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Name | Symbol | Market | Type |
---|---|---|---|
Ternium SA | NYSE:TX | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.25 | 2.97% | 43.35 | 43.00 | 42.07 | 42.10 | 304,167 | 01:00:00 |
By:
/s/ Pablo Brizzio
|
|
By:
/s/ Máximo Vedoya
|
Name: Pablo Brizzio
|
|
Name: Máximo Vedoya
|
Title: Chief Financial Officer
|
|
Title: Chief Executive Officer
|
|
|
|
|
TERNIUM S.A.
|
|
Consolidated Condensed Interim Financial Statements
|
|
as of March 31, 2018
|
|
and for the three-month periods
|
|
ended on March 31, 2018 and 2017
|
|
|
|
29 Avenue de la Porte-Neuve, 3
rd
floor
|
|
L – 2227
|
|
R.C.S. Luxembourg: B 98 668
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
|
Page
|
|
|
|
|
2
|
||
3
|
||
Consolidated Condensed Interim Statements of Financial Position
|
4
|
|
Consolidated Condensed Interim Statements of Changes in Equity
|
5
|
|
Consolidated Condensed Interim Statements of Cash Flows
|
7
|
|
Notes to the Consolidated Condensed Interim Financial Statements
|
|
|
1
|
General information and basis of presentation
|
8
|
2
|
Accounting policies
|
9
|
3
|
Segment information
|
10
|
4
|
Cost of sales
|
12
|
5
|
Selling, general and administrative expenses
|
13
|
6
|
Finance expense, Finance income and Other financial income (expenses), net
|
13
|
7
|
Property, plant and equipment, net
|
13
|
8
|
Intangible assets, net
|
14
|
9
|
Investments in non-consolidated companies
|
14
|
10
|
Contingencies, commitments and restrictions on the distribution of profits
|
18
|
11
|
Acquisition of business
|
23
|
12
|
Related party transactions
|
26
|
13
|
Financial instruments by category and fair value measurement
|
27
|
14
|
Changes in accounting policies
|
28
|
|
|
|
|
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
||
(All amounts in USD thousands)
|
|
|
|
|
|
|
Three-month period ended March 31,
|
||||
|
|
Notes
|
|
2018
|
|
2017
|
||
|
|
|
|
(Unaudited)
|
||||
Net sales
|
|
3
|
|
2,961,313
|
|
|
2,075,108
|
|
Cost of sales
|
|
3 & 4
|
|
(2,203,492
|
)
|
|
(1,531,462
|
)
|
|
|
|
|
|
|
|
||
Gross profit
|
|
3
|
|
757,821
|
|
|
543,646
|
|
|
|
|
|
|
|
|
||
Selling, general and administrative expenses
|
|
3 & 5
|
|
(240,517
|
)
|
|
(172,275
|
)
|
Other operating income (expenses), net
|
|
3
|
|
5,767
|
|
|
(7,220
|
)
|
|
|
|
|
|
|
|
||
Operating income
|
|
3
|
|
523,071
|
|
|
364,151
|
|
|
|
|
|
|
|
|
||
Finance expense
|
|
6
|
|
(33,782
|
)
|
|
(21,382
|
)
|
Finance income
|
|
6
|
|
5,136
|
|
|
4,595
|
|
Other financial income (expenses), net
|
|
6
|
|
(51,095
|
)
|
|
(23,151
|
)
|
Equity in earnings (losses) of non-consolidated companies
|
|
|
|
19,983
|
|
|
21,410
|
|
|
|
|
|
|
|
|
||
Profit before income tax expense
|
|
|
|
463,313
|
|
|
345,623
|
|
|
|
|
|
|
|
|
||
Income tax expense
|
|
|
|
(41,218
|
)
|
|
(35,234
|
)
|
|
|
|
|
|
|
|
||
Profit for the period
|
|
|
|
422,095
|
|
|
310,389
|
|
|
|
|
|
|
|
|
||
Attributable to:
|
|
|
|
|
|
|
||
Owners of the parent
|
|
|
|
366,724
|
|
|
261,335
|
|
Non-controlling interest
|
|
|
|
55,371
|
|
|
49,054
|
|
|
|
|
|
|
|
|
||
Profit for the period
|
|
|
|
422,095
|
|
|
310,389
|
|
|
|
|
|
|
|
|
||
Weighted average number of shares outstanding
|
|
|
|
1,963,076,776
|
|
|
1,963,076,776
|
|
|
|
|
|
|
|
|
||
Basic and diluted earnings (losses) per share for profit (loss) attributable to the equity holders of the company (expressed in USD per share)
|
|
|
|
0.19
|
|
|
0.13
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
||
(All amounts in USD thousands)
|
|
|
|
|
Three-month period ended March 31,
|
||||
|
|
2018
|
|
2017
|
||
|
|
(Unaudited)
|
||||
Profit for the period
|
|
422,095
|
|
|
310,389
|
|
|
|
|
|
|
||
Items that may be reclassified subsequently to profit or loss:
|
|
|
|
|
||
Currency translation adjustment
|
|
(56,320
|
)
|
|
23,047
|
|
Currency translation adjustment from participation in non-consolidated companies
|
|
(2,746
|
)
|
|
11,863
|
|
Changes in the fair value of financial instruments at fair value through other comprehensive income
|
|
(230
|
)
|
|
—
|
|
Income tax related to financial instruments at fair value
|
|
54
