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DGAP-Regulatory: TMK announces 3Q 2014 and 9M -3-

DJ DGAP-Regulatory: TMK announces 3Q 2014 and 9M 2014 IFRS results

OAO TMK  / Miscellaneous 
 
21.11.2014 10:25 
 
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 3Q 2014 AND 9M 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 nine months ending September 
30, 2014. 
 
Summary 3Q and 9M 2014 Results 
 
 (In millions of U.S.$, unless stated otherwise) 
 
 
 
                                  3Q     2Q  Chang-        9M    9M  Chang- 
                                2014   2014    e, %      2014  2013    e, % 
Sales volumes, thousand tonnes 1,065  1,075     -1%     3,166  3,197    -1% 
Revenue                        1,526  1,516      1%     4,509  4,861    -7% 
Gross profit                     294    285      3%       860  1,007   -15% 
Foreign exchange gain/loss,      -73     32     n/a      -104   -40     n/a 
net 
Income/loss before tax             2     76    -97%        64   227    -72% 
Net income/loss                   -7     60     n/a        37   160    -77% 
Earnings/loss per GDR(1),      -0.04   0.28     n/a      0.18  0.76    -77% 
basic, U.S.$ 
Adjusted EBITDA(2)               202    190      6%       577   705    -18% 
Adjusted EBITDA margin, %        13%    13%               13%   14% 
 
 
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. 3Q 2014 Highlights Sales
 
 
Sales (thousand tonnes)          3Q 2014          2Q 2014          Change, 
                                                                         % 
Seamless                             585              634              -8% 
Welded                               480              442               9% 
Total                              1,065            1,075              -1% 
 
 
- Total pipe sales remained almost flat compared to the second quarter of 2014 and amounted to 1,065 thousand tonnes as higher large-diameter pipe (LDP) and seamless industrial pipe volumes were offset by weaker OCTG pipe sales. - Seamless pipe volumes decreased by 8% from the prior quarter to 585 thousand tonnes mainly as a result of lower seamless OCTG and line pipe sales mainly in the Russian division following a seasonally weaker demand. - Welded pipe sales increased by 9% from the prior quarter to 480 thousand tonnes mostly due to higher sales of LDP in Russia. Financials - Revenue increased by 1% to $1,526 million over the second quarter of 2014, mainly as a result of higher LDP volumes in the Russian division and stronger seamless pipe sales in the American division. - Adjusted EBITDA increased by 6% quarter-on-quarter to $202 million mainly due to higher prices of seamless pipe and stronger seamless OCTG sales in the American division and favorable product mix of welded pipe in the Russian division. Adjusted EBITDA margin remained almost flat at 13% compared to the second quarter of 2014. - Net loss was $7 million as compared to net profit of $60 million for the second quarter of 2014. Foreign exchange loss in the third quarter of 2014 was $73 million compared to a foreign exchange gain in the amount of $32 million in the second quarter of 2014. - As of September 30, 2014, total debt decreased by $208 million compared to June 30, 2014 to $3,546 million as a result of the Rouble's depreciation against the U.S. dollar. TMK's weighted average nominal interest rate remained nearly flat compared to June 30, 2014 and amounted to 7.09%. - Net debt decreased by $123 million in the third quarter of 2014 compared to June 30, 2014 and amounted to $3,508 million as of September 30, 2014. 9M 2014 Highlights Sales
 
 
Sales (thousand tonnes)          9M 2014          9M 2013          Change, 
                                                                         % 
Seamless                           1,858            1,805               3% 
Welded                             1,308            1,392              -6% 
Total                              3,166            3,197              -1% 
 
