19 APRIL 2017AlCircle.com
Rusal’s Deripaska controlled En+ Group makes first financial disclosure in two years
Edited by : Dipanwita Gupta
1 min read
<p>En+ Group, a Russian energy-related company controlled by Oleg Deripaska, reported adjusted core earnings of $2.3 billion for 2016 on Tuesday, April 18. The disclosure is the group’s first in two years.</p>
<p>En+ owns 48 per cent stake in Russia’s biggest aluminium company Rusal. Financial market sources reported that the company is considering an initial public offering (IPO) in 2017.</p>
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<p>En+'s adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for 2016 totalled $2.3 billion, of which Rusal accounted for $1.5 billion. Other businesses of the group, such as power operations, coal mining and logistics - accounted for $822 million.</p>
<p>"These results reflect positive trends which we have seen continuing into 2017, notably stronger aluminium pricing and growing demand for electricity in Siberia," said En+ chief executive officer Maxim Sokov.</p>
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<p>UC Rusal, the world's second largest aluminium producer, is the major consumer of hydroelectricity produced by En+'s generating assets.</p>
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