NLMK Group Q2 2021 IFRS Financial Results
Source: RNS
NLMK Group Q2 and 6M 2021 IFRS Financial Results
NLMK Group's EBITDA (LSE, MOEX: NLMK) in Q2 2021 totalled $2.1 bn; EBITDA margin grew by 9 p.p. qoq to 50%. Free cash flow (FCF) reached $864 m. NLMK Group Board of Directors recommended approving Q2 2021 dividends in the amount of 13.62 RUB/share (127% of the FCF).
Key highlights
|
k t/$ million |
Q2 2021 |
Q1 2021 |
QoQ |
Q2 2020 |
YoY |
6M 2021 |
6M 2020 |
YoY |
|
Sales volumes |
4,329 |
3,908 |
11% |
4,352 |
-1% |
8,237 |
8,857 |
-7% |
|
Revenue |
4,139 |
2,867 |
44% |
2,174 |
90% |
7,006 |
4,631 |
51% |
|
EBITDA 2 |
2,052 |
1,166 |
76% |
582 |
3.5x |
3,218 |
1,176 |
2.7x |
|
EBITDA margin |
50% |
41% |
+9 p.p. |
27% |
+23 p.p. |
46% |
25% |
+21 p.p. |
|
Profit for the period 3 |
1,359 |
775 |
75% |
77 |
17.6x |
2,134 |
366 |
5.8x |
|
Free cash flow 4 |
864 |
452 |
91% |
304 |
2,8x |
1,316 |
635 |
2,1x |
|
Net debt 5 |
1,963 |
2,087 |
-6% |
1,830 |
7% |
1,963 |
1,830 |
7% |
|
Net debt/EBITDA 5 |
0.42x |
0.65x |
|
0.79x |
|
0.42x |
0.79x |
|
Q2 2021 key highlights
· Revenue grew by 44% qoq to $4.1 bn (+90% yoy) with an increase in steel product prices and production and sales volumes.
· EBITDA grew by 76% qoq to $2.1 bn (+3.5х yoy) amid increased sales and wider price spreads. EBITDA margin grew by 9 p.p. qoq to 50%.
· Free cash flow grew by 91% qoq to $864 m (+2.8х yoy), driven by stronger financial performance.
· Net profit grew by 75% qoq to $1.4 bn (+18х yoy).
1 Consolidated financial results are prepared under IFRS. Reporting periods of the Company are 3M, 6M, 9M and 12M. Quarterly figures are obtained by calculation, including in the segment reporting. Figures for comparable periods may differ from figures posted earlier because of rounding off to integers.
2 EBITDA is the operating profit before equity share in financial results of joint ventures, impairment of capital assets and losses from retirement of fixed assets, allowed for amortization and depreciation. EBITDA calculations and further details are presented in the Appendix.
3 Profit for the period attributable to NLMK shareholders.
4 Free cash flow is determined as net cash from operations plus interest received net of interest paid and capital investment. Free cash flow calculations are presented in the Appendix.
5 Net debt is calculated as the sum of long-term and short-term borrowings less cash and cash equivalents, as well as short-term deposits at period end. Net debt / EBITDA is represented by net debt as at the end of the reporting period and EBITDA as last 12 months EBITDA. Net debt calculations are presented in the Appendix.
|
|
Investor relations contact: Dmitry Kolomytsyn, CFA +7 (495) 504 0504 |
Media relations contact: Maria Simonova +7 (915) 322 62 25 simonova_mn@nlmk.com |
6M 2021 key highlights
· Revenue grew by 51% yoy to $7.0 bn amid higher average sales prices and an increase in the share of finished products in the sales portfolio.
· EBITDA grew by a factor of 2.7 yoy to $3.2 bn due to the widening of the steel products/raw materials price spreads and the implementation of Strategy 2022 projects. EBITDA margin was 46% (+21 p.p. yoy).
· Free cash flow increased by a factor of 2.1 yoy to $1.3 bn, driven by EBITDA growth. This was partially offset by higher investment and the outflow of funds for working capital replenishment amid growing prices.
· Net profit increased by a factor of 5.8 yoy to $2.1 bn due to gross profit growth, and last year's low baseline effect amid NBH investment cost impairment.
Comment from NLMK Group CFO Shamil Kurmashov:
"In Q2 2021, steel prices continued to grow across all key markets. In the US and the EU, prices hit new highs. Steel product consumption grew due to the realization of deferred demand and government support measures. Steel capacity utilization rates reached pre-crisis levels as facilities that were stopped during the first wave of the pandemic were relaunched. The outstripping growth in steel consumption relative to production led to a decrease in inventories to all-time lows, which brought about a further increase in prices.
"Sales growth and favourable pricing conditions contributed to an increase in NLMK Group's revenue by 44% qoq to $4.1 billion, and an EBITDA growth by 76% qoq to $2.1 billion. EBITDA margin reached 50%. Free cash flow increased by 91% to $864 million.
"Net debt/EBITDA stood at 0.4x; net debt decreased by 6% qoq to $2 billion.
"In line with the Group's Dividend Policy, the management recommended to the NLMK Board of Directors to pay $1.1 billion in Q2 2021 dividends.
TELECONFERENCE
NLMK is pleased to invite the investment community to a conference call with the Company management:
Thursday, 22 July 2021
· 10:30 a.m. - New York
· 3:30 p.m. - London
· 5:30 p.m. - Moscow
To join the conference call and webcast, the participants are invited to dial:
US number:
+1 334-777-6978 (local access) // 800-367-2403 (toll free)
UK number:
+44 (0)330 027 1846 (local access) // 0800 031 4838 (toll free)
Russian number:
+7 499 609 1260 (local access) // 8 800 100 9471 (toll free)
Conference code: 3727268
To join the webcast, please follow the link:
https://www.webcast-eqs.com/nlmk20210722
* We recommend participants start dialling 5-10 minutes in advance to avoid waiting.
MANAGEMENT COMMENTS
Q2 2021 market review
· Demand for steel in international markets continued to recover, coupled with a seasonal uptick in activity and the realization of deferred consumption. In Q2 2021, demand outside China exceeded the pre-crisis levels of 2019.
· A shortage of steel products persists in the Western markets, the USA, and the EU. Final demand for steel grew stronger due to state support measures in the field of infrastructure projects. In the durable goods segment, consumption increased due to social support programmes. Capacity utilization rates reached 80%, having recovered to the level of Q2 2019, while inventory levels remain low. Steel consumption in the US increased by 9% qoq (+41% yoy), and by 12% qoq (+43% yoy) in the EU.
