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 ___X____
São Paulo, December 22, 2017
1Q17 Earnings Release
Companhia Siderúrgica Nacional (CSN) (BM3 S.A. – BOLSA BRASIL BALCÃO: CSNA3) (NYSE: SID) discloses results for the first quarter of 2017 (1Q17). The information disclosed in Brazilian Reais and prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB); and also in accordance with accounting practices adopted in Brazil and fully convergent with international accounting standards, issued by the Accounting Pronouncements Committee (CPC) and referenced by the Brazilian Securities and Exchange Commission (CVM), pursuant to CVM Instruction 485 of 09/01/2010. The below text encompasses the Company's consolidated results for the first quarter of 2017 (1Q17) and comparisons are for the fourth quarter of 2016 (4Q16) and for the first quarter of 2016 (1Q16) without Metallic, unless otherwise specified. The Real/U.S. Dollar exchange rate was R$3.1684 on March 31, 2017 and R$3.2591 on December 31, 2016.
Operating and Financial Highlights
· |
EBITDA totaled R$1,333 million, 82% up on 1Q16, accompanied by an EBITDA margin of 28.7%, 11 p.p. higher than in the previous year. | |
· |
Leverage declined by 3.2x, from 8.7x on 1Q16 to 5.5x on 1Q17. | |
· |
Steel EBITDA came to R$610 million, 12% higher on 4Q16, while apparent steel consumption climbed 5.0% according to the Brazilian Steel Institute (IABr). |
Highlights | 1Q16 | 4Q16 | 1Q17 | Change | |
1Q17 x 4Q16 | 1Q17 x 1Q16 | ||||
Steel Sales (thousand t) | 1,248 | 1,187 | 1,194 | 1% | -4% |
- Domestic Market | 52% | 62% | 52% | -10% | 0% |
- Overseas Subsidiaries | 42% | 34% | 41% | 7% | -1% |
- Exports | 6% | 4% | 8% | 4% | 2% |
Iron Ore Sales (thousand t)1 | 8,295 | 9,191 | 7,244 | -21% | -13% |
- Domestic Market | 13% | 14% | 19% | 5% | 6% |
- Exports | 87% | 86% | 81% | -5% | -6% |
Consolidated Results (R$ Million) | |||||
Net Revenue | 3,997 | 4,519 | 4,412 | -2% | 10% |
Gross Profit | 923 | 1,349 | 1,318 | -2% | 43% |
Adjusted EBITDA | 733 | 1,249 | 1,333 | 7% | 82% |
Adjusted Net Debt | 26,654 | 25,831 | 25,477 | -1% | -4% |
Adjusted Cash Position | 6,472 | 5,762 | 5,146 | -11% | -20% |
Net Debt / Adjusted EBITDA | 8.7x | 6.3x | 5.5x | (0,89x) | (3.22x) |
¹ Adjusted EBITDA is calculated based on net income/loss, before depreciation and amortization, income taxes, the net financial result, results from investees, and other operating income (expenses) and includes the proportional share of the EBITDA of the jointly-owned investees MRS Logística and CBSI, as well as the Company’s 60% interest in Namisa, 33.27% in MRS and 50% in CBSI until November 2015 and stakes of 100% in Congonhas Minérios, 37.27% in MRS and 50% in CBSI as of December 2015.
² Adjusted Net Debt and Adjusted Cash and Cash Equivalents included 33.27% of the stake in MRS, 60% of the interest in Namisa and 50% of the stake in CBSI until November 2015. As of December 2015, they included 100% of Congonhas Minérios, 32.27% of MRS and 50% of CBSI, excluding Forfaiting and drawee risk operations.
