OPEN JOINT STOCK COMPANY INTERPIPE NIZHNEDNEPROVSKY TUBE ROLLING PLANT

(NITR)
End-of-day quote PFTS STOCK EXCHANGE  -  12-12
1.500 UAH    0.00%
05/09OPEN JOINT STOCK INTERPIPE NIZHNEDNEPROVSKY TUBE ROLLING PLANT : Statement by Interpipe Regarding the Biden Administration's Suspension of Section 232 Tariffs on Imports of Ukrainian Steel
PU
05/06OPEN JOINT STOCK INTERPIPE NIZHNEDNEPROVSKY TUBE ROLLING PLANT : Interpipe and Foundation “Revival of the Region” channeled UAH 10.2 mln donations to the Ukrainian militaries' aid in Dnipropetrovsk region
PU
05/05OPEN JOINT STOCK INTERPIPE NIZHNEDNEPROVSKY TUBE ROLLING PLANT : Interpipe donated ca. UAH 2 mln for medical aid efforts
PU
SummaryQuotesChartsNewsCompany 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Open Joint Stock Interpipe Nizhnedneprovsky Tube Rolling Plant : 2021-12-17 - Interpipe releases IFRS consolidated financial results for Q3 and 9m2021

12/17/2021 | 05:49am EDT

PRESS RELEASE

December 17, 2021

Interpipe announces Q3 and the first nine months 2021 Operational and Financial results

Interpipe (referred to as "Interpipe" or the "Company"), a global producer of steel pipes and railway products based in Ukraine, released (via Interpipe Holdings Plc) its unaudited IFRS consolidated financial statements for the period from January 1 to September 30, 2021.

Q3 2021 Financial Highlights:

  • Revenue surged by 14% q-o-q to USD 296 million;
  • EBITDA declined by 44% q-o-q to USD 40 million;
  • CAPEX increased by 4% q-o-q to USD 14 million.
    The first nine months 2021 Financial Highlights:
  • Revenue hiked by 15% y-o-y to USD 757 million;
  • EBITDA decreased by 30% y-o-y to USD 151 million;
  • CAPEX surged by 65% y-o-y to USD 45 million;
  • Total Net Debt was equal to USD 301 million with Consolidated Net Leverage Ratio of 1.4x.

In Q3 2021, there was a bullish sentiment across all key markets and regions Interpipe operated partially offset the negative impact of the global appreciation of production inputs and raw materials (including ferrous scrap metal and natural gas)

Total revenue increased by 15% y-o-y in the first nine months 2021. The 54% y-o-y growth in revenue in the pipe segment compensated the 28% y-o-y drop in railway product segment revenue triggered by the embargo on imports of Ukrainian railway products imposed by the Russian Federation in February 2021.

EBITDA in the first nine months 2021 subdued by 30% y-o-y (down to USD 151 million) affected by continuously increasing scrap and natural gas prices as sales prices both for pipes and wheels were lagging their rapid appreciation. Like revenue, the pipe and railway product segments exhibited the same dynamics in the first nine months. The pass-through EBITDA of the pipe segment hiked by 54% y-o-y but the pass-through EBITDA of the railway product segment shrank by 60% y-o-y.

In the first nine months 2021 Interpipe ramped up its Capex by 65% having spent USD 45 million in total. Capex in new projects more than tripled y-o-y amounting to USD 25 million.

As of 30 September 2021, Interpipe's Total Net Debt increased to USD 301 million driven by the negative Free cash flow of USD 29 million in Q3 2021. Consolidated Net Leverage Ratio stood at the level of 1.4x.

Fadi Hraibi, CEO at Interpipe commented on the results:

In Q3 2021, Interpipe was suffering the appreciating input costs. Scrap and natural gas prices rose by 20% q-o-q and 65% q-o-q, respectively, creating additional pressure on the Company's performance and working capital.

Moreover, in Q4 the negative pressure on the cost base even grew up driven by skyrocketing appreciation of natural gas in Europe, as we have to prepay monthly consumption volumes one month ahead at ongoing heightened market prices.

