2015 listed steel companies and foreign financial performance comparison
Financial performance evaluation system is the use of financial indicators for enterprises in the production and management of courses of action and evaluate the results, as to profitability, debt status evaluation. On the part of China Prepainted Galvanized Steel Sheet
companies and well-known foreign steel companies financial performance evaluation, is the use of Chinese and foreign steel companies published financial report, select the applicability of financial indicators of well-known Chinese and foreign steel performance of listed companies to assess the situation and explore financial performance and foreign steel companies that exist differences.
Chinese and foreign steel companies and selected financial statements related note
To avoid the impact of the financial assets of the relevant indicators, we deliberately chose Chinese steel companies in Shanghai and the steel plate in the asset size of the top eight of. This eight Chinese steel companies are Angang Steel, Baotou Steel shares, Baosteel, River Steel shares, Valin Iron & Steel, Shougang shares, TISCO, Wuhan Steel shares, which is the first time the total assets Shougang shares rank in the top 8 bits, while Maanshan Iron and Steel shares are out of the top eight. On the well-known foreign steel companies selection, we follow the principle of geographical balance, selected ArcelorMittal, ThyssenKrupp in Europe, in the Americas region selected US Steel, Nucor, in East Asia selected POSCO, Japan's NSSC.
Chinese and foreign listed companies exist many differences in the financial statements, and even foreign companies, but also because of the different countries in which the financial statements are also many differences. For the 14 Chinese and foreign steel companies can be in a relatively fair and reasonable economic background contrasting with the relevant financial indicators, we have the company's balance sheet, income statement a comprehensive combing through comparison of the financial system and accounting standards differences, and foreign steel companies seeking financial statements common content, determined consistent connotation financial concepts or projects. Given some foreign steel companies across the fiscal year is the calendar year calculation, we ThyssenKrupp of Germany, Japan's NSSC Cross fiscal year reporting calendar year will be adjusted so that Chinese and foreign steel companies are unified comparative period in calendar year 2015, to ensure that the time difference on the caliber does not exist on the comparison of financial indicators.
ArcelorMittal, ThyssenKrupp, US Steel, Nucor, Japan's NSSC five foreign steel companies listed on the financial statements of the Group are caliber caliber, while POSCO Pohang not included Group's financial data, namely Posco and Posco differences in the financial data, the difference between Baosteel Group and Baosteel's like. Differences in financial caliber make POSCO many financial indicators to be better than the other five foreign steel companies, but if POSCO Group's financial data, it may not be such an outcome. We chose POSCO, the capital lies in its mode of operation is closer to Chinese steel companies.
Corporate income statement reflects the enterprise within an accounting period operating results in writing. Chinese and foreign steel companies there are some differences in the income statement in the format and classification of the project, to determine the differences in different countries listed steel company on profit calculation formula. By comparison of the composition of the various income statement of profit, it can be clearly and foreign steel companies in the sales gross profit, pre-tax income (gross profit), net income (net profit) and so has a higher consistency of content, suitable for horizontal comparison, at the same time, Chinese and foreign financial statements of listed steel companies are basically the same in the confirmation of the total assets, net assets, and thus determine the use of gross margin on sales, net sales, total assets, net profit margin, return on equity derivative 4 analysis of financial indicators and foreign steel companies earnings. The main factors affecting these four indicators is operating income, operating costs, net. Here, we have 14 Chinese and foreign steel companies operating income, operating costs, net profit situation were analyzed.
Listed steel company revenues and costs less than the general decline in the domestic foreign
If even in this country Posco having oligopoly, with a higher competitiveness in the world-wide increase in business at the same time it can not suppress the decline in operating income, indicating that in 2015 the world steel prices have emerged beyond unusual fall.
In the 14 listed companies, only ThyssenKrupp positive revenue growth year on year, but its revenue growth mainly from the increase in non-steel sector revenue. Although the fiscal year 2014/2015 ThyssenKrupp revenues in 2015 crude steel production increased by 90 million tons, however, affected by steel prices fell, the European steel sector and the business sector and other American steel business steel business unit year on year decline of 1% and 14%.
Other 13 listed companies operating revenue declined. The biggest decline is Wuhan Steel shares, revenues fell 41.29%; followed by the United States Steel Corporation, operating income fell 33.88%. Operating income decreased by less than 20% of Just ArcelorMittal, Baosteel, Posco, NSSC four listed companies, including, NSSC fell only 9.12%. Overall, foreign steel companies revenue decline to less than Chinese steel companies, and indirectly reflects foreign steel prices fell to less than Chinese steel prices fell.
