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PJSC “Chelyabinsk Pipe-Rolling Plant”
2016FY IFRS results and market
overview
March 2017
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Page number
SECTION I KEY FIGURES 4
SECTION II MARKET OVERVIEW & COMPANY STRATEGY 7
SECTION III FINANCIALS 18
SECTION IV APPENDIX 25
2
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SECTION I
Key figures
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RUR bln 2013 2014 2015 2016
Revenue 112.4 128.1 148.3 135.5
EBITDA 18.1 22.7 28.9 27.9
Margin (%) 16.2 17.7 19.5 20.6
Net profit/(loss) (1.9) (1.2) 6.0 6.4
Margin (%) (1.6) (1.0) 4.1 4.7
Gross Debt 100.5 99.4 94.1 91.1
Cash 3.0 5.5 8.0 14.8
Net debt 97.4 94.0 86.1 76.2
Net debt / EBITDA 5.4x 4.1x 3.0x 2.7x
Shipments2, ‘000 tonnes 1 680 2 167 2 036 1 713
LDP 709 1 016 886 648
Seamless pipes 931 1 104 1 094 999
Other welded pipes 40 47 56 65
• One of Russia’s largest pipe manufacturers with a diversified customer
base within Oil & Gas and Industrial sectors
• Main operational assets are located in Chelyabinsk (Chelpipe) and
Pervouralsk (Pervouralsk New Pipe Plant)
• Core shareholders are Andrey Komarov and Alexandr Fedorov (jointly
own more than 80% of Chelpipe shares)
• Credit ratings: Ba3, stable / BB-, stable (Moody's / Fitch)
NUMERICAL SUMMARY
PRODUCT MIX
4
(1) Company estimates for 2016, market size is provided exclusively for LDP & OCTG pipe segments
(2) Including only pipe division shipment volumes
KEY FACTS
SECTOR POSITIONING1 IN RUSSIA
Market: 2 508 ths t1 Market: 2 037 ths t1
44%
36%
19%
2%
REVENUE
Seamless pipe
LDP
Other production& services
Other pipes
RUR 135.5 bln Output: 1 713 ths t
Source: Company data
35%
26%
20%
15%
4%
#2 IN LDP MARKET
OMK
Chelpipe
ТМК
ITZ
Other RF
56% 16%
14%
14%
#2 IN OCTG MARKET
ТМК
Chelpipe
OMK
Other RF
58%
38%
4%
SHIPMENTS2
Seamlesspipe
LDP
Otherwelded
CHELPIPE AT A GLANCE
KEY EVENTS • Chelpipe issued its first ever publicly traded bonds for 5 RUR bln on the
Russian stock market which resulted in a 3x oversubscription
• Contractual shipments for Nord Stream 2 project commenced
• Restructured the syndicated loan from 2012 with three leading state banks
at favorable conditions as well as obtaining international credit ratings
• ETERNO: opening ceremony lead by Gazprom CEO Alexei Miller and
unique product assembly launch attended by Russian President V.V. Putin
Work
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rea Manufacturing of fittings and valves
Oilfield services
Manufacturing of pipes
Oil & Gas equipment
Large diameter pipes
(LDP)
Pipes for oil and gas
production
Industrial pipes
Steel pipes production Chelyabinsk
Scrap collection and processing Ural and Povolzhsky Region
Chain of scrap processing
sites
Development of complex
solutions
Engineering Moscow
Round and square billet
Seamless pipe production
Steel melting and seamless pipes Pervouralsk
Trade branched in
Russia and
Kazakhstan
16 storage facilities
Distribution network Russia, Kazakhstan
Hot bends
Cold bends
Short-radius bends
Pipeline equipment Chelyabinsk
Pumping units and
aggregates
Oil production – equipment Almetievsk
Czech Republic
K a z a k s t a n
Almaty
Magnitogorsk Chelyabinsk
Pervouralsk
Moscow R U S S I A
Almetievsk
Noyabrsk
Nizhnevartovsk
5
Nanoenabled stainless
steel connections
Stamped-welded
pipeline joints (SWPJ)
Pipes and stamp welds Chelyabinsk
Industrial valves Czech Republic
Stop valves
Ball valves
Check valves
Special valves
WIDE GEOGRAPHICAL PRESENCE &
INTERNATIONAL DISTRIBUTION NETWORK
Izhevsk
Buguruslan
Repair services of pumping
equipment
Pipe services
Oilfield services Tatarstan, Udmurtia, Khanty-Mansiyskiy,
Orenburg, Yamalo-Nenets Regions
Gubkinskiy
Muravlenko
Strezhevoy
Niagan
Talinka
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SECTION II
Market overview & company strategy
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REVENUE1 EBITDA2
Pipe segment
Oilfield Services
Trunk Pipeline
Equipment
8,1 6,5
8,1
5,9
2013 2014 2015 2016
RU
R b
ln
7
(1) Including intragroup volumes
(2) EBITDA figures exclude adjustments and eliminations and hence differ from consolidated group EBITDA
95,1 111,2
130,8 122,7
2013 2014 2015 2016
RU
R b
ln 15,5
21,0
26,5 25,6
2013 2014 2015 2016
RU
R b
ln
9,8 11,4 11,7 12,2
2013 2014 2015 2016
RU
R b
ln
1,5 1,9
2,4
1,6
2013 2014 2015 2016
RU
R b
ln
1,1
(0,1)
0,5 0,4
2013 2014 2015 2016
RU
R b
ln
16.3% 18.9% 20.3% 20.9%
15.1% 16.7% 20.8% 13.0%
14.0% (2.2%) 5.8% 6.5%
SEGMENTAL PERFORMANCE
DYNAMICS
Source: Company data = EBITDA margin
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65%
35% Oil and gas sector
Industrial sector,power generationsector, etc.
