Russian Copper Company discloses its business performance for the first time

Even with multi-year low levels, at which the world metal prices are, the devaluation of the ruble has led to a marked increase in revenue and profit of the Russian Copper Company (RMK) of Igor Altushkin, exporting about 90% of its copper. However, RMK doesn’t want to expand by buying assets for a while, preferring to increase the production at its own GOKs. According to experts, the company's projects are small and won’t be able to seriously shift the market balance in the supply side.

Yesterday, RMK of Igor Altushkin, the third large copper producer in Russia with a market share of 21%, unveiled its commercial performances, including report under IAS, for the first time. According to preliminary unaudited data for 2015, the RMK’s consolidated revenue amounted to 74.9 billion rubles, EBITDA – 26.3 billion (EBITDA margin - 35%), the adjusted net income (excluding exchange rate differences) - 14.1 billion rubles. In 2014, the revenue amounted to 54 billion rubles, EBITDA – 17.1% (EBITDA margin - 32%) and the net profit - 10.3 billion rubles. As vice-president of RMK for economy and finance Maxim Schibrik explained to the Kommersant, the company's net debt was $1.375 billion (3.2 EBITDA) as of the end of 2015: about 76% of the debt were in dollars, 4% - in euro and 20% - in rubles. The main lenders were Gazprombank, Sberbank and VTB.