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Novolipetsk Steel

April 27, 2017

Q1 2017 NLMK Group consolidated financial results under IFRS

NLMK Group (MICEX and LSE: NLMK) is pleased to announce a 19% growth in EBITDA in Q1 2017.

Key highlights

'000 t/$ m

Q1 2017

Q4 2016

QoQ

Q1 2016

YoY

Steel product sales

3,677

3,635

1%

4,126

-11%

Revenue

2,156

1,965

10%

1,577

37%

EBITDA

618

518

19%

290

2.1x

EBITDA margin

29%

26%

+3 p.p.

18%

+11 p.p.

Net profit for the period

323

308

5%

57

5.7x

Free cash flow

208

182

14%

275

-24%

Net debt

938

761

23%

1,048

-11%

Net debt/EBITDA

0.41x

0.39x

 

0.66x

 

  • Growth of revenue:revenue grew by 10% qoq to $2.16 bn driven by higher steel prices and a 1% qoq increase in sales.
  • Growth of profitability:EBITDA gained 19% qoq to $618 m (+113% yoy). EBITDA margin expanded to 29% (vs. 26% in Q4 2016 and 18% in Q1 2016). Net profit grew by 5% qoq to $323 m.
  • Growth of cash flow:Free cash flow grew by 14% qoq to $208 m, driven by higher profitability and lower capex. Debt leverage remains low, with Net debt/EBITDA at 0.4.

Comment from NLMK Group acting CFO Sergey Karataev:

“In Q1 2017, NLMK Group was able to grow sales in the EU and US markets against a backdrop of higher internal demand; and to expand export deliveries of flats, offsetting the seasonal weakening in demand in Russia.

“Group’s capacity utilization gained +1 p.p. to 96%; sales climbed by 1% qoq to 3.7 m t.

“Stable sales and the uptick in prices for steel products supported by high prices for raw materials pushed revenue up by 10% qoq to $2.16 bn.

“EBITDA grew by $100 m to $618 m, $57 m attributable to gains from operational efficiency efforts and capex projects vs. the 2016 level. EBITDA margin expanded by 3 p.p. to 29%.

“Profitability growth and moderate capex in Q1 supported a 14% qoq increase in free cash flow to $208 m.

“Debt leverage is at a comfortable level, Net debt/EBITDA at a stable 0.4õ.”

financial_and_operating_data_1q_2017307.57 Kb

nlmk_financial_release_1q2017_eng801.81 Kb

nlmk_ifrs_3m2017_financials_eng1.23 Mb

nlmk_ifrs_presentation_q1_20171.91 Mb

 

 

 

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