Orion Engineered Carbons S.A. (NYSE: OEC), a specialty chemical
company, today announced financial results for the first quarter of
2022.
First Quarter 2022 Financial
Highlights
- Net sales of $484.5 million, up $124.4 million, year over
year
- Net income of $32.5 million, up $9.0 million, year over
year
- Basic EPS of $0.53, up $0.14, year over year
- Adjusted EPS1 of $0.57, up $0.06, year over year
- Record Adjusted EBITDA1 of $83.2 million, up $12.3 million,
year over year
1 The reconciliations of Non-GAAP measures to
the respective most comparable GAAP measures are provided in the
section titled Reconciliation of Non-GAAP Financial Measures
below.
Recent News
- Announced investment in acetylene black facility,
quadrupling capacity
- The company's first investor day to be held June 8,
2022
“First, I want to thank our dedicated employees for remaining
focused on safety and providing exceptional customer service during
this period of supply disruptions, particularly in the E.U. We
achieved record Adjusted EBITDA, up 17.3 percent, reflecting
operational excellence across both businesses, including the
ability to pass through inflationary costs,” said Corning Painter,
Orion’s chief executive officer.
Mr. Painter continued, “Critically, we secured an acetylene
source and commenced work on a new, state-of-the-art Kappa
conductive material plant, positioning us to grow with global
electric vehicle demand.”
“Our focus in 2022 is to continue the momentum we gained in the
first quarter by serving our customers well, driving our U.S. air
emissions projects to the finish line, completing the Huaibei
project, kicking off the conductive additives project, driving
sustainability across our supply chain and positioning the company
to generate strong discretionary cash flow in the future," said Mr.
Painter.
First Quarter 2022 Overview:
(In millions, except per share data or
stated otherwise)
Q1 2022
Q1 2021
Y/Y Change
Y/Y Change in %
Volume (kmt)
253.2
254.1
(0.9)
(0.4)%
Net sales
484.5
360.1
124.4
34.5%
Income from operations
54.6
42.9
11.7
27.3%
Net income
32.5
23.5
9.0
38.3%
Contribution margin
167.3
147.1
20.2
13.7%
Contribution margin per metric ton
660.7
578.9
81.8
14.1%
Adjusted EBITDA (1)
83.2
70.9
12.3
17.3%
Basic EPS
0.53
0.39
0.14
35.9%
Diluted EPS
0.53
0.39
0.14
35.9%
Adjusted EPS(1)
0.57
0.51
0.06
11.8%
(1)
The reconciliations of these non-GAAP
measures to the respective most comparable GAAP measures are
provided in the section titled Reconciliation of Non-GAAP Financial
Measures.
Volumes decreased by 0.9 kmt, year over year, primarily due to
lower volume in the Specialty Carbon Black segment, partially
offset by higher demand in our Rubber Carbon Black segment.
Net sales increased by $124.4 million, or 34.5%, year over year,
driven primarily by the impact of pricing and favorable product mix
across both segments, partially offset by lower Specialty Carbon
Black sales volume and impact of unfavorable foreign currency
translation.
Income from operations increased by $11.7 million, or 27.3%, to
$54.6 million, year over year, driven primarily by higher margins
and the impact of favorable product mix across both segments,
partially offset by lower Specialty Carbon Black sales volume and
higher fixed costs. Higher margins per ton resulted from price
realization to recover environmental and reliability-related
capital expenditures.
Net income increased by $9.0 million, or 38.3%, to $32.5
million, year over year, driven primarily by higher margins and the
impact of favorable product mix across both segments, partially
offset by lower Specialty Carbon Black sales volume and higher
fixed costs.
Contribution margin increased by $20.2 million, or 13.7%, to
$167.3 million, year over year, primarily due to higher margins and
impact of favorable product mix, partially offset by unfavorable
impact of foreign currency translation.
Adjusted EBITDA increased by $12.3 million, or 17.3%, to $83.2
million, year over year, primarily due to higher margins and impact
of favorable product mix, partially offset by lower sales volume in
our Specialty Carbon Black segment and higher fixed costs.