 
- Total pipe sales declined by 1% year-on-year to 3,166 thousand tonnes as stronger seamless OCTG pipe sales were offset by lower welded pipe volumes, particularly LDP. - Seamless pipe volumes increased by 3% year-on-year and amounted to 1,858 thousand tonnes mostly due to higher sales of seamless OCTG pipe in the Russian and American divisions. Seamless OCTG pipe sales grew by 8% compared to the first nine months of 2013. - Welded pipe sales decreased by 6% year-on-year to 1,308 thousand tonnes mostly due to lower LDP volumes. Financials - Revenue was $4,509 million, a decrease of 7% over the first nine months of 2013, mainly due to a negative effect of currency translation. - Adjusted EBITDA decreased by 18% year-on-year to $577 million mainly due to a negative effect of currency translation and higher prices for raw materials required for seamless pipe in the Russian division and welded pipe in the American division. Adjusted EBITDA margin was 13% compared to 14% for the first nine months of 2013. - Net profit was $37 million as compared to $160 million for the first nine months of 2013. Foreign exchange loss amounted to $104 million compared to $40 million for the same period of 2013. - As of September 30, 2014, total debt decreased by $148 million compared to December 31, 2013. TMK's weighted average nominal interest rate increased by 37 bps compared to December 31, 2013. - Net debt decreased by $92 million in the first nine months of 2014 compared to December 31, 2013. Recent Developments - In September 2014, TMK ran ISO 13679:2002 CAL IV tests on the premium connection ??? UP PF with lubricant-free coating GreenWell. All samples successfully passed abrasion resistance, gas tightness and ultimate load tests. - In September 2014, TMK signed a special pricing agreement on large diameter pipe (LPD) shipments for Gazprom's Power of Siberia project. The new conditions will improve TMK's capacity utilization planning and sales mix. The prepayments will enable the company to incrementally reduce its debt. - On October 31, 2014, TMK's Board of Directors recommended that shareholders approve interim dividends for the first six months of 2014 for a total of RUB 393,786,159.48 (approximately USD 9.07 mln). Board of Directors decided to convene an Extraordinary General Meeting of Shareholders (EGM) in the form of an absentee voting on December 25, 2014. - In November 2014, TMK signed an agreement with Magnitogorsk Iron & Steel Works (MMK) to apply a formula-based price for wide hot rolled sheets shipped to TMK enterprises. - 3Q 2014 and 9M 2014 Segment Results (In millions of U.S.$, unless stated otherwise)
 
 
                        3Q 2014 2Q 2014 Change, %     9M    9M Change, % 
                                                    2014  2013 
Sales (thousand tonnes) 
Russia                      772     787       -2%  2,286 2,325       -2% 
America                     249     242        3%    742   746       -1% 
Europe                       44      46       -3%    137   126        9% 
Revenue 
Russia                    1,014   1,030       -2%  3,025 3,439      -12% 
America                     441     415        6%  1,274 1,208        5% 
Europe                       72      71        0%    210   214       -2% 
Gross Profit 
Russia                      222     221        0%    667   824      -19% 
America                      56      49       15%    149   145        3% 
Europe                       16      15       11%     44    38       16% 
Adjusted EBITDA 
Russia                      151     147        3%    451   588      -23% 
America                      42      34       23%    100    95        5% 
Europe                        9       9        4%     26    21       21% 
 
 
Russia 3Q 2014 vs. 2Q 2014 Revenue decreased by 2% to $1,014 million from the second quarter of 2014 mainly as a result of a negative effect of currency translation. Excluding this negative effect revenue growth would have amounted to $18 million. Gross profit remained almost flat compared to the prior quarter and amounted to $222 million. Gross profit margin increased to 22% from 21% for the prior quarter. Adjusted EBITDA amounted to $151 million, a growth of 3% compared to the second quarter of 2014 mainly as a result of a fairly unchanged gross profit and lower SG&A expenses. Adjusted EBITDA margin increased to 15% compared to 14% in the prior quarter. 9M 2014 vs. 9M 2013 Revenue dropped by 12% year-on-year to $3,025 million largely due to a

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November 21, 2014 04:25 ET (09:25 GMT)

DJ DGAP-Regulatory: TMK announces 3Q 2014 and 9M -2-

negative effect of currency translation. 
 
Gross profit decreased by 19% year-on-year to $667 million mainly as a 
result of unfavorable product mix of seamless pipe, higher raw materials 
prices and a negative effect of currency translation. Gross profit margin 
decreased to 22% from 24% for the first nine months of 2013. 
 
Adjusted EBITDA fell by 23% year-on-year to $451 million mainly due to a 
decrease in gross profit. Adjusted EBITDA margin declined to 15% compared 
to 17% for the same period of 2013. 
 
America 
 
3Q 2014 vs. 2Q 2014 
 
Revenue was $441 million, an increase of 6% over the prior quarter, 
primarily due to higher seamless OCTG pipe sales. 
 
Gross profit increased by 15% quarter-on-quarter to $56 million mostly due 
to improved prices and higher volumes of seamless pipe. Gross profit margin 
went up to 13% from 12% in the second quarter of 2014. 
 
