Moscow, May 20, 2022 –
Segezha Group (MOEX: SGZH, a PJSFC Sistema company), a leading
vertically integrated holding company in the timber industry
performing a full cycle of operations from logging to advanced wood
processing, announces its unaudited consolidated IFRS financial
results and operating results for Q1 2022.
·
Revenue was up 96% year-on-year (yoy) to RUB 35.6 bn, driven by
higher sales, higher average selling prices, a positive effect from
ruble depreciation and also the effect of consolidation of the assets
of 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 2.3x yoy to reach RUB 11.8 bn, driven by revenue
growth and cost optimisation by management;
·
The OIBDA margin increased to 33% (+5 pp yoy);
·
Net debt as of March 31, 2022, increased to RUB 93.0 bn (+64%
compared to March 31, 2021) against a backdrop of payment of
principal under the M&A transaction involving Inter Forest Rus
and the Company’s payment of interim dividends for the first nine
months of 2021;
·
CAPEX amounted to RUB 3.9 bn, in line with the same period last
year (+1% yoy).
Financial performance,
RUB mln
|
Q1 2022
|
Q1 2021
|
yoy
|
Revenue
|
35,640
|
18,217
|
96%
|
OIBDA
|
11,757
|
5,028
|
2.3x
|
margin, %
|
33%
|
28%
|
5 pp
|
Net profit, adjusted[1]
|
3,674
|
2,254
|
63%
|
Capital expenditure
|
3,938
|
3,890
|
1%
|
M&A
|
18,390
|
2,489
|
7.4x
|
Free cash flow
|
20,735
|
7,508
|
-2.8õ
|
Net debt
|
92,980
|
56,744
|
64%
|
Net debt/FY OIBDA, x
|
2.6
|
2.9
|
-
|
[1]
Net profit has been adjusted for other finance expenses associated
with revaluation of cross-currency interest rate swaps. For Q1 2022,
the adjustments amounted to RUB 11.6 bn (RUB 0.2 bn for Q1 2021).
Rovshan Aliyev, Segezha Group’s Vice President
for Finance and Investment, said:
“Our company delivered strong results for the
first quarter of the year, due among other factors to successful
completion of the consolidation of Inter Forest Rus, which brings
together a number of high-quality forestry assets and forest
resources. Amid high levels of uncertainty and persistent market
volatility, our focus remains on ensuring uninterrupted operations at
all of our assets and adapting the business to the new environment,
which among other measures includes strengthening and developing
business ties, signing new partnerships and reconfiguring logistics
arrangements to meet business needs.”
CONTACTS
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