MECHEL PAO

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Mechel : Сonsolidated financial statements for 9 months 2020

11/19/2020 | 05:21am

PAO MECHEL

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT (LOSS)

AND OTHER COMPREHENSIVE INCOME for the nine months ended September 30, 2020

(All amounts are in millions of Russian rubles)

Nine months ended

Nine months ended

September 30,

September 30,

2020

2019

(unaudited)

(unaudited)

Continuing operations

Revenue from contracts with customers

196,197

220,113

Cost of sales

(124,805)

(138,330)

Gross profit

71,392

81,783

Selling and distribution expenses

(37,058)

(36,121)

Impairment of goodwill and other non-current assets, net

(3,828)

-

Allowance for expected credit losses on financial assets

(517)

(384)

Taxes other than income taxes

(3,733)

(2,741)

Administrative and other operating expenses

(15,009)

(12,299)

Other operating income

776

549

Total selling, distribution and operating income and (expenses), net

(59,369)

(50,996)

Operating profit

12,023

30,787

Finance income

769

525

Finance costs including fines and penalties on overdue loans and

borrowings and lease payments

(19,644)

(25,993)

Foreign exchange (loss) gain, net

(42,649)

15,234

Share of profit of associates, net

11

32

Other income

281

94

Other expenses

(197)

(397)

Total other income and (expense), net

(61,429)

(10,505)

(Loss) profit before tax from continuing operations

(49,406)

20,282

Income tax expense

(7,862)

(2,138)

(Loss) profit for the period from continuing operations

(57,268)

18,144

Discontinued operations

Profit (loss) after tax for the period from discontinued operations

41,609

(4,717)

(Loss) profit for the period

(15,659)

13,427

Attributable to:

Equity shareholders of Mechel PAO

(15,763)

12,174

Non-controlling interests

104

1,253

Other comprehensive income

Other comprehensive income (loss) that may be reclassified to profit

or loss in subsequent periods, net of income tax

2,615

(1,351)

Exchange differences on translation of foreign operations

2,615

(1,351)

Other comprehensive loss not to be reclassified to profit or loss in

subsequent periods, net of income tax

(9)

(327)

Re-measurement of defined benefit plans

(9)

(327)

Other comprehensive income (loss) for the period, net of tax

2,606

(1,678)

Total comprehensive (loss) income for the period, net of tax

(13,053)

11,749

Attributable to:

Equity shareholders of Mechel PAO

(13,158)

10,502

Non-controlling interests

105

1,247

INTERIM CONDENSED CONSOLIDATED

STATEMENT OF FINANCIAL POSITION as of September 30, 2020

(All amounts are in millions of Russian rubles)

September 30, 2020

December 31, 2019

(unaudited)

Assets

Non-current assets

Property, plant and equipment

81,541

179,264

Right-of-use assets

12,917

17,728

Mineral licenses

18,591

31,075

Goodwill and other intangible assets

10,435

13,652

Investments in associates

332

321

Deferred tax assets

359

3,648

Other non-current assets

557

553

Non-current financial assets

257

232

Total non-current assets

124,989

246,473

Current assets

Inventories

43,047

39,773

Income tax receivables

46

65

Trade and other receivables

16,767

15,340

Other current assets

8,168

6,982

Other current financial assets

430

363

Cash and cash equivalents

3,728

3,509

Total current assets

72,186

66,032

Total assets

197,175

312,505

Equity and liabilities

Equity

Common shares

4,163

4,163

Preferred shares

840

840

Treasury shares

(907)

(63)

Additional paid-in capital

23,410

24,434

Accumulated other comprehensive income (loss)

1,740

(848)

Accumulated deficit

(289,561)

(273,754)

Equity attributable to equity shareholders of Mechel PAO

(260,315)

(245,228)

Non-controlling interests

13,078

11,631

Total equity

(247,237)

(233,597)