32%
17% 7%
8%
6%
6%
6%
2% 16%
Gazprom
Rosneft
Transneft
Gazprom neft
Nord Stream 2 AG
Surgutneftegaz
LUKOIL
Irkutsk Oil Company
Other
4%
96%
TOP-7Customers
Other
DIVERSIFIED SALES CHANNELS AND
LOW CLIENT CONCENTRATION IN
INDUSTRIAL SECTOR REVENUE MIX IN THE PIPE SEGMENT
OIL AND GAS SECTOR REVENUE MIX INDUSTRIAL SECTOR REVENUE MIX
8
*
*Including: ZAO “Kurganstalmost”, OOO “Belenergomash”, GAZ Group, Krasniy
Kotelshik, Kamaz, Rostselmash & Avtovaz Source: Company data
+2% Y-o-Y
DOMESTIC VS EXPORT PIPE SHIPMENTS
85%
5% 10%
Domestic sales
Nord Stream 2
Other exports
Shipments:
1 713 th t
Exports:
+5% Y-o-Y
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RUSSIAN OIL & GAS MARKET
REMAINS ROBUST
Source: Company data, CDU TEK
9
…BUT PIPE DEMAND REMAINS STRONG UPSTREAM CAPEX BUDGET IS CHANGING
4 009
3 154
(53%)
(2%) +19% (9%) +10% (13%) +60% (24%) (40%)
201
5
Ga
zpro
m
Tra
nsne
ft
Rosn
eft
Luko
il
Ga
zpro
mN
eft
Ta
tne
ft
Ba
sh
neft
Su
rgu
tneft
ega
z
Nova
tek
201
6
rub
bln
1 033 760
3 233
New Pipelineconstruction (LDP)
Renewal of existingpipelines (LDP)
Consumption in Oil &Gas industry (OCTG &
line pipes)
ths t
2016
RUSSIAN DEVELOPMENT DRILLING ACTIVITY IS STRONG AND GROWING
17,2 18,6 20,4 21,5 20,4
22,6 24,7
10% 12% 13%
20%
28%
33% 34%
2010 2011 2012 2013 2014 2015 2016
(%)
mln
m
Total drilling % of horizontal drilling
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SUSTAINABLE RUSSIAN OIL & GAS MARKET
Source: Oil and Gas Vertical 2016, BP Statistical Review of Energy 2016
HORIZONTAL DRILLING IN RUSSIA
10
NUMBER OF TOTAL WELLS IN RUSSIA NEW WELLS COMPLETION IN RUSSIA
RUSSIAN OIL PRODUCTION
1 819 2 051 2 687
4 355
5 557
6 954
8 145
2010
2011
2012
2013
2014
2015
2016
km
10,37
10,52
10,64
10,78 10,84
10,98 10,97
2010
2011
2012
2013
2014
2015
2016
mm
bp
d
136 905 139 198
143 835 146 282
148 658
151 470
2011
2012
2013
2014
2015
2016
pc
s
5 802
6 146 6 131
6 556
6 065 6 261
7 141
2010
2011
2012
2013
2014
2015
2016
pc
s
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CHELPIPE MAINTAINS A HIGH LEVEL OF CLIENT
DIVERSIFICATION OUTSIDE OF OIL & GAS
254 256 258 259 258
0
100
200
300
2016E 2017E 2018E 2019E 2020E
Gig
a w
att
s
Thermal Hydropower Nuclear Renewables
KEY MESSAGES RUSSIAN UTILITIES MARKET COMPOSITION
Operating Under construction Planned
NUCLEAR INFRASTRUCTURE GEOGRAPHIC EXPANSION
• Chelpipe remains active in markets outside of oil & gas, 35% of
Company revenue comes from machinery, energetics & other
industries
• Russia's long-term energy policy assumes an expansion of
