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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 | |
---|---|---|---|---|---|---|---|---|
0.05 | 0.12% | 40.36 | 40.57 | 40.22 | 40.22 | 13,878 | 15:11:24 |
|
|
|
|
2Q 2018
|
|
1Q 2018
|
|
2Q 2017
|
|||||||
|
|
|
|
|
|
|
|
|||||
Steel Shipments (tons)
|
3,322,000
|
|
|
3,523,000
|
|
-6
|
%
|
|
2,641,000
|
|
26
|
%
|
Iron Ore Shipments (tons)
|
916,000
|
|
|
929,000
|
|
-1
|
%
|
|
875,000
|
|
5
|
%
|
Net Sales (USD million)
|
3,134.0
|
|
|
2,961.3
|
|
6
|
%
|
|
2,322.7
|
|
35
|
%
|
Operating Income (USD million)
|
650.3
|
|
|
523.1
|
|
24
|
%
|
|
392.8
|
|
66
|
%
|
EBITDA
1
(USD million)
|
787.6
|
|
|
665.1
|
|
18
|
%
|
|
497.9
|
|
58
|
%
|
EBITDA Margin (% of net sales)
|
25.1
|
%
|
|
22.5
|
%
|
|
|
|
21.4
|
%
|
|
|
EBITDA per Ton
2
(USD)
|
237.1
|
|
|
188.8
|
|
|
|
|
188.5
|
|
|
|
Income Tax Expense (USD million)
|
(175.7)
|
|
|
(41.2)
|
|
|
|
|
(59.1)
|
|
|
|
Net Income (USD million)
|
337.8
|
|
|
422.1
|
|
|
|
|
281.8
|
|
|
|
Equity Holders' Net Income (USD million)
|
326.6
|
|
|
366.7
|
|
|
|
|
249.7
|
|
|
|
Earnings per ADS
3
(USD)
|
1.66
|
|
|
1.87
|
|
|
|
|
1.27
|
|
|
|
•
|
EBITDA of USD
787.6
million,
18%
higher sequentially, with higher EBITDA margin and lower shipments.
|
•
|
Earnings per ADS of USD
1.66
, a sequential decrease of
USD
0.20
p
er ADS.
|
•
|
Capital expenditures of USD
135.5
million, up from USD
102.4
million in the
first
quarter
2018
.
|
•
|
Free cash flow of USD414.6 million after USD89.7 million in the first quarter 2018.
|
•
|
Dividends paid to shareholders and non-controlling interest of USD244.9 million.
|
•
|
Net debt position of USD
2.4
billion at the end of June 2018, down from USD
2.6
billion at the end of March 2018 and equivalent to 1.0 time net debt to EBITDA.
|
|
1H 2018
|
|
1H 2017
|
||||
|
|
|
|
|
|||
Steel Shipments (tons)
|
6,844,000
|
|
|
5,116,000
|
|
34
|
%
|
Iron Ore Shipments (tons)
|
1,845,000
|
|
|
1,738,000
|
|
6
|
%
|
Net Sales (USD million)
|
6,095.3
|
|
|
4,397.8
|
|
39
|
%
|
Operating Income (USD million)
|
1,173.4
|
|
|
757.0
|
|
55
|
%
|
EBITDA (USD million)
|
1,452.7
|
|
|
962.6
|
|
51
|
%
|
EBITDA Margin (% of net sales)
|
23.8
|
%
|
|
21.9
|
%
|
|
|
EBITDA per Ton (USD)
|
212.2
|
|
|
188.2
|
|
|
|
Net Income (USD million)
|
759.9
|
|
|
592.2
|
|
|
|
Equity Holders' Net Income (USD million)
|
693.3
|
|
|
511.0
|
|
|
|
Earnings per ADS (USD)
|
3.53
|
|
|
2.60
|
|
|
|
•
|
EBITDA
5
of USD
1.5
billion, a
51%
year-over-year increase mainly as a result of higher EBITDA per ton and higher shipments.
