USD million As of 30 June 2021 As of 31 December 2020 Change,%
USD million
Non-current loans and borrowings 8,860 9,622 (762) (8%)
Current loans and borrowings 581 12 569 48x
Lease liabilities 265 262 3 1%
Total debt 9,706 9,896 (190) (2%)
Cash and cash equivalents 1,972 5,191 (3,219) (62%)
Net debt 7,734 4,705 3,029 64%
Net debt /12M EBITDA 0.7x 0.6x 0.1x
As of June 30, 2021, the Company's total debt decreased as compared to December 31, 2020 and amounted to USD 9,706 million primarily due to the early repayment of the RUB 15 billion exchange-traded ruble bonds in February 2021. Current loans and borrowings as of June 30, 2021 increased by USD 569 million as compared to December 31, 2020, primarily due to USD 500 million Eurobonds becoming a short-term liability as of June 30, 2021.
The Company's Net debt as of June 30, 2021 increased 64% as compared to December 31, 2020 due to the decrease in cash and cash equivalents by 62% (or USD 3,219 million) during the reporting period. This was primarily driven by a number of significant payments made during the 1H2021: -- USD 1,968 million repayment of the damage to water resources and soil in March 2021 in accordance with the court
decision on the lawsuit filed by Rosprirodnadzor; -- USD 2,068 million buyback of the Company's shares in June 2021; -- USD 2,198 million final dividend payment for 2020 in June 2021.
Net debt / 12M EBITDA at the end of 1H2021 increased by 0.1x as compared to December 31, 2020 and amounted to 0.7x.
As of June 30, 2021, the Company was assigned investment grade credit ratings from all three international rating agencies Fitch, Moody's and S&P Global, and Russian rating agency "Expert RA".
Attachment A
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2021
US Dollars million
For the six For the six
months ended months ended
30 June 2021 30 June 2020
Revenue
Metal sales 8,597 6,445
Other sales 346 266
Total revenue 8,943 6,711
Cost of metal sales (2,461) (2,184)
Cost of other sales (345) (297)
Gross profit 6,137 4,230
General and administrative expenses (447) (434)
Selling and distribution expenses (87) (72)
Reversal of impairment of non-financial assets, net 100 10
Other operating expenses, net (364) (2,359)
Operating profit 5,339 1,375
Foreign exchange gain/(loss), net 110 (822)
Finance costs, net (175) (481)
Disposal of foreign joint operations (20) -
Income from investments 29 33
Profit before tax 5,283 105
Income tax expense (979) (60)
Profit for the period 4,304 45
Attributable to:
Shareholders of the parent company 4,067 (31)
Non-controlling interests 237 76
4,304 45
EARNINGS/(LOSS) PER SHARE
Basic and diluted earnings/(loss) per share attributable to
shareholders of the parent company (US Dollars per share) 25.7 (0.2)
Attachment B
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
AT 30 JUNE 2021
US Dollars million
At 30 June 2021 At 31 December 2020
ASSETS
Non-current assets
Property, plant and equipment 11,792 10,762
Intangible assets 236 222
Other financial assets 94 81
Deferred tax assets 239 755
Other non-current assets 340 327
12,701 12,147
Current assets
Inventories 2,634 2,192
Trade and other receivables 450 537
Advances paid and prepaid expenses 108 79
Other financial assets 176 58
Income tax receivable 122 7
Other taxes receivable 337 444
Cash and cash equivalents 1,972 5,191
Other current assets 6 51
5,805 8,559
TOTAL ASSETS 18,506 20,706
EQUITY AND LIABILITIES
Capital and reserves
Share capital 6 6
Share premium 1,254 1,254
Treasury shares (2,075) -
Translation reserve (5,341) (5,521)
Retained earnings 10,164 8,290
Equity attributable to shareholders of the parent company 4,008 4,029
Non-controlling interests 903 646
4,911 4,675
Non-current liabilities
Loans and borrowings 8,860 9,622
Lease liabilities 209 203
Provisions 674 560
Social liabilities 186 84
Trade and other long-term payables 41 32
Derivative financial instruments 56 52
Deferred tax liabilities 45 43
Other long-term liabilities 33 23
10,104 10,619
Current liabilities
Loans and borrowings 581 12
Lease liabilities 56 59
Trade and other payables 1,196 1,427
Dividends payable 11 47
Employee benefit obligations 389 401
Provisions 224 2,162
Social liabilities 127 96
Derivative financial instruments 77 93
Income tax payable 58 358
Other taxes payable 249 329
Other current liabilities 523 428
3,491 5,412
TOTAL LIABILITIES 13,595 16,031
TOTAL EQUITY AND LIABILITIES 18,506 20,706
Attachment C
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2021
US Dollars million
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