Press

TMK Announces 3Q and 9M 2018 IFRS Results

Posted by OilVoice Press - OilVoice

19-Nov-2018


PAO TMK (“TMK” or “the Group”), one of the world's leading producers of tubular products for the oil and gas industry, today announces its interim consolidated IFRS financial results for the third quarter of 2018 and nine months ended September 30, 2018.

3Q and 9M 2018 Highlights

Financial

  • 3Q Revenue down 11% q-o-q at $1,207m, and 9M Revenue up 20% y-o-y at $3,835m
  • 3Q Adjusted EBITDA down 17% q-o-q at $164m, and 9M EBITDA up 17% y-o-y at $522m  
  • Adjusted EBITDA margin at 14% in 3Q 2018 and at 14% in 9M 2018
  • Net debt at $2,624m as at September 30, 2018
  • Net debt/EBITDA ratio improved to 3.85x as at September 30, 2018

Outlook

TMK reiterates its previous guidance for FY2018, with adjusted EBITDA margin expected to remain broadly flat compared to FY 2017 with overall higher adjusted EBITDA. 

Alexander Shiryaev, CEO of TMK, said:

“TMK achieved solid financial performance in 9M 2018, despite lower results in the third quarter due to the planned upgrades at TMK's key Russian assets and lower sales at the American division impacted by the inventory build-up in the U.S. in 2Q 2018. In 3Q 2018, we made further progress on our strategic objective of reducing our leverage to 3.0x Net Debt/EBITDA as of FY 2019 with a 3.85x Net debt/EBITDA ratio as of September 30, 2018.

TMK continues to lead pioneering technological developments in the pipe industry, and this is particularly reflected in the agreement signed with Gazprom in October to develop state-of-the-art pipes with integrated sensors that will improve both the reliability of the pipes and general operational safety for our customer. We continue to work with Gazprom and a number of other key clients on tailored solutions to address the challenging geological conditions in which they operate.” 



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