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 5/4/2009
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 ü 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 ü
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 2009
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 4, 2009
 |
 |
Ternium
Announces First Quarter 2009 Results
LUXEMBOURG--(Marketwire
- May 04, 2009) - Ternium S.A. (NYSE: TX) today announced
its results for the first quarter ended March 31, 2009.
The
financial and operational information contained in this press release is based
on Ternium S.A.'s 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 2009
Results(1)
| 1Q 2009 | 4Q 2008 | 1Q 2008 | ||||||||||||||||||
|
Shipments
(tons)
|
1,504,000 | 1,547,000 | -3 | % | 2,088,000 | -28 | % | |||||||||||||
|
Net
Sales (US$ million)
|
1,174.7 | 1,721.1 | -32 | % | 1,942.6 | -40 | % | |||||||||||||
|
Operating
Income (Loss) (US$ million)
|
(26.5 | ) | 186.3 | -114 | % | 359.4 | ||||||||||||||
|
EBITDA
(US$ million)
|
95.0 | 281.1 | -66 | % | 464.4 | -80 | % | |||||||||||||
|
EBITDA
Margin (% of net sales)
|
8 | % | 16 | % | 24 | % | ||||||||||||||
|
EBITDA
per Ton, Flat & Long Steel (US$/ton)
|
55 | 158 | -65 | % | 212 | -74 | % | |||||||||||||
|
Net
Foreign Exchange Result (US$ million)
|
(160.5 | ) | (622.5 | ) | 40.2 | |||||||||||||||
|
Discontinued
Operations Result (US$ million)
|
- | - | 159.9 | |||||||||||||||||
|
Net
Income (Loss) (US$ million)
|
(117.0 | ) | (348.5 | ) | 480.7 | |||||||||||||||
|
Equity
Holders' Net Income (Loss) (US$ million)
|
(93.2 | ) | (334.0 | ) | 422.1 | |||||||||||||||
|
Earnings
(Loss) per ADS (US$)
|
(0.46 | ) | (1.67 | ) | 2.11 | |||||||||||||||
|
·
|
EBITDA(2)
of US$95.0 million in the first quarter 2009, down 66%
quarter-over-quarter, as revenue per ton decreased US$301 compared to
the fourth quarter 2008, while operating cost per ton decreased
US$197.
|
|
·
|
Loss
per American Depositary Share (ADS)(3) of US$0.46 in the first quarter
2009, which includes a US$0.86 non-cash foreign exchange loss per ADS on
Ternium’s Mexican subsidiary’s US dollar denominated
debt.
|
|
·
|
Positive
free cash flow(4) of US$341.0 million in the first quarter 2009, as
Ternium reduced its steel inventories by 366,000 tons and its capital
expenditures by 60% compared to the fourth quarter
2008.
|
|
·
|
Net
financial debt(5) of US$1.8 billion at the close of the first quarter
2009, a decrease of US$345.4 million compared to the close of the fourth
quarter 2008.
|
Ternium's
operating result in the first quarter 2009 was a loss of US$26.5 million,
compared to a gain of US$186.3 million in the fourth quarter 2008, mainly due to
lower gross margin. Additionally, the operating loss in the first quarter 2009
included a US$123.1 million loss related to the write-down of Ternium's
inventory compared to a US$68.3 million inventory related write-down in the
fourth quarter 2008. Revenue per ton decreased US$301 in the first quarter 2009
when compared to the fourth quarter 2008, while operating cost per ton decreased
US$197.
The
operating result in the first quarter 2009 was US$385.9 million lower than that
of the first quarter 2008, mainly due to a 28% decrease in shipments and a 16%
decrease in revenue per ton. There was no write-down of inventories recorded in
the first quarter 2008.
Ternium
had a net loss of US$117.0 million in the first quarter 2009, compared to a net
loss of US$348.5 million in the fourth quarter 2008. The quarter-over-quarter
improvement was mainly due to a US$462.0 million reduction in net foreign
exchange loss, partially offset by a US$212.8 million reduction in operating
income and a US$49.3 million reduction in income tax benefit.
The first
quarter 2009 net loss compared to a net gain of US$480.7 million in the first
quarter 2008. This year-over-year decrease was mainly due to a US$385.9 million
lower operating result, a US$200.8 million lower net foreign exchange result and
the absence in the first quarter 2009 of a US$159.9 million discontinued
operations gain present in the first quarter 2008, partially offset by a
US$106.4 million reduction in income tax expense.
