2Q2021 | 1Q2021 | 2Q2020 | ||||||||||||||||||||||||
Steel Shipments (tons) | 3,068,000 | 3,099,000 | -1 | % | 2,449,000 | 25 | % | |||||||||||||||||||
Iron Ore Shipments (tons) | 906,000 | 1,035,000 | -12 | % | 991,000 | -9 | % | |||||||||||||||||||
Net Sales ($ million) | 3,919.8 | 3,249.3 | 21 | % | 1,745.8 | 125 | % | |||||||||||||||||||
Operating Income ($ million) | 1,271.4 | 905.8 | 40 | % | 65.6 | 1,839 | % | |||||||||||||||||||
EBITDA ($ million) | 1,420.2 | 1,057.4 | 34 | % | 223.9 | 534 | % | |||||||||||||||||||
EBITDA Margin (% of net sales) | 36 | % | 33 | % | 13 | % | ||||||||||||||||||||
EBITDA per Ton ($) | 462.9 | 341.1 | 91.4 | |||||||||||||||||||||||
Equity in earnings (losses) of non-consolidated companies ($ million) | 171.1 | 46.5 | (19.7) | |||||||||||||||||||||||
Income Tax Result ($ million) | (307.1) | (261.6) | 12.3 | |||||||||||||||||||||||
Net Result ($ million) | 1,158.3 | 706.7 | 43.6 | |||||||||||||||||||||||
Equity Holders' Net Result ($ million) | 1,022.1 | 602.9 | 44.0 | |||||||||||||||||||||||
Earnings per ADS* ($) | 5.21 | 3.07 | 0.22 | |||||||||||||||||||||||
*American Depositary Share. Each ADS represents 10 shares of Ternium’s common stock. Results are based on a weighted average number of shares of common stock outstanding (net of treasury shares) of 1,963,076,776. |
1H2021 | 1H2020 | |||||||||||||||||||
Steel Shipments (tons) | 6,167,000 | 5,447,000 | 13 | % | ||||||||||||||||
Iron Ore Shipments (tons) | 1,940,000 | 1,985,000 | -2 | % | ||||||||||||||||
Net Sales ($ million) | 7,169.1 | 4,017.1 | 78 | % | ||||||||||||||||
Operating Income ($ million) | 2,177.2 | 201.3 | 982 | % | ||||||||||||||||
EBITDA ($ million) | 2,477.6 | 526.0 | 371 | % | ||||||||||||||||
EBITDA Margin (% of net sales) | 35 | % | 13 | % | ||||||||||||||||
EBITDA per Ton ($) | 401.7 | 96.6 | ||||||||||||||||||
Equity in earnings (losses) of non-consolidated companies ($ million) | 217.6 | (13.6) | ||||||||||||||||||
Income Tax Result ($ million) | (568.7) | (255.0) | ||||||||||||||||||
Net Result ($ million) | 1,864.9 | 24.2 | ||||||||||||||||||
Equity Holders' Net Result ($ million) | 1,625.0 | 32.5 | ||||||||||||||||||
Earnings per ADS ($) | 8.28 | 0.17 |
Net Sales (million $) | Shipments (thousand tons) | Revenue/ton ($/ton) | ||||||||||||||||||||||||||||||||||||
2Q2021 | 2Q2020 | Dif. | 2Q2021 | 2Q2020 | Dif. | 2Q2021 | 2Q2020 | Dif. | ||||||||||||||||||||||||||||||
Mexico | 2,271.9 | 851.5 | 167 | % | 1,735 | 1,175 | 48 | % | 1,309 | 725 | 81 | % | ||||||||||||||||||||||||||
Southern Region | 811.5 | 292.8 | 177 | % | 636 | 344 | 85 | % | 1,276 | 852 | 50 | % | ||||||||||||||||||||||||||
Other Markets | 761.3 | 546.4 | 39 | % | 697 | 931 | -25 | % | 1,093 | 587 | 86 | % | ||||||||||||||||||||||||||
Total steel products | 3,844.7 | 1,690.7 | 127 | % | 3,068 | 2,449 | 25 | % | 1,253 | 690 | 82 | % | ||||||||||||||||||||||||||
Other products* | 65.0 | 42.5 | 53 | % | ||||||||||||||||||||||||||||||||||
Steel segment | 3,909.7 | 1,733.2 | 126 | % | ||||||||||||||||||||||||||||||||||
Mining segment | 112.5 | 98.7 | 14 | % | 906 | 991 | -9 | % | 124 | 100 | 25 | % | ||||||||||||||||||||||||||
