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WKN: A1H5UL ISIN: LU0569974404 Ticker-Symbol: 7AA 
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27.01.23
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Aperam S.A.: Third quarter 2022 results

DJ Third quarter 2022 results

Aperam S.A. / Key word(s): Quarter Results Third quarter 2022 results 10-Nov-2022 / 07:15 CET/CEST

-----------------------------------------------------------------------------------------------------------------------

Third quarter 2022 results1

"Solid earnings and free cash flow despite market headwind in Europe"

Luxembourg, November 10, 2022 (07:00 CET) - Aperam (referred to as "Aperam" or the "Company") (Amsterdam, Luxembourg, Paris, Brussels: APAM, NYRS: APEMY), announced today results for the three months ended September 30, 2022.

Highlights

-- Health and Safety: LTI frequency rate of 1.0x in Q3 2022 compared to 2.1x in Q2 2022 
   -- Shipments of 508 thousand tonnes in Q3 2022, 20% decrease compared to shipments of 635 thousand tonnes in 
  Q2 2022 
   -- EBITDA of EUR 235 million in Q3 2022, compared to EBITDA of EUR 402 million in Q2 2022 
   -- Adjusted Net income of EUR 96 million in Q3 2022, compared to EUR 317 million in Q2 2022 
   -- Adjusted Basic earnings per share of EUR 1.31 in Q3 2022, compared to EUR 4.16 in Q2 2022 
   -- Free cash flow before dividend and share buy-back amounted to EUR 209 million in Q3 2022, compared to EUR 
  170 million in Q2 2022 
   -- Net financial debt of EUR 482 million, as of September 30, 2022, compared to EUR 571 million as of June 
  30, 2022 

Strategic initiatives

-- Leadership Journey®?2 Phase 4:? Gains reached EUR 17 million in Q3 2022 and a cumulative EUR 97 million 
  compared to target gains of EUR 150 million over the period 2021 to 2023, including positive results sourcing gains 
  and alloys underlying EBITDA growth. 

Cash deployment

-- 2022 share buyback of EUR 200 million has been completed. First tranche of EUR 100 million / 2.31 million 
  shares completed in April. Second tranche of 3.5 million shares / EUR 94.2 million was completed in October. 
 

Prospects

-- Q4 2022 EBITDA is expected to decrease versus Q3 2022 
   -- We guide for lower Q4 2022 net financial debt 
Timoteo Di Maulo, CEO of Aperam, commented: 
 
"Aperam's differentiated value chain and stable operations in Brazil enabled us to generate solid results and 
considerable free 
cash flow in the third quarter. We achieved this despite a pronounced inventory cycle and energy challenges in Europe 
and have, as usual with NWC discipline, begun our cash release immediately as markets started to turn, in particular in 
Europe. Our de-levered balance sheet, the good progress of the Leadership Journey® Phase 4 that contributes towards our 
2025 targets and our unique synergistic value chain, make us confident in addressing the challenges ahead." 
 
 
 
 
 
 
 

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

(in millions of Euros, unless otherwise stated)     Q3 22 Q2 22 Q3 21 9M 22 9M 21 
Sales                          1,818 2,457 1,257 6,540 3,706 
Operating income                    187  356  241  809  616 
Net income attributable to equity holders of the parent 121  317  201  625  530 
Basic earnings per share (EUR)             1.66 4.16 2.53 8.23 6.65 
Diluted earnings per share (EUR)            1.64 4.15 2.53 8.19 6.63 
 
Free cash flow before dividend and share buy-back    209  170  90  276  235 
Net Financial Debt (at the end of the period)      482  571  59  482  59 
 
Adj. EBITDA                       235  402  278  1,000 715 
Exceptional items                    -   -   -   (53) 9 
EBITDA                         235  402  278  947  724 
 
Adj. EBITDA/tonne (EUR)                 463  633  660  551  513 
EBITDA/tonne (EUR)                   463  633  660  521  519 
 
Shipments (000t)                    508  635  421  1,816 1,395 

Health & Safety results

Health and Safety performance based on Aperam personnel figures and contractors' lost time injury frequency rate was 1.0x in the third quarter of 2022 compared to 2.1x in the second quarter of 2022.

