Three years after the worst crisis ever to hit the oil industry, TUBACEX results are showing a significant improvement. During the first half of the year, the Company’s sales have increased by 49.4%, amounting to €360.6M, and EBITDA has doubled now standing at €35.6M. These are the results of operative improvements and the progress made in the high value-added product backlog performance, closing the first half of the year with a profit of €6.7M.
The working capital closed the first half of the year at €206.3M, representing a reduction of €10.8M when compared to the first quarter of the year. This figure is directly related to integral multi-annual projects currently under manufacture, mostly tubes for gas extraction and production and umbilicals.
As announced at the start of the year, the Group’s net financial debt and leveraging are falling. Thus, the net financial debt was reduced by €13.6M and €23.3M with respect to the end of 2017 and the first quarter of the year, respectively, and stood at €239.9M at the close in June. It is important to bear in mind that over 80% of this debt is linked with the Company’s working capital already sold.
The net financial debt over EBITDA fell from 9.8x at the close of 2017 to the current 5.5x. This debt ratio, which is still high, corresponds to a temporary situation characterized by an EBITDA that is still affected by the weak market situation and the high cash flow level linked with major backlog projects.