Intersegment eliminations | (102.4) | (86.1) | ||||||||||||||||||||||||||||||||||||
Net sales | 3,919.8 | 1,745.8 | 125 | % | ||||||||||||||||||||||||||||||||||
*The item "Other products" primarily includes Ternium Brasil’s and Ternium México’s electricity sales. |
Steel segment | Mining segment | Intersegment eliminations | Total | |||||||||||||||||||||||||||||||||||
$ million | 2Q2021 | 2Q2020 | 2Q2021 | 2Q2020 | 2Q2021 | 2Q2020 | 2Q2021 | 2Q2020 | ||||||||||||||||||||||||||||||
Net Sales | 3,909.7 | 1,733.2 | 112.5 | 98.7 | (102.4) | (86.1) | 3,919.8 | 1,745.8 | ||||||||||||||||||||||||||||||
Cost of sales | (2,438.9) | (1,528.0) | (77.3) | (68.2) | 100.6 | 87.4 | (2,415.7) | (1,508.8) | ||||||||||||||||||||||||||||||
SG&A expenses | (239.1) | (165.5) | (5.5) | (6.0) | — | — | (244.5) | (171.5) | ||||||||||||||||||||||||||||||
Other operating income (loss), net | 11.9 | 1.0 | (0.0) | (0.9) | — | — | 11.9 | 0.1 | ||||||||||||||||||||||||||||||
Operating income | 1,243.6 | 40.7 | 29.7 | 23.6 | (1.9) | 1.3 | 1,271.4 | 65.6 | ||||||||||||||||||||||||||||||
EBITDA | 1,376.5 | 187.1 | 45.6 | 35.5 | (1.9) | 1.3 | 1,420.2 | 223.9 |
Net Sales (million $) | Shipments (thousand tons) | Revenue/ton ($/ton) | ||||||||||||||||||||||||||||||||||||
1H2021 | 1H2020 | Dif. | 1H2021 | 1H2020 | Dif. | 1H2021 | 1H2020 | Dif. | ||||||||||||||||||||||||||||||
Mexico | 4,082.7 | 2,120.4 | 93 | % | 3,434 | 2,824 | 22 | % | 1,189 | 751 | 58 | % | ||||||||||||||||||||||||||
Southern Region | 1,492.3 | 633.6 | 136 | % | 1,259 | 723 | 74 | % | 1,186 | 876 | 35 | % | ||||||||||||||||||||||||||
Other Markets | 1,449.0 | 1,146.6 | 26 | % | 1,475 | 1,900 | -22 | % | 983 | 604 | 63 | % | ||||||||||||||||||||||||||
Total steel products | 7,024.0 | 3,900.6 | 80 | % | 6,167 | 5,447 | 13 | % | 1,139 | 716 | 59 | % | ||||||||||||||||||||||||||
Other products* | 124.7 | 86.7 | 44 | % | ||||||||||||||||||||||||||||||||||
Steel segment | 7,148.7 | 3,987.3 | 79 | % | ||||||||||||||||||||||||||||||||||
Mining segment | 235.8 | 193.5 | 22 | % | 1,940 | 1,985 | -2 | % | 122 | 98 | 25 | % | ||||||||||||||||||||||||||
Intersegment eliminations | (215.5) | (163.7) | ||||||||||||||||||||||||||||||||||||
Net sales | 7,169.1 | 4,017.1 | 78 | % | ||||||||||||||||||||||||||||||||||
*The item "Other products" primarily includes Ternium Brasil’s and Ternium México’s electricity sales. |
Steel segment | Mining segment | Intersegment eliminations | Total | |||||||||||||||||||||||||||||||||||
$ million | 1H2021 | 1H2020 | 1H2021 | 1H2020 | 1H2021 | 1H2020 | 1H2021 | 1H2020 | ||||||||||||||||||||||||||||||
Net Sales | 7,148.7 | 3,987.3 | 235.8 | 193.5 | (215.5) | (163.7) | 7,169.1 | 4,017.1 | ||||||||||||||||||||||||||||||
Cost of sales | (4,609.7) | (3,461.1) | (152.7) | (134.8) | 208.5 | 166.7 | (4,553.9) | (3,429.3) | ||||||||||||||||||||||||||||||
SG&A expenses | (445.3) | (372.4) | (9.6) | (10.6) | — | — | (454.9) | (383.0) | ||||||||||||||||||||||||||||||
Other operating income (loss), net | 16.7 | (2.8) | 0.3 | (0.8) | — | — | 17.0 | (3.5) | ||||||||||||||||||||||||||||||