Financial results analysis for the three-month period ending September 30, 2022

Sales for the third quarter of 2022 decreased by 26% at EUR 1,818 million compared to EUR 2,457 million for the second quarter of 2022. Shipments decreased from 635 thousand tonnes in the second quarter of 2022 to 508 thousand tonnes in the third quarter of 2022, due to pronounced destocking by customers in Europe.

EBITDA decreased during the quarter to EUR 235 million from EUR 402 million due to negative inventory valuation, lower volumes and a price/cost squeeze.

Depreciation and amortization expense was EUR (48) million for the third quarter of 2022.

Aperam had an operating income for the third quarter of 2022 of EUR 187 million compared to an operating income of EUR 356 million for the previous quarter.

Financing costs, net, including the FX and derivatives result for the third quarter of 2022 were EUR (65) million. Cash cost of financing was nil during the quarter as interest expenses paid have been offset by interest income received on cash and cash equivalents.

Income tax result was a benefit of EUR 1 million during the third quarter of 2022, notably due to EUR 25 million additional deferred tax assets recognized on tax losses carried forward.

The Company recorded a net income of EUR 121 million for the third quarter of 2022, compared to EUR 317 million for the second quarter of 2022.

Cash flows from operations for the third quarter of 2022 were at EUR 267 million, including a working capital decrease of EUR 36 million. CAPEX for the third quarter was EUR (58) million.

Free cash flow before dividend and share buyback for the third quarter of 2022 amounted to EUR 209 million, compared to EUR 170 million for the second quarter of 2022.

During the third quarter of 2022, cash returns to shareholders amounted to EUR 123 million, consisting of EUR 86 million of share buy-back and EUR 37 million of dividend.

Operating segment results analysis

Stainless & Electrical Steel (1)

(in millions of Euros, unless otherwise stated) Q3 22 Q2 22 Q3 21 (2) 9M 22 9M 21 (2) 
Sales                      1,186 1,643 1,057   4,352 3,109 
EBITDA                     153  328  223    753  567 
Depreciation & amortization           (25) (25) (25)   (75) (73) 
Operating income                128  303  198    678  494 
Steel shipments (000t)             352  432  409    1,229 1,364 
Average steel selling price (EUR/t)       3,271 3,709 2,525   3,455 2,219 

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

(2) Due to the transfer of the entity Aperam Bioenergia from the segment 'Stainless & Electrical Steel' to the segment 'Recycling & Renewables' starting Q1 2022, segmented figures for Q3 2021 and 9M 2021 have been recast for the sake of comparison.

The Stainless & Electrical Steel segment had sales of EUR 1,186 million for the third quarter of 2022. This represents a 28% decrease compared to sales of EUR 1,643 million for the second quarter of 2022. Steel shipments during the third quarter were 352 thousand tonnes, a decrease of 19% compared to shipments of 432 thousand tonnes during the previous quarter. Shipments in Brazil were seasonally normal and remained at a high level but customers' destocking impacted Europe in the seasonal trough quarter. Average steel selling prices for the Stainless & Electrical Steel segment decreased by 12% compared to the previous quarter.

The segment generated an EBITDA of EUR 153 million for the third quarter of 2022 compared to EUR 328 million for the second quarter of 2022. EBITDA decreased due to lower volumes, negative inventory valuation and a price/cost squeeze despite a slight seasonal increase in shipments in Brazil.

Depreciation and amortization expense was EUR (25) million for the third quarter of 2022.

The Stainless & Electrical Steel segment had an operating income of EUR 128 million for the third quarter of 2022 compared to an operating income of EUR 303 million for the second quarter of 2022.

