Luxembourg, January 30,
2018
Highlights |
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Steel Shipments of 1,936 thousand tonnes
in 2017, a 1% increase compared to steel shipments of 1,917
thousand tonnes in 2016.
-
EBITDA of USD 619 million, including an
exceptional charge2 of USD 10 million, in 2017, compared to EBITDA
of USD 492 million, including an exceptional charge3 of USD 11
million, in 2016.
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|
Aperam (referred to as "Aperam" or the "Company")
(Amsterdam, Luxembourg, Paris, Brussels: APAM
and NYRS: APEMY), announced today results for the three months and
full year periods ending December 31, 2017
Timoteo Di Maulo, CEO of Aperam, commented:
"In 2017, despite challenges in its environment, Aperam continued
to significantly increase its performance and profitability,
delivering once again record yearly EBITDA and Net
Income.
Looking ahead and with the strength of a net cash Company, we
continue to maintain strong cash returns to shareholders while also
focusing on further transforming our footprint with new state of
the art investments." |
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|
Prospects |
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Financial Policy - Cash Deployment |
|
In coherence
to its Financial Policy, Aperam is announcing two actions regarding
cash deployment:
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Financial Highlights
(on the basis of financial information prepared under IFRS)
(USDm) unless otherwise stated |
Q4 17 |
Q3 17 |
Q4 16 |
12M 2017 |
12M 2016 |
Sales |
1,303 |
1,204 |
1,053 |
5,051 |
4,265 |
EBITDA |
154 |
125 |
133 |
619 |
492 |
Operating income |
104 |
82 |
83 |
447 |
317 |
Net income |
121 |
62 |
58 |
361 |
214 |
Free cash flow before dividend and share buy-back |
157 |
50 |
125 |
255 |
288 |
|
Steel shipments (000t) |
495 |
477 |
457 |
1,936 |
1,917 |
EBITDA/tonne (USD) |
311 |
262 |
291 |
320 |
257 |
Basic earnings per share (USD) |
1.45 |
0.76 |
0.75 |
4.51 |
2.75 |
Diluted earnings per share (USD) |
1.29 |
0.75 |
0.70 |
4.29 |
2.59 |
Health & Safety
results
Health and Safety
performance based on Aperam personnel figures and contractors' lost
time injury frequency rate was 1.3x in the fourth quarter of 2017
compared to 0.8x in the third quarter of 2017.
Financial results
analysis for full year period ending December 31, 2017
Sales for the year ended
December 31, 2017 increased by 18%, at USD 5,051 million compared
to USD 4,265 million for the year ended December 31, 2016, mainly
due to higher stainless steel selling prices. Steel shipments in
2017 increased by 1% at 1,936 thousand tonnes compared to 1,917
thousand tonnes in 2016.
EBITDA reached USD 619
million for the year ended December 31, 2017 compared to EBITDA of
USD 492 million for the year ended December 31, 2016. Despite
challenging market conditions in South America and a technical
outage at Châtelet hot strip mill (Belgium) in the first semester,
the Company significantly increased its EBITDA level in the year
primarily due to the Leadership Journey® 4, the Top Line strategy
and favorable conditions of the market, in particular in Europe.
The first two phases of Leadership Journey® have been successfully
realized contributing a total of USD 573 million to EBITDA by the
end of 2017 since the beginning of 2011.
Depreciation and
amortization was USD 172 million for the year ended December 31,
2017.
Aperam had an operating
income for the year ended December 31, 2017 of USD 447 million
compared to an operating income of USD 317 million for the year
ended December 31, 2016.
Net interest expense and
other financing costs for the year ended December 31, 2017 were USD
45 million, including cash cost of financing of USD 12 million.
Income tax result for
the year ended December 31, 2017 was an income tax expense of USD
37 million, including USD 47 million one-off deferred tax income
due to accounting consequences of changes in tax rates in some
jurisdictions
The Company recorded a
net income of USD 361 million for the year ended December 31,
2017.
Cash flows from
operations for the year ended December 31, 2017 were positive at
USD 440 million, including a working capital increase of USD 161
million. CAPEX for the year ended December 31, 2017 was USD 186
million.
Free cash flow before
dividend and share buy-back for the year 2017 amounted to USD 255
million.
