Wrap Text
Group Preliminary Results for the year ended 31 December 2012
EVRAZ Highveld Steel and Vanadium Limited
(Incorporated in the Republic of South Africa)
(Registration number 1960/001900/06)
Share code: EHS ISIN: ZAE000146171
("the Company" or "the Group")
GROUP PRELIMINARY RESULTS
for the year ended 31 December 2012
- Headline loss R1 022 million
(2011: loss R15 million)
- Net loss R943 million
(2011: profit R45 million)
- Change in directorate
- Industrial action
Chairman and CEO's review
1. Safety
The Company has improved its safety performance over the last year. The lost time injury
frequency rate (LTIFR), the key indicator of safety at work, improved from 1.57 lost time
incidents per million hours worked in 2011 to 1.35 for the year ended 31 December 2012.
2. Key financials
The operating loss for the period was R854 million, compared to a loss of R49 million in
2011. The industrial action in Q3 and subsequent ramp-up problems mainly contributed
to the poor results. The EBITDA for the period was R697 million loss, compared to a
R153 million profit for the previous year. Revenue decreased to R4 346 million compared
to R5 587 million in 2011.
3. Operations
Steel
Liquid iron production for 2012 decreased by 6% compared to 2011 at 620 035 tons
and cast steel output by 15% at 571 787 tons. The most significant negative impact on
output resulted from a four-week strike by the majority trade union, stemming from an
introduction of cost saving measures which included a reduction in overtime hours. After
this extended outage, production levels ramped up gradually over a 10-week period due
to complications at the ironmaking furnaces.
Production of long products decreased by 9% to 204 701 tons due to insufficient steel
availability. The production of flat products decreased by 16% to 242 836 tons due to the
reduced availability of casted steel, and a reheat furnace breakdown at the end of the year.
During the year the remaining 6 kiln raw gas stack caps were installed and all 13 kilns
are now equipped accordingly. A project to improve kiln pre-reduction performance has
commenced, for completion in Q3 2013. This project will result in a reduction of electrical
energy consumption in the ironmaking furnaces.
Challenges at the shaking ladle operation resulted in lower cast steel production, until
improved process control techniques were implemented in Q4 2012.
Yield improvements have been achieved at the Structural Mill following completion of
upgrades to the main electrical drives in the plant in January 2012 and on heavy plate.
Vanadium
A total of 43 132 tons of vanadium slag was produced with 6 205 Mt V for the period,
compared to 61 083 tons slag and 8 088 Mt V during 2011.
4. Markets
Global and local markets
Global crude steel production reached a record 1.55 billion tons in 2012, up 1.2%
compared to 2011 on the back of growth in Asia and North America; while crude steel
production in the European Union (EU) and South America decreased. The South African
crude steel production for 2012 decreased by approximately 5.6% compared to the
production of 2011.
EVRAZ Highveld sales
Domestic steel sales volumes for the period decreased by 24% at 359 162 tons, compared
to 2011 at 473 951 tons. Export steel sales volumes decreased by 27%, at 94 674 tons
in 2012 against 129 143 tons in 2011 with overall steel sales volumes decreasing by 25%
at 453 836 tons in 2012 against 603 094 tons in 2011. This was mainly due to the effect
of reduction in market requirements due to imports as well as the NUMSA strike action in
July 2012.
Domestic steel sales volumes of Q4 2012 increased by 95% to 108 647 tons compared
to 55 587 tons in Q3 2012. Export steel sales volumes decreased by 82% to 2 940 tons in
Q4 2012 compared to 16 285 tons in Q3, with an increase of 55% for overall sales, which
was mainly due to the low base in the third quarter resulting from the NUMSA strike action.
Export vanadium slag sales decreased by 15% from 5 664 tons V in 2011 to 4 817 tons
V in 2012. Domestic vanadium slag sales decreased by 51% from 372 tons V in 2011 to
181 tons V in 2012 as a result of a lack of orders received in Q1 2012, the strike in Q3 2012
and the consequent force majeure declaration in Q3 2012.
5. Change in directorate
We are pleased to announce that Mr Thabo Mosololi joined the Board as from 21 May 2012
as non-executive director. Thabo is an executive director of MFT Investment Holdings. He
was previously the operations director and the financial director of Tsogo Sun Gaming.
