Outokumpu interim report January-September 2021: Realized prices for stainless steel increased and Q3 adjusted EBITDA rose to EUR 295 million
Outokumpu interim report January-September 2021: Realized prices for stainless steel increased and Q3 adjusted EBITDA rose to EUR 295 million
HELSINKI, Nov. 4, 2021 /PRNewswire/ --
赫尔辛基2021年11月4日美通社/--
Highlights in Q3 2021
2021年第三季度亮点
- Stainless steel deliveries were 575,000 tonnes (488,000 tonnes)1.
- Adjusted EBITDA increased to EUR 295 million (EUR 22 million).
- EBITDA was EUR 295 million (EUR 10 million).
- Operating cash flow amounted to EUR 180 million (EUR 170 million).
- Net debt decreased to EUR 749 million (June 30, 2021: EUR 897 million).
- Gearing decreased to 24.6% (June 30, 2021: 31.9%).
- 不锈钢交货量为575,000吨(488,000吨)1.
- 调整后的EBITDA增加到2.95亿欧元 (2200万欧元).
- EBITDA是2.95亿欧元 (1000万欧元).
- 营业现金流为1.8亿欧元 (1.7亿欧元).
- 净债务降至7.49亿欧元 (2021年6月30日: 8.97亿欧元).
- 杠杆率降至24.6%(2021年6月30日: 31.9%).
Highlights in January–September 2021
2021年1月至9月亮点
- Stainless steel deliveries were 1,809,000 tonnes (1,599,000 tonnes).
- Adjusted EBITDA amounted to EUR 695 million (EUR 172 million).
- EBITDA was EUR 695 million (EUR 161 million).
- Operating cash flow amounted to EUR 213 million (EUR 210 million).
- Net result was EUR 394 million (EUR -78 million).
- 不锈钢交货量为1,809,000吨(1,599,000吨)。
- 调整后的EBITDA总额为6.95亿欧元 (1.72亿欧元).
- EBITDA是6.95亿欧元 (1.61亿欧元).
- 营业现金流为2.13亿欧元 (2.1亿欧元).
- 最终结果是3.94亿欧元 (-7800万欧元).
1) Figures in parentheses refer to the corresponding period for 2020, unless otherwise stated.
1)括号中的数字指的是2020年的同期，除非另有说明。
Q3 2021 compared to Q3 2020
2021年第三季度与2020年第三季度比较
Outokumpu's sales increased significantly in the third quarter of 2021 compared to the previous year and amounted to EUR 1,949 million (EUR 1,254 million). In the strong market environment, adjusted EBITDA rose to EUR 295 million (EUR 22 million). Total stainless steel deliveries grew by 18% from the reference period, which was negatively impacted by the global COVID-19 pandemic. Profitability in the third quarter of 2021 was supported by increased realized prices for stainless steel in both Europe and Americas as well as higher ferrochrome sales price. Increased prices, which were driven by the strong COVID-19 rebound, exceptionally long order book and augmented raw material prices, offset the higher energy and consumable prices, which burdened the result. Both fixed and variable costs increased compared to the reference period. Raw material-related inventory and metal derivative gains increased and amounted to EUR 22 million (gains of EUR 3 million). Other operations and intra-group items' adjusted EBITDA was EUR -10 million (EUR -7 million).
