Wrap Text
Group unaudited results for the Quarter Ended 31 March 2014
Evraz Highveld Steel and Vanadium Limited
(Incorporated in the Republic of South Africa)
(Registration No: 1960/001900/06)
Share code: EHS ISIN: ZAE000146171
("the Company" or "the Group")
GROUP UNAUDITED RESULTS FOR THE QUARTER ENDED 31 MARCH 2014
Chairman and CEO's Review
• Net loss R105 million (March YTD 2013: profit R30 million)
• EBITDA profit R15 million (March YTD 2013: profit R124 million)
1. Safety
EVRAZ Highveld Lost Time Injuries (LTI) decreased by 55% from 11 in Q4 2013 to 6 in Q1 2014,
whilst its progressive Lost Time Injury Frequency Rate (LTIFR) decreased to 2.46 in Q1 2014
from 4.79 at the end of Q4 2013.
EVRAZ Highveld's total number of injuries increased by 65% from 42 in Q4 2013 to 65 in Q1
2014.
2. Key Financials
The operating loss for Q1 2014 was R89 million, compared to a profit of R50 million for Q1 2013,
mainly attributed to a combination of lower saleable production and limitations on steel
dispatches. The EBITDA for the period was a loss of R15 million, compared to a R124 million
profit for the same period in 2013. Revenue from sale of goods increased to R1 552 million,
compared to R1 413 million for Q1 2013.
There is visible change in the market purchasing trends from imports to domestic
supply, combined with notable progress towards production improvement and labour stability.
The Company, though, remains alert to these market conditions and the abovementioned risks.
While the Company continues to utilise credit lines that are committed only to 31 December 2014 and
which are already fully drawn, management continues to take significant steps to mitigate this risk.
The financial statements are prepared on the basis of accounting policies applicable to a going
concern. The Board believes that the Company remains a going concern, taking cognisance of
the matters that may cast doubt about the ability of the Company to continue as a going concern
and its ability to realise its assets and discharge it's liabilities in the ordinary course of business.
3. Operations
Mining
Production of lump ore decreased by 22% from 375 514 to 293 270 tons for Q1 2014 when
compared to Q1 2013, and fines ore decreased by 15% from 164 220 to 139 469 tons for the
three month period. Output suffered as a result of major repairs performed on the primary/top
section of the crushing facility.
The pit mining trial that commenced in March 2013 was completed in Q1 2014 and commercial
pit mining is due to commence in Q2 of 2014.
Construction of thirteen two bed-roomed houses in Roossenekal was completed in Q1 2014.
Preparations have commenced to build additional two bed-roomed houses for Mapochs Mine
employees during 2014/15. Providing comfortable living conditions for employees is a core
competent of Mapochs Mine social and labour plan.
Steel
Iron output decreased by 13% to 152 246 tons for the quarter compared to Q1 2013, due to
Furnace 2 which was operational in Q1 2013 and only brought into operation in March 2014 for
Q1 2014. Steel output decreased by 15% from 175 397 tons in Q1 2013 to 149 623 tons in Q1
2014, as a result of decreased iron availability and lower scrap ratios.
Production of long products increased by 1% to 50 230 tons during Q1 2014, compared to 49 672
for Q1 2013. Production of flat products increased by 22% from 74 102 to 90 352 tons for the
period. These changes are mainly as a result of improved availability of equipment and
successful reduction of semi-finished cast steel stock.
Inventories of cast steel ahead of the rolling mills were worked down in the first quarter with the
intention of increasing finished product revenue.
Kiln operational stability was compromised in the first quarter due to unusually wet weather
conditions, resulting in higher kilowatt/hour per ton electricity consumption in the plant.
Vanadium
A total 10 959 tons of vanadium slag was produced containing 1 436 tons V for the quarter,
compared to 12 057 tons slag containing 1 627 tons V for Q1 2013.
4. Markets
Global and local markets
The global economy remained weak during Q1 2014 and has not reached the required levels of
growth needed to support a strong recovery in steel demand. It is predicted that global steel
demand is likely to increase by 3.1% to 1 475 Mt in 2014.
