NLMK
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28 August 2008 г. | 10:13
NLMK H1 2008 US GAAP Results
Ferrous metal makers remain under pressure from rising costs. NLMK reported a significant boost in its financial indicators. However, the company posted softer EBIT and EBITDA margins.
| H108 | H107 | Growth % | Antanta Pioglobal forecast | % Deviation | Consensus | % Deviation | |
| Revenue | 5,884 | 3,609 | 63% | 6 203 | -5% | 5,893 | -0.2% |
| EBITDA | 2,313 | 1,571 | 47% | 2 653 | -13% | 2,390 | -3.2% |
| Net income | 1,531 | 1,065 | 44% | 1 617 | -5% | 1,586 | -3.5% |
| EBITDA margin | 39% | 44% | 4.2% | 43% | 3.5% | 41% | 1.2% |
| Net margin | 26% | 30% | 3.5% | 26% | 0% | 27% | 1% |
The company managed to dramatically improve EBIT/t of steel from $304.6 to $351 (+15%). However, general expenses (not including depreciation) per t of steel spiked even higher, from $446 to $608 (+36%). EBITDA margin dropped 4.2% from 44% to 39%, down 3.5% on our forecast and down 1.2% on the consensus forecast. Net margin declined 3.5%, but was still in line with market expectations. The effective tax rate amounted to 28% in H107, while it was 24% in H108; adjusted by the 28% effective tax rate, net margin equals 23.8%.
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