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Mechel OAO (ADS)
Mechel OAO (ADS)
Registriert in: Russland WKN: A2AC1G Rohstoffe:
Art: ADR Aktie ISIN: US5838406081 Eisenerz
Kohle
Nickel
Heimatbörse: NYSE Alternativ:
Währung: USD    
Symbol: MTL Forum:

Mechel Reports The 2Q 2021 Financial Results

27.08.2021 | 8:30 Uhr | Accesswire

MOSCOW, August 27, 2021 - Mechel PAO (MOEX:MTLR, NYSE:MTL), a leading Russian mining and steel group, announces financial results for the 2Q 2021 and 1H 2021.

CONSOLIDATED RESULTS FOR THE 2Q'2021 AND 1H'2021

Mechel PAO's Chief Executive Officer Oleg Korzhov commented:

"The Group's consolidated revenue in 2Q'2021 amounted to 108.9 billion rubles, up by 43% quarter-on-quarter. EBITDA was 33.7 billion rubles, up by 85% quarter-on-quarter. EBITDA margin reached 31%.

"Improved results were due to an increase in prices on the Group's nearly entire product range, both in the mining and the steel division. Given the favorable market trends, our enterprises increased sales on numerous of the most profitable products. For example, coking coal concentrate sales to third parties went up by 121% quarter-on-quarter, coke sales increased by 53%, anthracites and PCI by 11%, sales of the universal rolling mill's structural shapes advanced by 41%, rebar by 24%, hardware by 21%, flat products by 15%, forgings by 15% and stampings by 42%.

"The steel division's sales volumes were boosted in 2Q'2021 by high demand for steel products in the heat of the construction season, as well as our measures for improving our operations' stability after the decrease late last year and early this year due to insufficient investment in the last year.

"The boost in coal production and sales contributed to decreased unit costs at our mining facilities. The steel products' costs grew mostly due to increased prices for incoming raw materials such as iron ore concentrate, including pellets, and coke.

"With the money the Group earned in the fairly successful 1Q'2021, we managed to increase our facilities' supply of raw materials, spare parts and components, intensify repairs, maintenance and acquisitions of new mining equipment. These works continue actively in 3Q'2021. We conduct repairs as scheduled, the equipment we ordered and paid for continues to arrive as soon as it is ready.

"The current market trends enable the Group to pursue its plans to restore production volumes. Coal prices remain high and demonstrate only upward trends. Steel prices show signs of cooling off, but nevertheless remain quite favorable."

Mln rubles

2Q'21

1Q'21

%

1H'21

1H'20

%

Revenue

from contracts with external customers

108,862

76,048

43%

184,910

131,773

40%

Operating profit

30,378

12,975

134%

43,353

5,670

665%

EBITDA*

33,727

18,242

85%

51,969

22,013

136%

EBITDA, margin

31%

24%

28%

17%

Profit

attributable to equity shareholders of Mechel PAO

23,909

7,896

203%

31,805

10,196

212%

FINANCIAL RESULTS FOR THE 2Q'2021 VS 1Q'2021

Revenue

The Group's consolidated revenue from contracts with external customers in 2Q'2021 went up by 43% and amounted to 108.9 billion rubles.

EBITDA

Consolidated EBITDA in this reporting period amounted to 33.7 billion rubles, which was nearly double the previous quarter's result.

Profit

Profit attributable to equity shareholders of Mechel PAO in 2Q'2021 amounted to 23.9 billion rubles, which is 16 billion rubles more quarter-on-quarter. The growth of gross profit by 17.6 billion rubles due to a quarter-on-quarter increase in global and domestic prices for our mining and steel segments' output had a great impact on these dynamics.

Operating cash flow

Operating cash flow reached 15.5 billion rubles in 2Q'2021 as compared to 13.1 billion rubles in 1Q'2021. The cash flow remains sufficient not only for funding the Group's operating and investing needs, but also for reducing its leverage.

Finance costs

In 2Q'2021, the Group's finance costs demonstrated a slight increase of 0.4 billion rubles, rising to 5.7 billion rubles from 5.3 billion rubles in 1Q'2021 as the Bank of Russia's key interest rate went up. The amount of interest paid, including capitalized interest and interest expense on lease liabilities, declined largely due to refinancing of US dollar-denominated debt in 1Q'2021 and amounted to 4.4 billion rubles in 2Q'2021 as compared to 5.2 billion rubles in 1Q'2021.

