Page 182 - RusRPTJun24

9.2.12 Mines and Minerals - steel & iron
NLMK and MMK approached the FAS with a proposal to conclude a settlement agreement in the case of inflating prices for rolled steel. According to sources, the conditions are similar to the settlement agreement of Severstal and provide for a multiple reduction in fines for companies. Earlier in the media it was reported that Severstal and FAS, as part of a settlement agreement, agreed to reduce the fine in the case of inflating prices for rolled steel by almost 10 times to less than 900 million rubles. (subject to court approval).
The court approved a settlement agreement between Severstal and FAS in the case of inflated prices for rolled steel. Specific details of the agreement were not disclosed. Earlier in the media it was reported that Severstal, as part of a settlement agreement, agreed to reduce the fine by almost 10 times - from 8.7 billion rubles. up to less than 900 million rubles. If the corresponding provision is contained in the approved agreement, then the news, in our opinion, is positive - the new amount, according to our estimates, is equivalent to less than 1% of the company's net profit for 2024.
9.2.13 Mines and Minerals - fertilisers 9.2.14 Mines and Minerals - other 9.2.15 Transport corporate news
May 24 Sovcomflot published IFRS results for 1Q24. Revenue on a time
charter equivalent basis fell 4.3% QoQ to $459 million despite rising global average freight rates. This result is likely due to the highly contracted fleet, which reduces the sensitivity of revenue to changes in rates, and operational restrictions due to sanctions. EBITDA increased by 0.5% QoQ to $334 million.
Net profit for the period decreased by 10.4% qoq to $216 million, which was mainly due to a decrease in foreign exchange gains to $3.1 million versus $27.7 million in 4Q23. Adjusted net profit amounted to RUB 18.9 billion. (+3.6% q/q). Provided that 50% of adjusted net profit under IFRS was paid in dividends, the company earned RUB 3.98. per share dividends based on the results of 1Q24.
The company confirmed its intentions to pay 50% of adjusted net profit under IFRS in dividends for last year. Thus, the final dividend for 2023 may be 11.27
182 RUSSIA Country Report June 2024 www.intellinews.com