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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 40.29 | 0 | 09:00:05 |
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, 2020
|
|
and for the three-month periods
|
|
ended on March 31, 2020 and 2019
|
|
|
|
26 Boulevard Royal, 4th floor
|
|
L – 2449 Luxembourg
|
|
R.C.S. Luxembourg: B 98 668
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
|
Page
|
||
|
|
||
3
|
|
||
4
|
|
||
Consolidated Condensed Interim Statements of Financial Position
|
5
|
|
|
Consolidated Condensed Interim Statements of Changes in Equity
|
6
|
|
|
Consolidated Condensed Interim Statements of Cash Flows
|
8
|
|
|
Notes to the Consolidated Condensed Interim Financial Statements
|
|
||
1
|
General information and basis of presentation
|
9
|
|
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
|
15
|
|
11
|
Related party transactions
|
19
|
|
12
|
Financial instruments by category and fair value measurement
|
20
|
|
13
|
Information related to Covid-19 pandemic
|
21
|
|
|
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
||
(All amounts in USD thousands)
|
|
|
|
|
|
|
Three-month period ended
March 31, |
|
||||
|
|
Notes
|
|
2020
|
|
2019
|
|
||
|
|
|
|
(Unaudited)
|
|
||||
Net sales
|
|
3
|
|
2,271,355
|
|
|
2,735,828
|
|
|
Cost of sales
|
|
3 & 4
|
|
(1,920,477
|
)
|
|
(2,215,047
|
)
|
|
|
|
|
|
|
|
|
|
||
Gross profit
|
|
3
|
|
350,878
|
|
|
520,781
|
|
|
|
|
|
|
|
|
|
|
||
Selling, general and administrative expenses
|
|
3 & 5
|
|
(211,591
|
)
|
|
(219,049
|
)
|
|
Other operating income (expenses), net
|
|
3
|
|
(3,611
|
)
|
|
5,553
|
|
|
|
|
|
|
|
|
|
|
||
Operating income
|
|
3
|
|
135,676
|
|
|
307,285
|
|
|
|
|
|
|
|
|
|
|
||
Finance expense
|
|
6
|
|
(16,293
|
)
|
|
(19,762
|
)
|
|
Finance income
|
|
6
|
|
7,948
|
|
|
5,883
|
|
|
Other financial income (expenses), net
|
|
6
|
|
114,500
|
|
|
(13,053
|
)
|
|
Equity in earnings of non-consolidated companies
|
|
9
|
|
6,086
|
|
|
14,878
|
|
|
|
|
|
|
|
|
|
|
||
Profit before income tax expense
|
|
|
|
247,917
|
|
|
295,231
|
|
|
|
|
|
|
|
|
|
|
||
Income tax expense
|
|
|
|
(267,282
|
)
|
|
(70,284
|
)
|
|
|
|
|
|
|
|
|
|
||
(Loss) Profit for the period
|
|
|
|
(19,365
|
)
|
|
224,947
|
|
|
|
|
|
|
|
|
|
|
||
Attributable to:
|
|
|
|
|
|
|
|
||
Owners of the parent
|
|
|
|
(11,582
|
)
|
|
218,230
|
|
|
Non-controlling interest
|
|
|
|
(7,783
|
)
|
|
6,717
|
|
|
|
|
|
|
|
|
|
|
||
(Loss) Profit for the period
|
|
|
|
(19,365
|
)
|
|
224,947
|
|
|
|
|
|
|
|
|
|
|
||
Weighted average number of shares outstanding
|
|
|
|
1,963,076,776
|
|
|
1,963,076,776
|
|
|
|
|
|
|
|
|
|
|
||
Basic and diluted (losses) earnings per share for (loss) profit attributable to the equity holders of the company (expressed in $ per share)
|
|
|
|
(0.01
|
)
|
|
0.11
|
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
||
(All amounts in USD thousands)
|
|
|
|
|
Three-month period ended March 31,
|
|
||||
|
|
2020
|
|
2019
|
|
||
|
|
(Unaudited)
|
|
||||
(Loss) Profit for the period
|
|
(19,365
|
)
|
|
224,947
|
|
|
|
|
|
|
|
|
||
Items that may be reclassified subsequently to profit or loss:
|
|
|
|
|
|
||
Currency translation adjustment
|
|
(3,152
|
)
|
|
(44,707
|
)
|
|
Currency translation adjustment from participation in non-consolidated companies
|
|
(110,161
|
)
|
|
(3,284
|
)
|
|
Changes in the fair value of financial instruments at fair value through other comprehensive income
|
|
69
|
|
|
32
|
|
|
Changes in the fair value of derivatives classified as cash flow hedges
|
|
(407
|
)
|
|
(268
|
)
|
|
Income tax related to cash flow hedges
|
|
122
|
|
|
80
|
|
|
Other comprehensive income items from participation in non-consolidated companies
|
|
—
|
|
|
67
|
|
|