Operating income | 2,110.4 | 151.0 | 73.8 | 47.3 | (7.0) | 3.0 | 2,177.2 | 201.3 | ||||||||||||||||||||||||||||||
EBITDA | 2,379.7 | 452.5 | 104.9 | 70.5 | (7.0) | 3.0 | 2,477.6 | 526.0 |
$ million | 2Q2021 | 2Q2020 | 1H2021 | 1H2020 | ||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||
Net sales | 3,919.8 | 1,745.8 | 7,169.1 | 4,017.1 | ||||||||||||||||||||||
Cost of sales | (2,415.7) | (1,508.8) | (4,553.9) | (3,429.3) | ||||||||||||||||||||||
Gross profit | 1,504.1 | 237.0 | 2,615.1 | 587.8 | ||||||||||||||||||||||
Selling, general and administrative expenses | (244.5) | (171.5) | (454.9) | (383.0) | ||||||||||||||||||||||
Other operating income (expense), net | 11.9 | 0.1 | 17.0 | (3.5) | ||||||||||||||||||||||
Operating income | 1,271.4 | 65.6 | 2,177.2 | 201.3 | ||||||||||||||||||||||
Finance expense | (6.8) | (13.6) | (14.0) | (29.9) | ||||||||||||||||||||||
Finance income | 18.5 | 7.0 | 34.8 | 15.0 | ||||||||||||||||||||||
Other financial income (expenses), net | 11.2 | (8.1) | 18.1 | 106.4 | ||||||||||||||||||||||
Equity in earnings (losses) of non-consolidated companies | 171.1 | (19.7) | 217.6 | (13.6) | ||||||||||||||||||||||
Profit before income tax expense | 1,465.4 | 31.3 | 2,433.6 | 279.2 | ||||||||||||||||||||||
Income tax (expense) benefit | (307.1) | 12.3 | (568.7) | (255.0) | ||||||||||||||||||||||
Profit for the period | 1,158.3 | 43.6 | 1,864.9 | 24.2 | ||||||||||||||||||||||
Attributable to: | ||||||||||||||||||||||||||
Owners of the parent | 1,022.1 | 44.0 | 1,625.0 | 32.5 | ||||||||||||||||||||||
Non-controlling interest | 136.2 | (0.5) | 239.9 | (8.2) | ||||||||||||||||||||||
Profit for the period | 1,158.3 | 43.6 | 1,864.9 | 24.2 |
$ million | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Property, plant and equipment, net | 6,494.3 | 6,504.7 | ||||||||||||||||||||||||
Intangible assets, net | 895.9 | 908.6 | ||||||||||||||||||||||||
Investments in non-consolidated companies | 715.9 | 471.3 | ||||||||||||||||||||||||
Deferred tax assets | 140.5 | 158.7 | ||||||||||||||||||||||||
Receivables, net | 192.3 | 243.3 | ||||||||||||||||||||||||
Other investments | 3.0 | 2.9 | ||||||||||||||||||||||||
Total non-current assets | 8,441.9 | 8,289.5 | ||||||||||||||||||||||||
Receivables, net | 316.2 | 288.6 | ||||||||||||||||||||||||
Derivative financial instruments | 3.3 | 1.6 | ||||||||||||||||||||||||
Inventories, net | 2,945.2 | 2,001.8 | ||||||||||||||||||||||||
Trade receivables, net | 1,754.2 | 918.4 | ||||||||||||||||||||||||
Other investments | 616.0 | 813.5 | ||||||||||||||||||||||||
Cash and cash equivalents | 768.7 | 537.9 | ||||||||||||||||||||||||
Total current assets | 6,403.6 | 4,561.8 | ||||||||||||||||||||||||
Non-current assets classified as held for sale | 5.0 | 5.0 | ||||||||||||||||||||||||
Total assets | 14,850.6 | 12,856.2 | ||||||||||||||||||||||||
Capital and reserves attributable to the owners of the parent | 8,549.5 | 7,286.1 | ||||||||||||||||||||||||
Non-controlling interest | 1,398.2 | 1,157.0 | ||||||||||||||||||||||||
Total Equity | 9,947.8 | 8,443.2 | ||||||||||||||||||||||||
