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DGAP-Regulatory: TMK announces 2Q 2014 and 1H -2-

DJ DGAP-Regulatory: TMK announces 2Q 2014 and 1H 2014 IFRS results

OAO TMK  / Miscellaneous 
 
26.08.2014 09:02 
 
Dissemination of a Regulatory Announcement, transmitted by 
EquityStory.RS, LLC - a company of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
=-------------------------------------------------------------------------- 
 
TMK ANNOUNCES 2Q 2014 AND 1H 2014 IFRS RESULTS 
 
The following contains forward looking statements concerning future events. 
These statements are based on current information and assumptions of TMK 
management concerning known and unknown risks and uncertainties. 
 
OAO TMK ('TMK' or 'the Company'), one of the world's leading producers of 
tubular products for the oil and gas industry, announces today its interim 
consolidated IFRS financial results for the six months ending June 30, 
2014. 
 
Summary 2Q and 1H 2014 Results 
 
 (In millions of U.S.$, unless stated otherwise) 
 
 
 
                                  2Q     1Q  Chang-        1H    1H  Chang- 
                                2014   2014    e, %      2014  2013    e, % 
Sales volumes, thousand tonnes 1,075  1,026      5%     2,101  2,175    -3% 
Revenue                        1,516  1,466      3%     2,982  3,374   -12% 
Gross profit                     285    281      1%       566   724    -22% 
Foreign exchange gain/loss,       32    -63     n/a       -31   -44    -30% 
net 
Income/loss before tax            76    -14     n/a        62   173    -64% 
Net income/loss                   60    -16     n/a        45   125    -64% 
Earnings/loss per GDR(1),       0.28  -0.07     n/a      0.21  0.56    -62% 
basic, U.S.$ 
Adjusted EBITDA(2)               190    184      3%       375   523    -28% 
Adjusted EBITDA margin, %        13%    13%               13%   15% 
 
 
Note: Certain monetary amounts, percentages and other figures included in this press release are subject to rounding adjustments. Totals therefore do not always add up to exact arithmetic sums. (1) One GDR represents four ordinary shares (2) Adjusted EBITDA is determined as profit/(loss) for the period excluding finance costs and finance income, income tax (benefit)/expense, depreciation and amortization, foreign exchange (gain)/loss, impairment/(reversal of impairment) of non-current assets, movements in allowances and provisions (except for provision for bonuses), (gain)/loss on disposal of property, plant and equipment, (gain)/loss on changes in fair value of financial instruments, share of (profit)/loss of associates and other non-cash items 2Q 2014 Highlights Sales
 
 
Sales (thousand tonnes)          2Q 2014          1Q 2014          Change, 
                                                                         % 
Seamless                             634              640              -1% 
Welded                               442              386              14% 
Total                              1,075            1,026               5% 
 
 
- Total pipe sales increased by 5% from the prior quarter to 1,075 thousand tonnes, mainly due to higher sales in Russia across all types of welded pipe, and especially large-diameter pipe (LDP) volumes. - Seamless pipe volumes decreased by 1% from the prior quarter to 634 thousand tonnes as a result of lower seamless industrial pipe sales. Seamless OCTG pipe volumes grew by 3% from the first quarter of 2014 due to higher sales in the Russian division. - Welded pipe sales increased by 14% from the prior quarter to 442 thousand tonnes mostly due to higher sales of LDP in Russia. Financials - Revenue increased by 3% to $1,516 million over the first quarter of 2014, mainly as a result of higher welded pipe sales in the Russian division. - Adjusted EBITDA increased by 3% quarter-on-quarter to $190 million mainly due to favorable product mix in the American division. Adjusted EBITDA margin remained flat at 13% compared to the first quarter of 2014. - Net profit was $60 million as compared to net loss of $16 million for the first quarter of 2014. Foreign exchange gain in the second quarter of 2014 was $32 million compared to foreign exchange loss in the amount of $63 million in the first quarter of 2014. - As of June 30, 2014, total debt increased by $160 million compared to March 31, 2014 to $3,753 million partially as a result of the Rouble's appreciation against the U.S. dollar. TMK's weighted average nominal interest rate increased by 46 bps compared to March 31, 2014 and amounted to 7.04%. - Net debt increased by $105 million in the second quarter of 2014 compared to March 31, 2014 and amounted to $3,631 million as of June 30, 2014. 1H 2014 Highlights Sales
 
 
Sales (thousand tonnes)          1H 2014          1H 2013          Change, 
                                                                         % 
Seamless                           1,273            1,271               0% 
Welded                               828              905              -9% 
Total                              2,101            2,175              -3% 
 
