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Chelpipe Group's 12-month IFRS net profit decreased by 36.57% in 2017

IFRS net profit of Chelyabinsk Pipe-Rolling Plant (Chelpipe Group) for 2017 decreased by 36.57% to RUB 4.032 billion from RUB 6.357 billion the year before, the company reported.

Revenue increased by 16.83% to RUB 158.257 billion from RUB 135.456 billion, operating profit decreased by 19.43% to RUB 15.848 billion from RUB 19.671 billion, pre-tax profit by 30.63% to RUB 6.211 billion from RUB 8.954 billion. Adjusted EBITDA decreased by 16% to RUB 23.639 billion from RUB 28.086 billion.

The weaker EBITDA is attributable to a reduction in supplies to the Russian market and an increase in variable production costs.

EBITDA margin decreased by 5.8 p.p. to 14.9%. The company generated a positive net cash flow from operations of RUB 17.885 billion (against RUB 13.41 billion in 2016).

In 2017, the group's net debt decreased by 12% to RUB 67.3 billion, net debt ratio to EBITDA increased from 2.7x to 2.8x.

PJSC Chelyabinsk Pipe-Rolling Plant (Chelpipe, tax number: 7449006730) manufactures pipes of various grades. Its share in the tubular goods output of the Russian Federation is about 17%. Chelpipe group unites companies and enterprises engaged in the ferrous metallurgy sector: Chelyabinsk Pipe-Rolling Plant, Pervouralsk New Pipe Plant, META scrap metal procurement and processing company, mainline equipment manufacturers SOT, ETERNO, MSA (Czech Republic). The group's oilfield business is being developed by Rimera.

Chelpipe's authorized capital is RUB 472.383 million. It consists of 472,382,880 common shares with a face value of 1 ruble. As of September 1, 2017, Mountrise Limited (Cyprus) owned 51.9969%, JSC Pervouralsk New Pipe Plant owned 33.98689%, Bounceward Ltd. (The British Virgin Islands) held 6.0055% of the company's authorized capital.

IFRS net profit of Chelpipe Group for January-June 2017 decreased by 64% to RUB 2.101 billion from RUB 5.81 billion the year before. Revenue increased by 6% to RUB 72.566 billion. Gross profit decreased by 21% to 17. RUB 297 billion, EBITDA was RUB 11.001 million. EBITDA margin decreased by 9.5% to 15.2%.

According to AK&M Information Agency's DataCapital information retrieval system, RAS net loss of Chelpipe for 9 months of 2017 was RUB 825.917 million against a profit of RUB 3.529 billion the year before. Revenue increased by 7.4% to RUB 78.686 billion from RUB 73.267 billion, sales profit decreased 2.06 times to RUB 4.75 billion from RUB 9.784 billion, loss before tax was RUB 843.867 million against a profit of RUB 4.611 billion for the same period in 2016.

"AK&M", 13.03.2018 13:04


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