UK Markets open in 4 hrs 41 mins
  • NIKKEI 225

    26,666.91
    +22.20 (+0.08%)
     
  • HANG SENG

    26,800.73
    -93.95 (-0.35%)
     
  • CRUDE OIL

    45.03
    -0.50 (-1.10%)
     
  • GOLD FUTURES

    1,768.30
    -13.60 (-0.76%)
     
  • DOW

    29,910.37
    +37.87 (+0.13%)
     
  • BTC-GBP

    13,827.25
    +61.46 (+0.45%)
     
  • CMC Crypto 200

    363.84
    +26.34 (+7.80%)
     
  • Nasdaq

    12,205.85
    +111.45 (+0.92%)
     
  • ^FTAS

    3,593.68
    +4.64 (+0.13%)
     

Third quarter 2020 results: 'Earnings improve on the back of tight cost control, our flexible multi-product business in Brazil and some economic recovery in Europe'

·21-min read

Aperam S.A. / Key word(s): Quarter Results
Third quarter 2020 results: 'Earnings improve on the back of tight cost control, our flexible multi-product business in Brazil and some economic recovery in Europe'
04-Nov-2020 / 07:00 CET/CEST

 

Luxembourg, November 4, 2020 (07:00 CET) - Aperam (referred to as "Aperam" or the "Company") (Amsterdam, Luxembourg, Paris, Brussels: APAM and NYRS: APEMY), announced today results for the three months ending September 30, 2020.
 

Highlights

 

Strategic initiatives

 

Cash deployment

 

 

 

Prospects

 

 

Financial Highlights (on the basis of financial information prepared under IFRS)

 

Health & Safety results

 

Health and Safety performance based on Aperam personnel figures and contractors' lost time injury frequency rate was 2.2x in the third quarter of 2020 compared to 0.6x in the second quarter of 2020.

 

Financial results analysis for the three-month period ending September 30, 2020

Sales for the third quarter of 2020 increased by 3% to EUR 841 million compared to EUR 818 million for the second quarter of 2020. Steel shipments increased from 376 thousand tonnes in the second quarter of 2020, to 432 thousand tonnes in the third quarter of 2020.

Volumes in both Europe and Brazil improved from their Q2 lows on the back of the economic recovery.

 

EBITDA increased during the quarter to EUR 65 million from EUR 49 million for the second quarter of 2020 driven by higher volumes, strict cost control and our flexible multi-product business in Brazil. Prices in Europe remained under pressure and amplified by rising raw material costs. This was only partly compensated by the absence of negative inventory valuations. 

 

Depreciation and amortization was EUR (32) million for the third quarter of 2020.

 

Aperam had an operating income for the third quarter of 2020 of EUR 33 million compared to an operating income of EUR 14 million for the previous quarter.

 

Financing costs including the FX and derivatives result for the third quarter of 2020 were EUR (4) million, including cash cost of financing of EUR (3) million.

 

Income tax expense for the third quarter of 2020 was EUR (5) million.

 

The Company recorded a net income of EUR 24 million for the third quarter of 2020.

Cash flows from operations for the third quarter of 2020 were positive at EUR 77 million, with a working capital decrease of EUR 42 million. CAPEX for the third quarter was EUR (22) million.

 

Free cash flow before dividend for the third quarter of 2020 amounted to EUR 55 million.

 

During the third quarter of 2020, the cash returns to shareholders amounted to EUR 35 million, consisting fully of dividend.

 

 

Operating segment results analysis

 

Stainless & Electrical Steel (1)

 

(1) Amounts are shown prior to intra-group eliminations

 

 

The Stainless & Electrical Steel segment had sales of EUR 664 million for the third quarter of 2020. This represents a 5% increase compared to sales of EUR 632 million for the second quarter of 2020. Steel shipments during the third quarter were 417 thousand tonnes, an increase of 15% compared to shipments of 364 thousand tonnes during the previous quarter. Volumes benefitted from the economic recovery in Europe and our flexible multi-product business in Brazil. Average steel selling prices for the Stainless & Electrical Steel segment decreased by 8% compared to the previous quarter.