nuclear energy with one new reactor launched annually until 2028
• Power mix in Russia is expected to de dominated by cost-
competitive thermal sources of generation (gas) as well as nuclear
and hydropower
• Russia’s long-term energy policy assumes an expansion of
nuclear energy to preserve gas for export due to higher export
price
• Chelpipe is well positioned to supply the energetics industry with
pipes and components
Kola
Leningrad Central
Beloyarsk Nizhny
Nov. Tatar
Kalinin
Smolensk Baltic
Kursk
Moscow
Novovoronezh Balakovo
Dimitrovgrad South-Ural
Bilibino
Pevek (floating)
Rostov
Russia
INVESTMENTS IN NUCLEAR INFRASTRUCTURE
11
35
7
26
Operating Under construction Planned
№ o
f re
ac
tors
- R
us
sia
Source: BMI, Frost & Sullivan
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21%
16% 14%
11% 10% 9%
neg. neg n/a n/a
Chelpipe(-/Ba3/BB-)
ТМК (B+/B1/-)
Tenaris(-/-/A-)
ArcelorMittal(-/Ba2/-)
Baosteel(-/Baa1/A-)
Sumitomo(-/Baa1/-)
US Steel(-/B3/B+)
V&M(B+/-/-)
ОМК (-/-/-)
TPCO(-/-/-)
EB
ITD
A m
arg
in, %
BEST-IN-CLASS PRODUCER OF
STEEL PIPE PRODUCTS IN THE WORLD
Source: Companies’ data and estimates
12
(1) S&P/Moody’s/Fitch ratings
(2) Figures for FY 2015
LARGEST WORLD STEEL PIPE PRODUCERS (2016)
INDUSTRY LEADING PROFITABILITY (2016)
3,4
2,6
2,0 2,0 1,7
1,4 1,6
1,3 1,3
0,5
TMK¹(B+/B1/-)
TPCO²(-/-/-)
Tenaris(-/-/A-)
OMK(-/-/-)
Chelpipe(-/Ba3/BB-)
ArcelorMittal²(-/Ba2/-)
Baosteel²(-/Baa1/A-)
V&M(B+/-/-)
Sumitomo²(-/Baa1/-)
US Steel(-/B3/B+)
mln
t
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70% 70% 76% 82%
2013 2014 2015 2016
Other ChMK
MZ Serov Evraz NТМК
OMK Electric steelmaking complex (Chelpipe)
69% 60% 55% 53%
15%
28% 30%
40%
13%
7% 9%
7%
2013 2014 2015 2016
ММК Ural Steel
Severstal Alchevsk Iron&Steel Works
Azovstal Import and other
VERTICAL INTEGRATION AND
STRONG SUPPLIER BASE
13
Scrap processing
META Group
Pipe billet production
Zhelezny Ozon 32
Seamless pipes production
ChelPipe/PNTZ
ТМК
ММК
Chelpipe
1600 km vs 400 km
R U S S I A
High level of vertical integration in the process of seamless
pipe production
Advantageous location near steel slab suppliers for
LDP division
Source: Company data
BILLETS SUPPLY STRUCTURE STRIP PURCHASING STRUCTURE
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• Number of OCTG manufacturers is constantly increasing in Russia.
Currently, there are 3 largest producers which constitute ca. 80% Russian
market
• As of 2016, Chelpipe takes second place by sales volumes
• Chelpipe’s market share in Russia is ca. 17%.