14 Chinese and foreign listed companies in terms of revenue in both the steel has declined, the main factor is the 2015 steel prices fell substantially ring, also fell year on year; followed by the addition Posco, ThyssenKrupp, package steel and Baosteel shares of four listed companies increase production, other steel companies and crude steel production was in decline, the steel sales also declined. However, an increase of business is also subject to the impact of steel prices fell sharply, difficult to achieve revenue growth. As POSCO sold 35.34 million tons of steel in 2015, reached the highest level in history, however, the global steel market downturn, its 2015 sales of only 25.607 trillion won, down 12.4%. If even in this country Posco having oligopoly, with a higher competitiveness in the world-wide increase in business at the same time it can not suppress the decline in operating income, indicating that in 2015 the world steel prices have emerged beyond unusual fall.
US Steel dropped revenue by the double impact of steel prices and declining production. 2015 US Steel sales revenue of $ 11.574 billion, sharply down 33.9% year on year. First, by the impact of falling sales of steel products, such as the 2015 United States Steel Corporation steel shipments of 15.55 million short tons, down 21.6%. Among them, steel shipments rolled flat products sector by 13.91 million short tons in 2014 fell to 10.6 million short tons, plummeted 23.8%; steel shipments in the European steel sector by 4.18 million short tons in 2014, slightly increased to 4.36 million short tons, an increase of only 4.3%; shipments of steel pipe sector by 1.74 million short tons in 2014 fell to 59 million short tons, plummeted 66.1%; second is affected by the impact of falling steel prices. 2015 US Steel rolled flat steel sector average steel selling prices / short ton fell from 2014's $ 772 to $ 695 / short ton, down 10.07 percent; the European steel sector by the average selling price of steel in 2014, $ 667 / It fell significantly short ton to $ 516 / short ton, down 22.6%; the average selling price of steel pipe sector / short ton, down from the 2014 $ 1538 to $ 1464 / short ton, down 4.8%. September 16, 2015, US Steel Canada Inc. sought bankruptcy protection to the High Court of Ontario, followed by US Steel Canada, the company's business data is no longer included in the United States Steel Corporation performance report.
NSSC in the first three quarters of fiscal 2015 (April 1, 2015 to December 31, 2015) crude steel production of 33.41 million tons, down 6.8%; 29.63 million tons of steel shipments, down 5.7%; steel sales price 79,400 yen / ton, down 9.2%. By the above factors, the first three quarter of fiscal 2015 (April 1, 2015 to December 31, 2015), NSSC sales revenue of 3.7159 trillion yen, down 11.1%. Since NSSC steel sales volume and price decline was less than US Steel, NSSC revenue decline was significantly less than the United States steel companies.
Meanwhile, the 14 listed steel companies in operating costs year on year decline. Decline in operating costs of the main factors is the decline in iron ore, coking coal, coke and other raw material prices, while reducing costs associated with efforts to increase the listed companies. As POSCO through increased R & D to advance the work and reduce costs. In iron production processes, POSCO increased use low-cost raw materials and fuels, to improve low-grade iron ore, the amount of low-quality coal at the same time, ensure the stable operation of the blast furnace; R & D and production of FINEX furnace dedicated Low coke, through the use of low-grade raw material and fuel and other measures to ensure that two million tons FINEX furnace cost competitiveness; its parent company POSCO actively promoting low-cost foreign steel plant steel sectors, efficient operating techniques, and according to the market changes flexible selection of raw materials.
There are seven listed companies operating costs decrease less than 20%, including POSCO, Arcelor Mittal, NSSC, ThyssenKrupp four foreign steel companies. Only Baotou Steel shares fell less than 5%, ThyssenKrupp two listed companies. Overall, foreign companies listed on general operating costs fell less than Chinese steel companies.
14 listed steel companies, only POSCO net profit rose
In the 14 listed steel companies, only POSCO in 2015 net profit rose. POSCO's net profit growth was mainly benefit from its high value-added products WP (WorldPremium) sales growth, and the continued promotion of "marketing solutions" campaign has achieved substantial results. 2015 Posco WP (WorldPremium) product sales were 12.708 million tons, an increase of 25%, accounting for sales of steel products accounted for 38.4%, compared with 2014 improved by 5.1 percentage points. WP product sales increased mainly due to the following work: ① 2015 Nian POSCO developed a total of 42 new steel grades, richer product mix; ② lightweight to meet customer demand for the development of third-generation X-AHSS automotive sheet, Russian Arctic icebreaker Yamal LNG project supply ship plate, generating electrical steel with high magnetic flux density as the German company Siemens to develop wind power.