Thabo has extensive knowledge and experience in financial management, strategy, project
management, internal and external assurance services, risk management and South
African taxation. In addition hereto he also serves on other boards and audit committees
in various sectors. Thabo holds a BComm (Hons) with the University of Western Cape,
and other diplomas and certificates in business and project management. Thabo is a
registered chartered accountant.
6. Outlook
Although the business experienced operational challenges from August to October 2012
while recovering from the mentioned strike, month-on-month improvements in volume have
been made through to December 2012 and will remain a key objective in 2013.
Growth of domestic steel supply is expected to correlate with gross domestic product
growth in the absence of major government infrastructure spending. The international steel
market suffers from oversupply which is unlikely to subside until the Chinese economy can
absorb more of its own output and Europe can stabilise its economic contraction. Most
2013 forecasts predict global steel growth between 2% and 5% largely driven by China
and non-residential US construction.
The global expectation is that vanadium prices will rise more forcefully in 2013 when the
supply and demand balance tightens, but are not expected to return to the historic highs
experienced before the recession.
The Company remains focused on the reduction of cost in all functional areas and to
this end lodged an appeal to NERSA during the January 2013 public hearings regarding
Eskom's MYPD3 application, objecting to the exorbitant increase of 21% proposed by
the utility company in respect of a 2013/2014 rate adjustment for industrial consumers.
The Regulator was requested to limit the increase to below the rate of inflation. At the time
of issuing this statement NERSA has announced that the average rate increase granted
to Eskom was 8%, however, no details pertaining to the specific tariff structure applicable
to industrial users have been made public.
B J T Shongwe M D Garcia
(Chairman) (Chief Executive Officer)
13 March 2013
Basis of preparation
The Group's financial results for the quarter and year ended 31 December 2012 set out below
have been prepared in accordance with the principal accounting policies of the Group, which
comply with International Financial Reporting Standards (IFRS) and in the manner required by
the Companies Act in South Africa and are consistent with those applied in the Group's most
recent annual financial statements, including the Standards and Interpretations as listed below.
These results are presented in terms of International Accounting Standards (IAS) 34 applicable
to Interim Financial Reporting.
Significant accounting policies
(i) The Group has adopted the following new and revised Standards and Interpretations issued
by the International Accounting Standards Board (the IASB) and the International Financial
Reporting Interpretation Committee (IFRIC) of the IASB, that are relevant to its operations
and effective for accounting periods beginning on 1 January 2012. These Standards had
no impact on the results or disclosures of the Group.
- IFRS 1, Amended Severe hyperinflation and removal of fixed dates for first-time
adopters (effective from 1 July 2011);
- IFRS 7, Amended Transfers of financial assets (effective from 1 July 2011); and
- IAS 12, Amended Deferred taxes: Recovery of underlying assets (effective from
1 January 2012).
(ii) The following Standards, amendment to the Standards and Interpretations, effective in
future accounting periods have not been adopted in these financial statements:
- IAS 1, Amended Presentation of items of other comprehensive income (effective from
1 July 2012);
- IAS 19, Revised Employee benefits (effective from 1 January 2013);
- IAS 27, Separate financial statements (consequential revision due to the issue of
IFRS 10) (effective from 1 January 2013);
- IAS 28, Investments in associates and joint ventures (consequential revision due to the
issue of IFRS 10 and 11) (effective from 1 January 2013);
- IAS 32, Amended Offsetting financial assets and financial liabilities (effective from
1 January 2014);
- IFRS 7, Amended Disclosures: Offsetting financial assets and financial liabilities
(effective from 1 January 2013);
- IFRS 9, Financial instruments Classification and measurement (effective from 1
January 2015);
- IFRS 9 and IFRS 7, Amended Mandatory effective date and transition disclosures
(IFRS 9 effective from 1 January 2015, IFRS 7 depends on when IFRS 9 is adopted);
- IFRS 10, Consolidated financial statements (effective from 1 January 2013);
- IFRS 11, Joint arrangements (effective from 1 January 2013);
- IFRS 12, Disclosure of interest in other entities (effective from 1 January 2013);
- IFRS 13, Fair value measurement (effective from 1 January 2013);
- IFRIC 20, Stripping costs in the production phase of a surface mine (effective from
1 January 2013); and
- Improvements to IFRS Issued May 2012 (effective from 1 January 2013).