FINANCIAL RESULTS FOR THE 1H'2021 VS 1H'2020

Revenue

In 1H'2021 the Group's consolidated revenue amounted to 184.9 billion rubles, up by 40% year-on-year.

EBITDA

Consolidated EBITDA in 1H'2021 was 52 billion rubles, which is 30 billion rubles more than in 1H'2020 (22 billion rubles) primarily due to gross profit's 34.2-billion-ruble growth as global and domestic prices for our mining and steel products went up.

Profit

Profit attributable to Mechel PAO's shareholders amounted to 31.8 billion rubles, which is 21.6 billion rubles more than in 1H'2020 (10.2 billion rubles). Apart from gross profit's growth, another major impact came from the increase in foreign exchange gains on foreign currency denominated liabilities by 25.3 billion rubles, which was due to the fact that the ruble's exchange rate volatility against US dollar and Euro was minor in 1H'2021, while in 1H'2020 the ruble demonstrated substantial weakness.

Trade working capital

In 1H'2021 the Group's trade working capital went up by 16.3 billion rubles and amounted to 7.3 billion rubles, which was largely due to accumulating stockpiles for sale in future periods and increase in trade receivables as revenue demonstrated substantial growth.

Finance costs

In 1H'2021, the Group's finance costs went down year-on-year by 3.3 billion rubles or 23%, and the amount of interest paid, including capitalized interest and interest expense on lease liabilities, was 9.5 billion rubles, which was 5 billion rubles or 34% less year-on-year (14.5 billion rubles in 1H'2020). This effect was largely due to our partial repayment of loans with Gazprombank and VTB Bank using the gain on the Elga Coal Complex sale in late April 2020 and also due to the decrease of the Bank of Russia's key interest average rate for the periods under review.

Debt leverage

As of today, the company's average debt portfolio cost is 6.6% per annum.

As of June 30, 2021, the Group's net debt excluding fines and penalties on overdue amounts went down by 20.4 billion rubles as compared to December 31, 2020, and amounted to 305.2 billion rubles. This was due to net loan settlement as well as the ruble's strengthening against the US dollar and Euro.

The Net Debt to EBITDA ratio amounted to 4.3 at the end of 1H'2020. At the end of 2020 this ratio was 7.9. This was mostly due to a significant EBITDA growth in 1H'2021.

The debt portfolio's structure has remained largely unchanged and currently consists of 55% in rubles and the rest in foreign currency. The share of state-controlled banks is 88%.

MINING SEGMENT

Mln rubles

2Q'21

1Q'21

%

1H'21

1H'20

%

Revenue

from contracts with external customers

29,320

16,240

81%

45,560

35,280

29%

Revenue

inter-segment

13,052

10,566

24%

23,618

16,695

41%

EBITDA

19,551

8,326

135%

27,877

13,340

109%

EBITDA, margin

46%

31%

40%

26%

Revenue

Revenue from contracts with external customers in 2Q'2021 went up by 81% quarter-on-quarter. This was due to increased sales volumes of all types of metallurgical coal and coke. At the same time average sale prices for the division's products in this reporting period exceeded those of the previous quarter. Revenue from contracts with external customers in 1H'2021 went up by 29% year-on-year.

EBITDA

EBITDA in 2Q'2021 went up by 135% quarter-on-quarter as sales volumes and prices improved. In 1H'2021 the division's EBITDA went up 109% year-on-year. This was primarily due to higher prices for nearly all kinds of coal products, coke and iron ore concentrate year-on-year.

In 2Q'2021 the division increased coal mining by 12% quarter-on-quarter. Meanwhile, sales volumes of metallurgical coals went up by 61% as we began disposing of stockpiles accumulated earlier. As market trends remained favorable, this gave us an 81% increase in revenue from third parties quarter-on-quarter, and the division's EBITDA at once grew by 135%. The division's EBITDA margin in 2Q'2021 was 46%.

