print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all Severstal press releases

Severstal

March 28, 2003

Severstal is Publishing its Consolidated Financial Statements for 2001 (International Accounting Standards)

These statements include Severstalís and Severstalís spun off companiesí financial statements.

Severstal-group was registered in March 2002 as part of rationalizing Severstalís business. Severstal-group is focusing its activities on three types of business - steel making, raw materials, and car making. Besides that it has a partnership with Severstaltrance - one of the three largest transportation companies in Russia.

According to Mikhail Noskov, deputy general director of Severstal-group, ĒIn order to have comparable results in the future we have assumed that restructuring and rationalizing of business was completed on December 31, 1999. So, these financial statements show financial performance of the Group after it has been rationalized. Severstalís main lines of business are sales and production of steel products, as well as providing insurance and financial services.

The largest spun off companies as of December 31, 2001

Types of business

Location

Business profile

Manufacturing and sales of rolled steel

 

 

Severstal Export GmbH

Switzerland

Sales of metal products

Severstal trade Inc.

USA

Sales of metal products

Severstallat

Latvia

Sales of metal products

ChSPZ

Russia

Production of steel

Domnaremont

Russia

Maintenance and repairs

Metallurgremont

Russia

Repairs

NIIER

Russia

Analytical work

Insurance services

 

 

Sheksna Insurance company

Russia

Insurance

Sheksna M

Russia

Medical insurance

Financial Services

 

 

Metcombank

Russia

Banking

Promlizing

Russia

Leasing


According to consolidated reporting, sales in 2001 dropped by 11% as compared with 2000 . This was caused by a decline in export and domestic markets. A drop in prices of products of ferrous metallurgy, especially in the second half of 2001 followed.

Main Financial Indicators

US $ million

2000

2001

change

Sales

2248

2009

-11%

Cost of sales

-1283

1485

16%

Operational profit

658

91

-86%

Operational margin

29%

5%

 

EBITDA

856

293

-66%

EBITDA margin

38%

15%

 

Net profit

460

-15

 

Net margin

20%

-1%

 


A drop in operational profit in 2001 was due to a decrease in sales as a result of drop in prices and growth of production costs.

Production costs in 2001 grew mainly because of the prices raises for raw materials, fuel, electrical energy, and labor costs.

Severstalís Balance Sheet at the end of 2001 shows that net debt is still low, which allowed to draw outside financing, while maintaining high level of liquidity and decreasing capital costs.

Balance Sheet for December 31 (International Accounting Standards)

US $ Million

2000

2001

Working assets

1,005

839

Cash and equivalents

203

101

Non current assets

2,203

2,162

Total assets

3,208

3,001

Short term liabilities

293

325

Long term liabilities

571

443

Minority shares

44

48

Capital and reserve

2,300

2,184

Total liabilities and capital

3,208

3,001


Preliminary data shows that sales in 2002 grew by 8% which was mainly due to growth in export sales. Sales has gone down in the domestic market a little. Cost of sales has grown by 4% in 2002.

Preliminary data

 

2001

2002

change

Sales

1,789

1,924

8%

Domestic market sales

1,113

1,107

-1%

Export sales

676

817

21%

Cost of sales

1, 463

1, 515

4%

Net Profit

326

409

25%

Operational profit

92

277

201%

Operational margin

5%

14%

 

Capital investments

79

119

51%

Consolidated reporting was presented to investors via telephone conference, arranged by Troika Dialogue Investment company.



28 March 2003

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer