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EVRAZ announces unaudited interim financial results for H1 2013

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EVRAZ announces unaudited interim financial results for H1 2013

EVRAZ plc (“EVRAZ” or “the Company”) (LSE: EVR) today announces its unaudited interim results for the six months ended 30 June 2013 (“the Period”).


H1 2013 HIGHLIGHTS


Commenting on the interim results in respect of 2013, Alexander Frolov, Chief Executive of EVRAZ, stated: “While our sales volumes were broadly flat at 7.8 million tonnes in H1 2013, the financial results inevitably reflect the weaker steel price environment, with revenues decreasing 3% vs. H1 2012 to US$7,362 million and EBITDA declining to US$939 million.


During the reporting period we successfully delivered on three key investment projects: the commissioning of the new coking coal mine Yerunakovskaya VIII, the launch of the modernised rail mill at EVRAZ ZSMK and the introduction of PCI technology at EVRAZ NTMK. Each of these undertakings represents an important milestone in our strategy to develop our raw material base, enhance our product portfolio and preserve our low cost position in the global steelmaking industry.


At the same time, in the face of challenging conditions for the global steel sector, we have revised and further adjusted our expansion plans in order to significantly increase the flexibility of future capital expenditure”.


Six months to 30 June

 

 

 

(US$ million)

2013

2012

Change

Consolidated revenue

7,362

7,619

(3.4)%

Consolidated EBITDA

939

1,184

(20.7)%

Net loss

(122)

(46)

165.2%

Loss per share, (US$)

(0.07)

(0.03)

133.3%

Net cash flows from operating activities

628

1,089

(42.3)%

CAPEX

492

565

(12.9)%


30 June 2013

31 December 2012

 

Net debt

7,043

6,376

10.5%

Total assets

18,821

17,805

5.7%

 

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