Interim Financial Results for the Six Months Ended 30 June 2011
Fri, 08/26/2011Amsterdam, 26 August 2011: Vimetco NV (LSE: VICO, “The Company”, “Vimetco”), the global producer of primary and processed aluminium products, today announces interim financial results for the six months ended 30 June 2011.
Financial Highlights:
|
|
H1 2011 |
H1 2010 |
Change |
|
Primary aluminium production (tonnes) |
454,000 |
429,000 |
+6% |
|
Processed aluminium production (tonnes) |
81,600 |
62,000 |
+32% |
|
Primary aluminium sales (tonnes) |
429,000 |
437,000 |
-2% |
|
Processed aluminium sales (tonnes) |
68,000 |
58,500 |
+16% |
|
Revenue (USD millions) |
1,382 |
1,100 |
+26% |
|
EBITDA (USD millions) |
247 |
161 |
+53% |
|
Net profit (USD millions) |
51 |
15 |
+240 % |
|
Earnings per share (USD) |
0.107 |
-0.015 |
|
Gheorghe Dobra, Acting Chief Executive Officer commented:
“Our strong performance during the fist six months of 2011 is based mainly on the important advance in the high added-value sales. This advance reconfirms our efforts of focusing on becoming more competitive in the high-end quality products. It also fits seamlessly into the overall strategy of vertical integration. We achieved a 32% increase in the production of processed aluminium and a 16% increase in sales and we believe this trend will continue over the second half of 2011.”
“Our EBITDA has improved by 50% compared to the same period last year, which translates into a sharp increase in net profit of 240%.”
About Vimetco
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
