Quarterly Report • Nov 8, 2024
Quarterly Report
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Corporate | 8 November 2024 06:58
Aperam – Third quarter 2024 results: "Footprint upgrade starts to make a positive impact"
Luxembourg, November 8, 2024 (07:00 CET) - Aperam S.A. (referred to as "Aperam" or the "Company") (Amsterdam, Luxembourg, Paris, Brussels: APAM, NYRS: APEMY), announced today results for the three months ended September 30, 2024.
· Leadership Journey® Phase 5: Gains reached EUR 27 million in Q3 2024, the third quarter of the 2024 – 2026 program with target gains of EUR 200 million.
"The summer quarter with its seasonal trough in Europe has benefitted from Brazil returning to smooth operations post the hot rolling mill upgrade. Despite a soft market environment, we have reached a historic normal profitability per ton as we leverage the capabilities of our modernized footprint resulting in a better product mix. Phase 5 of the Leadership Journey® is
picking up speed, which will strengthen our cost leadership position in Europe. Our focus is now on reducing net financial debt towards the end of the year as we prepare for consolidating Universal Stainless, which will open the US and the aerospace market for us.'
| (in millions of Euros, unless otherwise stated) |
Q3 24 | Q2 24 | 03 23 | 9M 24 | 9M 23 |
|---|---|---|---|---|---|
| Sales | 1,493 | 1,634 | 1,463 | 4,784 | 5,041 |
| Operating income / (loss) |
49 | 19 | (36) | ୧୮ | ਰੇ ਰੇ |
| Net income / (loss) attributable to equity holders of the parent |
179 | ਟੇਰੇ | (42) | 219 | 133 |
| Basic earnings per share (EUR) |
2.47 | 0.82 | (0.59) | 3.03 | 1.84 |
| Diluted earnings per share (EUR) |
2.44 | 0.82 | (0.58) | 3.00 | 1.83 |
| Free cash flow before dividend |
9 | 111 | (135) | (21) | (49) |
| Net Financial Debt (at the end of the period) |
641 | 607 | 646 | 641 | 646 |
| Adj. EBITDA | ਰੇ ਰੇ | 86 | 19 | 240 | 249 |
| Exceptional items | 8 | (8) | |||
| EBITDA | 107 | 78 | 19 | 240 | 249 |
| Adj. EBITDA/tonne (EUR) |
160 | 148 | 37 | 134 | 150 |
| EBITDA/tonne (EUR) | 173 | 134 | 37 | 134 | 150 |
| Shipments (000t) | 617 | 583 | 516 | 1,785 | 1,657 |
Health and Safety performance based on Aperam personnel figures and contractors' lost time injury frequency rate was 2.4x in the third quarter of 2024 compared to 2.0x in the second quarter of 2024.
Sales for the third quarter of 2024 decreased by 8.6% at EUR 1,493 million compared to EUR 1,634 million for the second quarter of 2024. Shipments increased by 5.5% at 617 thousand tonnes in the third quarter of 2024 compared to nes in the second quarter of 2024, due to negative seasonality in Europe while Brazil benefited from the full of the new hot rolling mill.
Adjusted EBITDA reached EUR 99 million (excluding an exceptional gain of EUR 8 million made of PIS/Cofins tax credits related to prior periods recognized in Brazil) during the third quarter 2024 compared to EUR 86 million (excluding an exceptional loss of EUR (8) million, related to a voluntary program) in the second quarter of 2024. Higher results in Stainless & Electrical Steel with a strong development in Brazil, higher prices and the positive impact from the Leadership Journey® could more than compensate for a negative inventory valuation effect and lower steel volumes.
Depreciation and amortization expense was EUR (58) million for the third quarter of 2024.
Aperam had an operating income for the third quarter of 2024 of EUR 49 million compared to an operating income of EUR 19 million for the previous quarter.
Financing costs, net, including the FX and derivatives result for the third quarter of 2024 were EUR (12) million. Cash cost of financing was EUR (8) million during the quarter.
Income tax benefit was EUR 142 million during the third quarter of 2024, due to the recognition of net deferred tax losses carried forward for EUR 155 million.
The net result recorded by the Company was an income of EUR 179 million for the third quarter of 2024, compared to an income of EUR 59 million for the second quarter of 2024.
Cash flows from operations for the third quarter of 2024 were EUR 33 million, including a working capital increase of EUR 100 million. CAPEX for the third quarter was EUR (22) million.