On a positive note, we have been enjoying a continuous growth of OCTG demand worldwide, and especially in the US, Ukraine and CIS, which has enabled the Company gradually to offset the negative effects of appreciation of production inputs and new trade barriers.

OCTG sales volumes almost doubled y-o-y fueled by a robust demand worldwide and amid ramping up of Interpipe's own R&D premium and semi-premium pipe connections.

A modest growth in the railway product sales in Q3 clearly signaled that the Company successfully overcame the negative consequences of the embargo having expanded sales to the CIS and European markets.

In Q3 2021, domestic sales of railway products improved substantially compared to Q2 (up by 66% q-o-q). However, total sales in the first nine months 2021 stayed depressed at 30% y-o-y lower due to a soft wagon building in Ukraine.

The ample liquidity cushion after the successful settlement of the USD 300 million Eurobond in May secured our investments Interpipe in key expansion projects like the new pipe heat treatment at Niko Tube and inhouse railway wheelset assembling at NTRP, which we plan to put into industrial operation in coming weeks

About the company:

Interpipe is a global producer of steel pipes and railway wheels products, based in Ukraine. The company's products are shipped to more than 80 countries all around the world via a network of sales offices located in the key markets of Ukraine, Europe, North America and the Middle East.

2

Q3 and the first nine months 2021 Operational and Financial Results

9m 2021

9m 2020

Change

Q3 2021

Q2 2021

Change

#

Item

ths. tons

ths. tons

%, y-o-y

ths. tons

ths. tons

%, q-o-q

Production

1.

Steel

727

578

149

26%

269

264

5

2%

2.

Pipes, o/w:

443

350

94

27%

181

155

26

17%

2.1.

Seamless, o/w:

402

289

113

39%

167

143

24

17%

2.1.1.

OCTG

143

56

88

157%

70

47

23

48%

2.1.2.

Linepipe

240

220

21

9%

89

89

0

0%

2.1.3.

Mechanical

18

14

5

34%

8

6

1

24%

2.2.

Welded

41

61

-19

-32%

14

13

2

14%

3.

Railway products,

127

146

-18

-13%

45

42

4

9%

o/w:

3.1.

Wheels

106

128

-22

-17%

38

35

3

8%

3.2.

Wheelsets

17

13

4

31%

6,0

5,4

0,6

11%

3.3.

Axles

2,9

3,1

-0,2

-6%

1,0

1,0

0,0

4%

3.4.

Tyres

1,2

1,8

-0,6

-32%

0,6

0,2

0,4

233%

Sales

1.

Steel

47

26

21

80%

17

18

-1

-6%

2.

Pipes, o/w:

419

359

60

17%

162

153

10

6%

2.1.

Seamless, o/w:

401

346

55

16%

155

147

9

6%

2.1.1.

OCTG

127

64

63

98%

57

44

13

29%

2.1.2.

Linepipe

235

221

14

6%

85

90

-5

-6%

2.1.3.

Mechanical

39

61

-22

17%

13

12

1

35%

2.2.

Welded

18

13

5

38%

7

6

1

17%

3.

Railway products,

128

147

-19

-13%

45

44

1

3%

o/w:

3.1.

Wheels

106

128

-22

-17%

38

36

1

4%

3.2.

Wheelsets

18

15

4

26%

6

6

0

-8%

3.3.

Axles

2,9

2,9

0,0

0%

1,0

1,0

0,0

0%

3.4.

Tyres

1,4

1,8

-0,4

-22%

0,7

0,2

0,5

299%

TOTAL

595

533

62

12%

226

215

11

5%

3

9m 2021

9m 2020

Change

Q3 2021

Q2 2021

Change

#

Item1

ths. tons

ths. tons

%, y-o-y

ths. tons

ths. tons

%, q-o-q

1.

Revenue, o/w:

757

660

96

15%

296

260

37

14%

1.1.

Steel

37

22

15

66%

16

7

9

125%

1.2.

Pipes

507

349

159

45%

205

179

26

15%

1.3.

Railway products

201

280

-80

-28%

71

70

2

2%

1.4.

Other

12

9

3

29%

4

4

0

2%

2.