• Chelpipe manufacturers all sorts of
OCTG pipe products (the company
doesn’t manufacture drill pipes)
• There are 4 leading LDP manufacturers in Russia ensuring 96% of total sales
• Among LDP producers Chelpipe carries a complete spectrum of product range
including pipes up to 18 meters long with all sorts of wall thicknesses
• As of 2016 Chelpipe takes the second place by sales volume
• Chelpipe’s market share in Russia is
25-30% depending on the infrastructure
project schedule
• The LDP producer’s capacity in the Russian
Federation is enough to satisfy the Russian
demand
• In Russia there are 2 main manufacturers of seamless pipes (TMK and
Chelpipe) with combined domestic market share of 88%
• Russian manufacturers account for over 90% of the market; the rest is imported
• Chelpipe focuses on 3 main sectors for seamless pipes: oil and gas,
machinery and for general purpose
• Historically Chelpipe’s share in oil & gas
pipes c. 25%
• Machinery sector – 50%
• General use – 54%
• Energy and petrochemical sectors
Chelpipe’s market share is ca. 60%.
53% 44%
3% ТМК
Chelpipe
Other RF
56%
16%
14%
14% ТМК
Chelpipe
OMK
Other RF
35%
26%
20%
15% 4%
OMK
Chelpipe
ТМК
ITZ
Other RF
CHELPIPE HOLDS STABLE SECOND PLACE IN ALL
MAJOR PIPE SEGMENTS IN RUSSIA
OVERVIEW • In 2016 production volume of steel pipes in Russia was 10.4 mt. Russia
manufacturers are primarily focused on domestic market which achieved
9.2 mt in 2016
• Chelpipe focuses on the following market segments:
• LDP pipes – market focused on manufacturing and repair of main
pipelines (75-80% of the market)
• OCTG – market for oil and gas production market
• Other Seamless Pipe – highly diversified market predominantly used in
oil & gas, power generation, chemical & heavy machinery sectors
BENCHMARKING BY LDP
BENCHMARKING BY OCTG BENCHMARKING BY OTHER SEAMLESS PIPES
Source: Company data
2 508
ths t
2 037
ths t
1 499
ths t
14
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Products
Production
output1,
thou.tons
Revenue1,
% of total Market
share1, % Description Key customers
Large diameter
pipes (LDP) 648
• PJSC Chelyabinsk Pipe – Rolling Plant
• Product range: single-joint longitudinally welded pipes Ø
508÷1422 mm, wall thickness up to 50,0 mm, groups of
strength up to X100. Production process: JCO forming,
UOE forming
Seamless (OCTG) 335
• PJSC Chelyabinsk Pipe – Rolling Plant , JSC
Pervouralsk New-Pipe Plant
• Product range:Ø 60÷426 mm, wall thickness 5,0÷16,5
mm, groups of strength J55÷P110
Other seamless
pipes 665
• PJSC Chelyabinsk Pipe – Rolling Plant , JSC
Pervouralsk New-Pipe Plant
• Product range:Ø 0,3÷650 mm, wall thickness 0,1÷90
mm. Production process: seamless hot-rolled and cold
deformed pipes
Pipeline fittings2 13
• ETERNO plant produces stamp-welded components
using nano-structured materials for oil and gas industry,
product size range: 530÷1 422 mm, wall thickness up to
100 mm
• SOT produces hot-bended elbows Ø 219-1420 mm.
Products produced at SOT are aimed for pipeline bends,
for oil satiations piping systems, and for other oil and
gas facilities
Oil
field
serv
ices
ESP 4 273
pcs
• ALNAS - Products: electric submersible pump units
(ESP), gas separators, pump protectors, submersible
electric motors, alternative products (brake rotors)
• Izhneftemash - Products: installation of sucker-rod
pumps (SRP), special equipment for oil production,
spinning wrenches and pumps, wrenches for wells
repair. SRP
4 574
pcs
INTEGRATED SOLUTIONS FOR OIL
AND GAS INDUSTRY
(1) As of YE 2016, Company assessment
(2) Total revenue from sales of stamp-welded components and connecting parts of pipelines
15
18%
29%
15%
40%
16%
38%
5%
9%
16%
44%
26%
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STRATEGIC HIGHLIGHTS
Sustainable growth
• Increasing the share of high value-added products in OCTG and LDP (offshore and premium solutions) as well as