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CSN’s Consolidated Results
Financial Result (R$ million) | 1Q16 | 4Q16 | 1Q17 |
Financial Result - IFRS | (885) | (677) | (497) |
Financial Revenue | 243 | 115 | 103 |
Financial Expenses | (1,128) | (792) | (601) |
Financial Expenses (ex-exchange variation) | (821) | (813) | (787) |
Result with Exchange Variation | (307) | 21 | 186 |
Monetary and Exchange Variation | 936 | 5 | 308 |
Hedge Accounting | (554) | 17 | (135) |
Derivative Result | (689) | (2) | 13 |
Share of Profit (Loss) of Investees (R$ million) | 1Q16 | 4Q16 | 1Q17 | Change | |
1Q17 x 4Q16 | 1Q17 x 1Q16 | ||||
MRS Logística | 61 | 20 | 39 | 91% | (37%) |
CBSI | 1 | 1 | - | - | - |
TLSA | (7) | (35) | (4) | (88%) | (39%) |
Arvedi Metalfer BR | - | - | (1) | - | - |
Eliminations | (11) | (9) | (13) | 45% | 26% |
Share of Profit (Loss) of Investees | 46 | (24) | 21 | - | (55%) |
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|
Adjusted EBITDA (R$ million) |
1Q16 |
4Q16 |
1Q17 | Change | |
1Q17 x s4Q16 | 1Q17 x 1Q16 | ||||
Profit (Loss) for the Period | (777) | (56) | 118 | - | - |
(*) Result of Discontinued Operations | - | 3 | - | - | - |
(-) Depreciation | 309 | 356 | 390 | 10% | 26% |
(+) Income Tax and Social Contribution | 113 | 2 | 137 | - | 21% |
(-) Net Financial Result | 897 | 677 | 497 | (27%) | (45%) |
EBITDA (CVM Instruction 527) | 542 | 982 | 1,142 | (16%) | 111% |
(+) Other Operating Income / Expenses | 126 | 114 | 99 | (13%) | (21%) |
(+) Share of Profit (Loss) of Investees | (46) | 24 | (21) | - | (54%) |
(-) Proportionate EBITDA of Jointly-Owned Subsidiaries | 110 | 129 | 113 | (13%) | 3% |
Adjusted EBITDA | 733 | 1,249 | 1,333 | 7% | 82% |
¹The Company discloses adjusted EBITDA excluding interests in investments operating income (expenses) in the belief that these items should not be considered when calculating recurring operating cash flow. | |||||
¹The adjusted EBITDA margin is calculated as the ratio between adjusted EBITDA and adjusted net revenue, which considered the stakes of 100% in CSN
Mineração, 37.27% in MRS and 50% in CBSI.
Debt
The adjusted amounts of EBITDA, debt and cash included the stakes of 100% in CSN Mineração, 37.27% in MRS and 50% in CBSI as of December 2015, as well as financial investments used as collateral for exchange operations on the B3 S.A. – BOLSA BRASIL BALCÃO. On March 31, 2017, consolidated net debt totaled R$25,477 million, while the net debt/EBITDA ratio, calculated based on LTM adjusted EBITDA, stood at 5.5x.
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Foreign Exchange Exposure
The FX exposure of our consolidated balance sheet on March 31, 2017 was US$ 603 million, ex bond as shown in the table below.
The hedge accounting adopted by CSN correlates projected export inflows in dollars with part of the scheduled debt payments in the same currency. Therefore, the exchange variation of the dollar-denominated debt is temporarily booked under shareholders’ equity, being recorded in the income statement when dollar revenues from exports are received.
Foreign Exchange Exposure |
IFRS | ||
(US$ million) |
12/31/2016 | 3/31/2017 | |
Cash |
914 | 1,091 | |
Accounts Receivable |
373 | 331 | |
Total Assets |
1,290 | 1,425 | |
Borrowings and Financing |
(4,373) | (4,327) | |
Suppliers |
(97) | (115) | |
Other Liabilities |
(18) | (15) | |
Total Liabilities |
(4,488) | (4,458) | |
Foreign Exchange Exposure |
(3,198) | (3,032) | |
Notional Amount of Derivatives Contracted, Net |
- | - | |
Cash Flow Hedge Accounting |
1,458 | 1,429 | |
Net Foreign Exchange Exposure |
(1,740) | (1,603) | |
Perpetual Bonds |
1,000 | 1,000 | |
Net Foreign Exchange Exposure excluding Perpetual Bonds |
(740) | (603) |
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Capex
CSN invested R$189 million in 1Q17, 58% less of 4Q16.