EBITDA2, o/w:

151

216

-66

-30%

40

71

-31

-44%

2.1.

Steel

169

65

104

160%

62

72

-10

-13%

2.2.

Pipes

-36

10

-46

-453%

-26

-4

-22

615%

2.3.

Railway products

15

140

-124

-89%

3

1

1

84%

2.4.

Other

2

2

0,6

37%

0

1

-0,8

-76%

3.

Capex3

45

27

18

65%

14

14

0

4%

4.

Free cash flow4

-24

94

-118

-125%

-29

1

-30

-

30 Sep

30 Jun

Change

#

Item5

2021

2021

USD M

USD M

%, q-o-q

1.

Total Debt

411

410

1

0%

2.

Total Net Debt

301

199

102

51%

3.

Consolidated Net

1,4

0,9

0,5

63%

Leverage Ratio

  1. Financial figures are presented based on the unaudited consolidated financial statements for the first nine months 2021 prepared according to the IFRS
  2. EBITDA is calculated as an operating profit (or loss) plus depreciation and amortization charges, plus impairment of property, plant, and equipment and intangible assets, plus loss / (gain) on disposal of property, plant, and equipment, plus extraordinary losses / (gains)
  3. Capex figure represents line Purchases of property, plant and equipment and intangible assets as part of net cash flow from investing activities
  4. Free cash flow is calculated as the net cash flow from operating activities less the net cash flow from investing activities
  5. The figures are calculated subject to the Terms and Conditions (Trust Deed) under Notes 2026

4

Disclaimer

INTERPIPE Nyzhnodniprovsky Tube-Rolling Plant PJSC published this content on 17 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 December 2021 10:48:07 UTC.


© Publicnow 2021
All news about OPEN JOINT STOCK COMPANY INTERPIPE NIZHNEDNEPROVSKY TUBE ROLLING PLANT
05/09OPEN JOINT STOCK INTERPIPE NIZHNEDNE : Statement by Interpipe Regarding the Biden Administ..
PU
05/06OPEN JOINT STOCK INTERPIPE NIZHNEDNE : Interpipe and Foundation “Revival of the Regi..
PU
05/05OPEN JOINT STOCK INTERPIPE NIZHNEDNE : Interpipe donated ca. UAH 2 mln for medical aid eff..
PU
03/14OPEN JOINT STOCK INTERPIPE NIZHNEDNE : 2022-03-14 - Interpipe Holdings Plc Notice to holde..
PU
02/18OPEN JOINT STOCK INTERPIPE NIZHNEDNE : 2022-02-18 - Interpipe releases its report on opera..
PU
02/03OPEN JOINT STOCK INTERPIPE NIZHNEDNE : Interpipe paid UAH 3bln in taxes and duties in 2021
PU
02/01OPEN JOINT STOCK INTERPIPE NIZHNEDNE : Franz Josef Marx to succeed Fadi Hraibi as Interpip..
PU
01/24OPEN JOINT STOCK INTERPIPE NIZHNEDNE : 2022-01-24 - Interpipe releases its report on opera..
PU
01/24OPEN JOINT STOCK INTERPIPE NIZHNEDNE : Interpipe expanded sales of pipe and railway produc..
PU
01/06OPEN JOINT STOCK INTERPIPE NIZHNEDNE : Interpipe refutes the information published by Fore..
PU
More news
Chart OPEN JOINT STOCK COMPANY INTERPIPE NIZHNEDNEPROVSKY TUBE ROLLING PLANT
Duration : Period :
Open Joint Stock Company Interpipe Nizhnedneprovsky Tube Rolling Plant Technical Analysis Chart | MarketScreener
Full-screen chart
Managers and Directors
Serhiy Oleksiyovych Kostenko Chief Engineer
Serhiy Volodymyrovych Kuzmenko Director-Finance & Economy
Fadi Khraybe Chairman-Supervisory Board
Oleh Ivanovych Portretnyi Director-Administrative & Economic Issues
Volodymyr Volodymyrovych Babenko Independent Member-Supervisory Board
Sector and Competitors