This preliminary report was prepared under supervision of the Chief Financial Officer, Mr Jan
Valenta (Chartered Accountant).
The financial information has been reviewed by Ernst & Young Inc. whose unmodified review
report is available for inspection at the Company's registered office.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Reviewed as at Audited as at
31 Dec 2012 31 Dec 2011
Notes Rm Rm
ASSETS
Non-current assets 1 801 1 927
Property, plant and equipment 1 722 1 760
Deferred tax asset 5 79 167
Current assets 1 866 2 531
Inventories 858 831
Trade and other receivables and pre-payments 480 516
Taxation 1
Cash and short-term deposits 527 1 184
TOTAL ASSETS 3 667 4 458
EQUITY AND LIABILITIES
Total equity 1 738 2 620
Non-current liabilities 760 624
Interest-bearing loans and borrowings 6 16
Provisions 744 624
Current liabilities 1 169 1 214
Trade and other payables 924 1 016
Interest-bearing loans and borrowings 102
Income tax payable 45
Provisions 143 153
TOTAL EQUITY AND LIABILITIES 3 667 4 458
Net cash 409 1 184
Net asset value cents per share 1 753 2 642
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited
for the for the Reviewed Audited
three months three months for the for the
ended ended year ended year ended
31 Dec 2012 31 Dec 2011 31 Dec 2012 31 Dec 2011
Notes Rm Rm Rm Rm
Revenue 1 029 1 359 4 354 5 613
Sale of goods 1 026 1 353 4 346 5 587
Cost of sales (1 176) (1 309) (4 746) (5 092)
Gross (loss)/profit (150) 44 (400) 495
Other operating
income 7 20 95 138 95
Selling and
distribution costs (30) (64) (248) (301)
Administrative
expenses (68) (75) (289) (306)
Other operating
expenses (55) 91 (55) (32)
Operating (loss)/profit (283) 91 (854) (49)
Finance costs (20) (22) (52) (50)
Finance income 3 6 8 26
(Loss)/Profit before tax (300) 75 (898) (73)
Income tax credit/
(expense) 8 78 1 (45) 118
(Loss)/Profit for the
period/year (222) 76 (943) 45
Cents Cents Cents Cents
(Loss)/Profit per share
basic and diluted (224.0) 76.7 (951.1) 45.4
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited
for the for the Reviewed Audited
three months three months for the for the
ended ended year ended year ended
31 Dec 2012 31 Dec 2011 31 Dec 2012 31 Dec 2011
Rm Rm Rm Rm
(Loss)/Profit for
the period/year (222) 76 (943) 45
Other comprehensive
income/(loss):
Exchange differences
on translation of foreign
operations 13 (22) 49 55
Total comprehensive (loss)/
income for the period/year (209) 54 (894) 100
HEADLINE EARNINGS PER SHARE
Unaudited Unaudited
for the for the Reviewed Audited
three months three months for the for the
ended ended year ended year ended
31 Dec 2012 31 Dec 2011 31 Dec 2012 31 Dec 2011
Rm Rm Rm Rm
Reconciliation of headline
(loss)/profit
(Loss)/Profit for the
period/year (222) 76 (943) 45
(Deduct)/Add after tax
effect of:
Insurance claim proceeds on
items of property, plant and
equipment (63) (63)
Proceeds on successful
litigation against the Channel
Induction Furnace supplier (79)
(Profit)/Loss on disposal and
scrapping of property, plant
and equipment (*) (*) 3
Headline (loss)/profit (222) 13 (1 022) (15)
*Less than R1 million.
Cents Cents Cents Cents
(Loss)/Profit per share
headline and diluted (224.0) 13.1 (1 030.4) (15.1)
Million Million Million Million
Number of shares
Ordinary shares in issue as at
end date*+ 99.2 99.2 99.2 99.2
*Rounded to nearest hundred thousand.