Quarterly Business Segment Results
SPECIALTY CARBON BLACK
(In millions, unless stated
otherwise)
Q1 2022
Q1 2021
Y/Y Change
Y/Y Change in %
Volume (kmt)
65.6
71.4
(5.8)
(8.1)%
Net sales
177.6
144.2
33.4
23.2%
Gross profit
57.6
53.4
4.2
7.9%
Gross profit per metric ton
878.0
747.9
130.1
17.4%
Adjusted EBITDA
42.5
39.7
2.8
7.1%
Adjusted EBITDA/metric ton
647.9
555.8
92.1
16.6%
Adjusted EBITDA Margin (%)
23.9%
27.5%
(360)bps
(13.1)%
Net sales rose by $33.4 million, or 23.2%, to $177.6 million,
year over year, primarily driven by pricing and the impact of
favorable product mix, partially offset by lower sales volume and
impact of unfavorable foreign currency translation.
During the first quarter of 2022, focus on high margin rubber
products and supply chain issues resulted in lower specialty black
volumes. During the first quarter of 2021, higher demand was driven
by a sharp global economic recovery from 2020 COVID-19 induced
economic downturn.
Adjusted EBITDA rose by $2.8 million, or 7.1%, to $42.5 million,
year over year, primarily driven by higher margins and the impact
of favorable product mix, partially offset by lower sales volume.
Year over year, Adjusted EBITDA margin decreased 360 basis points
to 23.9%. Higher margins per ton resulted from price increases to
recover environmental and reliability-related capital
expenditures.
RUBBER CARBON BLACK
(In millions, unless stated
otherwise)
Q1 2022
Q1 2021
Y/Y Change
Y/Y Change in %
Volume (kmt)
187.6
182.7
4.9
2.7%
Net sales
306.9
215.9
91.0
42.1%
Gross profit
60.3
49.1
11.2
22.8%
Gross profit per metric ton
321.4
268.9
52.5
19.5%
Adjusted EBITDA
40.7
31.2
9.5
30.4%
Adjusted EBITDA/metric ton
217.0
170.6
46.4
27.2%
Adjusted EBITDA Margin (%)
13.3%
14.4%
(120)bps
(8.2)%
Rubber Carbon Black segment volumes increased by 4.9 kmt, or
2.7%, year over year, reflecting higher demand.
Net sales increased by $91.0 million, or 42.1%, to $306.9
million, year over year, primarily driven by pricing, impact of
higher volume, and impact of favorable product mix.
Rubber Adjusted EBITDA increased by $9.5 million, or 30.4%, to
$40.7 million, year over year, driven by higher margins, impact of
higher volume, and impact of favorable product mix, partially
offset by higher fixed costs. Adjusted EBITDA margin decreased 120
basis points to 13.3%, year over year, reflecting dilution from
higher input costs. Higher margins per ton resulted from price
realization to recover environmental and reliability-related
capital expenditures.
Balance Sheet and Cash Flows
As of March 31, 2022, the company had total liquidity of $198.8
million, including cash and equivalents of $41.3 million, $122.6
million availability under our revolving credit facility, including
ancillary lines, and $34.9 million of capacity under other
available credit lines. Net debt was $791.3 million and net
leverage was 2.82x.
Cash Flow
Cash outflows from operating activities amounted to $27.8
million for the three months ended March 31, 2022, down $29.6
million, year over year. The cash used in operating activities
primarily reflects changes in working capital, partially offset by
higher net income.
Net cash used in investing activities was $48.8 million for the
three months ended March 31, 2022, down $21.6 million, year over
year. These expenditures were comprised of a combination of safety,
maintenance-related, and growth investments as well as expenditures
associated with our ongoing efforts to install emissions reduction
technology to meet EPA requirements in the U.S.
Net cash provided by financing activities of $51.4 million for
the three months ended March 31, 2022, compared to $25.6 million in
the prior year period. Net cash provided during 2022 primarily
reflects net drawings under our senior secured revolving credit
facilities (“RCF”) to bolster its cash position and enhance
financial flexibility to successfully manage working capital
requirements due to the Ukraine conflict.
Outlook
“Based on our strong first quarter results and our current view
of the full year, we are increasing our Adjusted EBITDA to be in
the range of $310 million and $340 million, up 21% at the
mid-point, and we are increasing Adjusted EPS to be in a range of
$2.00 per share to $2.35 per share,” Mr. Painter concluded.
The company will be filing its SEC Form 10-Q the week of May
9th.
Conference Call
As previously announced, Orion will hold a conference call
tomorrow, Friday, May 6, 2022, at 8:30 a.m. (EDT). The dial-in
details for the live conference call are as follows:
U.S. Toll Free:
1-877-407-4018
International:
1-201-689-8471
A replay of the conference call may be accessed by phone at the
following numbers through May 12, 2022:
U.S. Toll Free:
1-844-512-2921
International:
1-412-317-6671
Conference ID:
13727988
Additionally, an archived webcast of the conference call will be
available on the Investor Relations section of the company’s
website at www.orioncarbons.com.