Services & Solutions(1)

(in millions of Euros, unless otherwise stated) Q3 22 Q2 22 Q3 21 9M 22 9M 21 
Sales                      584  832  561  2,261 1,634 
Adjusted EBITDA                 (21) 45  53  97  148 
Exceptional items                -   -   -   -   9 
EBITDA                     (21) 45  53  97  157 
Depreciation & amortization           (4)  (3)  (3)  (10) (9) 
Operating income / (loss)            (25) 42  50  87  148 
Steel shipments (000t)             138  172  171  509  568 
Average steel selling price (EUR/t)       4,113 4,645 3,167 4,282 2,769 

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

The Services & Solutions segment had sales of EUR 584 million for the third quarter of 2022, representing a decrease of 30% compared to sales of EUR 832 million for the second quarter of 2022. For the third quarter of 2022, steel shipments were 138 thousand tonnes compared to 172 thousand tonnes during the previous quarter. Average steel selling prices for the Services & Solutions' segment were 11% lower during the third quarter of 2022 compared to the second quarter of 2022.

The segment generated a negative EBITDA of EUR (21) million for the third quarter of 2022 compared to an EBITDA of EUR 45 million for the second quarter of 2022. EBITDA was substantially impacted by negative inventory valuation and lower volumes that were not compensated by a favorable price / cost development

Depreciation and amortization expense was EUR (4) million for the third quarter of 2022.

The Services & Solutions segment had an operating loss of EUR (25) million for the third quarter of 2022 compared to an operating income of EUR 42 million for the second quarter of 2022.

Alloys & Specialties(1)

(in millions of Euros, unless otherwise stated) Q3 22 Q2 22 Q3 21 9M 22 9M 21 
Sales                      171  162  112  481  369 
EBITDA                     5   15   11   41   39 
Depreciation & amortization           (3)  (3)  (2)  (8)  (6) 
Operating income                2   12   9   33   33 
Steel shipments (000t)             6   7   7   20   22 
Average steel selling price (EUR/t)       26,165 23,461 16,745 23,119 16,275 

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

The Alloys & Specialties segment had sales of EUR 171 million for the third quarter of 2022, representing an increase of 6% compared to EUR 162 million for the second quarter of 2022. Steel shipments decreased by 3% during the third quarter of 2022 at 6 thousand tonnes. Average steel selling prices for the Alloys & Specialties' segment were 12% higher during the third quarter.

The Alloys & Specialties segment achieved EBITDA of EUR 5 million for the third quarter of 2022 compared to EUR 15 million for the second quarter of 2022. EBITDA decreased due to the impact of severe weather conditions, seasonally lower volumes and negative inventory valuation.

Depreciation and amortization expense for the third quarter of 2022 was EUR (3) million.

The Alloys & Specialties segment had an operating income of EUR 2 million for the third quarter of 2022 compared to an operating income of EUR 12 million for the second quarter of 2022.

Recycling & Renewables

(in millions of Euros, unless otherwise stated) (1) Q3 22 Q2 22 Q3 21 (2) (3) 9M 22 9M 21 (2) (3) 
Sales                        468  788  535      1,991 1,532 
Adjusted EBITDA                   31  39  33      84  73 
Exceptional items                  -   -   -       (53) - 
EBITDA                       31  39  33      31  73 
Depreciation & amortization             (16) (15) (11)     (44) (34) 
Operating income / (loss)              15  24  22      (13) 39 
Shipments (000t)                  278  363  386      1,036 1,242 
Average selling price (EUR/t)            1,683 2,171 1,386     1,922 1,233 

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

(2) Due to the transfer of the entity Aperam Bioenergia from the segment 'Stainless & Electrical Steel' to the segment 'Recycling & Renewables' starting Q1 2022, segmented figures for Q3 2021 and 9M 2021 have been recast for the sake of comparison.

(3) Pro Forma information including ELG for the sake of comparison.

