A N C E S

  • 2 %

E x p o r t s d e c r e s e s 1 3 %

S o u r c e : C A A M S o u r c e : N B S

C H I N A

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100,000 200,000 300,000 400,000 E F M A M J JL A S O N D E F M A M J JL A S O N D 2014 2015

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SLIDE 26

6,000 12,000 18,000 24,000 30,000 36,000 42,000

W O R L D P R O D U C T I O N : E V O L U T I O N

S o u r c e : I S S F a n d A c e r i n o x

T h o u s a n d t o n s 1 9 5 0 1 9 6 0 1 9 7 0 1 9 8 0 1 9 9 0 2 0 0 0 2 0 1 0 2 0 1 5

2015: 41.5 millIon tons CAGR 1950 – 2015:

+ 6%

25

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26

S h i p p r o p e l l e r s a n d n o z z l e s

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W o r k e r a t t h e B a h r u S t a i n l e s s f a c t o r y

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América Euro / Africa China

  • 1.7%

% 2 0 1 5 – 2 0 1 4

  • 7.0 %

+1.5%

S o u r c e : I S S F

A P PA R E N T C O N S U M P T I O N

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A C E R I N O X P R O D U C T I O N

Year 2014

Q1 Q2 Q3 Q4 Accumulated Jan-Dec

Melting Shop

601 611 562 546 2,320 2,325

  • 0.2%

Hot Rolling

524 536 498 481 2,039 2,049

  • 0.5%

Cold Rolling

395 430 393 390 1,609 1,556 3.4%

Long Product (Hot Rolled)

57 61 51 48 216 242

  • 10.6%

Thousand Mt

Year 2015 Variation 2015 / 2014 29

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SLIDE 31

S T E E L M A K E R S C O N C E N T R AT I O N

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2 5 % 7 5 %

C A R B O N S T E E L

To p 1 0 p r o d u c e r s R e s t 5 8 % 4 2 %

S TA I N L E S S S T E E L

To p 1 0 p r o d u c e r s R e s t

F i r s t p r o d u c e r : 5 . 7 % A c e r i n o x : 5 . 8 %

S o u r c e : W o r l d S t e e l , P l a t t s , S M R , I S S F a n d A c e r i n o x

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Cold r olling pr oduction r ecor d

1 , 4 7 0 1 , 5 9 5 1 , 4 5 5 1 , 3 0 5 1 , 0 7 1 1 , 2 9 1 1 , 2 7 0 1 , 4 1 8 1 , 4 9 9 1 , 5 5 6 1 , 6 0 9

2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5

T h o u s a n d M t

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A C E R I N O X P R O D U C T I O N

Year 2014

Q1 Q2 Q3 Q4 Accumulated Jan-Dec

Melting Shop

601 611 562 546 2,320 2,325

  • 0.2%

Hot Rolling

524 536 498 481 2,039 2,049

  • 0.5%

Cold Rolling

395 430 393 390 1,609 1,556 3.4%

Long Product (Hot Rolled)

57 61 51 48 216 242

  • 10.6%

Thousand Mt

Year 2015 Variation 2015 / 2014

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S o u r c e : P l a t t s

S TA I N L E S S S T E E L C O L D R O L L E D S H E E T P R I C E S A I S I 3 0 4 2 . 0 m m

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500 1,000 1,500 2,000 2,500 3,000

J F M A M J Jl A S O N D J F M A M J JL A S O N D J F M A M J JL A S O N D

A l l o y s u r c h a r g e B a s e p r i c e

N O R T H E U R O P E A N M A R K E T

€ / M t

2 0 1 4 2 0 1 5 2 0 1 6

S o u r c e : P l a t t s

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U S D / t , f i n a l p r i c e , i n c l u d i n g a l l o y s u r c h a r g e

1,500 2,000 2,500 3,000 3,500

U S A E U R O P E A S I A

2 0 1 4 2 0 1 5 2 0 1 6

S h a r p d e c l i n e s i n a l l m a r k e t s S TA I N L E S S S T E E L C O L D R O L L E D S H E E T P R I C E S A I S I 3 0 4 2 . 0 m m

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S o u r c e : P l a t t s

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SLIDE 35

5,000 10,000 15,000 20,000 25,000 A v e r a g e p r i c e : c a s h / t h r e e m o n t h s ( U S D / M t . N i ) J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

T wenty months of downwar d tendency

1 2 - y e a r l o w s

2 0 1 4 2 0 1 5 2 0 1 6

N I C K E L P R I C E I N T H E L M E

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5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000

M o n t h l y a v e r a g e p r i c e s ( U S D / M t . N i . )

N I C K E L P R I C E I N T H E L M E

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2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6

