DOCSLIB.ORG

Metinvest B.V

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Metinvest B.V Metinvest B.V. Unaudited Interim Condensed Consolidated Financial Information 30 June 2018 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 5–20 1 Metinvest B.V. and its operations .................................................................................................................. 5 2 Operating environment of the Group ............................................................................................................. 6 3 Basis of preparation and significant accounting policies ................................................................................. 7 4 Adoption of new and revised standards and interpretation ............................................................................. 7 5 Changes in accounting policies ..................................................................................................................... 7 6 Segment information .................................................................................................................................. 11 7 Property, plant and equipment .................................................................................................................... 13 8 Investments in associates and joint ventures ............................................................................................... 14 9 Trade and other receivables and other non-current assets ........................................................................... 14 10 Loans and borrowings ................................................................................................................................ 15 11 Trade and other payables ........................................................................................................................... 16 12 Finance income.......................................................................................................................................... 17 13 Finance costs ............................................................................................................................................. 17 14 Income tax ................................................................................................................................................. 17 15 Balances and transactions with related parties ............................................................................................ 18 16 Events after the balance sheet date ............................................................................................................ 20 Review report To: 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 2018 of Metinvest B.V., The Hague, and its subsidiaries (hereafter: ‘The Group’), which comprises the condensed consolidated balance sheet as at 30 June 2018, the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity, the condensed consolidated statement of cash flows for the period then ended and the selected explanatory notes. Management is responsible for the preparation and presentation of this (condensed) interim 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 interim 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 company. 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 2018 is not prepared, in all material respects, in accordance with IAS 34, ‘Interim Financial Reporting’ as adopted by the European Union. Amsterdam, 5 September 2018 PricewaterhouseCoopers Accountants N.V. Original has been signed by A.G.J. Gerritsen RA FS76EEHFHYEW-1459853321-20 PricewaterhouseCoopers Accountants N.V., Thomas R. Malthusstraat 5, 1066 JR Amsterdam, P.O. Box 90357, 1006 BJ Amsterdam, the Netherlands T: +31 (0) 88 792 00 20, F: +31 (0) 88 792 96 40, 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), Pricew aterhouseCoopers 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 2018 31 December 2017 ASSETS Non-current assets Goodwill 595 603 Other intangible assets 122 120 Property, plant and equipment 7 4,535 4,132 Investments in associates and joint ventures 8 1,025 1,085 Deferred tax asset 107 109 Income tax prepaid 8 8 Trade and other receivables 9 236 181 Total non-current assets 