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Mechel Reports the 1Q 2018 Financial Results

Consolidated revenue – 74.9 bln rubles (-3% compared to 1Q 2017)
EBITDA* – 18.4 bln rubles (-19% compared to 1Q 2017)
Profit attributable to equity shareholders of Mechel PAO – 3.3 bln rubles

MOSCOW, May 24, 2018 (GLOBE NEWSWIRE) -- Mechel PAO (MOEX:MTLR) (NYSE:MTL), a leading Russian mining and steel group, announces financial results for the 1Q 2018.

Mechel PAO’s Chief Executive Officer Oleg Korzhov commented:

“In 1Q 2018 we continued working, developing the priority areas set forth last year. The mining division focused on its efforts on restoring mining volumes and sales of coal products, while the steel division continued with optimization of its product range and mastering new product types.

“The new mining equipment arriving on our facilities has already begun yielding returns, and mining has stabilized quarter-on-quarter, while stripping volumes went up sharply. The share of high value-added products in the steel division’s sales structure continues to increase. In order to fulfill the assigned tasks, we continue to implement our capital investment program, with investment totaling 2 billion rubles in 1Q 2018 including finance lease.

“Nevertheless, there have been complications — in this reporting period there were limits set on transporting cargo to Far Eastern ports, and railcars were in short supply in Kuzbass. These factors, together with our halting Neryungrinskaya Washing Plant for planned repairs, led to a decrease in coking coal concentrate sales and run-of-mine coking coal accumulating in Yakutugol’s storage facilities, which led to a decrease in the mining division’s results. At the same time, the steel division’s operations were more stable.

“The market conditions in this quarter were favorable. Coal prices were at a good level and the highest since the peak of 1Q 2017. Right now, coal prices are stabilizing. The steel product market also demonstrated certain stability and was profitable for our company.

“Overall, the Group’s revenue remained practically unchanged both year-on-year and quarter-on-quarter, though EBITDA went down by 16% quarter-on-quarter mostly due to the weaker results in the mining division. Nevertheless, EBITDA margin remained at a fairly good level of 25%, and in this quarter the Group earned 3.3 billion rubles of profit attributable to equity shareholders of Mechel PAO.”

Consolidated Results For The 1Q2018

Mln rubles 1Q’ 18 1Q’ 17 % 1Q’ 18 4Q’ 17 %
Revenue
from external customers
74,852   77,414   -3 % 74,852   76,316   -2 %
Operating profit 13,383   18,089   -26 % 13,383   10,752   24 %
EBITDA 18,436   22,806   -19 % 18,436   21,966   -16 %
EBITDA, margin 25%   29%     25%   29%    
Profit
attributable to equity shareholders of Mechel PAO
3,293   13,902   -76 % 3,293   443    

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

Mining Segment

Mechel Mining Management OOO’s Chief Executive Officer Pavel Shtark noted:

“In 1Q 2018 the mining division’s results were weaker both year-on-year and quarter-on-quarter. The main reason of that was the decrease in sales volumes of the division’s products, particularly coking coal concentrate.

“Starting in mid-2017, the division’s facilities are implementing a program aimed at restoring mining volumes to the level of previous years. As of now, we have already acquired and commissioned a large number of mining machines, and brought in contractors with equipment of their own. We managed to attain a major increase in stripping volumes, and coal mining has stabilized. Overall, in 1Q 2018 the division demonstrated a small growth in mining volumes compared to the previous quarter. At the same time, sales of finished products have decreased for a number of reasons. For example, some shipments that have been planned for the first quarter were put off until the second quarter due to railcar shortages.

“Among positive factors I would like to note a significant growth of stripping volumes at our Yakut facilities. Preparing reserves for future mining will help to restore production volumes reduced earlier. In addition, new equipment and machines continue to arrive at the mining division’s facilities, including equipment for washing plants, which will help improve their operational efficiency.

“I would like to note that the market conditions in the first quarter were favorable. Positive dynamics in prices for high-quality coking coal, which we observed in late 2017, caused the first quarter’s contract prices to be fixed at the level of 237 dollars per tonne, which resulted in higher average prices quarter-on-quarter even as spot prices somewhat declined. In this quarter, we see the markets weaker to the level of 4Q 2017, which is still quite acceptable for our company.”