Capex (R$ million) |
1Q16 | 4Q16 | 1Q17 |
Steel |
119 | 208 | 92 |
Mining |
62 | 78 | 59 |
Cement |
139 | 135 | 24 |
Logistics |
10 | 23 | 13 |
Other |
- | 8 | - |
Total Capex - IFRS |
330 | 452 | 189 |
Working Capital
The working capital invested in the Company’s business totaled R$3,031 million in 1Q17, R$161 million more than in 4Q16, chiefly due to the R$171 million increase in inventories. On a same comparison basis, the average receivable period down on 2 days, while payment periods and inventory turnover increased by 5 days and 10 days, respectively.
To calculate working capital, CSN adjusts its assets and liabilities as demonstrated below:
Working Capital (R$ Million) |
1Q16 | 4Q16 | 1Q17 | Change | |
1Q17 x 4Q16 | 1Q17 x 1Q16 | ||||
Assets |
5,573 | 5,210 | 5,526 | 316 | -47 |
Accounts Receivable |
1,689 | 1,905 | 1,849 | -57 | 160 |
Inventories Turnover |
3,587 | 3,251 | 3,562 | 311 | -24 |
Advances to Taxes |
298 | 54 | 115 | 60 | -183 |
Liabilities |
2,266 | 2,340 | 2,495 | 155 | 229 |
Suppliers |
1,543 | 1,763 | 1,934 | 171 | 392 |
Salaries and Social Contribution |
244 | 254 | 252 | -2 | 8 |
Taxes Payable |
412 | 232 | 190 | -41 | -222 |
Advances from Clients |
67 | 91 | 119 | 28 | 52 |
Working Capital |
3,307 | 2,870 | 3,031 | 161 | -276 |
Turnover Ratio (days) |
1Q16 | 4Q16 | 1Q17 | Change | |
1Q17 x 4Q16 | 1Q17 x 1Q16 | ||||
Receivables |
33 | 35 | 33 | -2 | 0 |
Supplier Payment |
46 | 51 | 56 | 5 | 10 |
Investory Turnover |
106 | 94 | 104 | 10 | -2 |
Cash Conversion Cycle |
93 | 78 | 81 | 3 | -12 |
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Results by Segment
The Company maintains integrated operations in five business segments: Steel, Mining, Logistics, Cement and Energy.
The main assets and/or companies comprising each segment are presented below:
Notes: As of 2013, the Company ceased the proportional consolidation of its jointly-owned subsidiaries Namisa, MRS and CBSI. For the purpose of preparing and presenting the information by business segment, Management opted to maintain the proportional consolidation of its jointly-owned subsidiaries, in line with historical data. In the reconciliation of CSN’s consolidated results, these companies’ results are eliminated in the “Corporate Expenses/Elimination” column.
Since the end of 2015, after the combination of CSN’s mining assets (Casa de Pedra, Namisa and Tecar), the consolidated results have included all the data related to this new company.
