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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 | |
---|---|---|---|---|---|---|---|---|
-1.15 | -2.73% | 40.90 | 42.09 | 40.60 | 41.94 | 380,063 | 23:30:27 |
By: /s/ Guillermo Etchepareborda | By:/s/ Sebastián Martí | |||||||
Name: Guillermo Etchepareborda | Name: Sebastián Martí | |||||||
Title: Attorney in Fact | Title: Attorney in Fact |
TERNIUM S.A. | |||||
Consolidated Condensed Interim Financial Statements | |||||
as of March 31, 2023 | |||||
and for the three-month periods | |||||
ended on March 31, 2023 and 2022 | |||||
26 Boulevard Royal, 4th floor | |||||
L – 2449 Luxembourg | |||||
R.C.S. Luxembourg: B 98 668 |
Page | ||||||||
Consolidated Condensed Interim Statements of Financial Position | ||||||||
Consolidated Condensed Interim Statements of Changes in Equity | ||||||||
Consolidated Condensed Interim Statements of Cash Flows | ||||||||
Notes to the Consolidated Condensed Interim Financial Statements | ||||||||
1 | General information and basis of presentation | |||||||
2 | Accounting policies | |||||||
3 | Segment information | |||||||
4 | Cost of sales | |||||||
5 | Selling, general and administrative expenses | |||||||
6 | Finance expense, Finance income and Other financial income (expenses), net | |||||||
7 | Property, plant and equipment, net | |||||||
8 | Intangible assets, net | |||||||
9 | Investments in non-consolidated companies | |||||||
10 | Contingencies, commitments and restrictions on the distribution of profits | |||||||
11 | Related party transactions | |||||||
12 | Financial instruments by category and fair value measurement | |||||||
13 | Foreign exchange restrictions in Argentina | |||||||
14 | The Russia-Ukraine armed conflict | |||||||
15 | Ternium to integrate operations in the USMCA | |||||||
16 | Ternium to Increase its Participation in Usiminas Control Group - New Governance Structure of Usiminas |
Page 1 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 | ||||||||
(All amounts in $ thousands) |
Three-month period ended March 31, | ||||||||||||||||||||
Notes | 2023 | 2022 | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Net sales | 3 | 3,623,371 | 4,304,829 | |||||||||||||||||
Cost of sales | 4 | (2,980,751) | (2,984,185) | |||||||||||||||||
Gross profit | 642,620 | 1,320,644 | ||||||||||||||||||
Selling, general and administrative expenses | 5 | (292,924) | (281,303) | |||||||||||||||||
Other operating income, net | 7,694 | 19,674 | ||||||||||||||||||
Operating income | 3 | 357,390 | 1,059,015 | |||||||||||||||||
Finance expense | 6 | (16,200) | (6,622) | |||||||||||||||||
Finance income | 6 | 41,446 | 24,317 | |||||||||||||||||
Other financial (expense) income, net | 6 | (17,419) | (78,567) | |||||||||||||||||
Equity in earnings of non-consolidated companies | 9 | 34,875 | 58,749 | |||||||||||||||||
Profit before income tax credit (expense) | 400,092 | 1,056,892 | ||||||||||||||||||
Income tax credit (expense) | 79,428 | (179,374) | ||||||||||||||||||
Profit for the period | 479,520 | 877,518 | ||||||||||||||||||
Attributable to: | ||||||||||||||||||||
Owners of the parent | 374,374 | 775,621 | ||||||||||||||||||
Non-controlling interest | 105,146 | 101,897 | ||||||||||||||||||
Profit for the period | 479,520 | 877,518 | ||||||||||||||||||
Weighted average number of shares outstanding | 1,963,076,776 | 1,963,076,776 | ||||||||||||||||||
Basic and diluted earnings per share for profit attributable to the equity holders of the company (expressed in $ per share) | 0.19 | 0.40 |
Page 2 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 | ||||||||
(All amounts in $ thousands) |
Three-month period ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(Unaudited) | ||||||||||||||
Profit for the period | 479,520 | 877,518 | ||||||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||||||||