Adjusted EBITDA grew by 23% quarter-on-quarter to $42 million following an 
increase in gross profit. Adjusted EBITDA margin improved to 9% compared to 
8% in the prior quarter. 
 
9M 2014 vs. 9M 2013 
 
Revenue increased by 5% compared to the first nine months of 2013 to $1,274 
million due to higher seamless pipe volumes. 
 
Gross profit grew by 3% year-on-year to $149 million mainly as a result of 
higher volumes and improved product mix of seamless pipe. Gross profit 
margin remained almost flat at 12% compared to the first nine months of 
2013. 
 
Adjusted EBITDA increased by 5% compared to the same period of 2013 to $100 
million, following the growth in gross profit and a decline in other 
operating expenses. Adjusted EBITDA margin remained flat at 8% compared to 
the first nine months of 2013. 
 
Europe 
 
3Q 2014 vs. 2Q 2014 
 
Revenue remained almost flat quarter-on-quarter and amounted to $72 
million. 
 
Gross profit increased by 11% from the second quarter of 2014 to $16 
million. Gross profit margin improved to 23% compared to 21% in the second 
quarter of 2014. 
 
Adjusted EBITDA remained fairly unchanged compared to the second quarter of 
2014. Adjusted EBITDA margin increased to 13% from 12% in the previous 
quarter. 
 
9M 2014 vs. 9M 2013 
 
Revenue decreased by 2% compared to the first nine months of 2013 to $210 
million due to lower sales of steel billets. 
 
Gross profit increased by 16% year-on-year to $44 million due to the growth 
in seamless pipe volumes. Gross profit margin improved to 21% from 18% in 
the first nine months of 2013. 
 
Adjusted EBITDA rose by 21% year-on-year to $26 million due to the increase 
in gross profit. Adjusted EBITDA margin went up to 12% from 10% in the 
first nine months of 2013. 
 
3Q and 9M 2014 Market Conditions 
 
Russia 
 
In the third quarter of 2014, the Russian pipe market increased by 9% from 
the prior quarter mainly due to the growth of LD pipe market. For the first 
nine months of 2014, Russian pipe market increased by 5% compared to the 
same period of 2013 as the year-on-year growth in LD pipe demand was offset 
by lower OCTG pipe consumption. 
 
In the third quarter of 2014, consumption of seamless OCTG pipe fell by 19% 
quarter-on-quarter mainly as a result of a seasonally lower demand. For the 
first nine months of 2014, seamless OCTG pipe market decreased by 8% 
year-on-year largely due to weaker drilling activity. 
 
In the third quarter of 2014, the LD pipe market in Russia rose by 39% over 
the prior quarter and for the first nine month of 2014, LD pipe consumption 
increased by 29% year-on-year. Growth of the LD pipe market for both 
periods was mainly driven by higher demand from Gazprom and Transneft 
projects. 
 
In the third quarter of 2014, the seamless and welded line pipe market 
increased by 38% and 25% quarter-on-quarter respectively largely as a 
result of a lower base in the second quarter of 2014. At the same time, for 
the first nine months of 2014, seamless and welded line pipe consumption 
remained almost flat compared to the same period of 2013. 
 
In the third quarter of 2014, the seamless and welded industrial pipe 
market increased by 3% and 4% respectively compared to the second quarter 
of 2014. For the first nine months of 2014, seamless industrial pipe 
consumption declined by 4% year-on-year, while welded industrial pipe 
consumption grew by 5% over the same period. 
 
America 
 
According to Baker Hughes, in the third quarter of 2014, the total average 
rig count was up by 51 rigs to 1,903 rigs from the prior quarter. Total 
average rig count also increased by 82 rigs in the first nine months of 
2014 compared to the same period of 2013. The respective increases were 
mainly due to a 5% gain in the average number of horizontal and directional 
rigs combined, quarter-on-quarter, and an 11% gain for the first nine 
months of the year compared to the same period of 2013. In the third 
quarter of 2014, the number of wells per rig remained relatively flat both 
quarter-on-quarter and year-on-year during the first nine months of 2014. 
Despite this, more pipe per rig was consumed as the trend towards more 
horizontal and directional drilling and longer wells continued. 
 
