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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 | |
---|---|---|---|---|---|---|---|---|
0.27 | 0.63% | 43.35 | 43.64 | 43.135 | 43.42 | 214,384 | 19:32:26 |
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 June 30, 2018
|
|
and for the six-month periods
|
|
ended on June 30 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 June 30, 2018
|
||
and for the six-month periods ended June 30, 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
|
8
|
3
|
Segment information
|
9
|
4
|
Cost of sales
|
11
|
5
|
Selling, general and administrative expenses
|
12
|
6
|
Finance expense, Finance income and Other financial income (expenses), net
|
12
|
7
|
Property, plant and equipment, net
|
12
|
8
|
Intangible assets, net
|
13
|
9
|
Investments in non-consolidated companies
|
13
|
10
|
Distribution of dividends
|
16
|
11
|
Contingencies, commitments and restrictions on the distribution of profits
|
16
|
12
|
Acquisition of business
|
21
|
13
|
Related party transactions
|
25
|
14
|
Financial instruments by category and fair value measurement
|
26
|
15
|
Changes in accounting policies
|
27
|
16
|
Hyperinflation in Argentina
|
30
|
|
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
||
(All amounts in USD thousands)
|
|
|
|
|
|
|
Three-month period ended June 30,
|
|
Six- month period ended June 30,
|
||||||||
|
|
Notes
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
||||||||
Net sales
|
|
3
|
|
3,133,957
|
|
|
2,322,656
|
|
|
6,095,270
|
|
|
4,397,764
|
|
Cost of sales
|
|
3 & 4
|
|
(2,233,024
|
)
|
|
(1,728,177
|
)
|
|
(4,436,516
|
)
|
|
(3,259,639
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross profit
|
|
3
|
|
900,933
|
|
|
594,479
|
|
|
1,658,754
|
|
|
1,138,125
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative expenses
|
|
3 & 5
|
|
(245,001
|
)
|
|
(189,048
|
)
|
|
(485,518
|
)
|
|
(361,323
|
)
|
Other operating income (expenses), net
|
|
3
|
|
(5,584
|
)
|
|
(12,609
|
)
|
|
183
|
|
|
(19,829
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income
|
|
3
|
|
650,348
|
|
|
392,822
|
|
|
1,173,419
|
|
|
756,973
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Finance expense
|
|
6
|
|
(33,294
|
)
|
|
(24,101
|
)
|
|
(67,076
|
)
|
|
(45,483
|
)
|
Finance income
|
|
6
|
|
5,468
|
|
|
4,500
|
|
|
10,604
|
|
|
9,095
|
|
Other financial income (expenses), net
|
|
6
|
|
(121,367
|
)
|
|
(47,472
|
)
|
|
(172,462
|
)
|
|
(70,623
|
)
|
Equity in earnings (losses) of non-consolidated companies
|
|
9
|
|
12,366
|
|
|
15,163
|
|
|
32,349
|
|
|
36,573
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Profit before income tax expense
|
|
|
|
513,521
|
|
|
340,912
|
|
|
976,834
|
|
|
686,535
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax expense
|
|
|
|
(175,742
|
)
|
|
(59,123
|
)
|
|
(216,960
|
)
|
|
(94,357
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Profit for the period
|
|
|
|
337,779
|
|
|
281,789
|
|
|
759,874
|
|
|
592,178
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
||||
Owners of the parent
|
|
|
|
326,570
|
|
|
249,705
|
|
|
693,294
|
|
|
511,040
|
|
Non-controlling interest
|
|
|
|
11,209
|
|
|
32,084
|
|
|
66,580
|
|
|
81,138
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Profit for the period
|
|
|
|
337,779
|
|
|
281,789
|
|
|
759,874
|
|
|
592,178
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of shares outstanding
|
|
|
|
1,963,076,776
|
|
|
1,963,076,776
|
|
|
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)