Currency translation adjustment | 1,649 | 552 | ||||||||||||
Currency translation adjustment from participation in non-consolidated companies | 20,305 | 126,728 | ||||||||||||
Changes in the fair value of financial instruments at fair value through other comprehensive income | (28,026) | (27,993) | ||||||||||||
Income tax related to financial instruments at fair value | 10,021 | 9,583 | ||||||||||||
Changes in the fair value of derivatives classified as cash flow hedges | — | 32 | ||||||||||||
Income tax related to cash flow hedges | — | (10) | ||||||||||||
Other comprehensive income items from participation in non-consolidated companies | 452 | 99 | ||||||||||||
Items that will not be reclassified subsequently to profit or loss: | ||||||||||||||
Remeasurement of post employment benefit obligations | — | (2,386) | ||||||||||||
Income tax relating to remeasurement of post employment benefit obligations | — | 711 | ||||||||||||
Remeasurement of post employment benefit obligations from participation in non-consolidated companies | 184 | (371) | ||||||||||||
Other comprehensive income (loss) for the period, net of tax | 4,585 | 106,945 | ||||||||||||
Total comprehensive income for the period | 484,105 | 984,463 | ||||||||||||
Attributable to: | ||||||||||||||
Owners of the parent | 383,937 | 880,728 | ||||||||||||
Non-controlling interest | 100,168 | 103,735 | ||||||||||||
Total comprehensive income for the period | 484,105 | 984,463 |
Page 3 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 | ||||||||
(All amounts in $ thousands) |
Balances as of | ||||||||||||||||||||||||||||||||
Notes | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Non-current assets | ||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 7 | 6,294,219 | 6,261,887 | |||||||||||||||||||||||||||||
Intangible assets, net | 8 | 957,354 | 944,409 | |||||||||||||||||||||||||||||
Investments in non-consolidated companies | 9 | 877,387 | 821,571 | |||||||||||||||||||||||||||||
Other investments | 124,980 | 100,716 | ||||||||||||||||||||||||||||||
Deferred tax assets | 223,693 | 200,237 | ||||||||||||||||||||||||||||||
Receivables, net | 327,610 | 8,805,243 | 318,690 | 8,647,510 | ||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||
Receivables, net | 761,838 | 662,762 | ||||||||||||||||||||||||||||||
Derivative financial instruments | 74 | 227 | ||||||||||||||||||||||||||||||
Inventories, net | 3,297,625 | 3,470,215 | ||||||||||||||||||||||||||||||
Trade receivables, net | 1,298,161 | 1,180,689 | ||||||||||||||||||||||||||||||
Other investments | 2,521,650 | 1,875,026 | ||||||||||||||||||||||||||||||
Cash and cash equivalents | 1,220,149 | 9,099,497 | 1,653,355 | 8,842,274 | ||||||||||||||||||||||||||||
Non-current assets classified as held for sale | 1,764 | 1,764 | ||||||||||||||||||||||||||||||
9,101,261 | 8,844,038 | |||||||||||||||||||||||||||||||
Total Assets | 17,906,504 | 17,491,548 | ||||||||||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||||||||||
Capital and reserves attributable to the owners of the parent | 12,229,896 | 11,845,959 | ||||||||||||||||||||||||||||||
Non-controlling interest | 2,022,602 | 1,922,434 | ||||||||||||||||||||||||||||||
Total Equity | 14,252,498 | 13,768,393 | ||||||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||
Non-current liabilities | ||||||||||||||||||||||||||||||||
Provisions | 81,195 | 81,422 | ||||||||||||||||||||||||||||||
Deferred tax liabilities | 11,627 | 162,742 | ||||||||||||||||||||||||||||||
Other liabilities | 569,574 | 538,214 | ||||||||||||||||||||||||||||||
Trade payables | 1,214 | 1,112 | ||||||||||||||||||||||||||||||
Lease liabilities | 183,200 | 190,134 | ||||||||||||||||||||||||||||||
Borrowings | 529,857 | 1,376,667 | 532,701 | 1,506,325 | ||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||
Current income tax liabilities | 153,917 | 135,703 | ||||||||||||||||||||||||||||||
