ALROSA Reports 2013 IFRS Results
OREANDA-NEWS. April 17, 2014. 2013 revenue increased by 12% compared to 2012 and amounted to RUB168.5 bn due to increased rough diamond sales volume. Sales volume of 38.0 million carats was up 15% on 2012 and offset the lack of price growth in 2013.
EBITDA grew by 12% compared to 2012 and reached RUB69.1bn mainly due to growth in gross profit from diamond sales, EBITDA margin reached 41%, flat vs. 2012.
Net profit amounted to RUB31.8 bn, reflecting a 5% decrease vs. 2012, mainly due to increased exchange loss and revaluation of the dollar denominated part of the Group's credit portfolio as a result of ruble weakening in 2013.
Free cash flow of RUB15.4 bn, up 29% on 2012, reflects increased operating profit and decreased investments in working capital.
Fyodor Andreev, ALROSA CEO, commented: “Despite the lack of a price growth on the diamond market, ALROSA managed to increase revenue and retain the high level of profitability. We implemented the plans for construction of new production facilities and modernization of the existing ones. ALROSA’ successful SPO on MICEX in 2013 proved a high level of confidence in the Company from long-term investors and showed capitalization growth prospects”.