Evraz Announces 2008 Interim Results
August 29, 2008– Evraz Group S.A. (LSE: EVR) today announces its unaudited interim results for the six months ended June 30, 2008.
1H 2008 Highlights:
- Revenue grew 78.2% to US$10,726 million due to strong pricing, acquisitions and improved sales mix.
- Consolidated adjusted EBITDA was up 80.5% to US$3,700 million.
- Net profit attributable to equity holders of Evraz Group S.A. grew 82.1% to US$2,043 million.
- Outstanding operating cash flow of US$2,347 million, a 42.2% increase over the previous period, due to higher profit and continuing focus on working capital management.
- Earnings per GDR increased by 75.4% to US$5.56.
- Crude steel production grew by 11.9% year-on-year to 9.5 million tonnes.
- Total steel sales volumes increased by 10.9% to 9.4 million tonnes.
- Revenues of vanadium segment increased by 212.2% to US$740 million.
- Vanadium products sales increased 57.2% year-on-year to 15,800 tonnes in vanadium equivalent.
- Iron ore production grew by 21.8% to 11.3 million tonnes with iron ore self-coverage of 93%.
- Own coal production provides for over 100% of the Company’s steel making requirements.
- Recently approved Yuzhkuzbassugol development programme until 2018 is another step in Yuzhkuzbassugol’s turnaround.
Corporate developments and acquisitions:
- Acquisition of Claymont Steel for US$420 million completed in January
- Acquisition of IPSCO Canada for US$2,413 million completed in June
- Successful bond placements totaling US$2.0 billion completed in April and May
|Six months to June 30
|Profit from operations||3,125||1,745||79.1%|
|Earning per GDR, (US$)||5.56||3.17||75.4%|
Please download the full version of the press release here.