Public Joint Stock Company Raspadskaya (RASP) H2 2024 earnings summary

Executive summary

• Consolidated financial statements for the year ended December 31, 2024, were audited and found to fairly present the group's financial position and results in accordance with IFRS.

• The group is a major Russian coking coal producer, operating as a vertically integrated entity with 11 production units and reporting as a single operating segment.

• 98% of revenue in 2024 was from coking coal sales, with 19% of revenue from related parties.

Financial highlights

• Revenue for 2024 was $1,743 million, down from $2,210 million in 2023.

• Net loss for 2024 was $133 million, compared to net profit of $440 million in 2023.

• Gross profit decreased to $778 million from $1,224 million year-over-year.

• Basic and diluted EPS was $(0.20) in 2024, compared to $0.66 in 2023.

• Cash and cash equivalents at year-end were $43 million, down from $68 million.

Outlook and guidance

• Management expects sufficient resources to continue operations despite international sanctions and macroeconomic instability.

• Directors have reviewed cash flow forecasts through June 2026 and considered cost and capex reduction measures.