|
|
|
—
|
|
Changes in the fair value of derivatives classified as cash flow hedges
|
|
103
|
|
|
(367
|
)
|
Income tax related to cash flow hedges
|
|
(143
|
)
|
|
(11
|
)
|
Other comprehensive income items
|
|
(305
|
)
|
|
75
|
|
Other comprehensive income items from participation in non-consolidated companies
|
|
404
|
|
|
115
|
|
Items that will not be reclassified subsequently to profit or loss:
|
|
|
|
|
||
Remeasurement of post employment benefit obligations
|
|
—
|
|
|
(499
|
)
|
Remeasurement of post employment benefit obligations from participation in non-consolidated companies
|
|
(701
|
)
|
|
6,379
|
|
|
|
|
|
|
||
Other comprehensive income (loss) for the period, net of tax
|
|
(59,884
|
)
|
|
40,602
|
|
|
|
|
|
|
||
Total comprehensive income for the period
|
|
362,211
|
|
|
350,991
|
|
|
|
|
|
|
||
Attributable to:
|
|
|
|
|
||
Owners of the parent
|
|
328,953
|
|
|
291,742
|
|
Non-controlling interest
|
|
33,258
|
|
|
59,249
|
|
|
|
|
|
|
||
Total comprehensive income for the period
|
|
362,211
|
|
|
350,991
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
||
(All amounts in USD thousands)
|
|
|
|
|
|
|
Balances as of
|
||||||||||
|
|
Notes
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||
|
|
|
|
(Unaudited)
|
|
|
|
|
||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
||||
Property, plant and equipment, net
|
|
7
|
|
5,298,172
|
|
|
|
|
5,349,753
|
|
|
|
||
Intangible assets, net
|
|
8
|
|
1,058,205
|
|
|
|
|
1,092,579
|
|
|
|
||
Investments in non-consolidated companies
|
|
9
|
|
495,287
|
|
|
|
|
478,348
|
|
|
|
||
Other investments
|
|
|
|
39,551
|
|
|
|
|
3,380
|
|
|
|
||
Deferred tax assets
|
|
|
|
134,453
|
|
|
|
|
121,092
|
|
|
|
||
Receivables, net
|
|
|
|
693,627
|
|
|
|
|
677,299
|
|
|
|
||
Trade receivables, net
|
|
|
|
6,273
|
|
|
7,725,568
|
|
|
4,832
|
|
|
7,727,283
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
||||
Receivables, net
|
|
|
|
354,499
|
|
|
|
|
362,173
|
|
|
|
||
Derivative financial instruments
|
|
|
|
2,683
|
|
|
|
|
2,304
|
|
|
|
||
Inventories, net
|
|
|
|
2,688,615
|
|
|
|
|
2,550,930
|
|
|
|
||
Trade receivables, net
|
|
|
|
1,304,904
|
|
|
|
|
1,006,598
|
|
|
|
||
Other investments
|
|
|
|
103,902
|
|
|
|
|
132,736
|
|
|
|
||
Cash and cash equivalents
|
|
|
|
232,642
|
|
|
4,687,245
|
|
|
337,779
|
|
|
4,392,520
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-current assets classified as held for sale
|
|
|
|
|
|
2,778
|
|
|
|
|
2,763
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
Total Assets
|
|
|
|
|
|
12,415,591
|
|
|
|
|
12,122,566
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
EQUITY
|
|
|
|
|
|
|
|
|
|
|
||||
Capital and reserves attributable to the owners of the parent
|
|
|
|
|
|
5,339,680
|
|
|
|
|
5,010,424
|
|
||
Non-controlling interest
|
|
|
|
|
|
875,809
|
|
|
|
|
842,347
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
Total Equity
|
|
|
|
|
|
6,215,489
|
|
|
|
|
5,852,771
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
||||
Provisions
|
|
|
|
763,670
|
|
|
|
|
768,517
|
|
|
|
||
Deferred tax liabilities
|
|
|
|
422,895
|
|
|
|
|
513,357
|
|
|
|
||
Other liabilities
|
|
|
|
394,469
|
|
|
|
|
373,046
|
|
|
|
||
Trade payables
|
|
|
|
1,122
|
|
|
|
|
2,259
|
|
|
|
||
Finance lease liabilities
|
|
|
|
68,225
|
|
|
|
|
69,005
|
|
|
|
||
Borrowings
|
|
|
|
1,701,773
|
|
|
3,352,154
|
|
|
1,716,337
|
|
|
3,442,521
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
||||
Current income tax liabilities
|
|
|
|
62,577
|
|
|
|
|
52,940
|
|
|
|
||
Other liabilities
|
|
|
|
402,092
|
|
|
|
|
357,001
|
|
|
|
||
Trade payables
|
|
|
|
1,060,965
|
|
|
|
|
897,732
|
|
|
|
||
Derivative financial instruments
|
|
|
|
5,146
|
|
|
|
|
6,001
|
|
|
|
||
Finance lease liabilities
|
|
|
|
8,724
|
|
|
|
|
8,030
|
|
|
|
||
Borrowings
|
|
|
|
1,308,444
|
|
|
2,847,948
|
|
|
1,505,570
|
|
|
2,827,274
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Liabilities
|
|
|
|
|
|
6,200,102
|
|
|
|
|
6,269,795
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
Total Equity and Liabilities
|
|
|
|
|
|
12,415,591
|
|
|
|
|
12,122,566
|
|
TERNIUM S.A.
