Sahaviriya Steel Industries PLC

Opportunity Day

Fourth Quarter 2012 26 March 2013

Sahaviriya Steel Industries PLC

Opportunity Day

Fourth Quarter 2012 26 March 2013

2

The information contained in this presentation is intended solely for your personal reference only. If you

are not an intended recipient, you must not read, disclose, copy, circulate, retain, distribute or take any

action in reliance upon this material.

This presentation is not intended to substitute your own analysis and investigation, and should not be

considered a recommendation to any recipient of this presentation. Some statements contained herein

are forward-looking statements identified by the use of forward-looking terminology such as “may”, “will”,

“expect”, “anticipate”, “intend”, “estimate”, “continue”, “plan” or other similar words, which are subject to

various risks and uncertainties. These statements include statements with respect to Sahaviriya Steel

Industries Public Company Limited (the “Company” or “SSI”)’s, Sahaviriya Steel Industries UK Limited

(“SSI UK”)’s and their subsidiaries (collectively referred to as “SSI Group”) corporate plans, strategies and

beliefs and other statements that are not historical facts.

This presentation is prepared based on the assumptions and beliefs of SSI Group’s management in light

of the information currently available to the Company involving risks and uncertainties which may cause

the actual results, performance or achievements to be materially different from any future results,

performance or achievements expressed or implied by such forward-looking statements. Nothing in this

presentation is, or shall be relied on as promise or representation of the Company as to the future.

Disclaimer

3

Capacity

3.6 mtpa(2)

100,000 dwt(1) x 2 14 mmts through-put

HotCoil CleanStrip®

4 mtpa(2) 1 mtpa(2)

CRC 1.2 mtpa(2)

EG 0.24 mtpa(2)

Domestic capacity

Share n/a n/a 55% 66% 43% 100%

1) dwt = Deadweight ton

2) mtpa = million tons per annum

3) SV Group includes Sahaviriya Group, Sahaviriya Inter Steel Holdings, and Viriyaprapaikit Family

100% 51% 3.7% 35.19%

Finished products

out-bound

Raw materials

in-bound

Integrate World Class Steel Businesses

Innovate Premium Value Products

Major shareholders

as of 27 Feb 2013 3)

Coated Steel Sheet

Cold Rolled Coil

Hot Rolled Coil

Deep-sea Port

Iron and Steel Making

99.99%

Engineering & Maintenance Service

Long-term

Strategies

ASEAN’s Largest Flat Steel Producer

36%

21%

35%

4% 4%

SV Group Vanomet Others JFE MISI

4

AEC & Impact on Thai Steel Industry

Automotive & Parts

Electrical & Electronics

Food Production Hub

(Packing)

Machinery and Metal

Working Production

Base

Manufacturing &

Assembly Hub

Electrical & Electronics

Thailand is center of ASEAN production

hub in electrical appliances

Food Production Hub

(Packing)

Thailand is center of world food

factory. Canned food output has been

grown up slightly. Mechanization of

agricultural process will increase more

output in canned food. Tourism Hub

Potential AEC-impacted sectors SSI targets high grade market, though impacted, growth is promising

Automotive & Parts

Thailand is center of ASEAN

production hub for automobiles.

Remark :* White goods include fan, rice cooker, refrigerator, air conditioner and compressor

Source : Thailand Automotive Institute , FTI, and ISIT

0

10

20

30

40

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

White goods (Million Units)

CAGR 02-12

5.1%

0

200

400

600

800

1000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Canned Seafood (Unit : '000 tons)

Canned fruit (Unit : '000 tons)

CAGR 02-12

4.9%

0

500

1000

1500

2000

2500

3000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Passenger car ('000 units)

Commercial car ('000 units) CAGR 02-12

15.4%

0

10

20

30

40

50

60

2011E

Million tonnes Apparent Steel Consumption in ASEAN

Production Import Export Consumption

0

10

20

30

40

50

60

2011E

Million tonnes Apparent Steel Consumption in ASEAN

Production Import Export Consumption

5

Thailand flat steel demand: the biggest and most sophisticated in ASEAN

Application Midstream & Downstream Upstream (Iron & Steel Making)

Checkered

Source : WSA, ISIT, SEASI, Federation of Thai Industry

4.4

6.2 0.8

0.4

HRC P/O

Hot Rolling

2.5 3.1

5.6 MT

Cold Rolling

CRC

1.2 MT

Coating

Coated

Local (MT)

Import (MT)

2012 Domestic

Demand

10.6 MT

Total Flat

Products

(excl.plate)

Slab

Thailand Flat Steel: largest and most sophisticated consumption in ASEAN, approximately 6.2 mtpa or 58% of total consumption served by net import

1.1 2.7

MT

ASEAN’s industrialisation and urbanisation has driven and will drive consistent high growth.

LONG: CAGR 98-11

6.8%

FLAT: CAGR 98-11

9.2%

High growth, but served by import due to lack of raw material regionally

Apparent Steel Consumption High-grade Flat Steel Products Consumption

ASEAN steel demand is now 50 million tons per annum and is forecasted to constantly grow at 5.3%

