METALLOINVEST ANNOUNCES IFRS FINANCIAL RESULTS FOR Q1 2019
Moscow, Russia - 31 May 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 first quarter ended 31 March 2019.
Management comments
Alexey Voronov, Finance Director of Management Company Metalloinvest, commented:
"The growth in high value added products sales, favourable market conditions and the implementation of the operational improvement programme allowed Metalloinvest to enhance its financial results in Q1 2019. EBITDA grew by 8.1% compared to Q1 2018 and amounted to USD 730 mn, while EBITDA reached
USD 3.0 bn over the past 12 months (since April 2018). The Company's leveraging remained low with
Net Debt / EBITDA LTM at 1.1x. The Company's rating upgrades by S&P and Moody's in Q1 2019, as well as Fitch and Expert RA in May 2019, were a positive assessment of the Company's performance."
FINANCIAL HIGHLIGHTS
- Revenue USD 1,856 mn (+2.4% y-o-y)
- EBITDA USD 730 mn (+8.1%)
- EBITDA margin 39.3% vs. 37.2% in Q1 2018
- Net Income USD 539 mn (+29.6%)
- Net Debt USD 3,336 mn (-0.7% compared to 31 December 2018)
- Net Debt / EBITDA LTM 1.1x (at the level of 31 December 2018)
- Capital Expenditure USD 88 mn (-7.4%)
KEY CORPORATE HIGHLIGHTS
Operational and commercial highlights
- Coordination meeting with United Metallurgical Company (OMK)
- Launch of equipment installation for heat treatment facility at OEMK
- Purchase of new equipment for Lebedinsky GOK (LGOK) and Mikhailovsky GOK (MGOK) (mining dump trucks with a lifting capacity of 180-220 tonnes, heavy-duty excavators and locomotives)
Financing
- Upgrade of the Company's corporate credit rating to 'BB+' with a stable outlook from 'BB' / Stable by S&P
- Upgrade of the Company's corporate credit rating to 'Ba1' with a stable outlook from 'Ba2' / Positive by Moody's
Full press release is available at http://www.metalloinvest.com/en/investors/financial-results
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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%).