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1Q17 Result |
Steel | Mining | Port Logistics |
Railway Logistics |
Cement |
Energy |
Corporate Expenses/Elimination |
Consolidated |
Net Revenue |
3,071 | 1,174 | 55 | 323 | 126 | 90 | (428) | 4,412 |
Domestic Market |
1,789 | 190 | 55 | 323 | 126 | 90 | (584) | 1,990 |
Exports |
1,283 | 984 | - | - | - | - | 156 | 2,422 |
Cost of Goods and Services |
||||||||
|
(2,395) | (636) | (37) | (280) | (130) | (69) | 454 | (3,093) |
Sold |
||||||||
Gross Profit |
677 | 538 | 18 | 43 | (4) | 21 | 25 | 1,318 |
S&A expenses |
(235) | (40) | (7) | (24) | (19) | (7) | (156) | (488) |
Depreciation |
169 | 123 | 3 | 104 | 35 | 4 | (48) | 390 |
Proportionate EBITDA of |
||||||||
|
- | - | - | - | - | - | 113 | 113 |
Jointly-Owned Subsidiaries |
||||||||
Adjusted EBITDA |
610 | 620 | 14 | 123 | 12 | 19 | (65) | 1,333 |
4Q16 Result |
Steel | Mining | Port Logistics |
Railway Logistics |
Cement | Energy | Corporate Expenses/Elimination |
Consolidated |
Net Revenue | 2,962 | 1,317 | 62 | 324 | 128 | 67 | (341) | 4,519 |
Domestic Market | 1,979 | 168 | 62 | 324 | 128 | 67 | (570) | 2,159 |
Exports | 982 | 1,149 | - | - | - | - | 228 | 2,359 |
Cost of Goods and Services | ||||||||
(2,334) | (797) | (34) | (237) | (133) | (48) | 413 | (3,170) | |
Sold | ||||||||
Gross Profit | 628 | 521 | 28 | 87 | (5) | 19 | 72 | 1,349 |
S&A expenses | (262) | (133) | (6) | (9) | (20) | (7) | (148) | (585) |
Depreciation | 179 | 124 | 3 | 58 | 28 | 4 | (41) | 356 |
Proportionate EBITDA of | ||||||||
- | - | - | - | - | - | 129 | 129 | |
Jointly-Owned Subsidiaries | ||||||||
Adjusted EBITDA | 545 | 511 | 26 | 137 | 2 | 17 | 12 | 1,249 |
Steel
According to the World Steel Association (WSA), global crude steel production totaled 410 billion tonnes in the first quarter of 2017, 5.7% more than in 1Q16. According to the Brazilian Steel Institute (IABr), domestic crude steel production came to 8.2 million tonnes, 10.9% up. Domestic flat rolled steel production totaled 5.4 million tonnes, 6.9% up on 1Q16, while apparent consumption moved up by 5.0%, to 4.6 million tonnes, with domestic sales of 4.0 million tonnes and imports of 637,000 tonnes. Exports totaled 3.8 million tonnes, 17.4% more than in the same period last year. According
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7
to the Brazilian Steel Distributors’ Association (INDA), 1Q17 steel purchases sales remain flat, while sales fell 8.7%, totaling 759,600 tonnes and 708,600 tonnes, respectively. Inventories stood at 951,500 tonnes at the close of 1Q17, 3.6% more than in the previous quarter while inventory turnover fell to 3.7 months.
Automotive
According to the Auto Manufacturers’ Association (ANFAVEA), vehicle production totaled 610 million units in 1Q17, 24% up on 1Q16. In the same period, new car, light commercial vehicle, truck and bus licensing fell by 1.9% to 472,000 units. The association expects an increase of 4.0% in vehicle licensing in 2017, with the sale of 2.13 million units and production of 2.41 million units, 11.9% more than in 2016.
Construction
According to the Construction Material Manufacturers’ Association (ABRAMAT), sales of building materials fell 6.3% between 1Q16 and 1Q17.
Home Appliances
According to the Brazilian Institute of Geography and Statistics (IBGE), home appliance production increased 4.5% in the first quarter over the same period last year.
