According to its financial results for 2014 in line with international financial reporting standards (IFRS), Russian pipemaker TMK registered a net loss of $217 million, compared to a net profit of $215 million registered in 2013.
In 2014, the company's sales revenues declined by 6.6 percent year on year to $6.009 billion, mainly due to a negative effect of currency translation.
TMK's adjusted EBITDA decreased from $952 million in 2013 to $804 million in 2014, mainly due to a negative effect of currency translation and higher raw materials prices in the Russian division. Adjusted EBITDA margin was 13 percent in 2014 compared to 15 percent for the full year of 2013.
As of the end of 2014, net debt had decreased by $631 million to $2.969 billion, compared to $3.600 billion as of December 31, 2013.