Segezha Group announces its unaudited consolidated IFRS financial results and operating results for Q1 2022.

Revenue was up 96% YoY to RUB 35.6 billion, driven by higher sales, higher average selling prices, a positive effect from ruble depreciation and also the effect of consolidation of the assets of Novoeniseisk Wood-Chemical Complex (NLHK) and Inter Forest Rus (IFR), which became part of the Group in Q3 and Q4 2021, respectively.

OIBDA rose by 2.3x YoY to reach RUB 11.8 billion, driven by revenue growth and cost optimisation by management. The OIBDA margin increased to 33% (+5 pp YoY).

Net debt as of March 31, 2022, increased to RUB 93.0 billion (+64% compared to March 31, 2021) against a backdrop of payment of principal under the M&A transaction involving Inter Forest Rus and the Company’s payment of interim dividends for the first nine months of 2021.

CAPEX amounted to RUB 3.9 billion, in line with the same period last year (+1% YoY).