Aperam, Third quarter 2016 results.

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Algemeen advies 08/11/2016 07:07
Highlights
Health and Safety frequency rate2 of 1.8x in Q3 2016 compared to 2.1x in Q2 2016
Shipments of 457 thousand tonnes in Q3 2016, compared to shipments of 520 thousand tonnes in Q2 2016

EBITDA3 of USD 124 million in Q3 2016, compared to EBITDA of USD 123 million in Q2 2016

Record Q3 net income of USD 54 million in Q3 2016, compared to a net income of USD 53 million in Q2 2016

Basic earnings per share of USD 0.69 in Q3 2016, compared to basic earnings per share of USD 0.68 in Q2 2016

Cash flow from operations amounted to USD 103 million in Q3 2016, compared to cash flow from operations of USD 112 million in Q2 2016

Record Q3 free cash flow before dividend4 of USD 70 million in Q3 2016, compared to free cash flow before dividend of USD 87 million in Q2 2016

Net debt5 of USD 241 million as of September 30, 2016, representing a gearing of 10% compared to a net debt of USD 280 million as of June 30, 2016

Prospects
EBITDA in Q4 2016 is expected to slightly increase compared to EBITDA in Q3 2016
Net debt5 to decrease in Q4 2016

Financial results analysis for the three-month period ending September 30, 2016
Sales in the third quarter of 2016 decreased by 9% to USD 1,015 million compared to USD 1,121 million in the second quarter of 2016. Shipments in the third quarter of 2016 decreased by 12% at 457 thousand tonnes compared to 520 thousand tonnes in the second quarter of 2016.
EBITDA has increased marginally over the quarter from USD 123 million in the second quarter of 2016 to USD 124 million in the third quarter of 2016. The Leadership Journey®6 has continued to progress over the quarter and has contributed a total amount of USD 506 million to EBITDA since the beginning of 2011.
Depreciation and amortisation expense in the third quarter of 2016 was USD 43 million.
Aperam had an operating income in the third quarter of 2016 of USD 81 million compared to an operating income of USD 80 million in the previous quarter.
Net interest expense and other financing costs in the third quarter of 2016 were USD 12 million, including financing costs of USD 3 million. Realised and unrealised foreign exchange and derivative losses were USD 1 million in the third quarter of 2016.
The Company recorded a net income of USD 54 million, inclusive of an income tax expense of USD 14 million, in the third quarter of 2016.
Cash flows from operations in the third quarter of 2016 were positive at USD 103 million, with a working capital increase of USD 13 million. CAPEX in the third quarter was USD 33 million.
Free cash flow before dividend4 in the third quarter of 2016 amounted to USD 70 million.
As of September 30, 2016, shareholders’ equity was USD 2,527 million and net financial debt5 was USD 241 million (gross financial debt as of September 30, 2016 was USD 475 million and cash and cash equivalents were USD 234 million).
The Company had liquidity of USD 690 million as of September 30, 2016, consisting of cash and cash equivalents of USD 234 million and undrawn credit lines7 of USD 456 million.

Operating segment results analysis
Stainless & Electrical Steel

The Stainless & Electrical Steel segment had sales of USD 819 million in the third quarter of 2016. This represents a 12% decrease compared to sales of USD 932 million in the second quarter of 2016. Shipments during the third quarter were 438 thousand tonnes. This is a 15% decrease compared to shipments of 516 thousand tonnes in the previous quarter. The volume decrease was mainly due to traditional seasonal effects in Europe and slow ramp-up post annual maintenance which have been resolved since then. Overall, average selling prices for the Stainless & Electrical Steel segment slightly increased compared to the previous quarter.

The segment had EBITDA of USD 102 million in the third quarter of 2016 compared to USD 101 million in the second quarter of 2016. The seasonality in Europe was more than offset by the good contribution of the Leadership Journey® and the Top Line strategy as well as the recovery of the stainless steel prices.
Depreciation and amortisation expense was USD 37 million in the third quarter of 2016.
The Stainless & Electrical Steel segment had an operating income of USD 65 million during the third quarter of 2016 compared to an operating income of USD 64 million in the second quarter of 2016.

read and see more on
http://www.aperam.com/news/111/80/Third-quarter-2016-results

tijd 09.37 8 nov. Aperam EUR 40,435 +16,5ct vol. 159.000



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