seamless pipes for energetic and industrial segments
• Extending the market share into products of next level in value chain
• Development of the production technology and increasing operational effectiveness on the basis of the “White
Metallurgy” principle
• Increasing transparency of the business processes and implementation of latest IT-solutions
• Development of holistic solutions to oilfield services in line with global best-practices fine-tailored to match the
needs of every client
High client satisfaction
• Leadership in supply discipline in our segment
• Improvement of client-orientation and service
• Increase of client retention and loyalty ratio
Human capital growth
• Organizational improvements and adaptation of the best management practices
• Ongoing personnel training system based on integrated IT solution
• Leadership in engagement of personnel within industrial sector
• Execution of projects aimed at increasing productivity and employee motivation including educational projects such
as “College of the Future” in the Republic of Tatarstan
Regional expansion • Growth of client base in CIS
• Geographical diversification with additional focus on American and MENA markets
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SECTION III
Financials
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28 901 27 900
(12 911) 11 123
626 259 (346) 248
EBITDAFY 2015
Changes in revenue
Cost of sales
Distribution costs
G&Aexpenses
Impairment of assets
(Loss)/gainon disposal
of PPE
EBITDAFY 2016
RU
R m
ln
FINANCIAL PERFORMANCE – THE COMPANY IS
IMPROVING MARGINALITY
18
112,4 128,1
148,3 135,5
18,1 22,7 28,9 27,9
16,2% 17,7%
19,5% 20,6%
2013 2014 2015 2016
RU
R b
ln
Revenue EBITDA EBITDA margin (%)
KEY FINANCIAL METRICS
EBITDA BRIDGE1
(3,5%)
(1) Less inter segment revenue
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10 615 10 343
579 (370) (82) (14) (3) 93 18 25
(520)
2015 Salar-ies
Nonproduc-
tion over-heads
Taxes D&A Insur-ance
Consul-ting
Lease Aux.materials
Others 2016
RU
R m
ln
COST STRUCTURE DYNAMICS – STABLE TREND
OF COST OPTIMIZATION
19
10 003 9 369
(574) (154)
3 150 (58)
2015 Transporation,customs
Packing,storage
Market-ing
Comm-ission
Others* 2016
RU
R m
ln
*Including: social taxes, office expenditures, depreciation, amortization, staff costs, lease expense and insurance
DISTRIBUTION GENERAL & ADMINISTRATIVE
105,9
95,5
(9,4)
0,3 0,7
(1,3) 0,2
1,0 (0,1)
(1,8)
2015 Rawmaterials
Salaries & taxes
D&A Overheads Utilities COGS for
resale
Changes ininventoryallowance
Changes inbalances of
WIP andfinished goods
2016
RU
R b
ln
COST OF GOODS SOLD
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1 224 974
341 260
107 154
2 945
224
2 324
3 045
2015 2016
Projects R&D and intangible assets
Others ETERNO
Maintenance
BALANCED AND CAREFUL APPROACH TO CAPEX
20
Expansion
CAPEX:
35%
Expansion
CAPEX:
66%
RUR million
The main expansion projects of the company have been stretched
out over a number of years and include:
• The large reduction in expansion CAPEX Y-o-Y due to
completion of works at ETERNO (pipes & stamp welds) plant
• Rimera: oilfield services improvement works (510 RUR mln)
• Vysota 239: new welding techniques and equipment
procurement (200 RUR mln)
• Finishing center: equipment procurement (180 RUR mln)
• Internal efficiency optimization (112 RUR mln)
• Nord Stream 2: preparation of facility for construction of LDP for
the project (422 RUR mln).
• Technical improvements for Transneft: modernization in
accordance to the latest requirements by a major Chelpipe client
(244 RUR mln)
• Technical improvements for Rosneft: installation of
equipment to hydrotest pipe shipped for Rosneft (96 RUR mln)
• Procurement of equipment for construction of long-length pipes
(198 RUR mln).
