FORM
6 - K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Private Issuer
Pursuant
to Rule 13a - 16 or 15d - 16 of
the
Securities Exchange Act of 1934
As
of 5/5/2008
Ternium
S.A.
(Translation
of Registrant's name into English)
Ternium
S.A.
46a,
Avenue John F. Kennedy – 2nd floor
L-1855
Luxembourg
(352)
4661-11-3815
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or 40-F.
Form 20-F
R Form 40-
F£
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12G3-2(b) under the Securities Exchange Act of 1934.
Yes £
No R
If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
Not
applicable
The
attached material is being furnished to the Securities and Exchange Commission
pursuant to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934,
as amended.
This
report contains Ternium S.A.’s press release announcing first quarter 2008
results.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
TERNIUM
S.A.
|
By: /s/
Roberto Philipps
|
By: /s/
Daniel Novegil
|
|
Name:
Roberto Philipps
|
Name:
Daniel Novegil
|
|
Title:
Chief Financial Officer
|
Title:
Chief Executive Officer
|
Dated:
May 5, 2008
 |
 |
Sebastián
Martí
Ternium
- Investor Relations
+1 (866)
890 0443
+52 (81)
8865 2111
+54 (11)
4018 2389
www.ternium.com
Ternium
Announces First Quarter 2008 Results
Luxembourg,
May 5, 2008 – Ternium S.A. (NYSE: TX) today announced its results for the first
quarter ended March 31, 2008.
The
financial and operational information contained in this press release is based
on consolidated financial statements prepared in accordance with International
Financial Reporting Standards (IFRS) and presented in U.S. dollars and metric
tons.
Summary
of First Quarter 2008 Results
|
1Q
2008
|
4Q
2007
|
1Q
2007
|
||||||||||||||||
|
Shipments
(million tons)
|
2.7 | 2.8 | -3 | % | 2.5 | 9 | % | |||||||||||
|
Net
Sales (US$ million)
|
2,427.7 | 2,267.2 | 7 | % | 1,798.3 | 35 | % | |||||||||||
|
Operating
Income (US$ million)
|
434.9 | 297.2 | 46 | % | 415.4 | 5 | % | |||||||||||
|
EBITDA
(US$ million)
|
592.5 | 469.0 | 26 | % | 530.7 | 12 | % | |||||||||||
|
EBITDA
Margin (% of net sales)
|
24 | % | 21 | % | 30 | % | ||||||||||||
|
Net
Income (US$ million)
|
483.6 | 220.6 | 119 | % | 251.6 | 92 | % | |||||||||||
|
Equity
Holders' Net Income (US$ million)
|
422.1 | 165.6 | 155 | % | 222.1 | 90 | % | |||||||||||
|
Earnings
per ADS*
(US$)
|
2.11 | 0.83 | 155 | % | 1.11 | 90 | % | |||||||||||
Operating
income was US$434.9 million in the first quarter 2008, an increase
of 46% when compared to the fourth quarter 2007, mainly as a result of
higher steel prices partially offset by higher costs and lower
volume. Shipments decreased 3% in the first quarter 2008 when
compared to the fourth quarter 2007, as lower shipments in the South &
Central America Region that resulted from the work stoppages at Sidor were
partially offset by higher shipments in the North America
Region. Ternium’s operating income increased 5% in the first quarter
2008 when compared to the first quarter 2007. Excluding the effect of the
consolidation of Grupo Imsa, operating income decreased slightly year-over-year,
as higher costs and lower volumes were partially offset by higher steel
prices.
Net
income during the first quarter 2008 was US$483.6 million, an increase of 119%
when compared to the fourth quarter 2007. The sequential increase in
net income was due mainly to higher operating income and two non-recurring
items: an income tax gain of US$96.3 million related to Hylsa’s lower deferred
tax liability and an after-tax gain of US$101.4 million related to the sale of
non-strategic interests to BlueScope Steel. Ternium’s net income
during the first quarter 2008 increased 92% when compared to the first quarter
2007. Excluding the effect of the consolidation of Grupo Imsa, the
year-over-year increase was mainly due to the above mentioned non-recurring
items.
Ternium’s
net sales were US$2.4 billion in the first quarter 2008, an increase of 7% when
compared to the fourth quarter 2007. Net sales increased sequentially
mainly as a result of higher revenue per ton partially offset by lower
shipments. Excluding the effect of the consolidation of Grupo Imsa,
net sales increased slightly year-over-year in the first quarter 2008 mainly due
to higher revenue per ton partially offset by lower shipment levels as a result
of the work stoppages at Sidor.