6,628 6,238 Current assets Inventories 1,300 1,235 Income tax prepaid 7 9 Trade and other receivables 9 2,812 2,342 Cash and cash equivalents 370 259 Total current assets 4,489 3,845 TOTAL ASSETS 11,117 10,083 EQUITY Share capital 0 0 Share premium 6,225 6,225 Other reserves (8,701) (8,934) Retained earnings 7,629 6,894 Equity attributable to the owners of the Company 5,153 4,185 Non-controlling interest 88 123 TOTAL EQUITY 5,241 4,308 LIABILITIES Non-current liabilities Loans and borrowings 10 2,285 2,739 Retirement benefit obligations 407 369 Deferred tax liability 294 300 Other non-current liabilities 82 80 Total non-current liabilities 3,068 3,488 Current liabilities Loans and borrowings 10 606 271 Seller’s notes - 7 Income tax payable 94 78 Trade and other payables 11 2,108 1,931 Total current liabilities 2,808 2,287 TOTAL LIABILITIES 5,876 5,775 TOTAL LIABILITIES AND EQUITY 11,117 10,083 Signed and authorized for release on behalf of Metinvest B.V. on “5” September 2018: 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 2018 2017 Revenue 6 6,179 3,913 Cost of sales (4,739) (3,006) Gross profit 1,440 907 Distribution costs (432) (361) General and administrative expenses (104) (93) Other operating income / (expenses), net (66) 13 Operating profit 838 466 Results of the loss of control over the assets located on temporarily non-controlled territory - (329) Finance income 12 115 74 Finance costs 13 (206) (143) Share of result of associates and joint ventures 8 91 118 Profit before income tax 838 186 Income tax expense 14 (170) (114) Profit for the period 668 72 Profit attributable to: Owners of the Company 631 81 Non-controlling interests 37 (9) Profit for the period 668 72 3,913 Unaudited Interim Condensed Consolidated Statement of Comprehensive Income All amounts in millions of US Dollars Note Six months ended 30 June 2018 2017 Profit for the period 668 72 Other comprehensive income / (loss): Items that may be reclassified subsequently to profit or loss: Currency translation differences 330 222 Items that will not be reclassified to profit or loss: Impairment of property, plant and
Load more

Recommended publications
  • Rising to the Challenge
    RISING TO THE CHALLENGE ANNUAL REPORT AND FINANCIAL STATEMENTS 2012 METINVEST ANNU METINVEST A L REPO L R T T A ND F ND IN A NCI A L ST A TE M ENTS 2012 WHILE 2012 WAS A CHALLENGING YEAR FOR METINVEST, OUR MARKETS AND THE GLOBAL ECONOMY, WE WERE PROACTIVE. IN RESPONSE TO THE CHALLENGES, WE HAVE TAKEN A SERIES OF DECISIVE ACTIONS IN LINE WITH OUR LONG-TERM STRATEGY TO PROTECT OUR STABLE FINANCIAL POSITION AND MARKET LEADERSHIP. Key Strategic Actions: #1: We have adapted our capital expenditure plans to focus on the most efficient investments in line with our Technological Strategy READ MORE ON PAGES 12-13 #2: We have pursued greater efficiency, quality and customer satisfaction through continuous improvement and lean production implementation READ MORE ON PAGES 14-15 #3: We have launched a major initiative to optimise working capital and enhance liquidity across the Group READ MORE ON PAGES 16-17 #4: We have adjusted and strengthened sales by expanding our network, focusing on strategic markets and balancing our product range READ MORE ON PAGES 18-19 STRONG MODEL IN STRATEGIC REVIEW OF OUR FINANCIAL ADDITIONAL INTRODUCTION CHALLENGING TIMES OVERVIEW THE YEAR GOVERNANCE SUSTAINABILITY STATEMENTS INFORMATION INTRODUCTION Metinvest is a leading steel producer in WE ARE METINVEST: the CIS and one of the top 30 steelmakers and top 10 iron ore producers in the world. A VERTICALLY INTEGRATED We are resourceful, managing every part of the value chain, from mining and processing STEEL AND MINING GROUP iron ore and coal to making and selling steel products.
    [Show full text]
  • Sales Offices