Items that will not be reclassified subsequently to profit or loss:
|
|
|
|
|
|
||
Remeasurement of post employment benefit obligations from participation in non-consolidated companies
|
|
(57
|
)
|
|
(157
|
)
|
|
|
|
|
|
|
|
||
Other comprehensive loss for the period, net of tax
|
|
(113,586
|
)
|
|
(48,237
|
)
|
|
|
|
|
|
|
|
||
Total comprehensive (loss) income for the period
|
|
(132,951
|
)
|
|
176,710
|
|
|
|
|
|
|
|
|
||
Attributable to:
|
|
|
|
|
|
||
Owners of the parent
|
|
(116,621
|
)
|
|
187,717
|
|
|
Non-controlling interest
|
|
(16,330
|
)
|
|
(11,007
|
)
|
|
|
|
|
|
|
|
||
Total comprehensive (loss) income for the period
|
|
(132,951
|
)
|
|
176,710
|
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
||
(All amounts in USD thousands)
|
|
|
|
|
|
|
Balances as of
|
||||||||||
|
|
Notes
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||
|
|
|
|
(Unaudited)
|
|
|
|
|
||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
||||
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
||||
Property, plant and equipment, net
|
|
7
|
|
6,636,339
|
|
|
|
|
6,539,581
|
|
|
|
||
Intangible assets, net
|
|
8
|
|
927,778
|
|
|
|
|
943,838
|
|
|
|
||
Investments in non-consolidated companies
|
|
9
|
|
409,517
|
|
|
|
|
513,648
|
|
|
|
||
Other investments
|
|
|
|
3,225
|
|
|
|
|
3,253
|
|
|
|
||
Deferred tax assets
|
|
|
|
119,754
|
|
|
|
|
163,538
|
|
|
|
||
Receivables, net
|
|
|
|
506,221
|
|
|
|
|
592,565
|
|
|
|
||
Trade receivables, net
|
|
|
|
393
|
|
|
8,603,227
|
|
|
897
|
|
|
8,757,320
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
||||
Receivables, net
|
|
|
|
220,051
|
|
|
|
|
334,713
|
|
|
|
||
Derivative financial instruments
|
|
|
|
17,260
|
|
|
|
|
1,196
|
|
|
|
||
Inventories, net
|
|
|
|
2,083,584
|
|
|
|
|
2,158,298
|
|
|
|
||
Trade receivables, net
|
|
|
|
990,993
|
|
|
|
|
949,672
|
|
|
|
||
Other investments
|
|
|
|
115,245
|
|
|
|
|
212,271
|
|
|
|
||
Cash and cash equivalents
|
|
|
|
906,391
|
|
|
4,333,524
|
|
|
519,965
|
|
|
4,176,115
|
|
Non-current assets classified as held for sale
|
|
|
|
|
|
2,063
|
|
|
|
|
2,098
|
|
||
|
|
|
|
|
|
4,335,587
|
|
|
|
|
4,178,213
|
|
||
Total Assets
|
|
|
|
|
|
12,938,814
|
|
|
|
|
12,935,533
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
EQUITY
|
|
|
|
|
|
|
|
|
|
|
||||
Capital and reserves attributable to the owners of the parent
|
|
|
|
|
|
6,499,830
|
|
|
|
|
6,611,665
|
|
||
Non-controlling interest
|
|
|
|
|
|
1,077,620
|
|
|
|
|
1,103,208
|
|
||
Total Equity
|
|
|
|
|
|
7,577,450
|
|
|
|
|
7,714,873
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
||||
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
||||
Provisions
|
|
|
|
475,389
|
|
|
|
|
613,352
|
|
|
|
||
Deferred tax liabilities
|
|
|
|
571,129
|
|
|
|
|
403,278
|
|
|
|
||
Other liabilities
|
|
|
|
425,168
|
|
|
|
|
507,603
|
|
|
|
||
Trade payables
|
|
|
|
939
|
|
|
|
|
1,174
|
|
|
|
||
Derivative financial instruments
|
|
|
|
482
|
|
|
|
|
17
|
|
|
|
||
Lease liabilities
|
|
|
|
273,186
|
|
|
|
|
298,219
|
|
|
|
||
Borrowings
|
|
|
|
1,614,419
|
|
|
3,360,712
|
|
|
1,628,892
|
|
|
3,452,535
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
||||
Current income tax liabilities
|
|
|
|
42,071
|
|
|
|
|
47,053
|
|
|
|
||
Other liabilities
|
|
|
|
228,547
|
|
|
|
|
240,934
|
|
|
|
||
Trade payables
|
|
|
|
994,111
|
|
|
|
|
876,803
|
|
|
|
||
Derivative financial instruments
|
|
|
|
707
|
|
|
|
|
3,007
|
|
|
|
||
Lease liabilities
|
|
|
|
40,385
|
|
|
|
|
40,546
|
|
|
|
||
Borrowings
|
|
|
|
694,831
|
|
|
2,000,652
|
|
|
559,782
|
|
|
1,768,125
|
|
Total Liabilities
|
|
|
|
|
|
5,361,364
|
|
|
|
|
5,220,660
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
Total Equity and Liabilities
|
|
|
|
|
|
12,938,814
|
|
|
|
|
12,935,533
|
|
TERNIUM S.A.