Provisions | 90.7 | 80.6 | ||||||||||||||||||||||||
Deferred tax liabilities | 237.9 | 346.5 | ||||||||||||||||||||||||
Other liabilities | 518.6 | 551.9 | ||||||||||||||||||||||||
Trade payables | 1.2 | 1.1 | ||||||||||||||||||||||||
Derivative financial instruments | 0.3 | 0.5 | ||||||||||||||||||||||||
Lease liabilities | 235.9 | 251.6 | ||||||||||||||||||||||||
Borrowings | 972.6 | 1,327.3 | ||||||||||||||||||||||||
Total non-current liabilities | 2,057.3 | 2,559.5 | ||||||||||||||||||||||||
Current income tax liabilities | 415.5 | 110.5 | ||||||||||||||||||||||||
Other liabilities | 381.1 | 249.8 | ||||||||||||||||||||||||
Trade payables | 1,404.1 | 1,049.3 | ||||||||||||||||||||||||
Derivative financial instruments | 1.3 | 5.8 | ||||||||||||||||||||||||
Lease liabilities | 43.6 | 42.5 | ||||||||||||||||||||||||
Borrowings | 599.9 | 395.6 | ||||||||||||||||||||||||
Total current liabilities | 2,845.5 | 1,853.6 | ||||||||||||||||||||||||
Total liabilities | 4,902.8 | 4,413.1 | ||||||||||||||||||||||||
Total equity and liabilities | 14,850.6 | 12,856.2 |
$ million | 2Q2021 | 2Q2020 | 1H2021 | 1H2020 | ||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||
Profit for the period | 1,158.3 | 43.6 | 1,864.9 | 24.2 | ||||||||||||||||||||||
Adjustments for: | ||||||||||||||||||||||||||
Depreciation and amortization | 148.8 | 158.3 | 300.4 | 324.7 | ||||||||||||||||||||||
Equity in (earnings) losses of non-consolidated companies | (171.1) | 19.7 | (217.6) | 13.6 | ||||||||||||||||||||||
Changes in provisions | 1.6 | 0.3 | 6.0 | (0.3) | ||||||||||||||||||||||
Net foreign exchange results and others | 59.0 | 17.7 | 120.9 | (86.8) | ||||||||||||||||||||||
Interest accruals less payments | 0.4 | 2.4 | 2.1 | 3.7 | ||||||||||||||||||||||
Income tax accruals less payments | 83.2 | (44.2) | 197.5 | 179.8 | ||||||||||||||||||||||
Changes in working capital | (651.8) | 305.8 | (1,318.0) | 487.6 | ||||||||||||||||||||||
Net cash provided by operating activities | 628.4 | 503.7 | 956.2 | 946.4 | ||||||||||||||||||||||
Capital expenditures | (161.4) | (110.8) | (291.1) | (368.4) | ||||||||||||||||||||||
Proceeds from the sale of property, plant & equipment | 0.5 | 0.1 | 1.0 | 0.2 | ||||||||||||||||||||||
Acquisition of non-controlling interest | — | (6.8) | (0.8) | (11.3) | ||||||||||||||||||||||
Dividends received from non-consolidated companies | 0.5 | — | 0.5 | — | ||||||||||||||||||||||
Decrease (increase) in other Investments | 24.0 | (591.9) | 173.3 | (494.8) | ||||||||||||||||||||||
Net cash used in investing activities | (136.5) | (709.5) | (117.0) | (874.4) | ||||||||||||||||||||||
Dividends paid in cash to company's shareholders | (412.2) | — | (412.2) | — | ||||||||||||||||||||||
Finance Lease Payments | (11.5) | (9.8) | (22.4) | (20.4) | ||||||||||||||||||||||
Proceeds from borrowings | 113.9 | 28.9 | 132.0 | 219.5 | ||||||||||||||||||||||
Repayments of borrowings | (242.5) | (258.1) | (279.1) | (318.8) | ||||||||||||||||||||||
Net cash used in financing activities | (552.3) | (239.1) | (581.8) | (119.7) | ||||||||||||||||||||||
(Decrease) increase in cash and cash equivalents | (60.3) | (444.9) | 257.4 | (47.6) |
