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6-month US GAAP net profit of Novolipetsk Steel up 4.84-fold

US GAAP net profit of OJSC Novolipetsk Steel for H1 2014 grew 4.84-fold to $331.399 million from $68.448 million the year before, the company reported.

Revenue decreased by 4.2% to $5.446 billion from $5.685 billion, operating profit increased 2.24-fold to $651.166 million from $290.827 million, EBITDA by 48.05% to $1.063 billion from $718 million, EBITDA margin to 19.5% from 12.6%.

OJSC Novolipetsk Steel (NLMK, tax number: 4823006703) is one of three largest ferrous metallurgy enterprises of the Russian Federation. It produces over 9 million tonnes of steel a year and rolled steel of various grades and for various purposes. NLMK Group's key production assets are located in Russia, EU and the USA. The company's labor force is 60 thousand employees. NLMK produces a wide range of various metal products.

The principal owner of NLMK is Fletcher Holdings Ltd. (85.91% of shares) whose beneficiary is Chairman of the Board of Directors Vladimir Lisin. The companies whose beneficiaries are NLMK managers possess 2.8% of the shares. The free-float including the stock on Russian stock exchanges and GDRs on the LSE is 11.29%. The authorized capital of the enterprise is RUB 5,993,227,240 represented by the same number of shares at par value of 1 ruble.

US GAAP net profit of the Novolipetsk Steel group for 2013 dropped 3.16 times to $188.74 million from $595.805 million in 2012. Revenue decreased by 10.27% to $10.909 billion from $12.157 billion, operating profit by 42.15% to $643.816 million from $1.133 billion, pre-tax profit by 47.15% to $483.481 million from $914.869 million, EBITDA by 20.8% to $1.505 billion from $1.9 billion, EBITDA margin to 13.8% from 15.6%.

According to the DataCapital information retrieval system, RAS net profit of Novolipetsk Steel for H1 2014 grew 2.17-fold to RUB 17.658 billion from RUB 8.147 billion the year before. Revenue increased by 11.18% to RUB 125.116 billion from RUB 112.531 billion, sales profit 4.05-fold to RUB 11.733 billion from RUB 2.896 billion, pre-tax profit 2.41-fold to RUB 19.213 billion from RUB 7.985 billion.

"AK&M", 11.08.2014


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