Aperam, Third quarter 2018 results1

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Overig advies 31/10/2018 07:40
“Solid operational results despite challenging market conditions”
Luxembourg, October 30, 2018 - Aperam (referred to as “Aperam” or the “Company”) (Amsterdam, Brussels, Luxembourg, Paris: APAM and NYRS: APEMY), announced today results for the three month period ending September 30, 2018

? Health and Safety: LTI frequency rate of 2.1x in Q3 2018 compared to 1.8x in Q2 2018
? Steel shipments of 467 thousand tonnes in Q3 2018, a 8% decrease compared to steel shipments of 508 thousand tonnes in Q2 2018 and 2% lower versus Q3 2017
? EBITDA of EUR 123 million in Q3 2018, compared to EUR 150 million in Q2 2018 and up from EUR 107 million in Q3 2017
? Net income of EUR 72 million in Q3 2018, compared to EUR 80 million in Q2 2018 and EUR 53 million in Q3 2017
? Basic earnings per share of EUR 0.87 in Q3 2018, compared to EUR 0.94 in Q2 2018 and EUR 0.65 in Q3 2017
? Cash flow from operations amounted to EUR 64 million in Q3 2018, compared to EUR 101 million in Q2 2018 and EUR 67 million in Q3 2017
? Free cash flow before dividend and share buy-back of EUR 15 million in Q3 2018, compared to EUR 62 million in Q2 2018 and EUR 40 million in Q3 2017
? Cash returns to shareholders amounted to EUR 48 million in Q3 2018, consisting of EUR 15 million of share buy-back and EUR 33 million of dividend
? Net financial debt of EUR 64 million as of September 30, 2018, compared to EUR 20 million as of June 30, 2018

Strategic initiatives
? Disciplined and value accretive M&A: The Form CO notification for acquisition of VDM Metals has been filed on 23rd October 2018 with the EU Commission (DG Competition)
? Leadership Journey®2 (Phase 3 - Transformation Program Target EUR 150 million annualized gains by 2020): Gains reached EUR 30 million annualized at end Q3 2018 with good progress on all pillars

? EBITDA in Q4 2018 is expected to decrease versus Q3 2018
? Net financial debt to remain at low levels in Q4 2018

Timoteo Di Maulo, CEO of Aperam, commented:

“Our continuously improving operations in Brazil and self-help measures in Europe enabled Aperam to deliver solid third quarter results and compensating the pressure from record high imports into Europe.”

“The application of Section 232 in the USA and the inadequate provisional EU safeguard measures have caused temporary turmoil in the European stainless steel market. Going forward, we expect definitive safeguard measures to be finalised promptly. In the meantime, our solid balance sheet and self-help focus will help us to withstand an extremely challenging market environment.”

see &

tijd 09.35
Aperam EUR 29,50 -59ct vol. 108.000

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