|
•
|
Earnings per ADS of USD
3.53
, a year-over-year increase of USD
0.93
per ADS.
|
•
|
Capital expenditures of USD
237.9
million, up from USD
182.5
million in the
first half
2017
.
|
|
|
Steel segment
|
|
Mining segment
|
Intersegment
eliminations
|
|
Total
|
|||||||||
USD million
|
|
2Q 2018
|
2Q 2017
|
|
2Q 2018
|
2Q 2017
|
|
2Q 2018
|
2Q 2017
|
|
2Q 2018
|
2Q 2017
|
||||
Net Sales
|
|
3,133.4
|
|
2,322.7
|
|
73.7
|
|
55.6
|
|
(73.1)
|
|
(55.6)
|
|
|
3,134.0
|
2,322.7
|
Cost of sales
|
|
(2,254.6)
|
|
(1,725.3)
|
|
(55.3)
|
|
(53.7)
|
|
76.8
|
|
50.8
|
|
|
(2,233.0)
|
(1,728.2)
|
SG&A expenses
|
|
(241.5)
|
|
(186.1)
|
|
(3.5)
|
|
(2.9)
|
|
—
|
|
—
|
|
|
(245.0)
|
(189.0)
|
Other operating (expense) income, net
|
|
(6.0
|
)
|
(12.7)
|
|
0.4
|
|
0.1
|
|
—
|
|
—
|
|
|
(5.6)
|
(12.6)
|
Operating income
|
|
631.3
|
|
398.5
|
|
15.3
|
|
(0.9)
|
|
3.7
|
|
(4.7)
|
|
|
650.3
|
392.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
EBITDA
|
|
754.8
|
|
491.7
|
|
29.1
|
|
10.9
|
|
3.7
|
|
(4.7)
|
|
|
787.6
|
497.9
|
|
|
Mining segment
|
|
|||
|
|
2Q 2018
|
2Q 2017
|
Dif.
|
|
|
Net Sales (million USD)
|
|
73.7
|
55.6
|
33
|
%
|
|
Shipments (thousand tons)
|
|
915.6
|
874.5
|
5
|
%
|
|
Revenue per ton (USD/ton)
|
|
81
|
64
|
27
|
%
|
|
|
|
Steel segment
|
|
Mining segment
|
Intersegment
eliminations
|
|
Total
|
|||||||||||||
USD million
|
|
1H 2018
|
1H 2017
|
|
1H 2018
|
1H 2017
|
|
1H 2018
|
1H 2017
|
|
1H 2018
|
1H 2017
|
||||||||
Net Sales
|
|
6,094.5
|
|
4,397.8
|
|
|
143.5
|
|
118.2
|
|
|
(142.7)
|
|
(118.2)
|
|
|
6,095.3
|
|
4,397.8
|
|
Cost of sales
|
|
(4,477.8)
|
|
(3,274.5)
|
|
|
(107.7)
|
|
(102.3)
|
|
|
149.0
|
|
117.2
|
|
|
(4,436.5)
|
|
(3,259.6)
|
|
SG&A expenses
|
|
(476.8)
|
|
(356.1)
|
|
|
(8.7)
|
|
(5.2)
|
|
|
—
|
|
—
|
|
|
(485.5)
|
|
(361.3)
|
|
Other operating (expense) income, net
|
|
(0.4
|
)
|
(20.1)
|
|
|
0.6
|
|
0.3
|
|
|
—
|
|
—
|
|
|
0.2
|
|
(19.8)
|
|
Operating income (expense)
|
|
1,139.5
|
|
747.0
|
|
|
27.7
|
|
10.9
|
|
|
6.3
|
|
(0.9)
|
|
|
1,173.4
|
|
757.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
EBITDA
|
|
1,391.5
|
|
929.4
|
|
|
55.0
|
|
34.2
|
|
|
6.3
|
|
(0.9)
|
|
|
1,452.7
|
|
962.6
|
|
|
|
Mining segment
|
|
|||||
|
|
1H 2018
|
1H 2017
|
Dif.