M i n i m u m l e v e l s s i n c e 2 0 0 3

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20,000 40,000 60,000 80,000 100,000 120,000

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D 2013 2014 2015

S o u r c e : E H V S o u r c e : E U R O F E R

M t

C O L D R O L L E D I M P O R T S C O L D R O L L E D I N V E N T O R I E S

R e f e r e n c e : G e r m a n y

S o u r c e : E U R O F E R

2 0 1 4 2 0 1 5

R E C O V E R Y I N E U R O P E A N D E M A N D

A U T O P R O D U C T I O N + 7 % C O N S T R U C T I O N + 2 %

E x p o r t s h a v e f a l l e n b y 2 3 %

N o r m a l i z e d l e v e l s

S o u r c e : A c e r i n o x S o u r c e : E U R O F E R

D a y s o f r o t a t i o n T o n s

20,000 40,000 60,000 80,000 100,000

J F M A M J JL A S O N D J F M A M J JL A S O N D

40 45 50 55 60 65 70

E U R O P E A N U N I O N

H O U S E H O L D A P P L I A N C E S + 4 % 36

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S o u r c e : M S C I

I N V E N T O R I E S A T D I S T R I B U T O R S C O L D R O L L E D I M P O R T S R E A L D E M A N D G R O W T H

A U T O P R O D U C T I O N + 3 % C O N S T R U C T I O N + 1 1 % H O U S E H O L D A P P L I A N C E S + 8 % N o r m a l i z e d l e v e l s

S t r o n g i n c r e a s e i n 2 0 1 4

S o u r c e : U S D e p t . C o m m e r c e S o u r c e : U S C e n s u s B u r e a u S o u r c e : W a r b s a u t o S o u r c e : A H A M

M o n t h s o f r o t a t i o n M t

2 3 4 100 200 300 400 500 600

J F M A M J JL A S O N D J F M A M J JL A S O N D

2 0 1 4 2 0 1 5

T h o u s a n d t o n s

U N I T E D S TAT E S

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100 200 300 400

J F M A M J JL A S O N D J F M A M J JL A S O N D 2014 2015

S o u r c e : N B S

I N V E N T O R I E S I N W U X I A N D F O S H A N

S o u r c e : 5 1 b x g

D E M A N D I N C H I N A

A U T O P R O D + 3 % C O N S T R U C T I O N + 1 % H O U S E H O L D A P P L I A N C E S

  • 2 %

S o u r c e e : C A A M S o u r c e : N B S

T h o u s a n d t o n s

O V E R C A PA C I T Y: C H I N A

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T o n s

T O T A L E X P O R T S

S o u r c e : I S S F 100,000 200,000 300,000 400,000 E F M A M J JL A S O N D E F M A M J JL A S O N D 2014 2015

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S o u r c e : P l a t t s

M A I N F I N A N C I A L F I G U R E S O F A C E R I N O X

2015 2014 Variation

Net sales 4,221 4,380

  • 3.6%

EBITDA 286 454

  • 37.0%

Result after taxes and minorities 43 136

  • 68.5%

Net financial debt

711 616 15.4%

Net financial debt / EBITDA

2.48 1.36 83.2%

Net financial debt / Equity

35% 33% 5.9%

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S o u r c e : P l a t t s

R E T U R N T O S H A R E H O L D E R S

1 1 1 2 1 3 ( * ) 1 4 ( * ) 1 5 ( * ) I s s u e p r e m i u m D i v i d e n d

0 . 4 5

0 . 3 5 0 . 1 0

0 . 4 5

0 . 3 5 0 . 1 0

0 . 4 3 3

0 . 4 3 3

0 . 4 4 9

0 . 4 4 9

0 . 4 4 9

0 . 4 4 9 40

( * ) S c r i p d i v i d e n d :

2 0 1 3 5 7 % n e w s h a r e s 2 0 1 4 5 1 % n e w s h a r e s 2 0 1 5 5 9 % n e w s h a r e s

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S o u r c e : P l a t t s

I N V E S T M E N T S

M i l l i o n e u r o s

2015 2014 Acerinox, S.A. 1 1 Acerinox Europa 30 16 NAS 32 9 Columbus 6 6 Bahru Stainless 23 39 Roldán and Inoxfil 1 1 Spanish Trading Companies Overseas Trading Companies 1 Total 94 74

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Investments in NAS and Acer inox Eur opa

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S T R AT E G I C P L A N 2 0 1 6 - 2 0 2 0

Strategic plan

B e l i e f o n t h e p r o d u c t O r g a n i c g r o w t h P o s t p o n e i n v e s t m e n t s a t B a h r u S t a i n l e s s w a i t i n g f o r n e w o p p o r t u n i t i e s

