Acerinox in the first quarter of 2013 improved the results

In 2013, the results of the first quarter show a change in the trend compared to the previous two quarters. Despite the apathy of the market, Acerinox the group compensated for the weakness of prices with a significant decrease in value.

The results are better than in the previous three quarters, but much lower than in the first quarter of 2012. The net sales volume amounted to 1035 million euros and fell by 15.8% compared to the same period last year, as a result, the effect of reducing the price of stainless steel was observed. The adjusted value of shares for 17.2 million euros, according to the criterion of the net cost of implementation.

Depreciation of fixed assets and financial costs also decreased, as a result of which the profit to taxes amounted to 23 million euros. Despite the increase in working capital and investment, net financial debt amounted to 789 million euros. The highest level of use of production capacities and the greater needs of semi -finished products for Bahru Stainless, Malaysia, led to an increase in reserves to 87 million euros. However, the extension of the payment of suppliers partially compensates for this effect.

The group leads credit lines of more than 2000 million euros, which will allow us to increase activity. The price level remains at a low level in all markets. Despite the lack of certainty, we expect that in the second quarter favorable expectations will be in accordance with the first, according to industry analysts.

Nevertheless, the good position of Acerinox made it possible to get good results in performance and effectiveness, which allows optimism to look into the future.