|
||
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
||
(All amounts in USD thousands)
|
|
|
Attributable to the owners of the parent (1)
|
|
|
|
|
|||||||||||||||||
|
|
Capital stock (2)
|
Treasury shares
(2) |
Initial public offering expenses
|
Reserves
(3) |
Capital stock issue discount (4)
|
Currency translation adjustment
|
Retained earnings
|
Total
|
|
Non-controlling interest
|
|
Total Equity
|
||||||||||
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance as of January 1, 2018
|
|
2,004,743
|
|
(150,000
|
)
|
(23,295
|
)
|
1,416,121
|
|
(2,324,866
|
)
|
(2,403,664
|
)
|
6,491,385
|
|
5,010,424
|
|
|
842,347
|
|
|
5,852,771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Impact of adopting IFRS 9 at January 1, 2018 (see note 14)
|
|
|
|
|
450
|
|
|
|
(147
|
)
|
303
|
|
|
204
|
|
|
507
|
|
|||||
Adjusted Balance at January 1, 2018
|
|
2,004,743
|
|
(150,000
|
)
|
(23,295
|
)
|
1,416,571
|
|
(2,324,866
|
)
|
(2,403,664
|
)
|
6,491,238
|
|
5,010,727
|
|
|
842,551
|
|
|
5,853,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Profit for the period
|
|
|
|
|
|
|
|
366,724
|
|
366,724
|
|
|
55,371
|
|
|
422,095
|
|
||||||
Other comprehensive income (loss) for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Currency translation adjustment
|
|
|
|
|
|
|
(37,006
|
)
|
|
(37,006
|
)
|
|
(22,060
|
)
|
|
(59,066
|
)
|
||||||
Remeasurement of post employment benefit obligations
|
|
|
|
|
(555
|
)
|
|
|
|
(555
|
)
|
|
(146
|
)
|
|
(701
|
)
|
||||||
Cash flow hedges and others, net of tax
|
|
|
|
|
(204
|
)
|
|
|
|
(204
|
)
|
|
164
|
|
|
(40
|
)
|
||||||
Others
|
|
|
|
|
(6
|
)
|
|
|
|
(6
|
)
|
|
(71
|
)
|
|
(77
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total comprehensive income for the period
|
|
—
|
|
—
|
|
—
|
|
(765
|
)
|
—
|
|
(37,006
|
)
|
366,724
|
|
328,953
|
|
|
33,258
|
|
|
362,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance as of March 31, 2018 (unaudited)
|
|
2,004,743
|
|
(150,000
|
)
|
(23,295
|
)
|
1,415,806
|
|
(2,324,866
|
)
|
(2,440,670
|
)
|
6,857,962
|
|
5,339,680
|
|
|
875,809
|
|
|
6,215,489
|
|
TERNIUM S.A.
|
||
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
||
(All amounts in USD thousands)
|
|
|
Attributable to the owners of the parent (1)
|
|
|
|
|
|||||||||||||||||
|
|
Capital stock (2)
|
Treasury shares
(2) |
Initial public offering expenses
|
Reserves (3)
|
Capital stock issue discount (4)
|
Currency translation adjustment
|
Retained earnings
|
Total
|
|
Non-controlling interest
|
|
Total Equity
|
||||||||||
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance as of January 1, 2017
|
|
2,004,743
|
|
(150,000
|
)
|
(23,295
|
)
|
1,420,171
|
|
(2,324,866
|
)
|
(2,336,929
|
)
|
5,801,474
|
|
4,391,298
|
|
|
775,295
|
|
|
5,166,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Profit for the period
|
|
|
|
|
|
|
|
261,335
|
|
261,335
|
|
|
49,054
|
|
|
310,389
|
|
||||||
Other comprehensive (loss) income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Currency translation adjustment
|
|
|
|
|
|
|
25,215
|
|
|
25,215
|
|
|
9,695
|
|
|
34,910
|
|
||||||
Remeasurement of post employment benefit obligations
|
|
|
|
|
5,431
|
|
|
|
|
5,431
|
|
|
449
|
|
|
5,880
|
|
||||||
Cash flow hedges, net of tax
|
|
|
|
|
(391
|
)
|
|
|
|
(391
|
)
|
|
13
|
|
|
(378
|
)
|
||||||
Others
|
|
|
|
|
152
|
|
|
|
|
152
|
|
|
38
|
|
|
190
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total comprehensive income (loss) for the period
|
|
—
|
|
—
|
|
—
|
|
5,192
|
|
—
|
|
25,215
|
|
261,335
|
|
291,742
|
|
|
59,249
|
|
|
350,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance as of March 31, 2017 (unaudited)
|
|
2,004,743
|
|
(150,000
|
)
|
(23,295
|
)
|
1,425,363
|
|
(2,324,866
|
)
|
(2,311,714
|
)
|
6,062,809
|
|
4,683,040
|
|
|
834,544
|
|
|
5,517,584
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
||
(All amounts in USD thousands)
|
|
|
|
|
Three-month period ended March 31,
