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04.11.2021 04:08
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Outokumpu interim report January-September 2021: Realized prices for stainless steel increased and Q3 adjusted EBITDA rose to EUR 295 million
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PR Newswire
HELSINKI, Nov. 4, 2021
HELSINKI, Nov. 4, 2021 /PRNewswire/ --
Highlights in Q3 2021
- 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%).
Highlights in January–September 2021
- 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).
1) Figures in parentheses refer to the corresponding period for 2020, unless otherwise stated.
Q3 2021 compared to Q3 2020
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).
Q3 2021 compared to Q2 2021
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).
January-September 2021 compared to January–September 2020
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).
EBIT increased to EUR 513 million (EUR -22 million) and net result to EUR 394 million (EUR -78 million).
| 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 Werbung Mehr Nachrichten zur Outokumpu Aktie kostenlos abonnieren
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