Other liabilities | 362,730 | 344,843 | ||||||||||||||||||||||||||||||
Trade payables | 1,356,767 | 1,187,600 | ||||||||||||||||||||||||||||||
Derivative financial instruments | 3,976 | 505 | ||||||||||||||||||||||||||||||
Lease liabilities | 49,474 | 49,015 | ||||||||||||||||||||||||||||||
Borrowings | 350,475 | 2,277,339 | 499,164 | 2,216,830 | ||||||||||||||||||||||||||||
Total Liabilities | 3,654,006 | 3,723,155 | ||||||||||||||||||||||||||||||
Total Equity and Liabilities | 17,906,504 | 17,491,548 |
Page 4 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 | ||||||||
(All amounts in $ 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, 2023 | 2,004,743 | (150,000) | (23,295) | 1,394,567 | (2,324,866) | (2,859,068) | 13,803,878 | 11,845,959 | 1,922,434 | 13,768,393 | |||||||||||||||||||||||||||||||
Profit for the period | 374,374 | 374,374 | 105,146 | 479,520 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the period | |||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | 20,014 | 20,014 | 1,940 | 21,954 | |||||||||||||||||||||||||||||||||||||
Remeasurement of post employment benefit obligations | 168 | 168 | 16 | 184 | |||||||||||||||||||||||||||||||||||||
Others (5) | (10,619) | (10,619) | (6,934) | (17,553) | |||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the period | — | — | — | (10,451) | — | 20,014 | 374,374 | 383,937 | 100,168 | 484,105 | |||||||||||||||||||||||||||||||
Balance as of March 31, 2023 (unaudited) | 2,004,743 | (150,000) | (23,295) | 1,384,116 | (2,324,866) | (2,839,054) | 14,178,252 | 12,229,896 | 2,022,602 | 14,252,498 |
Page 5 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 | ||||||||
(All amounts in $ 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, 2022 | 2,004,743 | (150,000) | (23,295) | 1,360,637 | (2,324,866) | (2,898,593) | 12,566,393 | 10,535,019 | 1,700,019 | 12,235,038 | |||||||||||||||||||||||||||||||
Profit for the period | 775,621 | 775,621 | 101,897 | 877,518 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the period | |||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | 118,475 | 118,475 | 8,805 | 127,280 | |||||||||||||||||||||||||||||||||||||
Remeasurement of post employment benefit obligations | (1,738) | (1,738) | (308) | (2,046) | |||||||||||||||||||||||||||||||||||||
Cash flow hedges, net of tax | 11 | 11 | 11 | 22 | |||||||||||||||||||||||||||||||||||||
Others | (11,641) | (11,641) | (6,670) | (18,311) | |||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the period | — | — | — | (13,368) | — | 118,475 | 775,621 | 880,728 | 103,735 | 984,463 | |||||||||||||||||||||||||||||||
Balance as of March 31, 2022 (unaudited) | 2,004,743 | (150,000) | (23,295) | 1,347,269 | (2,324,866) | (2,780,118) | 13,342,014 | 11,415,747 | 1,803,754 | 13,219,501 |
Page 6 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 | ||||||||
(All amounts in $ thousands) |
Three-month period ended March 31, | ||||||||||||||||||||
Notes | 2023 | 2022 | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Profit for the period | 479,520 | 877,518 | ||||||||||||||||||
Adjustments for: | ||||||||||||||||||||
Depreciation and amortization | 7 & 8 | 150,593 | 149,529 | |||||||||||||||||
Income tax accruals less payments | (156,847) | (688,260) | ||||||||||||||||||
Equity in earnings of non-consolidated companies | 9 | (34,875) | (58,749) | |||||||||||||||||
Interest accruals less payments/receipts, net | (36,238) | 1,924 | ||||||||||||||||||
Changes in provisions | (1,037) | (2,561) | ||||||||||||||||||
Changes in working capital (1) | 218,003 | 331,424 | ||||||||||||||||||
Net foreign exchange results and others | (6,825) | 81,464 | ||||||||||||||||||
Net cash provided by operating activities | 612,294 | 692,289 | ||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Capital expenditures | 7 & 8 | (197,925) | (124,838) | |||||||||||||||||