2021年第三季度，Outokumpu的销售额同比大幅增长，达到19.49亿欧元(12.54亿欧元)。在强劲的市场环境下，调整后的EBITDA升至2.95亿欧元(2200万欧元)。受全球新冠肺炎疫情的负面影响，不锈钢总交货量比参考期增长了18%。2021年第三季度的盈利能力受到欧洲和美洲不锈钢实现价格上涨以及铬铁销售价格上涨的支撑。在新冠肺炎强劲反弹、异常长的订单以及原材料价格上涨的推动下，价格上涨抵消了能源和消费品价格上涨的影响，这给结果带来了负担。与参考期间相比，固定成本和可变成本都有所增加。与原材料相关的库存和金属衍生产品收益增加，达到2200万欧元(收益300万欧元)。其他业务和集团内项目调整后的EBITDA为欧元-1000万欧元(700万欧元)。
Q3 2021 compared to Q2 2021
2021年第三季度与2021年第二季度比较
Outokumpu's sales increased to EUR 1,949 million in the strong market environment in the third quarter of 2021 (Q2/2021: EUR 1,873 million). Total stainless steel deliveries declined by 8%, but adjusted EBITDA increased to EUR 295 million (Q2/2021: EUR 223 million) as the realized prices for stainless steel were at a higher level in both Europe and Americas. Profitability was also positively impacted by the increased ferrochrome sales price. At the Group level, fixed costs were higher and the planned maintenance costs increased from the previous quarter. Maintenance plans in the third quarter were, however, executed effectively, resulting in lower expenditure than planned. Also, significant cost inflation in energy and consumable prices burdened profitability in the third quarter. Raw material-related inventory and metal derivative gains increased from the previous quarter and amounted to EUR 22 million (Q2/2021: gains of EUR 7 million). Other operations and intra-group items' adjusted EBITDA amounted to EUR -10 million (Q2/2021: EUR -19 million).
在2021年第三季度强劲的市场环境下，Outokumpu的销售额增加到19.49亿欧元(2021年第二季度：18.73亿欧元)。不锈钢总交货量下降了8%，但调整后的EBITDA增加到2.95亿欧元(2021年第二季度：2.23亿欧元)，因为不锈钢的实际价格在欧洲和美洲都处于较高的水平。盈利能力也受到铬铁销售价格上涨的积极影响。在集团层面，固定成本较高，计划维护成本较上一季度增加。然而，第三季度的维护计划得到了有效执行，导致支出低于计划。此外，能源和消费品价格的大幅成本上涨拖累了第三季度的盈利能力。与原材料相关的库存和金属衍生品收益较上一季度增加，总额为2200万欧元(2021年第二季度：收益700万欧元)。其他业务和集团内项目的调整后EBITDA为欧元-1000万欧元(2021年第二季度：-1900万欧元)。
January-September 2021 compared to January–September 2020
一月份-2021年9月与2020年1月至9月相比
Outokumpu's sales grew significantly and amounted to EUR 5,495 million during the first three quarters of 2021 (EUR 4,289 million). Higher realized prices for stainless steel supported profitability and adjusted EBITDA increased to EUR 695 million (EUR 172 million). Stainless steel deliveries grew by 13% from the reference period, which was negatively impacted by the global COVID-19 pandemic. Overall, costs increased slightly compared to the previous year. Raw material-related inventory and metal derivative gains increased to EUR 70 million (losses of EUR 31 million), mainly due to positive timing impacts. Other operations and intra-group items' adjusted EBITDA amounted to EUR -37 million (EUR -19 million).
2021年前三季度，Outokumpu的销售额大幅增长，达到54.95亿欧元(42.89亿欧元)。不锈钢较高的实现价格支撑了盈利能力，调整后的EBITDA增至6.95亿欧元(完)1.72亿欧元)。受全球新冠肺炎疫情的负面影响，不锈钢交货量较参考期增长了13%。总体而言，与前一年相比，成本略有增加。与原材料相关的库存和金属衍生产品收益增至7000万欧元(亏损3100万欧元)，主要是由于积极的时机影响。其他业务和集团内项目调整后的EBITDA为3,700万欧元(欧元-1900万欧元).
EBIT increased to EUR 513 million (EUR -22 million) and net result to EUR 394 million (EUR -78 million).
息税前利润增至5.13亿欧元(-2200万欧元)和净收益为3.94亿欧元(-7800万欧元).
