Anzeige
Mehr »
Login
Montag, 19.04.2021 Börsentäglich über 12.000 News von 660 internationalen Medien
Core One Labs! Eine aufregende Entwicklung…
Anzeige

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche

WKN: A1H5UL ISIN: LU0569974404 Ticker-Symbol: 7AA 
Tradegate
19.04.21
09:22 Uhr
43,510 Euro
-0,420
-0,96 %
1-Jahres-Chart
APERAM SA Chart 1 Jahr
5-Tage-Chart
APERAM SA 5-Tage-Chart
RealtimeGeldBriefZeit
43,58043,64010:31
43,62043,64010:31
Dow Jones News
816 Leser
Artikel bewerten:
(2)

Aperam S.A.: Third quarter 2020 results: 'Earnings improve on the back of tight cost control, our flexible multi-product business in Brazil and some economic recovery in Europe'

DJ Third quarter 2020 results: 'Earnings improve on the back of tight cost control, our flexible multi-product business in Brazil and some economic recovery in Europe'

Aperam S.A. / Key word(s): Quarter Results 
Third quarter 2020 results: 'Earnings improve on the back of tight cost 
control, our flexible multi-product business in Brazil and some economic 
recovery in Europe' 
 
04-Nov-2020 / 07:00 CET/CEST 
 
  Luxembourg, November 4, 2020 (07:00 CET) - Aperam (referred to as "Aperam" 
   or the "Company") (Amsterdam, Luxembourg, Paris, Brussels: APAM and NYRS: 
   APEMY), announced today results for the three months ending September 30, 
            2020. 
 
            Highlights 
 
? Health and Safety: LTI frequency rate of 2.2x in Q3 2020 
compared to 0.6x in Q2 2020 
 
? Steel shipments of 432 thousand tonnes in Q3 2020, 15% 
increase compared to steel shipments of 376 thousand tonnes in 
Q2 2020 
 
? EBITDA of EUR 65 million in Q3 2020, compared to EUR 49 
million in Q2 2020 
 
? Net income of EUR 24 million in Q3 2020, compared to EUR 21 
million in Q2 2020 
 
? Basic earnings per share of EUR 0.30 in Q3 2020, compared to 
EUR 0.27 in Q2 2020 
 
? Cash flow from operations amounted to EUR 77 million in Q3 
2020, compared to EUR 57 million in Q2 2020 
 
? Free cash flow before dividend of EUR 55 million in Q3 2020, 
compared to EUR 34 million in Q2 2020 
 
? Net financial debt of EUR 111 million as of September 30, 
2020, compared to EUR 123 million as of June 30, 2020 
 
            Strategic initiatives 
 
? Leadership Journey?(R)2 Phase 3:? The annualized gains 
reached EUR 13 million in Q3 2020. Aperam realized cumulative 
annualized gains of EUR 184 million at the end of Q3 2020, 
compared to the target of EUR 200 million by the end of 2020 
 
? Leadership Journey?(R) Phase 4: Target of EUR 150 million 
gains for the period 2021 - 2023 via a combination of cost, 
growth and mix improvement measures 
 
            Cash deployment 
 
? Share buy back program: Considering the remaining 
exceptional COVID related uncertainties, the Board of 
Directors has decided to cancel the 2020 share buy back 
program 
 
            Prospects 
 
? EBITDA in Q4 2020 is expected to increase versus Q3 
2020 
 
? Net financial debt is expected to decline in Q4 2020 
 
Timoteo Di Maulo, CEO of Aperam, commented: 
 
  "Business took a first step returning towards normalization in 
  Q3 which we utilized as all our plants were fully operational. 
 Our results improved due to a strict cost discipline across all 
  segments, a flexible product mix management in Brazil and with 
      higher volumes in Europe. Still, a challenging competitive 
  environment persists combined with the threat of another COVID 
        related slowdown and continued price pressure in Europe. 
   Although we expect an improvement in Q4 some positive drivers 
  might only prevail for the short term. We have used the crisis 
  to sketch out phase 4 of our Leadership Journey(R)? which will 
support and accelerate the recovery to a historic normal level." 
 