At the beginning of 2Q'2021, coking coal prices remained stable, but in May-June they soared on the FOB Australia and CFR China basis. China saw tight domestic supply of coking coal as unsafe mines were closed ahead of the Communist Party of China centenary celebration. Uncertainty regarding China's steel production limitations in 2H'2021 and the reduction in domestic coal output continued to support steel production in June at high levels and uphold China's demand for coking coal. Despite the lack of Australian coal imports to China, the fairly stable demand in Asia Pacific enabled Australian miners to also increase their prices. As a result, the company's average coking coal concentrate price on FCA basis in this reporting period was 51% higher quarter-on-quarter.

Increased inflow from sales enables the division's facilities to implement programs aimed at restoring output volumes. For example, Yakutugol Holding Company's mining volumes went up by 31.5% quarter-on-quarter. Our mining facilities' coal processing volumes went up by 30%. Korshunov Mining Plant upped iron ore concentrate output by 26% quarter-on-quarter. Equipment repairs are under way, a significant part of mining transport was restored as the Group cut down on the lack of spare parts and components. The Group signed contracts for supply of new trucks and other equipment. Some of those have already arrived, but most of these acquisitions will be delivered later this year.

STEEL SEGMENT

Mln rubles

2Q'21

1Q'21

%

1H'21

1H'20

%

Revenue

from contracts with external customers

73,222

51,298

43%

124,520

82,400

51%

Revenue

inter-segment

1,325

1,598

-17%

2,923

3,452

-15%

EBITDA

14,980

9,400

59%

24,380

7,098

243%

EBITDA, margin

20%

18%

19%

8%

Revenue

Revenue from contracts with external customers in 2Q'2021 went up by 43% due to increased sales volumes of nearly all product types, as well as continuously improving trends on steel markets. Revenue from contracts with external customers in 1H'2021 demonstrated a 51% growth year-on-year.

EBITDA

In 2Q'2021, EBITDA went up by 59% even though its dynamics have been under pressure from growing iron ore prices and increased commercial expenditure. In this reporting period, EBITDA demonstrated a 243% increase half a year to half a year. The key factors in the improvement of financial results were higher prices for the division's products, a minor growth of overall sales volumes.

The division's financial results in 2Q'2021 and 1H'2021 reflected the general improvement on steel markets. Partial restoration of steel output and significant quarter-on-quarter growth of finished goods sales in 2Q'2021 also contributed the division's financial results. EBITDA margin in 2Q'2021 reached 20%, which was a record for the division.

This year's second quarter was quite dynamic for the construction range market, with quotations actively growing throughout the entire period. As a result, average FCA-based prices for the company's long products went up nearly 17% quarter-on-quarter, while flat products prices grew even more aggressively - 25% quarter-on-quarter, and hardware prices added 11%.

In 3Q'2021, as export alternatives are weakening, the prices also begin to go down. Introduction of export tariffs for metals made additional adjustments into the market trend. The new export tariffs force steelmakers to redirect their output to domestic sales, which creates excessive supply. Nevertheless, prices for the division's products remain fairly high and favorable for producers.

With these trends in mind, the division's subsidiaries have the opportunity to replenish the lack of investment into repairs and development of their production facilities, overcome the tight supply of expensive raw materials and return to normal production loads. Our enterprises continue with their repair and maintenance programs, master output of new products, optimize their production program to suit the dynamically changing market demands, and develop output of import-substituting products. They also pay increased attention to the ecological component of their operations, decreasing their impact on the environment and thus making their products more attractive to the customers. The division's efforts will enable us to preserve stability and profitability in the future even if the market trends are gradually weakened.

POWER SEGMENT

Mln rubles

2Q'21

1Q'21

%

1H'21

1H'20

%

Revenue

from contracts with external customers

6,320

8,510

-26%

14,830

14,093

5%

Revenue

inter-segment

3,820

4,319

-12%

8,139

8,009

2%

EBITDA

(162)

954

-117%

792

1,288

-39%

EBITDA, margin

-2%

7%

3%

6%

Revenue

The division's revenue in 2Q'2021 went down by 26% quarter-on-quarter as the heating season wound to a close as did the period of increased energy consumption. Revenue for 1H'2021 went up by 5% year-on-year due to electric power and capacity sales volumes increased as well as growth of unregulated capacity prices on the wholesale electric power and capacity market.