|
||||
|
|
Notes
|
|
2018
|
|
2017
|
||
|
|
|
|
(Unaudited)
|
||||
Cash flows from operating activities
|
|
|
|
|
|
|
||
Profit for the period
|
|
|
|
422,095
|
|
|
310,389
|
|
Adjustments for:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
7 & 8
|
|
141,990
|
|
|
100,602
|
|
Income tax accruals less payments
|
|
|
|
(99,517
|
)
|
|
(31,621
|
)
|
Equity in earnings of non-consolidated companies
|
|
|
|
(19,983
|
)
|
|
(21,410
|
)
|
Interest accruals less payments
|
|
|
|
(12,553
|
)
|
|
(1,028
|
)
|
Changes in provisions
|
|
|
|
1,193
|
|
|
636
|
|
Changes in working capital (1)
|
|
|
|
(266,053
|
)
|
|
(317,838
|
)
|
Net foreign exchange results and others
|
|
|
|
24,946
|
|
|
46,030
|
|
Net cash provided by operating activities
|
|
|
|
192,118
|
|
|
85,760
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
||
Capital expenditures
|
|
7 & 8
|
|
(102,425
|
)
|
|
(83,871
|
)
|
Loans to non-consolidated companies
|
|
|
|
(4,800
|
)
|
|
(23,904
|
)
|
(Increase) Decrease in other investments
|
|
|
|
(7,438
|
)
|
|
(5,479
|
)
|
Proceeds from the sale of property, plant and equipment
|
|
|
|
247
|
|
|
61
|
|
Net cash used in investing activities
|
|
|
|
(114,416
|
)
|
|
(113,193
|
)
|
Cash flows from financing activities
|
|
|
|
|
|
|
||
Finance lease payments
|
|
|
|
(1,316
|
)
|
|
(1,083
|
)
|
Proceeds from borrowings
|
|
|
|
227,118
|
|
|
338,927
|
|
Repayments of borrowings
|
|
|
|
(407,684
|
)
|
|
(208,302
|
)
|
Net cash provided by (used in) financing activities
|
|
|
|
(181,882
|
)
|
|
129,542
|
|
(Decrease) Increase in cash and cash equivalents
|
|
|
|
(104,180
|
)
|
|
102,109
|
|
Movement in cash and cash equivalents
|
|
|
|
|
|
|
||
At January 1,
|
|
|
|
337,779
|
|
|
183,463
|
|
Effect of exchange rate changes
|
|
|
|
(957
|
)
|
|
395
|
|
(Decrease) Increase in cash and cash equivalents
|
|
|
|
(104,180
|
)
|
|
102,109
|
|
Cash and cash equivalents as of March 31, (2)
|
|
|
|
232,642
|
|
|
285,967
|
|
|
|
|
|
|
|
|
||
Non-cash transactions:
|
|
|
|
|
|
|
||
Acquisition of PP&E under lease contract agreements
|
|
|
|
—
|
|
|
74,919
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
1.
|
GENERAL INFORMATION AND BASIS OF PRESENTATION
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
3.
|
SEGMENT INFORMATION
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
3.
|
SEGMENT INFORMATION (continued)
|
|
|
Three- month period ended March 31, 2018 (Unaudited)
|
||||||||||
|
|
Steel
|
|
Mining
|
|
Inter-segment eliminations
|
|
Total
|
||||
IFRS
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
2,961,159
|
|
|
69,738
|
|
|
(69,584
|
)
|
|
2,961,313
|
|
Cost of sales
|
|
(2,223,213
|
)
|
|
(52,438
|
)
|
|
72,159
|
|
|
(2,203,492
|
)
|
Gross profit
|
|
737,946
|
|
|
17,300
|
|
|
2,575
|
|
|
757,821
|
|
Selling, general and administrative expenses
|
|
(235,381
|
)
|
|
(5,136
|
)
|
|
—
|
|
|
(240,517
|
)
|
Other operating income, net
|
|
5,584
|
|
|
183
|
|
|
—
|
|
|
5,767
|
|
Operating income - IFRS
|
|
508,149
|
|
|
12,347
|
|
|
2,575
|
|
|
523,071
|
|
Management view
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
2,961,159
|
|
|
91,685
|
|
|
(91,531
|
)
|
|
2,961,313
|
|
Operating income
|
|
326,607
|
|
|
38,131
|
|
|
(358
|
)
|
|
364,380
|
|
Reconciliation items:
|
|
|
|
|
|
|
|
|
||||
Differences in Cost of sales
|
|
|
|
|
|
|
|
158,691
|
|
|||
Operating income - IFRS
|
|
|
|
|
|
|
|
523,071
|
|
|||
Financial income (expense), net
|
|
|
|
|
|
|
|
(79,741
|
)
|
|||
Equity in earnings of non-consolidated companies
|
|
|
|
|
|
|
|
19,983
|
|
|||
Income before income tax expense - IFRS
|
|
|
|
|
|
|
|
463,313
|
|
|||
Depreciation and amortization - IFRS
|
|
(128,464
|
)
|
|
(13,526
|
)
|
|
—
|
|
|
(141,990
|
)
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
Three- month period ended March 31, 2017 (Unaudited)
|
||||||||||
|
|
Steel
|
|
Mining
|
|
Inter-segment eliminations
|
|
Total
|
||||
IFRS
