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World's major diamond producer posts net profin of $463.92 mln in 2015

In 2014, Russia's Alrosa reported a net loss of $241.72 mln under IFRS

MOSCOW, March 17. /TASS/. Net profit of Alrosa, the world's biggest dimond produces, under the International Financial Reporting Standards (IFRS) for 2015 amounted to 32.2 bln rubles ($463.92 mln) against a net loss of 16.8 bln rubles ($241.72 mln) in 2014, the company said Thursday.

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Revenues in 2015 increased by 8% to 224.5 bln rubles ($3.2 bln). Despite the decline in sales volumes in carats by 24% in 2015, the foreign exchange market conditions helped increase the company's financial results, the company’s report said.

EBITDA increased by 26% to 118.5 bln rubles ($1.7 bln), EBITDA margin increased to 53% compared to 45% a year earlier.

"After a decline in rough diamond market activity in 2H 2015, we note signs of recovering market demand for the Company’s main products. ALROSA’s strong FY 2015 financial results were supported by both sales favorable FX market environment and the Company’s cost control initiatives," Alrosa CEO Andrey Zharkov said.

Net debt at the end of 2015 increased by 15% to 202.656 bln rubles ($2.9 bln). The total debt of the company amounts to $3.04 bln, $350 mln (bank loans) is maturing in 2016.

Capital investment decreased by 5% to 34.24 bln rubles ($496.08 mln) at the expense of investment in increasing production capacities. Investment was reduced due to the commissioning of Botuobinskaya pipe, underground mine Udachny and Severalmaz, the company said.

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Investment in working capital in 2015 increased 7.8-fold up to 34.094 bln rubles ($493.97 mln), mainly due to an increase in reserves of diamonds due to lower activity in the global diamond market. Diamonds resources under this article increased working capital to 27.83 bln rubles ($403.21 mln).

Alrosa is a group of Russian diamond producers. It mines diamonds on the territory of the Republic of Sakha (Yakutia) and the Arkhangelsk region.

Alrosa’s largest shareholders are the Russian Federation with 44%, the Republic of Sakha (Yakutia) with 25%, and Yakutian districts with 8%, 23% of the company’s shares are in the free float.

In early February, Economic Development Minister Alexei Ulyukayev called Alrosa one of the state-owned companies that could be privatized in the first place. The Federal Agency for State Property Management (Rosimushchestvo) also believes that the company is ready for privatization. According to Ulyukayev, a stake in the amount 10.9%-18.9% of company’s shares could ne places, a decision will be worked out with consultants.

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