TMK 2010 First Half Production Results and Trading Update
OAO «TMK» Annual General Shareholders’ Meeting
Key Consolidated Financial Highlights
Year ended 31 December
2009
2008
2007
2006
2005
2004
2003
Net Sales, US$ mln
3,461
5,690
4,178
3,402
2,952
1,984
1,369
Sales Growth, % (1)
(39.2%)
36.2%
22.8%
15.2%
48.8%
45.0%
n/a
Gross Profit, US$ mln
556
1,438
1,288
1,048
756
387
152
Gross Profit Margin, % (2)
16%
25%
31%
26 %
20 %
11 %
Adjusted EBITDA, US$ mln (3)
328
1,047
908
787
548
321
72
Adjusted EBITDA Margin, % (2)
10%
18%
22%
24 %
19 %
16 %
5 %
Key Financial Highlights by Segments
Russia
Americas*
Europe
Volumes – Pipes, kt
2,296
2,574
358
488
115
165
2,639
4,195
655
1,203
167
292
Gross Profit (Loss), US$ mln
538
1,032
-13
346
31
60
Margin (%)
20.4%
24.6%
neg
28.8%
18.6%
20.6%
Adjusted EBITDA, US$ mln
326
677
-5
349
7
21
12.4%
16.1%
29.0%
4.2%
7.2%
Average Net Sales / Tonne (US$)
1,149
1,63
1,83
2,465
1,452
1,77
Average Gross Profit / Tonne (US$)
234
401
709
270
364
Average Adjusted EBITDA / Tonne (US$)
142
263
715
61
127
* Sales volumes for 2008 are for the period from the date of TMK IPSCO acquisition in June 12, 2008 to December 31, 2008
(1) Sales growth % represents Y-o-Y percentage change.
(2) Margins are calculated as a percentage of net sales.
(3) Adjusted EBITDA is a non-IFRS measure, EBITDA represents profit before interest (financing cost and financing income), taxes, depreciation and amortization.