As of December 31, 2017,
shareholders' equity was USD 3,050 million and net financial debt
turned to positive net cash position of USD 75 million (gross
financial debt as of December 31, 2017 was USD 292 million and cash
and cash equivalents were USD 367 million).
During the fourth
quarter of 2017, the cash returns to shareholders amounted to USD
32 million, consisting fully of dividend. Total cash returns to
shareholders in 2017 amounted to USD 219 million consisting of USD
98 million of share buy-back and USD 121 million of dividend.
The Company had
liquidity of USD 787 million as of December 31, 2017, consisting of
cash and cash equivalents of USD 367 million and undrawn credit
lines5 of USD 420 million.
Financial results
analysis for the three-month period ending December 31,
2017
Sales for the fourth
quarter of 2017 increased by 8% to USD 1,303 million compared to
USD 1,204 million for the third quarter of 2017. Steel shipments
increased from 477 thousand tonnes in the third quarter of 2017, to
495 thousand tonnes in the fourth quarter of 2017.
EBITDA has increased
over the quarter from USD 125 million for the third quarter of
2017, which included a non-recurring charge of USD 10 million, to
USD 154 million for the fourth quarter of 2017. The seasonality in
Brazil was more than offset by the seasonal recovery in Europe, the
absence of non recurring charge in Brazil and the good contribution
of the Leadership Journey®.
Depreciation and
amortization was USD 50 million for the fourth quarter of 2017.
Aperam had an operating
income for the fourth quarter of 2017 of USD 104 million compared
to an operating income of USD 82 million for the previous
quarter.
Net interest expense and
other financing costs for the fourth quarter of 2017 were USD 10
million, including cash cost of financing of USD 2 million.
Income tax result for
the fourth quarter of 2017 was an income tax benefit of USD 30
million, including USD 47 million one-off deferred tax income due
to accounting consequences of changes in tax rates in some
jurisdictions.
The Company recorded a
net income of USD 121 million for the fourth quarter of 2017.
Cash flows from
operations for the fourth quarter of 2017 were positive at USD 231
million, with a working capital decrease of USD 88 million. CAPEX
for the fourth quarter was USD 74 million.
Free cash flow before
dividend and share buy-back for the fourth quarter of 2017 amounted
to USD 157 million.
Operating segment
results analysis
Stainless & Electrical Steel
The Stainless &
Electrical Steel segment had sales of USD 1.12 billion for the
fourth quarter of 2017. This represents a 17% increase compared to
sales of USD 962 million for the third quarter of 2017. Steel
shipments during the fourth quarter were 499 thousand tonnes. This
is an increase of 11% compared to shipments of 451 thousand tonnes
during the previous quarter. The volume increase was mainly due to
the traditional seasonal recovery in Europe following the summer
seasonal effect. Overall, average selling prices for the Stainless
& Electrical Steel segment increased compared to the previous
quarter.
The segment had EBITDA
of USD 518 million (of which USD 395 million from Europe and USD
123 million from South America) for the year 2017 compared to USD
410 million (of which USD 286 million from Europe and USD 124
million from South America) for the year 2016. The Brazilian market
continued to be challenging over 2017 due to macro-economic
environment, leading to some decrease in volumes which have been
fully mitigated thanks to the Top Line strategy and Leadership
Journey®. The strong performance of Europe over 2017 is mainly due
to the continuous contribution of the Leadership Journey®, healthy
demand in Europe and some stainless steel prices recovery during
the first half of the year.
The segment had EBITDA
of USD 139 million for the fourth quarter of 2017 compared to USD
92 million for the third quarter of 2017. The seasonality in Brazil
was more than offset by the seasonal recovery in Europe, the
absence of non recurring charge in Brazil and the continuous
contribution of the Leadership Journey® and the Top Line
strategy.
Depreciation and
amortisation expense was USD 44 million for the fourth quarter of
2017.
The Stainless &
Electrical Steel segment had an operating income of USD 95 million
for the fourth quarter of 2017 compared to an operating income of
USD 53 million for the third quarter of 2017.
Services & Solutions
The Services &
Solutions segment had sales of USD 559 million for the fourth
quarter of 2017, representing a decrease of 1% compared to USD 565
million for the third quarter of 2017. For the fourth quarter of
2017, steel shipments were 195 thousand tonnes compared to 203
thousand tonnes during the previous quarter. The Services &
Solutions segment had higher average selling prices during the
period compared to the previous period.
