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The world’s largest aluminium producer, RUSAL, reports revenue increase by 2.2% in Q1

May 14, 2013, 9:49 UTC+3
“Despite ongoing weakening in the world aluminium prices and unfavourable market trends, RUSAL managed to improve its financial results,” RUSAL chief Oleg Deripaska said
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MOSCOW, May 14 (Itar-Tass) - Russia’s United Company RUSAL Plc, the world’s largest aluminium producer, said in its statement on Tuesday it saw revenue grow by 2.2 percent to $2.682 billion in the first quarter year-on-year.

RUSAL reported a drop in the aluminium output by 4 percent or 42,000 tonnes to 1.007 million tonnes, as it started a program to reduce capacities.

The adjusted EBITDA reached $246 million, while RUSAL’s adjusted EBITDA margin was 9.2 percent (a growth by 11.3 percent year-on-year).

In the first quarter of 2013 the company paid $483 million to international and Russian creditors. Last April RUSAL completed the deal to sell Norilsk Nickel’s shares to Millhouse under the shareholders’ agreement signed in December 2012. The funds from the deal - $620 million - were injected into early repayment of a debt to Sberbank.

“Despite ongoing weakening in the world aluminium prices and unfavourable market trends, RUSAL managed to improve its financial results in the first quarter of 2013,” RUSAL chief Oleg Deripaska said.

RUSAL employs around 72,000. It has its offices in 19 countries on five continents. The company markets its produce in Europe, North America, Southeast Asia, Japan, China and South Korea.

Oleg Deripaska’s En+ Group owns a 48.13 percent stake in RUSAL. Businessman Mikhail Prokhorov’s Onexim Group owns 17.02 percent of shares, SUAL Partners - 15.8 percent, Amokenga Holdings (Glencore’s subsidiary) - 8.75 percent. Moreover, 0.26 percent of shares in the aluminium producer belong to the management and around 10 percent remain in free circulation.

 

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