Net profit of “ALROSA” IFRS for 9 months increased by 2.5 times

MOSCOW, November 25. Net profit of “ALROSA” is the largest in the world of diamond digger – under international financial reporting standards (IFRS) for 9 months of 2015 increased compared with the same period of 2014 in 2.5 times up to RUR 32.2 billion due to the increase in EBITDA and reduction of consumption tax on profits. This is stated in the message of the company.

In the third quarter 2015 net loss was $ 15.2 billion rubles as compared to 25.2 billion rubles of profit for the second quarter. The loss is due to the devaluation of the ruble against the dollar and the revaluation of loans denominated in U.S. dollars, the report says.

Revenue for 9 months increased by 17% to 172.5 bn RUB., EBITDA – on 36% to 89,8 billion rubles. revenue Growth driven by higher revenues diamond segment, according to ALROSA.

The company’s net debt for the first 9 months increased by 30% to 183,4 billion rubles compared to the level of debt as at 30 September 2014. After repayment in October 2015 issues of exchange bonds totaling 10 billion rubles arrears of credits and loans decreased to $3 billion, the report says. As of October 31, 100% of debt is denominated in dollars. The coming redemption will have company in the second quarter of 2016 – in the amount of $350 million.

Net cash flow increased in the reporting period by 59% to 35.8 billion rubles.

Capital expenditures for the 9 months increased by 3% to 24.7 billion rubles mainly due to the growth of investment in technical re-equipment of existing production facilities.

ALROSA is engaged in exploration, extraction, production and sale of diamonds. The company mines diamonds in the Republic of Sakha (Yakutia) and the Arkhangelsk region.

The largest shareholders of ALROSA are the Russian Federation (44%), the Republic of Sakha (Yakutia) – 25%, uluses of Yakutia – 8%, the free float is 23% of the company’s shares.