0

10

20

30

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E

0

10

20

30

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E

47% 54%

53% 46%

1998 2011

Long

Flat

90

80

70

60

50

40

30

20

10

CAGR 01-11

5.3%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20 17 2018 2019 2020

Forecast

CAGR 12-20

5.3%

3.8 MT

6

Key Driver from Construction Sector

Construction

62%

% YoY

2011 2012 2013F

Year H1 H2 Year Year

GDP (at 1988 Price) 0.1 2.2 10.7 6.4 4.5-5.5

Total Investment 3.3 7.7 19.2 13.3 8.9

Private 7.2 10.5 18.9 14.6 8

Public -8.7 -2.7 20.4 8.9 12

Total Consumption 1.3 3.9 9.4 6.7 3.5

Private 1.3 4.1 9.1 6.6 3.5

Public 1.1 2.7 10.8 7.4 3.5

Export of Goods (USD) 16.4 -0.2 6.3 3.2 11

Volume 10.2 -3.3 5.9 2.6 7

Import of Goods (USD) 24.7 13.4 5.6 7.8 11.3

Volume 13.3 6.6 6.1 6.1 7.8

Current Account to GDP (%) 3.4 -0.5 2 0.7 0.9

Inflation 3.8 3 3.1 3 2.5-3.5

Source: National Economic and Social Development Board

Economic Projection Year 2013

Automotive 16%

Machinery & Industrial

13%

Appliance 12%

Packaging 5%

Construction

54%

Domestic Steel Demand Breakdown

Source: ISIT

Thailand Construction Outlook Index

Source: Oxford Economics and analysis of ISIT

Opportunities in Construction Projects

Infrastructure

Development

Residential and

Commercial

Building

Industrial

Factories

• Mass Transit Development

• Irrigation Development

• New Condominium and Housing

along Subway and Skytrain Lines

• Urbanisation of cities other than

Bangkok

• New Investment from Machinery

and Appliances Sectors

• Factory Relocation from Japan 0

20

40

60

80

100

120

140

2000 2002 2004 2006 2008 2010 2012 2014

Thailand Capital Formation in Construction Outlook Index

CAGR 2010-2015 = 3.7%

7

Tranche Capital Increase

Plan

Actual Amount

(as of 27 Feb 13)

Tentative Plan Remark

1. PP to Vanomet 5,440 MB 1,967.3 MB 2,458.3 MB

(80 MUSD *)

Another 16 MUSD is expected to be

contributed by the end of Q2/2013

2. Rights Offering 1,246.9 MB 425.3 MB 425.3 MB

Proceeds from subscription for

625,496,021 new shares, mostly from

Sahaviriya Group whilst other existing

shareholders’ subscription was

extremely marginal

3. PP to General Investors and

SVG 3,604 MB 2,285.4 MB 3,604.0 MB

JFE = 25 MUSD, Wonjin ≈ 6.28 MUSD

MISI = 25 MUSD, TRM ≈ 4.03 MUSD

SVG = 14.15 MUSD and ≈ 37.54 MUSD

to be further injected as necessary and

appropriate.

4. PP to SISH for CD Buyback 1,783.8 MB 510 MB 1,783.8 MB Still in process and expects to be

completed by the end of Q2/2013

5. PP to SISH for Repayment

of Sub-loans 1,140.2 MB 996.3 MB 996.3 MB Completed

Total 13,214.9 MB

(≈ 413 MUSD)

6,184.4 MB

(≈ 201.48 MUSD)

9,267.7 MB

(≈ 297.41 MUSD)

6. Vanomet Trade Credit

Facility - -

≈ 2,700 MB

(90 MUSD**)

Vanomet intends to provide 80 MUSD

as equity and retain up to 90 MUSD as

trade credit line.

7. Sales of TCR Shares - 1,568.25 MB

(≈ 50 MUSD)

1,568.25 MB

(≈ 50 MUSD) Completed

Grand Total 13,214.9 MB

(≈ 413 MUSD)

7,752.65 MB

(≈ 251.48 MUSD)

≈13,535.95 MB

(≈ 437.41 MUSD)

SSI TH Capital Increase

*Equity injection only; does not include trade credit amount; **The Company and Vanomet may consider to convert more of such revolving working capital facility into additional newly issued ordinary shares. Assume FX = 30 Baht/USD

SS

I C

apita

l in

cre

ase

Oth

er

fun

din

g

8

Sources of fund Actual Amount

(as of 27 Feb

13)

Tentative Plan Remark

1. Proceed from PP to Vanomet 64.00 MUSD 80 MUSD

1) Another 16 MUSD is expected to be

contributed by the end of Q2/2013

2) The remaining of 90 MUSD will be left

as a trade credit to SSI UK

2. Proceeds from Rights Offering 13.85 MUSD 13.85 MUSD Completed

3. Proceeds from PP to general

investors and SVG 74.46 MUSD 112 MUSD

To be further injected during ramp-up

period as necessary and appropriate

4. Proceeds from PP to repay SISH

(Sub-loan + interest) 32.56 MUSD 32.56 MUSD Completed

5. Conversion of slab prepayment 125 MUSD 125 MUSD Completed

6. Proceeds from Sales of TCR

Shares 50 MUSD 50 MUSD Completed

Grand Total 359.87 MUSD 413.41 MUSD

SSI UK Capital Increase Progress

9

Shareholding Structure Movements

As of 19 Oct 12 Tentative Plan As of 27 Feb 13

#shares (in million)

%shares

SV Group 6,439 35%

Vanomet 2,805 15%

Other 9,092 50%

Total 18,337 100%

#shares (in million)

%shares

SV Group 9,929 36%

Vanomet 5,690 21%

JFE 1,134 4%

MISI 1,134 4%

Other 9,544 35%

Total 27,431 100%

#shares (in million)