The Recycling & Renewables segment had sales of EUR 468 million for the third quarter of 2022, representing a decrease of 41% compared to EUR 788 million sales for the second quarter of 2022. Shipments decreased by 23% during the third quarter of 2022 to 278 thousand tonnes. Average selling prices for the Recycling & Renewables' segment were 22% lower during the third quarter.

EBITDA decreased during the quarter to EUR 31 million compared to EBITDA of EUR 39 million in Q2 2022. EBITDA decreased due to seasonality and lower scrap volumes that were not fully offset by better pricing of scrap and cost savings.

Depreciation and amortization expense for the third quarter of 2022 was EUR (16) million.

The Recycling & Renewables segment had an operating income of EUR 15 million for the third quarter of 2022 compared to an operating income of EUR 24 million for the second quarter of 2022.

Investor conference call / webcast

Pre-recorded management comments are available as from publication of this earnings release on our website at www.aperam.com, section Investors > Reports & Presentations > Quarterly results > Q3-2022 (Link).

Aperam management will host a conference call / webcast for members of the investment community to discuss the third quarter 2022 financial performance at the following time:

Date       New York London Luxembourg 
Thursday, 
         05:00  10:00 11:00 
10 November 2022 

Link to the webcast: https://channel.royalcast.com/landingpage/aperam/20221110_1/

The dial-in numbers for the call are: France: +33 (0) 1 7037 7166; USA: +1 212 999 6659; UK: +44 (0) 33 0551 0200

The conference password is Aperam.

Contacts

Company Secretary / Julia Eisenmann +352 661 527 279; julia.eisenmann@aperam.com

Investor Relations / Thorsten Zimmermann: +352 661 570 250; thorsten.zimmermann@aperam.com

About Aperam

Aperam is a global player in stainless, electrical and specialty steel and recycling, with customers in over 40 countries. Starting from 1 January 2022, the business is organized in four primary reportable segments: Stainless & Electrical Steel, Services & Solutions, Alloys & Specialties and Recycling & Renewables.

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 low carbon footprint stainless and special steels from biomass, stainless steel scrap and high performance alloys scrap. With Bioenergia and its unique capability to produce charcoal made from its own FSC-certified forestry and with ELG, a global leader in collecting, trading, processing and recycling of stainless steel scrap and high performance alloys, Aperam's places sustainability at the heart of its business, helping customers worldwide to excel in the circular economy.

In 2021, Aperam had sales of EUR 5,102 million and steel shipments of 1.82 million tonnes.

For further information, please refer to our website at www.aperam.com.

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.

APERAM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

September 30, June 30, September 30, 
(in million of EURO) 
                                   2022     2022   2021 
ASSETS 
Cash & cash equivalents (C)                      467      485   359 
Inventories, trade receivables and trade payables           2,090     2,100  1,032 
Prepaid expenses and other current assets               152      307   101 
Total Current Assets & Working Capital                2,709     2,892  1,492 
 
Goodwill and intangible assets                    458      454   427 
Property, plant and equipment (incl. Biological assets)        1,806     1,780  1,512 
Investments in associates, joint ventures and other          3       3    4 
Deferred tax assets                          96      102   88 
Other non-current assets                       124      112   62 
Total Assets (net of Trade Payables)                 5,196     5,343  3,585 
 
LIABILITIES AND SHAREHOLDERS' EQUITY 
Short-term debt and current portion of long-term debt (B)       269      292   38 
Accrued expenses and other current liabilities            472      568   370 
Total Current Liabilities (excluding Trade Payables)         741      860   408 
 
Long-term debt, net of current portion (A)              680      764   380 
Deferred employee benefits                      154      148   147 
Deferred tax liabilities                       127      149   115 
Other long-term liabilities                      75      76    45 
Total Liabilities (excluding Trade Payables)             1,777     1,997  1,095 
 
Equity attributable to the equity holders of the parent        3,411     3,339  2,486 
Non-controlling interest                       8       7    4 
Total Equity                             3,419     3,346  2,490 
 