|
||
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
||
(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, 2020
|
|
2,004,743
|
|
(150,000
|
)
|
(23,295
|
)
|
1,332,980
|
|
(2,324,866
|
)
|
(2,760,046
|
)
|
8,532,149
|
|
6,611,665
|
|
|
1,103,208
|
|
|
7,714,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loss for the period
|
|
|
|
|
|
|
|
(11,582
|
)
|
(11,582
|
)
|
|
(7,783
|
)
|
|
(19,365
|
)
|
||||||
Other comprehensive loss for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Currency translation adjustment
|
|
|
|
|
|
|
(104,913
|
)
|
|
(104,913
|
)
|
|
(8,400
|
)
|
|
(113,313
|
)
|
||||||
Remeasurement of post employment benefit obligations
|
|
|
|
|
(51
|
)
|
|
|
|
(51
|
)
|
|
(6
|
)
|
|
(57
|
)
|
||||||
Cash flow hedges and others, net of tax
|
|
|
|
|
(145
|
)
|
|
|
|
(145
|
)
|
|
(140
|
)
|
|
(285
|
)
|
||||||
Others
|
|
|
|
|
70
|
|
|
|
|
70
|
|
|
(1
|
)
|
|
69
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total comprehensive loss for the period
|
|
—
|
|
—
|
|
—
|
|
(126
|
)
|
—
|
|
(104,913
|
)
|
(11,582
|
)
|
(116,621
|
)
|
|
(16,330
|
)
|
|
(132,951
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquisition of non-controlling interest (5)
|
|
|
|
|
4,786
|
|
|
|
|
4,786
|
|
|
(9,258
|
)
|
|
(4,472
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance as of March 31, 2020 (unaudited)
|
|
2,004,743
|
|
(150,000
|
)
|
(23,295
|
)
|
1,337,640
|
|
(2,324,866
|
)
|
(2,864,959
|
)
|
8,520,567
|
|
6,499,830
|
|
|
1,077,620
|
|
|
7,577,450
|
|
TERNIUM S.A.
|
||
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
||
(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, 2019
|
|
2,004,743
|
|
(150,000
|
)
|
(23,295
|
)
|
1,385,701
|
|
(2,324,866
|
)
|
(2,702,477
|
)
|
8,203,449
|
|
6,393,255
|
|
|
1,091,321
|
|
|
7,484,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Profit for the period
|
|
|
|
|
|
|
|
218,230
|
|
218,230
|
|
|
6,717
|
|
|
224,947
|
|
||||||
Other comprehensive income (loss) for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Currency translation adjustment
|
|
|
|
|
|
|
(30,261
|
)
|
|
(30,261
|
)
|
|
(17,730
|
)
|
|
(47,991
|
)
|
||||||
Remeasurement of post employment benefit obligations
|
|
|
|
|
(231
|
)
|
|
|
|
(231
|
)
|
|
74
|
|
|
(157
|
)
|
||||||
Cash flow hedges, net of tax
|
|
|
|
|
(96
|
)
|
|
|
|
(96
|
)
|
|
(92
|
)
|
|
(188
|
)
|
||||||
Others
|
|
|
|
|
75
|
|
|
|
|
75
|
|
|
24
|
|
|
99
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total comprehensive income (loss) for the period
|
|
—
|
|
—
|
|
—
|
|
(252
|
)
|
—
|
|
(30,261
|
)
|
218,230
|
|
187,717
|
|
|
(11,007
|
)
|
|
