Erdemir Group Reports Fourth Quarter 2018 and 12 Months 2018 Results

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Erdemir Group Reports Fourth Quarter 2018 and 12 Months 2018 Results

https://en.steelhome.com [SteelHome] 2019-02-11 14:13:34

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OYAK Mining Metallurgy Group Recorded USD 1,160 million Net Profit in 2018. The net profit increased by 13% yoy in 2018. In 2018, Ereğli Plant produced 1,701 thousand tons CRC and 2,622 thousand tons HRC in total 4,323 thousand tons with a decrease of 3% yoy. İskenderun Plant produced 980 thousand tons long steel and 3,421 thousand tons HRC in total 4,401 thousand tons. (Intragroup transactions are excluded.)

In 2018, Ereğli Plant had 4,320 thousand tons steel shipments, and İskenderun Plant had 4.081 thousand tons. (Intra-group transactions are excluded.)

OYAK Mining Metallurgy Group recorded USD 5,598 million consolidated sales in 2018.

EBITDA was increased by 15% yoy and increase to USD 1,720 million and the EBITDA margin was recognized as 30.7%. Group recorded USD 1,160 million net profit with an increase of 13% yoy in 2018. Profit margin was 20.7%.

OYAK MINING METALLURGY GROUP FINANCIAL DATA

INDICATORS

	2014	2015	2016	2017	1Q 2018	2Q 2018	3Q 20018	4Q 20018	2018
Production (tonnes)
Hot	5,208,398	5,579,792	5,290,468	5,890,318	1,529,007	1,528,025	1,526,727	1,458,410	6,042,168
Cold	1,745,948	1,820,136	1,780,990	1,822,275	430,175	435,334	438,261	397,650	1,701,420
Long	1,152,663	1,562,646	1,572,380	1,328,036	251,083	201,020	231,596	295,969	979,668
Sales (tonnes)
Hot	5,145,443	5,384,357	5,302,957	5,685,718	1,479,562	1,410,193	1,419,401	1,422,581	5,731,737
Cold	1,787,798	1,844,841	1,860,029	1,907,805	457,690	429,477	394,426	468,419	1,750,012
Long	1,162,784	1,551,985	1,587,402	1,364,666	248,793	172,863	234,391	263,353	919,399
Sales Price (USD/tonnes)
Hot	608	463	406	542	609	651	630	619	627
Cold	756	642	561	689	759	785	768	753	766
Long	560	403	371	480	581	622	573	538	574
EBITDA (USD/tonnes)
Main Product	136	91	95	159	197	223	219	172	202
Net Working Capital Turnover Days	170	148	196	161	156	188	237	196	196
Trade Receivables Turnover Days	56	50	63	51	46	62	71	59	59
Trade Payables Turnover Days	17	22	36	26	30	43	34	38	38
Inventories Turnover Days	131	120	169	136	140	169	200	174	174

OYAK MINING METALLURGY GROUP FINANCIAL DATA

CONSOLIDATED STATEMENTS OF INCOME

(USDm)	2014	2015	2016	2017	1Q 2018	2Q 2018	3Q 2018	4Q 2018	2018
Sales	5,252	4,382	3,855	5,115	1,422	1,422	1,380	1,373	5,598
Operating Income/(loss)	958	585	697	1,325	401	447	433	311	1,592
- Operating margin %	18.2%	13.4%	18.1%	25.9%	28.2%	31.4%	31.4%	22.6%	28.4%
Financing income (expense) - net	(66)	(68)	31	24	11	113	(4)	34	153
Profit/(Loss) before taxation	892	517	727	1,349	412	559	429	345	1,745
Income tax expense/(income)	132	89	207	279	121	193	196	24	534
- Apparent tax rate %	14.8%	17.3%	28.4%	20.7%	29.4%	34.5%	45.8%	6.9%	30.6%
Profit/(Loss) for the period	759	428	521	1,069	291	367	232	321	1,211
Minority interest	27	13	18	39	12	15	11	13	51
Net income/(loss) for the period	732	414	502	1,030	279	351	221	308	1,160
EBITDA	1,136	770	895	1,496	438	481	445	356	1,720
Interest income from overdue sales and impairment of tangible assets	22	21	19.8	27	(6)	(7)	(8)	(10)	(32)
Foreign exchange gain from trade receivables and payables (net)					(4)	(5)	(26)	7	(28)
Depreciation	200	207	218	197	47	46	47	48	188
EBITDA Margin	21.6%	17.6%	23.2%	29.2%	30.8%	33.8%	32.2%	26.0%	30.7%
Number of shares (in millions)	3,500	3,500	3,500	3,500	3,500	3,500	3,500	3,500	3,500
Basic earnings per common share (*)	0.21	0.12	0.14	0.29	0.08	0.10	0.06	0.09	0.33

(*) In computing earnings per share, such “bonus share” distributions are assessed as issued shares. Accordingly, the weighted-average number of shares are computed by taking into consideration of the retrospective effects of the share distributions.