Sidor
Nationalization Process
On March
31, 2008, Ternium controlled approximately 59.7% of Sidor, while CVG
Corporación Venezolana de Guayana (a company owned by the Venezuelan government)
held approximately 20.4% of Sidor and certain Sidor employees and former
employees held the remaining 19.9% interest.
On April
8, 2008, the Venezuelan government announced its intention to take control over
Sidor. Following the confirmation of the Venezuelan government’s decision to
nationalize Sidor on April 16, 2008, Ternium, Sidor and the Venezuelan
government entered into an agreement providing for the creation of a transition
committee, composed of representatives of the government, the labor union and
class B employee shareholders. This committee is charged with overseeing Sidor’s
operations during the transition period until the nationalization is completed,
acting in coordination with Sidor’s board of directors.
On April
29, 2008, the National Assembly of the Republic of Venezuela passed a resolution
declaring that the shares of Sidor, together with all of its assets, are of
public and social interest. This resolution authorizes the Venezuelan
government to take any action it may deem appropriate in connection with any
such assets, which may include expropriation.
The
discussions among representatives of Ternium and the Venezuelan government
regarding adequate and fair terms and conditions upon which all or a significant
part of Ternium’s interest in Sidor would be transferred to the government began
with the formation of a negotiating committee and are presently under way.
The date on which control over Sidor would be transferred to the
government is uncertain at this time.
The
impact of the potential government actions with respect to Sidor on Ternium’s
financial position is not determinable at this time.
Ternium
continues to preserve all of its rights under contracts, investment treaties and
Venezuelan and international law and will continue to evaluate its options in
realizing the fair value of its interest in Sidor.
From an
accounting perspective (book value), total assets and total liabilities of Sidor
were $3.1 billion and $855.5 million, respectively, at March 31,
2008. None of such book values represents the fair market value of
Sidor as a going concern. Sidor’s revenue and EBITDA for the first
quarter 2008 were $513.9 million and US$114.21 million,
respectively. Ternium’s equity holders’ net income for the first
quarter 2008 includes a gain of US$50.3 million related to its interest in
Sidor.
1 Sidor’s
EBITDA in the first quarter 2008 equals operating income of US$63.4 million plus
depreciation and amortization of US$50.8 million.
Outlook
Global
steel prices are increasing as a result of sustained demand coupled with certain
supply limitations that have resulted mainly from continued tightness in the raw
materials markets. In the North America Region, a restocking process
is supporting today’s strong pricing environment, while demand for steel
products is expected to remain at current levels, reflecting continued weakness
in the construction and automobile industries. Demand and prices in
the South & Central America Region are expected to remain at their current,
healthy levels.
Ternium
expects its operating margin will improve in the second quarter 2008 compared to
the operating margin it achieved in the first quarter 2008. Higher
steel prices should be only partially offset by higher raw material costs since
such costs are expected to be gradually reflected in the cost of sales, as
Ternium consumes raw materials from its inventories over time.
As
discussed above, the impact of the Sidor nationalization process on Ternium’s
financial position is not determinable at this time.
Analysis
of First Quarter 2008 Results
Net income attributable to the Company’s equity holders in the first
quarter 2008 was US$422.1 million, compared with US$222.1 million in the first
quarter 2007. Including minority interest, net income for the first
quarter 2008 was US$483.6 million, compared with US$251.6 million in the first
quarter 2007. Earnings per ADS for the first quarter 2008 were US$2.11, compared
with US$1.11 in the first quarter 2007.
Net sales for the first
quarter 2008 increased 35% to US$2.4 billion compared with the same period in
2007. Net sales increased mainly due to the consolidation of Grupo
Imsa. Shipments of flat and long products were 2.7 million tons
during the first quarter 2008, an increase of 9% compared to shipment levels in
the first quarter 2007, mainly due to the consolidation of Grupo Imsa partially
offset by lower shipment levels as a result of the work stoppages at
Sidor. Revenue per ton shipped increased 24% to US$869 in the first
quarter 2008 versus the same quarter in 2007, mainly as a result of higher steel
prices and the consolidation of Grupo Imsa’s higher value added product
mix.
|
Net
Sales (million US$)
|
Shipments
(thousand tons)
|
Revenue
/ ton (US$/ton)
|
|||||||||||||||||||||||||||||||
| 1Q 2008 | 1Q 2007 |
Dif.