EBITDA

The quarter-on-quarter dynamics of the division's EBITDA was defined by seasonal factors. EBITDA in 1H'2021 went down by 39% due to increased costs and energy consumption by industrial and other facilities as Russian regions began their partial exit from the coronavirus quarantine.

***

Alexey Lukashov
Mechel PAO
Phone: 7-495-221-88-88
Fax: 7-495-221-88-00
alexey.lukashov@mechel.com

***

Mechel is an international mining and steel company. Its products are marketed in Europe, Asia, North and South America. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and electric power. All of its enterprises work in a single production chain, from raw materials to high value-added products.

***

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Mechel, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.

Attachments to the Press Release

Attachment A

Non-IFRS financial measures. This press release includes financial information prepared in accordance with International Financial Reporting Standards, or IFRS, as well as other financial measures referred to as non-IFRS. The non-IFRS financial measures should be considered in addition to, but not as a substitute for the information prepared in accordance with IFRS.

Adjusted EBITDA (EBITDA) represents profit (loss) attributable to equity shareholders of Mechel PAO before Depreciation and amortisation, Foreign exchange (gain) loss, net, Finance costs including fines and penalties on overdue loans and borrowings and lease payments, Finance income, Impairment of goodwill and other non-current assets, net, Net result on the disposal of non-current assets, Allowance for expected credit losses on financial assets, Provision (reversal of provision) for doubtful accounts, Write-off of trade and other receivables and payables, net, Change in provision for inventories at net realisable value, (Profit) loss after tax for the period from discontinued operations, Profit (loss) attributable to non-controlling interests, Income tax expense (benefit), Effect of pension obligations, Other fines and penalties and Other one-off items. Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of our Revenue. Our adjusted EBITDA may not be similar to EBITDA measures of other companies. Adjusted EBITDA is not a measurement under IFRS and should be considered in addition to, but not as a substitute for the information contained in our interim condensed consolidated statement of profit and other comprehensive income. We believe that our adjusted EBITDA provides useful information to investors because it is an indicator of the strength and performance of our ongoing business operations, including our ability to fund discretionary spending such as capital expenditures, acquisitions and other investments and our ability to incur and service debt. While depreciation, amortisation and impairment of goodwill and other non-current assets are considered operating expenses under IFRS, these expenses primarily represent the non-cash current period allocation of costs associated with non-current assets acquired or constructed in prior periods. Our adjusted EBITDA calculation is commonly used as one of the bases for investors, analysts and credit rating agencies to evaluate and compare the periodic and future operating performance and value of companies within the metals and mining industry.

Our calculation of Net debt, excluding fines and penalties on overdue amounts**

is presented below:

Mln rubles

30.06.2021

31.12.2020

Current loans and borrowings, excluding interest payable, fines and penalties on overdue amounts

286,342

301,609

Interest payable

9,383

9,750

Non-current loans and borrowings

1,372

2,201

Other non-current financial liabilities

1,759

1,901

Other current financial liabilities

524

324

less Cash and cash equivalents

(5,124)

(1,706)

Net debt, excluding lease liabilities, fines and penalties on overdue amounts

294,256

314,079

Current lease liabilities

6,811

7,535

Non-current lease liabilities

4,177

3,958

Net debt, excluding fines and penalties on overdue amounts

305,244

325,572

EBITDA can be reconciled to our interim condensed consolidated statement of profit and other comprehensive income as follow:

Mln rubles

Consolidated Results

Mining Segment ***

Steel Segment***

Power Segment***

1H'2021

1H'2020

1H'2021

1H'2020

1H'2021

1H'2020

1H'2021

1H'2020

Profit (loss) attributable to equity shareholders of Mechel PAO

31,805

10,196

20,021

32,580

15,653

(18,037)

(178)

(1,404)

Add:
Depreciation and amortisation

7,168

6,943

3,538

3,437

3,396

3,267

234

240

Foreign exchange (gain) loss, net

(6,320)

18,939

(638)

5,240

(5,671)

13,664

(10)

35

Finance costs including fines and penalties on overdue loans and borrowings and lease payments

10,954

14,265

4,460

7,644

7,650

7,031

237

255

Finance income

(346)

(529)

(1,432)

(944)

(288)

(235)

(19)

(14)

