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DGAP-UK-Regulatory News vom 25.05.2020

Metalloinvest Finance Designated Activity Company: METALLOINVEST ANNOUNCES IFRS FINANCIAL RESULTS FOR Q1 2020

Metalloinvest Finance Designated Activity Company (IRSH)
25-May-2020 / 17:01 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

METALLOINVEST ANNOUNCES IFRS FINANCIAL RESULTS FOR Q1 2020

Moscow, Russia - 25 May 2020 - 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 2020.

Management comments

Nazim Efendiev, CEO of Management Company Metalloinvest, commented:

"Andrey Varichev, CEO of Metalloinvest, passed away unexpectedly on April 27th. This is a tragic loss for the Company and its thousands of employees.

Metalloinvest's team continues to pursue a dynamic development course defined by Andrey Varichev. The Company confirms its commitment to its key priorities and business strategy."

Alexey Voronov, Deputy CEO - Chief Financial Officer of Management Company Metalloinvest, commented Q1 2020 results:

"In the first quarter of 2020, the Company increased the output and shipment of its key products compared to first quarter of 2019 levels. In the reporting period, Metalloinvest's EBITDA demonstrated considerable growth of around 34% quarter-on-quarter and amounted to USD 534 mn. A year-on-year comparison shows the opposite trend due to a respective decline in global prices for pellets and steel products. Meanwhile, the EBITDA margin remained solid at 34.8%. The Company maintained a comfortable level of leverage, with Net Debt / EBITDA LTM at 1.46x and a minor proportion of short-term debt (around 7%) at the end of the reporting period upholding financial stability."

FINANCIAL HIGHLIGHTS

  • Revenue USD 1,536 mn (-17.2% y-o-y)
  • EBITDA USD 534 mn (-26.8%)
  • EBITDA margin 34.8% vs. 39.3% in Q1 2019
  • Net Income USD 83 mn (-84.6%)
  • Total Debt USD 3,768 mn (-7.2% compared to 31 December 2019)
  • Net Debt / EBITDA LTM 1.46x vs. 1.49x as at 31 December 2019
  • Capital Expenditure USD 84 mn (-4.5%)

PRODUCTION HIGHLIGHTS

  • Iron ore 10.3 mn tonnes (+7.2%)
  • Pellets 7.1 mn tonnes (+3.4%)
  • HBI/DRI 2.1 mn tonnes (+3.2%)
  • Hot metal 0.7 mn tonnes (+1.5%)
  • Crude steel 1.3 mn tonnes (+7.3%)

KEY CORPORATE HIGHLIGHTS

  • Launch of CCM #3 at OEMK's Electric Arc Furnace Shop following the completion of its technical re-equipping
  • Approval of the 2020-2025 Environmental Programme with RUB 21 bn in investments
  • Placement of BO-04 series RUB-denominated bonds in the amount of RUB 10 bn

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, ext. 7243


Anton Troshin

Director of Corporate Communications Department

E: [email protected]

T: +7 (495) 981-55-55, ext. 7629

 

 

  

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. Alisher Usmanov is the major beneficiary of Holding Company USM LLC (49%).

 




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