Russia’s Severstal says IFRS Q4 net profit falls by 24% to $374 mln

MOSCOW, Jan 31 (PRIME) -- The net profit of Russian steelmaker Severstal fell by 23.7% on the year to $374 million In October–December, while revenue decreased 12.9% to $1.838 billion, and EBITDA went down 23.5% to $602 million as sales and prices fell, the company said in a statement on Friday.

Free cash flow slumped by 70.5% to $101million mainly on the back of a lower revenue and capex growth.

Net debt increased by 20.8% to $1.52 billion as of the end of the year mainly thanks to a lower balance of cash and its equivalents after dividends. The net debt /EBITDA ratio amounted to 0.6x against 0.4 as of the end of the previous quarter. Total debt edged up to $2.651 billion after $2.617 billion a quarter earlier.

For whole of 2019, the net profit fell by 13.8% to U.S. $1.767 billion, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Friday.

Revenue decreased by 4.9% to $8.157 billion, while earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased 10.7% to $2.805 billion.

For further details, please, see the company’s statement on its official website:

https://www.severstal.com/eng/media/news/document37164.phtml

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