2015 Posco "solution marketing" activities of product sales of 242 million tons, an increase of 86%. In the "Solution marketing" activities, POSCO by promoting humane solutions that improve customer satisfaction, and to build mutual trust and customer intimacy, so as to lay a solid foundation for the expansion of WP product sales. But the entire POSCO Group 2015 sales revenue of 58.192 trillion won, operating profit of 2.41 trillion won net profit loss of 96 billion won. Therefore, we need to POSCO, POSCO differentiated, namely POSCO Pohang good profit performance does not represent the Group's overall profitability.
From fiscal year, the fiscal year 2015 NSSC crude steel production fell 5.9% to 44.53 million tons; steel shipments fell 5.4% to 39.62 million tons; steel export revenues accounted for by a drop of 47% in fiscal year 2014 to 45%; steel sales price 77,100 yen / ton, down 11.6%. NSSC net sales of 4.9074 trillion yen, down 12.5%; operating profit of 167.7 billion yen, down 52.0%; net profit (after deducting minority interests) 145.4 billion yen, down 32.2%.
From the calendar year, the 2015 NSSC operating profit of 242 billion yen, down 24.82%; net profit (before minority interests) 222.4 billion yen, down 0.1%. Whether fiscal or calendar year, NSSC operating profit decline is much larger than its net profit decline. This is mainly due to the following aspects: First, in 2014 NSSC provision for impairment of fixed assets of 132.8 billion yen, but in 2015 there is no provision, which is equivalent to saving 2015 NSSC 1328 billion yen in non-operating losses; the second is a subsidiary of equity sales Get 33.538 billion yen revenue. Is precisely the non-operating income increased to make up for the lack of NSSC in terms of operating profit.
NSSC is divided into four sections. The plate fiscal year 2015 earnings as follows: ① NSSC steel companies and steel sector steel supply by the slowdown in the Japanese domestic market and international investment markets (especially Southeast Asia) surplus, the price downturn, net sales of 42839 billion yen, down 13.3%, the proportion of total sales revenue of 87.2%; total profit of 160 billion yen, up 60.2% decline significantly. ② engineering and construction sector net sales of 315.7 billion yen, down 9.4%, the proportion of total sales revenue was 6.4%; operating profit of 12.1 billion yen, up sharply 35.3%. ③ chemical sector net sales of 181.8 billion yen, down 14.5%, accounting for the total sales revenue of 3.7%; total profit of 10 billion yen, plunged 85.3% year on year. ④ System Solutions net sales of 218.9 billion yen, up a slight increase of 6.3% in the proportion of total sales revenue rose 4.5%; total profit of 19.4 billion yen, an increase of 17.6%. ⑤ new materials sector net sales of 36.2 billion yen, up slightly by 0.5%, the proportion of total sales revenue remained at 0.7%; total profit of 30 billion yen, representing a substantial increase of 25.0%.
3. The United States Steel Corporation
US Steel 2015 net loss of $ 1.508 billion, while the profit in 2014 was $ 102 million. Net loss was mainly due to the closure Alabama Fairfield plant (FairfieldWorks) blast furnaces and other steel-making capacity, and most of the flat-rolling capacity caused a huge amount of impairment loss, while US Steel Canada Pension payment increase big cost. Excluding net restructuring losses, pay the company US Steel Canada pension, impairment of equity investment as well as domestic deferred tax asset valuation allowance and other factors, the United States Steel Corporation in 2015 after adjustment for the loss of $ 262 million. Thus, US Steel's huge losses in 2015 has its particularity side.
2015 full year, ArcelorMittal operating results and the average selling price of steel also subject to the negative impact of the international market prices of steelmaking raw materials and year on year decline. Among them, the sales revenue of 63.578 billion US dollars, down 19.8%; operating profit 2014 profit to a loss of $ 3.034 billion $ 4.161 billion; net profit attributable to the parent company's loss of $ 7.946 billion, with a loss of $ 1.086 billion in 2014 compared to the amount, to further expand the scale of losses. In its losses, there are impairment losses $ 4.8 billion, which is part of the impairment loss is included in the mining sector $ 900 million impairment of goodwill and impairment of fixed assets. Excluding the impact of these factors, in 2015 ArcelorMittal's net loss of $ 3 billion, while adjusted net profit in 2014 after a loss of $ 400 million.