 

The segment generated EBITDA of EUR 42 million for the third quarter of 2020 compared to EUR 43 million for the second quarter of 2020. The benefit of higher volumes quarter on quarter and the absence of negative inventory valuation was consumed by pricing pressure in Europe and higher raw material costs.

 

Depreciation and amortisation expense was EUR (26) million for the third quarter of 2020. 

The Stainless & Electrical Steel segment had an operating income of EUR 16 million for the third quarter of 2020 compared to an operating income of EUR 15 million for the second quarter of 2020.

 

 

 

Services & Solutions(1)

 

(1) Amounts are shown prior to intra-group eliminations

 

The Services & Solutions segment had sales of EUR 372 million for the third quarter of 2020, representing an increase of 20% compared to sales of EUR 310 million for the second quarter of 2020. For the third quarter of 2020, steel shipments were 165 thousand tonnes compared to 132 thousand tonnes during the previous quarter. The Services & Solutions segment had lower average steel selling prices during the period compared to the previous period.               

 

The segment generated EBITDA of EUR 10 million for the third quarter of 2020 compared to EBITDA of EUR 5 million in the second quarter of 2020. EBITDA increased mainly due to a significant 25% increase in volumes quarter on quarter.

 

Depreciation and amortisation was EUR (3) million for the third quarter of 2020.

 

The Services & Solutions segment had an operating income of EUR 7 million for the third quarter of 2020 compared to an operating income of EUR 1 million for the second quarter of 2020.             

 

 

Alloys & Specialties(1)

 

(1) Amounts are shown prior to intra-group eliminations

 

 

The Alloys & Specialties segment had sales of EUR 111 million for the third quarter of 2020, representing a decrease of 22% compared to EUR 142 million for the second quarter of 2020. Steel shipments decreased by 24% during the third quarter of 2020 at 7 thousand tonnes. Average steel selling prices were higher during the quarter.

 

The Alloys & Specialties segment achieved EBITDA of EUR 10 million for the third quarter of 2020 compared to EUR 11 million for the second quarter of 2020. The slightly lower EBITDA was driven by lower volumes. A better mix, strict cost management and a less negative inventory valuation loss partly compensated for this.

 

Depreciation and amortisation expense for the third quarter of 2020 was EUR (3) million.

 

The Alloys & Specialties segment had an operating income of EUR 7 million for the third quarter of 2020 compared to an operating income of EUR 10 million for the second quarter of 2020.

 

 

Recent developments

 

 

 

 

 

 

New developments

 

 

 

 

 

Investor conference call / webcast

 

Aperam management will host a conference call / webcast for members of the investment community to discuss the third quarter 2020 financial performance at the following time:

 

 

Link to the webcast: https://channel.royalcast.com/aperam/#!/aperam/20201104_1

 

The dial-in numbers for the call are: international +44 (0) 20 3003 2666 ; USA +1 212 999 6659. The conference password is Aperam.

 

A replay of the conference call will be available for one year at https://channel.royalcast.com/aperam/#!/aperam/20201104_1

 

Contacts

 

Corporate Communications / Laurent Beauloye: +352 27 36 27 103

Investor Relations / Thorsten Zimmermann: +352 27 36 27 304

 

About Aperam

 

Aperam is a global player in stainless, electrical and specialty steel, with customers in over 40 countries. The business is organised in three primary operating segments: Stainless & Electrical Steel, Services & Solutions and Alloys & Specialties.

 

Aperam has a flat Stainless and Electrical steel capacity of 2.5 million tonnes in Brazil and Europe and is a leader in high value specialty products. In addition to its industrial network, spread over six production facilities in Brazil, Belgium and France, Aperam has a highly integrated distribution, processing and services network and a unique capability to produce stainless and special steels from low cost biomass (charcoal made from its own FSC-certified forestry).

 

In 2019, Aperam had sales of EUR 4,240 million and steel shipments of 1.79 million tonnes with an average carbon footprint of 0.48 tons of CO2 per ton of slabs, making it the world's lowest CO2 footprint stainless steel producer.

 

For further information, please refer to our website at www.aperam.com.