Financial Highlights (on the basis of financial information prepared under 
IFRS) 
 
  (in millions of Euros, unless    Q3 20 Q2 20 Q3 19 9M 20 9M 19 
        otherwise stated) 
Sales                               841   818   972  2,708 3,240 
Operating income                    33    14    43    81    148 
Net income attributable to equity   24    21    37    74    119 
holders of the parent 
Basic earnings per share (EUR)     0.30  0.27  0.47  0.93  1.46 
Diluted earnings per share (EUR)   0.30  0.27  0.47  0.93  1.46 
 
Free cash flow before dividend and  55    34    45    107   141 
share buy-back 
Net Financial Debt (at the end of   111   123   172   111   172 
the period) 
 
EBITDA                              65    49    79    184   255 
 
EBITDA/tonne (EUR)                  150   130   189   148   184 
 
Steel shipments (000t)              432   376   418  1,246 1,384 
 
Health & Safety results 
 
         Health and Safety performance based on Aperam personnel figures and 
  contractors' lost time injury frequency rate was 2.2x in the third quarter 
            of 2020 compared to 0.6x in the second quarter of 2020. 
 
Financial results analysis for the three-month period ending September 30, 
2020 
 
      Sales for the third quarter of 2020 increased by 3% to EUR 841 million 
 compared to EUR 818 million for the second quarter of 2020. Steel shipments 
    increased from 376 thousand tonnes in the second quarter of 2020, to 432 
            thousand tonnes in the third quarter of 2020. 
 
Volumes in both Europe and Brazil improved from their Q2 lows on the back of 
            the economic recovery. 
 
   EBITDA increased during the quarter to EUR 65 million from EUR 49 million 
for the second quarter of 2020 driven by higher volumes, strict cost control 
and our flexible multi-product business in Brazil. Prices in Europe remained 
    under pressure and amplified by rising raw material costs. This was only 
         partly compensated by the absence of negative inventory valuations. 
 
 Depreciation and amortization was EUR (32) million for the third quarter of 
            2020. 
 
      Aperam had an operating income for the third quarter of 2020 of EUR 33 
  million compared to an operating income of EUR 14 million for the previous 
            quarter. 
 
       Financing costs including the FX and derivatives result for the third 
   quarter of 2020 were EUR (4) million, including cash cost of financing of 
            EUR (3) million. 
 
       Income tax expense for the third quarter of 2020 was EUR (5) million. 
 
The Company recorded a net income of EUR 24 million for the third quarter of 
            2020. 
 
   Cash flows from operations for the third quarter of 2020 were positive at 
EUR 77 million, with a working capital decrease of EUR 42 million. CAPEX for 
            the third quarter was EUR (22) million. 
 
Free cash flow before dividend for the third quarter of 2020 amounted to EUR 
            55 million. 
 
During the third quarter of 2020, the cash returns to shareholders amounted 
to EUR 35 million, consisting fully of dividend. 
 
Operating segment results analysis 
 
            Stainless & Electrical Steel (1) 
 
(in millions of Euros, unless      Q3 20 Q2 20 Q3 19 9M 20 9M 19 
otherwise stated) 
Sales                               664   632   771  2,123 2,544 
EBITDA                              42    43    57    138   188 
Depreciation & amortisation        (26)  (28)  (29)  (84)  (89) 
Operating income                    16    15    28    54    99 
Steel shipments (000t)              417   364   401  1,207 1,320 
Average steel selling price        1,536 1,678 1,861 1,699 1,863 
(EUR/t) 
 
            (1) Amounts are shown prior to intra-group eliminations 
 
   The Stainless & Electrical Steel segment had sales of EUR 664 million for 
  the third quarter of 2020. This represents a 5% increase compared to sales 
   of EUR 632 million for the second quarter of 2020. Steel shipments during 
  the third quarter were 417 thousand tonnes, an increase of 15% compared to 
       shipments of 364 thousand tonnes during the previous quarter. Volumes 
            benefitted from the economic recovery in Europe and our flexible 
      multi-product business in Brazil. Average steel selling prices for the 
        Stainless & Electrical Steel segment decreased by 8% compared to the 
            previous quarter. 
 