(Increase) Decrease in other investments | (667,810) | 82,163 | ||||||||||||||||||
Proceeds from the sale of property, plant and equipment | 552 | 409 | ||||||||||||||||||
Net cash used in investing activities | (865,183) | (42,266) | ||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Finance lease payments | (13,675) | (12,214) | ||||||||||||||||||
Proceeds from borrowings | 45,869 | 79,861 | ||||||||||||||||||
Repayments of borrowings | (196,040) | (202,785) | ||||||||||||||||||
Net cash used in financing activities | (163,846) | (135,138) | ||||||||||||||||||
(Decrease) Increase in cash and cash equivalents | (416,735) | 514,885 | ||||||||||||||||||
Movement in cash and cash equivalents | ||||||||||||||||||||
At January 1, | 1,653,355 | 1,276,605 | ||||||||||||||||||
Effect of exchange rate changes | (16,471) | (1,165) | ||||||||||||||||||
Increase in cash and cash equivalents | (416,735) | 514,885 | ||||||||||||||||||
Cash and cash equivalents as of March 31, (2) | 1,220,149 | 1,790,325 | ||||||||||||||||||
Non-cash transactions: | ||||||||||||||||||||
Acquisition of PP&E under lease contract agreements | 525 | 2,842 |
Page 7 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 |
Page 8 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 |
Three-month period ended March 31, 2023 (Unaudited) | ||||||||||||||||||||||||||
Steel | Mining | Inter-segment eliminations | Total | |||||||||||||||||||||||
Operating income - Management view | 520,556 | (5,774) | 2,599 | 517,381 | ||||||||||||||||||||||
Reconciliation: | ||||||||||||||||||||||||||
Differences in Cost of sales | (159,991) | |||||||||||||||||||||||||
Operating income - Under IFRS | 357,390 | |||||||||||||||||||||||||
Financial income (expense), net | 7,827 | |||||||||||||||||||||||||
Equity in earnings (losses) of non-consolidated companies | 34,875 | |||||||||||||||||||||||||
Income before income tax expense - IFRS | 400,092 | |||||||||||||||||||||||||
Net sales from external customers | 3,623,371 | — | — | 3,623,371 | ||||||||||||||||||||||
Net sales from transactions with other operating segments of the same entity | — | 84,914 | (84,914) | — | ||||||||||||||||||||||
Depreciation and amortization | (126,285) | (24,308) | — | (150,593) | ||||||||||||||||||||||
Three-month period ended March 31, 2022 (Unaudited) | ||||||||||||||||||||||||||
Steel | Mining | Inter-segment eliminations | Total | |||||||||||||||||||||||
Operating income - Management view | 1,032,406 | 19,638 | 943 | 1,052,987 | ||||||||||||||||||||||
Reconciliation: | ||||||||||||||||||||||||||
Differences in Cost of sales | 6,028 | |||||||||||||||||||||||||
Operating income - Under IFRS | 1,059,015 | |||||||||||||||||||||||||
Financial income (expense), net | (60,872) | |||||||||||||||||||||||||
Equity in earnings (losses) of non-consolidated companies | 58,749 | |||||||||||||||||||||||||
Income before income tax expense - IFRS | 1,056,892 | |||||||||||||||||||||||||
Net sales from external customers | 4,304,829 | — | — | 4,304,829 | ||||||||||||||||||||||
Net sales from transactions with other operating segments of the same entity | — | 102,808 | (102,808) | — | ||||||||||||||||||||||
Depreciation and amortization | (129,159) | (20,370) | — | (149,529) |
Page 9 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 |
Three-month period ended March 31, 2023 (Unaudited) | ||||||||||||||||||||||||||
Mexico | Southern region | Brazil and other markets | Total | |||||||||||||||||||||||
Net sales | 2,230,419 | 866,086 | 526,866 | 3,623,371 | ||||||||||||||||||||||
Non-current assets (1) | 4,818,409 | 865,699 | 1,567,465 | 7,251,573 | ||||||||||||||||||||||
Three-month period ended March 31, 2022 (Unaudited) | ||||||||||||||||||||||||||
Mexico | Southern region | Brazil and other markets | Total | |||||||||||||||||||||||
Net sales | 2,290,566 | 895,826 | 1,118,437 | 4,304,829 | ||||||||||||||||||||||