 

 

 

Forward-looking statements

 

This document may contain forward-looking information and statements about Aperam and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "target" or similar expressions. Although Aperam's management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Aperam's securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of Aperam, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in Aperam's filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier). Aperam undertakes no obligation to publicly update its forward-looking statements or information, whether as a result of new information, future events, or otherwise. In particular, the length and severity of the recent COVID-19 (coronavirus) outbreak, including its impacts in the sector, macroeconomic conditions and in Aperam's principal local markets may cause our actual results to be materially different than those expressed in our forward-looking statements.

 

 

 

 

 

APERAM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

 

 

 

APERAM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

 

 

 

 

  

 

 

APERAM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

 

 

 

 

 

 

 Appendix 1a - Health & Safety statistics

 

Lost time injury frequency rate equals lost time injuries per 1,000,000 worked hours, based on own personnel and contractors.

 

 

 

 Appendix 1b - Key operational and financial information

 

 

 

 

 

 

Appendix 2 - Terms and definitions

 

Unless indicated otherwise, or the context otherwise requires, references in this earnings release report to the following terms have the meanings set out next to them below:

 

Average steel selling prices: calculated as steel sales divided by steel shipments.

Cash and cash equivalents: represents cash and cash equivalents, restricted cash and short-term investments.

CAPEX: relates to capital expenditures and is defined as purchase of tangible assets, intangible assets and biological assets.

EBITDA: operating income before depreciation, amortisation and impairment expenses.

EBITDA/tonne: calculated as EBITDA divided by total steel shipments.

Financing costs: Net interest expense, other net financing costs and foreign exchange and derivative results.

Free cash flow before dividend and share buy-back: net cash provided by operating activities less net cash used in investing activities.

Gross financial debt: long-term debt plus short-term debt.

Liquidity: Cash and cash equivalent and undrawn credit lines.

LTI frequency rate: Lost time injury frequency rate equals lost time injuries per 1,000,000 worked hours, based on own personnel and contractors.

Net financial debt: long-term debt, plus short-term debt less cash and cash equivalents.

Net financial debt/EBITDA or Gearing: Refers to Net financial debt divided by last twelve months EBITDA calculation.

Shipments: information at segment and group level eliminates inter-segment shipments (which are primarily between Stainless & Electrical Steel and Services & Solutions) and intra-segment shipments, respectively.

Working capital: trade accounts receivable plus inventories less trade accounts payable.

 

 

 

 

1 The financial information in this press release and Appendix 1 has been prepared in accordance with the measurement and recognition criteria of International Financial Reporting Standards ("IFRS") as adopted in the European Union. While the interim financial information included in this announcement has been prepared in accordance with IFRS applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standard 34, "Interim Financial Reporting". Unless otherwise noted the numbers and information in the press release have not been audited. The financial information and certain other information presented in a number of tables in this press release have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this press release reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers. This press release also includes Alternative Performance Measures ("APM" hereafter). The Company believes that these APMs are relevant to enhance the understanding of its financial position and provides additional information to investors and management with respect to the Company's financial performance, capital structure and credit assessment. These non-GAAP financial measures should be read in conjunction with and not as an alternative for, Aperam's financial information prepared in accordance with IFRS. Such non-GAAP measures may not be comparable to similarly titled measures applied by other companies. The APM's used are defined under Appendix 2 "Terms & definitions".

2 The Leadership Journey(R) is an initiative launched on December 16, 2010, and subsequently accelerated and increased, to target management gains and profit enhancement. The fourth phase of the Leadership Journey(R) is targeting EUR 150 million gains for the period 2021 - 2023 via a combination of cost, growth and mix improvement measures.

 

 

 


Dissemination of a Financial Wire News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

 

Timoteo Di Maulo, CEO of Aperam, commented:

 

"Business took a first step returning towards normalization in Q3 which we utilized as all our plants were fully operational. Our results improved due to a strict cost discipline across all segments, a flexible product mix management in Brazil and with higher volumes in Europe. Still, a challenging competitive environment persists combined with the threat of another COVID related slowdown and continued price pressure in Europe. Although we expect an improvement in Q4 some positive drivers might only prevail for the short term. We have used the crisis to sketch out phase 4 of our Leadership Journey(R)️ which will support and accelerate the recovery to a historic normal level."

