Scalino schreef op 9 februari 2017 16:01:
De cijfers van morgen zijn voor mij niet zo spannend, daar ik er voor de LT in zit (dus niet afhankelijk van korte termijn geld). Waar ik o.a. naar uit kijk is de outlook, vorderingen 2020-plan, Ilva, schuldreductie en misschien dat het woord dividend ter sprake komt, maar daar is denk ik pas bij de Q1 cijfers enige kans op, hoewel uit onderstaande tekst van de presentatie van de 2Q16 cijfers er misschien wel iets van verwacht zou kunnen worden..
Q: Can you provide a summary of the Group’s 2Q 2016 performance?
A: We reported 2Q 2016 EBITDA of $1.8 billion, nearly double as compared to $0.9 billion in 1Q 2016. Operating income of $1.9 billion in 2Q 2016 higher as compared to $0.3 billion in 1Q 2016, primarily as a result of a one-time gain of $0.8 billion from employee benefits at ArcelorMittal USA and higher sales driven by improved steel selling prices. We reported net income of $1.1 billion as compared to net loss of $0.4 billion in 1Q 2016. In addition:
* Steel shipments increased 2.9% in 2Q 2016 as compared to 1Q 2016;
* Market-priced iron ore shipments increased 23.2% as compared to 1Q 2016;
* ArcelorMittal Mines Canada (AMMC) had record shipments of 7.4Mt during 2Q 2016 and remains on track for FY 2016 shipment growth of greater than 26 million metric tonnes
Q: How did net and gross debt levels change during 2Q 2016?
A: In 2Q 2016, net debt decreased to $12.7 billion vs $17.3 billion at 1Q16 mainly due to proceeds from the rights issue ($3.1 billion), asset sales ($1.1 billion), and working capital release ($0.2 billion) offset in part by $0.2 billion premium on early retirement of debt.
Gross debt decreased to $15.1 billion in 2Q16 vs $20.2 billion at 1Q16 due to repurchases of bonds following cash tender offers ($2.1 billion); early redemption of the 4.5% Notes due February 25, 2017 ($1.4 billion) and bond repayment at maturity (€1 billion).
Q: You have made great progress in debt reduction. When will you consider resuming the DIVIDEND?
A: Resumption of dividends will be back on the agenda for our Board of Directors when we reach a level of leverage (Net debt/LTM EBITDA) of below 2x. At 2Q 2016, Net Debt/LTM EBITDA was 2.5x. When considering restarting the dividend, the Board will be looking at such issues as credit rating and free cash flow sustainability.