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NLMK Group 2Q2021 IFRS Financial Results

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NLMK Group (LSE, MOEX: NLMK) EBITDA in Q2 2021 amounted to $ 2.1 billion, EBITDA margin increased by 9 p.p. q /q up to 50%. Free cash flow (FCF) reached $ 864 mn. The Board of Directors recommended approving dividends for Q2. 2021 in the amount of 13.62 rubles /share (127% of the free cash flow).

Key results of Q2 2021

  • Revenue increased by 44% qoq to $ 4.1bn (+ 90% yoy) driven by higher prices for metal products and higher production and sales volumes.
  • EBITDA rose 76% qoq to $ 2.1bn (+ 3.5x yoy) on the back of higher sales and widening price spreads. EBITDA margin increased by 9 p.p. q /q up to 50%.
  • Free cash flow grew by 91% qoq to $ 864 mn (+ 2.8x yoy) on the back of higher financial results.
  • Net income rose 75% qoq to $ 1.4bn (+ 18x yoy).
Key results 6 months. 2021
  • Revenue increased by 51% YoY to $ 7.0 billion on the back of higher average realized prices and an increase in the share of finished goods in the sales portfolio.
  • EBITDA increased 2.7 times YoY to $ 3.2 billion due to widening price spreads between metal products and raw materials, as well as due to the implementation of Strategy 2022 projects. EBITDA margin amounted to 46% (+21 pp YoY).
  • Free cash flow grew 2.1 times YoY to $ 1.3 billion with EBITDA growth, which was partially offset by an increase in investment and an outflow of funds to replenish working capital amid rising prices.
  • Net income increased 5.8 times YoY to $ 2.1 billion, driven by an increase in gross profit, as well as taking into account the effect of the last year's low base on the background of the depreciation of the value of investments in NBH.

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

“In Q2 2021, steel prices continued to rise in all key markets. In the US and the EU, quotes have renewed their all-time highs. Consumption of steel products increased due to the implementation of deferred demand and government incentives. Steel capacity utilization has reached pre-crisis levels with the restart of assets that were halted in the first wave of the pandemic. The outstripping growth in steel consumption relative to production led to a decline in inventories to record lows, which triggered further price increases.

Growth in sales and favorable pricing environment boosted NLMK Group's revenue by 44% qoq to $ 4.1bn , EBITDA - by 76% qoq to $ 2.1 billion. EBITDA margin reached 50%. Free cash flow increased by 91% qoq to $ 864 mn.

Net debt /EBITDA was 0.4x, net debt decreased by 6% qoq to $ 2 bn.

In accordance with the dividend policy, the management recommended to the Board of Directors of NLMK for Q2. 2021 to pay $ 1.1 billion in dividends »

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