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Severstal | 09 April 2008 г. | 11:20

Severstal reports strong H1 results across all divisions

Severstal reports strong H1 results across all divisions
Financial Results for the six months ended 30 June, 2008
 ($ mln unless otherwise stated)

 
H1 2008
H1 20074
Change, y-o-y
Revenue
10,547
7,739
36.3%
Profit from operations
2,254
1,678
34.3%
EBITDA1
2,784
2,071
34.4%
Net profit2
1,940
1,148
69.0%
EPS, $
1.92
1.14
68.4%
DPS3, $
0.97
0.49
98.0%

Notes:
1 EBITDA represents profit from operations plus depreciation and amortisation adjusted for gain (loss) on disposals of property plant and equipment
2 Net profit attributable to shareholders
3 Dividends announced on the basis of respective period results, translated at the exchange rate as of the date of recommendation by Board of Directors
4 H1 2007 numbers have been restated to reflect the consolidation of Severstal Columbus (formerly SeverCorr) as of 1 January, 2007 and to reflect the change in the accounting policy for property, plant and equipment from the revaluation model to the cost model
OAO Severstal (LSE: SVST; RTS: CHMF), today reports results for the six months to 30 June 2008. 
 
H1 2008 Highlights:
  • Revenues up 36.3% to a record $10,547 mln
  • EBITDA of $2,784 mln, up 34.4% year-on-year
  • 69% increase in net profit, including significant non-recurring one-off gains:
  • $219 mln negative goodwill gain from acquisition of Sparrows Point
  • $255 mln net gain from the sale of Kuzbassugol
  • EPS up to $1.92 from $1.14 year-on-year a 68.4% increase
  • Strong domestic and global demand for coking coal and iron ore drive excellent performance in Severstal Resources
  • Positive pricing environment for steel products lifts EBITDA at Russian Steel and  Severstal International
  • Breakthrough achieved in the scale and capability of our North American business
  • Q2 dividend per share of $0.75, or 18.35 rubles, a 98.0% increase in dollar terms in H1 2008 year-on-year, reflecting significant increase in net profit in H1 2008 compared with H1 2007
Source: Metal Supply and Sales
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