Home / Press Releases / Metalloinvest announces financial results according to IFRS for the year 2019

Metalloinvest announces financial results according to IFRS for the year 2019

Press Releases

metalloinvest (the"Company"), a leading manufacturer and supplier of iron ore and hot briquetted iron (HBI) on the world market, one of the regional producers of high quality steel, today announces its audited financial results under IFRS for 2019

management Comments

Andrey Varichev, CEO of Management company metalloinvest, commented:br>

"In 2019 has developed unusual market conditions, and the ratio of world prices for iron ore and steel. The business model of the company based on products with high added value, proving its stability. The company showed decent financial performance despite the external challenges. We also continued to work on key areas of strategic development, modernization of production facilities, improving product quality, enhancing customer centricity, the introduction of digital technologies, labour protection and industrial safety, to reduce the impact on the environment."

Alexey Voronov, Director of Finance at Management company metalloinvest, said:

"At the end of 2019 EBITDA amounted to $ 2.5 billion, profitability remained at a high level – 36%. A large-scale program to optimize the loan portfolio, implemented last year, has significantly cut the interest costs of the debt service. The debt burden remains at a comfortable level for the Company – Net debt / EBITDA 1.49 x at the end of the reporting period, the share of short-term debt in the structure of borrowing is less than 2%".

Financial results

    • Revenue 6 960 million dollars. (-3,2% )

      • EBITDA 2 514 million dollars. (-14,3%)

        • EBITDA of 36.1% vs 40,8% in 2018

          • Net profit 1 731 mln. (+5,1%)

            • Total debt 4 059 mln. (+0,2% compared to December 31, 2018)

              • Net debt/EBITDA 1.49 x vs of 1.14 x as at 31 December, 2018

                • Capital expenditures of $ 517 million. (+17,2%)

                operating results

                  • Iron ore 40.2 million tons (-0.3 percent)

                    • Pellets 28.1 million tons (+1.5 percent)

                      • HBI/DRI 7.9 million tons (+0,5%)

                        • Cast iron 2.7 million tons (-9,1%)

                          • Steel 4.9 million tonnes (-3.7%)

                          corporate events

                          Operating activities and capital expenditures

                            • Commissioning of the 1st stage of technology fine screening derrick at MMPP

                              • the Beginning of the supply of the premium quality pellets of high basicity of the MMPP

                                • Beginning of construction of ball mill OEMK

                                  • the start-up phase of the heat treatment of hot-rolled steel (SBQ) OEMK

                                    • Commissioning after technical modernization of the continuous casting machine №3 at OEMK

                                      • Commissioning 2 furnaces technology FMF at Ural Steel

                                        • Conducting of coordination councils with OMK, KAMAZ Group CHTPZ

                                          • the completion of the second phase of large-scale digital transformation (start ISA PCD )

                                          Financial activities

                                            • raising the corporate credit rating Company international credit rating agencies S&P to BB+/Stable, Moody's to Ba1/Stable and Fitch to BB+/Stable and also the Russian rating Agency Expert RA to the level of ruAA/Stable

                                              • Improving conditions on a number of existing loans and the acquisition of new assets (bonds, syndicated loans PXF in euros, Bank loans, etc.) with the aim of optimising the loan portfolio

                                                • the Opening of a credit line of "green" financing in the Bank ING for the sum to 100 million dollars.(or the equivalent in euros)

                                                  • the Signing of a framework agreement with 12 partner banks to attract ECA-financing: the conclusion of the first transaction Bank MUFG for the sum of 9,9 million Euro (the project of technical re-equipment of the continuous casting machine №3 at OEMK)

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