176,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance as of March 31, 2019 (unaudited)
|
|
2,004,743
|
|
(150,000
|
)
|
(23,295
|
)
|
1,385,449
|
|
(2,324,866
|
)
|
(2,732,738
|
)
|
8,421,679
|
|
6,580,973
|
|
|
1,080,315
|
|
|
7,661,287
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
||
(All amounts in USD thousands)
|
|
|
|
|
Three- month period ended March 31,
|
||||
|
|
Notes
|
|
2020
|
|
2019
|
||
|
|
|
|
(Unaudited)
|
||||
Cash flows from operating activities
|
|
|
|
|
|
|
||
(Loss) Profit for the period
|
|
|
|
(19,365
|
)
|
|
224,947
|
|
Adjustments for:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
7 & 8
|
|
166,392
|
|
|
162,740
|
|
Income tax accruals less payments
|
|
|
|
223,997
|
|
|
(59,432
|
)
|
Equity in earnings of non-consolidated companies
|
|
9
|
|
(6,086
|
)
|
|
(14,878
|
)
|
Interest accruals less payments
|
|
|
|
1,303
|
|
|
(3,385
|
)
|
Changes in provisions
|
|
|
|
(651
|
)
|
|
(4,368
|
)
|
Changes in working capital (1)
|
|
|
|
181,767
|
|
|
181,579
|
|
Net foreign exchange results and others
|
|
|
|
(104,582
|
)
|
|
(11,727
|
)
|
Net cash provided by operating activities
|
|
|
|
442,775
|
|
|
475,476
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
||
Capital expenditures
|
|
7 & 8
|
|
(257,582
|
)
|
|
(209,872
|
)
|
Recovery of loans to non-consolidated companies
|
|
|
|
—
|
|
|
24,480
|
|
Decrease (Increase) in other investments
|
|
|
|
97,054
|
|
|
(17,276
|
)
|
Proceeds from the sale of property, plant and equipment
|
|
|
|
156
|
|
|
199
|
|
Acquisition of non-controlling interest
|
|
|
|
(4,472
|
)
|
|
—
|
|
Net cash used in investing activities
|
|
|
|
(164,844
|
)
|
|
(202,469
|
)
|
Cash flows from financing activities
|
|
|
|
|
|
|
||
Finance lease payments
|
|
|
|
(10,511
|
)
|
|
(9,712
|
)
|
Proceeds from borrowings
|
|
|
|
190,615
|
|
|
166,145
|
|
Repayments of borrowings
|
|
|
|
(60,709
|
)
|
|
(210,064
|
)
|
Net cash provided by (used in) financing activities
|
|
|
|
119,395
|
|
|
(53,631
|
)
|
Increase in cash and cash equivalents
|
|
|
|
397,326
|
|
|
219,376
|
|
Movement in cash and cash equivalents
|
|
|
|
|
|
|
||
At January 1,
|
|
|
|
519,965
|
|
|
250,541
|
|
Effect of exchange rate changes and inflation adjustment
|
|
|
|
(10,900
|
)
|
|
(5,580
|
)
|
Increase in cash and cash equivalents
|
|
|
|
397,326
|
|
|
219,376
|
|
Cash and cash equivalents as of March 31, (2)
|
|
|
|
906,391
|
|
|
464,337
|
|
|
|
|
|
|
|
|
||
Non-cash transactions:
|
|
|
|
|
|
|
||
Acquisition of PP&E under lease contract agreements
|
|
|
|
1,157
|
|
|
11,518
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
1.