Non-current assets (1) | 4,772,222 | 852,373 | 1,685,687 | 7,310,282 | ||||||||||||||||||||||
(1) Includes Property, plant and equipment and Intangible assets. |
Three-month period ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(Unaudited) | ||||||||||||||
Inventories at the beginning of the year | 3,470,215 | 3,908,305 | ||||||||||||
Plus: Charges for the period | ||||||||||||||
Raw materials and consumables used and other movements | 2,290,256 | 2,355,542 | ||||||||||||
Services and fees | 46,343 | 38,322 | ||||||||||||
Labor cost | 197,431 | 169,465 | ||||||||||||
Depreciation of property, plant and equipment | 130,336 | 130,519 | ||||||||||||
Amortization of intangible assets | 9,076 | 9,601 | ||||||||||||
Maintenance expenses | 153,525 | 145,268 | ||||||||||||
Office expenses | 2,711 | 1,873 | ||||||||||||
Valuation allowance | (15,333) | — | ||||||||||||
Insurance | 3,791 | 3,862 | ||||||||||||
Change of obsolescence allowance | (4,537) | 4,866 | ||||||||||||
Recovery from sales of scrap and by-products | (10,817) | (8,358) | ||||||||||||
Others | 5,379 | 5,462 | ||||||||||||
Less: Inventories at the end of the period | (3,297,625) | (3,780,542) | ||||||||||||
Cost of Sales | 2,980,751 | 2,984,185 |
Page 10 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 |
Three-month period ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(Unaudited) | ||||||||||||||
Services and fees | 17,609 | 16,468 | ||||||||||||
Labor cost | 77,847 | 74,445 | ||||||||||||
Depreciation of property, plant and equipment | 3,749 | 3,225 | ||||||||||||
Amortization of intangible assets | 7,432 | 6,184 | ||||||||||||
Maintenance and expenses | 1,820 | 2,092 | ||||||||||||
Taxes | 38,390 | 40,246 | ||||||||||||
Office expenses | 12,617 | 9,540 | ||||||||||||
Freight and transportation | 118,114 | 127,927 | ||||||||||||
Increase of allowance for doubtful accounts | 11,014 | 530 | ||||||||||||
Others | 4,332 | 646 | ||||||||||||
Selling, general and administrative expenses | 292,924 | 281,303 |
Three-month period ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(Unaudited) | ||||||||||||||
Interest expense | (16,200) | (6,622) | ||||||||||||
Finance expense | (16,200) | (6,622) | ||||||||||||
Interest income | 41,446 | 24,317 | ||||||||||||
Finance income | 41,446 | 24,317 | ||||||||||||
Net foreign exchange loss (1) | (15,548) | (53,388) | ||||||||||||
Change in fair value of financial assets | 19,301 | (12,465) | ||||||||||||
Derivative contract results | (15,109) | (9,395) | ||||||||||||
Others | (6,063) | (3,319) | ||||||||||||
Other financial (expenses) income, net | (17,419) | (78,567) |
Three-month period ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(Unaudited) | ||||||||||||||
At the beginning of the year | 6,261,887 | 6,431,578 | ||||||||||||
Currency translation differences | 769 | 274 | ||||||||||||
Additions | 168,941 | 108,833 | ||||||||||||
Value adjustments of lease contracts | 4,580 | 6,621 | ||||||||||||
Disposals | (7,933) | (6,682) | ||||||||||||
Depreciation charge | (134,085) | (133,744) | ||||||||||||
Capitalized borrowing costs | — | 403 | ||||||||||||
Transfers and reclassifications | 60 | (927) | ||||||||||||
At the end of the period | 6,294,219 | 6,406,356 |
Page 11 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 |
Three-month period ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(Unaudited) | ||||||||||||||
At the beginning of the year | 944,409 | 902,256 | ||||||||||||
Currency translation differences | 5 | — | ||||||||||||
Additions | 29,508 | 16,528 | ||||||||||||
Amortization charge | (16,508) | (15,785) | ||||||||||||
Transfers/Disposals | (60) | 927 | ||||||||||||
At the end of the period | 957,354 | 903,926 |
Company | Country of incorporation | Main activity | Voting rights as of | Value as of | ||||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||