Free cash flow before dividend for the third quarter of 2024 amounted to EUR 9 million, compared to EUR 111 million for the second quarter of 2024.
During the third quarter of 2024, cash returns to shareholders amounted to EUR 36 million, consisting fully of dividend.
| (in millions of Euros, unless otherwise stated) |
Q3 24 | Q2 24 | Q3 23 | 9M 24 | 9M 23 |
|---|---|---|---|---|---|
| Sales | ਰੇਤੇ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ | 1,058 | 931 | 3,013 | 3,214 |
| Adjusted EBITDA | ୧୫ | ਟਰੇ | (6) | 133 | 126 |
| Exceptional items | 8 | (8) | |||
| EBİTDA | 76 | 51 | (6) | 133 | 126 |
| Depreciation & amortization |
(28) | (28) | (27) | (83) | (78) |
| Operating income / (loss) |
48 | 23 | (33) | 50 | 48 |
| Steel shipments (000t) |
391 | 419 | 371 | 1,225 | 1,143 |
| Average steel selling price (EUR/t) |
2,279 | 2,412 | 2,414 | 2,351 | 2,710 |
(1) Amounts are shown prior to intra-group eliminations
The Stainless & Electrical Steel segment had sales of EUR 933 million for the third quarter of 2024. This represents an 11.8% decrease compared to sales of EUR 1,058 million for the second quarter of 2024. Steel shipments during the third quarter were 391 thousand tonnes, a decrease of 6.7% compared to steel shipments of 419 thousand tonnes during the previous quarter. While Brazil has full capacity available after the delayed hot rolling mill ramp-up, shipments in Europe were seasonally weak in a soft market. Average steel selling prices for the Stainless & Electrical Steel segment decreased by 5.5% compared to the previous quarter.
The segment generated an adjusted EBTDA of EUR 68 million (excluding an of EUR 8 million made of PS/Cofins tax credits related to prior periods recognised in Brazil) for the third quarter of 2024 compared to an adjusted EBITDA of EUR 59 million (excluding an exceptional loss of EUR (8) million, related to a voluntary program) for the second quarter of 2024. Seasonally lower volumes and a negative inventory valuation effect was more than compensated by higher prices, Leadership Journey® cost improvements as well as the positive development in Brazil.
Aperam - Third quarter 2024 results: "Footprint upgrade starts to make a positive impact" | Corporate - EQS News
Depreciation and amortization expense was EUR (28) million for the third quarter of 2024.
The Stainless & Electrical Steel division had an operating income of EUR 48 million for the third quarter of 2024 compared to an operating income of EUR 23 million for the second quarter of 2024.
| (in millions of Euros, unless otherwise stated) |
Q3 24 | Q2 24 | Q3 23 | 9M 24 | 9M 23 |
|---|---|---|---|---|---|
| Sales | 575 | 638 | 510 | 1,829 | 1,720 |
| EBİTDA | 5 | 16 | 1 | 36 | 7 |
| Depreciation & amortization |
(4) | (3) | (3) | (11) | (10) |
| Operating income / (loss) |
1 | 13 | (2) | 25 | (3) |
| Steel shipments (000t) |
174 | 195 | 157 | 570 | 487 |
| Average steel selling price (EUR/t) |
3,164 | 3,113 | 3,125 | 3,066 | 3,407 |
(1) Amounts are shown prior to intra-group eliminations
The Services & Solutions segment had sales of EUR 575 million for the third quarter of 2024, representing a decrease of 9.9% compared to sales of EUR 638 million for the second quarter of 2024, steel shipments were 174 thousand tonnes compared to 195 thousand tonnes during the previous quarter. Average steel selling prices for the Services & Solutions' segment were 1.6% higher during the third quarter of 2024 compared to the second quarter of 2024.
The segment generated an EBITDA of EUR 5 million for the third quarter of 2024 compared to an EBITDA of EUR 16 million for the second quarter of 2024. EBITDA decreased due to lower margins and a negative inventory valuation effect.
Depreciation and amortization expense was EUR (4) million for the third quarter of 2024.