Also, these positive trends in drilling activity, consumption and OCTG 
prices were in spite of falling commodity prices. In the third quarter of 
2014, both WTI crude oil and Henry Hub natural gas average spot prices 
declined by 5% and 14 % respectively compared to the second quarter of 
2014. 
 
With regards to OCTG products, apparent consumption per rig increased in 
the third quarter of 2014 by 2% to 884 tonnes over the prior quarter, and 
by 17% to 2,610 for the first nine months of the year compared to the same 
period of 2013. The combination of more rigs and more tonnes per rig 
resulted in a 24% quarter-on-quarter gain in OCTG consumption, which 
outpaced the increase in total shipments, leading to a quarter-on-quarter 
decrease in OCTG inventories. The third quarter months of OCTG inventory 
averaged 4.5 months, which is the lowest level observed since the second 
quarter of 2012. This compares to an average of 4.6 months during the first 
half of the year. 
 
For line pipe products, seamless and welded line pipe shipments in the 
third quarter of 2014 increased by 15% and by 2% respectively compared to 
the prior quarter. For the first nine months of 2014, seamless line pipe 
shipments remained relatively flat over the same period of the previous 
year, but welded pipe shipments declined by 14%, the result of overall 
weaker demand. 
 
Following the successful result of the U.S. OCTG trade case OCTG prices 
continue to gradually strengthen. According to Pipe Logix, the average 
composite market prices for seamless and welded OCTG pipe were up by 5% and 
7% respectively compared to the previous quarter. For the first nine months 
of 2014, prices remained nearly unchanged compared to the same period of 
2013. 
 
In the third quarter of 2014, prices for line pipe showed some improvement 
as importers exhibited some self-restraint in anticipation of the recently 
filed line pipe trade case against Korea and Turkey. Pending a favorable 
outcome of the welded line pipe anti-dumping investigation, prices for this 
product could improve in 2015. 
 
Europe 
 
In the third quarter of 2014, pipe consumption was at a low level mostly 
due to a traditional summer slowdown in business activity in Europe. The 
growth in demand for seamless industrial pipe, the European division's core 
product, remained limited. However the European pipe market continues its 
gradual recovery after a lasting stagnation. 
 
4Q and FY 2014 Outlook 
 
For the fourth quarter of 2014, the Company observes an increase of the 
pipe market in Russia mainly due to higher consumption of LD pipe for 
Gazprom's projects and seasonally stronger demand for OCTG pipe. 
 
In the U.S. TMK expects fourth quarter drilling activity to remain stable 
notwithstanding a continued decline in oil prices. A seasonal increase in 
Canadian drilling activity and colder weather in the U.S. should support 
higher natural gas prices. TMK also expects U.S. OCTG prices to continue to 
recover as inventories of low priced imports continue to be consumed and 
removed from the market. 
 
The European pipe market is expected to largely remain unchanged in the 
fourth quarter of 2014. 
 
Overall, TMK expects stronger set of results in the fourth quarter of 2014. 
 
 
*** 
 
3Q and 9M 2014 IFRS Financial Statements are available at: 
http://www.tmk-group.com/files/IFRS_TMK_9m2014_usd.pdf 
 
3Q 2014 and 9M 2014 IFRS Results Conference Call: 
 
TMK's management will hold a conference call to present the third quarter 
financial results today, November 21, 2014, at 09:00 New York / 14:00 
London / 17:00 Moscow. 
 
To join the conference call please dial: 
 
UK Local:  +44 20 3427 1916 
UK Toll Free:  0800 279 5736 
Russia:  +7 495 705 94 50 
U.S. Local:  +1 646 254 3388 
U.S. Toll Free: 1 877 280 2342 
Conference ID: 1793992 
(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 November 24, 2014: 
 
UK Local:  +44 20 3427 0598 
UK Toll Free:  0800 358 7735 
U.S. Local:  +1 347 366 9565 
U.S. Toll Free: 1 866 932 5017 
Access Code: 1793992 
 
For further information regarding TMK please visit www.tmk-group.com or 
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 

(MORE TO FOLLOW) Dow Jones Newswires

November 21, 2014 04:25 ET (09:25 GMT)

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. 
 
 
 
21.11.2014 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: 2413 Time of Receipt: Nov 21, 2014 10:24:02 End of Announcement EquityStory.RS, LLC News-Service =--------------------------------------------------------------------------

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November 21, 2014 04:25 ET (09:25 GMT)

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