Non-current liabilities

Loans and borrowings

2,646

7,205

Lease liabilities

4,057

7,002

Other non-current financial liabilities

1,931

48,303

Other non-current liabilities

267

105

Pension obligations

5,264

4,933

Provisions

4,247

5,238

Deferred tax liabilities

10,478

13,877

Total non-current liabilities

28,890

86,663

Current liabilities

Loans and borrowings, including interest payable, fines and penalties

on overdue amounts of RUB 13,355 million and RUB 11,111 million

as of September 30, 2020 and December 31, 2019, respectively

326,177

381,317

Trade and other payables

44,269

38,244

Lease liabilities

8,075

10,353

Income tax payable

10,072

9,161

Taxes and similar charges payable other than income tax

13,155

9,228

Advances received and other current liabilities

5,391

5,816

Other current financial liabilities

318

147

Pension obligations

621

615

Provisions

7,444

4,558

Total current liabilities

415,522

459,439

Total liabilities

444,412

546,102

Total equity and liabilities

197,175

312,505

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

for the nine months ended September 30, 2020

(All amounts are in millions of Russian rubles)

Nine months

Nine months

ended September

ended September

30,

30,

2020

2019

(unaudited)

(unaudited)

Cash flows from operating activities

(Loss) profit for the period from continuing operations

Profit (loss) after tax for the period from discontinued operations

(Loss) profit for the period

Adjustments to reconcile profit to net cash provided by operating activities

Depreciation and amortisation Foreign exchange loss (gain), net Deferred income tax expense (benefit)

Changes in allowance for expected credit losses and write-off of trade and other receivables and payables, net

Write-off of inventories to net realisable value

Impairment of goodwill and other non-current assets, net and loss on write-off of non-current assets

Finance income

Finance costs including fines and penalties on overdue loans and borrowings and lease payments

Provisions for legal claims, taxes and other provisions Gain on sale of the discontinued operations

Other

(57,268)

18,144

41,609

(4,717)

(15,659)

13,427

10,813

11,268

44,026

(15,889)

6,348

(2,146)

444

264

814

1,663

4,073

615

(769)

(534)

21,352

29,439

3,050

2,922

(45,580)

-

154

16

Changes in working capital items

Trade and other receivables

(828)

(2,490)

Inventories

(3,988)

(1,706)

Trade and other payables

1,220

3,393

Advances received

(646)

(822)

Taxes payable and other liabilities

5,964

4,025

Other assets

(943)

1,200

Income tax paid

(855)

(2,068)

Net cash provided by operating activities

28,990

42,577

Cash flows from investing activities

Interest received

21

67

Royalty and other proceeds associated with disposal of subsidiaries

-

17

Proceeds from loans issued and other investments

39

313

Proceeds from disposal of the discontinued operations, net of cash

disposed

88,979

-

Proceeds from disposals of property, plant and equipment

40

211

Purchases of property, plant and equipment

(3,694)

(4,499)

Interest paid, capitalised

(49)

(194)

Net cash provided by (used in) investing activities

85,336

(4,085)

Cash flows from financing activities

Proceeds from loans and borrowings, including proceeds from factoring arrangement of RUB 33 million and RUB 478 million for the nine months ended September 30, 2020 and 2019, respectively Repayment of loans and borrowings, including payments from factoring arrangement of RUB 168 million and RUB 2,066 million for the nine months ended September 30, 2020, and 2019, respectively Repurchase of common shares

Proceeds from sale of non-controlling interest in subsidiaries Dividends paid to shareholders of Mechel PAO Dividends paid to non-controlling interests

Interest paid, including fines and penalties Repayment of lease liabilities

Effect of sale and leaseback transactions Deferred payments for acquisition of assets

Deferred consideration paid for the acquisition of subsidiaries in prior periods

Net cash used in financing activities

Foreign exchange loss (gain) on cash and cash equivalents, net Changes in allowance for expected credit losses on cash and cash equivalents

Net (decrease) increase in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents, net of overdrafts at beginning of period

Cash and cash equivalents at end of period

Cash and cash equivalents, net of overdrafts at end of period

19,115

7,008

(113,125)

(16,511)

(844)

-

104

-

-

(1,515)

(3)

(7)

(18,592)

(23,724)

(1,813)

(1,615)

510

243

(477)

(213)

-

(361)

(115,125)

(36,695)

354

(592)

(25)

4

(470)

1,209

3,509

1,803

2,867

380

3,728

2,947

2,397

1,589

There were certain reclassifications to conform with the current period presentation. These interim condensed consolidated financial statements were prepared by Mechel PAO in accordance with IFRS and have not been audited by the independent auditor. If these interim condensed consolidated financial statements are audited in the future, the audit could reveal differences in our consolidated financial results and we cannot assure that any such differences would not be material.

Disclaimer

Mechel PAO published this content on 19 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2020 10:20:00 UTC

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