|
|
|||
Net Sales (million USD)
|
|
143.5
|
|
118.2
|
|
21
|
%
|
|
Shipments (thousand tons)
|
|
1,844.9
|
|
1,737.9
|
|
6
|
%
|
|
Revenue per ton (USD/ton)
|
|
78
|
|
68
|
|
14
|
%
|
|
1
|
EBITDA in the
second
quarter
2018
equals operating income of USD
650.3
million adjusted to exclude depreciation and amortization of USD
137.3
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
|
Operating cost per ton is equal to cost of sales plus SG&A, divided by shipments.
|
5
|
EBITDA in the
first half
2018 equals operating income of USD
1,173.4
million adjusted to exclude depreciation and amortization of USD
279.3
million.
|
6
|
Free cash flow in the
first half
2018 equals net cash provided by operating activities of USD
742.2
million less capital expenditures of USD
237.9
million.
|
7
|
Net debt position at
June 30, 2018
equals borrowings of USD2.8 billion less cash and equivalents plus other investments of USD0.4 billion.
|
8
|
Free cash flow in the
second
quarter
2018
equals net cash provided by operating activities of USD
550.1
million less capital expenditures of USD
135.5
million.
|
USD million
|
|
2Q 2018
|
|
2Q 2017
|
|
1H 2018
|
|
1H 2017
|
||||
|
|
(Unaudited)
|
|
(Unaudited)
|
||||||||
Net sales
|
|
3,134.0
|
|
|
2,322.7
|
|
|
6,095.3
|
|
|
4,397.8
|
|
Cost of sales
|
|
(2,233.0
|
)
|
|
(1,728.2
|
)
|
|
(4,436.5
|
)
|
|
(3,259.6
|
)
|
Gross profit
|
|
900.9
|
|
|
594.5
|
|
|
1,658.8
|
|
|
1,138.1
|
|
Selling, general and administrative expenses
|
|
(245.0
|
)
|
|
(189.0
|
)
|
|
(485.5
|
)
|
|
(361.3
|
)
|
Other operating (expenses) income, net
|
|
(5.6
|
)
|
|
(12.6
|
)
|
|
0.2
|
|
|
(19.8
|
)
|
Operating income
|
|
650.3
|
|
|
392.8
|
|
|
1,173.4
|
|
|
757.0
|
|
|
|
|
|
|
|
|
|
|
||||
Finance expense
|
|
(33.3
|
)
|
|
(24.1
|
)
|
|
(67.1
|
)
|
|
(45.5
|
)
|
Finance income
|
|
5.5
|
|
|
4.5
|
|
|
10.6
|
|
|
9.1
|
|
Other financial expenses, net
|
|
(121.4
|
)
|
|
(47.5
|
)
|
|
(172.5
|
)
|
|
(70.6
|
)
|
Equity in earnings of non-consolidated companies
|
|
12.4
|
|
|
15.2
|
|
|
32.3
|
|
|
36.6
|
|
Profit before income tax expense
|
|
513.5
|
|
|
340.9
|
|
|
976.8
|
|
|
686.5
|
|
Income tax expense
|
|
(175.7
|
)
|
|
(59.1
|
)
|
|
(217.0
|
)
|
|
(94.4
|
)
|
Profit for the period
|
|
337.8
|
|
|
281.8
|
|
|
759.9
|
|
|
592.2
|
|
|
|
|
|
|
|
|
|
|
||||
Attributable to:
|
|
|
|
|
|
|
|
|
||||
Owners of the parent
|
|
326.6
|
|
|
249.7
|
|
|
693.3
|
|
|
511.0
|
|
Non-controlling interest
