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EHS
EHS
EHS - Evraz Highveld Steel and Vanadium Limited - Interim report for the
six months to 30 June 2010
Evraz Highveld Steel and Vanadium Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1960/001900/06)
Share code: EHS
ISIN: ZAE000146171
("the Corporation" or "Evraz Highveld" or "the Group")
INTERIM REPORT FOR THE SIX MONTHS TO 30 JUNE 2010
* Name changed to Evraz Highveld Steel and Vanadium
Limited
* Substantial actual loss of production vs planned
production
* Operating loss of R255 million (H1 2009: R65 million
profit)
* Headline earnings negative R138 million (H1 2009:
positive R145 million)
* Sales revenue increased from R1.9 billion (H1 2009) to
R2.5 billion
* Business remains challenging
Chairman and CEO`s Report
1. Recent developments
The name of the Corporation changed to Evraz Highveld
Steel and Vanadium Limited on 19 July 2010. The new look
of the Corporation is part of the global rebranding
strategy of Evraz, the majority shareholder.
In the light of improved relations with the trade unions,
the Corporation concluded its three-year house agreement
in July 2010.
Evraz Highveld`s comprehensive response relating to the
enquiry into alleged price fixing of flat products was
submitted to the Competition Commission during July 2010.
The enquiry into long products was concluded during
September 2009 when the Competition Commission confirmed
to the Corporation that no irregular dealings of the
Corporation were found. We will continue to provide full
co-operation and assistance.
2. Operations
Cast steel and rolled product output for the first half of
2010 were both 24% lower than planned due to serious
failures of oxygen supply by a third party. As a result,
vanadium slag output was 6% lower than planned.
Steel
The casted steel output for the period increased by 25% to
355 504 tons compared to the same period last year and
decreased by 12% compared to the second half of 2009.
A four-strand billet casting machine was refurbished and
recommissioned during the period to augment the
Corporation`s product range.
Vanadium
A total of 28 633 tons of vanadium slag was produced with
3 945 tons of V in V2O5 for the period, compared to 18 280
tons, with 2 315 tons of V in V2O5 produced for the same
period last year. Sales of vanadium slag increased by 56%
for the first half of 2010 compared to the same period
last year.
Production volumes of fines ore increased by 72% from the
first half of 2009 to the same period this year,
reflecting an improvement in demand for vanadium products.
The sales volumes of fines ore for the first half of 2010
remained in line with the volumes of the second half of
last year.
3. Key financials
A loss of R144 million was suffered for the period in
comparison to a profit of R146 million for the same period
last year. The loss is mainly attributable to increased
costs. Cost of sales increased by 48% from H1 2009 to
H1 2010. This increase is mainly due to increases in raw
materials, energy, production consumables and repair costs.
Certain maintenance work, deferred from last year as part
of the Corporation`s cash containment strategy, was
implemented during the period.
Average steel prices achieved during the first half of
2010 increased slightly by 6% compared to the same period
last year, but then decreased by 5% compared to the second
half of 2009.
The average FeV price has systematically improved from
US$22.52 kg V during the first half of 2009 to US$27.53 kg
V in the second half of 2009 and to US$30.74 kg V in the
first half of 2010.
4. Markets
Global crude steel production increased by almost 30% in
the first six months of 2010, with China retaining its
dominant position. In South Africa crude steel production
for the period increased by 23.6% in comparison to the
same period last year. This is reflected in Evraz
Highveld`s domestic sales, which increased by 83% for this
half-year compared to the first half of 2009.
The improvement in the domestic market enabled Evraz
Highveld to reduce its export sales by 53% compared to
the same period last year. Overall steel sales increased
by 10% for the period.
5. Safety, health and environment
To be more in line with international practice, the
Corporation`s lost time injury frequency rate (LTIFR)
will be based on 1 000 000 man hours worked instead of 200
000 man hours. The LTIFR for the period was 1.72. This
compares with 1.99 for the same period last year and a
final LTIFR for 2009 of 1.8.
The Corporation is committed towards compliance to the new
air emissions standards set out in the new National
Environmental Management: Air Quality Act, No. 39 of 2004
and is finalising the details of its emission abatement
plan in conjunction with the Department of Environmental
Affairs.
6. Transformation
Transformation has been identified as a key priority for
the business, and in order to verify our status, the
Corporation was recently externally assessed as being a
Level 8 Contributor. In line with this priority, a
Transformation Manager has been appointed to help drive
this process. In addition, the Evraz Highveld eMalahleni
Community Forum has been established as a vehicle through
which all Socio-Economic Development projects will be
managed.