Impairment of goodwill and other non-current assets, net and loss on write-off of non-current assets, allowance for expected credit losses on financial assets, provision (reversal of provision) for doubtful accounts, write-off of trade and other receivables and payables, net and change in provision for inventories at net realisable value

704

6,261

(295)

4,907

516

936

483

416

Profit after tax for the period from discontinued operations

-

(41,609)

-

(41,651)

-

-

-

-

Profit (loss) attributable to non-controlling interests

1,115

241

393

(44)

706

120

17

165

Income tax expense (benefit)

6,044

4,333

1,622

1,605

2,073

144

(16)

(254)

Effect of pension obligations

66

135

39

116

24

17

3

2

Other fines and penalties

830

2,838

169

450

321

191

92

1,847

Other one-off items

(51)

-

-

-

-

-

(51)

-

EBITDA

51,969

22,013

27,877

13,340

24,380

7,098

792

1,288

EBITDA, margin

28%

17%

40%

26%

19%

8%

3%

6%

Mln rubels

Consolidated Results

Mining Segment ***

Steel Segment***

Power Segment***

2Q'2021

1Q'2021

2Q'2021

1Q'2021

2Q'2021

1Q'2021

2Q'2021

1Q'2021

Profit (loss) attributable to equity shareholders of Mechel PAO

23,909

7,896

16,254

3,767

11,406

4,247

(474)

296

Add:
Depreciation and amortisation

3,602

3 566

1 881

1 657

1 595

1 801

126

108

Foreign exchange (gain) loss, net

(5,066)

(1,254)

(924)

286

(4,130)

(1,541)

(11)

1

Finance costs including fines and penalties on overdue loans and borrowings and lease payments

5,691

5,263

2,296

2,164

3,905

3,745

147

90

Finance income

(175)

(171)

(685)

(747)

(135)

(153)

(12)

(7)

Impairment of goodwill and other non-current assets, net and loss on write-off of non-current assets, allowance for expected credit losses on financial assets, provision (reversal of provision) for doubtful accounts, write-off of trade and other receivables and payables, net and change in provision for inventories at net realisable value

(391)

1,095

(430)

135

(157)

673

195

288

Profit (loss) attributable to non-controlling interests

574

541

273

120

370

336

(68)

85

Income tax expense (benefit)

5,186

858

782

840

1,936

137

(23)

7

Effect of pension obligations

66

-

52

(13)

13

11

2

1

Other fines and penalties

270

560

4

165

113

208

7

85

Other one-off items

61

(112)

48

(48)

64

(64)

(51)

-

EBITDA

33,727

18,242

19,551

8,326

14,980

9,400

(162)

954

EBITDA, margin

31%

24%

46%

31%

20%

18%

-2%

7%

*** including inter-segment operation

Income tax, deferred tax related to the consolidated group of taxpayers are not allocated to segments as they are managed on the group basis

Attachment B
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND
OTHER COMPREHENSIVE INCOME
for the six months ended June 30, 2021
(All amounts are in millions of Russian rubles, unless stated otherwise)

Six months ended
June 30, 2021
(unaudited)
Six months ended
June 30, 2020
(unaudited)
Continuing operations