• Technical upheavals and capital improvements for construction
of cold shaped pipes (215 RUR mln)
Maintenance projects of the company included:
• Rimera – oilfield services division of the company; charges
attributed to the leasing of equipment to customers which more
than doubled Y-o-Y (1,756 RUR mln)
• Pipe division maintenance works (987 RUR mln)
• Other maintenance works across ETERNO, MSA, SOT & Meta
(301 RUR mln)
YEAR-ON-YEAR DYNAMICS MAIN CAPEX EVENTS
(33%)
Total: 6 941
RUR mln
Total: 4 658
RUR mln
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88,9%
11,1%
Long term Short term
95,1%
4,9%
Fixed Floating
CHELPIPE DEBT STRUCTURE1 FITS ITS NATURE
OF THE BUSINESS AND CAPITAL STRUCTURE
21
88,3%
5,4% 4,8% 1,6%
Government banks Bonds Foreign banks Other banks
Total debt:
RUR bln 91.1
CURRENCY DENOMINATION INTEREST RATE
CREDITOR BREAKDOWN DURATION BREAKDOWN
93,3%
6,7%
Rubles Foreign currency
1. The syndicated loans were refinanced in January (more info on slide #23); debt structure as of 31.01.2017
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14,8
9,3 7,3 11,0
16,8 12,9 12,0
24,1
2017 2018 2019 2020 2021 2022 2023
RU
B b
ln
Cash Debt due
DELEVERAGING AND IMPROVEMENT OF LOAN
PORTFOLIO DURATION ARE KEY OBJECTIVES OF
FINANCIAL POLICY
22
TOTAL DEBT REPAYMENT SCHEDULE1 CREDIT RATINGS
DEBT AND LEVERAGE DYNAMICS AS OF 31.12.2016
Rating
agency Credit rating Outlook
Last rating
action
Moody’s Ba3 Stable 7/12/2016
Fitch BB- Stable 7/12/2016
100,5 99,4 94,1 91,1 97,4 94,0
86,1 76,2
5,4x
4,1x
3,0x 2,7x
2013 2014 2015 2016
RU
R b
ln
Total debt Net debt Net debt / EBITDA
Total debt:
RUR bln 91.1
1. The syndicated loans were refinanced in January (more info on slide #23); debt structure as of 31.01.2017
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COMPLETION OF REFINANCING OF
SYNDICATED LOANS
23
25%
22%
19%
12%
5%
4%
13%
Syndicated loans Sberbank
VTB Bank
Gazprombank
Alfa Bank
FK Otkritie
Raiffeisen Bank
Other banks (7banks)
42%
42%
16%
New loans
Gazprombank
Bank VTB
Sberbank
8,5 11,0
56,2
3,5 5,8 9,7 10,8 12,9 12,0 24,1
2017 2018 2019 2020 2021 2022 2023
Syndicated loans New loans
78,9
RUR bln
The Company mitigated the possible
liquidity risk in 2019 +46,5
CHANGES IN THE STRUCTURE OF LONG-TERM LOAN PORTFOLIO
OPTIMIZED REFINANCED DEBT PAYMENT SCHEDULE
78,3
RUR1 bln
(1) Incl. principal debt and capitalized interest
RUR bln
• In January 2017 the Company managed to
restructure the majority of its loan portfolio (in
the form of the syndicated loans)
• Chelpipe signed three bilateral credit facilities
with three leading state banks and strategical
partners to the company
• The Company managed to bring down liquidity
risk and significantly extend the duration of the
loans payable while also reducing the
proportion of its assets pledged as collateral
2017 2018 2019 2020 2021 2022 2023
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SECTION IV
Appendix
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IFRS STATEMENTS
25
RUR bln As at 31 December 2015 As at 31 December 2016 Adjustments after
reporting period1
Cash & cash equivalents 8.0 14.8
Current assets 58.4 67.9
Non-current assets 78.6 74.1
Total assets 137.0 142.0
Current liabilities 47.6 120.91 45.2
Non-current liabilities 81.11 7.8 83.5
Total liabilities 128.7 128.7
Total shareholder’s equity 8.3 13.3
Total equity + total liabilities 137.0 142.0
Summary Balance Sheet
(1) At 31 December 2016, long-term liabilities under the syndicated loan agreement were reclassified to short-term liabilities as in December 2016 the Company sent the irrevocable
notice of early repayment of the syndicated loan in the amount of 75.7 RUR bln
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IFRS STATEMENTS CONT’D
26
Summary Income statement
RUR bln 2015 2016
Revenue 148.3 135.5
COS (105.9) (95.5)
EBITDA 28.9 27.9
Margin (%) 19.5 20.6
Profit from operations 21.4 19.7
Margin (%) 14.4 14.5
Earnings before tax 8.5 9.0
Margin (%) 5.7 6.6
Net income 6.0 6.4
Margin (%) 4.1 4.7
Basic EPS (RUR/share) 19.4 21.9
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IFRS STATEMENTS CONT’D
27
RUR bln 2015 2016
Profit before income tax 8.5 9.0
Adjustments for depreciation and amortization 7.5 8.2
Adjustments for finance costs 12.8 12.6
Operating cash flows before working capital changes 29.6 28.4
Cash generated from operations (after interest) 12.0 13.4
Purchase of PPE (6.6) (4.2)
Net cash used in investing activities (6.8) (4.5)
Proceeds from borrowings 3.1 18.4
Repayment of borrowings (9.4) (19.6)
Net cash used in financing activities (2.8) (1.8)
Net increase in cash & cash equivalents 2.6 6.8
Cash & cash equivalents at beginning of period 5.5 8.0
Cash & cash equivalents at end of period 8.0 14.8
Free cash flow to firm 5.4 9.2
Summary Cash Flow Statement