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[March 31, 2014]
RUSAL aluminium major posts net loss of USD 3.2bn in 2013. [IntelliNews - Weekly Reports]
(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Russia's aluminium major RUSAL reported net IFRS loss of USD 3.2bn in 2013 vs. net loss of USD 528mn in 2012. The loss includes USD 1.9bn of accounting write-offs and non-cash losses. RUSAL's revenues declined by 10.4% y/y to USD 9.76bn in 2013. The decline in revenues is attributed to 9.9% y/y decline sales of aluminium, lower aluminium prices at the London Metals Exchange. Company's net debt as of end of 2013 was USD 10.1bn down by 6.6% y/y.
RUSAL also announced restructuring USD 4.9bn worth of debt with Russia's largest bank Sberbank and USD 0.66bn debt with Russia's third largest bank Gazprombank.
RUSAL is the leading global producer of aluminum and alumina, controlling four bauxite mines, 10 alumina refineries, 14 aluminum smelters and three foil mills. It has 12% share of global aluminum and 13% - of alumina market. Major stakes in the company are divided among En+ of tycoon Oleg Deripaska (47.4%), ONEKSIM Group of tycoon Mikhail Prokhorov (17%), SUAL Partners (15.8%) and Amokenga Holdigns (representing Glenkore, 8.75%), and about 10.75% are free floated.
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