3Q 2019 | 2Q 2019 | 3Q 2018 | ||||||||||
Steel Shipments (tons) | 3,057,000 | 3,333,000 | -8 | % | 3,143,000 | -3 | % | |||||
Iron Ore Shipments (tons) | 904,000 | 835,000 | 8 | % | 914,000 | -1 | % | |||||
Net Sales ($ million) | 2,419.5 | 2,725.8 | -11 | % | 2,999.2 | -19 | % | |||||
Operating Income ($ million) | 224.4 | 235.4 | -5 | % | 708.9 | -68 | % | |||||
EBITDA1 ($ million) | 381.7 | 401.5 | -5 | % | 856.5 | -55 | % | |||||
EBITDA Margin (% of net sales) | 15.8 | % | 14.7 | % | 28.6 | % | ||||||
EBITDA per Ton2 ($) | 124.9 | 120.5 | 272.5 | |||||||||
Financial Expense, Net ($ million) | (32.1) | (2.6) | (89.9) | |||||||||
Income Tax Expense ($ million) | (83.5) | (46.0) | (80.8) | |||||||||
Net Income ($ million) | 110.6 | 207.2 | 560.8 | |||||||||
Equity Holders' Net Income ($ million) | 94.5 | 184.8 | 523.6 | |||||||||
Earnings per ADS3 ($) | 0.48 | 0.94 | 2.67 |
• | EBITDA of $381.7 million, 5% lower sequentially, with slightly higher EBITDA margin and lower shipments. |
• | Earnings per ADS of $0.48, a decrease of $0.46 per ADS, with a negative effect of the Argentine peso depreciation and higher effective tax rate. |
• | Capital expenditures of $257.3 million, down from $280.5 million in the second quarter. |
• | Net debt position4 of $1.5 billion at the end of September 2019, a $0.2 billion decrease in the third quarter 2019 and equivalent to 0.9 times net debt to last twelve months EBITDA. |
9M 2019 | 9M 2018 | ||||||
Steel Shipments (tons) | 9,594,000 | 9,987,000 | -4 | % | |||
Iron Ore Shipments (tons) | 2,659,000 | 2,759,000 | -4 | % | |||
Net Sales ($ million) | 7,853.4 | 8,818.7 | -11 | % | |||
Operating Income ($ million) | 766.9 | 1,725.7 | -56 | % | |||
EBITDA6 ($ million) | 1,251.2 | 2,184.8 | -43 | % | |||
EBITDA Margin (% of net sales) | 15.9 | % | 24.8 | % | |||
EBITDA per Ton ($) | 130.4 | 218.8 | |||||
Financial Expense, Net ($ million) | (62.3) | (240.3) | |||||
Net Income ($ million) | 543.2 | 1,226.7 | |||||
Equity Holders' Net Income ($ million) | 497.6 | 1,156.1 | |||||
Earnings per ADS ($) | 2.53 | 5.89 |
• | EBITDA of $1.3 billion, 43% lower year-over-year with lower EBITDA margin and shipments. |
• | Earnings per ADS of $2.53, a year-over-year decrease of $3.35 per ADS. |
• | Capital expenditures of $748.4 million, up from $346.5 million in the first nine months of 2018 as Ternium's investment program progresses as planned. |
• | Free cash flow7 of $513.4 million in the first nine months of 2019. |
Net Sales (million $) | ||||||||
3Q 2019 | 3Q 2018 | Dif. | ||||||
Mexico | 1,334.9 | 1,521.3 | -12 | % | ||||
Southern Region | 406.0 | 506.9 | -20 | % | ||||
Other Markets | 594.7 | 867.9 | -31 | % | ||||
Total steel products net sales | 2,335.6 | 2,896.2 | -19 | % | ||||
Other products1 | 83.9 | 102.8 | -18 | % | ||||
