EVRAZ announces its audited results for the year ended 31 December 2017
EVRAZ plc («EVRAZ» or «the Company») (LSE: EVR) announces its audited results for the year ended 31 December 2017.
FY 2017 HIGHLIGHTS
- Strong free cash flow of US$1,322 million (FY2016: US$659 million)
- Continued reduction in net debt: US$4.0 billion (FY2016: US$4.8 billion)
- Total EBITDA effect from cost-cutting and customer focus initiatives was US$267 million in 2017
- Consolidated EBITDA of $2,624m, up 70.2% from $1,542m in FY2016, driving the EBITDA margin from 20.0% to 24.2%, due to strong market conditions and numerous improvement initiatives
- Net profit of US$759 million vs. net loss of US$188 million in FY2016
- Cash-cost of steel and raw materials in Russia increased mostly as a result of rouble appreciation:
- cash cost of slabs increased to US$247/t from US$183/t in FY2016
- cash costs of washed coking coal of US$42/t (FY2016: US$30/t)
- cash costs of iron ore products (58% Fe content) of US$34/t (FY2016: US$26/t)
- A second interim dividend of US$429.6 million (US$0.30 per share) has been declared, reflecting the Board’s confidence in the Group’s financial position and outlook.