Informe Financiero Anual 2022 NIIF
EZZ STEEL INFORMA LOS RESULTADOS CONSOLIDADOS DEL AF22
El Cairo, 2 de abril de 2023 - Ezz Steel (EGX: ESRS; Bolsa de Valores de Londres: AEZD), el mayor productor independiente de acero en la región MENA y líder del mercado en Egipto, anunció hoy sus resultados consolidados para el período que finaliza el 31 de diciembre de 2022. Se han preparado los resultados auditados de conformidad con las normas de contabilidad egipcias.
Pegue el siguiente enlace en su navegador web para descargar un PDF de los estados financieros completos relacionados con este anuncio:
http://www.rns-pdf.londonstockexchange.com/rns/0314I_1-2024-3-22.pdf
Puntos clave
millones de libras esterlinas
FY22 | FY21 | ||
Las ventas netas | 83,984 | 67,819 | |
Beneficio bruto | 18,778 | 13,770 | |
Beneficio neto antes de impuestos* | 8,926 | 7,171 | |
Beneficio neto** | 6,647 | 5,397 | |
Ganancias por acción (EPS)** | 7.98 | 6.61 |
* After allowing for an FX loss of EGP 3,472mn.
** Net profit does not include the related FX losses achieved in 1Q23 amounting to EGP 5.281 bn. for the period from 1/1/2023 till 1/3/2023 according the company's disclosure to EGX and LSE on 1/3/2023.
*** EPS = Net profit after tax & Minority Interest / No. of shares at the end of the period, for the three months period ending 31 December 2022.
Para mayor información: Acero Ezz |
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Ahmad Nabil | +20 2 27989844 | +20 100 177 7703 |
Eman Abu Zeid | +20 2 27989900 | +20 100 2500153 |
Comentario
Al comentar sobre los resultados, la junta emitió las siguientes notas a los accionistas:
· Sales amounted to EGP 83,984 million in 2022 compared to EGP 67,819 million in 2021 (24% increase). Rebar sales accounted for 61% of total sales, and hot rolled (HRC) flat steel sales accounted for 38%.
· Export sales amounted to $797 million in 2022, of which sales of HRC amounted to $639 million, and sales of steel coils and rebars amounted to $157 million. Exports in 2021 amounted to $1,291 million, of which HRC sales for $1,079 million and of steel coils and reinforcing steel sales for $212 million. The decrease in exports was due to directing more quantities to meet the growing domestic consumption and also to the normalization in HRC price levels.
· As a result of lack of liquidity in foreign currencies in the banking sector, it has become vital for industrial companies to maximize their exports to cover their import requirements. Starting from 4Q22, the company shifted towards increasing exports gradually once again in order to secure the foreign currency needed for importing raw materials and consumables. The company took advantage of its active client network in more than 25 countries to achieve its goal -not only in HRC, but also in rebars.
· Foreign Exchange Loss amounted to EGP 3,472 million in 2022, in addition to EGP 994 million of losses related to financing fixed assets, which were capitalized in accordance with the accounting standards. The Egyptian pound had lost about 17% against the US dollar in March 2022, then another 5% drop in 3Q22; on October 27, 2022, CBE announced a shift towards a flexible exchange rate, again resulting in further devaluation: the Egyptian Pound continues to be in a downward trend.
· Net profit before taxes amounted to EGP 8,926 million in 2022, compared to EGP 7,171 million in 2021. Income tax amounted to EGP 2,484 million, and deferred tax (asset) EGP 206 million.
· Net profit after tax amounted to EGP 6,647 million in 2022, compared to EGP 5,397 million in 2021 (23% increase). It is important to clarify that the full impact of FX losses in 2022 is beyond what was posted in the profit and loss account (or capitalized on fixed assets) from an accounting perspective. The company incurred additional forex losses the impact of which will appear in 1Q23, given that the official price of the US dollar was EGP 24.8 at the closing of 2022, and then starting January it ascended to reach EGP 29.6 by January 15, 2023 (and increased gradually after that). Accordingly, the company disclosed to the Egyptian Stock Exchange in March 2023 that currency losses for the period from 1/1/2023 to 1/3/2023 amounted to EGP 5.281 bn.