7. Change in directorate
As a result of additional commitments, Mr James Campbell
has tendered his resignation from the Evraz Highveld Board
with effect from 26 August 2010. We thank James for his
invaluable input during his period of directorship and,
more specifically, when he acted as Chairman from May
2008 to October 2009. We wish James all the best with
his new endeavours.
8. Prospects
Contrary to our optimistic view at the end of the first
quarter, where we anticipated an increase in demand during
the second half of 2010, it is now expected that both
domestic steel prices and demand will weaken.
B J T Shongwe A S MacDonald
(Chairman) (Chief Executive Officer)
26 August 2010
Group reviewed financial results
Basis of preparation
The Group`s interim condensed consolidated financial
statements for the six months ended 30 June 2010 set out
below have been prepared in accordance with the principal
accounting policies of the Group, which comply with Inter
national 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. 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 2010. These Standards had no impact on the
results or disclosures of the Group.
IFRS 2, Amended - Share-based Payments: Group
cash-settled share-based payment transactions (effective
from 1 January 2010)
IFRS 3, Business Combinations (effective from 1 July
2009)
IAS 27, Consolidated and Separate Financial Statements
(effective from 1 July 2009)
IAS 39, Financial Instruments: Recognition and
Measurement - Eligible Hedged Items (effective from
1 July 2009)
IFRIC 17, Distribution of Non-cash Assets to Owners
(effective from 1 July 2009)
IFRIC 18, Transfers to Assets from Customers (effective
from 1 July 2009)
Improvements to IFRS (issued April 2009 - effective
mostly from 1 January 2010)
(ii) From January 2010, the Group changed its accounting
policy for the valuation of scrap inventory from a cost
formula where equal costs per ton were allocated to scrap
and to prime steel, to a formula where scrap inventory is
valued at the prevailing market price. It is not possible
to apply this change in allocation retrospectively,
therefore it has been done on all scrap produced from
1 January 2010.
(iii) The following Standards, amendment to the Standards
and Interpretations, effective in future accounting
periods have not been adopted in these financial
statements:
Improvements to IFRS (issued May 2010 - effective mostly
from 1 July 2010)
The financial information has been reviewed by Ernst &
Young Inc. whose unmodified review report is available for
inspection at the Corporation`s registered office.
Directors: B J T Shongwe (Chairman),
A S MacDonald (Chief Executive Officer) (British),
G C Baizini (Italian), M Bhabha, C B Brayshaw,
J W Campbell, Mrs B E de Beer, A V Frolov (Russian),
Mrs B Ngonyama, P M Surgey, P S Tatyanin (Russian) and
T I Yanbukhtin (Russian)
Company Secretary: Mrs C I Lewis
Registered office:
Portion 93 of the farm
Schoongezicht No. 308 JS
District eMalahleni
Mpumalanga
PO Box 111
Witbank 1035
Tel: (013) 690 9911
Fax: (013) 690 9293
Sponsor:
J.P. Morgan Equities Limited
Transfer secretaries:
Computershare Investor Services
(Proprietary) Limited
70 Marshall Street
Johannesburg
PO Box 61051
Marshalltown 2107
Tel: (011) 370 5000
Fax: (011) 688 5200
CONDENSED CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
Reviewed Reviewed Audited
as at as at as at
30 Jun 30 Jun 31 Dec
2010 2009 2009
Note Rm Rm Rm
ASSETS
Non-current
assets 1 839 2 000 1 884
Property,
plant and
equipment 1 839 1 952 1 884
Deferred tax
asset - 48 -
Current
assets 2 794 2 681 3 013
Inventories 1 146 995 1 228
Trade and
other
receivables
and
pre-payments 1 010 618 711
Cash and
