Monday, July 11 2016 13:49
Karina Melikyan

In 2015 Rusal Armenal increased equity capital from 3.1 bln AMD to 36.7 bln AMD

ArmInfo. In 2015 Rusal Armenal increased its net loss by 19.5% to 3.6 bln AMD (versus almost 6-fold growth in 2014). According to the financial report of the company, in 2015 the accumulated loss of the company increased to 57.9 bln AMD from 54.3 bln AMD in 2014, with a 6.6% year-over-year growth.

In 2015, the gross profit of the company sagged 4.4-fold to negative 2.2 bln AMD versus 21-fold growth to positive 896.6 mln AMD in 2014. In 2015, the company's revenues grew by 3.8% to 37.8 bln AMD (versus 11% rise in 2014), while the prime cost of the sales rose by 12.4% to negative 39.98 bln AMD (versus 8.4% rise in 2014). The operating loss grew by more than 3-fold to 4.4 bln AMD versus negative 1.4 bln in 2014 (down 13.5%).

In 2015, the financial income of the company increased to 1.3 bln AMD from 76 thsd AMD in 2014. The financial expenses dropped from 624.7 mln AMD in 2014 to a zero level in 2015. In 2015, the sales expenses increased 2.5-fold to 447.1 mln AMD, while the administrative expenses dropped by 11.8% to 1.5 bln AMD.

The company increased the equity capital to 36.699 bln AMD in 2015 from 3.141 bln AMD in 2014. The additional capital dropped to 28.7 bln AMD from 62.2 bln in 2014.

In the structure of the company's assets, the non-current assets grew by 0.4% to 27.8 bln AMD, while the current assets dropped by 74.8% to 15.6 bln AMD. In the current assets, the inventories grew by 20.8% to 12.8 bln AMD (versus 14.7% growth in 2014), receivables decreased by 62% to 2.4 bln AMD (versus 1.7% growth in 2014) and the monetary assets and their equivalents fell by 62.3% (versus 26-times growth in 2014). As a result, the total assets of the company dropped by 51.5% to 43.4 bln AMD in 2015 (versus 13.9% growth in 2014).

In 2015, the total liabilities of the company dropped by 54.2% to 35.9 bln AMD, while the current liabilities fell by 57.8% to 31.3 bln AMD and the non-current liabilities grew by 9.5% to 4.6 bln AMD. In the structure of liabilities, the amount of borrowed loans dropped by 75% to 15.1 bln AMD, while the payables increased by 12.4% to 18.1 bln AMD (versus 12.2% growth and 45.1% growth, respectively, in 2014).

Gaining new markets, the company had to increase the production of labor- consuming thin foil by 2.7-fold to almost 1.9 thousand tons and reduction of the average thickness by 15%. In 2015, modernization and technical re- equipment projects were successfully implemented at the enterprise. RUSAL launched Hi- Tech AirPure Unit at ARMENAL. Under RUSAL business system, efficiency of the primary aluminum smelter was improved by 6.1%.  The plant's specialists modernized the slitting unit for manufacture of new types of products.

The Armenian aluminum foil is mostly exported to Europe (4.5-fold growth in exports in 2015), as well as to the United States.  

To recall, ARMENAL foil rolling mill was founded in May 2000 as part of the Kanaker aluminium smelter. It is one of the biggest production facilities in Armenia and is the only producer of aluminum foil in the Caucasus and Central Asian regions.  Together with two other foil mills, Sayanal in the Russian republic of Khakasia and Urals Foil, ARMENAL forms the company's Packaging Division. 

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