· In China, demand for steel products increased by 11% qoq (+8% yoy), supported by increased activity in the construction sector. Compared to Q2 2019, consumption increased by 14%.
· In Russia* consumption of metal products increased seasonally by 8% qoq. The 19% year-on-year growth is due to the low base of 2020 and higher rates of national projects implementation.
|
Q2 2021 prices · Raw material prices: Australian coking coal prices grew by 6% qoq (+12% yoy) amid restocking in India, Japan and South Korea. With the continued ban on coal imports from Australia, coking coal prices in China increased by 17% qoq (+98% yoy) due to increased steel production and limited supplies from Mongolia. · The increase in prices for iron ore raw materials (+18% qoq; +112% yoy) was triggered by a shortage in the market associated with record volumes of steelmaking in China, increased demand in other regions, and limited supplies from Brazil. · Market prices** for flat steel increased by 28% qoq (+179% yoy) in the US, and by 44% qoq (+155% yoy) in the EU, due to the implementation of infrastructure projects and supported by consumer demand. · Dollar-denominated prices for steel products on the Russian market increased by 36% qoq (+114% yoy). Dollar-denominated rebar prices grew by 13% qoq (+78% yoy). · Slab prices in export destinations (FOB Black Sea) increased by 29% qoq (+153% yoy). |
*Data on steel consumption trends on regional markets are estimates.
* Market prices reflect the level of prices for a given calendar period and differ from the average sales prices of the Company and its segments due to the time lag of the production & sales cycle.
|
Q2 2021 output and sales breakdown Steel output increased by 5% to 4.6 m t (+19% yoy) with NLMK steelmaking equipment ramp-up after the overhaul. Sales reached 4.3 m t (+11% qoq; -1% yoy) due to an increase in the export of slabs to Middle Easter and EU markets. Sales mix: the share of semi-finished products increased qoq against the backdrop of an increase in the supply of pig iron, billets, and slabs to third parties by 57% qoq. Sales of finished products amounted to 2.7 m t (+1% qoq, +12% yoy). Sales in the 'home' markets reached 2.8 m t (+1% qoq; +19% yoy). Sales to the Russian market increased by 8% qoq to 1.8 m t (+26% yoy) with the start of the construction season. Sales in the US increased by 17% qoq amid increased shipments of NLMK slabs with a corresponding growth of rolled steel capacity utilization rates. In the EU, sales decreased by 28% qoq (-18% yoy) due to the upgrade of the NLMK La Louvière hot strip mill (a Strategy 2022 project). Sales in export markets increased by 20% qoq to 1.4 m t (-30% yoy). 6M 2021 output and sales breakdown Steel output increased by 11% yoy with the completion of the overhauls at NLMK Lipetsk's steelmaking operations. Sales amounted to 8.2 m t (-7% yoy) following the redistribution of slab supplies to NLMK USA amid a strong consumption trend in the region, which resulted in the need to stockpile slabs in the intragroup supply chain. Sales mix: sales of semi-finished products to third parties decreased by 23% yoy with the resumption of slab deliveries to NLMK USA. Shipments of NBH slabs totalled 0.93 m t (-23% yoy). Sales of finished rolled products grew by 5% yoy to 5.4 m t. Sales on 'home' markets increased by 3% to 5.5 m t, supported by sales growth in Russia and the United States. Sales in export markets decreased by 23% to 2.6 m t due to the high base in the same period last year (non-traditional export markets).
|
|
NLMK GROUP KEY FINANCIALS Q2 2021 revenue · Revenue grew by 44% qoq to $4.1 bn (+90% yoy) due to an increase in sales volumes and average sales prices for steel products. · Revenue from semi-product sales totalled $1.2 bn (+73% qoq; +61% yoy), due mainly to higher sales volumes of slabs to export markets. The share of semi-finished products in total revenue increased by 5 p.p. qoq and reached 28% (-5 p.p. yoy). · Revenue from sales of finished products increased by 32% qoq to $2.8 bn (+108% yoy), due to an increase in sales volumes and prices of steel products in key markets. The share of finished products in consolidated revenue totalled 67% (-6 p.p. qoq, +6 p.p. yoy). · The share of the Russian market in total revenue went down to 43% (-3 p.p. qoq; +6 p.p. yoy) as a result of increased export supplies from the Russian companies. The US share increased to 19% (+4 p.p. qoq; +5 p.p. yoy) amid a strong market due to a shortage of steel in the region, while the EU share remained flat qoq at 17% (+1 p.p. yoy). |
|
6M 2021 revenue · Revenue increased by 51% yoy to $7.0 bn due to higher sales prices on all key markets, which was partially offset by the decrease in sales as slab supplies were redistributed to NLMK USA amid a strong consumption trend in the region. · Revenue from semi-finished product sales increased by 27% yoy to $1.8 bn amid an increase in average prices and an improvement in the sales structure with lower pig iron sales. The share of semi-finished products in total revenue decreased by 5 p.p. yoy to 26%. · Revenue from finished product sales increased by 65% yoy to $4.9 bn. The share of finished products in the revenue totalled 70% (+6 p.p. yoy). · Russian market share increased to 44% (+5 p.p. yoy) vs. last year's low baseline. The share of revenue from sales to Asian markets restored to traditional levels, amounting to 2% in H1 2021 (-6 p.p. yoy) due to demand recovery on traditional sales markets. The share of the North American region remained flat at 17% (+0 p.p. yoy); the EU share decreased to 17%.
|
|
Q2 2021 EBITDA · EBITDA* grew by 76% qoq to $2.1 bn (+3.5х yoy) with wider steel/raw material price spreads and higher steel product sales, as well as due to ongoing operational efficiency programmes. · Commercial costs increased by 16% qoq to $216 m (-5% yoy) following overall sales growth. · General and administrative expenses increased by 20% qoq to $116 m (+41% yoy) amid accrual of Long-Term Incentive Programme reserves and annual salary indexation at NLMK's Russian companies. 6M 2021 EBITDA · EBITDA increased by a factor of 2.7 yoy to $3.2 bn, due to wider price spreads and a weaker ruble, as well as due to the implementation of Strategy 2022 projects. · Commercial costs decreased by 9% yoy to $402 m due to lower exports. · General and administrative expenses increased by 27% yoy to $213 m amid accrual of Long-Term Incentive Programme reserves and annual salary indexation at NLMK's Russian companies. Net profit** · Net profit in Q2 2021 grew by 75% qoq to $1.4 bn as EBITDA increased. · Net profit in 6M 2021 increased by a factor of 5.8 yoy to $2.1 bn.