The segment had EBITDA
of USD 78 million for the year 2017 compared to USD 82 million for
the year 2016. The impacts from technical outage of Châtelet hot
strip mill during the first half of the year were mostly
compensated by slightly higher volumes and positive contribution of
the Top Line strategy.
The segment had EBITDA
for the fourth quarter of 2017 of USD 25 million compared to EBITDA
of USD 8 million for the third quarter of 2017. EBITDA increased
mainly due to some positive stock effects in fourth quarter
compared to negative stock effects in third quarter.
Depreciation and
amortisation was USD 4 million for the fourth quarter of 2017.
The Services &
Solutions segment had an operating income of USD 21 million for the
fourth quarter of 2017 compared to an operating income of USD 5
million for the third quarter of 2017.
Alloys
& Specialties
The Alloys &
Specialties segment had sales of USD 142 million for the fourth
quarter of 2017, representing an increase of 16% compared to USD
122 million for the third quarter of 2017. Steel shipments were
higher during the fourth quarter of 2017 at 9 thousand tonnes
compared to 7 thousand tonnes during the third quarter of 2017.
Average selling prices decreased over the quarter.
The segment had EBITDA
of USD 52 million for the year 2017 compared to USD 30 million for
the year 2016. This is mainly due to the continuous recovery of
market demand over the year as well as the contribution of the Top
Line strategy.
The Alloys &
Specialties segment achieved EBITDA of USD 12 million for the
fourth quarter of 2017 compared to USD 15 million for the third
quarter of 2017. The decrease in EBITDA was mainly due to the
seasonality and product mix.
Depreciation and
amortisation expense for the fourth quarter of 2017 was USD 1
million.
The Alloys &
Specialties segment had an operating income of USD 11 million for
the fourth quarter of 2017 compared to an operating income of USD
14 million for the third quarter of 2017.
Recent
developments
-
On January 19, 2018
Aperam announced its financial calendar for 2018. The financial
calendar is available on the Company's website www.aperam.com,
section Investors & shareholders, Financial calendars.
New
developments
-
On January 30, 2018
Aperam announced its detailed dividend payment schedule for 2018.
The Company also proposes to increase its base dividend from USD
1.50 per share to USD 1.80, subject to shareholder approval at the
2018 Annual General Meeting, as the Company continues to improve
its sustainable profitability benefiting from its strategic
actions. The schedule is available on Aperam's website
www.aperam.com, section Investors & shareholders, Equity
Investors, Dividends.
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On January 30, 2018,
Aperam announced a share buyback program of up to USD 100 million,
and a maximum of 1.8 million shares under the authorization given
by the Annual General Meeting of shareholders held on May 5, 2015.
The details of the program are available in a separate Press
Release.
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On January 30, 2018,
Aperam announced a new investment project in its Genk plant
(Belgium) consisting in a new Cold Rolling and Annealing and
Pickling Line. The investment project targets to further facilitate
transformation of our business with state of the art modern lines
using latest technology, to enlarge our product range to the most
demanding applications, to improve lead-time and flexibility
to the market demand, to increase efficiency and cost
competitiveness of our assets, and to continuously enhance our
health, safety and environmental impact. Further details regarding
the project are to be provided with the next quarterly earnings
release.
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On January 30, 2018,
Aperam announced an investment to transfer its German Service
Center from Duisburg to Haan. The investment will enable to further
improve our supply chain, reduce working capital and decrease our
costs while continuously improving our health and safety
environment. Further details regarding the project are to be
provided with the next quarterly earnings release.
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On January 30, 2018,
Aperam announced that the Company will report its financial results
in EURO starting from its Q1 2018 Earnings Release. As indicative
information and to support investors and analysts in this change,
an unaudited Aperam Model in EURO is available on the Company's
website www.aperam.com, section Investors & shareholders,
Earnings.
Investor conference
call
Aperam management will
host a conference call for members of the investment community to
discuss the fourth quarter 2017 financial performance at the
following time:
Date |
New York |
London |
Luxembourg |
Tuesday,
January 30, 2018 |
12:30
pm |
5:30
pm |
6:30
pm |
The dial-in numbers for the call are:
France (+33 (0)1 76 77 22 74); USA (+1 646 828 8193); and
international (+44 (0)330 336 9105). The participant access code
is: 4562691#.
