Metalloinvest Finance Designated Activity Company

News Detail

DGAP-UK-Regulatory News vom 22.08.2019

Metalloinvest Finance Designated Activity Company: METALLOINVEST ANNOUNCES H1 2019 IFRS FINANCIAL RESULTS

Metalloinvest Finance Designated Activity Company (IRSH)

22-Aug-2019 / 12:02 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


METALLOINVEST ANNOUNCES H1 2019 IFRS FINANCIAL RESULTS

Moscow, Russia - 22 August 2019 - Metalloinvest ('the Company'), a leading global iron ore and HBI producer, and one of the regional producers of high-quality steel, publishes its IFRS financial results for the half year ended 30 June 2019.

Management comments

Alexey Voronov, Finance Director of Management Company Metalloinvest, commented:

"In H1 2019, the industry was impacted by different dynamics of global prices for iron ore and steel. Metalloinvest's Mining Segment EBITDA increased by 25% to USD 1.3 bn. This was driven by the favourable iron ore pricing environment and the increase in the share of high value-added products in the Company's sales structure. Meanwhile, the Company's consolidated EBITDA decreased by 5% as a result of the significant decrease of Steel Segment profit following the decline in global steel prices. At the same time, the Company's consolidated EBITDA margin remained above 39%, which is the result of our work on costs control and optimised production planning in accordance with the market demand. The Company's leverage remains at a comfortable level - Net Debt / EBITDA LTM ​​was 1.25x at the end of the reporting period. Long-term borrowings prevail in the loan portfolio structure owing to our constant optimisation work."

FINANCIAL HIGHLIGHTS

  • Revenue USD 3,584 mn (-5.2% y-o-y)
  • EBITDA USD 1,410 mn (-5.4%)
  • EBITDA margin 39.3% vs. 39.5% in H1 2018
  • Net Income USD 1,020 mn (+17.2%)
  • Net Debt USD 3,581 mn (+6.6% compared to 31 December 2018)
  • Net Debt / EBITDA LTM 1.25x vs. 1.14x as of 31 December 2018
  • Capital Expenditure USD 221 mn (-5.6%)

PRODUCTION HIGHLIGHTS

  • Iron ore 19.7 mn tonnes (-1.8%)
  • Pellets 14.1 mn tonnes (+3.1%)
  • HBI/DRI 4.0 mn tonnes (+0.7%)
  • Hot metal 1.4 mn tonnes (-6.3%)
  • Crude steel 2.4 mn tonnes (-2.7%)

KEY CORPORATE HIGHLIGHTS

Operational developments and capital expenditure

  • Coordination meetings with United Metallurgical Company (OMK) and KAMAZ
  • Launch of equipment installation for heat treatment facility at OEMK
  • Purchase of new equipment for Lebedinsky GOK (LGOK) and Mikhailovsky GOK (MGOK)
  • Commission of new reduction and calibration section at Rolling Mill 350 at OEMK

Financing

  • Upgrade of the Company's corporate credit rating by S&P to BB+/Stable (from BB/Stable), Moody's  to Ba1/Stable (from Ba2/Positive) and Fitch to BB+/Stable (from BB/Positive)
  • Upgrade of the Company's credit rating by the Russian rating agency Expert RA to ruAA/Stable (from ruAA-/Positive)
  • Opening of a sustainable finance credit line with ING Bank in the amount of up to USD 100 mn (or EUR equivalent)
  • Partial refinancing of loan portfolio by signing a new loan agreement with Gazprombank in the amount of RUB 8.33 bn and by the placement of BO-09 series exchange RUB-denominated bonds in the amount of RUB 5 bn
  • Partial redemption of the outstanding Eurobonds-2020 for the nominal value of USD 62 mn 114 thousands
  • Improvement of the commercial terms for tranche B of PXF-2017 credit agreement

Social responsibility and corporate governance

  • Signing of social partnership programmes with the administrations of the Kursk, Belgorod and Orenburg regions and the towns of Zheleznogorsk, Stary Oskol, Gubkin and Novotroitsk
  • Election of the Company's Board of Directors

 

 

Full press release and financial statements are available at:

http://www.metalloinvest.com/en/investors/financial-results/

 

 


# # # #

 

For further information, please contact:

Artem Lavrischev
Director of Investor Relations and Corporate Ratings

E: ir@metalloinvest.com

T: +7 (495) 981-55-55

 

 

 

 

 

 

Metalloinvest is a leading global iron ore and merchant HBI producer and supplier, and one of the regional producers of high-quality steel. The Company has the world's second-largest measured iron ore reserve base and is one of the lowest-cost iron ore producers.

Metalloinvest is wholly owned by USM Holdings. The main beneficiaries of USM Holdings are Alisher Usmanov (49%) and Vladimir Skoch (30%).




show this
Diese Inhalte werden Ihnen präsentiert von unserem Kooperationspartner