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Segezha Group IFRS net profit down 60% in 2022

The company’s CAPEX decreased by 56% year-on-year to 10.2 bln rubles ($132.21 mln) after the adjustment of the investment program to reflect high levels of macroeconomic uncertainty

MOSCOW, March 31. /TASS/. The net profit of one of Russia's biggest timber holdings Segezha Group under IFRS in 2022 decreased by 60% and amounted to 6.1 bln rubles ($79.06 mln), the company said on Friday.

The company's revenue for the reporting period increased by 15% to 106.8 bln rubles ($1.38 bln), "driven mostly by the consolidation of the assets of NLHK and Inter Forest Rus (IFR), which became part of the Group in Q3 and Q4 2021, respectively."

OIBDA decreased by 16% and amounted to 24.7 bln rubles ($320.15 mln), "on the back of the necessary refocus on alternative target markets, price inflation for a number of production components, as well as considerable growth of logistics costs."

The company’s CAPEX decreased by 56% year-on-year to 10.2 bln rubles ($132.21 mln) after the adjustment of the investment program to reflect high levels of macroeconomic uncertainty.

At the same time, the company's net debt as of December 31, 2022, amounted to 101 bln rubles ($1.3 bln).

Segezha Group's Board of Directors has yet to decide on dividend amounts for 2022, the company's CEO Mikhail Shamolin told reporters. He noted that the decision will be made by the Board of Directors, which will meet around April-May.

Segezha Group's dividend strategy calls for annual payments of 3-5.5 bln rubles ($38.88-71.29 mln) until the end of 2023. The dividend distribution will be based on the amount of adjusted free cash flow starting in 2024.

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