EVRAZ publishes 2015 Annual Report and Reports full year 2015 results
EVRAZ plc (“EVRAZ” or “the Company”) (LSE: EVR) has today:
• posted its Annual Report for the year ended 31 December 2015 ("2015 Annual Report") on its website: http://www.evraz.com/investors/annual_reports/ and
• submitted to the UK National Storage Mechanism a copy of its 2015 Annual Report in accordance with LR 9.6.1 R.
The 2015 Annual Report will shortly be available for inspection on the National Storage Mechanism http://www.morningstar.co.uk/uk/NSM
The 2015 Annual Report and the Notice of the Company's Annual General Meeting, which will be held on 16 June 2016 in London, will be posted to shareholders in mid-May 2016.
The Appendix to this announcement contains additional information which has been extracted from the 2015 Annual Report for the purposes of compliance with DTR 6.3.5 only and should be read in conjunction with this announcement. Together these constitute the material required by DTR 6.3.5 and DTR 4.2.3 to be communicated to the media in unedited full text through a Regulatory Information Service. This announcement should be read in conjunction with and is not a substitute for reading the full 2015 Annual Report. Page and note references in the text below refer to page numbers and notes in the 2015 Annual Report.
EVRAZ ANNOUNCES ITS AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
The financial information contained in this document for the year ended 31 December 2015 does not constitute statutory accounts as defined by section 435 of the Companies Act 2006. The audited statutory accounts for the year ended 31 December 2014 have been delivered to the Registrar of Companies and those for 2015 will be delivered following the Company's annual general meeting convened for 16 June 2016.
The auditor has reported on the statutory accounts for the year ended 31 December 2015. The auditor's report was unqualified.
FY 2015 HIGHLIGHTS
• Strong free cash flow of US$799 million (FY 2014: US$1,012 million)
• Continued reduction in net debt: US$5.3 billion (FY 2014: US$5.8 billion)
• Cost saving of US$374 million due to ongoing productivity improvements and cost-cutting initiatives
• Consolidated EBITDA of US$1,438 million (FY 2014: US$2,355 million). Down 38.9% due to weaker commodity prices partly offset by lower expenses in US dollar terms due to rouble depreciation
• EBITDA margin of 16.4% (FY 2014: 18.0%): 1.6 percentage points lower than in FY 2014 as a result of the cost-efficiency programme and market initiatives
• Net loss was US$719 million vs. US$1,278 million in 2014 mostly due to impairment of assets (US$441 million) and foreign exchange loss (US$367 million)
• Secure position as one of the lowest-cost producers of steel and raw materials in Russia:
o cash cost of slabs decreased to US$193/t from US$266/t in FY 2014
o cash costs of washed coking coal of US$31/t (FY 2014: US$46/t)
o cash costs of iron ore products (58% Fe content) of US$30/t (FY 2014: US$47/t)
For further information:
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