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/ --
赫爾辛基2021年11月4日美通社/--
Highlights in Q3 2021
2021年第三季度亮點
- 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%).
- 不鏽鋼交貨量為575,000噸(488,000噸)1.
- 調整後的EBITDA增加到2.95億歐元 (2200萬歐元).
- EBITDA是2.95億歐元 (1000萬歐元).
- 營業現金流為1.8億歐元 (1.7億歐元).
- 淨債務降至7.49億歐元 (2021年6月30日: 8.97億歐元).
- 槓桿率降至24.6%(2021年6月30日: 31.9%).
Highlights in January–September 2021
2021年1月至9月亮點
- 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).
- 不鏽鋼交貨量為1,809,000噸(1,599,000噸)。
- 調整後的EBITDA總額為6.95億歐元 (1.72億歐元).
- EBITDA是6.95億歐元 (1.61億歐元).
- 營業現金流為2.13億歐元 (2.1億歐元).
- 最終結果是3.94億歐元 (-7800萬歐元).
1) Figures in parentheses refer to the corresponding period for 2020, unless otherwise stated.
1)括號中的數字指的是2020年的同期，除非另有説明。
Q3 2021 compared to Q3 2020
2021年第三季度與2020年第三季度比較
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的銷售額同比大幅增長，達到19.49億歐元(12.54億歐元)。在強勁的市場環境下，調整後的EBITDA升至2.95億歐元(2200萬歐元)。受全球新冠肺炎疫情的負面影響，不鏽鋼總交貨量比參考期增長了18%。2021年第三季度的盈利能力受到歐洲和美洲不鏽鋼實現價格上漲以及鉻鐵銷售價格上漲的支撐。在新冠肺炎強勁反彈、異常長的訂單以及原材料價格上漲的推動下，價格上漲抵消了能源和消費品價格上漲的影響，這給結果帶來了負擔。與參考期間相比，固定成本和可變成本都有所增加。與原材料相關的庫存和金屬衍生產品收益增加，達到2200萬歐元(收益300萬歐元)。其他業務和集團內項目調整後的EBITDA為歐元-1000萬歐元(700萬歐元)。
Q3 2021 compared to Q2 2021
2021年第三季度與2021年第二季度比較
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年第三季度強勁的市場環境下，Outokumpu的銷售額增加到19.49億歐元(2021年第二季度：18.73億歐元)。不鏽鋼總交貨量下降了8%，但調整後的EBITDA增加到2.95億歐元(2021年第二季度：2.23億歐元)，因為不鏽鋼的實際價格在歐洲和美洲都處於較高的水平。盈利能力也受到鉻鐵銷售價格上漲的積極影響。在集團層面，固定成本較高，計劃維護成本較上一季度增加。然而，第三季度的維護計劃得到了有效執行，導致支出低於計劃。此外，能源和消費品價格的大幅成本上漲拖累了第三季度的盈利能力。與原材料相關的庫存和金屬衍生品收益較上一季度增加，總額為2200萬歐元(2021年第二季度：收益700萬歐元)。其他業務和集團內項目的調整後EBITDA為歐元-1000萬歐元(2021年第二季度：-1900萬歐元)。
January-September 2021 compared to January–September 2020
一月份-2021年9月與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的銷售額大幅增長，達到54.95億歐元(42.89億歐元)。不鏽鋼較高的實現價格支撐了盈利能力，調整後的EBITDA增至6.95億歐元(完)1.72億歐元)。受全球新冠肺炎疫情的負面影響，不鏽鋼交貨量較參考期增長了13%。總體而言，與前一年相比，成本略有增加。與原材料相關的庫存和金屬衍生產品收益增至7000萬歐元(虧損3100萬歐元)，主要是由於積極的時機影響。其他業務和集團內項目調整後的EBITDA為3,700萬歐元(歐元-1900萬歐元).
EBIT increased to EUR 513 million (EUR -22 million) and net result to EUR 394 million (EUR -78 million).
息税前利潤增至5.13億歐元(-2200萬歐元)和淨收益為3.94億歐元(-7800萬歐元).
|
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. | |||||||
|
集團關鍵人物 |
Q3/21 |
Q3/20 |
Q2/21 |
Q1-Q3/21 |
第一季度至第三季度/20季度 |
2020 | |
|
銷售額 |
百萬歐元 |
1,949 |
1,254 |
1,873 |
5,495 |
4,289 |
5,639 |
|
EBITDA |
百萬歐元 |
295 |
10 |
223 |
695 |
161 |
191 |
|
調整後的EBITDA 1) |
百萬歐元 |
295 |
22 |
223 |
695 |
172 |
250 |
|
息税前利潤 |
百萬歐元 |
234 |
-51 |
163 |
513 |
-22 |
-55 |
|
調整後息税前利潤1) |
百萬歐元 |
234 |
-39 |
163 |
513 |
-10 |
4 |
|
税前業績 |
百萬歐元 |
217 |
-77 |
143 |
461 |
-93 |
-151 |
|
該期間的淨結果 |
百萬歐元 |
182 |
-63 |
129 |
394 |
-78 |
-116 |
|
每股收益(2) |
歐元 |
0.40 |
-0.15 |
0.30 |
0.91 |
-0.19 |
-0.28 |
|
稀釋後每股收益2) |
歐元 |
0.37 |
-0.15 |
0.28 |
0.84 |
-0.19 |
-0.28 |
|
已動用資本回報率 |
% |
12.9 |
0.2 |
5.2 |
12.9 |
0.2 |
-1.4 |
|
經營活動產生的現金淨額 |
百萬歐元 |
180 |
170 |
6 |
213 |
210 |
322 |
|
期末淨負債 |
百萬歐元 |
749 |
1,105 |
897 |
749 |
1,105 |
1,028 |
|
期末負債權益比 |
% |
24.6 |
45.1 |
31.9 |
24.6 |
45.1 |
43.6 |
|
非經常開支3) |
百萬歐元 |
32 |
35 |
37 |
115 |
145 |
180 |
|
不鏽鋼快遞 |
1,000噸 |
575 |
488 |
626 |
1,809 |
1,599 |
2,121 |
|
期末人員，相當於4名全職人員) |
9,137 |
9,815 |
9,088 |
9,137 |
9,815 |
9,602 | |
|
1)調整後的EBITDA或EBIT=EBITDA或EBIT-分類為調整的項目。2)根據股票發行調整後的加權平均股數計算。相應地提供了比較信息。3)在2020年第四季度，Outokumpu將其資本支出定義從權責發生制改為現金制資本支出。相應地提供了比較信息。4)2021年第一季度，烏託昆普將主要人數指標由編制改為全職等值人員。相應地提供了比較信息。2021年6月30日，集團還聘用了約690名暑期實習生。 | |||||||
President & CEO Heikki Malinen
總裁兼首席執行官海基·馬利寧(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.