Steel segment net sales | 2,419.5 | 2,999.0 | -19 | % | ||||
Mining segment net sales | 111.7 | 66.6 | 68 | % | ||||
Intersegment eliminations | (111.7) | (66.4) | ||||||
Net sales | 2,419.5 | 2,999.2 | -19 | % | ||||
1 The item "Other products" primarily includes Ternium Brasil’s and Ternium México’s electricity sales. |
Steel segment | Mining segment | Intersegment eliminations | Total | |||||||||||||
$ million | 3Q 2019 | 3Q 2018 | 3Q 2019 | 3Q 2018 | 3Q 2019 | 3Q 2018 | 3Q 2019 | 3Q 2018 | ||||||||
Net Sales | 2,419.5 | 2,999.0 | 111.7 | 66.6 | (111.7) | (66.4) | 2,419.5 | 2,999.2 | ||||||||
Cost of sales | (2,042.8) | (2,080.4) | (61.6) | (62.2) | 110.3 | 64.4 | (1,994.1) | (2,078.3) | ||||||||
SG&A expenses | (204.6) | (213.6) | (3.7) | (3.3) | — | — | (208.3) | (216.9) | ||||||||
Other operating income, net | 7.0 | 4.8 | 0.3 | 0.1 | — | — | 7.3 | 4.9 | ||||||||
Operating income | 179.0 | 709.8 | 46.7 | 1.2 | (1.4) | (2.1) | 224.4 | 708.9 | ||||||||
EBITDA | 324.3 | 844.6 | 58.7 | 13.9 | (1.4) | (2.1) | 381.7 | 856.5 |
Net Sales (million $) | Shipments (thousand tons) | Revenue/ton ($/ton) | |||||||||||||||||||
3Q 2019 | 3Q 2018 | Dif. | 3Q 2019 | 3Q 2018 | Dif. | 3Q 2019 | 3Q 2018 | Dif. | |||||||||||||
Mexico | 1,334.9 | 1,521.3 | -12 | % | 1,628.6 | 1,525.2 | 7 | % | 820 | 997 | -18 | % | |||||||||
Southern Region | 406.0 | 506.9 | -20 | % | 503.8 | 546.5 | -8 | % | 806 | 928 | -13 | % | |||||||||
Other Markets | 594.7 | 867.9 | -31 | % | 924.3 | 1,071.3 | -14 | % | 643 | 810 | -21 | % | |||||||||
Total steel products | 2,335.6 | 2,896.2 | -19 | % | 3,056.8 | 3,143.0 | -3 | % | 764 | 921 | -17 | % | |||||||||
Other products1 | 83.9 | 102.8 | -18 | % | |||||||||||||||||
Steel segment | 2,419.5 | 2,999.0 | -19 | % | |||||||||||||||||
1 The item "Other products" primarily includes Ternium Brasil’s and Ternium México’s electricity sales. |
Mining segment | ||||||
3Q 2019 | 3Q 2018 | Dif. | ||||
Net Sales (million $) | 111.7 | 66.6 | 68 | % | ||
Shipments (thousand tons) | 904.4 | 914.5 | -1 | % | ||
Revenue per ton ($/ton) | 124 | 73 | 70 | % |
Net Sales (million $) | ||||||||||||
9M 2019 | 9M 2018 | Dif. | ||||||||||
Mexico | 4,127.5 | 4,694.1 | -12 | % | ||||||||
Southern Region | 1,166.7 | 1,459.1 | -20 | % | ||||||||
Other Markets | 2,315.0 | 2,370.4 | -2 | % | ||||||||
Total steel products net sales | 7,609.2 | 8,523.5 | -11 | % | ||||||||
Other products1 | 244.2 | 294.2 | -17 | % | ||||||||
Steel segment net sales | 7,853.4 | 8,817.7 | -11 | % | ||||||||
Mining segment net sales | 264.3 | 210.1 | 26 | % | ||||||||
Intersegment eliminations | (264.3 | ) | (209.1 | ) | ||||||||
Net sales | 7,853.4 | 8,818.7 | -11 | % | ||||||||
1The item “Other products” primarily includes includes Ternium Brasil’s and Ternium México’s electricity sales. |
Steel segment | Mining segment | Intersegment eliminations | Total | |||||||||||||||||