· Globally, central banks increased interest rates to contain inflation. In the United States (where the US Federal Reserve set the fiscal policy) interest rates rose from 0.25% at the beginning of the year to 4.5% at year end. In Egypt, the Corridor rate, which is regulated by the Central Bank of Egypt (CBE), increased from 9.25% at the beginning of 2022 to 17.25% at the end of the year (the "Lending Rate"). Furthermore, In November 2022 the Prime Minister resolved to cancel the interest rate initiative which had been in effect since March 2020 to support industry at 8%. With the expiry of most of the 8% interest rate facilities, the larger effect of an elevated interest rate environment will begin to impact the income statement starting from 1Q23.
· According to World Steel Association statistics, global crude steel production decreased by 3.9% in 2022 to reach 1,885 million tonnes, from 1,962 million tonnes in 2021. This stems largely from a 1.7% decrease in China's production (which accounts for 54% of the world's figures), due to extended shutdowns to avoid another outspread of COVID, constraining the Real Estate sector, along with more concern for the environment. It is noted that China is reconsidering these procedures. Global production in general has also been impacted of war between Russia and Ukraine, the increase in the cost of energy and the inflation that emerged at the end of Covid and its restrictive measures. the production of the European Union decreased by 10.8%, North America by 5.5%, and Russia and Ukraine by 20%. But on the other hand, Middle East production rose 6.6%.
· Domestic consumption of rebars increased 8% to reach 7,895 million tonnes in FY22 compared to 7,344 million tonnes in FY21. Private building consumption had witnessed good growth; however, high inflation rates is posing limitations on such consumption. In 4Q22 consumption was 1,905 million tonnes 10% below 3Q22 (2,107 million tonnes).
· The company's local sales of rebars increased by 15% from 2,659 thousand tons in 2021 to 3,058 thousand tons in 2022. High tensile steel of the rank (B500DWR), with its superior qualities and proven savings, continues to top the demand among consumers. Towards the end of the year, in line with the decline in local consumption, local rebars sales dropped in 4Q22 to 743 thousand tonnes by 20% compared to 3Q22 (918 thousand tonnes).
· Local HRC consumption increased to reach 1,655 thousand tonnes in FY22, 10% above the 1,508 thousand tonnes of FY21. The most important consuming segments are steel pipes and cold rolling, while the largest growth was in steel structures, and steel pipes. Worth mentioning that consumption of HRC in Egypt increased with a very good rates starting 2018; since then the average compounded annual growth rate (CAGR) reached 10.8% compensating for the limited growth for over a decade before that. Ezz Steel product remains the first choice for local downstream industries based on HRC -for its high quality, company-customer stable relation, in addition to imports decline coupled with Egyptian Pound devaluation.
· The company's domestic sales of HRC in 2022 increased to 1,127 thousand tons, up 24% over 2021 (906 thousand tons).
Acerca de Ezz acero
Ezz Steel es el mayor productor de acero en el mundo árabe y el norte de África según World Top Steel Makers para 2020 publicado por World Steel Association (WSA). La Compañía es el líder del mercado egipcio con una capacidad total de 7 millones de toneladas de productos de acero terminados por año. Ezz Steel se estableció el 2/4/1994 como una sociedad anónima egipcia de conformidad con las disposiciones de la Ley No. 159 para el año 1981.
En 2022, la Compañía produjo 3.3 millones de toneladas de productos largos (generalmente utilizados en la construcción) y 1.8 millones de toneladas de productos planos (generalmente utilizados en las industrias de ingeniería, automotriz, tuberías de acero y productos de consumo). Ezz Steel implementa lo último en tecnología moderna de fabricación de acero y se compromete a aumentar aún más la integración vertical en sus plantas, impulsando la flexibilidad operativa.
Revisión operacional
Todos de los desgloses financieros a continuación se basan en las finanzas consolidadas de Ezz Steel, que incluyen el desempeño financiero consolidado de EZDK. Tras la adquisición de EFS/ERM por parte de esta última, ambas son filiales completas de EZDK.
Ventas
Consolidated net sales for FY22 were EGP 83,984 million compared to EGP 67,819 million in FY21, representing a 24% increase.
EGPMn* | Acero Ezz | EZDK | Acero Ezz |
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Largo | 14,402 | 36,434 | 50,836 |
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Las rebabas | - | 32,062 | 32,062 |
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Otros | - | 1,086 | 1,086 |
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Total | 14,402 | 69,582 | 83,984 |
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*Después de la eliminación de transacciones entre compañías.