|
|
|
|
0.17
|
|
|
0.13
|
|
|
0.35
|
|
|
0.26
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
||
(All amounts in USD thousands)
|
|
|
|
|
Three-month period ended June 30,
|
|
Six- month period ended June 30,
|
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
|
|
(Unaudited)
|
|
(Unaudited)
|
||||||||
Profit for the period
|
|
337,779
|
|
|
281,789
|
|
|
759,874
|
|
|
592,178
|
|
|
|
|
|
|
|
|
|
|
||||
Items that may be reclassified subsequently to profit or loss:
|
|
|
|
|
|
|
|
|
||||
Currency translation adjustment
|
|
(209,576
|
)
|
|
(46,236
|
)
|
|
(265,896
|
)
|
|
(23,189
|
)
|
Currency translation adjustment from participation in non-consolidated companies
|
|
(68,196
|
)
|
|
(19,504
|
)
|
|
(70,942
|
)
|
|
(7,641
|
)
|
Changes in the fair value of financial instruments at fair value through other comprehensive income
|
|
(710
|
)
|
|
—
|
|
|
(940
|
)
|
|
—
|
|
Income tax related to financial instruments at fair value
|
|
57
|
|
|
—
|
|
|
111
|
|
|
—
|
|
Changes in the fair value of derivatives classified as cash flow hedges
|
|
140
|
|
|
39,407
|
|
|
243
|
|
|
39,040
|
|
Income tax related to cash flow hedges
|
|
(42
|
)
|
|
54
|
|
|
(185
|
)
|
|
43
|
|
Other comprehensive income items
|
|
—
|
|
|
(3
|
)
|
|
(305
|
)
|
|
72
|
|
Other comprehensive income items from participation in non-consolidated companies
|
|
426
|
|
|
150
|
|
|
485
|
|
|
265
|
|
Items that will not be reclassified subsequently to profit or loss:
|
|
|
|
|
|
|
|
|
||||
Remeasurement of post employment benefit obligations
|
|
1,099
|
|
|
(811
|
)
|
|
1,099
|
|
|
(1,310
|
)
|
Income tax relating to remeasurement of post employment benefit obligations
|
|
(297
|
)
|
|
—
|
|
|
(297
|
)
|
|
—
|
|
Remeasurement of post employment benefit obligations from participation in non-consolidated companies
|
|
(1,476
|
)
|
|
(198
|
)
|
|
(1,832
|
)
|
|
6,181
|
|
|
|
|
|
|
|
|
|
|
||||
Other comprehensive income (loss) for the period, net of tax
|
|
(278,575
|
)
|
|
(27,141
|
)
|
|
(338,459
|
)
|
|
13,461
|
|
|
|
|
|
|
|
|
|
|
||||
Total comprehensive income for the period
|
|
59,204
|
|
|
254,648
|
|
|
421,415
|
|
|
605,639
|
|
|
|
|
|
|
|
|
|
|
||||
Attributable to:
|
|
|
|
|
|
|
|
|
||||
Owners of the parent
|
|
133,846
|
|
|
242,026
|
|
|
462,799
|
|
|
533,768
|
|
Non-controlling interest
|
|
(74,642
|
)
|
|
12,622
|
|
|
(41,384
|
)
|
|
71,871
|
|
|
|
|
|
|
|
|
|
|
||||
Total comprehensive income for the period
|
|
59,204
|
|
|
254,648
|
|
|
421,415
|
|
|
605,639
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
||
(All amounts in USD thousands)
|
|
|
|
|
|
|
Balances as of
|
||||||||||
|
|
Notes
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||
|
|
|
|
(Unaudited)
|
|
|
|
|
||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
||||
Property, plant and equipment, net
|
|
7
|
|
5,138,794
|
|
|
|
|
5,349,753
|
|
|
|
||
Intangible assets, net
|
|
8
|
|
1,027,425
|
|
|
|
|
1,092,579
|
|
|
|
||
Investments in non-consolidated companies
|
|
9
|
|
438,347
|
|
|
|
|
478,348
|
|
|
|
||
Other investments
|
|
|
|
31,112
|
|
|
|
|
3,380
|
|
|
|
||
Deferred tax assets
|
|
|
|
129,066
|
|
|
|
|
121,092
|
|
|
|
||
Receivables, net
|
|
|
|
635,978
|
|
|
|
|
677,299
|
|
|
|
||
Trade receivables, net
|
|
|
|
5,583
|
|
|
7,406,305
|
|
|
4,832
|
|
|
7,727,283
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
||||
Receivables, net
|
|
|
|
262,744
|
|
|
|
|
362,173
|
|
|
|
||
Derivative financial instruments
|
|
|
|
1,685
|
|
|
|
|