short-term
deposits 5 638 1 068 1 074
TOTAL ASSETS 4 633 4 681 4 897
EQUITY AND
LIABILITIES
Total equity 2 930 3 050 3 074
Non-current
liabilities 616 652 712
Provisions 498 442 469
Deferred tax
liability 118 210 243
Current
liabilities 1 087 979 1 111
Trade and
other
payables 836 605 771
Interest-bearing
loans and
borrowings 5 - - 2
Income tax
payable 72 225 156
Provisions 179 149 182
TOTAL EQUITY
AND
LIABILITIES 4 633 4 681 4 897
Net cash 638 1 068 1 072
Net asset
value -
cents per
share 2 955 2 968 3 101
CONDENSED CONSOLIDATED INCOME STATEMENTS
Reviewed Reviewed
for the for the
three months three months
ended ended
30 Jun 30 Jun
2010 2009
Note Rm Rm
Sale of goods 1 316 977
Revenue 1 316 977
Cost of sales (1 368) (904)
Gross
(loss)/profit (52) 73
Selling and
distribution
costs (72) (71)
Administrative
expenses (80) (52)
Other operating
expenses (27) (3)
Operating
(loss)/profit (231) (53)
Finance costs (13) (16)
Finance income 8 16
(Loss)/Profit
before tax (236) (53)
Income tax
credit/
(expense) 6 109 69
(Loss)/Profit
for the
period/year (127) 16
Cents Cents
(Loss)/Earnings
per share
- basic and
diluted (128.1) 15.9
Reviewed Reviewed Audited
for the for the for the
six months six months year
ended ended ended
30 Jun 30 Jun 31 Dec
2010 2009 2009
Rm Rm Rm
Sale of goods 2 539 1 904 4 252
Revenue 2 539 1 904 4 252
Cost of sales (2 441) (1 650) (3 578)
Gross
(loss)/profit 98 254 674
Selling and
distribution
costs (132) (109) (243)
Administrative
expenses (195) (72) (201)
Other operating
expenses (26) (8) (38)
Operating
(loss)/profit (255) 65 192
Finance costs (25) (33) (61)
Finance income 19 49 73
(Loss)/Profit
before tax (261) 81 204
Income tax credit/
(expense) 117 65 (41)
(Loss)/Profit for
the
period/year (144) 146 163
Cents Cents Cents
(Loss)/Earnings
per share
- basic and
diluted (145.2) 146.9 164.4
INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME
Reviewed Reviewed Reviewed
for the for the for the
three months three months six months
ended ended ended
30 Jun 30 Jun 30 Jun
2010 2009 2010
Rm Rm Rm
(Loss)/Profit
for the
period/year (127) 16 (144)
Other
comprehensive
(loss)/income:
Exchange
differences
on translation
of foreign
operations (2) (35) -
Total
comprehensive
(loss)/income
for the
period/year (129) (19) (144)
Reviewed Audited
for the for the
six months year
ended ended
30 Jun 31 Dec
2009 2009
Rm Rm
(Loss)/Profit for the
period/year 146 163
Other comprehensive
(loss)/income:
Exchange differences
on translation of foreign
operations (45) (37)
Total comprehensive
(loss)/income for
the period/year 101 126
HEADLINE EARNINGS PER SHARE
Reviewed Reviewed Reviewed
for the for the for the
three months three months six months
ended ended ended
30 Jun 30 Jun 30 Jun
2010 2009 2010
Rm Rm Rm
Reconciliation
of headline
(loss)/earnings
(Loss)/Profit
for the
period/year (127) 16 (144)
Add after
tax effect of:
Net
loss/(gain)
on disposal
and scrapping
of property,
plant and
equipment 6 (2) 6
Headline
(loss)/earnings (121) 14 (138)
Cents Cents Cents
(Loss)/Earnings
per share
- headline
and
diluted (122.0) 13.5 (139.2)
Million Million Million
Number of
shares
Ordinary
shares in
issue
as at end
date *+ 99.2 99.2 99.2
Reviewed Audited
for the for the
six months year
ended ended
30 Jun 31 Dec
2009 2009
Rm Rm
Reconciliation of headline
(loss)/earnings
(Loss)/Profit for the
period/year 146 163
Add after tax effect of:
Net loss/(gain) on disposal
and scrapping of property,
plant and equipment (1) 4
Headline (loss)/earnings 145 167
Cents Cents
(Loss)/Earnings per share
- headline and diluted 146.3 168.1
Million Million
Number of shares
Ordinary shares in issue
as at end date *+ 99.2 99.2
* Rounded to nearest hundred thousand.
