Press Room

Metalloinvest announces IFRS financial results for Q1 2019

31 May 2019

Metalloinvest (the Company), a leading global iron ore and HBI producer, and one of the regional producers of high-quality steel, publishes its IFRS financial results for the first quarter ended 31 March 2019.

Management comments

Alexey Voronov, Finance Director of Management Company Metalloinvest, commented:

The growth in high value added products sales, favourable market conditions and the implementation of the operational improvement programme allowed Metalloinvest to enhance its financial results in Q1 2019. EBITDA grew by 8.1% compared to Q1 2018 and amounted to USD 730 mn, while EBITDA reached USD 3.0 bn over the past 12 months (since April 2018). The Company's leveraging remained low with Net Debt / EBITDA LTM at 1.1x. The Companys rating upgrades by S&P and Moodys in Q1 2019, as well as Fitch and Expert RA in May 2019, were a positive assessment of the Companys performance.

Financial highlights

  • Revenue USD 1,856 mn (+2.4% y-o-y)
  • EBITDA USD 730 mn (+8.1%)
  • EBITDA margin 39.3% vs. 37.2% in Q1 2018
  • Net Income USD 539 mn (+29.6%)
  • Net Debt USD 3,336 mn (-0.7% compared to 31 December 2018)
  • Net Debt / EBITDA LTM 1.1x (at the level of 31 December 2018)
  • Capital Expenditure USD 88 mn (-7.4%)

Key corporate highlights

Operational and commercial highlights

  • Coordination meeting with United Metallurgical Company (OMK)
  • Launch of equipment installation for heat treatment facility at OEMK
  • Purchase of new equipment for Lebedinsky GOK (LGOK) and Mikhailovsky GOK (MGOK) (mining dump trucks with a lifting capacity of 180-220 tonnes, heavy-duty excavators and locomotives)

Financing

  • Upgrade of the Companys corporate credit rating to BB+ with a stable outlook from BB / Stable by S&P
  • Upgrade of the Companys corporate credit rating to Ba1 with a stable outlook from Ba2 / Positive by Moodys
Documents
Download PDF (208.61 Kb) Interim management statement for Q1 2019
Artem Lavrischev

Artem Lavrischev

Director of Investor Relations & Corporate Ratings Department
E-mail: ir@metalloinvest.com
Tel.: +7 (495) 981-55-55

For more information, please contact the Investor Relations Department:

 
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