+ Agree to weighted average and diluted number of ordinary shares.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Issued
capital
and share Other Retained
premium reserves earnings Total
Notes Rm Rm Rm Rm
2011
Balance at 1 January 2011 Audited 585 138 1 787 2 510
Profit for the period 21 21
Other comprehensive income for the quarter 20 20
Balance at 31 March 2011 Unaudited 585 158 1 808 2 551
Profit for the period 65 65
Other comprehensive income for the quarter 7 7
Balance at 30 June 2011 Reviewed 585 165 1 873 2 623
Loss for the period (117) (117)
Other comprehensive income for the
quarter 50 50
Balance at 30 September 2011
Unaudited 585 215 1 756 2 556
Profit for the period 76 76
Other comprehensive loss for the quarter (22) (22)
Share-based payment reserve 9 10 10
Balance at 31 December 2011 Audited 585 203 1 832 2 620
2012
Balance at 1 January 2012 Audited 585 203 1 832 2 620
Loss for the period (94) (94)
Other comprehensive loss for the quarter (13) (13)
Balance at 31 March 2012 Unaudited 585 190 1 738 2 513
Loss for the period (282) (282)
Other comprehensive income for the quarter 11 11
Share-based payment reserve 9 8 8
Balance at 30 June 2012 Reviewed 585 209 1 456 2 250
Loss for the period (345) (345)
Other comprehensive income for the quarter 13 13
Share-based payment reserve 9 2 2
Balance at 30 September 2012
Unaudited 585 224 1 111 1 920
Loss for the period (222) (222)
Other comprehensive income for the quarter 38 38
Share-based payment reserve 9 2 2
Balance at 31 December 2012 Reviewed 585 264 889 1 738
Unaudited Unaudited
for the for the Reviewed Audited
three months three months for the for the
ended ended year ended year ended
31 Dec 2012 31 Dec 2011 31 Dec 2012 31 Dec 2011
Cents Cents Cents Cents
Dividends per share
Dividends declared and paid
CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited
for the for the Reviewed Audited
three months three months for the for the
ended ended year ended year ended
31 Dec 2012 31 Dec 2011 31 Dec 2012 31 Dec 2011
Rm Rm Rm Rm
Cash flows from
operating activities
Cash (used in)/
generated by
operations before
tax paid (29) 502 (608) 1 070
Income tax paid (2) (1) (2) (6)
Net cash (used
in)/generated by
operating activities (31) 501 (610) 1 064
Cash flows from
investing activities
Proceeds
from sale and
scrapping of
property, plant
and equipment 3 88 4 90
Net additions to
property, plant
and equipment (61) (152) (203) (485)
Net cash used in
investing activities (58) (64) (199) (395)
Cash flows from
financing activities
Increase in long-
term interest-
bearing loans and
borrowings 15
(Decrease)/
Increase in short-
term interest-
bearing loans and
borrowings (107) 102
Net cash (used
in)/from financing
activities (107) 117
Net (decrease)/
increase in cash and
cash equivalents (196) 437 (692) 669
Cash and cash
equivalents at the
beginning of the
period/year 694 752 1 184 492
Effects of
exchange rate
changes on cash
held in foreign
currencies 29 (5) 35 23
Cash and cash
equivalents at the
end of the period/
year 527 1 184 527 1 184
NOTES TO THE PRELIMINARY CONSOLIDATED
FINANCIAL STATEMENTS
1. Companies Act and JSE Limited Listings Requirements
Compliance with the Companies Act, No 71 of 2008, as well as the Listings Requirements of
the JSE Limited has been maintained throughout the reporting periods.
2. Related party transactions
Sales to East Metals A.G. (a fellow subsidiary) amounted to R454 million (December 2011
YTD: R652 million) for the year ended 31 December 2012. This constitutes 10% of total
revenue for the period, compared to 12% for the period ended 31 December 2011. Technical
services (slag tolling agreement) and other services with EVRAZ Vametco Alloys Proprietary
Limited (a fellow subsidiary) amounted to R71 million for the year ended 31 December 2012
(December 2011 YTD: R110 million).
3. Segment information
The Group is organised into business units based on their products and has two reportable
segments as follows:
Steelworks
The major products of the steel segment are magnetite iron ore, structural steel, plate and
coil.