$ million | 9M 2019 | 9M 2018 | 9M 2019 | 9M 2018 | 9M 2019 | 9M 2018 | 9M 2019 | 9M 2018 | ||||||||||||
Net Sales | 7,853.4 | 8,817.7 | 264.3 | 210.1 | (264.3) | (209.1) | 7,853.4 | 8,818.7 | ||||||||||||
Cost of sales | (6,514.0) | (6,466.8) | (186.2) | (170.0) | 264.1 | 213.3 | (6,436.1) | (6,423.5) | ||||||||||||
SG&A expenses | (652.4) | (662.8) | (11.4) | (12.0) | — | — | (663.7) | (674.7) | ||||||||||||
Other operating income (expense), net | 13.7 | 4.5 | (0.4) | 0.7 | — | — | 13.3 | 5.2 | ||||||||||||
Operating income | 700.8 | 1,692.6 | 66.3 | 28.9 | (0.2) | 4.2 | 766.9 | 1,725.7 | ||||||||||||
EBITDA | 1,149.7 | 2,111.8 | 101.7 | 68.9 | (0.2) | 4.2 | 1,251.2 | 2,184.8 |
Net Sales (million $) | Shipments (thousand tons) | Revenue/ton ($/ton) | |||||||||||||||||||
9M 2019 | 9M 2018 | Dif. | 9M 2019 | 9M 2018 | Dif. | 9M 2019 | 9M 2018 | Dif. | |||||||||||||
Mexico | 4,127.5 | 4,694.1 | -12 | % | 4,761.3 | 5,021.5 | -5 | % | 867 | 935 | -7 | % | |||||||||
Southern Region | 1,166.7 | 1,459.1 | -20 | % | 1,453.9 | 1,796.0 | -19 | % | 802 | 812 | -1 | % | |||||||||
Other Markets | 2,315.0 | 2,370.4 | -2 | % | 3,378.8 | 3,170.0 | 7 | % | 685 | 748 | -8 | % | |||||||||
Total steel products | 7,609.2 | 8,523.5 | -11 | % | 9,594.0 | 9,987.5 | -4 | % | 793 | 853 | -7 | % | |||||||||
Other products1 | 244.2 | 294.2 | -17 | % | |||||||||||||||||
Steel segment | 7,853.4 | 8,817.7 | -11 | % | |||||||||||||||||
1 The item “Other products” primarily includes includes Ternium Brasil’s and Ternium México’s electricity sales. |
Mining segment | ||||||||
9M 2019 | 9M 2018 | Dif. | ||||||
Net Sales (million $) | 264.3 | 210.1 | 26 | % | ||||
Shipments (thousand tons) | 2,659.3 | 2,759.3 | -4 | % | ||||
Revenue per ton ($/ton) | 99 | 76 | 31 | % |
1 | EBITDA in the third quarter 2019 equals operating income of $224.4 million adjusted to exclude depreciation and amortization of $157.3 million. |
2 | Consolidated EBITDA divided by steel shipments. |
3 | American Depositary Share (ADS). Each represents 10 shares of Ternium’s common stock. Results are based on a weighted average number of shares of common stock outstanding (net of treasury shares) of 1,963,076,776. |
4 | Net debt position at September 30, 2019 equals borrowings of $2.4 billion less cash and equivalents plus other investments of $0.9 billion. |
5 | Operating cost per ton is equal to cost of sales plus SG&A, divided by shipments. |
6 | EBITDA in the first nine months of 2019 equals operating income of $766.9 million adjusted to exclude depreciation and amortization of $484.3 million. |
7 | Free cash flow in the first nine months of 2019 equals net cash provided by operating activities of $1.3 billion less capital expenditures of $748.4 million. |
