Advertisement
Analysis of 2012 First Half Results
Increase/ H1 2012 H1 2011 (Decrease)Net sales (US$ million) 5,418.8 4,727.1 15%Operating income (US$ million) 1,187.1 838.4 42%Net income (US$ million) 913.6 628.9 45%Shareholders' net income (US$ million) 904.9 606.6 49%Earnings per ADS (US$) 1.53 1.03 49%Earnings per share (US$) 0.77 0.51 49%EBITDA* (US$ million) 1,463.0 1,103.8 33%EBITDA margin (% of net sales) 27% 23%
Net income attributable to equity holders in the Company during the first semester of 2012 was US$904.9 million, or US$0.77 per share (US$1.53 per ADS), which compares with net income attributable to equity holders in the Company during the first semester of 2011 of US$606.6 million, or US$0.51 per share (US$1.03 per ADS). Operating income was US$1,187.1 million, or 22% of net sales during the first semester of 2012, compared to US$838.4 million, or 18% of net sales during the first semester of 2011. Operating income plus depreciation and amortization for the first semester of 2012, was US$1,463.0 million, or 27% of net sales, compared to US$1,103.8 million, or 23% of net sales during the first semester of 2011.
Net Sales, Cost of Sales and Operating Income by segment
The following table shows our net sales by business segment for the periods indicated below:
Increase/Net sales ($ million) H1 2012 H1 2011 (Decrease)Tubes 4,706.4 87% 3,965.1 84% 19%Projects 327.9 6% 387.3 8% (15%)Others 384.6 7% 374.6 8% 3%Total 5,418.8 100% 4,727.1 100% 15%
The following table indicates our sales volume of seamless and welded pipes by business segment for the periods indicated below:
Increase/ Sales volume (metric tons) H1 2012 H1 2011 (Decrease)Tubes - Seamless 1,365,000 1,254,000 9%Tubes - Welded 488,000 431,000 13%Tubes - Total 1,853,000 1,685,000 10%Projects - Welded 98,000 143,000 (31%)Total 1,951,000 1,828,000 7%
Tubes
The following table indicates, for our Tubes business segment, net sales by geographic region, cost of sales as a percentage of net sales, operating income and operating income as a percentage of net sales for the periods indicated below:
Increase/ Tubes H1 2012 H1 2011 (Decrease)(Net sales - $ million)North America 2,580.3 1,924.5 34%South America 668.5 646.1 3%Europe 550.9 522.8 5%Middle East & Africa 646.2 601.5 7%Far East & Oceania 260.5 270.2 (4%)Total net sales ($ million) 4,706.4 3,965.1 19%Cost of sales (% of sales) 60% 62%Operating income ($ million) 1,056.7 678.7 56%Operating income (% of sales) 22% 17%