%shares

SV Group 13,741 43%

Vanomet 6,393 20%

JFE 1,134 3.5%

MISI 1,134 3.5%

Other 9,544 30%

Total 31,946 100%

SV Group 35%

Vanomet 15%

Others 50%

SV Group 36%

Vanomet

21%

Others 35%

JFE 4%

MISI 4%

0%

0%

SV Group 43%

Vanomet 20%

Others 30%

JFE 3.5%

MISI 3.5%

0%

0%

10

Highlights

Agenda

Recent Update and Ongoing Project

Q4/2012 Performance Results

Q4/2012 Financial Results

Outlook and Guidance

Q & A

Q4/2012 Highlights – Highest Quarterly Revenues

Fourth Quarter of 2012

LTIFR 2.01, -43% QoQ and +2% YoY

Sale and Service Revenues 17,599 MB,

+11% QoQ and +35% YoY, the highest

quarterly revenues

HRC sales 647k tons (2nd highest), +10% QoQ

and +114% YoY

Slab Sales 666 k tons with 25% to 3rd parties

HRC Spread USD 73/ton, -16% QoQ and

-44% YoY

HRC Rolling Margin 10.6%

HRC EBITDA USD 18.5/ton

Slab Spread USD 54/ton, Slab margin 10.7%

Negative Group EBITDA 2,078 MB, and

Net Loss 3,259 MB

TCRSS achieved 10 million tons of cumulative

cold-rolled steel production in Q4/12

Anti-dumping duty on China origin HRC

Boron-added

Safeguard on HRC Alloys-added

11

Year 2012

LTIFR 2.55, +26% YoY

Sale and Service Revenues 60,604 MB

(highest yearly revenues), +26% YoY

HRC shipment 2,184 k tons with HRC sales

2,155 k tons (2nd highest), +26% YoY

Slab sales 1,680 ktons with 18% to 3rd parties

HRC Spread USD 89/ton, -31% YoY

HRC Rolling Margin 12.5%

HRC EBITDA USD 16/ton, -46% YoY

Slab Spread USD 41/ton, Slab margin 7.8%

Negative Group EBITDA 10,680 MB, and

Net Loss 15,903 MB

Q4/2012 Highlights – Safety and Award

Lost Time Injury Frequency Rate (LTIFR) 2.01 in Q4/12 -

43% QoQ and +2% YoY

SSI stock has been selected as 1 of the 6 newcomers in the

SET100 index in the first 6 months of 2013.

TCRSS received the Quality Management Award granted in

the Prime Minister’s Industry Award 2012, held by the Ministry

of Industry. TCRSS has been receiving the award since 2003.

Lost Time Injury

Frequency Rate

(LTIFR)

2012 2011 2012 2011

Q4 Q3 Q4 Jan-Dec Jan-Dec

SSI 0.00 0.00 1.37 0.36 2.14

TCRSS 0.00 0.00 0.00 0.51 0.53

WCE 0.00 2.08 4.06 1.05 4.17

PPC 0.00 0.00 0.00 0.00 0.00

SSI UK 4.51 6.56 2.22 4.81 1.66

SSI Group 2.01 3.49 1.96 2.55 2.03

Note : LTIFR = Number of lost time injuries per 1,000,000 man-hours worked

(Number of LTI’s x 1,000,000/Man-hours worked)

12

2.45 2.19

1.74 1.96

2.57

2.19

3.49

2.01 2.03

2.55

SSI Group’s LTIFR

13

Highlights

Agenda

Recent Update and Ongoing Project

Q4/2012 Performance Results

Q4/2012 Financial Results

Outlook and Guidance

Q & A

14

Project Capacity/

Particulars

Budgeted Capital

Expenditure

Target Key

Milestone Date

SSI UK

Restart Project

3.6 MT per annum

of slab production

290 MUSD

(As at 31 Dec 12,

286 MUSD committed and

255 MUSD has been paid)

Relit on 15 Apr 12

First slab cast on 18 Apr 12

PCI projected to start in

Q2/13

Ongoing Projects

SSI UK PCI Project (Progress of work at 31 Dec 2012)

15

Construction start : Apr 2012

Target completion : Q2/2013

PCI Building : 63%

Electrical Building : 69%

Nitrogen Storage : 44%

Utilities Pipe Bridge : 36%

Stove Waste Gas : 42%

Splitter House : 24%

Casthouse : 63%

Raw Coal Handling : 59%

Commissioning : 0%

PCI

Building

63%

Utilities Pipe Bridge

36%

Raw Coal

Handling

59%

Electrical

Building

69%

Nitrogen Storage

Compound

44%

Turnkey Project Management and Investment Cost 57 MUSD

Forecast Budget to Close the Project 65 MUSD (Due to scope change)

Actual Payment 42.8 MUSD (Committed Expenditure 58.35 MUSD)

Overall Construction Progress 62%

Splitter House

24%

16

1.8

3.2 3.4

Year 2012 Year 2013 Year 2014

Slab Production Plan (SSI UK)

0.7 0.8 0.8 0.9 0.7

1.5

2.3

3.2

Q1 13 Q2 13 Q3 13 Q4 13

Slab production (MT)

Cumulative annual production (MT)

SSI UK’s outside customers

17

Customer in UK

• Plate Mill for structural and high

end plate with capacity of 0.3

million tons per year.

Customer in Italy

• Plate Mill for general and high

strength plate such as API,

pipe, etc with capacity of 0.35

million tons per year.

Customer in Germany (Q3/12)

• Plate Mill for high end

application of machine tools

and part with capacity of 0.15

million tons per year.

New customer in Mexico

• Fully integrated flat and long

carbon steel producer of HR and

CR for automotive and high end

application

Customer in UK

• Hot Strip Mill with total capacity

of 1.0 million tons per year.

Customer in Turkey

• Hot Strip Mill for high grade

pipe and API with total

capacity of 3.0 million tons

per year.

Q2/13

Q4/12

Q3/12

Q4/12

Q3/12

Q2/12

The project of SSI UK Slab Quality Qualification begun from first shipment arrival in Q2/2012. Below

shows the result as of Q4/2012 and the plan to complete the project by Q2/2013.

Progress of Quality Qualification of SSI UK Slab

0

5

10

15

20

25

30

35

Q2/2012 Q3/2012

Q4/2012 Q1/2013 (Target) Q2/2013

(Target)

7 8

18 27 31

24 23

13

4

Finished On progress

HRC grades categorised by

Customers' Application

Cut to sheet 4 grades

Pipe 4 grades

Checkered product 2 grades

Re-rolling 11 grades

Automotive & HA/EA

7 grades

Gas cylinder 3 grades

Total 31 grades

18

Note : Evaluation process is based on International standards such as Japanese Industrial Standard (JIS), American Society for the Testing of Materials (ASTM) and Thailand Industrial Standard (TIS), Customer requirements and SSI internal control, the results show that HRC quality produced form SSI UK

slab is in the same level with other World class manufacturers such as Japan, Brazil and etc.

