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WKN: A0LEJV ISIN: US8181503025 Ticker-Symbol: RTS2 
Tradegate
29.11.21
20:39 Uhr
19,400 Euro
+0,500
+2,65 %
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PAO Severstal: Severstal reports Q3 2021 financial and operational results

DJ PAO Severstal: Severstal reports Q3 2021 financial and operational results

PAO Severstal (SVST) PAO Severstal: Severstal reports Q3 2021 financial and operational results 18-Oct-2021 / 10:00 MSK Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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Severstal reports Q3 2021 financial and operational results

- EBITDA margin was 54%; EBITDA grew 5% and FCF grew 6% qoq -

Moscow, Russia - 18 October 2021 - PAO Severstal (MOEX: CHMF; LSE: SVST), one of the world's leading steel and steel-related mining companies, increased its revenue by 9% qoq to USD3,206 mln, EBITDA reached USD1,723 mln (+5% qoq), EBITDA margin amounted to 54% (-2 ppts qoq).

KEY CONSOLIDATED OPERATIONAL AND FINANCIAL RESULTS

Q3 2021 Q2 2021 qoq   9m 2021 9m 20206 yoy 
Financials, USD million 
Revenue           3,206  2,946  9%   8,371  5,147  63% 
EBITDA1           1,723  1,647  5%   4,532  1,712  165% 
EBITDA margin, %      54   56   (2ppts) 54   33    21ppts 
Free cash flow2       992   936   6%   2,425  626   287% 
Net profit         1,237  1,139  9%   3,097  630   392% 
Net debt/EBITDA3      0.29  0.37  (22%)  0.29  0.77   (62%) 
Basic EPS4, USD        1.48  1.36  9%   3.72  0.76   389% 
Production, kt 
Hot metal          2,728 2,627  4%   8,029  7,143  12% 
Crude steel         2,878 2,776  4%   8,615  8,547  1% 
Sales, kt 
Steel products, incl:    2,694  2,678  1%   8,002  8,059  (1%) 
HVA             1,146  1,308  (12%)  3,676  3,535  4% 
Iron ore products      1,092  1,310  (17%)  3,426  4,530  (24%) 
Coal            127   282   (55%)  754   1,101  (32%) 
Health and safety 
LTIFR (staff) 5       0.93  0.57  63%   0.68  0.71   (4%) 
LTIFR (staff + contractors) 0.88  0.63  40%   0.73  -    - 

Notes: 1. EBITDA represents profit from operations plus depreciation and amortisation of productive assets(including the Group's share of depreciation and amortisation of associates and joint ventures) adjusted for thegain/(loss) on disposals of PPE and intangible assets and its share in associates' and joint ventures'non-operating income/(expenses). A reconciliation of EBITDA to profit from operations is presented in Severstal'squarterly financial statements. 2. Free Cash Flow ("FCF") is determined as the aggregate amount of the following items: Net cash fromoperating activities, CAPEX, proceeds from disposal of PPE and intangible assets, interest received and dividendsreceived. A reconciliation of FCF to net cash from operating activities is presented in Severstal's quarterlyfinancial statements. 3. Net Debt/EBITDA ratio is calculated as net debt divided by EBITDA for the last 12 months and is includedin Severstal's quarterly financial statements. Net debt equals the total debt less cash and cash equivalents at theend of the reporting period. 4. Basic EPS is calculated as profit for the period divided by the weighted average number of sharesoutstanding during the period: 838 million shares for Q3 2021 and 834 million shares for Q2 2021; 833 mln sharesfor 9m 2021 and 825 million shares for 9m 2020. 5. LTIFR refers to Lost Time Injury Frequency Rate, the number of lost time injuries occurring in aworkplace per one million hours worked. The scope covers injuries and hours worked for staff and contractors, usingthe cumulative data from the beginning of the calendar year. 6. These data include adjustments made in connection with the change in presentation described inSeverstal's quarterly financial statements.

Q3 2021 vs. Q2 2021 ANALYSIS:

Consolidated operational results

-- Production: Hot metal output grew by 4% qoq to 2.73 mln tonnes due to end of scheduled BF repairs. Crudesteel production raised to 2.88 mln tonnes (+4% qoq), as a result of completed BOF shop and casting machinesupgrade. The upgrade will allow us to increase crude BOF steel output by 0.5 mln tonnes per annum.

-- Steel sales were up by 1% qoq to 2.69 mln tonnes, due to strong sales of pig iron and slabs. Sales of HVAdecreased by 12% qoq to 1.15 mln tonnes on the back of customer's expectations of further price decline. Sales ofhot-rolled steel and plate increased by 1% qoq to 1.12 mln tonnes. The total share of export sales volume,including sales of pig iron increased by 6 ppts qoq to 51% due to a softening of the demand in Russia.

-- Total share of high value-added (HVA) products amounted to 43% (-6 ppts qoq) due to softening demand andincrease of pig iron sales. If we don't take into account the increase in pig iron shipments, the HVA share in theproduct portfolio has not changed almost qoq.