|
|
11.2
|
|
|
32.1
|
|
|
66.6
|
|
|
81.1
|
|
Profit for the period
|
|
337.8
|
|
|
281.8
|
|
|
759.9
|
|
|
592.2
|
|
USD million
|
|
|
June 30,
2018 |
|
|
|
December 31,
2017 |
|
||
|
|
|
(Unaudited)
|
|
|
|
|
|
||
Property, plant and equipment, net
|
|
|
5,138.8
|
|
|
|
|
5,349.8
|
|
|
Intangible assets, net
|
|
|
1,027.4
|
|
|
|
|
1,092.6
|
|
|
Investments in non-consolidated companies
|
|
|
438.3
|
|
|
|
|
478.3
|
|
|
Deferred tax assets
|
|
|
129.1
|
|
|
|
|
121.1
|
|
|
Receivables, net
|
|
|
636.0
|
|
|
|
|
677.3
|
|
|
Trade receivables, net
|
|
|
5.6
|
|
|
|
|
4.8
|
|
|
Other investments
|
|
|
31.1
|
|
|
|
|
3.4
|
|
|
Total non-current assets
|
|
|
7,406.3
|
|
|
|
|
7,727.3
|
|
|
|
|
|
|
|
|
|
|
|
||
Receivables, net
|
|
|
262.7
|
|
|
|
|
362.2
|
|
|
Derivative financial instruments
|
|
|
1.7
|
|
|
|
|
2.3
|
|
|
Inventories, net
|
|
|
2,589.4
|
|
|
|
|
2,550.9
|
|
|
Trade receivables, net
|
|
|
1,273.7
|
|
|
|
|
1,006.6
|
|
|
Other investments
|
|
|
97.9
|
|
|
|
|
132.7
|
|
|
Cash and cash equivalents
|
|
|
229.8
|
|
|
|
|
337.8
|
|
|
Total current assets
|
|
|
4,455.3
|
|
|
|
|
4,392.5
|
|
|
|
|
|
|
|
|
|
|
|
||
Non-current assets classified as held for sale
|
|
|
2.2
|
|
|
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
||
Total assets
|
|
|
11,863.8
|
|
|
|
|
12,122.6
|
|
|
|
|
|
|
|
|
|
|
|
||
Capital and reserves attributable to the owners of the parent
|
|
|
5,257.6
|
|
|
|
|
5,010.4
|
|
|
Non-controlling interest
|
|
|
772.2
|
|
|
|
|
842.3
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Equity
|
|
|
6,029.7
|
|
|
|
|
5,852.8
|
|
|
|
|
|
|
|
|
|
|
|
||
Provisions
|
|
|
657.1
|
|
|
|
|
768.5
|
|
|
Deferred tax liabilities
|
|
|
453.1
|
|
|
|
|
513.4
|
|
|
Other liabilities
|
|
|
365.8
|
|
|
|
|
373.0
|
|
|
Trade payables
|
|
|
1.1
|
|
|
|
|
2.3
|
|
|
Financial Lease liabilities
|
|
|
67.4
|
|
|
|
|
69.0
|
|
|
Borrowings
|
|
|
1,512.2
|
|
|
|
|
1,716.3
|
|
|
Total non-current liabilities
|
|
|
3,056.6
|
|
|
|
|
3,442.5
|
|
|
|
|
|
|
|
|
|
|
|
||
Current income tax liabilities
|
|
|
72.2
|
|
|
|
|
52.9
|
|
|
Other liabilities
|
|
|
347.7
|
|
|
|
|
357.0
|
|
|
Trade payables
|
|
|
1,027.3
|
|
|
|
|
897.7
|
|
|
Derivative financial instruments
|
|
|
49.1
|
|
|
|
|
6.0
|
|
|
Financial Lease liabilities
|
|
|
8.0
|
|
|
|
|
8.0
|
|
|
Borrowings
|
|
|
1,273.1
|
|
|
|
|
1,505.6
|
|
|
Total current liabilities
|
|
|
2,777.5
|
|
|
|
|
2,827.3
|
|
|
|
|
|
|
|
|
|
|