Main guidelines

Operative Excellence Maximum capacity utilization Quick-return investments Financial Strength Cash flow generator

S t r a t e g i c p l a n

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S o u r c e : P l a t t s

I N V E S T M E N T S A C E R I N O X E U R O PA A P a n d Z M l i n e s i n v e s t m e n t

  • 1 4 0 m i l l i o n e u r o s
  • G o a l s :
  • h i g h e r v a l u e - a d d e d p r o d u c t s
  • i n c r e a s e s e l l s t o d i r e c t c l i e n t
  • i m p r o v e c a p a c i t y u t i l i z a t i o n
  • c o s t s a v i n g s a n d r e d u c t i o n o f

e m i s s i o n s

N A S B r i g h t A n n e a l a n d Z M l i n e s i n v e s t m e n t s

  • 11 6 m i l l i o n e u r o s
  • G o a l s :
  • e n t e r i n t o t h e B A m a r k e t i n

t h e U n i t e d S t a t e s

  • I n c r e a s e N A S c a p a c i t y

u t i l i z a t i o n

  • M a i n a p p l i c a t i o n s : h o u s e h o l d

a p p l i a n c e s , c u t l e r y , t r u c k s , f i r e p l a c e s , e t c

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F a c t o r y o f B a h r u S t a i n l e s s

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U n c o n f i r m e d p r o j e c t s I n c r e a s e s o f c a p a c i t y M e l t i n g c a p a c i t y M e l t i n g p r o d u c i o n

S o u r c e : P l a t t s

C A PA C I T Y v s P R O D U C T I O N

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S o u r c e : A c e r i n o x

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Service centers Warehouse Office 18 Agent Factory 30 26 13 6 Services Centres Wharehouses Offices 18 Agents Factories 31 26 33 6

C O M M E R C I A L N E T W O R K

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F a c t o r y o f B a h r u S t a i n l e s s

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F a c t o r y o f C o l u m b u s S t a i n l e s s

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G E O G R A P H I C A L D I S T R I B U T I O N O F A C E R I N O X N E T S A L E S

Sp an ish m u lt in at ional Sales in m o re t h an 80 co u n t ries

S p a i n a c c o u n t s f o r 9 % o f t h e t o t a l s a l e s E u r o p e 3 8 . 0 % A m e r i c a 4 5 . 7 % A s i a 1 0 . 7 % A f r i c a 5 . 4 % O c e a n i a 0 . 3 %

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Excellence Plan IV: 2015-2016

T a r g e t : 6 7 m i l l i o n e u r o s I n c l u d e s B a h r u S t a i n l e s s R e s u l t 1 s t y e a r : 5 5 % ( 3 7 m i l l i o n e u r o s ) E F F I C I E N C Y

Fixed cost savings

50

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F I N A N C I A L S T R E N G T H

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Net F inancial Debt : 711 million eur os Debt / EBIT DA: 2.48x G ear ing : 35%

Financial expenses reduction: 11 million euros

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R & D + i

Investment: 16.5 million euros

52

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53

F i s h i n g b o a t w i t h s t a i n l e s s s t e e l i n t e r i o r e q u i p m e n t

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SLIDE 55

54

P r o p u l s i o n s y s t e m s f o r l i q u e f i e d n a t u r a l g a s

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SLIDE 56

55

S t a i n l e s s s t e e l c h i m n e y s a t t h e B a h r u S t a i n l e s s f a c t o r y

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SLIDE 57

56

W o r k e r s a t t h e C o l u m b u s S t a i n l e s s f a c t o r y

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A C E R I N O X A C C I D E N T R AT E E V O L U T I O N

NAS, ISSF Safety Award 2016

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  • A c c i d e n t r a t e = t o t a l n o . i n j u r i e s a n d i l l n e s s e s * 2 0 0 , 0 0 0 / n o . w o r k e d h o u r s

17.2 13.9 8.8 12.4 9.0 5.9

4.9 5.6 2.8 3.8 4.5 0.9 5.9 3.8 4.7 3.0 3.8 3.3 0.0 5.9 7.5 4.2 2.8 3.0

9.5 7.5 5.4 5.8 5.0 3.3

2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 A C E R I N O X N A S C O L U M B U S B A H R U A V E R A G E A C X / N A S / C L B / B H R

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O T H E R AWA R D S

G lo b al Rep o rt in g In ciat ive G - 4 Ad van ced L evel , Un it ed Nat io n s G lo b al Co m p act

N A S , I S S F S a f e t y A w a r d 2 0 1 6

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GENERAL SHAREHOLDERS’ MEETING BUSINESS YEAR 2015

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