+ Agree to weighted average and diluted number of ordinary
shares.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
for the period/year ended
Issued capital
and share Other capital
premium reserves
Rm Rm
2009
Balance at 1 January
2009 585 191
Profit for the period
Other comprehensive
loss
for the quarter (10)
Balance at 31 March
2009
- Reviewed 585 181
Profit for the period
Other comprehensive
loss
for the quarter (35)
Balance at 30 June 2009
- Reviewed 585 146
Loss for the period
Other comprehensive
loss
for the quarter (2)
Balance at 30
September 2009
- Reviewed 585 144
Profit for the period
Other comprehensive
income
for the quarter 9
Balance at 31 December
2009
- Audited 585 153
2010
Loss for the period
Other comprehensive
income
for the quarter 2
Balance at 31 March
2010
- Reviewed 585 155
Loss for the period
Other comprehensive
loss
for the quarter (2)
Balance at 30 June 2010
- Reviewed 585 153
Retained
earnings Total
Rm Rm
2009
Balance at 1 January 2009 2 173 2 949
Profit for the period 130 130
Other comprehensive loss
for the quarter (10)
Balance at 31 March 2009
- Reviewed 2 303 3 069
Profit for the period 16 16
Other comprehensive loss
for the quarter (35)
Balance at 30 June 2009
- Reviewed 2 319 3 050
Loss for the period (41) (41)
Other comprehensive loss
for the quarter (2)
Balance at 30 September 2009
- Reviewed 2 278 3 007
Profit for the period 58 58
Other comprehensive income
for the quarter 9
Balance at 31 December 2009
- Audited 2 336 3 074
2010
Loss for the period (17) (17)
Other comprehensive income
for the quarter 2
Balance at 31 March 2010
- Reviewed 2 319 3 059
Loss for the period (127) (127)
Other comprehensive loss
for the quarter (2)
Balance at 30 June 2010
- Reviewed 2 192 2 930
Reviewed Reviewed Reviewed
for the for the for the
three months three months six months
ended ended ended
30 Jun 30 Jun 30 Jun
2010 2009 2010
Cents Cents Cents
Dividends
per share
Dividends
declared
and paid - - -
Reviewed Audited
for the for the
six months year
ended ended
30 Jun 31 Dec
2009 2009
Cents Cents
Dividends per share
Dividends declared
and paid - -
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Reviewed
for the
six months
ended
30 Jun
2010
Note Rm
Cash flows from operating activities
Cash (used in)/generated by
operations
before tax paid (211)
Income tax paid (83)
Net cash used in operating
activities (294)
Cash flows from investing activities
Proceeds from disposal of
discontinued
operations -
Net additions to property, plant
and equipment (110)
Net cash used in investing
activities (110)
Cash flows from financing activities
(Decrease)/Increase in short-term
loans (2)
Net cash (used in)/generated by
financing
activities (2)
Effects of exchange rate changes on
cash held
in foreign currencies (30)
Net decrease in cash and cash
equivalents (436)
Cash and cash equivalents
at the beginning of the period/year 1 074
Cash and cash equivalents
at the end of the period/year 5 638
Reviewed Audited
for the for the
six months year
ended ended
30 Jun 31 Dec
2009 2009
Rm Rm
Cash flows from operating
activities
Cash (used in)/generated by
operations
before tax paid 58 104
Income tax paid (474) (565)
Net cash used in operating
activities (416) (461)
Cash flows from investing
activities
Proceeds from disposal of
discontinued
operations - 164
Net additions to property, plant
and equipment (89) (196)
Net cash used in investing
activities (89) (32)
Cash flows from financing
activities
(Decrease)/Increase in short-
term loans - 2
Net cash (used in)/generated by
financing
activities - 2
Effects of exchange rate changes
on cash held
in foreign currencies (28) (36)
Net decrease in cash and cash
equivalents (533) (527)
Cash and cash equivalents
at the beginning of the
period/year 1 601 1 601
Cash and cash equivalents
at the end of the period/year 1 068 1 074
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Companies Act and JSE Limited Listings Requirements
Compliance with the Companies Act, No. 61 of 1973, as well
as the Listings Requirements of the JSE Limited has been
maintained throughout the reporting periods.
2. Related party transactions
Steel sales to East Metals S.A. (a fellow subsidiary of
Mastercroft Limited) amounted to R237 million (June 2009
YTD: R403 million) for the six months ended 30 June 2010.
This constitutes 15% of total steel revenue for the
period, compared to 14% for the year ended 31 December
2009.
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 waste 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:
Reviewed Reviewed Reviewed
for the for the for the
three months three months six months
ended ended ended
30 Jun 30 Jun 30 Jun
2010 2009 2010
Rm Rm Rm
Revenue
from the
sale of
goods
Steelworks 960 770 1 799
Vanadium 356 207 740
Total 1 316 977 2 539
Reviewed Audited
for the for the
six months year
ended ended
30 Jun 31 Dec
2009 2009
Rm Rm
Revenue from the sale of goods
Steelworks 1 411 3 208
Vanadium 493 1 044
Total
1 904 4 252
Intersegment revenue is eliminated on consolidation.