|
GENERAL INFORMATION AND BASIS OF PRESENTATION
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
|
|
Three- month period ended March 31, 2020 (Unaudited)
|
||||||||||
|
|
Steel
|
|
Mining
|
|
Inter-segment eliminations
|
|
Total
|
||||
IFRS
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
2,254,104
|
|
|
94,265
|
|
|
(77,014
|
)
|
|
2,271,355
|
|
Cost of sales
|
|
(1,913,761
|
)
|
|
(85,488
|
)
|
|
78,772
|
|
|
(1,920,477
|
)
|
Gross profit
|
|
340,343
|
|
|
8,776
|
|
|
1,758
|
|
|
350,878
|
|
Selling, general and administrative expenses
|
|
(207,786
|
)
|
|
(3,805
|
)
|
|
—
|
|
|
(211,591
|
)
|
Other operating income, net
|
|
(3,766
|
)
|
|
155
|
|
|
—
|
|
|
(3,611
|
)
|
Operating income - IFRS
|
|
128,792
|
|
|
5,126
|
|
|
1,758
|
|
|
135,676
|
|
Management view
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
2,254,104
|
|
|
93,481
|
|
|
(76,230
|
)
|
|
2,271,355
|
|
Operating income
|
|
191,189
|
|
|
26,214
|
|
|
1,611
|
|
|
219,015
|
|
Reconciliation items:
|
|
|
|
|
|
|
|
|
||||
Differences in Cost of sales
|
|
|
|
|
|
|
|
(83,339
|
)
|
|||
Operating income - IFRS
|
|
|
|
|
|
|
|
135,676
|
|
|||
Financial income (expense), net
|
|
|
|
|
|
|
|
106,155
|
|
|||
Equity in earnings of non-consolidated companies
|
|
|
|
|
|
|
|
6,086
|
|
|||
Income before income tax expense - IFRS
|
|
|
|
|
|
|
|
247,917
|
|
|||
Depreciation and amortization - IFRS
|
|
(155,095
|
)
|
|
(11,297
|
)
|
|
—
|
|
|
(166,392
|
)
|
|
|
Three- month period ended March 31, 2019 (Unaudited)
|
||||||||||
|
|
Steel
|
|
Mining
|
|
Inter-segment eliminations
|
|
Total
|
||||
IFRS
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
2,735,816
|
|
|
75,783
|
|
|
(75,771
|
)
|
|
2,735,828
|
|
Cost of sales
|
|
(2,232,841
|
)
|
|
(61,633
|
)
|
|
79,427
|
|
|
(2,215,047
|
)
|
Gross profit
|
|
502,975
|
|
|
14,150
|
|
|
3,656
|
|
|
520,781
|
|
Selling, general and administrative expenses
|
|
(215,387
|
)
|
|
(3,661
|
)
|
|
—
|
|
|
(219,049
|
)
|
Other operating income, net
|
|
6,283
|
|
|
(729
|
)
|
|
—
|
|
|
5,553
|
|
Operating income - IFRS
|
|
293,869
|
|
|
9,759
|
|
|
3,656
|
|
|
307,285
|
|
Management view
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
2,763,701
|
|
|
115,711
|
|
|
(115,699
|
)
|
|
2,763,713
|
|
Operating income
|
|
273,185
|
|
|
49,393
|
|
|
496
|
|
|
323,074
|
|
Reconciliation items:
|
|
|
|
|
|
|
|
|
||||
Differences in Cost of sales
|
|
|
|
|
|
|
|
59,401
|
|
|||
Effect of inflation adjustment
|
|
|
|
|
|
|
|
(75,190
|
)
|
|||
Operating income - IFRS
|
|
|
|
|
|
|
|
307,285
|
|
|||
Financial income (expense), net
|
|
|
|
|
|
|
|
(26,932
|
)
|
|||
Equity in earnings of non-consolidated companies
|
|
|
|
|
|
|
|
14,878
|
|
|||
Income before income tax expense - IFRS
|
|
|
|
|
|
|
|
295,231
|
|
|||
Depreciation and amortization - IFRS
|
|
(146,455
|
)
|
|
(16,285
|
)
|
|
—
|
|
|
(162,740
|
)
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
|
|
Three- month period ended March 31, 2020 (Unaudited)
|
||||||||||
|
|
Mexico
|
|
Southern region
|
|
Other markets
|
|
Total
|
||||
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
1,300,293
|
|
|
340,947
|
|
|
630,115
|
|
|
2,271,355
|
|
|
|
|
|
|
|
|
|
|
||||
Non-current assets (1)
|
|
4,703,796
|
|
|
993,373
|
|
|
1,866,948
|
|
|
7,564,117
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three- month period ended March 31, 2019 (Unaudited)
|
||||||||||
|
|
Mexico
|
|
Southern region
|
|
Other markets
|
|
Total
|
||||
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
1,463,126
|
|
|
388,550
|
|
|
884,152
|
|
|
2,735,828
|
|
|
|
|
|
|
|
|
|
|
||||
Non-current assets (1)
|
|
4,207,711
|
|
|
1,034,427
|
|
|
1,906,501
|
|
|
7,148,639
|
|
|
|
|
|
|
|
|
|
|
||||
(1) Includes Property, plant and equipment and Intangible assets.
|
|
|
|
|
4.