Mln rubles 1Q’ 18 1Q’ 17 % 1Q’ 18 4Q’ 17 %
Revenue
from external customers
22,724   27,988   -19 % 22,724   25,444   -11 %
Revenue
inter-segment
9,412   12,465   -24 % 9,412   9,312   1 %
EBITDA 10,483   19,956   -47 % 10,483   14,098   -26 %
EBITDA, margin 33%   49%     33%   41%    
                     

Steel Segment

Mechel-Steel Management Company OOO’s Chief Executive Officer Andrey Ponomarev noted:

“The division obtained good results in this reporting period. We demonstrated revenue growth quarter-on-quarter. The EBITDA’s decrease by 7% was mostly due to a decrease in inter-segment sales and a minor growth of production costs. Production and sales remained at stable levels.

“The division’s entities continue to master production of new types of high value-added products both by expanding the assortment of the products we have already made as well as launching production of new product types for various industries. As part of these projects’ implementation, our facilities have already upgraded several manufacturing areas and equipment that meant not only their adaptation to putting out new product types, but also increased ecological safety of production.

“Despite a seasonal decrease in Russia’s construction market in the first quarter, prices in this reporting period were fairly stable and generally profitable for the division. In the second quarter we expect the market for construction steel products to become stronger as business activity picks up and export parity prices go up.”

Mln rubles 1Q’ 18 1Q’ 17 % 1Q’ 18 4Q’ 17 %
Revenue
from external customers
44,238   42,029   5 % 44,238   43,383   2 %
Revenue
inter-segment
1,590   1,964   -19 % 1,590   2,209   -28 %
EBITDA 6,204   3,556   74 % 6,204   6,642   -7 %
EBITDA, margin 14%   8%     14%   15%    
                     

Power Segment        

Mechel-Energo OOO’s Chief Executive Officer Petr Pashnin noted:

“The power segment continues to demonstrate stable positive financial results. In this quarter, with the facilities’ capacity utilization at their traditional seasonal high, we had an additional increase of heat sales quarter-on-quarter and year-on-year, which was a result of lower outdoor temperatures. As electricity generation and sales volumes remained stable, this had a positive impact on the dynamics of our revenue from sales to third parties. As a result, our EBITDA grew comparing to the same period of previous year. A quarter-on-quarter decrease in EBITDA was primarily due to the growth of commercial costs and additional provisions for doubtful accounts.”

Mln rubles 1Q’ 18 1Q’ 17 % 1Q’ 18 4Q’ 17 %
Revenue
from external customers
7,891   7,396   7 % 7,891   7,489   5 %
Revenue
inter-segment
4,037   4,638   -13 % 4,037   4,427   -9 %
EBITDA 737   705   5 % 737   1,319   -44 %
EBITDA, margin 6%   6%     6%   11%    
                     

The management of Mechel will host a conference call today at 6:00 p.m. Moscow time (4:00 p.m. London time, 11:00 a.m. New York time) to review Mechel’s financial results and comment on current operations. The call may be accessed via the Internet at http://www.mechel.com, under the Investor Relations section.

Please dial the number below approximately 10 minutes prior to the scheduled time of the call.

Conference Call Phone Numbers:

International: +44 (0)330 336 9411
US: +1 929-477-0448
Russia: +7 495 646 9190

Conference ID: 5683499

Alexey Lukashov
Director of Investor Relations
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, Africa. 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 1Q2018 Earnings 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, depletion and amortisation, Foreign exchange (gain) loss, net, Finance costs including fines and penalties on overdue loans and borrowings and finance lease payments, Finance income, Net result on the disposal of non-current assets, Impairment of goodwill and other non-current assets, Write-off of accounts receivable, Provision (reversal of provision) for doubtful accounts, Write-off of inventories to net realisable value,  Net result on the disposal of subsidiaries, Profit (loss) attributable to non-controlling interests, Income tax expense (benefit), Pension service cost and actuarial loss, other related expenses, Other fines and penalties, Gain on restructuring and forgiveness of accounts payable and write-off of accounts payable with expired legal term 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 (loss) 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, depletion, 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 calculations of Net debt, excluding fines and penalties on overdue amounts** and trade working capital are presented below:

         
Mln rubles 31.03.2018   31.12.2017  
Interest-bearing loans and borrowings, excluding interest payable, fines and penalties on overdue amounts 378,434   380,541  
Interest payable 20,712   20,420  
Non-current interest-bearing loans and borrowings 15,618   17,360  
Other non-current financial liabilities 41,719   40,916  
Other current financial liabilities 760   734  
less Cash and cash equivalents (1,277 ) (2,452 )
Net debt, excluding finance lease liabilities, fines and penalties on overdue amounts 455,966   457,519  
     