Results from CSN’s Steel Operation
|
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Flat Steel
Production |
1Q16 | 4Q16 | 1Q17 | Change | |
1Q17 x 4Q16 | 1Q17 x 1Q16 | ||||
Total Slabs (UPV + Third Parties) | 836 | 1,058 | 999 | (6%) | 20% |
Crude Steel Production | 835 | 942 | 982 | 4% | 18% |
Third Parties Slabs | 1 | 116 | 18 | - | - |
Total Rolled Products | 746 | 952 | 874 | (8%) | 17% |
Total Long Steel | 38 | 54 | 53 | - | 39% |
Mining
Demand for steel in China remained high, influenced by heavy investments in infrastructure and the strong construction activity in the first quarter. Given this scenario, rising steel prices pushed up iron ore prices, which came to more than US$95.00/dmt in February and averaged US$85.64/dmt (Platts, Fe62%, N. China) at the end of 1Q17, 21% up quarter-on-quarter.
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In the first quarter, maritime freight was positively impacted by the upturn in crude prices and, consequently, in ship fuel. As a result, Route BCI-C3 (Tubarão-Qingdao) averaged US$13.03/t, 10% up on 4Q16.
Results from CSN’s Mining Operation
Production Volume and Mining
Sales |
1Q16 | 4Q16 | 1Q17 | Change | |
1Q17 x 4Q16 | 1Q17 x 1Q16 | ||||
Iron Ore Production¹ | 7,326 | 7,758 | 7,858 | 1% | 7% |
Third Parties Purchase | 617 | 609 | 137 | (78%) | (78%) |
Total Production + Purchase | 7,943 | 8,367 | 7,995 | (4%) | 1% |
UPV Sale | 1,047 | 1,264 | 1,347 | 7% | 29% |
Third Parties Sales Volume | 7,248 | 7,927 | 5,897 | (26%) | (19%) |
Total Sales | 8,295 | 9,191 | 7,244 | (21%) | (13%) |
¹ Production and sales volumes included the stakes of 100% in NAMISA until November 2015 and 100% in Congonhas in December 2015. | |||||
2 As of December 2015, Congonhas Minérios began selling iron ore to CSN’s President Vargas Plant (UPV). |
The table above shows the breakdown of CSN's price of modality, CFR+FOB, by quarter, as of 2Q16.
Logistics
Railway Logistics: first-quarter net revenue totaled R$323 million, generating EBITDA of R$123 million and an EBITDA margin of 38%.
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Port Logistics: in the first quarter, Sepetiba Tecon handled 275,000 tonnes of steel products, in addition to 5,000 tonnes of general cargo and approximately 30,000 containers. First-quarter net revenue came to R$55 million, accompanied by EBITDA of R$14 million and an EBITDA margin of 26%.
Sepetiba TECON Highlights |
1Q1 | 4Q16 | 1Q17 | Change | |
1Q17 x 4Q16 | 1Q17x 1Q16 | ||||
Container Volume (thousand units) |
39 | 35 | 30 | (15%) | (23%) |
Steel Product Volume (thousand t) |
143 | 338 | 275 | (19%) | 92% |
General Cargo Volume (thousand t) |
12 | 7 | 5 | (27%) | (58%) |
Cement
According to IBGE’s Monthly Survey of Industry (PIM-PF), Brazil’s cement production in the last twelve months recorded year-on-year reduction of 9.3%, in line with the civil construction segment’s performance.
Preliminary figures from the Cement Industry Association (SNIC) indicate local cement sales of 13 million tonnes in 1Q17, 8.2% less than in the previous year. The SNIC expects 2017 cement sales to fall by between 5% and 7% over 2016.
Results from CSN’s Cement Operation
In 1Q17, cement sales amounted to 821,000 tonnes, 3% more than in 4Q16, while net revenue came to R$126 million EBITDA totaled R$12 million, with an EBITDA margin of 10%.
Cement Highlights |
1Q16 | 4Q16 | 1Q17 | Change | |
1Q17 x 4Q16 | 1Q17x 1Q16 | ||||
Total Production |
580 | 801 | 817 | 2% | 41% |
Total Sales |
571 | 799 | 821 | 3% | 44% |
Energy
According to the Energy Research Company (EPE), Brazilian electricity consumption until March 2017 recorded a year-on-year increase of 2.0%, to 118GWh. Consumption in the industrial and commercial segments grew by 1.1% and 0.5%, respectively.