|
Group key figures |
Q3/21 |
Q3/20 |
Q2/21 |
Q1–Q3/21 |
Q1–Q3/20 |
2020 | |
|
Sales |
EUR million |
1,949 |
1,254 |
1,873 |
5,495 |
4,289 |
5,639 |
|
EBITDA |
EUR million |
295 |
10 |
223 |
695 |
161 |
191 |
|
Adjusted EBITDA 1) |
EUR million |
295 |
22 |
223 |
695 |
172 |
250 |
|
EBIT |
EUR million |
234 |
-51 |
163 |
513 |
-22 |
-55 |
|
Adjusted EBIT 1) |
EUR million |
234 |
-39 |
163 |
513 |
-10 |
4 |
|
Result before taxes |
EUR million |
217 |
-77 |
143 |
461 |
-93 |
-151 |
|
Net result for the period |
EUR million |
182 |
-63 |
129 |
394 |
-78 |
-116 |
|
Earnings per share 2) |
EUR |
0.40 |
-0.15 |
0.30 |
0.91 |
-0.19 |
-0.28 |
|
Diluted earnings per share 2) |
EUR |
0.37 |
-0.15 |
0.28 |
0.84 |
-0.19 |
-0.28 |
|
Return on capital employed |
% |
12.9 |
0.2 |
5.2 |
12.9 |
0.2 |
-1.4 |
|
Net cash generated from operating activities |
EUR million |
180 |
170 |
6 |
213 |
210 |
322 |
|
Net debt at the end of period |
EUR million |
749 |
1,105 |
897 |
749 |
1,105 |
1,028 |
|
Debt-to-equity ratio at the end of period |
% |
24.6 |
45.1 |
31.9 |
24.6 |
45.1 |
43.6 |
|
Capital expenditure 3) |
EUR million |
32 |
35 |
37 |
115 |
145 |
180 |
|
Stainless steel deliveries |
1,000 tonnes |
575 |
488 |
626 |
1,809 |
1,599 |
2,121 |
|
Personnel at the end of period, full-time equivalent 4) |
9,137 |
9,815 |
9,088 |
9,137 |
9,815 |
9,602 | |
|
1) Adjusted EBITDA or EBIT = EBITDA or EBIT – Items classified as adjustments. | |||||||
|
集团关键人物 |
Q3/21 |
Q3/20 |
Q2/21 |
Q1-Q3/21 |
第一季度至第三季度/20季度 |
2020 | |
|
销售额 |
百万欧元 |
1,949 |
1,254 |
1,873 |
5,495 |
4,289 |
5,639 |
|
EBITDA |
百万欧元 |
295 |
10 |
223 |
695 |
161 |
191 |
|
调整后的EBITDA 1) |
百万欧元 |
295 |
22 |
223 |
695 |
172 |
250 |
|
息税前利润 |
百万欧元 |
234 |
-51 |
163 |
513 |
-22 |
-55 |
|
调整后息税前利润1) |
百万欧元 |
234 |
-39 |
163 |
513 |
-10 |
4 |
|
税前业绩 |
百万欧元 |
217 |
-77 |
143 |
461 |
-93 |
-151 |
|
该期间的净结果 |
百万欧元 |
182 |
-63 |
129 |
394 |
-78 |
-116 |
|
每股收益(2) |
欧元 |
0.40 |
-0.15 |
0.30 |
0.91 |
-0.19 |
-0.28 |
|
稀释后每股收益2) |
欧元 |
0.37 |
-0.15 |
0.28 |
0.84 |
-0.19 |
-0.28 |
|
已动用资本回报率 |
% |
12.9 |
0.2 |
5.2 |
12.9 |
0.2 |
-1.4 |
|
经营活动产生的现金净额 |
百万欧元 |
180 |
170 |
6 |
213 |
210 |
322 |
|
期末净负债 |
百万欧元 |
749 |
1,105 |
897 |
749 |
1,105 |
1,028 |
|
期末负债权益比 |
% |
24.6 |
45.1 |
31.9 |
24.6 |
45.1 |
43.6 |
|
非经常开支3) |
百万欧元 |
32 |
35 |
37 |
115 |
145 |
180 |
|
不锈钢快递 |
1,000吨 |
575 |
488 |
626 |
1,809 |
1,599 |
2,121 |
|
期末人员，相当于4名全职人员) |
9,137 |
9,815 |
9,088 |
9,137 |
9,815 |
9,602 | |
|
1)调整后的EBITDA或EBIT=EBITDA或EBIT-分类为调整的项目。2)根据股票发行调整后的加权平均股数计算。相应地提供了比较信息。3)在2020年第四季度，Outokumpu将其资本支出定义从权责发生制改为现金制资本支出。相应地提供了比较信息。4)2021年第一季度，乌托昆普将主要人数指标由编制改为全职等值人员。相应地提供了比较信息。2021年6月30日，集团还聘用了约690名暑期实习生。 | |||||||
President & CEO Heikki Malinen
总裁兼首席执行官海基·马利宁(Heikki Malinen)
High realized prices and continuous progress on our margin improvement actions supported our profitability in the third quarter. We increased our adjusted EBITDA to EUR 295 million, which is the best quarter in Outokumpu's recent history. Stainless steel deliveries decreased by 8% from the second quarter, which is in line with the expected seasonal pattern.