A replay of the conference call will be available until February
05, 2018: France (+33 (0) 1 70 48 00 94); USA (+1 719-457-0820) and
international (+44 (0) 207 984 7568). The participant access code
is 4562691#.
Contacts
Corporate Communications / Laurent
Beauloye: +352 27 36 27 103
Investor Relations / Romain Grandsart: +352 27 36 27 36
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 2.5 million
tonnes of flat Stainless and Electrical steel capacity in Brazil
and Europe and is a leader in high value specialty products. Aperam
has a highly integrated distribution, processing and services
network and a unique capability to produce stainless and specialty
from low cost biomass (charcoal). Its industrial network is
concentrated in six production facilities located in Brazil,
Belgium and France.
In 2017, Aperam had
sales of USD 5.1 billion and steel shipments of 1.94 million
tonnes.
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.
APERAM CONDENSED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(in million of U.S. dollars) |
December 31,
2017 |
September 30,
2017 |
December 31,
2016 |
Non current assets |
2,972 |
2,944 |
2,773 |
Goodwill and intangible assets |
610 |
609 |
565 |
Property, plant and equipments (incl. Biological
assets) |
1,887 |
1,814 |
1,691 |
Investments & Other |
475 |
521 |
517 |
|
|
|
|
Current assets & working
capital6 |
1,188 |
1,174 |
955 |
Inventories, trade receivables and trade
payables6 |
723 |
815 |
517 |
Prepaid expenses and other current assets6 |
98 |
114 |
89 |
Cash and cash equivalents (C) |
367 |
245 |
325 |
Assets held for sale |
- |
- |
24 |
|
|
|
|
Shareholders' equity |
3,050 |
2,874 |
2,485 |
Group share |
3,046 |
2,870 |
2,481 |
Non-controlling interest |
4 |
4 |
4 |
|
|
|
|
Non current liabilities |
809 |
855 |
768 |
Long-term debt, net of current portion (A) |
286 |
284 |
275 |
Deferred employee benefits |
191 |
189 |
173 |
Provisions and other |
332 |
382 |
320 |
|
|
|
|
Current liabilities (excluding
trade payables)6 |
301 |
389 |
475 |
Short-term debt and current portion of long-term
debt (B) |
6 |
77 |
204 |
Accrued expenses and other current
liabilities6 |
295 |
312 |
247 |
Liabilities held for sale |
- |
- |
24 |
|
|
|
|
Net Financial Debt / (Net cash) (D
= A+B+C) |
(75) |
116 |
154 |
APERAM CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS
(in million of U.S. dollars) |
Three Months Ended |
|
Year Ended |
December 31, 2017 |
September 30, 2017 |
December 31, 2016 |
|
December 31, 2017 |
December 31, 2016 |
Sales |
1,303 |
1,204 |
1,053 |
|
5,051 |
4,265 |
Adjusted EBITDA (E = C-D) |
154 |
135 |
144 |
|
629 |
503 |
Adjusted EBITDA margin
(%) |
11.8% |
11.2% |
13.7% |
|
12.5% |
11.8% |
Exceptional items (D) |
- |
(10) |
(11) |
|
(10) |
(11) |
EBITDA (C = A-B) |
154 |
125 |
133 |
|
619 |
492 |
EBITDA margin (%) |
11.8% |
10.4% |
12.6% |
|
12.3% |
11.5% |
Depreciation, amortisation and impairment (B) |
(50) |
(43) |
(50) |
|
(172) |
(175) |
Operating income (A) |
104 |
82 |
83 |
|
447 |
317 |
Operating margin (%) |
8.0% |
6.8% |
7.9% |
|
8.8% |
7.4% |
Loss from other investments |
(4) |
- |
- |
|
(4) |
- |
Net interest expense and other net financing
costs |
(10) |
(10) |
(9) |
|
(45) |
(43) |
Foreign exchange and derivative gains |
1 |
4 |
4 |
|
- |
3 |
Income before taxes |
91 |
76 |
78 |
|
398 |
277 |
Income tax benefit (expense) |
30 |
(14) |
(20) |
|
(37) |
(63) |
Effective tax rate % |
(34.1)% |
19.1% |
25.6% |
|
9.1% |
22.8% |
Net income |
121 |
62 |
58 |
|
361 |
214 |
APERAM CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
(in million of U.S. dollars) |
Three Months Ended |
|
Year Ended |
