EVRAZ plc (LSE: EVR) (together with its subsidiaries referred to as “EVRAZ” or the “Group”), today announces its preliminary unaudited financial results for the year ended 31 December 2011.
2011 Highlights:
Financials:
- Consolidated revenue US$16,400 million (+22% vs. 2010)
- Consolidated adjusted EBITDA US$2,898 million (+23%)
- Net profit US$453 million (-4%)
- Operating cash flow US$2,647 million (+59%)
- Net debt US$6,442 million (-10% vs. 31 December 2010)
- Final dividend of US$228 million announced
Steel segment:
- Crude steel production 16.8 million tonnes (+3%)
- Total external steel sales volumes 15.5 million tonnes (+0%)
- Steel segment revenue US$14,717 million (+21%)
Mining segment:
- Iron ore production 21.2 million tonnes (+7%)
- Raw coking coal production 6.3 million tonnes (-16%)
- Steam coal production 3.0 million tonnes (-23%)
- Mining segment revenue US$3,784 million (+51%)
Vanadium segment:
- Primary vanadium (slag) production 20,741 tonnes (+0.4%)
- External vanadium product sales volumes 26,632 tonnes (+34%)
- Vanadium segment revenue US$665 million (+17%)
Corporate developments:
- Move to a Premium Listing on the London Stock Exchange
- Inclusion in the FTSE 100
- Appointment of Sir Michael Peat as Senior Non-Executive Independent Director
- Appointment of Alexander Izosimov as an Independent Non-Executive Director
Financial management:
- Issuance of US$850 million Eurobonds at a coupon rate of 6.75% due 2018
- Early redemption of US$622 million of 2013 Eurobonds
- Issuance of RUB20 billion (US$621 million) 5-year Rouble bonds at a coupon rate of 8.40%
- Conversion of US$650 million convertible bonds originally due in 2014 resulted in a US$553 million decrease of debt
- 5-year US$500 million credit facility signed with Gazprombank
- 5-year US$610 million revolving facility signed with a consortium of banks by North American subsidiary at record-low 1.5% to 2% over LIBOR
- Rating upgrades by Moody’s, Standard & Poor’s and Fitch to “Ba3”, “B+” and “BB-“ respectively
CAPEX:
- CAPEX in 2011 amounted to US$1,281 million compared with US$832 million in 2010
- Launch of Yerunakovskaya-VIII coking coal mine development
- Expansion of our largest iron ore mine KGOK started
Dividends:
- Under the revised dividend policy EVRAZ will target to maintain a long-term average dividend payout ratio of at least 25% of the consolidated net profit adjusted for non-recurring items, for the relevant period
- EVRAZ declares a gross final dividend of US$0.17/ordinary share of EVRAZ plc
- Ex-dividend date – 6 June 2012, record date – 8 June 2012; deadline for currency election – 11 June 2012; fixing of FX rate date – 22 June 2012; payment date – 9 July 2012.
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