 

 

(in millions of Euros, unless otherwise stated)

Q3 20

Q2 20

Q3 19

9M 20

9M 19

Sales

841

818

972

2,708

3,240

Operating income

33

14

43

81

148

Net income attributable to equity holders of the parent

24

21

37

74

119

Basic earnings per share (EUR)

0.30

0.27

0.47

0.93

1.46

Diluted earnings per share (EUR)

0.30

0.27

0.47

0.93

1.46

 

 

 

 

 

 

Free cash flow before dividend and share buy-back

55

34

45

107

141

Net Financial Debt (at the end of the period)

111

123

172

111

172

 

 

 

 

 

 

EBITDA

65

49

79

184

255

 

 

 

 

 

 

EBITDA/tonne (EUR)

150

130

189

148

184

 

 

 

 

 

 

Steel shipments (000t)

432

376

418

1,246

1,384

(in millions of Euros, unless otherwise stated)

Q3 20

Q2 20

Q3 19

9M 20

9M 19

Sales

664

632

771

2,123

2,544

EBITDA

42

43

57

138

188

Depreciation & amortisation

(26)

(28)

(29)

(84)

(89)

Operating income

16

15

28

54

99

Steel shipments (000t)

417

364

401

1,207

1,320

Average steel selling price (EUR/t)

1,536

1,678

1,861

1,699

1,863

(in millions of Euros, unless otherwise stated)

Q3 20

Q2 20

Q3 19

9M 20

9M 19

Sales

372

310

418

1,132

1,391

EBITDA

10

5

9

24

41

Depreciation & amortisation

(3)

(4)

(2)

(10)

(8)

Operating income

7

1

7

14

33

Steel shipments (000t)

165

132

166

483

562

Average steel selling price (EUR/t)

2,184

2,212

2,397

2,248

2,358

(in millions of Euros, unless otherwise stated)

Q3 20

Q2 20

Q3 19

9M 20

9M 19

Sales

111

142

128

408

437

EBITDA

10

11

12

30

36

Depreciation & amortisation

(3)

(1)

(3)

(7)

(7)

Operating income

7

10

9

23

29

Steel shipments (000t)

7

9

8

24

27

Average steel selling price (EUR/t)

16,320

16,038

16,018

16,314

15,796

Date

New York

London

Luxembourg

Wednesday,

November 4, 2020

08:00 am

01:00 pm

02:00 pm

(in million of EURO)

September 30,

2020

June 30,

2020

September 30,

2019

ASSETS

 

 

 

Cash & cash equivalents (C)

335

263

357

Inventories, trade receivables and trade payables

608

662

742

Prepaid expenses and other current assets

78

81

98

Total Current Assets & Working Capital

1,021

1,006

1,197

 

 

 

 

Goodwill and intangible assets

426

435

483

Property, plant and equipment (incl. Biological assets)

1,502

1,524

1,593

Investments in associates, joint ventures and other

4

4

29

Deferred tax assets

116

121

155

Other non-current assets

51

58

81

Total Assets (net of Trade Payables)

3,120

3,148

3,538

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

Short-term debt and current portion of long-term debt (B)

77

18

164

Accrued expenses and other current liabilities

282

347

285

Total Current Liabilities (excluding Trade Payables)

359

365

449

 

 

 

 

Long-term debt, net of current portion (A)

369

368

365

Deferred employee benefits

145

145

145

Deferred tax liabilities

120

122

131

Other long-term liabilities

41

43

54

Total Liabilities (excluding Trade Payables)

1,034

1,043

1,144

 

 

 

 

Equity attributable to the equity holders of the parent

2,082

2,101

2,390

Non-controlling interest

4

4

4

Total Equity

2,086

2,105

2,394

 

 

 

 

Total Liabilities and Shareholders' Equity (excluding Trade Payables)

3,120

3,148

3,538

 

 

 

 

Net Financial Debt (D = A+B-C)

111

123

172

(in million of EURO)

Three Months Ended

Nine Months Ended

September 30, 2020

June 30,

2020

September 30, 2019

September 30, 2020

September 30, 2019

Sales

841

818

972

2,708

3,240

EBITDA (C = A-B)

65

49

79

184

255

EBITDA margin %

7.7%

6.0%

8.1%

6.8%

7.9%

Depreciation & amortisation (B)

(32)

(35)

(36)

(103)

(107)

Operating income (A)