8 | Free cash flow in the third quarter 2019 equals net cash provided by operating activities of $511.3 million less capital expenditures of $257.3 million. |
$ million | 3Q 2019 | 3Q 2018 | 9M 2019 | 9M 2018 | ||||||||
(Unaudited) | (Unaudited) | |||||||||||
Net sales | 2,419.5 | 2,999.2 | 7,853.4 | 8,818.7 | ||||||||
Cost of sales | (1,994.1 | ) | (2,078.3 | ) | (6,436.1 | ) | (6,423.5 | ) | ||||
Gross profit | 425.4 | 920.9 | 1,417.4 | 2,395.2 | ||||||||
Selling, general and administrative expenses | (208.3 | ) | (216.9 | ) | (663.7 | ) | (674.7 | ) | ||||
Other operating income, net | 7.3 | 4.9 | 13.3 | 5.2 | ||||||||
Operating income | 224.4 | 708.9 | 766.9 | 1,725.7 | ||||||||
Finance expense | (25.4 | ) | (40.1 | ) | (66.3 | ) | (101.6 | ) | ||||
Finance income | 8.9 | 5.1 | 21.2 | 15.4 | ||||||||
Other financial expenses, net | (15.6 | ) | (54.9 | ) | (17.2 | ) | (154.2 | ) | ||||
Equity in earnings of non-consolidated companies | 1.9 | 22.6 | 37.1 | 54.9 | ||||||||
Profit before income tax expense | 194.1 | 641.6 | 741.7 | 1,540.3 | ||||||||
Income tax expense | (83.5 | ) | (80.8 | ) | (198.5 | ) | (313.6 | ) | ||||
Profit for the period | 110.6 | 560.8 | 543.2 | 1,226.7 | ||||||||
Attributable to: | ||||||||||||
Owners of the parent | 94.5 | 523.6 | 497.6 | 1,156.1 | ||||||||
Non-controlling interest | 16.1 | 37.2 | 45.6 | 70.6 | ||||||||
Profit for the period | 110.6 | 560.8 | 543.2 | 1,226.7 |
$ million | September 30, 2019 | December 31, 2018 | ||||||||
(Unaudited) | (Audited) | |||||||||
Property, plant and equipment, net | 6,295.8 | 5,817.6 | ||||||||
Intangible assets, net | 945.0 | 1,012.5 | ||||||||
Investments in non-consolidated companies | 494.4 | 495.2 | ||||||||
Deferred tax assets | 128.5 | 134.2 | ||||||||
Receivables, net | 569.9 | 649.4 | ||||||||
Trade receivables, net | 1.8 | 4.8 | ||||||||
Derivative financial instruments | 0.0 | 0.8 | ||||||||
Other investments | 4.1 | 7.2 | ||||||||
Total non-current assets | 8,439.5 | 8,121.8 | ||||||||
Receivables, net | 375.0 | 309.8 | ||||||||
Derivative financial instruments | 4.7 | 0.8 | ||||||||
Inventories, net | 2,336.3 | 2,689.8 | ||||||||
Trade receivables, net | 994.8 | 1,128.5 | ||||||||
Other investments | 214.0 | 44.5 | ||||||||
Cash and cash equivalents | 637.7 | 250.5 | ||||||||
Total current assets | 4,562.5 | 4,423.9 | ||||||||
Non-current assets classified as held for sale | 2.1 | 2.1 | ||||||||
Total assets | 13,004.1 | 12,547.9 | ||||||||
Capital and reserves attributable to the owners of the parent | 6,536.3 | 6,393.3 | ||||||||
Non-controlling interest | 1,058.5 | 1,091.3 | ||||||||
Total Equity | 7,594.8 | 7,484.6 | ||||||||
Provisions | 593.9 | 644.0 | ||||||||
Deferred tax liabilities | 445.5 | 474.4 | ||||||||
Other liabilities | 424.7 | 414.5 | ||||||||
Trade payables | 0.9 | 0.9 | ||||||||
Derivative financial instruments | 0.1 | — | ||||||||
