REG - Evraz Plc - Half Yearly Report <Origin Href="QuoteRef">EVRE.L</Origin> - Part 5
29/10/2014 15:28
- Part 5: For the preceding part double click ID:nRSa0638Qd
Depreciation, depletion and amortisation expense (228) (136) (43) (15) (11) - (433)
Impairment of assets (40) (77) (3) (25) (2) - (147)
Gain/(loss) on disposal of property, plant and equipment and intangible assets (7) (13) - - (1) - (21)
Foreign exchange gains/(losses), net (152) (14) 50 - - - (116)
344 (108) 220 (20) 38 4 363
Unallocated income/(expenses), net (66)
Profit/(loss) from operations $ 297
Interest income/(expense), net (287)
Share of profits/(losses) of joint ventures and associates 5
Gain/(loss) on derecognition of equity investments, net -
Gain/(loss) on financial assets and liabilities (43)
Gain/(loss) on disposal groups classified as held for sale 113
Other non-operating gains/(losses), net -
Profit/(loss) before tax $ 85
3. Segment Information (continued)
Six-month period ended 30 June 2013
US$ million Steel Coal Iron Ore Vanadium Other Eliminations Total
Revenue $ 6,820 $ 703 $ 854 $ 288 $ 335 $ (1,739) $ 7,261
Reclassifications and other adjustments (427) 19 46 (20) 130 310 58
Revenue per IFRS financial statements $ 6,393 $ 722 $ 900 $ 268 $ 465 $ (1,429) $ 7,319
EBITDA $ 530 $ 67 $ 181 $ 27 $ 36 $ (34) $ 807
Exclusion of management services from segment result 75 4 19 2 2 - 102
Unrealised profits adjustment 8 - - (1) - (27) (20)
Reclassifications and other adjustments 38 38 31 6 23 - 136
121 42 50 7 25 (27) 218
EBITDA based on IFRS financial statements $ 651 $ 109 $ 231 $ 34 $ 61 $ (61) $ 1,025
Unallocated subsidiaries (100)
$ 925
Depreciation, depletion and amortisation expense (294) (187) (55) (23) (17) - (576)
Impairment of assets 32 (63) 24 - - - (7)
Gain/(loss) on disposal of property, plant and equipment and intangible assets (8) (6) - - 1 - (13)
Foreign exchange gains/(losses), net (42) (40) 54 - - - (28)
339 (187) 254 11 45 (61) 301
Unallocated income/(expenses), net (156)
Profit/(loss) from operations $ 145
Interest income/(expense), net (357)
Share of profits/(losses) of joint ventures and associates 3
Gain/(loss) on derecognition of equity investments, net 89
Gain/(loss) on financial assets and liabilities (71)
Gain/(loss) on disposal groups classified as held for sale 54
Other non-operating gains/(losses), net (2)
Profit/(loss) before tax $ (139)
In the six-month period ended 30 June 2014, the Group made a reversal of the allowance for net realisable value in the
amount of $13 million.
The material changes in property, plant and equipment during the six-month period ended 30 June 2014 other than those
disclosed above are presented below:
US$ million Steel Coal Iron ore Vanadium Other Total
Additions $ 136 $ 106 $ 46 $ 4 $ 4 $ 296
4. Sales of Ownership Interests in Subsidiaries
Sale of EVRAZ Vitkovice Steel
On 3 April 2014, the Group sold its wholly-owned subsidiary EVRAZ Vitkovice Steel to a third party for a cash consideration
of $287 million on a debt free and normalised working capital basis. As of June 30 2014, $19 million of working capital
deficit to be paid by the Group to the purchaser were unpaid. Transaction costs in the amount of $3 million were unpaid as
of 30 June 2014.
The Group recognised a $96 million gain on the sale of the subsidiary, including $61 million of cumulative exchange gains
reclassified from other comprehensive income to the consolidated statement of operations. Cash disposed with the subsidiary
amounted to $20 million.
Sale of Business Units of Evrazruda
On 21 April 2014, the Group sold to third parties an iron ore mine Irbinsky Rudnik and a service entity Sheregesh-Energo
located in Western Siberia. The cash consideration amounted to 20 million roubles (approximately $0.6 million).
