Revenue
In 2014 the Company posted revenue of RUB 22,250 million, 1% lower than in 2013. Revenue from the sales of own coal in the domestic market rose by 22% to RUB 3,503 million while that from coal resale fell by 38% to RUB 1,618 million. Revenue in the fourth quarter rose by 33% to RUB 7,730 million. Under the influence of the seasonal growth in demand for coal, all of the Company’s business segments saw a quarterly revenue increase. Quarterly revenue increase in the sales of own coal in the domestic market segment amounted to 25%. Revenue from export sales grew by 27% compared with the previous quarter and stood at RUB 5,311 million. Coal resale segment revenue showed a considerable seasonal gain of 81% to RUB 840 million.
Operating profit and EBITDA
In 2014 operating income decreased by 1% compared to the year-ago results, to RUB 1,374 million. Gross profit for the full year 2014 rose by 12% to RUB 3,325 million. EBITDA showed a year-over-year growth of 4%, reaching RUB 2,518 million. Cost of sales in 2014 dropped by 3% to RUB 18,925 million. Production cash costs saw a 6% decline and stood at RUB 577 per tonne of coal. Level of commercial, administrative and other expenses for the full year rose by 24% to RUB 1,951 million.
The Company showed an operating income of RUB 1,048 million in the fourth quarter of 2014, almost 12 times increase over the third-quarter indicator. Gross profit rose by 205% to RUB 1,703 million. Quarterly EBITDA amounted to RUB 1,351 million showing a 254% quarterly increase. Cost of sales in the fourth quarter grew by 15% to RUB 6,027 million. Production cash costs fell by 4% to RUB 530 per tonne. Commercial, administrative and other expenses increased by 37% to RUB 655 million.
Net profit
The Company shows a nominal net profit for 2014, amounting to RUB 7 million. The main factors influencing the financial result were negative currency differences, increased provisions for non- performing loans and a price decline in the Asian markets. Positive dollar exchange rate dynamics in the second half of 2014 and increasing dollar component of the deposit portfolio have partly smoothed the effect from the debt portfolio revaluation. After a loss in the third quarter the Company a profit of RUB 476 million in the fourth quarter of 2014.
Net debt at December 31, 2014 stood at RUB 6,101 million, increasing by 1% compared to September 30, 2014. Year-over-year it grew by 56%. The net debt to 12-month EBITDA ratio, according to management expectations, showed a 26% quarterly drop and stood at 2.42. The year-over-year growth of this indicator by 49% is caused by a total debt growth of 103%. In agreements with banks the threshold level for this indicator is 4.00-5.20. The company is one of the most reliable and efficient borrowers in the sector, which is reflected by the current interest rates for loans and credits. As of December 31, 2014, the average effective rate was 9.65% for loans denominated in RUB and 4.35% for loans denominated in USD. The loan portfolio is distributed among 10 Russian and foreign banks.
In 2014 operating cash flow amounted to RUB 874 million, falling by 59% year-over-year. Investment cash flow fell by 4% to RUB (614) million. Investment in fixed assets stood at RUB 759 million, most of which focused on the Kaskad 1 washing plant modernization and retail network development. Net cash flow from financial activities for 2014 amounted to RUB 2,670 million. Net increase in cash and cash equivalents stood at RUB 2,930 million.
In the fourth quarter of 2014 operating cash flow stood at RUB 1,481 million. Investment cash flow in this period was RUB (160) million, RUB 191 million were spent on investment in fixed assets. Net cash outflow from financial activities amounted to RUB 196 million. Net increase in cash and cash equivalents stood at RUB 1,125 million.
30 Ноября 2024 | суббота | 08:30