To learn more about Orion, visit the company’s website at
www.orioncarbons.com, where we regularly post information including
notification of events, news, financial performance, investor
presentations and webcasts, non-GAAP reconciliations, SEC filings
and other information regarding our company, its businesses and the
markets it serves.
About Orion Engineered Carbons
Orion Engineered Carbons (NYSE:OEC) is a global supplier of
carbon black products including high-performance specialty gas
blacks, acetylene blacks, furnace blacks, lamp blacks, thermal
blacks, and other carbon blacks that tint, colorize and enhance the
performance of polymers, plastics, paints and coatings, inks and
toners, textile fibers, adhesives and sealants, batteries, tires,
and mechanical rubber goods, such as automotive belts and hoses.
The company has over 125 years of history providing customized
solutions from a network of 14 global production sites and is
dedicated to responsible business practices that emphasize
reliability, innovation and sustainability. For more information,
please visit orioncarbons.com.
Forward-Looking Statements
This document contains and refers to certain forward-looking
statements with respect to our financial condition, results of
operations and business, including those in the “Outlook” and
“Quarterly Business Segment Results” sections above. These
statements constitute forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). Forward-looking statements are statements of
future expectations that are based on management’s current
expectations and assumptions and involve known and unknown risks
and uncertainties that could cause actual results, performance or
events to differ materially from those expressed or implied in
these statements. Forward-looking statements include, among others,
statements concerning the potential exposure to market risks,
statements expressing management’s expectations, beliefs,
estimates, forecasts, projections and assumptions and statements
that are not limited to statements of historical or present facts
or conditions. Forward-looking statements are typically identified
by words such as “anticipate,” "assume," “assure,” “believe,”
“confident,” “could,” “estimate,” “expect,” “intend,” “may,”
“plan,” “objectives,” “outlook,” “probably,” “project,” “will,”
“seek,” “target” “to be,” and other words of similar meaning.
These forward-looking statements include, without limitation,
statements about the following matters: • our strategies for (i)
mitigating the impacts of the global outbreak of the Coronavirus,
(ii) strengthening our position in specialty carbon blacks and
rubber carbon blacks, (iii) increasing our rubber carbon black
margins and (iv) strengthening the competitiveness of our
operations; • the ability to pay dividends at historical dividend
levels or at all; • cash flow projections; • the installation of
pollution control technology in our U.S. manufacturing facilities
pursuant to the EPA consent decree; • the outcome of any
in-progress, pending or possible litigation, arbitration or
regulatory proceedings; and • our expectation that the markets we
serve will continue to grow.
All these forward-looking statements are based on estimates and
assumptions that, although believed to be reasonable, are
inherently uncertain. Therefore, undue reliance should not be
placed upon any forward-looking statements. There are important
factors that could cause actual results to differ materially from
those contemplated by such forward-looking statements. These
factors include, among others: • the effects of the COVID-19
pandemic on our business and results of operations; • negative or
uncertain worldwide economic conditions; • volatility and
cyclicality in the industries in which we operate; • operational
risks inherent in chemicals manufacturing, including disruptions as
a result of severe weather conditions and natural disasters; • our
dependence on major customers and suppliers; • our ability to
compete in the industries and markets in which we operate; • our
ability to address changes in the nature of future transportation
and mobility concepts which may impact our customers and our
business; • our ability to develop new products and technologies
successfully and the availability of substitutes for our products;
• our ability to implement our business strategies; • volatility in
the costs and availability of raw materials and energy as a result
of the ongoing Russia and Ukraine conflict; • our ability to
respond to changes in feedstock prices and quality; • our ability
to realize benefits from investments, joint ventures, acquisitions
or alliances; • our ability to realize benefits from planned plant
capacity expansions and site development projects and the potential
delays to such expansions and projects; • information technology
systems failures, network disruptions and breaches of data
security; • our relationships with our workforce, including
negotiations with labor unions, strikes and work stoppages; • our
ability to recruit or retain key management and personnel; • our
exposure to political or country risks inherent in doing business
in some countries; • geopolitical events in the European Union
(“EU”), and in particular the ultimate future relations between the
EU and the United Kingdom; • environmental, health and safety
regulations, including nanomaterial and greenhouse gas emissions
regulations, and the related costs of maintaining compliance and
addressing liabilities; • possible future investigations and
enforcement actions by governmental or supranational agencies; •
our operations as a company in the chemical sector, including the
related risks of leaks, fires and toxic releases; • market and
regulatory changes that may affect our ability to sell or otherwise
benefit from co-generated energy; • litigation or legal
proceedings, including product liability and environmental claims;
• our ability to protect our intellectual property rights and
know-how; • our ability to generate the funds required to service
our debt and finance our operations; • fluctuations in foreign
currency exchange and interest rates; • the availability and
efficiency of hedging; • changes in international and local
economic conditions, including with regard to the Euro,
dislocations in credit and capital markets and inflation or
deflation; • potential impairments or write-offs of certain assets;
• required increases in our pension fund contributions; • the
adequacy of our insurance coverage; • changes in our jurisdictional
earnings mix or in the tax laws or accepted interpretations of tax
laws in those jurisdictions; • challenges to our decisions and
assumptions in assessing and complying with our tax obligations;
and • potential difficulty in obtaining or enforcing judgments or
bringing legal actions against Orion Engineered Carbons S.A. (a
Luxembourg incorporated entity) in the United States (“U.S.”).