Nucor fourth quarter of 2015, crude steel capacity utilization rate from 69% in the third quarter to 63%, significantly lower than 76% over the same period in 2014; from the perspective of the year, Nucor 2015 with an annual capacity utilization rate was 68% , 78% lower than in 2014. Nucor steel production in 2015 was 19.29 million short tons, down 8.7%; steel shipments of 19.86 million short tons, down 9.6%; the average selling price of steel in 2014, $ 781 / short ton to $ 678 / short ton, a decline of 13.2%. Affected by these factors, Nucor 2015 net sales of $ 16.439 billion, down 22.1%. 2015 Nucor scrap and scrap substitute cost / short ton dropped from $ 381 in 2014 to $ 270 / short ton, down 29%. Since the natural gas and electricity consumption per ton of steel fell and cut the tariffs in 2015, Nucor energy costs fell to $ 3 / short ton. Affected by many factors, Nucor's 2014 net profit $ 815 million down to $ 496 million, a decline of up to 39.19%. Among them, the profit attributable to the parent company of $ 358 million, down 49.9%.
Since Nucor pause in St. James Parish, Louisiana (StJamesParish) DRI new blast furnace and related equipment energy projects raised $ 084 million for impairment of assets, joint ventures and affiliated companies DuferdofinNucorS.rl provision for impairment of $ 153 million in 2015 in the fourth quarter, Nucor's net loss of $ 62 million. Excluding the above-mentioned impairment, Nucor fourth quarter net profit of $ 145 million profit, net profit will be adjusted to $ 733 million, down only 10.15 percent over 2014.
2014 fiscal year (October 1, 2014 to September 30, 2015) ThyssenKrupp orders from continuing operations fell slightly 0.1% year on year to 41.318 billion euros; net sales grew 3.8 percent to 42.778 billion euros; adjusted EBIT (EBIT) to 1.676 billion euros, an increase of 26.1%. However, the American Iron and Steel business units in fiscal year 2014 EBIT loss rate further expanded, the main factors are: ① steel imports increased market steel prices in North America led to local sales and profits decline; ② steel plant in Brazil due to water shortages affect the normal production of steel ; ③ devaluation of the Brazilian real led to increased cost of raw materials company CSA. The European steel business to benefit from lower energy prices caused consumer spending growth and the depreciation of the euro against the dollar, exports of manufactured goods and other favorable factors, full-year EBIT surged 123 percent to 492 million euros. Attributable to shareholders of listed companies net profit of 320 million euros, compared with fiscal year 2013 growth of 1130.8%.
But from the perspective of the public over the years, the ThyssenKrupp in 2015 net profit 171 million euros, compared with 2014, decreased by 44.48%. Substantially lower than the calendar year net profit of the fiscal year net profit, mainly due to the fourth quarter of 2015, ThyssenKrupp a loss, but the benefits of this quarter is not reflected in the fiscal year 2014. The fourth quarter of 2015, ThyssenKrupp accept orders amounted to 9.81 billion euros, down 2.8%; sustainable business net sales of 9.548 billion euros, down 4.9%, a decline of 9.6%; adjusted EBIT for the 234 million euros, up sharply down 26.2%, a decline of 43.6%; net profit attributable to shareholders of listed by the profit 54 million euros in the fourth quarter of 2014 to a loss of 23 million euros.
In response to the crisis, ThyssenKrupp pathi a "onesteel" revitalization strategy, the core is to strengthen the market and customer demand-oriented, to further improve production efficiency, optimize the product structure, accelerate the transformation of innovation in order to promote development, improve supply chain efficiency . "Onesteel" revitalization strategy involves many aspects of management, operations and corporate culture, a combination of a series of strategies, including 12 measures can be divided into "management of change, to achieve the individual, performance-oriented and customer-centric and market" four levels. One of the most important measures include: to continue to strengthen the market and customer demand-oriented, to further improve production efficiency, optimize the product structure (with high-margin products), accelerate the transformation of innovation in order to promote development, improve the steel supply chain efficiency. ThyssenKrupp "onesteel" revitalization strategy will be the first in the implementation of its steel sector in Europe, the sector since 2013 to implement "Best-in-classReloaded" (Best Enterprise Readaptation) project since, through efficiency and create more than 600 million euro benefits departments to achieve profitability. 2014 fiscal year (ending September 30, 2015) of the European steel sector to achieve EBIT reached 514 million euros.