The Services & Solutions segment had an operating income of EUR 1 million for the third quarter of 2024 compared to an operating income of EUR 13 million for the second quarter of 2024.
| Alloys & Specialties(1) (1) | |||||
|---|---|---|---|---|---|
| (in millions of | |||||
| Euros, unless | Q3 24 | Q2 24 | Q3 23 | 9M 24 | 9M 23 |
| otherwise stated) | |||||
| Sales | 181 | 238 | 177 | 701 | 647 |
| EBITDA | 11 | 21 | 2 | 56 | 30 |
| 08.11.24, 07:40 | Aperam - Third quarter 2024 results: "Footprint upgrade starts to make a positive impact" Corporate - EQS News | |||||
|---|---|---|---|---|---|---|
| Depreciation, amortization & impairment |
(2) | (5) | (3) | (10) | (8) | |
| Operating income | 9 | 16 | (1) | 46 | 22 | |
| Steel shipments (000t) |
8 | 9 | 6 | 28 | 24 | |
| Average steel selling price (EUR/t) |
21,443 | 23,820 | 28,684 | 23,762 | 25,725 |
(1) Amounts are shown prior to intra-group eliminations
The Alloys & Specialties segment had sales of EUR 181 million for the third quarter of 2024, representing a decrease of 23.9% compared to EUR 238 million for the second quarter of 2024. Steel shipments decreased by 14.9% during the third quarter of 2024 at 8 thousand tonnes.
The Alloys & Specialties segment achieved EBITDA of EUR 11 million for the third quarter of 2024 compared to EUR 21 million for the second quarter of 2024. EBITDA decreased due to seasonally lower volumes, a softer mix and a negative inventory valuation effect.
Depreciation and amortization expense for the third quarter of 2024 was EUR (2) million.
The Alloys & Specialties segment had an operating income of EUR 9 million for the third quarter of 2024 compared to an operating income of EUR 16 million for the second quarter of 2024.
| Recycling & Reliewables イ |
▶ | ||||
|---|---|---|---|---|---|
| (in millions of | |||||
| Euros, unless | Q3 24 | Q2 24 | Q3 23 | 9M 24 | 9M 23 |
| otherwise stated) | |||||
| Sales | 507 | ટર્ટ રેસ્ | 430 | 1,546 | 1,521 |
| EBITDA | 16 | 20 | 17 | ਟ ਪ | 91 |
| Depreciation & | (24) | (22) | (21) | (70) | (52) |
| amortization | |||||
| Operating income | (8) | (2) | (4) | (16) | 39 |
| / (loss) | |||||
| Shipments (000t) | 412 | 397 | 310 | 1,152 | 1,036 |
| Average selling | 1,231 | 1,401 | 1,387 | 1,342 | 1,468 |
| price (EUR/t) | |||||
| マ | ▶ |
(1) Amounts are shown prior to intra-group eliminations
The Recycling & Renewables segment had sales of EUR 507 million for the third quarter of 2024, representing a decrease of 8.8% compared to EUR 556 million sales for the second quarter of 2024. Shipments increased by 3.8% during the third quarter of 2024 to 412 thousand tonnes. Average selling & Renewables' segment were 12.1% lower during the third quarter of 2024.
EBITDA decreased during the quarter at EUR 16 million compared to EBITDA of EUR 20 million in the second quarter of 2024 resulting from seasonally lower volumes and lower selling prices.
Depreciation and amortization expense for the third quarter of 2024 was EUR (24) million.
The Recycling & Renewables segment had an operating loss of EUR (8) million for the third quarter of 2024 compared to an operating loss of EUR (2) million for the second quarter of 2024.
Pre-recorded management comments are available as from publication of this earnings release on our website at www.aperam.com, section Investors > Reports & Presentations > Quarterly results > Q3-2024 Link to Q3 2024 management podcast).
Aperam management will host a conference call / webcast for members of the investment community to discuss the financial performance of the quarter under report at the following time:
| Date | New York | London | Luxembourg |
|---|---|---|---|
| Friday, 8 November 2024 |
08:00 | 13:00 | 14:00 |
Link to the webcast: https://channel.royalcast.com/landingpage/aperam/20241108 1/
The dial-in numbers for the call are: France : +33 (0) 1 7037 7166 UK: +44 (0) 33 0551 0200
USA: +1 786 697 3501 Belgium: +32 (0) 2 789 8603 Germany: +49 (0) 30 3001 90612 Netherlands +31 (0) 20 708 5073
The conference password is: Aperam.
Investor Relations / Thorsten Zimmermann: IR @aperam.com Communication / Ana Escobedo Conover [email protected]
Aperam is a global player in stainless , electrical & specially steel and recycling, with customers . The business is organized in four primary reportable segments: Stainless & Electrical Steel, Services & Solutions, Alloys & Specialties and Recycling & Renewables.