Total Liabilities and Shareholders' Equity (excluding Trade Payables) 5,196     5,343  3,585 
 
Net Financial Debt (D = A+B-C)                    482      571   59 

APERAM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

Three Months Ended            Nine Months Ended 
(in million of EURO) 
                         September 30, June 30,  September 30, September 30, September 30, 
                         2022      2022    2021      2022      2021 
Sales                       1,818     2,457   1,257     6,540     3,706 
Adjusted EBITDA (E = C-D)             235      402    278      1,000     715 
Adjusted EBITDA margin (%)            12.9%     16.4%   22.1%     15.3%     19.3% 
Exceptional items (D)               -       -     -       (53)      9 
EBITDA (C = A-B)                 235      402    278      947      724 
EBITDA margin (%)                 12.9%     16.4%   22.1%     14.5%     19.5% 
Depreciation & amortization (B)          (48)      (46)    (37)      (138)     (108) 
Operating income (A)               187      356    241      809      616 
Operating margin (%)               10.3%     14.5%   19.2%     12.4%     16.6% 
Results from associates and other investments   (1)      -     (1)      (1)      (1) 
Financing costs, (net)              (65)      68     10       (21)      8 
Income before taxes and non-controlling interests 121      424    250      787      623 
Income tax benefit / (expense)          1       (107)   (49)      (161)     (93) 
Effective tax rate %               (1.0)%     25.2%   19.7%     20.4%     14.9% 
Income including non-controlling interests    122      317    201      626      530 
Non-controlling interests income         (1)      -     -       (1)      - 
Net income attributable to equity holders of the 121      317    201      625      530 
parent 
 
Basic earnings per share (EUR)          1.66      4.16    2.53      8.23      6.65 
Diluted earnings per share (EUR)         1.64      4.15    2.53      8.19      6.63 
 
Weighted average common shares outstanding (in  74,900     75,693   79,805     76,029     79,691 
thousands) 
Diluted weighted average common shares      75,241     76,034   80,123     76,370     80,009 
outstanding (in thousands) 
 

APERAM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Three Months Ended            Nine Months Ended 
(in million of EURO) 
                        September 30, June 30,  September 30, September 30, September 30, 
                        2022      2022    2021      2022      2021 
Operating income                187      356     241      809      616 
Depreciation & amortization           48       46     37       138      108 
Change in working capital            36       (122)    (175)     (455)     (414) 
Income tax paid                 (45)      (21)    (8)      (87)      (14) 
Interest paid, (net)              (1)      -      (2)      (2)      (5) 
Exceptional items                -       -      -       53       (9) 
Other operating activities (net)        42       (36)    17       (23)      49 
Net cash provided by (used in) operating    267      223     110      433      331 
activities (A) 
Purchase of PPE, intangible and biological   (58)      (49)    (21)      (153)     (94) 
assets (CAPEX) 
Other investing activities (net)        -       (4)     1       (4)      (2) 
Net cash used in investing activities (B)    (58)      (53)    (20)      (157)     (96) 
Proceeds (payments) from payable to banks and  (108)     (61)    (1)      (44)      (14) 
long term debt 
Purchase of treasury stock (share buy back)   (86)      (26)    (100)     (186)     (105) 
Dividends paid                 (37)      (39)    (35)      (115)     (106) 
Other financing activities (net)        (4)      (3)     (3)      (10)      (7) 
Net cash used in financing activities      (235)     (129)    (139)     (355)     (232) 
Effect of exchange rate changes on cash     8       (6)     (9)      22       (2) 
Change in cash and cash equivalent       (18)      35     (58)      (57)      1 
 
Free cash flow before dividend and share    209      170     90       276      235 
buy-back (C = A+B) 

Appendix 1a - Health & Safety statistics

Three Months Ended 
Health & Safety Statistics September 30, June 30, March 31, 
              2022     2022   2022 
Frequency Rate       1.0      2.1   2.4 