2,304
|
|
|
|
||
Inventories, net
|
|
|
|
2,589,388
|
|
|
|
|
2,550,930
|
|
|
|
||
Trade receivables, net
|
|
|
|
1,273,727
|
|
|
|
|
1,006,598
|
|
|
|
||
Other investments
|
|
|
|
97,939
|
|
|
|
|
132,736
|
|
|
|
||
Cash and cash equivalents
|
|
|
|
229,813
|
|
|
4,455,296
|
|
|
337,779
|
|
|
4,392,520
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-current assets classified as held for sale
|
|
|
|
|
|
2,190
|
|
|
|
|
2,763
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
Total Assets
|
|
|
|
|
|
11,863,791
|
|
|
|
|
12,122,566
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
EQUITY
|
|
|
|
|
|
|
|
|
|
|
||||
Capital and reserves attributable to the owners of the parent
|
|
|
|
|
|
5,257,588
|
|
|
|
|
5,010,424
|
|
||
Non-controlling interest
|
|
|
|
|
|
772,161
|
|
|
|
|
842,347
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
Total Equity
|
|
|
|
|
|
6,029,749
|
|
|
|
|
5,852,771
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
||||
Provisions
|
|
|
|
657,068
|
|
|
|
|
768,517
|
|
|
|
||
Deferred tax liabilities
|
|
|
|
453,073
|
|
|
|
|
513,357
|
|
|
|
||
Other liabilities
|
|
|
|
365,779
|
|
|
|
|
373,046
|
|
|
|
||
Trade payables
|
|
|
|
1,054
|
|
|
|
|
2,259
|
|
|
|
||
Finance lease liabilities
|
|
|
|
67,430
|
|
|
|
|
69,005
|
|
|
|
||
Borrowings
|
|
|
|
1,512,172
|
|
|
3,056,576
|
|
|
1,716,337
|
|
|
3,442,521
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
||||
Current income tax liabilities
|
|
|
|
72,236
|
|
|
|
|
52,940
|
|
|
|
||
Other liabilities
|
|
|
|
347,667
|
|
|
|
|
357,001
|
|
|
|
||
Trade payables
|
|
|
|
1,027,256
|
|
|
|
|
897,732
|
|
|
|
||
Derivative financial instruments
|
|
|
|
49,133
|
|
|
|
|
6,001
|
|
|
|
||
Finance lease liabilities
|
|
|
|
8,030
|
|
|
|
|
8,030
|
|
|
|
||
Borrowings
|
|
|
|
1,273,144
|
|
|
2,777,466
|
|
|
1,505,570
|
|
|
2,827,274
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Liabilities
|
|
|
|
|
|
5,834,042
|
|
|
|
|
6,269,795
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
Total Equity and Liabilities
|
|
|
|
|
|
11,863,791
|
|
|
|
|
12,122,566
|
|
TERNIUM S.A.
|
||
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 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
|
|
|
|
|
|
|
|
693,294
|
|
693,294
|
|
|
66,580
|
|
|
759,874
|
|
||||||
Other comprehensive income (loss) for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Currency translation adjustment
|
|
|
|
|
|
|
(228,825
|
)
|
|
(228,825
|
)
|
|
(108,013
|
)
|
|
(336,838
|
)
|
||||||
Remeasurement of post employment benefit obligations
|
|
|
|
|
(1,022
|
)
|
|
|
|
(1,022
|
)
|
|
(8
|
)
|
|
(1,030
|
)
|
||||||
Cash flow hedges and others, net of tax
|
|
|
|
|
(154
|
)
|
|
|
|
(154
|
)
|
|
212
|
|
|
58
|
|
||||||
Others
|
|
|
|
|
(494
|
)
|
|
|
|
(494
|
)
|
|
(155
|
)
|
|
(649
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total comprehensive income for the period
|
|
—
|
|
—
|
|
—
|
|
(1,670
|
)
|
—
|
|
(228,825
|
)
|
693,294
|
|
462,799
|
|
|
(41,384
|
)
|
|
421,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends paid in cash (5)
|
|
|
|
|
|
|
|
(215,938
|
)
|
(215,938
|
)
|
|
—
|
|
|
(215,938
|
)
|
||||||
Dividends paid in cash to non-controlling interest
|
|
|
|
|
|
|
|
|
—
|
|
|
(29,006
|
)
|
|
(29,006
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance as of June 30, 2018 (unaudited)
|
|
2,004,743
|
|
(150,000
|
)
|
(23,295
|
)
|
1,414,901
|
|
(2,324,866
|
)
|
(2,632,489
|
)
|
6,968,594
|
|
5,257,588
|
|
|
772,161
|
|
|
6,029,749
|
|
TERNIUM S.A.