South African GDP forecasts for 2014 have been revised to 2.0%. The trend of the weak Rand in
Q1 2014 has continued to provide increased demand for steel from local producers, driven by
customers diverting procurement from imported goods to local supply.
Evraz Highveld Sales
Steel sales volumes increased by 2% from 135 512 tons in Q1 2013 to 138 207 tons in Q1 2014.
Domestic steel sales decreased by 17% from 134 231 to 110 765 tons for the period, while
export steel sales volumes increased to 27 442 tons for the quarter against 1 281 tons for Q1
2013.
Ferrovanadium sales for Q1 2014 increased by 26% to 1 370 tons V compared to 1 084 tons V
for Q1 2013. Domestic vanadium slag sales were 90 tons V for the period compared to 104 tons
V for the 2013 year.
5. Sale of the Majority Shareholding in the Company
The Company remains under cautionary with the pending sale of the majority shareholding.
EVRAZ plc continued to engage with potential bidders with a view to disposing of its 85.11%
stake in the Company.
The negotiations with potential bidders remains incomplete, confidential and non-binding, with no
definitive certainty that a transaction will take place.
6. Outlook
Global steel markets remain in a state of oversupply and a market recovery in global steel
demand is not expected during the remainder of 2014. Sustainability of high-cost steel producers
continues to be challenged by excess global steelmaking capacity, volatility in raw material prices
and slow global steel demand.
The sub-Saharan African region remains a key growing market for the steel industry, driven
mainly by opportunities from the widely published infrastructure related projects in countries such
as Nigeria, Kenya, Tanzania and Zambia, as well as mining related investments in Mozambique.
However competitive activity from global producers in these regions is keeping pricing in these
markets under pressure and in line with global trends.
The maintained slow pace of large infrastructure project implementation in South Africa, a volatile
labour market, notable energy tariff increases and electricity supply concerns coupled with the
declining levels of production and investment in the mining sector will all continue to pose
challenges to the domestic steel industry.
BJT Shongwe J Valenta
(Chairman) (Chief Executive Officer)
26 May 2014
Directors: B J T Shongwe (Chairman), J Valenta (Chief Executive Officer) (Czech), G C Baizini (Italian), M
Bhabha, Mrs B Ngonyama, T Mosololi, V M Nkosi, D Šcuka (Czech), P S Tatyanin (Russian), Ms O Luzik (Russian) and
T I Yanbukhtin (Russian)
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
GROUP UNAUDITED FINANCIAL RESULTS
Basis of preparation
The Group's (Group includes all consolidated entities) financial results for the three month period ended 31 March 2014 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.
The unaudited financial statements were prepared under the going concern basis.
The Group incurred a net loss for Q1 2014 of R105 million, (Q1 2013: profit R30 million).
There is visible change in the market purchasing trends from imports to domestic supply, combined with notable progress towards production improvement
and labour stability. The Company, though, remains alert to these market conditions and the abovementioned risks. While the Company continues to utilise
credit lines that are committed only to 31 December 2014 and which are already full drawn, management continues to take significant steps to mitigate this risk.
The financial statements are prepared on the basis of accounting policies applicable to a going concern. The Board believes that the Company remains a
going concern, taking cognisance of the matters that may cast doubt about the ability of the Company to continue as a going concern and its ability to realise
its assets and discharge it's liabilities in the ordinary course of business.
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 2014. These Standards had no impact on the results or disclosures of the Group.
• IAS 32, Amended - Offsetting financial assets and financial liabilities (effective from 1 January 2014);
• IFRS 10, IFRS 12 and IAS 27, Amended - Investment entities (effective from 1 January 2014);
• IFRIC 21, Levies (effective from 1 January 2014);
• IAS 36, Amended - Recoverable amount disclosures for non-financial assets (effective from 1 January 2014);
• IAS 39, Amended - Novation of derivatives and continuation of hedge accounting (effective from 1 January 2014).
ii) The following Standards, amendments to the Standards and Interpretations, effective in future accounting periods have not been adopted in these
financial statements:
• IFRS 9, Financial instruments - classification and measurement (1 January 2015 effective date has been deferred until the issue date of the completed
version of IFRS 9 is known);
• IFRS 9 and IFRS 7, Amended - Mandatory effective date and transition disclosures (IFRS 9 effective date deferred, IFRS 7 depends on when IFRS 9 is
adopted);
• IFRS 14, Regulatory deferral accounts (effective from 1 January 2016);
• IAS 19, Amended - Defined benefit plans: employee contributions (effective from 1 July 2014);
• Improvements to IFRS – issued December 2013 (effective from 1 July 2014).