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 &     Recycling &    Others & 
            Steel         Solutions    Specialties   Renewables    Eliminations   Total 
September 30, 2022 
Operational 
information 
 
            352          138       6        278        (266)      508 
Shipment (000t) 
Average 
            3,271         4,113      26,165      1,683               3,579 
selling price (EUR/t) 
 
Financial information 
(EURm) 
Sales         1,186         584       171       468        (591)      1,818 
Adjusted EBITDA    153          (21)       5        31        67        235 
Exceptional items   -           -        -        -         -        - 
EBITDA         153          (21)       5        31        67        235 
Depreciation &     (25)          (4)       (3)       (16)       -        (48) 
amortization 
Operating income /   128          (25)       2        15        67        187 
(loss) 
Quarter Ending     Stainless & Electrical Services &    Alloys &     Recycling &    Others & 
            Steel         Solutions    Specialties   Renewables    Eliminations   Total 
June 30, 2022 
Operational 
information 
 
            432          172       7        363        (339)      635 
Shipment (000t) 
Average 
            3,709         4,645      23,461      2,171               3,869 
selling price (EUR/t) 
 
Financial information 
(EURm) 
Sales         1,643         832       162       788        (968)      2,457 
Adjusted EBITDA    328          45        15        39        (25)       402 
Exceptional items   -           -        -        -         -        - 
EBITDA         328          45        15        39        (25)       402 
Depreciation &     (25)          (3)       (3)       (15)       -        (46) 
amortization 
Operating income /   303          42        12        24        (25)       356 
(loss) 

Appendix 2 - Adjusted Net Income and Adjusted Basic Earnings per Share

Three Months Ended     Nine Months Ended 
(in million of EURO)                          September June  September September September 
                                         30, 
                                    30, 2022     30, 2021 30, 2022 30, 2021 
                                         2022 
Net income                               121    317   201    625    530 
Exceptional items                            -     -    -     53    (9) 
Reversal of provision for liabilities and charges            -     -    -     -     (3) 
(Recognition) / derecognition of deferred tax assets on tax losses   (25)   -    6     (34)   (26) 
carried forward 
Deferred tax effect on exceptional items                -     -    -     (12)   3 
Adjusted Net income                           96    317   207    632    495 
 
Basic earnings per share (EUR)                     1.66   4.16  2.53   8.23   6.65 
Adjusted Basic earnings per share (EUR)                 1.31   4.16  2.60   8.31   6.21 

Appendix 3 - 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 and amortization expenses and exceptional items.

Adjusted EBITDA/tonne: calculated as Adjusted EBITDA divided by total shipments.

Adjusted Net Income: refers to reported net income less exceptional items, reversal of provisions for liabilities and charges, recognition of deferred tax assets on tax losses carried forward, reversal of current income tax on interest on PIS/Cofins in Brazil and deferred tax effect on exceptional items.

Adjusted Basic Earnings per Share: refers to Adjusted Net Income divided by Weighted average common shares outstanding.

Average selling prices: calculated as sales divided by 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 property plant and equipment, intangible assets and biological assets.

EBITDA: operating income before depreciation and amortization expenses.

EBITDA/tonne: calculated as EBITDA divided by total 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 costs, (net): 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 (i) Recycling & Renewables and Stainless & Electrical Steel (ii) 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.

2 The Leadership Journey® 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® is targeting EUR 150 million gains for the period 2021 - 2023 via a combination of cost, growth and mix improvement measures. Some additional investments, as announced in 2021 as part of the Strategy 2025 program, have been accelerated to achieve earnings growth already in 2022 contributing to the ongoing Leadership Journey Phase 4.

3 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 3 "Terms & definitions".

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Dissemination of a Financial Wire News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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1483833 10-Nov-2022 CET/CEST

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1483833&application_name=news

(END) Dow Jones Newswires

November 10, 2022 01:16 ET (06:16 GMT)

Gold-Geheimtipp 2023 - Diese Aktie sollten Sie kennen
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