    SALES OFFICES UKRAINE LVIV METALS SERVICE CENTRE BELGOROD SALES OFFICE 93 Kulparkivska Street, Office 307, 49a Pushkina Street, Lviv 79021, Ukraine Belgorod 308015, Russia METINVEST-SMC LLC Tel: +380 32 232 53 35 Tel: +7 472 221 84 75 HEAD OFFICE Fax: +380 32 232 53 05 15a Leiptsyzka Street, KRASNODAR SALES OFFICE Kyiv 01015, Ukraine MARIUPOL METALS SERVICE CENTRE Office 706, 709, 75/1 Uralskaya Street, Tel: +380 80 030 30 70 31a Zori Street, Krasnodar 350059, Russia Tel: +380 44 581 44 37 Mariupol 87500, Ukraine Tel: +7 861 201 26 06 Fax: +380 44 581 44 88 Tel: +380 62 940 94 75 Fax: +380 62 940 94 76 LIPETSK SALES OFFICE BROSHNIV-OSADA METALS Office 405, 29 Pobedy Avenue, SERVICE CENTRE MYKOLAIV BRANCH OFFICE AND Lipetsk 398024, Russia 58b Sichnya 22nd Street, Broshniv-Osada METALS SERVICE CENTRE Tel: +7 474 224 15 36 77611, Ivano-Frankivsk Region, Ukraine 28 Yavornytskoho Street, Tel: +380 34 744 71 48 Mykolaiv 54044, Ukraine MOSCOW SALES OFFICE Fax: +380 34 744 64 74 Tel/Fax: +380 51 276 71 28 Office 8, Block I, 1/1, Vasilisy Kozhinoy Street, BROVARY METALS SERVICE CENTRE ODESA BRANCH OFFICE Moscow 121096, Russia 1 Khmelnytskyi Street, Brovary 07400, 33b Shevchenko Avenue, Office 10, Tel: +7 495 739 26 26, extension: 7763 Kyiv Region, Ukraine Odesa 65044, Ukraine Tel/Fax: +380 45 946 70 30 Tel/Fax: +380 48 776 02 00 NIZHNY NOVGOROD SALES OFFICE 80 Orehovskaya Street, DNIPRO BRANCH OFFICE ODESA METALS SERVICE CENTRE Nizhny Novgorod 603086, Russia AND METALS SERVICE CENTRE 23/1 Novomoskovska Doroha, Tel: +7 831 261 04 89 15 Yakhnenkivska
    [Show full text]
  • Metinvest Is the Only Supplier of Pipes for Gaz De France in CIS
    30 сеп 2010 Metinvest is the only supplier of pipes for Gaz de France in CIS C4Gas S.A. (France), major purchasing portal of EU largest gas-transportation and oil-and-gas companies, has finalized the procedure of certification of products and sales structure in Metinvest Group: Metinvest International S.A. and OJSC KhTW were included into the list of authorized suppliers of gas concern Gaz de France. The qualification certificate presented by C4Gas S.A. enables Metinvest to participate in tenders for the supply of SAW pipes for European companies. The company started preparation to the certification in April 2008, procedure consisted of three stages: adaptation and preparation of documents; audit of enterprises; supply of pilot lot of products. Pilot lot produced by Khartsyzsk Tube Works was shipped to gas concern Gaz de France in February of 2010. The deal has become the first-ever supply of Ukrainian SAW pipes to Gaz de France. Based on results of passing all necessary stages, Metinvest was awarded a certificate enabling to participate in all tenders of Gaz de France for supplies of SAW pipes. Besides, having the certificate is a necessary condition for cooperation with such large gas-transport companies as SPP A.S. Eustream S.A. (Slovakia) and STEWEAG- STEG GmbH (Austria). These companies purchase gas pipes only from C4Gas S.A. qualified producers. Presently, Metinvest is the only Company in CIS having the qualification. Dmitriy Nikolaenko, acting Sales Director, Steel & Rolled Product Division of Metinvest Holding noted: “This was a difficult stage for us that demanded maximum concentration on the task.
    [Show full text]
  • Final Offering Memorandum
    IMPORTANT NOTICE The attached offering memorandum (the "Offering Memorandum") has been prepared solely in connection with the proposed offering (the "Offering") of two series of senior notes (together, the "Notes") of Metinvest B.V. (the "Issuer"). THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE EITHER (1) QUALIFIED INSTITUTIONAL BUYERS ("QIBs") IN RELIANCE ON THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT OF 1933 (THE "SECURITIES ACT") PROVIDED BY RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") OR (2) OUTSIDE OF THE UNITED STATES, TO PERSONS WHO ARE NOT U.S. PERSONS IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT ("REGULATION S"). MiFID II professionals/ECPs-only/No PRIIPs KID – Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as the Notes are not available to retail investors in the European Economic Area ("EEA"). IMPORTANT: You must read the following before continuing. The following applies to the Offering Memorandum, and you are therefore advised to read this carefully before reading, accessing or making any other use of the Offering Memorandum. In accessing the Offering Memorandum, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES DESCRIBED IN THE OFFERING MEMORANDUM HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION AND SUCH SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S.