This abridged report was prepared under supervision of the Chief Financial Officer, Ms Olga Luzik.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited as at Reviewed as at
31 Mar 2014 31 Dec 2013
Notes Rm Rm
ASSETS
Non-current assets 1 675 1 723
Property, plant and equipment 1 572 1 621
Restricted cash 14 41 40
Deferred tax asset 5 62 62
Current assets 1 773 1 865
Inventories 946 1 059
Trade and other receivables and prepayments 6 684 522
Income tax receivable - 2
Cash and short-term deposits 143 282
TOTAL ASSETS 3 448 3 588
EQUITY AND LIABILITIES
Total equity 1 368 1 461
Non-current liabilities 766 757
Interest-bearing loans and borrowings 7 11 11
Provisions 755 746
Current liabilities 1 314 1 370
Trade and other payables 870 935
Interest-bearing loans and borrowings 7 309 304
Income tax payable 1 -
Provisions 134 131
TOTAL EQUITY AND LIABILITIES 3 448 3 588
Net (borrowings)/cash (136) 7
Net asset value - cents per share 1 380 1 474
CONDENSED CONSOLIDATED INCOME STATEMENT
Unaudited for Unaudited for the
the three three months Reviewed for the
months ended ended year ended
31 Mar 2014 31 Mar 2013 31 Dec 2013
Note Rm Rm Rm
Revenue 1 554 1 414 5 192
Sale of goods 1 552 1 413 5 190
Cost of sales (1 478) (1 244) (4 990)
Gross profit 8 74 169 200
Other operating income 9 13 11 77
Selling and distribution costs (79) (64) (273)
Administrative expenses (75) (61) (242)
Other operating expenses 9 (22) (5) (55)
Operating (loss)/profit (89) 50 (293)
Finance costs (14) (19) (69)
Finance income 2 1 2
(Loss)/profit before tax (101) 32 (360)
Income tax expense 10 (4) (2) (19)
(Loss)/profit for the period/year (105) 30 (379)
Cents Cents Cents
(Loss)/profit per share - basic and diluted (105.9) 30.3 (382.2)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited for Unaudited for the
the three three months Reviewed for the
months ended ended year ended
31 Mar 2014 31 Mar 2013 31 Dec 2013
Rm Rm Rm
(Loss)/profit for the period/year (105) 30 (379)
Other comprehensive income:
Other comprehensive income to be reclassified to profit or loss in
subsequent periods:
Exchange differences on translation of foreign operations 8 47 104
Other compehensive income not to be reclassified to profit or loss
in subsequent periods:
Actuarial gain on defined benefit plan, net of tax - - 12
Total comprehensive (loss)/income for the period/year (97) 77 (263)
Cents Cents Cents
Comprehensive (loss)/income per share - basic and diluted (97.8) 77.7 (265.3)
HEADLINE EARNINGS PER SHARE
Unaudited for Unaudited for the
the three three months Reviewed for the
months ended ended year ended
31 Mar 2014 31 Mar 2013 31 Dec 2013
Rm Rm Rm
Reconciliation of headline (loss)/profit
(Loss)/profit for the period/year (105) 30 (379)
(Deduct)/add after tax effect of:
Loss/(profit) on disposal and scrapping of property, plant and
equipment * * 5
Headline (loss)/profit (105) 30 (374)
*Less than R1 million.
Cents Cents Cents
(Loss)/profit per share - headline and diluted (105.9) 30.3 (377.2)
Million Million Million
Number of shares
Ordinary shares in issue as at reporting date *† 99.2 99.2 99.2
* Rounded to nearest hundred thousand.
