Alchevsk Steel reports USD 127 mln net loss in 2012

Alchevsk Steel reports USD 127 mln net loss in 2012



21 березня 2013 года
Конкорд Капитал

Алчевский металлургический комбинат (ALMK)


Alchevsk Steel (ALMK) reported a net loss of UAH 0.04 per share in 2012, compared to UAH 0.01 EPS a year ago, the company reported in its AGM announcement released on March 20 (its 2012 net loss was USD 127 mln, compared to USD 36 mln in 2011). Accumulated losses deepened 46% to USD 392 mln, as of end-2012. Its AGM is scheduled for Apr.26 with no announced significant deals approval planned.



Roman Topolyuk: Adverse 2H12 market conditions hurt Alchevsk Steel and its local peers, particularly without the anticipated renewal in seasonal demand in September-October. Its steel output fell 10% yoy in 2012, which was exacerbated by a steel-price decline of 15-18% yoy. Its parent company, IUD, has been covering liquidity gaps by providing low-interest loans. However, the leverage has reached dangerous levels – long term loans more than doubled in 2012 to USD 910 mln, while we expect to see negative EBITDA in the company’s full-year financial performance. We expect 1Q13 will bring some relief for ALMK with better output (already rising 17% yoy in 2M13) and a 5-8% qoq rise in prices.

Источник: Конкорд Капитал

Аналитик: Роман Тополюк
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