By: /s/ Roberto Philipps | By: /s/ Daniel Novegil |
Name: Roberto Philipps | Name: Daniel Novegil |
Title: Chief Financial Officer | Title: Chief Executive Officer |
3Q 2009 | 2Q 2009 | 3Q 2008 | ||||||||||||||||||
Shipments
(tons)
|
1,683,000 | 1,519,000 | 11 | % | 1,844,000 | -9 | % | |||||||||||||
Net
Sales (US$ million)
|
1,278.8 | 1,140.3 | 12 | % | 2,436.9 | -48 | % | |||||||||||||
Operating
Income (Loss) (US$ million)
|
158.9 | (52.1 | ) | 524.2 | -70 | % | ||||||||||||||
EBITDA
(US$ million)
|
254.3 | 43.4 | 486 | % | 636.0 | -60 | % | |||||||||||||
EBITDA
Margin (% of net sales)
|
20 | % | 4 | % | 26 | % | ||||||||||||||
EBITDA
per Ton, Flat & Long Steel (US$)
|
147 | 18 | 717 | % | 327 | -55 | % | |||||||||||||
Net
Foreign Exchange Result (US$ million)
|
(47.6 | ) | 219.1 | (150.1 | ) | |||||||||||||||
Discontinued
Operations Result (US$ million)
|
- | 428.0 | (2.8 | ) | ||||||||||||||||
Net
Income (US$ million)
|
104.7 | 584.7 | -82 | % | 247.3 | -58 | % | |||||||||||||
Equity
Holders' Net Income (US$ million)
|
88.5 | 562.8 | -84 | % | 211.7 | -58 | % | |||||||||||||
Earnings
per ADS (US$)
|
0.44 | 2.81 | -84 | % | 1.06 | -58 | % |
9M 2009 | 9M 2008 | |||||||||||
Shipments
(tons)
|
4,706,000 | 5,996,000 | -22 | % | ||||||||
Net
Sales (US$ million)
|
3,593.8 | 6,743.8 | -47 | % | ||||||||
Operating
Income (US$ million)
|
80.3 | 1,489.8 | -95 | % | ||||||||
EBITDA
(US$ million)
|
392.6 | 1,808.4 | -78 | % | ||||||||
EBITDA
Margin (% of net sales)
|
11 | % | 27 | % | ||||||||
EBITDA
per Ton, Flat & Long Steel (US$)
|
76 | 289 | -74 | % | ||||||||
Net
Foreign Exchange Result (US$ million)
|
10.9 | (10.2 | ) | |||||||||
Discontinued
Operations Result (US$ million)
|
428.0 | 157.1 | ||||||||||
Net
Income (US$ million)
|
572.3 | 1,223.6 | -53 | % | ||||||||
Equity
Holders' Net Income (US$ million)
|
558.1 | 1,049.4 | -47 | % | ||||||||
Earnings
per ADS (US$)
|
2.78 | 5.23 | -47 | % |
Net
Sales (million US$)
|
Shipments
(thousand tons)
|
Revenue
/ ton (US$/ton)
|
||||||||||
3Q
2009
|
3Q
2008
|
Dif.
|
3Q
2009
|
3Q
2008
|
Dif.
|
3Q
2009
|
3Q
2008
|
Dif.
|
||||
South
& Central America
|
443.3
|
784.4
|
-43%
|
513.8
|
680.4
|
-24%
|
863
|
1,153
|
-25%
|
|||
North
America
|
652.1
|
1,273.4
|
-49%
|
872.8
|
901.8
|
-3%
|
747
|
1,412
|
-47%
|
|||
Europe
& other
|
15.6
|
2.6
|
25.3
|
2.8
|
616
|
933
|
||||||
Total
flat products
|
1,111.0
|
2,060.4
|
-46%
|
1,411.9
|
1,585.1
|
-11%
|
787
|
1,300
|
-39%
|
|||
South
& Central America
|
12.6
|
104.2
|
-88%
|
26.3
|
86.0
|
-69%
|
478
|
1,212
|
-61%
|
|||
North
America
|
134.0
|
192.0
|
-30%
|
244.6
|
173.3
|
41%
|
548
|
1,108
|
-51%
|
|||
Europe
& other
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||
Total
long products
|
146.6
|
296.2
|
-50%
|
271.0
|
259.2
|
5%
|
541
|
1,142
|
-53%
|
|||
Total
flat and long products
|
1,257.6
|
2,356.6
|
-47%
|
1,682.8
|
1,844.3
|
-9%
|
747
|
1,278
|
-42%
|
|||
Other
products (1)
|
21.2
|
80.3
|
-74%
|
|||||||||
Total
Net Sales
|
1,278.8
|
2,436.9
|
-48%
|
Net
Sales (million US$)
|
Shipments
(thousand tons)
|
Revenue
/ ton (US$/ton)
|
||||||||||
9M
2009
|
9M
2008
|
Dif.
