Press release financial results 2009
27.04.2010
Press release
Vimetco reports full year financial results for the 12 months ended 31 December 2009
Amsterdam, 27 April 2010 – Vimetco NV (LSE: VICO), the global producer of primary and processed aluminium products, today announces its financial results for the 12 months ended 31 December 2009.
Financial highlights
• EBITDA of USD 300 million, representing a 15% increase over the 2008 figure
• Net profit of USD 63 million, compared to a loss of USD 144 million, in 2008
• Total cash available at Group level, at year end of USD 675 million, representing a 56% increase compared to 2008
• Overall reduction of 19% in total cost of goods sold, from USD 1,563 million in 2008, to USD 1,263 million, in 2009
Operational highlights
• The total sales at the Group level stood at 649 000 tonnes in 2009, while the sales of processed products reached 88,000 tonnes, out of which
• for the Romania segment: primary aluminium - 183,000 tonnes, processed products - 40,000 tonnes
• for the Chinese segment: primary aluminium, including tolling - 466,000 tonnes, processed products - 48,000 tonnes.
• Restarting of the mining operations in Sierra Leone
• Restarting of the alumina refinery Alum Tulcea, in Romania
• Following a temporary suspension of its investment plans, at the beginning of 2009, the development programs in China were restarted
Frank Mueller, Chief Executive Officer, said:
“The timing and swift implementation of the measures we have taken during this testing year, as well as the exceptional effort from every employee of Vimetco, have paid off. We are in an enviable position as one of the few companies in the aluminium industry able to report a profit at the end of 2009.
We adjusted the levels of aluminium production and continued implementing the cost cutting programme, while meeting our objectives of consolidating the vertical integration of the Group.
All the measures we took in 2009, including the strategic decisions to continue selected investment programs, have proved successful and will constitute the basis for the further growth of Vimetco. It will also consolidate the Company’s position as a highly competitive supplier, in terms of quality, cost and reliability.”
A conference call will be held today at 9.30 BST during which Frank Mueller, CEO Vimetco and Marian Nastase, CFO Vimetco, will present the results. Please contact Florenta Ghita at Premium Communication on the e-mail florenta.ghita@premiumpr.ro for access details to the conference call.
For further information please contact
Florenta Ghita
Premium Communication
+40 740 063 116
florenta.ghita@premiumpr.ro
Notes to editors:
Vimetco N.V. is a global, vertically integrated producer of primary and processed aluminium products with major production assets in Romania, Sierra Leone and China, and a holding company in The Netherlands. Vimetco NV controls an aluminium production capacity of 1.1 million tonnes pa. Vimetco’s shares are listed on the London Stock Exchange (LSE:VICO). www.vimetco.com
Vimetco reports full year financial results for the 12 months ended 31 December 2009
Amsterdam, 27 April 2010 – Vimetco NV (LSE: VICO), the global producer of primary and processed aluminium products, today announces its financial results for the 12 months ended 31 December 2009.
Financial highlights
• EBITDA of USD 300 million, representing a 15% increase over the 2008 figure
• Net profit of USD 63 million, compared to a loss of USD 144 million, in 2008
• Total cash available at Group level, at year end of USD 675 million, representing a 56% increase compared to 2008
• Overall reduction of 19% in total cost of goods sold, from USD 1,563 million in 2008, to USD 1,263 million, in 2009
Operational highlights
• The total sales at the Group level stood at 649 000 tonnes in 2009, while the sales of processed products reached 88,000 tonnes, out of which
• for the Romania segment: primary aluminium - 183,000 tonnes, processed products - 40,000 tonnes
• for the Chinese segment: primary aluminium, including tolling - 466,000 tonnes, processed products - 48,000 tonnes.
• Restarting of the mining operations in Sierra Leone
• Restarting of the alumina refinery Alum Tulcea, in Romania
• Following a temporary suspension of its investment plans, at the beginning of 2009, the development programs in China were restarted
Frank Mueller, Chief Executive Officer, said:
“The timing and swift implementation of the measures we have taken during this testing year, as well as the exceptional effort from every employee of Vimetco, have paid off. We are in an enviable position as one of the few companies in the aluminium industry able to report a profit at the end of 2009.
We adjusted the levels of aluminium production and continued implementing the cost cutting programme, while meeting our objectives of consolidating the vertical integration of the Group.
All the measures we took in 2009, including the strategic decisions to continue selected investment programs, have proved successful and will constitute the basis for the further growth of Vimetco. It will also consolidate the Company’s position as a highly competitive supplier, in terms of quality, cost and reliability.”
A conference call will be held today at 9.30 BST during which Frank Mueller, CEO Vimetco and Marian Nastase, CFO Vimetco, will present the results. Please contact Florenta Ghita at Premium Communication on the e-mail florenta.ghita@premiumpr.ro for access details to the conference call.
For further information please contact
Florenta Ghita
Premium Communication
+40 740 063 116
florenta.ghita@premiumpr.ro
Notes to editors:
Vimetco N.V. is a global, vertically integrated producer of primary and processed aluminium products with major production assets in Romania, Sierra Leone and China, and a holding company in The Netherlands. Vimetco NV controls an aluminium production capacity of 1.1 million tonnes pa. Vimetco’s shares are listed on the London Stock Exchange (LSE:VICO). www.vimetco.com
