Metalloinvest IFRS EBITDA drops 12% in 2013
MOSCOW. March 24 (Interfax) - Alisher Usmanov's iron ore and steel holding OJSC Metalloinvest made $2.24 billion in earnings before interest, taxes, depreciation, and amortization (EBITDA) to IFRS last year, 12.3% less than in 2012, the company said.
EBITDA decreased mainly as a result of a metallurgical division EBITDA drop of $276 million. EBITDA was down 5.5% at $2.092 billion in the company's mining segment and represented 93.4% of the company's consolidated figure compared with 86.7% in 2012.
The EBITDA margin was 30.6%, contracting 0.6 of a percentage point over the year.
Net profits decreased 37.5% to $1.08 billion. "The decline was due to exceptional income from the sale of Metalloinvesttrans in 2012," the company said.
Company sales revenue fell 10.6% to $7.324 billion. Revenue from the mining segment was 54.1% of consolidated revenue versus 48.9% in 2012. It was down 1.2% at $3.96 billion.
"The steel segment accounted for 43.7% of revenue in 2013 (compared to 45.9% in 2012). Revenue from steel segment declined by 14.8% year-on-year to $3,204 million. The latter decline was mostly a result of a decrease in steel products sales driven by an increase in pig iron shipments," the company said.
"In 2013, revenues from Russia and the CIS accounted for 51.1%, practically in line with 2012 (51.7%). Europe and China represented 17.9% and 5.6% of revenue, respectively. Asia (excluding China) and MENA accounted for 6.8% and 13.2% of revenue respectively," it said.
"As of December 31, 2013 net debt decreased to $5.443 million, resulting in a net debt / EBITDA ratio of 2.43x vs. 2.35x as of December 31, 2012. As of December 31, 2013, the proportion of long-term debt increased to 97% compared to 95% as of 31 December 2012," the company said.
"As of December 31, 2013 the company's cash and cash equivalents amounted to $523 million compared to $468 million as of December 31, 2012.
Metalloinvest's capital expenditures amounted to $478 million last year, rising 3.2% over the year.
Financial highlights, mln $:
| 2013 | 2012 | Change | |
| Sales revenue | 7 324 | 8 194 | -10.6% |
| EBITDA | 2 240 | 2 553 | -12.3% |
| EBITDA margin | 30.6% | 31.2% | -0.6 p.p. |
| Net profit | 1 080 | 1 727 | -37.5% |
