5 August 2015

Q2 and H1 2015 consolidated financial results under US GAAP


H1 2015 highlights

• Sales increased to 7.97 m t (+4% yoy) due to growth in exports of semi-finished products
• Revenue was $4,356 million (-20% yoy) due to lower steel prices
• EBITDA increased to $1,115 million (+5% yoy) 
• Effect from operation efficiency programmes totaled $102 million
• EBITDA margin expanded to 26% (+6 p.p. yoy) 
• Capex increased to $293 million (+4% yoy) 
• Free cash flow decreased to $537 million (-27% yoy)
• Net debt dropped to $1,133 million (-46% yoy)
• Net debt/EBITDA was 0.47х
• Net income increased to $491 million (+48% yoy). 

Q2 2015 highlights

• Group utilization rate was 94% (flat qoq and yoy)
• Sales increased to 4.0 m t (+1% qoq)
• Revenue decreased to $2,140 million (-3% qoq) driven by falling export prices
• EBITDA totaled $476 million (-25% qoq)
• EBITDA margin was 22% (-7 p.p qoq)
• Free cash flow totaled $218 million (-32% qoq)
• Net income decreased to $170 million (-47% qoq)

Outlook

In Q3 2015, we expect production and sales to grow. Financial results will be impacted by low spreads between raw materials and steel prices.