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
2,075,096
|
|
|
62,611
|
|
|
(62,599
|
)
|
|
2,075,108
|
|
Cost of sales
|
|
(1,549,260
|
)
|
|
(48,620
|
)
|
|
66,418
|
|
|
(1,531,462
|
)
|
Gross profit
|
|
525,836
|
|
|
13,991
|
|
|
3,819
|
|
|
543,646
|
|
Selling, general and administrative expenses
|
|
(169,940
|
)
|
|
(2,335
|
)
|
|
—
|
|
|
(172,275
|
)
|
Other operating income, net
|
|
(7,404
|
)
|
|
184
|
|
|
—
|
|
|
(7,220
|
)
|
Operating income - IFRS
|
|
348,492
|
|
|
11,840
|
|
|
3,819
|
|
|
364,151
|
|
Management view
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
2,040,069
|
|
|
74,999
|
|
|
(74,987
|
)
|
|
2,040,081
|
|
Operating income
|
|
190,789
|
|
|
25,333
|
|
|
1,541
|
|
|
217,663
|
|
Reconciliation items:
|
|
|
|
|
|
|
|
|
||||
Differences in Cost of sales
|
|
|
|
|
|
|
|
146,488
|
|
|||
Operating income - IFRS
|
|
|
|
|
|
|
|
364,151
|
|
|||
Financial income (expense), net
|
|
|
|
|
|
|
|
(39,938
|
)
|
|||
Equity in earnings of non-consolidated companies
|
|
|
|
|
|
|
|
21,410
|
|
|||
Income before income tax expense - IFRS
|
|
|
|
|
|
|
|
345,623
|
|
|||
Depreciation and amortization - IFRS
|
|
(89,176
|
)
|
|
(11,426
|
)
|
|
—
|
|
|
(100,602
|
)
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
|
|
Three- month period ended March 31, 2018 (Unaudited)
|
||||||||||
|
|
Mexico
|
|
Southern region
|
|
Other markets (2)
|
|
Total
|
||||
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
1,557,679
|
|
|
638,221
|
|
|
765,413
|
|
|
2,961,313
|
|
|
|
|
|
|
|
|
|
|
||||
Non-current assets (1)
|
|
4,031,843
|
|
|
604,454
|
|
|
1,720,080
|
|
|
6,356,377
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three- month period ended March 31, 2017 (Unaudited)
|
||||||||||
|
|
Mexico
|
|
Southern region
|
|
Other markets
|
|
Total
|
||||
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
1,339,384
|
|
|
511,792
|
|
|
223,932
|
|
|
2,075,108
|
|
|
|
|
|
|
|
|
|
|
||||
Non-current assets (1)
|
|
4,077,192
|
|
|
745,389
|
|
|
234,007
|
|
|
5,056,588
|
|
|
|
|
|
|
|
|
|
|
||||
(1) Includes Property, plant and equipment and Intangible assets.
|
|
|
|
|
||||||||
(2) Includes the assets related to the business acquisition disclosed in note 11.
|
|
|
4.
|
COST OF SALES
|
|
|
Three-month period ended March 31,
|
||||
|
|
2018
|
|
2017
|
||
|
|
(Unaudited)
|
||||
Inventories at the beginning of the year
|
|
2,550,930
|
|
|
1,647,869
|
|
Translation differences
|
|
(49,518
|
)
|
|
16,644
|
|
Plus: Charges for the period
|
|
|
|
|
||
Raw materials and consumables used and
other movements |
|
1,918,100
|
|
|
1,408,560
|
|
Services and fees
|
|
37,575
|
|
|
21,721
|
|
Labor cost
|
|
191,742
|
|
|
139,817
|
|
Depreciation of property, plant and equipment
|
|
97,976
|
|
|
78,172
|
|
Amortization of intangible assets
|
|
6,716
|
|
|
10,155
|
|
Maintenance expenses
|
|
132,372
|
|
|
101,531
|
|
Office expenses
|
|
1,969
|
|
|
1,647
|
|
Insurance
|
|
2,090
|
|
|
2,114
|
|
Change of obsolescence allowance
|
|
3,164
|
|
|
1,251
|
|
Recovery from sales of scrap and by-products
|
|
(6,651
|
)
|
|
(6,908
|
)
|
Others
|
|
5,642
|
|
|
6,260
|
|
Less: Inventories at the end of the period
|
|
(2,688,615
|
)
|
|
(1,897,371
|
)
|
Cost of Sales
|
|
2,203,492
|
|
|
1,531,462
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
5.
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
|
Three-month period ended March 31,
|
||
|
2018
|
|
2017
|
|
(Unaudited)
|
||
Services and fees
|
19,923
|
|
16,962
|
Labor cost
|
61,482
|
|
48,506
|
Depreciation of property, plant and equipment
|
2,870
|
|
2,848
|
Amortization of intangible assets
|
34,428
|
|
9,427
|
Maintenance and expenses
|
1,341
|
|
740
|
Taxes
|
27,105
|
|
24,557
|
Office expenses
|
9,013
|
|
8,131
|
Freight and transportation
|
79,463
|
|
58,420
|
Increase (decrease) of allowance for doubtful accounts
|
291
|
|
1
|
Others
|
4,601
|
|
2,683
|
Selling, general and administrative expenses
|
240,517
|
|
172,275
|
6.