Current

19

Sales Breakdown by End-user Segments

Auto 4%

HA/EA 1%

M/C 0%

Energy 1%

General industries

27%

Year 2012

Auto 7%

HA/EA 2% M/C

0% Energy 2%

General industries

23%

Year 2013 f

Construction

67%

Construction

66%

Target Plan

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

2012 2012 (Actual)

2013 2014

0.020 0.017

0.440

0.780 0.40

0.38

0.33

0.19

Qty (MMT) Other Slabs

SSI-UK Slab

Introduction of SSI UK slabs to high end customers project

(Others 42%)

Purpose: To introduce SSI UK’s slabs use in high end applications such as cold

rolling, HA/EA and automotive.

(SSI UK

80%) (SSI UK

58%) (SSI UK 5%)

(Others 95%)

0.42

0.97

Important development in Q4

Cold rolling application:

Auto, HA/EA application:

20

0.39

(SSI UK 4.5%)

(Others 95.5%)

0.77

- Start supply commercial lot to new cold-roll customer

- Got approval for 2nd trial lot from current cold-roll customer and plan to start supplying commercial lot in Q1/13

- Under materials approval stage, SSI has already submitted steel samples of

SSI-UK slab to 3 car producers. One of them has already approved SSI materials in early Q1/13

(Others 20%)

21

Highlights

Agenda

Recent Update and Ongoing Project

Q4/2012 Performance Results

Q4/2012 Financial Results

Outlook and Guidance

Q & A

Integration Premium Value Cost Sales

CO

NT

INU

AL

AC

TIO

N

Q

4/2

012 R

ES

ULT

• Reap further synergy with

TCRSS, WCE, SSI UK

• Ongoing projects include

SSI UK restart project to

increase economy of

scale and lower

production cost

• Maximize PVPs (high-grade

& unique & IVPs)

• Invest in technology, people

and R&D to develop future

high-grade products

• Increase production to bring

down average fixed cost per

ton.

• Maintain domestic sales

• Compete for margin than

volume

• Sold 16k tons to TCRSS

• SSI UK slabs delivered to

SSI TH 502k tons

• Sold 203 k tons of PVPs in

Q4/12, (31% of total sales

volume)

• Achieved 10.6% rolling

margin in Q4/12, decreased

from 12.4% in Q3/12

HRC

• HRC sales 647 k tons,

+10% QoQ

• Domestic market share at

33% decreased from 37% in

Q3/12

• Export sales 8 k tons

Iron & Steel

Slab shipment 666k tons

HRC

• Production 602 k tons, from

627 k tons in Q3/12

• Productivity rate 404 ton/hr,

from 418 ton/hr in Q3/12

• HSM utilisation rate 60%,

decreased from 63% in Q2/12

• HRC yield loss down to 1.50%

in Q4/12 from 1.67% in Q3/12

• HRC conversion cost USD

84/ton, from USD 75/ton in

Q3/12

Iron & Steel

• Slab production 668k tons

Note: PVPs = Premium Value Products

IVPs = Innovated Value Products

Q4/2012 Performance Results

the highest quarterly consolidated revenues

22

• Reap further synergy with

TCRSS, WCE, SSI UK

• Ongoing projects include

SSI UK restart project to

increase economy of

scale and lower

production cost

Integration Premium Value Cost Sales

CO

NT

INU

AL

AC

TIO

N

Year

2012 R

ES

ULT

• Sold 120k tons to TCRSS

and tolling for

29 k tons in 2012

• SSI UK slabs delivered to

SSI TH 1,386 k tons

• Maximize PVPs (high-grade

& unique & IVPs)

• Invest in technology, people

and R&D to develop future

high-grade products

• Sold 802 k tons of PVPs in

2012, (37% of total sales

volume)

• Achieved 12.5% rolling

margin in 2012, down from

16.8% in 2011

• New Innovation in Premium

Value Product: “SuperFlat,”

“You+,” and “Speed+”

• New customer: 2 new

customers in steel cylinder

and steel pipe industries

• Increase production to bring

down average fixed cost per

ton.

HRC

• HRC shipment 2,184k tons

• HRC sales 2,155 k tons,

+37% YoY

• Domestic market share at

32%

Iron & Steel

Slab shipment 1,680 k tons

• Maintain domestic sales

• Compete for margin than

volume

HRC

• Production 2,096 k tons, from

1,564 k tons in 2011

• Productivity rate 328 ton/hr,

from 264 ton/hr in 2011

• HSM utilisation rate 52%,

increase from 39% in 2011

• HRC yield loss down to 1.56%

from 1.59% in 2011

• HRC conversion cost

decreased to USD 80/ton

Iron & Steel

• Slab production 1,765k tons

Note: PVPs = Premium Value Products

IVPs = Innovated Value Products

Year 2012 Performance Results

23

the highest yearly consolidated revenues

24

HRC Sale Volume increased to 647 k tons in Q4/12 from 588 k tons in Q3/12.

Slab inventory on hand and in-transit decreased to 647 k tons at the end of Q4/12 due to the increasing in sale volume.

HRC Conversion Cost increased to USD 84/ton from USD 75/ton resulted from planned annual shut-down in December.

HRC Business Performance

32

53

40

61

54

47 38

53 48

72

47

68

48

51

33 27

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12

Slab turnover (excl. In transit) HRC turnover

Yield

Loss 1.71% 1.60% 1.58% 1.45% 1.56% 1.51% 1.67% 1.50%

524

330

414

303

497

423

588

647

539

279

371 376

500

368

627 602

340 337

224 202 278

230

418 404

-500

-400

-300

-200

-100

0

100

200

300

400

500

200.00

300.00

400.00

500.00

600.00

700.00

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12

Sale Volume (k tons) Production (k tons) Productivity (ton/hr)

130 225 207

140 126

350 393

330 220

468

169

496

348

445

371 394 155

71 354

241

395

349 276

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12

Slab Incoming (k tons) Slab on Hand (k tons) Slab in Transit (k tons)

73.3

98.6 89.6

84.9 79.4

84.6

74.5 84.1

68.0

91.0

78.0 85.0

71.7

84.1

74.1 75.6

54

28 37 38

50

37

63 60

-50

-40

-30

-20

-10

-

10

20

30

40

50

60

70

40.0

50.0

60.0

70.0

80.0

90.0

100.0

110.0

120.0

130.0

140.0

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12

Real Normalised Utilisation Rate (%)

25

Average Selling Prices continuously decreased from

USD 807/ton in Q3/11 to USD 694/ton in Q4/12.