The Group recognised a $24 million gain on the sale, including $4 million of cumulative exchange gains reclassified from
other comprehensive income to the consolidated statement of operations.
5. Impairment of Non-current Assets
The summary of impairment losses recognition and reversals is presented below.
US$ million Goodwill and intangible assets Property, plant and equipment Taxes receivable Total
EVRAZ Highveld Steel $ (15) $ (40) $ - $ (55)
Yuzhkuzbassugol - (77) - (77)
EVRAZ Nizhny Tagil Metallurgical Plant - (13) - (13)
Others, net - (9) 7 (2)
$ (15) $ (139) $ 7 $ (147)
The Group recognised impairment losses as a result of the impairment testing at the level of cash-generating units. In
addition, the Group made a write-off of certain functionally obsolete items of property, plant and equipment and recorded
an impairment relating to capitalised site restoration costs and taxes with a long-term recovery.
For the purpose of the impairment testing as of 30 June 2014 the Group assessed the recoverable amount of each
cash-generating unit ("CGU") where indicators of impairment were identified.
The recoverable amount has been determined based on a value-in-use calculation using cash flow projections based on the
actual operating results and business plans approved by management and appropriate discount rates reflecting time value of
money and risks associated with respective cash-generating units. For the periods not covered by management business plans,
cash flow projections have been estimated by extrapolating the respective business plans results using a zero real growth
rate.
The key assumptions used by management in the value-in-use calculations with respect to the cash-generating units to which
the goodwill was allocated and where indicators of impairment existed are presented in the table below.
Period of forecast, years Pre-tax discount rate, % Commodity Average price of commodity per tonne in 2014 Average price of commodity per tonne in 2015 Recoverable amount of CGU, US$ million Carrying amount of CGU, US$ million
EVRAZ Palini e Bertoli 5 14.52 steel plates $624 $655 233 192
EVRAZ Inc. NA cash-generating units:
Rocky Mountain Steel Mills - Seamless 5 13.78 seamless pipes $1,373 $1,449 280 129
In addition, the Group determined that there were indicators of impairment in other cash generating units and tested them
for impairment using the following assumptions.
Period of forecast, years Pre-tax discount rate, % Commodity Average price of commodity per tonne in 2014 Average price of commodity per tonne in 2015
EVRAZ Dnepropetrovsk Iron and Steel Works 5 14.83 steel products $539 $570
EVRAZ United West-Siberian Iron & Steel Plant 5 15.04 steel products $488 $507
EVRAZ Caspian Steel 5 15.00 rebars $510 $539
EVRAZ Yuzhny Stan 5 14.07 steel mill under construction $572 $604
EVRAZ Bagleykoks 5 14.35 coke $190 $209
Yuzhkuzbassugol 17 13.03 coal $73 $80
Raspadskaya 22 13.53 coal $55 $63
EVRAZ Highveld Steel 5 13.26 steel products $711 $748
Discount Rates
Discount rates reflect the current market assessment of the risks specific to each cash-generating unit. The discount rates
have been determined using the Capital Asset Pricing Model and analysis of industry peers.Reasonably possible changes in
discount rates could lead to an impairment at EVRAZ United West-Siberian Iron & Steel Plant, EVRAZ Yuzhny Stan and EVRAZ
Highveld Steel cash-generating units. If the discount rates were 10% higher, this would lead to an additional impairment of
$139 million.
Sales Prices
The prices of the products sold by the Group were estimated using industry research. The Group expects that the nominal
prices will grow with a compound annual growth rate of 0%-10% in 2014 - 2018 and 3.0% in 2019 and thereafter. Reasonably
possible changes in sales pricescould lead to an additional impairment at EVRAZ United West-Siberian Iron & Steel Plant and
EVRAZ Highveld Steel cash-generating units. If the prices assumed for the 2nd half of 2014 and 2015 were 10% lower, this
would lead to an impairment of $261 million.
Sales Volumes
Management assumed that the sales volumes of steel products would increase by 2.6% in 2015 and would grow evenly during the
following four years to reach normal asset capacity utilisation thereafter. Reasonably possible changes in sales volumes
could lead to an additional impairment at EVRAZ United West-Siberian Iron & Steel Plant and EVRAZ Highveld Steel. If the
sales volumes were 10% lower than those assumed for the 2nd half of 2014 and 2015, this would lead to an impairment of $72
million.