The segment generated EBITDA of EUR 42 million for the third quarter of 2020 
   compared to EUR 43 million for the second quarter of 2020. The benefit of 
     higher volumes quarter on quarter and the absence of negative inventory 
valuation was consumed by pricing pressure in Europe and higher raw material 
            costs. 
 
    Depreciation and amortisation expense was EUR (26) million for the third 
            quarter of 2020. 
 
  The Stainless & Electrical Steel segment had an operating income of EUR 16 
million for the third quarter of 2020 compared to an operating income of EUR 
            15 million for the second quarter of 2020. 
 
            Services & Solutions(1) 
 
  (in millions of Euros, unless    Q3 20 Q2 20 Q3 19 9M 20 9M 19 
        otherwise stated) 
Sales                               372   310   418  1,132 1,391 
EBITDA                              10     5     9    24    41 
Depreciation & amortisation         (3)   (4)   (2)  (10)   (8) 
Operating income                     7     1     7    14    33 
Steel shipments (000t)              165   132   166   483   562 
Average steel selling price        2,184 2,212 2,397 2,248 2,358 
(EUR/t) 
 
            (1) Amounts are shown prior to intra-group eliminations 
 
 The Services & Solutions segment had sales of EUR 372 million for the third 
   quarter of 2020, representing an increase of 20% compared to sales of EUR 
  310 million for the second quarter of 2020. For the third quarter of 2020, 
    steel shipments were 165 thousand tonnes compared to 132 thousand tonnes 
     during the previous quarter. The Services & Solutions segment had lower 
     average steel selling prices during the period compared to the previous 
            period. 
 
The segment generated EBITDA of EUR 10 million for the third quarter of 2020 
   compared to EBITDA of EUR 5 million in the second quarter of 2020. EBITDA 
    increased mainly due to a significant 25% increase in volumes quarter on 
            quarter. 
 
  Depreciation and amortisation was EUR (3) million for the third quarter of 
            2020. 
 
   The Services & Solutions segment had an operating income of EUR 7 million 
      for the third quarter of 2020 compared to an operating income of EUR 1 
            million for the second quarter of 2020. 
 
            Alloys & Specialties(1) 
 
(in millions of Euros, unless Q3 20  Q2 20  Q3 19  9M 20  9M 19 
      otherwise stated) 
Sales                          111    142    128    408    437 
EBITDA                          10     11     12     30     36 
Depreciation & amortisation    (3)    (1)    (3)    (7)    (7) 
Operating income                7      10     9      23     29 
Steel shipments (000t)          7      9      8      24     27 
Average steel selling price   16,320 16,038 16,018 16,314 15,796 
(EUR/t) 
 
            (1) Amounts are shown prior to intra-group eliminations 
 
 The Alloys & Specialties segment had sales of EUR 111 million for the third 
 quarter of 2020, representing a decrease of 22% compared to EUR 142 million 
 for the second quarter of 2020. Steel shipments decreased by 24% during the 
    third quarter of 2020 at 7 thousand tonnes. Average steel selling prices 
            were higher during the quarter. 
 
  The Alloys & Specialties segment achieved EBITDA of EUR 10 million for the 
  third quarter of 2020 compared to EUR 11 million for the second quarter of 
  2020. The slightly lower EBITDA was driven by lower volumes. A better mix, 
  strict cost management and a less negative inventory valuation loss partly 
            compensated for this. 
 
 Depreciation and amortisation expense for the third quarter of 2020 was EUR 
            (3) million. 
 
   The Alloys & Specialties segment had an operating income of EUR 7 million 
     for the third quarter of 2020 compared to an operating income of EUR 10 
            million for the second quarter of 2020. 
 
            Recent developments 
 
? On August 11 and August 18, 2020, Aperam announced shareholding 
notifications by M&G plc for crossing the 5% voting rights threshold with 
reference to Transparency Law. 
 
? On September 14, 2020, Aperam announced a change in the organization of 
the Leadership Team, effective from September 14, 2020. Ines Kolmsee, CEO 
of the segment Services & Solutions decided to leave the Company to pursue 
other career opportunities. Nicolas Changeur was nominated as CEO of the 
segment Services & Solutions. Nicolas Changeur is a member of the 
Leadership Team, and Chief Marketing Officer for the Group since November 
2014. 
 
