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WKN: A1H5UL ISIN: LU0569974404 Ticker-Symbol: 7AA 
Tradegate
16.04.21
16:17 Uhr
43,650 Euro
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+1,44 %
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Aperam S.A.: Full year and fourth quarter 2020 results

DJ Full year and fourth quarter 2020 results

Aperam S.A. / Key word(s): Annual Results 
Full year and fourth quarter 2020 results 
10-Feb-2021 / 07:00 CET/CEST 
=---------------------------------------------------------------------------------------------------------------------- 
"A strong mix in Brazil, tight cost control and higher volume in Europe yield the best Q4 since the 2017 peak" 
 
Luxembourg, February 10, 2021 (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 and full year ending December 31, 
2020. 
 
Highlights 
  - Health and Safety: LTI frequency rate of 1.5x in 2020 compared to 1.7x in 2019 
  - Steel shipments of 1,677 thousand tonnes in 2020, 6.1% decrease compared to steel shipments of 1,786 thousand 
    tonnes in 2019 
  - EBITDA of EUR 343 million in 2020, including a net exceptional gain2 of EUR 50 million, compared to an EBITDA of 
    EUR 357 million in 2019, including an exceptional gain3 of EUR 17 million 
  - EBITDA of EUR 159 million in Q4 2020, including a net exceptional gain2 of EUR 50 million, compared to EUR 65 
    million of EBITDA in Q3 2020 
  - Net income of EUR 175 million in 2020, compared to EUR 148 million in 2019 
  - Basic earnings per share of EUR 2.19 in 2020, compared to EUR 1.82 in 2019 
  - Cash flow from operations amounted to EUR 303 million in 2020, compared to EUR 400 million in 2019 
  - Free cash flow before dividend and share buy-back of EUR 195 million in 2020, compared to EUR 281 million in 2019, 
    including EUR 30 million from the divestment of the entire Gerdau stake 
  - Net financial debt of EUR 67 million as of December 31, 2020, compared to EUR 75 million as of December 31, 2019 
 

Strategic initiatives

- Leadership Journey?(R)4 Phase 3:? The annualized gains reached EUR 43 million in Q4 2020. Aperam realized 
    cumulative annualized gains of EUR 223 million at the end of 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

- In coherence to its Financial Policy, Aperam is announcing to maintain its base dividend at EUR 1.75 per share 
    (subject to AGM approval). 

Sustainability

- Sharper CO2 reduction targets: 2030 CO2 reduction target doubled to -30% vs 2015 
  - Internal CO2 price doubled to EUR60/t to reflect our ESG ambition6 

Prospects

- Adj. EBITDA is expected at a slightly higher level versus the high Q4 2020 base 
  - Net financial debt is expected at a comparable level 
 
Timoteo Di Maulo, CEO of Aperam, commented: 
"The combined benefits of a strong mix in Brazil, tight cost control and some economic improvement in Europe enabled us 
to achieve the best fourth quarter result since the 2017 peak despite still challenging market conditions. The positive 
effects of our cost reduction program - the Leadership Journey?(R) are clearly visible ten years after Aperam's 
spin-off. Aperam is now a more flexible, stronger and resilient company and will continue to embark on this journey. We 
are happy to have concluded Phase 3 successfully and above target. We commenced Phase 4 in January which is designed to 
defend Aperam's cost leadership in Europe but also transform the footprint for specialties, adding a meaningful growth 
component in high value products. While the coming months will remain challenging we are confident that our actions 
will aid in restoring a historical normal level." 
 

Financial Highlights (on the basis of financial information prepared under IFRS)

(in millions of Euros, unless otherwise stated)         Q4 20 Q3 20 Q4 19 12M 20 12M 19 
Sales                                                   916   841   1,000 3,624  4,240 
Operating income                                        118   33    59    199    207 
Net income attributable to equity holders of the parent 101   24    29    175    148 
Basic earnings per share (EUR)                          1.26  0.30  0.36  2.19   1.82 
Diluted earnings per share (EUR)                        1.26  0.30  0.36  2.19   1.82 
 
Free cash flow before dividend and share buy-back       88    55    140   195    281 
Net Financial Debt (at the end of the period)           67    111   75    67     75 
 
Adj. EBITDA                                             109   65    85    293    340 
Exceptional items                                       50    -     17    50     17 
EBITDA                                                  159   65    102   343    357 
 
Adj. EBITDA/tonne (EUR)                                 253   150   211   175    190 
EBITDA/tonne (EUR)                                      369   150   254   205    200 
 
Steel shipments (000t)                                  431   432   402   1,677  1,786 

Health & Safety results

Health and Safety performance based on Aperam personnel figures and contractors' lost time injury frequency rate was 1.4x in the fourth quarter of 2020 compared to 1.9x in the third quarter of 2020. For 2020 the lost time injury frequency rate was 1.5x after 1.7x in 2019.