|
|
* EBITDA used in NLMK's financial releases is calculated as operating profit before equity share in net losses of associates and other companies accounted for using the equity method of accounting, impairment and write-off of assets, adjusted to depreciation and amortization. EBITDA is not an indicator of operating profit, operating activity or liquidity under IFRS, and NLMK discloses it because equivalent indicators could be used by investors and analysts. That said, NLMK's EBITDA should not be viewed on a standalone basis, or in place of profit before tax, or cash flows from operations, as defined by IFRS, or as an indicator of operational efficiency, or as the sum of free cash funds that NLMK can invest into business development. NLMK's EBITDA margin and EBITDA might not be comparable to similar indicators disclosed by other companies as there are no commonly accepted rules for calculating them. For instance, NLMK's EBITDA is calculated similar to what is termed as 'Adjusted EBITDA' in other companies, as NLMK's EBITDA excludes other profit/loss items in addition to interest payments, income tax, depreciation and amortization. **Profit for the period, attributable to NLMK shareholders. |
|
Q2 2021 free cash flow · Free cash flow increased by 91% qoq to $864 m (+2.8х yoy) following EBITDA growth, which was partially offset by higher investment and an outflow of funds for working capital replenishment amid growing prices. · Operational cash flow grew by 80% qoq to $1.2 bn. · The outflow of funds for working capital replenishment amounted to $430 m due to: o - $290 m: increased accounts receivable due to higher steel product prices o - $395 m: higher prices of inventory stocks, seasonal scrap inventory replenishment, increased inventory at NLMK USA due to output growth in Q2-Q3 2021 o + $252 m: increased accounts payable due to increased purchases of scrap and slabs by NLMK USA, an increase in advance payments received, and an increase in VAT arrears amid higher sales prices in Russia. 6M 2021 free cash flow · Free cash flow doubled yoy and reached $1.3 bn, due mainly to a higher EBITDA. This was partially offset by the outflow of funds for working capital replenishment. · The outflow of funds for working capital replenishment totalled $719 m due to: o - $594 m: increased accounts receivable due to higher steel product prices and the effect of the low baseline in late 2020 (faster settlements with buyers amid high demand) o - $510 m: higher inventory prices and growth of inventory stocks at NLMK USA amid production growth o + $379 m: increased accounts payable due to higher prices and purchase volumes of scrap and slabs by NLMK USA, an increase in advance payments received, and an increase in VAT arrears amid higher sales prices in Russia.
|
Investment
· The Group's investment in Q2 2021 increased by 55% qoq to $359 m (+64% yoy) as part of the annual plan.
· The Group's investment in 6M 2021 grew by 17% yoy to $591 m following the final stage in NLMK Lipetsk BF and BOF operations upgrade.
Dividends
· In Q2 2021 the Company paid out $592 m in dividends.
· On 22 July 2021 the Board of Directors recommended that shareholders approve the payment of Q2 2021 dividends in the amount of RUB 13.62 per share.
Strategy 2022 execution
· In 6M 2021 structural EBITDA gains from operational efficiency programmes totalled $68 m (to the 2020 cost baseline).
· Investment projects during the same period added $44 m to EBITDA.
Debt management
· Total debt in Q2 2021 decreased by 3% qoq to $2.8 bn amid a planned partial repayment of the revolving lines and due to currency rate differences. In June, NLMK Group concluded a transaction to float an issue of 5-year Eurobonds for a total of €500 m with an annual interest rate of 1.45%. The funds received during the issuance were directed to buy back outstanding Eurobonds with repayment dates in 2023 and 2024.
· Net debt went down by 6% qoq to $2.0 bn due to the decrease in overall debt and the growth of free cash flow. Net debt/EBITDA totalled 0.42х vs. 0.65x in Q1 2021.
· The weighted average interest on debt liabilities decreased by 0.4 p.p. qoq to 2.7% (-0.7 p.p. yoy), driven by debt portfolio optimization.
|
NLMK Russia Flat Products |
|
Q2 2021 highlights · Sales grew by 18% qoq (+3% yoy) to 3.5 m t amid higher sales, both to the Russian market (+7% qoq, +16% yoy) and to export markets (+24% qoq, -3% yoy). · Revenue in the Segment grew by 51% qoq to $3.2 bn (+96% yoy) due to increased sales volumes and average sales prices. · EBITDA stood at $1.4 bn (+80% qoq, +4.6х yoy) due to wider steel product/raw material price spreads, higher sales volumes, and the effects of operational efficiency programmes and investment projects. 6M 2021 highlights · Sales went down by 5% yoy to 6.5 m t amid planned repairs in rolling shops and an increase in the average period of slab delivery as supplies to NLMK USA resumed. · Revenue grew by 56% yoy to $5.3 bn due to an increase in average sales prices, which was partially offset by lower sales and a higher share of semi-finished products. The share of revenue from inter-segmental operations went up to 27% (+8 p.p. yoy). · EBITDA increased by a factor of 3.3 yoy to $2.2 bn, due mainly to wider steel product/raw material price spreads and a weaker ruble.