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 specially 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 low carbon footprint stainless and special steels from biomass, steel scrap and high performance alloys scrap. With 5 of its main 6 facilities certified ResponsibleSteel™, Bioenergia and its unique capability to produce charcoal made from its own FSC -certified forestry and, with ELG, a global leader in collecting, tracessing and recycling of stainless steel scrap and high performance alloys, Aperam's places sustainability at the heart of its business, helping customers worldwide to excel in the circular economy.
In 2023, Aperam had sales of EUR 6,592 million and shipments of 2.20 million tonnes.
For further information, please refer to our website at www.aperam.com.
This document may contain forward-looking information and statements about Aperam and its subsidiaries. These statements include financial projections and their underlying assumptions, statements regarding plans, objectives and expectations with respect of futurs and sevices, and statements regarding fucure performane. Fowardlooking statements may be identified by the words " "arge" or similar ex and holders of Aperam's securities are cautioned that forward-looking information and statements 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 by, the forwardlooking 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 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 million of EURO) | September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
|---|---|---|---|
| ASSETS | |||
| Cash & cash equivalents (C) | 199 | 279 | 285 |
| Inventories, trade receivables and trade payables |
1,655 | 1,571 | 1,931 |
| Prepaid expenses and other current assets |
137 | 163 | 176 |
| Total Current Assets & Working Capital |
1,991 | 2,013 | 2,392 |
| Goodwill and intangible assets | 434 | 436 | 454 |
| Property, plant and equipment (incl. Biological assets) |
2,020 | 2,058 | 2,003 |
| Investments in associates, joint ventures and other |
7 | 7 | 3 |
| Deferred tax assets | 396 | 263 | 106 |
| Other non-current assets | 129 | 131 | 119 |
| Total Assets (net of Trade Payables) |
4,977 | 4,908 | 5,077 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|||
| Short-term debt and current portion of long-term debt (B) |
311 | 325 | 340 |
| Accrued expenses and other current liabilities |
439 | 479 | 406 |
| Total Current Liabilities (excluding Trade Payables) |
750 | 304 | 746 |
| Long-term debt, net of current portion (A) |
529 | 561 | 591 |
| Deferred employee benefits | 152 | 152 | 137 |
| Deferred tax liabilities | 76 | 85 | 132 |
| Other long-term liabilities | 64 | 63 | 62 |
https://www.eqs-news.com/de/news/corporate/aperam-third-quarade-starts-to-make-a-positive-impact/2162855
| Total Liabilities (excluding Trade Payables) |
1,571 | 1,665 | 1,668 |
|---|---|---|---|
| Equity attributable to the equity holders of the parent |
3,398 | 3,235 | 3,401 |
| Non-controlling interest | 8 | 8 | 8 |
| Total Equity | 3,406 | 3,243 | 3,409 |
| Total Liabilities and Shareholders' Equity (excluding Trade Payables) |
4,977 | 4,908 | 5,077 |
| Net Financial Debt (D = A+B- C) |
641 | 607 | 646 |
| Three Months Ended | Nine Months Ended | ||||
|---|---|---|---|---|---|
| (in million of EURO) |
September 30, 2024 |
June 30, 2024 | September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
| Sales | 1,493 | 1,634 | 1,463 | 4,784 | 5,041 |
| Adjusted EBITDA (E = C-D) |
ga | ઢર્ | 19 | 240 | 249 |
| Adjusted EBITDA margin (%) |
6.6% | 5.3% | 1.3% | 5.0% | 4.9% |
| Exceptional items (D) |
8 | (8) | |||
| EBITDA (C = A-B) | 107 | 78 | 19 | 240 | 249 |
| EBITDA margin (%) | 7.2% | 4.8% | 1.3% | 5.0% | 4.9% |
| Depreciation, amortization and impairment (B) |
(28) | (ટેંત) | (ટર) | (175) | (150) |
| Operating income / (loss) (A) |
49 | 19 | (36) | રિક | gg |
| Operating margin (%) |
3.3% | 1.2% | (2.5%) | 1.4% | 2.0% |
| Loss from associates, joint ventures and other investments |
(1) | (1) | |||
| Financing income / (costs), (net) |
(12) | (16) | (19) | (44) | 66 |
| Income / (loss) before taxes and non-controlling interests |
37 | 2 | (22) | 20 | 165 |
| Income tax benefit / (expense) |
142 | 57 | 13 | 200 | (31) |
| Effective tax rate % | n/a | n/a | 23.7% | n/a | 18.8% |
| Net income / (loss) including non- controlling interests |
179 | 59 | (42) | 220 | 134 |