Results from CSN’s Energy Operation
In 1Q17, net revenue from energy operations totaled R$90 million, EBITDA stood at R$19 million and the EBITDA margin was 21%.
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Capital Market
CSN’s shares appreciated by 6% in 1Q17, while the Ibovespa increased by 7% in the same period. Daily traded volume on the B3 S.A. – BOLSA BRASIL BALCÃO averaged R$51.8 million. On the New York Stock Exchange (NYSE), CSN’s American Depositary Receipts (ADRs) appreciated by 15%, versus the Dow Jones’ 1% upturn. On the NYSE, daily traded volume of CSN’s ADRs averaged US$8.3 million.
1Q17 | |
Number of shares in thousand | 1,387,524 |
Market Cap | |
Closing price (R$/share) | 11.47 |
Closing price (US$/ADR) | 3.70 |
Market Capitalization (R$ million) | 15,915 |
Market Capitalization (US$ million) | 5,134 |
Total return including dividends and interest on equity | |
CSNA3 | 6% |
SID | 15% |
Ibovespa | 7% |
Dow Jones | 1% |
Volume | |
Daily Average (thousand shares) | 4,555 |
Daily Average (R$ thousand) | 51,755 |
Daily Average (thousand ADRs) | 2,302 |
Daily Average (US$ thousand) | 8,346 |
Source: Bloomberg |
Webcast – 1Q17 Earnings Presentation | Investor Relations Team |
Conference Call in Portuguese with Simultaneous Translation | Diretor Executivo – David Salama |
into English | Leo Shinohara (leonardo.shinohara@csn.com.br) |
October 31, 2017 – Tuesday | Jose Henrique Triques (jose.triques@csn.com.br) |
12:30 p.m. (US EDT) | Carla Fernandes (carla.fernandes@csn.com.br) |
02:30 p.m. (Brasília time) | Bruno Souza (bruno.souza@csn.com.br) |
Phone: +1 (516) 300-1066 | |
Code: CSN | |
Replay phone: +55 (11) 3127-4999 | |
Replay code: 42709759 | |
Conference ID: CSN | |
Webcast: www.csn.com.br/ri |
Certain of the statements contained herein are forward-looking statements, which express or imply results, performance or events that are expected in the future. These include future results that may be implied by historical results and the |
For further information, please visit our website: www.csn.com.br/ri
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|
INCOME STATEMENT | |||
CONSOLIDATED – Corporate Law (In thousand of R$) | |||
1Q16 | 4Q16 | 1Q17 | |
Net Revenues | 3,997,286 | 4,518,596 | 4,411,596 |
Domestic Market | 1,701,293 | 2,159,265 | 1,989,552 |
Foreign Market | 2,295,993 | 2,359,331 | 2,422,044 |
Cost of Goods Sold (COGS) | (3,073,661) | (3,169,630) | (3,093,474) |
COGS, excluding depreciation | (2,770,932) | (2,833,972) | (2,711,868) |
Depreciation allocated to COGS | (302,729) | (335,658) | (381,606) |
Gross Profit | 923,625 | 1,348,966 | 1,318,122 |
Gross Margin (%) | 23% | 30% | 30% |
Selling Expenses | (447,175) | (446,470) | (367,575) |
General and Administrative Expenses | (156,408) | (118,400) | (112,398) |
Depreciation allocated to SG&A | (5,866) | (20,173) | (8,278) |
Other operation income (expense), net | (138,823) | (114,226) | (99,189) |
Share of profits (losses) of investees | 45,624 | (23,555) | 21,105 |
Operational Income before Financial Results | 220,977 | 626,142 | 751,787 |
Net Financial Results | (884,599) | (677,171) | (497,224) |
