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  1. 1. Earnings Call – 4Q14 and 2014 March 17th, 2015
  2. 2. The consolidated financial statements presented here are consistent with the criteria of international accounting standards - IFRS issued by the International Accounting Standards Board – IASB, based on audited financial information. Non-financial information contained herein, as well as other operational information, were not audited by independent auditors and may include forward-looking statements and reflects the current views and perspectives of the management on the evolution of macro-economic environment, conditions of the mining and refractories industries, company performance and financial results. Any statements, projections, expectations, estimates and plans contained in this document that do not describe historical facts, and the factors or trends affecting financial condition, liquidity or results of operations, are forward-looking statements and involve several risks and uncertainties. This presentation should not be construed as legal, tax, investment or other advice. This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities, and neither any part of this presentation nor any information or statement contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Under no circumstances, neither the Company nor its subsidiaries, directors, officers, agents or employees be liable to third parties (including investors) for any investment decision based on information and statements in this presentation, or for any damages resulting therefrom, corresponding or specific. The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice. Magnesita has no obligation to update it or revise it in light of new information and / or in face of future events, safeguard the current regulations which we are submitted to. This presentation and its contents are proprietary information of the Company and may not be reproduced or circulated, partially or completely, without the prior written consent of the Company. Changes in historical numbers For comparison purposes, 2013 figures have been adjusted to reflect accounting changes implemented by the Company in late 2013. Disclosure 2
  3. 3. AglobalorganizationNew Strategic Vision Vision: Be the best provider of refractories solutions and industrial minerals, leveraging and developing our minerals base Expand industrial minerals base Ensure leadership in our core markets Maintain a global low cost production base Grow selectively and aggressively Continue to develop high quality, low cost raw material sources to support our current businesses as well as new businesses where we can have a sustainable competitive advantage Strive to keep offering high quality and innovative products, unrivaled services and cost performance Optimize production globally to improve efficiency and support growth Develop global supply chain management Pursue long term growth opportunities in selected markets where we can deliver superior value to our customers and shareholders ▪Meritocracy ▪Ethics ▪Profit ▪Management & Method ▪Agility and Transparency ▪Respect for Safety, Environment and Communities ▪Customer ▪People Our values 3