You should not place undue reliance on forward-looking
statements. We present certain financial measures that are not
prepared in accordance with U.S. GAAP and may not be comparable to
other similarly titled measures of other companies. These non-U.S.
GAAP measures are Contribution Margin, Contribution Margin per
metric ton, Adjusted EBITDA, Adjusted EPS, Net Working Capital and
Capital Expenditures. Adjusted EBITDA, Adjusted EPS, Contribution
Margin and Net Working Capital are not measures of performance
under U.S. GAAP and should not be considered in isolation or
construed as substitutes for net sales, consolidated profit (loss)
for the period, income from operations, gross profit or other U.S.
GAAP measures as an indicator of our operations in accordance with
U.S. GAAP. For a reconciliation of these non-U.S. GAAP financial
measures to the most directly comparable U.S. GAAP measures, see
table titled Reconciliation of Non-GAAP to GAAP Financial
Measures.
Factors that could cause our actual results to differ materially
from those expressed or implied in such forward-looking statements
include those factors detailed under the captions “Note Regarding
Forward-Looking Statements” and “Risk Factors” in our Annual Report
on Form 10-K for the year ended December 31, 2021 and in Note Q,
Commitments and Contingencies. to our audited consolidated
financial statements regarding contingent liabilities, including
litigation. It is not possible for our management to predict all
risk factors and uncertainties, nor can we assess the impact of all
factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
We undertake no obligation to publicly update or revise any
forward-looking statement - including those in the “2021 Outlook”
and “Quarterly Business Segment Results” sections above - as a
result of new information, future events or other information,
other than as required by applicable law.
Reconciliation of Non-GAAP Financial Measures
We present certain financial measures that are not prepared in
accordance with U.S. GAAP or the accounting standards of any other
jurisdiction and may not be comparable to other similarly titled
measures of other companies. These non-U.S. GAAP measures are - but
are not limited to - Contribution Margin, Contribution Margin per
Metric Ton (collectively, “Contribution Margins”), Adjusted EBITDA,
Net Working Capital and Capital Expenditures. We define
Contribution Margin as revenue less variable costs (such as raw
materials, packaging, utilities and distribution costs). We define
Contribution Margin per Metric Ton as Contribution Margin divided
by volume measured in metric tons. We define Adjusted EBITDA as
income from operations before depreciation and amortization,
restructuring expenses, consulting fees related to Company
strategy, gain related to legal settlement, share of profit or loss
of joint venture and certain other items. Adjusted EBITDA is
defined similarly in the Credit Agreement. Adjusted EBITDA is used
by our management to evaluate our operating performance and make
decisions regarding allocation of capital because it excludes the
effects of items that have less bearing on the performance of our
underlying core business. We define Net Working Capital as
inventories plus current trade receivables minus trade payables. We
define Capital Expenditures as cash paid for the acquisition of
intangible assets and property, plant and equipment as shown in the
consolidated financial statements. We also use Segment Adjusted
EBITDA Margin, which we define as Adjusted EBITDA for the relevant
segment divided by the revenue for that segment.