|
|
|
|
NLMK Russia Long Products |
|
Q2 2021 highlights · Sales grew by 11% qoq to 0.8 m t (+38% yoy) due to increased shipments to the Russian market (+10% qoq; +54% yoy) and to export (+11% qoq; +11% yoy) amid higher demand ahead of the construction season. · Revenue increased by 54% qoq to $803 m (+2.5х yoy) following the growth of sales volumes and prices. Revenue from inter-segmental operations almost tripled, reaching $214 m as a result of the seasonal increase in scrap collection. · EBITDA totalled $157 m (+74% qoq) due mainly to wider rolled product/scrap price spreads and higher sales. 6M 2021 highlights · Sales grew by 34% yoy to 1.6 m t against the backdrop of last year's low baseline, when the production programme was limited due to the COVID-19 pandemic. · Revenue increased by a factor of 2.1 yoy to $1.3 bn following the growth of sales and average sales prices for long products. Revenue from operations with external buyers doubled, reaching $1.0 bn. · EBITDA went up to $247 m amid demand recovery in the construction segment and a wider rebar/scrap price spread. The operational efficiency programme had an additional positive impact. |
|
|
|
Mining and Processing of Raw Materials |
|
Q2 2021 highlights · Sales increased by 8% qoq (+6% yoy) to 5.2 m t due to growth of output driven by investment programme gains and growth of raw material demand from NLMK Lipetsk. · Revenue grew by 31% qoq to $685 m (+2х yoy) due to higher sales volumes and an increase in ruble-denominated sales prices for concentrate (16% qoq; +144% yoy) and pellets (29% qoq; +173% yoy). · EBITDA increased by 35% qoq to $585 m (+2.4х yoy) due to higher production and sales volumes and improving market conditions. 6M 2021 highlights · Sales reached 10 m t (+5% yoy) due to growth of output driven by investment programme gains and the implementation of operational efficiency programmes. · Revenue grew to $1.2 bn (+86% yoy) due mainly to the increase of global raw material prices and higher sales. · EBITDA totalled $1.0 bn (+2.1х yoy) amid a positive price trend on raw material markets and investment project implementation.
|
|
|
|
NLMK USA |
|
Q2 2021 highlights · Sales grew by 17% qoq to 0.5 m t (+52% yoy) amid increased production capacity utilization rates due to high demand on the US market. · Revenue went up by 73% qoq to $699 m (+2.9х yoy) following higher sales and amid record high steel product prices. · EBITDA grew by a factor of 3.3 qoq to $213 m (+71х yoy) following higher sales volumes and improved flat steel/slab price spread, and due to operational efficiency gains. 6M 2021 highlights · Sales increased by 8% yoy to 0.9 m t, following the recovery of steel product demand. · Revenue increased by 79% yoy to $1.1 bn, driven by higher sales and higher steel prices. · EBITDA grew to $278 m amid wider price spreads and higher sales.
|
|
|
|
NLMK DanSteel* |
|
Q2 2021 highlights · Sales of plate went down by 7% qoq to 0.16 m t (+33% yoy) amid an optimization of the order portfolio and the high baseline of Q1 2021, when some of the volumes shipped at the end of last year were recognized. · Revenue grew by 9% qoq to $157 m due to higher plate sales prices, which was partially offset by lower sales. · EBITDA decreased to -$13 m, due mainly to shipments under long-term contracts signed before the period of spiking prices for products and slabs. 6M 2021 highlights · Sales went up by 17% yoy to 0.3 m t against the backdrop of the low baseline of the same period last year during the COVID-19 pandemic. · Revenue increased by 34% yoy to $301 m following higher sales and favourable market conditions. · EBITDA was down to -$17 m (see above).
|
|
* NLMK DanSteel and the plate sales network. |
|
JV performance (NBH) |
|
Q2 2021 highlights · NBH sales decreased by 34% qoq (-30% yoy) to 0.33 m t amid the drop in production due to the planned upgrade of the hot strip mill at NLMK La Louvière (a Strategy 2022 project). · Revenue was down by 16% qoq to $355 m. The decrease in sales was partially offset by price growth. · EBITDA totalled -$7 m vs. $8 m in Q1 2021 amid decreased production of strip products at NLMK La Louvière, which was partially offset by improved products/slabs price spreads. 6M 2021 highlights · NBH sales went down by 23% yoy to 0.82 m t, due mainly to lower HRC production at NLMK La Louvière. · Revenue increased by 13% yoy to $777 m, following higher steel product prices. · EBITDA stood at $1 m vs. -$33 m the year before, driven by wider price spreads, which was offset by lower sales.
|
Appendix No. 1: Operating and financial results
(1) Sales markets
|
k t |
Total |
Sales markets |
|||||
|
|
Russia |
ЕС |
Russia |
Middle |
Russia |
Other |
|
|
NLMK Group (with NBH) |