|
9M
2009
|
9M
2008
|
Dif.
|
9M
2009
|
9M
2008
|
Dif.
|
||||
South
& Central America
|
1,170.2
|
2,140.2
|
-45%
|
1,301.7
|
2,044.3
|
-36%
|
899
|
1,047
|
-14%
|
|||
North
America
|
1,755.5
|
3,559.0
|
-51%
|
2,342.3
|
3,024.0
|
-23%
|
749
|
1,177
|
-36%
|
|||
Europe
& other
|
154.5
|
17.4
|
273.6
|
19.1
|
565
|
910
|
||||||
Total
flat products
|
3,080.2
|
5,716.6
|
-46%
|
3,917.5
|
5,087.5
|
-23%
|
786
|
1,124
|
-30%
|
|||
South
& Central America
|
37.4
|
202.7
|
-82%
|
81.0
|
210.6
|
-62%
|
461
|
963
|
-52%
|
|||
North
America
|
387.4
|
632.1
|
-39%
|
704.7
|
688.1
|
2%
|
550
|
919
|
-40%
|
|||
Europe
& other
|
2.0
|
5.8
|
3.0
|
9.8
|
667
|
591
|
||||||
Total
long products
|
426.8
|
840.6
|
-49%
|
788.6
|
908.5
|
-13%
|
541
|
925
|
-42%
|
|||
Total
flat and long products
|
3,507.0
|
6,557.1
|
-47%
|
4,706.2
|
5,995.9
|
-22%
|
745
|
1,094
|
-32%
|
|||
Other
products (1)
|
86.8
|
186.6
|
-54%
|
|||||||||
Total
Net Sales
|
3,593.8
|
6,743.8
|
-47%
|
US$
million
|
3Q 2009 | 3Q 2008 |
Dif.
|
9M 2009 | 9M 2008 |
Dif.
|
||||||||||||||||||
Net
sales
|
1,278.8 | 2,436.9 | (1,158.1 | ) | 3,593.8 | 6,743.8 | (3,150.0 | ) | ||||||||||||||||
Cost
of sales
|
(1,005.4 | ) | (1,724.1 | ) | 718.7 | (3,098.6 | ) | (4,751.3 | ) | 1,652.7 | ||||||||||||||
Gross
profit
|
273.5 | 712.8 | (439.3 | ) | 495.2 | 1,992.5 | (1,497.3 | ) | ||||||||||||||||
Selling,
general and administrative expenses
|
(114.6 | ) | (184.8 | ) | 70.2 | (393.7 | ) | (509.9 | ) | 116.2 | ||||||||||||||
Other
operating (expenses) income, net
|
(0.0 | ) | (3.8 | ) | 3.8 | (21.1 | ) | 7.2 | (28.3 | ) | ||||||||||||||
Operating
income
|
158.9 | 524.2 | (365.3 | ) | 80.3 | 1,489.8 | (1,409.5 | ) | ||||||||||||||||
Interest
expense
|
(25.6 | ) | (29.1 | ) | 3.5 | (85.4 | ) | (103.4 | ) | 18.0 | ||||||||||||||
Interest
income
|
5.8 | 2.2 | 3.6 | 16.1 | 26.3 | (10.2 | ) | |||||||||||||||||
Interest
income - Sidor financial asset
|
38.3 | - | 38.3 | 95.4 | - | 95.4 | ||||||||||||||||||
Other
financial (expenses) income, net
|
(44.9 | ) | (156.5 | ) | 111.6 | 13.8 | (38.3 | ) | 52.1 | |||||||||||||||
Equity
in earnings of associated companies
|
0.3 | (0.1 | ) | 0.4 | 0.9 | 0.8 | 0.2 | |||||||||||||||||
Income
before income tax expense
|
132.7 | 340.6 | (208.0 | ) | 121.2 | 1,375.1 | (1,254.0 | ) | ||||||||||||||||
Income
tax (expense) benefit
|
||||||||||||||||||||||||
Current
and deferred income tax (expense) benefit
|
(28.0 | ) | (90.5 | ) | 62.5 | 23.2 | (404.9 | ) | 428.0 | |||||||||||||||