Vanadium
The major products of the vanadium segment are vanadium slag and ferrovanadium.
Vanadium slag is a by-product from the steelmaking process, and this slag is transferred
from the Steelworks to the Vanadium Plant, which then forms the input into the business of
the vanadium business.
No operating segments have been aggregated to form the above reportable operating
segments. Management monitors the operating results of its business units separately for
the purposes of making decisions about resource allocation and performance assessment.
Segment performance is evaluated based on operating profit.
The following tables present the revenue, operating profit and total assets information
regarding the Group's operating segments:
Unaudited Unaudited
for the for the Reviewed Audited
three months three months for the for the
ended ended year ended year ended
31 Dec 2012 31 Dec 2011 31 Dec 2012 31 Dec 2011
Rm Rm Rm Rm
Revenue
Steelworks 825 994 3 181 3 990
Vanadium 210 374 1 199 1 656
Elimination of intersegmental
revenue (6) (9) (26) (33)
Total 1 029 1 359 4 354 5 613
Operating (loss)/profit
Steelworks (320) (42) (1 153) (542)
Vanadium 37 133 299 493
Total (283) 91 (854) (49)
Reviewed Audited
as at as at
31 Dec 2012 31 Dec 2011
Rm Rm
Total assets
Steelworks 2 935 3 664
Vanadium 732 794
Total 3 667 4 458
4. Supplementary revenue information Unaudited
For the For the
three three For the For the
months months year year
ended ended ended ended
31 Dec 31 Dec 31 Dec 31 Dec
2012 2011 2012 2011
Sales volumes of major
products
Total steel Tons 111 587 132 481 453 836 603 094
Ferrovanadium Tons V 869 1 491 4 766 6 031
Modified Vanadium Oxide Tons V 94 244 398
Nitrovan Tons V 192 310 669 1 105
Vanadium slag Tons V2O5 181 127 323 664
Fines ore Tons 136 981 167 601 687 380 662 395
Vanadium slag sales reduced from 664 tons V2O5 for the 12 months ended 31 December
2011 to 323 tons V2O5 for the year ended 31 December 2012 due to lack of orders received
and unavailability of slag.
Weighted average selling prices
achieved for major products
Total steel US$/t 727 822 764 825
Ferrovanadium US$/kg V 23 25 23 27
Modified Vanadium Oxide US$/kg V 17 18 21
Nitrovan US$/kg V 24 25 23 27
Vanadium slag US$/kg V2O5 4 5 4 5
Fines ore US$/t 22 23 20 33
Average R/$ exchange rate 8.69 8.10 8.21 7.26
5. Impairment of deferred tax assets
In light of the Company's current financial performance and the uncertainty of future taxable
profits to account against the Company's deferred tax asset, management concluded,
following due assessment, that it was prudent to impair the Company's deferred taxation
asset to the extent that it exceeded the deferred taxation liability. Whilst the taxable income
forecast for the Company is based on its most favourable outlook scenario, the current
assessed tax loss implies that it will take many years before the Company is in a position to
utilise the tax assets as at 31 December 2012. Following this impairment, a zero balance for
deferred taxation is disclosed for the Company. The deferred taxation asset for the Group
comprises the deferred taxation asset attributable to Mapochs Mine Proprietary Limited.
A management assessment of this asset concluded that no impairment is necessary.
The amount derecognised during the year amounted to R100 million.
6. Interest-bearing loans and borrowings
The long-term borrowings of R16 million (2011: Rnil million) consist of the loan due by
Umnotho Iron and Vanadium Proprietary Limited payable to Umnotho weSizwe Group
Proprietary Limited. This loan has no fixed repayment terms and interest is charged at prime
rate.
7. Other operating income and expenses
The R138 million other operating income for the year ended 31 December 2012 relates
mainly to a R109 million settlement received, relating to the claim against the Channel
Induction Furnace supplier, and reversal of a R18 million litigation provision relating to a
claim instituted by a supplier company. Arbitration was completed in 2012 and dismissed
with costs. For 2011, the amount relates mainly to a R87 million insurance proceeds received
for the Furnace 7 damage.