4,194 |
1,821 |
730 |
627 |
510 |
330 |
178 |
|
Division sales to third parties: |
|
|
|
|
|
|
|
|
NLMK Russia Flat |
2,388 |
1,249 |
185 |
116 |
435 |
320 |
81 |
|
NLMK Russia Long |
818 |
567 |
102 |
0 |
71 |
0 |
78 |
|
International subsidiaries and affiliates, incl.: |
988 |
4 |
442 |
511 |
4 |
9 |
19 |
|
NLMK USA |
502 |
0 |
0 |
502 |
0 |
0 |
0 |
|
European rolling facilities (NLMK DanSteel and NBH) |
486 |
4 |
442 |
8 |
4 |
9 |
19 |
(2) NLMK Russia Flat
|
k t/$ million |
Q2 2021 |
Q1 2021 |
QoQ |
Q2 2020 |
YoY |
6M 2021 |
6M 2020 |
YoY |
|
Steel product sales, incl.: |
3,527 |
2,997 |
18% |
3,432 |
3% |
6,524 |
6,902 |
-5% |
|
external customers |
2,387 |
2,082 |
15% |
2,834 |
-16% |
4,469 |
5,334 |
-16% |
|
semis to NBH |
451 |
479 |
-6% |
472 |
-5% |
930 |
1,206 |
-23% |
|
intersegmental sales |
689 |
435 |
58% |
126 |
5,5x |
1,124 |
361 |
3,1x |
|
Revenue, incl.: |
3,189 |
2,117 |
51% |
1,624 |
96% |
5,306 |
3,412 |
56% |
|
external customers |
2,275 |
1,596 |
43% |
1,384 |
64% |
3,871 |
2,760 |
40% |
|
intersegmental operations |
914 |
521 |
75% |
240 |
3,8x |
1,435 |
652 |
2,2x |
|
EBITDA |
1,393 |
772 |
80% |
303 |
4,6x |
2,165 |
658 |
3,3x |
|
EBITDA margin |
44% |
36% |
+8 p.p. |
19% |
+25 p.p. |
41% |
19% |
+22 p.p. |
(3) NLMK Russia Long
|
k t/$ million |
Q2 2021 |
Q1 2021 |
QoQ |
Q2 2020 |
YoY |
6M 2021 |
6M 2020 |
YoY |
|
Steel product sales |
818 |
740 |
11% |
594 |
38% |
1,558 |
1,163 |
34% |
|
Revenue, incl.: |
803 |
522 |
54% |
326 |
2,5x |
1,325 |
642 |
2,1x |
|
external customers |
589 |
449 |
31% |
251 |
2,3x |
1,038 |
511 |
2x |
|
intersegmental operations |
214 |
73 |
2,9x |
75 |
2,9x |
287 |
131 |
2,2x |
|
EBITDA |
157 |
90 |
74% |
10 |
15,7x |
247 |
24 |
10,3x |
|
EBITDA margin |
20% |
17% |
+3 p.p. |
3% |
+17 p.p. |
19% |
4% |
+15 p.p. |
(4) Mining Segment
|
k t/$ million |
Q2 2021 |
Q1 2021 |
QoQ |
Q2 2020 |
YoY |
6M 2021 |
6M 2020 |
YoY |
|
Iron ore products sales, incl.: |
5,159 |
4,785 |
8% |
4,880 |
6% |
9,944 |
9,484 |
5% |
|
sales to Lipetsk plant |
4,881 |
4,763 |
2% |
4,428 |
10% |
9,645 |
8,957 |
8% |
|
Revenue, incl.: |
685 |
521 |
31% |
336 |
2x |
1,206 |
648 |
86% |
|
external customers |
48 |
4 |
12x |
24 |
100% |
52 |
34 |
53% |
|
intersegmental operations |
637 |
517 |
23% |
312 |
2x |
1,154 |
614 |
88% |
|
EBITDA |
585 |
432 |
35% |
248 |
2,4x |
1,017 |
475 |
2,1x |
|
EBITDA margin |
85% |
83% |
+2 p.p. |
74% |
+11 p.p. |
84% |
73% |
+11 p.p. |
(5) NLMK USA
|
k t/$ million |
Q2 2021 |
Q1 2021 |
QoQ |
Q2 2020 |
YoY |
6M 2021 |
6M 2020 |
YoY |
|
Steel product sales |
502 |
431 |
17% |
330 |
52% |
933 |
867 |
8% |
|
Revenue, incl.: |
699 |
403 |
73% |
238 |
2,9x |
1,102 |
615 |
79% |
|
external customers |
699 |
403 |
73% |
238 |
2,9x |
1,102 |
615 |
79% |
|
intersegmental operations |
- |
- |
0% |
- |
0% |
- |
- |
0% |
|
EBITDA |
213 |
65 |
3,3x |
3 |
71x |
278 |
(19) |
14,6x |
|
EBITDA margin |
30% |
16% |
+14 p.p. |
1% |
+29 p.p. |
25% |
-3% |
+28 p.p. |
(6) NLMK DanSteel
|
k t/$ million |
Q2 2021 |
Q1 2021 |
QoQ |
Q2 2020 |
YoY |
6M 2021 |
6M 2020 |
YoY |
|
Steel product sales |
162 |
174 |
-7% |
122 |
33% |
336 |
286 |
17% |
|
Revenue, incl.: |
157 |
144 |
9% |
95 |
65% |
301 |
225 |
34% |
|
external customers |
157 |
144 |
9% |
95 |
65% |
301 |
225 |
34% |
|
intersegmental operations |
- |
- |
0% |
- |
0% |
- |
- |
0% |
|
EBITDA |
(13) |
(4) |
3,3x |
(3) |
4,3x |
(17) |
3 |
-5,7x |
|
EBITDA margin |
-8% |
-3% |
-5 p.p. |
-3% |
-5 p.p. |
-6% |
1% |
-7 p.p. |
(7) NBH
|
k t/$ million |
Q2 2021 |
Q1 2021 |
QoQ |
Q2 2020 |
YoY |
6M 2021 |
6M 2020 |
YoY |
|
Steel product sales |
329 |
495 |
-34% |
468 |
-30% |
824 |
1,073 |
-23% |
|
Revenue, incl.: |
355 |
422 |
-16% |
308 |
15% |
777 |
690 |
13% |
|
external customers |
344 |
410 |
-16% |
297 |
16% |
754 |
667 |
13% |
|
intersegmental operations |
11.0 |
12.0 |
-8% |
11.0 |
0% |
23 |
23 |
0% |
|
EBITDA |
(7) |
8 |
-0,9x |
(14) |
-50% |
1 |
(33) |
0x |
|
EBITDA margin |
-2% |
2% |
-4 p.p. |
-5% |
+3 p.p. |
0% |
-5% |
+5 p.p. |
(8) Sales by product
|
k t |
Q2 2021 |
Q1 2021 |
Q4 2020 |
Q3 2020 |
Q2 2020 |
|
Pig iron |
133 |
30 |
437 |
389 |
368 |
|
Slabs |
1,337 |
1,082 |
1,083 |
1,215 |
1,445 |
|
Thick plates |
163 |
175 |
145 |
97 |
122 |
|
Hot-rolled steel |
904 |
957 |
947 |
887 |
904 |
|
Cold-rolled steel |
406 |
431 |
424 |
480 |
405 |
|
Galvanized steel |
334 |
279 |
273 |
315 |
292 |
|
Pre-painted steel |
96 |
81 |
82 |
129 |
96 |
|
Transformer steel |
77 |
67 |
78 |
64 |
65 |
|
Dynamo steel |
62 |
65 |
68 |
66 |
62 |
|
Billet |
139 |
105 |
96 |
86 |
116 |
|
Long products |
599 |
572 |
522 |
642 |
426 |
|
Metalware |
80 |
63 |
65 |
74 |
53 |
|
TOTAL |
4,329 |
3,908 |
4,220 |
4,443 |
4,352 |
(9) Sales by region
|
k t |
Q2 2021 |
Q1 2021 |