33

14

43

81

148

Operating margin %

3.9%

1.7%

4.4%

3.0%

4.6%

Result from associates and other investments

-

-

1

-

1

Financing costs, (net)

(4)

9

(1)

(2)

(21)

Income before taxes

29

23

43

79

128

Income tax expense

(5)

(2)

(6)

(5)

(9)

Effective tax rate %

16.0%

8.3%

13.0%

5.7%

6.8%

Net income attributable to equity holders of the parent

24

21

37

74

119

 

 

 

 

 

 

Basic earnings per share (EUR)

0.30

0.27

0.47

0.93

1.46

Diluted earnings per share (EUR)

0.30

0.27

0.47

0.93

1.46

 

 

 

 

 

 

Weighted average common shares outstanding (in thousands)

79,816

79,816

79,804

79,816

81,628

Diluted weighted average common shares outstanding (in thousands)

80,125

80,218

80,801

80,125

81,888

(in million of EURO)

Three Months Ended

Nine Months Ended

September 30, 2020

June 30,

2020

September 30, 2019

September 30, 2020

September 30, 2019

Operating income

33

14

43

81

148

Depreciation & amortisation

32

35

36

103

107

Change in working capital

42

(37)

(2)

(16)

11

Income tax (paid) / refund

(2)

2

(1)

(3)

1

Interest paid, (net)

(4)

(1)

(1)

(6)

(4)

Other operating activities (net)

(24)

44

(5)

38

(25)

Net cash provided by operating activities (A)

77

57

70

197

238

Purchase of PPE, intangible and biological assets (CAPEX)

(22)

(23)

(26)

(90)

(99)

Other investing activities (net)

-

-

1

-

2

Net cash used in investing activities (B)

(22)

(23)

(25)

(90)

(97)

Proceeds (payments) from payable to banks and long term debt

59

(22)

160

(8)

223

Purchase of treasury stock (share buy back)

-

-

-

-

(93)

Dividends paid

(35)

(37)

(35)

(104)

(107)

Other financing activities (net)

(2)

(3)

(1)

(7)

(5)

Net cash provided by (used in) financing activities

(22)

(62)

124

(119)

18

Effect of exchange rate changes on cash

(6)

(6)

(1)

(29)

(1)

Change in cash and cash equivalent

71

(34)

168

(41)

158

 

 

 

 

 

 

Free cash flow before dividend and share buy-back (C = A+B)

55

34

45

107

141

Health & Safety Statistics

Three Months Ended

September 30,

2020

June 30,

2020

March 31,

2020

Frequency Rate

2.2

0.6

1.9

Quarter Ending

September 30, 2020

Stainless & Electrical Steel

Services & Solutions

Alloys & Specialties

Others & Eliminations

Total

Operational information

 

 

 

 

 

Steel Shipment (000t)

417

165

7

(157)

432

Average steel selling price (EUR/t)

1,536

2,184

16,320

 

1,890

 

 

 

 

 

 

Financial information

(in million of EURO)

 

 

 

 

 

Sales

664

372

111

(306)

841

EBITDA

42

10

10

3

65

Depreciation & Amortisation

(26)

(3)

(3)

-

(32)

Operating income

16

7

7

3

33

Quarter Ending

June 30, 2020

Stainless & Electrical Steel

Services & Solutions

Alloys & Specialties

Others & Eliminations

Total

Operational information

 

 

 

 

 

Steel Shipment (000t)

364

132

9

(129)

376

Average steel selling price (EUR/t)

1,678

2,212

16,038

 

2,113

 

 

 

 

 

 

Financial information

(in million of EURO)

 

 

 

 

 

Sales

632

310

142

(266)

818

EBITDA

43

5

11

(10)

49

Depreciation & Amortisation

(28)

(4)

(1)

(2)

(35)

Operating income / (loss)

15

1

10

(12)

14

 

Timoteo Di Maulo, CEO of Aperam, commented:

 

"Business took a first step returning towards normalization in Q3 which we utilized as all our plants were fully operational. Our results improved due to a strict cost discipline across all segments, a flexible product mix management in Brazil and with higher volumes in Europe. Still, a challenging competitive environment persists combined with the threat of another COVID related slowdown and continued price pressure in Europe. Although we expect an improvement in Q4 some positive drivers might only prevail for the short term. We have used the crisis to sketch out phase 4 of our Leadership Journey(R)️ which will support and accelerate the recovery to a historic normal level."