|
COST OF SALES
|
|
|
Three-month period ended
March 31, |
||||
|
|
2020
|
|
2019
|
||
|
|
(Unaudited)
|
||||
Inventories at the beginning of the year
|
|
2,158,298
|
|
|
2,689,829
|
|
Translation differences
|
|
—
|
|
|
(21,919
|
)
|
Plus: Charges for the period
|
|
|
|
|
||
Raw materials and consumables used and
other movements |
|
1,426,087
|
|
|
1,649,638
|
|
Services and fees
|
|
32,735
|
|
|
36,438
|
|
Labor cost
|
|
145,074
|
|
|
158,020
|
|
Depreciation of property, plant and equipment
|
|
132,345
|
|
|
124,857
|
|
Amortization of intangible assets
|
|
3,167
|
|
|
4,558
|
|
Maintenance expenses
|
|
106,058
|
|
|
132,816
|
|
Office expenses
|
|
1,677
|
|
|
1,822
|
|
Insurance
|
|
2,515
|
|
|
2,559
|
|
Change of obsolescence allowance
|
|
(1,927
|
)
|
|
2,401
|
|
Recovery from sales of scrap and by-products
|
|
(6,147
|
)
|
|
(6,545
|
)
|
Others
|
|
4,179
|
|
|
4,363
|
|
Less: Inventories at the end of the period
|
|
(2,083,584
|
)
|
|
(2,563,790
|
)
|
Cost of Sales
|
|
1,920,477
|
|
|
2,215,047
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
5.
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
|
Three-month period ended
March 31, |
|||
|
2020
|
|
2019
|
|
|
(Unaudited)
|
|||
Services and fees
|
16,791
|
|
19,339
|
|
Labor cost
|
52,011
|
|
54,654
|
|
Depreciation of property, plant and equipment
|
4,057
|
|
4,197
|
|
Amortization of intangible assets
|
26,823
|
|
29,128
|
|
Maintenance and expenses
|
1,039
|
|
1,002
|
|
Taxes
|
22,008
|
|
22,343
|
|
Office expenses
|
7,786
|
|
8,476
|
|
Freight and transportation
|
77,423
|
|
77,073
|
|
Increase (decrease) of allowance for doubtful accounts
|
204
|
|
(16
|
)
|
Others
|
3,449
|
|
2,853
|
|
Selling, general and administrative expenses
|
211,591
|
|
219,049
|
|
6.
|
FINANCE EXPENSE, FINANCE INCOME AND OTHER FINANCIAL INCOME (EXPENSES), NET
|
|
Three-month period ended
March 31, |
||||
|
2020
|
|
2019
|
||
|
(Unaudited)
|
||||
Interest expense
|
(16,293
|
)
|
|
(19,762
|
)
|
|
|
|
|
||
Finance expense
|
(16,293
|
)
|
|
(19,762
|
)
|
|
|
|
|
||
Interest income
|
7,948
|
|
|
5,883
|
|
|
|
|
|
||
Finance income
|
7,948
|
|
|
5,883
|
|
|
|
|
|
||
Net foreign exchange gain (loss)
|
109,220
|
|
|
(30,635
|
)
|
Inflation adjustment results
|
—
|
|
|
33,106
|
|
Change in fair value of financial assets
|
1,580
|
|
|
—
|
|
Derivative contract results
|
15,895
|
|
|
(8,211
|
)
|
Others
|
(12,195
|
)
|
|
(7,313
|
)
|
|
|
|
|
||
Other financial income (expenses), net
|
114,500
|
|
|
(13,053
|
)
|
|
Three-month period ended
March 31, |
||||
|
2020
|
|
2019
|
||
|
(Unaudited)
|
||||
At the beginning of the year
|
6,539,581
|
|
|
5,817,609
|
|
|
|
|
|
||
Effect of initial recognition of right-of-use assets
|
—
|
|
|
300,288
|
|
Currency translation differences
|
(2,047
|
)
|
|
(33,038
|
)
|
Additions
|
245,036
|
|
|
208,571
|
|
Value adjustments of lease contracts
|
(6,978
|
)
|
|
—
|
|
Disposals
|
(7,138
|
)
|
|
(6,317
|
)
|
Depreciation charge
|
(136,402
|
)
|
|
(129,054
|
)
|
Capitalized borrowing costs
|
4,514
|
|
|
4,292
|
|
Transfers and reclassifications
|
(227
|
)
|
|
(601
|
)
|
At the end of the period
|
6,636,339
|
|
|
6,161,750
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
|
Three-month period ended
March 31, |
||||
|
2020
|
|
2019
|
||
|
(Unaudited)
|
||||
At the beginning of the year
|
943,838
|
|
|
1,012,524
|
|
|
|
|
|
||
Currency translation differences
|
—
|
|
|
(4,362
|
)
|
Additions
|
13,703
|
|
|
12,819
|
|
Amortization charge
|
(29,990
|
)
|
|
(33,686
|
)
|
Transfers/Disposals
|
227
|
|
|
(406
|
)
|
At the end of the period
|
927,778
|
|
|
986,889
|
|
9.