较高的实现价格和我们的利润率提高行动的持续进展支持了我们第三季度的盈利能力。我们将调整后的EBITDA增加到2.95亿欧元，这是Outokumpu近期历史上表现最好的一个季度。不锈钢交货量较第二季减少8%，符合预期的季节性模式。
I am proud that we have achieved EUR 695 million of adjusted EBITDA in the first three quarters of the year. The result is supported by a combination of strong market environment and our own decisive actions in strategy execution.
我感到自豪的是，我们在今年前三个季度实现了6.95亿欧元的调整后EBITDA。这一结果是由强劲的市场环境和我们自己在战略执行中采取的果断行动共同支持的。
All business areas provided solid results in the third quarter. In Europe, the remarkable recovery from COVID-19 lows continued. Demand was strong in distributor business, domestic appliances and automotive. Business area Europe's adjusted EBITDA reached EUR 149 million, while deliveries seasonally decreased by 13%. The turnaround in Americas continues to be successful. The business area has improved its performance now for five consecutive quarters, and the adjusted EBITDA reached EUR 84 million in a strong market environment. Deliveries remained flat compared to the second quarter. Ferrochrome operations performed well, contributing EUR 64 million to the Group's adjusted EBITDA. Also, the turnaround in business area Long Product has progressed well.
所有业务领域在第三季度都提供了稳健的业绩。在欧洲，从新冠肺炎低点显著回升的势头仍在继续。分销商业务、家用电器和汽车行业的需求强劲。营业区欧洲的调整后的EBITDA达到1.49亿欧元，而交货量季节性下降了13%。美洲的扭亏为盈继续取得成功。该业务领域现已连续五个季度业绩改善，调整后的EBITDA达到8400万欧元在强劲的市场环境下。与第二季度相比，交货量持平。铬铁业务表现良好，为集团调整后的EBITDA贡献了6400万欧元。此外，Long Product业务区的扭亏为盈进展顺利。
Sustainability is at the core of our operations, and we are continuously taking steps towards our ambitious Science-Based Targets initiative (SBTi) of 1.5 ºC emission reduction target. In the third quarter, our energy efficiency was at a good level due to high volumes and development projects. We also announced that we are increasing the share of wind power in our electricity procurement, which is again an important step on our sustainability journey.
可持续性是我们业务的核心，我们正在不断采取措施，实现我们雄心勃勃的基于科学的目标倡议(SBTI)，即1.5ºC的减排目标。第三季度，由于高产量和开发项目，我们的能效处于良好水平。我们还宣布，我们将提高风力发电在我们电力采购中的份额，这再次是我们可持续发展之旅的重要一步。
In July, the European Commission provided a proposal for the Carbon Border Adjustment Mechanism (CBAM). The proposal currently includes only scope 1 emissions and therefore, it does not create sufficient protection for carbon leakage. For stainless steel, it would be crucial that CBAM is applied to the whole carbon footprint (scope 1, scope 2 and scope 3).
7月，欧盟执委会提出了碳边界调整机制(CBAM)的提案。该提案目前只包括范围1的排放，因此，它没有为碳泄漏创造足够的保护。对于不锈钢，CBAM应用于整个碳足迹(范围1、范围2和范围3)将是至关重要的。
In safety, there has been an unfortunate increase in the total recordable injury frequency rate from the previous quarters' all-time low levels. Actions to get back on track with our best-in-class safety performance have been taken across sites. In terms of the big picture, we have taken a massive leap in safety during the past five years, and it continues to be of the highest priority.