|
||
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 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
|
|
|
|
|
|
|
|
511,040
|
|
511,040
|
|
|
81,138
|
|
|
592,178
|
|
||||||
Other comprehensive (loss) income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Currency translation adjustment
|
|
|
|
|
|
|
(21,217
|
)
|
|
(21,217
|
)
|
|
(9,613
|
)
|
|
(30,830
|
)
|
||||||
Remeasurement of post employment benefit obligations
|
|
|
|
|
4,523
|
|
|
|
|
4,523
|
|
|
348
|
|
|
4,871
|
|
||||||
Cash flow hedges, net of tax
|
|
|
|
|
39,132
|
|
|
|
|
39,132
|
|
|
(49
|
)
|
|
39,083
|
|
||||||
Others
|
|
|
|
|
290
|
|
|
|
|
290
|
|
|
47
|
|
|
337
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total comprehensive income (loss) for the period
|
|
—
|
|
—
|
|
—
|
|
43,945
|
|
—
|
|
(21,217
|
)
|
511,040
|
|
533,768
|
|
|
71,871
|
|
|
605,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends paid in cash
|
|
|
|
|
|
|
|
(196,308
|
)
|
(196,308
|
)
|
|
—
|
|
|
(196,308
|
)
|
||||||
Dividends paid in cash to non-controlling interest
|
|
|
|
|
|
|
|
|
—
|
|
|
(30,573
|
)
|
|
(30,573
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance as of June 30, 2017 (unaudited)
|
|
2,004,743
|
|
(150,000
|
)
|
(23,295
|
)
|
1,464,116
|
|
(2,324,866
|
)
|
(2,358,146
|
)
|
6,116,206
|
|
4,728,758
|
|
|
816,593
|
|
|
5,545,351
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
||
(All amounts in USD thousands)
|
|
|
|
|
Six- month period ended June 30,
|
||||
|
|
Notes
|
|
2018
|
|
2017
|
||
|
|
|
|
(Unaudited)
|
||||
Cash flows from operating activities
|
|
|
|
|
|
|
||
Profit for the period
|
|
|
|
759,874
|
|
|
592,178
|
|
Adjustments for:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
7 & 8
|
|
279,286
|
|
|
205,637
|
|
Income tax accruals less payments
|
|
|
|
(48,465
|
)
|
|
(309,586
|
)
|
Equity in earnings of non-consolidated companies
|
|
9
|
|
(32,349
|
)
|
|
(36,573
|
)
|
Interest accruals less payments
|
|
|
|
(7,060
|
)
|
|
1,984
|
|
Changes in provisions
|
|
|
|
1,047
|
|
|
1,305
|
|
Changes in working capital (1)
|
|
|
|
(350,796
|
)
|
|
(458,502
|
)
|
Net foreign exchange results and others
|
|
|
|
140,649
|
|
|
110,015
|
|
Net cash provided by operating activities
|
|
|
|
742,186
|
|
|
106,458
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
||
Capital expenditures
|
|
7 & 8
|
|
(237,923
|
)
|
|
(182,490
|
)
|
Loans to non-consolidated companies
|
|
|
|
—
|
|
|
(23,904
|
)
|
(Increase) Decrease in other investments
|
|
|
|
6,311
|
|
|
(8,184
|
)
|
Proceeds from the sale of property, plant and equipment
|
|
|
|
440
|
|
|
358
|
|
Dividends received from non-consolidated companies
|
|
|
|
—
|
|
|
65
|
|
Net cash used in investing activities
|
|
|
|
(231,172
|
)
|
|
(214,155
|
)
|
Cash flows from financing activities
|
|
|
|
|
|
|
||
Dividends paid in cash to company’s shareholders
|
|
10
|
|
(215,938
|
)
|
|
(196,308
|
)
|
Dividends paid in cash to non-controlling interest
|
|
|
|
(29,006
|
)
|
|
(30,573
|
)
|
Finance lease payments
|
|
|
|
(3,843
|
)
|
|
(1,083
|
)
|
Proceeds from borrowings
|
|
|
|
526,046
|
|
|
858,374
|
|
Repayments of borrowings
|
|
|
|
(885,361
|
)
|
|
(527,251
|
)
|
Net cash (used in) provided by financing activities
|
|
|
|
(608,102
|
)
|
|
103,159
|
|
Decrease in cash and cash equivalents
|
|
|
|
(97,088
|
)
|
|
(4,538
|
)
|
Movement in cash and cash equivalents
|
|
|
|
|
|
|
||
At January 1,
|
|
|
|
337,779
|
|
|
183,463
|
|
Effect of exchange rate changes
|
|
|
|
(10,878
|
)
|
|
(587
|
)
|
Decrease in cash and cash equivalents
|
|
|
|
(97,088
|
)
|
|
(4,538
|
)
|
Cash and cash equivalents as of June 30, (2)
|
|
|
|
229,813
|
|
|
178,338
|
|
Non-cash transactions:
|
|
|
|
|
|
|
||
Acquisition of PP&E under lease contract agreements
|
|
|
|
—
|
|
|
76,185
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
1.
|
GENERAL INFORMATION AND BASIS OF PRESENTATION
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
3.
|
SEGMENT INFORMATION
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
3.