| Non-controlling interests |
(1) | (1) | |||
| Net income / (loss) attributable to equity holders of the parent |
179 | 59 | (42) | 219 | 133 |
08.11.24, 07:40 Aperam - Third quarter 2024 results: "Footprint upgrade starts to make a positive impact" | Corporate - EQS News
| Basic earnings per share (EUR) |
2.47 | 0.82 | (0.59) | 3.03 | 1.84 |
|---|---|---|---|---|---|
| Diluted earnings per share (EUR) |
2.44 | 0.82 | (0.58) | 3.00 | 1.83 |
| Weighted average common shares outstanding (in thousands) |
72,264 | 72,254 | 72,249 | 72,288 | 72,213 |
| Diluted weighted average common shares outstanding (in thousands) |
72,801 | 72,792 | 72,776 | 72,826 | 72,776 |
| Three Months Ended | Nine Months Ended | ||||
|---|---|---|---|---|---|
| (in million of EURO) |
September 30, 2024 |
June 30, 2024 | September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
| Operating income / (loss) |
49 | 19 | (36) | રક | 99 |
| Depreciation, amortization & impairment |
58 | ਟੇਰੇ | ਟ 5 | 175 | 150 |
| Change in working capital |
(100) | 92 | (21) | (89) | (41) |
| Income tax paid | (5) | (2) | (12) | (31) | |
| Interest paid, (net) | (a) | (6) | (4) | (20) | (8) |
| Exceptional items | (8) | 8 | |||
| Other operating activities (net) |
43 | (31) | (40) | (11) | (16) |
| Net cash provided by (used in) operating activities (A) |
33 | 136 | (48) | 108 | 153 |
| Purchase of PPE and intangible assets (CAPEX) |
(22) | (26) | (ટર) | (125) | (157) |
| Purchase of biological assets and other investing activities (net) |
(2) | 1 | (32) | (4) | (45) |
| Net cash used in investing activities (B) |
(24) | (25) | (87) | (129) | (202) |
| (Payments to) / Proceeds from payable to banks and long term debt |
(44) | 8 | 38 | (90) | 3 |
| Dividends paid | (36) | (37) | (37) | (109) | (109) |
| Other financing activities (net) |
(5) | (4) | (4) | (13) | (12) |
| Net cash used in financing activities |
(85) | (33) | (3) | (212) | (118) |
| Effect of exchange rate changes on cash |
(4) | (6) | (6) | (11) | > (5) |
| Change in cash and cash equivalent |
(80) | 72 | (144) | (244) | (172) |
| Free cash flow before dividend (C = A+B) |
111 | (135) | (21) | (49) |
|---|---|---|---|---|
| Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| Health & Safety Statistics | September 30, | June 30, | March 31, | |||
| 2024 | 2024 | 2024 | ||||
| Frequency Rate | 2.4 | 2.0 | 1.5 |
Lost time injury frequency rate equals lost time injuries per 1,000,000 worked hours, based on own personnel and contractors.
| Quarter Ending September 30, 2024 |
Stainless & Electrical Steel |
Services & Solutions |
Alloys & Specialties |
Recycling & Renewables |
Others & Eliminations |
Total |
|---|---|---|---|---|---|---|
| Operational information |
||||||
| Shipment (OOOL) |
391 | 174 | 8 | 412 | (368) | 617 |
| Average selling price (EUR/t) |
2,279 | 3,164 | 21,443 | 1,231 | 2,420 | |
| Financial information (EURm) |
||||||
| Sales | 933 | 575 | 181 | 507 | (703) | 1,493 |
| Adjusted EBITDA |
୧୫ | 5 | 11 | 16 | (1) | ਰੇਰੇ |
| Exceptional items |
8 | 8 | ||||
| EBITDA | 76 | 5 | 11 | ા ર | (1) | 107 |
08.11.24, 07:40
Aperam - Third quarter 2024 results: "Footprint upgrade starts to make a positive impact" | Corporate - EQS News
| Depreciation, amortization & impairment |
(28) | (4) | (2) | (24) | (28) | |
|---|---|---|---|---|---|---|
| Operating income / (loss) |
48 | 1 | 9 | (8) | (1) | 49 |
| Quarter Ending June 30, 2024 |
Stainless & Electrical Steel |
Services & Solutions |
Alloys & Specialties |
Recycling & Renewables |
Others & Eliminations |
Total |
|---|---|---|---|---|---|---|
| Operational information |
||||||
| Shipment (000t) |
419 | 195 | 9 | 397 | (437) | 583 |
| Average selling price (EUR/L) |
2,412 | 3,113 | 23,820 | 1,401 | 2,803 | |
| Financial information (EURm) |
||||||
| Sales | 1,058 | 638 | 238 | ટ ટે રેણ | (856) | 1,634 |
| Adjusted EBITDA |
ਦਰੇ | 16 | 21 | 20 | (30) | 86 |
| Exceptional items |
(8) | (8) | ||||
| EBITDA | 51 | 16 | 21 | 20 | (30) | 78 |
| Depreciation, amortization & impairment |
(28) | (3) | (2) | (22) | (1) | (La) |
| Operating income / (loss) |
23 | 13 | 16 | (2) | (31) | 19 |
| Three Months Ended | Nine Months Ended | |||||
|---|---|---|---|---|---|---|
| (in million of EURO) |
September 30, 2024 |
June 30, 2024 | September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
|
| Net income / (loss) | 179 | 59 | (42) | 219 | 134 | |
