Wednesday, April 26, 2017 9:52:37 AM
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"As a result, with stable production and sales volumes the Group showed an improvement of all financial results by the year's end. Our revenue went up by 9% year-on-year, EBITDA was up by 45% and EBITDA margin reached 24%. It should be noted separately that for the first time since 2011 the Group earned a net profit, attributable to shareholders of Mechel PAO, of 7.1 bln rubles.
"Signing debt restructuring agreements with Russian state banks, which account for 71% of the company's debt portfolio, was a prime achievement. Restructuring conditions put off the maturity of our main body of debt until 2020 with following amortization until April 2022. Loan rates were reconsidered and tied to the key interest rate of the Central Bank of the Russian Federation. Besides, the new agreements provide for a partial interest capitalization, which brings down our current debt service payments.
"The Group's capital expenditure for 2017 is set at 12.5 bln rubles.
"All this considered, the cashflow generated by the Group enables us to service our debt, operate successfully and, if the current favorable market situation holds, begin to decrease our debt burden."
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