|
SEGMENT INFORMATION (continued)
|
|
|
Six- month period ended June 30, 2018 (Unaudited)
|
||||||||||
|
|
Steel
|
|
Mining
|
|
Inter-segment eliminations
|
|
Total
|
||||
IFRS
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
6,094,524
|
|
|
143,469
|
|
|
(142,723
|
)
|
|
6,095,270
|
|
Cost of sales
|
|
(4,477,764
|
)
|
|
(107,745
|
)
|
|
148,993
|
|
|
(4,436,516
|
)
|
Gross profit
|
|
1,616,760
|
|
|
35,724
|
|
|
6,270
|
|
|
1,658,754
|
|
Selling, general and administrative expenses
|
|
(476,843
|
)
|
|
(8,675
|
)
|
|
—
|
|
|
(485,518
|
)
|
Other operating income, net
|
|
(431
|
)
|
|
614
|
|
|
—
|
|
|
183
|
|
Operating income - IFRS
|
|
1,139,486
|
|
|
27,663
|
|
|
6,270
|
|
|
1,173,419
|
|
Management view
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
6,094,524
|
|
|
173,030
|
|
|
(172,284
|
)
|
|
6,095,270
|
|
Operating income
|
|
830,873
|
|
|
61,558
|
|
|
(5,386
|
)
|
|
887,045
|
|
Reconciliation items:
|
|
|
|
|
|
|
|
|
||||
Differences in Cost of sales
|
|
|
|
|
|
|
|
286,374
|
|
|||
Operating income - IFRS
|
|
|
|
|
|
|
|
1,173,419
|
|
|||
Financial income (expense), net
|
|
|
|
|
|
|
|
(228,934
|
)
|
|||
Equity in earnings of non-consolidated companies
|
|
|
|
|
|
|
|
32,349
|
|
|||
Income before income tax expense - IFRS
|
|
|
|
|
|
|
|
976,834
|
|
|||
Depreciation and amortization - IFRS
|
|
(251,970
|
)
|
|
(27,316
|
)
|
|
—
|
|
|
(279,286
|
)
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
Six- month period ended June 30, 2017 (Unaudited)
|
||||||||||
|
|
Steel
|
|
Mining
|
|
Inter-segment eliminations
|
|
Total
|
||||
IFRS
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
4,397,752
|
|
|
118,165
|
|
|
(118,153
|
)
|
|
4,397,764
|
|
Cost of sales
|
|
(3,274,549
|
)
|
|
(102,326
|
)
|
|
117,236
|
|
|
(3,259,639
|
)
|
Gross profit
|
|
1,123,203
|
|
|
15,839
|
|
|
(917
|
)
|
|
1,138,125
|
|
Selling, general and administrative expenses
|
|
(356,077
|
)
|
|
(5,246
|
)
|
|
—
|
|
|
(361,323
|
)
|
Other operating income, net
|
|
(20,145
|
)
|
|
316
|
|
|
—
|
|
|
(19,829
|
)
|
Operating income - IFRS
|
|
746,981
|
|
|
10,909
|
|
|
(917
|
)
|
|
756,973
|
|
Management view
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
4,302,716
|
|
|
132,002
|
|
|
(131,990
|
)
|
|
4,302,728
|
|
Operating income
|
|
476,541
|
|
|
25,996
|
|
|
3,081
|
|
|
505,618
|
|
Reconciliation items:
|
|
|
|
|
|
|
|
|
||||
Differences in Cost of sales
|
|
|
|
|
|
|
|
251,355
|
|
|||
Operating income - IFRS
|
|
|
|
|
|
|
|
756,973
|
|
|||
Financial income (expense), net
|
|
|
|
|
|
|
|
(107,011
|
)
|
|||
Equity in earnings of non-consolidated companies
|
|
|
|
|
|
|
|
36,573
|
|
|||
Income before income tax expense - IFRS
|
|
|
|
|
|
|
|
686,535
|
|
|||
Depreciation and amortization - IFRS
|
|
(182,378
|
)
|
|
(23,259
|
)
|
|
—
|
|
|
(205,637
|
)
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
|
|
Six- month period ended June 30, 2018 (Unaudited)
|
||||||||||
|
|
Mexico
|
|
Southern region
|
|
Other markets (2)
|
|
Total
|
||||
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
3,285,070
|
|
|
1,229,561
|
|
|
1,580,639
|
|
|
6,095,270
|
|
|
|
|
|
|
|
|
|
|
||||
Non-current assets (1)
|
|
4,032,648
|
|
|
436,283
|
|
|
1,697,288
|
|
|
6,166,219
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Six- month period ended June 30, 2017 (Unaudited)
|
||||||||||
|
|
Mexico
|
|
Southern region
|
|
Other markets
|
|
Total
|
||||
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
2,827,339
|
|
|
1,075,600
|
|
|
494,825
|
|
|
4,397,764
|
|
|
|
|
|
|
|
|
|
|
||||
Non-current assets (1)
|
|
4,056,941
|
|
|
704,473
|
|
|
230,693
|
|
|
4,992,107
|
|
|
|
|
|
|
|
|
|
|
||||
(1) Includes Property, plant and equipment and Intangible assets.
