Acerinox Sa · BME:ACX
Acerinox Sa — 9M 2018 Earnings Presentation
12 slides from Acerinox Sa's earnings presentation, 2018
Slide 1: Acerinox 2018 Nine Month Results
ACERINOX 2018 N I N E M O N T H R E S U LT S
Slide 2: Disclaimer
DISCLAIMER This document may contain forward-looking information and statements about ACERINOX, S.A., its subsidiaries and/or its management. These forward-looking statements include financial projections and estimates and their underlying assumptions, and statements regarding the intent, belief or
Slide 3: Main Financial Figures of Acerinox
MAIN FINANCIAL FIGURES OF ACERINOX Million EUR Q1 2018 Q2 2018 Q3 2018 9M 2018 9M 2017 Variation NET SALES 1,254 1,334 1,284 3,872 3,511 10% EBITDA 118 151 154 422 370 14% EBIT 76 108 112 296 240 23% RESULT BEFORE 76 105 111 293 226 30% TAXES RESULT AFTER 58 80 83 221 157 40% TAXES & Net Financial D
Slide 4: Raw Material Prices
R AW M AT E R I A L P R I C E S NICKEL m o n t h s Years 2017 and 2018, up to October 25 20,000 p r i c e : c a s h / t h r e e 15,000 U S D / m t S o u r c e : 10,000 A v e r a g e L M E 5,000 J F M A M J J A S O N D J F M A M J Jl A S O N D FERROCHROME 165 A v e r a g e q u a r t e r l y p r i c e
Slide 5: Sector Indicators
S E C T O R I N D I C AT O R S Auto Construction Home Production Appliances +2.4% +4.5% +1.2% Eurofer data/estimates for Eurofer data/estimates for Eurofer data/estimates for 2018 (updated October) 2018 (updated October) 2018 (updated October) -0.4% +5.3% -0.5% Year to September Year to August Year
Slide 6: Stainless Steel Inventories
S TA I N L E S S S T E E L I N V E N T O R I E S Thousand mt 100 80 Days of stock A v e r a g e 2 0 1 4 - S e p 2 0 1 8 7 6 , 4 6 1 m t 80 70 S o u r c e : E H V 60 G e r m a n y 60 40 50 INVENTORIES OF 20 COLD-ROLLED 0 J F M A M J JL A S O N D J F M A M J JL A S O N D J F M A M J JL A S O N D J F M
Slide 7: Stainless Steel Cold Rolled Coil Prices
S TA I N L E S S S T E E L C O L D R O L L E D C O I L P R I C E S AISI 304 2.0 mm 4,000 USD/mt, final price, alloy surcharge included NORTH 3,000 EUROPE USA ASIA 2,000 S o u r c e : P L A T T S 1,000 2014 2015 2016 2017 2018 up to September ACERINOX 7 2018, NINE MONTH RESULTS
Slide 8: Production
PRODUCTION Thousand mt 617 634 611 652 637 611 668 605 615 631 668 639 617 558 516 601 562 546 575 M E LT I N G S H O P +0.3% over Q3 2017 +1.9% over 9M 2017 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2014 2015 2016 2017 2018 542 552 563 572 547 593 535 542 560 577 561 524 491 464 5
Slide 9: Quarterly Evolution of Acerinox's EBITDA
Q U A R T E R LY E V O L U T I O N O F A C E R I N O X ' S E B I T D A Million EUR 200 191 25 % 151 154 140 20 % 150 124 126 119 118 101 103 101 103 106 15% 15 % 100 89 12% 11% 79 10% 11% 11% 12% 10% 11% 9% 9% 10 % 9% 9% 9% 41 41 41 8% 53 50 5% 4% 5% 5% 4% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 10: Balance Sheet
BALANCE SHEET Million EUR ASSETS LIABILITIES Sep 18 2017 Variation Sep 18 2017 Variation Non-current assets 2,119 2,148 -1.3% Equity 2,104 1,970 6.8% Current assets 2,644 2,256 17.2% Non-current liabilities 1,300 1,149 13.1% - Interest-bearing loans and - Inventories 1,122 990 13.3% 1,091 937 16.4%
Slide 11: Condensed Cash Flow Statement
C O N D E N S E D C A S H F L O W S TAT E M E N T Million EUR Jan - Mar Apr - Jun Jul - Sep Jan - Sep Jan - Dec Jan - Sep Millones EUR 2018 2018 2018 2018 2017 2017 EBITDA 118 151 154 422 489 370 Changes in working capital -103 17 -102 -188 1 -42 Income tax -22 -27 -27 -76 -82 -67 Financial expenses
Slide 12: Acerinox Q&A
ACERINOX Q&A 2018 N I N E M O N T H R E S U LT S