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According to IFRS, ARMZ Uranium Holding Co. Reached Net Profit at Year-End 2015
JSC Atomredmetzoloto would like to announce its financial results at year-end 2015 in accordance with International Financial Reporting Standards (IFRS).
In the reporting year, ARMZ management went on improving financial performance and increasing efficiency over all the holding business lines. It allowed recording net profit of RUR 1.0 billion at year-end 2015 as compared to net loss of RUR 19.3 billion in 2014.
The revenue of the Uranium Holding grew by 42% in 2015 reaching RUR 22.1 billion, the adjusted EBITDA increased by 4.5 times up to RUR 3.4 billion, the gross profit reached RUR 6.8 billion (vs. RUR 593 million loss in 2014), the operating profit exceeded RUR 2.9 billion (vs. RUR 4 billion loss in 2014).
In the context of exchange rate volatility, the positive effect on the division’s financial performance in 2015 was caused by pre-schedule efficient implementation of historical hedging transactions with PJSC Sberbank and JSC Gazprombank concluded in 2013.
Vladimir Verkhovtsev, Director General commented on the financial results of 2015: “The tasks assigned to the holding by Rosatom State Corporation last year were very ambitious. Despite the difficult economic conditions and volatility in commodity markets, I am pleased to note that the ARMZ team executed the plans made. In the context of unstable uranium demand and prices, the holding reached its 4-year-best result in 2015 with net profit amounting to RUR 1.0 billion, while other indicators showed significant growth as well. In 2016, we will continue striving for efficiency improvement at the holding companies”.