† Agree to weighted average and diluted number of ordinary
shares.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Issued capital and
share premium Other reserves Retained earnings Total
Note Rm Rm Rm Rm
2013
Balance at 1 January 2013 - Reviewed# 585 264 860 1 709
Profit for the period 30 30
Other comprehensive income for the quarter 47 47
Share-based payment reserve 11 3 3
Balance at 31 March 2013 - Unaudited 585 314 890 1 789
Loss for the period (40) (40)
Other comprehensive income for the quarter 41 41
Share-based payment reserve 11 3 3
Balance at 30 June 2013 - Unaudited 585 358 850 1 793
Loss for the period (212) (212)
Other comprehensive income for the quarter 17 17
Share-based payment reserve 11 3 3
Balance at 30 September 2013 - Unaudited 585 378 638 1 601
Loss for the period (157) (157)
Other comprehensive loss for the quarter (1) (1)
Actuarial gain on defined benefit plan 12 12
Share-based payment reserve 11 6 6
Balance at 31 December 2013 - Reviewed 585 383 493 1 461
2014
Balance at 1 January 2014 - Reviewed 585 383 493 1 461
Loss for the period (105) (105)
Other comprehensive income for the quarter 8 8
Share-based payment reserve 11 4 4
Balance at 31 March 2014 - Unaudited 585 395 388 1 368
#Restated
Unaudited for the
three months Unaudited for the Reviewed for the
ended three months ended year ended
31 Mar 2014 31 Mar 2013 31 Dec 2013
Cents Cents Cents
Dividends per share
Dividends declared and paid - - -
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited for Unaudited for
the three the three months Reviewed for the
months ended ended year ended
31 Mar 2014 31 Mar 2013 31 Dec 2013
Rm Rm Rm
Cash flows from operating activities
(Loss)/profit before tax (101) 32 (360)
Non-cash items 117 85 419
Net movement in working capital (87) (337) (385)
Net interest received/(paid) 2 (13) (28)
Income tax paid (1) (1) (4)
Net cash used in operating activities (70) (234) (358)
Cash flows from investing activities
Proceeds from sale and scrapping of property, plant and
equipment 1 * 3
Additions to property, plant and equipment (71) (38) (140)
Net cash used in investing activities (70) (38) (137)
Cash flows from financing activities
(Decrease)/increase in long-term interest-bearing loans
and borrowings - - (6)
Increase/(decrease) in short-term interest-bearing loans
and borrowings - 300 204
Net cash generated by financing activities - 300 198
Net (decrease)/increase in cash and cash equivalents (140) 28 (297)
Cash and cash equivalents at the beginning of the
period/year 282 527 527
Cash transferred to restricted cash (*) - (40)
Effects of exchange rate changes on cash held in foreign
currencies 1 28 92
Cash and cash equivalents at the end of the period/year 143 583 282
*Less than R1 million.
NOTES TO THE CONDENSED 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 R112 million (March 2013 YTD: R60 million) for the 3 months ended 31 March 2014. This constitutes 7% of total
revenue for the period, compared to 4% for the period ended 31 March 2013. During 2013 a loan was received from East Metals A.G., a related party, amounting to R309 million
(December 2013: R304 million) which is repayable by 31 December 2014 and interest is charged at market rate. Technical services (slag tolling agreement) and other services
with EVRAZ Vametco Alloys Proprietary Limited (a fellow subsidiary) amounted to R18 million for the 3 months ended March 2014 (March 2013 YTD: R20 million).