Income before social contribution and income taxes | (663,622) | (51,029) | 254,563 |
Income Tax and Social Contribution | (113,408) | (1,929) | (136,948) |
Continued operations, net | (777,030) | (52,958) | 117,615 |
Discontinued Operations, Net | 333 | (2,775) | |
Profit/(Loss) for the period | (776,697) | (55,733) | 117,615 |
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|
BALANCE SHEET | ||
Company Corporate Law (In Thousand of R$) | ||
Consolidated | ||
12/31/2016 | 03/31/2017 | |
Current assets | 12,444,918 | 12,149,265 |
Cash and cash equivalents | 5,631,553 | 5,050,484 |
Trade receivables | 1,997,216 | 1,931,081 |
Inventories | 3,964,136 | 4,259,964 |
Other current assets | 852,013 | 907,736 |
Non-current assets | 31,708,705 | 31,628,900 |
Long-term receivables | 1,745,971 | 1,791,202 |
Investments measured at amortized cost | 4,568,451 | 4,652,783 |
Property, plant and equipment | 18,135,879 | 17,921,071 |
Intangible assets | 7,258,404 | 7,263,844 |
Total assets | 44,153,623 | 43,778,165 |
Current liabilities | 5,496,683 | 5,407,953 |
Payroll and related taxes | 253,837 | 251,521 |
Suppliers | 1,763,206 | 1,934,358 |
Taxes payable | 231,861 | 177,488 |
Borrowings and financing | 2,117,448 | 1,837,999 |
Other payables | 1,021,724 | 1,105,992 |
Provision for tax, social security, labor and civil risks | 108,607 | 100,595 |
Non-current liabilities | 31,272,419 | 30,700,275 |
Borrowings and financing | 28,323,570 | 27,688,594 |
Deferred Income Tax and Social Contribution | 1,046,897 | 1,084,701 |
Other payables | 131,137 | 128,301 |
Provision for tax, social security, labor and civil risks | 704,485 | 729,831 |
Other provisions | 1,066,330 | 1,068,848 |
Shareholders’ equity | 7,384,521 | 7,669,937 |
Paid-in capital | 4,540,000 | 4,540,000 |
Capital reserves | 30 | 30 |
Acumulated Losses | (1,301,961) | (1,216,331) |
Statutory reserve | 2,956,459 | 3,124,251 |
Non-controlling interests | 1,189,993 | 1,221,987 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 44,153,623 | 43,778,165 |
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CASH FLOW STATEMENT | ||
CONSOLIDATED - Corporate Law (In Thousand of R$) | ||
4Q16 | 1Q17 | |
Net cash generated by operating activities | 501,798 | (104,517) |
(Net Losses) / Net income attributable to controlling shareholders | (82,164) | 85,630 |
Loss for the period attributable to non-controlling interests | 26,431 | 31,985 |
Charges on borrowings and financing | 698,075 | 670,722 |
Depreciation, depletion and amortization | 365,782 | 401,276 |
Share of profits (losses) of investees | 23,555 | (21,105) |
Deferred income tax and social contribution | (73,048) | 22,793 |
Foreign exchange and monetary variations, net | 102,301 | (272,176) |
Result from derivative financial instruments | (5,829) | (13,224) |
Write off fixed assets and intangible | 26,548 | 2,572 |
Accrued actuarial liability | (18,803) | |
Gain with business combination | (38,483) | |
Gain on divestiture from assets | (252,023) | |
Environmental liabilities and Deactvation Provisions | 18,271 | 2,518 |
Impairment Fair Value Transnordestina | 387,989 | |
Fiscal, Social Security, Labor, Civil and Environmental Provisions | 2,817 | 18,179 |
