1Q09 Trading Statement
23 June 2009 - 4:49PM
UK Regulatory
TIDMEVR
RNS Number : 3277U
Evraz Group S.A.
23 June 2009
for immediate release
First Quarter of 2009 Trading Update
June 23, 2009 - Evraz Group S.A. (LSE: EVR) ("Evraz") today issued its first
quarter of 2009 trading update.
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 Auditing
Standards 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 Group S.A. 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 three-month period ended March 31, 2009 was US$2,413 million
* Adjusted EBITDA[1] was US$305 million with adjusted EBITDA margin of 12.6%
* Interest expense was US$187 million
* Total debt as of March 31, 2009 amounted to approximately US$9,041 million,
including US$3,775 million of short-term loans and current portion of long-term
debt
* Cash and cash equivalents at the end of the period stood at approximately US$855
million
* Capital expenditures amounted to US$103 million
* Total steel products sales in Q1 2009 amounted to 3.5 million tonnes
* Iron ore sales volumes including intersegment shipments totalled 4.0 million
tonnes
* Coal sales including intersegment shipments were 3.8 million tonnes,
including 1.1 million tonnes of raw coking coal, 1.4 million tonnes of steam
coal and 0.9 million tonne of coking coal concentrate [1] Profit from operations before depreciation, depletion and amortization, impairment of assets, loss (gain) on disposal of property, plant & equipment and foreign exchange loss (gain). Please refer to Evraz's 2008 annual report (www.evraz.com/investor/reports) for EBITDA explanation.
1Q 2009 selected sales data:
+--------------------+---------------+------------+--------------+-----------+
| | 1Q 2009 | 1Q 2008 |
+--------------------+----------------------------+--------------------------+
| | Sales | Revenue, | Sales | Revenue, |
| | volumes*, | US$ | volumes*, | US$ |
| | thousand | million | thousand | million |
| | tonnes | | tonnes | |
+--------------------+---------------+------------+--------------+-----------+
| Steel products | 3,456 | 2,023 | 4,621 | 3,533 |
+--------------------+---------------+------------+--------------+-----------+
| Pig iron | 109 | 30 | 277 | 122 |
+--------------------+---------------+------------+--------------+-----------+
| Semi-finished | 1,275 | 478 | 1,394 | 849 |
| products | | | | |
+--------------------+---------------+------------+--------------+-----------+
| Construction | 812 | 379 | 1,379 | 1,058 |
| products | | | | |
+--------------------+---------------+------------+--------------+-----------+
| Railway products | 418 | 288 | 599 | 508 |
+--------------------+---------------+------------+--------------+-----------+
| Flat-rolled | 484 | 394 | 654 | 652 |
| products | | | | |
+--------------------+---------------+------------+--------------+-----------+
| Tubular products | 236 | 392 | 144 | 204 |
+--------------------+---------------+------------+--------------+-----------+
| Other steel | 121 | 62 | 175 | 142 |
| products | | | | |
+--------------------+---------------+------------+--------------+-----------+
| Mining products | | 78 | | 154 |
+--------------------+---------------+------------+--------------+-----------+
| Iron ore products | 589 | 29 | 386 | 33 |
+--------------------+---------------+------------+--------------+-----------+
| Coal | | | | 122 |
| | | 48 | | |
+--------------------+---------------+------------+--------------+-----------+
| Coking coal | 278 | 15 | 398 | 65 |
+--------------------+---------------+------------+--------------+-----------+
| Steam coal | 476 | 33 | 1,462 | 57 |
+--------------------+---------------+------------+--------------+-----------+
| Vanadium products | 2,142 | 64 | 6,953 | 262 |
| (metric tonnes of | | | | |
| vanadium | | | | |
| equivalent) | | | | |
+--------------------+---------------+------------+--------------+-----------+
| Other revenues | | 248** | | 371 |
+--------------------+---------------+------------+--------------+-----------+
*Inter-company volumes have been eliminated
**Including US$102 million revenue from rendering of services (social,
infrastructure, transportation, maintenance etc. services provided to third
parties)
Changes to the Company's share capital:
Following the decision of the extraordinary general meeting of shareholders held
on January 30, 2009, 9,755,347 new shares in Evraz were issued at a price of
US$22.50 per share in favour of the Company's shareholders who opted for a
partial 2008 scrip interim dividend. As of today, the Company's issued share
capital is comprised of 132,260,150 ordinary shares.
###
For further information:
Evraz Group
Investor Relations
Alexander Boreyko
Tel: +7 495 232 1370
IR@evraz.com
Evraz Group S.A. is a large vertically-integrated steel, mining and vanadium
business with operations in the Russian Federation, Ukraine, Europe, USA, Canada
and South Africa. Evraz produced 17.7 million tonnes of crude steel in 2008,
ranking the 15th largest steel producer in the world by volume. Its mining
operations fully cover current internal consumption of iron ore and coking coal.
Evraz's total audited consolidated revenues for the year ended 31 December 2008
were US$20,380 million and consolidated adjusted EBITDA was US$6,323 million.
Please refer to Evraz's 2008 annual report (www.evraz.com/investor/reports) for
EBITDA reconciliation.
For further information please visit www.evraz.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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