8. Income tax
Unaudited Unaudited
for the for the Reviewed Audited
three months three months for the for the
ended ended year ended year ended
31 Dec 2012 31 Dec 2011 31 Dec 2012 31 Dec 2011
Rm Rm Rm Rm
South African
Normal
Prior year (44)
Deferred
Current (81) (7) 86 (112)
Prior year (1) (1)
Non-South African
Normal
Current 3 3 3 3
Prior year 4 (8)
Income tax (credit)/expense (78) (1) 45 (118)
The period income tax expense is accrued using the estimated average annual effective
income tax rate applied to the pre-tax income of the interim report.
9. Share-based payment reserve
Certain key management personnel participate in a Long Term Incentive Plan (LTIP) over
shares in EVRAZ plc. The shares are traded on the London Stock Exchange. The vesting
of the shares occur on the 90th day following the announcement of EVRAZ plc's financial
results. The cost of the LTIP award will be settled in equity by EVRAZ plc. The amount
recognised according to IFRS 2 in 2012 is R12 million (2011: R10 million).
10. Guarantees
As required by the Mineral and Petroleum Resources Development Act, a guarantee
amounting to R264 million (2011: R264 million) was issued on 1 February 2007 in favour of
the Department of Mineral Resources (DMR) for the unscheduled closure of Mapochs Mine.
This guarantee is issued by the Company on behalf of Mapochs Mine.
As required by certain suppliers of the Group, guarantees were issued in favour of these
suppliers to the value of R9 million (2011: R9 million) in the event the Group will not be able
to meet its obligations to the supplier.
11. Contingent liabilities
In terms of the Group's employment policies, certain employees could become eligible for
post-retirement medical aid benefits at any time in the future prior to their retirement subject
to certain conditions. The potential liability for the Group should they become medical
scheme members in the future is R32 million before tax and R23 million after tax (2011:
R31 million before tax and R22 million after tax).
On 5 June 2008, the Commission initiated a complaint against the Company for an alleged
contravention of section 4(1)(b)(i) of the Competition Act, No. 89 of 1998 ("the Competition
Act"). The allegations against the Company are that it fixed prices and trading conditions
for flat and long steel products. In a letter from the Commission dated 18 September 2009,
the Commission confirmed that it would not be pursuing a case of collusion in the long steel
market against the Company. On 30 March 2012 the Commission referred the complaints
relating to the flat steel market to the Competition Tribunal for prosecution. The allegations
against the Company contained in the Commission's complaint referral are that the Company
fixed prices and trading conditions for flat steel products, and divided markets in respect
of flat steel products, which are contraventions of sections 4(1)(b)(i) and 4(1)(b)(ii) of the
Competition Act respectively. It is further alleged in the Commission's Complaint Referral
that the Company has contravened sections 4(1)(b)(i) and 4(1)(b)(ii), alternatively section
4(1)(a), of the Competition Act by engaging in the exchange of information with a competitor
through information exchanges and meetings of the South African Iron and Steel Institute or
its committees. Should the Competition Commission be successful, which is not expected, it
could raise a maximum penalty of R554 million against the Company.
A supplier company has claimed against the Company in respect of structural damage
to assets sold in the past. The claim was in the amount of R42 million. Arbitration was
completed in 2012 and the claim has been dismissed with costs.
12. Subsequent events
There are no events to be reported on since 31 December 2012.
Directors: B J T Shongwe (Chairman),
M D Garcia (Chief Executive Officer) (American),
G C Baizini (Italian), M Bhabha, Mrs B Ngonyama,
T Mosololi, V M Nkosi, D Scuka (Czech), P M Surgey,
P S Tatyanin (Russian), J Valenta (Czech) and
T I Yanbukhtin (Russian)
Acting Company Secretary: Ms A Weststrate
Registered office: Transfer secretaries:
Portion 93 of the farm Computershare Investor Services
Schoongezicht No. 308 JS Proprietary Limited
District eMalahleni 70 Marshall Street
Mpumalanga Johannesburg
PO Box 111 PO Box 61051
Witbank 1035 Marshalltown 2107
Tel: (013) 690 9911 Tel: (011) 370 5000
Fax: (013) 690 9293 Fax: (011) 688 5200
Date: 13/03/2013 04:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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