Shipments | |||||||||||||||||||||||
Thousand tons | 2Q2021 | 2Q2020 | 1Q2021 | 1H2021 | 1H2020 | ||||||||||||||||||
Mexico | 1,735 | 1,175 | 1,699 | 3,434 | 2,824 | ||||||||||||||||||
Southern Region | 636 | 344 | 623 | 1,259 | 723 | ||||||||||||||||||
Other Markets | 697 | 931 | 778 | 1,475 | 1,900 | ||||||||||||||||||
Total steel segment | 3,068 | 2,449 | 3,099 | 6,167 | 5,447 | ||||||||||||||||||
Total mining segment | 906 | 991 | 1,035 | 1,940 | 1,985 | ||||||||||||||||||
Revenue / ton | |||||||||||||||||||||||
$/ton | 2Q2021 | 2Q2020 | 1Q2021 | 1H2021 | 1H2020 | ||||||||||||||||||
Mexico | 1,309 | 725 | 1,066 | 1,189 | 751 | ||||||||||||||||||
Southern Region | 1,276 | 852 | 1,093 | 1,186 | 876 | ||||||||||||||||||
Other Markets | 1,093 | 587 | 884 | 983 | 604 | ||||||||||||||||||
Total steel segment | 1,253 | 690 | 1,026 | 1,139 | 716 | ||||||||||||||||||
Total mining segment | 124 | 100 | 119 | 122 | 98 | ||||||||||||||||||
Net Sales | |||||||||||||||||||||||
$ million | 2Q2021 | 2Q2020 | 1Q2021 | 1H2021 | 1H2020 | ||||||||||||||||||
Mexico | 2,271.9 | 851.5 | 1,810.8 | 4,082.7 | 2,120.4 | ||||||||||||||||||
Southern Region | 811.5 | 292.8 | 680.8 | 1,492.3 | 633.6 | ||||||||||||||||||
Other Markets | 761.3 | 546.4 | 687.7 | 1,449.0 | 1,146.6 | ||||||||||||||||||
Total steel products | 3,844.7 | 1,690.7 | 3,179.3 | 7,024.0 | 3,900.6 | ||||||||||||||||||
Other products* | 65.0 | 42.5 | 59.7 | 124.7 | 86.7 | ||||||||||||||||||
Total steel segment | 3,909.7 | 1,733.2 | 3,239.0 | 7,148.7 | 3,987.3 | ||||||||||||||||||
Total mining segment | 112.5 | 98.7 | 123.4 | 235.8 | 193.5 | ||||||||||||||||||
Total steel and mining segments | 4,022.2 | 1,831.9 | 3,362.4 | 7,384.6 | 4,180.8 | ||||||||||||||||||
Intersegment eliminations | (102.4) | (86.1) | (113.1) | (215.5) | (163.7) | ||||||||||||||||||
Total net sales | 3,919.8 | 1,745.8 | 3,249.3 | 7,169.1 | 4,017.1 |
$ million | 2Q2021 | 2Q2020 | 1Q2021 | 1H2021 | 1H2020 | ||||||||||||
Operating income | 1,271.4 | 65.6 | 905.8 | 2,177.2 | 201.3 | ||||||||||||
Plus: depreciation and amortization | 148.8 | 158.3 | 151.6 | 300.4 | 324.7 | ||||||||||||
EBITDA | 1,420.2 | 223.9 | 1,057.4 | 2,477.6 | 526.0 |
$ million | 2Q2021 | 2Q2020 | 1Q2021 | 1H2021 | 1H2020 | ||||||||||||
Net cash provided by operating activities | 628.4 | 503.7 | 327.8 | 956.2 | 946.4 | ||||||||||||
Less: capital expenditures | (161.4) | (110.8) | (129.7) | (291.1) | (368.4) | ||||||||||||
Free cash flow | 467.0 | 392.9 | 198.1 | 665.1 | 578.0 |
$ billion | June 30, 2021 | June 30, 2020 | March 31, 2021 | ||||||||
Borrowings (current and non-current) | 1.6 | 2.1 | 1.7 | ||||||||
Less: cash and cash equivalents* | 0.8 | 0.5 | 0.8 | ||||||||
Less: other investments (current and non-current)* | 0.6 | 0.7 | 0.6 | ||||||||
Net debt | 0.2 | 0.9 | 0.2 |
June 30, 2021 | June 30, 2020 | March 31, 2021 | |||||||||
Net debt ($ billion) | 0.2 | 0.9 | 0.2 | ||||||||
Divided by: LTM EBITDA ($ billion) | 3.5 | 1.2 | 2.3 | ||||||||
Net debt to LTM EBITDA (#) | 0.1 | 0.8 | 0.1 |
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