 

 

(in millions of Euros, unless otherwise stated)

Q3 20

Q2 20

Q3 19

9M 20

9M 19

Sales

841

818

972

2,708

3,240

Operating income

33

14

43

81

148

Net income attributable to equity holders of the parent

24

21

37

74

119

Basic earnings per share (EUR)

0.30

0.27

0.47

0.93

1.46

Diluted earnings per share (EUR)

0.30

0.27

0.47

0.93

1.46

 

 

 

 

 

 

Free cash flow before dividend and share buy-back

55

34

45

107

141

Net Financial Debt (at the end of the period)

111

123

172

111

172

 

 

 

 

 

 

EBITDA

65

49

79

184

255

 

 

 

 

 

 

EBITDA/tonne (EUR)

150

130

189

148

184

 

 

 

 

 

 

Steel shipments (000t)

432

376

418

1,246

1,384

(in millions of Euros, unless otherwise stated)

Q3 20

Q2 20

Q3 19

9M 20

9M 19

Sales

664

632

771

2,123

2,544

EBITDA

42

43

57

138

188

Depreciation & amortisation

(26)

(28)

(29)

(84)

(89)

Operating income

16

15

28

54

99

Steel shipments (000t)

417

364

401

1,207

1,320

Average steel selling price (EUR/t)

1,536

1,678

1,861

1,699

1,863

(in millions of Euros, unless otherwise stated)

Q3 20

Q2 20

Q3 19

9M 20

9M 19

Sales

372

310

418

1,132

1,391

EBITDA

10

5

9

24

41

Depreciation & amortisation

(3)

(4)

(2)

(10)

(8)

Operating income

7

1

7

14

33

Steel shipments (000t)

165

132

166

483

562

Average steel selling price (EUR/t)

2,184

2,212

2,397

2,248

2,358

(in millions of Euros, unless otherwise stated)

Q3 20

Q2 20

Q3 19

9M 20

9M 19

Sales

111

142

128

408

437

EBITDA

10

11

12

30

36

Depreciation & amortisation

(3)

(1)

(3)

(7)

(7)

Operating income

7

10

9

23

29

Steel shipments (000t)

7

9

8

24

27

Average steel selling price (EUR/t)

16,320

16,038

16,018

16,314

15,796

Date

New York

London

Luxembourg

Wednesday,

November 4, 2020

08:00 am

01:00 pm

02:00 pm

(in million of EURO)

September 30,

2020

June 30,

2020

September 30,

2019

ASSETS

 

 

 

Cash & cash equivalents (C)

335

263

357

Inventories, trade receivables and trade payables

608

662

742

Prepaid expenses and other current assets

78

81

98

Total Current Assets & Working Capital

1,021

1,006

1,197

 

 

 

 

Goodwill and intangible assets

426

435

483

Property, plant and equipment (incl. Biological assets)

1,502

1,524

1,593

Investments in associates, joint ventures and other

4

4

29

Deferred tax assets

116

121

155

Other non-current assets

51

58

81

Total Assets (net of Trade Payables)

3,120

3,148

3,538

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

Short-term debt and current portion of long-term debt (B)

77

18

164

Accrued expenses and other current liabilities

282

347

285

Total Current Liabilities (excluding Trade Payables)

359

365

449

 

 

 

 

Long-term debt, net of current portion (A)

369

368

365

Deferred employee benefits

145

145

145

Deferred tax liabilities

120

122

131

Other long-term liabilities

41

43

54

Total Liabilities (excluding Trade Payables)

1,034

1,043

1,144

 

 

 

 

Equity attributable to the equity holders of the parent

2,082

2,101

2,390

Non-controlling interest

4

4

4

Total Equity

2,086

2,105

2,394

 

 

 

 

Total Liabilities and Shareholders' Equity (excluding Trade Payables)

3,120

3,148

3,538

 

 

 

 

Net Financial Debt (D = A+B-C)

111

123

172

(in million of EURO)