Net
foreign exchange result during the first quarter 2009 was a loss of US$160.5
million, compared to a loss of US$622.5 million in the fourth quarter 2008 and a
gain of US$40.2 million in the first quarter 2008. The net foreign exchange
losses in the first quarter 2009 and fourth quarter 2008 were primarily due to
the Mexican Peso's 6% and 25% devaluation, respectively, on Ternium's Mexican
subsidiary's US dollar denominated debt. These results are non-cash when
measured in US dollars and are offset by changes in Ternium's net equity
position in the currency translation adjustments line.
Ternium's
financial debt at the end of the first quarter 2009 was US$2.9 billion, while
the company's cash, cash equivalents and other liquid investments totaled US$1.2
billion as of March 31, 2009. The company's net financial debt of US$1.8 billion
at the close of the first quarter 2009 decreased by US$345.4 million from its
net financial debt position as of December 31, 2008.
Outlook
Ternium
expects apparent demand in its main markets to remain weak in the second quarter
2009 as a result of the continued reduction of steel inventories. In the second
half of 2009, the company anticipates shipments to gradually increase, prices to
remain weak due to the steel industry's low capacity utilization in Ternium's
regions and costs to be reduced by lower price of steel making inputs and the
initiatives that Ternium is carrying out to adjust to the current
environment.
The
company anticipates a lower net debt position at the close of the second quarter
2009, mainly as a result of a continuing decline in working capital needs and a
low level of capital expenditures. Ternium plans to achieve a balance between
inventory levels and expected demand in the third quarter 2009.
Analysis
of First quarter 2009 Results
Net loss
attributable to Ternium's equity holders in the first quarter 2009 was US$93.2
million, compared with net income attributable to the company's equity holders
of US$422.1 million in the first quarter 2008. Including minority interest, net
loss for the first quarter 2009 was US$117.0 million, compared with net income
of US$480.7 million in the first quarter 2008. Loss per ADS for the first
quarter 2009 was US$0.46, compared with earnings per ADS of US$2.11 in the first
quarter 2008.
Net sales
in the first quarter 2009 were US$1.2 billion, 40% lower than net sales in the
first quarter 2008. Shipments of flat and long products were 1.5 million tons
during the first quarter 2009, a decrease of 28% compared to shipment levels in
the first quarter 2008, mainly due to a decrease in demand in Ternium's main
steel markets. Revenue per ton shipped was US$761 in the first quarter 2009, a
decrease of 16% compared to the same quarter in 2008, mainly as a result of
lower prices and a less favorable market mix.
|
Net
Sales (million US$)
|
Shipments
(thousand tons)
|
Revenue
/ ton (US$/ton)
|
||||||||||||||||||||||||||||||||||
| 1Q 2009 | 1Q 2008 |
Dif.
|
1Q 2009 | 1Q 2008 |
Dif.
|
1Q 2009 | 1Q 2008 |
Dif.
|
||||||||||||||||||||||||||||
|
South
& Central America
|
358.0 | 635.8 | -44 | % | 363.7 | 673.0 | -46 | % | 984 | 945 | 4 | % | ||||||||||||||||||||||||
|
North
America
|
545.6 | 1,021.0 | -47 | % | 704.0 | 1,080.0 | -35 | % | 775 | 945 | -18 | % | ||||||||||||||||||||||||
|
Europe
& other
|
93.3 | 4.8 | 170.9 | 4.8 | 546 | 1,008 | -46 | % | ||||||||||||||||||||||||||||
|
Total
flat products
|
996.8 | 1,661.6 | -40 | % | 1,238.5 | 1,757.7 | -30 | % | 805 | 945 | -15 | % | ||||||||||||||||||||||||
|
South
& Central America
|
11.4 | 36.4 | -69 | % | 23.1 | 56.7 | -59 | % | 493 | 643 | -23 | % | ||||||||||||||||||||||||
|
North
America
|
134.8 | 186.4 | -28 | % | 239.4 | 265.3 | -10 | % | 563 | 703 | -20 | % | ||||||||||||||||||||||||
|
Europe
& other
|
2.0 | 5.2 | -61 | % | 3.0 | 8.8 | -66 | % | 666 | 587 | 14 | % | ||||||||||||||||||||||||
|
Total
long products
|
148.2 | 228.0 | -35 | % | 265.5 | 330.7 | -20 | % | 558 | 689 | -19 | % | ||||||||||||||||||||||||
|
Total
flat and long products
|
1,145.0 | 1,889.6 | -39 | % | 1,504.1 | 2,088.5 | -28 | % | 761 | 905 | -16 | % | ||||||||||||||||||||||||
|
Other
products(1)
|
29.7 | 53.0 | -44 | % | ||||||||||||||||||||||||||||||||
|
Total
Net Sales
|
1,174.7 | 1,942.6 | -40 | % | ||||||||||||||||||||||||||||||||
(1)
Primarily includes iron ore, pig iron and pre-engineered metal
buildings.