Cost Control Measures
The recoverable amounts of cash-generating units are based on the business plans approved by management. A reasonably
possible deviation of cost from these plans could lead to an additional impairment at EVRAZ United West-Siberian Iron &
Steel Plant and EVRAZ Highveld Steel cash-generating units. If the actual costs were 10% higher than those assumed for the
2nd half of 2014 and 2015, this would lead to an impairment of $566 million.
The unit's recoverable amount would become equal to its carrying amount if the assumptions used to measure the recoverable
amount changed as follows:
Discount rates Sales prices Sales volumes Cost control measures
EVRAZ United West-Siberian Iron & Steel Plant 1.9% (0.8)% (3.7)% 0.6%
EVRAZ Yuzhny Stan 6.0% - - -
6. Income Taxes
Major components of income tax expense were as follows:
Six-month periodended 30 June
US$ million 2014 2013
Current income tax expense $ (128) $ (149)
Adjustment in respect of income tax of previous years (15) 2
Deferred income tax benefit relating to changes in tax rates 6 -
Deferred income tax benefit relating to origination and reversal of temporary differences 53 140
Income tax expense reported in the consolidated statement of operations $ (84) $ (7)
7. Property, Plant and Equipment
The movement in property, plant and equipment for the six-month period ended 30 June 2014 was as follows:
US$ million Land Buildings and constructions Machinery and equipment Transport and motor vehicles Mining assets Other assets Assets under construction Total
At 31 December 2013, cost, net of accumulated depreciation (as reported) $ 156 $ 1,554 $ 3,667 $ 187 $ 2,679 $ 22 $ 986 $ 9,251
Cessation of classification of a subsidiary as held for sale 1 6 100 2 17 4 6 136
At 31 December 2013, cost, net of accumulated depreciation (as restated) 157 1,560 3,767 189 2,696 26 992 9,387
Additions - - 1 - 28 - 267 296
Assets put into operation - 31 112 14 77 2 (236) -
Disposals (1) (2) (14) (2) (3) - (3) (25)
Depreciation and depletion charge - (58) (251) (22) (72) (3) - (406)
Impairment losses recognised in statement of operations - (7) (52) - (79) - (4) (142)
Impairment losses reversed through statement of operations - 1 1 - - - 1 3
Transfer to assets held for sale - (3) (3) - - - - (6)
Change in site restoration and decommissioning provision - 1 - - 74 - 5 80
Translation difference (2) (67) (136) (10) (150) (2) (48) (415)
At 30 June 2014, cost, net of accumulated depreciation $ 154 $ 1,456 $ 3,425 $ 169 $ 2,571 $ 23 $ 974 $ 8,772
On 1 January 2014, the Group changed its estimation of useful lives of property, plant and equipment, which resulted in a
$31 million decrease in depreciation expense as compared to the amounts that would have been charged had no change in
estimate occurred.
8. Investments in Joint Ventures and Associates
The movement in investments in joint ventures and associates during the six-month period ended 30 June 2014 was as
follows:
US$ million Timir Streamcore Other associates Total
At 31 December 2013 $ 141 $ 40 $ 10 $ 191
Share of profit/(loss) (1) 5 1 5
Translation difference (4) (1) - (5)
At 30 June 2014 $ 136 $ 44 $ 11 $ 191
9. Related Party Disclosures
For the Group related parties include associates and joint venture partners, key management personnel and other entities
that are under the control or significant influence of the key management personnel, the Group's ultimate parent or its
shareholders. In considering each possible related party relationship, attention is directed to the substance of the
relationship, not merely the legal form.
Amounts owed by/to related parties were as follows:
Amounts due from Amounts due to
related parties related parties
US$ million 30 June 31 December 2013 30 June 31 December 2013
2014 2014
Vtorresource-Pererabotka $ 6 $ 4 $ 14 $ 13
Yuzhny GOK 5 5 127 336
Liability to management of Raspadskaya for the acquisition of Corber - - - 102
Other entities 14 7 8 7
25 16 149 458
Less: allowance for doubtful accounts (3) (3) - -
$ 22 $ 13 $ 149 $ 458
In the first half of 2014, Ukrainian hryvnia has depreciated against US dollar by 48%. As a result, the Group recognised a
$85 million foreign exchange loss on the balances and transactions with Yuzhny GOK.