Import Slab Cost reduced to USD 585-595/ton in Q4/12.

HRC Rolling Margin down to 10.6 % in Q4/12 from

12.4% in Q3/12

EBITDA up to 367 MB (+28% QoQ, +74% YoY), and

EBITDA/ton up to 18.5 USD/ton (+20% QoQ, -22% YoY)

HRC Business Performance

COST*

USD/ton

555-565 725-735 675-685 660-670 630-640 575-585 610-620 585-595

Note: * Import Cost of slab is based on CIF

434 371

301

655

342 349

824

645

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12

Imported Slab Volume (k tons)

736

761

807

783

752

731

700 694

21%

14% 15% 17%

12%

16%

12% 11%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

600

800

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12

Avg. Selling Prices HRC Rolling Margin

907

57 214 211

569

-166

287 367

56.7

6.2

17.8

23.6

37.2

-12.1

15.4 18.5

-20

-10

0

10

20

30

40

50

60

-400

-200

0

200

400

600

800

1,000

1,200

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12

US

D/t

on

Mill

ion B

aht

EBITDA (left-axis) EBITDA/ton (right-axis)

10% 8% 10% 11% 7% 4% 8% 8% 3%

0% 7% 2% 7%

9% 3% 7%

11% 13%

11% 12% 11%

8% 14% 11%

16% 16% 15%

14% 10% 11%

15% 12%

59% 62% 57%

61% 64% 69% 61% 63%

Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 . 2011 2012

Commercial

Unique

High-Grade

Innovated Value Product

Innovated Value Product (High-Grade)

26

Premium Value Products accounted for 31% or 203 k tons in Q4/12

Premium Value Products accounted for 37% or 802 k tons in year 2012 or +31% YoY

Innovated Value Products sold in Q4/12 = 81 k tons, down from 90k tons in Q3/12

Innovated Value Products sold in year 2012 = 308 k tons, up from 170 k tons in year 2011

or +82% YoY

HRC Business - Sales Ratio of Premium Value Products

31% 37%

21% 21% 20% 16%

15% 19%

19% 19%

18%

19% 22% 31%

30% 27%

37% 33%

16% 14%

3% 0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Q1/12 Q2/12 Q3/12 Q4/12

SSI

Other Domestic Producers

Import- Carbon Steels

Import- Carbon Steels & PO

Import- Other (Alloy Steel)

27

HRC Domestic Market Share

SSI’s market share was 33% in Q4/12, down from 37% in Q3/12; while shares of imports was up

from 60% to 67% in Q4/12.

Total apparent steel supply in Q4/12 has grown by 15% QoQ to approx. 1.9 MMT, of which 602 k

tons were supplied by SSI and the remaining were supplied by imports.

54% 59%

60%

* Recently identifiable from designated harmonized code for alloy steel (previously classified as stainless steel)

67%

Iron and Steel Making Business

Slab Production and Sale in Q4/2012

Slab production increased from 620 k tons in Q3/12 to 668 k tons in Q4/12

Slab sale decreased from 679 k tons in Q3/12 to 666 k tons in Q4/12,

with 25% sold to external parties

Slab spread improved from 44 USD/ton in Q3/12 to 54 USD/ton in Q4/12

28

477

335

620 679 668 666

Slab Production Slab Sale FY2012

551 544 503

544 500

449

Q2 Q3 Q4

Avg Selling Price Avg RM Price Slab Spread

44

54

Volume in ‘000 tons SSI UK’s Slab Spread (USD)

Q2 Q3 Q4 Q2 Q3 Q4

7

1,765 1,680

29

Highlights

Agenda

Recent Update and Ongoing Project

Q4/2012 Performance Results

Q4/2012 Financial Results

Outlook and Guidance

Q & A

30

Note

• EBITDA = Net Profit + Tax Expense + Depreciation & Amortisation + Interest Expenses

• Q1/11 EBITDA calculated from net profit included gain from business acquisition

Consolidated Revenues & EBITDA & Net Profit (MB)