Working Capital | (139,630) | (103,895) |
Accounts Receivable | (85,853) | 87,436 |
Trade Receivables – Related Parties | (2,859) | (21,349) |
Inventory | (164,844) | (312,169) |
Interest receive - Related Parties | 27,633 | 1,727 |
Judicial Deposits | 13,354 | (15,347) |
Suppliers | 195,354 | 192,477 |
Taxes and Contributions | (60,711) | (59,047) |
Others | (61,704) | 22,377 |
Others Payments and Receipts | (539,991) | (929,792) |
Interest Expenses | (539,991) | (929,792) |
Cash Flow from Investment Activities | (572,077) | (153,386) |
Fixed Assets/Intangible | (452,170) | (188,573) |
Derivative transactions | (9,394) | 15,200 |
Related parties loans | (64,343) | (15,188) |
Loans / Receive loans - related parties | 9,472 | |
Short-term investment, net of redeemed amount | (418,707) | 25,703 |
Cash and Cash Equivalent from discontinued operations | 40,702 | |
Net Cash from Divestiture from discontinued operations investments | 331,835 | |
Cash Flow from Financing Companies | (128,354) | (306,516) |
Borrowings and financing raised, net of transaction costs | 22,597 | |
Borrowing amortizations - principal | (151,196) | (306,516) |
Borrowing costs | 245 | |
Foreign Exchange Variation on Cash and Cash Equivalents | (21,577) | 9,053 |
Free Cash Flow | (220,210) | (555,366) |
For further information, please visit our website: www.csn.com.br/ri
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SALES VOLUME CONSOLIDATED (thousand tonnes) | ||||||||||
1Q16 | 4Q16 | 1Q17 | Change | |||||||
1Q17 x 4Q16 | 1Q17 x 1Q16 | |||||||||
Flat Steel | 611 | 689 | 566 | (123) | (45) | |||||
Slabs | - | - | - | - | - | |||||
Hot Rolled | 220 | 243 | 215 | (29) | (6) | |||||
Cold Rolled | 108 | 137 | 118 | (19) | 9 | |||||
Galvanized | 197 | 207 | 157 | (50) | (40) | |||||
Tin Plates | 85 | 102 | 77 | (26) | (8) | |||||
Long Steel UPV | 38 | 47 | 51 | 4 | 13 | |||||
DOMESTIC MARKET | 649 | 736 | 617 | (119) | (32) | |||||
1Q16 | 4Q16 | 1Q17 | 1Q17 x 4Q16 | 1Q17 x 1Q16 | ||||||
Flat Steel | 381 | 270 | 349 | 79 | (32) | |||||
Hot Rolled | 59 | 9 | 20 | 11 | (39) | |||||
Cold Rolled | 27 | 18 | 24 | 6 | (3) | |||||
Galvanized | 265 | 202 | 258 | 56 | (7) | |||||
Tin Plates | 30 | 41 | 48 | 6 | 18 | |||||
Long Steel (profiles) | 216 | 181 | 228 | 47 | 12 | |||||
FOREIGN MARKET | 597 | 451 | 577 | 126 | (20) | |||||
1Q16 | 4Q16 | 1Q17 | 1Q17 x 4Q16 | 1Q17 x 1Q16 | ||||||
Flat Steel | 992 | 959 | 915 | (44) | (77) | |||||
Slabs | - | - | - | - | - | |||||
Hot Rolled | 280 | 252 | 235 | (17) | (45) | |||||
Cold Rolled | 135 | 155 | 141 | (14) | 6 | |||||
Galvanized | 462 | 408 | 415 | 7 | (47) | |||||
Tin Plates | 115 | 144 | 124 | (20) | 9 | |||||
Long Steel UPV | 38 | 47 | 51 | 4 | 13 | |||||
Long Steel (profiles) | 216 | 181 | 228 | 47 | 12 | |||||
TOTAL MARKET | 1.246 | 1.187 | 1.194 | 7 | (52) |
For further information, please visit our website: www.csn.com.br/ri
COMPANHIA SIDERÚRGICA NACIONAL | |
By: |
/S/ Benjamin Steinbruch
|
Benjamin Steinbruch
Chief Executive Officer |
| |
By: |
/S/ David Moise Salama
|
David Moise Salama
Executive Officer |
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
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