Page 79 - UKRRptJan22

The holding’s revenue jumped 78% y/y to $13.6bn and its EBITDA margin climbed 27pp y/y to 45%.
EBITDA of Metinvest’s mining segment shot up 3.9x y/y to $3,763mn in 9M21, while that of its metallurgical segment skyrocketed 5.6x y/y to $2,781mn.
Metinvest’s CapEx amounted to $822mn in 9M21, up 79% y/y, driven by a 2x y/y jump in its metallurgical segment to $452mn (including $120mn for acquisition of Dniprovskyy Steel PP&E assets) and a 53% increase in the mining segment’s CapEx to $342mn.
Gross debt was $2,245mn at end-September, down $692mn YTD. Cash and equivalents swelled to $2,006mn at end-September, a $1,180mn YTD increase, and net debt stood at $239mn on September 30, a $1,872mn YTD plunge. The ratio of net debt to last-12-months EBITDA (excluding JVs) amounted to 0.0x on September 30, plunging from 1.2x at the end of 2020.
Metinvest spent $1,245mn on deleveraging in 9M21 and $1,097mn on other financing activities, which was mostly dividends (including $423mn paid in 1H21 according to Concorde Capital assessment.
In 3Q21, Metinvest’s EBITDA (including JVs) slid 1% qoq to $2,307mn.
EBITDA at Ukraine’s largest steelmaker Metinvest (METINV) dropped 24.7% m/m to $577mn in September, according to its monthly results published on December 3. The holding’s revenue slid 4.0% m/m to $1,637mn.
EBITDA excluding joint ventures (JVs) lost 22.3% m/m to $516mn in September.
Metinvest’s operating cash flow before working capital changes dropped 21.3% m/m to $528mn in September, whereas cash flow from operations after working capital changes (but before profit tax and interest) jumped 45.8% m/m to $710mn.
Cash inflow due to changes in accounts receivable was $115mn in September (vs.an outflow of $85mn in August). Cash inflow due to changes in accounts payable was $8mn in September (vs. an outflow of $32mn in August).
The holding’s cash outflow from investment activities was $91mn (vs. an inflow of $27mn in August). Metinvest’s outflow from financing activities amounted to $597mn and its end-of-month cash balance slid 0.5% m/m to $2,006mn. Its gross debt slipped $1mn m/m to $2,245mn, while its net debt inched up $10mn m/m to $239mn.
Metinvest's metallurgical segment EBITDA (including JVs) dropped 23.6% m/m to $268mn in September, while its mining segment’s EBITDA plunged 44.0% m/m to $248mn.
Excluding JVs, Metinvest's metallurgical segment EBITDA lost 28.5%
79 UKRAINE Country Report January 2022 www.intellinews.com