Reversal
of deferred statutory profit sharing
|
- | - | - | - | 96.3 | (96.3 | ) | |||||||||||||||||
Discontinued
operations
|
- | (2.8 | ) | 2.8 | 428.0 | 157.1 | 270.9 | |||||||||||||||||
Net
income for the period
|
104.7 | 247.3 | (142.6 | ) | 572.3 | 1,223.6 | (651.3 | ) | ||||||||||||||||
Attributable
to:
|
||||||||||||||||||||||||
Equity
holders of the Company
|
88.5 | 211.7 | (123.2 | ) | 558.1 | 1,049.4 | (491.3 | ) | ||||||||||||||||
Minority
interest
|
16.2 | 35.6 | (19.4 | ) | 14.2 | 174.2 | (160.0 | ) | ||||||||||||||||
104.7 | 247.3 | (142.6 | ) | 572.3 | 1,223.6 | (651.3 | ) |
US$
million
|
September
30, 2009
|
December
31, 2008
|
||||||
Property,
plant and equipment, net
|
3,967.0
|
4,212.3
|
||||||
Intangible
assets, net
|
1,063.6
|
1,136.4
|
||||||
Investment
in associated companies
|
6.4
|
5.6
|
||||||
Sidor
financial asset
|
258.2
|
-
|
||||||
Other
investments, net
|
18.5
|
16.9
|
||||||
Receivables,
net
|
167.1
|
120.2
|
||||||
Total
non-current assets
|
5,480.8
|
5,491.4
|
||||||
Receivables
|
125.2
|
249.0
|
||||||
Derivative
financial instruments
|
3.9
|
1.5
|
||||||
Inventories,
net
|
1,093.0
|
1,826.5
|
||||||
Trade
receivables, net
|
467.1
|
623.0
|
||||||
Sidor
financial asset
|
952.7
|
-
|
||||||
Available
for sale assets-discontinued operations
|
-
|
1,318.9
|
||||||
Other
investments
|
69.5
|
90.0
|
||||||
Cash
and cash equivalents
|
1,884.4
|
1,065.6
|
||||||
Total
current assets
|
4,595.7
|
5,174.5
|
||||||
Non-current
assets classified as held for sale
|
10.3
|
5.3
|
||||||
Total
assets
|
10,086.9
|
10,671.2
|
||||||
Shareholders'
equity
|
5,073.6
|
4,597.4
|
||||||
Minority
interest in subsidiaries
|
916.8
|
964.1
|
||||||
Minority
interest & shareholders' equity
|
5,990.4
|
5,561.5
|
||||||
Provisions
|
20.7
|
24.4
|
||||||
Deferred
income tax
|
826.8
|
810.2
|
||||||
Other
liabilities
|
154.9
|
148.7
|
||||||
Derivative
financial instruments
|
35.2
|
65.8
|
||||||
Borrowings
|
1,806.5
|
2,325.9
|
||||||
Total
non-current liabilities
|
2,844.1
|
3,375.0
|
||||||
Current
tax liabilities
|
79.3
|
194.1
|
||||||
Other
liabilities
|
62.6
|
103.4
|
||||||
Trade
payables
|
435.5
|
438.7
|
||||||
Derivative
financial instruments
|
41.8
|
57.2
|
||||||
Borrowings
|
633.1
|
941.5
|
||||||
Total
current liabilities
|
1,252.3
|
1,734.8
|
||||||
Total
liabilities
|
4,096.5
|
5,109.8
|
||||||
Total
liabilities, minority interest & shareholders' equity
|
10,086.9
|
10,671.2
|
US$
million
|
3Q 2009 | 3Q 2008 |
Dif.
