Acerinox earns 136 million up to March, 49% less, although it notes improvement at the end of 2022

MADRID, 27 Abr. (EUROPA PRESS) -

Acerinox registered a net profit of 136 million euros in the first quarter of the year, which represents a drop of 49% compared to the record profit of 266 million euros obtained in the same period of the previous year, although it noted an improvement compared to the last quarter of 2022, the company reported.

The turnover of the steel group reached 1,782 million euros in the period from January to March, with a decrease of 22% compared to the first quarter of 2022, although 5% higher than that of the fourth quarter of last year.

For its part, the gross operating result (Ebitda) stood at 226 million euros, 47% lower than that of March a year ago, although 2.5 times better than that of the last quarter of 2022. The Ebitda margin on sales has risen to 13%.

Thus, Acerinox indicated that the data for the period are "lower than the exceptional figures for the first quarter of 2022, although they reflect a clear improvement compared to the fourth quarter of the previous year."

The group's steel production amounted to 533,968 tons in this first quarter of 2023, with a drop of 20% compared to that of the same period last year, although 34% higher than that of the last quarter of 2022.

Meanwhile, Acerinox placed its operating cash flow at -19 million euros due to the increase in operating working capital of 173 million euros.

The group's net financial debt stood at 605 million euros at the end of March, an increase of 165 million euros compared to December 31, 2022.

FORECASTS A SLIGHTLY HIGHER EBITDA FOR THE SECOND QUARTER.

Looking ahead to the rest of 2023, Acerinox expects an improvement, despite the fact that the European market is highly affected in terms of consumption and prices due to the geopolitical situation, inventory levels and cost inflation, due to the better situation of the North American stainless steel market and the good performance of the high performance alloys sector.

In this way, the company led by Bernardo Velázquez forecasts an Ebitda slightly higher for the second quarter than in the first quarter.

DIVIDEND.

With regard to the remuneration of its shareholders, the board of directors approved in 2022 the dividend policy by which 0.60 euros per share will be ordinarily distributed considering the current number of titles. The dividend will be paid in two payments: a payment on account in the month of January and a complementary payment in the month of July.

In this sense, a distribution of 0.30 euros per share will be proposed to the general shareholders' meeting, to be held on May 23, complementing the 0.30 euros per share that were distributed on account last January. In 2023, Acerinox will allocate 150 million euros as a dividend.