Q4 2020 |
Q3 2020 |
Q2 2020 |
|
Russia |
1,818 |
1,677 |
1,643 |
1,817 |
1,447 |
|
European Union |
890 |
805 |
852 |
482 |
767 |
|
Middle East, including Turkey |
507 |
536 |
567 |
580 |
553 |
|
North America |
624 |
468 |
604 |
562 |
472 |
|
Central and South America |
325 |
225 |
184 |
49 |
44 |
|
CIS |
76 |
91 |
101 |
135 |
76 |
|
Asia and Oceania |
68 |
23 |
190 |
794 |
899 |
|
Rest of World |
21 |
82 |
79 |
25 |
95 |
|
TOTAL |
4,329 |
3,908 |
4,220 |
4,443 |
4,352 |
(10) Revenue by region
|
Region |
Q2 2021 |
Q1 2021 |
Q4 2020 |
|||
|
$ million |
share |
$ million |
share |
$ million |
share |
|
|
Russia |
1,769 |
43% |
1,306 |
46% |
992 |
42% |
|
European Union |
723 |
17% |
501 |
17% |
447 |
19% |
|
Middle East, including Turkey |
407 |
10% |
343 |
12% |
296 |
12% |
|
North America |
781 |
19% |
430 |
15% |
342 |
14% |
|
Central and South America |
255 |
6% |
140 |
5% |
95 |
4% |
|
CIS |
84 |
2% |
74 |
3% |
64 |
3% |
|
Asia and Oceania |
98 |
2% |
33 |
1% |
103 |
4% |
|
Rest of World |
22 |
1% |
40 |
1% |
46 |
2% |
|
TOTAL |
4,139 |
100% |
2,867 |
100% |
2,385 |
100% |
(11) EBITDA*
|
$ million |
Q2 2021 |
Q1 2021 |
Q4 2020 |
Q3 2020 |
Q2 2020 |
|
Operating income** |
1,899 |
1,016 |
758 |
437 |
437 |
|
minus: |
|
|
|
|
|
|
Depreciation and amortization |
(153) |
(150) |
(132) |
(142) |
(145) |
|
EBITDA |
2,052 |
1,166 |
890 |
579 |
582 |
* EBITDA used in NLMK's financial releases is calculated as operating profit before equity share in net losses of associates and other companies accounted for using the equity method of accounting, impairment and write-off of assets, adjusted to depreciation and amortization. EBITDA is not an indicator of operating profit, operating activity or liquidity under IFRS, and NLMK discloses it because equivalent indicators could be used by investors and analysts. That said, NLMK's EBITDA should not be viewed on a standalone basis, or in place of profit before tax, or cash flows from operations, as defined by IFRS, or as an indicator of operational efficiency, or as the sum of free cash funds that NLMK can invest into business development. NLMK's EBITDA margin and EBITDA might not be comparable to similar indicators disclosed by other companies as there are no commonly accepted rules for calculating them. For instance, NLMK's EBITDA is calculated similar to what is termed as 'Adjusted EBITDA' in other companies, as NLMK's EBITDA excludes other profit/loss items in addition to interest payments, income tax, depreciation and amortization.
** Operating profit before equity share in net losses of associates and other companies accounted for using the equity method of accounting, impairment and write-off of assets
(12) Free cash flow
|
$ million |
Q2 2021 |
Q1 2021 |
Q4 2020 |
Q3 2020 |
Q2 2020 |
|
Net cash provided operating activities |
1,247 |
691 |
524 |
591 |
549 |
|
Interest paid |
(25) |
(8) |
(25) |
(9) |
(28) |
|
Interest received |
1 |
1 |
3 |
1 |
2 |
|
Advance VAT payments on imported equipment |
- |
- |
- |
- |
- |
|
Capex |
(359) |
(232) |
(273) |
(344) |
(219) |
|
Free Cash Flow |
864 |
452 |
229 |
239 |
304 |
(13) Net debt
|
$ million |
Q2 2021 |
Q1 2021 |
Q4 2020 |
Q3 2020 |
Q2 2020 |
|
Short-term borrowings |
831 |
857 |
1,054 |
856 |
1,219 |
|
Long-term borrowings |
2,002 |
2,069 |
2,432 |
2,346 |
2,139 |
|
Cash and cash equivalents |
(748) |
(489) |
(842) |
(755) |
(1,121) |
|
Short-term deposits |
(122) |
(350) |
(149) |
(501) |
(407) |
|
Net debt |
1,963 |
2,087 |
2,495 |
1,946 |
1,830 |
(14) Production of main products
|
k t |
Q2 2021 |
Q1 2021 |
Q4 2020 |
Q3 2020 |
Q2 2020 |
|
Crude steel, incl.: |
4,523 |
4,307 |
3,863 |
3,824 |
3,809 |
|
Steel Segment |
3,557 |
3,331 |
2,970 |
2,864 |
3,145 |
|
Long products Segment, incl.: |
777 |
789 |
708 |
786 |
610 |
|
NLMK Kaluga |
310 |
333 |
349 |
361 |
272 |
|
Foreign Rolled Products Segment |
189 |
187 |
185 |
173 |
53 |
|
Finished products, incl.: |
2,756 |
2,764 |
2,594 |
2,614 |
2,467 |
|
Flat steel |
2,104 |
2,096 |
2,024 |
1,957 |
1,978 |
|
Long steel |
652 |
669 |
570 |
657 |
489 |
|
Coke (6% moisture), incl.: |
1,498 |
1,463 |
1,486 |
1,506 |
1,530 |
|
NLMK Lipetsk |
644 |
638 |
647 |
647 |
643 |
|
Altai-Koks |
853 |
825 |
839 |
858 |
887 |
(15) Slab sales, including intra-group sales to NLMK Group companies
|
k t |
Q2 2021 |
Q1 2021 |
Q4 2020 |
Q3 2020 |
Q2 2020 |
|
Sales to 3rd parties, incl.: |
886 |
603 |
502 |
907 |
973 |
|
Export |
667 |
406 |
380 |
797 |
796 |
|
Sales to subsidiaries & associates |
1,130 |
911 |
728 |
410 |
598 |
|
Sales to NBH |
451 |
479 |
582 |
308 |
472 |
|
TOTAL |
2,016 |
1,514 |
1,230 |
1,318 |
1,571 |
(16) Export shipments of steel products from Russian assets of the Group to third party consumers
|
k t |
Q2 2021 |
