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#Prime, April 16, 2014: VSMPO-AVISMA Corporation increased its net income by 1.6% in 2013 per Russian Accounting Standards

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April 16 2014

VSMPO-AVISMA reported, that in 2013 Corporation increased its net income by 1.6% to 7.451 billion rubles per Russian Accounting Standards.

The revenue and the operating revenue increased by 13% to 46.131 and 11.696 billion rubles respectively. EBITDA for the fiscal period increased by 4.7% to 12.458 billion rubles. EBITDA margin is comparable to 2012. 

According to the information given, "Exchange rate losses, caused by ruble fall in late 2013, became the crucial factor affected the financial  results".

The company increased Titanium production output from 26.242 KT in 2012 to 28.855 KT in 2013, concurrently enlarging the part of deep conversion products. 

Investment program costs in 2013 amounted to 5.06 billion rubles which is 9.4% more than in 2012.

"Even though titanium demand in 2013 remained at the level of 2012, VSMPO-AVISMA managed to increase the revenue in 2013 and keep the high level of company margin by means of increasing the output of products with deep conversion and, consequently, high value-added”, - said Mikhail Voevodin, Director General, VSMPO-AVISMA Corporation.

VSMPO-AVISMA Corporation is the world largest Titanium manufacturer with full production cycle: from raw materials processing to production of finished items with high-degree machining. The controlling interest is held by the management, blocking shareholding - 25% plus one share - is held by Rostec Corporation.