|
1Q 2008 | 1Q 2007 |
Dif.
|
1Q 2008 | 1Q 2007 |
Dif.
|
|||||||||||||||||||||||||
|
South
& Central America
|
960.1 | 821.8 | 17 | % | 1,088.4 | 1,111.8 | -2 | % | 882 | 739 | 19 | % | |||||||||||||||||||||
|
North
America
|
1,021.0 | 522.5 | 95 | % | 1,080.0 | 698.4 | 55 | % | 945 | 748 | 26 | % | |||||||||||||||||||||
|
Europe
& other
|
9.5 | 48.7 | -81 | % | 9.7 | 82.7 | -88 | % | 978 | 589 | 66 | % | |||||||||||||||||||||
|
Total
flat products
|
1,990.6 | 1,392.9 | 43 | % | 2,178.1 | 1,892.9 | 15 | % | 914 | 736 | 24 | % | |||||||||||||||||||||
|
South
& Central America
|
179.5 | 164.9 | 9 | % | 265.2 | 292.8 | -9 | % | 677 | 563 | 20 | % | |||||||||||||||||||||
|
North
America
|
186.4 | 192.9 | -3 | % | 265.3 | 313.3 | -15 | % | 703 | 616 | 14 | % | |||||||||||||||||||||
|
Europe
& other
|
5.2 | 0.0 | 8.8 | 0.0 | 587 | ||||||||||||||||||||||||||||
|
Total
long products
|
371.1 | 357.7 | 4 | % | 539.3 | 606.1 | -11 | % | 688 | 590 | 17 | % | |||||||||||||||||||||
|
Total
flat and long products
|
2,361.6 | 1,750.7 | 35 | % | 2,717.4 | 2,498.9 | 9 | % | 869 | 701 | 24 | % | |||||||||||||||||||||
|
Other
products (1)
|
66.1 | 47.6 | 39 | % | |||||||||||||||||||||||||||||
|
Total
Net Sales
|
2,427.7 | 1,798.3 | 35 | % | |||||||||||||||||||||||||||||
(1)
Primarily includes iron ore and pig iron.
Net sales
of flat products during the first quarter 2008 totaled US$2.0 billion, an
increase of 43% compared with the same quarter in 2007. Excluding the
effect of the consolidation of Grupo Imsa, net sales of flat products increased
as a result of higher revenue per ton, partially offset by lower shipment
levels. Shipments of flat products totaled 2.2 million tons in the
first quarter 2008, an increase of 15% compared with the same period in 2007,
mainly due to the consolidation of Grupo Imsa partially offset by lower shipment
levels as a result of the work stoppages at Sidor. Revenue per ton
shipped increased 24% to US$914 in the first quarter 2008 compared with the same
period in 2007, mainly due to higher steel prices and the consolidation of Grupo
Imsa’s higher value added product mix.
Net sales
of long products were US$371.1 million during the first quarter 2008, an
increase of 4% compared with the same period in 2007 due to higher steel prices,
partially offset by lower shipment levels in all regions. Shipments
of long products totaled 539,000 tons in the first quarter 2008, representing an
11% decrease versus the same quarter in 2007. Revenue per ton shipped
increased 17% to US$688 in the first quarter 2008 over the first quarter
2007.
Net sales
of other products totaled US$66.1 million during the first quarter 2008,
compared to US$47.6 million during the first quarter 2007.
Net sales
of flat and long products in the North America Region were US$1.2 billion in the
first quarter 2008, an increase of 69% versus the same period in
2007. Shipments in the region totaled 1.3 million tons during the
first quarter 2008, or 33% higher than in the same period in 2007, mainly due to
the consolidation of Grupo Imsa. Revenue per ton shipped in the
region increased 27% to US$897 in the first quarter 2008 over the same quarter
in 2007 mainly as a result of higher prices and the consolidation of Grupo
Imsa’s higher value added product mix.
Flat and
long product net sales in the South & Central America Region were US$1.1
billion during the first quarter 2008, an increase of 16% versus the same period
in 2007. This increase was due to higher revenue per ton, partially
offset by lower volumes. Shipments in the region totaled 1.4 million
tons during the first quarter 2008, or 4% lower than in the first quarter
2007. Despite the increase in demand for steel products in the
region, Ternium’s shipments decreased due to the work stoppages at
Sidor. Revenue per ton shipped in the region increased 20% to US$842
in the first quarter 2008 over the same quarter in 2007, mainly due to higher
prices.