GROUP P&L

12,016

9,511

13,439 13,008

15,742

11,469

15,794

17,599

5,938

-335

-2,099 -1,985 -1,879

-3,576 -3,146 -2,078

5,526

-1,053

-2,965 -2,376 -2,841

-5,022 -4,782

-3,259

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12

Revenue EBITDA Net Profit

47,975

60,604

1,519

-10,680

-981

-15,903

2011 2012

-1,879

-3,577 -3,146 -2,078

-2,841

-5,022 -4,782 -3,259

Consolidated Performance

31

Q1/12 Q2/12 Q3/12 Q4/12 Y2011 Y2012

RE

VE

NU

E

EB

ITD

A

NE

T P

RO

FIT

80%

19%

0% 0%

HRC

Iron & Steel

Port

Engineering

% by Business unit

in Year 2012

1,056

280 97

-258

-10,680 -11,855

HRC Iron &

Steel

Port Engineering

EBITDA

in 2012

Related

transaction

155 45

-191 -63

-15,903

-1,655

-14,194

HRC Iron &

Steel

Port Engineering

Net profit

in 2012

Related

transaction

Non-controlling

interest

15,742 11,469

15,794 17,599 47,975

60,604

1,405

-10,680

-981

-15,903

Unit: MB

Recent consolidated net profit

32

-210 -86

-1,432

2,053

-3,259

-6,000

-4,000

-2,000

-

2,000

4,000

6,000

8,000

Q4/12

Revenues COGS SGA Reserve Interests Others Net Profit

17,599

-21,183

60,604

-2,056 -490

-3,876

-

1,794

-15,903

-20,000

-15,000

-10,000

-5,000

-

5,000

10,000

15,000

20,000

25,000

Year 2012

-71,879

Onerous

contract

Note : Included FX gain of 579 MB,

Reversal of environmental

provision of 808 MB and Income

tax benefit s of 613 MB

Note : Included FX gain of 346 MB,

Reversal of environmental

provision of 808 MB and Income

tax benefits of 601 MB

Unit: MB

Unit: MB

Net Loss Contribution: Year 2011 – Year 2012

33

Unit: MB

-981

-5,271 -6,252

-9,215

-2,554 +2,314 -1,345 +1,772 -1,914

+876 -100 +179 +62 +67 +28 +174

-15,903

Net Loss

2011

Spread Volume Conversion

SSI UK Loss

GP PPC GP WCE

NRV

SG&A Onerous

Interest

Tax FX

Gain from

SSI UK

Acquisition

Others

Net Loss

2012

Net Loss 2011

excl. acquisition gain

34

Revenues and EBITDA Margin by Business Unit

HRC

Deep Sea Port Engineering and Maintenance Services

HRC Business generated revenues of 13,946 MB in Q4/12 (+7% QoQ, +82% YoY), with the EBITDA margin of 2.6%

Iron and Steel Making Business recorded revenues of 11,030 MB in Q4/12 with negative EBITDA margin of -21%

Deep Sea Port Business generated revenues of118 MB in Q4/12 (-7% QoQ but +26% YoY), with the EBITDA margin of 80%

Engineering and Maintenance Services Business generated revenues of 226 MB in Q4/12 (+34% QoQ and +42% YoY), with the EBITDA

margin of 18%

Iron and Steel

11,946

7,734

10,373

7,647

11,584

9,853

13,087 13,946

8%

1% 2% 3%

5%

-2%

2% 3%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

-

5,000

10,000

15,000

20,000

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12

Note: No sale revenues in Q1/11

1,677 2,994

5,266 4,085

7,424

12,425 11,030

-21% -83% -42% -61% -48%

-28% -21% -1

-0.5

0

0.5

1

1.5

2

2.5

3

3.5

4

-8,000

-3,000

2,000

7,000

12,000

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12

138

179 159 149

130

162 168

226

16%

11% 10% 12% 13%

11% 13%

18%

-10%

-5%

0%

5%

10%

15%

20%

-

50

100

150

200

250

300

350

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12

71 63

53

93

72 56

127 118

75% 76%

66%

81%

71%

61%

79% 80%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

-

20

40

60

80

100

120

140

160

180

200

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12

90 25

44 108

78 59

33

255

SSI UK Loss in 2011 and 2012

35

Year 2011

Loss from Coke Operation

Loss from Pre start-up expenses

Financing cost

Loss from Production Commissioning

and Slab Operation

Others

Year 2012

192

500

Loss 192 MUSD in year 2011 is

excluding gain from business

acquisition of 174 MUSD

Note : Included provision for

onerous contract of 25.7 MUSD,

SG&A of 38 MUSD and tax

Income tax benefit of 23.4 MUSD

Unit: MUSD

SSI UK Net profit in Year 2012

36

-1,181 -490 -1,763

1,493

-14,194

-20,000

-15,000

-10,000

-5,000

-

5,000

10,000

15,000

20,000

25,000

30,000

Revenues COGS SGA Reserve Interests Others Net Profit

34,964

-47,217

Unit: MB

Note : : Included Reversal of

environmental provision of 808 MB

and Income tax benefit s of 623 MB

Onerous

contract

37

Consolidated Financial Position

Interest Bearing Debt/Equity (x) Current Ratio (x)

1.27 1.15

0.95 0.84

0.72 0.75 0.71 0.71

0.0

0.5

1.0

1.5

2.0

Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12

22,838 22,185

25,838 25,432 25,309 25,178

16,983

24,423 25,302

21,615

Dec-11 Mar-12 Jun-12 Sep-12 Dec-12

S/T Loan Inventories

Current Ratio remained relatively constant through out 2012 but decreased from year 2011 as external funds were used

to fund working capital.

Interest Bearing Debt/Equity rose through out 2012 as loans were drawn to fund SSI UK’s Restart Project and from

issuance of convertible debenture until the equity injection in November and December 2012.

Total Equity at year end 2012 increased QoQ due to the equity injection in Q4/12 but not enough to off set the impact of

net losses for the year. Hence, total equity declined by 10,000 MB YoY.

54,921

24,948

56,165

21,443

58,198

17,173

55,364

12,419

55,491

14,882

31,443

61,416 24,225

58,947

33,167

74,192

37,823

80,768

33,029

73,638

Dec-11 Mar-12 Jun-12 Sep-12 Dec-12

Non Current Assets Current Assets Equities Total Liabilities

1.30 1.50 1.49 1.82

2.19

3.13

4.35

3.49

0.0

1.0

2.0

3.0

4.0

5.0

Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12

Consolidated Working Capital (MB) Total Assets and Liabilities (MB)

38

Highlights

Agenda

Recent Update and Ongoing Project

Q4/2012 Performance Results

Q4/2012 Financial Results

Outlook and Guidance

Q & A

39

Market Summary: Iron Ore and Coking Coal

Figure 1 (Top Left): Spot iron ore price turned

around from bottom in September.

Figure 2 (Bottom Left): Hard coking coal price

trended downward from beginning of 2011 and

recovered in Q4/12.

Figure 3 (Top Right): Freight cost recovered in

Q3/12 and softened down in Q4/12.