Usinas Siderurgicas de Minas Gerais S.A. - USIMINAS | Brazil | Manufacturing and selling of steel products | 34.39% | 34.39% | 773,282 | 725,705 | ||||||||||||||||||||||||||||||||
Techgen S.A. de C.V. | Mexico | Provision of electric power | 48.00% | 48.00% | 98,832 | 90,559 | ||||||||||||||||||||||||||||||||
Other non-consolidated companies (1) | 5,273 | 5,307 | ||||||||||||||||||||||||||||||||||||
877,387 | 821,571 |
Page 12 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 |
Usiminas' shareholders' equity | 4,653,737 | |||||||
Percentage of interest of the Company over shareholders' equity | 20.40 | % | ||||||
Interest of the Company over shareholders' equity | 949,143 | |||||||
Purchase price allocation | 57,983 | |||||||
Goodwill | 204,597 | |||||||
Impairment | (438,441) | |||||||
Total Investment in Usiminas | 773,282 |
Page 13 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 |
USIMINAS | ||||||||
Summarized balance sheet (in million $) | As of March 31, 2023 | |||||||
Assets | ||||||||
Non-current | 3,934 | |||||||
Current | 2,829 | |||||||
Other current investments | 248 | |||||||
Cash and cash equivalents | 902 | |||||||
Total Assets | 7,913 | |||||||
Liabilities | ||||||||
Non-current | 513 | |||||||
Non-current borrowings | 1,174 | |||||||
Current | 991 | |||||||
Current borrowings | 29 | |||||||
Total Liabilities | 2,707 | |||||||
Non-controlling interest | 552 | |||||||
Shareholders' equity | 4,654 |
Summarized income statement (in million $) | Three-month period ended March 31, 2023 | |||||||
Net sales | 1,396 | |||||||
Cost of sales | (1,226) | |||||||
Gross Profit | 170 | |||||||
Selling, general and administrative expenses | (48) | |||||||
Other operating income (loss), net | (27) | |||||||
Operating income | 95 | |||||||
Financial income (expenses), net | 37 | |||||||
Equity in earnings of associated companies | 9 | |||||||
Profit before income tax | 141 | |||||||
Income tax expense | (37) | |||||||
Net profit before non-controlling interest | 104 | |||||||
Non-controlling interest in other subsidiaries | (13) | |||||||
Net profit for the period | 91 |
Page 14 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 |
Page 15 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 |
Page 16 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 |
Three-month period ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(Unaudited) | ||||||||||||||
(i) Transactions | ||||||||||||||
(a) Sales of goods and services | ||||||||||||||
Sales of goods to non-consolidated parties | 61,615 | 187,437 | ||||||||||||
Sales of goods to other related parties | 35,575 | 61,375 | ||||||||||||
Sales of services and others to non-consolidated parties | 43 | 45 | ||||||||||||
Sales of services and others to other related parties | 1,032 | 321 | ||||||||||||
98,265 | 249,178 | |||||||||||||
(b) Purchases of goods and services | ||||||||||||||
Purchases of goods from non-consolidated parties | 104,743 | 143,223 | ||||||||||||
Purchases of goods from other related parties | 15,551 | 15,539 | ||||||||||||
Purchases of services and others from non-consolidated parties | 2,675 | 2,022 | ||||||||||||
Purchases of services and others from other related parties | 19,450 | 16,866 | ||||||||||||
142,419 | 177,650 | |||||||||||||
(c) Financial results | ||||||||||||||
Income with non-consolidated parties | 3,022 | 1,584 | ||||||||||||
Expenses in connection with lease contracts from other related parties | (190) | (238) | ||||||||||||
2,832 | 1,346 | |||||||||||||
(d) Other income and expenses | ||||||||||||||
Income (expenses), net with non-consolidated parties | 1,306 | 280 | ||||||||||||
Income (expenses), net with other related parties | 550 | 262 | ||||||||||||
1,856 | 542 |
March 31, 2023 | December 31, 2022 | |||||||||||||
(Unaudited) | ||||||||||||||
(ii) Period-end balances | ||||||||||||||
