Depreciation & amortisation (B) (36) (35) (35) (71) (71) Operating income (A) 235 140 14 375 48 Operating margin (%) 18.5% 11.9% 1.7% 15.3% 2.6% Financing costs, (net) (6) 4 9 (2) 2 Income before taxes 229 144 23 373 50 Income tax expense (16) (28) (2) (44) - Effective tax rate % 6.6% 19.5% 8.3% 11.6% (0.4)% Net income attributable to equity holders of the parent 213 116 21 329 50 Basic earnings per share (EUR) 2.67 1.45 0.27 4.12 0.63 Diluted earnings per share (EUR) 2.66 1.44 0.27 4.10 0.63 Weighted average common shares outstanding (in thousands) 79,878 79,895 79,816 79,878 79,816 Diluted weighted average common shares outstanding (in 80,196 80,203 80,218 80,196 80,218 thousands)
APERAM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Three Months Ended Six Months Ended (in million of EURO) June 30, March 31, June 30, June 30, 2020 June 30, 2020 2021 2021 2021 Operating income 235 140 14 375 48 Depreciation & amortisation 36 35 35 71 71 Change in working capital (118) (121) (37) (239) (58) Income tax (paid) / refund (4) (2) 2 (6) (1) Interest paid, (net) (1) (2) (1) (3) (2) Other operating activities (net) (33) 56 44 23 62 Net cash provided by operating activities (A) 115 106 57 221 120 Purchase of PPE, intangible and biological assets (CAPEX) (27) (46) (23) (73) (68) Other investing activities (net) (1) (2) - (3) - Net cash used in investing activities (B) (28) (48) (23) (76) (68) Proceeds (payments) from payable to banks and long term debt (7) (6) (22) (13) (67) Purchase of treasury stock (share buy back) (5) - - (5) - Dividends paid (36) (35) (37) (71) (69) Other financing activities (net) (1) (3) (3) (4) (5) Net cash used in financing activities (49) (44) (62) (93) (141) Effect of exchange rate changes on cash 12 (5) (6) 7 (23) Change in cash and cash equivalent 50 9 (34) 59 (112) Free cash flow before dividend and share buy-back (C = A+B) 87 58 34 145 52
Appendix 1a - Health & Safety statistics
Three Months Ended Health & Safety Statistics June 30, March 31, December 31, 2021 2021 2020 Frequency Rate 2.3 2.6 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
Quarter Ending Stainless & Electrical Services & Alloys & Others & Steel Solutions Specialties Eliminations Total June 30, 2021 Operational information Steel Shipment (000t) 472 189 8 (188) 481 Average steel selling price 2,209 2,761 15,039 2,579 (EUR/t) Financial information (EURm) Sales 1,078 542 132 (480) 1,272 Adjusted EBITDA 212 50 16 (16) 262 Exceptional items - 9 - - 9 EBITDA 212 59 16 (16) 271 Depreciation & Amortisation (30) (3) (2) (1) (36) Operating income / (loss) 182 56 14 (17) 235 Quarter Ending Stainless & Electrical Services & Alloys & Others & Steel Solutions Specialties Eliminations Total March 31, 2021 Operational information Steel Shipment (000t) 483 208 7 (205) 493 Average steel selling price 1,969 2,448 17,330 2,325 (EUR/t) Financial information (EURm) Sales 977 531 125 (456) 1,177 EBITDA 140 45 12 (22) 175 Depreciation & Amortisation (30) (3) (2) - (35) Operating income / (loss) 110 42 10 (22) 140
Appendix 2 - Terms and definitions3
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, amortisation and impairment expenses and exceptional items.
Adjusted EBITDA/tonne: calculated as Adjusted EBITDA divided by total steel 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 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 EUR 10 million for the considered quarter, (iii) 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 income (costs): Net interest expense, other net financing costs and foreign exchange and derivative results.
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: 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
(MORE TO FOLLOW) Dow Jones Newswires
July 30, 2021 01:00 ET (05:00 GMT)