|
||
Total liabilities
|
|
|
5,834.0
|
|
|
|
|
6,269.8
|
|
|
|
|
|
|
|
|
|
|
|
||
Total equity and liabilities
|
|
|
11,863.8
|
|
|
|
|
12,122.6
|
|
|
USD million
|
|
2Q 2018
|
|
2Q 2017
|
|
1H 2018
|
|
1H 2017
|
||||
|
|
(Unaudited)
|
|
(Unaudited)
|
||||||||
|
|
|
|
|
|
|
|
|
||||
Profit for the period
|
|
337.8
|
|
|
281.8
|
|
|
759.9
|
|
|
592.2
|
|
|
|
|
|
|
|
|
|
|
||||
Adjustments for:
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization
|
|
137.3
|
|
|
105.0
|
|
|
279.3
|
|
|
205.6
|
|
Equity in earnings of non-consolidated companies
|
|
(12.4
|
)
|
|
(15.2
|
)
|
|
(32.3
|
)
|
|
(36.6
|
)
|
Changes in provisions
|
|
(0.1
|
)
|
|
0.7
|
|
|
1.0
|
|
|
1.3
|
|
Net foreign exchange results and others
|
|
115.7
|
|
|
64.0
|
|
|
140.6
|
|
|
110.0
|
|
Interest accruals less payments
|
|
5.5
|
|
|
3.0
|
|
|
(7.1
|
)
|
|
2.0
|
|
Income tax accruals less payments
|
|
51.1
|
|
|
(278.0
|
)
|
|
(48.5
|
)
|
|
(309.6
|
)
|
Changes in working capital
|
|
(84.7
|
)
|
|
(140.7
|
)
|
|
(350.8
|
)
|
|
(458.5
|
)
|
|
|
|
|
|
|
|
|
|
||||
Net cash provided by operating activities
|
|
550.1
|
|
|
20.7
|
|
|
742.2
|
|
|
106.5
|
|
|
|
|
|
|
|
|
|
|
||||
Capital expenditures
|
|
(135.5
|
)
|
|
(98.6
|
)
|
|
(237.9
|
)
|
|
(182.5
|
)
|
Proceeds from the sale of property, plant & equipment
|
|
0.2
|
|
|
0.3
|
|
|
0.4
|
|
|
0.4
|
|
Dividends received from non-consolidated companies
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
Loans to non-consolidated companies
|
|
4.8
|
|
|
—
|
|
|
—
|
|
|
(23.9
|
)
|
Increase in Other Investments
|
|
13.7
|
|
|
(2.7
|
)
|
|
6.3
|
|
|
(8.2
|
)
|
|
|
|
|
|
|
|
|
|
||||
Net cash used in investing activities
|
|
(116.8
|
)
|
|
(101.0
|
)
|
|
(231.2
|
)
|
|
(214.2
|
)
|
|
|
|
|
|
|
|
|
|
||||
Dividends paid in cash to company's shareholders
|
|
(215.9
|
)
|
|
(196.3
|
)
|
|
(215.9
|
)
|
|
(196.3
|
)
|
Dividends paid in cash to non-controlling interest
|
|
(29.0
|
)
|
|
(30.6
|
)
|
|
(29.0
|
)
|
|
(30.6
|
)
|
Financial Lease Payments
|
|
(2.5
|
)
|
|
—
|
|
|
(3.8
|
)
|
|
(1.1
|
)
|
Proceeds from borrowings
|
|
298.9
|
|
|
519.4
|
|
|
526.0
|
|
|
858.4
|
|
Repayments of borrowings
|
|
(477.7
|
)
|
|
(318.9
|
)
|
|
(885.4
|
)
|
|
(527.3
|
)
|
|
|
|
|
|
|
|
|
|
||||
Net cash (used in) provided by financing activities
|
|
(426.2
|
)
|
|
(26.4
|
)
|
|
(608.1
|
)
|
|
103.2
|
|
|
|
|
|
|
|
|
|
|
||||
(Decrease) increase in cash and cash equivalents
|
|
7.1
|
|
|