We use Adjusted EBITDA, Contribution Margins and Net Working
Capital, as well as Adjusted EBITDA by segment and Segment Adjusted
EBITDA Margin, as internal measures of performance to benchmark and
compare performance among our own operations. We use these
measures, together with other measures of performance under GAAP,
to compare the relative performance of operations in planning,
budgeting and reviewing the performance of our business. We believe
these measures are useful measures of financial performance in
addition to consolidated net income for the period, income from
operations and other profitability measures under GAAP because they
facilitate operating performance comparisons from period to period
and company to company and, with respect to Contribution Margin,
eliminate volatility in feedstock prices. By eliminating potential
differences in results of operations between periods or companies
caused by factors such as depreciation and amortization methods,
historic cost and age of assets, financing and capital structures
and taxation positions or regimes, we believe that Adjusted EBITDA
can provide a useful additional basis for comparing the current
performance of the underlying operations being evaluated. For these
reasons, we believe EBITDA-based measures are often used by the
investment community as a means of comparison of companies in our
industry. By deducting variable costs (such as raw materials,
packaging, utilities and distribution costs) from revenue, we
believe that Contribution Margins can provide a useful basis for
comparing the current performance of the underlying operations
being evaluated by indicating the portion of revenue that is not
consumed by these variable costs and therefore contributes to the
coverage of all costs and profits.
Different companies and analysts may calculate measures based on
EBITDA, contribution margins and working capital differently, so
making comparisons among companies on this basis should be done
carefully. Adjusted EBITDA, Contribution Margins and Net Working
Capital are not measures of performance under GAAP and should not
be considered in isolation or construed as substitutes for revenue,
consolidated net income for the period, income from operations,
gross profit and other GAAP measures as an indicator of our
operations in accordance with GAAP.
Reconciliation of Non-GAAP to GAAP Financial
Measures
The following tables present a reconciliation of each of
Adjusted EBITDA and Adjusted EPS to the most directly comparable
GAAP measure:
Reconciliation of profit
First Quarter
(In millions)
2022
2021
Net income
$
32.5
$
23.5
Add back income tax expense
13.8
8.3
Add back equity in earnings of affiliated
companies, net of tax
(0.1
)
(0.1
)
Income before earnings in affiliated
companies and income taxes
46.2
31.7
Add back interest and other financial
expense, net
8.4
10.0
Add back reclassification of actuarial
losses from AOCI
—
1.2
Income from operations
54.6
42.9
Add back depreciation and amortization of
intangible assets, right of use assets, and property, plant and
equipment
27.3
25.6
EBITDA
81.9
68.5
Equity in earnings of affiliated
companies, net of tax
0.1
0.1
Long term incentive plan
1.5
1.0
EPA-related expenses
—
1.7
Other adjustment
(0.3
)
(0.4
)
Adjusted EBITDA
$
83.2
$
70.9
The following table reconciles Contribution Margin and
Contribution Margin per Metric Ton to gross profit:
First Quarter
(In millions, unless otherwise
indicated)
2022
2021
Revenue
$
484.5
$
360.1
Variable costs
317.2
213.0
Contribution Margin
167.3
147.1
Freight
27.4
22.5
Fixed costs
(76.8
)
(67.1
)
Gross profit
$
117.9
$
102.5
Volume (in kmt)
253.2
254.1
Contribution margin per metric ton
$
660.7
$
578.9
Gross profit per metric ton
$
465.6
$
403.5
Adjusted EPS
First Quarter
(In millions, except per share
amounts)
2022
2021
Net income
$
32.5
$
23.5
add back long term incentive plan
1.5
1.0
add back restructuring expenses, net
(0.3
)
—
add back EPA-related expenses
—
1.7
add back other adjustment items
—
(0.4
)
add back reclassification of actuarial
losses from AOCI
—
1.2
add back amortization
1.9
3.7
add back foreign exchange rate impacts
(0.6
)
3.2
add back amortization of transaction
costs
0.4
0.5
Tax effect on add back items at estimated
tax rate
(0.9
)
(3.3
)
Adjusted net income
$
34.5
$
31.1
Total add back items
$
2.0
$
7.6
Impact add back items per share
$
0.04
$
0.12
Earnings per share (basic)
$
0.53
$
0.39
Adjusted EPS
$
0.57
$
0.51
Condensed Consolidated