Long steel products accounted for EGP 50.84 billion, or 61% of sales in FY22, while flat steel products represented 38% of sales at EGP 32.06 billion. Flat product exports accounted for 38% of total flat sales.
Valor de las ventas EGPMn | Nacional | % | Exportar | % |
Largo | 47,718 | 94% | 3,118 | 6% |
Las rebabas | 19,886 | 62% | 12,176 | 38% |
Long sales volume increased 11% to reach 3.25 million tonnes during FY22 compared to 2.94 million tonnes during FY21. Flat sales volume decreased 9% to reach 1.82 million tonnes.
The group's consolidated sales volumes totalled 5.07 million tonnes in FY22 compared to 4.93 million tonnes in FY21, an increase of 3%.
Producción
Long steel production volumes totalled 3.27 million tonnes during FY22 compared to 2.90 million tonnes in FY21, an increase of 13%. Flat steel production volumes decreased 13% to reach 1.79 thousand tonnes in FY22 compared to 2.05 million tonnes in FY21.
Costo de los bienes vendidos
Consolidated Cost of Goods Sold for FY22 represented 78% of sales compared to 80% in FY21. Consequently, gross profit margin increased to reach 22% in FY22 compared to 20% in FY21.
EGPMn* | ESR | EZDK | Acero Ezz |
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Ventas | 14,402 | 69,582 | 83,984 | |
Dientes | 12,770 | 52,436 | 65,206 | |
COGS/Ventas | 89% | 75% | 78% |
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*Después de la eliminación de transacciones entre compañías
Beneficio bruto
Gross profit of EGP 18.78 billion was recorded for FY22 for Ezz Steel consolidated, a 36% increase compared to the EGP 13.77 billion recorded in FY21.
Comparable
El EBITDA consolidado para el año fiscal 22 ascendió a 16.8 mil millones de EGP, un aumento del 43% en comparación con los 11.8 mil millones de EGP registrados en el año fiscal 21.
Pérdida cambiaria
The devaluation of the Egyptian Pound resulted in an unrealized foreign exchange loss of EGP 3,472 million.
Impuestos
During FY22, Ezz Steel had an income tax of EGP 2,484 million and a deferred tax of EGP 206 million.
Beneficio neto
Net profit reached EGP 6.6 billion in FY22, compared to EGP 5.4 billion in FY21
Beneficio neto después de intereses minoritarios
Resultado neto después de impuestos y minoritarios recorded a profit of EGP 4,252 million for FY22 compared to EGP 3,521 million in FY21.
Liquidez y recursos de capital
Al final del período, Ezz Steel tenía un efectivo disponible de 13.2 mil millones de EGP y una deuda neta de 19.9 mil millones de EGP.
Outlook
· Industry experts forecast that world consumption in 2023 would maintain the same level as 2022 (1,885 million tonnes). Initial forecasts indicated that the market would start regaining its strength and could witness limited growth. However, world inflation is affecting consumption negatively, especially in the United States, Europe and Japan. Naturally, the Russian Ukrainian conflict is affecting the consumption of both countries. Balancing this, is 4% expected growth in Chinese consumption in 2023. It is also noted that Turkey plans to consume considerably higher quantities needed for the reconstruction of the misfortunate areas hit by the earthquake of February 2023.
· Consumption in Egypt started to suffer from high inflation and price increase as a consequence of the Egyptian Pound devaluing to foreign currencies. In view of this, local rebar and flat steel consumption estimate has been revised downwards to a drop of - initially- 10% below its level in 2022. It is worth noting that the reduction in market size to a relatively low level following currency devaluation is usually temporary. This is exactly what happened in 2017 after the first floating of the Egyptian Pound before the end of 2016. Development in market consumption will be closely followed and reviewed periodically.
· Interest rate levels continue to increase globally and locally in an effort to contain inflation. The US Fed's most recent increase has been 0.25% in March 2023 (9th increase in a row); now interest rate in USA ranges between 4.75 % and 5%. Although the possibility of further increases remain, however, the negative effect on the banking sector -three banks already went bankrupt- and on economic activities, might deter decisions to pass new increases. In Egypt, the Central Bank of Egypt (CBE) lifted the rates several times since the beginning of 2022. Most recently, on 30 March 2023, interest rates were pushed up again: the Lending Rate increased from 17.25% to 19.25%. Undoubtedly, this exceptionally high level of interest rates, coupled with cancelling the 8% low interest rate facilities initiative to industry, constitute a huge burden on manufacturers and consumers alike.
