While operationally Rusal was not immune to falling aluminium prices (and premia) – especially in Q4, benefits from a materially weaker Russian rouble was a key differentiator vis-à-vis other miners. Although some of the gains were lost via forex losses on the group’s Norilsk Nickel (equity-accounted) investment. Lower prices weighed on the top-line… Sales: Q4 15 – $1.9bn (-26% yoy; -10% qoq); 2015 – $8.7bn (-7.2%; 0.7% behind AV estimates) A continuing w
23 Mar 2016
2015 results in line; although leverage concerns can resurface
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2015 results in line; although leverage concerns can resurface
- Published:
23 Mar 2016 -
Author:
Varun Sikka -
Pages:
4
While operationally Rusal was not immune to falling aluminium prices (and premia) – especially in Q4, benefits from a materially weaker Russian rouble was a key differentiator vis-à-vis other miners. Although some of the gains were lost via forex losses on the group’s Norilsk Nickel (equity-accounted) investment. Lower prices weighed on the top-line… Sales: Q4 15 – $1.9bn (-26% yoy; -10% qoq); 2015 – $8.7bn (-7.2%; 0.7% behind AV estimates) A continuing w