  4. 4. Brazil 4 Source: ¹WSA Crude Steel Production¹ (million tons) - Established Markets Volume (‘000 tons)* USA + Canada EU-28 Sales to Steel Segment Revenues (R$ million) -2% -1% 4Q14 218 3Q14 220 4Q13 217 +4% +3% 4Q14 545 3Q14 524 4Q13 530 Refractory Solutions Sales - Steel -5% 0% 4Q14 8 3Q14 9 4Q13 8 -5% 0% 4Q14 25 3Q14 26 4Q13 25 +3% -1% 4Q14 41 3Q14 40 4Q13 42 Sales by region (in R$) -1% 2014 34 2013 34 +1% 2014 101 2013 99 +2% 2014 169 2013 166 883 +5% 839 2013 2014 1.918 20142013 2.139 +12% *Excluding scraps volume
  5. 5. 5 Sales to Industrial Segment Refractory Solutions Sales – Industrial Segment Volume (‘000 tons) Revenues (R$ million) 34 4242 -17% -18% 4Q143Q144Q13 98 111120 -12% -18% 4Q143Q144Q13 154 151 -2% 20142013 423415 +2% 20142013
  6. 6. Refractory Solutions Sales and Margin - Consolidated Volume (‘000 tons) Revenues (R$ million) Gross Profit and Margin (R$ million; %) 251262260 -4% -4% 4Q143Q144Q13 184206203 -11% -10% 4Q14 28.5% 3Q14 32.4% 4Q13 31.2% 643635650 +1% -1% 4Q143Q144Q13 Sales by region (in R$) Sales by segment (in R$) 993 +4% 2014 1.034 2013 2014 2.562 2013 2.334 +10% 801777 2014 +3% 31.3% 2013 33.3% 6
  7. 7. 7 Revenues (R$ million) Gross Profit and Margin (R$ million; %) Revenues (R$ million) Gross Profit and Margin (R$ million; %) Minerals and Services Sales and Margin 32 39 54 -17% -40% 4Q143Q144Q13 4341 32 +5% +34% 4Q143Q144Q13 11 14 18 -20% -41% 4Q14 33.4% 3Q14 34.8% 4Q13 34.0% 7 10 5 -33% +42% 4Q14 16.4% 3Q14 25.6% 4Q13 15.6% Minerals Services -9% 2014 145 2013 159 49 64 2014 33.5% 2013 40.1% -24% +37% 2014 165 2013 121 33 17 2014 +94% 20.0% 2013 14.1%
  8. 8. 8 Consolidated Sales and Gross Profit (R$ million) Por Segmento 718715736 4Q13 0% -2% 4Q143Q14 Lucro Bruto Vendas Consolidadas +10% 2014 2.872 2013 2.613 201230226 -13% -11% 4Q14 28.0% 3Q14 32.2% 4Q13 30.7% 883858 +3% 2014 30.7% 2013 32.8%
  9. 9. 9 SG&A Selling Expenses G&A +1% -6% 4Q14 61 8.5% 3Q14 60 8.4% 4Q13 65 8.8% +1% +3% 4Q14 102 14.2% 3Q14 101 14.1% 4Q13 99 13.4% Selling Expenses % of sales 45 44 62 0% -29% 4Q14 6.2% 3Q14 6.2% 4Q13 8.4% Consolidated Freight G&A % of sales Others +3% +56% 4Q14 58 8.0% 3Q14 56 7.8% 4Q13 37 5.0% 0% 2014 235 8.2% 2013 235 8.9% 360 13.6% +14% 2014 409 14.2% 2013 143 5.4% +27% 2014 181 6.3% 2013 217 8.2% +5% 2014 227 7.9% 2013
  10. 10. 10 EBITDA e Net Income (R$ million) Net Income -76 -10.6% 3Q14 -18 -2.6% 4Q13 31 4.1% 4Q14 -23% 4Q14 81 11.3% 3Q14 105 14.7% 4Q13 98 13.3% -18% -2% 2014 387 13.5% 2013 395 14.9% -97 2014 -3.4% 2013 58 2.2% EBITDA ex-others
  11. 11. 11 CAPEX and Working Capital Working Capital CAPEX +47% -12% 4Q14 73 3Q14 39 4Q13 83 878 30.6% 3Q14 1,002 35.1% 2Q14 979 34.0% 1Q14 1,017 35.4% 4Q13 952 32.3% 4Q14 Working Capital % of sales -14% 2014 177 2013 205
  12. 12. 12 *EBITDA excluding other revenues / expenses Leverage and Indebtedness Total Amortization Schedule (R$ million) Net Debt per Currency Excluding Perpetual Bond Others 0% 0% EUR 15% 17% USD 42% 59% BRL 43% 24% 929911922914855 387403379385395 4Q14 2.4x 3Q14 2.3x 2Q14 2.4x 1Q14 2.4x 4Q13 2.2x Net Debt / EBITDA ex-ore* EBITDA ex-ore* Net Debt 1.614 950 664 2019 16 2018 219 2017 286 2016 88 2015 192 4Q14 917 2020+ Cash PositionAmortizationPerpetual Bond 4Q14 4Q13 387379385395 403 4Q14 1,592 4.1x 3Q14 1,537 3.8x 2Q14 1,484 3.9x 1Q14 1,494 3.9x 4Q13 1,453 3.7x Net Debt / EBITDA ex-ore* EBITDA ex-ore* Net Debt *EBITDA excluding other revenues / expenses
  13. 13. Octavio Pereira Lopes CEO Eduardo Gotilla CFO e IRO Daniel Domiciano Silva IR Manager Lucas Veiga IR Analyst Phone: +55 11 3152-3237/3241/3202 ri@magnesita.com www.magnesita.com/ri 13 Investor Relations

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