Current finance lease liabilities 6,984   7,476  
Non-current finance lease liabilities 1,790   1,878  
Net debt, excluding fines and penalties on overdue amounts 464,740   466,873  
     
     
Mln rubles 31.03.2018   31.12.2017  
Trade and other receivables 21,237   18,762  
Inventories 39,998   37,990  
Other current assets 7,601   7,589  
Income tax receivables 62   107  
Trade current assets 68,898   64,448  
     
Trade and other payables 35,080   33,469  
Advances received 5,987   4,385  
Provisions and other current liabilities 3,375   3,428  
Taxes and similar charges payable other than income tax 8,464   6,696  
Income tax payable 5,025   4,578  
Trade current liabilities 57,931   52,556  
     
Trade working capital 10,967   11,892  
         

EBITDA can be reconciled to our interim condensed consolidated statement of profit (loss) and other comprehensive income as follows:

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

               
  Consolidated Results   Mining Segment ***   Steel Segment***   Power Segment***
Mln rubles 3m 2018 3m 2017   3m 2018 3m 2017   3m 2018 3m 2017   3m 2018 3m 2017
Profit (loss) attributable to equity shareholders of Mechel PAO 3,293   13,902     271   12,858     2,043   2,218     (33 ) 237  
Add:                      
Depreciation, depletion and amortisation 3,477   3,417     1,970   1,928     1,373   1,379     134   110  
Foreign exchange (gain) loss, net (508 ) (9,679 )   (497 ) (5,601 )   (12 ) (4,063 )   1   (14 )
Finance costs including fines and penalties on overdue loans and borrowings and finance leases payments 10,463   12,392     7,700   9,062     2,979   3,626     158   231  
Finance income (93 ) (127 )   (348 ) (488 )   (108 ) (154 )   (11 ) (13 )
Net result on the disposal of non-current assets, impairment of goodwill and other non-current
assets, write-off of accounts receivable, provision (reversal of provision) for doubtful accounts and
write-off of inventories to net realisable value
1,241   577     364   173     437   298     440   106  
Net result on the disposal of subsidiaries -   -     -   -     -   -     -   -  
Profit attributable to non-controlling interests 238   556     29   392     172   162     37   3  
Income tax expense (benefit) 10   1,539     879   1,433     (862 ) 68     (7 ) 38  
Pension service cost and actuarial loss, other related expenses 36   32     29   25     6   6     1   1  
Other fines and penalties 310   226     92   174     199   44     19   7  
Gain on restructuring and forgiveness of accounts payable and write-off of accounts payable with expired legal term (31 ) (29 )   (6 ) -     (23 ) (28 )   (2 ) (1 )
EBITDA 18,436   22,806     10,483   19,956     6,204   3,556     737   705  
EBITDA, margin 25 % 29 %   33 % 49 %   14 % 8 %   6 % 6 %
                       


Mln rubles 1q 2018 4q 2017   1q 2018 4q 2017   1q 2018 4q 2017   1q 2018 4q 2017
Profit (loss) attributable to equity shareholders of Mechel PAO 3,293   443     271   1,316     2,043   (1,303 )   (33 ) 522  
Add:                      
Depreciation, depletion and amortisation 3,477   3,185     1,970   1,716     1,373   1,353     134   116  
Foreign exchange (gain) loss, net (508 ) (635 )   (497 ) (715 )   (12 ) 81     1   (1 )
Finance costs including fines and penalties on overdue loans and borrowings and finance leases payments 10,463   11,337     7,700   8,094     2,979   3,454     158   215  
Finance income (93 ) (140 )   (348 ) (407 )   (108 ) (145 )   (11 ) (13 )
Net result on the disposal of non-current assets, impairment of goodwill and other non-current assets,
write-off of accounts receivable, provision (reversal of provision) for doubtful accounts and write-off
of inventories to net realisable value
1,241   6,531     364   3,933     437   2,418     440   180  
Net result on the disposal of subsidiaries -   4     -   4     -   -     -   -  
Profit attributable to non-controlling interests 238   168     29   22     172   36     37   110  
Income tax expense (benefit) 10   344     879   134     (862 ) (31 )   (7 ) 241  
Pension service cost and actuarial loss, other related expenses 36   (128 )   29   (133 )   6   5     1   -  
Other fines and penalties 310   1,659     92   465     199   1,243     19   (49 )
Gain on restructuring and forgiveness of accounts payable and write-off of accounts payable with expired legal term (31 ) (802 )   (6 ) (331 )   (23 ) (469 )   (2 ) (2 )
EBITDA 18,436   21,966     10,483   14,098     6,204   6,642     737   1,319  
EBITDA, margin 25 % 29 %   33 % 41 %   14 % 15 %   6 % 11 %
                       