Transactions with related parties were as follows for the six-month periods ended 30 June:
Sales to Purchases fromrelated parties
related parties
US$ million 2014 2013 2014 2013
Genalta Recycling Inc. $ - $ - $ 11 $ 11
Interlock Security Services - - 22 27
Raspadsky Ugol - - - 5
Vtorresource-Pererabotka 10 7 229 205
Yuzhny GOK 25 34 142 71
Other entities 2 5 16 20
$ 37 $ 46 $ 420 $ 339
On 1 April 2014, the Group received a non-interest bearing loan of 2,935 million Ukrainian hryvnias ($267 million at the
exchange rate as of the date of disbursement) from Standart IP, an entity under control of one of the major shareholders.
The proceeds were used for the purposes of short-term liquidity management for a Ukrainian subsidiary. The loan was fully
repaid in several installments by 10 April 2014.
Compensation to Key Management Personnel
In the six-month periods ended 30 June 2014 and 2013, key management personnel totalled 51 and 57 persons, respectively.
Total compensation to key management personnel was included in general and administrative expenses and consisted of the
following in the six-month periods ended 30 June:
US$ million 2014 2013
Salary $ 12 $ 13
Performance bonuses 14 -
Social security taxes 3 2
Share-based payments 7 5
Termination benefits 1 -
$ 37 $ 20
10. Cash and Cash Equivalents
Cash and cash equivalents were denominated in the following currencies:
US$ million 30 June 2014 31 December 2013
US dollar $ 937 $ 1,300
Russian rouble 269 195
Ukrainian hryvnia 79 17
Euro 7 9
South African rand 36 32
Canadian dollar 24 50
Other 1 1
$ 1,353 $ 1,604
The above cash and cash equivalents mainly consist of cash at banks.
At 30 June 2014 and 31 December 2013, the assets of disposal groups classified as held for sale included cash amounting to
$Nil and $7 million, respectively.
11. Equity
Share Capital
Number of shares 30 June2014 31 December 2013
Issued and fully paid
Ordinary shares of $1 each 1,506,527,294 1,472,582,366
Share Issue
On 27 January 2014, EVRAZ plc issued 33,944,928 shares in connection with the exercise of the warrants included in the
purchase consideration for Raspadskaya.
Treasury Shares
Number of shares 30 June2014 31 December 2013
Number of treasury shares 303,370 302,717
In 2014, the Group purchased 7,252,575 shares of EVRAZ plc for $13 million and transferred 7,251,922 shares to participants
of Incentive Plans. The cost of treasury shares transferred to the participants of Incentive Plans, amounting to $13
million, was charged to accumulated profits.
Earnings per Share
Earnings per share are calculated by dividing the net income attributable to ordinary shareholders by the weighted average
number of ordinary shares in issue during the period. Diluted earnings per share amounts are calculated by dividing the net
profit attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the
period plus the weighted average number of ordinary shares that would be issued on the conversion of all the potential
dilutive ordinary shares into ordinary shares.
The following reflects the profit/(loss) and share data used in the basic and diluted earnings per share computations:
Six-month period
ended 30 June
2014 2013
Weighted average number of ordinary shares outstanding during the period 1,505,402,864 1,492,577,321
Effect of dilution: share options 25,615,845 -
Weighted average number of ordinary shares adjusted for the effect of dilution 1,531,018,709 1,492,577,321
Profit/(loss) for the period attributable to equity holders of the parent entity, US$ million $ 38 $ (131)
Basic earnings/(losses) per share $ 0.03 $ (0.09)
Diluted earnings/(losses) per share $ 0.02 $ (0.09)
The warrants issued in connection with the acquisition of a controlling interest in Corber are included in the calculation
of basic earnings per share starting from the date of their issue.
As the Group reported net losses in the six-month period ended 30 June 2013, the share-based awards were antidilutive.
There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and
the date of completion of these consolidated financial statements.