|
|
|
|
|
||||||||
(2) Includes the assets related to the business acquisition disclosed in note 12.
|
|
|
4.
|
COST OF SALES
|
|
|
Six- month period ended June 30,
|
||||
|
|
2018
|
|
2017
|
||
|
|
(Unaudited)
|
||||
Inventories at the beginning of the year
|
|
2,550,930
|
|
|
1,647,869
|
|
Translation differences
|
|
(276,369
|
)
|
|
(27,259
|
)
|
Plus: Charges for the period
|
|
|
|
|
||
Raw materials and consumables used and
other movements |
|
3,786,830
|
|
|
2,862,870
|
|
Services and fees
|
|
84,991
|
|
|
44,262
|
|
Labor cost
|
|
378,672
|
|
|
299,417
|
|
Depreciation of property, plant and equipment
|
|
196,110
|
|
|
160,896
|
|
Amortization of intangible assets
|
|
14,142
|
|
|
20,374
|
|
Maintenance expenses
|
|
280,911
|
|
|
205,420
|
|
Office expenses
|
|
4,304
|
|
|
3,282
|
|
Insurance
|
|
4,159
|
|
|
4,096
|
|
Change of obsolescence allowance
|
|
5,077
|
|
|
2,428
|
|
Recovery from sales of scrap and by-products
|
|
(13,058
|
)
|
|
(13,360
|
)
|
Others
|
|
9,205
|
|
|
12,966
|
|
Less: Inventories at the end of the period
|
|
(2,589,388
|
)
|
|
(1,963,622
|
)
|
Cost of Sales
|
|
4,436,516
|
|
|
3,259,639
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
5.
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
|
Six- month period ended June 30,
|
|||
|
2018
|
|
2017
|
|
|
(Unaudited)
|
|||
Services and fees
|
41,160
|
|
39,506
|
|
Labor cost
|
129,909
|
|
108,303
|
|
Depreciation of property, plant and equipment
|
5,826
|
|
5,720
|
|
Amortization of intangible assets
|
63,208
|
|
18,647
|
|
Maintenance and expenses
|
2,780
|
|
2,502
|
|
Taxes
|
52,467
|
|
42,427
|
|
Office expenses
|
19,582
|
|
17,003
|
|
Freight and transportation
|
160,047
|
|
121,194
|
|
Increase (decrease) of allowance for doubtful accounts
|
1,707
|
|
(280
|
)
|
Others
|
8,832
|
|
6,301
|
|
Selling, general and administrative expenses
|
485,518
|
|
361,323
|
|
6.
|
FINANCE EXPENSE, FINANCE INCOME AND OTHER FINANCIAL INCOME (EXPENSES), NET
|
|
Six- month period ended June 30,
|
||||
|
2018
|
|
2017
|
||
|
(Unaudited)
|
||||
Interest expense
|
(67,076
|
)
|
|
(45,483
|
)
|
|
|
|
|
||
Finance expense
|
(67,076
|
)
|
|
(45,483
|
)
|
|
|
|
|
||
Interest income
|
10,604
|
|
|
9,095
|
|
|
|
|
|
||
Finance income
|
10,604
|
|
|
9,095
|
|
|
|
|
|
||
Net foreign exchange gain (loss)
|
(110,922
|
)
|
|
(79,183
|
)
|
Change in fair value of financial assets
|
—
|
|
|
(454
|
)
|
Derivative contract results
|
(73,636
|
)
|
|
9,986
|
|
Others
|
12,096
|
|
|
(972
|
)
|
|
|
|
|
||
Other financial income (expenses), net
|
(172,462
|
)
|
|
(70,623
|
)
|
|
Six- month period ended June 30,
|
||
|
2018
|
|
2017
|
|
(Unaudited)
|
||
At the beginning of the year
|
5,349,753
|
|
4,135,977
|
|
|
|
|
Currency translation differences
|
(217,740)
|
|
(32,301)
|
Additions
|
221,295
|
|
245,580
|
Disposals
|
(12,351)
|
|
(22,321)
|
Depreciation charge
|
(201,936)
|
|
(166,616)
|
Transfers and reclassifications
|
(227)
|
|
(104)
|
At the end of the period
|
5,138,794
|
|
4,160,215
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
|
Six- month period ended June 30,
|
||||
|
2018
|
|
2017
|
||
|
(Unaudited)
|
||||
At the beginning of the year
|
1,092,579
|
|
|
842,557
|
|
|
|
|
|
||
Acquisition of business
|
—
|
|
|
—
|
|
Currency translation differences
|
(4659)
|
|
|
(457)
|
|
Additions
|
16,628
|
|
|
28,813
|
|
Amortization charge
|
(77,350)
|
|
|
(39,021)
|
|
Transfers/Disposals
|
227
|
|
|
—
|
|
At the end of the period
|
1,027,425
|
|
|
831,892
|
|
9.
