Metalloinvest Finance Designated Activity Company (IRSH)
METALLOINVEST ANNOUNCES IFRS FINANCIAL RESULTS FOR H1 2020 Moscow, Russia - 20 August 2020 - Metalloinvest ('the Company'), a leading global iron ore and HBI producer, and one of the regional producers of high-quality steel, today announces its IFRS financial results for the half year ended 30 June 2020. Management comments Alexey Voronov, Deputy CEO - Chief Financial Officer of Management Company Metalloinvest, commented: "In the first half of 2020, the Company's revenue decreased by 14% to USD 3.1 bn. This is mainly related to a significant decline in average prices for all product types caused by the COVID-19 pandemic and a decrease in economic activity in the global market. However, the Company successfully redistributed its product flows in the reporting period and retained a solid EBITDA margin of 36.5%. We are pleased to note that in the first half of 2020, the Company's Net Debt decreased by 9% to USD 3.4 bn. Thus, the Company maintained a comfortable level of leverage, with Net Debt / EBITDA LTM at 1.6x at the end of the reporting period. A debt repayment schedule with a minor proportion of short-term debt, of around 7%, secures a sustainable financial position of the Company." FINANCIAL HIGHLIGHTS
PRODUCTION HIGHLIGHTS
KEY CORPORATE HIGHLIGHTS Operational developments and capital expenditure
Financing
Sustainable development
Corporate governance
Full press release and financial statements are available at: https://www.metalloinvest.com/investors/financial-results/
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For further information, please contact: Artem Lavrischev T: +7 (495) 981-55-55, ext. 7243 Anton Troshin Director of Corporate Communications Department T: +7 (495) 981-55-55, ext. 7629
Metalloinvest is a leading global iron ore and merchant HBI producer and supplier, and one of the regional producers of high-quality steel. The Company has the world's second-largest measured iron ore reserve base and is one of the lowest-cost iron ore producers. Metalloinvest is wholly owned by Holding Company USM LLC. Alisher Usmanov is the major beneficiary of Holding Company USM LLC (49%). |
ISIN: | XS0918297382 |
Category Code: | IR |
TIDM: | IRSH |
Sequence No.: | 82566 |
EQS News ID: | 1121445 |
End of Announcement | EQS News Service |
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