Acerinox S A : Interim financial statements (June 2023)

ACERINOX, S.A. AND SUBSIDIARIES

Interim condensed consolidated financial

statements for the six-month period ending on 30

June 2023

(Free translation from the original in Spanish. In the event of

discrepancy, the Spanish-language version prevails.)

Acerinox Group interim financial statement

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(Figures in thousands of euros at 30 June 2023 and 31 December 2022)

ASSETS

Note

30-Jun-23

31-Dec-22

Non-current assets
Goodwill	9	51,064		51,064
Other intangible assets	9	41,876		43,437
Property, plant, and equipment	10	1,619,602		1,649,607
Investment property	10	9,792		9,916
Right-of-use assets	11	16,706		16,207
Investments accounted for using the equity method		390		390
Financial assets at fair value through other comprehensive income	13	381		394
Deferred tax assets		131,898		101,225
Other non-current financial assets	13,15	30,242		30,188
TOTAL NON-CURRENT ASSETS		1,901,951		1,902,428
Current assets
Inventories	12	2,264,613		2,155,542
Trade and other receivables	13	821,363		637,833
Other current financial assets	13,15	33,361		51,534
Current tax assets		22,723		22,770
Cash and cash equivalents		1,543,889		1,548,040
TOTAL CURRENT ASSETS		4,685,949		4,415,719
TOTAL ASSETS		6,587,900		6,318,147

The condensed notes 1 to 24 are an integral part of these interim condensed consolidated financial statements.

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Acerinox Group interim financial statement

(Figures in thousands of euros at 30 June 2023 and 31 December 2022)

LIABILITIES

Note

30-Jun-23

31-Dec-22

Equity
Share capital	17	64,931		64,931
Share premium		268		268
Reserves		2,311,616		1,920,753
Profit for the period		277,680		556,054
Interim dividend				-74,799
Translation differences		27,312		93,923
Other equity instruments	23	4,396		3,695
Shares of the Parent	17	-92,813		-90,728
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT		2,593,390		2,474,097
Non-controlling interests		63,444		73,596
TOTAL EQUITY		2,656,834		2,547,693
Non-current liabilities
Deferred income		39,711		27,465
Issue of bonds and other marketable securities	13	74,900		74,850
Bank borrowings	13,14	1,376,972		1,319,182
Non-current provisions		157,340		159,058
Deferred tax liabilities		215,725		227,784
Other non-current financial liabilities	13,15	15,859		14,971
TOTAL NON-CURRENT LIABILITIES		1,880,507		1,823,310
Current liabilities
Issue of bonds and other marketable securities	13	3,493		1,634
Bank borrowings	13,14	809,843		592,858
Trade and other payables	13	1,187,323		1,181,440
Current tax liabilities		33,919		58,295
Other current financial liabilities	13,15	15,981		112,917
TOTAL CURRENT LIABILITIES		2,050,559		1,947,144
TOTAL LIABILITIES		6,587,900		6,318,147

The condensed notes 1 to 24 are an integral part of these interim condensed consolidated financial statements.

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Acerinox Group interim financial statement

2. INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

(Figures in thousands of euros at 30 June 2023 and 2022)

Note

30-Jun-2330-Jun-22

	Revenue		21	3,521,947			4,821,477
Other operating income	21	55,827		16,618
In-house work on non-current assets	21	6,240		1,235
Changes in inventories of finished goods and work in progress		140,597		551,964
Procurements		-2,463,431		-3,501,498
Staff costs		-319,312		-320,248
Depreciation and amortization charge	9,10,11	-84,539		-93,986
Other operating expenses		-479,189		-628,265
	PROFIT FROM OPERATIONS			378,140			847,297
Finance income		38,398		4,464
Finance costs		-47,565		-24,123
Exchange differences		-3,989		-15,478
Remeasurement of financial instruments at fair value		5,683		11,088
	PROFIT FROM ORDINARY ACTIVITIES			370,667			823,248
Income tax	18	-94,356		-195,887
Other taxes		-123		-179
	PROFIT FOR THE PERIOD			276,188			627,182
Attributable to:
NON-CONTROLLING INTERESTS		-1,492		18,303
	NET PROFIT ATTRIBUTABLE TO THE GROUP			277,680			608,879
Basic and diluted earnings per share (in euros)		1.11		2.32

The condensed notes 1 to 24 are an integral part of these interim condensed consolidated financial statements.

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Acerinox Group interim financial statement

3. INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Figures in thousands of euros at 30 June 2023 and 2022)
	30-Jun-23	30-Jun-22
A) PROFIT PER INTERIM CONDENSED CONSOLIDATED STATEMENT OF	276,188	627,182

1. OTHER COMPREHENSIVE INCOME - ITEMS NOT RECLASSIFIED TO PROFIT OR LOSS

-965

26,753

1. Arising from measurement of equity instruments at fair value through other comprehensive income

-720

2. Arising from actuarial gains and losses and other adjustments

-1,434

40,561

3. Tax effect

469

-13,088

1. OTHER COMPREHENSIVE INCOME - ITEMS THAT MAY BE RECLASSIFIED TO PROFIT OR LOSS

-89,958

214,171

1. Arising from cash flow hedges

- Revaluation gains (losses)	8,693	15,134
- Amounts transferred to profit or loss	-30,206	-2,301
2. Translation differences
- Revaluation gains (losses)	-75,286	204,072
- Amounts transferred to profit or loss

3. Tax effect

6,841

-2,734

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

185,265

868,106

a) Attributable to the Parent	195,432	846,043
b) Attributable to non-controlling interests	-10,167	22,063

The condensed notes 1 to 24 are an integral part of these interim condensed consolidated financial statements.

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