Results25 Feb 2021 07:23
EVRAZ ANNOUNCES ITS AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020
The financial information contained in this document does not constitute statutory accounts as defined by section 435 of the Companies Act 2006. Financial information for 2019 has been extracted from the audited statutory accounts for the year ended 31 December 2019 which were prepared in accordance with IFRS as adopted by the European Union and have been delivered to the Registrar of Companies. The auditor's report on those financial statements was unqualified with no reference to matters to which the auditor drew attention by way of emphasis and no statement under s498(2) or s498(3) of the Companies Act 2006. The financial information for the year ended 31 December 2020 will be delivered to the Registrar of Companies following the Company's annual general meeting convened for 15 June 2021. The auditor has reported on the statutory accounts for the year ended 31 December 2020. The auditor's report was unqualified.
FY 2020 HIGHLIGHTS
• Robust free cash flow of US$1,020 million (FY2019: US$1,456 million)
• Continued reduction in net debt: US$3,356 million (FY2019: US$3,445 million)
• Total EBITDA effect from cost-cutting and customer focus initiatives of US$426 million in 2020
• Consolidated EBITDA of US$2,212 million, down 15.0% from US$2,601 million in FY2019, EBITDA margin up to 22.7% from 21.8%
• Net profit increased to US$858 million vs. US$365 million in FY2019
• Cash-costs:
o cash cost of slabs decreased to US$213/t from US$236/t in FY2019 due to lower raw material prices (iron ore, coal, ferroalloys), better raw material yield and mix, lower auxiliary, services and repairs costs
o cash costs of coal concentrate decreased to US$31/t (FY2019: US$35/t) mainly as a result of rouble depreciation
o cash costs of iron ore products decreased to US$36/t (FY2019: US$41/t) mainly by rouble depreciation, higher iron ore production volume and lower fixed costs
• An interim dividend of US$437.1 million (US$0.30 per share) has been declared, reflecting the Board's confidence in the Group's financial position and outlook.
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