 
- Total pipe sales decreased by 3% year-on-year to 2,101 thousand tonnes, mostly due to lower LDP sales in Russia. - Seamless pipe volumes remained flat year-on-year and amounted to 1,273 thousand tonnes as higher seamless OCTG sales were offset by lower seamless line and seamless industrial pipe volumes. Seamless OCTG pipe sales grew by 8% compared to the first half of 2013. - Welded pipe sales decreased by 9% from the first half of 2013 to 828 thousand tonnes mostly due to lower sales of LDP. Financials - Revenue was $2,982 million, a decrease of 12% over the first half of 2013, mainly due to lower LDP sales in the Russian division and a negative effect of currency translation. - Adjusted EBITDA decreased by 28% year-on-year to $375 million mainly due to unfavorable price and product mix of seamless pipe in the Russian division, lower LDP sales and a negative effect of currency translation. Adjusted EBITDA margin was 13% compared to 15% in the first half of 2013. - Net profit was $45 million as compared to $125 million for the first half of 2013. - As of June 30, 2014, total debt increased by $60 million compared to December 31, 2013. TMK's weighted average nominal interest rate increased by 32 bps compared to December 31, 2013. - Net debt increased by $31 million in the first half of 2014 compared to December 31, 2013. - Recent Developments - On June 19, 2014, the annual shareholders' meeting approved a final dividend for 2013 in the amount of 731 million Russian roubles ($21million at the exchange rate at the date of approval) or 0.78 Russian roubles ($0.02) per ordinary share. Total dividend amount for 2013 including interim dividends amounts to 1.7 billion Russian roubles. - On June 27, 2014, TMK's Board of Directors decided to increase the share capital by the issuance of additional shares in the amount of 56,000,000 shares under open subscription. - In July 2014, TMK and LUKOIL signed an R&D cooperation programme for 2014-2016 aimed at the launch of import-substituting and new types of high-performance tubular products. - In July 2014, TMK Gulf International Pipe Industry (TMK GIPI) LLC, TMK's Omani plant, was awarded an 18,400 tonnes of OCTG order from the foremost exploration and production company in the Sultanate, Petroleum Development Oman (PDO). 2Q 2014 and 1H 2014 Segment Results (In millions of U.S.$, unless stated otherwise)
 
 
                        2Q 2014 1Q 2014 Change, %     1H    1H Change, % 
                                                    2014  2013 
Sales (thousand tonnes) 
Russia                      787     727        8%  1,514 1,606       -6% 
America                     242     251       -3%    493   483        2% 
Europe                       46      48       -5%     93    86        9% 
Revenue 
Russia                    1,030     981        5%  2,011 2,440      -18% 
America                     415     418       -1%    833   782        6% 
Europe                       71      67        7%    138   151       -9% 
Gross Profit 
Russia                      221     224       -1%    445   612      -27% 
America                      49      44       11%     93    86        7% 
Europe                       15      13       11%     28    26        7% 
Adjusted EBITDA 
Russia                      147     153       -3%    300   455      -34% 
America                      34      24       39%     58    53        9% 
Europe                        9       7       21%     16    15       12% 
 
 
Russia 2Q 2014 vs. 1Q 2014 Revenue increased by 5% to $1,030 million from the first quarter of 2014 mainly as a result of the growth in welded pipe volumes and especially in LDP sales. Gross profit declined by 1% quarter-on-quarter to $221 million due to unfavorable sales mix in welded pipe. Gross profit margin decreased to 21% from 23% for the prior quarter. Adjusted EBITDA amounted to $147 million, a decline of 3% compared to the first quarter of 2014, following a decrease in gross profit and a growth in other operational expenses. Adjusted EBITDA margin fell to 14% compared to 16% in the prior quarter. 1H 2014 vs. 1H 2013 Revenue dropped by 18% year-on-year to $2,011 million largely due to lower LDP sales and a negative effect of currency translation. Gross profit decreased by 27% year-on-year to $445 million mainly as a result of unfavorable pricing and product mix of seamless pipe, lower LDP volumes and a negative effect of currency translation. Gross profit margin decreased to 22% from 25% in the first half of 2013. Adjusted EBITDA fell by 34% year-on-year to $300 million mainly due to a decrease in gross profit. Adjusted EBITDA margin declined to 15% compared to 19% in the first half of 2013.

(MORE TO FOLLOW) Dow Jones Newswires

August 26, 2014 03:02 ET (07:02 GMT)

America 
 
2Q 2014 vs. 1Q 2014 
 
Revenue was $415 million, a decrease of 1% over the prior quarter, 
primarily due to lower seamless and welded pipe sales, which was partially 
compensated by higher pricing and favorable sales mix. 
 
Gross profit increased by 11% quarter-on-quarter to $49 million mostly due 
to improved sales mix of both seamless and welded pipe. Gross profit margin 
went up to 12% from 10% in the second quarter of 2014. 
 