    [Show full text]
  • Embracing the New Reality
    Metinvest Annual Report and Accounts 2015 EMBRACING THE NEW REALITY Annual Report and Accounts 2015 STRATEGIC REPORT SUSTAINABILITY REPORT 01 2015 Highlights 46 Human Resources 04 Embracing the New Reality 48 Health and Safety 04 – External Challenges 50 Environment and Communities 08 – Internal Initiatives 10 Chief Executive Officer’s Review FINANCIAL STATEMENTS 16 Business Model 55 Independent Auditor’s Report 18 Strategy 56 Abbreviated Consolidated Balance Sheet 57 Abbreviated Consolidated OPERATIONAL AND FINANCIAL REPORT Income Statement 22 Divisional Review 58 Abbreviated Consolidated Statement 22 – Metallurgical of Comprehensive Income 24 – Mining 59 Abbreviated Consolidated Statement of Cash Flows 26 Financial Review 60 Abbreviated Consolidated Statement of Changes in Equity GOVERNANCE REPORT 61 Notes to the Abbreviated Consolidated 36 Chairman’s Statement Financial Statements – 31 December 2015 38 Corporate Governance 40 Supervisory Board ADDITIONAL INFORMATION 42 Executive Committee 104 Parent Company and Principal Subsidiaries 105 Sales Offices 108 Glossary and Abbreviations We are Metinvest, an international, vertically integrated steel and mining group with assets in Ukraine, Europe and the US. We manage each link of the production chain: from mining iron ore and coal and producing coke to manufacturing value-added steel products. WWW.METINVESTHOLDING.COM Strategic reportStrategic 2015 Highlights In 2015, Eastern Ukraine experienced further turbulence, while Revenues report financial and Operational global benchmark prices for steel and iron ore reached lows not US$6,832M seen in 10 years. Metinvest reconfirmed its ability to navigate -35% rapidly changing situations proactively, as it moved to embrace Revenues declined year-on-year in 2015, the new business reality. driven by the operational challenges in Eastern Ukraine and the bearish demand and prices on global markets for key products.
    [Show full text]
  • Annual Report 2019 Report Annual Metinvest
    METINVEST ANNUAL REPORT 2019 CREATING STRONGER TIES ANNUAL REPORT 2019 - CREATING STRONGER TIES Metinvest is an international, vertically integrated group of steel and mining companies. In 2019, the Group again demonstrated its ability to successfully navigate adverse market conditions while moving to strengthen ties with all stakeholders in order to secure a sustainable future. Metinvest revised its health and safety management system to better safeguard its employees and contractors, while launching new human capital programmes to recruit and retain the next generation of skilled workers for its facilities. It made investments of more than US$1 billion in upgrading its asset base, including significant initiatives to reduce environmental impact. The investments also allowed Metinvest to offer customers higher-quality and more tailored products and solutions. The Group also continued to contribute to major projects that are helping its local communities to flourish. In addition, Metinvest worked with international finance providers to extend its debt maturity, bringing benefits to all stakeholders by making the business more sustainable over the long term. As a vital aspect of good corporate citizenship, the Group strives to contribute to the common cause of building a more prosperous and vibrant society. For a better understanding of Metinvest’s financial position and the results of operations, this document and summary financial statements should be read in conjunction with Metinvest’s audited financial statements as of and for the year ended 31 December 2019, which include all disclosures required by International Financial Reporting Standards, as adopted by the European Union and the statutory provisions of Part 9, Book 2, of the Dutch Civil Code.
    [Show full text]
  • 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,
    [Show full text]
  • 1 Long Products
    Long products 1 Long products CONTENT REBAR 4 SQUARE BAR 5 ROUND BAR 6 CHANNELS 7 ANGLES 8 BEAMS 10 RAILS 11 RAIL FASTENERS 12 GRINDING BALLS 12 SPECIAL SECTIONS 13 CONTACTS 15 Long products production (annual capacity, t) AZOVSTAL PROMET Rail-and-structural Small-and-medium 1 500 000 steel mill 1000/800 600 000 section mill 300 Heavy section 1 100 000 mill 800/650 285 000 Rail accessories shop Ball shop 170 000 (ball rolling mills 80, 125) 2 Long products Long products 3 REBAR SQUARE BAR Standard Strength Diameter, Length, Standard Type Producer Standard Square side, Length, Standard Steel Standard Standard Producer class mm mm for technical of delivery mm mm for dimensions grade for steel grade for technical specifications and shape specifications 8 10 S235JR S275JR EN 10025-2 EN 10025-2 10 12 European 6000- S355JR 12 14 EN 10059 PROMET standards 18000 14 16 EN 10083-2/ EN 10083-2/ C45 16 20 ISO 683-1 ISO 683-1 18 DIN 488, BDS 9252 B500B 20 6000-18000 ELOT 1421-3:2004 10 DSTU 2651/ DSTU 4484/ B500C St3ps 22 ТА 016-01/380-2018 12 GOST 380 GOST 535 6000- DSTU 4746/ 25 14 PROMET 18000 GOST 2591 28 16 20 DSTU 7809/ DSTU 7809/ 32 20 45 GOST 1050 GOST 1050 36 European Ukrainian 40 Bars PROMET 100 standards and CIS 120 standards 8 125 St2ps 10 130 6000- TU U 14-2- DSTU 2651/ TU U 14-2- St3ps AZOVSTAL 11800 1253-2000 GOST 380 1253-2000 12 140 St5ps 14 150 16 170 PC 52 18 6000-18000 SR 438/1 200 20 22 Dimensions, steel grade and technical requirements should be agreed during the conclusion of contracts.