Sales of
flat products during the first quarter 2009 totaled US$1.0 billion, a decrease
of 40% compared with the same quarter in 2008. Net sales decreased as a result
of lower shipments and revenue per ton. Shipments of flat products totaled 1.2
million tons in the first quarter 2009, a decrease of 30% compared with the same
period in 2008, mainly due to a decrease in demand in Ternium's main steel
markets. Revenue per ton shipped decreased 15% to US$805 in the first quarter
2009 compared with the same period in 2008, mainly due to lower steel prices and
a less favorable market mix.
Sales of
long products were US$148.2 million in the first quarter 2009, a decrease of 35%
compared to the same period in 2008 mainly due to lower volumes and prices.
Shipments of long products totaled 266,000 tons in the first quarter 2009, a 20%
decrease versus the same quarter in 2008, due to lower demand in Ternium's
billet markets in the South & Central America Region. Revenue per ton
shipped was US$558 in the first quarter 2009, a decrease of 19% compared to the
first quarter 2008, mainly due to lower steel prices.
Sales of
other products totaled US$29.7 million during the first quarter 2009, compared
to US$53.0 million during the first quarter 2008. The decrease was mainly driven
by lower iron ore shipments and reduced revenue from other items including pig
iron and metal building components.
Sales of
flat and long products in the North America Region were US$680.4 million in the
first quarter 2009, a decrease of 44% versus the same period in 2008, due to
lower shipments and prices. Shipments in the region totaled 943,000 tons during
the first quarter 2009, or 30% lower than in the same period in 2008 as a result
of lower demand in the region's main markets. Revenue per ton shipped in the
region decreased 20% to US$721 in the first quarter 2009 over the same quarter
in 2008, mainly due to lower prices.
Flat and
long product sales in the South & Central America Region were US$369.3
million during the first quarter 2009, a decrease of 45% versus the same period
in 2008. This decrease was mainly due to lower shipments. Shipments in the
region totaled 387,000 tons during the first quarter 2009, or 47% lower than in
the first quarter 2008, due to the lower overall steel demand in the region.
Revenue per ton shipped was US$955 in the first quarter 2009, an increase of 4%
compared to the same quarter in 2008, mainly due to a higher priced product
mix.
Cost of
sales totaled US$1.0 billion in the first quarter 2009 compared to US$1.4
billion in the first quarter 2008. Cost of sales decreased mainly as a result of
lower shipments. The relatively stable cost per ton year-over-year was due to
higher raw material costs and a US$123.1 million inventory write-down during the
first quarter 2009, offset by lower energy costs, the effect in the first
quarter 2009 on cost of sales from inventory write-downs performed in previous
quarters and the impact of the reduction in the US dollar value of inventories
at the beginning of the year and purchased during the period, which resulted
mainly from the devaluation of the Mexican Peso and Argentine Peso relative to
the US dollar.
In the
first quarter 2009 the average price of scrap and energy in Mexico and the
average price of zinc in the international markets were lower than in the first
quarter 2008, reflecting the continued steep reduction in commodity prices that
began in the second half of 2008. Coal and third party iron ore prices were
higher during the first quarter 2009 than they were in the same period in 2008,
mainly as a result of higher annual contract prices.
Selling,
General & Administrative (SG&A) expenses in the first quarter 2009 were
US$136.2 million, or 12% of net sales, compared with US$145.5 million, or 8% of
net sales, in the first quarter 2008. The decrease in SG&A was mainly due to
the impact of the Mexican Peso's and Argentine Peso's devaluation relative to
the US Dollar on local currency denominated costs, partially offset by higher
lay off charges and higher freight and logistical costs as a result of higher
export volumes.