December 31, 2017 |
September 30, 2017 |
December 31, 2016 |
|
December 31, 2017 |
December 31, 2016 |
Net income |
121 |
62 |
58 |
|
361 |
214 |
Depreciation, amortisation and impairment |
50 |
43 |
50 |
|
172 |
175 |
Change in working capital6 |
88 |
(41) |
65 |
|
(161) |
(39) |
Other operating activities (net)6 |
(28) |
18 |
(10) |
|
68 |
67 |
Net cash provided by operating
activities (A) |
231 |
82 |
163 |
|
440 |
417 |
Purchase of PPE, intangible and biological assets
(CAPEX) |
(74) |
(31) |
(39) |
|
(186) |
(130) |
Other investing activities (net) |
- |
(1) |
1 |
|
1 |
1 |
Net cash used in investing
activities (B) |
(74) |
(32) |
(38) |
|
(185) |
(129) |
Net payments to banks and long term debt |
(5) |
(2) |
(3) |
|
(12) |
(12) |
Purchase of treasury stock |
- |
- |
- |
|
(98) |
- |
Dividend paid |
(32) |
(31) |
(24) |
|
(121) |
(97) |
Other financing activities (net) |
- |
(1) |
- |
|
(1) |
(1) |
Net cash used in financing
activities |
(37) |
(34) |
(27) |
|
(232) |
(110) |
Effect of exchange rate changes on cash |
2 |
4 |
(7) |
|
19 |
(1) |
Change in cash and cash
equivalent |
122 |
20 |
91 |
|
42 |
177 |
|
|
|
|
|
|
|
Free cash flow before dividend and
share buy-back (C = A+B) |
157 |
50 |
125 |
|
255 |
288 |
Appendix 1a - Health
& Safety statistics
Health & Safety Statistics |
Three Months Ended |
Year Ended |
December 31, 2017 |
September 30, 2017 |
December 31, 2016 |
December 31, 2017 |
December 31, 2016 |
Frequency
Rate |
1.3 |
2.0 |
0.8 |
1.4 |
1.4 |
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
Year Ended
December 31, 2017 |
Stainless & Electrical Steela,b |
Services & Solutions |
Alloys & Specialties |
Others & Eliminations |
Total |
Operational information |
|
|
|
|
|
Steel Shipment (000t) |
1,882 |
818 |
33 |
(797) |
1,936 |
Average steel selling price (USD/t) |
2,162 |
2,699 |
14,984 |
|
2,525 |
|
|
|
|
|
|
Financial information
(USDm) |
|
|
|
|
|
Sales |
4,198 |
2,299 |
517 |
(1,963) |
5,051 |
Adjusted EBITDA |
528 |
78 |
52 |
(29) |
629 |
EBITDA |
518 |
78 |
52 |
(29) |
619 |
Depreciation, amortisation and impairment |
(152) |
(12) |
(6) |
(2) |
(172) |
Operating income / (loss) |
366 |
66 |
46 |
(31) |
447 |
Note a: Stainless & Electrical Steel
shipments of 1,882kt of which 629kt were from South America and
1,253kt were from Europe
Note b: Stainless & Electrical Steel Adjusted EBITDA of USD
528m of which USD 133m were from South America and USD 395m were
from Europe
Year Ended
December 31, 2016 |
Stainless & Electrical Steela,b |
Services & Solutions |
Alloys & Specialties |
Others & Eliminations |
Total |
Operational information |
|
|
|
|
|
Steel Shipment (000t) |
1,880 |
799 |
30 |
(792) |
1,917 |
Average steel selling price (USD/t) |
1,817 |
2,366 |
13,046 |
|
2,162 |
|
|
|
|
|
|
Financial information
(USDm) |
|
|
|
|
|
Sales |
3,510 |
1,964 |
415 |
(1,624) |
4,265 |
Adjusted EBITDA |
410 |
93 |
30 |
(30) |
503 |
EBITDA |
410 |
82 |
30 |
(30) |
492 |
Depreciation, amortisation and impairment |
(145) |
(22) |
(6) |
(2) |
(175) |
Operating income / (loss) |
265 |
60 |
24 |
(32) |
317 |
Note a: Stainless & Electrical Steel
shipments of 1,880kt of which 639kt were from South America and
1,241kt were from Europe
Note b: Stainless & Electrical Steel Adjusted EBITDA of USD
410m of which USD 124m were from South America and USD 286m were
from Europe
Quarter Ended
December 31, 2017 |
Stainless & Electrical Steel |
Services & Solutions |
Alloys & Specialties |
Others & Eliminations |
Total |
Operational information |
|
|
|
|
|
Steel Shipment (000t) |
499 |
195 |
9 |
(208) |
495 |
Average steel selling price (USD/t) |
2,175 |
2,729 |