Financial results analysis for full year period ending December 31, 2020

Sales for the year ended December 31, 2020 decreased by 14.5%, at EUR 3,624 million compared to EUR 4,240 million for the year ended December 31, 2019, mainly due to lower shipments and lower prices. Steel shipments in 2020 decreased by 6.1% at 1,677 thousand tonnes compared to 1,786 thousand tonnes in 2019.

EBITDA reached EUR 343 million for the year ended December 31, 2020 (including net exceptional gains of EUR 50 million made of PIS/Cofins tax credits related to prior periods recognized in Brazil for EUR 65 million, partly offset by social costs and restructuring charges related to asset optimization in Europe for EUR (15) million), compared to EUR 357 million for the year ended December 31, 2019 (including exceptional gains of EUR 17 million for PIS/Cofins tax credits related to prior periods recognized in Brazil). Group Adjusted EBITDA declined by 14% as the COVID related lower demand also resulted in a very competitive pricing environment in Europe. Together with a negative inventory valuation, this outweighed the positive effect from the Leadership Journey(R)4, the Top Line strategy and the positive earnings development in Brazil.

Phase 3 of the Leadership Journey(R) - the Transformation Program - was concluded above plan with an additional annualized contribution of EUR 100 million to EBITDA in 2020.

Depreciation, amortization and impairment was EUR (144) million for the year ended December 31, 2020.

Aperam had an operating income for the year ended December 31, 2020 of EUR 199 million compared to an operating income of EUR 207 million for the year ended December 31, 2019.

Financing costs including the FX and derivatives result for the year ended December 31, 2020 were positive at EUR 40 million, including cash cost of financing of EUR (11) million and exceptional interest income of EUR 66 million in Brazil for PIS/Cofins tax credits related to prior periods.

Income tax expense for the year ended December 31, 2020 was EUR (63) million.

The Company recorded a net income of EUR 175 million for the year ended December 31, 2020.

Cash flows from operations for the year ended December 31, 2020 were positive at EUR 303 million, despite a working capital increase of EUR 22 million. CAPEX for the year ended December 31, 2020 was EUR (109) million.

Free cash flow before dividend for the year 2020 amounted to EUR 195 million.

As of December 31, 2020, shareholders' equity was EUR 2,204 million and net financial debt was EUR 67 million (gross financial debt as of December 31, 2020 was EUR 425 million. Cash & cash equivalents were EUR 358 million).

Total cash returns to shareholders in 2020 amounted to EUR 139 million, consisting fully of dividends.

On June 30, 2020, Aperam strengthened its liquidity profile by closing an additional bank credit line for a total commitment of EUR 100 million valid until June 30, 2021. In the context of COVID-19 outbreak, this financing contract is guaranteed by the "Office du Ducroire Luxembourg".

On September 30, 2020, Aperam further 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.

The Company had liquidity of EUR 833 million as of December 31, 2020, consisting of cash and cash equivalents of EUR 358 million and undrawn credit lines5 of EUR 475 million.

Financial results analysis for the three-month period ending December 31, 2020

Sales for the fourth quarter of 2020 increased by 8.9% to EUR 916 million compared to EUR 841 million for the third quarter of 2020. Steel shipments remained stable at 431 thousand tonnes in the fourth quarter of 2020, compared to 432 thousand tonnes in the third quarter of 2020. Volumes in Europe picked up seasonally while they decreased seasonally in Brazil.

EBITDA increased during the quarter to EUR 159 million (including net exceptional gains of EUR 50 million made of PIS/Cofins tax credits related to prior periods recognized in Brazil for EUR 65 million, partly offset by social costs and restructuring charges related to asset optimization in Europe for EUR (15) million) from EUR 65 million for the third quarter of 2020. The improvement was based on a better mix in Brazil, higher capacity utilization in Europe paired with slightly higher prices, inventory valuation gains and cost improvement via the Leadership Journey(R).