*** including inter-segment operations                      
                       
                       

Attachment B

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT (LOSS) AND
OTHER COMPREHENSIVE INCOME
 
(All amounts are in millions of Russian rubles) 3 months ended March 31,
  2018*   2017*
  (unaudited)   (unaudited)
       
Revenue 74,852     77,414  
Cost of sales (41,556 )   (40,429 )
Gross profit 33,296     36,985  
       
Selling and distribution expenses (14,451 )   (14,071 )
Loss on write-off of non-current assets (132 )   (71 )
(Provision) reversal of provision for doubtful accounts (344 )   54  
Taxes other than income taxes (1,267 )   (1,201 )
Administrative and other operating expenses (3,959 )   (3,842 )
Other operating income 240     235  
Total selling, distribution and operating income and (expenses), net (19,913 )   (18,896 )
Operating profit 13,383     18,089  
       
Finance income 93     127  
Finance costs including fines and penalties on overdue loans and borrowings
and finance leases payments of RUB 308 million and RUB 306 million for the
3 months ended March 31, 2018 and 2017, respectively
(10,463 )   (12,392 )
Foreign exchange gain (loss), net 508     9,679  
Share of profit of associates, net 18     5  
Other income 31     533  
Other expenses (29 )   (44 )
Total other income and (expense), net (9,842 )   (2,092 )
Profit before tax 3,541     15,997  
       
Income tax expense (10 )   (1,539 )
Profit for the period 3,531     14,458  
       
Attributable to:      
Equity shareholders of Mechel PAO 3,293     13,902  
Non-controlling interests 238     556  
       
Other comprehensive income      
Other comprehensive (loss) income to be reclassified to profit or loss in
subsequent periods, net of income tax:
(443 )   824  
Exchange differences on translation of foreign operations (443 )   824  
Other comprehensive income (loss) not to be reclassified to profit or loss in
subsequent periods, net of income tax:
3     -  
Re-measurement of defined benefit plans 3     -  
Other comprehensive (loss) income for the period, net of tax (440 )   824  
       
Total comprehensive income for the period, net of tax 3,091     15,282  
       
Attributable to:      
Equity shareholders of Mechel PAO 2,852     14,726  
Non-controlling interests 239     556  
           
           


INTERIM CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
       
         
(All amounts are in millions of Russian rubles)   March 31,
2018*
  December 31,
2017
    (unaudited)    
         
Assets        
Non-current assets        
Property, plant and equipment   196,736     197,875  
Mineral licenses   32,899     33,240  
Goodwill and other intangible assets   19,208     19,211  
Investments in associates   287     283  
Deferred tax assets   187     96  
Other non-current assets   734     758  
Non-current financial assets   194     202  
Total non-current assets   250,245     251,665  
         
Current assets        
Inventories   39,998     37,990  
Income tax receivables   62     107  
Trade and other receivables   21,237     18,762  
Other current assets   7,601     7,589  
Other current financial assets   570     562  
Cash and cash equivalents   1,277     2,452  
Total current assets   70,745     67,462  
         
Total assets   320,990     319,127  
         
Equity and liabilities        
Equity        
Common shares   4,163     4,163  
Preferred shares   833     833  
Additional paid-in capital   24,378     24,378  
Accumulated other comprehensive income   862     1,303  
Accumulated deficit   (282,003 )   (283,743 )
Equity attributable to equity shareholders of Mechel PAO   (251,767 )   (253,066 )
Non-controlling interests   9,084     8,933  
Total equity   (242,683 )   (244,133 )
         
Non-current liabilities        
Interest-bearing loans and borrowings   15,618     17,360  
Finance lease liabilities   1,790     1,878  
Other non-current financial liabilities   41,719     40,916  
Other non-current liabilities   133     138  
Pension obligations   3,505     3,512  
Provisions   4,183     3,814  
Deferred tax liabilities   9,355     11,494  
Total non-current liabilities   76,303     79,112  
         