Operating
results in the first quarter 2009 were a loss of US$26.5 million, compared with
a gain of US$359.4 million, or 19% of net sales, in the first quarter
2008.
EBITDA in
the first quarter 2009 was US$95.0 million, or 8% of net sales, compared with
US$464.4 million, or 24% of net sales, in the first quarter 2008.
Net
financial expenses were US$187.6 million in the first quarter 2009, compared
with US$29.2 million in the first quarter 2008. During the first quarter 2009,
Ternium's net interest expenses totaled US$22.6 million, a decrease of US$9.6
million compared to the first quarter 2008 due to lower indebtedness and
interest rates.
Net
foreign exchange result was a loss of US$160.5 million in the first quarter 2009
compared to a gain of US$40.2 million in the same period in 2008. The first
quarter 2009 loss was primarily due to the impact of the Mexican Peso's 6%
devaluation on Ternium's Mexican subsidiary's US dollar denominated debt. This
result is non-cash when measured in US dollars and is offset by changes in
Ternium's net equity position in the currency translation adjustments line, as
the value of Ternium Mexico's US dollar denominated debt is not altered by the
Mexican Peso's fluctuation when stated in US dollars in Ternium's consolidated
financial statements. In accordance with IFRS, Ternium Mexico prepares its
financial statements in Mexican Pesos and registers foreign exchange results on
its net non-Mexican Pesos positions when the Mexican Peso revaluates or
devaluates relative to other currencies.
Fair
value of derivatives result was a loss of US$1.4 million in the first quarter
2009 compared to a loss of US$20.9 million in the first quarter 2008. This
result was related to some derivative instruments entered into by Ternium mainly
to mitigate the impact of interest rate fluctuations.
Income
tax benefit for the first quarter 2009 was US$96.5 million, compared with an
income tax expense of US$9.9 million in the same period in 2008. The first
quarter 2009 result included a gain of US$35.4 million due to a favorable
resolution on a tax related dispute in Mexico, while the first quarter 2008
result included a non-recurring gain of US$96.3 million on account of lower
deferred tax liability.
There was
no net result of discontinued operations registered for the first quarter 2009.
Net result of discontinued operations in the first quarter 2008 was a gain of
US$101.4 million related to the results from the sale of non-core US assets and
a gain of US$58.6 million related to Sidor.
Loss
attributable to minority interest for the first quarter 2009 was US$23.8
million, compared to income attributable to minority interest of US$58.6 million
in the first quarter 2008, mainly due to a lower result attributable to minority
interest in Siderar.
Cash Flow
and Liquidity
Net cash
provided by continuing operations in the first quarter 2009 was US$409.3
million, higher than the US$1.7 million in net cash provided by continuing
operations in the first quarter 2008 mainly as a result of a working capital
decrease of US$371.3 million in the first quarter 2009 compared to a working
capital increase of US$230.1 million in the first quarter 2008, partially offset
by lower operating results. The decrease in working capital in the first quarter
2009 resulted mainly from a US$379.8 million inventory reduction and a US$57.1
million decrease in trade receivables, partially offset by a US$19.8 million
decrease in tax liabilities and a US$19.5 million decrease in accounts payable.
Inventories decreased principally as a result of a lower volume of finished
goods, goods in process and raw materials, as Ternium implemented a de-stocking
process in response to lower demand for steel products, and lower costs. Trade
receivables decreased due to lower volumes and sale prices during the first
quarter 2009. In the first quarter 2008, working capital increased by US$230.1
million mainly as a result of higher inventory levels of goods in process and
raw materials.
Capital
expenditures in the first quarter 2009 were US$68.3 million, compared to
US$100.5 million in the first quarter 2008. Capital expenditures during the
first quarter 2009 were mainly related to the relining of a blast furnace and
revamping of two coking batteries in Argentina.
In the
first quarter 2009, Ternium had a positive free cash flow(6) of US$341.0 million
compared to negative free cash flow(6) of US$98.8 million in the first quarter
2008. Ternium's net repayment of borrowings in the first quarter 2009 was
US$321.7 million, mostly related to the payment upon maturity of some of the
company's Mexican subsidiaries' outstanding debt.