Dividends
On 8 April 2014, the Board of directors of EVRAZ plc proposed to declare special dividends in the amount of $90.4 million,
which represent $0.06 per share. On 12 June 2014, the Annual Shareholders Meeting approved the payment of these dividends
out of the sale proceeds for EVRAZ Vitkovice Steel (Note 4). The dividends were paid in July 2014.
12. Loans and Borrowings
Short-term and long-term loans and borrowings were as follows:
US$ million 30 June2014 31 December2013
Bank loans $ 1,530 $ 2,065
8.25 per cent notes due 2015 577 577
7.40 per cent notes due 2017 600 600
9.5 per cent notes due 2018 509 509
6.75 per cent notes due 2018 850 850
6.50 per cent notes due 2020 1,000 1,000
13.5 per cent bonds due 2014 528 611
8.75 per cent bonds due 2015 116 119
9.95 per cent bonds due 2015 446 458
8.40 per cent bonds due 2016 595 611
Liabilities under 7.75 per cent bonds due 2017 assumed in business combination 400 400
Fair value adjustment to liabilities assumed in business combination 24 27
Other liabilities 4 8
Unamortised debt issue costs (64) (68)
Interest payable 89 90
$ 7,204 $ 7,857
At 30 June 2014 and 31 December 2013, the liabilities of disposal groups classified as held for sale included bank loans
amounting to $Nil and $76 million, respectively.
Some of the loan agreements and terms and conditions of notes provide for certain covenants in respect of Evraz Group S.A.
and its subsidiaries. The covenants impose restrictions in respect of certain transactions and financial ratios, including
restrictions in respect of indebtedness and profitability.
Pledged Assets
The Group pledged its rights under some export contracts as collateral under the loan agreements. All proceeds from sales
of steel pursuant to these contracts can be used to satisfy the obligations under the loan agreements in the event of a
default.
At 30 June 2014 and 31 December 2013, the Group had inventory with a carrying value of $51 million and $63 million,
respectively, pledged as collateral under the loan agreements.
At 30 June 2014, 100% shares of Mezhegeyugol and EVRAZ Caspian Steel were pledged as collateral under bank loans with a
carrying value of $174 million. These subsidiaries represented 1.7% of the consolidated assets at 30 June 2014 and did not
generate revenues in the reporting period.
Partial Repurchase of the 13.5% Bonds Due 16 October 2014
In April 2014, the Group re-purchased bonds for a nominal amount totalling 2,258 million roubles ($64 million at the
exchange rates as of the dates of the transactions). There was no gain or loss on the transaction.
Unutilised Borrowing Facilities
As of 30 June 2014, the Group had unutilised bank loans in the amount of $1,987 million, including $395 million of
committed facilities.
13. Commitments and Contingencies
Operating Environment of the Group
The Group is one of the largest vertically integrated steel producers globally and the largest steel producer in Russia.
The Group's major subsidiaries are located in Russia, Ukraine, the European Union, the USA, Canada and the Republic of
South Africa. Russia, Ukraine and the Republic of South Africa are considered to be developing markets with higher economic
and political risks. Steel consumption is affected by the cyclical nature of demand for steel products and the sensitivity
of that demand to worldwide general economic conditions.
The global economic recession resulted in a significantly lower demand for steel products and decreased profitability.In
addition, the political crisis over Ukraine led to an additional uncertainty in the global economy. The unrest in the
Southeastern region of Ukraine and the economic sanctions imposed on Russia caused the depreciation of national currencies,
economic slowdown, deterioration of liquidity in the banking sector, and tighter credit conditions within Russia and
Ukraine. If the Ukrainian crisis broadens and further sanctions are imposed on Russia, this could have an adverse impact on
the Group's business.
The global economic climate continues to be unstable and this may negatively affect the Group's results and financial
position in a manner not currently determinable.
Taxation
Russian and Ukrainian tax, currency and customs legislation is subject to varying interpretations, and changes, which can
occur frequently. Management's interpretation of such legislation as applied to the transactions and activity of the Group
may be challenged by the relevant regional and federal authorities.