Three Months Ended

Nine Months Ended

September 30, 2020

June 30,

2020

September 30, 2019

September 30, 2020

September 30, 2019

Sales

841

818

972

2,708

3,240

EBITDA (C = A-B)

65

49

79

184

255

EBITDA margin %

7.7%

6.0%

8.1%

6.8%

7.9%

Depreciation & amortisation (B)

(32)

(35)

(36)

(103)

(107)

Operating income (A)

33

14

43

81

148

Operating margin %

3.9%

1.7%

4.4%

3.0%

4.6%

Result from associates and other investments

-

-

1

-

1

Financing costs, (net)

(4)

9

(1)

(2)

(21)

Income before taxes

29

23

43

79

128

Income tax expense

(5)

(2)

(6)

(5)

(9)

Effective tax rate %

16.0%

8.3%

13.0%

5.7%

6.8%

Net income attributable to equity holders of the parent

24

21

37

74

119

 

 

 

 

 

 

Basic earnings per share (EUR)

0.30

0.27

0.47

0.93

1.46

Diluted earnings per share (EUR)

0.30

0.27

0.47

0.93

1.46

 

 

 

 

 

 

Weighted average common shares outstanding (in thousands)

79,816

79,816

79,804

79,816

81,628

Diluted weighted average common shares outstanding (in thousands)

80,125

80,218

80,801

80,125

81,888

(in million of EURO)

Three Months Ended

Nine Months Ended

September 30, 2020

June 30,

2020

September 30, 2019

September 30, 2020

September 30, 2019

Operating income

33

14

43

81

148

Depreciation & amortisation

32

35

36

103

107

Change in working capital

42

(37)

(2)

(16)

11

Income tax (paid) / refund

(2)

2

(1)

(3)

1

Interest paid, (net)

(4)

(1)

(1)

(6)

(4)

Other operating activities (net)

(24)

44

(5)

38

(25)

Net cash provided by operating activities (A)

77

57

70

197

238

Purchase of PPE, intangible and biological assets (CAPEX)

(22)

(23)

(26)

(90)

(99)

Other investing activities (net)

-

-

1

-

2

Net cash used in investing activities (B)

(22)

(23)

(25)

(90)

(97)

Proceeds (payments) from payable to banks and long term debt

59

(22)

160

(8)

223

Purchase of treasury stock (share buy back)

-

-

-

-

(93)

Dividends paid

(35)

(37)

(35)

(104)

(107)

Other financing activities (net)

(2)

(3)

(1)

(7)

(5)

Net cash provided by (used in) financing activities

(22)

(62)

124

(119)

18

Effect of exchange rate changes on cash

(6)

(6)

(1)

(29)

(1)

Change in cash and cash equivalent

71

(34)

168

(41)

158

 

 

 

 

 

 

Free cash flow before dividend and share buy-back (C = A+B)

55

34

45

107

141

Health & Safety Statistics

Three Months Ended

September 30,

2020

June 30,

2020

March 31,

2020

Frequency Rate

2.2

0.6

1.9

Quarter Ending

September 30, 2020

Stainless & Electrical Steel

Services & Solutions

Alloys & Specialties

Others & Eliminations

Total

Operational information

 

 

 

 

 

Steel Shipment (000t)

417

165

7

(157)

432

Average steel selling price (EUR/t)

1,536

2,184

16,320

 

1,890

 

 

 

 

 

 

Financial information

(in million of EURO)

 

 

 

 

 

Sales

664

372

111

(306)

841

EBITDA

42

10

10

3

65

Depreciation & Amortisation

(26)

(3)

(3)

-

(32)

Operating income

16

7

7

3

33

Quarter Ending

June 30, 2020

Stainless & Electrical Steel

Services & Solutions

Alloys & Specialties

Others & Eliminations

Total

Operational information

 

 

 

 

 

Steel Shipment (000t)

364

132

9

(129)

376

Average steel selling price (EUR/t)

1,678

2,212

16,038

 

2,113

 

 

 

 

 

 

Financial information

(in million of EURO)

 

 

 

 

 

Sales

632

310

142

(266)

818

EBITDA

43

5

11

(10)

49

Depreciation & Amortisation

(28)

(4)

(1)

(2)

(35)

Operating income / (loss)

15

1

10

(12)

14

show this
show this