Moscow, August 26, 2022 –
Segezha Group (MOEX: SGZH, owned by AFK Sistema), Russia’s leading
vertically integrated wood and paper holding company carrying out a
full cycle of logging and added-value wood processing operations, has
announced its unaudited consolidated financial results and operating
results for the first six months of 2022.
·
Revenue went up by 48% year-on-year (YoY) to RUB 63.3 bn, driven by
the higher average selling prices of the Group’s products and the
effect of the consolidation of the assets of the Novoeniseisk
Wood-Chemical Complex (NLHK) and Inter Forest Rus (IFR), which became
part of the Group in Q3 and Q4 2021, respectively.
·
OIBDA rose by 34% YoY to reach RUB 17.7 bn, driven by revenue
growth and strict cost control by management.
·
The OIBDA margin stood at 28%.
·
Net profit went up by 58% YoY to RUB 12.0 bn thanks to an increase in
operating profit and the positive effect of exchange rate differences
and cross-currency and interest rate swaps.
·
Net debt as of 30 June 2022 had increased to RUB 95.2 bn (up
3.3õ compared with 30 June 2021), due to the implementation of an
investment programme during the last year, payments for M&A
transactions with IFR and NLHK, as well as the payout of the
Company’s interim and final dividends for 9Ì and 12Ì 2021.
·
ÑÀÐÅÕ stood at RUB 6.4 bn (-25% YoY) amid adjustments to the
investment programme at a time of heightened macroeconomic
uncertainty.
Financial performance,
RUB mln
|
6Ì 2022
|
6Ì 2021
|
YoY
|
Revenue
|
63,327
|
42,671
|
48%
|
OIBDA
|
17,689
|
13,185
|
34%
|
margin, %
|
28%
|
31%
|
-3 pp
|
Net profit
|
12,001
|
7,582
|
58%
|
Capital expenditure
|
6,377
|
8,554
|
-25%
|
M&A
|
18,390
|
4,678
|
3.9õ
|
Free cash flow
|
(24,919)
|
(8,911)
|
(2.8õ)
|
Net debt
|
95,153
|
28,847
|
3.3õ
|
Net debt/12Ì OIBDA, õ
|
2.8
|
1.2
|
-
|
Rovshan Aliev, Segezha Group’s Vice President
for Finance and Investment, said:
“In the second quarter of 2022, we continued
adapting our business to the new environment in an effort to ensure
the uninterrupted operation of our production facilities. Our
priorities were the further expansion of our sales geography, the
conclusion of new partnerships and the transformation of our logistic
schemes to meet our business needs. It should be emphasised that, in
the first half of the year, we succeeded in increasing deliveries to
the domestic market across a number of products.
“All of our efforts manifest themselves in
the Company’s financial results. Revenue and OIBDA for the first
six months of the year grew by 48% and 34%, respectively. Consistent
work to control costs enabled us to maintain a high OIBDA margin.
That said, net profit almost doubled vs last year to RUB 12.0 bn. The
net debt to OIBDA ratio as of June 30, 2022 was 2.8õ, compared with
2.1õ as of year-end 2021 and 1.2õ as of June 30, 2021. This kind of
growth is manageable and primarily driven by the implementation of
our investment programme and M&A transactions.
“We have all the necessary resources in place
to maintain stable growth in the second half of 2022.”
CONFERENCE CALL AND WEBCAST
A conference call and webcast will take place on
August 26, 2022, at 1:00 pm Moscow time (11:00 am London time).
To participate in the call:
·
from Russia: +7 495 283 98 58
·
from the United Kingdom: +44 203 984 9844
·
the numbers for other countries can be found
on the website.
Access code: 738667
To participate in the webcast, go to
https://mm.closir.com/slides?id=738667.
CONTACTS
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