|
FINANCE EXPENSE, FINANCE INCOME AND OTHER FINANCIAL INCOME (EXPENSES), NET
|
|
Three-month period ended March 31,
|
||||
|
2018
|
|
2017
|
||
|
(Unaudited)
|
||||
Interest expense
|
(33,782
|
)
|
|
(21,382
|
)
|
|
|
|
|
||
Finance expense
|
(33,782
|
)
|
|
(21,382
|
)
|
|
|
|
|
||
Interest income
|
5,136
|
|
|
4,595
|
|
|
|
|
|
||
Finance income
|
5,136
|
|
|
4,595
|
|
|
|
|
|
||
Net foreign exchange gain (loss)
|
(42,451
|
)
|
|
(41,693
|
)
|
Change in fair value of financial assets
|
—
|
|
|
(255
|
)
|
Derivative contract results
|
(14,188
|
)
|
|
19,582
|
|
Others
|
5,544
|
|
|
(785
|
)
|
|
|
|
|
||
Other financial income (expenses), net
|
(51,095
|
)
|
|
(23,151
|
)
|
|
Three-month period ended March 31,
|
||
|
2018
|
|
2017
|
|
(Unaudited)
|
||
At the beginning of the year
|
5,349,753
|
|
4,135,977
|
|
|
|
|
Currency translation differences
|
(41,798)
|
|
21,678
|
Additions
|
94,673
|
|
148,426
|
Disposals
|
(3,610)
|
|
(3,067)
|
Depreciation charge
|
(100,846)
|
|
(81,020)
|
At the end of the period
|
5,298,172
|
|
4,221,994
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
|
Three-month period ended March 31,
|
||
|
2018
|
|
2017
|
|
(Unaudited)
|
||
At the beginning of the year
|
1,092,579
|
|
842,557
|
|
|
|
|
Currency translation differences
|
(982)
|
|
171
|
Additions
|
7,752
|
|
11,448
|
Amortization charge
|
(41,144)
|
|
(19,582)
|
At the end of the period
|
1,058,205
|
|
834,594
|
9.
|
INVESTMENTS IN NON-CONSOLIDATED COMPANIES
|
Company
|
|
Country of incorporation
|
|
Main activity
|
|
Voting rights as of
|
|
Value as of
|
||||
|
|
|
March 31, 2018
|
|
December 31, 2017
|
|
March 31, 2018
|
|
December 31, 2017
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Usinas Siderurgicas de Minas Gerais S.A. - USIMINAS
|
|
Brazil
|
|
Manufacturing and selling of steel products
|
|
34.39%
|
|
34.39%
|
|
483,729
|
|
466,299
|
Other non-consolidated companies (1)
|
|
|
|
|
|
|
|
|
|
11,558
|
|
12,049
|
|
|
|
|
|
|
|
|
|
|
495,287
|
|
478,348
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
Usiminas' shareholders' equity
|
|
4,186,727
|
|
Percentage of interest of the Company over shareholders' equity
|
|
20.47
|
%
|
|
|
|
|
Interest of the Company over shareholders' equity
|
|
855,889
|
|
|
|
|
|
Purchase price allocation
|
|
81,137
|
|
Goodwill
|
|
312,724
|
|
Impairment
|
|
(766,021
|
)
|
|
|
|
|
Total Investment in Usiminas
|
|
483,729
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
9.
|
INVESTMENTS IN NON-CONSOLIDATED COMPANIES (continued)
|
|
|
USIMINAS
|
Summarized balance sheet (in million USD)
|
|
As of March 31, 2018
|
Assets
|
|
|
Non-current
|
|
5,604
|
Current
|
|
1,561
|
Other current investments
|
|
127
|
Cash and cash equivalents
|
|
343
|
|
|
|
Total Assets
|
|
7,635
|
Liabilities
|
|
|
Non-current
|
|
635
|
Non-current borrowings
|
|
1,699
|
Current
|
|
693
|
Current borrowings
|
|
7
|
|
|
|
Total Liabilities
|
|
3,034
|
|
|
|
Minority interest
|
|
415
|
|
|
|
Shareholders' equity
|
|
4,186
|
|
|
|
|
|
USIMINAS
|
Summarized income statement (in million USD)
|
|
Three- month period ended March 31, 2018
|
|
|
|
Net sales
|
|
1,000
|
Cost of sales
|
|
(812)
|
Gross Profit
|
|
188
|
Selling, general and administrative expenses
|
|
(55)
|
Other operating income, net
|
|
(34)
|
Operating income
|
|
99
|
Financial expenses, net
|
|
(41)
|
Equity in earnings of associated companies
|
|
13
|
Profit before income tax
|
|
71
|
Income tax expense
|
|
(23)
|
Net profit before minority interest
|
|
48
|
Minority interest in other subsidiaries
|
|
(5)
|
Net profit for the period
|
|
43
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
10.
|
CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
10.
|
CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
10.
|
CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
10.
|
CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)
|
|
|
As of December 31, 2017
|
|
|
|
Share capital
|
|
2,004,743
|
Legal reserve
|
|
200,474
|
Non distributable reserves
|
|
1,414,122
|
Reserve for own shares
|
|
59,600
|
Accumulated profit at January 1, 2017
|
|
3,135,868
|
Loss for the year
|
|
(32,012)
|
|
|
|
Total shareholders' equity under Luxembourg GAAP
|
|
6,782,795
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
11.