Revenue from contracts with customers.......................................
184,910 131,773
Cost of sales.........................................................
(103,805 ) (84,870 )
Gross profit.........................................................
81,105 46,903
Selling and distribution expenses...........................................
(27,028 ) (24,297 )
Impairment of goodwill and other non-current assets, net............................
(517 ) (3,498 )
Allowance for expected credit losses on financial assets............................
(1,161 ) (849 )
Taxes other than income taxes.............................................
(2,107 ) (2,432 )
Administrative and other operating expenses....................................
(8,660 ) (10,483 )
Other operating income..................................................
1,721 326
Total selling, distribution and operating income and (expenses), net..................
(37,752 ) (41,233 )
Operating profit.....................................................
43,353 5,670
Finance income.......................................................
346 529
Finance costs........................................................
(10,954 ) (14,265 )
Foreign exchange gain (loss), net...........................................
6,320 (18,939 )
Share of profit of associates, net............................................
(1 ) 6
Other income........................................................
119 255
Other expenses.......................................................
(219 ) (95 )
Total other income and (expense), net.......................................
(4,389 ) (32,509 )
Profit (loss) before tax from continuing operations..............................
38,964 (26,839 )
Income tax expense....................................................
(6,044 ) (4,333 )
Profit (loss) for the period from continuing operations...........................
32,920 (31,172 )
Discontinued operations................................................
Profit after tax for the period from discontinued operations..........................
- 41,609
Profit for the period...................................................
32,920 10,437
Other comprehensive income
Other comprehensive (loss) income that may be reclassified to profit or loss in subsequent periods, net of tax:
(610) 1,442
Exchange differences on translation of foreign operations...........................
(610 ) 1,442
Other comprehensive income (loss) not to be reclassified to profit or loss in subsequent periods, net of tax:
218 (127)
Net (loss) gain on equity instruments designated at fair value through other comprehensive income
(16 ) -
Re-measurement of defined benefit plans......................................
234 (127 )
Other comprehensive (loss) income for the period, net of tax.......................
(392 ) 1,315
Total comprehensive income for the period,
net of tax.........................................................
32,528 11,752
Profit attributable to:
Equity shareholders of Mechel PAO.........................................
31,805 10,196
Non-controlling interests.................................................
1,115 241
Total comprehensive income attributable to:
Equity shareholders of Mechel PAO.........................................
31,406 11,514
Non-controlling interests.................................................
1,122 238
Earnings per share
Weighted average number of common shares...................................
404,776,126 415,251,749
Earnings per share (Russian rubles per share) attributable to common equity shareholders - basic and diluted
78.57 24.55
??arnings (loss) per share from continuing operations (Russian rubles per share) - basic and diluted
78.57 (75.65 )
Earnings per share from discontinued operations (Russian rubles per share) - basic and diluted..
- 100.20

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as of June 30, 2021
(All amounts are in millions of Russian rubles)

June 30,
2021
(unaudited)
December 31,
2020
Assets


Non-current assets
Property, plant and equipment.............................................
78,676 81,345
Right-of-use assets.....................................................
12,176 12,840
Mineral licenses......................................................
18,068 18,458
Goodwill and other intangible assets.........................................
10,354 10,383
Other non-current assets.................................................
581 611
Investments in associates.................................................
340 341
Non-current financial assets...............................................
421 445
Deferred tax assets.....................................................
460 561
Total non-current assets................................................
121,076 124,984
Current assets
Inventories..........................................................
49,397 42,138
Income tax receivables..................................................
43 45
Other current assets....................................................
10,114 8,423
Trade and other receivables...............................................
23,343 16,403
Other current financial assets..............................................
113 141
Cash and cash equivalents................................................
5,124 1,706
Total current assets...................................................
88,134 68,856
Total assets.........................................................
209,210 193,840
Equity and liabilities
Equity
Common shares.......................................................
4,163 4,163
Preferred shares.......................................................
840 840
Treasury shares.......................................................
(907 ) (907 )
Additional paid-in capital................................................
23,410 23,410
Accumulated other comprehensive income.....................................
992 1,391
Accumulated deficit....................................................
(241,479 ) (273,186 )
Equity attributable to equity shareholders of Mechel PAO........................
(212,981 ) (244,289 )
Non-controlling interests.................................................
14,740 13,618
Total equity.........................................................
(198,241 ) (230,671 )
Non-current liabilities
Loans and borrowings..................................................
1,372 2,201
Lease liabilities.......................................................
4,177 3,958
Other non-current financial liabilities.........................................
1,759 1,901
Other non-current liabilities...............................................
307 301
Pension obligations....................................................
4,976 5,232
Provisions..........................................................
4,615 4,802
Deferred tax liabilities..................................................
7,122 6,773
Total non-current liabilities..............................................
24,328 25,168
Current liabilities
Loans and borrowings..................................................
299,549 314,836
Lease liabilities.......................................................
6,811 7,535
Trade and other payables.................................................
45,369 43,783
Other current financial liabilities............................................
524 324
Income tax payable....................................................
10,153 7,843
Taxes and similar charges payable other than income tax............................
8,623 10,969
Advances received.....................................................
6,093 6,067
Other current liabilities..................................................
228 1,038
Pension obligations....................................................
624 631
Provisions..........................................................
5,149 6,317
Total current liabilities.................................................
383,123 399,343
Total liabilities.......................................................
407,451 424,511
Total equity and liabilities...............................................
209,210 193,840

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended June 30, 2021
(All amounts are in millions of Russian rubles)

Six months ended June 30, 2021

(unaudited)

Six months ended June 30, 2020

(unaudited)

Cash flows from operating activities

Profit (loss) for the period from continuing operations..............................