Cost of sales totaled US$1.8
billion in the first quarter 2008 compared to US$1.2 billion in the first
quarter 2007. Cost of sales increased as a result, in part, of the
consolidation of Grupo Imsa, which increased Ternium’s cost per ton due to Grupo
Imsa’s higher production cost structure and higher value added product sales
mix. Excluding this effect, the higher year-over-year cost of sales
was related to an increase in shipment volume; higher costs for raw materials
and other supplies, as well as for freight, services and labor; and lower
efficiencies associated with the work stoppages at Sidor.
The
consolidation of Grupo Imsa resulted in an increased volume of purchased slabs
with a cost per ton significantly higher than Ternium’s average cost of slab
production. Prices for iron ore supplies to Ternium’s Argentine and
Venezuelan operations were higher during the first quarter 2008 than they were
in the same period in 2007. Scrap prices increased in Mexico while
the price of zinc decreased in the first quarter 2008 compared to the prior year
period. Labor costs in Argentina and Venezuela increased in the first
quarter 2008 when compared to the first quarter 2007.
Selling, General and Administrative
(SG&A) expenses in the first quarter 2008 were US$237.0 million, or
10% of net sales, compared with US$164.5 million, or 9% of net sales, in the
first quarter 2007. The increase in SG&A, excluding the effect of
the consolidation of Grupo Imsa, was due mainly to a year-over-year tax increase
in Venezuela related to a tax enacted in the second half of 2007 on debits in
checking accounts.
Operating income in the first
quarter 2008 was US$434.9 million, or 18% of net sales, compared with US$415.4
million, or 23% of net sales, in the first quarter 2007.
EBITDA2 in the first quarter 2008
was US$592.5 million, or 24% of net sales, compared with US$530.7 million, or
30% of net sales, in the first quarter 2007. Ternium’s EBITDA margin
in the first quarter 2008 was affected by the consolidation of Grupo
Imsa. Equity holders’ EBITDA in the first quarter 2008 was 86% of
EBITDA.
Net financial expenses totaled
US$83.5 million in the first quarter 2008, compared with US$82.3 million in the
same period in 2007. A US$51.8 million decrease in the excess cash
distribution related to Sidor’s participation accounts and a US$38.2 million
better result related to foreign exchange valuations were mainly offset by a
year-over-year negative variance of US$40.8 million related to changes in the
fair value of some derivative instruments entered into by Ternium to mitigate
energy prices and interest rate fluctuations and a US$21.5 million increase in
net interest expenses primarily associated with an increase in net
debt. The foreign exchange results in the first quarter 2008 (an
effect that is offset to a large extent by changes in Ternium’s net equity
position) resulted primarily from the impact of the Mexican Peso fluctuation on
the company’s Mexican subsidiaries’ US dollar denominated debt (Ternium’s
subsidiaries prepare their financial statements in currencies other than the US
dollar in accordance with IFRS).
Sidor’s
excess cash distribution related to the participation accounts was US$96.5
million in the first quarter 2008 compared with US$225.2 million in the first
quarter 2007. The recognition of payments to minority shareholders of
Sidor resulted in expenses for Ternium of US$38.9 million in the first quarter
2008, compared with expenses of US$90.7 million in the same period in
2007.
_____________________________
_____________________________
|
2
|
EBITDA in the first quarter 2008
equals operating income of US$434.9 million plus depreciation and
amortization of US$157.7
million.
|
Income tax for the first
quarter 2008 was a gain of US$30.5 million, compared with a first quarter 2007
income tax expense of US$80.5 million, or 24% of income before income tax and
minority interest. The first quarter 2008 result included a
non-recurring gain of US$96.3 million on account of Hylsa’s lower deferred tax
liability. Mexican laws require local companies to pay their employees a profit
sharing bonus calculated on a basis similar to that used for local income tax
purposes. Ternium accounts for temporary differences arising between
the statutory calculation and the reported expense determined under IFRS in a
manner similar to the calculation of deferred income tax. The Company
recorded a reversal of its deferred profit sharing obligations as a result of
the corporate restructuring being carried out among its Mexican
subsidiaries. Additionally, there was a US$33.7 million higher gain
as a result of Sidor’s lower deferred tax liability, which resulted mainly from
the application of an adjustment for inflation concerning the value of Sidor’s
fixed assets for tax purposes in accordance with Venezuelan tax law, that was
partially offset by a US$26.2 million higher income tax expense at
Siderar.