Current liabilities        
Interest-bearing loans and borrowings, including interest payable, fines and penalties on overdue amounts
of RUB 42,381 million and RUB 41,992 million as of March 31, 2018 and December 31, 2017, respectively
  420,815     422,533  
Trade and other payables   35,080     33,469  
Finance lease liabilities   6,984     7,476  
Income tax payable   5,025     4,578  
Taxes and similar charges payable other than income tax   8,464     6,696  
Advances received   5,987     4,385  
Other current financial liabilities   760     734  
Other current liabilities   69     69  
Pension obligations   880     849  
Provisions   3,306     3,359  
Total current liabilities   487,370     484,148  
         
Total liabilities   563,673     563,260  
Total equity and liabilities   320,990     319,127  
         
         


INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(All amounts are in millions of Russian rubles)    

3 months ended March 31,
    2018*   2017*
    (unaudited)   (unaudited)
Cash flows from operating activities        
Profit for the period   3,531     14,458  
         
Adjustments to reconcile profit to net cash provided by operating activities:        
         
Depreciation and depletion of property, plant and equipment   3,086     3,002  
Depletion of mineral licenses and amortisation of intangible assets   391     415  
Foreign exchange (gain) loss, net   (508 )   (9,679 )
Deferred tax (income) expense   (1,761 )   350  
Provision (reversal of provision) for doubtful accounts   344     (54 )
Write-off of accounts receivable   56     33  
Write-off of inventories to net realisable value   680     504  
Loss on write-off of non-current assets   132     71  
Loss on disposal of non-current assets   29     23  
Loss on sale of investments   4     1  
Gain on restructuring and forgiveness of accounts payable and write-off of
accounts payable with expired legal term
  (31 )   (29 )
Pension service cost and actuarial loss, other related expenses   36     32  
Finance income   (93 )   (127 )
             
Finance costs including fines and penalties on overdue loans and
borrowings and finance leases payments of RUB 308 million and RUB 306
million for the 3 months ended March 31, 2018 and 2017, respectively
  10,463     12,392  
Gain on royalty and other proceeds associated with disposal of Bluestone   -     (462 )
Provisions for legal claims, on taxes other than income tax and other provisions   125     -  
Other   (72 )   26  
         
Changes in working capital items:        
Trade and other receivables   (2,834 )   (4,911 )
Inventories   (3,120 )   (2,196 )
Trade and other payables   2,739     (403 )
Advances received   1,572     (112 )
Taxes payable and other liabilities   3,327     1,911  
Other current assets   (122 )   (303 )
         
Income tax paid   (1,304 )   (916 )
         
Net cash provided by operating activities   16,670     14,026  
         
Cash flows from investing activities        
Interest received   37     58  
Royalty and other proceeds associated with disposal of Bluestone   -     462  
Proceeds from disposal of subsidiaries, net of cash disposed   -     82  
Proceeds from loans issued and other investments   5     142  
Proceeds from disposals of property, plant and equipment   42     41  
Purchases of property, plant and equipment   (1,013 )   (971 )
Purchases of intangible assets   (75 )   -  
Interest paid, capitalised   (132 )   (98 )
Net cash used in investing activities   (1,136 )   (284 )
         
Cash flows from financing activities        
Proceeds from loans and borrowings   6,539     6,023  
Repayment of loans and borrowings   (12,456 )   (10,924 )
Dividends paid to non-controlling interest   (1 )   -  
Interest paid, including fines and penalties   (8,515 )   (7,786 )
Repayment of obligations under finance lease   (680 )   (1,116 )
Deferred payments for acquisition of assets   (187 )   (82 )
Deferred consideration paid for the acquisition of subsidiaries in prior periods   (1,058 )   (890 )
Net cash used in financing activities   (16,358 )   (14,775 )
         
Effect of exchange rate changes on cash and cash equivalents   40     481  
         
Net decrease in cash and cash equivalents   (784 )   (552 )
         
Cash and cash equivalents at beginning of period   2,452     1,689  
Cash and cash equivalents, net of overdrafts at beginning of period   1,223     1,453  
Cash and cash equivalents at end of period   1,277     2,888  
Cash and cash equivalents, net of overdrafts at end of period   439     901  
             

* 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.
There were certain reclassifications to conform with the current period presentation.

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