3 Segment information
The Group is organized 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 for the
three months Unaudited for the three Reviewed for the year
ended months ended ended
31 Mar 2014 31 Mar 2013 31 Dec 2013
Rm Rm Rm
Revenue from customers
Steelworks 1 170 1 116 4 022
Vanadium 466 372 1 487
Elimination in intersegmental
revenue (84) (75) (319)
Total 1 552 1 413 5 190
Unaudited for the
three months Unaudited for the three Reviewed for the year
ended months ended ended
31 Mar 2014 31 Mar 2013 31 Dec 2013
Rm Rm Rm
Operating (loss)/profit
Steelworks (153) (37) (545)
Vanadium 64 87 252
Total (89) 50 (293)
Unaudited as at Reviewed as at
31 Mar 2014 31 Dec 2013
Rm Rm
Total assets
Steelworks 3 122 3 143
Vanadium 326 445
Total 3 448 3 588
4 Supplementary revenue information - Unaudited
For the three months For the three months For the year
ended ended ended
31 Mar 2014 31 Mar 2013 31 Dec 2013
Sales volumes of major products
Total steel Tons 138 207 135 512 486 706
Ferrovanadium Tons V 1 370 1 084 4 827
Modified vanadium oxide Tons V 20 - 143
Nitrovan Tons V 195 224 398
Vanadium slag Tons V 90 104 386
Ore fines Tons 135 272 183 970 650 418
Weighted average selling prices achieved for major products
Total steel US$/t 645 762 718
Ferrovanadium US$/kg V 25 29 27
Modified vanadium oxide US$/kg V 18 - 19
Nitrovan US$/kg V 24 30 28
Vanadium slag US$/kg V 8 10 9
Ore fines US$/t 20 44 30
Average R/$ exchange rate 10.86 8.95 9.65
5 Deferred tax asset
In light of the Company's own financial performance and the uncertainty of future taxable profits to account against its deferred tax asset,
management concluded, following due assessment, that it was prudent to impair its deferred tax asset as at 31 December 2013 (R195
million) 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 2013. Following the impairment, a zero balance for deferred taxation is disclosed for the Company. No
reversal of the 2012 impairment was considered necessary as at 31 December 2013. The deferred tax asset position remained the same at
31 March 2014 as at 31 December 2013.
6 Trade and other receivables and prepayments
The increase in comparison to 31 December 2013 can mainly be attributed to increased sales volumes, as historically, December months have low
sales due to the holiday periods.
7 Interest-bearing loans and borrowings
The long-term borrowings of R11 million (2013: R11 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. The short-term borrowings consists of a Dollar-denominated loan from East
Metals A.G. (a related party) which is payable by 31 December 2014, and carries interest at market rate.
8 Gross profit
The decline in gross profit is mainly attributable to higher production costs in Q1 2014, driven largely by an increase in maintenance spend. An increase in export sales volumes
in Q1 2014 compared to Q1 2013 also contributed to the lower gross profit, as export sales attract a lower margin compared to local sales.
9 Other operating income and expenses
The R13 million other operating income for the three months ended 31 March 2014 includes mainly sundry income of R4 million and reversal of bad debts provision of R2
million. The 2013 other operating income of R11 million includes sundry income and inventory adjustments. The R22 million other operating expense for the 2014 period
includes insurance of R6 million and inventory adjustments of R14 million. The 2013 other operating expenses of R5 million includes foreign exchange differences of
R4 million.
10 Income tax
Unaudited for the Unaudited for the year Reviewed for
three months ended ended the year ended
31 Mar 2014 31 Mar 2013 31 Dec 2013
Rm Rm Rm
South African
Deferred
Current - 18
Non-South African
Normal
Current 4 2 1
Income tax expense 4 2 19
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.
11 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 financial results. The cost of the LTIP award will be settled in equity by EVRAZ plc. The
amount recognized according to IFRS 2 in for the Q1 2014 is R4 million (2013 year: R15 million).
12 Guarantees
As required by the Mineral and Petroleum Resources Development Act, a guarantee amounting to R370 million (2013: R370 million) was issued on 1 September 2013 in favour
of the Department of Mineral Resources for the unscheduled closure of Mapochs Mine.
As required by certain suppliers of the Group, guarantees were issued in favour of these suppliers to the value of R8 million (2013: R8 million) in the event the Group will not be
able to meet its obligations to the supplier.
13 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, as at 31 December 2013, should they become medical scheme members in the future is R14 million before tax
and R10 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 SAISI or its committees. Should the Competition Commission be successful, it could impose a maximum penalty of R554 million
against the Company.
14 Restricted cash
The restricted cash disclosed as a non-current asset consist of R33 million paid to an insurance company as guarantee to the Department of Mineral Resources (DMR) for the
Mapochs environmental rehabilitation obligation. An amount of R8 million is deposited with a commercial bank as security for guarantees issued to two supplier companies.
Interest on both amounts are earned at money market rates.
15 Subsequent events
There are no events to be reported on since 31 March 2014.
Emalahleni
27 May
JP Morgan Equities South Africa Proprietary Limited
Sponsor
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