Depreciation, amortization and impairment were EUR (41) million for the fourth quarter of 2020.

Aperam had an operating income for the fourth quarter of 2020 of EUR 118 million, including net exceptional gains of EUR 50 million compared to an operating income of EUR 33 million for the previous quarter,.

Financing costs including the FX and derivatives result for the fourth quarter of 2020 were positive at EUR 42 million, including cash cost of financing of EUR (3) million and exceptional interest income of EUR 51 million in Brazil for PIS/Cofins tax credits related to prior periods.

Income tax expense for the fourth quarter of 2020 was EUR (58) million.

The Company recorded a net income of EUR 101 million for the fourth quarter of 2020.

Cash flows from operations for the fourth quarter of 2020 were positive at EUR 106 million, despite a working capital increase of EUR 6 million. CAPEX for the fourth quarter were EUR (19) million.

Free cash flow before dividend for the fourth quarter of 2020 amounted to EUR 88 million.

During the fourth 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 otherwise stated) Q4 20 Q3 20 Q4 19 12M 20 12M 19 
Sales                                           774   664   808   2,897  3,352 
Adjusted EBITDA                                 89    42    71    227    259 
Exceptional items                               50    -     16    50     16 
EBITDA                                          139   42    87    277    275 
Depreciation, amortisation & impairment         (34)  (26)  (34)  (118)  (123) 
Operating income                                105   16    53    159    152 
Steel shipments (000t)                          432   417   402   1,639  1,722 
Average steel selling price (EUR/t)             1,723 1,536 1,843 1,705  1,879 

(1) Amounts are shown prior to intra-group eliminations

The Stainless & Electrical Steel segment had sales of EUR 774 million for the fourth quarter of 2020. This represents a 17% increase compared to sales of EUR 664 million for the third quarter of 2020. Steel shipments during the fourth quarter were 432 thousand tonnes, an increase of 3.6% compared to shipments of 417 thousand tonnes during the previous quarter. Volumes benefitted from seasonal factors and the economic recovery in Europe while Brazil was seasonally weaker. Average steel selling prices for the Stainless & Electrical Steel segment increased by 12% compared to the previous quarter.

The segment had EBITDA of EUR 277 million (of which EUR 88 million from Europe, including EUR (13) million of social costs in France related to asset optimization and EUR 189 million from South America, including EUR 64 million due to PIS/Cofins tax credits related to prior periods and EUR (1) million of social costs in Brazil) for the year 2020 compared to EUR 275 million (of which EUR 150 million from Europe and EUR 125 million from South America, including exceptional gains of EUR 16 million in Brazil for PIS/Cofins tax credits related to prior periods) for the year 2019. Despite the COVID crisis, 2020 Adjusted EBITDA remained resilient at close to 90% of 2019, thanks to the successful implementation of the Top Line strategy and Leadership Journey(R) and higher earnings in Brazil. Negative effects in Europe where capacity utilization declined on the back of COVID related lower demand were compensated via cost variabilization, but also resulted in additional pricing pressure. Inventory valuation was negative.

The segment generated an EBITDA of EUR 139 million for the fourth quarter of 2020 compared to EUR 42 million for the third quarter of 2020. A strong product mix in Brazil was beneficial as were higher volumes in Europe and inventory valuation gains.

Depreciation, amortisation and impairment expense was EUR (34) million for the fourth quarter of 2020, including an impairment loss of EUR (4) million in Europe related to asset optimization.

The Stainless & Electrical Steel segment had an operating income of EUR 105 million for the fourth quarter of 2020 compared to an operating income of EUR 16 million for the third quarter of 2020.

Services & Solutions(1)

(in millions of Euros, unless otherwise stated) Q4 20 Q3 20 Q4 19 12M 20 12M 19 
Sales                                           381   372   382   1,513  1,773 
Adjusted EBITDA                                 14    10    4     38     45 
Exceptional items                               1     -     1     1      1 
EBITDA                                          15    10    5     39     46 
Depreciation & amortisation                     (3)   (3)   (5)   (13)   (13) 
Operating income                                12    7     -     26     33 
Steel shipments (000t)                          163   165   144   646    706 
Average steel selling price (EUR/t)             2,224 2,184 2,470 2,242  2,381 

(1) Amounts are shown prior to intra-group eliminations

The Services & Solutions segment had sales of EUR 381 million for the fourth quarter of 2020, representing an increase of 2.4% compared to sales of EUR 372 million for the third quarter of 2020. For the fourth quarter of 2020, steel shipments were 163 thousand tonnes compared to 165 thousand tonnes during the previous quarter. The Services & Solutions segment had higher average steel selling prices during the period compared to the previous period.