Adjusted EBITDA grew by 39% quarter-on-quarter to $34 million following an 
increase in gross profit and a decline of SG&A expenses. Adjusted EBITDA 
margin improved to 8% compared to 6% in the prior quarter. 
 
1H 2014 vs. 1H 2013 
 
Revenue increased by 6% compared to the first half of 2013 to $833 million 
due to higher seamless pipe volumes. 
 
Gross profit grew by 7% year-on-year to $93 million mainly as a result of 
higher volumes, pricing and favorable product mix of seamless pipe. Gross 
profit margin remained flat at 11% compared to the first half of 2013. 
 
Adjusted EBITDA increased by 9% compared to the first half of 2013 to $58 
million following the growth in gross profit. Adjusted EBITDA margin 
remained flat at 7% compared to the first half of 2013. 
 
Europe 
 
2Q 2014 vs. 1Q 2014 
 
Revenue increased by 7% quarter-on-quarter to $71 million as a result of 
higher steel billets sales. 
 
Gross profit went up by 11% from the first quarter of 2014 to $15 million. 
Gross profit margin improved to 21% from 20% in the first quarter of 2014. 
 
Adjusted EBITDA increased by 21% over the prior quarter to $9 million 
following a growth in gross profit. Adjusted EBITDA margin increased to 12% 
from 11% in the first quarter of 2014. 
 
1H 2014 vs. 1H 2013 
 
Revenue fell by 9% compared to the first half of 2013 to $138 million due 
to a significant drop in steel billet sales. 
 
Gross profit increased by 7% year-on-year to $28 million due to the growth 
in seamless pipe volumes. Gross profit margin grew to 20% from 17% in the 
first half of 2013 as a result of higher share of seamless pipe volumes in 
total sales. 
 
Adjusted EBITDA increased by 12% year-on-year to $16 million due to the 
gross profit growth. Adjusted EBITDA margin improved to 12% from 10% in the 
first half of 2013. 
 
2Q and 1H 2014 Market Conditions 
 
Russia 
 
In the second quarter of 2014, the Russian pipe market increased by 10% 
from the prior quarter mainly as a result of a seasonal growth of the 
welded industrial pipe market. In the first half of 2014, the Russian pipe 
market remained flat compared to the first half of 2013 as the growth in 
welded industrial pipe and LDP market was offset by lower seamless OCTG and 
line pipe consumption due to weaker drilling activity in the first half of 
2014. 
 
In the second quarter of 2014, consumption of seamless OCTG pipe remained 
mainly at the same level as the prior quarter while seamless line pipe 
market decreased by 9% due to seasonally lower demand. 
 
The LD pipe market in Russia in the second quarter of 2014 decreased by 3% 
compared to the prior quarter. For the first half of 2014, the LD pipe 
market increased by 11% year-on-year due to higher demand from Gazprom's 
South Stream project. 
 
In the second quarter of 2014, the seamless and welded industrial pipe 
market in Russia increased by 4% and 29% compared to the previous quarter 
respectively, mainly due to higher seasonal demand from machinery and 
construction industries. For the first half of 2014, welded industrial pipe 
consumption went up by 6% year-on-year, while seamless industrial pipe 
market remained almost flat. 
 
America 
 
According to the Preston Pipe and Tube Report, in the second quarter of 
2014, U.S. OCTG consumption increased by 6% quarter-on-quarter and by 21% 
in the first half of 2014 compared to the same period in 2013, reflecting 
an increase in rig count and particularly the increase in horizontal rigs, 
which generally consume more OCTG pipe per well. 
 
Thus, the Baker Hughes average number of rigs in the second quarter of 2014 
increased by 73 rigs over the prior quarter and by 56 rigs in the first 
half of 2014 over the first half of 2013. Better economics for oil plays 
continued to support the addition of oil rigs: in the second quarter of 
2014 the average number of oil rigs rose by 101 rigs from the first quarter 
of 2014 and by 116 in the first half of 2014 compared to the first half of 
2013. In contrast, the average number of gas rigs declined in the second 
quarter of 2014 by 28 rigs quarter-on-quarter and by 58 rigs in the first 
half of 2014 over the same period of 2013. 
 
In the second quarter of 2014, U.S. OCTG shipments went up by 16% compared 
to the prior quarter and by 24% in the first half of 2014 over the same 
period of 2013, led by a surge in imports from the trade-case-subject 
countries prior to the Commerce Department's decision deadline. As a 
result, the total OCTG inventory level increased. However, the average 
number of months of OCTG inventory declined due to higher consumption. 
 
According to Pipe Logix, in the second quarter of 2014 the average 
composite OCTG seamless and welded prices were up 1.5 % and 0.5% 
respectively compared to the first quarter of 2014, while in the first half 
of 2014 both the average composite OCTG seamless and welded prices 
decreased by 3% year-on-year. 
 
