ru 
ru 
Menu

EVRAZ announces unaudited interim financial results for H1 2015

Back to the news list

EVRAZ announces unaudited interim financial results for H1 2015

EVRAZ plc (“EVRAZ” or “the Company”) (LSE: EVR) today announces its unaudited interim results for the six months ended 30 June 2015 (“the Period”).

H1 2015 HIGHLIGHTS

• Strong free cash flow of US$372 million (H1 2014: US$444 million)

• Consistent reduction in net debt: US$5.7 billion (FY 2014: US$5.8 billion), with net debt to EBITDA of 2.6 times

• Cost saving of US$149 million* due to ongoing productivity improvements and cost-cutting initiatives

• Consolidated EBITDA of US$922 million (H1 2014: US$1,080 million)

• EBITDA margin of 18.8% (FY 2014: 17.8%; H1 2014: 15.9%)

• EBITDA margin in the Coal segment of 31.7% (FY 2014: 28.3%; H1 2014: 21.9%) due to the following:

o shutdown of unprofitable mines

o disposal or shutdown of non-core steam coal operations

o a greater share of premium coal grades in the product mix

• Secure position as one of the lowest-cost producers of steel and raw materials in Russia:

o cash cost of slabs decreased to US$196/t from US$292/t in H1 2014

o cash costs of coking coal concentrate of US$32/t (H1 2014: US$55/t)

o cash costs of iron ore products (58% Fe content) of US$31/t (H1 2014: US$48/t)

• US$336 million returned to shareholders in April 2015 via the tender offer to purchase the Company’s ordinary shares, announced following the 2014 results

Download full version