? On 29 September 2020, 3,700,0000 shares acquired under the 2019 share 
buyback program were cancelled in line with the announced purpose of the 
program. The total number of issued shares as of 29 September 2020 amounts 
to 79,996,280. 
 
? On September 30, 2020, Aperam strengthened its liquidity profile with 
the signature of a top-up financing contract where the EIB will make 
available to Aperam an amount of EUR 75 million, in addition to the 
outstanding loan of EUR 100 million, in relation to the financing of 
advanced stainless steel manufacturing technologies. 
 
            New developments 
 
? On November 4, 2020, Aperam announced Phase 4 of its Leadership 
Journey?(R) with a target of EUR 150 million gains for the period 2021 - 
2023 via a combination of cost, growth and mix improvement measures. 
 
? On November 4, 2020, Aperam announced that considering the remaining 
exceptional COVID related uncertainties, the Board of Directors has 
decided to cancel the 2020 share buy back program. 
 
? On November 4, 2020, Aperam announced that the Board of Directors of 
Aperam has decided to co-opt Mr. Sandeep Jalan (53 years) as director 
until Aperam's next general meeting of shareholders, where Mr. Jalan's 
election will be submitted for confirmation to the shareholders. This 
decision follows the resignation of Mr. Philippe Darmayan from the Board 
for personal considerations effective November 3, 2020. Mr. Lakshmi N. 
Mittal, Chairman of the Board of Directors, commented "I would like to 
express my warmest gratitude and appreciation for Philippe's contribution 
to Aperam as CEO during the early years of Aperam, and as a member of the 
Board of Directors over the last 6 years. I am also very pleased to 
welcome Sandeep to the Board of Directors. He will be a valuable addition 
due to his extensive industrial knowledge, and former CFO role at Aperam." 
 
Investor conference call / webcast 
 
  Aperam management will host a conference call / webcast for members of the 
investment community to discuss the third quarter 2020 financial performance 
            at the following time: 
 
      Date       New York  London  Luxembourg 
   Wednesday,    08:00 am 01:00 pm  02:00 pm 
 
November 4, 2020 
 
            Link to the webcast: 
            https://channel.royalcast.com/aperam/#!/aperam/20201104_1 [1] 
 
  The dial-in numbers for the call are: international +44 (0) 20 3003 2666; 
            USA +1 212 999 6659. The conference password is Aperam. 
 
           A replay of the conference call will be available for one year at 
            https://channel.royalcast.com/aperam/#!/aperam/20201104_1 [1] 
 
Contacts 
 
Corporate Communications / Laurent Beauloye: +352 27 36 27 103 
 
Investor Relations / Thorsten Zimmermann: +352 27 36 27 304 
 
About Aperam 
 
Aperam is a global player in stainless, electrical and specialty steel, with 
  customers in over 40 countries. The business is organised in three primary 
  operating segments: Stainless & Electrical Steel, Services & Solutions and 
            Alloys & Specialties. 
 
    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 specialty 
 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 stainless and special steels from low cost biomass (charcoal made 
            from its own FSC-certified forestry). 
 
  In 2019, Aperam had sales of EUR 4,240 million and steel shipments of 1.79 
 million tonnes with an average carbon footprint of 0.48 tons of CO2 per ton 
        of slabs, making it the world's lowest CO2 footprint stainless steel 
            producer. 
 
 For further information, please refer to our website at www.aperam.com [2]. 
 
            Forward-looking statements 
 
  This document may contain forward-looking information and statements about 
 Aperam and its subsidiaries. These statements include financial projections 
 and estimates and their underlying assumptions, statements regarding plans, 
 objectives and expectations with respect to future operations, products and 
      services, and statements regarding future performance. Forward-looking 
statements may be identified by the words "believe," "expect," "anticipate," 
 "target" or similar expressions. Although Aperam's management believes that 
           the expectations reflected in such forward-looking statements are 
 reasonable, investors and holders of Aperam's securities are cautioned that 
forward-looking information and statements are subject to numerous 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 in, or implied or 
   projected by, the forward-looking 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 Surveillance du 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 
    particular, the length and severity of the recent COVID-19 (coronavirus) 
 outbreak, including its impacts in the sector, macroeconomic conditions and 
      in Aperam's principal local markets may cause our actual results to be 
materially different than those expressed in our forward-looking statements. 
 
