Metalloinvest Finance Designated Activity Company
METALLOINVEST ANNOUNCES H1 2018 IFRS FINANCIAL RESULTS
Metalloinvest Finance Designated Activity Company (IRSH) Moscow, Russia – 22 August 2018 – Metalloinvest (“the Company”), a leading global iron ore and HBI producer, and one of the regional producers of high-quality steel, today publishes its IFRS financial results for the half year ended 30 June 2018. FINANCIAL HIGHLIGHTS – Revenue USD 3,779 mn (+24.6% y-o-y)
– EBITDA USD 1,491 mn (+40.5%)
– EBITDA Margin 39.5% vs. 35.0% in H1 2017
– Net Income USD 870 mn (+48.7%)
– Net Debt USD 3,810 mn (–6.1% compared to 31 December 2017)
– Net Debt / EBITDA LTM 1.5x vs.1.9x as of 31 December 2017
– Capital Expenditure USD 234 mn (+24.5%)
PRODUCTION HIGHLIGHTS – Iron ore 20.0 mn tonnes (–0.8%)
– Pellets 13.6 mn tonnes (+11.4%)
– HBI/DRI 4.0 mn tonnes (+21.8%)
– Hot metal 1.5 mn tonnes (+8.6%)
– Crude steel 2.5 mn tonnes (+5.2%)
KEY CORPORATE HIGHLIGHTS Operational developments and capital expenditure – Completion of modernisation of vacuum degasser at the EAF shop at Ural Steel
– Launch of commercial operations at concentrate intake facility at MGOK
– Signing of a contract with a Danieli group company for the construction of the heat treatment facility for hot rolled steel at OEMK with annual capacity of 70,000 tonnes of high-quality rolled steel (SBQ)
– Signing of a contract with Tenova for the supply of two furnaces for the EAF shop upgrade at Ural Steel
– Coordination meetings with KAMAZ and TMK
Financing – Refinancing of USD 240 mn pre-export credit facilities (PXF) with a new PXF raised in January 2018
– Keeping the Company’s series 02 and 03 bonds for a total amount of RUB 10 bn in the market for 5 years with a coupon rate set at 7.65%, following the successful execution of a put option
– Revision of the Company’s corporate credit rating outlook by Moody’s Investors Service to Positive from Stable, confirmation of its ‘ Ba2’ rating
-Signing of a EUR 72 mn credit facility agreement with Crédit Agricole CIB guaranteed by export credit agency (ECA) for financing the purchase of equipment
Social responsibility and corporate governance – Signing of social partnership programmes with the administrations of the Kursk, Belgorod and Orenburg regions and the towns of Zheleznogorsk, Stary Oskol, Gubkin and Novotroitsk
– Election of the new composition of the Company’s Board of Directors
Full press release and financial statements are available at http://www.metalloinvest.com/en/investors/financial-results/
# # # # For further information, please contact: Artem Lavrishchev Director of Investor Relations and Corporate Ratings Т: +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 Holding Company USM LLC, where Alisher Usmanov is the major beneficiary (49%), with other major beneficiaries being the companies of Vladimir Skoch (30%) and Farhad Moshiri (8%).
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ISIN: | XS0918297382 |
Category Code: | IR |
TIDM: | IRSH |
Sequence No.: | 5906 |
EQS News ID: | 716449 |
End of Announcement | EQS News Service |