As of
March 31, 2009, Ternium's financial debt was US$2.9 billion, while the company's
cash, cash equivalents and other investments totaled US$1.2 billion. Ternium's
net financial debt(7) of US$1.8 billion at the close of the first quarter 2009
decreased US$345.4 million compared to the company's net financial debt position
as of December 31, 2008. The company believes that its available cash and
marketable securities and funds from operations will be sufficient to finance
its operations. The company has not negotiated additional credit
facilities.
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 a leading steel company in Latin America, manufacturing and processing a wide
range of flat and long steel products for customers active in the construction,
home appliances, capital goods, container, food, energy and automotive
industries. With its principal operations in Mexico and Argentina, Ternium
serves markets in the Americas through its integrated manufacturing system and
extensive distribution network. The Company has an annual production capacity of
approximately nine million tons of finished steel products. More information
about Ternium is available at www.ternium.com.
(1)
Sidor's results of operations are shown as Discontinued Operations. Discontinued
Operations also include results from the non-core US assets that were sold
during the first quarter 2008.
(2)
EBITDA in the first quarter 2009 equals operating loss of US$26.5 million plus
depreciation and amortization of US$94.4 million and impairment charges related
to intangible assets of US$27.0 million.
(3) Each
American Depositary Share (ADS) represents 10 shares of Ternium's common stock.
Results are based on a weighted average number of shares of common stock
outstanding of 2,004,743,442.
(4) Free
cash flow for the first quarter 2009 equals net cash provided by continuing
operations of US$409.3 million less capital expenditures of US$68.3
million.
(5) Net
financial debt in the first quarter 2009 equals borrowings of US$2.9 billion
less cash and cash equivalents of US$1.1 billion and other investments of
US$90.9 million.
(6) Free
cash flow for the first quarter 2009 equals net cash provided by continuing
operations of US$409.3 million less capital expenditures of US$68.3 million,
while negative free cash flow for the first quarter 2008 equals net cash
provided by continuing operations of US$1.7 million less capital expenditures of
US$100.5 million.
(7) Net
financial debt in the first quarter 2009 equals borrowings of US$ 2.9 billion
less cash and cash equivalents of US$1.1 billion and other investments of
US$90.9 million.
Consolidated
income statement
|
US$
million
|
1Q 2009 | 1Q 2008 |
Dif.
|
|||||||||
|
Net
sales
|
1,174.7 | 1,942.6 | (768.0 | ) | ||||||||
|
Cost
of sales
|
(1,044.6 | ) | (1,447.7 | ) | 403.2 | |||||||
|
Gross
profit
|
130.1 | 494.9 | (364.8 | ) | ||||||||
|
Selling,
general and administrative expenses
|
(136.2 | ) | (145.5 | ) | 9.3 | |||||||
|
Other
operating (expenses) income, net
|
(20.4 | ) | 10.0 | (30.4 | ) | |||||||
|
Operating
(loss) income
|
(26.5 | ) | 359.4 | (385.9 | ) | |||||||
|
Interest
expense
|
(27.7 | ) | (44.3 | ) | 16.6 | |||||||
|
Interest
income
|
5.1 | 12.1 | (7.0 | ) | ||||||||
|
Other
