Moscow, Russia - 22 August 2018 - Metalloinvest ("the Company"), a leading global iron ore and HBI producer, and one of the regional producers of high-quality steel, today publishes its IFRS financial results for the half year ended 30 June 2018.
FINANCIAL HIGHLIGHTS
- Revenue USD 3,779 mn (+24.6% y-o-y)
- EBITDA USD 1,491 mn (+40.5%)
- EBITDA Margin 39.5% vs. 35.0% in H1 2017
- Net Income USD 870 mn (+48.7%)
- Net Debt USD 3,810 mn (-6.1% compared to 31 December 2017)
- Net Debt / EBITDA LTM 1.5x vs.1.9x as of 31 December 2017
- Capital Expenditure USD 234 mn (+24.5%)
PRODUCTION HIGHLIGHTS
- Iron ore 20.0 mn tonnes (-0.8%)
- Pellets 13.6 mn tonnes (+11.4%)
- HBI/DRI 4.0 mn tonnes (+21.8%)
- Hot metal 1.5 mn tonnes (+8.6%)
- Crude steel 2.5 mn tonnes (+5.2%)
KEY CORPORATE HIGHLIGHTS
Operational developments and capital expenditure
- Completion of modernisation of vacuum degasser at the EAF shop at Ural Steel
- Launch of commercial operations at concentrate intake facility at MGOK
- Signing of a contract with a Danieli group company for the construction of the heat treatment facility for hot rolled steel at OEMK with annual capacity of 70,000 tonnes of high-quality rolled steel (SBQ)
- Signing of a contract with Tenova for the supply of two furnaces for the EAF shop upgrade at Ural Steel
- Coordination meetings with KAMAZ and TMK
Financing
- Refinancing of USD 240 mn pre-export credit facilities (PXF) with a new PXF raised in January 2018
- Keeping the Company's series 02 and 03 bonds for a total amount of RUB 10 bn in the market for 5 years with a coupon rate set at 7.65%, following the successful execution of a put option
- Revision of the Company's corporate credit rating outlook by Moody's Investors Service to Positive from Stable, confirmation of its ' Ba2' rating
-Signing of a EUR 72 mn credit facility agreement with Crédit Agricole CIB guaranteed by export credit agency (ECA) for financing the purchase of equipment
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 new composition of the Company's Board of Directors
Full press release and financial statements are available at http://www.metalloinvest.com/en/investors/financial-results/
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For further information, please contact:
Artem Lavrishchev
Director of Investor Relations and Corporate Ratings
E: ir@metalloinvest.com
Т: +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 Holding Company USM LLC, where Alisher Usmanov is the major beneficiary (49%), with other major beneficiaries being the companies of Vladimir Skoch (30%) and Farhad Moshiri (8%).