· Egyptian companies capable to export -among the most important of which is Ezz Steel- are committed to maximize their exports to support the national economy. In order to shrink the gap, which has recently expanded, between the State's forex sources and applications, exporting companies resort to export quantities the proceeds of which cover at least its imports of raw materials and consumables. This is of utmost importance to maintain same level of production. In this context Ezz Steel increased the percentage of its exports of flat steel and of rebars. Such elevated active export orientation comes contemporaneous with the start-up of the second melt shop of EFS (in April 2023). Ramp-up in production form the new unit would enable the company to achieve its ambitious export goals, while satisfying the local market in order to maintain its market share.
· The humanitarian disaster in South East Turkey and North West Syria as a consequence of February 2023 earthquake will require two or three years to re-build the essential structures needed to resume life and activity in the area. Ezz Steel directs some its flat steel export shipments to Turkey, an important part of which is used in the re-construction efforts. In general, the heavy re-construction activities in Turkey leads to a temporary shift in the direction of steel trade to and from Turkey and Europe. The company follows this dynamic situation closely to optimize its export strategy.
· It is the second year for the Russian Ukrainian war without a solution in the horizon. Ambiguity continues to prevail, and with it there are fears of recession. In spite of the important presence of the two countries in the iron and steel sector, clients of both countries -including Ezz Steel- managed to secure their requirements from other international suppliers. However, aspiring for a prompt resolution for the conflict, the return of Russia and Ukraine to the international trade of iron and steel will be a significant and influential event as and when it occurs.
Descripción general de la división
EZDK Independiente Ventas (EUR): | AF 2022 | AF 2021 | 4Q 2022 | 3Q 2022 | |
Valor: | Mn | 61,711 | 47,931 | 18,200 | 16,509 |
Volumen: | |||||
Longitud: | 000 Toneladas | 2,238 | 2,059 | 557 | 602 |
Plano: | 000 Toneladas | 1,126 | 1,097 | 318 | 306 |
Exportaciones como % de Ventas: | |||||
Longitud: | 9% | 13% | 10% | 4% | |
Plano: | 40% | 51% | 32% | 36% | |
EBITDA: | Mn | 11,539 | 6,835 | 2,918 | 2,638 |
Producción: | |||||
Productos largos: | 000 Toneladas | 1,915 | 1,859 | 459 | 455 |
Productos planos: | 000 Toneladas | 1,146 | 1,101 | 290 | 297 |
Billetes: | 000 Toneladas | 2,183 | 2,090 | 545 | 560 |
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Ezz acero independiente Ventas (EUR): | AF 2022 | AF 2021 | 4Q 2022 | 3Q 2022 | |
Valor: | Mn | 16,666 | 13,170 | 4,879 | 4,978 |
Volumen: | 000 Toneladas | 934 | 905 | 231 | 268 |
Exportaciones como % de Ventas: | - | - | - | ||
EBITDA: | Mn | 1,307 | 924 | 343 | 462 |
Producción: | |||||
Productos largos: | 000 Toneladas | 895 | 839 | 223 | 232 |
Billetes: | 000 Toneladas | 845 | 867 | 220 | 204 |
EZDK Consolidado Ventas (EUR): | AF 2022 | AF 2021 | 4Q 2022 | 3Q 2022 | |||
Valor: | Mn | 75,448 | 61,218 | 21,241 | 19,660 | ||
Volumen: | |||||||
Longitud: | 000 Toneladas | 2,366 | 2,106 | 576 | 690 | ||
Plano: | 000 Toneladas | 1,824 | 1,997 | 498 | 419 | ||
Exportaciones como % de Ventas: | |||||||
Longitud: | 8% | 13% | 10% | 4% | |||
Plano: | 38% | 56% | 26% | 32% | |||
EBITDA: | Mn | 15,472 | 10,825 | 3,782 | 3,244 | ||
| EBT | Mn | 8,416 | 6,757 | 1,026 | 1,953 | |
| Beneficio neto | Mn | 6,428 | 5,837 | 924 | 1,417 | |
Producción: | |||||||
Productos largos: | 000 Toneladas | 2,379 | 2,065 | 557 | 602 | ||
Productos planos: | 000 Toneladas | 1,787 | 2,051 | 478 | 398 | ||
Billetes: | 000 Toneladas | 2,454 | 2,125 | 579 | 635 | ||
Ezz Steel Consolidado Ventas (EUR): |