| Exceptional items | (8) | 8 | ||||
| Recognition of deferred tax assets on tax losses carried forward |
(155) | (56) | (215) | |||
| Deferred tax effect on exceptional items |
3 | (2) | 1 | |||
| Adjusted Net income / (loss) |
19 | 9 | (42) | 5 | 134 | |
| Basic earnings per share (EUR) |
2.47 | 0.82 | (0.59) | 3.03 | 1.84 | |
| Adjusted Basic earnings per share (EUR) |
0.25 | 0.13 | (0.59) | 0.06 | 1.84 |
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 and amortization expenses, impairment losses and exceptional items. Adjusted EBITDA/tonne: calculated as Adjusted EBITDA divided by total shipments.
Adjusted Net Income: refers to reported net income / (loss) less exceptional items, recognition of deferred tax assets on tax losses carried forward and deferred tax effect on exceptional items.
Adjusted Basic Earnings per Share: refers to Adjusted Net Income divided by Weighted average common shares outstanding. Average selling prices: calculated as sales divided by shipments.
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 property, plant and intangible assets.
EBITDA: operating income before depreciation and amortization expenses and impairment losses.
EBITDA/tonne: calculated as EBITDA divided by total 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 EUR 10 million for the considered quarter, (ii) capital (loss)/gain on asset disposals equal to or exceeding EUR 10 million for the considered quarter or (iv) other non-recurring items equal to or exceeding EUR 10 million for the considered quarter.
Financing costs, (net): Net interest expense, other net financing costs and foreign exchange and derivative results. Free cash flow before dividend: 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 (i) Recycling & Renewables and Stainless & Electrical Steel (ii) Stainless & Electrices & Solutions) and intra-segment shipments, respectively.
Working capital: trade accounts receivable plus inventories less trade accounts payable.
² The Leadership Journey® is an initiative launcher 16, 2010, and subsequently accelerated and increased, to target management gains and profit enhancement. The Fourth plase of the Leadership Journey® targeted EUR 150 million gains for the period 2021 – 2023 via a combination of cost, growth and mix improvement measures. Some additional investments, as announced in 2021 as part of the Strategy 2025 program, have been accelerated to achieve earnings growth already in 2022 contributing to the concluded
1 The financial information in this press release and Appendin accordance with the measurement and recognition criteria of International Financial Reporting Standards ("FRS") as adopted in the interim financial information included in this announcement has been prepared in accordable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standad Reporting". Unless otherwise noted the numbers and in the press release have not been avoited. The financial information and certain other information presented in a number of tables in this press release have been rounded to the nearest decimal. Therefore, the sum of the numbers in a column exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this press relect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percent if the relevant calculations were based upon the rounded numbers.
Phase 4 of the Leadership Journey® above target with EUR 186 million gains. We announced targeted gains of EUR 200 million for Phase 5 to be realized over the period 2024 – 2026. Gains will come from a combination of variable and fixed cost savings, as well as purchasing and mix improvements. Phase 5 includes a struction plan of EUR 50 million. To the extent that this plan would affect employment we will consult with our social partners on the social impact.
3 This press release also includes Alternative ("APM" hereafter). The Company believes that these APMs are relevant to enhance the understanding of its financial positional 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, Aperan's financial 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 3 "Terms & definitions".
[ 1] a The outlook for the quarter depends on the future development of metal and product prices. Both are as anstant at their current level,
Dissemination of a Financial Wire News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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