financial (expenses) income, net
|
(165.0 | ) | 3.0 | (168.0 | ) | |||||||
|
Equity
in earnings of associated companies
|
0.5 | 0.4 | 0.1 | |||||||||
|
(Loss)
income before income tax expense
|
(213.6 | ) | 330.6 | (544.2 | ) | |||||||
|
Income
tax benefit (expense)
|
||||||||||||
|
Current
and deferred income tax benefit (expense)
|
96.5 | (106.2 | ) | 202.7 | ||||||||
|
Reversal
of deferred statutory profit sharing
|
- | 96.3 | (96.3 | ) | ||||||||
|
Discontinued
operations
|
- | 159.9 | (159.9 | ) | ||||||||
|
Net
(loss) income for the period
|
(117.0 | ) | 480.7 | (597.7 | ) | |||||||
|
Attributable
to:
|
||||||||||||
|
Equity
holders of the Company
|
(93.2 | ) | 422.1 | (515.3 | ) | |||||||
|
Minority
interest
|
(23.8 | ) | 58.6 | (82.4 | ) | |||||||
| (117.0 | ) | 480.7 | (597.7 | ) | ||||||||
Consolidated
balance sheet
|
US$
million
|
March
31, 2009
|
December
31, 2008
|
||||||
|
Property,
plant and equipment, net
|
3,935.6
|
4,212.3
|
||||||
|
Intangible
assets, net
|
1,036.1
|
1,136.4
|
||||||
|
Investment
in associated companies
|
6.0
|
5.6
|
||||||
|
Other
investments, net
|
16.5
|
16.9
|
||||||
|
Receivables,
net
|
116.3
|
120.2
|
||||||
|
Total
non-current assets
|
5,110.6
|
5,491.4
|
||||||
|
Receivables
|
296.7
|
249.0
|
||||||
|
Derivative
financial instruments
|
-
|
1.5
|
||||||
|
Inventories,
net
|
1,345.0
|
1,826.5
|
||||||
|
Trade
receivables, net
|
549.1
|
623.0
|
||||||
|
Available
for sale assets
|
1,318.9
|
1,318.9
|
||||||
|
Other
investments
|
90.9
|
90.0
|
||||||
|
Cash
and cash equivalents
|
1,080.4
|
1,065.6
|
||||||
|
Total
current assets
|
4,680.9
|
5,174.5
|
||||||
|
Non-current
assets classified as held for sale
|
16.5
|
5.3
|
||||||
|
Total
assets
|
9,808.1
|
10,671.2
|
||||||
|
Shareholders'
equity
|
4,364.7
|
4,597.4
|
||||||
|
Minority
interest in subsidiaries
|
887.1
|
964.1
|
||||||
|
Minority
interest & shareholders' equity
|
5,251.9
|
5,561.5
|
||||||
|
Provisions
|
21.3
|
24.4
|
||||||
|
Deferred
income tax
|
701.8
|
810.2
|
||||||
|
Other
liabilities
|
144.9
|
148.7
|
||||||
|
Derivative
financial instruments
|
51.3
|
65.8
|
||||||
|
Borrowings
|
2,074.1
|
2,325.9
|
||||||
|
Total
non-current liabilities
|
2,993.4
|
3,375.0
|
||||||
|
Current
tax liabilities
|
124.1
|
194.1
|
||||||
|
Other
liabilities
|
90.5
|
103.4
|
||||||
|
Trade
payables
|
411.1
|
438.7
|
||||||
|
Derivative
financial instruments
|
73.6
|
57.2
|
||||||
|
Borrowings
|
863.5
|
941.5
|
||||||
|
Total
current liabilities
|
1,562.8
|
1,734.8
|
||||||
|
Total
liabilities
|
4,556.2
|
5,109.8
|
||||||
|
Total
liabilities, minority interest & shareholders' equity
|
9,808.1
|
10,671.2
|
||||||
Consolidated
cash flow statement
|
US$
million
|
1Q 2009 | 1Q 2008 |
Dif.
|
|||||||||
|
Net
(loss) income from continuing operations
|
(117.0 | ) | 320.8 | (437.8 | ) | |||||||
|
Adjustments
for:
|
||||||||||||
|
Depreciation
and amortization
|
94.4 | 105.0 | (10.6 | ) | ||||||||
|
Equity
in earnings of associated companies
|
(0.5 | ) | (0.4 | ) | (0.1 | ) | ||||||
|
Changes
in provisions
|
(1.2 | ) | 1.2 | (2.4 | ) | |||||||
|
Net
foreign exchange and others
|
182.8 | (39.7 | ) | 222.5 | ||||||||
|
Interest
accruals less payments
|
0.6 | (87.7 | ) | 88.3 | ||||||||
|
Income
tax accruals less payments
|
