Acerinox Sa · BME:ACX
Acerinox Sa — Q1 2018 Earnings Presentation
13 slides from Acerinox Sa's earnings presentation, 2018
Slide 1: Acerinox First Quarter Results 2018
ACERINOX 2018 F I R S T Q U A R T E R 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 Q1 Variation Q1 Q4 Variation 2018 2017 Q1 2018/Q1 2017 2018 2017 Q1 2018/Q4 2017 NET SALES 1,254 1,252 0.1% 1,254 1,116 12.4% EBITDA 118 191 -38.6% 118 119 -1.2% EBIT 76 146 -48.0% 76 78 -2.9% RESULT BEFORE TAXES 76 141 -45.7% 76 73 4.9% RESULT AFTER
Slide 4: Sector Indicators
S E C T O R I N D I C AT O R S Auto Construction Home Production Appliances +1.7% +2.6% +2.7% Eurofer data/estimates Eurofer data/estimates for Eurofer data/estimates for 2018 2018 for 2018 -2.3% +4.4% +5.9% Year to February Year to February Year to March Source: Wards Auto Source: US Census Bureau
Slide 5: 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 - M a r 2 0 1 8 7 5 , 9 4 4 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 6: 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 April 26 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 J 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 15
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 3,000 NORTH 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 March ACERINOX 7 2018, FIRST QUARTER RESULTS
Slide 8: Production
PRODUCTION Thousand mt 617 634 611 652 637 611 668 605 615 631 668 558 516 601 562 546 575 M E LT I N G S H O P +0.1% over Q1 2017 +5.8% over Q4 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 542 552 563 572 547 593 535 542 560 577 491 464 524 536 498 481 5
Slide 9: Quarterly Evolution of our EBITDA
Q U A R T E R LY E V O L U T I O N O F O U R E B I T D A Million EUR 200 191 25% 140 20% 150 124 126 119 118 101 103 101 103 106 15% 15% 100 89 12% 11% 79 10% 11% 11% 10% 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 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2014 2015 20
Slide 10: Balance Sheet
BALANCE SHEET Million EUR Mar 2018 Dec 2017 Mar 2017 Working Capital 792 686 8 11 Net financial Debt 667 609 601 ACERINOX 10 2018, FIRST QUARTER RESULTS
Slide 11: Working Capital Quarterly Evolution
W O R K I N G C A P I TA L Q U A R T E R L Y E V O L U T I O N Million EUR 2,000 1,500 1,000 792 667 500 0 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 -500 -1,000 Inventories Trade Debtors Trade Creditors
Slide 12: 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 Jan - Dec Jan - Mar 2018 2017 2017 EBITDA 118 489 191 Changes in working capital -103 1 -101 Income tax -22 -82 -5 Financial expenses -4 -28 -6 Others 0 -13 -3 OPERATING CASH FLOW -12 366 77 Payments for investments on fixed ass
Slide 13: Q&A
ACERINOX Q&A 2018 F I R S T Q U A R T E R R E S U LT S