|
INVESTMENTS IN NON-CONSOLIDATED COMPANIES
|
Company
|
|
Country of incorporation
|
|
Main activity
|
|
Voting rights as of
|
|
Value as of
|
||||
|
|
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2020
|
|
December 31, 2019
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Usinas Siderurgicas de Minas Gerais S.A. - USIMINAS
|
|
Brazil
|
|
Manufacturing and selling of steel products
|
|
34.39%
|
|
34.39%
|
|
377,310
|
|
486,643
|
Other non-consolidated companies (1)
|
|
|
|
|
|
|
|
|
|
32,207
|
|
27,005
|
|
|
|
|
|
|
|
|
|
|
409,517
|
|
513,648
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
9.
|
INVESTMENTS IN NON-CONSOLIDATED COMPANIES (continued)
|
Value of investment
|
|
USIMINAS
|
|
|
|
|
|
As of January 1, 2020
|
|
486,643
|
|
Share of results (1)
|
|
—
|
|
Other comprehensive income
|
|
(109,333
|
)
|
Dividends received
|
|
—
|
|
|
|
|
|
As of March 31, 2020
|
|
377,310
|
|
|
|
|
|
(1) It includes the adjustment of the values associated to the purchase price allocation.
|
Usiminas' shareholders' equity
|
|
2,701,333
|
|
Percentage of interest of the Company over shareholders' equity
|
|
20.42
|
%
|
|
|
|
|
Interest of the Company over shareholders' equity
|
|
551,692
|
|
|
|
|
|
Purchase price allocation
|
|
56,804
|
|
Goodwill
|
|
199,941
|
|
Impairment
|
|
(431,127
|
)
|
|
|
|
|
Total Investment in Usiminas
|
|
377,310
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
10.
|
CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
|
Three-month period ended
March 31, |
||||
|
2020
|
|
2019
|
||
|
(Unaudited)
|
||||
(i) Transactions
|
|
|
|
||
(a) Sales of goods and services
|
|
|
|
||
Sales of goods to non-consolidated parties
|
137,865
|
|
|
130,833
|
|
Sales of goods to other related parties
|
3,128
|
|
|
7,421
|
|
Sales of services and others to non-consolidated parties
|
44
|
|
|
44
|
|
Sales of services and others to other related parties
|
338
|
|
|
349
|
|
|
|
|
|
||
|
141,375
|
|
|
138,647
|
|
(b) Purchases of goods and services
|
|
|
|
||
Purchases of goods from non-consolidated parties
|
87,632
|
|
|
105,971
|
|
Purchases of goods from other related parties
|
31,247
|
|
|
10,684
|
|
Purchases of services and others from non-consolidated parties
|
1,929
|
|
|
1,856
|
|
Purchases of services and others from other related parties
|
30,605
|
|
|
38,252
|
|
|
|
|
|
||
|
151,413
|
|
|
156,763
|
|
(c) Financial results
|
|
|
|
||
Income with non-consolidated parties
|
2,088
|
|
|
2,659
|
|
Expenses in connection with lease contracts from other related parties
|
(414
|
)
|
|
(54
|
)
|
|
|
|
|
||
|
1,674
|
|
|
2,605
|
|
(d) Dividends received
|
|
|
|
||
Dividends received from non-consolidated parties
|
—
|
|
|
578
|
|
|
|
|
|
||
|
—
|
|
|
578
|
|
(e) Other income and expenses
|
|
|
|
||
Income (expenses), net with non-consolidated parties
|
206
|
|
|
224
|
|
Income (expenses), net with other related parties
|
128
|
|
|
127
|
|
|
|
|
|
||
|
334
|
|
|
351
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||
|
(Unaudited)
|
|
|
||
(ii) Period-end balances
|
|
|
|
||
(a) Arising from sales/purchases of goods/services
|
|
|
|
||
Receivables from non-consolidated parties
|
207,972
|
|
|
167,312
|
|
Receivables from other related parties
|
3,395
|
|
|
5,027
|
|
Advances from non-consolidated parties
|
9,351
|
|
|
8,017
|
|
Advances to suppliers with other related parties
|
9,279
|
|
|
