Business
Interim Management Statement
Interim Management Statement.
About this update from Evraz Plc
RNS Number : 3445D Evraz Plc 15 May 2012 Interim Management Statement for the First Quarter Ended 31 March 2012 15 May 2012 - EVRAZ plc (LSE: EVR) ("EVRAZ" or the "Company") today issued its first interim management statement for 2012 in accordance with DTR 4.3. Compared to the previous interim management statements issued by the Company, the format of this statement has been aligned to meet the requirements of the DTR 4.3 and to reflect existing practices of equivalent premium listed companies.Going forward EVRAZ plans to issue interim management statements on or around 15 April and 15 October each year along the operational results of the first and the third quarters respectively. Each year EVRAZ publishes consolidated financial statements prepared in accordance with IFRS for the six months ended June 30 and for the year ended December 31. Overview: · Total steel product sales for the first quarter of 2012amounted to 3.9 million tonnes, unchanged from Q1 2011. · Revenue for the first quarter of 2012 remained in line with the same period in 2011 as prices and sales volumes were broadly flat. · The Company's cost base increased due to the appreciation of the Russian Rouble. · The Q1 2012 financial performance was broadly in line with the Q4 2011 performance. · Total debt as of 31 March 2012 amounted to US$7,383 million (US$ 7,245 million as of 31 December 2011), including current portion of US$1,052 million (US$626 million as of 31 December 2011). The increase in total debt is mainly attributable to the Russian Rouble appreciation in Q1 2012 which gave a US$228 million effect. · Cash and cash equivalents at the end of the period stood at US$453 million (US$801 million as of 31 December 2011), mainly due to an increase in working capital which is expected to be reversed by the end of Q2 2012. · Capital expenditure amounted to US$310 million during the first quarter of 2012. On the whole, major capex projects (introduction of the PCI technology at the Russian steel mills, reconstruction of the rail mill at EVRAZ ZSMK, greenfield construction of two rolling mills in the CIS, development of the Yerunakovskaya VIII coking coal mine) remain on schedule and within budget. · The Company is in the process of carrying out ...