Europe 
 
In the second quarter of 2014, the European market continued its slow 
recovery after a lasting stagnation. However, pipe consumption still 
remained at a rather low level with end-users continuing to focus on spot 
orders, in anticipation of more favorable payment terms. Customers kept 
inventories at a minimum level for their ongoing needs creating additional 
pressure on prices and volumes. 
 
2H and FY 2014 Outlook 
 
For the second half of 2014, the Company observes an increase of the pipe 
market in Russia mainly due to higher consumption of LD pipe as a result of 
the commencement of Gazprom's Power of Siberia project. 
 
In the U.S. TMK expects commodity prices to further support robust drilling 
activity throughout 2014. Following the final OCTG Trade Case decision the 
flow of imports and inventory levels should gradually decrease, which 
should positively influence the pricing environment. 
 
The European pipe market is expected to largely remain unchanged in the 
second half of 2014. 
 
Overall, for the second half of the year TMK expects a stronger set of 
results due to growing LD pipe sales, higher seamless pipe prices in Russia 
in line with stable raw materials prices as well as a gradual recovery on 
the U.S. market. 
 
 
2Q and 1H 2014 IFRS Financial Statements are available at: 
http://www.tmk-group.com/files/IFRS_TMK_6m2014_usd.pdf 
 
2Q 2014 and 1H 2014 IFRS Results Conference Call: 
 
TMK's management will hold a conference call to present the second quarter 
financial results today, August 26, 2013, at 09:00 New York / 14:00 London 
/ 17:00 Moscow. 
 
To join the conference call please dial: 
 
International call-in Number: +44 145 254 1003 
US call-in Number:    +1 646 741 2120 
Russian call-in Number:  +7 499 677 1040 
Conference ID:   91048028 
(We recommend that participants to start dialing-in 5-10 minutes prior to 
ensure a timely start of the conference call) 
 
The conference call replay will be available through September 2, 2014: 
 
International Replay Number: +44 145 255 0000 
US Replay Number:  +1 866 247 4222 
Russian Replay Number:  +7 499 677 1064 
Replay Access Code:  91048028 
 
*** 
 
For further information regarding TMK please visit www.tmk-group.com, as 
well as download the YourTube  iPad application from the  App Store 
https://itunes.apple.com/ru/app/yourtube/loss?mt=8&ls=1 
 
or contact: 
 
TMK IR Department: 
Marina Badudina 
Tel: +7 (495) 775-7600 
IR@tmk-group.com 
 
TMK PR Department: 
Ilya Zhitomirsky 
Tel: +7 (495) 775-7600 
PR@tmk-group.com 
 
*** 
 
 
 
TMK (www.tmk-group.com) 
 
TMK (LSE: TMKS) is a leading global manufacturer and supplier of steel 
pipes for the oil and gas industry, operating 28 production sites in the 
United States, Russia, Canada, Romania, Oman, UAE, and Kazakhstan and two 
R&D centers in Russia and the USA. In 2013, TMK's pipe shipments totaled 
4.3 million tonnes. The largest share of TMK's sales belongs to high margin 
oil country tubular goods (OCTG), shipped to customers in over 80 
countries. TMK delivers its products along with an extensive package of 
services in heat treating, protective coating, premium connections 
threading, warehousing and pipe repairing. 
 
TMK's securities are listed on the London Stock Exchange, the OTCQX 
International Premier trading platform in the U.S. and on the Moscow 
Exchange MICEX-RTS. 
 
TMK's assets structure by division: 
 
 
 
Russian division:            American division: 
Volzhsky Pipe Plant;         12 plants of TMK IPSCO; 
Seversky Tube Works;         OFS International LLC. 
Taganrog Metallurgical       European division: 
Works;                       TMK-ARTROM; 
Sinarsky Pipe Plant;         TMK-RESITA. 
TMK-CPW;                     Middle East Division: 
TMK-Kaztrubprom;             TMK GIPI (Oman); 
TMK-INOX;                    Threading & Mechanical Key Premium LLC (Abu- 
TMK-Premium Service;         Dhabi). 
TMK Oilfield Services. 
 
 
 
26.08.2014 The EquityStory.RS, LLC Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de =-------------------------------------------------------------------------- Language: English Company: OAO TMK 40/2a Pokrovka 105062 Moscow Russia Phone: +7 495 775-7600 Fax: +7 495 775-7601 E-mail: tmk@tmk-group.com Internet: tmk-group.com ISIN: US87260R2013 Category Code: MSC TIDM: TMKS Sequence Number: 2205 Time of Receipt: Aug 26, 2014 09:00:06 End of Announcement EquityStory.RS, LLC News-Service

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August 26, 2014 03:02 ET (07:02 GMT)

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