|
INVESTMENTS IN NON-CONSOLIDATED COMPANIES
|
Company
|
|
Country of incorporation
|
|
Main activity
|
|
Voting rights as of
|
|
Value as of
|
||||
|
|
|
June 30, 2018
|
|
December 31, 2017
|
|
June 30, 2018
|
|
December 31, 2017
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Usinas Siderurgicas de Minas Gerais S.A. - USIMINAS
|
|
Brazil
|
|
Manufacturing and selling of steel products
|
|
34.39%
|
|
34.39%
|
|
424,976
|
|
466,299
|
Other non-consolidated companies (1)
|
|
|
|
|
|
|
|
|
|
13,371
|
|
12,049
|
|
|
|
|
|
|
|
|
|
|
438,347
|
|
478,348
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
Usiminas' shareholders' equity
|
|
3,597,542
|
|
Percentage of interest of the Company over shareholders' equity
|
|
20.47
|
%
|
|
|
|
|
Interest of the Company over shareholders' equity
|
|
735,363
|
|
|
|
|
|
Purchase price allocation
|
|
71,573
|
|
Goodwill
|
|
269,576
|
|
Impairment
|
|
(651,536
|
)
|
|
|
|
|
Total Investment in Usiminas
|
|
424,976
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
|
|
USIMINAS
|
Summarized balance sheet (in million USD)
|
|
As of June 30, 2018
|
Assets
|
|
|
Non-current
|
|
4,782
|
Current
|
|
1,500
|
Other current investments
|
|
136
|
Cash and cash equivalents
|
|
150
|
|
|
|
Total Assets
|
|
6,568
|
Liabilities
|
|
|
Non-current
|
|
550
|
Non-current borrowings
|
|
1,509
|
Current
|
|
546
|
Current borrowings
|
|
5
|
|
|
|
Total Liabilities
|
|
2,610
|
|
|
|
Minority interest
|
|
360
|
|
|
|
Shareholders' equity
|
|
3,598
|
|
|
|
|
|
USIMINAS
|
Summarized income statement (in million USD)
|
|
Six- month period ended June 30, 2018
|
|
|
|
Net sales
|
|
1,889
|
Cost of sales
|
|
(1,539)
|
Gross Profit
|
|
350
|
Selling, general and administrative expenses
|
|
(107)
|
Other operating income, net
|
|
(86)
|
Operating income
|
|
157
|
Financial expenses, net
|
|
(118)
|
Equity in earnings of associated companies
|
|
23
|
Profit before income tax
|
|
62
|
Income tax expense
|
|
(18)
|
Net profit before minority interest
|
|
44
|
Minority interest in other subsidiaries
|
|
(9)
|
Net profit for the period
|
|
35
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
11.
|
CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
11.
|
CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
11.
|
CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
11.
|
CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
11.
|
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
|
12.