Income attributable to minority
interest for the first quarter 2008 was US$61.4 million, compared with
US$29.5 million in the first quarter 2007. The year-over-year
increase was due mainly to higher income attributable to minority interest in
Siderar.
Cash
Flow and Liquidity
Net cash
provided by operating activities in the first quarter 2008 was US$120.1 million
compared to US$530.3 million in the first quarter 2007. Working
capital increased US$227.5 million in the first quarter 2008, mainly as a result
of higher inventory levels of goods in process and raw materials, compared to a
decrease of US$110.3 million in the first quarter 2007. Net interest
payments over accruals increased by US$87.6 million in the first quarter 2008
mainly as a result of the semi-annual payment of interest on debt related to the
acquisition of Grupo Imsa.
Capital
expenditures in the first quarter 2008 were US$156.6 million, compared to
US$102.4 million in the first quarter 2007. Capital expenditures
during the first quarter 2008 were made principally for the expansion of one
steel shop, the upgrading of one hot strip mill and the upgrading of one cold
rolled mill in Mexico; the relining of one blast furnace and the revamping
and expansion of the coking facilities in Argentina; and the revamping of
one DRI production unit and the upgrading of the loading system in one steel
shop in Venezuela. Ternium’s negative free cash flow3 in the first quarter 2008 of US$36.5 million,
compared to free cash flow3 of
US$427.9 million in the first quarter 2007. Net cash provided by
discontinued operations in the first quarter 2008 in connection with the sale of
non-strategic interests to BlueScope Steel was US$722.5 million.
Ternium’s
net repayment of borrowings in the first quarter 2008 was US$816.4 million,
mostly related to the pre-payment of some of the Company’s Mexican subsidiaries’
outstanding debt. Ternium’s net debt position (borrowings less cash
and cash equivalents and other current investments) decreased by US$780.7
million in the first quarter 2008 to US$2.1 billion as of March 31, 2008,
compared to net debt of US$2.9 billion as of December 31, 2007. Total
financial debt was US$3.2 billion as of March 31, 2008, compared to US$4.1
billion as of December 31, 2007.
_____________________________
|
3
|
Free
cash flow equals net cash provided by operating activities of US$120.1
million and US$530.3 million less capital expenditures of US$156.6 million
and US$102.4 million for the first quarter 2008 and 2007,
respectively.
|
Forward
Looking Statements
Some
of the statements contained in this press release are “forward-looking
statements”. Forward-looking statements are based on management’s
current views and assumptions and involve known and unknown risks that could
cause actual results, performance or events to differ materially from those
expressed or implied by those statements. These risks include but are
not limited to risks arising from uncertainties as to gross domestic product,
related market demand, global production capacity, tariffs, cyclicality in the
industries that purchase steel products and other factors beyond Ternium’s
control.
About
Ternium
Ternium
is one of the leading steel companies in the Americas, offering a wide range of
flat and long steel products. With its main operations in Mexico,
Venezuela and Argentina and 21,000 employees, Ternium had sales of
approximately US$8 billion and shipments of approximately 10 million tons of
finished steel products in 2007. More information about Ternium
is available at www.ternium.com.
Consolidated
income statement
|
US$
million
|
1Q
2008
|
1Q
2007
|
Dif.
