Acerinox Reports Profit in Q3 of 2020
Since the beginning of the crisis, Acerinox has been focused on generating cash flow, increasing liquidity and reducing costs. Adjusted EBITDA, EUR 267 million, was down by just 8% thanks to the incorporation of VDM and the cost reductions undertaken. In a year marked by the pandemic, Acerinox’s turnover totalled EUR 3,451 million between January and September, just 6% lower than that of 2019. In the first three quarters, melting shop production, 1,582,499 tonnes, decreased by 9% compared to the same period of 2019.
Acerinox obtained profit after tax and minority interests of EUR 31 million between January and September 2020, despite the impact of the crisis arising from the Covid pandemic and the impairment of assets of Bahru Stainless amounting to EUR 43 million, which occurred in the second semester.
The Consolidated Group’s melting shop production in these three quarters fell by 9% compared to the same period last year, from 1.7 million tonnes in 2019 to 1.5 million tonnes this year. During the third quarter, the Group’s factories produced 21% more tonnes than in the second quarter, to 538,467. Between July and September, the Group recognised a profit of EUR 28 million.
Between January and September turnover totalled EUR 3,451 million, a decrease of just 6% compared to 2019 in a year clearly marked by the social and economic effects of the pandemic.
In the first nine months, adjusted EBITDA, EUR 267 million, was down by just 8% thanks to the incorporation of VDM and to the cost reductions undertaken.
Forecast – “Visibility is limited. However the reactivation of a number of sectors and our order backlog, lead us to expect fourth quarter EBITDA to be in line with that of the third quarter, despite many uncertainties: evolution of the pandemic, the US elections, Brexit, etc.”
Source : STRATEGIC RESEARCH INSTITUTE