Q1 2021 |
QoQ |
Q2 2020 |
YoY |
6M 2021 |
6M 2020 |
YoY |
|
Semi-finished products |
939 |
541 |
74% |
1,280 |
-27% |
1,480 |
2,008 |
-26% |
|
Pig iron |
133 |
30 |
4,4x |
368 |
-64% |
163 |
659 |
-75% |
|
Slabs |
667 |
406 |
64% |
796 |
-16% |
1,073 |
1,203 |
-11% |
|
Billets |
139 |
105 |
33% |
116 |
20% |
244 |
146 |
67% |
|
Flat products |
347 |
486 |
-29% |
591 |
-41% |
833 |
1,029 |
-19% |
|
HRC |
162 |
253 |
-36% |
352 |
-54% |
415 |
500 |
-17% |
|
CRC |
74 |
125 |
-41% |
135 |
-45% |
199 |
294 |
-32% |
|
HDG |
5 |
5 |
0% |
8 |
-28% |
11 |
24 |
-55% |
|
Coated |
1 |
1 |
92% |
0 |
2,2x |
1 |
1 |
82% |
|
Dynamo |
39 |
44 |
-12% |
42 |
-6% |
83 |
95 |
-13% |
|
Transformer |
66 |
57 |
15% |
55 |
20% |
123 |
115 |
7% |
|
Long products |
112 |
121 |
-8% |
110 |
1% |
232 |
245 |
-5% |
|
Total |
1,398 |
1,148 |
22% |
1,981 |
-29% |
2,545 |
3,282 |
-22% |
(17) Segmental information
|
Q2 2021 |
Russian Flat Steel |
Russian Long Products |
Mining |
NLMK USA |
NLMK DanSteel and Plates Distribution Network |
Investments in NBH |
Totals |
Intersegmental operations and balances |
NBH |
Consolidated |
|
$ million |
|
|||||||||
|
Revenue from external customers |
2,275 |
589 |
48 |
699 |
157 |
344 |
4,112 |
- |
27 |
4,139 |
|
Intersegment revenue |
914 |
214 |
637 |
- |
- |
11 |
1,776 |
(1,765) |
(11) |
- |
|
Gross profit |
1,581 |
190 |
583 |
219 |
5 |
22 |
2,600 |
(243) |
(107) |
2,250 |
|
Operating income/(loss) |
1,292 |
147 |
556 |
203 |
(16) |
(21) |
2,161 |
(198) |
(64) |
1,899 |
|
Income / (loss) before minority interest |
997 |
121 |
410 |
181 |
(6) |
(24) |
1,679 |
(155) |
(160) |
1,364 |
|
Segment assets including goodwill |
8,704 |
1,100 |
2,990 |
1,287 |
508 |
1,637 |
16,226 |
(3,473) |
(1,439) |
11,314 |
Balance figures presented as of 30.06.2021
|
Q1 2021 |
Russian Flat Steel |
Russian Long Products |
Mining |
NLMK USA |
NLMK DanSteel and Plates Distribution Network |
Investments in NBH |
Totals |
Intersegmental operations and balances |
NBH |
Consolidated |
|
$ million |
|
|||||||||
|
Revenue from external customers |
1,596 |
449 |
4 |
403 |
144 |
410 |
3,006 |
- |
(139) |
2,867 |
|
Intersegment revenue |
521 |
73 |
517 |
- |
- |
12 |
1,123 |
(1,111) |
(12) |
- |
|
Gross profit |
927 |
119 |
411 |
70 |
10 |
38 |
1,575 |
(184) |
(70) |
1,321 |
|
Operating income/(loss) |
687 |
79 |
392 |
54 |
(7) |
(6) |
1,199 |
(157) |
(26) |
1,016 |
|
Income / (loss) before minority interest |
530 |
63 |
319 |
52 |
(19) |
(7) |
938 |
(102) |
(58) |
778 |
|
Segment assets including goodwill |
7,315 |
984 |
2,195 |
810 |
453 |
1,373 |
13,130 |
(2,013) |
(1,165) |
9,952 |
Balance figures presented as of 31.03.2021
Novolipetsk Steel
Interim condensed consolidated statement of financial position (unaudited)
(millions of US dollars)
|
|
Note |
|
As at 30 June 2021 |
|
As at |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
3 |
|
748 |
|
842 |
|
Short-term financial investments |
4 |
|
235 |
|
191 |
|
Trade and other accounts receivable |
5 |
|
1,733 |
|
1,148 |
|
Inventories |
6 |
|
1,911 |
|
1,373 |
|
Other current assets |
|
|
11 |
|
16 |
|
|
|
|
4,638 |
|
3,570 |
|
Non-current assets |
|
|
|
|
|
|
Long-term financial investments |
4 |
|
6 |
|
7 |
|
Investments in joint ventures |
4 |
|
15 |
|
131 |
|
Property, plant and equipment |
7 |
|
6,008 |
|
5,659 |
|
Goodwill |
8 |
|
216 |
|
212 |
|
Other intangible assets |
8 |
|
164 |
|
159 |
|
Deferred income tax assets |
|
|
261 |
|
119 |
|
Other non-current assets |
|
|
6 |
|
5 |
|
|
|
|
6,676 |
|
6,292 |
|
Total assets |
|
|
11,314 |
|
9,862 |
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Trade and other accounts payable |
9 |
|
1,423 |
|
1,065 |
|
Dividends payable |
|
|
648 |
|
109 |
|
Short-term borrowings |
10 |
|
831 |
|
1,054 |
|
Current income tax liability |
|
|
158 |
|
51 |
|
Other short-term liabilities |
|
|
- |
|
3 |
|
|
|
|
3,060 |
|
2,282 |
|
Non-current liabilities |
|
|
|
|
|
|
Long-term borrowings |
10 |
|
2,002 |
|
2,432 |
|
Deferred income tax liability |
|
|
370 |
|
359 |
|
Other long-term liabilities |
|
|
46 |
|
48 |
|
|
|
|
2,418 |
|
2,839 |
|
Total liabilities |
|
|
5,478 |
|
5,121 |
|
|
|
|
|
|
|
|
Equity attributable to Novolipetsk Steel shareholders |
|
|
|
|
|
|
Common stock |
|
|
221 |
|
221 |
|
Additional paid-in capital |
|
|
8 |
|
8 |
|
Accumulated other comprehensive loss |
|
|
(6,967) |
|
(7,140) |
|
Retained earnings |
|
|
12,555 |
|
11,641 |
|
|
|
|
5,817 |
|
4,730 |
|
Non-controlling interests |
|
|
19 |
|
11 |
|
Total equity |
|
|
5,836 |
|
4,741 |
|
Total liabilities and equity |
|
|
11,314 |
|
9,862 |
The interim condensed consolidated financial statements as set out on pages 5 to 25 were approved by the Group's management and authorised for issue on 22 July 2021.