APERAM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
 
   (in million of EURO)     September 30, June 30, September 30, 
 
                                2020        2020       2019 
ASSETS 
Cash & cash equivalents (C)      335        263         357 
Inventories, trade               608        662         742 
receivables and trade 
payables 
Prepaid expenses and other       78          81         98 
current assets 
Total Current Assets &          1,021      1,006       1,197 
Working Capital 
 
Goodwill and intangible          426        435         483 
assets 
Property, plant and             1,502      1,524       1,593 
equipment (incl. Biological 
assets) 
Investments in associates,        4          4          29 
joint ventures and other 
Deferred tax assets              116        121         155 
Other non-current assets         51          58         81 
Total Assets (net of Trade      3,120      3,148       3,538 
Payables) 
 
LIABILITIES AND 
SHAREHOLDERS' EQUITY 
Short-term debt and current      77          18         164 
portion of long-term debt 
(B) 
Accrued expenses and other       282        347         285 
current liabilities 
Total Current Liabilities        359        365         449 
(excluding Trade Payables) 
 
Long-term debt, net of           369        368         365 
current portion (A) 
Deferred employee benefits       145        145         145 
Deferred tax liabilities         120        122         131 
Other long-term liabilities      41          43         54 
Total Liabilities               1,034      1,043       1,144 
(excluding Trade Payables) 
 
Equity attributable to the      2,082      2,101       2,390 
equity holders of the 
parent 
Non-controlling interest          4          4           4 
Total Equity                    2,086      2,105       2,394 
 
Total Liabilities and           3,120      3,148       3,538 
Shareholders' Equity 
(excluding Trade Payables) 
 
Net Financial Debt (D =          111        123         172 
A+B-C) 
 
APERAM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS 
 
(in million       Three Months Ended        Nine Months Ended 
  of EURO) 
             September   June   September  September  September 
              30, 2020    30,   30, 2019   30, 2020    30, 2019 
 
                         2020 
Sales           841       818      972       2,708      3,240 
EBITDA (C =      65       49       79         184        255 
A-B) 
EBITDA          7.7%     6.0%     8.1%       6.8%        7.9% 
margin % 
Depreciation    (32)     (35)     (36)       (103)      (107) 
& 
amortisation 
(B) 
Operating        33       14       43         81         148 
income (A) 
Operating       3.9%     1.7%     4.4%       3.0%        4.6% 
margin % 
Result from      -         -        1          -          1 
associates 
and other 
investments 
Financing       (4)        9       (1)        (2)        (21) 
costs, (net) 
Income           29       23       43         79         128 
before taxes 
Income tax      (5)       (2)      (6)        (5)        (9) 
expense 
Effective      16.0%     8.3%     13.0%      5.7%        6.8% 
tax rate % 
Net income       24       21       37         74         119 
attributable 
to equity 
holders of 
the parent 
 
Basic           0.30     0.27     0.47       0.93        1.46 
earnings per 
share (EUR) 
Diluted         0.30     0.27     0.47       0.93        1.46 
earnings per 
share (EUR) 
 
Weighted       79,816   79,816   79,804     79,816      81,628 
average 
common 
shares 
outstanding 
(in 
thousands) 
Diluted        80,125   80,218   80,801     80,125      81,888 
weighted 
average 
common 
shares 
outstanding 
(in 
thousands) 
 
APERAM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 
 
(in million       Three Months Ended        Nine Months Ended 
  of EURO) 
             September   June   September  September  September 
              30, 2020    30,   30, 2019   30, 2020    30, 2019 
 