15,936
|
|
Payables to non-consolidated parties
|
(31,647
|
)
|
|
(44,784
|
)
|
Payables to other related parties
|
(29,629
|
)
|
|
(41,849
|
)
|
Lease Liabilities with other related parties
|
(6,915
|
)
|
|
(7,310
|
)
|
|
|
|
|
||
|
161,806
|
|
|
102,349
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
1)
|
Financial instruments by category
|
As of March 31, 2020 (in $ 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
|
|
349,513
|
|
|
—
|
|
|
—
|
|
|
349,513
|
|
Derivative financial instruments
|
|
—
|
|
|
17,260
|
|
|
—
|
|
|
17,260
|
|
Trade receivables
|
|
991,386
|
|
|
—
|
|
|
—
|
|
|
991,386
|
|
Other investments
|
|
101,719
|
|
|
—
|
|
|
16,499
|
|
|
118,218
|
|
Cash and cash equivalents
|
|
375,648
|
|
|
530,743
|
|
|
—
|
|
|
906,391
|
|
|
|
|
|
|
|
|
|
|
||||
Total
|
|
1,818,266
|
|
|
548,003
|
|
|
16,499
|
|
|
2,382,768
|
|
|
|
|
|
|
|
|
|
|
||||
As of March 31, 2020 (in $ thousands)
|
|
Amortized
cost |
|
Liabilities at fair value through profit or loss
|
|
|
|
Total
|
||||
|
|
|
|
|
|
|
|
|
||||
(ii) Liabilities as per statement of financial position
|
|
|
|
|
|
|
|
|
||||
Other liabilities
|
|
72,867
|
|
|
—
|
|
|
|
|
72,867
|
|
|
Trade payables
|
|
927,350
|
|
|
—
|
|
|
|
|
927,350
|
|
|
Derivative financial instruments
|
|
—
|
|
|
1,189
|
|
|
|
|
1,189
|
|
|
Lease liabilities
|
|
313,571
|
|
|
—
|
|
|
|
|
313,571
|
|
|
Borrowings
|
|
2,309,250
|
|
|
—
|
|
|
|
|
2,309,250
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total
|
|
3,623,038
|
|
|
1,189
|
|
|
|
|
3,624,227
|
|
2)
|
Fair Value by Hierarchy
|
|
|
Fair value measurement as of March 31, 2020
(in $ thousands): |
|||||||
Description
|
|
Total
|
|
Level 1
|
|
Level 2
|
|||
|
|
|
|
|
|
|
|||
Financial assets at fair value through profit or loss / OCI
|
|
|
|
|
|
|
|||
Cash and cash equivalents
|
|
530,743
|
|
|
530,743
|
|
|
—
|
|
Other investments
|
|
16,499
|
|
|
16,499
|
|
|
—
|
|
Derivative financial instruments
|
|
17,260
|
|
|
—
|
|
|
17,260
|
|
|
|
|
|
|
|
|
|||
Total assets
|
|
564,502
|
|
|
547,242
|
|
|
17,260
|
|
|
|
|
|
|
|
|
|||
Financial liabilities at fair value through profit or loss / OCI
|
|
|
|
|
|
|
|||
Derivative financial instruments
|
|
1,189
|
|
|
—
|
|
|
1,189
|
|
|
|
|
|
|
|
|
|||
Total liabilities
|
|
1,189
|
|
|
—
|
|
|
1,189
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
|
|
Fair value measurement as of December 31, 2019
(in $ thousands): |
|||||||
Description
|
|
Total
|
|
Level 1
|
|
Level 2
|
|||
|
|
|
|
|
|
|
|||
Financial assets at fair value through profit or loss / OCI
|
|
|
|
|
|
|
|||
Cash and cash equivalents
|
|
199,877
|
|
|
199,877
|
|
|
—
|
|
Other investments
|
|
38,803
|
|
|
38,803
|
|
|
—
|
|
Derivative financial instruments
|
|
1,196
|
|
|
—
|
|
|
1,196
|
|
|
|
|
|
|
|
|
|||
Total assets
|
|
239,876
|
|
|
238,680
|
|
|
1,196
|
|
|
|
|
|
|
|
|
|||
Financial liabilities at fair value through profit or loss / OCI
|
|
|
|
|
|
|
|||
Derivative financial instruments
|
|
3,024
|
|
|
—
|
|
|
3,024
|
|
|
|
|
|
|
|
|
|||
Total liabilities
|
|
3,024
|
|
|
—
|
|
|
3,024
|
|
TERNIUM S.A.
|
|
|
Consolidated Condensed Interim Financial Statements as of March 31, 2020
|
||
and for the three-month periods ended March 31, 2020 and 2019
|
|
|
Pablo Brizzio
|
|
|
|
|
Chief Financial Officer
|
|
|
1 Year Ternium Chart |
1 Month Ternium Chart |
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