|
|||||||||
|
Net
sales
|
2,427.7 | 1,798.3 | 629.4 | |||||||||
|
Cost
of sales
|
(1,766.9 | ) | (1,223.9 | ) | (543.0 | ) | ||||||
|
Gross
profit
|
660.8 | 574.4 | 86.4 | |||||||||
|
Selling,
general and administrative expenses
|
(237.0 | ) | (164.5 | ) | (72.4 | ) | ||||||
|
Other
operating income, net
|
11.0 | 5.6 | 5.5 | |||||||||
|
Operating
income
|
434.9 | 415.4 | 19.4 | |||||||||
|
Interest
expense
|
(45.1 | ) | (16.9 | ) | (28.2 | ) | ||||||
|
Interest
income
|
17.5 | 10.8 | 6.7 | |||||||||
|
Other
financial expenses, net
|
(55.8 | ) | (76.1 | ) | 20.3 | |||||||
|
Equity
in earnings (losses) of associated companies
|
0.3 | (1.0 | ) | 1.3 | ||||||||
|
Income
before income tax expense
|
351.7 | 332.2 | 19.5 | |||||||||
|
Current
and deferred income tax expense
|
(65.8 | ) | (80.5 | ) | 14.7 | |||||||
|
Reversal
of deferred statutory profit sharing
|
96.3 | 0.0 | 96.3 | |||||||||
|
Discontinued
operations
|
101.4 | 0.0 | 101.4 | |||||||||
|
Net
income for the period
|
483.6 | 251.6 | 231.9 | |||||||||
|
Attributable
to:
|
||||||||||||
|
Equity
holders of the Company
|
422.1 | 222.1 | 200.0 | |||||||||
|
Minority
interest
|
61.4 | 29.5 | 31.9 | |||||||||
| 483.6 | 251.6 | 231.9 | ||||||||||
Consolidated
balance sheet
|
US$
million
|
March 31,
2008
|
|
December 31,
2007
|
|||||
|
Property,
plant and equipment, net
|
6,913.0
|
6,858.8
|
||||||
|
Intangible
assets, net
|
1,463.8
|
1,452.2
|
||||||
|
Investment
in associated companies
|
44.7
|
44.0
|
||||||
|
Other
investments, net
|
15.3
|
14.8
|
||||||
|
Deferred
tax assets
|
24.1
|
31.8
|
||||||
|
Receivables,
net
|
77.5
|
217.6
|
||||||
|
Total
non-current assets
|
8,538.3
|
8,619.3
|
||||||
|
Receivables
|
561.3
|
426.0
|
||||||
|
Derivative
financial instruments
|
0.0
|
0.6
|
||||||
|
Inventories,
net
|
2,128.4
|
1,913.1
|
||||||
|
Trade
receivables, net
|
923.2
|
847.8
|
||||||
|
Other
investments
|
66.1
|
65.3
|
||||||
|
Cash
and cash equivalents
|
996.6
|
1,126.0
|
||||||
|
Total
current assets
|
4,675.6
|
4,378.9
|
||||||
|
Non-current
assets classified as held for sale
|
7.1
|
769.1
|
||||||
|
Total
assets
|
13,221.1
|
13,767.3
|
||||||
|
Shareholders'
equity
|
4,902.7
|
4,452.7
|
||||||
|
Minority
interest in subsidiaries
|
1,978.3
|
1,914.2
|
||||||
|
Minority
interest & shareholders' equity
|
6,881.0
|
6,366.9
|
||||||
|
Provisions
|
59.6
|
57.3
|
||||||
|
Deferred
income tax
|
1,157.9
|
1,337.0
|
||||||
|
Tax
liabilities
|
1.5
|
0.0
|
||||||
|
Other
liabilities
|
364.5
|
336.5
|
||||||
|
Trade
payables
|
6.6
|
6.7
|
||||||
|
Borrowings
|
2,631.8
|
3,677.5
|
||||||
|
Total
non-current liabilities
|
4,221.7
|
5,415.1
|
||||||
|
Current
tax liabilities
|
280.4
|
184.8
|
||||||
|
Other
liabilities
|
179.7
|
182.2
|
||||||
|
Trade
payables
|
1,085.1
|
983.9
|
||||||
|
Derivative
financial instruments
|
29.5
|
13.3
|
||||||
|
Borrowings
|
543.9
|
407.4
|
||||||
|
Total
current liabilities
|
2,118.5
|
1,771.6
|
||||||
|
Liabilities
related to discontinued operations
|
0.0
|
213.8
|
||||||
|
Total
liabilities
|
6,340.1
|
7,400.4
|
||||||
|
Total
liabilities, minority interest & shareholders' equity
|
13,221.1
|
13,767.3
|
||||||
Consolidated
cash flow statement
|
US$
million
|
1Q
2008
|
1Q
2007
|
Dif.