Lease liabilities | 279.3 | 65.8 | ||||||||
Borrowings | 1,751.3 | 1,637.1 | ||||||||
Total non-current liabilities | 3,495.7 | 3,236.8 | ||||||||
Current income tax liabilities | 32.4 | 150.3 | ||||||||
Other liabilities | 295.3 | 351.2 | ||||||||
Trade payables | 918.4 | 904.2 | ||||||||
Derivative financial instruments | 5.7 | 13.0 | ||||||||
Lease liabilities | 46.3 | 8.0 | ||||||||
Borrowings | 615.5 | 399.9 | ||||||||
Total current liabilities | 1,913.6 | 1,826.5 | ||||||||
Total liabilities | 5,409.3 | 5,063.3 | ||||||||
Total equity and liabilities | 13,004.1 | 12,547.9 |
$ million | 3Q 2019 | 3Q 2018 | 9M 2019 | 9M 2018 | ||||||||
(Unaudited) | (Unaudited) | |||||||||||
Profit for the period | 110.6 | 560.8 | 543.2 | 1,226.7 | ||||||||
Adjustments for: | ||||||||||||
Depreciation and amortization | 157.3 | 147.5 | 484.3 | 459.2 | ||||||||
Equity in earnings of non-consolidated companies | (1.9 | ) | (22.6 | ) | (37.1 | ) | (54.9 | ) | ||||
Changes in provisions | 0.4 | 0.3 | (2.3 | ) | 1.3 | |||||||
Net foreign exchange results and others | 18.4 | (86.7 | ) | 30.0 | (19.3 | ) | ||||||
Interest accruals less payments | 2.2 | (5.9 | ) | 10.6 | (13.0 | ) | ||||||
Income tax accruals less payments | 15.8 | (43.7 | ) | (181.7 | ) | (76.3 | ) | |||||
Changes in working capital | 208.4 | (92.9 | ) | 414.8 | (341.0 | ) | ||||||
Net cash provided by operating activities | 511.3 | 456.8 | 1,261.8 | 1,182.6 | ||||||||
Capital expenditures | (257.3 | ) | (116.9 | ) | (748.4 | ) | (346.5 | ) | ||||
Proceeds from the sale of property, plant & equipment | — | 0.2 | 0.5 | 0.6 | ||||||||
Acquisition of non-controling interest | (4.2 | ) | — | (4.2 | ) | — | ||||||
(Loans to) recovery from non-consolidated companies | — | (24.5 | ) | 24.5 | (24.5 | ) | ||||||
(Increase) decrease in other Investments | (184.4 | ) | 52.3 | (166.5 | ) | 58.6 | ||||||
Net cash used in investing activities | (445.9 | ) | (88.9 | ) | (894.0 | ) | (311.7 | ) | ||||
Dividends paid in cash to company's shareholders | — | — | (235.6 | ) | (215.9 | ) | ||||||
Dividends paid in cash to non-controlling interest | — | — | (24.5 | ) | (20.9 | ) | ||||||
Financial Lease Payments | (12.8 | ) | (1.2 | ) | (36.2 | ) | (5.0 | ) | ||||
Proceeds from borrowings | 263.6 | 579.2 | 1,133.0 | 1,105.2 | ||||||||
Repayments of borrowings | (448.2 | ) | (762.9 | ) | (802.0 | ) | (1,648.2 | ) | ||||
Net cash (used in) provided by financing activities | (197.4 | ) | (184.9 | ) | 34.7 | (784.9 | ) | |||||
(Decrease) increase in cash and cash equivalents | (131.9 | ) | 183.1 | 402.4 | 86.0 |
Shipments | Shipments | |||||||||||||||||||
Thousand tons | 3Q 2019 | 2Q 2019 | 1Q 2019 | 3Q 2018 | 9M 2019 | 9M 2018 | ||||||||||||||
Mexico | 1,628.6 | 1,569.3 | 1,563.4 | 1,525.2 | 4,761.3 | 5,021.5 | ||||||||||||||
Southern Region | 503.8 | 507.8 | 442.3 | 546.5 | 1,453.9 | 1,796.0 | ||||||||||||||
