Business
Interim Results
Interim Results.
About this update from Evraz Plc
[{"type":"text","content":"\n RNS Number : 2813C Evraz Group S.A. 29 August 2008 \n \n\nEVRAZ ANNOUNCES INTERIM RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2008\n\n\nAugust 29, 2008 - Evraz Group S.A. (LSE: EVR) today announces its unaudited interim results for the six months ended June 30, 2008.\n\n1H 2008 Highlights:\n\nFinancials:\n\n\nRevenue grew 78.2% to US$10,726 million due to strong pricing, acquisitions and improved sales mix.\n\n\nConsolidated adjusted EBITDA was up 80.5% to US$3,700 million.\n\n\nNet profit attributable to equity holders of Evraz Group S.A. grew 82.1% to US$2,043 million.\n\n\nOutstanding operating cash flow of US$2,347 million, a 42.2% increase over the previous period, due to higher profit and continuing focus on working capital management.\n\n\nEarnings per GDR increased by 75.4% to US$5.56.\n\n\nSteel:\n\n\nCrude steel production grew by 11.9% year-on-year to 9.5 million tonnes.\n\n\nTotal steel sales volumes increased by 10.9% to 9.4 million tonnes.\n\n\nVanadium:\n\n\nRevenues of vanadium segment increased by 212.2% to US$740 million.\n\n\nVanadium products sales increased 57.2% year-on-year to 15,800 tonnes in vanadium equivalent.\n\n\nMining:\n\n\nIron ore production grew by 21.8% to 11.3 million tonnes with iron ore self-coverage of 93%.\n\n\nOwn coal production provides for over 100% of the Company's steel making requirements.\n\n\nRecently approved Yuzhkuzbassugol development programme until 2018 is another step in Yuzhkuzbassugol's turnaround.\n\n\nCorporate developments and acquisitions: \n\n\nAcquisition of Claymont Steel for US$420 million completed in January\n\n\nAcquisition of IPSCO Canada for US$2,413 million completed in June\n\n\nSuccessful bond placements totaling US$2.0 billion completed in April and May\n\n\n\n\n\n\n\nSix months to June 30\n(US$ million)\n\n\n2008\n\n\n2007\n\n\nChange\n\n\n\n\nRevenue\n\n\n10,726\n\n\n6,018\n\n\n78.2%\n\n\n\n\nAdjusted EBITDA 1\n\n\n3,700\n\n\n2,050\n\n\n80.5%\n\n\n\n\nProfit from operations\n\n\n3,125\n\n\n1,745\n\n\n79.1%\n\n\n\n\nNet profit 2\n\n\n2,043\n\n\n1,122\n\n\n82....