-- Raw materials sales: Sales of coal decreased by 55% qoq to 0.13 mln tonnes, driven mainly by a decline insteam coal sales due lower output qoq because of long wall repositioning. Iron ore sales were down by 17% qoq to1.09 mln tonnes, driven by a redistribution of sales to Cherepovets steel mill, coupled with lower pelletproduction on the back of repairs.

Consolidated financial results

-- Revenue increased by 9% qoq to USD3,206 mln due to higher sales volumes and increase in weighted averagesteel prices. Sales growth was primarily driven by export markets with an increase of revenue from the NorthAmerica region (4x growth qoq) as well as from the Middle East region (2x growth qoq).

-- EBITDA increased to USD1,723 mln (+5% qoq), higher revenue was partially impacted by the additional exportduties imposed by the Russian government. EBITDA margin was 54% (-2 ppts qoq).

-- Free Cash Flow increased to USD992 mln (+6% qoq), driven by higher EBITDA and lower build-up of workingcapital(-USD58 mln). The build-up of inventories associated with the growth of export sales share was partially compensatedby an increase of accounts payable and advances received. CAPEX amounted to USD284 mln (+4% qoq).

9M 2021 vs. 9M 2020 ANALYSIS:

Consolidated operational results

-- Production: Hot metal production increased by 12% yoy to 8 mln tonnes, due to BF-3 commissioning inDecember 2020. Steel output grew to 8.62 mln tonnes (+1% yoy), driven by the EAF-1 start up in April 2021 andcompletion of BOF shop and casting machines upgrades.

-- Steel sales were marginally lower at 8 mln tonnes (-1% yoy). Sales of semi-finished products grew by fourtimes yoy to 1.07 mln tonnes following higher output of pig iron and crude steel, coupled with repairs in thehot-rolled shop. Sales of hot-rolled steel (incl. plates) decreased by 20% yoy mainly due to a large-scale upgradeof one of the continuous slab heating furnaces.

-- High value-added (HVA) sales increased by 4% yoy on stronger sales of high value added hot-rolled steel,cold-rolled steel (+19% yoy to 0.79 mln tonnes) and LDP (+74% to 0.23 mln tonnes). The HVA share in total salesamounted to 46% (+2 ppts yoy).

-- Raw materials sales: Sales of coal decreased by 32% yoy to 0.75 mln tonnes driven mainly by a decline incoal concentrate sales on the back of lower output impacted by the long wall repositioning. Sales of iron oreproducts decreased by 24% to 3.4 mln tonnes, driven by the redirection of iron ore flow to own assets following thestart-up of BF-3 in the end of 2020. Sales of iron ore pellets to third parties reduced by 23% yoy to 3.3 mlntonnes. Iron ore concentrate sales to third parties decrease substantially in Q3 2021, amounting to just 78 kt in9m 2021 (-58% yoy).

Consolidated financial results

-- Revenue increased to USD8,371 mln (+63% yoy) due to higher steel prices and improved product mix.

-- EBITDA grew to USD4,532 mln (2.6x yoy) due to higher steel prices in the first 9m of 2021. EBITDA marginreached a record high of 54%.

-- Net profit totaled USD3,097 mln (increase of 5x yoy), including FX losses of USD45 mln (vs FX losses of USD472in 9m 2020).

-- Free Cash Flow increased by 4x yoy to USD2,425 mln, driven by higher earnings.

-- CAPEX amounted to USD835 mln.

Financial position

-- Cash and cash equivalents decreased to USD281 mln (-64% qoq) on the back of Q2 2021 dividend payments andthe repayment of USD500 mln of eurobonds.

-- Total debt declined to USD1,815 mln (-22% qoq) due to the redemption of eurobonds with a 3.85% coupon inAugust 2021.

-- Net debt stood at USD1,534 mln (flat qoq). The Net debt/EBITDA ratio improved to 0.29 (vs 0.37 as at 30June 2021).

-- A strong liquidity position, with USD281 mln in cash and cash equivalents, in addition to unused committedcredit lines and overdraft facilities of USD1,158 mln, more than covers the Company's short-term debt of USD45 mln.

Health and safety performance

-- LTIFR among employees increased to 0.93 (+63% qoq) in Q3 2021. The overall LTIFR for employees andcontractors reached 0.88 (+40% qoq) in the reporting period.

-- In 9m 2021 LTIFR among employees improved to 0.68 (-4% yoy). The overall LTIFR for employees andcontractors was 0.73. The improvement is attributed to the deployment of the Contractor Safety Management and FatalInjury Avoidance projects in all business units of the company, but regrettably we had five fatalities in 9m 2021.Each of these cases was investigated with a change in some internal processes to prevent similar incidents in thefuture.

DIVIDEND

-- The Board of Directors is recommending a dividend of 85.93 roubles per share for Q3 2021. Approval of thedividend is expected to take place at the Company's EGM on 3 December 2021.The recommended record date for thedividend payment is 14 December 2021. The approval of the record date for the dividend payment is also expected totake place at the Company's EGM on 3 December 2021.

MARKET UPDATE AND OUTLOOK

(MORE TO FOLLOW) Dow Jones Newswires

October 18, 2021 03:00 ET (07:00 GMT)

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