(106.6
|
)
|
|
(97.1
|
)
|
|
(4.5
|
)
|
|
|
Shipments
|
|
|
|
|
|
||||||||||
Thousand tons
|
|
2Q 2018
|
2Q 2017
|
1Q 2018
|
|
1H 2018
|
1H 2017
|
||||||||||
|
|
|
|
|
|
|
|
||||||||||
Mexico
|
|
1,721.7
|
|
1,720.4
|
|
1,774.5
|
|
|
3,496.2
|
|
3,383.4
|
|
|||||
Southern Region
|
|
604.2
|
|
599.4
|
|
645.3
|
|
|
1,249.5
|
|
1,144.5
|
|
|||||
Other Markets
|
|
995.8
|
|
321.0
|
|
1,103.0
|
|
|
2,098.7
|
|
587.7
|
|
|||||
Total steel segment
|
|
3,321.6
|
|
2,640.8
|
|
3,522.8
|
|
|
6,844.5
|
|
5,115.6
|
|
|||||
|
|
|
|
|
|
|
|
||||||||||
Total mining segment
|
|
915.6
|
|
874.5
|
|
929.3
|
|
|
1,844.9
|
|
1,737.9
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Revenue / ton
|
|
|
|
|
|
||||||||||
USD/ton
|
|
2Q 2018
|
2Q 2017
|
1Q 2018
|
|
1H 2018
|
1H 2017
|
||||||||||
|
|
|
|
|
|
|
|
||||||||||
Mexico
|
|
963
|
|
828
|
|
854
|
|
|
907
|
|
805
|
|
|||||
Southern Region
|
|
975
|
|
940
|
|
987
|
|
|
981
|
|
939
|
|
|||||
Other Markets
|
|
782
|
|
844
|
|
658
|
|
|
717
|
|
842
|
|
|||||
Total steel segment
|
|
911
|
|
855
|
|
817
|
|
|
862
|
|
839
|
|
|||||
|
|
|
|
|
|
|
|
||||||||||
Total mining segment
|
|
81
|
|
64
|
|
75
|
|
|
78
|
|
68
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Net Sales
|
|
|
|
|
|
||||||||||
USD million
|
|
2Q 2018
|
2Q 2017
|
1Q 2018
|
|
1H 2018
|
1H 2017
|
||||||||||
|
|
|
|
|
|
|
|
||||||||||
Mexico
|
|
1,657.4
|
|
1,424.2
|
|
1,515.4
|
|
|
3,172.8
|
|
2,724.0
|
|
|||||
Southern Region
|
|
589.3
|
|
563.5
|
|
637.0
|
|
|
1,226.3
|
|
1,074.9
|
|
|||||
Other Markets
|
|
778.8
|
|
270.9
|
|
725.3
|
|
|
1,504.0
|
|
494.7
|
|
|||||
Total steel products
|
|
3,025.4
|
|
2,258.6
|
|
2,877.7
|
|
|
5,903.1
|
|
4,293.6
|
|
|||||
Other products
1
|
|
108.0
|
|
64.1
|
|
83.5
|
|
|
191.4
|
|
104.2
|
|
|||||
Total steel segment
|
|
3,133.4
|
|
2,322.7
|
|
2,961.2
|
|
|
6,094.5
|
|
4,397.8
|
|
|||||
|
|
|
|
|
|
|
|
||||||||||
Total mining segment
|
|
73.7
|
|
55.6
|
|
69.7
|
|
|
143.5
|
|
118.2
|
|
|||||
|
|
|
|
|
|
|
|
||||||||||
Total steel and mining segments
|
|
3,207.1
|
|
2,378.2
|
|
3,030.9
|
|
|
6,238.0
|
|
4,515.9
|
|
|||||
|
|
|
|
|
|
|
|
||||||||||
Intersegment eliminations
|
|
(73.1)
|
|
(55.6)
|
|
(69.6)
|
|
|
(142.7)
|
|
(118.2)
|
|
|||||
|
|
|
|
|
|
|
|
||||||||||
Total net sales
|
|
3,134.0
|
|
2,322.7
|
|
2,961.3
|
|
|
6,095.3
|
|
4,397.8
|
|
1 Year Ternium Chart |
1 Month Ternium Chart |
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