15,646 |
|
2,538 |
|
|
|
|
|
|
Financial information
(USDm) |
|
|
|
|
|
Sales |
1,123 |
559 |
142 |
(521) |
1,303 |
Adjusted EBITDA |
139 |
25 |
12 |
(22) |
154 |
EBITDA |
139 |
25 |
12 |
(22) |
154 |
Depreciation, amortisation and impairment |
(44) |
(4) |
(1) |
(1) |
(50) |
Operating income / (loss) |
95 |
21 |
11 |
(23) |
104 |
Quarter Ended
September 30, 2017 |
Stainless & Electrical Steel |
Services & Solutions |
Alloys & Specialties |
Others & Eliminations |
Total |
Operational information |
|
|
|
|
|
Steel Shipment (000t) |
451 |
203 |
7 |
(184) |
477 |
Average steel selling price (USD/t) |
2,058 |
2,693 |
15,890 |
|
2,444 |
|
|
|
|
|
|
Financial information
(USDm) |
|
|
|
|
|
Sales |
962 |
565 |
122 |
(445) |
1,204 |
Adjusted EBITDA |
102 |
8 |
15 |
10 |
135 |
EBITDA |
92 |
8 |
15 |
10 |
125 |
Depreciation, amortisation and impairment |
(39) |
(3) |
(1) |
- |
(43) |
Operating income / (loss) |
53 |
5 |
14 |
10 |
82 |
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:
Adjusted EBITDA:
operating income before depreciation, amortization and impairment
expenses and exceptional items.
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.
Exceptional items: consists of (i) inventory
write-downs equal to or exceeding 10% of total related inventories
values before write-down at the considered quarter end (ii)
restructuring (charges)/gains equal to or exceeding USD 10 million
for the considered quarter, (iii) capital (loss)/gain on asset
disposals equal to or exceeding USD 10 million for the considered
quarter or (iv) other non-recurring items equal to or exceeding USD
10 million for the considered quarter.
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 and / or Net cash:
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 Exceptional charge of USD 10 million in 2017 mainly related to
indirect taxes amnesty settlements in Brazil.
3 Exceptional charge of USD 11 million in 2016 related to
non-recurring and non-cash charge related to the announced
intention of divestment of the French Tubes units of Services &
Solutions division.
4 The Leadership Journey® is an initiative launched on December 16,
2010, and subsequently accelerated and increased, to target
management gains and profit enhancement. Aperam targets a
contribution to EBITDA of a total amount of USD 575 million by end
of 2017. On June 7, 2017, Aperam announced the third phase of the
Leadership Journey® - the Transformation Program - targeting USD
150 million of additional EBITDA gains per year by end of
2020.
5 Includes revolving credit facility of EUR 300 million and EIB
financing of EUR 50 million.
6 Effective Q1 2017, the Company modified the presentation of
assets and liabilities related to the TSR programs to more
appropriately reflect the nature of these items. The comparative
amount in the condensed consolidated statement of financial
position was reclassified for consistency, which resulted in a net
amount of USD 42 million being reclassified from "prepaid expenses
and other current assets/accrued expenses and other current
liabilities" to "inventories, trade receivables and trade payables"
as of December 31, 2016. In addition, amounts in the condensed
consolidated statement of cash flows were similarly reclassified,
which resulted in USD 56 million and USD (13)million being
reclassified from "other operating activities (net)" to "change in
working capital" for the three months period ended December 31,
2016 and year ended December 31, 2016, respectively.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Aperam via Globenewswire
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