TIDMEVR
RNS Number : 0991S
Evraz Plc
15 November 2011
Interim Management Statement for First Nine Months and Third
Quarter of 2011
15 November 2011- EVRAZ plc (LSE: EVR) and Evraz Group S.A.
(LSE: EVRZ) (jointly referred to as "EVRAZ") today issued a trading
update for the first nine months and third quarter of 2011 for
EVRAZ.
The information in this press release has been prepared in
accordance with management accounting policies. Inter-company
transactions have been eliminated in consolidation. This
announcement does not contain sufficient information to constitute
an interim financial report as defined in International Accounting
Standard 34, "Interim Financial Reporting". The following results
may differ from financial statements prepared in accordance with
International Financial Reporting Standards ("IFRS"). The numbers
in this press release have not been audited or reviewed.
EVRAZ publishes consolidated financial statements prepared in
accordance with IFRS for the six months ended June 30 and for the
year ended December 31, in each year.
Highlights:
-- Revenue for the nine-month period ended 30 September 2011 was
US$12,537 million (US$4,157 million in 3Q 2011)
-- The nine-month of 2011 Adjusted EBITDA([1]) was US$2,401
million (3Q 2011 EBITDA was US$772 million) with adjusted EBITDA
margin of 19.2% (18.6% in 3Q 2011)
-- Interest expense was US$551 million in the first nine months
of 2011 (US$164 million in 3Q 2011)
-- Total debt as of 30 September 2011 amounted to US$7,214
million, including US$672 million of short-term loans and current
portion of long-term debt
-- Cash and cash equivalents at the end of the period stood at
US$578 million
-- Capital expenditures amounted to US$945 million in the first
nine months 2011 (US$483 million in 3Q 2011)
-- Total steel products sales in the nine-month period ended 30
September 2011 amounted to 11.7 million tonnes (3.8 million in 3Q
2011)
-- Iron ore sales volumes including intersegment shipments
totalled 15 million tonnes (4.9 million tonnes in 3Q 2011)
-- In the first nine months of 2011, coal sales including
intersegment shipments were 6.9 million tonnes (2 million in 3Q
2011), including 1.4 million tonnes (0.2 million) of raw coking
coal, 1.1 million tonnes of steam coal (0.4 million), 4.3 million
tonnes (1.3 million) of coking coal concentrate and 0.1 million
tonnes of steam concentrate (0 million)
Selected sales data:
9M 2011 3Q 2011
Sales volumes*, Revenue, Sales volumes*, Revenue,
thousand US$ million thousand US$ million
tonnes tonnes
------------------------------- ---------------- ------------- ---------------- -------------
Steel products 11,708 10,094 3,762 3,390
Semi-finished products 2,728 1,750 824 546
Construction products 4,076 3,319 1,366 1,194
Railway products 1,595 1,508 527 512
Flat-rolled products 2,207 2,160 675 662
Tubular products 660 958 238 351
Other steel products 442 399 132 125
Mining products 796 236
Iron ore products 4,318 488 1,205 134
Coal 1,998 308 702 102
Coking coal 29 2 7 -
Coking coal concentrate 1,801 298 589 96
Steam coal 165 8 106 6
Steam coal concentrate 3 - - -
Vanadium products
(metric tonnes of
vanadium equivalent) 17,627 462 6,539 160
Other revenues** 1,185 371
------------------------------- ---------------- ------------- ---------------- -------------
*Inter-company volumes have been eliminated
**Including US$244 million and US$85 million of revenue from
rendering of services (social, infrastructure, transportation,
maintenance etc. services provided to third parties) in 9M 2011 and
3Q 2011, respectively
Outlook
The seasonal change in the product mix in favour of lower-margin
semi-finished products, coupled with slightly lower prices for the
main product groups due to the volatile global economic
environment, is impacting EVRAZ's performance in the fourth
quarter.
We expect 4Q 2011 EBITDA to be in the range of US$500-600
million.
###
([1]) Profit from operations before depreciation, depletion and
amortisation, impairment of assets, loss (gain) on disposal of
property, plant & equipment and foreign exchange loss
(gain).
For further information:
Media contact: Oleg Kuzmin VP, Corporate Communications
London: +44 207 832 8990 Moscow: +7 495 937 6871 media@evraz.com
Investor contact: Alexander Boreyko Director, Investor
Relations
London: +44 207 832 8990 Moscow: +7 495 232 1370
ir@evraz.com
EVRAZ is a vertically-integrated steel, mining and vanadium
business with operations in the Russian Federation, Ukraine, the
USA, Canada, the Czech Republic, Italy and South Africa. In 2010,
EVRAZ produced 16.3 million tonnes of crude steel and sold 15.5
million tonnes of steel rolled products. EVRAZ was ranked the 15th
largest steel producer in the world based on crude steel production
of 16.3 million tonnes in 2010. EVRAZ's internal consumption of
iron ore and coking coal is covered by its mining operations.
EVRAZ's consolidated revenues for the year ended 31 December 2010
were US$13,394 million and consolidated adjusted EBITDA amounted to
US$2,350 million. EVRAZ plc holds 98% of Evraz Group S.A.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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