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Metinvest B.V Metinvest B.V. Unaudited Interim Condensed Consolidated Financial Information 30 June 2020 Contents UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION Review report Unaudited Interim Condensed Consolidated Balance Sheet ..................................................................... 1 Unaudited Interim Condensed Consolidated Income Statement ................................................................ 2 Unaudited Interim Condensed Consolidated Statement of Comprehensive Income ................................... 2 Unaudited Interim Condensed Consolidated Statement of Cash Flows ..................................................... 3 Unaudited Interim Condensed Consolidated Statement of Changes in Equity ........................................... 4 Notes to the Unaudited Interim Condensed Consolidated Financial Information ................................. 5–19 1 Metinvest B.V. and its operations .................................................................................................. 5 2 Operating environment of the Group ............................................................................................. 5 3 Basis of preparation and significant accounting policies ................................................................. 6 4 Adoption of new and revised standards and interpretation ............................................................. 7 5 Segment information .................................................................................................................... 8 6 Property, plant and equipment .................................................................................................... 11 7 Investments in associates and joint ventures ............................................................................... 13 8 Trade and other receivables and other non-current assets ........................................................... 14 9 Loans and borrowings ................................................................................................................ 15 10 Trade and other payables ........................................................................................................... 16 11 Net operating costs (excluding items shown separately) .............................................................. 16 12 Finance costs ............................................................................................................................. 16 13 Balances and transactions with related parties ............................................................................ 17 14 Events after the balance sheet date ............................................................................................ 19 Review report To: the general meeting and supervisory board of Metinvest B.V. Introduction We have reviewed the accompanying unaudited interim condensed consolidated financial information for the six-month period ended 30 June 2020 of Metinvest B.V., the Hague, which comprises the unaudited interim condensed consolidated balance sheet as at 30 June 2020, the unaudited interim condensed consolidated income statement, the unaudited interim condensed consolidated statement of comprehensive income, the unaudited interim condensed consolidated statement of changes in equity, the unaudited interim condensed consolidated statement of cash flows for the period then ended and the notes to the unaudited interim condensed consolidated financial information. The directors are responsible for the preparation and presentation of this unaudited interim condensed consolidated financial information in accordance with IAS 34, ‘Interim Financial Reporting’ as adopted by the European Union. Our responsibility is to express a conclusion on this unaudited interim condensed consolidated financial information based on our review. Scope We conducted our review in accordance with Dutch law including standard 2410, Review of Interim Financial Information Performed by the Independent Auditor of the entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying unaudited interim condensed consolidated financial information for the six-month period ended 30 June 2020 is not prepared, in all material respects, in accordance with IAS 34, ‘Interim Financial Reporting’ as adopted by the European Union. Rotterdam, 2 September 2020 PricewaterhouseCoopers Accountants N.V. Original has been signed by A.F. Westerman RA FTF4VSSUFADU-1158685585-29 PricewaterhouseCoopers Accountants N.V., Fascinatio Boulevard 350, 3065 WB Rotterdam, P.O. Box 8800, 3009 AV Rotterdam, the Netherlands T: +31 (0) 88 792 00 10, F: +31 (0) 88 792 95 33, www.pwc.nl ‘PwC’ is the brand under which PricewaterhouseCoopers Accountants N.V. (Chamber of Commerce 34180285), PricewaterhouseCoopers Belastingadviseurs N.V. (Chamber of Commerce 34180284), PricewaterhouseCoopers Advisory N.V. (Chamber of Commerce 34180287), PricewaterhouseCoopers Compliance Services B.V. (Chamber of Commerce 51414406), PricewaterhouseCoopers Pensions, Actuarial & Insurance Services B.V. (Chamber of Commerce 54226368), PricewaterhouseCoopers B.V. (Chamber of Commerce 34180289) and other companies operate and provide services. These services are governed by General Terms and Conditions (‘algemene voorwaarden’), which include provisions regarding our liability. Purchases by these companies are governed by General Terms and Conditions of Purchase (‘algemene inkoopvoorwaarden’). At www.pwc.nl more detailed information on these companies is available, including these General Terms and Conditions and the General Terms and Conditions of Purchase, which have also been filed at the Amsterdam Chamber of Commerce. Metinvest B.V. Unaudited Interim Condensed Consolidated Balance Sheet All amounts in millions of US Dollars Note 30 June 2020 31 December 2019 ASSETS Non-current assets Goodwill 585 601 Other intangible assets 132 140 Property, plant and equipment 6 5,631 6,354 Investments in associates and joint ventures 7 1,096 1,301 Deferred tax asset 99 85 Trade and other receivables 8 708 842 Total non-current assets 8,251 9,323 Current assets Inventories 987 1,185 Income tax prepaid 10 27 Trade and other receivables 8 3,235 3,028 Cash and cash equivalents 465 274 Total current assets 4,697 4,514 TOTAL ASSETS 12,948 13,837 EQUITY Share capital 0 0 Share premium 6,225 6,225 Other reserves (8,601) (7,804) Retained earnings 8,340 8,411 Equity attributable to the owners of the Company 5,964 6,832 Non-controlling interest 91 98 TOTAL EQUITY 6,055 6,930 LIABILITIES Non-current liabilities Loans and borrowings 9 2,359 2,442 Retirement benefit obligations 563 597 Deferred tax liability 181 273 Other non-current liabilities 224 195 Total non-current liabilities 3,327 3,507 Current liabilities Loans and borrowings 9 651 590 Income tax payable 72 31 Trade and other payables 10 2,843 2,779 Total current liabilities 3,566 3,400 TOTAL LIABILITIES 6,893 6,907 TOTAL LIABILITIES AND EQUITY 12,948 13,837 Signed and authorized for release on behalf of Metinvest B.V. on 2 September 2020: Originally signed by Director A, Yuriy Ryzhenkov Originally signed by Director B, ITPS (Netherlands) B.V. The accompanying notes form an integral part of this unaudited interim condensed consolidated financial information 1 Metinvest B.V. Unaudited Interim Condensed Consolidated Income Statement All amounts in millions of US Dollars Note Six months ended 30 June 2020 2019 Revenue 5 4,968 5,818 Net operating costs (excluding items shown separately) 11 (4,767) (5,325) Impairment of financial assets (115) (62) Operating profit 86 431 Finance income 28 100 Finance costs 12 (293) (124) Share of result of associates and joint ventures 7 (67) 90 (Loss) / Profit before income tax (246) 497 Income tax benefit / (expense) 6 (89) (Loss) / Profit for the period (240) 408 (Loss) / Profit attributable to: Owners of the Company (241) 398 Non-controlling interests 1 10 (Loss) / Profit for the period (240) 408 Unaudited Interim Condensed Consolidated Statement of Comprehensive Income All amounts in millions of US Dollars Six months ended 30 June 2020 2019 (Loss) / Profit for the period (240) 408 Other comprehensive (loss) / income: Items that may be reclassified subsequently to profit or loss: Currency translation differences (670) 293 Items that will not be reclassified to profit or loss: Revaluation decreases that offset previous increases in the carrying amount of property, plant and equipment (2) (18) Share in other comprehensive income / (loss) of joint ventures and associates 35 3 Income tax related to components of other comprehensive income - 3 Total other comprehensive (loss) / income (637) 281 Total comprehensive (loss) / income for the period (877) 689 Total comprehensive (loss) / income attributable to: Owners of the Company (868) 675 Non-controlling interest (9) 14 Total comprehensive (loss) / income for the period (877) 689 The accompanying notes form an integral part of this unaudited interim condensed consolidated
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