在安全方面，不幸的是，可记录的总受伤频率比前几个季度的历史最低水平有所上升。我们已经在各个地点采取行动，让我们一流的安全表现重回正轨。从大局看，过去五年，我们在安全方面有了很大飞跃，而且仍然是重中之重。
We are well on track with our strategy execution, targeting a EUR 200 million EBITDA run-rate improvement by the end of 2022. We have now reached a cumulative run-rate impact of EUR 163 million. Given the strong momentum, we decided to increase the target by EUR 50 million to EUR 250 million by the end of 2022. So far, over 500 initiatives have been executed across the company and I am very proud of our progress. I want to thank our dedicated employees for making this happen.
我们的战略执行进展顺利，目标是到2022年底将EBITDA运行率提高2亿欧元。我们现在已经达到了累积运行率影响1.63亿欧元。考虑到强劲的势头，我们决定将目标增加5000万欧元，达到2.5亿欧元到2022年底。到目前为止，整个公司已经执行了500多项计划，我为我们的进展感到非常自豪。我要感谢我们敬业的员工让这一切成为现实。
Outlook for Q4 2021
2021年第四季度展望
Group stainless steel deliveries in the fourth quarter are expected to remain at a similar level compared to the third quarter.
与第三季度相比，第四季度集团不锈钢交货量预计将保持在类似水平。
The European ferrochrome benchmark price increased to USD 1.80/lb for the fourth quarter.
第四季度，欧洲铬铁基准价格升至1.80美元/磅。
Higher stainless steel prices are reflected in the already received orders and compensating the inflationary pressures in energy, consumables and freight in the fourth quarter.
不锈钢价格上涨反映在已经收到的订单中，并补偿了第四季度能源、消耗品和运费方面的通胀压力。
Adjusted EBITDA in the fourth quarter of 2021 is expected to be higher compared to the third quarter.
预计2021年第四季度调整后的EBITDA将高于第三季度。
A live webcast and conference call today, November 4 at 3.00 pm EET
今天有网络直播和电话会议，11月4日在…美国东部时间下午3点
A live webcast and conference call to analysts, investors and representatives of media will be arranged later on the same day at 3.00 pm EET at https://outokumpu.videosync.fi/2021-11-04-q3, hosted by President and CEO Heikki Malinen and CFO Pia Aaltonen-Forsell.
对分析师、投资者和媒体代表的网络直播和电话会议将于同一天晚些时候在美国东部时间下午3点在https://outokumpu.videosync.fi/2021-11-04-q3，安排，由总裁兼首席执行官主持。海基·马利宁(Heikki Malinen)以及首席财务官皮娅·阿尔托宁-福塞尔(Pia Aaltonen-Forsell)。
To participate via conference call and to ask questions, please dial in the call 5–10 minutes before the beginning of the event:
要通过电话会议参与并提出问题，请在活动开始前5-10分钟拨打电话会议：
Finland: +358 9 8171 0310
芬兰：+3589171 0310
UK: +44 333 300 0804
英国：+44 333 300 0804
US: +1 631 913 1422
美国：+1 631 913 1422
PIN: 26167280#
个人识别码：26167280#
All the interim report materials, a link to the webcast and later on its recording are available at www.outokumpu.com/en/investors.
所有中期报告材料、网络广播的链接以及稍后录制的内容均可在www.outokumpu.com/en/Investors上查阅。
For more information:
有关详细信息，请参阅：
Media: Päivi Allenius, VP – Communications, tel. +358 40 753 7374
媒体：Päivi Allenius，传播部副总裁，电话：+358 40 753 7374
Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 400 719 669
投资者：Linda Häkkilä，投资者关系主管，电话：+358 400 719 669
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The following files are available for download:
以下文件可供下载：
|
https://mb.cision.com/Public/18751/3446896/bee601af9c21bc8a.pdf |
Outokumpu interim report January-September 2021 |
|
Https://mb.cision.com/Public/18751/3446896/bee601af9c21bc8a.pdf |
2021年1月至9月乌托昆普中期报告 |
SOURCE Outokumpu Oyj
来源：Outokumpu Oyj