EVRAZ announces its audited results for the year ended 31 December 2016
EVRAZ plc (“EVRAZ” or “the Group”; LSE: EVR) today announces its audited financial results for the year ended 31 December 2016.
FY 2016 highlights
- Strong free cash flow of US$659 million (FY2015: US$799 million)
- Continued reduction in net debt: US$4.8 billion (FY2015: US$5.3 billion)
- Cost saving of US$316 million due to ongoing productivity improvements and cost-cutting initiatives
- Consolidated EBITDA of $1,542m, up 7.2% from $1,438m in FY2015, driving the EBITDA margin from 16.4% to 20.0% due to numerous improvement initiatives and more favourable market conditions
- Net loss of US$188 million vs. US$719 million in FY2015 mostly due to impairment of assets (US$465 million)
- Secure position as one of the lowest-cost producers of steel and raw materials in Russia:
- Cash cost of slabs decreased to US$183/t from US$193/t in FY2015
- Cash costs of washed coking coal of US$30/t (FY2015: US$31/t)
- Cash costs of iron ore products (58% Fe content) of US$26/t (FY2015: US$30/t).