10.02.2016, 01:06
Severstal Reports FY 2015 Financial Results
OREANDA-NEWS. PAO Severstal reports its FY 2015 financial results for the period ended 31 December 2015.
FY 2015 revenue decreased 22.9% y/y to USD 6,396 million (FY 2014: USD 8,296 million) as a result of lower realized prices y/y at Russian Steel and Resources, which was only partially mitigated by an increase in sales volumes y/y.
EBITDA decreased 5.2% y/y to USD 2,096 million (FY 2014: USD 2,211 million). The impact of lower deliveries from Resources was partially offset by a further improved performance at Russian Steel driven by operational enhancements, lower input costs and RUB devaluation.
The abovementioned operational improvements drove 6.1 ppts y/y EBITDA margin increase to 32.8% (FY 2014:26.7%).
FY 2015 net profit of USD 562 million (FY 2014: net loss of USD 795 million) was impacted by FX losses on continuing operations of USD 624 million and non-current assets impairment of USD 183 million. Excluding these non-cash items, Severstal would have posted a net profit of USD 1,369 million (FY 2014: net profit of USD 1,304 million excluding FX losses and non-current assets impairment).
Continued strong improvement in free cash flow at USD 1,552 million for the FY 2015 (FY 2014: USD 1,232 million), is in line with the Company's strategic focus.
Capex of USD 440 million for the FY 2015 was 43.5% lower y/y (FY 2014: USD 779 million), reflecting our prudent approach to investments. Severstal's FY 2016 capex target is RUB 43 billion, subject to FX fluctuations
FY 2015 revenue decreased 22.9% y/y to USD 6,396 million (FY 2014: USD 8,296 million) as a result of lower realized prices y/y at Russian Steel and Resources, which was only partially mitigated by an increase in sales volumes y/y.
EBITDA decreased 5.2% y/y to USD 2,096 million (FY 2014: USD 2,211 million). The impact of lower deliveries from Resources was partially offset by a further improved performance at Russian Steel driven by operational enhancements, lower input costs and RUB devaluation.
The abovementioned operational improvements drove 6.1 ppts y/y EBITDA margin increase to 32.8% (FY 2014:26.7%).
FY 2015 net profit of USD 562 million (FY 2014: net loss of USD 795 million) was impacted by FX losses on continuing operations of USD 624 million and non-current assets impairment of USD 183 million. Excluding these non-cash items, Severstal would have posted a net profit of USD 1,369 million (FY 2014: net profit of USD 1,304 million excluding FX losses and non-current assets impairment).
Continued strong improvement in free cash flow at USD 1,552 million for the FY 2015 (FY 2014: USD 1,232 million), is in line with the Company's strategic focus.
Capex of USD 440 million for the FY 2015 was 43.5% lower y/y (FY 2014: USD 779 million), reflecting our prudent approach to investments. Severstal's FY 2016 capex target is RUB 43 billion, subject to FX fluctuations
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