(a) Arising from sales/purchases of goods/services | ||||||||||||||
Receivables from non-consolidated parties | 158,421 | 180,476 | ||||||||||||
Receivables from other related parties | 13,057 | 43,765 | ||||||||||||
Advances to non-consolidated parties | 3,791 | 4,851 | ||||||||||||
Advances to suppliers with other related parties | 3,496 | 3,683 | ||||||||||||
Payables to non-consolidated parties | (80,241) | (91,172) | ||||||||||||
Payables to other related parties | (22,097) | (20,163) | ||||||||||||
Lease Liabilities with other related parties | (1,731) | (2,287) | ||||||||||||
74,696 | 119,153 |
Page 17 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 |
As of March 31, 2023 (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 | 208,210 | — | — | 208,210 | ||||||||||||||||||||||
Derivative financial instruments | — | 74 | — | 74 | ||||||||||||||||||||||
Trade receivables | 1,298,161 | — | — | 1,298,161 | ||||||||||||||||||||||
Other investments | 1,013,109 | 68,097 | 1,565,172 | 2,646,378 | ||||||||||||||||||||||
Cash and cash equivalents | 919,631 | 285,462 | 15,056 | 1,220,149 | ||||||||||||||||||||||
Total | 3,439,111 | 353,633 | 1,580,228 | 5,372,972 | ||||||||||||||||||||||
As of March 31, 2023 (in $ thousands) | Amortized cost | Liabilities at fair value through profit or loss | Total | |||||||||||||||||||||||
(ii) Liabilities as per statement of financial position | ||||||||||||||||||||||||||
Other liabilities | 67,036 | — | 67,036 | |||||||||||||||||||||||
Trade payables | 1,286,736 | — | 1,286,736 | |||||||||||||||||||||||
Derivative financial instruments | — | 3,976 | 3,976 | |||||||||||||||||||||||
Lease liabilities | 232,674 | — | 232,674 | |||||||||||||||||||||||
Borrowings | 880,332 | — | 880,332 | |||||||||||||||||||||||
Total | 2,466,778 | 3,976 | 2,470,754 |
Fair value measurement as of March 31, 2023 (in $ thousands): | ||||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Financial assets at fair value through profit or loss / OCI | ||||||||||||||||||||||||||
Cash and cash equivalents | 300,518 | 300,518 | — | — | ||||||||||||||||||||||
Other investments | 1,633,269 | 1,461,988 | 125,002 | 46,279 | ||||||||||||||||||||||
Derivative financial instruments | 74 | — | 74 | — | ||||||||||||||||||||||
Total assets | 1,933,861 | 1,762,506 | 125,076 | 46,279 | ||||||||||||||||||||||
Financial liabilities at fair value through profit or loss / OCI | ||||||||||||||||||||||||||
Derivative financial instruments | 3,976 | — | 3,976 | — | ||||||||||||||||||||||
Total liabilities | 3,976 | — | 3,976 | — |
Page 18 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 |
Fair value measurement as of December 31, 2022 (in $ thousands): | ||||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 (*) | ||||||||||||||||||||||
Financial assets at fair value through profit or loss / OCI | ||||||||||||||||||||||||||
Cash and cash equivalents | 772,953 | 772,953 | — | — | ||||||||||||||||||||||
Other investments | 1,492,281 | 1,283,284 | 164,980 | 44,017 | ||||||||||||||||||||||
Derivative financial instruments | 227 | — | 227 | — | ||||||||||||||||||||||
Total assets | 2,265,461 | 2,056,237 | 165,207 | 44,017 | ||||||||||||||||||||||
Financial liabilities at fair value through profit or loss / OCI | ||||||||||||||||||||||||||
Derivative financial instruments | 505 | — | 505 | — | ||||||||||||||||||||||
Total liabilities | 505 | — | 505 | — |
Page 19 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 |
Page 20 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 |
Page 21 of |
TERNIUM S.A. | ||||||||
Consolidated Condensed Interim Financial Statements as of March 31, 2023 | ||||||||
and for the three-month periods ended March 31, 2023 and 2022 |
Pablo Brizzio | ||||||||||||||
Chief Financial Officer |
Page 22 of |
1 Year Ternium Chart |
1 Month Ternium Chart |
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