OREANDA-NEWS. April 15, 2010. ОАО Raspadskaya (RTS, MICEX: RASP) (“Raspadskaya” or “the Company”), one of Russia’s leading coking coal producers, announces today its consolidated IFRS financial results for FY2009.

Key Financials (USD mn, unless stated otherwise)

2009

2008

Change, %

Revenue  497  1,200  (59)%
 EBITDA(1)  255  871  (71)%
 Margin, %  51%  73%  
 EBIT  180  749  (76)%
 Margin, %  36%  62%  
 Net Profit  117 531  (78)%
 Margin, %  24%   44%  
 Earnings per Share, USD  0,15  0,68  (78)%

Key Highlights:

Raspadskaya is one of Russia’s leading coking coal producers with 10.6mt of raw coal production and 7.7mt of coal concentrate sales volumes for 2009. In 2H2009 Companys’s sales volumes increased by 58% compared to 1H2009 as a result of a recovery in steel and coke-chemical production and growing demand for the Company’s products.

In 2009 production cash cost per tonne of coal concentrate declined by 40% YoY and amounted to USD18.4/tonne.


 The Company continued to invest in the maintenance and development of the highly efficient complex of extraction, preparation and transportation of coking coal with USD165m of capital expenditure. Capex for 2009 includes auction purchases of new mining licenses with coal reserves and resources of around 400mt.

During the period of instability and uncertainties on capital and commodity markets the Company followed conservative borrowing policy and sustained financial stability. Net debt decreased from USD165m as at 31 December 2008 to USD122m as at 31 December 2009.

Raspadskaya’s CEO, Gennady Kozovoy, commented on FY2009 results:

"In spite of negative market conditions in 1H2009 and low coal concentrate price level during three quarters of 2009 we managed to support our profitability that is vital for the maintenance of operating production and long-term development as a large mining complex.
In future we will continue to focus on strengthening our status of reliable coal products supplier for metallurgical and coke-chemical industries as well as to further diversify our client base and sales markets”.

Chairman of Board of Directors of OAO Raspadskaya Alexander Vagin added regarding decision of Board of Directors on dividends payment:

“In conditions of post-crisis operations there has been maintained a balanced approach to shareholder relations. Board of Directors recommended to the General Shareholders Meeting to approve the payment of dividends in amount of RUB5 per share, that represents 25% of net income according to IFRS for FY2008 (including interim dividends) and around 50% of net income in accordance with IFRS for FY2009”.