(148.0 | ) | (67.3 | ) | (80.7 | ) | ||||||
|
Impairment
charge
|
27.0 | - | 27.0 | |||||||||
|
Changes
in working capital
|
371.3 | (230.1 | ) | 601.4 | ||||||||
|
Net
cash provided by operating activities
|
409.3 | 1.7 | 407.6 | |||||||||
|
Capital
expenditures
|
(68.3 | ) | (100.5 | ) | 32.2 | |||||||
|
Proceeds
from sale of property, plant & equipment
|
0.3 | 0.7 | (0.3 | ) | ||||||||
|
Acquisition
of business
|
(0.2 | ) | - | (0.2 | ) | |||||||
|
Income
tax credit paid on business acquisition
|
- | - | - | |||||||||
|
Investments
in associated companies
|
- | - | - | |||||||||
|
Decrease
in Other Investments
|
(0.9 | ) | (0.8 | ) | (0.1 | ) | ||||||
|
Proceeds
from sale of discontinued operations
|
- | 722.5 | (722.5 | ) | ||||||||
|
Discontinued
operations
|
- | 32.2 | (32.2 | ) | ||||||||
|
Net
cash (used in) provided by investing activities
|
(69.0 | ) | 654.0 | (723.1 | ) | |||||||
|
Proceeds
from borrowings
|
74.2 | 105.0 | (30.8 | ) | ||||||||
|
Repayment
of borrowings
|
(395.9 | ) | (891.2 | ) | 495.3 | |||||||
|
Net
cash used in financing activities
|
(321.7 | ) | (786.2 | ) | 464.5 | |||||||
|
Increase
(Decrease) in cash and cash equivalents
|
18.6 | (130.4 | ) | 149.0 | ||||||||
|
Shipments
|
||||||||||||
|
Thousand
tons
|
1Q 2009 | 1Q 2008 | 4Q 2008 | |||||||||
|
South
& Central America
|
363.7 | 673.0 | 559.9 | |||||||||
|
North
America
|
704.0 | 1,080.0 | 642.2 | |||||||||
|
Europe
& other
|
170.9 | 4.8 | 36.0 | |||||||||
|
Total
flat products
|
1,238.5 | 1,757.7 | 1,238.1 | |||||||||
|
South
& Central America
|
23.1 | 56.7 | 91.9 | |||||||||
|
North
America
|
239.4 | 265.3 | 213.2 | |||||||||
|
Europe
& other
|
3.0 | 8.8 | 3.6 | |||||||||
|
Total
long products
|
265.5 | 330.7 | 308.7 | |||||||||
|
Total
flat and long products
|
1,504.1 | 2,088.5 | 1,546.8 | |||||||||
|
Revenue
/ ton
|
||||||||||||
|
US$/ton
|
1Q 2009 | 1Q 2008 | 4Q 2008 | |||||||||
|
South
& Central America
|
984 | 945 | 1,147 | |||||||||
|
North
America
|
775 | 945 | 1,146 | |||||||||
|
Europe
& other
|
546 | 1,008 | 834 | |||||||||
|
Total
flat products
|
805 | 945 | 1,137 | |||||||||
|
South
& Central America
|
493 | 643 | 780 | |||||||||
|
North
America
|
563 | 703 | 749 | |||||||||
|
Europe
& other
|
666 | 587 | 884 | |||||||||
|
Total
long products
|
558 | 689 | 760 | |||||||||
|
Total
flat and long products
|
761 | 905 | 1,062 | |||||||||
|
Net
Sales
|
||||||||||||
|
US$
million
|
1Q 2009 | 1Q 2008 | 4Q 2008 | |||||||||
|
South
& Central America
|
358.0 | 635.8 | 642.4 | |||||||||
|
North
America
|
545.6 | 1,021.0 | 735.7 | |||||||||
|
Europe
& other
|
93.3 | 4.8 | 30.0 | |||||||||
|
Total
flat products
|
996.8 | 1,661.6 | 1,408.1 | |||||||||
|
South
& Central America
|
11.4 | 36.4 | 71.7 | |||||||||
|
North
America
|
134.8 | 186.4 | 159.7 | |||||||||
|
Europe
& other
|
2.0 | 5.2 | 3.1 | |||||||||
|
Total
long products
|
148.2 | 228.0 | 234.5 | |||||||||
|
Total
flat and long products
|
1,145.0 | 1,889.6 | 1,642.6 | |||||||||
|
Other products
(1)
|
29.7 | 53.0 | 78.5 | |||||||||
|
Total
net sales
|
1,174.7 | 1,942.6 | 1,721.1 | |||||||||
|
(1)
Includes iron ore, pig iron and metal buildings.
|
||||||||||||
Sebastián
Martí
Ternium -
Investor Relations
+1 (866)
890 0443
+52 (81)
8865 2111
+54 (11)
4018 2389
www.ternium.com