The segment recorded EBITDA of EUR 39 million for the year 2020, including EUR 1 million in Brazil due to PIS/Cofins tax credits related to prior periods, compared to EUR 46 million for the year 2019, including EUR 1 million in Brazil due to PIS/Cofins tax credits related to prior periods. The lower result was mainly attributable to a lower capacity utilization and negative inventory valuation which was not fully compensated by cost savings.

The segment generated EBITDA of EUR 15 million for the fourth quarter of 2020 compared to EBITDA of EUR 10 million in the third quarter of 2020. EBITDA increased mainly due to higher pricing, cost savings and an inventory valuation gain.

Depreciation and amortisation was EUR (3) million for the fourth quarter of 2020.

The Services & Solutions segment had an operating income of EUR 12 million for the fourth quarter of 2020 compared to an operating income of EUR 7 million for the third quarter of 2020.

Alloys & Specialties(1)

(in millions of Euros, unless otherwise stated) Q4 20  Q3 20  Q4 19  12M 20 12M 19 
Sales                                           103    111    160    511    597 
EBITDA                                          15     10     14     45     50 
Depreciation & amortisation                     (2)    (3)    (1)    (9)    (8) 
Operating income                                13     7      13     36     42 
Steel shipments (000t)                          7      7      9      31     36 
Average steel selling price (EUR/t)             15,122 16,320 16,384 16,061 15,949 

(1) Amounts are shown prior to intra-group eliminations

The Alloys & Specialties segment had sales of EUR 103 million for the fourth quarter of 2020, representing a decrease of 7.2% compared to EUR 111 million for the third quarter of 2020. Steel shipments remained stable during the fourth quarter of 2020 at 7 thousand tonnes. Average steel selling prices were lower during the quarter.

The segment recorded EBITDA of EUR 45 million for the year 2020 compared to EUR 50 million for the year 2019. The decrease is mainly attributable to lower volumes which more than compensated cost savings through the Leadership Journey(R), price improvements and a positive contribution from inventory valuation.

The Alloys & Specialties segment achieved EBITDA of EUR 15 million for the fourth quarter of 2020 compared to EUR 10 million for the third quarter of 2020. The higher EBITDA was driven by a better mix, strict cost management and an inventory valuation gain.

Depreciation and amortisation expense for the fourth quarter of 2020 was EUR (2) million.

The Alloys & Specialties segment had an operating income of EUR 13 million for the fourth quarter of 2020 compared to an operating income of EUR 7 million for the third quarter of 2020.

Recent developments - On December 9, 2020, Aperam announced its financial calendar for 2021. - On December 11, 2020, Aperam announced, with reference to article 14 of the Luxembourg law and the Grand Ducal

regulation of 11 January 2008, on transparency requirements for issuers of securities ("Transparency Law"), that

the total number of voting rights and capital is available in the Luxembourg Stock Exchange's electronic database

OAM on www.bourse.lu and on the company's website under Investors, Equity Investors, Share capital and voting

rights.

New developments - On February 10, 2021 Aperam announced its detailed dividend payment schedule for 2021. The Company proposes to

maintain its base dividend at EUR 1.75 per share, subject to shareholder approval at the 2021 Annual General

Meeting. The schedule is available on Aperam's website www.aperam.com under Investors > Equity Investors >

Dividends.

Investor conference call / webcast

Aperam management will host a conference call / webcast for members of the investment community to discuss the fourth quarter 2020 and full year 2020 financial performance at the following time:

Date               New York London  Luxembourg 
Wednesday, 
                   09:30 am 2:30 pm 3:30 pm 
February 10, 2021 

Link to the webcast: https://channel.royalcast.com/landingpage/aperam/20210210_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/landingpage/aperam/ 20210210_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.

February 10, 2021 01:00 ET (06:00 GMT)

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