Novolipetsk Steel
Interim condensed consolidated statement of profit or loss (unaudited)
(millions of US dollars, unless otherwise stated)
|
|
Note |
|
For the six months ended |
|
For the six months ended |
|
For the three months ended |
|
For the three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
12, 15 |
|
7,006 |
|
4,631 |
|
4,139 |
|
2,174 |
|
Cost of sales |
|
|
(3,435) |
|
(3,118) |
|
(1,889) |
|
(1,415) |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
3,571 |
|
1,513 |
|
2,250 |
|
759 |
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
|
(213) |
|
(168) |
|
(116) |
|
(82) |
|
Selling expenses |
|
|
(402) |
|
(439) |
|
(216) |
|
(227) |
|
Net impairment losses on financial assets |
|
|
(1) |
|
(5) |
|
(1) |
|
(2) |
|
Other operating income, net |
|
|
2 |
|
9 |
|
3 |
|
6 |
|
Taxes, other than income tax |
|
|
(42) |
|
(34) |
|
(21) |
|
(17) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit before share of results of joint ventures and impairment of investments in joint ventures, impairment of non-current assets and loss on disposals of property, plant and equipment |
|
|
2,915 |
|
876 |
|
1,899 |
|
437 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss on disposals of property, plant and equipment |
|
|
(4) |
|
(2) |
|
(2) |
|
(2) |
|
Impairment of non-current assets |
|
|
(3) |
|
(1) |
|
(2) |
|
- |
|
Share of results of joint ventures and impairment of investments in joint ventures |
|
|
(132) |
|
(176) |
|
(98) |
|
(146) |
|
Finance income |
|
|
3 |
|
5 |
|
2 |
|
2 |
|
Finance costs |
|
|
(78) |
|
(41) |
|
(56) |
|
(20) |
|
Foreign currency exchange loss, net |
13, 16 |
|
(47) |
|
(67) |
|
(63) |
|
(70) |
|
Hedging result |
16 |
|
(3) |
|
(4) |
|
(2) |
|
(2) |
|
Expenses on operations with financial instruments |
|
|
- |
|
(31) |
|
- |
|
(31) |
|
Other expenses, net |
|
|
(19) |
|
(40) |
|
(15) |
|
(16) |
|
|
|
|
|
|
|
|
|
|
|
|
Profit before income tax |
|
|
2,632 |
|
519 |
|
1,663 |
|
152 |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
14 |
|
(490) |
|
(153) |
|
(299) |
|
(75) |
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
|
2,142 |
|
366 |
|
1,364 |
|
77 |
|
|
|
|
|
|
|
|
|
|
|
|
Profit attributable to: |
|
|
|
|
|
|
|
|
|
|
Novolipetsk Steel shareholders |
|
|
2,134 |
|
366 |
|
1,359 |
|
77 |
|
Non-controlling interests |
|
|
8 |
|
- |
|
5 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share attributable to |
11 |
|
0.3561 |
|
0.0611 |
|
0.2268 |
|
0.0128 |
|
|
|
|
|
|
|
|
|
|
|
Novolipetsk Steel
Interim condensed consolidated statement of cash flows (unaudited)
(millions of US dollars)
|
|
Note |
|
For the six months ended |
|
For the six months ended |
|
Cash flows from operating activities |
|
|
|
|
|
|
Profit for the period |
|
|
2,142 |
|
366 |
|
Adjustments to reconcile profit for the period to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortisation |
|
|
303 |
|
300 |
|
Loss on disposals of property, plant and equipment |
|
|
4 |
|
2 |
|
Finance income |
|
|
(3) |
|
(5) |
|
Finance costs |
|
|
78 |
|
41 |
|
Share of results of joint ventures and impairment of investments in joint ventures |
|
|
132 |
|
176 |
|
Income tax expense |
14 |
|
490 |
|
153 |
|
Impairment of non-current assets |
|
|
3 |
|
1 |
|
Foreign currency exchange loss, net |
13, 16 |
|
47 |
|
67 |
|
Hedging result |
16 |
|
3 |
|
4 |
|
Expenses on operations with financial instruments |
|
|
- |
|
31 |
|
Change in impairment allowance for inventories and credit loss allowance for accounts receivable |
|
|
(3) |
|
4 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
(Increase)/decrease in trade and other accounts receivable |
|
|
(594) |
|
65 |
|
(Increase)/decrease in inventories |
|
|
(510) |
|
149 |
|
Decrease in other operating assets |
|
|
6 |
|
3 |
|
Increase/(decrease) in trade and other accounts payable |
|
|
379 |
|
(75) |
|
Сash provided by operating activities |
|
|
2,477 |
|
1,282 |
|
Income tax paid |
|
|
(539) |
|
(116) |
|
Net cash provided by operating activities |
|
|
1,938 |
|
1,166 |
|
Cash flows from investing activities |
|
|
|
|
|
|
Purchases and construction of property, plant and equipment and |
|
|
(591) |
|
(507) |
|
Proceeds from sale of property, plant and equipment |
|
|
2 |
|
1 |
|
Loans given |
|
|
(113) |
|
- |
|
Proceeds from repayment of loans given |
|
|
41 |
|
85 |
|
Placement of bank deposits |
|
|
(219) |
|
(405) |
|
Withdrawal of bank deposits |
|
|
245 |
|
159 |
|
Interest received |
|
|
2 |
|
6 |
|
Contribution to share capital of joint venture |
4 |
|
(18) |
|
(131) |
|
Net cash used in investing activities |
|
|
(651) |
|
(792) |
|
Cash flows from financing activities |
|
|
|
|
|
|
Proceeds from borrowings |
|
|
886 |
|
1,307 |
|
Repayment of borrowings |
|
|
(1,476) |
|
(635) |
|
Payments on leases |
|
|
(10) |
|
(9) |
|
Interest paid |
|
|
(33) |
|
(30) |
|
Commissions paid |
|
|
(42) |
|
- |
|
Dividends paid to Novolipetsk Steel shareholders |
|
|
(692) |
|
(579) |
|
Net cash (used in)/provided by financing activities |
|
|
(1,367) |
|
54 |
|
Net (decrease)/increase in cash and cash equivalents |
|
|
(80) |
|
428 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(14) |
|
(20) |
|
Cash and cash equivalents at the beginning of the year |
3 |
|
842 |
|
713 |
|
Cash and cash equivalents at the end of the period |
3 |
|
748 |
|
1,121 |
|
|
|
|
|
|
|
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
