EVRAZ PLC EVRAZ plc ('EVRAZ' or 'the Group'; LSE: EVR) today announces its unaudited interim results for the six months ended 30 June 2018 ('the Period').
H1 2018 HIGHLIGHTS
• Strong free cash flow of US$661 million (H1 2017: US$549 million).
• Consolidated EBITDA of US$1,906 million, up 65.5% from US$1,152 million in
H1 2017, driving the EBITDA margin from 22.6% to 30.0% due to higher vanadium, coal and steel products prices, accompanied by the effects of cost-cutting initiatives.
• Continued debt reduction: total debt reduced by c.US$646m to c.US$4,786m, net debt reduced to US$3.9 billion (FY2017: US$4.0 billion).
• Cost saving of US$117 million due to ongoing productivity improvements and cost-cutting initiatives.
• Net profit of US$1,145 million vs. US$86 million in H1 2017.
• Cash-cost of steel and raw materials in Russia slightly increased:
- o cash cost of slabs increased to US$248/t from US$247/t in FY2017;
- o cash cost of washed coking coal increased to US$47/t from US$42/t in FY2017;
- o cash cost of iron ore products increased to US$37/t from US$34/t in FY2017.
• Solid dividends of c.US$617 million were paid out to shareholders during
H1 2018
• A second interim dividend for 2018 of US$577.34 million (US$0.40 per share) has been declared, reflecting the Board's confidence in the Group's financial position and outlook.
Attachments
- Original document
- Permalink
Disclaimer
Evraz plc published this content on 09 August 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 09 August 2018 06:04:02 UTC
