Q3'23 Trading Update
Financial Highlights.
01 | 02 | 03 | 04 | 05 | ||||||||
Demand remains subdued across | Robust operational profitability | Increased Interest costs were | Slowdown of investments | Drop in Net Debt due to | ||||||||
most markets. Interest rates hikes | with a-EBITDA at EUR 189.7 million. | partially offset by the decrease in | following the completion of | lower working capital needs | ||||||||
have affected growth, investments | Net Debt. | the lacquering line during the | and slowdown of investments. | |||||||||
and consumption. | 55% of the loans are on Fixed rate. | first half of the year. | ||||||||||
Volumes | a - EBITDA | Net Debt / | Net Debt | ||||||||
426 | 189.7 | a-EBITDA | 862 | ||||||||
3.7x | EUR million | ||||||||||
EUR million | |||||||||||
Thousand tons | -17.8% YoY | Decreased by | |||||||||
volume of sales | Improved by 0.4χ. YoY | 225.7 M from 9M'22 | |||||||||
Reduced benefit from recycling due to | |||||||||||
-4.6% YoY | |||||||||||
narrower scrap spread. Increased costs | |||||||||||
and lower sales volume | 4.4 | ||||||||||
446 | 231 | 1,088 | |||||||||
414 | 426 | 190 | 4.1 | ||||||||
130 | 3.7 | ||||||||||
862 | |||||||||||
730 | |||||||||||
9M'21 | 9M'22 | 9M'23 | 9M'21 | 9M'22 | 9M'23 | 9M'21 | 9M'22 | 9M'23 | 9M'21 | 9M'22 | 9M'23 |
2
Macroeconomic Charts.
LME Prices
Global demand for metals is affecting prices.
10,000 | LME PRICES | |
4,000 | ||
tn | 8,000 | 3,000 |
CU €/ | ||
6,000 | €/tn | |
2,000 | ||
AL | ||
4,000 | 1,000 |
Aluminium Copper
Interest rates
Rising interest rates to mitigate the increased inflation rates.
Interest rates
7 | |
6 | |
5 | |
% | 4 |
3 | |
2 | |
1 |
0 -1
€/MWh
TTF - Gas
Improved supply, lower consumption. Europe's NG reserves full.
300.00 | TTF DAILY PRICES |
250.00 | |
200.00 | |
150.00 | |
100.00 | |
50.00 | |
0.00 |
TTF daily prices
Inflation rates
Inflation decreasing but still at levels over central banks' targets
Inflation rates | ||
12 | ||
10 | Source:Company information. | |
% | 8 | |
2 | ||
6 | ||
4 |
0
Euribor 3M | USD Libor 3M | EU | USA | 3 | |||
Consolidated
Cost Analysis.
9Μ'22
Other operating | Energy |
14% | 18% |
Maintenance | |
5% | |
Third party fees 12% | |
26% | |
11% | |
Depreciation and amortization | 14% |
Transportation costs
Stable Energy costs excluding Al, Cu, Zn, and other metals costs.
9Μ'23 | |
Other operating | Energy |
13% | 18% |
Maintenance | |
6% |
Third party fees 13% | |
Employee benefits | 26% Employee benefits |
12% | |
Depreciation and amortization | 12% |
Transportation costs |
Source: Financial Statements | 4 |
Sales evolution per quarter.
Sales Volumes ('000tn)
Aluminium | +12.4% | -4.1% | +9.4% | -6.6% | 2021 | |||||||
+10.9% | +2.8% | |||||||||||
+0.3% | ||||||||||||
102 | 104 | |||||||||||
97 | 98 | 2022 | ||||||||||
94 | 91 | 95 | 97 | 91 | 91 | |||||||
2023 | ||||||||||||
85 | ||||||||||||
Q1Q2Q3Q4
Copper | 2021 | ||||||||||||
+5.1% | 2022 | ||||||||||||
-8.6% | +5.8% | -6.9% | -3.7% | -9.4% | 2023 | ||||||||
-9.2% | |||||||||||||
52 | 51 | ||||||||||||
49 | 47 | 48 | 47 | 48 | |||||||||
45 | 43 | 44 | |||||||||||
39 |
Q1 | Q2 | Q3 | Q4 |
Source: Company information | 5 |
a-EBITDA evolution per quarter.
