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WKN: A3KXWK ISIN: XS2400040973 Ticker-Symbol:  
Frankfurt
01.12.22
09:36 Uhr
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Metalloinvest announces 2021 FY IFRS financial results

DJ METALLOINVEST ANNOUNCES FY 2021 IFRS FINANCIAL RESULTS

Metalloinvest Finance Designated Activity Company (IRSH) METALLOINVEST ANNOUNCES FY 2021 IFRS FINANCIAL RESULTS 24-Feb-2022 / 15:05 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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METALLOINVEST ANNOUNCES FY 2021 IFRS FINANCIAL RESULTS

Moscow, Russia - 24 February 2022 - Metalloinvest ("the Company"), a leading global iron ore and HBI producer, and one of the regional producers of high-quality steel, today announces its audited IFRS financial results for the full year ended 31 December 2021.

2021 HIGHLIGHTS - Revenue reached USD 10,604 mn[1], increasing 65.4% y-o-y amid a favourable price environment for iron oreand steel products. The Russian market's share of revenue increased to 39.3% from 36.5% in 2020. - EBITDA[2] amounted to USD 5,754 mn (up 2.3x y-o-y), with the EBITDA margin at 54.3% (+15.7 p.p. y-o-y). - Net income amounted to USD 4,116 mn, a 3.1x increase y-o-y1. - As of 31 December 2021, Net debt was USD 2,600 mn, a decrease of 19.7%1 from 31 December 2020. - Net debt / EBITDA ratio was 0.45x, vs. 1.31x as of 31 December 2020. - Capital expenditure reached USD 873 mn, an increase of 75.8% y-o-y.

Nazim Efendiev, CEO of Management Company Metalloinvest, commented:

"The past year has been significant for us for several reasons.

In 2021, Metalloinvest celebrated its 15th anniversary. The Company became the global leader in iron ore reserves, the first globally in the production of commercial hot briquetted iron, and the second largest pellets producer in the world.

The financial year ended with a record EBITDA in the Company's history, reaching USD 5.75 bn, the leverage was reduced to 0.45x, and three international agencies upgraded the Company's credit rating to investment grade.

The significant capital expenditure in 2021, in the amount of more than USD 870 mn, together with the signing of two agreements for the construction of new HBI production facilities will further strengthen the Company's position as a leading supplier of high-quality products for green metallurgy.

Sustainability is our strategic priority. During the reporting period, the Company's ESG ratings were improved, and a high score was received in our debut CDP rating. The creation of the Sustainable Development Committee at the Board of Directors level with two new independent members will allow us to continue to improve in this area.

We highly appreciate the professionalism of our employees and are implementing a set of support measures aimed at wage increases and the introduction of the best health and safety practices at production sites."

KEY CORPORATE HIGHLIGHTS

Operational developments and growth projects - Iron ore[3] production amounted to 40.8 mn tonnes, an increase of 0.8% y-o-y. - Pellet production increased by 3.4% y-o-y and reached 28.5 mn tonnes. - HBI/DRI production remained unchanged (-0.6% y-o-y). - In February 2021, Mikhailovsky HBI (45% owned by Mikhailovsky GOK[4]) signed a contract with Midrex andPrimetals for the supply of equipment for the one of the world's largest HBI plants. The plant is designed toproduce 2.08 mn tonnes of HBI per year, and its launch is expected in H1 2024. - In October 2021, Metalloinvest signed a contract to supply equipment to the new HBI Plant (HBI-4) atLGOK. Project capacity is 2.08 mn metric tonnes of HBI per year and production is set to start in Q1 2025. - In 2021 the Company became a world leader in the iron ore reserves. New reserves amounted to 15.4 bn tonnes in accordance with international JORC 2012 standard.

Financing - Metalloinvest announced early redemption of its BO-02 and BO-08 RUB-denominated bonds for a total amountof RUB 15 bn. - The Company refinanced its PXF-2017 and PXF-2018 pre-export financing credit lines with the new PXF-2021credit line for up to USD 350 mn. - The Company's credit rating was upgraded by international rating agencies Fitch ('BBB-', stable outlook),S&P ('BBB-', stable outlook) and Moody's ('Baa3', stable outlook). The Analytical Credit Rating Agency (ACRA) improved the Company's outlook from stable to positive and affirmed its 'AA+(RU)' long-term corporate creditrating. - Early debt refinancing took place due to the issue of the new 7-year Eurobond for USD 650 mn with arecord low coupon of 3.375%.

ESG developments - Election of two new independent directors and creation of the Sustainability Committee at the Board ofDirectors level with their participation. - The Company improved all its existing ESG-ratings (EcoVadis, ISS ESG, S&P Global CSA, Sustainalytics) andscored "B-" in the CDP Climate Change 2021 rating, which is the best score for a debut rating among Russian ferrousmetallurgy companies. - Metalloinvest presented the results of its first in-house ESG supplier ranking. - The Company joined the National ESG Alliance.

Full press release and financial statements are available at:

https://www.metalloinvest.com/investors/financial-results/

# # # #

If you have any questions, please contact us:

Artem Lavrischev Investor Relations

E: ir@metalloinvest.com

T: +7 (495) 981-55-55, ext. 7243

Anton Troshin

Public Relations

E: pr@metalloinvest.com

Tel.: +7 (495) 981-55-55, ext. 7629

About Metalloinvest

Metalloinvest is a leading metals and mining company with the largest proven iron ore reserves on a JORC-equivalent basis

(15.4 billion tonnes and about 150 years of reserve life). The company is the world's largest producer and supplier of merchant hot briquetted iron (HBI) products, a low-carbon raw material used to produce green steel; Metalloinvest holds a leading position in the production of pellets, iron ore concentrate and high-quality steel.

The company has 10+ years track record on public debt capital markets with high credit ratings: S&P (BBB-/stable), Fitch (BBB-/stable), Moody's (Baa3/stable), ?CR? (AA+(RU)/positive).

Alisher Usmanov is the main beneficiary of the company (with a 49% stake) through Holding Company USM LLC.

Ticker (Bloomberg): METIN RU; official website: www.metalloinvest.com

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[1] On 2 February 2022 the Group signed a share purchase agreement with Zagorsky Pipe Plant (ZTZ) to sell 100% shares of Ural Steel. The Group expects to complete the sale in February 2022. Ural Steel was presented as discontinued operation in the published IFRS results. Management expects that operations between Ural Steel and Metalloinvest Trading AG is going to continue after disposal. This press-release shows financial figures for both continued and discontinued operations, unless stated otherwise.

[2] Hereinafter EBITDA stands for EBITDA adjusted according to IFRS requirements

[3] Hereinafter iron ore refers to iron ore concentrate and sintering ore

[4] 55% owned by USM Metalloinvest LLC

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ISIN:      XS0918297382 
Category Code: MSCH 
TIDM:      IRSH 
Sequence No.:  145205 
EQS News ID:  1287927 
 
End of Announcement EQS News Service 
=------------------------------------------------------------------------------------
 

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1287927&application_name=news

(END) Dow Jones Newswires

February 24, 2022 07:06 ET (12:06 GMT)

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