Management believes that it has paid or accrued all taxes that are applicable. Where uncertainty exists, the Group has
accrued tax liabilities based on management's best estimate of the probable outflow of resources embodying economic
benefits, which will be required to settle these liabilities. Possible liabilities which were identified by management at
the end of the reporting period as those that can be subject to different interpretations of the tax laws and other
regulations and are not accrued in these financial statements could be up to approximately $39 million.
Contractual Commitments
At 30 June 2014, the Group had contractual commitments for the purchase of production equipment and construction works for
an approximate amount of $269 million.
In 2010, the Group concluded an agreement for the supply of oxygen, nitrogen and argon by a third party for a period of 20
years. The contractual price comprises a fixed component and a variable component. The total amount of the fixed component
approximates 256 million euro. The agreement is within the scope of IFRIC 4 "Determining whether an Arrangement Contains a
Lease". At 30 June 2014, the lease had not commenced.
Social Commitments
The Group is involved in a number of social programmes aimed to support education, healthcare and social infrastructure
development in towns where the Group's assets are located. The Group budgeted to spend approximately $70 million under
these programmes in the second half of 2014.
Environmental Protection
In the course of the Group's operations, the Group may be subject to environmental claims and legal proceedings. The
quantification of environmental exposures requires an assessment of many factors, including changing laws and regulations,
improvements in environmental technologies, the quality of information available related to specific sites, the assessment
stage of each site investigation, preliminary findings and the length of time involved in remediation or settlement.
Management believes that any pending environmental claims or proceedings will not have a material adverse effect on its
financial position and results of operations.
In addition, the Group has committed to various environmental protection programmes covering periods from 2014 to 2022,
under which the Group will perform works aimed at reductions in environmental pollution and contamination. As of 30 June
2014, the costs of implementing these programmes are estimated at $225 million.
Legal Proceedings
The Group has been and continues to be the subject of legal proceedings, none of which has had, individually or in
aggregate, a significant effect on the Group's operations or financial position.
14. Fair Value of Financial Instruments
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique:
§ Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities;
§ Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable,
either directly or indirectly; and
§ Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on
observable market data (unobservable inputs).
The carrying amounts of financial instruments, such as cash, short-term and long-term investments, short-term accounts
receivable and payable, short-term loans receivable and payable and promissory notes, approximate their fair value.
The Group held the following financial instruments measured at fair value:
30 June 2014 31 December 2013
US$ million Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Assets measured at fair value
Available-for-sale financial assets 21 - - 30 - -
Liabilities measured at fair value
Derivatives not designated as hedging instruments - 294 - - 219 -
Contingent consideration payable for the acquisition of Stratcor - - 8 - - 8
The following table shows fair values of the Group's bonds and notes.
US$ million 30 June 2014 31 December 2013
Carrying amount Fairvalue Carrying amount Fairvalue
8.25 per cent notes due 2015 $ 573 $ 611 $ 569 $ 621
7.40 per cent notes due 2017 605 629 605 634
9.5 per cent notes due 2018 506 559 505 568
6.75 per cent notes due 2018 856 851 855 858
6.50 per cent notes due 2020 1,007 947 1,007 951
13.5 per cent bonds due 2014 542 546 627 645
8.75 per cent bonds due 2015 118 115 122 121
9.95 per cent bonds due 2015 453 438 466 464
8.40 per cent bonds due 2016 597 549 614 592
Liabilities under 7.75 per cent bonds due 2017 assumed in business combination 428 405 431 417
$ 5,685 $ 5,650 $ 5,801 $ 5,871
The fair value of the non-convertible bonds and notes was determined based on market quotations (Level 1).
15. Subsequent Events
Borrowings
In August 2014, the Group received a $425 million 5-year loan from a syndicate of international banks. The interest is set
at a rate of LIBOR plus a margin ranging from 2.75% to 4% per annum depending on the net leverage ratio. The loan is
payable in equal quarterly instalments starting from August 2016 with a final instalment on 12 August 2019.
Sale of a Non-controlling Interest
On 12 August 2014, the Group signed an agreement to sell 34% in EVRAZ Highveld Steel and Vanadium Limited for approximately
$27 million. It is expected that the transaction will be completed in September 2014.
This information is provided by RNS
The company news service from the London Stock ExchangeRecent news on Evraz
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