US

$/to

n

US

$/to

n

Brazil ore (FOB) cent/dmtu convert to

US$/ton by assume Fe content 63%

(CFR )

US

$/to

n

-

10.0

20.0

30.0

Ja

n-1

1

Fe

b-1

1

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

Ju

n-1

1

Ju

l-1

1

Au

g-1

1

Se

p-1

1

Oct-

11

N

ov-1

1

Dec-1

1

Ja

n-1

2

Fe

b-1

2

Ma

r-1

2

Ap

r-1

2

Ma

y-1

2

Ju

n-1

2

Ju

l-1

2

Au

g-1

2

Se

p-1

2

Oct-

12

N

ov-1

2

Dec-1

2

Ja

n-1

3

Freights: Capesize Iron Ore (USD/t)

Brazil - China Brazil - Rotterdam W. Australia - China

100

200

300

400

Ja

n-1

1

Fe

b-1

1

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

Ju

n-1

1

Ju

l-1

1

Au

g-1

1

Se

p-1

1

Oct-

11

No

v-1

1

De

c-1

1

Ja

n-1

2

Fe

b-1

2

Ma

r-1

2

Ap

r-1

2

Ma

y-1

2

Ju

n-1

2

Ju

l-1

2

Au

g-1

2

Se

p-1

2

Oct-

12

No

v-1

2

De

c-1

2

Ja

n-1

3

Hard Coking Coal

Benchmark Contract Spot HCC

50

100

150

200

Ja

n-1

1

Fe

b-1

1

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

Ju

n-1

1

Ju

l-1

1

Au

g-1

1

Se

p-1

1

Oct-

11

Nov-1

1

Dec-1

1

Ja

n-1

2

Fe

b-1

2

Ma

r-1

2

Ap

r-1

2

Ma

y-1

2

Ju

n-1

2

Ju

l-1

2

Au

g-1

2

Se

p-1

2

Oct-

12

Nov-1

2

Dec-1

2

Ja

n-1

3

Iron Ore

Benchmark Contract Spot iron ore

Average Prices of HRC and its Raw Materials

40

Source: SBB-Steel Business Briefing website (Q1/13 update as of 27 Feb 13)

HRC and Slab Prices Primary Raw Materials

Raw material and Steel prices started to fall from June, bottomed out by the

end of Q3/12, and Q4/12, and recovered in Q1/13.

400

500

600

700

800

900

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13

Slab (CFR East Asia import) Slab (FOB Latin export)

HRC (CFR East Asia import) HRC Ex-mill US midwest

0

100

200

300

400

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13

Premium HCC (FOB Australia)

Iron Ore (63% Fe CFR North China)

Steel Use and Production by Geography011-12

41

Excess Finished Crude

Region 2011 2012 (f) 2013 (f) 2011 2012 (f) 2013 (f) Demand Steel Steel

European Union (27) 153.1 144.5 148.1 5.9 -5.6 2.1 -10.2 154.7 171.9

Other Europe 33.2 34.4 36.0 12.7 3.8 4.5 -0.1 34.5 38.3

CIS 54.8 55.2 57.4 13.8 0.8 3.9 -47.0 102.2 113.5

NAFTA 121.3 130.4 135.1 9 7.5 3.6 20.8 109.6 121.8

Central & South America 45.7 47.4 50.4 2.6 3.8 6.3 6.1 41.3 45.9

Africa 23.9 25.3 27.3 -3.4 5.8 7.7

Middle East 48.2 49.9 52.8 2.9 3.5 5.9

Asia & Oceania 900.6 922.2 947.9 5.9 2.4 2.8 33.4 888.8 987.6

World 1,380.9 1,409.4 1,454.9 6.2 2.1 3.2 48.1 1,361.3 1,512.6

China 623.9 639.5 659.2 6.2 2.5 3.1 1.9 637.6 708.4

World excl. China 757.0 769.9 795.6 6.3 1.7 3.3 46.2 723.7 804.1

ASU, Million ton Growth Rate, %

30.2 33.545.0

Source : Production based on WSA as of 22 Jan 2013

Production

Growth Rate, %

Slight growth in world

demand comparing to

production

Regional production cut to

match with decline in

regional demand

Excess production from

CIS is mainly sold to EU,

North, Central & South

America and Africa &

Middle East.

Excess production from

China is mainly sold to

Asia.

Region 2011 2012

European Union (27) 177.7 169.4

Other Europe 39.1 39.9

CIS 112.7 111.3

NAFTA 118.9 121.9

Central & South America 48.4 46.9

Africa

Middle East

Asia & Oceania 993.7 1,018.5

World 1,529.2 1,547.8

China 694.8 716.5

World excl. China 834.4 831.3

38.7 39.9

Crude Steel Production Grow th Rate %

2012

-4.7

2.0

-1.2

2.5

-3.1

2.5

1.2

3.1

-0.4

3.1

Crude Steel Production by Geography

42

Source : World Steel Association; The 62 countries included in this table accounted for approximately 98% of total world crude steel production in 2011.

Crude Steel Production slightly decreased in Q4/12 as a result of production

cut by some steel mills.

Crude steel production is estimated to increase by 1.2% in 2012.

46 48 42 42 44 45 41 40

29 30 30 30 31 31 30 29 12 13 12 12 12 12 12 12

174 179 175 157 174 182 178 174

68 67 67 68

68 70 69 68

48 48 47 48

48 48 47 46

376 384 374 356

377 388 376

368

0

100

200

300

400

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12

(Mil

lio

ns

To

ns

)

World Crude Steel Production (2011-2012)

Europe

North America

South America

China

Asia (Others)

Others

Total

43

4.93 5.35

9.87 11.26

0

2

4

6

8

10

12

14

16

18

2011 2012

Mill

ion

MT

Flat

Long

0.5

6.1

2.5

0.8

0.6

6.9

2.8

1.0

HR Plate

HR Sheet

CR Sheet

Coated

Inner Chart =2011

Outer Chart= 2012

Unit: Million MT

Apparent Finished Steel Consumption Flat Steel Consumption

Car/ HA/ EA Production • Steel consumption in Thailand in 2012

increased 12.2% from growth in flat and

long products of 14.1% and 8.6%,

respectively.

• Growth in flat products consumption was

mostly driven by the 70% rise in vehicle

production consequent to the

government’s tax-rate on first-time car

buyer.

