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Investor Presentaiton

COSTS ANALYSIS COGS AND SG&A (RUB bn) 166,5 CHELPIPE GROUP REVENUE TO ADJUSTED EBITDA BRIDGE 2020 (excl. D&A) (RUB bn) 157,2 Revenue 138,0 35,0 Cost of Sales (90,3) 35,5 118,0 7,9 6,9 14,4 Distribution costs (7,1) 15,9 31,7 23,3 20,6 G&A expenses |(12,5) 8,0 13,1 Other 2 0,5 78,3 86,0 20,5 44,7 Adjusted EBITDA 28,5 2018 2019 2020 ■Raw materials COST OF SALES 2020 (excl. D&A) ■Salaries and S dary Taxes ■ Overheads and Repairs D&A - Other DISTRIBUTION COSTS 2020 (excl. D&A) (RUB bn) 6.3 12.2 10.2 (RUB bn) G&A COSTS 2020 (excl. D&A) (RUB bn) 0.6 0.9 0.4 1.7 1.0 1.4 6.8 44.7 16.3 0.5 RUB7.1 bn 3.9 RUB90.3bn(1) 3.0 RUB12.5 bn Raw Materials Cost of Goods for Resale Production Overheads & Repairs Salaries and Salary Taxes Energy and Utilities Other Transportation, Surveyor and Customs Expenses Commission Packaging, storage and handling Other Salaries and Salary Taxes Non-production Overheads Consultancy, audit and legal services Other and Repairs Salaries and Salary Taxes Source: IFRS Financial Statements. Numbers may not add up due to rounding error. (1) Includes adjustments for changes in allowances for inventory obsolesce and changes in balances of work in progress and finished goods (2) Includes adjustments for impairment of assets and loans and interest receivable, adjustments for social and charity expenses, etc. 17
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