Acerinox obtained a net profit of 348 million euros in the first nine months of this year, which represents a decrease of 53% compared to the same period in 2022, when it earned 741 million euros, as reported this Friday by the company to the National Securities Market Commission (CNMV).
The steel group's turnover between January and September reached 5,079 million euros, with a decrease of 27% compared to the first nine months of the previous year.
The gross operating result (Ebitda) at the end of last September stood at 607 million euros, 49% less, while the Ebitda margin on sales rose to 12%.
The company has also highlighted that steel mill production, of 1,459,567 tons, has decreased by 19% until September compared to the same period a year earlier.
In the third quarter of this year, the firm has highlighted that it obtained an Ebitda of 146 million euros "in a complex scenario", at the same time it made an adjustment of inventories to net realizable value for an amount of 75 million euros.
The CEO of Acerinox, Bernardo Velázquez, has stressed that, despite the market circumstances, the company has concentrated its efforts on reducing working capital and reducing debt.
In fact, net financial debt decreased by 221 million euros in the third quarter, after paying a complementary dividend of 75 million euros.
However, the total payment for investments and dividends, which amounted to 280 million euros, has meant that as of September 30, 2023, the net financial debt has increased by 60 million euros compared to the end of the 2022 financial year.
Velázquez has also stated that "the results presented, in a complex environment, reflect the resilience of the company in the low moments of the cycle."
As of September 30, Acerinox had liquidity amounting to 2,273 million euros. Of this amount, 1,750 million euros corresponded to treasury, mostly invested in deposits, and 523 million euros to financing lines.
The total maturities until 2029 of the group's term debt reaches 1,560 million euros, "and is fully covered by current liquidity," as highlighted by the company.
DOES NOT EXPECT REACTIVATION IN THE FOURTH QUARTER
Acerinox has commented that geopolitical complexity and macroeconomic circumstances continue to have a significant impact on real demand, which has led the company to "not expect a reactivation during the fourth quarter."
Likewise, the firm has explained that it expects an Ebitda "slightly" lower than that of the third quarter, although it has assured that fiscal year 2023 "will be the fourth best year in the history of the group."
The expected cash generation in the fourth quarter will allow the net financial debt to be reduced, which Acerinox estimates will end the year below the levels of December 31, 2022.