|
ACQUISITION OF BUSINESS
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
Fair value of acquired assets and liabilities:
|
|
|
|
|
|
|
|
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 June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
|
Six- month period ended June 30,
|
||||
|
2018
|
|
2017
|
||
|
(Unaudited)
|
||||
(i) Transactions
|
|
|
|
||
(a) Sales of goods and services
|
|
|
|
||
Sales of goods to non-consolidated parties
|
408,471
|
|
|
95,036
|
|
Sales of goods to other related parties
|
79,923
|
|
|
77,018
|
|
Sales of services and others to non-consolidated parties
|
88
|
|
|
89
|
|
Sales of services and others to other related parties
|
589
|
|
|
239
|
|
|
|
|
|
||
|
489,071
|
|
|
172,382
|
|
(b) Purchases of goods and services
|
|
|
|
||
Purchases of goods from non-consolidated parties
|
234,791
|
|
|
203,086
|
|
Purchases of goods from other related parties
|
26,887
|
|
|
28,361
|
|
Purchases of services and others from non-consolidated parties
|
5,616
|
|
|
6,011
|
|
Purchases of services and others from other related parties
|
47,984
|
|
|
59,331
|
|
|
|
|
|
||
|
315,278
|
|
|
296,789
|
|
(c) Financial results
|
|
|
|
||
Income with non-consolidated parties
|
4,177
|
|
|
3,622
|
|
|
|
|
|
||
|
4,177
|
|
|
3,622
|
|
(d) Dividends received
|
|
|
|
||
Dividends received from non-consolidated parties
|
—
|
|
|
65
|
|
|
|
|
|
||
|
—
|
|
|
65
|
|
(e) Other income and expenses
|
|
|
|
||
Income (expenses), net with non-consolidated parties
|
143
|
|
|
1,928
|
|
Income (expenses), net with other related parties
|
408
|
|
|
274
|
|
|
|
|
|
||
|
551
|
|
|
2,202
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||
|
(Unaudited)
|
|
|
||
|
|
|
|
||
(ii) Period-end balances
|
|
|
|
||
(a) Arising from sales/purchases of goods/services
|
|
|
|
||
Receivables from non-consolidated parties
|
191,306
|
|
|
223,847
|
|
Receivables from other related parties
|
10,644
|
|
|
29,033
|
|
Advances to suppliers with other related parties
|
1,606
|
|
|
3,255
|
|
Payables to non-consolidated parties
|
(29,365
|
)
|
|
(24,570
|
)
|
Payables to other related parties
|
(19,064
|
)
|
|
(21,547
|
)
|
|
|
|
|
||
|
155,127
|
|
|
210,018
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
1)
|
Financial instruments by category
|
As of June 30, 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
|
|
419,673
|
|
|
—
|
|
|
—
|
|
|
419,673
|
|
Derivative financial instruments
|
|
—
|
|
|
1,685
|
|
|
—
|
|
|
1,685
|
|
Trade receivables
|
|
1,279,310
|
|
|
—
|
|
|
—
|
|
|
1,279,310
|
|
Other investments
|
|
39,036
|
|
|
—
|
|
|
89,763
|
|
|
128,799
|
|
Cash and cash equivalents
|
|
124,298
|
|
|
105,515
|
|
|
—
|
|
|
229,813
|
|
|
|
|
|
|
|
|
|
|
||||
Total
|
|
1,862,317
|
|
|
107,200
|
|
|
89,763
|
|
|
2,059,280
|
|
|
|
|
|
|
|
|
|
|
||||
As of June 30, 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
|
|
105,853
|
|
|
—
|
|
|
|
|
105,853
|
|
|
Trade payables
|
|
992,864
|
|
|
—
|
|
|
|
|
992,864
|
|
|
Derivative financial instruments
|
|
—
|
|
|
49,133
|
|
|
|
|
49,133
|
|
|
Finance lease liabilities
|
|
75,460
|
|
|
—
|
|
|
|
|
75,460
|
|
|
Borrowings
|
|
2,785,316
|
|
|
—
|
|
|
|
|
2,785,316
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total
|
|
3,959,493
|
|
|
49,133
|
|
|
|
|
4,008,626
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
2)
|
Fair Value by Hierarchy
|
|
|
Fair value measurement as of June 30, 2018 (in USD thousands):
|
|||||||
Description
|
|
Total
|
|
Level 1
|
|
Level 2
|
|||
|
|
|
|
|
|
|
|||
Financial assets at fair value through profit or loss / OCI
|
|
|
|
|
|
|
|||
Cash and cash equivalents
|
|
105,515
|
|
|
105,515
|
|
|
—
|
|
Other investments
|
|
89,763
|
|
|
89,763
|
|
|
—
|
|
Derivative financial instruments
|
|
1,685
|
|
|
—
|
|
|
1,685
|
|
|
|
|
|
|
|
|
|||
Total assets
|
|
196,963
|
|
|
195,278
|
|
|
1,685
|
|
|
|
|
|
|
|
|
|||
Financial liabilities at fair value through profit or loss / OCI
|
|
|
|
|
|
|
|||
Derivative financial instruments
|
|
49,133
|
|
|
—
|
|
|
49,133
|
|
|
|
|
|
|
|
|
|||
Total liabilities
|
|
49,133
|
|
|
—
|
|
|
49,133
|
|
|
|
|
|
|
|
|
|||
|
|
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 June 30, 2018
|
||
and for the six-month periods ended June 30, 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 June 30, 2018
|
||
and for the six-month periods ended June 30, 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
|
)
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of June 30, 2018
|
||
and for the six-month periods ended June 30, 2018 and 2017
|
|
|
Pablo Brizzio
|
|
|
|
|
Chief Financial Officer
|
|
|
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