                         2020 
Operating        33       14       43         81         148 
income 
Depreciation     32       35       36         103        107 
& 
amortisation 
Change in        42      (37)      (2)       (16)         11 
working 
capital 
Income tax      (2)        2       (1)        (3)         1 
(paid) / 
refund 
Interest        (4)       (1)      (1)        (6)        (4) 
paid, (net) 
Other           (24)      44       (5)        38         (25) 
operating 
activities 
(net) 
Net cash         77       57       70         197        238 
provided by 
operating 
activities 
(A) 
Purchase of     (22)     (23)     (26)       (90)        (99) 
PPE, 
intangible 
and 
biological 
assets 
(CAPEX) 
Other            -         -        1          -          2 
investing 
activities 
(net) 
Net cash        (22)     (23)     (25)       (90)        (97) 
used in 
investing 
activities 
(B) 
Proceeds         59      (22)      160        (8)        223 
(payments) 
from payable 
to banks and 
long term 
debt 
Purchase of      -         -        -          -         (93) 
treasury 
stock (share 
buy back) 
Dividends       (35)     (37)     (35)       (104)      (107) 
paid 
Other           (2)       (3)      (1)        (7)        (5) 
financing 
activities 
(net) 
Net cash        (22)     (62)      124       (119)        18 
provided by 
(used in) 
financing 
activities 
Effect of       (6)       (6)      (1)       (29)        (1) 
exchange 
rate changes 
on cash 
Change in        71      (34)      168       (41)        158 
cash and 
cash 
equivalent 
 
Free cash        55       34       45         107        141 
flow before 
dividend and 
share 
buy-back (C 
= A+B) 
 
Appendix 1a - Health & Safety statistics 
 
Health & Safety Statistics        Three Months Ended 
                           September 30, June 30,  March 31, 
 
                               2020        2020      2020 
      Frequency Rate            2.2         0.6       1.9 
 
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 & Services &  Alloys & Others &  Total 
                Electrical   Solutions  Specialt Eliminati 
                   Steel                  ies       ons 
 
 September 30, 
     2020 
Operational 
information 
Steel Shipment          417         165        7     (157)   432 
(000t) 
Average steel         1,536       2,184   16,320           1,890 
selling price 
(EUR/t) 
 
Financial 
information 
 
(in million of 
EURO) 
Sales                   664         372      111     (306)   841 
EBITDA                   42          10       10         3    65 
Depreciation &         (26)         (3)      (3)         -  (32) 
Amortisation 
Operating                16           7        7         3    33 
income 
 
Quarter Ending  Stainless & Services &  Alloys & Others &  Total 
                Electrical   Solutions  Specialt Eliminati 
                   Steel                  ies       ons 
 
 June 30, 2020 
Operational 
information 
Steel Shipment          364         132        9     (129)   376 
(000t) 
Average steel         1,678       2,212   16,038           2,113 
selling price 
(EUR/t) 
 
Financial 
information 
 
(in million of 
EURO) 
Sales                   632         310      142     (266)   818 
EBITDA                   43           5       11      (10)    49 
Depreciation &         (28)         (4)      (1)       (2)  (35) 
Amortisation 
Operating                15           1       10      (12)    14 
income / (loss) 
 
Appendix 2 - Terms and definitions 
 
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: 
 
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. 
 
Financing 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 the underlying information prior to rounding 
  and, accordingly, may not conform exactly to the percentages that would be 
   derived if the relevant calculations were based upon the rounded numbers. 
    This press release also includes Alternative Performance Measures ("APM" 
hereafter). The Company believes that these APMs are relevant to enhance the 
 understanding of its financial position and provides additional 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, Aperam's financial information prepared 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 2 "Terms & definitions". 
 
 2 The Leadership Journey(R) is an initiative launched on December 16, 2010, 
  and subsequently accelerated and increased, to target management gains and 
        profit enhancement. The fourth phase of the Leadership Journey(R) is 
targeting EUR 150 million gains for the period 2021 - 2023 via a combination 
            of cost, growth and mix improvement measures. 
 
Dissemination of a Financial Wire News, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
1145227 04-Nov-2020 CET/CEST 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=412c550e3225d6f6d6780ea7327184ab&application_id=1145227&site_id=vwd&application_name=news 
2: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=1bef17cfdce443865842e74d363dc480&application_id=1145227&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

November 04, 2020 01:01 ET (06:01 GMT)

APERAM-Aktie komplett kostenlos handeln - auf Smartbroker.de
© 2020 Dow Jones News
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.