Statements of Operations (Unaudited)
Three Months Ended March
31,
(In millions, except share and per
share amounts)
2022
2021
Net sales
$
484.5
$
360.1
Cost of sales
366.6
257.6
Gross profit
117.9
102.5
Selling, general and administrative
expenses
57.5
52.4
Research and development costs
5.5
4.7
Other expenses, net
0.3
2.5
Income from operations
54.6
42.9
Interest and other financial expense,
net
8.4
10.0
Reclassification of actuarial losses from
AOCI
—
1.2
Income before earnings in affiliated
companies and income taxes
46.2
31.7
Income tax expense
13.8
8.3
Earnings in affiliated companies, net of
tax
0.1
0.1
Net income
$
32.5
$
23.5
Weighted-average shares outstanding (in
thousands of shares):
Basic
60,879
60,648
Diluted
61,019
60,812
Earnings per share:
Basic
$
0.53
$
0.39
Diluted
$
0.53
$
0.39
Condensed Consolidated
Statements of Financial Position (Unaudited)
(In millions, except share
amounts)
March 31, 2022
December 31, 2021
ASSETS
Current assets
Cash and cash equivalents
$
41.3
$
65.7
Accounts receivable, net
373.6
288.9
Inventories, net
256.9
229.8
Income tax receivables
8.8
12.1
Prepaid expenses and other current
assets
88.7
68.5
Total current assets
769.3
665.0
Property, plant and equipment, net
724.7
707.9
Right-of-use assets
94.8
84.6
Goodwill
76.4
78.0
Intangible assets, net
34.0
36.3
Investment in equity method affiliates
5.3
5.3
Deferred income tax assets
60.9
50.4
Other assets
3.2
3.5
Total non-current assets
999.3
966.0
Total assets
$
1,768.6
$
1,631.0
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$
208.0
$
195.1
Current portion of long term debt and
other financial liabilities
202.3
151.7
Accrued liabilities
36.5
50.9
Income taxes payable
19.4
16.9
Other current liabilities
44.6
34.1
Total current liabilities
510.8
448.7
Long-term debt, net
625.0
631.2
Employee benefit plan obligation
73.7
74.4
Deferred income tax liabilities
78.8
61.8
Other liabilities
102.9
95.2
Total non-current liabilities
880.4
862.6
Stockholders' Equity
Common stock
Authorized: 65,035,579 and 65,035,579
shares with no par value
Issued – 60,992,259 and 60,992,259 shares
with no par value
Outstanding – 60,656,076 and 60,656,076
shares
85.3
85.3
Treasury stock, at cost, 336,183 and
336,183
(6.3
)
(6.3
)
Additional paid-in capital
72.9
71.4
Retained earnings
249.1
217.8
Accumulated other comprehensive loss
(23.6
)
(48.5
)
Total stockholders' equity
377.4
319.7
Total liabilities and stockholders'
equity
$
1,768.6
$
1,631.0
Condensed Consolidated
Statements of Cash Flows (Unaudited)
Three Months Ended March
31,
(In millions)
2022
2021
Cash flows from operating
activities:
Net income
$
32.5
$
23.5
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation of property, plant and
equipment and amortization of intangible assets and right of use
assets
27.3
25.6
Amortization of debt issuance costs
0.4
0.5
Share-based incentive compensation
1.5
1.0
Deferred tax (benefit) provision
2.6
(2.1
)
Foreign currency transactions
(5.6
)
3.6
Reclassification of actuarial losses from
AOCI
—
1.2
Other operating non-cash items, net
—
0.2
Changes in operating assets and
liabilities, net:
Trade receivables
(83.6
)
(30.5
)
Inventories
(25.6
)
(19.8
)
Trade payables
20.7
11.4
Other provisions
(13.7
)
(7.9
)
Income tax liabilities
6.2
4.2
Other assets and liabilities, net
9.5
(9.1
)
Net cash (used in) provided by
operating activities
(27.8
)
1.8
Cash flows from investing
activities:
Acquisition of intangible assets and
property, plant and equipment
(48.8
)
(27.2
)
Net cash used in investing
activities
(48.8
)
(27.2
)
Cash flows from financing
activities:
Proceeds from long-term debt
borrowings
0.9
—
Repayments of long-term debt
(0.8
)
(2.1
)
Cash inflows related to current financial
liabilities
90.4
35.5
Cash outflows related to current financial
liabilities
(37.9
)
(7.8
)
Dividends paid to shareholders
(1.2
)
—
Net cash provided by financing
activities
51.4
25.6
Increase (decrease) in cash, cash
equivalents and restricted cash
(25.2
)
0.2
Cash, cash equivalents and restricted cash
at the beginning of the period
68.5
67.9
Effect of exchange rate changes on
cash
0.7
(2.6
)
Cash, cash equivalents and restricted
cash at the end of the period
44.0
65.5
Less restricted cash at the end of the
period
2.7
2.9
Cash and cash equivalents at the end of
the period
$
41.3
$
62.6
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220505006099/en/
INVESTOR CONTACT: Wendy Wilson Investor Relations +1
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