Other Markets | 924.3 | 1,255.7 | 1,198.8 | 1,071.3 | 3,378.8 | 3,170.0 | ||||||||||||||
Total steel segment | 3,056.8 | 3,332.7 | 3,204.5 | 3,143.0 | 9,594.0 | 9,987.5 | ||||||||||||||
0.0 | ||||||||||||||||||||
Total mining segment | 904.4 | 835.1 | 919.8 | 914.5 | 2,659.3 | 2,759.3 | ||||||||||||||
Revenue / ton | Revenue /ton | |||||||||||||||||||
$/ton | 3Q 2019 | 2Q 2019 | 1Q 2019 | 3Q 2018 | 9M 2019 | 9M 2018 | ||||||||||||||
Mexico | 820 | 872 | 911 | 997 | 867 | 935 | ||||||||||||||
Southern Region | 806 | 793 | 810 | 928 | 802 | 812 | ||||||||||||||
Other Markets | 643 | 693 | 709 | 810 | 685 | 748 | ||||||||||||||
Total steel segment | 764 | 792 | 822 | 921 | 793 | 853 | ||||||||||||||
Total mining segment | 124 | 92 | 82 | 73 | 99 | 76 | ||||||||||||||
Net Sales | Net Sales | |||||||||||||||||||
$ million | 3Q 2019 | 2Q 2019 | 1Q 2019 | 3Q 2018 | 9M 2019 | 9M 2018 | ||||||||||||||
Mexico | 1,334.9 | 1,367.7 | 1,424.9 | 1,521.3 | 4,127.5 | 4,694.1 | ||||||||||||||
Southern Region | 406.0 | 402.5 | 358.2 | 506.9 | 1,166.7 | 1,459.1 | ||||||||||||||
Other Markets | 594.7 | 870.0 | 850.3 | 867.9 | 2,315.0 | 2,370.4 | ||||||||||||||
Total steel products | 2,335.6 | 2,640.2 | 2,633.4 | 2,896.2 | 7,609.2 | 8,523.5 | ||||||||||||||
Other products1 | 83.9 | 85.6 | 74.7 | 102.8 | 244.2 | 294.2 | ||||||||||||||
Total steel segment | 2,419.5 | 2,725.8 | 2,708.1 | 2,999.0 | 7,853.4 | 8,817.7 | ||||||||||||||
Total mining segment | 111.7 | 76.8 | 75.8 | 66.6 | 264.3 | 210.1 | ||||||||||||||
0.0 | ||||||||||||||||||||
Total steel and mining segments | 2,531.2 | 2,802.6 | 2,783.9 | 3,065.6 | 8,117.7 | 9,027.8 | ||||||||||||||
Intersegment eliminations | (111.7) | (76.8) | (75.8) | (66.4) | (264.3) | (209.1) | ||||||||||||||
Total net sales | 2,419.5 | 2,725.8 | 2,708.1 | 2,999.2 | 7,853.4 | 8,818.7 |
$ million | 2Q 2019 | 1Q 2019 | |||||
(Unaudited) | |||||||
Net sales | 2,725.8 | 2,708.1 | |||||
Cost of sales | (2,251.1 | ) | (2,190.9 | ) | |||
Gross profit | 474.7 | 517.2 | |||||
Selling, general and administrative expenses | (239.8 | ) | (215.6 | ) | |||
Other operating (expenses) income, net | 0.5 | 5.6 | |||||
Operating income | 235.4 | 307.2 | |||||
Finance expense | (21.3 | ) | (19.6 | ) | |||
Finance income | 6.4 | 5.8 | |||||
Other financial expenses, net | 12.3 | (13.8 | ) | ||||
Equity in earnings of non-consolidated companies | 20.3 | 14.9 | |||||
Profit before income tax expense | 253.1 | 294.4 | |||||
Income tax expense | (46.0 | ) | (69.1 | ) | |||
Profit for the period | 207.2 | 225.4 | |||||
Attributable to: | |||||||
Owners of the parent | 184.8 | 218.3 | |||||
Non-controlling interest | 22.3 | 7.1 | |||||
Profit for the period | 207.2 | 225.4 | |||||
EBITDA1 | 401.5 | 468.0 | |||||
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