Reviewed Reviewed Reviewed
for the for the for the
three months three months six months
ended ended ended
30 Jun 30 Jun 30 Jun
2010 2009 2010
Rm Rm Rm
Operating
(loss)/profit
Steelworks (370) (143) (511)
Vanadium 139 90 256
Total (231) (255)
(53)
Reviewed Audited
for the for the
six months year
ended ended
30 Jun 31 Dec
2009 2009
Rm Rm
Operating (loss)/profit
Steelworks 26 1
Vanadium 39 191
Total
65 192
Reviewed Reviewed Audited
as at as at as at
30 Jun 30 Jun 31 Dec
2010 2009 2009
Rm Rm Rm
Total assets
Steelworks 4 239 4 245 4 413
Vanadium 394 436 484
Total 4 633 4 681 4 897
4. Supplementary revenue information - Unaudited
For the For the
three months three months
ended ended
30 Jun 30 Jun
2010 2009
Sales
volumes
of major
products
Total
steel Tons 156 379 197 441
Ferrovanadium Tons V 1 366 1 301
Vanadium
slag Tons V2O5 493 -
Fines ore Tons 147 664 85 294
Weighted
average
selling
prices
achieved
for major
products
Total
steel US$/t 713 521
Ferro-
vanadium US$/kg V 30 19
Vanadium
slag US$/kg V2O5 7 -
Fines ore US$/t 47 14
Average
R/$
exchange
rate 7.54 8.48
For the For the
six months six months
ended ended
30 Jun 30 Jun
2010 2009
Sales volumes
of major
products
Total steel Tons 303 498 275 176
Ferrovanadium Tons V 3 116 2 377
Vanadium slag Tons V2O5 1 875 -
Fines ore Tons 285 965 193 646
Weighted
average
selling
prices
achieved for
major
products
Total steel US$/t 706 545
Ferrovanadium US$/kg V 27 23
Vanadium slag US$/kg V2O5 6 -
Fines ore US$/t 41 6
Average R/$
exchange rate 7.53 9.95
For the
year
ended
31 Dec
2009
Sales volumes of major products
Total steel Tons 580 943
Ferrovanadium Tons V 4 884
Vanadium slag Tons V2O5 810
Fines ore Tons 519 578
Weighted average selling prices
achieved for major products
Total steel US$/t 621
Ferrovanadium US$/kg V 23
Vanadium slag US$/kg V2O5 5
Fines ore US$/t 24
Average R/$ exchange rate 8.43
5. Net cash
Net cash is calculated as follows:
Reviewed Reviewed Audited
as at as at as at
30 Jun 30 Jun 31 Dec
2010 2009 2009
Rm Rm Rm
Cash and cash
equivalents 638 1 068 1 074
Bank overdraft
included in other cur
rent liabilities - - (2)
Net cash 638 1 068 1 072
6. Income tax
Reviewed Reviewed Reviewed
for the for the for the
three months three months six months
ended ended ended
30 Jun 30 Jun 30 Jun
2010 2009 2010
Rm Rm Rm
South
African
Normal
Current - (40) -
Deferred (97) - (124)
Non-South
African
Normal
Current (12) (29) 7
Income tax
expense (109) (69) (117)
Reviewed Audited
for the for the
six months year
ended ended
30 Jun 31 Dec
2009 2009
Rm Rm
South African
Normal
Current (14) 35
Deferred - -
Non-South African
Normal
Current (51) 6
Income tax expense (65) 41
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.
7. Financial Ratios - Unaudited
Reviewed Reviewed Reviewed
for the for the for the
three months three months six months
ended ended ended
30 Jun 30 Jun 30 Jun
2010 2009 2010
Rm Rm Rm
Current
ratio 2.57 2.74 2.57
Market
capitalisation -
Rm 7 783 6 346 7 783
Reviewed Audited
for the for the
six months year
ended ended
30 Jun 31 Dec
2009 2009
Rm Rm
Current ratio 2.74 2.71
Market capitalisation - Rm 6 346 6 394
8. Contingent liabilities and guarantees
As required by the Mineral and Petroleum Resources
Development Act, No. 28 of 2002 a guarantee amounting to
R264 million before tax and R190 million after tax (2009:
R235 million before tax and R169 million after tax) was
issued in favour of the Department of Mineral Resources
for the unscheduled closure of Mapochs Mine.
In terms of the Corporation`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, should they become medical scheme
members in the future, is R39 million before tax and R28
million after tax (2009: R39 million before tax and R28
million after tax).
As required by certain suppliers of the Corporation,
guarantees were issued in favour of these suppliers to the
value of R8 million (2009: R8 million) in the event
that the Corporation will not be able to meet its
obligations to the suppliers.
9. Subsequent events
There have been no reportable events after the reporting
period up to the date of this announcement.
Date: 26/08/2010 17:30:02 Produced by the JSE SENS Department.
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