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March to $184mn, according to its monthly results published on May 24. The holding’s revenue gained 10.6% m/m to $1,031mn. Metinvest’s operating cash flow before working capital changes rose 28.3% m/m to $154mn, whereas cash flow from operations (before profit tax and interest) plunged 58.2% m/m to $92mn in March. The holding’s cash outflow from investment activities rose 4.1% m/m to $101mn, while outflow from financing activities amounted to $11mn and its end-of-month cash balance dropped 21.6% m/m to $218mn. The holding’s gross debt dropped $1mn m/m to $2,682mn. Metinvest’s metallurgical segment EBITDA jumped 11.5x m/m to $46mn in March, while its mining segment EBITDA gained 24.4% m/m to $148mn.
Metinvest EBITDA slides 1% m/m in February. EBITDA at Ukraine’s largest steelmaker Metinvest (METINV) declined 0.8% m/m in February to $125mn, according to its monthly results published on April 26.
Metinvest steel output jumps 13% qoq in 1Q19. Ukraine’s largest steelmaker Metinvest reported on April 26 a 13% qoq increase in steel production to 1.941mmt at its subsidiaries in 1Q19. Azovstal’s output rose 7% qoq to 974 kt in 1Q19, while Ilyich Steel’s output jumped 19% qoq in 1Q19 to 967 kt due to the launch of continuous casting machine No. 4, according to the holding’s operational update. Year-on-year, Metinvest's 1Q19 crude steel output rose 6% due to a 20% y/y jump at Ilyich Steel that was partially offset by a 5% y/y drop at Azovstal. The holding’s hot iron output in 1Q19, 1.957mmt, slid 1% qoq and was down 9% y/y due to irregular supplies of raw materials, Metinvest said. The 1Q19 output of semi-finished products at Metinvest dropped 14% qoq to 623 kt as its merchant pig iron output plunged 50% qoq to 225 kt, but its slab output jumped 47% qoq to 398 kt. Metinvest noted that the 128 kt qoq increase in slab output was mostly due to a 100 kt rise at Azovstal. The holding’s finished product output rose 10% qoq in 1Q19 to 1.501mmt due to an 11% qoq rise in hot-rolled plate output to 886 kt, a 32% qoq gain in galvanized coil output to 96 kt, and a 12% qoq increase in hot-rolled coil output to 212 kt. Year-on-year, finished product output rose 2%. Total coke production in 1Q19 dropped 7% qoq to 1.269mmt, while merchant coke output lost 20% qoq to 392 kt. Total 1Q19 iron ore concentrate production rose 6% qoq to 7.204mmt, whereas output of merchant iron ore products jumped 17% qoq to 4.438mmt due to a 19% qoq increase in merchant iron ore concentrate production to 2.446mmt and a 15% qoq increase in merchant pellet production to 1.992mmt. Year-on-year, iron ore concentrate output rose 4%, and merchant iron ore product production jumped 23%.
Metinvest affiliate Pokrovske Coal to boost coal production 42% in 2019.
Private joint stock company Pokrovske Coal plans to boost its raw coking coal production 42% y/y to 5.63mmt in 2019, according to the company’s 2018 accounts published on April 26. PrJSC Pokrovske Coal is a part of Pokrovske Coal assets in, which Ukraine’s largest steel producer, Metinvest (METINV), acquired a 24.99% stake in 2018. Its 2018 coal production reached 3.98mmt, a 9% y/y decline.
● Ferroexport
Deloitte, the auditor of Ukraine’s largest iron ore pellet exporter Ferrexpo, provided to the company its two reasons for its April 26 resignation from its office as statutory auditor, Ferrexpo reported in its April 29 release. Deloitte said that Ferrexpo’s delayed launching an independent review of Blooming Land, a charity that was supposed to independently manage Ferrexpo’s
72 UKRAINE Country Report June 2019 www.intellinews.com