Raspadskaya Coal Company, OJSC

Performance indicators

2023:44% profit cut to $440m

The revenue of the Raspadskaya coal company for 2023 amounted to $2.21 billion, down 22% from the previous year ($2.84 billion). Net profit during this time decreased by 44% - from $782 million to $440 million. Such data on international financial reporting standards (IFRS) were published on March 1, 2024.

From the reporting of Raspadskaya, it follows that the company's gross profit at the end of 2023 decreased from $1.74 billion to $1.22 billion. Operating profit fell by almost half - from $1 billion to $519 million. Profit before tax decreased to $564 million from $999 million.

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EBITDA in 2023 decreased by 47% on an annualized basis and amounted to $689 million. The main impact on the fall in the indicator in the reporting period was the decrease in prices for the sale of coal products, the press service of Raspadskaya reports.

According to Raspadskaya's materials, the cash cost of a ton of coal concentrate fell to $60 from $66 in 2022 amid a depreciation of the ruble.

In 2023, problems with the extraction of ordinary coal at some of our enterprises, as well as noticeably reduced sales prices, negatively affected the financial result, - said on the company's website.

The production of ordinary coal of all grades in 2023 amounted to 18.9 million tons against 21.5 million tons in 2022. Annual sales changed slightly and amounted to 14.5 million tons of coal products (14.2 million tons in 2022).

Raspadskaya's capital investments in 2023 amounted to $220 million, down from 2022 ($231 million). Net cash flow from operating activities less capital investments decreased several times - from $684 million to $57 million. The commercial expenses of the coal company in 2023 increased by $70 million due to a change in the basis of supply.^[1]

History

2023: Appointment of Vladimir Melnichenko as CEO

Raspadskaya Coal Company (RUK, manages the coal assets of Evraz) in April 2023 replaced the general director. He appointed Vladimir Melnichenko instead of Andrei Davydov. The latter left RUK, while his new place of work is not reported. Davydov served as general director since 2020. Read more here.

2020: Monitoring miners' use of protective equipment with video analytics

On July 23, 2020, Evraz announced the start of using a video analytics system designed to control the use of personal protective equipment by miners. The pilot project was launched by Raspadskaya Coal Company (RUK, manages the coal assets of Evraz, they are concentrated in the Kemerovo Region) on Raspadskaya Installer, it also applies to other enterprises. Read more here.

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