|
ACQUISITION OF BUSINESS
|
Fair value of acquired assets and liabilities:
|
|
USD
|
|
|
|
|
|
Property, plant and equipment and Intangible assets
|
|
1,573,946
|
|
|
|
|
|
Inventories
|
|
400,047
|
|
Cash and cash equivalents
|
|
278,162
|
|
Trade receivables
|
|
63,710
|
|
Other receivables
|
|
705,058
|
|
Deferred tax assets
|
|
13,686
|
|
Provisions
|
|
(799,938
|
)
|
Trade payables
|
|
(219,604
|
)
|
Other assets and liabilities, net
|
|
(124,078
|
)
|
Net assets acquired
|
|
1,890,989
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
|
Three-month period ended
March 31, |
||||
|
2018
|
|
2017
|
||
|
(Unaudited)
|
||||
(i) Transactions
|
|
|
|
||
(a) Sales of goods and services
|
|
|
|
||
Sales of goods to non-consolidated parties
|
197,354
|
|
|
—
|
|
Sales of goods to other related parties
|
49,395
|
|
|
27,022
|
|
Sales of services and others to non-consolidated parties
|
44
|
|
|
43
|
|
Sales of services and others to other related parties
|
300
|
|
|
120
|
|
|
|
|
|
||
|
247,093
|
|
|
27,185
|
|
(b) Purchases of goods and services
|
|
|
|
||
Purchases of goods from non-consolidated parties
|
119,352
|
|
|
52,285
|
|
Purchases of goods from other related parties
|
13,688
|
|
|
12,713
|
|
Purchases of services and others from non-consolidated parties
|
1,326
|
|
|
2,591
|
|
Purchases of services and others from other related parties
|
23,106
|
|
|
31,220
|
|
|
|
|
|
||
|
157,472
|
|
|
98,809
|
|
(c) Financial results
|
|
|
|
||
Income with non-consolidated parties
|
2,065
|
|
|
1,696
|
|
|
|
|
|
||
|
2,065
|
|
|
1,696
|
|
(d) Other income and expenses
|
|
|
|
||
Income (expenses), net with non-consolidated parties
|
(48
|
)
|
|
1,733
|
|
Income (expenses), net with other related parties
|
293
|
|
|
151
|
|
|
|
|
|
||
|
245
|
|
|
1,884
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
|
March 31, 2018
|
|
December 31, 2017
|
||
|
(Unaudited)
|
|
|
||
|
|
|
|
||
(ii) Period-end balances
|
|
|
|
||
(a) Arising from sales/purchases of goods/services
|
|
|
|
||
Receivables from non-consolidated parties
|
255,928
|
|
|
223,847
|
|
Receivables from other related parties
|
29,942
|
|
|
29,033
|
|
Advances from non-consolidated parties
|
15
|
|
|
—
|
|
Advances to suppliers with other related parties
|
1,566
|
|
|
3,255
|
|
Payables to non-consolidated parties
|
(28,611
|
)
|
|
(24,570
|
)
|
Payables to other related parties
|
(19,357
|
)
|
|
(21,547
|
)
|
|
|
|
|
||
|
239,483
|
|
|
210,018
|
|
1)
|
Financial instruments by category
|
As of March 31, 2018 (in USD thousands)
|
|
Amortized
cost |
|
Assets at fair value through profit or loss
|
|
Assets at fair value through OCI
|
|
Total
|
||||
|
|
|
|
|
|
|
|
|
||||
(i) Assets as per statement of financial position
|
|
|
|
|
|
|
|
|
||||
Receivables
|
|
505,333
|
|
|
—
|
|
|
—
|
|
|
505,333
|
|
Derivative financial instruments
|
|
—
|
|
|
2,683
|
|
|
—
|
|
|
2,683
|
|
Trade receivables
|
|
1,311,177
|
|
|
—
|
|
|
—
|
|
|
1,311,177
|
|
Other investments
|
|
53,960
|
|
|
—
|
|
|
89,241
|
|
|
143,201
|
|
Cash and cash equivalents
|
|
138,099
|
|
|
94,543
|
|
|
—
|
|
|
232,642
|
|
|
|
|
|
|
|
|
|
|
||||
Total
|
|
2,008,569
|
|
|
97,226
|
|
|
89,241
|
|
|
2,195,036
|
|
|
|
|
|
|
|
|
|
|
||||
As of March 31, 2018 (in USD thousands)
|
|
Amortized
cost |
|
Liabilities at fair value through profit or loss
|
|
|
|
Total
|
||||
|
|
|
|
|
|
|
|
|
||||
(ii) Liabilities as per statement of financial position
|
|
|
|
|
|
|
|
|
||||
Other liabilities
|
|
125,424
|
|
|
—
|
|
|
|
|
125,424
|
|
|
Trade payables
|
|
1,027,214
|
|
|
—
|
|
|
|
|
1,027,214
|
|
|
Derivative financial instruments
|
|
—
|
|
|
5,146
|
|
|
|
|
5,146
|
|
|
Finance lease liabilities
|
|
76,949
|
|
|
—
|
|
|
|
|
76,949
|
|
|
Borrowings
|
|
3,010,217
|
|
|
—
|
|
|
|
|
3,010,217
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total
|
|
4,239,804
|
|
|
5,146
|
|
|
|
|
4,244,950
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
2)
|
Fair Value by Hierarchy
|
|
|
Fair value measurement as of March 31, 2018 (in USD thousands):
|
|||||||
Description
|
|
Total
|
|
Level 1
|
|
Level 2
|
|||
|
|
|
|
|
|
|
|||