| AF 2022 | AF 2021 | 4Q 2022 | 3Q 2022 | ||
Valor: | Mn | 83,984 | 67,819 | 23,341 | 22,147 | ||
Volumen: | |||||||
Longitud: | 000 Toneladas | 3,248 | 2,936 | 799 | 946 | ||
Plano: | 000 Toneladas | 1,824 | 1,997 | 498 | 419 | ||
Exportaciones como % de Ventas: | |||||||
Longitud: | 6% | 9% | 7% | 3% | |||
Plano: | 38% | 56% | 26% | 32% | |||
EBITDA: | Mn | 16,810 | 11,773 | 4,152 | 3,712 | ||
| EBT | Mn | 8,926 | 7,171 | 1,083 | 2,266 | |
| Beneficio neto | Mn | 6,647 | 5,397 | 939 | 1,579 | |
Producción: | |||||||
Productos largos: | 000 Toneladas | 3,274 | 2,904 | 780 | 834 | ||
Productos planos: | 000 Toneladas | 1,787 | 2,051 | 478 | 398 | ||
Billetes: | 000 Toneladas | 3,299 | 2,992 | 799 | 838 | ||
Cláusula de exención de responsabilidades:
Este comunicado de prensa es emitido por Ezz Steel (anteriormente: Al Ezz Steel Rebars SAE), la "Compañía", en relación con la divulgación de los resultados financieros de la Compañía para el trimestre que finaliza el 31 de marzo de 2022. Este comunicado de prensa incluye declaraciones prospectivas. Estas declaraciones prospectivas incluyen todos los asuntos que no son hechos históricos. En particular, las declaraciones sobre la estrategia de la Compañía, la fortaleza esperada de la demanda de productos largos y planos en Egipto y en los mercados regionales e internacionales, y otros eventos o perspectivas futuras son declaraciones prospectivas. Los destinatarios de este documento no deben confiar indebidamente en declaraciones prospectivas porque involucran riesgos conocidos y desconocidos, incertidumbres y otros factores que en muchos casos están fuera del control de la Compañía. Por su naturaleza, las declaraciones prospectivas implican riesgos e incertidumbres porque se relacionan con eventos y dependen de circunstancias que pueden ocurrir o no en el futuro. Las declaraciones a futuro no son garantías de desempeño futuro y los resultados reales de las operaciones, la situación financiera y la liquidez de la Compañía, y el desarrollo de la industria en la que opera la Compañía pueden diferir materialmente de aquellos expresados o implícitos en las declaraciones a futuro contenidas. en este documento. Las declaraciones de precaución establecidas anteriormente deben considerarse en relación con cualquier declaración prospectiva escrita u oral posterior que la Compañía, o las personas que actúan en su nombre, puedan emitir. Varios factores podrían hacer que los resultados reales difieran materialmente de aquellos expresados o implícitos en las declaraciones prospectivas contenidas en este documento, incluidas las tendencias económicas mundiales, las tendencias globales y regionales en la industria del acero, el clima económico y político de Egipto y Medio Oriente, los cambios. en la estrategia comercial de la Compañía, y varios otros factores. Estas declaraciones prospectivas reflejan el juicio de la Compañía a la fecha de este documento y no pretenden brindar ninguna garantía sobre resultados futuros. La Compañía no asume ninguna obligación de actualizar estas declaraciones prospectivas y no publicará ninguna revisión que pueda realizar a estas declaraciones prospectivas que pueda resultar de eventos o circunstancias que surjan después de la fecha de este documento. Ninguno de Ezz Steel, ninguno de sus directores, funcionarios o empleados o cualquier otra persona puede dar ninguna garantía con respecto a la exactitud futura de la información contenida en este documento o en cuanto a la ocurrencia real de cualquier desarrollo previsto. Además, ninguna de dichas partes asumirá, y cada una de ellas renuncia expresamente, cualquier obligación (excepto según lo exija la ley o las reglas de la ESE, la LSE o la FCA) de actualizar cualquier declaración prospectiva o de conformar estas declaraciones prospectivas. declaraciones a Ezz Steel resultados actuales.
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