Thai Steel Market

-

500

1,000

1,500

2,000

2,500

Cars and HA/EA Production 2012

-

2,000

4,000

6,000

8,000

10,000

Cars and HA/EA Production 2011-2012

In Thousands

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Car Fridge A/C Car Fridge A/C

‘11 ‘12 ‘11 ‘12 ‘11 ‘12

Source : ISIT

Source : FTI and BOT

Source : ISIT

Thailand HRC Outlook

HRC Apparent Steel Supply (in ’000 tons)

1,419

1,650

1,905 1,830

Q2/12 Q3/12 Q4/12 Q1/13

44

Source: Iron and Steel Institution of Thailand for 2008-2012

* Year 2013 is forecasted upon actual data and SSI’s estimate

Q2/12 Q3/12 Q4/12 Q1/13

Domestic Production 533 654 601 730

Import 889 1,003 1,314 1,100

Export 3 7 11 0

Total Supply

1,419

1,650 1,905 1,830

HRC apparent steel supply is expected to decline to 1.83 MT in Q1/2013, or -4% QoQ, due to

decrease in import.

HRC apparent steel supply in 2013 is forecasted to grow by 6.6% YoY to approx. 7.08 MT from

6.64 MT in 2012.

Source: Iron and Steel Institution of Thailand for Q2-Q4/12,

and SSI’s estimate for Q1/13

4,986

4,389

5,848

5,075

6,642

7,080

-1,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2008 2009 2010 2011 2012 2013f

Domestic Production

Import

Export

Total Supply

2012 2013f

2,552 3,380

4,113 3,700

24 0

6,642 7,080

Outlook Guidance for Q1/2013

45

HRC Business (SSI)

HRC shipments are expected to be increased 7% QoQ

HRC average selling price is likely to rise while slab price is likely to soften

HRC Rolling Margin (HRC Spread/average selling price) is expected to be

in range of 18% - 20%.

Iron and Steel Making Business (SSI UK)

Slab sales are expected to be increased 7% QoQ and 39% will be sold to

external parties.

Slab average selling price is likely to increase.

Slab Margin (Slab Spread/average selling price) is expected to be in range

of 15-17 %.

46

Highlights

Agenda

Recent Update and Ongoing Project

Q2/2012 Performance Results

Q2/2012 Financial Results

Outlook and Guidance

Q & A

47

Unit: USD/Ton

2012 2011 2012 2011

Q4 Q3 Q4 Jan-Dec Jan-Dec

HRC Average Selling Price 694 700 783 717 769

HRC Spread 73 87 132 89 129

HRC Rolling Margin 10.6% 12.4% 16.9% 12.5% 16.8%

HRC EBITDA 18.5 15.4 23.6 16.0 29.4

HRC Shipments (k tons) 647 617* 303 2,184* 1,571

Production Volume (k tons) 602 627 376 2,096 1,564

Utilisation Rate (%) 60 63 38 52 39

Production Rate (Ton/hdw**) 404 418 202 328 264

Yield loss (%) 1.50 1.67 1.45 1.56 1.59

HRC Business Key Performance Snapshot

Note: * Including 29 k tons of tolling service volume in Q3/2012

** Ton/hdw = Ton per hour direct working time

48

Unit: MB 2012 2011 2012 2011

Q4 Q3 Q4 Jan-Dec Jan-Dec

Sale and Service Revenue 17,599 15,794 13,008 60,604 47,975

COGS (21,183) (18,730) (14,665) (71,879) (49,638)

SG&A (210) (718) 13 (2,056) (1,955)

Provision for loss under onerous

contracts (86) (147) (182) (490) (311)

Gain on business acquisition - - - - 5,271

EBITDA* (2,078) (3,146) (1,985) (10,680) 1,405

Interest Expenses (1,432) (952) (676) (3,876) (1,969)

Depreciation and Amortization (363) (666) (262) (1,948) (956)

Income Tax Expense 613 (17) 548 601 539

Realized Gain (Loss) from FX 857 (210) (481) 283 (502)

Unrealized Gain (Loss) from FX (269) (51) 169 63 (28)

Net Profit (Loss) (3,259) (4,782) (2,376) (15,903) (981)

EPS (Baht) (0.15) (0.26) (0.14) (0.84) (0.06)

Consolidated P&L Snapshot

49

SSI TH P&L Snapshot

Unit: MB 2012 2011 2012 2011

Q4 Q3 Q4 Jan-Dec Jan-Dec

Sale and Service Revenue 13,946 13,087 7,647 48,470 37,699

COGS (13,706) (13,260) (7,509) (47,838) (35,910)

SG&A (237) (223) (149) (777) 1,789

Provision for loss under onerous

contracts (15) (272) 129 0 (612)

Gain on business acquisition - - - - -

EBITDA* 367 287 211 1,056 1,389

Interest Expenses (615) (616) (412) (2,088) (1,321)

Depreciation and Amortization (174) (177) (124) (622) (512)

Realized Gain (Loss) from FX 337 53 (95) 359 (136)

Unrealized Gain (Loss) from FX (234) 171 54 68 (128)

Net Profit (Loss) (422) (506) (325) (1,655) (444)

EPS (Baht) (0.02) (0.03) (0.02) (0.09) (0.03)

50

Unit : MB 2012 2011

Sale Revenues 34,964 9,936

Cost of Good Sold (47,217) (13,643)

Admin Expenses (1,181) (1,251)

Provision for loss under

onerous contracts

(490) (311)

Gain from Business

Acquisition

- 5,271

EBITDA (11,855) (51)

Interest Expenses (1,763) (631)

Bank Fees (28) (104)

Gain (Loss) on FX (54) (284)

Gain (Loss) on Investment 55 7

Other Incomes 897 3

Income Tax 624 552

Net Profit (Loss) (14,194) (454)

SSI UK Financial Results

Profit and Loss Statement Statement of Financial Position

Unit : MB 2012 2011

Current Assets 10,759 8,553

Non-current Assets 33,623 31,218

Total Assets 44,382 39,771

Short-term Liabilities 13,128 7,565

Other Current Liabilities 5,010 5,963

Total Current Liabilities 18,139 13,528

Long-term Loans 14,646 10,057

Total Liabilities 35,202 27,732

Share Capital 23,801 12,255

Retained Earning (14,844) (650)

Total Equity 9,180 12,038

Total Liabilities & Equity 44,382 39,771