Financial assets at fair value through profit or loss / OCI
|
|
|
|
|
|
|
|||
Cash and cash equivalents
|
|
94,543
|
|
|
94,543
|
|
|
—
|
|
Other investments
|
|
89,241
|
|
|
89,241
|
|
|
—
|
|
Derivative financial instruments
|
|
2,683
|
|
|
—
|
|
|
2,683
|
|
|
|
|
|
|
|
|
|||
Total assets
|
|
186,467
|
|
|
183,784
|
|
|
2,683
|
|
|
|
|
|
|
|
|
|||
Financial assets at fair value through profit or loss / OCI
|
|
|
|
|
|
|
|||
Derivative financial instruments
|
|
5,146
|
|
|
—
|
|
|
5,146
|
|
|
|
|
|
|
|
|
|||
Total liabilities
|
|
5,146
|
|
|
—
|
|
|
5,146
|
|
|
|
|
|
|
|
|
|||
|
|
Fair value measurement as of December 31, 2017 (in USD thousands)
|
|||||||
Description
|
|
Total
|
|
Level 1
|
|
Level 2
|
|||
|
|
|
|
|
|
|
|||
Financial assets at fair value through profit or loss
|
|
|
|
|
|
|
|||
Cash and cash equivalents
|
|
236,335
|
|
|
236,335
|
|
|
—
|
|
Other investments
|
|
99,505
|
|
|
99,505
|
|
|
—
|
|
Derivative financial instruments
|
|
2,304
|
|
|
—
|
|
|
2,304
|
|
|
|
|
|
|
|
|
|||
Total assets
|
|
338,144
|
|
|
335,840
|
|
|
2,304
|
|
|
|
|
|
|
|
|
|||
Financial liabilities at fair value through profit or loss
|
|
|
|
|
|
|
|||
Derivative financial instruments
|
|
6,001
|
|
|
—
|
|
|
6,001
|
|
|
|
|
|
|
|
|
|||
Total liabilities
|
|
6,001
|
|
|
—
|
|
|
6,001
|
|
(a)
|
Impact on the financial statements
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
|
|
Reserves
|
|
Retained earnings
|
||
|
|
|
|
|
||
Closing balance as of December 31, 2017 - IAS 39
|
|
1.416.121
|
|
|
6.491.385
|
|
Financial instruments
|
|
733
|
|
|
(658
|
)
|
Income tax related to Financial instruments
|
|
(124
|
)
|
|
124
|
|
Allowance for impairment of trade receivables
|
|
—
|
|
|
569
|
|
Income tax related to Allowance for impairment of trade receivables
|
|
—
|
|
|
(137
|
)
|
Effect on Minority interest related to the adoption of IFRS 9
|
|
(159
|
)
|
|
(45
|
)
|
Opening balance as of January 1, 2018 - IFRS 9
|
|
1.416.571
|
|
|
6.491.238
|
|
(b)
|
IFRS 9 Financial Instruments - Impact of adoption
|
|
Fair value through profit
or loss |
Fair value through other comprehensive income
|
Held to maturity
|
Amortized
cost (Loans and receivables 2017) |
||||
|
|
|
|
|
||||
Closing balance as of December 31, 2017 - IAS 39
|
332,143
|
|
—
|
|
6,129
|
|
131,675
|
|
Reclassification of Investments in bonds from Held to maturity to Fair value through other comprehensive income
|
—
|
|
6,129
|
|
(6,129
|
)
|
—
|
|
Reclassification of Investments in bonds from Fair value through profit or loss to Fair value through other comprehensive income
|
(78,258
|
)
|
78,258
|
|
—
|
|
—
|
|
Reclassification of Other financial Instruments from Fair value through profit or loss to Amortized cost
|
(28,343
|
)
|
—
|
|
—
|
|
28,343
|
|
Adjustment of Other comprehensive income from adoption of IFRS 9
|
—
|
|
75
|
|
—
|
|
—
|
|
Opening balance as of January 1, 2018 - IFRS 9
|
225,542
|
|
84,462
|
|
—
|
|
160,018
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
|
Fully
performing |
Past due between 1 and 90 days
|
Past due between 91 and 360 days
|
Past due more than 360 days
|
||||
|
|
|
|
|
||||
Expected loss rate
|
0.12
|
%
|
0.93
|
%
|
8.08
|
%
|
99.54
|
%
|
Non-guaranteed trade receivables - Gross carrying amount
|
543,792
|
|
51,669
|
|
6,080
|
|
14,397
|
|
Allowance for trade receivables
|
(668
|
)
|
(483
|
)
|
(491
|
)
|
(14,331
|
)
|
(i)
|
Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method.
|
(ii)
|
Fair value through other comprehensive income (“FVOCI”): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss and recognized in other gains/(losses). Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as separate line item in the statement of profit or loss.
|
(iii)
|
Fair value through profit or loss (“FVPL”): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within other gains/(losses) in the period in which it arises.
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2018
|
||
and for the three-month periods ended March 31, 2018 and 2017
|
|
|
|
Pablo Brizzio
|
|
|
|
|
Chief Financial Officer
|
|
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