    [Show full text]
  • Annual Report and Accounts 2015 Accounts and Report Annual
    Metinvest Annual Report and Accounts 2015 EMBRACING THE NEW REALITY Annual Report and Accounts 2015 STRATEGIC REPORT SUSTAINABILITY REPORT 01 2015 Highlights 46 Human Resources 04 Embracing the New Reality 48 Health and Safety 04 – External Challenges 50 Environment and Communities 08 – Internal Initiatives 10 Chief Executive Officer’s Review FINANCIAL STATEMENTS 16 Business Model 55 Independent Auditor’s Report 18 Strategy 56 Abbreviated Consolidated Balance Sheet 57 Abbreviated Consolidated OPERATIONAL AND FINANCIAL REPORT Income Statement 22 Divisional Review 58 Abbreviated Consolidated Statement 22 – Metallurgical of Comprehensive Income 24 – Mining 59 Abbreviated Consolidated Statement of Cash Flows 26 Financial Review 60 Abbreviated Consolidated Statement of Changes in Equity GOVERNANCE REPORT 61 Notes to the Abbreviated Consolidated 36 Chairman’s Statement Financial Statements – 31 December 2015 38 Corporate Governance 40 Supervisory Board ADDITIONAL INFORMATION 42 Executive Committee 104 Parent Company and Principal Subsidiaries 105 Sales Offices 108 Glossary and Abbreviations We are Metinvest, an international, vertically integrated steel and mining group with assets in Ukraine, Europe and the US. We manage each link of the production chain: from mining iron ore and coal and producing coke to manufacturing value-added steel products. WWW.METINVESTHOLDING.COM 2015 Highlights In 2015, Eastern Ukraine experienced further turbulence, while Revenues global benchmark prices for steel and iron ore reached lows not US$6,832M seen in 10 years. Metinvest reconfirmed its ability to navigate -35% rapidly changing situations proactively, as it moved to embrace Revenues declined year-on-year in 2015, the new business reality. driven by the operational challenges in Eastern Ukraine and the bearish demand and prices on global markets for key products.
    [Show full text]
  • Annual Repor T
    OVERVIEW METINVEST GROUP (Metinvest) is an 01 Company History and Timeline 02 Key Financial and Operating Figures international, vertically integrated metal Explanatory Notes and mining company headquartered in the Metinvest B.V. 03 Highlights Alexanderstraat 23, 2514JM 04 At a Glance Netherlands, and one of the lowest cost 06 Market Review ’s-Gravenhage, The Netherlands A 08 Chairman’s Statement producers of steel in the world. The Company NNUAL 10 General Director’s Review www.metinvestholding.com is primarily involved in the mining of coal and iron ore, the manufacturing of steel and iron ore R Overview eport BUSINESS REVIEW products, coke, as well as rolled products and 14 Corporate Strategy 20 Consolidated Financial Review pipes. Metinvest benefits from a favourable 08 08 23 Group Structure and Overview geographic location and close proximity to the 24 Divisional Review 24 Iron Ore Division key sales markets of Europe, the CIS, the Middle 28 Coke & Coal Division 32 Steel & Rolled Products Division East, and North Africa. The Group comprises 26 companies within the mining and steel sectors located in Ukraine, Europe and the USA. Business Review MANAGEMENT The Group’s products are marketed and sold AND GOVERNANCE in more than 75 countries around the world. 38 Corporate Governance 40 Executive Committee 42 Corporate Social Responsibility Metinvest B.V. is majority-owned by JSC System Capital Management (SCM) (75%), with JSC Smart Holding (SMART) owning a ANNUAL REPORT minority stake (25%) with a blocking interest. Management and Governance FINANCIAL STATEMENTS AND NOTES Strategy 46 Auditors’ Report 47 Abbreviated Balance Sheet Metinvest’s strategic goal is to create a highly efficient and 48 Abbreviated Income Statement well-balanced metal and mining company, achieving leading 49 Abbreviated Statement of Cash Flows positions worldwide.
