MOSCOW, Mar 17 (PRIME) -- The net profit of Russian aluminum giant UC RUSAL contracted by 20.9% on the year to U.S. $759 million in 2020, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement late on Tuesday.
The adjusted net profit amounted to $60 million in 2020 against a $270 million adjusted net loss in 2019, while normalized net profit decreased by 22.2% to $990 million, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) went down 9.8% to $871 million.
Revenue shrank by 11.8% to $8.566 billion. “The high comparison base of 2019, when sales volumes were above normal levels due to the partial sell down of surplus inventories of primary aluminum that were accumulated over 2018 as a result of OFAC sanctions should also be taken into account,” the statement read.
Net debt decreased by 14% to $5.563 billion as of December 31, 2020. RUSAL coordinated new conditions of a bilateral deal with top bank Sberbank secured by shares in metals giant Norilsk Nickel by extending the maturity to 2027 from 2024 and by reducing the interest rate on the U.S. dollar tranche to 3-month LIBOR plus 3% from 3-month LIBOR plus 3.75% and on the ruble tranche to the central bank’s key rate plus 1.9% from 9.15%.
Capital expenditures in the aluminum segment rose by 10.5% on the year to $611 million in 2020, while capital expenditures in the alumina segment decreased by 4.8% to $238 million.
For further details, see the company’s statement on its official website:
https://rusal.ru/upload/iblock/004/004955b9e6777972cbe30463eb2500c8.pdf
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