a-EBITDA (€m)
Aluminium
+106.7%
-26.8%
53
39
26
+117.3% | |||||||
-44.9% | +98.0% | 2021 | |||||
66 | -39.4% | 2022 | |||||
58 | 2023 | ||||||
36 | 35 | +20.2% | |||||
30 | |||||||
29 | 23 | 28 | |||||
Q1 | Q2 | Q3 | Q4 |
Copper
+45.6% | ||||||||
31 | +27.3% | +84.3% | 2021 | |||||
+33.3% | 2022 | |||||||
+47.8% | ||||||||
24 | 24 | |||||||
21 | -19.6% | -4.8% | 2023 | |||||
19 | ||||||||
16 | 16 | 14 | ||||||
13 | 13 | 13 | ||||||
Q1 | Q2 | Q3 | Q4 |
Source: Company information | 6 |
a-EBITDA evolution per ton.
By Segment (EUR/ tons)
CAGR
+10% | AL | |||
590.0 | ||||
314.8 | 378.3 | |||
9M'219M'229M'23
591.4 | CU | |||
+37% | ||||
315.4 | 366.0 | |||
9M'21 | 9M'22 | 9M'23 |
1. Source: Financial Statements and Company information. | 7 |
IVA per ton evolution.
By Segment (EUR/ tons)
+38% | -7% | Al |
1,600.0
1,161.0
1,481.7
30.09.2021 | 30.09.2022 | 30.09.2023 | ||||||
+13% | Cu | |||||||
+29% | 1,606.9 | |||||||
1,419.4 | ||||||||
1,103.3 |
30.09.2021 | 30.09.2022 | 30.09.2023 |
Source: Company information | 8 |
Revenue of Core Products by Market. | Cu | ||||||||||
Al | |||||||||||
Aluminium Revenue Breakdown (9M'23) | Copper Revenue Breakdown (9M'23) | ||||||||||
By Market (% of tons) | |||||||||||
By Market (% of tons) | |||||||||||
HVAC&R | Building & Construction | Transportation Other Industrial Markets | |||||||||
8% | 2% | ||||||||||
6% | 13% Energy & Power Networks | Industrial Applications | |||||||||
30% | |||||||||||
1% | Energy & Power Networks | ||||||||||
Transportation | 19% | ||||||||||
13% | |||||||||||
4% | Industrial Applications | ||||||||||
4% | Other Industries & Markets | ||||||||||
59% | |||||||||||
Packaging | 21% | 20% | |||||||||
HVAC&R | Building & Construction |
Aluminium Revenue breakdown (9M'22)
By Market (% of tons)
Copper Revenue Breakdown (9M'22)
By Market (% of tons)
Packaging
HVAC&R
5%
55%
Building & Construction
16%
Energy & Power Networks
1%
14% Transportation
4% | Industrial Applications |
5% |
Other Industries & Markets
Transportation Other Industrial Markets
7% | 2% | Industrial Applications |
Energy & Power Networks | 27% | |
16% |
25% | 23% |
HVAC&R | Building & Construction |
Source: Company information | 9 |
Revenue of Core Products per
Geographical Segment. | ||||
Al | Revenue breakdown (9Μ'23) | |||
Revenue breakdown (9Μ'23) | ||||
By Geographical Segment (% of €) | By Geographical Segment (% of €) | |||
Cu
America
9%
UK
4%
Other
Europe
10%
Asia
3%
93% outside Greece
Revenue breakdown (9Μ'22)
By Geographical Segment (% of €)
America
10%
UK
5%
Other
Europe
11%
Asia
4%
90%
outside Greece
Greece
7%
Africa & Oceania
2%
EU (excl. Greece)
65%
Greece
10%
Africa & Oceania
1%
EU (excl.
Greece)
59%
America
4%
Asia
5%
Other
Europe
7%
UK
9%
95% outside Greece
Revenue breakdown (9Μ'22)
By Geographical Segment (% of €)
America
6%
Asia
5%
Other
Europe
7%
UK
9%
96% outside
Greece
Greece
5%
Africa & Oceania
3%
EU (excl. Greece) 67%
Greece
4%
Africa & Oceania
3%
EU (excl.
Greece)
66%
Source: Company information | 10 |
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Elvalhalcor Hellenic Copper and Aluminium Industry SA published this content on 22 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2023 15:26:20 UTC.