Metinvest — 2022 EBITDA down 73% to $1.9bn
Metinvest published its 2022 financial results, reporting a 54% y-o-y drop in sales, to $8.2bn, on a 61% slide in the metallurgical segment, to $5.7bn, and a 26% decline in mining segment sales, to $2.6bn. EBITDA shrank by 73% y-o-y to $1.9bn, with metallurgical EBITDA down 92% to $267m and mining EBITDA off 63% to $1.5bn. An underlying breakdown shows that a reduction in own sales was the main driver of the EBITDA drop (-$6.6bn y-o-y), followed by a lower contribution from JVs (-$900m).
Net operating cash flow fell by 75% y-o-y to $1.4bn, including a -$68m change in the working capital. Net investing cash outflow was down 77% to $302m, and net financing cash outflow halved to $1.9bn as the company paid $1.8bn of dividends over the period. End-2022 cash stood at $349m (-70% y-o-y), total debt shrank by 7.4% to $2.1bn, and net debt increased 70% to $1.7bn, implying a Debt/EBITDA of 1.1x (vs. 0.3x in 2021) and Net Debt/EBITDA of 0.9x (vs. 0.2x at end-2021).