|
9M 2009 | 9M 2008 |
Dif.
|
||||||||||||||||||
Net
income from continuing operations
|
104.7 | 250.1 | (145.4 | ) | 144.3 | 1,066.5 | (922.2 | ) | ||||||||||||||||
Adjustments
for:
|
||||||||||||||||||||||||
Depreciation
and amortization
|
95.4 | 111.8 | (16.4 | ) | 285.3 | 318.7 | (33.4 | ) | ||||||||||||||||
Equity
in earnings of associated companies
|
(0.3 | ) | 0.1 | (0.4 | ) | (0.9 | ) | (0.8 | ) | (0.2 | ) | |||||||||||||
Changes
in provisions
|
0.2 | 2.8 | (2.7 | ) | 2.6 | 4.7 | (2.1 | ) | ||||||||||||||||
Net
foreign exchange results and others
|
31.7 | 137.3 | (105.6 | ) | 3.2 | (20.3 | ) | 23.4 | ||||||||||||||||
Interest
accruals less payments
|
(3.4 | ) | (1.1 | ) | (2.4 | ) | (3.8 | ) | (85.7 | ) | 81.9 | |||||||||||||
Interest
income - Sidor financial asset
|
(38.3 | ) | - | (38.3 | ) | (95.4 | ) | - | (95.4 | ) | ||||||||||||||
Income
tax accruals less payments
|
25.5 | 37.7 | (12.2 | ) | (120.5 | ) | 110.0 | (230.5 | ) | |||||||||||||||
Impairment
charge
|
- | - | - | 27.0 | - | 27.0 | ||||||||||||||||||
Changes
in working capital
|
67.9 | (550.7 | ) | 618.6 | 847.4 | (1,451.9 | ) | 2,299.3 | ||||||||||||||||
Net
cash provided by (used in) operating activities
|
283.3 | (11.9 | ) | 295.2 | 1,089.2 | (58.6 | ) | 1,147.9 | ||||||||||||||||
Capital
expenditures
|
(35.1 | ) | (168.3 | ) | 133.2 | (145.8 | ) | (415.3 | ) | 269.5 | ||||||||||||||
Proceeds
from sale of property, plant & equipment
|
1.6 | 0.4 | 1.2 | 2.3 | 1.4 | 0.8 | ||||||||||||||||||
Acquisition
of business
|
- | - | - | (0.2 | ) | - | (0.2 | ) | ||||||||||||||||
(Increase)
Decrease in Other Investments
|
(69.5 | ) | (89.1 | ) | 19.6 | 20.5 | (23.8 | ) | 44.2 | |||||||||||||||
Proceeds
from Sidor financial assets
|
266.5 | - | 266.5 | 666.5 | - | 666.5 | ||||||||||||||||||
Proceeds
from sale of discontinued operations
|
- | (3.9 | ) | 3.9 | - | 718.6 | (718.6 | ) | ||||||||||||||||
Discontinued
operations
|
- | 152.6 | (152.6 | ) | - | 242.4 | (242.4 | ) | ||||||||||||||||
Net
cash provided by (used in) investing activities
|
163.6 | (108.3 | ) | 271.9 | 543.4 | 523.4 | 20.0 | |||||||||||||||||
Dividends
paid in cash and other distributions
to
company's equity shareholders
|
- | - | - | - | (100.2 | ) | 100.2 | |||||||||||||||||
Dividends
paid in cash and other distributions
to
minority shareholders
|
- | - | - | - | (19.6 | ) | 19.6 | |||||||||||||||||
Proceeds
from borrowings
|
43.9 | 190.7 | (146.8 | ) | 205.9 | 372.0 | (166.1 | ) | ||||||||||||||||
Repayment
of borrowings
|
(421.0 | ) | (142.5 | ) | (278.5 | ) | (1,017.4 | ) | (1,074.0 | ) | 56.5 | |||||||||||||
Net
cash (used in) provided by financing activities
|
