Evraz Group’s major operating subsidiaries report 1Q 2007 RAS Financial Results
Evraz Group S.A. (LSE: EVR) announces that its major Russian operating subsidiaries1 have filed financial results with the Federal Financial Markets Service of the Russian Federation (FFMS) for the three months ended March 31, 2007. The results are prepared in accordance with Russian accounting standards (RAS).
The filing of RAS accounting results for Evraz’s major Russian operating subsidiaries is a Russian regulatory requirement. RAS accounting results differ materially from IFRS and are not comparable to financial statements prepared in accordance with IFRS. The RAS accounting results of Evraz's major Russian subsidiaries are not indicative of the financial condition or results of operations of these entities or of Evraz Group S.A. under IFRS. Reference should be made only to Evraz Group S.A.’s consolidated financial statements prepared in accordance with IFRS for information with respect to Evraz’s financial condition and results of operations. RAS accounting results are not approved by external auditors and the Internal Audit Committee of Evraz Group S.A.
Evraz Group S.A. publishes consolidated financial statements prepared in accordance with IFRS for the six months ended June 30 and for the year ended December 31, in each year.
Higher sales volumes and b prices for steel products contributed to further profit growth at NTMK and Zapsib
The net profit of NTMK and Zapsib for 1Q 2007 went up 66.3% and 130.7% respectively vs. 1Q 2006 due to higher sales volumes and a ber pricing environment in both Russian and export markets. Net profit fell by 18.4% at Zapsib compared with 4Q 2006 as a result of a marginal decline in sales volumes, seasonal product mix change and increased production costs on the back of higher iron ore and scrap prices.
The 1Q 2007 net profit rose to 2,293 million roubles (+118.2% year-on-year) at KGOK and to 366 million roubles at VGOK due to higher prices and expanded production volumes driven by b demand from the steel sector.
1Q 2007 RAS Financial Results for Major Subsidiaries
(All amounts are in millions of roubles, unless specified otherwise)
OAO Nizhny Tagil Iron and Steel Plant (NTMK)
|
|
1Q 2007
|
1Q 2006
|
1Q 2007/ |
4Q 2006
|
1Q 2007/ |
|
Revenue
|
21,143
|
14,821
|
42.7%
|
20,302
|
4.1%
|
|
Gross profit
|
6,756
|
4,636
|
45.7%
|
6,107
|
10.6%
|
|
Operating profit
|
5,955
|
3,920
|
51.9%
|
5,220
|
14.1%
|
|
Net profit
|
4,545
|
2,733
|
66.3%
|
3,109
|
46.2%
|
OAO West Siberian Iron and Steel Plant (Zapsib)
|
|
1Q 2007
|
1Q 2006
|
1Q 2007/ |
4Q 2006
|
1Q 2007/ |
|
Revenue
|
19,847
|
14,085
|
40.9%
|
20,239
|
(1.9)%
|
|
Gross profit
|
5,331
|
2,703
|
97.3%
|
6,191
|
(13.9)%
|
|
Operating profit
|
4,478
|
1,941
|
130.7%
|
5,347
|
(16.3)%
|
|
Net profit
|
3,162
|
1,371
|
130.7%
|
3,873
|
(18.4)%
|
OAO Kachkanarsky Mining and Processing Integrated Works (KGOK)
|
|
1Q 2007
|
1Q 2006
|
1Q 2007/ |
4Q 2006
|
1Q 2007/ |
|
Revenue
|
5,215
|
2,908
|
79.3%
|
4,924
|
5.9%
|
|
Gross profit
|
3,325
|
1,409
|
135.9%
|
3,347
|
(0.6)%
|
|
Operating profit
|
3,067
|
1,257
|
144.0%
|
3,124
|
(1.8)%
|
|
Net profit
|
2,293
|
1,051
|
118.2%
|
2,222
|
3.2%
|
OAO Vysokogorsky Mining and Processing Integrated Works (VGOK)
|
|
1Q 2007
|
1Q 2006
|
1Q 2007/ |
4Q 2006
|
1Q 2007/ |
|
Revenue
|
1,676
|
933
|
79.6%
|
1,483
|
13.0%
|
|
Gross profit
|
708
|
175
|
304.6%
|
591
|
19.9%
|
|
Operating profit
|
597
|
99
|
502.1%
|
415
|
43.8%
|
|
Net profit
|
366
|
(59)
|
n/a
|
291
|
25.8%
|
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