|
|||||||||
|
Net
income for the period
|
483.6 | 251.6 | 231.9 | |||||||||
|
Adjustments
for:
|
||||||||||||
|
Depreciation
and amortization
|
157.7 | 115.3 | 42.4 | |||||||||
|
Income
tax accruals less payments
|
(108.0 | ) | 58.0 | (166.0 | ) | |||||||
|
Equity
in (earnings) losses of associated companies
|
(0.3 | ) | 1.0 | (1.3 | ) | |||||||
|
Interest
accruals less payments
|
(87.6 | ) | (4.7 | ) | (82.8 | ) | ||||||
|
Changes
in provisions
|
5.4 | (3.3 | ) | 8.8 | ||||||||
|
Changes
in working capital
|
(227.5 | ) | 110.3 | (337.9 | ) | |||||||
|
Discontinued
operations
|
(101.4 | ) | - | (101.4 | ) | |||||||
|
Others
|
(1.8 | ) | 2.1 | (4.0 | ) | |||||||
|
Net
cash provided by operating activities
|
120.1 | 530.3 | (410.2 | ) | ||||||||
|
Capital
expenditures
|
(156.6 | ) | (102.4 | ) | (54.3 | ) | ||||||
|
Increase
in Other Investments
|
(0.8 | ) | - | (0.8 | ) | |||||||
|
Proceeds
from sale of property, plant & equipment
|
0.9 | 5.2 | (4.3 | ) | ||||||||
|
Discontinued
operations
|
722.5 | - | 722.5 | |||||||||
|
Net
cash provided by (used in) investing activities
|
565.9 | (97.2 | ) | 663.1 | ||||||||
|
Proceeds
from borrowings
|
105.0 | 120.1 | (15.2 | ) | ||||||||
|
Repayment
of borrowings
|
(921.4 | ) | (212.5 | ) | (708.9 | ) | ||||||
|
Net
cash used in financing activities
|
(816.4 | ) | (92.4 | ) | (724.0 | ) | ||||||
|
(Decrease)
increase in cash and cash equivalents
|
(130.4 | ) | 340.7 | (471.1 | ) | |||||||
Shipments
|
Thousand
tons
|
1Q
2008
|
1Q
2007
|
4Q
2007
|
|||||||||
|
South
& Central America
|
1,088.4 | 1,111.8 | 1,173.2 | |||||||||
|
North
America
|
1,080.0 | 698.4 | 993.6 | |||||||||
|
Europe
& other
|
9.7 | 82.7 | 22.5 | |||||||||
|
Total
flat products
|
2,178.1 | 1,892.9 | 2,189.4 | |||||||||
|
South
& Central America
|
265.2 | 292.8 | 329.1 | |||||||||
|
North
America
|
265.3 | 313.3 | 268.9 | |||||||||
|
Europe
& other
|
8.8 | 0.0 | 15.0 | |||||||||
|
Total
long products
|
539.3 | 606.1 | 613.0 | |||||||||
|
Total
flat and long products
|
2,717.4 | 2,498.9 | 2,802.4 | |||||||||
Revenue
/ ton
|
US$/ton
|
1Q
2008
|
1Q
2007
|
4Q
2007
|
|||||||||
|
South
& Central America
|
882 | 739 | 822 | |||||||||
|
North
America
|
945 | 748 | 882 | |||||||||
|
Europe
& other
|
978 | 589 | 607 | |||||||||
|
Total
flat products
|
914 | 736 | 847 | |||||||||
|
South
& Central America
|
677 | 563 | 609 | |||||||||
|
North
America
|
703 | 616 | 611 | |||||||||
|
Europe
& other
|
587 | 457 | ||||||||||
|
Total
long products
|
688 | 590 | 606 | |||||||||
|
Total
flat and long products
|
869 | 701 | 794 | |||||||||
Net
Sales
|
US$
million
|
1Q
2008
|
1Q
2007
|
4Q
2007
|
|||||||||
|
South
& Central America
|
960.1 | 821.8 | 964.3 | |||||||||
|
North
America
|
1,021.0 | 522.5 | 876.2 | |||||||||
|
Europe
& other
|
9.5 | 48.7 | 13.7 | |||||||||
|
Total
flat products
|
1,990.6 | 1,392.9 | 1,854.2 | |||||||||
|
South
& Central America
|
179.5 | 164.9 | 200.3 | |||||||||
|
North
America
|
186.4 | 192.9 | 164.4 | |||||||||
|
Europe
& other
|
5.2 | 0.0 | 6.9 | |||||||||
|
Total
long products
|
371.1 | 357.7 | 371.6 | |||||||||
|
Total
flat and long products
|
2,361.6 | 1,750.7 | 2,225.8 | |||||||||
|
Other products (1)
|
66.1 | 47.6 | 41.5 | |||||||||
|
Total
net sales
|
2,427.7 | 1,798.3 | 2,267.2 | |||||||||
(1)
Includes iron ore and pig iron