較高的實現價格和我們的利潤率提高行動的持續進展支持了我們第三季度的盈利能力。我們將調整後的EBITDA增加到2.95億歐元，這是Outokumpu近期歷史上表現最好的一個季度。不鏽鋼交貨量較第二季減少8%，符合預期的季節性模式。
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，我們在今年前三個季度實現了6.95億歐元的調整後EBITDA。這一結果是由強勁的市場環境和我們自己在戰略執行中採取的果斷行動共同支持的。
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.
所有業務領域在第三季度都提供了穩健的業績。在歐洲，從新冠肺炎低點顯著回升的勢頭仍在繼續。分銷商業務、家用電器和汽車行業的需求強勁。營業區歐洲的調整後的EBITDA達到1.49億歐元，而交貨量季節性下降了13%。美洲的扭虧為盈繼續取得成功。該業務領域現已連續五個季度業績改善，調整後的EBITDA達到8400萬歐元在強勁的市場環境下。與第二季度相比，交貨量持平。鉻鐵業務表現良好，為集團調整後的EBITDA貢獻了6400萬歐元。此外，Long Product業務區的扭虧為盈進展順利。
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.
可持續性是我們業務的核心，我們正在不斷採取措施，實現我們雄心勃勃的基於科學的目標倡議(SBTI)，即1.5ºC的減排目標。第三季度，由於高產量和開發項目，我們的能效處於良好水平。我們還宣佈，我們將提高風力發電在我們電力採購中的份額，這再次是我們可持續發展之旅的重要一步。
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，歐盟執委會提出了碳邊界調整機制(CBAM)的提案。該提案目前只包括範圍1的排放，因此，它沒有為碳泄漏創造足夠的保護。對於不鏽鋼，CBAM應用於整個碳足跡(範圍1、範圍2和範圍3)將是至關重要的。
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，可記錄的總受傷頻率比前幾個季度的歷史最低水平有所上升。我們已經在各個地點採取行動，讓我們一流的安全表現重回正軌。從大局看，過去五年，我們在安全方面有了很大飛躍，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.
我們的戰略執行進展順利，目標是到2022年底將EBITDA運行率提高2億歐元。我們現在已經達到了累積運行率影響1.63億歐元。考慮到強勁的勢頭，我們決定將目標增加5000萬歐元，達到2.5億歐元到2022年底。到目前為止，整個公司已經執行了500多項計劃，我為我們的進展感到非常自豪。我要感謝我們敬業的員工讓這一切成為現實。
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.
與第三季度相比，第四季度集團不鏽鋼交貨量預計將保持在類似水平。
The European ferrochrome benchmark price increased to USD 1.80/lb for the fourth quarter.
第四季度，歐洲鉻鐵基準價格升至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.
不鏽鋼價格上漲反映在已經收到的訂單中，並補償了第四季度能源、消耗品和運費方面的通脹壓力。
Adjusted EBITDA in the fourth quarter of 2021 is expected to be higher compared to the third quarter.
預計2021年第四季度調整後的EBITDA將高於第三季度。
A live webcast and conference call today, November 4 at 3.00 pm EET
今天有網絡直播和電話會議，11月4日在…美國東部時間下午3點
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.
對分析師、投資者和媒體代表的網絡直播和電話會議將於同一天晚些時候在美國東部時間下午3點在https://outokumpu.videosync.fi/2021-11-04-q3，安排，由總裁兼首席執行官主持。海基·馬利寧(Heikki Malinen)以及首席財務官皮婭·阿爾託寧-福塞爾(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:
要通過電話會議參與並提出問題，請在活動開始前5-10分鐘撥打電話會議：
Finland: +358 9 8171 0310
芬蘭：+3589171 0310
UK: +44 333 300 0804
英國：+44 333 300 0804
US: +1 631 913 1422
美國：+1 631 913 1422
PIN: 26167280#
個人識別碼：26167280#
All the interim report materials, a link to the webcast and later on its recording are available at www.outokumpu.com/en/investors.
所有中期報告材料、網絡廣播的鏈接以及稍後錄製的內容均可在www.outokumpu.com/en/Investors上查閲。
For more information:
有關詳細信息，請參閲：
Media: Päivi Allenius, VP – Communications, tel. +358 40 753 7374
媒體：Päivi Allenius，傳播部副總裁，電話：+358 40 753 7374
Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 400 719 669
投資者：Linda Häkkilä，投資者關係主管，電話：+358 400 719 669
This information was brought to you by Cision http://news.cision.com
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The following files are available for download:
以下文件可供下載：
|
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月烏託昆普中期報告 |
SOURCE Outokumpu Oyj
來源：Outokumpu Oyj