32,920

(31,172)

Profit after tax for the period from discontinued operations..........................

-

41,609

Profit for the period...................................................

32,920

10,437

Adjustments to reconcile profit to net cash provided by operating activities

Depreciation and amortisation.............................................

7,168

7,475

Foreign exchange (gain) loss, net...........................................

(6,320)

20,316

Deferred income tax expense..............................................

453

3,146

Allowance for expected credit losses, net......................................

1,161

849

Gain on restructuring and forgiveness of trade and other payables and write-off of trade and other payables with expired legal term

(1,189)

(47)

Write-off of inventories to net realisable value...................................

377

1,870

Impairment of goodwill and other non-current assets, net and loss on write-off of non?current assets

844

3,659

Finance income.......................................................

(346)

(529)

Finance costs........................................................

10,954

15,973

Provisions for legal claims, income tax and other taxes and other provisions...............

1,140

2,541

Gain on sale of discontinued operations.......................................

-

(45,580)

Other..............................................................

110

243

Changes in working capital items

Trade and other receivables.............................................

(8,413)

(2,061)

Inventories........................................................

(9,772)

(3,503)

Trade and other payables...............................................

1,773

1,745

Advances received...................................................

61

760

Taxes payable and other liabilities.........................................

2,897

7,433

Other assets........................................................

(2,108)

(210)

Income tax paid.......................................................

(3,114)

(285)

Net cash provided by operating activities....................................

28,596

24,232

Cash flows from investing activities


Interest received......................................................
110 21
Proceeds from loans issued and other investments................................
2 39
Proceeds from disposal of the discontinued operations, net of cash disposed of.............
- 88,979
Proceeds from disposals of property, plant and equipment...........................
114 6
Purchases of property, plant and equipment....................................
(2,888 ) (3,119 )
Net cash (used in) provided by investing activities..............................
(2,662 ) 85,926
Cash flows from financing activities
Proceeds from loans and borrowings, including proceeds from factoring arrangement of RUB 900 million and RUB 17 million for the six months ended June 30, 2021 and 2020, respectively
20,986 12,929
Repayment of loans and borrowings, including payments from factoring arrangement of RUB 1 million and RUB 180 million for the six months ended June 30, 2021 and 2020, respectively
(29,361 ) (108,247 )
Sale of non-controlling interest in subsidiaries...................................
144 -
Dividends paid to non-controlling interests.....................................
- (3 )
Interest paid, including fines and penalties.....................................
(9,539 ) (14,473 )
Payment of principal portion of lease liabilities..................................
(1,792 ) (818 )
Sale and leaseback transactions............................................
72 548
Acquisition of assets under deferred payment terms...............................
(95 ) (327 )
Net cash used in financing activities........................................
(19,585 ) (110,391 )
Foreign exchange gain (loss) on cash and cash equivalents, net........................
(280 ) (575 )
Changes in allowance for expected credit losses on cash and cash equivalents..............
(7 ) (30 )
Net increase (decrease) in cash and cash equivalents.............................
6,062 (838 )
Cash and cash equivalents at beginning of period.................................
1,706 3,509
Cash and cash equivalents, net of overdrafts at beginning of period..................
(938 ) 2,867
Cash and cash equivalents at end of period.....................................
5,124 4,272
Cash and cash equivalents, net of overdrafts at end of period......................
5,124 2,029

There were certain reclassifications to conform with the current period presentation. These interim condensed consolidated financial statements were prepared by Mechel PAO in accordance with IFRS and have not been audited by the independent auditor. If these interim condensed consolidated financial statements are audited in the future, the audit could reveal differences in our consolidated financial results and we cannot assure that any such differences would not be material.

* EBITDA - Adjusted EBITDA. Please find the calculation of the Adjusted EBITDA and other non-IFRS measures used here and hereafter in Attachment A.

** Calculations of Net debt could be differed from indicators calculated in accordance with loan agreements upon dependence on definitions in such agreements.

SOURCE: PJSC Mechel



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