    [Show full text]
  • Metinvest B.V
    JOB TITLE MetInvest OM REVISION 9 SERIAL <12345678> DATE / TIME Friday, February 11, 2011 9:13 PM JOB NUMBER 44408 TYPE Clean PAGE NO. 2 OPERATOR PM7 BASE OFFERING MEMORANDUM – LISTING PARTICULARS Dated 11 February 2011 Metinvest B.V. (incorporated in The Netherlands with limited liability) U.S.$1,000,000,000 Guaranteed Medium Term Note Programme guaranteed on a joint and several basis by the Guarantors named herein (each incorporated in Ukraine with limited liability) Under the Guaranteed Medium Term Note Programme described in this Offering Memorandum (the “Programme”), Metinvest B.V. (the “Issuer”), subject to compliance with all relevant laws, regulations and directives, may from time to time issue Guaranteed Medium Term Notes (the “Notes”). The initial guarantors named herein (the “Initial Guarantors”) have unconditionally and irrevocably guaranteed on a joint and several basis (the “Initial Guarantees”) the due and punctual payment of all amounts becoming due and payable in respect of the Notes pursuant to, and in accordance with, a surety agreement (the “Surety Agreement”) to be dated 11 February 2011 between the Issuer, the Initial Guarantors and BNY Corporate Trustee Services Limited in its capacity as trustee (the “Trustee”). The Notes will be constituted by a trust deed to be dated 11 February 2011 between the Issuer, the Initial Guarantors and the Trustee (the “Trust Deed”). The aggregate nominal amount of Notes outstanding will not at any time exceed U.S.$1,000,000,000 (or the equivalent in other currencies). The Issuer will,
    [Show full text]
  • Annual Report 2013
    Metinvest Annual Report and Financial Statements 2013 Competing From a Position of Strength Annual Report and Financial Statements 2013 www.metinvestholding.com We are Metinvest, an international vertically integrated steel and mining group with assets in Ukraine, Europe and the US. We manage every link of the production chain: from mining iron ore and coal and producing coke to manufacturing value-added steel products. Contents Introduction Strategic Advantage Financial Statements 01 Our Competitive Advantages 22 Business Model 54 Introduction and Contents 02 Achievements 24 Our Strategy 55 Independent 04 Chairman’s Statement 26 Industry Overview and Auditor’s Report Market Opportunities 56 Abbreviated Consolidated Competing From a Balance Sheet Position of Strength Delivering on our Advantages 57 Abbreviated Consolidated 06 Chief Executive 28 Chief Financial Income Statement Officer’s Review Officer’s Review 58 Abbreviated Consolidated 08 Key Performance Indicators 32 Divisional Review – Mining Statement of Comprehensive 10 Competitive Advantages: 34 Divisional Review – Income 10 Geographic Location Metallurgical 59 Abbreviated Consolidated 14 Iron Ore Reserves 36 In Focus: Zaporizhstal Statement of Cash Flows 16 Vertical Integration 60 Abbreviated Consolidated 18 People Advantages Through Statement of Changes 20 Lean Manufacturing Good Governance in Equity 38 Executive Committee 61 Notes to the Abbreviated 42 Corporate Governance Consolidated Financial 44 Risk Management Statements 31 December 2013 Sustainable Advantage 48 Our People
    [Show full text]