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NLMK Group 1Q2021 IFRS Financial Results

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NLMK Group (LSE: NLMK, MOEX: NLMK) increased revenue by 20% qoq to $ 2.9 bn, EBITDA amounted to $ 1.2 bn (+ 31% qoq), EBITDA margin grew to 41% (+4 pp qoq).

Key results for Q1. 2021

  • Revenue increased to $ 2.9 billion (+ 20% QoQ; + 17% YoY) amid rising prices for rolled metal products.
  • EBITDA reached $ 1.2 bn (+ 31% QoQ; + 96% YoY) due to widening price spreads between raw materials and steel products. EBITDA margin was 41% (+4 pp qoq; +17 pp yoy).
  • Free cash flow doubled qoq to $ 452 mn (+ 37% yoy) following an increase in EBITDA and a seasonal decline in investments, which was partially offset by cash outflows to replenish working capital on a growing market.
  • Net profit increased by 39% qoq to $ 775 mn (2.7 times growth compared to the same period last year) on the back of an increase in gross profit.

Comment of Shamil Kurmashov, Vice President for Finance of NLMK Group:

“In Q1. In 2021, steel product prices continued to hit record highs due to limited supply coupled with strong end-user demand. An additional factor supporting the rise in prices was the low stocks of metal products in the supply chain. China's announcement of its intention to cut steel production in 2021 contributed to a further improvement in the price environment in March and April.

Against this background, NLMK Group in Q1. 2021 increased revenue by 20% qoq to $ 2.9 bn, EBITDA - by 31% qoq to $ 1.2 bn. EBITDA margin increased to 41%.

Increased business profitability and a seasonal decrease in the volume of investments in fixed assets led to an increase in free cash flow by two times relative to Q4. 2020 to $ 452 mn.

The company's net debt decreased by 16% qoq to $ 2.1 bn amid growing free cash flow. The Net Debt /EBITDA ratio decreased to 0.65x (compared to 0.94x at the end of 2020).

A significant liquidity reserve and a strong balance sheet allowed the management to recommend the NLMK Board of Directors to pay $ 600 million in dividends according to the results of 1 quarter. 2021 g »

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