(377.1 | ) | 48.1 | (425.3 | ) | (811.5 | ) | (821.8 | ) | 10.3 | ||||||||||||||
Increase
(Decrease) in cash and cash equivalents
|
69.7 | (72.1 | ) | 141.8 | 821.0 | (357.1 | ) | 1,178.1 |
Shipments
|
||||||||||||||||||||
Thousand
tons
|
3Q 2009 | 3Q 2008 | 2Q 2009 | 9M 2009 | 9M 2008 | |||||||||||||||
South
& Central America
|
513.8 | 680.4 | 424.2 | 1,301.7 | 2,044.3 | |||||||||||||||
North
America
|
872.8 | 901.8 | 765.5 | 2,342.3 | 3,024.0 | |||||||||||||||
Europe
& other
|
25.3 | 2.8 | 77.5 | 273.6 | 19.1 | |||||||||||||||
Total
flat products
|
1,411.9 | 1,585.1 | 1,267.1 | 3,917.5 | 5,087.5 | |||||||||||||||
South
& Central America
|
26.3 | 86.0 | 31.5 | 81.0 | 210.6 | |||||||||||||||
North
America
|
244.6 | 173.3 | 220.6 | 704.7 | 688.1 | |||||||||||||||
Europe
& other
|
- | - | 0.0 | 3.0 | 9.8 | |||||||||||||||
Total
long products
|
271.0 | 259.2 | 252.2 | 788.6 | 908.5 | |||||||||||||||
Total
flat and long products
|
1,682.8 | 1,844.3 | 1,519.3 | 4,706.2 | 5,995.9 | |||||||||||||||
Revenue
/ ton
|
||||||||||||||||||||
US$/ton
|
3Q 2009 | 3Q 2008 | 2Q 2009 | 9M 2009 | 9M 2008 | |||||||||||||||
South
& Central America
|
863 | 1,153 | 870 | 899 | 1,047 | |||||||||||||||
North
America
|
747 | 1,412 | 729 | 749 | 1,177 | |||||||||||||||
Europe
& other
|
616 | 933 | 590 | 565 | 910 | |||||||||||||||
Total
flat products
|
787 | 1,300 | 767 | 786 | 1,124 | |||||||||||||||
South
& Central America
|
478 | 1,212 | 425 | 461 | 963 | |||||||||||||||
North
America
|
548 | 1,108 | 538 | 550 | 919 | |||||||||||||||
Europe
& other
|
- | - | 717 | 667 | 591 | |||||||||||||||
Total
long products
|
541 | 1,142 | 524 | 541 | 925 | |||||||||||||||
Total
flat and long products
|
747 | 1,278 | 727 | 745 | 1,094 | |||||||||||||||
Net
Sales
|
||||||||||||||||||||
US$
million
|
3Q 2009 | 3Q 2008 | 2Q 2009 | 9M 2009 | 9M 2008 | |||||||||||||||
South
& Central America
|
443.3 | 784.4 | 368.9 | 1,170.2 | 2,140.2 | |||||||||||||||
North
America
|
652.1 | 1,273.4 | 557.8 | 1,755.5 | 3,559.0 | |||||||||||||||
Europe
& other
|
15.6 | 2.6 | 45.7 | 154.5 | 17.4 | |||||||||||||||
Total
flat products
|
1,111.0 | 2,060.4 | 972.4 | 3,080.2 | 5,716.6 | |||||||||||||||
South
& Central America
|
12.6 | 104.2 | 13.4 | 37.4 | 202.7 | |||||||||||||||
North
America
|
134.0 | 192.0 | 118.6 | 387.4 | 632.1 | |||||||||||||||
Europe
& other
|
- | - | 0.0 | 2.0 | 5.8 | |||||||||||||||
Total
long products
|
146.6 | 296.2 | 132.0 | 426.8 | 840.6 | |||||||||||||||
Total
flat and long products
|
1,257.6 | 2,356.6 | 1,104.4 | 3,507.0 | 6,557.1 | |||||||||||||||
Other
products
(1)
|
21.2 | 80.3 | 35.9 | 86.8 | 186.6 | |||||||||||||||
Total
net sales
|
1,278.8 | 2,436.9 | 1,140.3 | 3,593.8 | 6,743.8 | |||||||||||||||
|