Severstal
|
09 April 2008 г. | 11:20
Severstal reports strong H1 results across all divisions
Financial Results for the six months ended 30 June, 2008
($ mln unless otherwise stated)
H1 2008 | H1 20074 | Change, y-o-y | |
Revenue | 10,547 | 7,739 | 36.3% |
Profit from operations | 2,254 | 1,678 | 34.3% |
EBITDA1 | 2,784 | 2,071 | 34.4% |
Net profit2 | 1,940 | 1,148 | 69.0% |
EPS, $ | 1.92 | 1.14 | 68.4% |
DPS3, $ | 0.97 | 0.49 | 98.0% |
Notes:
1 EBITDA represents profit from operations plus depreciation and amortisation adjusted for gain (loss) on disposals of property plant and equipment
2 Net profit attributable to shareholders
3 Dividends announced on the basis of respective period results, translated at the exchange rate as of the date of recommendation by Board of Directors
4 H1 2007 numbers have been restated to reflect the consolidation of Severstal Columbus (formerly SeverCorr) as of 1 January, 2007 and to reflect the change in the accounting policy for property, plant and equipment from the revaluation model to the cost model
OAO Severstal (LSE: SVST; RTS: CHMF), today reports results for the six months to 30 June 2008.
H1 2008 Highlights:
- Revenues up 36.3% to a record $10,547 mln
- EBITDA of $2,784 mln, up 34.4% year-on-year
- 69% increase in net profit, including significant non-recurring one-off gains:
- $219 mln negative goodwill gain from acquisition of Sparrows Point
- $255 mln net gain from the sale of Kuzbassugol
- EPS up to $1.92 from $1.14 year-on-year a 68.4% increase
- Strong domestic and global demand for coking coal and iron ore drive excellent performance in Severstal Resources
- Positive pricing environment for steel products lifts EBITDA at Russian Steel and Severstal International
- Breakthrough achieved in the scale and capability of our North American business
- Q2 dividend per share of $0.75, or 18.35 rubles, a 98.0% increase in dollar terms in H1 2008 year-on-year, reflecting significant increase in net profit in H1 2008 compared with H1 2007
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